The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
IT IS befitting that this week, during which the preme Court in the past. Thus, while the courts
nation observed "Constitution Day," should have many vital constitutional questions to face, the
have brought forth a number of events that gave people of the country, on the record as it stands, have
emphasis to the fact that the country to-day has a before them a very real political question, involving
constitutional issue before it, whether or not the proper respect for and good faith regarding the ConPresident chooses to make the Constitution a cam- stitution. The Administration, whatever it may say
paign issue as such. It is also well, so we think, that in coming months, stands convicted by the record of
another clear indication was given of the real thought something closely resembling contempt for the Conof the Administration on the subject, regardless of stitution.
later definitions of campaign issues.
But the "Constitution Day" address of the SecreThe decision of a Federal District Court in Minne- tary of Commerce at Alexandria, Virginia, seems to
apolis that "inter-State traffic" in securities falls us to be of real significance in strongly suggesting the
within the control of Congress the announced willing- attitude that the President may take in the future
ness of the Attorney-Genshould the courts do what
eral's office to have the
is expected of them dur,A "Complete Departure"
Tennessee Valley Authoring the next half year.
ity case hastened to the
"Considering the Act (the National Labor
Mr. Roper, along with
Relations Act) in the light of our history, the
Supreme Court for final
the Secretary of State,
established form of government and the deadjudication, the resistcisions of our highest court, we have no hesihas long been considered
tancy in concluding that it is unconstituance of utility companies
as constituting what is
tional and that it constitutes a complete deto the recent holding comparture from our constitutional and tradileft of the conservative
tional theories of government."
pany legislation in the bewing of the President's
This is the verdict of the National Lawyers'
lief that it will be declared
official family. That he
Committee of the American Liberty League.
void by the courts, the exThe Committee is composed of 58 of the most
should go as far as he
eminent members of the bar of the country,
pressed desire of the Securdid on 'Tuesday is a fact
and their conclusion was unanimous.
ities and Exchange ComThose who allege bias would do well to note
worthy of the most serithat the Committee was careful to announce
mission that this issue be
ous
thought. Note his
that "we have not expressed any opinion as
hastened to the highest
words carefully: "If there
to the advisability of any change in our syscourt, proceedings against
tem of government or the need or the prois not sufficient constipriety of regulating all the industrial relathe Guffey law by Kentutional authority for the
tions of the country through a central govtucky coal operators, and
ernment."
Federal Government to
What these authorities have said is that
the published opinion of
deal properly with a devasthe law is "unconstitutional" and "a comthe National Lawyers'
plete departure from our constitutional and
tating, nation-wide ecoCommittee of the Ameritraditional theories of government." Nothnomic and social emering more.
can Liberty League that
gency,
is it the will of
To this we venture to add the opinion of
the National Labor Relaour own that only very solid ground for exthe American people to
pecting large net benefits could under any
tions Act is clearly and unamend their Constitution
circumstances warrant so radical a step as this.
mistakably unconstiThose who advocated it and now defend it
so that the Federal Govmust therefore bear the burden of a clear
tutional, all served to reernment, in times of acute
demonstration of its benefits.
mind the public of the
distress nationally, may,
If we are to respect the basic principle of
weighty questions upon
constitutional government, moreover, this
by bold, direct action,
demonstration must be directed at the objecwhich the Supreme Court
avert utter chaos? Untive of amending the Constitution in the
will be called to rule durprescribed way, not toward any movement
less the lessons taught
to adopt the methods in question directly
ing the next twelve months
by the depression go uninto law regardless of the Constitution.
and of the virtual cerheeded, as war lessons
We think the American Liberty League
tainty that in more than
will do the country a service in furnishing
generally have, and unsimilar opinions concerning all the more imone instance important
less clearly evident ecoportant New Deal measures about which
parts of the New Deal will
there is serious doubt on constitutional
nomic signs and portents
grounds.
be declared null and
are largely wrong, this
void.
is a question that must
be answered during the next decade if our present
The Constitution to the Fore
economic and governmental system is to endure."
ANY business men only within the past week or
two have had the opportunity to become reaAnother "Feeler"
sonably well-informed concerning the exact terms of
These sentences, of course, will be readily recogmany of the laws rushed to the statute book during nized as a paraphrase of what the
President himself
the later days of the past session of Congress. As this said to the press at the time that the National
Indusstudy reached an advanced stage during the week, trial Recovery Act and the Frazier-Lemke
farm mortbusiness men began more and more to realize that gage measure were declared unconstituti
onal. The
the very existence of much of this legislation, new and remainder of the address was given over to a
defense
revamped, represented an astonishing indifference to of this general idea, to a declaration of the
right of the
or a bald defiance of the Constitution on the part people to amend their own Constitution, which,
of
of the Administration, so patently and grossly does course, no one denies, and to the coining
of such
much of it depart from the principles laid down in the political slogans as "Forward with the Constitutio
n."
Constitution and the interpretations of the funda- It may be taken for granted, we
believe, that the
mental law that have been handed down by the Su- President knew in advance what
his Secretary of
M
Commerce was to say, and approved it. In short,
the utterance is to be regarded as another political
"feeler." Whether the President makes an open
issue of the Constitution in the forthcoming election
campaign will, we imagine, depend largely upon the
esponse he obtains to such preliminary statements
as these. This fact, however, so far from rendering
the subject of revision academic, rather increases the
desirability of careful thought on the part of the rank
and file concerning this question.
Let it be noted at once and with emphasis that
much more is here involved than mere revision of the
Constitution. No one doubts the abstract legitimacy of proposals to revise our fundametal law.
That the people have the right to alter it when they
please (with due regard for orderly, prescribed procedure) no one for a moment questions. That
changes in it are from time to time desirable when
changing conditions really require them is hardly debatable. But these subjects are not at issue. When
they are raised, they are to be regarded as "straw
men" erected for the pleasure of pulling them down
again, or, to change the metaphor, as a red herring
drawn across the trail to lead the voter off the true
scent.
What Is Desired
The real issues have to do with the nature of the
changes proposed and the purposes for which they
are desired. The Administration has not yet been
willing to say precisely what changes it would like
to see made in the Constitution, but their general
nature may be clearly inferred. The purposes for
which such changes are desired are even more obvious. Evidently what is contemplated is a constitution under which the National Industrial Recovery
Act, the Agricultural Adjustment Act, the Tennessee
Valley Authority Act, the Holding Company Act,
and a long list of others of a like general tenor would
all be valid. From this it seems to us that the inference may be safely drawn that the following changes
are desired:
(1) Abolition of the due process clause,
(2) Grant of authority to Congress to abdicate,
transferring its legislative powers to the Executive
branch, and
(3) Extension of the authority of the Federal
Government to include control over all local matters,
where such procedure is adjudged by it to be advisable in times of emergency.
It may well be that this abrogation of the Constitution—for that is what it amounts to—is desired
only in times of emergency. This fact, if fact it be,
bears no such significance as is attributed to it by
some thoughtless people. In the first place, it was
precisely to prevent hasty and ill considered action
in times of emergency that the Constitution was
drafted and adopted. Issues of the sort now under
discussion do not ordinarily arise at other times. In
the second place, such an arrangement necessarily
involves granting to some body or other the power
to proclaim the existence of an emergency. Such
power under such circumstances ought not to be
granted to any public body, not even the Supreme
Court, and will not be granted if the people have
not lost either their love of liberty or their hard
common sense: The hazards are too obvious to need
depicting.
This is no academic question that is before us.
No abstract theory of political science prompts the
desire for such sweeping changes in our systems and
Sept. 21
Financial Chronicle
1818
1935
traditions. Passing over the political aspects of
the matter, and attributing the utmost sincerity of
purpose to those who are making proposals of this
sort, we may sum the situation up with the assertion
that demands such as these are based upon the belief
that natural laws, so-called, have been rendered impotent by modern economic developments, that
"planned economy," or something like it, is essential
to the welfare of the human race, and that economic
dictatorship is the salvation, and the only salvation,
of mankind in times of depression. We need only
add that it is for the purpose of making it possible
to give effect to such ideas through the agency of
the Federal Government that sweeping changes are
now being demanded in the Constitution of the
United States.
our
The Real Issues
Here then are the issues that confront the American people to-day. Is there any good reason why we
should even consider the advisability of these "complete departures" in our governmental system designed to facilitate the establishment of "planned
economy" in this country? Ought we to think for
a moment of creating a system under which we as
voters would at intervals choose politicians to direct
our everyday business affairs in the hope that depressions in the future might thus be avoided? Can
we for a moment give credence to the idea that by
laws, decrees of dictatorship, and endless rules and
regulations emanating from Washington we can be
saved in times of depression from the combined consequences of unwise laws and our own follies of the
past?
The New Deal philosophy in its entirety is based
upon affirmative answers to all such questions. Otherwise its whole case falls to the ground. It is because our own answer to such questions is an emphatic negative that we have not the slightest faith
in recent Federal policies, and should expect disaster swift and complete to follow constitutional
changes that permitted either the present Administration or any other to go forward without let or
hindrance upon such assumptions or theories.
A letter sent during the week to stockholders
by the President of one of the leading mail-order
houses, Montgomery Ward & Co., setting forth some
of the facts regarding the taxes now being laid upon
such enterprises is, we think, worthy of special attention. The letter reads in part as follows:
"The tax .burden is becoming increasingly important. In the last six months amounts paid,including
processing and excise taxes added to the cost of merchandise, for the support of Federal, State and local
governments, have approximated $4,600,000, an increase of $1,000,000 over payments during the same
period last year. This is more than $1 per share on
common stock and exceeds the 80 cents per share
earned for stockholders. This tax burden is more
than double that of two years ago. The recent Federal social security legislation, effective next Jan. 1,
will in the next four years increase our annual tax
costs from $300,000 to $500,000 cumulatively each
year. This will mean an added cost by 1940 of at
least $1,500,000 per year."
Let it be carefully noted that these taxes, as heavy
as they are, do not in any way provide funds for the
reduction of public indebtedness. On the contrary,
the Federal Government and many of the local political subdivisions are still steadily and often rapidly increasing their indebtedness. What is to be-
Volume 141
Financial Chronicle
come of us when we reach the point, as we shall at
one time or another, when borrowing must cease and
outstanding indebtedness be reduced?
Federal Reserve Bank Statement
ANKING statistics this week reflect a sharp decline in the reserve deposits of member banks
with the Federal Reserve institutions and in the excess reserves over requirements. The drop in excess
reserves was $260,000,000, or to an officially estimated total of $2,560,000,000 against $2,820,000,000
a week earlier. This change, like most recent alterations, was due almost entirely to transactions of the
United States Treasury. Payments made in cash for
a recent issue of Treasury notes and the income tax
payments of the September quarter-date occasioned
heavy transfers of funds from banks to the Treasury.
Member bank balances declined accordingly, while
the Treasury balance with the Reserve banks on general account moved sharply higher. It may be some
time before the Treasury pays out all the funds in
its general account, for it is already apparent that
large cash payments will have to be made Oct. 15 in
connection with the retirement of unconverted
Fourth Liberty bonds. But in the meanwhile, excess reserves doubtless will increase again, for there
is now a heavy flow of gold from Europe to these
shores, while deposits of gold certificates by the
Treasury also may be occasioned by retirement of
National bank notes. Almost inevitably, it would
seem, excess reserves again will climb eventually,
and it is hardly to be questioned that a mark of
$3,000,000,000 will be attained before the end of the
year. Whether the mark be $2,500,000,000 or $3,000,000,000 is not of great immediate importance, but
ultimately the nation well may have to pay the piper
for a weird and debauching credit tune, to the composition of which the current Administration contributed mightly through devaluation and a monetary policy designed chiefly to permit cheap borrowing by the Treasury.
Turning to the actual statistics, we find that the
Treasury deposited $15,093,000 in gold certificates
with the Federal Reserve banks in the week to
Sept. 18, the aggregate advancing to $6,551,132,000
from $6,536,039,000. In the same weekly period the
monetary gold stocks advanced $21,000,000, and
heavy shipments en route assure much larger gains
in the near future. Other forms of reserves were not
much changed, and total reserves thus advanced to
$6,789,683,000 on Sept. 18 from $6,775,200,000 on
Sept. 11. Member bank deposits on reserve account
fell to $5,136,134,000 from $5,388,277,000, but Treasury deposits on general account moved up to $224,496,000 from $27,337,000, while foreign bank and
other deposits likewise increased. Total deposits
thus were $5,605,037,000 against $5,601,830,000 a
week earlier. Federal Reserve notes in actual circulation totaled $3,426,791,000 against $3,422,834,000. The gain in reserves exceeded the advances
of deposit and note liabilities, with the result that
the reserve ratio increased to 75.2% from 75.1%.
Other changes in the statement are entirely of a
routine nature. Discounts by the System fell to
$9,638,000 from $11,177,000, while industrial advances moved up to $30,230,000 from $29,550,000.
Open market bill holdings were $3,000 lower at
$4,682,000. United States Government security
holdings showed some interesting changes, occasioned by the current conversion of Liberty bonds
B
1819
into other securities, but the aggregate was only
$63,000 higher at $2,430,273,000.
Corporate Dividend Declaration
IVIDEND declarations the current week, while
for the most part favorable, include several
adverse actions by the more prominent corporations.
Wheeling & Lake Erie declared a dividend of $8.75
on account of accruals on its 7% cumulative prior
lien stock, payable Sept. 27, to cover the period
May 1 1929 to July 31 1930. Crucible Steel Co. declared a dividend of 50c. a share on account of accruals on the 7% cumulative preferred stock, payable Oct. 15; the last distribution on the shares was
a regular quarterly payment of $1.75, on March 31
1932. Electric Auto-Lite Co. resumed common dividends with the declaration of 30c. a share, payable
Oct. 1; the last previous dividend was also 30c. a
share, and was distributed Jan. 2 1933. Philadelphia Co. declared a quarterly dividend of 15c. a
share on the common stock, payable Oct. 25, which
compares with 20c. in preceding quarters. Pullman,
Inc., declared a dividend of only 37/
1
2c. a share, payable Nov. 15, which compares with 75c. a share paid
quarterly from Nov.16 1931 to and including Aug.15
1931. New York Shipbuilding Co. decided to omit
the regular quarterly dividend ordinarily payable
Oct. 1.
D
The New York Stock Market
MINOUS developments in Europe, coupled with
uncertainty regarding the course of trade in
this country, took their toll in the New York stock
market this week. Stock quotations moved irregularly in the early sessions of the week, but they fell
sharply in subsequent dealings, making the recession
one of the most important witnessed in the last five
months. Nervousness regarding the Italo-Ethiopian
dispute and the concentration of British warships in
the Mediterranean were the principal factors in the
market, where the trend was quite typical of a "war
scare" period. A few stocks in the so-called
munitions group advanced, despite the recent neutrality legislation. Copper stocks and various others
concerned with the production of materials indispensable to warring nations were firm at times.
But other securities receded, and when the threat of
war seemed really imminent late in the week, all
issues tended to drop. Nor was the reaction to the
war scare confined to the share market. United
States Government securities were soft in most sessions, and the success of the current conversion of
Fourth Liberty bonds has been endangered to a degree by the decline. Bonds of almost all European
nations dropped swiftly. In the commodity markets
important gains were registered in wheat, copper and
a few other items. Foreign exchanges were weak
as funds were transferred in large amounts from
Europe to the United States, obviously for safe keeping in the event of warfare.
Listed stocks were dull and steady in the short
session last Saturday, with a nervous tone apparent
in a few issues that might be affected by warlike
incidents. The trend on Monday was definitely
downward, with activity well sustained. Motor, oil
and railway stocks showed sizable recessions, and
only a few munitions shares escaped the effects of
the general apprehension. In Tuesday's dealings a
somewhat better tone prevailed, although gains were
confined largely to munitions, copper and related
O
1820
Financial Chronicle
shares. A sharp advance on the wheat market aided
sentiment to a degree. Some good buying appeared
early Wednesday in various sections of the stock
market, steel shares and other industrials being in
good demand. But the movement was reversed later
in the day and only small parts of the initial gains
were retained. Some second thoughts regarding the
neutrality legislation and the unlikelihood of American entanglement in any European conflict caused
declines in the munitions issues. With war reports
from Europe ever more threatening, stocks broke
sharply on Thursday,losses in the recent speculative
favorites ranging from 1 to more than 6 points.
There was an obvious tendency to realize on speculative holdings, and in an aggregate turnover of
nearly 2,000,000 shares, prices receded in all groups.
Nor was there any change yesterday. Gloominess
regarding the European outlook was pronounced and
share prices dropped swiftly, with all groups again
affected.
In the listed bond market the chief development
was an irregular downward movement of United
States Treasury obligations. No sharp breaks
occurred, but small offerings served to lower quotations materially. High-grade corporate bonds held
rather well, and new offerings also were absorbed
readily, but the speculative sections of the bond market showed declines comparable with those recorded
in the share market. Foreign dollar bonds, with the
exception of the Latin-American issues, drifted
steadily lower, Italian and British issues being
affected particularly. In the commodity markets
large advances appeared in wheat quotations, both
because of the war scare and serious damage to the
Argentine crop. Other grains also advanced, as did
food staples generally and the base metals. Foreign
exchanges were under pressure at almost all times,
with gold shipments necessary on a large scale to
keep the European gold currencies within the nominal gold relationship to the dollar. Large gold shipments also were arranged from London to New York,
and sterling remained weak despite such movements.
On the New York Stock Exchange 126 stocks
touched new high levels for the year and 24 stocks
touched new low levels. On the New York Curb
Exchange 74 stocks touched new high levels and
7 stocks touched new low levels. Call loans on
the New York Stock Exchange remained unchanged
4%,the same as on Friday of last week.
at 1/
On the New York Stock Exchange the sale at the
half-day session on Saturday last were 632,130
shares; on Monday they were 1,491,250 shares; on
Tuesday, 1,334,460 shares; on Wednesday, 1,939,380
shares; on Thursday, 1,923,380 shares, and on Friday, 2,217,950 shares. On the New York Curb Exchange the sales last Saturday were 125,840 shares;
on Monday, 232,495 shares; on Tuesday, 222,795
shares; on Wednesday,327,385 shares; on Thursday,
324,050 shares, and on Friday, 329,120 shares.
The European situation, together with other factors relative to trade, dominated in a large degree
the movement of stocks in the domestic market the
present week, causing uncertainty and resulting in
price reductions of a broad nature. This tendency
was continued throughout Friday's session, and further losses were recorded at the close as compared
with the gains attained on Friday one week ago.
/8 against
General Electric closed yesterday at 317
3414 on Friday of last week; Consolidated Gas of
Sept. 21
1935
4 against 27%; Columbia Gas & Elec. at
N. Y. at 253
8; Public Service of N. J. at 40
/
11% against 133
against 42; J. I. Case Threshing Machine at 7714
against 78%; International Harvester at 55%
8 against
/
2; Sears, Roebuck & Co. at 547
1
against 59/
361%;
against
31
at
Co.
&
Ward
Montgomery
59½;
Woolworth at 6014 against 6134, and American
2 against 141. Allied Chemical &
1
Tel. & Tel. at 136/
Dye closed yesterday at 165 against 170 on Friday
of last week; Columbian Carbon at 88 against 92;
E. I. du Pont de Nemours at 12714 against 12434;
/8 against 1814;
National Cash Register A at 167
International Nickel at 2914 against 30; National
4 against 15½; Texas Gulf
Dairy Products at 153
2against 35; National Biscuit at 27%
1
Sulphur at 33/
2against 86½;
1
against 28%; Continental Can at 83/
Standard
155
158½;
against
at
Eastman Kodak
8; Westinghouse Elec. &
8 against 131/
Brands at 131/
Mfg. at 7314 against 77½; Lorillard at 2414 against
2514; United States Industrial Alcohol at 44 against
47; Canada Dry at 8% against 934; Schenley Dis2, and National Distillers
1
tillers at 35% against 39/
8 against 3014.
at 281/
The steel stocks closed lower than on Friday of
the previous week. United States Steel closed
yesterday at 4414 against 46% on Friday of last
week; Bethlehem Steel at 37% against 39%; Re8, and Youngstown
8 against 181/
/
public Steel at 165
Sheet & Tube at 24 against 26%. In the motor group,
Auburn Auto closed yesterday at 34% against 36%
2
1
on Friday of last week; General Motors at 43/
Hupp
and
,
8
/
717
against
69
at
Chrysler
against 45%;
2. In the rubber group,
1
Motors at 214 against 2/
Goodyear Tire & Rubber closed yesterday at 18%
against 2014 on Friday of last week; U. S. Rubber
8
/
2 against 1434, and B. F. Goodrich at 87
1
at 13/
/8. The railroad shares werd also affected
against 97
by the adverse trend of the market. Pennsylvania
2 against 29 on Friday
1
RR. closed yesterday at 27/
& Santa Fe at 49
Topeka
week;
Atchison
of last
against 51%; New York Central at 24 against 251/2;
Union Pacific at 9914 against 102; Southern Pacific
8 against 19%; Southern Railway at 91/8
/
at 185
8, and Northern Pacific at 17% against
/
against 103
18. Among the oil stocks, Standard Oil of N. J.
4 against 44 on Friday of last
closed yesterday at 423
8 against 9%, and At/
Oil
at 87
Union
Shell
week;
lantic Refining at 22 against 2214. In the copper
group, Anaconda Copper closed yesterday at 20
against 21 on Friday of last week; Kennecott Copper
2 against 2478; American Smelting & Refining
at 241/
8, and Phelps Dodge at 2134
/
at 46% against 497
against 22.
Trade and industrial reports generally are considered to have a favorable implication. Steelmaking for the week ending to-day was estimated by
the American Iron and Steel Institute at 48.3% of
capacity against 49.7% last week. 48.8% one month
ago, and 22.3% at this time last year. The recession
from last week of 1.4 points, or 2.8%, is attributed
to reduced automobile production,in preparation for
model changes, and is thus not believed to have any
significance. Production of electric energy for the
week ended Sept. 14 was 1,827,513,000 kilowatt
hours, the Edison Electric Institute reports. This
is a sharp increase from the production of 1,752,066,000 kilowatt hours of the preceding week, but
the earlier period contained the Labor Day holiday.
Car loadings of revenue freight in the week ended
Volume 141
Financial Chronicle
Sept. 14 were 700,357 cars, an increase of 107,571
care over the preceding week and of 52,872 cars over
the same week in 1934.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 99%c. as against 93c. the close
on Friday of last week. September corn at Chicago
closed yesterday at 81l/
4c. against 771/
4c. the close
on Friday of last week. September oats at Chicago
closed yesterday at 28%c. as against 27%c. the close
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 10.95c. as against 10.75c. the close on
Friday of last week. The spot price for rubber
yesterday was 11.50c. as against 11.32c. the close on
Friday of last week. Domestic copper closed yesterday at 9c. as against 8.50c. on Friday of last week.
In London the price of bar silver yesterday closed
at 29 5/16 pence per ounce as against 29 9/16 pence
per ounce on Friday of last week, and spot silver
in New York closed yesterday at 65%c., unchanged
from the close on Friday of last week.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.91/
1
2as against
$4.94/
1
2 the close on Friday of last week, and cable
transfers on Paris closed yesterday at 6.58%c. as
against 6.59c. the close on Friday of last week.
European Stock Markets
IRREGULAR downward movements were the rule
this week on stock exchanges in the principal
European financial centers. Apprehensions regarding the Italo-Ethiopian situation and its possible
effects on the delicate balance of European forces
were acute at times, causing not only sharp recessions on all European markets but also a heavy flow
of funds to the United States for safekeeping. Gold
movements to this country attained large proportions and even some of the previously hoarded metal
in London now seems to be moving to this side of
the Atlantic. The London Stock Exchange, aware
only dimly of the large fleet movements to the Mediterranean, held up better than the Continental exchanges. The markets in Paris and Berlin declined
almost without interruption, as there was a definite
and deepening impression that the conflict between
Italy and Ethiopia might easily spread and embrace
much of the rest of the world. Belligerent statements
by Premier Mussolini that sanctions by the League of
Nations mean war with the nations attempting to apply them made the atmosphere gloomier than ever.
Nor was there any comfort to be gained from ordinary developments. The Netherlands Parliament
met on Tuesday for the autumn session and heard
pessimistic reports from Queen Wilhelmina regarding the state of Holland's finances. The drain of
gold from the Netherlands caused an increase in the
discount rate of that country's central bank to 6%
from 5%. Italian gold and foreign exchange holdings
are diminishing steadily and the possible effects of
this trend are causing apprehensions. Trade and industrial reports remain fairly cheerful in Great Britain and Germany, but the political uncertainties
dwarfed such considerations, so far as the markets
are concerned.
Trading on the London Stock Exchange was quiet,
Monday, with the trend soft throughout the session.
British funds drifted steadily lower, but there was
little selling pressure and the movements were not
pronounced. Industrial securities also receded, on
1821
the assumption that economic sanctions against
Italy would deprive British corporations of profits
ordinarily to be expected from the supply of materials of war. Aircraft stocks were a conspicuous exception, these issues advancing easily. Anglo-American issues were firm. Rumors that a special League
commission might succeed in endeavors to halt the
war talk caused good advances on the London market
Tuesday. British funds showed sizablt gains, and
firmness was noted also in industrial shares, gold
mining issues and international securities. Dealings
on Wednesday again were dull, however,for the news
from Geneva was less optimistic. British funds were
soft at first, but they rallied late in the day and
closed without great changes. Industrial issues were
idle and mostly lower, and the trend also was adverse in a majority of the international securities.
Gold mining stocks attracted some interest. On
Thursday the downward drift in British Government
issues was continued, with movements again rather
small. Industrial securities were irregular owing to
sporadic liquidation, but gold mining issues resumed
their advance. Movements were small and uncertain
in the international section. London gained an idea•
of the seriousness of the war problem yesterday, and
British funds plunged. Other issues also dropped
sharply.
Prices on the Paris Bourse started on a downward
course last Monday that was almost uninterrupted
all week. Rentes fell slightly in the initial session,
but large declines appeared in Suez Canal shares and
some of the French bank stocks. The mid-month settlement was effected readily, with money at 13
/
4%,
against 11/
2% at the end of August. The weakness
was quite pronounced on Tuesday and almost all
issues closed at the lows of the day after severe declines. Rentes fell sharply, while heavy losses again
were sustained by Suez Canal shares and a number
of the French bank and industrial issues. No interest
was taken in international securities. Pessimism
continued to prevail at Paris on Wednesday, when
selling waves developed in all parts of the market.
Rentes proved vulnerable, while large additional declines were recorded in Suez Canal shares and French
bank stocks. Rumors of internal financial difficulties added to the liquidation, which affected industrial issues and international securities, as well. Nor
was there any halt in the general decline on Thursday. Losses in that session were even more pronounced than in previous dealings, with Bank of
France shares off no less than 475 points, while Suez
Canal fell 575 points. Rentes, industrial stocks and
international issues all were extremely weak. The
tone was better yesterday, but changes were small
and irregular after a day of uncertain movements.
Trading on the Berlin Boerse was dull on Monday,
with the general European situation occasioning
profound pessimism. Prices of virtually all issues
listed at Berlin drifted lower throughout the session,
and even fixed-interest securities joined in the decline. There was very little activity at Berlin on
Tuesday, and prices fluctuated narrowly, with small
fractional gains and losses equally distributed at
the close. Business remained dull on Wednesday,
•but in that period the mounting difficulties of the
European situation again caused apprehensions and
liquidation appeared in all parts of the list. Even
small offerings caused rather sharp recessions.
Losses were severe in another quiet session on Thursday, even though the German Government made it
1822
Financial Chronicle
plain that it would avoid interference in international matters that do not concern it directly. Declines of 2 to 5 points were recorded in most of the
speculative favorites, and losses also were registered
in bonds. In another quiet session yesterday, prices
drifted steadily lower on the Boerse.
Sept. 21 1935
into effect only after approval by the Colombian Congress. An announcement by the State Department
indicates that the concessions by the United States
consist chiefly of an agreement to retain on the free
list "certain products of Colombia which represent
a large percentage of total Colombian exports to
this country." Chief among the products mentioned,
of course, is coffee. Colombia agrees, the State Department indicated, to reduce its customs duties
on an "important percentage of products imported
from the United States." The text of this newest reciprocal trade agreement has not yet been made
available. The treaty negotiated some months ago
with Brazil still is under discussion by the Congress
of that country, and Secretary of State Cordell Hull
gained some comfort last week from the circumstances that the debates are at least courteous.
Under the reciprocal tariff agreements concessions
made by this country on specific products are to be
generalized to all other countries, provided they do
not discriminate against the United States. Of interest,in connection with that general scheme, is the
announcement last week by the State Department
that Germany will not enjoy the lowered rates after
October 15, when the German denunciation of the
existing tariff accord takes effect. There is ample
evidence of German financial and trade discrimination against this country. It was indicated in Washington some months ago that the special privileges
would be terminated as of Oct. 1, as applied to products from Canada, France, The Netherlands, Spain
and Switzerland. But all these countries have started
negotiations for special reciprocal treaties with the
United States, and it was indicated in Washington
on Wednesday that tariff concessions in existing
agreements will continue to be generalized to such
countries until Jan.1 1936. By that time, it is hoped,
negotiations for separate agreements will have been
concluded. The decision to apply highest tariff rates
on German products after Oct. 15 aroused interest
as to other countries that might be affected similarly
because of discriminations against the United States.
Washington reports indicate that Denmark and Portugal have not, as yet, taken steps to terminate discriminatory practices which the United States Government has found objectionable.
International Monetary Problems
ESUMPTION of Parliamentary sessions in Holland last Tuesday seems to have marked the
opening move in the autumn campaign for currency
maintenance or devaluation by the few European
countries still on the gold standard. In The Netherlands and in France this question is sure to be argued with great earnestness for some time to come,
and the matter is of equal importance to Switzerland. Queen Wilhelmina opened the Netherlands
Parliamentary session with a long speech from the
throne, devoted in large part to the fiscal difficulties occasioned by diminishing revenues and the
need for increasing defense appropriations. She
added, however, that devaluation of the currency or
the dropping of the gold standard could not be considered remedies advantageous to the people as a
whole. The address by the Queen was not the only
indication that Holland will endeavor to prevent
depreciation of the currency. The Bank of The Netherlands announced on Monday an increase in its
discount rate to 6% from 5%, and this measure
tended to diminish the gold exports which Holland
has found necessary in the last two weeks.
French views on the currency stabilization problem were stated anew last Tuesday by Georges Bonnet, Minister of Commerce, in the course of an address before the economic committee of the League
of Nations Assembly, in Geneva. The French Government, M. Bonnet stated, is prepared to follow a
more liberal commercial policy hereafter, if assurances are given that other countries will "maintain
the stability of their currency at a determined parity
for the duration of commercial agreements." This
is a distinct change from the previous French attitude, which predicated commercial agreements and a
relaxation of the French quota system upon previous
formal stabilization by other countries. Early action toward stabilized monetary units was held most
advisable by the French Minister, however, on the
Italy and Ethiopia
ground that there can be no solution of the depresROPOSALS for a peaceful settlement of the dission problems until monetary instability and expute between Italy and Ethiopia are being rechange controls are removed. Reports from Paris,
by the Italian dictator, Premier Benito Musjected
meanwhile, suggest that good progress finally is bequite as fast as they can be elaborated in the
solini,
of
Premier
ing made in the deflationary program
councils of the leading European Powers or
Pierre Laval. Retail prices have fallen somewhat in private
deliberations of the League of Nations. There
the last two months and money rates also are lower. in the
extremely little likelihood that war can be
These factors may have a considerable bearing on the is now
and weather reports from Ethiopia are beaverted,
Parliamentary debates regarding the emergency
nt. Seasonal rains in that country
significa
coming
decrees of the Laval regime, when sessions are reto a few daily showers and when
dwindled
have
now
sumed next month.
the land has dried to some degree Premier Mussolini
Reciprocal Tariff Accords
doubtless will launch the war of conquest that the
been led to anticipate with
ROGRESS toward the conclusion of reciprocal whole Italian nation has
For Premier
trade agreements under the specific authority headlong and unreflecting enthusiasm.
any poslonger
is
no
there
believed,
granted President Roosevelt by Congress last year Mussolini, it is
extenthe
of
steps.
Several
of
retracing
has been modest, at best, since only a few accords of sibility of a
him,
to
offered
been
have
s
Province
n
Ethiopia
this nature have been arranged and fewer still are in sive
scornful
the
with
rejected
were
ns
suggestio
the
effect. But signatures were attached at Washington, but
not desire to collect deserts.
late last week, to a reciprocal agreement between the retort that Italy does
the League of Nations Asof
e
committe
special
A
to
be
is
it
hoped
and
United States and Colombia,
on Wednesday, which would
that additional treaties soon will be made.The treaty sembly presented a plan
much under Mussolini's thumb
with Colombia is the sixth in the series. It will come place Ethiopia pretty
R
p
p
Volume 141
Financial Chronicle
in a "legal" manner. That proposal also failed to
satisfy the Italian dictator, as might have been expected in view of his rejection of the joint AngloFrench suggestions, presented to an Italian representative privately in Paris, last month.
General European repercussions of the Italo-Ethiopian dispute already are developing, and in a manner that is even more grave and frightening than the
prospect of a war between those two countries. A
large part of the powerful British fleet steamed this
week, unit by unit, to Mediterranean waters, indicating more clearly than words can convey the apprehension occasioned in official British circles by the
recent developments. The British press exercised a
voluntary censorship regarding the fleet movements
and the public in England is realizing only slowly
the extent of the preparations for eventualities being
made by their Government. But elsewhere these
movements have been reported widely, and realization of the tense situation is widespread. In Italy
they are viewed with an amazement that amounts
almost to incredulity, for Premier Mussolini has
taken pains to assure the British Government that
England's imperial interests will in no wise be endangered by his proposed war against Ethiopia.
Such assurances apparently carry little weight with
London authorities, possibly because they are well
aware that territorial ambitions grow rapidly. An
Italy, victorious in Ethiopia and seeking new worlds
to conquer, would be a threat to the vital British
communications and it is argued in some quarters
that the concentration of the fleet in the Mediterranean implies a readiness on the part of London to
engage in a test of strength now, rather than run the
risk of a later dispute with a more powerful Italy.
The only other explanation for the British fleet
movements is to be found in the thought that sanctions might be applied by the League of Nations
against Italy. But such sanctions would take the
form, initially at least, of an economic blockade. It
is possible that British apprehensions are due in good
part to flamboyant Italian assertions that sanctions
mean war.
The attitude of the League of Nations Assembly
toward the impending Italo-Ethiopian problem was
determined entirely by Sir Samuel Hoare, Foreign
Secretary in the British Cabinet, and Pierre Laval,
Premier of France. Sir Samuel made it plain last
week that Britain is prepared to back the League
Covenant, even to the extent of applying sanctions.
M. Laval followed with similar assurances, although
some odd suggestions for taking account of Italy's
"legitimate aspirations" also were included in the
French Premier's address. Approximately half the
countries in the League expressed views similar to
those of Britain and France, while the other countries remained silent. There was talk at Geneva
late last week of a possible Ethiopian cession of land
to Italy and once again, for a brief period, the hope
was expressed that a peaceful means of settlement
might be found. Last Saturday, however, there was
a meeting of the Italian Cabinet, in which Signor
Mussolini holds a majority of the portfolios. The
word went out from Rome at the conclusion of the
meeting that no compromise will content Italy, and
that the country is prepared for "any menace, from
whatever direction it may come." The League Assembly adjourned last Monday and left the matter
in the hands of the Council and of the previously
constituted special committee of five nations.
1823
The special committee, acting in haste, produced
on Wednesday a series of suggestions, which it hoped
might serve as the basis for negotiations leading to
a peaceful adjustment of the Italo-Ethiopian conflict. Briefly, the plan embodies a virtual League
protectorate over Ethiopia, in which, of course, the
Italian Government could be expected to share handsomely. In substance, Ethiopia would be ruled under
this scheme by a group of foreign advisers, who
would "assist" the Ethiopian Government with respect to its police force, economic development, finances, health services and other matters. The consent of the Ethiopian Emperor would be required for
the nomination of the foreign advisers. The British
and French Governments, jointly, added to this
scheme several proposals of their own, the first calling for a sea outlet for Ethiopia in order to facilitate
territorial adjustments with Italy, while the second
recognized "Italy's special interest in the economic
development of Ethiopia." Even before this plan
was presented formally and in detail at Rome, Premier Mussolini declared to a correspondent of the
London "Daily Mail" that the terms are unacceptable and "derisory." The League Council met again
on Thursday and began to consider the problem of
sanctions. The Italian Government, on the same
day, addressed itself to the problem of financing,the
expenditures already made and those anticipated in
the conflict with Ethiopia. Announcement was made
of a new 5% loan, with no amount stated, available
at 95 and non-taxable. An odd feature of the loan
is a provision for conversion into the new obligations
of 31/
2% bonds currently redeemable. The callable
31/
2s are quoted in Rome at 68 to 70,and for purposes
of conversion they are to be computed at the equivalent of 80 lire for every 100 lire of nominal capital.
Increased tariffs on the railways and higher taxes
on the business turnover and on motor vehicles also
were announced.
German-American Relations
IRRITATING incidents have marked the relations
between Germany and the United States ever
since the Nazis came into power in the Reich, and in
the last week echoes were heard of several occurrences of that nature. Secretary of State Cordell
Hull found it advisable, last Saturday, to apologize
orally to officials of the German Embassy in Washington, for comments made by a New Yark City
magistrate when some rioters were acquitted of the
charge of unlawful assembly in connection with the
tearing down of the Nazi emblem on the liner Bremen
in July. Regret was expressed that the magistrate,
"in restating contentions of the defendants in the case
and in commenting upon the incident, unfortunately
so worded his opinion as to give the reasonable and
definite impression that he was going out of his way
adversely to criticize the German Government, which
criticism was not a relevant, legitimate part of his
judicial decision." This incident, now settled satisfactorily, has occasioned some conjecture in this
country regarding the reasonableness of the German
protest against the alleged insult to the Swastika
emblem, which only this week was made the official
standard of the Reich. Whatever the merits of such
contentions, it is obvious that Secretary Hull took
the proper course in attempting to assuage the feelings of the German authorities.
Of more lasting importance is the action of the
United States Government, late last week, in notify-
1824
Financial Chronicle
ing the German Government that it will not be accorded the tariff concessions granted to other nations under the special reciprocal tariff agreements
recently concluded. This step is in line with the policy adopted by Secretary Hull, who declared on a
number of occasions that the concessions will not be
extended to countries practicing commercial or financial discrimination against the United States.
The German Government denounced last year the
commercial treaty between the Reich and the United
States, but a subsequent understanding was reached
for continuance of all parts of the accord save the
most-favored-nation clause. The Reich proceeded to
make exclusive bargaining arrangements with other
countries on trade, while flagrant discrimination
against American investors was practiced in connection with interest payments on Reich bonds held
abroad. With obvious reference to such German discrimination, the State Department advised the German authorities that German merchandise will have
to pay ordinary rates of duty on and after Oct. 15,
rather than the lower rates of the reciprocal tariff
agreements, which are generalized to all countries
not engaging in such discrimination. Of interest,
meanwhile, is an offer by the German authorities to
resume dollar payments on a reduced scale on the
two .German Government loans floated publicly in
the United States. Only registered marks were made
available after the German moratorium decree was
issued in June,1934, but it is now stated that American holders of the Reich 7% (Dawes) bonds are to
receive 5% interest in dollars, while holders of the
5Y2% (Young) bonds are to receive 4% interest in
dollars. Such payments correspond closely with the
sums realizable on sales of the registered marks heretofore made available, and the German announcement thus has more form than substance. It is, however, a step in the right direction.
German Nazi Policies
'ES of the official German anti-Semitism were
drawn tighter at a special meeting of the Nazi
Reichstag, called by Chancellor Adolf Hitler at the
conclusion of the party gathering in Nuremberg,last
Sunday. The session was notable not only because
new restrictive laws against the unfortunate Jews
of Germany were passed, but also because Herr Hitler discoursed at some length on the foreign policy
of his Fascist regime. Three new laws were enacted
at the behest of the Nazi leader. One of these provides that the Swastika emblem, heretofore the party
banner, is to be the official standard of the Reich.
The other two enactments were directed against
Jews in Germany. They deprive Jews of ordinary
German citizenship, while leaving them a curious
intermediary status as elements in the State. Marriages between Jews and non-Jewish Germans are
forbidden, as are extra-marital relations between
them. The Reichstag session was sandwiched in
between immense regular army parades and maneuvers, and it is evident that the presence of the omnipotent German army at the party gathering is of
more than ordinary significance, since the ascendancy of the military faction in the Reich is thereby
demonstrated. In his address to the entirely subservient Reichstag, Chancellor Hitler referred to the
international Jewish agitation aroused by his own
peculiar ideology and to what he called the provoking behavior of individual members of the Jewish
He called for the enact"race" within the Reich.
.
L
Sept. 21 1935
•
ment of the new anti-Semitic legislation on this basis.
Most of the speech was devoted to a survey of German foreign relations, and in this connection Herr
Hitler reiterated his declaration of peaceful intentions. He also made the interesting, if somewhat
dubious assertion, that Germany's affairs are in
order, both internally and externally. The enlargement of the German army is intended solely to preserve the freedom of the German people, he remarked,
and added, significantly, that the Reich Government
will take no position in any question that does not
directly concern it. Chancellor Hitler then proceeded to discuss the Memel situation, which long
has embittered the relations bet*een the Reich and
Lithuania. Memel was stolen from the Germans, he
said, and for years the German element in that small
territory has been "maltreated and tortured," contrary to existing laws and treaties. The speech
closed with the usual animadversions regarding the
Communists and the Jews, who appear to constitute
the pet hatreds of Herr Hitler and his lieutenants.
All observers at Nuremberg were impressed by the
army and air force demonstrations which marked
the so-called "party day." It is evident that the
Reich has made great progress toward rearmament
in these fields.
From an international viewpoint the declaration
by Herr Hitler regarding 3iemel constituted by far
the most interesting part of his speech at Nuremberg.
Signatories of the Memel Statute possibly were forewarned of the Nazi leader's intentions, for a warning
was issued to Lithuania late last week by Great
Britain, France and Italy, urging the Government at
Kaunas to observe its undertakings with respect to
the German population in Memel. Elections are to
be held soon in Memel, and diplomatic "representations" were made by the three Powers, in the endeavor to assure fairness in the plebiscite. The three
countries also were said to be anxious to avoid giving Herr Hitler any pretext for troublesome activitiese in the Baltic area at a time when all efforts
are being directed to preventing a conflict between
Italy and ,Ethiopia and the spread of that dispute
to Europe. Observers are to be appointed to watch
closely the course of the election in Memel, on the
spot. If any disputes occur, existing treaties provide
means for arbitration, it was pointed out at Geneva.
The desire of the German Government to regain this
small port on the Baltic has been undisguised since
the Saar area voted for a return to German sovereignty, and it is the obvious intention of the great
Powers of Europe to prevent aggravating incidents
in this trouble spot of Europe.
Foreign Money Rates
open market discount for short bills
LONDON
IN
on Friday were 9-16% as against 9-1.6@/%
on Friday of last week, and 9-16@%% for threemonths' bills as against wyo on Friday of last week.
Money on call in London on Friday was %. At
Paris the open market rate remains at 33.1%,and in Switzerland at 23/2%.
Discount Rates of Foreign Central Banks
HE Bank of The Netherlands on Sept. 16 raised
its discount from 5% to 6% effective Sept. 17.
The 5% rate had been in effect since Aug. 3 1935 at
which time it was reduced from 6%. Present rates
at the leading centers are shown in the table which
follows:
T
Volume 141
Financial Chronicle
DISCOUNT RATES OF FOREIGN CENTRA
L BANKS
Country
Rate(n
Effect
Date
Sept20 Established
Austria.... 334
Batavia__ 4
Belgium_ —
2
Bulgaria... 6
Canada.... 234
Chile
4
Colombia_ _ 4
Czechoslovakia____ 334
Danzig—. 6
Denmark.. 334
England... 2
Estonia__ 5
Finland.... 4
France- —
3
Germany__ 4
Greece
7
Holland_ _ _ 6
Pre-
mous
country
Rate
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
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 1)33
Sept.17 1935
434
4
234
234
534
434
334
5
734
5
Rate tn
Effect
Date
Sept 20 Established
Hungary._
India
Ireland....
Italy
Japan
Java
Jugoslavia _
Lithuania
Morocco
Norway_
Poland _ _
Portugal_..
Rumania..
SouthAfrica
Spain
Sweden_ _ _.
Switzerland
4
334
3
5
3.65
434
5
6
634
334
5
5
434
4
5
234
234
Aug. 28 1935
Feb. 16 1934
June 30 1932
Sept. 9 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
Feb. 21 1933
July 10 1935
Dec. 1 1933
May 2 1935
PreMous
Rate
434
4
334
434
3
334
634
7
434
4
6
534
6
5
534
3
2
Bank of England Statement
HE statement for the week ended Sept. 18 shows
a further gain of £88,135 in bullion, raising the
total to another new high of £194,315,231, which
compares with £192,433,716 a year ago. This, together with a loss of £2,107,000 in circulation,
brought about an increase of £2,195,000 in reserves.
Public deposits rose £1,429,000 and other deposits
£720,843. The latter consists of bankers' accounts,
which increased £982,390, and other accounts, which
fell off £261,547. The reserve ratio is now 38.19%
as compared with 37.24% a week ago and 48.18%
last year. Loans on Government securities decreased
£1,390,000, while those on other securities rose
£1,361,360. The latter consists of discounts and
advances, which fell off £566,176, and securities,
which increased £1,927,536. No change was made in
the 2% discount rate. Below are the figures, with
comparisons of other years:
T
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
Sept. 18
1935
Sept. 19
1934
Sept. 20
1933
Sept. 21
1932
1825
Bank of Germany Statement
HE statement for the second quarter of September shows a gain in gold and bullion of 18,000
marks. The total of gold which is now 94,817,000
marks, compares with 74,973,000 marks a year ago
and 338,066,000 marks two years ago. Increases
also appear in reserve in foreign currency of 92,000
marks, in bills of exchange and checks of 43,531,000
marks, in silver and other coin of 15,969,000 marks,
in notes on other German banks of 3,484,000 marks,
in investments of 1,215,000 marks, in other assets of
3,508,000 marks, in other daily maturing obligations
of 86,860,000 marks and in other liabilities of 1,419,000 marks. The Bank's ratio stands at 2.60%,
compared with 2.15% last year and 11.8% the previous year. Notes in circulation record a contraction
of 25,899,000 marks, bringing the total of the item
down to 3,907,344,000 marks. Circulation a year ago
aggregated 3,662,270,000 marks and the year before
3,383,744,000 marks. A loss is shown in advances of
5,437,000 marks. Below we furnish a comparison of
the various items for three years:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch, and checks
Silver and other coin
Notes on other Ger. has
Advances
Investments
Other assets
Liabilities—
Notes in circulation__ .
Other daily matur.obfig
Other liabilities
Proper. of gold & torn
curr. to note circurn_
Sept. 14 1935 Sept. 15 1934 Sept. 15 1933
Retchsmarks
Reichsmarks Reichsmarks Reichsmarks
+18,000
94,817,000
74,973,000 338,066.000
No change
29,620,000
20,851,000
58,693,000
+92,000
5,436,000
3,822,000
58,902.000
+43,531,000 3,838,111,000 3,428,951,000 3,062,844,
+15,969,000 164,811,000 243,378,000 235,932,0000
00
+3,484,000
11,528,000
13,410,000
12,210.000
—5,437,000
43,866,000
98,499,000
86,907,00
+1,215,000 665.920.000 735,296,000 319.915.000
0
+3,508.000 687,511,000 597,878,000 507,122,000
—25,899,000 3,907,344,000 3,662,270,000 3,383,744.
+86,860,000 782,418,000 722,827,000 889.519,0000
00
+1,419,000 241,978,000 208,313,000 225,484,000
+0.02%
2.60%
2.15%
11.8%
Sept. 23
1931
New York Money Market
EALINGS in the New York money market remained small this week, with rates unchanged
in all departments. Although excess reserve
s
showed a sizable decline in the Federal Reserve summary for the week ended Wednesday, they remain
of
hugh proportions and the pressure of idle funds
is
undiminished. The Treasury sold last Monday an
issue of $50,000,000 discount bills due in 273 days,
Bank of France Statement
HE weekly statement dated Sept. 13 reveals a and awards were made at an average of 0.198%,
loss in gold holdings of 61,039,702 francs. The computed on an annual bank discount basis. Call
total of gold is now 71,995,893,967 francs, in com- loans on the New York Stock Exchange held at 1/4%
parison with 82,153,449,918 francs last year and all week, while time loans for all maturities up to
82,261,598,924 francs the previous year. A decrease six months also were at that level. Bankers' bill and
also appears in French commercial bills discounted commercial paper rates likewise were continued
of 185,000,000 francs, in advances against securities without alteration.
of 57,000,000 francs and in creditor current accounts
New York Money Rates
of 46,000,000 francs. The reserve ratio is now at
EALI
NG in detail with call loan rates on the
75.72%, compared with 80.67% a year ago and
Stock Exchange from day to day,
79.91% two years ago; Notes in circulation record
3 of 1%
a contraction of 470,000,000 francs, bringing the remained the ruling quotation all through the week
total of notes outstanding down to 81,522,467,640 for both new loans and renewals. The market for
francs. Circulation last year aggregated 80,440,- time money has shown little change this week,though
372,035 francs and the previous year 81,422,722,050 there have been occasional transactions in short-term
i%. Rates continue nominal at 34%.
francs. A comparison of the different items for three maturities at Y
for all maturities. The market for prime commercial
years is shown below:
paper has been quite active this week, though some
BANK OF FRANCE'S COMPARATIVE STATEMENT
slackening up was apparent on Friday. Rates are
Changes
Yi% for extra choice names running from four to
for 1Veek
Sept. 13 1935 Sept. 14 1934 Sept. 15 1933
six
months
and 1% for names less known.
Francs
Francs
Francs
Francs
Gold holdings
—61,039,702 71,995,893,967 82,153,449,918 82,261,598,924
£
£
£
£
£
Circulation
398,150,000 376.379,746 370,469,756 359.265,655 352,675.537
Public deposits
17,464.000 21%449.059 18,218.506 23,915.204 23,018,048
Other deposits
129,599,723 137,338.177 149.109.377 115,490,377 115,877,978
Bankers'accounts_ 92,018,504 99,837.219
0 82,586,050 64,915,060
Other accounts_ 37,581,219 37,500,958 105,687,99
43,421,387 32,904,327 50,962,918
Governm't securities 83,160,999 81,679,164
80,655.963 70.998.094 60.175,906
Other securities
26.012,308 18.365,803
30,532,656 39,720,573
Dint.& advances_ 11,852.658 6,137,838 23,641,091
9,192,227 12,005.785 13,579,165
Securities
14,159.650 12,227,965
Reserve notes & coin 56,166,000 76,053,970 14,448,864 18,526.871 26,141.408
Coin and bullion_ __ _ 194,315,231 192,433,71 81,262,684 56,110,262 57.298,091
6 191,732,440 140,375,917 134,973,628
Proportion of reserve
to liabilities
38.19%
48.18%
48.56%
40.24%
41.25%
Bank rate
2%
2%
2%
2%
6%
D
T
D
Credit bats. abroad_
a French commercial
bills discounted_
b Bills bought abr'd
Adv. against secure_
Note circulation.
Credit.current accts.
propor'n of gold on
hxml to shalt Ilab_
No change
7,269,024
10,429,835 1,284.265,862
—185,000.000 6,685,691,828 3,272,200,865 2,604,900.622
No change
1,228,122,189 1.009,218,042 1,345.629,362
—57,000,000 3,142,644,705 3,128,886,118 2.761,314,796
—470,000,000 81,522,467,640 80,440,372,035 81.422,722,050
—46.000,000 13,561,163,991 21,399.447,042 21,526,350,114
+0.35%
a Includes bills purchased in France.
75.72%
80.67%
79.91%
b Includes bills discounted abroad.
Bankers' Acceptances
THERE has been a good demand for prime banker
s'
1 acceptances this week but bills have been
exceedingly scarce and dealers have been short of
their
actual needs. Rates are unchanged. Quotat
ions of
Financial Chronicle
1826
the American Acceptance Council for bills up to and
including 90 days are at 3-16% bid and IA% asked;
for four months, 3.1,% bid and 3-16% asked; for five
3 % bid and 5-16% asked. The bill
and six months,4
buying rate of the New York Reserve Bank is 32%
34% for 91- to
for bills running from 1 to 90 days,/
bills. The
-day
180
to
121for
1%
120-day bills, and
ances deaccept
of
gs
holdin
e
banks'
l
Reserv
Federa
creased from $4,685,000 to $4,682,000. Open market
rates for acceptanceg 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:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY
---I80 Days— —150Days— —120 Days
Asked
Bid
Asked
Bid
Asked
Bid
GIs
--60 Dar— —30 Days—
—90 Days—
Asked
Bid
Asked
Bid
Atka'
Bid
'is
Si
'is
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
er banks
non-memb
Eligible
4% bid
%% 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
E BANKS
DISCOUNT RATES OF FEDERAL RESERV
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland-e.
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas Clt7
Dallas
San Francisco
Rate in
Rifest on
Sept. 20
2
134
2
134
2
2
2
2
2
2
2
2
Date
Established
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
Previous
Rate
234
2
234
2
234
234
234
235
235
234
234
234
Course of Sterling Exchange
TERLING exchange shows no new trend from
that of the past two weeks, when a downward
tendency began to develop. With respect to the
French franc or gold, as shown by the median
London check rate on Paris, sterling is relatively
steady, although both the pound and the franc are
g
easy in terms of the dollar. The range for sterlin
for
/
$4.953
and
$4.91
n
betwee
this week has been
n
bankers'sight bills, compared with a range of betwee
cable
for
$4.92 and $4.94% last week. The range
transfers has been between $4.913/ and $4.953.1,com%
pared with a range of between $4.92% and $4.94
a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price, and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
74.857
75.082 1 Wednesday,Sept. 18
Saturday, Sept. 14
74.815
Thursday, Sept. 19
74.389
Monday, Sept. 16
20
74.696
Sept.
Friday,
74.931
Tuesday, Sept. 17
PRICE
LONDON OPEN MARKET GOLD
1408. 73id. 1 Wednesday, Sept. 18__140s. lid.
Saturday, Sept. 14
Thursday, Sept. 19___141s.
140s. 5d.
Monday, Sept. 16
Sept. 20__ _141s. 4d.
1408. 9)4d. Friday,
Tuesday, Sept. 17
(FEDERAL
STATES
UNITED
BY
GOLD
PRICE PAID FOR
RESERVE BANK)
335.00
335.00 1 Wednesday, Sept. 18
Saturday, Sept. 14
35.00
35.00 Thursday, Sept. 19
Monday, Sept. 16
35.00
20
Sept.
Friday,
35.00
Tuesday, Sept. 17
The Italo-Ethiopian dispute and threats of war are
of course responsible to some extent for the ease of
sterling and the European currencies, but in the main
the factors affecting exchange at this time are largely
seasonal. It is customary under normal conditions
Sept. 21 1935
for sterling to ease off in terms of the dollar from
around the middle of September until after the turn
of the year. Prior to the World War, when the
foreign exchanges were working normally, the autumn
drain on London was a regular seasonal occurrence
created by the heavy drafts for cereals, cotton, and
other imports from the United States. At present
these factors are of minor importance owing to the
severe curtailment of international business. The
sudden cessation of tourist demand for sterling is
likewise an adverse factor, especially in view of the
unusually large volume of such demand during the
summer just past.
The current uneasiness created by the Italian
crisis is reflected adversely in sterling in two ways:
British government bonds and other gilt edge securities on the London market have been declining for
several days and it is asserted in well informed
quarters that there has been some selling of these
securities for American account. Such sales cannot
be said to be in large volume as yet. Secondly, there
is abundant evidence that money is coming from
London and from the Continent through London,
especially from Amsterdam, to the New York
market. This flow of funds seems to motivated at
least in part by fears of war, though it is due to some
extent to the improvement in the New York security
market which has been going on for many weeks.
This trend, adverse to sterling, is likewise not yet
of major proportions.
The greatly disturbed political situation of Europe
makes it impossible to predict the immediate future
course of sterling, although only three months ago it
would have been entirely reasonable to expect sterling to continue firm throughout the autumn and
winter, despite the usual contrary seasonal trends
which prevail during normal periods of exchange.
At present United States wheat and cotton exports to
Europe are for the first time in history of only
minor importance in their effect on the foreign exchanges, as exports of cotton are greatly curtailed
and there is a practical cessation of American wheat
exports.
United States silver purchases in the London
market, which were of importance in lending firmness to sterling some weeks ago, appear to have been
greatly reduced, and the current fractional firmness
in London silver prices is due to renewed buying by
Far Eastern operators.
Perhaps the most important factor disturbing the
foreign exchanges this week was the announcement on
Monday from London that Lloyd's underwriters
canceled the war risk clause at present included in
general policies. Ten days after the above notice,
merchants contracting with Lloyd's must take out
separate war risk contracts if they desire such protection. These policies are to be made at special
rates. The Lloyd's announcement was followed by
a wide movement in the foreign exchanges and by considerable selling, accompanied by declines in the
quotations for gilt edge securities in London. The
European stock markets were similarly affected.
The sterling situation is further complicated by the
general expectation that the Government will have
to face an increase in armament expenditure and the
possibility of a new defense loan. This implies of
course that coming budgets will reflect no further tax
reduction. Unless affairs abroad show a sudden
favorable aspect, money rates in London must firm
Volume 141
Financial Chronicle
up. All these factors are contrary to long-expressed
wishes and plans of the Government and the London
monetary authorities. Despite rumors of a Government defense loan, it seems improbable that such
action will be taken. Apart from the fact that large
sums could not be spent immediately, the London
market for gilt-edged securities is too depressed at
the moment to permit of successful large-scale
Government borrowing by means of a public issue of
bonds. Whatever funds may be required for rearmament can be raised easily and cheaply on Treasury
bills, which can be funded into longer dated debt
when conditions become more favorable to such an
issue.
Domestic recovery in Great Britain is well maintained. 'Both Barclay's and the Midland Bank's
recently monthly reviews call attention to the great
extent to which British recovery is due to expansion of
production.in the home market and discuss how far
this process can continue. The unemployment statistics show that between July 1933 and July 1935
93 out of the 102 industrial classifications into which
the official figures are divided recorded reductions
in the unemployment figures. In some quarters it
is thought that the domestic market was nearing
saturation and that this would be thoroughly evident
within the next two years. It would appear that
Great Britain is gradually adjusting itself to the
altered conditions, and that such a saturation point,
if it is to be reached at all, will be deferred much
beyond the expectations of the least sanguine. "The
pressure of abundant supplies of capital and shortterm funds," says the Midland Bank, "available at
rates more advantageous to the entrepreneur than
for three decades or longer, continues to exert its
beneficial effect on the country's business." The
Board of Trade index of both production and retail
sales appears to confirm these findings. The index
of production for the second quarter of 1935 was 6.3%
greater than in the same quarter of 1934, and for
manufacturing production alone was 7.1% greater.
The money value of retail sales for July 1935 was
6.7% greater than in the same month of 1934. For
the first half-year sales were 4.9% greater than in
the corresponding period in 1934. • Provincial bank
clearings for August were £100,250,000, an increase
of 3.5% over a year ago and the best total since
August 1929, when total clearings were £121,931,000.
At Geneva on Monday, according to the United
Press, France began to urge currency stabilization.
Appearing before a committee of the League of
Nations, the French Minister of Commerce, Georges
Bonnet, indicated that France was willing to give
tariff and quota concessions to countries which would
agree to maintain stable currencies during the life of
the agreement. The conditions laid down by the
British Government as preliminary to stabilization
are further than ever removed from the field of
practical consideration. It seems more likely that
the number of the so-called sterling bloc countries
may be increased. In Holland there is an important
element advocating adherence to the sterling group.
The sterling area at present includes about one-third
of the world's foreign trade.
The sterling area, according to the Bank for
International Settlements, includes Britain, Argentina, Australia, Bolivia, Brazil, Colombia, Denmark,
Egypt, Esthonia, Finland, India, Ireland, Japan,
Norway, New Zealand, Paraguay, Portugal, Siam,
1827
Straits Settlements, Sweden, South Africa, and the
British colonies.
London open market money rates are as follows:
Two-months' bills 9-16%, three-months' 9-16% to
%%,four-months' /% to 11-16% and six-months'
bills %%. All practically unchanged from last week.
But the undertone is firmer.
All the gold on offer in the London open market was
taken this week, as usual, for unknown destinations,
believed to be 'chiefly for account of individual
hoarders. On Saturday last there was available £168,000, on Monday £176,000, on Tuesday
£322,000, on Wednesday £145,000, on Thursday
£123,000, and on Friday £610,000.
At the Port of New York the gold movement for
the week ended Sept. 18, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,SEPT.12—SEPT.18INCLUSIVE
Imports
85,548,000 from India
5,343,000 from France
3,538,000 from Canada
1,207,000 from England
5,000 from Guatemala
Exports
None
815,641,000
Net Change in Gold Earmarked for Foreign Account
Decrease: $174,000
The above figures are for the week ended on
Wednesday. On Thursday there were no imports or
exports of the metal, or change in gold held earmarked
for foreign account. On Friday $3,193,400 of gold
was received, of which $3,188,900 came from India
and $4,500 from Guatemala. There were no exports
of the metal, but gold held earmarked for foreign
account decreased $345,700. On Friday it was
reported that $179,000 of gold was received at San
Francisco from China.
Canadian funds during the week were quoted in
terms of the dollar at from a discount of 1% to a
discount of 7-16%.
Referring to day-to-day rates sterling exchange on
Saturday last was up fractionally from the previous
close. Bankers' sight was .941
/@$4.95N, cable
transfers $4.94%@$4.953i. On Monday sterling
was on the whole firmer, although fluctuating more
widely. The range was $4.93%@$4.95 for bankers'
sight and $4.93%@$4.953/8 for cable transfers. On
Tuesday sterling was easier. Bankers' sight was
$4.933/s@$4.943/
2 and cable transfers $4.9334.@
$4.94%. On Wednesday the pound was steady.
The range was $4.92%@$4.933/
2 for bankers' sight
and $4.923
%@$4.93% for cable transfers. On
Thursday exchange went off sharply. The range was
$4.91%@$4.93 fot bankers'sight and $4.92@$4.933/
for cable transfers. On Friday sterling was lower.
The range was $4.91@$4.917
4 for bankers' sight
and $4.913/
8@$4.92 for cable transfers. Closing
quotations on Friday were $4.91 for demand and
$4.913/
2 for cable transfers. Commercial sight bills
finished at $4.91, 60-day bills at $4.903, 90-day
bills at $4.89%, documents for payment (60 days)
at $4.90 and seven-day grain bills at $4.90%.
Cotton and grain for payment closed at $4.91.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries is
influenced largely by the imminence of war
between Italy and Ethiopia. Trading has been
relatively inactive and this fact, together with the
dullness and the downward trend on the European
stock markets, is chiefly responsible for the weakness
E
1828
in foreign exchange rates. The French franc, however, ruled relatively steady, with quotations closely
approximating those of last week, when as the lower
gold points were reached press dispatches reported
heavy engagements of gold in Paris, Amsterdam and
London for shipment to New York. Thursday it was
reported that $93,600,000 of gold had been engaged
abroad, of which $32,400,000 was intended for shipment from Paris to New York. It seems doubtful
that this gold movement will assume serious proportions or that any such drain will occur as was witnessed by France in the first half of the year when a
total of $407,165,500 was sent here.
The British Control was believed to have acted
consistently• to steady the franc rate and keep it
above the lower gold point, which is theoretically
estimated at 6.5918 cents. During the greater part
of the past two weeks the franc ranged between
6.59 and 6.59%. Only banks in the most favorable
position can import gold at the theoretical point. On
Thursday, however, the franc broke to 6.58%. Par
of the franc is 6.63.
The improbability of an over-extended gold movement from Europe to the United States was reinforced on Thursday when officials of leading local
marine insurance companies conferred on the question of raising the premium charged for insurance of
trans-Atlantic gold shipments. A similar conference
is understood to have taken place in London on
Thursday also. These conferences were a natural
result of the Lloyd's announcement on Monday
canceling the war risk clause at present included in
general policies. When insurance rates are lifted, the
gold points must necessarily be lowered.
Prior to the development of the current crisis at
Geneva the French situation had shown improvement.
Considerable money was released from hoarding and
last week the Paris money market showed a development of ease which, were it not for other circumstances, would have been very gratifying to French
business and helpful to the economy program of
M. Laval. Last week interest on call money fell
from 2%% to 1%% and loans against defense bonds
fell from 3%-33/g% to 2 11-16%-2%%. The greater ease in money was due in part, however, to a
decrease in credit requirements. According to Paris
dispatches, reestablishment of the budget balance by
means of decree laws has considerably reduced the
short-term borrowing which the Government was
forced to resort to in order to meet the surplus
expenditure. Furthermore, supplies are much freer
on the market because, it is believed, capital hitherto
hoarded is being restored to circulation.
Italian lire have been held exceptionally steady by
official control although the undertone is extremely
weak for obvious reasons. The Bank of Italy is
steadily losing gold and it becomes increasingly
difficult for Italian interests to arrange credits.
Paris bankers see nothing but chaos in store for
Italian finance. The Government has issued a
decree calling for a heavy popular loan in order to
defray war expenses. The exact amount of the loan
is not yet made clear, but in any event it must be in
effect a forced loan. The Government has already
provided for temporary financing of the Ethiopian
war by the issuance of short-term Treasury bonds up
to 7,000,000,000 lire.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
Sept. 21 1935
Financial Chronicle
France (franc)
Belgium (beige)
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
6.58% to 6.59%
16.86 to 16.903
8.14 to 8.15
32.43 to 32.54
67.36 to 67.70
The London check rate on Paris closed on Friday at
74.66, against 75.01 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.5831, against 6.59 on Friday of last
week; cable transfers at 6.583
4, against 6.59, and
commercial sight bills at 6.55%, against 6.56. Antwerp belgas closed at 16.863/i for bankers' sight bills
and at 16.87 for cable transfers, against 16.87 and
16.88. Final quotations for Berlin marks were 40.21
for bankers' sight bills and 40.22 for cable transfers,
in comparison with 40.25 and 40.26. Italian lire
closed at 8.123 for bankers' sight bills and at 8.133/
/.
for cable transfers, against 8.13M and 8.141
18.90;
against
Austrian schillings closed at 18.86
4, against 4.14;
exchange on Czechoslovakia at 4.133
on Bucharest at 0.80, against 0.80; on Poland at
18.84, against 18.86, and on Finland at 2.18, against
2.18. Greek exchange closed at 0.93% for bankers'
sight bills arid at 0.937
4 for cable transfers, against
0.933' and 0.94.
XCHANGE on the countries neutral during the
E
war is noticeably affected by the influences
acting upon sterling and the French franc. Holland
guilders are further seriously affected by the uncertainties of the political situation there. Guilders
have been showing a downward trend for the past
few weeks. Since Thursday of last week, when the
guilder broke badly, large amounts of gold were
engaged in Amsterdam for shipment to London and
Paris and principally to New York.
The Bank of The Netherlands in order to arrest
the gold drain increased its rate of rediscount on
Monday from 5% to 6%. The 5% rate had been in
force only since Aug. 3, when it was reduced from
6%. Despite the higher bank rate the guilder market
continued nervous, and it was generally believed
that the bank might be compelled to make a further
increase in its rate immediately.
There can be no doubt that there is a flight from
the guilder and within the past few weeks a noticeable
flow of Dutch funds to the New York market has
been in progress, partly in search of profit but
chiefly for safety. On Friday of last week it was
estimated that 15,000,000 guilders of gold ($10,500,000) had been engaged for shipment to New York,
and on Monday Amsterdam dispatches reported
approximately 60,600,000 guilders were believed to
be either actually in transit or engaged for shipment
on the current movement. On Thursday it looked as
if the gold drain on Amsterdam had been halted, as
the guilder moved up to 67.70, which compared with
the low point of 67.36 recorded on Saturday. At the
time of going to press the gold engagements at
Amsterdam for New York during the past few weeks
amounted to $37,000,000.
At the opening of Parliament on Tuesday at The
Hague Queen Wilhelmina asserted emphatically that
devaluation of the guilder was not regarded as a
means of assisting the Nation and rejected the idea.
Nevertheless, it is significant that large discounts
persist in the market for future guilders. In well
informed quarters it is asserted that higher discount
rates under the present conditions of international
trade and general uneasiness can not serve to check
Volume 141
Financial Chronicle
1829
the gold flow from any country, and that if Holland
Foreign Exchange Rates
must decide to maintain its holdings intact, its only
URSUANT to the requirements of Section 522
recourse would be a moratorium on gold shipments,
of the Tariff Act of 1922, the Federal Reserve
which would constitute in effect abandonment of the Bank
is now certifying daily to the Secretary of the
gold standard.
Treasury the buying rate for cable transfers in the
Swiss francs are also currently easy in terms of the different countries
of the world. We give below a
dollar, but this unit is ruling well above the lower record
for the week just passed:
gold points against all currencies and is at a premium FOREIGN EXCHANGE RATES CERTIFIED
BY FEDERAL RESERVE
with respect to most of the Continental units, chiefly
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
SEPT. 14 1935 TO BEET. 20 1935 INCLUSIVE
for the reason that Switzerland is at all times an
outstanding refuge for nervous European money
Noon Buying Rate for Cable Transfers in New York
Country and Monetaryt
Value tn UnUed States Money •
seeking only safety, as Switzerland offers practically
Unit
Sept. 14 Sept. 16 Sept. 17 Sept. 18 Sept. 19 Sept.20
no opportunity for the employment of fugitive funds.
EuropeAustria,schilling
.188450 .188400* .188233* .188200 .188200•
.188416 .
Bankers' sight on Amsterdam finished on Friday Belgium,
.168738 .168900 .168826 .168762 .168676 .168580
belga
Bulgaria, lev
.012875 .013000 .013000* .012750* .012625* .012625*
at 67.74 against 67.32 on Friday of last week; cable Czechoslovakia,
kron .041371 .041375 .041367 .041368 .021342 .041337
Denmark. krone
.220858 .228769 .220525 .220190 .219816 .219508
transfers at 67.75 against 67.33, and commercial England.
pound sterPg 4.947916 4.946083 4.939833 4.929500 4.923666 4.916517
.021805 .021808 .021780 .021766 .021720 .021703
markka
sight bills at 67.72 against 67.30. Swiss francs Finland,
France, franc
.065918 .065928 .065901 .065892 .065864 .065855
Germany, relchsmark .402442 .042635 .420400 .402378 .402278 .402121
closed at 32.48 for checks and at 32.49 for cable Greece,
.009390 .009390 .009385 .009375 .00.470 .009360
drachma
Holland, guilder
.673492 .674707 .674784 .675528 .676735 .676785
transfers, against 32.52 and 32.53. Copenhagen Hungary,
.296375* .296375* .396375 ..296375 .296125* .296025*
pengo
Italy, lira
.081413 .081405 .081391 .081375 .081380 .081367
checks finished at 21.94 and cable transfers at Norway, krone
.248633 .248611 .248130 .247672 .247372 .247029
Poland, zloty
.188480 .188540 .188520 .188566 .188300 .188333
21.95, against 22.08 and 22.09. Checks on Sweden Portugal. escudo
.044860 .044975 .044866 .044975 .044820 .044750
Rumania,leu
008150 .008120 .008100 .008080 .008000 .007980
closed at 25.34 and cable transfers at 25.35, against Spain, peseta
136585 .136611 .136557 .136530 .136530 .136496
Sweden, krona
255141 .255107 .254654 .254220 .253900 .253504
25.48 and 25.49, while checks on Norway finished Switzerland, franc_ .325310 .325035
.324596 .324360 .324260 .324642
Yugoslavia, dinar-- .022831 .022818 .022825 .022858 .022762 .022760
Asiaat 24.69 and cable transfers at 24.70, against 24.84 ChinaChetoo (yuan) dol'r .378750 .388958 .384791 .384791 .383333 .383958
and 24.85. Spanish pesetas closed at 13.65 for
Hankow(yuan)dol'r .378750 .388958 .384791 .384791 .383333 .383958
Shanghal(yuan)dol. .378333 .388593 .384843 .384531 .383125 .383593
bankers' sight bills and at 13.66 for cable transfers,
Tientsin(yuan) dol'r .379166 .389375 .385208 .385208 .384166 .385208
Hong Kong, dollar_ .502812 .509687 .511250 .508437 .507500 .508437
against 13.65 and 13.66.
India, rupee
.373050 .373425 .372775 .372495 .371550 .371275
P
Japan, yen
.290670 .290770 .290095 .288940 .287500 .286845
Singapore (S. S.) dol' .578125 .578125 .576875 .576250 .575937 .575000
AustralasiaAustralia, pound
3.925625•3.925000*3.925000*3.912656*3.913125*3.907812*
New Zealand, pound_ 3.948437•3.947812* 3.947812*3.935368*3.935937'3.930625*
AfricaSouth Ahica, pound 4.894875.4.894843*4.890625'4.880937* 4.883750.4.877250*
North AmericaCanada, dollar
995338 .994375 .993958 .993567 .991875 .988385
Cuba. peso
999200 .999200 .999200 .999200 .999200 .999200
Mexico, peso (silver). .277550 .277550 .277500 .277625 .277625 .277625
Newfoundland, dol
.992875 .991750 .991375 .991000 .989500 .986000
South AmericaArgentina, peso
.329487* .329437*4.329025* .328475* .328025* .327625.
Brazil, milrels
083050* .083783* .083366* .083700* .083783• .083750.
Chile, peso
050950* .050950* .050000* .050000* .050000* .050000.
Uruguay, peso
801500* .801750* .801750• .801750* .801500* .799950
Colombia, peso
557100* .561800• .561800* .564200* .573100• .574700*
*
•Nominal rates, firm rates not available.
XCHANGE on the South American countries is
dull and reflects a generally easier tone as a
result of the lower ruling rates for sterling, to which
most of the South American units are closely allied
by business interests.
Argentine paper pesos closed on Friday, official
quotations, at 32.80 for bankers' sight bills, against
32.93 on Friday of last week; cable transfers at 33,
against 33. The unofficial or free market close was
Gold Bullion in European Banks
27.80®27.85, against 26.80@26.85. Brazilian milHE
following
table indicates the amount of gold
reis, official rates, are 8% for bankers' sight bills and
bullion
(converted
into pounds sterling at par
8.44 for cable transfers, against 8.23 and 83. The
of
exchange)
in
the
principal
European banks as of
unofficial or free market close was 532, against 5.45.
Sept.
19
1935,
together
comparions
with
as of the
Chilean exchange is nominally quoted on the new
corresponding
dates
in
the
previous
four
years:
basis at 5.19, against 5.19. Peru is nominal at
23.87, against 23.87.
Banks of1935
1934
1933
1932
1931
E
T
£
England_- 194,315,231
France a__ _ 575,967.151
Germany b.
3,259,850
Spain
90,777,000
Italy
53,013,000
Netherlands
49,976,000
Nat. Belg
97,621,000
Switzerland.
46,612,000
Sweden_
19,900,000
Denmark _.
7,394,000
NerwaY -6,601,000
£
192,433,716
657,227.599
3,026.000
90,597,000
68.577,000
71,951,000
75,694,000
64,968,000
15,486,090
7.397,000
6,579,000
£
191,732,440
658,092.791
12,214,400
90,402,000
75,960,000
58,921,000
77,158,000
61,461,000
13,994,000
7,397.000
6,569.000
£
140,375.917
660.063,535
35,892,700
90,277.000
62,050,000
86.114,000
74,335,000
89,165,000
11,444,000
7,400,000
7,911,000
£
134,973,628
468,601,303
63,742,350
91,054,000
58,220,000
55,389,000
46,403,000
33,972,000
12,756.000
9,536,000
8,128,000
XCHANGE on the Far Eastern countries follows
the general trends long in evidence. The
Chinese units are somewhat steadier owing to the
greater steadiness of world silver prices. Nevertheless, the Chinese situation continues aggravated by
Total week. 1,145,436,232 1.253,936.515 1.263,901,631 1,265.028,152 982.775.281
reason of the severe depletion of the Shanghai silver Prey.
week. 1.148.145.515 1.252.480.068 1.264.698.401 1.263.629.764 983.786.876
These are the gold holdings of the Bank of France as reported In the new form
stocks. United Press dispatches on Monday from ofastatement.
b Gold holdings of the Bank of Germany are exclusive of gold held
Hong Kong stated that the National Commercial abroad, the amount of which the present year is £1,491,450.
and Savings Bank had suspended business pending
Forecasting a Permanent Dole
"reorganization." The closing of this bank was due
to a heavy run which followed the closing of the Bank
President Roosevelt's forecast of the continuance
of Canton a few weeks ago and to the fact that the of a large-scale relief problem notwithstanding the
savings bank was unable to meet the 20% deposit achievement of recovery appears to have stirred
some
withdrawals it had agreed to make about two disquieting emotions in official circles at
Washingweeks ago.
ton. Although he was not quoted directly in the matClosing quotations for yen checks yesterday were ter, he was reported in press dispatches
from Hyde
28.74, against 29.08 on Friday of last week. Hong Park, N. Y., to have said, in substance, that
the inKong closed at 51%@51 7-16, against 51@51 1-16; crease in industrial efficiency, due to increased
Shanghai at 38%@38 13-16, against 383@38 5-16; mechanization and the introduction of
economies in
Manila at 49.90, against 49 8; Singapore at 57.65, production, was now such that even if the
production
against 58; Bombay at 37.14, against 37.39, and level of 1929 were again reached, it would
not call
Calcutta at 37.14, against 37.39.
for the employment of more than about 80% of
the
E
1830
Financial Chronicle
number of persons who were then employed. In other
words,for twenty out of every hundred persons now
out of work, irrespective of how great the aggregate
number of such persons may be, there is no prospect
of employment if or when the peak of 1929 is attained. Strive as we may for general and speedy recovery, we must still look forward to carrying on the
relief rolls, for a long and indefinite time if not permanently, a very large number of persons for whose
labor industry has no use; and since the economies
and mechanization which Mr. Roosevelt referred to
have presumably not reached their limits but are
likely to continue, the numbers on the dole can not
be expected to diminish and may, in fact, materially
increase.
Mr. Roosevelt, if he was correctly reported, would
seem to have committed himself to some extent to
the economic philosophy of the Technocrats, whose
dire predictions of an impending employment crisis
created a good deal of a stir in this country two years
or so ago. According to technocratic doctrine, the
potential store of energy in the world makes possible
an indefinitely large volume of machine production,
and the progressive utilization of this resource brings
steadily and rapidly nearer the time when the machine, which everywhere operates to displace human
labor, will leave portentous numbers of men and
women not only without work but with no prospect
of obtaining it. Every improved process, on this
theory, diminishes permanently the need for individual workers, and since the machine is capable of
both indefinite multiplication and continuous operation, it will, if allowed to develop freely, turn out a
volume of production greatly in excess of any normal
market demand. Production for profit, then, it is
pointed out, would break down of its own weight,
since with incomes from labor widely reduced or cut
off altogether there would no longer be enough purchasers for the supply. The "profit motive," accordingly, would have to go, and in its place, if society
was to survive, it would be necessary to establish the
vague something known as "production for use."
Only so, in the view of the Technocrats, can progressive and inevitable unemployment be prevented from
landing us in chaos.
A correspondent of the New York "Journal of
Commerce" has recently assembled some figures
showing how large this permanent volume of unemployment, if it actually has to be faced, may be expected to be. For some unexplained reason the Federal Government,in spite of the immense sums which
it has expended and continues to expend for relief,
has made no effort to ascertain even approximately
the number of unemployed, and any statistical inquiry has to deal with estimates. There are three of
these estimates which, although made on somewhat
different bases, may be taken as satisfactory enough
to show the unemployment trend. The estimate of
the American Federation of Labor puts the number
of unemployed, in July of the present year, at 11,000,000; the estimate of the National Industrial Conference Board for the same month is 10,015,000, and
that of the Alexander Hamilton Institute 13,019,000.
While the variation in the aggregates is considerable,
the writer who has been cited points out that each
estimate shows "an increase in unemployment as
against October 1933, and in each case in about the
same percentage." For a somewhat earlier period
the figures of the American Federation show no in-
Sept. 21 1935
crease in employment between November 1934 and
February 1935, although the statistics of the Federal Reserve Board show an increase in industrial
production from 75% to 90% of normal for the same
period.
The Federal census of 1930, this writer continues,
reported 48,830,000 persons over ten years of age as
in the class of those "gainfully employed." A 4% increase in population since 1930, which is the Census
Bureau's estimate, would add about 2,000,000 to this
number. If President Roosevelt had in mind the
1930 total, his 20% of unemployed and unemployable
would amount to 9,766,000, while if he was thinking
of the situation at the present moment, that figure
would have to be increased by about 2,000,000. A dole
load of approximately 11,750,000 is the gloomy prospect held out to the country even if the estimated
present annual wealth production of about $60,000,000,000 jumped suddenly to the 1929 estimate of
about $80,000,000,000.
Assuming that the foregoing figures are accurate
enough for practical purposes, how is the situation
to be met? No intelligent person can seriously expect that the country will be either able or willing
to carry indefinitely such a burden of relief as these
unemployment figures represent. No amount of productive activity and no increase in the national
wealth can stand such a drain in perpetuity, and
humanity itself will revolt against a load of taxation too heavy to be borne.
Unhappily, most of the remedies and panaceas
that are proposed or are actually being applied do
not bear examination. Organized labor, for example,
affects to see a solution of the problem in a reduction
of working hours, usually to a 30-hour a week basis.
William Green, President of the American Federation of Labor, stated the case frankly on Sept. 2 in a
speech at Canton, Ohio. "We hold," he said, "that
the permanent solution of our unemployment problem can be brought about only through a reduction
in the hours worked per day and per week, so that
the amount of work available may be more widely
distributed, and through the development of mass
purchasing power, so that the consuming ability of
the nation may more nearly correspond with its facilities of production." A general adoption of a 30hour week would undoubtedly take up a good deal
of the employment slack, but only if wages were
correspondingly reduced, and to any reduction of
wages organized labor is strenuously opposed. Unless wages are cut along with a cut in hours, the cost
per unit of production will be increased and the
mass purchasing power which Mr. Green desires will
be curtailed. The overhead costs of factory operation
cannot be reduced in proportion to a reduction in
the number of working hours, and a resort to two
shifts instead of one, which would be necessary if
more persons are to be employed, would in many
cases result in overproduction with the consequent
shut-downs and lay-offs.
The devices which the Administration has adopted
have done nothing to simplify the problem, and much
to complicate it. In spite of the efforts of the National Recovery Administration to restrict output,
curb the use of new machinery or new processes, and
prescribe minimum wages and maximum hours, we
still have about the same volume of unemployment
as we had two years ago. The Government subsidies
emof the agricultural program have not increased
Volume 141
Financial Chronicle
ployment, while against the added purchasing power
due to Government grants are to be set the processing
taxes and the cotton loans, with their resultant additions to the costs of production and ordinary living. The elaborate program of public works, with a
few exceptions, is only a magnified dole, useful only
while Government money holds out and already
threatening to break down from sheer inability to
provide suitable work for those in need, and labor
protests against the wages paid. The outlook for
business and industry in the face of mounting taxes
and the direct and indirect expenses of old age and
unemployment insurance is only for increased costs
of production or distribution which must either be
passed on to consumers, thereby restricting consumption by raising prices, or else deducted from the
profits available for dividends and reserves. It is
hopeless to expect employment to advance by great
strides while income from investments or ordinary
business operations declines, taxes and living costs
rise, Government deficits pile up, and Government
enterprises which all under no obligation to return
a profit compete for business which private capital
is able and ready to do.
If such impracticable demands and obstructive
policies, however, do not bear examination, neither
does Mr. Roosevelt's gloomy forecast. The notion
that, because of increased mechanization and industrial or business economies, the United States must
look forward to supporting indefinitely a vast army
of unemployed is a delusion. The history of the machine age shows beyond question that while improved
mechanical processes necessarily displace more or
less of human labor, the displacement is temporary,
and in the long run is more than offset by increased
stimulus to both production and consumption. The
power loom, the locomotive, the automobile, the typewriter and the rotary printing press are familiar examples of mechanical developments which, while
temporarily dispensing with labor that was no longer
needed, have immensely widened the field of employment in accessory and other lines and increased mass
consumption by adding to wages and lowering consumer costs. Only where government interferes to
impose restrictions upon production,clog the natural
avenues of distribution, or destroy by oppressive
taxes or unfair competition the profits which would
otherwise be used for further expansion, can the advance of social well-being through the agency of the
machine be checked or defeated.
The only foundation of Mr. Roosevelt's gloomy
foreboding is in the prospect of a continuance of the
mistaken economic and social policies which his Administration has pursued. If those policies are to be
adhered to, we shall continue to have a huge but needless volume of unemployment, with all the disastrous
consequences of inordinate and useless expenditure
and increasing social demoralization that are already plainly manifest. It is idle to ask business
and industry to "sop up this vast pool of the jobless," to use General Hugh S. Johnson's expressive
phrase, as long as business and industry are denied
freedom and kept in apprehension regarding the future. What is needed is a complete abandonment of
the policies which have given the dole its present
character and proportions, and a return to the ways
of an unfettered economic life. When that is done
the menace of unemployment will not be long in disappearing, and only normal irregularities will remain to be dealt with.
1831
Taxes a Major Economic Problem
Payments Require 40 Cents of Every Dollar
of Corporate Net Profits
Our tax bill has become a major economic problem; every industry is feeling its increasing burden,
and as a consequence is devoting attention to its
own tax problem. It is a grave public question that
demands the attention of every corporation and
every citizen as well.
The national census is far from being completed.
Sufficient data, however, are available from other
sources to show that out of each dollar of corporate
net profits about 40c. is required for tax payments.
In the brief space of three decades our population
has increased 66%; our national wealth has increased approximately 50%; our national income
has increased 120%; railway property investment
has increased 120%, and railway gross income has
increased about 66%, but railway taxes have increased 290%, while other than railway taxes have
increased 490%.
With regard to agriculture one study after another has shown farm taxes ranging from 20% to as
much as 200% of net income.
Unquestionably these rising taxes are obtaining
a strangle-hold upon industry, and in order to prevent their rapid growth it is essential that the Government keep out of private business and avoid
taxing all the people in order to carry on business
in competition with some of the people.
The railways offer an excellent illustration as to
what progress the tax strangle-hold has made upon
industry. During 1934 the Class I railways paid out
approximately $240,000,000 in direct taxes—$1.93
for every man, woman and child in the United
States. Their direct taxes absorbed 7.3% of their
total receipts. The railroads likewise paid indirect
taxes during 1934 amounting to $126,000,000.
Railway operating revenues in 1934 were over
$3,271,000,000, and operating expenses were about
$2,442,000,000, leaving from 238,951 miles of railway line a net operating revenue of $829,000,000.
Taxes amounted to about 29% of this total. Applying this percentage to the mileage operated it is seen
that railway taxes last year were equivalent to the
net revenue earned by 69,296 average miles of railway. In other 'words, these 69,296 miles might as
well have been working for the tax collector as far as
railway earnings from them were concerned. The
corresponding totals were 25,000 miles in 1911;
29,000 miles in 1916, and 55,626 miles in 1929.
The growth of railway taxes is alarming. The
rate of increase in the past 30 years has been nearly
four and one-half times as great as the rate of population growth; more than five times as great as the
increase in national wealth; about two and one-half
times as great as the increase in national income,
and approximately twice as great as the rate increase in our foreign commerce.
In spite of the fact that all taxes in the United
States have been rising by leaps and bounds, railway taxes are apparently running ahead of the general trend. Only last year the Class I railways were
compelled to work 29 days alone in order to earn
taxes imposed upon them, as compared with 13 days
devoted to the same purpose in 1911. Although the
railway taxation in 1934 was not the greatest in
amount ever recorded, nevertheless it came close to
absorbing the greatest proportion of railway gross
earnings. When considered in relation to net earn-
1832
Financial Chronicle
Sept. 21 1935
ings, taxes in 1934 absorbed 29c. out of every dollar forces which they are to supply to maintain the ban,
and mutual assistance is to be given in the applicaearned.
Unlike tax payments, the cash dividends of the tion of economic and financial sanctions in order
Class I railways have been lower than they were 30 that the resulting "losses and inconveniences" may
years ago. In 1916 the amount the railways paid be reduced to a minimum. In addition to all this,
in taxes was about half what they paid in dividends, the offending State may, by the unanimous vote of
but the latest statistics reveal that tax payments are the remaining members of the Council, be excluded
now almost twice the amount disbursed in dividends. from the League.
The policy here laid down may be described in
Keeping these facts in mind, the fundamental
policy to which all Government action must con- brief as one of complete non-intercourse backed by
form is the principle that good government cannot force and accompanied by political ostracism. It
exist with impaired or threatened credit and a con- was evidently the expectation of the framers of the
*stantly increasing tax burden. Just as opinions Covenant that such dire penalties would be effective
differ concerning the exact proportion of its net if they were enforced, and that there would be no
income which a family should spend for shelter, difficulty in enforcing them. The invocation of army,
clothing, food and recreation, so also they may differ navy and air forces was strongly reminiscent of the
concerning what proportion of its income a nation earlier proposal, widely discussed in American peace
should turn to public use. If we have not passed the circles during the first Administration of President
safety point yet, where is it? No nation can possibly Wilson, of a league to enforce peace, and it contrasts
escape economic disaster if it continues to syphon, rather strikingly with the later demand of the exyear in and year out, 40% of the net income of its treme pacifists for the "outlawry" of war which took
major industries for taxes. It is high time to stop, form in the Kellogg-Briand anti-war pact. It is clear,
however, that the Covenant does not contemplate
look and listen.
sanctions which would be left to operate of themselves, but that it was expected that armed forces
The Fallacy of Sanctions and
would be embodied to back them up. The amazing
Renunciations
thing is that any one should ever have thought that
Reading from day to day the press reports of the resort to force under such circumstances would not
proceedings of the League of Nations Council, one itself be an act of war, or that the imposition of sancgathers the impression that sanctions are almost as tions would not provoke resistance on the part of
much dreaded as war. Such early enthusiasm as any nation that felt able to defy them. A little atthere was has obviously cooled. A few weeks ago, tention to history, moreover, should have shown the
when the large-scale military preparations of Italy unlikelihood of unanimity of opinion, among all the
seemed to make war with Ethiopia inevitable, the members of the League save one, regarding the merits
professional champions of the League called ear- of any important controversy or the best method of
nestly for the imposition of the sanctions for which dealing with it.
The moment the question of sanctions is raised,
the Covenant provides. The world was told that if
warlike
its
temper accordingly, the practical difficulties and dangers
Italy was actually bent upon war,
of its appear. Take the matter of commercial non-interblockade
a
of
prospect
the
by
must be curbed
ports, or an embargo on the shipment of munitions course, for example. The only way to prevent goods
from other countries, or a united proclamation of from other countries from entering Italy, if Italy
commercial non-intercourse, or a refusal of govern- were made the subject of sanctions, would be by proment approval of loans. Pointed reminders were ad- hibiting and preventing shipments from other coundressed to the League regarding its solemn duty un- tries and surrounding Italy by land and sea to keep
der the Covenant, and hopes were expressed that the out clandestine shipments. The prevention of shipUnited States would not, by a declaration of neu- ments to a country that is at war would require not
trality, hold itself aloof. The more the question was only a considerable and costly array of force, but
debated at Geneva, London and Paris, however, the also a Government and public opinion ready to supless stomach the League and its dominant members port the embargo. It is doubtful if there is a country
appeared to have for sanctions of any kind, and in the world whose people would not openly resent
strenuous efforts were made instead to arrange some an embargo of their export trade, or in which the
compromise that would give Italy satisfaction with- embargo would not be evaded if opportunity offered.
out wiping the name of Ethiopia entirely off the map. A declaration of blockade, on the other hand, immeThe Covenant, of course, is quite explicit about diately brings the maritime nations into the picture,
sanctions and the duty to apply them. Article XVI and an attempt to stop and search vessels suspected
provides that if a member of the League resorts to of trying to run the blockade would open the way to
war notwithstanding the agreement it has made to serious controversies and very possibly war. The
submit its case to the good offices of the League or League does well to think particularly of the United
to arbitration, it is to be held to have committed ipso States when it thinks of a possible blockade, for the
facto an act of war against all the other members United States is not a member of the League or unof the League. That being the case, the other mem- der any obligation to conform to its decisions, and
bers agree to break off immediately all commercial public opinion in this country regarding the League
or financial relations with the aggressor, to interdict or Europe generally is not such as to brook forcible
all relations between their citizens and those of the interference with American trade.
offender, and to end all communications, whether
An attempt to prevent personal intercourse with
financial, commercial or personal, between the na- an aggressor State presents much the same difficultionals of the State which is at war and any other ties. For persons as well as for goods,there is always
State, including States which are not members of the possibility of communication through countries
the League. The Council is to recommend to the va- whose enforcement of sanctions is formal or lax, and
(Continued on page 1842)
rious States the quotas of military, naval and air
Financial Chronicle
Volume 141
1833
Gross and Net Earnings of United States Railroads for the
Month of July
Results of railroad operations in the United States,
from the earnings standpoint, remained exceedingly
disappointing in July, notwithstanding the general
business and industrial improvement that has been
in progress for some time throughout the nation.
Our tabulations of gross and net revenues for that
month show conclusively that the carriers failed to
share in anything like a proper degree in the business
upswing. In recent weeks, it is true, carloadings
have displayed an upward tendency, owing to movement of the fairly large crops and a rate of industrial
activity that compares very favorably in some industries with the corresponding period of 1934. The
current gains will be reflected in our subsequent compilations, but for July earnings, little can be said
other than that they are disheartening in every
respect. Gross earnings showed a decline of $646,683,
or 0.23%, as compared with July of last year, even
though the great drought of 1934 heavily curtailed
crops and freight movements. Operating expenditures continued to advance, the increase being no
less than $9,461,394, or 4.55%. The terminal result,
of course, is a heavy recession of net earnings, which
fell $10,108,077, or 14.96%, as againSt those of July,
1934.
These unfortunate tendencies are arousing increasing concern, and Congress finally took cognizance of the inequitable system of Federal regulation
through passage of the Motor Carrier Act, which is
intended to bring trucks and buses under much the
same sot of regulation to which the railroads are
subjected. Unfortunately, the deficiency bill which
died in the final filibuster of the last session carried
the necessary appropriation for placing truck and
bus regulation in effect. Since no funds are at hand
for the purpose, it may be necessary for the Interstate Commerce Commission to postpone for some
months this highly advisable control. When it
finally is undertaken, gross revenues of the railroads
doubtless will benefit. The increase of operating
expenses plainly is due to the rather dubious complete
restoration of pre-depression wage levels of the carriers, and to repairs which were deferred in the earlier
years of the depression. Owing to the Supreme Court
invalidation of the railway pension scheme, charges
for such ends will not be saddled on the carriers, for
the time being at least. It is necessary to note, however, that a step toward the same end was taken in
its final sessions by Congress through enactment of
a measure for railraod pensions, payable from
Treasury funds. The understood intention of the
Administration is to burden the carriers with special
taxes to make up the sums, and this proposal is one
to which opposition should be registered on all
occasions. The earnings of the railroads are too
meager to bear any such additional expenses.
Month of July—
1934
1935
Mileage of 144 roads
239,000
237,700
Gross earnings
$274,963,381 $275.810,054
Operating expenses
217,484.696
208,022,302
Ratio of earnings to expenses_
75.48%
79.10%
Net earnings
857,478,885
$87,586,782
Inc. (+) or Dec. (—)
—1,300 0.54%
—8646,653 0.23%
+9,481,394
4.55%
+3.62%
—810,108,077 14.96%
In a larger sense, of course, the fortunes of the
railroads are bound up with the general course of
business, and some satisfaction is to be gained from
the current vigorous upswing. As instances showing
the trend of trade and business, the figures regarding
automobile production naturally come first in order.
Here we find, according to the Bureau of the Census,
that the July, 1935, output of motor vehicles,
though considerably smaller than in the preceding
month, was the largest recorded for July since 1929,
the comparisions being 337,049 cars in July the
current year; 264,933 cars in July 1934; 229,357 cars
in July 1933; 109,143 cars in 1932; 218,490 cars in
1931; 265,533 cars in 1930 and no less than 500,840
cars in July, 1929. As it happened, too, there was a
very substantial increase in the iron and steel industry. According to the figures compiled by the
"Iron Age", the output of pig iron in July, 1935,
totaled 1,520,263 gross tons as against only 1,224,826
gross tons in July last year, but comparing with
1,792,452 tons in July, 1933. Back in 1932 the output fell to 572,296 tons from 1,463,320 tons in July,
1931. In July, 1930, the production of pig iron was
2,639,537 tons and in July 1929 it actually reached
3,785,120 tons. In the case of steel production the
increase is much more striking. The calculated output of steeL ingots in July, 1935, as reported by the
American Iron & Steel Institute,aggregated 2,270,224
tons as compared with only 1,489,453 tons in July
last year. Back in 1933 the steel output had risen
to 3,168,354 tons from only 806,722 tons in July,
1932. Carrying' the comparisions further back, we
find that the make of steel ingots in July, 1931 was
1,887,580 tons; in July, 1930, 2,922,220 tons and in
1929 no less than 4,850,583 tons.
Turning now to the production of coal, we find a
heavy falling off in the quantity of bituminous coal
mined, but a substantial increase in the case of
anthracite production. In July the present year the
output of bituminous coal in the United States was
only 22,252,000 tons, as against 24,869,000 tons in
the same period of 1934 and 29,482,000 tons in July,
1933. In July, 1932, however, the output was only
17,857,000 tons. Going further back, we find the
production of soft coal in July 1931, was 29,790,000
tons; in 1930, 34,715,000 tons and in July, 1929,
41,379,000 tons. In the case of Pennsylvania anthracite, as already stated, there was an increase, the
output in July the current year having aggregated
3,549,000 tons as against 3,443,000 tons in July 1934.
Comparison, however, is with 3,677,000 tons in
July 1933. In July 1932 anthracite production
stood at 3,021,000 tons; in July 1931 at 3,954,000
tons; in 1930 at 5,557,000 tons, and in July 1929 the
output aggregated 4,810,000 tons.
Two other industries which showed improvement
in July as compared with the month a year ago, and
very gratifying improvement at that, are the building and lumber industries. In the case of the former,
the July 1935 construction total exceeded the monthly
volume for any month since March 1934, when the
Public Works Administration was at its peak. According to the statistics compiled by the F. W.Dodge
Corp., construction contracts awarded in the 37
States east of the Rocky Mountains during July
the current year called for an expenditure of $159,249,900 as compared with but $119,662,300 in July
1934, $82,554,400 in July 1933 and $128,768,700
in July 1932. In July 1931, however, the figures
stood at $285,997,300; in July 1930 at $367,528,400,
and in July 1929 at no less than $652,436,100. In
the case of the lumber trade, the improvement was
1834
Financial Chronicle
still more marked. The National Lumber Manufacturers' Association reports that for the four weeks
ending July 27 1935 an average of 630 identical mills
show a cut of 713,341,000 feet of lumber as against
only 509,060,000 feet in the corresponding four weeks
of 1934. This is an increase of 40% over July last
year, but nevertheless is 13% below the record of
comparable mills during the same period of 1933.
Shipments of lumber during the same four weeks aggregated 680,631,000 feet as against only 441,586,000
feet in July a year ago, or a gain of 54%, and orders
received reached 674,460,000 feet as compared with
only 485,951,000 feet in July 1934, or an increase of
39%. However, the orders were 8% below those of
similar weeks of 1933.
On the other hand, the Western grain traffic was
on a greatly reduced scale in July, the present year,
production of grains having been cut to inordinately
low levels, due chiefly to the curtailment of aareage
under the crop-control plan. The present year's
decrease makes a new low level for July receipts of the
different staples at the Western primary markets.
We dear with the Western grain movement in a separate paragraph further along in this article, and will
therefore only say here that for the four icteks ended
July 27 1935 the receipts of wheat, corn, oats, barley
and rye, combined, at the Western primary markets
were only 34,389,000 bushels, as against 83,625,000
bushels in the same four weeks a year,ago, 103,204,000
bushels in the same period of 1933, 57,386,000 bushels
in the corresponding four weeks of 1932, 122,995,000
bushels in July 1931, 102,069,000 bushels in 1930,
and 106,454,000 bushels in the corresponding four
weeks of 1929.
Coming now to the loading of revenue freight on
the railroads of the United States, which furnishes a
composite total of the freight traffic of all kinds, we
find that only 2,228,737 cars were loaded with revenue freight on the railroads of the United States
in the four weeks of July 1935, against 2,351,015
cars in the corresponding four weeks of 1934 and
2,498,390 cars in the same period of 1933, but comparing with only 1,932,704 cars in the same four
weeks of 1932. Carrying the comparison further
back, we find that in the four weeks of July 1931
3,024,732 cars were loaded with revenue freight, in
1930, 3,683,338 cars, and in 1929 no less than 4,354,855 cars.
We have indicated at the first of this article how
the shrinkage in traffic and revenues of the railroads
of the United States has come about, and in dealing
now with the separate roads and systems the showing is the same as in the .case of the general totals,
and the reasons for the declines recorded are likewise
the same. Only seven roads, we find, are able to
record an increase in both gross and net earnings in
amounts in excess of $100,000. Chief among the
roads so distinguished are the Great Northern and
the Pennsylvania RR., the former reporting an increase in gross earnings of 8364,319 and a gain in net
earnings of $575,308, and the latter an increase in
gross of $523,323 and in net earnings of $510,547.
The others are the Louisville & Nashville, with a
gain of $279,185 in gross and of $417,128 in net; the
Southern Ry., with 8558,059 increase in gross and
$278,033 increase in net; the New York New Haven
& Hartford, reporting a gain in gross of $271,590
and in net of $368,185; the Elgin Joliet & Eastern,
with $263,225 gain in gross and $150,086 gain ii net;
Sept. 21
1935
and the Minneapolis St. Paul & S. S. Marie, which
reports $309,863 gain in gross and $160,516 increase
in net. On the other hand, the list of roads showing
decreases in both gross and net is a long one, and
embraces practically all classes of roads and in every
section of the country. To name them separately
with their losses, even the most conspicuous of them,
would involve a needless loss of time and space, and
we will therefore content outselves with mentioning only a few. The Chicago Milwaukee St. Paul
& Pacific, with a loss in gross earnings of 8225,246,
reports a loss in net also of $1,416,600; the Chicago
Burlington & Quincy, with a decrease in gross earnings of $517,753, shows a loss in net of $1,336,417;
the Atchison Topeka & Santa Fe, reports a loss in
gross of $480,656 and in net of $1,251,522; the
Chicago & North Western, with $221,528, shows a
loss in net of $1,021,828, and the Baltimore & Ohio,
with $881,997 loss in gross, reports a loss in net of
$891,516. The New York Central and its leased
lines, it will be observed, reports losses in both
its gross and net earnings, but when the Pittsburgh & Lake Erie is included, the result is an increase in gross of $136,080, and a decrease in net
earnings of $473,342. In the following table we show
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 JULY 1935
Decrease
Increase
$881.997
Baltimore & Ohio
$558,059
Southern
747,439
523,323 Chesapeake & Ohio
Pennsylvania
584,496
364,319 Erie (2 roads)
Great Northern
517,753
Minn. St. P.& S. S. Marie 309,863 Chic. Burl. & QuincyLouisville & Nashville_ _- 279,185 Atch. Top. & Santa Fe- 480.656
313.238
271,590 Northern Pacific
N.Y. N. H.& Hartford_
304,332
263,225 Western Pacific
Elgin Joliet & Eastern_ _
285.853
Union Pacific (4 roads)___ 251,917 Missouri Pacific
271,005
Col.
roads)...
(2
Southern
239.547
rds.)-St. L. San Fran.(3
225.246
Grand Trunk Western-- 222,892 Chic. Milw. St. P. & Pac_
137,661 Chicago & North Western 221,528
Pitts. & Lake Erie
128.819 Del. Lack. & Western.._- 207,478
Atlantic Coast Line
187,332
Cinc. N.0.& Tex.Pac--- 127.594 Illinois Central
167,769
Texas & Pacific- - - - --- - 114,611 Chicago & East Illinois_ _ _
137,233
Chic R.I.& Pac.(2 roads) 111.715 N. Y. Ont. & Western_
128.675
109,613 Reading
Gulf Mobile & Northern__
121,781
Alton
Western
&
Norfolk
5 Inter. Great Northern_ _- - 106.601
101.299
1.8
Virginian
101,782
Lake Sup. & Ishpeming__
$5,890,412
Total (20 roads)
$4,324,909
Total (25 roads)
Figures covering the operations of the New York Central and the leased
lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, Evansville Indianapolis & Terre Haute show a decrease of 31,581. Including Pittsburgh & Lake Erie, the result is an increase of $136,080.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
JULY 1935
Decrease
Increase
640.859
$575,308 Chesapeake & Ohio
Great Northern
a616,442
510,547 New York Central
Pennsylvania
608,621
417,128 Erie (2 roads)
Louisville & Nashville__
550.453
381,247 Del. Lack. & Western__ _
Norfolk & Western
435.856
368.185 Northern Pacific
N. H. N. H.& Hartford.
405,479
278,033 Missouri Pacific
Southern
354.896
160.516 Cob. & Southern (2 rds.)
Minn. St.P.& S.S. Marie
338,942
150.086 Alton
Elgin Joliet & Eastern_ _ _
298,266
143,100 Southern Pacific(2 rds.)Pittsburgh & Lake Erie_
288,484
119.981 Western Pacific
Bessemer & Lake Erie_ _ _
233.715
110,077 Chicago & East Illinois_ _
Central of New Jersey.. _ _
210,939
Lehigh Valley
199,975
$3,071,108 Missouri Kansas Texas_ Total (10 roads)
163,579
Decrease Chic. St. P. Minn. & Om
157,731
Chic. Milw. St. P.& Pac. 31,416,600 Denver & Rio Or. West.
157,127
Chic. Burl. & Quincy.... 1,336,417 SeaboardAir Line
121,818
Atch. Top. & Santa Fe_ _ 1.251,522 Chicago Great Western_ _
112,672
Chic. & North Western_ 1,021,828 Inter. Gt. Northern
102,007
891,516 Wabash
Baltimore & Ohio
795.703
Union Pacific (4 roads)_ _
$13,406,486
Total (32 roads)
695,038
Illinois Central
a These figures cover the operations of the New York Central and the
ent
rnt and Evansville Indianapolis & Terre Haute. Includlinii8Norlthvee
lancinna
ing Pittsburgh & Lam)Erie, the result is a decrease of $473,342.
When the roads are arranged in groups or geographical divisions, according to their location, the
part played by decreased revenues supplemented by
increased expenses is well illustrated. Of the eight
regions into which the three different districts-the
Eastern district, the Southern district and the Western district-are divided, but four record an increase
in gross earnings, while in the case of the net earnings
only two regions report a gain. As to the districts
themselves, the Southern alone shows an increase,
and then only in the case of the gross earnings, the
1835
Financial Chronicle
Volume 141
other two districts revealing losses in both gross and bushels in the four weeks of July 1935, as against
net alike. Our summary by groups is as below: As 83,625,000 bushels in the corresponding period of
previously explained, we group the roads to conform 1934, 103,204,000 bushels in July 1933, 57,386,000
to the classification of the Interstate Commerce Com- bushels in July 1932, 122,995,000 bushels in 1931,
mission. The boundaries of the different groups and and 102,069,000 and 106,454,000 bushels, respecregions are indicated in the footnote to the table.
tively, in the corresponding periods of 1930 and 1929.
SUMMARY BY GROUPS
In the following table we give the details of the WestDistrict and Region
Gross Earnings
Month of July1934
Inc. (+) or Dec. (-)
1935
ern grain movement in our usual form:
8
10,950,992
51,884,488
56,809.755
.8
4-521,280
-562,015
-201,798
%
4.76
1.08
0.36
119,402,702
119,645,235
-242,533
0.20
32,444,927
15,777,391
31.131,955
16,262,033
+1,312,972
-484.642
4.22
2.98
48,222,318
47,393.988
+828,330
1.75
34,886,224
50,552,537
21,899,600
34,692.349
52,205,518
21,672,974
+193,875
-1,652,981
+226.626
6.56
3.17
1.05
Eastern District$
New England region (10 roads)____ 11,472,272
Great Lakes region (24 roads)
51,322,473
Central Eastern region (18 roads) 56,607,957
Total (52 roads)
Southern DistrictSouthern region (28 roads)
Pocahontas region (4 roads)
Total (32 roads)
1Vestern DistrictNorthwestern region (16 roads) _
Central Western region (20 roads),
Southwestern region (24 roads). _
Total (60 roads)
107,338,361
108,570,841 -1,232,480
1.13
Total all districts (144 roads)_
274,963,381
275,610,064
0.23
District and Region
Month of July-- -Mileage-1935
Eastern District- 1935
1934
Kew England region_ 7,118
7,1o2
2,456,339
Great Lakes region__ 26,790 26,901
8,427,103
Central Eastern reg'n 25,048 25,027 14,754,601
-646,683
Net Earnings
1934
ine.(+)or Dec. (-)
2,007,898
+448,443 22.33
10,585,924 -2,138,821 20.24
15,652,967 -298,366
1.98
Total
58,956 59,080 25,638,043 27,626,787 -1,988,744
Southern DistrictSouthern region
39,230 39,375
4,901,327
4,870,604
+30,723
Pocahontas region._ 6,015
6,036
6,192.930 6.390.582 -197,652
-Total
45,245 45,411 11,094,257 11,261,186 -166,929
Western DistrictNorthwestern region 48,326 48,497 5,896,041
8,011,391 -2,115,350
Cent. West. region_ 54,816 65,299 10,708,281 15,901.549 -3,193,268
Southwestern region_ 30,357 30,713 4,142,063
4,785,849, -643,786
-Total
133,499 134,509 20,746,385 28,698,789 -7.952,404
7.20
0.63
3.09
1.48
26.40
32.66
13.45
27.71
Total all districts,.237,700 239,000 57,-478,685 67,586,762 -10108,077 14.96
Note-The statistics given above are compiled from reports for July received by
the Bureau of Mines from all manufacturing plants except one.
NOTE-Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
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 of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican 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 P8.80.
and by the Rio Grande to the Gulf of Mexico.
The grain movement over Western roads (taking
them collectively) in July the present year, as we
have already indicated, not only fell far below that of
a year ago but was the smallest recorded for the
month in .all recent years. While all the different
staples in greater or less degree contributed to the
decrease, the falling off in the case of wheat and of
corn was especially pronounced, the receipts of the
former at the Western primary markets during the
four weeks ending July 27 having reached only 24,104,000 bushels as against 50,427,000 bushels in the
same four weeks of 1934, and in the case of corn but
6,628,000 bushels as compared with 23,929,000
bushels last year. The receipts of oats at the Western primary markets for the four weeks of July 1935
aggregated only 1,897,000 bushels as against 3,165,000 bushels in the same four weeks of 1934; of barley
only 1,485,000 bushels against 3,612,000 bushels,
and of rye but 275,000 bushels against 2,492,000
bushels. Altogether, the receipts at the Western
primary markets of the five cereals, wheat, corn,
oats, barley and rye, aggregated only 34,389,000
WESTERN FLOUR AND GRAIN RECEIPTS
Rye
Oats
Barley
4 Wks. End, Flour
Corn
Wheat
(Bush.)
(Bush.)
(Bush.)
(Bush.)
July 27 (Bills.)
(Bush.)
Chicago10,000
204,000
1,733,000
796,000
1935 ___ 693,000
1,512,000
832.060
821,000 2,065,000
1934 ___ 644,000 8,183,000 8,211,000
Minneapolis71.000
105.000
400.000
342,000
1935 ___
2,864,000
132.000
439,000 1,064,000
3,441,000
1934 _
2,799,000
Duluth18,000
21.000
4,000
1935 _
1,256,000
8,000
562,000
11,000
431,000
1934
1,061,000
Milwaukee7,000
546,000
28.000
546.000
1935 ___
354,000
49,000
11.000
758,000
87,000
1,341,000
1934,,,
522,000
68,000
Toledo1,000
90,000
172.000
1,080,000
1935 3,000
137,000
436,000
1934
4,300,000
Detroit57.000
60,000
50,000
6,000
1935 _
8o,000
28,000
46.000
17,000
17,000
1934 _
84,000
Indianapolis & Omaha331.000
1,000
1,275,000
2,877,000
134,000
'545,000
4,576,000
1934 _
8,998,000
St. Louis2,000
33,000
212,000
679.000
1935 __
492,000
1,602,000
26,000
33,000
320,000
1,320,000
1934
344,000
7,791,000
Peoria109,000
218,000
46,000
965,000
1935,,, 131,000
122,000
85,000
327,000
1.622,000
231,000
1934 ___
495,000
129,000
Kansas City94,000
818,000
1935
_
43,000
7,558,000
1,786,000
148,000
1934 ___
42,000 11,649.000
St. Joseph• 1935 _
63,000
133,000
587,000
1934,..
581,000
76,000
1,083,000
Wichita4,000
4,000
1935 4,310,000
1934 _
10,000
3,429,000
54,000
Sioux Coy2000,
25,000
4,000
1935,,,117,000
1,000
1934,..,
413,000
13,000
33,000
Total all1935 ___ 1,408,000 24,104,000
1934.., 1,227,000 50,427,000
7Mos.End. Flour
1Vheat
July 27 (Bbis.)
(Bush.)
Chicago1935 ___ 4,899,000
5,615,000
1934 ___ 4,860,000 12,887,000
Minneapolis193o _
15,281,600
1934...20,308,000
Duluth1935 _
4,811,000
1934 _
10,591,000
Milwaukee1935 ___
953,000
508,080
1934....., 424,000
1,763,000
Toledo1935 _
2,798 000
1934,,,6,644,000
Detroit1935 _
510,000
1934 _
552,000
Indianapolis & Omaha1935 ___
34,000 6,308,000
1934 16,117,000
St. Louis1935 ___ 3,534,060
4,659,000
1934 ___ 3,544.000 14,085,000
Peoria1935 ___ 1,087,000
411,000
1934 ___ 1,242,000
813,000
Kansas City1935
407,000 14,378,000
1934... 336,000 29,489,000
St. Joseph1935 1,243,000
1934 _
2,265,000
Wichita1935
7,282,000
1934 _
12,234,000
Stour City1935 _
550,000
1934 _
557,000
6,628,000
23,929,000
Corn
(Bush.)
275.000
1,897,000 1,485,000
3,165,000 3,612,000 2,492.000
Rye
Oats
Barley
(Bush.)
(Bush.)
(Bush.)
13,402,000
27,783,000
4.141,000 3,916,000 1.973.000
7,879,000 5,770,000 4,637,000
1,412,000
8,339,000
1,746,000 5,190.000
2,564,000 10,563,000
512,000
1,482,000
49,000
2,838,000
302,000
543,000
667,000
1,528,000
355,000
260,000
3,335,000
4,984,000
758,000 6,082.000
701,000 6,937,000
34,000
162,000
739,000
926,000
2,303,000
3,084,000
84.000
30,000
12,000
130.000
135.000
318,600
362,000
354,000
532,000
468,000
234,000
177,000
9,587,600
16,607,000
2,771,000
4,418,000
19,000
23,000
363,000
430,000
6,541,000
8,228,000
3.242,000
3,212,000
733.000
319,000
73,000
141.000
7,848,000
8,803,000
429,000 1,742,000 1,241,000
557.000
1,707,000 1,547,000
12,303,000
8,169,000
776,000
882,000
1,078,000
2,961,000
804.000
945,000
94,080
025,000
65,000
59,000
3.000
418,000
725,000
159,000
48.000
3,000
71,000
2,000
1,000
4,000
Total all1935 _10.469,000 64,799,000 56,941,000 17,858,000 18,948,000 4,800,000
1934 _ _ _10,406,000 128,305,000 91.606,000 26 B96,000 27,259.000 7,980.000
The Western livestock movement also appears to
have been on a greatly reduced scale as compared
to July last year. At Chicago the receipts comprised
only 6,491 carloads in July the present year as compared with 13,492 carloads in July 1934; at Omaha
they comprised 1,659 carloads against 5,560 carloads, and at Kansas City only 2,744 cars as against
8,454 cars.
As to the cotton traffic in the South-which is
never very large in July, it being the tail end of the
old crop season-the movement was on a greatly
reduced scale as compared with a year ago, both as regards the overland shipments of cotton and the port
receipts of the staple. Gross shipments overland of
Financial Chronicle
1836
Sept. 21 1935
of $19.cotton during July the present year were only 21,191 Our tabulations for July 1922 showed a decrease
960,589 in the gross, with $1,964,485 increase (1.95%)in the
bales as against 37,914 bales in July 1934 and 30,603 net. The reason for the poor showing in that year was that
bales in July 1933, but comparing with only 14,361 the strike at the unionized coal mines of the country, which
had been such a disturbing factor in the months preceding,
bales in July 1932. Carrying the comparisons fur- not only continued, but that its adverse effects were greatly
ther back, we find that gross shipments were 28,361 emphasized by the fact that on July 1 the railroad shopmen
had also gone on strike, and that this led to acts of violence
bales in July 1931, 18,912 bales in 1930 and in July on
the part of the men who quit work, or their sympathizers,
1929 reached 60,918 bales. At the Southern out- to prevent others from taking the abandoned jobs, with the
of interrupting railroad operations, and in some inports the receipts comprised only 107,688 bales in result
stances even preventing the movement of coal from the nonJuly 1935 as compared with 217,472 bales in July union mines. It should not be forgotten, either, that it was
10% horizontal reduction in
last year, 430,852 bales in 1933 and 178,997 bales in on July 1 of that year that the
freight rates promulgated by the Interstate Commerce
July 1932. In July 1931, however, they aggregated Commission went into effect. There was at the same time
crafts
only 93,986 bales; in 1930 but 81,860 bales, and in a reduction of about 7% to 8%in the wages of the shopbenefit
employees and the maintenance of way men, but the
we
table
subjoined
the
In
1929 only 77,294 bales.
that might have accrued from this was, of course, vitiated
show the port movement of the staple for the past by the shopmen's strike, which increased expenses rather
than decreased them. The previous year there had been a
three years:
reduction in wages of 12%, effective July 1 1921, but this,
1935
Galveston
Houston, Arc
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1934
1933
7,955 49,617 48,103
16,923 32,233 74,202
43,323 20,244 103,909
22,391 67,661 85.715
11.325 19,296 30.314
1,112 7,669 21,490
1,192 9,016 24,296
1,427
1,709 6,099 21,882
366 7,917
134
740 3,391
115
1,502 4,404 4,644
7
118 3.362
107.666 217,479 430.652
1933
1935
1934
180,542
190,488
52,676
95
320,570
34,414
15,926
16,785
657.677 611.169
429,097 1,010,447
35,544 136,549
679
3,314
624,077 849,794
86,003 168,982
43,247
47,916
75,211
47,717
14,483
9,437
98,267
38,910
46,191
13.320
18,613
7.591
21 638
18,691
2.633
5.746
31.997
2,867
5,161
15.920
620
668.061 2.024.335 3.096,605
Results for Earlier Years
The July losses the current year of $646,683 in gross
earnings and of $10,108,077 in net earnings came on top of
heavy decreases in gross and net-$17,757,929 and $31,234,339, respectively-in July 1934, but the losses in the latter
year followed substantial gains in both gross and net earnings in July 1933, there having been at that time an increase
of $59,691,784 in gross, or 25.13%, and $54,334,821 in net,or
no less than 117.74%. These increases came after tremendous
cumulative losses in the three years preceding. In carrying
the comparison back, beyond 1932, 1931, 1930, it is found
that the heavy shrinkage of these three years-a loss of
$138,851,525 in gross and $50,857,523 in net in July 1932,following $80,150,008 loss in gross and $28,465,456 loss in net in
July 1931 and $101,152,657 lass in gross and $43,753,737 loss
in net in July 1930-comes after $43,884,198 gain in gross and
$30,793,381 gain in net in July 1929 (which was before the
advent of the stock market panic in that year), and also
follows moderate improvement in July 1928, when our
compilation showed $3,333,445 increase in gross and $11,711,856 increase in net. In July 1927, on the other hand,
there was heavy contraction in gross and net alike, and
the moderate increase in July 1928 was merely a recovery
of what had been lost in 1927, and only a partial recovery
at that. The loss in gross in July 1927 reached no less than
$48,297,061, or 8.67%,and the loss in the net of $35,436,548,
or 22.03%. At the same time, the fact must not be overlooked that the 1927 losses came after very substantial
gains in both gross and net in each of the two preceding
years. In July 1926 our compilation showed $33,875,085
gain in gross and $21,435,011 gain in net, while in July
1925 our tabulation registered $40,595,601 increase in gross
and $27,819,865 in net. On the other hand, however, it is
equally important to bear in mind that in July 1925 comparison was with heavily diminished earnings in 1924. The
latter, it may be recalled, was the year of the Presidential
election, when such a very decided slump in business
occurred, and this was reflected in heavily diminished traffic over the country's transportation lines, large and small.
So decided was the slump in business at that time, and so
great the contraction in railroad traffic, that our July compilation recoried a falling off in gross earnings of $53,517,158, or 10.02%, and a falling off in net of $9,601,754,
or 7.86% as compared with the year preceding (1923).
This last, though, was a year of very active business, when
the railroads enjoyed-at least in the great manufacturing
districts of the East-the very largest traffic movement in
their entire history. Our tables for July 1923 recorded the
huge gain of $91,678,679 in gross and $18,392,282 in net.
However, if we go still further back we find that the 1923
gain in gross itself followed losses in both 1922 and 1921,
though the gains in net were continuous, extending through
1921 and 1922 even while the grass earnings were declining.
Mileage
Cross Earnings
Month
of
July
Year
Given
Year
Preceding
Inc.(-1.) or
Dec.(-)
$219,964,739 $195,245,655 +824,719.084
230,615,776 217,803,354 +12,812,422
224,751,083 226,306,735 -1.555,652
245,595,552 222,587,872 +23.007,660
235,849,764 223,813,526 +12.036,238
252,231,248 261,803,011 -9,571.763
+2,234,115
262,948.115 260,624,000
308,040.791 263,944,649 +44.096,142
353.219,982 306.891,957 +46,328,025
463.684,172 346,022,857 +117,661.315
454,588,513 469,246,733 -14,658,220
467,351,544 401,378,481 +65,975,059
460,989,697 527,396,813 -66,407,116
442,736,397 462,696,986 -19,960,589
534.634,552 442,955,873 +91,678,679
480,704,944 534,222,102 -53,517,168
521,538,604 480,943,003 +40,595,601
555,471,276 521,596,191 +33,875,085
508,413.874 556,710,935 -48,297,061
+3,333.445
512,145,831 508,811,786
556,706,135 512,821,937 +43,884.198
466,369,950 557,522,607 -101,152.657
377,938,882 458,088,890 -80,150,008
237,462,789 376,314,314 -138,851,525
297,185,484 237.493.100 +59.691,784
275,583,676 293,341,605 -17,757,929
-646.683
274.963.481 275.610.064
Net Earn ngs
Month
of
July
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1933
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Per
Cent
12.66
5.88
0.68
10.35
5.38
3.67
0.89
16.70
15.09
34.00
3.13
16.43
12.59
4.31
20.70
10.02
8.44
6.50
8.67
0.65
8.55
18.16
17.49
36.89
25.13
6.05
0.23
Year
Preceding
Year
Given
•
Wt4t4NNWWWWWWWWNNWNNNNWNMNNNtsi
WW4.4•WW&AWWWWWWWNNWW0WWWq4
.4.*MWO.-.0M00CmCw.000,-.0.W0.00050r
..jor§
4.b.
Lf..141.000.
1PWOO1.17-4.0100I40.
RO.NWA.OUrWO.P.,
10(.00,0g=&.000rVCO
.0,1Wq4..NOOD
Since Jan. 1
Month of July
Ports
in turn, followed. a 20% increase in wages put in effect by the
Labor Board on July 1 1920,immediately after its advent to
power.
Not only did the 1923 gain of $91,678,679 in gross earnings
follow $19,960,589 loss in July 1922, but this latter, in turn,
followed an antecedent loss of no less than $66,407,116 in
July 1921 as compared with July 1920. On the other hand,
the loss in 1921 was attended by an enormous saving in expenses, with the result of bringing a gain of $84,615,721 in
the net at that time. The contraction in expenses amounted
to no less than $151,022,837, and while due in part to the
shrinkage in the volume of traffic, owing to the intense
business depression prevailing, it was in no small degree the
outgrowth of dire necessity, the railroads being obliged to
practice the utmost saving and economy to avert bankruptcy after the enorrilous additions to expenses forced upon
them in the year preceding, during the period of Government control.
The truth is, prior to 1921- expenses had been mounting
up in such a prodigious way that in 1920 net earnings had
got down to a point where some of the best managed properties were barely able to meet ordinary running expenses, not
to mention taxes and fixed charges. And it is the inflated
expense accounts of these earlier.years that furnished the
basis for the savings and economies effected subsequently.
As an indication of how expenses had risen in 1920 and prior
years, we may note that in July 1920, though our tables
showed $65,975,059 gain in gross, they registered $69,121,669
decrease in net, while in July 1919 there was a falling off
in both gross and net-$14,658,220 in the former and $55,352,408 in the latter. In the following we furnish the July
comparisons back to 1909:
to,000000000000000000000000g
WWWWWWWWbat4t4M
7110.WW.0=0...4=0.14
:
WW0CM.400.1&W.4..00
,
I
1110111 1,11111114.1111111
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF JULY
AND SINCE JAN. 1 TO THE END OF JULY 1935, 1934 AND 1933
226,493
227,194
203.773
231,639
241,796
243,563
244.921
230,570
226.934
218,918
230,410
234,556
235,813
235,407
236,525
235,348
237,711
238,906
241,183
242,979
232,405
242,221
241,906
240,882
239.000
Inc. (-I-) or Dec.(-)
Year
Often
Year
Preceding
Amount
Per Cent
$78,350,772
73,157,547
72,423,469
79,427,565
64,354,370
15.359,466
87,684,985
108,709,496
111,424,542
144,348,682
96,727,014
18,827,733
99,807,935
102,258,414
121,044,775
112,626,696
139,606,752
161,079,612
125,438,334
137,412,487
168,428,748
165,580,269
96,965,387
46.125,932
100,482,838
67,569,491
57.478.685
$67,267,352
77.643,305
72,392,058
'10,536,977
67,620,157
76,358,3/7
77,833,745
88,421.559
108.293.945
109,882,551
152,079,422
87,949.402
15,192,214
100,293,929
102,652,493
122,228,450
111,786,887
139.644.601
160,874,882
125,700,631
137,635.367
216.676,353
125.430,843
96.983.455
46,148,017
98,803,830
67.586.762
+$11,083,420
-4,485,758
+31,411
+8,890.588
-3,265,787
-998,911
+9,851,240
+20,287,937
+3,130,597
+34,486.131
-55,552,408
-69,121,669
+84,615,721
+1,964,485
+18,392,282
-9,601,754
+27,819,865
+21,435,011
-35,436,648
+11,711,856
+30.793,381
-51,096,084
-28,465,456
-50,857.523
+64,334.821
-31,234,339
-10,108.077
16.48
5.78
0.04
12.61
4.83
1.31
12.66
22.94
2.89
31.36
36.40
78.70
556.97
1.95
17.92
7.86
24.80
15.35
22.03
9.37
22.37
23.61
22.73
52.43
117.74
31,61
14.96
Volume 141
Financial Chronicle
1 S37
Text of Railroad Retirement Act of 1935—Measure Signed by President Roosevelt
Replaces Act Declared Unconstitutional—Provides System of Retirement
Annuities for Railroad Workers
We are giving below the text of the so-called railroad
pension bill, enacted at the recent session of Congress, designed to replace the Act providing for a system of retirement annuities for railroad workers declared unconstitutional on May 6 last by the United States Supreme Court.
The completion of Congressional action on the new measure
was noted in our Aug. 24 issue, page 1206, while the signing
of the bill by President Roosevelt on Aug. 29 was reported
on page 1372 of our Aug. 31 issue; a measure also enacted
into law at the same time, providing for a rail pension tax
to provide funds to pay the annuities, is given under a
separate heading in this issue. The following is the text
of the new Railroad Pension Act:
[H. R. 8651]
AN ACT
To establish a retirement system for employees of carriers subject to the
Interstate Commerce Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
DEFINITIONS
Section 1. For the purposes of this Act—
(a) The term "carrier" means any express company, sleeping-car company, or carrier by railroad, subject to the Interstate Commerce Act, and
any company which may be directly or indirectly owned or controlled
thereby or under common control therewith, and which operates any equipment or facilities or performs any service (other than trucking service)
In connection with the transportation of passengers or property by railroad,
or the receipt, delivery, elevation, transfer in transit, refrigeration or
Icing, storage, or handling of property transported by railroad, and any
receiver, trustee, or other individual or body, judicial or otherwise, when
In the possession of and operating the business of any such "carrier":
Provided, however, That the term "carrier" shall not include any street,
interurban, or suburban electric railway, unless such railway is operating
as a part of a general steam-railroad system of transportation, bdt shall
not exclude any part of the general steam-railroad system of transportstion now or hereafter operated by any other motive power. The Interstate
Commerce Commission is hereby authorized and directed upon request of
the Board or upon complaint of any party interested to determine after
hearing whether any line operated by electric power falls within the terms
ot this proviso.
(b) The term "employee" means any person (1) who shall be at the
enactment hereof or shall have been at any time after the enactment hereof
in the service of a carrier, or who shall be at the enactment hereof or
shall have been at any time after the enactment hereof in the employment
relation to a carrier, and (2) each officer or other official representative
of an "employee organization", herein called "representative" who before
or after the enactment hereof has performed service for a carrier, who
at the enactment hereof or at any time after the enactment is or shall
be duly designated and authorized to represent employees in accordance
with the Railway Labor Act, and who, during, or immediately following
employment by a carrier, is, shall be, or shall have been engaged in such
representative service in behalf of such employees.
(c) A person shall be deemed to be in the service of a carrier whenever
he may be subject to its continuing authority to supervise and direct the
manner of rendition of his service, for which service he receives compensation.
(d) A person is in the employment relation to a carrier when furloughed or on leave of absence, and subject to call for service and ready
and willing to serve, all in accordance with the established rules and
practices usually in effect on railroads.
(e) The term "service period" means the total service of a person for
one or more carriers whether or not continuously performed either before
or after the effective date, and includes as one month every calendar
month during which such person has rendered service to a carrier for
compensation and includes as one year every twelve such months. An
ultimate fraction of six months or more shall be computed as one year.
(f) The term "annuity" means a fixed sum payable at the beginning of
each month during retirement, ceasing at death except as otherwise provided in section 5 hereof or at resumption of service for which an employee
receives compensation.
(g) The term "compensation" means any form of money remuneration
for service, received by an employee from a carrier, including salaries and
commissions, but shall not include free transportation nor any payment
received on account of sickness, disability, pensions, or other form of
•
relief.
(h) The term "retirement" means the status of cessation of compensated
service with the right to receive an annuity.
(i) The term "age" means age at the latest attained birthday.
(j) The term "Board" means the Railroad Retirement Board.
(k) The term "effective date" means the 1st day of March 1936.
(1) The term "enactment" means the date on which this Act shall
become a law.
RETIREMENT
Sec. 2. Upon the attainment of sixty-five years of age and continuance
in service by the employee (but not before the effective date of this
Act), the annuity of such employee shall be reduced one-fifteenth for
every year of such continued service beyond the age of sixty-five years;
except that such reduction shall not apply during any period, beginning
at the age of sixty-five and not extending beyond the age of seventy, while
the employee is continued in employment under an agreement in writing
between the carrier and employee filed with the Board, which agreement
may provide for extension of employment for one year and thereafter in
like manner, for successive periods of one year each. Such reduction of
annuity shall not apply to an employee who occupies an official position in
the service of a carrier or to employees' representatives.
ANNUITIES
Seo. 3. The following-described employees, after retirement whether
or not then in the service of a carrier, shall be paid annuities:
(a) A person (without regard to the period of service and whether
rendered before or after the enactment hereof), who either at the enactment hereof or thereafter shall be sixty-five years of age or over.
(b) A person who either at the enactment hereof or who thereafter shall
be fifty years of age or over and who shall have completed a service period
of thirty years. An annuity paid under this subdivision shall be reduced
by one-fifteenth of such annuity for each year such employee may be less
than sixty-five years of age at the time of the first annuity payment.
(c) A person who either before- or after the enactment shall have coinpleted a service period of thirty years and who shall be after the enactment hereof retired by the carrier on account of mental or physical disability. An annuity paid under this subdivision shall not be subject to the
deduction specified in subdivision (b) of this section.
The annuities hereinhefore mentioned shall be paid out of any money
in the Treasury which may be appropriated for that purpose. An annuity
shall begin as of a date to be specified in a written application to be
signed by the employee entitled thereto, and approved by the Board,
which date shall not be more than sixty days before the filing of the
application, nor before the date on which the first annuity shall have
become due and payable. An annuity shall not be due and payable until
ninety days after the effective date hereof. The annuity shall be payable
on the 1st day of the month during the lifetime of the annuitant. Such
annuity shall be based upon the service period of the employee and shall
be the sum of the amounts determined by multiplying the total number of
years of service not exceeding thirty years by the following percentages of
the monthly compensation: 2 per centum of the first $50; 1% per centum
of the next $100; and 1 per centun, of the compensation in excess of $150.
The "monthly compensation" shall be the average of the monthly coin.
pensation paid to the employee by the carrier, except that where applicable
for service before the effective date the monthly compensation shall be the
average of the monthly compensation for all pay-roll periods for which
the employee shall have received compensation from any carrier out of
eight consecutive calendar years of such services ended December 31, 1931.
No part of any monthly compensation in excess of $300 shall be recognized in determining any annuity. Any employee who shall be entitled
to an annuity with a commuted value determined by the Board of less
than $300 shall be paid such value in a lump MM.
Annuities to Representatives
Sec. 4. The annuity of a representative shall be determined according
to such rules and regulations as the Board shall deem just and reasonable
and, as near as may be, shall be the same annuity as if the representative
were still in the employ of his last former carrier.
PAYMENTS UPON DEATH
Sec. 5. If a person receiving or entitled to receive an annuity shall
die, the Board, for one year after the first day of the month in which
the death may have occurred, shall pay, as herein provided, an annuity
equal to one-half of the annuity which such person so dying may have
received or may have been entitled to receive, to the widow or widower
of the deceased, or if there be no widow or widower, to the dependent
next of kin of the deceaded. Any employee may elect, on making application for an annuity, to have the present value of the annuity apply to the
payment of a reduced annuity to the employee during life and an annuity
during the life of a surviving spouse. The present values and amounts
of the annuity payments shall be determined on the basis of the combined
annuity tables with interest at 3 per centum per annular.
RETIREMENT BOARD
Personnel
Sec. 6. (a) There is hereby established as an independent agency in
the executive branch of the Government a Railroad Retirement Board, to
be composed of three members appointed by the President, by and with
the advice and consent of the Senate. Each member shall hold office for a
term of five years, except that any member appointed to fill a vacancy
occurring prior to the expiration of the term for which his predecessor
was appointed shall be appointed for the remainder of the term and the
terms of office of the members first taking office after the date of enactment of this Act shall expire, as designated by the President, one at the
end of two years, one at the end of three years, and one at the end of
four years, after the date of enactment of this Act. One member shall
be appointed from recommendations made by representatives of the employees and one member shall be appointed from recommendations made
by representatives of the carriers, in both cases as the President shall
direct, so as to provide representation on the Board satisfactory to the
largest number, respectively, of employees and carriers concerned. One
member, who shall be the chairman of the Board, shall be appointed
initially, for a term of two years without recommendation by either
carriers or employees and shall not be in the employment of or be
pecuniarily or otherwise interested in any carrier or organization of
employees. Vacancies in the Board shall not impair the powers nor affect
the duties of the Board nor of the remaining members of the Board of whom
a majority of those in office shall constitute a quorum for the transaction
of business. Each of said members shall receive a salary of $10,000 per
year, together with necessary traveling expenses and subsistence expenses,
or per diem allowance in lieu thereof, while away from the principal
office of the Board on duties required by this Act.
DUTIES
(b) The Board shall have and exercise all the duties and powers necessary to administer this Act. The Board shall take such steps as may
he necessary to enforce this Act and make and certify awards and payments.
The Board shall from time to time certify to the Secretary of the Treasury the name and address of each person entitled to receive a payment
under this Act, the amount of such payment, and the time at which it
should be made, and the• Secretary of the Treasury through the Division
of Disbursement of the Treasury Department, and prior to audit or settlement by the General Accounting Office, shall make payment in accordance
with the certification by the Board.
The Board shall establish and promulgate rules and regulations and
provide for the adjustment of all controversial matters, with power as a
Board or through any member of subordinate designated thereof, to require
and compel the attendance of witnesses, administer oaths, take testimony, and make all necessary investigations in any matter involving annuities or other payments, and shall maintain such offices, provide such
equipment, furnishings, supplies, services, and facilities, and employ such
persons and provide for their compensation and expenses, as may be necessary to the proper discharge of its functions. All rules, regulations, or
decisions of the Board shall require the approval of at least two members
Financial Chronicle
1838
and shall be entered upon the records of the Board which shall be a public
record. The Board shall gather, keep, compile, and publish in convenient form such records and data as may be necessary, and at intervals
of not snore than two years shall cause to be made actuarial surveys and
analyses, to determine from time to time the payments to be required
to provide for all annuities, other disbursements, and expenses, and to
assure proper administration and the adequacy and permanency of the
retirement system hereby established. The Board shall have power to
require all carriers and employees and any officer, board, commission,
or other agency of the United States to furnish such information and
records as shall be necessary for the administration of this Act. The
Board shall make an annual report to the President of the United States
to be submitted to Congress. Witnesses summoned before the Board shall
be paid the same fees and mileage that are paid witnesses in the courts of
the United States.
SPECIAL REPORT
Sec. 7. Not later than four years from the effective date, the Board,
in a special report to the President of the United States to be submitted to Congress, shall make specific recommendations for such changes
In the retirement system hereby created as shall assure the adequacy of
said retirement system on the basis of its experience and all information
and experience then available. For this purpose the Board shall from
time to time make such investigations and actuarial studies as shall provide the fullest information practicable for such report and recommendations. The Board shall in a like special report to be made at the earliest
practicable time, make specific recommendations with regard to the desirability and practicability of substituting the provisions for annuities and
other benefits to employees under this Act for any obligation for prior
service or for any existing provisions for the voluntary payment of pensions to employees subject to this Act by a carrier or any employees subject to this Act, so as to relieve such carrier from its obligations for age
retirement benefits under its existing pension systems and transfer such
obligations to the retirement system herein established.
