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The Financial Situation
at Hyde Park yesterday
THE President he had dispatched on Sept.made
public a letter
2 to
Roy W. Howard,
once to other and more important portions of the
letter. We find among these latter an assurance to
of the Scripps-Howard newspaper the effect that the basic legislative program of the
chain, in response to one he had received from Mr. Administration "has now reached substantial comHoward late in August. Mr. Howard had apparently pletion and the breathing spell of which you (Mr.
given the President an opportunity, which was Howard)speak of is here—very decidedly so." There
promptly seized, to present to the public another follow further iteration of the President's belief
apologia pro vita sua. The business community that conditions are now substantially better than
which for some time past has been hoping for some they were at an earlier date, and that "at this•
encouraging statement and fearing utterances of an- moment conditions are such as to offer further
other nature by the Presisubstantial and widespread
dent, has not unnaturally
recovery." Much emphasis
Financially Unsound
seized upon this letter with
is laid upon "confidence,"
Mayor La Guardia early this week, as was
great avidity.
"not merely confidence of
expected, signed a measure previously apThe President again pays
a small group, but that
proved by both the Board of Estimate and
the Board of Aldermen of the City of New
his respects in characterbasic confidence on the
York, providing for a popular referendum on
istic phrases to the Philispart of the mass of our
the question of whether the city shall emtines who oppose his probark upon a project involving the expendipopulation," in all this
ture of some $49,000,000 for a municipal power
gram, but in the existing
latter discussion. There
plant to duplicate an existing privatelycircumstances these senowned plant and to compete directly with it.
follows a paragraph in
Just before signing the measure the Mayor
tences may perhaps be
which tribute is paid to the
listened to the protests of a number of wellignored, difficult as it is
informed business men who believe, as sensiAmerican social and ecoble men must, that such a procedure on the
to escape a feeling of irritanomic system,approvingly
part of the city would be exceedingly unwise.
tion at what once again
quoting for that purpose
Among these was former Judge Proskauer,
speaking technically for the Consolidated
seems to be the attitude of
the following sentence from
Gas Co., but in fact expressing the opinion
the President that those
Mr. Howard's letter:
held by all forward-looking citizens, who
who disagree with him are
said,in part:
. "With all its faults and
"If you had to look to private capital to put
ignorant, stupid, or worse.
with the abuses it has deup the money for this project, I think there is
But since there are some
not a man, including yourself, who doesn't
veloped, our system has in
know that you couldn't raise a nickel for this
"critics who are honest and
the past enabled us to
project on this basis, because it is financially
nonpartisan and who are
unsound."
achieve greater mass progThe Mayor was furthermore reminded of
willing to discuss and to
ress than has been attained
the immense funds that New York City has
learn," the President bealready in unprofitable investments such as
by any other system on
the subways, Staten Island docks, and the
lieves that he owes a "posiearth. Smoke out the sinFloyd Bennett Field, all of which are now
tive duty to clarify our
isterforcesseekingto delude
directly or indirectly represented by obligapurposes, describe our
tions of the city, upon which the taxpayers
the public into believing
and not the enterprises themselves are paying
methods and to reiterate
that an orderly modernizathe interest.
our ideals." To these objecWith studied disregard of such good advice,
tion of a system we want
the Mayor, promptly upon completion of
tives he presumably devotes
to preserve is revolution
opposing arguments, proceeded with a flourthe remainder of his rather
ish to sign the measure. It is now encumin disguise."
bent upon the people of the city to defeat
remarkable letter.
So much for soothing .
the project so overwhelmingly as to put an
As to ideals, they are set
end, for a long period, at least, to all such
generalities. The time is
semi-socialistic proposals.
forth in the following
opportune for realistic
If this project were an isolated case, the
language, which only in
analysis of these sentences
matter would hardly warrant national attenwords is in any sense new.
tion, large as the City of New York bulks
in the light of the situain municipal finance. Such, however, is not
"As spokesman for these
tion as it actually exists.
the case. On the contrary,it is but one local
purposes I pointed out
manifestation of a nation-wide movement
As to the statement of
sponsored by the present Administration at
(three years ago) that it
ideals, it may be dismissed
Washington. We can only hope that the
was necessary to seek a
people throughout the country will themwith a reminder that faith
selves put a definite end to this movement,
wise balance in American
without works is dead.
as they unquestionably can, whether they
economic life, to restore
have the opportunity to vote upon such proVaguely worded objectives
posals directly or whether they must depend
our banking system to
are unimportant in comupon less direct means.
public confidence, to proparison with the nature and
tectinvestorsin the security
probable results of promarket, to give labor freedom to organize and grams adopted allegedly for the purpose of attaining
protection from exploitation, to safeguard and stated objectives. Glowing tributes to "American
develop our natural resources, to set up protection systems" are, of course, to be placed in the same
against the vicissitudes incident to old age and category, as are such assurances as the President
unemployment, to relieve destitution and suffering gives about "business interests" being wholly
in
and to relieve investors and consumers from the harmony with "mass interests."
burden of unnecessary corporate machinery."
This leaves only two questions for discussion:
Mr. Roosevelt evidently feels it necessary to offer (1) are the programs, legislative and administrative,
a defense of recent tax legislation. The fine phrases that have been adopted and which are being carried
he uses for the purpose are, however, not likely to forward at present reasonably well-designed for the
convince anybody not unduly susceptible to the purpose of attaining the fine objectives set forth by
magic of soothing words. We may therefore pass at the President? and (2) just what significance is
to
1484
Financial Chronicle
be attached to the President's assurance that the
business community will now have a "breathing
spell?" The first is an old, old question about
which the thoughtful business man has long had his
own opinion. There is not a line anywhere in the
President's letter to Mr. Howard that ought to
change, or is likely to alter, sensible conclusions
already reached on this question. Our own belief,
•as our readers are well-aware, has been and still is
that what the Administration has done, so far from
achieving the results for which the President says he
is striving, will do great injury, and indeed is already
doing great injury, to both the masses concerning
which the Administration is so solicitous, and to the
business man, whose real interests the President
correctly says are in the long run as one with those
of the rank and file.
Now as to the promised "breathing spell." First
let it be clearly noted that what the President says
is that his legislative program has reached substantial
completion. We shall, of course, have to assume with
what confidence we can summon that he will not take
advantage of the reservations made with the word
"substantial" to come forward at some eleventh hour
in the future with wholly unexpected legislative
projects as he did this past summer in the matter of
the so-called "soak-the-rich" tax measure. But
suppose that no further legislation of basic importance
is brought forth next year. Where does this leave
the business community? Certainly with a very
unsatisfactory sort of "breathing spell" ahead of it.
The public utility legislation just taken to the
national statute book has been found upon close
examination virtually to deliver the industry over to
the Securities and Exchange Commission and the
Federal Power Commission to do with what they
think best, assuming that the courts uphold the law
in all of its extreme provisions. The banks of the
country have a similar problem on their hands as a
result of the Banking Act of 1935. Not only is the
Social Security Act full of similar uncertainties, which
can in the nature of the case be eliminated only with
the passage of time, but the program thus laid out
is utterly new to our American system, and in degree
at least to the entire world. Numerous governmental
officials and administrative bodies are now endowed
with heretofore unheard of powers as a result of
recent or earlier enactments for which the present
Administration is responsible. If uncertainty as to
what new laws are likely next to be enacted has in
large measure been removed at least for the time
being, it has been replaced by about equally troublesome obscurity as to what those entrusted with
sweeping powers under laws already adopted will do.
The business man will of course make up his own
mind what he thinks of this letter of the President.
For our part, we find it singularly void of anything
basically reassuring.
The Week's Developments
EASURED in concrete developments the past
week has been relatively uneventful. The
President has signed a number of measures that
everybody knew he would sign, and vetoed a number
Of unimportant bills, accompanied by formal statements which few, probably, have taken the trouble to
read. The Treasury succeeded in obtaining liberal
subscriptions for an offering of $500,000,000 shortterm notes, a type of obligation long in favor among
M
Sept. 7
1935
investors, but its offering of longer-term obligations
has not been cordially received. The Central Hanover Bank & Trust Co. and the Bankers Trust Co.,
both in New York City, have given public recognition to low earnings and the probable burdens of
the Banking Act of 1935 by reducing dividends,
while another banking institution of first-rate importance, the Guaranty Trust Co., also of New York,
continued its regular dividend without change.
Trade reports as a whole have been indecisive, as
was to be expected immediately after the holiday,
while the stock market, except for what appeared
to be the results of professional operations late in
the week, continued to remain in a somewhat uncertain state of mind. Some improvement in the
bond market was also recorded late in the week,
but there was little to indicate that the rank and file
of investors, or even institutional ones, have become
more willing than they have been in the past to
pay the very high prices that had until quite recently
been asked for strictly first-grade bonds. One of
the large utility company systems issued a somewhat optimistic letter to its stockholders a day or
so ago, but was careful to state plainly that the new
Federal law was not only an extreme, but a very
complex, one, and that the officials of the company
had not as yet been able to acquaint themselves fully
with all of its terms.
New Financing Less Active
CORDING to the registration statements filed
with the Securities and Exchange Commission,
two plans, both of utility companies, for further
public corporate financing of importance have come to
fruition during the current week. For some weeks past
there have been evidences that the market was rather
reluctant to absorb new offerings of substantial proportions, even where the issues offered were destined
to replace existing securities, at prices as high as had
on most occasions been named on new issues. Such
improvement as has taken place in the bond market
during the past day or two does not seem to have remedied this situation in any really convincing way.
Taken as a whole, therefore, the financial community during the past week has seemed to pursue a
policy of watchful waiting, devoting its time for the
most part to study of the situation by which it is
faced, and appraising the outlook for the autumn
and winter months. Conclusions on the part of
thoughtful observers, so far as they have assumed
definite form, are still rather largely of the a priori
type, and rest for the most part either directly or
indirectly upon what is believed likely to be the
effect of continued Government spending on the one
hand, and the practical results of recent legislation
and forthcoming Administration policies on the other.
There is considerable speculation upon what the
President may have to say in addresses he is expected
to deliver during the next few weeks, and the hope
is expressed in some quarters that in the public
reaction to whatever he has to say—particularly if
he continues his habit of uttering harsh criticisms of
business—there may be found a useful clue to the
trend of public opinion.
The President's letter to Mr. Roy Howard, to
whic i we have referred, may or may not offer a clue
to what he will have to say later. At any rate it is
too early to guage the reaction of the public to its
contents.
AC
Financial Chronicle
Volume 141
The "Farmer's Tariff"
HE Secretary of Agriculture in Washington on
Wednesday, after having completed an extensive
Western tour, had some things to say to the press
that were distinctly irritating to a number of business
men, and to which they were inclined to attach considerable importance, the more so since they more
than half suspected that what the Secretary had to
say revealed a part of the general political strategy
of the Administration in certain respects. Mr.
Wallace told the reporters that he found Western
farmers becoming "educated to the idea" that the
processing taxes, coupled with benefit payments,
were the "farmer's tariff," adding, according to press
dispatches, the following significant sentences:
"The Middle West has always favored high protective tariffs. I have never been enthusiastic for
the idea and have fought it for ten years. But
throughout the West there is a growing conviction
that the farmer is as much entitled to protection as
the industrialist.
"The farmer is getting that protection now, in lieu
of foreign markets for his products, in the form of the
processing tax. If it is found that this method of
bringing social justice to the farmer cannot be continued, he will begin immediately to look around for
something else. If the substitute cannot be found, he
probably will seek a lowering of tariff rates and therefore prices on the things he buys."
To this Mr. Wallace added a number of other
observations that appear to be not without significance. Among them was a statement to the effect
that merchants and others depending upon the farmers for a living were increasingly sympathetic to the
current farm subsidies in the form of benefit payments. Another was that he found substantial
sympathy in the West for constitutional changes to
remove legal difficulties (if they are made permanent
by the Supreme Court) in the way of the present system of collecting processing taxes and turning the
proceeds over to the farmer. Of course, statements
such as these can very easily be construed, as many
are construing them, as warning to industrial interests concerned with a continuance of existing excessive tariff duties that they would be well advised to
cease their objections to the processing tax, or even
as a hint that the Administration, if balked in these
matters, may presently come forth as an advocate
of sweeping tariff reduction. How just this interpretation of the remarks of the Secretary is, we of
course cannot venture to say at this time. This
official has, on paper at least, been a rather consistent doubter of excessive tariff theories for a number
of years. What we do know is that we should be
much better pleased if he had expressed the view
(which we have no idea he holds) that the processing
tax-farm benefit system is even more iniquitous than
our ultra-protectionism of the past decade or two,
and that what is needed is that both should forthwith be abolished.
T
The Budget
OTH the Secretary of the Treasury and the President meanwhile have given utterance to statements which in other days doubtless would have had
more effect than they seem to have had in fact, and
than they really deserve to have. The President, at
his home in HydePark on Wednesday,in announcing
an order placing the last of a list of twenty agencies
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1485
heretofore independent of such "control" under the
so-called Budget and Accounting Act of 1921, remarked rather vaguely that the "emergendy peak"
had passed, and that these agencies would henceforth
act more as administrative bodies, with the expectation that their staffs could be reduced in the future.
The President has long ago seen to it that the Director of the Budget is wholly amenable to suggestions from the White House, and obviously a billion
dollars wastefully spent by an administrative body
is just as harmful as a like amount similarly disbursed by any other Government agency. As to savings that may be effected by reductions in personnel,
they are not likely to be large enough to be found
among the astronomical budgetary figures of to-day.
The Secretary of the Treasury is described in an
Associated Press dispatch of Thursday as looking
over the first.two months of the current fiscal year
and concluding that "we are within the President's
budget." This official is then pictured as again falling back upon the old theory of "recoverable loans"
made with public moneys, in which such loans are
deducted from expenses before computing the real
deficit for the period. In this way it is found possible
to reduce the official deficit for the first two months
of the year from $672,000,000 to $427,000,000, and
to add that at this rate the "deficit" for the year
would be only about $2,500,000,000 against the "President's budget" showing a deficit of $4,000,000,000.
Of course all who have cut their eyeteeth in such
matters will take this talk about recoverable loans
with a grain of salt, especially since the recent report
of a special Senate Committee on the financial experience of the Grain Stabilization Corporation, and
no one has ever supposed that the Treasury would
not remain within the estimates of expenditures set
forth by the President. The Secretary is said to have
concluded that "the more you go into it for the first
two months, the better it looks." It seems to us that
the more one studies the whole budgetary situation
of the country the worse it looks. It is a source of
some encouragement that the financial community is
at length also quite generally taking this view of the
matter. So long as it was inclined to take these
enormous deficits as a matter of course, there seemed
little hope of ever ending them.
Federal Reserve Bank Statement
EVERSAL of the recent upward trend of member bank excess reserves comprises the main
item of note in the current condition statement of
the 12 Federal Reserve banks, combined. A sharp
but seasonal increase of currency in circulation,
coupled with Treasury withdrawals of funds from
the member banks, operated to reduce such excess
reserves by $110,000,000 in the week ended Wednesday. It is officially estimated that the aggregate
of reserves over requirements was $2,670,000,000 on
Sept. 4 against $2,780,000,000 on Aug. 28. This
change, of course, does not affect the fundamental
position, which remains one of grave concern to all
informed members of the financial community. The
decline of European gold currencies to the gold export point suggests that the United States soon may
be the recipient of additional floods of the yellow
metal, even though our supplies are excessive. As
National bank notes are retired from actual circulation, moreover, the Treasury will find it necessary
to deposit additional gold certificates with the Federal Reserve banks. Such developments again will
R
1486
Financial Chronicle
tend to swell the already enormously exaggerated
total of reserve deposits and excess reserves. It is
to be noted, incidentally, that the recently enacted
Banking Act provides for an increase of reserve requirements in the event of any credit control emergency, but there is no more expectation of a real
use of that new power than there is of any liquidation by the Federal Reserve banks of their open
market holdings of United States Government
securities. The potential dangers of the credit situation cannot be sufficiently emphasized.
Although additions to the monetary gold stocks
of the country amounted to $12,000,000 in the week
covered by the current statement, the Treasury refrained from depositing any gold certificates with
the Reserve System. This merely means larger deposits at some future period. The gold certificates,
which now represent the interest of banks in the
gold stocks, dropped slightly to $6,481,634,000 on
Sept. 4 from $6,482,231,000 on Aug. 28. The holiday
and seasonal drain of currency caused a recession
in "other cash" of the Federal Reserve banks, and
total reserves thus receded to $6,708,082,000 from
$6,729,762,000. Total money in circulation advanced
no less than.$77,000,000, and much of this was accounted for by Federal Reserve notes, which moved
up to $3,413,933,000 from $3,352,057,000. Treasury
withdrawals of war loan deposits from member banks
and cash payments by the banks for new Treasury
securities both operated to reduce the reserve deposits of member institutions. Such deposits fell
to $5,288,147,000 on Sept. 4 from $5,346,437,000 on
Aug. 28, while Treasury deposits with the Reserve
banks on general account advanced to $103,062,000
from $49,877,000, despite heavy outlays. Other deposits decreased, and total deposits fell to $5,524,355,000 from $5,608,865,000. While deposit liabilities declined, circulation liabilities increased, and
- as there was a decrease in reserves the ratio fell to
75.0% from 75.1%. Discounts by the System were
moderately higher at $10,708,000 on Sept. 4 against
$9,409,000 on Aug. 28. Industrial advances reflected
repayments on a greater scale than new loans, and .
the total receded $17,000 to $29,430,000. Open market bankers' bill holdings were quite unchanged at
$4,685,000, while holdings of United States Government securities fell $118,000 to $2,430,213,000.
Sept. 7 1935
since 1920. For the same time in 1934 there were
8,418 similar defaults recorded, involving liabilities
of $189,589,280. How greatly conditions have
changed is shown by the report of 1932; for in the
first eight months of that year there were 22,825
business failures in the United States with liabilities
of $701,505,139.
Separating this year's record by branches of business, it is shown that the smaller retail dealer continues to contribute most heavily to the number of
insolvencies. For the month of August there were
557 defaults in retail lines, the total amount of liabilities being $5,035,217. These failures in the retail
division constituted 61.3% of all failures in that
month. In August of last year there were 518 defaults among retail dealers for $6,062,433, the ratio
to all failures in that month being 55.8%. In the
manufacturing division in August this year 197
failures occurred, for $5,853,045 against 237 a year
ago, involving $7,489,195 of indebtedness.' There
were 91 defaults among wholesale dealers in August
this year, owing $1,819,945, and 65 classified as
agents and brokers, for $5,137,389 of liabilities; the
figures for the last two divisions a year ago were,
respectively, 79 and 95, and the indebtedness
$1,506,964 and $3,401,311.
By geographical sections the improvement that
appeared in the August figures as compared with a
year ago was mainly in the East. Separated by
Federal Reserve Bank Districts, there were four
sections where failures were fewer last month than
in August of last year. These four districts were
Boston, New York, Richmond and Kansas City.
For each of them the decline was quite marked. On
the other hand, quite an increase appeared in the
Philadelphia district, as well as for that of Cleveland and San Francisco. For Chicago and Minneapolis, the figures were also higher. In the South,
outside of the Richmond district, more failures occurred, the St. Louis, Atlanta and Dallas districts
each showing higher records.
The New York Stock Market
RANSACTIONS in stocks on the New York
market this week reflected a resumption of
the optimism that has been current, intermittently,
for approximately five months. The hesitation that
appeared last week still was in evidence at the start
of the business week, but it gave way to extensive
Business Failures in August
ANKRUPTCIES in business lines have been buying in most parts of the list, and substantial
relatively few in number and for a small gains are to be recorded for the week as a whole.
amount throughout most of this year, and the record It is now quite obvious that the war scare in Europe
for the month of August shows no important change. and the partial failure of the Treasury offering of
There were in the United States during that month, $106,000,000 Federal Farm Mortgage Corporation
according to Dun & Bradstreet, Inc., 910 business bonds last week occasioned the uncertainty that was
failures, with total liabilities of $17,845,596 against carried over into the first session of the current week,
931 similar defaults in July for $20,446,761 of in- on Tuesday. The holiday atmosphere also contribdebtedness, and 929 reported in August last year uted to the hesitation, and this aspect of the situaowing $18,459,903. The variation in this record is tion was not unusual, for the Labor Day suspension
very trifling. The fact is that such has been the can be counted upon to produce such results. The
case for the past 18 months. The low point was session on the New York Stock Exchange last Saturtouched in September of last year, and the high day was dull, with prices steady. Monday, of course,
point in January. Even the records for the last two was a holiday. When trading was resumed on Tuesmonths were not very wide apart. Business failures day no especial activity developed, for there was
in January are usually more numerous than in any still a good deal of uncertainty regarding the Euroother month of the year, while in September the pean situation and the trend of United States Government securities. Total transactions were less
number is at the bottom.
For the eight months of this year the number of than 1,000,000 shares, and most issues drifted modbusiness failures was 8,109 and the liabilities $148,- estly lower. Amusement shares furnished the con573,198. This was the lowest record for that period spicuous exception, these issues moving sharply
B
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Volume 141
Financial Chronicle
higher on reports of excellent attendance at theaters.
During much of the session on Wednesday prices did
not vary much, but in the final hour a sweeping upswing developed. Cancellation of an Ethiopian oil
lease to American interests was accepted as an
assurance that the United States will not become
involved in any European conflict, and there also
was a better feeling regarding Treasury obligations.
The early uncertainty was overcome in the last hour,
and motor and steel stocks led an advance that took
in also railroad and many other groups. The advance was continued on Thursday, with New York
transit stocks in heavy demand on rumors of unification progress. Electrical equipment, steel, motor
and other industrial stocks likewise moved forward,
and numerous new highs for the year appeared.
Transactions again approached the 2,000,000 share
mark. The activity was well sustained yesterday,
and prices again improved virtually throughout the
list. Increase of the General Electric dividend stimulated the list, and gains were pronounced in industrial stocks, while railroad issues also improved.
Transfer of a seat on the New York Stock Exchange
was effected yesterday at $120,000, an increase of
$15,000 over the last previous transaction.
In the listed bond market United States Government securities held attention. The uneasiness
caused by the partial failure of the guaranteed offering last week was not easily dispelled, and movements were jerky and irregular Tuesday and Wednesday. Announcement by the Treasury on Tuesday
of refunding terms applicable to $1,250,000,000 called
Fourth Liberty 41
4% bonds, and an offering of $500,000,000 notes for new money contributed to the uncertainty. When it appeared that the note issue for
new money had quickly been oversubscribed, confidence gathered and the trend of the market improved. Highly rated corporate bonds held steady in
the face of the general uneasiness, while speculative
bonds joined in the advance of quotations noted on
the stock market. In the foreign dollar bond department most movements were toward better levels.
In the commodity markets trends were somewhat
better this week, although levels were lowered at
first. Gains appeared in most grains and other
staples during the latter half of the week, and these
movements aided the share market perceptibly.
Foreign exchange dealings suggest that European
capital once again is moving to this side of the Atlantic, possibly because of the fears of general European complications from the Italo-Ethiopian impasse. All the gold units of Europe drifted downward,and levels were reached that indicate a renewal
of the gold flow to the United States. Sterling exchange likewise was under pressure and slipped to
lower levels, but one apparent reason for the decline
of sterling was a cessation of silver buying in the
London market by the United States Treasury.
Dividend declarations for the week continue for
the most part favorable, and include the General
Electric Co., which declared a dividend of 20c. a
share on the common stock, payable Oct. 25. This
compares with distributions of 15c. a share made in
each of the six preceding quarters. The American
Agricultural Chemical Co. took similar action and
increased the quarterly payment on its capital stock
from 50c. a share to 75c. a share, payable Sept. 30.
The Borg-Warner Corp. likewise increased the quarterly disbursement on the common stock to 50c. a
share, payable Oct. 1. Dividends of 371 2c. a share
/
1487
were declared in the two previous quarters. The
Safeway Stores, Inc., took adverse action on its no
par common stock by reducing the dividend payment
from 75c. a share to 50c. a share, payable Oct. 1.
On the New York Stock Exchange 110 stocks
touched new high levels for the year and 19 stocks
touched new low levels. On the New York Curb
Exchange 54 stocks touched new high levels and 7
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged at
4%,the same as on Friday of last week.
1
On the New York Stock Exchange the sales at the
half-day session on Saturday were 491,280 shares;
Monday was Labor Day and a holiday; on Tuesday
the sales were 904,080 shares; on Wednesday,
1,000,740 shares; on Thursday, 1,891,670 shares, and
on Friday, 2,153,840 shares. On the New York Curb
Exchange the sales last Saturday were 131,970
shares; on Tuesday, 179,415 shares; on Wednesday,
191,240 shares; on Thursday, 330,510 shares, and on
Friday,423,680 shares.
The stock market the present week, after periods
of dulness and irregularity, resumed its pre-holiday
spirit and closed the week with an improvement in
volume of trading and prices. Geneial Electric
/
4
closed yesterday at 323 against 3078 on Friday of
4
last week; Consolidated Gas of N. Y. at 291 against
/
/
2818; Columbia Gas & Elec. at 131 8 against 1178;
/
/
/
Public Service of N. J. at 4258 against 401 2; J. I.
4;
4
Case Threshing Machine at 771 against 683 Inter/
national Harvester at 56 against 5418; Sears, Roebuck & Co. at 58% against 55; Montgomery Ward &
/
Co. at 3578 against 34; Woolworth at 621 8 against'
/
/
6178 and American Tel. & Tel. at 1401 8 against
/,
13512 Allied Chemical & Dye closed yesterday at
/
.
161 against 161 on Friday of last week;E.I. du Pont
de Nemours at 121 against 117; National Cash Register A at 171 8 against 161 8; International Nickel at
/
/
291 against 2918; National Dairy Products at 15%
4
/
4
against 1512; Texas Gulf Sulphur at 343 against
/
4
1
343 National Biscuit at 28% against 28: ; Conti%;
nental Can at 851 against 82½; Eastman Kodak
4
4
at 1511 against 147; Standard Brands at 133
4
against 13%; Westinghouse Elec. & Mfg. at 72%
/
against 65%; Lorillard at 2478 against 24½; United
/
States Industrial Alcohol at 4478 against 42½;
Canada Dry at 978 against 9%; Schenley Distillers
/
at 35
/ against 341 and National Distillers at
1
2
4,
3118 against 29%.
/
The steel stocks yesterday recorded substantial
gains over the close on Friday a week ago. United
/
1
2
/
1
2
States Steel closed yesterday at 46 against 43 on
/
1
2
Friday of last week; Bethlehem Steel at 39
/
1
2
against 37%; Republic Steel at 19% against 18 ,
and Youngstown Sheet & Tube at 27% against 25%.
In the motor group, Auburn Auto closed yesterday
at 353 against 331 on Friday of last week; General
4
4
Motors at 451 against 42%; Chrysler at 6878
4
4
/
against 6112 and Hupp Motors at 178 against 17
/
,
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 201 against 19% on Friday of last
4
week, and B. F. Goodrich at 9 against 8%. The railroad shares also moved to higher levels at the close
yesterday as compared with Friday of the previous
week. Pennsylvania RR. closed yesterday at 29
against 27 on Friday of last week; Atchison Topeka
4;
& Santa Fe at 5238 against 483 New York Central
/
at 251 against 22%; Union Pacific at 100 against
4
99 ; Southern Pacific at 20 against 181 ; Southern
/
1
2
4
Railway at 9 against 9, and Northern Pacific at
/
1
2
1488
Financial Chronicle
181 8 against 16%. Among the oil stocks, Standard
/
Oil of N. J. closed yesterday at 44% against 4538 on
/
Friday of last week; Shell Union Oil at 93/4 against
9, and Atlantic Refining at 221 8 against 22 . In
/
/
1
2
the copper group, Anaconda Copper closed yesterday
at 19% against 183 on Friday of last week; Kenne/
4
cott Copper at 23% against 22%; American Smelting & Refining at 4614 against 4514 and Phelps
/
/
,
Dodge at 21% against 203 .
/
4
The holiday this week made true assessment of
the business and industrial trend more difficult than
usual, but the indications generally remain favorable. Steel-making in the current week was estimated by the American Iron and Steel Institute at
45.8% of capacity against 47.9% last week, 46.0%
one month ago, and 18.4% at this time last year.
This represents a decrease of 2.1 points, or 4.4%,
from the preceding week. The long week-end
naturally induced curtailment at some plants, and
the decline from last week is not discouraging. Output of electric power for the week to Aug. 31 is
reported by the Edison Electric Institute at 1,809,716,000 kilowatt hours against 1,839,815,000 kilowatt hours in the previous week and 1,626,881,000
kilowatt hours in the corresponding week of last
year. Loadings of revenue freight for the week
ended Aug. 31 1935 totaled 679,861 cars. This represents a gain of 53,488 cars, or 8.5%, over the preceding week, a rise of 32,330 cars, or 5.0%, from the
total for the like week of 1934.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 90c. as against 8634c. the close
/
on Friday of last week; September corn at Chicago
closed yesterday at 7514c. against 71
/
/ the close
3
4c.
on Friday of last week. September oats at Chicago
closed yesterday at 25 c. as against 24
/
1
2
/ the close
3
4c.
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 10.75c., the same as the close on Friday
of last week. The spot price for rubber yesterday
was 11.45c. as against 11.79c. the close on Friday of
last week. Domestic copper was unchanged for the
week at 8.50c.
In London the price of bar silver yesterday closed
at 29 3/16 pence per ounce as against 29 pence per
ounce on Friday of last week, and spot silver in New
York remained unchanged at 6538c., the close on
/
Friday of last week. In the matter of the foreign
exchanges, cable transfers on London closed yester/
day at $4.932as against $4.9678 the close on Friday
/
1
of last week, and cable transfers on Paris closed
/
yesterday at 6.5914c. as against 6.6118c. the close
/
on Friday of last week.
European Stock Markets
NEASINESS regarding the developing difficul-
U
ties of the Italo-Ethiopian situation continued
to affect trading on the principal European securities markets this week. For almost a month this
problem has cast a somber shadow over all dealings
and markets have moved narrowly while the outcome
was awaited. This week was no exception to the recent rule, as small upward and downward fluctuations at London, Paris and Berlin left the markets
not greatly changed. Highly indicative of the attitude adopted in Europe as a consequence of the
threat of war and the possibility of a general European conflagration is the steady downward pressure
in foreign exchange markets this week on the gold
Sept.
7 1935
currencies of Europe. Since there is no immediate
apprehension regarding currency developments, this
tendency appears to reflect a continuing capital
flight from Europe to the United States. Price
trends at London and Paris this week were somewhat
more cheerful than those at Berlin, where a rather
steady downward movement occurred. But there was
no enthusiasm in any European market. All the
customary indications of business and industrial
trends were ignored, in view of the primary importance of the political situation. The business indices,
it may be added, show no variation from recent recovery tendencies in Great Britain, although the positions in France and Germany are less satisfactory.
On the London Stock Exchange trading was
started quietly on Monday, with the holiday at New
York contributing to the dullness. Uncertainty regarding the outcome of the Geneva discussions occasioned mild liquidation of British funds, while industrial stocks showed about as many small losses as
small gains. Gold mining stocks were soft, and international issues were neglected. A more cheerful
atmosphere prevailed on Tuesday, owing to rumors
that Britain and France would take similar stands
at Geneva. British funds closed firm, after early
weakness. In the industrial list many good features
appeared, while gold mining issues likewise were in
demand. Mild irregularity prevailed in the international section. While definite news was awaited
from Geneva, Wednesday, trading dropped to small
proportions. British funds drifted slowly lower, and
in the industrial section, also, most movements were
toward lower quotations. Some of the gold mining
issues improved again, but international securities
were idle and not much changed. Activity increased
on Thursday, and British funds were sharply better
in that session, since the international outlook
showed signs of improvement. Industrial stocks held
close to former levels, but gold mining stocks gained
sharply, owing to London rumors that further devaluation of the dollar is contemplated by the United
States. Favorable reports of the trend at New York
increased interest in Anglo-American trading favorites, which advanced. Little business was done at
London yesterday, and the trend was uncertain.
British funds receded, but some industrial issues
improved.
Very little business was done on the Paris Bourse,
Monday, as traders and investors alike were reluctant to increase their commitments while the international position remained uncertain. Prices drifted
lower on small offerings and a lack of buyers. Rentes
declined only a little, but losses were more pronounced in French bank, utility and industrial
stocks. The month-end settlement was easily effected,
/
1
2
with the rate at 1 %, against 3% at the beginning
of August. Rumors on Tuesday that the Italo-Ethiopian problem could be settled without resort to warfare caused advances in prices on the Bourse in that
session. Rentes regained their previous losses, and
the tendency was favorable also in most equities.
Suez Canal stocks led the foreign section to higher
levels. There was no comfort to be gained on Wednesday from rumors of a favorable political denouement
and the trend turned uncertain. Rentes did a little
better, but most equities declined and international
issues also were marked lower. Again on Thursday,
however, the impression prevailed that a peaceful
adjustment of the Italo-Ethiopian troubles could be
found, and improvement in quotations was the rule.
Volume 141
Financial Chronicle
Rentes were marked slightly higher, while both
French and international securities improved.
Rentes showed fractional losses in a dull session
yesterday, but other issues were barely changed.
Although the Berlin Boerse has been affected relatively little of late by international developments,
owing to the rigors of Nazi policy, uncertainty was
caused on the market there last Monday by the rumors of a spread of the Italo-Ethiopian conflict to
other nations. Losses of a point or more were common in equities, and little support appeared for
fixed-interest issues. The downward trend was resumed on Tuesday, with losses more pronounced in
the speculative favorites. Some issues fell as much
as 4 points, even though transactions were small. A
better tone prevailed at the opening, Wednesday, but
the initial gains soon were lost as the market settled
again into a lethargic state. More losses than gains
were recorded at the close. After an uncertain opening on Thursday, sentiment improved and many issues made small gains in that session. Utility stocks
were in best demand, but in other groups changes
were small. Small gains were the rule at Berlin
yesterday, owing to good reception of a new Reich
loan.
Italy and Ethiopia
SPECTACLE of rare confusion and of rapidly
shifting emphasis was presented this week by
the dispute between Italy and Ethiopia. The League
of Nations Council started on Wednesday its consideration of the problem. Although the formal activities have followed rather closely the many predictions made by well-informed observers, an undercurrent of opinion developed late this week which
suggests that a way of preventing actual warfare by
granting Italy virtually all she desires may yet be
found. The British determination to prevent warfare if it possibly can be done may prove more effective than many had supposed likely. But the prospects cannot be considered cheerful, since Italy continued to ship vast numbers of men and great quantities of munitions to her East African colonies,
while the Ethiopians also made what preparations
they could for war. Before the Council session began an intensely confusing episode took place, which
seemed for a time to swing the United States toward
some sort of involvement in the Italo-Ethiopian impasse. A concession covering the exploitation of oil
and mineral resources in more than half of Ethiopia
suddenly was reported by the Associated Press from
Addis Ababa. Although Emperor Haile Selassie declared that only American interests were concerned
in this grant, no confirmation was available here at
first. Later it appeared that the statement by the
Emperor was correct, and the matter then was
brought to a prompt close through relinquishment
of the concession by the Standard Oil interests involved.
The action of the Ethiopian Emperor in "deeding"
more than half his Empire to interests represented
by a British promoter, Francis M. Rickett, clearly
was an act of desperation, intended to bring American influence to bear in behalf of his country. The
statements made by the Briton to the Associated
Press representative at Addis Ababa was to the effect that both British and American concerns were
involved. The concession or deed covered the entire
eastern and more vulnerable part of Ethiopia. It
caused amazement in all Chancelleries and brought
A
1489 Al
an immediate declaration from Secretary of State
Cordell Hull that the United States Government
would take no steps whatever to protect any such
grant, if American interests were involved. It promised to affect the delicate balance of European affairs, for Italy promptly drew the conclusion that
the stroke was engineered by Britain in order to supply additional grounds for interference with the
aims of Rome.The British Government emphatically
denied that any British companies were interested
in the grant, so far as it was able to ascertain. But
there were naturally some doubts on the matter, in
view of the complications of inter-company relationships, and it was realized in London that the British
case at Geneva would be badly handicapped if any
British backers actually appeared. So strongly did
the British Government feel about the matter that
a strenuous protest to Ethiopia was prepared and
dispatched to the British Minister at Addis Ababa.
But the protest never was delivered owing to a statement by Emperor Haile Selassie last Sunday that
only American interests were concerned. Attempts
in New York to ascertain the identity of Mr. Rickett's backers were quite fruitless.
Emperor Haile Selassie cleared up the mystery
in good part by his statement last Sunday that the
British Government could hardly interfere with a
concession granted to American citizens. "As a sovereign State we have the right to do anything we
please in our own territory," he informed the correspondent of the Associated Press. "The United
States is not a party to the 1906 treaty, in which
England, France and Italy merely pledged themselves to do nothing to encroach on the interests of
others. That is one of the reasons why I gave the
concession to Standard Oil." In view of this statement it quickly developed on Monday that the Standard-Vacuum Oil Co., owned jointly by the Standard
Oil Co. of New Jersey and the Socony-Vacuum Oil
Co., Inc., were actually behind the transaction. Officials of these companies conferred with State Department officials in Washington and on the advice
of Secretary Hull they announced immediate relinquishment of the concession, Tuesday. President
Roosevelt declared on Wednesday that "dollar diplomacy" no longer is recognized by the United States
Government, and that the developments relating to
the concession may be taken as proof of that circumstance. Cancellation of the grant cleared the diplomatic air for the League Council meeting at Geneva.
The Council meeting started on Wednesday with
more than a score of items on the agenda, but other
problems were neglected in view of the primary importance of the Italo-E thiopian dispute. The chief
roles in the drama again were played by Captain
Anthony Eden for Great Britain, Premier Pierre
Laval for France, and Baron Pompeo Aloisi for
Italy. Ethiopia was represented by her French adviser, Prof. Gaston Jeze. Captain Eden conferred
once again with French officials as he journeyed
toward the League city, and there were rumors of
an improved understanding between the British and
French after the conference, but actual evidence to
that effect was lacking. More impressive were substantial British shipments of anti-aircraft guns and
gas-masks to Malta, and the heavy concentration of
the British Mediterranean fleet around the Suez Canal. On the eve of the League session the special
Italo-Ethiopian conciliation and arbitration commission, appointed to assess the blame for the border
L 1490
Financial Chronicle
clash at Ualual last December, reached a decision to
the effect that neither country was to blame for the
incident. The Ethiopians were quite content with
this ruling, but the Italians found it a matter for
resentment.
In this atmosphere, then, the League Council gathered at Geneva and started its deliberations late
Wednesday. Captain Eden was the first to speak in
the public session and he presented the British case
ably and well. After outlining the course of the Paris
discussions in mid-August, Captain Eden declared
that Britain would do all in its power to insure a
peaceful settlement of the dispute. He invoked the
spirit of the League and declared that failure of its
authority in this conflict would impair its influence
gravely. Collapse of the League and of the new conception of international order for which it stands
would be a world calamity, the British delegate argued. "It is our duty to use the machinery of the
League that lies to hand," he added. Premier Laval,
in presenting next the French viewpoint, also expressed attachment to the League. Disregarding the
earlier decision of the conciliation commission that
neither country was to blame for the border clash,
M. Laval suggested that an "equitable settlement"
might be reached such as would "insure to Italy the
satisfaction she can legitimately claim without failing to recognize the essential rights of Ethiopian
sovereignty."
The Italian declaration was eagerly awaited and
promptly made by Baron Aloisi. It created a sensation even though it followed only the anticipated
course of a bitter attack against Ethiopia, coupled
with a firm statement that Italy would take her own
course in that African country. The Italian Government holds, said Baron Aloisi, that Ethiopia has
"systematically and openly violated all the conventional undertakings she had assumed" both toward
Italy and the League. The fitness of Ethiopia to
take part in the Geneva discussions on equal terms
was denied, and Italy made "all reservations" as
to its future course. All possibility of peaceful collaboration with Ethiopia was denied and that country termed the "permanent enemy" of Italy, owing
to alleged provocations, demonstrations, brigandage
and acts of violence against peaceful frontier populations. Baron Aloisi referred in scornful terms to
Ethiopia's representation by European advisers. The
African Empire is not worthy of belonging to a community of civilized nations, he said, and the "error"
committed in 1923 when Ethiopia was admitted to
the League should not be continued.
Professor Jeze, speaking for Ethiopia, expressed
surprise at such charges and after denying them
briefly asked for time to formulate an extended reply. The reply was made on Thursday with remarkable eloquence but most distressing results, for the
Ethiopian statements were considered insulting by
the Italian delegate, who left the Council chamber.
On calm examination the Ethiopian statements seem
to be no more offensive than those made the previous
day by Italy, but an affront to Ethiopia is one thing
and an affront to Italy quite another. It was, perhaps, impolitic for the representative of a small
and weak State to declare, as Prof. Jeze did, that
there is a proverb in every country which describes
the maneuver contemplated by Italy. "In France,
people say that if a man wishes to drown his dog he
accuses it of being mad," he remarked. "The Italian
Government, having resolved to conquer and suppress
Sept. 7
1935
Ethiopia, begins by declaring that Ethiopia has gone
mad. As for the outrageous insults that are cast
upon her, Ethiopia takes them at their real value.
She recalls that the Italian Government,turn by turn,
leveled at all its European neighbors in recent years,
according to the moods of its policy, the most ignominious insults. The Ethiopian Government is
aware that if it possessed in sufficient quantity the
arms and munitions necessary for its defense, as is
the case in European countries, those verbal assaults,
notwithstanding their violence, would not be followed by acts of war. That, unfortunately, is not the
case, and that is why the peril is a very serious one."
The Italian delegate, at this point, rose and left
the room to telephone for instructions. He returned
in a few minutes and asked for a suspension of the
sitting, and when this was not granted he made a
point of declaring an intention to leave the Italian
seat vacant. The Ethiopian delegate, continuing his
address, appealed most eloquently to the League not
to abandon a little State, threatened by a powerful
Government. He was followed by the Russian Foreign
Commissar, Maxim Litvinoff, who assailed the Italian argument that Italy is entitled to invade Ethiopia on the ground that the African country is "barbarous." He referred to the great varietty of governments now prevalent and remarked that the
League Covenant makes no distinctions between skin
color, racial characteristics or stages of civilization.
The Italian withdrawal from the Council session presented the problem, of course, whether Italy thereby
withdraw from the League. Rome dispatches made
it plain that this was not intended and that the action was taken merely in accordance with the Italian
determination not to become involved in an argument with Ethiopia before the Council. It also was
made clear by Government spokesmen in Rome that
Italy has no intention of starting hostilities against
Ethiopia while the League session continues. Somewhat encouraging, meanwhile, are London and Geneva intimations that Premier Mussolini may still
be content with factual control of most of Ethiopia,
after a brief punitive expedition by Italian forces.
That Britain and France are willing to accord such
control to Italy, if war thus could be averted, is not
doubted, and their joint representations at Addis
Ababa might suffice to insure Ethiopian acceptance
of a "compromise" of this sort.
Soviet-American Relations
THOUH the recent exchange of notes between
the United States and Soviet Russian Governments regarding the activities of the Communist International was unsatisfactory in almost all respects,
there is every indication that the matter now will
be allowed to rest. After registering a "most emphatic protest" against the "flagrant" violation by
Russia of its pledge not to permit organizations on
its territory to advocate the overthrow of American
institutions by force, and after receiving the tart
Russian reply refusing to entertain the protest, the
State Department at Washington apparently considered for some days whether to continue the diplomatic exchanges of communications. The decision
evidently was in the negative, for a public statement
was issued last Saturday which seems to bring the
matter to an end, for the time being at least. In his
public declaration Secretary of State Cordell Hull
recapitulated the American arguments and ended
with the statement that relations between the coun-
A
Volume 141
Financial Chronicle
tries cannot but be "seriously impaired" if Russia
continues to disregard its pledge. Dispatches from
Moscow indicate that the Russian authorities were
not particularly impressed by the statement and do
not intend to pursue the subject further. Meanwhile,
Japan found it advisable to register an oral protest
in Moscow against the activities of the Communist
International, similar action having been taken previously by Great Britain, Italy and Latvia. The Russian Government, in reply, is said to have directed
the attention of the Japanese Foreign Office to antiSoviet activities of White Russians in Manchuria.
The State document which Secretary Hull issued
for consumption in this country comments on the
recent exchange of notes, which is said to raise the
issue whether the Soviet Government, in disregard
of an express agreement entered into at the time of
recognition in 1933, will permit organizations or
groups operating on its territory to plan and direct
movements contemplating the overthrow of the political or social order in the United States. The Soviet pledge given at the time recognition was extended irrefutably covered the activities of the Communist International, Mr. Hull contended, but the
Soviet Government in its recent note "almost in so
many words repudiated the pledge." It was revealed
in the statement that the United States Government
previously had made oral complaints of failure by
the Soviet regime to live up to its promise, and the
formal note which followed was written so that there
might be "continued development of friendly and
official relations and valuable collaboration in many
beneficial ways." The Soviet reply, Mr. Hull added,
"struck a severe blow at the fabric of friendly relations between the two countries." In view of the
plain language of the pledge, he said, it is not possible for the Soviet Government to disclaim its obligation to prevent activities on its territory directed
toward overthrowing the political or social order in
the United States. It remains to be seen to what
extent the intention indicated by the Soviet Government's reply, which is directly contrary to the fixed
policy declared in its pledge, will be carried into effect, the statement continued. "If the Soviet Government pursues a policy of permitting activities on
its territory involving interference in the internal
affairs of the United States, instead of preventing
such activities as its written pledge provides, the
friendly and official relations between the two countries cannot but be seriously impaired," Mr. Hull
stated.
1491
burgs were restored to the throne, the statement indicated, and hostility was expressed to "any measures aimed at paving the way for such restoration."
Although the present European situation seems to
make the proposed Eastern European and Danubian
pacts little more than the remnants of a dream, Little
Entente statemen still hope to see the treaties negotiated and signed. The Eastern Locarno, as proposed
by Britain and France last February, was endorsed
without reserve in the official statement. Additional
examination of the suggestions for a Danubian pact
was held advisable, but the conviction was expressed
that such a treaty would serve as the basis for
friendly co-operation between the Little Entente on
the one hand,and Austria and Hungary on the other.
A brief meeting of the Balkan Entente, which includes Yugoslavia, Rumania, Greece and Turkey,
was held soon after the Little Entente meeting
ended, but no indications were given of the course
of the discussions.
Latin American Debts
INCREASING evidence is available that various
Latin American countries are giving more earnest consideration than for several years past to the
problems presented by their defaulted dollar bonds
outstanding in this market. The Peruvian Government is the latest to take tentative steps toward
resumption of payments. When the budget for 1936
was presented on Tuesday to the Peruvian Congress
it was accompanied by a statement that as soon as
recovery symptoms begin to appear the Lima Government will deem it necessary to resume payments
on external obligations. The incomplete available
reports suggest that full resumption of service probably will not be attempted, for the time being. Rio
de Janeiro dispatches for several months have intimated that the Brazilian Government might default
completely on its external obligations, despite the
Aranha agreement of 1934 which calls for very modest payments over a trial period of four years. But
Finance Minister Arthur de Souza Costa last week
denied such rumors and stated that the Brazilian
authorities intend to continue paying the stipulated
sums as long as possible on all Federal, State and
Provincial debts held abroad. Less favorable is a
dispatch from Panama to the New York "Times,"
of last Monday, to the effect that an attempt will
be made to obtain a reduction in the interest rate
on the $12,000,400 issue of Panama 5% bonds of
1963, on which only one-third of the interest now is
being paid. Of much interest, also, is an Argentine
Little Entente Conference
Supreme Court decision of last Wednesday, reported
OREIGN Ministers of the three countries of the to the same journal, which holds that suits in conLittle Entente held one of their periodic con- nection with defaults on Argentine Provincial bonds
ferences last week at Bled, Yugoslavia, in order to must be directed against the bankers in the United
review the current European situation and formu- States, rather than the Provincial officials. This
late the policies to be adopted. Any decisions reached ruling appears to be entirely on the technical ground
in common by Czechoslovakia, Yugoslavia and Ru- that the loan contracts give the bankers the power
mania naturally are sure to prove highly important, of attorney to act for the investors, and it was
but the official statement issued last Saturday, at claimed that no evidence had been presented to
the close of the conference, does not reveal any new show that the New York fiscal agents had refused
tendencies. The deep attachment of these Succession to request the payments due.
States to the League of Nations was reiterated. The
Social Credit Experiment
possibility of a Hapsburg restoration in Austria has
bothered the Little Entente greatly of late, since
OCIAL CREDIT rule was formally inaugurated
the Austrian Government has taken formal steps for
in the Canadian Province of Alberta, Tuesday,
a return of that family to Vienna. Friendly and when William Aberhart was sworn in as Prime Minpeaceful co-operation of the Little Entente States ister of the first Social Credit Government in the
with Austria would prove impossible if the Haps- world. The ceremony was well attended, but imme-
F
S
Financial Chronicle
1492
diately after it ended the new Prime Minister found
it advisable to call a Cabinet meeting in order to
consider the financial crisis now facing the Provincial regime. Like the outgoing Prime Minister,
R. G. Reid, Mr. Aberhart insisted in public statements that the finances of Alberta are sound. He
promised a strong, sound and stable Government
to the Province and declared that his first concern
will be to maintain the credit of the Government. It
appears, however, that a difficult task faces the
Prime Minister, and application already has been
made to the Dominion Government at Ottawa for
aid. Eager as the citizens of Alberta are to receive
the $25 a month in non-negotiable credit dividends
for which they voted almost unanimously, they seem
to have little real faith in the means whereby those
dividends are to be provided. It has not yet been
found possible to resume payments on the Provincial
savings certificates, which are secured by Provincial
bonds, for there is no market for the bonds. The
certificates on which payment now can be required
are estimated in excess of $4,000,000, and it is stated
in a report to the New York "Herald Tribune" that
the demands for payments have reached $2,000,000.
The Province is said in some dispatches to face
$15,000,000 in obligations before the fiscal year ends
next March, and this figure also represents the extent of the aid desired from Ottawa. Before assuming office, Mr. Aberhart remarked that 18 months
would be required to start the Social Credit scheme
going, but the present difficulties would seem to
indicate that a still longer period will be necessary.
Sept. 7 1935
ratio dropped from 38.19% last week to 36.30%; a
year ago the ratio was 45.67%. Loans on Government securities rose £2,140,000 and those on other
securities £1,726,365. The latter consists of discounts
and advances and securities which increased £1,145,916 and £580,449 respectively. No change was made
in the rate of discount which remains 2%. Below we
show a comparison of the different items for several
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Sept. 4
1935
Sept. 5
1934
Sept. 6
1933
Sept. 9
1931
Sept. 7
1932
£
£
£
£
£
401.623,000 381,283,577 375,225,961 365,122,461 353.930,664
Circulation
5.859,000 29,635,051 21,454,197 7,618,226 21,807,574
Public deposits
138,708,983 125,877,355 142.400,608 124,803,583 105,378,419
Other deposits
Bankers'accounts- 100,062,601 88,946,917 97,422,678 91,506,603 54,845,474
38,646,382 36,930,438 44,977,930 33,296,980 50,532,945
Other accounts
83,415,999 85,029,164 83,535,963 69,933,094 51,145,906
Govt.securities
26,921,501 17,698,686 22,117,791 30,884,915 36,033,940
Other securities
D1n8. & advances 14,080,503 6.935,180 9,694,892 12,273.627 8,291,359
12,840,998 10,763,506 12,422,899 18.611,288 27,742,581
Securities
Reserve notes & coin 52,493,000 71,044,886 76,433,305 49,835,214 58,275,580
194,115,078 192,328,463 191,659.266 139,957,675 137,206,244
Coln and bullion
Proportion of reserve
45.67%
45.81%
36.30%
37.63%
46.64%
to liabilities
20?.
414°?..
211
2%
Z,
20
lAnnk ratffl
Bank of France Statement
HE weekly statement dated Aug. 30 records a
gain in gold holdings of 133,015,762 francs.
The total of gold is now 71,741,662,620 francs, in comparison with 82,036,782,507 francs a year ago and
82,277,928,401 francs two years ago. An increase
also appears in French commercial bills discounted
of 1,071,000,000 francs, while the items of advances
against securities and creditor current accounts register decreases of 18,000,000 francs and 38,000,000
francs respectively. Notes in circulation show an
expansion of 1,555,000,000 francs, bringing the total
of notes outstanding up to 82,238,506,975 francs.
Discount Rates of Foreign Central Banks
Circulation last year stood at 81,732,265,820 francs
HERE have been no changes during the week in and the previous year at 82,865,239,410 francs. The
the discount rates of any of the foreign Central Bank's ratio is now 74.61% in comparison with
Banks. Present rates at the leading centers are 80.04% a year ago and 79.61% a year before. A comshown in the table which follows:
parison of the different items for three years appears
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
below:
T
T
Country
Date
Established
Pre('tous
Rate
334
4
2
6
234
4
4
July 10 1935
July 1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
454
23.4
7
__
434
5
354
6
334
2
5
4
3
4
7
6
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
July 26 1935
434
4
23.4
234
534
434
314
5
734
5
Rate in
Effect
Sept.6
Austria._
Batavia....
Belgium...
Bulgaria__
Canada....
Chile
Colombia_
Czechoslovakia___.
Danzig_ __ _
Denmark._
England...
Estonia__
Finland....
.
France,. _ _
Germany__
Greece__
Holland_ ..
Country
Rate in
Effect
Date
.6 Established
Sept
Hungary__
India
Ireland_ ___
Italy
Japan
Java
Jugoslavia.
Lithuania__
Morocco__
Norway. _ _
Poland__
Portugal
Rumania
SouthAfrIca
Spain
Sweden
Switzerland
4
354
3
434
3.65
43.4
5
6
654
334
5
5
43.4
4
5
214
234
Aug 28 1935
Feb. 16 1934
June 30 1932
Aug.12 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
4%
4
33.4
314
3
334
654
7
454
4
6
534
6
5
534
3
2
Foreign Money Rates
IN LONDON open market discount for short bills
on Friday were 9-16(4)%% as against 9-16% on Friday of last week, and N% for three-months' bills as
against 9-16@%% on Friday of last week. Money
on call in London on Friday was M%. At Paris the
4%,and in Switzeropen market rate remains at 31
land at 29%.,
Bank of England Statement
HE statement for the week ended Sept. 4 shows
a gain of £31,517 in bullion but as this was attended by an expansion of £2,058,000 in circulation,
reserves declined £2,026,000. Gold holdings now aggregate £194,115,078 as compared with £192,328,463
a year ago. Public deposits fell off £3,500,000 and
other deposits increased £5,320,045. Of the latter
amount, £3,127,503 was an addition to bankers' accounts and £2,192,542 to other accounts. The reserve
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Pre
Pious
Rate
Changes
for Week
Aug. 30 1935
Aug. 31 1934
Sept. 1 1933
Francs
Francs
Francs
Francs
+133,015,762 71,741,662,620 82,036.782,507 82,277.928,401
No change
6,733,122
13,297,077 1,290,625,883
Gold holdings
Credit bats. abroad..
a French commercial
bills discounted_ _ +1.071.000,000 7,574,063,059 3,116,422,256 2,634,452.277
No change
b Bills bought abr'd
1.169,322,000 1,068,510,30Q 1,348,116,608
—18,000,000 3302,362,022 3,140.365,664 2.763.333,372
Adv. against scours_
.
Note circulation_ _ _ +1,555,000,000 82,238,506,975 81.732,265.820 82,865,239,410
—38,000,000 13,909,282,392 20,763,499,576 20,485,690.243
Credit current accts.
Propor'n of gold on
79 61°76
RR ftt%
74.61%
—1.06%
hand to sight liab_
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
E statement for the last quarter of August
shows an increase in gold and bullion of 24,000
marks. The Bank's gold is now at 94,779,000 marks,
in comparison with 74,907,000 marks last year and
307,320,000 marks the previous year. A decrease
appears in reserve in foreign currency of 70,000
marks, in silver and other coin of 115,035,000 marks,
in notes on other German banks of 8,325,000 marks,
in other assets of 14,732,000 marks and in other
daily maturing obligations of 26,096,000 marks. The
proportion of gold and foreign currency to note circulation is now 2.48%, compared with 2.1% a year
ago and 10.9% two years ago. Notes in circulation
record a gain of 393,363,000 marks, bringing the
total of the item up to 4,031,831,000 marks. Circulation last year aggregated 3,823,908,000 marks
and the previous year 3,521,202,000 marks. Bills
of exchange and checks, advances, investments and
other liabilitie register increases, namely 495,890,000
marks, 22,227,000_ marks, 445,000 marks, and 26,-
p
Volume 141
Financial Chronicle
096,000 marks, respectively. Below we furnish a
comparison of the various items for three years:
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.bks.
Advances
Investments
Other assets
LtabI/Wes—
Notes in circulation__
Other daily matur.oblig
Other liabilities
Propor. of gold ik fors
curr. to note circurn_
Aug. 31 1935 Aug. 31 1934 Aug. 31 1933
Retchsniarks
Reichsmarks Reichsrnarks Reichsniarks
+24,000
94,779,000
74,907,000 307,320,000
No change
29,621,000
14,449,000
93,778,000
—70.000
5,301,000
3,630,000
74,373,000
+495,890,000 4,035,103,000 3,542,766,000 3,163,759,000
—115,035,000 341,754,006 212,911,000 196,619,000
—8,325,000
4,761,000
4,870,000
3,559,000
+22,227,000
54,091.000 128,207,000 163,075,000
+445,000 664,272.000 737,187,000 320,210,000
—14,732,000 664,252,000 649,492,000 548,620,000
+393,363,000 5,031,831,060 3,823,908,000 3,521,202,000
—26,096,000 742,602.000 716,589,000 415,489,000
+13,157,000 238,626,000 180.676,000 217,693,000
—0.27 :
,
2.48%
2.1%
10.9%
New York Money Market
HERE was little activity this week in any department of the New York money market. The
excessively low rates of recent weeks were continued without change, and they found a reflection
in dividend reductions on stocks of several large
banking institutions. The Treasury sold late last
week an issue of $50,000,000 discount bills due in
273 days, and the average discount on awards was
0.151%, computed on an annual bank discount basis.
There was a little activity early in the week in commercial paper, but rates were unaltered, while
charges on bankers' bills also were continued unchanged. Call loans on the New York Stock Ex/
change held to 14%, and time loans for all maturities up to six months also were at that figure. The
comprehensive tabulation of brokers' loans prepared
by the New York Stock Exchange indicated an increase of $3,096,720 during August, and the aggregate of such loans was $772,031,468 at the end of
that month.
T
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,
of 1%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money has shown no change this week and no
transactions have been reported. The market for
prime commercial paper has shown no apparent
change this week. The demand has been good and
the supply of paper has been fairly large. Rates
are 4% for extra choice names running from four to
3
six months and 1% for names less known.
D
Bankers' Acceptances
EALINGS in prime bankers' acceptances have
been extremely dull this week. Few bills have
come out and very little interest has been shown.
Quotations of the American Acceptance Council for
bills up to and including 90 days are at 3-16% bid
and A% asked;for four months, Yi.% bid and 3-16%
asked; for five and six months, 3 % bid and 5-16%
A
asked. The bill buying rate of the New York Reserve Bank is M% for bills running from 1 to 90 days,
4% for 91- to 120-day bills, and 1% for 121- to 1803
day bills. The Federal Reserve banks' holdings of
acceptances remain unchanged at $4,685,000. Open
market rates for acceptances are nominal in so far
as the dealers are concerned, as they continue to fix
their own rates. The nominal rates for open market
acceptances are as follows:
D
Prime eligible bills
Prime eligible bills
SPOT DELIVERY
—180 Daps— —150 Days—
Bid
Asked
Bid
Asked
sia
•is
—90 Days—
--60 Days—
Bid
Asked
Atka'
Bid
is
34
sis
34
—120 Days—
Bid
Asked
3i
'is
—30 Days—
Bid
Asked
Ns
14
1493
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
44% bid
,f% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANES
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Sept. 6
2
134
2
134
2
2
2
2
2
2
2
2
Date
Established
Feb.
Feb.
Jan.
May
May
Jan
Jan.
Jan
May
May
May
Feb.
8 1934
2 1934
17 1935
11 1935
9 1935
14 1935
19 1935
3 1935
14 1935
10 1935
8 1935
Ili 1934
Pretttous
Rate
214
2
24
2
234
24
2%
24
2%
2%
2%
234
Course of Sterling Exchange
TERLING exchange is easier in terms of the dollar, but in relation to French francs or gold the
pound is firmer. The foreign exchange market both
here and abroad is more than ordinarily dull and
hesitant as bankers on the other side await the final
outcome of the Italo-Ethiopian dispute before the
League of Nations. The range for sterling this week
has been between $4.933/è and $4.963 for bankers'
4
sight bills, compared with a range of between $4.9734
and $4.983/ last week. The range for cable transfers
has been between $4.9334 and $4.9634, compared
/
with a range of between $4.973 and $4.9834 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
Saturday, Aug. 31
75.156 I Wednesday, Sept. 4
Monday, Sept. 2
75.187 I Thursday, Sept. 5
Tuesday, Sept. 3
75.166 I Friday,
Sept. 6
75.093
75.02
74.945
LONDON OPEN MARKET GOLD PRICE
Saturday, Aug. 31
140s. 134d. I Wednesday, Sept. 4_ _A408. 4d.
Monday, Sept. 1
140s. 3d.
I Thursday, Sept. 5___140s.
Tuesday, Sept. 2
1408. 3d. .1 Friday,
Sept. 6-__140s. 109.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Aug. 31
835.00 I Wednesday, Sept. 4
835.00
Monday, Sept. 1
35.00 I Thursday, Sept. 5
35.00
Tuesday, Sept. 2
35.00 I Friday,
Sept. 6
35.00
Seasonal influences are beginning to work in favor
of the dollar and from now on until after the turn of
the year, under normal conditions, quotations for
sterling might be expected to move downward. Such
factors cannot be relied upon, however, as they could
under the conditions prevailing before the war, as
tariff barriers, exchange controls, quotas and restrictions of many kinds have greatly curtailed the volume
of international trade. Tourist requirements have
been an important factor supporting not only sterling
but all the Continental currencies this year, as traffic
reached the highest levels since 1929. It is estimated
that approximately 75,000 tourists left the United
States this season and about 30,000 are not yet returned.
Aside from returning tourist traffic and the great
limitations placed upon foreign exchange requirements because of international commercial impediments, the present market is excessively curtailed
because British and Continental bankers and business
interests are hesitant, awaiting the outcome of the
negotiations at Geneva. This was especially evident
on Wednesday, when the war preparations and the
1494
Financial Chronicle
attendant uncertainties sent down all the Continental
currencies. The French franc fell to near the lower
gold point in terms of the dollar, followed more or
less closely by the other gold bloc units and the,
Italian lira made a new record low in the New York
market of 8.14 and was quoted still lower in London,
as compared with new dollar parity of 8.91. The
present dulness may be expected to last until something definite comes from Geneva.
Trading has been limited for the past month to
such an extent that the British exchange control
kept sterling steady in terms of the French franc
without much effort. In fact the extraordinary curtailment in international trade since Great Britain
abandoned the gold standard in 1931 has made the
task of the exchange control less arduous. Under
present conditions, however, only the intervention
of the British control prevents sterling from going
much higher in terms of gold. London continues to
pride itself on the fact that for more than three
months the fluctuations of sterling with reference to
the franc have been kept within less than 1%.
At present the London open market gold price
shows a much easier undertone and on several occasions during August, particularly toward the end of
the month, the rate for gold went fractionally below
the Bank of France buying price. The easing off in
the gold price is not in the least an indication of a
lessening in acquisition of the metal for account of
hoarders. Practically all the gold coming to the
market continues to be taken for account of private
hoarders, but until about two months ago there had
been active buying of gold for speculative account as,
when on March 6 the London open market reached
a high of 149s. 4d. The London authorities and the
Continental central bank authorities, aided by the
Bank for International Settlements at Basle, have
been taking strong measures to prevent speculation
in the metal. The present ease in the gold price is
attributed to the liquidation of speculative holdings
established months ago. Gold in the London open
market had for a long time been ruling at a premium
in terms of the gold currencies. Considerable comment was evoked in London last week when the
premium vanished, with gold around and often under
140s., the lowest quotations since December. The
practice still is to base the London price of gold on
the gold currencies, having reference especially to
the French franc rate. As these currencies rise or fall
in terms of sterling, the open market gold price rises
or falls. Speculative trading was chiefly responsible
for the premium and the premium's disappearance
points distinctly to speculative liquidations. The
hoarding demand for gold and the consequent high
price of the metal may be expected to continue as
long as international trade uncertainties persist.
The great demand for gold, together with the purchases of silver for United States Treasury account,
is an important factor giving firmness to sterling
and may well counteract seasonal influences arising
on commercial account. Furthermore, the steady
flow of funds to London for safety has a strengthenon sterling. No matter what the outcome
ing
of the Italo-Ethiopian dispute, uneasy money will
still seek refuge in London. A counter movement of
funds from London and from other European centers
through London is directed toward the New York
security market. If improvement in business continues on this side, as seems highly probable, this
Sept. 7 1935
flow of European money may be expected to attain
considerable volume.
Money rates in London continue easy and unchanged from last week. Call money against bills
is in supply at %. Two-months' bills are 9-16%,
three-months' bills are 9-16% to %%,four-months'
bills are %%, and six-months' bills are 11-16% to
9'7o. Gold on offer in the London open market
continues to be taken for unknown destinations, predominantly for account of private hoarders. On
Saturday last there was available £277,000, on Monday £213,000, on Tuesday £230,000, on Wednesday
£15,700, on Thursday £220,000 and on Friday
£85,000. On Friday the Bank of England bought
£47,511 in gold bars.
At the Port of New York the gold movement for
the week ended Sept. 4, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,AUG.29-5EPT.4,INCLUSIVE
Exports
Imports
$2,827.000 from Canada
2,498,000 from India
None
64,000 from Nicaragua
4,000 from Guatemala
$5,393,000 total
Net Change in Gold Held Earmarked for Foreign Account
Decrease $538,000
Note—We have been notified that approximately $267,000 of gold was
received from China at Ban Francisco.
The above figures are for the week ended on
Wednesday. On Thursday $1,490,300 of gold was
received from India; there were no exports of the
metal, but gold held earmarked for foreign account
decreased $350,000. On Friday there were no imports or exports of the metal or change in gold held
earmarked for foreign account. It was reported on
Friday that $111,000 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 9-16% to
a discount of 5-16%.
Referring to day-to-day rates, sterling exchange
on Saturday last was easier in terms of the dollar.
Bankers' sight was $4.963'@$4.965 8, cable transfers
/
$4.963j@S4.96%. On Monday, Labor Day, there
was no market in New York. On Tuesday sterling
was dull and easier. The range was $4.9558@$4.96
/
for bankers' sight and $4.95%@$4.963/ for cable
transfers. On Wednesday exchange on London was
dull and inclined to ease. Bankers'sight was
@$4.95% and cable transfers $4.95@ .95k. On
Thursday trading continued inactive, with sterling
showing an easier undertone. The range was $4.943'
@$4.94% for bankers' sight and $4.943@$4.94%
for cable transfers. On Friday sterling was lower,
the range was $4.933@$4.93N for bankers' sight
and $4.933'@$4.94 for cable transfers. Closing quotations on Friday were $4.93% for demand and
4
$4.931 for cable transfers. Commercial sight bills
finished at $4.933, 60-day bills at .92 8, 90-day
bills at $4.92, documents for payment (60 days) at
%
$4.923 ,and seven-day grain bills at $4.92%. Cot4.
ton and grain for payment closed at $4.931
Continental and Other Foreign Exchange
CRENCH francs and the Continental currencies
generally are displaying ease in relatively inactive markets, due principally to uneasiness felt
over the Italo-Ethiopian situation. This concern is
also believed to have set up a movement of funds
awayfrom the Continental currencies to safer markets.
Volume 141
Financial Chronicle
Most of this money migration has been to London
and Switzerland and to some extent to New York.
The dulness in sterling exchange and its ease in terms
of the dollar are factors also partly responsible for
the lower average quotations for the French franc
and other Continentals. On Wednesday and Thursday the French franc went well below dollar parity
and ruled only slightly above the lower point for
gold from Paris to New York. The factors which
have been dominating the foreign exchange situation
for the past few weeks, such as the fears of devaluation of European gold currencies, is hardly operative
in the current market.
The French situation is improving and sufficient
funds seem to have come from the great French
hoards to Paris to make money rates there easier.
According to recent declarations of the French
Finance Minister, the French budget has been reduced from 51,000,000,000 francs in 1931 to 47,500,000,000 francs last year, and since the economy decrees this year has been further cut to 42,000,000,000
francs. The Government now considers that the
Treasury will not have to borrow further for normal
budgetary needs. The fiscal receipts are still, however, lower than estimated. Furthermore, in order
to combat unemployment, the Government has decided to draw up a vast plan of public works, partly
as a charge on the State and partly as a charge on
the towns or departments which will participate.
Such State expenditure would not be included in the
budget, as it is proposed that they should be covered
by advances from the National Safe Deposit Bank.
This public bank will use for that purpose funds collected through the workmen's compulsory insurance
scheme. Towns and departments will raise the
necessary funds by borrowing. In short,the State no
longer will borrow to cover normal expenditures, but
loans will be required to finance the proposed public
works program.
The Belgian unit, which has been exceptionally
firm since the devaluation of the belga at the end of
March, is again showing weakness, especially in the
Paris and London markets. Par of the belga is
16.95 and the unit declined in New York on Tuesday
to 16.81. It is theoretically possible to ship gold
from Belgium to New York when the rate moves
down to 16.84. It is somewhat doubtful, however,
that gold will be shipped at the present juncture.
Following the devaluation of the belga a heavy flow
of European funds set in to Antwerp, to profit from
the post-devaluation boom. This rush of funds increased the gold reserves of Belgium by approximately 239,000,000 belgas between April 4 and
June 20. The devaluation boom, if such it could be
called, seems to have come to an end in June, as for
the past eight weeks there has been no change in the
unemployment figures. The National Bank of
Belgium has been losing considerable gold to Paris
since June 20. The gold is sold to buy French francs,
which in turn are sold to buy belgas in the exchange
markets to counteract sales of belgas on private account. The final statement of the National Bank of
Belgium for August showed gold reserves of 3,464,000,000 belgas, compared with the peak of 3,609,000,000 belgas on June 20.
Italian lire are, of course, exceptionally weak owing
to the war preparations. Theoretically, at least,the
Italian exchange control endeavors to maintain a
stabilized parity of 8.22 lire in terms of the dollar.
1495
New dollar par of the lira is 8.91. In Thursday's
market the unit dropped to 8.14. Italy is only nominally on the gold standard. Whether or not war
finally comes, it is generally believed that the Italian
unit will decline still further, as Italy is bound to lose
a large percentage of its gold reserves and will find
it extremely difficult to effect a reduction in her import surplus for some years.
The following table shows the relation of the lead- ,
ing European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
Range
This Week
6.593j to 6.61
16.81 to 16.84
8.14 to 8.18
32.52 to 32.62
67.61 to 67.72
The London check rate on Paris closed on Friday at
74.90 against 75.17 on Friday of last week. In New
York sight bills on the French center finished on Friday at 6.593/g, against 6.60% on Friday of last week;
cable transfers at 6.593 against 6.61/, and commercial sight bills at 6.563., against 6.58/. Antwerp belgas closed at 16.813/ for bankers' sight bills
and at 16.82 for cable transfers, against 16.83 and
16.84. Final quotations for Berlin marks were
40.20 for bankers' sight bills and 40.21 for cable
transfers, in comparison with 40.24 and 40.25.
Italian lire closed at 8.13 for bankers' sight bills and
at 8.14 for cable transfers against 8.173/i and 8.183/
2
.
Austrian schillings closed at 18.90 against 18.95;
exchange on Czechoslovakia at 4.133 , against
4
4.143 ;on Bucharest at 0.81, against 0.85; on Poland
4
at 18.86, against 18.92; and on Finland at 2.18'A
against 2.203(. Greek exchange closed at 0.933/2 for
bankers' sight bills and at 0.94 for cable transfers,
against 0.93% and 0.9434.
XCHANGE on the countries neutral during the
war is irregularly lower in sympathy with the
trend of sterling, the French franc and the belga.
Independently of this movement, the Dutch guilder
is showing exceptional weakness. Dollar parity of
the guilder is 68.06. Frequently during the week the
rate went as low as 67.62. However,it is not thought
that a gold movement to New York will ensue immediately, if at all. The extremely limited extent of
foreign exchange operations at present and the peculiar hesitancy of the market due to fears of war, would
obscure the real market trend of the guilder or any
other currency. In a more nearly normal market
doubtless the Bank of the Netherlands would
promptly ship gold in order to correct exchange disparities. However, it is believed that some gold
has been shipped to Paris from Amsterdam during the
week. At present the hesitancy in the guilder market is due to the fact that Premier Colijn proposes to
make public his plans on Sept. 17 to reduce the budget
and promote economic recovery.
Swiss francs are likewise easier in terms of the
dollar, but not enough to arouse comment. Par of
the Swiss unit is 32.67. The range this week has
been between 32.52 and 32.62. The Swiss currency
is exceptionally firm and it is thought in well informed
quarters that rumors of possible devaluation of the
Swiss franc may be safely discounted. Swiss sentiment is overwhelmingly in favor of keeping the franc
at its present gold parity of 19.30 in terms of the old
dollar.
Bankers' sight on Amsterdam finished on Friday
at 67.61 against 67.71 on Friday of last week; cable
E
1496
transfers at 67.62 against 67.72, and commercial
sight bills at 67.59, against 67.69. Swiss francs
closed at 32.51 for checks and at 32.52 for cable transfers, against 32.59 and 32.62. Copenhagen checks
finished at 22.03 and cable transfers at 22.04, against
22.17 and 22.18. Checks on Sweden closed at 25.44
and cable transfers at 25.45, against 25.61 and 25.62;
while checks on Norway finished at 24.79 and cable
transfers at 24.80, against 24.95 and 24.96. Spanish
pesetas closed at 13.65 for bankers' sight bills and at
13.66 for cable transfers, against 13.69 and 13.70.
XCHANGE on the South American countries
presents no new features of importance from
week to week. Recent dispatches from Buenos
Aires were to the effect that the Argentine Treasury
returns showed a sharp rise in August, with total
receipts amounting to 92,700,000 pesos ($30,600,000
at the official rate of exchange), as compared with
69,700,000 pesos ($23,000,000) in the same month
last year. For the first eight months of this year the
total cash receipts amounted to 579,500,000 pesos
($191,240,000) as compared with 525,700,000 pesos
($173,490,000) in the same period of 1934. Cash
holdings as of Aug. 31 amounted to 15,500,000
pesos ($5,120,000), compared with 4,560,000 pesos
($1,510,000) on the same date last year.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills, against 33 on
Friday of last week; cable transfers at 33, against
4. The unofficial or free market close was 26.75@
331
26.95, against 26.90. Brazilian rnilreis, official rates,
are 83. for bankers' sight bills and 83 for cable transfers, against 834. and 8.30. The unofficial or free
market close was 5.40 against 5.35. Chilean exchange is nominally quoted on the new basis at
5.19, against 5.19. Peru is nominal at 23.90 against
23.90.
--•-the Far Eastern countries is
XCHANGE on
again complicated as a result of a renewal of
banking difficulties in China. United Press dispatches during the week from Hong Kong reported
the closing of the Bank of Canton as a result of a run
reported to be due to reduced remittances to the bank
from overseas. Almost concurrently the National
Commercial and Savings Bank of Hong Kong, which
was suffering a run, restricted withdrawals of savings accounts to 20% at 10-day intervals. The
Chinese bank difficulties are attributed to the silver
-situation and the American silver policy, which is
draining silver from those countries which use it as a
circulating medium.
• Closing quotations for yen checks yesterday were
29.06 against 29.39 on Friday of last week. Hong
4
Kong closed at 49%@50 1-16, against 493.@
Shanghai at 37 3-16@37%, against 36%@
49 13-16;
37 1-16; Manila at 49.85, against 49.85; Singapore
•at 57.85, against 58.20; Bombay at 37.30, against
37.53, and Calcutta at 37.30, against 37.53.
E
E
Sept. 7 1935
Financial Chronicle
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
AUG. 31 1935 TO SEPT. 6 1935 INCLUSIVE
Noon Buying Rate for Cable Transfers Os New York
Value in United States Money
Country and Monetary'
Unit
Aug.31
Sept. 2
Sept. 3
Sept. 4
Sept. 5
Sept. 6
$
$
$
$
$
EuropeS
.189008* .188808* .188675. .188575*
188925*
Austria. whining
.168026 .168076 .168046 .168069
.168187
Belgium. belga
.013125* .013125* .013000• .013000*
.013375*
Bulgaria, lev
.041392 .041382 .041364 .041357
Czechoslovakia, krone .041450
.221353 .221036 .220722 .220225
.221575
Denmark, krone
4.958750 4.951250 4.944553 4.934000
England, pound sterrg 4.964000
.021850 .021840 .021780 .021770
.021870
Finland, markka
.065985 .065970 .065938 .065905
.066044
France franc
.402114 .042100 .401978 .401992
Germany, reichsmark .
.009395 .009397 .009402 .009385
009410
Greece, drachma
.676935 .676257 .676092 .676042
.676985
Holland. guilder
.296250* .296250* .296250* .296250*
.296375*
Hungary, pengo
.081525 .081448 .081393 .081373
.081614
Italy lira
.249107 .248825 .248375 .247850
.249358
Norway, krone
.188700 .188620 .188380 .188360
.188800 .
Poland, zloty
.044991 .044991 .045000 .044900
.045007
Portugal, escudo
.008220 .007980 .008200 .008200
.009000
Rumania,leu
.136714 .136703 .136621 .136521
.136903
Spain, peseta
.255661 .255308 .254908 .254416
.255925
Sweden,krona
.325975
.325773 .325646 .325450 .325207
Switzerland, franc
.022856
.022850 .022850 .022850 .022850
Yugoslavia, dinar
HOLTAsiaDAY
China.372083 .370833 .368750 .369375
Chefoo (yuan) dol'r .367500
.372500 .371250 .369166 .369791
.
Hankow(yuan)doll .367916
.372083 .370625 .368750 .369166
Shanghal(yuan) dol. .367500
.372500 .371250 .369166 .369791
Tient8in(yuan) don'. .367916
.497812 .495000 .491250 .493750
Hong Kong, dollar_ .491562
.374440
.374335 .373795 .372960 .372595
India. rupee
.293060
.292780 .292495 .291285 .290405
Japan, yen
.578125 .578125 .578125 .576250
Singapore (S. S.) dol'r .579687
Australasia
.942500*3.934062*3.923125*3.913593*
3.943437*
A ustralla, pound
.950000 3.957812•3.946250•3.936093*
New Zealand, pound_ 3.965537*
Africa
4.907250 4.899250+4.896000* .880250*
South Africa, pound 4.926000*
North America
.995223 .995338 .995859 .996119
994630
Canada, dollar
.999200 .999200 .999200 .999200
999200
Cuba, peso
.277675 .277425 .277300 .277675
Mexico. peso (silver). .277125
.993180 .992812 .993687 .993625
Newfoundland, dollar .992000
South America
330825*
.330475* .330200* .329637* .328675*
Argentina, peso
.083600*
.038286* .083216* .083216* .083216*
Brazil, milreis
.050000.
.050950* .050950* .050950* .050950*
Chile. peso
.802750*
.802100* .802000* .801750* .801500*
Uruguay. peso
.537600*
.539100* .539800* .542000* .543500*
Colombia, peso
•Nominal rates, firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Sept. 5 1935, together with comparions as of the
corresponding dates in the previous four years:
T
Banks ofEngland... _
France_a __
Germany b.
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden_ _
Denmark _ _
Norway .._
1935
£
194,115,078
573,933,293
3,257,500
90,773,000
54,694,000
49,272,000
99,832,000
46,370,000
19,884,000
7,394,000
6,602,000
1934
1933
£
£
192,328,463 191.659,266
656,294,260 658,223,427
2,896,700
12,438,750
90,582,000
90,391,000
68,812,000
75,643,000
71,950.000
68,885,000
75,557,000
76,900,000
63,675,000
61,462,000
15,427,000
13,942,000
7,397,000
7,397,000
6,577,000
6,569,000
1932
£
139,957,675
657,847,420
35,254,150
90,264,000
61,652,000
85,880,000
74,720,000
89,165,000
11,443,000
7,400,000
7,911,000
1931
£
137,206,244
468,541,754
63,548,050
91,924,000
58,093,000
53,978,000
45,380,000
33,970,000
12,774,000
9.544,000
8,129,000
Total week_ 1,146,126,871 1,251,496,423 1,263,510,443 1,261,494,245 982,188,048
Prey. week.. 1,144,440,686 1,248,337,320 1,262.363,143 1,258.436,835 979,483,737
a These are the gold holdings of the Bank of r ranee as reported in the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is 11,491,450.
Federal Control of Inter-State Motor
Buses and Trucks
The act of the recent session of Congress amending the Inter-State Commerce Act to include the regulation of inter-State or foreign commerce by motor
buses or trucks embodies,in principle but not in great
detail, a much-needed extension of Federal supervision and control to the inter-State or foreign commercial motor traffic which uses the common highways. The Act became law on Aug. 9 with the approval of President Roosevelt. An appropriation for
its administration was not made because of the failure to pass the last deficiency bill, but it is expected
that funds will be provided from other sources. The
Act goes into effect on Oct. 1 unless postponed by a
Foreign Exchange Rates
general or special order of the Interstate Commerce
DURSUANT to the requirements of Section 522 Commission, but the postponement may not be to a
of the Tariff Act of 1922, the Federal Reserve later date than April 1 1936. In form the new statute
Bank is now certifying daily to the Secretary of the is an amendment of the Inter-State Commerce Act,
Treasury the buying rate for cable transfers in the the original Act with its numerous amendments bedifferent countries of the world. We give below a coming Part I and the new Act Part II. For the administration of Part II a new division has been crerecord for the week just passed:
Volume 141
Financial Chronicle
ated by the Interstate Commerce Commission, with
Joseph B. Eastman, Federal Co-ordinator of Transportation, as its chairman, which will act in cooperation with a new Bureau of Motor Carriers.
In a general way, the Act extends to motor traffic
such major provisions of the Interstate Commerce
• Act as are applicable. Requirements regarding regular, safe and efficient service, reasonable rates for
passengers and freight, avoidance of improper discrimination in rates, liability to shippers, submission
of financial and other reports, access to records and
properties for inspection purposes, hearings of complaints, and legal or judicial processes and remedies are, naturally, much the same for all forms of
traffic. Motor traffic, on the other hand,in addition
to being a recent and rapid growth, presents a number of special characteristics and problems which
differentiate it from traffic by rail or water, and of
these the new Act undertakes systematically to take
account.
The special conditions to be dealt with and the
objects sought to be attained are comprehensively
indicated in the declared purpose of the Act. The
policy of Congress, the Act declares, is "to regulate
transportation by motor carriers in such manner as
to recognize and preserve the inherent advantages of,
and foster sound economic conditions in, such transportation and among such carriers in the public interest; promote adequate, economical and efficient
service by motor carriers, and reasonable charges
therefor, without unjust discriminations, undue
preferences or advantages, and unfair or destructive
competitive practices; improve the relations between, and co-ordinate transportation by and regulation of, motor carriers and other carriers; develop
and preserve a high way transportation system properly adapted to the needs of the commerce of the
United States and of the national defense, and cooperate with the several States and the duly authorized officials thereof and with any organization of
motor carriers in the administration and enforcement of" the Act.
The purpose to avoid interference with State
rights which this last provision contains (a purpose
which has been considerably strengthened, one may
suspect, by the limitations imposed by some recent
court decisions) is further made prominent by the
reservation that nothing in the Act "shall be construed to affect the powers of taxation of the several
States, or to authorize a motor carrier to do an intraState business on the highways of any State, or to
interfere with the exclusive exercise by each State
of the power of regulation of intra-State commerce
by motor carriers on the highways thereof."
Not all motor transport that is inter-State or foreign is included in the Federal regulation which the
Act provides. With an exception which will be mentioned later, the Act excludes motor vehicles used
exclusively in transporting school children and
teachers to and from school, taxicabs and similar
vehicles as ordinarily used, hotel vehicles operating
exclusively between hotels and carrier terminals,
certain classes of motor vehicles in Government use,
those "controlled and operated by any farmer and
used in the transportation of his agricultural commodities and products thereof or in the transportation of supplies to his farm," together with those
controlled and operated by a co-operative marketing
association as defined in the amended Agricultural
Marketing Act of 1929; electric trolley buses for
1497
local passenger transportation, motor vehicles used
solely for carrying live stock, fish or agricultural
commodities (but not including manufactured products in the latter case), and motor vehicles which
distribute newspapers. Casual transportation of persons or property by one not regularly engaged in the
occupation or business of a carrier is also exempted.
For some of these exemptions the reason is obvious,
but the exclusion of motor vehicles used for the carriage of live stock or agricultural products seems difficult to justify on principle.
There is left the important subject of inter-State
or foreign commerce within a municipality or a recognized metropolitan area. At this point the Act is
permissive. The Commission may, if the execution
of the policy of the Act seems to require it, exclude
from the operation of the Act "the transportation
of passengers or property in inter-State or foreign
commerce wholly within a municipality, or between
contiguous municipalities, or within a zone adjacent
to and commercially a part of such municipality or
municipalities, except when such transportation is
under a common control, management or arrangement for a continuous passage or shipment to or
from" an outside point. The proviso is added, however, that the motor carrier "engaged in such transportation of passengers over regular or irregular
route or routes in inter-State commerce" shall also be
"lawfully engaged in the intra-State transportation
of passengers over the entire length of such interState route or routes in accordance with the laws of
each State having jurisdiction."
Irrespective of the foregoing exceptions or exclusions, it is made the duty of the Commission to establish, for both common and private carriers, reasonable "qualifications and maximum hours of service of employees" and requirements for "safety of
operation and equipment." No motor carrier who
was not in bona fide operation as such on June 1 1935
is to be allowed to engage in "any inter-State or foreign operation on any public highway" unless authorized by a certificate of public convenience and necessity issued by the Commission. With the exception
of special or charter operations, a certificate is not
to be issued for operations "over other than a regular
route or routes and between fixed termini," and no
such certificate is to "confer any proprietary or
property rights in the use of the public highways."
An important section of the Act makes it lawful,
with the approval of the Commission and in accordance with the terms of an order which it is to issue,
for "two or more motor carriers which are not also
carriers by railroad to consolidate or merge their
properties, or any part thereof, into one corporation"
for separate ownership, management or operation,
and for such carriers, as well as for individuals, to
acquire control through purchase,lease or stock ownership; but the acquisition of such control, or its continuance if it already exists, whether directly or indirectly, "by use of common directors, officers or
stockholders, a holding or investment company or
companies, a voting trust or trusts, or in any other
manner whatsoever," is expressly prohibited. The
restraints of the anti-trust laws are removed from
carriers or persons affected by the Commission's
order, together with "all other restraints or prohibitions by or imposed under the authority of law, State
or Federal, in so far as may be necessary to enable
them to do anything authorized or required by such
order."
1498
Financial Chronicle
The Act further authorizes "reasonable through
routes and joint rates" by motor common carriers
among themselves and with common carriers by rail,
express or water. Discriminations of any kind
against persons, ports, gateways, localities or descriptions of traffic are, of course, forbidden, and
may be corrected or removed by the Commission
upon complaints by "any person, State board, organization or body politic" or on the Commission's
own motion. There is the important reservation,
however, that the prohibition shall not extend to
"discriminations, prejudice or disadvantage to the
traffic of any other carrier of whatever description,"
and the further proviso that nothing in the Act
"shall empower the Commission to prescribe, or in
any manner regulate, the rate, fare or charge for
intra-State transportation, or for any service connected therewith, for the purpose of removing discrimination against inter-State commerce or for any
other purpose whatever." In determining the reasonableness of a rate or other charge, "there shall not
be taken into consideration or allowed as evidence
or elements of value of the property" of the carrier
"either good will, earning power or the certificate
under which such carrier is operating." Account is
to be taken, however, among other things, of the
need of revenue "sufficient to enable such carriers,
under honest, economical and efficient management,
to provide" such service as the Commission finds
proper and needful.
It is clear from the foregoing summary that the
Act does not undertake a complete regulation of motor transportation in inter-State and foreign commerce. Extensive powers of regulating the intraState operations of inter-State carriers are still, apparently, left to the States, and States and municipalities must still wrestle with such problems as the
proper use of highways, parking,loading and unloading, and the pressing issues of traffic congestion and
the minimization of noise. As a first step, however,
the Act is promising. It will, or in any event should,
facilitate the development and consolidation of bus
and truck systems, eliminate dishonest and incompetent carriers, improve passenger and freight service, encourage and stabilize joint rates over two or
more independent lines, and put an end to the excessive hours of labor which are now too often exacted
from employees. The provision for joint rates with
rail or water lines looks forward, perhaps, to a unification of all forms of inter-State transportation. The
most important provision, from the standpoint of
the hard-pressed railroads, is that which authorizes
a railroad, with the approval of the Commission, to
"consolidate, or merge with, or acquire control of,
any motor carrier, or to purchase, lease, or contract
to operate its properties or any part thereof." It is
along this line that some relief from the evils of excessive competition seems likely to come. It is to be
hoped that, if and when it comes, the combined systems may be relieved of the extreme regulation which
the railroads now suffer.
The Breakdown of Internationalism and
the Outlook for Nationalism
Thoughtful observers of international affairs must
often have wondered why Italy, in its dispute with
Ethiopia, has had the temerity to defy the League
of Nations and announce its intention to deal with
Ethiopia to all intents and purposes as if the League
Sept. 7 1935
did not exist. As a signatory of the Covenant of the
League, it took upon itself certain obligations involving co-operative effort by the members of the League
for the maintenance of peace. In the event of a dispute which threatened to develop into a war it bound
itself, if it was a party to the controversy, to submit
the matter to examination by the League, to accept
the League's good offices and, by implication at
least, to acquiesce in such decision as the League
might reach regarding a settlement. It further rendered itself liable to sanctions in case it were adjudged an aggressor. However indefinite the language of the Covenant may have been, there could be
no doubt about the underlying purpose to pledge the
signatory Powers, large as well as small, to a common effort for the avoidance of war, and to provide
penalties which would be likely to deter any but a
reckless or predatory member from repudiating its
obligations and becoming, in the view of the Covenant, an aggressor. Yet in spite of the undertakings
which it has assumed,some trivial frontier incidents
for which, as an investigating commission now reports, neither Ethiopia nor Italy was responsible,
have been magnified by Italy into a casus belli, and
elaborate preparations for the forcible acquisition
of a considerable portion of Ethiopian territory are
under way.
The explanation of what seems an extraordinary
situation, however, is not far to seek. It has become
increasingly apparent, especially during the past
four or five years, that the idea of internationalism
which the League was supposed to exemplify had
only slender foundations in political reality. The
notion that fifty and more nations, with the widest
variations in area, population, political and economic development, culture, history and practical
independence, could be welded into a world organization in which their separate interests and ambitions would be deliberately subordinated to peace
and ideal conceptions of a common good, has been
proved an illusion. We know now, as we also knew
but did not realize when President Wilson was forcing the League upon the Peace Conference, that aggregation is not unity, that every nation is governed
primarily by self-interest and that the interests of
small and large States are not the same, that there
is no such thing as an international morality higher
or more potent than the morality of individual peoples and their governments, and that the desire for
peace is not a controlling factor in national policy
when injustices rankle, or ambitions are thwarted,.
or war seems to offer profit or prestige. For God
and country men by the millions have been glad to
fight and die, but there is nothing in the idea of
the League for which the average citizen of any nation would be moved to risk a minor bruise.
We know also, what at first was not clearly perceived, that the real and ostensible purposes of the
League were not the same and are not the same now.
Ostensibly, the League was set up to work for universal peace through inquiry, conciliation and general disarmament, and for the establishment and development of international justice through the judicial processes of the World Court. Actually, the
primary purpose in creating the League was to ensure the maintenance of the peace terms which the
Peace Conference laid down. The inequity and unwisdom of much of the peace settlement have long
since become matters of common knowledge, but
.the League has contributed virtually nothing to
Volume 141
1499
Financial Chronicle
remedying the defects. Germany and its former allies, together with Russia, were excluded from membership for years after the war was over, a merely
formal connection existed between the League and
the various adjustments of reparations, disarmament was debated year after year until the very term
became a by-word, and without producing any practical results, and political considerations were written large across the decisions of the World Court.
What has happened in other international relations is, accordingly, what should have been expected. To speak of the League as in any sense whatever the mouthpiece of world opinion is to use words
without meaning. Great Britain, France and Italy
have dominated the League, used it for their own
purposes when convenient and when not convenient
have ignored it, and have paid lip service to it while
in practice pursuing their joint or several policies.
A few minor political controversies have been settled without open rupture and a few others ;temporarily adjusted, but in more critical matters the
record is virtually one of failure. The Corfu incident
ended about as Italy intended it should end notwithstanding representations from Geneva, and the
attempt to end the war in the Chaco was rebuffed.
Japan openly flouted the League in the Manchurian
occupation and terminated its membership, and the
investigation of the controversy by the Lytton Commission did nothing to enhance the League's prestige.
Germany also, after being at last admitted, withdrew
when it found that equality in armaments was to be
denied it, and a long list of treaties and regional
agreements has been concluded without consultation
with the League, without its knowledge even until
the facts were announced, and with no apparent regard to the international solidarity and common action which the League was supposed to embody.
Why, then, with the idea of internationalism, as
represented by a working union of most of the nations of the world, becoming year by year more and
more a shadow, should Italy pay respect to the
League? If ever a weak and backward State needed
support and protection that State is Ethiopia, but
at every step in the controversy in which Ethiopia
has become entangled the League has hesitated,
evaded and procrastinated. To the extent that it may
be said to have acted at all it has been swayed this
way or that by Great Britain and France, or by
whichever of those Powers has seemed for the moment to be in the ascendent, and it has obviously
feared to antagonize Italy because Italy is strong
and aggressive. A Power much less resourceful and
ambitious than Italy might well, under such humiliating circumstances, have felt that it was entitled
to take the measure of the League's weakness and
incapacity, challenge the League to act but knowing
well that no serious action would be forthcoming,
and go its way with an eye, not to the resolutions
that might be voted at Geneva, but only to the impediments that Great Britain or France might possibly put in its path.
At this writing there seems little likelihood that
such impediments will be serious, if indeed there be
any at all. At the session of the Council on Wednesday the Italian delegate presented an elaborate indictment of Ethiopia, intended to show that Ethiopia, because of its tolerance of slavery and its record of misconduct at a number of other points, was
not fit to remain a member of the League. On Thursday a suspension of the session was demanded on
the ground of an alleged insulting reply by the representative of Ethiopia, and when the demand was
refused the Italian delegate withdrew. In spite of a
(Continued on page 1505)
The New Capital Flotations in the United States During the Month ofAugust
and for the Eight Months Since the First of January
As compared with the month of July, when the new
capital flotations at $644,452,155 were the largest of any
month since March 1931,the issues for Augustfell close to 210
millions below that total. But the amount must nevertheless
be considered relatively heavy, judged by standards since
1931, and it ceitainly runs well above the aggregate for the
corresponding month of any year since 1929.
Our tabulations, as always, include the stook, bond and
nate issues by corporations, by holding, investment and
trading companies, and by States and municipalities, foreign and domestic, and also Farm Loan and publicly-offered
governmental agency issues. The grand total of the offerings of new securities under these various heads during August
reached in exact figures $435,921,218. For July the aggregate was $644,452,155. In June it was $511,909,748; in
May it was $472,428,568, and in April $507,456,831. In
the first quarter of 1935 the monthly grand totals were of
smaller proportions. Thus in March the aggregate was
$290,478,900, in February $95,726,359 and in January
$141,531,419. The grand total of $435,921,218 for August
this year compares with $259,838,431 in August 1934, with
only $55,652,152 in August 1933, with $173,234,467 in
August 1932 and with $126,961,055 in August 1931. Of the
$435,921,218 grand total of issues marketed during August
of this year, corporate flotations comprised $209,861,500;
Farm Loan and publicly-offered governmental agency issues
contributed $85,562,000; a loan to the Dominion of Canada
accounted for $76,000,000, besides which $64,497,718 of
State and municipal securities were marketed. As has been
the case in other recent months, refunding operations accounted for a substantial portion of the new issues in August,
no less than $284,384,700 out of the grand total of $435,921,218 being for that purpose, and leaving the month's new
capital application at $151,536,518.
Unit,ed States Government issues appeared in the usual
order duringthe month of August. -The month's financing
amounted to $298,684,000 and comprised four single
offerings of Treasury bills on a bank discount basis and an
offering of 2 8% Treasury bonds on a competitive bid basis.
The details in respect to these offerings are recorded further
below. In view of the magnitude and importance of United
States Government borrowings, we give below a summary of
all Treasury issues marketed during August and also those
sold during the seven preceding months, furnishing full
particulars of the various issues and presenting a complete
record in that respect for the eight months ended Aug. 31.
New Treasury Financing During the Month of August
1935
Secretary of the Treasury Morgenthau on Aug. 1 an-day Treasury bills in the
nounced a new offering of 273
amount of $50,000,000 or thereabouts.- The bills were
dated Aug. 7 and will mature May 6 1935. Tenders to the
issue amounted to $150,119,000, of which $50,102,000 was
accepted. The average price for these bills was 99.947,
the average rate on a bank discount basis being 0.070%.
Issued to replace maturing bills.
Mr. Morgenthau on Aug. 11 announced an additional
offering of $100,000,000 or thereabouts of 2%% Treasury
bonds of 1955-60. The bonds were offered at not less than
par and accrued interest from Mar. 15 1935 to Aug. 19 1935.
The bonds were dated Mar. 15 1935 and will mature Mar.
15 1960, but are redeemable at the option of the United States
at par and accrued interest on and after Mar. 15 1955. The
27 % bonds are exempt both as to principal and interest
4
from all taxation except estate or inheritance taxes and the
surtaxes. Tenders for $147,264,000 face amount of bonds
were received, of which $98,465,000 was accepted. The
UNITED STATES TREASURY FINANCING DURING THE FIRST EIGHT
MONTHS OF 1935
Date
Offered
Dec. 2
Jan.
Jan. 1
Jan. 1
Jan. 2
Jan
Jan. 31
Feb.
Feb. 1
Feb. 2
Feb. 2
Dated
Jan.
Jan.
Ian.
Jan.
Jan.
Sept. 7 1935
Financial Chronicle
1500
average price for the bonds was 100 25-32, and a total premium of $780,275 was received. Based on the average price
at which the bonds were offered on Aug. 19, the yield was
about 2.822% to the earliest call date, Mar. 15 1955, and
about 2.829% to maturity, Mar. 15 1960. This financing
represented an addition to the public debt.
On Aug. 8 Mr. Morgenthau announced a new offering of
273-day bills to the amount of $50,000,000 or thereabouts.
The bills were dated Aug. 14 and will fall due May 13 1936.
Subscriptions to the offering totaled $139,638,000, of which
$50,072,000 was accepted. The average price for these
bills was 99.945, the average rate on a bank discount basis
being 0.073%. These bills were offered to replace a maturing bill issue.
Mr. Morgenthau on Aug. 15 announced another new
-day bills. The
offering of $50,000,000 or thereabouts of 273
bills were dated Aug. 21 and will mature May 20 1936.
Tenders to tha issue amounted to $123,036,000, of which
$50,045,000 was accepted. The average price for the bills
was 99.938, the average rate on a bank discount basis being
0.082%. Issued to replace maturing bills.
A further new offering of $50,000,000 or thereabouts of
-day bills was announced by Mr. Morgenthau on Aug. 22.
273
The bills were dated Aug. 28 and will mature May 27 1936.
Applications to the issue totaled $84,157,000, of which
$50,000,000 was accepted. The average price for the bills
was 99.904, the average rate on a bank discount basis being
0.127%. Issued to replace a maturing bill issue.
Mr. Morgenthau on Aug. 27 announced a still further
offering of $50,000,000 or thereabouts of 273
-day bills. The
bills, however, were dated Sept. 4 and will mature June 3
1936, and hence will form part of the Government financing
for the month of September. Tenders to the offering totaled
$163,683,000, of which $50,046,000 was accepted. The
average price Lir the bills was 99.885, the average rate on a
bank discount basis being 0.151%. Issued to replace maturing bills. The rate of 0.151% on the above bill issue compares with 0.127% (273-day)for bills dated Aug. 28;0.082%
(273-day) for bills dated Aug. 21; 0.073% (273-day) for bills
dated Aug. 14, and 0.070% (273-day) for bills dated Aug. 7.
The Treasury Department announced Aug. 12 that approximately 375,000 persons paid in cash from March 1
to July 31 1935, inclusive, $114,353,595 for $152,471,460
maturity value of United States savings bonds, so-called
"baby bonds."
In the following we show in tabular form the Treasury
financing done during the first eight months of this year.
The results show that the Government disposed of $7,871,203,195, of which $6,388,251,600 went to take up existing
issues and $1,482,951,595 represented an addition to the public debt. For August by itself, the disposals aggregated
$298,684,000, of which $200,219,000 was for refunding,
leaving $98,465,000 as an addition to the public debt.
Due
2 182 days
9 182 days
16 182 days
23 182 days
30 182 days
Amount
Applied for
Amount
Accepted
3
214,130,000
141,685,000
142,359,000
232.573.000
203,618,000
8
75,150,000 Average
75.185.000 Average
75,079.000 Average
75.129.000 Average
75,106.000 Average
Yield
99.949 '0.10%
99.942 *0.12%
99.926 '0.15%
99.927 "0.15%
99.931 *0.14%
375.649,000
ry total
Feb. 6 182 days
Feb. 13 182 days
Feb. 20 182 days
Feb. 27 182 days
Feb. 27 273 days
Price
262.895,000
196,853,000
156,544,000
120,712.000
165.180,000
Febru ary tota 1
75,185,000
75,112,000
75,024,000
50.054.000
50.185.000
Average
Average
Average
Average
Average
99.939 "0.12%
99.944 *0.11%
99.941 .0.117%
99.946 *0.108%
99.874 "0.166%
325.560.000
Mar. 1 Mar. 110 years
y38,012,982 y114,353,591
'2.90%
Feb. 28 Mar. 6 182 days
50.114.000 Average 99.949 "0.10%
152,020.000
Feb 28 Mar. 6 273 days
157.560.000
50.072.000 Average 99.889 "0.147%
Mar. 3 Mar. 15 20-25 yrs. 1559,600,000 1559.600,000
100
2.875%
Mar. 3 Mar. 15 5 years
513,884,200 513.884,200
100
1.625%
Mar. 7 Mar. 13 182 days
50,052.000 Average 99.953 "0.094%
129,722,000
Mar. 7 Mar. 13 273 days
50.149.000 Average 99.893 '0.141%
120.615.000
Mar. 14 Mar. 20 182 days
50.125.000 Average 99.953 "0.094%
104.570.000
Mar. 14 Mar. 20 273 days
50,006.000 Average 99.889 "0.147%
67.406.000
Mar.21 Mar. 27 182 days
50,079.000 Average 99.945 50.109%
108.329,000
Mar.21 Mar. 27 273 days
50.071,000 Average 99.864 *0.180%
117,186.000
2,588.105,795
Marc h total_
Mar. 28 Apr. 3 272 days
Apr. 4 Apr. 10 273 days
Apr. 12 Apr. 17 273 days
Apr. 18 Apr. 24 273 days
Apr. 21 Mar. 15 20-25 yrs.
Apr. 21 Mar. 15 5 yrs.
119,428,000
109.147.000
124.413.000
115.059.000
744,000,000
864,000,000
April total
Apr. 29 May 1 273 days
May 2 May 8 273 days
May 9 May 15 272 days
May 17 May 22 133 days
May 17 May 22 273 days
May 23 May 29 133 days
May 23 May 29 273 days
May 26 6-15-34 14 yrs.
May total
50.018,000 Average 99.882
50,062,000 Average 99.867
50.020,000 Ave^age 99.866
50.155,000 Average 99.872
744.000.000
100
100
864,000.000
0.157%
0.176%
i.176%
0.169%
2.875%
1.625%
1.808.255.000
213.212.000
165.006.000
160,256,000
109,289,000
114.552,000
70.001.000
118.922,000
270,077,000
50,085,000 Average 99.884 .153%
50,091,000 Averaeg 99.885 .152%
50,255.000 Average 99.892 .143%
50.063,000 Average 99.967 .088%
50,020,000 Average 99.889 0.146%
50,021.000 Average 99.965 .095%
50,037,000 Average 99.896 .137%
98.779,000 Average 103
435
3.07-2.71
449,351.000
Dale
Offered
May 2
May 2
June
June
June
June 1
June 1
June 2
June 2
June 2
Dated
Amount
Applied for
Due
Nice
June 5 133 days
June 5 273 days
June 12 133 days
June 12 273 days
June 15 5 yrs.
June 1£ 133 days
June 18 273 days
June 21 133 days
June 28 273 days
6-15-34 14 yrs.
1,251,236,400
88,147,000
27 July 3 133 days
158,424,000
27 July 3 273 days
4 July 10 133 days
124,306,000
4 July 10 273 days
197,310,000
7 July 15 4-yr. 5 mo 2,970,169,700
510.958,000
14 Mar. 15 25 yrs.
July 11 July 17 273 days
July 18 July 2,4 273 days
July 28 Mar. M 25 yrs.
223,998,000
160,295,000
320,981,000
July 29 July 31 273 days
158,852,000
July total..
50,007,000 Average 99.973 *0.072%
50,000,000 Average 99.919 '0.107%
50,045,000 Average 99.975 "0.068%
50,100,000 Average 99.939 "0.080%
1.375%
100
526,233,000
101,967,000 Average 1011ssa 12.7712.78%
50,062,000 Average 99.961 "0.052%
50,015,000 Average 99.957 '0.057%
106,483,000 Average 1011232 j2.77112.787%
50.050,000 Average 99.946 "0.071%
1,084,962,000
Aug. 1 Aug. 7 273 days
Aug. 11 Mar. 15 25 years
150,119,000
147,264,000
50,102.000 Average
98,465,000 Averaga
Aug. 8 Aug. 14 273 days
Aug. 15 Aug. 21 273 days
Aug. 22 Aug. 28 273 days
139,638.000
123,036,000
84,157,000
50,072,000 Average
50,045,000 Average
50,000,000 Average
Augu
h
Yield
$
$
50.013,001 Average 99. 81 .0.105%
9
67,548,000
50,010,000 Average 99 87 *0.149%
.
71,630,000
50,009,000 Average 99.965 '0.096%
153,319,000
50,080.000 Average 99.888 *0.148%
106,569,000
1.50%
100
738,373,400 739,373,400
50,013,000 Average 99.961 00.083%
139,654,000
50,059,000 Average 99.898 "0.134%
134,793,000
50,000,000 Average 99.974 '0.070%
137,543,000
9
50.010,000 Average 99. 07 *0.123%
135,365,000
2.621832 ,
461,341,000 112.669,000 Average 103.
12.67%
June total
June
June
July
July
July
July
Amount
Accepted
total
298,684,000
Gra nd total
99.947 '0.070%
10025u f 2.822%
12.823%
99.945 *0.073%
99.938 *0.082%
99.904 *0.127%
7.871.203.195
y Amount of sales to July 31 1935 based on purchase price. * Average rate on a
bank discount basis.
USE OF FUNDS
Dated
Jan.
Jan.
Jan.
Jan.
Jan.
2
9
16
23
30
Type of
Security
Treasury
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
Total
Feb. 43
Feb. 13
Feb. 20
Feb. 27
Feb. 27
Treasury
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
24% Treas. bonds
14% Treas. not.a
Total
Treasury bills
Treasury bills
Treasury bills
Treasury bills
J,
1 4° Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
3% Treasury bonds
$25.174,000
125,174,000
y$114,353,595
50,114,000
75,290,000
50,072.000
1,559,600.000 1,559,600.000
513,884,200
513,884,200
50.052.000
75.365,000
50.149,000
50,125.000
75,041,000
50,006.000
50.079,000
75,023,000
50.071.000
$114,353.595
24,896,000
$214.302,595
50,018,000
50.062.000
50,020,000
50,155,000
744,000.000
864,000,000
24,836,000
25.020.000
25.127.000
50,018.000
50.062,000
50.020.000
50,155.000
744.000,000
864,000.000
50,085,000
50,091,000
50,255.000
50.063.000
.020,000
50,021,000
50.037,000
98,779,000
50,013,006
50.010,000
50,009,000
50,080,000
738,373,400
50,013.006
50.059.000
50,000.000
430,010,000
112,609,000
50.085,000
50,091,000
50,255,000
75,168.000
24,915.000
75,287,000
24.771.000
$300.886.000
$148.465,000
98.779,000
75,139,000
24,884,000
75,079,000
25,010,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
% Treas. notes_
271% Treas. bonds_
Treasury bills
Treasury bills
28% Treas. bonds
Treasury bills
738,373,400
75,300,000
24,772,000
75,300,000
24,710.000
51,251,236,400 51,039,191,406
$212,045,000
112,669,000
Treasury bills
234% Treas. bonds_
Treasury bills
Treasury bills
Treasury bills
850.007,000
50.000.000
50,045,000
50.100.000
526,233,000
101,967,000
50,062,000
50,015,000
106,483,000
50,050,000
$75,150,000
$1,084,962,000
Total
Total
S375.649.000
8300.386,000
M49.351.000
Total
Aug. 7
Mar. 15
Aug. 14
Aug. 21
Aug. 28
175,150.000
75.185.000
75.079.000
75.129,000
75,106,000
$1,808,255,000 $1,808,255,000
May 1
Treasury bills
May 8
Treasury bills
Treasury bills
May 15
Treasury bills
May 22
Treasury Mils
May 22
Treasury bills
May 29
Treasury bIlls
May 29
June 15 1934.. 3% Treas. bonds.
July 3
July 3
July 10
July 10
July 15
Mar. 15
July 17
July 24
Mar. 15
July 31
New
Dulebtednem
82,588.505,795 $2,374,203,200
Savings bonds
Treasury bills
Treasury bills
24% Treas. bonds
14% Treas. notes_
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total
June 5
June 5
June 12
June 12
June 15
June 19
June 19
June 26
June 26
June 15 1934_
Refundino
$75,185,000
875,185,000
75.112,000
75,112,000
75,024,000
75.024,000
50.054,000 } 75.065.000
50.185.000
$325,560,000
Total
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Mar. 15
Mar. 15
$75.150,000
75,185,006
75,079,000
75,129,000
75,106,000
$375,649,000
Total
Mar. 1
Mar. 6
Mar. 6
Mar. 15
Mae. 15
Mar.13
Mar. 13
Mar.20
Mar.20
Mar.27
Mar.27
Total Amount
Accepted
8300,482,000
$50,102,000
98,465,000
50,072,000
50,045,000
50,000,000
150,102,000
$298,684,000
$200,219,000
75,185,000
$24,857,000
24,960.000
526,233.000
101,967,000
50.062,000
50,015,000
106,483,000
50,050,000
1784,500,000
08,465.000
50,072,000
50.045,000
50.000,000
198,465,000
17,871,203,195 16,388,251,600 51,482,951,595
y Amount of sales to July 31 1935 based on purchase price.
Grand total_
Volume 141
Financial Chronicle
Features of August Private Financing
With reference to the new corporate securities offered
during August, we find that industrial and miscellaneous
issues led in volume with $101,037,500, which, however, compares with no less than $202,733,000 for that group in July.
Railroad offerings in August amounted to $73,412,000 as
against a total of only $651,000 during July, while on the
other hand, public utility issues fell from $338,591,000 in
July to only $35,412,000 for August.
Total corporate offerings of all kinds during August, as
already stated, aggregated $209,861,500, composed of
$180,499,500 long-term issues, $5,000,000 of short-term
maturity and $24,362,000 of stock flotations. The portion
of the month's corporate total used for refunding purposes
was $180,066,700, or more than 81% of the tette. In July
the portion devoted to refunding operations was no less than
$486,885,330, or nearly 90% of the total. In June, too, the
refunding portion, at $115,488,000 out of $129,164,000, was
also close to 90%. In May the refunding portion was
$81,566,666, or about 64% of the total. In April it was
$133,890,800, or over 85% of that month's total. In March
it was $112,220,000, or slightly over 93% of the total. In
February it was $23,291,000, or about 78% of the month's
total, and in January it was $2,459,000, or about 31% of the
total for that month.
In August 1934 the amount for refunding was $10,000,000,
or about 55% of the month's corporate total of only $18,019,000. There were several important refunding issues
marketed during August of this year, namely: $50,000,000
Pennsylvania Company 4% secured bonds, 1963, used entirely for refunding. An offering of $25,000,000 American
Smelting & Refining Co. 1st mtge. and 1st lien 4% bonds,
1950, all of which with an issue of $5,000,000 of the same
company's serial notes represented refunding. Two issues
by the Cudahy Packing Co., one comprising $20,000,000
3
1st mtge. 3%s "A," 1955, and the other an offering of
$5,000,000 cony. deb. 4s, 1950, provided $17,062,700 for
refunding. In addition, there was an issue of $16,900,000
Philadelphia Suburban Water Co. 1st mtge. 4s, 1965, all of
which represented refunding.
The total of $180,066,700 raised for refunding of corp mate
issues in August 1935 comprised $151,104,700 of new longterm issues to refund existing long-term issues, $5,000,000
of short-term debt to refund tong-term debt, and $23,962,000
of new preferred stocks to replace existing preferred stocks.
The largest corporate offering in August was $50,000,000
Pennsylvania Company (subsidiary of the Pennsylvania
RR. Co.) 4% secured bonds, 1963, floated at par. Other
railroad issues comprised $15,282,000 Pennsylvania RR.
equipment trust 4s, series E, 1936-49, offered at prices yielding from 0.375% to 3.075%, and
,130,000 Wheeling &
Lake Erie Ry. ref. mtge. 4s, 1966, placed privately at par.
Industrial and miscellaneous issues of importance in
August consisted of $25,000,000 Amer. Smelting & Ref. Co.
1st mtge. & 1st lien 4s, 1950, placed privately at par, together with an issue of $5,000,000 serial notes; $20,000,000
the Cudahy Packing Co. 1st mtge. 33 s "A", 1955, offered
%
at par; $5,000,000 of the same company's cony. deb. 4s,
1950, also offered at par; 137,620 shares of the M. A. Hanna
Co. $5 cum. pref. stock, offered in exchange for the company's outstanding $7 cum. pref. stock;$6,000,000 Champimi
Paper & Fibre Co. 6% cum. pref. stock, priced at $100 per
share, and $5,500,000 of 434% debs. of the latter company,
offering of which was made at par.
Public Utility financing during August was featured by
the following issues: $16,900,000 Philadelphia Suburban
Water Co. 1st mtge. 4s, 1965, priced at 1013/2, to yield
3.90%; $5,400,000 Public Service Co. of New Hampshire
1st mtge. 3%s "C," 1960, offered at 102.04, to yield 3.62%,
and $4,500,000 Savannah Electric & Power Co. 1st ref.
mtge. 5s "F," 1955, floated at par.
There were two new fixed investment trust offetings during August, namely:
Commodity Corp. common stock, offered by Security
Agency, Inc., at $28 per share.
Standard Utilities common stock, offered by John Nickerson & Co., Inc., at market.
Three of the August offerings contained provisions for
converting into or acquiring common stock. The issues
were as follows:
1501
$5,000,000 the Cudahy Packing Co. cony.4% deb., 1950,
each debenture convertible int) 16 shares of common stock
from Mar. 1 1936 and thereafter to Sept. 1 1938, into 15
shares from Sept. 1 1938 to Sept. 1 1941, and into 14 shares
on Sept. 1 1941 and thereafter to Sept. 1 1944.
$5,500,000 the Kresge Foundation coll. trust 4s, 1945,
each note convertible into 33 shares of S. S. Kresge Co.
common stock from Sept. 1 1936 and thereafter to June 30
1937; thereafter for two years into 31 shares; thereafter for
two years into 29 shares; thereafter for two years into 27
shares, and during the last two years into 25 shares.
40,000 shares Sonotone Corp. cum. cony. pref. stock convertible into common stock at the ratio of 4 shares of common
stock for each preferred share; each share also carries a
warrant entitling the holder to purchase 2 shares of common
stock at $3 per share at any time prior to Oct. 1 1940.
There was one foreign government loan floated in our
market during August. The loan, as already stated, was for
the account of the Dominion of Canada and comprised
$76,000,000 10-year 234% bonds, due Aug. 15 1945, priced
at 974.
3
The month's financing also included an auction offering of
$100,000,000 Federal Farm Mortgage Corp. 134% bonds,
due Sept. 1 1939. Subscriptions to the issue amounted to
only $85,592,000 of which $85,262,000 was accepted at an
average price of 99, equivalent to a yield basis of 1.762%.
There was also a refunding issue of $500,000 Fletcher
Joint Stock Land Bank 3% and 33,4% bonds, priced at par.
Final Summary
The following is a complete summary of the new fmancmg
-corporate, State and city, foreign government, as well as
Farm Loan issues-for August and for the eight months
ended with August:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING
1935
Month of AugustCorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Comm on stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies_ _ _
*Municipal-States, cities. drc
United States Possessions
Grand total
Eight Months Ended Aug. 31CorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies__ _
*Municipal-States, cities, Ja
United States Possessions
Grand total
New Capital
Refunding
Total
$
$
$
151,104,700
5,000.000
23,962.000
180,499.500
5,000.000
24,362,000
29,794,800
180,066.700
76,000.000
209,861,500
76,000,000
85.262.000
36.479,718
300.000
28,018,000
85,562.000
64,497.718
151,536,518
284,384,766
435,921,218
29,394,800
400,000
135,131,804 1,048,918,696 1,184,050,500
47,100,000
38,615,000
8,485,000
81,803,800
48,333,800
33,470,000
8,367,000
8,367,000
185,453,804 1.135,867,496 1.321,321,300
76.000.000
76.000.000
94.762,000
512,309,540
568.000
851,893.700
239,667.285
4.430,000
946,655.700
751.976,835
4,998,000
703.0.
13.364 2.307.818.48' 3.100.051.835
*These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1935 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during August, including every
issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
dating back to the beginning of our compilations in March
1921, can be found in the monthly articles for those months,
these articles now appearing usually on the first or the
second Saturday of the month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF AUGUST FOR FIVE YEARS
11.519,000
6,500,000
New Capital
$
1933
Refunding
$
Total
$
New Capital
$
15.185.000
9,295.500
1,200.000
600.000
1932
Refunding
$
56,034.000
51,080.000
Total
$
71,219,000
60.375,500
1,200,000
600.000
3,683,805
10,365.808
3,683,805
10.365,808
18.019,000
50.000,000
14.049.613
14.049,613
26,280,500
2,000,000
164,111,100
27.708,331
31,739,775
41,602.539
33,743.867
4,096,100
37,839,967
62,024.367
111,210,100
173,234,467
259,838,431
Government.
45,789,388
9,862,764
9.862.764
55.652,152
107,114,000
133,394,500
2.000.000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF AUGUST FOR FIVE YEARS
1932
1933
1934
1935
Total
Refunding
New Capital
Refunding
Total
New Capital
Total
New Capital
Total
Refunding
Refunding
New Capital
MONTH OF AUGUST
$
$
$
$
$
$
$
$
$
$
$
2
Long-Term Bonds and Notes—
1,204,000
73,412,000
1,204,000
58,130.000
15,282,000
56,034,000
70,219,000
14,185.000
Railroads
6.315,000
35.412.000
6,315,000
32.135,000
3,277.000
•
Public utilities
25,000.000
25.000,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
38,015.500
27,179,700
10,835,800
Other industrial and manufacturing
4.000,000
3,500,000
500,000
Oil
5.660,000
5,660,000
Land, buildings, &c
Rubber
Shipping
1,000,000
Inv. trusts, trading, holding, &c
1.000,000
.
3.000,000
3.000.000
Miscellaneous
71.219,000
56,034,000
15,185,000
11,519,000
3,500.000
8,019,000
29,394,800 151,104,700 180,499,500
Total
22,500,000
26,450,000
Short-Term Bonds and Notes—
3,950,000
28,580,000
28.580.000
Railroads
Public utilities
5,000.000
5.000,000
Iron, steel, coal, copper, de
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
6.500.000
6,500.000
Oil
Land, buildings, &c
Rubber
Shipping
5,345,500
Inv. trusts, trading, holding, &c
5.345.500
Miscellaneous
60,375,500
51,080,000
9,295,500
6,500,000
6,500,000
5.000,000
5,000,000
Total
Stocks—
1,200,000
Railroads
1,200.000
Public utilities
968.750
968.750
13.762,000
13.762,000
Iron, steel, coal, copper, &c
Equipment manufacturers
600,000
Motors and accessories
600.000
12,755,863
12,755.863
•
10,600,000
10,200,000
400,000
Other industrial and manufacturing
325.000
325,000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
1.800,000
1,800.000
14,049,613
14,049.613
24,362,000
23.962,000
400,000
Total
26,450,000
Total—
22.500,000
3,950,000
1,204.000
1,204,000
73,412,000
58.130,000
15,282,000
84,614,000
99,999,000
Railroads
15.385,000
6,315.000
6,315,000
35,412,000
32,135,000
3,277,000
Public utilities
968,750
968,750
43,762,000
43,762.000
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
600,000
600.000
12,755.863
37.379.400 48.615,50012,755,863
11,235.800
Other industrial and manufacturing
325.000
325,000
10.500,000
10.000,000
500,000
On
5,660.000
5.660,000
Land, buildings, •kc
Rubber
Shipping
6,345.500
6.345.500
Inv. trusts, trading, holding, &c_
3,000.000
3,000.000
Miscellaneous
26,280.500 107.114.000 133,394,500
14.049.613
14.049,613
18,019,000
10,000,000
8,019,000
29 794 800 180.066.700 209,861,500
securities
Total corporate
1931
New Capital
Refunding
$
$
21,485,500
5,000,000
12,550.000
800,000
10,475,000
1.686.622
46,197.122
Total
$
26,485.50C
13,350,00C
10.475,00C
1,686,622
5,800.000
74,257,250
706,683
674,9- 3,535
6,506.683
t\D
51,997,122
120,454,372
cgt
126.961.051
New Capital
$
2.295.000
10,680.500
1931
Refunding
$
5,000,000
Total
$
2,295 00(
15,680;50(
•
6.410,000
2,100,000
2,100,00
21,485.500
5.000,000
26,485,50(
10,000,000
2,000,000
____ —_
800,000
10,000.00(
2,800.00C
550,000
12,550,000
app.10.17,9 leptleULi
Total
.
550,00C
800,000
13,350,00C
8,975,000
140,000
8,975.00C
140.006
2,646,622
400,000
2,646,622
400,00C
12,161,622
12,161,622
12,295,000
21,655.500
140,000
. 5,800,000
9,056.622
400,000
2,650.000
46,197.122
12,295,000
27,455,500
140,000
9.056.622
400.000
2,650,000
5,800,000
51.997.122
5E61 Z ';deS*
1934
1935
MONTH OF AUGUST
Refunding
Total
New Capital
New Capital
Refunding
Corporate—
$
$
$
$
$
$
Domestic—
3,500,000
8,019,000
29,394,800 151,104,700 180.499,500
Long-term bonds and notes_
5,000,000
6,500.000
5,000,000
Short-term
24,362.000
23,962.000
400,000
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
10,000,000
8,019.000
29,794.800 180,066,700 209,861,500
Total corporate
50,000,000
76,000,000
76,000.000
Canadian Government
Other foreign Government
11,000,000
153.111,100
85.562.000
300,000
85.262.000
Farm Loan and Govt. agencies_
8,480,783
19,227,548
28,018.000
64.497,718
36.479.718
*Municipal—State, cities, &c_ _ _
United States Possessions
79,480,783
180,357,648
'151,536,518 284,384.700 435,921.218
Grand total
* These figures do not include funds obtained by States and municipalities from any agency of the Federal
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE EIGHT MONTHS ENDED AUG. 31 FOR FIVE YEARS
1935
1984
EIGHT MONTHS END. AUG. 31'
Total
New Capital Refunding
Total
New Capital Refunding
Corporate—
2
$
Domestic—
2
$
3
$
Long-term bonds and notes- 135.131.804 1,048,918,696 1.184.050,500
65.958,900 131,960.200 197,919,100
Short-term
38,615,000
31,050.000 104,705.000 135.755.000
8,485,000
47,100.000
Preferred stocks
2.908.800
33,470,000
48.333.800
81.803.800
2,908.800
27,675,399
Common stocks
8,367,000
8.367,000
27,675,399
Canadian—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes_
Short-term
1,200,000
1,200.000
Preferred stocks
Common stocks
Total corporate
127,593,099 237.865.200 365,458.299
185.453,804 1.135.867.496 1.321,321.300
50.000.000
50.000.000
Canadian Government
76,000,000
76.000,000
Other foreign Government_
312.111,100 285,300,000 597.411.100
Farm Loan and Govt. agencies
94,762,000 851,893,700 946.655.700
'Municipal—State, cities, &c
512.309,550 239,667,285 751,976,835
541,880,180 100,211,885 642,092,065
United States Possessions_ _ _ _
4,998,000
4,430,000
568,000
Grand total
439,704,199 573,165,200 1,012,869,399
793.093.354 2.307,858,481 3,100,951,835
• These figures do not include funds obtained by states and municipalities from any agency of the Federal Government
1933
Refunding
2
111,008.500
57,536,700
32.317,778
Total
$
134.629.500
74,136,700
14,717,555
103,830,811
New Capital
$
211,202.300
26,231.500
7.975,275
3,896,900
1982
Refunding
$
94,956.500
148,929,000
1,897,320
Total
$
306.158,800
175,160.500
7.975,275
5,794.220
New Capital
$
817,020.600
259,861.350
106,449,667
126,437.756
1931
Total
Refunding
$
$
651,758,200 1,468,778,800
77,899.500 337.760.850
31,050.000 137.499.667
126.437.756
90,000,000
New Capital
2
23,621,000
16.600,000
14,717.555
71.513.033
90.000,000
133,332
133,332
72,800,000
5,000,000
72,800,000
5,000,000
1,600,000
1,600,000
126,584.920
202,462,978
60,000,000
329,047.898
60,000.000
249,305,975
2,000,000
245,782.820
495.088.795 1,472,569,373
40,922,000
2,000,000
765.707,700 2,238,277.073
9,500,000
50,422,000
45,900,000
269,237,056
1.400,000
443.121,986
__ -----29,185,654
45,900,000
298,422,720
1,400,000
734,770,618
46,000.000
536.024.813
692.000
834,022,788
138,500,000
44,600.000
594.140,739 1.006,695.912
692.000
295,000
396,398.746 1,230.421.534 2,565,082,285
75,600,000
31,000,000
16,222,683 1,022,918,595
295,000
822,430.383 3.387.512,668
291.648.6.32
92.500.000
58,115,926
1935
EIGHT MONTHS END, AUG. 31 New Capital Refunding
New Capital
Total
Long-Term Bonds and Notes—
$
$
$
$
48,313,100
Railroads
42,753,320 116,389,680 159,143.000
16,745,800
Public utilities
21,984,000 589,670,000 611,654,000
Iron, steel, coal, copper, &c
20,519,334 137,480,666 158,000,000
Equipment manufacturers
7,941,000
2,441.000
5,500,000
Motors and accessories
39,263,400 154,252.100 193.515,500
Other industrial and manufacturing
39,500,000
500.000
4,218,750
35,281.250
Oil
400,000
6,553.000
893,000
Land, buildings, &c
5,660,000
Rubber
Shipping
Inv. trusts, trading, holding, &c_
7.744,000
7,744.000
Miscellaneous
Total
65,958,900
135,131.804 1,048.918,696 1,184,050,500
Short-Term Bonds and Notes—
7,000,000
Railroads
20,000,000
23,000,000
20,000,000
Public utilities
5,000,000
Iron, steel, coal, copper, &c
5,000,000
Equipment manufacturers
6.0b0o00
6,000,000
Motors and accessories
4,100.000
300.000
1.615.000
2,485,000
Other industrial and manufacturing
500,000
6,000,000
6,000.000
Oil
Land, buildings, &c
Rubber
Shipping
inv, trusts, trading, holding, &c_
250,000
6,000.000
6.000,000
Miscellaneous..
31.050,000
47.100,000
38,615,000
Total
8,485,000
Stocks—
Railroads
6.785,250
5,000,000
1.785,250
Public utilities
588,750
18,762,000
13,762,000
5,000,000
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
20,160.249
15,251,750
10,200,000
5,051,750
Dther industrial and manufacturing
5,000,000
5,000,000
311
Land, buildings, &c
525,000
Rubber
Shipping
310.200
Inv. trusts, trading, holding, &c_
44,371.800
9.000.000
19,371,800
25,000,000
Miscellaneous
30,584,199
90,170,800
48,333,800
41,837,000
Total
Total—
55,313.100
42,753,320 116,389,680 159.143,000
Railroads
39,745,800
23,769,250 614,670.000 638,439.250
Rublic utilities
588,750
25,519,334 156,242,666 181,762,000
Iron, steel, coal, copper, &c
Equipment manufacturers
13,941,000
2,441,000
11,500,000
Motors and accessories
20,460.249
46.800.150 166,067,100 212,867,250
3ther industrial and manufacturing
1,000,000
50,500,000
41,281,250
9,218,750
Dil
400,000
6,553,000
5,660,000
893,000
Land, buildings, &c
525,000
Rubber
;hipping
310.200
'fly. trusts, trading, holding, &c
9,250.000
58,115,800
33,115.800
25.000,000
liscellaneous
127,593,099
Total corporate securities
185.453,804 1,135,867,496 1,321,321,300
1931
Refunding
3
146,319,700
489,512.000
6,062.500
20/.102;5645
900,000
2,500.000
50.000
2.550,000
82.952,000
2,000.000
31,950,000
1.650.000
1,200,000
211,202,300
94,956,500
1,200,000
306.158,800
12,286.000
979,820,600
14,980,000
2,694.000
651,758,200 1,631,578,800
23,500,000
125.329,000
100,000
34.825,000
128.179,000
100,000
34,970.000
164,447.500
899.000
12,530,000
31.077.500
3,101,000
47,500,000
195.525.000
4,000,000
4,101,000
4,101.000
21.535,000
9,649,000
8,260,850
33,500.000
791.000
1,400,000
55.035,000
10,440,000
9,660,850
500,000
2.308,000
3,500,000
1933
Refunding
1932
Refunding
$
9,327,000
85,579.500
1.650,000
1934
Refunding
3
102,500,000
23,652,200
New Capital
$
$
,
12,000000
10,721,000
2.308.000
4,000,000
400,000
7.955,500
26,231,500
148,929,000
7.955.500
175,160,500
20,100,000
259,861,350
500.000
20.100.000
342,760,850
1,897.320
8,009.495
190,538,511
1,640,000
16.252,872
3.452,500
1,466,500
76,765,500
32,518,000
Total
$
88,765,500
43,239,000
1,725,000
Total
$
150,813,100
40,398,000
New Capital
3
$
9,327,000 250,110,300
293,081,800
483.498.500
102,939,800
12,434,000
Total
1,725,000
900,000
131,960,200
197,919,100
23,621,000
111,008,500
134,629,500
63,947,000
32,500.000
70,947,000
55,500.000
16,500,000
7,277.000
23.295.200
5,605.400
12,000,000
7,277.000
39,795,200
5,605,400
12,000,000
2.958,000
6,500.000
3,258,000
7,000,000
100,000
5,000,000
New Capital
$
5.100,000
5,959,100
11,325,000
2,850,000
250,000
136,955.000
16,600,000
59,136,700
75,736.700
7.000.000
3.011,651
2.147,778
9.147.778
3,011.651
6,112,175
20.160,249
859,269
72,534,314
1,795,120
30,170,000
859,269
102.704.314
1,795,120
2,091,250
2,091,250
2,168,750
2,168,750
525.000
310,200
9,000.000
30,584,199
1,088.566
75.000
86,363,920
166,447,000
56,152.200
221,760,100
95,898,000
588,750
12,000,000
34,221.000
3,011,651
84,042,500
57.960.978
5.605,400
12,000,000
5,266.000
10,000,000
25,726,249
11.000.000
400,000
525,000
859,269
72.634.314
1,795.120
900,000
36,895,000
237,865,200
88.902.000
2,000.000
33,170.000
5,959,100
588.750
105,905.000
5,950,000
-----1,220.000
Total
3
396,430,000
973,010.500
109,002,300
12,434,000
310.200
9,250,000
365.458,299
32.317,778
1,088,566
75.000
118,681,698
E.1159:100
1.088,566
75.000
126,584,920
96,042,500
92.181,978
8,617,051
12,000,000
859,269
109.529.314
1,795.120
900,000
5,929,100
202,462,978
1.088,566
75.000
329,047,898
1,500.000
11,872,175
11,325,000
216,464,475
1,897,320
1.500.000
13,769.495
3,143.750
16,393.290
232,887,423
32.827,000
212,805,820
100,000
44.152.000
429,270,295
100,000
285,080.300
838,484.511
105,478,800
12,434,000
2.091,250
50,000
6.651.000
2,168,750
120.739.872
15,101.500
41,677,350
2.091.250
6,601,000
2,168,750
10,655,500
249.305.975
245,782,820
1,650.000
3.143.750
10.655,500
48,779.290
495,088.795 1,472,569.373
82,899.500
31.050,000
221,588,511
1,640,000
16,252.872
3,452,500
1.466,500
31,050,000
3,143,750
16.393.290
263,937,423
158.849.700 443,930,000
551.639,500 1,390.124,011
9,163,500 114,642,300
12,434,000
39,450.000
791.000
2.620,000
160,189,872
15.892,500
44,297,350
1,650,000
500.000
3,643,750
2,694.000
51.473.290
765,707,700 2,238.277,073
apiuoitio ppireukg
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE EIGHT MONTHS ENDED AUG. 31 FOR FIVE YEARS
•
1504
Financial Chronicle
Sept. 7 1935
DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1935
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS)
Amount
Purpose of Issue
Railroads
50.000• ,000 Refunding
15,282,000 New equipment
To Yield
About
Price
4.00 Pennsylvania Co.4% Secured Bonds, due 1963. Offered by Kuhn, Loeb & Co.
0.375-3.075 Pennsylvania RR.Co.4% Equip. Trust Series E Ctfs., due Jan. 15 1936-1949. Offered by Salomon
Bros. & Hutzler; R. W. Pressprich & Co.; Dick & Merle-Smith; Stroud .1c Co.. Inc.; Freeman &
Co., and R. L. Day & Co.
4.00 Wheeling & Lake Erie Ry. Ref. M.4s, 1966. Placed privately with insurance companies.
100
8,130,000 Refunding
Company and Issue, and by Whom Offered
100
73,412,000
Public Utilities
425,000 General corporate purposes
Placed privately
1,000.000 New construction
102%
3,000,000 Refunding
103%
3,000,000 Refunding
1,187,000 Refunding
16.900.000 Refunding
92%
9954-100
10134 b
5.400,000 Refunding
102.04
4,500,000 Refunding, add'ns.,
100
Bangor Hydro-Electric Co. let Lien & Ref. M.4s, 1954. Offered by Edward B.Smith dr Co.; E. W.
Clark dr Co., and Maine Securities Co.
3.30 Central Hudson Gas & Electric Corp. 1st Ref. M. 3345, 1965. Placed privately with the Penn
Mutual Life Insurance Co.
3.80 Coast Counties Gas & Electric Co. let M. 45 B, 1965. Offered by Dean, Witter dr Co.; BlYth &
Co., Inc.; Win. It. Staata Co.; Mitchum Tully & Co.; E. H. Rollins dr Sons, Inc.; Schwabacher
& Co.; Wm.Cavalier dr Co.; Elworthy & Co.; Bancamerica Co.and Conrad, Bruce & Co.
7.40 Laclede Gas Light Co. Coll. Trust 138, 1942. Offered to holders of co.'s 534% notes due Aug. 1 1935.
_ -- Orange & Rockland Electric Co. let M.45, 1960. Offered by Bonbright at Co., Inc., as Agents.
3.90 Philadelphia Suburban Water Co. let M. 4s, 1965. Offered by Hornblower ,k Weeks; Cassatt
Co.. Inc.; First Boston Corp.. Kidder, Peabody dr Co.; Lee Higginson Corp.; Chas. D. Barney &
Co.; Clark. Dodge dt Co.; Dominick & Dominick; G. M-P. Murphy & Co.; White, Weld & Co.;
Field, Glore & Co.; W. E. Hutton dr Co.: Singer, Deane & Scribner; Bell & Beckwith; Paul H.
Davis & Co.: O'Brien, Potter Sr Co.; Piper, Jaffray dr Hopwood, and Reed & Co., Inc.
3.62 Public Service Co. of New Hampshire 1st M. 3345. C. 1960. Offered by Paine. Webber dr Co.;
Graham, Parsons de Co.; Schoelikopf, Hutton dr Pomeroy, Inc., and Lawrence M.Marks dr Co.
5.00 Savannah Electric & Power Co. 1st Ref. M.58. F, 1955, Offered by Stone dr Webster and Blodget.
Inc.; The First Boston Corp.; Brown, Harriman dr Co., Inc., and Bonbright & Co., Inc.
35,412,000
Iron, Steel,Coal,Copper,&c.
25.000,000 Refunding
100
Other Industrial & mfg.
c6.000,000 Refunding
5,500,000 Refunding; retire current debt
20,000,000 Refunding; retire bank debt
5,000,000 Refunding; retire bank debt
1,000,000 Refunding
515,500 Refunding
4.00 American Smelting & Refining Co. 1st M. dr 1st Lien 45, 1950. Sold privately to a group of five
insurance companies.
Placed privately American Cyanamid Co. Deb. 4s, 1955. Placed privately.
100
4.75 The Champion Paper & Fibre Co.434% Deb. 1950. Offered by W.E. Hutton dr Co.,and Goldman,
Sachs .4 Co.
100
3.75 The Cudahy Packing Co. let M. sgs. A 1955. Offered by Halsey, Stuart dr Co., Inc.; Goldman,
Sachs dc Co.; Ladenburg, Thalmann & Co.: F. S. Moseley & Co.: Central Republic Co.; A. G.
Becker & Co.; Hallgarten & Co.; Shields tic Co.; Bancamerica-Blair Corp.; Hayden, Stone & Co.:
Paine, Webber & Co.; Blair, Bonner dr Co.; First of Michigan Corp.
100
4.00 The Cudahy Packing Co. Cony. 4% Deb. 1950. (Each $1,000 debenture convertible into 16 shares of
common stock from March 1 1936 and thereafter to Sept. 1 1938, into 15 shares from Sept. 1 1938 W
Sept. 1 1941 and into 14 shares on Sept. 1 1941 and thereafter to Sept. 11944. Offered by Halsey,
Stuart dt Co., Inc.; Goldman, Sachs & Co.; Ladenburg, Thalmann & Co.: F. S. Moseley & Co.;
Central Republic Co.: A. G. Becker & Co.; Hallgarten & Co.; Shields & Co.; Bancamerica-Blair
Corp.; Hayden, Stone & Co.; Paine, Webber & Co.; Blair, Bonner & Co.; First of Michigan Corp.
98
4.50 Garlock Packing Co. 1st M.4348, 1945. Placed privately with the Equitable Life Assurance Society
of the United States.
100
6.00 Hill Manufacturing Co.68, 1945. Offered to holders of company's 654% bonds, due May 1 1935.
38,015,500
Land, Buildings, &c.
5,500,000 Refunding
160,000 Refunding
100
400 The Kresge Foundation Coll. Trust 42, 1945. (Each $1,000 note convertible into 33 shares of S. S.
Kresge Co. cont,stock from Sept. 11936. and thereafter to June 30 1937, thereafter for two years into 31
shares, thereafter for two years into 29 shares, thereafter for two years into 27 shares, and during the
last two years into 25 shares.) Offered by Blyth & Co.. Inc.; Merrill, Lynch & Co.: Caesatt & Co..
Inc.: White, Weld dr Co.; Hemphill, Noyes & Co.; Kidder, Peabody dr Co.. and First of Michigan
Corp.
5.50 Lynchburg (Va.) Theatre Corp. 1st M, 5345, due Aug. 1 1936-45. Offered by Galleher dr Co..
Richmond.
100
5,680.000
Miscellaneous
3,000.000 Refunding
Placed
privately
Abraham & Straus. 4% Notes, 1950. Placed privately.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
Purpose of Issue
Amount
Price
To Yield
About
Iron, Steel, Coal,Copper,&c.5,000• .000 Refunding
Placed privately
Company and Issue, and by Whom Offered
American Smelting & Refining Co.. Notes due serially to 1940. Placed privately with banks.
STOCKS
Par or No.
of Shares
Purpose of Issue
(a) Amount Price
To Yield
Inv° teed
per Share
About
Iron, Steel. Coal, Copper,&c.*137,620shs Replace $7 Cum.Pref. Stock_ ___ 13,762,000
Other Industrial & Mfg.
6,000,000 Replace existing pref.stocks
4,200,000 Retire let pref. stock
40,000 abs Pay bank loan: addl wkg. cap_
Company and Issue, and by Whom Offered
The M. A. Hanna Co. 85 Cum. Pref. Stock. Offered to holders of company's $7 cum.
preferred stock.
d
6.000,000 100
6.00 The Champion Paper & Fibre Co.6% Cum. Pref. Stock. Offered by W. E. Hutton &
Co.; Goldman, Sachs dr Co.
4.95 Loose-Wiles Biscuit Co.5% Preferred Stock. Offered by Lehman Brothers.
6.00 Sonotone Corp. Cum. Cony. Pref. Stock. (Convertible at the option of the holder, prior to
its redemption into common stock at the ratio of four shares of common stock for each
preferred share. Each share also carries a warrant entitling the holder to purchase two
shares of common stock at $3 per share at any time prior to Oct. 1 1940. Offered by Van
Alstyne. Noel & Co., Inc., New York City.
4,200,000 101.
400,000 10
10,600.000
FARM LOAN AND GOVERNMENTAL AGENCY ISSUES
Issue and Purpose
Amount
Price
85,262,000 Federal Farm Mortgage Corp. 134% bonds
due Sept. 1 1939 (provide funds for loan
99
Purposes)
300,000 Fletcher Joint Stock Land Bank 3% bonds
due 1940 and 334% bonds due 1942 (ref'g)._ 100
85,562,000
To Yield
About
. Offered by
1.762 United States Treasury.
3-3.25 Fletcher Trust Co.to holders of Fletcher Joint Stock Land Bank 5% bonds due 1951.
ISSUES NOT REPRESENTING NEW FINANCING
Par or No. (a) Amount
Involved Price
of Shares
15,000 ohs
To Yield
About
Company and Issue, and by Whom Offered
$
345.000 Mkt. approx. $23 Muskegon Piston Ring Co. Common Stock. Offered by Haskell, Scott & Geyer, Inc.. Chicago.
• Shares of no par va ue.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
b Holders of various called issues given the privilege of exchanging their bonds for bonds of this issue. '
c Approximate figure.
d Offered on basis of 1 1-20 shares of new $5 cum, pref. stock for each 1 share of $7 cum. pref. stock.
The Course of the Bond Market
The bond market has been quiet in the holiday week.
Prices strengthened toward the end of the week. United
States Governments have been in the foreground, with the
-12-year bonds and 1% 3%-year notes in
offer of 2%Vo 10
exchange for the last of the Liberty bonds, called for redemption on Oct. 15. At the same time the Treasury made a
public offering for cash of the 1%% notes, which was largely
oversubscribed and closed in one day, revealing p gratifying
demand for Treasury issues after last week's failure to
place in its entirety a Government-guaranteed issue. United
States Government bond prices remained firm after a partial
recovery from the decline of the last few weeks.
High-grade and second-grade railroad bonds have been
somewhat stronger. Chesapeake & Ohio 4%s, 1992, closed at
Financial Chronicle
Volume 141
1505
•
116%, up 1; Louisville & Nashville 4s, 1940, remained unchanged at 107%, and Northern Pacific p. 1. 4s, 1997, closed
at 103%, up 1% points for the week. Lower grades rallied
vigorously on Thursday and Friday, closing with some sizable
gains over last week. Erie 5s, 1967, advanced 2% to 70%;
Baltimore & Ohio 4%s, 1960, closed at 60, up 2%; New York
Central 4%s, 2013, di 70% were up 2%.
After the holiday utility bonds were quiet, although tending upward, especially in the lower grades. On Thursday,
however, the advancing movement was readily visible, and
gains up to two points were registered by many issues, including operating company mortgage bonds. Indiana Service 5s, 1963, closed on Friday at 59%, up 2% for the week;
Gatineau Power 5s, 1956, advanced % to 86%; Southwestern
Natural Gas 6s, 1945, at 92% were up 3%; Virginia Public
Service 6s, 1946, gained 5, closing at 85. Holding company
debentures also participated. New- York traction issues
have been particularly active and strong on rumors of agreement on unification plans. New financing did not assume
large proportions, but current registrations indicate greater
volume in weeks to eome.
The industrial group this week has shown a firm tone.
Among the steel bonds, Youngstown Sheet & Tube 5s, 1978,
advanced 1 point for the week, closing at 99 on Friday. In
,4s,
the automotive classification the Murray Body cony. 61
1942, stood out with a rise to a new high of 166, and the
Studebaker 6s, 1945, rallied 1% points to 52%. Several of
the medium-grade rubber issues advanced about 2 points. In
the specialty group it is noted that Childs 55, 1943, advanced
1% to 65; Warner Brothers Pictures 6s, 1939, rose 3% points
to 81%, and International Mercantile Marine Cs, 1941, advanced 1% to 59%. Among the declines might be noted a
2
-point reaction to 54 in New York Dock 5s, 1938.
The foreign bond market recovered somewhat in the course
of the week, particularly toward the end. Argentina and
Chile issues have been fractionally higher, as have been most
German and Polish bonds. Italian prices have been irregular,
with a general tendency downward. Japanese issues re'rained very steady, similarly Scandinavian, with the exception of the Danish bonds, which fluctuated somewhat.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES?
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGES?
(Based on individual Closing Prices)
1935
Da ty
Ater pegs
120
U. 3.
Govt. DomesBonds
tie
Corp.'
••
Sept. 6_ 107.53
5_ 107.61
4_ 107.63
3__ 107.34
2_ Stock
Aug. .1._ 107.54
.0_ 107.50
19._ 107.58
:8_ 107.28
I__ 107.18
t6... 107.44
4... 107.76
:3_ 107.64
2._ 108.15
:1„ 108.26
(1.... 108.18
.9_ 108.51
1._ 108.49
Ai_ 108.50
:5_ 108.58
:4_ 108.64
We lyAug. 9_ 108.86
2.. 109.06
July 16._ 109.05
:9_ 109.19
.2_ 109.00
5._ 108.95
June 18.. 108.99
11_ 108.80
01... 108.81
7- 108.61
May 11_ 108.22
14... 108.66
17_ 108.55
10... 108.61
3_ 108.89
Apr. 16_ 108.61
19._
12_ 108.25
5._ 108.54
Mar. 19.. 108.07
12_ 107.79
15_ 107.94
8-. 107.85
1_ 108.22
Feb' 43_ 108.44
15._ 107.49
8_ 107.47
1_ 107.10
Jan. 15_ 107.33
18.. 106.79
IL. 106.81
4 105.76
High 193 109.20
Low 1.31 MS 66
High 1934 106.01
Low 1934 99.06
Yr. VO
Sept.634 103.85
2 Yrs Ag
Sept.633 103.45
120 Domestic Corporate
,
by Ratings
Aaa
An
103.82
103.65
103.32
103.15
Exchan
103.32
103.32
103.15
103.15
103.15
103.48
103.48
103.48
103.65
103.48
103.48
103.65
103.65
103.48
103.48
103.65
117.43 111.16
117.43 111.16
117.22 110.79
117.02 110.79
go Clog ed117.02 110.61
117.02 110.61
117.02 110.42
117.22 110.23
117.43 110.23
117.63 110.61
117.63 110.42
117.63 110.42
117.63 110.61
117.63 110.61
117.63 110.79
117.63 110.79
117.63 110.79
117.63 110.61
118.04 110.61
118.04 110.23
103.32
103.48
103.32
103.48
103.15
103.65
103.32
103.32
102.64
101.64
101.64
101.81
101.97
101.64
101.81
101.81
118.25
118.66
119.07
119.27
119.48
119.69
119.27
119.27
118.86
118.66
118.45
118.45
118.04
118.45
118.66
118.66
100.81
100.17
99.36
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100 33
103.82
99.30
100.00
84.85
119.07
119.07
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.02
117.22
105.37
120 Domestic
Corporate* by Groups
A
Baa
RR
P. U
Indus.
102.98
102.81
102.81
102.64
87.30
87.04
86.51
86.38
97.62
97.31
97.00
96.70
105.54
105.54
105.37
105.20
108.57
108.57
108.39
108.21
102.81
102.81
102.81
102.81
102.64
102.81
102.98
102.98
102.98
102.98
102.98
103.15
102.98
102.81
102.98
103.15
86.64
86.51
86.38
86.12
86.25
86.77
86.77
86.77
87.04
86.77
86.64
86.91
87.04
86.91
86.64
86.V.
96.85
96.70
96.70
96.54
96.70
97.00
97.16
97.16
97.16
97.00
96.70
97.00
97.16
97.00
96.85
97.16
105.37
105.20
105.20
105.03
105.20
105.54
105.37
105.37
105.54
105.54
105.72
105.72
105.72
105.72
105.54
105.72
108.21
108.21
108.21
108.03
108.21
108.39
108.39
108.39
108.57
108.39
108.57
108.57
108.57
108.39
108.75
108.39
86.12 96.70
85.74 96.23
84.85 96.08
85.35 96.39
84.47 95.78
85.61 97.31
85.23 97.47
85.87 97.94
84.72 98.70
82.50 94.29
82.38 94.14
82.50 94.43
83.35 94.88
82.02 93.85
82.50 94.29
82.87 95.63
e Closed
80.84 94.29
79.56 92.82
77.88 90.83
79.45 93.55
79.11 93.26
81.42 95.63
82.99 97.78
83.97 99.68
83.60 99.68
82.50 99.04
82.38 99 04
84.35 100.49
82.26 99.68
82.50 100.17
81.54 100.00
87.30 100.49
77.88 90.69
83.72 100.49
66.38 85.61
105.54
105.54
105.72
105.89
106.07
105.89
105.20
104.68
104.33
103.99
103.65
103.65
103.82
103.82
103.99
02.64
108.39
108.94
108.57
108.39
108.39
108.39
107.67
107.67
107.31
107.31
107.49
107.84
107.84
107.85
107.67
107.67
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
96.23
95.93
94.58
106.07
94.14
94.58
742.5
107.49
107.31
107.14
107.44
108.02
108.57
108.34
1108.21
107.84
107.84
107.31
107.49
106.74
106.91
106.94
108.94
106.71
106.71
96.54
110.42 102.98
110.42 103.32
110.42 103.48
110.61 103.15
110.42 103.48
110.42 103.65
110.05 103.48
110.05 102.81
109.68 101.97
109.68 101.14
109.49 101.47
109.86 101.64
110.05 101.47
110.05 101.47
110.05 101.47
110.05 100.98
'Stock E xchang
109.68 99.68
109.49 99.36
109.12 98.88
109.86 100.17
110.61 100.33
110.98 101.14
111.35 101.64
111.16 102.14
110.79 101.14
110.42 100.49
110.05 100.33
110.05 100.81
109.31 99.52
109.12 99.52
108.94 98 88
111.54 103.65
168.07 98.73
108.75 99.04
93.11 81.78
96.23 114.82 106.60
93.85
76.57
94.58
90.41 104.51
89.17 107.14
R7 na
71 no
90 00
80.37
97 79
98.41
AB
120
1935
D017148Daily
Averages
tiC
120 DOMIlaie Corporate
by Ratings
Ann
An
A
Baa
3.79
4.11
4.57
5.62
4.52
5.64
4.53
3.79
4.11
4.58
5.68
4.55
3.80
4.13
4.58
4.59
5.69
4.56
3.81
4.13
Stock Exchan go Clos ml
4.58
5.67
Aug.31_ 4.55
4.14
3.81
5.68
4.14
4.58
30- 4.55
3.81
5.69
29_ _ 4.56
3.81
4.15
4.58
28_. 4.56
4.58
5.71
4.16
3.80
27_ 4.56
4.59
5.70
3.79
4.16
26_ _ 4.54
4.14
4.58
5.66
3.78
24_ 4.54
4.15
4.57
5.66
3.78
4.57
5.66
23._ 4.54
4.15
3.78
22._ 4.53
5.64
4.14
4.57
3.78
21_ 4.54
4.57
5.66
4.14
3.78
20._ 4.54
4.57
5.67
3.78
4.13
19__ 4.53
4.56
5.65
4.13
3.78
17._ 4.53
4.13
4.57
5.64
3.78
16__ 4.54
4.14
4.58
5.65
3.78
15__ 4.54
4.57
4.14
5.67
3.76
14_ _ 4.53
4.16
4.56
5.65
3.76
Weekly
5.71
4.15
4.57
Aug. 9._
4.55
3.75
5.74
4.15
4.55
4.54
3.73
5.81
July 26_ 4.55
4.15
4.54
3.71
19_ 4.54
5.77
4.56
3.70
4.14
4.54
5.84
12-- 4.56
3.69
4.15
5.75
4.53
4.53
3.68
4.15
June 28._
5.78
4.55
3.70
4.17
4.54
5.73
214.58
4.55
3.70
4.17
14._ 4.59
5.82
4.19
4.63
8.72
4.68
6.00
4.65
3.73
4.19
May 31._ 4.65
6.01
3.74
4.20
4.6.6
244.65
6.00
4.64
3.74
4.18
4.66
5.93
174.63
3.76
4.17
4.66
6.04
104.65
3.74
4.17
6.00
34.64
3.73
4.17
4.66
Apr. 26_
5.97
4.84
3.73
4.17
4.89
19.
e
124.70
l "
e
3.71
4.19 St .M rag
4.20
4.79
6.25
54.74
3.71
Mar.29.