It is recognized that existing individual carrier pension plans are wholly
at the option of the carriers unless in any case express provision is made
otherwise, and no restriction is imposed under this Act upon such plans;
nor is it expected that carriers will modify existing pension plans on
account of this Act beyond a reduction of current pension payments under
such existing plans in amounts equal to the annuity payments currently
received by the employee under this Act.
INVESTIGATION COMMISSION
Sec. 8. (a) That a commission be appointed which shall be composed
ol three Members of the Senate designated by the President of the Senate;
three Members of the House of Representatives designated by the Speaker
ot the House of Representatives; and three members who shall be designated by the President of the United States. The President shall designate one member to be chairman and another to be vice chairman of the
Commission. The Commmission is hereby authorized and directed to make,
and report through the President to the Congress of the United States not
later than January 1, 1936, the results of, a thorough investigation of all
pertinent facts relating to a retirement annuity system applicable by law
to carriers by railroad engaged in interstate commerce and particularly
any and all questions for the investigation of which provision is made
under the preceding section. The Commission is also authorized to hold
hearings respecting desirable provisions of a sound retirement and annuity
system. In the making of such investigation the Commission may consider
the experience of other industries and of governments, as well as of the
railroad industry, and may avail itself of the assistance of all agencies
of the Federal Government. Until January 1, 1936, the duties and authority
of the Board under the preceding section are limited to cooperation with
and action under the direction of the Commission. With its report setting
forth the results of its investigation, the Commission shall include suds
recommendations for legislation, if any, as it may deem necessary to
give effect to its conclusions.
(b) The Commission, in the performance of its duties, is authorized to
sit and act at such times and places either in the District of Columbia
or elsewhere during the sessions, recesses, and adjourned periods of the
Seventy-fourth Congress, to require by subpena or otherwise the attendance
of such witnesses and the production and impounding of such books, papers,
records, files, and documents, to have access to such books, papers, records,
files, and documents of any corporation or person, to administer such
oaths and to take such testimony and to make such expenditures, as it
may deem advisable. The several district courts of the United States
and the Supreme Court of the District of Columbia shall have jurisdiction
Sept. 21 1935
upon application by the Commission through its attorneys to compel
obedience to any order or subpena of the Commission issued pursuant to this
section. The orders, writs, and processes of the Supreme Court of the
District of Columbia in such matters may run and be served anywhere
in the United States.
(c) The Commission shall maintain such offices, provide such equipment, furnishings, supplies, services, and facilities, and to employ, without
regard to the provisions of the Civil Service Act such experts' and clerical,
stenographic, legal, and other assistance as may be necessary for the
proper discharge of its duties, and without respect to the provisions of
the Classification Act of 1923, as amended, fix the compensation of any
person employed. The President shall fix the compensation to be paid
the three members of the Commission to be appointed by the President.
All expenses of the Commission for all time in which the Commission shall
be actually engaged in this investigation shall be paid out of any funds
in the Treasury of the United States, not otherwise appropriated, on a
certificate of the chairman of the Commission, and the sum necessary for
carrying out the provisions of this resolution is hereby authorized to be
appropriated: Provided, That the total expense authorized for the purposes
of the Commission shall not exceed the sum of $60,000 which shall include
the compensation herein authorized.
COURT JURISDICTION
Sec. 9. The several District Courts of the United States and the
Supreme Court of the District of Columbia, respectively, shall have jurisdiction to entertain an application and to grant appropriate relief in the
following cases which may arise under the provisions of this Act:
(a) An application by an employee or other person aggrieved in or to
the district court of any district wherein the Board may have established
an office, to compel the Board to set aside an action or decision claimed
to be in violation of a legally enforceable right of the applicant, or to
take action, or to make a decision necessary for the enforcement of a
legal right of the applicant.
(b) The jurisdiction herein specifically conferred upon the said Federal
courts shall not be held exclusive of any jurisdiction otherwise possessed
by said courts to entertain actions at law or suits in equity in aid of the
enforcement of rights or obligations arising under the provisions of
this Act.
(c) The Railroad Retirement Board, as hereinbefore established, shall
be and constitute a body corporate and be capable of suing and being
sued as such.
EXEMPTION
Sec. 10. No annuity payment shall be assignable or be subject to any
tax or to garnishment, attachment, or other legal process under any circumstances whatsoever, nor shall the payment thereof be anticipated.
PENALTIES
Sec. 11. Any officer or agent of a carrier, as the word "carrier" is
hereinbefore defined, or any employee as such word is hereinbefore defined,
or any person whether or not of the character hereinbefore defined, who
shall willfully fail or refuse to make any report or furnish any Information required by the Board in the administration of this Act, or who
shall knowingly make any false or fraudulent statement or report in
response to any report or statement required to be made for the purpose
of this Act, or who shall knowingly make or aid in making any false
or fraudulent statement or claim for the purpose of receiving any award
or payment under this Act, shall be punished by a fine of not less than
$100 nor more than $10,000 or by imprisonment not exceeding one year.
SEPARABILITY
Sec. 12. If any provision of this Act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the Act or
application of such provision to other persons or circumstances shall not
be affected thereby.
APPROPRIATION AUTHORIZED
Sec. 13. The appropriation of such money from time to time out of the
Treasury of the United States as may be necessary to carry this Act into
effect, is hereby authorized.
SHORT TITLE
Sec. 14. This Act may be cited as the "Railroad Retirement Act of 1935."
Sec. 15. The term "employment", as defined in subsection (b) of
section 210 of Title II of the Social Security Act, shall not include service
performed in the employ of a carrier as defined in subdivision (a) of
Section 1 of the Railroad Retirement Act of 1935.
Approved, August 29, 1935.
Text of Railroad Pension Tax Bill as Passed by Congress and Signed by
President Roosevelt
Along with the Railroad Retirement Act, Congress passed,
and President Roosevelt signed on Aug. 29, the Railroad
Pension Tax Bill, designed to raise funds to pay annuities
to railroad workers. The new Act imposes a total tax of
7%, divided equally between a payroll tax on the carriers
and an income tax on workers. Items relative to the course
of the tax bill through Congress appeared in our issues of
Aug. 24, page 1210, and Aug. 31, page 1372. The text of the
Railroad Pension Tax Act is given herewith:
[H. R. 8652]
AN ACT
To levy an excise tax upon carriers and an income tax upon their employees,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
Section 1.
Definitions
That as used in this Act—
(a) The term "carrier" means any express company, sleeping-car company, or carrier by railroad, subject to the Interstate Commerce Act,
and any company which may be directly or indirectly owned or controlled
thereby or under common control therewith, and which operates any
equipment or facilities or performs any service (other than trucking
service) in connection with the transportation of passengers or property
by railroad, or the receipt, delivery, elevation, transfer in transit, refrigeration or icing, storage, or handling of property transported by railroad, and
any receiver, trustee, or other individual or body, judicial or otherwise, when
in the possession of and operating the business of any such "carrier":
Provided, however, That the term "carrier" shall not include any street,
interurban, or suburban electric railway, unless such railway is operating
as a part of a general steam railroad system of transportation, but shall
not exclude any part of the general steam-railroad system of transportation now or hereafter operated by any other motive power. The Interstate Commerce Commission is hereby authorized and directed upon request
of the Commissioner of Internal Revenue or upon complaint of any party
interested to determine after hearing whether any line operated by electric
power falls within the terms of this proviso.
(b) The term "employee" means (1) each person who at or after the
enactment hereof is in the service of a carrier, and (2) each officer or
other official representative of an "employee organization", herein called
"representative", who before or after the effective date has performed
service for a carrier, who is duly designated and authorized to represent
employees under and in accordance with the Railway Labor Act, and who,
during, or immediately following employment by a carrier, was or is
engaged in such representative service in behalf of such employees.
(c) A person shall be deemed to be in the service of a carrier whenever
he may be subject to its continuing authority to supervise and direct the
manner of rendition of his services, for which service he receives compensation.
(d) The term "compensation" means any form of money remuneration
for active service, received by an employee from a carrier, including
salaries and commissions, but shall not include free transportation nor any
payment received on account of sickness, disability, or other form of
personal relief.
(e) The term "effective date" means March 1, 1936.
(I) The term "enactment" means the date on which this Act may be
approved by the President or be finally passed.
Financial Chronicle
Volume 141
Income Tax on Employees
Sec. 2. In addition to other taxes, there shall be levied, collected, and
paid upon the income of every employee, 3/
1
2 per centum of the compensation of such employee (except a representative) not in excess of $300 per
month, received by him after the effective date.
Deduction of Tax from Wages
Sec. 3. (a) The tax imposed by section 2 of this Act shall be collected
by the employer of the taxpayer, by deducting the amount of the tax
from the compensation of the employee as and when paid. Every employer required so to deduct the tax is hereby made liable for the payment of such tax and is hereby indemnified against the claims and demands
of any person for the amount of any such payment made by such employer.
(b) If more or less than the correct amount of tax imposed •by section 2 is paid with respect to any compensation payment, then, under
regulations made under this Act by the Commissioner of Internal Revenue, proper adjustments, with respect both to the tax and the amount
tg be deducted, shall be made, without interest, in connection with subsequent wage payments to the same employee by the same employer.
Excise Tax on Carriers
See. 4. In addition to other taxes, every carrier shall pay an excise
/
2 per centum of the compensation not in excess of $300 per
tax of 31
month paid by it to its employees after the effective date.
Adjustment of Tax
Sec. 5. If more or less than the correct amount of the tax imposed by
section 4 is paid, with respect to any compensation payment, then, under
regulations made by the Commissioner of Internal Revenue, proper adjustments with respect to the tax shall be made, without interest, in connection with subsequent excise-tax payments made by the same employer.
Refunds and Deficiencies
Sec. 6. If more or less than the correct amount of the tax imposed by
sections 2 or 4 of this Act is paid or deducted with respect to any compensation payment and the overpayment or underpayment of the tax
cannot be adjusted under sections 3 or 5, the amount of the overpayment
shall be refunded, or the amount of the underpayment shall be collected in
such manner and at such times (subject to the statute of limitations
properly applicable thereto) as may be prescribed by regulations under
this Act as made by the Commissioner of Internal Revenue.
Income Tax on Employees' Representative
See. 7. In addition to other taxes, there shall be levied, collected, and
paid upon the compensation of each employees' representative received by
such representative an income tax of 7 per centum annually upon that
portion of the compensation of such employees' representative not in excess
of $300 per month. The compensation of a representative for the purpose
of ascertaining the tax thereon shall be determined according to such
rules and regulations as the Commissioner of Internal Revenue shall deem
just and reasonable and as near as may be shall be the same compensation
as if the representative were still in the employ of the last former carrier.
Collection and Payment of Taxes
Sec. 8. (a) The taxes imposed by this Act shall be collected by the
Commissioner of Internal Revenue and shall be paid into the Treasury of
1839
the United States as internal-revenue receipts. If the taxes are not paid
when due, there shall be added as part of the tax (except in the case
of adjustments made in accord with the provisions of this Act) interest
at the rate of 6 per centum per annum, or for any part of a month, from
the date the tax became due until paid.
(b) Such taxes shall be collected and paid quarterly in such manner
and under such conditions not inconsistent with this Act as may be
prescribed by the Commissioner of Internal Revenue.
(c) All provisions of law, including penalties, applicable with respect to
any tax imposed by section 600 or section 800 of the Revenue Act of 1926,
and the provisions of section 607 of the Revenue Act of 1934, insofar as
applicable and not inconsistent with the provisions of this Act, shall be
applicable with respect to the taxes imposed by this Act
(d) In the payment of any tax under this Act a fractional part of a
cent shall be disregarded unless it amounts to one-half cent or more, in
which case it shall be increased to I cent.
Court Jurisdiction
Sec. 9. The several Districts Courts of the United States and the
Supreme Court of the District of Columbia, respectively, shall have jurisdiction to entertain an application and to grant appropriate relief in the
following cases which may arise under the provisions of this Act:
(a) An application by the Commissioner of Internal Revenue to compel
an employee or other person residing within the jurisdiction of said court
or a carrier subject to service of process within said jurisdiction, to camply with any obligations imposed on said employee, other person, or carrier
under the provisions of this Act.
(b) The jurisdiction herein specifically conferred upon the said Federal
courts shall not be held exclusive of any jurisdiction otherwise possessed
by said courts to entertain actions at law or suits in equity in aid of the
ecforcement of rights or obligations arising under the provisions of
this Act.
Penalties
Sec. 10. Any person or any carrier which shall willfully fail or refuse
to make any report in accordance with this Act required by the Commissioner of Internal Revenue in the administration of this Act, or which
shall knowingly make any false or fraudulent statement or report in
response to any report or statement required by this Act shall be punished
on conviction by a fine of not less than $100 nor more than $10,000.
Social Security Act
Sec. 11. The term "employment", as defined in subsection (b) of
section 811 of Title VIII of the Social Security Act, shall not include
service performed in the employ of a carrier as defined in subdivision (a)
of section 1 of this Act.
Termination of Taxes
See. 12. The taxes imposed by this Act shall not apply to any compensation received or paid after February 28, 1937.
Separability
Sec. 13. If any provision of this Act, or the application thereof to any
person or circumstance, is held invalid, the remainder of the Act, and
the application of such provision to other persons or circumstances shall
not be affected thereby.
Approved, August 29, 1935, 5 p. m.
Text of Frazier-Lemke Farm Mortgage Moratorium Act Signed by President
Roosevelt—Replaces Act Declared Unconstitutional
Below we give the text of the Frazier-Lemke Farm Mortgage Moratorium measure, which became a law with its
approval by President Roosevelt on Aug. 28. The measure
takes the place of the Farm Mortgage Moratorium Act of
1934, which, as noted in these columns June 1 last, page 3626,
was declared unconstitutional, on May 27, by the United
States Supreme Court. At the time Congress completed
action on the new bill Washington advices to the New York
"Journal of Commerce" said:
Replacing the moratorium proposal invalidated early this year by the
United States Supreme Court, the present bill allows a farmer to adjudge
himself bankrupt and secure a moratorium on his debts for a period of three
years, the discretion being with the courts.
The mortgagee loses none of his rights under the bill, it is claimed by
proponents, because at any time he can demand a sale of the farmer's
properties at public auction and can bid for the properties the same as
anyone else.
The farmer has a right to redeem the property within 90 days after
auction.
As signed by President Roosevelt, on Aug. 28 (the date had
previously been reported as Aug 29), the text of the new
law reads as follows:
[S. 3002]
AN ACT
To amend an Act entitled "An Act to establish a uniform system of bankthroughout
ruptcy
the United States", approved July 1, 1898, and Acts
amendatory thereof and supplementary thereto.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 75 of said Act, as
amended, be further amended by amending the second sentence of subsection (b), so as to read as follows: "The conciliation commissioner shall
receive as compensation for his services a fee of $25 for each case submitted to him, and when docketed, to be paid out of the Treasury."
Sec. 2. That section 75 of said Act, as amended, be further amended
by amending subsection (g) to read as follows:
"(g) An application for the confirmation of a composition or extension
proposal may be filed in the court of bankruptcy after, but not before,
It has been accepted in writing, by a majority in number of all creditors
whose claims have been allowed, including secured creditors whose claims
are affected, which number shall represent a majority in amount of
such claims."
Sec. 3. That section 75 of said Act, as amended, be further amended by
amending subsection (k) to read as follows:
"(k) Upon.its confirmation, a composition or extension proposal shall
be binding upon the farmer and his secured and unsecured creditors affected
thereby: Provided, however, That such extension and/or composition shall
not reduce the amount of or impair the lien of any secured creditor below
the fair and reasonable market value of the property securing any such
lien at the time that the extension and/or composition is accepted, but
nothing herein shall prevent the reduction of the future rate of interest on
all debts of the debtor, whether secured or unsecured."
Sec. 4. That section 75 of said Act, as amended, be further amended
by amending subsection (n) to read as follows:
"(n) The filing of a petition or answer with the clerk of court, or
leaving it with the conciliation commissioner for the purpose of forwarding same to the clerk of court, praying for relief under section 75 of this
Act, as amended, shall immediately subject the farmer and all his property,
wherever located, for all the purposes of this section, to the exclusive
jurisdiction of the court, including all real or personal property, or any
equity or right in any such property, including, among others, contracts
for purchase, contracts for deed, or conditional sales contracts, the right
or the equity of redemption where the period of redemption ha not or had
not expired, or where a deed of trust has been given as security, or where
the sale has not or had not been confirmed, or where deed had not been
delivered, at the time of filing the petition.
"In all cases where, at the time of filing the petition, the period of
redemption has not or had not expired, or where the right under a deed of
trust has not or had not become absolute, or where the sale has not or
had not been confirmed, or where deed had not been delivered, the period
of redemption shall be extended or the confirmation of sale withheld for
the period necessary for the purpose of carrying out the provisions of this
section. The words 'period of redemption' wherever they occur in this
section shall include any State moratorium, whether established by legislative enactment or executive proclamation, or where the period of redemption has been extended by a judicial decree. In proceedings under this
section, except as otherwise provided herein, the jurisdiction and powers
of the courts, the title, powers, and duties of its officers, the duties of
the farmer, and the rights and liabilities of creditors, and of all persons
with respect to the property of the farmer and the jurisdiction of the
appellate courts, shall be the same as if a voluntary petition for adjudication had been filed and a decree of adjudication had been entered on the
day when the farmer's petition, asking to be adjudged a bankrupt, was
filed with the clerk of court or left with the conciliation commissioner for
the purpose of forwarding same to the clerk of court."
Sec. 5. That section 75 of said Act, as amended, be further amended
by amending subsection (p) to read as follows:
"(p) The prohibitions of subsection (o) shall apply to all judicial or
official proceedings in any court or under the direction of any official,
and shall apply to all creditors, public or private, and to all of the debtor's
property, wherever located. All such property shall be under the sole
jurisdiction and control of the court in bankruptcy, and subject to the
payment of the debtor farmer's creditors, as provided for in section 75
of this Act."
Sec. 6. That section 73 of said Act, as amended, be further amended by
adding a new subsection (s), after subsection (r), to read as follows:
"(s) Any farmer failing to obtain the acceptance of a majority in number
and amount of all creditors whose claims are affected by a composition
and/or extension proposal, or if Ile feels aggrieved by the composition
and/or extension, may amend his petition or answer, asking to be adjudged
a bankrupt. Such farmer may, at the same time, or at the time of the
Financial Chronicle
1840
first hearing, petition the court that all of his property, wherever located,
whether pledged, encumbered, or unencumbered, be appraised, and that
his unencumbered exemptions, and unencumbered interest or equity in his
exemptions, as prescribed by State law, be set aside to him, and that he
be allowed to retain possession, under the supervision and control of the
court, of any part or parcel or all of the remainder of his property,
including his encumbered exemptions, under the terms and conditions set
forth in this section. Upon such a request being made, the referee, under
the jurisdiction of the court, shall designate anti appoint appraisers, as
provided for in this Act. Such appraisers shall appraise all of the property
of the debtor, wherever located, at its then fair and reasonable market
value. The appraisals shall be made in all other respects with rights of
objections, exceptions, and appeals, in accordance with this Act: Provided,
That in proceedings under this section, either party may file objections,
exceptions, and take appeals within four months from the date that the
referee approves the appraisal.
"(1) After the value of the debtor's property shall have been fixed by
the appraisal herein provided, the referee shall issue an order setting aside
to such debtor his unencumbered exemptions, and his unencumbered interest
or equity in his exemptions, as prescribed by the State law, and shall
further order that the possession, under the supervision and control of
the court, of any part or parcel or all of the remainder of the debtor's
property shall remain in the debtor, as herein provided for, subject to all
existing mortgages, liens, pledges, or encumbrances. All such existing
mortgages, liens, pledges, or encumbrances shall remain in full force and
effect, and the property covered by such mortgages, liens, pledges, or
encumbrances shall be subject to the payment of the claims of the secured
creditors, as their interests may appear.
"(2) When the conditions set forth in this section have been complied
with, the court shall stay all judicial or official proceedings in any
court, or under the direction of any official, against the debtor or any
of his property, for a period of three years. During such three years the
debtor shall be permitted to retain possession of all or any part of his
property, in the custody and under the supervision and control of the
court, provided he pays a reasonable rental semiannually for that part
of the property of which he retains possession. The first payment of such
rental shall be made within one year of the date of the order staying proceedings, the amount and kind of such rental to be the usual customary
rental in the community where the property is located, based upon the
rental value, net income, and earning capacity of the property. Such
rental shall be paid into court, to be used, first, for payment of taxes and
upkeep of the property, and the remainder to be distributed among the
secured and unsecured creditors, and applied on their claims, as their
interests may appear. The court, in its discretion, if it deems it necessary
to protect the creditors from loss by the estate, and/or to conserve the
security, may order sold any unexempt perishable property of the debtor,
or any unexempt personal property not reasonably necessary for the farming operations of the debtor, such sale to be had at private or public
sale, and may, in addition to the rental, require payments on the principal
due and owing by the debtor to the secured or unsecured creditors, as
their interests may appear, in accordance with the provisions of this Act,
and may require such payments to be made quarterly, semiannually, or
annually, not inconsistent with the protection of the rights of the creditors
and the debtor's ability to pay, with a view to his financial rehabilitation.
"(3) At the end of three years, or prior thereto, the debtor may pay
into court the amount of the appraisal of the property of which he retains
possession, including the amount of encumbrances on his exemptions, up
to the amount of the appraisal, less the amount paid on principal: Provided, That upon request of any secured or unsecured creditor, or upon
request of the debtor, the court shall cause a reappraisal of the debtor's
Sept. 21 1935
property, or in its discretion set a date for hearing, and after such bearing, fix the value of the property, in accordance with the evidence submitted, and the debtor shall then pay the value so arrived at into court,
leas payments made on the principal, for distribution to all secured and
unsecured creditors, as their interests may appear, and thereupon the court
shall, by an order, turn over full possession and title of said property, free
and clear of encumbrances to the debtor: Provided, That upon request in
writing by any secured creditor or creditors, the court shall order the
property upon which such secured creditors have a lien to be sold at public
auction. The debtor shall have ninety days to redeem any property sold
at such sale, by paying the amount for which any such property was
sold, together with 5 per centum per annum interest, into court, and he
may apply for his discharge, as provided for by this Act. If, however,
the debtor at any time fails to comply with the provisions of this section,
or with any orders of the court made pursuant to this section, or is unable
to refinance himself within three years, the court may order the appointment of a trustee, and order the property sold or otherwise disposed of
as provided for in this Act.
"(4) The conciliation commissioner, appointed under subsection (a) of
section 75 of this Act, as amended, shall continue to act, and act as referee,
when the farmer debtor amends his petition or answer, asking to be
adjudged a bankrupt under the provisions or subsection (s) of section 76
of this Act, and continue so to act until the case has been finally disposed
of. The conciliation commissioner, as such referee, shall receive such an
additional fee for his services as may be allowed by the court, not to exceed
$35 in any case, to be paid out of the bankrupt's estate. No additional
fees or costs of administration or supervision of any kind shall be charged
to the fanner debtor when or after he amends his petition or answer,
asking to be adjudged a bankrupt, under subsection (s) of section 75 of
this Act, but all such additional filing fees or costs of administration or
supervision 811011 be charged against the bankrupt's estate. Conciliation
commissioners and referees appointed under section 73 of this Act shall
be entitled to transmit in the mails, free of postage, under cover of a
penalty envelope, all matters which relate exclusively to the business of
the courts, including notices to creditors. If, at the time that the fanner
debtor amends his petition or answer, asking to be adjudged a bankrupt, a
receiver is in charge of any of his property, such receiver shall be divested
of possession, and the property returned to the possession of such farmer,
under the provisions of this Act. The provisions of this Act shall be held
to apply also to partnerships, common, entirety, joint, community ownerships, or to farming corporations where at least 75 per centum of the stock
is owned by actual farmers, and any such parties may join in one petition.
"(5) This Act shall be held to apply to all existing cases now pending
in any Federal court, under this Act, as well as to future cases; and all
cases that have been dismissed by any conciliation commissioner, referee,
or court because of the Supreme Court decision holding the former subsection (a) unconstitutional, shall be promptly reinstated, without any
additional filing fees or charges. Any farm debtor who has filed under
the General Bankruptcy Act may take advantage of this section upon
written request to the court; and a previous discharge of the debtor under
any other section of this Act shall not be grounds for denying him the
benefits of this section.
"(6) This Act is hereby declared to be an emergency measure and if
in the judgment of the court such emergency ceases to exist in its locality,
then the court, in its discretion, may shorten the stay of proceedings herein
provided for and proceed to liquidate the estate.
Approved, August 28, 1936.
An item regarding the signing of the bill appeared in these
columns Aug. 31, page 1368.
Text of Bill Enacted Into Law Amending Act Creating TVA—New Measure Authorizes Loans Up to $50,000,000 to States, Counties Etc. to Acquire Facilities for
Distribution of Electric Power—Also Permits TVA to Sell Surplus Power
Mention was made in these columns Sept. 7 (page 1532)
of the signing on Aug. 31 by President Roosevelt of the
measure passed by Congress before adjournment embodying
amendments to the Act creating the Tennessee Valley Authority. Some of the provisions of the new legislation were
outlined in our issue of Aug. 24, page 1202. As indicated
therein, the new Act authorizes the TVA to make loans up
to $50,000,000 to States, counties and municipalities for the
purchase of power-distributing systems. The newly-enacted
measure also provides that, when practicable, the TVA is
to sell its surplus power at rates sufficient to pay costs
of production. We give herewith the text of the Act as
signed by President Roosevelt on Aug.31:
[H. R. 8632]
AN ACT
To amend an Act entitled "An Act to improve the navigability and to provide for the flood control of the Tennessee River; to provide for
reforestation and the proper use of marginal lands in the Tennessee
Valley; to provide for the agticultural and industrial development
of said Valley; to provide for the national defense by the creation
of a corporation for the operation of Government properties at and
near Muscle Shoals in the State of Alabama, and for other purposes'",
approved May 18, 1933.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That subdivision (i) of section 4
of the Act entitled "An Act to improve the navigability and to provide for
the flood control of the Tennessee River; to provide for reforestation and
the proper use of marginal lands in the Tennessee Valley; to provide for
the agricultural and industrial development of said valley; to provide for
the national defense by the creation of a corporation for the operation of
Government properties at and near Muscle Shoals in the State of Alabama,
and for other purposes", approved May 18, 1933, be, and the same is
hereby, amended by adding thereto the following proviso: "Provided, That
nothing contained herein or elsewhere in this Act shall be construed to
deprive the Corporation of the rights conferred by the Act of February 26,
1931 (46 Stat. 1422, ch. 307, secs. 1 to 5, inclusive), as now compiled in
section 258a to 258e, inclusive, of Title 40 of the United States Code."
Sec. 2.• That subdivision (j) of said section 4 of said Act be, and the
same is hereby, amended to read as follows:
"(j) Shall have power to construct such dams, and reservoirs, in the
Tennessee River and its tributaries, as in conjunction with Wilson Dam,
and Norris, Wheeler, and Pickwick Landing Dams, now under construction, will provide a nine-foot channel in the said river and maintain a
water supply for the same, from Knoxville to its mouth, and will best serve
to promote navigation on the Tennessee River and its tributaries and
control destructive flood waters in the Tennessee and Mississippi River
drainage basins; and shall have power to acquire or construct power
houses, power structures, transmission lines, navigation projects, and
incidental works in the Tennessee River and its tributaries, and to unite
the various power installations into one or more systems by transmission
lines. The directors of the Authority are hereby directed to report to
Congress their recommendations not later than April 1, 1936, for the
unified development of the Tennessee River system."
Sec. 3. That said section 4 of said Act be, and the same is hereby,
further amended by adding a new subdivision, (k), at the end of said
section as follows:
"(k) At any time before the expiration of five years from the date when
this section, as amended, becomes law may in the name of and as agent
for the United States and subject to approval of the President, dispose
of any of such real property as in the judgment of the Board may be no
longer necessary in carrying out the purposes of this Act, but no land shall
be conveyed on which there is a permanent dam, hydraulic power plant,
fertilizer plant or munitions plant, heretofore or hereafter built by or
for the United States or for the Authority."
Sec. 4. That subdivision (c) of section 5 of said Act be, and the same
is hereby, amended to read as follows:
"(c)" To cooperate with National, State, district, or county experimental stations or demonstration farms, with farmers, landowners, and
associations of farmers or landowners, for the use of new forms of fertilizer
or fertilizer practices during the initial or experimental period of their
introduction, and for promoting the prevention of soil erosion by the use
of fertilizers and otherwise."
Sec. 5. That said Act be, and the same is hereby, further amended by
adding a new section after section 9 of said Act, as follows:
"Sec. 9a. The Board is hereby directed in the operation of any dam
or reservoir in its possession and control to regulate the stream flow
primarily for the purposes of promoting navigation and controlling floods.
So far as may be consistent with such purposes, the Board is authorized to
provide and operate facilities for the generation of electric energy at any
such dam for the use of the Corporation and for the use of the United States
or any agency thereof, and the Board is further authorized, whenever an
Volume 141
Financial Chronicle
opportunity is afforded, to provide and operate facilities for the generation
of electric energy in order to avoid the waste of water power, to transmit
and market such power as in this act provided, and thereby, so far as may
be practicable, to assist in liquidating the cost or aid in the maintenance
of the projects of the Authority."
Sec. 6. That section 10 of said Act be, and the same is hereby, amended
by adding thereto a proviso as follows: "Provided further, That the Board
is authorized to include in any contract for the sale of power such terms
and conditions, including resale rate schedules, and to provide for such
rules and regulations as in its judgment may be necessary or desirable for
carrying out the purposes of this Act, and in case the purchaser shall fail
to comply with any such terms and conditions, or violate any such rules
and regulations, said contract may provide that it shall be voidable at
the election of the Board: Provided further, That in order to supply farms
and small villages with electric power directly as contemplated by this
section, the Board in its discretion shall have power to acquire existing
electric facilities used in serving such farms and small villages: And
provided further, That the terms 'States', 'counties', and 'municipalities'
as used in this Act shall be construed to include the public agencies of
any of them unless the context requires a different construction."
Sec. 7. That said Act be, and the same is hereby, further amended by
adding a new section after section 12 of said Act, as follows:
"Sec. 12a. In order (1) to facilitate the disposition of the surplus
power of the Corporation according to the policies set forth in this Act;
(2) to give effect to the priority herein accorded to States, counties,
municipalities, and nonprofit organizations in the purchase of such power
by enabling them to acquire facilities for the distribution of such power;
and (3) at the same time to preserve existing distribution facilities as
going concerns and avoid duplication of such facilities, the Board is
authorized to advise and cooperate with and assist, by extending credit
for a period of not exceeding five years to, States, Counties, municipalities
and nonprofit organizations situated within transmission distance from any
dam where such power is generated by the Corporation in acquiring, improving, and operating (a) existing distribution facilities and incidental
works, including generating plants; and (b) interconnecting transmission
lines; or in acquiring any interest in such facilities, incidental works,
and lines."
Sec. 8. That said Act be, and the same is hereby, further amended by
adding to section 14 of said Act the following:
"The Board shall, on or before January 1, 1937, file with Congress a
statement of its allocation of the value of all such properties turned over
to said Board, and which have been completed prior to the end of the
preceding fiscal year, and shall thereafter in its annual report to Congress
file a statement of its allocation of the value of such properties as have
been completed during the preceding fiscal year.
"For the purpose of accumulating data useful to the Congress in the
formulation of legislative policy in matters relating to the generation,
transmission, and distribution of electric energy and the production
of
chemicals necessary to national defense and useful in agriculture, and to
the Federal Power Commission and other Federal and State
and to the public, the Board shall keep complete accounts of its agencies,
costs of
generation, transmission, and distribution of electric energy and shall keep
a complete account of the total cost of generating and transmission facilities constructed or otherwise acquired by the Corporation, and of producing
such chemicals, and a description of the major components of such costs
according to such uniform system of accounting for public utilities
as
the Federal Power Commission has, and if it have none, then it is hereby
empowered and directed to prescribe such uniform system of accounting,
together with records of such other physical data and operating statistics
of the Authority as may be helpful in determining the actual cost and
value of services, and the practices, methods, facilities, equipment,
appliances, and standards and sizes, types, location, and geographical and
economic integration of plants and systems best suited to promote the public
Interest, efficiency, and the wider and more economical use of
electric
energy. Such data shall be reported to the Congress by the Board
from
time to time with appropriate analyses and recommendations, and, so
far
as practicable, shall be made available to the Federal Power
Commission
and other Federal and State agencies which may be concerned
with the
administration of legislation relating to the generation,
transmission, or
distribution of electric energy and chemicals useful to agriculture.
It is
hereby declared to be the policy of this Act that, in
order, as soon as
practicable, to make the power projects self-supporting
and self-liquidating, the surplus power shall be sold at rates which, in the opinion
of the
Board, when applied to the normal capacity of the Authority's power
facilities, will produce gross revenues in excess of the cost
of production of
said power and in addition to the statement of the
cost of power at
each power station as required by section 9 (a) of the
'Tennessee Valley
Act of 1933', the Board shall file with each annual report,
a statement
of the total cost of all power generated by it at all power stations
during
each year, the average cost of such power per kilowatt hour, the
rates at
which sold, and to whom sold, and copies of all contracts
for the sale
of power."
Sec. 9. That said Act be and the same is hereby further amended
by
adding after section 15 of said Act a new section as follows:
"Sec. 15a. With the approval of the Secretary of the
Treasury, the
Corporation is authorized to issue bonds not to exceed
in the aggregate
$50,000,000 outstanding at any one time, which bonds may
be sold by the
Corporation to obtain funds to carry out the provisions of
section 7 of
this amendatory Act. Such bonds shall be in such forms and
denominations, shall mature within such periods not more than fifty
years from
the date of their issue, may be redeemable at the option of the
Corporation before maturity in such manner as may be stipulated therein,
shall
bear such rates of Interest not exceeding 31,4 per centum per annum,
shall be subject to such terms and conditions, shall be issued in
such
manner and amount, and sold at such prices, as may be
prescribed by the
Corporation, with the approval of the Secretary of the
Treasury: Provided, That such bonds shall not be sold at such prices or on such
terms
as to afford an investment yield to the holders in excess of 3%
per
centum per annum. Such bonds shall be fully and unconditionall
y guaranteed both as to interest and principal by the United States, and such
guaranty shall be expressed on the face thereof, and such bonds shall
be
lawful investments, and may be accepted as security, for all
fiduciary,
trust, and public funds, the investment or deposit of which shall be
under
the authority or control of the United States or any officer or officers
thereof. In the event that the Corporation should not pay upon demand,
when due, the principal of, or interest on, such bonds, the Secretary
of
the Treasury shall pay to the holder the amount thereof, which is hereby
authorized to be appropriated out of any moneys in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid
the
Secretary of the Treasury shall succeed to all the rights of the holders of
such bonds. The Secretary of the Treasury, in his discretion, Is author-
1841
ized to purchase any bonds issued hereunder, and for such purpose the
Secretary of the Treasury is authorized to use as a public-debt transaction
the proceeds from the sale of any securities hereafter issued under the
Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include
any purchases of the Corporation's bonds hereunder. The Secretary of
the Treasury may, at any time, sell any of the bonds of the Corporation
acquired by him under this section. All redemptions, purchases, and sales
by the Secretary of the Treasury of the bonds of the Corporation shall
be treated as public-debt transactions of the United States. With the
approval of the Secretary of the Treasury, the Corporation shall have
power to purchase such bonds in the open market at any time and at any
price. No bonds shall be issued hereunder to provide funds or bonds
necessary for the performance of any proposed contract negotiated by the
Corporation under the authority of section 7 of this amendatory Act until
the proposed contract shall have been submitted to and approved by the
Federal Power• Commission. When any such proposed contract shall have
been submitted to the said Commission, the matter shall be given precedence
and shall, be in every way expedited and the Commission's determination
of the matter shall be final. The authority of the Corporation to issue
bonds hereunder shall expire at the end of five years from the date when
this section as amended herein becomes law, except that such bonds may
be issued at any time after the expiration of said period to provide bonds
or funds necessary for the performance of any contract entered into by the
Corporation, prior to the expiration of said period, under the authority
of section 7 of this amendatory Act."
Sec. 10. That section 26 of said Act be, and the same is hereby,
amended to read as follows:
"Sec. 26. Commencing July 1, 1936, the proceeds for each fiscal year
derived by the Board from the sale of power or any other products manufactured by the Corporation, and from any other activities of the Corporation including the disposition of ally real or personal property, shall be
paid into the Treasury of the United States at the end of each calendar
year, save and except such part of such proceeds as in the opinion of
the Board shall be necessary for the Corporation in the operation of dams
and reservoirs, in conducting its business in generating, transmitting, and
distributing electric energy and in manufacturing, selling, and distributing
fertilizer and fertilizer ingredients. A continuing fund of $1,000,000 is
also excepted from the requirements of this section and may be withheld
by the Board to defray emergency expenses and to insure continuous
operation: Provided, That nothing in this section shall be construed to
prevent the use by the Board, after June 30, 1936, of proceeds accruing
priori to July 1, 1936, for the payment of obligations lawfully incurred
prior to such latter date."
Sec. 11. That said Act be, and the same is hereby, further amended
by adding after section 26 of said Act a new section, as follows:
"Sec. 26a. The unified development and regulation of the Tennessee
River system requires that no dam, appurtenant works, or other obstruction, affecting navigation, flood control, or public lands or reservations
shall be constructed, and thereafter operated or maintained across, along,
or in the said river or any of its tributaries until plans for such construction, operation, and maintenance shall have been submitted to and approved
by the Board; and the construction, commencement of construction, operation, or maintenance of such structures withont such approval is hereby
prohibited. When such plans shall have been approved, deviation therefrom
either before or after completion of such structures is prohibited
unless
the modification of such plans has previously been submitted to
and
approved by the Board.
"In the event the Board shall, within sixty days after their formal submission to the Board, fail to approve any plans or modifications, as
the
case may be, for construction, operation, or maintenance
of any such
structures on the Little Tennessee River, the above requirements shall
be
deemed satisfied, if upon application to the Secretary of War, with
due
notice to the Corporation, and hearing thereon, such plans or modifications are approved by the said Secretary of War as reasonably adequate
and
effective for the unified development and regulation of the
Tennessee
River system.
"Such construction, commencement of construction, operation, or
maintenance of any structures or parts thereof in violation of the
provisions of
this section may be prevented, and the removal or discontinuatio
n thereof
required by the injunction or order of any district court
exercising jurisdiction in any district in which such structures or parts
thereof may be
situated, and the Corporation is hereby authorized to bring
appropriate
proceedings to this end.
"The requirements of this section shall not be construed to be
a substitute for the requirements of any other law of the United
States or of any
state, now in effect or hereafter enacted, but shall be in
addition thereto,
so that any approval, license, permit, or other sanction
now or
required by the provisions of any such law for the construction, hereafter
operation,
or maintenance of any structures whatever, except
such 28 may be constructed, operated, or maintained by the Corporation, shall
be required,
notwithstanding the provisions of this section."
Sec. 12. That said Act be, and the same is hereby, further
amended by
adding at the end of said Act a new section, as follows:
"Sec. 31. This Act shall be liberally construed
to tarry out the purposes of Congress to provide for the disposition of and
make needful rules
and regulations respecting Government properties
entrusted
provide for the national defense, improve navigation, to the Authority,
control destructive
floods, and promote interstate commerce and the
general welfare, but
no real estate shall be held except what
is necessary in the opinion of the
• Board to carry out plans and projects actually
decided upon requiring
the use of such land: Provided, That any land
purchased by the Authority
and not necessary to carry out plans and
projects actually decided upon
shall be sold by the Authority as agent of the
United States, after due
advertisement, at public auction to the highest bidder,
or at private sale
as provided in section 3 of this amendatory
Act."
Sec. 13. That section 4 of said Act of May
18, 1933 (48 Stat. 58), be
amended by adding subsection (1) as follows:
"(1) Shall have power to advise and
cooperate in the readjustment of
the population displaced by the construction
of dams, the acquisition of
reservoir areas, the protection of watersheds,
the acquisition of rights-ofway, and other necessary acquisitions of land,
in order to effectuate the
purposes of the Act; and may cooperate with
Federal, State, and local
agencies to that end."
Sec. 14. That subsection (b) of section 9
of said Act be and the same
is hereby amended to read as follows:
"(b) All purchases and contracts for
supplies or services, except for
personal services, made by the Corporation, shall
in such manner and at such times sufficiently be made after advertising,
in advance of opening
as the Board shall determine to be adequate
bids,
to insure notice and opportunity for competition: Provided, That
advertisement shall not be required
1842
Financial Chronicle
Sept. 21 1935
attention was paid to his reminder, and everybody
knew that his action was a farce. There is this difference, of course, between sanctions and renunciation, that sanctions have actually been debated and
their possibilities explored, while not a nation or a
Government anywhere has ever seriously considered
renouncing war. The two things have gone together,
however, as elements of the pacifist barrage which
statesmen have assisted in laying down to conceal
the continued operation of the old diplomacy and
prepare for the return of the day when national jealousies and ambitions should once more meet in a
trial of strength.
Any resort to sanctions that may now be had
through the agency of the League will be clearly subordinated to the policies and activities of individual
Powers. The lines of such policies as are now visible
do not make a hopeful picture. The Eastern European Powers have been significantly silent in expressions of opinion about the merits of the ItaloEthiopian dispute, and there is no sufficient reason
for inferring that, if sanctions are formally proclaimed, Eastern Europe will support them. Some
well-informed observers have suggested that the apparent agreement of France and Russia to oppose
Italy with words at Geneva, while allowing Great
Britain to make a display of naval force in the Mediterranean, is inspired less by a desire to see Italy
checked than by the hope of bringing Great Britain
The Fallacy of Sanctions and
actively into the whirlpool of Continental politics—
Renunciations
a position which Great Britain has for some years
(Concluded front page 1832)
sedulously sought to avoid. There are many indicathe detention and examination of mails is peculiarly tions that the bold front which Premier Laval has
irritating and offensive. Direct financial aid to a set up at Geneva is not backed by a very substantial
warring country can, of course, be prevented, but political support at home, and that pronounced opindirect aid through third parties is always possible. position to breaking with Italy and playing the BritAll of these devices for applying sanctions, how- ish game may shortly be shown in France. The great
ever, rest upon the fallacy that unfriendly or hostile and continuous anxiety of France is not what may
acts,intended to prevent a nation from fighting or to happen in Africa if Ethiopia is invaded and conimpede its operations if fighting has begun, can be quered, but what Germany is going to do when its
carried on without entailing open war, and that the armament is better developed.
There has been no such critical moment since Eumembers of the League will be united in putting sancin the anxious days of July and August, 1914,
rope,
in
which
case
sanctions
tions into effect. The only
could be successfully imposed without endangering skirted the brink of war. The next few days are likely
the maintenance of peace is that of an aggressor to show whether the forces of compromise will be
nation too small and weak to resist even moderate able to avert a clash, or whether Europe and Africa
political pressure, and too lacking in resources to are to see another war. Under peace or war, however,
permit it to go on without outside aid. If Italy yields the fate of Ethiopia appears to be sealed, and what
to the pressure of the League, it will not be for those happens to Ethiopia may happen later to other parts
reasons. In the present crisis, moreover, there is as of Africa which some aggressive and powerful Euroyet no clear evidence that the members of the League pean Government may covet. War as "an instrument
are united in their advocacy of sanctions. Austria of national policy" is again in the saddle, and the
has already expressed a good deal of sympathy with invocation of sanctions means at best only the sumItaly, Switzerland, which borders Italy on the north, moning of a counter force to combat a force already
has an international guarantee of neutrality which embodied. A world that has affected to believe in
it cannot afford to jeopardize, Australia has let it fallacies is now putting its faith in realities.
be known that it must not be counted upon to do any..
BOOK REVIEWS
thing serious, Canada does not mean to be drawn in,
in
being
well
which
to
addition
Germany,
armed
and
Statutes of Limitations and the Principal
has withdrawn from the League, can hardly be exCommercial Legal Remedies as Related to
Latin America
pected to lock arms with France in defeating Italy's
colonial ambitions when the former German colonies By H. P. Crawford. 42 pages. Washington: Department
of Commerce
are still in alien hands.
the Division of Commercial Laws of
by
issued
bulletin,
This
With sanctions a demonstrably feeble reliance, the
a
Bureau of Foreign and Domestic Commerce, offersthe
the
so-called "renunciation of war" stands out as even minute topical analysis of the rules of law governing
of Latin America,
more futile. Secretary Hull doubtless felt that he statutes of limitations in all the countries
statement of the principal legal
brief
a
with
together
could not do less than remind the nations that they remedies available to the American exporter. The work is
useful
had signed the Kellogg anti-war pact, in which they particularly valuable for lawyers, but it should prove Amerwith Lathbusiness
dealings
having
persons
all
to
also
declared solemnly that they renounced war "as an ican countries. Copies (5c.) may be obtained of either the
instrument of national policy," but not the slightest Washington or the New York office of the Bureau.
when, (1) an emergency requires immediate delivery of the supplies or
performance of the services; or (2) repair parts, accessories, supplemental
equipment, or services are required for supplies or services previously
furnished or contracted for; or (3) the aggregate amount involved in any
purahase of supplier or procurement of services does not exceed $500;
in which cases such purchases of supplies or procurement of services may
be made in the open market in the manner common among businessmen:
Provided further, That in comparing bids and in making awards the Board
may consider such factors as relative quality and adaptability of supplies
or services, the bidder's financial responsibility, skill, experience, record of
integrity in dealing, ability to furnish repairs and maintenance services,
the time of delivery or performance offered, and whether the bidder has
complied with the specifications.
"The Comptroller General of the United States shall audit the transactions of the Corporation at such times as he shall determine, but not less
frequently than once each governmental fiscal year, with personnel of
his selection. In such connection he and his representatives shall have free
and open access to all papers, books, records, files, accounts, plants, warehouses, offices, and all other things, property, and places belonging to or
under the control of or used or employed by the Corporation, and shall
be afforded full facilities for counting all cash and verifying transactions
with and balances in depositaries. He shall make report of each such
audit in quadruplicate, one copy for the President of the United States,
one for the chairman of the Board, one for public inspection at the principal office of the Corporation, and the other to be retained by him for
the uses of the Congress: Provided, That such report shall not be made
until the Corporation shall have had reasonable opportunity to examine the
exceptions and criticisms of the Comptroller General of the General Accounting Office, to point out errors therein, explain or answer the same,
and to file a statement which shall be submitted by the Comptroller
General with his report. The expenses for each such audit shall be paid
from any appropriation or appropriations for the General Accounting Office,
and such part of such expenses as may be allocated to the cost of generating, transmitting, and distributing electric energy shall be reimbursed
promptly by the Corporation as billed by the Comptroller General. The
Comptroller General shall make special report to the President of the
United States and to the Congress of any transaction or condition found
by him to be in conflict with the powers or duties entrusted to the Corporation by law."
Sec. 15. That the sections of this Act are hereby declared to be separable,
and in the event of any one or more sections of this Act, or parts thereof,
be held to be unconstitutional, such holding shall not affect the validity
of other sections or parts of this Act.
Approved, August 31, 1935.
Financial Chronicle
Volume 141
The Course of the Bond Market
Corporate bonds were relatively stable this week until
Friday, when moderate declines were seen in all classes of
bonds, high grades as, well as low grades.
The decline in United States Government bond prices
was resumed earlier in the week, halted by only moderate
gains in mid-week. The called Liberty 41/
4s are reported
about 60% refunded. Member banks in the Reserve System
revealed a substantial decline in reserves this week, caused
mainly by temporary transfer of funds to the Treasury.
Our gold stock increased by $21,000,000. There is appearing
a tendency to send gold to this country from war-threatened
Europe.
Both high-grade and speculative railroad issues declined
slightly, though moving in a very narrow range. Among
high grades, Chesapeake & Ohio 4%s, 1995, closed at 108%,
off 1% for the week; Union Pacific 1st 4s, 1947, declined
1% to 111%; Atchison gen. 4s, 1995, lost % point, closing
at 108%. In the speculative group larger losses were seen.
Erie 5s, 1967, declined 1% to 69%; Baltimore & Ohio 43s,
1960, at 58 were off 2; Nickel Plate 4%s, 1978, at 61% were
unchanged.
The week has seen but moderate changes in industrial
bonds, and prices have moved in both directions. In the
steel group, Otis Os, 1941, closed at 99% on Friday for a
gain of % for the week, and American Rolling Mills 5s, 1948,
advanced % to 101%. In the building material group C,ertainteed Products 5%s, 1948, gained %,closing at 87%, and
Walworth 6s, 1945, at 64 were unchanged. Studebaker 6s,
MOODY'S BOND PRICESt
(Based on Average 131148)
1935
Daily
Amapa
U. B.
120
Govt. DossesBonds
fte
vs
Corp.
106.39
19 106.67
18._ 106.63
17._ 106.47
18_. 106.86
14__ 107.07
107.15
12._ 107.32
11-- 107.46
107.47
107.47
107.52
107.53
107.61
107.63
107.34
Stock
WeeklgAug.30._ 107.50
23._ 107.64
16._ 108.50
108.86
2_ 109.06
July 26__ 109.05
19._ 109.19
IL 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
108.89
.1,10. 26.. 108.61
19-12.. 108.25
108.54
Mar.29.. 108.07
22. 107.79
15. 107.94
8.. 107.85
108.22
Feb• 23.. 108.44
15.. 107.49
107.47
107.10
Jan. 25.. 107.33
18.. 108.79
11.. 106.81
4 105 76
Iligh 1935 109.20
Low less 106 66
Sigh 1934 106.81
Low 1934 99.06
Yr. to
Sep.20'34 102.85
2 Yrs.Ago
Sep.20.33 102.92
103.65
103.99
103.99
103.82
103.99
103.99
103.99
103.99
104.16
104.16
103.99
103.82
103.82
103.65
103.32
103.15
Exehan
120 Domestic Corporals*
by RC111598
Aaa
As
117.02 110.98
117.43 111.16
117.02 111.35
117.02 111.35
117.22 111.35
117.43 111.35
117.22 111.35
117.63 111.35
117.63 111.54
117.43 111.54
117.43 111.54
117.43 111.16
117.43 111.16
117.43 111.16
117.22 110.79
117.02 110.79
go Clog ed-
1843
1945, in the automobile classification, advanced 2 to 57.
Declines among special bonds were not rare, some of the
wider movements including International Mercantile Marine
6s, 1941, at 58%, off 1; United Drug 5s, 1953, at 91%, off 1%,
and Baldwin Locomotive Os, 1938, with warrants, at 58,
down 3%.
High-grade utilities held rather steadily, but lower grades
have been soft, with the more speculative issues off substantially on Thursday and Friday, accompanying weakness
in the stock market. International Hydro-Electric 6s, 1944,
closed at 43%, off 4% for the week; International Telephone
& Telegraph 5s, 1955, at 69% were down 3%; Standard Gas
& Electric Os, 1966, lost 7% to close at 41; United Light &
Railways Os, 1973, declined 6 to 52. Special developments
have been few and new financing was confined to $30,000,000
Southern California Edison refunding 4s, 1960, and $27,500,000 serial debentures 1936-1945.
There have been few changes of importance in the foreign
bond list. Despite the general tone of weakness that has
been apparent, Belgium, Norway and German corporate
issues have been slightly higher, while Italian bonds have
been erratic in response to changing developments in the
Ethiopian situation. Canadian issues continued to decline,
as did Danish bonds and the United Kingdom sterling 4s.
Argentine Government obligations also showed moderate
losses, apparently because of unsatisfactory crop reports.
The municipal bond market has been characterized by a
weakening of bids, and there has not been as good a demand
as there has been recently.
Moody's computed bond prices and bond yield averages are
given in the following tables:
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)
120 Domestic
Corporate* by Groups
A
Boa
RR
103.15
103.48
103.48
103.48
103.65
103.65
103.48
103.32
103.32
103.32
103.15
103.15
102.98
102.81
102.81
102.64
87.04
87.43
87.56
87.30
87.43
87.56
87.43
87.56
87.83
87.83
87.83
87.56
87.30
87.04
86.51
88.38
97.16
97.62
97.62
97.47
97.62
97.62
97.62
97.78
98.09
97.94
97.94
97.78
97.62
97.31
97.00
96.70
P.
105.54
105.72
106.89
105.72
105.72
105.89
105.89
106.07
106.07
106.07
105.89
105.89
105.54
105.54
105.37
105.20
Indus.
108.57
108.94
108.94
103.94
108.94
108.75
108.75
108.75
108.75
108.75
108.75
108.39
108.57
108.57
108.39
108.21
AU
1935
120
Daily
DomesAverages
tie
120 Domestic Corporate
by Ratings
4.00
.A.a
A
Bea
120 Domestic
Corporate by Groups
RR.
St
30
For•
P. U. Indus. signs.
Sept.20._
19__
18__
17_ _
16..
14__
13._
12__
11_
10--
4.56
4.12
3.81
4.53
5.64
4.93
4.42
4.25
6.79
4.51
4.11
5.61
4.54
4.41
3.79
4.90
4.23
6.61
4.51
4.54
4.10
3.81
5.60
4.40
4.90
4.23
8.51
4.52
4.54
3.81
4.91
5.62
4.41
4.23
6.59
4.10
4.51
5.61
4.53
4.41
3.80
4.90
6.56
4.23
4.51
4.53
4.10
4.60
3.79
4.90
4.40
4.24
6.50
4.54
4.51
4.10
3.80
4.90
5.61
4.24
4.40
6.50
4.10
4.51
5.60
4.55
3.78
4.89
4.39
4.24
6.55
4.09
4.50
5.58
4.55
3.78
4.87
4.39
4.24
6.52
4.55
4.09
4.50
5.58
4.39
3.79
4.88
4.24
6.41
4.51
4.56
4.09
3.79
5.58
4.88
4.40
4.24
6.38
4.52
4.56
4.11
3.79
5.60
4.89
4.40
4.26
6.49
4.11
3.79
4.52
/5.62
4.57
4.90
4.42
4.25
6.62
4.11
3.79
4.53
5.64
4.58
4.92
4.42
4.25
6.64
4.13
4.55
5.68
4.58
3.80
4.94
4.43
4.26
6.68
4.13
3.81
4.56
5.69
4.59
4.96
4.44
4.27
6.64
Stock Exchan go Clog edWeekly103.32 117.02 110.61 102.81 86.51 96.70 105.20 108.21
Aug.30.- 4.55
4.14
3.81
5.68
4.58
4.44
4.96
4.27
6.58
103.48 117.63 110.42 102.98 86.77 97.16 105.37 108.39
23_ 4.54
4.15
3.78
5.66
4.57
4.43
4.93
4.26
6.59
103.48 117.63 110.61 102.81 86.91 97.00 105.72 108.39
18__ 4.54
4.14
3.78
5.65
4.58
4.41
4.94
4.26
6.24
103.32 118.25 110.42 102.98 86.12 96.70 105.54 108.39
Aug. 9._ 4.55
4.15
3.75
5.71
4.57
4.42
4.96
4.26
6.17
103.48 118.66 110.42 103.32 85.74 96.23 105.54 108.94
3.73
4.54
4.55
4.15
4.99
5.74
4.42
4.23
6.15
103.32 119.07 110.42 103.48 84.85 96.08 105.72 108.57
July 26_ 4.55
3.71
4.54
4.15
5.00
5.81
4.41
4.25
6.12
103.48 119.27 110.61 103.15 85.35 96.39 105.89 108.39
4.54
5.77
4.56
4.14
3.70
4.98
4.40
4.26
5.97
103.15 119.48 110.42 103.48 84.47 95.78 108.07
4.58
4.15
3.69
5.84
4.54
4.39
5.02
4.26
5.91
103.65 119.69 110.42 103.65 85.61 97.31 105.89 108.39
108.39
4.53
4.53
4.15
3.68
5.75
4.92
4.40
4.26
5.85
103.32 119.27 110.05 103.48 85.23 97.47 105.20 107.67
June 28._
4.55
4.54
4.17
3.70
5.78
4.44
4.91
4.30
5.81
103.32 119.27 110.05 102.81 85.87 97.94 104.68 107.67
21.. 4.55
3.70
4.58
4.17
5.73
4.47
4.88
5.80
4.30
102.64 118.88 109.68 101.97 84.72 98.70 104.83 107.81
14.. 4.59
3.72
4.63
4.19
5.82
4.49
4.96
4.32
5.81
101.64 118.66 109.68 101.14 82.50 94.29 103.99 107.31
465
3.73
6.00
4.68
4.19
4.51
5.12
4.32
5.82
101.64 118.45 109.49 101.47 82.38 94.14 103.65 107.49
May 31._ 4.65
3.74
4.66
4.20
5.13
6.01
4.53
4.31
5.83
101.81 118.45 109.86 101.64 82.50 94.43 103.65 107.85
24.. 4.64
3.74
6.00
4.65
4.18
5.11
4.53
4.29
5.88
101.97 118.04 110.05 101.47 83.35 94.88 103.82 107.85
17._
4.63
3.78
5.93
4.17
5.08
4.66
4.29
4.52
5.86
101.64 118.45 110.05 101.47 82.02 93.85 103.82 107.85
10.. 4.85
4.17
3.74
6.04
4.66
5.15
4.29
4.52
5.85
101.81 118.66 110.05 101.47 82.50 94.29 103.99 107.67
4.64
4.17
3.73
5.12
6.00
4.68
4.51
4.30
5.97
101.81 118.66 110.05 100.98 82.87 95.63 02.64 107.67
Apr. 26_
4.64
3.73
5.97
4.69
4.17
5.03
4.59
5.93
4.30
Stook E xchan
Close
19_
Stock E goblin e Close d.
100.81 119.07 109.68 99.68 80.84 94.29 101.14 107.49
12_
4.70
4.77
4.19
3.71
5.12
6.14
4.68
4.81
6.11
100.17 119.07 109.49 99.38 79.56 92.82 101.14 107.31
5_
4.74
4.79
4.20
3.71
5.22
6.25
4.32
4.68
6.23
99.36 118.66 109.12 98.88 77.88 90.83 100.98 107.14
Mar.29 _
4.79
4.22
4.82
3.73
5.36
6.40
4.33
4.69
6.48
100.49 119.27 109.86 100.17 79.45 93.55 100.98 107.49
22_
4.72
4.18
4.74
3.70
6.26
4.69
5.17
4.31
6.33
100.49 119.07 110.61 100.33 79.11 98.26 100.98 108.03
15.
4.72
4.14
6.29
4.73
3.71
5.19
4.69
4.28
6.16
101.64 119.48 110.98 101.14 81.42 95.83 101.47 108.57
8_
4.65
4.12
4.68
3.69
5.03
6.09
4.25
4.66
6.12
102.47 119.48 111.35 101.64 82.99 97.78 101.64 108.39
23__
1
4.60
4.10
4.65
3.69
4.89
5.96
4.65
4.28
6.03
102.81 119.48 111.16 102.14 83.97 99.88 101.14 108.21
Feb.
3.69
4.58
4.62
4.11
6.88
4.68
4.77
4.27
6.02
102.30 119.07 110.79 101.14 83.60 99.68 99.68 107.85
15_
4.13
3.71
4.61
4.68
4.77
6.91
4.77
4.29
6.04
101.64 118.66 110.42 100.49 82.50 99.04 98.41 107.85
3.73
4.65
4.72
4.15
6.00
4.85
4.81
4.29
6.01
101.31 118.04 110.05 100.33 82.38 99.04 97.94 107.31
4.67
4.73
4.17
3.76
6.01
4.88
4.81
4.32
6.12
102.14 118.04 110.05 100.81 84.35 100.49 98.73 107.49
Jan.
25._
3.76
4.62
4.70
4.17
5.85
4..3
4.72
4.81
6.16
100.81 117.43 109.31 99.52 82.28 99 88 96.23 106.78
18.. 4.70
4.78
3.79
6.02
4.21
4.77
4.99
6.15
4.35
100.81 117.63 109.12 99.52 82.50 100.17 95.93 106.96
11_. 4.70
4.22
3.78
6.00
4.78
4.74
5.01
4.34
6.22
0033 117 43 108.94 98 88 81 54 100.00 94 58 l0&98
4
4.73
4 82
4.23
3.79
6.08
4.75
4.34
5.10
630
104.16 119.69 111.54 103.65 87.83 100.49 106.07 108.94
Low 1935 4.50
4.09
4.53
3.68
4.72
5.58
4.39
4.23
1111.20 117.02 106.07 115.73 77.85 tt(1.6s 94.14 106.78
5.78
114M 1936 4.50
4.25
3.51
5.411
4.83
5.37
6.13
4.35
6 88
100.00 117.22 108.75 99.04 83.72 100.49 94.58 106.78
Low 1984 4.75
3.80
4.81
4.24
5.90
4.72
5.10
4.35
6.35
84.85 105.37 93.11 81.78 66.38 85.61 742.5 96.54
High 1934 5.81
5.20
4.43
7.58
6.06
5.75
6.74
4.97
8.65
Yr. Ago95.18 113.85 105.03 93.26 75 50 93.55 89.45 103.48
Sep.2034 5.06
5.19
4.45
3.97
8.62
5.17
4.54
5.47
7.14
2 Yrs.Ago
86.25 105.54 94.58 84.85 67.42 86.64 76.46 97.78
Sep.2033 5.70
5.10
4.42
5.81
7.46
5.67
4.89
6.53
9.50
•These prices a e com ,uted from average yielde on tan p to. of 0 e •11de d"
(4(% coupon. naturing in 3 ye trs) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve bond
to illustrate in a more co nprehensive way the relative levels
and the relative movement ot
Yield averages, the latter being the truer picture of the bond market. For Moody's
•• actual average price of 8 long-term Treasury Issues. t The latest eorlDlete list Index of bond prices by months back to 1928. see the Issue of Feb. 6 1932, page 907.
Of bonds used to co Emoting loose Indexes WAS published In the issue of
%sae 3291 St Average of 30 foreign honde bill AdiliqfAd In inn onarahle
May 15 1935
11..1. Mill DreViOug averages of Cl foreign nonn.
Moody's Daily Commodity Index Reaches New
1935 High on War Scare
Influenced largely by the current war threat in Europe
and the possibility of greatly increased demand for commodities to supply the armies, Moody's Daily Index of Staple
Commodity prices has advanced this week to the highest
levels of the year to date. Wheat prices, in particular,
advanced sharply as it was realized that the supply available
this year is decidedly limited.
In addition to wheat, cotton, copper, corn, hides, rubber,
lead, silk and cocoa also advanced. Top hogs and wool
declined moderately while silver, scrap steel, coffee and spot
sugar remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Fit. Sept. 13
2 Weeks Ago, Sept. 6
170.1
167.2
Sat.,
Sept. 14
Mon., Sept. 16
Tues., Sept. 17
Wed., Sept. 18
Thurs., Sept. 19
Fri.,
Sept. 20
169.2
171.1
172.5
171.6
172.3
172.6
Month Ago,
Year Ago,
1934 High,
Low,
1935 High,
Low,
Aug. 23
Sept.21
Aug. 29
Jan. 2
Sept.20
Mar. 18
165.6
151.3
156.2
126.0
172.6
148.4
1844
Sept. 21 1935
Financial Chronicle
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Sept. 20 1935.
There is cumulative and increasing evidence that general
trade is improving at a fair rate. Retail sales continued
to rise, the average gain over the country ranging from
10 to 22% over those of the same week last year, with the
demand more diversified. Wholesale orders were 8 to 20%
larger than a year ago. Moreover, industrial operations
were progressing at a higher rate. The output of electricity
reversed its recent downward trend and gained 4.3% for the
week and maintained its level over that of a year ago.
Steel operations went along at a steady pace, although the
demand from the automobile industry continued rather small
because of the delay in the transition from old to new
models. While bituminous coal production was lower than
in the previous week, it was above that of a year ago. Car
loadings reached the highest total in four years. They were
700,357 cars, according to the Association of American Railroads, and exceed those of the same week last year by
52,872 cars. Pig iron sales have picked up in the metropolitan area. Steel scrap markets were firm at Youngstown,
and Buffalo and Pittsburgh quoted higher prices, while other
centers remained unchanged. Copper was more active and
higher both here and abroad. Machine tool business in
August scored its sixth consecutive monthly increase. Cotton and grain moved sharply upward on war buying in active
trading. Bullish crop advices from Argentina also helped
wheat. Other commodities showed more activity, with the
trend generally upward. Hides hit new highs. After very
cool weather here early in the week it became warmer and
more summerlike. Oregon was drenched by rains on the
14th inst. which helped fall seeding and plowing in some
sections. The rains were generally believed to be beneficial,
but there were those who were of the opinion they would
result in some damage. To-day it was fair and warm here,
with temperatures ranging from 64 to 74 degrees. The forecast was for fair and cooler to-night; Saturday probably
showers; Sunday probably fair. Overnight at Boston it was
64 to 74 degrees; Baltimore, 66 to 82; Pittsburgh, 60 to 84;
Portland, Me., 64 to 82; Chicago, 64 to 86; Cincinnati, 68 to
90; Cleveland, 62 to 84; Detroit, 52 to 86; Charleston, 70
to 78; Milwaukee, 58 to 78; Dallas, 66 to 86; Savannah,
68 to 78; Kansas City, 70 to 92; Springfield, Mo., 64 to 86;
Oklahoma City, 64 to 88; Denver, 60 to 90; Salt Lake City,
50 to 90; Seattle, 54 to 58; Montreal, 58 to 78, and Winnipeg, 48 to 72.
-4-Greatest Recovery Need, Says Col. Ayres, Is More
Construction-Drop in Exports and Lag in Railroad Purchasing Other Factors Restricting Progress-Higher Living Standards Viewed as an
Aid to Activity
Figures which indicate that "our greatest recovery need
is for more construction to utilize more iron and steel and
more building materials," are presented by Colonel Leonard
P. Ayres, Vice-President of the Cleveland Trust Co. of Cleveland, Ohio, in the company's "Business Bulletin," made public Sept. 16. Colonel Ayres points out that "some of the
natural forces of recovery continue to operate in placid
fashion to hold business activity up nearly to the levels
established at the beginning of the year," and goes on
to say:
The American people continue to buy large numbers of automobiles and
iceless refrigerators. They are traveling more freely, and patronizing entertainments and amusements more generally than they did in the earlier
years of the depression. They are buying more personal and household
goods at retail stores than formerly. The farmers are having their best
year since the depression started. All these factors sustain business.
Nevertheless, some of the natural forces of recovery are still exerting only
meager pressure in the upward push of business. Three of them are so
important that their lack of active participation greatly restricts the progress
of recovery. One of these is export trade. Just before the depression the
value of our exports was running at over $5,000,000,000 a year. At present
It is a little more than one-third as much. The second of the three
great laggards in recovery is railroad purchasing. Before the depression
the operating revenues of the roads were even larger in total than the value
of our exports. They amounted to well over $6,000,000,000 a year. Now
they are about half as much, and as a result railroad purchasing is greatly
curtailed.
The third continuing great shortage is in building construction. Before
the depression our annual expenditures for construction were much greater
than either the value of our exports or the revenues of our railroads.
Their total probably averaged over $10,000,000,000 a year during the
prosperity period from 1923 through 1929. It is now running at about a
quarter of those earlier figures.
Probably a large increase in building would do more to promote recovery
than would any other development that seems possible. Active building
would employ great numbers of workers now idle. It would restore freight
traffic to the railroads, and the roads, in turn, would spend almost all their
additional revenues for materials, replacements, and betterments. Then
the iron and steel and many machine industries would revive, their securities would be given restored value, employment would increase, and recovery
would be achieved.
Half Way
Recovery has made sufficient progress during the past three years to
carry the volume of industrial production half way back towards normal.
This statement is based on the data of the index of industrial production
compiled by the Federal Reserve Board. That index takes the average
volume of production of the three years 1923, 1924 and 1925 as equal to 100.
Probably that basis may be accepted as constituting a fair normal level for
that period, since 1923 was a prosperous year, 1924 one of mild depression,
and 1925 a moderately good year.
However, our population has been growing since then, and in order to
produce as much per capita the corresponding volume of output would
have to be increased by between 12 and 13% in 1935. If we assume no
advance in the standard of living during the intervening years, we can
compute what the normal output would be in 1935, and estimate what
progress we have made toward reaching it. This is a most conservative
basis of estimate, for in previous decades as far back as the records run
our volume of industrial production has increased far more rapidly than
has our population.
In the diagram [this we omit.-Ed.1 the first column shows the components of a normal volume of output in 1935 with the total amounting
to 100. The second column shows the actual rate of production in 1935,
and it is based on the data of the first seven months of the year. Allowance has been made for the increase in population, and the per capita
rate of output this year has been a little over 77% as much as that of
1923-1925.
The lowest output of the depression was that of the summer of 1932, and
the figures show that the recovery of the past three years has been just
half of that which would be necessary to get back to the old per capita
normal level. Again this is a most conservative estimate, for next year
and in the following years there will have been further increases in population and so new advances in the normal level.
On the diagram there are figures showing the shortages of the 1935 rate
of output as compared with the normal rate. The largest shortage is in the
volume of production of iron and steel, and the next largest in the
building materials of lumber and cement. There is a shortage in food
which does not necessarily mean that we have been eating less, but rather
that we have produced a smaller volume of manufactured or processed
foods, and perhaps exported less. The shortage in minerals is mostly due
to a lessened use of coal by industries and railroads. The most important
lesson of the figures is that our greatest recovery need is for more
construction to utilize more iron and steel and more building materials.
Revenue Freight Car Loadings Reach 700,367 Cars
Loadings of revenue freight for the week ended Sept. 14
1935 totaled 700,357 cars. This is a jump of 107,571 cars or
18.2% over the preceding week, a rise of 52,872 cars or 8.2%
from the total for the like week of 1934, and a gain of 40,271
cars or 6.1% from the total loadings for the corresponding
week of 1933. For the week ended Sept. 7 loadings were
5.1% above the corresponding week of 1934 and 2.6% above
those for the like week of 1933. Loadings for the week ended
Aug. 31 showed a gain of 5.0% when compared with 1934
and an increase of 0.9% when comparison is with the same
week of 1933.
The first 18 major railroads to report for the week ended
Sept. 14 1935 loaded a total of 331,022 cars of revenue freight
on their own lines, compared with 276,972 cars in the preceding week and 308,547 cars in the seven days ended Sept. 15
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
ReeetredlromConnections
ii'ecks Ended-
Sept. 14 Sept. 7 Sept. 15 Sept. 14 Sept.7 Sept. 15
1935
1934
1934
1935
1935
1935
Atchison Topeka & Santa Fe RYBaltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chic. Milw. St. I'aul & Pac. Ry._
y Chicago & North Western Ry
Gulf Coast Lines
Internat. Great Northern ItR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N.Y. Chicago & St. Louis Ry_
Norfolk St V estern Ry
Pennsylvania RR
Pere Marquette RY
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
21,007
31,665
24,806
15,706
21,502
16,640
1,892
2,078
4,987
16.349
41,169
5,202
23,461
60,679
5,790
5,737
26,690
5,662
17,743
24,980
20,410
13,736
18.012
13.012
1,823
1,939
4,288
13,817
33,347
4,289
18,349
51,223
5,178
4,755
24,817
4,654
22,888
26,936
21,519
17,007
21,201
16,954
2,068
2,993
5,302
16,443
37,559
5,083
18,022
54.462
4,485
4.366
25,892
5.387
5,049 4,165 5,208
14,612 13,229 13,690
10,182 7,674 9,810
7,961 7,916 7,337
8,036 7,358 7,149
10,110 9,193 9,439
1,054 1,225 1,199
1,544 1,547 1,796
2,691 2,407 2,880
7,818 7,662 7,764
39,499 33,669 36,202
8,927 7,545 7,829
3,862 3.584 3,766
37,899 31,402 32,741
4,995 4,106 4,016
6,287 4,527 4,076
8,046
6,870
6,874
331.022 276,972 308.547 178,572 154,079 161,776
Total
x Note reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks EndedSept. 14 1935 Sept. 7 1935 Sept. 15 1934
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry
Total
23,944
31,585
14,147
20,324
28,256
11,898
23.781
29,657
14,844
69.676
60,478
68,282
The Association of American Railroads, in reviewing the
week ended Sept. 7, reported as follows:
Financial Chronicle
Volume 141
Loading of revenue freight for the week ended Sept. 7, which included
Labor Day holiday, totaled 592,786 cars. This was a decrease of 87,075
cars below the preceding week,4but an increase of 28,903 cars above the
corresponding week in 1934 and 14,853 cars above the corresponding
week in 1933.
Miscellaneous freight loading for the week ended Sept. 7 totaled 225,067
cars, a decrease of 28,987 cars below the preceding week, but an increase
of 19,084 cars above the corresponding week in 1934 and 18,224 cars
above the corresponding week in 1933.
Loading of merchandise less-than-carload-lot freight totaled 141,378
cars, a decrease of 21,162 cars below the preceding week, but an increase
of 166 cars above the corresponding week in 1934. It was, however.
7,168 cars below the same week in 1933.
Coal loading amounted to 110,756 cars, a decrease of 20.770 cars below
the preceding week, but an increase of 9,667 cars above the corresponding
week in 1934. and 75 cars above the same week in 1933.
Grain and grain products loading totaled 36.650 cars, a decrease of
7,894 cars below the preceding week, but an increase of 4.717 cars above
the corresponding week in 1934 and 9,762 cars above the same week in
1933. In the Western districts alone grain and grain products loading
for the week ended Sopt. 7 totaled 26,254 cars, an increase of 4,288 cars
above the same week in 1934.
Livestock loading amounted to 14,950 cars, an increase of 780 cars above
the preceding week, but a decrease of 20.900 cars below the same week
In 1934 and 3,862 cars below the same week in 1933. In the Western
districts alone loading of livestock for the week ended Sept. 7 totaled
11,204 cars, a decrease of 19,191 cars below the same week in 1934.
Forest products loading totaled 26,873 cars, a decrease of 4.495 cars
below the preceding week, but an increase of 7,344 cars above the same
week in 1934 and 4,311 cars above the same week in 1933.
Ore loading amounted to 31,062 cars, a decrease of 4,564 cars below the
preceding week, but an increase of 7.902 cars above the corresponding
week in 1934. It was, however, a decrease of 5,639 cars below the corresponding week in 1933.
1845
Coke loading amounted to 6,050 cars, an increase of 17 cars above the
preceding week, and 923 cars above the same week in 1934, but a decrease
of 850 cars below the same week in 1933.
All districts reported increases for the week of Sept. 7 compared with
the corresponding week last year,in the number of cars loaded with revenue
freight, with the exception of the Central Western and Southwestern
districts, which reported reductions. Compared with the corresponding
week in 1933,all districts showed increases except the Eastern and Allegheny
which showed decreases.
Loading of revenue freight in 1935, compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks In May
Five weeks in June
Four weeks in July
Five weeks in August
Week of Sept. 7
Total
1033
1935
1934
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
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
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
21.099.646
21,424,385
19,625,542
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Sept. 7 1935. During this period a total of 81 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the New York Central Lines, the Baltimore
& Ohio RR., the Pennsylvania System, the Southern
System, the Illinois Central System, and the Southern
Pacific RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED SEPT. 7
1935
Eastern District Ann Arbor
Bangor dr Aroostook
Boston dr Maine
Chicago Indianapolis & LouLsv.
Central Indiana
Central Vermont
Delaware dr Hudson
Delaware Lackawanna dr West.
Detroit dr Mackinac
Detroit Toledo & Ironton
Detroit dr Toledo Shore Line_ __
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western..
N. Y. Chicago dr St. Louis._._
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North_ _
Pittsburgh & West Virginia_
Rutland
Wabash
Wheeling dr Lake Erie
Total
Allegheny DistrictAkron Canton & Youngstown_ _
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey....
Cornwall
Cumberland & Pennsylvania..
Ligonier Valley
Long Island_
Penn-Reading Seashore Lines__
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk dr Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinehfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound.._
Total
Croup 1?-Alabama Tennessee & Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR.of Ala._
Central of Georgic
Columbus & Greenville
Florida East Coast
Georgia
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1934
1933
1935
495
997
6,185
1,144
38
802
4,368
7,899
300
1,489
142
10,602
2,454
145
1,365
6,392
2,436
3,087
2,065
30,749
8,440
2,061
4,280
3,733
3,482
257
234
878
587
4,511
2,430
502
1,053
6,768
1,122
11
856
5,362
8,771
186
1,376
208
10,982
2,417
125
1,157
7,552
2,690
3,600
1,736
34,563
9,095
1,447
4,082
4,399
3,709
454
341
1,156
612
4,448
4,110
1,081
262
7,822
1,776
83
1,673
5,771
4,743
129
1,059
2,285
11,864
5,838
1,587
985
5,558
1,458
213
36
33,669
9,854
1,839
7,545
4,394
4,106
21
126
1,201
845
6,870
2,611
912
288
8,194
1,815
55
2,204
5,927
5,224
116
776
1,739
11,747
4,760
1,618
950
5,567
1,618
200
51
31,889
9,429
1,461
6,997
4,209
3,537
28
173
694
979
6,579
1,869
117,447
114.047
124,890
127,304
121,605
416
24,980
3,283
295
957
4,189
532
306
71
593
867
51,223
9,400
7,327
61
2,884
377
22,894
3,047
277
822
5,052
10
258
77
743
1,203
48,321
10,955
4,203
60
2,741
429
27,407
3,895
288
a
5,334
3
259
80
1,094
1,345
55,653
11,081
8,013
74
2,699
604
13,229
1,893
8
14
8,652
49
31
27
2,154
1,218
31,402
12,733
3,093
0
4,815
478
11,007
1,034
10
12
8,193
32
22
12
2,047
871
28,790
11,806
2,344
107,384
101,040
117,654
79,922
71,063
20,410
18,349
644
3,886
18,112
15,303
735
3,546
20,257
17,880
661
2,736
7,674
3,584
969
489
8,226
3,211
1,033
703
43,289
37,696
41,534
12,716
13,173
Croup B (Concluded)Georgia dr Florida
Gild Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total
4,405
6,859
1,016
347
137
39
1,038
375
296
5,979
17,507
159
7,021
1,029
310
203
49
1,378
329
276
5,757
16,004
141
5,669
1,175
329
149
48
1,360
424
319
5,527
16,042
120
4,005
1,217
738
437
130
1,150
748
1,921
2,897
11,269
778
4,532
1,197
670
456
83
1,242
687
1,760
2,937
9,827
702
33,752
32,497
31,162
25,290
24,093
228
724
772
4,355
295
369
821
166
573
509
3,244
230
429
745
207
574
527
3,130
175
288
710
104
486
1,093
2,262
254
294
1,162
204
421
873
2,156
212
329
1,122
Total Loads Received
from Connections
1935
1934
1933
418
1,740
19,293
18,135
208
191
1,906
2,313
334
269
1,060
17,613
15,417
113
162
1,611
2,387
294
350
1,296
15,920
16,855
157
196
1,789
2,372
262
1935
311
874
9,752
3,728
306
287
1,359
1,677
563
1934
265
683
8,964
3,663
398
224
1,258
2,304
828
52,102
44,822
44,808
24,512
23,704
Grand total Southern District-.
85,854
77,319
75,970
49,802
47,797
Northwestern Dist'ictBelt By. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern...
Duluth South Shore dr Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des Moines dr South_
Great Northern
Green Bay & Western
lake Superior dr Ishpeming-__ _
Minneapolis & St. Louis
Minn. St. Paul & 8.14. M
Northern Pacific
Spokane International
Spokane Portland & Seattle....
580
16,214
2,185
18,012
3,640
8,321
1,198
5,173
283
21,386
468
2,208
1,724
5,850
10,506
260
1,609
664
16,534
2,933
18,358
3,530
7,137
697
3,059
315
14,064
564
1,024
2,224
5,479
9,537
222
1,718
563
16,028
2,053
15,297
2,964
11,905
388
3,852
249
14,042
452
2,137
1,549
5,168
8,681
239
827
1,679
10,334
2,832
7,358
3,509
130
381
3,957
126
2,718
401
76
1,738
2,150
2,625
193
1,030
1,424
9,214
2,492
6,660
4,073
90
298
3,349
99
2,557
343
62
1,516
2,083
2,482
140
1,155
99,617
88,059
86,394
41,237
38,037
17,743
2,410
216
13,736
1,577
10,086
2,430
916
3,471
841
945
1,864
841
204
19,008
159
272
12,906
393
1,538
20,430
2,591
212
14,809
1,599
11,457
2,337
1,085
2,654
565
1,147
1,658
566
65
16,857
212
246
13,086
262
1,398
17,660
2,670
176
14,247
1,350
10,044
2,184
830
2,954
476
976
2,310
664
189
16,142
200
284
11,127
378
1,471
4,165
2,116
41
7,916
624
6,461
1,957
1,104
2,302
20
888
1,046
297
53
3,530
213
1,097
7,675
5
2,035
4,943
1,991
24
6,909
496
5,907
1,942
1,076
2,529
21
1,090
830
211
55
2,887
201
1,225
7,322
11
2,037
91,556
93,236
86,332
43,545
41,707
202
166
144
1,823
1,939
163
1,553
1,229
141
192
753
135
4,288
13,817
41
66
7,129
1,867
5,809
3,951
2,010
202
19
130
160
324
2,047
2,796
145
1,376
1,260
97
304
750
217
4,933
14,042
36
109
7,880
2,149
6,468
4,781
2,287
168
27
16d
145
132
1,224
2,218
191
1,384
1,318
147
319
812
109
4,685
12,669
29
59
6,814
1,985
5,410
3,449
1,874
a
20
3,789
221
208
1,225
1,547
836
1,473
753
300
820
183
192
2,407
7,662
27
104
3,585
1,293
2,040
2,847
14,111
57
26
3.017
277
217
1,142
1,636
753
1,561
670
397
785
231
213
2,628
7,775
19
139
3,510
1,418
2,128
3,404
16.316
85
33
Total
Note-Figures for 1934 revised. •Previous figures. a Not available.
Michigan Central RR.
1934
582
891
6,548
1,228
22
954
3,716
6,793
336
1,654
260
10,466
2,204
151
700
5,390
2,451
2,788
2,235
33,347
8,518
1,404
4,289
4,888
5,178
125
225
1,177
577
4,654
3,696
Total Revenue
Freight Loaded
Railroads
Central Western District4tch. Top & Santa Fe System.
Alton
Bingham dr Garfield
Chicago Burlington & Quincy..
Chicago& Illinois Midland_
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver dr Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City..
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific).
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern._
Kansas Oklahoma & Gull
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri dr Aikansas
Missouri-Kansas-Texas Lines__
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Ass'n of St. Louis
Wichita Falls & Southern
Weatherford M. W.& N. W___
Total
47,639
52,486
45,159
45,706
48,354
b Includes figures for the Boston & Albany RR., the C. C. C. dc St. Louis
RR ,and the
"Annalist" Weekly Index of Wholesale Commodity
Prices Slightly Lower During Week of Sept. 17
P' A small recession took place in the "Annalist" Weekly
Index of Wholesale Commodity Prices during the week, the
index declining to 127.8 on Sept. 17, from 128.0 (revised)
Sept. 10. In noting the foregoing, the "Annalist" said:
The drop reflected opposing movements in the livestock and meats and
the grains. Hogs and lambs declined, along with beef and the other meats.
while butter and eggs, cotton and rubber were also lower. All the grains,
on the other hand, were higher, reflecting the Argentine drought and the
steady decrease in prospective world supplies. Coffee and cocoa were also
higher, together with petroleum, copper, tin and zinc.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted tor seasonal variation (1913=100)
commodities-registered increases. Building materials and chemicals
and drugs were lower and metals and miltal products and housefurnishing
goods were unchanged.
Industrial commodities recovered half of the decline of the preceding
week. The index for the group,"all commodities other than farm products
and foods" rose to 78.0.
The indexes for each of the commodity groups except chemicals and
drugs, housefurnishing goods. and miscellaneous commodities show an
Increase when compared with the first week of the year. The increases
range from 0.5% for metals and metal products to 10% for foods.
p Group index numbers for the week of Sept. 14 1935, compared with Jan. 5 1935, and Sept. 15 1934, and the percentage of change are shown in the following table issued by
Mr. Lubin:
•
Sept. 17 1935 Sept. 10 1935 Sept. 18 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
.. •111 nnemnntli•Ince nn
122.7
135.7
•110.4
162.1
110.4
111.5
98.4
82.5
127.8
750
nisi tinlInv haela
111.1
121.5
113.7
163.8
109.9
113.1
98.6
81.4
120.1
70.3
s121.8
138.3
:110.2
161.9
109.7
111.4
198.4
82.6
2128.0
700
•PrelimInary. a Revised. v Based on exchange quotations for France, Switzerland and Holland; Belgium Included prior to March 1935.
Further Increase in Business Activity During August
Reported by "Annalist"
Business activity showed a further rise in August, primarily
a result of increased operations in a number of important
durable goods industries, according to the "Annalist" of
Sept. 20, which said:
Steel Ingot production increased sharply; on a seasonally adjusted basis,
it advanced to the highest level since June 1934. Pig iron output also
showed a substantial gain, the increase exceeding the usual seasonal rise.
Activity in the lumber industry continued to advance; output after
allowance for seasonal fluctuations rising to the highestlevel since December
1933. An important exception to the upward trend of the durable goods
industries was a greater-than-seasonal decrease in automobile production;
the decrease however was primarily attributable to plant shutdowns preliminary to model changes. The movement of freight per day was considerably greater than during the preceding month, the increase exceeding
the usual seasonal gain. Estimated average daily electric power output
Continued to advance, whereas a decline normally occurs in August. A
slightly greater than seasonal gain was recorded in average daily silk consumption. Cotton consumption per day, on the other hand, showed a
smaller than seasonal increase. It is estimated that output of boot and
shoes, on an average daily basis, showed a contrary-to-seasonal decline.
Average daily seasonally adjusted zinc production declined slightly.
As the net result of these changes, the "Annalist" Index of Business
Activity rose 1.5 points to 82.1 (preliminary) from 80.6 for July. This is
the third consecutive monthly advance in the combined index, the net
gain for the May-August period amounting to 2.8 points. During the
preceding rise (September 1934-January 1935), the combined index advanced 17.1 points. The decline preceding the current rise, however,
amounted to only 4.3 points, whereas the May-September 1934 decrease
amounted to 13.7 points.
Table I gives for the last three months the combined index and its components, each of which is adjusted for seasonal variation, and where
necessary, for long-time trend. Table II gives the combined index by
months back to the beginning of 1930:
COMPONENT GROUPS
-
•Preliminary.
4-
1935
1934
1933
1932
1931
1930
83.6
83.3
81.5
80.6
79.3
79.5
280.6
•82.1
73.1
76.7
78.9
80.0
80.2
77.2
73.2
71.2
66.5
70.5
71.5
77.4
63.0
61.8
58.4
64.0
72.4
83.3
89.3
83.5
76.4
72.3
68.4
89.5
70.1
68.1
66.7
83.2
80.9
60.4
59.7
61.3
65.2
6.5.4
64.7
84.8
81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72.1
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9
a Revbed.
Increase of 0.5% in Wholesale Commodity Prices
During Week of Sept. 14 Reported by United States
Department of Labor
Recovering from the minor recession of the two preceding
weeks, wholesale commodity prices rose 0.5% during the
week ending Sept. 14, according to an announcement made
Sept. 19 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor. In his announcement Mr. Lubin, stated:
The composite index for the week stood at 80.8% of the 1926 average.
This represents a net gain of 4.3% over the corresponding week of 1934 and
a gain of 3.7% over the first week of the current year.
Six of the commodity groupe-farm products, foods, hides and leather
products, textile products, fuel and lighting materials, and miscellaneous
77.9
+3.7
77.5
+4.3
75.6
78.5
86.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
+7.4
+10.1
+5.5
+1.7
+0.8
+0.5
+0.8
-0.3
-0.6
-5.6
73.7
76.2
84.8
70.6
75.5
85.9
85.9
78.5
83.0
70.7
+10.2
+13.4
+8.0
+0.8
-1.1
+0.1
-0.7
+3.1
-1.4
-5.4
All commodities
0.0
78.0
78.5 1 -0.6
From the announcement of Sept. 19 the following is also
taken:
Farm product prices advanced 1.6% during the week due to a 6%
increase in grains, a 2% rise in livestock and poultry, and a fractional
increase in the sub-group "other farm products" which includes cotton,
eggs, peanuts, seeds, potatoes, and wool. Individual farm products for
which loWer prices were shown were barley, live poultry, apples, lemons.
oranges, beans, and onions. The index for the farm products group as a
whole rose to 81.2.
Sharp advances in prices of hides, skins, and leather resulted in the index
for hides and leather products advancing 1.2% during the week. Prices
of shoes and other leather products were steady.
Foods advanced 0.6%. bringing the index to 86.4, a new high for the
Year. Rising prices of meats; butter, cheese, and milk; cereal products;
and other foods, most important of which were coffee and lard, offset
weakening Prices of fruits and vegetables.
Textile products registering an increase for the eighth consecutive week
advanced to the highest level reached since September of last year because
of strengthening prices of woolen and worsted goods and hemp and sisal.
The subgroup of silk and rayon, on the other hand, was slightly lower.
Clothing, cotton goods, and knit goods were unchanged.
A minor increase was recorded for the fuel and lighting materials group
because of slight I.ncreases in bituminous coal, Pennsylvania crude petroleum, and kerosene. Anthracite coal and coke prices remained at the
previous week's level.
Cattle-feed prices, which have been steadily declining since May,
advanced 1.7% during the week. Crude rubber also was 1.7% higher. '4
The chemicals and drugs group recorded a fractional decline due to lower
prices for vegetable oils. Average prices of drugs and pharmaceuticals.
fertilizer materials, and mixed fertilizers showed little or no fluctuations.
In the building materials group weakening prices of brick and tile,lumber,
and gravel more than counterbalanced rising prices of paint materials. The
group as a whole declined 0.1% to 85.3.
The slight reduction in pig Iron prices was not reflected in the index for
the group of metals and metal products and the group index remained at
86% of the 1926 average. Prices of iron and steel, agricultural implements.
motor vehicles, and plumbing and heating fixtures were unchanged.
Housefurnishing goods remained at the level of the preceding week.
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 average prices for the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Sept. 16 1934, and
Sept. 16 1933:
Commodity Groups
Sept. Sept.
7
14
1935 1935
Aug. Aug. Aug. Sept. Sept.
24
17
15
31
16
1935 1935 1935 1934 1933
All commodities
80.8
80.4
80.5
80.8
80.5
77.5
70.5
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
nrndnrta and foods
81.2
86.4
91.6
71.2
74.7
86.0
85.3
78.9
81.8
66.9
79.2
86.0
90.4
70.9
75.4
86.0
85.3
79.0
81.8
67.1
80.7
86.1
90.2
70.7
75.4
86.0
85.1
79.3
81.7
67.2
80.3
85.4
90.1
70.5
75.4
85.8
85.1
78.7
81.7
67.2
73.7
76.2
84.8
70.6
75.5
85.9
85.9
76.5
83.0
70.7
55.9
65.1
92.0
75.5
72.5
81.7
82.0
72.1
78.7
64.8
70.1
75 1
752
n
IS r
712 I
700
t-wont.00mr.wc
TABLE II-THE COMBINED INDEX SINCE JANUARY 1930
80.8
81.2
Farm products
86.4
Foods
91.6
Hides and leather products
71.2
Textile products
74.7
Fuel and lighting rnaterills
86.0
Metals and met.il products
85.3
Building materials
78.9
Chemicals and drugs
81.8
HouseturnishIng goods
66.9
Miscellaneous commodities
All commodities other than farm pro78.0
ducts and foods
C
ri
June
83.1
57.1
49.3
102.2
74.8
125.3
61.8
2101.2
83.6
52.5
52.1
70.8
79.5
•August
Sept. Jan. Percentage Sept. Percentage
of
of
15
5
14
1935 1935 Change 1934 Change
Commodities
coonqmostcqmon
•July
58.4
60.8
Freight car loadings
68.3
72.9
Steel ingot production
50.0
57.8
Pig iron production
103.2
105.1
Electric power production
80.7
78.1
Cotton consumption
140.0
Wool consumption
84.0
84.9
Silk consumption
112.3
95.1
Boot and shoe production
83.5
61.9
Automobile production
84.1
73.9
Lumber production
.9
tion45
produc
Cement
71.9
71.3
Zince production
80.6
82.1
Combined index
January
February
March
April
May
June
July
August
September
October
November
Tionnrnhor
Sept. 21 1935
Financial Chronicle
1846
Increase Shown in Wholesale Commoatty Price Index
of National Fertilizer Association During Week of
Sept. 14
The general level of wholesale commodity prices was
again higher in the week ended Sept. 14, according to the
index of the National Fertilizer Association. This index
advanced that week to 76.8% of the 1926-1928 average,
from 78.6 ir the preceding week. A month ago the index
was 78.9, the highest point reached this year, and a year
ago was 76.4. Under date of Sept. 16 the Association also
had the following to say:
Four of the component groups of the index moved upward last week with
most important advance occurring in the textiles group. A slight
advance In cotton prices as well as in woolen yarns, hemp, sisal, and silk
accounted for the rise in the textiles index; a slight decline occurred in
the price of burlap. The foods index again rose last week to the highest
point reached during the recovery period which began early in 1933.
The general trend of foodstuff prices was upward with seven commodities
the
Financial Chronicle
Volume 141
Included in the group advancing and only one declining. The foods index
has risen 14.2% since the low point of the year. the week of Jan. 5. A
slight rise occurred in the fuel index as a result of higher prices for crude
petroleum. Rising prices for hides and leather, which more than offset
a decline in crude rubber, were responsible for the rise In the miscellaneous
commodities group. Farm product prices were mixed during the week
with eight commodities represented in the grains, feeds and livestock
Index declining in price and seven advancing; the group index declined
slightly. A decline In the building materials Index was the net result of
a drop in lumber prices and a slight rise in the prices of linseed oil.
Thirty price series included in the index advanced last week and 17
declined; In the preceding week there were 29 advances and 22 declines;
in the second preceding week there were 23 advances and 27 declines.
WEEKLY WHOLESALE PRICE INDEX OF THE NATIONAL FERTILIZER
ASSOCIATION (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
• 8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Latest
Week
Sept. 14
1935
Group
Foods
85.8
Fuel
67.2
Grains, feeds and livestock
88.4
Textiles
66.2
Miscellaneous commodities
69.7
Automobiles
88.3
Building materials
77.3
Metals
82.2
House furnishing goods
84.6
Fats and oils
73.9
Chemicals and drugs
95.4
Fertilizer materials
64.7
Mixed fertilizers
71.0
Agricultural implements-- 101.6
100.0
All groups combined_ ___
78.8
Preceding
Week
Month
Ago
Year
Ago
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
84.0
68.8
89.8
67.7
69.2
88.3
77.5
81.3
84.6
73.5
95.4
64.5
71.0
101.6
78.7
71.9
76.3
71.5
68.3
88.3
80.9
81.8
86.0
58.1
93.4
64.9
76.4
99.8
78.6
78.9
76.4
August Sales of Twenty-five Chain Store Companies
Increase 12.26%
According to a compilation made by Merrill, Lynch & Co.,
25 chain store companies, including two mail order companies, reported an increase in sales of 12.26% for August
1935 over August 1934. The compilation further showed:
Sales--August
1935
1934
% Change
23 Chain store companies
2 Mail order companies
8133.767,477
47.436.243
$122,206,029
39,199,073
+9.46
+21.01
25 companies
Sates-8 Months
23 Chain store companies
2 Mall order companies
8181,203,720
8161,405,102
+12.26
81,030.565.999
398.359.302
$971,922,488
325.701,707
4-6.03
+22 30
si 42R 925.301
81.297.824.195
+10.12
25 companies
Following is the percentage of increase of the groups for
August and eight months of 1935 over the corresponding
periods of 1934:
August
8 Months
6 Grocery chains
8 Five-and-ten-cent chains
4 Apparel chains
2 Drug chains
2 Shoe chains
I Auto supply chain
12.65
6.22
10.23
11.62
4.41
15.53
10.39
1.41
5.50
9.95
10.47
18.50
Total 23 chains
2 Mail order companies
9.48
21.01
. 6.03
22.30
12.26
10.12
Total 25 Chains
Further Advance in World Industrial Production
During July Reported by National Industrial
Conference Board
World industrial production continued to advance during
the month of July, according to the regular monthly survey
of the National Industrial Conference Board, issued Sept. 16.
Improvement was general in practically all sections except
South and Central America, where business activity remained dull. The survey continued:
The volume of residential construction continued to increase in England,
but consumption of coal, electric power and iron and steel was somewhat
lower during July than in June. In the absence of serious international
complications, a change in the credit policy, or a rapid increase in wage
rates, it is considered that the expansion of economic activity in Great
Britain is likely to continue during the coming months. Under the influence of a credit policy directed to the maintenance of low interest rates,
profitability of British enterprise is still on the upgrade.
Italian activity continued to be stimulated by orders for military purposes. German and Belgian industry operated at a considerably higher rate
than during July 1934. Political uncertainty in Holland and
Prance
continued to react unfavorably on industry, but during early August
improvement occurred in the political situation of these countries and business
activity revived somewhat.
International trade declined by more than the usual seasonal
proportions during June. The total value of foreign trade in terms of gold for
76 countries stood at 32.4% of the average monthly value in 1929, which
was 3.6% lower than in June 1934. The volume of trade, however, remained
between 75 and 80% of the 1929 average. Increases in the value
of
exports were registered in July for Holland, Germany, Japan and China,
while decreases were reported for England, Switzerland, France, Argentina
and the United States.
Unemployment declined during July in England, Germany and
Prance,
but rose 2.7% in the United States.
World prices of international staples, as reflected by a composite index,
remained unchanged during July. Increases in the price of cotton, silk,
tin and wheat were counterbalanced by declines in coffee, copper, rubber
and sugar. The combined index remained at 48.5% of the average level
during the three-year period 1923.1925. Prices of commodities at wholesale rose during July in Germany and Italy, but showed moderate declines
In most of the other leading Industrial nations.
Security prices were lower at the end of August than at the beginning
of the month in Berlin, London and Amsterdam, but were higher in Paris
1847
and New York. The average stock prices for 11 major markets declined
approximately 2.6% during the month.
Foreign exchange movements in August were less erratic than in the
preceding month. The gold currencies remained well above the gold export
point. The pound and currencies tied to sterling reached new high points
for the year about the middle of the month, but later declined. On
Aug. 31 the pound was quoted at $4.96% compared with $4.95% at the
end of July.
Production of Electricity Reaches 1,827,613,000 Kwh.
During Latest Week
The Edison Electric Institute in its weekly statement disclosed that the production of electricity by the electric light
and power industry of the *United States for the week ended
Sept. 14 1935 totaled 1,827,513,000 kwh. Total output
for the latest week indicated a gain of 11.9% over the
corresponding week of 1934, when output totaled 1,633,683,000 kwh.
Electric output during the week ended Sept. 7 1935 totaled
1,752,066,000 kwh. This was a gain of 12.0% over the
1,564,867,000 kwh. produced during the week ended Sept. 8
1934, The Institute's statement follows:
PERCENTAGE INCOME OVER 1934
Major Geographic
Regions
Week Ended
Sept. 14 1935
New England
Middle Atlantic
Central Industrial_ __.
West Central
Southern States
Rocky Mountain
Pacific Coast
16.8
6.0
13.2
11.2
15.1
44.0
7.7
12.5
8.0
12.7
10.5
13.4
44.2
6.7
9.0
7.8
13.3
9.6
8.8
37.6
7.9
9.4
9.3
12.7
9.5
8.5
37.7
8.5
11.0
12.0
11.2
11.6
'Total Itnitpd 6tate3
Week Ended
Sept. 7 1935
Week Ended
Week Ended
Aug. 31 1935 Aug. 24 1935
DATA FOR RECENT WEEKS
Week of-
1935
1934
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
P. C.
Clefts
May 4.-- 1.698.178,000 1,632.766,000 +4.0
May 11.... 1.701.702,000 1.643.433,000 +3.5
May 18.-- 1.700.022.000 1.649.770.000
3.0
May 25.-- 1.696,051,000 1.654.903.000
2.5
June 1-- 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 I8.3
Aug. 3.- 1,821.398,000 1.657.638,000
9.9
Aug. ID.- 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.. 1,809.716,090 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
1933
1932
1931
1930
1929
1,436
1,468
1,483
1.494
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
1,429
1,437
1,436
1.425
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
1.637
1,654
1,645
1.602
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
1,698
1.689
1.717
1.723
1,660
1.657
1.707
1,698
1.704
1.594
1.626
1,667
1.686
1.678
1,69
1.677
1.691
1.688
1.630
1.727
1.688
1.698
1.704
1.705
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
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
Jan---Feb....
MarchAprIl___
May...
June...
July...
Aug -.
Sept..Nov__
1935
1934
7,762.513
7,048,495
7.500.566
7.382,224
7,544,845
7.404.174
7,796.665
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
-1-8.9
+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
Total_
35.564.124
30 009.5o1 77.442.112 33.063 ARO 89 467 Mg
Note-The monthly thrums shown lbove are bused on reports covering approximately 92% of the electric light and power industry and be weekly figures
are
based on about 70%.
Manufacturing Activity, as Measured by Man-Hours
Worked, Increased 0.5% from June to July According to National Industrial Conference BoardRise Was Contrary to Usual Trend
Contrary to the usual seasonal movement, manufacturing
activity, as measured by total man-hours worked, was
0.5% higher in July than in June, according to reports received by the National Industrial Conference Board from
representative concerns in 25 manufacturing industries. The
increase in total man-hours worked, however, the Conference
Board said, was caused by an increase of 1.4% in the average
. work week,rather than an increase in the number of workers
employed, since the latter fell off 0.8%. An announcement
issued by the Board on Aug. 29 also had the following to say:
Average hourly earnings were 59.8 cents in July. as compared
with 59.9
cents in June, or 0.2% lower. An increase in the average
work week from
35.9 hours in June to 36.4 hours in July, however, raised
average weekly
earnings from $21.46 to $21.75 during the same period.
Since the cost of
living in July was practically the same as in June, the real
Increase in the
average weekly pay envelope amounted to 1.4%.
A comparison of conditions In July 1935. with
those in July 1934, shows
a definite improvement. There were 2.5% more
workers employed, whose
average work week was 7.1% higher than a year ago and
whose combined
hours worked were 9.7% higher. The total payrolls in
July 1935 exceeded
those of July 1934. by 12.0%. Average hourly earnings
were 1.7% higher
and weekly earnings. 9.3%.
Since July 1933. there has been an increase In average
hourly earnings
of 31.1%, but a reduction of 15.2% In the average work
week, resulting in
an increase of 12.5% in average weekly earnings.
Although an increase
of 9.8% In the cost of living during the two-year period
offset part of the
Wain in nominal weekly earnings, real weekly earnings were
2.3% higher in
July of this year than two years ago. There were
17.6% more *workers
employed in July 1935 than in July 1933. and their
combined payrolls were
1848
Financial Chronicle
32.3% higher, although total hours worked were 0.3% lower than two
years ago.
as comLittle change in the cost of living as a whole was noted in July.
pared with June 1935. The index of the total cost of living declined only
the
0.1% from June to July, although fairly marked changes were noted in
component groups of the wage-earner's budget. Food prices fell 1.1%.
has
than
degree
and clothing prices again moved downward but to a less
been observed during the past months. Rents,on the other hand,continued
their upward trend, increasing 0.9% from June to July. Coal prices
likewise moved up 0.9%. more than seasonally, and the cost of sundries
advanced 0.4%. chiefly in consequence of increases In the prices of smoking
materials.
Increase in Pennsylvania Factory Employment and
Payrolls from Mid-July to Mid-August—Delaware
Industries Also Show Increases
Employment in Pennsylvania factories increased about 2%
and payrolls 11% from the middle of July to the middle of
August, according to indexes prepared by the Federal Reserve Bank of Philadelphia on the basis of 2,306 reports
from manufacturing establishments employing nearly 447,200
wage earners who received in wages $8,995,000 a week. The
volume of work done during August, as measured by employee-hours actually worked, also showed a gain of 10%,
says the bank, whose summary, made available Sept. 18,
added:
reflect chiefly increased
These increases were larger than usual, and
and clothing.
operations in iron and steel and their products, and in textiles
greater
Activity in the durable goods industries registered a somewhat
goods,
relative gain in this period than did those manufacturing consumers'
employment.
although the reverse was true in the case of
with
compared
as
$20.11
to
amounted
Average weekly earnings in August
have con$18.54 in July and $18.67 in August 1934. Hourly earnings
worked by a
tinued virtually unchanged. The number of hours actually
wage earner averaged 35.0 as again.st 32.4 a month ago and a year before.
1923-1925
average, rose
the
• The index of factory employment, relative to
a year
from 75 in July to almost 77 in August, and was 3% higher than
and
ago. The payroll index advanced in the month from 58 to nearly 64,
was 11% higher than last year. Operating time in August also exceeded
payrolls.
that of a year ago by the same percentage as did the
in the
Delaware manufacturing industries show an increase of 15%
and
number of wage earners and about 8% in the amount of wage payments
in
the volume of work done in August as compared with July. Increases
as
those
these items over a year ago were about in the same proportion
occurring during the month.
Report on Canadian Crops of Bank of Montreal—
Wheat Threashing Well Advanced in Prairie
Provinces
"Wheat threshing, although delayed at frequent intervals
by wet weather,is well advanced in Manitoba, Saskatchewan
and Southern Alberta," according to the weekly crop report
of the Bank of Montreal issued Sept. 19. "The Alberta
wheat crop is of better grade than that of Manitoba or
Saskatchewan," the report said, adding:
figures than those of
The total wheat yield is estimated at slightly higher
shows a
last year but the quality is low. The production of coarse grains
substantial increase.
In Quebec, the crops are proving satisfactory throughout most sections.
is
In Ontario, crops in general are turning out well and the tobacco crop
failed to
exceptionally good. In the Maritime Provinces, grains have
been
rains
have
but
August
in
drought
and
heat
recover from the excessive
are mostly
beneficial to roots and pastures. In British Columbia, crops
in yield and
proving satisfactory, though hay is slightly below average
Sept. 21 1935
Unfilled Orders and Stocks
Reports from 702 mills on Sept. 7 1935 give unfilled orders of 735,000,000
feet and gross stocks of 3.924,302,000 feet. The 500 identical softwood mills
report unfilled orders as 662,114,000 feet on Sept. 7 1935, or the equivalent
of 29 days' average production, compared with 527,851,000 feet, or the
equivalent of 23 days' average production on similar date a year ago.
Identical Mill Report.
Last week's production of 504 identical softwood mills was 201,688,000
feet, and a year ago it was 147,609,000 feet; shipments were, respectively,
182,727,000 feet and 145,673,000 feet; and orders received, 165,487,000
feet and 133,619,000 feet. In the case of hardwoods, 109 identical mills
reported production last week and a year ago 13,378,000 feet and 5,605,000
feet; shipments, 11,675,000 feet and 7,259,000 feet, and orders, 10,871,000
feet and 6,098,000 feet.
Decrease Noted in Deliveries of United States Beet
Sugar Companies During First Eight Months of
Year as Compared with Same Period of 1934
Deliveries of all United States beet sugar companies are
still behind schedule with but 60.1% of their quota reached
during the first eight months of this year, and are ;()%
behind last year's volume, according to calculations of the
New York Coffee and Sugar Exchange. Deliveries (January
through August) aggregated 871,045 short tons of refined
sugar, a decrease of 218,199 tons or 20% when compared
with deliveries of 1,089,246 tons during the similar 1934
period. Deliveries during August were 89,052 tons against
81,226 tons in July and 131,588 tons in August last year.
In noting the foregoing, an announcement issued Sept. 16
by the Coffee & Sugar Exchange said:
Distribution, BO far, is equivalent to 932.019 short tons (raw value) or
60.1% of the 1,550,000 tons 1935 quota provided for the domestic beet
sugar producers under the Jones-Costigan Act,leaving a balance of 617,981
tons for distribution "within the quota" during the balance of the year. As
stocks on hand Sept. 1 totaled only about 235.000 tons, it will be necessary
for beet companies to use approximately 390,000 tons of the new crop,
available for distribution in late September—early October, if the total
quota is to be distributed.
Canadian 1935 Wheat Crop Estimated 18% Below
Average but 5% Above 1934 Crop
The first official estimate issued by the Dominion Bureau
of Statistics at Ottawa places the 1935 wheat crop at 290,541,000 bushels, which is 5% larger than the 1934 corp,
but 18% less than the average for the five years 1929-33,
according to a report by the Foreign Agricultural Service
of the Bureau of griculture Economics, United States Department of Agriculture. Last year's crop, reduced by the
drought, was 275,849,000 bushels compared with the fiveyear average of 354,294,000 bushels. Under date of Sept.
16 the Bureau Agricultural Economics also announced:
This year's crop has been reduced by rust damage, principally in the
southeastern parts of the wheat belt but in scattered patches elsewhere;
and three-fifths of the entire wheat area has been affected. Frost damage
also has been a serious factor, especially in central and northern sections
of the wheat region, where yields in some instances were reduced 20 to 25%.
and some fields rendered unfit for cutting.
The area planted to wheat in Canada this year was 24,116,000 acres
compared with 23,985.000 acres in 1934 and with the average of 25,936,000
acres for the five years 1929-33. Of the 1935 planting, 555,000 acres was
winter wheat with an estimated production of 13,267,000 bushels and
23,561.000 acres was spring wheat with an estimated production of 277.274,000 bushels.
quality.
Increase of 2.3% Noted in Sugar Consumption in 14
Lumber Movement Declines in Labor Day Week, but •
European Countries During First 11 Months of
Production per Day Heavier
Current Crop Year Compared with Similar Period
prolumber
1935
7
Sept.
During the holiday week ended
a Year Ago
precedthe
in
than
heavier
duction on a per day basis was
Consumption of sugar in the 14 principal European
ing week, shipments were about the same, orders were
countries during the first 11 months of the current crop year,
6%
of
decline
showed
report
week's
slightly less. The total
September 1934 through July 1935, totaled 6,892,530 long
In production; 16% in shipments, and 18% in new business. tons, raw sugar value, as against 6,739,552 tons consumed
18%
was
business
new
output;
below
Shipments were 10%
during the similar period last season, an increase of 152,978
below production. All items, as given by these reporting tons, or approximately 2.3%, according to European advices
year
a
of
week
same
the
of
excess
in
mills, were materially
received by Lamborn & Co. Under date of Sept. 16 the
ago. The foregoing comparisons are based upon reports firm also stated:
from
Association
ers
Manufactur
Lumber
to the National
The 14 countries included in the survey are Austria. Belgium, Bulgaria,
regional associations covering the operations of leading hardCzechoslovakia, France, Germany, Holland, Hungary, Irish Free State,
7,
Sept.
ended
week
the
During
mills.
softwood
wood and
Italy, Poland, Spain. Sweden, and the United Kingdom.
605 mills produced 216,236,000 feet; shipped 194,700,000 feet;
Sugar stocks on hand for these countries on Aug. 1 1935 approximated
the
for
figures
Revised
feet.
176,688,000
of
orders
booked
2,477,000 tons as compared with 2.057,000 tons on the same date last year,
preceding week were: Mills, 604; production, 228,958,000 an increase of 420,000 tons or a little over 20%.
feet; shipments, 231,655,000 feet; orders, 215,389,000 feet.
Production of beet sugar for these countries during the coming season
• starting Sept. 1 is forecast at 5,850,000 tons as against 6,519,000 tons last
The reports furnished the Association further showed:
Northern hardwood was the only region to report orders above production
during the week ended Sept. 7; West Coast was the only one to report
shipments above output. Total softwood orders were 18% below production;
hardwood orders were also 18% below hardwood output. All regions but
Northern pine reported orders, and all but Northern pine reported production
above similar items of corresponding week of 1934. Softwood orders were
24% above and hardwood orders 78% above those of similar week of 1934.
Identical softwood mills reported unfilled orders on Sept. 7 as the
equivalent of 29 days' average production and stocks of 142 days' compared
with 23 days' and 166 days' a year ago.
Forest products car loadings totaled 28,873 cars during the holiday week
ended Sept. 7 1935. This was 4,495 cars less than in the preceding week;
7,344 cars above similar week of 1934, and 4,311 cars above the same
week of 1933.
Lumber orders reported for the week ended Sept. 7 1935 by 512 softwood
mills totaled 165,783,000 feet, or 18% below the production of the same
mills. Shipments as reported for the same week were 183,014,000 feet,
or 10% below production. Production was 202,858,000 feet.
Reports from 110 hardwood mills give new business as 10,905,000 feet,
or 18% below production. Shipments as reported for the same week were
11,686,000 feet, or 13% below production. Production was 13,378,000 feet.
season, a decrease of 669.000 tons, equivalent to 10.6%.
Canadian Grain Board Fixes Minimum Prices on All
Grain Excepting "Feed" Wheat
With the exception of "feed" wheat, the prices at which
the Canadian Grain Board will purchase all grades of wheat
from the producers on a car-lot basis were announced Sept.
17, it was stated in Canadian Press advices from Winnipeg,
Sept. 17, to the New York "Journal of Commerce." . The
advices said:
will
When such wheat is purchased by the Board, a producer's certificate
surplus which
be Issued, which will entitle the grower to participate in any
may arise from the operations of the Board.
Vancouver.
All prices relate to grain basis in store at Fort William or
difficulty in
No price has yet been set for seed wheat. the Board having
a price of
anticipate
does
Board
not
the
but
appraising its market value:
Fort William or
less than 50 cents for this kind of wheat, basis in store at
within a few
Vancouver. A decision in respect to seed wheat is expected
days.
Volume 141
Financial Chronicle
1849
December of 531,250 barrels, against current production of
around 635,000 barrels, the highest in five years.
GradePrice
Price
GradeThe Committee of Seven announced the preceding day
No. 1 hard
61
No. 6 durum
$0.89
No. 1 Northern
8235
that it had resigned and had returned to signers' the producers
8735 No. 1 garnet
No. 2 Northern
81
No. 2 garnet
85
agreement with which it was hoped to curtail production to
No. 3 Northern
8235
81
No. 1 hard winter spring
market demands, adding "there are many reasons for this
No. 4 wheat
80
76
No. 2 hard winter spring
No. 5 wheat
78
69
No. 3 hard winter spring
action. First and foremost, a new plan has been devised
No. 6 wheat
73
61
No. 1 mixed wheat
which we believe will tend toward a quicker solution of the
No. 4 special
No. 2 mixed wheat
65
76
No. 5 special
69
No. 3 mixed wheat
69
problem that confronts us." This, of course, referred to the
No. 6 special
63
No. 4 mixed wheat
61
new group.
No. 1 durum
66
8735 No. 5 mixed wheat
No. 2 durum
61
85
No. 6 mixed wheat
The following resolution was adopted by the new emerNo. 3 durum
No. 1 a. r. wheat
8234
81
gency advisory board:
No. 4 durum
80
No. 2 a. r. wheat
76
No. 5 durum
78
No. 3 a. r. wheat
69
"An emergency now exists of vital importance to the paople
In our issue of Sept. 14, page 1679, we referred to a radio of California as well as to the oil industry of California.
address of Prime Minister Bennett of Canada in which be
"That J. R.Pemberton be appointed umpire of production
announced that the minimum price for No. 1 northern wheat of independent oil in this State.
"That there is hereby created an emergency curtailment
for delivery at Fort William, Ont., had been fixed at 873'
cents per bushel.
committee of independent producers to be composed entirely
of independent producers who are now and from time to
time may be chairman of the respective field committees.
Census Report on Cotton Consumed and on Hand,
"That Laurence Van Der Leek be drafted to act as emer&c., in August
gency chairman thereof and be it further resolved that the
Under date of September 14 1935 the Census Bureau aforesaid field committee shall be composed of representatives
issued its report showing cotton consumed in the United from independent producers only as the same may now be or
States, cotton on hand, active cotton spindles and im- as they may hereafter be elected by the independent proports and exports of cotton for the month of August ducers in their respective individual fields."
1935 and 1934. Cotton consumed amounted to 408,410
The new plan provides that the emergency curtailment
bales of lint and 57,866 bales of linters, comPared with committee, with the advice of the umpire, would determine
391,771 bales of lint and 62,137 bales of linters in July the proportional demand of State demand for the respective
1935, and 418,941 bales of lint and 61,113 bales of linters fields, subject to the approval of the Advisory Board. The
in August 1934. It will be seen that there is a decrease in umpire, with the advice of the counsel of the respective field
August 1935 when compared with the previous year in the committees, would allocate the demand of each respective
total lint and linters combined of 13,778 bales, or 2.9%. field so determined to respective wells and leases within each
The following is the statement:
field insofar as wells and leases are owned or operated by
independents.
AUGUST REPORT OF COTTON CONSTJMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
Formation of the new committee "will aid the former
[Cotton in running bales, counting round as half bales, except foreign, which is In
central committee of California producers and the State oil
500-pound bales.]
umpire in creating an emergency curtailment committee of
independent producers," Ralph B. Lloyd, Chairman, said:
Cotton on Hand
Cotton Consumed
"The two objectives are curtailment by independents to a
Aug. 31
DuringCotton
proper figure to be determined and the drafting of a permaIn Con- In Public Spindles
12
nent program for voluntary curtailment by independents to
Year
Storage
Months suming
Adise
Ended Establish- A. at C0111- During
be submitted to the independent producers of the State for
Aug. /My 31
presses
meats
August
approval." As the week closed, meetings were in progress
(Bales) (Bales) (Bales) (Bales) (Number)
to consider the plans.
United States
{ 1935 408,410 5,359,838 644,926 5,892,836 22,046,652
Neal H. Anderson, representing Governor Merriam of
1934 418,941 5,700,253 1,076,982 5,823,939 24,181,776
told attendants at the recent meeting of repreCalifornia,
Cotton growing States____, 1935 342,935 4,304,131 477,626 5,762,817 16,274,032
sentatives
of
oil-producing States, to place the Inter-State
1934 333.977 4,550,037 805,847 5,550,437 16,785,850
New England States
Compact Commission into effect, that California would
1935 52,505 818,583 133,904 122,613 5,138,900
1934 72,742 985,398 223;588 203,490 6,719,048
co-operate with the Commission. He added that California.
All other States
1935 12,970 237,124
7,406
633,720
33,396
probably will ratify the pact at the next session of the Legis1934 12,222 164,818
47,547
70,012
676,878
Included Abortlature, promising that Governor Merriam would support
Egyptian cotton
1935 4,700
82,708
24,847
19.839
such a move.
1934 7,871 103,455
35,002
25,607
Other foreign cotton
1935 3,894
14,225
7.872
36,755
A voluntary code is needed to avoid chaos in the oil indus1934 2,975
44,125
20,282
12,924
try, C. E. Arnott, Vice-President of the Socony-Vacuum Oil
Amer.-Egyptian cotton_ _ _, 1935 1,957
11,205
5,665
1,896
1934
882
12,535
5,467
1,012
Co. told delegates attending the 33rd annual convention of
Not Included Abovethe'
National Petroleum Association at Atlantic City Friday.
Linters
1 1935 57,866 728,034 159,235
27,778
1 1934 61_115 767.146 213.772
31.411
"No industry can succeed where the leaders do not lead,"
Mr. Arnott said. "The question to-day is will this industry
Imports of Foreign Cotton (500-16. Bales)
recognize that it must have leadership and accept it. If we
Country of Production
are to go again through an era in which all types and forms
12 Mos. End. Jut?, 31
August
and classes of companies insist upon their own views, methods
1935
1934
1935
1934
and interests, we can only hope for eventual chaos.
Egypt
5,110
7,519
71,177
96,523
"Regardless of what is in the Government's mind, our
Peru
8
46
1,191
3,644
China
industry has risen and said that it needs no control but wants
274
3,183
18,321
Mexico
815
5,137
2,652
only a chance to assert its own talents. Now it is up to the
British India
2,884
2,025
24,904
25,987
industry to make good."
All other
3
1,438
989
Mr. Arnott, Vice-President of the American Petroleum
Total
8,002
10,682
107.030
148,116
Institute, was speaking in support of the voluntary code
drafted by the Institute. The convention adjourned its
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters)
three-day session Friday afternoon after re-electing all its
Country to Which Exported
officials. Among these were C. L. Suhr, Oil City, Pa.,
August
12 Was. Each. July 31
President; and N. H. Weber, Chicago, and H. A. Logan,
1935
1934
1935
1934
Warren, Pa., vice-presidents.
United Kingdom
41,474
41,449
738,154 1,278,426
October demand for crude'oil was estimated by the Bureau
France
34,052
6,912
372,656
709,024
of Mines at 79,180,000 barrels, an average daily production
Italy
22,990
21,679
474,106
649,041
Germany
of 2,554,200 barrels compared with a daily average output
28,275
42,079
341,850 1,318,066
Spain
4,876
17,621
240,235
275,406
of 2,613,000 barrels estimated for September. The total
Belgium
7,540
3,958
97,194
121,339
Other Europe
demand for motor fuel next month was set at 39,690,000
31,137
601,754
22,107
635,250
Japan
57,220
61,364 1,524,395 1,845,601
barrels, of which amount 2,100,000 barrels will be required
China
15,487
108,083
375,319
for export, leaving 37,590,000 for the domestic demand.
Canada
10,882
16,200
225,499
269,537
All other
3,038
675
74,613
57,406
Abandonment of the plan to shut down the entire East
Texas field to take potential tests of each well announced
Total
241,484
252.531 4,798,539 7,534,415
by the Texas Railroad Commission some time back was
Note-Linters exported, not included above, were 10,662 bales during August in
1935 and 14.659 bales in 1934: 205,246 bales for the 12 months ended July 31 in
announced in Austin. Instead, the Commission has ordered
1935 and 169,076 bales in 1934. The distribution for August 1935 follows: United
another potential test of approximately 100 key wells. The
Kingdom, 2,447; Netherlands, 171; France, 563; Germany, 2,090; Italy, 1,454;
Canada, 325; New Zealand, 8; Japan, 3,604.
latter is the same method in use previously. At the time of
the announcement, the Commission said that falsification of
its records to favor certain oil companies by
employes
Petroleum and Its Products-New Curtailment Plan made the radical shut-down order a necessity toits
set up satisfor California-Arnott Asks Support for Voluntary factory new potentials.
Code-Trade Watches Texas Special Session-FedA maximum allowable of 450,000 barrels daily for the
eral Control of Industry Hit-Excess Taxes Cited East Texas field was recommended for October by Gordon
by Baird H. Markham-Daily Crude Output in Griffin, chief production engineer of the Railroad CommisWeek
sion, at the State-wide proration hearing held at Austin on
An emergency.advisory board of independent petroleum Sept. 19. This is the same allowable as now ruling in the
producers operating in California, Wednesday made public East Texas field. Mr. Griffin added that current conditions
the terms of a resolution which it had adopted which seeks to in this area were "splendid." Due to the fact that no recomprorate crude oil market demand for October, November and mendation as to the State's allotment for October was reThe following prices show the spread below the price of No. 1 northern
at Fort William:
1850
Financial Chronicle
ceived from the Bureau of Mines at the hearing, the State's
allowable for October was not established.
While there has been no new oil legislation submitted at
the present'special session of he Texas Legislature up to a
late hour last night (Friday) there are several proposals wheih
may come before the Legislature in its 30-day session, reports
from the Lone Star State indicated. Chief, of course, is the
often-rumored creation of a new oil and gas conservation
commission to take over the duties now handled by the
Texas Railroad Commission.
Other possible measures that may be formally brought
before the Legislature include the abolishment or modification of the "hot" oil confiscation plan, revision of the spacing
law and of the proration laws eliminating the market demand
provisions. The confiscation law has been a questionable
success from the start, mainly due to the inability of State
authorities to destroy the earthern pits in which the oil
subject to confiscation is stored. The belief that the spacing
law may be brought up for changes is based upon the recent
ruling of the State Supreme Court in the Brown vs. Humble
case, where the decision was held to imply that the Commission must base its proration schedules on an acreage basis.
While the statistical position of the oil industry in the
United States during the first half of the current year was
the best since the World War, prices were considerably below
normal and in unusual relationship to each other, William J.
Kemnitzer, petroleum technologist, said in assailing Federal
control over the industry.
"Such anomalies were apparently the result of continued
artificial regulation of the economic elements of the industry," he continued, "the consequences were discrimination in allocations of production and markets, enhancement
of controversial problems, general prosperity for the larger
integral organization, and, with few exceptions, adversity
for the smaller 'independent' operators.
"Prices, as a whole, averaged 1% above those of the first
six months of 1934. The price of gasoline f. o. b. refinery,
however, averaged 11.8% lower, and that of gasoline at the
service station (exclusive of taxes) 4.5% lower than that of
last year. Prices of other refined products increased generally. The average price of crude oil remained unchanged.
"The days' supply on hand in stocks averaged 6.8% below
that of last year,' he continued. "In consideration of this
improvement in supply and demand the prices of both gasoline and crude oil prices should have been increased. The
average price of gasoline f. o. b. refinery, however, was
51.5% below `normal,' that of crude oil 36.4% below normal
and that of gasoline at the service station 26.6% below
normal."
Creation of four committees to make a broad survey of
problems peculiar to the producing, refining, marketing and
transportation operations of the petroleum industry was announced by the American Petroleum Institute. It was indicated that the four committees will make a preliminary
report at the annual meeting at Los Angeles, Nov. 11 to 14.
J. Edgar Pew, of the Sun Oil Co., is Chairman of the Production Committee; J. Noel Robinson of the Tide Water
Oil Co., has been appointed Chairman of the Refining Committee; W. V. Hartmann of Gulf Refining Co., Chairman of
the Marketing Committee,and H. T. Klein of the Texas Co.,
Chairman of the Transportation Committee, it was announced.
While average earnings of oil companies last year amounted
to $1.02 a year,taxes amounted to $5.22,Baird H. Markham,
Director of the American Petroleum Industries Committee,
told delegates from 15 Eastern States assembled in New
•
York for a 3-day conference this week.
"The fact that a tax muddle exists is more clearly understood," he said,"when we consider that a total of 199 taxes,
licenses and fees are now levied on the property, operations
and products of oil companies. There are 38 Federal taxes,
121 State taxes and 40 county or municipal taxes."
The mutiplicity of taxes has not stopped further efforts to
increase the industry's burdens, he said, reporting that there
were 59 different bills introduced in State Legislatures that
would have increased one of these taxes, the State gasoline
tax, in 27 States.
Daily average crude production in the United States last
week-due mainly to sharp increase in Oklahoma and
California-rose 89,650 barrels over the preceding week to
2,749,850 barrels, the A. P. I. reported. This compared
with estimated demand of the Bureau of Mines for September
of 2,613,000 barrels daily, and actual output last year at this
time of 2,488,100 barrels.
There were no crude oil price changes posted.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$200 Eldorado. Ark., 40
Bradford, Pa
1.1b Rusk, Tex., 40 and over
Lima (Ohio Oil Co.)
1.32 Damt Creek
Corning.Pa
1.12 Midland District, Mich
IlUnois
Sunburst, Mont
1.13
Kentucky
Western
Mid-Cont., Okla., 40 and above_ 1.08 Santa Fe gyring. Calif.. 38 & over.
.81 Huntington. Calif 30 & over -Hutchinson, Tex..40 and over
1.03 Kettleman Hills, 39 and over
Spindletop. Tex., 40 and over
.75 Long Beach, 31 and ovet
Winkler. Tex
$0.70 Petrone. Canada
Smackover, Ark., 24 and over
1.00
1.00
.87
1.02
1.23
.41
43
.56
.46
1.10
REFINED PRODUCTS-MID-WEST BULK MARKET FIRMSGAS STOCKS SHOW SHARP SLASH-BUFFALO RETAIL
PRICES CUT-PORTLAND "PUMP" LEVELS REDUCEDPITTSBURGH PRICE WAR ENDS
Aided by favorable weather conditions with the concomitant gain in consumption, the sharp drop in motor fuel
Sept. 21 1935
stocks, the Chicago bulk gasoline market late in the week
recovered the X.-cent decline in low-octane prices suffered
during the past 10 days or so. As the week closed, the
market was firm to strong.
% cents a gallon
Prices rose from 43/i to a range of 4% to 43
by mid-week with further buying lifting the price an addi43%
tional 3/s-cent late in the week to the previous range of
to 4% cents a gallon. Regular grade gasoline held unchanged
5 to 5% cents a gallon in a firm market.
at 5%
Domestic demand for gasoline is continuing at the record
levels reached during the summer with convincing evidence
that Labor Day did not bring the traditional decline in consumptive demand, indicated in the gain in gasoline stocks
for the first week of September, now attributed entirely to
the bad weather over the week-end holiday.
Gasoline stocks showed the sharpest decline since midJuly when the summer rise in consumption was in full swing
last week. dropping 1,249,000 barrels to 42,916,000 barrels
on Sept. 14. The decline was comprised of a drop of 257,000
barrels in refinery holdings, and 992,000 barrels in bulk
terminal stocks..
The sharply lower gasoline stocks were all the more noticeable in the face of a 1.3 point advance in the operating
rate of reporting refineries to 73.9% of capacity, it was
pointed out. Daily average runs of crude oil to stills rose
44,000 barrels to 2,516,000 barrels. Daily average production of cracked gasoline was off 6,000 barrels to 551,000
barrels.
Late last week-end, Socony-Vacuum Oil Co., Inc., posted
a reduction of 2 cents a gallon in retail prices of gasoline at
Buffalo to 13 cents a gallon, taxes included. The reduction
met a lower price level maintained in the area by other
marketers. The cut affected only Buffalo, it was pointed
out, the 15-cent level for gasoline being maintained in adjoining sections.
New England continued to furnish examples of competitive conditions in certain areas forcing sharp price cuts
in retail gasoline levels. This week's features was a slash of
2 cents a gallon in Portland, Me., by all major marketing
companies operating in that area to meet local competitive
conditions. The general retail price structure in the New
England area is somewhat shaky, due almost entirely to the
the sporadic outburts of price-slashing.
A price-war that has raged among independent distributors in Pittsburgh for several weeks was brought to a close
last week-end when dealers agreed to restore prices to their
former levels of 19 cents a gallon, taxes included. The
major companies did not participate in the "war" which
brought concessions of from 2 to 4cents a gallon to consumers
while it raged.
Representative price changes follow:
Sept. 14-Low-octane gasoline eased 3g-cent a gallon at Chicago to
4% cents a gallon, refinery.
Sept. 14-Independent dealers in Pittsburgh restored the former price
level of 19 cents a gallon for gasoline at service stations, taxes included.
Sept. 14-Socony-Vacuum Oil Co., Inc., cut retail prices of gasoline 2
cents a gallon at Buffalo to 13 cents, taxes included.
lk Sept. 16-Major marketers cut Portland. Me., retail prices of gasoline
2 cents a gallon.
Sept. 17-Low-octane gasoline firmed 3d-cent a gallon at Chicago to
4% to 4% cents a gallon. refinery.
Sept. 19-Low-octane gasoline firmed 3 -cent a glion at Chicago to
4% to 4% cents a gallon.
Gasoline, Service Station, Tax Included
$ 169
$.175
Minneapolis
Cincinnati
5.193
a New York
.21
175
New Orleans
Cleveland
.188
s Brooklyn
IS
.20
Denver
Philadelphia
.17
Newark
.19
.155
Detroit
Pittsburgh
.17
Camden
.16
.205
San Francisco
165
Jacksonville
Boston
172
.17
Houston
St. Louis
.13
Buffalo
135
.16
LOB Angeles
Chicago
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery
i North Texas-$.03H-.03)( I New Orleans-S.0314-.04
New York
.0314-.04
(Bayonne)-.504%-.04%'Los Angeles-- .04%-.05 I Tulsa
N. Y.(Bayonne)
Bunker C
Diesel 28-30 D.
Fuel 011. F.O.B. Refinery or Terminal
California 27 plus D
'Phila.. bunker C.... 5.35
$1.15-1.25
2.95
.80
1.65 I New Orleans C.
Gas Oil. F.O.B. Refinery or Terminal
$.02H-.02H
I Tulsa
'Chicago
lc Y.(Bayonne).
27 plus-S.04 -.0434 I 32311 00...2.02H-.0234 I
V. S. Gasoline.(Above 65 Octane). Tank Car Lots. F.O.B. Refinery
0544-.0534
Chicago
Standard Oil N. J-$.063,4 New York
Colonial-Bea000__$.0634 New Orleans_ 05t4-.0534
Socony-Vacuum__ .06H
.06H Los Ang.,ex__ 04t4-.0434
Texas
Tide Water 011 Co__ .061
05if-.05 H
.06H Gulf porta_ _
Gulf
Richfield Oil (Calif.) .06t4
.0534-.0534
Republic 011
0634 Tulsa
Warner-Quinlan Co- .00m
Shell East'n Pet- 0634
z Not including 2% city sales tax.
Daily Average Crude Oil Output Jumps 89,650 Barrels
in Week
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Sept. 14 1935 was 2,749,850 barrels. This was a gain of
89,650 barrels from the output of the previous week. The
current week's figure was also above the 2,613,000 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 September. Daily average production for the four weeks ended Sept. 14 1935 is estimated
at 2,690,950 barrels. The daily average output for the
week ended Sept. 15 1934 totaled 2,488,100 barrels. Further
details as reported by the Institute follow:
Financial Chronicle
Volume 141
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Sept. 14 totaled 904.000 barrels,
a daily average of 129,143 barrels, compared with a daily average of 195.714
barrels for the week ended Sept. 7 and 128,286 barrels daily for the four
weeks ended Sept. 14.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Sept. 14 totaled 240,000 barrels, a daily average of 34,286 barrels,
compared with a daily average of 14.286 barrels for the week ended Sept. 7
and 27,964 barrels daily for the four weeks ended Sept. 14.
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 2,516,000 barrels of crude oil daily were run to the stills
operated by these companies and that they had in storage at refineries
at the end of the week 25.667.000 barrels of finished gasoline, 5,480.000
barrels of unfinished gasoline, and 108.145,000 barrels of gas and fuel
oil. Gasoline at bulk terminals, in transit and in pipe lines amounted
to 17.249,000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential
ig units, averaged 551,000 barrels daily
,
charging capacity of all crart
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
Actual Production
Dept. of
Interior
Calculalions
(Sept.)
506,000
151,900
Average
4 Weelcs
Ended
Sept. 14
1935
449.550
128.800
477,400
139.350
502,400
126,600
52,750
59,300
25,950
154,100
47,150
442,700
*59,650
*189,850
53,800
58,950
25,800
153,150
45,900
440,500
59,250
192.300
53,650
58,250
25,850
151,850
46,800
440,100
58,950
188,950
56,350
60,600
27,750
155.400
52,500
423,800
57.150
177,050
10
.
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
,
Total Texas
Fo
North Louisiana
Coastal Louisiana
1,059,900 1,031,450 1,029,650 1,024,400 1,010,600
Total Louisiana
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico
25,500
122,100
26.700
120,800
25,350
120,250
24,100
73,350
126.300
147.600
147,500
145.600
97,450
29,200
100.500
38,000
35,600
10.600
4,500
50.800
30.050
105.200
46,450
36,900
13,400
4,350
56,800
30,350
101.250
46,300
37.000
14,800
4,350
57,150
30.200
102.550
46.650
37,750
13,550
4,400
56,050
31,300
103,700
31.050
36,700
10.300
3.400
45.400
Total east of California_ 2,113,300 2,112.950 2,046.700 2,077,900 1,998,900
'
P0
California
499,700
636,900
613,500
613,050
489,200
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED SEPT. 14 1935
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants
PotenHai
Rate
East Coast__
Appalachian
Ind., Ill., Ky
Okla., Kan.
Missouri..
Inland Texas
Texas Gulf _ _
La. Gulf _
-_No. La.-Ark
Rocky Mtn.
California...
Totals week:
Sept. 14 1935
Sept. 7 1936
Stocks
Stocks a Stocks
of
Is Stocks
of
of
Gas
of
tinFinReporting
Daily P. C. Una itnlshe4 Other
and
Fuel
Aver- &Per- Oasts- Gaso- Alotor
Total P. C. age
line
line
Wed
Oil
Fuel
Crude Runs
to Stills
612
154
442
612 100.0
146 94.8
424 95.9
451 73.7 13,178
101 69.2 1,963
365 86.1 7,897
453
330
617
169
80
97
852
384
160
595
163
72
60
789
266
99
561
123
42
41
467
3,806
3,806
1935
1934 e
1929
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(IN THOUSANDS OF NET TONS;
(The current weekly estimates are based on railroad car loadings and river shipments
and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Week Ended
August
Aug.31 Aug.24 Aug. 17 Sept. 1 Sept. 2 Aug. 31 A vge.
19359 1935p 19359 1934r 1933r 1929 1923e
State
Alaska
Alabama
Arkansas and Oklahoma.
Colorado
Georgia & North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri_
Kentucky-Eastern-a_ -Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
W. Vit ginia-Southersi
Northern_c
Wyoming
Other Western States_d
1
210
56
115
1
715
280
55
123
670
175
27
1
'50
31
20
360
1,945
100
15
37
207
21
1,666
452
95
•
Total bituminous coal
Penna. anthracite
7,428
1,088
8,516
.
5
345
100
176
8
1,1811
354
72
126
978
290
45
17
74
50
616
498
2,867
106
26
84
261
49
2,276
752
129
56
is
397
81
173
a
1,363
440
100
145
765
217
44
21
50
49
620
871
3,734
118
24
83
248
47
1,515
875
154
s4
2
150
25
81
1
487
191
18
76
518
119
24
2
38
23
18
287
1,460
71
15
27
151
19
1,357
338
62
•
4
172
66
97
*
857
271
60
119
658
152
29
6
42
22
20
345
1.577
71
13
45
156
24
1.470
.391
81
1
s
221
67
122
8
791
267
46
10.,
761
187
28
4
42
18
s31
480
2,175
108
17
42
176
36
1,743
559
85
52
6,280
413
5,560
446
6,748
1,098
8,107 10,886 11,538
1,238 1,613 1,926
6,693
6,006
7,846
9,345 12,499 13,464
2.613,000 2.749.850 2.660,200 2,690.950 2,488,100
*Beginning with this week, Conroe will be included in the Coastal Texas figure.
r Note-The figures indicated above do not include any estimate of any ell which
might have been surreptitiously produced.
District
Sept. 8
1934
a Includes lignite, coal made in to coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. e Subject
to revision. d Revised. e Adjusted to make comparable the number of working
days in the several years. f Aferage based on five working days.
Grand total
Total United States_
Aug. 31
1935 d
Bltum. coal: a
Tot,for per'd 6.848,000 7,428,000 6,035,000 244.128,000 239,716,000 353,431.000
Daily aver_ _ f1370,000 1,238,000 1,207.000 1,160,000 1.138,000 1,669.000
Pa. anthra.: b
Tot,for per'd 531,000 1,088,000 852,000 35,303,000 40.553,000 47.276,000
Daily aver__ f106,200 181,300 170,400
225.700
168,500
193,570
Beehive coke:
Tot,for per'd
10,900
583,700
697.800 4,738,100
16,000
15,800
22,141
Daily aver..
3,261
2,633
2,728
2,667
1.817
Week
Ended
Sept. 15
1934
493.350
147,400
Calendar Year to Dote
Week Ended-Sept. 7
1935 c
.0.N.01,...mmmMmM.0000=Mm0W00m
MN.N00.m0.t..0t.
cOMN..MN
MVO
.
.0.
MC
mm
Oklahoma
Kansas
Week End. Week End
Sept. 14
Sept. 7
1935
1935
1851
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
84.8
48.5
96.4
96.4
90.0
61.9
92.6
3,405 89.5
3.405 89.5
849
242
848
265 13,364
110
872
45 4,892
4.169
1,046
5,011
901
258
519
7,974
513
182
1,654
284
50
92
966
735 4,863
1,770 1,709
205 12,306
____ 4,398
155
455
80
765
2,460 64,521
2.516 73.9 d42,916
2.472 72.6 c44.165
5,480
5.487
5,825 108.145
5.575 105 051
69.3
61.9
94.3
75.5
58.3
68.3
59.2
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated;
includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants. c Includes 25,924,000 barrels at refineries and 18,241.000 barrels at
bulk terminals, in transit and pipe lines. d Includes 25,667,000 barrels at refineries
and 17,249.000 barrels at bulk terminals, in transit and Pipe lines.
Production of Coal Declined During Holiday Week
The weekly coal report of the United States Bureau of
Mines showed that production of soft coal during the week
ended Sept. 7 is estimated at 6,848,000 net tons. The
decrease from the preceding week-580,000 tons-was due
to the Labor Day holiday. The average daily rate of output for the five active days indicated an increase of 10.7%.
Production during the holiday week in 1934 amounted to
6,035,000 net tons.
On Aug. 31 stocks of bituminous coal in the hands of
industries and retail dealers were in the neighborhood of
39,500,000 tons, sufficient for 51 days' supply. This was
an increase of 8,300,000 tons, or 26.6%, over the corresponding season last year.
The total production of Pennsylvania anthracite during
the week ended Sept. 7 is estimated at 531,000 net tons.
This is in comparison with 852,000 tons in the corresponding
week last year.
During the calendar year to Sept. 7 1935 a total of
244,128,000 tons of bituminous coal and 35,303,000 net tons
of Pennsylvania anthracite were produced. This compares
with 239,716,000 tons of soft coal and 40,553,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
is Coal taken from under Kentucky mountains through open age in Virginia
Is credited to Virginia in the current reports for 1935, and the figures are therefore
not directly comparable with former years. h Includes operations on the N.& W.,
C. & 0., Virginian. K.& M., B. C. di; 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. 9 Alaska, Georgia, North Carolina. and South Dakota included with
"Other Western States." *Less than 1.000 tons.
Domestic Copper Raised to 9c. Valley-Zinc Advanced
• 15 Points and Lead 5
The Sept. 19 issue of "Metal and Mineral Markets"
stated that the continued flow of copper into consumption,
both here and abroad, and the announcement of a decrease
of about 20,000 tons in world copper stocks are said to have
caused the rise of domestic copper on Sept. 16 from 8
to 9c. Valley. During the week foreign copper continued in
strong demand, and the price finally passed 81,0., thereby
strengthening the domestic advance to the new level.
General industrial improvement in the United States and
Europe, in addition to some possible war purchases abroad,
places the non-ferrous metal industry in a firm position for
the last quarter. The demand for zinc during the week was
strong, and the price advanced 15 points. Lead sales were
in highest volume so far this year, and the anticipated price
increase along with other metals finally crystallized into an
advance of 5 points to 4.25c. St. Louis near the close of
yesterday's business. "Metal and Mineral Markets,"
further stated:
Capper at Blue Eagle Par
After repeated rumors which had caused consumers to hasten to cover
their requirementsin the latter part oflast week and early Monday (Sept. 16)
of the current week, an advance in the price of copper to 9c., delivered
Valley, was announced on the afternoon of Monday. Sept. 16. Customers
Inquiring for the metal prior to the announcement were evidently given
until the end of Tuesday's business to obtain it at the 8.50c. price, inasmuch
as no sales at a higher figure were reported on either Monday or Tuesday,
"Metal and Mineral Markets" quotations remaining unchanged for those
days. All business on Wednesday, Sept. 18, was booked at 9c. delivered.
Sales on Monday, Sept. 16, were exceptionally heavy, exceeding all the rest
of the week combined. The trend of business during the first five days
may be gaged from the sales reported by the United States Copper Association, which were as follows: Sept. 12, 3,698 tons; Sept. 13. 15,377 tons;
Sept. 14, 7,804 tons; Sept. 16, 35,041 tons; Sept. 17, 5,043 tons. With the
new price in effect, inquiries, slackened, although a modest tonnage was
booked on Sept. 18.
An unofficial summary of copper statistics of pertinent current interest
In short tons, follows:
ProductionU. S. mine
TJ. 5. scrap
Foreign mine
Foreign scrap
Totals
July
August
August
Shipments, Refined- July
26.900 United States
26.000
45,000 48.000
10.000 Foreign
11,000
89,800 85,300
71,500
67.800
7,900
Totals
9.500
134,800 133,300
Stocks, Refined114,300 116,300 United States
263.300 248,600
Foreign
308,000 301.200
Total
571,300 549,800
1852
Lead Also Higher
The heavy buying of lead this last week totaled a little more than 14,000
tons, which is the highest reported so far this year. Many consumers entered
the market, including sheet and pipe lead, tin-foil bearings and battery
manufacturers and some small tonnages were sold to cable manufacturers.
September requirements are reported to be about 90% filled, and October
shipments stand at about 55%. The quotation was raised during the last
hours of business, and the amount sold at the higher level was not sufficient
to influence our quotation for the day. The price held at 4.35c. New York on
Sept. 18, the contract settling price of the American Smelting & Refining
Co. and 4.20c. St. Louis. St. Joseph Lead continued to sell its own brands
In the East at a premium and some small lots were sold at the new level
or 4.25c. St. Louis.
Zinc Up to 4.75c.
Following the example set by copper,zinc moved to a higher price level on
Sept. 18, an advance of 15 points in the price of Prime Western metal
being announced on the day before. The new base is 4.75c. East St. Louis.
"Metal and Mineral Markets" quotations remain unchanged at 4.600.
East St. Louis from Sept. 12 to 17 inclusive. Sales reported by leading
producers for this five-day period are as follows: Sept.12,180 tons;Sept. 13,
420 tons; Sept. 14, 1,000 tons; Sept. 16. 4,935 tons; and Sept. 17, 10,736
tons. No sales were reported at the advanced price on Sept. 18,the increase
having evidently dried up inquiries for the time being. Of the total only a
small part was for September delivery, the rest being spread out over the
fourth quarter, with even a moderate amount for January. The bulk ofsales
were in small lots, few exceeding 100 tons, this indicating a broad distribution of the tonnage sold.
Tin Trade Quiet
During the week the price of Straits tin in New York spread between
49c. and 49.700.. and at the end of the seven-day period it was quoted at
49.400. Business is reported to be dull in the domestic market, but abroad
activity is more pronounced. Immediately after the announcement of the
International Tin Committee that the production quotas would remain at
65%,tin advanced in London Ll 15s. and spot sold for £222 10s., but the
domestic price remained under the London quotation. The tin-plate industry is now said to be operating at 55% of standard capacity. The reported low stocks in New York warehouses will be augmented by 2,500 tons
due in New York this month.
Chinese tin was quoted nominally as follows: Sept. 12,48.375c.; Sept. 13,
48.500.; Sept. 14, 48.575c.; Sept. 16, 49,0000.; Sept. 17, 48.8760.; Sept. 18,
48.7760.
Ingot Output in Slight Recession-Pig Iron
Contracting Is Heavy
Steel ingot production has dipped one-half point to 52%
of capacity, according to the "Iron Age" of Sept. 19.
Operations have risen two points to 66% in the ClevelandLorain district and three points to 41% at Buffalo, but
have fallen one point to 44% at Pittsburgh, one point to
38% in eastern Pennsylvania, three points to 57% in the
Valleys, and five points to 90% at Detroit. Output is
substantially unchanged elsewhere, with the important
Chicago district holding at 60% and the Wheeling area
at 80%. The "Age" further said:
The deflection of operations apparently has little significance beyond
reflecting the extreme sensitiveness of rolling schedules to the flow of
orders. Buying is still predominantly at short range and shipping releases
ordinarily pile up as the week advances, causing actual output to exceed
scheduled operations. Thus, by the end of last week Chicago's scheduled
rate of 60% had been raised to 61%.
Stocking of ingots by producers has been at a minimum. Anticipatory
buying on account of changes in extras and prices has not yet materially
affected mill schedules, though an accumulation of last-minute orders
may result in a spurt in operations late in the month.
In its broad trend, however, the immediate future of steel production
is largely dependent on the automobile industry. Motor car makers have
encountered unexpected delays in making the transition from old to new
models, with the result that steel orders are still confined to relatively
small lots. Parts makers are now specifying liberally and past experience
Indicates that car manufacturers themselves will order freely as soon as
they get their production machinery working smoothly again.
Tin plate output has dropped to 55% in line with seasonal expectations.
Sheet mills are maintaing operations at 70%, strip mills at 45%, and
pipe mills at 40 to 45%. Wire production has advanced from 45 to 50%.
Chicago rail mills have booked sufficient additional tonnage to warrant
the extension of restricted rolling schedules until mid-October.
Pig iron buying for fourth quarter is active in most market centers.
Chicago producers have accumulated the largest backlogs since pre-depression years. Lake Erie furnaces have the heaviest bookings in two years.
A Massachusetts textile machinery maker has closed for 10.000 tons.
Pig iron shipments continue to gain, those of Lake Erie producers being
40% larger than for the corresponding period in August. A merchant
furnace at Erie. Pa.. out of blast for five years, is being blown in this
week. A steel company has lighted a stack at Braddock. Pa.. which
will run largely on production for the merchant trade.
The pig iron market draws part of its strength from renewed threats
of a coal strike.
Scrap, as measured by the "Iron Age" composite for heavy melting
steel prices at Pittsburgh, Chicago and Philadelphia, is unchanged at
$12.75 a gross ton. Though the upward trend of scrap prices has been
arrested it has not been completely stopped, further advances in heavy
melting grade having occurred at Cleveland. Buffalo and Boston.
Structural steel lettings of 14,750 tons compare with 25,650 tons a
week ago. Awards of structural steel, plate work, reinforcing anti sheet
piling reported by the "Iron Age" to date his year are maintaining a
small margin over 1934, the total for this year being 882,807 tons and
that for the corresponding period last year 878,667 tons.
Highway and grade separation projects are expected to be expedited
by the removal of the restriction limiting Federal allotments to $1,400
per worker.
Machine, carriage, lag, and plow bolts and nuts have been reduced in
price 2 to 3% through an increase in discount to 75% off list. Tire bolts
have been advanced to 60% off list, and elevator, ribbed carriage and step
bolts to 70% off, these heretofore having carried an additional five-point
discount. Discounts also have been cut on cap and set screws.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $17.84 a gross ton and 2.124 cents a pound. respectively.
Sept. 1 1935
Financial Chronicle
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates.
Sept. 17 1935, 2.1240. a Lb.
One week 820
2 1240. wire, rails, black pipe, sheets and hot
One month ago
2.1240. rolled strips. These products make
One year 830
2.1240. 85% of the United States output.
Low
High
2.1240. Jan. 8
2.1240. Jan. 8
1935
2.008c. Jan. 2
2.1990. Apr. 24
1934
1.8670. Apr. 18
2.0150. Oct. 3
1933
1.926c. Feb. 2
1.9770. Oct. 4
1932
1.9450. Dec. 29
2.0370. Jan. 13
1931
2.0180. Dec. 9
2.2730. Jan. 7
1930
2.2730. Oct. 29
2.3170. Apr. 2
1929
2.217c. July 17
2.2860. Dee. 11
1928
2.212e. Nov. 1
2 4020. Jan. 4
1927
Pin Iron
Sept. 17 1935, $17.84 a Gross Ton (Based on average of basis iron at Valley
$17.84 furnace and foundry irons at Chicago.
One week ago
17.84 Philadelphia, Buffalo, Valley and
One month ago
17.90 Birmingham.
One year ago
Low
High
$17.83 May 14
$17.90 Jan. 8
1935
16.90 Jan. 27
17.90 May 1
1934
13.56 Jan. 3
16.90 Dec. 5
1933
14.81 Jan. 5
13.56 Dec. 6
1932
15.90 Jan. 6
14.79 Dec. 15
1931
18.21 Jan. 7
15.90 Dec. 16
1930
18.21 Dec. 17
18.71 May 14
1929
18.59 Nov. 27
17.04 July 24
1928
19.71 Jan, 4
17.54 Nov. 1
1927
Steel Scrap
Sept. 17 1935. $12.75 a Gross Ton Based on No. 1 heavy melting steel
$12.75 quotations at Pittsburgh. Philadelphia
One week ago
12.50 and Chicago.
One month ago
9.58
One year ago
High
Low
512.75 Sept.10
510.33 Apr. 23
1935
13.00 Mar. 13
9.50 Sept. 25
1934
12.25 Aug. 8
6.75 Jan. 3
1933
8.50 Jan. 12
6.43 July 5
1932
11.33 Jan. 6
8.50 Dec. 29
1931
15.00 Feb. 18
11.25 Dec. 9
1930
17.58 Jan. 29
14.08 Dec. 3
1929
16.50 Deo. 31
13.08 July 2
1928
15.25 Jan. 11
13.08 Nov. 22
1927
The American Iron and Steel Institute on Sept. 16 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 48.3%
of the capacity for the current week, compared with 49.7%
last week, 48.8% one month ago and 22.3% one year ago.
This represents a decrease of 1.4 points, or 2.8% from the
estimate for the week of Sept. 9. 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. 5
Nov. 12
Nov. 19
Nov. 26
Deo. 3
Dec. 10
18.4%
20.9%
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
1934Dec. 17
Dec. 24
Dec. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan, 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
193534.6% Mar.25
46.1%
35.2% Apr. 1
44.4%
39.2% Apr. 8
43.8%
Apr. 15
44.0%
43.4% Apr. 22
44.6%
47.5% Apr. 29
43.1%
49.5% May 6
42.2%
52.5% May 13
43.4%
52.8% May 20
42.8%
"
50.8% Ma.
42.3%
49.1% June 3
39.5%
47.9% June 10
39.0%
48.2% June 17_...-38.3%
47.1% June 24
'7 7%
46.8% July 1
32.8%
1935July 8
35.3%
39.9%
July 15
42.2%
July 22
July 29____44.0%
Aug. 5
46.0%
48.1%
Aug. 12
48.8%
Aug. 19
47.9%
Aug. 28
Sept. 2
45.8%
49.7%
Sept. 9
48.3%
Sept. 16
"Steel" of Cleveland, in its summary of the iron and steel
markets on Sept. 16 stated:
In a week also made noteworthy by a 2 point rise In the steelmaking rate,.
allocation of 23 naval vessels requiring over 35,000 tons of steel, award of
26,686 tons of structural material, and lifting of the final barrier to the
Government's steel-consuming $400,000,000 program of highway construction and grade crossing elimination, the increasingly strong situation in
pig iron is significant.
This does more than connote a broadening of the base of the alreadyencouraging iron and steel market. Consumers not only are covering for
their present substantial melt but they also are accumulating inventories
against still heavier requirements and probable price advances and are
beginning to regard pig iron as an investment-perhaps a hedge against
inflation. The investment phase was apparent in a New England textile
machinery manufacturer's purchase of 10.000 tons last week.
In New England. incidentally, more Dutch and Russian iron is coming in.
At Chicago, furnaces have built up the largest backlog in several years.
One explanation of the increased melt ofiron is the brisk demand for sanitary
ware, which almost approaches boom proportions and affords a clew to the
building situation. A southern maker of bessemer iron has upped its Price
$1 a ton to $20. Birmingham, and is refusing longer to meet northern competition. Carnegie Steel Co. Is assigning one Edgar Thomson stack to
merchant iron and converting another to ferromanganese.
This spirited pig iron market works back to iron ore, the Great Lakes
movement to Sept. 1 being 11% ahead of last year. It also has the backing
of scrap. The slightly easier price situation at Chicago a week ago has
traveled east to Detroit. but elsewhere prices are strong. Bids for railroad
material at Pittsburgh portend a still higher level. The Japanese and
West Coast market for scrap is soft, but the Eastern export trade-perhaps
mirroring the European situation-is firm.
Through the market for bars, alloys and flat-rolled steel runs a distinct
strain of automobile business. Nevertheless, the role of the railroads.
building, shipbuilding and miscellaneous outlets acquired greater importance.
Norfolk & Western came out for 40,000 tons ofrails-15,000 for immediate
rolling and the rest for 1936. Chesapeake & Ohio seemed nearer action on
its inquiry for 30,000 tons. The Pennsylvania may have a car and locomotive program if loadings improve. Russia has placed 7,000 steel car
axles with the Carnegie company, New York Central ordered 6,500 tons
of rails and accompanying fastenings.
Outstanding shape award was 8.460 tons for American Sheet & Tin
Plate Co. expansion in the Chicago District, going to the American Bridge
Co. New England captured the lion's share of the naval program, its
requirements for plates, shapes and bars for vessels awarded its yards
approximating 22,000 tons. Steel sheet orders are not so heavy as in
August, but shipments reflect the rolling of last month's bookings, chiefly
for the automotive industry. The latter is a heavier buyer of wire products.
The effort of mills to achieve a more remunerative level by bringing prices
more into conformity with costs may lead to the spread of quantity extras
to other products than carbon cars. In the latter schedule, a slight adjustment is favorable to buyers of 5 to 10-ton lots. Revised discounts on bolts
Volume 141
Financial Chronicle
and nuts lower the price fractionally to some classes of users. Generally.
prices have been extended for the fourth quarter without formal announcement. The scrap influence lifts "Steel's" iron and steel composite 2 cents
to $32.81, and, of course, puts the scrap index up 21 cents to $12.62. The
finished steel composite, meanwhile, is steady at $53.70.
Ingot product on practically equalled the 1935 high of 54%%,established
in the first half of Febraury, when it rose 2 points to 54% last week. Increases were: Pittsburgh, 3 points to 48%; eastern Pennsylvania,3 to 35;
Chicago, 2 to 59; Cleveland. 11 to 67; Buffalo, 3 to 35; Birmingham, 3 to
483'i: New England, 3 to 73. Detroit was unchanged at 94, and Wheeling
at 84. Youngstown was off 3 points to 57.
Steel ingot production for the week ended Sept. 16, is
placed at about 52% of capacity, according to the "Wall
Street Journal" of Sept. 18. This compares with 50% in
the previous week, and 45% two weeks ago. The "Journal"
further stated:
1853
U. S. Steel is estimated at 42%, against 41% in the week before, and
37% two weeks ago. Leading independents are credited with 60%, compared with 57% in the preceding week, and 50% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1027
U. S. Steel
42
20
38
14
3334
65
88
79
64
52
+2
21
+1
40
—2
15
30
+134
58
+2
8454— I%
+2
80
—3
62
Independents
+1
+1
—2
+154
+2
—3
+2
—3
60
+2.54
22
+ 55
41
—234
16
2834+ 2
62
+1
81
—1
81
+254
60
—3
Current Events and Discussions
The Week w'th the Federal Reserve Banks
Theidaily average volume of Federal Reserve bank credit
outstanding during the week ended Sept. 18, as reported by
the Federal Reserve banks, was $2,485,000,000,an increase of
$5,000,000 compared with the preceding week and of $12,000,000 compared with the corresponding week in 1934.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
On Sept. 18 total Reserve bank credit amounted to $2,472,000,000 a
decrease of $7,000,000 for the week. This decrease corresponds with decreases of $252,000,000 in member bank reserve balances and $6.000,000
in money in circulation and an increase of $21,000.000 in monetary gold
stock,toffset in part by increases of $210,000.000 in Treasury cash and
deposits with Federal Reserve banks and $60,000,000 in non-member
deposits and other Federal Reserve accounts. Member bank reserve
balances on Sept. 18 were estimated to be approximately $2,560.000,000
in excess of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of $50,000,000. in
holdings of United tates Treasury notes was offset by decreases of $28,000,000 in United States bonds and $22,000,000 in Treasury bills.
Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal Reserve
banks in accordance with the provisions of Treasury regulations issued pursuant to sub-section (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Sept. 18, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 1888 and 1889.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Sept. 18 1935, were as follows:
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 $872,000,000 on Sept. 18 1935, a decrease of
$31,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Sept. 18 1935 Sept. 11 1935 Sept. 19 1934
Loans and investments—total
7,852.000.000 7,656,000,000 7,065,000,000
Loans on securities—total
1 591,000,000 1,621,000,000 1,419,000,000
To brokers and dealers:
In New York
Outside New York
To others
817,000,000
55,000,000
719,000,000
Accepts, and commercial paper bought
Loans on real estate
Other loans
847,000,000
56,000,000
718,000,000
558,000,000
47,000,000
814,000,000
131,000,000 129,000,000 248,000.000
123,000,000 123,000,000 137,000,000
1,232,000,000 1,202,000,000 1,223,000,000
U.S. Government direct obligations_ _3.326,000,000 3,148,000,000 2,826,000,000
Obligations fully guaranteed by United
States Government
372,000,000 372,000,00011,212,000,000
Other securities
1 077,000,000 1,061,000,0001
Reserve with Federal Reserve Bank_
Cash in vault
2,118,000,000 2,294,000,000 1,348,000.000
47,000,000
49,000,000
37.000,000
Net demand deposits*
Time deposits
Government deposits
8,192,000,000 8,186,000,000 6,168,000,000
589,000,000 592,000,000 659,000,000
297,000,000 231,000,000 599,000.000
Due from banks
Due to banks
96,000,000
93,000,000
59.000,000
2 175,000,000 2,179,000,000 1,575,000,000
Borrowings from Federal Reserve Bank _
Loans on investments—total
Chicano
1 799,000,000 1,768,000,000 1,499,000,000
Loans on securities—total
192,000.000
191,000,000
237,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000,000
29,000,000
162,000,000
1,000,000
28,000.000
162,000,000
22,000,000
24,000,000
191.000,000
Accepts, and commercial paper bought _ _
21,000,000
Loans on real estate
15,000.000
Other loans
233,000,000
21,000,000
15.000,000
232,000,000
49.000,000
21,000,000
248,000.000
938,000,000
644.000,000
Increase (-F, or Decrease (—)
Since
Sept. 18 1935 Sept. 11 1935 Sept. 19 1934
$
$
8
Bills discounted
10,000,000
—1,000,000
—12,000,000
Bills bought
5,000,000
U. S. Government securities
2,430,000,000
—1,000,000
Industrial advanced (not including
827.000,000 commitmls—Sept. 18) 30,000,000
+29,000,000
Other Reserve bank credit
—3,000.000
—7,000,000
—10,000,000
U. S. Government direct obligations_
967.000,000
Obligations fully guaranteed by United
States Government
94.000,000
Other securities
277,000,000
95,000.0001 300.000.000
276,000.0001
Reserve with Federal Reserve Bank.... 486,000,000
Cash in vault
36,000,000
482,000,000
36,000.000
Total Reserve hank credit
2,472,000,000
Nionetsry gold stock
9 240,000,000
Treasury & National bank Currency. 2.390,000,000
Na demand deposits*
Time deposits
Government deposits
—7,000.000
+6,000,000
+21,000,000 +1,268,000,000
—1,000,000
—22,000,000
Money in circulation
—6,000,000 +220,000,000
5 632,000,000
Member bank reserve balances
5 136,000,000 —252,000,000 +1,247,000,000
Treasury cash and deposits with Federal Reserve banks
2 839,000,000 +210,000,000 —285,000,000
Non-member deposits and other Federal Reserve accounts
494,000,000 +60,000,000
+69.000.000
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
Due from bank.
Due to banks
470,000,000
36,000,000
1,749,000,000 1,739.000,000 1,458,000,000
405,000,000 390,000,000 361,000,000
65,000,000
28,000,000
32,000.000
215,000,000
528,000,000
217,000,000
531,000,000
157,000,000
423,00,000
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 Sept. 11:
The condition statement of weekly reporting member banks in 91 leading
cities on Sept. 11, issued by the Board of Governors of the Federal Reserve
System, shows increases for the week of $61,000.000 in loans and investments, $192,000,000 in net demand deposits, and $150,000.000 in reserve
balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York increased
$57.000,000 at reporting member banks in the New York district, and
655,000,000 at all reporting member banks. Loans to brokers and dealers
outside New York decreased $6,000,000, and loans on securities to others
$16,000,000. Holdings of acceptances and commercial paper bought and
of real estate loans increased $5,000,000 each. "Other loans" increased
Financial Chronicle
1854
921,000,000 in the New York district, and 929,000,000 at all reporting
member banks.
Holdings of United States Government obligations declined 929,000,000
in the St. Louis district, and increased 916.000.000 in the San Francisco
district, and $14,000,000 in the New York district, and declined $27,000,000
at all reporting member banks. Holdings of obligations fully guaranteed
by the United States Government increased $7,000.000 each in the Chicago
and San Francisco districts, and $16 000.000 at all reporting member
banks. Holdings of other securities decreased $12.000.000 in the New
York district, increased $7.000,000 in the San Francisco district, and
were unchanged for all reporting member banks.
Licensed member banks formerly included in the condition statement of
member banks In 101 leading cities, but now included in the weekly statement had total loans and inevstments of $1.263.000,000. and net demand
and time deposits of $1.394.000.000 on Sept. 11. compared with $1,258,000,000 and 91.291,000.000, respectively, on Sept. 4.
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 Sept. 11. follows:
Increase (+) or Decrease (—)
Since
Sept. 12 1934
Sept. 4 1935
Sept. 11 1935
Loans and investments—totaL __.18,675,000,000
+61,000.000
+897,000.000
Loans on securities—total
2,990,000,000
+33,000,000
—172,000,000
To brokers and dealers:
In New York
Outside New York
To others
878,000,000
156,000,000
1,956,000,000
+55,000,000
—6,000,000
—16,000,000
+137,000.000
+3.000,000
—312.000,000
301,000,000
951,000,000
3,218,000,000
+5.000.000
+5,000,000
+29,000,000
—145,000.000
—36,000.000
—42,000,000
7,288,000,000
U. S. Govt. direct obligations
Obligations fully guaranteed by the
985,000,000
United States Government
2,942,000,000
Other securities
—27.000,000
+715,000.000
Sept. 21 1935
Germany Not to Receive Most-Favored-Nation Status
After Oct. 16—Treasury Action, Based on Order
by President Roosevelt, Taken Because of Discrimination by Reich
The Treasury Department, following instructions by
President Roosevelt, told its customs agents on Sept. 16
that beginning Oct. 15 imports from Germany will no longer
be granted the tariff reductions accorded to other countries
through the generalization of reciprocal trade agreements.
A letter from President Roosevelt, dated Sept. 15, told Secretary of the Treasury Morgenthau that "on Oct. 15 1935 the
United States will cease to be bound" by the provisions of
the commercial treaty with Germany stipulating "mostfavored-nation treatment in respect of customs duties."
The President's action followed the policy announced by
the State Department last week, when it informed the German Embassy that after Oct. 15 Germany would be excluded
from the tariff reductions provided in the reciprocal trade
agreements with Belgium, Haiti and Sweden, and which
have been granted to all other nations through the most.favored-nation treatment, and from reductions to be contained in agreements subsequently concluded with other
governments. President Roosevelt's letter to Mr. Morgenthau follows:
Reserve with Fed. Reserve banks_ 4,163 000,000
317,000,000
Cash in vault
+150,000,000 +1,224.000,000
+63.000,000
+20,000.000
16,111,000,000
4,386,000,000
490,000,000
+192,000.000 +3,070,000,000
+6,000.000 —110.000,000
+4,000,000 —601,000.000
1,958,000,000
4,804,000,000
+57.000,000 +444,000,000
+120,000,000 +1,020,000,000
Sept. 15 1935.
My dear Mr. Secretary:
With reference to my letter addressed to you on July 9 1935, and in
particular to Section 2 of that letter concerning the application of duties
proclaimed in the trade agreements with the Belgo-Luxemburg Economic
the
Union, Haiti and Sweden, you are hereby notified that on Oct. 15 1935
of
United States will cease to be bound, by the provisions of Article VII
the treaty of friendship, commerce and consular rights between Germany
edand the United States, signed Dec. 8 1923, providing for most-favor
nation treatment in respect of customs duties.
You will please cause this notification to be published in an early issue
of the weekly "Treasury Decisions."
Sincerely yours,
FRANKLIN D. ROOSEVELT.
Jr.,
The Honorable Henry Morgenthau
Secretary of the Treasury.
—6,000,000
—1,000,000
Borrowings from F. R. banks
•Figures subsequent to Aug. 23 1935 IncludeGovemment deposits.
At the same time the following Treasury decision, based
upon the foregoing, was sent to all Collectors of Customs:
Accepts, and com'l paper bought
Loans on real estate
Other loans
Net demi.nd deposits
Time deposits
Government deposits
Due from banks
Due to banks
+16,000,0001 +577000,000
European Countries Expected to Import 500,000,000
Bushels of Wheat for 1935-36—Estimate of International Institute of Agriculture (Rome)
European countries will import from 500,000,000 to 540,000,000 bushels of wheat for 1935-1936, the International
Institute of Agriculture announced Sept. 15, said United
Press advices from Rome, Italy, that day. 1he advices
added:
This estimate places European needs between 350,000,000 and 370,000.000 bushels. The old crop on hand beginning last August was placed at
500,000,000 bushels,lowest figure since 1928. The amount on hand a year
ago was 704,000,000 bushels.
The Institute's statement said:
It may now be estimated that the demand from European importing
total of
countries for the entire 1934-1935 importing season did not reachita remains
more than 355,000,000 to 360,000,000 bushels. Therefore
season.
preceding
the
of
that
smaller than
35,000,000 to 40,000,000 bushels -Commenting on the barley crop, the Institute said the total production
of European countries was mediocre. European production of oata appears
practically the same as last year, but the North American crop is much
larger, the Institute said.
United States and Colombia Sign Reciprocal Trade
Pact—Agreement, Based on Most-Favored-Nation
Principle Must Be Approved by Colombian Con'President Roosevelt
gress and
A reciprocal trade agreement between the United States
and Colombia was signed at Washington on Sept. 13 by
Secretary of State Hull and Miguel Lopez Pumarejo, Colombian Minister. The agreement is based on most-favorednation treatment. In order for it to become effective it
must be approved by the Colombian Congress, ratified by
the President of Colombia, and approved and proclaimed by
President Roosevelt. In making the announcement, Mr. Hull
said that he was pleased to learn that the discussion in the
Brazilian Congress of the Brazilian-United States trade
agreement, which was ratified on Sept. 12 by the lower
house, had brought only expressions of friendly regard for
this country. The Colombian and Brazilian agreements
were among the earliest to be negotiated under the reciprocal trade pact policy, and the Colombian treaty was delayed
until it was considered certain that the pact with Brazil,
would be ratified. The State Department announcement
on the Colombian agreement said:
Both countries engage to accord unrestricted and unconditional most.
treatment in respect of customs matters.
On the part of the United States, the agreement provides that certain
products of Colombia, which represent a large percentage of total Colombian
exports to this country, shall continue to enjoy exemption from import
duties, and shall not be subject to import prohibitions, increased Federal
taxes or increased customs charges other than duties.
Reciprocally, Colombia agrees to reduce its customs duties on an Important percentage of products imported from the United States and not to
increase its duties on certain other products imported from this country.
Also, Colombia agrees to refrain from imposing Import prohibitions, increased Federal taxes and increased custom house charges on certain products
•
Of the United States.
The text will not be made public for a short time, pending receipt of a
copy of the agreement in Bogota in order that it may be released simultaneously in the two countries.
•
TREASURY DEPARTMENT
Office of the Commissioner of Customs
Washington, D. C., Sept. 16 1935.
To Collectors of Customs and Others Concerned:
There is published below for your information and guidance a letter
from the President, dated Sept. 15 1935, notifying the Secretary of the
Treasury that on Oct. 15 1935 the United States will cease to be bound
by provisions of the treaty of 1923 between Germany and the United
States providing for most-favored-nation treatment in respect of customs
duties.
In accordance with the provisions of Section 2 of the letter from the
President published in T. D. 47785 and of Section 350 of the Tariff Act
of 1930 (T. D. 47117), the reduced rates of duty provided for in the trade
agreements concluded with the Belgo-Luxemnerg Economic Union (T. D.
47600), Haiti (T. D. 47667), and Sweden (T. D. 47785), will not be
applicable to products of Germany imported directly or indirectly, if entered
for consumption or withdrawn from warehouse for consumption on and
after Oct. 15 1935. Such products will be assessed with duty at the rates
prescribed in the Tariff Act of 1930, subject to any modification of such
rates under Section 336 of the Act.
JAMES H. MOYLE, Commissioner of Customs.
A Washington dispatch of Sept. 16 to the New York
"Times" commented on the President's action as follows:
Exclusion of Germany, the first retaliatory action taken by the Roosevelt
Administration, was provoked by German discrimination against the United
States in financial and commercial questions and her denunciation of the
unconditional most-favored-nation clauses with respect to merchandise in
the commercial treaty of 1923. The counter-attack means that German
imports of almost 100 types will have to pay the full Smoot-Hawley duties.
The trade agreements provide for reductions of as much as 50% in these
tariffs.
The New York "Journal of Commerce" of Sept. 14 gave
the following statement regarding the proposed action effective Oct. 15:
Many misconceptions have arisen among American importers of German
merchandise in regard to the cessation of the most-favored-nation clause on
Oct. 15 1935 in the German-United States commercial treaty as published
in yesterday's daily papers, according to the Board of Trade for GermanAmerican Commerce.
The Board stated, through its Secretary, Dr. Albert Degener, that it
must be made clear that only such articles imported from Germany are
affected by this change for which tariff concessions have been granted in
the reciprocal trade agreements entered into by the United States with
Belgium. Sweden and Haiti. All other articles imported into the United
States from Germany retain their present rates of duty. A list of those
articles affected will be published shortly by the Board of Trade.
"The Board of Trade for German-American Commerce, whose main aim
has always been the promotion and development of German-American commerce," said Dr. Degener, "confidently hopes that new trade negotiations
will start soon and will lead to a friendly and cordial understanding between
the two countries, which in turn will lead to a smoother and better exchange
of merchandise."
President Roosevelt Extends Until Jan. 1 Reciprocal
Tariff Concessions to Canada France, The'Nether'
lands, Spain and Switzerland
President Roosevelt on Sept. 18 instructed the Treasury
Department to extend until Jan. 1 certain tariff concessions
to Canada, France, The Netherlands. Spain and Switzerland.
Under the President's original instructions the reciprocal
privileges would have been withdrawn from those countries
on Oct. 1, but several weeks ago it became apparent that
Volume 141
Financial Chronicle
none of the five pending agreements could be concluded by
Oct. 1. The status of the five countries, and of other reciprocal tariff negotiations, was summarized as follows in a
Washington dispatch of Sept. 18 to the New York "Times":
Since they are all now engaged in negotiating with this country trade
agreements that, it is hoped, will eliminate the discriminatory trade practices
that led the President to put them on notice last July, it was decided to
prolong the time until the end of the year. By that time, it is expected
that the agreements will have been completed and signed.
Formal notice was given by the President to the Treasury yesterday that
low tariffs conceded on articles affected by trade agreements should not be
accorded to German goods after Oct. 15, when the most-favored-nation
clauses of the German-American trade treaty expire. Germany, Italy, Denmark and Portugal had been placed on a list to enjoy the privileges for an
indefinite period, terminable on thirty days' notice from the President.
After Germany denounced the most-favored-nation portion of its trade
agreement with this country, it was a foregone conclusion that yesterday's
step would be taken. Italy is now negotiating a trade agreement. Portugal
and Denmark have as yet taken no steps to stop the discrimination to which
the State Department objects.
1855
peace but that they "are jealous of their independence and
will use even swords and spesirs in defense of the acres which
they have cultivated and which they love." The New York
"Herald Tribune" of Sept. 14 reported his remarks in part
as follows:
The Emperor spoke in French from Addis Ababa, and his address was
immediately heard again in an English translation.
In the evening the Emperor again broadcast. insisting that Ethiopia
had done nothing to mar or hinder the peace work of the League of Nations, while the Italians continued to amass troops, supplies and ammunition in Italian Somaliland and Eritrea during the course of the negotiations.
Both the afternoon address to the world at large and the evening speech,
a special appeal to the United States, were re-broadcast in this country
over a National Broadcasting network. The earlier talk was heard
clearly, but the second broadcast was indistinct because of atmospheric
conditions.
Charges Italy Began Arming Early
The Emperor said in part in the afternoon:
"Italy seeks to justify the unworthy act which she prepares to commit
against our people. To this end, instead of replying to the legal argument
which we have presented to demonstrate the violation of our territory,
and the armed and illegal occupation of our territory by Italian troops.
her Government presents at the last moment a documentation against
our people, patiently and slyly assembled by numerous paid agents distributed throughout our territory under the guise of diplomatic representatives.
"It is not the place or the moment here to reply legally or quarrel with
Italy on the accusations, as yet known to us only by hearsay. To this
memorandum, presented on Sept. 4 to the League of Nations, which as
yet has not had time to reach us, our Government is able to reply point
by point, and to answer the League on all these accusations formulated
at the last hour against us.
Italy Considers League Plan to Compromise Dispute
with Ethiopia—Powers Weigh Use of Sanctions if
Italy Rejects Peace Proposals—British Fleet Masses
in Mediterranean—Premier Laval Pledges Britain
French Support in' Invoking League Covenant
The principal hope of averting an Italo-Ethiopian war,
into which other great Powers might be drawn, rested late
this week in the Italian answer to compromise peace proposals advanced by the conciliation committee of five members, representing the Council of the League of Nations.
Thanks Helpful Statesmen
Salvador de Madariaga, Chairman of that committee, on
"The Ethiopian people are firmly attached to peace, but they are at the
Sept. 18 presented the League plan for amicable settlement same time
animated by a deep love of country. Whatever may be the
of the dispute to both Baron Pompeo Aloisi of Italy and state of disarmament in which they unjustly
find themselves through the
Tecle Hawariate of Ethiopia. Unofficial comments in Rome diplomatic maneuvers of Italy, our people are jealous of their independon Sept. 19 said that the compromise plan would probably ence and will use even swords and spears in defense of the acres they have
prove 'wholly unacceptable," but the official Italian answer cultivated and which they love.
"We do not want war. Ethiopia puts her confidence in God, and she
is not expected before to-day (Sept. 21) at the earliest.
Ills justice transcends that of man. She knows that the modern
Emperor Haile Selassie of Ethiopia said on Sept. 19 that knows
methods of war invented by men to dispose of others have never been a
Ethiopia would accept the League plan, with a few minor true
symbol of civilization."
reservations.
Great Britain was assured of French support in seeking to
The chief question debated ,by the League, meanwhile,
was whether the "sanctions" provided by the Covenant compromise the Italo-Ethiopian dispute when on Sept. 13
would be applied against Italy should that nation refuse Premier Pierre Laval of France told the League that France
to compromise the dispute. This action would entail an would abive by the Covenant and would not evade her obeconomic embargo of Italy by Great Britain, France and ligations. A dispatch from Geneva Sept. 13 to the New
other League members. Popular sentiment in Great Britain York "Times" described his speech in part as follows:
From the outset there could be no mistake as to the solemn purport of
was said to be strongly in favor of invoking the sanctions
if Italy declared war. This week a vast concentration of Mr. Laval's declaration.
"France
is faithful to the League covenant. She cannot fail in her
British war vessels occurred in the Meditarranean Sea, and
it was estimated that the British fleet in this vicinity num- obligations.
"The League of Nations was born from the sufferings of men and was
bered approximately 150 vessels. Secret negotiations have erected
upon ruins, conceived in order to prevent a return of war.
recently been held at Geneva between French and British
"The adhesion without reservation which we have brought to the League
statesmen, and these, according to press reports, discussed has been enthusiastic and the result of considered opinion.
"We place our hope in the co-operation of all peoples for the realization
the question of French and British naval collaboration should
of our ideal of peace. . . .
the necessity arise.
"I rejoice with my country (over Sir Samuel Iloare's speech), which
The plan of compromise suggested by the League representatives on Sept. 18 would grant Italy large economic ad- understands the full necessity of close collaboration with Great Britain for
vantages in Ethiopia, while retaining the military and defense of peace and safeguarding Europe."
Affirms Amity for Italy
political control of the country in the hands of the League of
He sighed over Stresa, but added:
Nations. The plan embodies the principle of collective
"Measuring
all
of Franco-Italian friendship, I have neglected
the
value
financial, economic and administrative aid to Ethiopia under the auspices of the League. A high commissioner, not nothing to prevent any blow from being struck at the new policy happily
between France and Italy.
necessarily an Italian, would be appointed by the League, inaugurated
"At Stresa, with delegates of the British Government, we found the
and his confirmation would be subject to the approval of chief of the Italian
Government animated with the same desire and the
the Ethiopian Emperor.
same determination to preserve the cause of peace. I know he is ready
Associated Press aavices from Geneva on Sept. 19 out- to preserve this collaboration. . . .
"I have spared no effort at conciliation. In the supreme effort made
lined the League's peace plan as follows:
The plan proposes rehabilitation of public services,financial and economic
reorganization and new activities in the domain of Ethiopian public health.
It also provides for concessions which Great Britain and France might be
disposed to make to hasten a satisfactory settlement of the dispute between
Italy and Ethiopia.
Foreign specialists would reorganize the police and gendarmerie. They
would supervise efforts to repress slavery and regulate carrying of arms
by persons outside authorized armed forces, especially in districts where
many foreigners dwell.
This activity and control would be in evidence in frontier districts to
allay Italy's fears of incursions by bands into Italian colonies. The financial reorganization would extend to postal telegraphic and telephone systems and collection of taxes.
Foreign advisers would be appointed to act as heads of various Ethiopian
departments, in the service of Emperor Haile Selassie and confirmed by
him.
A chief adviser, who would be virtual league high commissioner, would
send regular reports to the League of Nations so that the Council could
follow the rehabilitation movements and make suggestions for the future.
One of the first questions put to Salvador De Madarlaga. Chairman
of the Council Committee, by Baron Pompeo Alois( upon presentation of
the reconstruction project, was whether Italians would be named as foreign
advisers.
The Spanish statesman was unable to assure Mussolini's representative
that Italians would be selected, the project giving Emperor Haile Selassie
veto power on appointments.
The naming of Italians was considered in Italian quarters a vital complement to any economic and financial help for Ethiopia which would be
expected to be assigned to Italy.
In view of Great Britain's determination not to permit Italian military
or political domination of Ethiopia. League quarters regarded It likely
that British influence would be directed to opposing the nomination of
Italians especially to such posts as that of general adviser and adviser to
the Ethiopian police force.
Emperor Haile Selassie, in a world-wirie radio broadcast
on Sept. 13, sail that his people were firmly attached to
by the League Council I shall have the satisfaction of fulfilling simultaneously my duty as a member of the League of Nations and the duty which
Is dictated by friendship."
Then there came this exhortation:
"We have had during this year difficulties which seemed insurmountable.
Yet they were settled, and because the question of the Saar and the difference between Hungary and Yugoslavia were European problems must one
deduce that because of that they were more easy to solve?
"We have succeeded yesterday. Shall we fall tomorrow? In this
event the new situation, more poignant still for all of us. will demand our
examination."
And in that event Mr. Laval pledged, "France will not fa. "
A reference to the Halo-Ethiopian dispute appeared in
the "Chronicle" of Sept. 14, page 1686.
4.
Operations of Italian Bank in Smyrna Reported
Suspended
In Associated Press advices from Istanbul, Sept. 14, it
was stated:
Reports reaching banking circles here to-day from Smyrna said branches
of the Italian bank there had suspended all credit operations. The Turkish
national banks took over their obligations to prevent market difficulties.
Italian
Cabinet Authorizes Issuance of New Loan
Bearing 5% to Place Finances on War Footing—
Increased Taxes also Proposed
Premier Mussolini's Cabinet on Sept. 18 approved new
financial measures which call for the issuance of a new
Italian loan and an,increase in taxes. United Press advices
from Rome, Sept. 18, reporting on the Cabinet's action, said:
The Cabinet's financial measures, it was announced, "are intended partly
to strengthen and partly to secure means to face the expenditures connected
with defense of the colonies in East Africa."
1856
Financial Chronicle
Mussolini's war financing steps include:
1. An issue of 5% tax exempt bonds will be floated internally at 95.
The total amount was not set, since the issue is to be filled by popular
subscription and conversion of the present State 334% bonds at 80 lire.
2. Increased taxes, including a 10% tax on bond interest, higher import
rates on benzine and mineral oils, slight boosts in motor transport and
merchandise levies.
3. Income tax returns will be increased by tightening laws against evasions and eliminating some exemptions now permitted.
These steps are an extension and amplification of earlier moves, chiefly
removal of the 40% gold backing for the lire. This permitted use of
Treasury gold for purchases of war materials abroad.
Some other points in the financial decrees:
Importation of powdered mixtures of tungsten, cobalt and carbon dioxide
and eventually titanium, which are intended for the manufacture of carbon.
Tungsten and cobalt will be exempted from any tax until December 1937.
Foreign or Italian motorcyclists who are resident abroad but who ride in
Italy will be granted reductions in the purchase of benzine.
World War pensions will be consolidated under one appropriation and the
yearly amounts gradually decreased, the operation to be financed through
the National Insurance Institute and National Social Insurance Institute.
Through this operation the Government hones to reduce the Treasury deficit
in the current fiscal year and wipe it out in the next.
The Cabinet appropriated 337,000,000 lire ($24,457,000) for construction
of a new oil supply depot for the Navy. This was apportioned under the
budgets of the next seven years.
Another decree suspended penal proceedings against those called to the
colors or engaged in any work connected with the East African campaign.
The Cabinet discussed the League's maneuvers and the British fleet movements in the Mediterranean during its lengthy session. The financial meas.
urea had been prepared in advance and were accepted without debate.
There was nothing in the official announcement, however, to indicate that
the momentous international situation even was mentioned.
It was announced the Cabinet would meet again Saturday.
•
The same advices also stated:
The amount of the loan was not fixed
nor even the date on which it
will be opened. The Finance Ministry has been authorized to issue up to
7,000,000,000 lire (about $600,000,000) in 5% internal bonds, and the
lame will presumably be a slice of that, although there was no indication
of how much.
An official communique issued after the meeting completely ignored the
efforts of the League Council's committee of five designed to prevent war
by giving Italy powerful concessions in Ethiopia under a League mandate.
Baron Pompon Aloisi, Italy's League delegate, is coming to Rome to lay the
proposals before Premier Mussolini. Premier Mussolini's reply may be
delayed a few days, but there is virtually no doubt it will be a flat "no."
Sept. 21 1935
Nicaragua:Eases Exchange Curb—Will Make Payment
Abroad for Necessities
A cablegram from Managua, Nicaragua, Sept. 17, to the
New York "Times" of Sept. 18 said:
The Foreign Exchange Control Commission announced to-day that immediate payment would be made for importation of prime necessities, particularly
matchetes, flour, thread and cotton goods.
Payments for other merchandise are now from six to nine months behind.
Offering of 10,000,000 Gold Rouble Russian Soviet
Government 7% Bonds to Terminate Sept. 30
Miles M. Sherover, President of the Soviet American
Securities Corp. stated on Sept. 16 that the offering of the
10,000,000 gold rouble Soviet Government 7% bond issue
will be terminated as of Sept. 30, when it is expected that the
issue will be entirely exhausted. After that date orders
will be filled only as holders in this country decide to sell
their bonds. The original offering was made in July 1933
and principal and interest payments were based upon a fixed
quantity of gold, payable in American currency at the prevailing rate of exchange. From an announcement regarding
the issue we quote:
At that time the market value of Soviet bonds showed an increase in
exact ratio to the reduction in the value of the dollar. The price of these
bonds at the time of issuance was approximately $72 per 100 gold rouble
bond and to-day's rate of exchange based on the value of the gold rouble
the bonds are selling at $88.45.
An unusual feature of this Soviet bond issue was the repurchase
agreement entered into by the State Bank of the U.S. S. R., which assured
holders of a market at par on demand at any time after one year from the
date of purchase. This agreement was subsequently made even broader
by the elimination of the one-year provision, the State Bank agreeing to
repurchase bonds at any time on demand.
The offering of7% bonds which were issued subsequent to a smaller 11381113
of 10% bonds, the first Soviet Government financing ever done in this
country was for the purpose of furthering the general economic development of the Soviet Union in accordance with the program of the Second
Five-Year Plan.
The sale of this issue was not effected by the Johnson Act, pertaining
to foreign financing in this country, in view of the fact that offering of the
Issue preceded the passage of that measure. air
State Mortgage Bank of Yugoslavia to Make 10%
Payment on Oct. 1 Coupons
Previous measures to strengthen Italy's economic position
J.& W.Seligman & Co. as fiscal agent for State Mortgage
1360.
page
31
Aug.
issue,
our
in
to
were referred
Bank of Yugoslavia secured 7% bonds, due 1957, announces.
that the bank has deposited funds calculated to be sufficient
to pay 10% of the face amount of the Oct. 1 coupons on the
Bombay (India) Stock Exchange Closed Following $4,560,500 principal amount of bonds reported by the bank
Raids by Short Traders
to be in circulation outside of Yugoslavia. On instructions
The directors of the Bombay Stock Exchange, Bombay, from the bank, J. & W. Seligman & Co., accordingly will
a
fearing
India, decided on Sept. 18 to close the Exchange,
distribute such funds pro rata to the coupon holders as a
crisis following raids by short traders, it was stated in part payment on and after Oct. 1. It is further announced:
Advices
18.
Sept.
Associated Press advices from Bombay,
The 10% payment will be made without prejudice to any definitive
(Associated Press)from Bombay the following day (Sept. 19) arrangements
which may be made for the payment of interest and sinking
stated:
fund charges. The bank advises that these will not be completed until
Officials of the Bombay Stock Exchange, which closed yesterday, said
to-day they were determined to keep it shut until bears guarantee to quit
hammering the market.
After a heavy fall of steel and power shares Wednesday the President
closed the market in order, he said, to prevent its collapse. His action was
Indorsed by the Board of Governors. The cash department of the Exchange
Is open for business and conditions in it are normal.
The Board asked all members of the Exchange to submit lists of business
outstanding. Directors will examine the volume of business done by each
broker and the risks involved.
In order to exercise greater control over the entry of persons to the
Exchange floor all old passes were recalled and new ones will be issued.
National Commercial & Savings Bank, Hong Kong,
Closes—Had Limited Withdrawals Following Run
The following Associated Press advices are from Hong
Kong (China) Sept. 16:
The Chinese National Commercial Savings Bank, which is associated
with prominent Chinese department stores, failed to open to-day.
It had been experiencing a run since the Bank of Canton's suspension
Sept. 5. Officials said the difficulties were due to a drain on deposits
combined with frozen assets.
Following the closing of the Bank of Canton, which was
referred to in our issue of Sept. 7, page 1520, the National
Commercial & Savings Bank limited withdrawals to 20%
at 10-day intervals.
Nicaragua Puts into Effect Postal Regulations of
Americas and Spain and Agreement Concerning
Parcel Post
Postmaster Albert Goldman, at New York, announced
Sept.6 that the convention of the Postal Union of the Americas and Spain and the agreement concerning parcel post
has been put into effect by Nicaragua. The Postmaster
added:
The maximum amount of indemnity payable in the case of the loss of a
registered article in the regular snails has been reduced from $9.65 to $3.00.
The weight limits of letters (also packages paid at the letter rate) and
commercial papers are reduced to 4 pounds 6 ounces.
As regards parcel post, the maximum indemnity payable for the loss,
rifling or damage of an ordinary parcel post package weighing up to 11
pounds is $4.83, and for a parcel weighing over 11 pounds it is $7.72.
It is now obligatory for senders of parcels addressed to Nicaragua to indicate at the time of mailing the alternative disposition they desire made
of their parcels in the event they prove to be undeliverable as originally
addressed.
after the conclusion of certain negotiations which the Government of
Yugoslavia is now conducting with representatives of holders of external
bonds of the Kingdom.
Under an agreement dated July 11 1933. the resumption of full interest
and sinking fund payments on the bonds was scheduled for Oct. 1 of this
year, but the State Mortgage Bank announces that unfavorable economic
and financial conditions and difficulties in securing foreign exchange have
prevented the fulfilment of this program.
Cut in State Employees' Salaries in Yugoslavia
The following from Belgrade, Yugoslavia, Sept. 18, is
from the New York "Times":
A cut in State employees'salaries averaging 7% was voted by the Cabinet
to-day. The cuts range from 10% for those with the highest salaries to
3% in the lowest categories. There has been a big decline in National
revenue, causing difficulty in balancing the budget. It is hoped the cuts
will save 450,000,000 dinars.
$349,000 Bonds of Westphalia United Electric Power
Corp. First Mortgage 6% Gold Loan Retired and
Cancelled
Speyer & Co., as fiscal agents, announced Sept. 19 that
there have been retired and cancelled through the 1935
sinking fund, $349,000 bonds of the Westphalia United
Electric Power Corp. first mortgage 6% gold loan, series A.
Portions of Two Series of 8% Bonds of Czechoslovak
State Loan of 1922 Drawn for Redemption for
Sinking Fund
Kuhn, Loeb & Co., The National City Bank of New York,
and Kidder, Peabody & Co., announced Sept. 16 that there
has been drawn by lot for redemption for the sinking fund,
on Oct. 1 1935, $180,700 principal amount of 8% secured
external sinking fund gold bonds, due April 1 1951, comprised in the first portion of the Czechoslovak State Loan
of 1922, and $105,600 principal amount of 8% secured external sinking fund gold bonds, series B, due Oct. 1 1952, of
the same loan. The bonds so drawn for redemption will
be paid at their face amount at the offices of Kuhn, Loeb &
Co., Kidder, Peabody & Co. and The National City Bank of
New York on presentation of the bonds and coupons maturing after Oct. 1. Interest on drawn bonds will cease to
accrue on and after Oct. 1.
Volume 141
Financial Chronicle
$758,500 of 7% Gold Bonds of Kingdom of Belgium
Stabilization Loan 1926 Drawn for Redemption
J. P. Morgan ez Co. and Guaranty Trust Co., of New
York, as sinking fund administrators, it was announced
Sept. 16, are notifying holders of Kingdom of Belgium Stabilization Loan 1926 external sinking fund 7% gold bonds,
due Nov. 1 1956, that 8758,500 principal amount of these
bonds have been drawn by lot for redemption at 105%, out
of moneys in the sinking fund, on Nov. 1 1935. The drawn
bonds will be redeemed and paid on and after the redemption date upon presentation and surrender at the office of
J. P. Morgan & Co. or the principal office of the Guaranty
Trust Co. Interest will cease on the drawn bonds on Nov.
1 1935.
Oct. 1 Coupons to be Paid in Part on Buenos Aires
(Argentina) External 7% Sinking Fund Gold Bonds
Dated April 1 1926
The Province of Buenos Aires, Argentine Republic, is
notifying holders of its external 7% sinking fund gold bonds
dated April 1 1926, due April 1 1952, that it has made available at The National City Bank, New York,for payment on
coupons maturing Oct. 1 1935, cash in the amount of $26.65
on each $35 coupon, 813.33 on each $17.50 coupon and $2.67
on each $3.50 coupon. Payment in these amounts, together
in each case with 5% arrears certificates for the unpaid
balance, will be made at the Corporate Agency Department
of the Bank, 20 Exchange Place, New York on and after
Oct. 1 1935, to those holders who assent to the Province
Loan Readjustment Plan of 1933.
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock Exchange
The monthly list of companies on the New York Stock
Exchange reporting changes in the reacquired holdinga of
their own stock was issued by the Exchange on Sept. 19. A
previous list appeared in our issue of Aug. 17, page 1015. The
following is the list issued Sept. 19:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on Stock List
Name
Shares
Previously
Reported
Shares per
Latest
Report
Adams Express Co.(common)
502,017
502,019
Allis-Chsi-ers Mfg. Co.(common)
58,116
55,162
American Beet Sugar Co.(cony. debs., ext. 1940)
5436,400
5388,400
American Crystal sugar Co.(2nd preferred)
None
580
Armour & Co.(Delaware)(7% preferred)
34,597
34,648
Armour di Co. (Illinois)(7%
3,374
3,939
Atlas Powder Co.(preferred) preferred)
18,005
30,010
Beatrice Creamery Co.
1,480
1,025
Blumenthal & Co.. Inc.(preferred)
(Sidney) (preferred)
7,372
7,672
Bristol-Myers Co.(common)
13,836
14.968
Bucyrus Erie Co.(Preferred)
6,473
6.484
Commercial Investment Trust
163,118
162,768
Detroit Edison Co.(common) Corp.(common)
2,983
2,862
Eaton Mfg. Co.(common)
17.403
1,903
Greyhound Corp.(The)(common)
None
1,052
International Cement Corp.(5% cony. dote)
$344,000
$266,000
Lehigh Portland Cement Co. (preferred)
24,782
24,632
Madison Square Garden Corp.
. 37,960
42,960
McLellan Stores Co.(common)(capital)
None
9,089
National Cash Register Co.(common)
12,292
36,054
Oliver Farm Equipment Co.(common)
656
None
Oliver Farm Equipment Co.(preferred)
11,390
None
Raybestos-Manhattan, Inc.(common)
40,812
38,212
Schulte Retail Stores Corp. (preferred)
7,785
7,803
Sears, Roebuck & Co.(common)
206,075
221,075
W. A. Sheaffer Pen Co.(common)
1.162
None
Skelly Oil Co. (preferred)
53,400
53,700
Standard Oil Co.(Indiana) (capital)
112,451
94,008
Standard Oil Co. of New Jersey (capital)
10.800
24,500
Tennessee Corp.(common)
4,200
3.800
Texas Corp. The (capital)
500,481
500,488
Thermoid Co.(common)
None
2,200
Tide Water Associated Oil Co.
366,087
366,225
Transamerica Corp. (capital) (common)
1,244,915
1,665,482
Union Bag & Paper Corp.(common)
3,735
2,427
Waldorf System, Inc.(common)
35,191
34,891
Webster Eisenlohr & Co. (Preferred)
None
64
Wheeling Steel Corp.(common)
14,656
14,666
Wheeling Steel Corp. (preferred)
1,641
1,640
Notice has been received from the Texas Corp. that of a tots
of 1,270,207
shares of common stock of Indian Refining Co. outstanding the Texas
Corp. has acquired and holds at the present time 1,151,387 shares.
New York Stock Exchange Seeks to Expedite Permanent
Registration of Foreign Issues-Warns Fiscal
Agents of SEC Deadline March 31 1936
The Committee on Stock List of the New York Stock Exchange on Sept. 14 notified the fiscal agents of foreign gov-
ernments and their political subdivisions with securities
listed on the Exchange that they should seek to expedite the
permanent registration of foreign bonds before March 31
1936, the date on which it will be unlawful for the exchange
to permit trading in such obligations unless they have been
permanently registered. The Exchange enclosed copies of
the Securities Exchange Act of 1934 and of the registration
form, as well as a statement of the status of the foreign
securities in question.
The Argentine Government is the only foreign issuer which
is thus far known to have instructed its representatives in
this country to comply with the registration requirements of
the Securities and Exchange Commission.
The communication from the Committee on Stock List
reads as follows:
The SEC has advised the Exchange that it has forwarded through the
State Department copies of the form to be executed by the foreign governments and political subdivisions thereof desiring permanent registration of
their bonds under the Securities Exchange Act of 1984. Under existing
1857
Federal law and the rulings of the SEC, it will be unlawful for the Exchange
to permit trading after March 31 1936 in obligations of this character
unless they have been permanently registered.
In order to afford the SEC sufficient time to determine whether the
requirements for permanent registration have been complied with, applications for permanent registration must be filed with the Exchange by
Feb. 13 1936. These limitations of time would suggest that you take this
matter up with the representatives of the governments or political subdivisions, for which you act as fiscal agent or paying agent, at the
earliest possible date.
For your information we enclose a copy of the Securities Exchange Act
of 1934, a copy of Form 18 (the registration form), and a statement of
the status of securities of foreign governments and their political subdivisions under the Act and also certain salient portions of the Act
and of the rules made by the Commission pursuant thereto. Additional
copies of these documents are available upon request.
We enclose a list of issues of the class under discussion for which it is
our understanding that you act in the capacity of fiscal agent or paying
agent.
The Exchange is interested in the retention of these securities upon its
list, feeling that such retention will afford protection to American investors.
We are prepared, therefore, to answer any questions which may occur to
you in regard to this matter.
Study by SEC of Segregation of Brokers and DealersIntimated that Inquiry Is Not Connected with
Rise in Stocks
The Securities and Exchange Commission took occasion
on Sept. 13 to issue an announcement as follows:
ihe SEC, in its study of the segregation of brokers and dealers, has,
with the co-operation of numerous Stock Exchange firms, for the past
week been looking into 'various aspects of the relations of commission
houses to their clients. In the course of this study these firms have granted
access to representatives of the Commission to their advices to their clients.
The results of the Commission's study of the problem of segregation are
under the law to be placed before Congress on Jan. 3 1936.
With reference to the Commission's announcement, the
New York "Times" published the following from Washington
under date of Sept. 13:
The announcement was made as the result of a published report that
the Commission's activity was connected with the recent sharp rise in
values of Interborough Rapid Transit Co.securities and consequent charges
of stock-rigging by New York City's Chamberlain A. A. Berle Jr.
Officials supplemented the brief formal statement with denials that
the activity of their agents had anything to do with an inquiry into the
upward swing in the market. l'hey would make no comment at all on
the Berle charges, but the best information here is that no direct investigation has been started to supplement that which has been begun by the
Business Conduct Committee of the New York Stock Exchange. . . . _
There have been reports from time to time that the Commission was
watching closely the rapid advances which have been made by the prices
ofsome securities on the New York exchanges, but these have been informally
denied.
SEC Opens Hearings on Financing of City of Coral
Gables Fla.-Further Study of Protective Committee'
Methods Is Planned
The Securities and Exchange Commission on Sept. 16
opened hearings on the indebtedness of the City of Coral
Gables, Fla. William Douglas, heading the inquiry, said that
the hearing would prove of great value and importance to
the SEC in compiling its report to Congress and in proposing
remedial legislation. This statement was interpreted as evidence that the SEC intends to recommend drastic changes
for protective committees. Mr. Douglas said that in the near
future he would present to the Commission general data
dealing with the broader aspects of municipal defaults. The
hearing on Sept. 16 was devoted chiefly to the testimony of
the flotation of $7,319,000 in bond issues by the City of Coral
Gables. An account of this hearing, as contained in Washington advices of Sept. 16 to the New York "Times," is given
below:
George E. Merrick, President of the development corporation and former
Coral Gables City Commissioner, who once owned most of the land from
which the area was developed, told the Commission that the city averaged
only about 70% on its bond issues over a five-year period, the remainder
going for bankers' commissions and cost of promotional and other allied
activities.
Re dealt specifically with four separate bond issues totaling $7,319,000,
three of which were handled by a banking syndicate headed by the Century
Trust Company of Baltimore and the largest of which aggregated $4,532,000.
It was issued in January 1927, when four of the five City Commissioners
were directors of the development corporation and a time when the latter
was admittedly "slipping."
Hurricane Upset Plans
The proceeds of the issue were used in each instance to enable the city to
pay the development corporation for real estate and appurtenant facilities
acquired from the original developers. Completion of the property transfers
was followed soon afterward by the hurricane of 1927, that ended the
Florida boom.
It was the contention of counsel for the Commission that in all four
bond issues, Mr. Merrick and his associates were buying and selling city
securities, using their official positions with the city as a trading post and
the organized citizenry as a method of "unloading properties with which
the corporation was stuck."
The hearing before the Commission was one of a series contemplated in
connection with its investigation of property reorganizations and bondholders'
protective committees. It brought out an intention of the commission to go
into a number of other municipal reorganizations and the broad aspects of
municipal defaults.
Mr. Merrick told how he and his associates started out in 1922 with holdings of about 4,000 acres around Miami, and formed the development company for the buying and selling of lots. It acquired or contracted for almost
all the land now comprising the limits of the city of Coral Gables,
about
10,000 acres in all.
1858
Financial Chronicle
A dispatch of Sept. 17 from Washington to the "Wall
Street Journal" summarized the testimony on that date as
follows:
According to evidence placed into the record by Abe Fortes, SEC counsel,
bankers were buying the bonds of Coral Gables, which were "depressing the
market" from private holders at around 50 and upward. Later, according to
the evidence, the bankers offered all the bonds they held to the public at
95 and interest.
A circular accompanying the offer stated that the city owned $4,031,822
income producing property, which the SEC counsel charged was untrue. According to the commission's records, the city did not make operating expenses
from July 1, 1928, to June 30, 1929.
Mr. Fortes alleged that Guardian Detroit Co. became fiscal agent for the
city and received $75,000 for such services, which, Mr. Morrison testified,
were never performed.
R. E. Healy of SEC Says Commission Will Do Its Part
in Facilitating Decision on Validity of Public
Utility Act—Before Controllers' Institute of America He Comments on Problems Yet Unsolved by
Commission
In indicating that the Securities and Exchange Commission is desirous of having an early ruling on the validity
of the Public Utilities Act of 1935, Robert E. Healy, a member of the Commission, in addressing the annual meeting, on
Sept. 10, of the Controllers' Institute of America, was quoted
Ill the New York "Herald Tribune" as saying:
If there is any question of its constitutionality, I think that the companies should go right ahead. It would be regrettable if our Commission
worked for several years to enforce the terms of the Act and then found
it invalid. I believe the Commission will do its part in facilitating an
early decision on the question, if that it what the industry wants.
In another item in this issue we refer to a suit brought
in the Federal District Court at Baltimore to test the constitutionality of the Act. "Throughout the Act," said Mr.
neatly, "it was recognized that the operating utility industry
is primarily within the jurisdiction of the State. The Federal Act Is intended to supplement, not to supplant, State
regulation." Further comments by Mr. Healy, in his address (delivered in New York) are taken as follows from
the New York "Times":
Concerning the results already accomplished through the Securities and
Exchange Acts, he said: "Stock Exchanges have been given a higher
stability in price, volume and number of issues. The market has assumed
the character of an investment forum and a site of necessary trading, more
than in recent years."
Ile said that 214 exchanges had been registered, temporary injunctions
had been secured against 15, and four had disappeared. The stocks registered
aggregated $100,000,000,000 and bonds $27,000,000,000.
Among the problems remaining "important and difficult," Mr. Healy
said, were the unlisted securities and those active in over-the-counter trading. Ile said only rough estimates of the over-the-counter volume were
available, but that they indicated about 8,000 issues roughly valued at
$10,000,000,000, while the bonds dealt in were $45,000,000,000—which
was more than the bond business through the organized exchanges.
Ile said that the public still needed to be warned that the SEC did not
pass on the soundness of issues, but only required essential data to be
etipplied in the prospectus. He said the investors did not always read the
prospectus, despite attempts of the Commission to simplify it further.
Some Problems seat Unsolved
"We have not solved all the problems yet and we know it," be declared.
He said the Commission was struggling with questions as to the proper
policy on oil royalties, the relation of brokers' loans to brokers' capital,
manipulations in connection with new issues, and the segregation of functions of brokers and dealers.
As to the Federal incorporation, he warned that it was being brought
nearer by the States making laws to permit corporation practices disadvantageous to business as well as to the investor.
SEC Issues Ruling Temporarily Exempting Public
Utility Affiliates from Section of Holding Company
Act Which Bars Acquisition of Securities of One
Company by Another
The Securities and Exchange Commission made public on
Sept. 14 a rule providing a temporary exemption of affiliates
from Section 9 (a) (2) of the Public Utility Holding Act.
"This section," the Commission explains,"makes it unlawful
for any person, without the approval of the Commission,
is
to acquire securities of any public utility company if it of
an affiliate controlling 5% or more of the voting power
such company and of another public utility or bolding company, or if it will become such an affiliate as a result of the
acquisition." The Commission's announcement, released
Sept. 14, also further explained:
holdIn general, the Holding Company Act of 1935 applies to registered
with them. Holding companies and their subsidiaries and to transactions
registration Is not
ing companies may not become registered until Oct. 1, and
required until Dec. 1. Thus the Act does not In general become effective
9 (a) (2). howSection
registered.
become
have
until holding companies
ever. Is now effective, since it Is not by its terms confined to transactions
Involving registered holding companies and their subsidiaries.
Section 10 Indicates that the Commission is not to pass on applications
extensive information refor approval of acquisitions unless they contain
garding the condition of the company making the acquisition, similar to the
information required in the case of registration under the Securities Act of
study that will be
1933. The Commission has not yet had time to make the
necessary in order to ensure that the rules and forms regarding such applicaImposing unnecessary burtions provide for adequate information without
dens and delays on the companies involved. In view of these circumstances.
9
(2) until
the Commission has postponed the effective date of Section (a)
effective. This exemption
such rules have been adopted and have become
makes such an acquisition
is upon the condition that any company which
15 days after such
shall report to the Commission prior to Oct. 1, or within
acquisition, giving a description of the transaction.
Sept. 21 1935
The full text of the Commission's action follows:
Public
"Acting pursuant to the authority granted by Section 3(d) of the
necessary
Utitity Holding Company Act of 1935, and finding such action
Investors
of
protection
the
and appropriate in the public interest and for
and consumers, and not contrary to the purposes of said Act. the Securities
and Exchange Commission hereby adopts the following rule: 9 (a) (2).
Rule 3D-1. Temporary exemption of affiliates from Section
Clause
Every person who is an affiliate of any public utility company under
of
(A) of Section 2 (a) (11) or who will become such an affiliate by virtue
Interthe acquisition by use of the mails or any means or instrumentality ofutility
State commerce, directly or indirectly, of any security of any public shall
and
company,shall be exempt from the provisions of Section 9 (a)(2),until
rules
not be deemed an affiliate within the meaning of such provisions
which
or regulations pursuant to Section 10 (a) specifying the manner inbecome
have
shall
acquisitions
application is to be made for approval ofsuch
effective, upon condition that prior to Oct. 1 1935. or within 15 days after
such acquisition, such person shall file with the CornmissMn a statement
describing the terms and nature of such acquisition and of the security.to
be acquired and the amount of consideration paid or to be paid therefor.'
Veto by Governor La Follette of Wisconsin of Bill
Which Would Have Exempted from Wisconsin
Blue Sky Law Securities Listed on New York and
Chicago Stock Exchanges
On Sept. 16 Governor La Follette of Wisconsin vetoed a
bill which would have exempted from the Wisconsin Blue
Sky law securities listed on the New York and Chicago
•
Stock Exchanges.
Regarding the bill and the Governor's veto, Madison
"Sentinel"
the
Milwaukee
to
(Wis.) advices, Sept. 16,
stated:,
The Blue Sky law gives the State Public Service Commission authority
to regulate the issuance and sale of all securities in Wisconsin, even
though they may be listed en the outside exchanges, which function under
the control cf the Federal Securities and Exchange Commission.
Investment dealers of the State have been advocating the exemption from
State regulation of securities so fisted, contending Wisconsin investors are
being penalized. With funds readily available elsewhere, they pointed out,
many large firms don't bother to register securities in Wisconsin because
of the time and cost required.
Holds Change "Unwise,
"The Wisconsin Public Service Commission, which is charged with the
responsibility for the enforcement of our Blue Sky law, is strenuously
opposed to this bill, feeling that it will undermine the enforcement of the
law and the discharge of the Commission's duties," the Governor said in
his veto. "It does not seem to me wise to lower the Wisconsin standards,
or to impair the Commission's authority for discharging its duties."
Tile veto followed a hearing in the Governor's office in the forenoon, at
which arguments for and against the measure were presented.
Cites Federal Control
At the hearing the Governor was urged by Louis George, Vice-President
of B. E. Buchman & Co., Madison, to sign the bill, on the ground that
Federal regulations suffice. Federal control, through the SEC, lie asserted,
I, so effective that "every bucket shop in the country will be out of
business" in six months.
Enactment of the law, Fred S. Hunt, of the Public Service Commission,
contended, would throw open the doors to unregulated sale of many securities of questionable value.
New York Stock Exchange Seat Leased by Estate
What appeared to be the first arrangement for the lease
of a Stock Exchange membership was disclosed on Sept. 13
in Surrogate's Court in New York when Surrogate J. A.
Foley authorized a monthly allowance of $200 to Rose Low
from the estate of her son, A. J. Low Jr. The New York
"Journal of Commerce" of Sept. 14, in reporting this, added:
The allowance will run for the year to end Sept. 1 1936. The petition
for the allowance allowed that the membership in question, belonging to
Mrs. Low's late husband, had been rented for a monthly consideration of
$277.76. The seat is in the name of Perry H. Kenly, of Norris & Kenly, of
Chicago, who acquired ,it for a nominal consideration on July 7 1933.
While unusual, the transaction was understood to be wholly within the
rules of the exchange, as many seats have been bought for others.
Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission announced on
Sept. 17 (in Release No. 491) the filing of 10 additional
registration statements (Nos. 1629 to BM,inclusive) under
the Securities Act of 1033. The total involved is $84,499,575,
of which $84,107,900 represents new issues, said the Commission, which also stated:
• Included in this total is $49,000,000 of general and
gold bonds, series F, 4%, due Oct. 1 1905, of the
(2-1030, Form A-2, included in Release No, 483).
Also included in the total is $20,000,000 first and
bonds, series 0, 4%, due Dec. 1 1964, of the Pacific
(2-1636, Form A-2, included in Release No. 487).
The securities involved are grouped as follows:
No.0!
Type
Issue,
Commercial and industrial
9
Voting trust certificates
1
refunding mortgage
Detroit Edison Co.
refunding mortgage
Gas & Electric Co.
Total
$84,107,900
391,675
The filing of registration statements by the Detroit Edison Co. and the Pacific Gas & Electric Co. of San Francisco
was noted in our Sept. 7 issue. page 1690.
The following is the list of securities for which the SEC
rEported, on Sept. 17, registration is pending:
United-Carr Fastener Corp. (2-1629, Form A-2), of Cambridge, Mass.,
seeking to issue 50,000 shares of cumulative convertible preferred stock,
to be offered at $20• a share, and 50,000 shares of no par common stock,
reserved for conversion of the preferred stock. Underwriters are expected
to be Hornblower & Weeks, of Boston, Mass., and Central Republic Co.,
of Chicago, Ill. Sinclair Weeks, of Cambridge, is President of the company.
Montana Silver Queen Mining Co. (2-1631, Form A.1), of Spokane, Wash.,
seeking to issue 700,000 shares of 10c. par value common capital stock,
to be offered as follows: 300,000 shares at 10c, a share; 200,000 shares
•Underwriting data to be supplied by amendment.
Volume 141
Financial Chronicle
at 15e. a share, and 200,000 shares at 20c. a share. Charles E. Wethered,
of Great Falls, Mont., is President of the company. Filed Sept. 5 1935.
Trans-State Oil Co. (2-1632, Form A-1), of Houston, Tex., seeking to
issue $500,000 of 5% 10-year convertible debenture bonds, due Sept. 1 1945.
It is proposed to offer the bonds to the public at 90% of their face value.
Claude Kavanaugh, of Houston, is President of the company, and MacBride,
Miller & Co., Inc., of New York City, is the underwriter. Filed Sept. 6 1935. •
The Pennsyltunia Bridge Co. (2-1633, Form A-1), of New York City,
seeking to issue $3,000,000 of 10-year 6% mortgage bonds, due May 1 1945.
Jacobs, Williams & Co., of Boston, Mass., is the underwriter to the extent
of $2,000,000 of the bonds, and George T. Carley, of Philadelphia, Pa., is
President of the company. Filed Sept. 9 1935.
Railway et Light Securities Co. (2-1634, Form A-2), whose executive office
is in Boston, Mass., seeking to issue $4,000,000 of convertible collateral
trust 43(a% bonds (series 11) due Oct. 1 1955, interim receipts therefor,
up to the same amount, and 180,000 shares of no par common stock,
reserved for conversion. The price of the bonds to the public and the
underwriters are to be supplied in an amendment to the registration statement. James H. Orr, of Boston, Mass., is President of the company.
Filed Sept. 10 1935.
E. J. Coolahan, et of (2-1635, Form F-1), of New York City, seeking to
issue voting trust certificates for 7,833 half shares of no par common
stock of 267 West 39th Street Corp. Filed Sept. 10 1935.
H. L. Green Co., Inc. (2-1637, Form A-1), of New York City, seeking
to register 242,700 shares of $1 par value common stock, already outstanding, which are to be sold to the underwriters by the following: Chase
National Bank of the City of New York; Guaranty Trust Co. of New York;
Public National Bank & Trust Co. of New York ; Bank of the Manhattan Co.,
and H. L. Green. The following are named as underwriters of the issue:
Hayden. Stone & Co., New York
Bond & Goodwin, Inc., New York
White, Weld & Co., New York
G. M.-P. Murphy & Co.. New York
Cassatt & Co., Inc.. New York
Hornblower & Weeks, New York
Edward B. Smith & Co.. New York
Jackson & Curtis. New York
Paine. Webber & Co.. New York
Chas. D.Barney & Co., New York
Balfour, Boardman & Co., Ltd.. London,
England
Ladenburg, Thalmann & Co.. New York
Burr & Co., Inc., New York
A. G. Becker & Co., New York
It is proposed that upon consummation of such purchase by the underwriters, the stock will be offered to the public. Filed Sept. 11 1935.
Foremost Dairies, Inc. (2-1638, Form A-1), of Jacksonville, Fla., seeking
to issue 20,000 shares of preferred stock and 95,000 shame of common
stock, to be provided by the principal stockholder of Foremost Dairies, Inc.,
who acquired the preferred and common stock formerly owned by Foremost
Dairy Products, Inc., at a foreclosure sale under a note issue of $873,000.
The stock is to be offered to the stockholders of Foremost Dairy Products
in units consisting of one share of preferred stock and two shares of common
stock at $7 a unit, and in units of one share of common stock at $1 a unit.
The subscribers are to be required to pay the Federal and State transfer
taxes on the stock subscribed. Paul E. Reinhold, of Jacksonville, is
President. Filed Sept. 11 1935.
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits
of the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of Sept. 14, page 1690.
18591
Mr. Stuart, according to Washington advices, Sept. 7, to
the New York "Times" made known these figures following
his return from a two autl one-half mouths' trip to Europe,
where he made a comprehensive study of corresponding
credit institutions in Great Britain, Germany, France and
Italy. The account to the "Times" added:
Discussing his trip, he said he found that guarantees against the insolvency of the foreign purchasers form the main part of the credit assistance
offered by these European institutions. The total assistance granted by
the British organization amounted to about $75,000,000 in 1934, and of
this $50,000,000 was in the form of guarantees against insolvency on the
part of he foreign purchaser, the other $25,000,000 being credit on a partial
non-recourse basis. Total business of the French institution was about
$66,000,000, the limit allowed by law. The limit prescribed by law for
the Italian organization for the fiscal year 1935-1936 is about $16,280,000
(current exchange). Recent figures on the business of the German institution are not available, but the total from 1927 to the middle of 1933 was
345,000,000 reichsmarks.
Only from 40 to 60% of a project or bill of goods receives governmental
aid. On this basis the amount of business expedited in the countries
referred to, of course, considerably exceeds the figures indicated.
Co-operation of Banks with FHA—Letter
President Fleming of A. B. A. to Members of
of ViceLatter
The banks of the Nation account for "considerably more
of the mortgages and modernization loans that the Federal
Housing Administration is insuring, than all other classes of
institutions combined," it is stated in a letter which Robert
V. Fleming, First Vice-President of the American Bankers
Association, President, Riggs National Bank, Washington,
D. C., has addressed to all members of the Association.
At the time the Housing Administration began operations a
year ago the Association, which declared its sympathy with
the objectives of the National Housing Act, designated Mr.
Fleming to act as its liaison representative to co-optrAte with
the Federal Housing Administration. Mr. Fleming's letter
says in part:
I am advised that in this short space of time the volume of credit extended
for modernization of property and mortgages selected for appraisal to be
Insured on dwellings has reached the total of $291,904.337. and the daily
volume is steadily increasing. A very substantial part of the residential
construction, the property repairs, and the manufacture of building materials, equipment and machinery, &c., thus stimulated is due directly to
the active participation of our members in the Insured Mortgage Plan and
the Modernization Credit Plan of the FHA. In fact, the banks of the
country to date account for considerably more of the mortgages and modernization loans that the FHA is insuring than all other classes of institutions
combined.
In view of the fact that we believe the provisions of the National
Housing
Act afford a medium whereby the banks of the country can materially assist
in economic recovery and render a further useful service to their communities, as well as obtain a safe and sound earning asset. I feel it is desirable
to call to the attention of our members that certain additional measures
recently adopted by Congress are designed to make the original law more
workable and broaden the opportunity for service.
Pacific Lighting Corp. of San Francisco Files Registration Statement with SEC for $10,000,000 of 4%
Sinking Fund Debentures
The Securities and Exchange Commission announced
Sept. 19 (in release No. 492) that the Pacific Lighting Corp.
of San Francisco, Calif.,filed on Sept. 18 under the Securities
Act of 1933 a registration statement (No. 2-1656) covering
$10,000,000 of 4
sinking fund debentures, due Oct. 1
1945. The announcemeLt of the SEC said:
According to the registration statement, all of the net proceeds of the
debentures, together with other treasury funds, are to be applied to the
redemption, on or before Dec. 1 1935. of Southern California Gas Corp.
coll, trust gold bonds. 5% series due 1937. now outstanding in the hands
of the public in the principal amount of 89,769,000. the principal and
interest of which Pacific Lighting Corp. has heretofore assumed and agreed
to pay. These bonds are to be called for redemption and to be redeemed on
or before Dec. 1 1935. at the price of 101 and accrued interest to the date
of redemption. Prior to the redemption of these bonds, however, the net
proceeds of the debentures Issued under this registration are to become part
of the general cash and may be used for other corporate purposes.
The sinking fund provisions require the payment of $500.000 on or before
Oct. 11937, and on or before the first day of October annually thereafter as
a sinking fund for the retirement of the debentures. All cash so received
by the trustee shall be applied toward the purchase of the debentures at the
open market at a price not in excess of the then e dating redemption price.
The debentures are redeemable prior to maturity as a whole at any time
at the option of the corporation, or in part from time to time on any Interest
payment date, either at the option of the corporation or through operation
of the sinking fund. The debentures are redeemable on or before Oct. 1
1937, at 103% and accrued interest. After Oct. 1 1937, the premium is
to be decreased by a quarter of 1% for each succeeding six months period
or fraction thereof up to and including April 11943. Thereafter the debentures are redeemable at par and accrued interest.
The price to the public, the names of the principal underwriters, and the
unden‘riting discounts or commissions are to be supplied by amendment
to the registration statement.
0.0. G. Miller of San Francisco. Calif., is President of the corporation.
Loans of Export-Import Bank $8,795,280, of Which
$7,000,000 Represents Cuban Silver Guarantee—
Commitments Aggregate $32,013,327—Study of
Credit Institutions Abroad by C. E. Stuart, VicePresident of Bank
Charles E. Stuart, Vice-President of the Export-Import
Bank, was reported on Sept. 7 as stating that loans completed to date amounted to $8,795.280.21, of which $7,000,000
represents the Cuban silver guarantee. Commitments approved by the bank and awaiting acceptance by the applicants aggregate $32,013,327 and projects now under consideration by the bank amount to $23,074,270.
Business Started by Morgan Stanley & Co., Incorporated—New Investment Firm Eliminates Preliminary
Prospectus in First Flotation
The new investment securities firm of Morgan Stanley &
Co., Incorporated, opened its offices on Sept. 16 at 2 Wall
Street in New York City. The firm is made up of several
former partners and associates of J. P. Morgan & Co. and
Drexel & Co., Philadelphia. Reference to the formation of
the firm was made in our issues of Sept. 14, page 1692, and
Sept. 7, page 1526.
In the handling of its first issue ($19,172,000 bonds of the
Consumers Power Co. scheduled for offering early next
week) it is indicated that the underwriters will not pursue
the uLual practice of releasing a preliminary prospectus three
days before a public offering of bonds is made. This
procedure of issuing a preliminary prospectus of the offering
was a requirement under the National Recovery Administration code for the investment ban kerswhich made it incumbent
on underwriters of a new issue to send to each prospective
participant a copy of the prospectus, containing practically
every item of information embodied in the offering prospectus
except the offering price and the underwriting discounts or
commissions. Pointing out that the code is not legally
binding the New York "Sun" of Sept. 19, said:
Months of practical experience in the distribution of a large volume of
new bond issues has raised a question in most minds as to the practical
value of furnishing dealers with a preliminary prospectus three da3s before
offering date. A majority of the underwriting houses have come to the
conclusion that the practice serves no good purpose,and some of them would
like to abandon it. Coming into the field abruptly but with a world of
investment banking experience at its command. Morgan Stanley & Co.
are not falling into the practice.
It is generally believed that this episode will result a scrapping of the
"red herring" custom and that this will be the forerunner to a gradual
elimination of impractical provisions of the code.
Although the purpose of the "red herring" has been to give dealers plenty
of time to study the details of new issues, it has been found that some
dealers actually used the preliminary document as a basis of preliminary
offering. Some were found to be "beating the gun" and thereby obtaining
an unfair advantage over dealers who abided strictly by the letter of the
code and the Securities act. Abandonment of the preliminary prospectus
custom will, it is argued, place all dealers and Investors on even ground.
Nine State Banks Signify Intention to Quit FDIC—
Final Total Expected Not to Exceed 75
In Associated Press advices from Washington. Sept. 16,
it was stated that Federal officials that day said only nine
State banks have given notice of their right, under the
1860
Financial Chronicle
Banking Act of 1935 to withdraw from the Federal Deposit
Insurance Corporation. It was forecast that the final total
would not exceed 75, according to the advices. The text of
the Banking Act of 1935 appeared in our issue of Aug. 24,
pages 1170-1180.
From the advices of Sept. 16, which appeared in the New
York "Herald Tribune" of Sept. 17, we also take the following: ,
The new law gave state banks which are not members of the Federal
Reserve system until Sept. 22 to signify any desire to withdraw. Officials
said there were more than 7,500 Corporation members in this category. All
Federal Reserve members are required to belong to the insurance fund.
Officials assigned two realistic reasons for the non-defection of state
banks: The time when those with deposits of $1,000,000 or more would be
required as corporation members to affiliate with the Federal Reserve system
has been postponed from 1937 to 1942; most of them have non-refundable
credit with the corporation sufficient to pay assessments for several years.
Under the temporary deposit insurance act which the new law replaced,
participating banks were required to post an assessment of h' of 1% of
insured deposits to build up a pool from which the depositors of failing
banks would be paid. The expenses of the corporation to date have been
light. The money paid in stands as a credit to the banks. It cannot be
refunded to them, but future assessments may be deducted from it. Assessments under the new law see 1-12 of 1% of all deposits annually.
Officials expressed pleasure to-day at announcements by two large New
York State banks that they would continue with the Corporation. They
were the Emigrant Industrial Savings Bank, with resources of5476.000,000,
and the Franklin Savings Bank, with resources of $97,000.000.
Under the old law, State banks desiring to withdraw were asked last
year to post their intentions of doing so. A total of 33 announced such an
intention. Of these five have since changed their minds and the rest have
not been heard from further.
Hartford-Connecticut Trust Co., Withdraws From
FDIC
The trustees of the Hartford-Connecticut Trust Co. of
Hartford Conn., voted on Sept. 12 not to accept membership
in the permanent Federal Deposit Insurance Corporation,
created under the Federal Banking Act, of 1935. This is
learned from the Hartford "Courant" of Sept. 13, which also
stated:
Sept. 21 1935
officials have been prone to criticize banks for not making loans more freely;
banks have vast amounts of idle cash and their excess reserves have risen to
stupendous heights; the yield on earning assets has been steadily declining
under the pressure of government finance and other factors, and as a result
bank earnings are still decreasing. All these factors, combined with a sense
of security engendered by deposit insurance, may break down the caution
which has developed in the loan and investment policies of commercial
banks during the last few years. There is a very real danger that banks, in
their search for earnings, may feel compelled to venture into lower grade
secUrities carrying higher promised returns. We need to exercise caution in
order that when the next period of credit expansion materializes, banks may
not repeat their errors of the last decade.
Comptroller of Currency O'Connor Urges Banks to
Solicit Public Confidence Through Informative
Advertising—Tells Convention of Results Obtained
in Liquidating Real Estate Assets of Closed Banks
Banks should seek public confidence through the use of
accurate and informative advertising, J. F. T. O'Connor,
Comptroller of the Currency, told the delegates to the annual
convention of the Financial Advertisers Association at Atlantic City, on Sept. 11. Speaking at the Association's dinner, Mr. O'Connor declared that banking conditions have
improved greatly in recent years, and pointed out that there
is not a single bank in conservatorship in the United States
to-day. Of the banks which were closed in March 1933,
Mr. O'Connor said:
One thousand and ninety-six of these banks, with deposits of $1,808,060,000, were reorganized and reopened; 31 voluntarily liquidated and
paid their depositors in full $11,513,000; while 290, with $152,387,000 in
deposits, were placed .in receivership. Dividends have been paid to depositors
in these banks in the sum of $58,600,239. There has , been made available
to the depositors up to March 31 1935 in the 1,417 National banks $1,454,355,868, or 73.2% of the total deposit liability; while secured creditors
with claims aggregating $204,632,772 have received $176,827,900, or 86.4%.
The most important problem now faced by the Comptroller,
he said, is the liquidation of receiverships, without sacrificing assets. He added:
A few items will give you an idea of the enormity of this problem. We
hold title to 2,404 farms, containing 480,942 acres, with an estimated gross
value of $7,257,020. In addition, we have mortgages on 3,690 farms, containing 839,028 acres, with an estimated gross value of $12,665,270. We
hold title to 7,347 residences, with an estimated gross value of $25,481,082,
No Need For Insurance
, and hold mortgages on 16,380 residences, with an estimated gross value of
John B. Byrne. President of the Hartford-Connecticut Trust, in an$48,925,143. We have title to 2,451 business properties, with an estimated
nouncing the bank action said:
gross value of $19,660,344, and we have mortgages on 2,249 pieces of
"When Congress passed the Banking Act of 1933, conditions were such
business property, with an estimated gross value of $22,998,078. In
that it seemed expedient to create a temporary Federal Deposit Insurance
addition to these items, we have title to 5,002 unimproved city properties,
designed to afford some measure of protection to the small depositors in our
with an estimated gross value of $4,480,295, and hold mortgages on 3,885
banks. This measure promised something toward the restoration of conunimproved city properties, with an estimated gross value of $3,358,326.
all
at
was
it
that
feel
not
did
we
while
and
structure
banking
our
in
fidence
We have 917 bank buildings, with an estimated value of $39,739,877, and
necessary, nor desirable, insofar as our own situation or the general banking
1,050 miscellaneous items whose estimated gross value is $7,422,139.
situation in Hartford was concerned, we did accept memnership in the
temporary fund as a matter of duty and willingness to do whatever we
Mr. O'Connor said that in handling these real estate items
could to help restore normal banking conditions.
the Comptroller's office for the first time has tried extensive
"The life of the temporary deposit insurance corporation terminated with
advertising and a public sale. One bank, cited by the Compthe Banking Act of 1935, and a new permanent deposit corpoartion is now
troller, through the use of modern advertising methods, sold
created.
344 separate pieces of real estate, in many instances the full
We feel that the general conditions under which we accepted membership
value being paid at the time of the sale.
ary deposit fund no longer exist and that the protection
In the tern
would
ha'
this
of
Mr. O'Connor added, in part:
own depositors in the strong liquid position
afforded
corporation."
new
this
in
ere is a real service which your organization can render to the banks
membership
rengthened by
not b
the people generally. The banks of the United States hold $14,137,,000, or 51.14%, of the Government debt. A large part of these
reasury Policies Will Dominate Credit Condition
igations should be In the hands of the People. The demand for com.
J.
to
According
1935,
mercial loans is gradually increasing, and when the banks have used their
Despite Banking Act of
•
Riddle—Bankers Trust Economist Says Law Does reserves, it will be necessary to sell Governments in order to supply the
emend. The banks are interested, therefore, in maintaining a fair market
Reserve
Federal
Not Give Control to
f these securities, and the banks should also be interested in sound investThe future course of the Nation's credit and financial af- me ts for their customers. In prosperous times, the not too conscientious
fairs will depend more upon Treasury policies than upon stock salesman is able to sell stock in highly speculative enterprises by the
the decisions of the Federal Reserve System, J. H. Riddle, lure of large dividends. The hazards of an investment with a promised
economist of the Bankers Trust Company of New York City, large return should be pointed out to the investor, and particularly the
told the Controllers' Institute of America at a meeting in impossibility of regaining principal which has been lost. Every citizen
New York on Sept. 17. Discussing the Banking Act of 1935, who has money for investment should have some percentage of it inMr. Riddle said that the law fails of its purpose to give the Government bonds.
Withdrawal of the Hartford-Connecticut Trust from the FDIC, which
the bank participated in under the temporary provisions, takes away one
of the largest state banks in New England from the participation.
Board of Governors of the Federal Reserve System effective
control of national credit. He added that Treasury policies
dominate the money market, even if they should prove unable to control Federal Reserve policy. The ability and independence of the men appointed as Governors, Mr. Riddle
said, is more important than the rules and regulations under
which they* will operate.
After analyzing the principal changes in the Federal Reserve Act made by Title II of the Banking Act of 1935, Mr.
Riddle said in part:
I see nothing in the liberalizing provisions which would induce business
or other borrowers to speed up their demands for credit and therefore I do
not regard this Act as a recovery measure. The proponents of this legislation
have urged that broadening the eligibility provisions governing borrowings
by member banks from the Federal Reserve Banks and liberalizing the restrictions on real estate loans would induce the banks of the country to be more
liberal in their lending policies, thereby inducing recovery. The advocates
of this legislation assume that banks are not meeting the legitimate credit
requirements of the country. This seems rather strange doctrine to the
thousands of banks who are trying desperately to find ways to lend or invest
their funds. Banks in this country have established specific lines of credit
in favor of business concerns amounting to billions of dollars which they
are ready and eager to lend. Any increase in business demands will find
credit available and ready. Increasing credit does not increase business;
it is the other way around. If industry is hesitating it is not because of a
lack of bank credit. Censuring the banks for not increasing credits is on a
par with criticizing the railroads for not carrying more traffic when the
traffic does not exist. Furthermore, it detracts attention from the true
causes of industrial stagnation.
There Is a very real danger, however, that a number of factors may combine to cause a deterioration in the quality of bank assets. Government
of Fourth Liberty Loan 434% Bonds
Tendered in Exchange Up to Sept. 16 for 23
4%
Treasury Bonds and 1% Treasury Notes—Booksfor Bond Offering Remain Open
Acting Secretary of the Treasury Coolidge announced
Sept. 17 that subscriptions aggregating $759,000,000 had
been received up to the close of business Sept. 16 for the
2U% Treasury bonds of 19451,47 and the 134% Treasury
notes of Series C-1939, offered in exchange for the foutthcalled Fourth Liberty Loan 43i% bonds, called for redempActing Secretary said that approxtion on Oct. 15. The
imately $331,000,000 of the called Liberty bonds have been
3 % bonds and approximately $428,exchanged for the 24
000,000 for the 134% notes. Approximately 31,250,000,000.
of the Fourth Liberty bonds are outstanding and included in
the fourth and final call.
Previous reference to the offering was made in our issue
of Sept. 14, page 1696. The exchange subscription books
for the Treasury notes were closed on Sept. 14, but it was
announced Sept. 17 that the books for the offering of bonds
will remain open until further notice.
The 134% Treasury notes, in addition to being offered in
exchange for the called Liberty bonds, were also issued for
cash in amount of $500,000,000, or thereabouts. The books
for this financing were closed on Sept. 3; subscriptions totaled
$1,274,565,350 of which $512,434,350 were allotted, as
noted in our item in these columns of Sept. 14.
R769,000,000
Financial Chronicle
Volume 141
As to the exchange offering of the notes and bonds for the
Liberty bonds, Washington advices of Sept. 16, to the New
York "Herald`Tribune" of Sept. 17, said:
Mr. Coolidge estimated an 80% conversion on the war-time issue and
this prediction, together with the fact that exchanges to date average about
60%, gave indication that the Treasury will have to pay out more cash on
the latest called bonds than it did on a comparable call on $1,200,000,000 of
fourth Liberty bonds on Oct. 15 1934.
On the issue a year ago, where 2%% four-year Treasury notes and3 C%
Treasury bonds of 1944-'46 were offered in exchange,the total at the end of
the two weeks' period was $844,000,000, or about 70%. and the final total
made a conversion of around 88%. However, the subscription books for
the notes stayed open for a slightly longer period in 1934.
New Offering of 273-Day Treasury Bills in Amount of
$50,000,000 or Thereabouts—To be Dated Sept.
25 1935
Announcement of a new offering of $50,000,000, or thereabouts, of 273-day Treasury bills was made on Sept. 19 by
Acting Secretary of the Treasury Coolidge. The bills will
be sold on a discount basis. They will be dated Sept. 25
1935, and will mature on June 24 1936, and on the maturity
date the face amount will be payable without interest.
Tenders to the offering will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, Sept. 23. Tenders will
not be received at the Treasury Department, Washington.
On Sept. 25 an issue of Treasury bills amounting to $50,079,000 will mature.
In his announcement of Sept. 19 Acting Secretary Coolidge
stated:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100 with not more than three decimal places e. g. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt.of tenders on Sept. 23 1935,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
Sept. 25 1935.
The Treasury bills will be exempt as to principal and interest and any
gain from the sale or other disposition thereof will also be exempt from all
taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized,for the purposes of
any tax now or hereafter imposed by the United States or any of its possessions.
$149,236,000 Received to Offering of $50,000,000 of
273-Day Treasury Bills Dated Sept. 18—$50,015,000
Accepted at Average Rate of 0.198%
It was announced on Sept. 16 by Acting Secretary of the
Treasury Coolidge that a total of $149,236,000 was received
to the offering of $50,000,000, or thereabouts, of 273-day
Treasury bills dated Sept. 18 to which tenders were invited
on Sept. 12, as noted in our issue of Sept. 14, page 1696.
The tenders were received at the Federal Reserve banks and
the branches thereof up to 2 p. m., Eastern Standard Time,
Sept. 16. Of the amount received to the offering, Mr.
Coolidge said, $50,015,000 was accepted. It was further
announced:
The accepted bids ranged in price from 99.909, equivalent to a rate of
0.120% per annum, to 99.833, equivalent to a rate of about 0.220% 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 to be issued
Is 99.850 and the average rate is about 0.198% per annum on a bank
discount basis.
$370,059 of Hoarded Gold Received During Week of
Sept. 11—$11,669 Coin and $358,400 Certificates
Receipts of gold coin and gold certificates during the week
of Sept. 11 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Sept. 16, amounted to $370,059.44. 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
Sept. 11 amounted to $130,315,419.63. Of the total received during the week of Sept. 11, the figures show $11,659.44 was gold coin and $358,400 gold certificates. The
total receipts are shown as follows:
Received by Federal Reserve Banks—
Week ended Sept. 11
Received previously
Total to Sept. 11
Received by Treasurer's Office—
Week ended Sept. 11
Received previously
Doki Coin
$11,309.44
30.730.364.19
Gold Certificates
$354.200.00
96,725,190.00
$30,741,673.63
$97,079,390.00
8350.00
264,806.00
$4,200.00
2,225,000.00
Total to Sept. 11
$265,156.00
$2,229,200.00
Note.—Cold bars deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
1861
Receipts by Mints and Assay Offices—$6,827,699
Imported During Week of Sept. 13
Gold in the amount of $9.863,465.02 was received by the
mints and assay offices during the week of Sept. 13, it was
announced by the Treasury on Sept. 16. The Treasury
indicated that of the amount received $6,827,699.56 was
imports, $457,456.58 secondary, and $2,578,308.88 new
domestic.
The amount of gold received during the week of Sept. 13
by the various mints and assay offices is shown in the
following tabulation issued by the Treasury:
Gold
Imports
Secondary
New Domestic
$3,082.10 $194,114.07
$3,816.12
6,255,400.00
119,700.00
381,200.00
520,537.36
43,679.46
976,710.30
46,078.00
32,452.00
673,475.00
2,602.10
56,115.84
11,395.21
543,107.46
Phhadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Sept. 13
$6,827,699.56
$4457,456.58 $2,578,308.88
S.Iver Transferred to United States Under Nationalization Order-11,959 Fine Ounces During Week
of Sept. 13
Announcement was made by the Treasury Department on
Sept. 16 that 11,959 fine ounces of silver were transferred to
the United States during the week of Sept. 13, under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9 (given in our columns
of Aug. 11 1934, page 858) was issued, amount to 112,984,430
fine ounces, the Treasury announced. During the week of
Sept. 13 the silver, according to the Treasury's statement,
was received as follows by the various mints and assay offices:
Fine Ounces
Fine Ounces
172 00 New Orleans
492.00
10,352.00 Seattle
112.00
239.00
Total week end. Sept. 13'35_11,959.00
532.00
Philadelphia
New York
San Francisco
Denver
Following are the weekly receipts since the order of Aug. 9
was issued:
Week Ended-- Fine Om.
Week Ended— Fine On.
1934—
1935—
Aug. 17
33.465,091 Jan. 4
309,117
Aug. 24
26.088,019 Jan, 11
535,734
Aug. 31
12.301.731 Jan. 18
75,797
Sept. 7
4.144,157 Jan. 25
62,077
Sept. 14
3,984,363 Feb. 1
134,096
Sept.21
8335.920 Feb. 8
33,806
Sept. 28
2,550,303 Feb. 15
45.803
Oct. 5
2,474.809 Feb. 22
152,331
Oct. 12
2,883,948 Mar. 1
38,135
Oct. 19
1.044,127 Mar. 8
57,085
Oct. 28
746.469 Mar. 15
19,994
Nov. 2
7,157.273 Mar. 22
54,822
Nov. 9
3.865.239 Mar.29
7.615
Nov. 16
336.191 Apr. 5
5,163
Nov. 23
261,870 Apr. 12
6.755
Nov 30
86,662 Apr. 19
68.771
Dec. 7
292.358 Apr. 26
50.259
Dec. 14
444,308 May 3
7.941
nee. 21
692.795 May 10
5.311
Dec. 28
63.105: May 17
11,480
Week Ended— Fine Oss
1935May 24
100,197
May 31
5,252
June 7
9,988
June 14
9.517
June 21
28,002
June 28
16.360
July 5
2.814
July 12
9,697
July 19
5.956
July 26
18,306
Aug. 2
2.010
Aug. 9
9.404
Aug. 16
4.270
3.006
Aug. 30
5.395
Sept. 6
1,425
Sem. 13
11,959
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases—Totaled $775,232.39 Fine Ounces During Week of Sept, 13
In accordance with I he 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 1 he week of Sept. 13 turned over
775,232.39 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Sept. 16 showed that
of this amount 597,287.26 fine ounces were received at
the Philadelphia Mint, 171,660.13 at the San Francisco
Mint. and 6,285 fine ounces at the Mint at Denver.
The Treasury's statement of Sept. 16 indicated that the
total receipts from the time of the issuance of the proclamation and up to Sept. 13 were 46,101,000 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—
1934—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Ounces I
I
Week Ended—
1934—
1.157 Aug. 3
547
477
94,921
117,554
375.995
232,630
322,627
271,800
126,604
832,808
369,844
354.711
569,274
10.032
753.938
436,043
647,224
600,631
503.309
885,056
295.511
200.897
206,790
380,532
64.047
1,218,247
230.491
115.217
292.719
Aug. 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.80
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935—
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Ounces
Week Ended—
1935—
118,307 Feb. 21
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
1,025,955
443,531
359,296
487.693
Mar. 1
Mar. 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
648.729 July
5
797,206 July 12
484,278 July 19
July 26
467.385 Aug. 2
Aug. 9
504,363
732.210
973.305
321,780
1.167,706
1326.572
Aug. 16
Aug. 23
Aug. 30
Sept.8
Sept. 13
Ounces
403,179
1,184,819
844.528
1,555,985
554.454
695,556
836,198
1,438,681
502,258
67,704
173,900
686,930
86,907
363.073
247.954
203.482
462.541
1,253.628
407.100
796.750
621.882
608,621
379,010
863,739
751.234
667,100
1,312,754
500,502
310.040
775,232
Treasury Purchased $35,439,100 of Government
Securities During August
Net market purchases of Government securities for Trees
ury investment accounts for the calendar month of Augus
6
1862
Financial Chronicle
1935, amounted to $35,439,100. Acting Secretary Coolidge
announced Sept. 16. During July, as indicated in our issue
of Aug. 24, page 1202, the Treasury purchased 833,426,000
of the securities.
Text of Resolution Signed by President Roosevelt
Giving Congressional Consent to an Inter-State
Compact to Conserve Oil and Gas
A resolution adopted by Congress upon recommendation
of President Roosevelt, carrying Congressional consent to an
Inter-State compact to conserve oil and gas, executed at
Dallas, Tex., on Feb. 16 1935, was passed by both the House
and Senate on'Aug. 24, the President Affixing his signature
thereto on Aug. 27, not Aug. 28, as stated in our Aug. 31
issue, page 1370. We give herewith the resolution placed
on the statute book:
[H. J. Res. 407]
JOINT RESOLUTION
Consenting to an interstate oil compact to conserve oil and gas.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That the consent of Congress Is
hereby given to an interstate compact to conserve oil and gas, executed
in the city of Dallas, Texas, the 16th day of February, 1935, by the
representatives of the States of Oklahoma, Texas, California, and New
Mexico, and there recommended for ratification by representatives of the
States of Arkansas, Colorado, Illinois, Kansas, and Michigan, and since
ratified by the States of New Mexico, Kansas, Oklahoma, Illinois, Colorado, and Texas, which compact has been deposited ill the Department of
State of the United States, and reads as follows:
"ARTICLE I
"This agreement may become effective within any compacting State at
any time as prescribed by that State, and shall become effective within
those States ratifying it whenever any three of the States of Texas, Oklahoma, California, Kansas, and New Mexico have ratified and Congress has
given its consent. Any oil-producing State may become a party hereto
as hereinafter movided.
"ARTICLE II
"The purpose of this compact is to conserve oil and gas by the prevention
of physical waste thereof from any cause.
"ARTICLE III
"Each State bound hereby agrees that within a reasonable time it will
enact laws, or if laws have been enacted, then it agrees to continue the
same in force, to accomplish within reasonable limits the prevention of:
"(a) The operation of any oil well with an inefficient gas-oil ratio.
"(b) The drowning with water of any stratum capable of producing oil
or gas, or both oil and gas in paying quantities.
"(c) The avoidable escape into the open air or the wasteful burning of
gas from a natural-gas well.
"(d) The creation of unnecessary fire hazards.
"(e) The drilling, equipping, locating, spacing, or operating of a well
or wells so as to bring about physical waste of oil or gas or loss in the
ultimate recovery thereof.
"(f) The inefficient, excessive or improper use of the reservoir energy
in producing any well.
"The enumeration of the foregoing subjects shall not limit the scope of
the authority of any State.
"ARTICLE IV
"Each State bound hereby agrees that it will, within a reasonable time,
enact statutes, or if such statutes have been enacted then that it will
continue the same in force, providing in effect that oil produced in violation of its valid oil and/or gas conservation statutes or any valid rule,
order or regulation promulgated thereunder, shall be denied access to
commerce; and providing for stringent penalties for the waste of either
oil or gas.
"ARTICLE V
"It is not the purpose of this compact to authorize the States joining
herein to limit the production of oil or gas for the purpose of stabilizing
or fixing the price thereof, or create or perpetuate monopoly, or to promote regimentation, but is limited to the purpose of conserving oil and
gas and preventing the avoidable waste thereof within reasonable limitations.
"ARTICLE tit
"Each State joining herein shall appoint one representative to a Commission hereby constituted and designated as 'The Interstate Oil Compact
Commission', the duty of which said Commission shall be to make inquiry
and ascertain from time to time such methods, practices, circumstances and
conditions as may be disclosed for bringing about conservation and the
prevention of physical waste of oil and gas, and at such intervals as said
Commission deems beneficial it shall report its findings and recommendations to the several States for adoption or rejection.
"The Commission shall have power to recommend the coordination of
the exercise of the police powers of the several States within their several
jurisdictions to promote the maximum ultimate recovery from tile petroleum
reserves of said States, and to recommend measures for the maximum ultimate recovery of oil and gas. Said Commission shall organize and adopt
suitable rules and regulations for the conduct of its business.
"No action shall be taken by the Commission except: (1) by the affirmative votes of the majority of the whole number of the compacting States,
represented at any meeting, and (2) by a concurring vote of a majority
in interest of the compacting States at said meeting, such interest to be
determined as follows: Such vote of each State shall be in the decimal
proportion fixed by the ratio of its daily average production during the
preceding calendar half-year to the daily average production of the compacting States during said period.
"ARTICLE VII
"No State by joining herein shall become financially obligated to any
other State, nor shall the breach of the terms hereof by any State subject
such State to financial responsibility to the other States joining herein.
"ARTICLE VIII
"This compact shall expire September 1, 1937. But any State joining
herein may, upon sixty (lays' notice, withdraw herefrom.
"The representatives of the signatory States have signed this agreement
in a single original which shall be deposited in the archives of the Department of State of the United States, and a duly certified copy shall be
forwarded to the Governor of each of the signatory States.
Sept. 21 1935
as
"This compact shall become effective when ratified and approved
party hereto
provided in Article I. Any oil-producing State may become a
certiby affixing its signature to a counterpart to be similarly deposited,
fied and ratified.
1935."
"Wolfe in the City of Dallas. Texas, this 16th day of February,
section 1
Sec. 2. 'file right to alter, amend, or repeal the provisions of
is hereby expressly 1 I:SONIA.
Approved, August 27, 1935.
President Roosevelt Praises Those Who Accomplish
Work Despite Critics—Says "It Can Be Done"
in Speech Dedicating Whiteface Highway—Implies
Work of CCC Will Be Made Permanent
President Wilson's slogan of "It can be done" was reiterated on Sept. 14 by l'resitlent Roosevelt, in a speech dedicating the Whiteface Memorial Highway at Whiteface, N. Y.,
a memorial for the soldiers of New York State who died in
the World War. Earlier on the same day President Roosevelt spoke at Lake Placid incident to the ceremonies celebrating the fiftieth anniversary of conservation work in
New York State. On both occasions he praised those who
had accomplished substantial work despite "the jeers and
laughs" of critics, and he implied that he himself plans
to broaden New Deal nolicies.
Both of Mr. Roosevelt's speeches on Sept. 14 were extemporaneous, and were delivered in the course of a trip to the
Adirondack Mountains, after which he returned to Hyde
Park. We quote, in part, from an account of the addresses,
as given in a dispatch from Whiteface, on Sept. 14, to the
New York "Times":
The President was driven to the summit of Whiteface after a speech at
Lake Placid ill which he reiterated his intention to make the Civilian
Conservation Corps a permanent organization.
"There la enough work to be done in New York State alone to keep it
busy for a generation," he said, urging that government and business alike
recognize not only the social but business value of trees as an asset of
individuals and coninmnities.
The President opened his speech with a tribute to the "four little
words," and then told a heretofore unrecounted wartime anecdote giving
their origin.
He said that within a few weeks after the United States entered the
World War a French and a British military delegation visited Washington
to confer with President Wilson, who was faced with the fact that the
army staff had never made plans for equipping a force greater than
500,000 men.
"I had the good fortune," Mr. Roosevelt said, "to be present at the
conferences with President Wilson and tile leaders of the army and
the navy.
He said he remembered "old Marshal Joffre" asking President Wilson
how many America could send into the war.
Mr. Roosevelt went on:
"Mr. Wilson replied: 'You will have, Marshal Joffre, 1,000,000 men ; If
you need 2,000,000 you will have 2,000,000 men. If you need 5,000,000
men you will have 5,000,000. If you need the whole man-power of the
United States you will have them.'
Calls Memorial Fitting
"Actually, nearly 5,000,000 men were under arms in the army and navy,
and if it had been necessary we could have supplied 5,000,000 more," Mr.
Roosevelt recalled.
"Mr. Wilson said, 'It can be done.'"
Turning to the memorial phase of the highway, the President said:
"Knowing these men, I am certain that no more fitting memorial could
be dedicated than this highway to the peak of this mountain."
"This highway," he added, "will last not for mere generations, but for
the centuries to come. Not a mere tablet or a mere building, this highway
will enter the lives of our generation and of future generations, I believe,
more usefully than anything else we could have created."
He recalled arguments advanced in "the old days" that "we keep the
natural beauties of the Adirondacks," and then pointed out that many
persons, due to age or disability, "cannot indulge in the luxury of camping
or of climbing."
"For older persons who cannot climb," Ile said with a smile, "and so
for millions of people who haven't got the facilities for walking up a
mountain, we have now got the means for their coining up here on four
wheels."
Praises Engineering Feat
Turning to the highway, the President said that "there is no highway
In all Europe that can match it for its engineering skill and its perfection
of detail."
Ile complimented the officials and engineers who constructed the highway under Colonel Green, Superintendent of Public Works of the State.
The President's visit to the meeting at Lake Placid was marked by a
display of conservation work lasting for more than an hour.
Mr. Roosevelt appeared disappointed when the close of the forestry performance was signaled by Governor Lehman's introducing him.
He said that the program carried him in memory back 25 years when,
as a young and "unexpectedly elected" State Senator, he was inade Chairman of the Forest, Fish and Game Committee. That was at the time, he
said, when Thomas Mott Osborne, father of Lithg,ow Osborne, the present
Conservation Commissioner, was Chairman of the Forest, Fish and Game
Commission of the State.
Recalls Mr. Pinchors Pictures
"There was practically no popular interest then in what you and I know
to-day as conservation," he said.
He then went on to recount how he invited Gifford Pinchot, then Federal
Chief Forester, to visit Albany and to show as part of a conservation lecture
two pictures. One was a copy of a Chinese painting, dating from the
year 1510, which depicted a thriving city containing 300,000 inhabitants,
situated on a river that ran between well-forested mountains.
"Then came the second picture," the President went on, "a photograph
taken by Mr. Pinchot on the identical spot. The second picture showed a
desert. The mountains had rocks on them, but nothing else. All of the
soil had been washed from those mountains. The old walled town was in
ruins, with perhaps 300 people trying to eke out a living there.
"There you saw the wreck of a great civilization of 400 years because
of the wasteful cutting away of the timber, which in turn permitted soil
erosion and turned a peaceful river into a flood river."
Volume 141
Financial Chronicle
The pictures, Mr. Roosevelt said, had much to do with the start of New
York's conservation program, and he prophesied that "this is one of the
activities of the State I am sure will keep going through the years."
Alludes to Forestry Suggestion
"I am also glad to see the CCC boys here," he said. "Just a few years
entering
a political campaign (an allusion to himself running
ago a person
for the Presidency) suggested this activity.
"I remember the comment that greeted that suggestion. Some of you
here remember the ribald laughter about planting trees—this crazy dream,
this political gesture.
"Well," he went on, "there are 510,000 young men in CCC camps, in
every State in the Union. They are preserving forests for future generations to come. The idle dream has become a fact. These camps, in my
judgment, are going to be a permanent part of the policy of the United
States Government."
Mr. Roosevelt estimated that 1,000,000 boys had served in the camps
in their two years of existence, and said that "if things go along as they
are now, with a general pick-up in business, the people can well afford to
have 300,000 young men go through these camps every year."
"We have a long way to go," he declared. "There is enough work in
sight in this State to continue the work of the CCC for a generation to
come."
The President told his hearers that "there has been great progress in
State practices, but one of our problems is to extend the knowledge of
conservation to the operators of private lands."
He explained his goal as being that of professional foresters—the development of a "sustained yield."
In that way, he said, there could be eliminated evils of the past which
often result in thriving communities being left stranded by the wholesale
destruction of timber surrounding them, as well as the problem of soil
erosion, which has ruined large areas of formerly good land.
"If timber is treated as an annual crop," Mr. Roosevelt went on, "it
becomes a business asset, and I hope that Congress at its next session will
pass legislation which will extend credit to the owners of timber land.
There is no reason why the Government and private banking institutions
should not consider trees an asset as well as houses and other things on
which they extend credit."
The President said he believed that "the spreading of the gospel of
conservation was being accomplished.
"The people are learning," he added. "They are snore interested in
protecting these great assets of nature which Gad has given us."
President Roosevelt Says Neutrality Resolution Will
Guide United States in Italo-Ethiopian Dispute—
Indorses Secretary Hull's Appeal to Kellogg-Briand
Pact Signatories
President Roosevelt told a press conference on Sept. 13
that the neutrality resolution adopted by the last Congress
defines the steps that may be taken by this Government
in connection with the Italo-Ethlopian dispute, and that this
resolution will be the sole guide of the Administration. The
text of the neutrality resolution, as signed by the President
on Aug. 31, was given in the "Chronicle" of Sept. 14, pages
1672-1673. At his press conference the President also indorsed the statement made on Sept. 12 by Secretary of State
Hull, appealing to the signatories of the Keilogg-Briand pact
to maintain peace. Mr. Hull's statement was referred to
in our issue of Sept. 14, pages 1686-1687.
A dispatch of Sept. 13 from Hyde Park, N. Y., to the New
York "Times" gave the following additional description of
the President's press conference on that date:
He told the reporters that he considered the foreign situation the great
news of the day. Ile has been in close touch with Secretary Hull ever since
he came here, almost two weeks ago.
The President commended Secretary Hull's statement invoking the BriandKellogg pact as a very excellent one that summed UP the situation perfectly.
Nothing else will be done now, he added, although he and State Department
officials will continue to keep in close touch with developments.
When President Roosevelt was pressed with questions as to his first act
in the event of war between Italy and Ethiopia, he referred his interrogators
back to the neutrality resolution, which provides that after the President
proclaims that a state of war exists between foreign governments, an
embargo shall be laid immediately on exports to those countries of implements of war. When asked what determination had been made as to what
constitute implements of war, Mr. Roosevelt replied that the State Department was studying that question.
International Affairs Discussed By President Roosevelt
at Hyde Park With Ambassador Straus, Henry
Morgenthau Sr. and Assistant Secretary of Navy
Roosevelt—industrial Problems Also Considered—
President to Return to Washington on Monday
At his Hyde Park (N. Y.) home, President Roosevelt on
Sept. 19 devoted his principal interest to international affairs, continuing at the same time the series of conversations that have been his principal occupation during the
18 days since his arrival at Hyde Park. Indicating this
advices from there to the New York "Times" Sept. 18
added in part:
Of eight callers received, four were conversant with this topic. particularly Jesse I. Straus. Ambassador to France now in the United States on
leave of absence. Ambassador Straus soon will return to his post to observe the [tato-Ethiopian crisis from Paris.
The other callers with whom Mr. Roosevelt discussed international
affairs In what the White House staff termed "social visits" were Henry
Morgenthau, Sr., former Ambassador to Turkey: Henry L. Roosevelt,
Assistant Secretary of the Navy, and Stanley High. a lecturer on international affairs.
Neither the White House staff nor the conferees themselves told newspaper men of the conversations, in keeping with the policy that has governed many of the President's talks with a wide variety of callers since he
came here. . .
Coal Board Also Considered
In addition to these conferences, the President gave further considerstion to the personnel of the Commission which will administer the GuffeY
Coal Act: studied the efforts that are being made to formulate workable
1863
industrial codes on a voluntary basis,and continued his political conferences.
The political leaders among the callers were Frank Hague, Mayor of
Jersey City, and John J. Bennett, Attorney General of New York State.
Mr. Bennett planned to go to-morrow to Binghamton. where the League
of Democratic Clubs of New York will hold a two-day conclave.
Industrial problems were discussed with other visitors, Prentiss L.
Coonley, director of the division of business co-operation of the National
Recovery Administration, and Harry King, former Code Administrator of
the NRA. . . .
Mr. Roosevelt is making an effort to clear his files of pending business
to permit him to begin, the latter part of next week, Ms Western trip that
will last for almost a month.
Ile will return to the White House on Monday morning, to take up such
questions as the crystallization of the work-relief program, in the hope
that he can depart on Thursday night for a rapid journey to San Diego,
Cal., where he will board a cruiser for a leisurely voyage and fishing expedition down the West Coast to the Panama Canal.
President Roosevelt Presses Button7 Inaugurating
Digging of Florida Ship Canal
Pressing a button in the study room of his home at Hyde
Park, New York, on Sept. 19, President Roosevelt inaugurated the digging of the Florida Ship Canal, setting off
the first charge of dynamite as a preliminary to the construction of the $146,000,000 Gulf-Atlantic Ship Canal.
From United Press accounts from Ocala, Ha. Sept. 19 we
quote the following:
Hundreds of spectators cheered as a dull boom reverberated from the explosion, signifying that actual digging of the "big ditch" was under way.
The dynamite charge was set off six miles west of here.
United States Senator Duncan (J. Fletcher of Florida, who worked to
get the initial appropriation of $5,000,000 for the project, praised President
Roosevelt.
He told the crowd that the 196-mile canal would save time for shipping
between Gulf and Atlantic ports, and would eliminate the dangers of the
treacherous Florida reefs.
Other speakers joined In praising the project, which has been agitated for
more than 100 years.
Lieut. Col. Lrehon Somervell, Army engineer in charge of canal construction, was congratulated by the speakers for the speed with which be
has started operations.
With 2,000 men already on the job, more are coming in daily from all
parts of Florida. More than 35 buildings are completed or under construction at Camp Roosevelt, main camp site near here.
Veto By President Roosevelt of Bill -Amending Farm
Mortgage Act of 1933 Extending Government Lending to Counties and Municipalities to Take Care
of Bonded Indebtedness
In vetoing on Sept. 6 a bill which would have amended the
Emergency Farm Mortgage Act of 1933 President Roosevelt
said:
•
I have disapproved H. R. 6776, an act to amend the Emergency Farm
Mortgage Act of 1933. as amended, and for other purposes.
The second provision of this bill extends Government lending into a new
field which might be construed to commit the Federal Government to a
policy entirely too far-reaching—that of lending to counties, districts, or
municipalities, to enable them to take care of already existing bonded in-
debtedness.
FRANKLIN D. ROOSEVELT.
The White House, Sept. 6 1935.
President Roosevelt to Start Trip to West Coast Late
Next Week—Plans Only Two Formal Speeches—
To Return to Washington Via Panama Canal—
Secretary Ickes to Accompany President
President Roosevelt will leave Washington on a trip to
the West Coast the latter part of next week, and will return
to the Capitol in a cruiser via the Panama Canal, he announced on Sept. 18. At the same time he said that he
planned only two formal speeches on the trip, one at Boulder
Dam and the other at San Diego. He expressed regret that
he would be unable to accept an invitation to address the
American Legion at its annual convention at St. Louis
from Sept. 23 to 26, as the press work at Washington would
make it impossible for him to reach St. Louis before the
convention closed. The President's plans were further
discussed as follows in a dispatch of Sept. 18 from Hyde
Park, N. Y., to the New York "Times":
While Mr. Roosevelt is confining his scVeduled speeches to the two
first announced several months ago. it was clear to newspaper men that
his trip across the continent would not be without political significance.
His itinerary is expected to take him through St. Louis, Omaha Deriver.
Salt Lake City and Los Angeles, where he has been Invited to speak at a
luncheon and whence he plans to motor to San Diego.
Political leaders of the Middle West and West will board his train for
conferences. and Mr. Roosevelt selaom overlooks an opportunity to talk
to the crowds which invariably gather where the President stops.
There was little doubt here that Mr. Roosevelt's trip w. old be punctuated by daily speeches which, although unscheduled and extemporaneous.
would have political effect.
Plans Absence of About 25 Days
If his responsibilities permit, the President plans tentatively to be away
from Washington about 25 days. allowing five to seven days for the trip
across the country and the remainder for his leisurely voyage to and from
the Panama Canal. He hopes to do considerable fishing en route.
The prospective trip was a major topic of conversation at Hyde Park
House last night when Mr. Roosevelt had as his guests Postmaster General
Farley, Chairman of the Democratic National Committee, and Charles
Michelson, Publicity Director for the Comnuttee.
In the press conference at which Mr. Roosevelt discussed plans for his
trip. he did not specify what business threatened to delay him in Washington, following his return Monday morning, but the work relief situation
appeared to bulk large.
1864
Financial Chronicle
It was made known on Sept. 19 that Secretary Ickes will
accompany President Roosevelt on his Western trip, at
least as far as Boulder Dam.
Social Security Board Calls upon States with Old-Age
Pension Laws to File Administrative Plans for Approval Incident to Federal Aid-13 States Not at
Present Eligible
Thirty-five States with old-age pension laws were called
upon on Sept. 13 by the Social Security Board at Washington
to file their administrative plans for approval if they expect
Federal aid; 13 States which will not be eligible to receive
Federal aid for pensions unless they pass laws during the next
few months, are listed as Alabama, Georgia, Kansas,
Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma, South Carolina, South Dakota, Tennessee, Texas
and Virginia. The text of the Social Security Act, signed by
President Roosevelt on Aug. 14, was given in our Aug. 24
issue, pages 1164-1170. Whether the 35 States called upon
to submit their administrative plans will receive Federal
funds depends upon how nearly their laws meet the requirements laid down in the Federal law. Many, it is said, will
have to alter their statutes to meet the conditions. Under
date of Sept. 13 Associated Press advices from Washington
said:
At the same time that the old-age pension call went out, States were told
that estimates of their needs for Federal funds to care for dependent children
is
and the blind should be sent in before Jan. 1. Federal help for these
confined, in the case of dependent children, to one-half of the amount paid
out by a State, and for the blind, to an amount equal to that paid by a State.
The self-sustaining old-age pension and unemployment insurance plans,
with their payroll taxes, do not go into effect for more than a year.
Between now and Jan. 1 the Board must make up its budget for the first
quarter of the 1936 calendar year and file with the Treasury a request for
funds. Officials of the Board said they expected to receive an appropriation soon after Congress meets.
A reference to the old-age pensions under the Social Security Act appeared in our Sept. 14 issue, page 1698.
Sets Up Makeshift Organization
Under date of Sept. 13 United Press advices from Washington were published in the new York "Journal of Commerce" as follows:
Social Security Board
The new Federal Social Security Board, headed by former Governor
John G. Winant of New Hampshire. met to-day and set up a makeshift
organization to operate until Congress provides funds.
An appropriation of approximately $76,000,000 for the Board, passed by
the House, was killed when Senator Huey P.Long talked the third deficiency
bill to death as Congress adjourned.
The Board consequently asked the Budget Bureau for emergency relief
funds for one month, explaining that the money was needed "so that the
Board may be in a position to respond to the requests from States for information in preparing suitable legislation and administrative plans in the
field of old-age pensions, blind pensions and aid for dependent children.
Such information must be given so that States will be able to prepare their
laws and set up administrative organizations by the time Congress furnishes
funds for the Federal system.
The Board has borrowed emergency workers, office space and equipment
from other Government agencies.
Social Security Plan of Federal Government Not a
Substitute for Life Insurance Says E. P. Johnson
of Toledo Association of Life Underwriters
The social security program of the Federal Government is
not a substitute for life insurance and annuities, Edward P.
Johnson of the Toledo Association of Life Underwriters',
declared on Sept. 13, according to the Toledo "Blade" from
which we also quote:
"Although the association is in accord with the underlying principles of
not large
the plan, the benefits provided by the Security Act are
Johnson said.
enough to meet the needs of all classes of society." Mr.
He declared that the maximum pension which can be obtained is $85
a month and to receive this amount under the Federal plan a contributing
employee would have to earn $250 a month for 45 years beginning Jan. 1
1937, and this without interruption of earnings for any cause or any other
factor contributing to intermittent employment.
"There should be not conflict between the social betterment program and
the insltution oflife insurance as a private enterprise because social insurance
is intended to supplement life insurance amoung those who are handicapped
for
and among those who are victims of industry and those unable to care
themselves," Mr. Johnson said.
Business Census Brought Under Way by Secretary
of Commerce Roper—Enumeration Also Begun of
Those Eligible for Old-Age Pensions
Two census projects which will employ 35,000 persons,
90% of whom will come from relief rolls, and which will
cost the Government about $10,000,000, were brought
under way on Sept. 16 at the instance of Secretary of Commerce Roper.
As to the two projects the Washington "Post" of Sept. 16
said:
The larger of the two projects is a business census, which will be directed
from Philadelphia. The other is an enumeration of persons who may be
eligible for old-age pensions. It will be directed from St. Louis.
The business census, which will employ all but 2,500 of the workers, will
gather information on wholesale trade, retail trade, business services and
miscellaneous business enterprises, construction and real estate, banking,
finance and insurance, professional services, and transporation and communication.
In connection with the business census, preliminary work will continue
until January, when an enumeration will begin in every State. It is expected that the work of the enumerators will be completed in three or four
Sept. 21 1935
months. This particular census will cost $8,000,000 to be paid for out of
the work relief appropriation. Supervisors of the work will be executives,
most of whom will be transferred from the Washington office. F. A.
Gosnell, chief statistician of the Division of Business statistiai. will be in
charge of the Philadelphia office.
In St. Louis, the census organization will begin the enormous task of
making a card index listing every individual who lived in the United States
In 1900. These cards will include age information, which is expected to be
useful in determining who is entitled to old-age pensions.
A statement by the Department of Commerce on Sept. 15
said:
The Bureau of the Census early this year completed a census of American
agriculture, and a census of manufactures is taken every two years. In
1930 the Census Bureau took a census of distribution which covered the
calendar year of 1929. and a census of American business was taken in 1933
covering the mid-depression period. With the completion of this census
there will be in existence, therefore, studies showing in detail conditions as
they existed in agriculture, manufactures, retail and wholesale trade and
business service establishments just prior to the depression, during the worst
of the depression era and during the period of the country's emergence from
the economic recession.
A reference to the basing of the old-age pensions under
the Social Security Act on the 1900 census appeared in our
Sept. 14 issue, page 1698.
Social Security Act Regarded as Hindrance to Thrift—
C. M. Spencer of Savings Banks Association of
Massachusetts also Points Out It Imposes Heavy
Tax Burdens on Present and Future Generations
—Professor Carothers Views Recovery Retarded
by Government Measures
A warning that the Federal Social Security Act may "do
surprising things" to the public's habit of thrift was sounded
on Sept. 12 by Carl M. Spencer, President of the Savings
Banks Association of Massachusetts, at a meeting of the
Association at Swampscott, Mass. Mr. Spencer, who also
alluded to heavy tax burdens, had the following to say, in
part, according to Swampscott advices to the Boston "Evening Transcript":
The public has been misled by numerous references to a presumed abnormal spread said to obtain between a 5%Vo mortgage rate to home owners
and a 3 or 3%% dividend rate to depositors. The slightest inquiry will
show that the spread between the average return on total funds and the
dividends paid is nowhere near so large as this.
Reductions in dividends have been made necessary by the lessened gross
earnings of the banks, and this trend will continue until the interest rate
on securities turns upward. There is no present indication, however, that
the average rate paid in Massachusetts will fall BO low as that recently
set as the limit in New York State, namely, 2%.
The real estate tax burden still rests heavily on mortgaged properties,
as well as on those which we own. The total of uncollected taxes grows.
Valuations conic down too slowly and, despite statements of public officials
and legislators that this burden must be made lighter, no tangible relief
has resulted.
Here lies one of our most important duties. By every means we should
support concerted action for relief from this tax burden. Much can be done
by the taxpayers' associations of our cities and towns now gathered into a
federation for State-wide action. Let's help these groups; their power as
organized individual taxpayers has promise of real accomplishment.
The Social Security bill in the long run will prove of most import to us
and indeed to all the business of the country.
It is a tremendously important measure. It fastens a heavy burden of
taxation upon this and future generations. These tax collections, invested
in Government bonds, will influence our investments.
But most important of all, the promise of pensions and unemployment
insurance may do surprising things to the thrift habits of our people.
In the future is there to be no use for savings banks except for temporary
savings? Can the individual neglect to provide against the rainy day of
old age and unemployment? Will a paternal Government closely resembling
a socialistic State care for us from cradle to the grave? Will initiative
lapse forethought and savings go out of fashion?
Professor Neil Carothers, of Lehigh University, in declaring at the meeting that "recovery is definitely on the way,"
although retarded at least six months by recovery measures
of the Administration, was quoted as follows in the same
dispatch:
"Unwise Government action can retard and delay recovery, but it cannot
stop it. Just as Government cannot force recovery before its time by Acts
of Congress, neither can it permanently stop it. Recovery comes automatically, of itself, by the inevitable laws of economics."
Referring to inflationary possibilities, Professor Carothers said: "I do
not believe that we shall be overwhelmed by any of these very real dangers.
It is my judgment that the forces of recovery are so irresistible that they
will overcome all impediments. Undoubtedly there is going to be an
inflationary rise of prices, but it will not be a headlong, all-destroying rise.
"The burden of taxation will eventually be very heavy, but it will be
bearable. And the era of experimentation and regimentation is coming to
a close. This is not because our present Government has grown wiser.
It has not. It is because it is now becoming recognized at Washington
that the country is weary of experimentation and regimentation."
Professor Carothers concluded with the warning that no nation can prosper
where savings habits have been abandoned. "The only route to higher wages
and a better living," he said, "is through increased production and increased
savings."
Rutherford E. Smith, President of the Dorchester Savings
Rank of Dorchester, Mass., was elected President of the
Association on Sept. 14.
Condition of Industry and Not Utility Holding Act
Will Determine Value of Securities When Law
Becomes Effective, Says H. Hentz & Co.in Analysis
of Act
The condition of the industry and not the Utility Holding
Company Act will determine the value of public utility
securities in 1938, when the law is scheduled to become
Volume 141
Financial Chronicle
effective, the New York Stock Exchange firm of H. Hentz &
Co. says in an analysis of the Act made public on Sept. 16.
Increased earnings and greater values are seen for utility
shares as a result of new uses for electric energy and business improvement. The analysis says:
It is axiomatic of the break-up of large units that such action is
preceded by a sharp shrinkage of the market price of the securities involved
and followed by the realization that actually neither property nor equity
values are seriously impaired thereby. It is reasonable to assume that
during the 28 months preceding the effective data of the Act plans will
be formulated to comply with the provisions in a manner that will cause
the least harm to investors, and that the Commission will exercise its
authority in an orderly and circumspect manner.
The study presents the salient provisions of the law, particularly of Section 11, in their apparent application to leading holding companies, and gives informative comment upon
questions of vital interest to every investor in holding company securities. The conclusion reached in the study are
optimistic as to the future of the utility industry, despite
the drastic provisions of the Holding Company Act. They
are:
In the final analysis it will not be the Utility Holding Company Act that
will determine the value of utility shares, but the state of the industry.
Business is on the up-grade, but no industry reflects it in as marked a
degree as the utility industry. The combination of lower rates and steadily
Increasing uses for electric power has made it possible for power companies to increase their output to such an extent that recent weekly figures
were the highest on record, with the exception of eight weeks in the fall
and winter of 1929-1930.
Within a few months electric power output should reach a new high
for all time, and with the outlook favorable for returning prosperity and
constantly new uses for electric energy, there can be only one answer to
the question, in our opinion—increasing earnings and values for utility
shares. When the time comes to distribute assets to stockholders or to
sell these assets to interests that are permitted to buy them, their value
may be so much greater than the present depressed market quotations as to
insure prices comfortably in excess of those now prevailing.
The following holding companies are considered in the
analysis: American & Foreign Power, American Gas &
Electric,'American Power & Light, American Water Works,
Columbia Gas & Electric, Consolidated Gas of New York,
Cities Service, Commonwealth & Southern, Electric Power &
Light, Engineers Public Service, International Hydro-Electric, National Power & Light, Niagara Hudson Power, North
American, Pacific Gas & Electric, Pacific Lighting, Public
Service of New Jersey, Standard Gas & Electric, Stone &
Webster, United Gas Improvement, United Light & Power,
and Utilities Power & Light.
Four representative investment companies in the public
utility field—American Superpower Corp., Electric Bond &
Share, United Corp., and Electric Power Associates—are
also analyzed.
American Federation of Utility Investors Changes
Name to American Federation of Investors—Dr.
Hugh S. Magill Says Federation, While Broadening
Scope, Will Continue Efforts in Behalf of Utility
Investors
The American Federation of Utility Investors will hereafter be known as the American Federation of Investors,
according to Dr. Hugh S. Magill, its President, who states
that the Federation's program has been expanded to include
the inte,rests of investors in all recognized American industries. In his announcement, made available Sept. 16, Dr.
Magill also said, in part:
This action, taken by unanimous vote of the Board of Directors of the
Federation, is in response to numerous requests, not only by utility
investors who are members of the Federation, but by investors in the
securities of other industries. Many prominent newspapers and magazines
have also strongly urged that the Federation broaden the scope of its
program to include investors in all recognized industry. . . .
Investors in other industries have come to realize that the stand of the
utility investors for the protection of their rights constituted the first
line of defense against the advancing forces of Socialism that are determined
to take over all industry under political management and control. It has
become clear that this socialistic onslaught can be successfully met only
by the combined resistance of the investor forces of America united in one
nation-wide organization.
The fight for a fair deal for utility investors will be continued with
Increased vigor as the Federation extends its battle-lines to insure a fair
deal for honest investors in all American industry.
Effective Date of Operation of Certain Sections of Act
Governing Motor Bus and Truck Systems Deferred
from Oct. 1 to Dec. 1
Postponement,from Oct. 1 to Dec. 1 of the effective date
of 5 sections of the Act placing the motor bus and truck systems of the country under control of the Inter-State Commerce Commission was announced by the Commission on
Sept. 19. In its announcement the Commission said:
This action was due primarily to the inability of the Commission to
make necessary preparation incident to the filing of tariffs and to give
operators additional time in which to compile their tariffs.
Unless there are unforeseen developments the effective date of other
sections of the Act will not be postponed beyond Oct. 1. It is now expected
that forms to be used in applying for certificates of public convenience and
necessity, permits for contract carriers, and brokerage licenses will be ready
for distribution prior to Oct. 1.
From its Washington bureau Sept. 19 the New York
"Herald Tribune" reported:
The law, providing for the initial Federal control of motor common
carriers, permits the Commission "in public interest" to delay the effect
1865
of any provision beyond the first of next month, providing the extension
shall not extend past April 1.
The postponement to-day effects the sections dealing with the filing and
observance of tariffs and schedules showing rates, fares and charges for
transportation by motor carriers subject to the Act and related matters.
They also deal with the issuance of receipts or bills of lading and the collection of charges. The sections are 216, 217, 218. 219 and 223.
The text of the new Act, sisd by President Roosevelt
on Aug. 9, was given in our issue of Aug. 17, page 992.
Reported Plans of Publication of Daily Newspaper by
Federal Government Under Title of 'Federal
Register"—Funds Await Passage of Deficiency
Appropriation Bill by Next Congress
Plans of the Federal Government for the publication, to
begin early in January, of a daily newspaper were reported in
Washington advices Sept. 12 to the Cleveland "Plain Dealer."