4.79
3.73
4.22
4.82
6.40
22_
4.72
6.26
3.70
4.18
4.74
154.72
6.29
3.71
4.14
4.73
8_
4.65
3.69
4.12
4.68
6.09
1_
4.60
3.69
4.10
4.65
5.96
Feb. 235.88
4.58
3.69
4.11
4.62
15_
4.61
4.68
5.91
3.71
4.13
8_
4.65
4.72
6.00
3.73
4.15
1_
4.67
6.01
3.76
4.17
4.73
Jan. 25_
4.62
3.78
5.85
4.17
4.70
6.02
184.70
3.79
4.21
4.78
1L
4.70
4.78
6.00
3.78
4.22
4._
4 82
6 08
4.73
3.79
4.23
Low 1935 4.52
5.62
3.68
4.09
4.53
xlign 1935
50
6.40
3.31
4.83
4.28
Low 1934 4.75
5.90
3.80
4.24
4.81
High 1934 5.81
7.68
4.43
5.20
6.06
Yr. Ago
Sept.634 4.99
6.52
3.92
4.36
5.15
2 Yrs.Ago
7.06
Sept. 633 5.48
5.64
4.33
4.89
Sept. 6__
120 Domestic
Corporals by GrouPs
tt
so
Foret1018.
RR.
P. U.
4.90
4.92
4.94
4.96
4.42
4.42
4.43
4.44
4.25
4.25
4.26
4.27
6.62
6.64
6.68
6.64
4.95
4.96
4.96
4.97
4.96
4.94
4.93
4.93
4.93
4.94
4.96
4.94
4.93
4.94
4.95
4.93
4.43
4.44
4.44
4.45
4.44
4.42
4.43
4.43
4.42
4.42
4.41
4.41
4.41
4.41
4.42
4.41
4.27
4.27
4.27
4.28
4.27
4.26
4.26
4.26
4.25
4.26
4.25
4.25
4.25
4.26
4.24
4.26
6.57
6.58
6.69
6.87
6.88
6.75
6.65
6.59
6.57
6.45
6.41
6.30
6.21
6.24
6.19
6.15
4.96
4.99
5.00
4.98
5.02
4.92
4.91
4.88
4.96
5.12
6.13
5.11
5.08
5.15
5.12
5.03
Cloned
5.12
5.22
5.36
5.17
6.19
6.03
4.89
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5.37
4.72
5.75
4.42
4.42
4.41
4.40
4.39
4.40
4.44
4.47
4.49
4.51
4.63
4.53
4.52
4.52
4.51
4.59
4.26
4.23
4.25
4.26
4.26
4.26
4.30
4.30
4.32
4.32
4.31
4.29
4.29
4.29
4.30
4.30
6.17
6.15
6.12
5.97
5.91
5.85
5.81
5.80
6.81
5.82
5.83
5.88
5.86
5.85
5.97
5.93
4.68
4.68
4.69
4.69
4.69
4.66
4.65
4.68
4.77
4.85
4.88
4.99
5.01
5.10
4.39
6.13
5.10
8.74
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.23
4.35
4.35
4.97
6.11
6.23
6.46
6.33
6.16
6.12
6.03
6.02
6.04
6.01
6.12
6.16
6.15
6.22.
6.30
5.78
6.59
6.35
8.66
5.10
5.39
4.48
7.30
5.42
6.18
4.85
9.31
4.4
•These prices t e coo .ute I fro a tverase yields on toe b isis 01 000 "ideal" bond (434% coupon, maturing in 31 years) and do not purport to show either the average
level or the average move Dent of actual price quotations. They merely serve to Illustrate in a more co nprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For moody's index of bond prices by months back to 1928. see the issue of Feb. 6 1932,'age 907.
"Actual average price of 8 long-term Treasury Issues. t The latest complete list of bonds used in co limiting these Indexes was published in the issue of May ts 1935
pure 3291 ft Average of 30 forel2n bonds but adjusted to a comparable basis with ;various averawas of
foraien bonds
measures which, in a very general way, are provided
for by Article XI of the Covenant apparently require
a unanimous vote of the Council. The appointment
(Concluded from page 1499)
of a committee on Friday to continue negotiations
notable speech by Mr. Litvinov, Russian Foreign is, of course, only another attempt to put off a
Commissar, calling upon the League to justify its decision.
existence by acting in the matter, nothing important
In place of internationalism, then, we have politihappened, while outside the Council negotiations cal nationalism in one of its most acute forms. It
went on between the British and Italian spokesmen would be improper to say that internationalism, havas if their countries were the only ones concerned, ing conspicuously broken down, has been discarded
with France standing at one side hoping for an op- and nationalism resumed. Saving some insubstanportunity to mediate without committing itself. The tial declarations and fruitless attempts to act, there
imposition of sanctions, as far as the record shows, has never been anything except nationalism in the
has not even been considered, and the preventive organization and proceedings of the League. What
The Breakdown of Internationalism and
the Outlook for Nationalism
1506
Financial Chronicle
Sept. 7 1935
Premier Mussolini has done, in his characteristically tional languages and cultures, their forms of governflamboyant fashion, is to strip away the last pre- ment, the integrity of their economic systems, and
tences of the League as the guardian and promoter their freedom of action in international relations.
of international peace, and show it once more as an None of these things was waived or surrendered
organization which any Power that feels itself strong when the nations entered the League, and the history
enough need not hesitate to defy. Henceforth the of the League has not shaken their essential
battle will be to the strongest and shrewdest, and force.
It is for a marked revival of nationalism that the
every nation must look out for itself.
A good deal has been said and written of late about world must now prepare. Even if some patched-up
the evils and perils of nationalism, as if nationalism, arrangement is made that will satisfy Italy for the
actual or imminent, were the primary source of most time being and avert open war, internationalism
of the ills from which the world now suffers or which will have gained nothing from the compromise,'for
it must expect to meet. There is no question that Italy will have dictated the terms and it will be the
nationalism means rivalry for power or influence, League Powers that have surrendered. It is a disintense competition for markets, struggle for col- turbing outlook, for the success of Italy, whether it
onies, dependencies and spheres of influence, and conquers Ethiopia or accepts some equivalent gain
often war. An indictment of nationalism, however, elsewhere, will have fateful repercussions throughis practically equivalent to an indictment of human out the world and encourage other nations with
society. The world has always been national. It is grievances or ambitions to press their claims. After
for a national status that peoples have always strug- fifteen years of internationalist dreams we face the
gled, for national independence that they have often hard facts of political realities, and to those facts
fought. They have labored to preserve their na- the policies of nations will now be adjusted.
Indications of Business Activity
-COMMERCIAL EPITOME
THEISTATE OF TRADE
Friday Night, Sept. 6 1935.
Business receded somewhat during the week. It was a
disappointing start for the fall season, following the best
summer in several years. Retail business, however, continued to gain despite very unfavorable weather. Car loadings and bituminous coal production were larger, and lumber
mills reported the best business in many months. Bank
clearings, too, increased 21.2%. On the other hand, steel
mills operations dropped to 45.8% of capacity. Electric output fell off slightly from that of the previous week, but it
widened its gain over last year to 11.2%. The stock market
was recently more active and firmer. The decline in steel
operations was attributed to the holiday influence and
reduced buying by automobile manufacturers and tin plate
makers. The demand, however, from other sources was
steady. Wholesale business was smaller. Commodity markets were generally quiet and reactionary. Cotton moved
irregularly in light trading, which consisted largely of
switching from October to later deliveries by pool brokers.
Wheat was fairly active at times and showed considerable
firmness of late, owing to larger Canadian exports, stronger
outside markets and unfavorable European crop news. Rubber declined sharply because of an increase in Malayan
shipments, whereas a decrease had been .expected. Coffee
was weaker due to disappointing Brazilian cables. Sugar
was quieter and somewhat easier. Hides were quite active
and rather steady. A terrific hurricane roared un the west
coast of Florida, inflicting millions of dollars worth of prop,erty damage, the death of several hundred persons, and considerable crop destruction. All the passengers and crew
of the Morgan liner Dixie, which was hurled onto French
Reaf on Monday, were rescued after three harrowing days in
hurricane lashed waters. Captain Sundstrom remained with
the ship. He is a veteran of four other hurricanes and said
this was the worst. On the 5th inst. the storm was said
to be abating and beading back across the State. The citrus
crop loss in Florida was estimated at anywhere from 25
to 75%. Tornadoes in the hurricane's wake swept rain.
soaked inland Virginia on the 5th inst., killing one person,
injuring many and causing considerable damage to property.
In New York rather heavy rains fell almost daily. Floods
were feared in parts of Pennsylvania, where the Delaware
and Schuylkill Rivers were rising rapidly after three days
of intermittent rain. Philadelphia had a rainfall of three
Inches in a period of 18 hours on the 5th inst. To-day it was
raining and cool here, with temperatures ranging from 64
to 68 degrees. The forecast was for fair to-night and Saturday, and probably Sunday; not much change in temperature
Overnight at Boston it was 66 to 74 degrees; Baltimore, 66
to 70; Pittsburgh, 54 to 76; Portland, Me., 58 to 76; Chicago,
50 to 68; Cincinnati, 52 to 74; Cleveland, 58 to 66; Detroit,
48 to 72; Charleston, 74 to 84; Milwaukee, 52 to 68; Dallas,
64 to 76; Savannah, 74 to 78; Kansas City, 56 to 76; Springfield, Mo., 56 to 74; Oklahoma City, 60 to 78; Denver, 58
to 86; Salt Lake City, 64 to 92; Seattle, 54 to 70; Montreal,
54 to 70, and Winnipeg,36 to 64.
Revenue Freight Car Loadings Continue Upward
Trend
Loadings of revenue freight for the week ended Aug. 31
1935 totaled 679,861 cars. This is a gain of 53,488 cats or
8.5% over the preceding week, a rise of 32,330 cars or 5.0%
from the total for the like week of 1934, and a gain of 6,083
cars or 0.9% for the total loadings for the corresponding week
of 1933. The loadings for the current week reached the
highest total registered for any seven-day period since
November 1931. For the week ended Aug. 24 loadings were
3.2% above the corresponding week of 1934, but 1.6% under
those for the like week of"1933. Loadings for the week ended
Aug. 17 showed a gain of 2.2% when compared with 1934
and a drop of 4.4% when comparison is with the same week
of 1933.
The first 18 major railroads to report for the week ended
Aug. 31 1935 loaded a total of 318,838 cars of revenue freight
on their own lines, compared with 299,241 cars in the preceding week and 304,662 cars in the seven days ended
Sept. 1 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines. Receivedfrom Connections
Weeks EndedWeeks Ended
Aug.31 Aug.24 Sept. 1 Aug.31 Aug.24 Sept. 1
1935
1935
1934
1934
1935
1935
Atch. Topeka & Santa Fe Ry____
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chic. Milw. St. Paul & Pac. Ry
y Chicago & North Western Ry
Gulf Coast Lines
International Gt. Northern RR
-Kansas-Texas RR
Missouri
Missouri Pacific RR
Now York Central Lines
New York Chic. dr St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern PacKic Lines
Wabash Ry
Total
a Not reported.
19,694
29.945
22.899
16,036
20,646
15,481
2,192
2,465
4,713
14,852
38,029
5,088
20.750
61.532
5,655
5,615
27,525
5,721
18,733
26,588
20,930
15.240
19,115
15,206
2,166
2,295
4,693
13,703
36.573
4,897
19,360
56,541
5,361
5,352
26,951
5,537
21,481 4,759 4,523 5.155
25.412 13,347 11,857 14.082
21,117 9,023 8,258 9,360
17,757 7.589 6,985 6,717
21.279 7.170 6,944 6,613
17,165 9,266 8.356 9,006
2,160 1.331 1,289 1.243
3,364 1.765 1,617 1.756
5,315 2.521 2,532 2,907
15.612 7,506 7,529 7,686
36,828 36,344 32,842 35,506
4,741 7,967 7,417 7,643
18,756 3,729 3,368 4,035
53,236 35,480 31,660 31,497
4,340 4.413 3.797 3,923
4,798 5,449 5,369 4,758
x
x
25,709
x
5.592 7,229 7,358 6,417
318,838 299.241 304,662 164,888 151,701 158,30
4
y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Aug. 31 1935
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis-San Francisco Ry
Total
Aug. 24 1935
Sept. 1 1934
22,937
30,258
13,599
21,689
27,737
12,797
24,573
29,002
13,494
66,794
62,223
67.069
The Association of American Railroads in reviewing the
week ended Aug. 24, reported as follows:
Loading of revenue freight for the week ended Aug. 24, totaled 626.373
cars. This was an increase of 11,367 cars above the preceding week, and
19,456 cars above the corresponding week in 1934 but a reduction of 11.137
cars below the corresponding week in 1933.
Miscellaneous freight loading for the week ended Aug. 24. totaled 240.007
cars, and increase of 1,330 cars above the preceding week. 18,370 cars
above the corresponding week in 1934 and 21,554 cars above the corresponding week In 1933.
Loading of merchandise less than carload lot freight totaled 159,794
cars, an increase of 480 cars above the preceding week, but a reduction of
940 cars below the corresponding week in 1934, and 9,028 cars below the
same week In 1933.
Financial Chronicle
Volume 141
Coal loading amounted to 99,933 cars, an increase of 9,940 cars above
the preceding week, but a reduction of 2,062 cars below the corresponding
week in 1934, and 30.403 cars below the same week in 1933.
Grain and grain products loading totaled 40.452 cars, a decrease of 2,362
cars below the preceding week, but an increase of 3,749 cars above the
corresponding week in 1934 and 11.725 cars above the same week in 1933.
In the Western District alone, grain and grain products loading for the
week ended Aug. 24, totaled 27,246 cars an increase of 2,352 cars above
the same week in 1934.
Live stock loading amounted to 15.042 cars, an increase of 763 cars
above the preceding week, but a reduction of 17,267 cars below the same
week in 1934 and 3,762 cars below the same week in 1933. In the Western
District alone, loading of live stock for the week ended Aug. 24, totaled
11,431 cars, a decrease of 16,238 cars below the same week in 1934.
Forest products loading totaled 30,756 cars, and increase of 216 cars
above the preceding week, 9,196 cars above the same week in 1934 and
3,574 cars above the same week in 1933.
Ore loading amounted to 35,204 cars, an increase of 648 cars above
the preceding week, and 7,459 cars above the corersponding week in 1934.
but a reduction of 3.514 cars below the corresponding week in 1933.
Coke loading amounted to 5,185 cars, an increase of 352 cars above the
preceding week, and 951 cars above the same week in 1934, but a decrease
of 1,283 cars below the same week in 1933.
All districts reported increases for the week of Aug. 24. compared with
the corresponding week last year, in the number of cars loaded w th revenue
freight, with the exception of the Centralwestern and Southwestern districts
which reported reductions. Compared with the corresponding week in
1933, the Southern, Northwester, Centralwestern and Southwestern district showed increases but the Eastern, Allegheny, Pocahontas districts
showed decreases.
1507
Loading of revenue freight in 1935 compared with the two previous
years follows:
1935
1934
1933
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
2,228,737
597,083
583,743
615,006
626,373
2,183.081
2,314,475
3,067,612
2,340.460
2,446,365
3,084,630
2,351.015
612,660
603.968
601.788
606.917
1,924,208
1,970.566
2,354.521
2,025,564
2,143,194
2.926,247
2,498.390
620.482
629,743
643,406
637,510
19.826.999
20.212.971
18,373.831
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
Week of August 3
Week of August 10
Week of August 17
Week of August 24
TntsL
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Aug. 24 1935. During this period a total of 82 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Great Northern RR., the Norfolk & Western, the Pennsylvania System, the New York Central Lines,
the Louisville & Nashville RR., the Baltimore & Ohio RR.,
the Southern Pacific System, the Illinois Central System,
and the Chesapeake & Ohio RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED AUG. 24
1935
Eastern District Ann Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis dr Loulsv.
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna dr West_
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line_ _Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. II. dr 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 District
Akron Canton dr Youngstown..
Baltimore & Ohio
Bessemer dr 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 District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup .4
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac__
Seaboard Air Line
Southern System
Winston-Salem Southbound__
Total
Group 11
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
Atl. & W.P.
-W.RR.of Ala._
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1934
1933
1935
597
1,063
7,111
1,168
19
905
4,935
8,745
260
1,782
176
11,344
3,033
153
1,532
6,828
2,854
3,025
2,006
34,165
9,521
1,732
4,684
4,360
4,379
250
251
1,204
627
5,289
2,656
553
662
7,912
1,328
19
952
6,097
9,052
189
1,713
213
12,562
3.035
133
1,036
7,811
2,817
4,365
2,387
38,937
10.211
2,207
4,513
6,109
4,218
552
412
1,380
648
5,300
3,960
1,065
236
8,198
1,645
63
1,805
5,614
4,720
106
1,073
1,977
11,573
5,372
1,332
872
5.898
1,481
195
63
32,842
9,199
1,599
7,417
5,236
3,797
33
167
1,134
836
7,358
2,682
955
298
8,419
1,965
59
2,224
5,746
5,465
104
715
1,893
11,982
5,152
1,546
955
6,217
1,575
185
22
31,795
9,651
1,602
6,930
4,258
3,710
36
152
994
849
6,594
2,316
129,338
126,654
141,283
125,588
124,364
501
26,588
3,635
137
1,197
4,743
696
313
83
738
1,135
56,541
10,596
7,107
32
3,126
379
25,118
3,613
270
1,018
5,288
70
246
75
910
1,391
51,261
11,613
4,893
55
2,873
484
30,474
4,054
300
a
5,586
4
346
105
962
1,409
60,509
11,560
8,665
61
2,909
599
11,857
1,87.1
7
15
8,826
47
34
17
1,620
1,200
31,660
12,466
3,125
601
13,041
1,147
8
20
8,929
59
33
18
1,710
993
28,882
12,364
2,781
4,850
4,495
117,168
109,073
127,428
78,194
75,081
20,930
19,360
699
3,474
19,473
17,422
839
3,341
24,010
21,088
669
3,245
8,258
3,368
1,085
589
9,467
3,468
990
765
44,463
41,075
49,012
13,300
Total Loads Received
from Connections
1935
Group B (Concluded)
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
1934
1933
1935
601
1,520
18,983
17,528
161
185
1,792
2,364
367
347
1,099
18,183
15,901
131
115
1.677
2,480
324
601
1,448
17,048
18,673
178
169
1,811
2,703
373
388
757
9,349
3,577
287
247
1,356
1,748
497
1934
14,690
Total
7,847
1,068
323
139
32
1,022
369
343
6,356
17,531
158
7,003
1,036
337
135
43
1,166
458
327
6,351
17,662
148
7,018
1,343
333
127
• 37
1,135
417
286
5,964
17,948
151
4,521
1,259
712
356
90
1,121
690
2,027
2,898
11,398
661
4,700
1,442
748
480
88
1,218
738
1,755
3,289
10,166
636
35,188
34,666
34,759
25,733
25,260
171
779
618
3,968
263
375
696
175
765
597
3,288
151
403
736
230
726
527
3,361
190
312
637
106
456
912
2,402
241
314
1,105
158
432
887
2,433
186
298
1,180
340
674
9,223
3,813
347
245
1,297
2.154
579
50,371
46,372
48,987
23,742
24,246
Grand total Southern District..
85,559
81.038
83,746
49,475
49.506
Northwestern Discs let
Belt Ry. of Chicago
Chicago & North NVestern
Chicago Great Western
Chicago Milw. St. P.& Pacific.
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern...
Duluth South Shore dr Atlantic.
Elgin Joliet dr Eastern
Ft. Dodge Des Moines & South_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming_ _
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle....
773
17,432
2,271
19,115
3,989
9,405
697
5,714
370
19.664
501
2,290
1,887
5,245
9,727
293
2,048
834
17,730
2,671
20,516
3.994
8,840
481
3,642
337
16,419
527
1,564
2,339
5,545
9,596
268
1,608
738
17,413
2,434
17,707
3,415
13,511
964
4,804
326
14,499
514
1,834
1,557
5,983
9,364
281
960
1,688
8.356
2,659
6,944
3,645
142
402
3,706
153
2,587
412
73
1,384
2,094
2,798
242
1,152
1,905
8,451
2,595
6,302
3,648
104
364
3,362
103
2,593
322
79
1,343
2,005
2,496
170
1,363
101,421
96,911
96,304
38.437
37,205
18,733
3,162
255
15,240
1,663
11,293
2,450
921
2,590
704
1,009
1,801
1,161
302
20,900
197
277
13.430
299
1,676
21,534
2,778
199
16,248
1,333
12,281
2,409
1,049
2,583
234
1,077
1,789
785
81
18,535
168
366
13,562
253
1,681
18,920
2,882
163
14,593
1,494
11,076
2,584
838
2.266
370
841
2,381
690
191
17,558
250
317
11,348
261
1,586
4,523
1,884
23
6,985
540
6,378
1.947
1,265
2,108
31
851
1,071
404
95
3,783
264
969
7.235
7
2,218
4,935
1,849
25
6,372
522
6.315
1,650
1,095
2,614
17
1,041
879
277
29
3,415
200
1,088
7,359
4
2,350
98,063
98,945
90,609
42,581
42,036
173
239
131
2,166
2,155
234
1,751
1,281
96
281
760
120
4,693
13,703
29
138
7,737
2,023
6,051
3,971
2,324
264
41
123
197
244
2,064
3,078
115
1,486
1,282
106
195
652
137
4,701
14,400
38
120
7,835
2,124
6,494
4,838
2,799
170
23
254
184
131
1,773
2,406
233
1,613
981
119
251
780
157
4,573
13,980
43
73
7.649
1,646
5,950
3,747
2,560
a
25
3,985
225
191
1,289
1,617
799
1,322
811
337
751
198
242
2,532
7,529
22
137
3,665
1,558
2,136
3,236
14,688
56
32
3,179
251
202
1,316
1,809
675
1,512
688
321
748
234
156
2,538
7,418
25
122
3,346
1,376
2,251
3,469
14,562
60
29
50,361
53,221
49,128
47,358
46,287
Total
Note-Figures for 1934 revised. •Previous figures. a Not available.
.M1chigan Central RR.
1934
613
895
7,600
1,437
24
986
3,666
7,201
357
2,500
237
11,304
2,465
195
1,257
6,183
2,645
3,094
2,333
36,573
9.556
1,180
4,897
5,485
5,361
190
429
1,173
562
5,537
3,403
Total Revenue
Freight Loaded
Railroads
Central Western DistrictAtch. Top. & Santa Fe System.
Alton
Bingham dr Garfield
Chicago Burlington & Quincy._
Chicago & Illinois
_
Chicago Rock Island dr Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth dr Denver City...
IllinoisTerminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific).-St. Joseph & Grand Island....
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri dr Aikansas
Missouri-Kansas-Texas Lines__
Missouri Pacific
Natchez & Southern
Quanah Acme dr. Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Amen o( St. Louis
Wichita Falls & Southern
Weatherford M. W:dr N. W
Total
b Includes figures for the Boston & Albany RR... the C. 0. C. & St. Lords
RR.. and the
Sept. 7 1935
Financial Chronicle
1508
Report of Railroad Credit Corp. as of Aug. 31 Additional Liquidating Distribution of $735,879 Made
at End of Month
The Railroad Credit Corporation has returned to the
carriers $25,755,974 or 35% of the fund administered by it,
according to report filed yesterday (Sept. 6) with the Interstate Commerce Commission, $11,665,286 having been paid
in cash and $14,090,688 credited on obligations due the
Corporation. It was announced that the 20th liquidating
distribution was made on Aug. 31, returning $735,879, or
the equivalent of 1% of the carriers' net contributions to
the fund.
E. U. Bunkland, President of the Corporation, said that
collections in August totalled $395,126, including $388,675
payments in reduction of loans, and $6,451 interest. The
following is the Corporation's statement of condition as of
Aug. 31:
CORPORATION
THE RAILROAD CREDIT
'Report to Interstate Commerce Commission and Participating Carriers as of
Aug. 31 1935
Net Change
Balance
During
Aug. 31 1935
Aug. 1935
Assets
$49,919,562.53
x$743,5,50.44
Investment in affiliated companies
239,500.00
Other investments
63,471.10
6,451.27
Cash
25.00
Petty cash fund
209,023.66
refunds
Special deposits (reserve for tax
30,320.5)
x20.61
Miscellaneous accounts receivable
144,113.56
30,790.63
Interest receivable
56,044.70
x565.25
Unadjusted debits
75,836.44
8,789.31
Expense of administration
x$638,105.09 $50,737,957.58
Total
Liabilities
x$735,314.13 *$47,795.783.97
to affiliated companies
Non-negotiable debt
2.551.383.22
x564.52
Unadjusted credits
Income from securities and accounts (interest ac389,587.39
37,773,56
crued on loans, &c.)
1,200.00
Capital stock
x$698,105.09
Total
x Denotes decrease.
* Emergency revenues to Aug. 31 1935
Lees: Refunds for taxes
Distributions Nos. 1-20
Fund share assigned to ROC
Approved:
E. R. WOODSON, Comptroller.
Washington, D. C., kept. 3 1935.
$50,737,957.58
$75,422,410.62
$1,833,914.68
25,755,973.53
36,741.44
27,626,629.65
$47,795,780.97
Correct:
ARTHUR B. CHAPIN, Treasurer.
Decrease Noted in Net Operating Income of Class I
Railroads During First Seven Months of 1935 as
Compared with Corresponding Period of 1934
Class I railroads of the United States for the first seven
months of 1935 had a net railway operating income of $221,664,055 which was at the annual rate of return of 1.69%
on their property investment, according to reports just filed
by the et/niers with the Bureau of Railway Economics of
the Abisociation of American Railroads and made public
Seri,. b. In the first seven months of 1934, their net railway
operating income was $262,308,288, or 1.99% on their
property investment. The Association further announced:
Propert, Investment is the value of road and equipment as shown by the
books of the railways including materials, supplies and cash. The net
railway operating income is what is left after the payment of operating
expenses, taxes and equipment rentals but before interest and other fixed
charges are paid.
This compilation as to earnings for the first seven months of 1935 is based
on reports from 145 class I railroads representing a total of 237,937 miles.
Gross operating revenues for the first seven months of 1935 totaled
$1,910,943,435 compared with $1,905,907,005 for the same period in 1934,
an increase of 0.3%. Operating expenses for the first seven months of 1935
amounted to $1,477,393,366 compared with $1,420,779,947 for the same
period In 1934. an increase of 4.0%•
Class I railroads in the first seven months of 1935 paid $142,073,012 In
taxes compared with $147,832,345 in the same period in 1934 or a reduction
of 3.9%. For the month of July alone, the tax bill of the class I railroads
amounted to $20,035.452.a reduction of$1.045.135,or 5% under July 1934.
Forty-one class I railroads failed to earn expenses and taxes in the first
seven months of 1935. of which nine were in the Eastern district, nine In
the Southern and 23 in the Western district.
Class I railroads for the month of July alone had a net railway operating
income of $26.851,397, which, for that month, was at the annual rate of
return of 1.16% on their property investment. In July 1934, their net
railway operating income was $35,441,265, or 1.53%.
Gross operating revenues for the month of July amounted to $275,349,115
compared with $276,009,904 in July 1934, a decrease of 0.2%. Operating
expenses in July totaled $217,930,698 compared with $208,492.883 in the
same month in 1934, or an increase of 4.5%•
Class I railroads in the Southern district for the month of July had a net
railway operating income of $2,003,161 compared 2ith $1,827,668 in
July 1934.
Western District
Class I railroads in the Western district for the first seven months in
1935 had a net railway operating income of $36.119.574 which was at the
annual rate of return of 0.77%. For the same seven months in 1934, the
railroads in that district had a net railway werating income of $61.934,899.
which was at the annual rate of return of I.30%. Gross operating revenues
of the class I railroads in the Westtrn district for the first seven months'
period in 1935 amounted to $675.3 888, an increase of 0.6 of 1% above
the same period in 1934, while e rating expenses totaled $556,780,709.
an increase of 6.5% compared w 1. the same period in 1934.
For the month of July alone, he class I railroads in the Western district
reported a net railway opera ..ne income of $8,298,693 compared with
$15,642,937 for the same roa .s in July 1934.
-UNITED STATES
CLASS I RAILROADS
Month of July
$275,349,115 $276,009,904
Total operating revenues
217,930,698
208,492,883
Total operating expense)
20,035,452
21,080,587
Taxes
35,441,265
26,851,397
Net railway operating Income
75.54
79.15
Operating ratio-per cent
1.53%
1.16%
Rate of return on property investm't
7Months Ended July 31
$1,910,943,435 $1,905,907,005
Total operating revenue*
1,477,393,366 1,420,779,947
Total operating expense*
147,832.345
142,073,012
Taxes
262,308,288
221,664,055
Net railway operating Income
77.31
74.55
Operating ratio-per cent
1.99%
1.69%
Rate of retur 1 on nronerty investml
Southern District
Class I railroads in the Southern district for the first seven months of
1935 had a net railway operating income of $26.428,191 which was at the
annual rate of return of 1.47% on their property investment. For the
same period in 1934, their net railway operating income amounted to $33.612,145 which was at the annau Irate of return of 1.86% on their property
investment. Gross operating revenues of the class I railroads in the
Southern drstrict for the first seven months in 1935 amounted to $245,008.957. an increase of 1% compared with the same period in 1934, while
operating expenses totaled $195,020,407, an increase of 6%.
Per Cent of
Increase
-0.2
4.5
-5.0
-24.2
0.3
4.0
-3.9
-15.5
Slight Decline Noted in "Annalist" Weekly Index of
Wholesale Commodity Prices for Week of Sept. 3
Foreign Prices During July Generally Lower
The "Annalist" Weekly Index of Wholesale Commodity
Prices declined 0.1 point to 126.2 on Sept. 3, from 126.3 on
Aug. 27. An announcement issued by the "Annalist"
further said:
The index of food products prices declined as a result of lower pork and
sugar prices. Reef prices, however, advanced. In the farm products group,
a substantial increase in hogs was offset by lower grain, hay and cotton
prices. Textile products showed a further advance as a result of higher
cotton goods and worsted yarns prices. The index of mi(cellaneous commodity prices turned downward with a decrease in rubber.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasons variation (1913=100)
Sept. 3 1935 Aug. 27 1935 Sept. 4 1934
112.3
1133.1
118.1
Farm products
122.7
135.2
135.8
Food products
113.9
•110.8
1110.0
Textile products
163.1
164.3
164.3
Fuels
110.1
109.8
109.8
Metals
113.1
111.4
111.4
Building materials
98.6
98.6
98.6
Chemicals
81.4
82.5
82.8
Miscellaneous
120.8
126.2
126.3
All commodities
70.5
74.7
x74.6
Y All commodities on old dollar basis__ _ _
*Preliminary. x Revised. y Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
From the announcement we also take the following regarding wholesale prices during July:
Foreign wholesale prices for July were generally somewhat lower than in
June in terms of gold. the indices for the United States, Canada,the United
Kingdom, France, Holland and Belgium all declining. Japanese prices
were slightly higher in terms of gold, owing to the slow recovery in the yen,
but the rise does not appear to forecast a further advance. German and
Italian prices advanced further, as military activities and the economic
insulation of the two countries were accentuated. Weekly indices for the
leading countries in early August show upward trends in Germany and
Italy, and to a less extent in Canada, stability in the United Kingdom and
further deflation in France.
The "Annalist" International Composite declined to 70.7 from 71.2 in
June. The composite has been revised from July 1934 by the exclusion of
Germany, since the absence of any free foreign exchange rates makes impossible the satisfactory conversion of the domestic price index to a gold
basis. German prices were relatively stable internally during this period,
but undoubtedly depreciated sharply in terms of gold, since the mark
unquestionably declined; unfortunately, the measurement of the loss Is
impossible under present conditions.
FOREIGN AND DOMESTIC WHOLESALE PRICE INDICES
(In currency of country; index on gold basis also shown for countries with depreciated currencies; 1913.= 100.0)
*July 1935 x June 1935 May 1935
July 1934
123.2
72.9
111.7
66.1
105.1
63.2
330
101.2
314.5
292.3
136.2
46.9
71.2
114.4
68.0
112.5
67.6
103.4
63.7
374
98.9
272.9
264.2
131.6
46.9
71.7
Eastern District
Class 1 railroads in the Eastern district for the first seven months in
1935 had a net railway operating income of $159,116,290 which was at the
annual rate of return of 2.42% on their property investment. For the same
Period in 1934, their net railway operating income was $166,761,244. or
2.53% on their property investment. Gross operating revenues of the
class I railroads in the Eastern district for the first seven months in 1935
totaled $990,585,590, a decrease of 0.2 of 1%, compared with 1934. while
operating expenses totaled $725,592,250, an increase of 1.6% above the
same period in 1934.
Class I railroads in the Eastern district for the month of July had a net
railway operating income of $16,549,543 compared with $17,970,660 in
July 1934.
1934
1935
U. S. A
Gold basis
Canada
Gold basis
United Kingdom
Gold basis
France
Germany
Italy
Gold basis
Japan
Gold basis
Composite in gold s
123.6
72.6
111.7
65.9
104.6
63.0
322
101.9
319.1
295.0
136.1
47.1
70.7
126.0
75.0
113.0
67.2
104.9
62.7
340
100.8
304.4
282.9
137.8
47.2
71.8
P.C Change
from
June 1935
+0.3
-0.4
-0:5
-0.5
-0.3
-2.4
+0.7
+1.5
+0.9
-0.1
+0.4
-0.7
*preliminary. x Revised. y Includes also Belgium and Netherlands; Germany
excluded from July 1934: composite index revised as shown below:
1934
1935
1935
1934
71.0
71.0 January
72.2 April
71.7 October
July
71.8
72.1 May
72.4 November. _71.6 February
August
71.2
70.5 June
September.....72.2 December _71.2 March
Moody's Daily Commodity Index Reaches
Best Levels of Year
Aided by considerably stronger wheat and corn prices,
Moody's Daily Index of Staple Commodity prices has ad-
Volume 141
Financial Chronicle
vanced this week to 167.2, the highest level for the year to
date and since early 1930. The Index closed on Friday at
167.2 against 165.0 a week ago.
Most of the rise was due to the advance in
prices,
but in addition hides, wool, and cocoa advanced,grain rubber
while
and silk declined. The other items in the index remained
unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Fri., Aug. 30
Sat., Aug. 31
Mon.. Sept. 2
Tues., Sept. 3
Wed., Sept. 4
Thurs., Sept. 5
Fri., Sept. 6
165.0
not compiled
Holiday
165.0
166.4
167.2
167.2
2 Weeks Ago, Aug. 23
Month Ago, Aug 9
Year Ago,
Sept. 7
1934 High,
Aug. 29
Low,
Jan. 2
1935 High,
Sept. 5
Low,
Mar.18
165.6
165.4
154.4
156.2
126.0
167.2
148.4
United States Department of Labor Reports Drop of
0.4% in Wholesale Commodity Prices During Week
of Aug. 31
During the week ending Aug. 31 the combined index of
wholesale commodity prices declined 0.4%, according to an
announcement made Sept. 5 by Commissioner Lubin of the
Bureau of Labor Statistics, U. S. Department of Labor.
"The decrease during the week of Aug. 31 partly offset the
steady advance of the five weeks preceding, bringing the
composite index to 80.5% of the 1926 average," Mr. Lubin
said. "This marks the first significant decline that has taken
place during the past three months," he noted, adding:
Compared with the corresponding week of 1934, the combined
index
shows an increase of 3.9% and is 15.5% above two years ago when
the
Indexes were 77.5 and 69.7, respectively.
The decline during the week was confined to only four of the 10 major
commodity groups
-farm products, foods, chemicals and drugs, and miscellaneous commodities. On the other hand, advances were reported
for
four of the other groups
-hides and leather products, textile products,
building materials and housefurnishing goods. The index for two groups
fuel and lighting materials and metals and metal products
-remained unchanged. Aside from farm products, which declined nearly 2%,
changes
In the individual groups were small. Of the 47 sub-groups, 12 were lower,
14 showed a higher average and 21 remained unchanged.
The level of the large industrial group which includes all commodities
other than farm products and processed foods was unchanged at 78.1. The
Index for this group is 0.4% below the level of the corresponding week in
1934, but compared with two years ago shows an increase of 4.7%. During
the present year, the average for all this group has moved within narrow
limits. The index for Jan. 5 was 78.0 and the lowest point
-77.2
-was
reached during the week of April 6. These minor fluctuations indicate that
prices of industrial products have been remarkably stable throughout the
year.
Six of the 10 major commodity groups show higher averages when compared with the corresponding week of 1934. The increases ranged from
0.1% for metals and metal products to 12.3% for foods. The declines
ranged from 0.6% for textile products to 4.6% for miscellaneous commodities. Compared with the corresponding week of 1933. eight of the 10 groups
show increases and two show decreases. The advances range
from 2.9%
for miscellaneous commodities to 38.7% for farm products. Compared
with the corresponding week of 1932 all commodity groups show a substantial gain. The increases range from 3.7% for miscellaneous commodities to 57.1% for farm products. The
industrial group shows an advance
of 4.7% over two years ago and 10.9% over three
Years ago.
Group indexes for the week of Aug. 31 and the corresponding weeks of 1932, 1933 and 1934 and the per cent change
are shown in the table below, as contained in Mr. Lubin's
announcement of Sept. 5:
Commodity Groups
All commodities
Farm products
Foods
Hides & leather products_
Textile products
Fuel & lighting materials_
Metals & metal products_
Building materials
Chemicals and drugs_ _ .
Housefurnishing goods ....
Miscall. commodities.Allcommoditiesotherthati
farm products & food._
Aug.31 Sept. 1 PerCent Sept. 2 PerCent Seyt. 3 PerCent
1935
1934 Change 1933 Change 1932 Change
80.5
77.5 +3.9
65.5 +22.9
69.7 +15.5
79.2
86.0
90.4
70.9
75.4
86.0
85.3
79.0
81,8
67.1
73.5 +7.8
76.6 +12.3
84.5 +7.0
71.3 -0.6
75.I. +0.4
85.9 +0.1
88.3 -1.2
76.3 +3.5
82.9 -1.3
70.3 -4.6
57.1 +38.7
65.3 +31.7
92.9 -2.7
74.2 -4.4
67.2 +12.2
81.4 +5.7
81.0 +5.3
72.2 +9.4
77.0 +6.2
65.2 +2.9
50.4
61.6
70.6
54.2
72.2
80.2
89.9
73.2
74.8
64.7
+57.1
+39.6
+28.0
+30.8
+4.4
+7.2
+22.0
+7.9
+9.4
+3.7
78.1
78.4
74.6
+4.7
70.4
+10.9
-0.4
From the announcement the following is also taken;
Due to a 4% decrease in the average for the sub-group of livestock
and
poultry and a 1% decline for other farm products including cotton,
apples,
lemons, peanuts, seeds, white potatoes and wool, the farm products
index
dropped 1.9%. Although corn and
rye showed declining prices, higher
prices for barley, oats and wheat caused the index for the sub-group
of
grains to advance 0.4%. The present index of farm products is 7.8%
above
the corresponding week of 1934 and is 38.7% higher than two years ago.
Averdge prices of mixed fertilizers declined 0.7% to a new low for
the
year. The decrease for this sub-group and the decline of 0.4% for chemicals
caused the group of chemicals and drugs to move downward 0.4%. Fertilizer
materials showed no change and the sub-group of drugs and pharmaceuti
cals
was also firm.
Following the steady rise of the past two months, wholesale food
prices
showed a slight reaction during the week, declining 0.1%. The decrease
was largely accounted for by the 1.3% drop in average prices of meats.
Other important foods showing price declines were macaroni, corn meal,
canned fruits, lard, peanut butter and vegetable oils. Among food products
showing a higher average were butter, cheese, rye and wheat flour, dried
fruits, copra, eggs, canned salmon, raw sugar and edible tallow. The
present index of foods
-86.0
-is 12.3% higher than a year ago and 31.7%
above two years ago.
The sub-group of cattle feed declined 1.1% to a new low for the year.
Crude rubber averaged 0.4% lower than a week ago. Paper and pulp and
automobile tires and tubes remained unchanged. The index for the miscellaneous conunodity group was 0.1% below the level of the preceding week.
Textile products continued the advance which began the third week in
June. The increase for the week was 0.3%. The 2.2% rise in the sub-group
of knit goods and the 1.6% increase for silk and rayon accounted for the
Increase. Cotton textiles, due to a sharp reduction in tire fabrics, were
1509
fractionally lower and clothing and woolen and worsted goods remained
unchanged. The average for the week is more than 3% above the low
for
the year, which was reached during the week of April 6, when
the index
was 68.7.
The index for the hides and leather products group advanced slightly
due to higher average prices for hides and skins and leather. The
sub-group
of hides and skins, which increased 0.8%, moved to a new high for the
year.
No change was reported in the prices of boots and shoes.
Higher prices for lumber caused the building materials group
index to
advance 0.2%. Brick and tile, cement, and plumbing and heating materials
showed no change from the preceding week. Slightly lower prices
for linseed
oil caused the index for the paint and paint materials sub-gr
oup to decline
fractionally. Important items recording higher average prices
were chinawood oil, rosin, turpentine, doors and window sash. The index for
the group
-85.3-reached the high previously recorded during the week of June
15.
The housefurnishing goods group advanced 0.1% due to minor increases
In furnishings. Average prices for furniture showed no change.
Although anthracite showed another fractional seasonal advance the
index
for the fuel and light ng materials group remained at the preceding
week's
level. Other price changes w.thin the group were minor with
practically
all sub-groups remaining stationary.
Nonferrous metals increased slightly and iron and steel items
moved to
fractionally lower levels. Fluctuating prices within the group resulted
in
no change in the index for metals and metal products. Agricultural Implements and motor vehicles did not change in the general average.
Increasing
prices were reported for pig lead, quicksilver, copper sheets and
copper wire.
Lower prices were shown for pig tin, wire nails and wire
fence.
The index of the Bureau of Labor Statistics is composed
of 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 pastfive weeks and for the weeks of Sept. 1 1934
and Sept.2 1933:
Commodity Groups
All commodities
Farm products
Foods
Hides & leather products.
Textile products
Fuel& lighting materials_
Metals & metal. products_
Building materials
Chemicals and drugs ...
Housefurnishing goods._
Miscall, commodities....
Allcommoditlesotherthan
farm products & foods_
Aug;31 Aug.24 Aug.17 Aug.10 Aug. 3 Sept. 1 Sept. 2
1935
1935
1935
1935 1935
1934
1933
80.5
80.8
80.5
80.1
79.6
77.5
69.7
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
79.7
84.2
90.1
70.1
75.4
85.8
85.0
78.5
81.7
67.5
78.4
83.4
90.0
70.0
75.0
85.8
85.3
78.5
81.9
67.5
73.5
76.6
84.5
71.3
75.1
85.9
86.3
76.3
82.9
70.3
57.1
65.3
92.9
74.2
67.2
81.4
81.0
72.2
77.0
65.2
78.1
78.1
78.0
78.0
77.9
78.4
74.6
Wholesale Commodity Price Index of National Fertilizer Association Advanced Slightly During Week
of Aug. 31
There was a slight advance in wholesale commodity prices
in the week ended Aug. 31, according to the index of
the
National Fertilizer Association. This index last week was
78.6% of the 1926-1928 average, compared with 78.5
in
the preceding week, 78.4 a month ago, and 75.9 a
year
ago. In noting the foregoing, an announcement issued
by
the Association on Sept. 3 also said:
Advances were shown in six of the component groups
of the index and
only one group, textiles, declined. The grains, feeds
and livestock group
advanced from 86.5 to 87.4 with the advance in
the price of hogs more
than offsetting the declines in the prices of corn,
oats, wheat, feedstuffs,
and sheep and lambs. The rise in the index of the
fats and oils group was
due to the upward prices of butter and most
vegetable oils: prices for lard
were lower. The fertilizer materials group
advanced only slightly with
the price of tankage advancing and cottonseed
meal declining.
Slight
advances were also shown in the building
materials, miscellaneous commodities, and metals groups as a result
of higher prices for lumber, hides
and calfskins, and copper wire and tin. The
decline in the textile group
was a result of lower prices for cotton
and burlap offsetting higher prices
for wool, hemp, and silk.
Prices of 23 commodities included in the
index advanced during the
week while 27 declined: in the preceding
week 25 advanced and 22 declined;
in the second preceding week there were 32
advances and 28 declines.
The index numbers and comparative weights
for each of the 14 groups
Included in the index are shown in the table
below:
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
8.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group
Latest
Week
Aug.31
1935
Foods
84.9
Fuel
68.5
Grains, feeds and livestock
87.4
Textiles
86.0
Miscellaneous commodities
69.5
Automobiles
88.3
Building materials
77.7
Metals
82.2
House furnishing goods
84.6
Fats and °Rs
73.6
Chemicals and drugs
95.4
Fertilizer materials
64.7
Mixed fertilizers
71.0
Agricultural implements.... 101.6
All groups combined
78.6
Preceding
Week
Month
Ago
Year
Ago
84.9
68.5
86.5
68.3
89.4
88.3
77.5
82.1
84.6
72.8
954
64.6
71.0
101.8
84.1
69.1
86.9
68.1
69.2
88.3
77.5
81.6
84.7
69.4
95.4
64.8
71.4
101.8
74.6
71.9
78.4
71.9
68.4
88.7
81.5
81.9
85.8
60.2
93.4
64.8
76.3
99.8
78.5
78.4
75.9 I
Electric Output Below Previous Week But 11.2%
Above
Like Week of 1934
The Edison Electric Institute in its weekly statement
closed that the production of electricity by the electric disand power industry of the United States for the week light
Aug. 31 1935 totaled 1,809,716,000 kwh. Total ended
output
for the latest week indicated a gain of 11.2% over
the
corresponding week of 1934, when output totaled
1,626,881,000 kwh.
Electric output during the week ended Aug.24 1935 totaled
1.839,815,000 kwh. This was a gain of 11.6% over
the
Financial Chronicle
1510
1,648,107,000 kwh. produced during the week ended Aug. 25
1934. The Institute's statement follows:
PERCENTAGE INCOME OVER 1934
Week Ended
Week Ended
Week Ended
Week Ended
Aug. 31 1935 Aug. 24 1935 Aug. 17 1935 Aug. 10 1935
Major Geographic
Regions
9.0
7.8
13.3
9.6
8.8
37.6
7.9
Total United States_
9.4
9.3
12.7
9.5
8.5
37.7
8.5
9.7
6.3
9.2
6.8
8.2
39.5
8.3
7.3
7.2
9.8
10.3
9.8
37.0
55
11.2
New England
Middle Atlantic
Central Industrial_
West Central
Southern States
Rocky Mountain
Pacific Coast
11.6
9.5
9.7
DATA FOR RECENT WEEKS
Weekly Data for Previous Years
In Millions of Kilowatt-Hours
P. C.
Ch'ae
1934
1935
Week of-
1933
1932
1929
1930
1931
May 4- 1,698,178,000 1,632,766,000 +4.0 1,436 1.429 1,637 1,698
May 11- 1,701.702,000 1.643.433,000 +3.5 1,468 1,437 1,654 1,689
May 18- 1,700,022,000 1,649,770.000 +3.0 1,483 1,436 1,645 1,717
May 25.- 1,696,051,000 1.654,903.000 +2.5 1,494 1.425 1,602 1.723
June 1.-- 1,628,520,000 1,575,828,000 t3.3 1,461 1,381 1,594 1,660
4.2 1.542 1,435 1,621 1,657
June 8- 1,724,491,000 1,654,916,000
4.6 1,578 1,442 1,610 1,707
June 15- 1,742,506,000 1,665,358,000
1,674,566,000 +6.0 1,598 1.441 1.635 1.698
June 22.-- 1,774,654.000
June 29___ .772,138,000 1,688,211,000 +5.0 1,656 1,457 1,607 1,704
1.594
July 6-- - ,655,420,000 1,555,844,000 +6.4 1,539 1,342 1,604 1.626
.
July 13_ - ,766,010,000 ,647,680,000 +7.2 1,648 1,416 1,645
July 20- ,807.037,000 ,663,771,000 +8.6 1,654 1,434 1,651 1,667
July 27- .823,521,000 ,683,542,000 +8.3 1,662 1,440 1,644 1,686
.
Aug. 3_ _ ,821,398,000 ,657,638,000 +9.9 1,650 1.427 1,643 1,678
Aug. 10___ .819,371,000 ,659,043,000 +9.7 1.627 1,415 1,629 1,692
Aug. 17--- ,832,695,000 ,674,345,000 +9.5 1,650 1.432 1,643 1.677
Aug. 24.- ,839,815,000 ,648,107,000 +11.6 1,630 1.436 1,638 1,691
Aug. 31... 1,809,716,000 ,626,881,000 +11.2 1,637 1,465 1,636 1,688
1,583 1,424 1,582 1,630
,564,867,000
Sept. 7.-1.863 1.476 1.663 1.727
1.833.683.000
Sent. 14_ _ _
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
7,762,513
7,048,495
7,500,566
7,382.224
7,544,845
7,404.174
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
Nov ---
Cb.C.IGC.Ce
1934
aOct64.:54a;
++++++
Jan._
Feb____
March.
AprIl___
May...
June..July.-.
Aug --Sept-
P. C.
Cleo
1935
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
1.306
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
,
le
Total
801'09.501 77.442.112 80.063 069 80.4/17.11119
RA A114_124
-The monthly figures shown above are based on reports covering approxiNote
figures are
mately 92% of the electric light and power industry and the weekly
based on about 70%.
Production of Electricity During July at New
Summer Peak
The Geological Survey of the United States Department of
the Interior, in its monthly electrical report discloses that
the production of electricity for public use in the United
States during the month of July totaled 8,350,155,000 kwh.
This is a gain of 10% when compared with the 7,604,926,000
kwh. produced in July 1934. For the month of June 1935,
output totaled 7,875,559,000 kwh.
Of the July 1935 output a total of 3,591,399,000 kwh. was
produced by water power and 4,758,756,000 kwh. by fuels.
The Survey's statement follows:
THE UNITED
Y FOR PUBLIC USE
PRODUCTION OF ELECTRICITKILOWATT HOURS) IN
STATES (IN
Total by Water Power and Fuels
Didrion
Changes n Output
from Previous Year
July
June '35 July'35
June
May
548.173,000 523,985,000 542,236,000
New England
2,064,648,000 2,039,650,000 2,148,459.000
Middle Atlantic- Central_ 1,823.933,000 1,709.543,000 1,845,612,000
East North
568,567,000
West North Central. 544,329,000 557,576,000 891,877,000
942,274,000 827.944.000
South Atlantic
328,472,000 368,142,000 365,953,000
East South Central_
449,206,000
West South Central_ 390.384.000 408,063,000 331,797,000
298.574,000 303.848.000
Mountain
1,080,110,000 ,136,808.000 1.208,448,000
Pacific
Total for U.S.__ 8,020,897,000 7.875,559010 8,350,155,000
+8%
+4%
-3%
+18%
0%
+28%
0%
+35%
+7%
+9%
+10%
+7%
+14%
+8%
+21%
+6%
+36%
+5%
+5%
+10%
the United States In
The total production of electricity for public use in
the month
July was the largest ever produced in July. The average for
an increase of 2.6% above the average daily
was 269.400.000 kwh. a day,
production in June. The normal change from June to July is a decrease
of 1.6%•
of water power
The average daily production of electricity by the use
an increase in the flow
In July was about 1% more than in June, indicating
usual seasonal decrease.
of water power streams during July instead of the
FOR PUBLIC USE
TOTAL MONTHLY PRODUCTION OF ELECTRICITY
Increase Increase
1935
1934
Produced by
Water Power
1935
Over
1934
1934
Over
1933
1935
1934
9%
6%
3%
5%
4%
10%
12%
16%
15%
10%
39%
40%
44%
46%
46%
39%
33%
40%
47%
42%
Kilowatt Hrs. Kilowatt Hrs.
January.._ _ 8,349,152,000 7,631,497,000
February_ 7,494.160,000 7,049,492,000
8,011,213,000 7,716,891,000
March
7,817,284,000 7,442,806,000
April
8,020,897,000 7,682,509,000
May
7,875,559,000 7,471,875,000
June
8,350,155,000 7,604,926,000
July
7,709,611,000
August
7,205,757,000
September7,830,819,000
October
7,605,730,000
November
8,058,361,000
December
3%
44%
36%
10%
-------.--------
2%
0%
s2%
5%
5%
8%
43%
------------
34%
32%
33%
39%
40%
91.010.274.000
____
6.7%
-_-_
37%
'i',.0*1
x Decrease
5%
34%
Sept. 7 1935
Coal Stocks and Consumption
Stocks of coal held by the electric power utilities declined but 0.5%
during July and on Aug. 1 1935, stood at 7,877,230 net tons. Bituminous
coal stocks were 6,635.032 tons on Aug. 1 as compared with 6.661.758
tons on July 1. or 0.4% lower There were 1,142,198 tons of anthracite
in reserve on Aug. 1. or 1.3% less than the 1,258.295 tons on hand on July 1.
Consumption of coal by the electric power utilities increased 6.1%
of
In July as compared with June. In July. there were 2.638.839 tons
power
bituminous coal and 152.989 tons of anthracite used by the electric
2,478,062
utilities, which is 6.5% and 0.1 more, respectively, than the
contons of bituminous coal and 152.782 tons of anthracite reported as
sumed In June.
was a
At the rate of consumption prevailing in July, on Aug. 1 there
for
supply of bituminous coal in the hands of the electric power utilities
78 days needs and enough anthracite for 252 days requirements. power
The quantities given in the taoles are based on the operation of all
generating
plants producing 10,000 kwh. or more per month, engaged in
and
electricity for public use, including central stations, both commercial
railroads
municipal, electric railway plants, plants operated by steam
public
generating electricity for traction, Bureau of Reclamation plants,
which is
works plants, and that part of the output of manufacturing plants
and public works
sold. The output of central stations, electric railway
The output
plants represents about 98% of the total of all types of plants.
Electrical World
as published by the Edison Electric Institute and the
received from
Includes the output of central stations only. Reports are
those
plants representing over 95% of the total capacity. The output of
figures of
plants which do not submit reports Is estimated. therefore the
are
output and fuel consumption as reported In the accompanying tables
on a 100% basis.
preparation of
(The Coal Division, Bureau of Mines, co-operates In the
these reports]
Business Conditions in Boston Federal Reserve District
-Level of Activity in July Above June
"In July the level of general business activity in New
England was higher than in June when allowances for customary seasonal changes had been made," said the Federal
Reserve Bank of Boston in its "Monthly Review" of Sept. I.
"The leading factor in this rise during July," the bank noted,
"was the substantial increase in boot and shoe production."
The bank continued:
A moderate expansion in the volume of new residential contracts awarded,
combined with a slight gain in new commercial and factory construction,
also contributed to the improvement. Textile activity continued quiet,
conwith declines in the daily average for both raw cotton and wool
sumption. . . .
in New
The daily average amount of raw cotton consumed by mills
in June
England in July was 2,230 bales, which was an amount less than
through
or in July a year ago. For each month in 1935 from February
July, inclusive, the daily average amount of cotton consumed by New England
mills was smaller than in the corresponding month of last year.
In July there was an increase over June of 0.5% in the number of the
in
wage earners employed in representative manufacturing establishments
Massachusetts, an increase of 0.9% in aggregate weekly payrolls, and 0.3%
it average weekly earnings per person employed, according to the Massachusetts Department of Labor and Industries. On the average during the
past 10 years there have been decreases between June and July. . . .
The sales volume of 932 reporting retail establishments in Massachusetts
was $16,971,063, an amount 4% greater than that reported in the corresponding month a year ago. In each of the major classifications an increase
took place, except in the automotive group and the coal group.
Improved Business Conditions Cited by National City
Bank of New York-Fall Merchandise Expected to
Show Increase of 10% Over Last Year-Bank,
However, Sees Evidence of Disrupted Organization
in Unemployment and in Huge Government Expenditures
Viewing general business conditions, the National City
Bank of New York, in Its "Monthly Letter," issued Sept. 3,
states that "the reports from business during August have
continued of an encouraging character." "Industrial operations, according to preliminary figures," says the bank,
"have made more than the usual seasonal advance, and
markets of all kinds give evidence of a further strengthening
of confidence in the fall outlook." The bank, in its comments, also states:
Retail business is running steadily ahead of last year; despite unfavorable
weather in some sections the August increase is expected to came close to
that of July, when department store sales were up 9%, on a daily average
will
basis. Undoubtedly the general view is that fall merchandise trade
many
show an increase of fully 10% over last year, and that the gains in
going
of the industries will be even larger. With seasonal preparations
has
ahead on that basis, advance buying in many of the wholesale markets
of
been the best in five or six years, except for the speculative movement
1933, which merchants do not propose to repeat. . . .
past
The persistence and spread of the business improvement over the
have
nine or 10 months, despite both political and economic handicaps,
upmade a strong impression upon all observers. None of the previous
durable
swings during the depression has extended as widely into the
such
goods industries; also, and doubtless for that reason, none has shown
winter, the
staying power. From the peak of the rise, reached in late
Reserve
subsequent reaction amounted to only 4% in terms of the Federal
Board's index of industrial production, and now another rise apparently
recession
is under way. This supplies an encouraging contrast to the sharp
has
which followed every other upward movement. Moreover, business
Recovery
had to overcome the disturbing influence of the-National Industrial
the conAct, the Agricultural Adjustment Act and other court deicsions;
series
tinuous apprehensions as to the Treasury deficit, and the effects of a
uncerof important legislative enactments, all creating difficulties and new both
tainties. On balance, the political developments during the period,
here and in the international situation, have been unfavorable.
strength of
Hence the improvement may be accepted as evidence of the
wants of everyone
the natural powers of recovery, which arise out of the
balanced
and the desire of everyone to do business; and also of a better
economic situation so that these desires can become effective.
Volume 141
Financial Chronicle
The bank makes the further statement, however, that "this
analysis, to be sure, does not cover the situation completely,
for there is ample evidence of a disrupted economic organization in the unemployment, and in the huge Government expenditures carried on to make up for the purchasing power
which is lost through unbalanced production and inequitable
price relations." The bank adds:
Likewise there is a question as to the stability of the agricultural improvement, by reason of its dependence upon overhead control and support,
and the uncertain constitutional status of the AAA. However, the immediate
trade situation is not in danger. The emphasis for the time being is upon
the increased farm income this fall and the rising activity of the industries.
Business Conditions in Philadelphia Federal Reserve
District—Seasonal Improvement in Evidence Since
Latter Part of July
The Federal Reserve Bank of Philadelphia states that
"business conditions in the Third (Philadelphia) District on
the whole have shown signs of seasonal improvement since
the latter part of July, although current activity varies
materially in the different lines of production and distribution." In its "Business Review" of Sept. 2 the bank also
had the following to say:
Output of manufacturers and crude oil in July was at a somewhat greater
rate than usual, while that of anthracite and bituminous coal registered
exceptional declines. The increase of 4% in the total volume of industrial
production during the first seven months this year over last has been due
entirely to larger output of manufactures and crude oil. . . .
The value of retail and wholesale trade sales in July showed greater
decline from June than usual but for the year to date has continued somewhat larger than last year. Decreases in sales of new passenger automobiles
during the month were not as large as is to be commonly expected, and
the number of units sold has been considerably larger so far this year
than last.
Manufacturing
Demand for manufactured products has increased seasonally since the
middle of last month, and current sales have been larger than last year.
A number of important lines, such as textiles, leather products and some of
the building materials and supplies report gains in orders for immediate
or nearby manufacture; the volume of unfilled orders in the aggregate
appears to be larger than a year ago in most lines.
Prices of manufactured goods have continued fairly steady since early
June, although lately advances have been apparent in several cases. The
price index of the Bureau of Labor Statistics, which includes fuel and
lighting materials, on Aug. 17 was 78% of the 1926 average or the same
as in June and July; a year ago it was 78.4 and two years ago 74.2.
Output of manufactures has continued at a somewhat higher level than
usual. This bank's preliminary index of productive activity, which is
adjusted for working days and seasonal variation, rose from 68 in June to
70 in July, relative to the 1923-1925 average, following declines in the
previous two months. The high level of 74 was reached in April this year.
The rate of factory production has continued 5% higher in the first seven
months this year than last.
New Business Gains at Lumber Mills; Almost Equals
Output
New business booked at the lumber mills during the week
ended Aug. 24 1935 was the heaviest of any week of 1935
with the exception of the pre-strike weeks of April. It was
8% above the revised figure of the preceding week. Lumber
production and shipments maintained about the same high
levels as the preceding week; revised figures will probably
show a slight increase. Shipments were 2% and orders 4%
below output. All items were appreciably above a year ago.
For the 34 weeks of the year to date shipments were 8%
and orders 11% above production, compared with 14% and
20% above during the first 26 weeks. These comparisons
are based upon reports to the National Lumber Manufacturers Association from regional associations covering the
operation of leading hardwood and softwood mills. During
the week ended Aug. 24, 622 mills produced 226,260,000 feet;
shipped 221,786,000 feet; booked orders of 217,878,000 feet.
Revised figures for the preceding week were: Mills, 631;
production, 230,09-1,000 feet; shipments, 222,953,000 feet;
orders, 202,505,000 feet. The reports furnished to the Association further showed:
West Coast and Northern hardwood were the only regions to report
orders above production during the week ended Aug. 24. Total softwood
orders were 3% below production ; hardwood orders, 13% below hardwood
output. All regions but Southern cypress and Northern pine reported
orders; all but Northern pine reported shipments, and all regions reported
production above similar items of corresponding week of 1934. Softwood
orders were 33% above and hardwood orders more than twice those of
similar week of 1934.
Identical softwood mills reported unfilled orders on Aug. 24 as the
equivalent of 31 days' average production and stocks of 139 days' compared with 26 days' and 165 days' a year ago.
Forest products car loadings totaled 30,756 cars during the week ended
Aug. 24 1935. This was 216 cars more than in the preceding week, 9,196
cars above similar week of 1934, and 3,574 cars above the same week
of 1933.
Lumber orders reported for the week ended Aug. 24 1935 by 527 softwood milla totaled 206,746,000 feet, or 3% below the production of the
same mills. Shipments as reported for the same week were 209,967,000
feet, or 2% below production. Production was 213,396,000 feet.
-Reports from 116 hardwood mills give new business as 11,132,000 feet,
or 13% below production. Shipments as reported for the same week were
11,819,000 feet, or 8% beolw production. Production was 12,864,000 feet.
Unfilled Orders and Stocks
Reports from 717 mills on Aug. 24 1935 give unfilled orders of 774,144,000 feet and gross stocks of 3,894,388,000 feet. The 512 identical softwood mills report unfilled orders as 696,723,000 feet on Aug. 24 1935, or
the equivalent of 31 days' average production, compared with 586,001,000
feet, or the equivalent of 26 days' average production on similar date
a year ago.
1511
Identical Mill Reports
Last week's production of 516 identical softwood mills was 211,710,000
feet, and a year ago it was 154,714,000 feet; shipments were, respectively,
208,875,000 feet and 166,446,000 feet, and orders received 205,952,000
feet and 155,357,000 feet. In the case of hardwoods, 114 identical mills
reported production last week and a year ago 12,649,000 feet and 8,294,000
feet; shipments, 11,625,000 feet and 5,798,000 feet, and orders, 10,887,000
feet and 4,938,000 feet.
Summary of Canadian Crop Situation by Dominion
Bureau of Statistics—Harvesting Reported Going
Forward Despite Damp and Cloudy Weather
The Dominion Bureau of Statistics, Ottawa, Canada,
issued on Sept. 4 the last of a series of 15 weekly telegraphic
reports covering crop conditions in the three Prairie Provinces
of Canada. The Bureau said that 40 correspondents distributed over the agricultural area supply the information
on which the reports are based. The following summary of
the report issued Sept. 4 was made available by the Bureau:
Despite a considerable amount of damp and cloudy weather in some
sections, harvesting has gone forward without extensive delays. Cutting
is practically completed in southern Manitoba and threshing is now general.
In the north there is still a considerable amount of cutting to be done. The
The yield of wheat is low and the grade is poor. Fair harvest weather has
prevailed in Saskatchewan. 80% of the wheat is cut and threshing has
commenced. Yields of grain in the rust-infested districts are somewhat
worse than was formerly anticipated. In Alberta the grain has been
maturing slowly clue to cool, cloudy weather. Frost is taking a serious
toll and promises to reduce both the yield and grade of wheat and coarse
grains.
Increase Nobed in Farm Price Index of Bureau of
Agricultural Economics from July 15 to Aug. 15
The farm price index rose 4 points, from 102 to 106,
during the month ended Aug. 15, according to the Bureau
of Agricultural Economics, United States Department of
Agriculture. The advance was due largely to sharp price
gains in hogs and wheat. Thirteen other farm commodities
increased in price during the month. In an announcement
issued Aug. 30 by the Department of Agriculture it was also
stated:
Feed crop prices declined during the period, and cotton prices were lower
Prices received by farmers for 28 Items were less in mid-August than in
mid-July. By groups of products, meat animals were up 13 points in
price during the month; chickens and eggs, up 4 points; dairy products.
up 1; miscellaneous items, up 17; grain, no change; truck crops, down 1
point; cotton and cottonseed, down 5, and fruit, down 11.
Compared with a year ago, meat animal prices were 61 points higher in
mid-August this year; prices of chickens and eggs were up 25 points; and
dairy products were up 1 point. Grain prices were 10 points lower than
a year ago;cotton and cottonseed were down 10 points;fruit, down 14 points;
truck crops, down 16 points, and miscellaneous items, down 23 points.
All prices combined, however, are 10 points higher in the index than a
year ago.
Decrease in World's Visible Supply of Coffee Sept. 1
Reported by New York Coffee & Sugar Exchange
The world's visible supply of coffee, exclusive of restricted
stocks in Brazil aggregated 7,748,522 bags on Sept. 1,
against 8,498,972 on Sept. 1 1934, a decrease of 750,450 bags
or 8.8%,the New York Coffee & Sugar Exchange announced
Sept. 5. Stocks last Aug. 1 amounted to 7,670,240 bags,
the Exchange said, adding:
Stocks "in and afloat" for various consuming ports of Europe dropped
from 3,439,000 bags a year ago to 3,157,000 bags on Sept. 1 this year, while
United States supplies were 1.346,522. against 1,448,972 a year ago and
stocks in various Brazilian ports amounted to 3,245,000 bags, against
3,613,000 bags on Sept. 1 1934.
United States [Refined Sugar Exports January-July
Above Same Period of 1934
'
Pm Refined sugar exports, by the United States during the
first seven months of 1935, January to July, inclusive,
totaled 47,120 long tons, as compared with 33,275 tons during the same period in 1934, an increase of 13,845 tons, or
41.6%, according to Lamborn & Co. The exports for January-July 1935 are the largest of any corresponding seven
months' period in six years, or since 1929, when the shipments totaled 64,336 tons, the firm said on Aug. 29, adding:
Practically every corner of the world is included in the 50 different countries to which United States refined sugars were shipped during the first
seven months of 1935. The United Kingdom leads the list with 13,732
tons, being followed by Uruguay and Norway with 5,491 tons and 4,566
tons respectively.
Petroleum and Its Products—West Coast Oil Men
Act on Curtailment Plan—California Producers
Veto Proposed Shut-down—Independents Protest
Crude Cuts to Department of Justice—Trade
Watches Special Session in Texas—Oil Shortage
Doubted by W. E. Pratt—Crude Production Off
in Week
Officials of the oil producers' associations in California
have determined upon a definite course of action to be followed in seeking to complete a satisfactory crude production
control plan and already are engaged in the project at the
close of the week.
•
Directors of the Oil Producers Agency of California held
a meeting Thursday in collaboration with members of the
Committee of Seven, and the directors of the Southern California Oil Producers Association, Neal H. Anderson, president of the Agency, announced.
1512
Financial Chronicle
"At a meeting attended by representatives from fields
throughout the State, it was agreed that the Oil Producers
Agency, Southern California Oil Producers Association and
the Independent Oil Producers Agency of the San Joaquin
Valley, use every effort between now and September 9 to
secure the required signatures to the producers' agreement,"
he disclosed.
"On Sept. 10, the Committee of Seven will meet at the
offices of the Agency to canvass the situation, and will
report back to the officers and directors of the independent
organizations named. It is the plan of the Committee to
seek an early date for a meeting with the major oil companies
to report the results of the canvass, ask the marketers to set
a date on which the curtailment agreed upon shall become
effective, and when curtailment has reached the consumptive
demand figure that will be determined to restore equitable
prices.
"It was reported that 451 operators in the State had
signed the agreement, representing 80.3% of the State's
total production," he closed.
A mid-week meeting of more than 300 members of the
Southern California Oil Producers Association vetoed a
proposal to shut down operations in the Signal Hill, Sante Fe
Springs and Huntington Beach fields as an answer to the
sharp price cuts posted last week by major oil companies.
The proposed action would have meant complete shutdown of all wells of the members of the association until crude
oil prices had been restored to their formal levels. Representatives of independent producer-refiners opposed the
shutdown proposal on the basis that such a step would ruin
their best customers—the independent refinery—by the
resultant stoppage of their crude supply.
An appeal to the assembled oil men by R. J. Wood,
President of the association, asking support through additional signers to the new curtailment program was unsuccessful. Replies from several operators indicated that they
would not sign the tentative agreement under existing conditions.
Meeting earlier in the week, the Playa del Rey Oil Producers' Committee, representing approximately 75% of the
crude output from the Playa del Rey field, recommended to
producers in that field that they refuse to sell any crude at
the present low prices. The movement among producers in
this field for a complete shutdown until prices have been
restored is reported strong, only a few producers holding
out against the proposal.
The major companies hold to the same platform announced
by Standard of California when it posted the price cut on
Aug. 29 concerning their price for crude. Not only are they
maintaining the new low posted prices, but it is understood
that large buyers of crude are restricting their purchases
to crude produced within the former allowables.
A wire of protest was sent to Attorney-General Homer S.
Cummings by the Independent Petroleum Association of
California Aug.30 protesting the crude price cut and charging
that a monopoly existed in the West Coast oil fields.
"The Standard Oil Co. of California, yesterday, without
an hour's notice and regardless of the fact that demand has
been in excess of production, announced a drastic cut in the
price of all refinable grades of crude oil from $1 to 50 cents,
which was followed immediately by all other major companies controlling most all crude purchases in California,"
the wire declared.
"This act demonstrates the complete power of the oil
monoply—ruthlessly exercised and vitally affecting every
one in California's largest industry including producers,
refiners, marketers and affiliated industries," it was continued.
"We urge the Department of Justice to take immediate
notice of this situation and request prompt and energetic
action based upon the facts which are clearly revealed by this
act of the group of major companies dominating the industry
in this State."
Prices in the Pennsylvania oil fields were advanced late
in the week. The South Penn Oil Co. Friday posted an
advance of 5 cents a barrel in Southwest Penn Pipe Line to
$1.72, and Eureka Pipe Line to $1.67 a barrel. Buckeye
Pipe Line held unchanged at $1.52 a barrel. The Tidewater
Pipe Line, Ltd., lifted Bradford and Allegany crude Scents a
barrel to $2.
The oil industry is awaiting the special session of the Texas
Legislature, scheduled for Sept. 16, with considerable concern due to the fact that it is almost certain that some form
of oil legislation will be enacted during the session.
It is understood that a preliminary report will be made by
the investigating committee of the Texas House which has
been engaged in a probe of the "hot" oil situation throughout
the State. Another unsettling factor is the attitude taken by
the Railroad Commission in setting up its latest proration
order. It virtually disregarded a court ruling ordering that
proration be based on a well-per-acreage basis and what
action will result is worrying the trade.
The movement to dislodge the Railroad Commission from
its present position of control over the oil industry in the State
also.might cause some reverberations at the special session.
For a long time, dissatisfied operators have been wanting to
enact an act creating a separate gas and oil commission.
Whether they can muster sufficient political strength at the
forthcoming session is problematical.
Sept. 7 1935
The Railroad Commission disclosed early in the week
that it had been notified that receivership for all refineries
in the East Texas field, which were found guilty of violating
its orders have been dismissed and 11 of the plants have
resumed operations on tendered or legal oil.
It also revealed that Attorney-General McCraw on Aug. 31
filed 16 applications in district in Austin to require that purchases of oil confiscated by the State be placed under bond
to pay for the destruction of earthern pits in which the oil
was stored, to pay for court receiverships to protect the oil
and to pay other expenses of the transaction.
It was pointed out by the Attorney-General's office that
the applications involved suits in which court judgments
have been obtained ordering the sale of approximately 1,600,000 barrels of confiscated crude oil, and were especially
designed to bring about immediate destruction of the 16
affected pits at the expense of the purchaser of the seized oil.
Recent predictions that there is an impending shortage
of crude petroleum near in the United States were contradicted in an article by Wallace E. Pratt, Vice-President of
the Humble Oil & Refining Co., in the August issue of the
"Lamp," official publication of the Standard Oil Co. of
New jersey.
Mr. Pratt, who forecast the finding of many new large
fields in this country, warned, however, that a billion barrels
yearly must be found to maintain the reserves, and that
discoveries in the last four years have averaged only at the
rate of 580,000,000 barrels yearly. Reserves established
in 1935 already are equal to the year's probable requirements,
he contended.
Substitute sources for gasoline will mean higher prices
"at the pump," Mr. Pratt said, adding that to postpone such
a rise in motoring costs, three factors are needed—conservation, scientific production of present reserves and reasonable
imports from abroad to conserve the domestic supply.
Since the commercial possibilities of oil were first realized
in 1859, he asserted, oil producers in this country have never
had "an even break," operating at a loss since that time.
He added, "if one knows anything of the cost of producing
oil, he is immediately struck with the suspicion that the
producing operation so far cannot have been very profitable."
Mr. Pratt cited statistics in support of his contention
that the conception of the oil industry as a money making
enterprise that has yielded marvelous profits is "ill-founded."
From the date of its inception in 1859 down to 1934, the
American oil industry has produced 16,700,000,000 barrels
of oil for which it has received a little more than 17 billion
dollars, or slightly over $1 a barrel.
During this period, a total of 825,135 wells were drilled
in the unending search for new pools and fields, he continued. Of this total, however, 191,870 were dry holes—
and the money spent in their development had to be charged
off. Since 1920, he concluded, crude oil has sold at an
average of $1.30 a barrel, but has cost the producer $1.50
to produce.
A 6% gain over a year lifted daily average run of crude
oil to stills during July to 2,739,000 barrels, the Bureau of
Mines reported. The total was 15,000 barrels above the
preceding month. The second successive monthly decline
in imports was reported, the daily average slipping to
81,000 barrels, against 95,000 barrels in June.
The daily average receipts of domestic and foreign crude
at domestic refineries during July were 2,712,000 barrels,
consisting of 81,000 barrels of imports, 1,525,000 barrels
from intra-State sources, and 1,106,000 barrels from interState sources, the report concluded.
Month-end pinch-backs in Oklahoma and California
brought daily average crude oil production in the final week
of August down 23,600 barrels to 2,665,100 barrels. This
compared with the Bureau of Mines estimate of 2,600,600
barrels daily for August, and actual production of 2,422,150
barrels in the like 1934 period.
Oklahoma producers pared production 23,300 barrels to
471,700, against the suggested quota of 512,000 barrels.
California, however, was far above its proposed quota of
510,000, production reaching 595,700 barrels despite a
decline of 10,400 barrels. Texas showed a nominal gain of
900 barels to 1,018,700 barrels, against 1,024,400 barrels
suggested by the Bureau of Mines.
Price changes follow:
Sept. 6—South Penn Oil Co. lifted Pennsylvania grade crude in Southwest Penn Pipelines Scents to $1.72 and Eureka Pipe Line a similar amount
to $1.67. Bradford and Allegany were advanced 5 cents a barrel to $2 by
the Tidewater Pipe Line, Ltd.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P.I. degrees are not shown)
$2.00 Eldorado. Ark., 40
Bradford, Pa
1.10 Rusk, Tex., 40 and over
Lima (Ohio ell Co.)
1.32 Dann Creek
Corning,Ps
1.12 Midland District, Mich
IllinoIs
1.13 Sunburst, Mont
Western Kentucky
Mid-Cont., Okla., 40 and above-- 1.08 Santa Fe Springs, Calif., 38 de over.
Huntington. Calif., 30 db over
Hutchinson, Tex..40 and over
1.03 Kettleman Hills, 39 and over
Spindletop, Tex., 40 and over
.75 Long Beach, 31 and over
Winkler. Tex
50.70 Petrolia. Canada
Smackover. Ark., 24 and over
1.00
1.00
.87
1.02
1.23
.41
.43
.56
.46
1.10
REFINED PRODUCTS—"GAS" PRICES SLASHED ON wEsr
COAST—KEROSENE PRICES CUT Al' NEW YORK—JERSEY
STANDARD CUTS SOUTHERN GAS PRICES—MID-WEST
AND GULF BULK MARKETS WEAKEN—JULY GAS DEMAND
SE TS RECORD—MOTOR FUEL STOCKS AGAIN DECIANE
A further readjustment of gasoline prices was made on the
West Coast late in the week. A cut of 2 cents a gallon in
Volume 141
Financial Chronicle
all three grades of gasoline posted Thursday night by Standard of California was followed by a slash of 2% cents on
regular and premium grades posted by the Shell Oil Co. in
addition to meeting the 2
-cent cut on third-grade gasoline.
Union Oil, which previously has joined with the other majors
in meeting Standard of California's cut, immediately met the
lower lever initiated by Shell Oil.
The reductions, which did not affect the areas previously
hit by price cuts, included northern California, Washington,
Oregon, Nevada, the Hawaiian Islands and Alaska. They
occasioned no surprise in trade circles which has been anticipating just such a readjustment since the crude oil price
structure collapsed in California at the end of August.
Socony-Vacuum Oil Co., Inc. and other major marketers
in the New York-New England marketing area Tuesday
posted a reduction of 3. -cent a gallon in tank car prices of
gasoline at New York, Boston and Providence. The barge
price was set at Vs-cent under the tank car price. No. 1
heating oil also was cut 3d-cent a gallon.
T:i3re were no other changes in the local market for refined products, although the passage of the Labor Day holiday, which normally marks the peak period for gasoline consumption, turned the E ttention of some factors in the trade
toward possible gasoline-retail and wholesale-price cuts.
The fact that Califoraia crude and gasoline prices are far
under normal, coupled with a weakening in the mid-West
and Gulf bulk export markets was viewed as bearish.
Standard Oil Co. of New Jersey Wednesday announced a
reduction of %„-cent a gallon in retail gasoline prices throughout North and South Carolina, pointing out that the cuts
were made possible through a reduction in freight rates of
gasoline by the railroads serving these two States.
Under • the revised schedule, which went into effect on
Sept. 5, "pump" prices for gasoline at Columbia were 14
cents a gallon, at Charlestown 12.7 cents, at Charlotte 14.4
cents and Raleigh 14.1 cents, all prices before total State and
Federal taxes aggregating 7 cents a gallon.
A fractional recession in the tank car price of third grade
gasoline developed in Chicago over the Labor Day week-end,
prices slipping off % cent a gallon to 45/i cents a gallon. The
wholesale market in the mid-West market has been storng
since early spring, but the passage of the period of the peak
gasoline consumption is expected to intensify the weakness
shown in the retail gasoline market through the mid-West
in the past month or so.
Softening of the export price structure in the Gulf Coast
market was reported with prices easing off around X cent
a gallon as demand showed its normal seasonal recession.
U. S. motor gasoline was quoted at 43 cents, against 5
%
cents previously although no open sales at the new level
have been made public as yet.
Under the lower price schedule, 400 end point and 390 end
point are now 4% cents a gallon, compared with 5 cents and
53/i cents a gallon, respectively, previously. The price of
64-66-375 end point in cargo lots for export is now 5 cents a
gallon, off X cent from the previous level.
A new record for domestic demand for motor fuel was
established in July, the United States Bureau of Mines
reported,.the new peak of 41,203,000 barrels being far above
the previous record of August 1931 and 10% above the
corresponding period a year earlier.
While showing a drop of 3,022,000 barrels from June,
exports of motor fuel during July were considerably in
excess of those in the like 1934 period. Daily average motor
fuel production rose to a new high of 1,339,000 barrels
during July.
Total stocks of finished and unfinished gasoline on July 31
were 54,446,000 barrels, a decline of 3,061,000 barrels.
While this was 839,000 barrels less than recommended, current reports of the American Petroleum Institute indicate
that withdrawals in August are proceeding heavily enough to
correct this situation.
A decline of 964,000 in stocks of finished gasoline during
the final week of August brought the total for the four
weeks of the period to 4,470,000 barrels, compared with
withdrawrls of 2,573,000 barrels in the like 1934 period, the
American Petroleum Institute reported. The fact that
refinery runs this year during August were far above those
of a year ago indicates that withdrawals during the month
just closed were extremely heavy.
A break-down of the report disclosed that an increase of
504,000 barrels in holdings of finished gasoline at bulk
terminals pared a a decline of 1,468,000 scored in holdings
at refineries. A daily average run of cruae oil to stills of
2,568,000 barrels represented an increase of 6,000 barrels,
with refineries operating at 75.4% of capacity, up 0.2 points.
Representative price changes follow:
-Third-grade gasoline eased X cent a gallon in the Midwest
Sept. 2
bulk market to 4% cents a gallon.
Sept. 3-A reduction of 3, cent a gallon in tank-car prices of kerosene
at New York, Boston and Providence was posted by all major factors.
No. 1 heating oil was cut
cent a gallon.
-Standard Oil Co. of New Jersey posted a reduction of X cent
Sept. 4
a gallon in retail gasoline prices in North and South Carolina, effective
Sept. 5.
Sept. 4-A sag of X to X cent a gallon developed in the Gulf Coast bulk
gasoline export market although no sales have been made yet at the
lowered scale.
-Standard Oil Co. of California cut all grades of gasoline 2 cents
Sept. 5
a gallon in all parts of its territory not affected by cuts hitherto posted.
Other majors met the reduction.
1513
Sept. 6
-Shell Oil met the 2
-cent a gallon cut posted by Standard of
California but widened the reduction on regular and premium grades to
23 cents, )4-cent below the Standard slash. Union Oil met the new Shell
price schedule.
s New York
z Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
Gasoline, Service Station, Tax Included
Cincinnati
$176
Minneapolis
8 189
Cleveland
188
New Orleans
175
.21
Denver
.17
.20
Philadelphia
IS
Detroit
.17
.187
Pittsburgh
19
Jacksonville
185
San Francisco__ .18-.185
205
Houston
.17
17
St. Louis
172
Los Angeles
.175
.145
$193
Kerosene,41-43 Water White, Tank Car. F.O.B. Refinery
New York
'North Texas-5.0334-.03X I New Orleans.5.0314-.04
(Bayonne)
-.504%-.043 I Los Angeles... .0416-5)5 I Tulsa
.0334-.04
N. Y.(Bayonne)
Bunker C
Diesel 28-301)
Fuel 011, F.O.B. Refinery or Terminal
California 27 plus 13
I Phila.. bunker C.- 5.96
5.95
Led New Orleans 0.
51.16-1..80
25
Gas Oil, F.O.B. Refinery or Terminal
S. Y.(Bayonne).
'Chicago.
$.0236-.02%
27 plus____$.04 -.043( I 32-38 130..5.02%-.025( I Tulsa
U. S. Gasoline.(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard 011 N. J.-$.0631 New York
Chicago
0534-.0534
Socony-vacuum._..,. .06
Colonial-Beacon.-5 0634 New Orleans_ 0534-.055L
Tide Water Oil Co__ .0834
Texas
0654 Los Aug..ex__ 0454-.0434
Gulf
.08% Gulf ports- 05%-.0534
Republic Oil
Tulsa
0534-.0534
Shell East'n Pet._ 0834
z Not including 2% city sales tax.
Richfield 011 (Calif.) .064
Warner-faulnlan Co- .0614
World Zinc Output Increased During July
World production of zinc during July, by primary metallurgical works, amounted to 118,899 tons, against 118,664
tons in June and a monthly average since the beginning of
the year of 119,719 tons, according to the American Bureau
of Metal Statistics. Production during the first seven
months of 1935 totaled 838,034 tons, which compares with
725,496 tons in the same period last year. The United States
produced 245,034 tons of zinc in the January-July period of
the current year, against 592,992 tons for the rest of the
world.
Production statistics for July and June 1935, by countries,
in short tons, follow:
July 1935
United States
Other North America
x Belgium and Netherlands
France
Germany
Italy
Rhodesia
Spain
Anglo-Australian
y Elsewhere
35,055
17,013
18,100
4,498
11,443
2,450
1,938
580
12,442
15,400
June 1935
34.1377
15,715
18,700
4,389
10.990
2,357
1,988
541
12,107
19,200
Total
118.899
118.864
x Partly estimated. y Includes Norway,Poland. Japan and Indo-China, together
with estimates for Czechoslovakia. Yugoslavia and Russia.
World Copper Production for Second Quarter of 1935,
Ex-United States
"Metal and Mineral Markets" in its issue of Aug. 29
published the following table of popper production in short
tons, as compiled by the American Bureau of Metal Statistics:
An accounting of the production of copper in the world from ore originating outside of the United States, according to countries where produced
as blister copper, with a few exceptions, during the first and second quarters
of 1935, with comparable data for the fourth quarter of 1934. in short tons,
Fourth Quarter First Quarter Second Quarter
1934
1935
1935
a United States, foreign ore
b Mexico
Canada
Chile
Peru
Germany
Russia
C Other Europe
d Japan
India
Other Asia
Australia
e Africa
Totals
Monthly averages
Daily averages
MOO
14,900
48,700
82.400
8,100
15,400
14,600
22,600
20,400
1,600
300
4,600
83,000
8,300
11,500
48.800
87.000
8,100
15,000
15,600
22,200
19,000
2,000
300
4,200
83,800
8,800
12,200
50.000
80,200
.
7,800
13,800
20,000
18,500
19,000
2,000
300
5,400
77,500
322,300
107,400
3.500
325,800
108,600
3,620
315,500
105,200
3,467
a Copper content of ore and matte imported, including receipts from Cuba.
admitted free of duty. b Imports of b ister copper into United States from Mexico.
C Partly estimated; includes Great Britain, Spain, France, Norway, Sweden, Italy,
Yugoslavia, Rumania and Belgium ex ICatanga. Copper from Katanga matte
smelted in Belgium is credited to Africa. d Japanese production is given in terms
of refined copper, which includes a certain proportion of reworked scrap and perhaps some other duplication. e Partly estimated; comprises Belgian Congo.
Rhodesia and South Africa.
Daily Average Crude Oil Output Off 23,600 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Aug. 31 1935 was 2,665,100 barrels. This was a drop of
23,600 barrels from the output of the previous week. The
current week's figure however,remained above the 2,600,600
barrels calculated by the United States Department of the
Interior to be tht total of the restrictions imposed by the
various oil producing States during August. Daily average
production for the four weeks ended Aug.31 1935 is estimated
at 2,679,850 barrels. The daily avdrage output for the week
ended Sept. 1 1934 totaled 2,422,150 barrels. Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Aug. 31 totaled 601,000 barrels,
a daily average of 85,857 barrels, compared with a daily average of 75,143
barrels for the week ended Aug. 24 and 120,464 barrels daily for the four
weeks ended Aug. 31.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Aug. 31 totaled 194.000 barrels, a daily average of 27,714 barrels
compared with a daily average of 35,571 barrels for the week ended Aug. 24
and 30.571 barrels daily for the four weeks ended Aug. 31.
Reports received from refining companies owning 89.5% of the 3,806,000
barrels estimated daily potentital refining capacity of the United States,
indicate that 2.568,000 barrels of crude oil daily were run to the stills
operated by those companies and that they had in storage at refineries
at the end of the week. 25.269,000 barrels of finished gasoline: 5.579,000
barrels of unfinished gasoline and 106,380,000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 18,518.000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units. averaged 573,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
Actual Production
Dept. of
4 Weeks
Interior
Calcula- Week End. Week End. Ended
Aug 24 Aug. 31
Aug. 31
lions
1935
1935
1935
(August)
Week
Ended
Sept. 1
1934
471,700
139,750
491,950
140,750
460,550
128,000
56,100
57,150
25,800
150.100
46.400
437,950
39,350
58.250
54,200
57,050
25,850
149,950
47,150
437,300
39,500
57,950
59,800
60,950
27,100
154.850
51,800
414.850
47,650
57,400
148,300
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
495,000
141,400
51,950
57,600
25,800
150,000
47,850
439,250
39.350
58,600
512,000
148,000
Oklahoma
Kansas
146,700
146,300
130.000
1,024.400 1,018,700 1,017.800 1,015,250 1,004,400
Total Texas
24,550
120,900
North Louisiana
Coastal Louisiana
Total Louisiana
130,000
145,450
24.700
117.250
25,500
118,550
141,950 144,050
24,500
73,700
98,200
30,300 31,450
108,200
102,050
30,600
45.800
Total Rocky Mtn.States
New Mexico
California
30,300
102,600
48,050
30,150
101,200
45,800
38.0'0
13,200
4,400
38,951
12,850
4,450
38,150
12,150
4,300
38,450
10.350
3,700
52,000
55,650
56,250
54,600
52,500
53,000
510.000
Wyoming
Montana
Colorado
70.700
103.700
36,800
36,700
11,300
4.000
Arkansas
Eastern (not incl. Mich.)._
Michigan
57,200
595,700
• 54,350
600,750
47,850
460,400
53.050
606.100
2.600.600 2,665,100 2,688.700 2.679,850 2.422,150
Total United States
Note-The figures indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED AUG. 24 1935
(Figures in thousands of barrels 01 42 gallons each)
Stocks
Stocks a Stocks
of b Stocks of
of
Gas
of
FinUnand
Daily P. C. ished finished Other
Reporting
Pole'sAver- Over- Gaso- Gaso- Motor Fuel
list
Fuel
011
line
Wed line
Total P. C. age
Rate
245 13,260
860
493 80.6 13.988
612 100.0
612
921
120
277
97 66.4 2,017
1443 94.8
154
657
45 5,091
360 84.9 8,232
424 95.9
442
700 4,929
554
278 72.4 4,383
384 84.8
453
187 1,670 1,736
102 63.8 1.049
160 48.5
330
245 11,594
525 88.2 4,267 1,694
96.4
595
617
____ 4,112
257
926
113 69.3
163 96.4
169
185
430
63
279
39 54.2
72 90.0
80
791
70
104
603
52 86.7
60 61.9
97
936 2,640 63,513
509 64.5 8,073
789 92.6
852
Daily Refining
Capacity of Plants
District
East Coast__
Appalachian
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf __
Ls. Gulf _
.
-Ark.
No. La.
Rocky Mtn_
California_
Sept. 7 1935
Financial Chronicle •
1514
Crude Runs
to Stills
Totals week
d43,787 5.579 5,920 106,380
2,568
Aug. 31 1935 3,806 3,405 89.5 2.562 75.4 c44.751 5,683 5.940 106,530
75.2
Aug. 24 1935 3,806 3.405 89.5
in naphtha distillates. b Es !mated;
a Amount of unfinished gasoline contained
also blended moto„
Includes unblended natural gasoline at refineries and plants:18,014,000 barrels as
fuel at plants. c Includes 20,737,000 barrels at refineries and barrels at refineries
Includes 25.269,000
bulk terminals, in transit and pipe lines. dtransit and pipe lines.
ad 18.518,000 barrels at bulk terminals. in
85,485,000 Barrels of Crude Petroleum Produced During
July
The monthly petroleum statement of the U. S. Bureau of
Mines showed that the production of crude petroleum in
July 1935, amounted to 85,485,000 barrels, a daily average
of 2,757,600 barrels. This average represents an increase
of 13,000 barrels over that of June 1935, and is 133,800
barrels (5%) higher than July, a year ago. The excess of
actual production over the recommendations of the Bureau
of Mines to Petroleum Administrator Harold L. Ickes, increased slightly in July, following the decline in June.
The statement further disclosed:
All the leading producing states except Texas reported gains in output
in July, two of these. Kansas and Louisiana, continuing to establish new
records. Production in California, which gained materially in June, increased from 557,000 barrels daily in June to 561,900 barrels daily in July.
The output of the Oklahoma City field continued to decline but increases
at Fitts. Edmonds, and other pools raised the average for the state to the
highest point since May 1934. Production in most of the districts in Texas
remained steady but the average for the state fell to 1,074,100•barrels
from 1,089.800 barrels in June as daily average output in the east Texas
-barrel mark.
field fell to below the 500,000
Daily average crude runs in July were 2,739.000 barrels, or 15,000 barrels
above the average in June. Exports of crude continued to exceed expectations, the total for July being 5,832,000 barrels, or 41% above the total
of July 1934. The gain in crude production was insufficient to compensate
for the increased demand, hence withdrawals from storage increased.
The total withdrawal from crude stocks in July was 5,406.200 barrels,
which brought net refinable stocks down to 329,351,000 barrels as of July
31 1935.
The percentage yield of gasoline, which had been abnormally low, reflected the increased demand for gasoline and the lower demand for fuel
oil and rose from 44.2% in June to 45.3% in July. Daily average motor
fuel production accordingly rose to a new high level of 1,339,000 barrels.
The domestic demand for motor fuel in July also established a new record.
the total of 41,203,000 barrels, being considerably above the previous
record of August 1931, and 10% above July 1934. Exports of motor fuel
in July were 3.022,000 barrels, lower than in June but far above those of
a year ago. Total stocks of finished and unfinished gasoline on July 31
were 56,446,000 barrels. Although the withdrawal from gasoline stocks
in July (3,061,000 barrels) was 839.000 barrels less than recommended.
current reports of the American Petroleum Institute indicate that this
deficiency was overcome in August.
According to the Bureau of Labor Statistics, the price index for petroleum
products for July 1935, was 52.9, compared with 53.2 for June 1935, and
51.3 for July 1934.
The refinery data of this report were compiled from refineries having an
aggregate daily recorded crude-oil capacity of 3,709,000 barrels. Those
refineries operated during July 1935, at 74% of their capacity, compared
with an operating ratio of 74% in June.
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gal ens)
Jan.July,
1935
Jan.
July,
1934
July.
1935
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
Imports:b
Crude petroleum:
Bonded warehouses
For domestic use
Refined products:
Bonded warehouses
For domestic use
Total new supply all oils
Daily average
Decrease in stocks, all oils
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
Total domestic demand
Daily average
Stocks
Crude petroleum
Natural gasoline
Refined products
June,
1935
July,
1934
85,485
2,758
3,132
144
88.761
2,863
82,338
2,745
3,008
137
85,483
2,849
81,339 561,670 529,412
2,497
2,649
2,624
2,971 21,742 20,655
1,097
1,012
130
84,440 584,424 551,164
2,600
2;757
2,724
479
2,041
293
2,555
1,237
467
92,985
3,000
1,065
923
90,319
3,011
2,041
287
95,026
3,065
90,606
3,020
5,832
7,093
5,589
7,362
41.203
2.885
23,454
1,655
70
552
2,034
1.204
4.814
177
4,053
37,884
2,768
24,417
1,558
71
534
1,733
873
4,368
161
3,288
37,466 240,743 230,079
2.816 25.804 24,690
21.451 197,209 191.781
1.491 11,405 11,094
552
530
52
4,686
3,783
481
7.191
8,455
1,534
3,481
3.272
1,171
4,150 28.837 25.109
1,199
1,263
181
4,094 23,069 22.251
82.101
2,648
77,655
2.589
74.887 544.370 522.113
2,463
2,568
2,416
497
2,504
3,917
14,005
1,990
18,896
6,246
7,245
1,152
2,241
5,605
532
89,125 615,196 580.537
2.738
2,902
2,875
c3,964
c1,864
7.808
85,161 613,332 588.345
2.775
2,893
2,747
4,128
6,146
28,264
40,698
22,969
43,263
329,351 334,757 355,525 329,351 355,525
4,551
5,816
4.551
5.851
5,816
230.845 227.445 234.314 230,845 234.314
566,012 568,053 594,390 566,012 594,390
Total, all oils
214
196
216
188
185
Days' supply
a From Coal Division. b Imports of crude as reported to Bureau of Mines;
and Domestic Commerce.
imports of refined products from Bureau of Foreign
c Increase.
•
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS
(Thousands of barrels of 42 gallons)
July, 1935
Total
Dolly
Aver.
June, 1935
Total
Daily
Aver.
Jan.July,
1935
Jan.
July,
1934
938
30.2
935
31.2 6,456 6.585
Arkansas
42.7 1.342
44.8 8,551 8,841
California-Hwitington Beach-. 1.322
61.7 13.043 12.128
1,906
61.5 1,851
Kettleman Hills
2,402
77.5 2.232
74.4 14,425 13,527
Long Beach
1,241
39.2 8,119 8,838
40.0 1,176
Santa Fe Springe
10,547 340.2 '10.108 336.9 64,406 58,490
Rest of State
17.418 561.9 16.709 557.0 108,544 101,824
Total California
818
124
3.8
897
4.0
115
Colorado
12.2
377
358
12.0 2,452 2.713
Illinois
496
434
63
2.1
2.0
64
Indiana
4,865 156.9 4,607 153.6 32,002 27,182
Kansas
467
15.1
427
14.2 3,091 2,628
Kentucky
3,596 116.0 3,435 114.5 21.721 11,822
Louisiana-Gulf Coast
716
23.1
686
22.9 4,876 5,414
Rest of State
4,312 139.1 4,121 137.4 26,597 17,236
Total Louisiana
1.257
40.5 1.235
41.2 8.015 6.171
Michigan
416
13.5
380
12.7 2.512 1,770
Montana
1,804
58.2 1,680
56.0 11,524 9,524
New Mexico
372
12.0
11.2 2,430 2,130
338
New York
264
8.5
8.6 1,850 1,885
256
Ohio-Central and Eastern
579
551
85
2.6
2.8
80
k Northwestern
349
11.3
336
11.2 2,401 2,464
Total Ohio
4,895 157.9 4,805 160.1 33,688 38,990
Oklahoma-Oklahoma City
4,306 138.9 4,040 134.7 27.690 22,796
6 Seminole
7.234 233.4 6.683 222.8 47.047 48,311
Rest of State
16,435 530.2 15,528 517.6 108.425 108,097
o Total Oklahoma
1.376
44.4 1,285
42.8 9.321 8.335
Pennsylvania
5.287 170.5 5.116 170.5 36,026 34.533
Texas
-Gulf Coast
4.634 149.5 4,502 150.1 31,827 28,658
West Texas
15,279 492.9 15,144 504.8 102,892 108,252
East Texas
57.6 12.640 11,488
1,774
57.2 1,729
Panhandle
6.323 204.0 6,204 206.8 43.056 39,229
Rest of State
33.297 1.074.1 32.695 1,089.8 226,441 222.160
Total Texas
10.6 2,314 2.357
10.9
317
339
West Virginia
499
16.6 3,664 3,786
522
16.8
Wyoming-Salt Creek
23.6 4,126 3,306
752
24.3
707
Rest of State
40.2 7,790 7.092
1,274
41.1 1,206
Total Wyoming
24
30
4
4
Others
85,485 2,757.6 82.338 2,744.6 561,670 529,412
Total U. S.
a Includes MLssouri, Tennessee and Utah.
Financial Chronicle
Volume 141
Production of Bituminous Coal Continues Upward
Trend-Anthracite Declines
The United States Bureau of Mines in its weekly C08.1
report stated that the total production of bituminous coal
for the week ended Aug. 24 is estimated at 6,255,000 net
tons. This is an increase of 695,000 tons, or 12.5% over
the output in the preceding week, and compares with 6,214,000 tons in the corresponding week in 1934.
Anthracite production in Pennsylvania during the week
ended Aug. 24 is estimated at 413,000 net tons. Compared
with the preceding week this is a decrease of 33,000 tons, or
7.4%. Production during the corresponding week in 1934
amounted to 755,000 tons.
During the calendar year to Aug. 24 1935 a total of
.
229,827,000 tons of bituminous coal and 33,684,000 net tons
of Pennsylvania anthracite were produced. This compares
with 226,933,000 tons of soft coal and 38,603,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
Aug. 24
1935 c
Aug. 17
1935 d
Calendar Year to Date
Aug. 25
1934
1929
1934 e
1935
Bitum. coal a:
Tot.for per'd 6,255,000 5,560,000 6,214,000 229,827,000 226,933,000 333,036,000
Daily avge__ 1,043,000 927,000 1,036,000
1,152,000 1,136,000 1,662.000
Pa. anthrac. b:
Tot.for per'd 413,000 446,000 755,000 33,684,000 38,603,000 44,445,000
Daily avge__
68,800
74,300 125,800
223,900
194,500
169,700
Beehive coke:
Tot.for per'd
11,900
10,800
675,800 4,473,600
551,500
10,200
Daily avge__
1,983
1,800
22,147
3,346
2,730
1,700
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised. e Adjusted to make comparable the number of working
days in the several years.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES
(IN THOUSANDS OF NET TONS)
(The current weekly 013thIllite8 are based on railroad carloadings and river shipments
and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Week Ended
State
August
Aug. 17 Aug. 10 Aug. 3 Aug. 18 Aug. 19 Aug. 17 Avg&
1935 p 1935 p 1935 p 1934 r 1933 r 1929 1923 f
Alaska
Alabama
Arkansas and Oklahoma.
Colorado
Georgia & North Carolina
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.Virginia-Southern_b
Northern.c
Wyoming
Other Western States _d_
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
*
2
2
1
140
159
148
32
39
30
59
66
67
1
1
1
446
443
564
169
180
217
21
55
26
78
74
79
476
557
511
93
117
87
20
24
24
1
1
8
35
40
43
23
22
23
16
12
20
241
216
335
1,215 1,460 1,470
73
73
68
15
15
14
20
25
33
150
158
138
16
20
30
1,221 1,267
1,247
307
342
384
73
67
80
*
*
*
aa
313
209
54
80
126
78
8
a
606
968
277
278
48
69
114
112
729
925
243
153
47
36
3
15
34
60
21
45
813
514
418
457
2,192 2,645
85
104
20
24
68
39
232
205
21
38
1,700 2,028
711
580
62
111
a 3
a 3
Total bituminous
Pennsylvania anthracite_
5,560
446
4,918
433
7,702
964
Illinois
5,335 5,773
839 ' 658
a
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
a 4
9,714 11,538
1,072 1,926
Grand total
6.006 5.351 11.174 6.431 8.666 10.786 13.464
a Coal taken from under the Kentucky mountains through openings in Virginia is
credited to Virginia, in the current reports for 1935, and the figures are therefore
not directly comparable with former years. b Includes operations on the N.& W.:
C.& O.: Virginian: K. & M.; B. C. & G., and on the B.,4 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 Includes Sullivan County, washery and dredge coal, local sales, colliery
fuel and coal shipped by truck from established operations. Does not include an
unknown amount of "bootleg" production. f Average weekly rate for the entire
month. p Preliminary. r Revised. a Alaska, Georgia, North Carolina and South
Dakota included with "other Western States." * Less than 1,000 tons.
Preliminary Estimates of Production of Soft Coal
During August Show Gain Over Preceding Month
-Anthracite Drops
According to preliminary estimates made by the United
States Bureau of Mines, production of bituminous coal during
the month of August 1935 amounted to 25,980,000 net tons.
This compares with 22,252,000 tons produced in the preceding month and 27,452,000 tons of soft coal produced
during the month of August 1934. Anthracite output during
August of this year is placed at 2,591,000 net tons as against
3,536,000 tons in July and 3,584,000 tons in August 1934.
The Bureau's statement follows:
Total for
MonSh
Arerage per
Working Day
(Net Tons)
(Net Tons)
August 1935 (preliminary)131tuminous coal
Anthracite
Beehive coke
July 1935 (Revise)
Bituminous coal
Anthracite
Beehive coke
August 1934
Bituminous
Anthracite
Beehive coke
No. of
Working
Days
25,980,000
2,591,000
52,900
27
27
27
962,000
96,000
1,959
22,252,000
3,536,000
46,000
26
26
26
856,000
136,000
1;469
27,452,000
3,584,000
43,703
27
27
27
1,017,000
132,700
1.619
Cat. Year to
End of Aug.
(Na Tons)
237,126,000
34,772,000
565,000
234,629,000
39,793,000
688,700
Note
-All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of he calendar year.
1515
Quiet Week in Non-Ferrous Metals-Prices, with
Exception of Tin, Firm
"Metal and Mineral Markets" in its issue of Sept. 5,
stated that after the heavy buying of major non-ferrous
metals that characterized the market during most of August,
the quiet that prevailed in the week ended Sect. 4 had little
or no influence on prices. Copper, lead, and zinc ruled firm,
producers being comfortably situated in respect to orders on
hand. Inquiry is expected to improve as soon as consumers
have "digested" some of the purchases made during the last
30 days. Tin was unsettled and somewhat lower on freer
offerings of the metal for immediate and near-by shipment.
Silver held unchanged in the world market, with the tone
steady. Refined platinum was raised $3 per ounce on
improved buying by the jewelry trade. Antimony was quiet,
but steady. Cadmium continues in good demand. "Metal
and Mineral Markets" further stated
Copper Sales Moderate
The volume of business booked during the last week in domestic copper
might be considered fair, about 4,800 tons changing hands. All of the business was placed at 8;ic., Valley. Producers anticipated a quiet spell after
the very heavy buying that brought the total quantity purchased during
August to 124,604 tons, the largest single month's business since July 1930.
The general tone remains firm, with most producers satisfied that metal
Is moving into consumption at a good rate.
Outside of some business closed for account of Italy, said to involve more
than 6,000 tons, the foreign market was inactive in the week Just closed.
The purchases by the Italian Government were concluded on a cash basis
and represented copper to be used by regular consumers as well as for war
purposes, according to traders. Foreign producers are greatly interested
in the outcome of the Geneva conference that is to determine the course of
events in Ethiopia.
Exports of refined during June and July, by countries, in short tons,
were as follows:
• To-Mexico
Belgium
Denmark
France
Germany
Great Britain
Italy
Netherlands
June
13
2,056
225
3,007
2,031
4,470
1,748
2.147
July
546
224
1,396
2,052
5,638
4,803
945
ToSweden
China & Hongkong
Japan
British India
Other countries
Totals
June
1,651
184
5,163
84
1,364
July
867
195
6,693
28
1,440
24,143 24,727
World production of copper ex United States, on blister basis with
few exceptions, amounted to 641,300 short tons during the first six months
of 1935, against 517,500 tons in the first half of 1934, according to a recent
accounting by the American Bureau of Metal Statistics. Production
outside of the United States in the January-June period of the current
year. by months, was: January, 107.000; February, 105.500; March,
113,500; April, 122,500: May, 97,000; June, 95,800. The monthly figures
show that production was increased sharply during the period when active
negotiations for an accord were in progress, but declined almost as soon as
the international agreement was signed.
Lead Unchanged at 4.35c.
Buying of lead during the last week was on a greatly reduced scale, attributed in part to the Labor Day holiday that seemed to prevail over a
longer period than usual. The one point that stood out in the week's
operations was the steadiness of the price structure. The report on total
stocks of lead in this country as of Aug. 1 revealed an unexpected gain in
the already large supply on hand, but this seemed to have no influence on
sellers. Producers appeared more interested in the movement of metal
Into consumption, which, it is claimed, has been showing an upward trend.
Shipments of refined lead to consumers during August are expected to be
above the average.
Trade authorities now estimate that domestic consumers are not much
more than 70% covered against their September requirements, and October
buying has been comparatively light. Consequently, a good buying movement is chipected for the near future.
The market held at 4.35c., New York, on common grades, which was
also the contract settling basis of the American Smelting & Refining Co.,
and at 4.20c., St. Louis.
Total lead stocks at the works of smelters and refiners, including lead
content of ore, &c., on Aug. 1 amounted to 320,951 tons, according to the
American Bureau of Metal Statistics. This compares with 319,297 tons a
month previous and 310,164 tons a year ago.
Zinc Steady, But Quiet
Sales of zinc during the calendar week ended Aug. 31 amounted to
slightly less than 2.800 tons, of which total 1.900 tons consisted of Prime
Western. This compares with a total of 4,500 tons in the week previous.
Consumption of zinc in galvanizing is holding up well, and, with a firm
situation in the ore market, producers take a rather firm view of the immediate future. The August statistics, when issued, are expected to be
favorable. Prime Western zinc was maintained at 4.60c., St. Louis,throughout the week.
Tin Price Declines
Increased offerings of tin for prompt shipment, representing 'profit
taking" by consumers who no longer fear a famine in supplies, caused
prices to decline In the United States market to a greater extent than in
London. The fact that the demand was dull throughout the week accentuated the weakness.
The world's visible supply of tin, including the eastern carry-over, was
15,002 long tons at the end of August, against 15,402 tons a month previous
and 17.936 tons a year ago. United States deliveries for August amounted
to 5,320 tons, against 5.290 tons in July, and 4,045 tons in August 1934.
Chinese tin, 99% was quoted nominally as follows: Aug. 29, 48.75c.:
Aug. 30, 48.625c.; Aug. 31, 48.625c.; Sept. 2, holiday: Sept. 3, 48.375c.:
Sept. 4,48.05c.
August Pig Iron Output Up 15.9%
Production of coke pig iron in August totaled 1,761,286
gross tons, compared with 1,520,263 tons in July according
to the "Iron Age" of Sept. 5. The daily rate in August, at
56.816 tons, increased 15.9%•over the July rate of 49.041
tons. The "Age" further added:
There were 98 furnaces in blast on Sept. 1 making iron at the rate of
56.430 tons a day, against 95 furnaces on Aug. 1, making iron at the rate of
50,635 tons a day. Nine furnaces were blown in during the month and six
were blown out or banked. The Steel corporation blew three furnaces In
and took two off blast, independent steel companies put three in operation
Sept. 7 1935
Financial Chronicle
1516
and blew out or banked one, and three merchant furnaces were placed in
operation and the same number blown out or banked.
it Among the furnaces blown in are the following: One Isabella, Carnegie
Steel Co.; one South Chicago (new) Illinois Steel Co.: one Fairfield, Tennessee Coal, Iron & RR. Co.; one Eliza, Jones & Laughlin Steel Corp.;
Niagara, Tonawanda Iron Corp.; Shenango, Shenango Furnace Co.;
Riverside, Wheeling Steel Corp.; one Hubbard and No. 1 Indiana Harbor,
Youngstown Sheet & Tube Co.
Furnaces blown out or banked included the Standish furnace of the
Chateaugay Ore & Iron Co.; Anna, Struthers Iron & Steel Co.; one Mingo,
Carnegie Steel Co.; one Toledo, Pickands, Mather & Co.; one South
Chicago (old), Illinois Steel Co., and No. 2 Indiana Harbor, Youngstown
Sheet & Tube Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS
STATES BY MONTHS SINCE JAN. 1 1930
1930
1931
1932
1933
1934
1935
91.209
101,390
104.715
106.062
104.283
7,804
55.299
60,950
65.558
67,317
64.325
54,621
31,3=0
33,251
31.201
28,430
25,276
20,935
18.348
19,798
17.484
20,787
28.621
42,166
39,201
45,131
52.243
57.561
65,900
64,338
47.656
57.448
57.098
55.449
55,713
51,750
First six months- 100,891
61,356
28,412
24,536
54.134
54,138
47.201
41,308
38.964
37.848
36,782
31.625
18.461
17.115
19,753
20,800
21.042
17,615 .
57.821
59,142
50,742
43,754
36.174
38.131
39,510
34.012
29,935
30,679
31,898
33,149
49.041
56,816
36.199
prices to soften. A decline in heavy melting steel in that center has offset
an advance in Pittsburgh, leaving the "Iron Age" scrap composite unchanged at $12.58 a ton.
An award of 83,790 tons of reinforcing steel has been divided among
seven distributors by the Los Angeles water district, subject to Federal
approval. Deliveries are to extend until Jan. 1939. Successful bidders
have been tentatively instructed to place orders totalling 32.180 tons
among five designated mills.
Definite authorization of a 24-in, gas line from Dana, Ind., to Detroit,
will shortly bring 75,000 tons of steel into the market.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.124c, a lb. and $17.84 a gross ton respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
•
Based on steel bars, beams, tank plates.
Sept. 4 1935, 2.1240. a Lb.
wire, rails, black pipe, sheets and hot
2.1240.
One week ago
2 1240. rolled strips. These products make
One month ago
43.592
January
February
March
April
May
June
July
August
September
October
November
December
12 mos. average_
85.146
81.417
75.890
69,831
62,237
53.732
86.025
50.069
23.733
1935
Half year
July
August
September
October
November
December
Year
1934
1934
1.477.838
1,608.552
1,770,028
1,663.475
1.727,095
1.552.514
1,215.226
1,263,673
1.619.534
1,726,851
2,042.896
1,930.133
10,048
12,268
17,762
18,302
17.541
12.961
11,703
10.818
17.605
15,418
10,001
10,097
9.799,000
9,798.313
88,902
75.642
1.520.263
1.761,286
1,224,826
1,054.382
898.043
951.062
956,940
1.027.622
13.175
12,735
10,188
8,733
7.100
9,830
8,134
4.563
15.911,188
Philadelphia,
Birmingham,
Buffalo,
$17.90 Jan. 8
17.90 May 1
16.90 Dec. 5
1934
1933
14.81 Jan. 5
1932
Jan. 8
Jan. 2
Apr. 18
Feb. 2
Dec. 29
Dec. 9
Oct. 29
July 17
Nov. 1
124,190
Steel Ingot Output Recovers from Holiday Influence,
Rising to 503.%-Scrap Trends Conflicting
The Sept. 5 issue of the "Iron Age" stated that current
steel ingot production, at 50M% of capacity, is one-half
point higher than a week ago and fully abreast of the rate
in the third full week of August. Thus the holiday's depressing effect on operations has proved to be of short duration. Gains of five points to 77% in the Wheeling district,
two points to 60% in the Valleys, two points to 45% in the
Cleveland-Lorain area and eight points to 46% in the South
indicate that the renewed upward trend is not localized.
The only center to report a loss is Buffalo, where operations
have receded from 38 to 32%. Elsewhere production is
substantially unchanged. The "Age" further said:
Finishing mill operations were more sensitive to the holiday interruption
than raw steel production. Tin plate output has dropped 15 points to
55% of capacity, but this decline is partly due to seasonal influences.
Sheet mill operations have fallen 10 points to 60% but an early rebound is
looked for.
Output will soon get added support from the automobile industry.
Though September will probably be the low month of the year for motor
car assemblies, this will not be true of steel orders. Several sizable releases
of sheets and strips, held up during vacation shutdowns at a number of
automotive plants, have now been issued, and a fair volume of new business, though still for small tonnages, has been placed for delivery through
October. Parts makers, especiaily forging plants, have increased their
specifications, and general acceleration of the flow of automotive steel is
assured as the time for getting under production on new models draws near.
The opening of iron and steel makers' books for fourth quarter has not
stimulated buying except in cases where users can profit by taking advantage of existing prices. Thus there has been an improved demand for
forging billets, which were recently advanced, and for hot-rolled bars, on
which the base size range was narrowed and new quantity differentials
were announced. The new quantity discounts and extras on bars are accompanied by a $1 a ton advance in the base price. However, the new
price schedule will represent a reduction on orders of 100 tons or more
which carry a quantity discount of $2 a ton, or $1 a ton below the previously prevailing base price.
The elimination of the $2 a ton discount on galvanized sheets to jobbers
and roofing manufacturers, to become effective Oct. 1, Is expected to
result in considerable stocking this month by the interests affected.
Railroad axles have been advanced $3 a ton to 2.80c. a lb., Pittsourgh or
Chicago. but no other price changes have been reported. However, producers of wire products, in reaffirming present prices for fourth quarter,
withheld announcements on rods and cold-finished bars. The advance in
hot-rolled bars is believed to be a certain precursor of an Increase in coldfinished bar prices.
In the pig iron market interest id forward needs has been stimulated,
not by advanced for fourth quarter but by the expectation that prices will
rise before the quarter is over. Higher producing costs are regarded as
the inevitable sequel of enactment of the Guffey bill, though court action
to contest the constitutionality of the Act has already been Instituted by a
coal operator.
The scrap market continues to show strength in all sections of the country
except Chicago, where a sharp increase in country offerings has caused
Valley
Low
$17.83 May 14
16.90 Jan. 27
13.58 Jan. 3
13.56 Deo. 6
14.79 Dee. 15
15 90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1
15.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov. 27
19.71 Jan. 4
Steel Scrap
Based on No. 1 heavy melting steel
Sept. 4 1935, $12.58 a Gross Ton
$12.58
quotations at Pittsburgh, Philadelphia
One week ago
11.83
and Chicago.
One month ago
9.75
One Year ago
1931
1930
1929
1928
1927
High
$12.58 Aug. 27
1935
y These totals do not include charcoal plg Iron. The 1933 production of this
Iron was 32,941 gross tons. y Included In pig iron figures.
17.84
17.90
High
Ferromanganese y
1935
2.1240.
2.0080.
1.8670.
1.9260.
1.945o.
2.0180.
2.2730.
2.2170.
2.2120.
Jan. 8
Apr. 24
Oct. 3
Oct. 4
Jan. 13
Jan. 7
Apr, 2
Dec. 11
Jan. 4
Based on average of baste Iron at Valley
Sept. 4 1935, $17.84 a Gross Ton
furnace and foundry irons at Chicago,
$17.84
One week ago
and
• One month ago
One year ago
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
January
February
March
April
May
June
2 1240.
2.199o.
2.0150.
1.977o.
2.0370.
2.2730.
2.3170.
2.2860.
2.4020.
Pig Iron
1935
1934
1933
1932
1931
1930
1929
1928
1927
1935
Pig Iron z
85% or the United States output.
Lots
High
2 1240.
One year ago
13.00
12.25
8.50
11.33
15.00
17.58
16.50
1934
1933
1932
1931
1930
1929
1928
Mar. 13
Aug. 8
Jan. 12
Jan. 6
Feb. 18
Jan. 29
Dee. 31
15.25 Jan. 11
1927
Low
$10.33
9.50
6.75
6.43
8.50
11.25
14.08
13.08
Apr. 23
Sept. 25
Jan. 3
July 5
Dec. 29
Dec. 9
Dee. 3
July 2
13.08 Nov.22
The American Iron and Steel Institute on Sept. 3 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 45.8%
of the capacity for the current week, compared with 47.9%
last week, 46.0% one month ago and 18.4% one year ago.
This represents a decrease of 2.1 points, or 4.4% from the
estimate for the week of Aug. 26. Weekly indicated rates
of steel operations since Sept. 4 1934 follow:
1934Sept. 4
Sept. 10
193418.4% Dec. 17
20.9% Dec. 24
Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov, 19
Nov.26
Dee. 3
Dec. 10
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
26.8%
32.7%
Dee. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
1935
34.6% 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% Me. 27.....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%
.77
48.8% July 1
33.8%
193535.3%
July 8
39.9%
July 15
42.2%
July 22
July 29____44.0%
46.0%
Aug 5
48.1%
Aug. 12
48.80
%
2
Aug. 19
47.0%
Aug. 26
45.8%
Sept. 2
"Steel" of Cleveland, in its summary of the iron and steel
markets on Sept. 2 stated:
With generally strong market conditions prevailing, steel works operations last week remained unchanged at 52 %.
An easier tendency in the early part of the week was overcome when
fresh commitments, mainly for the lighter steel products, lifted operations
In some districts. A decline of 3 points to 57% at Chicago was neutrallzed
by an advance of 1 point to 44 at Pittsburgh; 5 to 56. Cleveland; 5 to 40g.
Birmingham; 2 to 78. Virheellng; 2 to 62, Youngstown; while other districts retained recent gains.
Daily average steel ingot production made a striking recovery in August,
after falling five consecutive months. Operations for the month averaged
about 51%, and preliminary estimates indicate output was up 23 %. Daily
average pig iron output also made a definite gain, about 6%, halting a
two-month decline.
Temporary suspensions for Labor day again may affect steelworks activity early this week, but producers have looked forward to this day as a
dividing line, beyond which they expect renewed demand for the fall manufacturing season. For one thing, they have substantial order backlogs
from automobile manufacturers, against which releases are anticipated
early this month.
Ford is expected to buy 60,000 to 70.000 tons of flat rolled steel about
Sept. 10, in addition to its recent orders for 100.000 tons, not all of which
have been specified. Manufacturers are giving up present models reluctantly, but must buy more material within a few weeks to get in production on the new series as scheduled. Automobile output last week was
49.000, down 1.500. and the total for August was 220,000, lowest this year.
Structural shape fabricators were encouraged by the first inquiries, in
Indiana. Michigan and New York, on the Government's $4,000,000,000
public works program. Fron now on these projects are expected to spread
to other States, and develop substantial steel tonnages within 30 days.
Shape awards last week at 25,000 tons were almost double those of the
preceding week.
The Mississippi Valley Barge Line, St. Louis, has awarded 30 steel
barges to American Bridge Co., requiring 7.500 tons of plates and shapes.
This week steelmakers expect to announce prices for fourth quarter on
many products besides those recently adjusted. Some further revisions
are anticipated.
Volume 141
Financial Chronicle
Makers of hot rolled carbon steel bars have introduced quantity differentials, which in line with other recent revisions benefit large consumers,
make small users pay more. The base has been advanced $1 a ton to $37.
Pittsburgh, and the quantity base made 10 to 25 a ton. To users who
buy more than this at one time the actual price will be $36 to $35 a ton,
while for tonnages less than base the extras range from $1 to $20 a ton.
The result of this and similar revisions, producers believe, will be to
lead consumers to anticipate requirements, eliminating heavy expense in
dealing with small orders. Except bars and merchant wire products,
there have been no other changes in base prices since July. 1934. Railroad axles have been advanced $3 a ton.
Since passage and approval of the Guffy coal bill, pig iron producers
have virtually decided to advance prices after giving melters an opportunity
to cover fourth quarter requirements. Pig iron prices also have been
"frozen" since July last year, while scrap prices this year, as an average
have advanced $1.96 a ton. "Steel's" scrap composite last week rose
4 cents to $12.37.
Scrap exports declined sharply In July, while skelp increased, total iron
and steel exports rising to 296,802 gross tons, 7,115 tons more than in
June. The Ethiopian crisis as well as strained relations between Russia
and the United States, is felt in a tightening of available supplies of ferromanganese from abroad, and a stronger price situation.
"Steel's" iron and steel price conposite is up 6 cents to $32.78, while
the finished steel index has advanced 10 cents to $51.10.
1517
Steel ingot production for the week ended Sept. 2, is
placed at about 45% of capacity, according to the "Wall
Street Journal" of Sept. 5. This compares with 506% in
the previous week and 49% two weeks ago. The "Journal"
further stated:
U. S. Steel is estimated at 37%. against 41% in the two preceding weeks.
Independents are credited with 50%, compared with 57% in the week
before and 55% 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
1097
U. S. Steel
45
19
42
13
31
5714
8754
7754
—554
—1
—7
— 54
—I
— .54
—114
+114
37
19
41
12
34
65
93
77
117 I.
—
711
1.4
Independents
—4
—6
— 54
— Si
—1
—1
—I
50
19
4254
1354
29
51
83
7714
—7
—114
—8
—1
—1
—2
-1-214
AS
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Sept. 4, as reported by
the Federal Reserve banks, was $2,478,000,000, an increase
of $4,000,000 compared with the preceding week and of
$8,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On Sept. 4 total Reserve bank credit amounted to $2,472.000,000, an
increase of $1,000.000 for the week. This increase corresponds with increases of $77,000,000 in money in circulation and 663,000,000 in Treasury
cash and deposits with Federal Reserve banks, and a decrease of $13,000,000
in Treasury and national bank currency, offset in part by an increase of
$12,000,000 in monetary gold stock and decreases of $118,000,000 in member
bank reserve balances and $21000000 in non-member deposits and other
Federal Reserve accounts. Member bank reserve balances on Sept. 4
were estimated to be approximately $2,670,000,000 in excess of legal
requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and in industrial advances. An increase of $5,000,000 in
holdings of United States Treasury notes was offset by a decrease of $5.000.000 in holdings of 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. 4, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 1550 and 1551.
Changes in the amount of Reserve bank credit outstandng and in related items during the week and the year ended
Sept. 4 1935 were as follows:
Increase 1+) or Decrease (—)
Since
Sept. 4 1935 Aug. 28 1935 Sept. 5 1934
$
$
$
Bills discounted
+2,000,000
—13,000,000
11,000,000
BUN bought
5,000,000
U. S. Government securities
2 430,000,000
—2,000.000
Industrial advances (not including
827,000,000 commitm'ts—Sept. 4) 29,000,000
+28,000,000
Other Reserve bank credit
—1,000,000
14,000,000
*-9,000,000
Total Reserve bank credit
+1,000,000
2,472,000,000
+5,000,000
Monetary gold stock
9 209 000 000 +12,000,000
Treasury & National bank currency..2,395,000,000 —13,000,000 +1,246,000.000
—17,000,000
Money in circulation
5,650,000,000 +77,000,000 +231,000,000
Member bank reserve balances
5,228,000,000 —118,000,000 +1,321,000.000
Treasury cash and deposits with Federal Reserve banks
2 746,000,000 +63.000,000 —341,000,000
Non-member deposits and other Federal Reserve accounts
452,000,000 —21,000,000
+24,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board 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 prin-
cipal and interest by the United States Government. This
new style, however, now shows only the loans to brokers and
dealers for their own account in New York and outside of
New York, it no longer being possible to get the amount
loaned to brokers and dealers "for account of out-of-town
banks" or "for the account of others," these last two items
now being included in the loans on securities to others. The
total of these brokers'loans made by the reporting member
banks in New York City "for own account," including the
amount loaned outside of New York City, stood at $852,000,000 on Sept. 4 1935, an increase of $45,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Sept. 4 1935 Aug. 28 1935 Sep .5 1934
Loans and investments—total
7,580.000,000 7,543,000.000 7.186,000,000
Loans on securities—total
1 584.000,000 1.534.000,000 1.505,000,000
To brokers and dealers:
In New York
Outside New York
To others
794,900,000
58,000,000
732,000,000
751,000,000
56.000.000
727,000,000
621,000400
54,000,000
830,000,000
Accepts, and commercial paper bought__ 126,000,000 129,000,000 241,000,000
Loans on real estate
122,000.000 122,000,000
137,000,000
Other loans
1 182,000,000 1,203,000,000 1,234,000,000
U.S. Government direct obligations_ __ _3,125,000,000 3.136,000,000 2,827,000,000
Obligations fully guaranteed by United
States Government
371,000.000 359,000,00011,242,000,000
Other securities
1 070,000,000 1,060,000.000J
Reserve with Federal Reserve Bank_ _ _2,250.000,000 2,333,000,000 1,332,000,000
Cash in vault
44,000,000
45,000,000
38,000,000
Net demand dePosits
•
Time deposits
Government deposits
8,063,000,000 8,100,000,000 6,284.000,000
595,000,000 603,000,000 661.000,000
230,000,000 247,000,000 598,000,000
Due from banks
Due to banks
94.000,000
95,000,000
59,000.000
2 089,000,000 2,055,000,000 1,571,000,000
Borrowings from Federal Reserve Bank_
Loans on Investments—total
China's°
1,766,000,000 1,761,000,000 1,434,000,000
Loans on securities--total
194,000,000
190,000,000
238,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000.000
29,000,000
164,000,000
1,000,000
25,000.000
164,000,000
21,000,000
26,000,000
191,000.000
21,000,000
15,000,000
235,000,000
21.000,000
15,000,000
247,000,000
44,000,000
21,000,000
246,000,000
U.S. Government direct obligations_ ___ 939,000,000
Obligations fully guaranteed by United
States Government
88,000,000
Other securities
274,000,000
933,000,000
584,000,000
Reserve with Federal Reserve Bank_ _ _ _ 473,000,000
Cash in vault
35,000,000
483,000,000
35,000,000
Accepts, and commercial paper bought
Loans on real estate
Other loans
Net demand deposits*
Time deposits
Government deposits
Due from banks
Due to banks
83,000,0001 301.000,000
272,000,000f
514,000,000
36,000,000
1 729,000,000 1,737,000.000 1,431,000,000
383,000.000 382,000,000 373,0(4,000
28,000,000
29,000,000
32,000,000
231,000,000
522,000,000
229,000,000
508,000,000
153.000,000
426,000,000
Borrowings from Federal Reserve Bank_
• Figures subsequent to Aug. 23 1935 include Government deposits.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 91
cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board 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 Aug. 28:
1518
Financial Chronicle
Sept. 7 1935
At the first meeting of the Council on Sept. 4 Anthony
The condition statement of weekly reporting member banks in 91 leading
cities on Aug. 28, issued by the Board of Governors of the Federal Reserve
Eden, representing Great Britain, pledged his country's efSystem,shows a decrease for the week of $81.000,000 in loans on securities
forts in the maintenance of peace. Premier Laval of France
and increases of $9,000,000 in other loans, $38,000,000 in investments and
also sought an amicable adjustment of the dispute within the
in reserve balances with Federal Reserve banks.
$49,000,000
framework of the League. A summary of this meeting, toLoans on securities to brokers and dealers in New York declined $70,000.gether with an outline of the Italian declarations, is given
000 at reporting member banks in the New York district and $71.000,000
below, as contained in part in a Sept.4 dispatch from Geneva
at all reporting member banks; loans to brokers and dealers outside New
to the New York "Times":
York declined $4.000,000; and loans on securities to others declined $12,000,000 in the New York district and $6,000,000 at all reporting member
The Italians are staying here and continuing to discuss. That is a
banks. Holdings,of acceptances and commercial paper bought and real
distinct gain. On the other hand, their position, as stated in a lengthy
the week, while "other loans" increased
estate loans showed little change for
declaration by Baron Pompeo Aloisi, can be described only as uncom$6,000,000 in the New York district, $4,000,000 in the Chicago district
promising.
Reserve Liberty of Action
and $9.000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased $50,They deny the fitness of Ethiopia to take part on equal terms in the
$16,000,000 in the Chicago district and
000.000 in the New York district,
discussion now opening. They make "all reservations" as to their future
$27,000.000 at all reporting member banks, and declined $13,000.000 in
course. But they have not actually demanded the expulsion of Ethiopia
the Boston district, $12,000,000 in the San Francisco district. $8,000.000
from the League, as it had been expected they would. However, Baroa
in the Minneapolis district and $7,000,000 In the Richmond district. HoldAloisi's declaration, a bitter indictment of Ethiopia's action, closed with
guaranteed by the United States Government inings of obligations fully
'this paragraph:
creased $11,000,000, whlle holdings of other securities showed no net
As we are concerned here with vital interests of primordial importance
change for the week.
be
for Italian security and civilization, the Italian Government would its
Licensed member banks formerly included in the condition statement of
falling in its most elementary duties if it did not finally withdraw allfull
with regard to Ethiopia and if it did not reserve to itself
in 101 leading cities, but not now included in the weekly
confidence
member banks
liberty of action, with the view to adopting all measures that prove necesstatement, had total loans and investments of $1,267,000,000 and net
sary for the security of her colonies and for safeguarding her own interests.
demand (including Government) and time deposits of $1,417,000,000 on
• In press conferences in his hotel following the Council session Baron
August 28.
Aloisi was even more uncompromising.
A summary of the principal assets and liabilities of the reporting member
Won't Reply to Ethiopia
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Aug. 28, follows:
"You all heard my declaration on behalf of the Italian Government,"
Increase (+) or Decrease (—)
he said. "It is irrevocable and unchangeable; it is our last position. In
Since
future discussions my part will be passive. I will not reply to Ethiopia,
Aug. 29 1934
21 1935
Aug.
Aug. 28 1935
but, of course, I shall talk with other powers."
$
—34.000,000 +825,000,000
The proceedings began with the presentation by Anthony Eden, of Great
Loans and investments—total__18,533,000,000
Britain of his report on the outcome of the Paris negotiations between
—81,000,000 —348,000,000
2,899,000,000
Loans on securities—total
Britain, France and Italy. The report naturally contained a detailed
statement of the offer made to Italy and mention of its rejection. Baron
To brokers and dealers:
+56,000,000
—71,000,000
778,000,000
Alois' listened with a stony countenance.
In New York
—18,000,000
—4,000,000
152,000.000
Outside New York
Mr. Eden closed by remarking that he understood the French representa—6,000,000 —386,000,000
1,969,000,000
To others
tive agreed with this account. Then he proceeded to make "a few observations on behalf of His Majesty's Government." That Government, said
+1,000,001
297.000,000
Accepts, and com'l paper bought
—1,000.000 —109,000,000
948,000,000
Loans on real estate
Mr. Eden, would do all in its power to insure a peaceful settlement of this
+9,000,000
3.201,000,000
Other loans
dispute. In these post-war years nations had striven laboriously, sincerely
and with some measure of success to create a new order which should spare
+27,000.000 +683.000,000
7,310,000,000
U. S. Govt. direct obligations
mankind the scourge of war, he went on. They had done so because they
Obligations fully guaranteed by the
+11,000.000} +599,000,000
927,000,000
United States Government
had learned the bitter lesson that war was the enemy of progress, he stressed.
2,951,000,000
Other securities
"A new machinery set up by the League covenant is here in Geneva,"
+49.000,000 +997,000,000
Reserve with Fed. Reserve banks__ 4,129,000.000
said Mr. Eden. "It its spirit also is here we cannot tail.
+62,000,000
+9,000.000
305.000,000
Cash in vault
"We all know, we cannot fail to know, and this is not the time to blind
15,952,000,000 +153,000.000 +3,026,000.000
ourselves to the truth, that if in the judgment of the world the League falls
Net demand deposits*
—11,000.000 —123,000,000
4,387,000,000
Time deposits
In this dispute its authority for the future would be grievously shaken and
—4.000.000 —685,000.000
518.000,000
Government deposits
its influence gravely impaired. And collapse of the League and the new
+25,000,000 +330.000,000
1,890,000,000
Due from banks
conception of international order for which it stands would be a world
—5,000,000 +843,000,000
4,575,000,000
Due to banks
calamity."
—5.000,000
from F. It. banks
Borrowings
No Conflict with Italy
•Figures subsequent to Aug. 23 1935, include Government deposits.
In this dispute there is no question of any political or economic conflict
between Britain and Italy, said Mr. Eden. The sole concern of the British
Government. he asserted, was as a member of the League and as a signatory
League Council Seeks to Avert Hostilities Between of the Pact of Paris. Then he added significantly:
Ethiopia and Italy—Meeting at Geneva Protests
"In the position in which we find ourselves to-day the nature of the
from Disputants—Great Britain and France Lead task before the Council is plain. It is our duty to use the machinery oi
the League that lies to our hand. Let us set it to work forthwith. If
in Peace Efforts
obtain the loyal collaboration of the two parties to the dispute then
A final effort to adjust the controversy between Italy and we shall not fail to achieve that peaceful settlement which we so earnestly
we
Ethiopia and to avert open warfare between the two countries desire."
was made this week by the Council of the League of Nations,
Premier Laval, who followed Mr. Eden, stressed France's profound atwhich met on Sept. 4 at Geneva. At the initial meeting of tachment to conciliation under the authority of the League and her conItalian delegate, as- viction that peace might still be found within the framework of the League
the Council Baron Pompeo Aloisi, the
sailed Ethiopian actions in the dispute, and later told news- covenant.
"This means," continued Premier Laval, "that in the accomplishment of
paper men that either Ethiopia or Italy would have to withof the reprethe duty that now fails upon the
draw from the League. On the following day (Sept. 5 sentative of France always will be Council the collaboration believe that
fully assured. I refuse to
Gaston Jeze, one of the Ethiopian delegates, sharply at- this supreme effort is to prove vain and that an equitable settlement Cannot
tacked Italy before the Council. His remarks provoked be reached such as would insure to Italy the satisfaction she can legitimately
such displeasure among the Italian delegates that they left claim without failing to recognize the essential rights of Ethiopian soverthe meeting in a body. Reporting the happenings that day eignty.
"The covenant binds us all. Throughout the world the questions are
United Press accounts from Geneva Sept. 5 said in part:
being asked as to whether this institution will stand the test to which it is
Italy to-night again obstructed the League's conciliation machinery by
submitted to-day. I retain all my confidence in the future. I have alrefusing to permit Great Britain and France to serve on a special commission
ways seen the Council,in the midst of most formidable difficulties, effectivedispute between Italy and Ethiopia.
to consider the
ly discharge its lofty and noble mission.
Baron Pompeo Aloisi, Italian delegate, who was in frequent telephone
"We shall continue our efforts. We shall fulfill our duty, neglecting
communication with Premier Benito Mussolini at Rome, placed a barrier
nothing that may insure a peaceful solution of the dispute which is now
against the two powers which have sought to dissuade Italy 1rom war by
submitted to OUP recommendation. We are all anxious to respect the oboffers of concessions in Ethiopia.
ligations of the cevenant. We all have the will to serve peace."
Italy's stand was revealed shortly before the council was scheduled to
Aloisi's Declaration Bitter
open its second public session on the Italo-Ethioplan question. It caused
In contrast there next came Baron Aloisi's declaration. From its openconsternation among diplomats, who hurriedly conferred, deferring meeting
over an hour until 7:20 p. m.
ing sentence to the close it was a bitter denunciation of Ethiopia and an
Council members had hoped to turn the problem over to a commission
expression of Italy's determination while remaining in the League to take
to-night but Baron Aloisi's ultimatum ended that hope. . . .
her own course in consequence of Ethiopia's actions. His government,
and Ethiopian legal expert, beAs Gaston Jeze, famous French jurist
said Baron Alois', considered that Ethiopia had "systematically and openItaly's charge that Haile Selassie's empire was savgan his defenses against
ly violated all the conventional undertakings which she had assumed" both
age and unfit for League membership, the Italian delegation arose and
toward Italy and the League. That was why it had been impossible for
marched from the chamber.
Italy even to consider the program proposed in Paris, he stressed.
over the galleries. Faces of
Jeze paused. nonplused. A hush spread
The Council,said Baron Aloisi, would find in the Italian memorandum—
the hour of crisis to peace and the whole League strucdiplomats, tense in
a huge document with accompanying photographs, pamphlets and magature, blanched.
zine articles simultaneously circulated to members—irrefutable Proof of
"Has Italy quit the League as she threatened?" everyone asked.
the attitude of Ethiopia as contrasted with the undeserved confidence which
that the withdrawal did not
In a few moments the Italians made it clear
Italy had so long accorded her.
from Geneva. . . .
mean Italy's departure
Reference to the Italian-Ethiopian dispute:was:made in
After Jeze's speech, Guido Rocco, Italian envoy, re-entered the chamber
the "Chronicle" of Aug. 31, page 1360.
and asked Premier Pierre Laval to suspend the session to allow examination of Jeze's speech. Laval declined, with a gesture which to the galleries
appeared almost brusque.
U. S. Petroleum Interests Abandon Ethiopian ConcesHowever, the Council adjourned at 8:20 p. m. for the day, its second
sions Endangering American Neutrality—Secretary
day's effort to deal with the Italo-Ethloplan question again dominated by
Hull Announces Leases Have Been Canceled—
Italy's refusal to accept Ethiopia as an equal.
President Roosevelt Hails Action as End of "Dollar
The original conciliation commission makeup,submitted to Alois'after a
Diplomacy"
meeting of Capt. Anthony Eden, Laval and the League secretariat,was
Britain, France, Poland, Spain and Turkey. However, Alois' refused to
American petroleum interests have agreed to abandon a
tolerate membership of Britain and France.
concession obtained from Ethiopia last week, it was anThe Commission would not be drawn under any specific article of the
nounced on Sept. 3 by Secretary of State Hull, after he had
League covenant although, if unsuccessful, it might report to the Council
conferred in Washington with officials of the Standardwith recommendations.
Volume 141
Financial Chronicle
Vacuum Oil Company. The concession in question was
regarded as endangering the neutrality of the United States
and Great Britain in the dispute between Italy and Ethiopia. President Roosevelt on Sept. 4 said at his press conference that the negotiations which had resulted in the
abandonment of the concession were "another proof that
since March 4 1933 dollar diplomacy is no longer recognized
by the American Government." He added that he had not
been concerned that possession of the oil leases would involve the 'United States in any way in Ethiopian or Italian
problems. The President said that the only danger lay in
the effect of the leases on negotiations at Geneva, and that
withdrawal of the concession was a fine thing because it
cleared the air for those conferences.
United Press advices of Aug. 30 from Addis Ababa described the granting of the concessions as follows,'
Anglo-American interests to-day were granted important oil and mineral
concessions in Ethiopia by Emperor Haile Selassie.
The concession, granting authority to prospect for and exploit oil and
mineral resources, was said to involve a section of Southern Harrar Province
near the Ogaden Desert.
The deal was effected by an Englishman, F. W. Rickett. Rights worth
millions of dollars are involved in the deal made as the Emperor continued
preparations to ready his nation for possible war with Italy.
Negotiations were carried on for eight days in Gebbi Palace, with both
day and night conferences.
At midnight Thursday Rickett was called from bed for a final conference
with the Emperor and his advisors. At its conclusion at dawn the deal
was signed.
Rickett left immediately for London.
Mr. Hull, in his statement on Sept. 3 announcing the
abandonment of the oil concessions, said that the central
point in the United States policy with regard to the ItalianEthiopian controversy is the preservation of peace. The
Secretary's announcement, which was read at a press conference on Sept. 3, was as follows
Mr. George S. Walden and Mr. H. Dundas, Chairman of the Board and
Vice-President, respectively, of the Standard-Vacuum Oil Company.
called on Sept. 3 1935, to make known to the department that their company is the owner and an extensive oil concession granted by the Emperor
of Ethiopia on Aug. 29 last, to the African Exploration and Development
Corp., a subsidiary of the Standard-Vacuum Oil Company, and to seek
the Department's advice on the situation created by the grant.
The officials of the above
-mentioned company were informed that the
granting of this concession had been the cause of great embarrassment, not
only to this government, but to other governments who are making strenuous and sincere efforts for the preservation of peace.
In the circumstances, the company officials were informed of the views
of this government that it was highly desirable that the necessary steps
should be taken at the earliest possible moment to terminate the present
concession.
The Secretary of State was later informed by the above officials of the
company that the company has decided to withdraw from the concession
and is notifying the Emperor to that effect, and giving the following statement to the press:
"G. S. Walden, Chairman of the board of the Standard-Vacuum Oil
Company, Jointly owned by Socony-Vacuum Oil Company and Standard
Oil Company (New Jersey), who has Just returned from Europe, to-day
issued the following explanation of his company's position in the negotiations with the Ethiopian Government relating to the oil concession reported
as having been granted to the African Exploration and Development Corp.
"For more than 20 years the Standard-Vacuum 011 Company and its
predecessor have been engaged in the petroleum business in Ethiopia and
interested in the possibilities of crude petroleum production in Ethiopia,
as well as in other countries in which it is doing business. Early this year
Mr. Francis W. Rickett of London approached us on the possibilities of
negotiating on our behalf a petroleum exploration and development agreement with the Kingdom of Ethiopia.
"After considerable discussion with Mr. Rickett, it seemed probable that
he might be able to secure a concession, whereupon the Standard-Vacuum
Oil Company organized a corporation in Delaware known as the African
Exploration and Development Corp. as a wholly owned subsidiary to acquire such concession when granted.
"On Friday,last, I was informed that an agreement had been signed with
the Kingdom of Ethiopia, though I have not seen a copy of it as executed.
The agreement which Mr. Rickett was authorized to negotiate relates to
the development of crude petroleum production and provides for no payment or loan of money, nor has any been made. The agreement calls for
a geological survey within one year. If this survey indicates the presence of petroleum in such quantities as the African Exploration and Development Corp. should desire to continue to hold the concession, then
it
must begin drilling in five years. Phereafter, in the event petroleum is
discovered in commercial quantities, the operation of the properties
is to
be in accordance with customary development practice. Ethiopia then
would receive a royalty on all petroleum produced.
"This matter was handled in the regular course of business as a private
transaction with Ethiopia, but without consultation with any other government.
"In view of the misleading nature of the news comments in Saturday
morning papers, I felt it necessary to give all the facts to our State Dept.
before issuing any public statement. To-day I have done this, and after
conference with the Secretary of State have decided to advise the Ethiopian
Government of our intention to abandon the concession."
Lloyds Ends Dealings in Lire
From Nice, France, Aug.27 United Press advices published
in the New York "Herald Tribune," said:
Banks to-day were paying only 108 francs for 100 lire, as compared with
124 last week. Lloyds Nice branch was ordered by London to-day to cease
dealing in lire.
Finland Plans Loan to Pay U. S.
From Helsingfors, Finland, Aug. 28, wireless advices to*
the New York "Times," said:
In order to expedite redemption of Finland's outstanding indebtedness
to the United States the Cabinet proposes to launch an internal loan of
300,000,000 marks.
1519
Italian Credit Move Explained
Under date of Sept. 3 United Press advices from Rome
(Italy) said:
In order to eliminate any wrong interpretation of the requisition on
credits in foreign countries as well as conversion of both Italian and foreign
credits issued a`wroad into 5% 9
-year Treasury bonds, the Government
announced to-night that the measure will neither affect foreign bonds
issued in Italy nor provide any obligatory cession of foreign credits and
bonds in the possession of foreign citizens.
The measures proposed by Italy's Minister of Finance
were referred to in these columns last week (page 1360)
in a resume of the Italian-Ethiopian situation.
Italy Held Prepared to Settle Credits—Corporations
Group Announces Nation Will Uphold Its Commercial Tradition
With a view to reassuring foreign exporters incident to
what it terms "misleading statements (in the British press)
of payments under the clearing arrangement with Italy,"
the business and financial report of the Association of
Italian Corporations declares that "the scrupulous respect
of commercial obligations is a fine Italian tradition, and
the country is determined at all costs to settle the 'frozen
commercial credits' which have been accumulating recently and to prevent their recurrence." The New York
"Times" of Sept. 1, from which the foregoing is taken,
went on to say:
The report has been issued in this country through the Commercial
Attache of the Italian Embassy.
Admitting that "the agreement with Great Britain is not working
satisfactorily," the report says that under the clearing arrangement adopted
to insure the regular supply of the sterling-lira exchange required for
settlement of the reciprocal trade accounts, it is "compulsory on all Italian
traders to make their sterling credits and deposit the lira value of their
purchase with the Bank of Italy."
No such obligation exists in Great Britain, the summary contends, and
"as a result the sterling exchange required to effect the transfers is not
forthcoming to the extent required. If this situation is not prcmptly
remedied it will become essential, in the interest of both countries, to
make the arrangement compulsory in Great Britain as well."
In attacking the British press for its attitude, the report holds that
"while the outstanding Italian liability for goods and shipping service
figures as an unsettled arrear, no account is taken of any outstanding
balance due from British importers to Italian exporters and shippers."
Incidentally, it may be observed, press advices from
London Aug. 27 reported:
Financial newspapers said to-night all British banks have asked their
Italian customers not to utilize credits hitherto available. The move was
not instigated by the Government. It was designed solely to avoid a
possible Italian standstill credit decree.
Secretary Hull Declares Anew That Soviet Russian
Government Repudiates Pledges to Prevent AntiAmerican Activities Against United States by
Communist International
Supplementing the diplomatic communications which have
passed between the United States and the Soviet Russian
Government on alleged violations by the latter of a pledge
to prevent anti-American activities against the United States
by the Communist International, Secretary of State Hull
made public at Washington on Aug. 31 a statement as to
the attitude of this country.
In his statement Secretary Hull warns that relations between this country and Russia will be "seriously impaired"
if the Soviet continues what this Government regards as a
violation of its promise to prevent efforts from its territory
to overthrow the social and political structure of this country.
Mr. Hull's formal statement was a sequel to a protest which
had been delivered to the Soviet Union by Ambassador
Bullitt, and the Soviet reply disclaiming any responsibility
for the acts complained of. The protest and official reply
were described in the "Chronicle" of Aug. 31, pages 1360
and 1361.
Mr. Hull said that on the "attitude and action of the
Soviet" would depend whether relations are to be impaired
"and co-operative opportunities for vast good to be destroyed."
Among the results of the controversy with the Soviet was
further delay in plans for spending $1,100,000 to build an
American embassy in Moscow, and it was believed in Washington that no such expenditure would be made until the
position of the Soviet Union is further clarified. It was not
anticipated, however, that any formal reply would be made
to Mr. Hull's statement of Aug. 31. A Washington dispatch of Aug. 31 to the New York "Times" aiscussed the
statement as follows:
To-day's statement, which obviously has not the official character that
a note addressed to the Soviet Government would have, was interpreted as
a move to give the Russians another opportunity to reconsider their position as expressed in the reply of last Tuesday (Aug. 27).
The Russian reply was carefully studied for four days, Mr. Roosevelt
himself taking as much of a hand in the proceedings as his manifold activities in preparation for leaving for Hyde Park would permit. There is
no question that the final action had his complete approval.
In addition to the Russian experts of the State Department, Mr. Hull
called into consultation during the past two days Dr. Stanley Hornbeck.
chief of the Division of Far Eastern Affairs.
Secretary Hull's statement of Aug. 31 follows:
In connection with the protest lodged by Ambassador Bullitt against
the violation by the Soviet Government of its pledge of Nov. 16
1933,
with regard to non-interference in the internal affairs of the United
States
1520
Financial Chronicle
and the reply of the Soviet Government thereto, the Secretary of State
to-day made the following statement:
The recent note of this Government to the Government of the Soviet
Union and the reply of that Government raises the issue whether that
Government, in disregard of an express agreement entered into at the time
of recognition in 1933, will permit organizations or groups operating on its
territory to plan and direct movements contemplating the overthrow of
the political or social order of the United States.
For 16 years this Government withheld recognition—as did many other
governments—mainly for the reason that the Soviet Government had failed
to respect the right of this Nation to maintain its own political and social
order without interference by organizations conducting in or from Soviet
territory activities directed against our institutions.
In 1933 this Government, observing the serious effects upon peace
and prosperity of the many partial or dislocated international relationships
throughout the world, took up anew the question whether the United
States and the Soviet Union, two of the largest nations, could not find a
way to establish more natural and normal relations, which would afford
a basis for genuine friendship and collaboration to promote peace and
improve material conditions both at home and abroad.
After various stipulations in writing had first been carefully drafted and
agreed upon by representatives of the two governments, recognition was
accorded to the Government of the Soviet Union by this Government, in
November 1933. One of the most important provisions of the agreement
thus reached was the pledge of the Soviet Government to respect the right
of the United States "to order its own life within its own jurisdiction in its
own way and to refrain from interfering in any manner in the internal
affairs of the United States, its territories or possessions."
The essence of this pledge was the obligation assumed by the Soviet
'Government not to permit persons or groups on its territory to engage in
efforts or movements directed toward the overthrow of our institutions.
The representative of the Soviet Government declared in writing that
"Coincident with the establishment of diplomatic relations between
our two governments, it will be the fixed policy of the Government of the
Union of Soviet Socialist Republics: . . .
"4. Not to permit the formation or residence on its territory of any
organization or group—and to prevent the activity on its territory of any
organization or group, or of representatives of officials of any organization
or group—which has as an aim the overthrow or the preparation for the
overthrow of, or the bringing about by force of a change in the political
or social order of the whole or any part of the United States, its territories
or possessions."
The language of the above-quoted paragraph irrefutably covers activities
of the Communist International, which was then, and still is, the outstanding world Communist organization, with headquarters at Moscow.
In its reply of Aug. 27 1935 to this Government's note of Aug. 25 1935,
the Soviet Government almost in so many words repudiates the pledge
which it gave at the time of recognition that "it will be the fixed policy of
the Government of the Union of Soviet Socialist Republics . . . not
to permit . . . and to prevent" the very activities against which
this Government has complained and protested.
Not for a moment denying or questioning the fact of Communist International activities on Soviet territory involving interference in the internal
affairs of the United States, the Soviet Government denies having made
.
and to prevent" such activities of
any promise "not to permit
that organization on Soviet territory, asserting that it "has not taken upon
regard to the Communist International."
Itself obligations of any kind with
That the language of the pledge as set out above, is absolutely clear
and in no way ambiguous, and that there has been a clean-cut disregard and
disavowal of the pledge by the Soviet Government is obvious.
The American Government. having previously made oral complaints
of failure by the Soviet Government to carry out its pledge and being
deeply concerned over the growing instability of international relations and
the dangerous consequences thereof to peace and economic recovery,sought
most earnestly in its note of Aug.25 to impress upon the Soviet Government
the sanctity of its pledge, to the end that there might be between the two
nations continued development offriendly and official relations and valuable
collaboration in many beneficial ways. When in its reply the Soviet
Government indicated an intention entirely to disregard its promise "to
prevent" such activities as those complained of it struck a severe blow at
the fabric of friendly relations between the two countries.
To summarize, in view of the plain language of the pledge, it is not
possible for the Soviet Government to disclaim its obligation to prevent
activities on its territory directed toward overthrowing the political or
social order in the United States. And that Government does not and cannot disclaim responsibility on the ground of inability to carry out the
pledge, for its authority within its territorial limits is supreme and its
power to control the'acts and utterances of organizations and individuals
within those limits is absolute.
It remains to be seen to what extent the intention indicated by the
Soviet Government's reply, which is directly contrary to "the fixed policy"
declared in its pledge, will be carried into effect. If the Soviet Government
pursues a policy of permitting activities on its territory involving interference in the internal affairs of the United States instead of "preventing"
such activities as its written pledge provides, the friendly and official
relations between the two countries cannot but be seriously impaired.
Whether such relations between these two great countries are thus unfortunately to be impaired and co-operative opportunities for vast good to be
destroyed will depend upon the attitude and action of the Soviet Government,
Press Censorship Void in Argentina—Attorney-General
Rules Against Law Requiring Foreign Writers to
Post Bonds
A ruling in which it is held that the Argentine Government
cannot constitutionally put.press associations or newspaper
correspondents under bond or establish censorhsip of news,
has been handed down by the Attorney-General, it is learned
from Buenos Aires advices Aug.20 to the New York "Times,"
which had the following to say regarding the ruling:
His ruling kills the Government's decree of July 13 requiring correspondents to put up large cash bonds and to keep copies of all dispatches
sent,so that these might be examined by postoffice inspectors to determine
whether they were of a nature to stir up public opinion or discredit the
country.