From the latter we quote the following regarding the proposal:
The publication is to be called the "Federal Register," and its function
is to provide an up-to-the-minute publication of all Executive, departmental
and emergency activity orders and announcements, affecting the welfare
of the general public.
It is to be to the Executive branch of the Government what the "Congressional Record" is to the Legislative branch, except that it will have
no stenographic reports such as the "Record" carries of debates between
the Congressman from Podunk and the Congressman from Toonerville.
An act creating the "Federal Register" was passed by Congress July 16,
but received virtually no attention due to the rush of the major "must"
measures. Funds for its publication were carried in the Third Deficiency
Appropriation bill which was killed in the closing hours of the session
by the filibuster of Senator Huey P. Long.
Although publication must await the re-assembling of Congress and
passage of a new deficiency appropriation bill, funds for preliminary
work have been obtained from the Government archives appropriation
and B. R. Kennedy, Director of the Federal Register Division of the
Federal archives, has been selected as active Editor of the "Federal
Register."
The Government newspaper is a direct outgrowth of the confusion and
resultant complaints arising from the flood of Executive and emergency
orders issued by New Deal officials when the National Recovery Administration, the Oil Administration and other regulatory agencies were at
their peak.
The need for a compendium of all such orders, readily available to persons and business firms directly affected by those orders, was emphasized by Chief Justice Charles Evans Hughes during a Supreme Court
hearing on the "hot" oil case. In that hearing it was disclosed that the
Oil Administration had issued stringent orders of which those whom
the orders most directly affected were not apprised.
Under the act of Congress creating the "Federal Register," a Committee
of three was named to supervise the publication's form and content. The
three are August E. Giegengack, public printer; R.D. W.Connor, Government archivist, and a third person yet to be named by the Department of
Justice. The Department of Justice representative is to attest the accuracy
of all Governmental orders published.
The Committee will determine the subscription rate of the "Federal Register," the number of free copies to be distributed to Government agencies
and to Congressmen and Senators, and the size and form of the paper.
The act of Congress provides that no news material, editorial comment
or propaganda may be printed in it.
Secretary Hull Expresses United States Regret for
Magistrate Brodsky's Criticism of German Government in Bremen Case
Secretary of State Hull on Sept. 14 expressed the formal
regrets of this Government to Germany because Magistrate
Louis B. Brodsky of New York City had indulged inexpressions "offensive to another Government with which we have
official relations" when he recently discharged five out of
six men accused of participating in a riot abroad the liner
Bremen on July 26, when the swastika flag was torn from
the ship's staff. Magistrate Brodsky's remarks and the
formal protest of the German Government were noted in
the "Chronicle" of Sept. 14, page 1688. After receiving the
protest from the German Embassy, Mr. Hull had asked Governor Lehman of New York for a report on the case.
Secretary Hull's expression of regret was contained in an
oral statement to Dr. Rudolf Leitner, Counselor of the German Embassy. Mr. Hull said that the Magistrate's criticism
was "not a relevant or legitimate part of his judicial decision," but he also pointed out that the Federal Government has no control over the freedom of speech of State
and municipal officials. The statement delivered by Mr.
Hull to Dr. Leitner follows:
It appears that those accused were charged with the violation of the
penal law of New York prohibiting unlawful assemblies.
The magistrate reached the conclusion, upon the correctness of which the
department cannot undertake to pass, that the evidence submitted did not
support the charge of unlawful assembly and dismissed the complaint and
discharged the defendants on this charge.
The complaint of the German Government is specifically directed at the
statements made by the magistrate in rendering his decision which that
Government interprets as an unwarranted reflection upon it.
The department is constrained to feel that the magistrate, in restating
contentions of the defendants in the case and in commenting upon the
Incident, unfortunately so worded his opinion as to give the reasonable and
definite impression that he was going out of his way adversely to criticize
the Government, which criticism was not a relevant or legitimate part of
his judicial decision.
I may explain that State and municipal officials are not instrumentalities
of the Federal Government. Although in this country the right of freedom
of speech is well recognized by our fundamental law, it is to be regretted
that an official having no responsibility for maintaining relations between
the United States and other countries should, regardless of what he may
personally think of the laws and policies of other governments, thus indulge
in expressions offensive to another government with which we have official
relations.
1866
Financial Chronicle
Governor Lehman's report on the incident involving
Magistrate Brodsky was sent to Secretary Hull on Sept. 16,
two days after Mr. Hull had formally expressed his regrets.
Governor Lehman said on Sept. 16 that he did not know
bow Secretary Hull obtained the information on which he
based his action.
Suit to Test Validity of Public Utility Act of 1935
Filed in Baltimore in Behalf of American States
Public Service Co.—John W. Davis Joins Counsel
for Petitioners—Mr. Davis, Newton D. Baker,
Forney Johnston, and James M. Beck Retained by
Edison Electric Institute to Act in Tests of Legislation Affecting Power Industries
Suit to test the constitutionality of the Public Utility Act
of 1935 was filed with Judge William C. Coleman in the
Federal District Court at Baltimore, on Sept. 16. In advices
from that city on that date to the New York "Herald Tribune" it was stated that John W. Davis came from New
York to join Baltimore counsel for the petitioners. The.dispatch likewise said:
He accompanied James Piper, of the Baltimore firm of Piper, Cary &
Hall, when lie went to Judge Coleman's office to file the papers in the
action. Ralph P. Buell, of the New York firm of Graham, McMahon,
Buell & Knox, accompanied Mr. Davis and will represent other interests.
Incidentally it may be noted that it was made known on
Sept. 12 by the Edison Electric Institute that in view of
its conclusion that the question of the constitutionality of
certain Federal statutes adversely affecting the electric light
and power industry should be judicially determined as soon
as possible it has retained the services of John W. Davis of
New York, Newton D. Baker of Cleveland, Ohio, James M.
Beck of Washington, D. C., and Forney Johnston of Birmingham, Ala. Following the meeting of the Board of
Trustees of the Edison Electric Institute, held on Sept. 12,
Thomas N. McCarter, President, issued a statement in which
he had the following to say regarding the retention of the
services of Messrs. Davis, Baker, Beck and Johnston:
The Board of Trustees of the Edison Electric Institute has determined
that the question of the constitutionality of these statutes should be presented to the courts at the earliest oportuniy, in order hat the rights ot
all may be judicially determined in accordance with the law of the land.
To that end it has retained the services of John W. Davis of New York to
participate in the conduct of the case or cases which will contest the validity
and constitutionality of the Public Utility Act of 1935. It has retained the
services of Newton D. Baker of Cleveland, Ohio, to participate in the conduct
of the case or cases which will contest the validity and constitutionality of
the gift and loan of Federal money to induce or enable municipalities to
compete with private companies now rendering efficient service throughout
the United States. It has retained the services of Forney Johnston of Birmingham, Ala., and James M. Beck of Washington, D. C., to argue before the
Supreme Court of the United States in the case now pending, the constitution.
silty of the Acts under which the Tennessee Valley Authority is spending
huge sums of the taxpayers' money in its efforts to further the doctrine of
the abolition of private business for profit.
Noting that the petition in the Baltimore court was filed
by F. Donald Fenhagen and J. B. Whiteworth, trustees for
the American States Public Service Co., controlling water
and power companies in Illinois, Idaho, Michigan, California,
Oregon, Montana and Indiana. a dispatch from that city,
Sept. 16, to the New York "Times" added:
Sept. 21 1935
of economic law and the Federal Securities Act. It is an attempt to so
weaken the smaller operating companies in securing essential financing,
engineering, accounting and construction services as to render such operating companies more vulnerable to the attack of the professional advocates
of Government and political ownership. It excludes from its provisions
all Government- or publicly-owned plants, thus legalizing and perpetuating
the unfair competition of such agencies against private owners.
The enactment gives to Federal bureaus broad and practically unrestricted
whose
powers over the welfare of the consuming and investing public,
rights may be determined or dissipated according to the whim and fancy
total
the
that
fact
of such bureaus. This Jaw was enacted despite the
money value of the inter-State power, at present unregulated, amounts only to
for
about $4,000,000 a year. The Federal bureaus have initially asked
approximately one-half of this amount for administration costs. The law
operation
will also add many millions of dollars to the annual expenses of
of the companies, which expense would in the main part be borne by the
consuming public, and certainly would retard, if not prevent, a continuation
over a
of the record of progressive rate reductions made by the industry
period of years.
to
purports
Second—That portion of the National Recovery Act which
give the Government the right, by gift or loan, to aid municipalities in
electing power plants to compete with existing facilities. For this purpose
many millions of dollars have already been expended or appropriated by
the Government.
Third—The Tennessee Valley Authority legislation, which seeks to put
the Government directly in the power business, involving the destruction
of existing facilities.
In the opinion of eminent counsel, the greater part of this legislation
is unconstitutional. The power program of the Federal Government involves
the expenditures of billions of dollars which, in the main, is to harass
and destroy private operation in the electric light and power industry in
the United States, despite the fact that the people of this country enjoy
the most efficient and widespread electric service,, at reasonable rates,
of any people in any country. Such service is the envy of the entire world
and has resulted from private initiative without Government subsidy.
That the industry is well builded is best attested by the fact that it has
never borrowed from the Reconstruction Finance Corporation. If not
suffocated by Government meddling, the industry will continue its splendid
record. It is inconceivable that this wasteful and destructive expenditure
.
of the taxpayers' money should be continued.
The electric industry, to the extent that it is represented by the Edison
Electric Institute, is of the openion that it is its duty, in fairness to all,
to assert and maintain its legal rights to continue to live and serve the
people of the nation, subject to reasonable regulation by proper governmental authority, but that it will not and cannot acquiesce in having its
properties confiscated merely to advance a theory of State socialism,
already proven inimical to the rights of the American people.
Judge Foster of Circuit Court of Appeals in Mississippi
Declines to Grant Stays Against Collection of
Processing Taxes
Orders staying collection of the processing tax provided
under the Agricultural Adjustment Act in districts within
the circuit where Federal Judges have refused to enjoin
collection of the tax were denied on Sept. 12 by Senior Judge
Rufus E. Foster of the United States kVth Circuit Court of
Appeals,said the New Orleans"Times-Picayune" of Sept. 13,
which further said:
Judge Foster declined to order stays against collection of the processing
tax (roan the Stonewall Cotton Mills in the Southern Mississippi District
and against three cigar manufacturers in New Orleans. The cigar manufacturers are Jose Escalante & Co., Phil D. Mayer & Son, Ltd., and the
M.Trelles & Co.
In announcing his refusal to grant stays against collections of the taxes
districts in which the Federal Judges denied injunction applications,
in
The money interests in this test case, which is expected to go through
Judge Foster said he was not passing upon the constitutionality of the
to the Supreme Court, are said to aggregate more than a billion dollars.
AAA,"but merely passing on a jurisdictional matter."
The American States Co., which has its main office in Baltimore, is in
MUSS Continue Paying
process of reorganization under Section 77-B of the Federal Bankruptcy Act.
There have been a number of instances in district courts within the
The petitioners state that registration with the Securities and Exchange
Fifth Appellate District, according to Judge Foster, in which presiding
Commission, as required by the Holding Company Act, would entail heavy
Judges have granted injunctions against collection of the processing taxes.
expense, lay, a punishing burden upon the original owners of the company
"My action to-day (Thursday)" [Sept. 12], said Judge Foster, "will
and prevent completing the plan of reorganization. They ask that the
have no effect upon injunctions granted in other districts in this Circuit.
law be declared unconstitutional.
My refusal to grant stays as requested means that those affected will have
It is set forth that the trustees, under the instruction of the court, are
Agricultural Adcarrying out a plan of reorganization approved by the court, but that this, to continue paying said tax until constitutionality of the
justment Act has been determined."
plan is in conflict with the Holding Company Act.
In the United States First Circuit Court of Appeals, comprising the
According to the petition, each of the subsidiaries operates solely within
States of Maine, Massachusetts, Rhode Island, New Hampshire and
the confines of a single State and therefore is not engaged in inter-State
Puerto RICO, the Agricultural Adjustment Act has been declared unconcommerce.
stitutional. In the Ninth Circuit Court of Appeals stays of collection of the
John W. Davis of New York, counsel for the Edison Electric Institute,
tax have been granted, while in the Tenth Circuit stay orders have been
appeared as representing one of the holders of the debentures of the
denied, Judge Foster explained.
American States Co. and supported the position of the petitioners.
Proof to Be Required
Robert P. Buell of the New York firm of Graham, McMahon, Buell &
Congressional amendments to the AAA during the recent session of
Knox, representing the holder of $150,000 of the first lien bonds of the
Congress. said Judge Foster, require taxpayers contesting the processing
company, asked in behalf of his client that the trustees be required to
tax to apply to the Commissioner of Internal Revenue for refund of the
register with the SEC and that the plan of reorganization be carried out.
contested tax. The amendment, however, provides that the Internal
He contends that the Utilities Act is constitutional.
Revenue Commissioner is denied the right to refund processing taxes
After counsel had asked the court to expedite the case because registraunless the taxpayers prove that they have not passed the tax on to contion with the SEC is required by Dec. 1, Judge William C. Coleman set a
sumers by their products.
hearing for Sept. 27.
Constitutionality of the AAA Is expected to be passed on by the United
In addition to the extract further above from the state- States
Supreme Court during the month of October.
ment of Mr. McCarter, President of the Edison Electric
Should the act be held unconstitutional, officials said, the taxpayers
Institute, we also quote therefrom the following:
can institute suit against the Internal Revenue collectors in their districts
• In addition to the imposition of largely increased and discriminatory
for refunds.
taxation, recent Federal legislation has attacked the electric industry in
A previous reference to a court ruling in the case of the
three different days, as follows:
of the Stonewall Cotton Mills for a temporary
application
the
familiarly
is
called.
First—The Public Utility Act of 1935, or, as it
in our Sept. 7 issue, page 1538.
appeared
injunction
injure
the
will
Act
interests
Act.
This
Company
Holding
Rayburn
Wheelerof the consuming public, directly affect the security of the present employment of 250,000 people, and may injure, perhaps to the point or destrucReport of Operations of RFC Feb. 2 1932 to Aug. 31
tion, the rights of a large portion of utility investors. The enactment
1935—$10,080,523,441 of Loans Authorized During
is an ambiguous, involved, contradictory and unworkable law. It places
Period—$5,622,153,904 Expended for Activities of
practically the absolute control and management of a local industry in
the hands of Federal bureaus in Washington. To a large extent, merely
Corporation
because the stock of the local company, doing a local business, is owned
In a report issued Sept. 9 by Jesse H. Jones, Chairman
by a holding company domiciled in another State, it provides for Federal
of the Reconstruction Finance Corporation, it was indicated
dominatio., of matters othject to State jurisdiction.
that authorizations and commitments of the Corporations
abuses
which,
if
alleged
existcorrect
fiat
to
legislative
by
It attempts
the recovery program to Aug. 31,including disbursement
by
in
the
been
corrected
the
in
main
operation
already
have
past,
the
in
ing
Financial Chronicle
Volume 141
of $731,472,423 to other governmental agencies-and $1,299,983,488 for relief, have been $10,080,523,441. Of this
sum, the report said, $888,411,500 has been canceled and
75,692,881 remains available to the borrowers and to
banks in the purchase of preferred stock and capital notes.
The relief disbursements include $299,984,999 advanced
directly to States by the Corporation, $499,998,489 to the
States upon certification of the Federal Emergency Relief
Administrator, and $500,000,000 to the Federal Emergency
Relief Administrator under provisions of the Emergency
Appropriation Act-1935. Of the total disbursements,
$5,662,153,904 was expended for activities of the. Corporation other than advances to governmental agencies and
for relief, and of this sum $2,984,565,720, or approximately
53%, has been repaid. From the report we also take_the
following:
Loans authorized to 7.446 banks and trust companies aggregate $2,381.867.633. Of this amount $355.394,949 was withdrawn or canceled
and $121,700,489 remains available to the borrowers and 51.904.772.194
was disbursed. Of this latter amount $1,454,630,759. or 76%, has been
repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6,929 banks and trust companies aggregating
51.233.982.350 and 1,114 loans were authorized in the amount of $28,227,455 to be secured by preferred stock, a total authorization for preferred stock, capital notes and debentures in 7.201 banks and trust companies of 51.262.209,805. 5105,767,990 of this was canceled or withdrawn
and 5139,784.130 remains available to the banks when conditions of
authorizations have been met.
Loans have been authorized for distribution to depositors of 2.646
closed banks aggregating 51,133,643,688. 5175,166,886 of this amount
was canceled or withdrawn and 5109,979.106 remains available to the
borrowers. $848.497,695 was disbursed and 5549.662397 has been repaid.
Loans have been authorized to refinance 547 drainage, levee and Irrigation districts aggregating 5104.883,348, of which 52,876,854 was withdrawn or canceled. and $69,173,098 remains available to the borrowers.
532.833.395 has been disbursed.
One hundred sixty-two loans aggregating 516.347.275 have been author •
ized through mortgage loan companies to assist business and industry in
co-operation with the National Recovery Administration program. $10.669.947 of this amount was withdrawn or canceled and $162,342 remains
available to the borrowers. $5,514,985 was disbursed and $563,193 has
been repaid.
Under the provisions of Section 5 (d), which was added to the Reconstruction Finance Corporation Act June 19 1934. the Corporation has
authorized 1,221 loans to industry aggregating 580.302,961. 515.169.902
of this amount was withdrawn or canceled and $37,429.161 remains available to the borrowers. In addition the Corporation has authorized or has
agreed to, purchases of participations aggregating $9,975,784 of 213 businesses. $1,888.776 of which was withdrawn or canceled and $5,069,049
remains available.
The Corporation has purchased from the Federal Emergency Administration of Public Works 662 Issues of securities having par value of $216.839.000. Of this amount securities having par value of $85,902,100 were
sold at a premium of $2,657.066, but $4,275.000 were not actually paid
for and delivered until shortly after Ang. 311935. Securities having par
value of $22,162,450 purchased from the PWA were subsequently collected
at par and securities having par value of 5108.574,450 are still held. In
addition. the Corporation has agreed to purchase at par, to be held and
collected or sold at a later date, such part of securities having an aggregate
par value of $112,030,950 as the PWA is in a position to deliver from
time to time.
The report listed disbursements and repayments to Aug.31
for all purposes as follows:
Loans under Section 5:
Disbursements
Revetments
Banks and trust companies (incl. recelvers).-51,893,765,363.48 $1,451,941,841.42
Railroads (including receivers)
487,115,472.11
73.765,655.71
Federal 1.and banks
387,236,000.00
329,260,867.03
Mortgaoe loan companies
303,421,210.41
167,025,137.12
Rerional agricultural credit corporations.... 173,243,640.72
173.243,640.72
Building et loan associations (incl. receivers) 116,430,405.46
108,936,587.12
Insurance companies
71,s91.390.88
Joint Stock Land banks
15,659,372.29
13,252,369.52
Livestock credit corporations
12,937,732.81
11,830,092.93
State funds for insurance of deposits of public
moneys
10,764,631.18
9,251,519.10
Federal Intermediate Credit banks
9,250,000.00
9,250.000.00
Agricultural Credit corporations
5,562,890.94
4,690,890.94
Credit unions
600,095.79
269,205.63
Fishing Industry
78,500.00
Processors or distributors for payment of
processing tax
14,718.06
14,150.38
Total loans under Section 5
$3,505,599,618.01 52,422,622,378.55
Loans to Secretary of Agriculture to purchase
cotton
3,300,000.00
3,300,000.00
Loans for refinancing drainage, levee and irrigation districts.
32,833,395.74
43,371.97
Loans to public school authorities for payment
of teachers' salaries
22,300.000.00
22,300,000.00
Loans to aid in financing self-liquidating construction prolects (including disbursements
of 39,01.6,543.40 and repayments of 3542,538.53 on loans for repair and reconstruction
of property damaged by earthquake, fire and
tornado).
167,342,368.06
12,167,941.21
Loans to aid in financing the sale of agricultural
surpluses in foreizn markets
20,224,586.66
5,708,084.98
Loans to industrial and commercial businesses_
30,721, 58.33
1,203,150.97
Loans to mining businesses (Section 14)
6'4,000.00
Loans on assets of closed banks (Section Se)
11,000,831.38
2,689,917.63
Loans to finance the carrying and orderly marketing of agricultural commodities and
livestock:
Commodity Credit Corporation for:
Loans on cotton
405,328,569.74
161,752,026.55
Loans on corn
124.988.068.07
124,988,068.07
Loans on turpentine
6,900,545.04
921,446.14
Others
16,177,82.88
7,674,605.65
Total loans, exclusive of loans secured by
preferred stock
$4,347,387,731.89 52,765,460,991.72
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (includino $22.,
06,610.00 disbursed and $2,775.8(19.02 repaid on loans secured by preferred stock)
51,016,657,684.23 5114,028,690.30
Purchase of stock of the RFC Mortgage Co_
10,000,000.00
Loans secured by preferred stock of insurance
companies (including 3100,000.00 disbursed
for tile purchase of preferred stock)
30,375,000.00
192,000.00
Total
51,057,032,684.23
5114,220,690.30
1867
DIsbursements
Federal Emergency Administration of Public
5217.733,488.09
Works security transactions
Total
Repayments
$104,884,038.09
$5,662.153,904.21 $2,984,665,720.11
Allocations to governmental agencies under provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners'Loan Corp- 3200,000,000.00
82,345.700.00
Capital stock of Federal Home Loan banks
Farm Loan Commissioner for loans to:
145,000.000.00
Farmers
2,600,000.00
Joint Stock Land banks
Federal Farm Mortgage Corporation for
55,000,000.00
loans to farmers
Federal Housing Administrator:
10,000,000.00
To create mutual mortgage insurance fund
24,000,000.00
For other purposes
Secretary of Agriculture for crop loans to
115,000,000.0"
farmers(net)
Governor of the Farm Credit Administration
for revolving fund to provide capital for
40,500,000.00
Production Credit corporations
Regional Agricultural Credit corporations for:
44,500,000.00
Purchase of capital stock
Expenses:
3,108.272.55
Prior to May 27 1933
9,418,451.30
Since May 261933
Total allocations to governmental agencies $731,472,423.85
For relief:
To States directly by Corporation
$299,984,999.00
To States on certification of the Federal Relief
499,998,489.28
Administrator
Under Emergency Appropriation Act-I935_
500,000,000.00
Total for relief
$1,299,983,488.28
Interest on notes issued for funds for allocations
and relief advances
Grand total
$2,363,601.00
52,363,601.00
$17,573,464.37
27,671,183.280.71 52,986.929.321.11
The loans authorized and authorizations canceled or
withdrawn for each railroad, together with the amount
disbursed to and repaid by each are shown in the following
table (as of Aug. 31 1935) contained in the report:
Authorizations
Canceled or
Authorised Withdrawn Disbursed
$
$
$
127,000
2127,000
Repaid
$
Aberdeen & Rockfish RR. Co
16,000
Alabama Tennessee & Northern RR.
Corp
275.000
275,000
Alton RR. Co
605.367
2,500,000
2,500,000
Ann Ar
Arbor RR. Co.(receivers)
634,757
34,757
634.757
Ashley Drew & Northern Ry. Co
50,000
400.000
400,000
Baltimore & Ohio RR. Co.(note).- 77,125.000
14,600 77,110,400 12,144,900
41,300
Birmingham & Southeastern RR. Co
41,300
Boston & Maine RR
7,569.437
Buffalo Union-Carolina RR
74
60
53.960
'
7 56
50
3;
93
Carlton & Coast RR.Co
9.077
535.800
13,200
549,000
Central of Georgia Ry, Co
3,124,319
3,124,319
230.028
Central RR. Co. of New Jersey....
464.298
464,298
35.702
500,000
155,632
5,916,500
Chicago & Eastern Illinois RR.Co- 5,916,500
Chicago & North Western RR. Co 46,589,133
1,000 46,588,133 3,538,000
Chicago Great Western RR. Co_ __ _ 1,289,0008
38
1,289.000
Chicago Milwaukee St.Paul& Pacific
RR. Co12,000,000 500,000 11,500.000
538
Chicago North Shore & Milwaukee
RR. Co
1,150.000
Chicago R. I. & Pacific Ry. Co
13,718.700
13
1:7
118:W
5° 700
3
Cincinnati Union Terminal Co
10,398,925 2,098.925 8,300,000 8.300,000
Colorado & Southern Ry. Co
28,918,200 1,000,000
Columbus & Greenville Ry. Co
6900
0, 0
28
'
96
70
8:0
Cop
53,500
53,500
Copper Range RR. Co
Denver & 11.0. Western HE. Co
500,000
8.300,000 219,000 8.081,000
Denver & Salt Lake West. RR.Co
3,182.150
3,182,150
71,300
Erie RR. Co
16,582,000
4,690
16.582,000
Eureka-Nevada RY. Co
3,000
3,000
Florida East Coast Ry. Co.(rec.).627,075
90,000
717.075
Fort Smith & Western Ry. Co.(rec.)
227,434
227,434
Fredericksburg & Northern Ry.Co
15,000
15.000
Gainesville Midland Ry. Co.(rec.).10,539 .10,539
Galveston Houston & Henderson RR.
Co
1,061,000
1,061,000
Georgia & Florida RR. Co.(rec.).354,721
354,721
Great Northern
rthern Ry. Co
6,000,000 6,000.000
Green County RR. Co
3,915
Gulf Mobile & Northern RR. Co-_ 6.00°
520.000
520.000
gro
5
52
1
,
0. .o
80,000
Illinois Cent
Central RR.Co
22.667 17,840.333
17,863,000
Lehigh Valley RR.Co
9,500.000 1,000.000 8,500.000
800.000
800.000
Litchfield & Madison Ry. Co
106,536
Maine Central RR. Co
2,550.000
2,8
551000
°°0
Maryland & Pennsylvania RR. Co_
100.000
100,000
Meridian & Higbee River Ry. Co.
700.000.
29
3:0
28
52 744,252
(trustee)
:8
74
Minn. St. P.& S. S. Marie Ry.Co- 6
547.325
_ 6,843,082
1
Mississloel Export RR. Co100,000100,000
Missouri-Kansas-Texas RR. Co.... 2.300.000
2,300.000
Missouri Pacific RR.Co
23,10340:800200
23,134,800
99,200
Missouri Southern RR. Co
Mobile & Ohio RR. Co
785,000
785.000
Mobile & Ohio RR.Co.(receivers)._ 1,0
W
90
9
78
75
0:5
1,02
76:000
0 599
193.000
Murfreesboro-Nashville Ry. Co____
25,000
New York Central RR. Co
27,499,000
27.499,000
N.Y. Chicago & St. Louis RR. Co... 18,200,000
18,200,000 2,688,413
N.Y. N. H.& Hartford RR.Co____ 7,700,000
7,699,779
221
Pennsylvania RR. Co
29,500.000 600,000 28.900,000 28,900.000
Pere Marquette Ry. Co
3,000,000
Pioneer
ee & Fayette RR. Co
"1°
18:000
000
10,000
1,000
Pittsburgh & West Virginia RR.Co_ 4,475.207
207
4,4
300
75:000
Puget Sound & Cascade Ry. Co--300.000
St. Louis-San Francisco Ry. Co__ -- 7,995.175
7,995,175 2.805,175
Salt Lake & Utah RR.Co.(receiver)
.6
00
00
0
2
10
60
2.
200,000
Sand Springs Ry. Co
162,600
Southern Pacific Co
23,200.000 1,200,000 22,000,000
Southern Ry. Co
257,460
14,751,000
14,751,000
Sumpter Valley Ry. Co
110407:070000
10
40
7:00
700
0
31,800
Tennessee Central Ry. Co
Texas Oklahoma & Eastern Ry.Co
108.740 108,740
Texas & Pacific Ry.Co700,
6.000
000
700.000
6..
.000
00
00
00
70
4
30
0
Texas South-Eastern RR. Co
30,000
5,000
Tuckerton RR.Co.
81
39,000
St. Louis-Southwestern Ry. Co
18,790,000 117,750 18,672,250
790,000
Wabash Ry. Co. (receivers)
15,731,583
15,731,583
Western Pacific RR. Co
4,366,000
4,366.000 1,403,000
Wichita Fans & Southern RR. Co__
400,000
400,000
Wrightsville & Tennille RR
22,525
22,525
22,525
Totals
494.375,728 8,914,556 487,115,472 73,765,855
In addition to the above loans authorized, the Corporation has approved in
princinle loans in the amount of 380,992,097.00 upon the performance of specified
conditions.
N de-Loans to the Baltimore & Ohio HE. Co. outstanding amounting to 564,667,200, are evidenced by collateral notes of the railroad in the total race amount
of $64,802,100. Part of the outstanding loans was refunded by acceptance of
the railroad's five-year
% secured note due Aug. 1 1939, in the amount of
$13,490,000, at a discount 01 1% equivalent to $134,900.
1868
Financial Chronicle
Sept. 21 1935
Nation's Leaders Reaffirm Faith in Constitution—
Ex-President Hoover Says Liberty Is in Danger in
United States—Secretary of Commerce Roper Urges
Amendments to Represent Will of People—E. T.
Weir, Representative Snell and T. I. Parkinson
, Other Speakers on Constitution Day
Leading men throughout the United States, in speeches on
Sept. 17 commemorating Constitution Day, urged a renewea adherence to the Constitution and opposed amendments designed to "liberalize" it. Former President Hoover
described the Constitution as "not alone the working plan of
a great federaton of States under representative Government," but a document which contains also "the vital principles of the American system of liberty." Mr. Hoover,
speaking at Sad Diego, Calif., said that in this country,
"where liberty blazed brightest and by its glow shed light
on all the others, it is being besieged from without and challenged from within."
Secretary of Commerce Roper, on the other hand, assailed
the "wailing cry of 'Back to the Constitution,'" and said
that for this should be substituted "the progressive and
American challenge of 'Forward with the Constitution.'"
Mr. Roper asked "if there is not sufficient constitutional
authority for the Federal Government to deal properly with
a devastating nation-wide economic and social emergency,
if it is the will of the American people to amend their Constitution so that the Federal Government, in times of acute
distress nationally, may, by bold, direct action, avert utter
chaos." This is a question, he said, that must be answered
during the next decade if "our present economic and governmental system is to endure.'
Other speakers on the Constitution Sept. 17 included
Representative Snell of New York; Ernest T. Weir, Chairman of the National Steel Corp., and Thomas I. Parkinson,
President of the New York State Chamber of Commerce.
Associated Press advices of Sept. 17 from San Diego
quoted from the address by Mr. Hoover as follows:
but that organized wealth, through the medium of Federal courts, has been
able to thwart his efforts. He will then insist the Constitution must be
radically modified in order that the New Deal may carry on.
"Dumping a load of unconstitutional legislation on the bench of the
Supreme Court, fully aware in advance of its inevitable decision, would
give him the club with which to belabor both the Supreme Court and the
United States Constitution."
Declaring that "liberty never dies from direct attack," but "from the
encroachment and disregard of its safeguards," former President Hoover
asserted in the course of a Constitution Day address here to-day that certain recent activities of the Federal Government "are the same sort of first
sappings of human rights that have taken place in other lands."
"For 20 years, in the service of my country at home and abroad, I have
dealt with the backwash of war and revolution." he said. "I have had
poignant duty to observe the beginning and the march of forces which lead
to the overthrow of liberty in many lands. I have known the men who
fought bravely to save humanity from these catastrophies. I have one
conclusion from it all.
"Liberty never dies from direct attack. No one will dare rise to-morrow
and say he is opposed to the Dill of Rights. Liberty dies from the encroachment and disregard of its safeguards. Its destruction can be no less
potent from ignorance or desire to find shortcuts to jump over some immediate pressure.
"In our country abdication of its responsibilities and powers by Congress to the Executive, the repudiation by the Government of its obligations, the centralization of authority into the Federal Government at the
expense of local government, the building up of huge bureaucracies, the
coercmn or intimidation of human rights that have taken place, the coercion
or imtimidation of citizens, are the same sort of first sapping of safeguards
of human rights that have taken place in other lands. Here is the cause
of anxiety and concern to the thinking citizens of the United States."
"We will never settle our governmental problems on the basis of theory
and imagination, but only on the basis offact." declared Thomas I. Parkinson, President of the New York State Chamber of Commerce,in an address
last night before the annual dinner of the Controllers' Institute of America
at the Waldorf-Astoria Hotel. Mr. Parkinson urged the business men of
the country to recapture the direct contacts with government which have
been lost in relying on the Constitution and the lawyers to protect life,
liberty and property.
Admitting that the insurance business has thrived under the "reasonable
regulation" Imposed upon it. Mr. Parkinson, President of the Equitable
Life Assurance Society, averred that he had no quarrel to make with governmental regulation if it is reasonable. "I insist, however," he said,"that
the governmental regulation be reasonable, based on facts and not on
governmental theories contributed by brain trusters."
Mr. Parkinson charged that the Representatives and Senators could
not possibly learn and consider all tke contents of the recent tax legislation,
but passed it simply because of the phrase, "This is the way the President
asked for it." He asked the meeting: "Do we still believe in taxation
only with representation? How can anyone represent us unless he takes
time to learn the facts and then consider and interpret them?"
He termed as shocking the acquiescence with which the Congress enacted
the tax legislation, "which comes into operation only at the beginning of
the year 1937."
United Press advices of Sept. 17 from Alexandria, Va.,
summarized Mr. Roper's speech in part as follows:
The American people must decide within the next decade whether the
Constitution should be amended to give the Government power to act boldly
in times of distress, Secretary of Commerce Daniel C. Roper said in a Constitution Day address to-night.
The question is preservation of the Constitution as a living instrument
rather than maintenance of the document's status quo.
"The Roosevelt Administration, recognizing that our special progress demands that we adjust and adapt our governmental procedures to changes,
aims to give the people of this nation greater opportunity to secure those
benefits which our heritage and enterprise have made possible," he continued. "These great fundamental principles must be preserved and adapted
to assure national progress as against national decadence. The first requirement of a progressive society is a progressive constitution.
"If there is not sufficient constitutional authority for the Federal Government to deal properly with a devastating, nation-wide economic and
social emergency, is it the will of the American people to amend their Constitution so that Federal Government in times of acute distress nationally
may, by bold, direct action, avert utter chaos?
"Unless the lessons taught by the depression go unheeded, as war lessons
generally have, and unless clearly evident economic signs and portents are
largely wrong, this is a question that must be answered the next decade if
our present economic and governmental system is to endure."
To the "wailing cry of 'back to the Constitution.'" Mr. Roper said his
answer was: "Forward with the Constitution:"
A Washington dispatch of Sept. 17 to the New York
"Times" quoted Mr. Snell in part:
President Roosevelt in his "psuedo role of dictator," forced unconstitutional legislation through Congress in order to make revision of the Constitution an issue in 1936 if the Supreme Court upsets his basic reforms by
declaring the AAA and other Acts unconstitutional, Representative Snell
of New York said to-day in a review of the Congressional session just passed,
printed in the final issue of the Congressional Record, rho minority
leader said that the challenge was "gladly" accepted by the Republican
Party.
"Public commentators, close to Administration officials, have publicly expressed the opinion that the President has been insistent upon
his program of'must'legislation because he has good reason to believe that
practically all of it will be Immediately challenged in the Federal courts and
that most, if not all, of It will be eventually declared unconstitutional by
the Supreme Court," Mr. Snell said.
"They say this will give the President the opportunity to go before
the country next year on the ISS110 that he has done he best he could
do to bring about rectifications of alleged economic and social injustices.
Extracts from Mr. Weir's speech, as contained in a Pittsburgh dispatch of Sept. 17 to the New York "Journal of
Commerce," follow:
Assailing the New Deal as delaying business recovery and leading toward
collectivism and dictatorship, Ernest T. Weir, Chairman of the National
Steel Corp., to-day urged business men to enter politics themselves as a
defense measure. He said the only way to get sound government is to
elect sound men to office.
In a speech before the National Industrial Advertisers' Association Mr.
Weir said:
"The privilege and obligations of citizenship charge us with a duty now,
while we still have the right and opportunity to do everything within our
power to preserve not only the appearance but the very fundamental
principles of the system which has won for the American people more of
the desirable things in life than have been obtained by any other people on
the globe in any period."
"What are the real implications of the actions of the Roosevelt Administration?" he asked. "One of its basic positions is that, under our present
economic system business men have the freedom to determine their own
economic actions, and that since each strives for his own gain, supposedly
regardless of the general welfare, he causes dislocations that eventually
break down our economic machinery. With sufficient power, it is assumed
that government could place checkreins upon business that would keep
it on the track.
"It is apparent that government could do this only if three things were
true: First, it would need to have a personnel with an economic intelligence superior to the combined intelligence of business men throughout the
country. Second, these officials would have to be motivated by considerations in which personal, social and political influences play no part. Third,
government power could not be confined to the economic field, but would
have to be extended to every other field and over every individual in the
country."
The New York "Herald Tribune" of Sept. 18 quoted Mr.
Parkinson in part:
Burden of New Deal Legislation Laid on Corporations
Through Extra Taxes and Other Costs, Says
C. Oliver Wellington Before Meeting of Controllers' Institute of America—Higher Taxes Predicted by H. L. Long
Before the Controllers' Institute of America, meeting in
annual session in New York City on Sept. 16, C. Oliver
Wellington, engineer and accountant, said that the "real
burden" of the New Deal legislation on corporations, in
addition to extra taxes, was the cost of reports and investigations. In thus reporting Mr. Wellington, the New York
"Times" of Sept. 17 added:
"Executives are required to neglect their work to attend committee meetings and supply information required by bureaucrats and inquisitors," Mr.
Wellington said. "There is a widespread feeling that most of the questions
they are required to answer are being put by persons who know little about
business, who don't know what they want, and have no conception of the
cost of getting their data."
He reported the answers of 17 "large and more important corporations" which he did not name, setting their combined costs in supplying
the New Deal with data at $3,300,000 a year, not counting taxes also
paid. Even for moderate-sized businesses, he said, clerical costs for the
new reports run to $20,000 a year. One oil refining company stated that
it had to file 25,000 reports annually.
Predicts Higher Taxes
Henry L. Long, President of the National Tax Association and Commissioner of Taxation in Ataesachusetts, said that coming tax burdens would
be heavier and that the Federal Government would compete for collections
in fields of revenue on which States and their subdivisions had previously
relied. He suggested segregation of revenue sources for local, State and
Federal taxation purposes, to avoid duplication and overlapping.
58 Lawyers Representing American Liberty League
Hold National Labor Relations Act Unconstitutional—View Law as Departure from Traditional
Theories of Government
A unanimous opinion that the National Labor Relations
Act is unconstitutional and "a complete departure from our
constitutional and traditional theories of government" was
made public on Sept. 18 by the Legal Committee of the American Liberty League. The decision was announced by
Volume 141
Financial Chronicle
R. E. Desvernine, together with Jouett Shouse, President
of the League, and Earl F. Reed, Chairman of the subcommittee which prepared the basic opinion. Mr. Shouse
said that other opinions on important New Deal legislation
will be issued from time to time. lhe report on the Labor
Relations Act was said to represent the opinion of 58 lawyers, headed byMr. Desvernine.
The announcement, and the report of the Legal Committee, were described as follows in United Press Washington
advices of Sept. 18:
1869
milk control law. An Albany dispatch (Sept. 10) to the
New York "Herald Tribune" further reported:
The request was presented by a committee appointed at a meeting of the
Dairy Producers at Utica on Sept. 6, at which resolutions were adopted for
repeal of the milk control law and requesting the Governor to direct Peter
Ten Eyck, Commissioner of Agriculture and Markets, to suspend its operation pending repeal. After his talk with the committee, Governor Lehman
conferred with Mr. Ten Eyck and issued a formal statement:
"The committee," he said, "requested that the milk control law be
repealed with all speed, and for that purpose asked that I convene an extraordinary session of the Legislature. It also requested that pending such
repeal the Commissioner of Agriculture cease to enforce the provisions of
the milk control law.
"Although not expressing any opinion at this time with regard to the
ultimate disposition by the Legislature of the milk control law, which
expires next spring, I advised the committee immediately that I would not
call an extraordinary session.
"I explained that in the first place I believed no effective result would
be attained through an extraordinary session; in the second place I stated
I felt that a majority of the dairymen of the State were not in favor of
repeal; and, above all, that I was convinced that repeal at this time
would lead to en immediate breakdown of prices and serious injury to the
great body of New York State milk producers."
Mr. Reed. who said he had a large part in writing the 132-pageepinion,
is the attorney who represented the Weirton Steel Co. in its lengthy labor
dispute with the New Deal and with its own employees.
Mr. Desvernine denied charges that the committee of 58 lawyers was
"packed with Republicans."
The committee expects soon to render further constitutional opinions,
he said, on the Public Utility Holding Company Act, Social Security Act,
Bituminous Coal Conservation Act, Tennessee Valley Authority, processing
taxes, Communications Act and the Securities Acts of 1933 and 1934.
He said the committee intended to approach each question with "an
open mind." . . .
The National Labor Relations Act "Is plainly unconstitutional and we
feel that in making our opinion known publicly we are doing a patriotic
duty," said a formal statement issued before the conference by the League's
two publicity men.
First Public Offering of FHA Insured Mortgages in
"It is our belief," said the formal opinion, written in the form of a brief,
Amount of $1,250,000—Comprise Government In"that . . . the statute unnecessarily and arbitrarily infringes upon
sured Liens on Properties in Eight States
the individual liberaties of the employer and the employee and is therefore
The first public offering of Federal Housing Administration
invalid."
The Act seeks to provide collective bargaining rights for labor, with the
insured mortgages was placed on the market on Sept. 18
National Labor Relations Board sitting in as referee in disputes.
by Pask & Walbridge in the amount of $1,250,000, at
Saying that its conclusions were based upon doctrines of the Supreme
prices to yield from 437
0 to 5%. It is stated that in
Court, the opinion concluded:
case of foreclosure, the holder is entitled to receive deben
"Times and our economy may have changed, but we have not changed
tures guaranteed as to principal and interest by the United
our Constitution. Nor even deemed it advisable so to do. It is our task
States. The mortgages are on pioperties in Alabama,
to expound our constitutional law as it is, apart from its economical or
social consequences, and to point out how and in what respects this new. New York, Pennsylvania, Arkansas, Delaware, Florida,
legislation departs from our traditional constitutional concepts. It is
New Jersey, and California, and have an average life of
almost unnecessary to add that it must not be assumed that the desired
from 12 to 15 years. They are being offered in blocks of
objects cannot be attained by means within the Constitution.
$25,000 or larger and are serviced by institutions approved
"We have examined the Act with a view to expressing our opinion as to
by the Federal Housing Administrator. Mortgage interest
its constitutionality and whether or not it represents a departure from our
and principal amortization are to be paid monthly or quarestablished system of government. We have not expressed an opinion as
terly, as desired by the purchaser. From the announceto the advisability of any change in our system of government or the need
ment bearing on the offering we also quote:
or propriety of regulating all the industrial relations of the country through
a central government.
Purchasers of the mortgages are protected against loss by the mutual
"Considering the Act in the light of our history, the established form of
mortgage insurance fund under the control of the Federal Housing Adgovernment, and the decisions of our highest court, we have no hesitancy
ministrator. In the event this fund proves insufficient to pay the principal
in concluding that it is unconstitutional and that it constitutes a complete
and interest on the debentures, the holder is protected by the guarantee.
departure from our constitutional and traditional theories of government."
In the event of default by the mortgagor, the holder would secure title
to the mortgaged property and, providing he could not sell the property
for an amount in excess of the unpaid principal, interest and expenses.
Regional Agencies Established by NLRB in 21 Cities
would transfer the title to the Federal Housing Administrator. In return
to Handle Complaints Under Wagner-Connery
for this assignment, the mortgagee would receive from the Federal Housing
Administrator guaranteed debentures covering the unpaid principal and
Labor Disputes Act
the unpaid interest from the time foreclosure proceedings were started
The National Labor Relations Board announced on Sept. and
certificate of claim. These debentures would mature three years
15 the establishment in 21 cities of a system of three-man afterathe
maturity date of the mortgage and would bear 3% interest.
regional agencies to handle labor complaints under the
The mortgages have been issued under the provisions of Title 2 of the
Wagner-Connery "National Labor Relations Act," more National Housing Act by which the FHA insures first mortgages which
generally known as the Labor Disputes Act. The text of do not exceed $16,000, or 80% of the appraised value of the property.
the measure was given in our July 6 issue, page 48. The The average loan in the group being offered to-day does not exceed 65%
cities in which regional offices will be maintained are Boston, of appraised value. No property is insured unless both taxes and special
New York, Pittsburgh, Philadelphia, Baltimore, Atlanta, assessments have been paid. The mortgagor is required to pay taxes and
in advance.
New Orleans, Detroit, Cleveland, Cincinnati, Chicago, insurance
Because only those institutions approved by the Federal Housing AdMilwaukee, Minneapolis, St. Louis, Kansas City, Fort ministrator
may directly purchase, hold, or trade in insured mortgages,
Worth, Los Angeles, San Francisco, Seattle, Indianapolis the offering to-day is expected
to be taken chiefly by banks and instituand Buffalo.
tions. However, under date of July 30 1935 R. M. Catherine, Deputy
Administrator of the FHA, advised banking institutions and trust comA statement issued by the Board on Sept. 15 said:
panies that the Legal Division of the FHA has drafted two forms of trust
The Board's primary responsibility under the Act is to see that collective
instruments by means of which an individual, through an approved inbargaining rights are guarded against restraints and interference.
stitution, may participate in the insured mortgage program.
The specific practices held unfair, and the only ones which can be matA statement issued by Pask & Walbridge to clarify the
ters of complaint may oe summarized as follows:
Interference with the guaranteed rights of self-organization and collective
method of offering says:
bargaining.
Until recently, no one but an approved institution could hold FHA
Employer domination of a company union (although company unions
insured mortgages. This limited the number of lenders participating in
free from such domination are legal under the Act).
Government's program. We realized that such mortgages would be
the
Discharging a worker or discriminating against him because of union
attractive holdings for other institutions as well as individuals, provided
activity or because he has filed charges or has given testimony
under
they could be marketed through usual investment channels.
the Act.
Accordingly, we have combined into a single offering a large number
Refusal by the employer to bargain collectively with the proper reproof
FHA insured mortgages now held by approved institutions, which
entatives of the workers.
desire, for various reasons, to sell them.
As to the procedure under the Act, Associated Press adThis is simply applying to a new field the usual investment service of
bringing borrower and lender directly together. The effect should be to
vices from Washington said:
increase the amount of funds available for building construction. Such a
After an employee or a union files a violation complaint, the regional
flow of private capital into mortgages should stimulate building, reduce
director is to investigate. If he finds the complaint justified, he is to
make
unemployment, and aid all construction industries.
a formal complaint in the name of the Board. The trial examiner then
As regards this first offering, made to-day, approved institutions may
is to take testimony, with the regional attorney representing the regional
purchase the mortgages themselves and take delivery of them. Indidirector at the hearing.
viduals and non-qualified institutions may purchase an interest in such
The examiner will recommend either that the employer be cleared or
mortgages through a trust agreement with an approved institution which
that he be ordered to "cease and desist" from the pract.ce which the emholds such mortgages in its possession.
ployee or the union charged.
Either side may appeal from the examiner's recommendation to the
National Board, with an opportunity for argument on the testimony before
President Roosevelt To Assume Final Responsibility
the National Board. Any employer appeal from the National Board's
for All PWA Jobs
order will go to a Circuit Court of Appeals.
Regional directors are to hold hearings on petitions for elections to deReporting that an indication that President Roosevelt is
termine which of several labor organizations represents a majority of the
prepared to take a greater part in the actual direction of
employees in a plant. The National Board will consider the testimony and
the $4,000,000,000 work relief program than heretofore was
determine whether elections should be held, and appoint agents to congiven
by Secretary Ickes at his press conference on Sept. 17,
duct elections.
special advices that day from Washington to the New York
"Times" added:
Governor Lehman of New York Declines to Call Legislature in Session to Repeal State Milk Control
Law
Governor Lehman of New York denied, on Sept. 10, a request of a group of up-State dairymen that he call an extraordinary session of the Legislature to repeal the State
Mr. Ickes announced that the Chief Executive may make final
decision
on some $2,000,000,000 worth of Works Progress Administration and Public
Works Administration applications without consulting the Advisory
Committee on Allotments, which has heretofore passed on all projects.
Mr. Roosevelt asked some time ago that the Advisory Committee,
of
which Secretary Ickes is Chairman, meet to-day to act on the final
batch
of applications, but Mr. Ickes remarked in his press conference that,
while
1870
Financial Chronicle
the Committee might be convened if the President returns to Washington
before his Western trip, it was likely that no more meetings would be held.
The President has also assumed the final responsibility for making decisions on all PWA projects, the Secretary added, remarking officially
that Mr. Hopkins has abdicated his right to recommend rejections of any
of the $337,000,000 worth of projects to be selected.
City Gets $6,026,764 More
Mr. Roosevelt approved to-day the allotment of $6,626,764 for further
WPA projects in New York City. General Hugh S. Johnson, as WPA
Administrator in New York, has been instructed to designate certain projects
to cost this amount from a list totaling $28,489,968.
This procedure is taken under the policy of permitting a district WPA
Administrator, in co-operation with local officials, to select what are
regarded as the best of a large list of "useful" projects. If further funds
the
are made available in New York City later, under this plan, more of
projects listed can be carried out without the necessity for further scrutiny
by Washington.
More than half of the 11,600 WPA projects applications received do not
the
meet the $850 per man per year and other requirements established by
President, Secretary Ickes declared.
the
to
PWA
"The procedure is this," he said. "Mr. Hopkins certifies
status of unemployment in a certain district and on that basia we decide
whether the project submitted meets the requirements, and make our
recommendation to the President for his decision.
"We alone certify to the President the cost per man per year."
Mr. Ickes reiterated that he still favors a permanent PWA program to
absorb unemployment, and added that he was hopeful that a revolving
fund to make possible the carrying out of low-cost housing and slum clearance projects would be established.
AAA Tax Held Duty by Customs Judge—Justice Kincheloe Rules Levy on Imports Comes Within the
Court's Jurisdiction—Setback for Government
Federal attorneys, defending compensation taxes levied
under the Agricultural Adjustment Administration, received
a setback in the United States Customs Court on Sept. 18
when Judge David H. Kincheloe ruled against their plea
that a suit attacking the constitutionality of the Agricultural
Adjustment Act be dismissed on the ground that the action
was not within the jurisdiction of the Customs Court. The
foregoing is from the New York "Times" of Sept. 19, which
went on to say:
In a written opinion, with Judges Frederick W. Dallinger and William J.
Tilson concurring, Judge Kincheloe held that any impost levied on foreign
goods while in customs custody is a duty, and disputes arising from such
assessments therefore come within the jurisdiction of the Customs Court.
The decision dealt only with the motion to dismiss the action, which was
brought by Marshall Field & Co., Inc., and left the broader question of
constitutionality of the AAA for a later opinion.
Marshall Field & Co. protested against payment of the compensation
tax provided under the AAA and contended that assessment of the tax
was unconstitutional on the ground that it is not within the power of the
Federal Government under the commerce clause of the Constitution to levy
the tax and that the assessment is not for revenue.
V.., William Whynman, special United States Attorney from the staff of
Assistant Attorney-General Joseph R. Jackson, asked dismissal of the
suit, which is a test case involving more than a hundred other actions
brought by importers of tobacco, wheat and cotton-piece goods. He
argued that the tax was determined and collected by the Collector of
Internal Revenue and protests should therefore be directed to the Commissioner of Internal Revenue and not the Customs Court.
James W. Boyars, Customs Attorney representing the importer, insisted that any tax imposed on foreign goods while they are in customs
of
custody is, in reality, a customs duty, and comes within the jurisdiction
the court.
long
Judge Kincheloe, in sustaining the importer's contention, cited a
list of cases in which the higher courts have ruled on the question. He
Congress,
by
the
designated
be
added that "regardless of how taxes may
are essenIf they are imposed on imports while in customs custody, they
in the case."
tially customs duties and therefore this court has jurisdiction
Processing Tax7on Wheat Held by AAA as of Small
Importance in,Spring Wheat Price Discounts
It is contended by the Agricultural Adjustment Administration that "the processing tax on wheat is a factor of small
importance in the sharp discounts in the price of wheat
which farmers in the spring wheat territory are receiving for
wheat of light-weight resulting from heat and rust damage."
A statement to this effect was made by the AAA on
Sept. 16, and at the same time it was indicated that studies
by it show that of price discounts of more than 30 cents a
bushel between 60-pound and 50-pound wheat, only about
4 cents a bushel can be attributed to the processing tax.
Test weights of all hard red spring wheat received during the
last few days of August at three northwest points averaged
more than 51 pounds to the bushel, the AAA officials pointed
out.
It was further announced that because of the larger
amount of light-weight wheat this year, the AAA has been
urged to change the basis of the processing tax from a bushel
of wheat to a barrel of flour on the ground that a larger
amount of light-weight wheat is required to produce a barrel
of flour than is required when heavier grain is used. However, it was pointed out by officials that the basis for levying
the processing tax was established in the Agricultural Adjust-ment Act and a Congressional amendment to the act would
be required to change this basis. In its announcement
Sept. 16 the AAA also said in part:
The discount at which light-weight wheat is selling has been largely,
but erroneously, attributed to the processing tax.
It was pointed out that light-weight wheat sold at a large discount in
1916, which was the last year in which rust conditions were comparable
to those of this year. and that there was no processing tax in effect at that
time. Among the factors which cause millers and terminal elevator buyers
to pay less for wheat of low test weight are (1) it requires somewhat more
Sept. 21 1935
milling the
of the low test wheat to make a barrel of flour; (2) the cost of
wheat is
lighter wheat is higher; (3) the flour produced from light weight
a smaller
of lower value than that produced from heavy wheat because
uncertainty
proportion of the total flour produced is of patent grade;(4) the
miller to handle
on the part of the buyer as to the ability of the operative
of low test
supply
large
a
(5)
and
mill.
a large quantity of such wheat in the
relative to
weight wheat tends to depress the price of the low grade wheat
the price paid for higher grades.
in years
In the light of studies made by the Department of Agriculture
information
when conditions were similar to those at present and further
bushels of
recently published in trade journals, statements that 6 to 7
processing
50-pound wheat are required per barrel of flour, with consequent
said.
officials
AAA
tax costs of $1.80 to $2.10. appear exaggerated,
rate of
the
at
is
and
wheat
dry
clean
on
The processing tax is collected
of Agri30 cents a bushel of 60 pounds. The studies of the Department
a
produce
culture indicate that 5.26 bushels of clean 50-pound wheat will
d wheat.
barrel of flour, as compared with 4.6 bushels of clean 60-poun
additional
This is an additional two-thirds of a bushel and represents an
bushel.
processing tax cost per barrel of about 20 cents, or about 4 cents per
discount
This 4 cents a bushel is the amount that can be attributed in the
discounts
large
the
for
account
as due to the processing tax, but it does not
which are more than 30 cents a bushel in some instances. . . .
of inWeight per bushel data, compiled from grain inspectors' reports
for the
spections of car receipts of hard red spring wheat of the 1935 crop
for the
last few days of August. show the following averages: at Duluth
per
period Aug. 22 to 28, inclusive. on 113 cars inspected, the weight
to 28.
bushel averaged 56.9 pounds; at Grand Forks for the period Aug. 22
pounds:
55.2
Inclusive, on 489 cars inspected, the weight per bushel averaged
cars
while at Minneapolis for the period Aug. 26 to 31, inclusive, on 1.120
inspected, the weight per bushel averaged 51.4 pounds.
EcoThe Division of Grains of the AAA and the Bureau of Agricultural
wheat.
nomics are investigating the extraction of flour from this season's
cases,
While the figures on the extraction of flour may vary in individual
of the
they support the general statement that only a small proportion
processing
present large discount on farmers' price may be attributed to the
tax.
weight
With respect to baking quality the flours milled from the lighter
content
wheats. owing to their high ash and carotene (coloring matter)
serious
produce bread of poor color. These two factors alone present very
product
problems for the miller in connection with the marketing of his flour
flour
for the reason that color and ash content are closely associated with
flours
quality in so far as commercial baking is concerned. Otherwise the
good
of
milled from low test weight wheat of this crop year appear to be
and
baking strength. They are high in protein, give good loaf colume
blend of
texture of broad and indicate an ability to carry a fair percentage
flours of much lower protein content.
samples
Correlation studies of protein analyses made at Minneapolis on
from 1.108 cars of the 1935 crop of hard red spring wheat show that 53. 54
For
and 55-pound test weight wheat average highest in protein content.
for
weights above 55 and below 53 pounds the protein content decreases
each pound decrease or increase In weight.
upon
based
information,
the
following
For the information of farmers,
past milling and baking experiments of the Department of Agriculture,
proIndicates the bushels of clean wheat needed at various test weights to
duce a barrel of flour: with wheat weighing 60 pounds per measured bushel.
wheat
-pound
of
56
one
with
barrel
four;
4.60 bushels are required to make
604.8 bushels are required, or 20-100 of a bushel more than in case of
pound wheat; with 54-pound wheat. 4.96 bushels are required or 36 100
wheat.
-pound
of a bushel more than in case of 60-pound wheat; with 52
-pound
5.14 bushels are required or 54-100 of a bushel more than in case of 60
a
wheat; and with 50-pound wheat 5.26 bushels are required, or 66-100 of
.
bushel more than in case of 60-pound wheat.
Temporary Injunctions Against Conection of AAA
Processing Taxes Granted by Federal Judge
Brewster in Boston—Sought by Cotton Textile
Mills and Pork Products Concern
Temporary injunctions against the collection of Agricultural Adjustment Administration processing taxes were
obtained in Boston on Sept. 9 by 14 Massachusetts cotton
textile mills and a pork products company, according to an
Associated Press account Sept. 9 from Boston, published in
the Springfield "Republican," which also reported:
Federal Judge Elisha H. Brewster granted the injunctions, effective
until Sept. 30, against Collector of Internal Revenue William M. Welsh.
New Bedford. Lowell, Fall River. Plymouth and Boston mills and a
Clunton pork processing firm were included in the list of petitioners.
Opposite Ruling in Vermont
Other New Bedford textile communities awaited with interest to-day's
cases in view of a recent decision by Federal Judge IIarland B. Howe in
Burlington. Vt., in which he refused to grant a siir-lar injunction to the
Queen City Cotton Co. The company contended its cost of production
were 33% higher than competing firms which had been granted injunctions.
Judge Howe, however, found the law constitutional and ruled he lacked
the power to grant the injunction.
The firms seeking injunctions here to-day cited the United States Circuit
Court of Appeals ruling holding the processing unconstitutional.
This ruling concerning the Hoosac mills of which former United States
Senator William M. Butler, is a receiver, would be appealed to the United
States Supreme Court. Government attorneys said previously, and probably would be considered before the end of the year by that body.
Among the firms granted injunctions to-day were the Taber, Nonquitt.
Hilburn and Booth Manufacturing Co. mills of New Bedford; the Lawrence
Manufacturing Co. of Lowell; Plymouth Cordage Co., Plymouth: Merrimack Manufacturing Co., Boston, and the Border City Manufacturing Co.
Charlton MWs and Howard-Arthur Manufacturing Co. of Fall River.
Report by Brookings Institution on AAA Livestock and
Dairy Industries Sees Little Tangible Effect
Achieved Through Marketing or Production Control—Warns Against Artificially High Prices
The Brookings Institution in a report on studies of the
Agricultural Adjustment Administration's control of the
dairying and livestock industries warns producers against
the danger of artificially high price levels resulting through
pressure of political and group interests. In two separate
reports, the second of its series of analytical studies of the
Administration's farm relief program, grave doubts were expressed by the Institution that either the live stock or dairy
Volume
141
Financial Chronicle
adjustment programs have produced much if any benefit
to the producers. The Washington correspondent of the
New York "Journal of Commerce" indicating this, under
date of Sept. 15, also had the following to say regarding the
findings:
Increased live stock prices, which after all are the chief interest of the
farmers, are due largely, it was held, to the extended drought. The dairy
program, on the other hand, has produced mostly confusion, It was declared, and scarcely one important milk market is to-day operating satisfactorily under its licenses.
Sees Little Achieved
Outside the reduction in numbers of excess cattle brought about by the
cattle purchase program and the buying of diseased animals, Dr. John D.
Black, Professor of Economics of Harvard University, who made the dairy
study,found that little tangible result had been achieved in either production
or marketing control. Achievements, he asserted, rather must be measured
more nearly in terms of progress toward understanding of the problem
than of its actual solution.
After reaching the conclusion that increased livestock prices was due to the
drought. D. A. Fitzgerald. formerly of Iowa State College, said, however.
that in the absence of such abnormal weather conditions the effect of the
.AAA program on prices would have been more noticeably felt.
Financial benefits to producers, the report said, have come,or will come,
from the pockets of taxpayers in general. including the producers themselves; but it was pointed out that the burden upon taxpayers is attributable
to the drought measures rather than to the planned reduction program.
"Little prospect of successful enforcement of the terms of marketing
plans is seen unless they can be drawn up so as to be reasonably acceptable
to all interests," Dr. Black declared, in his dairy report.
"Efforts of the AAA to compel minority elements to submit to a dairy
program formulated by majority groups in the industry are based on the
mistaken conviction as to the potency of public authority, augmented by
the inclination of many Government workers to magnify the role of Government.
Calls Program Confusing
"A program ofrestricting dairy output during a depression can be justified
only on the assumption that the best method of dealing with depressions is
to hold all prices firm. If the nation's policy is the opposite, one of keeping prices flexible, dairy production should fit into this pattern. The
program thus far has been a confusion of the two policies."
In discussing the meaning of the AAA amendments passed recently by
Congress. Mr. Fitzgerald in his report on the live stock program found that
the increasing emphasis that has been placed on the "parity" price formula "contains the most disturbing implication." It was pointed out that
the height of this "measuring stick" has been increased by the addition of
interest and taxes to the formula, and the amendments still imply that benefit payments are not to be considered in determining the reitation of farm
prices to "parity" prices.
"Farmers at the present time do not generally feel that parity prices for
hogs are desirable," it was said,"but the continued emphasis on such prices
and all the publicity of the AAA may in time make farmers feel that they
are entitled under all the conditions to parity prices for their live stock.
Solely from their own point of view, producers should hesitate greatly
before supporting a program calling for reductions in supply large enough
to cause any very large shift in consumers' demand for pork. For a short
period of time a large reduction may not have any permanent ill effects.
but over a longer period it seems probable that the gross value of the hog
crop would decline."
Criticism of New Potato Control Legislation by
American Liberty League
In a criticism of the enw potato control legislation, the
American Liberty League makes the assertion that "the
Soviet Government could not have devised a more complete
system of control of the activities of its subjects." Thus
quoting the League, the Washington corespondent of the
"Wall Street Journal" of Sept. 16 further reported the
League as follows:
Recalling the multiple play by which curtailment of cotton and tobacco
acreage in the Suoth resulted In an increase in the production of permutes
and which. in turn, resulted in the demoralization of the potato market—
aggravated by wheat and corn acreage reductions in other sections—
the Liberty League declared:
"The AAA has become enmeshed in a network of its own making. The
original Agricultural Adjustment Act provided for seven basic commodities.
Now there are 15. It will be impossible to stop at this point. The Congress and enforcement officials must go on and on until every product of
agriculture is brought under control. The process cannot even stop
there, but must extend to competitive industrial products, some of which.
as In the case of paper towels and juts bags, are already under AAA
regulation.
"The system may break down of its own weight or be wiped our by the
courts. Otherwise, it is leading to methods of restriction of the private
lives and business activities of our people wholly foreign to American
institutions. Potato control is another step toward socialism."
Abandonment of Processing Tax Urged by Associated
Cigar Manufacturers and Leaf Tobacco Dealers—
Extinction of Industry Threatened—Contentions
at Hearing Before AAA
Abandonment of the processing tax on cigar leaf tobacco
is urged by the Associated Cigar Manufacturers and Leaf
Tobacco Dealers, of 141 Water Street, New York City, in
a brief filed with the Agricultural Adjustment Administration. It is contended by counsel for the Association, Sumner
Ford and Samuel Blumberg, that the tax should be dropped
in as much as the price is now nearing parity. A statement
issued on Sept. 15 regarding the contentions of the industry
said:
Since the Agricultural Adjustment Act took effect the price of cigar
leaf tobacco has increased more than 100% from an average of 7%c. a
/
2c. a pound, and it is now conceded by the AAA to be but
pound to 161
one-tenth of a cent below parity, The manufacturers contend that the
price would be well above parity but for the fact that the Government
Includes in its averages a grade of Wisconsin stemming tobacco which is
neither grown nor sold to cigar manufacturers but is used for chewing
purposes.
1871
Apart from the processing tax the cigar manufacturer has to pay all
those taxes imposed upon business generally, and also a special revenue
tax on cigars varying from $2 to $13.50 a thousand, depending on the
grade of cigar.
From the New York "Times" of Sept. 16 we take the
following:
The brief for abandoning any further collection of funds by the processing
tax quotes Senator Smith, Chairman of the Senate Committee which had
charge of the bill, as declaring in a Congressional debate that the "object
was to raise the price to parity."
"When we levy a tax for the purpose of bringing the price of the produced material up to parity," Senator Smith is quoted, "and when the
processor and the producer have agreed upon and maintained that price or
above that price, as in the case of tobacco, it is morally wrong still further
to collect the tax."
Declaring that "the promise made by Senator Smith has not been kept,"
the cigar manufacturers protest again that, instead of being relieved of
the tax, they are now being required to show why it should not be raised
still higher.
Maintenance of the processing tax, cigar manufacturers insist, threatens
the extinction of their industry, which has suffered during the past 10
years from a decreasing consumption of cigars . . .
The brief asks the administration to recognize that the ruin of the cigar
industry, in which consumption fell to 4,597,000,000 cigars in 1934, at a
total dollar value of $229,860,000, would deprive the tobacco farmer of
his market and defeat the recovery objebtive of the Agricultural Adjustment Act.
Unless cigar manufacturers are relieved of the tax, it concludes, an increasing number will be driven out of business, and, with increasing surpluses
of tobacco, the farmer's price will again be depressed.
The elimination of the processing tax is the only means
at hand for resuscitating the cigar manufacturing industry,
President Roosevelt was advised in a letter made public
on Sept. 14 by Howard S. Cullman,of Cullman Brothers, Inc.,
161 Front Street, New York City. The cigar industry in
its present "crisis," Mr. Cullman said, was looking to the
President for "deserved relief." From the New York "Herald Tribune" of Sept. 15, from which this is learned, we
also quote:
Mr. Cullman, in his letter, told the President that the number of cigar
manufacturers in the United States had declined from 14,578 in 1921 to
6,620 in 1933; that the total consumption of cigars had fallen from
8,096,000,000 in 1920 to 4,697,000,000 in 1934; that dollar volume of
cigar sales had decreased from $688,288,000 in 1920 to $229,860,000 in
1934, and that the ratio of raw material costs had increased from 43.8%
in 1927 to 52.2% in 1933.
"To-day," Mr. Cullman wrote, "the farmers are receiving within one-tenth
of one cent of the Government's analysis of a parity price, the average farm
price of cigar leaf tobacco having been raised from 7.7% per pound to
16.5% per pound during the last two years. The present processing tax
approximates 90c. per thousand cigars, the difference between life and
death to thousands of factories. The elimination of this tax will permit
a reasonable amount of promotional work, advertising and possible re-employment, to say nothing of an oportunity to utilize raw material."
At a hearing before the Tobacco Section of the AAA, in
Washington, on Sept. 9, the cigar industry petitioned the
administration to eliminate the processing tax on cigar leaf
tobacco. At the hearing called to determine whether the
levy, which is to be increased to 3.3c. a pound on Oct. 1,
will cause a reduction in cigar leaf consumption, representatives of the industry said the tax was ruining their business.
A statement prepared by the Associated Cigar Manufacturers
and Leaf Tobacco Dealers was presented at the hearing.
This statement declared:
On top of the chronic troubles of the industry which antedated depression,
particularly declining common demand, it is loaded with heavy internal
revenue taxes, various State taxes, NRA labor costs, still maintained by
most units, and the processing taxes. Now the cigar leaf prices have
risen to a point where they compare with the pre-depression days. This
last straw is about to break the camel's back.
The industry is carrying more than its fair share of the expenses of the
Government, and it is only reasonable to expect that the AAA give it due
consideration in determining the processing tax rate.
We, of course, could not and do not care to go counter to the Act, and
we are not in a position to question the reason why the industry is singled
out to pay processing taxes even though the parity has been reached. In
fact, it was a surprise to us to learn that, despite the fact the farmer
receives full fair exchange value for his crop, we are still requested to
pay taxes of 20% more.
Furthermore, we are particularly anxious to impress you with the fact
that the tax now decided upon will be imposed upon rising cigar leaf
prices. Therefore, under future conditions, when prices are still higher,
it might be absolutely unjust.
We cannot see how the proposed rates can be justified if they are imposed. We are sure that the result will entail a loss to farmer, laborer,
cigar maker, and that capital will withdraw due to lack of incentive,
causing further demolition of this industry.
Tobacco costs are an increasing portion of the total cigar manufacturing
costs. Rising prices of cigar leaf, in addition to processing tax, threaten
to destroy the industry.
AAA May Abandon Attempt to Control Potato Growing
by Allotment and Taxation Plan—Lack of Funds
May Force Abandonment of Attempt to Enforce
Law—Voluntary Control Considered
Possibility that a voluntary program with benefit payments may replace the tax-control plan for potatoes was
announced in Washing.on on Sept. 18, as the Agricultural
Adjustment Administration called a hearing of potato growers for Oct. 3. Secretary of Agriculture Wallace said at a
press conference on Sept. 18 that 'it is quite possible that we
may ask for modification of the Potato Law" when Congress
meets. It was reported that lack of funds to enforce the
allotment and tax collection provisions resulted in efforts by
the AAA to determine the practicability of a voluntary ad-
1872
Financial Chronicle
justment program. Associated Press Washington advices of
Sept. 18 described the situation as follows:
The Third Deficiency Appropriation Bill, which failed of passage in the
for
last session's closing hours, contained an appropriation of 35,000,000
administration of the Potato Act.
to
Secretary Wallace said formal application had been made for funds
that
administer the act until Congress convenes. But it was indicated
been
have
Plans
forthcoming.
be
officials doubt whether the money will
discussed to provide other potato control methods.
The Potato Act, one of the amendments to the Agricultural Adjustment
Act passed by Congress, has two titles or divisions, he explained. The
as
first provides simply that potatoes shall be made a basic commodity,
cotton, corn, wheat and the other major crops. The second is the Potato
threeof
Act itself, setting forth regulations for control and fixing a tax
allotfourths of 1 cent a pound on all potatoes sold in excess of a national
ment.
Opposition, it was said, has resulted from Title II, which imposes severe
as a basic
Penalties for violation of the act. Since Title I classes potatoes
commodity
commodity. Mr.Wallacesaid it would be possible to handle the
through voluntary contracts, benefit payments or marketing agreements.
reached.
Officials emphasized, however, that no definite decision had been
and that none probably would be reached until it is learned whether funds
will be available.
but that
Mr. Wallace thought that the tax was mandatory under the law,
insisted
there was no way to collect it without funds. He and other officials
form of
some
for
plans
that the Farm Administration will proceed with
law."
the
out
carry
control and would "do our best to
AAA officials were reported on Sept. 17 as stating that no
notice would be taken at this time of individuals who had
announced that they would not abide by the Potato Control
Law. They said the law would affect only potatoes grown
after Dec. 1 1935. Consequently, officials contended, it
would be difficult for any one to violate the law before next
be
Spring. The violation problem, it was indicated, will not
met until it arises. It was also indicated on the same date
that a survey to determine whether the New Deal farm program has operated to create a potato problem by boosting
production was begun by the AAA. Associated Press dispatches Sept. 17 from Washington added:
Official
The inquiry was directed by Administrator Chester C. Davis.
conceded privately it was prompted by charges in some quarters that
hundreds of thousands of acres taken out of production of cotton, wheat.
for
corn and tobacco have been planted in potatoes, fruits or vegetables
commercial distribution.
were
Records showed that in 1934 385,287,000 bushels of potatoes
harvested from 3,303,000 norm compared to a harvest of 320,203.000
to
wants
said.
bushels from 3,194,000 acres in 1933. The AAA,an official
acreage
know why the acreage increased. Statistics showed a 1932 potato
of 3,379,000 and 3,366,000 in 1931.
Protests by potato growers against Federal control was
noted in our issue of Sept,. 14, page 1700; the text of the new
law amending the AAA was given in the same issue, page
1657; the "Potato Act of 1935" is embodied in Title II of
the new law.
First Court Attack on Guffey Coal Conservation Act
Fails—District of Columbia Judge Rules Application for Restraining Injunction is Premature Since
Law Is Not Yet in Operation
The Government's contention that a suit to restrain operation of the Guffey Coal Conservation Act was premature
because the law has not yet been placed in operation was
upheld on Sept. 16 when Justice Daniel O'Donoghue of the
District of Columbia Supreme Court denied an injunction
in the suit of James W. Carter, who had challenged the
constitutionality of the law, as was noted in the "Chronicle"
of Sept. 14, page 1699. The text of the law was also given
In full in the same issue, pages 1667 to 1672. In Louisville,
By., on Sept. 19, the right to a constitutional test of the Act
was won in an action brought by C. H. Clark, a stockholder
of the H.C. Tway Coal Co. Detailed mention of this is made
In another item. In the action of Mr. Carter, the latter
unsuccessfully sought to prevent application of the legislation to the Carter Coal Co. of West Virginia, of which
he is President and principal stockholder. Through his
counsel, Frederick H. Wood, he contended that the law
is unconstitutional because of its taxing provisions and
alleged regulation of intra-State commerce. In denying the
Injunction, the court left the way open for another hearing
after Nov. 1, when the penalizing tax to force coal operators
into conformity with the Act becomes effective.
The arguments before Judge O'Donoghue were summarized
as follows in a Washington dispatch of Sept. 16 to the New
York "Herald Tribune":
If Congress could regulate in detail the coal Industry as provided for in
the Guffey Act, Mr. Wood asserted, "then Congress has the power at any
time to convert this country into a national socialistic State, a Soviet, a
Fascist or a Nazi State."
"Such power," he said, "is repugnant to every principle on which this
nation was founded."
Mr. Wood argued that the Guffey Act was unconstitutional on two grounds:
First, that the 15% gross tax provided in the Act is, in tact, not a true
tax but a penalty for non-compliance, and cannot be justified as an exercise
of the Government's taxing power. The Act permits coal operators complying with imposed wage and hour provisions to receive a rebate of 90% of
the tax.
Sees Production, Not Commerce, Ruled
Second, the Act was unconstitutional, Mr. Wood said, because it was not a
proper regulation of inter-State commerce. Ile cited the Schechter case
as determining that production is not commerce susceptible of Federal regulation under the inter-State commerce clause of the Constitution.
"Congress, obviously mindful that this law is in excess of its power to
regulate commerce, did not enact it as a regulatory statute," Mr. Wood
said. "It sought, while setting up a code, voluntary on its face, to coerce
Sept. 21 1935
price at
all operators into it by imposing a 15% tax on the gross sale
the mine.
than 5%.
"Profits of the Carter Coal Co. in past years have not been more
earned as
Over many years substantial numbers of producers have never
his
surrendering
much as 15%. The result is to coerce every operator into
contractual rights."
Constitutiotudity Not Weighed
John Dickinson, Assistant Attorney-General, refused to become involved
was
in the constitutional merits of the Act. He argued simply that it
premature on the following contentions:
Commission
I. The Act Is not effective until the National Bituminous Coal
has been set up to enforce It.
Act.
the
under
assessed
or
levied
been
2. No taxes have
injure the
3. It is impossible for the Court to determine now it the Act will
company or is an abuse.
and
remedy"
of
form
statutory
adequate
and
"complete
4. The Act provides
acceptance does not stop the company from "contesting the constitutionality
of any provision of said code."
5. The Government, a party to the ease, has not agreed to be sued.
Justice O'Donoghue avoided all consideration of constitutionality of the
was
law. He denied an injunction entirely on the point that the suit
premature. His ruling was made without any prejudice against a future
move by the Carter attorneys.
From the Washington advices to the "Wall Street Journal"
of Sept. 17 we take the following:
Under the petition, which was at the same time filed for a permanent
injunction, the case now goes on the court calendar to be heard on its
merits, providing a test of the constitutionality question. In dismissing
the petition for a preliminary injunction, the court took the position that
early hearing of the case is desirable because of its importance.
Furthermore, the judge left the way open for another petition for a
preliminary injunction at such time as any action by the Government 'under
the Guffey law led the petitioner to believe that injury could be shown.
The dismissal yesterday was without prejudice.
The Government stated that the tax of 15% against gross sales does
not become effective until such time as the National Bituminous Coal Cons.
mission, created under the new law, has been appointed, and the tax
cannot become effective before Nov. 1, in any event.
The Government further stated that the Act says acceptance of the code
will not preclude a test of constitutionality of the code proposed, and
therefore acceptance of the code cannot injure the company's right to
test the Act.
Right to Early Constitutional Test of Guffey Coal Conservation Act Won in Louisville, Ky., Court
An early Constitutional Court test of the Guffey Coal
Conservation was won in the Federal Court at Louisville, Ky. on Sept. 19, in the action of C. H. Clark, a
the R. C. Tway Coal Company for an injuncstockholder in'
tion requiring the Tway company to join the "Little NRA"
provided for by the Guffey act. The Tway company was one
of 16 companies, with sales averaging $654,750 monthly,
which filed suit Sept. 10 against Selden R. Glenn, Internal
Revenue Collector, to restrain enforcement of the act.
These proceedings of the 16 companies were referred to in
our issue of Sept. 14, page 1699. Stating that an early
date (Sept. 27) for the Constitutional test was won by legal
strategy by the companies opposing enforcement through the
action of their counsel in precluding the objection of "prematureness" which enabled the Government to avert such a
test in the suit (referred to in another item in this issue) of
James W. Carter, Associated Press advices from Louisville
Sept. 19 reported that counsel invited the Government to
help present at the hearing the arguments for constitutionality of the law. Reciting the procedure whereby Sept. 27
was set as the date for the hearing, the same advice (Associated Press) from Louisville on Sept. 19, said:
Former Federal Judge Charles I. Dawson, counsel for the plaintiffs in
that action of the 16 companies] alleged five violations of constitutionality
and four provisions which he contented Congress had no power to enact.
The companies said they had no intention of submitting to the Guffey Act
or accepting its code. This would subject them to a 15% excise on the
value of their product: submissive companies would get a rebate of 90% of
the tax, which would put the plaintiffs at a disadvantage in competition.
Mr. Clark asked the court to compel the Tway company to accept the
code on the ground it would be ruined if it tried to operate under the burden
of a 15% tax without rebate. Judge Dawson, for the Tway company, today filed a motion to dismiss. Mr. Clark's action on the ground that the
Guffey Act was unconstitutional. He made practically the same objections
that he had in the suit against the Collector.
With the dismissal motion Judge Dawson filed an agreement of counsel
and parties in the stockholders' case as follows:
1. Both sides agreed that if the Guffey Act were valid, Mr. Clark ought
to have his injunction,since for the directors to refuse to sign the code would
cause such penalties as to be tantamount to their ruining the company.
2. If the Guffey Act were invalid, the stockholders' case ought to be dismissed, on the theory that the company ought not to be forced to obey an
Invalid statute.
3. Mr. Clark's counsel might invite the Government to help present constitutionality of the law, but Government counsel must not take control of
the case or delay it.
This left the Clark case depending on the sole question of constitutionality,
with neither side being allowed to offer proof.
This left the Clark case depending on the naked question of constitutionality, with neither side being allowed to offer any proof and argument
the only proceeding needful to a ruling on the Guffey constitutionality.
Oldham Clark, Assistant Federal District Attorney,immediately telephoned
Washington. Later he said that Carl McFarland of the Attorney General's
office told him to mail in the stipulations and other papers so that Washington could decide what to do.
Judge Dawson then pointed out that the Government was no party to
the Clark case, but was merely being invited to defend its law. To make
this easier, he said, he would consent to the suit against the Collectors being
heard with the stockholder's case, but he would protest against delay.
"The Government will no doubt wish to offer proof of the economic
necessity of this Guffey Act," he explained. "Since such proof may not
be offered in the purely legal argument, we are willing to have both heard
together, so that the Government may present its entire case if it wishes."
Judge Dawson indicated that he would press for the constitutional ruling,
whether or not the Government came into the case.
Volume 141
Financial Chronicle
Government to Facilitate Supreme Court Review of
TVA Constitutionality—Agrees to Early Hearing
of Suit Testing Right to Sell Surplus Power
A hearing on the validity of the Tennessee Valley Authority
Act at the term of the Supreme Court opening Oct. 7 appeared probable on Sept. 17, when the Government announced that it will not oppose the review of a suit testing
the constitutionality of the power policy of the TVA. Tins
announcement was contained in a memorandum filed with
the Supreme Court by Solicitor-General Reed and lawyers
"for the purpose of aiding the Court" in the suit of George
Ashwarder and others against the TVA. The review would
cover a ruling of the Fifth Federal Circuit Court of Appeals
at New Orleans, which said that the TVA is constitutional
and which approved the sale of surplus power in Alabama.
Further details of this suit were given as follows in a
Washington dispatch of Sept. 17 to the New York "Times":
The petitioners have sought to broaden the suit into a general test of
the constitutionality of TVA, but the Government is opposing this effect.
Although the Government did not oppose the petition by minority stockholders in the Alabama Power • Co. for a Supreme Court review of the
Circuit Court decision, it did raise the question of the minority stockholders' right to bring the suit.
The Government argued that this was the first time that minority stockholders, without showing fraud or damage, had been allowed to attack
the validity of a contract entered into by their company.
Limitation Held "Inconsistent"
Defending the purchase of transmission lines and the sale of surplus
Power, the Government's memorandum asserted:
"The suggestion of petitioners that the right of disposition enjoyed
by the Federal Government does not include all the power created by the
dam but is limited to such power as is created by waters manipulated
for navigation alone, is a limitation nowhere suggested in the cases and
obviously inconsistent with any real power disposition.
"We believe these issues have been settled by an unbroken series of
decisions of this court. These cases are based upon recognition of the
physical fact that navigation dams inevitable create power and the economic
fact that disposal of that power avoids waste and tends to produce revenues
which aid in the re.mbursement of the costs of navigation improvements.
"There is no force in petitioners' contention that the generation, sale
and transmission of electrical energy constitutes 'proprietary business'
commercial in character, and therefore beyond the permissible functions
of the Federal Government.
"The Constitution no more prohibits the Federal Government from
engaging in a proprietary business than it forbids the creation of a corporation to conduct a banking business; neither is an end in itself but each
may be the means for reaching a legitimate end."
The reference to a banking corporation is to the old Bank of the United
States, which was abolished by Andrew Jackson. The Government believes that, while that was permissible under the monetary authority,
TVA is permissible under the power to control navigable waters.
Order Issued by H. L. Hopkins Permitting Reduction
in Working Hours on WPA Projects Below Present
Maximum of 40 Hours Per Week
Under an Administrative order signed at Washington
Sept. 19 by Harry L. Hopkins, Works Progress Administrator, State Administrators are authorized to reduce, at their
discretion, the hours of work on Works Progress Administration projects below the present maximum of 4() hours a
week. Regarding the new order advices to the New York
"Times" from Washington Sept. 19, said:
The action, taken after labor organizations had demanded that "prevailing" wages be paid on WPA projects, represented an attempt to effect a
satisfactory compromise between their stand and the Administration's
determination to pay only "security" wages. It was argued by officials
that wherever hours of labor were shortened, hourly pay would be brought
closer to "prevailing" rates without increasing the Government's actual
outlay for wages.
The order was signed after joint conferences to-day held by Mr. Hopkins,
General Johnson and representatives of the building trades unions, and
following a conference on the subject of relief wages at Hyde Park by President Roosevelt, Mr. Hopkins and Mayor La Guardia of New York.
State WPA Administrators were already empowered to recommend
changes in hour and wage scales. but Mr. Hopkins made it clear that his
new order was more specific and amplified the WPA directors' present authority, giving them full control on the matter of hours.
Labor Leaders Withhold Comment
Labor leaders were reluctant to comment upon its effect, and whether or
not it would be satisfactory to them until they had seen the order, although
one expressed fear that it might react to the detriment of districts where
organized labor is weak.
General Johnson, for his part, declared that he had merely talked to
labor leaders here to-day "in general terms," and that he did not intend to
make any decision as to the new schedule of hours of work in New York City
and had discussed the problem with labor officials in New York on Monday.
The matter was an "intricate" one, he stated, in denying that he had
declared in New York that an 80-hour month might be established.
Mr. Hopkins said in his press conference that he thought the new arrangement would "substantially eliminate trouble and conflict" and added that
it had been thought desirable that "the hours of labor should be fixed by
administrators in the field."
Coincidentally, he remarked that "We know without doubt that we will
have the full quota of relief laborers at work in New York City by Oct. 15."
and added that "Nov. 1 is still the date when everybody is to be at work
throughout the country."
150,000 on Jobs in City
General Johnson said later that Mr. Hopkins had set 220.000 as the
number of persons to be put to work on WPA light construction Projects
in New York City. PWA and other Government organizations were to
supply work under the relief program for the rest of the 360,000 persons on
relief rolls there who are employable, he added.
1873
relief program, said yesterday that the total weekly working period of
persons employed on WPA projects in New York may be changed subject
to a maximum 8-hour day, 40-hour week. The security wage established
for New York City by the WPA is $93.50 a month. It is lower in other
communities.
The new order was generally understood to have been given as a means
of meeting the demands of building trades unions in New York City for the
"prevailing rate" or union rates of wages for union members employed at
their trades on work relief projects. The prospective changes will be left
to the State administrators Lester W. Herzog of Albany and Gen. Hugh S.
Johnson, for New York City.
In New York City, it was explained, the working hours for skilled labor
on WPA jobs may be reduced by General Johnson from 120 hours to 80
hours a month, so that the wage scale will be increased from 78 cents to
$1.17 an hour, while the maximum monthly compensation of $93.50 would
remain the same. The labor unions in New York City have contended the
WPA wages tended to break down union scales.
Mr. Hopkins said the maximum rates may be made to vary for different
sections of the same State. this being left to the discretion of the State
administrators.
At the same time Hopkins made it plain the Federal Administration
could continue to advance money to New York's temporary emergency
relief administration and to similar agencies in other States for direct relief
for persons who have not been given works project jobs by Nov. 1. Previously the Federal Administration had indicated an intention to withdraw
from direct relief by that date.
The text of the order signed by Mr. Hopkins on Sept. 19
was given as follows in the "Times":
Administrative Order 24
of the WPA, amending administrative order No. 13. which provides for
hours of work upon projects of the WPA.
By virtue of and and pursuant to the authority vested in me by Executive
Order 7034 of May 6 1935, and Executive Order 7046 of May 20 1935. I
hereby issue the following administrative order amending Administrative
Order 13, which provides for hours of work upon projects of the WPA:
1. The term "project" as used in this administrative order means a
Project (a)financed from funds allocated to the WPA (b) to which is applicable the monthly earnings schedule provided in Part 1 of Executive Order
No. 7046 of May 20 1935, which prescribes rules and regulations relating
to wages, hours of work and conditions of employment.
2. The hours of work for all persons employed upon projects (except
supervisory and administrative employes) shall not exceed 8 hours per day,
40 hours per week and 140 hours for each two consecutive semi-monthly
pay periods commencing with the first two-pay periods on the project;
provided, that the foregoing limitation shall not apply (a) in the case of an
emergency involving public welfare or the protection of the work already
done on the project, or (b) in exceptional and unusual circumstances when
in the judgment of the State Works Progress Administrator or his authorized representative the limitations set forth above are not feasible or
practical.
3. Subject only to the limitations set forth in Paragraph 2 of this order
the State Works Progress Administrator or his authorized representative
shall determine the hours of work for each semi-monthly pay period with
respect to each project or class of projects, as conditions require for each
class of work.
4. This administrative order supersedes administrative order number 13,
which is hereby rescinded.
HARRY L. HOPKINS,
Administrator, Sept. 19.
According to United Press accounts from Washington
Sept. 19, Mr. Hopkins predicted that the New Deal would
be able to put 3,500,000 men and women to work under its
$4,000,000,000 relief program by November. He said
931,700 already have been employed. These advices added:
The Administration would have to furnish approximately 400,000 jobs a
week to reach its goal.
"We thought at our conferences with President Roosevelt at Hyde Park
last week that if we got 90% of the 3,500,000 to work by November we
would be doing well," Mr. Hopkins said,"but I still have hopes of getting
100%."
Mr. Hopkins said the 931,700 employed included 502,000 men in the
Civilian Conservation Corps.88.199 in Government agencies, and 343.504
Persons on WPA projects.
In many places the entire program will be under way by Oct. 15, the
Administrator said. New York City is one of these, he added, with 150.000
employed.
While the goal is to end the dole by Nov. 1, the Government probably
will continue aiding States if the program is not fully under way by that
time.
Applications now pending with WPA would require $5,000,000.000 or
$6,000,000,000 to fulfill, he estimated.
Meanwhile PWA Administrator Harold L. Ickes announced that he
planned to have ready a list of all the approved projects when Mr. Roosevelt
returns from Hyde Park.
Mr. Ickes announced to-day that he will select all projects for his $425.000,000 PWA program before President Roosevelt returns to Washington
from Hyde Park Monday.
He said that practically all of the $100,000,000 housing program has been
approved by the President, but he did not yet know the number of projects
In it.
Features of New NRA Proposals Now Under
Consideration by House Subcommittee
The tentative features of new National Recovery Administration legislation as now considered by the House Ways and
Means Subcommittee, which is working out the draft, were
outlined as follows on Sept. 13 by Representative Hill, Chairman of the subcommittee:
1. The legislation must be within the limits of authority as specified in
Associated Press advices from Washington yesterday
(Sept. 2(J), said:
the Supreme Court's decision invalidating the old NRA.
2. It should declare what are unfair practices in business.
3. It must limit application of any program to inter-State commerce or
to that which directly affects inter-State commerce.
4. It probably will provide for a body (Federal Trade Commission, the
present NRA carryover organization or a new board) with authority to
determine facts, with the right of appeal to the courts from the agency's
findings.
Mr. Hopkins, while insisting that the Federal Government has no intention of changing the security wage-level under the $4,880,000,000 work
Mr. Hill was quoted in Associated Press advices from
Washington, Sept. 13, as saying:
1874
Financial Chronicle
The difficulty with the old NRA law was that it delegated power to the
what
President, and he to the NRA, and it to the code authorities to say
declare
should be or not be fair trade practices. But if Congress should
what is unfair, it probably would be sustained if Congress has substantial
reason for its definitions.
Another difficulty was that the first NRA did not stay in the confines
of
of the commerce clause, but tried to apply to all business regardless
inter-State commerce. But there is a field for operation in Inter-State
would not
commerce or directly affecting it, that, of course, probably
reach down to purely local business.
specifically
down
The ideal thing, of course, would be for Congress to lay
come
what could be done, and not have any imposed codes but let business
apply
voluntarily tinder codes conforming with Congress's edicts that would
what we
only to the individuals voluntarily subscribing to them. That is
about got down to in the Guffey coal bill, except for the tax feature.
Mr. Hill was reported as saying that the skeletouized NRA
staff is preparing data on wages and hours before and after
NRA
the Supreme Court's decision invalidating the old
setup for use by his committee when it starts hearings about
Nov. 15.
Alabama Legislature Adjourns Without Voting to
Co-operate in Study of New NRA Laws
The Alabama Legislature, in session intermittently since
January, adjourned on Sept. 14 after the Senate had refused
ed Press
a study of NRA legislation, according to Associat
accounts from Montgomery, on Sept. 14, which added:
Sept. 1 1935
throughout the
for the development of a more adequate peace movement
• 4
war."
United States, having as its objective the prevention of
and churches
Leading peace agencies, labor and farm organizations, clubs
from El to $100.
will join in selling the bonds, which range in denomination
A bond salesman receives no commission.
Investigation
Munitions
Senate
Senator Gerald P. Nye, Chairman of the
the first Peace
Committee, will start the campaign to-morrow by buying Congress, who
to
bond from Miss Jeannette Rankin, first woman elected
• ''
voted against the World War in 1917.
gives the purwhich
of
one
Attached to each bond are three coupons,
as in the recent
chaser an opportunity to register his vote on five issues,
spring. He may
British peace poll that brought 11.000,000 replies last
vote "Yes" or "No" on the following questions:
of munitions for
(1) "Should we prohibit the private manufacture
•44
Profit?"
all belliger(2a) "Should our neutrality legislation, applying equally to
ents, be continued?"
(2b) "Be strengthened to include loans and credits?"
training in
(3) "Should we abolish the compulsory feature of military
educational institutions?"
s
armament
naval
and
(4) "Do you support drastic reduction of military
by international agreement?"
Nations, avoiding all
(5) "Should the United States join the League of
commitments to the use of armed force?"
Non-Government Commission of 14 Created by American Council on Education to Formulate 'Youth
Program"—Dr. H. P. Rainey Named Director
In Washington, on Sept. 13, Dr. George F. Zook, President
to work
A House resolution calling for the appointment of a committee
the American Council of Education, announced the creaof
the Governor between
out possible NRA legislation in co-operation with
of a non-Government commission of 14 persons identition
as one
Amernow and a special January session was voted down in the Senate
fied with civic and educational life to formulate an Washof its last acts.
on, according to
commissi
The
."
Program
"Youth
ican
that
bill
trade"
"fair
Simpson
make
By acclamation, the House killed the
ington advices, Sept. 13, to the New York "Times," will
trade-marked
would have prohibited merchants from advertising and selling
nsive survey to determine what is
comprehe
ide
nation-w
a
customers.
attract
to
prices
goods at below-cost
social' being done and what should be done to further the best
The last week saw the final enactment of the Administration's
development of youth into effective citizenship. From the
securities legislation—old age pensions and unemployment insurance.
same account we quote:
serve
Among the 14 men and women who have accepted invitations to
Strike of Appalachian Soft Coal Mines Stayed Until
on the Youth Commission are:
Sept. 22
Newton D. Baker, former Secretary of War.
The threatened strike of miners in the Appalachian soft
Dorothy Canfield Fisher, author.
15
Sept.
•
on
averted
William F. Russell, Dean of Teachers College, Columbia' University.
coal fields scheduled for Sept. 16 was
Robert N. Hutchins, President of the University of Chicago.
when John L. Lewis, President of the United Mine Workers,
of
Henry I. Harriman, former President of the United States Chamber
agreed to extend the present contract until Sept. 22 at midnight. Associated Press Washington advices of Sept. 15 Commerce.
Matthew Woll, Vice-President of the American Federation of Labor.
reported this action as follows:
ns
The contract would have expired at midnight to-night. Negotiatio
F. McGrady, Assistant
toward a new one had broken down when Edward
the
point
was
on
union
The
Secretary of Labor, proposed the extension.
members.
of sending out the strike call to Its 400.000 miner
met with Mr.
The joint negotiating committee of operators and miners
recessed until toMcGrady for several hours during the day and then
agreement.
new
a
toward
morrow without making any substantial progress
to
The efforts of soft coal operators and union officials to
work out a new wage and hour agreement were referred
the day
in these columns Sept. 14, page 1702. Late in BituminSept. 13, President Roosevelt urged upon the Joint
existing
ous Coal Conference an extension for 15 days of the
ones could
wage and hour contracts in the event that new
the Federal
not be agreed upon pending his appointment ofGuffey
Act.
Coal Stabilization Commission under the g the PresiUnited Press advices from Washington reportin
dent's action said:
from Marvin McIntyre,
Presidential Intervention, by way of a message
"hoped the conference
his secretary, was to the effect that the President
period until he could apwould keep the mines open" for a 10 or 15-day
as provided in the
point a Commission to regulate the soft coal Industry,
Guffey Coal Bill.
to name the three memThe message indicated the President expected
week.
bers of the Federal Coal Commission early next
proposal, prepared
The conference, prior to acceptance of the Roosevelt
of new union contracts.
signing
to obtain a compromise that would permit
John L.
It was further stated in the same advices thatemerging
Lewis, President of the United Mine Workers,scale subfrom a midnight session Sept. 13 of the wage lap of the
committee declared "the wage agreement is on the
gods."
ent meReporting Edward F. MoGrady, Labor Departm s of the
diator as announcing the rejection by the operator
existing
Presidential proposal for a 15-day extension of
ton
agreements, Associated Press accounts from Washing
Sept. 14 said:
an soft-coal
Negotiations toward a new wage contract for Appalachi
when Mr. McGrady
miners had broken down completely this morning.
stepped into the conference room.
as willing to keep
The United Mine Workers had expressed themselves
ns continued if the prothe mines working for 15 days more while negotiatio
operators refused.
The
e.
ducers would make any pay increase retroactiv
The committee of producers and United Mine Workers
to
officials have continued during the week their efforts
es.
differenc
their
of
ent
adjustm
an
out
work
"Peace Bonds" to Amount of $1,000,000 Designed for
Development of "More Adequate Peace Movement"
—Sponsored by National Council for Prevention
of War
The National Council for Prevention of War, said to have
31 affiliated organizations, is offering $1,000,000 so-called
ton
"peace bonds." Under date of Sept. 15 a Washing
account to the New York "Times" had the following to say
regarding the issue:
not pay Interest. They
These bonds are not redeemable In cash and do
will be faithfully used
bear the pledge "that the sum represented hereby
Commission Is Completed
Completing the membership to-day, Dr. Zook named the following:
Dr. John W. Studebaker, Commissioner of Education.
Will W. Alexander of Atlanta, Ga., a leader in the field of race relations.
Ralph Build of Chicago, railway executive.
Lotus D. Coffman, President of the University of Minnesota.
Willard E. Givens, Secretary of the National Education Association.
Chester H. Rowell, editor of the San Francisco "Chronicle."
Mrs. Edith B. Stern of New Orleans, daughter of the late Julius Rosenwald.
Miss Miriam Van Waters, former President of the National Conference on
Social Work. . . .
Co-ordination of Programa
The Commission will seek to fill gaps and develop into a consistent whole
the varied youth programs with which educational, recreational, health and
other community organizations are now striving to meet the demands and
solve the problems of the nation's youth.
The Commission on Monday will consider an outline for a five-year program designed by the Council, and will select a full-time director who will
be authorized to obtain associates and inaugurate the project with a study
of all agencies already engaged in the guidance of American youth, and the
correlation so far as possible of their activities.
The Commission plans to circulate information in regard to activities now
in progress, the promotion of others and its own developing studies.
It will also establish "demonstration centers" illustrating approved educational, recreational and health programs, and types of training and experience for selected teachers, counselors and leaders of youth.
The members of the Commission will serve without pay other than for
time in attendance at meetings. The director will receive a salary of from
$12,000 to $15,000 a year.
Sponsored by the American Council on Education, the
Commission's undertaking is to be financed by a grant of
$800,000 from the General Education Board.
On Sept. 16 the new Commission elected as temporary
Chairman Newton D. Baker, former Secretary of War, and
as director to carry on the active work of the program, beginning Oct. 1, Dr. Homer Price Rainey, President of Bucknell University, who resigned that post to devote his entire
time to the new undertaking.
General Douglas MacArthur to Supervise New Philippine National Defense Forces—Chief of Staff
Detailed by President Roosevelt to Aid Commonwealth Government
President Roosevelt has detailed General Douglas MacArthur, retiring Chief of Staff of the United States Army, to
supervise the organization of the national defense forces of
the new Commonwealth Government of the Philippine
Islands, the War Department announced on Sept. 18. The
announcement indicated that the choice of a successor as
Chief of Staff would be deferred until Secretary of War Dern
returns from the inaugural of President-elect Manuel Quezon
eof the Philippines. The official War Department announc
ment read:
has been
General MacArthur, at the request of President-elect Quezon,
Government
detailed by President Roosevelt to assist the Commonwealth
as the
act
will
of the Philippine Islands in military and naval affairs. He
establishment
military adviser of the Commonwealth Government in the
leave for Manila
and development of a system of national defense. He will
shortly, accompanied by his personal staff.
Volume 141
Financial Chronicle
He will be relieved as chief of staff on Dec. 16. His successor as chief
of staff is not expected to be announced until the return of Secretary Dern
about the middle of December from his trip to Manila to represent President Roosevelt at the inauguration of the Commonwealth Government
on Nov. 15.
A Washington dispatch of Sept. 18 to the New York
"Herald Tribune" commented on General MacArthur's assignment as follows:
With Captain Thomas Jefferson Davis, his aide, General MacArthur
plans to sail from San Francisco early in October, arriving in Manila in
time to take part Nov. 15 in the inauguration of Manuel Quezon, who was
elected yesterday as first President of the Philippine Commonwealth Government. Other American government officials who are sailing for Manila
to participate in the ceremonies are Secretary Dern, Vice-President John
N. Garner, Speaker Joseph W. Byrns and a large delegation of Senators
and Representatives.
Sought to Quit Army Life
General MacArthur, in accepting the assignment, is understood to have
set aside his personal desire to retire from active army service because he
believes the future security of the Philippines is of major importance to
the interests of the United States in the Far East.
It will be his job to build from the framework of the existing Philippine
constabulary a defense army designed to preserve the independence of the
islands when all ties with the United States are severed 10 years after July
4 next. General MacArthur will find himself working in the same field as
his father, Lieutenant General MacArthur. who commanded the American
forces in the Philippine insurrection which followed the Spanish-American
War.
It will be a familiar field for the younger MacArthur, for he acquired a
sympathetic understanding of the manifold problems of the islands as
commander of the District of Manila, the 23d Brigade, and the Philippine
Division from Oct. 1922 to Jan. 1924, when he returned to the United
States to receive his commission as major general in 1925.
After a series of commands in corps areas in the United States he went
back to the Philippines in 1928, serving as commander of the Philippine
department until 1930, when he was made Chief of Staff by President
Hoover. Before the World War General MacArthur served several years
In Japan, and early in his career was aid to President Theodore Roosevelt.
Judge F. C. Hoyt Appointed Head of New Federal
Alcohol Control Bureau—Succeeds Joseph H.
Choate Jr.
Judge Franklin Chase Hoyt of New York was named by
President Roosevelt on Sept. 16 as the Director of the new
Federal Alcohol Control Bureau in the Treasury Department, which was created by the last Congress to supervise
the manufacture and sale of alcoholic beverages and of other
commercial products containing alcohol. The appointment
was announced at Hyde Park after a conference participated
In by the President, Judge Hoyt and Joseph H. Choate Jr.,
who resigned on Sept. 16 as Federal Alcohol Control Administrator. Judge Hoyt is the grandson of Salmon P.
Chase, Secretary of the Treasury under President Lincoln,
and later Chief Justice of the United States. A dispatch
from Hyde Park, Sept. 16, to the New York "Herald Tribune," after announcing the new appointment, said, in part:
Judge Hoyt's appointment to head the Federal Alcohol Control Bureau
in the Treasury Department was announced after a conference this morning
in which Joseph H. Choate Jr., retiring Federal Alcohol Control Administrator, and Harris Willingham, his assistant, also took part. The resignation of Mr. Choate, who has desired for some time to return to his New
York law practice but has remained in charge of the alcohol control administration pending the selection of a successor, was accepted at the same
conference, and Mr. Willingham was appointed assistant to Judge Hoyt
in the new administration.
Under the new alcohol control law Judge Hoyt will administer the Federal
Government's regulation not only of the manufacture and sale of alcoholic
Leverages but of industrial alcohol as well. Like his predecessor, Mr.
Choate, he is a Republican. Also like Mr. Choate, who was the son of a
former American Ambassador to Great Britain, he comes of a distinguished
line of eminent lawyers and public men, being the grandson of Salmon P.
Chase, President Lincoln's Secretary of the Treasury and later Chief Justice
of the United States. He is 59 years old.
Entered Public Life in 1902
Judge Hoyt began his career in public office after his graduation from
St. Paul's School, Columbia University, and the New York Law School,
when he was made assistant corporation counsel of New York City in 1902.
His responsibilities were increased three years later when he was designated
legal assistant to the Mayor. He continued with those duties until 1908.
In that year he began his quarter-century career on the bench, being made
a judge of Special Sessions.
A. J. Mellott, Retiring Head of Alcohol Tax Unit,
Submits Final Report to Secretary Morgenthau—
Liquor Tax Collections in Fiscal Year 1935 Were
$411,021,772
A final report was made on Sept. 13 to Secretary of the
Treasury Morgenthau by Arthur J. Mellott, retiring head
of the alcohol tax unit. Pointing out that liquor tax collections have shown steady improvement throughout the fiscal
year 1935, Mr. Mellott asserted that "bootlegging is definitely
on the way out." The foregoing is from Washington advices,
Sept. 13, to the New York "Journal of Commerce," from
which we also take the following:
$411,021,772 Tax Return
During the fiscal year 1935 collections of liquor taxes aggregated $411,021,772. No comparable figure was given, hut collections for the six
months, February through July, showed definite improvement over the
corresponding months of 1934, increases ranging from 11.7% in February to
35.2% in April.
In July, the latest figures available, collections were $49,562;219 (preliminary estimate), compared with $40,804,155 in July 1934, an increase
of $8 758,064, or 21.5%.
For the six months' period collections were $234,481,190, compared with
$194,123,748 for the corresponding period of 1934, an increase of 20.8%.
1875
In his report to Secretary Morgenthau, Mr. Mellott outlined in detail the
scope and effectiveness of law enforcement operations of his alcohol
tax unit. . . .
Under supervision of the alcohol tax unit at the close of the fiscal year,
according to Mr. Mellott's report, were 262 distilleries, 207 warehouses for
alcohol and other distilled spirits, 1,195 wineries and bonded wine store
rooms, 702 breweries, 383 rectifying plants, 4,510 wholesale liquor dealers,
40 denaturing plants, 68 bonded dealers in specially denatured alcohol,
4,155 bonded manufacturers using specially denatured alcohol, 5,966 hospitals, laboratories and other institutions using tax free alcohol, and
404.228 retail liquor dealers and malt liquor dealers. . . .
Mr. Mellott, as Deputy Commissioner of the Bureau of Internal Revenue,
was placed in charge of the alcohol tax unit when it was organized May 10
1934, taking over duties formerly exercised by the Bureau of Industrial
Alcohol and a portion of the duties of the Department of Justice. He
resigned, effective Sept. 1, to assume new duties as a member of the
United States Board of Tax Appeals, under Presidential appointment.
Steward Berkshire, who has been chief attorney for the unit, has succeeded Mr. Mellott in the position of Deputy Commissioner of the Bureau
of Internal Revenue, in charge of the Alcohol Tax Unit.
Organization of Textile Economics Bureau to Serve
Rayon Industry—New Monthly Periodical "Rayon
Organon" to Replace "Textile Organon"
Announcement is made by Stanley B. Hunt of the organization of a new statistical and economic service bureau
to serve the rayon industry. The new organization will
be called the Textile Economics Bureau, Inc., and quarters
will be taken at 21 E.40th St. as of Sept. 23. An announcement in the matter says:
The purpose of this new organization will be to render a statistical and
economic service to the rayon producing and fabricating industry and to
the public. Another important feature of the service to be offered will
be the publication of a new monthly periodical to be called the "Rayon
Organon." The editorial policy of the new publication will emphasize
reliable information and facts on the rayon and general textile industry.
The "Textile Organon," formerly published as a house organ by the
Tubize Chatillon Corp. under the editorship of Mr. Hunt, has been
discontinued.
The "Textile Organon" was started by Tubize Chatillon in 1930 as a
house organ to present a reliable appraisal of the rayon and textile industry
each month. The "Textile Organon" gradually outgrew its object as
a single company's house organ and became an industry economic and
statistical medium.
The Organon-statistical service expanded to a point where it was no
longer advisable for any single company to sponsor it. Thus, when the
Tubize company decided to discontinue this service. the Textile Economics
Bureau, Inc., was organized by Mr. Hunt to take over the entire library,
records, good-will, Stc., of the Organon-statistical service in order to
continue this work. The Textile Economics Bureau. Inc.. will be managed
by Mr. Hunt and the "Rayon Organon" will be edited by him in this new
service arrangement.
Death of General W. W. Atterbury, Retired President
of Pennsylvania Railroad
General W. W. Atterbury, retired President of the Pennsylvania RR., died yesterday (Sept. 20) in the Bryn Mawr
Hospital, Philadelphia. Mr. Atterbury, who was 69 years
old, retired as President of the Pennsylvania RR. last April,
having declined re-election at that time. He would have
automatically been retired next Jan. 31, when he would
have reached his seventieth birthday.
Death of Jules Cambon, Former French Ambassador
to United States
Jules Cambon,former French Ambassador to Washington
and Berlin, died on Sept. 19 at Vevey, Switzerland, at the
age of 90. Mr. Cambon served five years in Washington
during the Spanish-American War and seven in Berlin from
1907 to 1914. In summarizing his cateer, a wireless dispatch
from Paris, Sept. 19, to the New York "limes" said:
Mr. Cambon was one of that notable team of French diplomats that
Included his brother, Paul, and Jules J. Jusserand, who before the World
War by their careful building and shrewd observation guaranteed that when
the German challenge came, France should have such friends and allies as
would secure victory.
Their diplomatic preparation for the war. which Jules Cambon foresaw
asinevitablewhen hefirstwent to Berlin in 1907, was perhaps the foundation
of the allied victory. He remained Ambassador in Berlin from 1907 until
1914, while his brother, Paul, who died in 1924, occupied the embassy in
London.
In 1918 Mr. Cambon was elected to the French Academy, of which he
was the oldest member at the time of his death.
Death of G. P. Morosini—Former Banker's Father Was
Jay Gould's Partner
Giovanni P. Morosini, son of the late Giovani P. Morosini,
Italian banker and former partner of Jay Gould, died on
Sept. 13 in New York City, Mr. Morosini, who was 75 at
the time of his death, was formerly a banker, but had been
retired for many years. A brief biographical note follows,
as contained in the New York "Times" of Sept. 14:
Mr. Morosini's death leaves only one 'surviving child of the noted banker,
who also had been an aide of Garibaldi, the Italian patriot. This is Miss
Amelia Morosini, an invalid sister. Besides his widow and sister, the
survivors include a niece, Mary Washington Crabbe, the daughter of his
dead brother Atillio Morosini.
Mr. Morosini retired from banking many years ago. . . . He was a
graduate of Georgetown University and until a few years before his
marriage (in 19121 was associated with the Hanover National Bank.
Death of D. E. Loewe—Central Figure in Danbury
Hatters Strike of 1902
Dietrich E. Loewe, associated with the bat industry in
Danbury, Conn., for more than 60 years, died in that city
1876
Financial Chronicle
on Sept. 12. He was 83 years old. Mr. Loewe was a central
figure in the hatters' strike of 1902, which generated issues
later involving 10 years' litigation. Mr. Loewe's position
was finally sustained by the United States Supreme Court.
Tie retired from active business for about 10 years. He
as born in Germany, but came to Danbury in 1871 and
learned the hat manufacturing business. A further brief
biography is given below, as contained in a dispatch from
Danbury on Sept. 12 to the New York "Times":
In 1879 he formed a partnership with several others under the name of
D. E. Loewe & Co., and the firm name was retained until the business was
dissolved in 1926. Mr. Loewe became prominent through his opposition
to hat unions, which resulted in a suit against the hat unions, and upon
which the Supreme Court of the United States passed, awarding Mr. Loewe
and his associates damages of $252,000. The Case was finally settled in 1917.
Mr. Loewe was an assessor of the town of Danbury, a member of the
first Common Council, when Danbury was incorporated as a city in 1889,
and an Alderman in 1890. He was a member of the State Legislature in
1887. He was President of the Danbury Hospital from 1901 to 1913 and
helped in the formation of the associated charities and in other philanthropic
work.
Joseph P.Kennedy Resigns as Chairman of SEC—Will
Return to Private Business
President Roosevelt announced yesterday (Sept. 20) the
resignation of Joseph P. Kennedy as Chairman of the
Securities and Exchange Commission, it was stated in
Associated Press advices from Hyde Park, N. Y. The
resignation is effective Sept. 23. Mr. Kennedy is planning
to leave on Sept. 24 for Europe and upon his return to the
United States will again enter private business. 'I he
President said that no successor has been selected.
SEC Creates New Position of Administrative Coordinator—J. R. Sheehan Named to Post
The Securities and Exchange Commission announced
Sept. 18 the creation of a new position, "administrative coordinator," to be filled by the promotion of Joseph R.
Sheehan, present director of personnel, it is learned from
Washington advices, Sept. 18, to the New York "Herald
Tribune' of Sept. 19,from which the following is also taken:
With so many diverse tasks under its supervision, including the new
utility holding company law,the SEC decided that some one was needed to
"co-ordinate" all the work, a task which the Administration has found
necessary in its other activities, including particularly the work relief
program.
The "administrative co-ordinator" will supervise the whole operation of
the SEC,preventing conflicts of activity, and thus relieving the commission
Itself of present responsibility. The result will be,it is hoped, an operation
more free from duplication and conflicting actions.
Mr. Sheehan has been directing the personnel work of the Commission
since its formation a year ago. Previously he had been associated, for 13
charge of personYears, with the All America Cables Co.,of which he was in
nel work.
With the SEC work segregated into three principal departments with
many subdivisions, the task of bringing the work of each into line with
no
that of another presents an imposing task. Previously there had been
co-ordinating influence except the commission itself. The work will now
be taken over by Mr. Sheehan. No announcement was made of his successor, who will be in charge of selecting personnel to aid in administration
of the public utility holding company law.
Secretary of the Treasury Morgenthau Sails for Europe
—Senator Vandenberg, of Michigan, and Representative Dickstein, of New York, Also Depart
Henry Morgenthau, Jr., Secretary of the Treasury, sailed
for a
Sept. 14 aboard the Italian liner "Conte Grande"
month's vacation in Portugal and Spain. The Secretary
was accompanied by Mrs. Morgenthau and Lieutenant
Leslie Bliss Tollaksen, of the United States Coast Guard, who
will act as code officer for any messages Mr. Morgenthau
may receive. In the New York "Herald-Tribune" of Sept.
15 it was stated:
that he might discuss
Mr. Morgenthau repeated his denial of the report
said he had nothing to
currency stabilization with foreign officials, and
"an easy time
predicted
he
when
Washington,
add to his final interview in
not be going away
ahead for the Treasury" and explained that he would
unless he were "financially easy-minded."
The intention of Secretary Morgenthau to sail on Sept. 14
was noted in our issue of that date, page 1706.
Also sailing for Europe on Sept. 14 were Senator Arthur
H. Vandenberg, of Michigan, and Representative Samuel
Dickstein, of New York. As to the departure of these two
men the paper previously quoted said:
Star
Senator Vandenberg and his wife departed on the Cunard White
in England, The Netherliner "Franconia" to pass the next five or six weeks
for
candidate
a
as
lands and Belgium. The Senator has been mentioned
When reporters asked
the Republican Presidential nomination next year.
whether he would accept the nomination, he replied.
"I am certainly not going to say anything about that."
on Commerce and
Though he is a member of the Senate Committees
he would confer with
Foreign Relations, Senator Vandenberg denied that
foreign statesmen.
liner "Lafayette,"
P. Representative Dickstein, sailing aboard the French
As Chairman of
said he would travel in England, France and Poland.
systems and
immigration
study
will
he
the House Immigration Committee,
a month.
investigate the smuggling of aliens. He expects to be abroad
George Hintz Renominated as President of New York
Cocoa Exchange
George Hintz,President of the New York Cocoa Exchange,
Inc., has been renominated for another term, according to
the report of the Nominating Committee of the Exchange it
Sept. 21 1935
was announced Sept. 19. Other officers renominated for
another term were Charles A. Scholtz, Vice-President;
and Francis J. Ryan, Treasurer. The election will be held
at the Exchange on Oct. 8.
The following have been renominated as members of 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. In addition to the foregoing, Charles Slaughter has been nominated as a member
of the Board to succeed F. K. Nieschlag.
President Roosevelt To Retain Marriner S. Eccles as
Head of Federal Reserve System
The intention of President Roosevelt to nominate Marriner
S. Eccles as Chairman of the Board of Governors of the
Federal Reserve System was made known on Sept. 18, after
a conference at Hyde Park, N. Y., between the President and
Mr. Eccles. The latter is now Governor of the Federal
Reserve Board. In his newly-designated post, under the
provisions of the Banking Act of 1935, he will be named for
the term beginning Feb. 1 1936.
National Munitions Control Board Called by Secretary
Hull to Meet Sept. 24—Board Created Under
Neutrality Resolution
On Sept. 19 Secretary of State Cordell Hull called a meeting of the National Munitions Control Board to be held on
Tuesday, next, Sept. 24. The Board, which is created
under the recently enacted neutrality resolution, is headed
by Secretary Hull and includes the Secretaries of War, Navy,
Treasury and Commerce. On Sept. 19 Associated Press
advices from Washington said:
Gen. Dougals MacArthur, Acting Secretary of War, was expected to
represent the War Department. because Secretary Dern has left for the
Philippines. Secretary Morgenthau is en route to Europe and Acting
Secretary Coolidge is expected to represent the Treasury.
Under provisions of the law, all manufacturers and exporters of arms,
munitions and imniements of war must be registered with the State Department and obtain licenses for any shipments of munitions abroad.
The text of the neutrality resolution, which was signed by
President on Aug. 31, was given in our issue of Sept. 14,
page 1672.
Inauguration on Sept. 16 of 35th Season by New York
Chapter of American Institute of Banking
New York Chapter, American Institute of Banking will
inaugurate its 35th season on Sept. 16, when members and
new students will register in one or more of 42 courses available in commercial banking, trust, investment, savings,
international banking and related special subjects. The
Chapter office in the Gray:bar Building at 420 Lexington
Ave., will be open for registration from 6:30 to 9 p. m.,
Sept. 16 to 20, and classes begin Sept. 23. Membership
this year numbers approximately 4,000 and the active
student enrollment is 2,930. The officers of the New York
Chapter for the year 1935-36 are as follows:
President, William A. Ten Rick Jr., Chase National Bank.
First Vice-President, Leroy S. Clark, Marine Midland Trust Co.
Second Vice-President, J. Stanley Brown,Chemical Bank & Trust Co.
Treasurer, Harry C. Burgess, Bowery Savings Bank,
Secretary, J. Martin Telleen, with the Chapter office.
Chief Consul, Mark J. Cook, National City Bank.
Course in "Commodity Markets" Offered at Wall
Street Center of New York University
An extension of its educational activities into the field of
commodity trading and commodity analysis was announced
on Sept. 15 at the Wall Street Center of New York University
by Dean A. Wellington Taylor. In announcing the new
course, Dean Taylor said:
The course in "Commodity Markets" will be given by Finding Anderson,
now associated with Carl M.Loeb & Co. of this city, who has had years of
practical experience and academic training in the commodity field. This
course will meet weekly on Tuesday evenings from 5:15 to 7 p. m. at the
Wall Street Division of the University at 90 Trinity Place, beginning
Sept. 24.
Among the topics Mr. Anderson will cover in this basic practical course
will be the nature of the future contract, the organization of commodity
exchanges and their clearing houses, trading procedure and the methods of
analysis used in the cotton, grain, rubber, silk, metals and other commodtly
future markets and the relation of governmental control to trading in these
commodities.
Dominican Chamber of Commerce Establishes Information Bureau in New York City to Serve American
Business Interests
The Dominican Chamber of Commerce of the United
States announced this week the establishment of an Information Bureau in New York, which will furnish to American
business interests information relative to commercial
activities and industrial developments of the Dominican
Republic. A complete file of legislative enactments will be
available at the Bureau, together with statistics and reports
issued by the Department of Labor and Agriculture and by
the Department of Commerce and Industry. In addition
also
to its other activities, the Information Bureau will
maintain a permanent exposition of industrial and agriculin
be
tural products of the Republic. The Bureau will
charge of Christian Lugo, who has also been named Secretary
been
of the Dominican Chamber of Commerce. Offices have
Financial Chronicle
Volume 141
officed in the R.C.A. Building, Rockefeller Center, New
York City.
Committee Named for Annual Banquet on Nov. 21
of New York Chamber of Commerce
Thomas I. Parkinson, President of the Chamber of Commerce of the State of New York, has appointed the following
committee to arrange for the 167th annual banquet of the
Chamber: Elon H.Hooker, Chairman; H. Donald Campbell,
John M. Davis, William L. DeBost and William J. Graham.
The Chamber, which claims to be the oldest organizatieni of
its kind in the world, held its first dinner in 1768, beferelthe
birth of the American Nation. This year's dinner,/will:be
held at the Waldorf-Astoria Hotel on Nov. 21.
411,
•
7immttee Appointed by New York Stat
ankers
Association to Nominate Directors of Federal
Reserve Bank of New York
Announcement was made on Sept. 14 of the appointment by S. Sloan Colt, President of the New York State
Bankers Association, of a committee on nominations for
directors of the Federal Reserve Bank of New York, from
groups as classified by the Federal Reserve Board. The
following comprise the committee:
Voting Group 2
W. W. Maloney. 3rd (Chairman), President, Falikill National Bank &
Trust Co.. Poughkeepsie, N. Y.; Thomas R. Dwyer, President, First
"National Bank & Trust Co., Rochester, N. Y.; Howard Bissell, President,
Niagara National Bank & Trust Co., Buffalo, N. Y.
Group 1
Herbert P. Howell, President, Commercial National Bank & Trust Co.,
New York, N. Y.
Group 3
Frank J. Campbell, President, First National Bank, Horseheads, N. Y.
The New Jersey Bankers Association is represented on this Committee
by Ray E. Mayham,President of the West Side Trust Co., Newark,N.J.
and the Connecticut Bankers Association by Clarence W. Bell, President
of the First-Stamford National Bank & Trust Co., Stamford, Conn.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made for the sale of two New York
Curb Exchange memberships, both at $32,500. The first
sale took place Sept. 17, up $10,000 from the last previous
sale, being a new high for the year, and the second took
place Sept. 19.
Arrangements were complet-ed, Sept. 17, for the sale of a
membership on the Chicago Stock Exchange for $5,000, up
$500 from the last previous sale.
1877
Announcement was made on Sept. 17 that Julius Keller,
First Vice-President of the Hampton Bays National Bank,
Hampton Bays, N. Y. had been elected President of the
institution to succeed William W. Hubbard, resigned. Other
changes in the bank's personnel were the election of Adam
Muller as First Vice-President in lieu of Mr. Keller, and
the appointment of Irving Havens as Second Vice-President.
With reference to the affairs of the defunct Western
Massachusetts Bank & Trust Co. of Springfield, Mass., Boston advices on Sept. 13 to the Springfield "Republican" had
the following to say, in part:
Bank Commissioner Henry H. Pierce's report of activities in control of
the Western Massachusetts Bank & Trust Co. of Springfield, released
to-night (Sept. 13), shows estimated liquidating value of assets as $274,909.54, with several classifications including estimated equities upon certain assets subject to repurchase agreement.
Liabilities of the bank as of April 30 last totaled $939,398.47, consisting
of proved claims and unproved deposits totaling $938,814.24, and other
liabilities of $584.23.
The assets comprised: Cash on hand in banks, $5,309.97; bonds and
securities, $85,980.93; real estate loans, $29,900; other loans, $111,010.19;
real estate in possession and foreclosure, $62,205; deficiencies on foreclosed mortgages, "doubtful"; other assets, $553.45. . . .
A 5% dividend for depositors in the commercial department of the City Bank & Trust Co. of Hartford, Conn.,
amounting to $207,082.56, was approved on Sept. 13 by
Judge P. B. O'Sullivan of the Superior Court, it is learned
from the Hartford "Courant" of Sept. 14, which also said:
This will bring the total dividends for the commercial department to 65%.
Judge O'Sullivan continued for a week a proposal made by Howard W.
Alcorn, receiver of the bank, that a debt to the bank of $88,800 be compromised for $85,000 to enable the savings department to distribute a 4%
dividend, totaling $695,000. The savings department has assets remaining
at $7,500,000.
Banking Commissioner Walter Perry told the court that he favored
selling all the marketable securities held by the receiver. His department
will take over the bank to act as receiver by Oct. 15.
Trenton advices on Sept. 14 to the "Jersey Observer,"
reported that Carl K. Withers, State Commissioner of
Banking and Insurance for New Jersey, on that day announced the granting of a final dividend of 5% to the
creditors of the Morsemere Trust Co. at Palisades Park.
The dispatch continued:
This institution was taken over by the Department of Banking and
Insurance in December of 1930,since which time a total of 40% in dividends
has been paid to creditors and to-day's brings the total to 45% paid in
liquidation of the bank's affairs.
Andrew Gray has been the Conservator in charge of this institution and
John J. Breslin acted as Attorney.
The branch office of the Manufacturers Trust Co:, New
York City, at 1455 St. John's Place, Brooklyn, was moved
this week to the bank's new building at 263 Utica Avenue,
Brooklyn.
John G. Callender has been appointed Assistant Trust
Officer of the Miners' National Bank of Pottsville, Pa.,
according to a dispatch from that city, printed in "Money
and Commerce" of Sept. 14, which went on to say:
The Lawyers County Trus- t Co., New York City, was
authorized on Sept. 12 by the New York State Banking Department to open a branch office at 185 Montague Street,
Brooklyn, conditioned upon the discontinuance of the branch
heretofore maintained at 44 Court Street, Brooklyn.
Mr. Callender is a graduate of Lafayette College, class of 1930, and the
University of Pennsylvania Law School, doss of 1933. He is a member
of the Schuylkill County Bar and has been practicing here since November 1933.
..
The New York City Bank Comptrollers and Auditors
Conference held its first meeting of the season at the Railroad
Machinery Club, 30 Church St.
St., on Sept. 17. Edwin T.
Ward of the Bank of Montreal,
of the Conference,
presided. Similar meetings will be held each month throughout the winter.
W. Palen Conway, President of the Guaranty Trust Co.
of New York, announced on Sept. 17 that, at a meeting of
the executive committee of the Board of Directors, Ralph A.
Stephenson was appointed a Vice-President of the company.
He will serve in the banking department at the Main office,
where he will be identified with the company's business in
the New England district. Mr. Stephenson is a Vice-President and director of the Guaranty Co. of New York, and has
continued in that caapcity since the securities company went
into dissolution on June 16 1934, under the provisions of the
Banking Act of 1933. Prior to his association with the
Guaranty Co., which commenced in 1928, he had been for 14
years connected with the firm of Harris, Forbes & Co.,
during which time he was actively identified with the development of the business of that company in New England and
Canada. Mr. Stephenson began his banking career with the
First National Bank of Boston.
Josiah Macy, an official of G. M.-P. Murphy & Co., New
York City, died at a hospital in Memphis, Tenn., yesterday
(Sept. 20), we learn from Associated Press advices from
Memphis. Mr. Macy, who lived in Morristown, N. J., was
51 years old.
The First National Bank
-of Mount Vernon, N. Y., on
Sept. 16 opened a branch in Pelham, N. Y., giving that
village banking facilities for the first time since the closing
of the Pelham National Bank two years ago, we learn from
Pelham advices to the New York "Times", which also stated
that Gardner G. Winship, manager of the branch, reported
depositors of about $100,000 on the first day.
The Abbottstown State Bank, Abbottstown, Pa., has given
notice of its intention to increase its capital from $35,000
to $50,000. A dispatch from Abbottstown, in noting this,
added:
According to legal notices, the bank will issue 700 shares of $50 par
value common stock and 300 shares of $50 par value preferred stock.
John J. Ghingher, State Bank Commissioner for Maryland,
acting in his capacity as receiver for the American Trust Co.
of Baltimore, on Sept. 6 filed a proposal in Circuit Court
No. 2 for a third dividend distribution to depositors and
creditors of the institution. The distribution will amount
to $57,534, or 15% of the total claim. The Baltimore "Sun"
of Sept. 7, in noting the matter, added:
This payment will bring the total distribution to depositors to 75%. A
payment of 15% was made Dec. 18 1933, and another of 45% Jan. 17 of
this year.
Mr. Ghingher said checks would be sent out in connection with the latest
Payment immediately on expiration of the usual 10-day period, unless
"cause to the contrary" be filed in the court in the meantime.
E. G. Otey, for nearly two years Executive Vice-President
of the First National Bank of Bluefield, West Va., was
elected President of the institution at a recent meeting of
the directors, succeeding Edwin Mann, who was made Chairman of the Board of Directors. In noting Mr. Otey's election, "Money and Commerce" of Sept. 14 outlined his banking career as follows:
Mr. Otey started his banking career in the Pulaski National Bank,
Pulaski, Va., in 1916, and remained there for about nine years, the last
four as Cashier of that institution. He left Pulaski to take a position with
the Bluefield National Bank, Bluefield, West Va., as Cashier, and left
there after two years to accept a position in the office of the Chief Bank
Examiner, Fifth District, Washington, D. C. He resigned from the department after a year's experience to accept a position as Cashier of the
Merchants National Bank & Trust Co., Meadville, Pa.
After 18 months in Meadville he left as assume the position of Executive
Vice-President, Jan. 1 1931, of the McDowell County National Bank of
Welch, and two years later took charge of the Bank of Bramwell, which
Institution was taken over by the First National Bank of Bluefield
as
liquidating agent, in 1933.
1878
Financial Chronicle
We learn from Huntington, W. Va., advices, appearing
in "Money and Commerce" of Sept. 14, that the Twentieth
Street Bank of Huntington has been reorganized and reopened. The institution is capitalized at $50,000 and has
$75,000 in debentures and a surplus of $15,000. Douglas
Tomkins is Executive Vice-President; C. W. Littleton, VicePresident, and A. C. Hineman, Cashier.
Effective Aug. 22, The Mt. Gilead National Bank, Mt.
Gilead, Ohio, was placed in voluntary liquidation. The
institution, which was capitalized at $50,000, was replaced by
The First National Bank in Mt. Gilead.
That Anson W. Gear, receiver for the First National Bank
of Carey, Ohio, had announced that checks covering a fifth
and final dividend of 3% were ready for distribution to
creditors of the institution was reported in a dispatch from
that place on Sept. 13, appearing in the Toledo "Blade."
This would make, the dispatch said, a total of 96 5/6% paid
on claims to the creditors.
Common Pleas Judge E. H. Savord approved payment of
a 10% dividend to depositors of the closed Commercial
Banking & Trust Co. of Sandusky, Ohio, on Sept. 10, according to advices from Sandusky, appearing in the Toledo
"Blade," which added:
It will be the second 10% payment since the institution closed in 1933.
A total of 3,288 depositors will share in the payment.
From the Chicago "Tribune" of Sept. 14 it is learned that
Edward J. Barrett, State Auditor of Illinois, recently authorized payment of $21,583, or 5%, more to depositors of the
Equitable Trust Co. of Chicago, Chicago, thereby raising
total returns to 15%. Checks were mailed on Sept. 13, it
was stated.
•
Checks aggregating $42,793, representing an additional
dividend of 15% to depositors of the First State Bank of
Barrington, Ill., were to be mailed Sept. 16, it was announced on Sept. 14 by Edward J. Barrett, State Auditor
of Illinois. In noting this, the Chicago "Tribune" of Sept. 15
added:
This is the third payment to be made to depositors since the bank closed,
raising total restitution to 25%. Money for the current distribution was
obtained by a loan from the Reconstruction Finance Corporation.
In indicating that 3,338 depositors of the defunct Guardian
National Bank of Commerce of Detroit, Mich., were receiving
a final dividend of 19%, the Detroit "Free Press" of Sept. 11
had the following to say, in part:
Receipts for cheeks for the final 19% of their deposits were being mailed
to 3,338 depositors in the Guardian National Bank of Commerce, Tuesday
(Sept. 10), for a total amount of $3,114,934. B. C. Schram, receiver of
the bank, announced. . . .
The payoff is to those depositors of $1,000 or over who have agreed to
accept the 19% payment as the final one on their claims. They will
then have received a total of 87% of their claims.
The arrangement was devised to permit the receiver to pay off all but
the largest depositors in the bank and to sell the assets of the bank to
the Guardian Depositors Corp., which will liquidate the assets over a
period of time for the benefit of those largest depositors who have 'not
yet been paid.
Some of the depositors of $1,000 or over, who did not agree to accept
the 19% as final payment, will participate in the earnings of the Depositors Corp., if the liquidation of the assets permits them to make
payments.
Announcement was made on Sept. 12 by officials of the
former Hillsdale Savings Bank and the First State Savings
Bank, Hillsdale, Mich. (now merged), that approximately
$240,000 would be released to depositors on Oct. 1. In
noting this, Hillsdale advices on Sept. 13, printed in the
Toledo "Blade," went on to say:
This represents 30% of amOunts specified on certificates of participation
and brings the total payoff to 77% of the original deposits.
The two institutions were combined as the Hillsdale State Savings Bank
when reopened two years ago.
Sept. 21 1935
In business circles the move was hailed as a definite demonstration
of a marked upswing in fall trade.
With this addition to the surplus, capital assets are: Capital, $3,500,000;
surplus, $2,000,000, and undivided profits, $1,461,000; total, $6,961,000.
—0—
W. L. Burns, President of the Guilford National Bank of
Greensboro, N. C., announced on Sept. 11 the purchase by
himself and Greensboro associates of the controlling interest of the Guilford National Bank from the liquidating board
of the United Bank & Trust Co. of Greensboro. now in
liquidation. In reporting the purchase, a dispatch by the
Associated Press on the date named supplied further details
as follows:
Controlling interest of the Guilford National stock is represented by
6,010 shares, of the par value of $10 each, for which Mr. Burns and
associates are paying $16 per share, plus accrued interest at 4% from
Feb. 5 1934, when the Guilford National opened for business, to date—the
purchase price approximating $101,949.64, or a net cost of $16.96 per share.
The original investment in these 6,010 shares was $90,150, this amount
having been subscribed by stockholders of the United Bank and Trust Co.
in anticipation of a stock assessment levy.
In indicating that a fourth dividend was to be paid to
depositors of the defunct National Bank of Goldsboro,
N. C., beginning Sept. 16, a dispatch from that place under
date of Sept. 14, printed in the Raleigh "News & Observer,"
said:
The fourth dividend since the closing of the National Bank of Goldsboro
will be paid Monday, Tuesday and Wednesday, Frank F. Fagon, receiver,
,5%, totaling $17,724.62 on all
has announced. The dividend is for 8)
proven claims against deposits. This will bring total payments to 41%.
A small additional dividend will be paid when the trust is finally closed,
It was said.
According to the Columbia "State" of Sept. 14, payment
of a 5% dividend, amounting to $82,975, to depositors of
the closed Central Union Bank at Columbia, Rock Hill,
Greenwood, Due West and York, S. C., had been announced
the previous day by the conservator-receivers of the institution. We quote the paper further, in part:
The dividend brought the total payment to 20%. A 15% dividend was
paid June 30 1934. The total of the two payments was given as $327,648.
S. J. Zimmerman, of Columbia, conservator-receiver with J. Roy Barron,
of Rock Hill, said of yesterday's payment that $33,114 would go to Columbia
depositors; $34,116 to those at Rock Hill; $6,584 to Greenwood; $6,012
to York, and $3,147 to Due West depositors of the bank.
State Treasurer E. P. Miller, Chairman of the State Board of Bank Control, said the payment by S. J. Zimmerman of Columbia and J. Roy Barron
of Rock Hill, conservator-receivers, was authorized by the Board.
He said a report by Mr. Zimmerman and Mr. Barron showed that assets
yet to be liquidated amounted to $3,045,217, while liabilities to be paid
from the sum totaled $1,193,393.
"The assets, however, include all doubtful and worthless paper held by
the bank," Mr. Miller said. "I do not think that it can pay off its liabilities in full, but it is the policy of the bank board to order to dividend
payment as soon as conservators can realize 5 or 10%. . .
Mr. Miller said the bank closed in March 1933 with the assets of $9,525,359
and obligations of $8,396,321, with 90% of the assets pledged.
Mr. Zimmerman was named conservator-receiver after the banking holiday
in March 1933, and Mr. Barron Oct. 3 1933.
In celebration of the seventieth anniversary of its founding, the First National Bank of Atlanta, Ga., on Sept. 18
kept "opens, house" periods throughout the day and evening
for all friends and customers of the institution. Although
the actual birthday .of the bank fell on Sept. 14 (it was
established on that date in 1865), the celebration of the
event was held on the later date for the convenience of
the public. Incident to the occasion the Atlanta "Constitution" of Sept. 15 said, in part:
The First National Bank is operating under the charter of the old Atlanta
National Bank, which was founded on Sept. 14 1865, with a capital of
$100,000, in a city of less than 10,000 population. From this small
beginning it has grown into a hundred-million-dollar institution, lending
millions of dollars every year to industry, agriculture and individuals
throughout the Southeast.
Throughout the three-score and 10 years of its existence, the bank and
its officers have been closely identified with the growth of Atlanta and the
entire Southeast. In addition to the old Atlanta National, other banks that
are now part of the First National include the Lowry National Bank and
the Fourth National Bank.
V. W. Maser recently became an Assistant Cashier of the
Midland National Bank & Trus't Co. of Minneapolis, Minn.,
succeeding H. D. Davis, who retired to make his home in
Los Angeles. Mr. Maser, who has been connected with the
Institution since 1920, had formerly been in charge of the
collateral department.
The chief officers of the institution are as follows: John
K. Ottley, President; James D. Robinson, Executive VicePresident; R. Clyde Williams, William T. Perkerson (and
Trust Officer), J. Sherrard Kennedy, James F. Alexander,
William C. Adamson and Herman Jones Jr., Vice-Presidents,
and Frank M. Berry, Cashier.
The resignation of Rudolph W. Weitz as Vice-President of
the Valley Savings Bank of Des Moines, Iowa, effective
Oct. 1, was announced on Sept. 11 by bank officials. Mr.
Weitz is leaving the bank to resume active identification
with the Weitz Co., Inc., general and electrical contractors,
with which he has been associated for several years.
Associated Press advices from Washington, D. C., under
date of Sept. 16, stated that the Reconstruction Finance
Corporation on that day had taken over the liquidation of
two Baton Rouge, La., banks, the Union Bank & Trust Co.
and the Bank of Baton Rouge. The dispatch went on to say:
I. F. Betz, a Federal Reserve agent, was named agent in charge of
Directors of the Union Planters' National Bank & Trust
Co. of Memphis, Tenn., on Sept. 13 unanimously voted to
transfer $1,000,000 from undivided profits to surplus
account, according to the Memphis "Appeal" of that date,
from which we quote further in part:
Vance J. Alexander, President of the bank, said the action was taken
"In view of betterment in business and conviction that conditions warranted it."
The increase of the capital account commensurately extends the bank's
loaning limits, he said.
liquidation, effective to-day.
The RFC said the liquidation of the banks was taken over to protect
collateral behind loans the corporation had made to the two institutions,
which totaled approximately $800,000.
Announcement was made in Washington, D. C., on Sept. 8,.
by the Comptroller of the Currency, that liquidation of the
First National Bank of Brighton, Colo., which was placed
In receivership Dec. 2 1931, had been completed. The Denver
"Rocky Mountain News" of Sept. 8, authority for the above,
added:
Volume 141
Financial Chronicle
He reported disbursements, including offsets allowed, to depositors and
. other creditors aggregated $155,065, representing 54.43% of total liabilities.