The Attorney-General ruled the Government had no power to punish
correspondents who sent false or exaggerated news unless it was of such a
nature as to constitute a crime under the penal code. In such case, the
offender would be punishable by the courts, not by the executive branch.
Scores of newspapers and institutions had called on the Government to
withdraw its decree. Newspaper correspondents held several meetings
of protest and sent a committee with a formal protest to President Augustin
P. Justo. The New York "Times" and "The Times" of London an-
Sept. 7 1935
nounced they would not maintain correspondents under bond. The New
York "Times" prepared to move its South American headquarters to
Montevideo, Uruguay. At least one press association announced it would
not send any news from Argentina as long as the decree was enforced. I
As a result, Minister of the Interior Leopoldo Melo delayed putting the
decree into effect and sent it to the Attorney-General for a ruling.
That ruling, however, does not affect the secret censorship the postal
authorities maintain in cable and radio offices. Counter clerks are compelled to act as censors with imperative orders to refuse transmission to any
dispatch "detrimental to the country." This phrase has sometimes been
Interpreted as prohibiting the transmission of unfavorable market news.
The sender is not informed that his dispatch has been held mi.
The censorship established by Argentina on outgoing news
was referred to in our July 27 issue, page 516.
Spanish Bond Conversion
Madrid advices (United Press) Sept. 6 said:
rhe 305,000,000 peseta ($41,693.000) 6% gold bond conversion
to 4%
funds was consummated successfully, the Ministry of Finance announced
•
to-day.
Foreign bondholders owned 42,000,000 pesetas ($5,741,000) worth of the
bonds, the Ministry said, but demands for reimbursement in gold or foreign
currency came from interests holding only 26.000,000 pesetas ($3,554,000)
•
worth of the issue.
The percentage of Spanish bondholders who asked for cash payment
was "insignificant," according to the announcement.
To-morrow the Government will effect conversion of the 99,000.000
Peseta ($13,353,000) 5% amortizable debt into 4% obligations. Only
46,000,000 pesetas ($6,288,000) of this issue may be demanded in cash.
Bank of Canton, Hong Kong, Closes—Files Petition
of Liquidation—Another Institution Limits Withdrawals
In United Press advices from Hong Kong,China, Sept. 4,
it was reported that the Bank of Canton had closed its doors
that day because of a run reported to be due to reduced
remittances to the bank from overseas. Soon afterward,
the advices also said, the National Commercial & Savings
Bank, also suffering a run, restricted withdrawal of savings
accounts to 20% at 10-day intervals.
On the following day (Sept. 5) the Bank of Canton filed
a petition of liquidation, according to Associated Press•
advices that day from Hong Kong, which added:
The court appointed a chartered accountant as special manager, while
the court registrar becomes temporary liquidator pending a hearing on the
petition.
The suspension of the bank created much nervousness among the Chinese
who are operating other Chinese banks. Foreign banks have not been
affected.
Observers discounted the danger of a general collapse, pointing out there
always is a glut of money here due to invisible exports—tourists' expenditures and the like—although these recently have shrunk.
While certain banks attribute the difficulties to the general depression
and to the decline of remittances from Chinese abroad, experts generally
expressed the opinion that the real reason for the embarrassment is losses
In exchange speculation consequent upon the uncertainties of America's
silver-buying policy.
Yokohama Specie Bank, Ltd.(Japan),to Open Branches
in Central American Countries
A cablegram to the New York "Times"from San Salvador,
El Salvador, Sept. 4 had the following to say:
The Yokohama Specie Dank. Ltd. (Japan), will establish agencies and
branches in Central American countries, according to reports received here.
This move is attributed to Japan's rapidly growing export business to
Latin America and a desire to increase and facilitate commercial exchange.
It is understood the first branch will be established at San Jose, Costa Rica.
Bondholders Committee Requests Cuba to Set Up
Trust Fund to Pay Defaulted Interest on Public
Works Bonds—Senator Nye, Chairman, Returns
to United States
A request that the Cuban Government set aside in a trust
fund a sufficient amount to pay interest in default and accruing on $40,000,000 of Cuban public works bonds during
the current fiscal year has been made to President Carlos
Mendieta by a bondholders committee representing American investors, according to a statement issued in Havana
Aug. 31, by that committee, it was stated in a cablegram
from that place to the New York "Times" of Sept. 1. The
letter delivered to the Cuban Chief Executive was signed by
Senator Gerald P. Nye, chairman, before his departure for
the United States Aug. 30, the advices said. The bondholders committee arrived in Havana Aug. 28 to negotiate
toward a settlement of the defaulted interest. On Aug. 29
President Mendieta told the committee that the present
Cuban Government would take no action with respect to
the defaulted interest but would leave the matter to the
next Government. Reference to this was made in our
columns of Aug. 31, page 1361.
From the cablegram advices of Aug. 31 to the New York
"Times," we also take the following regarding the letter
sent that day to President Mendieta:
The counsel of the committee pointed out that delay in payment of
Interest on these bonds would seriously injure Cuba's credit abroad and
would bring untold hardship on many small investors throughout the
United States. He asked the Government to set aside $6,600.000 out of
the more than $10,000,000 which the Government expects to receive from
taxes this year for this purpose and which Is now being diverted into general
Treasury funds.
The letter declared:
In view of your assurance to the United States to-day that Cuba firmly
intends to pay all its rightful debts, we now ask you to afford American
Volume 141
Financial Chronicle
investors in public works bonds a minimum of protection to which they are
by right entitled and that your Government place the money pledged from
the special public worksfunds in a separate trust account to be held inviolate
until the payment of interest due on these bonds is officially resolved by
the constitutional Government to be elected next December.
Argentine Court Rules That Holders of Defaulted
Bonds Must Sue Bankers of United States Rather
,Than Province—Supreme Court Says Buyers of
Securities Give Power of Attorney to the Bankers
In a cablegram under date of Sept. 4 from its Buenos
Aires correspondent, the New York "Times" reports that
the Argentine Supreme Court has ,ruled that holders of
defaulted provincial bonds must sue United States bankers
for redress rather than the province which issued the bonds
and then defaulted.
•
The cablegram to the "Times" goes on to say:
It is customary for South American National and Provincial Governments • to appoint a United States bank as its fiscal agent for each loan
floated in the United States. Although this appointment is made by the
Government issuing the loan the Supreme Court rules that these bankers
are the sole legal agents of the bondholders and that the purchase of a bond
constitutes a power of attorney to the bankers to represent the bondholder.
The purchaser of a bond having thus issued a power of attorney to the
bankers, he cannot bring suit In his own name.
$10,000,000 Loan Involved
The ruling was made in a suit brought against the Province of Santa Fe
by the holder of a $1,000 bond of a $10,000,000 loan floated in New York
in 1925 by White. Weld & Co. The Chatham Phenix National Bank &
Trust Co. was appointed fiscal agent by the k rovince of Santa Fe. According to the contract between the Province and the Chatham Bank the latter
could at any time initiate any negotiations with the Province in the name of
any or all of the bondholders.
Attorneys for the Province established the defense that any action
must be brought by the Chatham Bank as fiscal agents or the bondholders
would be acting at cross-purposes as in the present instance where one
bondholder is suing the Province while the Chatham Bank is negotiating
with the provincial government on other matters in a friendly manner.
The Supreme Court upheld this defense.
The loan was guaranteed by revenues from toe provincial tax on tobacco
and alcoholic beverages. The Province agreed to deposit these revenues
weekly with the Bank of the Nation for the payment of coupons,
The bondholder w ho brought the suit charged that no deposits had been
made and that the pledged revenues had been spent for other purposes.
The Court ruled that the complaining bondholder had failed to show that
the Chatham Bank had refused to request payments from the Province
in the name of the bondholders and that until the bondholders had proved
the bank had refused to make such a request they were hot relieved from
the power of attorney which was granted to the bank by the purchase of a
bond in which the bank was named fiscal agent.
Redress May Be Blocked
According to this ruling, as long as United States bankers who float
loans can prove they have made periodical perfunctory requests to the
defaulting governments that they make interest payments the bondholders
cannot bring suit. If the bankers, seeking further business with the governments. are not inclined to push the bondholders' claims for fear of losing
future business the bondholders have no redress.
The Argentine Supreme Court holds that the power of attorney granted
to the lending Government's fiscal agent by the bondholders when they
purchase bonds is irrevocable.
As to the loan the "Times" said:
$7.412,000 Is Outstanding
The Chatham Phenix National Bank & Trust Co. was absorbed in February 1932 by the Manufacturers '1 rust Co., and the latter succeeded the
Chatham Phenix as fiscal agent of the Province of Santa Fe7% loan of 1942.
The loan, which was originally marketed here in the amount of $10,188.000 in June 1935 by White, Weld & Co. and Dillon, Read & Co., is at
present outstanding in the amount of $7,412,000. The loan went into
default as to principal and interest on Sept. 1 1932.
On June 6 1934 the Province announced an offer to resume service
payments on the bonds on an adjusted basis, involving the reduction of
interest coupons due Sept. 1 1934 to March 1 1939, inclusive. from 7%
to 4%.
The matured unpaid interest, from Sept. 1 1932 to March 1 1934, was
to be reduced to 5%% and to be satisfied by adding the aggregate amount
thereof to the principal of the bonds, without increasing the amount of
interest to be paid on the bonds. The plan was not conditioned upon the
assent of any specified percentage of bondholders.
Brazil's Finance Minister Indicates Intention to Continue Payments on Debts Abroad
The intention of the Brazilian Government to continue
paying as long as possible the services due monthly and
fortnightly on all Federal, State and municipal debts abroad
was indicated on Aug. 26 by Finance Minister Arthur de
Souza Costa in denying repeated statements by Opposition
leaders and newspapers that suspension must come soon.
The views voiced by the Finance Minister were made known
in Associated Press accounts from Rio de Janeiro Aug. 26,
in which it was also stated:
Payments in dollars, pounds sterling, gold and paper francs and florins
are Involved, totaling for 1935 about $39,500,000, about half to holders
of bonds sold through American bankers.
Although the Finance Minister would not say whether the present
scheme of payments, in force until 1937, would be carried out to the end,
Valentine F. Boucas, Technical Secretary for the Commission on State
and Municipal Debts, said:
"It may be said certainly that there will be no suspension this year."
The present scheme was planned and put Into operation by Ambassador
Oswald() Aranha, now in Washington, who was Minsiter of Finance until
May of last year. It is understood he has written to Mr. Costa insisting
the payments be continued, despite opinions to the contrary.
Forecasters and advocates of suspension argue that Brazil's trade balance
is becoming smaller day by day. How can the foreign commitments be
paid, they ask, when the balance may not reach £5,000,000 for 1935 and
the commitments are well over £20000000.
Against suspension is reliably reported to be Foreign Minister Jose Carlos
de Macedo Soares. who caused a reversal of policy last January after a
decision to suspend had caused repercussions abroad considered unfavorable.
1521
Balanced Budget for Peru Proposed In 1936 Estimates
to Congress—Plans for Resumption of Service on
Foreign Debt
A balanced budget for 1936, including provision for
resumption of foreign debt payments, was sent to the
Peruvian Congress for its consideration on Sept. 3 by the
Finance Minister. The budget, which, according to United
Press advices from Lima, is the highest ever planned for
Peru, is expected to show a surplus of 2,500,000 soles ($732,
500). Receipts are estimated at 139,026,747 soles ($40,734,836), 5,000,000 soles ($1,465,000) more than 1935
receipts.
From the same advices (United Press) we quote:
"If, as is hoped, Peru continues to enjoy internal and external peace, the
estimated increase in receipts will not be exaggerated," the Minister said.
Although provision is made for resumption of servicsi on the foreign
debt, defaulted in 1930, no amount for the payments is mentioned.
Asserting that no blame can be attached to this country's action in defaulting on the payments,"because the first necessity of any country is to
live," the Finance Minister said that as soon as recovery symptoms begin to
appear the Peruvian Government will deem it its duty and honor to resume
payments.
"We have started to come out of the crisis," he added,"but our currency
has dropped to half its value in relation to the dollar and the pound sterling
quotations of 1929."
Mention of possible resumption of debt payments in the budget is believed the first formal step taken by the Government to renew service on
the external debt. It is also reported that Richard Madueno, a high
Finance Ministry official, left for New York recently to negotiate a plan
with representatives of the bondholders.
Service will be resumed, how ever, "only within the economic power of
the country." according to the Finance Minister.
Peru Bond Issue Asked—Increase of 1930 Authorization
to 33,000,000 Soles Sought
A cablegram from Lima, Peru, Aug. 19, to the New York
"Times" stated that Minister of Finance Carlos Concha has
submitted to Congress a bill authorizing the Government to
increase to 33,000,000 soles the 18,000,000-sole bond issue
authorized in February 1930,for consolidation of the internal
debt. The cablegram also had the.following to say:
He states that the new issue would settle all credits pending from 1934
and that in the 1936 budget a special account would be opened to Pay
interest at 6% and 2% amortization as authorized under the legislation.
A special assignment set aside for payment of credits due for public
works would be repealed. In the 1935 budget the sum of 7,277,844 soles
was set aside for the service of the internal debt, he declared.
Tenders of Argentine 6% Gold Bonds, Due Oct. 1 1959,
and 6% Gold Bonds of Public Works Loan of 1926
for Purchase for Sinking Fund—$297,815 to Be
Available for Former Issue and $160,620 for Latter
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine Nation external sinking fund 6% gold
bonds, due Oct. 1 1959, that $297,815 will be available on
or before Oct. 1 1935, for the purchase for the sinking fund
of so many of these bonds as shall be tendered and accepted
for purchase at prices below par. The bankers are also
notifying holders of Argentine Government Loan 1926 external sinking fund 6% gold bonds, Public Works issue of
Oct. 1 1926, due Oct. 1 1960, that $160,620 will be available
on or before Oct. 1 1935, for the purchase for the sinking
fund of so many of these bonds as shall be tendered and
accepted for purchase at prices below par. The notice from
the bankers, it is stated, follows receipt of word from the
Argentine Ambassador that $297,090 will be paid into the
sinking fund on or before Oct. 1 in the instance of the former
issue, and $159,965 in the case of the latter issue. The
difference between the amounts to be placed in the sinking
funds and that announced as being available on Oct. 1, an
announcement issued in the matter Sept. 3 said, represents
unexpended moneys in the funds.
Tenders to both issues, it is stated, should be made to the
fiscal agents at a flat price, below par, before 3 p.m. Oct. 3.
Should tenders so accepted be insufficient to exhaust the
available moneys in either instance, additional purchases
upon tender, below par, may be made up to Dec. 30.
Sept. 1 Interest on 7% External Sinking Fund Loan
Due 1947 of Pernambuco (Brazil) to Be, Paid at
Rate of $7 per $35 Coupon—Rules by New York
Stock Exchange on Bonds
Funds have been remitted to White, Weld & Co., special
agent, for the payment of the Sept. 1 1935 coupons appertaining to the 7% external sinking fund loan .due March 1
1947 of the State of Pernambuco (United States of Brazil).
Such coupons will accordingly be paid on and after Sept. 4
1935, at the rate of $7 per $35 coupon at the offices of White,
Weld & Co., 40 Wall St., New York.
Rulings on the bonds by the New York Stock Exchange
were issued as follows on Sept. 4 by Ashbel Green, Secretary
of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
Sept. 4 1935 11
Notice having been received that payment of $7 per $1,000 bond will be
made on Sept. 4 1935 on surrender of the coupon due Sept. 1 1935 from
State of Pernambuco 7% External Secured Sinking Fund Gold Bonds due
1947.
The Committee on Securities rules that transactions made on and after
Sept. 5 1935 shall be settled by delivery of bonds bearing only the Sept. 1
Financial Chronicle
1522
1931 to March 1 1934, inclusive (ex Sept. 1 1934 to Sept. 11935. inclusive).
March 1 1936 and subsequent coupons; and
That bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
Funds Received for Payment of 223.4% of Sept. 1 Coupons on San Paulo (Brazil) 7% Gold Bonds External Water Works Loan of 1926—Rulings on
Bonds by New York Stock Exchange
Speyer & Co. and J. Henry Schroder Banking Corp., as
special agents for the State of San Paulo (Brazil) 7% secured
sinking fund gold bonds external water works loan of 1926,
announced Sept. 4 that, pursuant to the terms of Decree
No. 23,829 of the Chief of the Provisional Government of
the United States of Brazil, funds have been deposited with
them sufficient to pay 223 % of the face amount of the
Sept. 1 1935 coupons of the above loan. The announcement
continued:
II Acceptance of such payment is optional with holders of the above bonds
and coupons, but, if accepted by them, must be accepted in full payment
ofsuch coupons and of the claims for interest represented thereby. Coupon
holders will receive $7.875 per $35 coupon and $3.9375 per $17.50 coupon,
upon surrender of coupons for cancellation accompanied by appropriate
letter of transmittal, at the office of either of the special agents.
The New York Stock Exchange issued on Sept. 3, through
its Secretary Ashbel Green, the following rulings on the
bonds:
• NEW YORK STOCK EXCHANGE
Committee on Securities
Sept. 3 1935
Notice having been received that payment of $7.875 per $1,000 bond
will be made on Sept. 4 1935, on surrender of the coupon due Sept. 1 1935,
from State of San Paulo 7% secured sinking fund bonds external water
works loan of 1926, due 1956:
The Committee on Securities rules that transactions made on and after
Sept. 4 1935, shall be settled by delivery of bonds bearing only the March
1 1932 ($29 paid), to March 1 1934, inclusive (ex-Sept. 1 1934 to Sept. 1
1935, inclusive), March 1 1936. and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
Partial Payment to Be Made on Sept. 1 Coupons on
Two 63/27 Bond Issues of State of Minas Geraes
0
(Brazil)—New York Stock Exchange Rules on
Bonds
Funds have been deposited with The National City Bank
of New York, special agent, sufficient to make a payment
of 2254% of the face amount of coupons due Sept. 1 1935 on
the State of Minas Geraes (United States of Brazil) 6M%
secured sinking fund gold bonds of 1928, due March 1 1958
and secured external gold loan of 1929 series A 634% bonds
due Sept. 1 1959, amounting to $7.3125 for each $32.50
coupon and $3.65625 for each $16.25 coupon. Holders may
obtain payment of these amounts upon presentation of their
coupons at the office of the bank,55 Wall Street, New York.
Ashbel Green, Secretary of the New York Stock Exchange, issued the following announcements on Sept. 6
of rulings by the Exchange affecting the above bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
Sept. 7 1935
would have had great difficulty in obtaining an effective statement by the
time previously prescribed. In order to obviate any inconvenience on
that score the Commission had consequently taken the above action, so
that there could be no possible difficulty in filing.
For the same reasons the Commission has granted a similar extension
as to foreign corporate issuers, for which registration would otherwise
have had to be effective on Dec. 311935.
The Commission advised that in case any question sh8uld arise in the
minds of any parties interested as to what information was required, it
hoped that they would address themselves to the Commission, which would
gladly furnish any explanations or clarifications which would be necessary.
The extension was granted by the SEC after a conference
in Washington with Charles R. Gay, President of the New
York Stock Exchange, and Frank Altschul, Chairman of the
Committee on Stock List of the Exchange. As to this
conference Washington advices, Aug. 29, to the New York
"Times" of Aug. 30, stated:
The Stock Exchange officials came here to advise such action, stating
that the former deadline. Dec. 31, did not permit the Governments time to
comply with the requirements in the registration form. The delay, it was
indicated, also would give the foreign issuers an opportunity, if they so
desire, to consult with the commission concerning the exact nature of the
information required.
Mr. Gay estimated that the listed value of bonds of foreign governments
and their subdivisions now enjoying temporary registration on the Stock
Exchange was approximately $4,500,000,000.
Gay Explains Visit
Mr. Gay said the only subject that he and Mr. Altschul discussed with
the Commission was the necessity for an extension but agreed that it would
give the representatives of the foreign issuers ample time to negotiate with
the Commission if they felt that necessary.
The Stock Exchange acted, he added, to protect the interests of American owners of foreign bonds now listed on the Exchange. He explained
that while Dec. 31 was the deadline, it would have been necessary for the
foreign issuers to have their applications in the hands of the Stock Exchange
by Nov. 15, so that they could be certified to the SEC and that body given
an opportunity to determine whether the requirements for permanent
registration had been met.
Mr. Gay said that he did not take up with the SEC the question whether
the registration form was too severe and should be modified. "All we
wanted to do," he said, "was to point out that Nov. 15 was a very short
time within which to meet the requirements."
Joseph P. Kennedy, Chairman of the SEC, said that no protests had
been received from any foreign government by the SEC concerning the
form. He agreed that it required more information than the Stock Exchange's rules did when the bonds were listed, but expressed the hope and
belief that the foreign governments would find it possible to comply.
Holders of 7% External Loan Gold Bonds of Bremen
(Germany) Offered Two Alternatives for Amounts
Due Sept. 1 in View of Embargo on Transfer of
Funds from Germany
The State of Bremen (Germany) is notifying holders of its
10-year 7% external loan gold bonds that, in view of the
embargo on transfer of funds from Germany preventing it
from placing at the disposal of bondholders in New York
in dollars amounts due Sept. 1 1935, it is offering holders two
alternatives. The State offers, it is announced, either to
extend the maturity of the bonds to Sept. 1 1940, reducing
the interest rate to 6%, or to make repayment in "blocked"
Reichsmarks, the only medium of payment now permitted.
Empire Trust Co. 120 Broadway,New York,is subdepositary
under the offer.
Sept. 6 1935
Notice having been received that payment of $7.3'25 per $1,000 bond is
Functions of Securities Markets Outlined by Charles
now being made on surrender of the coupon due Sept. 1 1935 from State
R. Gay—Head of N. Y. Stock Exchange Says Its
external sinking fund gold bonds of 1928,
of Minas Geraes 5 % secured
Securities Represent More Than One-Quarter of
due 1958:
All Wealth in United States
The Committee on Securities rules that transactions made on and after
The value of the securities listed on the New York Stock
Sept.9 1935 shall be settled by delivery of bonds bearing only the March 1
Exchange approximates $75,000,000,000, or more than one1932 ($6.56 paid) to March 1 1934, inclusive (ex Sept. 1 1934 to Sept. 1
1935. inclusive), March 1 1936 and subsequent coupons; and
quarter of the total wealth of the United States, Charles R.
That the bonds shall continue to be dealt in "Flat."
Gay, President of the Exchange, said at the opening session
Sept. 6 1935
of the fall term of the Stock Exchange Institute on Sept. 5.
that payment of $7.3125 per $1,000 bond is
Notice having been received
Speaking on "The Need for Stock Exchanges," Mr. Gay
'
nowibeing made on surrender of the coupon due Sept. 1935 from State
stressed the fact that the Exchange neither buys nor sells
of Minas Geraes secured external gold loan of 1929, series A,6M% bonds,
securities and does not "make" prices, nor put them up or
due 1959:
down. Paraphrasing Article I of the Constitution of the
The Committee on Securities rules that transactions made on and after
Sept.9 1935 shall be settled by delivery of bonds bearing only the March 1
New York Stock Exchange, he said:
1932 ($6.56 paid) to March 1 1934 inclusive (ex Sept. 1 1934 to Sept. 1
Its objects shall be to provide a free and open market for the purchase
1935, inclusive), March 1 1936, and subsequent coupons; and
and sale of securities by financial institutions, business organizations, gov; That the bonds shall continue to be dealt in "Flat."
- ernmental bodies, and individuals: to supply the public with a gauge or
ASHBEL GREEN, Secretary.
supply and demand through daily quotations on such securities for its
guidance in buying and selling: to add the value of marketability to such
as collateral
for the beneSEC Extends Registration Date for Foreign Bonds— securities; to increase their acceptabilitypublic with for loansassurances of
to provide the
practical
Government and Corporate Issuers Given Until fit of their owners; and responsibilities of their agents in such transactions.
financial and moral
the
March 31 1936—Extension Follows Conference with
*Officials of New York Stock Exchange
Issuers of foreign government and foreign corporate bonds
were granted addition time on Aug. 30 until March 31 1936
to register their securities under the Securities Exchange Act
of 1934. Previously the time was fixed at Dec. 31 1935.
The change was made by an amendment to Rule AN7.
An announcement issued Aug. 30 by the Securities and
Exchange Commission incident to the granting of the additional time, follows:
The SEC announced to-day the granting of an extension until March 31
1936, for the registration of the bonds of foreign governments and political
subdivisions, which had been temporarily registered.
By virtue of the above action applications for the registration of such
securities should be filed in such time as to become effective by March 31
1936. Except for such extension, the registration of such securities would
have had to become effective by Dec. 31 1935.
lb Since communications In regard to filings necessarily must be made in
large part by mail certain issuers. due to the distance from this country,
Success in the business of security trading, Mr. Gay said,
demands industry, study and willingness to learn. Discussing the part which the Exchange has played in the "building of the Nation," he asserted that the development of
industries and inventions has been made possible through the
agencies of the free and open markets upon which the securities of new enterprises have been traded.
The New York Stock Exchange, Mr. Gay continued, has
increased the facilities for the transaction of the business
of its members until it has reached a higher state of efficiency
than any other exchange in the world. He added, in part:
This, however, has not been all that has been accomplished. Along
with this ever-increasing efficiency has gone something much more important, more fundamental. This has been the realization over all these years
that the Exchange must, in every conceivable way, safeguard the interests
of that public from which it derives its franchise. It has been alive to this
obligation and has, by constant addition of rules and standards of conduct,
imposed upon its members the obligation that their business must. in very
Volume 141
Financial Chronicle
truth, be governed by "just and equitable principles of trade." It is our
pride that no such standard of business ethics has ever been conceived by
any other business or profession; it is also our pride that our members realize
this obligation.
SEC Conducts Hearings on Reorganization of Cuba
Cane Sugar Corp.
-Investigation Follows Congressional Authorization for Study of Protective Committee Methods
The Securities and Exchange Commission continued hearings in New York City last week on the reorganization of
the Cuba Cane Sugar Corporation and the Cuban Cane
Products Company, following an inquiry which had been
opened in Washington on Aug. 20. The hearings were held
after similar studies of reorganizations conaucted by the
Protective Committee Division of the SEC,and are designed
to lay the foundation for possible legislation on corporate
reorganization. The principal witness at the several hearings was Charles Hayden. of Hayden, Stone & Co., and
former Chairman of the company.
Hearings were the result of a Congressional authorization
for the Commission to investigate protective and reorganization committees and report back its findings, together with
recommendations, by Jan. 3 1936. A Washington dispatch
of Aug. 20 to the "Wall Street Journal" summarized testimony at the opening hearing as follows:
Mr. Hayden and Manuel Blonds, New York sugar broker,
outlined the
original capitalization of the company and
its subsequent security issues,
together with the story of its affiliations with banks through
directorships.
Considerable emphasis was placed by commissio examiners
n
on a bank
"rescue" loan of $10,000,000 in 1921, to which
the large part of the debenture issue was subordinated by vote of holders, regardless
of a negative
covenant in the original indenture forbidding
the placing of any lien ahead
of the issue except for the purchase of new properties
.
The witnesses were questioned as to whether
the covenant was violated
either technically or in spirit when a subsequen
t issue of $10,000.000 of
mortgage bonds by the subsidiary Eastern
Cuba Sugar Corp. WM Placed
ahead of the debenture issue and used in
part to pay for transfer ot property
already owned by another wholly-controlled
subsidiary of the Cuba Cane
Company. Attorneys for the company
claimed that the covenant was
not technically violated.
The final hearing in Washington was describe
follows in a dispatch of Aug. 27 from that city d in part as
to the New
York "Herald Tribune":
Charles Hayden, head of the New York
Stock Exchange firm of Hayden.
Stone & Co.. testifying to-day before
the Securities and Exchange Commission on the reorganization of the
Cuban Cane Products Company, Inc.,
now the Atlantic Gulf Sugar Company,
declared in favor of a Federal law
which would require members of reorganiza
tion and protective committees
to announce their holdings of securities of the company,
together with additional statements of purchases and sales
during the period that the committees are in operation. He also indicated
that he might favor turning
over profits made in security transactions
by committee members during
the period of their reorganization service to
the company.
The statement of the New York banker
came during examination by
William Q. Douglas, Director of the
SEC Protective Committe study, as
to Mr. Hayden's theory on the work of protective committee e
s, a subject
on which the SEC will make recommend
ations to Congress for restrictions
next January. Pointing out that the Securities
Act of 1933 requires directors to reveal their stock holdings, monthly
stock transactions and
forces them to return to the company profits
made in trading issues of the
company within a six-month period, Mr.
Hayden said. "I see no reason
why that should not apply to reorganiza
tion and protective committees."
Troubles Cited
Mr. Hayden's testimony brought up to date
the last reorganization of the
sugar company a year ago, which brought
forth the Atlantic Gulf Sugar
Company, stock of which is held by the
Cuban Atlantic Sugar Company.
With the SEC minutely examining the process
of the reorganizations, Mr.
Hayden, with L. A. Crosby, of the
law firm of Sullivan & Cromwell. were
questioned on a variety of subjects
ranging from the resignation of Irenee
du Pont from a protective committee to difficulties the concern
had from
fear of confiscation by the Cuban Governmen
t.
..•••1111111.••••
Filing of Registration Statements Under Securities Act
The filing of 14 additional registration
1599-1612, inclusive) under the Securities statements (Nos.
Act of 1933 was
announced on Sept. 3 by the Securities and Exchange Commission. The total involved is $127,173,250, of which
$118,573,250 represents new issues. The Commission stated:
Included in this total is $30,000,0
00 of first and refunding
gold bonds and $27.500,000 of debentures filed by the Southern mortgage
California
Edison Co., Ltd. (2-1602, Form A-2, included in release No.
472).
Also included in the total is $50,000,0 of 15
-year 3Ji% debentures,
00
due Oct. 15 1950. filed by the Socony-Vacuum Oil Co..
Inc. (2-1605.
Form A-2, included in release No.
473)•
Also included in the total is $5,000,000 of general mortgage
bonds,
4ji% series, due 1955, and 13,000 shares of $100 par value 6%
cumulative
preferred stock of the Atlanta Gas Light Co.(2-1609 and 2-1610,
Forms A-2,
included in Release No. 475).
The filing of these registration statements was referred to
in our issue of Aug. 31, pages 1363-1364. The SEC on
Sept. 3 said that the securities involved in the 14 registration
statements are grouped as follows:
No.of
Issues
11
2
1
Type of IssueCommercial and industrial
Certificates of deposit
Reorganizations
Total
$118,573,250
5.150,000
3.450,000
The securities for which registration is pending, as announced by the SEC, follow:
Eastern States Financial Corp. (File 2-1599, Form A-1) of Boston, Mass.,
seeking to register 500,000 shares of $1 par value common stock,
to be
offered at $1.25 a share. Harry L. Slits, of Wakefield. Mass., is President
of the company. Filed Aug. 21 1935.
1523
Union Mortgage Co. (2-1600. Form A-1) of New York, N. Y., seeking
to issue 1,000 reorganization certificates, to be offered as follows.
The
registrant and Union Servicing Corp. plan to effect a consolidationAto
become effective when debentures have been sold to net the company
$50,000 but such amount must be assured by Oct. 1 1935. The above
certificates are offered to all stockholders at $80 a certificate, entitling them
to receive on consolidation of the two companies, for each certificate
, one
$100 par value debenture and one share of $1 par value common stocle,of
the new corporation. Frank H. Mann. of New York, is President of the
registrant. Filed Aug. 21 1935.
Anaconda Mining c% Milling Co. (File 2-1601, Form A-1) of Denver.
Colo., seeking to issue 500,000 shares of $1 par value common stock,
to
be offered at $1 a share. Approximately 120,000 shares of this stock has
previously been sold since January 1934 and the stockholders who purchased
this stock will have the opportunity to rescind their subscriptions on
receipt
of the prospectus, and to obtain their purchase money, if desired. Martin
H. Brede, of Denver,* President of the company. Filed Aug. 22 1935.
Zoller Brewing Co. (2-1603, Form A-1) of Davenport, Iowa, seeking to
issue 458,846 2-13 shares of 50
-cent par value common stock, to be offered
at $.65 a share. Baker, Simonds & Co., of Detroit, Mich., is the
underwriter. Carleton S. Smith, of Davenport. Iowa. is President of the company. Filed Aug. 23 1935.
South Mountain Mining Co. (File 2-160,4 Form A-1) of Phoenix. Ariz.,
seeking to issue 400,000 shares of $1 par value common stock. It is contemplated that Miller-Murray & Co.. of New York City will sell the stock
at $1, 51.50, and $2, to net the company $.80, $1.20, and $1.60 a share.
J. W. Tompson, of Phoenix, is President of the company. Filed Aug,
23 1935.
The Investors Independence Fund,Inc. (2-1606, Form
A-1) of Jersey City,
N. J., seeking to issue 1,000,000 shares of $.01 par value
common stock.
The stock is to be offered initially at $2.52 a share,and
thereafter at liquidating value. Investors Independence Corp. of Denver,
Colo., is the underwriter, and Charles F. Smith, of Denver, is President
of the company.
Filed Aug. 26 1935.
Protective Committee, First Lien Collateral 10
-Year 535% Gold Bonds,
Series 1928, Indiana Central Telephone Co. (2-1607, Form
D-1) of Chicago.
seeking to issue certificates of deposit for $1,700,000 first lien collateral
10
-year 5, % gold bonds, series 1928, of the Indiana Central Telephone
,
6
Co., of Dover, Del. The market value of the bonds, as
of Aug. 24, was
$408,000. Filed Aug. 26 1935.
Bruce Consolidated Mining Co. (24608. Form A-1)
of Denver. Cob..
seekingto register 500,000 shares of 25
-cent par value common stock. Of
these shares, 160,500 belong to directors for services,
120,000 were soldito
A. Downs of Denver. 200,000 were paid for a lease, and
19,500 are in the
treasury. William A. Lamb, of Idaho Springs, Colo., is
President of the
company. Filed Aug. 26 1935.
American Zinc, Lead & Smelting Co. (2-1611. Form D-1A) of Boston,
Mass., seeking to issue certificates of deposit for 75,000 shares
of $25 par
value cumulative preferred stock. As of Aug.6 1935.
the market value of
the stock was $3,450,000. Howard I. Young, of St. Louis, Mo., is
President of the registrant. Filed Aug. 27 1935.
American Zinc, Lead & Smelting Co. (2-1612, Form A-2) of St.
Louis,
Mo.,seeking to register 75,000 shares of $25 par value prior
preferred stock
and 450,000 shares of Si par value common stock,
to be offered to its
preferred shareholders at the ratio of one share of prior preferred
and six
shares of common stock for each one share of preferred
stock held by them,
conditional upon being accepted by holders of 80% of the
preferred stock
outstanding. H.I. Young,of St. Louis, Mo..is President of the
registrant.
Filed Aug. 27 1935.
In making available the above list the SEC on Sept. 3 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 Aug. 31, page 1363.
Consumers Power Co. of Jackson, Mich., Files Registra
tion Statement for $19,172,000 First Lien and
Unifying Mortgage Bonds
A registration statement (No. 1642) was filed on Aug. 31
under the Securities Act of 1933 by the Consumers Power Co.
of Jackson, Mich. for $19,172,000 first lien and unifying
mortgage bonds. In reporting the filing of this statemen
the Securities and Exchange Commission on Sept. 3 said: t
The bonds are to be designated "first mortgage bonds"
on or about
Jan. 1 1936, provision having been made to
make the lien of the mortgage
a first lien upon substantially all of the property
of the company.
This is the second filing within three months under
the Securities Act by
Consumers Power Co. On June 7 1935, the company
filed an application
for the registration of $18,594,000 first lien and
unifying mortgage bonds.
3% series of 1935, due 1965.
The net proceeds of the issue are to be used in part
to redeem $15,872,000
principal amount of Consumers Power Co. first lien
and unifying mortgage
gold bonds series C (5%. due 1952), to be called
for redemption on Nov. 1
1935 at 104, amounting to $16,506,880 and to
reimburse the company for
expenditures for improvements and additions
to its property.
The registration statement states that:
"In the opinion of counsel, the
registrant, under order dated Aug. 19
1935. of the Michigan Public Utilities Commissio
bonds at prices which will result in its receiving n, is required to sell the
not less than 9735% of
their principal amount or bonds bearing not
ing not earlier than 1955. The interest more than 3 % interest maturrate,
visions, price to the public, and underwritingmaturity, redemption procannot be definitely determined until arrangeme discounts or commissions
nts for
of the bonds have been completed. This informatio sale or underwriting
n will be submitted by
amendment to the registration statement."
The names of the principal underwriters, will
be supplied by amendment
to the registration statement.
Consumers Power Co. is described as the Michigan
operating unit of the
Commonwealth and Southern system. Wendell
L. Winkle is Chairman of
the Board, and T. A. Kenney is President of
Consumers Power Co.
Registration Statement of Bellanca Aircraft
Corp.
Correction Announced by SEC
The Securities and Exchange Commission has
announced
that its release of Aug. 26 (given in our issue of
page 1363) contained a typographical error. In Aug. 31,
correcting
its earlier statement the Commission says
In the announcement of the filing of a registratio
n statement by Dellanca
Aircraft Corp. (2-1597, Form A-1) one of the
underwriters of the issue was
1524
incorrectly given as "Hammond & Co., Inc., of California." This name
should have read "Hammons & Co., Inc., of California."
According to the registration statement, the underwriters of the issue are
Hammon!' & Co., Inc., of New York, Michael J. Meehan, of New York,
and Hammons & Co., Inc., of California
Federal Judge at Philadelphia Declines to Grant
Injunction Against SEC in Action Brought by
Oil Option Dealer
In an action to determine the right of the Government to
control dealings in securities Federal Judge Oliver B. Dickinson in Philadelphia refused on Aug. 30 to grant an injunction
against the Securities and Exchange Commission. According to the Philadephia "Record" of Aug. 31, from which
this is learned, the effort to secure the injunction was made
by Benjamin L. Abraham, dealer in oil land options, who
protested that the Securities Act of 1933 and the Securities
and Exchange Act of 1934 were unconstitutional and sought
to escape regulation by the SEC. The "Record" further
said:
Judge Dickinson turned down the plea for an injunction because the
petition averred "nothing out of which a cause of action in equity arises."
No Ruling on Validity
In so doing he ehminated the necessity of ruling on constitutionality of
the acts under which securities are Federally controlled.
Abraham's petition was filed June 13 in U. S. District Court to test
that part of the Act changing the character of an oil option from an interest
in real estate to a security.
He contended not only that the control Act is unconstitutional but also
that options on oil lands are in reality evidences of real estate rather than
"securities" within the meaning of the Act.
Wide Interest in Case
Wide interest was stirred by the action since many brokers inferred that
if Abraham's contentions were upheld, the decision might be broad enough
to be extended from oil options to stocks and bonds.
In ruling that the petition showed no cause in equity. Judge Dickinson
said this "perhaps may be cured by amendment but we must judge of the
bill as it is."
"It avers a mere abstraction to the effect that an act of Congress is
unconstitutional." he said. "We think the bill as filed is defective for want
of equity. It is unnecessary to discuss the constitutional question sought
to be raised."
Judge Chides SEC
He took a slap at the four members of the SEC named in the suit for
raising the question of improper service of papers in the litigation. The
Commission contended that its members were not duly served by reason
of the fact that the Court's jurisdiction is limited to its territorial district
while service was made in Washington outside the district.
"This position," the Court said, "Is charged to be a very ungracious one
on the part of the defendants such as those before us. If successfully
asserted the consequence would be that acts done in a remote district in the
United States could not be questioned by a litigant there living otherwise
than by resort to a court in Washington, which might be at the other limit
of the United States.
-"Because of this, all officials and commissions acting under the laws of
;
the United States have heretofore in the end recognized the jurisdiction of
Memthe local United States courts by voluntarily appearing after notice.
may
bers of a commission which has jurisdiction all over the United States
well be held to be residents of any district."
Louisiana Pension Act Declared Unconstitutional by
Federal Court at New Orleans-Decision in Case
of Standard Oil Co. of Louisiana
Senator Huey P. Long's Employees Pension Act of the
third 1934 special session of the Louisiana Legislature,
providing for proportionate pension payments in relation to
years of service, was declared unconstitutional on Aug. 30
by a three-Judge Federal Court. New Orleans advices
(Associated Press) Aug. 30 went on to say:
made
The Court declared the Act unconstitutional, null and void, and
Permanent an injunction restraining Attorney-General Gaston L. Porterie
from enforcing provisions of the Act against the Standard 011 Co. of Louisiana and its subsidiary, the Standard Pipe Line Co.
The Act provided that any corporation or employer setting up its own
pension system must pay its employees having served one-fourth of the
required length of service for pension a proportionate amount of the pension,
depending upon the number of years served.
--a-.
J. S. Lawrence Resigns from Public Relations
Committee of New York Stock Exchange
The resignation of Joseph Stagg Lawrence as a staff member of the Public Relations Committee of the New York
Stock Exchange became effective on Sept. 1. Mr. Lawrence
has joined the staff of the Analytical Research Bureau, Inc.
as economist.
Outstanding Brokers' Loans on New York Stock
-Total
Exchange Rose $3,096,720 During August
of $772,031,468 Aug.31 Compares with $768,934,748
• July 31-$56,687,450 of Government Securities
Pledged as Collateral
An increase of $3,096,720 occurred in the outstanding
brokers' loan on the New York Stock Exchange during
August, the total on Aug. 31 being reported at $772,031,468
as against $768,934,748 July 31. The latter figure represented a decrease of $39,654,550 from the end of June. As
compared with Aug. 31 1934, the total for Aug. 31 this
year shows a drop of $102,176,408.
Demand loans decreased $20,121,780 during August from
$419,599,448 July 31 to $399,477,668 Aug. 31 while time
loans increased by $23,218,500 from $349,335,300 to $372,553,800 at the close of August. During August $56,687,450
.of Government securities were pledged as collateral for the
Sept. 7 1935
Financial Chronicle
borrowings. This compares with $62,983,450 pledged in
July. The report for Aug. 31, as made available by the
Stock Exchange on Sept. 4, follows
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York, as of the close of business, Aug. 31
1935. aggregated $772.031,468.
The detailed tabulation follows:
Time
Demand
(1) Net borrowings on collateral from New York banks
8378,292,769 8371,591,000
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the City
962,800
21,184,899
of New York
$399,477,668 $371,553,800
$772,031,468
Combined total of time and demand borrowings
Total face amount of "Government securities" pledged as collateral
56,687,450
for the borrowings included in items (1) and (2) above
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures
1933May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 30
1934
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov.30
Dec. 31
1935
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 30
July 31
Aug. 31
Demand Loans
$398,148,452
582.691,556
679,514.938
634.158.695
624,450,531
514,827,033
544.317,539
597,953,524
Time Loans
$130.360,986
197,694,564
236.728,996
283,056,579
272,145,000
261,355.000
244,912,000
247,179,000
Total Loans
$528,509,438
780.386,120
916,243,934
917,215,274
896,595.531
776,182,033
789,229,539
845,132,524
626,590,507
656.626,227
714,279,548
812,119,359
722,373,686
740,573,126
588,073,826
545,125,876
531,630,447
546,491,416
557,742,348
616,300,286
276,484,000
281.384,000
267,074,400
276,107,000
294,013,000
341,667,000
334,982.000
329,082,000
299,899,000
280,542,000
273,373,000
263,962,869
903,074,507
938,010,227
981.353,948
1,088,226,359
1,016,386.689
1,082,240,126
923.055.826
874,207,876
831,529,447
827,033,416
831,115,348
880,263,155
575,896,161
573,313,939
552,998.766
509,920448
471.670.031
474,390,298
419,599.448
399,477,668
249,062,000
242,544,500
220,124,500
294,644,900
320,871,000
334,199,000
349,335,300
372,553,800
824,958,161
815,858,439
773,123.266
804.565.448
792,541,031
808.589,298
768,934,748
772,031,468
Market Value of Listed Stocks on New York Stock
Exchange Sept. 1, $39,800,738,378, Compared with
-Classification of Listed
$38,913,092,273 Aug. 1
Stocks
As of Sept. 1 1935 there were 1,174 stock issues aggregating 1,307,467,513 shares listed on the New York Stock
Exchange with a total market value of $39,800,738,378, the
Exchange announced on Sept. 5. This compares with 1,174
stock issues aggregating 1,307,662,401 shares listed on the
Exchange Aug. 1, with a total market value of $38,913,092,273, and with 1,184 stock issues aggregating 1,304,145,173
shares with a total market value of $36,227,069,618 July 1.
In its announcement of Sept. 5 the Stock Exchange said:
As of Sept. 1 1935, New York Stock Exchange member total net borrowings on collateral amounted to $772.031,488. The ratio of these member
total borrowings to the market value of all listed stocks, on this date, was
therefore 1.94%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings
on all listed shares and their market values.
As of Aug. 1 1935, New York Stock Exchange member total net borrowings on collateral amounted to $768,934.748. The ratio of these member
total borrowings to the market value of all listed stocks, on that date, was
therefore 1.98%•
In the following table listed stocks are classified by leading industrial groups with the aggregate market value and
average price for each
September 1 1935
Market
Value
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing_ _
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. dc mdlo)Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad.
Foreign companies (incl. Cuba dr Can.)
All listed stocks
3,067,411,418
995,714,305
4,616,699,078
406,007,530
1,194,458,494
2,624,792,177
257,516,906
576.824,869
219,936,337
40,641,622
1,579,402,009
1.251,160.763
4,067,062,760
258,880,725
2,287,143,950
3,649,378,719
1,789,376,429
199,724,929
1,821,790,126
1,357,312.389
3,068,445.109
209,462,593
195,084,503
338.030,816
12,642,280
33,024,663
95,694,905
237,239,966
1,800,305,99
21,169,778
746.469,866
777,332,369
August 1 1935
Aver.
Price
Market
Value
Aver.
Price
29.52
18.27
61.97
23.95
32.64
31.51
27.70
51.33
15.22
8.21
31.63
22.95
21.22
16.27
37.06
31.66
45.72
18.59
26.31
14.06
82.71
20.92
9.04
31.34
6.03
10.90
17.04
39.98
69.56
22.19
22.40
21.27
2,877,041,911
964,298,768
4,469,474,037
401,070,481
1,134,256,701
2,691,200,732
251,402,355
565,591,473
185,272.459
36,991,333
1,579,185,131
1,145,345,478
4,179,724,898
248,049,105
2.229,265,637
3,674,228,232
1,716,472,198
199,350,749
1,777,617,902
1,245,738,096
2,963,469,939
197,104,924
174,735,274
335,071.358
9,155,628
28,520,586
89,697,163
242,326,689
1,812,638,793
21,035,369
705,179.880
762,628,992
27.71
17.55
60.00
23.66
31.00
33.13
24.91
47.96
12.26
7.48
31.63
21.00
21.79
16.64
35.12
31.89
43.85
18.55
25.59
12.90
79.88
19.69
8.10
31.84
4.37
9.42
15.97
40.84
70.04
22.05
21.16
20.85
39,800,738,378 30.44 38,913,092,273 29.76
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Exchange
Financial Chronicle
Volume 141
Market
Value
1933July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan. I
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
i ...I
Average
Price
836,348,747,926
32,762,207.992
36,669,889,331
32,729,938,196
30,117,833,982
32,542,456,452
•
828.29
25.57
28.42
25.32
23.30
25.13
33,094,751,244
37,364,990,391
36,657.646,692
36,699,914,685
36,432,143,818
33.816,513,632
34,439.993,735
25.59
28.90
28.34
23.37
28.13
26.13
26.60
Market
Value
1934
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1935Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sent. I
Average
Price
830,752.107,676
32,618.130.662
:12,319,514,504
31,61..348,631
33,888,023,435
$23.76
24.90
24.61
24.22
25.97
3J,933,882,614
32,991,035,CO3
32,180,041,075
30,936,100,491
33,548,348,437
34,548.762,904
36,227,609.618
38,913,092,273
39.800.738.378
25.99
25.29
24.70
23.73
25.77
26.50
27.78
29.76
30.44
Settlement Reached in 'Actions Growing Out of Plan
Subsequently Dropped of New York Stock Exchange to Move to Newark
The termination on Sept. 4 of litigation growing out of
plans to move the New York Stock Exchange to Newark,
N. J., in September 1933,came through a compromise settlement between the City of Newark and Herbert J. Hannoch,
receiver for the City Center Corp. A Newark dispatch to
the New York "Times" making known the sttlement, said:
The corporation occupied the Center Market here when the city took
It over to lease it to the New Jersey Stock Exchange,formed by representatives of the New York Exchange.
The receiver had filed suit in Supreme Court here for 8500,000 damages
for trespass and unlawful eviction against the city, city officials, the New
Jersey Exchange, Richard Whitney, then President of the New York
Stock Exchange. and companies that were engaged to prepare the building
for a stock market. The city filed a counter claim for more than $400,000
back rent. Mr. Hannoch sued also the New York Stock Exchange and
Mr. Whitney and others in Federal Court in New York for $250.000.
The city sought to collect on a $50,000 certificate of deposit in the New
Jersey Title Guarantee & Trust Co. of Jersey City, put up by the corporation to cover rent, but the bank contended that the corporation owed it
$28,442 and refused to pay.
Under the settlement announced by Jules E. X. Tepper, Assistant
Corporation Counsel of Newark, the bank will pay the city $25,000 against
the certificate of deposit, and will pay 615,000 to the receiver. The city's
claim for rent stands as one of the claims against the bankrupt company,
but all suits are discontinued.
As explained in Newark advices Sept. 4 to the New York
"Herald Tribute" the Stock Exchange contemplated the
move in 1933 because John P. O'Brien, then Mayor of New
York City, had threatened a tax on stock shares. The
Center Market, Newark, occupied by the City Center Corp.
as a public market, was leased for the Exchange and the
corporation was evicted. But the proposed tax was dropped
and the Stock Exchange abandoned its plans.
A reference to the action resulting from the proposed
removal of the Exchange appeared in our issue of Jan. 20
1934, page 415.
Forms 10 and 11 No Longer to Be Used by Issuers
Recently Emerged from Bankruptcy or Reorganization Proceedings-Foreign Private Issuers Also to
Use Other Forms with Certain Exception
Amendments to the rules for the use of Form 10 for corporations and Form 11 for unincorporated issuers, were
announced by the Securities and Exchange Commission on
Sept. 4. Both forms are used for registering under the
Securities Exchange Act of 1934. The amendments, the
Commission said, provide that such forms may not be used
by an issuer which, within six months prior to the filing of
its application for registration, has emerged from bankruptcy
or receivership or reorganization proceedings pursuant to
Section 77 or 77-B of the Bankruptcy Act, nor by an issuer
which was organized for the purpose of acquiring substantially all of the assets of another issuer and which acquired
such assets within six months prior to the filing of its application for registration. Special forms for the registration
of securities of such issuers are now in course of preparation,
the Commission pointed out.
Further amendments to the rules for the use of Form 10
and Form 11, the SEC said, make clear that, with certain exceptions stated in the rules for the use of Form 10, such
forms may not be used for the registration of securities of
foreign private issuers for which applications may be made
on Form 20 or Form 21.
Corresponding changes have been made in the instruction
books for the use of the respective forms.
New York Federal Reserve Bank Notifies Members in
New York State That Interest on Time and Saving
Deposits Is Not to Exceed 2% After Oct. 1
_
-Rate
- Fixed by State Banking Board to Apply to National
Banks Under Banking Act of 1935
At the request of the Board of Governors of the Federal
Reserve System, J. H. Case, Federal Reserve Agent of the
Federal Reserve Bank of New York, advised member banks
in New York State, on Aug. 30, after Oct. 1 that the rate of
interest to be paid by such member banks on time and savings deposits is not to be in excess of 2% per annum. Mr.
Case calls attention to a provision in the Banking Act of
1935 which prohibits a National bank from paying a higher
rate of interest than that authorized by law to apply to
State bank and trust companies in the States in which they
operate. He says, however, that the Board of Governors of
1525
the Federal Reserve System "will not object to the payment of interest by a National bank at a rate greater than
2% per annum in accordance with the terms of, and until
the termination of, any contract existing on the date on
which such bank receives this notice of the limitations
effective after Oct. 1 1935, provided such rate is otherwise
in conformity with the provisions of Regulation Q and the
contract is terminated as soon as possible under the terms
thereof." The following is the circular addressed to member banks in New York by Mr. Case:
FEDERAL RESERVE BANK OF NEW YORK
[Circular No. 1583, Aug. 30 1935]
Rate of Interest Lawfully Payable After Oct. 1 1935 on Time and Savings
Deposits by Member Banks in t5e State of New York
To All Member Banks in the State of New York:
The Banking Board of the State of New York has adopted a regulation
which reads as follows:
"RESOLUTION NO. 200
"Regulation of the Banking Board adopted June 21 1935, prescribing 2% per
annum as the maximum interest or dividend rate payable after Oct. 1 1935 by
banks, trust companies, private bankers and savings banks.
"1. No bank, trust company or private banker shall pay interest accruing after
Oct. 1 1935 on any time, thrift or savings deposit or any part thereof, at a rate
In excess of 2% per annum, compounded quarterly; provided, however, that a
bank, trust company or private banker may pay interest in accordance with the
terms of any certificate of deposit or other contract which was lawfully entered
into in good faith prior to June 26 1935, and in force on that date, and which may
not legally be terminated or modified by such bank,trust company or private banker,
at its or his option, but no such certificate of deposit or other contract shall be
renewed or extended. unless it be modified to conform with the provisions of this
regulation and all such certificates of deposit or other contracts shall be terminated,
or modified to conform with this regulation, at the earliest possible date, in accordance with the terms thereof. This regulation shill not prevent the compounding of
interest at other than quarterly intervals, provided the aggregate amount of interest
so compounded shall not exceed the aggregate amount of interes at 2% per annum,
compounded quarterly.
"2. No savings bank shall pay any dividend accruing after Oct. 1 1935 on any
deposit therewith at a rate in excess of 2% per annum compounded quarterly.
Dividends may be compounded at other than quarterly intervals if the aggregate
of dividends so compounded shall not exceed the aggregate of dividends at 2%
per annum, compounded quarterly."
Section 208 of the Banking Act of 1935, approved Aug. 23 1935, amends
Section 24 of the Federal Reserve Act, as amended, to provide, in part, as
follows:
"Any such (National banking) association may Continue hereafter as heretofore
to receive time and savings deposits and to pay interest on the same, but the rate
of interest which such association may Pay upon such time deposits or upon
savings
or other deposits shall not exceed the maximum rate authorized by law to be paid
upon such deposits by State banks or trust companies organized under the laws of
the State in which such association is located."
Subsection (c) (3) of Section III and subsection (c) (3) of Section V of
the Federal Reserve Board's Regulation Q, effective Feb. 1 1935, provide,
respectively, as follows:
"The rate of interest paid by a member bank upon a time deposit shall not in
any case exceed (i) the maximum rate prescribed in paragraph 1 of this subsection,
or (0) the maximum rate authorized by law to be paid upon such deposits by State
banks or trust companies organized under the laws of the State in which such member
bank is located, whichever may be less."
"The rate of interest paid by a member bank upon a savings deposit shall not
In any case exceed (t) the maximum rate described in paragraph 1 of this subsection, or (ti) the maximum rate authorized by law to be paid upon such deposits
by State banks or trust companies organized under the laws of the State in which
such member bank is located, whichever may be less."
The Board of Governors of the Federal Reserve System has requested me
to advise you that it is its view that by virtue of the regulation of the
Banking Board and of the provisions of Section 24 of the Federal Reserve
Act, as amended, and the Board's Regulation Q set forth above, the rate
of interest accruing after Oct. 1 1935, and during the period that such
regulation is legally in effect, with a National bank or other member bank
located in the State of New York may lawfully pay on time or savings
deposits may not exceed the rate of 2% per annum prescribed in such
regulation of the Banking Board.
For your further information, the Board of Governors of the Federal
Reserve System has advised me that it will not object to the payment of
interest by a National bank at a rate greater than 2% per annum in
accordance with the terms of, and until the termination of, any contract
existing on the date on which such bank receives this notice of the limitations effective after Oct. 1 1935, provided such rate is otherwise in conformity with the provisions of Regulation Q and the contract is terminated
as soon as possible under the terms thereof.
J. H. CASE, Federal Reserve Agent.
The regulation of the New York Banking Board of last
June was referred to in our issue of June 29, page 4312.
First National Bank of Boston Warns of Rising Federal
Expenditures-Says Present Tax Measures Are
Inadequate to Balance Budget
"The magnitude of the spending by the Federal Government has been forcibly'brought to public attention by the
pending Congressional legislation to obtain additional tax
revenue," says the First National Bank of Boston in its
"New England Letter" released Aug. 28. Continuing, the
bank says:
It was discovered that the so-called "soak the rich" measure would
produce only about $270,000,000 in taxes. Large as this sum is, it is
but
7% of the estimated deficit for the present fiscal year and less
than sufficient to pay Federal expenses for two weeks. The Senate Finance
Committee recommended broadening the base, but even by tapping income
in
the very low brackets it was found that the estimated yield
would scarcely
exceed $450,000,000.
. This should be a warning that the day of reckoning is not
far
Sources of taxable revenue are not unlimited, and it is only from distant.
taxation
that the billions we are now spending can be ever repaid. The
Government
cannot create wealth or income. It can only collect, and
distribute income
that has been produced by private enterprise.
Federal expenditures for the three fiscal years, 1934-5-6, would
almost
defray all the expenses of this Republic for the first
25 years of its
existence.
If State and local government expenditures are added
to those of the
Federal Government the total is staggering. The aggregate
estimate for
1934 was $15,500,000,000. Only $9,500,000,000 was
collected in taxes,
so that outlay exceeded income by nearly 40%. The
gap has been bridged
1526
Financial Chronicle
by borrowing, and at the end of this fiscal year the total public debt will
exceed $60,000,000,000. Reducing the national balance sheet to a simple
arithmetical basis we find that the per family income in 1934 was $1,587;
total public debt, $1,663; governmental costs, $517, and taxes collected,
$317. For the past year governmental cost represented 33% of the average
family budget and taxes collected were 20%. Our taxes in relation to
income in 1934 were nearly as high as in Great Britain, but Great Britain's
budget is balanced and the national debt is only 2.6% above 1929, while
the national debt of this country at the end of this fiscal year will be 80%
above the 1929 figure.
No nation can long go on with its budget scale so badly out of balance
without inviting repudiation or inflation with its disastrous consequences.
The cheering thought is this: In good times from 35 to 40 billion dollars
are annually spent on durable goods, and these industries provide direct
employment for approximately 10,000,000 workers. The bulk of the unemployment is now in these heavy industries. Because of the prolonged depression there is a tremendous potential demand for durable goods. These
industries can and will be stimulated into activity when the uncertainty
caused by the strain on the Federal credit and the threat to our monetary
standard is removed. Sincere and vigorous efforts to work toward a
balanced budget and to have done with experimenting will remove this
uncertainty and set in motion the only wheels that can produce real
recovery.
Three Partners Resign From J. P. Morgan & Co. and
Two From Drexel & Co. to Form Investment
Securities Firm—Morgan Stanley & Co., Inc.,
Also Comprises Two Former Morgan Officials—
Harold Stanley, President of $7,500,000 Concern
Announcement was made on Sept. 5 of the retirement of
three partners from J. P. Morgan & Co., New York, and
two from Drexel & Co., Philadelphia, who together with
two former Morgan officials are forming a new organization
under the name of Morgan Stanley & Co., Inc., to deal in
the underwriting and wholesaling of investment securities.
The new concern, with a paid in capital of $7,500,000, will
open its offices for business in New York on Sept. 16. It
will carry on the investment banking business terminated
by J. P. Morgan & Co. in 1934 in complying with the
Banking Act of 1933. Provisions of the Banking Act
•prohibit a firm from dealing both in the deposit banking
business and the investment banking business.
The three partners who have retired from J. P. Morgan
& Co. are Harold Stanley, William Ewing and Henry S.
Morgan, a son of J. P. Morgan. Those leaving Drexel &
Co. are Perry E. Hall and Edward H. York, Jr. These
men, in addition to John M. Young and A. W. Jones,
formerly mangers of the Bond and Statistical Departments
of the Morgan firm, are the executive officers of the new
corporation of which Mr. Stanley is to be President.
The announcement of the retirement of the partners from
the Morgan and Drexel firms and the formation of the new
investment securities house, was contained in two statements, one emanating from the offices of J. P. Morgan &
Co. and the other issued by Morgan Stanley & Co. The
statement of the Morgan firm given out by Thomas W.
Lamont,follows:
We have to announce with regret the resignations of the following
members of J.P.Morgan & Co.and of Drexel & Co. who,with other valued
members of our staffs, have, under the name of Morgan Stanley & Co.,
Inc., undertaken to organize and carry on a securities business of the
character formerly handled by our firms: Harold Stanley, William Ewing,
Henry S. Morgan, Perry E. Hall, Edward H. York, Jr.
The withdrawl of these partners and associates, and their formation of a
separate and independent securities company, is, we consider, a logical
step following upon our firm's decision a year ago, to carry on our banking
business rather than the securities business; thus acting in accordance with
the banking and securities provisions of the Banking Act of 1933, recently
confirmed by the Banking Act of 1935. Just enacted. We believe that the
members of the new organization will be able, with the ample experience
which they have heretofore had, to serve usefully the investment interests
of the community.
The firms of J. P. Morgan & Co. and Drexel & Co. will continue as
heretofore to carry on their business as private bankers.
The following is the statement issued by Mr. Stanley in
behalf of Morgan Stanley & Co.
A group of partners and staff members of J. P. Morgan & Co. of New
York and Drexel & Co. of Philadelphia, formerly active in the securities
business of the firms, have withdrawn and are forming a new organization
for the underwriting and wholesaling of investment securities, to be known
as Morgan Stanley & Co., Inc. Harold Stanley, William Ewing, and
Henry S. Morgan of J. P. Morgan & Co., Perry E. Hall and Edward H.
York, Jr., of Drexel & Co., and John M. Young and A. W.Jones, heretofore managers of the Bond and Statistical Departments of J. P. Morgan &
Co., are to be the executive officers of the new corporation. Mr. Stanley
will be the President of the new corporation.
The new securities corporation will have a paid in capital of $7.500,000
divided into common and preferred stock. The common shares, which
have sole voting rights in the election of the directorate, are to be held
exclusively by the officers and staff of the corporation. The preferred
shares will be held by members of this group and by certain individual
The corporation will open its offices for
partners of J. P. Morgan & Co.'
business at No.2 Wall Street, New York City, on Sept. 16 next.
From the New York "Herald Tribune" of Sept. 6 we take
the following:
Mr. Stanley has been a partner of J. P. Morgan & Co. since Jan. 1 1928.
He entered the employ or the National Commercial Bank of Albany in
1908, and from 1910 to 1915 was with J. G. White & Co. From 1910 to
1927 he was with the Guaranty Trust Co.of New York,for most of the time
as a vice-president. He is a Director of United Corporation, Columbia
Gas and Electric Co. and the Niagara Hudson Corp. and is commonly
credited with being the Morgan expert in the utilities field.
Mr. Ewing has been with J. P. Morgan & Co. since 1916 and a partner
since 1926. He is a Director of Bankers' Trust Co., Associated Dry
Goods Corp., J. I. Case Co., Standard Brands, Inc., Utah Copper Co.,
Lord Sr Taylor and the Richmond-Washington Co.
Sept. 7 1935
-year, began as a clerk in the Morgan firm
II. S. Morgan, now in his 35
In 1923 and has been a partner since 1928.
Indiana State Bank Law Held Valid—Stockholders
Must Pay Assessment
The following from Noblesville, Ind., Aug. 30, is from the
Indianapolis "News":
In a ruling by Judge C. M. Gentry, of Hamilton Circuit Court, affecting
60 stockholders in the Citizens State Bank of Carmel, the new Inctiana
Banking Law, enacted in 1933 and amended in 1935, was held to be Constitutional. The defendants sought to be released from payment of a 100%
assessment on their stock, levied by the Department of Financial Institutions of Indiana, which has had charge of the bank since it was closed two
years ago.
4
-12-Year 23 % Bonds and 334-Year
Treasury Offers 10
134% Notes in Exchange for Called Fourth Liberty
Loan 43% Bonds—Interest on Bonds New Low
134% Notes Also Offered in Amount of $500,000,000
—Cash Books Closed First Day—Subscriptions
in Excess of $1,270,000,000—Secretary Morgenthau
Restricts Publicity on Government's Operations
in Bond Market
Despite its failure last week to dispose of an entire issue
of 134% bonds of the Federal Farm Mortgage Corporation,
which are guaranteed both as to principal and interest by
the United • States Government, the Treasury this week
floated in a single day an issue of $500,000,000, or thereabouts, of 3 -year 134% Treasury notes of Series C-1939.
The notes were offered on Sept. 3 and the cash books were
closed at the close of business the same day, with subscriptions placed in the mail before midnight Sept. 3 being
considered as a timely subscription. In making public final
figures on the cash subscriptions to the offering, Secretary
of the Treasury Morgenthau on Sept. 5 said that reports
received from the Federal Reserve banks show that the
subscriptions aggregated more than $1,270,000,000. It was
stated that subscriptions in amounts up to and including
$5,000 were allotted in full and those in amounts over $5,000
were allotted 40%,but not less than $5,000 on any one subscription. Secretary Morgenthau said that further details
as to subscriptions and allotments will be announced with
final reports from the Reserve banks. The offering of bonds
of the FFMC last week (referred to in our issue of Aug. 31,
page 1367) was in amount of $100,000,000, or thereabouts.
Subscriptions accepted totaled but $85,592,000.
•The 134% Treasury notes were also offered on Sept. 3,
in exchange for the Fourth Liberty Loan 43i% bonds
included in the fourth and final call for redemption on
Oct. 15. At the same time the Treasury also offered an
4
issue of 10-12-year 23 % Treasury bonds of 1945-47 in
exchange for the called Liberty bonds. The Liberty Loan
bonds affected by the fourth and final call are those bearing
serial numbers ending in the digit 3 or 4, such serial numbers
in the case of permanent bonds being prefixed by the corresponding distinguishing letter C or 11), respectively. The
calling of these bonds, of which approximately $1,250,000,000
are outstanding, was referred to in our issue of April 20,
page 2625. In his announcement of the offezings of Sept. 2
Secretary Morgenthau said that "no further exchange offering will be made to the holders of the Fourth-called
Fourth 43.s, and if such bonds are not now exchanged they
should be presented for redemption on Oct. 15."
4
Both the 23 % Treasury bonds and Iji% Treasury
notes will be dated Sept. 15 and will bear interest from
that date at their respective rates, payable semi-annually.
4
Incidentally, the 23 % rate carried by the bonds is the
lowest ever quoted on a direct Treasury obligation of this
type. The Treasury bonds will mature on Sept. 15 1947,
but may be redeemed at the option of the United States on
and after Sept. 15 1945. The notes will mature on March
15 1939; they will not be subject to call for redemption before
that date. The bonds will be issued in two forms—bearer
bonds with interest coupons attached, and bonds registered
both as to principal and interest; while the notes will be
issued only in bearer form with coupons attached. Both
types of securities are exempt from such taxation as accorded
previous issues of notes and bonds, respectively.
The amount of the offerings of the Treasury notes and
bonds in exchange for the Fourth Liberty Loan bonds will
be limited to the amount of the Liberties tendered and
accepted in each instance. Secretary Morgenthau said
that both the notes and bonds will be issued at par, "with
the right reserved to the Secretary of the Treasury. to
increase the issue price of the bonds by public announcement
effective as to subscriptions tendered after the time fixed
by the Secretary, which time will be after the date of the
announcement and in no event earlier than Sept. 10."
Incident to the closing of the cash subscription books on
the offering of 134% Treasury notes, the following announcement was issued for publication Sept. 4 by the
Treasury Department:
Secretary of the Treasury Morgenthau to-day announced that the
subscription books for the offering of 135% Treasury notes of Series C-1939
closed at the close of business Sept. 3 1935 for the receipt of cash subscriptions. Cash subscriptions placed in the mall before 12 o'clock midnight Sept. 3 will be considered as having been entered before the close
of the subscription books. The subscription books for this offering of
notes, and the subscription books for 2%% Treasury bonds of 194547,
will remain open until further notice for the receipt of subscriptions for
Volume 141
Financial Chronicle
which payment is to be tendered in fourth called Fourth Liberty Loan
bonds.
Announcement of the amount of cash subscriptions and the basis of
allotment will probably be made on Sept. 6.
In reporting the closing of the cash books on the note
offering the same day they were opened, the Washington
correspondent of the New York "Herald Tribune" in advices of Sept. 3 said:
Obviously elated at the speedy sale of the note issue, contrasting sharply
with the undersubscription last week of $100,000,000 of 4
-year FFMC
% bonds, Mr. Morgenthau was brief in his comment to-day. Terming
the note issue a "success," the Secretary merely said: "It was well oversubscribed."
While Mr. Morgenthau confined his comment to the statement of the
oversubscription, other Treasury officials were not reticent in expressing
the belief that the successful offering to-day was the answer to any fears
concerning the Government's credit that may have arisen from the undersubscription of the FFMC issue .. .
The Secretary said that since announcement of the failure of the subscription there have been several offers for the remaining approximately
$15,000,000 of FFMO bonds, all of which have been refused up to the
present time pending a decision as to need for the additional money. Offers
for the remainder came on both Friday (Aug. 30) and Saturday (Aug. 31).
Mr. Morgenthau said, with one New York bank asking for the entire
amount at above 99. the average price at which the issue was sold.
At a press conference on Sept. 3 Secretary Morgenthau
announced that hereafter he would not make any public
statement about the Treasury's activity,in its own bond
market. The Department's buying and selling operations
.in the bond market will be as secret as the stabilization fund
activities, he declared. In noting this, Washington advices
Sept. 3 to the New York "Times" of Sept. 4 added:
This policy of secrecy is being adopted, he explained, because newspaper
commentators in New York accused the Treasury of supporting the bond
market last Thursday (Aug. 29) after the failure of the FFMC bond issue
had been announced. The Secretary appeared piqued by these stories.
He had previously announced that the Treasury would not meddle with
the market during financings.
From the same advices we also take the following:
Mr. Morgenthau was obviously of the opinion that last week's failure
has been redeemed in full by to-day's showing on the $500,000,000 note
issue. Two differences, however, distinguished to-day's note issue from
the bond issue last week.
First, the notes were sold at par on a straight subscription basis. The
bonds were sold to the highest bidders under the so-called "auction system,"
which bond dealers have openly criticized.
Second, the interest rate on the notes was slightly higher in relation
to rates on comparable outstanding paper than the rate on the bonds
had been. Both of these factors are believed to have contributed to the
better reception accorded to to-day's offering.
In Washington press advices of Sept. 4 it was pointed out
that the new policy of Secretary Morgenthau respecting
publicity of the Treasury's current activities in the
Government bond market does not extend to the official
statement of net purchases or sales issued each month.
At the Treasury's announcement of the offering of the
23 % bonds and 1.3-% notes in exchange for the called
4
Fourth Liberty Loan bonds, Washington advices Sept. 2
appearing in the New York "Times" of Sept. 3 had the following to say:
With the refunding of the last block of Fourth Liberty bonds now outstanding the Administration will have accomplished the retirement of
the last of the Liberty Bond series. When President Roosevelt assumed
office there remained in the hands of institutions and individuals approximately 98,201,000,000 of these securities, representing $6,268,000,000
of the Fourth issue, carrying 43‘% interest, and $1,933,000,000 of the
First issue, all but about half a billion paying 354%.
Roughly, it is estimated that when the present exchange transaction
is completed, the lower interest-bearing bonds and notes, which have been
issued as exchanges or to obtain cash with which to pay off holders of
Libertys who turned them in for cash redemption, will represent a saving
of between $120,000,000 and $125,000,000 annually in the service charge
which the Government pays On its outstanding debt.
Conversion Began in 1933
The gigantic conversion operations were begun in October 1933, when
Secretary Woodin issued the first call for the redemption in the following
April of a block of the Fourth Libertys. The bonds then offered as exchanges paid 4 % interest for the first year and 3M% thereafter. As
the money market eased, lower interest-bearing bonds were offered, in
some instances along with the notes, in subsequent exchange offerings.
About $2,304,000,000 of the Libertys have been exchanged for
2%%
bonds, maturing in 1960 and callable in 1955, this representing the lowest
interest-bearing refunding bonds used until the present offering of 251%
bonds, which, however, are of a much shorter maturity than the
2:4s.
Below we give Secretary Morgenthau's announcement of
Sept. 2 (made available for publication on Sept. 3):
Secretary of the Treasury Morgenthau to-day announced an offering
-12-year
% Treasury bonds of 1945-47, and of 355-year
of 10
154%
Treasury notes of Series 0-1939, both in exchange for Fourth Liberty
Loan 454% bonds of 1933-38 called for redemption on Oct. 15 1935 (fourth
called Fourth 43js), and at the same time invited cash subscriptions at
par for 9500,000,000, or thereabouts, of the Treasury notes. About
$1,250,000,000 of the Fourth Liberty Loan bonds are included in the
fourth and final call for redemption on Oct. 15 1935.
The Treasury bonds now offered in exchange for fourth called Fourth
44s will be dated Sept. 6 1935, and will bear interest from that date
at the rate of 23i% per annum, payable semi-annually. They will mature
Sept. 15 1947, but may be redeemed at the option of the United States
on and after Sept. 15 1945.
The Treasury notes of Series 0-1939 now offered for cash subscription
and in exchange for fourth called Fourth 4Ms will be dated Sept. 16 1935
and will bear interest from that date at the rate of
% per annum,
payable semi-annually. They will mature March 15 1939 and will not
be subject to call for redemption before that date.
The Treasury bonds will be issued in two forms: Bearer bonds with
interest coupons attached, and bonds registered both as to principal and
1527
interest; both forms will be issued in denominations of $50. $106. $600.
$1,000, $5,000, $10,000 and $100,000. The Treasury notes will be issued
in the same denominations but only in bearer form with coupons attached.
The Treasury bonds and the Treasury notes will be accorded the same
exemptions from taxation as are accorded other issues of Treasury bonds
and Treasury notes, respectively, now outstanding, these provisions
being specifically set forth in the official circulars issued to-day.
Applications will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only Federal Reserve
banks and the Treasury Department are authorized to act as official
agencies.
With respect to cash subscriptions for Treasury notes, applications
from incorporated banks and trust companies for their own account will
be received without deposit but will be restricted in each case to an amount
not exceeding one-half of the combined capital and surplus of the subscribing bank or trust company. Applications from all others must be
accompanied, if for more than 95,000, by payment of $5,000 or 5% of
the amount of notes applied for, whichever is the greater: and if for $5,000
or less by payment in full.
With respect to exchange subscriptions for either bonds or notes, applications should be accompanied by a like face amount of Fourth called
Fourth 4 Ms tendered in payment. Such bonds will be received on exchange
at par and interest thereon will be paid in full to Oct. 15 1935, the date
all Fourth called Fourth 45.18 cease to bear interest. Both the 231%
Treasury bonds of 1945-47 and the 1M % Treasury notes of Series 0-1939
will be issued at par, with the right reserved to the Secretary of the Treasury
to increase the issue price of the bonds by public announcement effective
as to subscriptions tendered after the time fixed by the Secretary, which
time will be after the date of the announcement and in no event earlier
than Sept. 10 1935.
The right is reserved to close the books as to any or all subscriptions or
classes of subscriptions at any time without notice, either with respect
to the cash offering of Treasury notes or with respect to the exchange
offerings of either Treasury bonds or Treasury notes. or both.
No further exchange offering will be made to the holders of the Fourth
called Fourth 4Ms, and if such bonds are not now exchanged they should
be presented for redemption on Oct. 15 1935, in accordance with the
Provisions of Treasury Department Circular No. 539. dated May 13 1935.
The following are the official Treasury circulars bearing
on the offerings of the bonds and notes:
UNITED STATES OF AMERICA
% Treasury Bonds of 1945-47
Dated and bearing interest from Sept. 16 1935.
Due Sept. 15 1947
Redeemable at the option of the United States at par and accrued Interest
on and after Sept. 15 1945
Interest payable March 15 and Sept. 15
Offered Only in Exchange for Fourth-Called
Fourth Liberty Loan Bonds
I. Exchange Offering of Bonds
1. The Secretary of the Treasury, pursuant to the authority of the
Second Liberty Bond Act, approved Sept. 24 1917, as amended, for refunding purposes, invites subscriptions from the people of the United
States for 2M % bonds of the United States. designated Treasury bonds
of 1945-47, in payment of which only Fourth Liberty Loan 4if% bonds
of 1933-38 included in the fourth and final call for redemption on Oct. 15
1935(hereinafter referred to as Fourth called Fourth 4 Ms) may be tendered.a
The amount of the offering will be limited to the amount of Fourth called
Fourth 43s tendered and accepted. Fourth Liberty Loan bonds not
included in the fourth and final call for redemption on Oct. 15 1935, all
of which have previously been called for redemption and on which interest
has ceased, will not be accepted for exchange under this circular.
spi
2. Fourth called Fourth 44s will be received on exchange at par, and
2M % Treasury bonds of 1945-47 will be issued at par, with the right reserved by the Secretary of the Treasury to increase the issue price by
public announcement effective as to subscriptions tendered after the
time, not earlier than Sept. 10 1935 fixed in the announcement.
3. In addition to the exchange offering under this circular, holders of
Fourth called Fourth 4s are offered the privilege of exchanging all or
any part of such called bonds for 3M-year 1;4% Treasury notes of Series
C-1939, which offering is set forth in Department Circular No. 551, issued
simultaneously with this circular.
H. Description of Bonds
1. The bonds will be dated Sept. 16 1935 and will bear interest from
that date at the rate of 2M % Per annum, payable on a semi-annual basis
on March 15 and Sept. 15 in each year until the principal amount becomes
payable. They will mature Sept. 15 1947, but may be redeemed at the
option of the United States on and after Sept. 15 1945, in whole or in
part, at par and accrued interest, on any interest day or days, on four
months' notice of redemption given in such manner as the Secretary of
the Treasury shall pregeribe. In case of partial redemption the bonds
to be redeemed will be determined by such method as may be prescribed
by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called for redemption
shall cease.
2. The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State.
or any of the possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes, or gift taxes, and (b)
graduated additional income taxes, commonly known as surtaxes, and
excess-profits and war-profits taxes, now or hereafter imposed by the
United States, upon the income or profits of individuals, partnerships,
associations or corporations. The interest on an amount of bonds authorized by the Second Liberty Bond Act, approved Sept. 24 1917. as amended.
the principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership,.association or corporation shall be exempt
.from the taxes provided for in clause (b) above. •
3. The bonds will be acceptable to secure deposits of public moneys,
but will not bear the circulation privilege and will not be entitled to any
privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of 950, $100.
$500, $1.000. $5,000. $10,000 and $100.000. Provision will be made
for the interchange of bonds of different denominations and of coupon
and registered bonds and for the transfer of registered bonds under rules
and regulations prescribed by the Secretary of the Treasury.
a Pursuant to the fourth and final call for redemption (see Department
Circular No. 539. dated May 13 1935) all outstanding Fourth Liberty
Loan 43(% bonds of 1933-38 bearing serial numbers ending in 3 or 4 (in
the case Of permanent coupon bonds preceded by the distinguishing letter
0 or 1), respectively) have been called for redemption on Oct. 15 1935.
on which date interest on such bonds will cease.
1528
Financial Chronicle
5. The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
III. Subscription and Allotment
1. Subscriptions will be received at the Federal Reserve banks and
branches and at the Treasury Department, Washington. Banking institutions generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,in whole or in part,and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these
respects shall be final. Subject to these reservations, all subscriptions
will be allotted in full. Allotment notices will be sent out promptly upon
allotment.
IV. Terms of Payment and Issue
at par,
1. Treasury bonds offered under this circular will be issued
or at such increased issue price as may be fixed by public announcement
in the case of bonds issued upon subscriptions tendered to a Federal Reserve
in
Bank or branch or to the Treasury Department after the time stated
may be
the announcement. The effective time for any increase which
made in the issue price will be after the date of the announcement and
in no event earlier than Sept. 10 1935. Any such announcement fixing
an increase in the issue price and the time when such increase becomes
effective will be communicated promptly to the Federal Reserve banks.
Payment for any bonds allotted under this circular may be made only
in Fourth called Fourth 4)s, which will be accepted at par, provided
that payment of the premium by reason of any increase in the issue price
shall be made in cash or other immediately available funds. The bonds
the
tendered in payment, and the premium, if any, should accompany
subscription.
Fourth 43s will be paid
2. On all exchanges, interest on Fourth called
in full to Oct. 15 1935. on which date interest on all Fourth called Fourth
43s will cease. Such payments will be made,in the case of coupon bonds,
through payment of coupons dated Oct. 15 1935, when due, which coupons
should be detached by holders before presentation of the bonds for exchange, and in the case of registered bonds through the issue of interest
checks for final interest due Oct. 15 1935, in accordance with the assignments on the bonds surrendered.
V. Surrender of Fourth Called Fourth 4gs on Exchange
-Fourth called Fourth 4 hs in coupon form tendered
1. Coupon Bonds
in exchange for Treasury bonds offered hereunder, should be presented
and surrendered with the subscription to a Federal Reserve Bank or to
the Treasurer of the United States. Coupons dated April 15 1936, and
all coupons bearing dates subsequent to April 15 1936, should be attached
to such coupon bonds when surrendered, and if any such coupons are
missing the subscription must be accompanied by cash payment equal to
the face amount of the missing coupons.b The bonds must be delivered
of
at the expense and risk of the holder. Facilities for transportation
. bonds by registered mail insured may be arranged between incorporated
banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilizing such
incorporated banks and trust companies as their agents. Incorporated
banks and trust companies are not agents of the United States under
this circular.
-Fourth called Fourth 4s in registered form
2. Registered Bonds
tendered in exchange for Treasury bonds offered hereunder should be
assigned by the registered payee or the assignee thereof, in accordance
aswith the general regulations of the Treasury Department governing
signments for transfer or exchange, in one of the forms hereafter set forth,
surrendered with the subscription
and thereafter should be presented and
of
to a Federal Reserve bank or to the Treasury Department, Division
Loans and Currency, Washington. The bonds must be delivered at the
registered
expense and risk of the holder. If Treasury bonds are desired
the asin the same name as the Fourth called Fourth 4s surrendered,
for
signment should be to "The Secretary of the Treasury for exchange
In
Treasury bonds of 1945-47;" if Treasury bonds are desired registered
Treasury
another name, the assignment should be "The Secretary of the
the name of
for exchange for Treasury bonds of 1945-47 in
should be
if Treasury bonds in coupon form are desired, the assignment
Treasury bonds of
to "The Secretary of the Treasury for exchange for
1945-47 in coupon form to be delivered to
VI. General Provisions
banks are
1. As fiscal agents of the United States, Federal Reserve
make allotments
authorized and requested to receive subscriptions, to
of the
on the basis and up to the amounts indicated by the Secretary
districts, to issue
Treasury to the Federal Reserve banks of the respective
make deallotment notices, to receive payment for bonds allotted, to
and they may issue
livery of bonds on full-paid subscriptions allotted,
interim receipts pending delivery of the definitive bonds.
2. The Secretary of the Treasury may at any time, or from time to
governtime, prescribe supplemental or amendatory rules and regulations
ing the offering which will be communicated promptly to the Federal
Reserve banks.
HENRY MORGENTHAU, JR.
Secretary of the Treasury.
Treasury Department,
Office of the Secretary.
Washington, Sept.3 1935.
Department Circular No. 550 (Public Debt Service).
UNITED STATES OF AMERICA
13i% Treasury Notes of Series C-1939
Due March 15 1939.
Dated and bearing interest from Sept. 16 1935.
Interest payable March 15 and Sept. 15
Offered for Cash and in Exchange for Fourth Called
•
Fourth Liberty Loan Bonds
I. Offering of Notes
1. The Secretary of the Treasury, pursuant to the authority of the
Second Liberty Loan Act, approved Sept. 24 1917, as amended, invites
subscriptions from the people of the United States, for 1 % notes of
the United States, designated Treasury notes of Series C-1939.
2. Cash subscriptions are invited at par and accrued interest. The
amount of the issue for cash will be E500,000,000, or thereabouts.
3. Exchange subscriptions, in payment of which only Fourth Liberty
Loan 4h% bonds of 1933-38 included in the fourth and final call for redemption on Oct. 15 1935 (hereinafter referred to as Fourth called Fourth
b The final coupon attached to temporary coupon bonds became due
on Oct. 15 1920. The holders of any such temporary bonds which are
15
included in the fourth and final call for redemption on Oct. are 1935 will
tendered
receive past-due interest from Oct. 15 1920 if such bonds
for exchange under this circular.
Sept. 7 1935
4hs) may be tendered, are invited at par.a The amount of the issue upon
exchange subscriptions will be limited to the amount of Fourth called
Fourth 4s tendered and accepted. Fourth Liberty Loan bonds not
included in the fourth and final call for redemption on Oct. 15 1935. all
of which have previously been called for redemption and on which interest
has ceased, will not be accepted for exchange under this circular.
4. In addition to the exchange offering under this circular, holders
of Fourth called Fourth 434s are offered the privilege of exchanging all
or any part of such called bonds for 10-12 year 2h% Treasury bonds of
1945-47, which offering is set forth in Department Circular No. 550,
issued simultaneously with this circular.
II. Description of Notes
1. The notes will be dated Sept. 16 1935 and will bear interest from
that date at the rate of lh% per annum, payable on a semi-annual basis
on March 15 and Sept. 15 in each year. They will mature March 15 1939
and will not be subject to call for redemption prior to maturity.
2. The notes shall be exempt, both as to principal and interest, from
all taxation (except estate or inheritance taxes, or gift taxes) now or hereafter imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
3. The notes will be accepted at par during such time and under such
rules and regulations as shall be prescribed or approved by the Secretary
of the Treasury in payment of income and profits taxes payable at the
maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys,
but will not bear the circulation privilege.
5. Bearer notes with interest coupons attached will be issued in denominations of $50, $100, $500. $1,000, $5,000, $10,000 and $100,000.
The notes will not be issued in registered form.
III. Subscription and Allotment
1. Subscriptions will be received at the Federal Reserve banks and
branches and at the Treasury Department, Washington. Banking institutions generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies. Cash subscriptions from incorporated banks and trust
companies for their own account will be received without deposit but will
be restricted in each case to an amount not exceeding one-half of the combined capital and surplus of the subscribing bank or trust company. Cash
subscriptions from all others must be accompanied, if for more than $5,000,
by payment of $5.000 or 5% of the a.nount of notes applied for, whichever
is the greater; and if for $5,000 or less by payment in full. The Secretary
of the Treasury reserves the right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts
and to make reduced allotments upon, or to reject, applications for larger
amounts, or to adopt any or all of said methods or such other methods of
allotment and classification of allotments as shall be deemed by him to 43e
in the public interest; and his action in any or all of these respects shall
be final. Subject to these reservations, cash subscriptions for amounts
up to and including $5,000 will be given preferred allotment, and cash
subscriptions for amounts over $5,000 will be allotted on an equal percentage basis, but not less than the maximum preferred allotment; and
exchange subscriptions will be allotted in full. Allotment notices will
be sent out promptly upon allotment, and the basis of the allotment will
be publicly announced.
. IV. Terms of Payment and Issue
-Payment at par and accrued interest, if any.
1. Cash Subscriptions
for notes allotted on cash subscriptions must be made or completed on
or before Sept. 16 1935, or on later allotment. In every case where payment is not so completed, the payment with application up to 5% of the
amount of notes applied for shall, upon declaration made by the Secretary
of the Treasury in his discretion, be forfeited to the United States. Any
qualified depositary will be permitted to make payment by credit for
notes allotted to it for itself and its customers up to any amount for which
it shall be qualified in excess of existing deposits, when so notified by
the Federal Reserve Bank of its district.
-Payment for notes allotted on exchange
2. Exchange Subscriptions
subscriptions may be made only in Fourth called Fourth 4 hs, which will
be accepted at par, and should accompany the subscription. On all exchanges, interest on Fourth called Fourth 4gs will be paid in full to Oct.
15 1935, on which date interest on all Fourth called Fourth 43s will cease.
Such payments will be made,in the case of coupon bonds,through payment
of coupons dated Oct. 15 1935, when due, which coupons should be detached by holders before presentation of the bonds for exchange, and in
the case of registered bonds through the issue of interest checks for final
Interest due Oct. 15 1935, in accordance with the assignments on the
bonds surrendered.
V. Surrender of Fourth Called Fourth 4hs on Exchange
1. Coupon Bonds-Fourth called Fourth 4 hs in coupon form tendered
in exchange for Treasury notes offered hereunder should be presented
and surrendered with the subscription to a Federal Reserve Bank or to
the Treasurer of the United States. Coupons dated April 15 1936, and
all coupons bearing dates subsequent to April 15 1936. should be attached
to such coupon bonds when surrendered, and if any such coupons are
missing, the subscription must be accompanied by cash payment equal
to the face amount of the missing coupons.b The bonds must be delivered at the expense and risk of the holder. Facilities for transportation
of bonds by registered mail insured may be arranged between incorporated
banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilizing such
incorporated banks and trust companies as their agents. Incorporated
banks and trust companies are not agents of the United States under this
circular.
-Fourth called Fourth 4s in registered form
2. Registered Bonds
tendered in exchange for Treasury notes offered hereunder should be assigned by the registered payee or the assignee thereof to "The Secretary
of the Treasury for exchange for Treasury notes of Series 0-1939." in
accordance with the general regulations of the Treasury Department
governing assignments for transfer or exchange and thereafter should
be presented and surrendered with the subscription to a Federal Reserve
a Pursuant to the fourth and final call for redemption (see Department
Liberty
Circular No. 539, dated May 13 1935) all outstanding Fourth or 4 (in
Loan 45.1% 'ponds of 1933-38 bearing serial numbers ending in 3 letter
the case of permanent coupon bonds preceded by the distinguishing 1935.
C or D, respectively) have been called for redemption on Oct. lb
on which date interest on such bonds will cease.
b The final coupon attached to temporary coupon bonds became due
on Oct. 15 1920. The holders of any such temporary bonds which are
15
Included in the fourth and final call for redemption on Oct. are 1935 will
tendered
-due interest from Oct. 15 1920 if such bonds
receive the past
for exchange under this circular.
Volume 141
Financial Chronicle
bank or to the Treasury Department, Division of Loans and Currency,
Washington. If the Treasury notes are to be delivered for the account
of other than the registered payee or the assignee thereof, the assignment
should be to "The Secretary of the Treasury for exchange for Treasury
notes of Ser.es 0-1939 to be delivered to
" The bonds
must be delivered at the expense and risk of the holder.
•
VI. General Provisions
1. As fiscal agents of the United States, Federal Reserve banks are
authorized and requested to receive subscriptions, to make allotments
on the basis and up to the amounts indicated by the Secretary of the
Treasury to the Federal Reserve banks of the respective districts, to issue
allotment notices, to receive payment for notes allotted, to make delivery
of notes on full-paid subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to
time, prescribe supplemental or amendatory rules and regulations governing
the offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU,
Secretary of the Treasury.
Treasury Department.
Office of the Secretary,
Washington, Sept. 3 1935.
Department Circular No. 551 (Public Debt Service).
$163,683,000 Tendered to Offering Of $50,000,000 of
273
-Day Treasury Bills Dated Sept. 4—$50,046,000
Accepted at Average Rate of 0.161%
The tenders received at the Federal Reserve banks.and
branches thereof up to 2 p.m., Eastern Standard Time,
Aug. 30 (as noted in our issue of Aug. 31, page 1366) totaled
$163,683,000, Henry Morgenthau,Jr., Secretary of Treasury,
announced Aug. 30. Of the bids received $50,046,000 were
accepted, the Secretary said, adding:
The accepted bids ranged in price from 99.909, equivalent to a rate of
0.120% per annum, to 99.870, equivalent to a rate of about 0.171% 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 99.885 and the average rate is about 0.151% per annum on a bank discount basis.
New Offering of 273-Day Treasury Bills in Amount of
$50,000,000 or Thereabouts—To Be Dated Sept. 11
1935
Announcement of a new offering of $50,000,000, or thereabouts, of 273-day Treasury bills was made on Sept. 5 by
Henry Morgenthau, Jr., Secretary of the Treasury. The
bills, which will be sold on a discount basis to the highest
bidders, will be dated Sept. 11 1935. They will mature on
June 10 1936, and on the maturity date the face amount
will be payable without interest. An issue of similar securities in amount of $50,052,000 will mature on Sept. 11.
Tenders to the new offering, Secretary Morgenthau said,
will be received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m., Eastern Standard Time, Monday,
Sept. 9. Tenders will not be received at the Treasury Department, Washington. The announcement of the Secretary continued:
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. 9 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. 11 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.
Offering of $12,500,000 of 13/2% Debentures of Federal
Intermediate Credit Banks—Books Closed Following Over-subscription
On Sept. 5 Charles R. Dunn, fiscal agent of the Federal
Intermediate Credit Banks, offered approximately $12,500,000 of 1
debentures of the system, and the books
were closed the same day following a heavy over-subscription.
The debentures were sold at a small premium over par value.
The debentures are dated Sept. 16 1935 and will mature
in one year. Approximately $27,000,000 of similar securities
of the banks will mature on Sept. 16, which, according to
Mr. Dunn, will reduce the outstanding debentures of the
system by about $10,000,000, the remainder being attributed
to a few private sales.
Following this transaction, it is
1529
estimated, the Credit banks will have debentures in amount
of $159,000,000 outstanding.
Secretary of Treasury Morgenthau Regards U. S.
Operating Within Budget
Sedretary Morgenthau in commenting on the Treasury
figures for the first two months of the fiscal year beginning
June 30 concluded on Sept. 5 that "we are within the
President's budget." Mr. Morgenthau backed up his statement that the government is "well within" its budget for the
current fiscal year by explaining that the increased expenditures and deficit as compared with the previous fiscal year
are due to "recoverable expenses," primarily loans by the
Commodity Credit Corp. and the Reconstruction Finance
Corp. The observations made by Secretary Morgenthau
were further indicated as follows Sept. 5:
The two months' deficit, July 1 to Aug. 31, was shown by Treasury
reports to be $672,000,000, as compared with $476,000.000 a year ago, a
gain of $196,000,000. All this increase could be traced to a net increase of
$245,000,000 in loans made by the RFC and Commodity Credit Corp., he
said.
The RFC and Commodity Credit Corp. each reported an increase of
$188,000,000 in loans. Against this gain of $376,000,000 the PWA showed
a reduction in lending of $131,000,000, leaving a net gain in loans of $245,000,000, which covered the entire $196,000,000 increase in the deficit.
Further reporting that Mr. Morgenthau predicted additional reductions in Federal administrative costs as a result
of the Budget Bureau's new control over emergency agencies.
The New York "Times" Washington advices Sept. 5 (from
which ther above information is taken), had the following
to say:
Besides demanding that New Deal boards and bureaus reduce their
running expenses this year. Secretary Morgenthau, according to unofficial
reports, is urging the President to cut by $2,300,000,000 the Government's
expenditures for the fiscal year which opens July 1 1936.
This would mean a reduction in Federal outlays from an estimated
$8,500,000,000 this fiscal year to $6,200.000,000 next year. The Secretary
declines to discuss his activity in this field, and the President's attitude
toward the proposal is not known . . .
Revenues Exceed Estimates
Although he announced that the Government was living within its
budget for the current fiscal year, Secretary Morgenthau declined to
make any forecast of the year's outcome. President Roosevelt in his
budget message estimated expenditures of $8,520.413,609, revenues of
$3,991.904,639, and a deficit of $4,528,508,970. Since the deficit stood
at $672,000.000 at the end of August, the deficit for the full year would be
only $4,032,000,000 if present conditions prevail throughout the year.
Revenues were above estimates and expenditures were slightly below
at the end of August, the second month of the fiscal year, Mr. Morgenthau
announced, adding that "the more you go into the first two months the
better they look."
Transfer Stamp Liability on Securities of Dissolved
Corporations—Interpretation by R.M.Smythe,Inc.
Under date of Sept. 2 R. M. Smythe, Inc., New York
City, draw attention to rulings recently received by them
from the United States Treasury Department and the New
York State Transfer Tax Bureau in regard to the stamp tax
liability on transfers of securities of corporations which
have been legally dissolved.
It is pointed out that until recently holders of securities
of defunct corporations were not certain whether the sale
or transfer of such securities involved any stamp tax liability.
The question was whether such securities of defunct corporations were to be considered as merely record vouchers of
property formerly owned or whether they were to be forever
regarded as securities and liable to transfer tax in event of
sale or transfer. This, uncertainty has caused holders of
such securities to hesitate in selling them as in most cases
the transfer stamps cost more than the holder could realize
on the certificates. From the announcement by R. M.
Smythe, Inc., we quote:
The ruling by the United States Treasury Department is interpreted by
R. M.Smythe,Inc. to the effect that if the issuing corporation has actually
gone out of existence either by surrendering its charter, or by having its
charter revoked by the State of its incorporation, with or without a liquidating value, the certificates are not really certificates of stock because the
corporation is no longer in existence In such a case, no stamp tax liability
Is incurred in the transfer or sale of stock certificates formerly issued by such
dissolved corporation However, as to corporations which are still in
existence, the transfer of their stock certificates is subject to tax although
the certificates are known to be definitely worthless. Similar rules govern
the tax liability on the transfer of corporate bonds.
The New York State Transfer Tax Bureau concurs with the United
States Treasury Department on the aforementioned points and generally
speaking rules that the Stock Transfer Tax Law of New York does not
apply to sales or transfers of certificates occurring subsequent to the legal
dissolution of the corporation issuing such certificates. Hence no stock
transfer tax is due on the sale or transfer of certificates ofsuch corporations.
The Federal and State officials are also in general accord in regard to
transfer of stocks and bonds legally dissolved corporations but exchangeable for new certificates in a successor company. The ruling of the United
States Treasury Department in such cases is that where certificates of a
dissolved corporation are exchangeable for stock certificates in a successor
corporation, the transfer of the certificates of the dissolved corporation
effects a transfer of the right to receive stock of the successor corporation,
and that therefore such transfer is subject to tax. However, where there
is a limited period of time within which certificates of a dissolved corporation
may be exchanged for stock of a successor corporation and where it is stated
that certificates of the dissolved corporation will have no value other than
such right of exchange, then a sale of such certificates, after the last exchange day, is not taxable. The tax liability on bonds, having the same
exchange rights, would be governed by the same rules.
These rulings are of importance to banks, trust companies, lawyers,
receivership and other estates, &c., desirous of disposing of worthless securi-
Financial Chronicle
1530
ties even at nominal prices. Hitherto holders of such securities have been
generally barred from selling them because the cost of the transfer stamps
exceeded the amount obtainable for the securities.
R. M. Smythe, Inc., New York City, appraisers and specialists in obsolete issues since 1880, state that they would welcome the co-operation
of other States, having a Stock Transfer Tax Law, in making known their
rulings in respect to the transfer taxes in similar cases. Obviously, if clear
rulings are announced, holders of valueless securities, particularly estates.
would be glad to dispose of them legally, even at nominal prices, in order
to be relieved of further unnecessary safekeeping expenses.
Gold Receipts by Mints and. Assay Offices—Imports
During Week of Aug. 30 Totaled $2,374,000
The Treasury Department announced Sept. 3 that a total
of $5,753,058.91 of gold was received by the mints and
assay offices during the week of Aug. 30. Of this amount,
it was shown,$2,374,000.06 represented imports,$462,703.42
secondary, and $2,916,355,43 new domestic. The following
tabulation shows the amount of the gold received during the
week of Aug. 30 by the various mints and assay offices:
Imports
$4.717.79
2.059,900.00
233,135.17
50,959.00
16,288.10
Secondary
$136,861.45
160,500.00
69,683.44
42,296.00
38,316.29
15,046.24
New Domestic
82,182.46
235,600.00
1,824,259.74
520.405.00
917.81
332,990.42
Total for week ended Aug. 30—$2,374,000.06
$462,703.42
$2,916,355.43
Week Ended Aug. 30 1935—
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
$325,051 of Hoarded Gold Received During Week of
Aug. 28—$21,111 Coin and $303,940 Certificates
Figures issued by the Treasury Department on Sept. 3
indicate that gold coin and certificates amounting to $325,051.34 was received during the week of Aug. 28 by the
Federal Reserve banks and the Treasurer's office. Total
receipts since Dec. 28 1933, the date of the issuance of the
order requiring all gold to be returned to the Treasury,
and up to Aug. 28, amount to $129,602,542.45. The figures
show that of the amount received during the week ended
Aug. 28, $21,111.34 was gold coin and $303,940 gold certificates. The total receipts are shown as follows:
Received by Federal Reserve Banks—
Week ended Aug. 28
Received previously
Total to Aug. 28
Received by Treasurer's Office—
Week ended Aug. 28
Received previously
Gold Coin
$21,111.34
30.694,805.11
Gold Certificates
$ 2 ,640.00
96,100,380.00
330,715,916.45
896.400,020.00
264.806.00
$4,300.00
2,217,500.00
$2,221,800.00
$264,806.00
Total to Aug. 28
Note—Gold bars deposited with the New York Assay Office in the amount of
previously reported.
3200.572.69
Silver Transferred to United States Under Nationalization Order-5,395 Fine Ounces During Week of
Aug. 30
During the week of Aug. 30, a total of 5,395 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on Sept. 3
showed that receipts since the order was issued and up to
Aug. 30, totaled 112,970,788 fine ounces. The order of
Aug.9 1934 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of Sept. 3 shows that the
silver was received at the various mints and assay offices
during the week of Aug. 30 as follows:
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Ounces
321.00
487.00New Orleans
351.00
3,283.00Seattle
146.00
807.00 Tot, week end. Aug.30 1935 5,395.00
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended— Fine Ozs.
1934—
33,465.091
Aug. 17
26.088.019
Aug. 24
12,301,731
Aug. 31
4,144,157
Sept. 7
3,984.363
Sept. 14
8,435,920
Sept. 21
2.550,303
Sept. 28
2474.809
Oct. 5
2.883,948
Oct. 12
1.044.127
Oct. 19
746,469
Oct. 28
7,157.273
Nov. 2
3,665,239
Nov. 9
336,191
Nov. 16
261,870
Nov.23
86,662
Nov.30
292,358
Dec. 7
444.308
Dec. 14
692,795
Dec. 21
Week Ended— Fine On.
1934—
63,105
Dec. 28
1935—
309.117
Jan. 4
535.734
Jan. 11
75.797
Jan. 18
62.077
Jan. 25
134.096
Feb. 1
33,806
Feb. 8
45.803
Feb. 15
152.331
Feb. 22
38,135
Mar. 1
57,085
Mar. 8
19,994
Mar. 15
54,822
Mar.22
7.615
Mar.29
5,163
Apr. 5
6,755
Apr. 12
68.771
Apr. 19
50,259
Apr. 26
Week Ended— Fine Oct.
1935—
7,941
May 3
May 10
5,311
May 17
11,480
May 24
100.197
5,252
May 31
June 7
9,988
June 14
9,517
June 21
26,002
June 28
16.360
July 5
2,814
July 12
9,697
5,958
July 19
July 26
16,306
Aug. 2
2,010
Aug. 9
9.404
Aug. 16
4,270
Aug. 23
3,008
5,395
Aug. 30
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases —Totaled 509,601.99 Fine Ounces During Week of Aug. 30
According to figures issued Sept. 3 by the Treasury Department, 509,501.99 fine ounces of silver were received by
the various United States mints during the week of Aug. 30
from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 211933. The proclamation, which was referred to in our issue of Dec. 23 1933,
page 4441, authorized the Department to absorb at least
24,421,000 fine ounces of newly mined silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 45,015,000 fine ounces, it was indicated by
the figures issued Sept. 3. Of the amount purchased during
the week of Aug. 30, 149,962.70 fine ounces were received
Sept. 7 1935
at the Philadelphia Mint, 355,084.29 fine ounces at the
San Francisco Mint, and 4,455 fine ounces at the Mint at
Denver. The total receipts by the mints since the issuance
of the proclamation follow (we omit the fractional part of
the ounce):
Week Ended—
Week Ended- Ounces I Week Ended— Ounces
1935—
19341934—
Feb. 15
1,157 Aug. 3
Jan. 5
254,458 Feb. 21
Jan. 12
547 Aug. 10
649.757 Mar. 1
477 Aug. 17..
Jan. 19
376.504 Mar. 8
94.921 Aug. 24
Jan. 26
11,574 Mar. 15
117.554 Aug. 31
Feb. 2
264.307 Mar. 22
375,995 Sept. 7
Feb. 9
353,004 Mar. 29
232.630 Sept. 14
Feb. 16
103.041 Apr. 5
322,627 Sept. 21
Feb. 23
1,054,287 Apr. 12
271,800 Sept. 28
Mar. 2
620,638 Apr. 19
126,604 Oct. 5
Mar. 9
609.476 Apr. 26
832,808 Oct. 12
Mar. 16
712,206 May 3
369,844 Oct. 19
Mar.23
268,900 May 10
354,711 Oct. 26
Mar. 30
826,342 May 17
Apr. 6
569.274 Nov. 2
359.428 May 24
10,032 Nov. 9
Apr. 13
1,025.955 May 31
753,938 Nov. 16
Apr. 20
443,531 June 7
436,043 Nov. 23
Apr. 27
359,296 June 14
647,224 Nov.30
May 4
487,893 June 21
600,631 Dec. 7
May 11
648.729 June 28
503,309 Dee. 14
May 18
797,206 July 5
May 25
885.056 Deo. 21
484,278 July 12
295,511 Dec. 28
June 1
July 19
1935200,897
June 8
206,790 Jan. 4
June 15
467,335 July 26
504,363 Aug 2
380,532 Jan. 11
June 22
732.210 Aug. 9
64,047 Jan. 18
June 29
973,305 Aug. 16
July 6
1,218,247 Jan. 25
321.760 Aug. 23
230.491 Feb. 1
July 13
115.217 Feb. 8
July 20
1,167,706 Aug. 30
292.719
July 27
Ounces
1,126.572
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
621,682
608.621
379.010
863.739
751.234
667,100
1,312,754
509,502
74 Additional Federal Credit Unions Chartered During
August, FCA Announces
The Farm Credit Administration announced Sept. 4 that
charters were granted to 74 new Federal credit unions in
August, giving a total of 563 since the passage last year of
the act authorizing the organization of these co-operative
thrift and loan associations under Federal charters. The
FCA added:
Quarterly reports from Federal credit unions which have been organized
long enough to report operations showed that 340 of the new organizations
already had over 46,000 members as of June 30 1935. At that time the
oldest Federal credit union had been in operation only nine months. Total
savings of the 340 organizations as of June 30 amounted to $717,000 and
loans to members since organization, $776,000. . . .
The largest number of new Federal credit unions chartered in August
was in Pennsylvania but Texas was a close second.
Treasury Silver Purchases Exceed 500,000,000 Ounces—
Stocks Reported as More Than 1,159,000,000
Ounces
Official reports are said to disclose silver purchases by the
Treasury Department in excess of 500,000,000 ounces, since
the adoption of the Government's new silver policy. Together with silver held prior to the passage of the Silver
Purchase Act, the newly purchased metal (to quote from a
special dispatch Sept. 4 from Washington to the New York
"Times") brings the total American silver stocks up to more
than 1,159,000,000 ounces having a monetary value of
about $1,495,000,000. In part, the dispatch continued:
More than 1,300.000,000 ounces of silver still must be purchased if the
Treasury carries out the provision in the Silver Purchase Act requiring
silver reserves one-third as large as the gold reserves, the official figures
indicate. The present gold reserve is $9,203,000,000. necessitating a silver
reserve of $3,067,000,000, or approximately 2,500,000,000 ounces to fulfill
the requirements of the act.
Even a Higher Total Seen
Publication of reports showing the newly mined sliver received by the
Treasury last week made certain the fact that the silver purchases had
passed the 500,000,000 ounce mark. At least 509,000,000 ounces of silver
having a monetary value of $657,000,000 have been bought, the official
figures show, while other purchases not yet made known probably will
push the actual total well up toward 600.000,000 ounces.
The Treasury has reported that through July 31 it had acquired 471,900,900'ounces of silver under the new program. On Aug. 14 alone the
Treasury bought in world markets more than 25,500,000 ounces, Secretary
Morgenthau announced. In addition, receipts of newly mined silver since
July 31 amount to 11,500,000 ounces.
These two blocks of silver together boost the total reported on July 31
to 509,000,000 ounces. Since the Treasury was buying heavily in world
silver markets during the middle of August. the actual total of silver bought
may be close to 600,000,000 ounces.
Of the 471,909.900 ounces of silver bought by the Treasury through
July 31, approximately 326,100,000 ounces had been bought In world
markets, 33,500,000 ounces represented newly mined domestic silver and
112,300,000 had been seized under the nationalization order of last summer.
These totals do not include silver held by the stabilization fund, which
Is kept secret.
President Roosevelt, in Talk Before Neighbors at
Hyde Park, N. Y., Compares White House Repairs
with Administration's Aims in New Deal
An informal talk was addressed on Sept. 3 by President
Roosevelt to neighbors and friends, members of the Democratic Women's Club of Hyde Park; the President, as he
explained, was "pinch hitting" for Mrs. Roosevelt, who had
agreed to speak to the club, but was called away to the
funeral at Winnetka, Ill., of Mrs. Harold L. Ickes, wife of
the Secretary of the Interior.
The President's talk dealt with the repairs which the
White House is undergoing, and that subject he used in comparison with the aims of the new deal. As to the President's
remarks we quote the following from the Hyde Park advices
to the New York "Herald Tribune":
"Every once in a while, whether it be a human structure, things made
with the hands, or things created by government, we have to make repairs,"
Volume 141
Financial Chronicle
he said. "Back in President Coolidge's time, the White House roof leaked.
It was quite dangerous, because some of the beams had rotted.
"Now, the White House goes back to 1796. The first person to live in it
was President John Adams. Washington, whom he succeeded, used to come
to stay with Adams. And the White House has been occupied ever since.
"In that time there has been a great deal of rebuilding and renovating
and repairing. But it has remained the same White House, with the same
architecture, the same dignity, the same beauty.
"President Coolidge had the roof fixed. This year we found that in a
period of 30 years the White House had not been rewired. We found that
the wires put in in 1905, in T. R.'s day, were no longer good. Some of
the wires had worn and the materials and processes for wiring in 1905 were
not so good as the materials and processes of 1935.
"So we are rewiring the White House with up-to-date type of wiring. We
are making it safer so there will be less chance of the building burning up.
We are making repairs in better materials than they knew about in 1905.
"But when I go back it will be the same old White House that the American people have known for nearly 140 years.
"Not TVorried" About Future
"I think that is a very useful parable to think about in this day. We are
not changing the White House. We are making it a safer place to live in—
no matter who is President 4 years or 8 years or 100 years from now. In
the same way we're trying to make safer and better every White House in
every farm, every city, every community in the country. That's why I am
not very much worried about the future of the United States." . .
.
Mr. Roosevelt went on to say that the session of Congress which has just
closed was "very interesting and very useful—probably one of the most
important sessions the Congress of the United States has ever had in 160
years."
He explained that he was still busy vetoing bills.
Busy Vetoing Bills
"I got the veto habit in Albany," he said. "After the first session of the
Legislature, in 1929—at the end of what we call the 30-day period—I asked
the counselor to the Governor how many bills I had vetoed. He said 'you
have vetoed 24% of all the bills passed.' It occurred to me to look up the
record of another Governor of New York who had been famous for his vetoes
—Grover Cleveland. I found he had vetoed only 22% of the bills passed."
Text of Resolution Signed by President Roosevelt
Barring Suits Against Government by Holders of
Federal Securities Carrying Gold Clause Provisions
We are giving below the text of the resolution passed at the
late session of Congress, and signed by President Roosevelt
on Aug. 27, barring, after Jan. 1 1936, holders of Government securities containing the "gold clause" provision, from
bringing suits against the Government for damages which
might be charged to devaluation and nullification of gold
payment promises. The signing of the resolution by the
President was noted in these columns a week ago (page 1369)
but the date of its signing was made to appear as Aug. 28,
instead of Aug. 27, the text of the resolution follows:
[PUBLIC RESOLUTION—NO. 63
-74TH CONGRESS)
[H. J. Has. 348)
JOINT RESOLUTION
Authorizing exchange of coins and currencies and immediate payment of
securities by the United States; withdrawing the right to sue the
gold-clause
United States thereon; limiting the use of certain appropriations; and for
other purposes.
Whereas in order to maintain the uniform value of all coins and currencies
of the United States, Public Resolution Numbered 10 of June 5. 1933,
declared provisions known as "gold clauses" to be against public polies,
,
prohibited their use in obligations thereafter incurred, and provided that
money of the United States legal tender for obligations generally was legal
tender for all obligations with or without gold clauses; and
Whereas the United States has paid and will continue to pay to the holders
of all its securities their principal and interest, dollar for dollar, in lawful
money of the United States: Now,therefore, be it Resolved by the Senate and
House of Representatives of the United States of America in Congress assembled,
That the lawful holders of the coins or currencies of the United States shall
be entitled to exchange them, dollar for dollar, for other coins or currencies
which may be lawfully acquired and are legal tender for public and private
debts; and that the owners of the gold clause securities of the United States
shall be, at their election, entitled to receive immediate paytnent of the
stated dollar amount thereof with interest to the date of payment or to
prior maturity or to prior redemption date, whichever Is earlier. The
Secretary of the Treasury is authorized and directed to make such exchanges
and payments upon presentation hereunder in the manner provided in
regulations prescribed by him. The period within which the owners of
gold clause securities shall be entitled hereunder to receive payment prior
to maturity shall expire January 1, 1936, or on such later date, not after
July 1, 1936, as may be fixed by the Secretary of the Treasury.
Sec. 2. Any consent which the United States may have given to the
assertion against it of any right, privilege, or power whether by way of
suit, counterclaim, set-off, recoupment, or other affirmative action or
defense in its own name or in the name of any of its officers, agents, agencies,
or instrumentalities in any proceeding ofany nature whatsoever(1) upon any
gold clause securities of the United States or for interest thereon,or (2) upon
any coin or currency of the United States, or (3) upon any claim or demand
arising out of any surrender, requisition, seizure, or acquisition of any such
coin or currency or of any gold or silver and involving the effect or validity
of any change in the metallic content of the dollar or other regulation of the
value of money, is withdrawn: Provided, That this section shall not apply
to any suit heretofore commenced or which may be commenced by January
1, 1936, or to any proceeding referred to in this section in which no claim is
made for payment or credit in an amount in excess of the face or nominal
value in dollars of the securities, coins or currencies of the United States
involved in such proceeding.
Sec. 3. Except In cases with respect to which consent is not withdrawn
under section 2, no sums, whether heretofore or hereafter appropriated or
authorized to be expended, shall be available for, or expended in, payment
upon securities, coins, or currencies of the United States except on an equal
and uniform dollar for dollar basis.
Sec. 4. As used in this resolution the phrase "gold clause" means a
provision contained in or made with respect to an obligation which purports
to give the obligee a right to require payment in gold, or in a particular
kind of coin or currency of the United States, or in an amount in money
of the United States measured thereby, declared to be against public policy
by Public Resolution Numbered 10 of June 5. 1933; and the phrase "secur-
1531
Ries of the United States" means the domestic public debt obligations of the
United States, including bonds, notes. certificates of indebtedness, and
Treasury bills, and other obligations for the repayment of money, or for
Interest thereon, made, issued or guaranteed by the United States.
Approved, August 27. 1935, six p. m., E. S. T.
President Roosevelt, in Signing Resolution Designed
to Preserve Neutrality of United States, Says
Policy of This Country "Is Definitely Committed
to Maintenance of Peace"
Upon the occasion of the signing, on Aug. 31, by President
Roosevelt of the so-called "neutrality" legislation, the President issued a statement in which he said that his approval
was given "as an expression of the fixed desire of the Government and the people of the United States to avoid any
action which might involve us in war." In referring to the
completion of Congressional action on the legislation, in our
Aug. 31 issue (page 1370), the date of its signing by the
President was given erroneously as Aug. 29. The resolution,
designed to insure the neutrality of the United States in the
event of war between Italy and Ethiopia, is limited in operation to six months. On Aug. 28 the President was reported
as having indicated his satisfaction with the legislation,
except for the fact that it fails to include power over loans
and finance, which are integral parts of commerce. Under
the resolution the President is authorized to decide when a
state of war exists between foreign nations, and then provides for a mandatory embargo on shipments of war implements to those countries. In his statement, made with the
signing of the resolution, on Aug. 31, the President said that
"in several aspects further careful consideration of neutrality needs is most desirable, and there can well be an
expansion to include provision dealing with other important
aspects of our neutrality policy which have not been dealt
with in this temporary measure." The President's statement follows:
I have given my approval to S. J. Resolution 173—the neutrality legislation which passed the Congress last week.
I have approved this joint resolution because it was intended as an
expression of the fixed desire of the Government and the people of the
United States to avoid any action which might involve us in war. The
purpose is wholly excellent, and this joint resolution will, to a considerable
degree, serve that end.
It provides for a licensing system for the control of carrying arms, &c.,
by American vessels for the control of the use of American waters by
foreign submarines,' the restriction of travel by American citizens on
for
vessels of belligerent ations, and for the embargo of the export of arms, &c.,
to both belligerent nations.
The latter section terminates at the end of February 1936. This section
requires further and more complete consideration between now and that
date. Here again the objective is wholly good. It is the policy of this
Government to avoid being drawn into wars between other nations, but it is a
fact that no Congress and no Executive can foresee all possible future
situations. History is filled with unforeseen situations that call for some
flexibility of action.
It is conceivable that situations may arise in which the wholly inflexible
provisions of Section I of this Act might have exactly the opposite effect
from that which was intended. In other words, the inflexible provisions
might drag us into war instead of keeping us out.
The policy of the Government is definitely committed to the maintenance
of peace and the avoidance of any entanglements which would lead us into
conflict. At the some time it is the policy of the Government by every
peaceful means and without entanglement to co-operate with otherssimilarly
minded governments to promote peace.
In several aspects further careful consideration of neutrality needs is most
desirable, and there can well be an expansion to include provisions dealing
with other important aspects of our neutrality policy which have not been
dealt with in this temporary measure.
From the Philadelphia "Record" we take the following
from Washington, Aug. 31:
Effective Until Feb. 29
The neutrality resolution compels the President, until Feb. 29 1936 to
ban shipment of arms to belligerents "upon the outbreak or during the progress of war" between two foreign nations. There is an accompanying ban
against American ships carrying arms or implements of war to any port of
belligerent countries or to as neutral port for transshipment to a belligerent.
After Feb. 29 these provisions of the legislation will remain in force:
A licensing system for the manufacture and export of arms and munitions
under the supervision of a board of Cabinet officers.
Discretionary authority for the President to restrict or close the territorial waters or ports of the United States to belligerent submarines, to
prohibit American citizens from traveling on ships of warring nations
except at their own risk—unless in flight from a country at war—and to
require bond of any vessel suspected to be about to carry men or supplies
to a belligerent ship at sea.
Hope to Expand Policy
The authority to prohibit citizens from traveling on ships of warring
nations except at their own risk is in sharp contrast to this country's policy
in the World War.
The sinking by German submarines of British and other ships carrying
American passengers was one of the important factors in this country's
declaration of war in 1917.
Members of the Senate Munitions Committee will try at the next session
to make the new policy permanent and to expand it to include prohibitions
against loans to belligerents.
Scope of Neutrality Resolution Explained by '
Representative McReynolds
The "neutraliti" resolution (signed by President Roosevelt
on Aug. 31) places embargoes only on "visible munitions of
war," Representative Sam D. McReynolds (Dem., Tenn.),
Chairman of the House Foreign Affairs Committee, said on
Aug. 30, according to United Press accounts from Cleveland,
Tenn., which further reported:
1532
Financial Chronicle
Chairman McReynolds said the resolution would not bar shipment of
cotton, copper, steel, scrap iron, chemicals and other "raw materials" to
warring nations.
The statement came after Mr. McReynolds read a United Press dispatch
from London in which British statesmen were represented as awaiting an
interpretation of the neutrality resolution passed by the United States
Congress before making final decision on Great Britain's policy in the
Itnlo-Ethiopian crisis.
It was pointed out in London that if Italy could buy raw materials needed
for war purposes from the United States, she might be able to flout possible
League of Nations embargo action.
Chairman McReynolds said that the House Foreign Affairs Committee
went thoroughly into the nature of embargoes in its discussion of the bill,
and that no raw products were affected.
Embargoes made mandatory under the Act on nations at war, he said,
"apply only to visible munitions of war such as guns and ammunition, and
do not bar shipment to warring nations of cotton, steel, scrap iron, nickel
and chemicals."
Mr. McReynolds stopped here briefly en route from Washington to his
home at Chattanooga, Tenn.
President Roosevelt Signs Bill Embodying Amendments
to the Act Creating the TVA
The bill embodying amendments to the Act creating the
Tennessee Valley Authority was signed by President Roosevelt on Aug. 31. Congress disposed of the new legislation
on Aug. 21 when both the House and the Senate adopted
the conference report. Details of the conferees' action were
given in our Aug. 24 issue, page 1202. Noting that the bill
amending the TVA Act is designed to extend that experiment
in regional, social and economic planning and specifically
authorize some of its power "yardstick" operations which
are under attack in the Federal courts, the Washington
correspondent of the New York "Herald Tribune" on Aug. 31
said:
The TVA amendment bill was signed in the presence of Senator George W.
Norris, insurgent Republican of Nebraska, and Representative John E.
Rankin, Democrat of Mississippi, who sponsored it on its long legislative
course through Congress. Three pens were used, one for Senator Norris,
one for Representative Rankin, and a third to be given to Representative
Samuel B. Hill, Democrat of Alabama. . . .
Under the amendment Act signed to-day the TVA is specifically authorized
to make loans to States, counties and other governmental subdivisions to
acquire and initiate operation of existing electrical transmission facilities ;
to issue up to $50,000,000 in bonds, doubling its resources; to establish
rates for the resale of power it may sell and to acquire power facilities
serving farms and small villages.
The Act also specifically provides that the TVA, when practicable, is to
sell its surplus power at rates sufficient to pay costs•of production.
•
Sept. 7 1935
bune" reported that in vetoing the measure the President
said:
"The bill involves estimated annual expenditures of $400,000 to $425.000.
"It appears this bill seeks only to put customs inspectors and station
inspectors on a plane of equality with inunigration inspectors with respect
to the single feature of automatic pay increases in the two lower grades.
The bill does not attempt complete uniformity of pay as to comparable
employment within the two services. More significantly, it ignores other
groups of customs employees who will no doubt seek legislation in their own
behalf at an early date. Thus the era of unscientific classification will be
further extended."
President Roosevelt Declares Basic Program of New
Deal Has Reached Substantial Completion and
"Breathing Spell" For Industry Is Here—Regards
Conditions Such As To Offer Substantial Recovery
President Roosevelt in a letter in support of the New Deal,
declares that the condition of the country when the Administration came into power required "drastic and far-reaching
action:" the basic program he says "has now reached substantial completion and the 'breathing spell' . . . is here—
very decidedly so." The President gave his views in a
letter to Roy W. Howard, publisher of the Scripps-Howard
newspapers, who, in a letter to the President, reported fears
of business men and asserted, "There is need to undo the
damage that has been done by misinterpreters of the New
Deal. In his answer to Mr. Howard, the President expressed it as "a source of great satisfaction that at this
moment conditions are such as to offer substantial and widespread recovery." In defense of his taxation legislation the
President said, "the tax program of which you speak is
based upon a broad and just social and economic purpose.
Such a purpose, it goes without saying, is not to destroy
wealth, but to create broader range of opportunity, to restrain the growth of unwholesome and sterile accumulations and to lay the burdens of government where they can
best be carried. This law affects only those individual
people who have incomes over $50,000 a year, and individual
estates of decedents who leave over $40,000." The Presidents' reply to Mr. Howard follows in full:
My Dear Mr. Howard;
me
I appreciate the tone and purpose of your letter, and fairness impels
you
to note with no little sympathy and understanding the facts which
record, based on your observations as a reporter of opinion throughout the
United States. I can well realize, moreover, that the many legislative
Condetails and processes incident to the long and arduous session of the
confusion
gress should have had the unavoidable effect of promoting some
In many people's minds.
Skeptics
President Roosevelt Vetoes Bill Amending Grazing
I think we can safely disregard the skeptics of whom you speak.
Act—Action Based on Objections Voiced By Secre-• were present when Noah said it was going to rain and they refused to go into
actuated by a spirit of
the Ark. We can also disregard those who are
tary Ickes
by a willingness to gain or retain personal profit
Based on a memorandum by Secretary of the Interior Political partisanship or detriment to, their neighbors. Then there were
at the expense of, and
Ickes, who found much to criticize in the measure, President those who told us to "do nothing." We had heard of the do-nothing policy
Roosevelt on Sept. 5 vetoed the bill amending the Taylor before and from the same sources and in many cases from the same indiWilson
Grazing Act, which was enacted in 1934 as part of President viduals. We heard it when Theodore Roosevelt and Woodrow kind of
measure that
Roosevelt's program. That Act, as noted in a Hyde Park proposed reforms. Ihe country has learned how to and nonpartisan and
who
(N. Y.) account to the New York "Times," limited for the opposition. But there are critics learn.are honest we owe, therefore, a
I believe
first time heretofore unrestricted grazing on Federal land and who are willing to discuss and to
reclarify our purposes, to describe our methods and to
Positive duty to
cut down to 80,000,000 acres the amount on which stockmen iterate our ideals. Such clarification is greatly aided by the efforts of those
and sheepmen could place livestock. The vetoed bill, it is public-spirited newspapers which serve the public well by a true portrayal
added,„would have raised the limit to 142,000,000 acres. of the facts and an unbiased printing of the news.
The same advices observed:
However, experience is the best teacher and results are the best evidence.
done rises into view, I am confident
As the essential
In vetoing the Grazing Bill, which was introduced by Representative that doubts andoutline of what has been
misapprehension will vanish. lam confident,further, that
DeRouen of Louisiana. the President wrote that some of its administrative
with you and with me that the interests of
business as a whole will agree
Provisions had been recommended by the Department of the Interior, but
what we broadly term business are not in conflict with, but wholly in
then pointed out that in the form passed by Congress it involved "radical
harmony with, mass interests.
alterations in the principles of the proposed law."
I note what you say of the hostility emanating from "financial racketeers,
From Mr. Ickes's analysis the President concluded that public exploiters and sinister forces." Such criticism it is an honor to
the amendments "would nullify in large measure the benefits bear. A car with many cylinders can keep running in spite of plenty of
of the Taylor Grazing Act and would make the administra- carbon—but it knocks. When it is overhauled an important Part of the
the
tion of that act along sound conservation lines virtually job isthe reihoval of that carbon. the culmination of unhealthy, however
the depression was
In
unattainable." "Herald Tribune" advices from Hyde Park, Innocent,large,
arrangements in agriculture, in business and in finance. Our
in indicating this, went on to say:
legislation was remedial, and as such, it would serve no purpose to make
In his letter to the President Mr. Ickes said he would not believe that• a doctrinaire effort to distinguish between that which was addressed to
recovery and that which was addressed to reform. The two, in an effort
"the majority of the legislative branch understood the vicious cycle of events
toward sound and fundamental recovery, are inseparable. Our actions
that might follow the enactment of this apparently beneficent measure."
were in conformity with the basic economic purposes which were set forth
He concluded a 3,500
-word analysis with the following reasons for disapthree years ago.
proving it:
As spokesman for these purposes I pointed out that it was necessary to
Some of its provisions would promote "monopolistic private control"
seek a wise balance in American economic life, to restore our banking system
of grazing lands and "tend to destroy the small stockman and hometo public confidence, to protect investors in the security market, to give
steader."
labor freedom to organize and protection from exploitation, to safeguard
It would "practically destroy" the two principal objectives of the present
and develop our national resources, to set up protection against the vicisgrazing law: Conservation of grazing land and stablization of the livestock
situdes incident to old age and unemployment, to relieve destitution and
industry.
suffering and to relieve investors and consumers from the burden of unIt would turn over to local control the management of a national resource.
necessary corporate machinery. I do not believe that any responsible
It would subvert the Administration's whole conservation program.
Political party in the country will dare to go before the public in opposition
"One hundred and sixty-five million acres of land that belong to the
to any of these major objectives.
People as a whole should not be permitted to be alienated as the result
of obscure language, the implications of which were undoubtedly not underTax Program
stood when this act was pending, Mr. Ickes wrote, "I cannot believe that
The tax program of which you speak is based upon a broad and just
the Congress intended to do indirectly what it has thus far refused to do
social and economic purpose. Such a purpose, it goes without saying, is
directly. The chosen officials of the people must vigilantly guard the comnot to destroy wealth, but to create broader range of opportunity, to restrain
mon heritage of the people."
the growth of unwholesome and sterile accumulations and to lay the burdens
of government where they can best be carried. This law affects only
President Roosevelt Vetoes Bill Which Would Have those individual people who have incomes over $50,000 a year. and individProvided Automatic Promotions For Customs dual estates of decedents who leave over $40,000.
Inspectors
Moreover, it gives recognition to the generally accepted fact that larger
corporations
Announcement was made on Sept. 5 of th'e veto by Presi- corporations enjoying the advantages of size over smaller act changes
Consequently the
possess
dent Roosevelt of a bill which would have provided automatic the raterelatively greater capacity toapay. 13%% to a differential ranging
of tax on net earnings from flat
promotions for approximately 2,300 customs inspectors and from 1245% to 15%. No reasonable person thinks that this is going to
station inspectors at an estimated annual charge to the Treas- destroy competent corporations or impair business as a whole. Taxes on
ury of between $400,000 and $425,000. In its advices from 95% of our corporations are actually reduced by the new tax law. A small
tax,
excess profits tax is also provided as well as an intercorporate dividend
Hyda Park, N. Y. on Sept. 5 the New York "Herald Tr-
Volume 141
Financial Chronicle
which will have the wholesome effect of encouraging the simplification of
overly complicated and wasteful intercorporate relationships.
Congress declined to broaden the tax because it was recognized that the
tax base had already been broadened to a very considerable extent during
the past five years. I am aware of the sound arguments advanced in favor
of making every citizen pay an income tax, however small his income.
England is cited as an example. But it should be recalled that despite
complaints about higher taxes our interest payments on all public debts,
Including local governments, require only 3% of our national income as
compared with 7% in England.
The broadening of our tax base in the past few years has been very real.
What is known as consumers' taxes, namely the invisible taxes paid by
people in every walk of life, fall relatively much more heavily upon the poor
man than on the rich man. In 1929, consumers' taxes represented only
30% of the national revenue. To-day they are 60%, and even with the
passage of the recent tax bill the proportion of these consumers' taxes will
drop only 5%.
"Breathing Spell" Here
This administration came into power pledged to a very considerable
legislative program. It found the condition of the country such as to
require drastic and far-reaching action. Duty and necessity required us
to move on a broad front for more than two years. Itseemed to the Congress
and to me mtter to achieve these o Aectives as expeditiously as possible
In order that not only business but the public generally might know those
modifications in the conditions and rules of economic enterprise which were
involved in our program. This basic program, however, has now reached
substantial completion and the "breathing spell" of which you speak is
here—very decidedly so.
It is a source of great satisfaction that at this moment conditions are
such as to offer further substantial and widespread recovery. Unemployment is still with us, but it is steadily diminishing and out efforts to meet
Its problems are unflagging. I do not claim the magician's wand. I clo
do not claim that government alone is responsible for these definitely better
circumstances. But we all know the very great effect of the saving of
banks, of farms, of homes, the building of public works, the providing of
relieffor the destitute and many other direct government acts for the betterment of conditions. And we do claim that we have helped to restore that
public confidence which now offers so substantial a foundation for our
recovery. I take it that we are all not merely seeking but getting the recovery of confidence, not merely the confidence of a small group, but that
basic confidence on the part of the mass of our population, in the soundness
of our economic life and in the honesty and justice of the purposes of its
economic rules and methods.
I like the last sentence of your letter, and I repeat it: "With all its
faults and with the abuses it has developed, our system has in the past
enabled us to achieve greater mass progress than has been attained by any
other system on earth. Smoke out the sinister forces seeking to delude the
public into believing that an orderly modernization of a system we want to
preserve is revolution in disguise."
Very sincerely yours,
FRANKLIN D. ROOSEVELT
The following is the text of the letter addressed to the
President by Mr. Howard under date of Aug. 26
My Dear Mr. President:
As an independent editor keenly interested in the objectives of the New
Deal, I have been seeking reasons for the doubts and uncertainties of
these business men who are skeptics, critics, and outright opponents of
your program at a time when there is no commensurate dissatisfaction
being evidenced by others of the electorate.
I do not except it as a fact that the interests of what we broadly term
business necessarily are in conflict with mass interests.
I expect to continue in support of your stated interpretation of American
liberalism—notwithstanding my dissent and disagreement as to some details
and some theories. Therefore, it is in a friendly, and I hope constructive,
spirit that I attempt a few observations and opinions which I believe
timely and pertinent. These represent, I believe, a composite of the most
frequently expressed criticisms of your administration.
That certain elements of business have been growing more hostile to
your administration is a fact too obvious to be classed as news. So long
as this hostility emanated from financial racketeers, public exploiters and
the sinister forces spawned by special privilege, it was of slight importance.
No crook loves a cop. But any experienced reporcer will tell you that
throughout the country many business men who once gave you sincere
support are now not merely hostile—they are frightened. Many of these
men, whose patriotism and sense of public service will compare with that
of any men in political life, have become convinced and sincerely believe:
That you fathered a tax bill that alms at revenge rather than revenue—
revenge on business;
That the Administration has sidestepped broadening the tax base to the
extent necessary to approximate the needs of the situaltion;
That there can be no real recovery until the fears of business have been
allayed through the granting of a breathing spell to industry, and a recess
from further experimentation until the country can recover its losses.
I know that you have repeatedly stated your position on sections of the
Nation's problems, but as an editor I know also the necessity for repetition
and reiteration. There is need to undo the damage that has been done by
minsinterpreters of the New Deal.
I know that you feel as I do—that with all its Inuits, and the abuses it
has developed, out system has in the past enabled us to achieve greanter
mass progress than has been attained by any other system on earth. Smoke
out the sinister .orces seeking to delude the public into believing that an
orderly modernization oi a system we want to preserve is revolution in
disguise.
Cordially and sincerely yours,
ROY W. HOWARD
President Roosevelt Declines Offer of Loan of $1,000,000
by International Brotherhood of Locomotive Firemen and Engineers to Establish Railroad Retirement Board—Provision Therefor Had Been Made
in Third Deficiency Bill, Which Failed of Enactment by Congress
'On Aug. 30 President Roosevelt, in a telegram to President Robertson of the International Brotherhood of Locomotive Firemen and Engineers, expressed his "deep appreciation" of the Brotherhood's offer of a loan of $1,000,000 to
the Government to set up a new Railroad Retirement Board;
the President, however, explained that the law governing
Federal disbursements made it impossibld to accept the "generous and patriotic offer." Provision for the Board is
1533
made in the railroad pension bill, which became a law when
President Roosevelt affixed his signature to the measure
on Aug. 29. In the item referring to the approval of the
bill in our Aug. 31 issue, page 1372, it was noted that the
Third Deficiency bill, defeated in the last hours of Congress,
carried an appropriation of $600,000 for the administration
of the Railroad Pension Act until March 1, when it becomes
effective. The Brotherhood offered the loan of $1,000,000
for one year. President Roosevelt's telegram of appreciation
follows:
The White House, Washington, Aug. 30 1935.
D. B. Robertson, International President Brotherhood of Locomotive Firemen and Enginemen, Cleveland, Ohio:
I acknowledge and deeply appreciate your telegram of Aug. 29 proffering
a loan of $1,000,000 to the Government to initiate the program contemplated
by the Railroad Retirement Act.
However, the laws governing the receipt and disbursement of public funds
and the incurring of Government obligations preclude acceptance of your
generous and patriotic suggestion. At the some time. I am sure you will be
pleased to know that we hope to work out a plan which will cover all
preliminaries necessary to begin the far-reaching activities authorized by
the Act. I believe that Congress will promptly provide sufficient funds
when it convenes in January next. Please accept and extend to your
associates my thanks for your thoughtful telegram.
FRANKLIN D. ROOSEVELT.
President Roosevelt Sets Aside $2,000,000 In Behalf of
Farmers—Sum Made Available to RRA Out of
$4,000,000,000 Work Relief Fund
The sum of $2,000,000 was set aside by President Roosevelt on Sept. 5 out of the $4,000,000,000 work relief fund,
making the money available to the Rural Resettlement Administration to defray the expenses of 15,000 volunteer
workers operating in 45 States to bring debtors and creditors
together. United Press advices from Washington, Sept. 5
said:
The allocation transferred the task from the old Farm Credit Administration, organized in 1933, to Rexford Guy Tugwell, whose job under the work
relief program is to rehabilitate agriculture.
The FCA, according to Governor Wm.I. Myers, worked in every State
except Maine, Massachusetts and Vermont. It saved some 150,000 farm
homes from foreclosure, and probably kept 500,000 rural residents off
Federal relief rolls.
Tugwell explained the "agreements" made under FCA "are now being
terminated and foreclosures are becoming imminent." He pointed out
that "improved price levels for agricultural commodities are making it more
difficult to adjust farm debts in line with ability to pay."
Tugwell will continue paying salaries to regional debt adjustment specialists, but the bulk of the $2,000,000 will go to pay "out-of-pocket" expenses
of volunteer workers.
From a Washington dispatch Sept. 5 to the New York
"Herald Tribune" we take the following:
A joint letter signed by R. G. Tugwell, Resettlement Administrator, and
William 1. Myers, Governor of the FCA,and written to Frank C. Walker,
director of the National Emergency Council, recommending the $2,000,000
allocation, said in part:
"As pointed out to President Roosevelt in a memorandum dated April 25
1935, which was signed jointly by the National Grange and American Farm
Bureau Federation, 'the emergency which required the activities of farm.
debt voluntary conciliation or adjustment committees has not disappeared.
"'If the activities of these County and State Committees should not be
continued in the next twelve months' period many farm families who would
be forced into foreclosure would then become relief cases. Already it is
known that actually thousands of farmers have been prevented from going
on relief by the voluntary debt adjustments effected by the State and
County Committees."
President Roosevelt Signs Administration Tax Bill
The Administration tax bill was placed on the statute
books on Aug. 30 when President Roosevelt affixed his
signature (at 6 p. m.) to the measure. The final Congressional action on the bill was reported in these columns
Aug. 24, page 1207. As noted in a dispatch Aug. 30 from
Washington to the New York "Times," the tax bill approved by the President was a much different measure than
the one he expected in the late spring when he sent a message
to Congress.suggesting the assessing of inheritance taxes,
in addition to estate taxes; the raising of rates charged
against very large incomes, and the division of rates on corporation incomes so that large corporations would pay
higher rates than small ones. The dispatch added:
The bill finally reached him bereft of inheritance taxes which had been
written into it by the House but thrown out by the Senate, and containing
in their stead a new schedule of higher estate and gift taxes.
Higher surtaxes were decreed by Congress for incomes in excess of
$50,000 instead of those over $1,000,000. as recommended by Mr.Roosevelt,
and the bill was broadened to include half a dozen tax fields he had not
mentioned in his message.
A section also was written into the bill to permit liquidation of certain
classes of corporations without the showing of gains or losses for taxation
purposes. This was interpreted as encouragement to utility holding
companies to divest themselves of subsidiaries in advance of the time
three years hence when many such dissolutions must take place under
the terms of the Utilities Holding Company Act.
Under the wealth tax bill signed by the President, the
new and higher levies on estates, estimated to bring in
$80,000,000 a year, became effective immediately, said
Associated Press accounts from Washington Aug. 30, which
likewise said:
Gift levies become effective Jan. 1 1936; the rates on individual income,
corporation income, intercorporate dividends and personal holding companies, the first full taxable year, in most instances the year beginning
Jan. 1; excess profits, the first full taxable year ending after June 30 1036;
capital stock, the year ending June 30 1936.
1534
Financial Chrcnicle
Bills Vetoed by President Roosevelt—Bonuses to Soldiers in Philippines in Spanish-American War
and One Granting Pensions to Certain Civil
War Veterans Among Measures Disapproved—
One Would Have Reimbursed Farmers for Losses
on Cotton Burned Prior to Completion of Arrangements for Loan by CCC
Since the adjournment of Congress on Aug. 26, President
Roosevelt has vetoed a number of bills, most of them of
a minor nature, these including one which would have
given bonuses to the 15,000 soldiers who were in the Philippines at the conclusion of the Spanish-American War. In
vetoing this bill on Sept. 2 the President said:
The Comptroller-General, in his report of Feb. 23 1935, advises that
the enactment of this bill would authorize payment of travel pay at the
rate of one day's pay and one ration for each 20 mites, inclusive of the
distance by water from the Philippine Islands to San Francisco, approximately 8,000 miles; and that such payments for the water travel alone
will exceed one year's pay plus one day's ration for each day of such period.
It is estimated the cost of the legislation will approximate $7,000,000.
Such payments, the President added (we quote from a
dispatch from Hyde Park, N. Y., Sept. 2 to the New York
"Times"), would constitute "a benefit utterly without
war rank," in view of the fact that the men concerned were
given appropriate pay and allowances for the travel incurred,
that to all were awarded bonuses of two months' pay in
recognition of their service in the Islands, and that all
payments to pensioners of the Spanish-American War have
been restored to their full rate.
Other bills vetoed by the President on the same date
(Sept. 2), according to the "Times" dispatch, included
four which would have conferred special benefits on individual former soldiers, a practice that the President has
strongly opposed in previous veto messages to Congress.
The President also vetoed on Sept. 2 House Reiolution 512,
which (said Washington advices to the New York "Herald
Tribune") would have reimbursed 25 cotton producers
to the extent of $3,078.40 for cotton destroyed in a warehouse fire while they were seeking a Government loan.
On Sept. 3 President Roosevelt vetoed seven additional
measures, as to which we quote the following from Hyde
Park (N. Y.) advices to the New York "Herald Tribune":
The President's Vetoes
The bills vetoed were:
House Resolution 8426, which would have granted pensions to 20 Civil
War veterans, of whom 19 were members of irregular State military organizations which were never mustered into the military service of the
United States and one was a veteran who had been dropped from the
pension rolls after the War Department disclosed that his firsQ period
of service had not been honorably terminated.
House Resolution 8425, which would have granted pensions to 184
helpless children of Civil War veterans and increased the pensions of six
other such children. The ages of the children ranged from 19 to 85, but
most of them were more than 16 at the time of the veterans' deaths and
thus were not entitled to regular pensions.
Pension Increases Vetoed
House Resolution 8424, which would have increased the pensions of
516 disabled widows of Civil War veterans.
House Resolution 8423. which would have increased the pensions of
33 disabled remarried widows of Civil War veterans.
House Resolution 8422, which would have granted pensions to 32 former
widows of Civil War veterans who are not covered by general pension
legislation, in most cases because they did not marry the veterans until
after June 27 1905.
House Resolution 8421, which would have granted pensions to 463
widows of Civil War veterans, most of whom are ineligible under existing
law because they did not marry the veterans prior to June 27 1905.
Senate Joint Resolution 168, authorizing the President to invite the
States and foreign countries to participate in the International Petroleum
Exposition at Tulsa, Okla., in May 1936. Vetoed because Congress
ignored the request of the Treasury Department that, in accordance with
the usual practice, the Treasury be reimbursed for the necessary expense
incurred by the customs service in connection with the entry and custody
of articles for which a special exemption from duty was authorized by
the bill.
Next Session of Congress in View of Speaker Byrns
Will Be Devoted Mainly to Supply and Minor
Bills
The bulk of controversial legislation was acted upon in
the last session of Congress, and the coming session preceding
the National conventions will be devoted to the supply
bills and minor legislation, in the view of Speaker Byrns.
The views of Speaker Byrns were indicated on Sept. 4
before his departure from Washington for his home in
Nashville, where he will rest until he joins the Congressional
party going to the Philippines on Oct. 15. The foregoing
is from a Washington account to the New York "Times,"
which went on to say:
The Speaker and other Congressional leaders, while confident that
the Administration will not offer any excessively controversial measures
or new bills dealing with economic and recovery problems, fear, however,
that the immediate cash payment of the bonus will come before the next
Congress. This legislation has gained much support recently among
members of Congress, and some leaders believe that the demand will be
so strong next year as to compel Congress to surrender to the veterans.
The opinion prevails that the sentiment might be so strong for immediate payment of the bonus that it would be passed over the expected
veto of the President, if he should follow his opposition indicated in his
last veto message.
Speaker Byrns expressed the hope that if the bonus legislation was
passed it would provide for the payment out of revenues and not through
expansion of the currency by inflationary methods. Those demanding
inflation intend to use the bonus legislation to force this action with the
currency and there are many advocates of such a plan in Congress.
Sept. 7 1935
This has been the hardest worked Congress in history, notwithstanding
the World War period," Speaker Byrns said. "I hope and believe that
the next session will be much briefer. I think that we should not attempt to enact much more legislation with the elections coming in 1936.
"Of course, you can never tell what will turn up by next January,"
he added. "It is my personal belief, however, that we have enacted
sufficient legislation already and this should be given time to take hold
before starting new work."
The Speaker thought that the next session, if devoted entirely to routine
matters, should end some time in April.
President Roosevelt Leaves Washington for Hyde
Park, N. Y. Following Adjournment of Congress
—Plans for Western Trip Reported Indefinite
'
Following the adjournment of Congress on -Aug. 26,
President Roosevelt left Washington for his mother's home
at Hyde Park, N. Y., arriving there on Sept. 1. Later
the President is scheduled to make a Western trip, visiting
the Pacific Exposition at San Diego, Cal. As to his proposed
trip we quote the following from Washington advices Aug.
31 to the New York "Times."
The White House and the President have conceded thus far only that he
plans to speak at Boulder Dam and at San Diego, but he is reported to be
cosidering making a number of speeches on his trip westward.
There have been persistent reports that he would speak in Little Rock
in behalf of Senator Robinson, the majority leader, and he is tentatively
scheduled to deliver another talk by radio from Uvalde, Texas, the home
of Vice-President Garner.
As the President prepared to leave Washington to-night both the length
of his stay at Hyde Park and the actual date of his departure on the Western
trip were uncertain, partly because of lack of definite plans and partly
because of doubt as to when the White House would be habitable again.
President's Plans Indefinite
Within a few hours after Mr. Roosevelt's departure the electric current
and water supplies of the Executive Mansion were to be cut off to permit
renovating work, that had been long delayed awaiting a time when the
house would be unoccupied. Engineers believed that the work would
require three weeks and possibly longer.
Accordingly, President Roosevelt was uncertain whether he would make
a previously announced radio address on Sept. 23, in connection with the
conference on Mobilization for Human Needs, from the White House or
from Hyde Park. It was equally uncertain whether he could return here
and take up residence again before departing on the Western trip.
While the President has reiterated that his plans for the Western trip are
indefinite, it is understood that he has promised to arrive at San Diego
before the end of September, which would indicate the need of departing
from the East by about Sept. 25 at latest, since he has expressed a desire
to visit some of the National parks en route to Boulder Dam and San Diego.
If there is to be a speech-making tour, this will require more time.
Mr. Roosevelt's plans for returning home from San Diego may not be
made until he embarks on the trip westward, as he cherishes a hope that
circumstances will permit him to go aboard a cruiser there for a voyage
homeward to Washington via the Panama Canal.
House Group to Sail for Honolulu to Hold Hearings on
Question of Making Hawaii 49th State
Committee of eight members of the House of Representatives will sail Sept. 27 for Honolulu to hold public hearings
on making the Territory of Hawaii the 49th State of the
Union. As to this Associated Press advices from Washington
said:
Samuel W. King, Hawaiian delegate, to-day called together a House
Territories subcommittee, which held hearings on Hawaiian and Puerto
Rican statehood two months ago in Washington, and announced plans for
departure.
Mr. King said the committee would spend about 16 days in the midPacific island, visiting at least three of the largest in the group and inviting
Hawaiian legislators, business men, land-owners, farmers and others to
express their views on joining the Union.
Members of the subcommittee who will go to Hawaii are Representatives
Cannon of Wisconsin, Dempsey of New Mexico, Nichols of Oklahoma.
Blackney of Michigan, Parsons of Illinois, Mott of Oregon, Lunden of
Minnesota and Mr. King.
Puerto Rico Bill in House Failed of Two-thirds Vote
for Reconstruction Program
pe Last-minute intercession from the White House failed on
Aug. 24 to obtain passage through Congress of the important
Tydings-Kocialkowski revolving fund bill for the Puerto
Rican Reconstruction Administration. Reporting this Associated Press accounts from Washington added
/ The measure was brought up for consideration in the rush of House
business and defeated for lack of sufficient votes to carry a two-thirds
majority. The count was 167 for the bill and 98 against, nine votes under
the necessary number.
The measure, creating a more or less permanent disbursement unit for
the $40,000,000 appropriated out of work relief money for a five-year
rehabilitation program in Puerto Rico, was brought up under suspension
of the rules, which requires a two-thirds favorable vote for passing a measure:
Senate Committee Investigating Util;ty Lobbying Activities Adjourns for Several Weeks—H. C. Hopson
Among Principal Witnesses at Final Hearings—
W. B. S. Winans Testifies on Cities Service Expenditures
The Senate Committee which has been investigating lobbying activities incident to utility legislation in Congress adjourned temporarily on Aug. 24. Senator Black, Chairman
of the committee, announced that it would resume its investigations after a few weeks' rest, and that in the meantime
representatives of the committee would continue checking
the files of companies which opposed the passage of the utility holding company bill. A recent reference to the committee's inquiry appeitred in the "Chronicle" of Aug. 17,
page 1031.
Volume 141
Financial Chronicle
Harold C. Hopson, head of the Associated Gas & Electric
Company, continued as the principal witness at the final
committee hearings before adjournment. Mr. Hopson according to press accounts admitted before the committee on
Aug. 20 that the company had claimed losses in its income
tax returns for the years 1925 to 1932, inclusive, while reporting operating profits to stockholders. A dispatch of Aug. 20
to the New York "Times" from Washington outlined this
testimony in part as follows:
Chairman Black of the Senate Lobby Committee, reading from Internal
Revenue Bureau records to-day, brought out the reports of losses, and then
compelled Mr. Hopson to admit that reports to stockholders had told of substantial profits.
The witness explained that reports to stockholders showed only operating
profits, whereas the'income tax returns included capital losses as well.
Mr. Hopson confirmed earlier testimony that from 1929 to 1933, while
the A. G. E. was paying no dividends, his personally owned companies serving
the A. G. E. system were netting him profits totaling $3,187,064. ...
Mr. Hopson told Senator Black that the 198 subsidiaries made their income
tax returns to the parent company, which the latter accounted for on its
own return. This method, he declared, was a common corporate practice and
entirely legal.
Committee Warns the Witness
The committee had been in executive session to discuss Mr. Hopson's belligerant attitude yesterday. So far, the committee has been unanimous in all
decisions, and to-day was no exception.
"Mr. Hopson, I have a statement I am going to read into the record,"
said Senator Black. "It is the statement of every member of this committee
and it means just what it says."
"This committee," the statement read, "has been very patient with the
witness H. C. Hopson. It has not yet pressed the charges of contempt which
are pending before the Senate. It has during four sessions afforded him
great latitude in the answering of its questions.
"The committee is determined that it will no longer permit the practice
of this witness of evading questions by making speeches or criticism of the
committee, or by asking other questions, or by going far beyond the scope of
the question in the answer, and by continuing to talk after he is called to
order.
"The committee is interested in ascertaining facts on specific questions
and intends to limit this witness to answering questions with facts."
The principal witness before the committee on Aug. 21 was
William B. S. Winans, Comptroller of Cities Service Co.
United Press Washington advices of that date noted his testimony as follows:
Mr. Winans emphasized repeatedly that his organization was willing to cooperate at all times with the committee.
"You will not have to subpoena any officials of the company or its records necessary for your investigation,". . Mr. Winans said.
.
Mr. Winans was asked about a form letter sent out to all company employees and various forms of letters which might be used in protesting enactment of the Wheeler-Rayburn bill. The witness said he knew of no such
letter and seemed surprised when Senator Black handed him a copy of one.
One of the letters protested that the bill would destroy every investment
In public securities.
Senate Inquiry into Government's Silver Purchase
Plan to Begin Shortly
Hearings will get under way in the next two or three
weeks in the special investigation by the Pittman Committee of the Senate on the Government's silver purchase
program and its effect on economic conditions in silver-using
countries, it was stated on Sept. 4, according to the Washington correspondent of the New York "Journal of Commerce,"
who added:
The inquiry was ordered by the Senate shortly before the close of the
last session. Meetings of the Committee will be held in the Western
States for the convenience of the members, each of whom comes from that
section of the country.
Experts selected to aid the Committee are now preparing the groundwork for the inquiry and examining data supplied by the Treasury and
Commerce Departments relative to the effect of the purchase program
both here and abroad. It is expected that the Committee will be ready
to report back to the Senate shortly after the next session begins in January.
Increased Compensation to Spanish War Veterans—
New Pension Checks to 210,000, Including _Dependents
In a Washington dispatch Aug. '28 to the New York
"Times" it was stated that increased compensation checks
would be sent out Sept. 1 by the Veterans' Administration
to about 210,000 Spanish-American War veterans and their
dependents as the result of Congressional action in restoring
these claimants to the benefits they enjoyed previous to the
passage of the Economy Act of 1933. The advices added:
Meanwhile 15,000 other beneficiaries dropped by the Economy Act will
be restored to previous allowances as fast as the Veterans' Administration
can re-examine their claims.
These 15,000 veterans either suffered from disabilities not incurred in
service, had private incomes prohibited by the Economy Act, or reported
disabilities in lesser degree than the minimum required to obtain compensation.
This class is confined to actual veterans and not dependents. The
Veterans'Administration order restoring full benefits to the 210,000 veterans
and dependents also ordered a rapid and orderly adjudication of these
claims.
About $45,000,000 will be the annual cost of the increase approved by
Congress and signed by President Roosevelt on Aug. 13, Administration
spokesmen have estimated.
The 210,000 veterans and dependents will receive a 25% increase in the
next checks sent out, while the 15,000 completely severed from the beneficiary rolls by passage of the Economy Act will be returned to the same
status they held at that time.
The increase will apply from the date the President signed the measure.
General Frank T. Hines, Administrator of Veterans' Affairs, has appealed
to the veterans affected by the restoration measure not to apply to Wash-
1535
ington for individual action in their respective cases. They will be automatically returned to full benefits and receipt of large numbers of requests
will only clutter up the machinery in the headquarters here, he explained.
The following table shows how dependents of the veterans will benefit
through restoration of full benefits:
Widows
(Per Month)
Present
Full
Pension
Pension
Class—
822.50
830.00
Widow
27.00
36.00
Widow with one child
31.50
42.00
Widow with two children
36.00
48.00
Widow with three children
40.50
54.00
Widow with four children
60.00
45.00
Widow with five children
49.50
66.00
Widow with six children
.54.00
72.00
Widow with seven children
Children
827.00
$36.00
One child
21.00
15.75
Two children (each)
12.00
16.00
Three children (each)
10.12
13.50
Four children (each)
12.00
9.00
Five children (each)
11.00
8.25
Six children (each)
10.28
7.71
Seven children (each)
Stockholders of Central Republic Bank & Trust Co. of
Chicago Question Legality of RFC Loans—Action
Criticized by Corporation—Two Chicago Law
Firms Deny Charges of Chairman Jones
A suit filed recently in the Federal District• Court at
Chicago contesting the legality of the $90,000,000 loans
advanced in 1932 by the Reconstruction Finance Corporation to the Central Republic Bank & Trust Co. of Chicago,
of which General Charles G. Dawes was former Chairman
of the Board, was criticized on Sept. 3 by Jesse H. Jones,
Chairman of the RFC. The suit was filed by a group of
stockholders of the bank, it was disclosed Aug. 29, and was
brought counter to an action by the RFC to collect $14,000,000 from the stockholders to make up an alleged deficiency in repayment of the loans, of which approximately
$50,000,000 are still outstanding. The group was headed
by John A. Lynch, who was Chairman of the Board of the
National Republic Bank & Trust Co. prior to its consolidation with the Central Republic Bank & Trust Co. after which
he became a director and Vice-Chairman of the latter
institution.
As to the action of the group of stockholders, the Chicago
"Tribune" of Aug. 30 said:
In their defense against the Government suit, Mr. Lynch and the other
stockholders contend the advance of the last $50,000,000 made to the bank
In October 1932 was a violation of the amendment to the RFC Act which
prohibited loans to financial institutions any of whose officers had served
as directors of the RFC during the preceding 12 months.
Mr. Charles G. Dawes was Chairman and a director of the bank during
most of 1932 and until May of that year was a director of the RFC. The
stockholders assert Mr. Dawes resigned as an officer of the bank on Oct. 5,
the day prior to the execution of the $50,000,000 RFC note. The $40,000,000 loaned to the bank earlier in the year had been approved before
Congress adopted the RFC amendment.
Question Mr. Dawes' Resignation
"The act of Charles G. Dawes," the stockholders assert, "in resigning as
a member of the Board of Directors of the Central Republic Bank & Trust
Co. and as an officer after completion of all arrangements toward the
making of the loan of $50,000,000 was ineffective to avoid the prohibition
cited."
The answer was made on behalf of 28 stockholders of whom Mr. Lynch,
with 3,553 shares, is the largest. All the defendants before the CentralRepublic merger were stockholders in the Republic bank. Attorney Don
M. Peebles filed the answer to the RFC suit on behalf of this group of
stockholders.
An echo of the hectic days which preceded that merger is contained in
one section of their plea. They assert while they did not oppose the merger
with the Central Trust it was brought about by a misunderstanding of
actual conditions.
A similar suit to the one brought in the Chicago court
was filed in Federal Court at New York on Aug. 28 by
Priscilla Alden Briggs and Joseph A. Baer, as trustees of
the Helen Cecile Bear trust fund. The suit charged that
the loans were contrary to the Constitution and laws of
the State of Illinois, and contended, as in the Chicago suit,
that the Government could not recover the $50,000,000
loan because of a provision in an amendment to the RFC
Act that no loans should be approved for any financial
institution that included among its officers or directors
any one who had been an RFC director within 12 months.
In his criticism of the suit filed in the Federal District
Court at Chicago, Chairman Jones said that "there appears
to be a difference between getting money from the Government and paying it back." Mr. Jones said that two of four
Chicago law firms, which had given the RFC written opinions
respecting stockholders' liability before the loans were
granted, "now take the position that the stockholders'
liability is not enforceable," and are acting as counsel for
some of the stockholders. The following are Mr. Jones'
remarks made at Washington under date of Sept 3:
John A. Lynch, a stockholder, director and Vice-Chairman of the Central
Republic Bank & Trust Co., now resisting his liability as a stockholder,
was one of the directors of the Central Republic Bank & Trust Co. who
signed the resolution of its Board of Directors authorizing application for
the $95.000,000 loan—$90,000,000 of which was taken by the RFC and
$5,000,000 by other Chicago banks. The resolution certified that, in the
opinion of the directors who signed it, including Mr. Lynch, the collateral
offered($118.000,000 face, or book value) was full and adequate security
for the repayment of the loan.
In addition to the collateral specifically pledged to secure the loan, the
RFC relied upon the stockholders'liability. Wesecured the written opinion
offour well-known law firms of Chicago respecting the stockholders'liability.
The capital stock of the bank was $14,000,000.
1536
Financial Chronicle
These opinions were given the RFC prior to disbursement of the last
$50,000,000 of the loan, and after the legislation had been enacted to which
Mr. Lynch referred in his pleadings. The opinions are in writing and were
by Messrs. Pam & Hurd, Messrs. Cassels, Potter & Bentley, Messrs.
Mayer, Meyer, Austrian & Platt and Messrs. Winston, Strawn & Shaw.
Sec. 6 of Article XI of the Illinois Constitution reads as follows:
Every stockholder in a banking corporation or institution shall be individually responsible and liable to its creditors, over and above the amount
of stock by him or her held, to an amount equal to his or her respective
shares so held, for all its liabilities accruing while he or she remains such
stockholder.
While it is never pleasant to sue people, especially for a double liability
on bank stock when they have already lost their original investment, nevertheless when it became obvious that the assets of the bank would not
liquidate for enough to pay its debts to the Corporation, our Board had no
other choice than to start action against the stockholders.
Some stockholders are resisting payment of their liability, and some of
these are represented by two of the firms that had previously given us their
opinions on the stockholders' liability. These firms are Messrs. Pam &
Hurd and Messrs. Winston, Strawn & Shaw.
Notwithstanding their previous written opinions, given to the RFC
prior to disbursement of the last $50,000,000 of the loan and upon which
the RFC relied, these two law firms now take the position that the stockholders' liability is not enforceable.
There appears to be a difference between getting money from the Government and paying it back.
The law firms of Pam & Hurd and Winston, Strawn &Shaw
denied the allegations of Chairman Jones on the following
day (Sept. 4). In reporting this action, advices from
Chicago, Sept. 4, to the New York "Times" of Sept 5 stated:
Silas H. Strawn, former President of the United States Chamber of
Commerce and a partner in one of the firms, declared that Mr. Jones
evidently did not have the facts before him. Harry B. Hurd denied nis
firm at any time represented the RFC in the matter referred to by Mr.
Jones.
Consistency Is Contended
"We have conducted extensive negotiations with the RFC and its Counsel,
and in the course of such negotiations expressed our views as to certain
legal problems involved," Mr. Hurd declared. "Nothing which we have
done in the pending stockholders' liability suit is in the slightest degree
inconsistent with our previous expressions.
"In fact, we have taken no active part in this suit and have confined our
conduct to such formal steps as were necessary to place a few stockholders,
whom we have long represented, in such a position that they will not be at
an unfair advantage if claims made by other defendants, represented by
more than 100 different lawyers, should prevail."
Mr. Strawn said that at the time of the sale of the assets of the Central
Republic to the new bank, City National Bank & Trust Co., which took
place after the loan was made by the RFC to Central Republic, his firm's
opinion was asked as to whether the proposed transfer of assets would
affect the right of the RFC to pursue stockholders on their liability, if any.
"Our opinion was not asked or given as to the question of the existence
or non-existence of any such stockholders' double liability," he said.
Denies Advising RFC
1 —"Neither in that opinion nor at any other time did we advise the RFC
that double stock liability of the stockholders of Central Republic existed
or could be collected. All we said was that knowledge of the RFC of
the arrangement between the two banks did not prejudice whatever legal
rights the RFC might have against stockholders.
"We are not taking any position in the present controversy which is
contrary to or inconsistent with the opinion heretofore given the RFC."
The stockholders of the bank recently attempted in
Federal District Court at Chicago to have the suit of the
RFC dismissed. This motion was overruled on Aug. 13 by
Judge James H.Wilkerson at which time he gave the stockholders until Sept. 9 to file objections to his ruling. However, on Sept. 3, Judge Wilkerson extended this time until
Oct. 1. Judge Wilkerson's ruling of Aug. 13 was referred
to in our issue of Aug. 17, page 1030.
Foreign Policy Association Urges Immediate Provisional
Stabilization of Dollar Pound and Franc as
Prelude to Restoration of Gold Standard
The immediate provisional stabilization limited to the
dollar, the pound sterling and the franc, is urged in a report
prepared by John C. de Wilde, of the staff of the Foreign
Policy Association. The report, which declares that
economic recovery throughout the world is retarded by
chaotic monetary conditions, recommended a period of
provisional currency stab.lization as a prelude to restoration
of the gold standard. The report said:
During this time it would be possible to ascertain whether the conditions
essential to proper functioning of the gold standard could be realized.
There would be also an opportunity to test the feasibility of the new exchange rates and to alter them after a certain period, should that prove
necessary.
The proposed trial stabilization agreement would probably best be
confined to the dollar, sterling and the franc, and the other currencies
left free to adjust themselves accordingly. Possibly, however, France
might wish some assurance regarding the future course of the German
mark and the United States some commitment as to the exchange value of
the Japanese yen.
The re-establishment of international monetary stability is unlikely to
be permanent unless the governments of the world are prepared to observe
the conditions essential to proper operation of the gold standard. They
must be willing to abandon efforts to achieve economic isolation and permit
reasonably free movement of goods and capital.
They should watch closely the balance of international payments and
correct by timely intervention any fundamental disequilibria that may
give rise to large transfers of gold. Closer supervision should probably be
established over foreign investments, particularly the movement of shortterm funds. Above all, the central banks should keep closely in touch with
each other. Probably the Bank for International Settlements offers the
best possible agency for such collaboration.
A Washington dispatch Sept. 1 also quoted the report
as saying:
Whatever benefits have accrued to individual countries from devaluation
and depreciation of their currencies has been obtained at the expense of
Sept. 7 1935
the nations still clinging to the gold standard, the report declared. The
gold-bloc countries have had to resort to drastic deflation, in the face of
the almost universal depreciation, but have not thus far "deflated with
sufficient ruthlessness to bring their cost and price levels into harmony
with those of countries whose currencies have depreciated," the report said.
Quotas and exchange restrictions are the usual defense mechanisms
against the dumping constantly feared by nations with high-value currencies, according to the report. He found that 31 countries have exchange
restrictions of various sorts, which have been used in negotiating clearing
and barter arrangements, "the effect of which has been to promote the
bilateral canalization of international trade and curtail the volume of
triangular and multilateral trade which has in the past enabled the world
to profit from the greatest possible division of labor."
Powers of Board Under Wagner National Labor Relations Act Limited to Unfair Labor Practices
Affecting Inter-State Commerce, According to
J. W. Madden, Chairman
In speaking from Washington, on Sept. 1, over a Columbia
Broadcasting System network, J. Warren Madden, Chairman of the new National Labor Relations Board, declared
that the new law creating the Board was "planted squarely"
on the Constitution "as interpreted by the Congress and the
courts." Continuing, he said:
The Board's powers are expressly limited to the prevention of unfair
labor practices "affecting commerce," and "commerce" is expressly defined
inter-State or foreign commerce, except as to territories and the District
of Columbia.
The consequence of these limitations set by the Constitution upon the
powers of Congress, and by the terms of the Act itself, is that the powers
of the Board will not apply to a number of situations where there are
unfair labor practices but where those practices do not affect nor tend to
create a situation which will affect the free flow of commerce.
83
Recognizing the limitations placed by the Constitution on
Federal powers, Mr. Madden, according to Washington advices, Sept. 1, to the New York "Herald Tribune," emphasized
the need for defining the boundary of its operations. He
pointed out that the new Act, which was passed to replace
the system virtually knocked out by the Supreme Court's
decision holding the National Industrial Recovery Act unconstitutional, does not enable the Board to deal with all
conditions which cause labor troubles. These considerations
are being given major consideration in the task of devising
the new administrative machinery, he indicated, disclosing
that the Federal Trade Commission's long-established procedure was being used as a model by the new agency. The
"Herald Tribune" advices also said, in part:
The statute, he said, does not stop with declaring the right of employees
to organize and bargain collectively, but "recognizes that in the past, certain
employers have not permitted their employees to enjoy this right, but have,
by a variety of means, prevented them from doing so" and specifies some
of these means as "unfair labor practices."
Aimed at Bargaining Violations
"The Act is by no means. directed at all the conditions which cause labor
trouble. It is aimed merely at those practices which involve a violation
of the rights of self-organization and collective bargaining. It does not
suppose that every time a group of employers makes a choice of a representative, that choice will be a perfect choice, or that representative will wisely
and honestly represent the group. All that it assumes is what we assume
in our American political system, that by and large and in most instances,
representatives chosen by a majority will be truly representative and that
we have discovered no other device which gives promise of working more
perfectly than that."
Declaring that the Act assumes, as the American system
of government assumes, that the representatives chosen by
the majority of the employees "will be truly representative
and that we have discovered no device which gives promise
of working more perfectly than that," Mr. Madden, according to the Washington advices, Sept. 1, to the New York
"Times," said.
"It has happened, and will happen again, that strong labor organizations
have demanded more than their employers could allow, and that damage
to both parties and the public has resulted. It has happened that strong
employers, dealinr with employees, individually or with a weak organiza,
tion, have imposed wages, hours or conditions damaging to the workers,
'
the community and, indirectly, to the employers themselves.
"The Act contemplates a process of bargaining between parties of more
nearly equal strength, trained in moderation by the exercise of the practices
of democracy, which should, in the generality of cases, result in a moderate
bargain, fair to the parties and beneficital to the public."
The enactment of the Wagner labor disputes law was noted
in these columns July 6, pages 44 and 48.
Secretary of Labor Perkins Declares Responsibility for
Obtaining Maximum Benefits for Workmen Under
Social Security Act Rests with States—Labor
Department's Five-Point Program
The responsibility for obtaining the maximum benefits
for American workmen in the field of unemployment insurance under the provisions of the Social Security Act rests
with the States, Miss Frances Perkins, Secretary of Labor,
said in an address at Boston on Sept. 2 marking the fortyeighth anniversary of Labor Day. We quote from a Boston
dispatch to the New York "Herald Tribune," which stated
that in addition to this emphasis placed upon the duty of
the States, made in the course of a detailed discussion of
the new social security legislation, Miss Perkins also announced a five-point program to which she said the Department of Labor is dedicated in fostering the welfare of American wage earners. The program outlined by Miss Perkins,
who spoke over a Columbia Broadcasting System network,
was given as follows in the dispatch:
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Financial Chronicle
1. The establishment of minimum basic standards for labor below which
competition should not be permitted to force standards of health, wages
or hours.
2. The making of arrangements which will make possible peaceful settlement of controversies and relieve labor of the necessity of resorting to
strikes in order to secure equitable conditions and the right to be heard.
3. Through legislation and co-operation between employers and workers
to make every job the best that the human mind can devise as to physical
conditions, human relations and wages.
4. The encouragement of such organization and development of wage earners
as will give status and stability to labor as a recognized important group
of citizens having a contribution to make to economic and political thought
and to the cultural life of the community.
5. The encouragement of mutuality between labor and employers in the
Improvement of production and in the develpoment in both groups of a
philosophy of self-government in the public interest. If labor's rights are
defined by law and government, then certain obligations will, of course,
be expected of wage earners, and it is for the public interest that those
obligations should be defined by labor itself and such discipline as is necessary should be self-imposed and not imposed from without. This is the
basis of all professional codes of ethics in modern society.
The dispatch quoted Miss Perkins as saying:
Let us hope that at least a part of this program becomes effective between
now and another Labor Day in the interest of wage earners, employers
and investors.
While the different State laws on unemployment insurance must make
all contributions compulsory, the States, in addition to deciding how these
contributions shall be levied, have freedom in determining their own waiting
periods, benefit rates, maximum benefit periods and the like. Care should
be taken that these laws do not contain benefit provisions in excess of collections. While unemployment varies greatly in different States, there is no
certainty that States which have had less normal unemployment heretofore
will in the future have a more favorable experience than the average for
the country.
Administrative Expenditures of Seven Federal Agencies
Brought by President Roosevelt Under Supervision of Budget Bureau
Under an Executive order signed by President Roosevelt
on Sept. 4 the Administrative expenditures of seven additional special agencies of the Government were brought under
the supervision of the Budget Bureau. The correspondent
of the New York "Herald Tribune," in advices from Hyde
Park, N. Y., Sept. 4, noted that this makes a total of 20
emergency and other special agencies outside the established
departments which the President has ordered brought under
Budget Bureau supervision. From the same advices we
quote:
The President made it plain that he expects substantial reductions in
personnel in a number of these agencies now that they have passed the peak
of their activity, and that he expects the Budget Bureau to do a thorough
job of eliminating overlapping activities.
Coincidentally with this announcement, made by the
President at his regular press conference the White House
offices at Hyde Park, the President's summer home, issued
the following explanatory statement, according to the
correspondent of the New York "Sun":
Under the terms of an Executive order signed to-day, seven additional
agencies, with operations which do not come under the Budget and Accounting Act of 1931, are requested to submit to the Director of the Bureau
of the Budget estimates covering expenditures for administrative purposes.
These seven agencies are:
The Agricutltural Adjustment Administration.
The Commodity Credit Corporation.
The Federal Co-ordinator of Transportation.
The Federal Emergency Administration of Public Works.
The Federal Emergency Relief Admingtmtion.
The National Recovery Administration.
The Tennessee Valley Authority.
These agencies are requested not to incur, from and after Oct. 15 1935,
any obligation for administrative expenses unless estimates for such expenditures have been approved by the Director of the Budget.
Amends Original Order
The Executive order issued to-day is an amendment of the original order
issued Aug. 5. The original order referred to:
The Federal Home Loan Bank Board.
The Home Owners Loan Corporation.
The Federal Savings and Loan System.
The Federal Savings and Loan Insurance Corporation.
The Federal Housing Administration.
The Farm Credit Administration.
The Federal Farm Mortgage Corporation.
It requested these agencies not to incur obligations or administrative
expenses, from and after Sept. 15, without prior approval by the Director
of the Bureau of the Budget.
The original order was amended by an Executive order signed Aug. 19.
The order of Aug. 19 referred to:
The Federal Deposit insurance Corporation.
The Federal Surplus Relief Administration.
-Import Bank of Washington, D. C.
The Export
The Second Export
-Import Bank of Washington, D. C.
Reconstruction Finance Corporation.
The
The Electric Home and Farm Authority.
It made the tents of the original order applicable to these additional
agencies, except that Oct. 1 was named as the date from and after which
obligations should not be incurred for administrative expenses by the
agencies named in this order without approval by the Director of the Bureau
of the Budget.
To-day's order, therefore, represents a second amendment of the original
order. It brings to a total of 20 the agencies brought under the budget by
the three orders.
As to the President's order the New York "Times" advices
from Hyde Park said:
To Merge Credit Agencies
He said to-day that the emergency agencies would have to cut their
as the emergency phases of their work has for the most part been
staffs soon,
1537
completed and they now are becoming principally administratvei agencies.
As one example, he cited the Home Owners Loan Corporation, which has
completed receiving applications and hereafter will act more as a management corporation conserving the loans that have been made.
The National Recovery Administration, he added, has cut its staff from
4.900 to 3,300 persons and the personnel must be cut more deeply.
With the peak of the emergency passed, he went op, credit agencies also
will probably be consolidated. As evidence of the passing of the credit
emergency, the President cited work by the Government which, he said,
has saved probably 1,000,000 homes for their owners. 1.000,000 farms on
which mortgages otherwise would have been foreclosed and some 7,000
banks which otherwise would have been forced to close their doors.
The preious Executive orders were referred to in our issues
of Aug. 10, page 843 and Aug. 24, page 1204.
Co-incidentally with this announcement, made by the
President at his regular press conference at Hyde Park, the
President's mother's home, issued the following explanatory
statement, according to the correspondent of the New York
"Sun".
Senator Thomas in Letter to President Roosevelt
Declares that Demand of Cotton and Wheat
Farmers Can Be Met by Further Cheapening of
Dollar—Expects Administration's Silver Purchase
Act to Become Major Issue of Next Congress
Plans of Senator Elmer Thomas (Dem.) of Oklahoma
to study the silver issue first hand in Mexico and probably
in Canada during the Congressional recess were made
known by him on Aug. 26, at which time he addressed a
letter to President Roosevelt urging higher prices for cotton
and wheat farmers through the further cheapening of the
dollar. In his letter Senator Thomas said:
The controversy in Congress must be interpreted as a demand for a higher
price level to producers to enable them to live.
The demand of cotton and wheat farmers for higher prices can be met
by raising the general price level by a further cheapening of the dollar.
This may be accomplished by a further devaluation of the gold content
of the dollar, or by a wider use of silver, or by the expansion of the currency through the exercise of powers already in your hands.
According to United Press accounts from Washington
Aug. 30 Senator Thomas threatened to desert the silver
bloc in favor of a managed currency. We also quote in
part from the dispatch:
"I'm rapidly drifting to the managed currency idea," he said. "If
the Government doesn't proceed rapidly with its silver program, I'm
going to switch."
Mr. Thomas said he expected to make his decision before the next
session of Congress, convening in January. He expects the Treasury's
administration of the 1934 Silver Purchase Act to become a major issue
of that Congress.
This view was substantiated to-day in vigorous activity of Congressmen
Interested in silver. While two Senate committees pushed separate
Investigations the House Ways and Means Committee defended Treasury
administration of the Silver Purchase Act.
Federal Court in New York Dismisses Suits for Tern
porary Injunction to Restrain Collection of Processing Taxes Under AAA
In dismissing, on Sept. 5, petitions for temporary injunctions brought by eight corporations to restrain the Federal
Government from collecting processing taxes under the Agricultural Adjustment Act, Federal Judge Robert P. Patterson,
in New York, held that the suits had been improperly filed.
From the New York "Times" of Sept. 6 we quote:
The plaintiff, he decided, should pay the disputed taxes to the Collector
of Internal Revenue and then bring suit to recover the amount of the levies.
If this course were pursued, the court pointed out, the corporations could
then raise the question of whether or not the AAA, under provisions of
which the taxes are levied, is constitutional.
In refusing injunctive relief and in dismissing the suits, the court pointed
out that Section 3224 of the Revised Statutes provides that "no suit for the
purpose of restraining the assessment of any tax shall be maintained in
any court."
The plaintiffs had sought the relief on the contention that the AAA was
unconstitutional, but Judge Patterson noted in his opinion that he need
not consider that issue.
"I am of the opinion," he wrote, "that a case for preliminary injunctions
has not been shown.
"If it [the Act] is unconstitutional, as the plaintiff says it is, it is still
true that relief by way of injunction against the collectors is not a remedy
open to those against whom the tax is imposed. It is for them to pay the
tax and take proceedings to recover what they have paid, in which proceeding
they may take issue with the Government as to the constitutionality of the
statute imposing the tax."
David W. Peck, attorney who represented the plaintiffs, had asserted that
a recent Act of Congress requiring claimants for reimbursement to prove
that they had not passed the tax on to their customers would impose an
impossible condition. The court dissented to this.
The plaintiffs included Henrietta Mills, Beaver Mills, Martel Mills Corp.,
Clyde Fabrics, Inc., the Panipous Co., P. Emil Klein Cigar Co., Borden
Mills, Inc., and E. Regensburg & Sons.
Last month (Aug.17) Judge Murray Hulbert in the United
States District Court in New York dismissed suits by two
cigar manufacturing companies seeking to restrain the Federal Government from collecting both the processing tax and
the compensating tax under the AAA. At that time the
New York "Journal of Commerce" said:
The decision is the first of its kind in this district, where according to
Edward T. Ennis, Assistant United States Attorney, who handled
the Government's case, about 15 other eases opposing the processing tax were
pending. Large industries, including wheat, cotton and hogs, were represented, he said.
The plaintiffs were the D. Emil Klein Co., Inc., of 444 East 91st Street,
and Schwab Bros. & Baer, Inc., 26 West 17th Street.
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Financial Chronicle
Cites Remedy at Law
Judge Hulbert ruled that the plaintiffs "have adequate remedy at law by
an action to recover taxes illegally paid. Plaintiffs fear that there will be
no moneys available to refund the tax if the Act is held unconstitutional is
beyond the pale of consideration, as is also the contention that Congress
might legislate against the recovery of such tax if paid."
In each case a temporary injunction had been sought. Judge Hulbert ruled
that revised Federal statutes prohibited the courts from restraining the
Government in the collection of taxes.
The court pointed out that a judge in the Western District of Tennessee
had held the processing tax constitutional and the Circuit Court of Appeals
for the Ninth Circuit, on the Pacific Coast, in a divided opinion, had refused
to enjoin payment of the tax pending an appeal in October.
"Other district judges, notably in North Carolina, where the output of
textiles is comparable in quantity to New England, have refused to pass
upon the constitutionality of the Act, but have granted injunctions upon the
condition that the amount of the tax be paid into the registry of the court,"
said.
"The Supreme Court has shown great reluctance in declaring Acts of
Congress unconstitutional. The duty is one of great delicacy and this court
has the firm conviction that it is one to be performed only where the
repugnancy is clear and the conflict is irreconcilable. Every doubt should
ha resolved in favor of the constitutionality of the statute."
Judge Hulbert said he did not feel that the plaintiffs had established such
extraordinary and exceptional circumstances as the United States Supreme
Court had in mind when it found the child labor tax unconstitutional because,
though the revenue derived was intended to support the Government, in
reality it was for the benefit of a class.
Validity of Processing Tax Under Amended AAA Upheld
by Federal Court in Yazoo, Miss.
On Aug. 29 Federal Judge Edwin R. Holmes of Mississippi upheld the validity of the amended Agricultural
Adjustment Act with reference to processing taxes on cotton,
wheat and other agricultural commodities. In his decision
Judge Holmes sustained the Government's argument that
the revised statute preserved to processing tax payers
adequate methods by which their rights could be passed on
by the Courts. Associated Press adviees from Yazoo City,
published in the Jackson (Miss.) "News" further said:
Judge Holmes denied the application of the Stonewall Cotton Mills,
of Stonewall, Miss., for a temporary injunction to stop collection of processing taxes asserted against it under the provisions of the farm act.
Government legal experts hailed the decision to-day as one of far-reaching
Importance. They pointed out that, although some 1,300 similar applications were either pending or acted upon in various sections of the country,
Judge Holmes' decision was the first acted upon since the President signed
the amended act. .. .
Attorneys representing the plaintiff company attacked the constitutionality of the act and pleaded the mills would "suffer irreparable injury"
if collections of processing tax were to continue under the amended AAA.
Edward P. Hodges, special assistant to Attorney General Cummings and
R. M. Bordeaux, Federal District attorney for South Mississippi, arguing
for the Government, maintained the Stonewall Mill "as well as all other
cotton processing taxpayers similarly situated," were given full recourse
at law under the amended act.
Judge Holmes who rendered the decision verbally, and did not amplify his
ruling, was recently appointed to the Fifth Circuit Court of Appeals by
President Roosevelt to fill the place left vacant by the death of Judge
Nathan P. Bryan. Congress did not act on his appointment before adjournment.
The application of the Stonewall Mills for a temporary Injunction came
before Judge Holmes following issuance Saturday [Aug. 24] of a temporary
restraining order to the mills by Judge Rufus E. Foster, of the fifth circuit
court of appeals at New Orleans.
Eugene Fly, collector of internal revenue for Mississippi, whom the mills'
application sought to enjoin from collecting the processing taxes, announced
his Department will resume collections immediately in view of Judge
Holmes' decision.
President Green of A. F. of L. in Labor Day Address
Says Labor Insists upon 30-Hour Week and Payment of High Wages
At a Labor Day celebration at Canton, Ohio, on Sept. 2,
William Green, President of the American Federation of
Labor, declared that "we can enter into the spirit of Labor
Day this year firm in the belief that better days are at hand."
"Slowly, yet surely," he said, "we are moving toward the
realization of a better economic and social order, increasing
and enlarging our opportunities and improved conditions of
employment." Mr. Green indichted it was his opinion that
the Nation is at present in a formative period of a social
justice program and policy which ultimately would be expanded, providing for the jobless, the dependent aged and
sick, and for undernourished children. In part he also said:
The mind of labor is centered upon the solution of the nation's unemployment problem.
Labor proposed a remedy for unemployment which, while opposed by
some employers, is being more widely accepted by all classes of people.
We hold 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. The mechanization of industry and the extended use of power, which in operation increased the efficiency and productivity of individual workers, has displaced working men and women and
has constantly increased the army of unemployed.
Our country must choose between the maintenance of a permanent
army of unemployed, dependent for relief upon our Government. or the
creation of work opportunities, through an adjustment in working time, so
that self-respecting working men and women may earn a living for themselves and their families.
Labor makes its choice. It prefers to see men and women employed,
earning a livelihood, rather than to be fed as the wards of the Government.
For this reaon labor insists upon the acceptance of its sound economic
-hour work week and the payment of high wages, with the
philosophy, the 30
resultant creation of a high mass purchasing power.
Sept. 7 1935
The following is also taken from Mr. Green's address:
Since we celebrated Labor Day last year events have occurred which have
been of tremendous importance to labor. This year can properly be designated as one of unusual social and economic experimentation. Labor has
taken an active part in all that has taken place and has been affected, either
favorably or unfavorably, by all the changes which have taken place.
When the Supreme Court held the National Recovery Act invalid, Section
7-A, which conferred upon labor the right to organize and bargain collectively. free from coercion and intimidation on the part of employers and
which was incorporated in all industrial codes of fair competition, was
nullified and set aside.
President Green of A. F. of L. Declares Nation Must
Find Way to Overrule Supreme Court Decisions in
Cases Like NRA
A statement that the Nation must find a way to overrule
Supreme Court decisions which block social progress, was
made by William Green, President of the American Federation of Labor on Aug. 31. In his statement( to the labor
press), Mr. Green recalled the Court's decision wiping out the
National Recovery Administration codes and said:
Once before when the Supreme Court blocked the path of human welfare
by the Dred Scott decision, the Nation wiped out that decision. It cost
human blood and life and for years has blighted the economic progress of
our Southern States.
We hope to solve our present constitutional problem by less costly
methods. Greater familiarity with labor and industrial problems will teach
judges the need for Federal action for regulation of industry for social
purposes.
The sovereign nation must also establish its method of overruling any
Governmental authority that blocks social progress.
Storm Kills Several Hundred in Florida—Veterans'
Camp Demolished—Construction of Trans-State
Canal Approved by President Roosevelt—Latter
Orders Inquiry Into Loss of Life Among Veterans
Several hundred persons were killed this week in a storm
which swept the southern section of Florida, destroying a
veterans' camp on the Florida Keys. An estimate of the
dead and injured, was contained in a memorandum sent
from Miami, Fla. to President Roosevelt at Hyde Park,
N. Y. on Sept. 5 by Admiral Cary T. Grayson, Chairman
of the American Red Cross.
"The Red Cross has set up a veterans' relief unit in Miami called the
War Service Unit, composed of competent men in veterans' affairs. This
Is to help veterans and their families.
"Governor Sholtz has issued a proclamation designating the American
Red Cross as the official relief agency.
"Official count of the Red Cross at 4 P. M. this afternoon is 256 known
dead, of whom 200 were World War veterans; 252 injured, of whom 25%
were seriously injured.
"The Red Cross reached hundreds of small islands along the Florida
coast to-day where fishermen and their families were isolated, delivering
to them ample supplies of foodstuffs and clothing material."
.
1.••••••••=ompr
President Roosevelt on Sept. 5 ord9red an investigation
of the reasons why veterans engaged in government workrelief projects on the Keys were not rescued and why precautions were not taken for their safety. He also asked
Brig.
-Gen. Frank T. Hines of the Veterans Bureau to send a
representative to the scene of the disaster and to co-operate
with other government agencies in relief work.
It was announced on Sept. 3 that President Roosevelt
had approved an allotment of $5,000,000 to the Army Corps
of Engineers for preliminary construction work on a sea,
level canal across Florida, to extend by way of the St.
John's River from its mouth to Palatka, then by way of the
Oklawaha and Withlacoochee Rivers to the Gulf of Mexico.
The annual saving in transportation costs expected to result
from the use of the canal is $7,500,000. It has been estimated that the cost of completing the project will be between
$99,000,000 and $119,000,000.
A brief account of the destruction caused by the hurricane
in Florida is given below, as contained in Associated Press
advices from Miami Sept. 3:
Leaving more than 100 reported dead in its path through the Florida
Keys, a tropical hurricane swept northwestward along the west coast
to-night and lashed at the resort city of St. Petersburg and at Tampa.
centre of the State's cigar industry.
The reported deaths, most of which lacked confirmation, were said in
meager advices received here to have occurred largely in war veterans'
camps in the Florida Keys.
As the storm, reported with a 100-mile an hour velocity at Boca Grande,
south of St. Petersburg, whipped into Tampa Bay, two fishermen were
reported missing in the Gulf and distress flares were seen in the stormy
sky out in the Gulf.
Most of the communities along the Tampa Bay and Gulf waterfront were
evacuated late to-day, but grave fears were felt for several thousand persons
who usually live in exposed places.
With the hurricane winds at St. Petersburg came torrents of rain and
most of the city where thousands spend their Winters basking in the sunshine was in darkness. Few persons ventured outside the buildings.
Waterfront sections of the city were reported flooded.
Seventy-eight persons, all but three of them war veterans, were killed
at the Rock Harbor camp of war veterans on the Keys, Coast Guard headquarters advised. 47 veterans were reported injured and four doctors
were said to have been among the killed.
Storm-battered refugees, braving the tossing waters of Snake Creek in
small boats, came in to-night and variously fixed at 25 to 100 the death
toll in Veterans Camp No. 1 on Upper Matecumbe Key.
Death of Mrs. Harold L. Ickes—Wife of Secretary of
Interior Killed in Automobile Crash
Mrs. Harold L. Ickes, wife of the Secretary of the Interior,
was killed on Aug. 31 when an automobile in which she was
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Financial Chronicle
1539
riding collided with another car 30 miles north of Santa Fe,
N. M. Mrs. Ickes was 61 years old. Another passenger
in the automobile was critically injured, while the driver
sustained injuries from which he later died. The funeral
services for Mrs. Ickes were held at her home in a Chicago
suburb on Sept. 3 and were attended by Mrs. Franklin D.
Roosevelt, wife of the President, and by three Cabinet
members, national and State officials, and neighbors and
other friends. Mrs. Ickes had been active in politics before
her husband was appointed to the Cabinet. A brief
biography is given below, as contained in the New York
"Herald Tribune" of Sept. 1:
Vice-Presidents, and elected Edward S. Travers an Assistant
Trust Officer and William Vanek an Assistant Secretary.
The mother of four children and the grandmother of three, Mrs. Anna
Wilmarth Thompson Ickes, wife of Harold L. Ickes, Secretary of the
Interior, enjoyed politics almost as much as her husband and with him had
been active in Progressive Republican movements in the Mid-West for
many years.
Being the wife of a Cabinet member was a mere incident in the life of
Mrs. Ickes. She had served three terms in the Illinois State Assembly and
for years was President of the board of trustees of the University of Illinois.
She was also an authority on the culture and customs of Indians of the
Southwest. and was the author of "Mesa Land," a work on this subject,
published in 1933.
For years Mr. and Mrs. Ickes had had a small summer place at Coolidge,
N. M., 20 miles from Gallup. There she had gone each summer in recent
years to study the N"avaJos and the Pueblos.
In Washington, despite her attention to her own career of political and
social work, Mrs. Ickes had been among the most active of the wives of
Cabinet members.
Two New York City banks—the Bankers Trust Co. and the
Central Hanover Bank & Trust Co.—this week lowered their
dividend payments by 333%. The initial action was taken
by directors of the Central Hanover on Sept. 3, when it
reduced its regular quarterly rate from $1.50 a share to $1.
The reduction by the Bankers Trust Co. was announced
shortly after that of the Central Hanover on Sept. 3, the
new rate being 50c. a share as against 75c. heretofore.
The rates of the two institutions before the changes on
Sept. 3 had been in effect in each instance since July 1929.
The new dividend to the stockholders of the Central Hanover
is payable on Oct. 1 to stockholders of record on Sept. 17.
In the case of the Bankers Trust the dividend is payable
Oct. 1 to stockholders on record Sept. 12.
Death of G. W. Hodges, Former President of Investment
Bankers Association—Was Founder and President
of Better Business Bureau of New York
George Winthrop Hodges, founder and President of the
Better Business Bureau of New York, and a former President
of the Investment Bankers' Association of America. died
Sept. 5 at New York Hospital. He was 66 years old.
Incident to Mr. Hodges' death the Better Business Bureau
issued an announcement which said:
The otficers and directors of the Better Business Bureau of New York
City announce with sorrow the loss of their President and friend. George
W. Hodges. He was held in deep affection and high esteem by all who
knew him. He was one of the founders of the organization in 1922 and
became its president in 1933. He worked devotedly to protect the integrity
of business and to advance the public good.
The following summary of the career of Mr. Hodges is
from the New York "Herald Tribune" of Sept. 6:
• -Mr.Hodges was born at Foxboro, Mass.,and was educated at Hyde Park
High School in Boston. First associated with the Boston firm of McIntosh, Klaus & Co.,he joined the New York City branch of R.L.Day & Co..
of Boston, in 1898. He was made a partner of the firm in 1907, and in
1913 became a partner with William Remick in Remick, Hodges & Co., investment brokers. He retired from business in 1929.
From 1912 to 1932 Mr. Hodges was, successively, a Governor. VicePresident and President of the Investment Bankers' Association of America,
a'Director and Vice-President of the Private Bankers' Association of New
York,a Director of the New York State Bankers' Association and a member
ofthe New York Stock Exchange. During the World War he was Chairman
of sales for the Fifth Liberty Loan drive in the Metropolitan area.
pr At his death, Mr. Hodges was a member of the executive staff of the
Standard Statistics Co., and a trustee of the Greenwich Savings Bank.
PresidentRoosevelt Appoints L. J. Martin as
Administrator of NRA
L. J. Martin, former compliance director of the National
Recovery Administration, was appointed to the post of
Administrator of the NRA on Aug.24 by President Roosevelt.
Mr. Martin succeeds James L. O'Neill who resigned from the
post on July 31 to return to his duties as Vice-President of
the Guaranty Trust Co. of New York. The resignation of
•Mr. O'Neill was noted in our columns of Aug. 3, page 691.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A membership on the New York Stock Exchange was sold
Sept. 5 for $120,000, an increase of $15,000 from the last
previous sale.
Arrangements were completed, Aug. 30, for the sale of a
Chicago Stock Exchange membership at $5,000, up $800 from
the last previous sale.
Arrangements were made Sept. 6 for the sale of a New
York Curb Exchange membership at $22,500, a decrease of
$5,000 from the previous sale.
The tenth anniversary of the opening of the New York
Cocoa Exchange will be observed with a banquet at the
Waldorf-Astoria Hotel, on Oct. 1, it was announced recently.
Guests of honor will include presidents of commodity and
security exchanges and outstanding figures in local and
national public affairs. The Exchange reports that 1933
and 1934 were record-breaking years in regard to trading
volume, both years having exceeded • 1929 in volume of
business.
At a meeting of the Board of Directors of the Manufacturers Trust Co., New York City, held Sept. 3, Andrew L.
Gomory, an Assistant Vice-President, was elected a VicePresident, it was announced on Sept. 4 by Harvey D. Gibson, President. The directors also promoted Francis Crave,
John J. Hayes, Herman A. Kultzow, Joseph T. Reisler and
Harold T. Taylor from Assistant Secretaries to Assistant
The Continental Bank & Trust Co. of New York announced
this week the election of Ody H. Lamborn to its Board of
Directors. Mr. Lamborn, a native of Indiana, came to New
York at the age of 14 and engaged in the sugar business,
with which industry he has been continuously identified.
He is President of Lamborn & Co., Inc., and also First VicePresident and director of the National Sugar Brokers
Association.
The New York State Banking Department on Aug. 26
authorized the Savings Bank of Richmond Hill, Richmond
Hill (Long Island), N. Y., to change its name to Richmond
Hill Savings Bank.
The First National Bank & Trust Co. of Bridgeport, Conn.,
has called a special meeting of its stockholders to be held
Sept. 10 to act on recommendations of the directors to make
changes in the capital structure of the institution. The
present capital consists of $1,000,000 common stock and
$1,000,000 preferred stock. The plans contemplate reduction of the common stock to $250,000, changing the par
value from $20 to $5 a share. The capital will then be
increased from $250,000 to $500,000 by issuing $50,000 new
$5 par share to stockholders of record Aug. 30 at $5 a share.
It is also proposed to issue 66,666 2 3 shares of $7.50 par
/
value preferred stock, thereby increasing the amount of
preferred stock outstanding $500,000 to $1,500,000. We quote
further from Bridgeport advices on Sept. 2 to the New York
"Herald Tribune," from which the foregoing is learned:
Upon completion of the changes the bank will have $500,000 common stock
and $1,500,000 preferred stock.
The notice issued to stockholders states that currently the bank is 73%
liquid, and adds that "the last six years have been a period of continuous
drastic liquidation in all lines of business, particularly banking, and in
presenting the above recommendations your directors have endeavored to
meet the resulting situation in a courageous and fearless manner, feeling that
by so doing the interests of stockholders they represent are thus best served."
At a special meeting of the stockholders of the York Trust
Co. of York, Pa., held Aug. 30, it was voted to
a branch
office in Shrewsbury by amending the agreement for the
merger of the York Trust Co. and the Citizens Savings &
Trust Co. dated Anril 9 1929.
From Kane, Pa. advices, appearing in "Money & Commerce" of Aug. 31, we learn that the Kane Bank & Trust Co.
has amended its articles of incorporation, including the reduction of its capital stock from $150,000 to $125,000 and the
issuing of $75,000 preferred stock.
W. J. Richards, former President of the Philadelphia &
Reading Coal & Iron Co., was elected President of the Safe
Deposit Bank of Pottsville, Pa., at a reorganization meeting
of the directors on Aug. 28. Mr. Richards succeeds the late
Edwin C. Luther, who died on Aug. 8. At the same meeting
T. R. Daddow was named First Vice-President to succeed
the late D. W. Kaercher, and W. H. McQuail Jr. was elected
Second Vice-President. A Pottsville dispatch, printed in
"Money & Commerce" of Aug. 31, from which the above information is obtained, went on to say in part:
Mr. Richards has for many years been a prominent citizen and leader in
this city. Born in Minersville, he attended the schools there and then became
connected with the Philadelphia & Reading Coal & Iron Co. at Ashland in
1882. He remained there as an engineer until 1889 when he was placed in
charge of the Lehigh-Wilkes-Barre Coal Co. at Wilkes-Barre.
In 1893 he came to Pottsville as General Manager of the P. & R. C. .4 I.
Co. In 1914 he was made President of the company and remained as its
chief executive until 1927 when he was succeeded by the late Andrew J.
Maloney.
More than 20,000 depositors of the Diamond Nationa
Bank of Pittsburgh, Pa., which closed Nov. 12 1932, were
to be paid another 10% of their deposits on Sept. 3, bringing
the total repayment to 60%. In announcing the dividend
on Aug. 30, Robert R. Gordon, receiver, stated that it
was made possible to a substantial extent through a loan
from the Reconstruction Finance Corporation. The Pittsburgh "Post Gazette" of Aug. 31,from which the foregoing
is learned, continuing, said:
The statement of the closed bank for the quarter ended June 30 revealed that deposits totaled $8,005,774.77 when the bank suspended
operations, and that $3,996,395.52 of that amount had been repaid. Previous to the present RFC loan, the Government had loaned the bank
1540
$650,800 through the same agency, of which $650.300 had been repaid
by June 30.
George C. Cutler, until recently a Vice-President of the
Guaranty Trust Co. of New York, was formally elected
President of the Safe Deposit & Trust Co. of Baltimore, Md.,
on Sept. 4 to fill the vacancy caused by the death of Joseph
B. Kirby in January. The di”nctors at the same meeting
elected Thomas B. Butler a Vice-President, while continuing
as Secretary. John J. Nelligan will remain as Chairman of
the Board and executive head of the institution. Mr. Cutler's
resignation from the Guaranty Trust Co. of New York to
accept his new office was noted in these columns in our
Aug. 24 issue, page 1219.
,
Wilfred A. Roper, formerly a Vice-President of the
Bank of Commerce & Trusts of Richmond, Va., was elected
President of the institution at a meeting of the directors on
Sept. 3 to fill the vacancy caused by the recent death of
John T. Wilson. At the same time, W. B. Street, Cashier
of the bank, was appointed Vice-President, while retaining
the Cashiership; Clarke W. Roper, Assistant Cashier, was
given the additional title of Secretary, and Thomas A.
'lain, a director, was elected a member of the executive
committee. In noting the changes the Richmond "TimesDispatch" of Sept. 4 had the following to say, in part,
regarding the careers of the newly-elected officers:
President Roper, a native of Richmond. was employed for a brief period
in the Chesapeake & Ohio general offices here after leaving Richmond
High School. He joined the Bank of Commerce & Trusts in 1907 at its
main office, and after two years was transferred to the bank's branch at
Third and Broad Streets.
Recalled to the main office, Mr. Roper successively served as Assistant
Cashier, Cashier and Vice-President. He was elected a director of the
bank in 1918 and became Cashier and Vice-President in 1919. Five
years ago he surrendered the duties of Cashier and became the right-hand
.
man of the President of the bank, the late John T. Wilson. . .
President Roper has served on many committees of the Richmond
Clearing House Association and the Virginia Bankers Association, and
now is a member of the latter body's important committee on taxation.
For many years he was an officer and director of the Jefferson Realty
Corp., operating the Jefferson Hotel here, and also an officer and director
of the Powhatan Hotel, Washington, D. C., and other corporations.
Vice-President Street, like President Roper, is a veteran of the Bank
.
of Commerce & Trusts organization. . . Mr. Street was elected Assistant
Cashier of the bank in 1918 and was promoted to the position of Cashier
in 1930. As Cashier and Vice-President, he will be President Roper's
chief assistant in operating the bank. . ..
Clarke W. Roper, who retains his duties of Assistant Cashier in addition to being elected Secretary of the bank, became affiliated with the
bank in 1915. Like his brother, President Roper, he is a former President
of Richmond Chapter, American Institute of Banking. He was promoted
to Assistant Cashier In 1922.
Payment of a 5% dividend amounting to $80,000 was to
be made to depositors of the First State Savings Bank of
Birmingham, Mich., on Sept. 6, we learn from a dispatch
from that city on Aug. 30, printed in the Detroit "Free Press."
The dividend, the fifth of 5% was made possible through
earnings and collections, it was stated.
Depositors of the closed Southern State Bank, Milwaukee,
Wis., will receive a fourth dividend of 10% by authority of
Circuit Judge Gustav G. Gehrz on Aug. 16. The dividend,
%
1
/
announced payment of a 122 dividend to its 6,631 depositors, the second since the bank closed on Jan. 23 1933, according to the Milwaukee"Sentinel" of Aug. 31, which added:
The first dividend, also 10%, was paid May 29 1934; the second for 10%
was paid Aug. 6 1934, and the third, 40%, Nov. 21 1934, according to Alfred
Newlander, deputy banking commissioner.
The 40% dividend was made possible by a loan from the Reconstruction
Finance Corporation, which now has been fully repaid. The bank closed
Oct. 26 1932.
The First National Bank of West Allis, Wis., on Aug.30 an2
1
/
nounced payment of a 12 % dividend to its 6,631 depositors,
the second since the bank closed on Jan. 23 1933, according
to the Milwaukee "Sentinel" of Aug. 31, which added:
The dividend amounting to $163,026, was ready for payment yesterday
(Aug. 30). The first dividend of 62%% was disbursed in September 1934.
Frank Groat Jr. is the receiver.
Associated Press advices from Grand Forks, N. D., on Aug.
30 stated that 0. F. Grangaard had been elected President of
two Greater Grand Forks banks through changes in the personnel of both institutions. We quote the dispatch:
Mr. Grangaard, who formerly was Vim-President of the Red River National
Bank of Grand Forks, was elected President and director and also was
named President and director of the Minnesota National Bank of East
Grand Forks.
E. A. Hoff resigned the Presidency of the Minnesota National to accept
the Vice-Presidency and a directorship in the First National Bank of Spring
Valley, Minn.
Announcement was made on Aug. 28 by Gurney P. Hood,
Commissioner of Banks for North Carolina, that the liquidation of the Bank of Moncure, Moncure, and the Severn Bank
at Severn had been completed. In noting the matter, the
Raleigh "News & Observer" supplied the following details:
Depositors in the Bank of Moncure were paid only $2,272.11, Mr. Hood's
statement said. The bank collected only 32.8%, or $47,676.84, of its assets
of $145,075.30. Of the total collected, secured claimants were paid $33,005.23 and preferred claimants got $4,519.78. Expenses of liquidating the
bank, which closed in April 1932, totaled $7,013.82.
Sept. 7 1935
Financial Chronicle
Depositors of the Severn Bank were paid $37,229.15, or 83% of their
claims. Preferred claims of $50 and other small items were paid in full.
The bank, which closed in February, 1933, collected $41,213.31 or 47.2%,
of its assets of $87,474.48.
Payment of the fifth and final dividend to depositors of
the defunct First National Bank of DeLand, Fla., was announced on Aug. 31 by M. G. McNair, the receiver, according
to Associated Press advices from that place on Aug. 31,
which also supplied the following details:
The dividend will be 4.85%, amounting to $42,300, and will bring the
total paid since the bank closed in July 1929 to 33.85%.
The promotion of Frank S. Meagher and A. L. Mills Jr.
from Assistant Vice-Presidents to Vice-Presidents of the
United States National Bank of Portland, Ore., was announced recently by Paul S. Dick,President of the institution.
That the First National Bank of Union, Ore., had been
acquired by the First National Bank of Portland, Ore.,
and was to be opened on that day as a branch of the latter,
was reported in the Portland 'Oregonian" of Aug. 29.
In announcing the purchase of the Union bank on Aug. 28,
E. B. MacNaughton, President of the First National Bank
of Portland, stated that the bank building, fixtures and
all assets had been acquired and its deposit liabilities (in
excess of $400,000) assumed. The paper continued in part:
Mr. MacNaughton announced that J. F. Hutchinson, Cashier of the
Union bank, will be Manager of the new branch. The employees of the
bank will continue their work as employees of the branch bank.
G. W. Benson, for many years President of the Union bank, who is
retiring from active banking work, expressed the belief that it was to the
best interests of the community and of Union County to bring to his district the large resources of a metropolitan bank.
From a subsequent issue of the "Oregonian," Aug. 30, it is
learned that purchase of the Wallowa National Bank of
Enterprise, Ore., by the First National Bank of Portland
was announced by President MacNaughton on Aug. 9. The
acauired bank was to be opened as the twenty-first branch
of the Portland institution on Sept. 3. In the transaction
the First National Bank purchased the bank building, fixtures and all assets of the Enterprise bank and assumed its
deposit liabilities, which, at the time of the transfer, exceeded $600,000. A. M. Pace, formerly Cashier of the
Wallowa National, will be Manager of the new branch, it
was stated.
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. 7) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
11.5% above those for the corresponding week last year.
Our preliminary total stands at $4,483,795,909, against
$4,019,822,275 for the same week in 1934. At this center
there is a gain for the week ended Friday of 10.8%. Our
comparative summary for the week follows:
Ckaringt-Returns by Telegraph
Week Ending Sept. 7
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
84,177,109,858
207,783,622
203,000,000
128,000,000
59,511,118
54,300,000
89,974,000
68,928,848
56,037,176
46,957,465
38,106,292
24,081,000
$1,964,189,621
181,938,962
174,000,000
114,000,000
58,982,984
45,800,000
82,200,000
57,143,645
39,826,723
43,184,924
35,501,339
19,327,000
+10.8
+28.3
+16.7
+12.3
+0.9
+18.6
+9.5
+20.6
+40.7
+8.7
+7.3
+24.6
Twelve cities, five days
Other Cities, five days
$3,153,789,379
541,040,545
$2,796,095,198
484,330,215
+12.8
+11.7
Total all cities, five days
All Cities. one day
53,694,829.924
788,965,985
$3,-30,425,413
739,396,862
+12.6
+6.7
Total all Cities for week
$4,483,795.909
84.019.822.275
+11.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
-the week ended Aug. 31.
results for the week previous
For that week there is an increase of 25.2%; the aggregate
of clearings for the whole country being $4,980,270,577,
against $3,976,396,560 in the same week in 1934. Outside
of this city there is an increase of 11.8%, the bank clearings
at this center having recorded a gain of 35.1%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an expansion of 34.4%,in the Philadelphia Reserve District
of 16.6%, and in the Boston Reserve District of 9.1%.
In the Cleveland Reserve District the totals are larger by
14.1%, in the Richmond Reserve District by 6.9%, and
Financial Chronicle
Volume 141
in the Atlanta Reserve District by 18.4%. The Chicago
Reserve District has to its credit a gain of 4.8%, the St.
Louis Reserve District of 21.1%, and the Minneapolis
Reserve District of 4.2%. In the Kansas City Reserve
District there is an increase of 22.3%, and in the San Francisco Reserve District of 13.1%, but in the Dallas Reserve
District there is a decrease of 2.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
.Vonth of August
1935
1934
Federal Reserve Mts.
$
1st Boston _ _ -.12 eitilk
191,416,090
2nd New York..12 "
3,185,635,868
3rd Philadelpla 9 "
283,036,150
4th Cleveland._ 5 "
252.952,473
5th Richmond - 6 "
98,297,985
6th Atlanta____10 "
102,729,508
7th Chicago_ _ _19 "
341,397,769
8th St. Lou83___ 4 "
105 633 653
, ,
9th Minneapolis 7 "
86,440,580
10th Kansas City10 "
129,847,745
11th Dallas
5 "
44,510,328
12th San Fran 12 "
208,372,428
Total
111 cities
Outside N. Y. City
Canada
Ine.or
Dec.
g
175,397,684
2,369,778,360
242,677,703
177,862,392
91,932,763
86,730,084
325,853,528
87,194,794
82,985,088
106,167,211
45,591,977
184,244,976
1932
1933
$
$
%
199,067,141
205,564,464
+9.1
+34.4 3,159,319,409 3,190,453,076
252,324,002
229,249,964
+16.6
171,729,516
170,963,427
+14.1
96,361,252
80,229,983
+6.9
77,801,219
+18.4
79,101.858
282,861.290
+4.8
307,699 058
,
74,416,552
81,634,546
+21.1
67,205,802
74.938,209
+4.2
83,862,991
79,146,793
+22.3
35,224,311
36.581,691
-2.4
162,854,937
+13.1
150.982.97
2
4,980,270,577 3,976,396,560 +25.2 4.641,145,932
1,883,245,780 1,683,852,451 +11.8 1,558,419,548
1935
22 cities
293 ses use
ono ass sea
.930
4-1 a
August
1935
August
August
Inc.or
August
Dec
1933
1934
1932
Federal Reserve Mass.
g
$
$
$
%
1st Boston _ _ - _14 cities
948,214,445
902,358.066
868,917,811 +9.1
891,268,823
2nd New York__13 " 15,190,986,741 12,004,861,184 +26.5 13,770,249,270 13,034,134,666
ard Philadelpla 12 "
1,429,434,616 1,193,976.409 +19.7 1,054.371,14
1,099,114,682
4th Cleveland__13 "
974,235,991
797,409,550
846,639,396 +15.1
788,700.637
5th Richmond - 8 "
493,403,787
435,383,050 +12.6
361,961,631
455,330,818
6th Atlanta..._15 "
489,831,210
427,992,925 +14.4
365,518,893
318.801,336
7th Chicago. _ .25 "
1,705,287,545 1,500,486,889 +13.5 1,269,490,581 1,340,150,722
8th St. Louis__ 5 "
504,897,640
413,290,074 +19.3
377,707,654
330,931.701
9th MinneapolLs12 "
415,338,624
378,591,290 +9.7
349,600,380
302,248,547
10th Kansas City I4 "
751,473,065
638,241,879 +17.7
489,538,751
496,606,984
11th Dallas
10 "
341,107,199
238,959,604
301,332,591 +13.2
112,057.606
12th San Fran_ _21 "
1,025,256,311
723,292,785
895,336,329 +14.5
727.211,013
Total
162 cities 24,266,464,474 19,915,039.818 +21.8 20,700,458,313 20,006,557,435
Outside N. Y. City
9,515,988,251 8,280,241,508 +14.9 7,283,691,582 7,339,574,546
Canada
32 cities 1.380.192.954 I see 470 mn 4-69 1.369.042.631 1.057.381.199
We append another table showing the clearings by Federal Reserve districts for the eight months of each year
back to 1932;
8 Months
1935
8 Months Inc.0? 8 Months
1933
Dec.
1934
8 Months
1932
Federal Reserve DIsts.
$
88
i
1st Boston. _ _ _14 cities 7,990,978,009 7.523,472506 T6.2 7,100,457,879 8,435,243,614
'
2nd New York.
.13 " 126,350,276,642 15,011,744,405 +9.9
3rd Plailadelpla 12 " 11,526,682,328 10,091,434,176 +14.2 108.659,184.615 113,943,669,318
8,663,310,047 9,961,999,548
4th Cleveland__13 "
7,693,844,920 6,858,155,685 +11.2 5,663,834,404 7,074,135,671
5th Richmond . 8 "
3,721,411,400 3,336,206,497 +15.3 2,627,595,359 3,741,704,188
6th Atlanta_ _ _.15 "
3,955,437,683 3,486,106,260 +13.5 2,597,972,234 3,109,564,280
7th Chicago_ _ _25 "
13,499,358989 11,425,189,407 +18.2 8,697,895,141 12,403,314,137
8th St. Louis_ __ 5 "
3,938,098,864 3,493,428113 +12.7 2,811,034,426 3,119,088,667
9t 1 MIncle8p011812 '
2,971,507,365 2,638,666,681 +12.6 2,301,687,724 2,461,270,878
1061 Kansas City14 '
5,314,519,689 4,556,394,284 +16.6 3,499,757,708 4,288,849,228
11th Dallas
10 ''
2,645,045,336 2,390,841,027 +10.6 1,834,509,034 2,065,782,903
San Fran 21. "
12th
7,523,146,412 8,392,129,985 +17.7 5,226.944,563 6 376 837 868
, . .
Tots1
162 cities 197 130 315,637177,203,670,008 +11.2159,684,153,133 176,982,460.796
, ,
Outside N. Y. City
74,377,832388 85,338,821,269 +13.8 63,985,201,001 66,517,952,629
Canada
82 dtles 10 an cans,, In nn, er. Anis _Lc n a fr. nle 1In ft Ara 0.1 9.20
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
1935
1934
8286.903,000 $317308,000 $2,197,530,000 82,640,021,700
The volume of transactions in share properties on the
New York Stock Exchange for the eight months of the years
1932 to 1935 is indicated in the following:
1935
No. shares
Month of January
February
March
19,409,132
14,404,525
15.850.057
1934
No. Shares
1933
No. Shares
1932
No. Shares
April
May
June
54,565.349
56,829,952
29,900,904
18.718,392
19.314,200
20,096,557
84,362,383
81.716,267
83,031,499
49,668,714 141,296.205
First Quarter
68,129,049
99.110,149
29,845.282 52,896.596
25.335,680 104.213,954
16,800,155 125,619,530
31.470.916
23.136,913
23.000,694
22,408,575
30,439,671
22.336,422
Six months
157.311.508
9A2 942
1934
Stocks, number of shares_
42,925,480 16,690,972
197,201,582
251,081,370
Bond,
Railroad & misc. bonds.. $182,648.00 8130,717,000 81,420,872,000 $1,658,934,000
State,foreign, &c.. bonds 30,581,000
35,169,000
258,849.000
432,163.060
U. S. Government bonds 73,674,000 151,222,000
517,809,000
548,924,700
4,708,428,631
1,608,301,377
We also furnish to-day a summary of the clearings for the
month of August. For that month there is an increase for
the entire body of clearing houses of 21.8%, the 1935 aggregate of clearings being $24,266,464,474 and the 1934 aggregate $19,915,039,818. In the New York Reserve District
there is a gain of 26.5%, in the Boston Reserve District of
9.1%, and in the Philadelphia Reserve District of 19.7%.
In the Cleveland Reserve District there is an improvement
of 15.1%, in the Richmond Reserve District of 12.6%,
and in the Atlanta Reserve District of 14.4%. The Chicago
Reserve District has managed to enlarge its totals by
13.6%, the St. Louis Reserve District by 19.3%, and the
Minneapolis Reserve District by 9.7%. The Kansas City
Reserve District enjoys a gain of 17.7%, the Dallas Reserve
District of 13.2%, and the San Francisco Reserve District
of 14.5%.
Eight Months
Description
Total
Week End. Aug. 31 1935
1541
August and the eight months of 1935 and 1934 are given
below:
124 848.382 213.277,322 340.859,129 176,718,572
Month of July
August
29,427,720
42.925.480
21,113,076 120,271,243
16.690.972 42.456.772
23.057,334
82.625.795
The following compilation covers the clearings by months
since Jan. 1 1935 and 1934:
MONTHLY CLEARINGS
Clearings, Total All
Month
1935
Clearings Outside New York
1934
1935
1934
3
$
%
8
s
%
Jan__ 25,538,411,841 21,395.409.595 +19.4 9,331.886,572 7,843,155,202 +19.0
Feb__ 20.793.838,12420.501,980.543 +1.4 7,941,880.939 7,006,078.545 +13.4
Mar _
.26,352,301,657 23,512,614,673 +12.1 9,320,994,207 8.354,247,617 +11.6
1st Qu. 72,684,551,622 65,414,004,811 +11.1 26,594.761.718 23,203,481,363 +14.6
April-- 24,757,016,469 24,350.745,087 +1.7 9.291,816,289 8,262,130,385 +12.5
May - - 24,924,505,504 22,955,219,861 +8.6 9350,988,045 8.496.304.511 +14.8
June.. 24,325,211,393 23,049,672,390 +5.5 9.323.170.110 8,623.868,006 +8.1
2d Qu. 74,006,733,36670,355,637,338 +5.2 28,366,540,496 25,382.302.902 +11.8
6 mos _ 146691284,988 135769642,149 +8.0 54.960336,162 48.585,784,265 +13.1
July.. 26372,566.175 21,518,988,039 +21.6 9,901,107,753 8.470,595,496 +16.9
Aug.__ 24.266.464.474 19.915.039.818 +21.8 9.515.988.251 8.280.241.508 +14.9
The course of bank clearings at leading cities of the country
for the month of August and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN AUGUST
August
Jan. 1 to Aug. 31
1935 1934 1933 1932
1935
1934
1933
(000,000s
omitted)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
14,750 11,635 13.417 12.667 122,752 111,867 105.719 110,465
1,081
968
855 8.4817,293 6,300
866
7,867
811
755
776
760 6.881
6,525 6,159
7,269
1,366 1,141 1,003 1,039 11,057 9,654 8,248 9,377
330
281
252
220 2,561
2,272
1,872
2,106
426
368
337
328 3,347
2,981
2,458
2,882
554
492
411
412 4,139
3,553
2.992
3,600
246
222
192
269
1,905
1,755 1,323
2,001
194
164
152
156
1,600
1,400
1,189
1,440
422
349
258
255
2,890
2,388
1,864
2,212
282
253
256
257 2,177
1,983
1,632
2,307
274
254
251
204
1,898
1,718
1,597
1,619
111
95
80
100
866
780
581
917
364
310
221
247 2,958
2,407
1,032
2,326
121
93
78
69
896
778
585
604
133
117
91
86
957
922
625
771
36
31
31
32
295
271
248
291
69
60
51
67
539
451
365
566
121
110
105
98
950
896
899
790
96
84
63
59
660
762
467
518
105
97
81
82
662
788
523
648
57
50
40
47
398
475
317
435
147
130
112
98
1,036
791
939
880
52
41
48
464
34
430
315
339
129
93
92
105
920
754
635
975
39
47
54
34
410
343
285
318
45
32
42
45
363
292
284
295
Total
Other cities
22,376 18,291 19,341 18,610 182,367 164.370 149,196 163,647
1,890 1,624 1,366 1,397 14,763 12,834 10,535 13,335
1932
Total all
24,266 19,915 20,700 20.007 197.130 177,204 159,684 176,982
Outside New York- 9,516 8.280 7,284 7.340 74,378 65,337 53,965 66,518
We now add our detailed statement showing the figures
for each city separately for August and since Jan. 1 for two
years and for the week ended Aug. 31 for four years:
CLEARINGS FOR AUGUST,SINCE JANU ARY 1, AND FOR WEEK ENDING AUG.31
Month of August
Clearings at
1935
1934
$
$
First Federal Reser ye District- Boston-Bangor
Me.
2,374,364
2,079,597
Portland
7,616,437
6,691,019
me58.-Boston
811,051,904
754,657,965
Fall River
2,396,265
2,379,456
Holyoke
L374,303
1,424,770
Lowell
1,287,999
1,043,790
New Bedford
2.691.841
2,229.854
Springfield
10.740.846
10,996,315
Worcester
5,315,258
4,504,817
-Hartford
Conn.
44,546,954
32,285,982
New Haven'
14.338.528
13,006,744
Waterbury
5,545,100
4,546.400
-Providence....
R. I.
35,968,500
31,449,400
-Manchester...
N. H.
2.966.146
1,621,702
Total (14 cities) _
948,214,445
868,917,811
8 Months Ended Aug. 31
Inc. or
Dec.
1935
%
$
Week Ended Aug. 31
1934
Inc. or
Dec.
1935
$
%
II
1934
•
Inc. Or
Dec.
1933
8
%
$
1932
8
-
+14.1
+13.8
+7.5
+0.7
-3.5
+23.4
+20.7
-2.3
+18.0
+38.0
+10.2
+22.0
+14.4
+82.9
20,407.603
57,398,359
6,880,516,490
21,973,973
11,556,986
10,753,030
21,528,944
91,448,500
45,058,293
363,023,393
113,737,548
41,665,000
294,744,600
17,163,290
17,157,610
56,784,683
6,524,690,913
20,708,731
11,537,277
9,491,540
19,729,317
90 6
, 67,719
41,617,498
291,929,304
114,034,294
39.191,100
270.597.600
15,334,920
+18.9
+1.1
+5.5
+63
+0.2
+13.3
+9.1
+0.9
+8.3
+24.4
-0.3
+6.3
+8.9
+11.9
486,266
1,658,559
165,163,781
503,233
476,990 +1.9
1,463,585 +13.3
152,483.568 +8.3
472,583 +6.5
416,331
1,735,356
179,416,459
493,496
298,211
489,282
2,149,593
1.036,46
8,909,129
2,808,458
193,001 +54.5
440,267 +11.1
2,135,871
+0.6
1.007,174 +2.9
7,438,987 +19.8
2,626,960 +6.9
205,106
559.531
2,367,979
988,639
8,410,611
4,176,106
290,422
478,052
2308,239
1.773,009
8,386,598
4,495,506
7,443,100
470,016
6,272,400 +18.7
386,298 +21.7
6,382.600
412,250
7,386,000
493,905
+9.1
7,990,976,009
7,523,472,506
+6.2
191,416,090
205,564,464
199,067,241
175,397.684
+9.1
436,359
2,039,964
170,028,109
551,078
Financial Chronicle
1542
Sept. 7 1935
CLEA RINGS-(Continued)
1935
1934
Second Federal Res erve District -NewYork37,078,144
32,823,091
-Albany
N. Y.
3,746,061
4,587,566
Binghamton
110,006.494
121,000,000
Buffalo
1,686,591
2,429,455
Elmira
1,816,480
2,244,749
Jamestown
14,750,476,223 11,634,798.310
New York
23,064,996
27,074,669
Rochester
13,149,713
15,127,289
Syracuse
11,662.807
12,111.849
Conn.
-Stamford
1,389.166
1,623.397
N. J.
-Montclair
64,616,578
69,563,280
Newark
99.147,835
148.554.432
Northern N. J
2,698,009
3,370,741
Oranges
Total(13 cities)
Total(12 cities)
+17.4
4-113:5
+19.7
+3.9
+20.9
+38.2
+19.7
+15.7
+6.2
+2.6
+19.6
+36.7
12,995,389
550,272,597
9,618,619
60,249,600
33,895,392
11,984.850
16,237,488
11,057;000,000
41,430,820
72,925,709
32.828,228
43,532,933
133,983,300
11,724,182
a72,490,720
9,059,319
53,339,546
28.099,710
10,261,377
15,726,870
9,654,000,000
35,738,106
72,720,871
45,117,494
35,729,501
119,917,200
1933
1932
4,234,811
3,450.990
-43.3
707.444
799.619
+15.9
23.349,304
24,769.616
+4.6
2,144,268
602,965
+59.5
515,893
284,453
+18 8
+35.1 3,082,726.384 3,100,127.254
7.382,856
6.094.715
+12.1
3,909.347
2.647.074
+10.7
1,907,107
2,087,136
+17.7
455,411
325,000
+69.7
15,363,145
18,358,457
+14.3
28,052.570
19,476,666
+58.2
+9.9 3,185.635.868 2,369,778,360 +34.4 3,159,319,409 3,190,453.076
+10.8
263,863
a349,334
208,505
11.2
297,283 81.8
81,918,306 241,405 --13.6
278,976
b
329,722
368,635
a1,967.297
298.981
1.140,630
272,000,000
790,226
1,571,205
965,737
1,115,747
5,318,800
235,000,000
994,694
1,819.189
768,946
912,049
1,833.000
-15.7
-20.6
-13.6
+25.6
+22.3
+190.2
221.000,000
909,112
1.855,579
1,269,303
949,267
2.010,000
242,000,000
1,781,215
2,065,777
1,747,453
1,012,311
1,909,000
1.429,434,616 1,193,976,409 +19.7 11,526,682,328 10,091,434,176 +14.2
283,036,150
242.677,703 +16.6
229,249,964
252,324,002
43,107,238
60,164,951
8,025,200
37,642,115
54,507,267 1111
7,629,500 +5.2
34,820,210
52,551,255
6,643,500
34,183,318
56,138,039
6,552,000
1,143.577
. b
1.012.871 +12.9
869,189
745,927
40.2
+18.3
+11.6
+16.7
-6.4
+39.6
+20.9
b
-37.7
+14.0
-65.9
+15.8
+17.8
+29.6
c
53,274,984
1,600,382,576
2,176,838,661
343,194,600
15,299,482
6,554,020
41.423.993
b
5
,135,102
3,073,964
7.581,142
3,347,485,180
40,602,420
52,998,796
c
39,473,603
1,400,284,907
1,982,701,462
291.034,800
13.334.830
4,595,836
37,437,838
b
5,468.437
2,937,791
7,330,147
2,981,008,212
39,078,653
53,469,169
+4.6
+3.4
+12.3
+3.9
-0.9
90,511,507
77,070,639 +17.4
76,079,273
74,110,232
846,639,396 +15.1
7,693,844,920
6.858,155,685 +12.2
202,952,473
177,862,392 +14.1
170.963,427
171,729,516
4,768,585
71,274,000
939 383.707
c'
27,081,408
50,802,350
1,755,094.128
8,618,199
b
479,184,120
+3.4
+11.7
+10.3
140,725
1.889,000
33,258,510
126,506 +11.2
1,879,000
31,338,756
106,283
1.897,000
25,820,968
289,994
2,148,000
24,101.259
+16.2
c
--2.6
+8.5
+23.4
48,029,733
+27.1
4,932,970
79,598,000
1,035,951,134
C
31,477,715
49,489,576
1,904,846,760
10,631,374
b
604.483.871
+26.1
14,206.247
13,059,528
+8.8
10.647,796
15,570,277
435,384,050 +12.6
3,721,411,400
3,336.206,497 +25.3
98,297,985
91,932,763
+6.9
80,229,983
96,361,252
+33.7
+19.8
+16.3
+3.0
+20.9
+17.4
-5.0
+6.9
+14.0
+14.9
+50.5
+13.6
b
+6.5
+36.5
+16.6
93,922,846
453,807.686
1,380,000,000
33.024,584
18,929.963
25,258,946
419,474,292
34,465,251
523,717,354
39,399.692
25,171,662
29,736,000
b
8,575,871
4,024,141
865,929,395
74,970,844 +25.3
378.370.873 +19.9
1,240,100,000 +11.3
32,433,282 +1.8
16,390,931 +15.5
21,239,735 t18.9
353.928,635
18.5
34.400.617 +0.2
459,964,390 +13.9
34,179,156 +15.3
19,367,915 +30.0
27.862,000 +6.7
b
'
8,951.356 -4.2
3,796,372 +6.0
780,150,154 +11.0
2.433,679
11.323.926
37,100,000
958.892
2,101.443 +15.8
9,583,059 +18.2
31,800.000 +16.7
958,520 +0.1
2,735,813
8.271,508
31,000.000
1,036,279
1.903.772
8,272,794
24,900,000
903,050
693,835
10,800,000
632,137 +9.8
9,359,000 +15.4
430,598
8,428.000
699,428
5,867,318
14.069,906
1,140.768
11.038.141/ +27.5
1,060.466 +7.6
8,759,104
968,047
7,631.521
799,064
68,958
24,139,544
60.818 +13.4
20,136,501 +19.9
74,526
16,097,344
84,355
28,040,556
07.992,925 +14.4
3,955,437,683
3,486,106,260 +13.5
102,729,508
86,730,084 +18.4
77,801,219
79,101,858
2,609,806
17,402,076
2.958.367,051
28,731,003
67,763,462
12,446,717
40,060,577
25,255,949
70,829,582
475,342,000
30,555,947
137,746,604
24.455,119
539,364,668
12.779,367
29,985,151
b
254,182,751
b
94,585,811
b
10,271,519
, ,
12068815
8,480.992,228
20.883,330
92,221,269
27,431,945
33,026,242
1,934,973 +34.9
15,195,868 +14.5
2,406,763.686 +22.9
33,963,774 --15.4
54,877,422 +23.5
9,653,426 +28.9
32,381,046 +23.7
21,076,848 +19.8
60,141,327 117.8
19.9
396,297,000
15.0
26,563,745
10.2
124,989,043
16,407.277 +49.1
451,083.629 +19.6
10,946,887 +16.7
14,353,776 +108.9
b
198,650,778
b
,978,348 +12.6
83
b
6,988,619 +47.0
14,564,718 -17.1
7,292,533,704 +16.3
18,474,818 +13.0
82,214,549 +12.2
20,933.972 +31.0
30,220,174 +9.3
46,981
342,114
74,366.531
53,042 11.4
412,332 17.0
66.538,563 +11.8
32,793
223,125
51,871,639
91,754
270,731
48.813,949
1,473,753
1,975,915 -25.4
2,400,743
3,224.660
963,465
671,518
916,017 +5.2
540.928 +24.1
543,526
405,429
1,250,100
774,528
11.360.000
796.547
3,578,466
9,861,000 +15.2
586,457 +35.8
3,318,095 +7.8
8,755,000
338,917
2,553,000
10,903,000
780,185
2,397,485
13.292,356
11,974,401 +11.0
9.611,202
11,745,860
734,419
579,310 +26.8
188,978
598,871
6,094,738
5,082,108 +19.9
3.845,567
4,119,517
2,669.292
2,552,871
+4.6
1,851,069
is
-
1,843.627
286.340
220,151,233
518.779
2,256.395
811,997
982,845
654.974 -56.3
216,815,537 +1.5
532.049 -2.5
2,169.856 +4.0
513,245 +.58.2
776,828 +26.5
321,365
196,298,854
481,894
1,883,922
549,040
705,227
909.560
215,663.134
504,169
1,998,868
546.827
1,262,233
1,705,287.845 1,500.486,889 +13.6 13,499,358,989 11,425,189,407 +18.2
341,397.769
325,853,528
282,861,290
307,699,058
974,235,991
490.400,787
4.89,831,210
+0.1
-2.9
+12.7
c
+34.2
-29.1
+10.7
+18.9
+48.6
+10.1
+17.4
+66.6
+13.7
+45.8
+15.2
+21.6
+31.2
+14.2
+21.6
+18.8
+46.1
+16.5
+24.8
+43.7
b
+24.5
b
+4.4
b
+44.0
-53.6
+11.6
+1.9
+16.7
+31.5
+26.9
b
b
2,561,450.692
895.765.575
b
b
464.499,710
1,823,314
14,559,573
b
is
2,271,733,091
778,156,849
is
b
429,691,861
1,591,312
12,256,000
423.290,074 +19.3
3.938,098,864
9,135,208
5,175,114
+10.0
715,502
828,929
+21.2
25.429,999
26,600,000
+6.0
361.139
576,083
+17.8
338,536
401,456
+13.9
+9.7 3,097,024,797 2,292,544,109
4.858.904
5.447.975
+7.7
2,726,306
3,019,336
+11.0
1,994,354
2,347,983
+8.0
225.000
381,777
+ 10.1
13.507,364
15.442,220
+5A
17,941,939
28,390,198
+9.9
+3.5
Inc. or
Dec.
648,005
Eighth Federal Res serve District -St. Louis
13
b
b
-Evansville
Ind.
b
b
b
New Albany
280,640,087 +17.5
329,776,799
-St. Louis
MO.
121,019,681
92,765017 +30.5
Ky.Loulsville
b
b
b
Owensboro
b
b
b
Paducah
-8.4
47,958,427 4
51,982.014
Tenn.-Memphb
241,743 +18.4
286,146
-Jacksonville
Ill.
1,684.000 +8.8
1,833,000
Wiley
Total (5 cities)
1934
-1.1
Seventh Federal Re serve District -Chicago234,918
349,199
Mich.-Adrain
1,786,649
1,967,138
Ann Arbor
309,973,563
363,999.602
Detroit
2,578,587
4.296,337
Flint
8,242,965
9,368,336
Grand Rapids
983,857
1,434,791
Jackson
4,469,974
5.147,893
Lansing
2,670,119
3,124.392
Ind.
-Ft. Wayne
6.699,781
8.790.392
Gary
50,299.000
57,429,000
Indianapolis
2,930.546
3,562.879
South Bend
14,627.394
17,375,542
Teere Haute
2,374,465
3,470.084
Wis.-Madison
59.592,589
69.400,128
Milwaukee
2,095,089
1,575,225
Oskosh
2,674,162
.3,841.478
Iowa-Cedar Rapids-b
b
Davenport
24,915,799
31,026,566
Des Moines
b
b
Iowa city
12,426,454
12,971,757
Sioux city
b
b
Waterloo
873,286
1.257,413
111.
-Aurora
2.837,865
1,316,176
Bloomington
968,293,720
1.080,971,889
Chicago
2,543,291
2,592,236
Decatur
9,797,534
11,435,933
Peoria
2,725,475
3,584.012
Rockford
3.939,807
4,999,447
Springfield
Total(25 cities)
300,193,667
330,303,019
-11.5
29,843,763
36,179.774
+22.5
895,912.238
949,920,558
+10.0
16.936,355
19,950,819
+44.0
15,489,852
17,643,877
+23.6
+26.8 122,752.483,471 111.867,048,737
207,791,902
223,723,753
+17.4
114,813,408
127,467,085
+15.0
92,116.628
99,511,998
+3.8
12,168,823
13,391.849
1-16.9
569.004.926
599,546,233
+7.7
862.703,168
+49.8 1,151,472,327
27,720,938
28,681,879
+24.9
1935
811,137
Sixth Federal Reser ve District- Atlanta
9,263,504
12.387,428
Tenn.
-Knoxville
45,602,993
54.647,242
Nashville
153,100,000
178,000,000
Ga.-Atlanta
3,783,950
3.897,427
Augusta
2,020,791
2,442.590
Columbus
2,880.343
3,381,105
Macon
46,650,589
44,314,273
-Jacksonville_
Fla.
3,388,154
3,621.439
Tampa
55,281,686
63,020,817
Ala.
-Birmingham __ _ _
4,471,790
5,137.687
Mobile
2,085,392
3,138,091
Montgomery
3,120.000
3.543,000
-Hattiesburg _ Miss.
b
b
Jackson
1,042.104
1,110,076
Meridian
396,884
541,646
Vicksburg
94,904.745
110,648,389
La.
-New Orleans_ _ Total(15 cities)
1934
802.067
Fifth Federal Reset ve District- Richmond
646,314
646,575
W.Va.-Huntington.
10.657,000
10.344,000
Va.-Norfolk
130,244,633
146,828,927
Richmond
c
C
N.C.-Ralelgh
2,814,230
3,775,928
-Charleston_ _
S. C.
8,245,747
5,845,997
Columbia
222,120,335
245,962,109
Md.-Baltimore
1,222,499
1,453,379
Frederick
b
b
Hagerstown
59,433,292
75,543,872
D.C.
-Washington _
Total (8 cities)
1935
Inc. or
Dec.
+13.0
+20.6
+16.8
+3.2
+14.5
+15.9
+0.3
-27.2
+21.8
+11.7
Fourth Federal Res erve District -Cleveland-C
Ohio-Akron
4,878,555
6,841,406
Canton
163,796,469
193,735,631
Cincinnati _
253,007,873
282,409,585
Cleveland
38,290,500
44.671,900
Columbus
1,875,300
1,754,752
Hamilton
947,816678,870
Lorain
4,383,981
5.300,000
Mansfield
b
b
Youngstown
736,422
459,106
Pa.
-Beaver County
355,996
405,737
Franklin
1,950,123
664,717
Greensburg
367,756,336
425,880,817
Pittsburgh
3,457,000
4,071,515
Ky.-Lexington
5,471,971
7,093,009
W.Va.-Wheeling.._
Total(13 cities)
Inc. or
Dec.
15,190,986,741 12,004,861,184 +26.5 126,350,276,642 115,011,744,405
Third Federal Rese rve District Philadelphia
1,358,764
1,595,371
Pa.
-Altoona
a6,380,869
a.1,500,000
Bethlehem
1,017.842
1,183,3M
Chester
6,282,570
7,522,905
Harrisburg
4,125,567
4.288.477
Lancaster
1,366,988
1,652,664
Lebanon
1,815,075
2,509,324
Norristown
1,366,000,000 1,141,000.000
Philadelphia
4,122,229
4.769,174
Reading
8,999,985
9,556.657
Scranton
4.375.648
4,488,586
Wilkes-Barre
4,736,741
5,667,104
York
14,775,000
20,201,100
-Trenton
N.J.
Week Ended Aug. 31
8 Months Ended Aug. 31
Month of August
Clearings at
-
504,897,640
+36.3
+14.3
+9.8
+17.9
+14.7
+42
+10.6
773,770
tg:1
567.293 +36.4
44,961.680
+6.8
756.345
677,813
41,001.591
53,573,909
is
+4.8
is
+12.8
+15.1
69,600,000
23,484,622
56,500,000 +23.2
20,099,406 +16.8
55,500,000
17,409,103
48.400,000
16.732,212
+8.1
+14.6
+18.8
12,191,031
is
358,000
10,259,388 +18.8
8,458,443
8,848,739
+6.5
267,000
435.601
3,493,429,113 +12.7
105,633,653
87.194,794 +21.1
81,634,546
74,416,552
336,000
Financial Chronicle
Volume 141
1543
CLEARINGS-(Concluded.)
8 Months Ended Aug. 31
Month of August
Week Ended Aug. 31
Clearings at
1935
1934
Inc. or
Dec.
$
$
%
Ninth Federal Rese rve District- Minneapolis- ilinn.-Duluth
12,633,337 -11.7
11,149,878
Minneapolis
274,498,266
254,379,854 +7.9
Rochester
834,185 +25.2
1,044,652
St. Paul
84,198,827 +14.5
96,441,099
c. D.
-Fargo
a6,252,290 +31.3
a8,206,989
Grand Forks
4,098,000 +12.8
4.624,000
Minot
621,515 +14.6
712,000
3. D.
-Aberdeen
2,051,969 +33.0
2,729.443 •
Sioux Falls
3,714,374 +39.2
5,168,947
VIont.-Billings
1,851,595 +46.0
2,703,454
Great Falls
4,914,464
3,823,216 +28.5
Helena
11,076,125
+9.1
10,152,840
Lewistown
276,296
220,578 +25.3
1935
1934
Inc. or
Dec.
$
$
%
1935
1934
Inc. or
Dec.
1933
$
$
%
$
1932
$
82.826,883
1,897,681,243
8,099,532
762,390,695
259,517,053
28,680,000
4,933,359
19,049,097
40.531,742
16.158,752
22,064,227
87,515,968
1,575.867
•
78,745,967
1,717,814,758
6,163,114
660,079,709
a51,243,861
26,437,300
4,397,817
14,976,523
28.787,312
12,018,280
16,895,672
71,045,572
1,304,657
+5.2
+10.5
+31.4
+15.5
+16.1
+8.5
+12.2
+27.2
+40.8
+34.5
+30.6
+23.2
+20.8
2,180,861
59,146,901
3,007,173 -27.5
58.002,482 +2.0
3,510,445
55,288.366
2,645,597
47,852,632
19,882,335
1,654,190
17,678,113 +12.5
1,506,297 +9.8
12,528,323
1,510,008
12,954,040
1,521,366
598,673
+9.7
2,971,507,365
2,638,666,681
+12.6
86.440,580
82,965,088
Tenth Federal Rese rye District- Kansas City- Neb.-Fremont
+5.1
435,638
414,614
Hastings
246,688 +128.0
562,459
Lincoln
10.409,963
8,054,985 +29.2
Omaha
133,390.119
117.026,352 +14.0
Kan.
-Kansas City
5,948,136 -7.0
5,531,843
Topeka
9,260,013
8,739,460 +6.0
Wichita
11,985,969 +17.6
14,094,793
80.
1,313,979 +41.9
1,864,029
-Joplin
Kansas City
421,791,535
349,280,795 +20.8
St. Joseph
12,923,896 +10.1
14,224,000
Dkla.-Tulsa
20,775,210 +39.6
28,992.705
Colo.
-Colorado Sprgs.
3,102,008
2,450,262 +26.6
Denver
105,469,116
96,891,310 +8.9
Pueblo
2,344,844 • 2,190,223 +7.1
3,430,500
3,441,863
77,171.205
957,085,106
46,748,033
79,049,600
94,406,915
13,414.578
2,890,491,075
100,755,575
222,128,592
19,382,187
788,039,281
18,985,179
2,767.837
2,218,681
68,716,896
922,296,483
48,851,823
62,497.887
83,232,912
10,564,904
2,387,849,097
98,930,269
173,863,564
16,279.317
661,889,290
16,335,324
+23.9
+55.1
+12.3
+3.8
-4.3
+26.5
+13.4
+27.0
+21.1
+1.8
+27.8
+19.1
+19.1
+16.2
5,314,529,689
4,556,294,284 +16.6
Total(12 cities)
Total (14 cities)
415,338,624
751,473,065
378,580,290
638,241,879 +17.7
572,475
363,517 +57.5
440,385
559,524
362,459 +54.4
242.153
298.158
2.444,294
2,045,047 +19.5
1,418,529
1,335,336
+4.2
74,938,209
67,205,802
79,113
81,091
2,138,996
29,162,693
82,501 -4.1
47.032 +72.4
1,583,985 +35.0
25,740.335 +13.3
68,706
b
1,575,061
19,479,015
145,510
118.152
1.617,047
18,582.487
2,064,300
2,938,502
1.259,418 +63.9
2,477.583 +18.6
1,135.696
1.693,518
1,206.641
3.624.070
89.351,841
2,949,919
71,909,218 +24.3
2,514,614 +17.3
52.404,089
2,257,177
55,283,667
2,280,591
110,046 +393.8
fill
442,479 +21.6
166,966
419,861
366,565
584.965
+22.3
79,146,793
83,862,991
543,450
537,840
129,847,745
I
106,167,211
•
•
Eleventh Federal R eserve Maulc t
-Dallas
Texas-Austin
4,274,943
3,761,636
Beaumont
3,075,285
3,759,929
Dallas
153,882,864
143,147,926
El Paso
12,543,424
10,999,203
Ft. Worth
21,058,296
23.878.943
Galveston
7,733,000
7,841,000
Houston
121,322,878
98,924,154
Port Arthur
1,339,280
1,259,876
Wichita Falls
3,636,674
2,432,75
La.
-Shreveport
8,735,264
8,832,46
Total(10 cities)
+13.6
+22.3
+7.5
+14.0
+13.4
-1.4
+22.6
+6.3
+49.5
-1.1
47,047,351
26,838,035
27,457,336
23,113,465
1,219,418,893 1,110,657,274
107,371,109
87,517,729
180,380,221
170,474,656
67,050,000
63,127,000
807,030,372
893.806,593
9,429,369
10,803,646
25,779,012 •
21,135,493
67,604,634
70,054,175
+75.3
+18.8
+9.8
+22.7
+5.8
-5.9
+10.7
+14.6
+22.0
+3.6
301,332,591 +13.2
2,645,045.336
2,390,841,027 +10.6
Twelfth Federal Re serve District -San Franc RooWash.-Bell'ham
*2,000,000
1,647,158 +21.4
Seattle
129,326,470
104,665,038 +23.6
Spokane
38,339,000
34,626,964 +10.7
Yakima
2,971,304 -1.7
2,920,959
Idaho-Boise
4,689,224
4,052,976 +15.7
Oregon-Eugene
851,000
681,000 +25.0
Portland
119,441,404
98,633,005 +21.1
Utah-Ogden
4,295.703
2,826,334 +52.0
Salt Lake City
54,297,016
46,715,785 +16.2
Ariz.
-Phoenix
8,994,446
7,457,915 +20.6
Calif.
-Bakersfield........
3,968,419
3,089,676 +28.4
Barkeley
15,568,291
18,297,741 -14.9
Long Beach
15.660,194
11,708,074 +33.8
Modesto
2,669,000
2,310,128 +15.5
Pasadena
11,352,685
9.045.227 +25.5
Riverside
2,567,103
2,444.151
+5.0
Sacramento
31,100,975•
32,083,519 -3.0
San Francisco
554,456,859
491,882,701 +12.7
San Jose
11,320,360
9,994,344 +13.3
Santa Barbara
4.773,075
4,243,693 +12.5
Stockton
6,664,128
5,961,587 +11.8
14,848,023
920,389.552
269,951,000
20,366,928
35,569,085
5.577,466
817,424,943
20,640,510
409,902,052
84,507,373
34,935,178
122,077,033
113,750,714
18,292,473
93,301,486
23,412,580
223,741,101
4,138.884,918
67,858,632
37,300,024
50,515,343
13,067.158
753,656,235
228,877,486
16.038,440
27,482,275
4,595,000
697,358,671
16,571,364
342.907,751
66,482,54
25,813,423
154.604,61
91,439,91
15,518,18
86,471,75
21,458,92
144.184,17
3,553,008,42
58,689,67
33,323,97
40,580,00
7,523.146,412
6,392,129,965 +17.7
Total(21 cities)
341,107,199
1,025,256,311
895,338,320 +14.5
+13.6
+22.1
+17.9
+27.0
+29.4
+21.4
+17.2
+24.0
+19.5
+27.1
+35.3
-21.0
+24.4
+17.9
+7.9
+9.1
+55.2
+16.5
+15.6
+11.9
+24.5
976,290
35.259,375
4,923,676
1,540,000
834,100 +17.0
721.575
722,730
-4.6
29.114,39'
26,300.587
4,301,849 +14.5
1,828,000 -15.8
3.587,407
1,755,978
4,000,426
1,775.000
36,940,421
1,810,987
1,687,607
+7.3
1.402,336
2,425,568
44,510.328
45,591.977
-2.4
36.581.691
35,224.311
28,042,249
7,404,000
715,940
23,542,706 +19.1
7,877,000 -6.0
619,802 +15.5
.18.784.056
4,230,000
278.914
19,154,268
4,477,000
442,168
•
24,112,422
21,195,002 +13.8
16,947,097
14,667,733
10,868,321
9,495,592 +14.5
.6,531,021
7,758.573
3,404,733
2,430,065 +40.1
2,553,493
2,518,289
2,071,648
1,783,419 +16.2
1,975,335
2,327,676
6.595,817
120,518,000
2.425,110
801,392
1,412,796
4,453,114
108,898,448
2,042,717
.836.636
1,070.477
+48.1
+10.7
+18.7
-4.2
+32.0
2,278,047
104.133,284
1,611.103
692,058
840,529
4,861,073
91,575.460
1,538,135
808.720
853,877
208,372,428
184,244,976 +13.1
162,854,937
150.982.972
Grand total (162 cities) 24,266,464,474 19,915,039.818 +21.8 197,130,315,637 177,203,670,006 +11.2 4,980,270,577 3,976,398,560 +25.24.641.145.9324.708.428.631
Outside New York
9,515,988,251 8,280,241,508 +14.9 74,377,832,166 65,336,621,269 +13.8 1,883,245,780 1,683,852,451 +11.8 1.558,419,548 1,608,301.377
CANADIAN CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 29
1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
8 Months Ended Aug. 31
Month of August
Clearings at
-
$
423,838,530
357,951,235
278,034,640
69,472,336
74,554,883
17,984,666
9,374,771
15,556,196
1934
Inc. or
Dec.
1935
3
%
420,443,023 +0.8
347,103,214 +3.1
277,612,108 +0.2
68,890,499 +30
17,443,374 +327.4
+8.2
16,620,901
8,796,673 +6.6
14,487,464 +7.4
8
3,770,512,388
2,956,936,054
1.548.592,523
501,335.096
690,851,130
129,775,179
73,565,896
124,538,601
+6.5
-0.4
+2.17
+10.0
+3.5
+12.4
+0.6
+8.6
+13.8
+18.2
+2.9
-7.4
+200.0
168,046,839
54,727,160
51,135,094
86,958,360
132,669,112
102.409.695
9,555,210
1 4,152,931
43,276.977
15,577,803
26,737,341
19,805.179
21,665,224
937,583 +18.4
2,370,324 +2.3
2,203,124
+9.1
3,938,620 +1.9
8,225,54
+3.1
1,130,04
+24.3
2,760,53
+6.4
2,199,565 -1.1
1,646,01
-7.0
1,617,12 +20.7
+1.8
3.193,70
7,307,538
20,089,671
18,394,006
32,689,579
76,587,297
12,280.734
22,801.817
17,082,953
14,118,145
14,973,831
24,581,249
.
1934
Week Ended Aug. 29
Inc. or
Dec.
1935
1934
Inc. or
Dec.
1933
1932
+10.1
-1.1
+3.4
+5.0
+10.6
+5.6
-0.9
+15.1
+12.9
+2.0
+4.6
-2.0
+32.0
4,905,464
1,822,246
1,301,423
2.271.795
3,379,940
2,462,852
238,298
428.356
1,111.382
415.218
600,364
484,317
462,444
4,479,065
1,766,375
1.114,314
• 1.982.269
3,132,827
2,992.825
237.710
424,337
983.713
390,11
604,029
600,41
542,86
+9.5
+3.2
+ 16.8
+14.6
+7.9
-17.7
+0.2
+0.9
+13.0
+6.4
-0.6
-19.3
-14.8
3,939,315
1,265.921
1,237,870
1,688,872
2,561,682
3,926,874
245,823
308,997
938.418
368,701
523.993
398,053
441,179
S
79,618,835
84,147,694
44.606,081
11,295,338
3,353.374
4,045.417
1,883.571
3,021.257
Ili
4,121.561
1,551,315
1.219,733
2,130,935
3,310.804
2,753.995
310.812
358,044
1,218,546
419,746
542,729
465.331
400,232
6.688,311
+9.3
20,274,474 -0.9
18,781,538 -2.1
32,974,115 -1.2
71,885.217 +6.5
8,769.580 +39.8
22,370,464 +1.9
17,170,520 -0.5
14,054,666
+0.5
13,773,693 +8.7
22,444,032 +9.6
254.849
468,206
455,945
940,613
1.911.102
273,465
724.766
415,783
235,688
373,598
779,005
200,16
494,76
441,07
724,66
1,750.52
220,57
728,046
431.03
386,292
281,445
689,134
+27.3
-5.3
+3.4
+29.8
+9.2
+24.0
-0.5
-3.5
-39.0
+32.7
+13.0
201,609
405,262
505,687
663,222
1,781,040
208,687
624,480
425,297
336,495
237,472
496,965
156,614
474.980
554.048
702.345
2,180,313
225,167
648.044
.507,697
370,267
295,509
431.172
1.380.192.854 1.290.576.430 +6.9 10.803.590.612 10,203.598.406 +5.9
263,508,695
a Not included in totals. b No clearings available. c Clearing House not functioning at present. * Estimated.
259,658,859
+1.5
252.542.530
257.321.506
Calgary
Saint John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
This)(52 cities)
22,204,103
7,639,148
6,722,328
10,620,628
15,626,745
14,822,730
1,232,610
1,925,561
6,077,855
2.228.177
3.122,413
2,796,549
6,722.328
1.110,371
2.425.627
2.402,922
4,015,230
8,479.541
1,404,210
2,937,941
2.176,370
1,530,233
1,951,921
3,250,056
20,856,226
7,671,385
5,963,682
9,653.263
15,102,666
13,191,798
1,224,832
1,773,081
5,341,674
1,885.426
3,033,157
3,018,875
2,240,942
S
%
3,632.548,012 +3.8
2,951,548,927 +0.2
1,705,699,505 -9.2
499.425,744 +0.4
142,349,867 +385.3
130,086,674 -0.2
72,574,188 +1.4
125,303,240 -0.6
152,674,753
55,335,686
49,476,673
82.780,30
119,905,27
96,967,166
9,639,369
12.298.930
38,332,212
15,272,647
25,565,340
20,217,300
16,409,979
$
82,592,254
70,473,685
50.433,062
12,315.069
12.591.532
3,348,875
1,975,765
3.061,244
3
%
87,399,922 -5.5
68.341,776 +3.1
54.234,441 -7.0
13,007,695 -5.3
3.304,028 +281.1
3,163.342 +5.9
1,798,268 +9.9
2,810,809 +8.9
$
85,399,871
69,042,504
50,866,495
12,629.551
2,962,336
3,286,808
1,746.060
2,876,991
1544
Financial Chronicle
THE CURB EXCHANGE
Aside from the moderate interest manifested in the public
utilities during the present week, the curb market has been
without noteworthy feature. Trading has been quiet due,
in a measure, to holiday influences, and contrary to general
expectations the market failed to develop any appreciable
amount of accumulated business over the Labor Day holiday.
Specialties have attracted a modest amount of speculative
attention and there has been some buying among the mining
and metal shares, but oil stocks and industrials have been
comparatively quiet.
Specialties and public utilities were slightly higher during
the short session on Saturday, but most of the changes were
within a comparatively narrow channel. Trading was quiet
and many prominent market favorites showed little or no
change as the dealings came to an end. The best gains were
recorded by National Power & Light pref. (6), which moved
up 38% points to 818%; Electric Bond & Share pref. (5), which
advanced 2 points to 59, and Sherwin-Williams (4), which
moved ahead 1 point to 107%.
The Curb Exchange, the New York Stock Exchange and
all commodity markets were closed on Monday in observance
of Labor Day.
Reactionary tendencies were apparent as trading was
resumed on the Curb Exchange following the Labor Day
holiday. There were a few isolated gains,including Commonwealth Edison, which advanced 1 point to 82; Ruberoid Co.,
which climbed up 2M points to 67 and Singer Mfg. Co. which
forged ahead 53 points to 290, but the list, as a whole, was
4
off on the day. Prominent in the declines were such trading
favorites as Great Atlantic & Pacific Tea Co. non-voting
stock, which yielded 2 points to 130; Holly Sugar which
slipped back 43/i points to 78; Standard Oil of Ohio pref.,
which receded 2 points to 91, and American Gas & Electric,
which dipped 1% points to 105. The turnover for the day
was again down, the total transfers reaching approximately
179,000 shares.
Public utility issues again moved forward during the late
dealings on Wednesday, and while the gains were not particularly noteworthy, they were fairly steady. The improvement in the public utilities stimulated trading in other groups
and at the close there were many small gains scattered
throughout the list. These included among others Aluminum
,
Co. of America, 436 points to 62; Diamond Shoe, 2% points
to 15; North American Match, 2 points to 39%; Pittsburgh
& Lake Erie RR., 2 points to 72; United Shoe Machinery,
28% points to 83; A. 0. Smith, 18% 'points to 518%, and
American Gas & Electric pref., 18% points to 1068%.
Mining and metal shares and alcohol stocks attracted most
of the buying on Thursday as the market continued to move
upward,influenced to some extent by the rally in the closing
hour of the preceding session. Newmont Mining advanced
1% points to 54%,while Lake Shore Mines and Pioneer Gold
were fractionally higner. In the alcohol group Hiram Walker
4
forged ahead 18% points to 273 and modest gains were
recorded by Canadian Industrial, Alcohol (A) and Distillers
Seagrams. Public utilities were inclined to slow down,
though most of the market favorites were fractionally higher
at the close. The volume of sales showed an increase over
the previous day, the transfers reaching approximately 331,000 shares.
Trading on the Curb Exchange was fairly buoyant on
Friday following the announcement by President Roosevelt
that his basic program of reform and recovery had reached
substantial completion. The volume of business was the
largest of the week and a host of stocks imluding practically
every active group moved up to higher levels. The best
4
4
gains included Holly Sugar 43 points to 843 , Duke Power
2 points to 57, Commonwealth Edison (4) 2 points to 833,
American Superpower (6) pref. 3 points to 27%, North
American Light & Power pref. 23 points to 27 and United
Gas pref. 3 points to 773. As compared with Friday of last
week, prices were generally higher, Aluminum Co. of America
closing last night at 603/i against 57% on Friday a week ago,
American Gas & Electric at 358% against 34, Atlas Corp. at
13% against 123, Commonwealth Edison at 8,53/i against
81, Distillers Seagrams, Ltd. at 27% against 258%, Electric
Bond & Share at 14% against 13, Fairchild Aviation at 98%
against 8%, Ford of Canada A at.28 against 25%,. Hudson
Bay Mining & Smelting at 15% against 158%, International
Petroleum at 36 against 35, Lake Shore Mines at 50 against
483.', Newmont Mining Corp. at 56% against 533%,SherwinWilliams at 108 against 1063' and South Penn Oil at 25%
against 248%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
West radad
Sept. 6 1935
Shares)
Domestic
Foreign
Foreign
Government Corporate
Total
131,970 *1,764,000
HOLI DAY
179,415 2,387,000
191,240 2,399,000
330,510 3,591,000
423,680 3,820,000
$14,000
25,000
29,000
39,000
41,000
$19,000 *1,797 000
HOLI DAY
38,000 $2,430,000
94,000 2,522,000
34,000 3,664,000
37,000 3,698,000
1.256,815 $13.741,000
3148,000
3222,000 $14,111,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value)
Stocks
(Number
Sales at
New York Curb
Exchange
Sept. 7 1935
Wed Ended Sept.6
Stocks
-No. of shares_
1,256,815
Bonds
Domestic
$13,741,000
Foreign government_
148,000
Foreign corporate
222,000
Total
$14.111,000
Jan. I to Sept.6
1935
1934
458,306
41,225,501
46,213,609
$7,695,000
477,000
193,000
*818,693,000
11,505,000
8,797,000
$704,865,000
26,574,000
19,977,000
*8,365.000
$838,995,000
$751,416,000
1935
.
1934
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 21 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,774,496 on the 14th inst. as compared with £192,774.457 on the previous
Wednesday.
During the week the Bank announced the purchase of £477,014 in
bar gold.
Business in the open market has been very active and at the daily fixing
about £3,000,000 was dealt with during the week. Offerings were absorbed
by general demand, but with Supplies more plentiful the premium over
gold exchange parities practically disappeared.
Sales of gold on Indian account were a feature and it is possible that these
were not unconnected with the adjustments of positions in Bombay.
Quotations during the week:
Equivalent Value
Per Fine
of £ Sterling
Ounce
12s. 1.55d.
• 140g. id.
Aug.15
125. 1.42d.
140s. 2Md.
Aug. 16
12s. 1.29d.
140s. 4d.
Aug. 17
12s. 1.42d.
140s. 2nd.
Aug. 19
12s. 1.55d.
140s. id.
Aug. 20
12s. 1.68d.
130g. 113d.
Aug. 21
12s. 1.48d.
140s. 1.75d.
Average
The following were the United Kingdom imports and exports of gold
:
registered from mid-day on the 12th inst. to mid-day on the 19th inst :
Imports
British West Africa
British South Africa
Kenya
British'India
BritishlIVIalaya
Hongkong
Australia
Germany
Netherlands
Belgium
France
Switzerland
Spain
Other countries
£90.395
1,420,953
8,439
2,475.756
13,467
42,940
89.012
12,768
51,080
16,218
167,383
35,148
39,015
19,436
• Exports
Sweden
£1,017,459
Netherlands
306,634
France
292,200
Germany
17,000
Switzerland
62,173
2,800
Austria
United States of America- 481,015
Other countries
2,219
£2,181,500
£4,482,010
The SS. "Mooltan," which sailed from Bombay on the 17th inst. carries
gold to the value of about £1,425,000, of which £975,000 is consigned to
London and £450,000 to New York.
•
SILVER
The market has been very active and, except for one day, the cash price
remained at 29d., at which price the American Treasury has been a consistent buyer for prompt delivery.
Sales on China account have been considerable and nervousness occasioned by difficulties in connection with the monthly settlement in Bombay
caused reselling by the Indian Bazaars and speculators, as a result of which
the bull posidon has been further reduced.
The feature of the week was the sharp fall of %d. in the two months'
quotation seen yesterday; the American Treasury being willing only co buy
cash, the spot quotation was maintained at 29d., but there was no demand
to offset heavy forward offerings from India and China, consequently
the two months' price fell sharply to 28 9-16d.=.7 16d. below the cash
quotadon and the largest discount on two mentos' silver recorded since
January 1930.
The immediate outlook seems rather uncertain and whilst American
purchases are likely to dominate the spot quotation, movements in the
rate for forward may be more erratic.
The following were the United Kingdon imports and exports of silver
registered from mid-day on thel2th inst. to mid-day on the 19th inst.
Imports
British India
Aden & Dependencies
Australia
Canada
Jamaica & Dependencies_
Soviet Union
Germany
Netherlands
Java
Belgium
French Somaliland
Egypt
Iraq
United States of America
Argentine Republic
Other countries
£21,141
5,906
22,069
12.877
5,000
72,072
6,557
15,882
8.247
22,106
20,534
8,118
34,452
11,267
6,014
7,454
Exports
United States of America£1,430,435
Palestine
15,006
Irish Free State
4,045
Bombay-via other ports- 12,877
Other countries
2,449
E279,696
Quotations during the week:
IN LONDON
-Bar Silver Per Ox.Std.2 Mos.
Cash
28 15-16d.
29d.
Aug. 15
29d.
29d.
Aug. 16
Aug. 17
29 1-16d. 29 1-16d.
28 15-16d.
29d.
Aug. 19
28 9-16d.
29d.
Aug. 20
28 11-16d.
29d.
Aug. 21
28.865d.
Average - _ -.29.010d.
£1,464,812
IN NEW YORK
(Per Ounce .999 Fine)
Aug. 14
Aug. 15
Aug. 16
Aug. 17
Aug. 19
Aug. 20
66 cents
65% cents
65% cents
65% cents
65% cents
65% cents
The highest rate of exchange on New York recorded during the period
from the 15th to the 21st inst. was 1.4.98% and the lowest $4.96l..
Stocks in Shanghai on the 17th inst. consisted of about 275,000,000 dollars
and 44,600,000 ounces in bar silver as compared with 276,000,000 dollars
and 44,600,000 ounces in bar silver on the 10th inst.
ENGLISH FINANCIAL MARKET
-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Fri.,
Tues.,
Thurs.,
Wed.,
Sat,
Aug. 31
Sept. 2
Sept. 6
Sept. 3
Sept. 5
Sept. 4
Silver, per oz__ 29d.
29d.
29%cl.
29 1-16d. 29 3-16d.
29 A d.
Gold, p.fine oz.140s.1 Hd. 140s. 3d. 140s. 3d. 1408. 4d. 146s.7Hd. 1408. 10d.
Consols.2H%- Holiday 83%
84%
83%
84%
83%
British 3A%
War Loan._ Holiday 105%
105%
105%
105%
105%
British 4%,
Holiday 116%
1960-90
116%
116%
116%
116%
The price of silver per ounce (in cents) in the United
States on the same days has been:
Bar N.Y.. Torn 65%
U.S.Treasury_ 50.0
U.S. Treasury.
newly mined. 77.57
Holiday
50.01
65%
50.01
65%
50.01
-65M
50.01
77.57
77.57
77.57
77.57
CURRENT
6514
50.01
77.57
NOTICES
Formation of a new firm, Wilson & Porter, with membership in the
New York Stock Exchange, to conduct a general brokerage business in
U. S. Government and general bonds, bank stocks and unlisted securities
is announced. Offices are being opened at 39 Broadway, N. Y. City.
Members of the new firm are William L. Wilson, a former member of
the New York Stock Exchange with Carlisle, Mellick & Co.; Jack B.
Porter, formerly with Mabon & Co.; Donald W. James, formerly with
F. J. Bradley & Co. and previous to that with Hemphill, Noyes & Co.
in charge of Government bond trading; and Joseph L. Croxton, formerly
with F. J. Bradley & Co. and before that with Otis & Co. Mr. James is
the New York Stock Exchange member of the firm.
Due to the widespread interest in the legislation affecting public
utilities, Albert Frank-Guenther Law, Inc.. has prepared a 72
-page booklet
containing a reprint of the complete text of the recently enacted "Public
Utility Act of 1935," an Act to provide for control and regulation of public
utility holding companies and for other purposes. Copies are now available
for distribution in New York and at the agency's branch offices in Boston.
Philadelphia, Chicago and San Francisco, as well as abroad through
Albert-Frank-Guenther Law., Ltd., London.
Sydney Stein Jr., Frederick Roe, Paul B. Zeisler and Kenneth D.
Ross announce the formation of Stein & Roe, a partnership to succeed the
business of Sydney Stein Jr. and Associates, Investment Managers and
Consultants. The new firm, like the old one, does not engage in the underwriting or sale of securities nor does it employ any salesmen, its relations
with its clients being of a strictly professional nature.
-George E. Price ana Irving H. Mendelson, member New York Stock
Exchange, announce the formation of the New York Stock Exchange firm
of George E. Price & Co. The new firm will have its offices with J. S.
Bache & Co. at 42 Broadway.
-Thomson & McKinnon, members New York Stock Exchange, Chicago
Board of Trade, Chicago Stock Exchange and other leading exchanges,
announce the admission of James Arthur Prindiville as a partner in their
firm.
-Donoho, Moore & Co., members of the New York Stock Exchanke,
announce that Aubrey S. Whiteley had been admitted as a general partner
in the firm. Mr. Whiteley will be the Stock Exchange member of the firm.
Burton. Cluett & Dana, members of the New York Stock Exchange,
announce the appointment of William Constable as manager of their
bond department. Mr. Constable was formerly a partner of Buell & Co.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
BRANCHES AUTHORIZED
-Bank of America National Trust & Savings Association, San
Aug. 20
Francisco, Calif.
Location of branch: Unincorporated town of Mariposa, Mariposa
County, Calif. Certificate No. 1180A.
Aug. 22
-The First National Bank of Birmingham, Ala.
Location of branches: Both in the State of Alabama. 601 19th St.,
Ensley, City of Birmingham, Jefferson County. 1601 Pinson Ave.
City of Tarrant City, Jefferson County. Certificates Nos. 1181 A
and 1182A.
-Bank of America National Trust & Savings Association, San
Aug. 24
Francisco. Calif. Location of branch: Unincorporated town of Barstow,
San Bernardino County, Calif. Certificate No. 1183A.
-The First National Bank of Portland Ore. Location of branch:
Aug. 29
City of Union, Union County, Ore. Certificate No. 1184A.
DIVIDENDS
Dividends are grouped in. two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
Acme Steel (riar.)
50c Oct. 1 Sept. 16
Extra
12%c Oct. 1 Sept. 16
Agricultural Insurance (quar.)
75c Oct. 1 Sept. 28
Aluminum Co.of America, preferred
h25c Oct. 1 Sept. 14
Preferred (quarterly)
37%c Oct. 1 Sept. 14
Aluminum Industries, resumed
40c Oct. 15 Sept.30
American Agricultural Chemical
750 Sept.30 Sept.14
American Capital, preferred
h25c Oct. 1 Sept. 16
American Cyanamid Co.,com. A & B (quar.)_ _ _
10c Oct. 1 Sept. 14
American Express Co. (quarterly)
81% Oct. 1 Sept. 20
American Hawaiian Steamship (quar.)
250 Oct. 1 Sept. 16
American Snuff Co., common
3% Oct. 1 Sept. 12
Preferred
13i% Oct. 1 Sept. 12
American Water Works & Electric Co.
V% Oct. 1 Sept. 16
1st $6 preferred (quarterly)
Anchor Cap Corp., common (quar.)
15c Oct. 1 Sept. 20
$6% preferred (quarterly)
81% Oct. 1 Sept. 20
Apponaug Co.(quar.)
25C Oct. 1 Sept. 14
Axton-Fisher Tobacco, class A (quarterly)
80c Oct. 1 Sept. 15
Class B (quarterly)
40c Oct. 1 Sept. 15
Preferred (quarterly)
51% Oct. 1 Sept. 15
Bandied Petroleum Co.(mo.)
Sc Sept. 20 Sept. 4
Bankers Trust Co. (quarterly)
50c Oct. 1 Sept. 12
Beatrice Creamery, pref. (quar.)
$1% Oct. 1 Sept. 14
Beech Creek RR.(quarterly)
50c Oct. 1 Sept. 16
1545
Financial Chronicle
Volume 141
•
Name of Company
Per
Share
When Holders
Payable of Record
50c Oct. 25 Sept.25
Belding-Heminway
Belgian National Rys. (Amer. shs.), pref
$435 Sept.20 Sept. 13
h50c Sept. 30 Sept. 20
Black & Decker Mfg., preferred
$2 Sept. 15 Sept. 5
Boyd-Richardson, 8% 1st & 2nd pref. (qu.)50c Oct. 1 Sept. 13
Borg-Warner
SI% Oct. 1 Sept. 13
Preferred (quar.)
Brazilian Traction Light & Power. pfd.(qu.)31% Oct. 1 Sept. 14
British-American Tobacco Co.
w2%% Sept.30 Aug. 30
5% preferred (semi-ann.)
38c Oct. 15 Sept.30
British Columbia Power, class A (quar.)
20c Oct. 1 Sept. 16
Broad St. Investing (quar.)
$1 Oct. 1 Sept. 14
Cambria Iron (semi-annual)
Canadian Canners, 1st pref. (quar.)
51% Oct. 1 Sept. 14
$1% Sept.30 Sept. 18
Canadian Celanese. Ltd., 7% pref. ((Mar.)- Canadian General Electric (quar.)
75c Oct. 1 Sept. 14
Preferred (quar.)
8735c Oct. 1 Sept. 14
50c Oct. 1 Sept. 18
Cannon Mills (quarterly)
750 Oct. 1 Sept. 16
Capital Administration, pref.(quar.)
Celanese Corp.of Amer..7% cum. pref
51% Oct. 1 Sept. 18
37%c Oct. 1 Sept. 17
Central Aguirre Associates (quar.)
til Oct. 1 Sept. 17
Central Hanover Bank & Trust
Champion Fibre, 7%., nreferred
81% Oct. 1
Champion Paper & Fibre, 7% pref
51Y Oct. 1
7% special preferred
$1 g, Oct. 1
Chatham Mfg.. 7% pref. (quar.)
81% Oct. 1 Sept.20
6% preferred (quar.)
81% Oct. 1 Sept.20
50c Oct. 1 Sept. 9
Chickasha Cotton Oil (special)
CM.Newport & Covington Lt.& Trac.(quar.)- - 51% Oct. 15 Sept.30
84% preferred (guar.)
81.125 Oct. 15 Sept. 30
$1.13 Oct. 1 Sept. 18
Cincinnati & Suburban Bell Telep Auer.)
Clinton Water Works,7% pref.(guar.)
81% Oct. 15 Oct. 1
Coca-Cola International Corp. (quar.)
$4 Oct. 1 Sept. 12
$2 Oct. 1 Sept. 12
Coca-Cola (quarterly)
Columbia Pictures Co., corn. (quar.)
250 Oct. 1 Sept. 18
Columbus & Xenia RR
81.10 Sent, 10 Aug. 24
Commonwealth Water & Lt., 87 pref. (quar.)- - 81% Oct. 1 Sept. 2()
$6 preterred (quar.)
81% Oct. 1 Sept. 20
Continental Bank & Trust Co.(quar.)
20c Oct. 1 Sept. 13
250 Sept.30 Sept. 16
Continental Diamond Fibre Co
Courier Post Co.,7% pref.(quar.)
51% Oct. 1 Sept. 15
Curtis Publishing. preferred
h$1% Oct. 1 Sept. 10
Dayton Power & Light 6% pref. (m0.)
50c Oct. 1 Sept. 20
Debenham's, Ltd.(resumed)
12%%
Deisel-Wernmer-Gilbert Muer.)
12%c Oct. 1 Sept. 20
Detroit Edison Co. (quarterly)
51 Oct. 15 Sept.30
Devoe & Reynolds, A & B (quar.)
25c Oct. 1 Sept. 19
A and 13 (extra)
250 Oct. 1 Sept. 19
1st and 2d preferred (quar.)
51% Oct. 1 Sept. 19
Eastern Steamship Lines, 1st Pref. (guar-)
31% Oct. 1 Sept. 13
Preferred (quarterly)
873g Oct. 1 Sept. 13
Ecuadorian Corp. (quar.)
Oct. 1 Sept.%)
Elizabeth & Trenton RR., com.
81 Oct. 1 Sept.20
Preferred (semi-annual)
$1
Oct. 1 Sept.20
Endicott-Johnson (quar.)
7
Oct. 1 Sept
.18
Preferred (quar.)
31% Oct. 1 Sept. 18
Eureka Vacuum Cleaner (quar.)
20c Oct. 1 Sept. 18
European & North American Ry. (s.
82% Oct. 3 Sept. 14
-a.)
Evans Pt oducts
250 Oct. 1 Sept. 16
Faultless Rubber (quarterly)
50c Oct. 1 Sept. 16
Fear (Fred) & Co.(quar.)
50c Sept.15 Sept. 4
Fifth Avenue Bus Securities (quar.)
16c Sept.30 Sept. 16
Filene's(Wm.) Sons, common (quar.)
20c Sept.30 Sept. 17
Extra
10c Sept.30 Sept. 17
Preferred (quarterly)
81% Oct. 1 Sept. 17
Flintkote Co., common
250 Sept. 15 Sept. 10
General American Investors, pref. (quar.)
51% Oct. 1 Sept.20
40c Oct. 1 Sept. 18
General Printing Ink Co'rp., common (quar.).
Preferred (quarterly)
81% Oct. 1 Sept. 18
General Water, Ga.t& Elec. Co.,$3 pref.(quar.)
75c Oct. 1 Sept. 14
Glidden Co.(quar.)
25c Oct. 1 Sept. 17
Extra
15c Oct. 1 Sept. 17
Preferred (quar.)
51% Oct. 1 Sept.17
Gold & Stock Telegraph (war.)
51% Oct. 1 Sept.30
Grand Rapids Varnish (quar.)
12%c Sept.30 Sept.20
250 Sept.30 Sept. 17
Granite City Steel Co. (quarterly)
250 Oct.
Greif Bros. Cooperage Corp., class A
Sept. 14a
$100 Sept.30 Sept. 10
Group No. 1 011 Corp. (quar.)
3% Oct.
Guaranty Trust Co. of N. Y.(quar.)
Sept. 6
h$1 Sept.30 Sept. 4
Hamilton United Theatres,7% pref
Hearst Consol. Publishers,7% pref.(quar.)... 43 c Sept. 14 Aug. 31
Heath (D. C.) & Co.,7% pref. (quar.)
Si
Sept.30 Sept. 27
Hercules Motor (quar.)
Oct. 1 Sept.20
Homestake Mining (monthly)
Sept.25 Sept.20
Extra
$2 Sept.25 Sept.20
Sc Aug. 31 Aug. 28
Idaho Maryland Consolidated Mines
imperial Chemical Industries
235%
c Sept.30 Sept. 13
Imperial Tobacco of Canada (quar.)
Sept.30 Sept. 13
Preferred (semi-ann.)
Independent Trust Shares
5c Oct. I Aug. 31
Oct. 10 Sept. 21a
$1
International Business Machines Corp
50c Oct. 1 Sept. 14
International Shoe, common (quar.)
$1 Sept. 10 Aug. 31
Inter-Ocean Re-Insurance (semi-ann.)
50c Sept.30 Sept. 14
Jefferson Electric
Jersey Central Power & Light,.5%% pref. (qu.) 81% Oct. 1 Sept. 10
51% Oct. 1 Sept. 10
6% preferred (quarterly)
• $1% Oct. 1 Sept. 10
7% preferred (quarterly
Jones J. Edw.) Realty Trust
85.88 Aug. 30 July 31
Part cipating certificates series D ($500)
$1.48 Aug. 30 July 31
Participating certificates series E ($100
$1.09 Aug. 30 July 31
Participating certificates series F ($100
72c Aug. 30 July 31
Participating certificates series G (8100
87c Aug. 30 July 31
Participating certificates series H MOO
89c Aug. 30 July 31
Participating certificates series I (8100)
$4.40 Aug. 30 July 31
Participating certificates series J ($500)
89c Aug. 30 July 31
Participating certificates series K ($100)- -$1.65 Aug. 30 July 31
Participating certificates series L ($100)
Joplin Water Works Co.,6% pref. (quar.)
51% Oct. 15 Oct. 1
. Kaufmann Dept. Stores, Inc., common
20c Oct. 28 Oct. 10
Kansas Elec. Power Co.,7% cumul. pref.(qu.)_ Si
Oct. 1 Sept. 14
$1% Oct. 1 Sept. 14
6% cum'. Jr. preferred (quar.)
19.234c Sept.14 Aug. 31
Keystone Custodian Funds, series HI
Lehman Corp. (quarterly)
60c Oct. 4 Sept. 20
Lockhart Power Co.,7% pref. (8.-a.)
83% Sept.30 Sept. 30
Loew's Inc., common (quar.)
50c Sept.30 Sept. 17
Lone Star Gas,6% preferred (guar.)
$1% Sept.30 Sept.14
M & P Stores, Ltd..7% pref.(quar.)
Oct. 1 Sept. 24
Margay 011 Corp
25c Oct. 10 Sept.20
Mack Trucks. Inc.(quar.)
250 Sept.30 Sept. 14
Maraydun, No. 1 Trust, series A
513.15 Aug. 30 July 31
Series B
83.28 Aug. 30 July 31
Marine Midland Trust (guar.)
37%c Sept.18 Sept. 14
Extra
15c Sept.18 Sept. 14
McQuay-Norris Mfg. (quar.)
750 Oct. 1 Sept. 20
Metropolitan Coal, preferred )quar.)
51
Sept.30 Sept.23
Mississippi River Power. pref. (quar.)
Oct. 1 Sept. 14
$1
Metal Thermit Corp., 7%, pref. (quar.)
51 • Oct. 1 Sept.20
Midland Royalty, preferred
h25c Sept. 15 Sept. 11
Monongahela West Penn Public Service Co.7'7_ cum. preferred (quar.)
43%c Oct. 1 Sept. 14
Mt. Diablo Oil, Mining & Development
Sept.10 Aug. 24
Extra
Sept. 10 Aug. 24
Mountain Producers Corp. (quar.)
ISo Oct. 1 Sept.14a
National Candy (quarterly)
250 Oct. 1 Sept. 12
1st & 2nd preferred (quarterly)
81% Oct. 1 Sept. 12
National Enameling & Stamping Co. (quar.)___
50c Sept.30 Sept. 18
National Standard (quarterly)
50c Sept.30 Sept. 16
National Tea Co., common (quar.)
15c Oct. 1 Sept. 13
New York Transit Co
15c Oct. 15 Sept.20
• New York Transportation (quar.)
50c Sept.28 Sept. 16
Northeastern Water & Electric, pref. (quar.)_
$1 Oct. 1 Sept. 10
Northern Liberty Gas (s.
Si Sept. 9 Aug. 5
-a.)
Nova Scotia Light & Power Co.(quar.)
750 Oct. 1 Sept. 14
Financial Chronicle
1546
Name of Company
Per
Share
When Holders
Payable of Record
Ohio Service Holding Corp.,$5 non-cum.pref..__
$1 Oct. 1 Sept. 15
Oct. 1 Sept. 14
Old Colony RR. Co.(guar.)
$1
Omnibus Corp. preferred (guar.)
Oct. 1 Sept. 16
Ontario Loan 8Z Debenture (guar.)
'
Oct. 1 Sept. 16
Si
Orange & Rockland Electric, 7% pref. (quar.)
Oct. 1 Sept.25
$1
Oct. 1 Sept.25
$1
6% preferred (quarterly)
Paauhau Plantation (mo.)
10c Oct. 5 Sept.30
Pacific Telephone & Telegraph (guar.)
Sept.30 Sept.20
Si
Preferred (quarterly)
Oct. 15 Sept.30
$1
Page-Hersey ;rubes (guar.)
75c Oct. 1 Sept. 14
Penney (J. C.) Co., common (guar.)
50c Sept.30 Sept.30
Perfect Circle (quarterly)
500 Oct. 1 Sept.16
Pfaudier Co.(quarterly)
Si Oct. 1 Sept.20
Pioneer Mill, Ltd.(monthly)
20c Oct. 1 Sept.20
Pittsburgh Plate Glass (guar.)
50c Oct. 1 Sept. 10
Pratt Sr Lambert (quarterly)
25c Oct. 1 Sept. 16
Premier Gold Mining (guar.)
3c Oct. 15 Sept.13
Extra
lc Oct. 15 Sept. 13
Prudential Investors, Inc., $6 pref.(guar.)
$13i Oct. 15 Sept.30
Reliance Mfg. (Illinois) (guar.)
15c Nov. 1 Oct. 21
Preferred (quarterly)
SIN Oct. 1 Sept.20
Reynolds (R. J.) Co., (guar.)
75c Oct. 1 Sept. 18
Richmond Water Works.6% pref. (quar.)
Oct. 1 Sept.20
Si
Rochester Telep. Corp., 634% 1st pref.(guar.). 81
Oct. 1 Sept.20
Oct. 1 Sept.20
5% 2nd preferred (quarterly)
Roos Bros
25c Sept.20 Sept. 11
Root Petroleum. pref. (guar.)
30c Oct. 1 Sept.20
Ross Gear & Tool (quarterly)
30c Oct. 1 Sept. 20
Safeway Stores. Inc., corn. (guar.)
50c Oct. 1 Sept.19
7%)preferredEquar.)
Si 64 Oct. 1 Sept.19
El 36 Oct. 1 Sept.19
,
r 6% preferred llquar.)
St. Joseph South Bend & Southern RR
87)ic Sept. 16 Sept. 10
5% preferred (semi-ann.)
$2)i Sept. 16 Sept. 10
Savannah Electric & Power, deb. A (guar.).- $2 Oct. 1 Sept. 13
Debenture B (quarterly)
$134 Oct. 1 Sept. 13
Debenture C (quarterly)
$1.Y Oct. 1 Sept. 13
Debenture D (quarterly)
$1, Oct. 1 Sept. 13
Oct. 1 Sept. 13
69' preferred
scovin manufacturing (quarterly)
25c Oct. 1 Sept. 16
Selected Industries, Inc., 85% preferred
875ic Oct. 1 Sept. 14
Smith (L. C.) & Crona Typewriter, pref
Oct. 1 Sept.20
Si
South Pittsburgh Water,7% pref. (guar.)
$1 4 Oct. 15 Oct. 1
1
69' preferred (quarterly)
$13'6 Oct. 15 Oct.
Southern California Edison Co., Ltd.
Original preferred (quar.)
435‘c Oct. 15 Sept.20
% preferred series C (guar.)
3434c Oct. 15 Sept.20
Southwestern Gas& Electric Co.
$2 Oct. 1 Sept. 14
89' cum. preferred (guar.)
Oct. 1 Sept. 14
79' cum. preferred (guar.)
Si
South West Penna Pipe Lines
Oct. 1 Sept. 16a
(Mo.)Springfield Gas& Electric Co.
Preferred series A (guar.)
Oct. I Sept. 14
Si
Square D,class A poreferred
55c Sept.30 Sept.20
75c Oct. 1 Sept.20
Standard Fruit &(Steamship, $3 pref.(quar.)
Oct. 1 Sept. 16
Stein (A.)& Co., preferred (guar.)
Si
Sunset, McKee Salesbook Cod. A (guar.)
3734c Sept. 15 Sept. 4
Class B (quarterly)
25c Sept.15 Sept. 4
40c Sept.30 Sept. 14
Sunshine Mining
Taylor Milling (quarterly)
25c Oct. 1 Sept. 11
25c Oct. 1 Sept. 11
Extra
Telephone Investment (monthly)
25c Oct. 1 Sept.20
25c Oct. I Sept. 6a
Texas Corp
Tr -Continental Corp..$6 cum.pref.(guar.)-31M Oct. 1 Sept. 14
6234c Oct. 1 Sept. 10
Trico Products (quarterly)
Twentieth Century Fixed Trust Shares
.05015c Sept.15
Series B coupon
Union Electric Light & Power (Ill.) pf.(qu.)$114 Oct. 1 Sept. 14
Union Elec. Lighu& Pow.(Mo.) pf.(quar.)--__ 3134 Oct. 1 Sept. 14
60c Oct. 1 Sept. 14
United Carbon (quarterly)
,
United Dyewood Corp., p ef. (guar.)
$1% Oct. 1 Sept.13a
10c Oct. 24 Sept. 6
United Elastic (quarterly)
United States Elec. Light & Pow. Shares (Dela.)
22c Sept. 1
Trust certificates. series A
United States Tobacco Co., common
513.4 Oct. 1 Sept. 16
Preferred
$1% Oct. 1 Sept. 16
$15 Oct. 1 Sept. 20
United States Trust Co.(quarterly)
Vermont& Mass. RR.(semi-ann.)
53 Oct. 8 Sept.12
$1% Oct. 1 Sept.20
Walgreen Co., preferred (quarterly)
30c Oct. I Sept. 14
Waukesha Motor Co. (guar.)
50c Oct. 15 Sept.20
Western Grocers, Ltd.(guar.)
Oct. 15 Sept.20
Preferred (quarterly)
Oct. 1 Sept.20
Western Tablet & Stationery,7% pf.(guar.)...
loc Oct. 16 Sept.30
Westland Oil Royalty, A (mo.)
Sept.30 Sept.17
Si
West Penn Electric Co.. class A (guar.)
Nov. 1 Oct. 4
West Penn Power Co. 7% cum. pref.(guar.)._
1% 0 Nov. 1 Oct. 4
6% cum. preferred (quar.)
Weyenberg Shoe Mfg. Co..7% pref.(guar.)_ --- SI 4 Sept.16 Sept. 5
5161 Oct. 15 Oct. 1
Wichita Water Co.,7% nref. (quar.)
50c Oct. 1 Sept.16
Young(L.A.)Spring& Wire(quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company
Per
Share
When Holders
Payable of Record
50c Oct. 1 Sept. 18
Abbott Laboratories (quarterly)
10c Oct. 1 Sept. 18
'Extra
h81)te Sept.16 Aug. 31
Acme Glove Works,634% preferred
$1 4 Sept.30 Sept. 60
Adams Express Co.5% preferred (quar.)
Oct. 1 Sept.13
Affiliated Products (monthly)
$1.% Oct. 1 Sept. 14
Alabama Power Co. 167 preferred (guar.)
Si 3•6 Oct. 1 Sept. 14
$6 preferred (quar.
Nov. I Oct. 15
$5 preferred (quar.
Oct. 1 Sept. 9
Alabama & Vicksburg Ry. Co.(semi-ann.)
Sept.14 Sept. 3
Alexander & Baldwin (guar.)
$1 1 Sept.14 Sept. 3
Extra
25c Sept. 14 Aug. 31
Allegheny Steel
Allied Chemical & Dye Corp. pref. (guar.)
I % Oct. 1 Sept. 11
10c Oct. 1 Sept. 25
Allied Laboratories. Inc. (guar.)
873ic Oct. 1 Sept. 25
$334 cony. preferred (guar.)
Allied Stores Corp.,5% pref.(initial)(guar.)._ _ $134 Oct. 1 Sept.20
10c Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(guar.)
50c Sept.30 Sept. 15
Aluminum Mtgs. (guar.)
50c Dec. 31 Dec. 15
Quarterly
Si
Sept.30 Sept.15
7% preferred (quarterly)
$I
Dec. 31 Dec. 15
7% preferred (quarterly)$1, Oct. 1 Sept. 16
4
American Bakeries Corp. 7% pref. (guar.)
75c Oct. 1 Sept.11
American Bank Note, pref.(guar.)
Si 31 Oct. I Sept. 19
American Can CO..7% pref tquar.)
75c Oct. I Sept. 12
American Chicle (quarterly)
$2 Sept.16 Sept. 3
American Cigar (quarterly)
5134 Oct. 1 Sept. 14
Preferred (quarterly)
3
,
6
American Crystal Sugar,6% pref. (initial)
20c Sept.10 Aug. 31
American Factors, Ltd.(monthly)
25c Oct. 1 Sept.15
American Hardware Corp.(guar.)
25c Jan.I '36 Dec. 14
Quarterly
20c Oct. 1 Sept. 14a
American Home Products (monthly)
25c Sept.16 Sept. 6
American News, N. Y. Corp.(bi-monthly)
Sept. lb
Si
American Paper Goods,7% preferred (quar.)_
11 g Dec. 15
7% preferred (guar.)
3,1 Sept.30 Sept. 10
American Safety Razor (guar.)
50c Sept.30 Sept.16
American Steel Foundries, preferred
50c Oct. 1 Sept. 13
American Stores(quarterly)
50c Oct. 2 Sept. 5
American Sugar Refining (guar.)
sig Oct. 2 Sept. 5 •
Preferred (quarterly)
25c Sept.16 Aug. 31
American Sumatra Tobacco Corp
50c Sept. 16 Aug. 31
Extra
50c Dec. 16 Dec. 2
Extra
Name of Company
Sept. 7 1935
Per
Share
When Holders
Payable of Record
$234, Oct. 15 Sept. 16
American Telephone & Telegraph (guar.)
Oct. 1 Sept. 10
American!Tobacco Co. preferred (guar.)
Oct. I Sept. 3
Appalachian Electric Power,$7 pref. (guar.)._ _
Oct. 1 Sept. 3
$6 preferred (quarterly)
Sept.25 Sept. 11
Art Metal Works, Inc., common
$1% Oct. 1 Sept. 10
Armour of Delaware preferred (guar.)
1613.5 Oct. 1 Sept. 10
Armour of Illinois $6 preferred (quar.)
h$13 Oct. 1 Sept. 10
,
6
7% preferred (guar.)
350 Nov. 1
Asbestos Mfg Co $1.40 cony. pref.(quar.)__
350 Feb.1'36
81.40 convertible preferred (guar.)
200 Sept.30 Sept.20
Associated Investment new (initial)
51.14 Sept.30 Sept.20
7% preferred (new) (initial)
$11e Sept.30 Sept.20
t
7% preferred (guar.)
$1 4 Oct. 2 Sept. 16
Atlantic & Ohio Teleg. Co.(cam.)
Sept.16 Aug. 21
2
Atlantic Refining (guar.)
30c Sept.16 Aug. 31
Atlas Corp. (initial),
50c Sept.10 Aug. 30
Atlas Powder (guar.)
1234c Oct. I Sept. 20
Automatic Voting Machine (guar.)
12;0 Jan. I Dec. 20
Quarterly
1254c Apr. 1 Mar. 20
,
Quarterly
ar
12: July 1 June 20
Quarterly
'
Automotive Gear Works,Inc.. pref.(guar.)._ _ _ 41 c Sept. 11 Aug. 20
Oct. 1 Sept.20
Babcock & Wilcox
Sept. 14 Aug. 31
Baldwin Co.6% preferred A (guar.)
Aug. 31 Aug. 21
Balfour Building, Inc. (guar.)
63c Oct. 1 Aug. 31
Bangor & Aroostook RR.Co..common
Oct. 1 Aug. 31
Preferred
Oct. 1 Sept. 10
Bangor Hydro-Electric. 7% preferred (guar.)._ Si
$135 Oct. 1 Sept. 10
6% preferred (guar.)
50c Sept.15 Aug. 29
Bankers National Life Insurance (8.-a.)
Oct. 1 Sept. 20
Si
Battle Creek Gas Co.,6% pref.(guar.)
Sept.15 Aug. 31
5
Bayuk Cigars
$134 Oct. 15 Sept. 30
First preferred (guar.)
75c Oct. 1 Sept. 12
Beech-Nut Packing Co.common (guar.)
50c Oct. 1 Sept.12
Extra
Belding-Corticelli. preferred (guar.)
Si 54 Sept.14 Aug. 31
25c Sept.10 Aug. 31
Bellows & Co., Inc., class A (guar.)
Oct. 15 Sept. 23
41
Bell Telephone of Canada (quar.)
$1, Oct. 15 Sept.20
8
Bell Telep. of Penna.,
% Pref. (quar.)
$151 Oct. I Sept. 6
Bethlehem Steel, preferred
Sly • Sept.14 Aug. 15
Biltmore Hats, Ltd., 79' preferred (guar.)
Sept.16 Sept. 3
Birmingham Water Works Co.6% pref. (qu.)_ _
Sept.30 Sept.25
Block Bros. Tobacco Co.,6% preferred (guar.).
Dec. 31 Dec. 25
6% preferred ,quar.)
Bloomingdale Bros.,Inc.e co mmon
Sept.27 Sept. 17
75e Oct. 1 Sept. 13
Bohn Aluminum & Brass (guar.)
50c Oct. 1 Sept. 18
Bon Amt, class B (guar.)
$2 Sept.30 Aug. 31
Boston & Albany RR
17}ic Sept.30 Sept.19
Boston Acceptence. 7% pref.(guar.)
Oct. 1 Sept. 10
$1
Boston Elevated Ry.(guar.)
Oct. 1 Sept.20
Boston Insurance (quar)
$2.125 Oct. 1 Sept. 20
Boston & Providence RR.(qual.)
Quarterly
$2.125 Jan.3 '36 Dec. 20
Sept.30
Boston Storage & Warehouse Co.(guar.)
25c Oct. 25 Oct. 1
Bower Roller Bearing Co.(quar.)
81 Sept. 25 Sept. 20
Brewer (C) & Co.(monthly)
$1 Sept.25 Sept.20
Brewer(C.)& Co Ltd.(monthly)
Bridgeport Brass Co.common (quar.)
10c Sept.30 Sept.13
Bridgeport Gas Light Co
600 Sept.30 Sept.16
Briggs & Stratton Corp.(quarterly)
75c Sept. 14 Sept. 4
Bright(T. G.), Ltd. (quarterly)
734c Sept. 15 Aug. 31
Sept. 15 Aug. 31
6% preferred (quarterly)
Brillo Manufacturing Co., Inc., common (guar.)
150 Oct. 1 Sept. 14
50c Oct. 1 Sept. 14
Class A (guar.)
Bristol Brass (guar.)
3734c Sept. 14 Aug. 31
British-American Tobacco Co.. Ltd.(interim)
to 10d. Sept.30 Aug. 31
Brooklyn-Manhattan Transit pre!(guar.)
Oct. 15 Oct. 1
$1
Preferred (guar.)
1-15-36 Jan. 2
$1
Preferred (guar.)
4-16-36 Apr. 1
El
Brooklyn & Queens Transit $6 Preferred
h50c Oct. 1 Sept.14
Brooklyn Union Gas (quarterly)
st Oct. I Sept. 3
Brown Fence & Wire (initial)
Feb. 29 Feb. 15
Brown Shoe Co., 7% preferred (guar.)
Oct. 31
Bruck Silk Mills (guar.)
30c Oct. 15 Sept. l4
Buckeye Pipe Line Co
75c Sept.14 Aug. 23
Bucyrus-Monighan, A (guar.)
45c Oct. 1 Sept. 20
Budd Wheel 7% cum. pref. (resumed)
118% Sept.30 Sept. 16
Buffalo Niagara & Eastern Power preferred....
40c Oct. 1 Sept. 14
1st 115 preferred (guar.)
$13.1 Nov. 1 Oct. 15
Burma Corp., Ltd., Am. dep. rec. (final)
to 5 arm Oct. 5 Aug. 27
Butler Water Co. 7% Pref. (guar.)
$1.5( Sept.16 Sept. 3
Calamba Sugar Estates, corn. (guar.)
400 Oct. 1 Sept.14
Extra
$1 Oct. 1 Sept. 14
California Ink (guar.)
50c Oct. 1 Sept. 21
California Packing Corp.(guar.)
37)4c Sept.16 Aug. 31
Canada & Dominion Sugar. Ltd.(guar.)
r3734c Dec. 1 Nov. 15
Canada Malting (quarterly)
3734c Sept.14 Aug. 31
Canada Northern Power Corp.. Ltd.(guar.)._ _
Oct. 25 Sept.30
3
7% cum. preferred (guar.)
Oct. 15 Sept.30
Permanent Mtge.(guar.)
Canada
Oct. 1 Sept.14
Canadian Cottons (quarterly)
Si Oct. 1 Sept. 13
Preferred (quarterly)
$134 Oct. 1 Sept. 13
Canadian Foreign Investment (guar.)
40c Oct. 1 Sept. 20
Preferred (guar.)
$2 Oct. 1 Sept. 20
Canadian Industries. Ltd.. class A & B (quar.)_ _
Oct. 31 gept. 30
7% preferred (guar.)
41% Oct. 15 Sept. 30
Canadian Wirebound Box, class A
h25c Oct. 1 Sept. 14
Canfield pa Co.,7% preferred (guar.)
$1,1 Sept.30 Sept.20
Carleton Dry Goods (liquidating)
Aug. 29
$2.60
Carnation Co..7% preferred (quarterly)
51fi Oct. 1 Sept.20
7% preferred (quarterly)
$164' Jan1'36
79 preferred (quarterly)
$1
Aprl'36
Carolina Telep. & Teleg. (guar.)
$2
Oct. 1 Sept. 24
Carter(Wm.) Co.. preferred (guar.)
Sept.16 Sept.10
$1.
Case (J. .) 79' preferred
h$ Oct. 1 Sept.12
Central Illinois Light Co.6% pre.(guar.)
1357 Oct. 1 Sept. 14
7% preferred (guar.)
ig4 Oct. 1 Sept. 14
Centrifugal Pipe Corp.
(guar.)
10c Nov.15 Nov. 6
Chesapeake Corp.(guar.)
75c Oct. 1 Sept. 6
Chesapeake & Ohio (guar.)
700 Oct. 1 Sept. 6
Preferred (semi-annual)
$3ri Jan V36 Dec. 6
Chesebrough Mfg.(guar.)
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
$23( Oct. 1 Sept. 14
Preferred (quarterly)
51
Oct. 1 Sept. 14
Chicago Rivet Se Machine
3736c Sept. 14 Aug. 30
Chickasha Cotton Oil (quarterly)
50c Oct. 1 Sept. 9
Christiana Securities, 7% pref. (guar.)
$1% Oct. 1 Sept. 20
Chryslet Corp.(guar.)
25c Sept.30 Sept. 3
Extra
25e Sept.30 Sept. 3
Churngold Corp
150 Sept.20 Sept. 3
Cincinnati Union Terminal. preferred (quar.)_ $1
Oct. 1 Sept. 20
Preferred (guar.)
Jan.I '36 Dec. 20
$1
Citizens Water Co.(Wash., Pa.) 7% pf.(qu.)_ _ 813 Oct. 1 Sept. 20
City Ice & Fuel, common (guar.)
50c Sept.30 Sept. 15
Clark Equipment (guar.)
20c Sept.14 Aug. 29
$1% Sept.14 Aug. 29
Preferred (guar.)
Cleveland Electric Illuminating, pref (guar.)._ $1
Sept. 1 Aug. 16
Cleveland & Pittsburgh Ry.7% guar.(quar.)_ 8734c Dec. 1 Nov. 9
Special guaranteed (quar.)
Dec. I Nov. 9
Climax Molybdenum Co. (quar.)
Sc Sept.30 Sept.15
Quarterly
Sc Dec. 30 Dec. 15
Increased
50c Sept.30 Sept. 14
Clinton Trust(N. Y.)(guar.)
50c Oct. I Sept. 23
Clorox Chemical (guar.)
50c Oct. 1 Sept. 20
12;ic Oct. 1 Sept. 20
Extra
,4
Coast Counties Gas & Elec. Co..6% pref.(qu.)_ $11 Sept.16 Aug. 26
6d Sept.30
Coats(J. & P.)(interim)
51% Oct. 1 Sept. 5
Colgate-Palmolive-Peet, preferred (guar.)
31gc Sept.30 Sept. 7
Colt's Patent Fire Arms (guar.)
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
Columbia Broadcasting System (guar.)
40c Sept.30 Sept.16
Commercial Credit (quarterly)
62%c Sept.30 Sept. 10
5%% preferred (initial)
Sept.30 Sept. 10
$
Commercial Investment Trust,com.(quar.) -lat Oct. 1 Sept. 5a
Common (extra)
40c Oct. 1 Sept. 5a
Cony.preference (opt.set. 1929)(guar.)
f$1% Oct. 1 Sept. 5a
Cony, preference(s4g ser. of 1935)(guar.)-- S1.063( Oct. 1 Sept. 5a
Commonwealth & Southern $6 Preferred
75c Oct. 1 Sept. 6
Commonwealth Utilities Corp.77 preferred A (quarterly)
SI, Oct. 1 Sept.14
6/. preferred B (quarterly)
Oct. 1 Sept.14
$1
6 % preferred C (quarterly)
$1 8 Dec. 2 Nov. 15
,
Compressed Industrial Gases (quar.)
50c Sept. 15 Aug. 31
Confederation Life Assoc.,"Toronto" (quar.)..
Sept.30 Sept.25
Quarterly
11 Dec. 31 Dec. 35
Congoleum-Nairn (guar.)
40c Sept.16 Sept. 3
Connecticut Electric Service (guar.)
75c Oct. 1 Sept.14
Consolidated Bakeries of Canada (guar.)
20c Oct. 1 Sept.20
Container Corp., 7% preferred
147 Oct. 1 Sept.11
Consolidated Film Industries preferred
h25c Oct. 1 Sept. 10
Consolidated Gas & Electric Lt. of Bait
90c Oct. I Sept.14
5% preferred (quarterly)
Oct. 1 Sept.14
Consolidated Gas, N. Y
25c Sept.16 Aug. 9
Consolidated Oil Corp
25c Oct. 10 Sept. 10
Consolidated Paper Co.,pref.(quar.)
17%c Oct. 1 Sept.20
Consumers Power Co.$$ preferred (quarterly)
Oct. 1 Sept.14
$1
6% preferred (quarterly)
Oct. 1 Sept. 14
$1
am% preferred (quarterly)
$1.6 Oct. 1 Sept.14
7% preferred (quarterly)
$141 Oct. 1 Sept.14
6% preferred (monthly)
51)c Oct. 1 Sept.15
6.6% preferred (monthly)
55c Oct. 1 Sept.15
Consumers Glass.7% pref.(quar.)
$I% Sept.15 Aug. 31
Continental Steel, preferred
141% Oct. 1 Sept.16
copperweld Steel (quar).
12to Nov.30 Nov. 15
Corrugated Paper Box.7% preferred
41% Sept. 9 Aug. 16
Crow's Nest Pass Coal (interim)
$2 Sept. 14 Aug. 30
Crowell publishing Co.(quar.)
25c Sept.24 Sept. 14
Crown Cork & Seal Co., Inc.. pref.(quar.)
67c Sept.13 Aug. 31a
Crown Willamette Paper,7% preferred
141 Sept.14 Aug. 31
7% preferred
141 Oct. 1 Sept.16
Crum & Forster 8% pref (guar.)
$2 Sept.30 Sept.20
Curtiss-Wright Export Corp. pref. D (guar.) -.- $1
Oct. 1 Sept.14
Preferred E (quarterly)
Oct. 1 Sept.14
Danahy Faxon Stores(quar.)
2c Sept.30 Sept. 20
Extra
25c Sept.30 Sept.20
Dayton & Michigan RR.Co.(semi-ann.)
87%c Oct. 1 Sept. 16
8% preferred (quarterly)
S1 Oct. 1 Sept. 16
Delay Stores. Inc.,"A"
hl1 rc Oct. 1 Sept. 16
Class A (guar.)
43 c Oct. 1 Sept. 16
De Long Hook & Eye Co.(guar.)
75c Oct. 1 Sept. 20
Deposited Bank Shares, N.Y.,series A (s.
-a.)
Sc Oct. 1 Aug. 31
Deposited Insurance Shares"A"(s.
-a.)
e2%a Sept.17
Detroit Hillsdale & Southwestern RR.(s.-a.)....
Jan.6 '36 Dec. 20
Diamond Match (irregular)
25c Dec. 2 Nov. 15
Diamond State Telep.,04% pref. (guar.)
$1
, Oct. 15 Sept.20
Dickens AL Jones(London)(interim)
4%
Doehler Die Casting 7% prof.((Mar.)
87l4c Oct. 1 Sept. 20
$7 preferred (quar.)
$1
Oct. 1 Sept. 20
Dominion-Scottish Investors 5% pref
Oct. 1 Sept. 20
h2
Dominion Textile (quarterly)
313i Oct 1 Sept.16
Preferred (quarterly)
$116 Oct. 15 Sept.30
Douglas Aircraft (resumed)
75c Sept.27 Sept. 9
Draper Corp.(quar.)
60c Oct. 1 Aug. 31
Duke Power Co. (quarterly)
75c Oct. 1 Sept. 14
Preferred (quarterly)
Oct. 1 Sept. 14
du Pont(E. I.) de Nemours (quar.)
11a Sept. 14 Aug. 28
Extra
35c Sept.14 Aug. 28
Debenture stock (quar,
Oct. 25 Oct. 10
$1
)
Duquesne Light Co.5% 1st pref.(quar.)
Oct. 15 Sept. 16
$1
Eastern Gas& Fuel Assoc..434% pref.(quar.)-- $1.1 5 Oct. 1 Sept. 14
6% preferred (quarterly)
Oct. 1 Sept.14
Eastern Malleable iIron (quar.)
5c Sept.10 Aug. 22
Eastman Kodak Co,. common (quar.)
$1% Oct. 1 Sept. 5
Common (extra)
25c Oct. 1 Sept. 5
Preferred (quarterly)
$134 Oct. 1 Sept.
Edison Bros. Stores (quar.)
25e Sept.25 Sept.10
IPreferred (guar.)
81% Sept.16 Aug. 31
Electric Controller Mfg. (quar.)
50c Oct. 1 Sept. 20
Electrical Securities Corp., pref.(quar.)
Sept.30
Electric Storage Battery Co., corn. (quar.)
Oct. 1 Sept. 9
Preferred (roar.)
50c Oct. 1 Sept. 9
Elgin Watch Co. (quar.)
15c Sept.16 Aug. 31
Elizabeth & Trenton RR.,(semi-ann.)Oct. 1 Sept.20
5% preferred (semi-annual)
Si
Oct. 1 Sept.20
El Paso Electric Co.(Texas). 86 Pref. (quar.)
$1
Oct. 15 Sept.30
Emerson's Bromo-Seltzer. 307 Preferred(
50c Oct. 1 Sept. 1
(
Mar.)
Empire & Bay State Telep..4% ;Md.(quar.)
$I Dec. 1 Nov. 21
Empire Power Corp.. $6 preferred (guar.)
$l% Oct. 1 Sept. 16
Ernsco Derrick & Equinment
25c Sept.20 Sept.10
Eri Sy Pittsburgh RR. Co.7% Std.
e
87)4c Sept. 10 Aug. 31
(quar.)
7% guaranteed (auar.)
874g Dec. 10 Nov.30
Guaranteed betterment (quar.)
Dec. 1 Nov.30
Falconbridge Nickel Mines
71-4c Sept.27 Sept. 12
Famise Corp.(quar.)
6%c Oct. 1 Sept. 27
Class A (quar.)
631c Oct. 1 Sept.27
Fanny Farmer Candy Shops
12%c Oct. 1 Sept. 14
Farmers & Traders Life Ins.(quar.)
$214 Oct. 1 Sept.11
Federated Publications. Inc. (special)
25c Sept.15 Aug. 23
First Bank Stocks Corp.(increased)
15c Oct. 1 Sept.20
First National Stores (quai.)
623.4c Oct. 1 Sept. 10
1st preferred (quar.)
$1
Oct. 1 Sept. 10
First State Pawners Society (Chicago. Ill.) (qu.) $1
Sept.30 Sept.20
Florsheim Shoe Co..class A (quar.)
25c Oct. 1 Sept.16
(quarterly)
Class B
12%c Oct. 1 Sept.15
Franklin Telep. Co. 234% gtd. stk. (s.
-a.)
$116 Nov. 11 Oct. 15
Freeport Texas. preferred (quarterly)
Nov. 1 Oct. 15
$I
General Cigar preferred (quar.)
Dec. 2 Nov. 22
Preferred (guar.)
Mar. 2 Feb. 20
Preferred (guar.)