Unsecured depositors received dividends amounting to 37.85% of their
claims.
Frank Bartow Anderson, Chairman of the Board of
Directors of the Bank of California, San Francisco, died
in that city on Sept. 17 at the age of 72 years. Born in
Macon, Ga., Mr. Anderson at the age of 17 came to New
York, where he obtained a clerkship in the American Exchange National Bank. In 1902 he was called to San Francisco by t4 California bank to become a Vice-President.
In 1909 he was elected President of the institution, and in
1925 became Chairman of the Board of Directors, the office
he held at his death. Mr. Anderson was for many years a
member of the Board of Trustees of Stanford University,
and was a director in numerous organizations.
Through a merger with The National Bank of Commerce
of Seattle, Wash., effective at the close of business Sept. 14,
the Yakima First National Bank of Yakima, Wash., an
institution established in 1885, became the Yakima branch
of the National Bank of Commerce.' An announcement by
the Seattle bank said in part:
This merger unites the resources,facilities,services, prestige and good-will
of these banks, and marks the furtherance of the policy of this bank to
extend its services through the medium of branches at strategic locations
In this State.
The personnel of the Yakima branch remains unchanged,
with R. M. Hardy, Vice-President and Manager. The
enlarged bank, has combined capital, surplus and undivided
profits of $5,000,000 and total resources of $60,000,000.
J. W. Maxwell is Chairman of the Board of Directors, and
Andrew Price, President.
THE CURB EXCHANGE
Light trading and irregular price movements were the
outstanding characteristics of the Curb Exchange dealings
this week. The trend was generally downward during the
greater part of the week, though the market rallied late on
Tuesday and some of the more active of the speculative
favorites registered modest gains. Oil shares, public utilities
and specialties attracted the most of the buying, but the
trading was not particularly heavy at any time. Alcohol
stocks showed spasmodic periods of strength, but the gains
were not maintained.
Curb market prices were somewhat easier during the
abbreviated session on Saturday though a few of the more
active specialties were inclined to firm up as the day progressed. The gains were small,however, most of them being
in minor fractions. Canadian Industrial Alcohol B attracted
some buying and advanced 1 M points to 9. Driver Harris
com. was in demand and moved forward 2% points to 24%.
There was also some fractional gains among the public
utilities. The volume of sales was down to approximately
126,000 shares with 246 issues traded in.
Lower prices continued to ,feature the trading on the
Curb Exchange during most of the dealings on Monday,
though the losses were generally small and without special
significance. A few scattered issues were inclined to resist,
though most of these were more or less inactive stocks and
the turnover was comparatively small. Scovil Manufacturing
Co. attracted some buying and moved up 1% points to 28,
Pittsburgh & Lake Erie RR. advanced 1% points to 37 on a
small transaction and National Investors preferred registered
a gain of 2 points at 78.
Early selling followed by a late rally were the outstanding
features of the trading on the curb market on Tuesday, and
while prices at the end of the session were still below the
previous close, the late rally partly restored the morning
losses. Aluminum Co. of America moved ahead to 613/
with a gain of 134 points, New Jersey Zinc attracted considerable interest and improved 1% points, Pittsburgh &
Lake Erie RR. advanced 1% points to 72 and Sullivan
Machine climbed upward 2% points to 15. Singer Manufacturing Co. surged forward 434 points to 286 on a comparatively small turnover. The transfers for the day were
approximately 223,000 shares.
Public utilities and oil stocks were in demand on Wednesday and a number of prominent stocks in these groups
gradually worked upward to higher levels. Specialties also
were up as the market closed. Aluminum Co. of America
was particularly active and forged ahead 5% points to
67%, Dow Chemical moved ahead to 102% with a gain of
2% points, Driver Harris recorded a 234 point gain to 273/2,
Duke Power Co. improved 3 points to 60, Ruberoid Co.
gained 2% points to 37% and Sherwin Williams Co. 234
points to 112.
Considerable selling pressure was apparent among the
alcohol stocks, oils and public utilities on Thursday, and
while there was some resistance shown by the mining and
metal shares and the merchandise issues, the market, as a
whole, was off on the day. Aluminum Co. of America
yielded 3% points to 64, American Potash & Chemical 2
points to 24, Chesebrough Manufacturing Co. 3 points to
13054, Ford Motor of Canada "B" 2 points to 30, General
Tire & Rubber 2% points to 43, New jersey Zinc 2% points
to 66%, Parker Rust Proof 3% points to 42/, United Gas
% points
Corp. $7 pref. 334 points to 78% and A.0. Smith 13
to 48.
1879
Prices turned sharply downward on Friday as selling continued to dominate the dealings. Public utilities led the
decline during the early trading but the recessions soon
extended to all parts of the market and many prominent
trading favorites registered losses ranging from fractions to
2 or more points. Outstanding among the declines were
American Hard Rubber 23' points to 2054, Commonwealth
Edison 23 points to 89%, Sherwin-Williams Co. 4% points
to 107% and Singer Manufacturing Co. 754 points to 27754.
As compared with Friday of last week, prices were lower,
Allied Mills closing last night at I734 against 18% on Friday
a week ago,American Cyanamid B at 23 against 24,American
Gas & Electric at 323
% against 3454, Atlas Corp. at 11%
against 13%, Commonwealth Edison at 89% against 93,
Consolidated Gas of Baltimore at 81 against 84, Distillers
Seagrams Ltd. at 24 against 2734, Electric Bond & Share at
11 against 13%, Ford of Canada A at 25% against 26%,
Hiram Walker 25% against 27%, International Petroleum
at 3394 against 3534, Newmont Mining Corp. at 57/
5s against
6054 and Sherwin-Williams at 10734 against 109.
DAILY TRANSACTIONS AT TETE
Stoats
(Number
of
Shares)
Week Fluted
Sept. 20 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
YORE CURS E (CEI&NOE
NEW
Bona (Par Value)
Foreign
Foreign
Government Corporate
Dominic
$28,000
66,000
25,000
34,000
31,000
52,000
$18,000 41,586,000
18,000 2,259,000
18,000 2,799,000
36,000 2,687,000
41,000 3,561,000
104,000 4,091,000
1,561,685 $16.512,000
$236.000
$235,000 $16,983,000
Sales at
Nets York Cush
Exchange
Week Ended Sept. 20
1935
Jan. 1 to Sept. 20
1934
Stocks—No, of shares_
1,561,685
676,565
Bonds
Domestic
$16,512,000 $11,121,000
Foreign government
236,000
793,000
Foreign corporate
235,000
425,000
Total
Total
125,840 51,540,000
232,495 2,175,000
222,795 2,756,000
327,385 2,617,000
324,050 3,489,000
329,120 3,935,000
816,983,000 312,339.000
1935
1934
44,500,086
47,661,950
$852,817,000
12.051,000
9,311,000
$727,410,000
27,894,000
20,866,000
$874,179,000
$775,970,000
ENGLISH FINANCIAL MARKET—PER CABLE
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Sept. 14
Sept. 16
Silver, per oz __ 2934d.
2934d.
Gold, p.fine oz. 1408.730. 140s.56.
Consols, 234% Holiday
823
British 334%—
W.L
Holiday
10434
British 4%Holiday
1960-90
11434
Tues.,
TVed.,
Sept. 17
Sept. 18
29 3-16d. 293-166.
140s.9 A d. 140s.11d.
8234
8234
Thurs.,
Fri..
Sept. 19
Sept. 20
29 3-16d 29 5-16d.
1418.
1418.4d.
8234
81
104
104
10334
102
114
114
114%
11234
The price of silver per ounce (in cents) in the United
States on the same days has been:
Bar N. Y.(foreign)
U. S. Treasury
U. S. Treasury
(newly mined)
6554
50.01
653-4
50.01
8534
50.01
65%
50.01
6534
50.01
6534
50.01
77.57
77.57.
77.57
77.57
77.57
77.57
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,
Sept. 21) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
22.4% above those for the corresponding week last year.
Our preliminary total stands at $6,058,070,835, against
$4,950,473,083 for the same week in 1934. At this center
there is a gain for the week ended Friday of 28.8%. Our
comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending Sept. 21
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83,225,850,467
232.038,328
275,000,000
173,000.000
80,831.577
78,500,000
120,801,000
82,123,311
74,958,003
58,051,750
51,853,135
32,318,000
$2,505,301,088
191,399,348
233,000,000
142,000,000
72,038,064
61,300,000
102,500,000
65,959,001
58,578.503
50,278,981
43,677,354
24,723,000
+28.8
+21.2
+18.0
+21.8
+12.2
+28.1
+17.9
+24.5
+28.0
+15.5
+18.7
+30.7
Twelve cities, five days
Other cities,five days
$4,485,325,571
646,400,125
53,550,755,339
581,889,475
+26.3
+11.1
Total all cities, five days
All cities, one day
$5,131,725,696
926,345,139
$4,132,644,814
817,828,269
+24.2
+13.3
Total all cities for week
$6,058,070,835
$4.950.473.083
+22.4
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
(Satumay) 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 Sept. 14.
For that week there is an increase of 8.5%, the aggregate
Financial Chronicle
1880
of clearings for the whole country being $5,415,407,484,
against $4,991,272,402 in the same week in 1934. Outside
of this city there is an increase of 15.4%, the bank clearings
at this center having recorded a gain of 4.4%. 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 register
a gain of 4.7%,in the Boston Reserve District of 10.6% and
in the Philadelphia Reserve District of 20.7%. In the Cleveland Reserve District there is an improvement of 23.1%, in
the Richmond Reserve District of 8.1% and in the Atlanta
Reserve District of 19.8%. The Chicago and the St. Louis
Federal Reserve Districts have enlarged their totals by 13.6%
and the Minneapolis Reserve District by 11.5%. The
Kansas City Reserve District shows an income of 8.5% and
the San Francisco Reserve District of 22.7%, but the Dallas
Reserve District records a decline of 6.7%.
In the following we furnish a summary by Federal Reserve
districts:
CLEARINGS
SUMMARY OF BANK
Week Ended Sept. 14
Clearings at-
1933
1932
Federal Reserve Diets.
let Boston._ _.12 cities
2nd New York_12 3rd Philadelphia 9 4th Cleveland__ 5 "
5th Richmond - 6 "
6th Atlanta.. 10 "
7th Chicago ___19 8th St. Louis__ 4 "
9th Minneapolis 7 "
10th EansasCity 10 "
5 "
Ilth Dallas
12th San Frail..12 -
S
S
V.
S
S
242,163,763
197,332,931
191,238,965 +10.6
211,575,710
3,347.978.936 3,199.168,244 +4.7 3,031,700,193 3,987,589.890
266,885,699
256,842,783
272,787,963 +20.7
329.225,854
198,728,575
185,381,222
194,9E3,685 +33.1
240,019,512
104,363,260
75,625,017
102,199,765 +8.1
110,521,216
94,984,405
86,47,395
105,214,992 +19.8
126.056,299
308,839,761
305,699,196
354,616,760 +13.6
402,736,280
104,657,537
93,103,395
106,351,3.4 +13.6
120,763.022
93,400,162
85.725,497
95,945,377 +11.5
106,950,635
97,455,896
90,362,417
122373,935 +8.5
132,832,364
39,997,799
41,257,371
52,989,661 -6.7
49.476.038
183,623,321
183,002,688
193,402,751 +22.7
237,34,628
111 cities
Total
Outside N. Y. City
5,415,407,484
2.169,046,152
4,991,272.402 +8.5
1,881,154,180 +15.4
4,632.260.102
1,687,442,317
6,709,693,068
1,821,855,906
itlanulw_ _ _ _ _ _ _ _22 014105
3111500.095
334_287.222 -5.3
255.999.951
252.727.937
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Sept. 14
arinas at1935
1934
Inc. or
Dec.
1933
E
1932
$
%
$
S
First Federal Reserve Dist net-Boston570.894 -10.0
513,907
Ms.-Bangor-1,419,123 +39.8
1,984,142
Portland
+9.0
Mess.-Boston_ _ 181,711,136 166,765,751
574,101 +24.1
712,192
Fall River__ _ _
227,840 +31.5
299.510
Lowell
521,105 +15.9
603,974
New Bedford
2,514,696 +10.7
2,783,081
Springfield......
1.073.897 +23.4
1,324,683
Worcester
7,850,797 +25.5
9,855,709
Conn.-Hartford
2,392,838 +25.0
2.991,088
New Haven...
6,909,900 +22.4
8,456,500
It.I.-Providence
418,023 -18.7
339,788
N.H.-Manches'r
439.073
1.437,939
173,000,000
581,392
211,644
631,612
2,139,041
1,261,886
7,047,961
2,720,091
7,538,200
324,092
378,576
2,185.241
212,168,033
787,390
245,839
822.185
2,655,240
1,958,200
9,305,071
3.554,329
7,940,200
363,459
191,238,965 +10.6
197.332,931
242,163,763
Total(12 cities)
211,575,710
1934
1935
Inc. or
Dec.
1932
1933
Seventh Feder al Reserve D istrict-Chi carlo55,872 +54.8
86,165
MIch.Adrian___ _
303,819 +20.3
365,349
Ann Arbor__ _68,161,712 +21.9
83,109,513
Detroit
1,834,986 +26.1
2,313,958
Grand Rapids.
913,467 +34.2
1,126,131
Lansing
593,776 +41.8
841,678
Ind.-Ft. Wayne
13,057,000 +10.1
14,378,000
Indianapolis_ _
603,953 +34.4
811,806
South Bend_
3.670,909 +18.8
4,362,822
Terre Haute_
14.746,071 +21.0
17,849,421
Wis.-Milwaukee
840,158 +13.4
952,594
Ia.-Cod. Rapids
5,521,040 +14.8
6.337,491
Des Moines_
2,967,029 • +3.1
3,057,922
Sioux City.__.
Waterloo
546,978 -35.7
351,670
Ill.-Bloomington
261,052,181 236,250.522 +10.5
Chicago
557,404 +10.9
818.236
Decatur
2,517,538 +23.1
3,098,072
Peoria
599,434 +44.1
863,494
Rockford
875,492 +32.5
1,159,777
Springfield_
25,145
324,694
64,528,62i
1,594,948
455,797
505,606
10,493,000
447.155
3,052,561
11,978,900
195,387
4,162.373
2,255,635
98,761
371.824
57,270,999
2,782,171
1,054,400
957,162
13.295,000
986,575
3.005,969
13,766,495
634,602
4,768,118
2,176,372
410,549
201,307,407
524.766
2,166,615
505,727
788,310
1,077,586
201,227,372
563,835
2.021,848
399,007
2.398,865
354,616.760 +13.6
305,699,196
308.839,761
Elohth Federa Reserve Dis trict-St.1.0 uls-Ind.-Evansville
65,800,000 +18.2
77.800,000
Mo.-St. Louis24.317,599 +13.9
27,696,492
Ky.-Louisville..
15,826,755 -6.1
14,855,531
Tenn.-Memphis
111.-Jacksonville
407,000 +1.0
411,000
Quincy
60,100,000
21,254,942
11,432,453
70,600,000
19,896,123
13,651,620
316.000
509.794
106,351,354 +13.6
93,103,395
104,657,537
Ninth Federal Reserve Dis trict-Minn eapolis
2,702.619
+0.6
2,718.138
Minn.-Duluth_ _
67.240,487 +10.3
74,180.875
Minneapolis.-21,100,348
+10.6
23.345,068
Paul
St.
937,451 +114.9
2,014,563
N. D.-Fargo...
531,675 +7.7
572,775
S.D.-Aberdeen.
461,647 +60.5
740,900
Mont.-Billings.
2,971.150 +13.7
3,378,316
Helena
2,700,350
62,128.083
16,681323
1,657,185
470,228
300,229
1,788,119
2,755,058
56,181,973
16.981,642
1,762,163
597,600
339,459
1,782,267
95,945,377 +11.5
85,725,497
80,400,162
Tenth Federal Reserve Dis trict-Kans as City
99,996 +27.4
127,411
Neb.-Fremont
94.5132 +46.8
138,841
Hastings
2,051,228 +21.8
2,497.826
Lincoln
29,428,032 +16.0
34,148,335
Omaha
3,343.593 -38.3
2,063,721
Kan.-Topeka
2,555.062 +51.4
3,868,115
Wichita
+6.5
80,095,577
85,306,181
City_
Mo.-Kan.
3,467,831 -3.2
3,357,366
St. Joseph__ _
662,569 +4.6
692.821
Colo.-Col. SPgs•
575,455 +9.8
631,747
Pueblo
40.057
b
1,747,072
21,763,852
1,267,552
1,827,471
59,934,558
2,730.816
563,553
487,486
124,751
116,043
1,666.079
22,062,194
1,398,440
3,708,752
64,638.638
2.526,359
620,247
594,393
+8.5
90,362,417
97,45.5,896
Eleventh Fede ral Reserve District-Da 1188872,951 +27.7
1,114,454
Texas-Austin...
41,377.585 -7.3
38,356,750
Dallas
5,412.473
+3.9
5,621,183
Worth....
Ft.
2,937,000 -34.1
1,935,000
Galveston
2,389,652 +0.3
2,397,839
La -Shreveport.
757,038
31,213.944
4,531,532
2,800,000
1,954,857
711,636
29,670.491
4.511,466
2,346,000
2.758,206
41,257,371
39.097,799
Total(19 cities)
Inca,
Dec.
1934
1935
Week Ended Sept. 14 1935
Sept. 21 1935
402,736,280
Total(4016166).
Total(7 cities).
Total(10 cities)
Total(5 cities).
120,763.023
106,950,635
132,832,384
49,425,026
122,373.905
52,989.681
-6.7
Second Feder al Reserve D strict-New York5,075,084
10,797,445
Twelfth Feder al Reserve D Istrict-San Franc' sco10,206,012 +33.8
13,651,564
N. Y.-Albany..
23.229,896
23,353,316
28,977.022 +15.6
764,622
33,511.467
727,785
796,907 +3.4
Wash.-Seattle....
824,168
Binghamton
6,062.000
5,250,000
0,11.1,000 +10.7
26,437,770
10.084,000
23,468.161
Spokane
27,061,193 +8.6
29,400,000
Buffalo
494,351
450,847
755,062 +48.9
1,109,422
495,359
525,655
+1.6
Yakima
575,097,.
566,081
Elmira
16,942,060
25,167,647
19,055,088
+23.3
454,480
531,761
31.042,846
-Portland..
Ore.
+24.7
465,467
580,322
Jamestown
9,228,809
9,912,495
11,821,655 +16.4
3,887.833.162
13,754,992
Utah-S. L. City
New York_ -_ _ 3,245,462,332 3,110,118,222 +4.4 2,944,817,785
3,367,504
3,592,209
2,691,998 +32.5
6,480,611
6,060,484
3,566.008
Calif.-Long B'cb
5,252,644 +22.8
6,451,220
Rochester
3.887,129
3,045,093
2,379,974 +20.0
3,760,043 ' Pasadena
3.286,451
2,856,309
2,931,000 +21.1
3,550.847
Syracuse
5.740,770
3.372,249
5,990.140 +22.0
2.127.502
7,310.932
2,374,744
Sacramento _
2,385,665 +16.0
2.768.355
Conn.-Stamford
+26.6 111,654,622 110.166,587
101,504,030
448,810
392,718
128,503,000
+27.1
San
Francisco_
314.727
*400.000
N. 5.-Montclair
2,148,752
1,148,484
2,304,158
+16.6
21,050,145
2,791,425
14,172,638
San Jose
14,392,200 +20.7
17,368.375
Newark
1,221,333
+9.2
1,032,093
1,080,278
32,554,725
1,179,490
24,652,143
Santa Barbara.
24,869,090 +9.3
26,955,659
Northern N. J..
1,134,130
1,136,192
1,529.787 +5.4
1,812,738
Stockton
+4.7 3,031.700,1933,087.589.890
Total(12 cities) 3,347,978.936 3,199,168,224
Total(12 cities) 237,322.629 193,402,751 +22.7 183,002,688 183,623,321
Third Federal Reserve Dist act-Philad elphia 312,918
311,806
Grand total (111
297,080 +30.3
386.992
Pa.-Altoona__ _.
5 415,407,484 4,991,272.402 +8.5 4,632,M30,102 5,709.690,068
b
82,105,980
cities)
82,238,539 -80.9
*426,678
Bethlehem_ _
232,350
332,966
225,321 +48.7
334,958
Chester
1,011,518
703,008
Outside New York 2,169,945,152 1,881,154,180 +15.4 1,687,442,317 1,821,858,908
1,028,068 -5.4
972,344
Lancaster
Philadelphia... 318.000,000 264,000.000 +20.5 248,000,000 255,000,000
1,098,619
1,961,264
838,755 +33.8
1,122,592
Reading
1,920,328
2,072,740
Week Ended Sept. 12
1,869,352 +16.6
2,179,202
Scranton
1,599,494
1,315,660
974,465 +22.3
1,191,410
Clearings ofWilke,-Barre..
1,150,009
1,114,799
inc.or
1,130,922 +26.6
1,431,355
York
4,111,000
1932
Dec.
3,480,000
1934
1933
2,424,000 +48.8
1935
3,607,000
N.5.-Trenton__
256,842,780
266,885,699
c
c
37,320,508
57,890,647
7,491,700
1,130,677
b
81,547.690
c
c
41,776,797
67,551.435
8,116,800
895,538
b
80,388,007
329,225,854
194,982,685 +23.1
185,381,222
198,728,575
Fifth Federal Reserve Dist rict-lUchrr ond122,682 +34,0
164.370
W.Va.--IluntIon
1,989,000 +8.6
2,160,000
Va.-Norfolk
38,716,832 -3.5
. 37,371,089
Richmond.-.
952,791 +10.7
1,054,939
S.C.-Charleston
+9.8
46,916,799
IVid.-Baltimore. 51,504,737
13,501,661 +35.3
18.260,081
D.C.-Washing'D
108,841
1,750,000
24,982,347
861,891
37,003,033
10,918,905
315,142
2,393,425
28,418,367
745,129
53,680,001
18,811,196
Total(5 cities).
240,019,512
+8.1
75,625,017
104,363,260
Sixth Federal Reserve Dist rict-Atlant a2,544,504 +28.3
3,263,989
Tenn.-Knoxville
11,856,466 +15.2
13,661,060
Nashville
38,900,000 +19.3
46,400,000
Ga.-Atlanta...._
895,058 +37.7
1,232,751
Augusta
763,012 +32.0
1,007.037
:Macon
10,023,000 +35.4
13,574,000
Fla.-Jack'nville.
15,892.521 -3.2
Ala.-Birm'ham. 15,389,581
1,611,218
1,239,036 +30.0
Mobile
b
b
b
Miss.-Jackson
105,844 +39.7
147,915
Vicksburg
22,995,551 +29.5
29,768,748
La.-NewOrleans
3,326,086
10.447,309
32,600,000
1,066.815
599,011
8,299,000
9,969,950
1,065,369
b
105.324
18,748,731
2,355,173
9,938,196
31,900,000
1,423,172
533,907
7.572,859
9,487,106
834ass
b
114,181
30,825,546
105,214,992 +19.8
86,227,395
94,984,405
Total(6 cities).
Total(10 cities)
110.521,216
126,056,299
102,199,765
$
S
Canada100,340.379 117,500,110
Toronto
84,780,461
79,616.632
Montreal
71.309,953
60.307,386
Winnipeg
14,194,238
13,786.397
Vancouver
3,842,804
18,204,095
Ottawa
3,730,851
5,236,203
Quebec
2,369,503
2.527.188
Halifax
3,245,769
4.267,337
Hamilton
6,589,436
5,434,393
Calgary
1,603,692
1,536,188
St. John
1,463,352
1,523.283
Victoria
2.166,707
2,763,484
London
3,33.5,740
3,419,123
Edmonton
6,458,254
• 4,743,596
Regina
323.455
265,995
Brandon
493,580
596,461
Lethbridge
1,458,938
1,491,805
Saskatoon
495.033
573,622
Moose Jaw
672,795
758,866
Brantford
652,315
598,154
Fort William....
491,235
613,954
Westminster
New
267,021
359,894
Medicine Mit
683,550
740,647
Peterborough__
520,144
603.805
Sherbrooke
851.821
871,715
Kitchener
1,741,312
2,077,174
Windsor
309,128
331.250
Prince Albert....
596,962
649,728
Moncton
550,622
524,653
Kingston
434,327
401,938
Chatham
413,894
477,100
Sarnia
760,290
857,650
Sudbury
•t'.NCt.ONION
272,787,963 +20.7
Fourth Feder al Reserve D istrict-Clev elandc
c
c
Ohio-Akron__ _ _
c
c
c
Canton
41,987,271 +19.6
Cincinnati-. $50,213,344
60,392,521 +16.9
70,611,774
Cleveland
8,438,900 +29.6
10,935,600
Columbus
1,141,667 +19.2
1,361,064
Mansfield
b
b
b
Youngstown.-83,024,326 +28.8
Pa -Pittsburgh. 106,897.730
Total(9 cities).
•
Total(32 citi69)
316,500,095
334,287,292
-5.3
S
83,605,742
80,416,556
37,860,197
13,143.010
3,481,326
3,683,608
1,829,584
3,655.859
4,922,408
1,411,668
1,384,570
2,158,661
3,189,357
4,564,876
331,128
358,387
1,183.290
486,945
•708,250
455,738
426,963
235,445
586,725
593,460
770.819
1,876,929
239,809
662,910
533,598
350,000
332,031
584,118
S
82,296.128
75,448,698
40,729,923
11,358.513
4,072.270
3,669,443
1,953,942
3,463,865
4,976,849
2,001,322
1,349,987
1,989.120
3,515,419
4,878,230
342.653
361,765
1,408,465
480.754
691,646
574.0444
444,501
187,594
653,366
536,830
745.374
2,063.652
226,949
552,803
535,189
397,309
339,420
481,910
255,999,961
252,727,937
Clearing House not tunea Not included n totals. b No clearings available. c
itoning at present. sEstimated.
Volume 141
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu eic Co. of London, written under date of
Sept. 4 1935:
GOLD
The Bank of England gold reserve against notes amounted
£193.354,774 on the 28th ultimo, as compared with £193.251,510 on theto
previous
Wednesday.
Conditions in the open market have been quiet. About £1,460,000
of bar gold was dealt with at the daily fixing during the week and was
absorbed by general demand at prices ruling at about the gold exchange
parities.
Quotations during the week:
Per Fine
Ejuivalent Value
Ounce
of £ Sterling
Aug. 29
140s
12s. 1.64d.
Aug. 30
140s
125. 1.64d.
Aug. 31
140s.
13d.
12s. 1.51d.
Sept. 2
140g. 3d.
12s. 1.38d.
Sept. 3
140s. 3d.
12s. 1.386.
Sept. 4
1405. 4d.
12s. 1.29d.
Average
140s. 1.92d.
12s. 1.47d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on Aug. 26 to mid-day
on Sept. 2:
Imports
Exports
British South Africa
£91,802 Sweden
£1,015,619
Australia
Netherlands
74,204
104.736
British India
325,132 France
313.007
Netherlands
Switzerland
160,055
64,805
France
105,051 United States of America_ 364,532
Spain
10,461 Other countries
5,574
Switzerland
11.785
Iraq
4.004
Other countries
8,932
£791,426
£1,868,273.
The SS. Corfu which sailed from Bombay
on Aug. 31 carries gold to the
value of about £1.050.000 consigned
to London.
The Southern Rhodesian gold output
for July amounted to 61,237 fine
ounces, as compared with 59.908 fine ounces
for June 1935 and 57,403 fine
ounces for July 1934.
SILVER
The market has been very
prices for the first half of the week
remaining unchanged at 29d.steady,
cash and 28 13-16d. for two months
delivery; the forward quotationfor
on some speculative enquiry. improved slightly to 28%d. on the 2d inst.
Resales have been made by speculators
but China sales have been on a smaller
scale, while the American Treasury
was again willing to take
cash silver offering at 29d•
Yesterday offerings were
very
small
a moderate demand from the
Indian Bazaars and China caused pricesand
to advance sharply to 29%d. for
both cash and two months,rises of %d.and
%d.for the respective deliveries
as compared with the quotations
of the previous day. The American
Treasury did not follow the rise and
the market proved slightly overstrained at the advance, prices
easing
to-day to 29%d. and 29 1-16d. as
buyers showed more hesitation.
The market has a steady
appearance at the present level, but the tone
in,ly continue to be rather quiet
for the time being.
The following were the United Kingdom imports and exports of silver
registered
from mid-day on Aug. 26 to mid-clay on
Sept. 2:
Imports
Exports
British India
£21,100
United
States
of
America_ £1,515,221
Australia
22.715 Aden and dependencies__
2,730
Java
4.700 Norway
1,174
Netherlands
50,425 France
1,751
Belgium
20,152
Italy
1,265
France
33,011 Fiji
Soviet Union
33,799 Southern Rhodesia
1.5851,039
Syria
800
Portuguese East Africa__ 9,000 Other countries
12.997
Japan
3,942
Other comstries
2,151
£213,992
£1,525,565
Quotations during the week:
IN LONDON
IN
YORK
NEW
-Bar Silver per Oz. Std.(Per Ounce .999 Fine)
Cash
2 Mos.
Aug. 29
29d.
28
13-156.
Aug.
65% cents
28
Aug. 30
29d.
28 13-16d. Aug. 29
654 cents
Aug. 31
29d.
29 13-16d. Aug. 30
65% cents
Sept. 2
29d.
28d.
Aug. 31
65% cents
Sept. 3
294d.
29hd.
Sept. 2
Holiday
Sept. 4
29d.
29 1-16d.
Sept. 3
65% cents
Average
29. 62d. 28.937d.
The highest rate of exchange on New York recorded
during the period
from the 29th ult. to the 4th inst. was
34.97% and the lowest $4.95.
Stocks in Shanghai on the 31st ult. consisted
of about 276,000.000 dollars
and 44,600,000 ounces in bar
silver showing no change as compared with
the previous week.
Statistics for the month of August:
-Bar Silver per Or. Std.Bar Gold
Cash
per Oz. Fine
2 Mos.
Highest price
303-16d.
305-16d.
lid.
140s.
Lowest price
29d.
289-16d.
139s. 934d.
Average
29.4756.
29.425d.
140s 3.06d.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
Sept.10-The First National Bank of DeRidder, DeRidder,La-- $100,000
Effective Aug. 26 1935. Liq. Committee: Frank E. Powell.
M. E. Ctawford end B. H. Carroll,
of the liquidating
bank. Succeeded by "First Nationalcare
DeRidder, La.. Charter No. 14.168. Bank in DeRidder.Sept. 11-The Security National Bank of Jackson.
Jackson,
Tenn _____________
100,000
Effective Feb.__________
V. Faiion.
K.
Castle and C. IL Ijams, care of the liquidating
bank.
Absorbed by "The Second National Bank of Jackson," Jackson,
Tenn., Charter No. 3.576.
Sept. 13-The Citizens National
Bank of Pocomoke City, Pocomoke City, Md
Effective July 11935, Liq. Agent, L. Paul Ewell, Pocomoke 100,000
City, Md. Succeeded by "Citizens National Bank in Pocomoke City," Pocomoke City, Md.. Charter No. 14,106.
Sept. 13-The Mt. Gilead National Bank. Mt. Gilead, Ohio
50.000
Effective Aug.22 1935. Lig, Committee, Benj. Olds, Edd McClarren and W. H. Holland, care of the liquidating bank.
Succeeded by "The First National Bank in Mt. Gilead," Mt.
Gilead. Ohio, Charter No. 14,323.
CONSOLIDATION
Aug. 31-New First Nat. Bank in Dell Rapids, S. Dale
Capital stock consists of $25.000 common stock; $10,000 pre- 35,000
ferred stock.
Aug. 31-The Northwestern Nat. Bank of Madison, S. Dak
50,000
Aug. 31-The National Bank of Huron, S. Dak
400,000
Capital stock consists of $50,0043 common stock; $350,000 preferred stock.
Aug. 31-Brookings County Bank, Brookings, S. Dak
25.000
Consolidated to-day under the provisions of the Act of Nov. 7 1918,
as amended, under the charter of Security National Bank & Trust
Co. of Sioux Falls, Charter No. 10592, and under the corporate title
of "Northwest Security National Bank of Sioux Falls," with capital
stock of $965,000, consisting of $765,000 of preferred stock and
$200,000 of common stock, and surplus of $50.000.
1881
VOLUNTARY LIQUIDATIONS
Sept. 3-The First National Bank of Harvey, Iowa
$25,000
Effective Aug.23 1935. Liq. Agent, K. H.Bean, Harvey, Iowa.
Succeeded by the Marion County State Bank. Harvey. Iowa.
Sept. 3-The First National Bank of Arcadia, La
100.000
Effective Aug. 6 1935. Liq. Agent, J. H. Madden, care of the
liquidatig bank. Succeeded by the "First National Bank in
Arcadia," Louisiana. Charter No. 14328.
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes
National Bank Circulation Afloat onLegal
Tenders
Bonds
Total
$
$
Aug. 31 1935._ _ _
*900,000
618,311,862
600,000
618,911,862
July 31 1935_._
2,351,260
13,984,735
735,754,750
749,739.485
June30 1935.... 141,945,660
220,605,430
548,490,215
789,095,645
May 31 1935.... 283,529,310
244,006,952
550,975.223
794,982,175
Apr. 30 1935_
330,642.140
271,360,682
553,161.838
824.522.520
Mar.31 1935._ 478,777.490
430.477.157
418,780.298
849,257.455
Feb. 28 1935.... 857,937.080
653,340.478
214.371,617
867,712.095
Jan. 31 1935.... 677.472.540
671,167,407
205,204.723
876,372.130
Doe. 31 1934.... 684,354.350
678.808.723
887,936,475
209,127,752
Nov.30 1934.... 690,752,650
686,238.828
212,667.960
898,904,788
Oct. 31 1934.... 896,720.850
692.796.853
907.392,088
214,595.435
Sept.30 1934.... 700,112,950
694.482.633
917,988.768
223,506.135
Aug. 31 1934-- 707.112.860
702,209.838
226.778.812
928,988,450
$2,353,595 Federal Reserve bank notes outstanding Sept. 1 1935, secured b;
lawful money, against $2,432,763 on Sept. 1 1934.
•Includes $300,000 bonds still on deposit although circulating notes have been
retired by deposit of that amount of lawful money.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and.National bank notes Aug. 31 1935:
U. S. Bonds Held. Aug. 31 1935
Bonds on Deposit
Sept. 1 1935
20, U. S. Consols of 1930
3Hs, U. S. Treasury of 1940-1943
Ths, U. S. Treasury of 1943-1947
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes
Notes
$
$
600.000
100,000
200,000
Total
Held
$
600.000
100,000
200,000
.900,000
.900,000
Total
•Includes $300.000 bonds still on deposit although circulating notes have been
retired by deposit of that amount of lawful money.
The following shows the amount of National bank notes
afloat and the am'ount of legal tender deposits Aug. 1 1935
and Sept. 1 1935 and their increase or decrease during the
month of August:
Fational Bank lyates-Total AfloatAfaount afloat Aug. 1 1935
Net decrease during August
$749,739,485
130,827,623
Amount of bank notes afloat Sept. 1 1935
Legal Tender NotesAmount deposited to redeem National bank notes Aug 1
Net amount of bank notes redeemed in August
Amount of deposit to redeem National bank notes Sept. 1 1935
8818,911,882
735,754.750
117,442,888
$818,311,862
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
e3 31-3%
Abbott Laboratories
Alpha Portland Cement
25c
American Hard Rubber.8% Pref. lquar.)
$2
American Mfg. Co., preferred
50c
American Maize Products (quar.)
25c
Preferred (quay.)
$1%
American National Co., A & B pref. (quar.) _
$1%
American Screw (quarterly)
20c
American Superpower Corp.. 1st pref
$I
Angostura-Wupperrmann Corp.(quar.)
.'Sc
Arundel Corp. (quar.)
25c
Attleboro Gas Light Corp.(quar.)
$3
Atlantic Steel (quarterly)
$2
7.%, preferred (semi-annually)
$3%
Autaline 011,8% pref. (quar.)
20e
Automobile Finance (resumed)
45c
Badger Paint & Hardware Store. pref. (quar.)....
25c
Bakelite. 63 % preferred A
Balaban & Katz, preferred
h$1
Belding-Corticelli Ltd.(qum.)
Binghamton Gas Works,7% pref. (quar.)
31%
Brandtjen & Kluge, Inc.. 7% pref. (quar.) _
_ 87.%c
Brewer (0.) & Co.. Ltd.(extra)
-it
Bridgeport Hydraulic (quarterly)
40c
British Columbia Electric Power & Gas Co.,
6% preferred (quarterly)
$134
British Columbia 'relep.,6% 1st pref.(guar.)- r$135
, 6% preferred (quarterly)
Brooklyn Boro Gas (quar.)
gl%
Preferred (quar.)
75c
Preferred (extra)
6%c
Brooklyn-Manhattan Transit Corp.(quar.)75c
Bucyrus-Erie Co.. preferred
50c
Buffalo Insurance (quarterly)
$3
Extra
$1
Burger Brewing,8% pref. (quar.)
$1
Burco, Inc.. $3 preferred (quar.)
75c
Burdines. Inc., preferred
h$2.40
Preferred (quar.)
70c
Burkart (F.) Mfg. Co., $2.20 pref. (quar.)_
55c
Preferred
h$1.65
Burt (F. M.) Co.(quer.)
50c
Preferred (quay.)
$1%
Canada Bread. 5% pref. A (Initial)
$1
h$111
When Holder
Payable of Record
Nov. I
Oct. 25 Oct. 1
Oct. 1 Sept. 14
Oct. 1 Sept.16
Sept.30 Sept.23
Sept.30 Sept.23
Oct. 1 Sept. 20
Oct. 1 Sept. 19
Oct. 1 Sept. 20
Sept.30 Sept.20
Oct. 1 Sept.21
Oct. 1 Sept. 16
Oct. 1 Sept.20
Nov. 1
Oct. 1 Sept.24
Oct. 15 Sept.30
Oct. 1
Sept.24 Sept.23
Sept.28 Sept.23
Nov. 1 Oct. 15
Oct. 1 Sept.20
Oct. 1 Sept. 22
Sept.25 Sept.20
Oct. 15 Sept.30
Oct. 1 Sept.20
Oct. 1
Nov. 1 Oct. 17
Oct. 10 Sept.30
Oct. 1 Sept.18
Oct. 1 Sept.18
Oct. 15 Oct. 1
Oct. 1 Sept.20
Sept.30 Sept. 18
Sept.30 Sept.18
Oct. 1 Sept.15
Oct. 1 Sept.23
Oct. 10 Sept. 27
Oct. 10 Sept.27
Oct. 1 Sept.20
Oct. 1 Sept.20
Sept.17
Oct.
Sept. 17
Oct.
Sept.20
Oct.
Financial Chronicle
1882
Name of Company
Per
Share
When Holders
Payable of Record
Name of Company
Sept. 21 1935
Per
Share
When Holders
Payable of Record
50c Oct. 15 Sept.30
Magma Copper Co
rlOc Oct. 15 Sept.30
Canadian General Investors (quarterly)
lc Sept.25 Sept.15
Mascot 011 Co.(quarterly)
1214c Nov. 15 Nov. 1
Canadian Oil Cos.(guar.)
Sept.30 Sept. 19
75c
Massachusetts Lighting tquar.)
$2 Oct. 1 Sept.20
Preferred (quar.)
2 Oct. 15 Sept.30
(quar.)
preferred
26
Sept.
1
8
Oct.
61g
A
Centlivre Brew., class (quarterly)
Oct. 15 Sept.30
SI
preferred(quar.)
25
Oct. 15 Sept.
6%
Chapman Ice Corp. (quar.)
Nov. 1 Oct. 15
McCall Corp.. corn. (guar.)
45c Oct. 1 Sept.21
Chemical Bank & Trust (quar.)
Oct. 15 Sept.30
X
$1
(guar.)
pref.
011.
Frontenac
McColl
20
Sept.
1
Oct.
$1,4
Chicago Daily News, Inc., $7 pref. (guar.)- 1 Sept. 20
Oct.
250
tquar.)
B
class
McKee tA. G.),
25c Oct. 1 Sept.20
Cincinnati Advertising Products (quar.)
25c Oct. 1 Sept. 20
Class B (extra)
Cincinnati Postal Terminal & Realty Co.
$1" Oct. 1 Sept.20
pref.
Co.,
5
Oct.
(quar.)
Meyer-Blanke
15
Oct.
31%
6.4% preferred (quar.)
58734c Oct. 1 Sept.16
Michigan Electric Power,7% preferred
Cincinnati Sandusky & Cleveland RR.
h75c Oct. 1 Sept. 16
6% preferred
$114 Nov. 1 Oct. 22
6% preferred (semi-annual)
Oct. 1 Sept. 14
(quar.)
pref.
&
Power
Light,
$6
Missouri
18
Sept.
1
1.626162 Oct.
Citizens Passenger Ry. Co.(Phila., Pa.)
Oct. 31 Sept. 30
Montreal Light, Heat & Power (guar.)
Oct. 1 Sept.25
City Investing Co., preferred (guar.)______ --Nov. 1 Oct. 15
El
pref
1st
Power,
Hudson
Mohawk
10
Oct.
Oct.
31
(qu.)
Cleveland Cin. & St. Louis RR.,6% pref.
Sept.20
Sept.30
30c
_
_
(quari_
Md.)
(Bait.,
Co.
Radio
Monumental
50c Oct. 1 Sept.20
Cleveland Electric Illuminating (quar.)
Oct. 1 Sept. 16
$1
Moore Corp., class A & B (quar.)
$114 Oct. 1 Nov. 15
Preferred (quarterly)
Oct. 1
15
Oct.
2
Inc
Ltd.,
Morris
Co.,
&
(Philip)
14
Sept.
1
Oct.
6214c
Coca-Cola Bottling Corp., Del., cl. A (quar.)
50c Nov. 9 Oct. 31
Motor Products
Cohen (Dan.) Co., common (no action)
Sc Oct. 20 Oct. 10
Mutual Telephone Co.(Hawaii)(monthly)_ _
50c Oct. 15 Sept.30
Coleman Lamp & Stove
250 Nov. 1 Oct. 15
National Auto Fibres (guar.)
$2 Oct. 1 Sept. 25
Commercial National Bank & Trust (quar.)- -1210 Nov. 1 Oct. 15
Extra
$1 Nov. 1 Oct. 15
Commonwealth Edison (quarterly)
Nov. 15 Oct. 31
$114
-a.)
(s.
Casket
National
(Madison,
Commonwealth Telep.
Wis.), 6%
Nov.30 Nov. 18
161.
Preferred (quar.)
Oct. 1 Sept. 14
preferred (quarterly)
Oct. 1 Sept. 21
531
National Grocers, Ltd., 7% pref
Nov. 15 Oct. 31
Concord Gas Co., preferred (quan)
I Sept. 19
Oct.
Ouc
(quar.)
Insurance
Fire
National
14
Sept.
1
Oct.
750
Connecticut Gas & Coke Security, pref.(quar.)_
25c Oct. 15 Sept.30
National Fuel Gas (quar.)
Consolidated Chem. Industries, pref. A (quar.) 3734c Oct. 31 Oct. 15
31 Oct. 1 Sept.25
(quar.)
com.
Inc.,
Co..
Can
National
1
Oct.
Oct.
15
50c
(0.-a.)
Trust
Investors
Consolidated
1214c Oct. 15 Sept.30
National Cash Register (quar.)
Sc Oct. 25 Oct. 15
Consolidated Royalty 011 (guar.)
$114 Jan, I Dec. 4
National Power & Light.$6 pref.(quar.)
Oct. 1 Sept. 12
El
Continental Gas & Elec., pref. (quar.)
abs
11Ic Oct. 1 Sept. 15
voting
Co.,
Securities
Wide
Nation
18
Sept.
1
Oct.
60A
_
_
_
Pa.)
(Phila.,
Co.
Ry.
Passenger
Continental
$134 Oct. 10 Sept.30
pref.
6%
Telep.,
(quar.)
Newark
Sept.
14
Continental Telephone Co..7% partic. pref.(qu) $114 Oct. 1
40c Oct. 1 Sept. 14
New York Fire Insurance Co.(quar.)
$1% Oct. 1 Sept. 14
634% preferred (quar.)
$114 Oct. 1 Sept. 14
New York Power & Light,7% pref.(quar.)_ _
30c Oct. 10 Oct. 1
Creamery Package Mfg. (quarterly)
Oct. 1 Sept. 14
$114
(quar.)
preferred
550c Oct. 15 Oct. la • $6
Crucible Steel Co. of America, preferred
New York Shipbuilding, preferred dividend omi tted3314 Aug. 3 Aug. 3
Crundin-Martin Mfg. Co.,7% pf. (s.-a.)
Sepi.21a
Sept.30
5%
Co.
Trust
York
(quar.)
New
Sept.
20
1
Oct.
50c
Denver Union Stockyards (quar.)
$1,4 Oct. I Sept.18
Niagara Alkali, 7% pref. (quar.)
Dec 1 Nov. 20
Preferred (quar.)
Oct. 2 Sept.25
$1
(quar.)
Co.
Insurance
Fire
Niagara
14
Sept.
1
Oct.
(guar.)
pref.
Gas
Moines
Co..8%
Des
75c Oct. 1 Sept. 23
North American Rayon Corp. preferred (quar.)_
87c Oct. 1 Sept.14
7% preferred (guar.)
15c Dec. 10 Nov.29
North River Insurance (quar.)
Oct. 19 Sept.30
Devonian Oil Co.(guar.)
Sc Dec. 10 Nov.29
Extra
Sept.30
Oct.
19
10c
Extra
Sept.30 Sept. 16
(quar.)
Insurance
Northwestern
National
Sept.30
q
Distillers & Brewers Corp. of Amer
Sept.30 Sept. 16
7se Oct.
Extra
S2 Sept. 3
Dunean Mills (quar.)
1 Sept.20a
35c
(guar.
corn.
Co.,
Pharmacal
Norwich
20
Sept.
Sept.30
1210
Early & Daniel (quar.)
Oct. 15 Oct. 10
150
Oahu Ry. & Land Co.(monthly)
Ill X Sept.30 Sept.20
Preferred (quar.)
25c Oct. 25 Sept.30
Ohio Brass, A & B (quar.)
$1 X Oct. 1 Sept. 16
Eastern Steel Products, pref. (guar.)
SIX Oct. 15 Sept.30
Preferred (quarterly)
36c Oct. 15 Sept.30
Eastern Township Telephone Co
32 Oct. 1 Sept.30
Ohio Loan Co., 8.7o pref. (quar.)
1214 Oct. 1 Sept.19
Easy Washing Machine, A & B
50c Oct. 1 Sept.20
&
Oils
Industries.
preferred
Inc.,
19
Sept.
1
Oct.
25c
Elder Mfg. Co. (quar.)
Oct. 1 Sept. 16
15c
Old
Trust
Colony
Assoc.
(quar.)
$2 Oct. 1 Sept. 19
8% 1st preferred (guar.)
20c Oct. 20 Oct. 10
Onomeo Sugar Co.(monthly)
Oct. 1 Sept. 19
$1
$5 preferred tquar.)
Oct. 1 Sept. 20
75c
Orchard
Pie
A
Farm
pref.
Co.,
(quan)
Sept.
27
1
Oct.
3
Electric Auto-Lite (resumed)
15c Oct. 15 Sept.30
Otis Elevator Co., common (quar.)
El% Oct. 1 Sept.27
Preferred (quar.)
Oct. 15 Sept.30
$1
Preferred (quarterly)
Nov. 1 Oct. 4
Electric Bond & Share Co., $6 pref.(guar.)_
Oct. 1 Sept. 18
8
Ottawa Electric Ry. Co
Nov. 1 Oct. 4
$5 preferred (quan)
,
f"
Oct. 1 Sept. 18
El
kquar.)
Ottawa Light, Heat & Power
2 c Oct. 1 Sept.20
Empire Trust Co.(quar.)
Oct. 1 Sept. 18
$1
Preferred (quar.)
Fairmont Park & Haddington Ry.(Phila.)._ 34.8463c. Oct. 1 Sept. 18
Oct. 1 Sept. 18
50c
(quar.)
Traction
Ltd.
Ottawa
Co.,
14
Sept.
25c Oct. 1
Family Loan Society, Inc. (quar.)
h72c Oct. 1 Sept. 15
Otter Tail Power Co.(Minn.) E6 pref
8714c Oct. 1 Sept. 14
$314 preferred (guar.)
566c Oct. 1 Sept. 15
$514 preferred
3714c Oct. 1 Sept. 14
$314 preferred (extra)
10c Oct. 5 Sept. 30
Paauhau Sugar Plantation (monthly)
28c Oct. 10 Sept. 30
Fedders Mfg., new common (initial)
250 Oct. 1 Sept. 20
Packer Corp., com.(quar.)
$6 Oct. 1 Sept.30
Fifth Avenue Bank (New York) (quar.)
Oct. 1 Sept. 16
(guar.)
pret.
&
$1,4
Power
7%
.Panama
Light.
Oct.
5
15
Oct.
Finance Co. of Amer. at Baltimore,com. A & B_ 1214c
Pa. Co.for Insur. on Lives & Granting Annuities
Oct. 15 Oct. 5
7% preferred (quarterly)
Oct. 1 Sept. 18
40c
Phila.-Quarterly
5
Oct.
15
Oct.
o
g
ie
(quarterly)
A
class
7% preferred
31 X Oct. 1 Sept. 14
Pennsylvania Power & Lt., $5 pref. (quar.)h 5c Oct. 15 Sept. 25
First National Corp. of Portland. A
$1.34 Oct. 1 Sept. 14
36 preferred kquar.)
$14 Oct. 15 Sept.30
Fishman(M. H.). pref. A & B (guar.)
$114, Oct. 1 Sept. 14
$7 preferred (guar.)
25c Oct. 15 Sept. 30
Food Machiner Corp
75c Oct. 15 Sept.30
Pennsylvania Salt Mfg.(quar.)
I5c Sept.30 Sept.24
Fostoria Pressed Steel tquar.)
15c Oct. 25 Oct. 1
Philadelphia Co., com. (guar.)
Frankforth & Southwark Phila. City Pass. Ry_ 2.0907795 Oct. 1 Sept. 18
-a.)
(s.
34 Nov. 1 Oct. 1
$1
pref.
cum.
6%
14
Sept.
1
Oct.
$114
Freiman (A. J.),6% preferred (quar.)
Oct. 1 Sept. 18
City
.1159c
87
Philadelphia
Ry
Passenger
8784c Oct. 1 Sept.20
Fruehauf Trailer Co.. preferred (guar.)
.2816c Oct. 1 Sept. 18
&
Co
19
Ry.
Philadelphia
Darby
23
Sept.
1
Oct.
(quar.)
Y.)
(N.
Trust
Fulton
Oct. 1 Sept. 18
.4618c
&
Phila.
Ferry
Ry
Gray's
46
Passenger
20
Sept.
$184 Oct. I
General Fireproofing. preferred (quar.)
40 .9928c Oct. 1 Sept. 18
Philadelphia Traction Co
$134 Sept.30 Sept.20
General Tire & Rubber,6% prer. (quar.)
Oct. 1 Sept.25
Phoenix
750
preferred
Securities,
cony.
$3
Sept.
18
1
Oct.
00.9811c.
(Phila.)
Germantown Passenger Ry.
150 Oct. 1 Sept. 20
Pie Bakeries, Inc
30c Oct. I Sept. 20
Gibson Art (quar.)
Oct. 1 Sept. 20
31
7% preferred (quar.)
87,0 Oct. 1 Sept. 21
Gilbert(A. C.) cum. pref.(guar.)
Oct. 1 Sept. 20
7
2d preferred (guar.)
Globe Discount & Finance Corp., pref. (quar.). 8710 Sept. 11 tug. 31
25c Oct. 8 Sept. 13
Polygraphic Co. of Amer., pref. (quar.)
50c Sept. l' lept. 12
Good Humor Corp. (initial)
Nov. 1 Oct. 15
$1
Serv. Co.of Northern Ill.,6% pre.(qu.)
Public
75c Sept.31 Sept.20
Gorton-Pew Fisheries (guar.)
7oz preferred (quar.)
Nov. 1 Oct. 15
El
$184 Oct. 1 !opt.30
Great Lakes Power pref
31 Oct. 1
_
_
Service
of
Oct.
Public
(mo.)_
Corp.
5
pref.
6%
N.J.
531 X Oct. L lot.30
Preferred
Nov. 15 Oct. 24
3710
Inc
Pullman.
250
Great Lakes Steamship (quarterly)
1 Sept. 18
Oct.
Ridge
Avenue
Ry.
Passenger
.393853
(Phila.)
$5 Oct. I lept. 20
Great West Life Insurance Co. kquar.)
Rossia Insurance (semi-annual)
30c Oct. 1 Sept. 20
lept. 18
19.6927c. Oct.
Green & Coats Street Phil. Passenger By
Aug. 31
25
Royalty
Sept.
1.3c
A
Income
series
Shares,
19
Oct.
opt.
1
25c
Griesedieck Western Brewery
Sabin Robbins Paper, pref. (guar.)
$1,1 Oct. 1 Sept.25
- $184 Oct. 1 Jct. 1
Griggs, Cooper & Co.,7% preferred (quar.)
St. Joseph Ry., Light, Heat & Power Co.
Sept.30
1
Oct.
84c
537
preferred
6%
Group Corp..
59 preferred (quay.)
Oct. 1 Sept. 15
Si
Oct. 1
Hale-Justice Drug Co.(liquidating)
20c Oct. 14 Oct. 2
San Carlos Milling Co. tmonthly)
Oct. 1
$7 preferred (annual)
Co
50c
Lace
Oct. 1 Sept.24
Scranton
14
Sept.
1
Oct.
50c
Hamilton Cotton, Ltd.. preferred
SPA Sept.30 Sept. 20
7% preferred (quar.)
25c Oct. 1 Sept. 23
Harbauer Co. tquar.)
Second & Third Streets Passenger By
$1 .393853 Oct. 1 Sept. 18
15c Sept.20 Sept. 13
Haverty Furniture CO13.. Inc
Second Twin Bell Syndicate(monthly)
20c Oct. 16 Sept.30
3784c Oct. 1 Sept.24
$1X preferred (quarterly)
350 Sept.25
Security Co.(Los Angeles)
Oct. 25 Oct. 18
Hibbard, Spencer, Bartlett & Co.(monthly)._ _
Assoc. (quar.)
Shawmut
10c Oct. 1 Sept.20
Oct.
18
Oct.
25
25c
Extra
32c Oct. 1
Short Term Trust Shares (bearer)
10c Nov. 29 Nov.22
Monthly
Steel
Oct. 15 Aug. 19
Strapping
/49
preferred
Signode
10c Dec. 27 Dec. 20
Monthly
Sloan & Zook Products Co..7% pref.(quar.)_ _ 81 X Sept.25 Sept.23
Oct. 7 Sept. 20
Hollinger Consolidated Gold Mines
Oct. 1 Sept. 14
(quarterly)
75c
Co.
Mfg.
Smyth
Oct. 7 Sept. 20
1
Extra
Sonoco Products. 8% pref. (quar.)
$2 Oct. 1 Sept.20
750 Oct. 15 Sept.30a
Household Finance Corp., corn. A & B (quar.)..
15 Sept. 30
Gas
Oct.
(guar.)
pref.
Counties
(Calif.),
$134
Southern
300
Sept.
15
Oct.
8714C
Participating preference (quar.)
Southern Fire Insur. Co.of Durham. NC.,(qu.) 3714c Sept.27 Sept.23
8784c Sept.30 Sept.21
Houston Natural Gas (quarterly)
Indiana Gas & Electric Co.
Southern
1
Oct.
15
Sept.
Co„
(quar.)
Brew
&
Malt
8%
Humboldt
pref.
1% Oct. 1 Sept. 24
7% preferred (quar.)
Huron & Erie Mtge.Co. tLondon, Ont.),(guar.) $115 Oct. 1 Sept. 14
1.85% Oct. 1 Sept.24
6.6% preferred (quar.)
1210 Oct. I Sept. 17
6%
Ideal Financing Association, A (quarterly)
preferred (quar.)
134% Oct. 1 Sept. 24
1
Oct.
$2
17
Sept.
$8 preferred (quarterly)
10c Oct. 31 Oct. 21
Southerland Paper (bi-monthly)
50c Oct. 1 Sept. 17
$2 convertible Preferred (quarterly)
10c Oct. 31 Oct. 21
Extra
1
Oct.
14
Sept.
75c
Commercial
_
Co..
(qu.)_
Teton.
pref.
$6
Illinois
_
&
eds.__
trust
Ry.-Mobile
Ohio
stock
$2 Oct. 1 Sept. 16
Southern
75c Oct. 1 Sept. 20
Independent Pneumatic Tool(guar.)
Sc Oct. 15 Sept.30
Southland Royalty (quar.)
25c Oct. 1 Sept. 20
Extra
14134 Sept.30 Sept. 20
CO.(Los Anveles). 7% preferred
D
Square
1
Oct.
20
150
Sept.
(quar.)
Inland Investors
(quar.)
Nov. 1 Oct. 4
600
Seal
&
Cap
Standard
25c Oct. 1 Sept. 21
Interlake Steamship (quar.)
$134 Oct. 1 Sept. 26
Standard National Corp.7% pref.(qlar.)
Interstate Public Service Co.(Madison, Wis.)Co
Oct. 1 Sept.27
Spring
25c
Steel
Standard
Oct.
1 Sept. 15
8715c
31 X preferred (semi-annual)
c Oct. 15 Oct. 1
Standard Utilities. Inc.. common
28c Oct. 1 Sept. 14
Inter-State Royalty Corp.. class A (guar.)
Oct. 15 Sept. 18
Standard Wholesale Phosphate & Acid (qu.).
31X Oct. 1 Sept. 14
Iowa Power & Light Co.,7% pref.(quar.)
25c Oct. 1 Sept.17
Stanley Works (guar.)
$114 Oct. 1 Sept. 14
6% preferred (guar.)
Nov. 15 Nov. 2
6%
3714c
preferred (quar.)
Iowa Public Service Co.,$7 1st & 2d pref.(qu.)_ $3;' Oct. 1 Sent. 20
$2 Oct. I Sept. 21
State Theatre Co.(Boston, Mass.)(quar.)
$1% Oct. 1 Sept. 20
$6X 1st preferred (quar.)
15 Sept.30
Oct.
1.3c
(guar.)
Inc.
Shares.
Supervised
$114 Oct. 1 Sept. 20
$6 1st preferred tquar.)
Tacony-Palmyra Bridge. 714% pref. (guar.). _ $1 1 Nov. 1 Oct. 10
Jamaica Water Supply Co.,7% pref. (s.-a.) _ $114 Nov. 1 Oct. 11
Oct. 1 Sept. 21
pref.(quar,)
Ltd.,
$134
(G.),
Tamblyn
Janss Investment Corp.(Los Angeles)$114 Oct. 1 Sept. 16
Taunton Gas Light Co (quay.)
Oct. 1 Sept.20
$I
$6 class A preferred (quar.)
Sept. 1
$3
Terre Haute Electric Co., Inc., 36 pref. (8.-a.)....
1 Oct. 1 Sept. 16
5351
Jenkins Bros.,7% preferred
50c Sept.30 Sept.24
Banking
Textile
(quarterly)
Oct. 1 Sept. 20
31
Kansas Utilities Co., 7% preferred (quay.)
Sept.18
1
Sta.
Oct.
By.
Pass.
Fifteenth
.393853
(Phila)-$1
&
Thirteenth
Oct. 1 Sept. 20
2
Kekaha Sugar Co.(monthly)
531 Oct. 1 Sept. 20
Tito Roofing $2 preferred
20c Oct. 1 Sept. 20
Kelley Island Lime & Transportation (quar.)_..
Sept.23
1
Oct.
75c
(quar.)
Inc.
Time.
$114 Oct. 15 Sept. 25
Kentucky Utilities. preferred (quar.)
Sept.23
Extra
50c Oct. 15 Oct. 1
Keystone Steel & Wire
Sept.23
1
t
e
c
0
°
154
5
(quar.)
%Preferred
614
Oct.
15
Oct. 1
Preferred (quar.)
Sept. 8
15
Oct.
$114
(quar.)
Co.
Mfg.
Towle
50c Sept.30 Sept.24
Koloa Sugar Co.(monthly)
Finance Corp.,6% pref. A (quar.)_ _ _ _ $134 Sept.30 Sept. 14
Traders
Oct.
1
60c
Sept.
21
(guar.)
Trust
County
Lawyers
Sept. 14
Sept.30
(quay.)
B
$184
preferred
7%
75c Oct. 1 Sent.20
Life Insurance Co. of Va. (quar.)
$4 Oct. 1 Sept. 16
Tras eters' Insurance tquar.)
5$1,4 Sept.30 Sept.20
Loew's (Marcus) Theatre. pref
Sept. 30
Oct.
Tobacco
tquar.)
preferred
Tuckett
Oct.
1
10c
Sept.
16
Loomis-Sayles Second Fund
1 Sept.20
Oct. 15
Twin Disc Clutch (quarterly)
$2 Nov. 11 Oct. 17
Lord & Taylor, 2d pref. (quar.)
Sept. 18
95 .3627c Oct.
Union Passenger Ry. Co
50c Oct. 15 Sept.30
MacAndrews & Forbes (quar.)
Oct. 1 Sept. 18
.49784c
20
Philadelphia
of
Co.
Traction
Union
$114 Oct. 15 Sept.30
Preferred (quar.)
$A#1
'Ai
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
United Gas Public Service Co.(Del.)56 preferred (quar.)
8134 Oct. 1 Sept.21
United Gold Equities of Canada,std. abs. (qu.) _ 2)4c Oct. 15 Oct. 5
United Milk Products, pref. (quar.)
75c Oct. 1 Sept. 241
United Power & Light Corp.(Kan.)7% pf.(qu.) 519‘ Oct. 1 Sept. 14
United Securities (guar.)
50c Oct. 15 Sept.26
United States Elec. Light & Power Sha., Inc.
(Md.) (voting shares)
.4c Oct. 1 Sept. 15
States
United
Guarantee Co.(guar.)
40c Sept.30 Sept.21
Utah Power & Light, $7 preferred
58 1-3c Oct. 25 Sept.30
$6 _preferred
50c Oct. 25 Sept.30
Van Zandt County Unity Texas Oil (monthly)
50c Oct. 1 Sept. 15
Extra
15c Oct. 1 Sept. 15
Weinberger Drug Stores (quar.)
1 Sept.21
25c Oct
Western Exploration Corp.(guar.)
234c Sept.20 Sept.15
Westinghouse Air Brake Co.(guar.)
1234C Oct. 31 Sept.30
Westminster Paper Co.(semi-ann.
Nov. 1 Nov. 1
Weston Electrical Instrument class A (quar.)--50c Oct. 1 Sept. 23
Weston (Geo.), Ltd., new (initial)
15c Oct. 1 Sept.20
West Philadelphia Pass. Ry. Co
$1 .004735 Oct. 1 Sept. 18
West United Gas & Electric,634% pref.(qu.)_ _ $194 Oct. 1 Sept.16
6% preferred (quarterly)
Oct 1 Sept.16
West Virginia Pulp & Paper Co
10c Oct. 1 Sept .17
Wheeling & Lake Erie Ry. Co. prior lien
h$834 Sept.27 Sept.23
White Villa Grocers,Inc.,6% pref.(qu.)
Oct. 1 Sept.16
SI
Will & Balmer Candle Co.. Inc
Nov.15 Nov. 1
1
Preferred (quar.)
$2 Oct. 1 Sept. 18
Wilmington Suburban Water pref.(guar.)
4394c Oct. 1 Sept.20
Wisconsin Electric Power Co.635% Pref.
Oct. 1 Sept. 14
6% preferred (quar.)
SIN Oct. 1 Sept. 14
Woodley Petroleum (guar.)
luc Sept.30 Sept. 19
Woodward & Lothrop, Inc. (guar.)
30c Sept.27
Extra
25c Sept.27
7% preferred (quarterly)
Sept.27
$1
Young (J. S.) Co. (quarterly)
$1
Oct. 1 Sept.20
Preferred (quarterly)
Oct. 1 Sept.20
Si
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 (quarterly)
Extra
Abraham Sc Straus, Inc.(guar.)
Extra
Acme Steel (guar.)
Extra
Adams Express Co.5% preferred (quar.)
Adams Royalty Co. (guar.)
Addressograph-Multigraph
Aetna Casualty & Surety (guar.)
Aetna Fire Insurance (guar.)
Aetna Life Insurance (quar.)
Affiliated Fund (quarterly)
Affiliated Products (monthly)
Agricultural Insurance (guar.)
Air Reductions Co., Inc. (quar.)
Extra
Alabama Power Co. $7 preferred (guar.)
$6 preferred (quar.)
$5 preferred guar.)
Alabama & Vicksburg Ry. Co.(semi-ann.)
Allemania Fire Insurance (Pitts., Pa.)(qu.)__
Allied Chemical & Dye Corp. pref. (guar.)
Allied Laboratories. Inc.(guar.)
$334 cony. preferred (guar.)
Allied Stores Corp..5% pref.(initial)(quar.)
Aloe (A. S.) Co.. 7% pref. (guar.)
Aluminum Co.of America, preferred
Preferred (quarterly)
Aluminum Goods Mfg. Co.(guar.)
Aluminum Industries. resumed
Aluminum Mfgs. (guar.)
Quarterly
79" preferred (guar.)
79' preferred 'quar.
Amalgamated Leather.Ireferred
American Agricultural Chemical
American Bakeries Corp. 7% pref. (guar.)
American Bank Note, pref.(guar.)
American Brake Shoe & Foundry (guar.)
Preferred (quarterly)
American Can Co..7% pref (quar.)
American Capital, preferred
American Chain, preferred
American Chicle (quarterly)
American Cigar, preferred (quarterly)
American Crystal Sugar.6% pref. (initial)
American Cyanamid Co.,corn. A St B (guar.)- - American District Teleg.(N. Y.) (guar.)
Preferred (quarterly)
American Express Co. (quarterly)
American Factors. Ltd.
(monthly)
American Felt Co.6% preferred guar.)
American Fork & Hoe 6% preferred (guar.)American Gas & Electric Co.,corn.(quar
Preferred (quarterly)
American Hardware Corp. (guar.)
Quarterly
American Hawaiian Steamship (guar.)
American Home Products (monthly)
American Insurance of Newark (semi-ann.)American Optical Co..7% pref.(guar.)
American Paper Goods, 7% pref. (guar.)
American Rolling Mill (resumed)
Preferred (quarterly)
American Safety Razor (guar.)
American Snuff Co. commo
Preferred
American Steel Foundries, preferred
American Stores (quarterly)
American Sugar Refining (guar.)
Preferred (quarterly)
American Sumatra Tobacco Corp.(extra)
American Telephone & Telegraph (quar.)
American Thermos Bottle. preferred (guar.)
American Tobacco Co. preferred (guar.)
American Water Works & Electric Co.
1st $6 preferred (quarterly)
Anchor Cap Corp., common (guar.)
86)4 preferred (quarterly)
Appalachian Electric Power,$7 pref. (quar.)56 preferred (quarterly)
Apponaug Co.(quar.)
Arkansas Power & Light, $6 preferred
$7 preferred
Art Metal Works. Inc.. common
Armour of Delaware preferred (guar.)
Armour of Illinois $6 preferred (quar.)
7% preferred (quar.)
Asbestos Mfg. Co., $1.40 cony. pref. (guar.)
$1.40 convertible pref. (quar,)
Associated Breweries of Canada, pref. (quara__
Associates Investment Co. new (initial)
79" preferred (new) (initial)
7% preferred (guar.)
Atlantic City Fire Insurance (guar.)
Per
Share
When Holders
Payable of Record
50c
10c
30c
15c
50c
1234c
$1
Oct. 1 Sept. 18
Oct. 1 Sept. 18
Sept.30 Sept.21
Sept.30 Sept.21
Oct. 1 Sept.16
Oct. 1 Sept.16
Sept.30 Sept. 6a
Oct. I Sept.20
Oct. 10 Sept.23
Oct. 1 Sept. 7
Oct. 1 Sept. 16
Oct. 1 Sept. 7
Oct. 15 Sept.30
Oct. I Sept. 13
Oct. 1 Sept. 26
Oct. 15 Sept.30
Oct. 15 Sept.30
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Nov. 1 Oct. 15
Oct. 1 Sept. 9
Oct. 1 Sept. 21
Oct. 1 Sept. 11
Oct. 1 Sept. 25
Oct. 1 Sept. 25
Oct. 1 Sept.20
Oct. I Sept.21
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Oct. 1 Sept. 20
Oct. 15 Sept.30
Sept.30 Sept. 15
Dec. 31 Dec. 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
Oct. 1 Sept. 19
Sept.30 Sept.14
Oct. 1 Sept. 16
Oct. 1 Sept. 11
Sept.30 Sept. 20
Sept.30 Sept.20
Oct. 1 Sept. 19a
Oct. 1 Sept. 16
Oct. 1 Sept. 21
Oct. 1 Sept. 12
Oct. 1 Sept. 14
Oct. 1 Sept. 20
Oct. 1 Sept. 14
Oct. 15 Sept. 15
Oct. 15 Sept. 15
Oct. 1 Sept. 20
Oct. 10 Sept. 30
Oct. 1 Sept. 16
Oct. 15 Sept. 5
Oct. 1 Sept.12
Nov. 1 Oct. 8
Oct. 1 Sept. 15
Jan. 1 Dec. 14
Oct. 1 Sept. 16
Oct. 1 Sept. 14a
Oct. 1 Sept. 16
Oct. 1 Sept.14
Dec. 15
Oct. 15 Oct. 1
Oct. 15 Oct. 1
Sept.30 Sept 10
Oct. 1 Sept. 12
Oct. 1 Sept. 12
Sept.30 Sept.16
Oct. 1 Sept.13
Oct. 2 Sept. 5
Oct. 2 Sept. 5
Dec. 16 Dec. 2
Oct. 15 Sept. 16
Oct. 1 Sept. 20
Oct. 1 Sept. 10
15c
50c
40c
15c
2c
Sc
750
75c
$134
$13/
$135
250
"IA
8734c
$1
$1
h25c
3734c
10c
40c
50c
50c
813i
81%
h50c
75c
$194
750
25c
$19(
$191
h25c
h$131
750
81
$1
1
$I
Si
$134
20c
$134
Si
$1)4
25c
25c
25c
20c
25c
Si fi
S154
30c
S134
SI
3
1)4 o
50c
50c
50c
Si
50c
$234
87)0
134%
g
$134
15c
51
51
Si
2c
Si5
10c
SI
SI
131
35c
350
S19.1
c20c
$1 85
$194
$1
Oct. 1 Sept. 16
Oct. I Sept. 20
Oct. 1 Sept.20
Oct. 1 Sept. 3
Oct. 1 Sept. 3
Oct. 1 Sept. 14
Oct. 1 Sept.14
Oct. 1 Sept. 14
Sept.25 Sept. 11
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Nov. 1
Feb. 1
Oct. 1 Sept. 15
Sept.30 Sept.20
Sept.30 Sept.20
Sept.30 Sept.20
Sept.30 Sept.20
Name of Company
1883
Per
Share
When Holders
Payable of Record
Atlantic & Ohio Teleg. Co.(guar.)
EV Oct. 2 Sent. 16 ,
Automatic Voting Machine(guar.)
1234c Oct. 1 Sept. 20
Quarterly
12340 Jan. 1 Dec. 20
Quarterly
1234c Apr. 1 Mar.20
Quarterly
1234c July 1 June 20
Automobile Insurance of Hartford (guar.)
250 Oct. 1 Sept. 7
Axton-Fisher Tobacco, class A (quarterly)
1300 Oct. 1 Sept. 15
Class B (quarterly)
40c Oct. 1 Sept. 15
Preferred (quarterly)
$131 Oct. 1 Sept. 15
Babcock & Wilcox
10c Oct. 1 Sept.20
Backstay Welt
250 Oct. 1 Sept. 15
Bancohio Corp. (quarterly)
18c Oct. 1 Sept.21
Bangor & Aroostook RR. Co.,common
63c Oct. 1 Aug. 31
Preferred
% Oct. 1 Aug. 31
Bangor Hydro-Electric (quarterly)
Oc Nov. 11 Oct. 10
7% preferred (guar.)
134 Oct. 1 Sept. 10
6% preferred (guar.)
134 Oct. 1 Sept. 10
Bankers Trust Co.(quarterly)
50c Oct. 1 Sept. 12
Bank of the Manhattan Co.(guar.)
3734c Oct. I Sept. 17a
Bank of New York & Trust Co.(guar.)
Oct. 1 Sept.20
Bank of Yorktown (N. Y.) (guar.)
50c Oct. 1 Sept.20
Bank Stock Trust Shares 0-1 reg
21 .2922c Oct. 1 Sept.
0-2 registered
20.743c Oct. 1 Sept. 1
Battle Creek Gas Co..6% pref.(guar.)
5134 Oct. 1 Sept.20
Bayuk Cigars, 1st preferred (guar.)
5134 Oct. 15 Sept.30
Beatrice Creamery, pref. (guar.)
5134 Oct. 1 Sept. 14
Beech Creek RR.(quarterly)
50c Oct. 1 Sept. 16
Beech-Nut Packing Co common (guar.)
750 Oct. 1 Sept. 12
Extra
50c Oct. 1 Sept.12
Belding-Heminway
50cOct. 25 Sept.25
Bell Telephone of Canada (guar.)
Oct. 15 Sept. 23
Bell Telep. of Penna.. 634% pref.(guar.)
Oct. 15 Sept.20
$1
Bethlehem Steel. preferred
$1
Oct. 1 Sept. 6
Bickford. Inc. (quar.)
25c Oct. 1 Sept.20
Preferred (quarterly)
6234c Oct. 1 Sept.20
Bird & Son, Inc. (quarterly)
Oct. 1 Sept.25
Black & Decker Mfg.. Preferred
h50c Sept.30 Sept.20
Block Bros. Tobacco Co.,6% preferred (guar.). Si
Sept.30 Sept.25
6% preferred .quar.)
Dec. 31 Dec. 25
$1
Bloomingdale Bros.,Inc.,common
Sept.27 Sept. 17
1
Bohn Aluminum & Brass (guar.)
75c Oct. 1 Sept.13
Bon Ami, class B (guar.)
50c Oct. 1 Sept. 18
Borg-Warner
50c Oct. 1 Sept. 13
Preferred (guar.)
$19‘ Oct. 1 Sept. 13
Borne Scryinser Co.(special)
50c Oct. 15 Sept.27
Boston & Albany RR
$2 Sept.30 Aug. 31
Boston Acceptence.7% pref.(guar.)
• 1734c Sept.30 Sept. 19
Boston Elevated Ry.(quar.)
Oct. 1 Sept. 10
Boston Insurance (quar)
Oct. 1 Sept.20
Boston & Providence RR.(guar.)
52.125 Oct. 1 Sept. 20
Quarterly
Ja
en
p.t.30
2 Dec. 20
$2.125 s
Boston Storage & Warehouse Co.(guar.)
Slii
Bourbon Stockyards Co. (quarterly)
Oct. 1 Sept.23
Bower Roller Bearing Co.(quar.)
250 Oct. 25 Oct. 1
Brantford Cordage Ltd., 1st pref.(quar.)
50c Oct. 15 Sept.20
Brazilian Traction Light & Power. pfd.(qu.)5134 Oct. 1 Sept. 14
Brewer (C.)& Co Ltd (monthly)
$1 Sept.25 Sept.20
Brewing Corp. of Canada, preferred
h3734c Oct. 15 Sept.30
Bridgeport Brass Co.common (guar.)
1OC Sept.30 Sept. 13
Bridgeport Gas Light Co
600 Sept.30 Sept. 16
Brill° Manufacturing Co.. Inc., common (guar.)
15c Oct. I Sept. 14
Class A (guar.)
50c Oct. 1 Sept. 14
British American Assurance (s.-a.)
75c Oct. 1 Sept.25
British American Oil Co.,Ltd.(guar.)
r20c Oct. 1 Sept.17a
British-American Tobacco Co.. Ltd. (interim).... w 100 Sept.30 Aug. 31
5% preferred (semi-ann.)
w2)4% Sept.30 Aug. 30
British Columbia Power, class A (guar.)
r3Sc Oct. 15 Sept.30
Broad St. Investing (quar.)
20c Oct. 1 Sept. 16
Brooklyn-Manhattan Transit pref (guar.)
$134 Oct. 15 Oct. 1
Preferred (guar.)
$134 1-15-36 Jan. 2
Preferred (guar.)
$134 4-15-36 Apr. 1
Brooklyn & Queens Transit $6 preferred
h50c Oct. 1 Sept.14
Brooklyn Union Gas (quarterly)
291
$131)4
135
Brown Fence & Wire (initial)
Feb.
Feb. 135
Brown Shoe Co. 7% preferred (guar.)
$134 Oct. 31
Bruck Silk Mills (quar.)
300 Oct. 15 Sept. 14
Bucyrus-Monighan, A (guar.)
450 Oct. 1 Sept. 20
Budd Wheel 7% cum. pref.(rammed)
$334 Sept.30 Sept.16a
Buffalo Niagara & Eastern Power preferred--..40c Oct. 1 Sept. 14
1st 55 preferred (guar.)
$134 Nov. 1 Oct. 15
Building Products, Ltd.,class A & B (quara_ _
25c Oct. 1 Sept. 18
Burma Corp. Ltd., Am. dep. rec. (final)
w 5 ann Oct. 5 Aug. 27
Calamba Sugar Estates, coin.(guar.)
40c Oct. 1 Sept.14
Extra
Si Oct. 1 Sept. 14
Calgary Power. pref. (guar.)
$134 Oct. 1 Sept. 14
California Ink (guar.)
50c Oct. 1 Sept. 21
Cambria Iron (semi-annual)
51 Oct. 1 Sept. 14
Cambridge Investment Corp., A & B (s.-a.) _
25c Oct. 1 Sept.20
nanada & Dominion Sugar Ltd.(guar.)
4714c Dec. 1 Nov. 15
Canada Northern Power Corp.. Ltd.(quara__ _
30c Oct. 25 Sept.30
7% cum. preferred (guar.)
134% Oct. 15 Sept.30
Canada Packers
750 Oct. 1 Sept.14
Preferred (quarterly)
S134 Oct. 1 Sept. 14
Canada Permanent Mtge.(quar.)
52 Oct. 1 Sept.14
Canadian Canners, 1st pref. (guar.)
4134 Oct. 1 Sept. 14
Canadian Celanese, Ltd.. 7% pref. (quarj_ _ - _ 5134 Sept.30 Sept. 18
Canadian Cottons (quarterlY)
$1 Oct. 1 Sept.13
Preferred (quarterly)
5134 Oct. 1 Sept.13
Canadian Fairbanks Morse. pref. (quar.)
4134 Oct. 15 Sept.30
Canadian Foreign Investment (quar.)
40c Oct. 1 Sept. 20
Preferred (quar.)
52 Oct. 1 Sept. 20
Canadian General Electric (guar.)
r75c Oct. 1 Sept. 14
Preferred (quar.)
r8734c Oct. 1 Sept. 14
Canadian Industries. Ltd..class A & B (quar.)-- r51 Oct. 31 ept. 30
7% preferred (guar.)
4194 Oct. 15 Sept. 30
Canadian Westinghouse Co., Ltd.(quar.)
r50c Oct. 1 Sept. 20
Canadian Wirebound Box, class A
h25c Oct. 1 Sept. 14
Canfield Oil Co.. 7% preferred (guar.)
$194 Sept.30 Sept.20
Cannon Mills (quarterly)
50c Oct. 1 Sept. 18
Capital Administration, pref.(guar.)
75c Oct. 1 Sept. 16
Carnation Co. 7% pref. (quar.)
$134 Oct. 1 Sept.20
7% preferred (guar.)
$134 Jan.1'36
7% preferred (quar.)
Aprl'36
$1
Carolina Power & Light, $7 preferred
$134 Oct. 1 Sept.13
$6 preferred
$134 Oct. 1 Sept. 13
Carolina Telep. & Teleg. (guar.)
$234 Oct. 1 Sept. 24
Case (J. I.), 7% preferred
hSl Oct. 1 Sept.12
Celanese Corp.of Amer.,79" cum.pref
5131 Oct. 1 Sept. 18
Central Aguirre Associates (guar.)
3734c Oct. 1 Sept.17
Central Hanover Bank & Trust
$1 Oct. _1 Sept. 17
Central Illinois Light Co.6% pref.(guar.)
% Oct. 1 Sept. 14
7% preferred (guar.)
% Oct. 1 Sept. 14
Central Tube Co
Sc Sept.25 Sept. 16
Centrifugal Pipe Corp.(quar.)
100 Nov. 15 Nov. 6
Champion Fibre, 79' preferred
51$ Oct. 1
Champion Paper & Fibre, 7% pref
$1
Oct. 1
7% special preferred
$1
Oct. 1
Chatham Mfg.,7% pref. (guar.)
S134 Oct. 1 Sept.20
6% preferred (quar.)
$134 Oct. 1 Sept.20
Chesapeake Corp.(quar.)
750 Oct. 1 Sept. 6
Chesapeake & Ohio(guar.)
700 Oct. 1 Sept. 6
Preferred (semi-annual)
$334 Jan V36 Dec. 6
Chesebrough Mfg.(guar.)
Si Sept.27 Sept. 6
Extra
50c Sept.27 Sept. 6
Chicago Flexible Shaft (guar.)
300 Sept.30 Sept. 20
Extra
10c Sept.30 Sept.20
Chicago Junction Rys. & Union Stockyards
2)1 Oct. 1 Sept. 14
6% preferred (quarterly)
$134 Sept.30 Sept.20
Chicago Towel, preferred (quarterly)
$134 Sept.30 Sept.20
Chickasha Cotton Oil (quarterly)
50c Oct. 1 Sept. 9
Special
50c Oct. 1 Sept. 9
Christiana Securities, 7% pref. (guar.)
$134 Oct. 1 Sept.20
19i
1
41$
Financial Chronicle
1884
Name of Company
Per
Share
When Holders
Payable of Record
25c Sept.30 Sept. 3
Chryslei Corp.(quar.)
25e Sept.30 Sept. 3
Extra
Oct. 1 Sept. 16
$181
Cincinnati Gas & Electric, pref.(quar.)
% Oct. 15 Sept.30
Cin. Newport& Covington Lt.& Trac.(guar.)-$1.125 Oct. 15 Sept. 30
$4% preferred (guar.)
$1.13 Oct. 1 Sept. 18
Cincinnati & Suburban Bell Telep. ,quar.)
40c Sept.30 Sept.21
Cincinnati Union Stockyards (guar.)
$1.3( Oct. 1 Sept.20
Cincinnati Union Terminal. pref. (guar.)
$151 Jan. 1 Dec. 20
Preferred (guar.)
Oct. 1 Sept. 20
Citizens Water Co.(Wash., Pa.) 7% pf.(qu.)-50c Sept.30 Sept. 15
City Ice & Fuel. common (guar.)
25c Oct. 1 Sept.20
Claude Neon Electric Products (guar.)
25c Oct. 1 Sept. 24
Cleveland Graphite Bronze (guar.)
25c Oct. 1 Sept.24
Special
Cleveland & Pittsburgh By.,7% guar.(guar.)-- 87 c Dec. I Nov. 9
Dec. I Nov. 9
Special guaranteed (guar.)
Sc Sept.30 Sept. 15
Climax Molybdenum Co. (guar.)
Sc Dec. 30 Dec. 15
Quarterly
50c Sept.30 Sept. 14
Increaseki
50c Oct. 1 Sept. 23
Clinton Trust(N. Y.)(quar.)
$1% Oct. 15 Oct. 1
Clinton Water Works,7% pref.(guar.)
50c Oct. I Sept. 20
Clorox Chemical (guar.)
12 c Oct. 1 Sept.20
Extra
$181 Oct. 1 Sept.20
Cluett, Peabody & Co., Inc., pref. (guar.)
6d Sept.30
Coats(J.& P.)(Interim)
$4 Oct. 1 Sept. 12
Coca-Cola International Corp. (quar.)
$2 Oct. 1 Sept. 12
Coca-Cola (quarterly)
$1% Oct. 1 Sept. 5
Colgate-Palmolive-Peet, preferred (guar.)
51% Oct. 1 Sept.20
Colonial Ice Co.,$7 pref.(guar.)
$1.% Oct. 1 Sept.20
$6 preferred B (quarterly)
31%c Sept.30 Sept. 7
Colt's Patent Fire Arms kquar.)
40c Sept.30 Sept.16
Columbia Broadcasting System (guar.)
25c Oct. 1 Sept. 18
Columbia Pictures Co., corn. (quar.)
6254c Sept.30 Sept.10
Commercial Credit (quarterly)
$1% Sept.30 Sept. 10
53. % preferred (initial)
70c Oct. 1 Sept. 5a
Commercial Investment Trust,corn.(guar.) --40c Oct. 1 Sept. 5a
Common (extra)
f$155 Oct. 1 Sept. 5a
Cony.preference (opt.ser. 1929)(quar.)
Cony. preference($481 tier. of 1935)(guar.)-- $1.06g Oct. 1 Sept. 5a
75c Oct. I Sept. 6
Commonwealth & Southern $6 preferred
Commonwealth Utilities Corp.$1% Oct. 1 Sept.14
7% preferred A (quarterly)
Oct. 1 Sept.14
$1
6 preferred B (quarterly)
Dec 2 Nov. 15
$I
68% preferred 01 (quarterly)
Commonwealth Water & Lt., $7 pref. (guar.).- $151. Oct. 1 Sept. 20
56 preferred (guar.)
$1% Oct. 1 Sept. 20
Sept.30 Sept.25
Confederation Life Assoc.,"Toronto" (guar.).._
$1 Dec. 31 Dec. 25
Quarterly
75c Oct. 1 Sept. 14
Connecticut Electric Service (guar.)
Connecticut Gas & Coke Security Co.
75c Oct. 1 Sept. 14
$3 preferred (guar.)
20c Oct. 1 Sept. 21
Connecticut General Life Insurance (guar.).20c Oct. 1 Sept.20
Consolidated Bakeries of Canada (quar.)
h$2% Oct. 1 Sept. 24
Consolidated Dry Goods.7% preferred
Oct. 1 Sept. 10
h25c
Consolidated Film Industries preferred
$1% Nov. 1 Sept. 27
Consolidated Gas. preferred (guar.)
90e Oct. I Sept.14
Consolidated Gas & Electric Lt. of Balt
$1 Oct. 1 Sept.14
5% preferred (quarterly)
25c Oct. 10 Sept. 10
Consolidated Oil Corp
17%c Oct. 1 Sept.20
Consolidated Paper Co.. pref.(guar.)
32% Oct. 1 Sept.14
Consumers Gas (Toronto) (guar.)
Consumers Power Co$I% Oct. 1 Sept.14
$5 preferred (quarterly)
$1% Oct. 1 Sept. 14
6% preferred (quarterly)
Sept.14
$1.65
6.6% preferred (quarterly)
$181 Oct. 1 Sept.14
7% preferred (quarterly)
50c Oct. I Sept. 15
6% preferred (monthly)
Mc Oct. 1 Sept.15
preferred (monthly)
147 Oct. 1 Sept. 11
Container Corp., 7% preferred
50c Sept.30 Sept. 14
Continental Assurance (guar.)
$I Oct. 1 Sept.20a
Continental Baking Corp., pref.(guar.)
20c Oct. 1 Sept.13
Continental Bank & Trust Co.(guar.)
25c Sept.30 Sept. 16
Continental Diamond Fibre Co
25c Oct. 31 Oct. 7
Continental 011
h$1 81 Oct. 1 Sept.16
Continental Steel, preferred
12.31c Nov.30 Nov. 15
Copperweld Steel (guar.)
213i Oct. 1 Sept.20
Coronet Phosphate
$151 Oct. 1 Sept. 15
Courier Post Co.,7% pref.(guar.)
50c Oct. 1 Sept.21
Cream of Wheat (guar.)
25c Sept.24 Sept. 14
Crowell Publishing Co.(guar.)
?al Oct. 1 Sept.16
Crown Willamette Paper,7% preferred
150 Oct. 15 Oct. 5
Crum & Forster(guar.)
Sc Oct. 15 Oct. 5
Extra
$2 Dec. 28 Dec. 20
Preferred (guar.)
Sept.30 Sept.20
$2
8% preferred (quar.)
$3.95
Cumberland Pipe Line (liquidating)
11$1$' Oct. 1 Sept. 10
Curtis Publishing, preferred
Oct. 1 Sept.14
Curtiss-Wright Export Corp. pref. D (guar.) - $1
Oct. 1 Sept.14
$1
Preferred E (quarterly)
Sept.30
Sept.20
25c
(guar.)
Stores
Danahy Faxon
25c Sept.30 Sept.20
Extra
25c Oct. 1 Sept.20
Davenport Hosiery Mills
$154 Oct. 1 Sept. 20
Preferred (quarterly)
873ic Oct. 1 Sept. 16
Dayton & Michigan RR.Co.(semi-ann.)
$1 Oct. 1 Sept. 16
8% preferred (quarterly)
50c Oct. 1 Sept.20
Dayton Power & Light 6% pref. (mo.)
1254c Oct. 1 Sept. 20
Deisel-Wemmer-Gilbert (guar.)
hl 1 31c Oct. 1 Sept. 16
Dejay Stores, Inc.."A"
43%c Oct. 1 Sept. 16
Class A (guar.)
Oct. 1 Sept. 20
De Long Hook & Eye Co.(guar.)
Oct. 1 Aug. 31
.0475c
Deposited Bank Shares (semi-ann.)
$1 Oct. 15 Sept.30
Detroit Edison Co. (quarterly)
$2 Jan. 6 Dec. 20
Detroit Hillsdale & Southwestern RR. ts.-a.)
25c Oct. 1 Sept. 19
Devoe & Reynolds, A & B (guar.)
25c Oct. 1 Sept. 19
A and B (extra)
$181 Oct. 1 Sept. 19
1st and 2d preferred (guar. )
25c Dec. 2 Nov. 15
Diamond Match (irregular)
25c Oct. 1 Sept.20
Diamond Shoe
Oct. 1 Sept.20
$1%
Preferred (quarterly)
$1% Oct. 15 Sept. 20
Diamond State Telep.. 6%% pref.(guar.)
87%c Oct. 1 Sept. 20
Doehler Die Casting 7% pref.(guar.)
$15( Oct. 1 Sept. 20
$7 preferred (guar.)
Oct. 1 Sept. 16
$1
Dominion Glass, Ltd.(guar.)
Oct. 1 Sept. 16
$1
Preferred (quarterly)
$1 4 Sept.30 Sept.20
Dominion Rubber. Ltd.. pref. (guar.)
h25c Oct. I Sept. 20
Dominion-Scottish Investors 5% pref
Oct. 1 Sept. 16
r$1
Dominion Textile (quarterly)
Oct. 15 Sept.30
r$1
Preferred (quarterly)
75c Sept.27 Sept. 9
Douglas Aircraft (resumed)
$3 Oct. 1 Sept.30
Dover & Rock RR.,6% gtd.stock (s.-a.)
The Nov. 15 Nov. 4
Dow Drug (resumed)
$1% Oct. 1 Sept. 20
Preferred (guar.)
60c Oct. 1 Aug. 31
Draper Corp.(quar.)
$15( Oct. 1 Sept.20
Driver-Harris Co.. 7% preferred (guar.)
750 Oct. -1 Sept. 14
Duke Power Co. (quarterly)
15(a Oct. 1 Sept. 14
Preferred (quarterly)
Oct. 1 Sept.20
Duplan Silk, preferred (guar.)
du Pont de Nemours(E. 14$1% Oct. 25 Oct. 10
Debenture stock (guar)
12%c Oct. 1 Sept. 20
Duquesne Brewing Co. preferred A (guar.)
$181 Oct. 15 Sept. 16
Duquesne Light Co.5% 1st pref (guar.)
50c Oct. 1 Sept. 26
Eagle Warehouse & Storage (reduced)
Oct. 1 Sept. 14
SI.125
_
_
(guar.)
pref.
Assoc.,
45i%
Fuel
&
Gas
Eastern
Oct. 1 Sept. 14
6% preferred (quarterly)
$15.1 Oct. 1 Sept. 13
Eastern Steamship Lines, 1st pref. (guar.)
87%c Oct. 1 Sept. 13
Preferred (quarterly)
$1% Oct. 1 Sept. 5
Eastman Kodak Co., common (guar.)
25c Oct. I Sept. 5
Common (extra)
$1% Oct. 1 Sept. 5
Preferred (quarterly)
East Missouri Power Co.. 7% cum. pref. (8.-a.) $3% Oct. 1 Sept. 20
2c Oct. 1 Sept. 10
Ecuadorian Corp. (guar.)
250 Sept.25 Sent.10
Edison Bros. Stores (guar.)
Name of Company
Sept. 21 1935
Per
Share
When Holders
Payable of Record
50c Oct. 1 Sept. 20
Electric Controller Mfg. (guar.)
$131 Sept.30
Electrical Securities Corp., pref.(guar.)
50e Oct. 1 Sept. 9
Electric Storage Battery Co., cant. (quar.)
50c Oct. 1 Sept. 9
Preferred (guar.)
52 Oct. 1 Sept. 25
Elizabethtown Consul. Gas(guar.)
$1 Oct. 1 Sept.20
Elizabeth & Trenton RR.. COM.(s.-a.)
Oct. 1 Sept.20
SIM
Preferred (semi-annual)
El Paso Electric Co.(Texas). 56 pref. (guar.).- $1% Oct. 15 Sept.30
50c Oct. 1 Sept. 1
Emerson's Bromo-Seltzer. S% preferred (guar.)
$1 Dec. 1 Nov. 21
Empire & Bay State Telep..4% fad (quar.)_
$1% Oct. 1 Sept. 16
Empire Power Corp.,56 preferred (quar.)
8
11
Sept.2
O%
18
t 25
.
e!
181% S
Empire Safe Deposit Co. (quarterly)
75c
Endicott-Johnson (guar.)
$15( Oct. 1 Sept.18
Preferred (guar.)
8715c Dec. 10 Nov.30
Erie & Pittsburgh RR. Co.,7% gtd. (quar.)
SOc Dec. 1 Nov.30
Guaranteed betterment (guar.)
c20c Oct. 1 Sept. 16
Eureka Vacuum Cleaner (guar.)
Oct. 3 Sept. 14
$2%
-a.)
(s.
Ry.
European & North American
25e Oct. 1 Sept. 16
Evans Pt oducts
$.3% Oct. 1 Oct. 1
Fairbanks (E. & T.) & Co., pref. (s.-a.)
• 7%c Sept.27 Sept.12
Falconbridge Nickel Mines
6Iic Oct. 1 Sept.27
Famise Corp.(guar.)
651c Oct. 1 Sept.27
Class A (guar.)
12
31c Oct. 1 Sept.14
Fanny Farmer Candy Shops
Oct. 1 Sept. 11
$2
Farmers & Traders Life Ins. (quar.)
Oct. 1 Sept. 16
50c
(quarterly)
Rubber
Faultless
15c Oct. 1 Sept.21
Federated Department Stores (quarterly)
10c Oct. 1 Sept.21
Extra
20c Sept. 25 Sept. 14
Ferro Enamel Corp., common (quarterly)
16c Sept.30 Sept. 16
Fifth Avenue Bus Securities (quar.)
20c Sept.30 Sept. 17
Filene's(Wm.) Sons, common (guar.)
10c Sept.30 Sept. 17
Extra
$15( Oct. 1 Sept. 17
Preferred (quarterly)
$2% Oct. 1 Sept. 14
Finance Co.(Penna.) (guar.)
10c Oct. 21 Oct. 4
Firestone Tire & Rubber (quarterly)
150 Oct. I Sept.20
First Bank Stocks Corp.(increased)
Oct. 1 Sept. 16
$25
(guar.)
Y.)
(N.
Bank
National
First
8231c Oct. 1 Sept. 10
First National Stores (gum .)
Oct. 1 Sept. 10
$I
1st preferred (guar.)
Sept.30 Sept.20
First State Pawners Society (Chicago, III.)(qui $1
Oct. 1 Sept. 12
$1
Fisk Rubber, preferred (quarterly)
Oct. I Sept. 16
2
Florsheim Shoe Co., class A (quar.)
1231 Oct. 1 Sept. 15
Class II (guar.)
2
Sept.25 Sept. 16
Foote-Burt
$181 Oct. 1 Sept. 20
Foreign Light Ss Power. 56, 1st pref. (guar.)._ $1%
40c Oct. I Sept. 14
Formica Insulation (increased)
$1 Sept.25 Sept. 14
49 West 37th St. Corp., vot. tr. ctfs. (s.-a.).. _
51% Nov. 11 Oct. 15
Franklin Telep. Co. 231% gtd. stk. (s.-a.)
$1% Nov. 1 Oct. 15
Freeport Texas. preferred (quarterly)
$7 Oct. 1 Sept. 23
Fuller Brush Co., 7% pref. (guar.)
2c Oct. 1 Sept. 16
Fundamental Investors, Inc
87%c Oct. 1 Sept. 15
Galland Mercantile Laundry (guar.)
$1% Oct. 1 Sept. 16
Gannett Co.. Inc., $6 pref. (guar.)
Sla Oct. 1 Sept.20
General American investors, pref.(guar.)
Oct. 1 Sept. 21
General Baking Corp., preferred (guar.)
h35c Oct. 1 Sept. 20
A
class
Corp.,
Candy
General
Dec. 2 Nov. 22
$1
General Cigar preferred (guar.)
Mar. 2 Feb. 20
$1
Preferred (guar.)
May 22
Junel'36
$1
Preferred (guar.)
20c Oct. 25 Sept.27
General Electric
$1% Oct. 1 Sept. 14a
General Mills. inc.. preferred (guar.)
$15( Nov. 1 Oct. 7
General Motors pref. (guar.)
40c Oct. 1 Sept.18
General Printing Ink Corp.,common (guar.)._
$1% Oct. 1 Sept. 18
Preferred (quarterly)
g. Oct. 1 Sept. 20
General Public Utilities. Inc., $5 pref. (guar.)._
25c Oct. 1 Sept. 10
General Ry. Signal Co common (guar.)
$1% Oct. 1 Sept. 10
Preferred (quarterly)
750 Oct. 1 Sept.25
General Telephone, pref. (initial)
75c Oct. 1 Sept. 14
General Water, Gas & Elec. Co..$3 pref.(quar.)
Oct. 1 Sept. 14
$131
(guar.)
$6
Co.
preferred
Power
Georgia
Oct. 1 Sept. 14
$1
$5 preferred (guar.)
2
Gillette Safety Razor Co. common
1
Oct. 3
1 °t
t 3°
Py
Neo
$131 B
$5 cony. preference (guar.)
1 Sept. 14
40c Oct. I
Glens Falls Insurance Co.(guar.)
Sept.17
25c Oct.
Glidden Co. (guar.)
15c Oct. 1 Sept.17
Extra
$154 Oct. 1 Sept.17
Preferred (quar.)
50c Oct. 1 Sept. 20
Globe Wernicke preferred (guar.)
50c Jan 1'36 Dec. 20
Preferred (guar.)
h$1 Oct. 1 Sept. 16
Godchaux Sugars, Inc., preferred
Oct. 1 Sept. 16
$154
(quarterly)
Preferred
5C Sept.30 Sept.
Goebel Brewing (guar.) increased
1
Sept.301 Sept.30
Sc Oct0
Extra
Sept.
37 c
Goldblatt Bros.(guar.)
SI
Sept.30 Sept. 17
Gold Dust $6 preferred (guar.)
$1% Oct. 1 Sept.30
Gold & Stock Telegraph (quar.)
h$1 Oct. 1 Aug. 31
Goodyear Tire & Rubber,7% preferred
62c Oct. 1 Sept. 14
Goodyear Tire & Rubber of Canada (new)
% Oct. 1 Sept. 14
Preferred (new)
h75c Oct. 1Sept.20
Greenwich Water & Gas System,6% pref.
$1% Oct. 1 Sept. 20
Gulf Power Co., $6 preferred (quarterly)
5 Oct. 1 Sept. 20
151
Gottfried Baking Co., Inc., pref. (quar.)
Dec. 30 Dee. 27
Grace(W. R.) & Co.,6% pref. ts,-a.)
$2 Dec. 30 Dec. 27
Preferred A (quar.)
$4 Dec. 30 Dec 27
Preferred B ts -a.)
$2% Sept.30 Aug. 28
Grace National Bank (N.Y.)(semi-annual)._
12%c Sept.30 Sept.20
Grand Rapids Varnish (quar.)
10c Sept.25 Sept. 5
Grand Valley Brewing Co
250 Sept.30 Sept. 17
Granite City Steel Co. (quarterly)
(guar.)
Oct. 1 Sept. 12
25c
T.)
(W.
Grant
30c Oct. 1
Great Eastern Fire Insurance (N.Y.) ts.-a.)__
60c Oct. 2 Sept. 14
Great Western Sugar (quarterly)
$1% Oct. 2 Sept. 14
Preferred (quarterly)
30c Oct. 1 Sept. 20
Great Western Electro-Chemical 6% Pf.(initial)
$1% Oct. 1 Sept. 16
Green (D.) preferred (guar.)
250 Oct. 1 Sept. 14a
Greif Bros. Cooperage Corp., class A
*131 Oct. 1 8(314.21
Greyhound Corn.. preferred A (quar.)
(guar.)
Sept.30 Sept.10
Corp.
$100
011
1
Group No.
3% Oct. 1 Sept. 6
Guaranty Trust Co. of N. Y.(guar.)
43 c Sept.30 Sept.13
Hackensack Water Co.7% Pref. A ((Mar.)
Oct. 1 Sept. 14
Haloid Co.(guar.)
50c Oct. 1 Sept. 14
Extra
(guar.)
Oct. 1 Sept. 14
$1%
preferred
7%
h$1 Sept.30 Sept. 4
Hamilton United Theatres,7% pref
$1% Oct. 1 Sept. 16
Hamcnermill Paper Co 6% pref.(guar.)
$1% Oct. I Sept. 20
Hanes(P. H.) Knitting 7% pref.(guar.)
40c Oct. 1 Sept. 17
Hanover Fire Insurance Co.(quarterly)
$136 Oct. 21 Oct. 7
Harbison-Walker Refractories, pref.(quar.)_
4 Dec. I Nov. 5
$13
5
Hardesty (R.) Mfg. Co. 7% pref. (guar.)
Oct. 15 Sept.30
$1
Harrisburg Gas preferred (quar.)
50c Oct. 1 Sept. 14
Hartford Fire Insurance (guar.)
Sept. 9
08
30
50c 8
Sept:3
Hartford Gas
50c
Preferred (guar.)
Oct. 5
15
Oct.
60c
Hawaiian Sugar (guar.)
60c Oct. 15 Oct. 5
Extra
20c Dec. 15 Dec. 5
Hawaii Conant. Ry..7% pref. A (guar.)
$131 Oct. 1 Sept. 15
Hazel-Atlas Glass Co
$15( Sept.30 Sept.27
Heath (D. C.) & Co.. 7% Pref.(guar.)
Oct. 1 Sept. 10
(guar.)
common
$1%
Co.
W.)
(Geo.
Hel me
$131 Oct. 1 Sept. 10
Preferred (guar.)
250 Oct. 1 Sept.20
Hercules Motor (quar.)
750 Sept.25 Sept.13
Hercules Powder Co. common (guar.)
$131 Oct. 1 Sept. 20
Heyden Chemical Corp.. 7% pref. (guar.)
10e Sept.27 Sept.20
Hibbard. Spencer. Bartlett & Co.(mo.)
12.34c Oct. I Sept. 14
Hinde & Dauch Paper Co. of Can. (guar.)
$1.05 Oct. 1 Sept. 16
Holophane Co., Inc., preferred (semi-ann.)
$1 opt.25 Sept.20
Homestake Mining (monthly)
$2 Sept.25 Sept.20
Extra
15c Oct. 1 Sept. 23
Hoover Steel Ball (increased)
$13( Oct. 1 Sept. 20
Horn & Hardart Baking (quar.)
50c Sept.28 Sept.11
Hoskins Manufacturing (guar.)
250 Sept.26 Sept. 11
Extra
Volume 141
Name of Company
Financial Chronicle
Per
Share
When Holders
Payable of Record
Houdaille Hershey A (quar.)
6230 Oct. 1 Sept.23
Class B (resumed)
25c Oct. 1 Sept.23
Howe Sound (quar.)
75c Sept.30 Sept. 21
Extra
30c Sept.30 Sept.21
Humble Oil & Refining (quar.)
25c Oct. 1 Aug. 31
Iluylers of Delaware, Inc., 7% pref. (quar.)__..
$1 Oct. 1 Sept. 14
7% preferred stamped (quarterly)
$1 Oct. I Sept. 14
Hygrade Sylvania (quarterly)
50c Oct. 1 Sept. 10
Preferred (quarterly)
Oct. 1 Sept. 10
Ideal Cement (guar.)
Oct. 1 Sept. 15
Extra
xtv8
2t
5
51
.Oct. 1 Sept. 15
Illinois Bell Telephone
Sept.30 Sept. 2
El
Imperial Chemical Industries
Nov. 9 Sept.13
Imperial Life Insurance (quar.)
Oct. 1 Sept.30
Quarterly
Jan. 2 Dec. 31
$3
Imperial Paper & Color Corp.(resumed)
Oct. 1
Imperial Tobacco of Canada (guar.)
r8rt, Sept.30 Sept.13
Preferred (semi-ann.)
Sept.30 Sept. 13
Incorporated Investors (8.-a.)
Oct. 21 Sept. 24
e234
Independent Trust Shares
5c Oct 1 Aug. 31
Indiana General Service.6% pref.(quar.)
Oct 1 Sept. 3
Si
&
Indiana Michigan Electric-7% pref.(guar.). $1
Oct. 1 Sept. 3
Indianapolis Power & Light 6% pref.(qua/Q
Si Oct. 1 Sept. 5
04% preferred (quay.)
$1 Oct 1 Sept. 5
Indianapolis Water Co.,5% cumul. pref.(quar.) $1
Oct. 1 Sept.12a
Industrial Rayon (quar.)
4c Oct. 1 Sept. 18
International Business Machines Corp. (quar.)_
3131 Oct. 10 Sent.21a
International Button Hole Sewing Machine20c Oct. 1 Sept. 16
International Carriers, Ltd., corn
1 Sept. 23
5c Oct
International Cement (quar.)
25c Sept.30 Sept.11
International Harvester Co
15c Oct. 15 Sept. 20
International Nickel, preferred (quarterly)
$15( Nov. 1 Oct. 2
Preferred ($5 par) (quarterly)
834c Nov. 1 Oct. 2
International Nickel of Canada
Sept.30 Aug. 31
International Salt Co.(quay.)
Oct. 1 Sept. 16a
37
International Shoe, common (quar.)
Oct. 1 Sept. 14
International Silver pref. (quar,)
$1 Oct 1 Sept. 14
Intertype Corp. 1st pref
$2 Oct. 1 Sept. 16
Investment Foundation,6% pref
h13 Oct. 15 Sept.30
6% preferred (quar.)
37c Oct. 15 Sept.30
Investors Corp. of R. I., $6 pref. (guar.)
$134 Oct. 1 Sept. 20
Iron Fireman Mfg.(quar.)
25c Dec. 2 Nov. 9
Irving Air Chute & Co.(quar.)
15c Oct. I Sept. 16
Extra
100 Oct. 1 Sept. 16
Irving Trust Co.(quar.)
150 Oct. 1 Sept. 16
Island Creek Coal Co., common (quarterly) 50c Oct. 1 Sept. 19
Preferred (quarterly)
$134 Oct. 1 Sept. 19
Jamaica l'ublic Service (quay.)
3734c Oct. 1 Sept. 16
7% preferred (quar.)
$lii Oct. 1 Sept. 18
7% preferred B (quay.)
134% Oct. 1 Sept.18
Jefferson Electric
Soc Sept.30 Sept. 14
Jersey Central Power & Light,
% pref. (411.) El% Oct. 1 Sept. 10
6% preferred (quarterly
$134 Oct. 1 Sept. 10
7°f preferred (quarterly
51% Oct. 1 Sept. 10
Jewel Ter (quarterly)
75c Oct. 15 Oct. 1
Jewel Tea Co Inc
75c Oct. 15 Oct. 1
Johns-Manville
25c Oct. 15 Sept.24
Preferred (quarterly)
51
Oct. 1 Sept. 17
Joliet & Chicaso RR.(quarterly)
Oct. 7 Sept.25
$1
Joplin Water Works Co..6% pref.(quay.)
Oct. 15 Oct. 1
$1
Kahn's (E.) SODS, preferred (quar.)
1
Oct. 1 Sept. 20
Kalamazoo Vegetable Parchment (quay.)
$1
Sept.30 Sept. 20
Quarterly
15c Dec. 30 Dec. 30
Kansas City Power & Light Co. 1st pref. B
Oct. I Sept. 14
$1.
Kansas Elec. Power Co., 77,, cumul. pref.(qu.)- $1
Oct. 1 Sept. 14
6% cumul. Jr. preferred (quar.)
31
Oct. 1 Sept. 14
Kansas Gas St Electric $7 pref.(quay.)
$1
Oct. 1 Sept. 16
$6 preferred (quar.)
Oct. 1 Sept. 18
Si
Kansas Power Co.. $8 cumulative pref. (quar.)
Oct. 1 Sept.20
SI
$7 cumulative preferred (quarterly)
Oct. 1 Sept. 20
$I
Kansas Utilities.7% pref.(quar.)
Oct. 1 Sept.20
31
Katz Drug, preferred
((Plan)
Oct. 1 Sept. 14
$1
Kaufmann Dept. Stores, Inc.. common
20c Oct. 28 Oct. 10
Preferred (quar.)
51% Oct. 1 Sept. 10
lielvinator Corp. (quarterly)
1234c Oct. 1 Sept. 5
Kennecott Copper Corp
15c Sept.30 Sept. 6
Keystone Public Service, $2.80 pref. (quar.)....
70c Oct. 1 Sept.15
Kimberly-Clark Corp. common (quar.)
1234c Oct. 1 Sept. 12
Preferred (quar.)
$1
Oct. I Sept. 12
King Royalty,8% preferred (quarterly)
Sept.30 Sent. 15
County Lighting Co.
Kings
Oct. I Sept. 16
707 preferred B quar. common (quar.)......
Oct. I Sept. 16
quer.
607 preferred
Oct. I Sept. 16
5% preferred D quar.
Oct. I Sept. 16
Klein (D. E.) & Co., common (quar.)
Oct. I Sept.20
7% preferred (quar.)
Oct. 1 Sept.20
Koppers Gas & Coke, preferred (quarterly)..Oct. I Sept. 12
Kresge (S. S.)
Sept.30 Sept.11
Preferred (guar.)
Sept.30 Sept.11
Kroebler Mfg. Co.. 7% pref. (quar.)
Sept.30
7% preferred (quar.)
Dec. 31
Class A preferred 'quar.)
Sept.30
Class A preferred (quar.)
Dec. 31
Kroger Grocery & Baking,7% pref. (quar.)......
Nov. 1 Oct. 18
6% preferred (quar.)
Oct. I Sept. 20
Lackawanna RR.of New Jersey,std.(quar.)..
Oct. 1 Sept. 6
Lambert Co. common (quar.)
50c Oct. 1 Sept. 19
Landers Frary & Clark (guar.)
3734c Sept.30 Sept. 20
Quarterly
3734c Dec. 31 Dec 20
Landis Machine.7% pref. (quar.)
Dec. 15 Dec. 5
Lazarus(F.& R.)(quay.)
Si
15c Sept.30 Sept.20
Preferred (guar.)
$14.4 Nov. I Oct. 19
Lehigh Portland Cement Co. preferred
h8734c Oct. 1 Sept. 14
Lehman Corn. (quarterly)
60c Oct. 4 Sept.20
Liggett & Myers Tobacco, preferred (quar.)$1% Oct. 1 Sept. 10
Link Belt, pref. (quar.)
$174 Oct. 1 Sept. 14
Lockhart Power Co..7% pref.(s.-a.)
Sept.30 Sept.30
33
Lock Joint Pipe, pref. (quar.)
Oct. 1 Oct. 1
Preferred (guar.)
$2 Jan. 1 Jan. 1
Loew's Inc.,common (quar.)
50c Sept.30 Sept.17
Lone Star Gas,6% preferred (quar.)
$1
Sept.30 Sept.14
Long Island Lighting CO.,7% pref. A (quar.)
Si
Oct. 1 Sept. 16
6% preferred B (quarterly)
$1
Oct. I Sept.16
Loomis-Sayles Mutual Fund (quar.)
50c Oct. 1 Sept. 14
Loose-Wiles Biscuit Co.. 1st pref. (quar.)
Oct. 1 Sept. 18
$1
Loose-Wiles Biscuit Co..7% 1st pref.(quar.)..... Si
Oct. 1 Sept. 18
Lord & Taylor Co.(quarterly)
Oct. 1 Sept. 17
52
Lorillard (P.) Co.(quar.)
30c Oct. 1 Sept. 13
Preferred (quar.)
$1.% Oct. 1 Sept. 13
Loudon packing Co.,common
1234c Oct. I Sept. 18
(Initial)
Louisville Gas & Electric Co.(Del.)Class A & B common (quar.)
3734c Sept.25 Aug. 31
Ludlum Steel. preferred (quar.)
Oct. I Sept. 23
Lunkenheimer Co. pref. (guar.)
515 Oct. 1 Sept. 20
% preferred (guar.)
31% Jan. I Dec. 21
Lynn Gas & Electric Co.(quar.)
$134 Sept.30 Sept. 16
Trust certificates (quar.)
Sept.30 Sept. 16
51
Mabbett(Geo.)& Sons 1st de 2nd pref.(quar.)
Oct. I Sent. 20
Si
Mack Trucks, Inc.(quar.)
25c Sept.30 Sept. 14
Magnin (I.) & Co.(quar.)
1234c Oct. 15 Sept.30
Mahoning Coal RR.(quay)
5635 Nov. 11 Oct. 15
Manufacturers Finance of Bait., pref
2134c Sept.30 Sept. 16
Manufacturers Trust Co. (quar.)
Oct. 1 Sept. 16
M & P Stores, Ltd..7% pref.(quay.)
$79‘ Oct. 1 Sept.24
Mapes Consolidated Mfg.(guar.)
50c Oct. 1 Sept.16
Marancha Corp. (liquidating)
56 Oct. 30 Sept 20
Margay 011 Corp
25c Oct. 10 Sept.20
Marine Midland Corp
10c Oct. 1 Sept. 13
Marlin-Rockwell
500 Oct. 1 Sept.20
Marion Water 00.7% Pref.(quay,)
$IM Oct. 1 Sept. 20
Mathieson Alkali Works (quar.)
3734c Oct. 1 Sept. 9
Preferred (guar.)
5134 Oct. I Sent. 9
Name of Company
1885
Per
Share
When Holders
Payable of Record
Maui Agricultural Co
15c Oct. 1 Sept.20
Extra
300 Oct. 1 Sept.20
McClatchy Newspapers,7% pref. (guar.)
43,ic Dec. 1 Nov.30
McKeesport Tin Plate (quar.)
$1 Oct. 1 Sept. 17
McLennan, McFeeley & Prior class A & B (qu.)_
10c Sept.30 Sept.23
McQuay-Norris Mfg. (quar.)
Oct. 11
2105
75c 0et.
Mead Johnson & Co.(guar.)
Sept. 1205
750
Extra
250 Oct 1 Sept.15
Meadville Conneaut Lake & Lineville RRReduced div. (semi-ann.)
50c Oct. 1 Sept. 14
Memphis Natural Gas Co. $7 pref.(quar.)
Sig Oct. 1 Sept. 20
Memphis Power & Light $7 pref.(quar.)
Oct. 1 Sept. 14
$1
Merchants Bank of N Y.(quar.)
5
Sept.30 Sept.20
Extra
250 Sept.30 Sept.20
Merchants & Manufacturers Securities pref.--51 Oct. 15 Oct. 1
Merchants & Miners Trans. Co.common (quar.)
400 Sept.30 Sept.23
Merck & Co.. Inc., common
100 Oct. 1 Sept.24
Preferred
$2 Oct. 1 Sept.24
Mesta Machine
50c Oct. 1 Sept. 16
Metal Thermit Corp., 7% prof. ((Mar.)
Oct. 1 Sept. 20
51
Metropolitan Coal, preferred )quar.)
Sept.30 Sept.23
31
Metropolitan Edison $6 Preferred (guar.)
Oct. 1 Aug. 30
$1
7% preferred (quar.)
Oct. 1 Aug. 30
Si
$5 preferred (quar.)
Oct. 1 Aug. 30
Si
Midland Steel Products,8% pref.(quay.)
Oct. 1 Sept.21
Minneapolis-Honeywell Regulator Co.pf. Amu.) Si
Oct. 1 Sept. 20
Preferred (quarterly)
Jan. 1 Dec. 15
Minnesota Mining & Mfg.(quay.)
Oct. 1 Sept.20
Extra
$12 c Oct. 1 Sept.20
Minnesota Power & Lighting 7% pref
Oct. 1 Sept. 14
6% preferred (quar.)
Oct. 1 Sept. 14
Si
$6 preferred (quar.)
Oct. 1 Sept. 14
Si
Mississippi River Power, pref. (quar.)
Oct. I Sept.14
51
Mississippi Valley Public Service Co
51 Oct. 1
6% preferred B (guar.)
$134 Oct. 1 Sept. 23
Missouri Edison $7 preferred
8734c Oct. 1 Sept. 20
Mitchell (J. S.) & Co. preferred (guar.)
Oct. 1 Sept. 16
51
Mock, Judson. Voehringer, preferred (quar.)
Oct. 1 Sept.15
51
Monarch Knitting 00.7% pref.(quay.)
Oct. 1 Sept. 14
31
Monarch Machine Tool Co. (quar.)
Oct. 1 Sept. 26
1
Extra
Sc Oct. 1 Sept.26
Monogram Pictures Corp. (quay.)
15c Nov.
Quarterly
15c Feb. I
Monongahela West Penn Public Service Co.
7% cum. preferred (quar.)
43340 Oct. 1 Sept.14
Monroe Chemical
250 Oct. 1 Sept. 14
Preferred (guar.)
8730 Oct. 1 Sept. 14
Mountain Producers Corp.(quar.)
15c Oct. 1 Sept.14a
Montgomery Ward, class A (quay.)
Oct. 1 Sept.20
51
Moore Dry Goods (guar.)
Oct. 1 Oct. 1
Si
Quarterly
Jan. 1 Jan. 1
SI
Morris Finance Co. A (quar.)
$134 Sept.30 Sept.20
Class B (quar.)
300 Sept.30 Sept.20
7% preferred (quay.)
Sept.30 Sept.20
31
Morris 5 & 10c to $1 Stores, Inc.,7% pref.(qu.) 51g Oct. 1 Sept.20
Morrison Cafeterias Congo'.7% pref.(quar.)
Oct. 1 Sept. 24
51
Morris Plan Insurance Society (quar.)
Dec. 1 Nov. 26
Motor Finance Corp.8% pref.(quay.)
$2 Sept.30 Sept. 23
Mountain States Telep. & Teleg. Co.(guar.)
$2 Oct. 15 Sept.30
Municipal Gas Co.(Texas)$7 preferred
318 Oct. 1
Murphy(G. C.) preferred (quay.)
Oct. 2 Sept.21
Mutual Chemical Co. of Amer.,6% pref.(cm.). $134 Sept.28 Sept.19
6% preferred (guar.)
Dec. 28 Dec. 19
$1
Myers (F. E.) & Bros
Sept.30 Sept. 14
5
Nashua Gummed & Coated Pap. Co., pfd.(qu.)- $1
Oct. I Aug. 30
Nassau & Suffolk Lighting 00.7% pref .(quar.)_
75c Oct. 1 Sept. 16
National Battery Co. preferred (quay.)
550 Oct. 1 Sept. 17
National Biscuit Co. (quay.)
400 Oct. 15 Sept. 13a
National Breweries (guar.)
400 Oct. 1 Sept. 16
Preferred (quay.)
440 Oct. 1 Sept. 16
National Candy (quarterly)
25c Oct. 1 Sept. 12
1st & 2nd preferred (quarterly)
Oct. 1 Sept.12
SI
National Dairy Products pref. A. & B (quar.)_
Oct. 1 Sept. 4
Si
Common (quar.)
Oct. 1 Sept. 4
3
National Enameling & Stamping Co.(quar.)- _
50c Sept.30 Sept. 18
National Finance Corp of Am.pref.(quar.)_
15c Oct. 1 Sept. 10
National Gypsum 2d pref. (initial) (quar.)
250 Oct. 1 Sept. 16
National Lead (quarterly)
Sept.30 Sept. 13
Sig
Class B prefened (guar.)
Si Nov 1 Oct. 18
National Oil Products Co
3
Sept.30 Sept.20
National Short Term Securities, pref.(guar.)
1734c Oct. 10 Oct. 1
National Standard (quarterly)
Sept.30 Sept.18
National Sugar Refining (quay.)
50c Oct. 1 Sept.
National Tea Co., common (quar.)
150 Oct. 1 Sept. 13
Natomas Co.(quar.)
200 Oct. 1 Sept. 16
Neill Corp. 1st pref.(resumed)
51.3134 Oct. 1 Sept. 14
Neiman-Marcus 00.7% pref.(quar.)
Dec. I Nov.20
Nevada-Calif. Electric. 7% pref. (quar.)
Nov. 1 Sept.30
Newark & Bloomfield RR.(semi-ann.)
Oct. 1 Sept.20
Si
Newberry (J. J.) Co.(quar.)
40c Oct. 1 Sept. 16
Newberry (J. J.) Realty,634% pref. A (quar.)
$1% Nov. 1 Oct. 16
6% preferred B (quarterly)
Nov. 1 Oct. 18
New England Gas & Electric Assoc. preferred3734c Oct. 1 Aug. 30
New England Power Assoc.6% preferred
$1 Oct. 1 Sept. 17
$2 preferred (quay.)
33 1-3c Oct. 1 Sept. 17
New England Power 00.6% pref.(quar.)
$134 Oct. 1 Sept. 13
New England Telep. & Teleg Co
Sept.30 Sept. 10
$1
New Jersey Power & Light $6 pref.(quay.)
Oct. 1 Aug. 30
$1
$5 preferred (quay.)
Oct. 1 Aug. 30
51
New Jersey Water Co.7% pref.(guar.)
$14 Oct. 1 Sept. 20
Newport Electric, preferred (quay.)
5134 Oct. 1 Sept. 15
New York Lackawanna & Western By. Co.
$134 Oct. 1 Sept. 13
5% guaranteed (guar.)
New York Steam 36 Preferred (quar.)
4134 Oct. I Sept. 14
$7 preferred (quay.)
c$1% Oct. 1 Sept. 14
New York Telephone. 634% preferred (guar.)._ c$i94 Oct. 15 Sept.20
New York Transit CO
15c Oct. 15 Sept.20
New York Transportation (quay.)
50c Sept.28 Sept. 16
Niagara Shares Corp.of Md..class A pref.(qu.)- $1% Oct. 1 Sept. 13
Noblitt-Sparks (quar.)
3734c Oct. 1 Sept. 20
North American Co. (quar.)
Oct. 1 Sept. 10
Preferred (quar.)
75c Oct. 1 Sept. 10
North American Invest.6% preferred
/131 Oct. 20 Sept.30
534 %;yoreferred
h91 2-3c Oct. 20 Sept.30
North Ont.Power & Light.6% pref.(quar.)- - $135 Oct. 25 Sept.30
Northeastern Water & Electric, pref. (quar.)
Si Oct. 1 Sept. 10
Northern RR.Co of N.J. 4% std.(quar.)
Si Dec. 1 Nov.21
Northern States Power Co.(Dell6% cumulatite preferred (quay.
134% Oct. 21 Sept.30
7% cumulative preferred (quar.
Oct. 21 Sept.30
Norwalk Tire & Rubber, pref. (quar.)
Oct. 1 Sept.20
Norwich & Worcester RR.,8% pref. (quar.)
$2 Oct. 1 Sept. 12
Novadel-Agene Corp.common (guar.)
50c Oct. I Sept. 20
Nova Scotia Light & Power Co.(quar.)
75c Oct. 1 Sept.14
Nunn-Bush Shoe (resumed)
250 Sept 30 Sept. 14
Oahu Sugar Co.(monthly)
200 Oct. 15 Oct. 5
Ogilvie Flour Mills (quarterly)
$2 Oct. I Sept.19
Ohio Edison Co. 55 pref.(guar.)
Oct. 1 Sept. 14
$1
$6 preferred (quar.)
31
Oct. 1 Sept. 14
$6.80 preferred (quar.)
51. 5 Oct. 1 Sept. 14
$7 preferred (quar.)
$151 Oct. 1 Sept. 14
$7.20 preferred (quar.)
31.80 Oct. 1 Sept. 14
Ohio Finance 8% preferred
h$134 Oct. 1 Sept. 10
Ohio Public Service Co.7% preferred (mthly.)... 58 1-3c Oct. 1 Sept. 14
6% preferred (monthly)
50c Oct. I Sept. 14
5% Preferred (monthly)
41 2-3c Oct. 1 Sept. 14
Ohio Service Holding Corp.. 35 non-cum. pref_ _
51 Oct. 1 Sept. 15
Old Colony RR. Co.(quar.)
$1% Oct. 1 Sept. 14
Old Line Life Insurance of Amer.(guar.)
15c Oct. 1 Sept. 14
Omnibus Corp., preferred (quar.)
32 Oct. 1 Sept.16
Ontario Mfg. (quarterly)
250 Sept.30 Sept.20
Preferred (quarterly)
31X Sept.30 Sept.20
Sept. 21
Financial Chronicle
1886
Name of Company
Per
Share
When Holders
Payable of Record
Ontario Loan & Debenture (guar.)
Oct. 1 Sept. 16
$1
Orange & Rockland Electric, 7% pref.(quar.)_ _ $1
Oct. 1 Sept.25
6% preferred (quarterly)
Oct. 1 Sept. 25
$1
5% preferred (initial) (guar.)
$1 X Oct. 1 Sept. 24
Paauhau Plantation (mo.)
10c Oct. 5 Sept.30
Pacific Finance (guar.)
30c Oct 1 Sept. 14
Preferred A quar.
20c Oct. 1 Nov. 15
Preferred C guar.
16Xc Nov. I Oct. 15
Preferred D guar.
17340 Nov. 1 Oct. 15
Pacific Gas & Electric (guar.)
37310 Oct. 15 Sept. 30
Pacific Indemnity (resumed)
15c Oct. I Sept. 15
Pacific Investors (initial)
134c Oct. I Sept. 23
Pacific Lighting preferred (guar.)
$134 Oct. 15 Sept.30
Pacific Southern Investors, Inc., $3 preferred-- _ h75c Oct. 1 Sept. 16
Pacific Telephone & Telegraph (guar.)
$134 Sept.30 Sept. 20
$134 Oct. 15 Sept.30
Preferred (quarterly)
r75c Oct. 1 Sept. 14
Page-Hersey Tubes (guar.)
25c Sept.30 Sept. 19
Parke, Davis & Co. (guar.)
Extra
20c Sept.30 Sept. 19
Paraffine Cos.(guar.)
50c Sept.27 Sept.17
25c Dec. 1 Nov. 15
Parker Pen (guar.)
25c Mar. 1
Quarterly
25c June 1
Quarterly
25c Sept. 1
Quarterly
Pathe Film corp.$7 pref.(initial)
8736c Oct. 1 Sept. 23
Paul Knitting Mills,79' pref.(guar.)
$136 Oct. 1 Sept. 20
70c Oct. 1 Sept.10
Penn Central Light & Power. $2.e0 pref.(quar.)
$1 X Oct. 1 Sept. 10
$5 preferred (quarterly)
c50c Sept.30 Sept.20
Penney (J. C.) Co., common (guar.)
Pennsylvania Gas & Elec. Corp.. $7 pref. (qu.)_ $136 Oct. 1 Sept.20
$136 Oct. 1 Sept.20
7% preferred (quarterly)
hwy. Oct. 1 Sept. 14
Pennsylvania Glass Sand
Oct. 1 Sept. 14
h$1
Preferred
Pennsylvania Power Co.. 66 preferred (quar.)
$134 Dec. 2 Nov.20
550 Oct. 1 Sept.20
$6.60 preferred monthly)
55c Nov. 1 Oct. 21
$6.60 preferred monthly)
550 Dec. 2 Nov. 20
$6.60 preferred monthly)
750 Oct. 1 Sept. 16
Pennsylvania Water & Power Co.(guar.)
$lg Oct. 1 Sept. 16
Preferred (guar.)
250 Oct. 1 Sept. 9
Peoples Drug Stores, Inc.(guar.)
62360 Oct. 1 Sept. 14
Peoples Natural Gas. 5% pref. (guar.)
Oct 1 Sept. 20
Peoria Water Works Co.7% pref.(guar.)
$1
20c Dec. 1 Nov. 15
Pepper (Dr.) (guar.)
500 Oct. 1 Sept.16
Perfect Circle (quarterly)
30c Sept.30 Sept.20
Perfection Stove (quarterly)
250 Oct. 1 Sept. 10
Pet Milk (guar.)
Si X Oct. 1 Sept. 10
Preferred (quar.)
Sly Oct. 1 Sept. 25
Petersburg RR.(s.-a.)
Apr. 1 Mar. 25
Semi-annual
Oct. I Sept.20
Pfaudler Co.(quarterly)
25c Sept.30 Sept.20
Pfeiffer Brewing (quarterly)
15c Sept.30 Sept.20
Extra
Oct. 1 Sept. 3
Philadelphia Co.. $6 cum. pref. (guar.)
$1
Oct. 1 Sept. 3
$1
$5 cum. preferred (guar.)
Oct. 1 Sept. 10
5
Philadelphia Electric Power 8% cum. pref.(qu.)
30c Oct. 15 Sept.28
Philadelphia National Insurance (s.-a.)
$234 Oct. 10 Sept.30
Philadelphia & Trenton RR.(guar.)
50c Oct. 10 Sept. 30
Phoenix Finance Corp.,8% pref. (guar.)
50c Jan. 10 Dec. 31
8% preferred (guar.)
500 Oct. 1 Sept. 14
Phoenix Insurance (quar.)
Pinchin, Johnson & Co.(Amer.abs.)(interim)_ _ zw7 % cSept24 Aug. 30
r2(1c Oct. 1 Sept. 3
Pioneer Gold Mines (quar.)
20e Oct. 1 Sept.21
Pioneer Mill. Ltd.(monthly)
75c Oct. 1 Sept. 14
Pittsburgh Bessemer & Lake Erie (q.-a.)
Pittsburgh Ft. Wayne & Chicago By.(guar.)._ $134 Oct. 1 Sept. 10
$13
Quarterly
4 Jan. 2 Dec. 10
31X Oct. 8 Sept. 10
79' preferred (guar.)
$1 n Jan. 7 Dec. 10
7 preferred (quar.)
500 Oct. 1 Sept.10
Pitts urgh Plate Glass (guar.)
Pittsburgh Youngstown & Ashtabula RE.
7% preferred (quar.)
$131 Dec. 1 Nov. 20
Oct. 1 Sept. 26
Plainfield Union Water Co.(guar.)
$1)4 Dec. 15 Dec. 1
Pollock Paper & Box Co.. pref. (guar.)
$136 Oct. 1 Sept.14
Ponce Electric, 7% preferred (quarterly)
50c Oct. 1 Sept. 19
Pond Creek Pocahontas Co.(guar.)
$134 Oct. 1 Sept. 14
Porto Rico Power preferred (guar.)
25c Oct. 15 Sept.30
Powdrell & Alexander
$134 Oct. 1 Sept. 20
Preferred (quarterly)
Oct. 15 Sept.30
Power Corp.of Can.. Ltd.,6% cum.pref.(qu.)_ rl
Oct. 15 Sept.30
rl
6% non-cum. preferred 'guar.)
Sept. 16
Oct.
Pratt & Lambert (quarterly)
r3c Oct. 15 Sept.13
Premier Gold Mining (guar.)
rlc Oct. 15 Sept.13
Extra
12Xc Oct. 1 Sept. 16
Pressed Metals of America
$2 Oct. 15 Sept.25a
Procter & Gamble. 8% pref. (guar.)
250 Sept.25 Aug. 30
Extra
20c Oct. 1 Sept. 14
Providence Gas (quarterly)
250 Sept.26 Sept. 12
Providence Washington Insurance
$234 Oct. 1 Sept. 11
Providence & Worcester RR.(guar.)
$134 Oct. 15 Sept.30
Prudential Investors. Inc..$6 pref.(guar.)
$136 Oct. I Sept. 20
Publication Corp.7% orig. pref. (guar.)
Public Service Co.of Colorado 7% pref.(mthly.) 58 1-3c Oct. 1 Sept. 14
50c Oct. 1 Sept. 14
69' preferred (monthly)
41 2-3c Oct. 1 Sept. 14
5% preferred (monthly)
60c Sept.30 Sept. 3
Public Service Corp.of N.J.,corn.(guar.)
$19' Sept.30 Sept. 3
$5 preferred (guar.)
500 Sept.30 Sept. 3
69' preferred (monthly)
$136 Sept.30 Sept. 3
79 preferred (quar.
$2 Sept.30 Sept. 3
8%
89' preferred (guar.)
Public Service Co. of Olda.7% pr.lien stk.(qu.) $1,34 Oct. 1 Sept. 20
$1M Oct. 1 Sept. 20
69' prior lien stock (guar.)
Public Service Electric & GasSept.30 Sept. 3
Si
7% preferred (guar.)
Sept.30 Sept. 3
$5 preferred (guar.)
$1
Oct. 15 Oct. 1
Quaker Oats (quar.)
$1 Oct. 15 Oct. 1
Extra
Preferred (guar.)
$1% Nov.30 Nov. 1
Queens Borough Gas & Elec. Co.
6% cum. preferred (guar.)
5134 Oct. 1 Sept. 16
Oct. 1 Sept. 4
Radio Corp. of America"A" pref.(guar.)
Oct. 1 Sept. 20
Ray-O-Vac Co.8% pref.(quar.)
50c Oct. 10 Sept. 19
Reading Co., 2nd preferred (quarterly)
20c Oct. 1 Sept. 16
Reece Button Hole Machinery (guar.)
Sc Oct. 1 Sept. 16
Reece Folding Machine (guar.)
15c Nov. 1 Oct. 21
Reliance Mfg. (Illinois) (guar.)
$131 Oct. I Sept.20
Preferred (quarterly)
3c Oct. 1
Reno Gold Mines, Ltd.(guar.)
lc Oct. 1 Sept. 14
Republic Investment Fund, Inc.(guar.)
250 Oct. 15 Sept.30
Rex Hide Rubber (guar.)
Reynolds Metals Co., 536% cum. pref. (guar.). $136 Oct. 1 Sept. 16a
250 Sept.29 Sept. 16
Reynolds Spring (guar.)
75c Oct. 1 Sept. 18
Reynolds(R. J.) Tobacco Co.,corn. & cl A (qu.)
$1 X Oct. 1 Sept. 15
Rice-Stix Dry Goods. 1st & 2d pref. (quar.)_ _
51 94 Oct. 1 Sept. 20
Richmond Water Works,6% pref. (guar.)
$PA Sept.30 Sept.15
Rich's. Inc.. preferred quarterly)
h25c Pct. 1 Sept. 15
Riverside Silk Mills class A
25c Oct. 1 Sept. 15
Class A (guar.)
$131 Oct. 1 Sept. 25
Robbins(Sabin) Paper Co.7% pref. (quar.)_ _ _
Rochester Telep. Corp..636% 1st pref.(quar.)_ $154 Oct. 1 Sept.20
3136 Oct. 1 Sept.20
5% 2nd preferred (quarterly)
Rockville-Willimantic Lighting CoOct. 1
7% preferred A & D (guar.)
Oct. 1
6% preferred. C,D & E (guar.)
Oct. 1 Sept.20
Root Refining Co.. pref. (guar.)
Oct. 1 Sept.20
Ross Gear & Tool (quarterly)
Nov. 1 Oct. 16
Russell Motor Car preferred
Nov.
1 Oct. 16
(guar.)
Preferred
Dec. 16 Dec. 6
Ruud Mfg. Co. (guar.)
Oct. 1 Sept. 14
Safety Car Heating & Lighting
Oct. 1 Sept.19
Safeway Stores, Inc., corn.(guar)
Oct. 1 Sept.19
79' preferred (quar.
Oct. 1 Sept.19
(quar.
Preferred
8%
Name of Company
Per
Share
1935
When Holders
Payable of Record
St. Louis Rocky Mountain Sc Pacific RR.Co.
Preferred (quarterly)
$136 Oct. 21 Oct. 5a
Sandusky Bay Bridge Co..7% prof.(quar.)
136% Oct. 1 Sept.15
75c Sept.30 Sept. 15
San Francisco Remedial Loan Assn. (quar.)-._ _
h$1131 Oct. 1 Sept. 23
Sangamo Electric preferred
sly Oct. 1 Sept. 23
Preferred (guar.)
$2 Oct. 1 Sept.13
Savannah Electric & Power, deb. A (guar.)...
$j7
/ Oct. 1 Sept. 13
Debenture B (quarterly)
Sept. 13
$1N Oct. 1 Sept.
Debenture C (quarterly)
13
Oct. 1
$136
(quarterly)
Debenture D
h$3 Oct. 1 Sept. 13
6% preferred
45e Sept.30 Sept. 16
Scott Paper Co., common (guar.)
250 Oct. 1 Sept.16
Scovill Manufacturing (quarterly)
5134 Oct. 1 Sept. 3
Scranton Electric, $6 preferred quarterly)
62c Oct. 1 Sept. 14
Second International Securities 1st pref
8736c Oct. 1 Sept.14
Selected Industries, Inc. $534 preferred
g Oct. 1 Sept. 20
Serve'. Inc., 7% preferred (quar.)
Shaffer Stores Co.7% pref.(guar)
$136 Oct. 1 Sept. 30
6c Oct. 10 Sept.20
Shattuck (Frank G.) (quarterly)
hglyi Oct. 1 Sept. 15
Sherwin-Williams of Canada. pref
10c Oct. 1 Sept. 14
Silver King Coalition Mines Co
$131 Sept.30 Sept. 10
Singer Manufacturing (guar.)
$234 Sept.30 Sept.10
Extra
Sioux City Stockyds. Co., $134 part. pf. (guar.) 3734c Nov. 15 Nov. 14
1234c Oct. 1 Sept. 20
S. M. A. Corp. (quarterly)
Smith (L. C.) & Corona Typewriter. pref
5131 Oct. 1 Sept.20
South Carolina Power Co.,$6 pref.(quar.)_
5134 Oct. 1 Sept.15
5136 Oct. 15 Oct. 1
South Pittsburgh Water,7% pref. (guar.)