Junel'36 May 22
General Mills, inc., preferred (quar.)
Oct. 1 Sept. 14a
$1
General Motors (guar.)
5 Sept. 12 Aug. 15
Extra
25c Sept.12 Aug. 15
Preferred (guar.)
Nov. 1 Oct. 7
$1.
General By. Signal Co.,common (quar.)
2
Oct. 1 Sept.10
Preferred (quarterly)
Oct. 1 Sept. 10
$I
Georgia Power Co.$6 preferred (quar.)
Si
Oct. 1 Sept. 14
$5 preferred (quar.)
Oct. 1 Sept. 14
Gillette Safety Razor Co. common
25c Sept.30 Sept. 3
$5cony. preference (guar.)
$1% Nov. 1 Oct. 1
Glens Falls Insurance Co.(quar.)
40c Oct. 1 Sept. 14
Globe Wernicke preferred (quar,)
50c Oct. 1 Sept. 20
Preferred (quar.)
50c Jan 1'36 Dec. 20
Goldblatt Bros.(quar.)
3731 Oct. 1 Sept. 10
Gold & Stock Telegraph (quar.)
Oct. 2 Sept.30
Goodyear Tire & Rubber,7% preferred
Oct. 1 Aug. 31
Goebel Brewing (quar.) increased
Sc Sept.30 Sept. 9
Extra
Sc Sept.30 Sept.30
Gold Dust $6 preferred (quar.)
$1% Sept.30 Sept. 17
Gordon Oil Co.(Ohio)class B (guar.)
25c Sept.15 Aug. 31
Gottfried Baking Co., Inc., preferred (quar.)_.
Oct. 1 Sept.20
Grace(W. R.)& Co., pref.6% pref.(s.
-a.)
Dec. 30 Dec. 27
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grace National Bank (N.Y.)(semi-annual)_ _ $2% Sept.30 Aug. 28
Grand Valley Brewing Co
10c Sept.25 Sept. 5
Grant(W.T.)(quar.)
25c Oct. 1 Sept. 12
Great Eastern Fire Insurance(N.Y.)
30c Oct. 1
Great Western Sugar (quarterly)
60c Oct. 2 Sept. 14
Preferred (quarterly)
$144 Oct. 2 Sept. 14
Great Western Electro-Chemical 6% pf.(initial)
30c Oct. 1 Sept. 20
Greene Canaries Copper (quar.)
50c Sept.16 Sept. 6
$1(tg
1
I
Name of Company
1547
Per
Share
When Holders
Payable of Record
Greyhound Corp., preferred A (quar.)
$1 Oct. 1 Sept.21
Gulf State Utilities. $53.4 pref.(quar.)
Sept.16 Aug. 30
$1
Sept. 16 Aug. 30
$I
$6 pref.(quarterly)
Hackensack Water Co.7% pref. A (quar.)
Sept.30 Sept.13
43
Halold Co.(quar.)
Oct. 1 Sept. 14
50c Oct. 1 Sept. 14
Extra
$1
Oct. 1 Sept. 14
7% preferred (guar.)
Hammermill Paper Co.,6% pref.(quar.)
Oct. 1 Sept.16
Si
Hanes(P. H.) Knitting 7% pref.(quar.)
Oct. 1 Sept. 20
Si
Hanna(M. A.) $7 preferred (guar.)
Sept.20 Sept. 7
Si
Oct. 15 Sept.30
Si
Harrisburg Gas preferred (guar.)
Harbison-Walker Refractories, pref.(quar.)_
Oct. 21 Oct. 7
$I
Dec. 1 Nov. 5
$1
Hardesty (R.)Mfg.Co.,7% pref.(quar.)
5
Harrods (interim)
Hawaiian Sugar (quar.)
Oct. 15 Oct. 5
6
60c Oct. 15 Oct. 5
Extra
20c Sept.15 Sept. 5
Hawaii Consol. Ry..7% pref. A (quar.)
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hazel-Atlas Glass Co
$1% Oct. 1 Sept.18
Hazeltine Corp. (quar.)
25c Sept. 14 Aug. 31
Extra
25c Sept.14 Aug. 31
Helme(Gen. W.) Co.common (quar.)
$116 Oct. 1 Sept. 10
Preferred (quar.)
$1% Oct. 1 Sept. 10
Hercules Powder Co. common (quar.)
75c Sept.25 Sept. 13
Heyden Chemical Corp., 707 pref. (quar.)
El% Oct. 1 Sept. 20
Hibbard. Spencer. Bartlett & Co.(mo.)
10c Sept.27 Sept.20
Hiram Walker, Gooderham & Worts pref.(qu.)_
25c Sept.14 Aug. 23
Hollinger Congo'. Gold Mines
Sc Sept. 9 Aug. 23
Holophane Co.,Inc.,preferred (semi-ann.)
$1.05 Oct. 1 Sept. 16
Home Fire & Marine Insurance (quar.)
50c Sept.16 Sept. 5
Honolulu Plantation Co.(monthly)
15c Sept.10 Aug. 31
Hoskins Manufacturing (quar.)
50c Sept.26 Sept.11
Extra
25c Sept.26 Sept.11
Humble Oil & Refining (guar.)
25c Oct. 1 Aug. 31
Hygrade Sylvania (quarterly)
50c Oct. 1 Sept.10
Preferred (quarterly)
$1% Oct. 1 Sept. 10
Illinois Bell Telephone
$114 Sept.30 Sept. 2
Imperial Life Insurance (quar.)
Oct. 1 Sept.30
$S
Quarterly
S3% Jan.3 '36 Dec. 31
Imperial Paper & Color Corp.(resumed)
S3 Oct. 1
Imperial Tobacco of Gt. Britain & Ireland
Interim
w71f7, Sept. 9 Aug. 16
i
Indiana General Service, 607 pref.(guar.)
Oct. 1 Sept. 3
Indiana Hydro-Electric, 79 preferred
8734c Sept.16 Aug. 31
Indiana & Michigan Electric
Oct. 1 Sept. 3
-7% pref.(quar.)
$1
Indianapolis Power & Light 6% pref.(guar.).
Oct. 1 Sept. 5
- Si
Oct. 1 Sept. 5
6%% preferred (quar.)
Si
Indianapolis Water Co..5% cumul. pref. %guar.) $1% Oct. 1 Sept.12a
Industrial Rayon (quar.)
42c Oct. 1 Sept. 16
Insuranshares Certificates, Inc
Sc Sept.20 Sept.12
International Business Machines Corp. (guar.). $1% Oct. 10 Sept.21
International Cement (quar.)
25c Sept.30 Sept. 11
International Harvester Co
p
5
15c Oct. 310 Sept. 20
Aug. 31
International Mining
150 Sept.20 A .3
International Nickel of Canada
20c Sept.30
International Salt Co.(quar.)
37%c Oct. 1 Sept. 160
International Silver pref. (quar.)
$1 Oct. 1 Sept. 14
intertype Corp., first preferred
$2 Oct. 1 Sept. 16
Investment Corp. of Philadelphia (guar.)
50c Sept.14 Aug. 31
Extra
4
25c Sept.Sept 15 Aug. 31
Aug. 31
Investors Fund of America Inc.(quar.)
2c
Iron Fireman Mfg.
25c Dec. 2 Nov. 9
(quar.)
Irving Air Chute (quar.) & Co
15c Oct. 1 Sept.16
Extra
10c Oct. 1 Sept. 16
Jefferson Lake Oil Co.,Inc..7% pref.(s.
350 Sept.10 Aug. 31
-a.)......_
Jewel Tea (quarterly)
750 Oct. 15 Oct. 1
Jewel Tea Co.,Inc
75c Oct. 15 Oct. 1
Johns-Manville
25c Oct. 15 Sept.24
Preferred (quarterly)
$1% Oct. 1 Sept. 17
Kalamazoo Vegetable Parchment (quar.)
15c Sept.30 Sept.20
Quarterly
150 Dec. 30 Dec. 30
Kansas City Power & Light Co. 1st pref. B
Oct. 1 Sept. 14
Si
Kansas Utilities. 7% pref.(guar.)
Oct. 1 Sept.20
$1
Katz Drug (quar.)
7
Sept.14 Aug. 31
Preferred (quar.)
$1% Oct. 1 Sept. 14
Kaufmann Department Stores, pref. (quar.)
$116 Oct. 1 Sept. 10
Kayser (Julius) & Co
65c Sept.10 Aug. 26
Kelvinator Corp. (quarterly)
1254c Oct. 1 Sept. 5
Kennecott Copper Corp
iSc Sept.30 Sept. 6
Keystone Public Service, $2.80 pref. (guar.).
ct. 1 Sept.15
Kimberly-Clark Corp. common (quar.)
Oct. 1 Sept. 1e
Preferred (quar.)
Oct. 1 Sept. 12
Kings County Lighting Co.common (quar.)_ _
Oct. 1 Sept. 16
70/ preferred B (quar.
Oct. 1 Sept. 16
quar.
Oct. 1 Sept. 16
60/ preferred
Oct. 1 Sept. 16
5% Preferred D guar.
Kirby Petroleum
Sept. 15 Aug. 31
Klein (D. E.) & Co., Li:airmen (quar.)
25c Oct. 1 Sept.20
7% preferred (quar.)
$1.75 Oct. 1 Sept.20
Kresge (S. S.)
25c Sept.30 Sept.11
Preferred (quar.)
$l% Sept.30 Sept. 11
Sept.30
Kroehler Mfg. Co.. 7% pref. (guar.)
Si
7% preferred (quarterly)
Si 3 Dec. 31
,
1
Class A preferred (guar.)
314 Sept.30
Class A preferred (guar.)
$1% Dec. 31
Kroger Grocery & Baking, 7% pref. (guar.).
$I.% Nov. 1 Oct. 18
6% preferred (quarterly)
$1% Oct. 1 Sept.20
Lackawanna RR.of New Jersey, gtd.(quar.)_ _
$1 Oct. 1 Sept. 6
Lake Shore Mines, Ltd.(quar.)
50c Sept. 16 Sept. 2
Bonus
50c Sept. 16 Sept. 2
Landers. Frary & Clark (quar.)
3734c Sept.30 Sept.20
Quarterly
374c Dec. 31 Dec. 20
Landis Machine. 7% preferred (quarterly)
$1.% Sept.15 Sept. 5
7% preferred fquarterly)
$1% Dec. 15 Dec. 5
Lazarus(F.& R.)(quar.)
15c Sept.30 Sept.20
Preferred (quar.)
$134 Nov. 1 Oct. 19
Lehigh Portland Cement Co. preferred
h87%c Oct. 1 Sept. 14
Leslie-California Salt (quar.)
35c Sept.15 Aug. 31
Libbey-Owens-Ford Glass(quar.)
30c Sept.16 Aug. 30
Liggett & Myers Tobacco, preferred (quar.)._
$1% Oct. 1 Sept. 10
Lily-Tulip Cup Corp
37%c Sept.16 Aug. 31
Lindsay Light & Chemical pref.(guar.)
17%c Sept.16 Sept. 7
Link Belt, preferred (quar.)
5154 Oct. 1 Sept.14
Little Miami RR.special gtd.(quar.)
50c Sept.10 Aug. 26
Original capital
$1.10 Sept.10 Aug. 26
Lock Joint Pipe. preferred (guar.)
$2 Oct. 1 Oct. 1
Preferred (guar.)
$2 Jan.1 '36 Jan, 1
Long Island Lighting Co.,707 pref. A (quar.)--- $I
Oct. 1 Sept.16
6% preferred B (quarterly)
Oct. 1 Sept.16
Si
Loose-Wiles Biscuit Co.. 1st pref. (quar.)
$1.
Oct. 1 Sept. 18
Loose-Wiles Biscuit Co.,7% 1st pref.(guar.).
- $141 Oct. 1 Sept. 18
Lord & Taylor Co. (quarterly)
$2% Oct. 1 Sept. 17
Lorillard (P.) Co.(quar.)
30c Oct. 1 Sept. 13
Preferred (quar.)
$1% Oct. 1 Sept. 13
Loudon Packing Co.,common (initial)
12%c Oct. 1 Sept.16
Louisville Gas & Electric Co.(Del.)
Class A & B common (quar.)
37}4c Sept.25 Aug. 31
Ludlum Steel, preferred (quar.)
$1% Oct. 1 Sept. 23
Lunkenheimer Co. preferred (quarterly)
$134 Oct. 1 Sept.20
% preferred (quarterly)
$134 Jana '36 Dec. 21
Mabbett(Geo.)& Sons first & second pref.(qu.) $1% Oct. 1 Sept. 20
Mapes Consolidated Mfg.(guar.)
50c Oct. 1 Sept. 16
Marancha Corp. (liquidating)
$6 Oct. 30 Sept. 20
Marion Water Co.7% pref. (quar.)
$1% Oct. 1 Sept. 20
Maryland Fund, Inc
10c Sept. 15 Aug. 31
Extra
Sc Sept. 15 Aug. 31
Mathieson Alkali Works (quar.)
37%c Oct. 1 Sept. 9
Preferred (quar.)
$1% Oct. 1 Sept. 9
Maui Agricultural Co
150 Oct. 1 Sept.20
Extra
30c Oct. 1 Sept.20
Mayflower Associates (guar.)
50c Sept.14 Aug. 31
McCiatchy Newspapers.7% pf.(qu.)
43%c Dec. 1 Nov.30
Financial Chronicle
154S
Name of Company
Per
Share
When Holders
Payable of Record
McColl-Frontenac Oil (quar.)
r20c Sept. 14 Aug. 15
McKeesport Tin Plate (quar.)
$1 Oct. 1 Sept. 17
McLennan. McFeeley & Prior class A & B (qu.).
10c Sept.30 Sept.23
Memphis Natural Gas Co. $7 pref.(quar.)
$19 Oct. 1 Sept. 20
Memphis Power & Light $7 pref.(quar.)
$14 Oct. 1 Sept. 14
1 Oct. 15 Oct. 1
Merchants & Manufacturers Securities pref__-Mesta Machine
50c Oct. 1 Sept. 16
Metropolitan Edison $6 preferred (guar.)
$135 Oct. 1 Aug. 30
7% preferred (quar.)
$13 Oct. 1 Aug. 30
$5 preferred (quar.)
$1
Oct. 1 Aug. 30
50c Sept.30 Sept. 14
Myers (F. E.) dr Bros
Michigan Steel Tube Products (resumed)
25c Sept.10 Aug. 31
Minneapolis-Honeywell Regulator Co. pf. A(qu.) $134 Oct. 1 Sept. 20
$1 Oct. 1
Mississippi Valley Public Service Co
$135 Oct. 1 Sept. 23
,
6% preferred It (quar.)
25c Sept. 11 Sept. 3
Mock, Judson, Voehringer
SIX Oct. 1 Sept. 15
Preferred (quarterly)
.91 8/ Oct. 1 Sept. 14
Monarch Knitting Co.7% pref.(quar.)
Monarch Life Ins. Co.(Springfield, Mass.)(a.-a.) $1 X Sept. 15 Sept. 1
15c Nov. 1
Monogram Pictures Corp.(quar.)
150 Feb.1'36
Quarterly
25c Oct. 1 Sept. 14
Monroe Chemical
873c Oct. 1 Sept. 14
Preferred (quar.)
c Sept.14 Aug. 25
Monsanto Chemical (quarterly)
25c Sept.14 Aug. 25
Extra
Montgomery Ward, class A (quar.)
$1( Oct. 1 Sept.20
r$1( Sept. 15 Aug. 31
Montreal Cottons preferred (quar.)
62)ic Sept.15 Aug. 31
Montreal Loan & Mortgage Co.(quar.)
Oct. 1 Oct. 1
Moore Dry Goods(quar.)
Jan.1 '35 Jan. 1
Quarterly
190c Sept.14 Aug. 24
Morrell(John) & Co.
(mum)
$134 Sept.30 Sept.20
Morris Finance Co. A (quar.)
30c Sept.30 Sept. 20
Class B (quar.)
$1, Sept.30 Sept.20
g
7% preferred (quar.)
Oct. 1 Sept.20
Morris 5& 10c to $I Stores. Inc..7% prof.(qu.)_ $I
Dec. 1 Nov. 26
Morris Plan Insurance Society. (quar.)
150 Sept. 10 Aug. 20
Motor Wheel Corp
$2 Sept.16 Sept. 2
Muncie Water Works 8% pref.(quar.)
Mutual Chemical Co. of Amer..6% pref.(qu.)_ $134 Sept.28 Sept. 19
$134 Dec. 28 Dec. 19
6% preferred (quarterly)
Sc Sept.20 Sept. 10
Mutual Telephone. Hawaii (monthly)
75c Oct. 1 Sept. 16
Nassau & Suffolk Lighting Co.7% prof.(quar.).
40c Oct. 15 Sept. 13a
National Biscuit Co.(qua?.)
25c Sept.16 Aug. 30
National Bond & Share
40c Oct. 1 Sept. 16
National Breweries (guar.)
44c Oct. 1 Sept. 16
Preferred (quar.)
10c Sept. 15 Aug. 30
National Casualty
National Dairy Products pref. A & B (quar.)
$1j Oct. 1 Sept. 4
30c Oct. 1 Sept. 4
Common (quar.)
.
150 Oct. 1 Sept. 10
National Finance Corp of Am.pref.(guar.)Sept.30 Sept. 13
National Lead (quarterly)
$1
$1j Sept. 14 Aug. 30
Class A preferred (quar.)
$114 Nov. 1 Oct. 18
Class B preferred (quar.)
30c Sept.30 Sept.20
National Oil Products Co
1734c Oct. 10 Oct. 1
National Short Term Securities, pref.(quar.)50c Oct. 1 Sept. 3
National Sugar Refining (quar.)
51.3114 Oct. 1 Sept. 14
Nehi Corp. 1st pref.(resumed)
$114 Dec. 1 Nov. 20
Neiman-Marcus Co.7% pref.(quar.)
250 Sept.15 Aug. 31
Neisner Bros.. Inc
$114 Oct. 1 Sept.20
Newark & Bloomfield RR.(semi-ann.)
$1 Sept.10 Aug. 31
Newark Telephone Co.(Ohio)(qua?.)
25c Sept.10 Aug. 31
Extra
40c Oct. 1 Sept. 16
Newberry (J. J.) Co.(quar.)
10c Sept.16 Aug. 15
New Bradford Oil
3714c Oct. 1 Aug. 30
New England Gas & Electric Assoc. preferredlOc Sept.16 Aug. 15
New Bradford Oil Co.(semi-ann.)
$114 Sept.30 Sept. 10
New England Telep. & Teleg. Co
$114 Oct. 1 Aug. 30
New Jersey Power & Light $6 pref.(quar.)
$114 Oct. 1 Aug. 30
$5 preferred (quar.)
$114 Oct. 1 Sept. 20
New jersey Water Co.7% pref.(quar.)
New York Lackawanna & Western Ry. Co.
$114 Oct. 1 Sept. 13
5% guaranteed (quar.)
$2 Sept. 14 Sept. 6
New York & Queens Elec. Lt. & Pow.(quar.)_
Oct. 1 Sept. 15
$1
New York Steam $6 preferred (quar.)
$1V Oct. 1 Sept. 15
$7 preferred (quar.)
$1.62 Oct. 15 Sept.20
New York Telephone:6 % preferred (quar.)
Niagara Shares Corp.of Md.,class A pref.(qu.)_ 5114 Oct. 1 Sept. 13
$2 Sept.19 Aug. 31
Norfolk & Western By.(quar.)
25c Oct. 1 Sept. 10
North American (guar.)
75c Oct. 1 Sept. 10
Preferred (quar.)
h$1 Oct. 20 Sept. 30
North American Invest.6% preferred
h91 2-3c Oct. 20 Sept.30
5;6% preferred
$I Dec. 1 Nov. 21
Northern RR.Co.of N.J.4% gtd.(quar.)
15c Sept. 10 Aug. 30
North River Insurance (qua?.)
5c Sept.10 Aug. 30
Extra
52 Oct. 1 Sept. 12
Norwich & Worcester RR..8% pref. (quar.)_
150 Sept.20 Sept. 10
Oahu By. & Land Co. (monthly)
20c Sept. 16 Sept. 5
Oahu Sugar Co., Ltd.(monthly)
$114 Oct. 1 Sept. 14
Ohio Edison Co.$5 pref. (quar.)
$134 Oct. 1 Sept. 14
$6 preferred (quar.)
$1.65 Oct. 1 Sept. 14
$6.60 preferred (qua?.)
$1/ Oct. 1 Sept. 14
$7 preferred (quar.)
$1.80 Oct. 1 Sept. 14
$7.20 preferred (quar.)
h$15 Oct. 1 Sept. 10
Ohio Finance 8% Preferred
$I% Sept. 14 Aug. 31
Ohio Oil preferred (quar.)
134%Sept.16 Aug. 31
Oklahoma Gas& Elec. Co..6% cum.pref.
1 X 0 Sept.16 Aug. 31
cum. preferred (quar.)
(qu.)7%
h75c Sept. 14 Aug. 31
Oneida, Ltd.. 7% preferred
20c Sept. 20 Sept. 10
Onomea Sugar (monthly)
30c Oct. 1 Sept. 14
Pacific Finance (quar.)
20c Oct. 1 Nov. 15
Preferred A (quar.
)
16c Nov. 1 Oct. 15
Preferred
(quar.
Preferred D quar.)
1734c Nov. 1 Oct. 15
15c Oct. 1 Sept. 15
Pacific Indemnity (resumed)
5134 Oct. 15 Sept. 30
Pacific Lighting preferred (guar.)
25c Sept.30 Sept. 19
Parke, Davis & Co.(quar.)
20c Sept.30 Sept. 19
Extra
234c Aug. 28 Aug. 26
Pantheon Oil Co.(quar.)
500 Sept.27 Sept. 17
Paraffine Cos. (guar.)
3734c Sept.20 Sept. 2
Parker Wolverine Co. 5% pref. (semi-ann.)75c Sept.16 Sept. 3
Penick & Ford (quarterly)
70c Oct.j 1 Sept. 10
Penn Central Light dc Power,$2.80 pref.(quar.)
$1 31 Oct. 1 Sept. 10
$5 preferred (quarterly)
$131 Oct. 1 Sept.20
Pennsylvania Gas & Elec. Corp.,$7 pref. (qu.)
7% preferred (quarterly)
$131 Oct. 1 Sept.20
h$131 Oct. 1 Sept. 14
Pennsylvania Glass Sand
h$15 Oct. 1 Sept.14
,(
Preferred
Pennsylvania Power Co.. $6 preferred (guar.)
- 3134 Dec. 2 Nov. 20
55c Oct. 1 Sept.20
36.60 preferred (monthly
55c Nov. 1 Oct. 21
$6.60 preferred monthly
55c Dec. 2 Nov. 20
$6.60 preferred monthly
75c Oct. 1 Sept. 16
Pennsylvania Water & Power Co.(guar.)
$131 Oct. 1 Sept. 16
Preferred (quar.)
250 Oct. 1 Sept. 9
Peoples Drug Stores, Inc.(quar.)
3134 Sept.16 Aug. 31
Preferred (quar.)
Peoria Water Works Co.7% pref.(quar.)
$1% Oct. 1 Sept. 20
20c Dec. 1 Nov. 15
Pepper(Dr.)(quarterly).
30c Sept.30 Sept.20
Perfection Stove (quarterly)
250 Oct. 1 Sept. 10
Pet Milk (quar.)
$I% Oct. 1 Sept. 10
Preferred (guar.)
Petersburg RR.(semi-annual)
$131 Oct. 1 Sept. 25
$131 Apr.1'35 Mar.25
Semi-annual
250 Sept.16
Petroleum Exploration (quarterly)
25c Sept.30 Sept.20
Pfeiffer Brewing (quarterly)
15c Sept.30 Sept.20
Extra
$134 Oct. 1 Sept. 3
Philadelphia Co.. $6 cum. pref. (quar.)
$11I Oct. 1 Sept. 3
$5 cum. preferred (quar.)
50c Oct. 1 Sept. 10
Philadelphia Electric Power 8% cum. pref.(qu.)
Oct. 10 Sept.30
$2
Philadelphia & Trenton RR. (quse.)
50c Oct. 10 Sept.30
Phoenix Finance Corp..8% pref. (quar.)
50c Jan 1036 Dec. 31
8% preferred (auarterlY)
7%% Sept. 17
Pinchin. Johnson & Co.(interim)
11
Name of Company
Pioneer Gold Mines (quar.)
Pittsburgh Bessemer & Lake Erie (s-a)
Pittsburgh Ft. Wayne & Chicago By. (quar.)....
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (quar.)
Pollock Paper & Box Co., pref.(qua?.)
Preferred (quarterly)
Ponce Electric, 7% preferred (quarterly)
Power Corp.of Can.. Ltd.,6% cum.pref.(qu.).
6% non-cum. preferred 'guar.)
Pressed Metals of America
Procter & Gamble, extra
5% preferred (quar.)
Proprietaries Mines, Ltd
Publication Corp.7% orig. pref. (qua?.)
1st preferred (quar.)
Public Service Co.of New Hampshire
$6 preferred (quarterly)
$5 preferred (quarterly)
Public Service Corp.of N.J.,corn.(quar.)
$5 preferred (qua?.)
69' preferred (monthly)
7% preferred (qua?.
87 preferred (quar.
Public Service Co. of Okla.7% pr.lien stk.(qu.)
69' prior lien stock (quar.)
Public Service Electric & Gas
7% preferred (qua?.)
$5 preferred (quar.)
Quaker Oats (qua?.)
Extra
Preferred (guar.)
Queens Borough Gas & Elec. Co.
6% cum. preferred (quar.).,
Radio Corp. of America"A' pref.(guar.)
Rapid Electrotype
Raybestos-Mannattan, Inc
Reading Co., 1st preferred (quarterly)
2nd preferred (quarterly)
Reeves (Daniel) (quar.)
Reeves (D.), Inc.(qua?.
614% preferred (quar.
Reliance Grain, preferre (qua?.)
Reno Gold Mines, Ltd.(guar.)
Reynolds Metals Co.,534% cum. pref. (quar.)_
Reynolds Spring (quar.)
Rike-Kumler (quarterly)
Rice-Stix Dry Goods, 1st & 2d pref. (quar.)
Rich's, Inc.. preferred quarterly)
Riverside Silk Mills class A
Class A (quar.)
Rockville-Willimantic Lighting Co
7% preferred A & B (quar.)
6% preferred. C,D & E (quar.)
Ruberoid Co.(quar.)
Ruud Mfg. Co.(quar.)
Quarterly
Safety Car Heating & Lighting
St. Joseph Lead Co
St. Louis Rocky Mountain & Pacific RR.Co.
Preferred (quarterly)
San Carlos Milling (monthly)
Sandusky Bay Bridge Co.,7% pref.(guar.)._
Han Francisco Remedial Loan Assn. (ouar.)---San Joaquin Lt.& Pow.6% pf. A & B (quar.)
7% preferred A (quarterly)
7% prior preferred (qua?.)
Schiff Co.'common (quar.)
Preferred (quar.)
Scott Paper Co., common (quar.)
Seaboard Oil of Delaware (quar.)
Extra
Second Twin Bell Syndicate (monthly)
Selected American Shares (semi-ann.)
Semi-annually
Scranton Electric, $6 preferred quarterly)
Senior Security, Inc. (quar.)
Servel, Inc., 7% preferred (guar.)
Shattuck (Frank G.) (quarterly)
Sioux City Stockyards Co.$134 Part pref(quar.)
Siscoe Gold Mines (quar.)
Socony-Vacuum Oil Co
South Carolina Power Co.. $6 pref. (quer.)Southern Acid & Sulphur Co., 79' pref.(quar.)_
Southern & Atlantic Teleg. gtd. (serni-ann.)_ _ _ _
Southern California Edison Co., Ltd
Preferred A (quarterly)
Preferred B (quarterly)
Southern Canada Power Co.
69' cum. panic. preferred (quar.)_
Southern Colorado rower Co.,7% pref.(quar.)_
Southern Pipe Line Co
South Penn Oil
South Porto Rico Sugar Co. common (quar.)_ _ _
Preferred (quar.)
Southwestern Light dr Power preferred
Southwest Portland Cement (quar.)
Preferred (qua?.)
Spang, Chalfant & Co.,Inc.. preferred
Sparta Foundry Co. (quarterly)
Extra
Spencer Kellogg & Sons,Inc
Standard Brands (quar.)
$7 cum preferred (quar.)
Standard Coosa-Thatcher 7% preferred (qua?.)
Standard 011 Co.of Calif
Standard Oil of Indiana (quay.)
Standard Oil Co.(Ohio). 5% preferred
Standard Oil of Kentucky (quar.)
Starrett (L. S.)
Preferred (quarterly)
Sun Oil Co., common
Swift & Co.(quar.)
Sylvania Industrial Corp., extra
Sylvania Industrial Corp.(qua?.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Took-Hughes Gold Mines
_
Tennessee Electric Power, 5% pref.(quar.)...
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
7.2%, preferred (monthly)
Texas Corp (quar.)
Texas Gulf Sulphur (guar.)
Texon Oil & Land Co., common (quar.)
Tex-O-Kan Flour (quar.)
Quarterly
Quarterly
Thatcher Mfg
Todd Shipyards
Triplex Safety Glass (annual)
Underwood Elliott Fisher Co.,common
Preferred (quar.)
Union Carbide & Carbon Corp
Union Pacific,common
Preferred (s.
-a.)
Sept. 7 1935
Per
Share
When Holders
Payable of Record
r20c
750
$1 14
$151
S114
$131
Oct. 1 Sept. 3
Oct. 1 Sept. 14
Oct. 1 Sept.10
Jan.2 '36 Dec. 10
Oct. 8 Sept. 10
Jan.7 '36 Dec. 10
WM
161q
El
51
114%
114%
1214c
250
$1
,714
Dec. 1 Nov. 20
Sept.15 Sept. 1
Dec. 15 Dec. 1
Oct. 1 Sept.14
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct. 1 Sept. 16
Sept.25 Aug. 30
Sept.14 Aug. 23
SP Oct. 1 Sept. 20
$131 Sept.16 Sept. 5
$11
13
$
60c
$131
SOc
$114
$2
$11y,
$1.X
se .1.6 Aug
Sel 3 A ug:
epp ..
Sept. 3
Sept.30 Sept. 3
Sept.30 Sept. 3
Sept.30 Sept. 3
Sept.30 Sept. 3
Oct.1 Sept. 20
Oct. 1 Sept. 20
pt.
Sept.30 Sept.
Sept.30
Oct. 15 Oct.
$1 Oct. 15 Oct.
$145 Nov.30 Nov.
ag
$
3
3
1
1
1
$135 Oct. 1 Sept. 16
Oct. 1 Sept. 4
Sept.15 Sept. 1
Sept.14 Aug. 30
50c Sept.12 Aug. 22
50c Oct. 10 Sept.19
1235c Sept. 16 Aug. 31
12310 Sept.15 Aug. 31
Sept. 15 Aug. 31
Oc
11%
250
up
c
$114
25c
250
3161
$13
h25c
25c
SC•14 Aug. 81
O . 1
ePct
Oct. 1 Sept.16a
Sept.29 Sept.15
Sept. 11 Aug. 26
Oct. 1 Sept. 15
Sept.30 Sept. 15
Oct. 1 Sept. 15
Oct. I Sept. 15
$114
$114
25c
100
10c
$1
10c
Oct. 1
Oct. 1
Sept. 14 Aug. 31
Sept. 16 Sept. 6
Dec. 16 Dec. 6
Oct. I Sept. 14
Sept.. 20 Sept. 9
$11(
200
%
75c
in%
$114
$114
50c
3114
45c
15c
10c
200
2.1c.
e2%
$114
30c
$114
6c
3734c
Sc
15c
5134
$1 31
6234c
Oct. 21 Oct. So
Sept.16 Sept. 3
Oct. 1 Sept.15
Sept.30 Sept. 15
Sept. 16 Aug. 31
Sept. 16 Aug. 31
Sept.16 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept.30 Sept. 16
Sept.15 Aug. 31
Sept.15 Aug. 31
Sept. 16 Aug. 30
Sept.15 Aug. 31
Sept. 15 Aug. 31
Oct. 1 Sept. 3
Sept. 10 Aug. 31
Oct. 1 Sept. 20
Oct. 10 Sept.20
Nov. 15 Nov. 14
Sept. 16 Aug. 31
Sept. 16 Aug. 23a
Oct. 1 Sept. 15
Oct. 1 Sept. 10
Oct. 1 Sept. 14
4331c Sept. 15 Aug. 20
3734c Sept. 15 Aug. 20
134% Oct. 15 Sept. 204
h1% Sept.16 Aug. 31
15c Oct. 3 Aug. 15a
35c Sept.30 Sept. 13
50c Oct. 1 Sept. 11
2% Oct. 1 Sept. 11
50c Oct. 1 Sept. 16
$1 Oct. 1
$2 Oct. 1
h$134 Oct. 1 Sept. 16
25c Sept.30 Sept. 14
25c Sept.30 Sept. 14
40c Sept.30 Sept. 14
200 Oct. 1 Sept. 5
5131 Oct. 1 Sept. 5
$114 .Oct. 15 Oct. 15
250 Sept. 16 Aug. 15
250 Sept. 16 Aug. 16
$114 Oct. 15 Sept. 30
250 Sept. 14 Aug. 30
25c Sept.30 Sept. 14
$134 Sept.30 Sept. 14
250 Sept.16 Aug. 26
b234c Oct. 1 Sept. 1
250 Sept. 14 Sept. 5
25c Sept. 15 Sept. 5
Sc Sept.30 Aug. 24
50c Sept.30 Sept. 10
50c Sept.30 Sept.10
10c Oct. 1 Sept. 10
$1.25 Oct. 1 Sept.14
51.50 Oct. 1 Sept.14
$1.75 Oct. 1 Sept.14
$1.80 Oct. 1 Sept.14
50c Oct. 1 Sept.14
600 Oct. 1 Sept.14
250 Oct. 1 Sept. 6
50c Sept.16 Sept. 3
15c Sept.30 Sept. 10
15c Oct. 1 Sept. 14
150 Jan 2'36 Dec. 14
15c Apr2'36 Mr14 '36
25c Oct. 1 Sept. 14
50c Sept.20 Sept.5
3s Sept.28 Aug. 28
50c Sept.30 Sept.12a
$114 Sept.30 Sept. 12a
400 Oct. 1 Sept. 6
$134 Oct. '1 Sept. 4
$2 Oct. 1 Sept. 4
Volume 141
Financial Chronicle
Per
Share
Name of Company
iited Biscuit of America, preferred (quar.)____ $1(
dted-Carr Fastener
25c
dted Elastic Corp. (quar.)
10c
dted Gas & Electric Corp., preferred (quar.)
1 h%
dted Gas Improvement (guar.)
25c
Preferred (quar.)
51K
dted Dwood,preferred (quar.)
51.75
rifted Light & R.Co. (Del.)—
7% preferred (monthly)
58 1-3c
6.36% preferred (monthly)
53
6% preferred (monthly)
50c
ilted New Jersey RR.& Canal(quar.)
$214
iited Profit Sharing preferred (s.
-a.)____
50c
dted States Foil Co., corn. cl. A & B
15c
Preferred (quarterly)
$1 X
Ated States Gypsum (guar.)
25c
Extra
25c
Preferred
$1 X
dted States Industrial Alcohol (quar.)
50c
'Red States & International Securities—
$5 1st preferred (resumed)
50c
dted States Petroleum (semi-annually)
lc
sited States Pipe & Fdy Co.. common (quar.)_ 12c
Common (quar.)
12c
lit preferred (quar.)
30c
let preferred (quar.)
30c
ilted States Playing Card (guar.)
25c
Extra
25c
averse' Products
40c
non.Michigan Power & Lt.Co 67 pf.(qu.)- 5134
5% preferred (quarterly)
$134
nessit Metal Cap 8% preferred
h$1
hat Clinton & Binghamton RY.—
Debenture stock (semi-ann.)
5234
UIice Chenango & Susquehanna Vali. RR.(s.
$3
-a.)
Vicksburg Shreveport & Pac. Ry.Co.(semLann.) 11234
Preferred (semi-ann.)
$254
VIctor Equipment preferred
(0)
Victor-Monaghan Co.7% pref. (quar.)
$1 5i
Viking Pump Co.$2.40 pref.(quar.)
60c
V rginia Electric & Power.$6 pref.(quar.)
$134
V rginia Public Service.7% pref.(quar.)
$1
6% preferred (quarterly)
5134
V rtex Cup (guar.)
3734c
Class A (quar.)
6234c
lean Detinning. preferred (quar.)
1M %
agner Electric Corp., pref.(quar.).
51%
aldorf System, Inc., common (quar.)
12 c
ard Baking Corp., preferred
c
w.
(men RR.,guaranteed (semi-ann.)
$1
ashington Ry. & Electric (Jo. 5% pref. (qu.). $134
5% preferred (5.-a.)
5234
ashington Water Power $6 pref.(quar.)
$1
raison Oil St Snowdrift Co., Inc., corn.(quar.)_ 1234c
Extra
8736c
el 1/
not Tarnaly Ar Anaohn... An f.. ... •
When Holders
Payable of Record
Nov. 1 Oct. 15
Sept. 16 Sept. 5
Sept.24 Sept. 6
Oct. 1 Sept. 16
Sept.30 Aug. 30
Sept.30 Aug. 30
Oct. 1 Sept.13
Oct. 1 Sept.16
Oct. 1 Sept.16
Oct. 1 Sept. 16
Oct. 10 Sept. 20
Oct. 31 Sept. 30
Oct. 1 Sept. 16a
Oct. 1 Sept. 16a
Oct. 1 Sept. 13
Oct. 1 Sept. 13
Oct. 1 Sept. 13
Oct. 1 Sept.16
Sept.10 Sept. 3
Dec. 15 Dec. 5
Oct. 20 Sept.30
Jan.2036 Dec. 31
Oct. 20 Sept.30
Jan.2036 Dec. 31
Oct. I Sept.20
Oct. 1 Sept.20
Sept.30 Sept. 20
Nov. 10 Oct. 31
Feb.10'35 Jan. 31
Oct. 1 Sept. 16
Dec. 26 Dec. 16
Nov. 1 Oct. 15
Oct. 1 Sept. 9
Oct. 1 Sept. 9
Aug. 14
Oct. 1 Sept. 20
Sept .15 Sept. 1
Sept.20 Aug. 30
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. 14
Oct. 15 Oct. 4
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Sept.14 Aug. 23
Oct. 1 Sept. 14
Oct. 1 Sept. 14
IA
1 ....• I 'II T,NA.
.
•
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, AUG. 31 1935
Cleating House
Members
Surplus and
Undivided
Profits
• Capital
Bank of N. Y.& Tr. CoBank of Manhattan Co-National City Bank-Chemical Bk.& Tr. Co-Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk.& Tr.
Corn Exch. Bk Tr. CoFirst National Bank
Irving Trust Co
Continental 13k.&Tr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co..
Marine Midland Tr. Co.
New York Trust Co-Comm'l Nat. Bk. & TrPub. Nat. Bk.& Tr. Co.
Totals
Net Demand
Deposits,
Average
$
$
$
6,000,000
126,448,000
10,564,300
342,620,000
20,000,000
25,431,700
127,500,000
41,898.100 a1,184,629,000
48,725,100
385,725,000
20,000,000
90,000,000 177,067,100 61,271,356,000
335,153,000
32,935,000
10,297,500
663,805,000
21,000,000
61,523,900
15,000.000
16.538,000 197.375,000
439,744,000
10,000,000
90,301,700
473,034,000
50,000,000
57,918,100
4,000,000
34,048,000
3,689,000
150,270,000
70,850,900 c1,891,381,000
42,822,000
500,000
3,438,900
83,318,100 d744,955,000
25,000,000
15,422,000
10,000,000
7,957,900
66.745.000
5.000,000
7,789,700
277,954,000
12,500,000
21,361,500
58.166,000
7,000,000 ' 7,682,400
58,262,000
8,250,000
5,272,500
AM nrk
nnn
,21 ROA AAA
A
An? AAA
rinn
37,453,000
273,000
3,345,000
20,180,000
1,874,000
38,666,000
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 Aug. 30:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. AUG. 30 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Manhattan—
S
Grace National
22,170,000
Trade Bank of N. Y_ 4,601,806
Brooklyn-People's National
4.551.000
8
89,700
162,011
$
2,366,300
777,741
as nun
771.000
Gross
Deposits
$
$
995,900 21,992.500
70,881 4,046,503
481(100
sass nnn
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
TCInam County
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos
$
$
$
47,552,100 *11,708,000 8,773,800
7,177,336
203,692
778,946
10,463,435
*547,990
382,485
19,379,500 *3,058,100
720,900
28,619,500 *7,926,100 1,023,700
65,138,104 18,449,643 18,886,011
When Holders
Payable of Record
West Kootenay Power & Lt. pref. (quar.)
$1% Oct. 1 Sept. 20
10c Sept. 15 Aug. 31.
Westland Oil Royalty Co., class A (mo.)
30c Oct. 1 Sept. 14
Westmoreland, Inc. (quar.)
Westmoreland Water Works $6 pref.(quar.)
Si )oi Oct. 1 Sept. 20
West Virginia Water Service, $6 preferred
h$13 Oct. 1 Sept. 16
h50c Oct. 1 Sept. 12
Wheeling Steel, preferred
Oct. 1 Sept.20
$1
Whitaker Paper,7% preferred (quar.)
Whitman (Win.), preferred
Sept. 16 Aug. 31
h$1
Oct. 1 Sept. 24
Wilton RR. (semi-ann.)
Wisconsin Michigan Power,6% pref.(quarterly) 51% Sept.16 Aug. 31
558 1-3c Sept. 16 Aug. 31
Wisconsin Power & Light 7% preferred
h50c Sept. 16 Aug. 31
6% preferred
Wisconsin Public Service Corp.—
873c Sept.20 Aug. 31
7 cum. preferred
6 % cum. preferred
81 C Sept.20 Aug. 31
75c Sept.20 Aug. 31
6% cum. preferred.
25c Oct. 1
Wiser Oil (quarterly)
50c Sept.30 Sept.20
Worcester Salt
10c Oct. 1 Sept. 10
Wright
-Hargreaves Mines. Ltd. (quar.)
5c Oct. 1 Sept. 10
Extra
25e Oct. 1 Sept.20
Wrigley(Wm.)Jr. Co.(mthly.)
15c Oct. 1 Sept. 10
Yale & Towne Mfg. Co
50c Oct. 15
Zions Cooperative Mercantile Ins. (guar.)
a Transfer books not closed for this dividend
c The following corrections have been made:
e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. 5 Payable in preferred stock.
m Blue Ridge Corp.(opt. $3 cony. pref., ser. 1929) 1-32d of one share of
cora, stock, or at the option of holder, 75 cents cash. Holders desiring
cash must notify the corporation on or before Aug. 15.
o Payable in preferred stock and is on account of accumulations. Payment clears up all arrears, which amount to $6.75 a share on Victor Equipment.
p Electric Shareholding, pays 44-11)00ths of oneshare of common stock
or at the option of the holder, 5134 cash.
a Proprietaries Mines Ltd., div. in stock of one sh. of Omega Gold Mime.
Ltd., for each share 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 coin.
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. to Less depositary expenses.
. Ian. +a, I/ A rintl.r.1.1nn Itna hnnn mastn fn. arrtartnan
T
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. 4 1935,
in comparison with the previous week and the corresponding
date last year:
Sept. 4 1935 Aug. 28 1935 Sept. 5 1934
Assets—
$
5
Gold certificates on hand and due from
2,738,651,000 2,760,148,000 1,678,498,000
U. S. Treasury.:
786,000
Redemption fund—F. R. notes
1,046,000
1,084,000
43,283,000
48.474,000
52,744,000
Other cash'
2,782,720,000 2,809,668,000 1.732,326,000
Total reserves
Redemption fund—F. R. bank notes_
1,648,000
Hills discounted:
Secured by U. S. Govt. obligations
2,820,000
2.499,000
direct & (or) fully guaranteed
2,920,000
Other bills discounted
3,629,000
11,540,000
3,007,000
Total bills discounted
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
6,449,000
5,927,000
14,039.000
1,802,000
6,965,000
1,800,000
6,985,000
1,952,050
81,000
98,940,000
495,554,000
149,824,000
98,412,000 165,749,000
492,016,000 411,807,000
148,890,000 200,199,000
744,318,000
739,318.000 777,755.000
Total bills and securities
759,534,000
754,030.000
793,827,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
255,000
3,515,000
110,798,000
11,977,000
34,807,000
258,000
6.670.000
102,923,000
11.977,000
34,027,000
1.193,000
4,641,000
98,074,000
11,468,000
51,122,000
500on9nAn
• As per official reports: National, June 29 1935: State, June 29 1935: trust
companies, June 29 1935.
Includes deposits in foreign branches: a $208,675,000; 5 $72,284,000; c $63,978,000; d $21,921,000.
Other Cash, Res. Dep., Del. Other
Loans,
,
Disc. and
Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Per
Share
Name of Company
Time
Deposits,
Average
$
5,830,000
32,228,000
147,515,000
16,680,000
50,216,000
95,158,000
18,912,000
20,202,000
4,210,000
1,473,000
2,933,000
53,844,000
1549
Gross
Deposits
$
$
2,616,600 58,743,200
1,862.580 8,286,369
62,697 9,338,602
451,700 18,703,200
34,715,900
73,668,512
Total U. S. Government securities_
Other securities
Foreign loans on gold
Total assets
3,703,606,000 3.719,553,000 2,694,299,000
LOabit
(Its,—
F. R. notes in actual circulation
738,871,000 718,294,000 661,485.000
F. It. bank notes in actual circulation net
30,529.000
Deposits—Member bank reserve acc't__ 2,534,909,000 2,605,564,000 1,583,595,000
U. S. Treasurer—General account__
53,505,000
51,679,000
10,255,000
7,323,000
7,066,000
4.121,000
Foreign bank
Other deposits
127,249,000 146,552,000 125,557,000
Total deposits
Deferred availability its=
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,721,160,000 2,769,437.000 1,766,778,000
114,232,000 101,935,000
96,745,000
57,443,000
59,498,000
59,518,000
49,964,000
49,964,000
45,217,000
6,957,000
8,863,000
7,500,000
7,500,000
4,737,000
7,479,000
6,062,000
29.290,000
Total liabilities
3,703,606,000 3,719,553,000 2,694,299,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
80.4%
80.6%
71.3%
Contingent liability on bills purchased
for foreign correspondents
231,000
Commitments to make industrial advances
9,720,000
9,738,000
15,000
•"Other cash" does not include Fade al Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from um
29.:4s0ss2
'
cents to 59.06 cents, these certificates being worth less to the extent of the dif* Includes amount with Fetters Reserve as follows: Empire, $10,476,000; Fiduference: the difference itself having been appropriated as profit by the Treasury
lary, $295,121; Fulton, 52,856,800; Lawyers County, 57.203,100.
under the provisions of the Gold Reserve Act of 1934.
79,531,000
2.472.000 27,974,000
9200115c A AAR 5141
86,000 101,047,000
IA 202 1,12Q
•
Financial Chronicle
1550
Sept. 7 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Sept. 5 showing the condition of the
twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT.4 1935
Sept. 4 1935 Aug. 28 1935 Aug. 21 1935 Aug. 14 1935 Aug. 7 1935 July 31 1935 July 24 1935 July 17 1935 Sept. 5 1934
$
3
$
$
S
ASSETS
$
$
$
$
Goldoni'. on hand & due from U.5.Treaa.1 6,481.634,000 6,482,231,000 6,441,613,000 8,365.767,000 6,288,615.000 6,224,116.000 6,226,004,000 6,226,200,000 4,960,078,000
23,889,000
21,746,000
20,047,000
21,829,000
21.546.000
20,407,000
21,588,000
20,705,000
21.527,000
Redemption fund (F. R. notes)
206,401,000 227,124,000 227,630,000 236,987,000 238,926,000 269,230,000 265,497,000 251,848.000 209,113,000
Other cash •
6,708,082.000 6,729,762,000 6,689,848,000 6.624.281.000 8,549,129.000 6.515,175.000 6.513,247,000 6.499,594,000 5,193,080,000
Total reserved
1,898,000
Redemption fund-F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
6,088,000
4,620,000
3,646,000
3,460,000
2,726,000
3.427,000
2,950,000
3.350.000
3,432,000
3,138,000
3,083,000
3,026.000
3.608.000
3,057.000
6.492,000
17,145,000
10,708,000
9,409,000
7,106,000
6,153,000
6,300,000
6,570,000
6.109,000
6,665,000
23,637,000
4,685,000
29,430,000
Total bills discounted
Bills bought in open market
Industrial advances
5,423,000
3,986,000
4,685,000
29,447,000
4,695,000
29,284,000
4.693.000
29,147,000
4,685,000
29,096,000
4,687,000
28,354,000
4,676,000
28,358,000
4,679,000
28,268.000
5,219,000
922,000
290,230,000 290,316,000 290,255,000 290,213,000 290.297,000 292,212,000 292,214,000 292.222,000 467,848,000
1,622,752,000 1,618,354,000 1,602,284,000 1.597.783,000 1,583,826.000 1.569,963,000 1,564,987,000 1,543,136,000 1,303,369,000
517,231,000 521,661,000 537,701,000 542,209,000 556.209,000 568,034.000 573.034.000 594,889,000 660,592,000
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
000
2,430,213,000 2,430,331,000 2.430,240,0002.430.205.000 2,430,332,000 2,430,209,000 2,430,235,000 2,430,247,000 2.431,809.
.
356,000
Total U. S. Government securities
Other securities
Foreign loans on gold
2,475,036,000 2.473,872,000 2,471,325,000 2,470,198,000 2,470,413,000 2,469,820,000 2,469,378,000 2,469.859.000 2,461,943,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other bank*
Uncollected Items
Bank premises
All other assets
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
637.000
18,484,000
19.771,000
530,511,000 443,728,000
49,965,000 49,908.000
45,717.000
44,577,000
635,000
17,127,000
455,435,000
49,904,000
047,516,000
3,127,000
643,000
646,000
17.539,000
18,977,000
22,075,000
459.960,000 543,628,000 436,531,000
52,803,000
49.904,000. 49,904.000
66,582,000
46,230,000
45.325,000
9,792,090,000 9,765,051,000 9,755,108,000 9,739,787.000 9,578.163,000 a9,555,612.000 9.558.342.000 9.631,028,000 8,233,503,000
Total assets
LIABILITIES
F. R. notes in actual circulation
F.IL bank notes In actual circulation
3,413,933.000 3,352,057,000 3.340,983,000 3,321,026,000 3,303,113,000 3,261,622,000 3,242,240,000 3,258,418,000 3,149,659,000
31,432 0
,00
Deposits-Member banks' reserve account 5,228,147,000 5,346,437,000 5,291,497,000 5,254,282,000 5,114,722,000 5,099,616,000 4,944,603,000 4,924,402,000 3,907,169,000
49,877,000
U. S. Treasurer-General account-- -- 103,062,000
53,724,000
33,798,000 112
.811.000 125,981,000 282,077,000 250,869.000 162,988,000
11,710,000
19,122,000
19,859,000
22,802,000
25,258,000
24.656.000
23,995,000
23,288.000
Foreign banks
22,053,000
173,287,000 193,429,000 207,161,000 226,588,000 231,342,000 229,553,000 239,827,000 277,405.000 191,180,000
Other deposits
5 524,355,000 5,608,865,000 5,575,184,000 5,538,663,000 5,480,928,000 5.478,438,000 5.491,765.000 5,477,332,000 4,273,047,000
Total depossIte
498,126,000
144,663,000
144,893,000
22,824,000
30,777,000
12,519,000
Deferred availability items
Capital paid in
Surplus (Seniors 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
447,201,000 483,442,000 524.540,000
146,741,000 146,730,000 146,665,000
144,893,000 144,893,000 144,893,000
22,621,000
22,621,000 22,621,000
30,775,000
30,782,000
30,776,000
11.898,000
10,597,000
10,479,000
438.997.000
146,655,000
144,893,000
22.621.000
30,782,000
10,174.000
460,873,000
146,647,000
144,893,000
21,572,000
30,781,000
al0,786,000
469,872,000 542,264,000 434.944,000
146,630,000 146,608,000 146,554,000
144.893.000 144,893,000 138,383,000
21.287,000
21.288,000
22,453,000
30,780,000
30,780,000
37,031,000
9,445,000
10,875,000
1,792,090,000 9,765,051,000 9.755.108.000 9.739.787,000 9,578,163,000 a9.555.612.000 9.558,342,000 9,631.028,000 8,233,503,000
Total liabilities
Ratio of total reserves to deposits ans
F. R. note liabilities combined
Contingent liability on bills purchased fos
foreign correspondents
.
75.0%
75.1%
75.0%
74.8%
74.6%
74.5%
74.6%
74.4%
70.0%
579,000
26,619,000 a 26,303,000
24,781,000
23,981,000
23,529,000
23,022,000
22,197,000
21.896.000
491,000
$
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
148,000
$
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
$
4,071,000
55,000
1.301,000
479,000
203,000
$
4,796.000
98,000
594,000
971,000
206,000
$
21,320,000
725,000
676,000
864,000
52,000
10,708,000
9.409,000
7,106,000
6,153,000
6.300.000
6,570,000
6,109,000
6.665,000
23,637,000
698,000
1-15 days bi Is bought in open market .
1,571,000
16-30 days bills bought in open market
470,000
31-60 days bills bought in open market-.
1,946,000
61-90 days bills bought In open market.Over 90 days bills bought in open markei
Total bills bough In open market
4,685,000
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
2,502,000
632,000
567,000
975,000
2,356,000
633,000
638,000
1,052,000
406,000
192,000
765,000
3,856,000
4.685,000
4,695,000
4.693,000
4,685,000
4.687,000
4,676,000
4.679,000
5,219,000
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
481,000
1,779,000
24,745,000
1,178,000
184,000
469,000
1,762,000
24,765,000
1.288,000
104,000
492,000
1,609,000
24,775.000
3,000
1,000
9,000
59,000
850,000
29,447,000
29,284,000
29,147,000
29,096,000
28,354,000
28,358,000
Commitments to make industrial advance
Maturity Distribution of Bills and
Short-ierm Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days industrial advances
16-30 days industrial advances
31-60 days Industrial advances
1-90 days Industrial advances
Over 90 days industrial advances
1,367,000
464,000
1,607,000
631,000
25,361,000
29,430,000
28.268,000
922,000
40.614,000
52.407.000
43,023,000
32,260,000
44,853,000
31,870,000
1-15 days U. S. Government securities
20,163,000
24,930,000
32,260,000
31,870,000
40,614.000
24.930,000
60,419,000
16-30 days U. S. Government securities
27,463,000
20,163,000
30,800,000
52,393.000
50.963.000
52.033.000
57,190,000
55,066,000
31-60 days U. S. Government securities
105,333,000 112,318,000 109,576,000
36.985.000
51,360,000 103.930,000 109,344,000 115,812,000 109,072,000 105.834,000
61-90 days U. S. Government securities..
43,860,000
,000 2,171,951,000
Over 90 days U.S. Government securities- 2,230,057,000 2,229,635,000 2,217,271,000 2.214,019,000 2,197,541,000 2377,337,000 2,185,495
23,022,000
64,515,000
112,310,000
69,815,000
390,930,000
2,430,213,000 2,430.331.000 2.430,240,000 2,430.205,000 2,430,332,000 2,430.209,000 2,430,235,000 2,430.247.000
660,592,000
Total Industrial advances
Total U.S. Government securities
356,000
1-15 dais municipal warrants
16-30 dais municipal warrants
31-60 dais municipal warrants
61-90 de]s municipal warrants
Over 90 hays municipal warrants
356,000
Total :nunicipal warrants
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent
Held by :eederal Reserve Bank
3,668,840,000 3,631,472,000 3,616,100,000 3.601,173,000 3,575,446,000 3,832,140.000 3,540,798,000 3.548.339,000 3,416,357,000
254,907,000 279,415,000 275,117,000 280,147,000 272,333,000 270,518,000 298,558,000 289,921,000 266,698,000
In actual circulation
3.413,933.000 3,352.057,000 3,340,983,000 3,321,026.000 3,303.113,0003.261.822.000 3,242,240,000 3,258,418.000 3.149,659,000
---Collatnal Held by Agent as Security for
Notes Issued to Bank
(Iola etre. on hand & due from U.S. Treas. 3.489,438,000 3,436,984,000 3,443,914,000 3,410,899,000 3,399,339,000 3,389.839 000 3,398,839,000 3.420,339.000 3,145,156,000
13,120,000
4.627,000
5.174,000
5.090.000
7,940,000
5,638.000
4.683 000
4,826.000
By eligible paper
9,247,000
U. S. Government securities
209,400,000 218,500,000 207,000,000 230.000,000 222.400,000 205,600,000 201,000,000 175,000.000 296.000,000
Total collateral
st
700 ASA
nnn 3.663.424.000 3.656.552.000 3.645.572.00013.626.565.000 3.599.929,000 3.604.466,000 3.600.513,000 3,454,276,000
a Revised figures.
•"Other cash" dow not include Federal Reserve timer.
C These are certificates given by the O. S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.08 cents
on Jan. tit 1934. these certificates being worth less to the extent of the difference, the difference itself /caving been appropriated as profit by the Treasury under the
provlein).. or the Gold Reserve 401 of 1934.
1551
Financial Chronicle
Volume 141
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 4 1935
Two Csyhers (00) Omitted
Federal Reserve Bank of
-
Ness York
Boston
Total
Clemiand Richmond Atlanta
Phila.
Chicago
Si. Loses Ifinneap Kan. City
Dallas
San Fran.
RESOURCES
$
$
$
$
$
$
$
$
$
3
$
$
s
Gold eertificated on hand and due
from U. El. TreasurY
8,481.834,0 433,655,0 2,738,651,0 307,754,0 450,903,0 206,633,0 152,831,0 1,210,570,0 179,881,0 134,508,0 188,591,0 98,788,0 381,039,0
Redemption fund-F.R. notes
788,0 1,930,0 1,296,0
20,047,0 3,488,0
1,285,0 3,068,0
1,411,0
1,022,0
482,0 1,043,0
808,0 3,450,0
Outer each-5
43,283,0 29,053.0 11,342,0 8,316,0 8.288,0
25,136,0 11,309,0 11,656,0 11,532,0 5.928,0 12,288,0
206,401,0 28,296,0
Total reserved
Bills discounted
Earti. by U. S. Govt. obllgatio
direct &(or) fully guaranto
Other bills discounted
8,708,082,0 465,439,0 2,782.720.0 338,737,0 463,541,0 216,234,0 164,235,0 1,237,117.0 192,012,0 148,828,0 199,106,0 105,500,0 396,755,0
8,088,0
4,620,0
_
2,820,0
3,629,0
10,708,0
Total bills discounted
BIM bought In open market...
Industrial advances
U. d. Government securities:
Bondi
Treasury notes
Certificates and bills
1,945,0
8,0
1,953,0
8,449,0
4,685,0
29,430,0
345,0
2,897.0
1,802,0
6,965,0
290,230,0 17,279,0
1,622,752,0 108,481,0
51/,231,0 33.917,0
Total U. S. Govt.securitiee 2,430,213,0 157,677,0
244,0
22.0
277,0
30,0
384,0
286,0
307,0
112,0
475,0
3.876,0
445,0
1,751,0
173,0
4,580,0
189,0
1,053,0
319,0
85,0
8,0
106,0
89,0
113,0
194.0
458,0
82,0
182,0
852,0
237,0
84.0
2,102,0
126,0
1,145,0
122,0
1,830,0
328,0
811,0
94,0
10,0
104,0
558,0
1,973,0
82,0
80,0
447,0
120,0
117,0
98,941,0 20,005,0 23,032,0 12,330,0 9,992,0
33,547,0 11,378,0 14,194,0 11,452,0 17,023,0 21,057,0
495,513,0 119,579,0 147,888,0 79.169,0 83.903,0 237,309,0 73,653,0 48,872,0 72.347,0 45,090,0 135,208,0
149,824,0 37,538,0 47,105,0 25,217,0 20,354,0 84,833,0 23,289,0 14,703,0 23,045,0 14,362,0 43,068,0
Due from foreign banks....
•
Fed. Res. notes of otner banks.,. •
Uncollecteditems
•
Bank premises
All other resources
Total resources
744,318,0 177,120,0 218,025,0 118,716,0 94,249,0
355,689,0 108,200.0 75,569,0 106,844,0 76,475,0 199,331,0
2,475,038,0 162,872,0
Total bills and securities
759,534,0 181,855,0 220.487,0 121,778,6 95,583,0
358,218,0 108,831,0 77,797,0 108,297,0 79,079,0 200,707.0
48.0
640,0
349,0
17,077,0
493,980,0 48,894,0
49,999,0 3,188,0
47,276,0
575,0
255,0
88,0
24,0
81,0
23,0
3,515,0
488,0
926,0 1.274,0
785,0
110,798,0 35,431,0 48,019,0 45,522,0 17.801,0
11,977,0 4,692,0 6,832,0 3,028,0 2,331,0
34,807,0 4,201,0 1,615,0 1,163,0 1,827,0
3,0
170
4,0
17,0
45,0
77,0
2,358.0 1,230,0
345,0 2,588,0
1,452.0 1,810,0
67,416,0 24,713,0 18,141,0 32,198.0 21,396,0 26,053.0
4,980,0 2,828,0 1,580,0 3,449,0 1,885,0 3,869.0
488,0
545,0
914,0
272,0
314,0
776,0
9,792,090,0 879,145,0 3,703,608,0 665,450.0 741,280,0 389,021,0 282,185.0 1,870,921.0 329,890,0 246,144,0 345,249,0 208,938,0 630,483,0
LIABILITIES
V, R. 110t68 In actual circulation • 3,413,933,0 295,407,0
I
738,871.0 246.629,0 328,049,0 163,598,0 138,077.0 811,995,0 144,994,0 102,646,0 129,643,0 64.457,0 249.569,0
Deposits:
•
Member bank reserve account. 5,228,147,0 305,093.0 2,534,909,0 240.385,01320,414.0 159,088,0 103,557,0 736,355,0 129.509,0 107,281,0 171,093,0 107,580,0 307,905,0
U. S. Treasurer-Clen, scat... 103,062,0 1,955,0
51.879,0 6,932,0 9,749,0 1,721,0
1,353,0
4,169,0 11,863,0 2,289,0 1,207.0 1,914,0 8.231,0
Foreignbank
7.323,0 1,984,0
1,885,0
734,0
714,0
2,302,0
19,859,0 1,428,0
595,0
476,0
516,0 1,389,0
533.0
Other deposits
2,080,0
2,902,0
2.911,0 3,772,0 8,981,0 6,790.0
173,287.0 2,300,0 127,249,0 2,672,0
380,0 1,909,0 13,361,0
Total deposits
. 5.524,355,0 310.776,0 2.721,160,0 251,953,0 334,128,0 184,423,0 113,535,0 746,598,0 148,948,0 118,838.0 173,193,0 111,919,0 330,888,0
Deferred availability Items
Capital paid in
Surplus (Section 7).....
Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
. 498,126,0 47,564.0
144,883,0 10,756,0
144,893,0 9,902,0
22,824,0 2,874.0
•
30.777,0 1,648,0
218,0
12,519,0
114.232,0 32,928,0 47,255,0 45,796,0 18,989,0
57,443,0 15,114.0 13,142,0 5,040,0 4,456,0
49,984,0 13,470,0 14,371,0 5,188,0 5,540.0
8,957,0 2,098,0 1,007.0 3,335,0
754,0
7,509,0 2,995,0 3,000,0 1,411.0 2,801,0
263,0
234,0
7,479,0
328,0
233,0
69.125,0 25,330,0 17.885,0 32,855,0 21,913.0 26,454,0
12,821,0 3,952.0
3,135.0 4,041,0 4,013,0 10,750,0
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
802,0 1,252,0
804,0
5,325,0
891,0 1,169,0
831,0 1,363,0 2,043,0
2,318,0
250,0
242,0
373,0
271,0
312,0
Total liabilities
.9,792,090,0 879.145,0 3,703.606,0 565,450,0 741,280,0 389,021.0 282,185,0 1,670,921,0 329,690,0 246,144,0 346,249,0 208,936,0 630,483.0
Ratio of total res. to dep.& F.
note liabilities combined
79.4
78.8
67.9
75.0
85.3 •
65.9
80.4
70.0
66.8
85.3
59.8
65.8
68.9
Contingent liability on bills pu
chased for Wen eorrespondeo s
Committmente to make Industrt I
advances
. 26,619,0 3,476,0
895.0 1,794,0 1,810,0
9,720,0
520.0 1,940,0
149,0 1,182,0
601,0
448,0 4,084,C
•"Other Cash' does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Fhtla. Cleveland Richmond Atlanta
Total
Boston New York
Federal Reserve notes:
$
$
$
$
S
$
8
Issued to F.R.Bk.by F.R.Agt_ 3,688,840.0 322,646,0 829,261,0 258,991.0 343.496.0 172,256,0 155,577.0
Held by Fed'i Reserve Bank__ 254,907,0 27,239,0
90,390,0 12,382,0 15,447,0 8,680,0 17,500,0
In actual circulation
3,413,933,0 295,407,0 738,871,0246,629,0 328,049,0 163,596,0 138,077,0
Collateral held by Agent an security for notes Issued to Mrs:
Gold certificates on hand and
due from U. El. TreasurF
3,489,438,0 326,617,0 333,708.0 234,000,0 329,440,0 149,000,0 106,685,0
Eligible paper
4,991,0
384,0
266.0
9,247,6 1,953,0
307,0
113,0
U. S. Government securities- 209,400,0
25,000.0 15,000,0 23,000,9 50,000,0
Total collateral
3,708,085,0 328,570,0 838,697,0 259,384,0 344.706.0 172.307,0 156,798,0
Chicago
St. Louts mtnnsay. Kan. City
Dallas
Sanleran.
$
$
$
$
8
$
838,306,0 151,129,0 107,076,0 137,933,0 69,978,0 284,186,0
24,311,0 6,135,0 4,430,0 8,295.0 5.521,0 34,617,0
811,995,0 144,994,0 102,646,0 129,643,0 84,457.0 249,569,0
847,920.0 127.632,0 101,500,0 125,000.0 81,875.0 246,263,0
62,0
652,0
104,0
180.0
235.0
25.000,0 6,400,0 15,000,0 8,000,0 42.000,0
847,920.0 152,738,0 107,982,0 140,180,0 70,327,0 288,498,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
ghe latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY DISTRICTS.
ON AUG. 28 1835
(in Millions of Dollars)
Federal Reserve District-
Total
Loans and Investments--total
B01,013
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Livia Minneay. Kan. City
Dallas
San Fran.
18,533
1,129
8,397
1,072
1,259
343
332
2,170
547
335
605
425
1,919
Loans on secaritles-total
2,899
186
1,701
178
188
49
42
226
59
32
48
41
173
To brokers and dealers:
In New York
Outside New York
To otners
778
152
1,989
5
27
154
755
58
888
13
11
154
3
6
157
1
48
3
39
1
27
198
4
55
1
31
1
3
42
I
40
10
163
Acceptance, and comm'l naper bought
loans on real estate
Other loans
297
948
3,201
38
87
278
132
238
1,338
22
69
174
5
72
143
6
17
75
2
12
103
29
30
317
9
37
98
8
5
111
24
14
121
2
24
112
22
343
333
17. 5. Government direct obligations_
Oblige, fully guar. by U. S. Govt.Other securities
7,310
927
2,951
366
18
188
3,352
389
1,247
270
81
278
649
34
190
109
28
59
100
20
53
1,151
94
323
210
43
91
121
17
43
236
45
119
162
42
42
599
116
338
Reserve with Federal Reserve banks.._
Cash In vault
4,129
305
241
98
2,395
58
162
14
168
20
70
12
45
7
532
46
100
10
65
5
98
12
64
9
189
18
15,952
4,387
518
986
312
32
8,547
1,003
268
823
282
34
789
471
25
239
138
8
216
134
16
2,013
532
39
427
169
14
242
124
5
514
157
11
328
122
20
828
947
50
1,890
4,575
110
205
176
2,121
155
283
131
208
105
109
94
103
320
617
106
187
101
91
233
303
143
137
216
231
Net demand deposits
Time deposits
Government depoalts
Due from banks
Due to banks
Borrowings from F. R. banks
'
Financial Chronicle
1552
United States Treasury Bills-Friday, Sept. 6
Rates quoted are for discount at purchase.
Sinanzial
"
TIIIITIngrri -
Sept. 7 1935
oaf arortirle
BI4
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
12 Mos.
Including Postage815.00
$9.00
United States, U. S. Possessions and Territories
16.50
9.75
In Dominion of Canada
10.75
South and Central America, Spain. Mexico and Cuba--- 18.50
Great Britain, Continental Europe (except Spain), Asia.
20.00
11.50
Australia and Africa
The following publications are also issued:
MONTHLY PUBLICATIONS
COMPSNDITIIISBANE AND 'QUOTATION RECORD
PUBLIC Uxuary-(seml-annually)
MONTHLY }EARNINGS RECORD
RAILWAY & INnuaxaiAL (four a year)
STATE AND MUNICIPAL-(.01RJ ann.)
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
OFFICE-In charge of Fred. H. Gray, Western Representative.
CHICAGO
208 South La Salle Street. Telephone State 0613.
-Edwards & Smith. 1 Drapers' Gardens, London. E.O.
LONDON OFFICE
-On account of the fluctuations In the rates of exchange.
NOTICE.
remittances for foreign subscriptions and advertisements must be made
In New York funds.
WILLIAM B. DANA COMPANY, Publishers,
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Oct. 2 1935
Oct. 9 :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
Dee. 181985
Dec. 24 1935
Dec. 31 1935
Jan. 8 1936
Jan. 15 1936
Jan 22 1936
Asked
Bid
Asked
0.20%
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Feb. 26 1936
Mar. 4 1936
Mar. 11 1936
Mar. 18 1936
Mar.25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
Apr. 29 1936
May 6 1936
May 13 1936
May 20 1936
May 27 1936
June 3 1936
0.15%
0.15%
0.15%
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%
0.20%
0.20%
0.20%
0.20%
0.20%
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%
0.20%
--.....
--- --
Quotations for United States Treasury Certificates of
-Friday, Sept. 6
Indebtedness, &c.
Figures after decimal point represent one or more 32ds of
a point.
William Street. Corner Spruce. New York.
Maturity
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32d8
of a point.
Daily Record of U. S. Bond Prices Aug.31 Sept. 2, Sept.3 Sept.4 Sept.5 Sept.6
{High 101.1
Fourth Liberty Loan
4H% bonds of 1933-38_ Low_ 100.31
(Close 101.1
(Fourth 4J(.)
13
Total sales in $1,000 uni1.1....{High 115.17
Treasury
Low_ 115.17
'3..1947-52
Close 115.17
2
Total sales in $1.000 units.__ .
{High
Low.....
1944-U
is,
Close
Total sales in 51.000 units_ _
-__.105.8
IHItt13
Low_ 105.8
434s-3Mo. 1943-45
Close 105.8
3
Total sales in 51.000 units__
{High 109.12
Low 109.12
1946-56
54s.
Close 109.12
3
Total ales In 51.000 untie__
righ 106.3
Low_ 106
854s. 1948-47
Close 106.3
21
Total sales In 61.000 units._
{High 102.14
Low_ 102.8
.
Ss 1951-55
Close 102.14
21
Total sales in 81.000 units__
(High 102.9
Low_ 102.6
55. 1946-48
Close 102.9
33
Total sales in 11.000 units_
{Milli 106.30
Low_ 106.30
866o, 1940-43
Close 106.30
2
Total sales In $1,000 units.. ---111413
Low..... HOLIMs. 1941-43
Close
---- DAY
.
Thial saki in 51.000 unite_
-.
(High 103 l
Low_ 103.13
5141. 1946-49
Close 103.13
3
Total sales in 81,000 units-(High 103.4
Low_ 103
11545, 1949-52
Close 103.4
22
Total sates in $1.000 units._
(High 107.22
Low. 107.19
1134s. 1941
Close 107.22
36
Total sales in 61.000 units__
'
(High 104.30
Low_ 104.30
lis. 1944 46
3
Close 104.30
1
Total soles in $1,000 units__
{
High 99.28
Low. 99.24
234., 1955-60
Close 99.26
89
Total sates in 61,000 units__
____
Ioderal Farm Mortgage (High
____
Low_
Ms.1944-64
Close
_
___
_
Total sales in 11.000
illIgh
Federal Farm Mortgage units_- 100.23
Low. 100.23
Bs, 1944-49
Close 100.23
10
Total sales in 51,000 units___
Federal Farm Mortgage {High 101
Low_ 101
3s, 1042-47
Close 101
1
Total sales in $1,000 units. __
_
Federal Farm Mortgage III igh
Low.
____
2345, 1942-47
Close
Total :attain 31,000
____
_
Home Owners' Loan
High 100.19
units_35. series A 1941-52.- Low. 100.16
Close 100.18
Total saws .n 4t.060 units___
11
Home Owners' Loan
(High 99.18
IIHs. seem B. 1939-49._ Low.. 99.16
(Close 99.18
24
Total sales in 81,000 units___
101.1
100.22
100.23
958
115.18
115.12
115.12
3
110.19
110.19
110.19
20
105.6
104.30
104.30
161
109.14
109.14
109.14
8
106
105.30
105.30
2
102.14
102.2
102.4
130
102.6
102.1
102.2
161
106.28
106.26
106.26
24
106.28
106.26
106.26
7
103.10
103
103.2
30
103.1
103
103
8
104.28
104.19
104.20
695
99.31
99.25
99.26
481
102
101.30
101.30
3
100.22
100.16
100.16
76
101
100.30
100.30
70
99.20
99.18
99.18
105
100.22
100.15
100.15
98
99.20
99.12
99.12
449
100.28
100.22
100.28
44
115.17
115.12
115.16
122
110.20
110.12
110.20
25
105.7
104.29
105.7
33
109.17
109.17
109.17
2
106.12
105.28
106.12
97
102.16
102.7
102.16
10
102.22
102.2
102.22
673
106.28
106.25
106.28
2
107.2
106.30
107
5
103.1.3
103.6
103.17
114
103.12
103.3
103.12
452
107.17
110.26
110.22
110.22
36
105.7
105.1
105.2
141
109.12
109.12
109.12
2
106.6
106.6
106.6
6
102.21
102.19
102.21
7
102.22
102.16
102.16
414
106.31
106.31
106.31
2
106.31
106.31
106.31
1
103.20
103.18
103.20
66
103.12
103.9,
103.9
126
107.19
107.17
250
104.24
104.19
104.24
158
100.5
99.26
100.5
481
102.10
101.29
102.10
62
101
100.18
101
126
101.15
101.2
101.15
34
99.22
99.22
99.22
SO
100.28
100.15
100.28
108
99.28
99.14
99.28
229
107.18
90
104.27
104.24
104.25
227
100.7
100.3
100.7
595
102.12
102.9
102.10
32
101.6
101.1
101.3
170
101.18
101.12
101.17
79
99.31
99.28
99.31
3
101.3
100.29
100.29
297
100.2
99.27
99.27
307
100.28 100.25
100.26 100.24
100.27 100.24
57
270
Bid
Asked
Maturity
/nt.
Rate
Bid
Asked
June 15 1936_
Dee, 15 1939_
Mar. 151939_.
June 15 1940...
Sept. 13 1938_
Mar. 15 1940June 15 1939_
Sept. 15 1938_
134%
154%
13-4%
154%
134%
134%
23.6%
234i
100.27
100.
100.12
100.3
101.14
100.20
102.18
104.7
Feb. 1 1938_
Dec. 15 1936._
Apr. 15 1936._
June 15 1938._
Feb. 15 1937...
Apr. 15 1937_
Mar. 15 1938._
Aug. 1 1936_
254%
214%
234%
234%
3%
3%
3%
834%
DM, 10 1020
,
91.Z f-
Inn It
100.29
100.2
100.14
100.5
101.16
100.22
102.20
104.9
101 1
Rant 15 1017
21201
104.25
103.10
101.27
105.7
104.2
104.12
105.9
102.30
in; 19
104.27
103.12
101.29
105.9
104.4
104.14
105.11
103
ins_14
-For review
The Week on the New York Stock Market
of New York Stock Market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY
Week Ended
Sept. 6 1935
11-7io
0.
110.18
110.18
3
105.1
104.30
105.1
374
109.8
109.8
109.8
2
106.4
106.4
106.4
1
102.22
102.16
102.16
494
102.18
102.13
102.16
280
103.23
103.16
103.18
31
103.9
103.4
103.5
78
107.20
107.16
107.16
32
104.27
104.20
104.23
140
100.5
100.1
100.2
287
101
100.30
101
25
101.15
101.12
101.15
22
100
99.30
99.30
102
100.29
100.24
100.25
65
99.28
99.23
99.25
114
-The above table includes only sales of coupon
Note
bonds. Transactions in registered bonds were:
4 Fourth 43./5, 1933-38
14 Treasury 431s-334s, 1943-45
6 Treasury 3315 1944-46
/M.
Rate
100.19 to 100.25
105.3 to 105.3
104 23 to 10-1 23
State.
Railroad
Stocks,
Number of and Misted. Municipal &
PoreignBonds
Bonds
Shares
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntn1
Sales at
New York Stock
Exchange
491,280 82,532.000
HOL1 DAY
4,454,000
904,080
4,972.000
1.000,740
9,220,000
1,891.670
9.892,000
2,153,840
ft 4.11
am smi 0700041
5490,000
1,087,000
1,251.000
1,298,000
1,217,000
5.5 141
Week &ruled Sep. 6
1935
1934
2,191.930
6,441.610
-No,of shares_
Stocks
Bonds
$11,818,000 $43,475,000
Government
6.532,000
5,343,000
State and foreign
31,070,000 16,998,000
Railroad dr industrial
Total
rim
Total
Bond
Sales
United
States
Bonds
$299,000 $3,321,000
HOLI DAY
9,021,000
3,480,000
9,304,000
3,081,000
2 675,000 13,193,000
2,283,000 13,392,000
011 R151 Mel
t00921
ono
Jan. 1 to Sept. 6
1935
1934
203,151 912
253,282,300
$529,328,C00
263,702,000
1,449,410.000
8592,399.700
438,695,000
1,675,932,000
$48,231,000 $67,005,000 52,242,440,000 52,707,026,700
CURRENT
NOTICES
Charles C. Bechtel,for the past two years active head of the Municipal
Advisory Council of Michigan, has become associated with H. V. Sattley
& Co., Inc., Detroit, Mich., in charge of their statistical department.
-Bacon, Stevenson & Co.. members of the New York Stock Exchange,
announce the admission to their firm as a general partner of Frederick W.
Ludwig, a member of the New York Curb Exchange.
J.
- L. Amberg, economist of Harriman & 1Ceech, 11 Broadway, this
city, has prepared a circular for investors showing effects on various companies of the complete Public Utility Act of 1935.
-G. I,. Ohrstrom & Co., Inc.. 40 Wall St., New York, is distributing
a comparative tabulation of non-dividend paying public utility operating
company preferred stocks.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
Companies reported In receivership.
a Deferred delivery.
n New stock.
r Cash sale.
c
v Ex-vilvits
x E...iv hdend.
ta Adjusted for 25% stock dividend paid Oct. 1 1934.
ts Listed July 12 1934: par value 10s. replaced 41 par, share tor share
44 Par value 550 lire listed June 27 1934; replaced 500 lire par value
ss Listed Aug. 24 1933; replaced no par stock share for share.
40 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged to.
I. old no par share.
27 Adjusted for 66 2-3% stock dividend payable Nov. 30
Adjusted for 100% stock dividend paid April 30 1934.
5 Adjusted for 100% stock dividend paid Dec. 31 1934.
,
"Par value 400 lire; listed 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 mild June 1 1934.
.11 Listed under this name Aug. 9 1934: replacing no-par stock. Former name.
American Beet Sugar Co.
44 From low through first classification, loan 75% of current.
"From last classification and above, loan of 55% of current.
stock share for share.
44 Listed April 4 1934: replaced no-par
47 Listed Sept. 13 1934: replaced no-par stock share for share.
for share.
4, Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share
The National Securities Exchanged on which low prices Mum July 1 1934 were
made (designated by superior figures In tables), are as follows.
U Pittaburgh Stock
ir Cincinnati Stock
New York Stock
sr Richmond Stock
,3 Cleveland Stock
New York Curb
"Colorado Springs Stock 24 St. Louis Stock
New York Produce
"Salt Lake City Stock
New York Real Estate "Denver Stock
San Francisco Stock
4
' Detroit Stock
Baltimore Stock
17 Los Angeles Stock
27 San Francisco Curb
Boston Stook
al San Francisco Mining
"Los Angeles Curb
Buffalo Stock
a Seattle Stock
,
,
1 Minneapolis-St. Paul
California Stook
"Spokane Stock
to New Orlean sStock
Chicago Stock
Washington(D.C.)
Philadelphia Stock
Chicago Board ot Trade al
I Chicago Curb
1553
Volume 141
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 31
Monday
Sept. 2
per share $ per share
*43
49
*114
58
*55
8
8 18
*9112 94
3012 304
1212 1212
123 13
4
74
,
74
,
14112 142
4.11, 114
8 1612
163
*13
4 2
112 158
*53
8 614
5
*5
54 54
*14
153
8
*26
263
4
*16012 162
*1267 129
8
65 612
4
7112 713
4
2612 265
8
*16
1612
4
4
*293 31
4
*6712 68
5412 5412
8
273 273
8
*6014 623
4
3412 3412
*12812 12912
13814 13812
*157 160
213 2112
8
50
50
173 1712
8
*9014 95
Stock
*8912 90
*30
35 Exchange
8
*312 45
2512 253 Closed4
1414 1414
Labor
*11912 1213
4
7612 7612
Day
118 114
*71, 812
*150 175
65
8 71
3512
35
123 1318
4
3118 3212
*113 12
4
51,8
*5
*3614 38
*32
323
8
23
4 23
4
2012 21
*85
8 83
4
*212 312
*1512 16
*4912 5012
*223 23
8
*83
8
87
8
4,83, 83
4
2334 24
*110 115
*2812 295
8
7 4 818
3
383 407
4
8
3312 34
1714 1712
*15214 ____
2312 24
02
*87
1112 111
*2414 25
4518 455
*135 138
10814 1081
*7012 72
*135 140
1812 181
*90 1011
*3618 367
,
*535 545
8
137 137
*253 26
4
4
13612 1363
98
*97
100 100
*135 138
4
53
4 53
2014 215
8
8
1512 163
76
*73
7
78 78
7
4614 467
8
7
2
*3
4
4.37, 412
8
414 43
46
46
183 19,
4
4
*25
265s
1312 1358
*102 10312
8i2 818
497
8
*49
*117 118
*10518 106
418
4
623
8
62
*98 110
3114
31
Tuesday
Sept. 3
Thursday
Sept. 5
Friday
Sept. 6
STOCKS
NEW YORK STOCK
EXCHANGE
nee Jan. 1
Range ,9,
-share Lola
Os Basta of 100
July 1
1933 to Rang,for
Aug.31 Year 1934
1935
Illub
Low Low
Highest
Lowest
----Per sh
$ per share
3 per share
30
32 Apt 3 48 Aug 12
89
110 Jan 10 115 Aug 23
21
51 June 25 6258July 31
414
93 Aug 17
8
414 liar 15
(15
4
843 Jan 2 913 Aug 23
4
1412
28 June 6 3315 Jan 2
6
8 Jail 12 1414 Aug 12
318
8
412 Mar 18 137 Aug 17
47
4
63 Jan 15
4
833 Feb 11
4
8018
1043 Mar 18 5493 July18
8
17 Jan 7
2
14 Apr 3
1518
1518July 25 52015 Jan 9
, 112
312 Jan 8
112June 24
3,
218 Aug 17
3 Mar 30
4
23
2
812 Aug 15
28 Mar 21
2
2
714 Aug 15
2 Mar 27
184
7 Aug 15
13 Mar 28
4
(15
8
8
65 Apr 2 193 Aug 19
8
1314
21 Jan 12 3012June 19
125 Mar 18 165 Aug 14 10712
123 Apr 20 12712 Feb 27 117
318
738 Aug 9
318 Mar 13
49
x49 June 17 733 Aug 17
4
103
8
8
12 Mar 13 293 Aug 17
111
,
400 Alpha Portland Cement__ No par 14 Mar 13 2014 Jan 5
218
418 Aug 30
24 Mar 14
1
2,200 Amalgam Leather Co
2114
7% preferred
50 26 June 25 33 Aar 22
27
No par 4815 Jan 11 71 Aug 23
3,100 Amerada Corp
20
5714 Feb 18
(Del) No par 4112June 1
3,800 Amer Agile Chem
111s
8
10 1312 Jan 12 307 Aug 6
3,900 American Bank Note
3412
50 43 Jan 11 6514July 23
Preferred
50
1012
21 Mar 29 8818 Aug 12
1,300 Am Brake Shoe & Fdy___No par
88
100 119 Jan 8 12812 Aug 27
Preferred
120
80
25 110 Jan 15 14614 Aug 3
5,000 American Can
2
100 1513 Jan 4 168 N.fay 3 120
Preferred
300
10
8July 31
No par 10 Mar 13 253
10,800 American Car & Fdy
2512
Preferred
100 2512 liar 13 5712 Aug 2
1,300
4
8 Jan 30 1812Sept 6
No par
5,300 American Chain
14
100 38 Jan 11 9318Sept 5
7% preferred
200
4312
66 Feb 8 96 June 8
No par
200 American Chicle
20
Am Coal of N J (Allegheny Co)25 30 Mar 26 3414 Aug 2
2
414 Aug 10
238 Mar 14
10
Amer Colortype Co
2084
14,200 Am Comm ! Alcohol Gory__ 20 2212 Mar 18 3314 Jan 3
.
41 518
4June II
812 Feb 5 173
10
16,100 American Crystal Sugar
'12
12712June 14
7% 2111 pre
575 Jan
8
ln
170
72
79 Sept
100 72 Aug
6% 1st prof
310
214
3 Jan 3
4May 24
3
1,600 Amer Encaustic Tiling.__No par
214
87, Aug 17
254 Apr
812
300 Amer Furopean Setre____No Par
814
83
4
*714 83
4 *712 83
4 *8
150 July 22 175 July 29 105
100
Amer Express Co
*150 175 *150 175 *150 175 *150 175
914 Aug 17
2
Mar 13
No par 2
7
7 12
73
8 753 30,700 Amer & Porn Power
614 67
2
618 718
113
4
14 Mar 15 42 Aug 12
No par
Preferred
3614 343 3612 8,800
4
3238 3318 3212 3312 34
37
8
37 Mar 14 17 Aug 19
8
2nd preferred
No par
137 1412 4,900
8
1214 1212 14
113 1258 12
4
1014
$6 preferred
No par 12 Mar 30 3814 Aug 12
4,200
8
323
4 323 33
3012 313
4 30
303
4 31
814
8 Apr 18 13 Jan 10
10
400 Amer Hawaiian S S Co
1112 1112 1112 *1112 12
1112 1112 *11
612May 22
214
214 Mar 13
200 Amer Hide & Leather___No pat
8 47
8
47
*47
8 518
8 5
5
5
*47
17
100 17 Mar 13 391, Aug 12
Preferred
1,000
3612 *31
36
36
3514
3612 3518 3612
3434
1,700 Amer Home Products____ _ ___1 x 294 Apr 12 3714 Aug 12
32
32
32
32
32
32
32
32
23
8
472 Jan 17
No par 238 July 24
4
212 252 3,500 American Ice
25
8 23
212 23
4
212 259
2012
6% non-cum pref
100 20 Sept 3 3714 Feb 18
1,500
214 2012 21
20
21
2012 2012 21
97 Aug 22
8
412 Mar 18
No par
9
93
3 5,700 Amer Internal Corp
85
8 85
87
8 9
8
814 85
8
13
4
6 Jan 18
134 Mar 13
110
Am L France & Foamitepref100
8 27
8
8
27
25
8 25
212 212
*212 312
9
4
9 Mar 13 201 Jan 11
No par
16
163
4
1614 3.200 American Locomotive
16
16
1512 1614 16
32
300
Preferred
100 32 Mar 19 5S July 30
*4912 5012 4912 4912 5012 5012 5118 5118
1812 Mar 13 2458July 31
2312 237
8 2,300 Amer Mach & Fdry Co___No par
4
223 23
8
225 223
8
4 223 23
.3
814 84
4
414 Apr 4
800 Amer Mach & Metals____No par
818
93 Apr 26
818
83
8 83
8
814 8 4
,
:3
814 814
912 Apr 26
412 Apr 4
Voting trust etre
No par
400
8
8 *818 83
818 83
8
8313 83
12,7
2
1312 Mar 15 2434 Aug '7
No par
8
233
4 225 231 2 2,100 Amer Metal Co Ltd
8
24
24
23
233
4 233
63
800
8% cone preferred
100 72 Jan 2 11512 Aug 27
*110 114 *112 114 *110 11312 113 11312
203
4
100 Amer News, N Y Corp__ No Dar 224 Jan 3 3018:313Y 7
8
8
8
*2812 2952 *2812 2958 x295 295 *2814 297
912 Aug 17
112
112 Mar 13
53,400 Amer Power & Light--No par
75
8 8
8 8
75
7
8
7
74
3
11,14
Mar 13 4912 Aug 12
$6 preferred
1012
No par
19,400
4
3758 40
8 373 3912 383 40
4
363 387
4
83
4
85 Mar 1
8
No pa
19,800
8 33
34
$5 preferred
8 3112 333
31
8
337
8 303 327
18 3
0114
2
1012 Mar 13 4 1314 A ug 115'
177 1814 28,800 Am Rad & Stand San'y- No Da
8
*16712 1722 1712 177
12
8 173 18
4
14
.
2
1225
6 1264g 6 107,
68
Preferred
100 13412 Mar
_*153
*15212 ----*153
1218
9ept
4
25 158 Mar 1
8
2438 24 - - 4 243 2612 43,800 American Rolling Mill
2318 233
4 2318 237
4
66 Mar 14 953 July25' 3348
100 American Safety Ftasor __No pa
*90
92
90
90
*873 92
4
*873 92
4
2
8Sept 6
133
414 Mar 1'
8 5,100 American Seating v 5 o_ __No pa
8 1212 133
8 1134 125
11, 1112 1138 115
2
16
26'g
20 Mar 1
360 Amer Shipbuilding Co_--No pa
8
4 245 26
243 243
4
*2434 25
*243 25
4
2812
2437
8
315 Apr
8 4614 4714 27,00C Amer Smelting & Retg__-No Da
4414 453
,
8 4438 45 2 4512 465
71
44
10 121 Feb 4 1471 NAjlaaugyn
200
Preferred
13512 13512 *135 13812
*134 138 *134 138
57
2nd preferred 6% cum
10 103 Feb 14 1174 Aug 6
400
4
10812 10812 1083 1083
4
10814 10814 *10712 110
43
63 Jan 16 78 June 28
2
900 American Snuff
72
*7218 73
72
72
72
*7112 72
106
10 125 Feb 20 143 July I
30
Preferred
135 135
135 135 *135 140 *13512 140
10,2
1914 3,700 Amer Steel FoundrIes___-No Par
12 Mar 14
4 1812
18
1812 1812 183
18
52
2014 A ug 7
1
9812 9812
* _101 118 *9812 10112 *9812 100
100 88 Feb 4 108 J uly 23
Preferred
18 2
33,
No par 3312 Apr 4 43 Jan 9
1,50 American Store,
3712 3712 39
37
*3618 37
365 37
8
4512
1,90 Amer Sugar Refining
553 57
4
100 51 14 Aug 3 7012 Feb 16
5412 541 x5412 5412 5412 56
100 12812 Jan 3 14012May 6 102
30
Preferred
*133 137 x137 137 *13014 137 *13014 137
11
184 Jan 29 27 Aug 22
1,500 Am Sumatra Tobacco __--NO
253 2534 2514 2578
4
2512 26
2514 25,
2
987
2
8
100 987 Mar 18 142 Aug 13
13,000 Amer Talep A releil
13618 137
1365 13914 139 14012 13912 141
8
9713 98
,
25 7212 Apr 3 99 Aug 6i 63 2
1,500 American Tobacco
9612 98
97
96
96
98
2
Mar 21 10112 Aug 27: 647
10014 99
993
25 7434
4,200
Common class B
9914 1003
993
4 9912
99
100 12912 Jan 18 14052July 311 105
600
Preferred
13612 1361
135 135 *135 136 *135 137
21e
514
514
82 Jan MI
4
212 Mar 18
No par
600 :Am Type pounders
,
5
5
54 5 4
43
4 43
4
7
9 Mar 15 2212Sept 6
21
10
213 2212 1,110
8
20
Preferred
20
20
19
20
74
1612 16
74 liar 13 1914 Aug 17i
165 37,400 Am Water Wks dr Else__ No Dar
8
15
1618 147 1558 15
,s
48
300
76
76
76
155 preferred
_No pat £8 Mar 19 80 Aug 16
*73
76
761 *73
76
47
2
812 83
938May 21
47 Mar 13
8
No par
4,700 American Woolen
8
85
8
77
8 8
77
2 818
3512
4
100 3512 Mar 18 51121ay 21
4814 473 483
5,000
Preferred
4534 46'2 4512 464 47
7,
Mar 29
1114 Jan 18
1
:Am Writing Paper
*3
4
7
*3
4
7
8
03
4
7
*3
4
214
e37, 414
24mar 15
64 Jan 18
37
8 37
No pa
300
Preferred
8 438
414 43
8 *37
8May 23
3
53
3 Mar 13
8 1,000 Amer Zino Lead & Smelt ___100
414 45
41
. 41
414 414 *44 412
31
25 81 Mar 20 4!) Aug 21
471 *4614 48
100
*4512
*4512 4712 *4512 48
Preferred
8
1938 193 80,500 Anaconda Copper Mining
8 Mar 13 205* Aug 27
50
1858 1918 1814 1918 194 193
752
25
251
25
1614 Apr 1 28 Aug 21
600 Anaconda Wire & Cable__No Da
*23
2612 *23
2512 25
1212
1212May 15
1334 137
175* Jan 4
.Vo pa
1,400 Anchor Cap
1314 1314 1314 134 1314 135
80
30
16 50 cone preferred......No pa 100 July 6 109 Apr 26
104 105 *102 105 *102 105 *102 105
e814 9
9 Aug 26
318 Mar 21
*8
9
34
300 Andes Copper Mining
1
8
8
*712 812
2172
38 Jan 16 52 Aug 1
49
500 Archer Daniele
4912 4912 *48
1711
4914 4914 4914 49
119 119
70
119 119
10 117 Aug 22 1 214July 19 106
117 11714 *11718 119
7% preferred
64
97 Apr 3 108 Aug 15
600 Armour & Co (Del) pre!
3
4
10(
10512 10512 10514 10514 10412 1053 *1043 10512
64 Jan 3
314
314 Apr 3
414
414 9,800 Armour of Illinois new
4
4
418 418
418 414
4614
704 Jan 10
10 par 5512May 1
3,300
$5 cone prof
63 6318 6212 6314 6318 6312 6312 64
3114
100 85 Jall 2 1161, Feb 4
Pr.terred
*98 102 *100 102
*98 108
*98 110
13
8
No par 2538July 19 3112 Aug 29
3012 3118 3018 303
4 3012 3118 3012 313 11,500 Armstrong Cork Co
S per share S per share S Pe* share S per share
46
463
4
*4214 49
46
46
*43
45
*114
115 115 *113 115 *113 115
*557 58
8
8
5612 5612 *557 5712 5712 5912
812 83
4
73
4 8
7 4 818
3
84 83
8
*9112 95
*91
965 *9112 965 *9112 95
8
8
8
8
303 303
4
303 305
4 305 31
8
8
8 307 307
1214 13
1214 123
8 1218 127
8 1278 12741
4
1212 13
1318 135
13
13
8 1314 133
74 738
73
8 712
,
714 73
8
72 72
,
*140 142
4
14014 14112 1413 14212 142 14212
1
1
118 *1
114 *1
114
Ils
4
1512 163
4 163 165
8
8 163 1714 163 174
4
13
4
13
4
13
4
13
4 *13
*13
4 2
4 2
134
158
8
15
8 15
15
8 15
8
8
112 15
4
63
4 63
,
53
4 612
8
52 6
53
3 55
:512 (3
412 412 *45
512 6
8 6
45
8 514 *412 6
4
*5
53
4 53
53
4
*1618 18
*14
1538 *14
16
157
8 16
8
2614 2618 2612 263 283
4
2614 26
26
161 163
1593 1605 160 16012 15912 162
4
8
*12618 129 *12618 129 *12618 129 *12618 129
63
8 65
63
4 7
8
614 714
67
8 714
72
703 72
8
7112 7314 7212 727
8 72
26
4
4
2612 257 2718 2712 283
8
8 273 283
1614
*16
1612 *1614 1612 16
1612 *16
312 312
33
4 4
4
33
4 37
8
352 33
303
4
*28
32
*28
3112 *2812 3118 *28
8
4
8 673 6814
*6712 6812 6712 673
4 673 683
531, 5412 533 55
4
53 4 543
,
4 5314 5312
4
2714 2714 27
2713 2718 2812 2814 233
63
63 63
8 625 625s 63
8
623 623
8
36
3412 3412 3412 341
35
3512 36
128 128
*12812 129
12812 1281 128 128
13912 1401
138 139
137 1373 139 141
158 158
158 158
*157 160
158 158
8
215 23
8
2112 2238 2212 2314 227 231
531
52
5014 52
49
51
*5014 52
181
163 1714 17
4
17
4
1712 163 17
931
91
*9014 92
95
*9014 94
*90
4
9012 9012 *893 901
90
*893 901
4
90
*30
35
35
*30
35
*30
*30
35
41
8 *314
8 45
8 *3 4 452 *35
,
0314 45
273
8 253 2751i 27
4
25
253
255
8 25
163
8 15
1414 15,
15
153
8 1518 1.53
s
1215 1213 123 123 *120 12412 125 125
8
4
4 7614 77 4 7714 79
,
77
7712 7712 773
11
118
118
118
lls
118
1
1
111.e page 1552.
For footnote. ‘
Wednesday
Sept. 4
Sales
for
the
Week
No account is taken on such
Par
Shares
No par
80 Abraham & Straus
100
Preferred
10
25
900 Acme Steel Co
No par
10,300 Adams Express
100
Preferred
No par
1,800 Adam, Millis
10
1,900 Address Multigr Corp
Na par
2,600 Advance Rumely
No Par
2,300 Affiliated Products Ina
No par
2,600 Air Reduction Inc
200 Air Way Else Appliance No par
10
7,500 Alaska Juneau Gold Min
No par
200 A P W Paper Co
No par
3,500 :Allegheny Corp
100
Pre A with $30 warr
1,600
Prof A with $40 warr
100
300
Prof A without warr
100
600
234% prior cony pref __No par
100
No par
4,300 Allegheny Steel CO
2,100 Allied Chemical & Dye. No par
Preferred _
100
No par
20,400 Allied Stores Corp
100
5% prof
1,700
No par
14,800 Allis-Chalmers Mfg
per share
35
43
111
89
- 2
-1- -1 1-770, si35
4
16
3472
6 2
4 ws
31s
73
2
95
8
47
2
913 113
4
13
2
33
2
Ws 3372
284
772
54
114
43
2 1612
4
145
8
372 1438
15
23's
1154 loos.
13)1
814
6312
233
8
20
73
4
45
655
8
48
2514
5011
38
122
1143
4
15212
337
2
5612
1214
40
703
2
3512
612
8212
131,
612
k
612 737
1221s
312
254
1084
1112
212
25
39
2514
1112
40
10,
2
98
9014
12612
12
32
412
19
4614
22
314
'2014
hIs
e,
3,
7
1114
61a
11
1012
314
1714
25114
3
2514
414
314
1412
3512
1284
314
412
127
2
63
21
3
118s
912
10
11112
1311
38
212
8
175
3014
100
7114
4814
106
10i,
597
2
37
48
10312
13114
100,
8
6514
67
10712
3
784
125
2
54
7
36
1
272
384
3612
10
914
131s
84
415
2614
10
764
312
464
54
IS
io
50
1712
25
2252
1012
4214
363,
10
4514
11
10
3852
743
4
2353
1014
10
2752
91
34s4
1214
2978
2614
171s
1377
4
2514
853
4
74
50
51 14
125
109 12
71
12712
2612
92
4414
72
129
24
12514
,
85,
89
13C3
4
13
284
2718
80
1712
8314
44
17.2
9
50,8
174
1859
2414
106
1012
39,
8
117
10312
614
7114
85
New York Stock Record-Continued-Page 2
1554
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday1
Atty. 31
Monday
Sept. 2
Tuesday
Sept. 3
Wednesday
Sept. 4
Thursday
Sept. 5
Friday
Sept. 6
• Sales
for
the
Week
STOCKS
NEW YORK STOCK
'EXCHANGE
Sept. 7 1935
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Aug.31 Year 1934
1935 ----Low Low
High
$ per share S Per sh
Par $ Per share
Shares
73
4Sept 6
27
8
4 Mar 6
5
7,100 Arnold Constable Corp
73 Aug 14
4
318
3 4 Mar 15
3
Na par
200 Artloom Corp
633
4
100 70 Apr 25 7018 Jan 22
Preferred
_ _ _ ___
8
714
712 Mar 13 147 Sept 5
1
6,200 Associated Dry Goods
44
8
100 807 Apr 3 108 Sept 6
6% 1st preferred
400
36
100 48 Mar 12 8712Sept 3
7% 2d preferred
100
26
4
25 293 Feb 21 4012 Aug 7
Associated 011
353
4
4
15,700 Atch Topeka & Santa Fe____110 353 Mar 28 5718Ju1y 29
5314
8
100 665 Mar 28 91 June 26
Preferred
700
1912
1.4
100 1912 Apr 3 37 Jan 4
8,800 Atlantic Coast Line RR
3
712 Aug 31
3 Mar 6
100 At 0 At W 1 SS Lines___ _No par
6
6 Mar 5 1012 Aug 17
100
Preferred
200
2118
31Mar 12 28 May 16
25 213
9,500 Atlantic Refining
18
4
No par 323 Apr 3 4612 Aug 28
1,800 Atlas Powder
75
4
100 1083 Jan 2 114 Aug 23
Preferred
50
111 Apr 30 111 Apr 30 111
Fret called
4
4 Mar 13
87 Sept 5
8
7
7
7
7
No par
*7
- 14
/
812 14 2,600 Atlas Tack Corp
3
73
8 - -78
8
15
8
4 35
343
4 345 353
3212 3412 33
33
343
8
4Sept 6
No par 15 Mar 18 383
363 24,100 Auburn Automobile
4
4
8
8
712 818
*714 73
4 *714 8
512May C 14 Jan 2
No par
*73
8 8
900 Austln Nichols
2752
53712 42
*4114 42
No pa, 3512May 7 63 Jan 2
*3818 407
8 3818 3818 *3812 417
Prior A
10
8
3
3 Mar 13
55 Jan 3
8
__ ____
_ ___ 77.. Aviation Corp of Del (The)____/5
--,.., - _,- --, - _.-- --- --,.., 4July 10
414 Aug 23
23
3
33
4 - -732
23
4
New
37
8 37
8
1P4 - 8
33 - -7
4 3; 5,400
;3.14 -157
378
214 238
214 238
112
112 Feb 26
214 23
238 212
8
8
83 Jan 9
214 23 15,800 Baldwin Loco Works____No par
8
712
22
22
21
22
712 Apr 3 263 Jan 21
100
2214
22
2214 22
22
22
4
900
Preferred
712
712:Mar 13 1714 Aug 17
1618 165
8 1612 1714 35,300 Baltimore & Ohio
15
155
8 1518 16
100
1514 153
4
91s
1914 2018 2012 207
19
19
4
918 Mar 13 223 Aug 17
100
213
4 4,300
8 21
*193 2012
4
Preferred
86
*1073 109 *10858 109
4
4
100 1003 Feb 21 10912 Aug 2
20 Bamberger (L) at Co pref
109 109 *107 109
*10612 109
*44
4534 45
45
45
*4414 45
2914
4538
44
50 3818 NIar 12 4912 Aug 0
400 Bangor & Aroostook
44
9112
1143 1143 *112 115 *112 115 *112 115
4
4
Preferred
100 10614 Mar 18 115 May 8
10
*112 115
214
314 Feb 25
612 Aug 9
No par
200 Barker Brothers
*512 53
4
53
1
RS
4
532 512 *513 53
*512 53
4
14
5812 60
*55
57
120
*55
5612 55 55
100 32 June 21 61 Aug 13
*55
5712
836% cony preferred
93
4 93
8
57
s
914 912 10,200 Barnsdall Corp
918
1
5
57 Mar 6 10 8May 16
8
912 97
8
5
918 932
*44
23
4512 4512 4512 *4612 4712 4612 4612
*44
4612
No par 3712 Mar 14 5118 Aug 15
200 Bayuk Cigars Ino
80
8
*1103 11112 *1103 11112 *1103 11112 *1103 11112
8
8
8
lot preferred
100 1073 Jan 11 115 May 16
*1103 11112
8
4
8
1514 153
83
4
25 14l July 6 19 Mar 1
4
8
8 1512 157 *1512 153
8 155 155
400 Beatrice Creamery
*1512 1558
___ *104
55
4
. *1043 10514 *1043 109
4
Preferred
100 1001a Jan 5 10818June 18
100
1043 1043
4
.1
*104*87
89
64
94
8
89 -- 8 89% 897 *90
897
20 72 Feb 2 92 July 30
300 Beech-Nut Packing Co
*8812 90
13
1338 1318 137
13
13
7
1314 13
8
8 7,400 Belding Hemingway Co__No par 1118 NIar 18 137 Sept 6
13
1314
*8514 8618 *8312 8618 *8312 8618 8312 8312
833
4
8312Sept 6 11712Mar 7
200 Belgian Nat Rys part pref
*8514 86,
3
8
8
1812 1918 183 1912 193 21
207 2112 87,600 Bondi' Aviation
8
93
4
5 1178 Mar 13 2112Sept 6
183 .19
4
8
8
183 183
8
8 183 1812 183 1812 1812 1858 2,600 Beneficial Indus Loan____No par 1518 Mar 13 193
8July 5 3 12
183 1812
8
4912 493
495 495
8
8 4914 491
21
4
4 493 5014 1,100 Best & Co
*495 50
No par 34 Jan 30 5014 Sept 6
8
8
3614 3712 36
215
8
8
3814 395 48,800 Bethlehem Steel Corp
8
377
8 377 39
8Sept 6
3714 377
No par 215 Mar 18 393
s
4438
4
x98 1003 100 10114 2,800
98
99
98
98
100 553 Mar 18 1033 Aug 23
4
4
4
7% preferred
993 10018
4
20
203
4 2012 2034
*1912 20
183 19
8
143
500 Blgelow-Sanf Carpet Inc__ No par 1434 Mar 19 2814 Jan 23
*183 20
4
958 Mar 14 14 Aug 22
6
No par
13
1314 1318 1312 133 133
127 13
8
8
4 5,100 Blaw-Knox Co
1314 13 4
,
165
8June 19 237 Aug 16
*2012 223 *2012 22
16
20 Bloomingdale Brothers
213 213 *1812 213
4
4
8
No par
4
*2012 23
4
66
100 10314 Jan 22 112 June 19
Preferred
10812 10812 10812 10812 10812 10812
108 108
230
*108 1087*
28
100 2814 Mar 13 7212July 23
362
74
*6312 71
Blumenthal & Co prat
*61
70
*605 74
8
*605 74
8
618 Mar 18 1818 Aug 27
5
15
1512 18,100 Boeing Airplane Co
8 1514 16
143 1512 1412 153
4
618
1518 153
8
47
333
4
473 4814 4712 4812 2,400 Bohn Aluminum & Br
4
477
8 47 47
5 3958July 10 5972 Jan 8
8
*4714 477
68
No par 90 Jan 31 100 July 18
*9814 9812
98
98
9814 08
9814 *98
100 Bon And class A
3
.98
9814
Class B
42
No par 42 Aug 16 473
44
44
4July 17
3
4312 43 4 4312 4312 4312 43 4
3
310
*42
4412
18
15 21 Mar 29 2658July 23
2418 243
4 2414 2414 2418 2412 2418 2412 6,000 Borden Co (The)
2414 243
4
1112
10 2814 Jan 15 497
4
4 4812 4912 9,000 Borg-Warner Corp
4814 473 483
4712 48.8 47
3
8July 31
4812 49
73 Aug 13
4
33
4
33 Mar 27
4
100
300 Boston & Malne
7
75
8
6331
712
*6
712 *614 712 0
8
*6
12
112 *118
*118
112
12June 8
112 Jan 9
2 *118
:Botany Cons Mills class A___50
13
8 *118
*1,
8
1,
138
1414 14
812 Apr 30 145 Sept 6
No par
145 11,100 Bridgeport Brass Co
8
1418 14
137 1418 14
8
Stock
8
148
14
87*
614
No p‘.* 241s Feb 7 453* Aug 14
4
8
443
8 433 447 23,100 Briggs Manufacturing
413 4258 43
8
41
42
42
4314
*44
4412 44
1012
No par 2318 Jan 17 453
4438 1,400 Briggs & Stratton
44
8July 30
4414 44
4412 4518 Exchange *44
25
3
5 30 8.May 25 3612 Aug 7
35
35
500 Bristol-Myers Co
3512
*35
3512 35
*35
36
*35
36
13 Apr 18
8
312 Jan 6
8 318
*25
8 318 *25
1311
25
8 25
8 1,200 Brooklyn & Queens Tr___No par
25
8 23
4
*25
8 314 Closed14
2478
24
2512 *24
25
8
Preferred
No par 1418May 2 317 Jan 3
800
25
*225 25
8
*2258 25
253
4
No par 3612 Mar 15 463 Aug 10
4
4214 433
4 4312 4818 4412 4512 14,400 Bkiyn Manh Transit
42 42
Labor
*4212 44
6914
$6 preferred series A_ No par 90 Jan 4 100 Aug 8
99 9912 9912 9912 1,300
99
9914 9914 99
*99
9914
43
No par 43 Mar 18 7112 Aug 13
6512 6512 1,200 Brooklyn Union Gas
Day
643 65
4
65
6418 642 65
*65
68
4
No par 53 Mar 11 633 Aug 2
*6014 6112
63
41
300 Brown Shoe Co
6112 6112 6112 6112 *60
*60
6112
Preferred
100 12118July 24 12514 Apr 11 117
20
12112 12112 *12112 122 *12112 122 *12112 122
*12112 122
33
8July 5
67 Jan 9
8
700 Bruns-Balke-Collender_No par
33
8
514
5
43
4 5,
4
4 514
514 514 *43
4
*514 53
818May 23
414 Mar 14
10
8 3,600 Bucyrus-Erie Co
612 67
612 63
4
614 612
312
*612 63
4
63
8 63
4
6
812 Mar 15 15 May 23
5
Preferred
133 137
4
8 3,000
4
8
4 133 14
1312 135
8 135 133
14
14
4
100 623 Mar 22 9112 July 16
7% preferred
60
87
87
47
8612 87
87
87
*85
90
*85
90
314 Mar 15
6 Aug 22
3
No par
8
514 57 15,400 Budd (E 0) Mfg
8 57
2
53
5 8 57*
,
514 53
8
514 538
7% preferred
100 23 Mar 14 4912Sept 5
18
1,700
4
46
4614 4818 4912 483 49
46
46
46
4614
212 Mar 21
No par
618 Aug 10
2
9,700 Budd Wheel
53
4 6
53
4 6
55
8 .55
8
512 53
4
55
8 53
.1
33
4May 13 103 Aug 21
No par
1014 1014 1,300 Bulova Watch
8
212
10
1014
*914 10
10 10
*914 10
814 Mar 13 1938 Aug 12
No par
418
4
1812 1814 1812 183 1918 4,700 Bullard Co
17
1714 17
1712 173
4
I4 July 9
I4
No par
23 Jan 25
4
15
8 1,200 Burns Bros class A ___
15
8
8
1.5
4 *114
112 13
13
4 13
4
13
4 2
38June 17
Class A vtc
No par
112 Jan 23
- ---- _ _ __
_
_ _
____ _
_
3
2
_ _ _ _ __ - _
14 Mar 20
Class B
No par
30
7
8
138 Feb 7
1
7
8
*7
3 1
*7
8 1
1
*7
8
*78
1
3 Mar 16
100
6
714
7% preferred
630
6
9 8 Jan 23
7
3
6
638 63
8
7
7 18
7
77*
1314 Mar 14 183 Aug 14
18
1814 16,300 Burroughs Add Mach____No par
4
1012
8
8 173 18
8
1718 173
8 167 173
1714 175s
8 2
1 Apr 8
No par
100 :Bush Term
218 017
318 Jan 21
218
218
1
4
*17
8 218 *2
*13
4 214
51.4 Apr 3 1012 Jan 22
Debenture
100
2
*83
8 7
*Vs 7
8 7
*614 712 *63
*614 712
Bush Term 131 go prof ctts
100 10 Mar 28 2212 Jan 21
418
2
1612 *1418 1612 *1418 17,
1712 *14
*14
*15
1712
118 Mar 12
118
5
8 2,400 Butte Copper & Zino
23 Apr 26
4
23
8 25
212
214
8 *212 258
23
8 23
23
8 212
38June 3
No par
300 :Butterick Co
13 Jan 3
4
4
3
3
3
4
8
3
4
.3
8
7
8
5
8
8
3
4
*5
7
8
*5
8
8
1138
No par 113 Mar 14 205 Jan 7
8
163 1712 1718 1712 1712 1818 1712 1812 6,600 Byers Co (A M)
4
1712 17 2
,
Preferred
100 32 Mar 14 603 Aug 21
180
32
58
58
4
59
59
58
58
58
58
58
58
No par 3012 Aug 1
4212 Feb 18
165
3314 2,600 California Packing
8
333
4 33
3252 3312 33
33
33
3212 3212
14
14July 8
1
118 Jan 3
900 Callahan Zino-Lead
14
4
3
*5
8
3
4
*5
8
5
8
kl
34
3
4
3
4
212 Mar 13
212
53 Aug 21
4
5
5 18 3,40(3 Calumet dr Hada Cons Cop___25
514
5
478 5
47
8
518
5
5
712 Mar 13 223
6
8July 6
8 3,600 Campbell W de C Fdp____No par
4 2014 207
4
4 203 203
195 203
8
203 21
4
207 207
8
8
814 Aug 3 163 Jan 7
5
2,800 Canada Dry Ginger Ale
8
814
972 10
912 1014
93
8 952
914 912
8
918 93
100 50 Apr 9 54 Aug 19
Canada Southern
56
44
*53
*53
56
56
*53
56
*53
*53
56
93 Mar 18 1218 Aug 5
8
25
30,400 Canadian Pacific
8
938
1014 1014 1012 103 11
1014 10
10
1018 1014
No par 30 Juno 1 36 Jan 101 2214
400 Cannon Mills
8
347 35
34
8 34
3478 *3378 347
*34
*337 3478
8
43 Mar 21 127 Aug 16
8
1
8
800 Capital Adminls el A
414
117 1214
8
*11
12
11
4 11
*1118 113
11
11
10 3212 Feb 25 4512 Aug 13
Preferred A
130
28
4 45 45
4
*445 4514 443 443
8
*4458 47
*4458 4514
Carolina Clinch & Ohio Ry100 8214 Feb 27 88 Aug 29
60
____ 92 *__ 92
89 *____ 92
*85
*_ _ 92
100 85 Mar 20 95 July 18
Mod
10
93
943
4 93
70
943 *93
4
*93
943 *93
4
*93
943
4
4
100 453 Mar 18 7812Sept 6
35
8 7518 7812 42,000 Case (J I) Co
4
8 733 767
4
7014 725
8 703 733
693 7214
4
100 8312 Apr 11 112 Aug 22
Preferred certificates
160
587
8
.. 11114 11114 11014 112
*109
*108_
11012 11012
No par 3612 Jan 16 5512 Aug 1
15
5514 8,300 Caterpillar Tractor
4 54
4 g3
523 - -7- 523 - -18 5312 543
8 52 0
53
53
1912 Apr 26 3539 Jan 7
No par
2814 2734 2838 29,700 Celanese Corp of Am
1718
8 27
4
28
263
4 253 267
265 2718
8
17 Apr 3
2
No par
47
8May 21
118
6,100 Melotex Corp
37
8 4
414
4
37
8 418
4
4
8
*35
8 37
114 Mar 8
43
No par
Certificates
4May 21
____
7
8
--- ---- -_-_
100 1114 Mar 20 333
4June 13
Preferred
720
- 4
6
212
5- 2
-50- - 61- -56- 33 - -3013 iiii 3033 3 33012 1078
1,600 Central Aguirre Asso____No par 2214 Feb 13 29 May 8
4
183
4
*2514 2512 2512 2614 253 26
*2512 26
26
26
_ _100 34 Mar 18 6212 Aug 17
5612 5812
900 Central RR of New
34
4
553 56
54
54
.54
54
*55
56
618July 31 123 Jan 16
Jersey900 Century Ribbon Mills___No par
712
8
512
718 714 *718
7
7
7
7
*714 712
100 9614154ar 14 10912 Jan 2
Preferred
*99 102
75
*99 102
*98 102
*98 102
*99 102
3
233
8 7,700 Cerro de Pasco Copper..,._No par 3852 Jan 15 83 4 Apr 25
4
4
5612 5714 563 5712 5712 5814 5712 583
57
5714
33 Mar 13
8
7 Sept 0
10,500 Certain-Teed Products___No par
63
8 7
57
8 612
6
614
25
8
614 612
614 614
100 23 Mar 12 61 Sept 6
7% preferred
1,500
4
105
8
573 61
58
55
55
5614 55
54
55
553
4
77,
5
77
8 *5
43 Mar 27
8
77, *5
7 Aug 24
43
8
100 Checker Cab
4 77, *5
*43
63
8 638
No par 36 Mar 12 4734 Aug 15
46
46
2912
2,500 Chesapeake Corp
4
463 x463 47
4
4614 4638 46
453 4538
8
25 3718 Mar 12 4714 Aug 13
4638 9,600 Chesapeake & Ohio
48
3718
8
4612 x455 46
455 463
8
8 46
4578 46
218 Jan 12
1 Apr 26
100
:Chic & East Ill By Co
*13
8 2
1
8 2
*13
*13
8 2
*114 2
2
*1
106
78June 3
258 Jan 8
6% preferred
600
212
4 212 *2
7
8
4 214 *13
218 218 *13
2 8 212
3
214 Jan 7
5 Feb 28
8
100
500 Chicago Great Western
1
118
5
8
1
*7
8
118
1
*1
118
1
1
15 Feb 28
8
412 Jan 4
Preferred
100
600
*318 32, *3
158
312
23
4 3
3
3
*3
332
1 Mar 30
100
:Chic Ind dr Louisv met
4 *112 234
2 AP 13
1
,
4 *112 23
4 *112 23
*112 23
*112 23
4
5 1918Juno 7 3414 Aug 17 •9 83
3318 2,500 Chicago Mall Order Co
325
8 33
4
32
3012 3012 *3114 32
303 303
8
8
14 Mar 29
3 Jan 3
800 :Chic Milw SOP & Pac___No par
13
8 13
8
14
Ps 112
8
13
8 13
13
8 13
8
112
*13
8
218 212 2,800
34 Mar 29
43 Jan 4
Preferred
100
4
3
4
8
238 25
218
2
218 218
218 218
13
8June 28
25
8 278 2,400 Chicago & North Wcstern
55 Jan 7
8
100
13
8
4 278
23
8
25
8 27
23
4 23
4
23
4 23
4
358July 1 1052 Jan 8
Preferred
100
7 8 73
3
8 1,000
358
67
8 7
612 612
7
*6
63
4 7
934 July 25
458 Mar 14
35
8
No par
912 93
8 2.500 Chicago Pneumat Tool
914
9
812 834
814 812
8
83
8 83
Cony preferred
2,100
4214 4178 42
1414
No par 20 Mar 13 4414 July 11
42
42
42
4214 41
417 417
8
8
3
4July 9
112 112 1.300 :Chicago Rock Isl & Pacific_100
25 Jan 9
8
3
4
112 112
112 112
158 15
8
112 Ps
158 Mar 30
900
318
418 Jan 9
7% preferred
100
158
4 312 234 234 3
*3
35
8 *23
33
.1 33
4
114July 22
4 Jan 10
6% preferred
700
8
114
100
4 27
8 *23
8 27
8 *25
27
8 27
*212 3
278 3
9' July 19 12 Aug 1
No par
918
Chicago Yellow Cab
2
8
*1012 147 *1012 147 *1012 147 *1012 1478
2
*1012 147
2
1$
page 1552
For footnotes see
$ Per share $ per share $ per share $ per share
63
4 63
8
67
8 67
4
63
4 718
067
8 7
*67
8 7
*83
4 714
*7014 _ _
*7014
*701 _
4
-_
1334 137
378
- 8 137 -*1358 1 8 1414
*104 107 *105 107
*104 107
90
00
8712 8712 *88
*86
42
*38
*38
42
42
*38
4812 40
4834 49
4812 5018
88
88
*87
90
87 8712
2412 2512
24
25
243 25 4
4
,
7
712
7
7
063
8 74
3
95
8 95
8
*9
*9
10
1014
223
8
2218 2212 22
2218 2214
4318 4318 4012 4112
*4312 45
4
*11318 1133 *11318 1133
011318 114
4
$ per share $ per share
4
71a
7,2 73
Ps
718 718
7
7
.
*7014
_ *7014
14 1i% 1438 ---8
145
108 108
107 107
90
*88
893 088
4
*38
41
*38
41
5014 51
517 527
8
8
8712 8712
88 88
2512 2614 253 263
4
4
612 612 *612 7
812 812 *812 1012
2218 223
4 2218 227
8
4114 4112
4112 42
113 11318 *11318 1133
4
3 Der share
...
83
8
4
1012
633
4 7018
714 1814
46
90
38
647
8
2912 40,
2
4514 7334
7018 90
2412 5414
5
16
77
8 24
2112 1514
3514 5512
83
107
_
_ ---6
12 167*
11312 57 8
1
8
612 165
3114 86
334 103
4
---- ---4,
2 16
RN 6454
123
4 34,
2
3738
15
8
8613 1027
3512 We
9518 116
612
214
1818 3812
57
8 10
23
453
4
10912
89
107* 193
4
100
55
7838
58
87
8 1514
9512 127
954 237 .
3
1218 10,
8
40
26
241s 49 3 1
'
547. 82
1914 40
6
RN
17
26
109
88
28
5614
83
4 1114
4413 683
4
76
94
19/;
1818
514
78
- -12
14
26
33
8
3114
2814
8218
46
/87*
3138
19 2
,
3
/11 8
-3
27,
2
3712
83.1
587*
447
k
97
8012
45
01
11814 12514
4
107
8
313
9,18
H
1412
60
76
3
72
4
10
44
53
8
2
Vs
612
57
a
1512
13
8
0
331
412
1
312
4
1512
10, 2193
3
8
54
37
2
234
912
518 21
112
314
118
434
133
4 3354
40
677
8
183
4 443
3
12
13
4
254
63
2
6
1572,
121j 2912
4812 5612
107
8 1814
2812 38 14
ble 1014
265
4 3
9
74
85
927*
70
35
863
4
567
e 93
93
3884
1718 447
2
118
572
1
4
611 221
3
1834 32,
11
53
92
2
612 123
82
1101a
3014 4412
314
754
1712 35
412 1612
34
4878
3913 4852
1 18
7
Ps
8
112
1,
2
312 1172
13
4
7
83
4 19
2
812
312 1314
312 15
534 28
35
8
97
/
1414 283
4
138
514
238
952
8
2
918 :16
Volume 141
New York Stock Record-Continued-Page 3
1555
wmy a
1933 to Range for
Aug.31 Year 1934
1935
Friday
Wednesday Thursday
Tuesday
Saturday
Monday
Highest
Lowest
High
Sept. 6
Sept. 4
Sept. 5
Sept. 3
Low L w
'
Aug. 31
Sept. 2
$ per share $ per se 1 per chars
Par 3 per share
per share S per share Shares
S per share $ per share $ Per share I per share $
15
1914 303
4
10 2512 Mar 12 30 Aug 19
8
4 2,800 Chickasha Cotton 011
267 2714 2265 263
8
27
273
4 263 27
4
263 273
4
4
334 1158
712 Jan 7
312 Mar 15
33
,
No par
1,400 Childs Co
478 478
5
5 14
5
518
518
518 514
5
1014 175
9
8
9 Feb 23 25 Aug 22
25
20 Chile Copper Co
2212 2212 *21
2314 2314 2314 *2312 25
*2212 2314
2914 6038
2614
5 31 Mar 12 69 Sept 6
8
503 615
4
4
8 637 6512 6434 69 204,900 Chrysler Corp
8 593 635
8
6118 617
1714 2433
4May 20
16 July 31 243
1412
No par
1718 18
3,400 City Ice & Fuel
18
1818 1812 18
1818 18
8
185 185
8
67 921,
635*
100 8334Sept (' 100 May 3
Preferred
4
200
4
8412 853
4 8412 8412 8412 8412 833 833
*85
8512
314
5 Apr 16
12
21/1
314 Apr 30
6
400 City Stores new
8 411
8 37
8 *37
4
37
33
4 33
37
8
*33
4 37
8
3s
7
848
3124
6,
2
No par 1214May 15 1814July 31
300 Clark Eullinment
16
16
*1538 16
1514 1514 *1512 16
*1512 16
71
903
71
4
100 89 Aug 23 89 Aug 23
_ ___ C C C & St Louis prof
*87
*87
___ *87
*87
*87-__
4July 27
275
8
33 4
700 Cleve Graphite Bronze Co(The) 1 275 July 3 353
*3112 3212 32 3212 32
- - -33',3 4 3212 -- -1- - --,
3314
*32 i6i; 78
60
50 80 Mar 26 85 July 20
______ Cleveland dr Pltteburgh
•85 ___
*86
____ *85
*85
*85 ____
31
3345
_ ___ ___
Spec'l grt 4% betterment stk 50 48 June 25 48 June 25
__ *43
*43
*43
*43
*43
241a 46
20
100 Cluett Peabody & Go__--No par 20 July 27 2812 Jan 7
*2212 2314 *2212 24 /4
*223 --4 2312
24
2412
*2212 95
115
90
100 110 Aug 19 126 May 20
Preferred
30
112 112 *100 115
*112 115 *112 114
*112 115
9514 161 12
85
No par 1613* Jan 2 245 Aug 22
24012 24012
300 Coca-Cola CO (The)
*236 24014 *240 241
24012 242
*236 240
5013 57
4512
8
No par 533 Apr 20 5738 Mar 8
Class A
100
*5512 5614
*553 56
4
56
56
.555 5614
8
*5512 5618
14
314
10 Coca Cola Internet Corp_No par 450 Sept 5 450 Sept 5 200
3470
*435
_ _ *435
_
450 450 1
*435 _
918 1818
9
1918 Aug 15
1518June 1
183g 18 -1814 8,700 Colgate-Palmolive-Peet- No par
1712 177
- 1717 is
8
18
18
18
66
6812 10212
100 101 Jan 3 10512 Mar 15
preferred
100
6%
*104 10512 •1023 10512 *1033 10512 104 104
4
4
•104 10512
10
2811
4
9
9 Mar 13 283 Aug 22
No par
8
2518 2612 2514 265
8
8 265 28 1 275 285* 19,800 Collins & Alkman
2614 2652
74
94
693
4
100 69 4 Mar 13 10112July 17
2
Preferred
230
9814
97
9812 97
97
9814 9812 97
963 963
4
4
5
9
5
814 Aug 12
4
62 Jan 10
No par
80 Colonial Beacon 011
8
*7
8
8
8
*7
87
8 07
87
8
*7
12
12 Mar 13
XI
83
4
612 Jan 21
No par
4 2,900 :Colorado Fuel & Iron
8
2 8 23
3
212 25
8
258
258
25
8 25
*212 23
4
1012 32
5
5 Mar 14 2812 Jan 21
100
Preferred
640
1517 157 16
1638 1714
1512 16
8
1478 153
15
4
165
3 4088
103
4
4
100 103 Feb 28 21 Aug 13
Colorado & Southern
110
203
4
*16
2012 2012 *18
*16
2012 *16
201
2012
3314
13
7
7 Feb 26 17I2July 19
100
230
4% let preferred
1612
14
15
15
*1112 15
*1118 15
*1112 15
11
65
8
30
658 Mar 9 1358 Aug 1
100
4% 2d preferred
4
0918 143
4 0912 143 *11
143
4
4
0918 143
4 .93 143
8
58
45
7714
par 67 J131115 94 July 23
873 883
4
4 1,200 Columbian Carbon v to --No
88
88
89
88
88
87 87
*87
2113 4138
1718
5,000 Columb Pict Corp v I o___No par 3414 Jan 16 81 July 8
6812 70
73
713 7212 7014 7212 71
8
7012 7212
65
8 1914
338
338 Mar 13 14 Aug 17
123
4 1212 1318 111,000 Columbia Gas de Eleo____No par
8
8
12
113 1258 113 12
8
117 123
8
62
783
4
3
512
100 3512 Mar 13 8612 Aug 14
800
Preferred series A
7912 81
80
78
78
78
793
4 80
7812 7812
41
71
31
5% preferred
100 31 Mar 15 71 Aug 19
75
*70
74
75
*67
•67
74
*69
75 *69
183
8 4014
11,
4
10 3912 Jan 2 5312Sept 6
14,100 Commercial Credit
507 5312
8
4914 507
8
503 5012
8
s 4912 5012 507 52
22
2313 3018
26 29 Jan 5 32121\lay 14
7% 1st preferred
38
63
32
Class A
4May 13
50 5212 Jan 7 693
24
3013
23
2912 Jan 3 33 Jan 25
Preferred B
25
9113 110
85
4June 13 11814May 13
_ _ 6Si% first preferred
10 1093
_ *ii_
_
_
_ ____
112 June 27 11012 Aug 10 112
535% preferred.
10
-0
0- 123 116
1 4
*Ha ifs
5 if6 ii6 fidv *115 117
353* 61
No par 5614 Feb 7 72 Aug 15 33 2214
8 6912 7011 5.200 Comm Invest Trust
71
4
71
7014 7114 26918 693
4 683 693
114
131
8412
No par 111 Mar 13 11512 Jan 29
Cony preferred
_
200
*113 11412
*113 11414 2113 113 *112 115 *112 11312
8
977
3
__- 34.25 conv.pf ser of 1935 No par 97e July 29 1023 Aug 15
5,000
4
10014 1003 2993 100
10012 1005
8
100 10012 10012 1003
4
4
15g4 36 4
3153
4
8
No par 173 Mar 13 237s Jan 7
33,000 Commercial Solvents
195 20
8
4
183 19,
4
8
183 19
4
8 183 20
1812 187
is,
1
33
4
27 Aug 14
8
3 Mar 6
4
No oar
28,500 CommonwIth & Sou
178 2
2
178
17
8 2
17
8 2
17
8 2
215
4 6234
173
8
2912 Jan 4 6514 Aug 12
No par
36 preferred series
5312 2,400
5414 53
523 543
4
8
54
5414 5212 533 254
4
1383
5
6
578 Mar 18 10 May 17
Ino___No par:
Conde Nast Pub.,
*712 9
*712 9
*712 9
*712 9
*712 9
351
8
22
8
27 Mar 15 377 Aug 5
16 2
,
2,800 Congoleum-Nairn Inc____No par
355
8 3514 36
*3512 3614
3512 36
3412 3518 35
714 1411
9 Feb 7 1514 Aug 17
714
No par
100 Congress Clear
*1312 14
8
14
14
*1378 143 *137 1438 01378 1414
8
32
61
4
233 Mar 1 49 July 19
233
4
190 Connecticut Ry & Lighting__100
44
4412
423 423
*42
4234 *4218 423
4 4234 44
4
4
68
55
41
Apr 2 56 July 24
100 41
Preferred
40
56
55
5818 50
5512
*5512 5818 *5512 5812 *56
8
514 133
7 Mar 14
1012 Jan 9
514
No par
700 Consolidated Cigar
8
8
8
8
*73
4 8
712 73
4 •75s 8
31
75
30,
4
100 62 Mar 28 74 Jan 24
Preferred
66
80
66
66
*6414 66
66
66
*65
*6414 66
46,
4 747
4514
2
100 71 Apr 2 82 Feb 28
Prior preferred
80
80
80
8012
*78
80
•79
*78
80
79
80
70
49
451.4
Prior pref ex-warrants____100 73 Mar 28 80 Mar 6
79
79
79
*77
*77
*77
*77
79
*77
79
15
s
614
312May 31
712 Jan 16
1
15
8
4
43
4 47
438 438
345
8 2,500 Consol Film Indus
453 478
412 47 ' 8 43
8
8
106, 203
2218 Feb 15
73
4
No pat 1414May 31
Preferred
163 1712 3,100
4
1612 17'8
167 173
8
163 17
4
8 167 17
8
1813 4738
157
8
No par 1572 Feb 20 3412 Aug 14
8
2813 283
27
2818 285
8 2814 293 38,900 Consolidated Gas Co
2814 263 28
4
x71
95
4
No pat 7218 Feb 23 1013 Aug 21 271
Preferred
99
2,500
99
99
99
99
983 99
4
9914 973 99
4
43
8
113
43 Aug 12
8
112
112 Mar 12
No par
1,100 Consol Laundries Corp
Stock
*35
8 334
3713 4
3 8 33
5
4
33
4 37
8
*312 37
8
4
714 14,
8125111r 13 1012May 17
6,
2
No par
87
8 9 30,700 Consul Oil Corp
87
8 9
4 9
83
4 9
83
4 9
83
108
11218
100 10812 Feb 5 112 Jan 28 103
8% preferred
100
110 110 Exchange *110 1103 *110 1103 *110 1103 *110 1103
8
3
8
8
5 May 14
Ws
084
21s
212 Jan 25
100
312 37
8
313 312
37
8 37
8 *358 4
400 Consol RR of Cuba Dre1
*37
8 4
218
3 Aug 10
8
Ds Jan 5
33
No par
34
5
8
58 Closed5
5
8 1,200 Consolidated Textile
4
52
3
4
5
8
3
3
4
414
618
133
4
4June 3 133 Jan 10
2
83
20
1012 103
1118 11
113
8 2.600 Container Corp class A
4
105 1058 1012 103
8
4 11
2
255
512 Jan 9
53
8
8June 10
27
No par
Class B
Labor
418
418 2,200
412
2 4
4
418
4
*37
4
4
514 143
8
412
93 Aug 14
4
412 Mar 13
812
814 812 2.400 Continental Bak class A No pa
8
8
77
8 77
8
75
8 8
8
13 Aug 17
8
7
8
23
2
53 Apr 1
,
.I
No va
Class B
Day
118 1,400
1
118
118
I18
1
1.
1
114
1
4414 64
4
4614 Jan 28 673 Aug 9
44,
4
100
Preferred
400
6214 6214
*62
6212 62
6214 064 6413 6412 641
563
4 6412
37
4
20 622 Jan 15 9118July 22
835 83118
8
8 5,100 Continental Can lee
8314 84
84
8514 847 8512 8478 853
s
1134
6
6
7 Jan 15 1438Sept 0
5
13 8
5
8
8 4,200 Cont'l Diamond Flbre
*13
13
1312 1312 133
4 137g 1414 137 143
238
8 3614
20
2 50 Ws Mar 13 4234 Aug 14
403
8 2,700 Continental Insurance
*39
3934
4
393
4 3912 3912 393 4014 40
39
21,
13 Jan 8
4
54
3 Jan 2
4
No par
111, 3,600 Continental Motors
114
118
114
114
118
114
118 114
11/
12/4
153
4 223
4
6 1518 Mar 14 23 May 23
8
205 2114 2014 21
8
8
203 213
4
2012 213
8 2014 207 15,000 Continental 011 of Del
4013 51
4012
4
5912 5938
2,110 Corn Exchange Bank Trust Co 20 41114 Mar 11 603 Aug 19
5412 55
5512 5914 5114 54
5312 65
5512
5512 8613
*
25 62 Feb 6 783 July 10
Corn Products Refining
66
66
6558 66
667 673
8
4 67
07'2 3,500
6512 663
135
15013
100 149 Jan 2 165 May 23 133
Preferred
*14714 158
*145 157 *145 15612 *145 15612 *148 1561
5
978
38
67 Jan 3
s
314
418 Mar 13
No par
458 434 4,200 Cory Inc
*43
4 47
458 47
8
4
8
412 45
412 43
8
28
3614
23
8
2
3734 1,000 Cream of Wheat etre
No par 367 Jan 16 397 Mar 4
3712 37 2
3712 375
,
8 3712 3712 3712 3712 3712
8
4May 14
7
1713
No par 1212 Jan 16 163
1312 1312 *1312 1412 135 1352 1352 14
1,200 Crosley Radio Corp
*1314 133
8
4
183
4
183
4 3614
No par 2312 Mar 14 36 July 10
1,800 Crown Cork & Seal
3312 34
*335 34
8
8
,
331.2 333
4 33 4 3314 335 34
32
3513 4414
4
No par 4312 Jan 4 473 Apr 20
12.70 preferred
100
4
*4512 465
*4512 465 *4512 465 *4512 457
8 453 453
8
8
8
47
84
7
Crown W'mette Pap 1s8 pfNo par 7412 Mar 13 8912 Aug 22 . 40
*91
_ __
*91
_ _ *0214 _ __ •95
_. __ •95
35
8
65
8
314
53 Jan 10
2
312 Mar 18
No par
518 it,
5
5
5
5
5
S's 1,800 Crown Zellerbaok v t o
514 514
383
8
17
14
247 2478
8
24
2414 247 25
8
25
263
8 26
27'2 6,500 Crucible Steel of America____100 14 Mar 15 2712Sept 6
44
71
30
100 4712 Apr 12 85 Sept 6
Preferred
200
85
85
*80
85
8418
*83
8112 8112
08112 85
7
8
3,
8
13 Feb 19
8
3
4
1 Jan 28
114
114
par
No
118
11s
600 Cuba Co (The)
114
114
114 .118 114 *118
3
,
3 4 1012
100
5 Jan 5 10 May 15
Cuba RR 6% prof
*612 8
0
618 8
*618 8
*618 712 *618 75a
31i
gr.
8I2May 13
212
518July 22
10
613 61,
618 614
614 658 2,000 Cuban-American Suva
57
8 6i,
614
*6
20,
8 65
1412
4May 13
Preferred
100 4012 Jan 3 803
710
69
*66
6814 6712 69
65
66
65
65 65
37
525
8
351s
8Sept 4 4712 Jan 2
60 397
4
2,900 Cudahy Packing
*4014 4012
*4014 4012 397 4014 40
4014 403 41
8
1313 2983
1312
No par 15 Mar 15 2272 Jan 8
173 173
4
4
177 1812 177 177
8
8
8 177 1812 1814 1812 2,900 Curtis Pub Co (The)
8
4313 953
4
3812
par 8912 Mar 14 10514June 13
No
2,100
Preferred
8
10414 1043
4
10414 1043 104 10412 1043 1043 1043 105
4
4
4
614
2
218
3 Jan 2
2 Mar 12
1
23
4 27
8
23
4 27
8 9,900 Curtiss-Wright
23
4 27
8
4 27
8
2 27
8
23
27
514 1214
33
4
77
614 Mar 16 1012 Jan 2
1
814 7,000
Class A
8
818
8
838
778 8
73
4 818
7514 91
73
_100 73 Mar 23 88 Aug 21
Cushman's Sons 7% wet
*80
85
0
,80
85
85
*80
85
*80
*80
85
6412 90
61
No par 61 June 8 72 July 27
..71
8." preferred
*69
72
*61
71
*61
*61
72
*61
71
11
21,
3
912
4
3
k
No par 16 Mar 13 283 Aug 21
273 27
8
28
2814 2,000 Cutler-Hammer Inc
28
8
2814 27
2714 275 28
512
6
814
814 Feb 14
4 712
6 June 7
5
8 718 .62
Davega Stores Coro
8 712 065
•612 714
*658 714 062
1018
1018 3418
8
4
No par 223 Mar 18 403 Sept 6
393 4038 19,900 Deere & Co
8
375 387
8
8
4
373 3938 '3712 383
4
383 40
8
1014
1014 1014
4
20 19 Jan 16 273 Aug 19
2734 28
2,100
Preferred
*2612 263
27
4
2712 2714 2714 2712 23
2312
35
7312
100 2312 Mar 26 4312 Jan 7
412 3512 3478 363
3514 35'2
39 8 11,900 Delaware & Hudson
3
383
s 38
8 37
14
333
11
4
1614 167
Lack & Weetern___60 11 Nlar 13 1918 Jan 7
1514 153
8
8
8 9,700 Delaware
15
1514
8
1434 153
4 157 163
33
4 1314
43 Jan 8
4
112 Feb 27
112
100
3
300 Deny & Rio Or West peel..
3
314
31s 318
,
3 4 3 4 53
,
314
53
55
6312 84
100 85 Mar 13 96 Sept 6
*94
4
1,100 Detroit Edison
9412 943 96
942
9312 9412 92
9218 94
7
5
2
6 Jan 17
2 Aug 12
Detroit & Mackinac fly Co __100
53
8
*3
514
53
8 *3
53
8 *3
538 *3
*3
10
1814
Ds
*5
6 June 28 1212May 1
_
_
5% non-cum preferred_100
*5
___
___
*5
*5
*5
29
6514
20
2
391
40
800
3914 3912 --- ___- - Devoe &Reynolds A___..No par 3512 Aug 28 502 Jan 2
*3812 3914 *3818 40
3814 3814
8912
99
117
100 11412Mar 8 12012July 8
1st preferred
*118 120
0118 120 *118 120 *118 120 0118 120
21
2811
21
4
No par 2612 Jan 2 2403 Aug 14
000 Diamond Match
373
4
*37
3812 3812 3812 3872
373 38
4
373 38
4
,
2814 34 2
275*
25 343 Jan 7 4112May 3
8
Participating preferred
40
40
40
300
40
*39
40
*3914 40
*3712 40
32
4614
25
No par 3418 Jan 15 4312May 17
8
3302 383
8
8 3918 393 4,900 Dome ?Attlee Ltd
38
3814
4 385 393
4 3812 383
23
11
451ay 29 1252 Jan 28
63
4
63
8
200 Dominion Stores Ltd__No par
83
8
814 0818 838 *818 83
08
8
818 *8
1414 2812
313 3212 34,900 Douglas Aircraft Co Joe No par 1712 Mar 12 33 Sept 5, Ills
8
33
3118 3112
8 32
3012 3112 3012 317
8
20
4
814
1812 Mar 15 233 Aug 19
2312
*21
23
700 Dresser(SR) Mfg cony A No par
*2114 23
2218 2212 2312 2312 *23
117
z
5
1112 Aug 19
33
3
622 Mar 18
No par
Convertible class B
11
*107 11
8
1,600
*978 10 4
,
*1018 1012 101s 1118 11
58
153
033
loune 13
58 Aug 27
14
100
03
8
58
Duluth SS & Atlantic
1*
lz
5,
8
%
538
5
8
*3
8
218
12
34 Aug 6
14
14June 21
100
Preferred
*12 114
512 114
*12 114
114
512
012 114
3
113
4
2
512 Jan 18
2 June 6
1
*35
8 418
500 Dunhill International
*35
8 4
38 4
5
8
35
*35
8 4
8 35
13
237
8
19 Aug 6
4May 21
123
4
123
No par
15
15
400 Duplan Silk
4
15
5133 15
15
*14
15
*133 15
4
92
92
11012
100 103 Mar 20 113 Aug 20
20
Preferred
113 113
*112 113
*112 113 0112 113 *112 113
103
117 118
11614 118
11612 1187 119 12112 120 12118 11,900 DuPont deNemours(E.I.)&Co.20 8653 Mar 18 112212 Aug 27 al 593* 100
8
128
100 1267 Feb 8 131 Apr 22 10414 115
8
6% non-voting deb
300
*12712 12812
*12712 12812 1275 1275 12712 128 *12734 12814
8
8
85
1073
4
90
100 104 Feb 18 115 Aug 5
10 Duquesne Light 151 pref
011414 11412
*11414 11412 011414 11412 *11414 11412 11414 11414
21
3012
13
0I2
Durham Hosiery Mills pref 100 1712May 16 23 Mar 6
012
-_ _ - __
_
_
*12 . __
,
*1212
*121. _
4ta 12
8 Jan 7
312
6
33 Mar 13
4
712 3,000 Eastern Rolling Mille
718 _7
714
658 - -768
63 7
*63 4 714
651,
116
79
149 14914 2147 14912 149 )4914 14912 15134 3,500 Eastman Kodak (N J)---No pat 11012 Jan 16 152 July 9
148 148
147
120
100 141 Jan 4 164 July 26 120
6% cum preferred
0140 155 *152 155 0152 155 *152 155
*14014 155
10
1218 22
No pat
1653 Jan 16 2518 Sept 6
2418 2412 2412 2518 10,600 Eaton Mfg Co
s
2312 233
2318 235
4 2312 24
19
5
314 Mar 27
73 Jan 4
4
314
No par
200 Eltingon Send
614 614
614 614
*53
4 618
5512 614
*512 6
31
295
8Sept 6
115
8
15
8June 1
5 193
8
8
4
2634 273
4 273 2812 283 295 51.600 Elec Auto-Lite (The)
4 263 273
4
27
273
8
110
75
80
100 107 Jan 23 112 Apr 26
350
Preferred
111 11114
4
1103 111
*1103 1107 1107 111
4
8
*1103 1107
4
8
8
7
3
.3
918 Aug 30
3
33* Mar 15
32,200 Electric Boat
812 9
85
8 9
83
4 918
8
83
4 918
85
8 87
9
414
42u1y 2
838 Feb 18 44 212
53
8 612 2,600 Elec & Mum Ind Am shares
8 *63
612 65
8
614 63
8
614 63
s
*614 63
9
214
118
712 Aug 17
118 Mar 15
514 53
4
53
4 612 27,600 Electric Power & Light __No pat
53
8 57
8
5
5 12
518 53
4
658 21
3
3 Mar 13 32 Aug 17
No par
8
37 preferred
2312 2412 247 2614 17,400
23
22
2378 22
, 2318 2414
21,
19
6
212 Mar 13 28 Aug 17
No var
$6 preferred_
2114 2114 2214 2214 2414 7,500
1912 2158 20
I 203 217
4
8
For footnotes see page 1552
mil
V.'
-PER SHARE, NOT PER CENT
111011 AND LOW SALE PRICES
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jas. 1
Os Basis of 100-share Lots
1556
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug.31
Monday ' Tuesday
Sept. 3
Sept. 2
$ per share
Wednesday Thursday ' Friday
'
Sept. 4
Sept. 5
Sept. 6
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Sept.
ROOM Stant Jan. 1
On Bail. of 100
-share Lots
Lowest
Hig64st
7 1935
July 1
1933 to Rano for
Aug.31 Year 1934
1935
Low Low
moo
$ per share $ per share $ per share $ per share $ per share Shares
8 Per share $ perch $ per share
Par i per share
*4512 46
46
45
/ 4614 2443 453
1
4
46
46
46
34
62
/
1
4
No par 39 mar 21 MN Jan 7 1 33
4
4 1,400 Elea Storage Battery
34
4
/
1
4
11
/
4
/ Jan 10
1
4
14 Mar 29
99
8
3
4 1.000 fElk Horn Coal Corp--No par
9
8
9
8
9
8
9
8
9
8
5
8
14
34
4
11 11
/
4
/
4
1
11 113
/
4
11 112 1,300
/
4
113
14 113 *I
/
1
/
1
4
11 Aug 17
/
4
Os Apr 1
--50
6% Dart
.
564
643
*64
654 *64
/
1
4
46
63
66
651 65
/
4
45
*6414 61)
4
50 523 Jan 18 66 Sept 5
500 Endicott-Johnson Corp
preferred...
*12918 12912
129 12918 *12918 12912 *1294 12912
129 129
120
128
1
Preferred
100 126 4 Jan 10 132 Apr 23 112
110
514 513
512 5
534 512 *512 A
5
/ 6
1
4
11
/
4
7 Aug 19
/
1
4
Ds Mar 16
/ 1,400 Engineers Public Serv----No par
1
4
2
83
4
3658 364
3718
*3432 367
2
2 365 37
1018
1012 2311
$5 cony preferred
No par 14 Mar 19 41 Aug 17
2 3914 1,400
2 .
36
36
*3512 40
3814 3314 3812 40
37 37
/
4
/
1
4
11
2413
11
$53,l preferred
800
No par 144 Feb 7 411 Aug 17
*3712 39
13
2512
37 37
12
41
41
39
373 383
4
4 39
$6 preferred
No par 154 Mar 19 42 Aug 9
700
6 8 678
5
612 65
8
6
/ 6
1
4
/
1
4
6
/ 63
1
4
4
4 Aug 8
/
1
4
6
/ 65
1
4
412
7 8 Aug 21
3
8 2,500 Equitable Office Bidg____No par
5
10
/
1
4
11
11
11
11
114 1112 124 114 127
/
1
11
718
718 afar 20 14 Jan 4
/
1
8 5,700 Erie
/
1
9
/ 247
1
4
100
1
*15
1512
15
8 Mar 26 17 Aug 14
/
1
4
100
1512 1618 16
15
15
15
84
/
1
4
1678 1,300
14
/ 2814
1
4
First preferred
/
1
4
*93
8 9
11
*9
97
8
9
23
11
11
93
4 9
/ 10
1
4
684
63 Mar 12 13 Jan 1
4
Second preferred
100
900
*68
74 *____ 74 *____ 74 *___ _ 74
*6114
50
68
60
Erie & Pittsburgh
60 6912 Feb 18 70 Feb 2
*13 - - 2
/ 137.
1
4
14
4
/
1
1312 131 133 134 14
/
4
/
4
137 1418 2,100 Eureka Vacuum Clean
8
63
8
7
144
/
1
5 1012 Mar 19 141 Aug 17
1818 183
17
/ 184 18
1
4
8
4
1812 173 183
/
1
2714
3
14
5 15 May 7 23 Feb 21
4 1814 184 8,300 Evans Products Co
9
/
1
212 212
212 212
*23
4 27
8
*2
/ 3
1
4
23
4 23
4
3
2
2 Apr 30
120 Exchange Buffet Corp.
1012
5 Jan 18
-No par
112 112
114 14
114 114
114 114
•114 112
I
2
/
1
4
5
8
214 Jan 19
50Mar 26
/
1
26
740 Fairbanks Co
7
78
3
812 6
61 6
/
4
/
1
4
612 7
63
4 714
3 4 124
1
9 8 Jan 18
3
4 Mar 19
3
/
1
4
Preferred
100
280
/
1
4
2514 2512 2514 251 3,300 Fairbanks Mom & Clo---No par 17 Jan 11 264 Aug 23
25
253
4 2434 25
247 25
8
/
1
/
4
48
7
7
181
4
*115 117
*115 11612 *11512 11614 11613 117
26
117 119
30
Preferred
100 72 Jan 17 120 July 18
170
774
111
/
4
1612 163
4 163 163
17
17
4
1714 164 163
4
4 17
4
4
5 Mar 16 193 Aug 17
/
1
4
16
/
1
4 1.100 Federal Light & Trao
*8212 85 *8212 85
85 85
*80 85
344 62
33
Preferred
84
/ 844
1
4
/
1
No par 68 Jan 8 x85 Aug 16
50
52
*50
*_-_ 68
*50
107
40
*62
*62
68
70
70
Federal Min & Smell Co--100 40 Apr 3 72 Apr 26
68
02
98
50
Preferred
791
/
4
8018 *70
90 *65
'60
8018 *60
*50
90
100 64 Apr 1 95 May 24
618 613
68 6
5
/
1
4
613 613
*614 63
8
3
3 4Mar 23 • 7 8July 18 19 2
1
*614 65
8
2
/
1
4
84
1
/
1
4
500 Federal Motor Truck-No par
2
/ 23
1
4
278 24
/
1
2
61
8
3
3
4 3
4 *23
1
2 July 8
800 Federal Screw Works...
24 3
43 Jan 7
1
-No par
218 24
1
4
50 Feb 26
218 214 1,100 Federal Water Serv A__--No par
218 212
218 24
/
1
4
2
2 14
34 Aug 19
23
2214 2214 23 23
2334 234 24
*2214 224
20
31
104
2,300 Federated Dept Stores_ _No par 164 Mu 29 25 Aug 8
/ 393 *39
1
4
4
3812 3812 39
2014
400 Fldel Phen Fire Ins N_2.60 2812Mar 14 414 Aug 12
40
*383 4013
4
ii.
23 4 3
1
54
3914 3914
*2214 234 *2214 2312 *2214 234 *221 2312
*2214 2312
23
30
16
Ellencee(Wm)Sons Co__ No par 18 Apr 9 24 Aug 2
111 111 *110 113 *110 113
111 111
87
106
*111 113
20
/
1
8Si% preferred
100 1064 Mar 6 114 July 3 885
*14
/ 14
1
4
/ 1412 143
1
4
/
1
4
4
4 143 144 1,600 Firestone Tire 4 Rubber
4 143 143
14
/ 14
1
4
13
25,
4
1318
4
/
1
10 1311May 2 1818 Jan 7
957 *954 954 9552 954
2
957 957 *95
2
2
6718
200
/
1
*9512 957
7112 9214
Preferred series A
2
/
1
4
100 84 Apr 8 96 Aug 13
5114 52
52
5112 5212 51
51
52
453
4
2,700 First National Stores __.Nopar 45 4May 6 53 Aug 12
53
69,
4
/
1
4
3
503 51
4
16
25
*2214 2312 *2212 2312 *2212 2312 *2212 23 z
*2214 2312
12
/
1
4
Florsheim Shoe class A __No par 19 Feb 21 2312 Aug 15
,
31
4 434 3,200 :Follansbee Bros
41
8 4
4
4 18
4
418
/
1
2
/
1
4
2
174
*33
4 438
6 Jan 7
/
1
4
214 Mar 8
No par
491 4912 50
/
4
494 50
/
1
5118 545
51
WI 211
8 2,800 Food Machinery Corp_No per 20 Jan 15 543
/
4
4912 4912
2Sept 6 99 104
/
1
4
/
4
/
1
8
/
4
16
1614 155 161 161 164 163 17
4
1614 1613
4,000 Boater-Wheeler
9 Mar 15 1712 Jan 2
/
1
4
No par
84 22
812
88
87 87 '87
87
87
89
65
80
4414
8812 8812
*88
3
Preferred
40
No par 60 8 Mar 15 90 Aug 23
__ __
_
____
_ _ _
_
_ _. _
__ _ ____ Foundation Co
04 17..
/
1
2
/
1
4
/
4
2 8June 7 101 Jan 7
5
No par
/
4
-5
3118 - -4 311 31 8 317 324 33 3314 1,500 Fourth Nat Invest w w
3138
4
*313 32
1712 2712
164
/
1
3
1 19 4 Mar 21 3334 Aug 13
1614 1714 ------------------------12,000 Fox Film class A
1614 167
/
1
4July 15
858 Mar 16 17
2
8 4 17,
,
2
814
No par
54
03
*53
55
54
55
20
20
55
56
56
55
*53
50 Fkln Simon & Co too 7% pf--100 3014 Apr 2 60 July 24
2812 2614 27
25
/ 2614 26
1
4
1714
27
27
*263 265
8
/
1
4
10 17 Afar 18 2812May 23
2,900 Freeport Term Co
8
214 504
/
1
*12012 1247 *12012 1247 *121 1244 *121 12472
8
2
8
/
4
*12012 1247
,
Preferred
100 112161une 27 12012 Aug 23 112 2 1131 1604
*24
*24
26
*24
28
*24
28
28
*24
267
8
33,3
14
124
/
1
Fuller (0 A) prior prat ___No par 15 Mar 13 274 Aug 14
4
93
4 93
4 103 1112 *93 114
104 1012
43
4
90
*10
107
6
194
/
1
4 4 Mar 13 12 Jan 24
8
30 2d prof
No par
4
8
212
218
2 8 Aug 22
75May 21
214 214
214 214 *2
2
5
-No par
600 Gabriel Co (The) al A...
2
214
7
s
14
41
/
4
04 10
/
1
4 10
8
20
7
7 Mar 30 103
104
/
1
101 103
/
4
4Sept 4
No par
1,340 Gamewell Co (The)
93 10
4
83
4 913
9
9 18
9
9
558 11,2
54
9
612 Mar 13 10 Aug 16
No par
94
3
*9
93
4
95s 93
4 2,100 Gen Amer Investors
9912 *9712 9912 9912 9912
73
87
*9712 9912 *97
644
/
1
4
Preferred
100
*9714 9912
No par 84 Jan 10 100 June 21
39
3938 Ms 391 4,300 Gen Amer Trans Corp
/
1
4
/
4
383 38
8
/ 3814 39
1
4
30
43 8
5
25 4
3
387 3914
5 32 Mar 12 44 July 15
8
4
8 5,000 General Asphalt
18
181 1814 185
/
4
/ 18
1
4
175 183
8
8 17
18
12
114
/
1
8July 31
18
234
10 118 Mar 13 205
61
/
4
/
4
/
1
/
1
612 143
7 8 Mar 29 1212 Aug 14
1
6
/
4
/
4
4 111 1113 111 111 4,300 General Baking
1112 114 114 113
s
/
4
111 1112
No par 116 Jan 10 146 Aug 13 100
20
143 143
*14212 143 *14212 143 *1424 143
100
10812
143 143
$8 Preferred
712 74
732 772
7
/ 8
1
4
7
/ 8
1
4
5
101a
6
814 Aug 23
5,000 General Bronze
614 Mar 4
6
7 4 734
3
612 5i2
8,
4
2
572 6
54 6
24
2 Mar 20
No par
3,600 General Cable
Stock
618 Aug 21
514 514
514 558
2
414 12
4
4
2 6,500
123 133
4
8 1314 1312 133 1514 143 153
4 Mar 26 1538Sept 6
Class A
No par
125 13
4
100 19 Mar 14 49 Aug 21
4
*44
4612 463 4712 48 48
144 33
14
444 45
/
1
1% cum preferred
800
*441 46 Exchange
/
4
2414
/
1
No par 60 Mar 25 644July 27
700 General Cigar Inc
56
58
27
593
4
563 57
s
*58
5612
5612 554 *5612 57
__
14112 142
142 142
97
100 1274 Jan 2 143 May 21
60
3
Closed- *140 2 142
97
7% preferred
141 141
12
74
2
No par 204 Jan 15 33 Aug 14 • le
313 4 33
70.600 General Electric
3012 314 304 3112 313 32 *141416s 2514
30
/ 3112
1
4
/
1
/
4
28
/ 3412 9,100 General Foods
1
4
/
1
344 347
/
1
8 3438 3412 341 344 33
Labor
28
367
8
No par 3214 Mar 15 374 July 8
/
1
34
344
/ 1
1
4
/ 1
1
4
14 Feb 25
No par
19,600 (kali Gas & Elea A
/ 1
1
4
3
4
7
a
1
1
112 Aug 22
is
I
,
4
13
13 *10
IN 19
614
Cony prof series A-No par 10 Mar 16 1313 Aug 19
*10
13
*10
13 .310
Day
*10
13
21
11
*153 18
4
*15
/ 18
1
4
63
4
$7 met class•
No par 11 Mar 6 18 Aug 20 I
*153 18
4
*153 18
4
*15 4 18
3
13
22
712
1
20
No par 15 4 Jan 16 18 Am 8
*___ 20 *____ 20 *___ _ 20 *_
$8 Drat clans A
*____ 20
60
82.1.
/
4
40 Sept 6 611 Feb 5 94 3914
40
600 Gen Ital Edison Else Corp
40
43 43
*43 44
44
44
*4212 45
61
04 12
51
/
4
No par 591 Feb 6 7012July 8
900 General Mills
6611 663
4
6
4
2 6712 67 2 663 67
*67 2 677
3
*8712 674
118
Preferred
8
100 116 Jan 3 119 Aug 23 10012 103
100
8
/
1
*1177 119 *1183 119 *11838 119 *1183 119
8
118 1184
/
1
4
244
8 42
/
1
4
8
4514 168,600 Generar Motors Corp
/
1
/
1
10 285 Mar 13 4511 Aug 10 al 22
/
1
417 423
8
4 414 434 4312 444 44
42
/ 423
1
4
4
893 109
4
84
$5 preferred
11712 1173
1181* 11812
No par s10712 Jan 4 119 Sept 5
4 1,400
1181 11813 118 119
/
4
117 118
/
1
4
854 21
814
*11
12
*11
12
12
No par 10 Mar 20 1312May 10
500 Gen Outdoor Ad, A
113 *11
4
11
11
11
312
3
Common
*3
314
6
/
1
4
4 Mar 21
3 Aug 9
No par
200
3
3
38
,
3 8 *3
,
314 334 *3
1012 2512
1,920 General Printing Ink
1012
No par 1711 Fen 5 38 Aug 27
36
35
351 35
/
4
3614 3612 3512 36
*3618 3614
7312 98
8114
No par 9312 Jan 22 10612Sept 5
260
/
1
106 10812 10612 1064
26 Preferred
10512 10512 10513 106
10512 106
4 Aug 12
lie Mar 13
14
No par
2
53
s
314 3 8 2.200 Gen Public Service
1
8
314 33
314 3
/
1
4
3
3 12
314 3
/
1
4
155
8
23,2 455
323 334 1,300 Gen Railway Signal
4
32
32
No par 1658 Mar 13 3434 Aug 14
4
4
4 313 32
313 313
4
*3112 313
4
90
1014
Preferred
100 80 Jan 2 10812 Aug 2 80
10612 109 *10612 109 *10612 109
*10612 109
*10612 109
214 Aug 14
3,100 Gen Realty & Utilities
2
178 2
8
1
3
4
1 Apr 2
4
1
2
/
1
38
5
14 17
14 2
/
1
*17
8 2
10
900
*2812 31
10
1
$8 preferred
No par 14 4 Mar 20 32 Sept 3
31
*2912 3012 *29
2/
6
1
4
32
30
3012 31
8
/
1
8 9,800 General Refractories
812
No par 183 Jan 30 247 Aug 23
104 23
/
1
4
4
/ 244 247
1
4
2412 2414 24
2312 2413 24
24
24
Voting trust certifs_No Par 1131s Jan 15 23 July 9
714
10
20 .
14
100 Gen Steel Castings prof No par 14 Apr 13 4012July 29
36
175
8 4812
-55- ii" ;51 ii- ;55- iiii -51 -- -12
;51 WI;
84 147
2
/
4
No pa. 12 Mar 14 1912 Aug 7 9 71
173 1814 6,100 Gillette Safety Rasor
4
8
/
1
8 1712 174 175 18
1712 177
17
/ 173
1
4
4
47
72
Cony preferred
No par 704 Jan 4 93 Aug 6. 4512
893 901 1,100
4
/
4
4
/ 683 90
1
4
4
8912 883 88
.
388
88
/ 8834
1
4
21
/
4
514 Aug 22
2
/
1
4
63
8
218 Mar 13
No par
514 514 3.800 Gimbel Brothers
5
514
4
/ 48
1
4
7
43
4 5
474 5
100 18 Mar 27 49 Sept 6
101 30
/
4
134
Preferred
3,200
49
/ 48
1
4
*431 46' *4414 4618 4618 47
/
4
45
45
12
/
1
4
No par 23 Feb 7 34 Sept 5
8,900 Glidden Co (The)
333 34
2
1133
2 281
*
3112 3238 3238 3314 3312 34
3212 33
Prior preferred
10mm 10
s
100 1047 Jan 2 1093
805
*
180
03
10712
10812 10812 108 10812 108 10812 10812 10812
*10712 109
/
1
4
14July 19
/
1
7 July 15
8
Rights
112
4 4 Jan 25
8
118 Apr 28
6
82
3
2 4 28 1,000 7(iooe1 (Adolf)
3
2
/ 2
1
4
/
1
4
--1s
9
8
27
8 27
7
28 2 8
7
23
4 27
8
8May 2 18 Jan 7
No par 141
10,200 Gold Dust Corp v 4 o
16
23
143
4
4
/
4
8
1512 1558 155 1534 1818 161 163 17
15
/ 16
1
4
No par 11112May 3 120 June 29
9612
$6 oonv preferred
9612 120
11712 119 *11712 119 *11712 119 *11712 119
*11712 119
7 Mar 13 111 Jan 7
No par
/
4
/
1
4
7
/
1
4
8
18
/ 6,400 Goodrich CO(B F)
1
4
85
8 9
8
/ 9
1
4
4
4 83
4 *838 83
8
/ 83
1
4
83
4
Preferred
100 40 Mar 15 55 Aug 23
2612
800
54 6214
5212 5314 54
5112 5112 52
52
*5112 53
/ 5214
1
4
/
1
4
/ 197
1
4
4 19 4 2012 14,100 Goodyear Tiro & Rubb---No par 1644 Mar 13 20 Jan 7
2 19
15 4
1
3
4
1812 611
1912 1934
e
191 In 183 193
/
4
No par 70 Apr 11 92 Jan 10'534
let preferred
500
84
9
84
83
04
8512 83
80,
4
*8214 8512 *83
85
8512
4
3
/ 112
1
4
2 Apr 4
/
1
4
No par
24
612 Aug 16
800 Gotham Elllk Hose
57
2 52
7
53
4 51
4
2 53
2
53
538 532
/
1
4
*
514 5
100 20 Apr 3 50 Jan 3
Preferred
.540
42
3812 714
20
42
*41
44 *40
*38
44
*40
4514
114June 25
1
it*
114
314 Jan 3
412
5,400 Graham-Pal/le Motors
17
2 2
13
4 17
2
2
13
4 17
11 14
/
4
14 17
/
1
8
54 mar 19 1114 Aug 23
4
1118 11
4
13
/
1
4
1114 4,000 Granby Cons M Elm de Pr--__100
104 103
/
1
4 1013 1118 11
1058 103
4
2 Mar 16
14
1
6 Jan 7
400 Grand Union Co Sr otts
4
24
/
1
84
1
3
/ 318
1
4
314 314
312 312 *314 312
/
1
4
3,
2 3
No par 141
8May 20 29 4 Jan 3
Cony pref series
1
18
23
40
144
/
1
400
4 18
183
1834 *18
184 181,2 *18
18
18
No par 181* Mar 29 2912July 31
2812 2414 2614 1.800 Greelte City Steel
181g
26
21
311s
257 26
2
25 25
*2412 2612
13
4SePt 4
214Sept 4
Rights
212
13
4 214 8,600
2
13
4 214
--- ___ No par 26 Mar 26 373 Aug 10 /5 •
4
4
/8
/0
/
1
4
-35
3614 3512 351j 3512 3614 363 3/14 2,100 Gran;(W T)
35
*34
914 Mar 19 13 Aug 21
5
8 2,500 Cit Nor Iron Ore Prop----No par
/ 12 8 127
1
4
12
/ 12
1
4
84 151
73
4
12
/
4
1214 12
/ 12
1
4
125
8
•12
124 324
9 Mar 12 2318 Sept 6
/
1
4
100
22
/ 2318 71,300 Great Northern prat
1
4
9
/
1
4
22
/ 23
1
4
22
2012 2132 21
2014 203
4
/
1
4
-No par 26 Jan 15 32
/
1
4May 6
/
1
5,000 Great Western Sugar
4
26
26
/ 2912 2938 294 281 30
1
4
35 4
,
284 2918 28
/
1
28
/ 283
1
4
4
Preferred
100 119 Jan 2 140 May 4
99
50
102
1184
132 133 *131 133 *131 133 *131 133
.3131 132
Green Bay & Western RR 00.100 21 Apr 12 25 June R
21
*25
45
45
45 *25
*23
"23
45
.
323
45
100 34 Feb 8 55 May 16
ij
18
(Ocean uananta.()comer
*394
/
1
69
*3913 75
*40
50
*40
50
*4012 55
5 41318July 17 66148ept 6 9 6
4 51
2 543 - 14 18,000 Greyhound Corp (The)
---- ---5318 553
52
501 511 51
/
4
/
4
5114 513
8
1 Feb 1
2 4May 13
3
No par
15
8 15s
100 Guantanamo Sugar
1
4
312
50
4 *112 134
*112 13
4 *112 13
*112 134
Preferred
100 19 Feb 10 4314May 14
714
10
3
714 31
293 29 4
4
29
*27
28 '2/
*2512 27
*27
29
4
9 Aug 16
4 Mar 7
Gulf Mobile & Northern
100
6
184
*7
812 *7
/ 8
1
4
/
1
4
/ 9
1
4
"7
812 *7
8
*7
A Apr 3 26 Aug 18
Preferred
100
600
12
6
2312 2312 *2312 24
353
4
227 23
4
23 23
24
*22
No par 12 Mar 29 28 Aug 23
300 Gulf States Steel
254
1514 42
12
254 25
*2212 254 *24
24 24
*2414 2512
Preferred
100 48 Mar 29 79 Aug 23
.370
79
47
83
79
2614
370
79 .
*68
*70
79
79
*75
/
1
25 214 Jan 15 294July 31
400 Hackensack Water
197
/
1
4
204 28,
4
*29
2914 2914 2914 2914 2914 *2918 29
4
*283 2914
4
25 30 Jan 18 34 June 29
*3314 34
27
31
26
7% Preferred class A
*33
34 *3314 34
*33
34
34
*33
3
/
1
4
/
1
4
7 Jan 2 5 314
/
1
4
4 Mar 19
10
100 Hall Printing
*618 512
54 54 *412 512
9
4 54
*43
4 512 *43
84 Apr 30 1218Sept 6
No par
700 Hamilton Watch Co
1218 1218
38
5
12
3
/ 117
1
4
12
12
s
12
*1112 12
113 113
4
4
120
.0612 96
25
03
20
Preferred
100 03 Jan 4 96 July 25
96
96
98
98
953 96
4
*9512 96
80 Hanna(M A) Co 27 pf--No par 101 Jan 2 108 June 3
77
105 105
84
/
1
4
1018
4
/
1
106 1063 .
4 3106 1064 *104 105
1063 1063
8
8
113 Mar 15 2514Sept 6
12
8 2452 2514 10,900 HarbLeon-Walk Refrao-No par
13
241
4
8 2412 247
24
2414 2414 247
8
2414 243
3
Preferred
100 99 4 Jan 7 118 Aug 17
87
100
_ _ ___
118
82
_
__ *118
*118
*118
*118
14
112
/
1
4Sept 5
134 Feb 6 12
-17
/
1
4
s
/
4
113 - - 111 12
8 117
8
12 12
4 123 12 4 7,500 Hat Corp of America 01 A----1
-5
*113 11 8
8
40
1412
100 81 Feb 8 109 July 24
106 106
193
4 92
*10312 1064 *10312 10612 *10512 106
614% preferred
/
1
4
"103 10612
4
I may 15
Is Apr 27
1
1
14
-__ ___. ____ ___- -_.- _--- -__ __- ______ Havana Electric Ry Co ..No par
84
3
12
24 Apr 17
812May 25
100
Preferred
For footw.tee
+or ea** 1552.
HIGH AND LOW SALE PRICES
-PER SHARE, .VOT P511 CE.VT
Saturday
Aug.31
Monday
Sept. 2
1557
New York Stock Record-Continued--Page 5
Volume 141
I
Tuesday
Sept. 3
Wednesday 1 Thursday
Sept. 4
Sept. 5
Friday
Sept. 6
Safes
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Mai Jae. 1
Os Batts of 100-shar4 Lola
Lowest
Highest
July 1
1933 to Rang4 fo;
.iug.31 Feat 1934
1935 -----Low " nig*
I
5 per share S viral $ per share
Par 8 per shard
$ Per share 5 per share $ per share $ per share $ per share $ per share Shares
43 Aug 17 45 1
4
114
834
2
37
15 Mar 18
2
8 43 13,200 Hann Body Corp
4
35
8 37
42
412
8 4
35
313 3 4
3
65
74
,
25 85 Jan 2 11712July 24
' *10612 109 *10612 108
987
600 Hasel-Atlas Glass Co
110 110
*107 110
108 108
94
101
145
Helms (0 W)
25 127 Jan 5 141 June 4
*13978 141 *1397 141 *1397 141 *131 14118
*131 141
8
8
12313 153
100 14212 Jan 10 162 June 19 120
*160 -*155
-15 _ _ _ _ _
_
-__ •
*160_ *155
--Preferred
514 1314
5
/
1
4
2512 5,300 Hercules Motors
2214 2214 22% No par 11 Jan 8 2512June 18
2418 2313 237 14
*22 2312
40
59
Ni par 71 Mar 12 813 Aug 27
1,300 Hercules Powder
8412 8412 82 8312 8212 83
8152
82
83
*83
848
100 122 Feb 9 128 May 3 10412 Ill
57 mem preferred
*126 12712
1255
4
60
*1263 12712 1263 1263 1263 1263 1263 1263
4
4
4
4
4
4
4
12112 Aug 28 121% Aug 29 12112
Preferred called
12112 12112 12112 12112 12112 121,2 ----------50
*12112 122
44
4$4 7854
No par 7314 Apr 4 81% Jan 19
100 Hershey Chocolate
*76
78
*76
783
4
79
7812 78
*77
*76
78
80
83
Cony preferred
No par 104 Jan 25 118 July 17
100
*11112 112
1051
/
4
8
112 112 *1113 114 *112 114
*11114 113
4
4Sept 6
454 1014
5 4 Mar 15 153
3
No par
4 7,800 Holland Furnace
1452 147
4
8 14 8 147
145 15
4
5
4 147 1514 1518 153
914 1,300 Hollander & Sone (A)
6 8 Mar 29 11 Jan 2
5
5
5%
5; 13
9
918 914
9
9
9
9
87
8 38
310 14304
100 338 Feb 5 412 May 14 200
400 Homestake Mining
385 385 394 398 *400 410
405 405
*380 385
11
34
2
*40
4014 4012 408 408 1,300 Houdafile-Eferehey al A --No par 307 Mar 14 42 July 31 $ 7
4012
41
403 *40
8
4
0
87
2
12
2
/
1
4
61 Mar 13 22 Sept 6
Class B
No par
29,300
22
193 2014 193 203
4
2018 203
8
4
8 20% 2114 21
43
43
466
,
6612 *65
54
100 Household Finance part 0-50 49 Jan 2 6812July 31
69
*6518 6612
6612 6612 *67
6612
91 Mar 15 171 Jan 2
91s
4
1212 295
4
1,000 Houston Oil of Tex tern othi--100
1312 1312 14
133 14
4
133 14
4
14
14
14
1.12Msz 13
25
358 Aug 19
112
212
5%
Voting trust 403 new
900
3
3
3
3
3
3
3
3
*278 3
20
35% 5714
*4714 48
4612 4714 4612 463
5 43 Jan 15 56 Apr 26
4712 4838 3,900 Howe Sound Co
8 46% 48
2;
512 Jan 21
4
12%
2; Feb 27
600 Hudson & Manhattan
100
314 314
4
4
3
14 38
8 312
*3% 3% *33
612
9
21314
612 Mar 14 1313 Jan 21
Preferred
100
*83 1014 *83
*87 1012
8
4
1014 *91 1012
3 *9
4 97
6% 2414
6 Mar 26 125 Jan 7 n 6
/
1
4
No par
1134 1232 39,000 Hudson Motor Car
105 1118 1012 113
1114 1138
8 1112 12
37 Jan 7
3
4
17
8 18
17
3
714
% Apr 5
10
6,700 Hupp Motor Car Corp
17
2
17
8 2
17
8 2
17
2
9 Mar 14 1714 Jan 7
/
1
4
100
1412
912
1338 38%
1338 1414 1414 144 147 iS1s 1514 157 17,400 11110013 Central
14
8
15
21
50
221
200
•18
*18
6% pref series A
100 15 Apr 11 2338 Jan 4
2212 •21
221 *2112 2212 2212 23
40
54
54
4838 66
Leased lines
390
53
53
.53
100 40 Mar 21 57% Jan 10
53
54
53
.5214 53
*738 8
414
712 24%
414 Mar 30 10 Jan 4
RR Sec ofis series A.-__1000
120
8
9
7
7
7
7
*73
4 9
*253 25
218
23
8
43
4
4May 10
23
2 Mar 16
/
1
4
*238 253
10
100 Indian Refining
212 21
8 25
8
*238 238 *23
3012
2934 3038 2912 30
1938 3214
No par 2312May 8 33 Jan 7 n 1314
6,400 Industrial Rayon
30
3038 31
3012 31
4
45
49% 733
1,000 Ingersoll Rand
96
•94% 97
No par 6013 Mar 13 97% Aug 7
96
97
96
96
96
964 96
105
_ Preferred
1163
4
100 109 Jan 7 130 July 18 105
*130
'130._-_ _ *130
___ *130
_ *130
26
3414 58
_5,700 Inland Steel
91
493 891
8
No par 4614 Mar 22 91 Sept 6
90
8853 - 8 872 187
893
4
; 88% - -14 8914 --43
4 2,000 Inspiration Cons Copper
4
218
5 Aug 22
412 412
28
5
41,_
438 438
6%
212 Feb 27
20
414 43
8
438 43
*812 62
43
8
612 61
2
218
67 Aug 2
8
2
400 Insuranshares CM Inc
4 Mar 1
1
612 612 *6% 638 *612 6%
512
' 185 19
8
1814 1918 1812 1834 19
538 1712
8 4 Mar 15 2214 Sept 6
3
218 2014 2214 40,700 /Interboro RapldTran vs e ..100
8
312
2
2
7
41 Jan 25
214May 27
10 Internet Rye of Cent Amer_100
*3
*2
3
*2
3
*2
3
3
3
3
5 Jan 3
Certificates
20
3
214
212 212
*212 3
34
Ps
214 Apr 26
No par
3,21, 3
*212 3
*1212 13'2
7 , 22;
Preferred
60
/
1
4
914May 21 1812 Jan 10
100
14
1212 1212 *1218 143 *1212 132
4 14
638
8
2
2
3 Jan 7
200 Intercontl Rubber
112
218
*17
8 214 4,12
21e
Vs
112May 1
No par
8 23
8 *2
214 *17
784 73 •
414 Mar 7
714 73
4
4
83
4Sept 8
114
814 83 13,000 Interlake Iron
4
4
No par
73
4 812
714 712
3
6 Jan 2
112
2 8July 11
5
33
4 33
2
(Ps
No par
4 1,400 Internal Agrleul
33
4 33
8 33
4
312 312 *35
3,2 3
39
3914
10
15
Prior preferred
3712 1,000
3714
100 26 June 1 42; Jan 25
373 3738 *37
8
363 37
4
3714 381
*181 l82's
164
7
1.300 Int Business Machlnes___No par 14912 Jan 15 184 61ul7 29 12538 131
18212 183
183 1834 182 184
183 184
41
338
1212
714 Aug 13
358 Mar 12
1
3,500 Internal Carriers Ltd
7
67
4
6
614
614 614
6
614 63
614
29% 29'8
183
8
8
183
8 373
287 29
4
293 3014 2,900 International Cement____No par 227 Mar 15 33 Jan 7
4
30
2812 287
8 29
5413 55
No par 34% Mar 18 5618Sept 5
2314
2314 467
8
553 5614 13,000 Internal Harvester
8
53
543
4 5438 561
53
% 551
110
137
100
140 140
Preferred
100 135 Jan 2 152 May 9 110
4
*--,... 1427 *138 142 *138 1413 *139 142
8
114
45 Aug 19
4
21s
Ws
1 Mar 15
25
3'43%% 3,700 Int liydro-E1 87,01 A
314 312
314 33*
314 314
8
314 33
2
6
3 4 Aug 30
3
17
8June 20
17
3
900 Int Mercantile Marine-No par
312 312
*3,
4 31
33* 33*
3
3%
3
% 314
29
21
29'o
2914
2914 24,900 lot Nickel of Canada---No par 2214 Jan 15 2912 Aug 27 as 1438
8 29
287 2918 287 2918 288 293
8
11542 180
*126 12612
3Ju1y 11 13012 Mar 14 101
Preferred
200
4
*126 12812 *128 12612 1257 12612 *125 1263
100 1237
8
25
814
10
Internal Paper 7% met
---- --100
---- ____ ------- ---- ---- --__ ____
*2
218
3 Jan 8
lls Mar 15
Vs
2
2
2
612
---No par
218 218 2,400 Inter Pap & Pow 01 A.
2
2
2
2 18
rg
aig
112 Aug 23
.142 112
3
8
3
8July 11
Na par
Clain B
100
11
"114
112
*1%
13
8 13
8 *114 11
l's Jan 10
100
*7
2 1
as
/
1
4May 7
1
5
2
2;
Class 0
No par
1
*2
4 1
51
4 1
*7
8 1
8% 24 8
7
1012 1012
412
412 Mar 13 1238 Aug 3
100
Preferred
1014 1012 1018 1012 1014 1114
1114 118* 3,000
9
*24
9
2
28
254
2613 27
25
2512 2612 2812 1,100 Int Printing Ink 00511.
26
26
-No par 2115 Jan 15 287 Aug 14
*104 10512
65
68
100
190
Stock
Preferred
4
100 98% Jan 2 107 Aug 20
104 104
*104 1058 104% 1043 104 105
4
We par gg Jan 21 3814May 14
*297 30
20
21
32
8
500 International Salt
*297 30
3018 3018
8
30
30
*2978 30
*46
47 Exchange
38
33
502*
46
We var 42% Mar 19 4814July 28
46
4614 4614 4638
*46
46% *46
400 International Shoe
19
19
19
16
4538
1,500 International Sllver
100 16 July 19 28 Jan 4
19
2214 2314
19
*19
1912 1912 22
59
8412
6714 6714 Closed- *6712 70
40
7% preferred
100 6012 Mar 21 75 Jan 3
350
7112
70
70
70
70
70
8
55
8
1018 105
8
711 173
558 Mar 13 125 Aug 6
3
4
1018 104 10
No par
8
103 1118 107 113 52,100 Inter Telep & Teleg
4
1012
Labor
15% 1514
2;
311 16;
8 2May 8 1612 Aug 12
7
147 15% 148 15
8
1514 1638 1614 1614 5,000 Interstate Dept Stores_No par
*87
1014
215
81%
100
88
Preferred.
100 7012June 27 90 Aug 19
90
*86
*88
88
88
SS
*86
88
*1114 128
12July 23
200 IntenyPe Corp
Day
454
5
5e 10
618 Mar 13 13
No par
*1114 123 *113 12% 123 12% 1214 1214
8
8
4
4.2612 27
205
4
245
4 36
203 Island Creek Coal
*26
2714 2618 2714 *263 2714 2614 2614
1 25 June 3 36 Jan 8
8
_
.11212
.112i2 - *11212 _ *11212 ___ *112 2
35
90
110
Preferred
1 110 Jan 22 12012 Apr 9
,
45812 - 587
2
57%
2 59
587
2
5812 -mu *5814 - - 587 26
33
400 Jewel Tea Inc
5912 59%
No par 49 Mar 13 57 Aug 8
3812
20,200 Johns-Manville
651 86's
39
No par 331k Mar 13 73 Sept 6
643 6612 65
4
68;
694 73
8
67; 677 70
*125 126
87
101
21
4
Preferred
100 11712 Mar 15 1255 Aug 14
20
*125 126
125 125 *125 126 *125 126
Joliet & ChM RR Co 7% gtd_ 100 130 Feb 19 130 Feb 19 115
*13314 153
135
40
*13314 153 •13314 153 *133% 153 *13314 153
77
8Sept 6
760 Jones & Laugh Steel pref.-100 50 Apr 4 823
80 80
45
45
8253
79
2 80
4
79
7 38 79
9
Kansas City P & L pf ser BNo par 11514 Mar 20 120 Aug I
*118 120
*118 120 *118 120 *118 120 *118 120
97 8
7
97 4 1412
7
613
501) Kansas City Southern
6
34
5
6 8 1944
5
83 Jan 7
4
3;Mar 13
100
714 714
s
6% 612 *64 67
614 614
*912 II% *10
104 271*
/
1
11
700
11
6%
6 Mar 12 1338 Aug 14
/
1
4
Preferred
100
1114 1112 1114 1212
11
*1514 16
514
8
8 3,100 Kaufmann Dept Skres $12-50
6
712 Feb 6 167 Aug 9
*1514 16
8 1638 167
*1538 16
10%
1553 167
*19
193
2,500 Kayser (.1) & Co
19
8
12
13% 1812
1918 191
3
5 15 4 Jan 17 2114 Aug 7
1914 20
19
1914 19
*55
75
75
15
20
Keltb-Albee-Orpheum Pre!
-100 34 Mar 7 69 Aug 1
*55
75
*55
*55
75
75
3713
*
55
______ __ _ _ ___ _______ ____
____
2 Jan 17
3
3 Apr 4
8
2Kelly-SprIngfield lire
5
as
1
412
5
6
20
6 Apr 4 22 Aug 12
5% Preferred _ _ __. ____No par
_-- - ------ -__ ____
-iiT2 - 7
2ii1,2
212
3
2058 21
10
203 11
4
------ 1214 2214 Wig 9:100 Kelsey Hayes Wheel cony AA_ 1 6 Jan 25 2312July 18
12
173 188
4
Class B
4
1934 193 2038 14,800
1814 187
113
314 Mar 1 2114July 26
1
211
3
712
8 1814 184 19
8
125 13
4 123* 1212 13,000 KelvInator Corp
1
2
1014 Aug 27 MA Jan 9 . 67
No par
8
1212 127 x1218 1212 123 123
1152 214
90 Kendall Co got pf ear A
*88
90
6518 94
9012 8912 90
55
No par 84 Mar 21 96 July 9
9012 89
*89
90
90
2318 2353
37,700 Kennecott Copper
13 4
3
16
231I
8
4 231 24
2318 233
No par 13% Mar 13 24 Aug 21
8
4 223 2338 x233 233
97
*1612 18
*16% 18
•16% 18
938
1814
Klmberly-Clark
No par 10 Mar 5 19 July 16
*1612 174 *1612 18
*338 4
200 Kinney Co
214
Ps Jan 3
3 Mar 19
No par
3
714
3% 312
8 33
8 5312 4
33
*31 4
/
4
32 8
7
240
31
32
*30
12
1312 41
Preferred
31
30
3018 3018 30
30
No Par 23 Mar 29 38 Jan 23
2558 26
1318 2238
8
253 2534 2538 2614 26
1014
2612 263 2612 8,700 Kresge (S13) Co
4
10 1954 Mar 13 2612 Aug 22
10
7% preferred
*109 111
9914 101 s114
111 III *111. - *11118 _ _ *11114 _ _
100 103% Apr 26 113 Apr 9
7%
312 112
312 312 4114 "4 4 *3% 9%
200 Kresge Dept Stores
,D2
*3
412
2
No Par 2 May 21 5 Aug 10
75
*66
75
*68
12
Preferred
75
*66
19
55
100 42 Jan 11 70 Aug 10
*66
*68
75
75
*62 63
6515
100 Kress (S H)& Co
6212
2738
38
No par 56% Apr 5 6912 Jan 7
6214 6214 *62
*62 63 *62
6212
307 31
8
19
303 3078 301 303* 3018 3012 29% 3018 6,700 Kroger lame & Bak
4
No par 22%May 16 3218 Aug 12
2314 33
/
1
4
21
22
120 Laclede Gas Lt Cost Louis -100 12 Mar 22 27 Aug 18
*1818 22
22
12
22
20
6312
22
213 22 *20
4
45
*41
*41
45
*41
1914
45
27
*41
45
60
100 19% Mar 27 46 Aug 20
*41
45
5% preferred
2418 242
8
24% 2414 2413 2418 2414 2412 243 248 2,300 Lambert Co (The)
191
2214 311
/
4
No par 2218 Aug 10 2812 Jan 8
Lane Bryant
*5
714
Os
5
141s
9 Jan 3
5 May 13
714
No par
4 714 *63
*413 714 *61z 714 *63
97 10
700 Lee Rubber & T1
1018
1014 10 4
,
8
813 Mar 14 127 Jan 7
5
8
51s
7
1412
104 10 4 *97 1018 10
,
12
4
12
900 Lehigh Portland Cement
*1218 13
9
5
53
1212 1212 1212 •123 13
11
20
50 10 Mar 14 17 2 Jan 7
*12
*10012 10114
8
8
*10078 10114 *1007 10114 1007 1007 *1007 10114
73
73
5e 90
3
100 89 4 Jan 3 102 June 21
7% preferred
8
10
93 1014 6,400 Lehigh Valley RR
8% 88
WI 2114
5 Mar 13 1112 Jan 7
5e
812 83
5
914 10
83
4 83
4
212 238 1,500 Lehigh Valley Coal
212 212
24 23
238 238
4
314 Aug 14
212 212
112
212
5
113 Mar 13
No par
1114
700
114 1114
4
Preferred
*1013 1114 1114 11% *111 1112 11
5
16;
512May 1 13% Aug 14
50
9318
1,600 Lehman Corp (The)
917 9212 93
914 9213
*9012 92
583
4
92
641
4 78
No par 6718 Mar 28 95 Aug 12
91
1,400 Lehi)& Fink Prod Co
12% 1212 *1212 13
123* 1212
8July 23 IT% Jan 25
1218 12% 1218 121
107
2
1112 2312
5 107
35 3 3512 3618 8,100 Libbey Owens Ford Glaee_ No par 2112 Mar 30 3814 Aug 1
7
35
21
35
34
22% 1338
348 34%
34'l 34
7
7
7
7
7
1,600 Libby, McNeill & Libby_No par
7
7
7
712 Aug 23 2
8% Aug 16
638 7%
8
233
8 233 2353
700 Life Savers Corp
*227 2314
*2278 2314 *227 2318 23
8
177% .
54
15 4
3
6 21 Mar 14 2412 Apr 22
8
100 Liggett & Myer. Tobacco---25 94% Apr 5 120 Aug 6
, 73
11412 11412 *112 115
*113 116 *113 116
*113 117
711
110
*11553 11612 •
Series B
115 11512 113 11512 2,300
11513 118
25 93; Apr 4 122 Aug 8
7314
7412 11114
11412 115
8
8
100 15112 yen 30 167 May 4 123
15213
Preferred
129
*1584 16438 *15814 1843 *160 1643 *160 1643
/
1
*16012 18412
8
200 Llly Talip Cup Oorp____Nopar
8
1612June 8 19 Apr 25
8
*173 1814
4
1414
12
*1738 1814 *1738 1814 *177 18% 177 18
16
2512
1,200 Lima L000mot works......No Par 1312 Mar 14 2412 Jan 5
4
2114 21% 207 213
1312
22
22
213 218
1514 2912
*2012 22
4
3,700 Link Belt Co
8
8 337 347
34
1112
8
17% Mar 13 347 Sept 5
No par
34
1112 1938
3414 3412 347
337 34
8
34
4,300 Liquid Carbonic
4
3218 313 321
2July 9
31
No par 2412 Mar 13 347
3012 31
18%
31
313
161g 362*
8
8 307 311
4373 26,600 Loewe Incorporated
8 43
3
41
4114 414
1912
No pat 3114 Feb 7 44% July 99
4253 4118 42'8 43 8 433
207
8 37
100
8
4
Preferred
No vat 102 Feb 1 10312 Apr 5
66
72
*105 10512 *10518 1051 10512 10512 *1053 1053
*1047 10512
8
105
113
400 Loft Incorporated
8
112 "1%
1 Mar 15
No par
1% Jan 2
8 *13
13
8
13
8 I%
1
1% 13
153
Pi
3
3,900 Long Bell Lumber A__--No pat
13
4 21
212 Feb 14
13
4
114 Mar 12
*13
8 13
1
138
13
4 13
13
8 14
1
3
700 Loose-Wiles Biscuit
*3814 39
8July 25
35 33 Apr 25 415
3714 3714
33
3314 x4434
37 2 3712 3714 3714 3712 38
,
8
7% 1st preferred
4
8
100 12114July 6 130 Apr 16 116
*1215 122
8
4
119% 12812
*12138 1213 *12138 1213 *1213 1213 *1214 1213
5,300 Lorillard (P) Co
243 25
243 25
4
10 1812 Mar 26 2514 Aug 27
2412 2438 2414 243
*2438 2453
14%
1538 2214
70
7% preferred
140 140
140 140
4
100 124 Apr 5 1443 Aug 7
*13912 140 •13912 140
981± 102 z130
*13614 13912
700 :Louisiana of;
No pat
3
8
3
8
17 Jan 7
1July 16
513
8
1
8
5
8
%
*5
8 ;
*3
8
3
4
%
; 31
Preferred
60
87
8 9
4 9
100
*73
412June 19 1412 Jan 8
714 2312
*73
4 9
412
4 9
*7; 97
*73
8
2012 205 2038 1,200 Louisville Gas & El A___No par 1038 Mar 18 2315 Aug 19
20
20
10
/
1
4
12
21
1912 193
4 1915 i9'2 20
417 42
8
5,400 Louisville & Nashville
100 34 Mar 29 471: Jan 7
411 417
41
*41% 42
4114 401 41
34
37; 6212
8 23% 24's 5,100 Ludlum Steel
2318 237
1
123 Mar 213 243 Aug 22
4
23
2318 2212 23
4
23
23
712
814 1912
Cons preferred
200
No vat 9014 Jan 4 12412 Aug 24
120 120 *118 1233 *121 12412 12412 12412
*120 130
50
00
97
4213
.41
300 MacAndrews & Forbes
41
41
40
10 40 Jan 24 46 Fen 19
40
.40
41
.40
415
4
21
30
4214
6% preferred
100 113 Feb 8 130 May 13
*12812 ____ *12812 ____ *12812 -_ •12812 ____ ______
*12812 -87 1
5
95
111%
For footnotes see page 1552
New York Stock Record-Continued-Page 6
1558
•HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug.31
Monday
Sept. 2
Tuesday
Sept. 3
Wednesday
Sept. 4
Thursday 1
Sept. 5
Friday
Sept. 6
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Sept. 7 1935
Balsas *nes Jan. 1
Os Rases of 100-sbar, Logs
Lowest
Highest
July 1
1033 to Range for
.1a7.31 Ysar 1934
-- 1935
High
Low Low
-----$ Per gh $ Per sitar.
185
8
22
4134
3012
354 621r
212
24
/
1
7
124
154 22314
515
LS Per share $ per share $ per share $ per share 3 per share $ per share Shares
I per Mars
Par I Per Shari
22
223
4
214 2214 215 2214 2210 23
8
184Ju11e 1
225 233 13,900 Mack Trucks Um
8
4
2818 Jan 8
No Inv
463 463
4
47
47
4
4612 4812 4812 50
49
3012 Apr 1
50 Aug 12
493
4 6,200 Macy (R HI Co Ina
No par
.95 10
8
1018 1014
10
93
4 9
/ 10
1
4
1012 1012
900 Madison So Gard v 5 o
1012Sept 6
512 Jan 2
No par
3414 3414
3312 34
3312 333
4 3312 34
34
34
10
2,300 Magma Cooper
165 Jan 16 36 May 22
8
*515
_ _
0515
_ *515
_ _ *520 575 *520 575
Mahoning Coal RR Co
50 515 Aug 20 515 Aug 20
*118 __.14 1
112 0118 112 *118
I,
12
112
112
112
214May 14
100 Xt34auatl Sugar
7 Feb 6
.1
100
•612
612
53
4 6
54
3
54
*512
3
Preferred
6)
2
90
1011
4 Jan 7 10 May 24
6
1
6 12
*412 618
*412 64 *412 64 *413 618 *412 618
Mandel Bros
65 Aug IS
3 Apr 29
8
No par
3
*48
53
48
48
50
51
53
5912 57
570 :Manhattan Ry 7% guar___100 29 Apr 23 60 Sept 6
60
14
255 26
8
2518 26
2512 26
263 293
8
4 263 2918 34,400
3
100 1314 Mar 15 293 Sept 6
Mod 5% guar
103
4
4
143 1438
8
14
14
14
14
14
14
1412 1412
800 Manhattan Shirt
26 10 Mar 28
15 July 10
10
158
•113
15
8
13
13
4 3112
4 *112
13
4 *15
2
13
1
3 May 23
1 Feb 23
200 Maracaibo 011 Explor
4
1
*53832 6
*5142 6
5313253132 35'132 6
•
5314z 6
412 Mar 23 53122 Aug 7
500 Marancha Corp
5
44
77 . 818
8
78 8
7
75
8 8
5
1
514 Apr 1
77
8 9,500 Marine Midland Corp (Del)
73
74
4
8
812 Aug 19
*2
8
1
*12
1
100
38
*12
10 Market Street Ity
*12
3
4
1
1
3
4
112 July 2.!
3 lane 14
*
*23
8 33
4 *25
*27
8 33
4
8 33
4 *25
Preferred
8 34
100
3
2 Jan 2
/
1
4
*24 3 4
5 Jan h
3
2
*6
812
*614 812 *612 812 *7
812
Prior preferred
50
4
100
103
33 Mar 1
812 813
4June 27
3
*138
•13
8 214
214
*13
8
214
74
2nd preferred
*I58
100
214
*13
1 Mar 15
8 214
214 Jan h
8
*30
307
4 30
*30
304 305 315
303
8
8 3114 32
2.10011 Marlin-Itockwell
20 Mar 13 3338 Aug 2
12
No par
97 10
8
1014 1018 103
10
8 1012 103
93 10
4
4 5,200 Marshall Field & Co
63 Mar 14 111 Jan 3
4
No par
/
4
62*
*512 67
8
*512 7
*512 6
4 June 27
6
*513 6
No par
6
100 Martin-Parry Corp
94 Jan 7
214
8
2912 2972 293 297
2912 2912
8 2913 307 x30
233 Mar 14 32 Jan 8
4
8
3012 4,800 Mathieson Alkali Works No par
2312
*14818 150 *14818 150 .14812 150 *14812 150
*14818 150
Preferred
100 136 Jan 2 150 Apr 1 10511
523 5212
5212 517 5238 52
52
8
8
525
8 5258 53
4,500 May Department Stores
2
10 357 Mar 29 53 Sept 6
23
1278 13
13
13
13
13
13
13
13
1412 3,000 Maytag Co
No pa
113 Aug 12
54 Jan 30
4
314
.48
4812 *4712 4812 4812 4813 49
*4712 4812
50
Preferred
33 Jan 15 503 Aug 13
600
No par
4
83
4
4712 4712 *4712-- -. *4712 _ _ *4712 _ _
*4712 48
Preferred ex-warrants_No par
3213 Jan 7 50 Aug 13
40
8
10112 10112 *100 101 *100 10112 100 100
10114 10112
12
- 60
- Prior preferred
844 Jan 4 103 June 17
No par
27
•307 3114
*3014 3114
8
303 31
307 3114
4
8
31
3113
28 Mar 14
900 McCall Corp
No par
3512June 17
22
1114 1114
*1114 1112
107 1112 117 12
8
8
113 12
4
3,600 :McCrory Storm claesA_No par
714 Apr 3 13 Jan 3
3
4
11
*11
*1112 1114
1118
1114
1112 1112 1112 1112
64 Apr 3 1212 Aug 13
Class B
400
No par
14
*85
90
95
*85
*85
*85
90
90
*85
90
100 5714 Feb 5 91 Aug 12
Cony preferred
312
1214 1214 •12
•1214 123
*1214 123
4 1212 1214
4
714 Mar 26
124
14 Aug 16
300 McGraw-Hill Pub Co_-No par
4
3712 374
3718 373
4 377 3918 383 3938 3,800 McIntyre Porcupine Minee......5 344 Aug 23 455 Mar 4
4 3712 373
2
8
281
/
8
4
11814 11814 118 118
*118 120
1183 1183 11812 119
4
4
500 McKeesport Tin Plate___No par 9012 Jan 15 123 July 25
6714
7
67
64 714
8
67
7
8
7
7 12
8May 22
57
74
5
87 Jan 2
712 7,100 McKesson & Robbing
2
312
393 4014 39
*3912 403
2
40
40
8
413
8 404 4112 2,400
Cony pref series A
50 32 May 24 45 Mar 4
912
1218 123
1212 124
123 13
4
4
1212 13
812 Apr 1
123 127
4
8 4,500 McLellan Stores
No par
1538 Jan 3
34
•100 10312 *95 10312 10312 10312 *95 10612
*90 10312
10
6% cony pref tier A
100 854 Mar 13 110 Aug 9
6
*58
*573 60
*5714 59
8
59
5812 5812 5814 583
/
1
4
41 Jan 2 6012 Aug 14
500 Melville Shoe
4
No par
1712
5
54
5
512
512 512
512 53
Mar 12
512 552
4 4.600 Mengel Co (The)
3
I
57 Aug 30
2
3
3812 405
4014 4014
39
8 39
40
4110 4012 42
000
.100 21134 Mar 20 42 Sept 6
7% preferred
3034
*24
*24
2414 2312 24
2414
*2312 2414 2414 2414
22 Apr 12 2714June 1 $ 22
70 March & Mln Tramp Co_No par
343 35
4
8
345 3518 343 353
8
347 344
4
8 35
35 18 6,900 Mesta Machine Co
5 2418 Jan 16 353
8July 24 17 83
4
514
5
5
5 18
47
8 47
8
24 Mar 13
5
5 18
5
518
51 3,200 Miami Copper
/
4
55 Aug 22
8
212
103 103
*103 103
8
8
4
103 1012 . 104 104 104 104 2,300 Mid-Continent Petrol
8
4
/
1
/
1
912 Mar 15 137
10
2May 23
9,
8
1913 2114 2112 2238 22
1912 203*
1914 1978
224 25,000 midland Steel Prod
Mar 12 2278Sept 6
814
No par
612
*109 110
110 110
109 109
112 11212 11212 11212
170
100 6018 Mar 6 115 Aug 12
8% cum 1st prat
44
10214 10214 *101 10212+101 10214 3101 10212
310214 103
58 Jan 15 105 July 30
100 Minn-Honeywell Regu___No pm
20
/
1
4
*10812 1097 *10812 1097 *10812 1094 *10812 10978
8
8
*10812 1097
8
100 105 Jan 9 .211114June 19 3 68
6% pref series A
43
47
4
8
538
514
514
5 '
512
514
512 10,900 Minn Moline Pow Imp! __No par
373 Mar 15
A Jan 2
112
.49
51
*49
5112 5214 527 53
51
51
5112
8
1,000
Preferred
No pa, 31 Mar 14 574J11ly 8
15
*1
/
4
3
8
14
4
14
3
12
4
14
200 IMInneapolle & Si Louis____100
*14
*14
3
4
4 Mar 4
3 Jan 7
8
114
15
8 •112
4
14
112
13
15
8 •112
*112
100 Minn St Paul & OS Marle___100
84
15
8
212July 11
/ Apr 24
1
4
213 *13
*13
4 212 *2
4
*13
212 *23
4 3
7% preferred
1 Mar 6
4 July 10
2 23
100
4
1
*13
2 25
8 *13
4 25
24 .2
8 .2
258
*13
4 24
4% leased line ells
114 Mar 29
100
3 Jan 14
114
1218 1214
12
12
1218 1214
12
124
1218 1218 3,000 M188.100 Corp
103 Apr 9 167
2
No par
8NIay 16
103
8
*412
Stock
412
410
414 43
*4:4
8
412 43
212July 22
4
43
4 47
8 1,800 840-K an-Texaa RR
No pa.
614 Jan 7
213
978
978
93 10
4
1012 1034
103 11
4
94 1018
2,600
Preferred series A
5727'Iay 7
100
1412 Jan 7
54
*134 2
17
8
*13
*13
4 2
178
4 2 Exchange
*178
2
100 :Missouri Pacific
100
1 July 8
3 Jan 4
1
314 3
312 310
34
,
Cony preferred
8 3,400
312
4
14 Mar 30
3
/ 33
1
4
34 33
100
8
4 Jan 7
112
163
8
2 1614 173 . 173 1838
; Closed8
16
1618 161
1712 18
6,600 Mohawk Carpel M1112
1812 Aug 7
20 103 Mar 13
4
104
/
1
71
71
7112 71
72
7214 723
72
4 723 7314
4
1.700 Monsanto Chem Co
65 Feb 29 7712.lune 12 "24
10
Labor
8
3314 343
3331 343
8 3314 3413 3412 3513 3518 3578 50,100 Mont Ward & Co Ine____No par
215s Mar 12 363 Aug 10
4
1514
05418 5614 *544 594 *5418 59
*5418 60
*55
Morrel 1.11 & Co
57
5614 Aug 2/ 66 Feb 25
No par
347
2
*61
*6012 63
.61
6312 *62
Day
65
63
.62
Morris & Essex
63 2
60 91 13 Apr 18 6512May 24
,
653
4
4
4.28
1,900 Mother Lode Coalition___No par
/
1
4
/
1
4
.
3
4
/
1
4
3
41
3
4
*
/
1
4
5
8
14 Apr 4
4
112May 1
4 3914 411
8 387 393
3814
3714 383
3718 38
8
38
7.800 Motor Products Corp____No par
1712 Mar 18 4112Sept 6
1514
9
93
8
914 93
8
938
938
938
934
97 1014 4,700 Motor Wheel_
8
5
74 Mar 12 111 Jan 7
/
4
64
*958 1018
1018 1018
10
103
4 105 11
8
11
127
8 3,200 Mullins Mfg Co Class A
7.50
127
914 Aug 21
8Sept 6
9,4
978 11
1012 103
8
107 1114
8
Class B
1114 1318 6,300
*97 1014
8
91, Aug 23
1
1318 Sept 6
912
62 62
64
64
63 63
*60
*60
63
600
65
Preferred new
62 -Sept 4 65 Aug 21
No par
65
1612 1612 *1618 163
8
*157 17
*154 17
*157 17
8
4
100 Munsingwear Inc
No par
11 Apr 3 183 Aug 2
8
10
14
/ 147 153
1
4
1438
14
8
4 153 163 94,300 Murray Corp of Amer
145
8
4
14
14
4
10
434 Mar 13 163 Sept 6
4
3
/
1
4
39
*3812 40
39
*3914 40
.3814 40
*3818 40
100 Myers F & E Bros
30 Jan 12 31112May 17
No par
1312
1414 15
15
143 15
1512 144 16
4
8
/
1
147 1518
24,300 Nash Motors Co
No pat
12 Apr 27
1912 Jan 7
11
8
217
8 217 22
217 *17
217
8
213 2212
2
4
*17
*17
170 Nashville Chatt & SI Louis __100 14 Mar 14 2712 Jan 8
14
818 814
8
8
7
814 87
*77
8 6,600 National Acme
8 8
712 7 8
1
412 Mar 13
84July 25
3
9
9
91
*812 933
014
914
914
•8a 10
1,500 National Aviation Corp.__No par
64 Feb 26
/
1
1014 Aug 9
514
4 2814 283
283 283
4
8
4 283 2914 283 2918 5,600 National Biscuit
4
283 2812
8
10 2214 Apr 1
3312July 16
2214
4
*1484 152 *1483 152 *1483 152 *1483 152
4
4
/
1
4
*1483 152
7% cum prat
100 141 12 Mar 7 152 Aug 17 12913
1653 17)
1618 1614
1618 1614
4
1712 1712 8,100 Nat Caen Register
1614 16,
1312 Mar 14
4
No par
1812 Aug 12
12
8
8
1518 1512 1514 1513 153 155 11,900 Nat Dairy Prod
x155 157
8
8
8
154 157
/
1
1278 Mar 21
No nor
1712July 23
1114
10812 10812 *1 081
*10812 11012 *10812 109
20
7% pref class A
11012 11012
100 108',July 25 11012 Aug 28 3 30
--108
106 106 *106 108 *106 2x106 106
110
7% pref class B
•106 107
/
1
4
100 x106 Sept 3 108 Aug 19 10612
23
8
23
2
23
8 24
212 212 4.900 :Nat Departmenteltoree_No par
23
s
212 213
23
8
Ili Mar 7
4 Jan 17
/
1
4
II
25
2514 2612 253 2612 1,280
243 253
4
4 25
4
253 26
Preferred
4
100 17 Apr 2 343 Feb 16
4
3
8
8 303 3114 87,800 Nail Distil Prod
8
2812 2914 283 294 2938 305
2914 293
No par
2318May 2 3112Sept 6
4
16
2938 •28
2712 28
*26
20 1
2712 *26
700 Nat Enam & Stamping-No par
*2514 2712
21 May 31 3212July 8
10
175 176
1753 177
177 177
•178 181
4
500 National Lead
•17212 180
100 145 Jan 18 185 Aug 5
873
4
•15613 16018 *15612 16018 *15612 16018 16012 1604
100
•15612 16012
Preferred A
100 180 Jan 18 16212May 23 122
4
4
13912 140
40
Preferred B
*138 140 .1333 140 *1333 140
.138 140
100 1211 Jan 26 14012July 30
/
4
991
/
4
11
1112 11
/
1
1112 23,400 National Pow & LI
11
1112 104 1118
11
474 Mar 15
No par
1112
143 Aug 17
8
VI
*2
8
1
.
52
1
r *5
8
Nat Rye of Met 1,5 4% pt___100
7
2
*.8
5
*5
4
8
11.
12July 12
1 Jan 10
331/4
3
st3,
8
*3
14
8
1 . 14
3
12
12
*14
12 1,000
100
14 Mar 19 64: J
1,
13
26
2
683
6512 66
4 7,500 National Steel Corp
653 6614 6412 6614 6612 6714 67
4
26 404
Aug
183 1834
1713 1712 177 1814
8
2
1714 1714
*1712 18
1,400 National Supply of Del
2"
9 Mar 13 207 Aug 17
3
9
4
4 705 7113
715 7212 713 723
8
8
7238 7212
72
520
72
Preferred
10(1 36 Mar 29 774 Aug 17
33
*94 10
1,700 National Tea Co
97 10
2
.93 10
4
9
/ 93
1
4
4
91 10
No par
/
4
x814 Mar 13 113 Jan 4
8
2814
103 103
103 11
4
8
103 11
3
4 3,500 Natomas Co
8
107 107
*105 104
2
8
No par
712 Jan 15
/
1
12 29110 11 . 3
1
4
1 /
4
8 283 29
2912 3038
2713 2712 *2712 297
*2714 30
1,000 Newer Bros
2114June 6 3138 Aug 12
No par
4
604 6012 604 603 603
4
*60
4
6014 *60
6012
060
400 Newberry Co (J -1)
No par
4312 Jan 2 61 Aug ))
15
8
8
114 114 *11314 1143 .11314 1143 .11314 11438
*11212 114
7% preferred
10
100 109 Jan 25 117 May 7
80
*35 10
8
53 8 10
3
*35 10
West Orleans Texas de Mex 100
8
*35 10
8
*35 W
8
3 July 13
/
1
4
8 July 29
338
8
*618 612
,
612 612
618 612
614 6 4
800 Newport Industries
*614 65
1
43 :vrar 12
8
8 Jan 3
44
264 2612 2718 2714 28
/
1
4 26
253 253
*2514 257
2
3.600 N Y Alt Brake
No par
1812 Mar 12 2814 Jan 4
8
114
4 243s 2514 110,500 New York Central
/ 2418 243
1
4
2214 227
224 2314
8 2212 23
1214 Mar 12 253 Aug 17
No par
8
1214
/
1
912 912
4
800 N Y Chic & St Louis Co
4 104 104 1012 103
93
4 93
4
6 Mar 12 13 Jan 4
93
100
4 93
6
203 2112 217 223
8
8
20
183 1918 20
•193 20
4
8 2,900
4
Preferred series A
97 Mar 12 25 Jan 7
2
130
07
2
412 *318
44
80 New York Dock
43
4,
4
2 412
412 53
*3 4
3
100
*33
4
2 Mar 14
514 Aug 29
2
92
8
9
93
8
912 10
.712 1138
97
10
10
450
Preferred
100
4 Mar 29
1112 Aug 30
4
125 126
126 126 *12212 128
.120 130
*126 130
40 N Y & Harlem
50 112 Mar 11 139 June 12 101
*12212 160 *12212 160 *12212 160 *12212 160
*12212 160
Preferred
50 114ii mar 14 11414 Mar 14 112
5
8
12
1,100 IN Y Investors Inc
12
12
5t1
14May 31
ki
012
52
5
8
5
8
No par
14
7 Aug 14
8
- 9712
*-_
N Y Lackawanna & Weetern_100 99 May 22 99 May '22
9712 *___ 9712 e__ - 9712 *--,- 9713
7812
734
7
*--- 8
Zi
g
67
7
74
612 7
7
/ 74 10,600 N Y N H & Hartford
1
4
278 Feb 26
100
84 Jan 4
27
3
8
1438
143 1514 8,000
8
8
14
1312 133
8
8 133 1412 143 147
Cone preferred
ft Feb 26
100
165 Aug 13
8
6
43
4
458
5
438
*44
54
*414
414
414 414
1,200 NY 0Ratio & Western
25s Mar 15
100
6 Jan 19
2
/
1
4
*7
8
1
13
8
11.4
1 14
1
1
13
8 2,400 NY Ranways pref
1,
1
8
13 Sept 5
18 Mar 29
4
No par
8
*3
4 2
*13 2
*38 2
14
*7
2
Preferred stamped
13
8
14May 22
8
*5
14
118 Aug 28
1212 1234
4
13
123 1314
2
13
1,900 N Y Shipbldg Corp part etk____1
1212 1212 123 1314
64 Mar 14 1612 Jan 7
Ms
82
*7714 8212 *7714 8212 *7714 81
*7812
.7714 8272
77 preferred
100 70 Apr 18 87 Jan 7
6913
*8412 8612
*8412 8612 *8413 8612 8412 8412 8412 8412
100 NY Steam 36 prat
"Jo par 69 June 5 92'!July 15
69
9813
*96
•96
9813 *96
9812 *96 *9812 96
10
96
37 1st preferred
79 May 28 100 Aug 2
No par
79
39
38
/ 387
1
4
39
8 1,600 Noranda Mines Ltd
8 3812 383
4 3914 3912 3914 395
No pat 30 Jan 15 43 May 22
/
1
4
25
•114
138
112
138
113 1,000 :Norfolk Southern
*114
112
13 ••114
8
13
2
100
3 Aug 6
4
13 Aug 13
8
5.1
193 193
191 191 *187 193
*186 190
18912 100
400 Norfolk & Wratern
100 158 Mar 13 193 Sept 6 133
105 105 *105 106
*105 106 *105 106
*105 106
10
Adlus .4% pret
100 99 Jan 10 108 June 18
77
8 2018 2114 46,800 North American Co
193 203
8
207
8 193 2018 20
8
2014 203
4
9 Mar 13 2414 Aug 17
par
No
9
51
5012 51
51
503 503
8
8 50
493 5014
50
4
50 354 Mar 15 535 Aug 16
700
Preferred
8
31
4 38
11,100 North Amer Aviation
33
7
34 4
4 4
3 4 34
3
31 37
/
4
33
2
2 Mar 13
1
418 Aug 12
2
*92
93
9313 9313 *9312 95
95
95
9514
*92
400 No Amer Edison pref
57 Jan 3 973 Aug 16
Vo par
8
39
*99
____ 599 -_- *99 --_____ *99
*99 ---Northern Central
60 8612 Mar 29 99 Aug 20
71
For footnotes see page 1552.
la
31 ,
1
154
914
3
61
,
41
20
ION
291
/
4
104
201
/
4
1 12
34
/
1
1,8
51
/
4
54
si
I2
23
8
2
814
3
1214
Vs
1
1
,
Vs 11 1
/
4
13 8
,
234 401
4
110
136
454
30
44
81
/
4
10
36
323
4
9
92,
,
49
24
32
121
,
118
123
2
114
614 6332
6
104
111118
6012
9518'
79
414
91
,
114
421
/
4
1
1712
94 9210
42
36
3,2
11
24
52
2512 3354
22012
253
4
24
64
141
918
812
2172
64
/4514
65
$6
107
87
17
2
54
I812 41
14
11
/
4
3
4
34
/
1
1 14
54
112
74
41
/
4
12
113
21s
124
39
20
37
68
11
7
;
341
/
4
6
91
/
4
225
,
/
4
611
351
/
4
6314
71
38
1614
61
/
4
----
1
44.,,
161
/
4
-- - -
13
372
14
124
/
1
1934
'25
11 14
334
/
1
32
661
.
37*
514
131
/
4
297
s
4
94
(4812
131
13
2358
13
181
/
4
_ ___ ---1
5
16
164
/
7
;
2818
3152
324
136
122
10012
65
2
5
4
la
3412
10
834
9
714
612
31
100
6
64
114
181
/
4
14
16
2's
5
108
170
14612
12112
154
2
23
1
38,4
211
/
4
60
131
/
4
103
8
301
,
494
112
25
13
281
/
4
451
/
4
2672
4314
8,4
211
139
120
112
52
1,
4
83
96
6
244
/
1
1012 374
414
111
/
4
58
11
/
4
7
94 22 2
72
8954
73
994
90
1097
2
3014 4571
PS
4's
187
161
10012
82
104 2614
45
34
24
/
1
83
2
474 744
9258
81
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug.31
Monday
Sept. 2
I
Tuesday
Sept. 3
1Wednesday
Sept. 4
Thursday
Sept. 5
Friday
Sept. 6
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share 3 per share S per share 3 per share Shares
Par
1638 1612
1638 17
163 1712 175 1818
8
8
177 183 18,300 Northern Pacific
8
8
100
42
*41
*41
42
*41
42
*4112 42
42
70 Northwestern Telegraph
50
4212
15
8
15
*13
8
8
158
*138
112
Norwalk Tire & Rubber __No par
138
13
8 *13
200
8
112
*21
2812
*21
2812 *20
2812 *20
Preferred
273 *20
4
50
2812
105 107
8
8
103 11
4
103 11
4
105 11
8
1012 103
4 9,100 Ohio 011 Co
No par
2014 21
207 21
8
20
2012 203 2119 2018 207
8
8 3,500 Oliver Farm Eaulp nevr_No par
7
712
78
3
78
5
678
7
712
714
734 8,400 Omnibu8CorD(The)vte- No par
73
4
*90 100
*80 100
*82
993 *82
4
993 *82
4
Preferred A
993
4
100
78
3
78
3
78
3
712
712 7 2
1,900 ODPenhelm Coll & Co__No Our
3
73
4 812
77
8 8
1878 19
185 1878
8
183 1918
4
195 1978 6,800 Otis Elevator
8
1914 2014
No par
*12412 125
*12412 125
12412 12412 12312 12312 *12312 12412
Preferred
80
100
16
163
8
1558 1638
1512 1612 11612 1714
163 173g 51,800 Otis steel
4
No par
*80
8212
82
82
82 82
1,100
78
8212 7712 81
Prior preferred
100
050
60
•50
60
50
Outlet Co
48
50
*49
40
48
60
No par
*115
*115
__
115
_ _ _ __
_ *115
___ 115
Preferred
100
9812 - 993
4 98 983 4 99
9812 497
-- 953
4 9714 - -9512 3,700 Owen*-1111nols rliass 048
25
1512 1512
1512 1512 15, 153
4
16
4 153 1618
1614 6,900 Pacific Amer. Fisheries toe. _5
4
*112 23
8
•112 212 *112 238 ;*112, 238 *112 2
Pacific Coast
_ 10
*43
4 63
4
*43
4
5
5
5 /**438 6
let preferred
30
*43
8 6
No par
23
4
23
4
*2
234 *212 23 1.'2,
30
4
25 preferred
,
23
2 2 4 0212
4
No sar
253 26
4
2512 26
2512 257
8 257 26141 26
27
8
8,100 Pacific Gas & Electric
25
403 407
4
407 407
8
8
8 4013 403
4 407 41 I 4118 42
8
3,100 Pacific Ltg Corp
No par
15
15
1412 j5
143 1513 1512 15341 1512 1512 1,200 Pacific Mins
4
No par
*10914 11012
•10912 11013 1093 110
4
11012 11112 *110 112
120 Pacific Telep dc Teleg
100
*13214 138
*13214 137 .13214 137 *13414 137
8% preferred
13514 13514
20
100
918 918
912
9,
s
912
9,
8
912 10
9 8 912
3
1,700 Pao Western 011 Corp__No par
8
412 45
412 4'
412 43
4
45
8 47 25,500 Packard Motor Car
43
8 47
8
8
No par
*1114 1138
*1114 113 •1114 113
8
300 Pan-Amer Petr & Tram
8
1114 1114 *1114 113
8
5
*3
4
1
*3
4
1
Panhandle Prod & Ref
"4
7
8
"4
7
8
"4
.,No par
7
8
*9
16
.914 16
*918 16
8% eon* preferred
16
*93 16
8
*10
100
912 1012
Vs 103
4
8
97 103
8
8
103 103
8
4 1052 107 123,700 Paramount Pictures new
1
8712 92
9012 933
4 91
917
8 9118 9212 923 9318
7,600
First preferred
4
100
1114 123
8
1112 123
8
113 12
8
12
Second preferred
123 89,500
8
113 1218
4 .
10
___ _ ____
____
__ ____
__
__ ., __ ____ _ _ ___
:Paramount ru011z ells
10
01412 16
1412 1412 *1414 16
*1514 153*1514 16
- 4
100 Park-TH[0rd Inc
1
4
4
37
8
4
378
4
378
4
4
418 8,000 Park Utah C M
1
113
Ps
•1
118
*1
1.18
1
1
200 Parmelee Trausporta n_ __No par
*1
118
12
4
8
15,700 Pane Rxehange
No par
55
8 63
4
612 718
612 63
65 29,200 Pathe Film Corp
8
4
614
612 6.
14
No par
*1312 14
1312 1312 1312 1312 1314 1312 1312 135
1,600 Patna) mines & emterpr
8
No par
*7
8
118
1,000 Peerless Motor Car
3
3
4
7
2
7
8
7
8
*78
1 18
118 *I
*71
72
72
72
*7118 7214 72
723
4
72 18 72
600 Penlok & Ford
No par
793 80
4
80
807
8 80
5,800 Penney (3 0)
4 8012 82
80 12 8012 803
No par
*512 552
5
4 52
,
514 514
-10corp
514
512
512
512 2,600 Penn Coal & Coke
*33
4 4
*312 4
312 3,
35
700 Penn-Dille Cement
4
No par
334
34
3
2
*23
267
8
*2112 2512 *2112 2512 *2112 26
Preferred series A
*2112 253
100
3
27
2714
27
2712 27
275
8 277 2812 2812 2914 30,500 Penney.vania
8
50
35
35
*3414 3512 *3414 3512 34
35
600 Peoples Drug Stores
345 343
8
4
No par
*115 1163
4
*115 1163 *115 1163 *115 1163 1163 1163
4
10
Preferred
4
4
4
100
4
3812
38
*37
38
3912 3958 3912 403
373 39
4
4 4,200 People's (1 L & 0 (0111c)
100
.2
3
*2
3
•2
3
2
3
100 Peoria & Eastern
23
8
23
3
100
*155 1812
8
*1412 173 *1412 173 *165 173
4
4
8
4 1712 173
200 Pere Marquette_
4
100
*29
30
*263 30
4
30
31
323 323
Prior preferred
3338
4
4 32
800
100
02112 25
*2112 25
*2112 25
500
*23
Preferred
2634
25
25
100
15
15
*15
16
.15
1,000 Pet Milk
16
1514 1514
*1514 16
No par
4
93 10
*05
8 93
4
93, 95
8
5
95, 93
93
4
97
s
4 2,400 Petroleum Corp of Am
21
2114
2034 2118 2012 21
-Dodge Corp
8 2112 213 11,500 Phelps
2118 215
4
25
40
40
Stock
41
41
41
41
400 Philadelphia Co 6% pref
*3912 415 *397 415
8
8
50
8
*713 773
8
4
*66 -_, *69
_ _
*70
$13 preferred
__
No par
*6912 763
4
*2
27 Exchange
8
*2
278
*2
37
- •2
8
:Philadelphia Rap Tran Co___50
27
-8
*2
27
8
45
8 45
8
438
43
8 *45
8 5
47
8
514
514
514
350
7% preferred
50
25
8 25 Closed8
25
8
258
*212 23
4
258
234
1,900 Phlla & Read 0 & 1
25
8
27
8
No par
*49
4934
4
49
4912: 50
4912 483 49
4934 5014
4,300 Phillip Morris & Co Ltd
10
*8
912
Labor
*8
913 48
912 *814
9i2 *9 , 10
Phillips Jones Corti
No par
*60
7412
*60
74,2 *---- 7412 *-71
7% preferred
71
72
100
20
257 263
8
4
Day
253 267
4
8 26
273
8 277 2812 27 i 283 54,700 Philips Petroleum
2
8
No par
812
*8
*8
812 *8
812
83
8 83
SOO Phoenix HoslerY
5
8
4
83
8 83
•65
75
065
75
*70
1'referred
75 '*70
75
100
*70
75
*3
9
12
"8
12
3
8
3 *
8
600 Pleree 011 Corp
3
26
8
12
8
3
3
3
*314 5
*314 5
*338 5
*338 '5
300
33
8
Preferred
33
8
100
734
"4
3
"4
600 Pierce Petroleum
1
34
*3
31
4
1
No par
03314 343
4
*33
3412 34
3413' 3413 343 347
31
No par
500 Pillsbury Flour Mills
4
8
80
*- - - - 80 *
80
*54
80 *____ 80
Pirelli Coot Italy Amer shares__
*9
1018
*912 107 *10
8
11
107
8
10
1,200 Pittsburgh Coal of Pa
1112 113
4
100
*38
3812
*34
3814 36
36
3512 38
3714 39
900
Preferred
100
017114 19614
*17114 19712 *17114 19814 *17114 19814 *17114 19814
Pitts Ft W & Chic prof
100
*614 812
*
614 612
614 614
612 67
63
8 63
2 3,100 Pliteburgh Screw & Bolt_ No par
8
*4212 44
•4212 44
42
44
44
45
4.50 Pitts Steel 7% ()um pref
45
50
100
•114
2
*13
8 2
*138
2
*114
15
8
15
8
2
200 Pitts Term Coal Corp
100
*1012 16
15
15
*1012 16
*1012 18
50
*1012 16
6% preferred
100
*23
4
3
234
3
23
4 *27
27
8
3
27
8
8
600 Pittsburgh United
3
25
*5118 5318
5118 5118 5212 53
580
4
5512 553 5712
53
Preferred
100
15
•13
•12
1312 1312 14
410 Pittsburgh & Wen Virginia _100
8
1412 1612 157 17
5
*214
28
2
2
*113 214
*114
200 Pittston Co (The)
13
4
214
13
4
No par
914
914
918 918
918 918
914
93
8
9
9 14
2,000 Plymouth 011 Co
6
*73
4 838
83
8 83
8
8
8
814
858
85
8
1,300 Poor & Co class B
83
8
No par
312 312
322 312 *314 33
1.100 Porto Rio-Am rob el A__ _No pa
4 *33
8
33
2 *33
8
34
3
,
138
*118
*118
114
*118
114 *118
Clam B
114
*1 18
1 14
No pa,
812 813
8
812
814 812
4
812 93
8 3,600 :Postal Tel & Cable 7% pref _100
812 83
2
17
8
*17
8
2
178
*178
178
2
17
8
17
8
1,300 :Pressed Steel Car
No par
•113 1212
4
12
12
123 1212 13
1314 *13
1312
8
500
Preferred
100
*52
5214
52
5212 52
5212 5212 52
5212 527
4,100 Procter & Gamble
No par
1163 1163
4
4
*1143 1163 *1143 1163 1163 1463 *1163 117
4
4
30
4
4
4
4
5% prof (2er of Feb 1'29)_100
4
4012 4114
403 4138 4012 4112 4138 4238 4214 427
4
8 9,000 Pub Our Corp of NJ
No par
*9812 993*
9812 9812 *973 99
400
98
98
99
4
08
$5 preferred
No par
*109 110
10912 10912 *10838 1093 10912 1095 110 110
8
500
8
6% preferred
100
*121 123l
121 121 *119 123 *119 1227 *11912 1223
4
8
100
7% preferred
100
*132 140
*132 140 *132 140 *132 140 *132 140
8% preferred
100
41_
*1127
- 011212 _
*112
_ ..'112
___ *112
Pub Ber El & Gas pf 36___No par
4114 4114
8407 - 14
8
4038 41
41
4018 - _4012 - -12
41
9:200 Pullman Inc
No par
8 8 858
3
814
838
818
812
818
88 9
,
814
5,400 Pure 011 (The)
No par
*8912 90
8978 90
8912 91
9012 9012 9018 9012
250
8% cony preferred
100
74
*70
.70
73
71
71
*70
73
*7012 73
100
6% preferred
100
1312 1312
13 2 133
,
4 1312 1312 135 137
8
8
137 1414
s
2,600 Purity Bakeries
No par
65
8 678
739
18
130,000 Radio Corp of Amer
65
8 67
8
73
4
65
8
714
7
73
8
No par
8
. 553 555
8
2555 553
8
8 5512 5512 557 56
57
2,000
57
8
Preferred
50
6012 603
4
5912 6114 5912 617
8 613 64
4
14,800
8 6112 633
Preferred B
No par
212 214
234
318
278
312
318
318
33
8
3
513 82,300 :Radlo-Keith-Orph
Vo par
2014 2014
2
0
20
20
2038 2012 203
4 207 213
8
4 6,500 Raybenos Manhattan.__No par
*3512 38
*3512 3812 36
38
36
3812 3812
*37
200 Reading
50
4012
*38
*38
4212 *38
4212 *3814 4212 *38
1st preferred
42'z
10
3712
*3414
*3414 3712 *347 3712 *347 3712 *347 364
8
8
8
2d preferred
50
8 4 83
,
4
*8
87
8 *74
87
81 *71. 94
918 918
200 Real Silk Hosiery
10
*5412 $7
5412 5512 *545 57
8
57
*545 57
57
8
30
Prefarred
100
15
8
*112
*112
158
112
15
8
100 Reis (ltobt) & Co
112 *114
15
8 *114
No par
*1012 1312
*1012 1312 *1014 12
*11
13
*1012 12
121 preferred
100
1114 1112
111e 1138
11
113 12
4
4
115 12
8
13,200 Remington-Rand
113
1
---- ---18t preferred
100
--- ------ ---211 preferred
- - __
-- ---n-Wu
W7.
1T4
75 - 8 75 75
753
7618 -7
618 7612 1,400
56 preferred
f7
25
2212 2212
2212 2258 2212 2212 2214 2212 2218 2214
1,600
Prior preferred
25
318
3
278
3
318
312 24,400 Reo MOM Car
3
3
318
3
5
1818 185
8
18
1812 173 183
9
4
187 1912 31,600 Republic Steel Corp
8
4 183 193
1
No par
7112 7214
7112 7214 6912 7112 7112 723
4 72
73
9,500
6% oon• preferred
100
713 713
4
7012 7112 *71
4
6.4 pref ctfs of Sep
727
8
1,300
7112 7112 7112 72
9
*8
712 712
8
*712 812 *71. 87
8
8
600 Revere Copper dc Bran _
5
•17
20
*17
20
*18
*1818 20
20
18
18
100
Class A
10
9412
*90
91
93
9312 9312 9312
9312 9312 *90
490
Preferred
100
*213 2214
4
22
2214 2214 2214 2214 2318 22
23
3,500 Reynolds metals Co ....--No par
*107 108
107 107
10812 10812 108 108
700
5S4% cony pref.
107 107
100
22
22
2212 2312 2214 223
4 233 24
4
4
6,300 Reynolds Spring
4 223 233
1
545 547
8
545 55
8
8
547 55
8
547 .55
8
543 55
8
12,000 Reynolds(R 3) Tob class /3_10
*6012 6312
*6012 6312 *603 6312 *6012 6312 *6012 6312
8
Class A
10
12
•11
•10
12
*103 12 I *1412 1712 *1012 12
4
Ritter Dental Mfg
No par
*2714 2812
*263 273 *2634 273
4
4
2714 2714 0273 2812
8
200 Ros, 4nt4.10P. Conner Mine, __
,
For footnotes see DUO 1552
"if-
-
1559
Rands Since Ian. 1
Os Basis of 100-shars Lola
Lowest
3 per sears
1318 Niar 28
3578 Jan 18
119 July12
220 Mar 20
914 Mar IS
1612 Aug 14
312 July 23
75 Jan 16
43 Apr 3
4
1118 Apr 4
106 Jan 7
414 Mar 14
223 Jan 18
4
38 Mar 12
11412 Mar 23
80 Mar 12
14 Aug 5
1 Mar 26
4
33 Jan '2
1 Mar 27
1312 Mar 6
19 Mar 18
12 June 19
70 Jan 2
11112 Jan 14
63 July 11
4
312 Mar 13
.
104 Jan 9
12June 20
612 Mar 12
8 Aug 28
84 Aug 28
914 Aug 28
214 Mar 27
11 May 20
214 Mar 21
3 Apr 18
4
12 Mar 8
5 Aug 30
814 Feb 28
3 July 12
4
6412 Feb 5
5714 Apr 3
214 Mar 13
3 Mar 9
18 Mar 11
1714 Mar 12
30 Feb 5
1103 Jan 9
4
4
173 Mar 7
218 Feb 26
914 Mar 13
1612 Mar 13
13 Mar 15
14 Aug 26
758 Mar 14
4
123 Mar 15
23 Feb 27
3812 Mar 5
15
8July 25
312July 30
13 Mar 21
4
3514 Mar 12
512 Mar 22
5312 Apr 1
1334 Mar 12
3 Mar 21
50 July 8
14 Apr 27
4July 24
23
8July 16
Apr 8
31
6538 Aug 26
7 Mar 14
2812 July 11
172 Feb 14
512 Mar 13
2218 Mar 13
1 Mar 21
1014 Apr 4
114 Mar 20
2412 Apr 4
8June 4
67
1 Mar 21
612 Mar 15
618 Mar 15
159Mar 19
14 Feb 28
43
8June 13
Highest
July 1
1933 to Range for
Auo.31 Year 1934
1935 ----Low Loa,
High
$ per share 3 Per lb 3 per glare
3614
217 Jan 7
8
1318
141
4412July 25
33
33
43
214 Jan 4
1 18
Isa
4112
2014
3211 Jan 3
29
20
1418MaY 17
812
8',
WY
215 Aug 26
8
163
8
812 Aug 22
312
38
5
-3
68
100 Aug 22
70
70
95
812 Aug 10
43
4
518
1438
22 Aug 5
1118
1212
193
4
125 July 5
92
92
108
1712 Aug 27
3
38
5
8
8412 Aug 27
9
25
712
50 Aug 7
47
28
30
11512 Nlar 29
97
97
1141,
104 June 11
60
60
94
1718 Aug 23 7 5
I's
1
212 Jan 7
8-3/1
8 Mar 30
312
1114
312
1
4 Jan 7
2
612
123
8
283 Aug 12
4
123e 2312
4412 Aug 17
19
2034 37
21 Jan 2
19
34
12
112 July 23 378812
69
8512
13514Sept 6
9914
103
116
1138 Aug 23 3 5
512
918
23
4
6%
5 2 Jan 7 1 25
8
7
12 Julie 14
814
103
, 12
12
11, Jan 7
5
8
212
1912 Aug 14
812
7
21,
2
8
107
8Sept 6
4Sept 3
84
933
914
8 Aug 31
123
55 Aug 7
8
118
1.4
67
1
3514
11
173 Jan 11
4
17
2
6 Apr 26
212
672
„
158 Feb 18
12
2
12
111 Jan 2
12
41
,
4
5
63 Aug 31
15 May 23
912 21,
814
152 Jan 4
3
4
1
4,
,
81 July 8
845
8 67
445
3
82 Sept 6
3512
5112 7414
172
54
4
172
612 Aug 21
512 Aug 6
234
212
,
273 Aug 17
4
1214 32 4
10
,
2914 Aug 17
174
2018
37
3 1012
1415g
66
395 Apr 1 .
8
4
3121.
80
1163 Mar 28
86
4312 Aug 17
173
4
1914 6374
2
8
3 Jan 7
2
19 Jan 31
38
12
914
3338 Sept 6
1412
18
51 12
4Sept 6
43
12
263
1318
193 Feb 4
8
177
914
4
914
75
115
8
8May 23
814
1414
113
2214 Aug 23
4
1314
187
4
2112
45 July 9
241
, 37
3814
7618 Aug 20
49
eV,
4 Jan 8 1 1 12
2
6
3
6 Jan 12
412
16
478 Jan 9
13
4
31,4
6'4
5312June 15
101e
1111 4818
11 Jan 4
512
7
21
48
76 Aug 12
ati
7478
1338 2203
2238 Aug 27
11
4
834Sept 5
3
1334
412
64
44
70 Aug 27
50
158 Jan 8
le
DA
,
4
818 Apr 15
23
4
412
1014
it, Jan 8
34
2
5
8
3534 July 19
18
,
1812 343
655
8
7014
87
7612 Jan 25
1278 Aug 13
7
712
18 1 2
443 Aug 13
4
1334
26
28
180 Aug 21 14114
14112 189
418
9 Jan 11
412
113
8
1514
43
1514
50 Sept 6
312
1
Vs Jan 12
112
15 Feb 25
618
818
194
5
118
318July 29
118
2412
5712Sept 6
255
8 59 4
,
678
10
27
1714 Aug 14
5
184
I
23 Aug 30
8
115
881ay 17
1634
612
714
1474
6
1112 Jan 9
6
15
8May 10
23
8
614
15
8
314
112 Jan 8
1
14
438
1012 793
8
165 Jan 7
8
4 May 14
8
318 Jan 21
5
8
514
17 Jan 21,
612May 11
3318
4238 Jan 12 5334Ju1y 23
4May 23 "101
115 Jan 2 21203
2038
203 Mar 5 45 Aug 17
8
597
8
625, Feb 20 100 Aug 6
73 Mar 14 1115 Aug 22
8
73
84
8518 Mar 18 12114 Aug 16
99
100 Mar 14 14018 Aug 1
837
2
99 Jan 6 113 July 30
34 Apr 30 62% Jan 9
34
57 Mar 21
2
57
1018June 19
2
49
495 Mar 18 93 Aug 26
8
65 June 25 7612 Aug 22 . 3312
147 Aug 14
8
83
8
83 Feb 1
4
73 Aug 13
4
4
4 Mar 13
50 Mar 18 6212 Jan 25
22
133
8
3514 Mar 12 653 Aug 12
8
114
3 8Sept 6
5
114 Mar 13
1612 Mar 13 213
4Sept 6
111
,
297 Mar 28 4318 Jan 7
8
297
1
28
36 Apr 6 42'6 July 10
33 Apr 17 373
4May 14
27
318
11 Aug 16
312 Apr 4
2018 Apr 2 6312 Aug 19
2018
1 Mar 26
212 Jan 7
1
8 Mar 12 15 Jan 7
53
8
7 June 1
12 Sept 5
614
243
4
715 Jan 15 99 Aug 26
.4
7u Jan 9 100 Aug 26
24
6918 Aug 23 77 Sept 6
691s
213 Aug 26 225 Aug 28
4
213
4
8
2
414N1ay 9
214 Mar 13
9 Mar 15
9
195 Aug 22
8
285 Mar 18 7414 Aug 22
8
19
28 Mar 15 7312 Aug 22
28
512 Apr 3
8% Aug 22 46 3
13 Apr 17 20 Aug 22 *610
75 Apr 9 9312Sept 4
36
1712 Apr 29 2412 Jan 10 33 95
8
101 June 10 1083
4July 5 101
1214 Mar 20 24 Sept 6 ', 6
4318Nlar 26 55 July 29
393
4
5514 Apr 22 61l July 16
5514
514 Mar 28
518
127
8June 14
2178 Feb 25 3038Nfay 17
20
112
558
3318
10212
26
67
78
88
105
8712
3514
612
49
3312
8.41
412
2314
15
112
1412
3518
3312
2918
5
22
44
1171"
45
84
973
.
106
1194
1044
59%
147
2
xii
63
1934
914
5618
46
4,.
23
563
*
401
39'1
5
35
15
8
53
8
6
334g
30
14
81I1.
6
3) 4
3
133
2
71
70
2
1012
3312
3912
IS
1114
48
1511
-512
25114
6713
4214
1412
2812
90
2734
64
3984
57
518
20
16
533
4
6272
1312
3118
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Aug.31
Sept. 7 1935
New York Stock Record-continued--Page 8
1560
Monday ' Tuesday
Sept. 3
Sept. 2
WednesdayI Thursday
Sept. 5
Sept. 4
Friday
Sept. 6
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Royal Dutch Co (N Y /Mares)._
100
Rutland RR 7% prat
10
St Joseph Lead
-San Francisco ___100
:St Louts
100
19t preferred
100
St Louts Southwestern
100
Preferred
No par
Safeway Stores
100
6% preferred
100
7% preferred
No par
Savage Arms Corp
5
Schenley Distillers Corp
1
Schulte Retail Stores
100
Preferred
No par
Scott Paper Co
No par
:Seaboard Air Line
100
Preferred
Seaboard Oil Co of Del___No par
No par
Seagrave Corp
No par
Sears. Roebuck & Co
1
Second Nat Inveetors
1
Preferred
1
Serval Inc
No par
Shattuck (F (1)
No par
Sharon Steel Hoof/
No par
Sharpe & Dohme
No par
Cony preferred ser A
Shell Transport & TradIng___.E2
No par
Shell Union 011
100
Cony preferred
Silver King Coalition Mines___5
No oar
Simmons Co
10
Simms Petroleum
25
Skelly 011 Co
100
Preferred_
Sloss-Sheff Steal & Iron_ _100
100
7% preferred
Snider Packing Corp_ _No par
%cony Vacuum 011 Colnc__ _15
Solvay Am Invt Tr prof___100
No par
So Porto Rico Sugar
100
Preferred
25
Southern Calif Edison
$ per share $ per share S per share S per share $ per share S per share Shares
900
8 423 4212 . 4214 4214
4112 4112 *4158 423
4134 42
5
5
*4
*4
5
*4
5
*4
5
*4
3,200
8
20 3 21% 22053 21
1912 20
1912 2014.
2012 2031
900
8
13
*114
111
114
11.4
114
11.1
114
8
13
114
17
900
s
15
8
15
8
8
17
*15
4
13
2
2
2
• 2
40
1212 1212 1212
8
8
*83 1212 *83 1212 *9
*858 1212
*1413 20
*1412 20
*14
20
20
*14
*14
20
3714 3814 16,300
8
3912 40
4
1
/ 373 3914 3818 39
401 4012
4
/
80
4
/
1101 11014 *109 11012
110 110
110 110
110 110
10
11212 11212 *11212 113 *11212 113
*11212 113
*11212 113
1,300
4
4
103 103
1118 1114
1114 1114
1118 11%
8
*105 11
3512 23,600
8 -35
8
3 343 353
8 3314 343
3312 343
8
3414 343
900
3
8
27
4
23
4
23
8
3
4 27
*23
3
3
3
100
1534
15
15
15
8
4
/
*141 153 *1412 15
*15
1512
130
671.2 *604 6712 6712 6812 *8634 68
6718
*6712 69
12 4,700
12
12
8
3
-12
8
3
12
12
12
12
600
8
4
/
11 13
1
1
114
4
/
11
4
/ 114
11
112
*114
2853 2912 2918 2912 2,100
29
2812 28
*28
*2812 2912
500
4
1
/
3
8 *314
33
8 *314
33
8
33
4
1
/
3
38 3
314 314
8
5712 585 22,800
5412 5,512 5413 57
5634 58
55 . 5512
. 200
212 . 212
212
212 *238 212
212
*238
212
*238
380
8212
6034 6212 6*
8
2 585 59
607
*59
*5834 60
4
/
111 1138 21,500
8
113
4
• 11
103 11
8
107 11
8
107 11
812 3,500
812
83
81.1
818
83
8
83
814
4
8 83
*83
4 6,300
8 1718 1712 1714 173
1612 173
1614 167
8
1612 1612
7,500
412 53
8
41. *418 43
8
412 *418
*418
412
*414
600
45
45
45
45 - *44
*44
45
*44
044
4412
180
4
*333 35
4
8
4
1
/ 333 *333 35
33
8
*333 35
.3312 38
5,800
53 10
9
912 10
3
94
912
3
4
/
918
*91 93
9
300
*9312 95
94
94
*91
95
93
*90
90
90
8
4
1
/ 3,800
1234 13
4
123 13
1212 1212 1258 123
4
4
123 123
4
151.1 153 17.000
8
153
8 15
1418 147
1414 15
151.t 1512
1,500
8 6
57
7
58 6
4
5% 6
53
4
53
6
6
700
1114 1114 107 1118 *1012 11
g
•1038 11
1014 1014
*94
98
97 2
4
98
*94
973 *94
,
*94
98
*93
250
39
39
39
35
36
4 35
343
34
35
35
390
53
5134 52
51
51
.50
.50
50
51
51
4
/
2012 2014 203
4 20
4 201 2012 10,600
4
193 203
4
1
/ 21
19
8
1
/
4
/
4
/ 1118 1112 111 1112 104 113 41,900
1118 111
1118 113
4
8
8
8
*1113 112 *1113 112 *1113 112 *11138 112
8
*1113 112
2514 4,300
24
2331 233
24
4 2333 24
24
24
24
50
145 145 *120 145 *120 145
145 145
*144 145
2218 2212 15,400
8
223
2112 217
8 2112 2218 22
2118 213
8
____ ____ ____ ...... Southern Dairies class A __No par
---- --- ----___ ____
- - - - ---No par
Class It
.
_
- - -100
Southern Pacific Co
18;8 fit;
100
16,500 Southern Hallway.
34
9
914
4
1
/
9
918
4
1
/ 914
8
912
9
018 914
100
Preferred.
3 6,200
1312 1318 137
13
1258 13
8
1213 127
4
123 1278
Mobile & Ohio elk tr cite _100
30
*22
30
*22
30
'22
30
*22
28
*22
(A 01 & Bros_No par
100 Spalding
*612 7
7
1
8
8 67
*63
7
8
*63
*63*
7
_100
let preferred
90
*6514 70
70
6412 *65
64
70
*64
70
*64
280 Spang Chalfant &Co Inc pref-100
90
90
90
90
90
90
*8912 90
90
90
No par
Withington
8 3,800 Sparks
45
414
4%
4% 418
4 18
433
4
418
4%
No par
220 Spear & Co
43.: 434
4 5
"338 518 *43
514
5%
8
53
*514
100
Preferred
10
76
*70
76
*70
70
70
76
*70
76
*70
1,200 Spencer Kellogg & Sons __No par
8
3314 3312 333 333
"3312 34
34
34
*3314 34
I
4 1253 131.1 30,700 Sperry Corp (The) v ho
8
1218 1212 123 123
8
1218 123
8
1214 123
No par
600 Spicer Mfg Co
12
11
11
11
4
*103 11
8
*103 11
Stock
*1014 11
No par
Cony preferred A
140
45%
8 45
8
*4412 457 *4412 457
*4412 46
4412
4412
,
No pa
5,400 Spiegel-May-Stern Co
8 663 67
65% 6614 673
62
63
62
6112 6112 Exchange
100
100
63-4% preferred
4
/
1
/
4
1
/ 1034 1031 *103 10312
4
*101 1033 *103 103
4
*101 1033
Rights
ClosedNo par
28,700 Standard Braude
4
1
/ 14
4
1
/ 13
1
/
4
8
135 133 z1332 134 1312 13
i4 1-3
-la' - 7A
No par
12812
Preferred
10
12812 12812 *125 12812 *125 12812 *125
Labor
*127 12812
4
1
/
4 • 1,200 Stand Comm Tobacco-No par
41 4
8
43
8
43
8 412
43
8
4% 43
412 412
No par
11,000 Standard Gas & El Co
7
633
7
8
63
6%
6
4
618 63
Day
4
6% 63
No par
Preferred
8% 10,500
814
8
8 5
77
8
712 8
4
83
4 812
73
No par
$6 cum prior pre
900
18
18
1712 IS
8
8
167 167 *1712 18
4
1
/ 18
17
No par
37 guru prlor pref
4
1
/ 2012 4,000
8 20
3
193 207
4
1
/
19
19
1812 20
1912 2012
No par
900 Stand Investing Corp
2
Pt
.1
13
134
8
17
4
*13
4 2
•13
4 2
'13
400 Standard 011 Export pref. __ 100
8
9
1135 11211 11214 *11212 11322 *11212 1133
*11214
3
*11214 1132
par
4
1
/ 9,800 Standard 01101 Call(
8 3212 33
4 3212 3312 3314 337
3214 323
8
315 32
25
6,800 Standard Oil of Indiana
'2534 28
26
26
8
257 26
2578 26
4
253 26
10
300 Standard 011 of Kansas
2112 2112 *2014 22
*2014 23
21
21
22
22
25
17,400 Standard 011 of New Jeraey
3
8 4434 45 8 4514 455* 4412 4512
8
453 455
4538 453
4
8 6,900 Starrett Co (The) L S____No par
8
195 203
8
193
18
171 177
4
173 18
18
18
10
4 3,100 Sterling Products Ina
643
1
/
4
/
641 6418 6418 844 6412 64
64
6413 6412
2,000 Sterling Securities el A___No par
2
8
17
17o
4
4 *13
13
4
13
4
13
4
13
4
13
4
13
No par
Preferred
200
5
5
*412 5
*412 5
5
5
*43
4
512
60
Convertible preferred
100
8
8
*4014 433 "4012 433 *4012 4338 411 4 4114
04014 433*
5
4
8
123 1234 123 1314 15,200 Stewart-Warner
12
8 12
4
113 123
4
/
121 1214
4
/
81 812 10,700 Stone & Webster__ ____No par
8
83
8
4 818
73
8
4 83
73
8
833
414 28,100 :Studebaker Corp (The) new._1
418
414
4
4
8
37
4 3%
33
37
37
No par
700 Sun Oil
4
4 6712 673
6713 673
67
6712 66
*66
100
*66 . 6712
Preferred
470
11812 11812 11812 11812
11812 119
11812 119
*11812 119
2,200 Superheater Co (The)____No par
25
2412
4 2314 237
233
2318 2412 "23
1
23% 2438
1.900 Superior ()11
218
'24
2 18
2
2 18
2
2
2
100
2
2
1112 1218 8,300 superior Steel
1112 1112 12
11
1118 1114
50
1112 113
4
600 Sweets Co of Amer (The)
4
1
/
514 5
4
1
/
8 5
8 *47
8 53
8 *45
8 45
45
8
*412 53
25
5,500 Swift & Co
8
155 16
3
157 16
4
153 16
4
153 16
No par
1578 16
ISymington Co
34
*12
4
3
*12
4
3
*1,
4
3
•12
4
3
*13
No Dar
Class A
300
4
1
/
2
8 0218
23
8 *2
*2 - 23
214 214
5
1
/
24
214
500 Tetautograph Corp
712
712
738
738
714
714
712
*714
712
,...
5
712
1,800 Tenneasee Corp
514
5
8
53
5
4
/
514 51
5 14 538
538
25
*5
Texas Corp (The)
4
193 201.1 14,700
8
8
8
1912 207 Z197 205
8
4
193 203
No par
8
197 2018
7,300 Texas Gulf Sulptur
4
4 3414 343
343
3412 34
4 34
3414 343
10
3431 343
4
4 9.800 Texas Pacific Coal & 011
8 63
65
653 67
8
65
63
8 6%
63
1
658 63
4
8 4,700 Tanta Pacific Lam Trust
5
9 11 103
1013 1014
8
95 10
934 10
100
1
/
94 978
2,100 Texas A Petrillo Hg Co
2234 22% 2314
22
21% 22
2218 2218
22
22
1,a00 Thatcher Mfg..._ _--No par
2412 2412 2413
2314 233
4 24
2313 24
*2312 24
No pat
$3.60 cony pre
100
*57% 58
58
58
*5712 58
*57% 58
No par
'5712 53
100 The Fair
912
912 91 2
912 *9
912 *9
*834
100
8
*83 10
Preferred
4
983 *87
4
983
4
983 *87
4
1
/ *82
98
*82
8
987
1
*82
514
8 2.100 Thorn:old Co
55*
533 55
518
47
8
3
o
5
5
100
8 512
*53
1,500 Third Avenue
3
3 4 418
4 418
33
*318 3
4
1
/
*318 4
1
*318 4
Investor/I
300 Third Nat
4
253
4
253 *23
25
24
24
8
*2418 247
1
/
244
26
*24
400 Thompson (J R)
712 712 *712 8
8
712 712 *7
4
/
*71 712
Thompson Products Inc__ No par
4
/
171 1733 5.600
4
1
/ 171 4
1
/
4
/
161 164 1614 1612 16
8
161.‘ 163
1,200 Thompson-Starrett Co_No par
23
4
23
3
8 24
25
8
8 25
25
213 258
7
28
27
No par
33.50 cum pre
8
225
2258 *15
2233 *15
8
225 *15
*15
*15
No par
225*
918 912 12,500 Tidewater Ammo 011
912
914
8
03
ply
912
91.t
100
912
8
93
Preferred
400
100 100
100 100
"9934 100
8
8
993 993
*9914 100
No par
100 Tide Water Oil
4214
*28
39
4312 39
*4214 4312 4214
*42
. 10
4312
913 25,300 Timken Detiolt Axle
91.4
912
918
918
4
83
8 9
85
9
9
7,100 Timken Roller Bearing_ __No par
5014 4912 50
49
8 4812 49
4812 493
4
/
491 4938
. __No par
72
17,600 Transamerica
8
758
712
738 712
4
73
3
712 7 8
712
Corp_4 2.200 Transcon & Western Air Inc_ 5
101 4 103
3
8
103 10 4
1
/
104 1018 1018
10
*978 10
200 Transue & William,Sil__ No par
1018 1014 *1014 1012
*912 10
.91.1 10
4
93
*9
4
/ 23,200 Tri-ContInental Corv___No par
618 61
4
/
4
1
/ 61
5
8
53
538
4
4
1
/ 53
5
5
58
8
53
No par
6% preferred
200
8
4
1
/ 927
92
93
93
93
4
1
/ *91
92
*90
*91
1
/
924
No par
2,300 Truax Traer Coal
414 414
414
414
418 418
418
418
4
/
41 411
10
3,800 Truanne sine'.
712
718
714
'1
7
7
718
8
67
7
7
18,2 9,900 20th Cent Fox Film Corp_No par
1812 18
1812 18
17
4
1614 183
16
16
No par
Preferred
2634 2738 19,400
27
8 2612
4 2512 263
253
25
*2513 26%
No par
400 Twin City Rapid Trane
31-1
314
314
313
314
.318
312
312 *34
*314
100
Preferred
150
2212 2212
22
211* 2212 *2118 2212 22
2212 2217
No par
700 Olen & Co
218
8
17
4
/
11
8
4
/ 134 .13
11
4
/
*11 2
8 2
*15
800 Under Elliott Fisher Co __No par
66
661*
67
8
*667 6812 67
66
66
100
*6612 .6812
Preferred
4
3
*12912 133 '12912 133 *129 4 133 *1293 133
"12912 133
Pao Coro_No par
8
305 3118 3013 3112 3014 3113 6,700 Union Bag &
3012 31
8
303 3114
& Curb...No yar
1
/
8
8
634 64% Z637 6518 643 654 17,600 Union Carbide
65
64
25
645* 64%
4 5,300 Union Oil California
1712 173
.:
4
1
/ 173 1814
4
1
/ 1738 17
1714 17
1714 1712
iir.,
14
iii,
.
ii; 16
i
8
53 1618 i678 1638 - i3,&55
7Vo
Rang. Mare Jars. 1
Oa Basta of 100-share Lots
Lowest
3 per share
2913 Mar 12
3 Apr 18
1014 Mar 13
4June 6
3
Apr 3
1
6 Apr 15
12 Mar 4
4June 13
363
4
1043 Nfar 11
10612 Feb 7
6 Jan 15
22 Mar 12
4
13 Apr 4
8 Apr 4
55 Jan 2
%June 29
N Aug 1
2024 Mar 12
310 July24
31 Mar 12
118May 8
40 Apr 3
5
7 8 Mar 13
1
/
74 Mar 14
9 Mar 14
314 Mar 12
43 Aug 22
2
203 Jan 2
513 Mar 19
4
/
631 Mar 21
8% Feb 15
6 Mar 15
5 July 19
61 Jan 15
60 Jan 22
13 Mar 20
24 Mar 12
1514 Apr 3
1058 Aug 30
10713 Jan 15
20 Jan 30
132 Feb 4
1
/
104 Mar 13
3 May 6
1 18 July 12
4
123 Mar 18
512July 8
7 July 8
15 July 23
5 Mar 14
42 Apr 2
5912 Apr 3
313 Mar 13
314June 25
85 Mar 23
32 Apr 3
714 Mar 14
812 Mar 14
4
/
331 Feb 14
437e Mar 27
4.July 26
1013
6 July 27
8Sept 4
x133
8June 4
t223
212 Mar 15
4
/
11 Mar 15
Highest
--$ per share $ per oh $ per share
8 3918
285
285
4431 Aug 14
412
15
3
1
/
54 Jan 3
4
/
4
/
151 271
1014
2214 Aug 27
8
43
118
2 Jan 8
4
3
618
112
1
212 Jan 8
20
6
8
14 Jan 12
13
27
12
217
8May 13
3814 57
4
353
46 Jan 2
4
843 108
80
11314June 29
9813 11312
9018
11412June 19
412
4
/
51 1214
4
113 Aug 21
*
1718 387
1714
3512Sept 6
8
3
134
4 Jan 2
4
15
303
8
20% Jan 18
8
al
603
3714
70 Aug 16
14
2
'3
3
7 Jan 4
1
:is
318
18 Aug 14
4 3858
203
1
/
354XlaY 9
19
4
1
/
5
1
/
24
212
8
47 Jan 26
51 14
31
30
8
597 Aug 9
414
4
/
11
118
4 Aug 14
23
52
32
30
65 Aug 12
4
1
/ 9
2
312
1112 Aug 27
7
4 13
63
6
914 Apr 22
4
518 134
8
183 Aug 6
7%
53 Sept 6
8
4
314
3814 49
30
50 July 23
2613
10
19
37 July 29
13 May 29
1112
513
6
89
57
9812 Aug 15 3, 4513
1212
8
4
3 /
8
193 Apr 26 3 61
8
818 34,
6
1614 Aug 14
1718
714
5
4
183 Jac 9
4
/
111
6
6
4
113 Aug 27
5112 6818
42
98 Aug 23
27%
15
12
39 Aug 23
1812 £2
15
53 Aug 21
4
63
4
1
/
3
4
193
21 Aug 31
1213 1978
3
4May 24 4 212
153
10813
86
76
8July 2
1117
20
3938
283
20
8May 24
137
115
150 July 5 112
1012 2218
1013
2212Sept 6
8
103
3
533July 12
512
1
1 8
11 3
314
2 June 10
8
147
4
123
4
1
/
33
2114 Aug 17
1113
512
3613
1612 Jan 4
14
4114
7
2053 Jan 4
4
31 12 473
15
3314 Jan 12
13
5
5
8 Aug 17
301/ 74
4
/
301
6312 Aug 19
66
20
30
94 Aug 27
8
8
27
4
27
4
53 Jan 2
3
74
2
112
7 Jan 22
39
6412
3013
74 Jan 7
1
/
4 334
153
1214
3814May 11
8
115
553
338
1314Sept 6
13
6
6
1412July 22
4 4114
213
18
4712July 22
1
/
764
19
714
79% Jan 17
10358 Aug 29 3 45
6
918 Aug 12
1714 - 14
1
/
134
35
4
/
191 Jan 3
12114 127
130 Apr 9 120
8
3
5 Aug 19
,
22
353 17
113
914 Aug 17
4
13
8
134 Mar 15 113 Aug 17
4
1
/
4
8
253 Aug 12
4
43 Mar 16
6
8 Mar 15 2713 Aug 17
7.
2 Sept 6
%July 17
9412
111 Jan 3 116 Apr 6
2812
3878May 24
4
1
/
27 Mar 15
23
23 M ar 15 28 Aug 15
19
21 Sept 3 32 Feb 18
3318
4
353 Mar 18 5012May 23
6
1212 Mar 14 2038Sept 6
1
/
454
1
/
1
/
584 Jan 15 674 Aug 13
1
2 Sept 6
4
/
11 Mar 19
8
25
514 Aug 17
31 Mar 28
2818
36 Mar 5 43 Aug 9
4
/
41
4
1
/
6 Mar 8 1314July 30
212
8
103 Aug 3
211 Mar 14
214
414 Aug 18
214 Apr 17
42
6012 Mar 20 7512June 13
96
11511 Jan 10 121 Mar 23
111 Apr 4 25 Sept 6 211
114
3 Apr 17
8
15 Jan 2
8
45
4
123 Aug 27
5 Mar 18
4
53 Aug 21
318
314 Mar 6
1714July 18 2 11
1514July 15
14
4
1
/ Jan 4
14 Apr 15
I 14
234 Jan 4
.
1% Ant 29
6)
4
1
/
9 Jan 9
658July 18
318
512 Jan 28
4 Mar 15
1613
3
1613 Mar 13 23 4May 17
4
223
4
4
1
/
28 Apr 4 383 Feb 19
212
8
85 Aug 23
314 Jan 2
6
1212May 14
812 Jan 15
1313
14 Apr 12 253 Jan 10
8
13185$ay 8 2612 Aug 17
8
385
50 May 4 6834 Aug 16
4
8
514 Apr 10 117 Aug 13
45
5118 Jan 7 91 Aug 20
212
4
57 Aug 1
212 Mar 7
2
5 Jan 5
2 June 28
13
1
/
16 Mar 15 254 Aug 12
4
/
41
7 12SePt 3
518 Jan 7
10
8July 29
133 Mar 13 183
4
/
11
4
1
/
3 Jan 7
3
15 Mar 15
17
17 Apr 23 23% Aug 6
75 Mar 18
12 May 23 3, 713
1
/
8
84 Jan 8 1033 Aug 17 3, 434
18
4
263 Mar 15 43125ep1 4
3
1
/
94 Aug 9
438 Mar 15
21
8
2838 Mar 15 517 Aug 12
4
1
/
4
8 Aug 10
4
1
/
4 Mar 12
714
8
117 Aug 12
714 Mar 29
413
11 Aug 21
513 Mar 14
17 Mar 13
8
17
8
65 Sept 6
51
69 Apr 4 933 Aug 22
112
8May le
67
1
/
44 Jan 15
31 Mar 13
4
1
/
7 Aug 27
4
1
/
3
13
4Sept 3
13 Aug 28 183
25
2.5 Aug 28 2738Sept 6
5 Nob 19
4
,
212June 5
41,
4
18 Mar 18 273 Fah 18
t
23* Aug 6
113June 10
2213
4
533 afar 29 6912July 9
95
12612July 17 133 Apr 5
29
4
1
/
29 May 28 60 Jan 22
8
44 Jan 15 657 Aug 13 "34
1111
1414 Feb 6 2018May 23
•
For fOotnotes see IX go 1552.
July 1
1933 to Range 101
Aug.31 Year 1934
1935 ----Low Logy
High
17
8
43
33
10
1114 3813
Pa
71
9813 114
4
1
/
43
2614
2312 2714
41
26
3914
5018
8
153
5
4714 8813
3
4
/
11
7
3
30
3813
10 ,
413
8
133
373
III. 1414
118
100
4
1113 25,
314
1 14
4
453 153
534
3%
24
8
37
24
518
12
/
4
1
/
5
,
IS,
4
/
61
2933
4314
512
12
4314
18
5218
1214
83
4
/
91
,
84
2212
11
.
201
512
2412
3
143
87
40
4
/
81
41
812
4
- -11
3
6014
3
13
4
1
/
3
134
V.
78
,
52
4
1
/
9
4
1
/
1 13
71
4
/
4
1
/
3
1958
30
21 3
4
63
1312
8
39
4
50
211
4
1313
4
1
/
4
10
4
/
11
17
8
6413
--------813
113
39
6
4
1
36
4
/
581
102
1
/
1284
. (Ws
391
1
/
354 504
1
/
1112
:
201
_
Volume 141
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug.31
Mandrill
Sept. 2
Tuesday 'Wednesday' Thursday
Sept. 3
Sept. 4
Sept. 5
Friday
Sept. 0
S per share 3 Per share $ Per share $ per share is per share $ per Mary
100 1001
r99 10012 98
8 987 9912 100 10112
987
8
893
.88
*8714 89
8812 8812 8818 89
*8712 8914
24
24
*2312 24
2312 23121 .2318 2312 2318 2312
1818 183
8
1712 1814
175 18121 1812 1918
8
1812 19
758
84
73
4 8
778
838 1814
83
8
8
814
*1112 1312
•1112 12
*1112 1312 .*1112 1312 *1112 1312
*2134 22
22
22
2214 2214 2218 2212 213 2214
4
*1133 1175
4
*1133 11712 *1133 11712 *1133 11712 *1133 11712
s
4
4
4
4
6212
*62
62 62
6112 62 .613 6212 6214 6214
4
47
8 5
44
5
44 478
'
47
8
478
54
518
394 4012
3912 4018
3918 40
395 4014 3914 4014
8
978 97
8
94 10,
s
4
4 1 93 10
912 93
93
8 93
4
*1234 127
8
12
127
8
13
13 :511314 133
4
1314 133
8
*8218 8312
8278 8278 .83
8512 8512
8312 • 8312 85
*414
412
*418
438
14
*418
414
i 418
434
4
4
7112 72
72
7334 72
73
7312 7314 733
73
4
1514 1552
1518 1512 15
153
8
153 154
8
154 165
8
10412 10412
*1033 10412 *104 107 *10412 107 *105 10512
4
825
8 3
.25
8 3
*258 3
*258 3
*25
8
3
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
Range Macs Jos. 1
On Basis of 100-share Lots
Lowest
Shares
6,590
500
600
28,800
27,900
Par
Union Pacific
100
Preferred
100
Union Tank Car
No par
United Aircraft Corp
5
United Air Lines Transp vs c 5
United American Bosch_ _No par
2,000 United Biscuit
No par
100
Preferred
1,100 United Carbon.
No par
51,600 United Corp
No par
10,000
Preferred
No par
11,100 United Drug Inc
5
4,200 United Dyewood Corn
10
350
Preferred
100
1,900 United Electric Coal
No par
6,200 United Fruit
No par
23,100 United Gas Improve
No par
100
Preferred
No par
:United Paperboard
100
United Piece Dye Wks__ _No par
04% preferred
100
g7,,
54 534
518 14 . . 12 13
37
54 6,700 United Stores Mass A____No par
6
*604 637
604 603 *6012 64
s
4
6112 6112 624 6218
300
Preferred class A
No par
62
*61
62
02
624 6214 6214 6238 6212 6314
700 Universal Leaf Tobacco
No par
*1515 15212
8
*1515 15212 *1515 15212 *1515 15212 *1515 15212
8
8
8
8
Preferred
100
*3218 343
4
.32
3512 .3312 35
34
34
30 Univereal Pictures let pfd.__ 100
3312 33
,2
14
118
1
14
118
1
1
3,900 Universal Pipe & Bad.
118
150
118
I
103 11
4
1012 103
4 10
1018 1012 1014 105*
Preferred
1014
530
100
1938 1912
1918 1912 19
193
4 20
203
4 204 207
8 5,900 U El Pipe & Foundry
20
*21
2114
21
21
2114 2114 ,*21
2114 *21
2114
198 preferred
400
No par
4 3
*23
24 23
4
238
212 ,*214
212
900 U S Distrib Corp
214
214
No par
133 143
8
4
12
133
4 12
1212 4113 12
103 12
4
820
4
Preferred
100
_ _
_ _
_ j_ _
_
United States Express
100
712g8 IiN2312 -.2 12 2iTs -2114
3
233 - 53 23r2 13 8
21
1,700 U 8 Freight
-7No par
105 103
8
8
10 4 107
,
8
1012 1034 4107 1118
8
1112 1212 6,200 US & Foreign Sedur
No par
89
*85
*77
88
8712
*77
87
87
87 ,*85
200
Preferred
No par
8
4
*633 647
643 647
4
8 647 6612 663 68
673 69
8
4
4
6,600 05 Gypsum
20
*155 156
*155 156 *155 156 *155 156 *155 156
7% preferred
100
*63
8 63
4
*63
8 63
714
4
712 4,200 U 8 Hoff Mash Corp
638 718
e74
77a
5
44
*42
413 42
4
42
4 44
433
4478 7,400 U 13 Industrial Alcohol_ _-Vo p ir
4
4 433 443
*8
83
*712 8,
8
2 *73
700 U 8 Leather v I a
r,712 74
7e
4 8
No par
1414 1414
1312 144
4
133 1418
1318 133 7 133 14
4
4
4,400
Clam A v I a
No par
71
*65
*65
71
*68
*68
71
*68
71
71
Prior preferred v t a.
100
54 54
514 514
5
514
514
512
55
512
2,600 U S Realty & Imp.
No par
13N 137
13, 1312 1314 133
4
1414 1438 6,200 U 8 Rubber
134 1414
8
_No par
365 37
8
36
36
36
3814 38
37 R37
383
4 8,700
Ist preferred
100
985 99
8
9778 98
97
99
99 10012 99e 10012 2,900 U 8 Smelting Ref & NfM
50
*7112 7212
*7112 7238 *7112 733 'i71',
7112
200
Preferred4
5')
4314 44
424 433
4 4212 44 , 4414 4538 444 4638 79,700 US Steel
10812 110
1083 10914 1083 110
4
4
110 11012 110 112
4,900
Preferred
100
*133 137
*133 137 *133 135 "133 13314 *133 140
300 U 8 Tobacco
No par
*165 170
•165 170 .165 170 *165 170 *165 170
Preferred
100
318 314
278
3
24 34 .14318
4,400 Utilltlea Pow & Lt A
34 314
314
,
1
5
8
3
8
.5
8
*53
3
34 ' 5
8
52
700 Vadsoo Sales
3
4
*N
No par
*2238 2458
*2238 2458 *2238 245 •223 2458 *2238 2438
4
8
Preferred
100
1714 174
17
1714
17
18
1778
1812 18
187
9,300 Vanadium Corp of Am ___No par
*23
8
237
2312 2334 2312 2312 V235 2338 24
24
800 Van Raalte Caine
9
b
*105 106
Stock
*105 106
106 106
105 105
105 105
60
7% 1,1 pref
100
*3612 36e
58 3658 *3612 364 - 367 367
36
8 365 365
8
8
8
400 Vick Chemical Inc
5
.574
__ Exchange *5718 _
*5718 _ _
*5718 _ _
*5718 - Wicks Shreve A: Pac Ry Co Pf_100
__
34 _- 8
37
3 2 I%
,
, - 33
4
33
34 - 7
3
33
4 18 15,700 Virginia-Uarollna Chew __iv° par
7
233 243 C1osed4
4
2314 2458 233 24
8
233 2414 2312 2334 15,000
4
6% preferred
100
100 100
*99 102
*99 101 -103 103
102 110
7% preferred
800
100
•103 104
Labor
103 103
80 Virginia El & Pow 26 Pt _-No par
10312 10312 *10318 10312 10312 10312
.5
*4
*4
5
.4
5
*4
5
*4
Virginia Iron Coal & Coke___101
5
Day
*1510 25
*1518 25
*154 22
*1518 22
*1518 22
5% pref
100
. *67
72
*67
72
.67
727 *69
8
72
Vulcan Detinning
*67
717
8
100
•115 11612
*116 11612 *11612
Preferred
50
- 116 116 2 *115 - ,
100
.13
8 2
*138
134
114
112
*112 -114
114
300 IWabash
2
100
*3
314
*24 314
*27
8 314 '314
400
Preferred A
314
100
3
3
*24
212
*2
234 *2
23 22
4
23
4 *2
Preferred B
23
4
100
*77
8 8
77
8 8
*738
778
778
8
8
8
1,100 Waldorf System
No par
293 295
8
29
2912 285 30
8
303 3114 304 313
8
8 4,100 Walgreen Co
No pa
*11812 1197
8
*11812 1197 11812 11812 *11812 1197 11812 11812
8
8
30
6 4% preferred
100
23
4 23
4
234
234
*23
4 24 127
1,200 Walworth Co
3
27
8
8 28
No pa
4
,7i2 9
*74 10
200 Ward Baking class A
*75
9
9
3 93
9
4 t9
No par
*158
112
112
13
13
13
8
8
13
2
8
112 1,300
112 5j3
13*
No pa
*3818 40
3884 383 *3818 394 *3818 3912
*3818 40
4
100
Preferred
100
558 57
53
8 63
8
638 1614
618
634
4
658 63 109,800 Warner Brea Pictures
5
8
393 4112
41N 44
443
4214 434 ' 43
2,640
4 4314 4414
43.85 cone pref
No par
*7
8
1
*7
8
1
1
.7
8
1
8
7, ,*7
7
8
200 Warner Quinlan
No par
35,, 33
8
33
8 33
8
312
312 35
4,800 Warren Bros
4
312 33
338
No par
*912 1012
*9, 10
2
4
*103 11
10
11
11
10
200
Convertible pref
No par
25
2512
253 253
4
4 25
2612 27
253
2712 8,300 Warren Fele & Pipe
4 25
No par
514
514
434
5
*47
8
538 t2.43
500 Webster Elsenlohr
4
512
43
4 484
No pa,
.80
__ _
*80
__ _ *80
__
*80 - - ___ - - Preferred
100
*114
14
*14
1
12
150 Wells Fargo & Co
114 - 14
1
1
43
4
433
4212 4338 423 424 4214 427
423 43
8
7,600 Wesson 011 & Snowdrift __No pa,
4
*80
81
*7918 81
8
*794 8012 80 , 80
807 81
700
Cony preferred
No pa,
*6812 6912
69
69
74
6778 70
7173
12 74
250 West Penn Elee class A _ No par
*804 82
81
81
*8312 90
81
83 . 83
81
40
Preferred
100
70
70
*68
70
72
6958 6938 69
7112 72
140
6% preferred
100
*119 120
*119 120
120 120 *118 120 ,l1118 120
70 West Penn Power pref
100
*113 114
*11212 114 *11212 114 *11212 114 I 113 113
10
6% preferred
100
West Dairy Prod Cl A__-_No par
-- 12 -3;
4
34
*12
-24
*12
-12
12
*12
Class 13 v I o
200
5
8
No par
814
84,
84 83
8
84 8,
812 87
8
814 85
3,900 Western Maryland
100
13
*10
*1112 13
1214 1214
*1114 13
1112 12
500
2d preferrod
100
*218 23
,
*2
214
2
*13
214
212
4 214
*2
800 Western Pacific
100
4
43
8 43
434 43
4
5
5
4
453 43
5
1.100
4e
Preferred
_100
4538 463
8
44
46
44
473 495 32,400 Western Union Telegraph_100
4
4618 48
4618
2514 2514
2518 2512 254 253
8 26
8 253 265
267
4
8 6,600 WeatinglVse Air Brake.__No par
6512 0614
6414 664 643 67
,
8
4 6812 727 49,900 WestInghouse El & Mfg
6778 693
8
50
*111 11434
*112 1143 *114 1143 11434 11434 1143 115
4
4
80
4
bit preferred
50
1712 1738
'1712 18
18
183 183
8
1812 1812 184
4 3,100 Weston Eleo lontruml___No pa
8
*335 35
.334 35
*335 35
8
*333 34 ,*335 35
8
8
Class A
No pa
*194 20
193 193
4
4 203* 204 2,700 Westvaco Chlorine Prod No par
4
1912 1912 1912 203
*20
30
*22
36
40
.20
*22
35
35
36
10 Wheeling & Lake Erie By CO -100
*40
45
.40
*35
40
45
40
45
*40
45
10
6% non-cum preferred_ _ _100
2312 24
2312 2312 *2312 2412 .24
2412 25
2512
1,300 Wheeling Steel Corp
No par
90
.87
90
90
914
*86
90
90
90
89
800
Preferred
101
103 11
4
1012 103
1114 1214 1218 13
4
103 1114
4
35,700 White Motor
50
145
*14
8
*1412 15:4 *1412 15
8
8 145 1438
200 White Rk MID Hpr et! ___-No par
14N 145
2
2
*2
214
2
2
*2
*2
214
214
300 White Sewing Macblne _ __No par
*103 1114
4
11
4
1114
4
103 103 •103 123 *1112 1212
4
300
Cony preferred
No par
*2
218
24
24
*218
214
218
214
*213
214
700 Wilcox 011 & Gas
5
%% Mot-Rich Corp clans A _No pa
54 512
514
5l4
53
54 612
53
512
8
8
512 7,200 Wilson & Co too
Nopar
Class A
No par
-- -- 1i67
665 - 8 661. (4
8 665
4 - 52 67
1.100
25 pref
100
6114 613
4
61
8
6112 605 6114 6114 6214 615 623 10,800 Woolworth (F W) Co
8
8
19
*1714 17 2
*1714 1712
,
183 1912 2,200 Worthington P & W
8
8
1714 1712 174 187
100
4212
*40
*40
4112 4012 4012 4212 4412 43
443
8
620
Preferred A
100
*303 34
4
*3012 34
34
33
*3012 35
33
34
200
Preferred B
100
*4712 494
48
48
4918 4914 *4712 503
48
47
4
170 Wright Aeronautical
'Jo par
*76
7612
*755 76
8
4
743 76
1,200 Wrigley (Wm) Jr (Del)_-No per
753 76
4
7512 77
2458
*24
25
25
26
25
244 2514
25
25
1,100 Yale & Towne Mfg Co
25
54 6
53
4 618
52
8 6
53
4 6
54 6
3
35.900 Yellow Truck & Coach el B_ 10
72
72
74
75
74
74
73
7114 7112 73
180
Preferred
100
3414 3412
34
3458 34
37
35
38
3514 36
5,600 Young Spring & Wire_ No par
253 267
8
25
253
4
4 25
2618 2614 2718 263 2814 13,600 Youngstown Sheet & T--Vo par
75
*71
*7312 74
84
735 75
843
8
78
4 84
800
54 preferred
100
5
5
478 47
8
53
8 2,500 Zenith Radio Corp
4N
514
512
54
514
'Jo pa
43
8
38
7
418
4
44
4
414
412
412 47 28,200 Zonite Products Corp
8
1
7112 7112
r i58
114
114 114
- -7 *6634 Wilt
6 -14
For footnotes •tee g..34.- 1552.
1561
Caro
too
Elioheet
July 1
1933 to Range for
Aug.31 Year 1934
1935 ----Low Logo
High
$ per share
8212 liar 28
7912 liar 14
207 Mar 13
8
97 Star 13
5
412 Mar 13
7 Mar 29
20I4May 16
113 .186 18
46 Jan 28
112 Feb 27
203 Mar 13
4
4June 14
83
411 Mar 13
65 Mar 21
314July IR
65 Aug 22
914 Mar 18
874 Mar 15
24 Jan 28
114June 3
10 June 3
34 Apr 4
46 Apr 3
51 Mar 15
13314 Feb 9
29 Aug 3
1 July 13
912 Aug 15
144 Mar 14
1914 Jan 7
%lune 24
5 July 26
14 Jan 2
11 NI ar 14
412 liar 12
5514 Mar 26
401s Mar 12
143 Jan 11
5 Feb 6
354 Mar 13
318 Nfar 16
712 Mar 16
53 Jan 22
$ Per shard
$ peril
11112 Jan 10
8212
9012July 3
624
2612July 17
133
4
193 Aug 24
8
818
812Sept 3
314
1534 Aug 2
7
2612 Jan 9
19
118 Aug 7 10414
6312 Aug 17
2014
114 Aug 17
112
4412 Aug 17
203
4
1314 Jan 7
618
133 Aug 19
4
23
4
9012May 23
50
712 Jan 9
3
4May 14
923
4912
1814 Aug 17
914
8July 16
1073
8212
8Juue 29
33
1
54 Jan 7
1,
4
3312 Jan 24
10
71s Jan 3
2,
8
6512 Jan 19
40
063
4July 15
37
153 Au; 17 1084
403 Mar 15
4
15
78
218 Jan 18
193 Mar 6
8
414
22 Jan 7
12
2112June 25
1314
318 Aug 30
3
8
1434 Aug 30
4
4
4 Jan 4
2512 Aug 17
11
1212 Aug 17
44
90 Aug 16
60
69 Sept 6
344
15712June 11 110
77 Sept 5
8
34
467 July 13
g
32
85
sMay 22
34
4Nlay 21
143
7
70 Aug 29
45
3 afar 13
918 Mar 13
2412 NI ar 14
05 Apr 5
8
627 Jan 3
2712 liar 18
735 Mar 18
3
11018 Jan 4
1494 Feb ii
1 liar 15
's liar 15
1914 Apr 11
11 14 Apr II
1114 Feb 7
91 Feb 20
34 May 28
70 Aug 6
24 liar 18
1712June I
85
4
7212 Jan 4
2 June 22
15 Feb 19
6312 Nfar 29
10914 Feb 5
1 Apr 1
134 Mar I
1 May 22
44 Mar 15
263
4June 8
114 Jan 7
114 Feb 28
5 Mar 14
114 Feb 28
2812 Jan 12
214 Mar 15
1412 Mar 13
da Mar 15
212 Mar 15
772 Mar 2(1
2058 Aug 7
4 Mar 14
85 Apr 29
1 Jan
304 Jan 15
72 Jan 29
34 Mar
8
397 Mar 0
36 Mar 14
10418 Jan 17
95 Jan 2
118June 8
3
9Mayl
512 Mar 15
712 liar 30
1' July 19
8
23 Feb 26
203 liar 14
2
18 Mar 27
3258 Mar 18
90 Feb 5
10 Mar 18
29 Jan 4
16114Mar 13
18 Jan 3
25 Mar 14
1414 Mar 28
464 Jan 12
8
67 Mar 15
1312 Mar 22
114 Mar 15
6 Jan 11
1 Mar 14
34 Feb 5
37 Apr 3
2
2512 Feb 7
58 Apr 2
51 Jan 15
114 NI ar 12
2512 Mar 13
20 Apr 4
3512 Mar 13
7334 Mar 13
1734 Apr 9
24June 0
3112Nlay 8
18 liar 18
13 NI ar 15
3812 Apr 1 1
1 14May 6
8June 7
23
7 Jan 7
3
1714 Jan 3
918
423 Jan 7
8
1718
1244 Aor 25
5314
734 July 14
5112
403
3Sept 6
2712
11312 Aug 21
674
1403
4Niay 16
8134
165 Aug 3 1243
8
414 Aug 13 o
72
112 Jan 2
4
194
2418June 19
2144 Jan 7
11 14
25 Aug 2
334
108 Aug 6
5414
3818June 24
234
70 Aug 6
80
452 Jan 3
17
s
2714 Feb 1
10
13018May 6
574
10412July 10
60
412 Aug 22
2
154 Feb 28
15
83 May 10
313
11612 Aug 9
95
8
1
23 Jan 8
312 Jan 4
IN
4
23 Jan 19
1
84 Aug 29 • 37
8
323 Aug 5 • 1518
4
120 Apr 24 • 80
378 Jan 7
114
1014July 17
5
2 Aug 17
114
4314 Aug 0
24
6345ept 5
24
443
4Sept 5
12
13 Jan 2
8
5
8
612 Jan 7
212
17 Aug 6
778
1312
28 Jan 8
6 Jan 2
3
90 Feb 18
60
a,
I3
0111Y 3
15
45 Aug 23
83 July 9
49
Jan
5
$ per share
170
133%
89
713
4
153
8
25 4
,
151,
818
314
64
8
17
2114 294
107
120
35
505
24
87
1
377
2114
914
1814
EN
107
8
5954
753
4
312
714
69
77
1111 204
86
9958
152
35
8
4
13 4
,
30
68
84
214
54
76
60.4
63
11212 140
167
2 464
7
8
3
414
24
154 33
1618
141N
4
14
4
14
14
1 14
11
2712
6
1514
634 78
344 5114
115
140
43
3
1014
32
6454
54 114
7
194
45
80
123
4
4
24
11
2412 6158
Ms 141
5412 651,
295* 594
6714 99,
,
99
140
126
150
1,
2
512
17
8
a,
2212
1914
31a,
14
412
121/
35414 98
2438
364
80
80
17
8
532
10
26
593
4 84
65
80
9
38
3
1612 27
52
82
95
112
IN
4%
218
84
14
612
6
84
2214 397
4
844 11658
24
63
2
5
12
114
113
4
24
86
81,
24
15
317
8
1
34
135*
314
8
287
4
l312 31
3
7
65
90
2.,
4
153
4 3558
524 744
34
77 Aug 12i
87 Aug 23, 397
8
36
7512 Aug 101
120 July 29
8811
114 Aug 14
783
4
112
214 AO 8
4 Jan 8
3
8
97 Jan 7
8
512
4
143 Aug 14
712
3 8 Jan 7
1
1 18
77 Jan 7
23
8
5134 Aug 12
2058
2818 Aug 13 3 154
724Sept 6
277
8
119 Aug 17
77
1912 Aug 22
5
8July 24
365
15
2319 Jun 3
1214
35 Sept 5
18
40 Aug 20
21
2614 Aug 24
1112
90 Aug 26
34
67
185 Jan 3
s
2
4412
51N
65
8912
7834
14
4
4
758
914
24
AN
214.2
157
8
2772
82
6
164
147
8
2412
24
1111
34
15
711
80
z68',
11058
105
6,,
2.,
17.4
23
8,
,
174
7
(16,
3
0
474
95
15,
2
2912
274
29
' 36
39
57
284
244 Jan 9
134
24 July 29
114
1514July 27
4
25 Jan 8
2
1
3512May 27
227
4
7 Jan 2
318
313 Jan 3
8
1114
75 Feb 34
58
6514June 18
35
2112 Jan 7
113
.4
4614 July 17
2512
36',July18
20
537 Apr 24
8
12
823 Apr 211
4
473
4
26 Sept 6
113
2
65 Aug 29
8
23
8
76 Aug 28
25
38 Sept 6
1014
2858 Aug 19
123
8
843
4Sept 5 "30
53 Aug 21
4
14
47 Jan 10
8
23
8
2114
113
5
2
2718
43
4
124
31 12
358
11,4
54
344
9
3234
4114
1312
314
236
167
8
5412
It
23
4
28
13
124
34
1 12
35
- 14
3IN
53
62
75
76
22,
2
714
474
2254
3354
593
4
44
,
734
1562
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Sept. 7 1935
-except for income and defaulted bonds.
"and interest"
On Jan. I 1909 the Exchange method of quoting bonds was changed and prices are now
they are the only transactions of the week, and when selling outside of the
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless
La taken of such sales in computing the range for the year.
regular weekly range are shown In a footnote In the week in which they occur. No account
BONDS
N. T. STOCK EXCHANGE
Week Ended Sept. 6
JoIg 1
Week's
"el
Rang.
g
1933 to
Range or
''
Stnce
Lo4 Ang.31
Nriday's
7, ....
Jan. 1
1935
z.' ci; BI4 dt Asked r71
High
Hi. No. Law Low
Low
a
U. S. 0eeeee mint.
Fourth Liberty Loan
Oct 15 1933-1938 A 0
4th 434%
Oct 15 1947-1952 A 0
Treasury 43.1s
Treasury 4t1-3318 Oet 15 1943-1945 A 0
Dec 15 1944-1954j la
Treasury 4s
Mar 15 1949_1958M S
Treasury 3318
June 15 1943-1947 J D
Treasury 3148
Sept 15 1951-1955 M S
Treasury 3s
June 15 1946-1948 J D
Treasury 3s
June 15 1940-1943 J la
Treasury 3445
Mar 15 1941-1943 M S
Treasury 3348
June 15 1946-1949 3 D
Treasury 334s
Dec 15 1948-1952 J D
Treasury 330
Aug 1 1941 F A
Treasury 3(-4e
Apr 15 19441946 A 0
Treasury 3418
Mar 15 1955-1960 M 8
Treasury 234s
Federal Farm Mortgage Corp
Nlar 15 1944-1964 M S
3 Hii
May 15 1944-1949 NI N
Is
Jan 15 1942-1947 J J
38
Mar 1 1942-1947 M 14
21.1e
Home Owners' Mtge CorpMay 1 19441952 M N
38 series A
Aug 1 1939-1949 F A
21.1s
State & City-See sole below.
100.22
115.12
104.29
110.12
109.8
105.28
102.2
102.1
106.25
106.26
103
103
107.13
104.19
99.21
101.1
115.18
105.8'
110.26
109.17
106.12
102.22
102.22
106.31
107.2
103.23
103.12
107.22
104.30
0.7
10
1.342
127
84
338
17
127
662
1,561
30
13
244
686
408
1.221
,
1 933
101.29
100.16
100.30
99.18
102.12
101.6
101.18
100
97
407
206
260
1045 F A
1949 M S
1955 I J
1955 J la
1956 MN
1949 A 0
1960 M S
1950 A 0
1958 .1 D
1945 A 0
1947 M N
1958.0 .1
1969 M S
__
579
100.15 101.3
99.12 100.2 1,123
Foreign Gloat & Municipals
Agricultural Mtge Bank (Colombia)2412 ____
.2134
*Sink fund Se Feb.coupon onI947 F A
6
2218
4
213
*Sink fund 81 April coup on____1948 A 0
95
9512 11
1963 MN
Stanfill's (Dept) ext ba
9
32
8
1945 J J
coil 75 A
•Antiogula (Dept)
9
15
8
1945 J J
*External e f 78 ser B
4
83
5
4
83
1945.0 J
*External a 1 75 eer C
3
8 4 10
9
1945 .1 I
*External a f 79 eer D
78
,
813
4
1957 A 0
*External a I 78 let ser
8
712
1957 A 0
4
*External sec, f 7,26 ser
818
4
718
1957 A 0
*External sec a 17,3d ser
5
1958.0 0 9912 9912
Antwerp (City) external be
3
1960 4 0 95 4 9614 33
Govt Pub Wks 68
Argentine
8
4 47
963
1959 J D 947
Argentine 68 of June 1925
4 43
963
1959 A 0 95
Extl a f 6,of Oct 1925
39
1957 M S 9512 97
External a t 61 titmice A
4 2
0
1958 J 0 9512 96,
External 65 series B
41
97
1980 M N 95
Ertl 8 f 65 of May 1928
9612 25
1960 M S 9514
External s I 68 (State Ry)
9612 .12
4
953
1961 F A
Ext16, Sanitary Works
3
5
963 .
M N
9514
Ent 6s pub wks May 1927
9312 48
92
1962 F A
Public Worke extl 534S
10414 31
1955.0 .1, 103
-year 58
Au/arena 30
10418 60
1957 M S 103
External be 00 1927
4 9712 98
1956 M N 963
External g 4 He of 1928
8
91
917
9
1957i J
Austrian (Govt) a f 78
'Bavaria (Free State) 6340
Belgium 25-yr extl 6348
External 8 f Se
External 30-year 8 f Ts
Stabilization loan 78
Bergen (Norway) 55
External sinking fund be
'Berlin (Germany) at 6340
*External sinking fund 6e
*Bogota (City) esti a t 88
*Bolivia (Republic of) ext188
*External secured 7e
*External sinking fund 7s
_
3014
8
1045
10112
11118
106
*99
98
2712
8
247
8
115
614
512
514
1
3014
20
106
10312 10
8 30
1127
10612
9
9958,_.
99
0
4
273
5
2518 11
4
8
122
7
15
11
6
57
8
19
4
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153,
64
3
73
4
68
713
714
8
63
614
812
8
743
44
44
4453
64
4414
4412
4414
4412
45
4114
77%
78
s
737
4212
2614
8812
86%
4
923
91
8718
6214
22
2012
4
113
518
4
4
4 29
243
1941 .1 D 23
'Brazil(US of)exteriaal 8,
193
4 47
1957 A 0 1812
'External. t 6348 of 1926
8
1912 39
A 0 185
1957
'External,f 6348 of 1927
1912 17
8
185
1952 J D
•78 (Central Ry)
4 3712 14
1935 M S 323
1••13remen (State of) ext17e
2
,
1957 M 8 93 2 9312
Brisbane (City) a f 56
94 _--1958 F A * __
Sinking fund gold be
1 4
1950 J El * 93 10012 ---20-year,f 68
Budapest (City 003512 3714
22
1902 .1 D
*(is July 1 1935 coupon on
90341
.
9018
3
B-2 __... 19551J J
Buenos Aires(City)
3 93 ---7
1980 A 0 *903
External a f 68 ser C-2
91
1960 A 0 91
I
External s f 13e ser C-3
1
M 8 7012 7012
1961
•Iluenos Aires (Prov) exti 68
593
1961 M S 5714
4 92
.138 stamped
_-1981 F A
*External s f 6%.
4 583
563
20
1961 F A *07- 4 ---.1334e stamped
Bulgaria(Kingdom of)2
151- ---5
1
. J *13 8
*Sinking fund 78 July coup 0111_987
14
4
14
N
*Sink fund 734s May coup off-1988 M
,
217
18
175s
1812
29
68
6813
75
10
10513
11134
10138
54
914
8
382
4
293
2912
3918
14
1314
1314
1314
8
133
1314
1314
1214
1278
13
1212
6
72
46
19
2
8
6
3
18
21
46
13
27
12
12
38
4
2
16
10
8
83
8812
9913
9812
4378
853
2912
28
2614
2713
7
5
618
84
64
818
6
4
73
972
712
712
1112
8
614.
4
293
0
4 14
36
3614
2914
8
255
2713
2
253
1324
1312
1
•Caldas Dept of (Colombia) 7358_1946. J
1960 A 0
Canada (Dom'n of) 30-yr 4e
1952 MN
5,
1936 F A
430
1954 1 J
*Carlsbad (City) e I tia
*Cauca Val (Dept) Colom 734s 1946 A 0
1050 M S
*Cent Aerie Bank (Ger) 78
July 15 1980 .1 J
*Farm Loan a f 68
Oct 15 1960 A 0
*Farm Loan s f (is
*Farm Loan 6s eer A _ _Apr 15 1938 A 0
1942 MN
*Chile (Rep)-Ext1 a t 7,
1960 A 0
*External sinking fund 612
Feb 1961 F A
*Est sinking fund (ia
Jan 1961 .1 J
'RI ref ext s t 6s
Sept 1981 M S
•Ext sinking fund (is
1982 M S
*External sinking fund 68
1963 M N
*External sinking fund 88
1957 J D
*Chile Mtge Ilk 8340
1981 J D
*Sink fund 6349 of 1926
1981 A 0
*Guar a f 6e
1962 M N
erniar 8 f 6s
1960 M s
'Chilean Cons Munio 78
914
,
1041
11118
8
1013
*35
918
23814
z295,
2918
:371a
1253
4
123
4
123
4
123
8
127
4
123
1278
1214
1214
12
1218
1951 1 D
*Chinese (Ilukuang Ry)5a
1954 M 13
Chrietianla (Oslo) 20-yr. t 65
*Cologne (City) Germany 8348_1950 M 8
Colombia (Republic 00.65 Apr 1 1935 coupon on__Oct 1961 A 0
•612July 1 1935 coupon on_ _Jan 1961 J J
1947 A 0
*Colombia Mtge Bank 634e
1948 M N
*Sinking fund 76 of 1928
1947 F A
*Sinking fund 7s of 1927
1952 .1 D
Copenhagen (City) Sc
1953 MN
25
-year fir 4344
1957 F A
*Cordoba (City) extl a 1 7s
1957 _
•7ii stamped
1937 M N
*External sink fund 75
1937 _
•78 .tamped
J J
Cordoba (Proy) Argentina 7, _7_
22
1
3718 371s
------------75
22
5
2612 z2612
11
21
3
22 8
*2018
*2018
*2018
86
8312
*49
43
4
*542
*50
72
2412 46
2412 41
22
22 ____
4
233 _
15
88
25
8414
43
6
18
2018
14
12
1433
8012
5513
12
2
7212
5
2
297
2512
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6
• July 1
Week's
r...
-••
Range Of" 1933 to
.
Iv
' Aug.31
t.2
,,, -a.
,Eridav's
t
...,4_ BM & Asked cnco
1935
/largo
Since
Jan. 1
High
11108 NO. Low Low
Low
Foreign Govt. & Munk. (Cos.)
Costa Rica (Republic of)
3018 38
1712
36
36
1951 M N
.74 Nov 1 1932 coupon on
12 _ _
25
1712 327
231e
8
1951 ____
,
473 May 1 1936 coupon on
10o
___ ____
1944 M S *10034
Cuba (Republic) 5,011904
90 100
10214 ---8312
1949 F A *100
External Scot 1914 ser A
84
0112
8
8
9912 --,
617
1949 F A *957
External loan 434,
981 1
77
9814 22
61
9414
Sinking fund 534s .,___Jan 15 1953 J J
2312 42
8
3318 44
191
32
*Public wks 514s _June 30 1945 1 D
17
3
83 142
834,
4
11
912
1959 M N
•Cundinamarca 634a
9512 10714
1022
4
773
4
5
1951 A 0 101
Czechoeloyakia (Rep of) fle
9512 108
10212
5
77
1952 A 0 101
Shaking fund 8, ser B
4
983 105
2
1007
797
8 36
1942 J j 99
Denmark 20-year extl 68
75
9738 40
93 101
4
953
1955 F A
External gold 530
8212 963
3
61
8 8612 47
External g 434a_Apr 15 _7_1962 A 0 853
1932
Deutsche 13k Ain part ctf 6s
56
z58
5514 70
4812
7
§7 4StAnIped extd to Sept 1 1935_ __ „-.
8114 71 12
71
12
40
Dominican Rep Cust Ad 530_71942 M A 269
67
55
66
36
6
1940 A 0 66
let ser 5 Hs of 1928
101.14 104.5
8
547 67
67
2
38
0
1940 A 0 66
2d series sink fund 5345
99.18 102.20
28 ____
2512 43 8
,
2512
N *24
100.14 102.24 *Dresden (City) external 78_7_1945 M
99
10420
6512 6512
194S J i -,:z*El
• Salvador (Republic) 8s A
--:- ---36
62
35
35
3912 ---,
J J *Ji
4Certiticates of depoalt
99.18 102.16
8412 96
16 2 j 94
94
67
4812
2
96.20 01.6 Estonia (Republic of) 7s
10312 108
1
70
4
1945 M S 1043 10434
Finland (Republic) ext fts
10118 10454
4
7012
1256 M S 1023 10234 11
External oink fund 8348
2118 3514
2412 2412
2
20
1953 IN N
*Frankfort(City of) 81834e
16512 190
11 126
178
1941 J D 176
French Republic est! 7348
176
12712 16012 190
1773
4 18
1949.0 D
3312
External 78 of 1924
21
*German Government Interns1912 32
8
212 3712
2133
2713 195
2418
9013 9834
1985 .1 D
tional 35-yr 530 of 1930
3014 473
8
3014
2 3614 47
1949 A 0 32,
713 1134 *German Republic Intl 7,
3
73 1118 *German Pray & Communal Bka
8
483
13
38
2312
4012 41
D
1958 1
(Cone Agri° Loan) 6348
758 924
8
714 105 Graz (Municipality of)
86 10812
49
95 --,7
•85 unmatured coupons on_1954 MN *9314
4
63 1014
2
41 10758 10912 116,
111
1937 F A 110
Or BLit & Ire (U K of) 5348
878 10
,
8 108 8 119
952
42
1990 MN all3 a114
972
14% fund loan i opt 1960
4
83
3312 3911
--------22
MN *36
1964
*Greek Government If ser 78
88 126
37
37
3612 ---, ____
9012 9012
1964 ,.. _ *---,
•70 part paid
33
25
,
16 3
U
2812
4 2714
1968 F 0E4 t eecured 68
,
98 8
90
90
98's
67
9112
82
9112 51
8
9134 987 Haiti (Republic) a 1 68 ser A
1952 A 0 90
2212 3612
2
2478
2018
4
1946 A 0 223
9018 9812 *Hamburg (Sta(e) 6,
31
16
23
23
15
2
9812 *Heidelberg (German) eat' 734 ....19 0J i
90
5
,
6614 10114 10418
1
103
1980 A 0 103
90
9838 Heleingfors (City) eat 63.48
,
98 8 Hungarian Cons Municipal Loan
90
2912 38
3314
17
25
30
4
083
go
.730 unmatured coupons on 1945 .1 .1
3714
30
35 --7
2653
1948.0 , *29
•7e unmatured coupon on
8412 9512
2912 35
2912
2913 3012 28
7341_1961 MN
98 10658 *Hungarian Land M Inat
2912 35
2918
8
2913 303
5
1981 M N
98 10612
*Sinking fund 734, ser B
9212 9912 Hungary (Kingdom of)3
3812
3453 49,8
3112
38
1944 F A
81
9812
•734e February coupon on
1
92
10812 116
115
1980 MN 115
Irish Free State Intl a 158
59
250
,
5014 94 2
5014
e
563
1951 J D
37
Italy (Kingdom of) can 7s
29
5
, 1
68
99
68
79
_'37 M 8 7958
Italian Cred Consortium 7s A
9314 109
51
7
89
51
9314 10712
1947 M S 5212 5358
External sec a f 7sser 13
4212 85
10
4212
48
1952 .1 J 47
10112 119
Italian Public Utility exti 78
77
90 100
4 51
983
8
977
1954 F A
97 11014 Japanese Govt 30-yr a f 8 Hs
8
7714 897
84
8514 28
6712
1965 M N
Esti sinking fund 530
2
957 101
Jugoslavia State Mortgage Bank
93 100
43
25
39 ---23
1957 A 0 *3018
•75 with all unmet coup_
2518 38
2118 3812
31
8
2938
447
35 ---1947 F A *3018
•Le1P2113 (Germany) a f 78
1153 18
518 912 Lower Austria (Province of)50
97 106 •
10412 ___
•734, June 1 1935 coupon on 1950 J 0 •100
8
4
4
63 10,4
63
858 12
4
712
1954.0 0
4
814 *Medellin (Colombia) 634e
414
,
81
3
714 -7-112
1943 MN .
•Mexican Irrig Asatng 434s
_
4
---512 ---*Mexico (US) eat' 5s 44 1899 £_1945 Q J *---2
397
23
4
11-3
7
S
__
*Assenting 58 of 1899
1945 ---- ------------47
3112
18
11
7
51a
4,3 8 _-__
,
.3 4,
•Asaenting 5s large
8
175 31 4
*Assenting S. small
1812 3114
,
4 54
53
,
62
5
. ---.4s of 1904
1954 ---- ---3214 4112
3
1
512
512
45, 8
1954
*Assenting 45 of 1904
8718 9714
7
314
,
34
------•Aseenting 48 of 1910 large _______ ---- ---8
855 9738
7
314
314
- ,- ---'Assenting 413 01 1910 small.__ __ _ _ ---- ---97 10214
,
4 74
4
73
53
9 ---**Trees 6801'13 assent (large)_1933,J .1 *7-4
83
4
6
53
- --- --,
I.1 J --z
•ISmall
3212 3014
39
39
8512
Milan (City. Italy) int! 634.-- _1952 A 0 4551, 4914 84
98
84
Minas Geraes (State of, Brazil)
93
82
8
8
2
147
1418 193
1413
1958 M El 1412
*6 Hs Sept coupon off
9212
82
1
1453
1312 19,
1312
8
2
1959 M S 145
*614s Sept coupon off
8618 7718
5158 65
3
4010
3114 42
2714
36
1052.1 D
*Montevideo (City of) 78
78
67
29
8 22
377
377
8
25
1959 M N 236
*External s 1 (le series A
6514
82
4
963 10212
8
4 21
7334
New So Wales (State) exti 511
7_1957 F A 1003 1003
9654 10212
7312
Apr
_- 1958 A 0 10014 10012 8u
External a f 68
4
133 185,
88
10312 10714
Norway 20-year a:0 65
1943 F A 10412 10512 14
1312 19
105
46
8712 10312 107
1944 F A 104
20
-year external 8s
8318
10014 10414
4
30
-year external 6s
1952 A 0 1013 10212 44
8
85 14
4 18
7872
8
993 103
1965.2 D 10118 1013
40-year a 1 530
10212 10812
1963 pd 13 101
15
4
102
9811 1023 .
76
External sink fund Sa
11014 11458
. ___
98 10218
8012
1970 J D 71021
Municipal Bank cot!,f 5a
8
1013 10312
2112
6-_2112
2214 353
4
i
22
1952 F A
8
437 8212 •Nurernbung (City) exti (15
774 90
83
64
1
1953 M S 83
853 1313 Oriental Devel guar 68
7918 80
27
7453 5558
5914
1958 MN
Extl deb 534a
5812
34
101
99 10314
73
1
1955 M N 101
Oslo (City) 30-year a f 6s
2614 47
4
2614 463
10212 10712
4
89
1953 .1 D 10112 104l2
,
5.514 Panama (Reo) a:CI 634
35
59
40
4
5312 54
247
3
1963 M N
•Ext1 a I ser A
17
12
3612 5412
7
27
s
497
5012
*Stamped
1012 1514
1012 1512 Pernambuco (State of)
8
1112 157
1112
813
6
1212
1947 M S
.78 Sept coupon off
1012 1512
12
2114
2114
71
7
1959 M S 19
1012 1512 *Peru (Rep of) external 78
738 1712
5
143
4
3
172 570
1960 J D
•Nat Loan extl a 165 1st ser
8
3
10 4 153
,
712 17 s
4
4
43
8
173 276
*Nat Loan eat!If 6s 2d ser 7_7_1981 A 0 143
4
103 1512
8318
71
8 10
815
531
1940 A 0 80
4
103 1412 Poland (Rep of) gold 68
997 12612
8
63
1947 A 0 10612 10914 22
Stabilization loan a 1 72
4
143
11
92
s
35
3
797 9678
635e
19503 .1 897
External &ink fund g 8e
1414
11
3
10 4 1414 Porto Alegre (City of)
1612 22
1912 ____
1612
1961 .7 D *12
4
93 1212 •8s June coupon off
4
123 22
1234
1966 J 71 *1218
15 ___
"7%, July coupon oft
7714
99 1053
4
2
100
1952 M N 100
Prague (Greater City) 7310
3328 47
2212 37
2212
3
99 10253 'Prussia (Free State) exti 6348_1951 M S 2512 2612
4
2212 362
2212
4
A 0 212
2514 21
1952
*External a f lia
38
26
100.22
115.6
10'2.28
108.24
107
103.38
100.20
100.20
104.15
104.14
101.26
101.15
104.18
102 24
99.8
104.18
117.7
106.29
1128
110 25
107.29
104.10
104.10
108.23
108.28
105.11
106.9
108.28
106.19
101.28
21
2153
18
1812
18
35
8114
4434
3834
50
4612
70
3612
37
2412
2412
2512
3
943
9112
5312
4758
60
53
8014
ig,.
4
2
Queensland (State) extl a t 711 _77_1941 A 0 1072 108
4
1
4
1947 F A 1063 1063
-year external 6s
25
1
33
1950 M S 33
*Rhine-Main-Danube 7s A
00
1110 de Janeiro (City
5
1512
1946 A 0 15
•Ss April coupon off
12
127
8 30
1953 F A
*6 Hs Aug coupon oft
Rio Grande do Sul (State of)
4
153 ____
1946 A 0 *1412
.8.s April coupon oft
8
125
7
123
4
1968.0 D
.6/3 June coupon off
13
8
1414
1966 M N
•75 May coupon off
5
4
123
1318
1967 1 la
•78 June coupon off
4 63
493
1952 A 0 47
Rome (City) e111 634,
94
4
833
3214
9412
10613 11012
10318 109
3214 4312
1958
1812
1312
1218
1418
12
14
125,
4
123
13
4012
2312
14
,
12 8 22
4
123 21
1234 2112
405,875,
For footnotes see page 1567.
Exchange, dealings in such securities being almos entirely over the counter.
NOTE-Sales of State and City secur ties occur very rarely on the New York Stock
page under the general head of "Over-the-Counter Securities.**
13id and asked quotations, however, by active dealers in Ouse securities, will be found on a subsequent
New York Bond Record-Continued-Page 2
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6
,..-,
L'' a
Weeks
!nig 1
Range or ; 1933 io
2`. Ir.
Friday s
11 m, Au7.31
1.1a.. Bid ct Asked
.
1935
Foreign Govt.&Munk.(Cella.)
Low
Elio) No
Rotterdam (City) 901 Co
1
1964 MN 112
112
Roumania(Kingdom of Monopolies).70 August coupon off
1959 F A
27
8
28
.3aarbruecken (City) 6s
4
1953 1 J.