5134 Oct. 15 Oct. 1
69' preferred (quarterly)
Southern Acid & Sulphur Co.,7% pref.(guar.): $136 Oct. 1 Sept. 10
Southern & Atlantic Teleg. gtd. (semi-ann.) -- _ 6234c Oct. 1 Sept. 14
Southern California Edison Co., Ltd.436c Oct. 15 Sept.20
Original preferred (guar.)
534% preferred series C (guar.)
34540 Oct. 15 Sept.20
3734c Oct. 15 Sept.30
Southern California Gas 6% pref. (guar.)
3734c Oct. 15 Sept.30
69' preferred A (guar.)
Southern Canada Power Co.
134% Oct. 15 Sept. 20
6% cum. partic. preferred (guar.)
150 Oct. 3 Aug. 15a
Southern Pipe Line Co
35c Sept.30 Sept. 13
South Penn Oil
50c Oct. 1 Sept. 11
South Porto Rico Sugar Co. common (quar.)_
2% Oct. 1 Sept. 11
Preferred (guar.)
Southwestern Bell Telep. Co.. 7% pref. (guar.). 3136 Oct. 1 Sept.20
Southwestern Gas& Electric Co.
$2 Oct. 1 Sept. 14
89' cum. preferred (guar.)
$136 Oct. 1 Sept.14
73 cum. preferred (guar.)
Southwestern Light & Power preferred
50c Oct. 1 Sept. 16
South West Penns Pipe Lines
$1 Oct. 1 Sept.160
SI Oct. 1
Southwest Portland Cement (guar.)
$2 Oct.
Preferred (guar.)
h$134 Oct. 1 3ept. 16
Spans, Chalfant & Co., Inc., preferred
25c Sept.3( Sept. 14
Sparta Foundry Co.(quarterly)
25c Sept.3( Sept. 14
Extra
400 Sept. 3f Sept. 14
Spencer Kellogg & Sons, Inc
Spencer Trask Fund (guar.)
1234c Sept.3( Sept. 14
Springfield Gas& Electric Co.(Mo.)Preferred series A (quar.)
$136 Oct. 1 Sept. 14
55c Sept.3( 3ept.20
Square D.class A preferred
20c Oct. I Sept. 5
Standard Brands (guar.)
$136 Oct. I Sept. 5
$7 cum. preferred (guar.)
Standard Coosa-Thatcher$134 Oct. 15 Oct. 15
79' preferred (guar.)
50c Oct. 23 3ct. 16
Standard Fire Insurance of N. J,(guar.)
Standard Fruit & Steamship,$3 pref.(guar.)._ _
75c Oct. 1 Sept.20
Standard Fuel Co.,636% pref.(guar.)
$136 Oct. I Sept. 16
..3
10
5 Sept. 30
Oecptt
Standard Oil Co.(Ohio), 5% preferred
21 s
516
Sept.14
Starrett (L. S.)
Preferred (quarterly)
$136 Sept.30 Sept.14
Stein (A.)& Co., preferred (guar.)
5134 Oct. 1 Sept. 16
Stix Baer & Fuller preferred (guar.)
43,34c Sept.30 Sept. 14
Sunshine Mining
40c Sept.30 Sept.14
Superheater Co. (guar.)
1234c Oct. 15 Oct. 5
$14 Oct. 1 Sept. 14
Superior Water, Lt. & Pow. pref. (guar.)
Swift & Co.(quar.)
1234c Oct. 1 Sept. 1
Sylvanite Gold Mines (quar.)
5c Sept.30 Aug. 24
Tacony-Palmyra Bridge (guar.)
50c Sept.30 Sept.10
Class A (quar.)
50c Sept.30 Sept.10
Taylor Milling (quarterly)
25c Oct. 1 Sept. 11
Extra
25c Oct. 1 Sept. 11
Teck-Hughes Gold Mines
100 Oct. 1 Sept. 10
Telephone Investment (monthly)
25c Oct. 1 Sept.20
Tennessee Electric Power,5% Pref. (quar.)..... $1.25 Oct. 1 Sept. 14
69' preferred (guar.)
$1.50 Oct. 1 Sept.14
79' preferred (guar.)
$1.75 Oct. 1 Sept.14
7.2% preferred (guar.)
$1.80 Oct. 1 Sept. 14
6% preferred (monthly)
50c Oct. 1 Sept.14
7.2% preferred (monthly)
600 Oct. 1 Sept.14
Texas Corp
25c Oct. 1 Sept. 60
Texon 011 & Land Co., common (guar.)
15c Sept.30 Sept.10
Tex-O-Kan Flour (guar.)
150 Oct. 1 Sept.14
Quarterly
15c Jan 2'36 Dec. 14
Quarterly
150 Apr2'36 Mr14 '36
Thatcher Mfg
25c Oct. 1 Sept. 14
Tide Water Associates 011 pref. (guar.)
1134 Oct. 1 Sept. 23
Tide Water 011
50c Sept.30 Sept.23
Tintic Standard Mining (guar.)
734c Sept.30 Sept. 16
Tip Top Tailors, 79' pref. (guar.)
$132 Oct. 1 Sept. 15
Toledo Edison Co. 7% pref. (mo.)
58 1-3c Oct. 1 Sept. 16
Oct. 1 Sept. 16
50c
69' preferred (monthly
41 2-3c Oct. 1 Sept. 6
5% preferred monthly)
Toronto mtge. Co.o (Ont.) (guar.)
$161 Oct. 1 Sept. 14
Sept. 20
Torrington Co. (guar.)
Oct.
Tr -Continental Corp..56 cum.pref.(guar.).
$136 Oct. 1 Sept.14
Trico Products (quarterly)
6234c Oct. 1 Sept. 10
Triplex Safety Glass (annual)
=3% Sept.28 Aug. 28
Trumbull-Cliffs Furnace. pref.(guar.)
$134 Oct. 1 Sept. 14
Twin State Gas & Electric, 7% prior (guar.)_
$IX Oct. 1 Sept. 14
Underwood Elliott Fisher Co.,common
50c Sept.30 Sept.120
Preferred (guar.)
$134 Sept.30 Sept. 120
Union Carbide & Carbon Corp
40c Oct. I Sept. 6
Union Electric Light & Power (Ill.) pt.(qu.)
134 Oct. 1 Sept.14
Union Elec. Light,& Pow.(Mo.)Pr.(quar.)
136 Oct. 1 Sept.14
7
Union Pacific. common
$134 Oct. 1 Sept. 4
Preferred (s.-a.)
32. Oct. I Sept. 4
Union Twist Drill Co., corn. (quar.)
25c Sept. 28 Sept. 20
Preferred (quarterly)
$136 Sept.28 Sept.20
United Biscuit of America. preferred (quar.)--.- $136 Nov. 1 Oct. 15
United Carbon (quarterly)
600 Oct. 1 Sept. 14
United Corp.,$3 cum. preference
750 Oct. 1 Sept. 19
United Dyewood Corp.. pref. (guar.)
3134 Oct. 1 Sent.13a
100 Sept.24 Sept. 6
United Elastic Corp. (guar.)
6 19
sept:
oet1 5
1 Sep
75c% Oct.
United Fruit Co
United Gas & Electric Corp., preferred (guar.)._
5 Sept.30 Aug. 30
c
United Gas Improvement (guar.)
Preferred (quar.).
$136 Sept.30 Aug. 30
United Light & By. Co. (Del.)
70/ preferred (monthly)
581-30 Oct. 1 Sept.16
6.36% preferred (monthly)
53 Oct. 1 Sept.16
6% preferred (monthly)
50c Oct. 1 Sept.16
$136 Oct. 1 Sept. 20
United Loan Indus. Bank (Bldyn., N. Y.)
SI Oct. 1 Sept. 20
Extra
$24 Oct. 10 Sept. 20
United New Jersey RR.& Canal(guar.)
50c Oct. 31 Sept. 30
United Profit Sharing preferred (s.-a.)---6234c Oct. 5 Sept. 17
United Shoe Machinery (guar.)
3734c Oct. 5 Sept. 17
Preferred (guar.)
iSo Oct. 1 Sept. 16a
United States Foil Co., corn. cl. A & B
$136 Oct. 1 Sept. 160
Preferred (quarterly)
25c Oct. 1 Sept. 13
United States Gypsum (quar.)
25c Oct. 1 Sept. 13
Extra
$136 Oct. I Sept. 13
Preferred
50c Oct. 1 Sept. 16
United States Industrial Alcohol (guar.)
lc Dec. 15 Dec. 05
'United States Petroleum (s.-a.)
1
1,1
Financial Chronicle
Volume 141
Per
Share
Name of Company
United States Pipe & Fdy Co., corn. (quar.)___
Common (quar.)
ar.)
1st preferred
1st preferred guar.)
United States Playing Card (quar.)
Extra
United States Tobacco Co., common
Preferred
United States Trust Co.(quarterly)
Universal Leaf Tobacco Co., Inc.(quar.)
Preferred (quarterly)
Universal Products
Upper Michigan Power & Lt. Co..6% Pr.(4106% preferred (quar.)
Upressit Metal Cap 8% pref
Utica Clinton & Binghamton Ry.—
Debenture stock (s.-a.)
Utica Chenango & Susquehanna Van.RR.(s.-a.)
Valve Bag 6% preferred
Van Camps,Inc., $7 pref.(quar.)
Van de Kamp's Bakery,$634 pref.(quar.)
Vermont& Mass. RR.(semi-ann.)
Vicksburg Shreveport & Pac. Ry. Co.(seml,ann.)
Preferred (semi-ann.)
Victor-Monaghan Co.7% pref. (quar.)
Virginia Public Service,7% pref.(quar.)
6% preferred (quarterly)
Vortex CUP (quar.)
Class A (quar.)
Vulcan Detinning, pref. (quar.)
Wagner Electric Corp., pref.(quar.)..
Waldorf System, Inc.. common (quar.)
waigreen
referred (quarterly)
Ward Baking
Co.,'dom., preferred
Warren RR.,guaranteed (semi-ann.)
Washington Ry & Electric Co.5% pref.(011.)6% preferred (s.-a.)
Waukesha Motor Co. (quar.)
Weeden & Co. (quarterly)
Wesson Oil & Snowdrift Co., Inc., corn,(quar.).
Extra
Western Assurance (Toronto, Ont.) (s.o.)
Western Grocers, Ltd.(quar.)
l'referred (quarterly)
Western Light & Telephone Co., pref. (411.)-7
Western Maryland Dairy Corp. $6 pref. (qu.)_
Western Massachusetts Cos.(quar.)
Western Pipe & Steel of Canada
Western Tablet & Stationery,7% pf.(quar.)West Jersey & Seashore RR.(s.-a.)
West Kootenay Power & Lt. pref.(quar.)
Westland Oil Royalty Co., class A
(me.)
Westmoreland. Inc.(quar.)
Westmoreland Water Works $6 pref.(quar.)-West Penn Electric Co., class A (quar.)
When Holders
Payable of Record
12.4c Oct. 20 Sept. 30
1234c Jan. 20 Dec. 31
Oct. 20 Sept. 30
30c Jan. 20 Dec. 31
25c Oct. 1 Sept.20
25c Oct. 1 Sept.20
Oct. 1 Sept.16
SI% Oct. 1 Sept. 16
$15 Oct., 1 Sept.20
50c Nov. 1 Oct. 16
2% Oct. 1 Sept. 18
40c Sept.30 Sept. 20
$1)1 Nov. 10 Oct. 31
$154 Feb. 10 Jan. 31
'141 Oct. 1 Sept. 16
$2a
h$1.56
$15,
1
$154
$3
S254
S234
$131
$IM
$13,6
3734C
6234c
1234c
II 31
50c
$131
$1
$2
30c
50c
12%c
87I.4c
660
50c
13
31
50c
25c
St
Si
S1'4
100
30c
$I )i
$1%
Dec. 26 Dec. 16
Nov. 1 Oct. 15
Oct. 1 Sept. 14
Oct. 1 Sept. 18
Oct. 1 Sept.10
Oct. 8 Sept. 12
Oct. 1 Sept. 9
Oct. 1 Sept. 9
Oct. 1 Sept. 20
Oct. 1 Sept.10
Oct. 1 Sept.10
Oct. 1 Sept. 16
Oct. 1 Sept. 16
Oct. 19 Oct. 10
Oct. 1 Sept.20
Oct. 1 Sept. 20
Oct. 1 Sept.20
Oct. 1 Sept.14
Oct. 15 Oct. 4
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Oct. 1 Sept. 14
Sept.30 Sept. 20
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Oct. 1 Sept.25
Oct. 15 Sept. 20
Oct. 15 Sept.20
Oct. 25 Oct. 15
Oct. 1 Sept. 20
Sept.30 Sept. 16
Oct. 1 Sept. 20
Oct. 1 Sept.20
Jan.1 '16 Dec. 14
Oct. 1 Sept. 20
Oct. 16 Sept.30
Oct. 1 Sept. 14
Oct. 1 Sept. 20
Sept.30 Sept.17
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. SEPT. 14 1935
Clearing House
Members
Net Demand
Deposits.
Average
$
$
10,564,300
140,450,000
25,431,700
357,500,000
41,898.100 a1,246,462,000
48,725,100
413,627,000
177,067,100 51,302,721,000
10,297,500
366,515,000
61,523,900
718,481,000
16,538,000
206,085,000
90,301,700
456,769,000
57,918,100
481,784,000
3,689,000
41,588,000
70,850,900 c1,653,666,000
3,438,900
45,019,000
63,316,100 d781,846,000
15,617,000
7,057,900
7,789.700
73,201,000
21.361,500
288,706.000
7,682,400
68,952,000
5,272,500
68,350,000
$
5,755,000
32,448,000
148,215,000
16,005.000
44,636,000
95,456,000
18,937,000
20,228,000
4,396,000
1,473,000
2,982,000
51,832,000
614.055 non
721 624 4011 8.727.339.000
542.331.000
34,563.000
260,000
3,371,000
21,069.000
1,874,000
38,831,000
* As per official reports: National, June 29 1935; State, June 29 1935; trust
companies, June 29 1935.
Includes deposits In foreign branches as follows: a 3206,741,000; b $72,718,000:
c 562,807,000: d $24,379,000.
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 Sept. 13:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, SEPT. 13 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loose,
Other cash, Res. Dep., Dell Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan—
$
$
Grace National
22,166,800
87,400
Trade Bank of N.Y
4,706,244
177,470
Brooklyn—
People's National-- 4.451000041)00
Gross
Deposits
$
2,570,400
920,889
$
$
889,900 22,120,100
91,853 4,110,479
1(14.5 0110
400.000
8.864 non
TRUST COMPANIES—AVERAGE FIGURES
LOCI114,
Disc. and
Investments
Manhattars-Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
win.. (lnunfo
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos
Gross
Deposits
$
47,553,800
7,175,730
10,198,661
19,498,600
28,672,000
64,299,946
$
$
*12,426,700 8,852,600
582,198
180.621
*548,784
611,209
*2.521,400
697,300
*8,693,900 1,155,100
21,719,014 17,676,640
$
$
2,626,300 59,534.900
2,128,966 8.314,727
62,697 9,316,025
422.400 18,421,400
36,005,100
74,890,327
77,370,000
29.387.595
2,771,000 32,977,000
92507115 0.099.023
92,000 105,205,000
RS nita 005
* Includes amoun with Federal Reserve as follows Empire, $11,155,700:
Fiduciary, $289,407: Fulton, $2,326,200: Lawyers County, 17,981,6)3.
Per
Share
Name of Company
When Holders
Payable of Record
West Penn Power Co..7% cum.pref.(quar.)__ 1
Nov. 1 Oct. 4
6% cum. preferred (quar.)
1% Nov. 1 Oct. 4
West Texas lJtilities, $6 preferred
Sc.
Oct. 1 Sept.16
Westvaco Chlorine Prods. Corp.,7% pt.(qu.)
$134' Oct. 1 Sep... 16
West Virginia Water Service, $6 pref
h$134 Oct. 1 Sept. 16
Wheeling Steel, preferred
h50c Oct. 1 Sept. 12
Whitaker Paper, 79' preferred (quar.)
Oct. 1 Sept.20
$1
Whittall Can Co.61% pref.
$1
Oct. 1 Sept. 14
White Rock Mineral Springs Co.,corn
Oct. 1 Sept.20
3
1st preferred (quarterly)
Oct. 1 Sept.20
2nd preferred(quarterly)I
Oct. 1 Sept.20
Wichita Water Co.,7% pref.(guar.)
Oct. 15 Oct. 1
Wilton RR. (semi-ann.)
Oct. 1 Sept. 24
Winn & Lovett Grocery class A (quar.)
50c Oct. 1 Sept. 20
Preferred (quar.)
Oct. 1 Sept. 20
Wiser Oil (quarterly)
25c Oct. 1
Worcester Salt
50c Sept.30 Sept. 20
Wright-Hargreaves Mines, Ltd. (quar.)
10c Oct. 1 Sept. 10
Extra
50 Oct. 1 Sept. 10
Wrigley (Wm.) Jr. Co. (monthly)
25c Oct. 1 Sept. 20
Yale & Towne Mfg. Co
15c Oct. 1 Sept. 10
Young(L. A.)Spring& Wire(quar.)
50c Oct. 1 Sept.16
Zions Cooperative Mercantile Ins. (guar.)
50c Oct. 15
a Transfer books not closed for this dividend
C The following corrections have been made:
Associates Inv. Co., previously reported as Associated Inv. Co., and the
new,pf. pays $1.85, previously reported as $1.14.
e Payable in stock.
f Payable in common stock. g Payable In scrip. it On account of accumulated dividends. jPayable in preferred stock.
m Blue Ridge Corp.(opt. $3 cony. pref.. ser. 1929) 1-328 of one share of
corn, stock, or at the option of holder, 75 cents cash. Holders desiring
cash must notify the corporation on or before Aug. 15.
n White Rock Mineral Spring Co., 2nd pref. div. of $1.75 per share on
830 shares—equivalent to $0.35 per share on 4,150 shares of corn, stock for
which the 2nd pref. may be exchanged, and payable on the equivalent
number of common if so exchanged before the record date.
p Electric Shareholding, pays 44-1000tha of one share of common stock
or at the option of the holder. $135 cash.
q Distillers & Brewers Corp. of America make a distribution of one share
Belmont 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.
/ Commercial Investment Trust Corp. has declared a div. payable
in common stock of the corporation at the rate of 5-208 of one share of corn.
stock per sh. of cony. pref. stock, opt. ser. of 1929, so held, or. at the
option of the holder (exercisable in the manner stated in the certificate of
designation, preferences and rights of the cony. pref. stk., opt. ser. of 1929).
in cash at the rate of $1.50 for each share of cony. pref. stock, opt. ser. of
1929. so held.
u Payable in U. S. funds. o A unit. w Less depositary expenses.
X Less tax. y A deduction has been made for expenses.
4.4.,AP
Condition of the Federal Reserve Bank of
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 18 1935,
in comparison with the previous week and the corresponding
date last year:
Time
Deposits*
Average
$
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
Bank of N.Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank.-Chemical Bk. At Tr. Co-_
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. dr Tr.
Corn Exeh Bk Tr. Co_
First National Bank
Irving Trust Co
Continental Bk.&Tr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co
Marine Midland Tr. CoNew York Trust Co
Comm'l Nat. Bk. dr Tr_
Pub.Nat. Bk.& Tr. CoTotals
Surplus and
Undivided
Profits
• Capital
1887
Sept. 18 1935,8ept. 11 1935I Sept.19 1934
Assets—.
Gold eartificates on hand and due from
U. B. Treasury-x
2 882,402,00012,712,732,000 1,719,469,000
Redemption fund—F. R. notes
1,593,0001
1,833,000
1,725,000
Other cache
48,021,000
50,127,000
56,527,000
Total reserves
2,732,016,00012,764,584,000 1,777,829,000
Redemption fund—F. It. bank notes....
1,745,000
Billsdiscounted:
Secured by U. S. Govt. obligations
direct & (or)fully guaranteed
2,150,000
2,623,000
2.870,000
Other bills discounted
3,990,000
11,009,000
4,111,000
Total bills discounted
6,140,000
6,981,000
13,632,000
1,800,000
7,310,000
1,803,000
7,016,000
1,934,000
125,000
79,866,000
519,712,000
144,739,000
88,736,000
504,638,000
150,943,000
140,958,000
451.177,000
185,620,000
744,317,000
744,317,000
777,755,000
Total bills and securities
759,567,000
760,117,000
793,446,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other assets
258,000
6,953,000
167,216,000
12,029,000
29,460,000
254,000
4,370,000
118,964,000
11,978,000
35,958,000
922,000
7,714,000
119,524,000
11,468,000
37,646,000
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities_
Other securities
Foreign loans on gold
Total assets
3,707,499,000 3,696,225,000 2,750,294,000
Llablifteu—
P. It. notes to actual circulation
736,106,000 733,590,000 651,318,000
F. R. bank notes In actual circulation net
29,751,000
Deecests—I'vfember bank reserve ace's.. 2,433,590,000 2,589.454,000 1,581,110,000
U. S. Treasurer—General account... 123,660,000
5,994,000 121,817,000
Foreignbank
7,205,000
2,989,000
8,272,000
Other deposits
117,494,000 118,406,000 120,458,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,681,949,000 2,722,126,000 1,826,374,000
166,775,000 116,510,000 113,901,000
51,087,000
51,736,000
59.576.000
49,964,000
49,964,000
45,217,000
6,957,000
6,957,000
7,500,000
7,500,000
4,737,000
7,161,000
7,842,000
19,420,000
Total liabilities
3,707,499,000 3,696,225,000 2.750,294,000
Ratio of total reserves to deposit and
F. It. note liabilities combined
79.9%
80.0%
71.8%
Contingent liability on bills purchased
for foreign correspondents
251,000
Commitments to make industrial advances
9,899,000
9,701.000
15,000
•"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
cents to 59.08 cents, these certificates being worth less to the extent from 100
of
the
difference: the difference itself having been appropriated as profit by
the Treasury
under the provisions of the Gold Reserve Act 01 1934.
Sept. 21 1935
Financial Chronicle
1888
Weekly Return of the Board of Governors of the Federal Reserve System
afternoon, Sept. 19,
The following is issued by the Board of Governors of the Federal Reserve System on Thursday
table presents the
first
The
Wednesday.
on
of
business
close
the
at
banks
showing the condition of the twelve Reserve
with those of the correand
weeks
preceding
the
seven
for
with
the
figures
comparison
in
whole
a
as
System
results for the
each of the twelve banks. The
sponding week last year. The second table shows the resources and liabilities separately for
Federal Reserve notes between
in
regarding
details
transactions
gives
following)
table
(third
statement
note
Federal Reserve
of the Federal Reserve System
Governors
of
Board
the
of
The
banks.
comments
Reserve
the Reserve Agents and the Federal
Discussions."
upon the returns for the latest week appear in our department of "Current Events and
RESERVE BANKS AT THE CLOSE OF BUSINESS SEM 18 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
1935 Sept. 19 1939
Sept. 18 1935 Sept. 11 1935 Sept. 4 1935 Aug. 28 1935 Aug. 21 1935 Aug. 14 1935 Aug. 7 1935 July 31
.
s
$
s
s
s
a
s
s
$
4,957,624,000
ASSETS
6,536,039,000 6,481,634,000 6,482,231,000 6,441,513,000 6,365,767,000 6,288,615,0006,224.116,000
23,382,000
Gold etfs. on hand & due from U.S.Treas.: 6.551,132,000
21,829.000
21.588,000
21,527,000
20,705,000
20,407,000
20,047,000
21,210,000
20,503,000
229,733,000
Redemption fund (F. 16. notes)
218,048,000 217,951,000 206,401,000 227,124,000 227,630,000 236,987,000 238,926,000 269,230,000
Other cash •
5,2111,739,000
173.000
6.549,129,0006.515.
6 789,663,000 6,775,200,000 6,708,082.000 6,729.762.000 6,689,848,000 6,624,281,000
Total reservee
1,995,000
Redemption fund-F.R. bank notes
Bills discounted:
5,716,000
3.432,000
Secured by U. S. Govt. obligations
2.950.000
2,726,000
3,646,000
5,423,000
6,088,000
6,071,000
4,703,000
16,249,000
direct and(or) fully guaranteed
3,138,000
3,350,000
3.427,000
3,460,000
3,986,000
5.106,000
4,620,000
4,935,000
--Other bills discounted
21,965,000
6.570,000
6,300,000
6,153,000
7.106,000
9,409,000
10,708,000
11,177,000
9,638,000
Total bills discounted
5,202,000
4,687,000
4,685,000
4,693,000
4,695,000
4.685.000
4,685,000
4,685,000
4,682,000
1,494,000
Bills bought in open market
28,354,000
29,096,000
29,147,000
29.284,000
29,447,000
29,550,000
29,430,000
30,230,000
Industrial advances
290,213,000 290.297.000 292,212,000 396,643,000
290,255,000
290,230,000
290,316,000
266,561,000
238,978,000
1,421.710,000
U.S. Government securIties-Bonds1
1,692,227,000 1,642,418,000 1,622.752,000 1,618,354,000 1,602,284,000 1.597,783.000 1,583,826,000 1,569,963.000
612.369.000
Treasury notes
499,068,000 521,231,000 517,231,000 521,661,000 537,701,000 .542,209,000 556,209,000 568,034,000
Certificates and bills
2,430,722,000
2,430,209,000
2,430.331,000 2,430,240.000 2,430,205.000 2.430,332.000
Total U. S. Government securities 2,430,273,000 2,430,210,000 2,430,213,000
356,000
Other securities
Foreign loans on gold
2,459,739,000
2,474,823,000 2.475.622,000 2,475,039,000 2.473.872,000 2.471.325,000 2,470,198.000 2,470,413,000 2.469,820,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks__.
Uncollected Items
Bank premises
All other assets
Total assets
635.000
17,127,000
455.435,000
49,904,000
a47,516,000
2,426.000
22,735,000
466,940.000
52,821,000
52,937,000
9,998,111,000 .873.127,000 9.792.090,000 9.765,051,000 9,755.108,000 9,739,787.000 9.578,163,000 59,555,512,000
8,290,332,000
643,000
20,369,000
619,461,000
50,071,000
43,061,000
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
631,000
18,484,000
530,511,000
49.965.000
45,717,000
637,000
19,771,000
443,728.000
49.908,000
44,577,000
3,146,596,000
Lt ABILITIES
3,426,791,000 3,422,834,000 3,413,933,000 3,352,057.000 3,340,983,000 3.321,026,000 3.303.113,0003,291,622,000
30,633,000
F. It. notes In actual circulation
F. R. bank notes In actual circulation_
5.114,722,000 5,099,616.000 3,889,365,000
5,254,282,000
5,388,277,000
5,291.497,000
5,228,147,000
5,346,437,000
5.136,134,000
account
Deposits-Member banks' reserve
33,798,000 112,811,000 125,981.000 210,462,000
27,337,000 103,062,000
224,496,000
53.724.000
49,877,000
10,578,000
U. S. Treasurer-General account.._
23,288,000
22.053.000
23.995,000
22,802.000
19,859,000
19,122.000
18,581,000
19,108,000
184,524,000
Foreign bank,
225,299,000 167,635,000 173,287.000 193,429,000 207,161,000 226,588,000 231,342,000 229,553,000
Other deposits
438,000 4,294,929,000
5,605,037.000 5.601,830,000 5,524,355,000 5.608,865,000 5,575.184.000 5.538,663,000 5.480.028,0005.478,
Total deposits
482,972,000
460,873,000
438,997,000
524,540,000
623.209,000 501,271,000 498,126,000 447,201,000 483,442,000
146,671,000
Deferred availability Items
131,586,000 134,046,000 144,683,000 146,741,000 146,730,000 146,665,0010 146.655,000 146,647,000 138,383,000
Capital paid In
144,893,000
144.893.000
144,893,000
144,893.000
144.893,000
144,893,000
144,893,000
144,893,000
Surplus (Section 7)
22,621,000
21,572,000
22,821,000
22,621,000
22,621,000
22,824,000
23,164,000
23,164,000
22,447,000
Surplus (Section 13-11)
30.782,000
30,781,000
30,782,000
30.776,000
30,775,000
30,777,000
30,694,000
30,778,000
27,701,000
Reserve for contingencies
10,174,000 a10,786.000
10,597,000
10,479,000
11,898,000
12,519,000
14,311,000
12,777,000
All other liabilities
0.739,787,000 9.578.163,000 a9.555.612,000 8.290,332,000
9,792,090,000
9,755.108.000
9,765,051,000
9,873,127,000
9,998,111,000
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
81-80 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bile bought in open market
18-30 days bills bought In open market_
81-60 days bills bought in open market
61-90 days bills bought In open market_
Over 90 days bills bought In open market
Total bills bough In open market
1-15 days Industrial advances
18-30 days industrial advances
31-60 (lays Industrial advances
1-90 days industrial advances
Over 90 days Industrial advances
75.2%
75.1%
75.0%
75.1%
75.0%
74.8%
74.6%
74.5%
70.0%
599,000
26,619,000 a 26,303,000
24,781,000
23,981,000
23,529,000
23,022,000
686,000
_
26,837,000
26,538,000
S
7,887,000
332,000
1,233,000
129,000
57,000
$
9,698,000
203,000
519,000
702.000
55,000
9,145,000
284,000
496,000
712.000
71,000
7,025,000
916,000
564,000
776.000
128.000
5,404,000
777,000
392,000
385,000
144,000
4.453,000
56,000
1,044.000
433,000
167.000
4,165,000
593,000
987,000
384,000
171.000
4,386,000
617,000
876,000
468,000
223,000
S
15,090,000
990,000
671,000
5,180,000
34,000
9,638.000
11,177.000
10,708,000
9.409.000
7,106,000
6,153,000
6,300.000
6.570.000
21,965,000
1,648,000
499,000
1.452,000
1,083,000
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
1,249.000
804,000
2.137.000
503,000
787,000
393,000
1,112,000
2,393,000
463,000
566,000
1,350,000
2,308,000
222,000
300,000
4,288,000
392,000
4.682,000
4,685,000
4,685,000
4.685,000
4,695.000
4,693,000
4,685.000
4,687,000
5,202,000
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
1,210,000
267,000
1,413,000
843,000
25,414,000
1,239,000
206,000
682,000
1,624,000
25.345,000
1,259,000
110,000
461,000
1,779,000
24,745,000
15,000
20.000
25,000
79,000
1,355,000
s
$
$
s
s
a
28,354,000
29,096,000
29,147,000
29,447,000
29,284,000
29,430,000
29,550,000
30,230,000
40,614,000
52.407.000
32,260,000
31,870,000
24,930,000
20,163,000
27,963,000
30,800,000
1-15 days U. S. Government securities
32,260,000
31,870,000
24,930,000
20,163,000
27,463,000
30,800,000
27,600.000
27,512,000
18-30 days 11.8. Government securities
50,963,000
52,393,000
55.066,000
85.370,000 105.333,000 112,318,000 109,576,000
47.360,000
31-60 days U. S. Government securities
000
115,812
109,344,000
103,930,000
51,360,000
35,985,000
43,860,000
53,010,000
132,923,000
61-90 days U. S. Government securities
2,229.635.000 2.217,271,000 2.214,019,000 2.197,541,000 2,177.337,090
Over 90 days U.S. Government securities_ 2,191,678,000 2.236,267.000 2,230,057,000
2,430,332.000 2.430,209,000
2,430.273,000 2,430.210.000 2.430.213,000 2,430,331.000 2,430.240.000 2.430.205.000
Total U. S. Government securities
1,494,000
Total Industrial advances
48,515,000
43,982,000
75.568,000
189,169,000
255,135,000
612,369,000
356,000
1-15 (lass municipal warrants
16-30 das s municipal warrants
81-60 dale municipal warrants
61-90 dale municipal warrants
Ovtsr 90 OM municipal warrants
356,000
Total :nunIcipal warrants
Federal &serve NotesIssued to F. R. Bank by F. R. Agent
Held by Zederal Reserve Bank
In actual circulation
3,718,559,000 3,719,110.000 3,668,840,000 3,631,472,000 3,616.100,000 3,601,173,000
291,768,000 299,276,000 254.907,000 279.415,000 275,117,000 280.147,J00
3.575,446,000 3.532 140.000 3,435,055,000
272,333,000 270,518,000 288,459,000
.000 3,321,026,000 3,303.113,000 3,261,622,000 3.146,596,000
3.426,791.0003,422,834,900 3.413,933.000 3,352,057,000 3,340,983.
Collates 0.' Held by Agent as Security for
Notes Issued to Bank3,436,984,000 3,443,914,000 3.410,869,000 3,399,339,000 3,389,839 000 3,187,416,000
11.788,000
Gold °Us. on hand & due from U.S. Tress_ 3,569,768,000 3,553,548.000 3,489,438,000
5,090.000
4.826,000
4.683 000
5.638,000
7.940,000
9,716,000
9,247,000
8,182,000
292.300,000
By eligible paper
218.500,000 207,000.000 230,000,000 222.400,000 205,000,000
187,900,000
209,400,000
169,400,000
securities
U. S. Government
3,491,504,000
3,747.350,000 3,751,164,000 3,708.085,000 3,693,424,000 3.658,552,0003.645.572.00013.626,165,00 3.599,929,050
Total collateral
figures.
a
Re71-900
•"Other cash" does not include Federal Reserve notes.
banks when the dollar was cleVallisd from 100 cents to 59.06 cents
Timm are certificates given by the U. S. Treasury for the gold taken over from the ReserveItself flaying been appropriated as 910111 Dy We Treasury under till
the difference
on Jan. isO 1934. these certificates being worth less to the extent of the difference,
1934.
of
Reserve
act
Gold
1..
toe
.
or
0
or939n9
Financial Chronicle
Volume 141
1889
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STA'I EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 18 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Boston
New York
Total
Phlla. Cleretand Richmond Atlanta
St. Louts .1ftnneap. Kan. City Dallas San Pres.
Cokazo
•
R ESO URCES
S
S
$
5
$
S
$
S
5
$
$
5
$
Gold eertifleatee on hand and due
6,551,132,0 444,182,0 2,682,402,0 370,833,0 461,835,0 210,861,0 153,058,0 1,235,255,0 186,229,0 132,627,0 187,303,0 100,789,0 385,718,0
from U. S. Treasury
1,593,0 1,821,0 1,215,0 1,430,0 2,953,0
Redemption fund-F.It. notes
20,503,0 3,455,0
1,299,0
991,0
440.0 1,024,0
794,0 3,433,0
48,021,0 29,554,0 11,038,0 8,840,0 8,484.0
Diner eash_•
218,048,0 30,952,0
25,592,0 10,823,0 11,553.0 12,015.0 6.315,0 14,808,0
Total reserves
6,789,683,0 478,589,0 2,732,016,0 402,203,0 474,138,0 221,181,0 164,540,0 1,262,146,0 198,043,0 144,625,0 200,342,0 107,898,0 403,957,0
Bills discounted.
Sec. by U. S. Govt. obligations
.
direct & (or) fully guaranteed
499,0
2,150,0
4,703,0 1,110,0
144,0
242,0
15,0
104,0
5,0
165,0
137,0
128,0
Other bills discounted
3.990,0
52,0
9,0
22,0
4,935,0
63,0
9,0
117,0
97,0
491,0
53,0
27,0
Total hilts discounted
Bills bought In open market_ .
Industrial advances
U.8. Government securities;
Bonds
Treasury notes.
Certificates and Ma
9,638,0
1,119,0
6,140,0
551,0
170,0
305,0
117,0
4,682,0
30,230,
345,0
2,855,0
1,800,0
7,310.0
474,0
4,301,0
445,0
1,769,0
173,0
4,579,0
169,0
1,041,0
238,978,0 14,425,0
1,692,227,0 110,618,0
499,068,0 32,634,0
79,866,0 16,348,0 19,070,0 10,209,0 8,260.0
519,712,0 124,655,0 153,631,0 82,244,0 66,384,0
144,739,0 36,117,0 45,324,0 24,263,0 19,585,0
Total U. B. Govt. securities_ 2,430,273,0 157,677,0
Total bills and securities
Due from foreign banks_
Fed. Res, notes of otner banks___
ncolleeted Items
Bank premises
All other resources
Total resources
15,0
556,0
1,998,0
113,0
63,0
262,0
628,0
155,0
80,0
455,0
64,0
2,158,0
126,0
1.132,0
122,0
1,822,0
323,0
810,0
25,623,0 9,420.0 12,993,0 9,514,0 15.815,0 17,435,0
247,626,0 76,391,0 48,510,0 75,157,0 46,841,0 140,453,0
82,440,0 22,389,0 14,147,0 22,173,0 13,819,0 41,438.0
744,317,0 177,120,0 218,025,0 116,716,0 94,229,0
355,689,0 108,200,0 75,650.0 106.844,0 76,475.0 199,331,0
2,474,823,0 161,996,0
759,567.0 182,446,0 220,409,0 121,773,0 95,556,0
358,253,0 108,848,0 77,935,0 180,364,0 79,047.0 200,624.0
48,0
643,0
332.0
20,369,0
619,461,0 60,612,0
50,071,0 3,168,0
564,0
43,061,0
61,0
253,0
66,0
24,0
23,0
603,0 1,334,0 1,203,0 1,164,0
6,953,0
167,216,0 47,865,0 52,135,0 52,303,0 20,053,0
12,029,0 4,711,0 6,632,0 3,028,0 2,331.0
29,460,0 4,461,0 2,727,0 1,172,0 1,611,0
77,0
17,0
4,0
17,0
3.0
45,0
2,476,0
1,640,0
714,0 1,242,0
419,0 2,236,0
83,075,0 25,536.0 18,230,0 36,443,0 21,904,0 34,019,0
4,960,0 2,628,0 1,530,0 3,449,0 1,686,0 3,869.0
693,0
272,0
834,0
538,0
457.0
332,0
9,998,111,0 705.309,0 3,707,499,0 642,303,0 757.486,0 400,689,0 285,283,0 1,711,685,0 336 971,0 243,685,0 350,189,0 211,805.0 645,207,0
LIABILITIES
F. R. notes In actual aliculation_ 3,426,791,0 295,643,0
736,106,0 248,251,0 333,510,0 165,184,0 141,386,0
808,600,0 145,876,0 103,962,0 130,431,0 61,709,0 256,133,0
Deposits:
Member bent reserve account 5,136,134.0 296,012,0 2,433,590,0 248,699,0 326,614,0 153,700,0 103,973,0
U. S. Treasurer-Gen. met
224.496.0 24,549,0 123,660,0 5,277,0 10,570,0 8,335,0 2,166,0
Foreign bank
7,205,0 1,865.0 1,790,0
697,0
19,108,0 1,356,0
678,0
Other deposits
225,299,0 2,034,0 117,494,0 59,684,0 1,890,0 2,830,0 3,736,0
742,178,0 138,778,0 101,499,0 171,364,0 101,757,0 309,970.0
25,838,0 7,560.0 4,369,0 1,694,0 1,507.0 8,973,0
2,185,0
565,0
452,0
503.0
490,0 1,319,0
3,880,0 7.576,0 6,507,0
495,0 7,544,0 11,629,0
Total deposits
Deferred availability Items
Capital paid in
Surplus (Section 7)Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
5,605,037.0 323,951,0 2,681,949,0 315,525,0 340,864,0 170,562,0 110,553,0
774,079,0 154,479,0 112,827,0 174,059,0 114,298,0 331,891,0
166,775,0 46,916,0 52,010,0 50,110.0 19,937,0
51,037,0 12,440,0 12,357,0 4,679.0 4,176,0
49,964,0 13,470,0 14,371.0 5,186,0 5,540,0
6,957,0 2,098,0 1,007,0 3,335.0
754,0
7,500,0 2,995,0 3,000,0 1,411,0 2,517,0
603,0
357,0
7,161,0
222.0
420,0
86,466,0 26,397,0 18,027,0 35,986,0 25,174,0 33,876.0
12,184,0 3,747,0 3,012,0 3,926,0 4.011,0 10,458,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
1.391,0
547,0 1,003,0 1,142,0 1,252,0
804,0
5,325,
891,0 1,169,0
832,0 1,363,0 2,043,0
2,290,0
379,0
265,0
200,0
221,0
357,0
623,209,0 61,535,0
131,586,0 9,509,0
144,893.0 9,902,0
23,164,0 2,874,0
30,694,0 1,648,0
247,0
12,737,0
Total liabilities
9,998,111,0 705,309,0 3,707,499,0 642,303,0 757,486,0 400,639,0 235,283,0 1,711,635,0 336,971,0 243,635,0 350.189,0 211,805,0 645.207,0
Ratio of total res to dep. & F. R.
note liabilities combined
Contingent liability on bills pur
chased for foes correspondent
Committments to make Industrie
advances
75.2
77.2
79.9
71.3
70.3
65.9
65.3
79.7
65.9
66.7
65.8
61.3
63.7
26,837,0
3,421,0
9,899,0
991,0
1,764,0
1,851,0
600,0
520,0
1,906,0
110,0
1,174,0
423,0
4,134,0
• "Other Cash' does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Resew Arent at-
Phila. Cleveland Richmond Atlanta
Boston
New York
Total
Federal Reserve notes:
$
8
5
$
$
5
$
Limed to F.R.14k.by F.R.Agt_ 3.718,559.0 328,062,0 845,773,0 260,562,0 348,886,0 174,039,0 159,874,0
Held by Fed'. Reserve Bank___ 291,768,0 32,419,0 103,667,0 12,311,0 15.376,0 8.905,0 18,488,0
In actual circulation
3,426,791,0 295,643,0
Collateral held by Agent as serially for notes Issued to tire:
Gold certificates on hand and
due from U. S. Treasury
3,569,768,0 331,617,0
Eligible paper.
8,182,0 1,119,0
U. S. Government securities
169,400,0
Total collateral
3,747,350,0 332,736,0
Chicago
Si. Louts Allnneats. Kati. City
Dallas
San Fray
$
$
S
$
$
$
840,229.0 152,557,0 107,933,0 141,024,0 68,322,0 291,213,0
31,629,0 6,631,0 3,971,0 10,593.0 6,613,0 35,115,0
736.106,0 218,251,0 333,510,0 165,184,0 141,336,0
803,600,0 145,876,0 103.962,0 130.431,0 61,703,0 256,133,0
843,706.0 261,270,0 336,440,0 152,000,0 113,685,0
4,686,0
551,0
170,0
305,0
117,0
15,000,0 23,000,0 50,000,0
842,480,0 133,632.0 99,500,0 130,000,0 64,175,0 261,263,0
15,0
63,0
260,0
113,0
628,0
155,0
20,000,0 9,400,0 13,000,0 4,000,0 35.000,0
843.392,0 261,821,0 351,610,0 175,305,0 163,802,0
842.495,0 153,745,0 103,963.0 143,260,0 68,803,0 256,418,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 91 leading cities from which weekly returns aro 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
DISTRICT'S. ON SEPT. 11 1935
(In Millions of Dollars)
Federal Reserve DistrictLoans and Investments-total
Total
-
Boston
New York
Pinta.
Cleveland Richmond
Atlanta
Chicago
Si. Louts Minnean. Kan. City
Dallas
San Fran.
18,675
1,129
8,506
1,074
1,256
317
339
2,182
536
347
601
424
1,931
Loans on secoritles-total
2,990
185
1,793
178
166
50
41
226
60
33
46
41
171
To brokers and dealers:
In New York
Outside New York
To otners
878
156
1,956
5
26
154
855
53
880
13
12
153
3
6
157
1
49
4
37
1
30
195
4
56
2
31
1
3
42
1
40
9
162
Acceptances and comml napes bought
loans on real estate
Other loans
301
951
3,218
39
87
279
132
23S
1.340
21
69
174
6
72
147
6
17
75
2
12
103
30
30
306
10
37
103
7
5
118
24
11
122
2
24
112
22
346
339
U. S. Government direct obligations_
Oblige, fully guar. by U.S. Govt__.,_
Other securities
7.288
985
2,942
351
23
165
3,355
402
1,245
268
89
275
643
34
188
110
30
59
105
23
53
1,156
107
327
188
45
93
123
17
44
231
47
120
153
45
42
599
123
331
Reserve with Federal Reserve banks
Cash in vault
4,163
317
268
97
2,360
62
183
15
168
21
76
13
44
7
528
47
108
10
64
5
103
12
67
10
194
18
16,111
4,386
490
1,015
311
30
8,629
995
249
845
282
31
791
468
24
248
138
6
222
133
15
2,024
541
38
425
169
14
251
123
7
513
156
10
330
121
19
818
949
47
1,958
4,304
117
218
189
2.245
153
270
141
212
101
115
95
110
310
640
121
195
108
100
246
319
145
138
232
242
Net demand deposits.
Time deposits
Government depasits
Due from banks
Due to banks
Borrowings from F. R. banks
* Includes Government deposits.
Zire
United States Treasury Bills-Friday, Sept. 20
Rates quoted are for discount at purchase.
01, sinam-tat
Omani&
Myttuntrrlill
Terms of Subscription-Payable in Advance
12 Mos.
Including Postage$15.00
United States, U. 8. Possessions and Territories
16.50
In tDominion of Canada
18.50
South and Central America, Spain, Mexico and Cuba
Asia,
Spain),
(except
Europe
Continental
Britain,
Great
20.00
Australia and Africa
The following publications are also issued:
COMPENDIUMSPUBLIC Urnayy-(semi-annually)
RAILWAY & INDUSTRIAL-(POUP a year)
STATE AND Musictrat--(seml-ann.)
6 Mos.
$9.00
9.75
10.75
11.50
MONTHLY PUBLICATIONSRANK AND QUOTATION RECORD
MONTHLY EARNINGS RECORD
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
Representative.
()mesa° OFFICE-In charge of Fred. H. Gray, Western State
0613.
208 South La Salle Street, Telephone
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, 1-1(3,me Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
o! U. S. Bond Prices Sept. 14 Sept. 16 Sept. 17 Sept. 18 Sept. 19 Sept.21
{High
Fourth Liberty Loan
4K% bonds of 1933-38__ Low_
Claw
(Fourth 4Ke)
.
Total sates In $1.000
High
watts_Treasury
ILow.
43.ta 1947-52
Clime
Total sake in $1,000 units_ .
{High
Low.
Ii, 1944-54
Close
units_
$1,000
in
sales
Total
High
ILOw.
43(s-Me, 1943-45
Claw
Total sake in $1,000 units_ .
Hill
1141W
SM.. 1948-56
Clow
Total ales in $1,000 units__
HIV
ILow
5Ks, 1943-47
Cite.
Total BOW in $1,000 units_
{Mil
Low
Ts, 1951-55
Clow
Total sales in $1,000 units__
Higl
ILow
Ile. 1948-48
Clap
Total sales In 61.000 units(Rig)
ILow
SM.1940-43
Clam
Total raids in $1,000 units.-.
11161!
ILow.
1lKe, 1941-43
Close
Total sale! in $1,000 units__
High
ILow.
S141, 1946-49
Close
Total sales in $1,000 unit,....
HIgh
11.0w
CO,1949-52
Close
Total gales in $1,000 units_ _
-li
rig
Low_
Ws.1941
Close
Total sake In $1,000 WW2- .
(High
Low_
W 1944-48
S,
Close
Total sales in $1,000 units_
High
Dm_
2145, 1955-60
One.
High
Low_
2148, 1945-1947
Close
Total sales in $1,000 units ___
Twat sales in $1,000 units_
/Were'Farm Mortgage {High
Low.
8141. 1944-84
Close
Total sales In $1,000 units_ _
High
federal Farm Mortgage
Low.
31. 1944-49
Close
.
Total sales in $1,000
High
rederal Ferro Mortgage units_how.
31, 1942-47
Close
Total sales in $1,000 Units...
'odors'Farm Mortgage (High
Low.
214.. 1942-47
Close
Total salesin 81,000 Unita{High
lome Owners' Loan
Low.
3a. series A 1944-52
Close
Total MAI tv23 41..000 units_
1v.wers•
Loan
(High
lame O
me.
it aeries B. 1939-49._ Low_
Close
Total sates In 51.000 units_
100.16
100.16
100.16
13
115
115
115
3
110.8
110.8
110.8
1
104.15
104.11
104.12
72
108.30
108.30
108.30
2
105.28
105.26
105.26
6
102.6
102.5
102.5
11
101.31
101.29
101.30
97
106.23
106.22
106.22
11
106.24
106.24
106.24
10
103.1
103
103
17
103
102.29
102.31
64
107.11
107.11
107.11
25
104
103.30
103.30
58
99.24
99.20
99.22
108
-_---__
-.-____
102.8
102.8
102.8
10
100.14
100.6
100.6
223
100.18
100.14
100.14
8
99.9
99.8
99.9
53
100.10
100.2
100.4
167
99.8
99
99.4
133
100.16
100.14
100.14
248
114.30
114.26
114.28
7
110.9
110
110
17
104.13
104.5
104.5
202
108.22
108.22
108.22
2
105.22
105.20
105.20
4
102.6
101.28
101.28
96
101.30
101.23
101.23
132
106.21
106.11
106.11
65
106.23
106.23
106.24
4
103
102.27
102.27
90
102.30
102.22
102.22
8
107.10
107.7
107.7
9
104.2
103.23
103.23
393
99.23
99.14
99.14
442
100.7
100.3
100.3
89
102.10
102.3
102.3
12
100.14
100
100.2
148
100.13
100.10
100.10
34
99.11
99.8
99.8
II
100.5
99.30
99.31
240
99.4
98.27
98.27
137
100.12
100.10
100.11
71
114.15
114.8
114.10
49
110
109.18
109.21
90
104.4
103.29
104
153
108.18
108.12
108.12
47
105.6
105.8
105.8
5
101.27
101.12
101.12
310
101.22
101.6.
101.72
865
106.16
106.8
106.8
7
106.16
106.12
108.14
58
102.27
102.11
102.12
329
102.16
102.4
102.10
695
107.3
108.28
106.30
442
103.22
103.14
103.16
348
99.12
98.31
99.4
1,803
100
99.26
99.27
734
101.30
101.26
101.26
3
100
99.27
99.27
153
100.4
100
100.1
176
98.28
98.28
98.28
5
99.26
99.20
99.22
585
98.25
98.13
98.17
155
100.13
100.10
100.12
34
114.14
114.9
114.12
8
109.28
109.24
109.28
19
104.8
104.4
104.6
196
108.19
108.8
108.8
6
105.12
105.8
105.6
7
101.24
101.20
101.22
263
101.23
101.13
101.21
628
106.16
106.10
106.10
36
106.24
106.16
106.20
30
102.4
102.14
102.20
97
102.24
102.14
102.16
310
107.6
107
107
227
103.29
103.22
103.27
126
99.16
99.8
99.10
315
100.4
100
100.4
211
--_-_
------.
111.6
100
100.1
119
100.9
100.6
100.9
117
98.30
98.30
98.30
1
100.3
99.26
99.28
172
99
98.16
98.28
136
100.14
100.12
100.13
23
114.12
114.12
114.12
7
109.30
109.23
109.27
90
104.14
104.6
104.7
130
108.13
108.10
108.10
9
105.12
105.10
105.10
11
101.28
101.22
101.22
111
101.28
101.21
101.21
141
106.11
106.11
106.11
5
106.22
106.22
106.22
10
102.22
102.19
102.21
42
102.24
102.18
102.19
4?
107.4
106.30
106.30
56
104
103.29
103.31
26
99.17
99.8
99.8
363
100.4
100.3
100.3
45
102
102
102
10
100.6
99.31
99.31
10,4
100.10
100.9
100.9
63
99.6
99.2
99.4
131
100.1
99.28
99.28
171
98.30
98.23
98.23
139
100.11
100.9
100.1(
38
114.1(
113.3(
113.3(
308
109.21
109.2(
109.2(
228
104.8
103.31
103.31
258
108.14
108
108
108
105.10
105
105
20
101.23
101.16
101.23
130
101.19
101.9
101.10
700
106.10
106.2
106.2
32
108.16
106.8
108.8
580
102.21
102.14
102.14
135
102.13
102.10
102.12
66
106.26
106.26
106.26
35
103.27
103.19
103.19
303
99.8
98.30
98.30
1,105
100.2
99.31
100
34
101.30
101.21
101.21
7
99.31
99.24
99.24
371
100.10
100.6
100.7
81
99.3
98.30
98.30
18
99.28
99.16
99.18
310
98.19
08.10
98.10
150
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
100.10 to 100.10
1 1st 3 1933-38 1943-45
104.3 to 104.3
1 Treasury 414-314s
1 Treasury 31.0 1946-58
5 Treasury 31,s 104347
108.7 to 108.7
105.6 to 105.6
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
020%
0.20%
0.20%
0.20%
020%
0.20%
0.20%
Feb. 11 1936
Feb. 19 1936
Feb. 26 1938
Mar. 4 1936
Mar. 11 1936
Mar. 18 1936
Mar.25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1938
Apr. 29 1936
May 6 1936
May 13 1936
May 20 1936
May 27 1936
June 3 1936
June 10 1938
June 17 1936
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
020%
020%
0.20%
0.20%
0.20%
0.20*S
Oct. 2 1935
Oct. 9 1.935
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. 18 1935
Dec. 24 1935
Dec. 31 1935
Jan. 8 1938
Jan, 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1938
Asked
Bid
Asked
1314
PUBLISHED WEEKLY
Daily Record
Sept. 21 1935
Financial Chronicle
1890
.Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Sept. 20
Figures after decimal point represent one or more 32ds of
a point.
Maturity
Ine.
Rate
June 15 1936--Dec. 15 1939_
Mar. 151939.....
June 15 1940.-Sept. 15 1936Mar. 15 1940._
IMO 15 1939.....
Sept. 15 1938Dec. 16 1935-,
114%
1 ii%
13.4%
184%
184%
156%
284%
214%
284%
BO
Asked
100.22
99.22
100.
99.23
101.9
100.2
102
103.23
100.25
100.24
99.25
100.3
99.26
101.11
100.5
102.3
103.26
100 27
Maturity
Feb. 1
Dec. 15
Apr. 15
June 15
Feb. 15
Apr. 16
Mar. 15
Aug. 1
Sept. 15
1938_
1936...
1936_
1938...
1937._
19371938_
1938_
1037_
Int.
Rate
Bid
214%
2i4%
234%
214%
3%
3%
3%
314%
slim
104.9
103.2
101.21
104.22
103.23
104.3
101.29
102.22
Ins 9
Asked
104.12
103.4
101 23
104.25
103.26
104.6
105
102.24
ins_5
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
Sept. 20 1935
State,
Stocks,
Railroad
Number of and MUM,. Municipal &
Bonds
Shares
ForetynBonds
832,130
1,491,250
1,334,460
1,939,380
1,923,380
2,217,950
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
0 ARR
Sales at
New York Stook
Exchange
sso
63,187.000
5,260,000
6,197,000
7,419,000
7,712,000
9,156,000
CIA 021
Week Ended
1935
non
$872,000
1,461,000
1,358,000
1,605,00(1
1,273,000
1,798,000
$1,088,000
2,384,000
8,969,000
3,033,000
1,678,000
4,948.000
65,127,000
9,105,000
14,524,000
12,057,000
10,663,000
15,902,000
2R7nnn
eon non nnn
enn,Tonnn
StIt
Sept. 20
' 1934
Stocks-No. of shares_
9,538,550 •3,283,390
Bonds
$20,080,000 $25,015,000
Government
State and foreign
8.367.000 15,422,000
Railroad &Industrial._ 38,931,000 29,685,000
Total
Total
Bond
Sales
United
States
Bonds
Jan. 1 to Sept. 20
1934
1935
224,161,072
259,747,925
$570,124,000
278,593,000
1,537,460,000
$660,284,700
465,230,000
1,733,391,000
$67,378,000 $70,122,000 52,380,177,000 52.858.885,700
CURRENT NOTICES
-Jenks, Gwynne & Co., 65 Broadway, New York, have prepared for
distribution a circular entitled "Tightening World Wheat Supplies."
___Colyer, Robinson & Co., Inc.. 1180 Raymond Blvd., Newark, have
prepared a summary of available New Jersey municipal bonds.
--Jackson Bros., Boesel & Co.,26 Broadway,New York,are distributing
a circular in which they discuss the world silver situation.
-H. L. Wisner & Co., members New York Curb Exchange, announce
the removal of their offices to 70 Pine Street, New York.
-Gertler & Co., Inc.. have prepared for distribution an analysis of the
financial position of the City of Cleveland, Ohio.
-Homer SC Co., Inc., 40 Exchange Place, New York, has prepared a
special circular on high-grade railroad bonds.
-Harold Wieland, formerly with Clark, Williams & Co., Is now in the statistical department of Dunne & Co.
FOOTNOTES FOR NEW YORK STOCK PAGES
•131d and asked prices, no sales on this clay.
I Companies reported In receivership.
a Deterred delivery.
n New stock.
r Cash sale.
x Ex-dividend.
El-rights.
aa Adjusted for 25% stock dividend paid Oct. 1 1934.
as Listed July 12 1934: par value 108. replaced El par, share for share.
14 Par value 550 lire listed June 27 1934: replaced 500 lire par
value.
II Listed Aug. 24 1933; replaced no par stock share for share.
94 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no oar share.
97 Adjusted for 66 2-3% stock dividend payable Nov. 30
,Adjusted for 100% stock dividend paid April 30 1934.
I
"Adjusted for 100% stock dividend mild Dee, 31 1934.
44 Par value 400 lire; Bated Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934: replaced no par stock share for share.
Adjusted for 25% stock dividend Mkt June 1 1934,
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.
4
44 From last classification and above, loan of 55% of current.
4, 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 1 1934: replaced Socony-Tacuum Corp. $25 stock share for share.
.July I 1956 were
.woo
The National Securities Exchanges On Which law prim
made (designated by superior figures in tables), are as follows
Stock
"Cincinnati
Stock
44 Pittsburgh Stook
New York
23 Richmond Stock
13 Cleveland Stock
New York Curb
"Colorado Springs Stock "" St. Louis Stock
New York Produce
Salt Lake City Stook
New York Real Estate II Denver Stock
4 Detroit Stock
'
"San Francisco Stock
Baltimore Stock
"Los Angeles Stock
1, San Francisco Curb
BCISC011 Stock
II Los Angeles Curb
"San Francisco Mining
Buffalo Stock
.9 Minneapolis-St. Paul
"Seattle Stook
California Stock
New Orlean aStock
l• Spokane Stook
Chicago Stock
I Chicago Board of Trade 41 Philadelphia Ston
Curb
Chicago
I
Volume 141
1891
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded in the day's range, unless they
are the only transactions of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday 1
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
Sept. 19
Friday
Sept. 2()
Sales
fgr
the
1Veeh
STOCKS
NEW YORK STOCK
EXCHANGE
For footnotes see page 1890
July 1
Rang;for
Au7.31 Year 1934
1935 ----Highest
Low "
L c
High
5 per share $ per Ik i per sears
48 Aug 12
35
30
43
115 Aug 23
89
111
89
6514 Sept 12
21
938 Aug 17
1
414
II;
65
9312Sept 17
7014 285
3312 Jan 2
1412
16
317s
1414 Aug 2
6
614 1138
1418Sept 11
318
3111
758
832 Feb ii
478
47s
9511
15214Sept 18
8018
91; 113
178 Jan 7
'4
18
3;
z2018 Jan 9
1518
15; 3372
312 Jan 8
112
2;
7;
218 Aug 17
5,4
1,4
N
812 Aug 15
2;
4; 16;
2
4
714 Aug 15
145*
7 Aug 15
154
3; 143*
1938 Aug 19
6
; ---- -1314
3012June 19
15
23;
173 Sept 18 10712 11518 1110%
12712 Feb 27 117
12218 130
738 Aug 9
Ts
313
814
49
7334 Aug 17
2514 6312
2958Sept 11
10;
10; 23;
2014 Jan 5
1112 20
Illy
734
21,
218
418 Aug 30
2114
33 Apr 22
65
25
71 Aug 23
39
27
55;
2114 48
20
57; Feb 16
3212Sept 11
1113 2514
1118
854July 23
3412
40
50,2
38; Aug 12
1912
19; 38
122
88
12812 Aug 27
98
11658Sept 11
80
9014 11434
163 May 3 120
126; 15211
25;July 31
33;
10
12
5712 Aug 2
51112
2512
32
4
22 Sept 11
412 1214
14
106 Sept 13
40
19
46; 7058
4312
96 June 8
3414 Aug 2
22
20
3512
2
514 Sept 11
612
25*
3314 Jan 3
2034
2034 5212
1734June 11 3, 7118
65* 1311
eps 7274
32
135 Sept 13
8612Sept 17
72
3 Jan 3
us
34
-6
878 Aug 17
2;
6
10
175 July 29 105
914 Aug 17
1-3
;
1•
2
42 Aug 12
1134
1134 30
17 Aug 19
3;
8; 175*
1014
3814 Aug 12
25
11
13 Jan 10
1012 22;
814
612May 22
214
312 1012
3)3 Sept13
17
1734 4214
3714 Aug 12
2434
25; 365*
478 Jan 17
10
3
238
3734 Feb 16
2534 6514
2012
434 11
412
9;Aug 22
314 10
134
6 Jan IS
9
1412 38;
20; Jan 9
58 July 30
3512 7434
32
2878Sept 18
12
1238 23;
3,4 1(11,4
3
1014 Sept 13
412 10
3
912 Apr 28
2134 Aug 27
1272
1272 2753
63
6:1
116 Sept 19
91
2034
3018May 7
21
3434
912 Aug 17
1 12
3
1214
4912 Aug 12
1(118
1138 EN
4112 Aug 12
838
912 26,4
1834 Aug 15
934
10
1758
156 Sept 20 10712 11112 13778
27;Sept 18
1218
1312 2814
6534
9534July 25
33;
36
13;Sept 10
2
218
7;
2814 Jan 7
15
1758 30
5114 Sept 14
2812
*
3014 515
144 May 8
71
100
125
11714 Aug 6
57
7114 109;
76 June 26
43
48; 71
143 July I
106
106
127;
2014 Aug 23
105*
1012 46'1
52
106 July 27
5978 92
43 Jan 9 1 3318
4434
37
7012 Feb 16
46
4512
72
14012May 6 102
10312 12914
27 Aug 22
1334 24
11
98; 1001a 12514
14538Sept 12
9934Sept 19
6312
6514 8512
103 Sept 19
6474
89
67
14058July 31 105
10714 13c4
634 Jan 18
2;
13
3
2212Sept 6
734 28;
7
1914 Aug 17
7;
12; 27;
82 Sept 19
48
80
64
912Sept 18
4;
7
1718
5812 Sept 19
3512
35
8334
1114 Jan 181
414
58
1
612 Jan 18
2;
2; 1712
538May 23
3
3;
9
3818 301s
49 Aug 21
31
22 Sept 18
8
10
171
/
4
28 Aug 21
7;
914
18
;
1212
17; Jan 4
13; 2434
84
109 Aor 26
11/6
80
912Sept 19
318
118
10;
52 Aug 1
2178
2614 3918
12214July 19 106
10
117
108 Aug 15
64
76; 103-5*
618 Jan 3
314
312
5;
7038 Jan 10
41314
4614 7114
3114
54
10812 Feb 4
85
36 Sept IS 3 13
Range &nee Jan. 1
Os Baste of 100-share Loll
Lowest
$ per share 5 per share 5 per share $ per share $ per share $ per share Shares
Par 3 per share
.4214 49
*4518 49
45
45
*4314 45
*42
42
45
42
30 Abraham & Straus
No par 32 API 3
*113 115 *113 115 *113 115 *113 115 *113 115 *113 115
Preferred_
100 110 Jan 10
63; 63; 63
6312 63
63
63
6418 6312 6418 *6112 64
1.700 Acme Steel Co
25 51 June 25
858 834
8; 834
812 834
838 878
834 9
734 814 12,000 Adams Express
No par
414 Mar 15
*9214 96; *93
9658 9312 9312 *93
96; *93
9658 *93
9658
20
Preferred
100 8434 Jan 2
3178 3178 3134 31; 3110 3134 3178 3314 3238 3314 32
3258 5,700 Adams Millis
June 6
No
28
par
13
1318 13
1312 13; 1318 1338 14
1314 1312 x13
1334 5,900 Address
10
8 Jan 12
14
14
1314 1358 1318 1314 13; 13; 1234 1318 1218 1238 2,100 AdvanceMultlgr Corp
4;Mar 18
No par
RumelY
*714 7;
714
714
71. 718 *718 738
718
718
812 7
2,200 Affiliated Products Ine
612Sept 20
No par
146 146
14612 14712 147 148
14912 15214 150 15012 14612 14812 3,900 Air Reduction Inc
No par 10438 Mar 18
1
1
1
118
118
118
1
1
1
118 *1
800 Air Way Eleo Appliance.... No par
118
34 Apr 3
1612 1678 16; 165* 16
1614 16; 1614 1578 1614 15; 15; 11,900 Alaska Juneau Gold Mb
10 1518July 25
*178 2
2
2
.2
214
2
214 *2
214 *2
214
400 A P W Paper Co
112June 24
No par
112 138
112 1;
112 112
158 158
112 1;
112 112 9,400 :Allegheny Corp
No par
34 Mar 30
534 534
5
; 55*
534 534 *534 6
57
5
6
510 1,200 '
,ref A with $30 warr
2;Mar 21
100
*414 612 *418 7
*434 512 *412 612
434 434 *334 612
100
Fret A with $40 warr
Mar 27
2
100
412 412 *418 7
.412 512 *412 538 *412 51, *412 512
100
Prof A without warr
134 Mar 28
100
17
*14
*14
1738 *14
17
1512 1512 *14
17
*14
15
100
2% prior cony pref__No par
6; Apr 2
2838 2838 2734 2834 2778 27; 28
2838 2712 28
2612 2738 2,500 Allegheny Steel Co.
No par 21 Jan 12
16918 16918 169 170
169 169
170 173
16612 17212 165 168
3,800 Allied Chemical & Dye_-_No par 125 Star 18
*125 126
126 126
12612 12612 *125 12612 125 125 *124; 12612
300 Preferred
100 123 Apr 20
634 6;
6; 678 . 6; 7
6; 7
658 678
614 612 12,300 Allied Stores Corp
318 Mar 13
No par
6012 6912 6934 70; 70
7038 7014 7014 26858 68; 6634 6734 2,200
5% prof
100 249 June 17
2818 2834 2758 2838 2734 2814 2818 29
2712 2812 2514 2678 18,700 Allis-Chalmers Mfg
No par
12 Mar 13
*16; 17
16; 1678 1612 1612 17
17
17
17
*16
17
900 Alpha Portland Cement_ No par
14 Mar 13
4
4
3; 4
334 4
312 3;
; 378
3
312 3; 2,800 Amalgam Leather Co
1
218 Mar 14
3212 33
*3012 3238 *3112 3234 23212 3212 3112 3134 3034 303
4 1,300
7% preferred
50 26 June 25
6458 6434 6312 6412 6278 0334 6312 6478 6412 6518 6212 6414 9,200
Amerada Corp
No par 4812 Jan 11
5212 5212 5114 5134 5078 5133 51
5112 5034 5114 50
51
2,800 Amer Agri(' Chem (Del) No par 4112June 1
3134 3214 31; 3212 3112 3214 3114 3134 30
3134 28
2878 11,300 American Bank Note
10 131s Jan 12
*6238 65
*62; 65
*62
63
62
62
*6012 62
*6012 62
30
Preferred
50 43 Jan 11
*3412 35
3438 34; 3412 34 2 3434 3434 23412 35
3234 3334 1,400 Am Brake Shoe & Fdy ___No par 21 Mar29
128 128
12634 12634 127 127
12634 127 *12612 128
127 127
230
Preferred
100 119 Jan 8
143 14434 14314 14433 14412 14510 13912 14312 138 14012 12,000
144 145
American Can
25 110 Jan 15
51545* 15612 *15414 15612 *15514 156'z 15612 15612 *15414 15612 156 156
200
Preferred
100 151; Jan 4
23
2312 2212 2312 2314 2314 2318 2314 2112 2238 20
21
5,200 American Car & FdY
10 Mar 13
par
No
*5212 53
*51
5314 52
5234 5212 53
5114 52
4512 4912 1,800
Preferred
100 2511 Mar 13
2012 2078 1912 21
2018 2038 2012 21; 2038 22
1912 20
5,700 American Chain
No par
8 Jan 3)1
10312 10312 10014 10014 100 100
*97 105
*96 105
9514 96
500
7% preferred
100 38 Jan 11
89
*88
89
8918 89
8912 *88
90
8812 8812 8814 8814
800 American Chicle
No par 66 Feb 8
*30
*30
35
35
*30
35
35
*30
*30
35
*30
35
Am Coal of N J (Allegheny Co)2
311 Mar 26
5
5; *414 434 *414 434 *4; 434 *438 434 *4
434
300 Amer Colortype Co
238 Mar 14
10
2738 27; 2738 28
2714 2712 2714 2734
27
2558 2614 5,500 Am Comm'l Alcohol Oorp
20 2211 Mar 18
1512 1534 1514 15; 1514 1512 1518 15; 26
15
1558 1434 1512 10,500 American Crystal Sugar
10
Feb 5
612
*135___ *131
_ _ *134 _ .*135
- *130
- *125
__ ___
7% 2:11 prof
100 5732 Jan 2
85
86 -86-14 86
86
8612 86 --8612 28312 -8-412 8312 -8412
780
6% 181 pref
100 72 Aug 1
118 114
1.18 I;
1
114
1; 114
118
11
14
11
118 5,000 Amer Encaustic Tiling__-No Par
34May 24
•718 7;
7; 75* 4718 712
712 712 *718 712
7
7'8 1,000 Amer European See'e____No par
2; Apr 2
*150 175 *150 175 *150 175 *150 175 *150 175 *150 175
Amer
Express Co
100 150 July 22
612 678
638 634
638 65*
678 634
68
08
534 61 15,700 Amer & Fern Power
Mar 13
No par 2
33
33
31
32
*31; 3278 3218 3214 31
31
29
301
2,000
Preferred
No par
14 Mar 15
12
1238 1134 1214
11.34 12
1214 1112 1214 1014 1033 2.900
12
2nd preferred
No pat
37a Mar 14
*29
30
*2812 2934 *2812 29
2812 29
*28
29
2512
500
$6 preferred
No par 12 Mar 30
1134 1134 1134 11; *1034 1134 *1034 11; 1114 1114 1114 26
12
900 Amer Hawaiian S S Co
10
8 Apr 18
434 478
•434 5;
4; 478
478 5
478 4; 1,200 Amer Hide & Leather___No par
5
5
214 Mar 13
3814 3912 3714 3814 *3618 3818 *38
3812 3712 38
35
36
1,300
Preferred
100 17 Slur 13
31
3112 3014 3114 2934 3014 30; 305* 3018 3034 3012 3034 7,900
Amer Home Products
1 X 2912 Apr 12
258 234
258 234
212 252
212 2;
212 2;
212 212 2,800 American Ice
No par 2; July 24
20
2014 *1938 2012 20
20
19; 4078 *19; 2012 *19; 2012
400
8% non-cum prat
100 18 Sept 9
9
914
9
9
834 9
914
9
834 914
7; 858 6,500 Amer Internal Corp
No par
412 Mar 18
*238 278
234 234
21
. 23
*258 234
2; 258
212 212
90
5
Am
L
France
Foamitepref
&
100
134 Mar 13
1734 18
17; 18
17
1734 17; 1814 17
18
16
1634 7,200 American LocomotIve
No par
9 Mar 13
54
*53
5238 53
5214 54
; 51; 54'2 5412 55
5014 5134 3,900
Preferred
32
100
Mar 19
261s 2612 2614 2634 2634 27
2738 2878 2712 2878 2638 2718 12,500 Amer Mach & Fars,Co___No par 1811 Mar 13
9; 10
934 10
912 9 s
912 93
9,8 934
914 912 6,800 Amer Mach & Metale____No par
414 Apr 4
938 938
912 512
912 91
*9; 9'2
912 912
9
9
800
Voting trust etre
No par
41y Apr 4
2334 24
23
2334 23; 233* 23; 2414 23
2314 2214 2258 5.701 Amer Metal Co Ltd
1312 Mar 15
No par
*114____ •113
_ _ •112
___ .115
_ 116 116 *114
_
100
6% cony preferred
72
10
Jan 2
*2814 30
2814 -2i14 .2712 -30
*2812
2
-9-12
*28
30
*28 --29
100 Amer News, N Y Corp__ No par 224 Jan 3
714 738
7,8 7;
7
7;
7
6; 714
75*
614 6; 25,200 Amer Power & Light____No par
DI Mar 13
3512 3612 3434 36
35
3614 35; 37
3434 36
33
3334 11,70(1
26 preferred
No par
1018 Mar 13
3014 31
29; 3058 30
30; 3014 3138 2912 3010 28
2834 9,800
56 preferred
No par
8;Mar 13
1734 1818 17; 17; 1718 1734 1734 1818
1714 18
1612 17
46,300 Am Rad & Stand San•y
No par
1012 Mar 13
-- •I53
-- *153
_ *15318 160 *153; 160
156 156
1
Prefer red
100 13412 Mar 1
*153-263.1 2714 2638 -2712 2634 1714 27; 27; 26
2734 2514 26
47.900 American Rolling Mill
25 1534 Star 18
*91
9312 9112 9112 *9138 9312 93
93
9314 9314 91
92
500 American Safety Razor __No par 66 Mar 14
1314 1314 13
1312 1278 13
13
1314 1258 13
1218 13
4,400 American Seating vi c___No par
4;Mar 12
25
25
24
25
24
2414 2214 23; 22
22; 2112 22
1,150 Amer Shipbuilding Co___No par 20 Mar 14
5014 5114 49
50; 4918 5028 4918 505* 4713 4934 46;
47'2 59,600 Amer Smelting & Retg___No par 31; Apr 3
13618 13618 *135 139 *135 13612 *13512 137
500
137 137
137 137
Preferred
100 121 Feb 4
*109 110 *10914 110
109 10914 *108; 110
10818 10834 a10734 10734
600
2nd preferred 6% eum
100 103 Feb 14
•72
*72
74
7312 7234 7234 *7234 7314 72"7234 711k 7114
500 Arner1C813 Snuff
23 03 Jan 16
*13412 140 *13514 140 *13514 140
1351
137 137 *13518 137
13518
50
Preferred
100 123 Feb 20
19
19
1812 19
1814 19; 1814 19
1734 1878 17
1717 7,300 Amer Steel Foundries____No par
12 Mar 14
0
_ 9734 e.--- 97
*92
97
97 .92
*92
97
9634 97
50
Preferred
100 88 Feb 4
*37
37; *3634 38
37
3714 3714 3712 3712 36; 37
37
500 American Stores
No par 3312 Apr 4
56
5618 56
56
5512 56
5412 55,2 *5314 54
5314 5314 2,400 Amer Sugar Refining
100 51 14 Aug 3
135; 13512 *13512 13618 13534 135; 13512 13512 *13434 13534 13534 13534
400
Preferred
100 12612 Jan 3
2458 *2414 241 *24
24
2412 2412 2534 2412 25
2312 24
2,700 Am Sumatra Tobeeco____No par 1812 Jan 29
14112 141; 140 141
138 13934 139; 14014 138 140
13612 137; 16,000 Amer Telep A Teleg
100 9878 Mar 18
9812 9834 *9712 981 .9712 9810 9812 9912 9914 9934 9734 99
2,400 American Tobacco
7212 Apr 3
10112 10112 101 102
100 10134 10112 10212 10134 103
100 10114 9,900
C0113111011 class B
25 7434 Star 21
*13712 13934 *13714 140 *13712 14012 *137 14012 *13734 139
137 13712
200
Preferred
100 129; Jan 18
417 417 *414 478 *414 458 *414 458 *414 4; *414 5
200 :Am Type Founders
212 Mar 18
No par
1714 1714 18
18
18
1914 *1858 1912 1814 1812 *17
1934
220
Preferred
9 Mar 15
100
1634 1712 16; 1718 1634 1714 17
177. 16; 1712 1512 1614 45,700 Am
Water Wire & Elec___No par
Mar 13
7;
77
775* 76,2 77
81
81
7912 81
82
81
80
80
1,900
1st preferred
No par 48 Mar 19
8; 9
838 87
812 95*
914 • 912
834 938
812 878 17,300 American Woolen
4; Mar 13
No par
51
50
49; 501 1 5012 5234 53
5414 52; 5412 51
5212 24.900
Preferred
100 3512 Mar 18
34
34
78
1
1;
*38
78
7
78
78
*34
78 1,400 :Am Writing Paper
1
;
Mar 29
*334 414
4
*4
4
41
4
4
418 418
358 378
500
Preferred
214Mar 15
No par
•414 412
414 414
412 45;
412 4;
412 412 2.400 Amer Zinc
4; 478
13
Smelt___100
Lead
Mar
&
3
47
*4614 47
47
47; 47; 4834 483 *4714 4958 4614 4614
400
Preferred__
25 31 Mar 20
21
2138 207s 2l-'
20; 2134 21; 22
2018 2134 1958 2038 226,300 Anaconda
Mar 13
MinIng
Copper
50
8
25
25
25
25 .2414 26
26
26
2512 26
2512 2512 1,101 Anaconda Wire Cable_No par
&
1618 Apr 1
13; 1318 1212 1212 12
1214 x12
1218 1114 12
12
12
2,600 Anchor Can
Vo par
I 111Sept 20
100 100
*9812 102 *100 10112 100 100 210018 10018 100 10014
130
36.50
cony
100
par
July 6
preferred
No
838 8; *8
*812 912
9
914 914
912 91
*834 914
90 Andes copper Mining
318 Mar 21
10
*4734 4814 4738 4734 4718 4734 *47
48
4778 477
4614 4712 2.201) Archer Daniels Micli'd___No pa'
36 Jan 16
*11814 119 *11818 119
119 119 *11814 119 *11814 1181 11812 11812
30
7% preferred
100 117 Aug 22
*105 10534 105 105 *10312 105 *10312 lO47s 104 104
10112 10412
400 Armour dt Co (Del) pret
100 97 Apr 3
378 4
41s
4
3; 4
378 4
378 4
3; 3; 24.409 Armour of Illinois new
314 Apr 3
5
6078 6114 60
6034 60
603
4 *6012 61
60; 6034
6012 6012 3.303
86 oonv prat
Vs par 5512May 1
0100 105 *100 105 *100 105 *100 102 *10312 104s 100 100
10) Preferre6
1011 85 Jan 2
32; 3112 3212 3258 3312 3358 36
32
3312 .351
3258 3312. 17,603 Armstrong Cork- Co
No par 2532July 19
I.i
No account Is taken on such
1913 to
New York Stock Record-Continued-Page 2
1892
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
Sept. 19
Friday
Sept. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Si
Arnold Constable Corp
NO par
Artloom Corp
100
Preferred
1
Associated Dry Goods
100
8% lst preferred
100
7% 20 preferred
26
Associated 011
Atch Topeka & Santa Fe ____110
100
Preferred
100
Atlantic Coast Line RR
At 0 & W 213B Lines____No par
100
Preferred
25
11,300 Atlantic Refining
No par
5,200 Atlas Powder
100
Preferred
30
Prof called
No par
81-4 814 *i 5;88 *ila I% --800 Atlas Tack Corp
.38 W.% •814 858
8
No par
3512 3634 3612 3814 36
3734 3334 3513 22,900 Auburn Automobile
3634 3714 3412 37
par
No
67
o
7
Nichols
Austin
1,500
4
63
1
1
8
65
634
6%
6
672
64
7
7
74 74
No par
Prior A
120
3858 384 *3858 42
*3834 39
3834 39
*3858 40
*3834 40
(T1,e)____5
Del
of
Corp
Aviation
---_ _ _ _.
---- - __
---- ---- ---- - - ---- 3
New
3% -3-13 6,400
33-4
35
334 -33-4
8
334 -37334 178
8
334 -37212 258 22,800 Baldwin Loco Works___No par
212 24
238 318
212 258
318
3
318
3
100
Preferred
2318 2258 2'234 2012 2114 2,300
2312 2312 2258 2258 2258 2314 23
400
163 1634 1612 1718 1634 1714 174 174 1638 1734 1534 1638 46,200 Baltimore & Ohio
100
Preferred
2014 4,000
2114 2114 2134 2034 2214 19
204 2134 21
207 21
100
90 Bamberger (L)& Co pref
10812 10912 10718 10718
*107 110 *10758 110 *108 110 *10812 110
50
800 Bangor & Aroostook
*4334 4412 .4312 4438 4334 4334 4312 4312 4334 4414 4412 4412
100
Preferred
360
11212 11212
11312 11312 *11212 11312 11212 11212 .112 11212 91212 113
No par
700 Barker Brothers
534 6
534 534 *534 6
*534 614 *534 614
6
6
100
645% cony preferred
30
70
6712 6712 6612 6612 *60
70
*64
70
*65
70
•65
5
94 912 19,700 Barnsdall Corn
918 95
94 934
914
9
9,3
9
94 94
No par
46
46
1,500 Bayuk Cigars Inc
4534 46
4638 4614 4678 46
46
*46
4712 46
100
preferred
151
1143
*11112
200
1133
4
115
11312
4
115
1133
4
*114
11112 11112 112 11378
25
1514 1534 2,200 Beatrice Creamery
1688 1558 16
1514 15,4 1538 1578 153 1688 10
100
Preferred
*100 108 *100 110 *100 110 *-_-- 109 *100 110 *100 110
20
Co
PackIng
Beech-Nut
300
96
*94
96
9412 9412
*944 96
*93
95
94
96
.92
1418 13% 1418 137 14
144 1414 14
1338 134 13% 1338 5,200 Belding Hemingway Co__No par
200 Belgian Nat lips part prof
82
*75
79
79
82
8338 *79
8 *80
*8018 8338 *8018 83,
5
2034 2138 86,600 Bend!: Aviation
2214 2278 2112 228 2178 2234 2238 2318 2135 23
3,000 Beneficial Indue Loan__No par
1858 1834 1812 19
1878 1878 18% 1834 18% 19
1834 19
par
No
Co
&
Best
4812
494
4912
1.600
4
493
4912
4912
4914
4914
4912
049
4978 4912
No par
41% 3914 4112 3738 3834 92,600 Bethlehem Steel Corn
387 4014 394 40,4 40
3914 397
100
7% preferred
5,200
9934 10038 100 10012 10034 102,2 10014 1014 9612 100
9934 100
2312 2234 2338 23
2314 2234 2412 2234 2312 1,370 Bigelow-Sant Carpet Inc__ No par
2312 2358 23
No par
1358 14
137 1418 1314 144 1234 1314 12,900 Blaw-Knos Co
1338 1334 1312 14
20 Bloomingdale Brothere_No par
2078 2078 *2082 2078 2012 20,2 *2082 2078 *2012 2078 •1834 207o
100
Preferred
30
-__ 111 111
__ *100 11112 11112 11112 *109 11112 *111
100
160 Blumenthal & Co prof
80
80
80 -80
80
80
80
80
80
80
95
*109-*75
5
1412 15% 1514 1558 1478 1512 144 1514 1312 1414 21,100 Boeing Airplane Co
1434 147
6
Br
&
Aluminum
47
46
4812
Bohn
4,200
4812
4
49,
49
4714
49
5012 4914 60
50
par
No
140 Bon Arni clan A
98
98
*9614 98
9734 98
99
*98
99
*08
100 100
Class B
No par
530
40
40
4234 414 43
*42
43
4334 243
43
44
*43
16
2438 16,700 Borden Co (The)
2412 2478 2438 2434 24
2418 2434 244 244 243* 25
10
5214 53,2 52
5334 4938 5118 15,100 Borg-Warner Corn
5112 5034 52
508 5118 50
100
77
Maine
dt
Boston
1
1
200
713
.614
*614
8
*612
714
06
74
712
74 74
300 /Botany Cone Mills class A___50
*72 138
138 14
112
132 132 *138
132
138
*114
13*
No par
147 50,700 Bridgeport Brass Co
15
1414 15
1512 1515 1512 144 154 14
1378 14
4814 4418 45,2 39,700 Briggs Manufacturing_No :h.,
4614 4534 4714 48
484 46
4558 4612 45
No par
800 Briggs & Stratton
4314 4314
4414 *4314 44
44
*4338 44
44
4312 4312 44
5
3412 2,400 Bristol-Myers Co
34
3412 3434 3458 35
35
35
35
35
35
35
200 Brooklyn de Queens Tr___No par
214 214
*214 258
*214 234 *214 238 *284 238 .214 21
No par
Preforrtd
500
*2134 2333 *2134 234 2134 2134 2112 21118
22
*2134 24
23
No par
4338 8,200 Bklyn Mash Transit
4478 4312 444 43
4418 4434 4378 4418 4334 4414 44
No par
36 preferred serie2 A
500
9812 9812 9812 9812 *9712 9812 977 9812
*9712 99
*9712 99
No par
600 Brooklyn Union Goa
6212
*65
654 65
62,2 6212 6212 62,2 62
65
6534 *65
No par
Brown Shoe Co
6034 *60
604 *60
6034
6034 •60
6112 *60
6112 *60
*60
100
Preferred
*12112 122 *12112 122 *12112 1217 *12112 1217 •12112 1214 *12112 12178
45* 434 *412 434
*434 518
44 434
514 5% 3,900 Bruns-Balke-Collender___No par
434 534
10
534 6's
54 534 1,300 Bucyrus-Erie Co
63* 638 *618 614
638 638
*614 638
5
Preferred
1238 1158 1178 2,500
1232 1234 1212 1234 1232 1212 1214 1212 12
100
7% preferred
130
8314 8412
*8434 88
87
87
*8512 90 .8512 90
87
87
No par
55* 512 8,400 Budd (E (3) Mfg
558 58
54 558
512 555
512 534
538 538
100
7% preferred
800
484 484 474 4812 4634 4634
48
4812 481 *4712 4834 48
R11;1112_
58
12
58
58 22,200
12
12
58
12
58
12
58
12
par
No
Wheel
1
1311(10
80,000
812
8
73
83*
8
85
8
714
74 738
714 712
7,8 7 4
No par
1012 1,600 Bulova Watch
. 1034 1034 1012 1034 1014 1014 1034 1034 1012 1012 10
No par
10,000 Bullard Co
1838 19
1912 2034 194 207
1834 187
184 1918 1812 19
300 Burns Bros class A.__ .__No par
1
1
1 12
112 112 el
134
134 *1
*1
17
*114
No par
Class B
500
3t
34
78
*34
78
*4
%
*4
78
%
78
34
100
7% preferred
400
612 612
7
7
712
7
7
7
*634 712
7
7
par
Mach____No
Add
Burroughs
23,900
20
19
2012 2018 2012
20
1958 2018 194 20
197 20
No par
112
112
300 :Bush Term
134 *112 2
134
*1,2 14 *112 134 *112 134
100
4
3
Debenture
618
8
*55
6
*5
4
*53
63*
*534 718 *54 74 *54 658
100
80 Bush Term B1 gu prof ctfe
17
1412 1412 1412 1412 •14
17
*14
14
14
16
16
5
212 24 9,000 Butte Copper dr Zino
212 234
258 234
212 2%
212 234
212 24
par
No
Co
:Butterick
1.000
54
4
3
34
34
34
34
78
*34
78
78
78
78
No par
1614 1714 9,200 Byers Co(AM)
1734 18% 184 184 1714 183o
1714 18
1734 18
100
Preferred
310
56
56
58
58
60
58
59
*58
59
58
60
*59
No par
2.700 California Packing
3178 3214 3112 3178 3112 32
314 3118 313* 314 32
31
1
2h:so-Lead
Callahan
3,100
58
58
53
4
34
58
34
58
34
54
34
34
512 538 13,000 Calumet & Reda Cons Cop--_25
54 5%
558 5%
512 534
512 54
532 532
par
-___No
Pay
0
&
W
Campbell
26,500
4
223
22
4
233
224
4
223
197
1958 1934 2018
*1934
1912 197
5
838 834 5,200 Canada Dry Ginger Ale
93
834 9
914
0
94
94 938
94 93
100
30 Canada Southern
5614
*54
54
54
56
*53
56
*53
*5314 56
*5314 66
26
Pacific
Canadian
39,800
8
7
9
912
8
103
978
1014 1034
1014
1014
10
978 1014 10
No par
800 Cannon Mills
3534
35
35
35
3558 3558 36
3558 *35
3578 *35
*35
1
2,300 Capital Adminla al A
1218 1212 1218 1212 114 12
127
1234 1234 1212 1212 12
10
A
Preferred
130
45
1
.441
443* 4438 4438 445* *4414 45
*4414 46
4414 45
Carolina Clinch & Ohio RY--100
...._ *88
92
92 *____ 92 •____ 92 *
*87
100
Stpd
*92 -9434 *92 -9434
9434.88_9434 •91
9434 *92
*93
9434 *91
100
27,500 Case (J I) Co
7634 7938 704 8112 7814 8034 7614 78
775
76
7714 79
100
Preferred certificates
90
118 118
*11612 -_ _ *11612 -_ - *11612 -_ _ 11634 1164 11634 118
Par
NO
Tractor
Caterpillar
16,300
5012
50
52% 5118 5218 5014 51
50
5150
5138 51
No par
2934 2734 2912 2718 2734 47,900 Celanese Corp of Am
384 2834 27% 2838 2712 2814 28
No par
:Celotex
Coro
6.100
44
412
488
414
8
,
5
412
5
458
4
43
2
4,
43* 478
No par
Certificates
100
Preferred
-5:iT2 Id" -55i4 ..iiF -Y4 --i.5 ---3-3 --5 -5Zi2 13-1-4 -5i- "iiI4 _ -2-17iii
par
Asso____No
Aguirre
Central
800
25
25
8
25,
2614 25,8 2558 2512 2512 2518
226
*2584 26
_10(
New
Jersey.
of
RR
Central
400
55
55
575
5712 5712 *55
59
*56
60
*55
56
56
Ribbon MIlls___No par
Century
200
7
7
712
*7
74
*714
4
3
7
*714
*714 734
*74 8
100
Preferred
*98 102 •
*98 102
*98 102
*98 102
*98 102
*98 102
5714 5812 30,600 Cerro de Pasco Copper-NO par
6178 .5734 60
6134 60
6114 6112 6014 6214 60
par
Producte-No
5.200 Certain-Teed
6
614 658
55
64 612
*612 634 '612 612
638 612
100
7% preferred
584 2,190
6112 56
60
6234 647
6212 6312 6112 63
6234 647
5
Cab
Checker
77
77
*5
718 *5
..5
*434 734 *434 75
*434 71
No par
454 443* 4512 2,400 Chesapeake Coro
45
46
46
46
45
4514 *45
4538 45
25
Ohio
&
Chesapeake
15,000
46
3
464
453*
4618 4638 46
4658 46
46
46
4658 46
100
600 :Chic & East Ill Ity Co
1
1
138
*1
1
1
138
138 *1
138
*1
P2
100
6% preferred
900
.138 178
134 134 •14 2
13:
134
*112 134
138 158
100
Western
Great
Chicago
8
13
114
1,300
114
114
114
118 114
114
14
114
138
114
160
Preferred
300
35* 34
3
3
*278 318
•234 3
3
3
314
*3
:Intl & Loulav pref
100
tcht
47
478
*24
47
8
47
*234
4%
4
*23
*234 478 *234
*234
5
Co
Order
Mall
Chicago
3214 3214 3112 32
31 12 3112 3112 3218 314 3112 2938 3078 4,200
112 112 2,000 :ChM Mllw St P & Pao_ __No par
158
158
112 158
112 112
134 154
15* 15*
100
Preferred
3,000
218
2
214
218
214
218
218 214
214 238
214 214
214 212 4,000 Chicago & North Western_ 100
24 234
258 234
258 25*
258 234
234 234
100
Preferred
500
612 612
658 63* *612 634
614 614
6
6
634
*6
11 18 22,800 Chicago Pneumat Tool___No par
10
114 12
912 934
93* 1012 1012 1118 1118 12
VO par
Cony preferred
4112 4434 6,600
4312 43'z 4334 4472 4412 4534 4534 4712 4434 46
114 1,100 /Chicago Rock Ill & Pacific-100
114
112 112
*138
112 112
134
14 158
1,2 112
100
7% preferred
234 234 *212 234 1,000
234 234 *234 276
2,2 3
278 278
100
6% preferred
400
212 212 *214 212
214 214
238 212
*24 272 .214 212
par
Cab__,No
Yellow
Chleag0
14
*1034
14
4
*103
*104 14
*1034 14
*1034 14
.1034 14
IS Per share $ per share $ per share $ per share $ per share $t per share
612
638 634
738 738
612 634
738 738
6
.714 738
734
634 634 .64 734
.634 734 *634 734
734 734 *7
_
__ 071
_ •71
. *71
_ .71
*71
•71
7
312
13 114 -1114 13 -1114 137 -1:138 1312 14
1-4
14
10812 10812
109 109 .106 109
108 108
.106 108 *10612 108
83
83
90
*84
90
8712 8712 •83
88
8912 88
.88
4012
38
4012 *38
38
38
4012 *38
•38
38
42
*38
5114
524 5214 5314 5114 5334 49
5134 5114 5212 51
51
86
8718 8712 *85
8714 8612 8612 86
.8738 8778 8778 88
2314 25
26
2614 25
2514 25
2578 25
25
2512 25
*44 7
7
•4
*414 6
*412 612 *414 612 *484 682
834 *7
*712 8 8 .7
834 *7
834 .7
834 *7
834
2134 224 2218 224 2134 22*
224 2238 2134 2218 2134 22
4414 4578 4512 4712 4438 4612 4514 46
434 44
4478 45
11412 115 *113 11414
114 114 *113 ____ *113 ____ *114
For footnotes see page 1890
Shares
6,700
400
_
6,900
400
300
20
23,600
900
11.500
Sept. 21 1935
Rasps Mace Jan. 1
Oa Basis of 100-Shard Lots
Lowest
3 per share
4 Mar 6
334 Mar 15
70 Apr 25
712 Mar 13
8072 Apr 3
48 Mar 12
2934 Feb 21
3534 Mar 28
6658 Mar 28
1912 Apr 3
3 Mar 6
6 Mar 5
2138 Mar 12
3234 Apr 3
106% Jan 2
111 Apr 30
4 Mar 13
15 Mar 18
512May 6
3512May 7
3 Mar 13'
234July 10
114 Feb 26
712 Apr 3
782 Mar 13
94 mar 13
1004 Feb 21
3812 Mar 12
10614 Mar 18
314 Feb 25
82 June 21
5% Mar 6
3712 Mar 14
10734 Jan 11
1418 July 8
10012 Jan 5
72 Feb 2
1118 Mar 18
79 Sept 19
1178 Mar 13
154 Mar 13
34 Jan 30
2138 Mar 18
15534 Mar 18
14** Mar 19
if38 Mar 14
1658Juno 19
10314 Jan 22
2814 Mar 13
64 mar 18
3958July 10
90 Jan 31
40 Sept 20
21 Mar 29
284 Jan 16
334 Mar 27
12June 6
812 Apr 30
:Feb 7
241
234 Jan 17
3038May 25
138 Apr 18
1418May 2
3612 Mar 16
90 Jan 4
43 Mar 18
53 Mar 11
12118July 24
338July 5
44 Max 14
812 Mar 1.5
8234 Mar 22
314 Mar 15
23 Mar 14
14 Sept 11
212 Mar 21
33451ay 13
'814 Mar 13
14July 9
14 Mar 20
3 Mar 16
1314 Mar 14
1 API' 8
614 Apr 3
10 Mar 28
14 Mar 12
%June 3
11% Mar 14
32 Mar 14
MOM
$ per share
8 Sept 9
734 Aug 14
7012 Jan 22
1518 Sept 9
109 Sept 18
8958Sept 7
4012 Aug 7
5718July 29
91 June 26
3714 Jan 4
712 Aug 31
1012 Aug 17
28 May 16
4712Sept 17
115 Sept 19
111 Apr 30
878Sept 5
3912Sept 9
14 Jan 2
63 Jan 2
558 Jan 3
414 Aug 23
858 Jan 9
2634 Jan 21
18 Sept 11
23 Sept II
110 Sept 13
4912 Aug 9
115 May 8
612 Aug 9
6712Sept 13
1058May 16
514 Aug 15
115 May 16
19 Mar 1
10812June 18
95 Sept 12
1438Sept 11
1171:Mar 7
234 Sept 13
1932July 5
5058Sept 9
4112Sept 19
10334 Aug 23
2614 Jan 23
1414 Sept 11
2378 Aug 16
112 June 19
80 Sept 13
164 Aug 27
694 Jan 8
100 July 18
4734July 17
264July 23
5334 Sept 19
8 Sept 7
14 Jan 9
1512Sept 17
4878 Sept 11
454July 30
3612 Aug 7
312 Jan 6
3172 Jan 3
4634 Aug 10
100 Aug 8
7112 Aug 13
6334 Aug 2
12514 Apr 11
63* Jan 9
818May 23
15 May 23
9112July 16
64 Sept 11
5012Sept 11
34 Sept 11
84 Sept 19
11 Sept 12
2078 Sept 19
234 Jan 25
138 Feb 7
972 Jan 23
2012Sept 10
34 Jan 21
1012 Jan 22
2212 Jan 21
234 Apr 26
134 Jan 3
2058 Jan 7
604 Aug 21
July 1
1933 It A111/11 for
Aug.31 Year 1934
1935 ---High
Lou Lew
$ perch $ per share
24
...
84
34
4
10,2
7012
633
6334
714 1814
714
44
90
46
36
36
6472
26
294 4012
4514 734
3534
7018 90
5314
1912
2412 5414
3
16
5
77o 24
6
2112
2112 85,4
18
3514 554
107
83
75
111
-ill -1-6-14
4
15
18,2 574
4
812 1638
314 65
2738
3
334 1034
-- -234
-44 -1-6
14
1614 644
712
1234 3412
712
15
912
37%
86
884 10278
2214
3612 464
91 12
9512 115
214
612
214
14
1618 3888
57
578
10
23
23
4584
BO
39
109,2
10,4 194
334
100
65
65
764
68
64
7
1588
87
9612 127
$334
98
3372
954
0 12
1212 1912
40
26
21
214
2414 4912
5472 82
44%
1914 40
1434
1614
6
8
26
17
16
109
88
86
28
28
5614
64
64 114
4412 68%
3334
94
76
88
42
11;91 2014
18
Ms 3138
1112
34
54 194
3
7,
12
812
-18-38
1-2
64
2712
14
1012
3712
28
25
338
138
84
3114 6814
14
3
2814 447
25
824 97
6914
8012
46
43
61
45
41
11814 125,4
117
33
107*
4
932
312
3,2
144
6
8
75
50
47
734
3
3
44
18
16
-I
212
418
14
1
3
1012
24
2
412
18
4
114
32
4212 Feb 18
164
3012 Aug 1
118 Jan 3
14July 8
14
57 Sept 18
212
212 Mar 13
6
712 Mar 13 2334Sept 19
814
814 Aug 3 1638 Jan 7
50 Apr 9 54 Aug 19
44
9%
938 Mar 18 12% Aug 9
2214
30 June 1 36 Jan 10
432 NI ar 21
1318 Sept 7
414
26
824 Feb 25 4512 Aug 13
8214 Feb 27 88 Aug 29 (10
85 Mar 20 95 July 18
70
4534 Mar 18 8112Sept 18
36
5678
8312 Apr 11 118 Sept 19
364 Jan 16 5512 Aug 1
16
1912 Apr 26 35% Jan 7
174
518 Sept 18
14 Apr 3
14
114 Mar 8
434May 21
72
1114 Mar 20 36345ept 13
212
2214 Feb 13 29 May 8
184
34 Mar 18 6212 Aug 17
34
512
618July 31 1238 Jan 16
9614 Mar 14 10912 Jan 2
75
3838 Jan 15 634 Apr 25
2334
32 Mar 13
7 Sept 6
238
23 Mar 12 6514 Sept 12
105*
7 Aug 24
44 Mar 27
4%
2912
36 Mar 12 4734 Aug 15
3718
37Is Mar 12 4712Sept 11
24 Jan 12
1 Apr 26
1
%June 3
72
238 Jan 8
58 Feb 28
214 Jan 7
58
44 Jan 4
152
138 Feb 28
234Sept 12
1 Mar 30
1
194.1une 7 3412Sept 9 1 834
4
4 Mar 29
3 Jan 3
434 Jan 4
h Mar 29
34
132
13*June 28
658 Jan 7
35
358July 1
1055 Jan 8
12 Sept 18
34
458 Mar 14
1414
20 Mar 13 4712Sept 18
255 Jan 9
34
34July 9
418 Jan 9
153
158 Mar 30
1 14
114July 22
4 Jan 10
918
94July 19 12 Aug 1
138
-i
612
24
572 15,2
6
14
312
1
4
1512
1012 21932
34
34
012
254
518 21
D2
34
45
118
1334 3254
40
8772
1814 444
154
12
234
622
6
1572
1212 2912
4812 56,2
1072 1884
2812 384
638 104
384 39
86
74
70
9212
35
8634
5678 93
23
3834
174 4472
Fs
1 18
4
1
612 2238
1884 324
92
63
512 1228
11012
82
3014 4412
724
34
174 35
44 164
34
487
3918 4818
7
118
8
132
512
112
312 1172
7
134
834 19
2
813
312 1338
312 15
534 28
94
34
144 2834
54
14
953
238
8
2
913 318
New York Stock Record-Continued-Page 3
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
Sept. 10
Friday
Sept. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ratios Sines Jan. 1
Os Basis of 100-share Lots
Lowest
S per share 3 per share $ per share $ per share $ per share $ per share Shares
per shard
$
Par
*2558 2614 2558 26
25
2558 *2512 264 *2558 26
2518 2512 1,300 Chickasha Cotton 011
10 25 Sept 17
478 478
5
5
5
5
5
5
478 5
434 44 1,300 Childs Cr.
312 Mar 15
No par
*2212 25
25
25
24
2434 2312 2412 *2234 2312 224 2212
280 Chile Copper Co
9 Feb 23
25
7118 7212 6978 7178 6978 72
7214 7438 7138 7458 684 7118 241,200 Chrysler Corp
5 31 Mar 12
1558 154 1512 1534 1514 1514 154 1514 15
1478 15
15
2,500 City loe & Fuel
No par
14 Sept 10
*7318 75
74
75
*75
80
75
76
*7612 80
7612 761,,
290
Preferred
100 6934Sept 10
4,378 4
34 378 *312 378 *312 4
*334 4
200 City Stores new
312 312
34 Apr 30
5
1512 1512 *1512 1578 *1538 1512 1538 164 1618 1734
1634 1712 3,600 Clark Equipment
No par 1214May 15
*87
*87
*87
__ *87
_ *87
__ 87
87
20
C
0
C
&
St
pref
Louis
Sept 20
87
100
3314 -3314 33 1314 3314 1414 3414 -3-,54 34 14
3212 3312 4,900 Cleve Graphite Bronze Co(The) 1 2758July 3
*8512 8712 *83
8712 *844 874 *8414 8712 *8414 8712 8412 8412
130 Cleveland & Pittsburgh
50 80 Mar 26
_ _ *43
_ _ *43
_ _ *43
. *43
_ *43
_ _ ___ ___
Spec'l grt 4% betterment stk 50 48 June 25
*43*2212 22-58 22 -22-12 2034 -21 *2014 -21-12 2112 -2-112 .2014 -22600 Cluett Peabody & Co____No par 20 July 27
*112 115 *112 115 *112 115 *112 115 *11014 115 *112 115
Preferred
100 110 Aug 19
*24118 243 •241 24258 242 242 *24212 244
239 242
236 236
900 Coca-Cola Co (The)
No par 16178 Jan 2
*5558 5614 5534 5534 5578 5578 5614 5614 *5534 564 5534 56
800
Class A
No par 534 Apr 20
*470
'470 ____ *470
*470
_ *470
.3,470
_
___ Coca Cola Internal Corp_No pa 450 Sept 5
1812 ---1834
1838 19
1838 183i 18121878 1778 -1-8-4 174 -13.700 Colgate-Palmolive-Peet No par
18-4 _-1518June 1
*10334 10512 310372 105
104 104
1034 10378 10378 1034 *10378 10512
400
6% preferred
100 101 Jan 3
314 3214 3014 32
3138 324 324 3338 314 3312 304 3138 31.900 Collins & Alkman
No par
9 Slur 13
*105 106
10434 105
105 106
10534 107
105 107
1,120
1034 105
Preferred
100 6934 Mar 13
732 732 374 812 *718 8,2 *74 8
1
Colonial
20
'
*718 8 2 *7,8 8,2
Beacon 011
No pa
64 Jan 10
234 3
278 3
278 278
278 27
212 278
258 234 2,000 :Colorado Fuel & Iron
No par
12 Mar 13
•15
16
*1414 15
1414 144 1434 151
1458 1458 1312 1434
Preferred
260
100
5 Mar 14
*17
20 .18
22
20
20
2034 18
*18
18
*16
60 Colorado & Southern
2034
100 1034 Feb 28
*15
1612 *15
164 *15
1612 *15
161 *15
1612 15
15
50
4% 1s1 preferred
100
7 Feb 26
*12
1312 12
12
*12
1312 *12
143 *1114 1312 *1114 1434
60
4% 20 preferred
100
658 Mar 9
91
92
91
91
884 9112 894 9hz 8914 9012 88
89
3,400 Columbian Carbon v t o __No par 67 Jan 15
6834 684 67
6912 x13658 67
68
6812 6634 69
2,300 Columb Pict Corp v I c___No par 344 Jan 16
65
65
1278 131
1258 134 1212 134 124 1312 1218 1278 1138 1178 90,500
Columbia Gas & Eleo____No par
318 Mar 13
8312 85
82
82
8212 8234 8212 8358 83
83
7934 7934 1,000
Preferred series A
100 3512 Mar 13
•7034 744 .70
7478 7018 7018 *7058 7218 *7072 7218 *70
7218
20
5% preferred
100 31 Mar 15
51
5112 504 51
5012 51
5038 51
4978 504 4738 4934 9.800 Commercial Credit
10 3912 Jan 2
7% 1,1 preferred
25 29 Jan 5
50 6212 Jan 7
PreferroiB
__ __ __ . _
25 2912 Jan 3
_
_
_
___
6)4% first preferred
100 10934June 13
*11334 11518 115 lfg *1i53, ifi iii fii *11702 fiE
iiiis 11418
565 5)4% preferred
112 June 27
6634 67
67
674 674 68
6734 6858 654 6714 64
6,800 Comm Invest Trust
65
No par 5614 Feb 7
•112 11314 *112 11313 *112 113
112 112 *11038 11012
100
8 112
Cony preferred
No par 111 Mar 13
101 10114 10034 10138 10114 10112 101 10138 10114 102 *1103
10018
1013
4 8.300
34.25 cony pf ser of 1935 No par 877 July 29
2058 21
2014 2078 2038 2034 1934 2058 19
1978 1812 19
50.500 Commercial Solventa
No par 1758 Mar 13
14 2
14 2
134 178
14 13*
158 14
14 158 71,800 CommonwIth & Sou
No par
34 Mar 6
57
57
5412 5612 55
56
55
5612
5612
57
5612
57
4,200
86
Preferred
series
*74 9
No vat 2918 Jan 4
*712 9
*712 878 4,712 878 *74 878 .718 878
Conde Nast Pub.; Ino___No par
578 Mar 18
3234 34
334 34
3312 3334 334 3418 34
3538 34
3434 7,500 Congoleum-Nalrn Ino____No par 27 Mar 15
*1312 1412 *1314 1412 *1314
1412 *1334 1412 *1334 1418 14
14
500 Congress Cigar
No par
9 Feb 7
43
43
42
43
4334 4212 4234 42
42
*42
4314
210 Connecticut Sty & Lighting__100 2334 Mar 1
4,57
584 *5612 5818 434
5818 5818 *5612 5812 *57
5812
5812
50
58
Preferred
,2
100 41
Apr 2
•734 8
8
818
4184 814
8
838
818 818
734 734 1.300 Consolidated Cigar
7 Mar 14
No par
'69
72 .68
72
*68
72
70
70
*67
70
*67
70
10
Preferred
62
Mar
100
28
*79
8012 79
79
77
78
*7618 801 *78
80
7614 78
760
Prior preferred
100 71 Apr 2
*77 110
*77 110
*77 110
*77 110
*78 110
*78 110
Prior pref ex-warrants____100 73 Star 28
*412 458
458 434
412 458
458 43
412 434
414 438 4,800 Consol Film Indus
312Slay 31
1
164 17
17
1738 17
1714 1718 1714 17
1714 16
1612 4,200
Preferred
No par 1414May 31
2634 2734 26,2 2714 264 27
2718 28
2658 274 254 2612 39,700 Consolidated Gm Co
1578
par
No
Feb 20
100 100
994 100
9912 9978 994 991
9914 9978 98
99
2,200
Preferred
No par 7218 Feb 23
*34 34
358 334
338 31, •34 4
34 31
*314 312 1,400 Consol Laundries Corp
1121VIar 12
No par
818 814
778 818
778 8
778 84
8
81
778 818 63100 Consol 011 Corn
6l Star 13
No par
*11018 11114 •11018 11114 '11018 11114 *1104 11114 *11014
11114 *11014 1104
8% preferred
100 10812 Feb 5
*4
412
41 2 412
458 434
458 43
434 5
*412 434 1,500 Consol RR of Cuba pref
10
212 Jan 25
34
34
34
34
34 3,800 Consolidated Textile
34
34
34
4
4
3
*5
ss Aug 10
No Da
1112 1112 1112 114 113
8 114 1158 1234 12
127
1158 1218 27,000 Container Corp class A
834June 5
20
418 414
418 414
418 414
438 44
458 4 8
412 434 25,200
Class
B
VsJuno
10
No
par
9
914
84 94
84 834
84 9
812 83
818 814 4,900 Continental Bak clam A No par
412 Mar 13
14 114
13*
114
118
118
1,2 11
14 14
118 2,300
118
Class B
58 Apr 1
No oar
*6312 654 6334 6414 *6414 6412 6412 6412 *63
6414 63
63
500
Preferred
100 4614 Jan 28
86
874 86
8612 854 8638 8614 864 85
8614 8312 8478 12,500 Continental Can Inc
20 6234 Jan 15
134 134 1312 134 1338 1334 13
134 124 1318 1238 1238 2,600 Cont'l Diamond Fibre
7 Jan 15
5
*4014 40's 4014 4014 4018 4058 4014 4014
4014 3814 3912 2,200 Continental Insurance
40
2.60
2872 Mar 13
114
138
114
138
118
114
114
118
118 14
118
1'8 5,000 Continental Motors
No par
4 Jan 2
1918 19'z 1878 1912 194 194 194 2038 197
8 204 19
1912 35,000 Continental Oil of Del
5 1518 Mar 14
531 *54
53
55
54
54
5414 55
5478 5514 53
Corn
5312
610
Exchange
Bank
Co
Trust
4134
20
Mar 11
654 66
6418 6512 6358 6414 6214 6414 6012 6214
6014 6034 12,600 Corn Product, Refining
25 6014 Sept 20
*151 15612 *151 15612 *151 15612 *151 15612 *151
157
151 151
100
Preferred
149
100
Jan 2
434 434
4 478
434 478
44 54
458 434 5,000 Coty Inc
414 478
4Iy Mar 13
No par
38
38
3734 38
3734 38
3734 3734 13712 3734 374 3712 2,100 Cream of Wheat rife
No par 3578 Jan 15
*1338 1334 13
1312 1312 1312 13
1314 1258 13
1214 1212 2,000 Crosby Radio Corp
No par 1214 Sept 20
*3512 3614 3512 354'35
35
3514 3538 34
3414 33
3334 1,000 Crown Cork & Seal
No par 231:Mar 14
*4534 46
46
46
46
46
46
46
*4558 46
*4558 46
400
82.70 preferred
No par 434 Jan 4
*01
96
*9014 95
*9018 9512 92
92
92
92
92
92
70 Crown Vt"mette Pap 18t pfNo par 7412 Mar 13
518 518
518 518
5
54
5
5
458 434 4,200 Crown Zelletback v t o. No par
44 5
311 Mar 18
2658 2658 2634 2714 264 2718 27
28
2534 2678 25
2534 4,300 Crucible Steel of America____ 100 14 Mar 15
*85
87
*8518 86
86
86
8612 8612 85
8512 83
84
900
Preferred
100 474 Apr 12
14 llg
118
114
114
114
114
138
138
138
14
138
2,300
Cuba
Co (The)
I Jan 28
No par
812 812
8
838
8
8
814
9
84 9
800 Cuba RR 6% pref
84 9
100
5 Jan 5
618 6,4
6,4 634
638 612
612 612
64 612
618 63* 6,800 Cuban-American Sum
512July 22
10
68
6818 70
71
70
704 7012 7012 6834 694 6712 7012
560
Preferred
100 4012 Jan 3
*40
41
*4014 41
4014 4014 404 4034 4018 4018 40
4012 1,100 Cudahy Packing
50 39785ept 4
194 1938 1918 194 1834 19
1878 '19
1814 1834 18
18
3,000
Curtis
Pub
Co
(The)
par 15 Star 15
No
104 104
10312 103,2 10312 104
1034 10438 10312 104
10314
1033
2,100
4
Preferred
No par 894 Mar 14
258 258
24 214
258 234
212 234
258 234
212 258 13,800 Curtiss-VVrIghl,
2 Mar 12
1
712 778
758 778
778 778
734 8
74 74 13,200
758 74
Clam A
I
64 Mar 15
*82
85
*82
85
*82
85
85
*82
85
85
*82
85
20
Cushman',
Sons 7% pref
_100 73 Mar 23
*61
72
*61
70
*61
72
*61
*61
70
*61
70
70
8% preferred
.No par 61 June 8
28
284 2712 2814 28
2818 2814 2612 2714 2,200 Cutler-Hammer Ina
2818 2814
No par 16 Mar 13
*634 714 *64 74 *634 714 *634 28's
64 64
7
678 64
200 Davega Stores Corp
6 June 7
5
4034 4112 3914 414 40
4058 4058 4138 40
42
3734 4018 25.800 Deere & CO
No par 2234 Mar 18
2734 273
2714 2712 27
2784 2678 2714 27
2714 27
2714 1,900
Preferred
20 19 Jan 15
3714 3812 3612 3812 38
3934 3614 3712 14,100 Delaware & Hudson
3812 3712 30's 38
100 2312 Mar 26
1614 1634 16,4 1634 1618 1634 164 17's 1614 1718 1512 1638 14,100
Delaware Lack & Western___50 11 Mar 13
24 212
24 21. *24 212 *238 21
212 21
600 Deny & Rio Or West pre
*2'2 3
100
112 Feb 27
10312 10312 103 103 - 103 10312 103 1031 10112 102
10112 102
1.600 Detroit Edison
100 65 Mar 13
5
*3
*3
8
*3
*3
5
5
*3
5
5
*3
Detroit & Mackinac fly Co__100
2 Aug 12
*6
_-_-- *5
-- *5
_
11
*5
*8
11
11
*5
5% non-cum preferred____100
6 June 28
374 -3838 *384 10
4,374 -g *3612 391 '5364 42
*37
4112
300 Devoe & Rayiaolds A____No par 3512 Aug 28
*11812 120 *11812 120
11812 11812 *118 120 *118 120 *118 120
10
1st preferred
100 11412Mar 8
39
39
39
3918 3912 40
3914 3912 39
3914 38
384 2,000 Diamond Match
No par 2612 Jan 2
394 394 *39
393* 3912, 40
*39
3034 *39
3912 39
3914
600
Participating preferred
25 3432 Jan 7
4034 4134 4034 4158 41
4112 4118 4112 41
4114 3934 4012 5,500 Dome Mines Ltd
No par 344 Jan 15
818 818
74 772
778 8
8
712 734 1,800
772 84
8
No par
614May 29
31
3112 304 3238 3134 3238 314 324 3038 3112 2914 3012 39.000 Dominion Storm Ltd
Douglas Aircraft Co Inn No par 1712 Mar 12
*2318 244 *2338 2458 2338 124
24
24
23
23
22
2234 1,000 Dresser(SR) Mfg oonv A No par
1312 Mar 15
1278 1318 13
1312 13
1358 1314 134 124 1338 *1214 1278 4,700
Convertible class B__ --No par
638 Star 18
08
*32
"8
12
12
"8
"8
12
I2
Duluth 818 & Atlantis
'2
*'4 '2
100
14June 13
34 *'4 34 *12 34 *12 34 *12 14 "8
12
200
12
Preferred
100
I4June 21
5
538
5,4 512
5
5
5
518
5
412 412 1,900 Dunhill International
5
June 6
2
1
*1614 17
164 1638 1612 164 17
1714 *1614 1714 *16
1714
600 Duplan Silk
No par
1234May 21
*11212 11312 11312 1134 11378 11378 *114 11412 *110 11412 *110 11412
80
Preferred
100
Mar 20
103
124 125
12418 128
12612 134
130 13514 129 13212 12312 12814 34,900 DuPont deNemours(E.I.)&Co.20 8658 Mar
18
•12812 129
12834 129
12858 130
12912 12912 12912 12912 1,100 6% non-vot1ng deb
130 130
100 12678 Feb 8
•114 11434 114 114
-'-A0.3 z 114
114 114 *114 11434 *114 11434
180 Duquesne Light 1st pref
100
18
Feb
104
.12
19 .12
20
*12
19 .12
20
1934 *12
*12
20
Durham Hosiery Mills pref__100 1712May 16
*612 678
634 678
63* 672
678 7
634 631
618 612 3,400 Eastern Rolling MI118
..5
334 Mar 13
*157,4 153
157 158
156 15958 15312 155
15712 15914 15914 161
6,200 Eastman Kodak (N J)_ --No par 11012 Jan 16
•155 162 .156 162 *156 162 *156 162
158 158 *15712 162
20
6% cum
100 141 Jan 4
2712 2778 2718 28
2758 2818 2818 29
2734 284 2638 2738 15,800 Eaton 5116 preferred
Co
No par
1658 Jan 15
*512 6
*512 51
*512 534
534 54
512 534 *518 512
400 EitIngon Schlld
No par
314 Mar 27
3078 314 30
3138 3014 3158 31
3134 294 3158 2838 2912 63.300 Elm Auto-LIM (The)
5 1938June 1
*11034 111 *11012 111
111 111 *11114 112 *11114 112
111 11114
110
Preferred
100
Jan 23
107
858 84
812 9,
9
934
94 934
912 94
9
1058 101,800 Electric Boat
3
378 Mar 15
612 612
638 6,
618 614
614 614
638 638
534 6
7,900 Elec & Mus Ind Am shares
4July
2
53
518 538
518 512
538
5
512
518 53*
412 5
64
17,900 Electric Power & LIght __No par
118 Mar 15
2412 25
2312 2434 2314 2414 2538 26
2414 254 2212 234 9,600
17 preferred
Vo par
3 Mar 13
21
2112 214 20
1914 204 2214 2278 2112 23
2012 2078 4,800
36 preferred
Vo par
212 Mar 13
For footnotes see page 1890
1893
Highest
July 1
1933 to Rants for
Aug.31 Year 1934
1935
Low "
I
HiOh
$ per share i Per sh
30 Aug 19
15
74 Jan 7
34
2514 Sept 13
9
7458Sept 19
264
2434May 20
144
100 May 3
634
5 Apr 16
314
1814July 31
612
89 Aug 23
71
3534July 27
2758
85 July 20
60
48 June 25
31
284 Jan 7
20
126 May 20
90
245 Aug 22
85
5738 Mar 8
4512
450 Sept 5 200
194 Sept 13
0
10512 Mar 15
66
3312Sept 19
9
107 Sept IS
604
814 Aug 12
5
4
312 Jan 21
284 Jan 21
5
22 Sept 11
1034
1734 Sept 11
7
1414 Sept 10
652
94 July 23
45
81 July 8
1718
14 Aug 17
338
8612 Aug 14
354
71 Aug 19
31
5378 Sept 7
1114
3212May 14
22
5934May 13
32
33 Jan 25
23
11814May 13
85
11912 Aug 10 112
72 Aug 15 "22'4
11512 Jan 29
8412
10238 Aug 15
9772
234 Jan 7
1534
278 Aug 14
4
6514 Aug 12
1718
10 Slay 17
5
3778 Aug 5
1812
1514 Aug 17
714
99 July 19
234
5812Sept 20
41
1012 Jan 9
54
74 Jan 24
3014
82 Feb 28
4514
80 Mar 6
41614
74 Jan 16
158
224 Feb 15
734
3412 Aug 14
1578
1014 Aug 21 z71
438 Aug 12
112
1012May 17
612
112 Jan 28 103
5 May 14
218
14 Jan 5
4
134 Jan 10
414
2
518 Jan 9
934 Aug 14
412
138 Aug 17
52
674 Aug 9
6414
91',July 22
37
1438Sept 6
6
4234 Aug 14
20
34
134 Jan 8
23 May 23
1214
604 Aug 19
4012
78.3* July 10
5512
185 May 23 133
64 Jan 3
314
3978 Mar 4
23
16341day 14
7
3614Sept 10
1834
32
4714 Apr 20
92 Sept 18 '40
538 Jan 10
3,4
28 Sept 18
14
S612Sept 18
30
34
158 Feb 19
10 May 15
3
812May 13
212
8034Slay 13
1412
4712 Jan 2
351e
2278 Jan 8
1312
384
10514June 13
3 Jan 2
2
1018 Jan 2
384
83 Aug 21
73
72 July 27
61
29 Sept 9
912
84 Feb 141
512
42 Sept 13
104
28 Sept 5
1014
4312 Jan 7
2312
1918 Jan 7
11
44 Jan 8
112
10312Sept 13
66
6 Jan 17
2
1212May 1
14
5032 Jan 2
20
12012July 8
8912
z4034 Aug 14
21
4112May 3
27,
8
4312May 17
25
1253 Jan 28
64
33 Sept 5
114
24 Sept 13
814
1334Sept 18
338
14
58 Aug 27
4
34 Aug 6
512Sept 16
2
19 Aug 6
1234
11378Sept 17
92
13514Sept 18 11 5978
131 Apr 22 10414
115 Aug 5
85
23 Mar 6
13
8 Jan 7
312
161 Sept 18
6512
164 July 26 120
29 Sept 18
10
734 Jan 4
314
3214Sept 12
1158
112 Apr 26
75
1058Sept 20
3
838 Feb 18 a 212
712 Aug 17
14
32 Aug 17
3
28 Aug 17
24
$ per Shard
194 3014
314 114
104 1758
2914 604
1714 2432
117 9212
4
34
814 2114
71
904
7012
38
244
98
9514
5018
314
94
684
10
74
5
352
104
1558
13
11
58
2112
658
63
111
1838
2313
33
24
914
'II
45
45
115
1614
57
314
184
1024
284
94
9
84
32
4038
23,4
30
774
4138
194
784
71
404
3015
53
304
110
3634 61
91
114
,
---1
1634 363-4
1
334
214 12114
3
1318
22
3532
74 14,2
32
Si
if
68
34 134
31
75
664 7478
70
49
152
614
1033 2018
1812 4738
271
95
112
Vs
714 144
108
1124
24
634
12
218
64 1334
238
54
514 1458
78
232
4414 66
WA 64,2
6
1134
3318 3114
,
4
238
1834 2284
4012 61
5812 844
136
150,2
358
972
3814
23
8
1712
1334 8614
354 4414
84
47
353
64
17
3838
44
71
72
313
34 1012
3,2
913
2012 65
37
5253
134 2103 1
8313 954
518
212
614 124
7514 91
83413 90
11
2112
6
84
104 3418
1014 1914
36
7312
14
3334
334 1314
6312 84
5
7
10
1814
29
6514
117
09
21
284
2814 3412
32
MN
11
23
1414 2 13
8
20
5
1178
53
153
12
218
3
1134
13
234
92
11012
103
100
115
128
90
1014
21
303*
44 12
116
70
147
120
124 32
6
19
15
31
110
80
3
7
9
414
23*
9
658 21
6
19
New York Stock Record-Continued-Page 4
1894
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
Sept. 19
Friday
Sept. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Sept. 21 1935
Raw. Hare Jan. 1
Os Basis of 100-share Lois
Liman
ROAM
July 1
1933 to Range for
Auo.31 Year 1934
1935
Low Low
illok
$ per chore $ per at $ per share
Par $ per share
$ per share 8 Per share 8 Per share 8 per share $ per share $ Per share Shares
52
34
No par 39 Mar 21 4912 Jan 7 1 3378
4 2,200 Elec. Storage Battery
1
47/
4 47
1
48/
4858 48
4778 4778 4712 4734 4858 4858 48
178
4
1
/
78 Jan 10
14
29
Mar
14
par
Corp--No
Coal
Horn
tElk
52
*12
ft
12
"
52
*12
84
*12
34
*58
34
*53
354
1
4
1
/
17
Aug
8
17
1
Apr
8
5
50
preferred
Dart
112 *118 112
112 *1
6%
*118 183 *113 112 *113 112 *118
63
45
45
50 5214 Jan 16 66 Sept 5
600 Endicott-Johnson Corp
6512
4 6534 *65/
1
4 64
1
4 65/
1
56514 6514 *65/
4 66
/
6558 6558 *651
128
120
100 12534 Jan 10 132 Apr 23 112
Preferred
140
*12918 12912 *12918 12912 x12714 12738 12738 12738 12734 12734 12912 12913
834
2
4
/
11
778 Aug 19
4 Mar 16
/
11
500 Engineers Public Serv.--No par
434 478
413 *434 478
478 478 *473 5
434 434
1012 2312
4
/
101
No par 14 Mar 19 41 Aug 17
85 cony preferred
500
3513 35/
4 3512 *3311 3514
1
36
4 35/
1
36
3513 37
*3612 37
4112
17
2413
Aug
11
11
7
Feb
1412
par
No
*35
600
preferred
2535
37
4
1
/
*34
38
38
39
4
1
3813 3834 3813 3812 3813 38/
12
2512
13
4 Mar 19 42 Aug 9
1
No par 15/
4
1
$6 preferred
900
*3812 40/
40
40
42
3934 40
4078 *40
40
40
*39
412
1038
6
738 Aug 21
412 Aug 8
No par
512 6
618
8
1,900 Equitable Offloe Bldg
618
6
614
6
638
614 614
*6
2472
4
1
/
9
718
4
Jan
14
20
Mar
4
1
/
7
100
Erie
4.700
8
117
4
/
111
13
1218 1134 1134 1134 1238 1214 1278 12
12
4 Aug 14
1
4
1
8/
1434 2814
4 Mar 26 17/
1
8/
100
First preferred
4 1614 1658 1513 1513 1.600
/
4 161
/
4 1413 1514 1534 1514 1514 151
/
141
23
9
634
634 Mar 12 13 Jan 5
100
Second preferred
4 11
/
1118 •101
1114 *10
1138 •1012 1118 *11
*1013 1114 *10
68
50
60
50 6913 Feb 18 70 Feb 2
Ede & Pittsburgh
74
*69
74
74 '569
*69
74
*69
74
*69
74
*69
1438
7
638
4 Aug 17
1
5 1012 Mar 19 14/
1314 2,200 Eureka Vacuum Clean
4 13
1
4 1358 1314 13/
1
513/
4 1358 '
1
4 1378 1358 1353 13/
1
13/
2714
3
9
5 15 May 7 2314 Feb 21
4 5,700 Evans Product, Co
1
4 18/
1
18/
20
4 19
/
1912 1934 201
1913 2014 19
20
20
1013
3
2
18
Jan
8
30
Apr
2
par
4
1
334 3/
312 313 1,670 Exchange Buffet Corp-No
334 4
314 334
4
1
318 3/
4
1
4 3/
1
3/
4
1
2/
1
52
214 Jan 19
32 Mar 26
25
114
114
138
860 Fairbanks Co
114 114 *114
4
/
138 11
114 138
4 114
1
1/
312
18
1211
Jan
4
2
83
3
9
19
Mar
4
100
Preferred
150
534 534
534 6
634
4 634 *6
/
534 504 *61
4 634
1
*5/
1814
Aug
7
2612
4
7
11
4
23
Jan
2318 2438 2314 2358 3,500 Fairbanks Morse & Oo_.-No par 17
4 2412 2412 25
1
2412 24121 24/
2413 25
4
1
77/
130
25
100 72 Jan 17 120 July 18
Preferred
150
4 11712 *11712 120 *11712 11912 119 119 *119 11912 11713 11912
1
117/
11,,
4
4
533 Mar 15 1934 Aug 17
16
1,200 Federal Light & 'Frac
4 16
1
15/
17
*16
1612
1614
163
17
4
4
*163
163
4
1713
*17
62
3412
33
16
Aug
z85
8
Jan
48
par
No
Preferred
70
80
*7813 7912 7813 7812 *75
4 82
/
4 82 '5781
/
*7813 8412 *781
107
52
40
Federal Min & Smell 0o--100 40 Apr 3 72 Apr 26
66
66 .56
*56
67
*61
*5618 67
*5578 68
67
*63
98
82
50
100 54 Apr 1 95 May 2.1
Preferred
100
4 7514
1
75/
80
*73 80 *74
*73 80
80
4 80 *73
1
*75/
3
7
8July
23
Mar
85,
18
4
1
/
2
4
23
'•
4
311
par
5,300 Federal Motor Truok.--No
658 7
4
1
4 7/
1
6/
612 612
612 612 *64 812
4
1
612 6/
53,
2
1
4 Jan 7
/
41
2 Ally 6
313 318 3,900 Federal Screw Works____No par
4
1
314 3/
318 3/
314 312
338 312
4
1
338
3
19
Aug
4
1
/
3
25
4
1
8
7
Feb
1
7
par
A-....No
Serv
Water
Federal
800
4
/
11
8
15
4
13
134
178
178
4 178
1
1/
4 2
/
*11
2
2
8
31
Aug
20
25
29
1618
Mar
4
1
/
16
52314 2338 2178 2214 1,300 Federated Dept Stares_ .No par
23
2234 2234 *2213 2314 23
23
23
4
/
4 351
1
23/
2014
39
39
700 Fidel Plum Fire Ins N -.. -3.50 2813Mar 14 4113 Aug 12
4014 40 40
*4(04 4058 40 4014 4018 4012 *40
16
30
23
Y- par 16 Apr 9 24 Aug 2
50 Filene's(Wm)Sone 00___/Yo
4
1
2214 22/
*2214 25
*2214 25 *2214 25
*2214 25 *2214 25
106
July
87
114
x85
3
6
Mar
100 10614
10
634% preferred
110 110 *110 112 *110 112 *110 11113
4 112 *10812 110
1
'5110/
25,,
13
1318
4May 2 1818 Jan 7
1
10 43/
4 1434 4,500 Firestone Tire & Rubber
1
14/
1478 15
4 15
1
14/
4 15
1
1512 14/
1538 1512 15
4
1
6712
400 gels Apr 8 96 Aug 13
7118 92/
Preferred aeries A
9558 94
95
4 9334 9334 1,700
1
94/
4 96
1
95/
96
96
*9513 96
691,
12
Aug
8
53
537
4
453
3,700 First National Stores--No par 4534Ma7 8
5134 4834 51
4 51
/
4 511
/
5012 501
50
50 52
*5114 52
25
15
1258
15
Aug
2312
21
Feb
19
par
-No
Florsheim
A
class
Shoe
200
4
1
/
22
4
1
/
22
2234 2234
4 23 *2234 23
/
•2212 2312 *2212 2312 *221
17*.
2
2
4 Jan 7
1
6/
214Mar 6
--..No par
314 1,900 :Follansbee Bros
3
333 332
4 312
1
3/
4
1
314 3/
3'4 314 *314 332
4
/
1013 211
4
1
50
1,600 Food Machinery Oorp---NO par 2014 Jan 15 5458Sept 6 n 10/
51
5234 *5114 52
4 5213 5212 5112 5158 52
1
4 52/
1
52/
22
4
1
/
8
15
Jan
4
1
/
17
812
Mar
2
8
97
par
No
15
Foster-Wheeler
16
1512
3.800
4 1534
/
1534 1614 1538 1534 1538 1534 1578 161
80
85
4414
No par 6038 Mar 15 90 Aug 23
82
Preferred
8513 82
70
*82
86
8613 8613 *84
86
86
88
88
4
/
4 171
1
8/
258
4 Jan 7
1
2eyJune 7 10/
No par
Foundation Co
1712 27.,
1658
4 Mar 21 34 Sept 9
1
1 19/
3- 38 -1,7766 Fourth Nat Inveat w w
.555F4 1318 55F4 lit,: 55 13-3-4 5g8 "ii12 5558 ---- "5
4 17,8
1
8/
814
4 Mar 15 1734July 15
1
8/
No par
63
20
20
20 Fkln Simon & Co Inc 7% 18t__100 3014 Apr 2 60 July 24
*5() 57
54
*50
57
57 *50
*50
54
54
57
*50
4 5038
1
21/
4
1
17/
10 1714 Mar 18 2812May 23
2514 2278 24/
4 6,200 Freeport Texae Co
1
4 2534 25
/
4 2558 2558 2578 251
1
4 25/
1
2.534 25/
16012
27
11312
11212
23
Aug
12012
3Ju11e
1121
100
Preferred
4 124/
1
4
1
4 *12013 124/
1
*12012 12478 *12011 12478 *12012 12478 *12012 12478 *120/
3312
4 Aug 14
/
14
1213
190 Fuller (CI A) prior pref--No par 15 Mar 13 271
25
25
25
4 25
/
251
25
25
25
25
25
25
*24
4
1
19/
6
434
434 Mar 13 12 Jan 24
No par
$6 341 pret
934 934
60
11
4 *934 1038 *934 1034 *934 1078 10
1
1012 10/
458
118
78
258 Aug 22
7sMay 21
NO par
214 2,000 Gabriel Co (The) al A
2
218 214 *214 213
4
1
4 2/
/
21
218 218
2
2
20
8
7
Mar 30 1034Sept 4
7
par
No
(The)
Co
Gamewell
180
4
83
813
918
9
10
10
10
913
938 932
9
9
4 1112
1
5/
4
1
5/
Sij Mar13 1014 Sept 11
No par
912 978
914 938 2,600 Gen Amer Inveetore
978 10
934 934
958 934
10
10
87
78
6412
4Sept 16
/
4 Jan 10 1001
1
No par 84/
Preferred
100
4 *94 10078 *94 10078
/
*99 10018 10018 10018 *94 10118 *94 1011
4358
80
12 44 July 15
2534
Mar
8
325
5
Corp
Trans
Amer
Gen
3814
4118
13,200
4
1
/
39
40
42
4114
42
4012 4113 41
4 4112
1
41/
2312
12
31
8July
205
4
15
113
Mar
4
113
10
4 1634 1712 4,400 General Asphalt
1
4 1738 1734 1734 18's 1734 18/
1
1778 17/
1734 18
612 1418
614
754 Mar 29 13 Sept 12
5
1238 8.400 General Baking
1214 1278 12
4 1234 1234 127
1
4 12/
1
4 1258 12/
1
1212 12/
1081/4
100
Aug
148
100
13
10
Jan
116
par
preferred
No
$8
20
143
4
1403
14012
4 14313 1'14012 143 *13813
/
4 14312 *1401
/
*14012 14313 *1401
1012
8
814 Aug a
5
4 mar 4
1
5/
5
713 2.200 General Bronxe
7
714
7
71/4 713
4
1
718 7/
718 714
712 712
612
2
618 Aug 21
214
2 Mar 20
No par
1,500 General Cable
4 5
1
4/
5
5'2
512 .5'3
538 558
558 558
*514 534
12
414
4
6
85ept
153
26
Mar
4
par
A
...No
Claes
1312 2,000
13
141
1414 1414 1414 13
1412 1413 14
1434 15
14
1412 33
100 19 Mar 14 49 Aug 21
7% cum preferred
4415 4513 1,000
47
*47
47'2 47
4734 4734 4714 4712 47 47
5934 '
27
2414
No par 50 Mar 25 6414July 27
5612 1,800 General Cigar Inc
5613 58'2 56
5613 58
57
5612 57
5734 5734 56
12712
97
143 May 21
97
4 Jan
1
100 127/
_
-_ *142
.*142
7% Preferred
_ *142
30
*142- _ 142 142 *142
1672 2514
4 Jan 15 35 Sept 11 • 10
1
No par 20/
33
93,400 General Electric
4 -3158 3314 -3414 32 -1
4 3414 3338 lily 33/
1
3378 14-14 33/
3678
28
28
No par 80 Sept 17 8778July 8
22,200 General Foode
4 3114 3013 31
1
4 3118 30/
/
3112 301
4 30
/
3134 3238 3114 311
1
4
/
11
14
4 Aug 22
/
11
14 Feb 25
78 3,800 Gen'i Gas & Elea A
34
78
34
73
No par
34
34
34
78
34
4
1
/
78
4 19
1
6/
514
4 Aug 19
/
Cony pre aeries A.-No par 10 Mar 15 161
13
*10
13
*10
13
*10
13
*10
13
*10
13
'10
21
11
834
I $7 pret class•
No par 11 mar 5 18 Aug 20
18
18 .12
*12
18
*12
18
*12
18
*12
18
*12
22
18
4
1
7/
4 Jan 16 18 Apr 8
1
$8 pre: class A
No par 15/
*_. 20 *__-- 20 *---- 20 *1_ _ 20 *____ 20 *--- 20
4
/
621
50
4 Feb 5 343953
/
35 Sept 20 611
100 Gen nal Edison Elea Corp
35
35
40 *____ 40
4 40 *33
1
*3812 42 .39/
42
*36
6412
51
51
8
7012July
6
Feb
8
597
par
Mills
No
General
1,300
69
6812
69
69
6914
69
69
6812 6834 *6778 6914 69
118
103
10013
23
Aug
119
3
Jan
100 116
Preferred
*11738 119 *11738 11918 *11738 11912'5118 11912 *118 11912 *118 11878
2458 42
4
1
10 2558 Mar 13 47 Sept 11 35 22/
4 4678 4313 4434 187,700 General Motors Corp
1
45/
47
4638 46
45
4 4618 4434 46
1
45/
8934 109
No par awn Jan 4 119 Sept 5 84
$5 preferred
4 11778 11634 11712 2.100
1
117/
118 118
11734 118
11713 11712 118 118
4 21
1
8/
4
1
/
8
14
4Sept
143
20
Mar
No par 10
4 1358 1358 1212 1212 1,000 Gen Outdoor Adv A
1
1334 13/
14
1434 1334 1334 14
14
658
314
3
414 Sept 13
3 Aug 9
379 378 '32 4
NO par
Common
4 1,000
1
4 3/
1
*3/
4
4
4 334
1
3/
334 334
2512
1012
1012
27
Aug
38
5
Feb
1758
par
Printing
NO
Ink
361s 2,170 General
3634 3714 3613 3714 35
4 3612 53614 37
/
3614 3613 361
06
4
1
/
73
6114
5
10612Sept
No par 1)311 Jan 22
$13 preferred
4 1061
1
420
4 - - *107 - - 106 10612 106 10612 10613 1061 106/
/
*1061
4
1
5/
11
2
4 Aug 12
4
/
118 Mar 13
No par
4 1,400 Gen Public Service
1
318 3/
314 31
4
1
4 *333 3/
1
338 3/
314 -3-3/,
.33.3 -3-12
4 4534
/
281
1558
No par 15145152 18 3434 Aug 14
3214 1,400 Gen Railway signal
*31
34
3412 *33
3313 33
33
34
3414 3414 34
10112
90
100 80 Jan 2 10813 Aug 2 80
Preferred
'107 109 *107 109 *107 109 *107 10813 *107 1081 *107 10811
358
1
54
4 Aug 14
1
2/
4 Apr 2
1
/
1
112 134
4 152 3,800 Gen Realty & Utilities
/
11
132 134
134 134
172 172
134 172
4
1
26/
10
10
No par 1424 Mar 20 32 Sept 3
$6 preferred
600
2918 2918 2858 2852 2814 2884
2938 2938 *2812 29
*2814 30
4 2338
1
10/
812
Jan 30 2634Sept 11
UN
par
2384
No
Refractories
General
4.400
4
223
8
255
25
8
257
2512
8
257
2514
26
4
/
251
*2513 26
20
10
714
No par 1618 Jan 16 23 July 9
Voting trust certifs
14
29
1758 4813
*3212 34
20 Gen Steel Castings pre:...No par 14 Apr 13 4012July 7 5 712
3234 *3213 34
530
3313 3312 '
33
*30
33
*32
812 1478
1913 Aug
4 1734 178 1718 171 12,400 Gillette Safety Rasor.....No par 12 Mar 14
1
4 1778 1758 17/
/
1758 1772 171
4 18
1
17/
72
47
4518
6
Aug
93
4
Jan
7013
Cony preferred
700
8814
No par
9014 9058 9012 9084 88
91
9018 9018 *89
91
*90
838
4
1
2/
212
9
512Sept
212 Mar 13
N. pa
434 484
4
1
414 458 3,200 Gimbel Brothers
434 4/
478 5
4
/
51
5
5
5
1814 30
1312
6
Sept
49
27
Mar
4313
18
100
461
1,600
Preferred
43
4
1
/
46
47
46
46
4714 47/
4714 45
4 47
1
12
1524 2514
NO par We Feb 7 35 Sept 9
4 3473 3334 3434 16,800 Glidden Co (The)
1
3453 x3312 3412 3258 3358 3338 3412 34/
34
10712
83
8052
4 Jan 2 10938June 10
1
100 104/
90
Prior preferred
10844 10814
*110 11114 2110 11014 109 109 *10814 109 *10814 109
__ _-_
78
4July 19
1
1/
4July 15
1
/
032
2
3
3
_4
/
11
26
25
Jan
4
43
Apr
118
oehlts
Rig
6 tOo
- _ -2-iiio
(Adolf)
i12 --iTs -11 --1 -112
- --i- -i- --2- ---i14
23
16
1438
' No par 143smay 2 18 Jan 7
4 1612 1618 1658 1618 1638 1534 1618 11,400 Gold Dual Corp v II c
1
1534 157
1573 1638 15/
4 120
/
961
9612
120 June 29
3
3May
200
1111
86
par
11734
cony
No
*115
preferred
1173
4 11734 *115 11734 *115
1
117/
*11712 119 *11734 120
18
8
4
1
7/
914
71sMar 13 1178 Jan 7
8,900 Goodrich Co(D F)
4 9
1
8/
No Par
9
914 934
4 912
1
9/
914 913
912 934
5/
2613
4 6254
1
100 SO Mat 15 5812Sept 7
Preferred
5218 2,500
5214 5353 51
54
5438 53
54
5438 55
55
a55
dime
1812
4
3
15
7
Jan
8
287
13
Mar
4
3
15
par
Goodyear
&
24,700
Tiro
19
4
1
/
18
Rnbb---No
4 2014 1912 2014 1958 2014 1878 1934
/
2038 191
20
8614
64
No par 70 Apr 11 92 Jan 10 "53'g
Ist preferred
700
8314
83
84
*83
85
85
86
8534 86
85
86
86
378 1134
21s
7 Sept 11
212 Apr 4
No par
4,100 Gotham Silk Hose
534 6
614 61
4
1
638 6/
658 638
4
1
638 6/
638 64
7112
4
/
881
20
13
5213Sept
3
Apr
20
Preferred
110
100
48
48
49
48
49
*4914 51
5112 5113 5113 51'2 49
412
4
/
11
4
/
11
314 Jan 3
114June 25
1
8,200 Graham-Paige Motors
4 2
1
1/
21
2
218
2
2
2
2
4
1
2/
21
2
1338
6
4
19
Sept
1214
19
Mar
Cons
Granby
Sm
514
M
Pr---100
&
12.300
12
8
115
12l4
1112 1112
11
4 1078 11
/
111
11
4 11
1
10/
4
1
/
8
a
214
7
Jan
8
15
Mar
214
1
4 312
1
3/
314 313 1,500 Grand Union Co Cr otta
338 338
338 312
338 338
*312 358
4()
23
4
1
14/
4 Jan 3
1
No par 4453may 20 29/
Cony pref series
1813 1812 1,100
19
1912 1858 1858 19
*1838 1938 1878 1914 *19
4
/
311
21
1818
31
2912July
29
Mar
4
/
181
par
No
Granite
city
10,600
Steel
4
1
/
23
23
2412 2314 23/
4 2314 24
1
/
4 2318 24.