487
8
Sao Paulo (City of, Brazil)•80 May coupon off
1952 M N
15
1512
3
*External 694o May coupon eft 1957 MN *111 143 ____
8
/
4
San Paulo (State of).8s July coupon off
1936 11 J
234 2312
/
1
1
*External 80 July coupon off___1950 J J
15
1514
4
*External 78 Sept coupon off._ _1956 M S
1412 29
1234
*External 89July coupon off___1968 J J
131 el33
/
4
4
7
*Secured 0 f 7e
1940 A 0 764 7812 35
/
1
Low
9218
•Santa Fe (Pro, Arg Rep) 7o___1942 M 5 6112
*Stamped
55
*Saxon Pub Wks(Germany) 79_1945 F A
33
*Gen ref guar 6340
1951 MN
3114
*Saxon State Mtge Intl 70
1945 3 D *4118
*Ellnking fund g 6340
19463 D
38
Serbs Croats & Slovenes (Kingdom)*8s Nov 1 1935 coupon on__1962 ---2714
.79 Nov 1 1935 coupon on._ 1962 --, 27
Silesia(Pro, of) eztl 78
1958 J
71
*Silesian Landowners Assn Co ___1947 F A
473
4
Solesons (City of) ext1 60
1936 MN *161
Styria (Province of)*76 Feb coupon off__
19443 F A
92
Sydney (City) of 53411
1955 F A
9812
17
38
294
/
1
28
39
3612
2058
50
1512
1112
1518
1212
12
/
1
4
103
4
61
6112
.56
33
3112
4313
3814
1
18
5
3
2914
29
721
/
4
473
4
4
44
7
1
1914
17
42
251
/
4
117
92
987
8
1
7
4714
75
Taiwan Elea Pow s I 534s
1971 3 J
S218 83
6
Tokyo City be loan of 1912
1952 M 5 7112
7158
3
External 8 I 5 As guar
1961 A 0 7912 801 22
/
4
*Tolima (Dept of) esti 70
1947 MN
10
3
10
Trondhjem (City) lot 5349
1957 MN
1
97
97
Upper Austria (Province of)57s unmatured coupon on
1945 3 D *10913 11012 ---*Exti 63.45 unmatured c000e
1957 J D a103 a103
1
*Uruguay (Republic) esti 8o____1946 F A
3718
6
3818
*External 0160
1960 M N
37
28
38
*External s f Co
1964 M N 038
4
a38
Venetian Pro, Mtge Bank 70 ___1952 A 0 *10913 1101 ____
Vienna (City of). May coupon on
16e
MN
1952
9
8512 88
Wareaw (City) external 78
1958 F A
6818
70
10
Yokohama (City) int! (is
1981 J 13
8314 843
.5
58
533
4
59
812
6334
2
313
4
4112
33
261
/
4
8
265
51
523
8
41
63
RAILROAD AND INDUSTRIAL
COMPANIES.
•ItAbitits1 Pow & Paper let 58_1953 J D
2913 305
8 59
15
/
1
4
Abraham & Straus deb 5940
1943 A 0 10214 102
/ 15
1
4
87
Adams Express coil tr g 48
1948 M 9 9812 .283
4
6
61
Adriatic Elec Co cat 7s
1952 A 0 353
53
37
51
Ala Gt Sou let cons A 58
1943 J D *
108
8013
let cons 45 ser 13
1943 J D 991 995
/
4
2 16
74
*Albany Perfor Wrap Pap 69____1948 A 0 42
44
5
38
*69 assented
19433 ----------------'16
Mb & Susq lot guar 3340
1946 A 0 103
/ 103
1
4
/
1
4
1
83
IAlleghany Corp coll tr be
1944 F A
76
7812 57
473
4
Coll & cony 58
1949 .1 D 65
6712 27
41
*Coll & cony be
1950 A 0 23
254 30
/
1
13
So stamped
1950 161
/ 18
4
81
8
& Wt let gu 40
WestAlg
1998 A 0 *873
4 9234..62
Alleg Val gen guar g 40
1942 M 8 108
1
108
93
Allied Stores Corp deb 4340
1950 A 0 9434 9514 39
925
8
Allis-Chalmers Mfg deb be
1937 MN 1004 10114 27
11312
/
1
*Alpine-Montan Steel 70
_1959 *9018
9312 50
An Beet Sugar (is ext to Feb 1 1940 F A
An.& Foreign Pow deb be
2030 M 13
American Ices f deb Es
1953.3 D
Amer I 0 Chem cony 534s
1949 MN
Am Internet Corp cony 594s
1949 J .1
Am Rolling Mill cony deb 430_1945 M S
Am Sm & R lot 30-yr Es ser A____1947 A 0
Am Telep & Teleg cony as
193851 5
30
-year coll tr 58
1946 J D
35
-year of deb 59
1960 J J
20
-year sinking fund 594o
1943 MN
Convertible debenture 434e..___1939 J J
Debenture 5s
1965 F A
10Am Type Founders (is afs____1940 --_Amer Water Works & Electric-Deb g 6s series A
1975 MN
10-year be cony coll trust
1944 M S
:*Am Writing Paper 1st g 6s
1947 J J
*Certificates of deposit
*Anglo-Chilean Nitrate 70
1945 MN
(*Ann Arbor lot g 45___......1995 Q J
10218
6912
71
11012
9813
10912
10014
10138
10918
11114
11212
10878
11114
48
S
1023
4
7313 294
73
32
1115
8 55
35
100
11412 448
10012 21
1011
/
4
2
1091 22
/
4
112
/ 79
1
4
11312 112
10913 51
112
41
93
52
80
32
62
761
/
4
65
10212
92
1004
/
1
10112
1003
4
103
105
100
20
88
92
/ 20
1
4
1011 105
/
4
174
10
243
8 25
1
2912 2412
16
1713 32
20
60
60
58
80
18
2012
3
/
1
4
27
Ark & Stem Bridge & Ter 59
781
/
4
1964 M 8 •94
Armour & Co (III) let 4340
1939 J D 10312 1035
8 62
75
Armour & Co. of Del 5340
1943 J 3 10478 1044
74
2
/
1
-year 450 t ser 13
1st M 25
1955 1 A
,
9034
924 935 414
8
/
1
Armstrong Cork cony deb 69__-_1940 1 D85
___
______ _
Atch Top & S Fe
-Gen g 49
1995 A 0 i08
841
/
4
70
/ 109
1
4
Adjustment gold 45
1995 Nov 102
75
10212 31
Stamped 49
199551 N 10218 1033
7518
8 92
Cony gold 4s of 1909
19553 D 10418 10418
1
75
Cony 49 of 1905
1955 J D 10514 10514
7414
1
Cony g 43 Issue of 1910
19803 D *101
78
Cony deb 430
19483 D 1063 108
881
/
4
59
4
Rocky Mtn Div lot 45
1965 J J 10518 1051 12
79
/
4
Trans
-Con Short L 1st 48
19583 .1 o_ 11019 89
Cal
-Ariz lot & ref 4348 A
1962 IVI SI 109
2
87 4
,
109
A tl Knox & Nor lot g 58
19483 D *11512 11758 093
4
At!& Char! AL let 434s A
19443 J
867
8
6
10012
99
-year bs series B
let 30
1944 3 J 102
103
13
86
At!Coast Line lot cons 40 Jule _--1952 M 13 91
/
4
711
4 76
923
General unified 4340 A
1964 .1 D
7718
6112
19
78
L & N toll gold 49____Oet__1952 M N
57
30
74
73
10 yr coil tr 59
May 11545 M N 903
90
9112 28
4
1563
-.Week's
•
July 1
Range
BONDS
or
C. 1933 to
Range
Since
N. Y. STOCK EXCHANGE
Friday's
s
...1 t
•- A ug.31
Since
Jan. 1
...5. Bid & Asked re ell
Week Ended Sept. 6
1935
Jan. 1
Low
High
Low
High No
Low Low
High
112 13918 At! & Dan lot g 48
2912 32 4
, 20
1948 1 J
27
27
4214
2d 40
25
243
4
3
23
1948 J J
23
3413
At! Gulf & W I SS coil tr be
261, 3612
424 4312
/
1
1959 J .1
3
351
/
4
351 47
/
4
50
78
1937 J J 107
Atlantic Refining deb be
10738
17 101
107 1081
/
4
1941 J J 100
Austin & N W lot gu g 50
101
15
75
90 101
15
191
/
4
1112 197 :Baldwin Loco Works lot 59____1940 MN 10312 105
2
6
951
/
4
9514 105
Halt & Otdo lot g 4s_--JulY -1943 A 0 100
10214 8
0
8214
9512 104,
2
2314 30
Refund & gen be series A
74
8
227
54
1995 3 0 703
54
7712
15
lot gold be
233
4
_1948 A 0 1037 10612 95
8
July
94
/ 101 10912
1
4
12
/ 21
1
4
Ref & gen 60 series C
D
79
/ 8212 154
1
4
1995 J
59
6314 861
/
4
13
P.L E & W Va Sy0 ref 40
21
1941 MN
9712 9812 55
763
8
9314 100
727 9114
8
Southweet Div let 394-50
1950 3 1 0412 9612 55
7414
991
/
4
86
Tol & Cin Div let ref 48 A
1999 J J
84
/ 86
1
4
13
61
753 88
4
65
52
Ref & gen be series D
7314 158
5212
2000 M 9 70
5212 76
4912 6214
Cony 43411
5634
6012 408
3812
1960 F A
3813 607
8
2912 4214
Ref & gen M Esser F
71
7314
5212
1999 M 8 70
5213 76,
9
28
40
Bangor & Aroostook lot 50
110 1144
1943 3 3 ------------9413
/
1
55
39
Con ref 48
/
1
1004 10614
/
1
5
1951 .1 J 1044 1048
741s
48 stamped
/
1
3612 524
4
17 11113 103 11218
1951-_--- 1083 110
Batavian Petr guar deb 4 As __ 1942 1 .1 11414 115
/
4
2
941 103 118
2514 36
Battle Crk & Stur lot gu 30
/
64
1
4
60
/ 65
1
4
1
68
1989 1 0 65
224 36
/
1
Beech Creek let gu g 40
65
/ 75
1
4
/
4
10
1936 J J 1011 102
88
100 103
6114
43
2d guar g be
1936 .1 J 810014 ____ ---8912
100 102
158 17513 Beech Creek ext lot g 33.4o
1991 A 0 09512__ __-66
95
98
Bell Telco of Pa 59 merles B
1948 1 I 111314 1177
17 103
8
11314 120 2
,
99
88
lot & ref be series C
/
4
38 103
/ 11634 1265
1
4
8
1960 A 0 1221 124
95 10213 Belvidere Delaware cons 394s____1943 3 J -----------------------/
1
4
Beneficial Indus Loan deb 60 ___A946 M 8 111
82
4
1113
1071 1212
/
4
8
7412 873 *Berlin City Elec Co deb 6340 ___1951 1 : 207
12
3114
27
8
/
1
4
2712 44
11
*Deb sinking fund 63413
6612 76
/
1
271 234
/
4
7
2412
1959 F A
2112 3912
74
/ 86
1
4
•Debenturee Co
4
1969 A 0 263
27
2
2412
2413 39
/
1
4
84 124 *Berlin Elec El & Underg 6340_ _1956 A 0 *3018
/
1
/
1
32 ---_
8
4138
30
275
91
100 Beth Steel let & ref 50 guar A-1942 MN 108
/ 10912
1
4
3
9418
10512 11518
30
-year p m & impt 0 f 50
94
9
10318 1041
1936 J ./ 10312 10312
/
4
95 11012
82 10358 Big Sandy 1st 48
1944 1 D*10912 --------90
1025 11018
8
361 47
/
4
/ Bing & Bing deb 634o
1
4
/
4
1950 M El *371 48 ___ _
25
341 45
/
4
3414 4112 Boston & Maine lot be A C
78
7904
31
1967 ivl 5
5914
5912 80
3418 42
lot M be Berle!! II
79
8138 25
6012
1965 MN
6013 8212
lot g 434s aer JJ
83
1961 A 0 73
51
731. 27
59
56
/ 75
1
4
Boston & NY Air Line let 48
32
1955 F A
3414
21
26
26
40
/
1
4
8478 96
1Motany Cone Mills 6349
1934 A 0
111
/ 1118
4
2
5
/
1
4
53 13
4
•Certificatee of deposit
741
/
4
63
A 0 *103
4
1212 ---6
12
6
12•13owman-Bilt Hotels let 7s_ __1934
8014 90
Strap as to pay of $435 tit red
111 S
*51 ____ ____
/
4
412
43
4 434
Raw/.
Ez
26
4113
10214 10512
85 .993
4
51 10014
107 10814
9812 103
/
1
4
38
64
/
1
4
46
4012
9912 103
/
1
4
64
/ 7934
1
4
5213 70
30
13
2012
8
8413 92
/
4
/
4
1051 1091
8
925 9514
100 102
4
87
973
Brooklyn City RR lot be
1941 J J
Bklyn Edison Inc gen 59 A
1949 J J
Gen mtge 5s series E
1952 J .1
Bklyn-Manh R T see Co A
1968 3 .1
1949 J D
15-year sec 68 series A
Skin Qu Co & Sub con gtd 50-1941 MN
lot 58 stamped
1941 3 J
Bklyn Union El let g 50
1950 F A
Bklyn 17n Gas lot cons g be
1949 MN
let lien & ref Co series A
1947 M N
Cony deb g 5344
1936 1 1
Debenture gold be
1950 J D
1st lien & ref 50 series, B..
1957 MN
*____
10814
108
10612
105
*---*72
1043
4
120
1264
/
1
- - - - - - 158,
•409,2
4
*1083
Brune & West lot gu g 40
8-_
-___
1938 3 J *1023
Buff Gen El 430 series B
110
3
1981 F A 110
Buff Roch & Pitts gen g es
8
1937 M 5 *1037 10412 ____
Como! 434s
1957 MN
623
4 65
/ 66
1
4
it*I3uri C R & Nor let & coil 58_1934 A 0 *1714
19 ____
*Certificates of deposit
. *1612
23 ____
IMush Terminal lot 4e
9212
8
1952
*Consol Es
98 103
4112
9
1955 J 3 40
49
7612 Bush Term Bldge be gu tax ex ___1960 A 0 60
4
60
88
/ By-Prod Coke lot 5 As A
1
4
70
1945 MN
81
8314
9
10412 112
/
1
85 1004 Cal0& E Corp unf & ref 5s
/
1
4
6
10814
1937 MN 108
10212 11412 Cal Pack cony deb be
1041 12
/
4
1940 3 J 104
10014 1057 *Camaguey Sugar 70 ctfe
8
1942
914
0
4
Canada Sou cone gu be A
,
101 8 104
A0 11278 11278
1
1982 -10712 11014 Canadian Nat guar 4340
8
102
1959 M 5 102
11118 11312
30 year gold guar 4349
,
8
44
1957 3 J 1087 1093
4
Guaranteed gold 58
1113 113
4
/
1
4
11234
42
July 19693 .1 112
10618 10913
Guaranteed gold 5.8
41
Oct 1969 A 0 11414 115
111 1137
Guaranteed gold 58
8
1970 F A 11412 1145
8
2
Guaranteed gold 4As_June 15 19553 D 1117 1123
31
52
8
8
7
Guaranteed gold 494s
1956 F A 1091 11014
/
4
21
Guaranteed gold 4948.....Sept 1951 let 5 109
637 931 2
8
1103
4
23
/ Canadian North deb guar 7s__1940 .1- D 1033 103
1
4
80
109
/ 13
1
4
4
193 2614
4
Debenture gold 634s
6
19403 .1 12312 124
2012 2512
•
7
/ 1834 Canadian Pac Ry 4% deb stock
1
4
8613 873 103
8
5012 634
/
1
Coll trust 4349
1946 M 5 10314 10314
2
Is equip trust ctfs
12
1944 J J 1111 11112
/
4
874 9512
/
1
Coll tillSt gold 5s
Dec 1 1954 .1 D 10418 105
29
102 10413
Collateral trust 4344
19603 J
/
1
991e 1004 60
103 10634 Mar Cent lot guar g 0
1949 1 J *41
48 ____
9034 011 Caro Clinch & 01st 59
/
4
1938 J D 10814 10814
5
let &cons g 68 set A _ __Dee 15 1952 J D 10818 10858
/
1
4
103 104
9
1064 11112 Cart & Ad lot gu g 4s
/
1
1981 3 D •08
76 ____
101 10612 *Cent BrancOU P let g 40
1948 J D
28
3
28
/
4
1011 1061 Cent Dist Tel lot 30-Yr 50
/
4
19433 D 10814 l084
2
10012 10418 f*Central of Ga lot g 50__Noy 1946 F A .3312 467
100 106
•Consol gold 5a
1945 MN
21
21
1
100 10312
*Ref & gen 5349 series B
1969 A 0
1212
10
2
*Ref &gen 513 series C
10411 110
1259 A 0
918
105s
6
1001,4 1051
/
4
•ChattDivpur money g 40_ __1951 .1 D *__
191 ____
10712 11212
*Mac & Nor Div lot g 58
1946 1 ------22 ____
1087 1124
2
*Mid Oa dr All Div pur m 50..1947 J ------23 ____
/
1
110 11310
*Mobile Div lot g bs
1946 1 J *15
22 ____
100 106
Cent 111 Klee & Gas lot 55
1951 F A
953
4
963
4 50
99 1104 Cent New Engl let gu 45
/
1
1961 1 3 5312
54
4
9012 10312 Central of NJ gen g Es
1987 3 J 10013 1011 24
/
4
711 9212
/
4
General 48
1987 J .1
91
1
91
6812 8212
90 100
WO 9213
For footnotes see page 1567
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members - New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Telephone Hanover 2-7900 - A. T. & T. Teletype NY 1-311
Private Wires to Chicago, Indianapolis and St. Louis
68
/
1
4
103
1024
/
1
86
/
1
4
98
525
8
4
573
724
/
1
1031
/
4
10614
84
9212
1061 11012
/
4
108 110
10419 10734
104 10558
55
71
65
773
8
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/
1
,
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4
1185 123
8
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4
93
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,
5
109
1084
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1
3
48
107
10512 46
85 ____
76 ___
25
108
12012
3
12612 11
88
/
1
4
9612
91
50
171
/
4
14
39
101
/
4
31
54
/
4
10158 1031
1083 11158
4
104 107
5112 703
4
1712 24
14
201
/
4
9212
76
3714 51
5312 70
77
/ 8812
1
4
1024
/
1
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Da
79
9118
9114
963
4
9618
963
4
943
4
911
/
4
8
915
10218
1051
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10312 1051
/
4
23 15
4
1061 1131
/
4
/
4
102 1043
8
10814 11353
112 118
114 1201
/
4
1144 119
/
1
/
1
4
1113 1173
4
4
109 1157
4
109 1145s
1034 10753
/
1
119 125
523
4
66
94
/
1
4
7314
/
4
641
19
9512
8914
68
241
/
4
1035
8
39
13
4
63
7
1712
19
15
20
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50
90
78
8112 8912
9914 10414
109 1123
/
1
4
4
10114 10711
9512 1033
8
40
45
106 109
10713 11012
71
78
2712 39
1071 10958
/
4
39
47
13
26
7
14
63 1412
4
1711 19
19
19
15
15
20
25
711 974
/
4
/
1
50
673
4
10012 108
/
1
4
2
873 987
4
New York Bond Record—Continued—Page 3
1564
N
Jule 1
Week,
:-.
4
1933 to
Range or
133
;
g Aug.31
Friday's
-...1935
.73...' Rid & Asked 0261
BONDS
Y STOCK EXCHANGE
Week Ended Sept. 6
Low
8
1949 F A 1003
Cent Fag let ref gu it 48
1954 A 0 *10112
Through Short L let gu 48
8612
F A
1960
Guaranteed g 5/3
1937 M N 6312
('ant RR & Bkg of Oa coil be
1941 M N *12112
Central Steel lot g *1 8e
1948 M S 85
Certain-teed Prod 534e A
8
1936 J J *1013
(harlenton & Sail) let 78
1947 M N 10514
ChassisChassisCorp cone 5e
8
19443 D 1057
10-year cony Coll be
1939 MN 11138
(Thee & Ohio let con g 513
1992 M 8 11512
General gold 4340
1993 A 0 109
Ref & Inlet 430
8
1995 J J 1095
Ref A !mot 41.4s ser 13
*108
Craig Valley let 58_ _May __ _ _1940 J J
1946 J 1 ,,,Potts Creek Branch let is
1989 1 J 011012
R A A Div let con g 4e
1989 1 J *108
2d conool gold 48
1941 M 8 *10514
Warm Spring V let 550
Rams
Since
Jan. 1
Iftoll
Low Low
glee No.
6538
115
102
3
973 10314
9712 10218
6312
102 --,.,
6914 9012
8712 117
65
52
8.512
6312
I
49
124 -- -- 100
114 12112
8
3
6312 863
863 122, 42
8
1023 --: 1 10212 10212 1043
4
107
102 10838
95
94
8
4
1063 185, 10112 10112 1083
8 12: 104
4
1115
1103 11318
11610
9
11438 12018
9114
11010 13
8312 108 11112
1103
4
10814 112
171 84
105 108
--------96
8
8
1027 1027
85
- ---4
904 10518 1123
- -11212 ---87
10514 108
109 ---8
108 110
99
1097 ---25
4278
1033
8 82
27
109
69
107
35
106
29
11114
11
85
13
1178
8
10
107
11614 --8
7
1063
2412 47
„
25 _ 20
1
8
243 -_-22 -_-2
614
3
7
023
8
18
334
84
923
4
8414
77
8412
53
538
54
8212
97
4
183
2012
15
1538
153
8
434
44
70
3314 5014
1002 10614
106 10972
10512 11012
10414 10938
8
10714 1145
86
73
638 13
518 11
11112 117
8
1034 1067
3
4
183 35 8
2012 34
15
224
8
155 2218
1538 2218
43
4 814
4
418 83
8
867 9212
99
3438
35
38
3618
3618
938
212
304
34
3518
36
3634
41
4412
1618
1458
1418
9
10612
2
343
35
36
3618
3818
8
95
212
304
34
3518
36
3614
41
4411
1618
8
145
144
9
11134
5832
5.5
6238
4
623
6434
26
8
73
484
63
53
5778
614
47
70
31
28
28
2212
4
423
2,i 3214 6614
3254
3218
3218
1949 A 0 42
Chic & Alton RR ref g cs
19493 .1 10218
cblc Burl &(2—Ill Div 3344
.1 10814
1949
Illinots D171E11011 48
1958 M El 106
General 48
1977 F A 1054
434A ser B
let & ref
1971 F A 11018
lat & ref 5e ser A
1934 A 0 85
4 tChicago & East III let Bs
1114
5*. 1951 M N
toe & Eill Bs (sets co) gen
_
1034
*Certificate/3ot deposit
14
1982 Iii- *11312
Chicago & Erie let gold Se
1937 J 1 1064
Cb CI L & Coke let gu g 58
S 2212
t•Chicago Great West let 49—A959 M
4
1959 ___ *233
•48 stamped
1947 1 J 20
t•Chic Ind .4 Loulev ref Bs
1947 J 1 *19
*Refunding g 58 ser B
1947 3 J *19
•iterunding 4s aeries C
658
1966 MN
•Ist & gen 5seerlee A
7
1966 .1 1
•18t & gen 6e8erlee B_May
4
1966 J J 913
Chic Ind & Sou 50-year 46
79
8
457
43
17
16
18
16
10
_ - -„,
1969 1 D
•
610 L 8 & East let 434s
4414
36
4614
1989 J .1 *11038-- •(,
tue M & St P gen 49 ser A
21
1989 .1 3 4012 4314
*Oen g 3348 ear B May 1
1989 J J 4712 4812 20
*Oen 43-4* series C_ _May 1
3
48
8
J J 473
1989
*clan 4 44e Berke E__Nfay 1
17
53
1989 1 J 50
*Gen 449s eerlee F.. May 1
4
133 158
13
St P & Pac 68 A ......_1975 F A
I' 'Mc Milw
4
518 237
43
Jan 1 __2000 A 0
*Cony ad1 68
2
3918
I• 'tile & No West gen g 330._1987 MN 3918
3
1987 MN 4114 43
• leneral 4,.
1
4212 4212
•itpd 4s non-p Fed Inc tat_1987 M N
2
• ten 444e etpd Fed Inc tax ____1987 M N 4612 4612 29
4818
46
M N
1987
• len Sc stpri Fed Inc tax
11I
5414 --„
1987 M N *--„
•13511 stamped
514 52
1936 M N
Secured g 035e
9,
1912 20
2037 J D
"fay I
let ref g tie
1814 20
1634
1st & ref 434* eti)(1-May 1 — —2037 J D
1878 28
4
173
-2037 7 D
leg A ref 4 34e ear C-MaY I -- 1114 119
1012
1949 61 N
•Con• 434* series A
1 i•Chicago Ftallwaye 1,1 5* .106
78 -F A *7618
Aug 1 1933 25% part pd
37
1988 1 J 36
t•Chic ill & P Ity gen 40
3312 35
6
*Certificates of dent/silt_
13 12 48
- 0 13
it 1934
f•Itefunding gold 48
124 17
__
124
*certificates of deposit
133
1312
4
7
1952 M S
**Secured 434e aerlee A
14 -_-*1214
C
*ertificates 01 depoelt
4
11
63
6
Y 14
1960 1- i 'cony 4 434e
104
10
1012
1018
412
18
75
June 15 1951 1 D 103 2103
-13 St I. A N 05*
_ _ ---6312
June 15 1961 1 D - Gold 33.4*
59
8112
- - ____
1951 J D *79
Memphis Div let g 4e
257
71 12 22
8
71
1960 J D
,112143T II & Bo East let 513
1312
_1960 M 13 6112 6238 80
Dec 1
gu 5e
Inc
1
934
107
1963 3 J 107
,'Inc Un Stan let gu 434e A
100
1
1963 I .1 10712 10712
let 59 merles B.
0
95
1944 .1 D 10712 108
Onarenteed g 68
10712 --- ' 10512
1944 J J *105
Guaranteed 40
s .
6 10718
1963 I .1 1074 1083
181 nage 4/3 series D
6372
.
1982.3 J 9712 981, 57
'nic & Weet Ind eon 48
112
32
4
1982 0 S 10514 106
tat rer 53.48 series A
2 103
1982 M S 10514 10512
A ref 5358 merle@ C
181
35
304
8 65
1942 A 0 627
01108 Co deb be
48
9912 126
1947 1 .1 984
'bile Copper Co deb Se
36
35 ____1
1952 MN -ON 'hoc Okla & Gulf cone be
8
18
877
1968 A 0 10312 10414
(In 0 & E let 86 4* A
8
887
13
6
1937 1 J. 10314 1033
I ID 0 & r... 20 gold 4 48
9712
1936 Q F *10212 ____ ___
2
0 I St L & C let g 4s. _Aug
--------82
1942 M N *102
,In Lab & Nor let cot g14*
974
1
2020 3 J 10914 10914
'In Union Term 1st 435e A
9854
1
4
4
20203 1 1103 1103
let nage bs series B
3 100
8
_1957 MN 1127 11278
let guar Es Aeries C
5218
---- ---1940 1 J *71
let 48
Clearfield Bit Coal
7812
1943 1 3 *10110
. leargeld & Mah let gu be
'lave Cln CM A St L gen 413
General 58 eertes 14
Ref & Impt 68 ser C
clef & !met 6e ear 0
Ref & lmpt 434meer E
Cairo 1)12 let gold 4,
Cln W & M DI, let 4s
81 1. Div let coil tr 54*
Spr & ('01 1)1, bit g 4e.
W W Val Div lets 4e
ley/liana & Mahon Val 550
cies & P gen gii 434* ser B
Series/ 13 334e guar
Serie@ A Cis guar
Serifs C 3148 guar
Series 03340 guar
Oen 4 tic ear A
Gen & ref mtge 434 ser 13
,
85
-___ -___
1993 J D *68
9212
_ ____
8
1993 1 D *965
73
-.1 *9918 103 -- - 1941
15
BO
J 8012 824
1963
60
79
7312 75
1977 J J
8818
2
1939 2 J 10614 10614
9112
7
68
1 9112
1991
66
4
9412
9314
1990 MN
85
_ ____
1940 M S*10312
1
72
--95
1 95
1940
87
1938 2 J *10512 ___ ____
11012
1942 A 0 *110
105
1942 A 0 *10214 ____ ____
10014
1942 2 J *112
90
M N *10012
1948
8
1960 A F *1043
--------91
1977 F A *101
......
____ ____
1981 J 1 ____
'Mee Sho Line let gu 43.4o
rneve Union Term gu 534e
let s I be series 13 guar
lose r 434* series C
.oat River RI let gu 4e
*colon Oil con• deb 8*
:*Colo Fuel & Ir Co gene f be
ji•Col Indus let & coll 58 gu __
11olo & South 434e ser A
1991 A O'107
52
1972 A 0 10212 10314
40
100
1973 A 0 99
4 66
1977 A 0 9012 913
_ ---1945 1 D
1
65
65
1938.3 J *10634-- 17
89
88
1943 F A
2812 49
2712
1931 F A
90
5512 58
1980 M N
7312
74
71
86
9212
38
2612
8
1.53
50
9512
4
953
8
953
110
4
1063
11114
34
12
46
1
31
53
4
1113
10
5912
6014
68
94
73
(1014
91
9512
92
8818
1
963
olumbla CI A E deb 5e_ __ May 1952 Al
Apr 15 1952 A
Debenture 58
Jan lb 1961 1
Debenture be
1948 A
(W& II V let ext 548
1957 J
1olumbue By PAL let 4 %pf
1942 A
Secured cons *63.4*
1955 F
,.,ol& Tol let ant 4e.
1949 F
,
lomml Invest Tr deb 53.4
1943 A
loon & Pasmum RI, 1s1 413
1951 J
.onn By & L let & ref 43-48
1951 1
Stamped guar 43413
.Commildated Hydro-Elee Works
1966 J
of Upper Wuertemberg 7s
8
N 947
8
0 953
8
945
J
0 110
.1 106
0 11118
A *112
A 11114
0 *1013
4
J *109
J *10712
J
29
30
7
29
1014
10
1012
1018
412
8
96 1057
8812 89
83
75
4
8
257 753
1312 6218
8
8
1063 1095
8
1063 11014
10658 1084
10213 1067
8
8
914
107, 10
3
92 100 4
102 107
103 1074
4
513 68
4
993
79
41 14
37
8
1013 10714
8
10212 1033
10112 103
8
1007 10314
109 11134
110 113
4
1113 11412
6912 78
___- ___
Sept. 7 1935
-my 1
Week's
Range
1:
1933 to
•
Range or
7,•• 7,
BONDS
ma
Since
LI ^8 A ug.31
Friday's
iE
N. T. STOCK EXCHANGE
Jan. 1
8
.....Bid & Asked al 4. 1935
Week Ended Sept. 11
—
Low Low
High
High No
Lon
8
1047 1067
99
/
8 29
8
1945 F A 1053 1063
Consol Gae (N Y) deb 5348
99 1085
8
4 42
1073
88
1951 J D 107
Debenture 434e
10284 10612
93
8
/957 .1 3 1043 10518 19
Debenture 58
19
3514
19
28
1
1954 J 3 28
Consol Ry non-cony deb 48
20
323
4
1955 J 3 ------------20
Debenture 48
4
233 25
3
----------234
1955 A 0 „
Debenture 4/3
22
2938
22
1956 J J *2212 30 --,
48
Debenture
4412
29
37
3618
10
22
/*Con* Coal of MO let A ref 58_1950 J D
10
29
44
3553 3714 60
--*Certificate/3 of deposit
8
103 1053
98
4
gu bs ____1936 j D *1043 10518 ---,
Consumers Gas of Chic
4
1043 1093
4
98
105
5
M N 105
1952
Consumers Power let 58 C
9912 104
4
14
68
1946 J I) 1023 103
Container Corp let 6s
83
953
4
4912
4 38
953
1943 1 D 94
-year deb Se with warr
15
93 100
24
6938
95
4
943
Copenhagen Telep 5s Feb lb _....1954 F A
964 10414 107
6
1947 J D 1054 10512
Crown Cork Seal 81 6e
4
1013 105
2
75
10414 10414
1951 3 3
Crown Willamette Paper 6s
9714 1024
65
I
1940 se s al(13 a103
Crown Zellerbach deb low w
37
544
17
15
4 00
1942 1 D 483
Cuba Nor 117 let 530
444
29
4
133
42
5
1952 3 3 41
Cuba RR let 58 g
4614
28
1318
4
4
8
453
447
1936 1 D
let ref 734s aeries A
4
233 44
15
3912
39
3
1936 J D
•
let lien & ref (ls ser B
8
10534 107,
8
8 102
4
1937 1 1 1053 1057
Cumb T A T let & gen be
67
93
894
933i
88
93
98
85
8312
23
25
612
514
1112
8
743 944
100 101
8
8912 1023
10612 1074
102 105
1(1412 11312
2712 2712
10214 1074
103 10714
23
394
25
8
395
812 12
514 11
1112 21 14
218
14
3
8
1333
7214 —
.
23
95
1074
92
8
9
1067
93
4
1093 ___8518
31
112
8
905
2
10914
20
35 --__
3412 __ .
_1118
30 __J
84
6
112
1, 87
10312
10814 --,-1 102
10
20
46
9914
4
10418
994
1
11018
214 3
72
65
4
10534 1093
4
1053 110
10814 1104
10612 11338
10818 11114
30
26
26
30
8
1212 157
8
1057 11218
102 104
8
1074 1085
3112 58
10413 110
1104 11312
61,
19
15
**East Cuba Silg lb-Yr of 742 _1937 M 8 124
894
__ ____
East By Minn Nor Div let 4e —1948 A 0 *103
79
9812 ____
1956 M N *- „ -East T Va A Ga Div lat 58
99
8
1939 1 J *675
Ed El III Bklyn let cone 48
4
1073
1995 J 1 *126
Ed Elec(N Y) 1st cons 55*
3118
34" ____
-sEl pow Corp (Germany) 6 W-1950 M 8 *32
30
35 ____
1953 A 0 *32
•Ist sinking fund 634/3
89
_ ____
1941 MN
ElgIn Joliet & East 1st g be
814
*10812--1965 A 0 *10012 101 ____
El Paso & SW 1st 58
8 --------90
13J J *1063
1940
Erie & Pitts g gu 334a ser
90
_
8
1940 1 J *1063 10612
Series 03348
89
34
9812 994 --1996 1 J
Erie RR let cones 48 prior
52
150
79
77
J
1996 1
let consol gen lien it 413
99
... ____
1951 F A *1051
Penn coil trust gold 48
6
5012
74
1953 A 0 73 8--4s series A
Cony
5012
5
75
1953 A 0 75
Series B
62
8
733 ____
1952 A 0 *---Gen cony 4/3 series D
464
178
4
71
673
1967 NI N
Ref & !met be 01 1927
4
463
244
71
1975 A 0 6714
Ref & Inapt Fe of 1930
9014
5
4
1955 J 1 1163 1174
Erie & Jeraey let 9168
9212
1
4
4
1957 I 1 1163 1163
Oenesese River let s f 6a
Si N 1094 --------86
N Y & Erie RR ext 1st 4e
9;
193 NI *-----95
*104
4
3d mtge 4348
68
8
597 ---_
*---1954 F
Ernesto Breda 78
714 21
10114 105
8
997 111 12
10612 10834
12378 128
32
414
40
32
10414 108'4
92 1013
4
10172 10612
10134 10612
9711 102
80
70
8
104 1055
78
65
78
65
78
68
5212 7114
744
62
4
11412 1173
11212 11714
8
105 1095
8
827 103
1943 M N 8014
Del A Hudson 1s1 & ref 4e
1935 A 0 -----------be
29
98
4
9143
1937 M N
Gold 534s
_
Del Power & Light let 434e _-1971 J J
3
105
104
1969 1 J .107--- ___let & ref 4348
1989 1 .1 •10514 107 ---let mortgage 434e
.. ---,
1936 F AD RR & Bridge let g 48
2
10-7--Den Gas & El I. let de ref a f 58 __AIM M N 107
12
4
1951 M N 1043 107
Stamped as to Penne tax
17
4
29
1936 1 3 273
*Den h R GI let cone g 4e
49 —__
8
1936 1 J *283
•Conaol gold 434e
9
9 12
9
*Deo & R 0 West gen 58 _ __Aug 1955 F A
34
814
8
*Assented (sub) to plan)
Apr 1978 A 0 *1912 20 _-__
B
•Ref & !rapt be tier
3
t•Des M & Ft Dodge 4s ctfe____1935 1 J
1947 M 8 *60
:Des Plainer/ Val let gu4348
4
1949 A 0 1053
Detroit Edison be ser A
4
1955 1 13 1053
Gen & rolls aeries B
4
1962 F A *1073
Clen & ref 5a series C
1961 F A 1114
Gen & ref 4 34* serlee D
1952 A 0 10914
Gen & ref be series E
1995 J D *30
•Dat & Mac let lien g 4s
*30
1995 _
•Itit 4s assented
4
1995 1 D *153
*Second gold 4/3
4
1961 61 N 1113
Detroit River Tunnel 434s
1942 3 1 10312
Donner Steel let ref 7s
1937 A 0 *10712
Dul & Iron Range 1st 5s
__1937 J 3 45
Dul Sou Shore & Atl g bs
10418
Duquesne Light let 4348 A____1087 A 0 11018
1957 61 8
1st M g 4413 miles B
80
6
9414
04
1942 M
Federal Light & Tr let Sc
75
_ _
96
_
*92
1942 M
Se International seriee
59
9312 943
4 19
1942 M
let lien a t 58 stamped
4
594
9912
99
1942 M
let lien 89 stamped
4614
8812 ____
*84
1954 1
30-year deb 65 aeries B
72
70 ____
*60
1946 3
Flat deb a 1g 7e
25
- - — __
*44
1943 J
:4/8 la Cent & Penin Se
48
5614 --__
41959 1 0 *53
t•Florida East Coast let 434e
64
9
29
814
1
1974 6 S
*1st & ref be aeries] A
512
4 52
4
73
63
_-__
*Certificates of depoelt
1952
Fonda Johns A Olov 434e
412
8
97 ____
*412
M N
f t•Proof of claim filed by owner_
1982
(Amended) lot cone 2-4e
3
4
7
8
33
35
i t•Proof of claim filed by owner_ MN
2
8
2
35
3513
-_
•Certificatee of
89 101
4
61 19 1 .1 i *10312 -__ _I 83
Fort St U D Co let a 4348
108 112
9478
J 00)0313 10412 ____
depolt93 101 14 Ft W & Den C let g 534e
4
2; 943
1942 J J 10812 10812
8512 Framerlcan Ind De,20-yr 734s
60
15
5.
3012 3012
1942 MN
774 t•Franosco Sug let 8 t 734e._
50
8
1033 107
72
87 ___
1938 5 0 *82
Gal, Holm & Bend let 5348 A
8714 93
164
7334
1.
1943 F A 164
Gannett Co deb 6a ear A
96
88
8
_ _ ___, 1035
1949 1 D *11612
of Berg Co cons g 5s
__ _ _ __ Gas & El
3
3512
4 - 5912
1934 M S 573
9518 **Gelsenkirchen Mining 68
gg
8 25
7312
1035
1952 F A 103
4 Gen Amer [nye/norm deb be A
8
1033 1053
31
48
95
9314
1947 J J
Oen Cable let e f 530 A
324
4
4712 48
*Gen Mee(Germany) 783.0 16..1945 1 J
105 105
33
1
50
1940 J 0 50
"of deb 63411
8
1073 112
3014
5
4712 4712
1948 M N
13
*20-year, f deb 6s
102
4, 76
1939 3 J 102
Gen Pub Serv deb 53413
4
19, 54
1949 J 1 7914 803
with wart
10512 10512 Gen Steel Cast 534e
212
16
217
1412
____ ____ 'Mien Theatres Equip deb 68_1940 A 0 143
4
4
153 102 ' 214
____
*Certificates of deposit
9
19153 J *1312 16 ____
10012 10714 /*Gs A Ala Ity let cons be
18
_ ____
1934 .1 J *173
§:oda Caro & Nor let ext 6s
9272 104
364
33 ____
s1948 A 0 *---Georgia Midland let 39
85 100
94
80
34
1
8
7
337
1945 A 0 33 8
,
104 107 2 *Good Hope Steel& 1r sec 7s
894
9
10814
19473 J 108
Goodrich(B F)Co lilt 63413
87
38
63
243
1945 1 13 9812 101
Cony deb 813
8612 90
8334
10418 58
1957 M N 104
Goodyear Tire & Rub let 58
34
22
13211
19363 0 *924 94 ___
4
733 Gotham Silk Hager) deb 6/3
50
6
8
27
27
1940 F A
*t•Gould Coupler lets f 6e
8
1015 ____ 101
1942 .1 1) *__
& Oswegatchie let 513__
97 (Jou•
69
4
913
_
-__
1941 3 3 *106
Or R & I ext tat gu a 4 40
8
685 97
8
4 _-1940 A 0 1023 10278 31 1013
4
963 Grand Trunk of Can deb 72
68
8
64 1004
1936 M S 1045 105
Deb guar Be
1021, 11002
90
____
1.9473 D
984 10738 Oran l'olnt Term let gu 58
5818
5
8
937
925
8
1944 F A *80---10634 11212 Gt Cone El Pow (Japan) le
56
1950 3 1 904 9012 11
let & gen of 83413
4
1053 112
714
8
4
977 212
1936 3 2 963
8
11012 1123 Great Northern gen 78 ser A
6812
27
1981 3 J 10412 105
A
lot & ref 44e series
100 10314
64
26
8
99313
975
1952 .1 J
General 53413eerlet B
8
10618 1077
57
4 40
933
19732 J 92
General bs aeries C'
108 10812
8
537
30
88
19783 J 86
Genera! 434/3 series D
5312
1977 2 J 853
8
4
877 183
General 434s series E
4114
29
I
1
For tontno.•
naro 1567
83
7012 81
83
793
4
8012
6338
72
4314
8
603
8
67
512
412
8
35
3
8
1015
104
106
23
9612
96
4
963
101
94
97
47
67
124
12
6
5
4
103
8
1067
11108
4
463
84
76
101 10534
11512 1174
5614 75
99 105
954
86
404 60
50
40
4912
40
9018 1023
8
94
54
(Ps 16
4
612 153
18
11
18
24
3612 46
8
337 4434
4
1073 1093
8
9212 101
10312 106
8212 974
4
363
17
101 101
10412 10812
4
4
1023 1063
8
1045 10718
90 1)0
4
863 97
4
8
783 903
89
9914
4
98 105,
75 100
69
95,
2
63
8102
4
623 89
New York Bond Record-Continued-Page 4
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept.6
Wilas
July 1
Rangier ; 1933 to
.Friday's
, AuD.31
11
3
..07. 13111 de Asked giro
1935
B
Low
*Green Bay & West deb MO A
Feb •421s
*Debentures Me B
Feb
712
Greenbrier Ry let gu 48
1940 MN •105
Gulf Mob & Nor let 534/1B
1950 A 0 76
let mtge 58 series C
1950 A 0 72
Gulf & S I 1st ref & ter 5a ___ Feb1953 J 1 *50
Stamped
1 .1 *50
Gulf States Steel deb 5341
1942 1 D 97
Hackensack Water let 48
1952.1 a 107
*Hansa SS Linea 6s with war?.... 1939 A 0 *3818
11Harpen Mining 68
1949.1 J *3618
Hocking Val let cons a 434s
1999.1 J 11534
111Ion (R)& Co let 634* ser A..-1934 A 0 *31
*Holland-Amer Line 68 (flat)
1947 M N .12
Housatonic Ry cons g Ed
1937 MN 79
H & T C let g fre Int guar
1937.7 .1 10812
Houston Belt & Term let tra
1937.1 1 •1027
8
Houston Oil 910k fund 530 A
1940 MN 961
8
Hudson Coal let if 138 ser A
19623 D 41
Hudson Co Gaa 1st g ba
1949 MN *11718
Bud & Manhat let be ser A
1957 F A 85
*AdjustmentIncome be - __Feb 1957 A 0 3312
1
Mob No.
Range
Slam
J.1
Low Low
High
26
3814 38N
312 832
3
8814
77
7
50
534 7714
6
7412
73
50
49
/
1
4
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/
1
661.4 664
494 5012
4912
98
60
13
98 4
3
90
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107
9512 10512 108
40 ____
3818 464
81
3412
3412 4912
1121 11712
8
1153
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30
90
42
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15
13
79
2
70
70
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1
9018 1043 1064
8
10612
/
1
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10314
101 10312
98 .
97
85
131
8
447
43
8
35
35
58
10118 1133 1197
8
4
119
9038
80
63 4
3
8512 58
341
8 19
25 4
3
/
1
4
25 4 89
3
BONDS
W. Y. STOCK EXCHANGE
Week Ended Sept. 6
1565
1
Weak's
July
1933 to
Bongo Oa
4
Friclarael Aug.31
I,
..or. Bid & Masa re
1935
a.
p
Low
NW N.
Low
Lox & East 1s1 50-yr be gu
4
1965 A 0 1143 115
7
8914
Liggett & Myers Tobacco 78
131
1944 A 0 131
3 117
tre
12012
1951 F A 119
9 103
Little Miami gen 48 series A
1962 M N --_ _ ---8112
LoewN Inc debit 88
104
- 12 11
1941 A 0 104
76
Lombard Elee 'reser A
17
1952.1 0 4112 46
41
Long Dock conaol a fle
3
1935 A 0 100 4 1003
4
4
9712
Long Island gen gold M
8
9814
1938J D *10514 1057 ---Unified gold 4e
8
4
1949 M S 1043 105
8714
20-year p m deb 58
1937 M N 1043 10438
924.
/
1
3
8
Guar ref gold 48
1949 M 5 102 4 10312 24
1
85 4
1
Lorillard (P) Co deb Te
4
8 110
1944 A 0 1293 131
be
1951 F A 118
13
118
983
2
Louisiana & Ark let be see A
42
3812
1969.7 1 724 75
Louisville Gaa & El(Ky) be
1952 MN 1117 112
8
86
2
Louis & Jeff Bdge Co an g 48 -_1945 M El 10518 106
26
754
Louisville & Nashville 58
10712 ---- 100
1937 M N •107
Unified gold 48
10712 34
8812
19403 J 107
let refund 534s series A
2003 A 0 *105 4 1063 ____
3
2
81
let & ref be seriee B
4
2003 A 0 10514 10514
80 8
3
let & ref 434e series C
/
4
34
74
2003 A 0 1001 102
Gold ba
108 -1941 A 0 *107
9812
Paducah & Mem Div 48
1946 F A *_ _ 105 -_-82
Illinois Bell Telephone 58
1966 .1 D 1084 10912 50 103N 107 11114
St Louts Div 2d gold 38
5412
1980 M 8 7512 7912 12
1951 1 J *10414
Illinois Central let gold 45
103 10612
83
Mob & Montg let g 4348
1945 M S •I1012 --------92
1st gold 33411
1951 1 .1 •10112
South By Joint Monon 45
99 103
7612
1 79
83
8
21
587
19523
Extended let gold 334e
1961 A 0 *10112
99 102
78
/
1
4
All Knox,& Cin Div 4e
7
10814
1955 M N 106
80
let gold 3s sterling
1951 M S *77
66
____
__
_ _ *Lower Auetrla Hydro El 63.48. 1944 F A 8814 8814
4412
1
Collateral trust gold 48
1952 A 0 72
8312
67 57
7317 11
Refunding 45
1955 M N734 74
2
5618
674 864 iIMeCrorx Stores deb 534e
1941
Purchased fines 314*
19523 .1 *
74
56
Proof of claim filed by owner
71
70
_ . 10312 103/8
4512
6
Collateral trust gold 45
1953 M N 5978 62
74
594 7512 McKesson & Robbins deb 5348_1950 MN 100
524
10034 57
53
Refunding bs
1955 MN 8678 87
7014
11
7474 9412 1:11Manati Sugar let a f 7 As- __I942 A 0 1912 1912
9
2
-year secured 6348 g
15
82
5
193 3 . 9412 95
90 101
6
1
*Certificates of
. *20
2912 _ __
712
40-year 43gs
Aug 1 1088 F A 50
4218 6318
4212
53 8 64
7
MeStmpd Oct 1931 coupon_ __1942 4 0 *20
deposit-612
Bridge gold 4.
Cairo
19501 D 10112 10112
1
983 10212
7018
8
*Certificates of deposit
25 ____
4
---. *20
Litchfield Div let gold 3s
1951 1 J
____
81
733
2
8812
iI•Flat stamped modified__ --1942 --1
4
21
21
Louis. Div & Term g 334.
1953 1 1 *8612- __- ___
*92
8512
921
4
893 923
,
*Certificates of deposit
4
. 19
2212
9
712
Omaha Div let gold 38
1951 F A 68
88
8518 77
60
111Manhat Ry (NY)cone g 48 ___1990 A 0 69
1
76
512
35
St Louis Div & Term g 38
79
1951.1 .1 •75
81
76
74
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__ . 64
71
122
35
Gold 33.4$
so
63
/
1
4
8714
1951 1 1 *8012 8212 _
nct 48
D 55
2013 J 62
39
27
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67
9718 9712 Manila Elee RR & Lt if 5a
1951 1 ./ *9934
1953 M El *8614 9712 ____
82
Western Linea let g 4a
1951 F A *82
--------75
8512 8912 Manila RR (South Lines) 4a........1939 M N *744 100 ____
4934
III Cent and ChM St L & NOlet ext 4e
65 ____
/
1
4
1959 M N *61
51
Joint let ref 68 series A
1963.7 D 61
6314 24
5212 783 /Man GB & NW let MO
523
2
2
1941 .1 J •
50 ____
50
let & ref 44s seriee C
1963.1 D 59
4914 7334 Mfrs Tr Co Ws of pante in
49 4
1
4 14
603
Illinois Steel deb 434s
1940 A 0 108
A I Namm & Son let 88
15 1014 106 10812
1943 1 D 91
3
9114
50
*Header Steel Corp mtge / _ _1948 F A 3312 10812
(.
1
4
1
3312
/ Marlon Steam Shovel a f Cs
1
4
323 43
31
4
3
1947 A 0 7014 73
41
Ind Bloom & West let ert 41
1940 A 0 *102
Market St Ry Ti eer A _A pill
__-__. 8912 104 104
89
60
9
1940 @ J 87
Ind III& Iowa lit g 48
72
924 9914 Mead Corp let 138 with wary
19503 2 *100
1941 M N 963
4 98
20
47
g.Ind & Louisville let gu 46
1956 1 .1 *8
7
7
Meridlonale Elm let 78 A
18
81
1957 A 0 49
50
12
50
Ind Union fly gee Se ser A
1965 1 J *10572 1081
96
104 1063 Melt Ed let & ref Sc ear C
4
77
1953 1 J *10714 10712 ____
Gen & ref 58 series B
/
1
19653 .1 •1064
9814 106 10012
let g 434s eerie. D
1569 IN S 10718 108
15
67
Inland Steel let 414 Rer A
1978 A 0 1041 10514 45
8
4
1033 1073 Metrop Wat Sew & D 5345
79
4
4 19
74
1950 A 0 9912 993
let Met 434e ser B
1981 F A 1043 1053
8
9
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4
1033 1064 it•Met West Side El(Chic)48 -1931. P A
4
153
4
1812
9
3
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1977 M S •____
2 ____
Ps
itnterboro Rap Tran let 55
5612
1966 1 .1 893
427
4 92
8114 934 •Miag Mill Mach let 4 r 75
35 ____
1956 1 D *29
30
Certificates of deposit
887
s
86 8 9112 Michigan Central Detroit di Rey
881
7
8 9012 85
f1110-year 68
1932 A 0 71
547
82
City Air Line 48
82
50
1914
10218 ___
9314
1940 1 J *102
*Certificates of deposit
Jack Lane & Sag 3341
204
7812 94
4812 7812
72
90 __
1951 M 1 *80
834
1.10
-year cony 7% note.
1932 M 3 9112 93
let gold 33.4*
80
Br*
8412
8
4
95
1952 M N 10312 10318 11
*Certificates of deposit
9112 58
Ref & impt 4348 aeries C
9412
82
90
57
12
1979 J J
987
11
8 987
5
70
Interlake Iron let ba B
1951 MN 764 783
/
1
8 38
50
8212 Mid of NJ let ext Be
72
78 ____
1940 A 0 *7014
611
a
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1935 M El 102
10218 10
90
98
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3 62
914 99
/
1
MN 97
/ Mllw El Hy & Lt let be B
1
4
1961 1 D 9914 100
27
67
Int Cement cony deb Ed
1948 al N 103
74
1.8 mtge 58
10318 18
9712 10412
9812 9914 23 58
1971 1 .1
Plat-Ort Nor 1st Se sec A
1952 1 .1 3412 36
251* 41
25
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97
93 ____
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9
4 8 1114
7
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let ext 434e
1939.
41
7
75 ____
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58
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1958 J J 3112 3212 20
23
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15663 J 31
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4
1947 rd F 43
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1944 A 0 4818 503 116
2814
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1
4
2814 56 :
4
70 ____
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1941 A 0 58
465 61
37
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8
594 31
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/
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4
1934 M N
Internet Paper Si set A & B
1947 1 J 783
8 7712
3
112
58
47
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12
79
.
1949 MI 5
3
112
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195611% 5 5612 5712 67 31
3558 5834
/
1
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112
112
1
2
1963 Q F
Int Rye Cent Amer let 5s B
1972 M N *79
83
45
18
72
83
70
Q F
*Certificates of derosit
*112
2 ____
let coil trust 6% g notes
1941 MN 84
1
84
494
7412 85 8 M St P & 85 AS oon g 4aInt gu___192 J J 32
7
26 4
1
333
8
8 25
let lien & ref 834s
1947 F A
79
794
8112
4
68
4312
let COAX be
2714 2'
197
2
1988J J 27
lot Team &Teleg deb g 43411 -1952 J J 8618 693
37
60
4 70
7212
let cone be fru as to int
8
1938 1 .1
383
37
4
31
Cony deb 4348
584 8312
42
/
1
281
1939 1 let & ref Gs sole. A
1 743
4 80
1
16
2
1946.7 J 22 8 2318
Debenture be
1955 F A
7012 743 193
40
25-year 5348
5512 76 4
4
3
1949 M 13 2112 23'2 14
15
Inventors Equity deb 138 A
1947 1 D 10212 10212
1
11.01
8
99 104
1st ref 534e series B
1978 J Ji 81
82
4
614
/
1
Deb 5a sec B with ware
82
1948 A 0 *10112 10212 99 10378
let Chicago Term a f 4e
--------86
1941 MN *80
Without warranta
1948 A 0 *10112 10212 ____
32
99 10314
1.1owe Central let be ette
1938 3 I)
614
7
9
44 972 MMo-III RR let As aeries A
814
2412 25
6
12
1959 1 .1
*1st & ref g 4e
5
4 17 Mo Kan & Tex let gold 42
1951 M El
8
1
5
1
1
4
6714 52
1990 1 D 66
66
James Frank & Clear let 41
1959 1 D 804 502 16
61314
/
1
74
8314 Mo-K-T RR Dr lien 58 ear A
3612
33
1962 1 .3 3812 42
40
-year 45 series B
5
1962 3 1 36
36
32
Kal A & OR let gu g 58
1938.1 .1 *10014 101
99
9912 101
Prior lien 430 miles D
37
2
3414
1978 1 .1 37
Kan & 36 let gu g 48
1990 A 0 *97
70
97 103
*Cum adjust 5.set A
12
25
161
Jan 1967 A 0 154
g•K C Ft S & M By ref g rle
1938 A 0 36
361 20
/
4
291
4
291 41
1.310 Pao let & ref Si ear A
4
1985 F A
25
8 22
283
20
*Certificates of deposit
A 0 35
39
/
1
4
12
36
28
28
*Certificates ot deposit
*2412 --------19
K C Pow & Lt 1st mtge 430____19131 F A 112
6
1123
s
98
11014 114
*General M
9
84
1
8
5 11
7
1975 1.4 11
7
Kan City Sou let gold 3e
1950 A 0 71
7212 27
5114
6912 784
Mat & ref 5a eerie. F
/
1
1977 M 13 25
191*
261 182
8
Ref & impt be
Apr
. _19501 1 6012 617
53
49
53
7412
•Certificatee of deposit
1812
*2412
-Kansas City Term let 48
1960 1 J 1063 10718 37
841* 105 109
4
1a
*1st & ref 55 serial 0
19713 M N
2518 16
26
19 4
/
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1980.1 13 10312 104
10
704 1004 105
*Certificates of deposit
187
8
*2412 25 ____
•Karstadt (Rudolph) let Ile
1943 MN s_
13 4
1
45
45
32
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1
34
8 4 51
3
54
3
1949 M N
'Certificates of deposit
IR
26
42
*2612 30
*1st & ref g 5s series H
1912
2814 150
1980 A 0 25
11fle stamped
1943 2514
9
2514 38
/
4
2714 271
*Certificated of deposit
*241
_ - ____
19 8
1
*(3s Ws stmp prin
1943 *30
2912
2912 31
40
*let & ref be Berton I
254 2614 92
2-1981 F A
194
Keith (B F) Corp 1st 13e
1948 M 8 *884 9018 6712 9212
44
/
1
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*4I2
- ____
187
s
g•Kelly-SprIngfleld Tire 6._
1942 A 0 ____
99 4
1
____ ____
4412 80 *Me Pee 3d 78 ext at 4% July _ __1935 MN •____
82 ____
69 8
1
•68 stamped
1942 76
76
793 Mob & Birm prior hen(Se
4
___ ____
85
19453 .1
Kendall 00 648
1948 M s jai- 10314
8
68
10112 1033
Small
8
74
74
70
.1 J *818
Kentucky Central gold 4e
1987 1 1 *1031
10412 10712
80
let M gold 48
70 _ ___
35 8
3
1945.1 J *46
Kentucky & Ind Term 4348.._ _1901 3 j 93 8 107N - 1
93
77
73
951
/
4
Small
J 1 *37
41 ___
40
Stamped
19131 J .1 98
8
99
95 10112 **Mobile & Ohio gen gold 4s---1938 M S *-80
88 ____
80
Plain
1961 i 1
__ __
93
99 99
*Montgomery Dl, let g 5s--...1947 F A •1012 14 ____
9
Kings County El I. & P68
1937 A 0 *102-10812 10812
5 103
10814 108 4
3
*Ref & impt 434e
412
8 ____
1977 M It *514
Purchase money IN
1997 A 0 4
118
155
14512 150
*Sec 5% notes
6
712 14
1938 M 4
3
Kings County Eley lef g 4s
1949 F A 100
11
66
101
94 103
Kings Co Lighting let 58
1954J 1 *114
1
11474_--_ 100 4 110 11414 Mohawk & Malone 1st gu g 4s
83
1
1991 MS 83
70
First and ref 63.4s
• 1954 1 J .115
125 ____ 10512 118 122
Monongahela By 1st M 4s ser A_ _1960 hi N 103
10312 35 10212
Kinney (011.) &00 734% notes 1938 J D 1033 104
6
77
Mont Cent let gu 138
4
11 100 4 105
1
1937 .1 .1 10312 10312
1
87
1•Kreuger & Toll el A fre etre
1959 M 8 3412 3514 38
1014
264 3714
1st guar gold be
794
8
1
1937 .1 .1 1011 10188
Montana Power let S. A
2
1943 .1 J 1063 107
10
77
Lackawanna Steel latbe A
1950 M S 10814 10612 11
9412 105 109
1e
/
1
4
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1982 1 D 97
974 39
5012
Laclede Gas Lt ref & ext Si
1939 A 0 10114 1013
8 13
90
97 102
/
1
4
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4
Coll & ref 5348 seriee C
1953 F A
7812 7912 57
464
/
1
5912 81
Deb g 7e
71
1937 J g
271
25
74
/
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4
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1960 F A
7734 7812 14
46
59
80
Montreal Tram let & ref be
1
1941 J 1 101
101
88
Lake Erie & West let 558
1937 J J *1023 103 s
77
4
1011 1033
4
4
,
Gen & rote f Si series A
1962 A 0 ------------7055
2d gold 55
1941 .1 1 *95
81
98
85 1004
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1956 A 0 __....
____ ......
723
4
Lake Sh & Mich SO g 3345
1997.1 D 9812 99
25
79
9712 10212
Gen & ref a f 4 As serfed 0
--------63 4
8
1955 A 0 *76
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1954 .1 J
161 1714 283
44
/
4
1
7
19
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8
1955 A 0 ------------70 4
Lehigh C & Nay a f 434e A
2712 10172 10618 Morris & Co let e f
1954.1 J *104
105
105
105
1939.1 1
410
2
82
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1964 1 1 *104
80
104
102 106
/
1
4
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9112 60
2000J D 90
70
Lehigh & N Y let gu g 48
_.1946 M II *58
80
6212
56N 7314
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1588 M N 9512 954
9
77
Lehigh Val Coal let & ref e f 6i--1944 F A 591
95 -64
87
/ 97
1
4
/
1
4
Constr M 4348 ferried B
1955 MN 883
4 89
49
658*
lit & ref et Ed
1954 F A 69
69
5 83
55
80
Murray Body let mtig 6148
166
271
1942.1 D 141
98
let & ref a I 55
1964 F A 67
1
67
3112
51
72
Mutual Fuel Gas 1st ga g Si
1947 MN *108
109 ____
95
let & ref a f 55
1974 F A 87
1
67
32
62
7312 Mut Un Tel gut Be ext at IS% ,
1941 l'A N *11)612 ____ ____
89 8
1
Secured 0% gold notes
1938 J J 9412 95
3
73
9114 961 Namm (Al)& Son-Bee MfrsTr8
-Lab Val Harbor Term gu Be
1954 F A
9718 9814
6
9712 104
79
Nash Cbatt & St L 48 set A
F A *___ _
1978
86 __-78
I eh Val N Y let 5,15 43411
1940.1 1 8614 88
10
75 8
7
82
99
Nash Flo & S let gu g 5e
1937 F A *1041
______
91
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2003 NI N 39
405* 36
3014
304 50 8 Nassau Elm gu g 48 stpd
3
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28 6012 13
1951 .1 J
5014
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_2003 NI N 43
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17
83
33
5414 Nat Acme let a t 132
19423 D •1024 10212 8512
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7
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3912 60
Nat Dairy Prod deb 54e
1948 F 4 103 8 10374 87
1
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19411A 0 10512 1051
7
8912 10512 107 8 Nat DistIllers Prod deb 4348
2
7
2
58
1945 MW 993 100
99 1
For footnotes see page 1567
712
3
Rano
Since
Jan. 1
Low
Hie
11318 117
130 13418
1
115 8 123 8
3
104 104
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797
8
101 1054
894 9512
94 102
8312 56
/
1
4
98 166
103 110
/
1
4
102 1063
*
8
614 97
1024 10514
504 821
4
881s 10212
10218 105
99 10043
.•!!!
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6
.421y 1
Week's
1933 to
Ran. or
42,11 .1 uv.31
Friday's
I
L 73
Bld & Asked
1935
Low
21g
1957 J J .
*Nat Ry of Men pr lien 414s
318
*Assent cash war rct No 4 on_....
1977 AU
*Guar 4e Apr '14 coupon
*212
*Anent cash war rct Nob on..
1926
*Nat RR Mex or lien Alia
*34.
*Aseent cash war rct No 4 on__ __
1951
*let roneol 48
8
25
*Ailment cash war rct No 4 on. -10312
1965
Nat Steel let coil a f 40_
1954 MN
Naugatuck RR let g 421
1948 JO *11612
Newark Congo! Gas cone 55
1946 J
New England RR guar be
1945 J
Consoi guar 48
4
1203
1952 J
New England Tel & Tel be A
1961 MN 11638
let g 42is series B
1986 FA 100
NJ Junetton ER guar let 45
8
1960 AO 1045
N J Pow & Light let 4 lie
,
69 8
1983 J J
New On Great Nor be A
No & NE let ref&Impt 414s A _1952• J
1952 AO 8012
:New On Pub Sere let be A
1965 J O 8012
1.1ret & ref be aeries B
4
733
1953 J
New Orleans Term let gu 4e
1935 AO
f•N 0 Tex & Mel n-c Inc be
1954 AO 3112
*1st be series B
1956 FA .3112
clot Bs series C
3012
1956 P A
slot 410 serIes 0
8
323
1954 AO
•Ist 514s series A
1945 I .1 .106 8
,
gen guar 414e
N & C Bdge
W-45
113
.27
1935 AO
N Y B&MII 1st cong be
4
1949 MN 1103
N Y Cent RR cony 6s
4
833
1998 FA
Congo: 45 series A
2013 AO 67
Ref & Impt 4145 series A
,
72 4
2013 AO
Ref & imot 55 series C
94
NY Cent & Bud RI* M 314e __ _ _1997 J
1942 • J
0514
Debenture 45
4
663
2013
Ref & imot 414s ser A
4
853
1998 FA
Lake Shore coil gold 334e
4
843
1998 FA
Mich Cent coil gold 31411
1937 AO 10158
NY(Mk & St L 1st g 4a
70
1974 AO
Refunding 510 series A
1978 MS 6012
Ref 414s series C
1935 AO 6212
8-yr 6% gold notes
,
1953 P A 106 g
NY Connect let gu 4345 A
8
1953 P A 1067
let guar be series B
8
717
1951 FA
N Y Dock let gold 45
1938 A 0 54
Serial 5% notes
1941 AO 11114
NY Edison let & ref 6 He A
1944 AO 1084
let lien & ref be eeries B
1951 A 0 10612
let lien & ref be sertes C
N Y & Erie—See Erie RR.
8
1217
1948 J
N Y Gas El IA H & Pow g 5a
1943 FA 11112
Purchase money gold 4s
4
1946 MN *923
N Y Greenwomi L gu g 5a
2000 MN *10112
N Y & Harlem gold 314e
8
977
1973 MN
NY Lack & West 4a ser A
1973 MN •106
410 series B
NY LEA W Coal & RR 5148_1942 MN •95
*106
N Y L E & W Dock & [mot 56_1943 I
1941 MS *10012
N Y & Long Branch gen 4s
1947 MS
N Y N H & 11 n-c deb 4s
1947 MS 29
NOD-COOT debenture 314s
4
283
1954 AG
314e
Non-cony debenture
3012
1955 J J
Non-con• debenture 4e
3014
1956 MN
Non-cony debenture 4e
29
1956 • J
Cony debenture 314e
1948 J J
,
37 4
Cony debenture 65
1940 AG 5012
Collateral trust 65
2318
1957 MN
Debenture 4e
33
1967 JO
let & ref 4145 ser of 1927
9014
Ilarlem It & Pt Claes lot 45_ _1954 MN
June 1992 MS 50
N Y 0& w ref g 46
40
0955
General 4s
112 AC •10112
N Y Providence & Boeton 4e
4
1593 AO *823
87 Y & Putnam let con gu 4s
8
177
f•N Y Rye Corp Inc ile___Jan _1965 API
18
1965
•lne 65 assented
1965 iJ *94
Prior lien 65 aeries A
9412
1965
Pr. lien Ss aasented
*10812
1951
N Y & Itichin Gas let Os A
4
*13
1962
t•N Y State Rye 41412 A ctfe
8
*17
1962
•614e series It certificates
1947 MS 10914
N Y Steam 6s series A
4
1051 MS 1053
let mortgage be
1956 Si N 10512
let mortgage 50
J
5014
1937
N Y Susq & West let ref 5s
4113
1937 FA .
2d gold 414e
1940 F A *45
General gold 55
N *9912
1943
Terminal let gold 5s
1939 MN 11012
NY Telco let & gene f 43.4e
1946 J O .
8014
N Y Trap Rock let fie
79
1916
63 stamped
J
2618
1946
N Y Weetch & B let ser 143.0
8
1955 AO 1073
Niag Lock &0 Pow lot be A
91
1950 MN
Niagara Share(M o) deb 534e
8212
•Norddeutecbe Lloyd 20-yr e f 68_1947 MN
1947 MN 545
New 4-6%
1950 AO 150
Nord Ry ext sink fund 6145
1378
II•Norfolk South let & ref 5o... 1961 FA
12
*(7ertlfleates of depoelt
1941 MN *44
If•Nerfolk & South let g be
1996 O A 113
N & W Ry let cone g 4s
8
1941 J O 1073
Pocah CA C joint 4e
9918
1961 FA
North Amer Co deb 53
9912
1957 M
deb 55 ser A
No Am Edison
Aug 15 1963 P A 1004
Deb 5145 ger B
984
Nov 16 1969 M N
Deb 50 ser C
1974 MS *117
North Cent gen & ref 15e A
Ill
1974 M
Gen & ref 414s series A
1945 AO *4618
f•North Ohlo let guar g be
*43
•Ex Apr'33-Oct'33-Apr'34 rons-___
•Stmpd as to sale Oct 1933. A
*39
*Apr 1934 coupons
1947 MS 10912
Nor Ohio Tra a & Lt 621 A
1997 Q J 10214
North Pacific prior lien 45
72
2047 Q F
Gen lien ry & Id g 38 Jan
J 8212
2047
Ref &!mot 434e series A
4
963
2047 J J
Ref & impt 65 serlee B
00
2047 .1 J
Ref & Rapt be aeries C
90
2047 J J
Ref & impt be series D
8
1938 AO 1083
Nor Ry of Calif guar g Se
4
1941 AO 1063
Nor States Pow 25-yr be A
1941 AO 10814
let & ref 5-yr 65 ser B
1944 J J *1024
Northweetern Teleg 414s ext
954
1957 MN
Norweg Hydro-El Nit 5148
Og & L Chem let gu g 4a
Ohio Connecting Ry let 4e
Ohio Public Service 714s A
let & ref 7s aeries B
Ohio River RIt 1st g 58
General gold 55
f•Old Ben Coal lot Sc
Ontario Power N F let 58_
Ontario Transmission lot Se
Oregon RR & Na,corn g 48
30
l948J J
8
1943 M 5 *1075
8
194§ A 0 1123
1947 F A *11131
4
1936 J D 1013
1937 A 0 *103
1814
1944 F A
8
1943 F A 1123
1945M N,•110
4
1946 J DI 1063
For footnotes see Rage 1567
Sept. 7 1935
New York Bond Record—Continued—Page 5
1566
gloh No
Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6
&safe
81nci
Jug. 1
Low
Mob
5
31g
112
218
312
112
2
478
2
3
,
68
5
3
107
104
64
68
6112
123
11814
100
105
70
8
467
8214
83
79
4
283
33
33
3114
34
112
8
847
7012
7718
9512
,
95 4
7012
87
85
102
734
64
4
673
10714
10712
74
56
1113g
109
1073
8
16
32
3
24
15
23
49
19
14
11
35
-306
131
236
252
41
49
241
38
5
21
121
334
119
10
7
22
24
13
11
3
16
122
112
95
_
-6813 - 55
10614 -------
----
36
3218 21
5
,
29 4
3234
7
3212 27
3
29
103
41
5512 47
41
26
112
37
10
9214
2 42
527
4112 32
4
833
1812
18
95
9412
109
2
,
22
110
10614
10512
5014
50
8
473
111
83
80
2818
8
1073
9214
8212
4732
8
1543
1414
12
5312
114
1075
8
10012
10012
1024
8
997
121,
4
111
65
55
-
40
19
7
19
.5
2
15
17
46
1
19
3
68
7
2
23
1
74
14
5
19
2
43
11
10912
1033 119
4
65
73
90
84
9714 127
9
9214
12
91
1
1084
1074 38
3
1084
5
9 8
34
7
28
11212
11238
1013
4
3
1814
11212
112
4
1063
I
13
5
1
4
-13
4
60
10112
684
60
104la
9914
824
6812
4838
ao
38
38
4
583
1214
14
1414
14%
1412
92
84
4
2
8
8
1025 1053
65
60
1134 12018
81
78
70
60
1154 124
1128a 12312
8812 100
94 106
48 2 70
,
53
50
5512 824
4
555 83
4
693 87
1532 2612
1814 34
197 33
2
2
187 3112
34
20
10212 10712
4
1003
9834
64
'4
43
4612
7372
67
43
64
65
77
4312
4
383
414
9212
99
4112
30
10813
10212
1023
4
8
1004 1025
4
983 11211
7312 874
434 7012
4612 77,
8
92
983
4
88
974
7012
43
8
783 8914
79
884
10038 10212
57
77
47
66
43% 7112
10614 10814
4
8
1067 1083
8
59% 747
4212 58
11114 11418
10512 1094
106 /1014
10412
95
81
8314
4
923
8912
7512
87
91512
1164
107%
824
08
2
977
106
94
105
10112
28
27
241.
26
208
2414
30
4012
16
2712
82
40
3212
8118
6614
4
1014
56
90
96
4
1,
118
98
90
9112
4014
41
4
313
72%
10218
45%
76
1712
es:
Week's
Range or
a
Fridae's
Rfel & Asked
High No
1946 J 1 .1181g
Ore Short Line let cons g be
11818
1946 J
Guar stp 1 cons 55
J 103 2
,
1961
Ore-Wash RR & Nay 4s
1963 MS 10014
Oslo Gas & El Wka extl 5s
1941 MS 9812
Otis Steel let mtge Se ser A
41
1946
Pacific Coast Co let g be
1942 .1 .1 106
Pacific Gas & El gen & ref ba A
4
993
1938 P A
Pac RR of Mo let ext g 45
4
.923
1938 .1
•2d extended gold 58
j 10614
1937
Pacific Tel & Tel 1st 614
N 11114
1952
Ref mtge be series A
1955 J J *10312
Paducah & Ills 1st s 1 g 414e
4
II•Pan-Am Pet Co (Cancan* 68_1940 JO 413
40
*Certificates of deposit
f•Paramount-13'way let 614,_ _1951 JJ
*Certificates of deposit
1951
5143 assented
1947
Paramount Pam Lasky 68
103
f t•Proof of claim tiled by owner...
ID 103
orertIffeates of lenogit
4
933
deb 6$-----1955 J J
Paramount Pictures
1960 P A
Paramount Pub Corp 610
108
1I•Proof of claim filed by owner.....
1063
4
*Certificates of deposit
4
1373
1968 M
Paris-Orleans RR ma J10
30
f•Park-Lexington 814s etre_ __ _1963
1944 40 3112
Parmelee Trans deb )14
,
1949 MS *117 4
Pat & Passaic0& E cons be
1942 M
•Paulista Ry lot ret 5 t 75
28
27
2418
26
264
2414
30
4012
16
2712
87
40
3212
90
48
38
8
367
1054
5
4
1414
9114
96
6118
56
56
54
98
88
35
4
353
4
1243
115
9414
10212
1024
108%
99
107
10418
t2
*10212
1937 M
Penn Co gu 314s eon in A
1941 FA 103
Guar 314s coil trust ser B
D *99
1942
Guar 31441 trust ctfs C
1944 JO *10114
Guar 314s trust etre D
1952 MN 103
Guar 40 tier E trust etre
1963 MN 10512
Secured gold 434e
8
1941 MS 905
Penn-Dixie Cement let 65 A
,
Pa Ohio & Get let & ref 43.45 A.._1977 AO 104 4
1981 • J *10612
414s series B
1981 AO 10414
Pennsylvania P & L 1st 410
1943 MN •l0918
Pennsylvania RR cone t 4s
4
1948 M 26 1093
Consol gold 4s
3
4s ster! stod dollar May 1 _.1948 MN *109 4
4
1960 P A 1163
Coneoleinking fund 4148
1965 J O 107
General 414s series A
1968 J O 113
General 56 merles B
1938 FA 10218
Secured 610
1984 MOO 10612
Secured gold Is
1970 * 0 96
Debenture g 414s
1981 AG 104
General 41is series D
1984 I 1 10312
ser E
Oen mtge 414s
1943 AC •11614
Poop Gas L & C let cone 65
1947 MS 10612
Refunding gold 6s
1940 An 67
Peoria & Eastern let cons 4e
714
April ____1990 Apr
*Income 4e
8
1974 FA *1075
Peoria & Pekin Un 1st 614e
8914
1956 J
Pere Marquette let ger A be
7812
1956 J
let 4e series B
•P
8214
1980
let g 410 series C
1943 MN 11014
PhIla Balt & Wash 1st g 4s
1974 FA *115
39
General be aeries 11
4
1977 1 1 •1113
General g 414s series C
364
)
1- 1094
1901
General 434e aeries D
37
99
1967 JO
Phila Co sec Is serlee A
40
M N 105
1967
3912 Phila Flee Co let & ref 4I4s
1971 FA 10514
let & ref 46
3838
J
5814
1973
Phila & Reading C & 1 ref 58
62
1949 MS 37
Cony deb Se
63
24
1937 .1 1
Philippine Ry let a f 4a
3014
1939 JO 10218
Phillips Petrol deb 514s
45
9514 Pillsbury Flour Mina 20-yr 68_1943 A 0 10618
1952 MN *55
Pirelli Co (Italy) cony 75
61
4
1940 5.0 1103
49
Pitta C C & St L 410 A
1942 40 111
Series B 414e guar
_
1942 ▪ N *111
Series C 414s guar
87'
- 75
4
1945 MN *10812
Series D 4e guar
19
8
1943 FA *10412
Series It 31481 guar gold
1014 18
1953 JO *10912
Series F 4e guar gold
8
705 96
10912
1957
Series CI 4s guar
90
97
1966 FA *10912
. Series If cons guar 40
1101
10514
1963 P A 11818
Series I eons 434s
4
, 22
18
1964 MN *11672
Series J cone guar 414e
4
23
8
13
D *113
1970
General NI Ss seriea A
4
108 1113
1975 A 0 *11214
Gen mtge beset B
4
1043 1073
4
8
1977 ii 1063
Gen 434e series C
8
10412 1075
1940 5.0
Path Sb & L E lat g 5s
63
46
1
1943
52
let consol gold Is
41
1947 • N
373 5112 Pitts Va & Char let 48 guar
4
*Pitts & W Va let 4145 eer A __1958 JO 6314
9712 100
1958 * 0 •6212
let M 410 series II
109 1113
4
1960 AG .6212
let M 430 serles C
86
56
1948 113 *10612
PItts Y & Ash let 45 ser A
85
76
1962 FA *112
let gen 5s series B
1712 32
84
1
32
9
106
106
9614
5
22
177
134
15
93
108
1073
4
139
30
32
7
12
42
4
9
8
127
14
10414
8
14
102
4
453
8
17
10
2
5
25
94
8152
4
833
8112
8412
82
105% 34
55
8
9114
78
2
10414
4
1013
7512
1 1:4
10: 140
9812
, 9412
109 ..72
1 1 17g
964
9812
27
804
4
1073 113
4 34
1133
s
873
. 16 101
92
10732_
81
23
10714
66
79
4
753
10412 39
9112
10418 81
190
80
8
11;7
50
1
08:41 14
74
4
831t
Si
44
9013
4812
10
48
23
83
103- 281
102
11014
5
12012 -11312 -10912 15
148
100
,
106 2 50
4 18
1053
6012 37
4012 192
5
25
4 43
1023
4
107
_
85
2
11034
8
ill
_
10912
1
8
ffi1114
11414
1003
4
2
8
343
2
747
78
5012
60
6812
84
61
100
89
93
100
684
381g
4
1013
101
7012
7412
8812
82
82
105
103
10514
101
88
45
11018
107
764
8
897
1023
4
9614
96
10
84
108
10812
10118
9858
29
3
105 4
89
78
90
87
10
99
9412
8314
29
4
I053
10914
1075
8
101 14
8
1013
4
133
109
4
1093
105
5014
107%
113
11214
104
10414
1814
11312
1174
109
1963 F
Port Arthur Can & Dk 69 A
1953 FA
let mtge 6s series B
S
1960
Port Gen Else let 4 tis ear 0
21
1st 5s 1035 extended to 1950
Porto Rican Am Tot, eon, 84_1942
t•Postal Teleg & Cable coll 55_ __1953 J
J
§t•Pressed Steel Can cony g ba_ _1933
1957 MN
Providence Sec guar deb 45
1956 M
Providence Term 1st 48
Pub Serv El & 01st A ref 414s1967 J O
1970 FA
let & ref 414s
1971 AG
let & ref 48
J
1950
Pure 011 Co 15 yr 41.i'S AV IV
J
1948
Purity Bakeries a f den 5e
f•Radie-Kelth-Orpheum pt pd ctts
for deb 6s & corn etk (65% ad) _____
1941
1•Debenture gold tis
Reading Co Jersey Cent coil 45_1951 A0
1997 .1
Gen & ref 4146 series A
J
1997
Gen & ref 4145 series B
1947 MN
Rem Rand deb 514e with want
1947 Si N
514s without warrants
1941 MN
Rensselaer & Saratoga fis go
1940 A0
Repub 1 & S 10-30-yr be e f
J
1953
Ref & gen 534s series A
1948 MS
Revere Cop & Brass 6s ger A
1946 ▪ J
•Rheinelbe Union s 1 7s
1953 II
•Rhine-Ruhr Water series(4
1950 MN
•Rhine-Westphalla El Pr 75
1952 MN
•Direct mtge 6e
1953 FA
*Cons mtge fte of 1928
*Cons M 6s of 1930 with warr 1955 AG
1944 MN
It•Richileld °H of Calif 65
M
*Certificates of deposit
N
1948
Rich & Meek let g 4s
J
1952
Ry let 431 be
Iltchm Term
1955 FA
*Rims Steel let a f 70
1936 JO
Rio Grande June lot gu 5s
f*Rio Grande Sou lot gold 4s.._ 1940
*Guar 48 (Jan 1922 coupon).-1940 J J
1939 .1
*Rio Grande West lot gold 4e
1949 40
•let con & cell trust 45 A
6
1-
4
643
65
65
109
118
15
2
79
79
8112
____
7714
7412
2
5
106 8 10652
12
5114
527
4
3412 363 208
4
8
5114
50
*24% 29
-5156
- -34E2 164 4
10,4
-10458 1043
10612 107
9612
8
957
9818
9552
8
*575
52
974
1054
8
1047
104
104
10614
10412
108
a325
8
28
4
333
32
314
4
313
3012
31
*3812
10714
*5214
*9012
*1
*1
77
3412
7
7
15
89
47
4
593
9712
10614
106
10414
104
116
10612
105
1084
a325
8
28
4
333
32
8
323
3214
32
32
8
417
10714
60
95
4
17
7
9
40
38
4
77
35
3
29
21
13
8
1
3
1
1
12
5
47
18
Range
Since
Jan. 1
High
Low Low
11418 1185*
100
11512 11912
0958
101 106
,
77 4
94 10024
6512
69% 100
20
45
36
25
,
105 4 109
9812
9812 1015
8
80
93 100
84
10534 107,2
10314
10918 11312
104,
4
1054 1315 12
93
254
3312 46
3314 49
25
2
423 6412
274
6412
42
2712
60
55
55
104
100,
4
994
4118
10618
100
9914
10614
11114
106
4
413
4
413
4
.10
10412 108
6214 944
85
63
6212
42
135 171
194
12
12
1834
4
8
357 503
11012 117
106 10812
8114 10312
74% 10212
784 103
4
7112 1003
118 120
110 112
40 4634
45
45
Jute 1
1933 fn
Aug.31
1935
8
987
9514
87
10014
61 I
100
8932
,
48 2
3012
2014
8414
10214
82
100
99
4
1003
4
973
8912
961g
98
99
9614
8634
8514
75
97
1104
94
53
4
513
47
4
923
97
4
583 106
59 106
93
9614
5444
5854
4
130,
174
23
116
82
108
4
1073
163
35
33
11814
94
102 10232
100 103
4
98% 1023
98 103
4
993 103
4
1043 10734
7112 9312
103 1061 2
10412 1065*
8
983 10614
107 Ill
108 11412
108 11312
11412 II912
10452 16918
109 1157
8
10212 106
lob 108
8
903 975
8
1003a 107
8
2
997 1067
1104 118
98.4 10712
6012 7334
WI
4
102 10814
91
75
81 14
69
83
68
108
113
10812
107
7912
105
104,4
112
11914
113%
1121 2
10112
1
10
108,4
52$4
3012
2214
101 12
10514
82
8
1083
10812
109
4
1073
75
534
274
104
10914
10412
11212
112
11172
110
1055* l09'
107 110
2
1133 11818
113'1 117
1114 11014
8
1113 11614
104 108
110 114
4
1103 1134
10714 10714
681
53
5134 6612
68
47
4
lOil 1093
11612 11612
774 854
6114
82
75
66
504 80
374
1063 10712
2
1064
42
34
56.
Po,
25 18 254 5214
3814 5614
384
35
20
20
8858 91 12
8112
10152 10912
9818
104% 10914
97
8814 104 10854
4
957 961s
8254 99
78,
35
16
73
79
7914
63
9912
6112
76
2812
25
2
347
32
2
317
3112
29
1912
32
99
45
70
1
66
244
454
2612
9612
10438
8
1047
99
9913
5114
6354
1001
:
10814
10812
8
1047
8
1043
i6ari 10538
94%
10714 1084
43
32
264 394
4
333 41
32
4312
314 43
3118 4312
35
25
2412 35
et)
32
10438 10714
60
48
8512 9512
1
1
1
1
4
6612 823
2412 47,
2
Volume 141
BONDS
N. Y STOCK EXCHANGE
'
Week Ended Sept. 6
New York Bond Record-Concluded-Page 6
Fleets'
Range or
Friday's
1.115
Bid & Asked
July 1
1933 to
Aug.31
1935
Range
Since
Jas. 1
Low
High No
10812
Roch G&E gen M 534e ear C___1948 IS S *107
Gen mtge 4118 series D
1977 M S *1103
4
1962 M El 109
Gen mtge Se aeries E
1- 9 z 5
6 -11934 M 8 •1112 14
1**R I Ark & Louie 1st 4 Hs
1945 A 0011612 01164 25
Royal Dutch 49 with warr
1948 A 0 03512 a3512 10
*Ruhr Chemical e f tie
8
-Canada let 20 g 4
1949 J J 30
314
Rut
5
3
34
Rutland RR let con 4341
1941 J 1 34
Low Low
High
96
1063 1097
4
3
86
108 1103
4
894 107 110
758 14
78
1
9038 10512 1364
8413
38
35
30
30
404
313 51
311
4
4
St Joe & Grand Ield let 441.._.....1947 J .1 *105
11)4 8 19
7
St Joe Ry Lt Ht & Pr let Se
1937 M N 104
5
St Lawr & Adr let g 56
19963 J 8934 894
2d gold fle
1996 A 0
St Louie Iron Mt & Southern
•111.1v &0 Div let g 49
653
4 96
1933 91 N 63
1
63
*Certificates of depo-it
83
t•St L Peor & N W let gu 5s__1948 J J *3612 4114
8
72
St L Rooky Mt & P lie MP 1
19553 J 71
1950 1 J 13 8 14 3 49
3
(*St L-Ban Fran or lien 4e •
7
5
*Certificates of deposit .
1212
11
52
*Prior lien 56 series B
1960 J J
1412 15
18
*Certificate., of deposit
12% 14
•Con M 4118 serial A__- .--1978 M 8 10% 107 181
8
*CUB of deposit stamped....... __
8 11
95
8 103
83 4
1
70
6414
70
21
36
23
1
2
el
4112
354
27
45
457
2
84
45
1118
924
86
85
96
,
St L 8 W let 4s7 bond otte 1989 M N 80% 81
2e g 4e Inc bond ctfe
7
NO. 19893 .1 5812 62 8 let terminal & unifying 53_-.1952 J 3 6214 623
4
Gen & ref g 58 ser A
8
1990 3 J 5012 533
St Paul City Cable cone Se
8
.1 J 957
a
8 957
Guaranteed 56
98
1937 3 J 98
St P & Duluth let con g 48
1968, D *10214
297
8
test Paul E Or Trk let 410_1947 3 3
1412
totin Paul & EC CI Bh L gn gHe
1941 F A
13
St Paul Minn & Man 5
19433 J 1063 10714
4
Mont ext let gold 4e
1937 3 D *1033 104
8
tPacific ext gu 48 (large)
1940 3 J *10218
St Paul Un Dep &guar
1972 J g 11814
15
15
651
8
52
37
37
94
3
812
94
3
93
1
74
3
712
8 A & Ar Pam let gu g 48
1943 3 3 873
8 88% 32
10712 10
San Anlonlo Publ Berg let 69 _ _1952 1 I 107
Santa Fe Pres & Phan let Se
1942 M S •11312 11412 -Schulco Co guar 630
19463 3 *4214 4952 ---Stamped
49
1
49
Guar a f 6 He series B
1916 A 0 *4214
Stamped
*46
Helot° V & N E let gu 411
11212
1989 ht hi *111
***Seaboard Alr Line let g 4e...--1950 A 0 *1618 2412 ---*Certificates of deposit
*12
i•Gold 4e atamped
1
1950 A
137
8 13%
ecertite of deposit Stamped
A 0 •12
*Adjustment Se
212 ---Oct 1949 F A
*2
512
3
foRetunding 45
1959 A 0
43
4
*Certificates of deposit
614 -*512
*let & cons (le series A__.
7141
1945 M h
61
4
*Certificates of deposit
6 4 33
341
552
(1•Ati & Birm let g le
1933 M S *125
8
55
70
95
34
2618
29
28
90
64
1
1014
10
1014
212
414
413
412
312
812
**Seaboard All Fla 8e A 008-.1935 A 0
35
8
*Series.B certificates
1935 F A *312
Sharon Steel Hoops!534.
1948 F A
9612
Lineal deb Se
Shell Pipe
1952 M N 102%
Shell Union 011 r I deb Se
1947 M N 10212
Shinyeteu El Pow let 610
19523 D 8518
•181emene & Hateke a f 75
1935 3 3
*Debenture 61 894e
1951 51 S 3912
Sierra & San Fran Power lie
1949 F A 111
efillefila Elm Corp a 1 6 He
1946 F A *2813
811133180-Am Corp cell tr 78
1941 F A 60
Skelly Oil deb 5341
1939 M 8 103
South & Nor Ala cone HU g 58_1936 F A *104
Gee cons guar 60-year 55
1963 A 0 *112
214
214
35
86
781
8
58
39
36
868
4
25 8
7
83
80
99
89
South Bell Tel & Tel 1st e f 15e
1941 1 J 108
Southern Colo Power fle A
1947 3 3 99
Flo Pao coil 48(Cent Pao ooll)-1949 3 D 7812
let 4 He (Oregon Linea) A
1977 M 5 8518
Gold
e
1968 M 8 72
Gold 494e
1989 M N 7112
Gold 411e
1981 MN 7114
San Fran Term let 45
1950 A 0 105
So Pao of Cal let con gu g 68
1937 MN *10712
So Pao Coast let gu g 40
1987 J J *9812
So Pao RR let ref guar 48
1955 J .1 9614
lot 4s. Stamped
1955,
Southern Ity let cone g Se
1994 J .1 81
Devl & gen 48 serial A
1956A 0 373
4
Devl & gen 68
1956 A 0 475
8
Devi & gen 6 He
4914
Mem Div let g 5e
Mg 3 1 69
'
4
St Louie Div let g 01
1951 J J 70
East Tenn reorg lien g 5e
1938 M S
Mobile & Ohio coil IT 48
1938 M S 35
erweet Bell Tel let & ref Se
1954 F A 1083
4
**Spokane Internal let g Se
19553 1
912
Stand 011 of N Y deb 4348
1951 J D 10112
Staten Island Ry let 4343
1943 J D
1**Stevene Flotele lie series A
1945 J J *1912
*Studebaker Corp cony deb 88-1945 3 3 4812
Sunbury & Lowleton let 4e
1936 J J
Swift & Co lot M394e
1950 611 B 10314
Syracuse Ltg Cu let g Se
1951 3 D *1175
8
4181
5
98
10312
103%
8518
67
40
11112
30
61
103
18
23
21
1
40
5
16
6
10812 11
9953
43
80
8614 114
74% 43
7414 109
197
74
105% 23
10812
9712 112
8312 69
310
41
118
55
128
55
9
72
16
73
977
8
23
38
10914 29
11
11
49
102
21
53
119
103%
64
Tenn Cent let(Se A or B
1947 A 0 66
66%
Tenn Coal Iron & RR gen Se
1961 J J 11512 11512
Tenn Copp & Chem deb Se B ____1944 M P 10012 1003
4
Tenn Elea Pow let Se ear A
19 9 l D 99
93 Ao
47
10012
Term Assn 01St L let g 4945
*1103 111
4
let cone gold Se
1944 F A 11412 11412
Gen refund a t g 48
19633 J 104
10418
Texarkana & Ft 8 gu 548 A
1950 F A 87
8712
Texas Corp cony deb Se
1944 A 0 1033 10418
4
Tex & N 0 con gold Se
99
1943 J J
98
Texas & Pao let gold Se
115 •
20003 D 115
Gen & ref fie series B
1977 A 0 9118 9112
Gen & ref 68 serlee C
1979 A C 9014 9114
Gen & ref 58 series D
1980 J D 9133 9112
Tex Pao-Mo Pao Ter 514e A
1964 M 5 997 100
8
16
14
4
88
TtOrd Ave By let ref 45
1980 J
5614
*Ad)Inc 56 tax-ex N Y-Jan
8
1980 AO 245
Third Ave RR let g Se
1937 J J *101%
Toho Else Power let 7e A
1955 MS 93
Tokyo Else Light Co Ltd
let Cs dollar series
1953 D 805
8
Tol & Ohio Cent be West dly
1935 AO *10012
Tol St L & W let 44
1950 A 0 915
8
To! W V & Ohio 48 ser0
1942 MS *105
Toronto ham & Buff let g 4e
1946 3D 1007
8
Trenton 0 & El let g be
1949 515 118
Truax-Traer Coal eon,6101
1943 MN 8712
1940 MN 10212
Trumbull Steel let el Se
N 579%
*Tyrol Hydro-Elm Pow 734e- _ -1955
*Guar eee e 1 78
1962 CA
793
8
Ufigawa Elea Power a f 7e
1946 M
927
8
57
38
102
9312
36
37
81
40
16
7
7
34
12
5
9
52
15
10
6
9211 --la
. 7161:1 8
118
87%
103
85
793
8
93
2
9
1
9
II
10312
45
55
44
43
42
8012
100
95
SOle
97
74
28
3513
3513
64)
534
73
29
104
96
6612
12
39
981
4
10112
103
4314
10118
60
544
99
98
71
5414
934
64
82
55
534
54
87
38
185
8
8514
704
57t2
91
60
103
82
1011
8
35
674
454
4314
691
8
BONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 6
1567
July 1
1933 to
Aug.31
1936
Week's
4.31 Rangier
Friday's
..7a.. Bid at Asked
2
Low
Union Eleo Lt & Pr(Mo) Se
1957 A 0 106
no E L & P (111) let g 5 He A -1954 J J 105
2•11filion Elev Ry (Chic) Se
1945 A0 20
Union 011 30-yr fie A
May 1942 F A 1204
lJnIon Pao RR let & Id gr 4e ......1947 J 1 1103
4
let Lien & ref 4e
June 2008 MS 108
Gold 4318
1967 J J 106
let Hen & ref fie
June 2008 M 8 114
19613 J D 10214
Gold 4e
103 107
United Biscuit of Am deb Ss -1950 A 0 106
96 1045 United Drug Co (Del) Se
8
1983 MS 9114
8
17 N .7 RR & Can gen 46
1944 M 5*1105
8612 90
894 85
ft•United Rye St L let g 45
1934 J J *27
J 95
U S Rubber let & ref &MIA
1947
5412 71
4
United 8 8 Co 15
1937 MN *993
-year 68
54
69
37
5618 •Un Steel Works Corp 6345 A......1951 J D 33
D 33
75
*Sec. a t 611e series C
60
1951
*Sink fund deb 8345 ger A
32 2
1
91 174
4
1947 J
813 151 Un Steel Works (Burbaoli)7e ..--1951 A0 13712
4
9 4 18
3
*Universal Pipe & Bad deb 68 _1935 3D 18
9 4 1812 •Unterelbe Power & Light Se_ ___1953 AO *32
3
8
1944 AO 885
7 1 1412 Utah Lt & Trac let & ref Se
1
4
1944 FA 873
7
74 13 2 Utah Power & Light let Es
Utica Elee L & P let If g 5e
*11712
1950 J
Util Power & Light 6341
64
85
1947 3D 61
4938 64
Debenture be
1959 CA 5712
3518 63
27
535 Vanadium Corp of Am cony 58 _1941 *0 8014
8
Vandal% cone g 4s eerie. A
784 98
1956 F A *106
Cone e f 48 series B
79
9814
1967 M N *105
1014 1024 **Vera Cruz & P let[(U 41-4e
*214
1934
J J *214
1
.11July coupon off
ifn- •Vertientee Sugar 78 etre
s
107
8
1942
107
10412 1093 Va Elm & Power be aeries B
8
1954
let & ref M 58 ser A
101 1043
4
1955 *0 10512
99% 10212 Va Iron Coal & Coke let g Si .......1949 MS 65
N 101
118 1184 Virginia Midland gen 5/4
1936
Va & Southwest let gu 55
2003 33
7412 9014
let eons 5a
1958 *0 6712
100 4 1093 Virginia By let 58 series A
1
4
1982 MN 11138
8
108 1123
let mtge 411e series B
1962 MN 105
34
50
29
*Wabash RR let gold Se
N 9312
50
1939
*2d gold Se
32% 50
747
4
1939 F A
28
J 6018
let lien g term 4.1
50
1954
Del & Chic Ext let 5e
1094 115
1941 J 3*10012
J*__
Dee Moinee Div let g 46
11
18
1939
1512 17
Omaha Div let g 13348
1941 A 0 *63
10
20
Toledo & Chic Div g 4e
1941
**Wabash By ref & gen 5945 A
107 20
8
1975 M 5 2112
2014
24 318
•Certiflcatee of deposit
•Ret & gen Se series B
414 9
1976 FA 20
*2014
418 8
*Certificates of deposit
*Ref & gen 4 94s series C
44 117
3
1978 Ili 20
20
*Certificates of deposit
34 10
.•Re & gen Se series D
1980 A0 21
84 17
18
*Certificates of deposit
.214 412 •Walwortb deb 8 He with warr_1935 A 11 *62
A 0 *5012
214 412
*Without warrants
*lee .enklne fund fle eer A
987
2
80
1946 A 0 6012
615
8
1023 10514
4
*Deposit receipts_
10212 10414
Warner Bros Plot deb lie
764 88
1939 MS 7712
Warner-Quinlan Co deb 6e
58
76
1939 MS 31
3414
3714 503 Warren Bros Co deb 66
1941 M
4
103 4 113
1
Warren RR let ref gu If 811e
2000 FA
25 8 3912 Washington Cent let gold 411
7
1948 QM *9112
4514 61
Wash Term let gu 3345
1945 CA *106
let 40-year guar 4/1
98 4 10312
1
1945 CA *107
111
1.037 10414 Wash Water Power 8 f be
3
1939 J
112 11612 Westchester Ltg Se etpd gtd -1950 3D 119
8
West Penn Power set A 56
1946 MS 1073
1183
107 110
3
let 56 eeriee E
1963 M
82 *0012
let sec 1543 series0
1956 3D 10718
J *1077
60
12 8334
let mtge 4e ear H
1961
8
734 8711
8612 7618 Western Maryland let 4e
1952 *0 95%
6512 76
let & ref 534e series A
103%
1977 J
56
73 3 West N 7& Pa let g Se
7
4
1937 31 1053
9912 106
Gen gold 4.1
1943 AO 107
10714 10778 (*western Pac let Se ser A.1946 MS 2912
10012 10012
•58 Assented
30
1946
89
983 Western Union coil trust 55
4
10412
1938
97
97
Funding & real est g 411e
1950 MN 9812
77 loais
15
-year 594e
1938 VA 10214
6212
28
25
-year gold Se
D 9912
1951
354 81
30
-year Ss____
1960 MS 9812
3518 86
*Westphalia 1- El Power 68....-195333 3218
.7n
9212 West Shore let 48 guar
69
'3 783
2361
4
5912 88
Registered
2361 33 737
8
97 103
29
67
Wheel & L E ref 4He ear A__
MS
Hien
107 111
Refunding Si eerie. B
1966 MS
6
11
RR 1st coneol 48
1949 MS *106
10112 10412 Wheeling Steel Corp let 5943
1946 33 103'z
let & ref 4 He series B
1953*0 100%
13
2158 White Sew Mach 65 with wart
*95
1936 .11
39
53
1
Without warrants
*9518
Partie e f deb Se
N *80
1940
10112 10414 **Wickwire Spencer St'l let 78 1935
116 12184
•Ctt dap Chase Nat Bank
145
8
*Ctrs for col & ref cony 7eA .__1985 MN 1318
5414 89
Wilk & East let gu g Ss
1942 3D 4112
113 1213
4
9113 102
Will & S F let gold ba
I938 3D 105
90 104
Wilson & Co let 8 1 69 A
1941 A 0 1073
4
1084 112
Winaton-Salem S B let 48
19110 J
106
10912 11814 **Wig Cent 60-yr let gee 45
914
1949 .1
1014 106
*Certificates of depoell
*73
4
*514
834 9614
*Sup & Dui dly & term let 4e__1938 MN
1025 1013
8
4
*Certificate!' of depoelt
*412
83 100
Wet & Conn East 1st 44, __las&
J
113 120
Young...ewe Sheet & Tube 58-1978 .1 1 9714
79
94
let mtge e f 56 8er B_
1970 • 0 9712
794 933
4
7913 934
8
8912 1003
Range
Since
Jan. 1
High No
10612 10
4
106
18
24
3
121
69
112
25
107
10614 21
11512
1023
4 63
10613 28
60
93
11114
34
9712 134
----
Low Low
High
8
941e 1044 1091
9914 10412 10612
13
24
1014
1164 121
105
1077 11313
4
94
804 10414 1085
3
103 108
81
113 120
99
9912 1047
7654
3
10558 105% 108%
63
87
96
8
9712 1073 11212
253 35
154
4
9012 9812
56
98 101
854
3
3414
2
33
3312 16
1
1371z
1.83
4
34
903
4 18
897
8 40
118
6418 67
60 4 141
3
26
27
23
981
4
13
3218
6012
554
109
208
a
18
13
59
99
85
18
4
3
833
4
_
_
2
10
107
105
106
2
654
2
101
993
4
4
69
112
20
6
105
95
7612
6018
37
16
1
-7256
90
2412
21
22
26
4
12
-- 1;
21-
36
2012
2214
22
55
_
1314
615
8
28
37
2
10114
88
60
91
757
2
55
89
8412
57%
68
50
70
38
56
1214
11
13
1012
113
4
11
111
4
1012
1212
1212
IAN
5
914
4
813 572
32
34
632 44
8014
9314 ____
---- -fins 13
119
7
10712
3
18
119
2 10
1073
24
24
30
76
79
86
94
9818
10314
10014
1017
8
101
9014
34
13
2
6112
66
100
78
23
96%
104
106
107
3012
31
10518
99
10258
100
9012
3212
8114
76
18
11
19
4
12
50
92
4
35
13
8713
92
711
/
4
72
27
55
3214 43
33
4212
3218 41
120 1413
4
18
314
3218 413
8
55
92
897 9314
2
116 11612
2414 604
2014 63
66
9414
102,4 107
2
412
4
4
33 16%
4
10514 10814
10514 1077
2
5812 6518
1003 102.8
4
94 101
835 84
8
11014 113
10314 106
8912 954
5772 81
5312 5014
9812 102
717
8
53
4512 6214
8384
77
1214 2412
13
21
12
2212
1012 2013
111 22
4
137 20 8
8
5
1114 228
5
1012 20
33
5212
36
51
3618 6812
5914 55
48%
24
31
80
8114
40
53
80
1036
210612
1087 1067
2
3
106 112
11514 1225
8
106 11112
11414 122
10614 1114
10613 10912
874 98
96 105
1053 107
4
102 1083
4
25
37
25
363
4
1014 10513
82
9914
100 103
824 100
80 100
4312
31
744 864
7014 823
8
15
20
81
6518
83
70
60
434
45
44
2
1023 10413
8
10314 104
10214 109
10014 106
90 10112
96
85
66
983
4
89
64
7
28
3
414
34
1
33
818 163
4
7
1512
48
36
10514 10
1073
4 14
1
106
7
103
4
103
4
8
7
577
8
111
99
99
132
85
951
4
83
75
8
713
412
4
no
6314
6314
108
104
10114
98
85
15
143
8
433
8
10212
1073
4
104%
75
8
718
44
4
105 8
7
11012
10812
1312
1012
74
3
712
gm, 99
894 9914
r Cash sales not included 111 year's range. a Deferred delivery sale no Included in
5012 59
18% 2612 Year's range. n Under-the-rule sale not incluled in year's range. 1 Negotiability
Impaired by maturity. t Accrued Interest payable at eschange rate of $4.8665.
10014 103
8812 9514
Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assu-ned by such companies.
79
8538
* Friday's bid and asked price. •Bonds selling flat.
100% 101
9412
81
e Cash sales In which no account is taken in computing the range, are shown below:
103 103
San Paulo 6s, 1968, Sept. 431 16.
984 10212
z Deferred delivery sales In which no account is taken in computing the range, are
11214 118
given below:
94
70
Adriatic Elec. 75, Sept. 4 at 5032%
100 1035
2
Cent. Agile. Bk. 6s, July, Sept. 3 at 2934.
784 96
78, 1950, Sept. 4 at 37.34.
77
904
Cologne 634s, Sept. 3 at 27.
87
964
Dominion Rep. 5345, 1942, Sept. 3 at 68.
Deutsche Bk. Am.
-Part., 6s, Sept. 4 at 60.
Chi. S. L. & N. 0.5.9, 1951, Sept. Sat 10334.
Montecatini 7*, Sept. Sat 7134.
Montevideo Os, Sept, 3 at 3514.
1568
Sept. 7 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
week beginning on Saturday last (Aug.31 1935) and ending the present Friday (Sept. 6 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
IVeek's Range Sales
for
of Prices
Week
High
Par Low
Wire v t 0 corn_ _20 24% 2711
Adams Millis 7% 1st 1;4 100 11054 110%
.
Aero Supply Mfg cl A...._ •
•
2% 235
Class B
7
7
I
Agfa Ammo Corp com
Ainsworth NIfg Corp_ _ _ _10 3935 4031
•
134 1%
Alt Investors corn
•
Cony pref
%
34
Warrants
A labamaGt Southern ___50 3434 3734
Ala Power $7
•
$6 preferredpre• 6334 65%
34
34
Algoma Consol 7% pref.. _5
%
4
Allied Internet! Invest_ _ _.
Alliance Investment corn_°
• 1734 1734
Allied Mills Inc
62
60
•
Aluminum Co OOMMOn
96
100 95
6% preference
Aluminum Goode Mfg._• 1234 1234
• 10
1034
A lumtntini Ind corn
•
Aluminum Ltd corn
C warrants
I) warrants
100
6% preferred
235 211
A rnerican 'leverage corn _ _1
American Book Co_ _100
Amer Capital10c
Class A corn
34
35
Common class B ____ 10c
•
$3 preferred
85.50 prior pref
•
Am Cities Pow & Lt35 4234 44
Class A
454
1
4
Class B
Amer Cynamld class A...10
Class B n-v
10 2335 2531
Amer Dist Tel N J corn_ •
7% Cony preferred _ _10(1
Amer Equities Co com_ _ I
316
Amer Founders Corp___ _ I
11 '
7% prat series B
50
6% let pref ser D.-- _50 37 3-4 39
435 4%
Amer & Foreign Pow waft.
Amer Oas & Else com_ • 3335 3531
e 105 106%
Preferred
24
Amer I tar d Rubber com _60 22
30 1834 1834
Amer Laundry Maela
14
Amer L & Tr corn
35 13
25 23
23
6% preferred
5% 5%
Amer Mfg Co corn
4
Amer Maracaibo Co
1
A
• 1535 165.1
Amer Meter Co
Amer Pneumatic Service...
29
Amer Potash & Chemical.• 28
1% 231
ArnSuper power Corp com •
let preferred
•
• 243-4 2735
Preferred
A Me!Thread Co pref.
_5
Amsterdam Trading
American shares
•
35
34
Anchor Post Fence._ . ..•
Anglo-Iranian Oil Co LtdAm dep rcts ord reg_ _El
Angostlira Wupper Corp_l
5% 63i
Apex F.lec Mfg Co com _ _•
Appalachian El Pow preL• 101% 10131
916
•
Is
A returue Radio Tube ____I
2% 235
Arkansan Nat Gas com_..•
•
2
231
Common class A
634
Preferred
6
10
Arkansas P & 1,37 prig_ •
10
8
Art Metal Works COM _ _ _ _I5
Associated Eleo Industries
831 835
Amer deposit rcts _ __ _El
Assoc Gas & Eleo1
1
134
Common
1
1
1%
Clans A
6
•
5
$5 preferred
'is
'is
Option warrants
Associates Investment Co • 3235 3331
Assoc Laundries of Amer_.
A esoclated Rayon com _ _ _•
A eaoC Tele!) Si.50 pref. __*
73.1
7
Atlantic Coast Fieheries_ •
Atlantic Coast Line Co_ _5-0
• 12
1335
Atlas Corp common
• 5334 5335
$3 preference A
3% 4%
Warrants
•
431
431
Atlas Plywood Corp
935 12
A utomatio-Voting Mach_•
Anton-Fisher Tobacco5335
Class A common
in 52
Babcock & Wilcox Co- .• 45
40
Baldwin Locomotive Works
Warrants
liaumann(L)&Co7%Dfd100
Reliance Aircraft vs 0_ _I
4% 4%
Bell Tel of Canada
1
- 00 130 130
Benson & Hedges corn ____•
•
Con v pref
Bickfords Inc corn_ __•
•
12.50 cony prel
Illias (l; W)& Co com _ _ _ .•
8% 8%
235 234
Blue Ridge Corp oons____I
• 43 .43%
$3 opt cony pref
Blumenthal (8) & Co
835 1134
•
Bohack (II C)Co corn
•
7% let pref
150
Botany Consol Mills corn..•
[tondo% Inc
3% 334
•
!Ionia Scryinaer Co____ 25
635 9
Bower Roller Bearing__ _.5 2935 30%
13owman-Bilt more Hotels7% 1st preferred_
100
BrazililanTr Lt & Pow....
735
754
Bridgeport Nfachine
•
sy, 9%
Brill Co P class B
•
1%
13-4
•
Class A.
•
Bello Mtg Co corn
•
Class A
Brit Amer Oil coup
• 15% 1554
•
Registered
British Amer TobaccoAm depress ord bearerEl
Am deo rcts ord reg _ ..£ I
IRMO Celanese Ltd35i
331
Am Imp rm. nrel reit -109
- For footnotes see page 1573
Acme
July 1
1933 to
Aug.31
1935
Range Since
Jan. 1 1935
Low
Shares Low
High
8% Jan 2754 Sept
300
634
25 6854 103
Feb 110% Sept
July 1135 Mar
6
5
Mar
4
54 June
600
54
7
July
100
3
335 Jan
5
1831 Feb 4034 Sept
700
400
131 Aug
,
9
ji Mar
Aug
1235 Mar 17
9
34 Jan
3 6 Feb
,
300
35
Jan
30
Apr 40
75 30
26
4134 Jan 7834 July
120 25
37
Jan 8934 July
100£' lie
116 Aug
34 Feb
A Sept
May
1 16 %
200
1
Aug
"is Feb
916
4,200
1234 Jan 1934 Aug
534
Aug
350 32
Mat 65
32
250 54
Aug
8935 Mar 101
200
8
1334 Aug
93.4 Feb
200: 6
1034 Sept
734 Mar
17
May
17
Mar 33
231
234 Jan
Apr
7
5
635 Mar
Apr
5
37
5031 Apr 6835 July
1
500
131 Feb
235 July
41
57
Jan 8935 May
500
325
5,700
15,800
300
150
200
11,700
275
700
300
2,300
100
25
1,200
675
1
34
935
46
3334
35
1235
831
7331
98
1
31
.
834
8
135
le%
5735
4
1034
734
16
3%
35
534
6
n
250 11
14,700
34
44
700
73.4
3
100
1154
31
9
%
1,400. 29
I 335
40 5734
100
31
35
1,800
20,100
35
134
1,000
2535
2,500
131
200
700
5,900•
700
1,200
3599
4
13-4 Apr
14 Jan
1634 May
76
July
29
%
2034
15
76
111
134
sal
1334
1334
1%
1655
8035
435
1234
734
1735
335
35
8
1
1234
35
44
735
4
1135 Jan
h Slur
1534 May
g May
1554 Aug
1434 May
May
4
834 July
735 May
431 Apr
Jan 10231 Aug
71
34 Aug
,
Ma
,
9
2% Aug
% Ma
23-4 Aug
h Feb
Aug
7
2% Mar
Aug
4134 Jan 79
Sept
331 Mar 10
31
Aug
2
234 Aug
1035 Aug
932 Aug
3631 Aug
Yi Aug
234 Jan
24% Aug
1035 Jan
Jan
30
1331 Aug
July
54
454 Aug
835 Jan
Sept
12
Feb
60
4951 June
%
h
.
131
8%
17,200
1,000
3,200
100
3,700
.%
1
13
2
18
735
35
1%
235
131
30
%
13.4
22
435
18
735
47
134
335
5
150
600
4355
18%
4354 Slav
Mar
28
932
9% Aug
Apr
Mar
Feb
June
Aug
Aug
Mar
Apr
June
Mar
Mar
Apr
Mar
Mar
Jan
134
le,
1,300
Aug
Aug
Aug
July
Aug
Mar 46
Mar
5
% Aug
Aug
Apr 32
Mar 2534 Sept
Mar
Jan 80
Apr 11354 Apr
2% Aug
Feb
Mar
pie Aug
Aug
Jan 38
Sept
Jan 39
Mar
534 Aug
Feb 3931 Aug
Feb 107% Aug
Apr 24
Sept
mar 18% Aug
Mar 1634 Aug
Aug
Feb 26
Apr
8
Feb
Mar
is May
Mar 1631 Sept
194 Aug
Jan
Apr 29
Aug
Mar
331 Aug
Feb 76% Aug
Aug
Mar 37
434 Aug
Jan
535 Feb
31
214
%
22
76
Feb
334
Slay 4054
535
Apr
May 132
4
Feb
/0
Mar
Feb 14
Apr 35
93.4
Mar
235
Mar
Mar 48
Jan
1134
June
11
Aug 65
31
May
435
June
Mar
9
Mar 3135
Jan
July
June
Jan
July
July
May
May
July
Aug
May
Sept
Jan
Feb
Jan
Feb
Sept
Aug
194
734
334
35
1
83-4
25
1435
16
Jan
Aug
Jan
Mar
Jan
Apr
Jan
Mar
June
Jan
Jan
Slay
Aug
May
May
Aug
June
June
2434
2435
27
21551
Apr
Apr
2
2
Mar
31
11
135
400
250 10435
134
I%
4%
23
155
1,200
1
1,100
500 3835
5
7,800
7
40
34
3
100
6
600
6,000" 631
34
15
151
123
131
5
835
3334
331
1
3.535
234
5
41
3i
3
6
18
134
7%
h
35
35
535
2234
1255
1431
400
5,300
200
100
100
3
1055
9%
13.1
135
7
28
1631
16
3134 Jan
29% July
4
Week's Range
of Prices
Sales
for
Week
High
Par Low
British Col Power cl A_ • __
100
Brown Co 6% pref
434 5
635
6
Brown Forman Distillery _1
41
50 41
Buckeye Pipe Line
Bull Nlag & East Pr pref 25 22% 2334
• 9931 9951
$5 let preferred
Bulova Watch $335 pref_•
Bunker Hill & Sullivan _10 44% 4535
Burro Inc coin
•
Warrants
Burma Corn Am dep rota
635 7%
10
Butler Brothers
•
Cable Elea Prod vie
Cables & Wireless Ltd
Am dep rcts A ord ells_ El
516
Am dep rots B ord she El
5re
Amer dep rote met she El
Calemba Sugar Estate..20
8% 8%
Canadian Indite Alcohol A•
•
B non-voting
154 1%
1
Canadian Marconi
Canal Construct Co
•
23.5
235
250
Carib Syndicate
Carman & Co
10
Convertible class A ____• 10
• 1834 1834
Carnation Co corn
88
Carolina P & L $7 pref.._• 88
•
$8 Preferred
0% 1234
Carrier Corporation•
.
10
Castle(AM)& Co
10
9
Catalln Corp of Amer__ _1
Celanese Corp of America
7% 15t panic pre _ _ _100 107 108
7% prior preferred__I00 109% 109%
15
Celluloid Corp corn
•
$7 WV preferred
la preferred
•
Celli Mud 0 & E vi ei__ • 1434 1534
34%
Cent P& L 7% pref_ _100 34
Intl__ 134 134
cent A south West135
13-4
Cent States Elea corn _ _ _ I
954 10
6% DM without warr 100
15
7% preferred
100 15
1234
Convpreferred
100 12
1031
Cony pref op ser'29 100 10
4% 534
Centrifugal Pipe
•
Cherie Corporation new_l 17
1734
Clic-Ty-Burrell Corp
•
25 135% 13535
Chesebrough Mfg
Chicago Rivet & Mach._• 1734 18
Childs Co pref
100 2134 24
35
Chief COMMI Mlning Co__1
34
Cities Service corn
•
134 235
Preferred
• 1931 2134
Preferred
BB
PreferredB• 17M 18
•
Cities Seri P & L $7 pref_'
•
18 preferred
635 634
•
City Auto Stamping
City & Suburban Homes IQ
35
34
Claude Neon Lights Inc_ I
Cleve Elee Ilium corn _ __• 4454 4434
Cleveland Tractor corn__.• 1335 1534
2
Clinchfield Coal com _ _ _100
2
1
%
Club Alum Utensil Co._ _ •
Cockshutt Plow Co corn_ _•
Cohn & Rosenberger
•
1,
16 1%
C0101:1 011 Corp corn
•
36
Colt's Patent Fire Arms_26 36
Columbia Gas & E'er,
83
Cony 5% pref
100 77
134
1
Columbia 011 & Gas yte__ •
Columbia Pictures
•
8535
Commonwealth Edison _100 81
Commonwealth & Southern
Warrants
916
916
Community PAL $8 Pre'• 1534 15%
Community Water Berv-• '
H is
116
1% 2
Como Mines
I
1454
14
Compo Shoe Machinery._1
Conn Gas & Coke see $3 pf•
1231 14
Consolidated Aircraft._ _ _ 1
Consol Auto MerchandI•
33.50 preferred
•
3% 3%
Consol Copper Mines _ _ _ _5
82
Consol0 E LAP Bait corn • 81
Consol Min & Smelt Ltd_25
2% 3
5
Consol Retail Stores
8% Preferred w w _ _100
Continental 01101 Met
,
I% I%
Consol Royalty on
In
Cont0 & E 7% nrlor of 100 73
75
Continental0 lot Mex. _1
Continental Securities_ •
53-4
Cooper Beesemer corn _ ___•
534
• 25
25
53 pref A
4
•
4
Copper Range Co
5
4
4%
Cord Corp
Corroon & Reynolds
Common
335
311
1
• 3935 3935
$8 Preferred A
36
Cosden 011 corn
1
%
Preferred
100
Courtaulds Ltd
Am deo rots ord reg_ _ El 1334 1334
Cramp(Wm)& Sons ShIP
& Log Bldg Corp__ _100
Crane Co corn
35 1531 1635
Preferred
100
Creole Petroleum
5 177-4 1831
Crocker Wheeler Elea_ _ _•
7% 835
.
%
%
i
CrOtt Brewing Co
Crowley Milner & Co _ _ _ _•
35
Crown Cent Petroleum__ I '
516
1134
Crown Cork Internatl A _.• 11
Cuban Tobacco corn via.'
33
Cuneo Press corn
• 32
100
634% preferred
154
131
Cast Mexican MinIng_50r
5
Darby Petroleum corn_ A
5
Davenport Hosiery Mills.'
De Havilland Aircraft Co
Am Dcp Ret8 ord reg £1
Dennison Mfg 7% pref_100
10%
Detroit Gray Iron Fdy_..5 10
Derby (ill& Ref Corp corn:
Preferred
•
June
July 1
1933 to
Aup.31
1935
Shares
STOCKS
(Continued)
Low
2131
335
600
534
300
100 26
300 1454
1001 66
1655
675 28
6:
4
16
1%
331
%
1,400
.
16
516
331
•• 1534
900
531
455
155
500
" 31
135
1,900
500
Range Since
Jan. 1 1935
Low
High
2134 July 2534 Mar
Aug
9
4% Sept
931 Jan
5% June
Aug
3034 Jan 42
2334 Juiy
1434 Jan
6934 Jan 10015 July
Aug
2434 Mar 39
Mar 4931 Apr
30
Aug
2
% Feb
% Aug
Jan
34
231 Aug
1.34 Mar
735 Jan
5% Aug
Jan
1
Si Aug
31 Mar
May
,
9
134 June
916 June
June
Aug
May
May
June
July
May
Mar
Feb
Jan
Jan
Mar
July
Mar
5
2354
11
10
234
1034
431
631 Jan
Jan
17
5435 Jan
Feb
57
1234 Aug
4114 Aug
435 Apr
10
1934
88
66
1931
41135
10
Sept
July
Sept
May
Feb
Aug
Sept
May 110
90
81
9735 Mar 109%
75
635
8
Apr
15
36
May
1634 25
6935 May 8034
40
855 Mar
1734
8
800
175 11
2034 Jan 4331
2
5to Mar
su,
6,700
2
31 Mar
31
7,500
1434
1
Mar
1
200
Mar 21
•2
2
100
151 Mar 18
135
50
31 Mar 14
31
50
515
1,200
AA Julie
334
18%
1234 Mai
9
200
2454 Apr 2434
5 5
Mar 157
115
100 105
1934
435 1234 Jail
600
Apr 30
534 18
360
131
35 Jar
100
36
2%
31 Mar
51
20,000
834 Star 2754
855
2,100
3%
35 Ma
%
6
Mar 23
6
60
734 Mar 4234
734
831 Slat 39
634
814
335 Jail
3
200
4
Apr
4
3
h
Nis Ma
lie
200
100 3134 2334 Jan 4635
535 Jail 1834
174
2,300
2
134 May
134
100
% Aug1
34
2,500
8 • Augfisi
751
7
534 Slur
5%
131
35 June
35
5,800
39
Jail
25
50 15
Feb
Sept
Jan
Jan
July
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Feb
Aug
Apr
Feb
July
Jan
Apr
Aug
Ang
Aug
Aug
Aug
Aug
Aug
Apr
Slay
Aug
Apr
June
Sept
Aug
Mar
May
Aug
88
135
7031
8735
Aug
Sept
Aug
July
200
200
25
9,700
9
14,500
8
1334
33
27
4%
10
335
354
20
735
831
135
1034
134
125
250
33
35
1934
1.300' 3036
1,825
24,300
32
Mar
35 Star
38
Jun
4731 Jai
18,800
150
35
3
h
634
Jar
Jail
200
34
U
May
3,700' 80
8
900
46
13,800
8
516
135 Mar
,
Mar
22
31 June
"is July
July
4
Aug
43
:4 Jun
Feb
2
1135 Mar
1434 July
,
9
11
916
'
100
8
31
4,300
5
• 32
535
9,500
1,900
331
3,700
%
t• 23.4
600
34
534
1,700
I%
300 1531
89%
6,300
sin
4%
100
8
3,400
4
5735
131
31
20
June
Apr
Mar
July
Sept
Jail
Jan
Juno
Aug
May
Feb
Aug
Mar
may
Aug
May
Aug
Aug
Jail.
Jan
Sept
1
630
4531 5234
115
13451
2
600
%
1234 3431
35
Si
I
I
100
150 29
36
34
31
2
2
600
234
335
100 12
1634
335
200
3
6,600 9 2
235
1
10
1
July
Ai,r
July
June
Jai
Jai
Jar.
1%
1335
46
7
116
3,300
1,400
700
100
200
% Aug
2
034 Aug
255
1834
46
14
1,6
%
4%
8941
Jail
Feb182
334
June
65
Jar
%
Slur
2
Feb
Mar 84
31
Mar
4%
Apt
54
Apr
Jan 27
Feb
4
431
Mar
36 Aug
A Mar
Mar 173.4 July
7
Feb 11614 July
87
Mar 18% June
10
July
4
Mar 10
135 Jun
54 Sept
4% Slay
234 Feb
% Jan
35 Feb
1135 July
734 Slat
Aug
5
1% July
Slur
Feb 34
30
Feb 10434 June
87
231 Jan
1% Aug
64 May
43.4 Mar
Jan
8
Juno 16
13
5734
4
%
20
1531
Juui
May 5735
11
May
Apr2
Feb 20
Apr
Slay
Aug
May
Feb
New York Curb Exchange-Continued-Page 2 •
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
• 15
Diamond Shoe Corp
Dictograph Products
2
555
Distilled Liquors Corp 5 113%
Distillers CO Ltd
Amer deposit rcts
i]
DistillereCorn Seagrarns-• 24%
Doehler Die Casting___ _• 18%
Dominion Steel & Coal 1125
Dominion Tar & Chemical.
Dow Chemical
• 9635
Draper Corp
•
Driver Harris Co
10 19
7% preferred
100
Dubliler Condenser Corp_l
I)uke Power Co
10 55
Duval Texas Sulphur.._.
7%
Eagle Pleher Lead Co- - _20
5%
East Gas & Fuel Assoc
•
Common
355
4.34% prior preferred_100 63
49%
6% preferred
101
/
34
East States Pow corn
36 preferred serial B___• 14%
$7 preferred series A___? 12%
655
Easy Washing Mach "B"_•
Economy Grocery Stores •
Edison Bros Stores corn_ •
Eigler Electric Corp
1%
•
Elea Bond it share com
123£
15
• 59
$5 preferred
$6 preferred
• 06%
454
/
Mee Power Ammo com
1
(lass A
1
435
Flee P & L 2d pref A
• 14
Option warrants
131
Electric Shareholding
Common
434
$6 cony pre( w w
• 86
Electrographic( or o com
Elgin Nat Watch Co___15
Empire District El6% _100
Empire Gas & Fuel Goa% preferred
100 20
5% pref
100 22
61
7% preferred
100 25
8% preferred
100 30
Empire Power Part Rtk__• 18%
Emsco Derrick & Equip_ _5
Equity Corp corn
10e
2
Eureka Pipe Line
50
European Electric Corp
Class A
10
Option warrants
Evans Wallower Lead_
•
7% preferred
100
Air & Tool
3 1454
Sales
for
Week
High Shares Low
15
25
9%
6
900
1%
12
800 11
High
Al!
15
7
Jan
16% Apr
173£
835
3
2%
351
1,300 sz 36%
54
1,100
954
48
3.1
2,700 33
1,600
2
900
334
900
234
125 g 63
650 38
600
3-4
50
150
5
1,200
234
6 15%
6
100
152,100
315
800 25
3,000 2631
900
2%
2,300
234
675
2%
100
35
255
58
38
55
4
5
3
1634
24%
55
3%
34
37%
254
2%
2%
55
Mar
Jan
Apr
Jan
Mar
Apr
Jan
Aug
Jan
Jan
Mar
Jan
Jan
Ma
Ma
Feb
Ma
5
66%
5355
1%
18%
18%
7
20
34%
1%
20%
69
78
635
6%
20
2%
Jan
July
Aug
Aug
Aug
Aug
Aug
Jan
June
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
51 Mar
40
Jan
6
Jan
23
July
14
Jan
6
90%
16
25
39
Aug
Aug
Aug
Aug
Aug
973£
20%
57
83£
1%
1435
62
69%
53,5
5%
15
135
Low
10.A Jan
2% July
11
Aug
Mar 23% July
2755 Sept
May
July
Mar 21
555 Feb
July
Mar
7
Jan
Mar 10555 July
Au,,
May 62
Apr 203% Sept
July
Mar 100
1% Apr
Feb
Jan 6035 Aug
1255 Feb
June
Mar
7% May
27% 57,100
19% 1,700
354
6455
51%
1
14%
14%
7
Range Since
Jan. 1 1935
21
13%
1055
4%
455
8055
55
13
9155
5-Z
37
654
3%
4y,
86
700
225
20
22
26
30
18%
25
75
100
50
200
34
34
1
634
1214
735
8
8
831
4
,6 255
2% 12,300
1
30
73£
8
8
854
9
12
1%
3354
Ma
Mar
Mar
Mar
Apr
June
Jan
May
35
36
37
40
1915
13%
255
38
May
May
May
Slay
July
July
Aug
Feb
5%
916
34
655
•s
35
3%
6
Jan
July
Apr
Aug
Feb
9
1,16
55
7
1735
June
June
May
May
Sept
9%
July
Jan 105
554
Jan
9%
Mar
5%
Mao
Mar 30
25%
Feb
Jan 26
%
July
74%
Jan
Sept
May
July
July
May
Aug
Aug
Aug
Jan
Aug
17% 13,900 is '2%
Fairchild Aviation
1
8% 9%
Fajardo Sugar Co
100 9251 94
Falstaff Brewing
4% 4%
1
Fanny Farmer Candy._ 1
9%
9
ranstPei Products Co
•
5% 536
Fedders Mfg Co class A.
29
2955
Ferro Enamel Corp corn ' 21% 22%
hit Amer deli recta
Fldello Brewery
34
916
Fire Association (Phila.) 10
First National Stores
7% let preferred____100 115 116
Fisk Rubber Corp
535 6%
$6 preferred
100 69
72
FlIntokote Co el A
• 25% 27%
Florida P & L $7 pref_
• 40
40%
Ford Motor Co Ltd
Am dep rcts ord reg.£1
855 8%
Ford Motor of Can cl A • 2514 26%
Clans B
•
Ford Motor of France
American dep feta _100
Foremost Dairy Prod COM•
Preferred
•
Froedtert Grain & Malt
Cony preferred
15 16% 16%
General Alloys Co
•
155
1%
Gen Electric Co Ltd
Am dep ITO ord reg__£1
15% 15%
(len Fireproofing com
•
7% 854
(len (las 3, Elec• $6 COIIV pref B
•
(len Investment corn___1
15,,
34
$6 cony pref °lase B
•
Su
53
,
Warrants
(len Pub Serv $6 pref.__e 51
52
Gen Rayon Co A stock_o
1%
1%
General Tire & Rubber__25 44
44
6% preferred A
100 91% 91%
Georgia Power $6 Drat---• 8055 8254
$5 preferred
Gilbert (A Cl corn
Glen Alden Coal
• 1955 2055
Globe Underwriters
103% 11
Godchaux Sugars class A_• 23
23
Class B
•
Goldfield Congo] MInes.10
316
316
Gold Seal Electrical
1
55
716
Gorham Inc clam A corn_•
2
2
$3 preferred
• 19% 19%
Gorham mfg Co
V I e agreement extended
(Stand Rapids Varnish_ _ _•
955 951
Gray Talon Pay Station_.• 16
18
Great Ati & Pao TeaNon-vol corn stock____. 1283% 131
7% let preterred___100 124 127
(it Northern Paper
29
Greenfield Tap & Die _ __•
6
6
Grocery Stores Prod v I c25
Guardian Investors
1
%
55
Gulf(MCorp ot Penna__25 60
61%
Gulf States CHI S6 pref. •
Lamy Co
Hall
•
Handley Page Ltd
A m dep rcts pret__-8 sh.
'Hartford Electric LIght_25
flartmen Tobacco Co____*
135
135
Harvard Brewing Co
1
2% 2%
Hazeltine Corp
9
•
9
Heels Mining Co
26
83.4 9%
Helena Rubenstein
Hayden Chemical
10 463% 47%
llires(CE1C0IIA
•
Hollinger Consol 0 M...6 123% 13%
Holly SIAS Corp oom--84%
. 75
•
Holophane Co corn
Holt (Henry) & Co cl A •
Hormel (Goo A) & Co_ •
• 2434 243%
Horn & Herders
mo 107 107
7% preferred _
For footnotes see page 1573.
July 1
1933 to
Aug.31
1935
7,900
234
100 59
700
23.4
600
2%
300
1%
1,000 I 4
1,200
755
15%
1,700
35
5 31
.
735
71
2%
734
1%
931
10
2155
'is
57
20 110
2,600
534
350 3534
3,000
33t
200
8%
112
515
67
11%
10%
3,400
7,300
Aug
Jan 117
July 11% Jan
Jan
June 88
Mar 2755 Aug
Aug
Mar 46
914
3255
37%
Jan
Jan
Jan
4%
815
14%
7% Mar
23% June
2535 June
2%
2% Jan
4 Mar
June
435 May
35 Mar
131 Mar
Apr
Apr
1735 Aug
134 Feb
51
145.1
54
300
300
1434
35
1,000
300
9%
3
1131 Mar
455 June
15%
631
11
1534
3
15
its
24
%
38
89
52
50
131
13%
7
1634
7
35
35
155
1131
Feb
Nla
Jan
Jan
Ma
Ma
July
Apr
Jan
Apr
May
May
Jan
Apr
Jan
Jan
Aug
May
July
400
I.
400
30
100
25
25
125
20
51
38
56%
35
60
1
7,100 10
555
400
100 9 10
9 394
1,000
54
1,800
74
100
14
50 113£
1,700
800
10%
4%
8
1251 Mar
555 Mar
835 Mar
Sept
934 July
18%
932
57%
1%
71%
99
83
68
33-4
24
11
28
1135
3i
1
3%
19%
Apr
Aug
Aug
Aug
Aug
Feb
Jan
Mar
June
July
June
Jan
Aug
May
May
Apr
Feb
May
May
18
Jan
10% Aug
18
Sept
121
Mar 140
300 115
12235 Jan r13.5
80 120
28
May
20
1934
6
435 Mar
200
335
54
% Feb
34
55
55 Mar
300
34
50% Mar 74%
4,000 43
40
Jan 85%
55
la 3
6
354 Mar
Aug
July
Jan
Jan
Aug
Aug
May
Aug
Jan
7
71
1%
335
10%
12%
134
5255
2555
204
84%
6
755
18
26%
108
Aug
July
May
May
Aug
Apr
May
June
July
Jan
Sept
Aug
Aug
Aug
Aug
May
334
48% 50%
3£
4
254
2%
2%
7
4
6
aid
35
37
900 14
23%
18
12%
5,100
835
1,800
8% 30
2
134
54
3
16%
9 16
20
400 1514
10 8351 10214
500
900
200
3,800
1569
Mar
Jan
Apr
Sep
Jun
Feb
Jan
Jan
May
Aug
Jan
Jan
Feb
July
Fe
Jan
RYAN •St McMANUS
Members New York Curb Exchange
New York City
39 Broadway
A. T.& T. Teletype N. Y. 1-1152
DIgby 4-2290
Private Wire Connections to Principal Cities
STOCKS
(Continued)
Week's Range
of Prices
Sales
for
1Veek
July 1
1933 to
Auo.31
1035
111th Shares Low
Par Low
Hod Bay Mtn & Smelt...* 155 1635 6,800
7%
,
1
Humble 011 & Ref
3,200 22%
• 56% 57
Huylers of Delaware Inc
Common
ais
1
2035
7% Prof etamped_ _100
26
75 pret =stamped _100
Hydro Electric Securities.
H7grade Food Prod
800
135
155 1%
5
HYgrade Sylvania corD • 31% :3255
125 17
Illinois P & L $6 Drat
2,100 10
• 3335 35
10
6% Preferred
100
Illuminating Shares el A__*
34%
Imperial Chem Industrlee
Amer deposit rcts____f1
6
Imperial Oil (Can) coul)--• 1931 1935
5,400 10%
Registered
• 19% 1934
100 1155
Imperial Tob of Canada_5 13% 13%
700
955
Imperical Tobacco of Great
Britain and lreland___11 34
34
200 2334
Indiana Pipe Line
345
10
Ind.polLs P & L 635% pt100
48
Indian Ter Ilium Oil
Non-voting class A....'
100
2% 234
Clasa B
•
1%
Industrial Finance
V t c common
1
7% preferred
1
100
Insurance Coot N Amer.10 67% 69
700 81%
International Cigar Mach •
1851
Internat Holding & Inv_ *
Internal Hydro-EleePret $3.50 series
325
355
854 10
60
Internal Mining Corp___1 12
7%
1251 2,000
Warrants
2%
3% 3% 7,900
International Petroleum.• 3535 36% 8,700 1531
23
Registered
International Products_ •
200
3% 3%
Internal' Safety Reser 13.•
100
1%
91
135
Internat'l Utility
Class A
151
•
400
235
/
54
Class B
1,300
34
1
35
35
$7 prior Dret
•
Warrants
Interstate Equities Corp
$3 cony pref A
1551
50
13
Interstate Hoe MIlle
•
Interstate Power $7 peer_• 23% 23%
110
7
Investors Royalty com__25
200
1
135
I%
Iron Fireman Mfg v t c _ _10
Irving air Chute
2%
14% 15
SOO
1
Italian Superpower A
34
•
Warrants
100
31
Si
51
Jersey Central P 3, L515% preferred
42
100
6% preferred
73
30 60
100 73
6035
7% Preferred
100
Jonas & Naumburg
1% 1%
100
34
2.50
Jones & LaughlIn Steel_100 27% 30
450 1511
Kansas G & 1).17% pref_100
83%
Kingsbury Breweries__ _ _
Kirby Petroleum
2% 2%
100
1
Kirkland Lake 0 M
/4
Klein(Emil)
9%
•
Kleinert Rubber
5
10
Knott Corp corn
1
1
Holster Brands Ltd_ _f 1
Koppere Gas & CokeCo50 54
6% Preferred
100 9855 99%
Kreuger Brewing
455
11
13% 6,300
1
Lackawanna RR of N J 100
59%
Lake Shore Mines Ltd _ __I 48% 5014
400 a 32%
Lakey Foundry & Mach__!
100
34
194.
1%
Lane Bryant 7% pref 100 70
70
30 25
Lefaourt Realty coin
1
1
Preferred
7
•
Lehigh Coal & Nay
554
900
6%
755
•
Leonard 011 Develop___25
Its
'1636 2,000
Lerner Stores common_* 69
1,200 104
0955
40
6% Pref With wart __100
Lion 011 Development ___•
3
Loblaw Groceterfas el A _ _•
15
Lone Star Gs Corti
8% 85.1 4,700
•
Long Island LtgCommon
2
4% 5% 13,300
•
50 38
7% Preferred
100 79% 80
Fret clam B
175 32
6855
100 68
•
Loudon Packing Co
9 2%
Louisiana Land & Explor_l
134
794 7% 4,200
Lucky Tiger Comb G 51 10
2
Lynch Corp corn
200• 15
3955
5 39
klangel Stores Corp
1
8% 8%
200
•
12
6 35% Dref w w
100
Maps Consol Mfg
• 2655 2655
100 25
Marconi Internet Marine
American dep recel pts _ £1
654
Margay 011 Corp
4
•
Marlon Steam Shovel....'
155
Maryland Casualty
1
235 2% 2,000
1
Maas Util Assoc vtc
1
1
Massey-11 arils corn
3
454 4%
100
•
Mayflower Associates_ _•
38
McCord Rad & Mfg B •
1%
535
5
600
McWilliams Dredging.-.s 40
400 12%
40%
Mead Johnson & Co
74% 75
200 44%
Memphis Nat Gas com 5
455 3,900
4
151
Mercantile Stores corn_ _.•
7% preferred
60
100
Merritt Chapman dr Scott•
255 255
500
34
22%
64% A preferred__ _100 21
400
5%
Mesabi Iron Co
'It
•
Metropolitan Edison
•
$6 preferred
46%
•
Mexico-Ohio 011
34
NfIchlgan Gas & 011
255 215
100
•
Michigan Sugar Co
1
I
200
•
34
Preferred
2%
10
Middle States Petrol•
ClassA vte
74
Clam Byte
600
716
Range Since
Jan. 1 1935
High
May
Slay
Low
1135 Jan
Jan
44
64
Mar
20% Apr
Aug
26
Mar
135 June
Jan
26
1331 Jan
Jan
14
3415 Jan
1
27
26
5
334
38
3715
36
50
Mat
15% Mar
15% Mar
Apr
12
935 Jan
2215 May
2235 May
1435 July
31% Mar
394 Mar
Jan
55
3534 Aug
6
June
8755 July
1% Jan
1% Feb
ID%
4%
431
Jan
Aug
Aug
Aug
Jan
Mar
Aug
Aug
July
Apr
Apr
'55
I
52
29
%
July
May
Ma
May
Aug
Feb
8
Aug
72% Aug
33% Feb
June
3%
10%
334
28
29%
235
91
Mar
Aug
Aug
Ma
Fe
Jan
July
13%
1534
834
393£
32%
43-4
131
1%
34:
35
'is
Jan
Jan
Apr
Afar
434 Aug
Aug
35
Apr
31 Aug
20
22
8
1
14%
331
35
ale
Jan
June
Jan
June
Apr
Jan
Mar
Jan
25%
2755
27
255
23%
16%
135
3i
43
60
603%
5'
18
Feb
May
Apr
Apr
Ma
69
Aug
73
Aug
90
Aug
1% Ayr
30% Jan
8315 Mar 105
234
34 July
3
Afar
4 Aug
15
Jan 22
7%
Aug
331
1% Jan
54 Jan
Aug
Jan
Jan
Slay
May
Aug
Aug
Aug
Jan
Aug
May
Aug
Aug
Aug
Apr
Aug
Jan
May
Jan
May
Apr
July
May
18
551
51
40
9115
355
17%
455
Mar 9935 Sept
Afar 13% Aug
May
Feb 78
Mar
Aug 58
2% Aug
Mar
Jan
Jan 80
255 May
Mar
2235 Aug
Jan
8% Aug
Ma
Apr
51 May
Jan 70
Aug
10654 July
Fe
Ma
631 Apr
19% July
Fe
834 Sept
Ma
2
48
37
2031
455
354
2655
5%
47
25
Mar
Jan
Jan
A pr
Jan
June
Mar
June
July
July
6
84
7055
2955
055
3%
42
10
64
3334
8
4
135
135
1
3%
41
3%
21%
55
1%
9%
70
51
8
'is
June
Feb
Mar
Jan
Feb
Mar
Jan
Apr
Jan
Apr
Mai
July
Jan
Jan
Mar
May
8% Jan
894 June
3% May
235 Sept
2
Aug
5% Jan
56
Aug
731 Jan
Aug
41
75
Sept
435 Aug
Aug
16
7355 Jan
3% Aug
2334 Aug
N. Jan
72
454
7514
47%
34
67
Jan
80
% Jan
NIar
2
% Mar
Feb
3
% Mar
1-4 Mar
96
1
335
1%
8
Aug
Aug
Aug
July
May
Apr
Aug
Jae
Aug
Jan
May
Jan
May
June
June
Stay
May
•
1570
New York Curb Exchange-Continued-Page 3
July 1
Week's Ranee Sales 1933 to
Auo.31
of Prices
for
Week
1935
STOCKS
(Continued)
Range Since
Jan. 1 1935
Sept. 7 1935
!tag 1
Week's Range Sales 1933 to
Auo.31
of Prim
for
Week 1935
STOCKS
(Continued)
Range Since
Jan. 1 1935
High
Low
High Shares Low
Par Low
Low
High
High Shares Low
Par Low
,
Aug Phoenix Securities
9
Middle West 17111 com___•
714 Jam
Si
'14
Si 8,900
34 Aug
1% Feb
4,800
1
254 3
Common
Si
231 Aug
300
2
2
% Aar
$O cony pref ser A w
31
Aug
700 1634 27% Feb 48
2
914 Apr
$3 con, pref ear A___10 3631 40
Aug
Certificates of dep___'
34
Aug
834 Apr 12
400
834 8%
•
Ple Bakeries Inc corn
33-6
Midland Royalty Corn
7% Sept
Jan
800
2
•
634 73-4
Jan Pierce Governor com
June 10
8
•
$2 cony pref
2% July
9
Si Jan
Mar 2034 Sept Pines Winterfront Co_ _5
434
• 1731 20% 6,200
Midland Steel Prod
8% Mar 1234 May
9% 1034 1,500
84
Jan 4231 Aug Pioneer Gold Mines Ltd 1
35
• 42
4234
50 1834
Midvale Co
Ills Mar
13-4 Apr Pitney-Bowel Postage
Mining Corp of Canada..•
7 June
•
Mar
700
6% 6%
231
Meter
Jan 1951 July
125 If 744 12
18% 18%
Minnesota Mining & Mfg..•
2% Jan 5% Aug
2
1
% Feb Pittsburgh Forging,
IN July
Miss River Fuel rights_
'16
Sept
Feb 73
51
1,420 51
10 65
Feb 10431 Aug Pittsburgh & Lake Erle_50 6834 73
82
Miss River Pow 6% pfd 100 104% 10434
Jan Pittsburgh Plate Glass_26 7534 7734 1,000 30% 4644 Apr 81,1 Aug
10% Mar 14
500
634
Mock Judson Voehringer.• 13% 14
25% Feb
18% Aug
6 10
125 30% 30% Mar 7634 July Pond Creek Pocahontas_ •
69
Mob ,k Hud Pow 18t preL• 68
231 June
2
2% 1,700
% Jan
fi
Mar 373.4 July Potrero Sugar corn
5
9
9
2d preferred
•
734 Jan 12% Aug
7%
731 Jan 1434 July Powdrell & Alexander- •
13% 1434 8,200 • 2%
Molybdenum Corp
1
934 Feb
6% May
8%
127
Jau 14434 May Power Corp of Can corn_ •
30 9 56
Montgomery Ward A_
• 137% 137%
Jan
July 30
100 1534 23
• 2334 2334
26% 2631 May 3434 Aug Pratt & Lambert Co
Montreal Lt Ht & Pow,.*
2% Apr
1% Jan
144 1% 2,400
Jan 31
3-4
Aug Premier Gold Mining
1
23
50 16,1
Moody's Invest Service 5 30% 30%
July
July 31
5% 31
•
12
1834 Feb 223.4 July Prentice-Hall Ina
Moore Corp Ltd corn_
•
9,1 June 13% Jan
9%
Jan 137 June Pressed Metals of Amer_.
125
90
Preferred A
100
IN Jan
Si Jan
Producers Royalty
36
1
Si
'Is 2,600
Mtge Ilk of Columbia
43-4 Apr Properties Realisation
35-4 Aug
134
American Shares
400 12% 12% Apr 19.% Aug
Voting trust ctle_33 I-3c 1834 19%
% Feb
Si Feb
31
Mountain & Gulf 011
1
134 Feb
Si Mar
100
434 Jan
535 May Propper McCallum Hos'Y •
314
56
34
4% 5% 3,500
%
Mountain Producers__ __in
9% Aug
4)1 Mar
435
500
8% 8%
July Prudential Investors
1
31 Jan
•
1004
Mountain Sts Pow corn_ *
July
Jan 99
• 98
83
10
100 59
105% Mar 130% Aug
98
preferred
$5
Mountain Sts Tel & Tel 100 128 128
Aug
Jan 23
8
8
Jan 120
100 31% 72
Aug Pub Serv of Indian $7 pref•
• 114% 114%
Murphy(0 C1 Co
Jan 13% Aug
5
6
Apr 116
112
$6 preferred
Apr
105
•
8% preferred
100
Aug
9 gx
17% Feb 40
6
831 Jan Public Serv Nor III com .
Mar
• 431
Nachman-SprInfilled Corp*
9
Feb 35% June
16
Common
1% May
291 Jan
1%
1% 4,300
145
60
Nail Hellas Hess
July
78% Apr 102
9 28
6% preferred
200 28% 29% Feb 41
100
38%
Aug
37
Nat Bond & Share Corp--•
oom_Feb
Jan 83
77
'38
7% preferred
100
National Container Corp
18% June 22% May Public Service Okla
10
Common
•
May
May 81
81
81
7% pr L pref
30
July 35
Mar
29
100
•
$2 cony pref
1
Aug
)4 Feb
3-4
National Fuel Gas
• 17% 1734 1,500 11,1 11% Mar 1854 July Pub Util Secur $7 pt pt.*
% Mar
14 1% 1,000
1,4 Jan Puget Sound P & L%
National Investors corn_ _I
Mar 4034 Aug
13
$5 preferred
425
34% 36
7,1
Aug
66
78
Ma
35
25.50 preferred
1
184 Aug
634 Ma
$6 preferred
675
16% 17%
500
Ajauguug
A
% Feb
34
"16
SS
Warrants
June
70
33,4 34% Ma
Pure 011 Co 6% pret__100
% Ma
Nat Leather cam
•
7% Aug
2% Jan
631 7% 5,200
Pyrene ManufacturIng__10
1%
1,500 32
l6
48,4 Feb
,44
81%
National P & L $6 pref_• 79
Jan 135% July
127
20 106
• 135 135
4,4 Aug
600
•
5% 5%
935 Mar Quaker Oats corn
2
Nat Rubber Mach
July
1324 Feb 147
6% preferred
111
100
% Apr
Nat Service common
34
1
16% Aug
6% Ma
434
31 Apr
300
% Jan Ry & Light Scour coin_
14
%
31
716
Cony part preferred _ __•
% Jan
15 May 16% Aug fly & ULU Invest A
1134
34 Jan
Si
National Steel Car Ltd _ _."
35
300 25,1 25% Sep
Feb Rainbow Luminous Prod• 2554 264
Nat Sugar Refining
Feb
,
7 Jun
9% May
Claes A
34
9
9
•
Apr
Nat Tea Co 5Si%
„ „,
2
Aug
Ile Jun
Class B
•
200
6% Fe
10% July
8%
National Transit__ _ _12.50
9% u
Raymond Concrete Pile
)4
200'
% Feb
% May
Nat Union Radio oom____1
%
%
Jan
3% Aug
6
3,1
Common
May
•
%
200
231 Ma
3% 3%
NehiCorp °rim
•
Jan
13
Aug 26
13
$3 convertible preferred •
50
51% Aug
31
Jul
lot pref
•
1% May
5,i
Si Fe
25 2031 90
Aug Raytheon Mfg•I c... .150o
Feb 101
Neisner Bros 7% pref_100 100 100
Feb
Si Feb
100
•
8
2
6
Ja a ited Bank Oil Co
4% Apr
6
Si
Nelson(Herman)Corp
5
7% Jan
•
415 Feb
4%
6% May 17% Sept Reeves (1)) corn
12% 1,300
11
3%
Neptune Meter clam A
31 May
Apr
•
,9 1
234 July
5% Jan Reiter-Foster Oil
Nestle-Le Mur Cool A_
835 Aug
Mar
500
74 8
'
14
7
Sept Reliable Stores Corp
10
•
7
7
5Si
5% June
Nev Calif Ewe com_ _ _ _100
2
Aug
34 Mar
1% 2
300
Reliance Internal
-al A 10e
25 35
35
51
45
Mar 45
Aug
7% preferred
100 45
334 Aug
Apr
2
3% 3%
400
Reybarn Co Inc
1%
300
10
2
2% 3
144
New Bradford 011
Feb
Jan
1
% Apr
134 4,200
1
1
1,650 4734 49
34
64
June Reynolds Investing
62
Apr 66
Jersey Zino
New
25
124 Jan
04 031
•
2% Jan Rise BM Dry Goods
1
4f
May
New Max & Arts Land___)
1% Aug
1
July
1,200
25
13-4
4% Aug Richfield 011pref
Si
135
3% May
New Haven Clock Co__ __•
Aug
lyy
3
3
200
231
34% Mar 66% Aug Richmond find corn (new) 1
Newmont Mining Corp_10 52% 56% 3,800 34
A pr
83
65
12
1031
Jan 20
Au: Soonest li &E 6% D p1100
New Process corn
•
9% Jan
Roma-Majestic class A_ •
1% Feb
N Y Auction Co corn
%
•
2% May
Apr
Roceevelt Field, Inc
11
11
N y & Foreign Inv Prof 100
June
1i. 3% Aug
34 3)4
Aug
700
9 1 June Root Petroleum Co
133
3
2
1
100 15
se t
3-1 111 MA apr
25% Jan 31
ugugr
N Y Merchandise
• 31% 31%
July
8
Aug 11
9
400
10
51.20 cony pref
250 1735 33
20
41
Feb 69% Apr
N Y & Honduras Rosarlo10 40
7, May
•
% Feb
Roselle' International
3.4
10 59
61% Jan 100% Aug
98
N Y Pr & Lt 7% pre- _100 98
•
Royallte 011 Co
23% 23% Aug 26% May
40 53% 53
$6 preferred
% Jan
• 90% 91%
• 30% 32%
Royal Typewriter
800
834 15% May 32% Sept
N Y Shipbuilding Corp
Sept
• 65
Jan 69
41
69
650 25
13% Jan Ruberoid Co
600
9% 1034
44
435 Mar
Founders shares
1
534 Feb
,
334 Apr
22
235
100 12
19
Aug Russets Fifth A ye
12
May
N Y Steam Corp oom
• 19
1% May
1% 1%
M ar
m
100
121
Max Ryan Consol Petrol
113
113% May
N Y Telep 634% prof _100
3
100
4% Aug
4% 434
N Y Trans%
Apr
3
Aug
83
50:
100 35
80%
20
4634 Feb 77% Aug SatetyCarHeat&LIght100 79
NY Wat Berv 6% pfd--100
34 Jan
,
3 4 Apr
St Anthony Gold Mines_l
200
716
716
3.4
Niagara Bud Pow
% May
% May
8
831
2%
Aug.A1 a
Augg St Lawrence Corp corn_ •
if
235 Mar
Common
731 7% 8,900
15
334 Aug
1
2% 2)4
Mar
35
1,900
1
10
900
% Aug St Regis Paper cam
Class A opt wart
% Jan
34
Aug
43
7% preferred
90 1734 174 Ma
3634
100 34
131 Aug
300
31
34 Ma
134 131
Class 13 opt warrants
Jan
I
Salt Creek Consol 011____1
Jan
800
51
%
7is
Niagara Share
735 May
Salt Creek Producers...10
6% 7
n
634 Ma
h
900
5
1,600
7
2%
Max
8
2%
Clam B common
Jan
1
% Jan
600
Si
Si
500
2631 July Savoy 011
24)4
8% Ma
24
7,4
31
Niles-Bement-Pond
334 Jan
•
Schiff Co coin
25% Ma
13
2
2% 2% 1,000• 1%
July
Nipiselng Mines
44 Aug
i
200
:u aa
3
2
13fa r Schulte Real Estate oom_ •
A py
3.4 :934 Jummtal
Noma Electric
% Jan
1
27% Aug
325 17
Scoville Manufacturing_i5 2611 27,1
Nor Amer Lt& Pr
3% Aug
2% 3
1,000
31
uAug Securities Corp General...