1
2412 247 x24
____
_
212Sept
Rights
4 33,700
/
11
34Sept 17
1
11
1
1l3
4
/
11
78
114
4
/
34 11
114
138
4
1
40/
-26 3814 Sept 5--2528
7
Mar
26
T)
(W
Grant
par
2,300
Ns
3414
34
341
3414
3514
35
4
1
/
35
3512
36
36
36
36
813 1514
734
914 Mar 19 1312Sept 11
1212 4,000 GI Nor Iron Ore Prop
No par
12
4 1212 13
/
1234 1278 1213 1238 1238 1238 1234 121
1214 3212
958
958 Mar 12 2712Sept 19
100
2638 123,500 Great Northern pret
24
2612 2614 2714 2614 271
2618 267
2558 2678 26
4
/
351
4May
1
/
25
32
25
6
15
Jan
Great
4
1
/
Western
Sugar--No
26
3,700
par
29
4
1
4 283s 28/
1
2918 2915 2834 2912 2812 2834 2838 2838 28/
102 11812
99
Prefened
20
100 Hp Jan 2 140 May 4
133 133 *130 133 *130 133
*130 133 *130 133 *130 133
---21
12
Sept
30
12
Green BAY & Western RR 00 100 21 Apr
*2634 45
*2634 45
*2634 45
*2634 45
*2634 45
*284 45
-69
18
18
100 34 Feb 6 63 Sept 19
60 Greene Cananea Copper
66
66
66
66
63
63
60
70
*60
.5518 551
60
4Sept 18 1 5
/
.- - - 5 4618July 17 621
4 5913 24,100 Greyhound Corp (The)
/
571
02
6214 60
61
5812 6014 58
60
5934 61
4
1
/
4 -1
/
-1
4
1
/
234May 13
1 Feb 1
No par
400 Guantanamo Sugar
134 134
4 134
/
158 *11
112
17
4 134
/
*158
134 134 *11
4 31
1
7/
4
1
7/
100 19 Feb 16 4314May 14
Preferred
10
28
28
28
*26
28
*26
*26
30
30
*26
*26
30
1614
6
4
16
Aug
9
7
mar
4
100
200 Gulf Mobile & Northern
7
7
8
*7
*738 8
*714 8
*714 8
*V4 8
3554
12
6
5 Apr 3 26 Aug 16
100
Preferred
300
2218
25
4 *224 244 2213 2212 22
1
*22
*2218 24/
25
*23
4 42
1
15/
12
No per 12 Mar 29 28 Aug 23
400 Gulf States Steel
25
24
26
*25
26
25 *24
26
27
2612 25
*25
83
47
2514
Preferred
100 48 Mar 29 80 Sept 9
4 8412
/
*771
*7712 8412 *7713 8413 *7712 8412 *7712 8412 *7713 80
2012 2014
4
1
19/
4 Jan 15 2912July 31
1
26 21/
4 2912 2912 --------300 Hackensack Water
1
2918 29/
4 *2878 2912 •2918 291
/
*2814 291
31
27
28
35 30 Jan 18 34 June 29
7% preferred 0161/8 A
20
3234 3234
33
33
4 331 *3234 33
1
*3234 3313 *3234 3312 *32/
934
4
1
3/
4
1
712 Jan 2 • 3/
4 Mar 19
10
400 Han Printing
*5/
5
4 51,
1
5
4
1
5/
54 518
*5
412 4'2
5
5
352 1178
1214
4
1
/
3
30
9
Sept
Apr
4
1
/
8
par
No
Co
Watch
Hamilton
600
11
11
12
*11
*1134 12
4 113 *1114 12
/
12
111
12
63
25
97
20
11
Sept
4
Jan
Preferred
100 63
350
90
96
97
*96
96
96
96
96
9778 9612 97
*97
84
10134
77
110 Hanna (M A) Co 87 pf...../Vo par 101 Jan 2 108 June 3
4 10514
1
4 105 105 *10478 1051
1
4 *10478 10514 *1047.3 10014 *104/
/
4 104/
1
104/
2484
13
12
6,200 Harbi.on-Walk Refrao-No par 16 Mar 15 28 Sept 13
2538 2414 25
4 2534 2513 253 *2514 2538 25
/
*2538 2534 251
100
87
82
100 9954 Jan 7 118 Aug 17
Preferred
_ *110
__ *110 120 .110 120
*110
*110 _ __ *110
738
PI
127
8
113
7
8Sept
Feb
512
America
of
el
Corp
A___-1
Hat
4,100
11
10
4
1
/
11
4
/
111
1112
8
-7-1
1
1112
-58
11
12 1218
17214
12
1934 92
1413
100 81 Feb 6 109 July 24
614.% preferred
70
103 10312 *-___ 105
10434 1043 *103/
4 105
1
105 105 '10353105
is
112
38
I May 15
4 Apr 27
1
/
Havana Electric Ry Co ..No par
_-_- ____ ____ ____ ____ __ ____ ____.__
WE
3
12
Preferred
1312May 25
212 Apr 17
100
For footnotes see page 1890.
VV olume 141
,
New York Stock Record-Continued-Page 5
1895
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
July 1
CENT
Sales
STOCKS
Rano Mace Jae. 1
1933 to Rano for
for
NEW YORK STOCK
On Basta of 100-share Lots Aug.31 Fear 1934
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE
Sept. 14
Sept. 16
1935
Sept. 17
Sept. 18
Sept. 19
Sept. 20
Week
Looms
Highest
Low Low
Illoh
$ per share $ per share $ per share $ per share $ per
share
$ per share Shares
pa
5
share
Par
5
share
per
358 358
3
per eh 8 per share
358 334
334 378
378 44
334 414
3/
1
4 4
4,700 Hayes Body Cerro
Mar
14
2
18
4
Aug
43
17
102 10314 103 103 2101 10212 1011
4,
1
14
614
/
4 10112 10214 10214 1007 102
1,300 Hasel-Atias Glass 00
25 83 Jan 2 11712July 24
*12934 138
86
138 138 *12934 141 *12934 141 *12934 141 *12938
74
967s
4 141
100 Helms (131 W)
25 127 Jan 8 141 June 4
*160--- *160
94
--- •160
101
145
___
*160
__
_
__
Preferred
100
1424
Jan
162
10
June 19 120
24 -24
24 -2414 2334 -24
1234 153
2334 -2438 x2358 14
2234 -2314 2,200 Hercules motors
No par 11 Jan 8 2512June 18
84/
1
4 8512 8312 84
514
814 121s
85
871
86/
1
4 8778 8712
8612 8778 3,700 Hercules Powder
No par 71 Mar 12 8838Sept 11
12558 12534 *12512 12712 *126 12714 *126 12712 *12512 88
40
89
815s
12712
*12512
12712
20
87
aura
preferred
100
122
Feb 9 128 May 3 104/
12112 12112 *12112 122 *12112 12158 12112 121121 12112 12112 ------1
4 111
12834
-190
Preferred called
12112 Aug 28 12158 Aug 29 12112 -7912 80
1176
7912 *76
801 *78
,..„..
80
*78
80
78
78
. 300 Hereney Chocolate
No
par
Apr
73
/
1
4
4
4
Jan
811
11414 11414 •114 11412 11412 1141 *11312 114/
19
44
484 'raw
1
4 *11334 11434 11334 113/
1
4
300
Cony
No par 104 Jan 25 118 July 17
1518 1514 1478 1512 1478 151
80
83
1514 1638 1534 1612 1434 1534 13,200 Holland preferred
1051
/
4
Burnam
No par
534 Mar 15 1612Sept 19
878 878
4
8/
1
4 834
9
453 1014
9
*834 94
812 878
818 814 1,300 Hollander & Sons (A)
8
8/
1
4 Mar 29 11 Jan 2
4094 40918 401 401 *39914 410 40212 403 11401
5/
1
4
534 13
410 *40114 410
400
Homeetake Mining
100 333 Feb 6 412 May 14
41
41
310 2430/
407s 404 41
41
1
4
4078 41
4012 4114 x40
40/
1
4 2,500 Hondaille-Hershey CIA ....No par 3074 Mar 14 42 July 31 1200
2034 2118 21
7
2134 2112 2238 2212 234 22
11
34
23
x20/
1
4 2112 46,800
Class B
No par
812 Mar 13 231
/
4Sept 18
*6234 68 *6234 68
24
252
*6234 681 *64
87
2
681 * 3 681 *
631
Household Finance pail pf--_50 49 Jan 2 6812July 31
1258 13
43
1234 1234 ____
43
54
____
_ ------ ---- -400 Houston 011 of Ter tem ette--100
3
3/
1
4
3
914 Mar 15 1714 Jan 2
318
3 .-.
9/
3
1
4
1212 2914
3 _"318
3
118
234 -3
5,500
Voting
trust
obi new
26
Ils Mar 13
3/
5234 5312 52
1
4 Aug 19
5314 52
Vs
21s
5212 5214 53 25012 5238 49
Ps
50
7,700 Howe Sound Co
a gg jag 15 66 Apr 26
4
418
20
4
3512 5714
4
4
4
334 344
334 334
334 334
700 Hudson & Manhattan
100
284 Feb 27
51s Jan 21
234
4
1212
*9/
1
4 1112 *834 10
934
*9
912 912
914 938 *9
012
300
Preferred
100
1
4Mar 14 13/
6/
12/
1
4 Jan 21
1
4 13
1212 13
84
9
284
1214 12's 1278 1314 12
1318 1114 1178 26,400 Hudson Motor Car
23, 212
6/
No par
1
4 Mar 26 1312Sept 11 11 6
214 238
214 238
61
/
4 244
238 21
238 258
24 238 13,300 Hupp Motor Car Coro
34 Apr 5
1578 1638 16
10
374 Jan 7
1612 1614 1684 1612 1738 1678 1734 1618 17
h
14
74
55,900
Illinois
100
Central
Mar
9/
1
4
14 1734Sept 19
*20
2412 24
914
24
133e 3874
*20
241 *23
2424 24
24
24
24
500
*54
6% pref aeries A
100 15 Apr 11 2412Sept 13
55
15
*54
21
50
5478 *54
54/
1
4 *5412 547
54
53
54
53
'2
60
Leased
lines
Mar
40
21
*814 878
100
10
Jan
57
/
1
4
40
8
8
*818 8/
4814 66
1
4
878 87
878 8'8
8
8
270
RR Sec otfs settee A.....1000
.214 2/
44 Mar 30 10 Jan 4
1
4 *24 238 *214 238 *21
44
74 244
/
4 258 *214 258 *214 258
Indian Refining
10
31
218 Mar 16
234May 10
3158 3034 3114 3012 31
218
238
434
3034 3238 3114 321
3012 3138 20,500 Industrial Rayon
*9934 102
8
par
2312May
No
33
Jan 7"134
9912 100
10112 103
1953 324
103 103's 104 104
101
101
2,500
Ingersoll Rand
No par 6012 Mar 13 104 Sept 19
45
*130
49
/
1
4
- - *130
733
4
__ *130
-- *130
__
11130
_- _ _Preferred
*130---92
100 109 Jan 7 130 July 18 105
9234 92 -93-1
105
/
4 93 -937116/
1
4
8 94 1512 9358 -95
9234 ---9334 7:400 Inland Steel
458 5
No par 4814 Mar 22 9512Sept 18
26
478 5
5
3414
518
54 514 _ 514 51
56
518
558
15,600 InspiratIon Cone Copper
*614 612
2/
1
4 Feb 27
20
538 Sept 20
614 614 *614 6/
212
252
672
1
4
6
614
6 I 61
64 618 1,500 Insuranshares Ctfe Inc
1934 2038 1812 1912 1878 1912 1912 20
4 Mar 1
1
675 Aug 2
2/
1
4
2
438
1914 2084 1858 1912 14,300 IInterboro Raptc1Tran
•I e -100
*3
312 *3
834 Mar 15 235,Sept 11
54
338 *3
54
338 *3
1712
338 (3 i 4 3
*212
338
30 Internet Rye of Cent Amer_100
*212 3
27
*212 3
214Nlay
8
25
2
Jan
43
2
7
*212 3
*213 3
*212 3 4 *212 3
Certificates
No par
*1234 13/
214 Apr 26
1
4 1234 1234 1212 1212 1212 1212 12
5 Jan 3
2/
1
4
2/
1
4
6/
1
4
124 114 124
230
Preferred
100
*2
914May 21 1812 Jan 10
258
2
658
2
7
5c
*2
223
4
238 •178 23
, •178 24
178
178
200 Interoont'l Rubber
734 7/
No par
112May 1
1
4
3 Jan 7
11
/
4
7/
1
4 7/
1
4
21s
572
734 7/
1
4
734 814
712 753
4,700
63
4
718
Interlake
Iron
No par
414 Mar 7
834Sept 6
*312 338
312 358
4
4
312 312
1114
312 34
318
314
24
318
3,400
Internal Agrloul
No par
*36
258July 11
37 *36
5 Jan 2
38
Ds
2
3614 3614 *3614 3738 32
61s
3614 287g 2918 2,000
Prior preferred
*18312 18514 18512 185'2 18434 185
100 26
1 42/
1
4 Jan 25
15
10
874
18612'18612 218514 185/
1
4 178 17812 1,000 In1 Business Machines___No par 1494June
Jan 15 187 Sept 12 12514 131
564
678 678
678 714
7
7
7
715
612 714 2612 634 5,200 Internal Carriers Ltd
1
2934 2934 2938 2958 29
358 Mar 12
712Sept 11
358
4/
1
4 121
/
4
29
284 2914 2758 2918 2714 2778 3,000 International Coment____
5918 60
No par 2278 Mar 15 33 Jan 7
58
591
181
/
4
18/
1
4 5788
5812 5914 5834 60
5814 60
5512 5814 24,800 Internal Harvester
1454 1451 *14514 149 *14514
No par 3418 Mar 18 6012 Sept 13
*14514 150
2314
234 4672
150
14514.14514 *14514 14712
300
Preferred
100 135 Jan 2 152 atiy 9 110
3/
1
4 31
110
/
4
137
3
3
3
3
3
3
,, 278 278
212 24 3,000 Int Hydro-El Sys CI A
*3
25
114 Mar 15
314 *318 338
434 Aug 19
14
24
91a
338 338
334 334 ,35, 41
/
4
334 414 4,800 lot Mercantile Manna-No par
29/
1
4 3014 3018 31
11
/
4.buie 20
414 Szpt 20
8
17
2
6
30/
1
4 3158 31
315
8
30
311
/
4
102,300
2918 294
lot Nickel of Canada--No par 2214 Jan 15 3158 Sept 17 11 1458
12658 12634 *12518 12658 *12518 12658 *12518 12658 *12518
21
2914
126% *12518 12658
200
Preferred
1237
8Ju1y
100
13012
11
_.-_ --- _-_ ___
Mar
14
101
11514 180
____ -- ___ ____ ____ ___ ______ Internet Paper
7% pref
212 212 *214 234
84
10
26
24 23
234 234 *214 2/
214 214 1,200 Inter Pap & Pow el A.--Ne 100
1
4
•134 18
pa
14 Mar 15
3 Jan 8
*14 134 *114 134
Vs
2
61s
114
114 *114
134 *114 134
100
ChM
B
38July
par
78
1
No
11
3/
1
1
4
134Sept 9
1
se
1
1
1
1
1
1
1
1
11
/
4
5,900
Class 0
13/
1
4 1458 1312 1444 14
/
1
4May 7
No pa
Its Jan 19
11
/
4
58
234
15
1458 15/
1
4 14
15
13
1378 14,300
Preferred
*27
27/
1
4 27
13
Mar
100
1518
414
Sept
2712 27
13
4
/
1
4
81s 24/
1
4
2858 281
/
4 29
2814 2834 2734 28
3,600
lot
Printing
Ink
107 107
Corp-No par 21/
1
4 Jan 15 29 Sept 17
10634 107
9
9
251,
107 107
10612 1064
10714 1064 10618
320
Preferred
*29
2912 2914 2914 2914 294 2912 291 106
100 981s Jan 2 10714Sept 19
65
66
10(a
294 294 2938 2912
900 International Salt
*464 4638 464 4614 *464 4612 46
No par 29 Jan 21 3614May 14
20
21
32
46
*4558 461 *4512 46
400
Internationa
l
Shoe
*2012 2212 *2012 2212 22
No pa
4214 Mar 19 4814Ju1y 26
88
38
5( as
*2112 2212 2112 211
21
2112
700 International Sliver
*7214 73 *7218 73 *724 22
100 16 July 19 28 Jan 4
16
36
4,34
73
73
73
71
71
*68
73
40
7% preferred
1058 10/
100 8012 Mar 21 75 Jan 3
1
4 10/
1
4 1078 1014 1012 1038 10'4 10
40
59
8412
105
8
9
/
1
4
40,200
10
Inter
Telep & Teleg
15
No par
15
5/
1
4Mar 13 1538Sept 13
134 14/
552
1
4 1238 1318 1234 13'4 1278 131
712 15.
/
4 1212 1234 10,200 Interstate Dept Stores-No
*86
par
878May
8
90
1658Sept
86
9
86
23
4
*70
312 16**
86
*70 86
*70
85
*70
85
100
Preferred
*1114 1114 *11/
100 7012June 27 90 Aug 19
1
4 1134 *1114 11/
1814
2153 8112
1
4 *1114 113 *1114 1134 1078 11/
1
4
200 Intertype Cory
No var
els Mar 13 1312Juiy 23
434
55s 10
*274 2818 2758 28
•27
2818
x2738
27
/
1
4
275
2758
8
27
271
1,000 Island Creek Coal
*115 -___ *115 .
1 25 June 3 36 Jan 8
._ *115
2034
2434 36
___ *11312 --- *11312
_ _ *11312 ___ _ _ _ _
Preferred
1 110 Jan 22 12012 Apr 9
*5876 6014 60 -60
85
90
110
5834 -60
60 -60
60 80
58/
1
4 -60
1,900 Jewel Tea Inc
7314 74
No par 49 Mar 13 57 Aug 8
28
83
5712
7212 7314 7212 7413 75
7712 7534 77
7112 7474$ 19,800 Johns-Manville
*125 128 312314 12314 *12214 126 *12214 12412 *12214 126
No par 38/
1
4 Mar 13 77128ept 18
36/
1
4
39
63/
1
4
12214
20
12214
Preferred
*13314 153 *1331
100 117/
1
4 Mar 15 12514 Aug 14
/
4 153 *13314 153 *1331
87
101
21
153 *13314 153 *13314 153
/
4
Joliet
& Chic RR Co 7% gtd_100 130 Feb
*81/
1
4 8252 8114 82/
130 Feb 19 118
1
4 80/
1
4 8214 82 8212 79
135
40
811
/
4 77
79
1,080 Jones & Laugh Steel pref.-100 50 Apr 19
•118 120 *118 120 11118 120 *118 120 *118 120
4
843
45ept 11
43
45
77
*118 120
Kansas City P & L pt set I3No par 11514 Mar 20 120 Aug 1
*612 7
634 634
9778
9778 144
634 678
7
74
714 74 *653. 714 1,800 Kansas City Southern
*1112 12
100
*1112 12
334 Mar 13
814 Jan 7
314
IN
1934
1178 1178 12
12
12
12
11
11
600
Preferred
100
6/
1
4 Mar 12 1338 Aug 14
17/
1
4 1752 17/
858
1014 2712
1
4 17/
1
4 1734 18
18
18/
1
4 1758 1814 17/
1
4 1712 7,100 Kaufmann Dept
MGM $12-50
21
21
*2034 21
712 Feb 6 183k Sept 18
5
/
1
4
21
6
103
21
s
2012 21
2038 2058 2012 21
6,000 Kayser (J) & Co
1168
99
*68
5 1634 Jan 17 2112Sept 13
99
12
1378 181
*68
/
4
99
*68
99
*75
99
*75
99
Keith-Albee-Orpheum pref-100 34 Mar 7 7518 Sept 13
15
20
3712
5
38 Apr 4
218 Jan 17
/
1
4
1
44
6% preferred
234 2314 23
No par
6 Apr 4 22 Aug 12
2312 25; 2312 23a4 2414 23
5
5
20
2414 2178 22
75;600 Kelsey
Hayes Wheel conv.eIA-1
2112 2112 214 2112 2118 2134 22
6 Jan 25 2458Sept 12
212
3
10
2238 2034 2214 20
2038 9,200
Class 13
12
1218 12
1
314 Mar 2 2234Sept 12
1214 12
14
218
71s
1214 1218 1214 12
1212
*8912 94
*8912 9078 *9014 9478 *904 9078 8912 9018 1178 1218 12,400 Kelvinator Corp
No par 1014 Aug 27 18', Jan 9 Is es
/
4 214
111
*90
904
270 Kendall Co pt pf see A
25
2514 25
No par 84 Mar 21 98 July 8
26
1518 94
2538 26
55
25/
1
4 2618 2438 254 2334 2434 115,000 Kennecott Copper
*1512 1734 *1512 1734 *1512 1734 *1512 1734 *1512 18
No pa
1
4 Mar 13 2618 Sept 18
13/
1334
10
234
*1512 1812
v324 4
Kimberly
No pa
*334 378 *334 378
10 Mar 5 19 July 16
938
9/
1
4 1814
334 334
34 334
313 312 400 Kinney CoClark
*31
par
No
3212 32
3
Mar
19
32
3
214
Jan
5
/
1
4
3
32
71A
3212 33
33 *30
3214 30
30
70
Preferred
pa
No
29
Mar
23
Jan
38
23
12
134 41
27
2714 2678 2718 267g 27
27
27/
1
4 27
2714 2558 2612 10;600 Kresge (3 8) Co
*103 - -- *109 112 *109 112 *110 112 *110 112
10 19/
1
4 Mar 13 2714Sept 10
1014
13/
1
4 2253
*110 112
7% preferred
*3
-414
100 10312 Apr 26 113 Aor 9
964 101 3114
We 3/
1
4 *3
4
*3
414 *3
4/
1
4 *3
4
100 Kresge Dept Stores
*6518 75 *60
No par
2 May 21
75
5 Aug 10 " 2
*62
24
714
75 *62
74
*82
74
*62
74
Preferred
*62
6278 6238 6312 *6312 64
100 42 Jan 11 70 Aug 10
12
19
56
63/
1
4 644 65/
1
4 6538 *62
65/
1
4
600 Kress (S H) Co
2934 2934 284 2938 2738 2834 2714 28
No par 5612 Apr 8 8914 Jan 7
2734
36
6512
274 27'4 27
2713 11,800 Kroger Groo&
&
Bak
*184 201 *1818 21
No
10
par
2214May
3218 Aug 12
19
*184 21
*1818 2053 1912 191
2314 33/
1
4
20(2
10 Laclede Gas Lt Co St Louis __100 12 Mar 22 27 Aug
4378 4378 *4112 4314 *4034 4338 4338 4338 *4034 4314 *1818 4334
16
12
20
6312
4034
110
5% preferred
2378 2378 2358 24
100 1914 Mar 27 46 Aug 20
24
1914
27
60
x2312 24
234 2338 2258 23
464 9
6.100 Lambert Co (The)
404 712 *61/4 24
No par 224 Aug 10 284 Jan 8
224 311
/
19/
4
1
4
738 .51
/
4 714
73, v614 738 *5
Lane Bryant
*gag 97
*938 978
No par
978 97,
5 May 13
9 Jan 3
978 10
44
5
1414
934 97
912 914 1,500 Lee Rubber & Tire
12
12
*1218 1312 1212 1212 1238 13
5
812 Mar 14 1278 Jan 7
818
7
144
1214 1213 12
12
800
Lehigh
Portland
*9912 102
Clemens
*9912 102 *100 102 *100 103
60 1052 Mar 14 1738 Jan 7
9
11
9912 100
20
100 100
170
7% preferred
*958 10
10
100 89/
1018
1
4 Jan 3 102 June 21
934 10
73/
1
4 90
73
1018
10
934 101z
018 9'I 6,200 Lehigh Valley RR
*238 23
50
*238 212
5 Mar 13 1112 Jan 7
238 238 *238 212
5
1
4 2114
9/
2/
1
4 238
2/
1
4 214 1,100 Lehigh Valley Coal
1078 111
No par
11
11
/
4 Mar 13
111
/
4 *1034 1114 *1058 1114 1014 1053 10
3/
1
4 Aug 14
112
214
6
101
900
Preferred
159314 95
94
60
94
511May 1 1314 Aug 14
1193
5
94
4
9312 9312 z93
16/
1
4
9338 8912 9012 1,300 Lehman Corp
(The)
*1214 5213 1214 1214 1112
No par 6714 Mar 28 9538Sept 12
58/
1
4
6414 78
1218 12
1218 11/
1
4 12
1112 1134 1,200 Lebn & Pink Prod
Co
36
5 1078July 23 174 Jan 25
36
35
353
1078
35
1112 2312
3534 35
3678 3634 3758 3518 363 30,400 Libbey
Owens
Irord
0111M634 67
No
par
*658 6/
2112
Mar
30
1
4
3814 Aug 1
21
612 634
22/
834 834
83
1
4 £117
67g
.
611 611
Libby, McNeill & LIbby_No par
2354 2338 24
24
638Sept 10
24
712 Aug 23 1 2'4
24
24
24
*2313 23 2338 2358 2,300
800 Life Savers Corp
•11112 115 *112 116
5
113 113
5%
-114 ii
114 11412 114 11412 *110 111
600 Liggett & Myers Tobaoco--25 21 Mar 14 2412 Apr 2211
114 114
115 115
9414 Apr
120 Aug 6
114 11434 114/
7112
114 116 1 112 1123
73
110
1
4 116
4,400
Series B
25 9334 Apr 4 122 Aug 8
744 11114
7314
*180 18438 *160 16438 16438 16438 *161 164121,160 1641 *160 16412
100
Preferred
17
17/
100
1
4 17
l7le 17
Jan 30 167 May 4 123
1714 16
1658 17
129
15212
17
*1.61
/
4 17
2,400 Lily Tulip Cup Corp--Nepar 13114
2312 2414 2278 24
18
Sept
1912
18
2384
25
Apr
241
/
1414
4 22/
16
1
4 2358 5,900 Lima
264
23
2314 2334 2412
Locomot Works-No par 13/
3734 3734 3658 38
1
4 Mar 14 2412 Jan 5
374 39
134
154 3614
3858 3912 39
3978 39
3912 6.900 Link Bell Co
*3112 32
30/
No par 1718 Mar 13 394 Sept 19
1
4 3112 30/
111
/
4
1
4 3034 3034 3112 30
1112 19/
31
30
1
4
30/
1
4 2,700 Liquid Carbonic
441
/
4 44/
-No
1
4 x44
Mar
par
13 3478July 9
244
4514 4358 4418 441
Ma
/
4 44/
1618 35/
1
4 4314 44/
1
4 42/
1
4
1
4 4338 26,50 Loew 8 Incorporate
d
•10558 10612 *10558 10612 *10558 10612 *10558 10612 10538 105/
NO par 3114 Feb 7 45/
1
4Sept 11
1912
2078 37
1
4 *10512 1O6'z
200
Preferred
*138 112
No
par
138 138
102
Feb
1
1084
Apr
138
112
5
138
86
72
105
112
138
138
138
138 1,000 Loll incorporated
*2
No par
2/
I Mar 15
1
4
218 218 *218 214 •2
134 Jan 2
1 1$
3
1
218
21
2's
2
2
1,200 Long Bell Lumber A----No
41
41
*40
par
4034 4038 4012 40
114 Mar 12
2/
1
4 Feb 14
1
4012 3912 3912 39
1
8
39
*12158 122 *12158 122 *11978 12112 *1197s 12018 12018 12018 *11978 1204 2.300 Loose-Vrtlee Biscuit
25 33 Apr 25 4158July 25
33
33/
1
4 814/
1
4
10
7%
1st
preferred
2518 2514 2518 2558 254 2538 2512 2618 254 2618 2414 25
100 12018Sept 19 130 Att. RI 116
0934 1284
20.200 Lorillard (13) On
•135 139 *135 139 *135 139 *135 139
10 1812 mar 28 2618Sept 18
14/
1
4
1514 224
13412 135 *13434 138
70
preferred
7%
124
100
Apr
5 1448 Aug 7
58
9812 102 4130
511
58
58
*1
/
4
34
52
53
/
1
4
611
NI
5}) 1,500 Moulalana oc
No par
38July 16
*734 834 *8
1/
1
4 Jan 7
834 *8
834 *8
h
834 *8
33*
884
/
1
4
834 *8
Preferred
*20
100
44June 19 144 Jan 8
2034 20
20
1912 20
1912 20
1912 1934 19
412
7/
1
4 2312
1913 1,900 Louisville Ow
&
El
4......No
44
4438 4338 44
par
1014 Mu 18 23/
44
1
4 Aug 19
44
12
1038
45
4534 45
21
4834 434 4458 4,800 Louisville &
Nashville
100 34 Mar 29 47/
245 2538 244 25/
1
4 Jan 7
1
4 25
34
3734 8211
2571 2512 264 254 2612 2412 25
12,400 Ludlum Steel
129 13058 *12778 132
I 1234 Mar 28 264Sept 18
129 129
132 135
7/
1
4
12412 13158 *122 1273
814 1912
900
Cony preferred
No IPOr 9014 Jan 4 135 Sept 18
*41
/
4 43
43
*411
*41
60
43
*41
43 .4) 4258 *40
60
97
41
MacAndrews & Forbes
10 40 Jan 24 46 14m 19
*1284 ___. •12812 -- •12812 -___ 12813 12812 12812 -- 12812 12813
21
30
424
50
8% preferred
100 113 Feb 8 130 May 13
8734
95
1114
For footnotee see page 1890
*5
.,
New York Stock Record-Continued-Page 6
1896
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Seps 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
Sept. 19
Friday
Sept. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Sept. 21 1935
Rase* Sixes Jai. 1
Ors Basta of 100-saara Lots
Lowest
Highest
Jut, 1
1933 te Rasps for
Aug.31 Year 1934
1935 ---Htga
Low
I per share I per sh $ per flare
Par S per share
3 Per share $ per share $ per share $ per share 8 per share $ per share Shares
1858
22
414
No par 1858June 1 284 Jan 8
2378 2212 2378 2178 2214 9,100 Mack Trucks Inc
2312 2278 2314 23
2312 2312 23
3012
354 62,2
No par 3012 Apr 1 5118Sept 11
4,100 Macy (R H) Co Inc
4714 4812 4612 47
48
49
4812 4812 49
4914 49
49
7
258
212
2 1038Sept 12
Jan
54
par
No
o
t
v
Gard
Sq
Madison
1018
4
'93
1018
"9
1013
94 *914 10
*94 1018 09
*9
1513 x2314
1214
10 1853 Jan 10 3618Sept 17
3.300 Magma Copper
35
34
3618 3558 36
3618 36
36
3514 354 3512 36
50 515 Aug 20 515 Aug 20 515
Mahoning Coal RR Co
*520 575 '520 575 *520 575 *520 575 *520 575 '520 575
24May 14
-4
4
4 Feb 6
100
thfanati Sugar
134
134 *1
'1
2
134 *1
134 .1
134 "'I
*1
94
134
1
4 Jan 7 10 May 24
100
Preferred
40
6
6
6
6
6
6
*512 612
*513 614 *578 7
3
638 Aug 15
84
3 Apr 29
3
par
No
Bros
Mandel
514
*44
512
4
*43
8
53
4
'43
512
*434 512 *44 512 *44
41
29
23
14
Apr
10
644Sept
29
___100
guar
7%
fly
:Manhattan
40
57
5934 5934 5934 54
5934 *56
5934 056
.56
58
58
1034
1014 2932
100 134 Mar 15 30 Sept 11
Mod 5% guar
2458 5,800
24
2538 2534 2518 26
2512 2534 2334 2534 2434 25
10
104 2013
25 10 Mar 28 15 July 10
900 Manhattan Shirt
14
*1374 1414 1414 1414 1378 1414 1378 1414 14
14
14
1
338
23
May
14
3
23
Feb
1
1
Explor
011
Maracalbo
158 158 *153 134 1,500
158 158
112 158
112 113 0112 158
518
418
418
412 Mar 23 1531 n Aug 7
5
------100 Marancha Corp
_ _
5313z 53122
*5342 6
*53122 6
*53132 6
9
54
812 Aug 19
6
Apr 1
514
1
(Del)
Corp
Midland
Marine
4,800
734
712
8
734 -77758 74
734 8
74 74
734 734
8
23
12
22
112July
14
;June
8
3
100
fly
1
*12
1
Market Street
*12
*12 1
•12 1
*1, 1
.312 1
814
2
2
5 Jan 8
258 Jan 2
100
Preferred
____ ._
*178 4
*178 4
*178 4
*158 4
. 4
*14
158 4
1214
3
3
27
4June
103
1
Mar
4
3
3
100
preferred
Prior
912
'9
9
*712
938
938 *7
938 *7
*7
9
*7
414
1
214 Jan 8
4
1 Mar 15
100
2nd preferred
'134 212 *138 212 '138 134 *138 178 •138 212 *Ps 212
82
12
17
No par 20 Mar 13 3412Sept 18
3412 x3312 3414 3214 3312 2,700 Marlin-Rockwell
34
34
34
3334 3334 3312 34
1114
14
3
Jan
6:1*
Mar
4
1
/
19
84
64
par
No
Co
&
Field
Marshall
978 1012 11,938 934 6,200
104 1018 10141
1038 1012 1014 1012 10
1238
6
214
94 Jan 7
4 June 27
No par
500 Martin-Parry Corp
512 512
*54 578
*512 6
*512 6
534 534 .512 6
2312
3334Sept
14
2312
Mar
18
4
4
403
3358 3034 3114 14.200 Mathieeon Alkali Worka No par 233
3334 32
3114 3112 3114 3134 3158 3312 33
136
100 136 Jan 2 150 Apr 1 1054 110
Preferred
20
4 14734
1
147/
•14734 150 •14734 150 *14734 150 *14734 149 *14734 149
29
23
4
Mar
9
453
30
6418Sept
8
357
10
Stores
4,100 May Department
52
52
5234 54
5273 524 5233 54
5312 5334 5212 53
814
44
314
512 Jan 30 1434 Aug 12
No par
134 124 1318 1178 1234 3,500 Maytag Co
13
13
13
1318 1318 1278 13
36
4
10
803
4
83
13
Aug
15
Jan
83
par
No
Preferred
300
49
'474
491
4912 4912 4934 4934 .4912 4938 4913
*4912 50
9
324
8
Preferred ex-warrante_No par 3212 Jan 7 50 Aug 13
-04738 _ _ *4758 _ - '4753
_ *4738
*4734 494 *4738
49
27
924
No par 8412 Jan 4 103 June 17
Prlor preferred
170
1003-4 101 foi 101 1-01- 10012 1-0-019
10012 .
101 101 •10012 fill
22
17
32
24
14
3512June
Mar
28
par
No
Corp
McCall
3112 3112 3119 3112 3112 3112 3114 3112 3012 3114 2,700
3134 313
34
118 1233
714 Apr 3 13 Jan 3
1014 7,100 :McCrory Stores elassA-No par
1012 1034 10
1058 11
104 11
11
1114 1114 11
14 1238
14
Apr 3 1212 Aug 13
612
par
No
B
Class
1,700
1018
8
7
9
4
103
'1014
8
103
8
103
1012
8
1033
1114 1058 103
*11
312
4,4 6333
100 5714 Feb 6 91 Aug 12
Cony preferred
*7712 85
*7712 861 *774 85
*7712 88
88
*7712 861 *80
4
1012
4
74 Mar 26 14 Aug 16
1212 1234 1,100 McGraw-Hill Pub Co___No par
13
1312 1312 1312 13
1314 1312 *13
1312 131
8812 504
2858
4
Mar
4553
23
Aug
344
Mines,,._
.8
McIntyre
Porcupine
3812
7,500
1
3712
39
8
382
39
39
3914 404 3838 3912 3834 30
674
11
79
12712Sept
15
Jan
9518
9012
par
1,500 McKeesport Tin Plate___No
12612 12612 125 12512 122 124
127 12712 x125 12534 125 125
914
414
5
34
578May 22
872 Jan 2
64 634 8,100 McKesson & Robbins
634 7
673 714
718
7
678 74
7
733
1172 4214
912
50 32 May 24 43 Mar 4
Cony prat series A
3814 3678 3719 2,500
38
3814 39
3912 3812 39
3914 4038 39
1712
1
Apr
1
1533
3
Jan
4
3
813
No par
1214 124 1114 1218 6,200 McLellan Stores
1258 1234 1238 1234 1212 1212 1238 127a
II
94 924
100 854 Mar 13 110 Aug 9
6% cony prof ser A
110
99 100
100 100
*100 1011 *100 101 *1130 101 *100 101
42
26
1712
No par 41 Jan 2 6012 Aug 14
500 Melville Shoe
.54
54
55
55
56
564 '55
57 .55
57
58
*56
312 11
3
54 Aug 30
3 Mar 12
1
453 54 3,900 Mengel Co (The)
478 5
518
5
5,8 518
434 434
478 54
52
24
20 42 Sept 6
2034
Mar
204
100
preferred
7%
400
38
37
3912
3814
3814
3512
3914
*3812
3812 39
40
40
2512 334
*2312 25
70 March & Min Tramp Co_No par 22 • Apr 12 2714June 1 • 22
*2412 25
*2312 2414 *2312 2414 2312 2414 '2414 25
5 244 Jan 15 3534Sept 12 27 834 Z20,2 2324
3278 3312 6.100 Mesta Machine Co
344 3478 3334 3412 3378 3412 3334 3438 3312 34
612
372
212
57352pt 17
212 Mar 13
5
512 553
54 538 7.800 Miami Copper
512 558
538 578
358 328
534 578
918
94 1434
94 Mar 15 1378May 23
10
1014 7,200 Mid-Continent Petrol
1012 1014 1038 10
1018 10
104 10
1018 10
10
612
64 214
814 Mar 12 2434Sept 18
No par
15,200 Midland Steel Pr,d
23
2214 2212 2278 2312 2312 2334 2334 2434 234 2458 21
44
8514
44
100 6018 Mar 6 115 Aug 12
8% cum 1st prof
500
112 11212 11112 11112
11014 11014 11234 11234 113 11434 11434 115
65
36
2058
98
800 Minn-Honeywell Regu___No par 58 Jan 15 105 July 30
9812 9812 9812 9914 98
99
99 .97
9834 9834 .97
107
87
100 105 Jan 9 x11114June 19 3 68
6% prat series A
20
•109 10912 *109 1091 •109 10912 "109 10912 *10712 10912 10712 10712
Vs
534 Jan 2
Mar 15
178
112
34
par
48
__No
Impl
47g
Pow
3
47
Moline
Minn
518
8.400
474
458
5
5
558
478 478
48
1512 41
16
No par 31 Mar 14 5712July 8
Preferred
3,000
5214 53
5258 54
5112 5234 5314 55
51
51
52
*49
18
4
/
11
"Mar 4
14
38 Jan 7
Loula____100
1
St
3
&
:Minneapolis
100
14
298
4
*lit
14
*13
4
*18
14
34
14
018
212July 11
3511
04
34 Apr 24
14
Minn St Paul & 5E1 Marle_-100
153 *112 159 *112 14
*114 158 *114 153 •114 14 "114
4 July 10
1
1 Mar 6
114
100
7% preferred
613
100
*134 238
2
2
*134 238 *124 258 *134 212 "134 238
3 Jan 14
14
712
14 Mar 29
DI
100
4% leased line Mfg
238 *112 258 .158 233
238 *2
258 *2
258 *2
*2
4
1
10/
No par 1033 Apr 9 1678May 16
1138 1112 5,100 Mission Corp
12
12
1112 1112 1112 1134 1114 1112 1134 12
8
-1474 .
1
4/
614 Jan 7
212
212July 22
No par
418 414 2,800 Mo-Kan-Texas RR
414 411
438 412
414 458
418
4
418
4
12
3438
678May 7 1412 Jan 7
578
100
Preferred series A
038 978 10
914 4.600
9
94 91_
94 1014
1014
914 04
6
8
July
112
3
1
4
Jan
1
100
Pacific
SMIseouri
600
134 134
178
178
178 178
154 134
134 134 *134 2
94
4 Jan 7
218
112
112 Mar 30
100
Cony preferred
212 212 1,400
234 278
258 238
24 212
212 238
238 234
1211 220*
1034
20 1034 Mar 13 2038Sept 13
1734 1878 4,900 Mohawk Carpel Mills
1838 1912 1914 1978 1878 19
20
20
1934 20
29
Feb
6133
39
84
Sept
"24
18
55
Co
10
7834 8012 10,200 Monsanto Chem
8218 84
8078 8214 84
7712 794 79
7078 77
354
20
1514
32 128,000 Mont Ward & Co Inc___-No par 214 Mar 12 3734Sept 11
3458 3312 3434 3218 3312 31
3534 34
3534 3612 34
4314
87
314
No par 50 Sept 19 66 Feb 25
1,100 Mortal (J) & Co
52
52
52
50
53
5278 5278 52
524 53
53
.52
71
58
5534
60 6112 Apr 18 6512May 24
50 Morris & Essex
70
*63
70
70 '63
*63
64
64
64
64
7
*61
4
1
8
3
1
1 18May
14 AM 4
Mother Lode Coalition___No par
34
3,000
8
5
8
5
4
3
4
1812
*1712
4
3
8
5
58
4
2
58
Mar 18 4312Sept i2j 154
4
1
1533 44/
3912 414 3712 3918 5.500 Motor Products Corp____No par 1718 Mar 12 1114
4 42
1
41/
41
4214 4058 417e 39
42
4
163
8
65
64
7
Jan
74
5
Wheel
1038 1038 104 1058 1018 1014 1018 1038 1012 1138 1012 1114 24.000 Motor
1438Sept 13
914-914 Aug 21
1212 1318 3,800 Mullins Mfg Co Class A____7.50
1358 1334 134 1338 1318 1318 1338 14
1378 14
133
23
Aug
4
912
13
-912
Sept
_......
1
11
Class
2,800
1214
1112
13
.13
1312 1318 1318 12:14
1312 1258 1314 13
_65
No par 62 Sept 4 6712Sept 7
Preferred new
64
63
690
6412 6312 634 6212 64
6454 64
64
64
64
15
13
10
11 Apr 3 1914 Sept 11
No par
600 Munsingwear Inc
1814
*1712 1812 *1712 1812 "17
18
1812 1834 1812 1812 18
1114
372
173
13
Mar
434
10
8
35
10
8Sept
Amer
of
Corp
Murray
74,100
8
157
15
1678
16
1612 1612 17
164 1658 164 1658 16
3333
14
1312
No par 80 Jan 12 4018 Sept 10
200 Myers F & E Bros
4012 "3978 4012 3934 3934 *3934 4012 3934 3934 '3938 40
*39
Apr 27 1912 Jan 7
1258 82
11
12
par
No
Co
Motors
Nash
32,400
15
1612
4
153
1578
1512
154
1512
1612
1614 1512 16
16
1934 £6,4
14
20 Nashville Chatt & St Louis _100 14 Mar 14 274 Jan 8
2114 "1712 2114
2114 '17
21 '1834 2114 '17
2112 2112 "19
84
34
413 Mar 13 1014 Sept 12
3
1
912 94 9,600 National Acme
938 10
94 1014
978 10
934 1018
94 1018
26
1032
Feb
Sept
54 134
4
17
63
514
par
Corp__No
Aviation
National
3,500
1014
953
934 1013
10
953 104 10
94 94
94 933
161
1
8
287
3312
Apr
,1
69
2214
2214
10
July
2758 2712 2838 2758 2838 2712 2818 24.600 National Biscuit
2734 27
2734 2838 27
14811
100 14118 Mar 7 152 Aug 17 12912 131
7% cum prat
200
146 146
14834 14834 *146 151
*14834 152 "14834 152 .14834 152
2352
14
Mar
12
187
1312
8
12
10
Sept
par
No
Register
C88I3
Nat
10,900
1714
164
1814
1814 1712
1814 1838 1818 1858 1818 1814 18
184
13
1114
No par 124 Mar 21 1712July 23
Nat Dairy Prod
1558 1578 1534 1638 164 1718 1673 1712 1638 164 1534 164 86,000
100 10814 S..pt 20 11012 Aug 28 2 80
7% pref class A
170
___ '10914 --_- 109 10912 10814 10814
*109_ __ 109 10938 *109
108
3
Sent
19
Aug
100
B
3106
class
pref
7%
106
260
2
,
108
108 108 *10612
108 108
108
10712.
010712 1-08 .10712 108
12
1 .
8
3-7453 Jan 17
112 Mar 7
214 214 5,700 :Nat DepartmensStores-No Par
214 233
238 24
238 212
233 212
*238 212
284
5
3
100 17 Apr 2 3434 Feb 16
Preferred
640
2518 2414 2412 2312 24
2512 2412 2514 2412 2412 25
25
3152
8
16
317
2
9
Sept
16
2318May
par
No
Prod
Distil
Nati
73,200
3014 3078 2978 304 2934 3058 294 3012 2878 2978 2818 2878
1913 3278
No par 21 May 31 3212July 8
10
300 Nat Enam & StampIng
2612 *2514 28
2814 26
2812 *26
2812 2734 2734 '25
*27
170
100 145 Jan 18 185 Aug 5
8744 155
100 National Lead
182 182 *178 184
•179 182 *177 182 *177 182 *177 182
18
1464
122
162127May
Jan
122
23
150
100
A
Preferred
•15914
16058
•157 16038 *157 16033 •15914 1604 *15914 16038 *1594 16058
100 12158 Jan 26 14012July 30
Preferred B
9934 10012 12112
50
13814 13814 *13334 138 *13334 138 *13334 138 *13334 138 '13334 138
ars Mar 15 1418 Aug 17
833 1512
No par
478
934 104 19.400 National Pow & LI
4 1018 1012
1058 1034 1012 1078 1038 1012 1014 103
13 July 12
23$
34
1 Jan 10
Nat Rya of Max 1s14% pt--100
32
34
34
*58
34
*58
*4
34
*58
34
*4
31
"53
4
4 Jan 2
14 Mar 19
100
1
4
2d preferred
200
12
*38
22
*28
038
12
l
12
028
*38
38
38
13
Mar
584
3
3412
7114
403
25
33
11
Sept
National
Steel
Corp
10,200
6812
6712
7012
4
683
7078
7014 70
69
71
70
7078 71
214
10
9
9 Mar 13 2078 Aug 17
25
National SLIDI832 of Del
174 1714 1714 174 1714 1712 1778 1738 1712 1658 1658 1,200 ' Preferred
17
334 60
ion 36 Mar 20 7738 Aug 17
33
480
68
67
69
68
69
6814 68
6712 6918 68
*6918 70
1814
9
No par 384 Mar 13 1138 Jan 4
2814
914 912 2.000 National Tea Co
912 912
912 91
958 938
958 978
94 978
714 1038
712 Jan 15 12 June 11 41 34
No par
500 Natomas Co
01038 1058 1038 1038 1078 1078 1038 1038 '1038 1034 1014 1038
64 3014
214June 6 3234Sept 9
No
4
par
tiros
Nelsner
1,200
3614
4
,
30
4
303
3012
*30% 311_ *3038 3112 *3034 314 3114 3114
4972
31
No par 4313 Jan 2 61 Aug 9
15
594 5814 5834 2,100 Newberry Co (J J).
59
60
60
60
6012 604 6018 6014 59
112
100
100 109 Jan 25 117 May 7
80
7% preferred
30
*11314 11418 *11314 11418 *11312 11478 '11312 11418 1144 11418 11418 11438
25
6
13
358July
Mex.._100
8
358
.5
Texas
29
July
Orleans
:New
10
"34
"353 10
*338 10
*358 10
*358 10
*358 10
433 Mar 12
I
84 13
8 Jan 3
44
38.400 Newport Industries
678 7
64 74
718 758
634 712
658 64
612 7
1112
114 2834
No par 1812 Mar 12 2814 Jae 4
Brake
Air
Y
N
2.500
2718
2612
28
2718
2818
8
277
8
277
4
.265
3
*2634 2778 2778 277
No par 1214 Mar 12 2714 Sept 19
124
184 4533
2538 177,200 New York Central
2553 2714 24
27
254 2618 26
26
2514 2578 25
2672
6 Mar 12 13 Jan 4
11
100
6
800 N Y ChM ASS Louis Co
934 10
1034 104
1012 11
0978 10
10
10
11
•10
43,4
973 Mar 12 25 Jan 7
16
130
8
97
A
series
Preferred
4,600
2114
1912
2212
214
2258
2112
2138
214 2034 2134 21
21
14
Mar
32
514
2
Aug
24
100
2
29
Dock
York
New
70
4
*3
4
*3
4
*3
4
*3
4
4
4
4
0
4 Mar 29 1111 Aug 30
5
100
4
Preferred
50
9
.812 913 *8
9
'8
9
9
10
39
1044
918 94 '
108
50 112 Mar 11 139 June 12 101
40 N Y& Harlem
127 127 '125 12812
•125 129 "125 129 *125 127 *126 127
120
Mar
112
14
11414
50
1144
112
141
Mar
Preferred
*12212 160 .1224 160 *12212 160 •___., 140 *____ 160 *--- 16034
1,4
28
14May 3
No par
4A
14
14
2.600 IN Y Investors IAugnc
*58
34
34
3
34
34
34
34
34
34
34
.,
66
„
03
734
NY Lackawanna & Watern_100 9712Sept 7 99 May 22
97
*95
07
*95
07
*95
07
---- - -- ---- - -- *9.5
278
26
Feb
100
Jan
813
4
Hartford
&
H
N
24
**4
6
Y
658 67 10,000 N
713 712
74 753
678 74
64 -714
718 -714
10,2 874
6
6 Feb26 1658 Aug 13
100
Cony preferred
1312 4,100
1478 13
1438 144 1424 14
144 1418 1438 14
14
412 115s
252
233 Mar 15
6 Jan 19
100
400 NY Ottarlo & Western
438 458 •414 434
*414 47
412 412 .412 5
44 414
124
38
la Mar 29
134Sept 19
4
No par
114
134 134 5,100 NY Railways pre
14 134
118
118
14
118
1
"118 114
4May 2:14 Aug 28
14
- :Preferred stamped
100
....
*72 11
118 110 •
112
072
*72 112
.72 118
$
9'j
14
Mar
•
-11764
MI
18
atk____1
part
7
Corp
Jan
Shipbldg
NY
Ilg-1-014 9,200
104 10
918 1078 1018 1014 1014 104 10
1118 1134
894
72
6912
100 62 Sept 20 87 Jan 7
7,7 preferred
62
630
64
6212
63
6612 6534 66
65
66
65
72
70
9912
73
69
June 5 9212July 15
69
par
No
pre
36
Steam
Y
N
1
4
•823
84
8412
2
4
*823
8412
•7712 85
•78
8412 *7834 8412 .8112
10978
90
79
No par 79 May 28 100 Aug 2
$7 18t preferred
110
9812
9812 '96
984 9812 9812 0834 9834 0834 9812 9812 098
3014 4373
25
No par 3014 Jan 15 43 May 22
___ ______ Noranda Mines Ltd
__
____
44
Ps
34
6
13
Aug
8
15
Aug
4
3
100
Southern
:Norfolk
300
8
15
*1
14
14
112 112 *114 158 •114 158 *114 158
187
161
100 158 Mar 13 193 Sept 6 135
600 Norfolk & Western
18534 1854
190 190 "188 193
188 188
190 190
*190 191
10012
82
77
prat
tu0 99 Jan 10 108 June 18
.4%
Adios
100
105
105
10612
'105
10612
*10.5
105 105
*105 10612 105 105
104 2514
9
9 Mar 13 2414 Aug 17
No par
205* 19
1978 47,500 North American Co
20
2012 2018 2034 2018 21
20
2014 21
45
34
31
50 3512 Mar 15 5338 Aug 16
Preferred
51
500
5112 51
4 *51
1
51/
*51
52
5134 .514 5114 5112 *51
43 Sept 13
2
834
253
Mar 13
2
Aviation
1
Amer
North
37,800
4
33
44
4
44
44
418
44 44
418 438
414 438
7413
4713
39
16
Aug
9738
3
Jan
57
par
pref___-No
Edison
Amer
900 No
9312 9312
93
93
93
93
95
*91
9212 93
93
*91
9214
81
71
50 8612 Mar 29 09 Aug 20
Northern Central
______
____
*97
_*97
--__
397
'
101
.97
101
*97
*97 101
For footnotes see page 1490.
New York Stock Record-Continued-Page 7
Volume 141
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
el Sept. 19
Friday
VSept. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Rance Since Ian. 1
Os Baste of 100-share Lois
1897
!sly 1
1933 to Range for
Auo.31 Year 1934
1935
Low Low
High
Lowest
Highest
-$ per share $ per share 3 per share 8 per share $ per share $ per share Shares
3 per share $ per sh 3 per sharo
Par $ per share
1734 1832 1738 1814 1738 1814 1818 1858 1818 1918 1738 1818 36,500 Northern Pacific
100 1318 Mar 28 2174 Jan 7
1318
1412 36'4
*4212 4412 .4212 4412 *4234 4412 *4312 4412 *44
4412 4378 . 4412
60 Northwestern Telegraph
33
50 357e Jan 18 4412Ju1y 25
33
43
*114 112 *114 112 *114
112 *114
138 *114
138 6 114- 114
200 Norwalk Tire & Rubber __No par
118 July 12
214 Jan 4
1 13
154
412
25
*20
2812 •20
*20
25
*20
Preferred
25
*20
50 420 Mar 20 3212 Jan 3
25
*20 t .25
20
29
404
974 10
958 973
104
10
934 1012 1014 1012 1,934 1014 28,000 Ohio 011 Co
IN Mar 18 1418May 17
No par
812
812 1578
20
2014 20
20
1912 1958 1934 2014
1812 1912 1713 1814 1,600 Oliver Farm Equip new_No par 1638 Aug 14 211
/
4 Aug 26
1638
812 932
938 934
1114 1034 1158 1014 1034 55,900 Omnibus Corp(The)yte No par
914 978 10
312July 23 1158Sept 19
312
-358
-638
*93
9912 *93
9912 *93
99
95
97
*98 I 99
200
*98 i 99
Preferred A
100 75 Jan 16 100 Aug 22
70
70
95
74
74
713
*612
658 678
7
738
813 Aug 10
*63a . 7 ,1,100 Oppenhelm Coll & Co___ _No par
658 7
434 Apr 3
434
514 144
2034 2114 2012 2118 2034 21
2013 2034 1913 2012 1914 1958 13,100 Otis Elevator
No par 1118 Apr 4 22 Aug 5
114
1212 1933
*123 125 *123 125 *123 125 *123 125 *123 125 * 23 125
Preferred
92
100 106 Jan 7 125 July 5
92
108
16
1633 1614 1718 1614 1634 16/
1
4 17
16
17
15 1 1534 39,000 Otis Steel
3
414 Mar 14 1758Sept 7
No par
358
8
77
7714 7714 77
*75
78
7912 78
*76
80
400
76
Prior preferred
76
712
100 2234 Jan 16 8412 Aug 27
9
25
5912 *5012 55
*50
*5018 55
Outlet
*5018 53
Co
*5018 _-_- 5014 5014
10
28
No par 38 Mar 12 5014 Sept 20
30
47
•115_ *115
-__ *115
___ *115
__ *115 I
1141
.*115
/
4
Preferred
__ _ _ _
97
100 11412 NIar 23 11511 Mar 29
97
8734 18-14 88 -89
884 -90
8,000 Owens-Illinois Glaris Co
90 1013 8914 -9-6-12 87144-60
90
25 80 Mar 12 104 June II
60
84
1512 1558 1538 1558 1538 1512 1514 16
4,000 Pacific, Amer. FLsherles Ino
1518 1558 1434 15
.5 14 Aug 5 1718 Aug 23 27 5
178 178 *PI 178 *158 178 *158 178
20 Pacific Coast
1
178
178 .158
212 Jan 7
10
1 Mar 26
178
-1.14
133
*433 54 *433 5
433 438 *438 '5
1s1 preferred
10
8 NIar 30
*433 534 •433 534
34
No par
3114 Jan 2
312 11,4
*212 3
*213 3
*212 3
0212 3
25 preferred
2
84
4 Jan 7
*212 3
I Mar 27
1
No par
*212 3
2734 2838 2758 28
2758 28
277s 2814 2758 28
1 2638 2718 12,300 Pacific Gas dr Electric
1218
1238 2312
25 1313 Mar 6 2334 Aug 12
43
43
4113 4318 42
42
4212 4234 4134 43
40
19
4114 4,200 Pacific, Log Corp
19 Mar 18 4412 Aug 17
No par
2034 37
1534 1534 1513 1512 15
1512 *1414 141" 1412 1412
15
15
12 June 10 21 Jan 2
800 Pacific Mills
19
34
12
No par
115 115 *11513 117
*11314 120
150 Pacific Telep & Teleg
11512 11578 211413 11514 *11212_
100 70 Jan 2 11573 Sept 18 17681,
69
8512
136 136 *136 13634 136 136 *13534 13634 *13534 137
116
991
/
4 103
13534 11534 - 70
6% preferred
100 11113 Jan 14 136 Sept 10
94 914
918
918 922
9
918 918
934 934 ,912 912 2,500 Pao Western Oil Corp____No par
1138 Aug 23 3 5
64 July 11
512
938
518 538
514
518 538
5
518 . 434 5 .79,400 Packard Motor Car
5
514
5
34 Mar 13
57a Jan 7 43 253
No par
234
638
1114 1114 *1114 1138 *1114 1138 *1114 1138 *1114 1138 1114 1114
200 Pan-Amer Petr & Trans
814
1034 12
5 1034 Jan 9 12 June 14
34
h
434
7,
*34
78
12
*34
78
300 Panhandle Prod & Ret__-No par
I2June 20
133 Jan 7
31
73
34
*34
53
21/
*124 16
*1212 15
*1212 15
*1212 15
*1212 16
- 10
8% cony preferred
13
13
612
7
613 Mar 12 1912 Aug 14
2111
100
10
1031 1038 1078 1034 11
12
1078 1178 11
1058 1113 133,400 Paramount Pictures new
8
8 Aug 28 12 Sept 19
1
*91
9112 9112 94
94
98
9713 10012 100 10134 9712 9934 15,800
84
First preferred
84 Aug 28 10134Sept 19
100
1170 12
1214 1314 13
914
1338 1314 1414 1312 1414 1313 1358 138,400
Second preferred
914 Aug 28 1414 Sept 18
10
;
/Paramount Publiz otf3
54 Aug 7
10
214 Mar 27
14
1-1-4
-5-7-11
1612 16-12 16
16
*1514 1-57s *1538 1612 .1414 1512 .1414 15
200 Park-Tiltord Inc
11
17
11 May 20 1714 Jan 11
1
3512
412 434
4
414
4
418
14,900 Park Utah 0 M
4
334 4
418
378 4
2
6 Apr 26
214 Mar 21
1
213
672
Vs
112
1
1
1
1
1
Us
1
1
*1 . 118 1,000 Parmelee Transporta'n-No par
12
158 Feb 18
34 Apr 18
4
2
614 612
61s 658
614 638
614 638
5
6 1 658
57g 618 9,500 Pathe Film Corp
718 Sept 3
5 Aug 30
No par
1338 1338 1314 1334 1314 1312 1314 1312 13
1314 1234 124 2,400 Patine Mines & Enterpr No par
814 Feb 28 15 May 23
814
-9-12 -2112
*78
1.
78 .4 78 4.478 64 78
34 July 12
*7t
1
1
600 Peerless Motor Car
1
.
78
1
34
154 Jan 4
3
1
44
*73
74
7214 73
7214 7234 *7214 73
1,600 Penick & Ford
72 , 7214 70 ,,, 72
4458
4458 67
No par 5412 Feb 5 81 July 8
8312 8334 8334 84
83
8313 8334 8434 x8338 84 . 81 I 8314 6,500 Penney 0 0)
354
No par 5714 Apr 3 84345ept 18
0112 744
6
61/1 *534 6
534 534
534 534
5,2 5,2 .•5 1 534 1,100 Penn Coal dr Coke Corp.
214 Mar 13
174
613 Aug 21
10
14
514
513 Aug 6
800 Penn-Dixie Cement
3 Mar 9
234
No par
274
7
334 334 *34 373 *333 334
3,3 312
312 313
312 312
*22
25
*22
25
*22
2513 *22
200
21
22
21
Preferred series A
25
22
1314 3274
100 18 Mar 11 2734 Aug 17l 10
2834 2914 2812 29
2813 2878 2834 291
2812 2934 2718 2818 44,500 Ponney'..vanla
1714
2018 87
50 174 Mar 12 3018 Sept iii
35
3512 344 3538 3112 3413 35
1953 66
36
No par 30 Feb 5 3953 Apr 1 33 1013
.354 3634 3412 3534 2,900 Peoples Drug Stores
*10833 116 *10838 116 *114 116 *10838 114 *10838 114 *10838 114
Preferred
86
11214
100 11034 Jan 9 11634 Mar 281 80
3934 3934 39
3912 39
3913 40
41
3712 4,600 People's 0 LAO (Chic)
38
1914 4374
1734 Mar 7 4313 Aug 17
40
37
1734
100
*233 333 *238 3
*238 234 *234 3
Peoria & Eastern
*218 3
2
100
3 Jan 7
*218 3
214 Feb 26
2
21
21
2012 2012 2012 2073 21
21
914
2112 2113 1913 1958 1,100 Pere Marquette
12
914 Mar 13 2112Sept 19
38
100
3712 38
3612 3612 37
5114
Prior preferred
37
600
*3638
1412
18
39
100 1612 Mar 13 39128ept 13
*3712 39
*28
3073 2713 2713 *28
36
100
*25 - 29
Preferred
12
*25
1314 43
29
*2758 36
100 13 Mar 15 2912Sept 13
*144 15
*1412 15
*1412 15
*1413 15
14 Aug 26 1933 Feb 4
100 Pet Milk
914
1418 141 *1418 15
No par
94 1774
*913 938
912 938
758
912 94
753 Mar 14 1158May 23
814 1414
012 934
938 912 4,100 Petroleum Corp of Am_______5
94 934
---- ---- ----_
1538 1534 154 1534 21414 15
13 Sept 20 15 Sept 18
13
1312 6,700 Pfeiffer Brewing Co
No par
2214 22/
1
4 2214 13
2238 23
1234 Mar 15 234 Sept 18 -115
2212 2314 2112 23
;
25
2134 2238 43.600 Phelpe-Dodge Corp
1-31.4 18-74
*4212 45
*4212 4312 *4212 4312 4212 4312 4134 4212 4134 4134
500 Philadelphia Co 11% pref
2112
2414 37
50 23 Feb 27 45 July 9
*7458 77 .7412 76
.7412 7578 *7412 7534 76 • 71)
*7412 76
3814
CI
100
36 preferred
6444
No Par 384 Mar 5 7613 Aug 20
*2
2/
1
4 *2
253 02
258 *2
IPhlladelphla Rap Tran Co___50
258
4 Jan 8 1 113
134 258 *134 258
158July 28
'I
6
*411 5
*414 514 *433 5
3
8 Jan 12
*413 5 , *4
312July 30
*438 5
50
44 16
0 preferred
27a 24
234 24
84 234
478 Jan 9
134 Mar 21
134
234 24
34
No par
638
212 234 3,000 PhIla dr Read 0 & I
234 234
2
49
4954 4853 4912 48
11,200 Ph11111) Morris & Co 1.10
Ills 4833
49
484 5012 4834 5018 4613 48
1014
10 3514 Mar 12 5312June 15
*814 9
*713 912
200 Phillips Jones
918 914 *758 914 *712 914 *8
512 Mar 22 11 Jan 4
512
914
7
21
No par
*7514 80
75
7514 *75
80 '
50
7% preferred
48
75
68
77512 80
100 5312 Apr 1 76 Aug 12
7512 7512 75
7474
26
2612 25
2618 2514 2534 2578 2714 2618 2714 2558 _2612 50,900 Philips Petroleum
II
1334 Mar 12 2933 Aug 27
No par
1332 x2034
812 812 *8,4 84 *814 834 *814 834
814 812 *8 , 834
21
83
4Sept
5
afar
3
300 Phoenix Hoelery
44 131
3
'
5
*75
- *75 ---- 75
64
44
50
Preferred
100 50 July 8 7612 Sept 13
7612 *76
30
*75 . 99
99
*75
99
12 ---1
14
33
12
*38
12
*38
12
*38
12 r 38 , .38 1,000 Pierce 011 Corp
/
1
4 Jan 8
33
14
14 Apr 27
25
*353 4
*34 4
*358 4
412 104
*358 4
234
358 358 *312 4
234July 24
618 Apt 15
200
Preferred
100
34
.4
*34
78
'h
118 Jan 8
400 Pierce Petroleum
58July 16
78
34 .34
*34
No par
*34 .78
4
34
7
8
3
4
35
3512 35
35
3412 35
18
184 343,
3478 3478 3412 3478 3334 3413 1,700 Pillsbury Flour Mills
31 Apr 8 3614 Sept 9
No par
*51
80 *___- 80
*45
80
6558
6553 Aug 26 7612 Jan 25
*48
80 •____ 80 •____ 80
7014 87,
Pirelli Co of Italy Amer 'hares_
11
11
010
1178 *1014 1112 *1014 11
7
712 18',
7 Nfar 14 1278 Aug 13
.10
100
1012 10
300 Pittsburgh Coal of Pa
10
3712 3713 *3813 4014 3818 3818 *37
26
4434 Aug 13
26
4912
*37
394 *3723 38
38
400
Preferred
100 2812July 11
*_--- 181 *____ 181 *____ 181 *____ 181 *--__ 181 *___ 181
Pitts Ft W O. Chic pref
100 172 Feb 14 180 Aug 21 14114 14113 169
*638 638
638 61
638 638
413
413 114
638 612
512 Mar 13
9 Jan 11
614
638
6
614 3,500 Pittsburgh Screw & Bolt__ No pa
*48
49
48
48
48
50
1514
1514 43,
49
5012 49
4934 48
700 Pitts Steel 7% cum pref
49
100 2214 NIar 13 5012Sept 18
*11
/
4 2
*14 2
*134 2
1
112
*112 2
24 Jan 12
*112' 2 g *112 2
'
3
1 Mar 21
Pitts Term Coal Corp
100
15
1512 *1012 1534 *1514 1534 *1514
814 19 2
618
120
100 1014 Apr 4 16 Sept 13
6% preferred
154 15'4 1514 154 1514
*318 33s .318 314
314 338
118
5_,
118
312Sept 11
338 312
114 Mar 20
338 338
318 3111
1,300 Pittsburgh United
25
*55
577i 56
58
56
58
2553 59'3
3412 Apr 4 59 Sept 9
58
2412
5812 5638 58
460
5258 5418
10
Preferred
*10
•1412 16
16
*1258 1512 *14
673
10
87
678June 4 1714 Aug 14
16
*1314 15
Pittsburgh & West Virginia __100
*1114 16
*134 214 *134 218 *134 218
1
238 Aug 30
114
1 Mar 21
5
218 218
218 218 *134 2
400 Pittston Co (The)
No par
1038 1038 1013 1012 1014 1038 1018 1012
612
714 16 3
64 Mar 15 1158May 17
978 1038
95, 934 5,400 Plymouth 01100
5
84 9
854 878
9
6
i47
'
9
613 Mar 15 11', Jan 9
814 4,500 Poor & Co class B
858 9 1
878 9
8
No par
1
3314 31* *3
458May 10
153
*313 312
2/
1
2
158 Mar 19
6,4,
33* 378
Porto Rio-Am 'rob ei A
No par
373 373 '3's' 378
*II, pi *118 31
114 *14
14
1
114
3„'
Class B
138
112 Jan 8
300
138 *118
14 Feb 28
114 138 •118
No par
84 312
812 84
433
1013 39'3
438June 13 1658 Jan 7
812 812
714 734 2,500 :Postal Tel & Cable 7% pref _100
8 . . 814
8'4 8
'2
*14 2
2
218
88
14
5
178 178
218 218
2 11 2
34 Jan 21
1,500 :Presaed Steel Car
/
1
4May 14
178 2
No par
1212 1232 1232 1238 1214 1214
22'3
514
1558
612May 14 17 Jan 21
1214 .1112 1214 11
12
Preferred
1118 1,400
100
5313 534 5258 5314 53
334
3318 44
531
5213 5314 5253 5234 5113 5253 4,600 Procter & Gamble
No par 4234 Jan 12 5334July 23
11634 11634 *116 11658 *116 11658 11658 11658 11612 11612 *11618 11658
10214 117',
150
5% pref (ser ot Feb 1'29)_-100 115 Jan 2 212034May 23 51 101
41
4112 4033 4114 4078 4138 41
2038
25
45
4134 4038 41
6,400 Pub Ser Corp of NJ
3912 40
No par 2038 Mar 5 45 Aug 17
89834 924 99
99
5972
87
600
84
987 0873
$5 preferred
99
99
1
4 Feb 20 100 Aug 6
98% 9873 *9814 987
No par 62/
*110 11012 *110 11038 11018 11018 11012 11012 11018 11038 11012 11012
9724
78
73
500
6% preferred
100 73 Mar 14 11153 Aug 22
*121 12312 *121 12312 *121 12314 *121 12313 121 121
84
88
200
106
12114 12114
7% preferred
100 8518 Mar 18 12114 Aug 16
*135 14013 *135 14012 *135 14013'135 14012 *132 1401 *132 1401
99
8% preferred
105
1194
100 100 Mar 14 14018 Aug 1
*112 11278 1127 1611118 11278 .11112 11278 *11112 11278
834
100 Pub ser El & Gas pt 35--No Par 99 Jan 5 113 July 30
8712 10412
3812 39
3812
8---3834 3813 3858 38
34
354 594
3113 3314 44,301) Pullman In°
39
3334 35
No par 3112Sept 20 527s Jan 9
814 812
8
734 8
833
8
1018June 19
8
22,500 Pure 011 (The)
578
578 Mar 21
773 812
8
61/1 1478
81
No par
92
92
*91
620
9134 9012 91
9018 91
49
80
9112 9112 9012 913
8% eon* preferred
49
100 4953 NIar 18 93 Aug 26
68
70
70
68
69
6% preferred
3312 63
69
*69
3312
714 7114 7114 70 , 7114 1,000
100 65 June 25 7612 Aug 22
144 154 1514 1534 15
1538 1514 16
1512 1534 15 ! 1538 22,200 Purity Bakeries
838
833 1934
16 Sept 18
844 Feb 1
No par
734 8
74 8
753 778
8-38Sept 11
412
4
, 712 818 17 i 1 7'2 174,300 Radio Corp of Amer
4 Mar 13
918
778 8
No par
564 564 5614 5634 5634 5634 *5612 57
56
22
56I3 1,500
57
57
Preferred
22104 561a
50 50 Mar 18 6212 Jan 25
66
6778 6512 6738 6758 6838 6514 67
67
68
6234 43334 14,800
Preferred B
15
46
1338
No par 3514 Mar 12 6378 Sept 11
34 34
374 438
44 414
41
418 458
412 478 1 414
121,500 :Radio-Keith-Orp13
44
478Sept 19
113
114 Mar 13
114
No par
22
2233 2134 22
2113 2112 2134 2212 22
6,000 Raybesto3 Manhattan
2234 2112 22
1412 23
1118
No par 1613 Mar 13 2234Sept 19
38
39
4,36
39
•36
38
*3612 3834 38
3512
38
500 Reading
35
3518 5638
2978
so 2974 Mar 28 4313 Jan 7
*38
41
*40
41
4018 4018 1340
*4034 41
*4012 41
100
41
1st preferred
28
3313 614
50 36 Apr 6 4218July 10
4 .35
3658 *35
*35
38,
3613 •3412 3613 *3433 3613 *3438 3612
3c1 preferred
27
50 33 Apr 17 3734Nlay 14
2914 3912
912 912
94 918 *834 958 *9
300 Real Silk Hosiery
914
834 834 *812 912
10
313 Apr 4 11 Aug 16
3,3
5
14
L•6614 58
*55
58
5512
5512
*55
58
8
58
10
*5412
*55
58
Fretarred
2018
35
2018 Apr 2 6312 Aug 19
100
6014
4, 4,112 11
/
4
112 112
112
11*
300 Reis (Rohl) & Co
158 *138
112 *133 158 *138
No par
213 Jan 7
I Mar 26
1
153
6
1312 1012 1012 *1012 1312 3,1012 13
_*11
*1012 134 *1012 1314
100
1st prefer'ed
8 Nlar 12 15 Jan 7
533
100
54 3834
1112 1178 1112 1178 1134 124 1134 12
114 111 12,800 Remington-Rand
7 June 1 1214Sept 9
54
I
6
1333
_ 1134 12
_ _ _
_ _ _
__ ___ ...._
118 preferred
2434
3233 71
100
7134 Jan 15 99 Aug 26
500
$6 preferred
-7-6'14 i-i 15
71-3T4 -16il4
W3-4 *75 ef6-38 :
09
69 Aug 22 7712Sept 7
25
1
4 2214 2212 2212 2212 2258 2258 2212 2219 2212 2258 2,500
*2213 22/
Prior preferred
25
2134 Aug 26 23 Sept 13
2134
*101 117 *103 108 *102 117 *102 117 *103 117 *103 , 117
Renns & Saratoga RR Co ___100
9812 1-11 fi
9812June 10 110 Mar 1
312 312
314 312
338 312
338 358
358 378 ,312 358 28,000 Reo Motor Car
414May 9
2
24 Mar 13
5
2
512
1773 1814 1734 184 1734 1838 1838 1834 1713 1812 1658 1738 53.100 Republic) steel Corp
No par
9 NIar 15 1978Sept 9
9
1012 2534
7212 7334 7234 7418 7438 7634 7413 764 72 . 7318 19,100 6% cony preferred
724 73
/
4 Nfar 18 7634Sept 18
19
100 281
3312 67,2
*7114 7212 4,000
72
724 7338 7312 73
8% pref Ws of dee,
74
74
7634 75 , 75
28 Mar 15 76348ept 18
28
3913 4214
84 9
*814 874
878 878 0858 9
•813 9
GOO Revere Copper & Brass
812 812
9 Sept 16 44 3
5
512 Apr 3
5
144
100
•1712 19
Class A
*16
10
1912 *1619
19
*17
19
*1812 20
10 13 Apr 17 20 Aug 22 4*10
114 28,2
93
93
Preferred
931
*86
92
30
*83
86 ' 87
93
*85
*85
93
100 75 Apr 9 9312Sept 4
35
46
90
2212 2173 22
2353 2353 224 224 2213 2318 224 2234 22
3,700 Reynolds Metals co ____No par 1713 Apr 29 2412 Jan 10 431 958
1514 2734
200
5;§% oonv pref
•107 10853 10758 10758 *10712 108 *10712 108
10712 10712 *10712 108
100 101 June 10 10834July 5 101
2414 2474 2418 2478 24
2414 *2412 2514 2414 2434 234 2334 2,500 Reynolds Spring
1 1214 Mar 20 2514 Sept 11 42 6
113 1-8
564 57
5612 5534 5614 17,300 Reynolds(R J)
256
5658 5614 5634 56
584 57
class B___10 4313Mar 26 57 Sept 12
3934
5934 5334
*6012 63
*6014 63
*6014 63
*6018 63
Class A
*6014 63 *6014 63
10 5514 Apr 22 6112July 16
5514
57
6274
300 Ritter Dental Mfg
*1234 1314 124 1234 *1214 1312 *1213 1312 131g 1312 *1238 1378
54 Nlar 26 1312Sept 11
518
'Jo par
518 1312
.734 2814 2734 2818 2818 2818 2734 2838 28
2678 2678 1,200 Roan Antelope nonner Mine. , 2178 Feb 25 3038Nlav 17
28
20
20
3318
For footnotes see page 1890,
8
Corp
6
Loon
.75-75 Id% .i-5.18
iaT4
'rob
New York Stock Record-Continued-Page 8
1898
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
Wednesday
Sept. 18
Thursday
Sept. 19
Friday
Sept. 20
Sales
for
the
Week
STOCKS
NEW YORK STOOK
EXCHANGE
Range Since ./an. 1
On Basis of 100-46are Lots
Lowest
$ per share $ per share 8 per share $ per share $ per share $ per share Shares
Par $ par share
*4212 4234 4212 4212 42
43
43
42
4134 4134 *405* 41
900 Royal Dutch CO (N Y dwel)-- 294 Mar 12
*4
5
*4
*4
5
5
5
3 Apr 18
*334 48 *4
Rutland RR 7% prof
100
2112 21
2058 21,8 21
21% 2078 2158 20,2 214 14,800 St Joseph Lead
2078 213
10 1014 Mar 13
1
118 118
14 118 *118 114
118 *1
1
1
118
34June 6
1,100 :St Lods-San Franoisco----100
124 134 *112 134
112 112
112 112
11
/
4 158 1,800
112 112
1 Apr 3
let preferred
100
*85* 1234 *858 1234 *838 1234 *838 1234 *858 1234 *858 1234
8 Apr 15
St Louie Southwestern
100
*14
20
*14
20
*14
20
*14
20
*14
*14
20
Preferred
100 12 Mar 4
20
36
3612 35
3318 3358 16,300 Safeway Stores
364 3434 3512 13438 3512 3358 343
No par 3318 Sept 20
1094 10934 *108 110 1108 108
10978 110
260
108 108 *108 109
6% preferred
100 10414 Mar 11
*11212 113 *11212 113 *11258 113 111034 11114 11114 11114 111 11114
7% 'preferred
160
100 1064 Feb 7
11
114 114 11
1034 11
11
114 4,200 Savage Arms Corp
114 12
11
12
6 Jan 15
No par
3914 3634 3834 3538 3634 35,900 Schenley Distillers Corp
39
3934 3818 3938 3734 3814 38
5 22 Mar 12
3
3
*278 3
3
3
278 3
1
4 1,400 Schulte Retail Stores
28 3
134 Apr 4
1
28 2/
16
1612 1434 1612 142 1412
16
1612 164 1612 1612 16
8 Apr 4
330
Preferred
100
68
*6712 6812 *6712 6812 67 68
63
6712 6712 *67
68
No par 58 Jan 2
150 Scott Paper Co
1005e 29
No par
12
/
1
4
/
1
4
12
58 3,800 /Seaboard Air Line
12
12
12
12
12
/
1
4
1
1
1
14
114 *1
*1
1
1
*1
15*
22 Aug 1
100
600
15* *1
Preferred
2814 27
2734 2778 2912 2812 29
28
29
29
2714 28
7,300 Seaboard 011 Co of Del___No par 2014 Mar 12
,
nt 18
*3
338
3
3
3
3
34
338 *3
*3
35* *3
3 S
200 Seagrave Cory
No nor
58
60
5834 5818 5912 56% 58% 545* 5614 33,900 Sears. Roebuck & Co
58
5914 60
No par 81 Mar 12
258 278 *278 3
212 278 *258 278
ii
234 234
*258 278
118May 6
800 Second Nat Investors
6214 6214 *6118 6278 6178 6258 6212 6212 62/
Preferred
340
ii 40 Apr 3
1
4 6238 5918 6012
/
4 1178 1214 111
758 Mar 13
/
4 1218 1118 1158 36,100 Servel Ino
1134 12
ii
115* 118 115* 111
No pan
714 Mar 14
812 812
817 858 1814 812
814 812
*814 838
818 838 5,600 Shattuck (1r 0)
1978 21
21
20
9 Mar 14
No par
25,100 Sharon Steel Hoop
2012 217
205* 1917 2038 195* 2018 20
5
5
514
5
314 Mar 12
No pa.
518 518
5
412 478 2,600 Sharpe & Dohme
5
5/
1
4 51
/
4
*43
4334 434 4334 4318 4318 4314 4314 *4314 45
*4314 45
Cony preferred ner A
No purl 43 Aug 22
400
*3114 3134 *3114 3218 *3117 3218 *3112 3218 *3112 3212 *3112 3217
Sheaffer(WA)Pen Co No par, 31 Sept 11
*3114 33
33
*3234 33
3312 3312 3312 3312 *3318 3312 33
90 Snell Transport & Tradlng_52 204 Jan 2
87
1
4 Mar 19
No par, 5/
918 8,300 Shell Union Oil
918 9/
1
4
914 958
91
/
4 91
/
4
91
/
4 91
/
4
914 912
93
9412 9234 9234 93
90
9014
*9018 94
*9114 9412 *93
Cony preferred
400
loot 631* Mar 21
838 Feb 15
13% 138 1234 1314 1258 1234 1234 1318 1212 1212 1218 1214 6,100 Silver King Coalition Mlnes__51
1
4 1412 1512 1338 1412 15,200 Simmons Co
1434 1434 1434 1514 1518 15/
8 Mar 15
No par
1458 15
5 July 19
101
5/
1
4 534 4,300 Simms Petroleum
5/
1
4 578
.
534 578
524 578
534 51
/
4
5% 578
1014
978 1018 1014 1034 10
*1038 1012 1014 1038 10
10/
1
4 2.100 Skelly 011 Co
612 Jan 15
25
925* 9252 *88
*90
95
*91
96
92
92
94
*92
96
Preferred
200
1001 60 Jan 22
40
40
3912 40
*38
40
*38
40
40
40
40
40
100l 13 Mar 20
330 Sloss-Sheff Steel & Iron
56
64
57
58
56
5712 56
58
6112 61
56
56
7% preferred
680
1001 24 Mar 12
194 19% 194 1978 194 1934 1878 194 3.000 Solder Packing Corp.- -No par 1514 Apr 3
1212 20
*197 20
1114 11
11
111 58.500 &loony Vacuum 0110o inc_-__15 1058 Aug 30
1138 11,4 111
11
1114 108 1118 11
11112 1114+111 112 *111 112
*11112 112 *11112 112 *11112 112
100 Solvay Am Invt Tr
1074 Jan 15
2372 234 2314 2378 2,000 SO Porto Rico Sugar pref.-23
234 234 2378 23% 23% 2378 24
No pan 20 Jan 80
*135 14312 *135 143 *135 143 *135 143 *133 140 *118 140
Preferred
1001 132 Feb 4
1
4 2212 221
2212 21/
/
4 2212 2134 2218 2114 211
2253 2234 22
25 102s Mar 13
/
4 10,800 Southern Cant Edison
-- ---_ -- ---- ---- __- _-- _-_- ---- -__--__
3 May 6
Southern Dairies class A_-No par
20
1934 2012 198 203
2078 1934 21,8 1858 198 48,900 Southern Pacific) Co
195 20
100 125 Mar 18
512July 8
/
4 101
1014 1018 1038 101
978 1034
/
4
10
1012 10
100
9
98 15,800 Southern RallwaY
1212 128
7 July R
1378 1378 1338 1378 1314 1318 1334 1418 1234 14
100
7,000
Preferred
*21
*2212 29
311
29
*21
29
29
*2212 29
*21
29
Mobile & Ohio (Ilk tr otts -100 15 July 23
*612 7
5 Mar 14
*64 714 *612 712 *612 7/
*61
7
*612 7
Spalding (A (I) ds Bros---No par
1
4
67
6634 *65
6612 *65
6612 6612 65
*6612 67
*6612 67
let preferred
100 42 Apr 2
80
90
8912 90
90
90
180 Spang Chalfant & Co Inc pref.100 5912 Apr 3
9214
*85
8978 *85
9012 9012 90
412 438
412 434
412 412
418 414 4,700 Sparks Withington
4/
1
4 438
412 458
Ws Mar 13
No par
*45* 512
*45
45* 45
458 4%
814June 25
5
*45* 5
No par
200 Spear & Co
48 45
*72
76
*72
76
76
100 65 Mar 23
*72
76
*72
76
*72
Preferred
*7012 76
33
33
34
337 3458 34
3378 *3312 337
3334 338 *33
1.200 Spencer Kellogg & Bons ..No par 32 Apr 3
1
714 mar 14
1212 128 1234 135* 1318 135* 1318 1312 121 1338 1212 1234 53,900 Sperry Corp (The) v to
812 Mar 14
11
*11
i14 1114 1114 11
No par
1114 1114
*1112 12
*1118 12
700 Spicer Mfg Co
45
45
45
4634 45
1
4 *4412 463 *4412 4634 *45
Cons, preferred A
No par 3314 Feb 14
30
*4412 46/
6812 6834 6812 7012 6712 69
664 68
655* 6712 8,500 Spiegel-May-Stern Co.....No par 4378 Mar 27
67 67
133i% preferred
100 10134July 26
*101 104 *102 1031 *101121035* *10112 104 *10112 104 *10112 104
1
4 13/
1
4 83,100 Standard Brands
/
4 12/
1212 1234 1212 121
1318 1278 1318 125* 13
No par 1212Sept 18
13
Preferred
125 125
No par 1225*Juni, 4
50
*125 129 *125 129 *125 128 *125 128 *125 128
58
1
4 6.600 Stand Comm Tobaceo-No par
212 Mar 15
5
54
54 58
478 518
518 51
412 4/
55*
334 438 14,300 Ssandard Gas & El Oo_--No par
11285sr 15
458 558
512 578
6
6
534 618
64 614
73
13,4001 Preferred
534 6
618 718
7
I% Mar 15
No par
74 7%
7
734
734 734
4% Mar 15
16
14
1612 14
1534 1658 15
16
*17
1814 *1512 18
$6 °um prior prat
1,800
Nova'
1712 1734 1714 1818 1514 1714 1414 15
6 Mar 15
No par
*1818 1914 1712 171
$7 oum prior prof
6,000
2
2
2
2
71 July 17
178 178
*17
214 *178 2
178 178 1,400 Stand Investing Corp----No par
11238 11212 11212 11234 1,100 Standard 011 Export pref.- 100 1,11 Jan 3
1
4 11238 *11238 113
11238 11238 112/
..1 11238 113
32
3212 3218 3358 321 3358 3214 3212 22,000 Standard 011 of Calif
325* 327
325* 33
No par 2724 Mar 15
25 23 Mar 15
2538 15,200 Standard 011 of Indiana
2538 2518 2514 2518 2534 2512 2534 25
2514 2538 25
*2014 22
*2014 22
21
21
900 Standard 011 of Kansas
21
*21
2212 21
10 2058Sept 19
205* 21
435 44% 423 433 36,400 Standard Oil of New Jersey-25 3534 Mar 18
4358 4418 434 4358 42% 4314 425* 441
24
1
4 23
2212 2314 2134 2238 5,000 Starrett Co (The) L S__--No par 1212Mar 14
2318 23/
2412 2478 2212 25
3,400 Sterling Products Inc
6214 63
10 5834 Jan 15
6312 6334 6312 04
6314 6353 6318 64
64
64
14 Mar 19
1,100 Sterling Securities el A--No par
2
2
*134 2
*134 2
2
2
24 24
134 134
318 Mar 28
Preferred
No par
800
538 512 *514 534
538 512
518 518
/
4 578
*53 512 *51
44
*42
44
*42
44
Convertible preferred
50 86 Mar 5
*4112 4338 *4112 4338 *4114 4338 *42
5
658 Mar 6
1214 15,600 Stewart-Warner
134 13% 1234 1314 125* 1318 134 133 121 1314 12
24 Mar 14
No par
658 718 8,900 Stone & Webster
714 7/
1
4
734 8
738 758
712 738
1
4
778 7/
57
57
214 Apr 17
514 534 155,400 /Studebaker Corp (The) new--1
618
618
512 57
512 584
.512 534
300 Sun Oil
69
69
70
69
69 .69
No par 6012 Mar 20
*6712 69
*6712 6914 *6712 69
Preferred
100
100 11512 Jan 10
118 118 *118 119 *11812 119
*118 11878 *118 11878 118 118
1
4 2514 1.400 Superheater Co (The)____N0 par sli Apr 4
*2514 2534 2612 2612 2514 2514 2512 2512 2514 2534 24/
2,300 Superior 011
2
2
2/
1
4
2
218 *2
1% Jan 2
18 2
14 18
1
1% 2
9/
1
4 1012 3,100 superior Steel..
1112
8 Mar 1/1
100
1112 1138 118 1134 1134 11
*114 1158 11
10 1812Sept 20
2038 2018 2018 1914 2014 1812 1912 9,100 Sutherland Paper Co
1934 2058 20
--__ _ .
314 Mar 6
50
51
/
4 534 1.400 Sweets Co of Amer (Tim)
558 558
/
4 51
/
4
51
/
4 512 *51
512
.25 15 Sept 16
15/
1
4 9,500 Swift & Co
1538 1518 1512 1514 1518 15
1514 15
1532 15,
4 15
14 Apr 15
No
par
Co
ISIoninitten
100
12
12
*12
%
"2
58
*12
58
*12
513
58
*12
14 Apr 29
Class A
No par
212 212
*25* 23
500
234 *212 25* *25* 278
25* 25*
64 Sept 20
5
6/
1
4 74 3,000 TelautograPh Corp
*7
7/
1
4
718 73
74 7%
7/
1
4 74
74 74
4 Mar 15
5
5
ol8 3.400 Tennessee Corp
....
5
512
558 578
534 534
558 6
558 558
25 1612 Mar 13
1
4 18/
1
4 29,100 Texas Corp (The)
1912 18/
1918 1938 1834 19/
1
4 1834 1914 1878 1912 19
No par 285* Apr 4
35
3512 3458 3558 3414 3434 3414 3434 3312 3434 3318 3312 12,000 Texas Gulf Sulptur
10
314 Jan 2
1
4 8,300 Texas Pacific Coal & Oil
614 6/
61
/
4 6/
1
4
6
612
6
6
6
61
/
4
618 61
/
4
84 Jan 15
1
9/
1
4 912 3,400 Texas Pacific Law TOMS
958 934
9/
1
4 9/
1
4
9/
1
4 958
9/
1
4 9/
958 9/
1
4
1
4
100 14 Apr 12
500 Texas & Pacific Ry CO
1914 1914
22
2112 211
*2012 2134 2138 2158 22
21
/
4 21
2678 2614 2818 2714 2812 13,700 Thatcher Mfg __ _ __ _..No par 131sMay 8
24% 25
24
2412 23% 24% 24
No par 50 May 4
$3.60 cony lief
57
57
300
58
59
*57
58
*57
58
*57
58
58
*57
5/
1
4 Apr 10
...No par
500 The Fair
94
9
*914 10,4 *914 1012
1
4
1
4 10/
91
/
4 91
/
4 *9/
9/
1
4 9/
1
4
-100 61% Jan 7
Preferred
9412 *91
9412 *91
9412
/
4 9834 *9012 9834 *91
*9012 98/
1
4 *901
212Mar 7
1
1,900 Thermoid Co
5
5
5
54
54
514 54
513 274
5
54 518
3% 3%
100
2 June 28
*328 418 *312 418
100 Third Avenue
*34 44 *338 418 *318 4
1 16 Mar 15
24
24
200 Third Nat Investors
25
25
2514 *2334 2518 *2438 25
*2314 25/
1
4
518 Jan 7
25
100 Thomism (J R)
818
84 818 *7
812 *818 812
84 *8
*8
812 *8
1
4 28,000 Thompson Products Inc.. No par 1338 Mar 13
2018 1812 18/
1934 20/
1
4 19
19
1918 1914 198 1912 20
158 Mar 15
214 2/
1
4 2,300 Thompson-Starrett Co-No par
212 213
212 212
2/
1
4 21
/
4
212 258
258 258
No par 17 Apr 23
22
*15
$3.50 cum prof
22
*15
*15
22
*15
22
*15
22
*15
22
752 Mar 18
NO par
33,000 Tidewater ABM 011
8/
1
4 9
878 918
834 918
8/
1
4 8/
1
4
8/
1
4 9
8/
1
4 9
100 84 Jan 8
x9912 9912 1,200
Preferred
10018 10018 10018 10012 *100 10012 10038 10034 10012 101
•5,2 - 53
5,2
*217
*2312
*40
4314 4314 43,4 *3912 4314
43
4214 4214 4214 *39
734 014
814 834
858 834
8/
1
4 8/
1
4
8/
1
4 8/
1
4
838
514 5312
/
4 5278 5178 5278 5318 53/
5234 511
1
4 5214 537
77
77
77
74 77
8
778 8
8
8
8
93 10
10% 1034 1034 1034 104 1012 1012 1018 1018
9
912
957 93
10
10
922 1018
101
/
4 1038 1038
54 612
651, 7
7
7%
634 7
658 7
718
89
89
90
*90
92 *89
*90
92
*90
92
92
47
438 4/
1
4
42 458
412 412
434 434
412 41
6
658
634 872
7
7/
1
4
678 74
6% 7
714
1
4
1714 1734 1714 1712 174 1712 1718 17/
1734 1758 177
26/
1
4 2558 2614 2434 251
2634 26
2634 2638 .2684 26
3
3
338 338
314 314
3/
1
4
*31
31
224 2214
2258 23
23
23
23
*224 2412 2234 2284 23
1
4 *158 2
158
1/
218
17
*158 2
*15* 2
*134 21
/
4 6634
*67
6812 68% 6834 6812 6812 651
6812 6812 *6718 69
*130 133 *130 133 *130 133 *130 133 *130 133 *130 133
3414 3334 35
3338 34%
354 3612 3434 353
34
345* 34
6434 6614
1
4 08
674 6858 6712 6912 6818 6912 65/
68
68
1
4 1734
1712 1818 17/
1738 1712 1712 18
178 1772 1738 171
*3914
838
521
/
4
77
10%
*017
7
92
*458
*7
1758
284
*314 3I2 *312
For footnotes see page 1890
No par 2824 MAO 15
Tide Water 011
4% Mar 15
10
Tlinken Detroit Axle
Timken Roller Bearing-No par 2838 Mar 15
47 Mar 12
No par
Transamerica Corp
714 Mar 29
Transcon & Western Air Inc--5
54 Mar 14
Traneue dc Williams WI-- No par
17s Mar 13
TM-Continental Corp----No par
No par 69 Apr 4
6% Preferred
Vs Jan 15
No per
Truax Traer Coal
34 Mar 13
10
Trusoon Steel
20th Cent Fox Illm Corp-No par 13 Aug 28
No pan 2434Sept 20
Preferred
211Julle 5
Twin Clay Rapid Trans No par
100 18 Mar 18
Preferred
Dianne 10
No par
171en & Co
Under =loll Fisher co No par 5334 Mar 29
100 12612,1my 17
Preferred
15,700 Union Bag & Pao Corp-No par 29 May 28
27,600 Union Carbide & Carb---No par 44 Jan 15
25 1458 Feb 6
9,600 Union 011 California
50
24,100
26,700
23,200
1,900
1,500
21,800
300
1.200
4,700
5,100
8,800
300
240
900
700
Sept. 21 1935
Highest
lidy 1
1933 to Bangs for
Aug.31 Year 1934
1935 -High
Low Loy
$ per share Sp*? 84 $ Per 140re
2858 394
4434 Aug 14
2858
3
54 Jan 3
41* 15
154 27%
224 Aug 27
104
11
/
4
458
2 Jan 8
34
24 Jan 8
1
14
64
8
20
14 Jan 12
6
13
27
2175May 13
12
384 57
46 Jan 2
8534
11314June 29
8434 108
80
11412June 19
9811 11312
901*
84 1214
12 Sept 18
44
393 Sept 13
174 38%
174
3
8
4 Jan 2
18
15
2018 Jan 18
8
8034
41
605*
70 Aug 16
3714
/
1
4 Jan 4
14
'2
2
11
/
4 Aug 14
1
58
34
3578May 9
2034 385*
19
478 Jan 26
212
211
553
6138Sept 9
30
31
5114
1t7
414
Ds
278 Sept 14
65 Aug 12
32
52
80
1214 Sept 11
312
4/2 9
1378
914 Apr 22
6
61
2178 Sept 19
4
54 134
538 Sept 6
4
77s
3/
1
4
50 July 23
3814 49
30
31 Sept 11 , 712
-21%
37 July 29
II
19
13 May 29
512
8
1112
87
89
9812 Aug 15 "45's
8
124
195* Apr 26 as 514
1674 Aug 14
6
812 244
1858 Jan 9
74 1718
5
1134 Aug 27
6
1118
8
98 Aug 23
42
5112 681s
40 Sept 14
12
15
274
64 Sept 20
184 62
15
2112Sept 9
34
614 1934
1534May 24 4* 912
1212 197/I
11172July 2
86
76
10912
2838May 24
20
Ws
20
150 July 6 112
115
187
23188ept 12
1012
104 224
538July 12
3
512 1038
2112Sept 11
1472 3324
1234
1612 Jan 4
54
114 3612
4114
205* Jan 4
14
7
3314 Jan 12
15
814 4734
8 Aug 17
6
13
5
6812 Aug 19
804 74
8014
94 Aug 27
30
66
20
3
5 Jan 2
278
24
8
73
7 Jan 22
2
112
6412
74 Jan 7
89
304
1524 3318
8814May 11
1214
1312Sept 18
5% 1158
358
1412July 22
6
13
6
4712July 22
21% 4114
18
794 Jan 17
714
19
7634
10358 Aug 29 * 45
_- --1918 Jan 3
1322
1714 -3514
180 Apr 9 120
12114 127
534Sept 13
3
8
24
914 Aug 17
112
3% 17
115* Aug 17
134
458 17
2558 Aug 12
10
33
458
2712 Aug 17
1114 384
6
72
172
72
218 Sept 9
964 114
9412
118 Apr 6
3878May 24
2614 427s
284
28 Aug 15
234 2714
23
32 Feb 18
26
41
19
5012May 23
8914 50%
8318
25 Sept 16
6
155*
6
678 Aug 13
4132.4
4714 661
/
4
218 Sept 10
114
3
1
558 Sept 11
3
7
238
4318Sept 7
10
384
2818
1358Sept 9
41
/
4 1058
412
10/
1
4 Aug 3
34 135*
24
27
618Sept 18
7512June 13
-1314 -141
42
:
121 Mar 23
96
100
118
2612Sept 16 811
111
/
4 2514
3%
1%
1%
8 Apr 17
1234 Aug 27
458 1534
4/
1
4
2058Sept 16 1 58
- -- - 534 Aug 21
-812
-21,4
84
1714Ju1y 18 4 11
--- 78 Jan 4
.
28
112
14
3 Sept 10
114
112
55*
/4 15,4
978 Jan 9
658
6 Sept 13
318
3.8
634
2334May 17
195* 29%
1611
3658 Feb 19
6314
80
22%
858 Aug 23
24
212
eh
1212May 14
6/
1
4 12
6
2534 Jan 111
134
134 434
2812Sept 20
8
18
8
59 Sept 19
39
52%
3838
1218
117 Aug 13
4
4
60
83
91 Aug 20
415
24
91a
24
5% Aug 1
4
8%
5 Jan 5
2
uns 224
2534 Aug 12
13
814 Sept 13
44
472 11
2038 Sept 19
2014
10
10
34 Jan 7
18
184
512
17
244
2314 Aug 6
17
12 May 23 24 712
148*
8
103% Aug 17 17 4338
6412 87
60
4312Sept 4
24
18
97 Aug 9
372
8/
1
4
3
61
53% Sept 18
24
21
818 Sept 19
4%
ale 8,1
1178 Aug 12
-.- -714
-44 1-312
412
11 Aug 21
17
714 Sept 10
3
84
5014 78
9358 Aug 7
51
55*
triMay IC
1/
1
4
lls
75* Aug 27
34
95s
818
1834Sept 3 13_2738Sept 6
- - 25
I%
14
34
5 I.eb 19
89
6
474
2734 Feb 18
238 Aug 6
1
4
1
69 July 9
aa
58%
2212
102
128%
133 Apr 5
95
504 Jan 22
3914 607k
20
35% 6072
6934Sept 12 "34
114 2012
2018May 23
114
-
New York Stock Record-Concluded-Page 9
Volume 141
HIGH AND LOW SILE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 14
Monday
Sept. 16
Tuesday
Sept. 17
1Vednesday
I Sept. 18
Thursday
Sept. 19
Fr(day
Sept.20
S per share $ per share S per share $ Per share 5 per share $ per share
10112 102
10034 10212 10014 10214 10012 10312 10012 102
9914 10012
.8834 8978 *89
8934 8934 8934 8912 8912 8914 8914 88
8914
23
23
*2234 2278 *2234 2278 2278 2318 2234 2314 2278 2278
1834 1932 19
2014 1978 2014 1958 2018 1858 20
1919
18
939 978
958 978
91* 94
912
9
94 934
834 9
*1134 15
•1112 15
*11,58 1418 *1112 1434 1138 12
1418
*10
2112 2178 21
2178 21
214 2072 214 21
2118 2038 21
*____ 115 •__-- 115 *____ 115 *____ 115*- -- 115 •_ ___ 115
64
6712 Z612 6734 65,
6434 64
6434 6412 664 66
4 6612
434 478
412 434
412 458
412 434
414 . 412
412 434
4012 4012 3912 4038 3934 404 x3878 3934 38,4 3812 374 3814
1012 1058 1038 1012 1038 1058 1012 1034 10
1012
934 10
10
1078 11
1012
938 10
912 1018
934 978
912 958
*80
864 .80
86
*80
86
84
84
*7412 84
84
*79
418 414
44
4
4
418 *418 44
4
418
4
4
70
7014 70
7014 70
7014 x70
7138, 70
71
6812 70
1612 1658 1638 1638 1614 1612 16
1/318, 16
1612 1512 16
`109 10678 *106 107 *106 107 *10618 10638 1091
/
4 10638 10614 107
339 334
44 414
512 6
6
658
614 638
534 614
---- ---- ---- ---- ---- ---- --- --- -.... ---- ---- ----
Sales
for
the
Week
Shares
9,300
1,100
900
81.900
29,100
200
3,300
STOCKS
NEW YORK STOCK
EXCHANGE
1899
/taw. Sitsce Jas. 1
Os Bails of 100-shars LOU
Lowest
H1gheet
Juts I
1933 to Rano for
Aug.31 Year 1934
1935 ---Lou. Low
111g9
$ per share $ P4789
Par $ per shard
Union Pacific
100 8212 Mar 28 11112 Jan 10
8212
Preferred
100 7912 Star 14 9012July 3
6278
Union Tank Car
No par 2078 Mar 13 261t July 17
1334
United Aircraft Coro
94 Mar 13 2014 Sent 16
5
818
United Alt Lines Transp vs c 5
412 Mar 13 1018Sept 13
314
United American Bosch_No par
7 Afar 29 1534 Aug 2
7
United Biscuit
NO par 2014May 16 2612 Jan 9
19
Preferred
100 113 Jan 18 118 Aug 7 10414
6.700 United Carbon
No par 46 Jan 28 67348ept 19
2014
34,500 United Corp
No par
64 Aug 17
112 Feb 27
112
9,600
Preferred.
No par 2034 Mar 13 4412 Aug 17
2034
9,200 United Drug Inc
6
834June 14 1314 Jan 7
618
3,300 United Dyewood Corp
412 Mar 13 1378 Sept 7
10
234
10
Preferred
100 65 AI 1r21 9012May 23
50
3,400 United Electric Coal
34July 18
712 Jan 9
3
No par
7,500 United Fruit
No par 65 Aug 22 92346lay 14
4912
26,300 United Gas Improve
914 Mar 18 1814 Aug 17
No par
914
500
Preferred
No par 8712 Mar 15 10738July 16
8212
7,900 Waited Paperboard
638Sept 18
24 Jan 28
100
1
------ United Piece Dye Wks___No par
114June 3
578 Jan 7
1 14 I
100 10 June 3 3312 Jan 24
10
5/
1
4 538
54 512
558 118
.
iLi -i12
5-4
505 5,400 United Storer) class A____No par
4e
312 Apr 4
712 Jan 31
24
*6112 6418 *6112 6418 *6112 6434 *6212 6418 *6112 63
6112 6158
200
Preferred class A
No par 46 Apr 3 6512 Jan i91 46
*6412 65
6418 6434 64
6434 6434 66
6434 6514 6238 6112 4,800 Universal Leaf Tobacco
No p ir 51 Mar 15 6604 July151 37
*152 15213 0152 15212 *15912 15212 *15012 15212 150 152 *150 152
20
Preferred
100 13314 Feb 9 153 Aug 17 1084
*34
3612 34
34
034
3338 31
31
34
3312 31
35
70 Universal Pictures] 1st pfd
100 29 Aug 3 4034 Mar 15
15
114 138
118
113 118
114
1
118
118
118
118
1
5,600 Universal Pipe & Rad
218 Jan 18
1 July 13
1
4
*12
1212 114 1218 1114 1114 1014 11.12 10
1012 *1018 12
570
Preferred.
912 Aug 15 1938 Mar 6
100
414
1912 194 1914 1958 1918 1934 1914 2014 1918 1934 184 1918 8,400
U
Pipe
S
&
12
Foundry
20 144 afar 14 22 Jan 7
*21
2114 2114 2114 *21
2112 *21
2112 *21
2112 *21
2112
100
let preferred
No par
1914 Jan 7 21 12.111ne 25
1314
*14 214 *134 212 *04 3
*134 24 *134 214 *134 3
US Distrib Corp
051110* 24
318 Aug 30
No par
58
1034 11
1014 1012 10
104 10
1014 10
10
934 934
300
Preferred
5 July 26 1134 Aug 30
100
4
United States Express
4
Jan
4
Is
'2
100
14
Jan
*23
14
*23 21
*23 -2-3-38 2338 -114 23
237
; 2178 li
1,200 U S Freight
11
11 Mar 14 2512 Aug 17
No par
1218 1112 1112 12
12
1214 12
12
1112 12
1118 2,800 US & Foreign Secur
11
Afar 12 1314 Sept 9
No par
412
412
*87' 89
*87
89
*87
89
*87 89
87
87
*77
83
100
Preferred
No par 6514 Afar 26 90 Aug 16
60
71
7112 7012 7034 70
71
7114 7318 72
74
70
7238 7,000 U S Gypsum
20 401251 It 12 71 Sept 19
3414
*155 156
156 157
157 157 .157 159 *157 153 *157 159
50
7% preferred
3
145
105
110
0
• 818 858
838 878
834 9
878 94
814 9
814 858 6,400 U S Hoff Mash Wm
918
°
1 157
Feb 16
Sn
:91 18
1
34
46
474 4678 4318 4338 47
4612 44
45
464 4714 45
12,700 U 8 Industrial Alcobal___No pi, 3518 Mar 13 4818 Sept 16
32
9
94 *9
911
9
9
918 912
812 9
8
8
1,200 U 13 Leather v 4 a
Nilt
No
912Sept
15
34
par
18
34
*1434 15
1412 15
15
1538 14
1518 1512 1314 15
1414 9,100
Class A v 1 a
7
No par
712 Mar 16 1614Sept 18
*66
72
*65
72
*674 72
72
70
72
7012 72
71
500
Prior preferred vie
100 53 Jan 22 73 Sept 11
45
534 534
54 539
514 54
54 512
539 54 4.700 U 81 Realty & I111911__...-0/o par
54 539
3 Mar 13
7 Jan 7
3
1412 144 1414 1434 144 1178 1412 151
1418 15
1338 14
13,600 U S Rubber
94 Afar 13 1714 Jan 3
No pi,
918
374 374 37
3758 3713 3358 3738 3378 37
374 3514 3658 12,800
1st preferred
100 2412 Mir 14 4238 Jan 7
1718
10218 10412 10018 103
9334 101
102 103
9312 10014 974 98
11,300 U S Smelting Ref & Min
5314
50 92 Sent 11 12412 Apr 25
*68
71
*70
71
*70
71
70
70
70 *65
69
69
300
Preferred
5112
60 624 Jan 3 7309 July14
4638 4718 4638 4734 464 4738 4738 434 464 4312 44
454 154,300 US Steel Coro
2712 Mar 18 4834Sept 18
too
2712
110 110
110 11112 10913 III
11012 11112 110 111
108 10912 9,200
Preferred
Mar
735
18
8
1134
100
Aug
21
67,
4
*13134 135 *13134 133 *13134 133
133 133 *13134 134
131.34 13134
400 U S Tobacco
No par 11918 Jan 4 14034May 16
8134
*16314 170 *16314 170 *16314 170
165 165 *162 170 *162 170
10
Preferred
11
4
Feb
165
1493
101
Aug
3
124
/
1
4
234 2.i
213 234
212 238
214 212
238 15,600 Utilities Pow & Lt A
2
212 24
I Mar 15
1
414 Aug 13 3, 78
034
*39
4
34
4
34
34
58
'"11
kl
kl
600 Vadsco Sales
34
II Mar 15
No par
Ils Jan 2
It
*2238 2458 *2238 2458 *2238 2438 *2238 244
*2238 2458 *2238 23
Preferred.
100
Apr
241810[1e
19
1914
11
194
1712 1734 18
1912 1834 194 1958 2038 1812 2039 1734 1812 38,000 Vanadlum
Corp of Am.__No par 1114 Apr I 1
4 Jan 7
21,
11 14
26
2612 2578 26
02578 2614 26
234 2512 2638 25
2514 2,500 Van Raalte Co Inc
6 1114 Feb 7 2612Sept 14
334
*105 106 *105 106
105 105 *105 103 *105 106
10514 10514
20
7% 1st pret
5414
100 91 Feb 20 108 Aug 6
39
39
394 3914 384 394 39
39
334 39
3312 39
1,500 vick Chemical Inc ----------- ..i 34 May 29 3114 Sept 16
2318
*5718 - -- *5718 - -- *5718 .
*5718 _ _ *5718 _
*5718 __ _ _ _ _ ___ Nicks Shreve & Pac Ry Co p..00
70 A70
u; 6
70 Aug 6
80
418 -418
378 4
378 i2;
328 7i.
334 178
34 358
4,000 Virginia-Carolina Caeca.No par
'212 Mar 18
44 Jan 3
178
28
2834 2714 28
26
2714 2338 271
2538 26
24
2514 8,900
8% preferred
2878 Sept 13
10
100 1712June 1
*107 110 *107 110 *107 108
107 107 *106 110 *107 110
100
7%
preferred
13018May
6
85
4
100
Jan
574
*10412 105
105 105
10534 10514 *106 ---- *10512 1.06
120 Virginia El & Pow $6 9( No par 724 Jan 4 10534Sept 17
105 10514
60
*412 5
412 41^ .238 5
*238 5
024 5
10 Virginia Iron Coal & Coke....101)
*238 5
458Sept 10
2 June 22
2
*1518 22
*1518 22 - *1518 22
81518 22
*1518 22
*1518 22
5% met
100 15 Feb 19 151s Feb 28
15
72
*68
*6812 72
71
71
71
72
71
72
180 Vulcan Detinning
70
70
100 634 mar 29 93 May 10
36
*115
*115 _ _ *115
Preferred
100 10914 Feb 5 11612 Aug 9
95
134 13-4
138 112 *112 134 •112 -114 *112 -1-34 112 112 500 :Wabash
100
238 Jan 8
I Apr 1
1
*234 318
234 234 *234 3
*278 3
212 278
500
238 238
Preferred A
134 Mar 1
100
34 Jan 4
134
*114 258 *114 258 *114 258 *118 2
*14 212 *118 212
Preferred B
1 May 22
100
234 Jan 19
1
734 734 *74 734 *738 734
734 734 2712 74
600 Waldorf System
712 74
No par
84 Aug 29 • 372
4lt Mar 15
31
31
2934 3012 29
2934 2914 2338 2834 2912 28
29
4,800 Walgreen Co
No par 2634June 8 3234 Aug 5 • 154
0118 11978 0118 11978 *118 11978 118 118 *117 11978 •117 1197
10
604% preferred
8
100 114 Jan 7 120 Apr 24 • 80
*238 234
238 234 *238 238 *212 258
238 238 *214 212 1,200 Walworth Co
No par
378 Jan 7
114 Feb 28
114
934 934 *812 934 08
978 *813 934 *8
100 Ward Baking class A_-No par
934
*8
93
4
5 Afar 14 1014July 17
5
2
2
2
2
2
*178 2
178 2
2
134 178 1,400
Class
B
_
Feb
No
218
28
114
Sept
par
9
114
*38
40
*3712 40
3712 3713 38
3818 38
38
600
3734 38
Preferred
24
100 2812 Jan 12 434 Aug 6
614 7
7,8 712
714 758
74 812
74 812
738 778 221,900 Warner Bros Pictures
812Sept 18
214 Mar 15
5
214
42
4438 44
4512 434 4512 4512 4638 44
4112 4378 2.240
46
$3.85 cone pre
No par
1412 Mar 13 46395001 18
12
78
«78 1
78
1
1
1
1
78
4
1
800 Warner Quinlan
1
No par
58 Mar 15
138 Jan 2
38
313 358
313 338
358 358
312 318
312 312
312 358 2,800 Warren Bros
No par
24 Mar 15
618 Jan 7
212
*10
*10
12
1118 *10
12
*10
*914 11
11
*94 11,8
Convertible pre
772 Mar 20 17 Aug 0
No par
74
2912 2912 2834 30
2012 30
3012
313
4
307
8
32
15,500
293
4
3034
Warren
FOP & Pipe
No par 2038 Aug 7 32 Sept 1!)
1312
'3539 534
5,4 538 *518 578
514 538 0514 6
514 514
700 Webster Elsealobr
4 Mar 14
No pa,
6 Jan 2
3
*30 _ _ *80
90
*80
_ *80 _ _ *80
_ _ ____ __
_ _ *80
Preferred
100 85 Apr 29 90 Feb 18
60
*114 112
114
114 *114 -.1,2 *V/ 112 *114 112 *114 14
40 Wells Fargo & Co
I
10 July 3
1 Jan 5
4
4214 4214 4112 414 4112 42
41
4214 43
4238 394 4078 4,900 Wesson 011 & Snowdrift __No par 304 Jan 15 45 Aug 23
15
8038 8038 8014 8012 *8014 8012 *8018 8012 *80
8012 7978 80
500
Cone preferred
49
No pa' 72 Jan 29 83 July 9
77
77
x75
7514 74
7414 754 7514 75
340 West Penn Elee class A_No par 34 Mar 6 78 Sept 12
7514 7214 7214
34
89
88
89
8914 086
88
894 8912 89
8912 83
88
250
Preferred
100 3972 Mar 6 90 Sept 12
394
*74
76
.74
75
•75
76
7534 7534 7514 7614 75
76
210
6% preferred
100 36 Mar 14 78 Sept 11
36
*11712 11.934 •1174 11812 118 118 *118 120 *118 120 *118 120
West
Penn Power prat
8812
100 10411 Jan 17 120 July 29
*11014 112 *11014 112
11112 11112 112 112
113 113'•113 114
40
6% preferred
100 95 Jan 2 114 Aug 14
7834
_ _ West Dairy Prod ol A____No par
VsJana 8
24 Jan 8
*38
14
81
*58
3,
Class 13 v t e
38
386fay 1
78 Jan 8
No par
858 858 *814 812
812 81
812 84
84 834
838 3,400 Western Maryland
8
512
512
100
Mar 15
978 Jan 7
*1212 1338 *1238 1312 1412 1512 14
*1314 14
1412 13
14
1.400
20
preferred
74
712 Mar 30 1512Sept 18
100
14 14 '31.78 2
*178 2
*178 2
*178 2
178
178
200 Western Pacitio
118 July 19
100
34 Jan 7
1 18
312 413
34 4
4
4
418 418
4
44
334 334 3,400
Preferred
238 Feb 26
100
738 Jan 7
24
494 5034 484 5034 49
5112 4814 5078 464 4812 37,900 Western Union Telegraph _100 2058 Mar 14 5212Sept 11
5034 50
204
2512 2618 25
264 2518 251
254 26
2514 2614 2414 2514 7,800 Westingli'se Air Brake ___No DA,' 18 Mar 27 2818 Aug 13 11 1534
7634 78
7538 7738 7514 7812 7814 7934 7514 79
75
7518 62,800 Westinghouse El & Mfg
50 3258 Mar 18 8014 Sept 11
2778
118 118 *115 118
118 118 *115 118
118 11812 11718 11718
120
1st preferred
60 90 Feb 5 119 Aug 17
77
1734 184 18
18
*17,2 18
1712 1712 1712 1712 1638 1658 2,000 Weston Eleo Instruml___No par 10 Mar 18 1912 Aug 22
5
*3338 3478 *3358 3478 *334 3478 *3214 3178 *3312 3178 x33
40
3314
Class
A
No par 29 Jan 4 3658July 24
16
*20
21312 2018 204 20
2034 2012 2014 2018 2014 19
1934
1,700 Westvaco Chlorine Prod No par 1634 Mar 13 234 Jan 3
14
12
*20
40
*20
40
*20
40 .20
*20
40
40
*20
40
Wheeling & Lake Erie RI C0_100 18 Jan 3 3512Sept 9
18
40
*35
*35
40
*35
*41
41
*35
44
45
41
41
20
6% non-cum preferred___100 25 Mar 14 41 Sept 20
21
244 25
2512 2512 25
25
2518 2312 2478 2212 23
25
2,500 Wheeling Steel Corp
No par 144 Mar 23 264 Aug 24
1112
8914 8914 '
337
8978 8978 8978 83 89
8312 8812 *8618 88
400
Preferred
100 484 Jan 12 x9014Sept 11
34
1234 1234 1214 1234 1238 1318 13
1338 1418 1258 134 59,700 White Motor
14
678 Mar 15 184 Jan 3
50
871
1514 1434 15
*15
1438 1434 1412 141 21414 1438 1334 1378 2.100 White Rk Min Spr elf „....No par 1312 Mar 22
244 Jan 9
134
0212 21
*218 214
178 24
178
2
2
178 1,200 White Sewing Macbine___No pa
179 178
14
Afar
15
114
29
234July
124 1212 1212 1212 12
12
*1078 121 *1078 13
12
12
400
Cony preferred
No par
6 Jan II 1514July 27
4
*218 238 *219 214
212 2'l
214 214
214 2,4
214 238 1.800 Wilcox 011 & Gas
1 Mar 14
5
258 Jan 8
1
Wlicox-Rich Corp elms A _No par 34 Feb b 3512N0ay 27
2378
--1 -11-1 --:131 ---i34 -17-431 -178 --481 -7178 39,800 Wilson & Co Inc
8_ --i3
No par
34 Apr 3
_ i-_ .
7 Jan 2
318
_ _.1 --i__ _ _
_ __
Class A
No par 2512 Feb 7 314 Jan 3
1114
84 -6-4-38 61I4 6-2ai T2 Wi .a "6-4
*5
Wi
i58
6
i
6
T2
112
2
,(565
so
pref
100 58 Apr 2 75 Feb 28
59
6114 6214 604 6134 6012 614 6038 6234 6138 6214 60
61
20,700 Woolworth (F W) Co
10 61 Jan 15 6514June 18
35
1812 1812 1838 19,2 19
1834 18
1834 1712 174 3,300 Worthington P & W
1938 18
100 1104 Mar 12 2112 Jan 7
1134
4112 4112 4112 4414 4332 4414 43:4 4312 4214 434 39
4134 1,000
Preferred A
100 2512 Mar 13 4614 July 17
2512
3112 3112 3214 3314 *3114 34
*3012 32
03112 34
*3012 32
500
Preferred B
100
Apr
36's
20
4
July
18
20
494 494 5014 5012 5014 5012 50
48
*4712 4912
504 48
200 Wright Aeronautical
No par 3512 Mar 13 534 Apr 24
12
07712 7814 7818 7814 7818 7814 7812 79
27812 79
77
7834 1,500 Wrigley (Wm) Jr (Del) No par 7334 Mar 13 8234 Apr 26
4734
31
*30
3034 304 3012 3012 3012 31
294 3014
31
31
1,700 Yale & Towne Mfg Co
25 174 Apr 9 3112Sept 11
114
538 512
518 512
514
558
512 618
5-39
558 618
512 40,000 Yellow Truck & Coach el B
258June 6
10
64 Aug 29
24
*7112 73
7112 7112 73
75
76
74
70
73
76
72
410
Preferred
100 3112May 8 76 Aug 28
25
364 3634 3712 38
3734 38
3778 384 374 3838 3614 37
4,000 Young Spring & Wire...No par 18 Mar 18 3812Sept 7
104
2638 27
2658 271
/
4 27
2512 10,700 Youngstown Sheet & T-No par
274 2612 2712 2534 2714 24
13 Mar 15 2812Sept 9
1258
8212 .81
*80
8212 81
81
8112 8214 80
804 *76
77
600
54 preferred
100 3812 April 8434Sept 5 "30
0478 5
434 5
434 434
5
*478 5
5
vo par
44 478 2,000 Zenith Radio Corn
itolay 6
534 Aug 21
11.8
414 414
418 414
414 438
412 434
438 458
418 438 13,000 Zonite Products Corp
1
24June 7
478 Jan 10
258
I
For footnotes see Drage 1890.
3 PIT **ars
80
13372
71,
4 89
1538 2534
84 1514
314
84
8
17
214 294
107
120
35
5038
218
84
214 374
914 1814
34 1078
6934 7514
318
714
59
77
1112 2018
86
0938
3/
1
4
1 58
4
1314
30
68
214
8'4
64
76
6014 63
11212 140
164 464
78
3
414 24
1512 33
164 191
/
4
112
4
4
14
14
114
11
2712
6
1514
634 78
3414 5114
115
148
458 1018
32
644
84 1178
7
1934
45
SO
4
1234
24
11
2418 614
9638 141
6418 664
2939 594
6714 9939
99
140
126
150
114
5/
1
4
114
17,
1914 224
11
314
44 1212
85414 98
244 3338
SO
50
Vs
51
/
4
10
26
8914 84
65
80
330
9
1618 27
52
82
95
112
13a
44
24
852
612
114
4
114
2239 2978
8413 116t,
2,4
64
5
12
1,4
34
'J4
36
234
814
15
3178
I
34
314 1358
2839
8
1312 31
3
7
90
65
214
04
1514 3534
5212 744
4412 70
51.4 80
45
x6812
8912 1104
7814 105
14
604
12
24
74
1705
94 23
805
24
41
/
4 1712
2912 664
1578 36
274 47,4
95
82
6
1512
PA 2912
144 274
2412 29
24
36
114 29
34
57
15
2812
3114 314
112
34
8
1114
2
54
274 341.
414
9
1214 32/8
-41-14
1318
3113
2352
164
5412
14
234
28
13
1238
31
14
338
5514
3174
53
42
75
76
2212
74
4712
224
334
5934
44
7,
4
1900
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Sept. 21 1935
On Jan. 1 1909 the Eschange method of quoting bonds was changed and prices are now "and 1nterezt"-ezcept for income and defaulted bonds.
selling outside of the
NOTICE-Cash and deterred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when
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.
Week's
1:
.
BONDS4 Range or
Friday's
II .....
N. Y. STOCK EXCHANGE
-.. a; Bid ct 41144
Week Ended Sept. 20
HisI
Low
U. S. 000000resent.
Fourth Liberty Loan
4th 434%
Oct 15 1933-1938 A 0 100.9 100.16
Oct 15 1947-1952 A 0 113.30 116
Treasury 434/3
Treasury 434-334e Oct 15 1943-1945 A 0 103.29 104.15
Dec 15 1944-1954 J D 109.16 110.9
Treasury M
108.30
Mar 15 1946-195651 S 108
Treasury 334s
105.28
June 15 1943-10473 D 305
Treasury 8%s
Sept 15 1951-1955 M S 101.12 102.6
Treasury 3.5
June 15 1046-1048.7 D 101.6 101.31
Treasury M
June 15 1940-1943 J D 106.6 106.23
Treasury 340
Mar 15 1941-1943 M 8 106.8 106.24
Treasury 334s
Treasury 334s
June 15 1946-1949 1 D 102.11 103.1
Dec 15 1949-1952 .1 D 102.4 103
Treasury 33421
Aug 1 1941 F A 106.26 107.11
Treasury 3348
Apr 15 1944-1946 A 0 103.14 104.2
Treasury 334a
Mar 15 1055-1060 M 8 98.30 99.24
Treasury 214s
1945-1947 M s 99.26 100.7
Treasury 244s
Federal Farm mortgage CorpMar lb 1944-1964 M 8 101.21 102.10
33.4a
99.24 100.14
May 15 1944-1949 MN
35
100 18
Jan 15 1042-1647.7 1 100
35
Mar 11942-1947 M S 98.28 99.11
234.
CorpMtge
Home Owners'
99.16 100.10
May 1 1944-1952 MN
35 series A
98.10 99.6
Aug 1 1939-1949 F A
23445
July 1
1933 to
41
VA Aug.oi
a3 .1" 1935
No.
Low
425
374
437
1,003
174
53
921
2.564
156
692
710
1,184
794
1.254
4.136
1.113
____
____
42
1,118
473
219
____
____
____
____
____
_--_
__
1.646
830
00000 8 City-See note below.
Foreign Cast & Municipals
Agricultural Mtge I3ank (Colombia)"Sink fund 6, Feb. Coupon on_ _1947 F A .2134 2413 ____1834
1533
*Sink fund es April coup on _ ___1948 A 0 *2134 24 --_,
64
9514 19
1963 M N 94
Akerehun (Dept) ext 5s
812
5
738
812
J
1945.7
A
74
roll
(Dept)
•Antlocula
6114
1945.7 3 .8
10 ---*External a f 78 ser B
1945.7 J .8
712
9 ---'External s f 7s see C
84
812
5
1945 .1 J
714
*External a 1 is ser D_-pi
812 ___,
1957 A 0 .8
*External a f 76 1st aer
8
8
1937 A 0
614
2
*External sec a f 713 2d ser
A
1957
0
4
612
4
73
8
ser
38
*External see et 7,
74,34
1958.7 0 10018 10012 12
Antwerp (City) external be
44
9512 13
1960 A 0 94
Argentine Govt Pub Wks es
9558 115
44
1959 1 D 94
Argentine es of June 1925
1959 A 0 95
9578 62
4458
Ertl a I 6s of Oct 1925
64
1957 M 5 9334 9578 60
External a f es series A
444
1958.7 0 044 9513 36
External fle series B
1960 M N 94
4413
954 38
Ertl 4 I es of May 1926
954 41
444
1960 M S 94
It.(State RI)
External el
9538 21
1961 F A 94
4412
Ertl es Sanitary Works
43
Esti 6e pub wke May 1927 -1981 M Ni 9478 9575 12
9318 29
, Ai 92
1962 1
414
Public Works esti 5348
19553 J 10158 10378 112
7753
Australia 30-year Ss
78
1957 M S 10112 10378 95
External Is of 1997
9712 162
1956 M N 95
734
External g 43.44 of 1928
16
9118 92
424
1957.7 J
Austrian (00,0 s 1 78
1
3038 3012
1945F A
*Bavaria (Free State) 6345
10714 23
1949 M 5 107
Belgium 23-yr cal 634.
4,
1041
25
19583
10112
J
External Ii es
; 11338 56
1955 i D 1103
External 30-year .176
1956 M N 10612 10734 42
Stabilization loan 71
2
1949 A 0 010018 010014
Bergen (Norway) be
16
1960 M S 9074 100
External Milking fund be
1960 A 0 2758 2812 18
*Berlin (Germany) s t 834e
1958 .1 D 2518 2512 14
*External sinking fund 6a
1318
4
1946 A 0 13
*Bogota (City) esti a f 83
64 182
518
'Bolivia (Republic of) est!8e_1947 MN
54 21
512
10581 J
*External secured 7s
1069 M S
512
573 29
*External sinking fund 74
2538 29
1941.1 D 25
•Brazil (Li 8 of)external 85
1957 A 0 2034 2138 61
'External 5 f 634e of 1926
1957 A 0 2034 2112 46
'Externals f 694s of 1927
1952 J D 2034 2114 30
•74 (Central KY)
1935 M S 3104 3258 28
1••iiremen (State of) esti 7e
92
1957,M fil 90
9
isrlebane (City) a 0 58
2
1958 F A 904 92
Sinking fund gold be
6
1950;3 D 9934 10012
20-year s f fis
(City
of)Budapest
1
6
1962 3 D 3613 3638
*ea July 1 1935 coupon on
11
Buenoe Aires(City)63.4800-2 ..1955J 1 9214 94
95
8
95
0
A
1960
C-2
External s ft. ser
1960 A 0 89014 914 __
External,f fie ser C-3
•Buenoe Aires (Proy) ext! es___ _1961 M S 7534 7534 10
1961 M 8 5712 6034 36
WU stamped
1981 F A 74
74
1
*External e f 6346
1961 B A 5714 6012 33
•6341 stamped
Bulgaria (Kingdom of)1512 -_
*Sinking fund 7s July coup off L967 1 J .133.4
1
1312 1313
*Sink Bind 73.4, May coup 011_1963 M N
2614
8812
8612
9234
91
6714
6214
22
2012
1134
54
4
4
2174
18
1758
1813
29
68
684
76
•Caldas Dept of (Colombia)7%s1946 .1 .7
1960 A 0
Canada(Dom'n of) 30-yr Is
1952 MN
ba
1936 F A
434e
1954 3 J
*Carlsbad (City) a t 85_,.
*Cauca Val (Dept) Colom 7345_1946 A 0
-1930 M S
*Cent Aerie Bank (Gee)
July 15 1960 .1 3
76----*Farm Loan s f ea
Oct 15 1960 A 0
*Farm Loan s f es
*Farm Loan lis ser A. _Apr 15 1938 A 0
1942 M N
*Chile (Rep)-Exti a f 78
1960 A 0
"External sinking fund 6s
Feb 1961 F A
•Ext sinking fund es
Jan 1961 .1 .1
•Ity ref ext.068
Sept 1961 31 11
•Ext[finking fund es
1962 M El
*External sinking fund 6s
196398 N
*External sinking fund es
1957 J D
*Chile Mtge 13k 8345
1961 J D
*Sink fund 6545 of 1928
1961 A 0
*Guar s f fie
1962 M N
'Guar is f es
1960 M 5
*Chilean Cons Munk, 7s
818
8612
9912
9813
434
858
2913
26
2611
274
7
5
ele
614
614
64
6
74
974
712
74
5
1034 22
10
10314 149
101
139
106
110
10114 10113 53
84014 48 _ 2
10
10
4
3712
37
3012 17
30
3013 20
30
3818 24
36
1458 57
1314
1418 101
1278
47
14
124
64
14
13
21
14
13
1418 22
13
61
14
1278
32
1238 13
1358 11
1278
1218
1312 66
14
13
1218
8
1113
11
3731
1951 I D 37
•Chineess(Hukuang Ily) 5s
2714
*Cologne (City) Germany 6345_1950 M 8 27
Colombia (Republic of)2234
•85 Apr 1 1935 coupon on__Oct 1961 A 0 22
2314
ofis July 1 1935 coupon on_Jan 1961 1 J 22
2112
1947 A 0 *____
*Colombia Mtge Bank ()%e
1946 MN 2018 2018
*Sinking hind 78 of 1926
2112
1947 F A ._ _ _
'Sinking fund 7s of 1927
88
1952 J D 87
Copenhagen (City) 158
1953 1.1 N 8234 84
25-year g 4944
__
1957 F A
'Cordoba (City) esti s t 75
4378 4612
_ .50-1957
3,7e stamped
59
MN 59
1937 -*External sink fund Te
__
1937 ____
•75 stamped
7012 7418
Cordoba(Prov) Argentina 71 _ _,.,1947 J J .46--
4
3
32
36
____
1
____
20
30
__=,
30
1
___
10
294
4014
38
3814
2914
2558
2712
2533
1334
1312
23
22
18
204
14
12
144
604
5513
12
_
2573
_-2514
Rang.
Since
Jan. 1
BONDS
N. T. STOCK EXCHANGE
Week Ended Sept. 20
• July 1
Week's
r.„
1933 to
Q
Range or
". t:'.'4
-.....
.,..• ...„. Aug.31
Friday's
34 Bid db Asked 03.1 1935
4,
Raved
Since
Jan. 1
High
High No. Low Low
Low
Foreign Govt. & Munk.(Co..)
Costa Rica (Republic of)3014 38
1712
1951 MM .35
.78 Nov 1 1932 coupon on
1713 3274
_
24
241-2 13
1951 rs__
•71 MAY 1 1936 coupon on
9412 10034
6812
5
1944 M S 9934 10034
Cuba (Republic) be of 1904
101
90
8312
5
1
101
A
Y
1949
External be of 1914 ser A
9858
84
614
9858 ---1949 F A .96
External loan 434s
9814
77
61
Sinking fund 544s ____Jan 15 1953 I .7 002 9712 30
42
194
2312
16
354
3314
13
*Public wks 534s -June 30 19453
834 1438
834
8
978
1013
1959 31 N
•Cundlnamarca 8 3.48
9512 107,4
7734
10112
9
1951 A 0 100
Czechoeloyakia(Rep of) 84
9512 108
1
77
1952 A 0 9934 9934
Sinking fund 88 sec B
9834 105
7974
47
1942 .1 3 10012 102
Denmark 20-year esti 6e
93 101
75
37
9412
A
9612
F
1956
534s
External gold
8212 964
61
1962 A 0 8438 8738 53
External g 434e__Apr 15
1932
Deutsche Bk Am part ett es
464 70
4812
6
(.Stamped extd to Sept 1 1935_ _ __ „.__ 4678 4678
614 7112
40
7
71
Dominican Rep Cust Ad 530...._1949 M 5 70
67
36
55
6
6514
1940 A 0 65
let ser 510 of 1926
36
6518 13
544 67
1940 A 0 65
101.14 104.5
2c1 series sink fund 53.48
2513 4353
2512
3
2614
99.16 102.20 *Dresden (City) external 7s
1945 M N 26
100. 109.24
6512 6512
36
61 --.7:
1948J J *-;.-::98.23 101.20 •El Salvador (Republic) 8a A
62
35
37
14
35
J .1 .so
*Certificate! of deposit
484
95
844 96
28
99.16 102.16 Estonia (Republic of) 73
19673 .7 94
10312 108
70
106
17
1945 M 5 z105
Finland (Republic) it ils
96.20 101.6
19
7012 10118 10434
1956 M 5 1024 103
External stink fund 634s
2113 3524
254 10
25
20
1953 M N
*Frankfort (City of) ti I 630
177
20 128
16512 190
1941 J D 174
French Republic e001 734,
3 12713 1694 190
1949 .7 D 17612 17612
External 7s 01 1924
*German Government Interns2133
2133 374
3312
21
1965 1 D 2512 2813 355
tional 35-yr 530 of 1930
3014 4738
3014
1912 32
1949 A 0 3304 3812 133
*German Republic ext1 79
9013 9634 *German Pro, & Communal Bke
4058 23
484
2312
38
1958 J D 40
713 114
(Cons Agric Loan) 630
738 1118 Graz (Municipality of)86 10.513
49
1954 M N *---- 100 ____
•85 unmatured coupons on
758 934
1937 F A 10712 10812 134 10753 W712 116,2
724 1053 Or Brit & Ire (U K on 51413
9532 10712 119
644 1014
04% fund loan £ opt 1960
1990 MN 10713 11218 595
36 ____
3312 3012
22
*Greek Government If ser 78_-_ -19,34 MN .35
672 10
361,
------37
,
.
37
_
1984
-------634 972
"713 Part Paid
33
25
5
1658
25.4 2504
88 126
•S f secured es
1968 r A
90Is 994
9112
82
4
67
1952 A 0 9034 9118
9853 Halt!(Republic) a f 6sser A
90
2213 3612
2014
25
2
1946 A 0 25
9858 *Hamburg (State) 6s
90
22
31
23
16
lb
4
9014 9872 *Heidelberg (German) esti 7348-198
0
"
10314
5
664 10114 10118
1960 A 0 103
9014 9812 Heisingtors (City) ext 63411
9812 Hungarian Cons Municipal Loan90
2913 38
3112
2
25
.7.395 unmatured coupons on 1945 J J 30
90
984
3714
2653
30
35 ____
1948 J -I ...„984
.7s unmatured coupon on
90
35
29
294
29
2
9834 *Hungarian Land M [net 7446_1981 MN 29
90
284 35
294
6
1981 M N 284 30
*Sinking fund 7145 ser B
8413 9512
98 10658 Hungary (Kingdom of)314
3453 4918
4
98 10612
.734. February coupon on_1944 F A 3712 38
116 ---10812116
92
1960 M N .111
924 9913 Irish Free State esti e f 59
6914
5014 944
1951 .7 D 5534 6114 405
81
9812 Italy (Kingdom of) esti 7e
-------99
68
64
Italian Cred Consortium 75 A
'37 M S "77
48
89
5214
43
27
51
S
29
External see a f7s ser B
1947 M
37
4213 85
4714 74
4213
1952 J J 43
Italian Public Utility ext17e
9314 109
90 100
9934 141
77
9314 10712 Japanese Govt 30-yr a f 634s
1954 F A 98
7714 894
6712
ma MN 8412 8538 40
Ertl /linking fund 53.4,
10113 119
97 11014 Jugoslavia State Mortgage Bank43
30
25
3
23
1957 A 0 30
•7e with all unmet coup..
9574 101
93 100
3114 z3114
7
444
2938
31
1947 F A
*Leipzig (Germany) e t 7s_
254 38
2118 3812 Lower Austria (Province no_
10413 ____
97 106
60
"7.34, June 1 1938 coupon on 1950; D .100
1158 18
3
6.4
ese 1014
8
734
518 912 *Medellin (Colombia) 634e
1954 7 0
414 818
3
714 ---4
1943 M N *5
8
*Mexican Irrig Asstng 434e
46
4
--,1414 *Mexico (US) ext1 5e of 1899 £_1945 GI J *---812 ---7 11-34
478
104 ---8974
'Assenting 5s 01 1899
23
1945 ---- *-- -11
7
-_
54
468
6378
____
18
*Assenting 55 large
3112
1753 314
'Assenting be small
534
434
412
3.4., of 1904
1954 ---- *--:.;
..1 -184 3114
3
44 8
534
3134 4112
1959 ---- *9'2
*Assenting 4s of 1904
314 7
314
6
414
414
.___
8718 9714
*Assenting 4e 00 1010 large
------314
34 7
_
_
--------•Aesenting 4s of 1910 small
8558 9733
712 778
534
2
778
•1Treas 63 of'13 assent (large)- 1933 2
97 10214
3
J J '
,g ------7------584
6
84
•ISmall
8512
39
4 86
39
3214 3914 Milan (City, Italy) esti 8343 --1982 A 0
Minas Games (state of, Brazip_
98
84
13
1938
10
13
1414
1958 M 5 13
95
82
'6%. Sept coupon oft
1458
1312 1912
4
1312
1989 M e 14
9213
•6148 Sept coupon off
82
6614 774
3114 42
4014
17
2714
1953 J D 40
5153 65
*Montevideo (City of) 75
38
z37
18
29
1959 M N 37
25
*External a f 6s series A
67
78
9634 10212
7314
1957 F A 994 10012 107
654 New So Wales (State) esti be
52
8
983
0
10014
4
A
963
63
10212
7313
1444
External a f 5e
Apr
88
10312 10724
1943 F A 10412 10513 22
1334 1854 Norway 20-year esti ea
874 10312 107
1944 F A 10412 10514 10
20-year external 13e
1312 19
102
10314
10014 1044
34
8314
0
1952 A
30-year external 64
10134 45
994 103
784
40-year a 1 53911
858 14
1965.7 D 101
26
9812 10234
1963 M S 10034 102
76
101 10812
External sink fund ba
98 10228
1970 J D .10218 10212 __
8013
Municipal Bank eatl s t bs
106 11458
2214 3534
25
22
7
1952 F A 25
10114 10312 •Nuremburg (City) esti 65
774 90
64
1953 M S 8312 8412 41
434 8212 Oriental Dave! guar 631
11
5914
7453 8558
1958 MN 79,2 80
854 1312
Esti deb 5348
10
99 10314
1955 NI N 10058 101
73
34
5812 Oslo (City) 30-year a f es
2614 47
3
10212 1074
89
1953 1 D 10412 10.113
2614 4634 Panama (Rey) esti 544s
59
40
5414 15
2474
1963 M N 53
'Sails 1 ser A
35
5514
3613 5412
____
4914 5034 26
27
*Stamped
12
17
1012 1514 Pernambuco (State on1112 1578
814
8
1947 NI S !1218 1338
.75 Sept coupon oft
1012 1512
2114
12
1938 20
1969 M S 18
7
1012 1512 *Peru (Rep of) external 7s
733 1712
141e
1558 256
5
*Nat Loan esti a f es lat ser _1960 J D
1012 1512
1513 43
434
1961 A 0 1414
712 1738
1034 1538
*Nat Loan esti a f es 2d ser
8318
81
71
1940 A 0 78
28
56
1034 1512 Poland (Rep of) gold es
994 12612
10714 26
1947 A 0 104
83
Stabilization loan a 0 7e
1034 144
8333
7978 967s
1990 .1 J 874 90% 22
External sink fund 4 85
11
1434
11
1414 Porto Alegre (City of)1212 22
1512 1513
1812
2
1981 .1 D
1034 1414
085 June coupon off
22
13
12
13
1968 J J
1234
2
•734s July coupon off
914 1212
99 10534
77,4
1952 M N .___- 101
Prague (Greater City) 73.431
37
2213
2212
264
4
263
26
5
M
3338 47
*Prussia (Free State) est! 840-1951
2212 364
2212
1932 A 0 254 2614 25
26
38
"External s 1 6,
Low
High
100.9 109.16
113.6 117.7
102.28 108.28
108.24 1126
107
110.25
103.38 107.29
100.20 104.10
100.20 104.10
104.15 108.23
104.14 108.28
101.26 105.11
101.15 105.9
104.18 108.28
10224 106.19
98.30 101.28
99.26 100.7
21
2153
18
1812
18
85
814
4434
3854
ao
464
70
3612
37
2412
2412
254
9434
9113
6312
4753
oo
53
8014
25
Queensland (State) esti s 1 78 __ _1941 A 0 10675 109
10718 25
1947 F A 106
25-year external es
2
1950 NI 5 3212 3258
'Rhine-Main-Danube 7, A
Rio de Janeiro (City of)16
1948 A 0 .1434
•88 April coupon off
1134 1212 24
1983 F A
•6343 Aug coupon oft.
Rio Grande do Sul (State of)16
1
1946 A 0 16
*85 April coupon off
1314 29
1968.7 D 1278
468 June coupon oil
14
14
1968 MM
2
•71 May coupon off
1413
2
1967 J D 14
•7s June coupon off
1952 A 0 4434 4978 101
Rome (City) MI 634e
94
8334
3214
10614 11012
10312 109
3214 4312
134
1214
1413 104
114 1812
14
124
1234
13
4012
1134 2312
1234 22
1234 21
1234 2112
4012 874
For footnotes see page 1905.
over the counter.
NOTE-Sales of State and City occur ties occur very rarely on the New York Stock Exchange, dealings in such securities being almos entirely
"
Bid and asked quotations. however, by active dealers in these securities, will be found on a subsequent pace under the general head of "Over-the Counter Securities
New York Bond Record-Continued-Page 2
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 21)
,
,,..3
w..e.
Jom I
Rang. or
4
... 1933 to
1, Fridays
g I Aug.31
."...i. Bid & Asked gll ,,Q 1935
1901
West'sAar 1
.1:w
....2
Range or
'
.14
1933 to
Range
BONDS
Friday's
V... Aug.31
.
21 h
N. T. STOCK EXCHANGE
Since
z..• a. Bid et /Wed 32 /`%.
.1936
Week Ended Sept. 20
Jan. 1
Loss
Htol No
Low Low
NW
32
3512, 54
1949 J .1
Atl & Dan let g 4s
27
27
42,4
2d 45
23
2612
23
6
3412
1948 J 1 26
1959 1 J
354 47
3514
13
4218
At! Gulf & WI SS coll tr 55
43
33
1067
101
8
10718
Atlantic Refining deb 5s
106/
1
4 10814
1937 3 1
75
Austin & N W lit gu g Si
3
90 101
1941 .1 1 10014 10014
Rang.
Since
Jan. 1
Foreign Govt. &Munk.(Cosa.)
Elide No
Um
Low
Low
MA
Rotterdam (City) extl 68
1
1964 MN 114
114
11112 13918
9218
Roumania(Kingdom of MonoPolles)*75 August coupon off
1959 F A
2618
2738
0 201
/
4
2612 3912
•Saarbruecken (('ity) 135
1953 J J *
4778 _
60
50
78
Sao Paulo (City of. Brazil)•85 May coupon off
2 1512
1512
1952 M N
16
15
1938
*External 63.4s May coupon off 1957 MN *12
9514
5
1314 ____
10312
1112
1112 19/
1
4 !Baldwin Loco Works let 55
1940 MN 103
San Paulo (State of)Bait & Ohio lit g 45___July
8214
1948 A 0 10078 10112 115
.85 July coupon oft
1936 1 3 244 2512 13 1518
7314
2314 30
54
1995 J D
Refund & gen Si series A
7434 279
*External 8.July coupon off, 1950 J 3
July ____1948 A 0 107
1514
9418
1558
14,
8 2334
3 1212
10778 62
lot gold 55
*External 75 Sept coupon oft
14
11
1278
1956 M 5 1358
59
1234 21
Rd & gen 64 serles C
1995 3 0 5012 8213 118
*External 6!July coupon oft
9934 71
1941 M N
13
9914
1968 J 1
1312 23 1034
P L E & W Va Sys ref 45
13
21
76/
1
4
*Secured a 17s
1940 A 0 7758
7812 19 61
62
9738 98
7414
1950 1 1
7278 9114
Southwest Div let 344-5s
81
86
13
85
Tol & Cln Di, lit ref 48 A
1959 J J
*Santa Fe(Pro, Arg Rep) 7a
1942 M S
85
8212
-__ __-7314 48
71
17
Ref & gen 55 mules D
52
2000 301
//Stamped
*5553
56
21
38
381
/
4
Cony 4 He
603 530
4912 6214
58
1980 F A
*Saxon Pub Wke (Germany) 7s__1945 F A
3318
15 2912
33
7114
524
2912 4214
Ref & gen M 58 set F
1996 M S
73'o 166
•Gen ref guar 63.4i
3134
1961 MN
3134
28
4 28
13
40
9412
Bangor & Aroostook let Si
1943 J J 11238 11234
*Saxon State Mtge Inst 7s
3 39
4118
4118
1945 .1 D
12
744
65
Con ref 48
39
1951 3 .1 10378 10412
*Sinking fund g 6448
1948 J D 38
1
3612
38
361* 5212
1951-_--- 109
10934 28 13112
42 stamped
Serbs Croats & Slovene./ (Kingdom)17
9458
117
Batavian Petr guar deb 4 Hs.._ 1942 3 3 115
•85 Nov 1 1935 coupon on
1982 ---- 2638 2814
Battle Crk de Slur lit gu 3e
2514 36
9 1914
1989 3 0 *6318 --------60
*78 Nov 1 1935 coupon on__ 1982
2218 36
- 2512 2712
0 17
Sheila (Pro, of) 8111 7i
71
21 42
Beech Creek lit gu g 45
_-1 69
.1998 J
88
6512 75
1936 3 3 *10134 10218 ____
*Silesian Landowners Assn Cs
4512 4618
7 2514
I947 F A
8114
43
2d guar g Is
_ __-5912
1936 J J*1013
117
ummonn (City of) extl 68
158 17512 Beech Creek ext lit g 344s
4--1951 A 0 *9512
98 ____
66
19313 MN *16238
Styria (Province of)1949 1 .1 118
Bell Telep of Pa Si eerie. B
11812 48 103
•78 Feb coupon off
9178
1946 F A
9178
5 4714
lit & ref Si series C
86
99
12378
19 1031
/
4
1950 A 0 123
Sydney (City) if 6448
97
9812 14 75
1965 F A
954 10212 Belvidere Delaware cons 3qn
1943 3 J *102
-1T2
Beneficial Indus Loan deb 65
1946 Al 13 111
1-1-1-4 1,-I
Taiwan Elec Pow s 1 540
1971 .1 .1 82
8234 13 58
3112 20
3038
2732
1
4 *Berlin City Elm Co deb 814s _1951 1 D
744 87/
Tokyo City 58 loan of 1912
1952 51 S 7112
7112
1959 F A
6612 78
3 5334
•Deb oinking fund 6348
2758
2412
2812 18
External 8 I 5448 guar
1961 A 0 78
7912 29 59
1955 A 0 27
741
/
4 88
3
2412
27
*Debentures Cs
*Tolima (Dept of) extl 78
912
1112 __
8/
1
4 1214 *Berlin Elect El & Underg 8348_..195e A 0 31
3
1047 MN
271
/
4
31
.912
Trondhlem (City) let 544e
1957 M N 98
9818
91
19 6334
100 Beth Steel let & ref 68 guar A
944
31
1942 M N 11112 114
Upper Austria (Province of)-311-year n in & hunt a f 55
9
94
193A .
1 1 1034 10314
*78 unmatured coupon on
3 5134
109
1945 1 D 109
95 11012
____
25-y1' eons M 411s ser D
1960 J i 9938 9978 258
*Eft! 6448 unmatured coupa
1957 .1 D *
10312 ____
4112
82 10358
•Uruguay (Republic) extl 88
3618 4738 Big Sandy lit 45
39
33
1946 F A
3912
3
90
1944 3 D *10614 10912 ____
•External if 65
39
51
I 1980 MN 3758
264
29
3414 4112 Bing 4 Bing deb 6445
1950 M 5 03712 48 ___
•External if 65
39
13 2652
38
1964 M N
5914
Boeton & Maine lit 58 A C
3418 42
2;
79
1967 M 5 77
Venetian Pro, Mtge Bank 78
51
1955 MN
let M 55 series II
51
83
78
1952 A 0 05112 59 ____
8012
80
30
Vienna (City of)lst g 484s ser JJ
10 an
7238
1961 A 0 72
•65 May coupon on
9 5258
1952 M N a8512 a86
Boeton & NY Air Line lit 45
8478 96
26
9
3514
3414
1955 F A
Warsaw (City) external 7i.,1958 F A
674
6912 21
41
7418 lt•Botany Cons Mills 8445_ -_1834 A 0 1338
83
78
5/
1
4
1638
Yokohama (City) ext1 68
1961 J D 8312 8412 20 63
8014 90
13•Bowman-Bilt Hotels lit 75_ 1934
*514
4/
1
4
Al 13
__
Stmp as to pay of $435 pt red
RAILROAD AND INDUSTRIAL
COMPANIES.
•12Abitlbl Pow & Paper lit 58_1953 3 11 2878
Abraham & Straus deb 6445
1943 A 0 10218
Adams Express coil tr g 4s
1948 M S 981
/
4
Adriatic 8.:lec Co eat 75
1952 A 0 25414
Ala CB Sou lit cons A Si
1943.1 0 *10514
let cons 45 ner 11
1943.1 D 10034
•Albany Pertor Wrap Pap 65
1948 A 0 42
•65 assented
4412
1948 Alb & Sum let guar 3446
1946 A 0810228
I A lIeghany Corp coil tr 55
76
1944 F A
Coll & cony Si
1949 .1 D 6612
•Coll & cony 55
1950 A 0 2314
58 atampecl
1950
1612
Alice & West let gu 48
1998 A 0 92
Agee Val gen guar ir 48
1942 M 8 10814
Allied Stores Corp deb 4Hs
1950 A 0 95
Allis-Chalmers Mfg deb 5.
1937 M N 10138
*Alpine-Montan Steel 75
90
_1955
3314 196
10218
11
7
9814
6
5414
108
10034
7
21
43
4
4512
104
77
78
6814 54
24
2518
18
45
92
1
10812 15
96
128
10138 49
9012 10
Am Beet Sugar 65 ext to Feb 1 1940 F A
Am & Foreign Pow deb 50
2030 M S
American Ices f deb M
19533 D
Amer I 0 Chem cony 5345
1949 MN
Am Internal Corp cony 5348.. 1949 1 .1
Am Rolling Mill conv deb 441s-1945 M S
Am Sm & It let 30-yr Sneer A
1947 A 0
Am Telep & Teleg cony 45
1936 M 11
30-year coil tr Ss
1946.1 D
35-year of deb 55
19603 J
20-year sinking fund 534i
1943 M N
Convertible debenture 4Sis
1939 3 .1
Debenture 55
1985 F A
10312 10 80
1
4 206 32
70/
7012 21 62
11234
70 7812
9934 94 65
11512 .564 10212
10014
25 92
1
4
28 100/
10214
64 10112
109
11234 87 10034
114
197 103
11012 24 105
11234 65 100
10234
68
70
11112
9818
11012
10018
10134
10818
11158
11234
10914
112
:•Am Type Founders Co afs
35
1940 ---- 48/
1
4 5018
Amer Water Works & ElectricDeb g (is series A
1975 MN
914
9212 11
10-year 58 cony coil trust
1944 M S 10314 10634 155
:11Am Writing Paper lit g 85__1947 1 .1
2414
25
26
*Certificates of deposit
2
25
24
*Anglo-Chilean Nitrate 78
1945 M N
17
1914 107
f•Ann Arbor ist e 4s__.-S
M Q J 61
9
61
Ark & Mem Bridge & Ter5e
1964 M S *95
Armour & Co (III) 1st 434s
1939 J D 10312 104
29
lot M of 44 ser B (Del)
1955 1' A 9218 0334 404
Atch Top & S Fe-Gen a 45
Adjustment gold 45
Stamped 45
Cony gold 45 of 1900
Cony 45 of 1905
Cony g 4/415eue of 1910
Cony deb 44s
Rocky Mtn Dly 1st 45
Trans-Con Short L let 40
Cal-Ariz let & ref 434i A
Atl Knox & Nor let g 55
All & Chart A 1. lit 444s A
let 30-year 55 series II
AtICoaat Line let cone 45 July
General unified 434i A
L & N roll gold 48 ____0et
10 yr ooll tr As
May 1
1995 A 0 108
1995 Nov *10212
1995 M N 10214
1955 J D •10418
1955 J D 10418
1960 3 D *96
1948 J D 106/
1
4
1965 J 3 10558
19583 1 *_- -1962 M 8 10934
194 3 D •11434
19443 J 101
1944.1 .1 104
1952 M S 91
1964 J II 7712
75
1952 MN
1945 M N 01
10934 227
103
89
26
105
100
10712 44
12
10578
11034 ---11014
50
1
4 ____
117/
102
10
104
11
9212 05
50
79
129
77
25
9178
1538
87
61
51
8012
74
38
46
83
4734
41
13
8
62
93
9258
8312
50
20
58
80
18
204
34
27
7818
75
9034
844
75
7512
75
7414
78
884
79
89
8714
9934
88/
1
4
86
714
614
57
90
26
414
10218 10512
85
9934
51 10014
104 10814
9812 10418
6458
38
4112 4612
991
/
4 10418
6412 7934
5212 70
13
30
8
2012
844 9212
10512 10914
9258 96
100 102
87
97/
1
4
Brooklyn City RR let 55
Bklyn Edison Inc gen Si A
Gen mtge 55 series E
Bklyn-Manh R T see 65 A
15-year sec 65. series A
Bklyn Qu Co & Sub con gtd 58
let Si stamped
Bk1yn Union El lit g Si
Bklyn Un Gas lit cons g 54
1st lien & ref 138 series A
Cony deb g 514s
Debenture gold 55
lit lien & ref 5e/series B_
684
8658 ____
1941 3 1 .82
17 103
1949 1 J 10812 10834
37 10212
10814
1952 3 J 107
86/
196° J J 106
1
4
10612 119
98
1949 1 D 10412 10512 25
7114 ..--521
1941 M N •__-/
4
5734
_ ____
1941 J 1 0711/4
7212
_-24
1950 F A 10734 10812
11914
5 1034
1945 MN 119
2 10514
1947 M N 12612 12612
19361 J ------------188
93
9
1950 1 D 10412 105
3 10012
1957 MN 10834 10834
-
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
105
10412
77/2
10912
884
100
99/
1
4
88
76
611
/
4
764
1141
/
4
106,4
1124
118
68
100 103
100 102
98
95
113/
1
4 12012
11834 12658
10714
274
2412
2412
30
10512
10314
1-1-212
44
39,2
3938
4138
1151
/
4
10412
?As 9978
10258 11018
3412 45
5912 8058
6012 8212
5912 75
26
4034
5/
1
4 1658
434
41
/
4
84
9212
10878 11012
106 110
10412 107/
1
4
104 10558
65
71
65
7738
10054 11012
11434 121
1181
/
4 128
-------1034 1064
10734 111
Brune A West let gu g 45
/
4 10314
4
88/
1
4 1011
1933 / .1 10214 10214
r
/
4
9612 108/
Butt Gen El 444s series B
1
4 1111
1981 F A 10834 109
1937 M S 10358 10458
91
Buff Koch & Pitts gen a 55
10312 107
10
50
1957 MN
6312 6512 59
Conaol 434s
5112 70,
4
171
/
4
1834
1732 24
3
112•Burl C R & Nor let & coil 55_1934 A 0 1712
2018
14
1812 .._
14
*Certificates of depoelt_ *1612
f•Bush Terminal lit 48
0
2
39
76
85
9212
85
1952 W41
44
39
1018
93 10312
3714 51
•Consol 55
1955 J .1
49
7612 Bush Term Bides Si gu tax ex
53,2 70
1980 A 0 57
8014
15
31
6978 8812 By-Prod Coke lit 5445 A
12
54
7738 8812
8312 8378
1945 MN
10412 11234
85/
1
4 10078 Cal 0& E Corp Ullf & ref Si
6 10238 10778 109
1937 M N 10814 10814
10212 11612 Cal Pack cony deb 55
16
80
1034 10552
1940 J .1 10334 10418
10018 10578 *Camaguey Sugar 78 crts
1942--2/
1
4 1.5
8
Da
10
9
/
4
Canada Sou cone gu Si A
101 38 104
79
10614 1131
10
1962 A43 10912 111
10712 11014 Canadian Nat guar 410
1
4
914 102 104/
1959 M S -----------11118 11312
30-year gold guar 4448
9114
10234 113/
1
4
1957 J .1 10234 10618 99
1111
/
4 114
9644
Guaranteed gold 5s
10718 118
/
4 10878 160
July 1989 1 1 1071
10618 11012
1034 120,2
964
Guaranteed gold 5s
Oct 1969 A 0 10838 11012 57
111 11378
96/
1
4 10778 11978
Guaranteed gold 55
1970 F A 10778 11012 48
9434
Guaranteed gold 414
10714 11734
/
1
4.June 15 1955 .1 I) 10714 10812 106
31
52
911
/
4 10314 11572
68
Guaranteed gold 4445
/
4 107
1956 F A 1031
9158
Guaranteed gold 4425__Sept 1951 Ni 5 1034 106
1044 11458
130
6372 9438 Canadian North deb guar 7__...1940J D 10312 104
10312 10732
28 1021a
80 10934
11712 125
45 10518
Debenture gold 6425
1946 .1 .1 11712 119
1934 2614
204 2512 Canadian Poe Ry 4% deb stock_
524
,
5112 8912
8214
8512 172
738 1914
Coll trust 444s
9914 104,4
1946 14 S 10138 102,4
51
88
50/2 6314
5s equip trust Ws
10932 11234
9432
13
111
1944 J J 110
1
4
Coll trust gold 55
8734 96
10114 107/
7314
Dec 11054 I D 10212 10412 56
102 1044
64/
1
4
9512 10338
140
Collateral trust 4443
19803 1 9838 100
90/
1
4 9478 Mar Cent lit guar g 48
95
19
40
48 ____
1949 J .1 *41
581
Caro Clinch & 01st
06
109
5
4
1
4 1073
95,2
1938 3 D 107/
10678 111t2
lit & cons g 85 ser A __Dec 15 1952 J D 10812 10812
891
/
4
10712 1 1013
7
101 1084 Cart & Ad lit IIU g 4s
88
71
78
78 ____
1981 J D .68
10134 10618 *Cent Branch U P lit g 48
241
/
4
2612 39
4
2612 2712
1949 J D
10012 10918 Cent Diet Tel lit 30-Yr rem
1 103/
1
4 10714 10958
19433 D 10812 10812
100 106
39
I•Centml of Oa lit g 55--Noy 1945 F A *35
39
47
50 ____
100 10312
13
•Consol gold Ss
8
2314
13
22
26
1945 MN
10412 110
•Ref & gen 540 seriee B
14
634
7
5
10/
1
4
1959 A 0 10
•Ret &gen Si series C_
10014 10578
6114 144
7
13
10
1
4
1359 A 0 8/
11212
1074
•ChattOlypur money it 48._ _1951 1 D •___
1914
_
1713
174 19
108/
1
4 11212
19
19
*Mac & Nor Dl, lit II Si
22 ____
19
1998 J .1 •____
110 11312
*Mid Oa & Atl D1y pur in 5i..1947 1 .1 •__ __
15
15
15
2278 ____
99 106
*mobile Div 1st g 05
1
20
20
22
25
__l948 1 ./
22
99 110/
1
4 Cent III Elec & Gas let 55
43
46
96
94
714 977s
1951 F A
9012 1031
/
4 Cent New Eng] 1st gu 4.
50
6734
1961 1 J
56
56
1
50
711
/
4 9212 Central of NJ gen g 65
10012 103/
39
/
4 102
1
4
90
1987 .1 J 1011
8812 8212
9112
78
General 48
8734 98/
15
1987 J .1
9134
1
4
90 100
For footnotes see page 1905
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
954
9512
M
101
6314
9314
86
7534
5212
3812
52,2
110
10014
103
103
64
-
-
NEW YORK
Telephone HAnover 2-7900 - A. T. & T. Teletype NY 1-911
Private Wires to Chicago. Indianapolis and St. Louis
,
,
1902
IIONDS
N T. STOCK EXCHANGE
Week Ended Sept. 20
New York Bond Record-Continued-Page 3
Sept. 21 1935
/My 1
1Week'.
Imp
Weer*
tt _
" Ranee or ; 1933 to
2
:
11ONDS
!Canoe
g_ 1933 go
Roam or
"i
t3
Friday':
gl Aug.31
v 55
Since
N. 7 STOCK =CHANGE
VI Aug.31
Friday's
Ih
.,o. 814 ct Asked 02 ce 1935
Week Ended Sept. 20
Jan. 1
...tr., Bid & Asked co ei 1935
Range
Since
Jan. 1
Hiss
Low Lots
Moe No
Low
High
Low Low
Moe No.
4 10611
1
104/
99
1945 F A 10512 10812 65
6512
9732 10314 Cool Gas(N I') deb Via
1024 94
99 108,
4 10712 73
1
2
88
1951 J 13 106/
9712 10218
6312
10112 25
Debenture 4348
10284 10612
93
10512 40
1967j .1 105
6914 9012
55
Debenture 52
8914 189
19
19
---*2412
7
2714
3614
J
1954
6512 000801 By non-cony deb le
52
49
69 ---,
3234
20
1955 J J ------------20
114 124
Debenture 43
4
1
121/
2 100
2314 25
3
1955 A 0 ------------234
42
6312 9012
Debenture 48
9012 222
4
1
29/
22
22
--,*2212
J
30
J
1956
4
1
10234 ---- 10212 10213 104/
Debenture 42
4412
29
10
pi
102 10813 •Cone Coal of Mil lot & ref 58_1950 .1 D 3618 3734 71
10734 233
3612 3712 69
44
29
10
*Certificates of deposit
83 10112 1014 10838
107
103 105/
98
2
4
1
11034 11318 Consumers Gas of Chlo au So .......1936 3 -13 10414 10434
11214 15 104
10422 109/
4
1
98
1952 MN 10438 10434 13
4 12012 Consumers Power let Si 0
1
9114 114/
11612 35
68
9912 104
1946' D 10314 10312 10
14
8312 108 11112 Container Corp lot 88
110
9714
83
494
4 9618 102
1
1943 .1 D 92/
84
15-year deb 58 with ware
10978 114
4 112
/
1071
93 100
6938
Copenhagen Telep 58 Feb 15 -1954 F A *914 934 ---105 108
96
_-,- --964 10414 107
1947 3 D 10418 10512 32
10278 10278 Crown Cork Seal of 68
85
--,
15
10114 105
75
8
1951 1 .7 10418 10412
9018 10518 11214 Crown Willamette Paper 68
11018
1
9714 103
4 102/
1
4
1
2 65
1940 M S 102/
87
3
10514 108
10714
Crown Zellerbach deb be w w
55
37
63
15
1942.8 D 5184 55
Cuba Nor By let 5348
108 110
99
10978 --1334
29
8
50,
1952.7 .1 4314 5024 92
Cuba RR 102 Si a
50
28
89
1318
50
8
463
D
.1
1936
A
42
1949
0
14
4482
3314
3314
5014
ref
lot
A
series
734*
Chic & Alton RR ref g Ogg
47
2314 47
44
15
84
10112 10614
1936 J 0 43
10338 33
let lien & ret ils sea B
19493 J 103
Chic Burl & Q-III Div 334.
10528 107/
4
1
1937 J .1 *10514 10614 -- 103
4 Cumb T & T 1st & gen 152
1
4 106 109/
1
92/
6
1949.7 J 10838 109
Illinois Division As
9,484 1054 11012
29
1958 M El 10612 107
General 4ti
67
4 9478
1
74/
8314 117
1044 10958 Del & Hudson lot & ref0
1943 to N 82
77
1977 F A 10512 1064 20
lot & ref Vie ear B
93
100 101
_ --„
1935 A 0 __,
56
8412 10714 11424
9
4 11014
1
1971 F A 109/
lot & ref 58 ser A
894 10284
-961/1 22 894
Gold 534*
1937 MN 95
73 86
53
-90
1934 A 0 *73
ifChicago & East Ill lot 68
16
4 10634 1074
1
93/
4 13
1
5/
Del Power & Light lot Vie -1971 J J 10632 107
513
4 1134 50
1
I•C & Eli! By (sew co) gen 52 - 1951 MN 10/
102 105
J 1,102
88
105 ---J
1686
lot
518
11
&
54
5
VEs
ref
11
10
*Certificates of deposit
1044 1124
93
1989 J j*10514 10612 --_.
1
8212 11112 117
lot mortgage 434o
4 11438
1
1982 MN *114/
Chicago & Erie let gold 5a
2712 2712
_ ---96
1938 F A
97
7
10382 10678 D RR & Bridge lot g 4s
1937.8 3 10578 106
Ch CI L & Coke lot go g 125
4
1083
1063
3
4
*10112-85
N
1024 10712
115
103
L
1884
Den
El
&
&
3538
_1951
1834
Gas
lot
2
ref
2312
58
f
'Chicago Great West lot 42--1959 34 5 2134
834 103 10714
1
1951 M N 10634 10634
224 --2012 34
2012
Stamped as to Penna tax
1959 ---- *22
*45 otamPed
23
23
1936 J J 2478 2812 44
894
15
2014 11
15
2214 •Den * R CI let cone g 42
1947 J .1 20
I•Chlo Ind & Louis.* ref 62
25
25
2
1936 J J 2612 2838
3912
1
1512
1522 2218
•Consol gold 4He
19473 J *2014 2014
*Refunding g be ser B
15
612
9
64 12
84
20
1584 2218 *Den & R 0 West gen 52 __Aug 1955 F A
2
1532
19473 J *20
*Refunding 40 series0
11
514
38
7
514
778
814
434
4
43
56
*Assented
(sub)
MN
to
714
plan)
7
1966
*1st & gen 58 eerie. A
114
114 2114
0 19% 1934 67
_418
4
7
44 , 814
638
*Ref & impt 52 ser B
AR 1978 6
-1966 J J
*1st & gentle seriee B-MaY.
8678 934
29
70
4 93
1
1956.7 J 92/
Chic Ind & Sou 50-year 48
214 318
3
34
312
25*
I•Dee M & Ft Dodge 48 ottil......1935 J J
72
65
CM
85 ---10612 11134 :Dee Plaines Val lot gu4348
1947 M S *57
99
5
1969.7 D 11024 11058
Ohio L S & Fast 1st 4lis
4
1
95
4 109/
1
105/
3438
1949 A 0 10518 10534 22
4 Detroit Edison 58 ser A
1
4 58/
1
34/
19893 i 4034 4514 30
*Chic M & SIP gen 4280? A
8
1051
110
8
1052
4
1
/
92
105
9
D
J
-35
35
55
4314
1955
ref
B
&
tieries
Gen
52
4
1989.7 J *393
*Gen g 310ser B May 1
93
10814 11012
48
11
1962 F A 1094 10914 20
6218
36
Gen & ref 55 aerial C
36
1989 J J 45
*Gen Via aeries C_May 1
8518 10612 11338
5
3812
364 6234
1981 F A 11114 11134 13
Gen & ref Vie series D
*Gen Illis aeries E_May 1 --.1989 .7 J 4812 4712
9012 10812 11114
1952 A 0 10914 1094 13
384 6484
4878 ---I 3612
Gen & ref 58 series E
*Gen 4148 series F__May 1 _1989 J J *____
1995 3 D .30
35 --. 20
26
30
4
1
9/
1338 267
8 26 •Det & Mac let lien g 42
9,
stiot00 milw 02 p & pa° 58 A
1925 F A 12
30
26
3412 -___
54 282
412
1995 -- - *30
*10t 48 assented
24 718
212
Jan 1 _2000 A 0
*Cony adj 55
1212 1572
1995 3 13 *1534 30 --, Ills
11 3014
3014 4812
*Second gold 48
4 361/4
1
Pottle & No West gong 8348-1987 MN 36/
10572 112%
7
84
1961 M N 11112 11112
53
34
Detroit River Tunnel OM
71 34
40
1987 M N 39
*General 40
102 104
37
3, 354
4213
3518 53
Donner Steel let ref Ts
1942 3 3 *10312____.-.
•Stpd d5 000-P Fed Inc ta x _1987 M N 40
1 102
4
1
10714 108/
1937 A 0 10712 1713
36
8
41
36
5772 Dul & Iron Range let 58
48 sled Fed Inc tax---1987 M N 40
/
*Gen 41
3112 58
20
49
10
1937 J J 47
4 614 Dul Sou Shore & Atl g 58
1
36/
444 13, 3634
1987 M N 42
*Gen bs etpd Fed Inc tax
104
0
10418
A
7
9914
4
0
1
110
42
--,,1
47
41
41
4
1967
Duquesne Light lot lie•
1987 M N *__-Mlis stamped
1
9984 110 11312
110
1957 M B 110
444
4412 70
1s1 M g 434o aeries B
1936 M N 4638 4914 03
Secured g Via
164 31
164
4 1912 10
1
May 1 ._._2037J El 18/
let ref g 58
74 21
614
20
18
15
*Mast
Cuba
28
13
M
(lug
14%
15-yr 8 f 7345 _1937
1428
1778 39
let & ref 43.40 stpd_May 1 _2037 J 13 1718
East By Minn Nor Div let 48 _1948 A 0 *103__ -., 8912 1014 105
1734 19
1418 28
144
lut & ref 41.40 ear C_May 1 ____2037 3 13 1678
11112
MN
96
9
79
13
223
IGO
99%
Vs
4
T
N
103
9
Ga
East
A
94
1958
2212
Dly
M
58
let
1949
48 series A
/
*Cony 41
1984 10834
99
1939 1 J 10812 1084 10
Ed El Ill Bklyn let cons 48
i/*Chicago Railways let 58 stpd
128
12 107/
4 12372 128
1
Ed Eleo(N Y) lot 00E18 g 58
F A 75
6614 79
1
1995 J .1 125
4
1
42/
75
Aug 1 1933 25% part pd
414
32
3118
32
3
324 4575 *Et Pow Corp (Germany) 634o_1950 M 18 32
324
1988 J J 3324 3778 27
/*Chic RI & P Sty gen 48
40
32
1
30
32
*I
3218
824 43
1953 A 0 32
_ *3412 40 ---,
*Certificates of deposit
MN 10812 10812
1085*
6
10414
45
89
1941
13
&
12
Joliet
East
Elgin
1st
17
0
-141014
52
g
1014
.
1934
48
gold
1•Refunding
92 10134
8 814
1965 A 0 10012 101
El Paso & SW let 52
16
10
1214 1284 2
10
_1
*Certificates of deposit
10178 10612
_ ---90
1949 J .1 *10524
Erie & Pitts 2 aU 334ii ser B
1012 18
104
13
1952 M 5 1234 131
**Secured 434* miles A
*10558
4 10612
1011
90
17
--,12
1
0
1212
1Series
J
3
1018
Vie
_
12
C
16
a
940
1
_
4
101
*Certificates ot deposit
974 102
1960 gig
514
69
64 35
44
412 10
374 9812 34
Erie RR lot cons g 42 prior
99 J
"Cony,4340
80
70
52
lot consol gen lien g 45
1996 , 3 7712 7834 63
4
1
104 105/
99
75
1
PODU coil trust gold 0
96 10578
1951 F A *1054 10524 ---June 15 1951 J 13 10212 10212
Lib St I.& N 036
78
65
504
91
7714
764
0
A
1953
Cony 48 series A
884 89
6312
-- ---Gold 334s
June 16 1951 J D
78
88
65
5012
7714 26
75
1953 A 0 733
Series B
*7712 7912 -„, 59
1951 J D *80-Memphis Div lot ads
76
76 -.-68
62
Gen cony 42 series D
2578 76
'BP
21574
1953 A 0 *72
19603 D 7412 76
Chia T Fl & So Eaet 101 36
464
5212 7414
140
71
1987 M N 69
Ref & impt 58 of 1927
6218 63
134 63
1313
Dee 1 _ _1960 M 13 59
Inc gu 58
52
744
4
4
3
67
468
269
7012
0
8
&
1091
e
10812
A
Ref
58
1061
impt
10712
of
9344
15
1930
J
1975
3
1983
lot
A
434*
Stan
ffU
Clue Un
4
1
9014 1144 117/
4 18
1
116/
Erie & Jersey lot 2f es
1 WO
10632 11014
1955 1 3_ 116
1963 3 .1 10712 10712
let fs series B
9212 1124 1174
2
4
1
Geneesee River lot of 68
10618 10812
1957 1 r 116,4 116/
95
5
1944 J D 10814 10814
Guaranteed g fa
4
1
/
*10918
109
105
---86
-___
10512
2
10612
&
1061
Y
N
RR
10512
Erie
4
/
10612
ext
J
M
J
4a
let
1947
N
1944
Guaranteed 4s
8d mtge Vis
40 10718 10718 10934
19633 .8 1074 109
1938 M S _
lot mtge M series 13
ma
84
ill; -Iii
8 --- 68
4 Ernesto Breda 70
1
92 100/
1954 F A ----- 1871952 J 3 964 98
((31110 & West Ind con 40
102 107
82
8
----- NI S 10434 1054 1_
let ref 53.48 eerie/ A
9612
81
103 107/
4 Federal Light & Tr hit SO
1
8 60
i 103
1942 rol e 95
954
1962 Ill 6 10412 105
1st & ref 542series0
83 96
1942 M 13 *93
75
96 ---27
58 International series
3014
6612
5184 68
65
0
A
1943
fs
deb
Co
Childs
4
1
96/
4
3
79
14
69
953*
f
2
95
lien
lot
5s
S
M
4
1
/
99
stamped
79
1942
46
9912 202
1947 1 J 99
Chile Copper Co deb lie
804 101
5912
15
lot lien 68 stamped
414
37
86
36 ---1942 M 5 9912 100
1952 M N *25
Milo° Okla & Gulf eons 58
464
6335 94
1
1 D 9112 9112
1954
V
105
deb
-year
88
30
B
merle('
10714
4
1
/
101
10412
8772
0
A
1968
A
Cin 0& E let M 48
87
58
72
2
60
1946 3 1 58
3
8872 10212 10324 Fiat deb e f a 711
1937 1 .1 10314 10314
Cin H & D 25 gold Vie
434 47
26
t•Fla Cent & Penin Si
1943 J J 545*-- ---,
9712 10112 103
Cl St L & Clot g 4s_Aug 2 _1936 Q F •I0218 ---- ---5022 67
68
3
*444541:
D
J
Vis__1959
/*Florida
Coat
et
East
,
10314
4
1
/
100
82
MN
---*10212
--1942
Cin Lob & Nor let con au 48
812 57
712
fps
678 1272
fog
2 97113 109 11134 *let & ref Si sales A
1974 M S
2020 3 J 109
On Union Term 10t Cis A
512 12
3
54
7
678
____
*Certificates of deposit
9874 110 113
20203 J 1105* 11034 39
let mtge Si aeries B
Fonda
Johns
&
11412
Glov
4
1
/
111
1952
434e
100
113
8
23
1127
MN
1957
1st guar 52 series0
412 6
MN
412
12•Proof of claim filed by owner_
*413
978 ---6212
__- ---6912 78
1940.7 J *71
Clearfield Bit Coal 1st 42
(Amended) 1s1 cons 2-4e
19i2
7812 ___ ____
-_--,--1943 J .1 *103
Clearfield & Mah lot an 52
3% 5
3
1
4
1
3/
4
/
31
17•Proof of claim flied by owner- M N
4
3
2
4 ----,,--; *34
*Certificates of deposit
89 101
65
96
4
1993 J 13 96
Cleve Cin Chi & St L gen 42
4 103
/
1011
83
D
---U
--Si
lit
Co
Fort
g
112
4
108
494*
103
---3
9212
--1
.
1941
*961/4
D
1993.7
General Si eerier) B
4
1
/
100
106
D
104
1
J
9478
0412
10
---&
C
1961
Den
let g 634s
93 10114 Ft W
73
1941 3 J 10014 10014
Ref & Inuit CM aer C
110
4
9434 106 11012
8512 Framerican Ind Dev 20-yr 730 -1942 3 3 108
60
60
.1 8434 8512 96
1963
Ref & impt 58 ser D
4
1
/
46
3518
MN
36
23
23
1942
lb
197
ltrt
50
Sug
/*Francisco
f
2
7612
50
730
774
4
3
74
1977.8 .7
Ref & impt 494o isar E
1
gips 10338 107
1939.8 J 10514 10514
Cairo Div lot gold 42
76 84
72
87 ____
A 0 *82
1938
&
Roue
A
Hand
5
let
2
lis
Galy
93
911
8
9112
58
14
87
.1
3
1991
let
M
42
Cm n W &
Div
4
2
2384 101 105,
1943 F A 1035* 104
3 66
96
88
Gannett Co deb es set A
1990 MN 9114 9114
St L Div lot coil Ira 48
1949 J D
___ ---, 10338 11512 1174
1
10312 10312 Gas & El of Berg Co cons g 51
85
1940 M 5 10312 10312
Spr & Col Div let ado
B
IN
55
1934
5514
3
117364
55
75
65
Mining
olGelsenkIrchen
9518
95
*95
J
--------72
1940
W W Val Div lot e 48
99 105
15
7812
1952 F A 10012 102
10832 10514 Gen Amer Investors deb lis A
Cleveland & Mahon Val g Si .._1938J J *1054 --------87
96
86
66
72
1947 3 J t1378 98
__ Gen Cable lot of Via A
--------11011 --_
1942 A 0 *110
Clay & P gen au 414e see B
604 50
473
I
4
3
48
J
15_1945
325*
Jan
75
(Germany)
Elm
*Gen
8
---*1023
-105
105
-105
1942 A 0
Series B Vie guar
50
40
1940 3 0 *464 5234 ---, 33
hi f deb 6940
---- --- 10014 107/
4 112
1
J *109
1942
Series A Via guar
4912
Mt
304
17
1943 MN 4712 48
*20-year of deb 621
--------90
1948 M N *102
Series 0394. guar
904 10212
76
2
10218
.1
10213
----------deb
3
,
Seri
1939
Pub
Gen
534e
4 ---- ---- .
1
1950 A F 0104/
Series 13 Illis guar
94
54
54
10512 10512 Gen Steel Cast Vie with warr _ 1949 .1 .1 8114 8213 10
-1977 F A *10512 --------91
Gen 434, ser A
612 16
218
1514 127
____ ____ 1/*Clen Theatres Equip deb 62_1940 A 0 14
19813 3 *10518 ____ --- ____
Gen & ref mtge 4lis eer B
64 16
24
36
*Certificates of deposit_- •1418 15
18
11
9
19453 3 1314 15 ---731e 10013 10714 /*Gs & Ala By lot cons 58
6
,_
1961 A 0 10678 107
Cleve Sho Line lot ffU 4348
24
18
18
1
18
18
it•Ga Caro & Nor let ext Si
1934 3 J
927e 104
74
10312 45
1972 A 0 103
Cleve Union Term an Vie
34
3
34
46
364
33
0
A
1946
85 10014 Georgia Midland 1st 311
59
71
100
-1973 A 0 99
lot. f be Seam B guar
94
go
68
58
1977 A 0 9114 92
lets f Cie series0
4414
33
34
1
Me 104 10713 *Good Hope Steel& 1r sea 78_ _1915 A 0 3314 3314
-,- ----,
D *1063
1945
Coal River Ry lot au di
8
,
10818 23
4 109
/
8912 1071
19473 3 108
Goodrich(B F)Co lit 634e
67
38
_
1
'
38
67
4J 8612
1938
*Colon Oil cony deb (is
924 10112
63
142
9912 101
D
J
1945
6e
deb
9118
Cony
90
i
9113
A
551
F
6615
5
___1943
t•Colo Fuel & Ir Co gen of tie
106
10312
104
N
1044
115
4
1
83
M
1957
Goodyear Tire & Rub lot 58
1512
84
22
*)Col Indus let & will 58 gu---1934 F A 2914 3112 148
8212 974
2 824
954
19383 D 95
5614 74
50
7314 Gotham Silk Hosiery deb tle
50
1980 MN 55
Colo & South 4315 ear A
4
1
36/
8
17
1940 F A 2812 2834 20
li*Gould Coupler lot 8 f 132
101
101
1015*
101
2---1942 1 D *22
97
69
&IOswegatchle
Golly
5912
Columbia G & E(Tebbe-- May 1952 M N 9414 9614 93
4 in au a 1st 52
,
4
,
685, 97 or it
6o2,
26
1941 J J *luive-- --2, 9154 10413 10812
434o
Debenture 52
Apr lb 1952 A 0 954 98
1940 A 0 10213 10258 24 10135 10212 10614
4 65
1
j 9412 95/
Jan 15 1961
58
88
4 Grand Trunk of Can deb 75
1
96/
Debenture Si
104 1074
10414 30 10014
1536 m 5 104
10214 11034
94
Deb guar 82
1948 A 0 *10934 11014 ---90
Col & H V let ext ads
_ __
90 90
1947 J D *80
2
lot
73
10614
55
Term
au
Point
984
8
10614
1073
Grays
J
PAL
let 4%C.-1957
Columbus By
581
8684 97
HI
5
4
9
9312
A
F
V
1944
9914 10614 11212 (It Cons El Pow (Japan)72
1942 A 0 11034 111
Secured eon, a 5142
66
7832 9034
1950 3 .1 9012 9034 33
4 11212
1
105/
91
lot & gen 2 1 634*
11212
7
1955 F A 112
Col & Tol 181 ext 411
9912
82
714
4 9914 421
1
12
1936 3 J 98/
9512 1104 11212 Great Northern gen 782er A
1949 F A 11118 112
Comm'l Invest Tr deb Vie
96 10512 1
6312
1981 J J 10414 1053* 45
100 10314
let & ref 442 series A
1943 A 0.102
--------92
Conn & Paasum Ely lit 48
75 10212 T
64
102
78
1952 3 J 101
8818 10612 10772
---- ---General 5948 series B
J *109
1951
Conn Ry & L 102 & ref Vie
98
98
69
72
67
1973.8 j 95
General 58 series C
1951 3 J *10712 --------9618 106 10812
Stamped guar 494o
8912
63
4
1
1 8712 8934 107
53/
1976
General 434o series D
*Consolidated Hydro-Elee Works
6284 8912
634
211
J
7
6
8714
1977
195
893*
j
"2814
31
j
E
...eerier]
4;48
29
General
29
414
78
of Upper Wuertemberg
Lew
1949 F A 1014
Cent Pao lot ref iill g 42
1954 A 0 10012
Through Short Lilt all 45
1960 F A 8712
Guaranteed ale
Cent RR & Bkg of Ga coil 58 -1937 M N *6312
1941 MN 12112
Central Steel 1st g Of 83
1948 M 8 8634
Certain-teed Prod alio A
1936.7 3 *____
Charleston & Say% let 72
1947 MN 10512
Champ Corp cony 58
1944 3 D 10512
10-year cony coil be
4
1
1939 MN 111/
Chee & Ohio lot con g 58
1992 M S 11514
General gold 4348
1993 A 0 109
Ref & Imps 4348
1995.7 3 10778
Ref & impt 434.set B
Craig Valley lot 58--MaY --1940 J 3 *105
1946.7 J *---Potta Creek Branch lot 42
1989.7 3 11018
R & A Div lot con g 48
1989 J .7 *10714
25 consol gold 48
1941 M S *106
Warm Spring V let g bs
For footrimea me page 1905
New York Bond Record—Continued—Page 4
Volume 141
74. ....
BONDSt..7'O
N. Y. STOCK EXCHANGE
Week Ended Sept. 20
Wea 1
July 1
/tango se
1933 to
4
7.....,
Friday's
LIN, Aug.31
...C.. Bid ot Asked ot1.33
1935
Range
Since
/an. 1
BONDS
N. T. STOCK EXCHANGE
Week Ended Sept. 20
1903
Week's
July 1
.
7:
Rang. or
9,;
1933 to
:.! o
53
.7:
Friday.
,
1.2,.. Aug.31
4
1935
:lit Bid it Asked 65,
Rang*
Since
Jan. 1
Low
Elio) No. Low Low
Mph
Low
17104 N,,
Low Low
Hie
*Green Bay & West deb etre A
Feb *4258
26
1944 A 0 13231 13334 46 117
391a 381s Liggett & Myers Tobacco 711
130 13418
•Debentures etre B
Feb
6
712
7
3
1951 F A 120
123
312 84
11 103
58
1154 123,
8
Greenbrier 117 let gu 4s
1940 MN *105
8814
Little Miami gen 4e series A
1962 MN *105
_ _ ____
104 104
8112
Gulf Mob & Nor let 54813
65
1950 A 0 79
50
83
5358 S3
Loew's Inc deb a 16*
1941 A 0 10414 104-58
76
10318 106
26
1st mtge 55 series C
1950 A 0 74
79
50
76
79
4912
Lombard Elec 7a ser A
1952 J 0 45
4534
41
12
8012
41
Gulf &S I lat ref & ter be -- -- Feb1952 l 1 *51
664 6614 Long Dock consol g 6e
--------55
10058 32
1930 A 0 100
9712 100 1034
Stamped
1 1 *51
4912 5018 Long Island gen gold 4s
494
11
1930 1 D 10458 10458
9814
1044 10514
Gulf States Steel deb 534e
9834 100
1942 1 D
90 100
20
50
Unified gold 45
17
8714
10314
100 105
1949 M 9 100
Hackensack Water let 4a
1952 J 1 *10634 10734
9512
10512 108
20-year p m deb 5,3
1937 M N 1034 10314
1024 10438
3
924
*Hansa SS Lines 8s with wars __ 1939 A 0 *3818
44 ____
31
3918 4638
1948 M 9 101
Guar ref gold 4s
10112
7
8534
101 10518
•Harpen Mining 65
331.2 3312
1949 1 1
3312 4912 Lorillard (P) Co deb 76
4
3411
11 110
1944 A 0 130
130
1254 13238
Hocking Val let cons 644*
17
1999 J .1 115
91
11538
11258 11712
be
20
9858 11218 11814
11814
1951 F A 118
(('hoe (1)& Co let 634e ser .4_1934 A 0 *31
35 ____
20
30
42
Louisiana & Ark let Ss ser A
7458 7614 82
1969 1 J
3812
58
7612
'Holland-Amer Line 60 (flat).- 1947 MN
____
1212
13
15
Louisville Gag & El(KY) ba
14
86
10714 114
1952 MN 11112 112
Housatonic Ry cons 65*
*79
1937 MN *1295
81-4
3 ____
70
70
Louie & Jeff Bdge Co gu g 48 __ _A945 M S 10612 10612
7518 102 107
2
H & T C 1s8 g ba Int guar
1937 J J *102
10438 10684 Louisville & Nashville 55
9058
14 100
10614 1074
1037 M N 10638 10638
Houston Belt & Term 1st 58
1937 .1 3 *1024
89
101 10312
8812
Unified gold 4e
10418 10818
1940 J .1 10612 10718 46
Houston 011eink fund 54s A _ _1940 MN
97
61
9712 14
85
98
1st refund 534* aeries A
81
10334 10712
16
2003 A 0 10512 106
Hudson Coal let a 1 baser A
1962 1 D
4218
4358 100
35
35
1s1 & ref ba series B
4478
10612 30
8078
10334 107
2003 A 0 106
Hudson Co Gas let g ba
1948 MN *11758 11814
1014 1134 11978
1st & ref 44a series C
74
102
9812 104
38
2003 A 0 101
Bud & Mantua let ba ser A
1957 F ,3
8412 8514
41
9038
6334
Gold be
80
9812 10614 109
108 ____
1941 A 0 *107
*Adjustment Income be __Feb 1957 A 0 35
36
70
2534 3978
2534
Paducah & Mem DIY 4s
102 105
1
1946 F A 10458 10458
82
St Lout. Div 2,1 gold 38
79 ___
5412
74,2 8312
1980 M F *78
Illinois Bell Telephone 5e
1958 1 D 10534 10678 50 10312 1053t 11114
Mob & Montg let g 4 4s
10858 Ill
2
92
111
1945 M S 111
Illinois Central let gold 4ti
1951 1 J *10283
103 10012
South Ry joint Monon 4s
56%
8278 ____
77
86
J J *81
1952
151 gold 34s
7612
1951 1 J *10114 10312
99 103
Atl Knox,& Cin Div 48
105 108
7
1955 MN 10614 10634
80
Extended let gold 334e
1961 A 0 *10114 10312
9918 102
78
*Lower Austria Hydro El 6345. _1049 F A *_
99
88
444
91 ____
let gold 3a sterling
1951 M E
_ ____
68
Collateral truat gold 48
73,
1952 A 0 *7518--8
764 28
67 -834 IIMcCrory Stores deb 5345
57
1941
Refunding 45
15
564
76
674 8638
75
1955 MN
Proof of claim filed by owner
8134 10758
4612
1024 103
8
Purchased line, 334e
7112 ____
1952 J J *70
70
71
66
McKesson & Robbing deb 548_1950 M -1.1 10034 101 1 2 97
9334 10112
5„3
Collateral trust gold 46
5912 7512 11:•Manati Sugar 1st a f 7345____1942 A 0 *22
6112 64
1953 MN
5284
39
35
11
2612 ---v
Refunding ba
7014
747g 94,2
87
1
1955 MN
87
*Certificates of deposit- *2112 2932 _ _
814 31
712
15-year secured 634a g
1936 J .1
95
1
82
9'
90 101
it•Stmpd Oct 1931 coupon- —1942 -A -0 *21 12 --------64
84 32
60-year 431s
Aug 1 1968 F A
155
4212
52
5512
4212 6318
4
12
2112
*Certificates of deposit
Cairo Bridge gold 4a
1950 J D 1014 31014
9858 10212
2
704
4
I t•Flat stamped modified ____1942 ---- *2112 2938 __-94 3012
Litchfield Div let gold 3a
1951 1 .1 *8518 8612
81
8812
7338
'Certificates of deposit_ *2112 2514 __,..
712 35
74
Louis,
/ Div & Term g334* .._ _1953 J 1 92
9.,
895s 95
5
654
2•Manhat Ry (NY)cons g4* ___1990 W -0 69
7S3s
50
7238 171
35
Omaha DP, let gold 3e
68
1
1951 F A
60
68
6518 77
47
*Certificates of deposit
7512
35
96
69
68
--St Louie Di,& Term g 35
1951 1 .1 *75
79
61
•211 4s
76
74
3712 65
27
8
5812 5912
2013 1 D
Gold 331a
634
80
1961 J J *
81
8714 Manila Elea 1110 & Lt a f 55
90
1953 M 51 *8614
931
97 ---82
Springfield Div 1st g 34a
9718 9712 Manila RR (South Lines) 4,3
1951 1 J *99
67
494
90 __
68
75
1939 M N *8018
Western Lines 1st g45
1951 F A *8312
75
854 8912
let ext 48
1959 M N *6212 6512 ---6812 70
51
III Cent and Chic St LA NO—
(*Man GB & NW 1st 334s
50
1941 J ------48 ____
Joint 1st ref 513 series A
86
5212 7888 Mfrs Tr Co etre of partic In
6334 66
1963 J D
525*
let & ref 434e series C
6112 21
59
1963 J D
4934
4934 7334
A I Namm & Son 1st 68
2
60
9212
92
1 D
1943
7114 95
Illinois Steel deb 430
12 10114
1940 A 0 10858 109
Marion Steam Shovels f tis
106 109
41
55
7534
7534 32
1947 A 0 7212
•Ileeder Steel Corp mtge 85
34
34
1
31
3234 4314 Market St Ry 75 ser 4_49111 __1940 Q .1
1948 F A
60
92
63
00
10
92
Ind Bloom & West 1st *71 45
8912
104 104
1940 A 0 *102
Mead Corp 1st 62t with warr
794
1046
99
47
m
99
N
58
9714
Ind Ill & Iowa 1st g 4a
3
1950 J J 100
72
10012
954 10012 Meridionale Else 1st 75 A
45
98
24
1957 A 0 45
50
50
I•Ind & Louisville let gu 48
*73*
1958 1 J
7
7
16
Metr Ed let & ref 5s ser C
8,2 77
10218 108,8
3
1953 J 1 107
10718
Ind Union Ity gen 65 ser A
96
1965 J 1 *10534 1081^
104 10634
let g 4 lis series D
1968 M 8 10758 108
67
8 10818
9157
17
OCII tk ref be aeries 11
108 1061" Metrop Wat Sew & D 534e
1965 1 1 *107
9814
10712 _
74
96 10134
1950 A 0 98
9912 14
Inland t.teel lat 454 ser A
1978 A 0 105
10512 35
103,
4 10738 (('Met West Side El(Chic)4a _ —1938 F A
79
914 1712
17
8
9
17
let M a f 434a ser 13
38
laY' F A 10412 10514
80
178
1034 10614 •Mex Internal 1514,send
1977 M 4 *
2_
*Magi Mill Mach 1st a f 7,
:1
30
56
13195f1 1 D an
a29
tInterboro Rap Tran 1st ba
1966 1 1
8114 9412 Michigan Central Detroit & Bay
904 9212 369
5434
Certificates of deposit
39
8912 91
8678
8678 9214
City Air Line 45
10012 10414
1134
7
1940.
1 J 10214 10212
(90-year thi
1932 A 0 73
78
256
8412
1914
50
Jack Lana & Sag 331e
8318 904
834
90 ____
1951 M 6 *81
*Certificates of deposit
4812 81
2014
1st gold 3348
7012 7312 35
9
8412
)9312
1004 10558
1952 M N 103
(90-year cony 7% notes
1932 M 5 9038 9214
95
Ref & impt 434a series C
84
58
5712
934 9911
1970.8 .
1
984 9814
7
70
*Certificates of deposit
59
5712
82
8912 91
9412 Mid of NJ let ext 5a
6638 80
614
1940 A 0 *70
7258 ___
Interlake Iron 158 58 LI
78
23
77
1951 MN
50
8212 Midvale St & 0 coil tr a f be
90
72
10134
10312
1938
4
1017
M
0
8
1013
lot Agric Corp 1st & coll tr 38—
774 101
Milw El Ry & Lt let ba B
57
45
1961 1 D 10014 101
Stamped extended to 1942
MN
98
98
7
52
let mtge iss
58
914 9934
7611 10012
39
1971 1 1
9914 10014
Int Cement cony deb ba
1945 MN 1034 10334 58
74
9712 10412 4f*MIlw&Nor 1st ext 4345 (1880)1934 1 D *_
6214
93 ___
IIIInt-Grt Nor 1st 65 ser A
32
1962 1 1
3412 21
25
2512 41
1st ext 434*
Li -77
77
75
i 581
1939 ---*Adjustment 68 eer A ____July 1962 A 0
8
44
44 1114
914 37
Con ext 445
5612 6534
56 2
6312___
*56
„-,_
1939
•let be series B
2814
1956 J 1
3034
23
15
23
3814 IMII Spar & N W 1st en 4e
3412 53
3458
10
4034
1947 m 8 3978
•Ist 65* aeries C
1956 / 1
29
3034 46
23
23
3734 2•5.111w & State Line 1st 334s__....1941 1 1 *55
6438 6438
604
70 ____
Internal Hydro El deb Os
1944 A 0 434 4814 163
2814
5
2814 564 2'Minn & St Louis 5e etre
3
4
N
412
M
1934
5
84
Int Mere Marine a f 6s
12
1941 A 0 5712 5934 51
41358 61
37
•les & refunding gold 48
12
212
19411 M 8
114
4
1
Internal Paper be ser A & B
78
1947 1 J
SO
41
80
58
47
I
*Ref
1
&
ext
112
F
*1
1082
Q
5
50-yr
__
be
mer
A
Ref a f 6s series A
58
io
1954 /08 E
314
6078 96
3558 6114 M SIP & SS M con g 4s1nt gu
263,
263
4
37
31
J
1938
.1
33'2
Int Rye Cent Amer let be B
8113 83
1972 M N
11
454
70
83
1st cone 58
197* 30
1938
3
1038 1 1 2812 281
let coil trust 6% g notes
8278 85
1941 MN
8
494
744 854
1st cons 55 gu Its to int
4218
31
31
39
27
374
1938 -1 .1
1st lien & ref 6 48
1947 F A
77
77
1
4312
68
8112
16
let 9. ref 88 series A
_ _ ___
1812 2
1946J 1
Int Tele') & Teleg deb 64345
66
1952 1 1
6934 06
50
7212
37
25-year 5348
17', 26
24
15
2412 20
1949 M 8 *27-Cony deb 44*
74
1939 1 J
78
297
42
584 8312
let ref 545 series B
6712 8512
844 54513a
1978 1 1 82
Debenture 58
6912 7312 208
1956 F A
40
5512 7634
85
let Chicago Term 5 f 45
-------1941 M N *50
Investors Equity deb 55 A
1947 1 D 102
102
11
801e
99 104
Deb be ser B with warr
gg 1034 14.13,10-111 RR 1st be miles A
1948 A 0 101
101
2
82
12
33
26
18
2434
30
1958 1 J
Without warranta _ _ __ _ _ _ _194Y A 0 100
9
10012
82
1990 1 D 6012 64
99 10314 Mo Kan & Tex 1st gold 48
6012 895s
74
66
(*Iowa rentrAl Ity lot A refg
34
48_1951 51 8
31
1
13
Mo-K-T
4
3612
RR
36,
73
17
2
.1
3834
14
J
or
nen
64
1962
42
be
ser
A
James Frank de Clear 15t45
1959 1 D 81
8112 33
65.21
74
8334
40-year 4s series 13
32
62
3718
15
1962 1 1 34
33
Prior lien 431e merles 1)
3414 64
3414
3
1978 1 1 3512 3634
Kai A & CI R let gu g 55
1938 J .8 *100
101
99
9912 101
12
*Cum adjust bs ser A
3812
12
16
103
Jan 1967 A 0 14
Kan & M 1st gu g 45
1990 A 0 *97
101
70
20
t•Mo Pao 1st & ref 58 ser A
97 103
20
30
2412 2638 46
1965 F A
1•1( C Ft SAM Ry ref g4,1936 A 0 3411 36
38
2934
2934 41
19
19
274
_-__ *2418
25 __
•Certlfic-stes ot deposit
•CertifIcatea of deposit
A 0 34
3414
7
28
28
394
*General 4e
1975 M 8
54
838 5
-7
54 11,4
738
IC C Pow A It lot nage 4 45____1961 F A 11134 112
27
96
11014 114
*1st & ref 55 serlee F
1912 30
1912
264 167
1977 M 8 2414
Kan City Sou 1st gold 3a
1950 A C
70
72
43
514
6912
deposit_
'Certificates
784
2714
1812
2418
1812
24
6
of
Ref & impt be
Apr
6134 6312 26
_1950 J J
53
53
7412
*let & ref Sc series 0
1934 2934
1934
26
14
1978 Si-81 2434
Kansas City Term let 45
1960 1 J 10558 10612 41
8412 10538 109
184
*2418
1878 27
*Certificates or deposit26 ___
Kansas Gas & Electric 4345
1980 1 D 104
2
10414
7034 10014 105
*Cony gold 53413
20
514
334
6
334
1949 I-Vi N
778
•Karatadt (Rudolph) 1st 65
1943 M N
40
40
5
1334
32
45
*1st & ref g 5a series 11
1913 30
1912
59
1980 A 0 2512 26
•Ctf5 w w stmP (par S615)
1943 ---- *2412 2712 _--_
42
26
13
1958 26
*Certificates of deposit_ *2418
104
.____
*Ctrs w w strop (par 1925)
1943 ---- *324 40 ____
2514
25,4 38
*1st & ref bs series I
194 30,4
1912
264 81
1981 --.I, 2434 --•Ctfs with warr (par 8925)
2718
2718
4
1943 ___
2912
2612 31
1878 27
*Certificates of depoalt
1878
. 2334 244
19
Keith (Is F) Corp 1st 8a
1946 M 9 88
8912 22
44
874 9212 •Mo Pac 3,17, ext at 4% July ___I938 iviN *80
895
8
___
76
83
83
7
8
Kendall Co 545
1948 M S 10318 10312
6
88
1014 1035a Mob & Birm prior lien g Se
85
85
85
85 1 *81
1945 J .
Kentucky Central gold 4e
106
1987 / 1 106
10713
3
80
10412
Small
70
85
70
8058
J J *70
Kentucky & Ind Term 43418
90
9212
2
1981 1 1
73
77
9512
1st
51
gold
353
48
8
J
*46
35$8
48
J
45
1946
Stamped
1961 1 J 100
10018
6
80
95 10112
Small
40
57 ____
3 J 4.43
3958 4478
Plain
93
_ ___
1961 4 .3 91021
99
99
L•Moblle & Ohlo gen gold 4e____1938 M S 5- -88
--3,
9
Kings County El I. & P1518
--7,- .-_-.0 103
1937 A 0 10812
210813
_10814 10834
*Montgomery Div 1st g be__ _ 1947 F A 01012 al012
1
v
v
-10'3
Purchase money 68
1997 4 0 *14518 155
118
14512 150
•Ref & inapt 434a
1977 M S •512
8 ___
412
911 9
Kings County Eley 1st g 4e
1949 F A 101
10112 14
68
94 103
*Sec 5% notes
7
b
7
912
1938 M S
Kings co Lighting lat be
3
5
114
1954 1 ./ 114
1 10034
110 1144
First and ref 64a
1954 J .1 *101
120 ____ 10512
118 122
Mohawk & Malone 1st gu g 4s
70
79
5
8112
1991 131 S 81
8512
Kinney(GR)& Co 74% notes _1936 .1 D 10418 10418
3
774
10014 105
Monongahela Ily lot M 43 ser A 1960 51 N 103
10378 123 10212 10212 104
24Kreuger A Toll cl A 5s etfa__ 195g M e
3318
3458 118
10,4
2614 3714 Mont Cent 1s1 gu 6a
87
10018 10312
7
1937 J J 10312 10312
let guar gold be
9738 102
7958
101
2
1937.8 J 101
Lackawanna Steel latbm A
1
1950 M 9 10612 10612
9412 10538 1094 Montana Power let be A
9312 10718
8
77
1943 J J 10612 10658
Laclede Gas Lt ref & ant Is
10158 76
1939 A 0 100
90
974 10218
Deb Is series A
98
97
9738 22
67
1962 1 D
60
,
2
Coll & ref 531s series C
.4
7212 7714 36
1953 F
594 81
464
Montecatini
Min
&
Agric—
Coll & ref 634e series D
7112 7614
1960 F A
26
46
59
80
Deb g 713
66
9
94
7452
1937 1 1 66
67
Lake Erie & West let g be
6
1937 1 J 10212 103
77
10114 10334 Montreal Tram 1st & ref ba
9614 10112
1941 J 1 10112 10112
1
88
2d gold 55
98
1941 J 1 *
85 10038
81
Gen & ref 5 f be serlee A
77
86
704
86 ____
1955 A 0*_
Lake Sh & Mich So g 34s
984 99
12
1997 1 D
79
974 10212
Gen & ref a f 5a series B
____ ____
1965 A 0 ____
7234
8512 8512
•Lautaro Nitrate Co Ltd 85
1634
1838 265
1954 J .1
434
7
19
Gen & ref a f 4 45 merles C
1965 A 0 *76
6334
__-- ____
734 7838
Lehign C & Na, a f 4 4* A
11
1954 / J 10314 104
7711
10178 10618
Gen & ref a f be series 13
1955 A 0
__
7978
7034
- ____
74
Cons sink fund 431a ser C
1954 1 1 *102
80
10378 —
102 106
Morrie & Co 1st a f 434,
-10312
- -101 1054
9
1939 J J 10312
82
Lehigh & NY 1st gu g4*
1945 51 5 60
60
1
524
5612 7314 Morrie & Essex let gu 3348
8912
9114
D
70
8938
65
2000.8
9512
Lehigh Val Coal 1st Arafat 5a......1949 F A *9112 95 __ _
64
8718 9734
Constr 13.1 5s ser A
97
77
9714
94 102
10
1955 M N
let & ref a f ba
72
11
71
1954 F A
33
55
80
Conatr M 4345 aeries B
6535
8312 984
88
1955 bi N
8858 24
1st & rats 158
6812 6834
6
1964 F A
314
51
72
Murray Body lat mtg 834s
1942 J D 150
170
98 17210
96
98
let & ref a f ba
66
1974 F A
32
68
13
52
7312 Mutual Fuel Gas let gu g 55
108
1947 M N 108
10334 110
2
95
Secured 6% gold notes
1935 1 3 95
9512
2
73
9114 964 Mut Un Tel gtd ile ext at 107- _
5
JOU
M
N
102
3
108
893
108
108
Harbor
58
Term
Val
gu
Leh
974 98
15
1059 F A
79
9712 104
Namrn (A I) & Son—See Mfre-Tr—
Leh Val N Y let 4116 4318
8634 8678
11
1940 1 J
7578
82
99
Nash Chats & St L 4s ear A
86
1978 F A
86
14
78
88
97
Lehigh Val (Pa) cone g 45
391"
403
MN
3014
4 75
2003
3014 5133
, Nash Flo & 8 lat gu g 15e
1937 F A
_
_
91
1024 10514
General cons 43.4s
44
4612 34
2003 VI N
33
33
5414 Nassau Else gU g 45 SRA
6078
1951 3 .1 •10446114
_- __21
50,4
504 6234
General cone 56
51
2003 M N
5214
29
394
394 60
Nat Acme let a f 6e
1942 J 0 10112 10112 11
854
8018 10212
Leh V Term Ry lat gu g he
3
8918
1941 4. 0 10278 104
10278 1074 Nat Dairy Prod deb 548
1948 F A 10358 104
116
744 10218 105
Lex & East 151 50-yr Ss gu
1963 A 0 *11434
894
113 117
Nat Distillers Prod deb 445
99
10034 116
1945 M N 100
90 10034
36
For footnotes see page 111)15
1904
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 20
New York Bond Record-Continued-Page 5
Jute 1
i
'
Week.
1933 to
.4
Ranee of
.- I!
A ug.31
Friday's
.3 r.
1935
.7,4 131d & Asked re,u
Low
*211
1957 J J
*Nat Ry of Met pr Ilen 444e
*234
•Aesent cash war rct No 4 on_
A(5
lilii --*Guar 48 Apr '14 coupon
*214
---*Assent cash war rct No 5
on_Iiii
•Nat RR Met pr lien 4125
314
.
*Assent cloth war rct No
A--0
400liii .1st consol 4s
.238
•Aseent cash war rct No 4 on__ __ - - _
104
1965 J
Nat Steel let coil s 1 45_
64
1954 M N
Naugatuck RR let g 4s
1948 J D *11612
Newark Consol Gas cone 5s
1945 J J •
New England RR guar be
1945 J J •
rem°, guar 48
New England Tel & Tel be A_1952 1 D 12118
1961 rel N 11834
let g 4325 aeries II
994
1986 F A
N .1 Junction RR guar 1st 4s
1960 A 0 105
43.4e
NJ Pow & Llght let
7012
New On Great Nor Is A ___ __ 1983 .1 J
1952 J 3 •____
NO & NE let refddmpt 444e __
1952 A 0 8034
:New Orl Pub Ser, tells A
8012
1956 1 D
First & ref be series B
76
19533 J
New Orleans Term 1st gu 48
1935 A 0 27
t•N 0'rex & Mex 0-eine Is
1954 A 0 31
•Ist be series 13
31
1956 F A
*let 59 series C
3018
19511 F A
•Ist 444e eerie. D
1954 A 0 3134
•Ist 540 series A
1945.5 J.
10734
N & C Bdge gen guar 4148
r,1
glob No
Low
Low
Isle 1
;Feet'•
Range
gasses of ; 1933 in
Since
Psttlat,'s
gl Aug.31
Jan. 1
414 Bid & Asked Fact) 1935
1110
Low Low
Fl0e1 No
Low
109 11312
99
11238 30
1943 F A 111
Ontario Power N F let 5a_
944
4
1093
24
110
4
1093
1174
N
M
1945
Ontario Transmission let Se
105 109
834
8
1946 1 D 10734 10812
Oregon RR & Na• corn ir 4s
1184
8 100
1141a 1184
1946 J 1 *117
Ore Short Line let cons g Se
11912
11518
994
4
5
1183
4
1
1183
5
1946
Guar etp 1 cons Is
101 106
7714
1981 1 J 10212 10378 216
Ore-Wash RR & Nav 4,
94
6512
8
1003
10034
S
1004
3
M
1963
ba
extl
Wks
El
&
Oslo Gas
20
8934 10012
1941 M S 9834 10012 141
Otis Steel let mtge Os ser A
45
36
25
2
3912 3912
1946 1 D
Pacific Coast Co let g be
10538 109
9812
1942 1 J 10538 10638 26
Pacific Gas & El gen de ref 55 A
80
98 10138
11
99
98
1938 F A
Pac RR of Mo lot ext g 413
93 100
84
1938 J J *9234 99 ---.24 extended gold 5s
105 1074
19 10314
106
1937 1 J 105
Pacific Tel & Tel let be
10918 11312
10414
i
11014
1952 MN 110
Ref mtge 5/1 eerles A
1054 10512
93
1955 J J •10311 10512 ---Paducah & Ills lat a f g 43.49
3312 46
2518
1
40
40
St•Pan-Am Pet Co (Cal)con• 68-1940 .1 D
25
3314 46
3912 4013 12
____
*Certificates of lenoelt
Corp_
Paramount Broadway
_
61
621z 32
624
6114
1955 F A
1st NI s f g 3s loan Ws_
974
93
3
.
-9
97'8 521
95
Paramount Pictures deb 6s-----1955 J J
163
13014
13
138
13418
S
10414
M
196.
Paris-Orleans RE eat 330
35
2
8
31
1711
1953_ . 31
/*Park-Lexington 8 Sie othi
33
23
14
2913
3
1944 A-0 2713
Parmelee Trans deb ..is
1184
1
102
116
8
118
118
al
1949
Pat & Passaic 0 & E cons 58
____
94
87
404
8478 ---1942 M 13
•Paulista Ry 1st ref a 1 78
BONDS
N. Y. STOC,<. EXCHANGE
Week Ended Sept. 20
-
gasp
fiDWI
Jam 1
HOB
5
334 ----
14
218
312 _-.-
14
2
478
33's5
2
3
638
Sept. 21 1935
7:,
El
22 r
44
2
10258 10538
85
60
1134 1204
81
78
70
60
1154 124
11238 12318
8812 100
94 106
4838 7334
63
50
5511 8312
5522 8314
6934 87
1538 27
1814 34
1978 33
184 3112
1937 NI S .10212 --------94
Penn Co gu 3428 coil tr A
34
20
8138
--- ---1941 F A *1021
Guar 340 coil trust ser B
10212 1074
102
1
8334
19423 D 102 2Guar 342s trust ctfe C
2
8112
1944 1 D 10212 10212
Guar 33.40 trust ctfs D
10034 10034 10238
- 1935 A
N Y 13 & MB leit con g 58
844
N .10218 10234 ---,
M
1952
Guar
166
ate
4e
4
4
1
/
11212
983
N
trust
4
109
E
NI
983
ser
10712
0-1944
N Y Cent RR cony 6s
3
1053
8
18
1053
82
N
M
31
1963
8578 171
Secured gold 414s
8434
1998 F A
64
7 2 0778
Congo! 48 series A
91
16
55
1041 M 5 90
Penn-Dixie Cement let 65 A
4314
4314 73
2013 A 0 6812 7214 346
Ref & impt 44213 merles A
78
7814 405
4612
464 7914 Pa Ohio & Bet hib & ref 43.45 A-1977 A 0 10412 10434 33
2013 A 0 75
Ref & Rapt 58 series C
- -zr 10114
.1061
J
J
1981
43,4e series B
9338 914 85
9804
7378
92
1997J J
NY Cent & Bud Itly M 3448
-4 10514
193
7512
0 10433A
1981
67
73
9712
List
97
88
444e
96
J
&
P
J
Pennsylvania
1942
As
Debenture
9814
5
1943 M N 11031 111
734 Pennsylvania RR cons g 49
43
311
43
6834 72
_
Ref & impt 444e ser A
9412
3
1948 M N 1103, 11034
7838 8914
64
Consol gold 4s
5
8734 874
20131998 F- A
Lake Shore coil gold 314s
9638
1
79
4s ster! stpd dollar May 1 _1948 M N 11012 111
844
1998 F A
8518
65
8612
8
Mich Cent coil gold 3445
9812
37
11612
1164
A
F
1960
9
77
Consol sinking fund 414s
10032 10212
1937 A 0 10134 102
NY Chic & At L lot g 4e
8038
1965 1 D 10618 10714 95
General 41413 wiles A
4312
57
1974 A 0 714 7234 66
77
Refunding 5148 series A
874
11112 11212 47
D
1
1968
scrim
6s
B
63
General
303
61
4
66
363
5
M
47
1978
Ref 444e series C
16 101
1936 F A 10178 10214
4112
6534 84
Secured 614s
4332 714
1936 A 0 62
3-yr 6% gold note.
20
81
1964 MN 10634 107
Secured gold 55
12
9213 10614 10814
1953 F A 10812 107
N Y Connect let gu 414s A
9718
148
9614
0
66
A
1970
4
1083
1
0
8
4
R
1067
99
Debenture
1953 F A.
10678_-let guar 58 series B
7534
10334 70
1981 A 0 102
4112
abbe 7478
16
7318
General 4445 aeries D
72
1961 F A
N Y Dock let gold 4s
10358 63
0113
1981 1 J 102
4212 58
Gen mtge 44s Fier E
43
30
1938 A 0 5312 55
Serial 5% note.
1
lug
116
116
0
A
1943
1
11418
Peop Gas L & C let cons 68
36 10818 1104
1941 A 0 11084 111 4
NY Edison let & ref 61.4' A
80
1947 M S 1064 10714 25
108,4
Refunding gold 68
7 10212 10512 10938
1944 A 0 108
let Ilen & ref 55 series 13_
7234 40
50
1940 A 0 72
22 10234
106 1104 Peoria & Eastern let cons 4s
1951 A 0 10634 108
1st lien & ref 58 aeries C
1
4
655
638
*Income 48
April ____1990 APT
N Y & Erie-See Erie RR.
834
1974 F A *1074 1084 --.:11618 12434 Peoria & Pekin lin 1st 544e
7 1044
1948 1 D 12012 121
N Y Gas El 11,3 II & Pow or 5s
9034 9238 186
61
J
.7
19515
112
A
F
Pere
1949
05
let
11212
1073
A
16
ser
115
Marquette
3
58
Purchase money gold 4e
484
36
79
81
1956 .1 1
let 4s series B
8214 97
61
96,3 _
1946 M N *93
N Y Greenwood I. gu If 5s
8838 26
46
1980M 8 82
___
1st g 4 34e series C
8314
98 10212
2000 MN .1011
NY & Harlem gold 314e
9244
974
262
98
98,2
1973 M N
1037s
N Y Lack & West 48 ser A
984
1943 MN 11012 11112 29
1973 MN *105
--------8911 106 10858 Phil. Bait & Wash let g 43
4148 series B
123 --__
0512
1974 F A *115
General 5s series B
99
7512
94
NY L E & W Coal& RR 5148_1942 M N 59512 99 . _
87
- --__
1977 1 J
General g 43-6* merles C
117
105 107
NY I. E & W Dock & Impt ba_1943 J 1 .1054 10512 _-_-__
11014 11112 53 10034
1981 1 D *11178--General 442s seem D
1941 NI S.
102,4 --------95's 1014 10418
NY & Long Branch gen 48
0912 10012 238
6114
1967 J D
Phil. Co sec be series A
27 100
33
1967 MN 10578 106
33
39
28
PhDs Elec Co 1st & ref 454s
28
8
1947 M El
NYNH&Iln-edeb 4e
8922
1971 F A 10514 10534 42
32
let & ref 4s
32
3812
27
27
1
194704 S
Non-cony debenture 340
6012 13
4838
1973 .1 1 5918
Phil.& Reading C & I ref 541
2415 37
5
1954 A 0 2934 3034
2418
Non-con• debenture 31.18
115
3012
1955 3 y
3312 12
Cony deb 68
1049 M 8 3838 40
40
26
26
Non-con• debenture 4e
3355
3412 10
2014
1937 1 1 24
3318
1956 M N
34,4
264 3912 Philippine Ry let 5 2 48
2632
23
Non-cony debenture 48
102
4
46
1013
8414
D
1
deb
1039
Petrol
4144a
3858
2414
Phillips
5
2414
1956 .1 1 304
31
Con• debenture 3429
5 10214
Pillsbury Flour Mills 20-yr 88_1943 A 0 10718 108
62
30
4112 109
38
30
1948 J J
Cony debenture 6e
82
1952 MI N .58_ __
54
Pirelli Co (Italy) cony 78
4013 63
4012
1
1940 A 0 54
Collateral trust 65
118 2
110 100
.1940 A 0 111
3014 Pitts CC & St L 4 SO A
16
23
1957 MN
16
36
25,4
Debenture 4e
99
1
Series B 414s guar
1942 A 0 11138 1113s
2712
2712 45
3312 353a 06
5967.5 D
let & ref 414s ser of 1927
--------10014
A *110
M N
Series C 434e
95 F
42
82
18
11944
198
9514
87
904 92
Harlem R & Pt Ches let 4s.._195') MN
•10338 1 12 ____
MN09
9734
guar
Series D 4e guar
40
40
69
61
June 1992 M S 4912 51
N YO&W ref g 48
.1044
------8912
324 49
Series E 3448 guar gold
3812 4014
4955 J D
3212
34
General 4e
9612
____
____
.10912
D
i
5953
F
Seder;
48
10112
guar
10112
gold
8118
0
1
10112
2
101,
)12 A
NY Providence & Boston 48
1957 NI N *10918 --------98
664
75
874
Series a 4s guar
83
1593 A 0 .81
N Y & Putnam let con gu 4s
964
1980 F A •10912 -- ____
Series H cons guar 45
19
4
8
5.-4 Y Rye Corp Inc 68___Jan _1965 APT 1712 1712 15
1963 F A •11614 --------99
eons
I
4428
Series
1014
18
1014
1755 17
1738
196' ---.
•Ine 6e assented
9612
94
Series J cons guar 414s
1964 M N *11513 11613 __
94
58
1
7058 96
1065 1 .1
Prior lien tis sertee A
4
1970 1 D 11218 11338
8634
General M be serlea A
90
4
97
90
9212 9212
1985 Pr. Ilen 6s assented
8514
Oen mtge Is ser B
1975 A 0 11214 11355 46
75
Oen 414e series C
98
10514 11012
1977 1 .1 10513 10614 61
1951 hi N .10858 109
NY & Melina Gas let Cs A
97
--- ---5
1940 A 0 *113
98
11014
108 11134 Pitts Sh & L E 1st g be
I947 M N 110
N Y Steam 69 aeries A
--------11024
lot consol gold be
1
1943J J *112
90
1044 10734
1951 MN 1053.1 10534
1st mortgage be
94
--- ---1943 NI N .1051
9112 1044 10738 Pitts Va & Char 1st 46 guar
5
1966 M N 10534 1054
let mortgage Is
1
53
*Pitts & W Va 1st 4 Se e ear A
1958 J D 67 8-67
83
46
53
534 10
404
1937.5 1
NY Susq & West let ref be
67
1958 A 0 67
5124
1
44
let M 444s series 13
44
52
41
41
3
1937 F A
2d gold 414e
6412 6512 13
0
A
1960
47
444e
C
M
1st
Series
s
514
3114
467
4
4678
4
372
A
F
1940
General gold 58
024
Pitts Y & Ash 1st 48ser A
1948 1 D *10638 109 --_99
9712 100
724
3
99
1943 61 N
Terminal lot gold 5e
111438 --_07
let gen Is series B
1962 F A *113
1939 NI N 110
1104 61 10218
109 11134
NY Telco let & gen 5 f &Ms
88
56
4633
9
8012
80
D
1948.5
N Y Trap Rock let 8s
614
3
1953 F A
78
75:4
Port Arthur Can & Dki3s A
7912 7912
3
85
76
76
1916.
643 stamped
66
80 ____
1953 F A *__ _ _
let mtge 6e series B
2718 124
1713 32
1712
1946 1 1 2514
N Y Weetch & B let ger 1444s
7218
7618 166
3712
1 4s sew r _ _1960 NI S
Port Gen Elec let 4 .
.1 J •10678 1074 ---- 1064
lot 58 1935 extended to 1950
14
1955 A 0 1074 10755
90
10412 108
Nlag Lock &0Pow let 5s A
5112 5312
16
J
2814
1
Am
Rican
Tob
04_1942
Porto
con,
MN
9412
0214
71
8
48
933
5148
9114
1950
deb
Niagara Share(Mo)
354 191
2518
38
5
8412 85,4
8514 I•Postal Teleg & Cable coil 5a___1953 J 1 32
63
•Norddeuteche Lloyd 20-yr 8 f 66_1947 Ni N
4812 50
384
11
4412 45
3678
42
3
1947 M N
5213 OI•Pressed Steel Car cony g 5/3___1933 1 J
New 4-6%
4
•233
N
29
---_
20
M
See
1967
guar
Os
Providence
aeb
171
10513
135
60
154
8
1513
0
1950 A
Nord Ry ext sink fund 6%.
811s
1956 M 0 -----------1913 Providence Term let 4s
5
12
15
124
124
41•Norfolk South let & ref 5a _ _1981 F A
0818
4
5
1834 Pub Set,El & G 1st Aref 4148_1967 J D 10412 10412 20
1218
12
1218
_
•certificatee of demerit
10413
A
F
10412
24
97
414s
ref
1
&
1st
1414
4
103
MN
3572
.44
53 2 _
1941
1t•Norfolk & South 1st g fle
1971 A 0 10012 10714
4
8814
1st & ref 48
9114
11013 117
1996 0 A 1144 116,2 76
N & W Ry 1St cone 04s
O1,55
_ _
971s 310
1950 3 1
96
108
108 10813 Pure 011 Coat 43-is
1941 J D •102
Pocab CA C Joint 4s
9712 9812 40 -714
1948 1 .1
6118
10178 146
8114 10312 Purity Bakerlee a f deb 55
1961 F A 101
North Amer Co deb 5e
56
21
7418 10212
1957 M 8 9978 100
No At. Edison deb Se ser A
I•Radio-Kelth-Orpbeum pt pa etre
56
784 103
40
102
Deb 5%.ser B.
Aug 15 1963 F A 101
___ .10814 --------35
for deb 68 & corn etk (05% pd)
54
25
9812
99
7112 10034
Nov 15 1969 MN
Deb 5s ser C
1941 .1 I) 67
7
17
15
1•Debenture gold 6s
98
118 120
197404 S *116
12114 _
North Cent gen & ref 58 A
9712 13
73
0 97
A
48_1951
coil
Jersey
Co
Cent
Reading
112
110
88
1974 M S *1104 11134 ---Gen & ref 444a series A
17
79
1997 1 .1 10514 108
Oen & ref 43-4s series A
3
4634
35
45
40
1945 A 0 45
t•North Ohio lot guar g 513
10512 12
7914
1997 1 J 105
Oen & ref 444s series B
3534
45
45
55 ____
*43
'Ex Apr'33-Oct'33-Apr'34 cone._
63
1947 M N 1034 10414 61
Rem Rand deb 61-25 with ware
•Stmpd as to sale Oct 1933. &
9912
- -1947 N11 N
514s without warrants
3438
3818 45
50
•
*Apr 1934 coupons
...-- 116
1941 M N .10418--744 10434 11018 Rensselaer & Saratoga Os gu
1947 M S 10914 10934 19
Nor Ohio Trite & LI 65 A
3 -10
1940 A 0 10634 10634
Repub I &1310-30-yr Os 51
76
101 107
1997 Q .1 10138 10278 85
North Pacific prior lien 48
6112
1953 J .1 10518 10538 30
Ref & gen 514e series A
504
7012 7878
714 724 88
Gen lien ry & Id g 3e Jan __ _2047 Q F
76
17
1948 NI S 1074 108
80
7413 8978 Revere Cop & Brass fla ser A
8212 182
80
2047 J J
Ref & impt 414s Belles A
3318
21313
334 10
1946 1 J
6813
8812 1024 •Itheinelbe Union s f 7s
9638 323
94
2047 .3 .1
Ref & Mot Os series B
25
28
10
1953 1 I 2714
64
91
82
22
8818
9614 *Rhine-Ruhr Water series 6e
2047 J J
Ref & impt be series C
3234
344
3234 14
1950 Ni N
61
9012 35
•Rhine-Weetphalla El Pr 7s
89
96
82
2047.5 .1
Ref & inapt 59 Belles D
32
32
32
1
1952 M N
100
*Direct mtge 613_
105 10838
1938 A 0 *1084
Nor Ry of Calif guar g521
32
314
3218
4
1953 F A
*Cons mtge 68 ot 1928
89
103 108
1941 A 0 10614 10714 50
Nor States Pow 25-yr be A
8
314
3214
•Cons NI 68 of 1930 with warr 1955 A 0 32
10514 10812
93
1941 A 0 10738 10712 21
let & ref 5-yr 68 ser 13
2934
3134 48
29
1944 MN
101 1014 1I•Itichfleld 01101 Calif 65
-- ____ 100
Northwestern Teleg 4428 ext__1944 J J *1023
N
M
30
1912
3113
30
of
*Certificates
25
deposit
684
98
88
4-.
961
9838
1957 NI N
Norweg Hydro-El Nit 5445
32
42
1
42
19414 M N
Rich & Meat let g 45
__ ____
99
1952 1 J
29
9
341,
29
5014 Richni Term Ry let 31258
33
1948 3 .1
Og & I. Cham 1st gu g 48
*5278 60 ____
45
1955 F A *106-i05434
10534 10758 *Rims Steel let a f 78
...
1943 NI S •1075s
Ohio Connecting Ry 1st 4s
70
1930 3 0 •90I2 95 ____
89
Rio Grande Juno 1st gu 5s
1094 113
18
1948 A 0 11231 113
Ohio Public Service 7148 A
12
*1
1
3
4s__1940
Grande
78
Sou
I•Ftio
gold
____
1st
112
4
1074
.1113
1124
A
B
1947 F
let & ref 75 &erten
1
•1
____ __
1940 3 J
*Guar 4e (Jan 1922 coupon)
10114 104
1936 1 D .1014 --------90
Ohio River RR let g 5a
3
77
66
7718
87
1
103
1014 10414 •Rio Grande West let gold 4s__1939 3 J
1937 A 0 103
General gold 59
2412
9
3414
1949 A 0 3234
10
8
21
•Ist con & coil trust 4s A
134 21
19
1944 F A
I•Old Ben Coal 1st 613
For footnotes see page 1905
234
4
60
1014
6838
6734
623
860
7 10432
123
994
11878 20
8213
2
9914
684
7
10512
7334 34
4838
50
4678 _--38
82
35
38
814 27
35
5834
77
1214
27
2
14
3212 33
1414
3212 22
314 62
1418
48
33
144
92
3 _-__
10438 217
2
65
102 10238
11)0 103
9834 1024
98 103
994 103
10434 10734
7112 9313
103 1061 2
10412 10838
9888 10614
107 111
108 114,2
108 11312
11412 119,2
10438 16918
109 11574
1014 106
105 108
9038 9738
1004 107
9978 10678
1104 118
9854 10712
6013 7334
Olt
4
102 10514
75
9278
8114
69
84
68
108 112
113 11914
10013 1134
107 1124
7913 10112
105 110
10414 10814
5234 75
3012 534
2214 277s
10112 104
10514 10914
82 10412
10838 112,3
10855 112
109 11178
10734 110
if5858 10-912
107 110
11358 1184
1134 117
1114 116 14
11138 11614
104 108
110 114
8
11634 113,
1074 107,4
88
63
5154 67
68
47
109 1094
11612 11612
774
75
5014
10653
42
2518
3814
20
8838
10412
10413
104
9578
8234
8534
82
80
10712
564
52,4
66,4
35
91,2
109,2
1094
1084
9712
99
4514
2612
964
1044
10478
99
9912
70
71
10012
1084
10512
10478
10412
1034 1-07
9134 10538
10714 10834
43
32
2614 3912
324 44
314 434
314 43
314 434
35
25
244 35
46
32
10433 10714
60
48
854 9513
1
1
1
1
6812 8234
2412 8755
I
4r
MR.
New York Bond Record-Concluded-Page 6
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 20
Roch OAK gen M 5140 ser C._71948
Gen mtge 4140 series D
1977
Gen mtge 513 aeries E
1969
§I•lt 1 Ark & Louis let 414s
1934
Royal Dutch 4e with warr
1945
*Ruhr Chemical ii f Se
1948
Rut-Canada 1st gu g 4s
1949
Rutland RR let con 494/3
194)
11rI
Weeks
fait, 1
Roar' or
a
1933 1c
Friday's
;
11 Aug.31
i 1'.
1935
;Z. Bid & Asked CP.:
Hiss Ni,
Low
NI S 10714 10714
2
91 5 *10934_ ____
NI F 1081s 1-6
0834
12
1114
10
NI E
- ---;
A 0
A 0 *11514--325* 3254
1
34
34
J .1
5
35
35
2
J 1
St Joe & Grand Sold let 4e
1947 1 J
1937 N4 N
St Joe Ry Lt lit & Pr let be
St Lawr a Adr let 868
1996 3 .1
2,1 gold Se
1998 A 0
St Louis Iron Mt & Southern•Illiv a G Div let g 4s
1933 M N
*Certificates of depmit
t•St 1. Poor & NW let gu 58_...1945 J J
St L Rocky Mt * P 5i3 stD 1
1955 .1 J
t•Elt L-San Fran pr lien 4s 4_7_1950 J .1
*Certificates of deposit
*Prior lien be series 13
1950 J .1
*Certificates of deposit
•Con M 41413 aeries A...... . __1978 NI S
*Ctrs of deposit stamped
3
.7_ _-3
*107
1
104
1-04
*881
---*----4-80Y4 ---65
*82
We
7112
1214
11
1318
1212
912
9
6618 24
- ---7
,
6
3878
72
6
1334 16
1112 16
1412 27
14
13
1078 46
42
10
St L S W let 4ti' bond otfe
. 1989
9e g 4e Me bond etfe
No.
_- 1989
let terminal a unifying 5e_ __ ..1952
Gen & ref g be aer A
1990
Si Paul City Cable cone be
1937
Guaranteed ba
1937
StP & Duluth let con g 4s
1988
t•St Paul E Gr Trk let 440_7_1947
/*St Paul & K C Sh L gu 4548_ 1941
82 Paul Minn & Man b
1943
1937
Molat ext let gold 45
tPscific ext gu 40 (large)
1940
tit Paul Un Dep La guar
1972
2
M N
8112 82
63
6378
9
J .1
6414 58
J 3 61
514
53
34
J .1
9714
98
1 J
7
98
1 J
98
1
1 1) *1021
---2978 --1 .1 *10 4-16
1378
13
F A
3 ., 10714 10734 24
J o 1035* 104
9
2
102
1 .1 102
15
118
1 j 117
IS A & Ar Pass let gu g 4e
San Amonio Publ Seri, let 6e
Santa Fe Pros & Phen lot 15e
Schulco Co guar 614e
Sta v' pad
Guar s f 614* series B
Stamped
Scioto V & N E let gu 4e
It•Seaboard Mr Line let g 4e
•Certlicates of deposit
I*Gold 4s stamped
*Canna of deposit stamped
•Adiustment be
Oct
foltetundIng 4s
•Certificatee of deposit
*let & cons 65 series A
*Certificates of deposit
24•Ati & Birm let g 4e
J
1
5,1
J
1943
1952
1942
1946
1946
1989
1950
1959
1949
1959
1945
1933
Low Low
High
96
10634 10978
86
108, 11034
8912
107 110
7%
758 14
90% 10512 136%
32% 38
3412
30
4014
30
313
3134 51
83%
70
6414
70
71
69
5618
75
1714
1534
18
1612
1412
1372
51
64
41.12
4938
3518
3518
27
27
45
7814
79
4572
101%
84
45---1118
1118
9218
10412
101
88
85
9934
113
98
85
64
6414
5358
98
99
10214
__
I-758
10938
1044
10212
11878
I•Seaboard All Fla 68A ctts1935 A 0
35a
*35
*Series 13 certificates
1935 F A
Sharon Steel Floop of 514e
98
1948 F A
Shell Pipe Lingo r deb be
1952 NI N 10278
Shell Union 011 r f deb be
1947 MN 102%
Shinyeteu El Pow let 6449
1952 1 0 85
•§Slemene a Halske a f 7e
61%
1936 1 .1
•Debenture a f 614e
1951 NI 5 z4058
Sierra & San Fran Power be
1949 F A 11112
•filleela Elec Corp s f 614e
30
1948 F A
ellieslan-Am Corp coil tr 713
6214
1941 F A
dkelly 011 deb 51413
1939 M E 103
South & Nor Ala cone gu g 58_ _1938 F A *104
Gen cone guar b0-year 513
1963 A 0 *111
2%
358 13
43
2%
35
9912 58
10312 77
86
103
44
785n
58
7
8558
39
11
6114
36
16
41
11112
1
884
1
2578
30
33
6712 28
10314
80
9
--------99
--------80
South Bell Tel a Tel let a f 581941
_
J 1 106
Southern Colo Power Cis A
1947 J .1 10138
Ho Pac coll ea(Cent Pac coil)
79
1949 J D
let 43.4* (Oregon Lines) A
1977 04 8 85
Gold 414e
73
1968 NI 8
Gold 43-4o
7234
1969 MN
Gold 4129
71 12
1981 MN
San Fran Term let es
1950 A 0 105
80 Pao of Cal let con gu g be
1937 M N *10712
So Par Coast lot gu g 4e
1937 .1 .1 *9812
So Pao RR 1st ref guar 4s
1955 1 3 9714
lot 4s, Stamped
1955
*
Southern Ity let cone g be
8312
1994 J .1
Devi & gen 4s series A
1958 A 0 4014
Devi & gen 65
1956 A 0 5312
Devi & gen 6146
1956 A 0 55
Mem Div let g be
7434
1996 .1 J
St Louie Div let g 4e
72
1951 1 .1
East Tenn reorg lien g Se
1938 61 5 95
Mobile & Ohio coil tr ea
1938 NI 5 39
el* west Bell Tel let & ref be
1954 F A 10638
t•Spokane Internet let g be
*73
1955 J J
Stand 01101 N Y deb 414e
1951 1 11 10112
Staten Island RY lot 434s
1943 1 D
f toStoveno Hotels Se series A _77_1945 J .1 *1912
*Studebaker Corp cony deb 62.__1945 J J
5434
Sunbury & Lewiston let 46
1936 1 1 *10112
Swift & Co lot M3Ke
1950 81S 10314
Syracuse Ltg Co let g be
1951 1 D 120
10614
10218
80
8534
74
74
7334
105
108
9814 191
99 --855* 121
4334 411
5612 101
5814 140
7514 30
7814 41
95
3
404 10
107
115
1012 -7
10134 70
---2078 - 5912 310
-37
10334 83
1
120
10312
6014
46
56
44
43
42
80%
IGO
95
60%
97
74
28
3512
3512
60
5314
73
29
104
8
90
9812
12
39
9834
10112
103
Tenn Cent let 60 A or B _ _
2
4314
1947 A 0 6734 6814
Tenn Coal Iron & RR gen be
1951 1 J *11534 119 ---- 10118
Tenn Copp & Chem deb (ie B _7_71944 M F 10114 10114
3
60
Tenn Elea Pow 1st 821 eer A
5414
1947 1 D
9912 10034 46
Term Aeon 01St L 1st g 414e
99
2
1939 A 0 11018 11034
let cone gold 58
1944 F A •11514 --------98
Gen refund of 840
10114 24
71
1953 1 3 104
Texarkana & Ft S gu 5145 A
8814
8912 13
6414
1950 F A
Texas Corp cony deb be
93%
SO
1949 A 0 10312 104
Tex dr N 0 con gold 5e
64
3
9938 100
1943 J J
Texas & Pao let gold Se
82
12
115
2000 1 D 114
Gen& ref be serlee IS
9318 30
55
1977 A 0 91
Gen & ref 55 aeries C
53%
9138 46
1979 A 0 91
Gen & ref be series D
54
9112 42
91
1980 J D
'('ex Pac-Mo Pao Ter 5140 A
67
2
1964 M 5 10038 10058
Third Ave Ry let ref 4e
38
5778 17
56
1960 1 J
*Ad)Inc be tax-ex N Y_Jan _ _1960 A 0 24
25
1858
58
Third Ave RR let g 513
8514
2
1937 1 .1 10118 10118
Toho Elea Power let 7e A..
9414
3
1955 M 6 9334
7014
Tokyo Elec Light Co Ltd571,
let tie dollar eeriee
8134 113
1953 J D
8034
Tol & Ohio Cent ref & Mint 3,0_1960 J D 0712 9814
_
24
Western Div 5s
1935 A 0 ------------91
Tol St L & W
45
9112 10
80
1950 A L9114
Tol W V & Ohio 4a ser C
103
1942 NI 5 .1051
----Toronto ham & Buff let g 4e _7_1946 1 D 10078
310078
82
2
Prenton 0 & El let g 5e
118
5 1015s
1949 M 8 118
_ _
Tr -Coot Corp 55 cony deb A... .1953.7 J 11212 11212
rruax-Traer Coal cony 832s
35.
55
8612 88
1943 NI N
[Turnbull Steel let a t Se
104
67%
1940 M N 103
17
4512
*Tyrol Flydro-Elec Pow 7 Km- _ 1955 121 N
2
8234
8218
*Guar sec e t 7e
1952 F A •___
85 ___
4318
11.11gawa Elea Power a f 711
1.7
947
131118
94
1946 M E
iss
103 107
96 1048
8612 90
8014 8,5
5412
54
37
60
934
812
934
934
734
71
4518
52
37
37
934
812
9%
934
724
712
907
64
894
1
55
13
J 10738 108
70
5
---95
*45
49% - -J *112-34
45
45
2812
a
A 0 *4618--------29
45
50
28
4
2
90
91 N 11138 1118
13
A 0 13
2
84
*1312
17 --1014
g 0 15
15
i
10
14 ---7
1014
A 0 *12
2%
F A
234
212
1
2
4%
5
5
A 0
334
4
10
418
72
412
35
612
NI 5
512
614
19
3%
813
2
148
NI 5 14
14
21
112
185
109
196
278
9
-
Range
Since
Jag. 1
1905
Week's
'4
July 1
1*. 1
4 1933 to
Range or
BONDS
Friday's
VI Aug.31
:Ill.'
N. V. STOCK EXCHANGE
4Z Bid dr Asked ra in
1933
Week Ended Sept. 20
-Low
Mob No
Low
10612
1957 A 0 106
4
9438
Union Elec Lt & Pr(Mo) be
On EL & P (III) let g 514e A
9914
2
1954 J .1 10412 1047
24 ---1014
tolUnion Kiev ICY (Chia) be
1946 A 0 *---A
12014
12014
Union Oil 30-yr 6e A
5 105
May 1942 F
243
Union Pm RR let & Id gr 4e _ _71947 J J 11138 113
94
10612 71
80%
1st Lien & ref 4s
June 2008 M 8 105
1967 j 2 105
10614
81
Gold 414e
19
114
lot lien & ref be
99
,
4
June 2008 M 8 114
Gold 4e
1968 1 D 1018 10214
06
, 76%
2- 10558
United Biscuit of Am deb 5s
1950 A 0 10612 107
63
151
93
1953 M 8 908
United Drug Co (Del) 55
---97%
U N I RR & Can gen 4e
1944 M 8 *11098
3-2-• - -- 1534
II•United Rye St L 1st g es
19343 J *27
964
9712 161
U SRubber let & ref be eer A
66
1947 .1 J
8518
United 8 8 Co 15-year (35
1937 IN N *9934 ---- ---•Un Steel Works Corp 634e A__ 1951 J
1951 2
•See. a f 614e series C
*Sink fund deb 614e eer A
1947 J
Un Steel Works (Burbach)7e
1951 A
*Universal Pipe,
1938 J
S. Rad deb 6e
•Unterelbe Power & Light 613_77_1953 A
Utah Lt & Trac let & ref Se
1944 A
Utah Power & Light let 55
1944 F
Utica Elec L & Plot e t g f.s
1950 1
UV! Power dr Light 534e
1947 1
1959 F
Debenture 5e
16
3318 z3314
26
D
o *33%
3612 ---27
23
J
4
33
3318
--------0884
0 *135
2112 21
20
13
D
34 ---0 *3218
3218
9112 48
501g
0 9014
8712 9012 55
A
5534
1 *11712 118 ---- 109
241
20%
56
0 48 18
A
4412 5514 268
18
Range
Since
Jan. 1
Low
10412
104%
13
11612
10772
1(1414
103
113
9912
10558
87
10738
2534
9012
98
HO!)
1095s
106%
2512
121
11312
1085g
108
120
1043*
10818
95
11212
35
9812
101
3214 43
33
4212
32% 41
120 14134
3154
16
3218 4138
65
92
5972 9314
116 11612
2414 664
2014 63
60
9414
59
Vanadium Corp of Am cony 50
1941 A 0 8212 8734 45
- ---99
Vandalia cone g 4e aeries A
1955 F A
10214 107
107
107
85
3
Cons e 148 series B
1957 NI N *10658--338
2
3%
2
412
1%
•§Vera Crus & P 1st gu 434s
1934 J .1
2 2 *212
4
4
318 --3
•§July coupon off
3
107
11
334 1612
•Vertientes Sugar 7e ctte
1942 10514 10814
106
Va Elec & Power be series B
6 10114
1959 J 13 106
79
10458 10772
86
lot & ref NI 59 ser A
1955 A 0 10454 106
5612 6518
Va Iron Coal & Coke let 865
1949 M S *63
68 --60
1004
10278
100%
91
---*99
Virginia Midland gen 5e
MN
1935
94 101
7572
100
Va & Southwest let gu be
2003 1 J *99
6358 84
55
17
72 --let cons lie
1958 A 0 7012
7412 907
89
34
11214
11012 113
1962 MN 111
10034 10934 Virginia 111 let Se series A
9
10314 105
let mtge 434e series B
8418
1962 IN N 1044 105
108 112%
34
50
9434
9514 54
8912 9612
:Wabash RR let gold be
5738
1939 IN N
50
29
57% 81
1.0
7514
48
7312
•2d gold Se
1939 F A
3214 50
5312 6014
60
100 lien g term 4s
1954 1 3 *6112 64 ---28
50
98% 102
- ---70
Det & Chic Ext let 5e
1941 J J *9912
10918 115
53
7178
45
-71 ---Des Moines Div let g 413
1939 2 .1 *65
11
18
45% 6214
38
1941 A 0 *56
60 ---Omaha Div lot g 3348
1512 17
8812 ---77
8338
68
10
20
Toledo & Chic Div g 4e
1941 M 8 *-7 _
1214 2478
1214
6
22.12 233s
/*Wabash Ry ref & gen 514e A _1975 Pil S
1078 20
13
21
_ -711
*Certificates of deposit*1914
212 318
12
1976 F-A
65
22
--23
12
23
*Ref & gen be series B
414
9
1013 2012
331
*Certificates of deposit*1912 --------101,
8
1134 22
2012 2 12 57
1134
412 She
4k--ii
•Ref & gen 414e aeries C
1978 1372 2058
*1914
20 __ -_
11
312 10
*Certificates of deposit_
23
62
1134 23
1134
4/Ref& gen 52 series o
812 17%
1980 4--0 21
1012 20
22 ---3
1012
*Certificates of deposit.-__
1212
3
56
33
56
214
412 •Walworth deb 6140 with warr 1935 A 0 55
36
51
1212
55 --A 0 *52
214
412
*Without warrants
51
51
51
_ _
i
9912
*6.1,1s deposit receipts51
80
36% 6812
79
66
1-5-12
*1st tanking fund Se ger A
1945 4
---15 64
10234 10514
2
5914 66
5914
66
*Deposit receipts
10218 10414
---- 64
2612 88
83
24
420
4812 83
76
warner Bros Pict deb 613
1939 M S 7934
58
3434 23
40
24
24
1939 M El 3314
3714 504 warner-Quinlan Co deb Se
31
53
40
30
warren Bros Co deb 60
1941 M F3 3212 35
10314 113
80
80
80 ---76
2578 3912 warren RR let ref gu g 3140_7_2000 F A *---45% 6713 Washington Cent let gold 4e
94
91
79
1948 Q M *9112 9314 ---10338 10612
106 --86
9834 10312 wash Term let gu 314e
1945 F A *105
--------04
1067 10678
let 40-year guar 4e
10372 10434
1945 F A *107
105 112
9818
112 11612 wash Water Power e 1 be
19393 J *11034 111 ---1 10314
12012 12012
11514 12238
Westchester Ltg be etpd gtcl
1950
106 110
west Penn Power Fier A be
106 111 12
1948 M 5 10758 10778 15 10014
let be series E
1963 AI 8 11678 1167
5 10172 11414 122
82 10218
11 101
6012 8334
10614 11 112
let sec be series G
1958 J D 10712 10818
9014 10513 10912
12
1st mtge 45 ear 11
7312 8712
1961 1 J 10912 10912
5612 7818
5512 76
8712 98
6112
western Maryland let 4e
97,4 113
1952 A 0 9534
96 105
66
1977 3 .i 10413 105
72
let & ref 542s series A
58
7578
10534 107
9912 10612 West N 7 & Pa let 8 Se
100
106 --1937 1 J *101
Mkt 1077
102 10834
78
Gen gold 4e
__1943 A 0 1064 10633
25
37
301
10012 10012 t•Western Pao let be ger A.
23
21
1946 IN S 30
_
2934
89
9834
25
3834
*be Assented
3058
1946.
97
10112 10518
8512
13
97
Western Union coil trust be
1938 J J 10434 10518 30-82
6712
77 10318
Funding & real est g 41301
99
9934 41
9934
1950 M N
100 1038
28
92
62%
15-year 614e
1936 F A 10212 10318 66
8212 10014
3512 81
715*
25-year gold be
84
10014
1961 J D 99
80 100
3512 80
30-year be
72
142
1960 M S 9135s 100
31
69
4312
9212 *Westphalia Un El Power 6e__ _1953 J ,1 3238
27
15
6912 88
7412 8814
West Shore let 4e guar
66
43
7834
82
2381 J J
95 103
15 -_7014 8238
Registered
7738
2361 J J
7738
29
87
10638 111
Wheeling & L E Ry 43 scr D_ 1966 NI S *103
107
214 119
6
11
-8-3
RR let consol 4e
1949 M 5 106% 1-0-612 15
10112 10412 Wheeling Steel Corp 1st 514e ........1948 J .1 10412 10453
10014 105
70
6
90 10112
60
--------let & ref 43413 series B
1953 A 0 10018 10072 47
2138 White Sew Mach (is with warr
13
65
96
4318
_ --__
1936 J J *95
39
5912
66
964
45
2
Without warrants
-96J J
96
64
89
_-4212
Pectic e 1 deb Cs
83 ---1940 MN *80
10112 10414 /*Wickwire Spencer St'l let 7s _A935
116 1214
1412
812 1634
414
*CU Sep Chase Nat Bank
6
1528
7
16
384
•Ctfe for col & ref cony 7e A ___1935 MN
44
15
1334
5414 69
36
48
Wilk & East let gu g be
33
4612 12
19423 D
45
113 12134
914 102
Will & S F 1st gold 58
10212 1057
SO
1935 J D 10514 10514
1.
DO 104
Wilson & Co let of Os A
9534 10712 11018
1941 A 0 10712 10758 26
10812 112
10438 10812
83
Winston-Salem 0 B let 4s
1960 J 1 *10412 105 ____
10938 11614 /*Me Cent 50-yr let gen 4e
75s
28
1949.7 J
Vs
10
738 1312
10112 106
718 1012
718
1034 ___
*Certificates of deposit
*778
8312 9614
412
*Sup & Dul dly & term let 4e_19313 M N
12
412 784
758
734
10238 1044
4
712
*Certificates of deposit
534
4
1
534
83 100
Wor & Conn East let 4148
577 -- 1943 J .1 *____
66
-,,-r
113 120
Youngstown Sheet & Tube 56_71978 J J 9712 99
8912 99
6314
101
79
91
let mtge e f 5e sec B
1970 A 0 9812 99
8912 99%
6314
90
7912 9334
7912 9312
8912 10058
r Cash sales not Included In year's range. a Deferred delivery sale not included in
5012 59
year's range. a Under-the-rule sale not Included In year's range. § Negotiability
1838 2612 impaired by maturity. 1• Accrued interest payable at exchange rate of 54.8665.
10014 103
/ Companies reported as being in bankruptcy, receivership, or reorganized under
1,
881296• Section 77 of the Bankruptcy Act, or securities assumed by such companies.
72
8538
• Friday's bid and asked price. •Bonds selling flat.
9712 9814
e Cash sales In which no account Is taken in computing the range, are shown below.
10018 101
81
No sales.
94%
103 103
z Deferred delivery sales In which no account Is taken in computing the range, are
9614 10212
given
below:
11214 118
Adriatic Elec. 7s, Sept. 19 at 52.K.
!__ _ k_ _
76
91
Finland 6s. Sept. 19 at 10431.
100 104
III. Cent. Cairo div. 4s, Sept. 15 at
7618 96
Leipzig 78, Sept. 16 at 3134.
77
9012
Montevideo 6s, Sept. 20 at 3745.
9612
87
Siemens & Halske 614e, Sept. 15 at 40'
Un. Steel Who. 614s, A, Sept. 15 at 33'S.
5
5
33
ioue,..
1
,
1906
Sept. 21 1935
New York Curb Exchange-Weekly and Yearly Record
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown in a footnote In the week In which they occur. No account is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Sept. 14 1935) and ending the present Friday (Sept. 20 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
Week's Range
of Prices
High
Par Low
283.1 28%
Acme Woe etc corn _ _ _ _2u
Adams Millie 7% 1st p1100 .100 1104
Aero supply Mfg cl A
•
•
24
24
Class 13
Agfa Anse° Corp corn_ _1
Ainsworth mfg corp____10 38
393.4
1%
•
14
Air lave etors corn
•
1655 17
C my pref
Warrants
Alabamarlt So uthern...._ 50 41% 41%
• 7035 75
Ala Power $7 peel
• 65
65
$6 preferred
Algoma Canso!7% pref...5
%
Allied Internatl Invest _ _ ..•
34
55
4
Alliance Investment corn..
• 1755 18%
allied Mills Inc
67%
• 60
Aluminum Co common
100 100
103
6% preference
Aluminum Goods Mfg-..' x1334 14
*
Aluminum Ind corn
334
• 29
Aluminum Ltd COM
C warrants
D warrants
6834 68%
likr
6% preferred
3
214
American !leverage Com_ _I
71
71
American Book Co _ _ 100
Airier Capital10c
Class A corn
7,6
716
Common clam B _ _ _ _ 10c
• 21% 21%
$3 preferred_
• 82% 82%
$5.50 prior vet
Am Claes Pow & Lt26 4441 1146
Class A
1
334
455
Clues B
Amer Cy namld class A_ _10
2434
10 23
Class B n-•
Amer Diet Tel N J corn_ •
7% Cony preferred._IOU
351
351
Amer Equities Co corn_ _ _1
Amer Fork & lloe Co corn • 1534 1634
1116
Amer Founders Corp__ _I
34
ao 37 37
7% prat series B
6% 1st pref ser D _ _ _ _50 3635 3955
Amer & Foreign Pow wart
Amer Oes & Else sum_ • 32% 341-4
• 10654 10754
Preferred
Amer !lard Rubber com_50 2034 2334
194 20%
21
Amer Laundry Macti
12% 13%
25
Amer I. h Tr com
23
6% preferred
25 23
Amer Mfg Co corn
Amer Maracaibo Co
4
"is
1
• 16
174
Amer Meter Co
Amer Pneumatic Service_•
24
Amer Potash & Chemical _• 24
144
2
Ain Superpower Corp cow •
• 6344 65
let preferred
25
• 21
Preferred
Amer Thread Co pref _
_6
Amsterdam Trading
• 1455 1434
American shares
Anchor Past Fence
45
44
'
Anglo-Iranian 011 Co LtdAm dep rots ord reg _ _ £1
53-4
47-4
Angostura Wupper Corp_ I
Sales
for
Week
(Peek's Range
of Prices
Range Since
Jan. 1 1935
1933 to
Aug.31
1935
STOCKS(Continued)
Low
Low
High
294 Sept
8.4 Jan
634
Feb 110% Sept
6654 103
1134 Mar
July
5
5
Mar
June
4
1,200
35
July
7
355 Jan
3
6
1,200
1834 Feb 404 Sept
Sept
2
..
55 Mar
100
1751 Sept
9
200
1234 Mar
4
sis Feb
44 Sept
Apr
30
125 30
4134 Sept
41.55 Jan
50 26
7834 July
37
Jan
6934 July
30 25
4 Feb
'is Aug
6, ‘i6
May
% Sept
54
'16
100
Aug
"is Feb
I
3,6
100
1954 Aug
1254 Jan
54
8,900
32
Mar
6,150 32
Sept
1,700 64
Sept
6954 Mar 103
14
Sept
8
934 Feb
400
IZ 6
1034 Sept
73-4 Mar
3334 Sept
17
Mat
900 17
2% Jan
7
Apt
234
Apr
0
6 54 Mar
5
5054 Apr 684 July
loo 37
1
1% Feb
2,600
3
Sept
Jan
71
10 61
57
Sept
Shares
100
50
n
67%
200
200
50
300
6,300
16,500
100
750
2,100
25
75
1
41
955
46
134 Apr
31 Jan
164 May
76
July
2334
4
124
8%
734
98
1
29
NA
83-2
8
14
15,400
1641
575 574
425
4
1,200 1054
755
5,500
100 16
334
54
24,000
54
1,150
34
6
50 11
44
16,200
200 44
400
755
3
54
2054
15
76
111
155
153-4
Ns
1335
134
155
1634
8034
454
1234
74
1734
354
55
8
1
1234
44
44
755
4
234
%
22
8234
Aug
Aug
Aug
Sept
46
Aug
Mar
Mar
54 Aug
Apr 22
Aug
Mar
254 Sept
Mat
Jan 80
Apr 11341 Apr
Feb
351 Sept
Sept
1641 Sept
"tg Aug
Mar
41% Sept
Jan
Jan
40
Sepl
515 Aug
Mar
Feb 3954 AUg
Feb 10855 Sept
2454 Sep!
Apr
Mar
20% Sept
Mar
164 Aug
Feb
26
Aug
8
Apr
Feb
Mar
'sic May
Mar
17% Sept
Jan
1 14 Aug
Apr
29
Aug
Mar
3% Aug
Feb 7651 Aug
Aug
Mar
37
Jan
434 Aug
200
300
1134
%
1154 Jan
51 Mar
1534 May
51 May
1,800'
9
241
144 May
4
May
154 Aur
6% July
454 Apr
8
100" 33-4
Sepr
8
8
Apex Elec Mfg Co corn_ _ _•
Jan 10554 Sep
71
40 5735
Appalachian El Pow pref _• 1054 1054
1,000
% Aug
41
Na Mar
%,",
916
A ratur um Radio Tube _ ___1
55 Mar
SS
234
700
254
23-4 Aug
Arkannas Nat Clas com___.
234 Aug
% Feb
3,700
h
254
2
•
Common class A
2% Mar
1%
7
Aug
900
554 6
10
Preferred
41 4 Jan
8334 Sepi
60 2535
83
Arkansas P & I, $7 pref • 81
334 Mar
1,000
1034 Sepi
13-2
84 93,4
Art Metal Works corn. _ _ _ 5
Associated Elea Induetriee
6
1,300
934 Aug
834 Feb
83-4
8
Amer deposit rine__ _ _CI
00800 (inf1 & Rice2
AUI
11
% Apr
400
1
1
44
Common
h Mar
255 Aug
%
6,000•
1
1
Class A
%
151 Feb
1034 Aug
14
300
455
555
•
$5 preferred
73z Aug
'22 June
In 14,000
is.
134
Option warrants
30
Aug
3612 Aug
5.50' 8%
34
Associates Investment Co • 31
35 Aug
4 Aug
54
Asa0C Laundries of Amer_•
14 Mar
1
200
234 Jar
14
associated Rayon cum ___•
134
Apr
2534 Sep
13
22
Assoc Telep 51.50 pre! •
1055 Jag
2
44 June
500
634
6
Atlantic Coast Fisheries_ _ •
18
18
Mar 30
Jar
Atlantic Coast Line Co_ _50
1331 Aug
755
734 Mar
15,400
• 11% 13
Atlas Corp common
47
Apr 54
400 35
July
• 5255 54
$3 Preference A
15( Mar
454 Aug
1%
4,400
355
3%
Warrants
64 Jar
355 Mar
255
1,300
4%
•
414
Atlas Plywood Corp
Jan
13
Sep
134
5
1,600
Automatic-Voting Mach' 1134 1234
Anton-Fisher Tobacco4335 May 60
Fel
60 4334
10 5344 54
Class A common
Mar
4954 Jurn
28
240 1835
Babcock & Wilcox Co_._ _• 4155 4234
Baldwin Locomotive Works
3% Jai
4 Feb
54
Warrants
4034 Jul]
May
15
11
itaumann(L)&C07%Pfd100
54 July
134
151 Apr
3,500
455
535
llellanca Aircraft •t c___1
May 132
Jai
50 10455 123
100 13155 13155
fiellTel of Canada
154 Feb
4
July
154
•
Benson & Hedges comMar
10
5
July
1%
•
Cony pref
Ma]
14
83.4 Feb
44
400
114 123-4
Molitor& Inc corn___. .__•
35
3355 Apr
MR
23
•
$2.50 cony pref
10
354 Mar
Sep
155
14,100
854 10
Biles(E W)& Co corn_ _ __•
I
Mar
255 All
1
24 4,800
2
lilue Ridge Corp corn_ __ _ I
3.555 Mar 46
Ma,
1.000 284
• 4154 4234
S3 opt cony pref
254 Jan
144 Sep
3,300
.5
• 12% 14%
Blumenthal (3) & Co
Jar
II
5
June
7
125
8
8
Bohack (11 C)Co corn__._'
41
Aug 65
40
Fel
7% let pref
100
4 May
55
4 Jar
llotany Consol Mills com_•
3
June
43-4 Fel
3
•
Bourlois Inc
Mar
6
1155 Sep
6
200
10
103.4
Borne Sery meet Co. ___ .25
Mar 314 Au,
16
634
3,900
•
Bower Roller Bearing _ _ _ _,5
2755 2954
Bowman-BlItmore Hotels154
3
Jai
13-4 Jan
7% lot preferred. _100
711 Aug
2,300
1044 2a,
854
734
755
BrazilllanTr 1.4 & Pow___'
11
Sep
311 Jan
44
1,100
944
834
•
Bridgeport Machine
14 Au
55 Mar
54
300
1
•
%
Brill Co p clam B
1
•
1% Sep
Jan
I
1,000
34
14
ChM A
N1a
7
64 Apr
5/1
100
63-4
634
•
Brill° Mfg Co cora
2254
•
25
Jan
28
Au
Class A
11141 Jun
143.4 Mar
100 1244
• 15% 1534
Brit Amer Oil COUP
June
16
16
Jun
14%
•
Registered
British Amer Tobacco3134 Ja
Apr
100 244 27
Am flop rots ord beareal 28% 2851
244 913% A nr 294 Jul
- For footnotes see page 1911
Par Low
High
British Celanese LIdAm dee rots ord reg..-10s
3
3
British Col Power el A
•
100
Brown Co 6% pref
Brown Ferman Distillery _1
Buckeye Pipe Line
3934 4054
Buff Nlag & East Pr pref 26 22% 22%
• 994 9954
$5 let preferred
Bulova Watch 334 pref.,' 38
38
Bunker 11111 it Sullivan_ _10 43
4534
Burro Inc corn
•
83 cony prof
Warrants
Burma Corn Am dep rcts _
255
23-4
Butler Brothers
10
634
7%
Cable Elm Prod•5 it
34
34
•
Cables J. Wireless Ltd1
A m dee rcte A ord she _ £1
1
Am dep rots 13 ord shs £1
34
%
Amer dep rcts pref shs £1
Calamba Sugar Estate20
84 9
Canadian Indio Alcohol A•
B non-voting
Canadian Marconi
134
1%
1
Canal Construct Co
Carib Syndicate
234
2%
25r
Carman & CoConvertible class A____'
Carnation Co corn
19
• 19
Carolina P & L $7 pref
• 85
88%
$6 preferred
•
Carrier Corporatfon____ • 1034 1174
Castle (A NI) Sr Co
10
Cattalo Corp of Amer__
934
844
Celanese Corp of America
7% let partic pref ___100 10631 103)
7% prior preferred_ __ ioo 109 11034
Celluloid Corp corn
15
• 25
2555
$7 dB, preferred
•
lo preferred
Cent Hud
& E• t e__ • 1455 1554
Cent PAL 7% pref ___ _100 33
333-4
Cent & South Week URI__
I
Cent States Rico corn_ 1
% 15i
• pref without warr 100
8
8
100 14
7% preferred
1434
12
100 12
Convpreferred
Cony pref op see '29_ _100
84 851
•
44 476
Centrifugal Pipe
Charts Corporation new i
1734 19
Che.ry-hlurreil Corp
•
Chesebrough Mfg
25 12834 13346
Chicago Rivet & Mach__ • 1735 17%
100 213,4 2334
Childs Co peel
Chief Consol Mining Co __1
916
916
1%
2
Cities Service corn
•
18%
Preferred
• 17
Preferred B
•
Preferred BB
•
Cities Serv P & L $7 Met_•
$6 preferred
•
City Auto Stem ping _ _ _.•
734
7
City & Suburban Homes 10
Claude Neon Lights Inc I
716
716
4455
Cleve Elea Ilium corn_ _ • /42
Cleveland Tractor corn_ _.• 1354 14%
Clinch fleld Coal corn __100
Climb A ban Utensil Co._ •
3%
2
Cockshutt Plow Co com..*
Conn & Rosenberger__ _ _•
1%
Colon MCorp corn
•
3955
Colt's Patent Fire Arms_25 38
Columbia Gan & Eleo84
Cony 5% pref
100 SI
155
Columbia oll & Gas etc_ •
1
•
Columbia Pictures
Commonwealth Edison_100 8934 9334
Commonwealth & Southern
Warrants
51
sts
15%
Community P & L $6 pee?• 15
Community Water Serv •
1% 2
Como Mints
1255 133-4
Compo Shoe Machinery.,.
Conn Gas & Coke sec $3 Pf•
14% 16
Consolidated Aircraft_ _ .1
Como! Auto Merchand'il.•
$3.50 preferred
•
3%
43-4
Consol Copper Mines.,., _ _5
844
Congo'GE LAP Balt coin • SI
171
Consol Min & Smelt Ltd_25 171
3
3
Consol Retail Stores
6
8% preferred w w _ _100
Continental Oil 01 Nies. _.!
1%
1%
.
Congo' Royalty OIL
Cont0 & E 7% (Haar nr.100 7434 75
nt Nlex___1
Continental
Continental Securities _ _ _•
554
Cooper Bessemer corn __•
536
26
• 26
$3 pref A
•
44
Copper Range Co
4%
4
6
Cord Corp
Corroon & Reynolds354
355
Common1
• 403,5 41
$6 preferred A
34
31
Cosden 011 corn
1
Preferred
100
Courtaulda LtdAro dep rote on reg__EI 13% 1354
Cramp(Wm)& Sells ShIP
& Lug Bldg Corp_ _ __100
26 1455 165e
Crane Co Corn
Preferred
100
5 184 21
CreolePetroleum
8%
Crocker Wheeler Elee
7
•
55
54
Cron Brewing Co
1
Crowley NIliner & Co_ _._•
Crown Cent Petroleum 1
7-4 "16
11
1042
Crown Cork Intermit' A.,.,'
Cuban Tobacco corn vto.•
33
• 33
Cuneo Frees corn
100
64% preferred
155
134
Cuel Mexican Mining__50e
Darby Petroleum com___5
Davenport Hosiery Milla_•1 1234 1254
IS' HavIlland Aircraft CoAm Dell Rets ord rug £1
Den Wenn Mfrt 7% peel.100
ao
Sales
for
Week
July 1
193310
Aug.31
1935
Shares
Low
2
21%
200
300
400
100•
100
1,150
55e
26
1454
66
1654
26
100
900
300
'16
134
254
3-2
200
1,400
616
311
66 15 55
554
500
454
14
1,900
1,600
134
Range Since
Jan. 1 1935
Low
2
214
412
5%
30%
1454
694
244
30
51
20
%
I%
541
g
aasi
Mar
May
Mar
Feb
Jan
Jan
Mar
July
Mar
155
716
5
2355
it
10
244
10%
4%
June
June
June
Aug
kitty
May
June
July
May
Jan
17
Jan
54% Jan
57
Feb
1014 Sept
4134 Aug
4% Apr
10
194
88
66
1954
4154
10
Sept
July
Sept
Slay
Feb
Aug
Sept
51
Ns
344
20
7%
6%
155
10%
155
6%
1355
33
27
455
5,200
9 10
334
9,400
100
20
475
500
100
81
75
655
1655
40
8
11
800
125
2,800
16,500
1
100
2
175
114
25
100
354
1,000
9
2,900
• 5
200 105
435
700
534
260
460
32,800
655
1,600
•5
6
754
6%
400
3
200
sis
200 2134
1%
1,600
14
28,500
14
4,300
875
544
34
15
32
54
194
2,600' 3034
1,450
2,700
3,500
300
300
20,000
1,200
a
34
34
8o
8
46
21,300
'Is
116
17,800
62c
1,500 4555
10 115
100
'A
124
1,000
100
1
29
Se
2
700
234
200 12
3
600
4,200 • 2
100
1,100
100
10
200
8
3-4
3.4
24,000
4,900
3,100
4,600
1,000
200
5,700
3)01
90
9734
8
25
69%
84,
2011
3,,
41
1
2
1%
44
414
12%
24%
115
1214
16
34
44
634
44
6
734
611
334
4
sis
2354
5%
111
41
8
554
34
25
32
Mar
3-4 Mar
Jan
aM. ja„
Si
54
51
155
1154
46
7
'Is
54
1
5255
13454
2
3454
55
1
36
14
2
354
16%
3%
2%
88
155
704
04
Aug
Sept
Aug
Sept
55 Aug
Jan
2041 Aug
Jan
Julie
1
May
'2% Apr
Sept
Sept 18% Slat
July
46
July
16
Sept
June
1 • Jun
Jan
12 Jun
Jan
454 June
Jan
Jan 894 Aug
May
Feb 182
3% Feb
June
Aug
65
Jan
12 Mar
Mar
2
may
Feb
Aug
Mar 84
May
Mar
434 Aug
Al,,
5% Aug
Apr
274 Sept
Jan
4% Sept
Feb
5
Sept
Mar
yi
134 Mar
22
Mar
11 JIM!
716 July
'
July
4
Aug
43
35 Jan
2
Feb
1154 Mar
1454 July
154,
6944
916
434
8
4
5714
13
c7iO
32
5%
354
51
6 241
3-6
534
Feb
May 110
Mar 11055 Sept
Jan
15
Apr
Jan
36
Slay
8034 July
May
17% Aug
Mar
4354 Aug
Jan
2
Aug
Mar
Aug
2
Mar
14% Aug
Mar
21
A.1g
Mar
18
Aug
Mar
14
Aug
Mar
555 Feb
Juin,
19
Sept
Mai
2434 Apr
Apr
Feb
Mar 157
19% July
Jai
Jan
30
Apr
1% Apr
,ho
2% Aug
Mar
27% Aug
Mar
3% Aug
Mar
Aug
23
Ma
42% Aug
Ma
Aug
3'J
Ma
8% Aug
Jail
Apr
4
Apr
ti May
Ma
463, Aug
jai
1841 Apr
Jan
June
2
May
341 Sept
Au
8% Aug
Aug
Mar
7
Mar
1% May
Jun
3912 Sept
Jan
38
55
7
87
10
4
'is
2%
44
751
131
30
87
1%
4%
8
4,500
High
June
4
Mar
2511 Mar
July
Aug
9
Sept
054 Jan
June
Aug
42
Jan
234 JUIY
Jan
Jan 10035 July
Aug
Ma, 39
Apr
Mar
Aug
2
Feb
30% Sept
Feb
g Aug
Jan
24 Aug
Mar
755 Jail
Aug
Jan
I
Aug
34 Aug
Mar
1755 July
Mar
Feb 11655 July
Sept
21
Mar
July
10
Ma
Sep
"is Sept
4% May
Fel
Jan
Feb
11% July
Ma
Aug
5
July
Mar
Feb 34
Feb 10455 June
255 Jan
Au
655 Nis),
Ma
Jan
16
Jun
Jail
tav
1554 A Pr
5714 MAY
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
High
Detroit Gray Iron Fdy___5
9% 10
Derby Oil & Ref Corp cm*
Preferred
•
•
Diamond Shoe Corp
Dictograph Products
534 5%
2
Distilled Liouors Corp 5 1135 11%
Distillers Co LtdAmer deposit reM --. £1
21.55 2234
Diedtiers Coro SeagraMe-• 2334 27%
Doehler Die Casting__ .• 19
2155
Dominion Steel &Coal 1125
Dominion Tar & Chemical.
Dow Chemical
• 99 10234
Iiraper Corp
•
Driver Herrin Co
10 24
2735
7% preferred
100 103 103
Dubtiler Condenser Corp.1
55
55
Duke Power Co
10 5535 GO
Duval Texas Sulphur
_•
955 10%
Eagle richer Lead Co
20
6
6%
East Gas & Fuel A8600Common
•
355 4%
454% prior preferred_100 6334 6334
8% preferred
100 45
4934
East States Pow corn 13_,.•
34%
$6 preferred series B___• 13
13
$7 preferred series A_ •
Easy Washing Mach "B"_•
6% 7
Economy Grocery Stores •
Edison Bros Stores com_• 33% 3734
Eisler Electric Corp
•
1%
134
Klee Bond & Share com
6 11
1334
$5 Preferred
• 5535 5834
$6 preferred
• 63
65
Elea Power Assoc com
I
455 5%
Class A
4% 555
1
Else P & L 2d prof A
• 1134 1234
Option warrants
155 I%
Electric ShareholdingCommon
I
4
4%
$6 cony prof w w
• 84
86
Eieetrographic( ors com. I
Elgin Nat Watch Co___15
Empire District El 6%-100
Empire Gas & Fuel Co% preferred
100
655% prof
100
7% preferred
100
8% preferred
100 24
25
Empire Power Part Rtk_ •
Ernsco Derrick & Equip_ _S
Equity Corp corn
luc
2
2%
Eureka Pipe Line
50 3434 3455
European Electric CornOption warrants
h
54
Evans Wallower Lead__ •
7% preferred
100
4
4%
Ex-cell-0 Air & Tool
5 15% 18%
Fairchild Aviation
1
8
9
alardo Sugar Co
100 94
96
Falstaff Brewing
1
4
4%
Fanny Farmer Candy -- -1
934 955
ransteel Prod name changed to Fansteel Metallurgical
*
655
Ferro Enamel Corp cow-• 2134 6%
2234
Flat Amer deli rects
Fidello Brewery
1
35
35
Fire Aesociation (Phila.) 10
Find National Storeslet
7%
preferred___100 115 117
Fisk Rubber Corp
I
5% 6%
$8 preferred
100
• 28
Flintokote Co CIA
30
Florida P & L $7 pref._.' 37% 41%
Ford Motor Co LtoArn dep rcts ord reg_11
7,54 8%
Ford Motor of Can el A_ • 25%
2755
Class 13
• 30
30
Ford Motor of FranceAmerican dap rag .100
3% 3%
Foremost Dairy l'rod com•
Preferred
•
Froedtert Grain dr MaltCony preferred
15 1655 16%
General Alloys Co
•
1
134
Gen Electric Co 1.10Am dep reit+ ord reg__ £1
15
15%
Gen Fireproofing corn
•
7% 7%
Gen (las & Flee$6 cony pref B
• 14% 14%
Gen Inv
@FedFRASER