2% 2% 13,600 9
Max
54
34
Common
1
May
50
• 23
Aug Seeman Bros Inc
34
3
Mar 32
27% 2,550
$6 preferred
31 Jan
600
June Segal Lock & Hard ware-•
14
%
25 18
24% Jan 40
North American Match.... 39% 39%
IS I
234 Jan
1)1 July
434 Aug Kelberling Rubber 0020. 6
.
400
Jan
331
3
34
34
No Amer Utility Securitles•
Ape
Selby Shoe Co
Jas 34
•
144
1554 28
34
200
2
Jan
2% 2%
Nor Cent Texas 011 Co__5
its Jan
May Selected Industries!no
100
Nor European 011 oom_. _1
A
A
2
Aug
1% 1%
Common
900
63% July
Si Mar
1
21
32
st
Feb
Nor Ind Pub Ser6% p02100
48
$5.50 prior stook
Mar 76% Aug
38
Aug
26
2035 38% Mar 68
7% preferred
100
Aug
Allotment oertificaten___
7334
73
250
46% Mar 77
Northern N Y Utilities
Belfrldge Prov Stores
4534 453.4 Jan 102% Aug
7% let preferred
100
234 Jan
Amer dep roe
2% Mar
7
131
May
44
100
Jan
634 634
Northern Pipe Line
10
35 June
31 Jan
100
Aug Sentry Safety Control
2,500
63
.
1
Si
•
0
531 Mar 23
Nor Ste Pow corn class A100 14% 17
X
%
7
May
5
5
3% Mar
100
834
•
500
12%
54 Jan 14% July Salon Leather corn
Northwest Engineering..... 12
3% Aug
1% Jan
3% 3%
14
600
Novadel-Agene Coin -- • 2514 26% 1,100 II 1434 1844 May 27% Aug Shattuck Dann Mining_ 13
19% Jan
12 10
100 1434 14% May
Aug Shawinigan Wail & Power_• 17% 17%
19
Jan 31%
125
Ohio Brass Cool B com__• 30
30
Apr 31% Aug
20
100
Aug 8heatter Pen corn
• 30% 30%
4534 70
Feb 104
01110 Edison $6 pref
•
1%
1%
134 Aug
100
Aug Shenandoah Corp corn
51 Apr
51
Jan 108
300 8134 89
Ohio (1116% pref
100 104 104%
Aug
20% 21%
12% Mar 26
$3 cony pre?
200 12
July
25
120 80
8614 Jan 109
Ohio Power 6% pref _ _100 106% 108
Sept
Jan 108
1,300 3234 84
10
90.1 Apr 96% Aug Sherwin-Willlams oom 25 107 108
Ohio P S
1st pref 100 05% 95%
6% preferred A A100 106% 107%
Aug 11334 Mar
170 "9031 106
Feb 11% May
934
011stocks Ltd corn
July
Mar 301
235
30 119
1% Aug Singer Mfg Co
100 287,1 290
% Mar
100
Outboard Motors B com_•
134 1%
14
10% Aug Singer Mfg Co Ltd
4
Jan
Class A cony pref
•
3% Aug
Amer dep record reg_fl
2% Feb
2
444 Aug
1% Apr
400
Overseas Securities
3% 334
•
May
52
29
Jan 72
700 15%
344 Aug Smith (A 0)Corp con_ _ - 51
2
Mar
500
Pacific Eastern Corp
3
3%
2035 Jan 28% July Smith (L C) & Corona
800
Pacific0& E6% 1st pref25 27% 27,1
July
14
13
13
Feb
300
3S5
Typewriter v t o com___•
18% Jan 25% July
100
535% Ist °ref
25 2534 25)4
2% Aug
1% 2
.11)r
),
1
1,300
June1932
1
71
25
Pacific) Ltg $6 pre!
Feb 10 4.1AugAug Sonotone Corp
• 10034 10136
4% Jan
3% 4
Bo Amer Gold & Plat
334
5,800
1St
1
I
May
Pacific Pub Seri non-vot.•
,
Sou Calif Edison
734 Feb
400
1st preferred
18
17
34
28% Jan 3
931 July
25 7 20
5% original preferrea_25 34
25
Jan 37% Aug
100 10
Pacific Tin spec Mk
36%
35
28,6 Aug
18% 2035 Jan
7% pref series A
25
June 44% Feb
300 31% 36
Pan Amer A irways._ _In 38)4 39%
27,1 Sept
17% Jan
Preferred B
300 1535
25 27% 27)4
234 Jan
1% Ma
12,300
,1
Pentane° 011 of Vanes__ 1
2
2536 Sept
15% Jan
514% nref series C
4.4 Feb
3%
25 25% 25% 2,400 7 1434
3% Ma
100
Paramount Motor
Aug
Jan 124
104
100
47% July Bouth'n N E Telep...._100
Parke 'Davis & Co
600 19% 32% Jan
45% 46%
A
4% Aug
Jan
1
3
200 9
3
4
JuneSSept Southn Coln Pow oi A _ _25
17 Jun
100
Parker Pen Co
19
19
10
Aug
583934 63% Sep
200
Southern Nat Gas corn_•
%
716
'16
69
Si Jan
Parker Rust-Proof com__• 554 55%
300
Aug
617
9
4% 4%
334 Jan
335
100
24% 34
lYt Southern Pipe Line
Feb 3 %
render 13 Grocery A
•
Apr
1
% June
7
Feb Southern Union Gas corn •
July
Cis.ssll•
6
634 July
4% Jan
5% 5%
434
Southland Royalty Co___5
100
July
12
6% Ma
Peninsular TeleD corn__ •
1,600 154 21% Mar 28% May
Aug South Penn 011
6634 79)4 Apr 101
26 24% 25%
Preferred
ine
49
50 3435 45% Feb 5234 Feb
24
50 49
24
Feb 41% July So'west Pa Pipe Line
Pa Cent It & Pow $2.80 pf•
67
July Spanish & Gen Corp
July 70
$5 preferred
67
•
Si June
Si June
Am dep rcts ord bear_£1
31
11
Jan
514 Jul
Penn Mel Fuel Co
1
.
4 Apr
IN Apr
Am dep rem ord reg 51
211 Aug
1% Ma
Pennromi Corp•s 0
23-4 8,800
I
254
May 29% Aug
26% 28%
600 If 700 17
935 Apr 17% Aug Square D class B
Pa Gas & Elea clasa A
•
May 3635 Aug
29
150 12 3
Class A pref
• 3435 34%
300 7434 80% Jan 104% Aug
Pa Pr & It $7 Pre
• 103 104
34 Jail
% Aug
7234 77
%
Jan Standard Brewing Co_.'
77
Jan
•
$6 preferred
23
29% Mar 35% July
42% 76% Apr 105
Aug Standard Cap & Seal oom-5
Penn Salt Mfg Co
50
41% 5334 Jan 76% Aug Standard Dredging Co
Pa Water & Power Co__ • 75
300
76
234 Aug
234 Aug
•
3-4
Common
•
Pepperell Mfg CO
370 32% 52% Apr 89% Jan
64
63
836 July
▪ 1%
551 July
• 21
Cony preferred
•
31
Feb 40
•
Apr
Perfect Circle Co
Aug
10% Apr 28
50 10%
Investing $5.50 pf.• 26% 263.4
May 120
9034 113
Feb Stand
Pet Milk Co 7% pref---100
Jan i 2134 Feb
4
10 20% 20% 2,100 13% 18
4
Mar 13% Aug Standard 011(EY)
Philadelphia Co nom
•
May
12
7% Marl
11
7,1
100
26 11
21294 334 July 3314 Juiv Standard oil(NW
Phila Eim Pow 8% pref.25
For footnotes see page 1573.
84;
44
9231
a
a
a
37%
a
io
a
ioo
New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Auo.31
Week
1935
Range Since
Jan. 1 1935
STOCKS
(Concluded)
Sales
Week's Range '
for
of Prices
Week
1571
July 1
1933 to
Aug.31
1935
High Shares Low
Par Low
High
Low
High Shares Low
Par Low
Standard Oil (Ohio) corn 25 144 1434
400 114 114 Mar 1914 Slay
Western Power 7% pref 100
65
91
5% preferred
100 91
25 764 91
Feb 9934 May
700
Western Tab & Stat v t c..• 1534 1634
64
•
234 3
Standard P & L corn
1,300
1
1
Mar
5
Aug Westmoreland Coal Co_ •
21 44
•
2
234
Common class 13
500
44
34 Apr
434 Aug West Texas Utll $6 prat_ •
22
• 18
18
50
9
Preferred
9
Mar 21
Aug
Westvaco Chlorine Prod.4
h 1,600
Standard Silver Lead_ _ _ _1
3,,
34. Apr
1st June
,
75 GO
7% preferred
100 102 10234
4 2,500
Si
Starrett Corporation
6,,
9,, Feb
1
1
Ape West Va Coal & Coke___•
4% 44 1,900
34
234 2% 1,100
10
6% preferred
44
34 Apr Williams(R CI & Co
•
44 Mar
7
•
Steel Co of Can Ltd
4234 Mar 5034 July
Willm3011-0-Slatle Heat...
200 1, 234
735
6
32
,
• 1334 14
Stein (A)& Co corn
300
934 Mar
1444 July
Wil-lcm Cafeterias Inc_ _1
5
35
634% Preferred
100
Jan 107
103
Feb
•
Cony preferred
3
80
3
25
24
Sterling Brewers Inc
1
Apr Wilson-Jones Co
4
11 234
334 Aug
• 24
24
100
B) Co com
• 1234 1234
Stetson (J
74 1034 June 154 Mar Winnipeg Electric
100
•
134
St11111MY (Hugo) Corp
5
14 May
2
Jan Wolverine Port Cement_10
,6 1,14
1
Stroock (S)& Co
•
934 July
634 Jan
Woodley Petroleum
44
3,100
5% 6
2
1
•
4 1
Stutz Motor Car
2,300
44 Sept
34 Feb Woolworth(F W)Ltd
1
100
Sullivan Machinery _ _ _ _ •• 1334 1334
10
Mar
1445 Jan
Amer depoeit rats_
53.4
400 174
be 27
2734
Sun Investing corn
•
5% Aug
Wright-Hargreaves Ltd
234 Mar
235
734 834 19,700
54
•
$3 cony preferred
Mar 46
40
Aug Yukon Gold Co
134 1%
34
1,000
a
t,
Sunray 011_ ,
134 14 2,500
1
4
134 Jan
4 Apr
Sunshine Mining C0__10c 194 2034 11,100 w 2.10 1034 Jan 25
June
SwanFinch Oil Corp____ 15
14
24 Mar
BONDS3
Feb
5
Swift Internacional
15 304 3134 2,400 194 2834 Aug 384 Apr Abbott'a Dairy 6..___1942
864
Swirls Am Elea pref____100 52
54
150 3234 454 Jan 584 Feb Alabama Power Co
I
Swim 011 Corp
235 24
400
2
1
Feb
1s1 & ref 5s
345 May
1946 10334 10434 36,000 63
Syracuse I.tg 6% Pret--100 97
10 89
97
Apr 100
89
Aug
let & ref 5s
47,000 5434
1951 984 100
•
Taggart Corp corn
2
2
200
.35
% June
24 Aug
29,000 55
1st & ref 5s
1956 9734 99
Tampa Electric Co com • 35
35
300 314 2244 Mar 3634 Aug
91
12,000 474
lst & ref ba
1968 90
Tastyeast Inc cl A
1
4
45
700
34
135 July
1s1 & ref 43,4
4 July
1967 834 8434 86.000 4434
,
Technicolor Inc corn
• 1934 3034 4,900
June Aluminum Co s I deb 5n52 10734 103
734
42,000 9254
1134 Jan 27
Teck-17ughes Mines
i
4
44 4,700
434 Mar . 54 called
3% Jan
1952
105
334
Tenn El Pow 7% 1s1 p1100 7334 7334
150 45
Aluminum Ltd deb 5s_1948 1023.4 10234 47.000 69
48
Feb 7634 July
Tenn Products Corp corn•
44 Jan Amer Com'ity Pow 534. 53
Ils July
6,000
5
4
'16
1%
Texas Gulf Producing_ _ _ _ •
3
334 6,600
434 May Amer & Continental 6*1943
24 July
234
78
Texas P & L 7% pref__100
July Am El Pow Corp cleb 6s '57 144 1534 6,000
Feb 93
75
75
734
Taxon 011 dr Land Co
•
531 5% 1,100
434
6% Jan Amer Cl & El deb 56_2028 10534 106
Mar
b
75,000 54
Thermold 7% pref
ioo
2234 May 4144 Aug Am Gas & Pow deb 6/1_1939 40
20
404 1,000 1344
Tobacco Allied Stocks_
•
Aug
Mar 68
Secured deb be
3734 60
1953 3634 3744 19,000 123.4
Tobacco Prod Exporta_ _•
2
234
300
4
24 Jan Am Pow & Lt deb 8a 2016 8844 91 130,000 3834
14 Feb
Tobacco Securities 'I'm,;
Amer Radiator 430_ _1947 10434 10434 9,000 974
Am deli rata ord reg_ _LI
2035 2034
100 18%
Jan Am Roll Mill deb 5s1948 9931 100
1934 Apr 24
50,000 62
An, del, rats dor reg_..£1
5%
53,4
100
5
5
July
Jan Amer Seating cony 6e_1936 98
7
984 21,000 41
Shipyards Corp_
Todd
• 31
31
100 18
2334 Jan 33
AM Appalachian El Pr 5s_1956 10534 1054 12,000 f34
Toledo Edison 6% pref10051
Jan 98
68
Aug Appalachian Power 5e_1941 1073.4 107% 6,000 99
7% preferred A
100
July
684 83
Jan 104
Deb as
5,000 58
2024 109 110
Tonopah Belmont Devel_l
1,
34 Apr
4 Apr Arkansas Pr & Lt 53_1956 9 34 9744 148,000 50
5
Tonopah Mining of Nev _ _1
.35
35
131 Apr Associated Elea 448_1953 48
100
51 104,000 204
35 Feb
35
Trans Lux Piet ScreenAssociated Gas & El Co
Common
1
2% 3
4,700
Cony deb 54e
134
34 Feb
Apr
2
3334 5.000 12
1938 32
PS-Continental warrantn__
144
14 Aug
14 1,900
Cony deb 4346 C
Si Mar
29,000
34
29
1948 27
94
Triplex Safety Glass CoCony deb 4%
9%
19411 2634 30 251,000
,
Am dep rcts for ord reg
Cony deb be
114 1634 July 1834 Aug
31
106,000 11
1950 29
Tri-State Tel&Tel6% p110
I6 734
104 June 1034 Apr
Deb5s
1968 2934 314 124.000 1134
Truttz Pork Stores
•
Cony deb 54e
Jan
9
July
7
7
21,000 11
1977 304 32
Tublze Chatillon Corp.__I
534 64
800
Apr
Aug Assoc Rayon ba
3
3
7
6,000 3834
1960 6934 71
Class A
1
18% 20
800
Sept Assoc Telephone Ltd 5e '65
94 1034 July 20
784
Tung-Sol Lamp Works_ •
734
334 Apr
1,900
744 July Assoc T & T deb 54a A '55 7234 734 6,000 34
67-4
25,4
$3 cony pref
• 44
45
July Assoc Telep Utll 54(3_1944 2334 25
200 12
45
Jan
29
70,000
9
Certificates of daemon_ 2334 244 32,000
8
Unexcelled Mfg Co
10
3
34
600
234 Mar
2
334 Sept
58
6a
5,000 134
1933 58
Union American Inv'tt___• 25
200 16
25
1934 Mar 25
Ctfs of deposit
57
Aug
5834 48,000 134
Un El 1.1 & Pow 6% pfd 100
1034 1034 June 1034 June Atlas Plywood 548_1943 824 84
39.000 47
Union Gam of Can
•
may
54 5%
4
400
634 Aug Baldwin Loco W One, w '38 5844 60
3
12.000 3234
Un 011 of Calif rights
Si
h
100
34
tie without wart_ __ _1938 5734 5934 69,000 3034
Si June
Si June
Union Tobacco corn
•
34 Jan Bell Thep of Canada
100
35
4
4 Jan
116
Union Traction Co
50
1s1 M be series A___1955 114% 115
Apr
5
June
11 335
4
15,000 98
United Aircraft Transport
1,1 St 55 eerie, B___1957 1164 1174 5,000 97
Warrant.
344 mar
734 84
834 Sept
900
3
5,serial e
1960 118 11834 5,000 974
United Carr Fastener__• 1734 18
Aug Bethlehem Steel 68-1998 131 132
700
54 1434 Jan 20
16,000 102
United Chemicals corn_ •
734 July Binghamton L H & P 58'46 107 10735 4,000 7535
234 Mar
234
• 38
83 corn & part prat
40
500 13
2134 Apr 40
Aug Birmingham Elea 44e 1988 904 91
28.000 454
tin..., t orp warrant!!
4 Ma
144 Aug Birmingham Gas 55_1959 764 7734 10,000 3845
134
35
145 1,000
United Dry Docks corn __•
44
700
44
'1g Apr
1ig
7i• Jan Becton Consol Gas 55_1947 1074 10734 3,000 10234
United Founders
1
4
34 Mar
34
135 Aug Broad River Pow 5a 1954
34 9,300
29
United Gam Corp com
I
34 44 74,900
14 Mar
44 Sept Buff Oen Elea be ____1939 107 107
4
1,000 1024
Pref non-voting
35
• 724 77% 8,000 15
July
Mar 80
Gen & ref Ea
102
1956
Option warrants
4 'fie 11,300
34 Ma
"le Aug
34
United (1k E 7% prof.100
Jan 814 Aug Canada Northern Pr 55 'ba 10034 101% 16.000 71
54
46
United Lt & l'ow corn A __•
14 234 14,900
34 Mar
34 Aug Canadian Pao Ry 6a__1942 z110 110% 25,000 98
4
Common clam 13
•
44 444
Feb
1
634 Aug Capital Adminia 58_ _ _1953 1004 1014 52,000 65
200
1
$6 cony Int pref
• 1244 1434 13,500
335 Mar 2235 Aug Carolina Pr & Lt 5,....1956 9534 96% 71,000 46%
334
United Milk Products •
434 July Cedar Rapids M & P5,
Jan
3
8
'53 111 1114 12,000 9435
23 preferred
•
Jan 38
Aug Cent Ariz Lt & Pow 5* 1960 10434 105
29
20
20,000 724
United Molassee CoCent German Power 6s1934 43
43
1,000 3344
Mn dap rctn ord ref _ _ _£1
434 44
Jan Cent III Light be_-_ _1943 108 108
534
431 Jan
231
100
1,000 99
United Profit-Sharing
•
1
1 1
4 Mar
200
34
1% Apr central III Pub Service
Preferred
10
be series E
734 I'd,
734 Apr
6
1956 97
983 26,000 60
%
United Shoe Mach corn_ 25 8234 84 ' 350' 47
July
Jan 85
70
1st & ref 434, aer F_1987 91% 924 45,000 45%
Preferred
25 39
39
Jan 4034 Aug
50 304 38
58 aerie.0
1968 9635 9734 27,000 49
US Dairy Prod cl 13
•
34 July
1, Feb
6
44% series It
34
1981 914 92
13,000 46
US Flee Pow with warr__1
5,,,
4 1,700
4 Jan
44 Aug Cent Maine Pow be D 1955 10434 105
Si
17,000 80
Warrants
116
'32 Jan
116
44s serlee F
1u
100
132 Jan
46,000 72
1957 1004 102
U 8 Einialting corn
•
34 Mar
4
2
Jan Cent Ohio Lt & Pow 6*1950 95
964 20,000 554
U S Foil Co C1/11913
1
124 13% 6,900
134 Jan Cent Powers,ser D_1957 814 83
1034 Mar
534
5,000 374
US Intl SecurItlen
•
IN
1%
4 Mar
500
2
Aug Cent Pow & Lt lat 5s_1956 7634 79 150,000 3734
45
let pref with wart
• 70
72
Aug Cent States Elea 51._ _1948 5234 5631 177,000 25
SOO 394 4134 Apr 72
US Lines pref
•
34 Apr
ti•
'4 Feb
5358 ca-wan
1954 5334 5734 276,000 254
US Playing Card
it 1454 3034 mar 384 May Cent States P & L 545.'53 654 68
10
62,000 29
US Radiator Corp corn
•
134
14 June
341 Aug Chia Dlet Elea Gen448'70 103% 10435 40,000 62
7% preferred
100 20
20
10
July 22
150 ii 5
Aug Chic Jet Ry & Union Stk
It S Rubber Reclaiming _.•
44 Feb
34
Yards be
134 Aug
1940 1094 1094 1,0006 90
U S Stores Corp
•
Ism Aug
1,j6 Aug Chic Pneu Tools 530_1942
5134
United Stores v t c
•
154 Jan Chic ADS bs(Ufa
34
4
400
34
h Mar
1927 76
764 17,000 43
Un Verde Extennlon___5ne
234 • 3
1,400
24 Apr
24
434 June Cincinnati St Ry 5145 A '52
404
United Wall Paper
2.
24 23-4 5,200
134 Aug
334 Aug
6s series 13
1
1,000 47
93
1955 93
Universal Consul 011
_10
35 1.20
331 Jan
634 Feb °Ilea Service be
5834 130.000 2834
1986 56
Universal Insurance
8 1634 164
19
Jan
54
150
Aug
7
Cony deb be
1950 5534 584 377,000 284
liniversal Pictures com
I
574 June Cltlee Service Gas 54e '42 8835 90
Aug
2
1
31,000 4334
Universal Products
• 16
soil 44 13
16
July
18.4 July Cities Service Gas Pipe
Utah Apex Mining Co
a
%
tf July
131 Jan
Line 6s
1943 10034 1004 26,000 65
Utah Pow & 1.1 07 pref.._.• 27
150 134 16
Jan
2734
Aug Cities Fiery P& L 5Sis 1952 53% 5734 181,000 2634
313.4
Utah Radio Products_
•
9
%
1
Aug
1
Aug
54a
1949 5434 57
91,000 2734
Utica(:as A Elea 7% pf.100
Apr 100
84
Aug Cleve Elee III let 54_1939 1023,4 102% 10,000 10234
77
Utility Eoultles Corp____•
235 334 3,800
34 Mar
3% Aug
41
5s Arnim B
1961 1074 10734 1,000 102
Priority ntock
• 694 70
72
30 433.4 Jan
100
Aug Commerz & Privat 5356 '37 3544 4034 63,000 33
•
Utility & Ind Corp
h May
h
134 Aug Commonwealth Edison4 134 6,900'
Cony preferred
•
2% 335
800' %
1
Mar
434 Aug
let NI 515 serlea A
1953 11034 111
6.000 864
Utll l'ow & Lt corn
1
135 1% 4,500' 4
34 Feb
134 Aug
let M 5s aeries B
1954 11044 I113-4 7,000 8634
_ __ 100 14% 144
7% preferred_
250
34 Mar 174 Aug
34
let 4,34e series 0_1956 1094 11034 21,000 8034
Venezuela Men 511 __ _ _ IP
__
244 3
400
May
14
3
134 Mar
let 11 1 s merle, D 1957 11034 11034 4,000 7935
4
Venezuelan Petroleum__ _5
14 144 3,000
2
Aug
71. Jan
4
let M la aeries P
1981 103 104
97,000 69%
•
Vogt Manufacturing
17
Jan
8
24,4
Aug
334, series II
1965 994 10044 58,000 98%
Waco Aircraft Co
•
5% 534
200
334 Mar
34
64 July Corn wealtn Subeld 54848 10134 101% 23,000 54
Wahl (The) Co corn
•
9
u
2
Aug
214 Aug Community Pr & Lt 58 1957 6534 6834 60,000 834
,
Waitt A Bona el A
•
931 9%
200
Aug Connecticut Light & Power
334
10
441 Feb
Class B
•
15f May
34 Mar
15
7,eerieci
1951
112
Walgreen Co warrants
500'
34
14 Feb
4
616 Aug
X
1056 10944 109% 1.000 9831
4 345 series C
Walker Milling C(1
1
1
1%
900
*la
144 Sept
Se series D
h Jan
102
1962
Walkeri If Irani)-(looderh'n
Conn River Pow ba A 1957 10534 10534 8,000 8735
& Worts Ltd com__• 2634 2834 5,000 204 2335 Apr 3234 Feb Consol Gas
(Balto Cite,
Cum ill preferred
• 174 1734
in% Jan
300 124
1834 Mar
be
1939
103
Wayne Pump corn (new).1
124 Aug
144 Sept
1234 144 13,800 1234
Gen mtge 434s
1954 120 120
9,000 994
Wendell Copper
1
4
34
100
116 June
1
,
4 Mar Control Gas El Lt & P (Balt)
Western Air Expres.s
1
34 444 7,000
2
2
Jan
34 Aug
434e aeries H
1970
9634
Western Auto Supply A --• 54
55
800 17
48
July 6034 Mar
Int ref a f 4s
1981 114.44 10934 15,000 884
Western Cartridge Met _100
624 98
Jan 102
July Conant Gas Utll Co
Western Maryland Re
let & coils, ger A 1943 7834 79
10.000 33
7% lst preferred ___lno 60
60
20 35
May
46(4 Mar 63
Cony deb 8%. W w -1943 1534 1594 6,000
44
For footnotes see page 1573.
Range Since
Jan. 1 1935
Low
High
7434 Mar 102
Aug
12
Feb 164 Sept
7
June
12
Aug
28
Jan 47
July
99
3
7
3
34
234
18
134
3%
334
Jan 105
June
b
1734
July
Apr
735
Mar
1916
6
June
Jan
2734
July
134
June
334
6
Jan
24
Mar
64 Aug
4 Mar
102
8834
8334
834
73
6651
19531
105
9731
134
93
734
8934
18
1734
504
1034
944
74
101
1054
844
7344
294
1435
13
11
124
12
1434
60
99
6744
1434
144
20
20
78
324
3034
June
Apr
Jan
Sept
Feb
Jan
May
July
June
May
2831 Aug
Mar
10
24 July
Jan 10534 Aug
10434
1014
1014
954
9
0
108
107
104
534
102
174
106%
434
404
9134
106
100
9934
10634
109
111
98
544
July
July
July
Jule
Jule
Sept
Aug
Aug
Aug
Apr
July
Aug
Aug
Aug
Aug
Feb
Jan
July
May
Mar
June
July
Aug
Mar 40
Feb 35
Mar 3434
Mar 3731
Mar 37
Mar 384
Apr 7535
Jan 105
Jan 7534
Jan 28
Jan 28
Jan 6334
Jan 63
Mar 88
Apr 81
Apr 6
8
Aug
Aug
Aug
Aug
Aug
Aug
Feb
June
Feb
Aug
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Fat
1094
11134
11231
1264
102%
6934
56
106
70
106%
105
Mar
Feb
Jan
Jan
Jan
Jae
Jan
Slay
Jan
Aug
Apr
1154
118%
120
138
1074
914
804
109
914
1094
110
Apr
Aug
July
July
Sept
Aug
Aug
Jan
Aug
Jan
May
97
105
884
8334
109
89
39
106
Apr 103
Slur 112)4
Jan 10135
Jan 1003.4
Aug 1134
Jan 1054
Mar 4434
Apr10931
July
Jau
May
Slay
Aug
July
Juno
Mar
7834
67
7L
674
101
9534
72
59
5944
20
254
4854
9251
Jan 9934 July
Jan 9331 Aug
Jan 117% May
Jan 934 Aug
Jan 1054 Aug
Jan 1024 May
Jan 984 July
Jan 874 July
Jan 8444 Aug
Mar 614 Aug
Mar 6244 Aug
Jan
71 54 Aug
Jan 105% July
10534
87%
6534
58
6634
304
2
94
6335
Jan 11034 May
Aug
Jan 103
June
Jan 80
Feb 89% Aug
Feb 93
Aug
Mar 6031 Aug
Feb 613% Aug
Jan 9351 Aug
8434
2635
2731
10235
10734
334
Jan 1004 Aug
Feb 614 Aug
Feb 624 Aug
Aug 106
Mar
Sept 114
Jan
Aug 47
Feb
10934 Jan 11344 July
109
Jan 113
Julie
10535 Jan 1 1134 Aug
10434 Jan 11134 Aug
9434 Jan 105
July
9834 Aug 1004 Sept
Jan 1024 July
85
5114 Mar 734 Aug
1194 Jan 12234 June
10834 Jan 110
July
May 10934 Jan
108
1034 Jan 10634 June
111
11434
Jan 113
Jan 122
May
July
10634 July 111
10634 Jan 112
Apr
July
51
4134
Jan
Jan
83
July
2274 May
New York Curb Exchange-Continued-Page 5
1572
BONDS
(Continued)
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Auy.31
1935
High
Low
Consolidated Publishers
1939
7%s stamped
Coneumera Pow 4%1_1950 106% 107% 29,000
let & ref Se
1936 101% 101% 13,000
Cont'l Gas & El 55
15 8 7494 77 Y1309,000
/6
Crane Co
Aug 1 1940 103 1034 14,000
Crucible Steel 58
1940 1004 1014 75,000
3,000
84
82
Cuban Telephone 745 1941
1,000
52
52
Cuban Tobacco be__ 1944
Cudahy Pack deb 5451937 1024 102% 9,000
7,000
olOo
1946 10354 10345
Cumberld Co P& L 4145'66 10494 104% 15,000
Dallas Pow & Lt Co A.1949
55 miles C
1952
Dayton Pow & Lt 65_1941 lug lossi 21,000
12,000
Delaware El Pow 635e__59 wog un
1,000
Denver Gas di Elec 68.1949 108% 108%
34,000
Derby Gas & Elec 55.._ 1946 0694 97
Del City Gas 6a ser A.1947 102 103% 50,000
74,000
1950 94% 96
58 let series B
Detroit Internal Bridge
1,000
4% 444
Aug.] 1952
655n
6,000
Certificates of deposit. '4% 451
Deb 75
Aug 1 1952
1,000
Certificates of depesit.
54
94
10.000
Dixie Gulf Gas 648_1931 102 102
Duke Power 448
1987
Eastern Util Invest 56_1954
Elec Power& LIgh t 55_2030 63% 6844 569,000
Elmira WM, & RR 68'56 100% 100% 3,000
Lt
7,000
El Paso Elec 65 A
_1950 103 104
El Paao Nat Gas 645_1943
2,000
1034 103%
With warrants
1938
Deb 684o
11,000
Empire Diet El 61_.__1952 9341 94
Empire 011 & Ref 154a 1942 684 694, 43,000
Ercole afarelli Elm Mfg
6545 A ex-warr
1953
2,000
Erie Lighting 5a
1967 1054 10555
European Elea Corp Ltd
65
5,000
6 Hs x-warr
1965 65
European Mtge Inv 70 C'117 4515 45% 10,000
5,000
Fairbanks Morse Se_ _1942 1034 104
Farmers Nat Mtge 7E1_1963
Federal Sugar Ref 68__1933
Federal Water Fiery 5%,64 70% 7141 34,000
Finland Residential Mtge
Banks(10-55Stamped1961
Firestone Cot Mille Is.
'48 10341 104% 19,000
10,000
Firestone Tire & Rub be'42 1044 105
95% 28,000
Fla Power Corp 5555_1979 95
Florida Power & 1.t bs
89% 9045 149,000
16,000
Gary Elec & Gas be ext.'44 8494 86
Oatlneau Power let be 19/6 8515 8745 60,000
7814 20,000
Deb gold Co June 16 1941
77
Deb 65 series B
7655 41,000
1941 75
3,000
General Bromic 6s_
1940 9445 95%
94
1,000
General Pub r3erv 5a 1953 94
Gen Pub Utll 6545 A. 19(0 7634 784 22,000
10,000
General Rayon 68 A 1948 49% 50
1451 1551 15,000
()en Vending Co ex war '37
4,000
Certificates of deposit__
144 15%
25,000
83
Gen Wat Wks & El 55_1943 81
Georgia Power ref 65_ _1967 94% 97 135,000
14,000
Georgia Pow & Lt So.. 1978 72% 75
Gestural Co 1-warrants i913
Gillette Safety Razor 55 '46 10215 102%
2,000
Glen Alden Coal 4s___ 1965 9155 92% 37,000
Gobel (Adolf) 6548___193o
with warrants
8715 89% 19,000
Grand Trunk Ry 6345 1936 101% 102
6.000
Grand 'Trunk West 45.1950 93
8,000
93
(it Nor Pow bs stmp__195t,
Great Western Pow 55 1946 1074 1074 4,000
4535 4614 21,000
Guantanamo & West 65 '58
13,000
Guardian Investors 50_194:
5355 55
Gulf 01101 l'a 58
1947 10645 106% 9,000
I mil States UM 59_ .11456 10415 104% 31,000
1,000
4148 serlea B
102
1961 102
Low
70
88
10034
33
774
6035
50
35
9344
102
65
100%
94
994
65
924
56%
76
6714
24
14
31
76
85
10
22
55
64
5614
25
46
41
584
78
65
24
58
3854
14
16
86
85
89
48
444
63%
7155
60
5934
55
54
234
36
2
2
3855
5441
40
30
93
53
High
Low
87
106%
101%
42
102
954
6115
38
10244
10315
95%
10615
104%
10551
81354
10515
83
99
9135
Mar
Sept
Aug
Jan
Jan
Apr
Mar
Aug
Aug
Mar
Jan
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Jan
97
10914
104
8154
104
10235
8551
52
104
10735
10515
110%
107
109
103
110
98%
104%
99
3
2
Jan
Jan
Jan
7
215
1014:
N a 1034
A
105
Jan 10851
1654
10
June
334 Feb 7351
8515 Jan 101
8915 Jan 104
91
9011
67
59
Jan
Jan
Jan
Jan
5815 June
100
Jan
104
10045
94%
7355
June
Mar
Jan
Aug
July
Aug
June
Aug
Jan
Feb
Aug
Mar
Mar
Mar
July
July
July
Feb
Feb
Apr
Apr
Apr
Apr
May
Mar
Jan
Aug
July
Aug.
June
June
July
Aug
69
Jan
10611 July
65
Aug 98
Apr
34% Apr 5514 Jan
9654 Jan 104
July
45% Aug 55% Jan
155 Feb
24 May
3115 Jan
Aug
77
9855 Mar 100
10255 June 10615
103
Apr 105%
97
6811 Jan 9155
87
6345 Jan
7915 Apr 994
60
9931
Apr
984
5935 Ay
8114 Ma
9655
95
74
Ma
81
6155 Jan
4915 Aug 6751
4
1531
Jan
4
Jan
1544
56% Jan
8455
814 Jan 100
80
664 Jan
314 May
5654
10235 July 1054
8444 Jan 9214
Apr
Mar
Mar
July
July
July
Jan
Jan
Jan
Aug
Aug
Aug
July
Sept
Sept
Aug
July
July
Jae
Feb
Aug
10835 Jan 1114 July
105
Apr 10615 Feb
July 7715 Apr
60
51
Feb
June
37
30
84
87
93
76
10315
1024
104
42
11141
10555
47
5251
10545
60
10251
7554
694
66%
67
64
68
60
107%
6235
99
10735
384
3514
80
97%
Aug
Jan
Jan
Jan
Mar
4151
101%
102%
10355
9915
Feb
July
July
July
June
Aug
Feb
Jan
Aug
Jan
Mar
Apr
Aug
Jan
Mar
Jan
Jan
Jan
Jan
Jan
107
10535
10614
55
114
107%
6415
63
109
8051
10715
100
9531
94
89
Mar
Mar
Star
Jan
July
June
Jan
Apr
May
Jan
Aug
July
July
July
Aug
94
July
Jan
96
Aug
Jan
8351 Aug
Jan
Jan 107% Mar
91
July
Jan
May
Jan 106
July
Jan 112
6554 July
Jan
July
65
Jan
Jan 10555 Aug
Jan 1054 July
134 Mar
54
5845
5615
10435
6845
89
1044
67
38
414 Mar
Aug 77%
Aug 85%
Aug 804
Apr 108
8815
Jan
Apr 994
May 1054
Jan 83%
72
Jan
52
4741
Jan
92
91
88
86
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Aug
Slay
Jan
Aug
Aug
7951 July
7611 July
10051
10045
103%
1034
Week's Range
of Prices
BONDS
(Continued)
Apr 934 Feb
69
70
9854 101% Sept 105% Jan
Aug
8634 May 95
83
1024 10254 Feb 11851 Aug
July
Jan 108
9345 107
5215 May
10
1754 Jan
63
Aug
25
Mar
24
105
Apr 107% Jan
97
9435 Jan 105% July
62
874 Jan 10251 July
55
984
Hackensack Water 60.1931'
1,000 98
65 merles A
1977 106 106
Hall Print Co stmp
16,000 60
7194 73
1947
37
Hamburg Elea 7s__ _1935
Hamburg El Undergrouno
28
& St Ity 48
1938
7,000 65
Hood Rubber 5558____1935 loox 10034
1,000 65
101
711
1936 lot
4,000 40
Houston Gulf Gas65_194a 1024 103
8,000 2914
64e with warrants. 1947 9655 97%
Houston Light & Power
14,000 91%
let ba Ber A
1953 1044 105
79
lot 4548 aer D
1978
14,000 80
lot 445 aer F
1981 104% 105
42
IIungarian-Ital I3k 7.45s '63
1004
Hydraulic l'ow bs____1950
5,000 100
Ref & lmpr 119
1951 107% 10744
1,000 404
Ilygrade Food 68 A.._1949 55
55
2,000 42
an series B
1940 544 55%
86
Idaho Power 5s
1947
Illinois Central RR 65 1937 66
8,000 60
66
III Northern Util 55._ .1967 1064 106% 6,000 8215
III Pow & I. let Is ner A '53 97
9815 115,000 48
1st & ref 54e eer B_ 1964 93
33,000 48
94
Int & ref 55 ser C...1956 8815 9054 76,000 424
r deb 5546 __May 1957
68,000 3211
89
88
Indiana Electric Corptis series A
1947
8854 894 12,000 54%
58
640 !erten! 13
1953
55 merles C
14,000 45
78
79
1951
93
Indiana Gen Serv 5s_ .1948
Indiana Hydro-Flee 58 '68
2,000 44
86
86
Indiana & Mich Elm 55 '55 106 106
1,000 70
1.000 884
5a
111
111
1957
Indiana Service 5s
17,000 2344
60
1950 58
let lien & ref C.
57
59% 14,000 22
Indianapolis Gas 5s A.1952 103% 10415 30.000 68
Ind polls P & L be see A '57 1034 10415 71,000 73
n tercontinents Power
135
Co series A ex-w._,.1948
International Power See 0345 sates C
1,000 54
58
58
1955
78 series E
8,000 58%
62
1957 60
75 &silos F
8,000 56%
1952 5755 59
International Salt 58..1961 1074 107%
4,000 834
International Sec 58 1947 844 86
20.000 43
Interstate len & Oil 494e'46 99
99% 17,000 53%
103
Interstate Nat Gas 68.1036
interstate Power 55_1967 7915 82 101,000 87
Debenture 65
1952 6511 6735 58,000 2(334
Interstate Public Service19,000 41
&aeries D
1966 7555 77
414s eerlen F
1968 7055 7215 20,000 42
,
Invest Coot Amer-67
1947
641 series A w w
67
without warrants
11,000 56
102
Iowa Neb L & P 58_1957 101
101
1961 101
1,000 564
Ea nerien11
For footnotes see page 1573.
Range Since
Jan. 1 1935
Aug
July
May
May
96
7
Tows Pow dr Lt 4555_ 1958
Iowa Pub Serv 55
Inareo Hydro Elea 78_1952
Isotta Franshini 75._ _1942
Italian Superpower of Del
Deb fin without war.1963
Jacksonville Gam 68
1942
Stamped
Jamaica Wat SUP 5355'55
Jersey Central Pow & Light
1947
1961
6s series B
4145 series C
Jones & Laughlin 611 55 '39
Kansas Gm & Elec 85_2022
Kamm Power 55
Kansas Pow & Lt 69 A1945
_'57
1967
5e series 13
Kentucky Utilities Cols* mtge be ser H 1961
1945
0
8
640 eerles D
5 An serlea F
1969
be aeries I
Kimberly-Clark 55_1943
Koppers0 & C deb 65 1947
Sink fund deb 545_1950
Kresge(SS) Co 5a
1945
Certificates of deposit__
Low
10544
99%
4211
Laclede Gas Light 55451935
Lehigh Pow Smut 65_ _2026
Lexington Utilltlesbe_1962
Libby MoN & Libby 55 '42
Lone Star Gas 5E3
1942
Long island Ltg 85_1945
Los Angeles Gh E 65 1939
1961
58
1942
85
514 eerie. E
_ 1947
93
4
5558 series F
1949
Lo5A15aet
& Lt 5s 1957
Lout/15111e 0 & E Os__ _1937
4 45 series C_
196/
Manitoba Power 514s 1951
Mansfield Nlin & Smelt
70 with warr
1941
Masa Gas deb 58
1955
5 45
McCord Radiator & M1f8L6
65 with warrante___1943
Merril:Min P & L 68 A _1948
Metropolitan Ed 48 C.1971
55 emits F
1962
Middle States Pet 8555 '45
Middle Went UtilitiesEs etre of deposit 1932
1933
bs etre of dep.
Is etre of dap
1934
55 efts of depoelt
1935
Midland Valley 68 _ _1943
ilw Gee Light 4555_1987
alinneap Gas Lt 6545_1950
Minn P & L 445
1978
1955
130
MI851591901 Pow 65_1955
Mien Pow h Lt 5e
1957
MhsidiviiPPI River Fuel
6n ex warrants
1944
Miss River Pow lot 58 1951
Mineourl l'ow & Lt 5145'65
Missouri Pub Serv 58.1947
Monongahela West PennPub Serv 54 ser 13_1953
Mont-Dakota Pow 55.4s '4
Montreal L H & P Conlon A, ref 58 ser A_ _1951
be merles B ........1970
Munson S S645 ww_ _1937
Narraitaneest RIco 65 A '57
ba scrim B
1957
Nassau & Suffolk Lig 58'45
Nat Pow de Lt 85 A _ _2026
Deb 55 series R
2030
Nat Pub Serv 5,9 etre...1978
Nebraska Power 450_1981
6sserles A
2022
Neisner Bros Realty 68 '414
Nevada-Callf Elea 58_1956
New Amsterdam Ga 54.'48
NE Gan & El Assn 55.1947
Cony deb 5a
1940
Cony deb be
1955
New Eng Pow Assn 50_1948
Debenture 545
1954
New Gel Pub Sere 434o 35
'
5s stamped
1942
Os serlea A
1940
N Y Central Elect 548 '150
N Y & Foreign Inv 548'48
N Y l'enn & Ohio 4315 1950
NY P&L Corp let 4545'67
NY State0& E 445_1980
1st 54a
1902
NY & Westoh'r Ltg La 20114
Debenture Se
1954
Niagara Falls' Pow 65_1950
he marled A
1959
Nippon El Pow 645_1953
No Amer 1.14. Pow 55_1038
5545 aeries A
1956
Nor Cons UO1 545-1948
No Indiana 0 & E 68_1952
Northern Indiana P S
be merles C.
1966
&leaden D
1969
1970
4555merle5 E
No Ohlo PA L 545
-1951
Nor Ohio Trac 1k Lt 55 '56
No States Pr ref 448__1961
1940
554% notes
N'western Elect 65...1635
Certificates of deposit_ j_
N'wentern Power Co A _1960
Certificates of deposit_ _
N'western Pub Sart 58 1967
,
Ogden Gas 15e
194o
Ohio Edison let 55....1960
Ohio Power let be B 1962
let & ref 434e eer 0 1956
Ohio Public Service Co
-65 aeries C
1953
1954
5s series D
545 sertes F
1961
Okla Gas & Elea 5e
19/50
65 series A
1940
Okla Power & Water 55 '48
oswegn Falls 135.__. 1941
Sept. 7 1935
iJuly 1
Sales '1933 to
for
Aug.31
1935
Week
High
1054.i 13,000
99% 32,000
2,000
44
Low
72
573
41
55
Range Since
Jan. 1 1935
High
Low
July
Jan 106
100
82% Jan 100% Aug
41
Aug 8355 Apr
June
Aug 95
55
40
Aug
46
8,000
40
52% 54
4,000
48
May
48
964 10515 Apr
43
10445 105
10141 102%
10615 10655
115 11535
9715 9715
10635 107
107
107
20,000 77
42,000 70%
4,000 1024
5,000 614
23,000 55
25,000 80%
3,000 70
88%
87
9951 100
9034 9034
8815
87
10315 103%
103% 104%
10454 1054
55,000
12,000
2,000
35,000
17,000
26,000
8,000
10235 10234
1,000
8,000
84
83
39,000
1054 107
9815 9855 10,000
21,000
10314 104
10554
10755
10655
10831
109
4,000
10555
1074 7,000
1064 12,000
5,000
108%
16,000
109
10115 1014 80,000
2,000
10151 102
5034 NA 60,000
.
854 8815 99,000
53,000
9334
9474
1,000
/4
26,000
10211 103
0
7
1014 102A 30,000
0
18,000
844 854 8,000
10134
93%
10645
90
7745
105
100
6215
46
73
55
69
50
624
4515
824 102
10134
72
103
78
85
100
Feb
6655
57
108
June
Mar
10555
105
107%
11551
9851
1074
107
July
July
July
Aug
July
Mar
July
914
Jan
Jan 105
98
Jan
92
Jan
Jan 104
Feb 104%
Feb 105%
July
July
July
July
July
Sept
June
10334
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Aug
84
5655 Apr
50
June
91% Jan 108
54
75
Jan 10036 July
54%
Aug
984 Jan 106
57
1054 Aug
824 101
9555 Jan 10651 Aug
65
105% Feb 1084 Mar
100
87% 10335 Jan 10751 Aug
Feb
Jan 110
9934 108
107
Jan 1094 Feb
94
1044 Jan 107% May
94
Feb
10555 Aug 110
94
10334 June
884
6134
June
100
Mar 103
90
Jae 10854 A pr
104
79
6615 Feb
50
July
22%
33
70
80
June
33
8554 Mai
87% Mar
33
70
63
73
46
67
May
9015 Jai
89
Jan
10045 Jar
66
Jan
Aug
37
June
96
10235 Jan
91
10455
103
10754
884
Aug
June
July
July
Aug
11,000
15% 16
15% 15% 10.000
13,000
5 34
15% 154 1,000
5
7834 794 8,000
106 106% 34,000
24i ,3m 50,00(
1033-4 104
9
58,000
99% 11,000
99
864 8715 28,000
8935 89% 16,000
53
90
67
64
5815
354
40
1915 Aug
5
Jan
194 Aug
445 Jan
194 Aug
455 Jan
1911 Aug
455 Jan
82
JUIY
8254 Jar
10535 Aug 10845 Jan
Aug
944 Jan 106
9654 July
7954 Jan
884 Jan 10115 July
9145 July
624 Jan
9335 July
Jan
72
9,000
1014 102
106% 10715 11,000
107 107% 18,000
5315 29,000
52
39
95;4
7014
33
Aug
Mar 103
94
1064 Jan 10851 May
1014 Jan 10714 July
Feb
4134 Slat 58
103% 50,00
85
1,000
58
4735
88
674
944
9315
2
9155
9351
98
61
42
355
83
704
35
54
85
34
3314
33%
4635
50
324
60
25
55
35
1034
73
584
77
81
98
104
9911
63
8154
2541
184s
71
10451
105%
2
10251
103
10014
714
6141
31%
10741
101%
90
67
10054
474
48
47
5414
5745
47%
60
3055
77
90
10355
8945
85
9955
994
104%
1064
105.4
8234
1004
44%
2044
9951
103
85
106% 107
10,000
6,000
454
5
13,00(1
104% 104
5,000
1044 10445
9435 9815
85
8755
124 1415
110 111
11651 11654
10015 100%
8115 83
10811 1084
85
6855
8844 6755
653.4 88%
744 7644
7751 7834
66% 6855
03
6635
56
59%
19,000
32,000
196,000
16,000
5,000
4,000
47,000
9,000
49,000
12,000
81,000
76,000
45,000
16,000
30,000
24,000
105 10531 58,000
10155 102% 44,000
108 108
3,000
10615 107
108% 108%
12,000
5,000
10155
8455
44
10555
10155
3,000
884 125,000
4754 13,000
106
6,000
os%
9855
9355
10715
106%
104,
103
9915
99
3434
100
995%
95
107%
108
10445
103
100
100
3045
13,000
30,000
63,000
5,000
7,000
42,000
28,000
28,000
13,000
12,000
944 9534 41,000
355
3%
33-4
Jan
Jan
104% July
8745 July
Mar 10751
Mar 108%
535
June
API 10655
Apr 1054
Jan 1044
984
Jan
Jai) 89%
1515
Mar
Jan 'III
Jan 117
Jan 1023-4
8545
Apr
Jan 10955
714
Mar
714
alai
7151
81
Mar
85
Mar
88
Jan
564
Aug
634
Jan
974
Jan
Jan '9251
Mar 1(1751
Jan 1054
Jan 10215
Jan 1084
Jan 106
Jan 112
Aug 110
Apr 109%
90
Feb
Jan 10231
Mar 89
48
Mar
Jan 1005
Jan
Apr
Aug
Fe0
Feb
May
July
Aug
Aug
May
Aug
July
Aug
Ma)
,
Aug
Aug
Aug
July
July
May
Sept
July
Jurie
July
May
June
July
June
May
Apr
Mar
Feb
June
June
Aug
Aug
July
100%
101
95%
10741
108
105
104
100
1004
38%
37
9615
July
July
July
Aug
Sept
July
July
Aug
Aug
Feb
Feb
Aug
77
Jan
5151
7635 Jan
5255
7155 Jan
49%
10115 Jan
69
100
Jan
65
9051 Jan
71
88
Jan
69
744 Jan
54
90
June
90
Jan
84 28
28
Jan
84
Jan
72
474
15,000
10354 104
105% 10615 18,000
10651 10634 10,000
12,000
105 105
734 96
9735
6341
88
10455
8335 1044
Jan 1054 July
Jan 1011.45 June
Apr 1084 Jan
Apr 10634 May
10,000
109 109
5,000
10454 10415
10614 10615
1,000
104% 10555 40,000
14,000
10254 103
8111 10,000
80
9,000
8634 87
7054 106%
9935
604
83
1004
99
6814
83
90%
48
40
451
4 654
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11035
,
105
107
105%
104
8154
87
July
June
May
Aug
June
Aug
July
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Continued)
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Am7.31
1935
Range Since
Jan. 1 1035
Low
High
Low
Low
High
Pacific Coast Power be 1940
9914 Jan 106
July
66
Pacific Gas & El Co
let 6s series B
1941 11794 118% 23,000 101
11111 Jan 12093 July
be series D
1958 106 1064 28,000 91
1054 Jan 108% Jan
let & ref 44e E
1957 106% 107
25,000 824 101
Jan 107% June
let & ref 4338 F
1960 105% 107
14,000 82% 1004 Jan 1074 June
Pac Invest 5s eer A _1948 954 96
2,000 09
Mar 99% July
87
Pacific Ltg & Pow 55..1942
110
Jan 117
Apr
102
Pacific Pow & Ltg 5a _ _1955 80
834 103,000 36
5731 Jan 8631 July
Palmer Corp as
1938 102% 103
9,000 85
102
Jan 1044 June
Park & Tilford Bs__ _1936
92.3 Jan 10013 June
62
Penn Cent L & P di 40 1977 98
9894 30,000 57
8434 Jan 100% July
Ia
1979 101 102% 7,000
9311 Jan 10.5% June
Penn Electric te F_ _ _ _1971 93% 95
34,000 51% 744 Jan 98
July
Penn Ohlo Edison
Cs settee A xyr
1950 96
96
4,000 3914 664 Jan 1014 Aug
Deb 64s aeries B
1959 91% 92% 53,000 35
6131 Jan 96
July
Penn-Ohio P & L 5138 1954 10591 106
20,000 74
10314 Jan 106% Star
Penn Power 55
195e 105% 105% 8,000 924 105
Apr 108% Feb
Penn Pub Her, Cs C 1947 107 107% 28,000 664 100
Jan 108
July
&seeder! D
1954
95
Jan 106
Aug
60
Penn Telephone ba C.1960
1034 Jan 107.4 July
86
Penn Water Pow 55__-1940 11241 113% 5,000 103
1104 Jan 1144 July
eerie!! B
1968
43.0
105% May 10834 Jr.n
89
Peoples Gas L & Coke
4a series B
1981 85
86% 27.000 5834 72
Jan 89
July
68 series C
1957 1014 102
35,000 68
Jan 1024 June
89
People('Lt & Pr be
197e
133 Mar
811 Aug
5% 7% 305.000
Phila Electric Co be_ _1961 112% 11234 3,000 1044 11134 May 114% Star
Phila Elec Pow 51.01_1972 1094 109% 13,000 100
10731 Apr 1114 July
Mile Rapid Transit(l• 1982 864 864 1,000 444 7511 Jan 8693 Aug
Phil Sub Co G & E 445'57 1064 1064 1,000 98
1064 July 109
Mar
PhIla Suburban \Vat 55 '55 103 103
Sep 10614 Mar
10,000 9513 103
Pleam't Hydro-El 1110 '61
39
43
23,000 41
39
Sep
7511 Jan
Piedmont & Nor be__ _1954 101
101114 6,000 69
9394 Jan 103
July
Pittsburgh Coal 611
1054 Jan 1084 Feb
1,000 89
1041 107 107
.
Pittsburgh Steel 614.__1948 96
9894 24,000 79
89
Apr 9811 Jan
Pomeranian Elm 65_ _1952
Jun
25
35
Feb
25
Poor & Co 65
1939 103% 103% 1,000 80
98% Apr 104
Aug
Portland Gas & Coke 58'40 83
84
11,000 674 674 Feb 8 04 July
,
Potomac Edison be _ _195e 106 106% 14,000 72
9931 Jan 1064 July
69111 series F
1961 10633 107
934 Jan 107% July
19,000 65
Potomac Elec Pow 58_1938 102% 10213 1,000 101
1024 Sep 105% Jan
Potrero Sugar 7s
1947
34
Aug
Jan 68
13
Stamped
41
524 Aug
Jun
41
PowerCorp(Can) 4338 B'hi
844 844 5,000 53
78% Ma
8894 Jan
Power Corp of NY 5
'47 100% 101
7,000 50
76
Jan 103
Aug
Power Hecuritlen 68. _1949 044 95
_1949
26,000 41% 76
96
Fe
June
Prussian Electric 6s_ _1954
2993 Aug 42
Feb
29
Pub Sere of Nil 449 13 '57 101% 105
7,000 82% 104
Jan 106% May
Pub Herv of N J 6%pet ctfr 131% 132
118
4,000 102
Jan 132
June
Pub Here of Nor Minnie
let & ref 58
1950 1063-4 107
904 Jan 109% July
15,000 62
5s series C
1906 104% 104% 2,000 5891 89
Jan 1054 July
43.4a aeries 13
1978 100 10013 34,000 5334 81
Jan 104
July
4.11a eeriee E
1981
9991 100% 13,000 524 804 Jan 103
July
let & ref ;inner F 1981 094 1004 29,000 524 80
Jan 1024 July
Pub Serv of Oklahoma
&merles C
1901 101 10193 21,000 6034 9491 Jan 1044 July
Miseries])
1957 103 1034 22,000 bb
9394 Jan 104
July
Pub Here Subsid 549_1941
974 984 18,000 4011 794 Jan 99% Aug
Puget Sound P & L Slit'41
79% 81% 134,000 37% 55% Jan 84% July
lat & ref be aeries C _195(
754 78% 18,000 364 5313 Jan 83
July
let es ref 4.48 ten D..111t4
72% 7434 89,000 33% 50;1 Jan 774 July
Quebec Power be
196, 101% 100% 4,000 86
101
Apr 105% July
(Melina Boro0& E 445 'Si'
102
Jan 1064 Star
88
53.4eiseries A
1951 99
99
May
Jan 100
1,000 014 86
Reliance Managemt is 1954
With warrant..
Jan 92
Aug
554 82
Republic Gas 6s
1941
4013 Mar 704 Aug
14
Certificates of &postt
6811 69
6,000 1334 39% Mar 70% Aug
Rochester Cent Pow 5s195:
55
Aug
224 3133 Ma
Rocheeter Sty & Lt 58_1964 113% 113% 6,000 100
112% Jan 11311 Mar
Ruhr Gan Corp 6 48 195i.
Mar 4391 Feb
2811 36
Ruhr Housing 63.4,._.195i
2333 28%
1,000 23
2594 Aug 344 Feb
Sate Harbor Water 4 14e
1054 1064 20,000 91
105% May 1094 June
HI Louis Ga.. & Coke 6s '47 124 134 18,000
6 June 1111 Aug
34
San Antonio I' S 55 11_ '58 103 103% 39,000 64
924 Jan 105
July
San Joaquin I.& P Gs 11'51
1073-4 Jan 126
June
88
Salida Falls be
195/ 109% 109% 4,000 101
10834 Feb 111
Jan
Saxon Pub Wks68._._1931 33
33
3,000 30% 304 Aug 4291 Feb
Schulte Real Estate
Os with warrants _ _ _193.
20
20
11
Jan 20
Apr
2,000
7
85 ex-warrants
194 20
1931
104 Feb 20
15,000
Ayr
scrim)
(E W)CO 5115.1941 102% 1024 22,000 6634 96
Jan 103
July
Seattle Lighting 5s_ lea' 50% 52
2891 Jan 53
Aug
15,000 17
Servel Inc is
1948 105% 1054 5,000 61
101
Jan 10691 June
Shawinigan IN & P 411s '67 9911 99% 37,000 834 90
Apr 10194 Aug
414n series II
1968 '193.4 9913 6,000 63
Apt 1004 Aug
90
1st 5s Aeries C
1971 104% 1044 3,000 73
98
Apr meg July
let 413eseries D
197(
99
99% 7,000 6311 914 Apr 101.
Aug
Sheffield Steel 510_1941
773' 10514 Aug 108% Mar
Sheridan Wyo Coal Os 1947 60
47
Jan 63 • Aug
60
4,000 38
Sou Carolina Pow 54_1957 95% 95% 2,000 41
73
Jan 9691 July
Southeast P & L 6t._2035
Without warrants
93
95 142,000 37% 644 Jan 9934 July
Sou Calif Edison 5s_ __1954 105% 106
14,000 904 1054 Jan 108
Feb
Refunding M Sep 1952
Aug 10834 Feb
924 105
Hon Calif Gas Co 445_1961 105 105% 19,000 7811 9751 Jan 10691 July
let ref be
1967
Jan 1064 Feb
854 102
534e nerlea 11
1952
1024 July 1054 Feb
92
Hon Calif Gm Corp be 1937 101% 101% 6,000 83% 1014 Jan 102% Mar
Sou Counties Gas 440.'68 10394 103% 0,000 754 9613 Jan 105
Aug
Hon Indiana (1 & E 5 sis'57 107% 107% 5,000 9611 1054 July 11091 Jan
Sou Indiana Ry 4s
1951 57% 60% 50,000 25
Mar 6194 June
25
Sou Natural (las 65_1944
Unetainped
81
974 98% 51,000 53
Feb 984 Aug
Stamped
97% 98
804 Feb 98% Aug
5,000 56
ETwestern Aroma Tel ba '61
85% 87
4,000 40
6311 Jan 87
July
iouthweet(I E bs A.1957 103% 104
93
Jan 10411 Aug
31,000 60
5s series 11
1957 10313 103% 8,000 60
9291 Jan 1033-4 Aug
Wweetern Lt & Pr 5s_ _1957 944 95
714 Jan 95% July
15.000 45
a'western Nat Gas 8a_1945 89
Jan 95% Aug
92% 34,000 25
60
So'lh'ent Pow & Lt 58_2022 89
49
Jan 91
90. 22,000 37
Aug
Sweat Pub Sera as_ _ _1946 99% 101
Jan 101
77
10,000 55
Sept
Staley Mfg 65
1942 104% 105% 8,000 83
July 106
103
Mar
Stand One & Elea(4_1935 544 56% 195,000 374 3791 Feb 68
Jan
Cone Ct
1935 55
56% 191,000 3714 374 Feb 68
Jan
Debenture fin
1951 50
32
Feb 61
53% 136,000 30
Aug
Debenture tis_Dee 11966 49% 53 117,000 2814
31
Mar 6034 Aug
Standard Inveetg 530 1939 93
93% 6,000 64
8213 Jan 95
May
Seen warrants
1937 95
95
Jan 95% June
2,000 644 85
Stand Pow & Lt68.-1957 49% 53% 188,000 254 254 Mar 59% Aug
Standard Telep 514e 1943 40
40
Aug
3,000 16
234 Jan 45
Htinnen (Hugo) Corp
Deb 7e en-warn
1936 60
60
Sept
1,000 3091 4313 Apr 60
7-4% SCUM ped_
936 48
48
344 May 51
6,000 26
Feb
Deb is ex-warr _ _ _ _1946 55
May 55
55
36
Aug
1,000 29
7-4% stamped -19413 50
51
2914 May 51
25,000 25
Sept
Super Power of ill 441 68 102% 102% 41,000 59
Jan log July
86
let 4 45
1970 102% 103
8511 Jan 104
48,000 56
Aug
1961 105% 106% 14,000 70
6s
1004 Jan 10631 Aug
Swift & Co 5% notea 1940
9431 10194 Aug 104% Jan
Syracuse Ltif 13a
1954 107% 107% 2,000 1034 106
June 1084 Feb
1957
Os series B_
1064 Apr 109% July
97
Tennessee Elm Pow be 1951 92
92% 3,000 48
814 Jan 100% July
Tenn Public Service be 1970 82
83
7691 Feb 854 July
10.000 40
TernIHydro Elm 64 1953 42
4294 4.000 401i 404 Aug 7534 Feb
Texas Elm Her rice 56_1960 99
99% 53.000 60
854 Jan wog Aug
1040 21
Tem.p one rtli On
21 % 2,000 12
13.; Jan
24
Aug
BONDS
(Concluded)
Texas Power & Lt 50..1956
58
1937
68_
2022
Therm lid Co as stpd_1937
Tide Water Power It.1970
'nets (Leonard) 7%s.1946
Toledo Edison as
1962
Twin City Rap Tr 54e '52
Ulan Co cleb as
1944
Gs 2,1 stamped
1944
Union Amer Inv be A_1948
Union Elm Lt & Power& series A
1954
bts series B
1967
434.
1957
United Elea NJ 4t._..1949
United El Serv 7s x-w_1956
United Industrial 634s 1941
lot s f 65
1945
United LI & Pow 85_1975
6148
1974
i3.4s
Apr I 1959
Un Lt & Rye (Del) 511e '52
United Lt & Rye(Me)CaterleeA
1952
6s series A
1973
U S Rubber 65
1936
634% serial notes_ _ _1936
034% serial notee 1937
% serial notes. 1935
611% serial notes_ 1939
634% serial notes 1941
Utah Pow & Lt C. A 2032
4%.
1944
Utica Gas & Elm 59D_195.)
5s Series F
1952
Valvolive 011 .53
1937
Vamma Water Pow 63.48'57
Va Public Serv 513s A.1946
let ref be ser B
1950
ae
___1946
Waldorf-Astoria Corp
7s with warrants_ _1954
Ward Baking tle
1937
Wash Gas Light bs _.1958
Wash Ity & Elect 48..1951
Wash Water Po wet 58_196(.
West Penn Mee 5s _ _ _ 3030
Wait Penn Traction 53.'60
West Texas URI be A_1957
West Newspaper Un 65 '44
West United & F. Slit '5.5
Westvaco Chlorine .513s '37
ts heeling Flee Co bie _ _1941
Wise Elec Pow be A__ _1954
Wise-Minn Lt & Pow in '44
WLse Pow & Lt 5s E....1956
be series F
1958
Wise Pub Serv as A_ 1952
Yadkin RI, Pow 5s.....1941
York Rye Co be
1937
Week's Range
of Prices
Low
102
105%
102
89
94%
1573
July I
Sales 1933 to
for
Aug.31
Week
1935
High
103
106
102
90%
96
35,000
17,000
2,000
25,000
18,000
1054 1054
1,000
11411 1144
3913 414
2,000
8,000
534
61
964
73
165,000
51,000
19,000
118,000
Low
fib
87
51
55
49
25
33,000 79
10711 103
584 6031 132.000 19
53
2,000 33
59
55
4,000 51
56
78
55
5513
954
6833
1014 1024 23,000
5533 59
23,000
103 103% 13,000
103 10333 14,000
104 101
4,000
1044 105
2,000
80% 804 1,000
1024
9211
89%
81
6,000
103
94% 20,000
9013 11,000
85
5,000
99
924
90%
9613
3893
35
334
26
264
50
31
Range Since
Jan. 1 1935
Low
9491 Jan
1034 Jan
8334 Jan
87
Jan
7534 Jan
32
Feb
1054 Jan
454 Jan
424 Apr
54
Aug
9491 Jan
High
1044 July
106% Aug
103
July
93
Aug
98% July
404 Feb
108
Sept
64% Aug
64
July
63
Aug
10113 Aug
106
104
1054
1084
3813
39
37
28
29
78
39%
1084
1084
10791
116
75
42%
43
63
644
9831
7914
Apr
Apr
Mar
Jan
Aug
Jan
Aug
Jan
Mar
Jan
Mar
Feb
Feb
Mar
July
Jan
July
Feb
Aug
Aug
July
Aug
514 8214 Jan 103
Aug
30
25
Feb 6413 Aug
Feb
8914 10194 Apr 103
1004 Aug 102
85
Feb
9911 Jan 10311 Sept
60
98% Jan 10344 Aug
80
98
Jan 1044 Aug
9834 Jan 105
Aug
60
55
Jan 8431 July
46
Jan 8811 July
5294 62
101
92
Slay 16891 July
1044 Jan 10914 July
91
90% Star 974 June
75
954 Jan 103(4 June
76
73
Jan 9991 July
52
68% Jan 95
45
July
45
5844 Jan 8811 July
5
1044
100%
99
964
6391
84
63
21
914
1004
10691
10434
94
7691
75
984
954
944
Sla
Feb
Jan
Jan
Jan
Jan
Ja
Jan
July
Jan
Aug
Ma
Fe
Jan
Jan
Jan
Jan
Jan
Jan
1051
108%
10513
10534
108
9311
1024
8291
594
105%
104
108
10634
10591
99
99
106
10611
104
June
Aug
Aug
May
June
June
July
May
Peb
July
Jan
May
Mar
July
Julie
July
July
Aug
Aug
1931
21
21
Aug
26
Apr
21
Aug
214 Aug
36
343.4
354
34
Jan
Jan
Jan
Jan
3,000
0,000
12,000
254
274
711
64
Apr
Jan
59
7% Mar
66
70
11
11,000
3,000
7,000
30
22
681S
61
34
July
30
Aug
9234 May
86
Apr
55%
49
9831
9311
Jail
Feb
Jan
Jan
6.000
12,000
7,000
3,000
3,000
2,000
aew
23
2134
23
21
44
34
104
544
23
224
30%
21
611
54
15
1031
913
5255
44%
Aug
Aug
Aug
Jan
Aug
Mar
Mar
Aug
Aug
June
Jan
Jan
72
3811
37
39
34
12
1031
17%
154
13
63
554
Feb
Feb
Feb
Feb
Feb
July
July
Jan
Jan
Feb
Stay
Apr
17%
18%
114
834
11%
9%
12
104
1
1
1
4
46
44
934
10
Ma
AP
Apr
Mae
Aug
Aug
July
Aug
Sept
Aug
Sept
Aug
Jan
June
Star
Mn"
24
2411
134
94
1491
14%
154
14
491
494
5
454
5695
5314
114
1291
Jan
Jan
Jan
Jan
Fe
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Apr
June
Aug
July
491
105% 106
14,000 9391
10513 10591 7,000 78
105% 105% 2,000 3, 83
106 106
50,000 75
89% 904 15,000 4613
60
784 794 40,000 41
31
29
14,000 21
105 105% 13,000 64
10093
107 107
1,000 400
10611 1064 1,000 97
105 105% 7,000 61
99
98
26,000 62
98
98% 15,000 51
1054 106
3,000 784
634
10391 103% 18,000 70
FINKIGN GOVERNMENT
AND MUNICIPALITIES
Agricultural Mtge Bic (Col)
20-year 7o.. _1934-1946
.
With coupon
20-year 7e
1947
Baden 75
1951
Buenos Aires (ProvIncei78 stamped
1952 5994 62
73.4s stamped
1947 61% 633-4
Cauca Valley 75
1948
7% 834
Cent Bk of German State &
Pro v Banks 8a B__ _1951 3736 38
fle series A
30
1952 30
Danish 1511e
1956 94% 943-4
ba
1953
Dennis Port 43 Waterways
External 84s
1952 69% 70
German Cone Muni° 7e '47 254 264
Secured 6s
1947 2434 2534
Hanover (City) 7.__..1939 3234 32%
Hanover(Prov)63 _1941/ 243-6 25
-is
Lima (City) Peru 6 54e_ _'58 10% 1034
Certificates of deposit
Slaranho 7e
1958
78 coupon off
1958
Stedellin 7s ser E
1951
Mendoza 73.4s
1951
oks stamped
1951 5033 51%
Mtge Bk of Bogota 75_1947
Issue of May 1927
Issue of Oct 1927
Mtge 13101 Chile 83._ _ 1931 12
13
Mtge Bk cr Denmark as'72 8633 8634
Parana (State) 75_ __ _1958
Coupon off
11
11
Rio de Janeiro 642_1955
Coupon off
1091 11
Russian Govt 643_1919
13.4
14
614n certificates____ 1910
1
1
b4s
1921
1
1
514e certificates_ _1921
1
1
Santa Fe 78
1945
75 Stamped
1945 a4691, a4691
Santiago 7s
1949
75
1961
1811
934
2694
6,000
V3}4
22,000
12,000
134
1334
74
624
1,000
4,000
10,000
5,000
6,000
6,000
1,000
11%
1011
131
1
14
13
44
534
113.1
June
June
Jan
• No par value. a Deferred delivery sales not included In year's range. n Unde r
the rule sales not included in year's range. r Cash sales not included in year's
range. z Ex-d tvidend.
e Cash sales not included In weekly or yearly range are shown below:
Grand Trunk West 45 1950, Aug. 22 at 951i•
51 Price adjusted for spilt-up.
Z Price adjusted for stock dividend.
z Deferred delivery sales not included in weekly or yearly range are shown below:
Canadian Pac, 65, 1942, Sept. 4 at 1094.
Abbreviations Used Above-"cod.” certificated of deposit; "cons," consolidated;
"cum," cumulative; "cone," convertible; •'m," mortgage; "n-v," non-voting stock.
"V t c," voting trust certificates: "w I," when issued. "w w," with warrants. •': sw,"
without warrants.
The National Securities Exchanges on which low prices since July 1 1933
were
made (designated by superior figurers In tables), are as follows:
1 New York Stock
10 Cincinnati Stock
u Pittsburgh Stocls
• New York Curb
IS Cleveland Stock
05 Richmond Stock
It Colorado Springs Stock
• New York Produce
"
St. Louie Stock
New York Real Estate Is Denver Stock
05 Salt Lake City Stock
▪ Baltimore Stock
86 s n FFranciscoo Curbc
33 Detroit Stock
San
coStock
• Boston Stock
IS Los Angeles Stock
7 Buffalo Stock
15 Los Angeles Curb
33 San Francisco Stifling
is
California Stock
15 Minneapolis-St. Paul
05 Seattle Stock
• Chicago Stock
33 New Orleans Stock
u Spokane Stock
II UIICO4O ( ,ifir
ilil r t
fi or Trade '
II Washington .C.) Sloe)
5 Philadelphia Stock
(D
Financial Chronicle
1574
Sept. 7 1935
Other Stock Exchanges
July I
Week's Range Sales 1933 to
for
Aug.31
of Prices
Week
1935
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Sept. 6
Ask
Bid
Unlisted Bowls
Bid
Ask
59
62
__. Mortgage Bond (N Y) 511s
1934
(Ser 6)
___
1941
Alden 68
Al!erten N Y Corp 54s 1947
35
9
Brierfleld Apt Bldg etts__-_
Carnegie Plaza Apta
1937
Bldg (is
1948
Chrysler Bldg as
1941
Dorset Os cm
,
161 20
5th Ave & 28th Bid 6%a '45
5th Ave & 29th St Corp Os'48
Unlisted Bonds (Concluded)
Park Place Dodge Corn—
With v t c
9
1212
10
13
.
1512
8
23
7012 7212 79 Madison Ave Bldg 58 '48
2912 — 2124-34 13way IdIdgs Ms
2450 Bway Apt Hotel Bldg
Certificates of deposit
___
30
--52
Unlined Stocks—
City & Suburban Homes -
---
Range Since
Jan. 1 1935
High Shares Low
Stocks (Concluded) Par Low
U Shoe Mach Corp --__.25 8011 8411 1,423 47
30 3044
100 3831 383-4
Preferred
11
31
105 r
%
5
Utah Apex Mining
60e
i
134 134 3,247
Utah Metal & Tunnel
11
10
1
1
Venezuela Holding Corp •
100
1
3
Venezuelan Mexican 011_103
40
3%
7% 8
•
Waldorf System Inc
150 • 211
•
Warren Bros Co
334 3%
Low
Jan
70
3534 Jan
11 July
134 July
% Mar
Feb
1
4% Mar
214 Mar
High
July
85
4034 July
154 Jan
2% Jan
May
1
May
3
831 Aug
1336 Jan
Bonds—
East Mass St Ry—
Series A 411s
Serf,. 12 SR
4974 Jan
Mar
50
6534 Sep
Sep
72
1948
_1940
6334 8534 $19,000
6.000
69
72
3231
34
CHICAGO SECURITIES
Listed and Unlisted
Orders Executed on Baltimore Stock Exchange
Paza FLDavis &
STEIN BROS.8D BOYCE
Broadway
39
Established 1853
6.5. Calvert St.
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
NEW YORK
York, Pa.
Louisville, Ky.
Louisville Stock Exchanges
MembersNew York,Baltimore and
BALTIMORE, MD.
Hagerstown, Md.
37 So. La Salle St., CHICAGO
Chicago Board of Trade and Commodity Exchange,Inc.
Chicago Stock Exchange
Baltimore Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Week's Range
of Prices
1
3
16%
33%
117%
82%
116
13
85
39
9
914
25
2314
22%
9%
76
11%
15% 16
IR
IR
Lot;
15% Mar
1
Aug
3
Aug
Jan 17%
Feb 34
Apr 120
Jan 90
Jan 116
14
July
Feb 85
Jan 40
9
Jan
Feb 10%
Mar 25
Mar 28
Jan 22%
Mar 10%
Jan 76
1134
Jan
%
112
A
3
3
30
7%
4%
466
734 2334
152
111
3 111
902 4534 53
10434
12 91
11
311
40
102 15% 4l%
22%
8
122
6%
3
132
5
4
550
5
5
28
21
2 21
14 12% 15%
6
5%
683
30 41% 53
511
2%
1.233
16
164
515,000
12000
High
22 June
15% Sept
16
Sent
Aug
Aug
Aug
Aug
Mar
Aug
Aug
Aug
July
Aug
Aug
May
Aug
May
Aug
Aug
Aug
June
18% Aug
174 Aug
Boston Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
Juw I
1933 to
Aug.31
1935
P,..1.
.4
m
.
(90
MO
0
.11...r.vmner... ...o
NN
0..
co...o.ocact-o
.mn
0240
to
a
mt...m
For footnotes see page 1577.
Ozpoko N0VV=W0ft
.0000 .
High Shares
Par Low
Stocks—
10
• 1214 1214
American Cont Corp
Amer Pneumatic Serv Co—
112
111 1%
25
Common
17
13
50 13
1st preferred
iou 1311 14 140% 2,536
Amer '1 el & i el__ _
90
100 115% 116%
Boston & Albany
525
69
65
Ilk
Boston Elevated
Boston & Maine—
311
24%
100 24
Prior preferred
67
1334 7%
Class A 1st pref stpd_100
48
734 8%
CIB 1st pref stpd._ 100
7
7
7
Class C 1st pref stpd_100
10
10
Class D 1st pret stpd_100 10
250
Boston Personal Prop_ ___* 13% 13%
50
4% 414
25
Calumet a Hecht
612
3% 4
Copper Range
28
105
1% 1%
•
East Boston Co
East Gas & Fuel Men—
334
3% 3%
•
Common
358
100 4834 50%
6% gum pref
274
4 Li% Prior oreferred 100 61% 64
Eastern Mass St Ry—
900
% 131
WO
Common
668
16%
100 12
1st preferred
475
4% 834
100
Preferred B
885
100214 2%
Adjustment
500
511 6%
Eastern SS Lines corn _ _•
80
42
2d preferred
• 42
155
Edison Elm Ilium
106 152 153%
230
2111
Employers Group__ ___.• 21
219
0111ette Safety Moor_ _ __• 1714 18
300
Helvetia Oil Co tr Ms--_1 450 • 450
25
314 314
int Hydro El System elA25
100
/1
%
Isle Royal Copper Co_ __25
Maine Central—
20
Preferred
100 2011 2036
70
1% 1%
Mass Utilities Assoc vto__•
10
Mergenthaler Linotype--• 2834 26%
309
New Ens Tel & TeL .. 100 110 112
564
634 731
NY N Haven&Hartford1011
125
100 64% 66
Old Colony RR
857
5026% 29%
Pennsylvania RR
160
21
• 20
P C Pocahontas Co
34 1,875
25 55c
Quincy Mining
500
2
2
Reece Fold Mach Co__ _ _10
437
9
934
Shawmut Assn tr Mrs__ _ _•
436
Stone Ar Webster
•-•734 831
Suburban Eleo Secur Co—
• 25
1
1
Common
•
290
19
• 19
2d preferred
55
Torrington 3..u• --------8434 8634
340
20
Union Twist Drill Co__ _.5 19
172
/1 1316
.1
United Founders Corp.
185_
4
41.4
TrnlIewi nasz elnrn
i
Range Since
Jan. 1 1935
Low
7
Apr
11
12%
98%
88
5834
2
July
Mar
Jan 19% Jan
Mar 141% Aug
Mar 12034 Jan
Apr 7111 Aug
lag mar
334
4
434
6
9%
211
3
1
High
12% Sept
Apr
Apr
June
Mar
Jan
Mar
Feb
Feb
Mar
2
3714 Apr
5454 Mar
26%
934
12
11
14
14
514
4%
311
Aug
Aug
July
Aug
July
Aug
Aug
Aug
My
4% Jan
53% Aug
684 July
34
5
1%
76e
4%
34
9734
11%
1211
11
134
11
•
1111
1
2434
8834
211
5634
17%
18
34
174
8
234
1% Sept
May
Jan
1634 Sept
Apr
834 Sept
2% Sept
July
7% Aug
Apr
Aug
Mar 45
Feb 15474 Aug
Jan 22
Aug
Mar
1914 Aug
Apr
Mar 48e
4% Aug
Mar
Mar 80o
Jan
14
18
69
1254
31
114
Aug
July
Jan
Jan
Mar
June
Jan 21%
Feb
234
May
3234
Mar 112
Feb
8/1
Apt 72
Mar 29%
Aug 27
1
Jan
Aug
211
Feb 10
Mar 10%
Aug
Aug
Jan
Aug
Aug
June
Aug
Jan
Feb
June
Aug
Aug
1
19
93
20
111
414
Beni
Sepl
July
May
Aug
Aus
High
Stocks—
Par Low
Abbott Laboratories eom_• 100 100
Adams(JD) Mfg com_ _ _• 1534 17
Advanced Alum CastIngs_5
3
3%
Allied Products Corp el A_• 2234 2434
28
Altorfer Bros cony pref_ ....• 26
Amer Pub men Co prat _100 24
,
25%
4
4%
Armour & Co common__b
2% 2%
Asbestos Mfg Co com_1
Associates invest Co—
New common
* 3234 3334
Automatic Products isom_5
8% 10
Backwtay Welt Co com • 12% 133-4
Balaban & Katz pref__100 9911 9934
Bendiz Aviation own
•
1811 2134
Bomber Brewing Co _ 1
434 431
Binks Mfg Co A cony pref *
2% 234
Borg-Werner I orp own_ 10 47
4934
7% preferred
100 110 110%
Brown Fence & Wire—
1534
Class B
• 15
Butler Brothers
lb
6% 7%
Castle & Co(A M)com 10 4034 4234
went Ill Pub fiery prat_• 46% 4714
Cent Ill Secur corn
1
%
31
Convertible preferred_ _• 143-6 1414
Central B W —
Common
1131 154
Prior lieu pref
36
• 38
Preferred
" 1834 17%
32
Chain Belt Co com
• 30
Cherry Burrell Corp corn.' 36
36
Chic City & Con Ry pt pfd•
131 1%
•2% 334
Chicago COrp 000103011-..
Preferred
39
• 38
Chic Flexible Shaft com..5 27
2734
Chicago Mail Order com...5 3034 333.4
Chicago Rys—
Partic certificates 2.100
32
32
Chic River & Mach cap_ _* 18
18
Chicago Towel cony pref-5 94
943-4
Chicago Yellow Cab Inc * 107-4 1031
Cities service Co aim __ _•
.
2
211
Club Alum Uten corn_ _•
14 1
Coleman L'p & Stove corn • 2176 2114
Commonwealth Edison 100 81
85
,
Consumers CO
6%.Prior pref A__100
2
2
Continental Steel—
Common
• 1834 20
Preferred
100 10334 10331
Cord Corp cap atock
o
Crane Co common
26 1534 1634
Preferred
100 105 108
631 631
Dayton Rubber Mg com_•
Cumin .1 A pref
35 173-6 15%
5
5.
Deep Rock Oil cony pref_•
8% 9 •
Dexter Co (The) com____5
Mee household URI cap_ri 16% 17%
15 2411 25%
Elgin Nati V1 arch Co
93-4
9
Gen Candy Corp Cl A_..__5
Gen Household Util corn_•
43-4 434
Godchaux Sugar Inc—
• 22% 2234
Class A
Uoldblatt Bros Inc corn _• 21% 22
22%
Great Lakes D & Doom..' 22
8% 7
Heileman Brew Co G cap_ 1
33
Bibb Spencer Bart com_25 33
• 1031 1031
Borders Inc corn
H.11(14010 Heroine, CI B_• 1974 223-4
100933-4 94
III North Util pref
ir011 Fireman Mtg v t o__ • 207-4 22%
1 34% 35%
Hats Drug Co corn
6% 634
Ken-Rad T& Lamp cam A•
33
50 31
Ky DUI Jr cum pref
100 7231 7234
6% preferred
Keystone St'& Wire cam_• 4231 4434
100 106 106
Preferred
1%
1
La Salle Ext Univ com__5
-Leath & Co
134
131
Common
*
• 123.4 123-4
CumUl preferred
614 7
Libby MoNell & lAbby-10
Lincoln Prtg Co—
Common
•
334 334
43-4 454
Lindsay Light com____10
Loudon Packing—
•
715 75'
New corn
215-4
McCord Rad & Mfg A • 20
243-4
5 24
McGraw Electric corn
McWilliams Dredging Co_. 4014 4031
1
1%
Manhatt-Dearborn coin_ _•
.........
OR
90
..
_
July 1
Sales 1933 to
Aug.31
for
Week
1935
5
200. ...............2 .00 .0 .0
2.0.0 ........ 0 0...0..
eA01,73Son gocc000go ...... .....
0
,-8, '0. e8"8.92.' g?22n2 422" 2888 "''''82-8 - 8Ng?',-"2=t-888 2842-'8"a822'2'.. 2-8 82 8'4'.7; .
.
-•
ao
4,4
.4
--z
.4 cl4 ,-;
4
cl
.‘i
.6
cl
Bonds—•
Baltimore Transit Co
1975
45 flat
IITIS
Low
11%
High Shares
475
20%
Week's Range
of Prices
Range Since
Jan. 1 1935
.1
ParLow
• Stocks—
• 20
Arundel Corp
Baltimore Transit Co—
1
•
Common v t c
•3
lot preferred v t c
e 15
Black ar Decker com
25 3334
Preferred
Ches& P T of Balt pref _100 117
Consul Gas EL & Power.* 80%
100 116
5% preferred
13
.
Eastern Sug Assoc pref _ _1
20 84
Fidelity & Deposit
Fid & Guar Fire Corp_ _ -10 38;4
8
Finance Cool Am el A _•
9
100
Houston 011 pref
Humphrey Mfg Co corn __* 25
Merch & Miners Transp -• 23%
Monon '14 PennPS7% p1d25 22
93-4
New Amsterdam Casualty5
Penne Water & Power com• 75
2 11
US Fidelity & Guar
July 1
Sales 1933:0
for
Aug.31
Week
1935
Low
3134
5
131
5%
934
3
3%
111
Range since
Jan; 1 1935
•
Low
60
12
1%
12
18
734
334
134
g831 29%
214
5
434 11
20
8734
9% 12
234
2
1.34
lli
1134 2834
87
108
r5%
• 234
10
1014
%
5%
2
r
High
June
Jan 103
mar 224 May
311 Sept
Mar
Jan
2534 Aug
Aug
Jan 30
Jan 2711 July
Apr
614 Jan
Mar
33-4 Aug
Aug 36
10
Jan
14
May
Feb 100
Mar 214
434
Jan
Jan
211
JIIII 50
May 113
Jan
4
5% Aug
1734 Jan
1334 Jan
;.I Jan
734 Feb
16
7%
4211
48
14
1434
July
Jan
Sept
July
Aug
Aug
17-4
39
1811
32
37
211
334
4011
2834
34
Aug
Aug
Aug
Sept
Aug
JulY
Aug
Aug
Aug
Aug
%
103-4
99
12
2/1
1
23
8511
Aug
July
May
July
Aug
Sept
Aug
Aug
In
2
2
14
51
1
1
204
7
831
2131
1834
1
1
29
1834
1534
Jan
Jan
Mar
Jan
Jan
Mar
Apr
Jan
Jan
Mar
%
43.4
5834
934
14
%
13
80
974
4
Aug
Mar
Jan
May
Apr
h
57-4
3034
Aug
Sept
Jan
July
Sent
Apr
Apr
July
Mar
11
123-4
334
h. may
17% Apr
Jan
47
July
4
Jan
1
1
5
40
2
5
32
2%
Ryi
3
3%
e
634
3
234
6
70
2
7
83
234
R%
3
434
12
14%
53.4
234
Feb 21
Jan 107
4%
Mar
Mar
1734
Jan 115
May
7
May
19
5
May
911
Jan
1711
Al):
Feb 2534
9%
Jan
June
73t
Aug
Aug
Sept
July
July
Aug
Aug
Aug
Aug
Jau
Aug
Aug
Jan
10
834
121
4
6%
21 Si
1034
234
4234
35s
19
134
5
7211
74
65
11
153-4
177-4
17
634
30
1031
614
60
134
83
3
6
7214
22
85
34
Jan
285-4
Jan 2334
Mar 2434
834
Aug
Jan 38
11.31
July
Mar 2234
Jan 9636
Feb 23
Mar 4034
Jan
a%
Jan 38
Aug 75
Mar 4431
Jan 108
1%
Jan
May
July
July
July
June
July
Sept
Aug
July
May
July
Aug
Aug
Sept
Sept
Aug
11
3
" 2%
ii July
Feb
6
Mar
6
Aug
2
1311 Aug
811 Al)'
34
2
Jan
1
33.4 Mar
431 July
July
5
2
g2%
2
314
1234
15
on
754
9
1314
2211
11
on
Aug
83-4
Mar 25
Jan 25
Jan 41
Apr131
Ail
53
AUg
Aus
Aug
AM
Jar
Jar
Financial Chronicle
Volume 141
July 1
Week's Range Sales 1933to
Aug.31
of Prices
for
Week
1935
Stocks (Concluded) Par Low
Marshall Field common. •
93-4
Mer & Mfrs See cl A com.1
414
Prior preferred
• 2214
Mickeberry's Food Prod
Common
1
134
Middle West Utilities
Common
44
•
14
$6 cony pref A
•
Midland United Co corn.'
41
Convertible preferred_ _•
11
Midland Util100
7% preferred A
54
Miller & Hart cony Ord.*
4
Monroe Chemical
Common
•
731
Preferred
" 5214
National Battery Co pref _° 264
Natl Gypsum Cl A com_b 1914
National Leather com___10
1
Nat'l Rep Inv TrustCumul cony preferred _ _••
4
.• 3334
National Standard corn.
NoblItt-Sparke Ind corn • 2234
•
North Amer Car corn
334
Northwest Bancorp ago-•
511
Northwest Eng Co corn..' 1134
Parker Pen (The) com 10
Penn Gas dc Elee 00111-..-•
Perfect Circle (The) Co..*
5
Pines Wintertroot oom
•
Potter Co(The)coin
•
Prima Co common
Public Service ot Nor 111•
Common
101
6% preferred
7% preferred
101
Quaker Oats Co
Common
•
Preferred.
100
Reliance Mfg Co com_10
Ryerson & Sons Inc rum •
St Louis Nat'l Stk Yds eaD*
Sangamo Electric Co
•
Signode Steel Strap Co
Preferred
30
Sivyer Steel Castings corns
Sou Colo Pow A com-_ _25
S'west Gas ec El 7% p1100
Standard Dredge
•
Common
Convertible preferred....
Sutherland Paper Co corn10
Swift International
15
Swift &Co
25
Thompson (J R)cont. _25
Utah Radio Product com_•
ULU & Ind Corp corn
•
Convertible pref
•
Viking Pump Co
Preferred
Vortex Cup Co
Common
•
•
Class A
Wahl Co corn
•
Walgreen Co common_ _ •
Ward (Montgom)& Co A•
Waukesha Motor Co corn •
Williams-011-0-Matic corn'
WIsconsinBantsharee ooro•
Yates
-Am Mach part pref•
Zenith Radio Coro corn •
Bich Shares Low
1031
611
900
5
3,500
11
20 20
2235
134
Range Since
Jan. 1 1935
Low
64 Mar
134 Jan
July
20
High
11% Jan
5
Aug
224 Aug
400
11
11 Apr
34 25,250
2
650
160
3-4
110
lis
34
34
54
3.4
10
50
4
111
734
54
264
214
1
5
50
50
2,700
50
2
20%
19
614
424
22
6
11
Jan
Jan
Mar
Mar
934
54
27
2134
1%
120
150
9,650
100
800
150
1
17
10
1%
234
3
114
26%
1834
24
334
5%
Feb
Mar
Feb
Mar
Jan
Jan
434
37
28
4
3
811
1434
Aug
Aug
Sept
Jan
July
July
18% 20
15
15%
374
37
134 2
3
2% 2%
350
150
200
200
200
100
4
11
8
31
%
131
2
Jan
Mar
Feb
Jan
June
July
20
39%
2%
4
434
July
Aug
Apr
July
Aug
Apr
354 3831
101 1023.4
110 110
600
50
40
34
4
134 135
140 140
1231 13
494 51%
74
74
24% 25
6
6
21
34
134
1%
934
28
ss
80 106
30 111
1,600
9
2,350 ii
10 32
270
4
Jan
Mar
Jan
Apr
34
Si
Si
% Mar
14 June
Jan
2% Aug
34
24
11
134
Aug
Aug
Aug
Aug
134 Aug
4% Jan
1734
1554 Jan 42
61
Jai 105
73I1 Jan 115
Aug
July
July
20
69
8
Jan 1354 July
Fs 148
July
Fe
1414 July
Jan 514 Sept
Jan 78
Aug
Jan 25
Sept
28
33
34
31
174 174
3
3
95
95%
80
10
20
30
6%
3%
34
39%
114
5
1
544
Jan
Mar
Mar
Jan
37%
18
3
9534
231 24
831 834
18% 19
30% 314
1535 16
7% 714
234 234
14 1
244 331
100
800
900
1,700
2,450'
600
1.200
1.150
600
%
1%
554
19%
41
314
10
28%
14%
5%
54
314
931
1934
38
19%
7%
39
3914
70
184 18%
34% 35
24 214
29
3134
138 138
77
83
54 831
3
4
34 r'
4% 554
1,000
200
1,400
850
40
440
4,450
650
200
8,550
54
54
14
,
Mar
Mai
Jan
Aug
May
Mar
Mar
Mar
Mar
2141
344
Jan
11
434
%
24
41
15%
56
21
23.4
114
31
14
Aug
Aug
Sept
Sept
Aug
July
Aug
Feb
Jan
Sept
Aug
I% Aug
414 Aug
40
May
Jan 20
16
Aug
Jan 35% June
31
Apr
1
2
Aug
26% June 32% Aug
Jan 143% May
127
Jan 92 June
80
sg Sept
24 Mar
2 Jun
3% Feb
Sept
41.May
1
1% An
54 Aug
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.
-Cherry 5050
CLEVELAND, -
- OHIO
Cleveland Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
of Prices
Aug.31
for
1935
Week
Range Since
Jan. 1 1935
StocksPar Low
High Shares Low
Low
High
Allen Industries,Inc
• 284 28%
8% Jan 29% Aug
2
155
Apex Electric Mfg
•
Jan
4
544 6
50
734 May
331
• 17
City Ice & Fuel
1834
1,107 14% 16% July 24% May
Cleveland Builders Realty*
214 214
24 Mar
311 Jan
1
38
Cleve-Cliffs Iron pref.. _.* 32
40
Mar 40
15
190 15
Sept
Cleve Elec 1118% prof.
.100 1124 113
159 9934 1104 Jan 11544 July
Cleveland Ry
100 83
63
July
50 354 5334 Apr 63
Certificates of dep.-.100 63
63%
Apr 66
85 304 50
Aug
Cliffs Corp v t c
• 14
Apr 1611 Sept
164
5
464
5
Corrigan McKinney vot--1 19
20
Ma
8
20
659
8
Sept
Non-voting
1
19
19%
268
834
834 Mar 194 Aug
Electric Controller & Mfg• 49
50
Jan 52
90 144 21
July
Greif Bros Cooperage A _ ... 304 304
Jan 31% Mar
27
20 18
Halle Bros
5 17% 17%
Feb 18 June
11
20
8
Hanna(MA)$7 cum pref * 105% 105%
Apr
10114 Jan 107
20 77
Harbauer
* 18
18
Jan
414 18 June 23
15
Interlake Steamship
• 26
26
35 20
20% Mar 2814 Jan
Jaeger Machine
•
914 954
4% Jan 104 July
10 21
•
Lamson & Sessions
4
454
McKee(A G) class B....' 12% 124
Medusa Portland Cement * 16
16%
Brick _ _•
Metropolitan Pay
34 354
Cum 7% preferred...100 55
55
• 16 1611
Murray Ohio Mfg
National Acme
1
814 834
National Refining
25
344 4
Preferred
100 45
50
50
National Tool
134 2
Nestle LeMur corn cl A_ _•
234 214
• 30
Nineteen Hund Corp cl A.
30
Ohio Brass6% cum pref100 104 104
• 52
Richman Bros
54
12
1
El M A Corp
124
Trumb-Clift F cum pfd.100 102 102
Truscon Steel 7% pref _100 65
65
Youngstown thtc T
100 7331 734
Cum 544% prof
/or footnotes see page 1577.
BALLINGER & CO.
Members Cincinnati Stock It:chaise°
UNION TRUST BLDG.,
235
20
215
15
40
825
40
185
70
121
270
25
10
109
43
10
28
21
21
48
38
854
50
25
214
9
12
2
46
3
53.4
24
45
34
211
23%
96
46
9
95
25
431
May
Jan
14
Jan
17
Jan
64
Apr 55
Mar 1714
Apr
811
74
Mar
Sept 65
Jun
2%
Jun
534
Jan 30
Mar 105
May 55
Jan 14
Jan 102
Apr 68
30
40
Ma
2%
5
6
114
45
244
3
214
45
Aug
July
June
June
Aug
Aug
July
Apr
May
Aug
Jan
Sept
July
June
June
Sept
Aug
7331 Sept
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Feb
Sept
Aug
Aug
Jan
4
34
28
334
6
1234
1575
Wire System-First Boston Corporation
Cincinnati Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Week's Range
of Prices
StocksPar Low
Aluminum Industries....'
741
Amer Laundry Mach___20 1834
Churngold Corp
74
•
Cincinnati Gas prof_ _ _100 99
Cincinnati Street Ry_ _ _ _ 50
4%
Cincinnati Telephone_ _ _50 85
Cincinnati Stock Yards_ _• 264
Coca-Cola A
* 43
Crosley Radio
• 1434
Dow Drug
6
•
Eagle Picher
514
20
Formica
• 134
Gibson Art
• 27
Hobart
• 35
Kahn 1st pref
100 90
A
40 143-4
Kroger com
• 31
Moores Coney A
3
•
National Pumps
•
234
Procter & Gamble
• 514
Randall A
• 19
B
•
531
U S Playina Card
10 36
July 1
Sales 193310
Aug.31
for
1Veek
1935
High Shares Low
1,318
104
534
50, 1031
1811
1
347
834
9931
113 62
244
238
414
10 6014
85
23 1841
2634
54
45
434
24 I 7
1431
150
64
2
331
1,278
631
50
1334
8
7%
77
28
49 2214
35
91
24 50
17 10
1434
31
10 1 19
3
34
100
214
14
100
114' 334
53
50
19
934
6
211
150
364
35 1434
Range Since
Jan, 1 1935
Low
High
531 July 104 Sept
124 Mar 1834 Sept
834 Sept
234 Jan
July
724 Jan 100
44 July
24 Apr
624 Jan 91
Aug
May
Feb 28
21
Jan 4331 Sept
25
Mar 1631 May
13
Jan
9
54 July
631 May
34 Mar
914 Mar 144 May
1611 Jan 2934 Aug
Feb 3531 July
27
Apr 924 Aug
65
July
104 June 15
ssg May 32 Aug
Mar
2
3 May
Apr
1
254 Aug
4331 Jan 5334 July
May
174 Jan 20
5
Feb
734 May
294 Jan 39
July
WATLING,LERCHEN & HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone - Randolph 5530
Detroit Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Aug.31
of PrIces
for
Week
1935
StocksPar Low
Auto City Brew com
1
111
Baldwin Rubber A
• 2134
Bohn Alum & Brass
5 48
Bower Roller Bear cony_ -5 3034
Briggs Mfg corn
* 42
Chrysler Corp corn
5 624
Consolidated Paper corn.10 21
Continental Motors cont..'
111
Diesel-Wemm-Gil cony 10 1034
. .
Det& Cleve Nay com_ _10
134
Detroit EdLson com _ _ _ _100 92
Detroit Gray Iron corn_ _ _5 1034
Det Mich Stove com
1
24
Det Paper Prod com
* 1514
Eureka Vacuum
5 1334
Es
-Cell Air com
-0
3 1511
Federal Mogul com
•
531
Fed Motor Truck coin_ _ _ _•
614
General Motors cony ___ _10 424
Goebel Brew com
1
34
Graham-Paige Mtrs com.1
14
Hall Lamp corn
•
4
Hiram Walker-G & W__ • 27
Hoover Steel Ball corn _10
.
534
Houdaille-Hershey B _ _ _• 20
Hudson Motor Car
• 1041
Kresge(SS)corn
10 2514
IAkey Fdy dr Mach com _ _1
134
Mich Steel Tube com
• 184
Mich Sugar com
4
•
Motor Prod corn
• 3714
Motor Wheel corn
5
934
Murray Corp corn
10 1414
Mid-west Abr
sg
•
NMI Auto Fibres v t o_ _ _ _1 27
Packard Motors corn
•
44
Parke-Dayis & Co
• 4534
Parker-Rust-Proof corn._* 53
Pfeiffer Brew corn
• 114
Reo Motor Car com
5
34
Rickel(H W)
2
3%
River Raisin Paper
4
*
Scotten-Dillon corn
10 2514
Stearns com
• 1134
Timken-Detroit corn___10
84
Tivoli Brew corn
111
1
Truscon Steel corn
10
7
United Shirt Dist com____•
4
Univ Cooler A
•
534
B
•
134
Unit Prod coin
,
• 18
Wnlvarina U..,.,...,,,.
1
L.
High Shares Low
134 3,199
134
611
2,761
25
235' 3341
48
6%
195
304
560
4211
634
8234 1,416' 2631
814
662
23
120
131
31
310
1014
43.4
134
114
100
172 55
95
104
100
2
214
11
490
34
535
1634
300 1 614
134
629
16
234
634 3,708
3
211
980
611
3,521 Z222%
4434
431 10,847
311
154 1,025' 131
411
3
1,380
420° 2054
28
1
634 1,327
214
1,715
2141
123-4 7.129°' 6
712' 1031
2574
650' 32
234
.
300
3
19
1,025
%
"16
565' 154
39
992' 811
104
163.4 5,107' 344
314 1,710
3
503 14
27
214
434 2,100
4544
387 1914
122 434
543-4
124 4,814
734
334 1,810
2
3% 2,225
su
1
12,490
5
205 174
2534
11:0
1134
44
944 3,328
3
14 4,836
134
430' 334
731
434
31
775
534
100
131
55c
14 5,364
100
414
16
9.
It9t
44
Range Since
Jan, 1 1935
Low
14 Sept
611 Mar
47
July
16
Mar
25
Feb
31
Mar
1234 Jan
11 Mar
84 Feb
134 Mar
85
Mar
311 Apr
31 APr
931 Jan
104 Mar
534 Feb
334 Mar
341 Mat
284 Mar
34 June
111 June
34 June
May
24
314 Feb
834 Mar
614 Mar
Mar
20
% Aug
Jan
3
% Apr
1734 Mar
74 Mar
Mar
5
3
Aug
14
Feb
314 Apr
Jan
33
53
Aug
731 May
214 Mar
214 Feb
214 Jan
204 Jan
734 Mar
431 Mar
111 Sept
334 Mar
234 July
314 Feb
1
Apr
9
Feb
I.
Rant
High
2
Jan
25
Sept
58
Feb
31
Aug
4434 Aug
6234 Aug
2311 Aug
114 Aug
11
Aug
214 Apr
95
Sept
1014 Aug
231 Aug
1754 Aug
1434 Aug
16
Sept
654 Sept
741 July
45
Aug
411 July
311 Jan
Jan
8
31
July
634 Sept
2134 Sept
124 Sept
284 Aug
254 Aug
1934 Aug
134 May
39
Elepl
114 Aug
1654 Sepl
44 July
27
Sept
574 Jar
July
47
July
69
133-4 Anil
44 May
34 Arn
5
Bern
21331 Juni
12
July
94 Aui
2% Mat
714 Auy
5
Ain
634 Aug
134 Aug
17
Aui
1 k4 Mai
Los Angeles Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
for
Aug.31
of Prices
Week
1935
StocksPar Low
High Shares Low
Bandini Petroleum
214 3
800
1
2
Bolsa Chita Oil A
10
300
234 3
1%
Buckeye Union 011 v t c _ _1
Or 1,000
8c
6c
Pref v t c
121 12c 2,000
1
12e
Chapman's Tee Cream__ _ _•
1
100
1% 1%
Range Since
Jan. 1 1935
Low
High
234 Sept
Apr
4
44 Mar
234 Jan
6c Aug
24c Feb
12c Aug 5734e Feb
314 Feb
134 Aug
Financial Chronicle
1576
July 1
Week's Range Sales 193310
Aug.31
of Prices
for
1935
Week
100 1 1534
16% 164
70
8c 10,000
645
Sc
40 2,000
40
lc
lc 1,000
lo
Sc
5c She 2,000
Unlisted
American Tel & Tel....AO° 1364 14034
• 38% 384
Bethlehem Steel
254 24
Cities Service
3254
31
General Electric
10 4214 45
General Motors
• 3534 3534
Montgomery Ward
454 414
Packard Motor Car Co_ _ _•
754 754
Radio Corp of America_ _ _•
954 954
Tide Water Assoc Oil. •
854
6
Warner Bros Pictures....5
270 98%
300 2154
200
400 6 16
1,100 22 22%
100 1534
2%
400
100 1 4
100 zA 7%
1,900 1 24
Week's Range
of Prices
Range Sines
Jan. 1 1935
Low
High Shares Low
Stocks (Concluded) Par Low
yl Mar
100 1 26%
5 64% 134%
Chrysler Corp
194 Apr
350 18
Citizens Nat Tr & S Bk _20 284 29%
July
734 10
1,000
Claude Neon Elec Prod...* loq log
64 Mar
654
200
aq 954
Consolidated Oil Corp....*
1.10 Feb
90c
900
1% 2
•
Consolidated Steel
4% Mar
454
9% 954 1,100
Preferred
Jan
35
30 25
55
Crystalite Products
• 55
Jan
7
254
200
..5 134 1454
Emsco Der dr Equip Co.
120 Aug
Cc
Ilc 11c 1,000
1
Exeter Oil Co A
Jan
340
37 275
Farmers & Mer Nat Bk _100 397 400
454 Mar
4%
9% 104 2,700
Gladding MeBean &
554 Apr
100 22 4
634 64
Golden State Co
•
934 Jab
6
500
• 154 1654
Hancock 011A corn
310 Jan
25c
550
360 36c
Holly Development
1
380 Jan
440 49c 2,300 10c
Kinner Alrpl & Motor.. 1
28c July
20c
280 31c 4,000
Lincoln Petroluem Corp_ A
1.10 Jan
90c
9,700
44 5
Lockheed Aircraft Corp_ _1
60c Feb
50c
1,300
154
1%
LA Industries Inc
2
Jan
90 7334 81
LA Gas & Elec 6% Prit100 1064 108%
Jan
5
14
200
5
LA Investment Co
5
10
24 July
50c
120
3
3
•
Mills Alloys Inc A
70 June
60
200
15c 15c
5
Nordon Corp
2% Jan
234
200
6
6
Pacific Clay Products...-.
934 Jan
634
21% 1,800
Pacific Finance Corp._ -10 19
400 1 124 134 Feb
2754
Pacific Gas & Elec Co_ __25 26
400 2 184 204 Feb
274 2834
25
6% 1st preferred
84 Jan
734
200
Pacific Indemnity Co_ _10 164 1654
Jan
20 26 664 72
• 10054 10054
Pacific Lighting poet
200
134 May
34
3
334
Pacific Public Service_
734 Jan
114
100
17% 1734
let preferred
14
134 Aug
254 234 2,400
Republic Petroleum Co__10
20o Sept
21c
200 20c 1,000
1
Rice Ranch 011 Co
Apr
33
2,000 25
46h
Security-First Nat Bk___20 44
154 Ma
7 13
30
30
•
Security Co Units
25 2154 224 5,200 1034 104 Mar
So Calif Edison Co
400 184 2054 Jan
25 2855 28%
7% preferred
2734 3,100 2 1555 1734 Jan
25 27
8% preferred
1,700 144 16% Jan
25 25% 25%
534% preferred
133.4 Mar
..100 1831 204 1,700 12%
Southern Pacific Co..
300 26% 28% Mar
* 3254 3354
Standard 011 of Calif
11
Jan
8
100
20
• 20
Taylor Milling Corp
434 Mar
434
7% 834 13,300
•
Transamerica Corp
80
Feb
10 71
Union Bank & Trust Co_ 50 115 115
Jan
• 25 1754 1814 1,300 1154 15
Union 011 of Calif
Jan
2
400 27 1.20
6
6
.10
Universal Cons 011 Co.
Mining
Alaska Juneau Gold._.10
Black Mammoth Cons_10c
10c
Calumet Mines Co
Imperial Development.25c
1
Zenda Gold Mng
Sept. 7 1935
154
6o
30
lo
50
High
643-4 Sept
Aug
33
1154 Mar
log May
254 May
May
10
Apr
45
Aug
15
140 Apr
Aug
400
104 Sept
654 Sept
224 May
400 Feb
6754c Feb
800 Feb
5 Sept
1% July
108% Sept
754 Apr
54 Feb
180 Aug
64 Aug
Aug
22
2834 Aug
2
834 Sept
Aug
19
102 June
3% Aug
17% Sept
354 Aug
45c Jan
4954 Aug
3134 Aug
224 Sept
2854 Sept
274 Sept
254 Sept
2134 Aug
384 May
Sept
20
854 Sept
115
Sept
204 May
854 May
Aug 1934 Jan
170 Jan
Sept
July 1354c Jan
40 Jan
Aug
220 Jan
Aug
Members
New York Stock Exchange
Philadelphia Stock Exchange
High
Low
1654 Mar 24% Sept
Sept
Mar 100
73
854 Sept
454 Mar
2454 Jan 3554 Sept
434 July
534 Aug
Jan
2
Jar
1
4 May
Jan
2
Mar 2554 Apr
15
854 Jan
54 Mar
9 May 1154 May
154 Apr
134 Feb
Sc Apr
2e Jan
July
3
750 Jan
1554 seat
95 Feb
July
18% July 24
154 Jan
750 Aug
1854 Mar 2754 Aug
3254 Mar 6934 Sept
Unlisted
Lone Star Gas 6% pref.100
•
Pennrosd Corp v t
July
Mar 100
69
24 Aug
13-4 Apr
97
97
234 2%
15 64
I OS 2 14
ST. LOUIS MARKETS
I. M. SIMON &CO.
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
315 North Fourth St., St. Louis, Mo.
Telephone Central 3350
St. Louis Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Week's Range
of Prices
July 1
Sales 193310
Aug.31
for
Week
1935
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
from official sales lists
Aug. 31 to Sept. 6, both inclusive, compiled
:July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
Aug.31
for
of Prices
Week 1935
High
Par Low
Stocks• 3634 3854
American Stores
Bell Tel Coot Pa pref_.100 1194 1204
Budd (E G) Mfg Co
5
5
8
48
100 46
..
Preferred
54 6
•
Budd Wheel Co
Electric Storage Battery100 4434 464
5
634 634
Lehigh Coal dr Nay
854 10
50
Lehigh Valley
154
1
25
Mitten Bank Sec pret
24 24
•
Pennroad Corp v t c
50 264 29
Pennsylvania RR
50 994 10034
Penna Salt Mfg
Phlia Elec of Pa $5 pref _ _• 123411334
25 3334 3454
Phila Elec Pow pref
294 254
Phil(' Rapid Transit....50
534
4
50
7% preferred
. .
Philadelphia Traction_ 50 1234 1234
• 674 68
Scott Paper
• 264 2634
Tacony-Palmyra Bridge..
54
54
1
Tonopah Mining
4
4
50
Union Tmction
1634
• 15
United Gas Imp corn
• 10354 10454
Preferred
4
High
Low
Shares Low
Apr 4254 Jan
510 334 33
Aug
247 10934 11434 Apr 121
64 Aug
354 Mar
3
870
Sept
Mar 48
23
7 1 16
64 Aug
234 Mar
693' 2
863 3354 4034 May 4954 Jan
834 Aug
534 May
554
200
54 Mar 1154 June
403' 5
154 Jan
54 Aug
54
229
1 34 Mar
234 Aug
3.604k 1.4
1734 Mar 2954 Aug
2.929' 174
Mar 104
82 2 424 70
Aug
10334 Jan 11334 July
14 90
3134 Mar 3454 Aug
1,619 29
Jan
4
1% Mar
14
32
aq Mar 654 June
405' 3
110 1234 124 Mar 2234 June
Aug
Jan 69
34 1 3734 68
50 174 1854 Apr 264 Sept
134 Apr
4 Feb
55
200 2
634 June
354 Mar
354
110
934 Feb 1854 Aug
3,720' 954
672' 8254 8734 Feb 10734 July
Range Since
Jan. 1 1935
High
Low
High Shares Low
Aug
Mar 62
53
35 1 41
61
Aug
Jan 20
6
1
20
19
Feb aoq June
27
9
15
30
May
Jan 45
25
8
35
4354
Feb
1754 Jan 21
40 .13
19
Jan 9554 June
77
94
5 70
534 July
234 Jan
234
1,225
43.4
44 June
25
234 Aug
234
254
Sept
5
July
1
30
2
5
Aug
7
354 June
100
334
7
Apr
Sept 20
15
15"10
15
4254 Mar 4814 Aug
38
85
47
554 July
454 Aug
454
50
44
74 Feb 1694 Aug
6
25
16
loq Aug 1634 Feb
85 log
1154
may
Jan 118
116
50 100
117
Mar 12434 Aug
1 11554 119
124
1234 Jan 2034 July
195
634
19
DEAN WITTER&CO.
Philadelphia Stock Exchange
Range Since
Jan. 1 1935
High Shares Low
Stocks (Concluded) Par Low
155 12
Harb-vv siker Ref coin ..• 2354 24%
155 54
Koppers Gas & Coke p1.100 9954 100
454
•
854 834 6,278
Lone Star Gas Co
832
854
5 3454 3534
Mesta Machine Co
4%
Mountain Fuel Supply...*
534 514 2,270
1
115
,
136
1
National Fireproofing p1100
140
134
2% 254
Pittsburgh Brewing coin...*
150 15
• 2054 20%
Preferred
454
904
64 654
Pittsb Screw & Bolt Corp..
150
954 934
614
5
Plymouth 011 Co
200
154
154
1
Renner Co
3e 1,000
2c
30
1
San Toy Mining Co
154
154
200
75c
•
Shamrock 011 dr Gas
520
8
Standard Steel Spring._ _.• 144 1554
430 184
United Engine & Fdry...• 2254 23
350 3
80c 85c
1
14
Victor Brewing Co
95 1534
2651
• 25
W'house Air Brake
221 2734
W'house Elec & Mfg_-50 6554 6954
Par Low
Stocks• 61
Brown Shoe corn
• 19
Burkart Mfg corn
• 30
Poet
994 Mar 14134 Aug
Coca-Cola Bottling corn_.* 43
23% Mar 38
Aug' Ely dr Walker D Gds com25 19
3
Mar
34
100 94
2d preferred
214 Mar 324 Aug
434
1
Falstaff Brew corn
Aug
Mar 45
27
254
Aug Hamilton-Brown Shoe corn
3654
Ma
22
434
354 Ma
5% Jan Hussmann-Ligonier corn.*
7
*
Preferred
74 Aug
454 Apr
.
854 Apr 1154 May Hyde Park Brew corn. _10 15
6% Sept International Shoe corn...* 46
254 Ma
454
•
Key Boiler Equip com
• 16
Moloney Electric A
• 11
National Candy com
100 117
151 preferred
Established 1874
Southwtn Bell Tel pret.100 124
Wagner Electric corn__ _ _15 1834
DeHaven Sk Townsend
July
Sales 1933 to
Aug.31
for
Week 1935
Los Angeles
San Francisco
Oakland Sa.namento Fresno New York
Portland Honolulu Tacoma Seattle Stockton
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago hoard of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New York Coffee & SugarEx.
Commodity Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Juiy i
Week's Range Sales 193310
of Prices
for
Aug.31
Week 1935
Range Since
Jan. 1 1935
High
High Shares Low
Low
Par Low
StocksJan
17
250 1 1534 1534 July 20
Alaska Juneau Gold MOO 17
16
150
Jan 1654 Aug
734 12
Anglo Calif Nat Bk 8F_ _20 16
354 3,315
3
154 Jan
454 July
4
Insur Fund Inc.._10
Assoc
134
Aug 114 June
559
8
894 9
Atlas Imp Diesel Eng A__•
Aug
40 12034 143
Jan 187
Bank of California N A.100 173 176
1,915
74 Jan 1334 July
• 134 1334
354
Byron Jackson Co
234
Jan 234 Sept
870 154 19
Caiamba Sugar corn _ _20 23
Aug
1
h
385
334 454
434 Sept
Calaveras Cement Co com•
Sept
20 30
31
60
Feb 60
100 60
7% preferred
4
54
54
200
54 Feb
10
54 Aug
California Copper
505
1654
4
183.4 Aug
1034 Jan
Mills com-100 16
Calif Cotton
Aug 4234 Feb
31
5 3214 3354 2,448 17
California Packing Corp.
964
Jan 9654 Aug
20 59
70
Calif Water Service pret100 96
914' 15
364 Jan 5554 Aug
cap5 5254 5334
Calif West Sts Life Ins
200 n 754 1054 May 1154 Feb
• 104 104
Caterpillar Tractor
July
240 1854 2934 Jan 37
Claude Neon Elec Prods_ _• 354 3534
10 5634 77
Jan 10254 Aug
• 101 101
Clorox Chemical Co
100 214 2754 Jan 3254 July
Cst Cos G&E6%1st pfd 100 314 314
34 Apr
534 Jan
534 5.206' gh
5
BondsJan Crown Zellerback v t c....•
Mae 21
12
tvi, .oon 19
- -... In
-- - Sept
79
314 27
504 Apr 79
• 75
Preferred A
231 26
• 7351 7834
5054 Mar 784 Sept
Preferred B
3i4 July
600
354 Mar
334
354 4
Digiorgio Fruit corn
Jan
715 16
2234 Jan 38
100 3434 354
$3 preferred
Jan 2654 May
252 13
18
* 244 2454
Eldorado Oil Works
inclusive, compiled from official sales lists Emporium Capwell Corp_• 13
1454 July
554 Jan
5
670
1354
Aug. 31 to Sept. 6, both
1554 Aug
I
615 , 24 124 July
1334 14
Emsco Derrick & Equip_
July 1
60 17
2654 Jan 3534 Apr
3434
Fireman's Fund Indem_ _10 34
Range Since
Week's Range Sales 1933 to
232 44
July
91
7134 Jan 92
Fireman's Fund Indur..25 90
Jan. 11935
Aug.31
for
Sept
of Prices
1,876 1034 204 Jan 54
.
Food Mach Corp corn._ _• 4934 54
1935
Week
Feb
1
234 Aug
4
350
254 24
Foster & Kielser com___10
Aug
Jan 53
10 314 39
53
Galland Mere Laundry. • 53
Low
High
High Shares Low
Sept
Par Low
1454 Mar 32
5
1,865
Stocks2034 Jan 30 June Gen Paint Corp A corn...* 3034 32
20 1 133-4
64 Aug
154 Mar
h
" 2654 2654
5,695
554 6
•
Allegheny Steel corn
B com
Mar 314 Aug
160 2 13
17
M Aug
Mar
4
4
971
64 654
Armstrong Cork Co com..• 3054 31
•
954 Mar 1534 Aug Gold State Col Ltd
6
• 13
1334 1,405
854 Jan 154 Aug
8
270
15
Blaw-Knox Co
194 Jan
454 Aug Hale Bros Stores Inc__ • 15
90c
354 434 5,795
1
10 2454 3154 Jan 4434 Aug
43
Carnegie Metals
Mar
3
554 Aug Hawaiian C & S Ltd ...25 43
3
225
554 554
650 1014
1434 Jan 204 May
lark( D L) Candy Co...•
34 Mar 1354 Aug Honolulu Oil Corp Ltd._ _• 1534 154
1,144' 34
May
10
Jan
3
54
465
olumbia Gas & Elec Co.* 1154 1234
755 8
8
Apr Island Pine Co Ltd corn.20
354 Jan
May
369 3 1
754 754
5
180
434 204 Jan 29
)uqueene Brew corn
25 2654 27
July
Preferred
Apr 15
8
5
210
94 July
534 Mar
534
210
814 834
*
ollansbee Bros pre(_._100 13% 14
..... wniein. mile
.
214 Jan
114 Anse
1%
AKA
Ise
Pittsburgh Stock Exchange
or footnotes see page 1577.
Financial Chronicle
Volume 141
JULY I
Week's Range Sales 1933 to
for
of Prices
Auti.31
1935
Week
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
Lou)
High Shares Low
High
Langendorf Utd Bak A---* 10634 10834
95 75
8134 Jan 1084 Sept
Libby McNeil & Libby__ _
7
7
586k 24
74 Aug
674 Aug
Magnavoe Co Ltd
254
274 24 985 12 A
A Jan
24 Aug
Magnin & Co(I)6% PM 100 101 101
10 66
93
June
Feb 101
Marchant Cal Mach com 10
2
Jan
874 874 1,520
9
Aug
1
Nat Automotive Fibres —• 2434 274 2,31927 3
13
Feb 28
Aug
Natomas Co
* 1034 1034 1,940
334
734 Jan 11% May
Nor Amer Inv corn__ _100
534 534
Mar
8
100
5
Aug
4
6% preferred
100 5374 5334
3134 Mar 5334 Sept
50 14
Nor Amer 011 Cons
10 1134 12
934 Mar 15 June
634
940
Oliver United Filters A_ -.* 3354 3534
1234 Jan 3534 Sept
5
1,658
•
934 934 1,952
Apr 10
134
2
Aug
Paauhau Sugar
15 1034 1034
150
4
44 Jan 1134 June
Pacific G & E com
25 2
1334 Feb 2834 Aug
2.736 1 1234
574 27
6% 1st preferred
25 2734 28
2.6502 1834 2034 Jan 28
July
534% Preferred
25 2534 2534 1,089 1634 18
Jan 2534 July
Pacific Lighting Corp °Om • 4034 4034
110 1 19
204 Mar 4454 Aug
6% preferred
• 100 101
Jan 102 June
320 664 71
Pacific P El non-vot com..-•
A
3
A Feb
334 Aug
334 1.67817
Non-voting preferred- -• 1774 184
734 Feb 19
134
1,030
Aug
Pac Tel & Tel com
11141 109 112
120 6834 704 Jan 11234 JulY
6% preferred
100 135 136
Sept
Jan 136
25' 9934 111
Paraffine Co's com
• 47
4734 1,440 21
36
Mar 4734 Sept
sty Eq & Rlty 1st pref....* 19
Jan 22
10
615
S
Aug
2034
Series 2
" 20
277
534 Feb 254 Aug
20
134
Rainier Pulp & Paper Co.* 3234 3334
Jan 3634 Aug
30
561 15
Roos Bros com
I 2
Aug
5
Jan 22
390
9
074 21
S J L & Pow 7% Pr Pref 100 11034 11034
5 6734 8834 Jan 112
Aug
6% prior preferred_ 100 102 102
Jan 104 June
77
25 65
SchlesingerdzSons(BF)com•
34
%
100
4
34 Jan
4 Aug
Shell Union 011 com
•
94 1:034
1,156 I 534
534 Mar 114 May
Southern Pacific . -100 184 2034
Mar 2034 Aug
13
1,160 1274
Sou Pac Golden GateA--*
Co3
334 Aug
134 Jan
334
34
400
13
•
2
234 1,300
31
231 Aug
34 Jan
Spring Valley Water Co..*
634 634
634 Aug
534 Jan
117
4
Standard Oil Co of cauf..• 3234 3334 1,462 2634 28
Mar 3834 May
Tido Water Ass'd Oil corn.*
934 934
734 Mar 12 May
520
734
6% preferred
100 9934 100
50 4334 8331 Feb 10234 Aug
Transamerica Corp
Am
734 8
8
434 Mar
•
414
33,463
Union Oil Co of Calit_ _25 174 18
1,365 I 1134 1474 Feb 2034 May
Union Sugar Co corn-5 113.4 1234
1,650
May
Jan
4
16
5
7% Preferred
25 234 234
May
45 16
1734 Jan 26
Utd Air Lines Trans Corps
834 Selz
834 834
434 Mar
334
205
Wells Fargo Bk & U T.100 268 27534
July
Jan 280
230
76 179
West Amer Fin 8% pref _10 2
2334 Ana
2,150
734 104 Jan
234 23
WiNtPrn
Pine .4. Fitnnl On Ill
In
III,
A
An p.
n 1,
n
,ni,
1 1 It Man
San Francisco Curb Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Jul!, 1
Week's Range Sales 193310
of Prices
for
Auo.31
Week
1935
Range Since
Jan. 1 1935
Stocks—
Par Low
High Shares Low
High
Law
Alaska United Gold
5
4c
34
150 Apr
2,600
30 Sept
2e
American Factors
20 4534 4574
3234 Mar 454 Sept
25 27
Amer Tel St Tel
100 13634 14074
Mar 14031 Aug
230' 9834 99
American Toll Bridge___1
3lo 33c 4,600
470 July
20c
210 Mar
Anglo Natl Corp
• 104 114
145
734 Jan 1134 Aug
3
Argonaut Mining
5 15
16
1,100
July
Jan 19
134
10
Atlas Corp
• r274 1234
132 774 ----*
Atlas Imp Diesel B
7
7
2
Feb
8
200
June
I
Aviation Corp
•
4
4
434 Aug
3
50
July
254
Bancamerica-Blair
•
64 634 3,650
64
614 Aug
634 Sept
Chrysler Corp
5 61
6934
340 264 344 Mar 694 Sept
Cities Service
•
2
234
851
34 Mar
34
34 Aug
Claude Neon Lights
1
480 SOc
6002
55c May
320 Apr
sis
Crown Will 1st pret
• 934 95
68
Mar Pb
115 40
Sept
2d preferred
• 5934 63
180 164 38 June 63
Sept
Dominguez 011
• 27
27
Aug
2234 Feb 30
SO 17
Ewa Plantation
20 484 484
30 4034 4034 Jan SO
May
General Motors
10 4274 4534 2,793 2a225.4 2634 Mar 4534 Aug
Cladding McBean
• 104 1034
900 2 434
5
APr 1034 July
Great West Elec-Chem. • 48
4934
48
455 17
Aug SO
Aug
Preferred
20 2174 2174
60 16.80 21
July 2174 Sept
Hobbs Battery A
•
650 1.00
134 July
50e June
50c
100
Idaho-Maryland
1
3.25 3.40
3.95 May
695
3.00 Jan
2.50
Intl Tel & Tel
• 114 1134
100' 534
534 Mar 1134 Aug
Halo Petroleum
1
180 18e
28c Feb
13c Jan
Se
200
Preferred
1
84e 87e
1.20 Jan
801
660 Jan
47c
Lockheed Aircraft
1
4.15 534 16,214 ,7 90c
1.30 Mar
535 Sept
M j M & M Cons Oil...A
&
4e
4e
200
Se Feb
3e Mar
3c
Marine Bancorp
• 1834 1834
114 Apr 1834 Sept
9
100
Oahu Sugar
20 3334 34
Sept
2034 Jan 34
185 15
Occidental Petroleum_ ___1
22o 22c
33c Max
22c Aug
20c
100
O'Connor Moffatt
• 4.50 4.50
534 Aug
Jan
150
3
2
Pacific American Fisberies5 1574 1634
400
934 Jan
5
163.4 Aug
Pacific Eastern Corp
334 May
14 Mar
134
3
4 3.4 1,262
1
Pineapple Holding
20 1634 17
Jan
1934 May
11
365
5
Radio Corp
•
634 74
Mar
734 Aug
4
655
4
Riverside Cement
•
6
6
734 Aug
554 Aug
534
100
Schumacher W Br pref....*
834 834
8 June
334 Mar
3.05
20
Shasta Water
• 36
Jan 36
Sept
37
22
123 11
Silver King Coalition
* 124 124
834 Mar 19
Api
100 zs 54
South Calif Edison
25 2174 2
234 2,705 1 104 1034 Mar 2274 Sepl
535% Pre
25 2574 254
270 lz 14% 1634 Jan 2534 Aug
6% preferred
25 27
2774 1,990 z 1534 1734 Jan 2774 Sept
South Pao G Gprat.._ _100 3334 3331
Jan 3534 Aug
50 1434 17
Sunset McKee 13
•
9
9
Aug
Aug
11
10
554 10
Universal Cons 011
10
534 534
834 May
Jan
1.20
2
25
Vice Company
74 74
6
July
100
734 July
6
Walalua Agricult
20 57
364 Jan 5834 Aug
5731 • 80 29
Wamer Bros
•
534 634
895' 24
5
Aug
64 &PI
Western Air Express
1
4
444
1 WM 2
2
34 Alio
44 See
•No par value. c Cash sale. z Ex-dividend. y Ex-tights. s Listed. t In default.
g Price adjusted because of stock dividends, spilt-ups, &c.
r New stock. 3 Low price not Including cash or odd-lot sales.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables): are as follows:
It Cincinnati Stock
New York Stook
at Pittsburgh Stook
It Cleveland Stock
New York Curb
27 Richmond Stock
14 Colorado Springs Stook U St. Louis Stock
New York Produce
as Salt Lake City Stock
New York Real Estate IS Denver Stock
Baltimore Stock
wi San Francisco Stook
Detroit Stock
17 Los Angeles Stook
Boston Stock
27 San Francisco Curb
is Los Angeles Curb
Buffalo Stook
al San Francisco Mining
1g Minneapolis-St. Paul
California Stock
19 Seattle Stock
as New Orleans Stock
Chicago Stock
as Spokane Stock
• Chicago Board of Trades' Philadelphia Stock
21 Washington(D.C.)Stook
I Chicago Curb
CURRENT
NOTICES
—William M. Carley announces that Philip R. Pattison retired from the
firm of Carley, Pattison & Co. and a
lnew partnership formed as of Sept. 3
under the firm name of Carley & Co., consisting of William M. Carley
and Carl Allen Freeberg as partners.
Associated with them will be Frederick IC, Lawrence, Arthur B. Craig.
Karl M. Mitchell and Paul M. Schoessling.
The new firm continues at the old address, 134 S. La Salle St., Chicago.
1577
Condition of Banks Insured by FDIC—Deposits
June 29 $1,300,000,000 Above Dec. 31—Assets
Also Higher
Deposits of 14,173 insured commercial banks in the
United States were $40,300,000,000 on June 29 1935, an
increase of $1,300,000,000 over the total in 14,135 banks
on Dec. 31 1934, it is shown by a summary of their condition issued Aug. 31 by the Federal Deposit Insurance
Corporation. An announcement by the FDIC continued:
The volume of demand deposits expanded $1,312,000,000 as compared
with the figure for Dec. 31 1934, and was at $18,029,000,000 on the call
date. Time deposits of insured banks rose by a half billion dollars in
the period from December to July, amounting to $12.253.000.000 on the
last of June. This gain, however, was slightly more than offset by drops
in the amounts of United States Government and inter-bank deposits so
that the increase in total deposits was held to $1.304,000.000.
Enlarged deposits with Federal Reserve banks more than compensated
for decreases in cash in vault and amounts due from other banks so that
total cash and funds due from banks stood at $11,468.000,000 on Juno 29.
an increase of $233,000,000.
Holdings of Government securities increased by $639,000,000. while
$57,000,000 of new acquisitions of other securities by the banks were
shown to have occurred since December. Loans and discounts declined
by $107,000,000.
The book value of total capital funds among insured banks was revealed to have increased by $81.000.000 in the six months, amounting
to $6,213,000,000 on June 20 1935.
The summary also showed that there had been an increase in the number
of savings accounts, not including Christmas savings and others of similar
Character, from 25,745,000 on Dec. 31 1934 to 28,381,000 on June 29
this year, equivalent to the addition of more than 100,000 new accounts
each month since the year-end.
This was the Insurance Corporation's third call for the condition of
insured State banks not members of the Federal Reserve system, 7,763
such banks being included in the study. Also part of the summary are
the figures for 5,425 National and 985 State member banks.
The following is the summary issued by the FDIC:
CONDITION OF INSURED COMMERCIAL BANKS IN THE UNITED
STATES AS OF JUNE 29 1035 (PRELIMINARY) AND DEC. 31 1934
Assets
June 29 1935
Dec. 31 1934
14,173
Number of banks
The banks had cash and funds due from banks—
In vault
On deposit and in process of collection with
Federal Reserve banks and due from United
States Treasurer
On deposit and in process of collection with other
domestic banks and bankers
Balances due from foreign banks
Total cash and funds due from banks
14.135
5705,263,000
$792,491,000
5,507,553,000
4,709,639,000
5,178,945,000
76,221,000
5,546,721,000
186,526.000
311,467,982,000 $11,235,377.000
The banks owned—
U. S. Government securities and securities fully
guaranteed by the U. S. Government
$12,351,669,000 $11,712,441,000
Obligations of States, their political subdivisions,
territorial and insular possessions
2,579,983,000 2,410,628,000
Foreign securities
295,598,000
296,078,000
Other bonds, stocks and securities
3,662,200,000 3,604,929,000
Stock in Federal Reserve banks
146,382.000
146,55.3,000
Loans and discounts (including overdrafts)-- - 14,494,675,000 14,602,317,000
Total loans and Investments
The banks held—
Guarantees and securities of customers and
banks on account of acceptances, endorsed
bills of exchange and drafts
Bank buildings, furniture and fixtures
Other real estate, acquired in settlement of debt
.
not used as bank premises
Other assets
$33,530,507,000 532,772,946,000
$158,934,000
1,209,874,000
$243.093,000
1,212,373,000
507.573,000
374,474.000
465,305,000
507,708,000
447,249,344.000 346.436,802.000
Total assets
Liabilfifes
The banks owed for—
Deposits of corporations, firms, individuals—
$18,029,033,000 $16,716,506,000
payable on demand
Funds of corporations, firms, individuals—deposited for extended periods of time
12,253,002,000 11,653,152,000
Deposits of U. S. Government and of Postal
Savings
1.176,963,000 2,210,808,000
2,912,259,000 2,600,552,000
Deposits of other public funds
Deposits of domestic banks, certified and
cashiers' checks outstanding, cash letters of
5,646,321,000 5,657,400,000
credit, travellers' checks
280,591,000
155,846,000
Deposits of foreign banks
Total deposits
The banks were liable for—
Currency of National banks outstanding
Bills payable and rediscounts
Acceptances (endorsed bills of exchange and
drafts)
Other liabilities
Total
$40,298.169,000 $38,994,264,000
$222,045,000
37.649,000
$650,935,000
41,826,000
181,853,000
296,671,000
265,604,000
332,873,000
$738,218,000 $1,291,238,000
The banks had capital funds of—
Capital stock, notes, debentures
$3,365,184,000 53,348.678,000
Surplus (Paid in by stockholders or accumulated
from earnings as an added protection for depositors)
1,892,580,000 1,914,751,000
Undivided profits (net profits accumulated, left
with bank as added protection for depositors)
469,996.000
529,410,000
Reserves(money set aside for contingencies, &c.)
417,875,000
425,783,000
Total capital funds
Total liabilities
$6,212,957,000 86,151.300,000
347,249,344,000 346.436.802,000
Financial Chronicle
1578
Sept. 7 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta,
Jan
1 1948
54
Oct
1 1957
4s
Oct
1 1956
430
Prov of British Columbia
Feb 15 1936
43I.
July 12 1949
6s
1 1953
Oct
430
Province of Manitoba
Aug 1 1941
4140
June 16 1964
Se
Dec 2 1969
Se
Prov of New Brunswick
June 15 1936
434.
Apr 15 1960
434O
Apr 15 1981
434s
Province of Nova Scotia
Sept 16 1962
433e
Mar 1 1960
Se
Province of Ontario
Jan 3 1937
533s
1 1942
Oct
55
Sept 16 1943
85
9212
91
May 1 1959
5s
June 1 1962
45
9912 10012
Jan 351966
4345
99 101
9612 98 Province of QuebeeMar 2 1950
430
Feb 1 1968
4e
10212 104
May 1 1961
413e .
105 107
106 108 Province of Saskatchewan
May 1 1938
4345
June 16 1943
be
102 103
Nov 15 1948
533e
10812 110
Oct 1 1951
4140
10712 109
814 Ask
9412 96
MO I Ask
10514 106
10912 110,2
113 1115
11312 115
102 103
1073 1083
4.
4
111 4111214
,
107 1109
1091z 111
9912 10012
9812 100
10112 10212
9512 97
10712 10812
1131z 115
Industrial and Public Utility Bonds
All
Bid
130 3012
8812 88
___
80
4
9314 933
___
44
4
11414 1143
10414 10514
10214 103
973 9812
4
4 ___
1043
15312 55
9512
94
10614 107
10212 104
10412 10514
10212 --___
105
6812 69
10012 10114
9912 101
7112 73
4
111 1113
1812
116
107 108
104 10514
7912 8014
9812 9912
39
38
1023 10312
4
8512 -__
8612 88
10012 101
10112 10212
5612
155
Int Pow & Pap of Nfid Be 68
'
Lake St John Pr & Pap Co—
630
Feb 1 1942
Feb 1 1947
633e
MacLaren-Que Pow 6)45 81
Manitoba Power 5)46_1951
Maple Leaf Milling 63461949
Maritime Tel & T61611_1941
Massey-Harris Co 58_1947
McColl Frontenao 011681949
Montreal Coke & M 530'47
Montreal Island Pow 534557
Montreal L H & P (350
1939
Dar value) 35
Oct 1 1961
55
Montreal Tramways 58.1941
New Brunswick Pow 5e 1937
Northwestern Pow es _1980
Certificates of deposit__
Nova Scotia L & P 5e_1958
Ottawa Lt Ht & Pr 5s-1957
Ottawa Traction 5348_1955
Ottawa Valley Power 630'70
Power Corp of Can 430 1959
Dec 1 1957
55
1943
Price Bros & Co 65
Certificates of deposit__
Provincial Paper Ltd 5348'47
Quebec Power 64
1968
Shawinigan Wat& P4343'67
1949
Simmons Ltd iki
Southern Can Pow 58_1955
Steel of Canada Ltd 811_1940
United Grain Grow 5ii_ _1948
United Smiles Ltd 530'52
8718 8712 West Kootenay Power 6e '56
9312 9412 Winnipeg Else Co 5s___1935
Oct 2 1964
IM
,(4414 443
4
___
102
All
Bid
99 4 100 4
,
,
12012 2111
162 631
:
68
7011
5812 59
13412 36
109
86
871
(
10412 10511
1023 10311
4
102 1031
;
150
5011
1063 10711
4
101 10134
85
87
36
3711
36
37
10312 --.
10412 --•
94 96
9511
94
84 88
89
__.
86
89
86 89
10214 --.
104 105
9914 9951
104 105
10412 1051:
112
9212 931.
7912 801,
105'2 1961
9812
61'2 621
Railway Bonds
Bid Ask
Canadian Pacific RySept 1 1948 10212 10314
43111
Dec 1 1954 10412 105
58
July 1 1980 10014 1003
433e
8
983
4
11214
Aski
kl
861
Dominion Government Guaranteed Bonds
Ask
Bid
Canadian Northern RyCanadian National RYDec 1 1940
75
Sept 1 1951 11018 1104
433e
July 1 1948
630
Sept 16 1954 102 10214
434s 434s
June 16 1956 1113 11212 Grand Trunk Pacific 10—
4
Jan
1 1962
45
Feb
1 1956 110 1104
4348
Jan
1 1962
35
4348
July 1 1957 10914 109%
58
July 1 1989 112 113 Grand Trunk Railway
Sept 1 1936
613
8
58
Oct 11969 11412 1153
Oct
1 1940
7s
58
Feb 1 1970 1143 11514
8
8(6
Ask
103% 104
123 1233
4
106
07
98% 9954
l047 0518
1023 027
8
4
Montreal Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Par Price Low
High Shares
*
834 9
Agnew-Surpass Shoe
834
* 100
100 100
Preferred
2
*
2
Alberta Pat Grain A
9
10%
1035
Assoc Breweries
63.4
614 634
Bathurst Pow & Paper A_*
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets
125
10
5
345
66
Range Since Jan. 1 1935
Low
7%
96
2
9%
4%
Range Since Jan. 1 1935
High
Low
70c 75c
*
Bawlt Nor Grain
22
22
100
Preferred
130 132%
100 132
Bell Telephone
7% 734
734
*
Brazilian T L &P
23% 23
2335
Brit Col Power Corp A..
1534 16%
* 16
Bruck Silk Mills
29% 30
.
Buildings Products A_ - -* 30
Private wires to Toronto and Montreal
Stocks—
26 Broadway, New York
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
High Shares
Stocks (Concluded) Par Price Low
Wood,
Gundy
14 Wall St.
& Co., Inc.
New York
Bid
Canadian Pacific Ry—
e; perpetual debentures__ 86
Sent 16 1942 110
58
Dec 15 1944 96
&Me
July 1 1944 112
Be
Members New York Stock Exchange
Montreal Stock Exchange
Canadian
Bonds
Abitibi P & Pap cite fie 1953
Alberta Pacific Grain 861946
Asbestos Corp of Can 55 1942
Beauharnols 1.11 & P 534513
Beauharnole Power 8s-19159
Bell Tel Co of Can 56_1955
British-Amer Oil Co 6e_1945
Brit Col Power 534e_1980
March I 1960
5s
British Columbia Tel 651960
Burns & Co 532s-330_1948
Calgary Power Co 58-1980
1941
Canada Bread tis
Canada Cement Co 1530 '47
Canadian Canners Ltd (le '60
Canadian Con Rubb 68_1948
Canadian Copper Ref 6e '45
Canadian Inter Paper 65 '49
Can North Power 6s___1963
Can Lt Sc Pow Co 58_1949
Canadian Vickers Co 68 1947
Cedar Rapids M & P be 1953
Consol Pap Corp 530_1961
Dominion Canners 68_1940
1940
Dominion Coal 5s
Dom Gas & Eleo 6335__1945
1949
Dominion Tar 65
Donnaconna Paper 635s '48
1966
Duke Price Power 13a
Fah Kootenay Power 7s '42
1949
Eastern Dairies 8e
Eaton (T) Realty 5s...-1949
Fatn Play Can Corp 68_1948
1950
Fraser Co 13e
1950
68 stamped
1956
Gatineau Power fie
General Steelwaree (15_1962
Great Lakes Pap Co 1st 6er50
Hamilton By Prod 7e_1943
LAIDLAW & CO.
High
Jan
10
Aug
Jan 100% Aug
Aug
3% Jan
Aug 13% Jan
Mar
Aug
8
95
50c
25 20
133 118
7%
1,373
575 21
635 14%
45 26%
3
July
July 40
Apr 135
1034
Aug
July 3034
17%
Jan
Apr 31%
Jan
Jan
Jan
Jan
Jan
Jan
July
6% 6%
61.1
"
Canada Cement
5434
100 54% 54
Preferred
21
21%
Can North Power Corp. •
1.60 1.60
*
Canada Steamship
7
7
100
Preferred
3134 32
*
Canadian Bronze
6
634
6%
*
Can Car & Foundry
25 1234 1134 1234
Preferred
1934 20%
* 20
Canadian Celanese
118 118
100
Preferred 7%
* 1935 19% 1935
Rights
39
39
100
Canadian Cottons
96% 96%
100
Preferred
60
60
50
Can Gen Elea pref
Can Hydro-Elea pref _-_100 4935 48% 49%
8%
8% 834
Can Indust Alcohol
*
734 734
7%
Class B
•
3
3
Canadian Locomotive__ •
10%
Canadian Pacific Ry_ _....25 1074 10
7% 7%
*
Coekshutt Plow
Con Mining & Smelting_25 172% 16835 173
205
6
180 51
205 17%
25
1.00
15
5%
2,025 26
1,785
6
188 11%
1,200 18%
15 100
320 18
90 39
15 95
10 59
167 37
1,575
7
365
6
30
2
1,733
934
120
6
418 126
Mar
8%
Apr 64%
Mar 22%
234
July
1174
July
May 32
8%
Sept
Sept 17
Apr 2436
Jan 120
May 20%
Sept 66
Jan 105
May 63%
Apr 8234
Jan 10%
934
Jan
4
July
July 13%
Mar
8%
Mar 18434
Jan
Jan
Aug
Jan
Jan
Aug
Jan
Jan
June
July
Jan
Feb
Mar
Jan
Jan
May
MAY
Apr
Jan
Jan
Inlay
* 29% 28% 29%
Dominion Bridge
Dominion Coal pref new100 15% 1534 16
Dominion Glass
100 11034 110% 110%
140 140
100
Preferred
4% 5
_25
Dom Steel & Coal B
66% 6634
•
Dominion Textile
138 138
100 138
Preferred
3% 334
Dryden Paper
1.50 1.60
Eastern Dairies
11% 12
Foundation Co of Can._ _* 11%
3% 3%
334
General Steel Wares
5354 53%
Goodyr T prat inc new_100
451 4%
Gurd (Charles)
5% .534
Gypsum Lime & Alabast_*
553 2436
484 1474
50 110
50 13831
331
334
30 63
15 135
90
3
65
1.50
140 11
115
3
33 5134
26
4%
20
434
Mar 3334
Aug 1834
May 120
Apr 145
Apr
6
June 8234
JUIY 14674
5%
July
3
Sept
Apr 13%
July
574
July 55
Jan
0%
7%
July
Jan
July
Jan
May
Jan
Jan
Mar
Jan
Jan
June
Jan
Aug
Jan
Jan
32
20.20
13
95%
14%
100
2934
6
84
120
13%
101
Jan
Mar
Feb
Feb
Aug
Aug
Aug
Jan
Jan
Apr
Jan
Mar
21
21
12.60 13.60
9% 934
90
90
13% 13% 1334
100 100
28% 2934
29
2
2
2
43
43
120 120
834 9
834
80
81%
Hamilton Bridge prat_ _100
Hollinger Gold Mines.*
Howard Smith Paper..
100
Preferred
Imperial Tobacco of Can..5
Intercolonlal Coal pref-100
Int Nickel of Canada
International Power
100
Preferred
Jamaica PS Co Ltd pret100
Lake of the Woods
*
100
Preferred
21
13.60
Massey-Harris
*
McColl-Frontenac 011_
Montreal Cottons pref_1(10
Mont L H & Pow Cons_ *
Montreal Telegraph
AC
Montreal Tramways__ AOC
National Breweries
National Steel Car Corp _
Niag Wire Weaving pref._*
4%
13
Ogilvie Flour Mills
Ontario Steel Products. _ _*
Ottawa L H & Power.. _100
100
Preferred
•
Penman.s
Power Corp of Canada— -*
Quebec Power
*
St Lawrence Corp
50
A preferred
St Lawrence Flour Mills100
St Lawrence Paper pref 100
Shawinigan Water & Pow_*
Sherman-Williams of Cane
100
Preferred
*
Simon(H)Az Sons
100
Preferred
*
Southern Can Power
Steel Co of Canada
2;
Preferred
Tuckett Tobacco pref _ _100
•
Viau Biscuit
*
Wabasso Cotton
*
Windsor Hotel
Winnipeg Electric
32%
93
36%
51%
3%
12%
73
2674
54%
80
31
14
45%
Mar
5% Jan
June 15% Jan
Feb
July 97
Apr 3434 Aug
Mar
Jan 58
May
Jan
3734
Jan 99
J
:
Mar 118
1735
June
Feb
aep2
77
105
44
8%
15
2 140
114
5
35 75
20 100
100 44
145
7
207 13%
Feb,ant.
Mar 18905
Sept
July
: tlb
6
6
A g
F r
A
Apr 0
Sept
Apr
July
1.25 1.3
6
6
30
30
1134 12%
18% 17%
11% 1134
105 105
11
11
91
91
12% 13%
49% 50
47
47
1,060
600
3
75
5 30
440
834
4,170 15
350 11%
120 100
5
9%
10 90
2,015
934
315 42%
50 41%
4%
13
80
32%
58
93
38
14%
5135
165
.5
75
105
44
44
8
834
1434 14%
6
12%
17%
11%
1334
50
47
4%
13%
80
32%
58
91
37
15
51%
165
5
145 145
1.10 1.10
1.10
17
17
2
2
1.10 1.10
Banks—
50 53
Canada
Canadienne
100
100 130
Commerce
100 170
Montreal
Nova Scotia
100 251
Royal
• No par value. I Flat price.
10 1934 July
645 12.50 Aug
5
9
July
36 84
May
1,383 12
Mar
4 100
Aug
5,838 2234 Feb
1
Apr
50
55 40
July
20 115
Jan
85
7 June
56 80
Sept
53
127
130
168
249
139%
53%
127
140
179%
258
141
410
496
2,705
205
1,017
175
1
1 .9E0
1:
July 109
June
Sept
July
Apr 1235;600E!
Aug 17
Jan
14
Jan
Apr
May
Mar
18 A
4
Feb 4 %
10 133% Jan 145
2
40
1.00 Aug
July 27
10 16
3
5
2
Mar
2%
25
1.00 May
02
24
56
278
56
121
52%
125
130
168
249
1394
Aug
Jan
Sept
Sept
Sept
Sept
'b
Feb.Jan
,
e
Jan
Jan
JulyJja
Ja
js
May
Aug
Aug
Mar
Feb
June
Jan
May
66
Mar
132
16934 Feb
Jan
204
Jan
304
173% Jan
Financial Chronicle
Volume 141
1579
Canadian Markets-Listed and Unlisted
HANSON BROS Canadian Government
Municipal
INCORPORATED
CANADIAN SECURITIES
GOVERNMENT, MUNICIPAL, CORPORATION and RAILROADS
Public Utility and
Industrial Bonds
ESTABLISHED 1883
255 St. James St., Montreal
56 Sparks St, Ottawa
330 Bay St., Toronto
ERNST & COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange. Chicago Board of Trade
Montreal Curb Market
One South William Street
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
Par Price Low
Low
High
High Shares
Asbestos Corp vot trusts_.' 14%
Bathurst Pow & Pap B. •
Brit Amer 011 Co Ltd____• 15%
Brit & Foreign Invest Ltd • 13
•
Brit Col Packers
Canada Vinegars Ltd.._• 25%
Cndn Dredge & Dock. •
Champlain Oil Prods pref *
6%
Commercial Alcohols Ltd •
50e
Distill Corp Seagrame Ltd• 2754
*
Dom Eng Works Ltd
Dominion Stores Ltd
•
Dom Tar & Chem Ltd____• . 4%
Cum preferred
100 57
Fraser Co Ltd
•
434
Voting trust
5
Home 011 Co Ltd
51c
•
Imperial Oil Ltd
• 19%
Int Petroleum Co Ltd____* 36%
Melchers Distill Ltd A._ _•
8
•
Mitchell & Co Ltd (Robt)•
Page-Hersey Tubes Ltd_ •
Sarnia Bridge Ltd B
*
Thirtt Sts cum pt 63.4%.26
654
United Distill of Can Ltd *
80c
Preferred
•
Walkerville Brew Ltd. • 2.45
Walker Good & Worts.._' 2831
Whitten Can Co Ltd
•
Cum preferred
100
Public UtilityBeauharnols Power
C No Pow Ltd pref._ _100
Foreign Pow Sec Corp Ltd*
Pow Corp of Can cum pf100
Sou Can P Co Ltd pref-100
3%
65e
86
14
1.60
15%
13
70c
2634
28
6%
500
24%
1834
8%
4
56%
3,4
4%
510
19%
35%
8
2%
334
76
1.00
6%
800
17%
2.25
26%
4
93
15%
1.60
15%
13
70c
26%
28%
6%
50c
27%
18%
834
5%
57
434
5
510
20
36%
831
2%
3%
76%
1.00
7
80c
• 1734
2.45
2831
4
95
334 3%
104 105
650 650
8534 86%
90
92
209
25
210
10
20
35
135
80
50
4,762
25
60
110
135
170
215
150
1,976
799
440
20
35
60
25
20
35
160
905
258
50
340
30
40
20
42
Mar 18
Aug
6
1.00 Apr
2.25 Aug
1434 Mar 1634 Aug
Jan
13
July 18
500 Feb 1.75 Jan
Jan 2834 May
26
Hi% Mar 30
Aug
634 July
754 Feb
45c June
900 Jan
1334 May 2734 Sept
Apr 23
Feb
17
631 July 1234 Jan
754 Feb
334 June
Jan 72
Feb
44
234 June
531 Aug
Aug
1.75 July
5
50c July
75e Jan
1534 Mar 2
234 May
2834 Mar 3934 May
Mar 1134 May
7
Jan
234 Apr
4
334 Mar
534 Jan
7554 Aug 87 June
1.00 Sept1.00 Sept
Mar 13
5
Jan
50o Apr
1.50 Mar
1631 Jan 1834 Apr
2.25 Aug
4.25 Jan
2334 May 33
Feb
July
1.50 Mar
6
Jan 95
Sept
75
3
9834
650
80
80
734
Apr
May 107
Sept231
Apr 94
May 100
Feb
Feb
Jan
Jan
Jan
MininitAfton Mines
1
75c
480 June
75c Sept
72c 75e 2,000
Base Metals Min Corp.. •
44c
440 Mar
93c Apr
44o 44e
200
Big Missouri Mines
1
42e
300 Feb
730 May
380 55c 16,000
Brazil Gold dr Diamond_ 1
41c
200 Jan
610 June
40e 46c 2,450
litdolo Gold Dredging ----5 33% 33% 3331
200 3234 Aug 3834 May
Castle-Trethewey Minee_l
88c
1.32 Apr
880 88c
500 6130 Mar
Conlaurum Mines
1.72
1.67 July
2.30 Mar
1.72 1.72
400
Falconbridge Nickel M. *
3.25 Jan
4.50 Aug
4.15 4.25
265
J M Cons
1 1334c 1131c 13340 11,800
110 Aug
200 Mar
Lake Shore Minas
1
49% 49%
100 4834 Aug 5734 Mar
Lamaque Conk
•
2340 234c 1,500 234c Sept 6340 Mar
Label Oro Mines
1
9c Mar
3340 3%c 4,000 3340 Sept
Nomnda Mines
• 39% 3834 3934
1,127 31
Jan 4234 May
O'Brien Gold
1
37c July
56e Apr
380 38310 2,000
Parkhill Gold Mines
1
19c
180 July
32c Feb
190 20c 2,600
Perron Gold
1
60c
560 Aug
830 June
600 63
300
Pickle-Crow
1
2.49
2.10 May
2.96 Mar
2.45 2.5
3,600
Pioneer Gold of BC
1
9.75 9.75 9.7
300 9.00 Mar 12.00 May
Quebec Gold Mining
1
530
800 June
03e 55c 4,930 9340 Jan
Read-Authier Mine
1
86e
600 Jan
99c June
80o 87
3,616
Siscoe Gold Mines
1
2.60
2.50 Jan
3.28 Mar
2.50 2.6
4,520
Sullivan Cons
1
70c
8154 July
380 Jan
690 74 14,450
Ventures Ltd
• 1.03 1.02 1.0
81e June
1.05 Jan
725
White Eagle Sliver M. *
534o Apr
234o 2%
6,000 154c July
Wright Ilargreaves M
* 8.00 8.00 8.0
250 7.00 Aug 9
.85 Mar
Unlisted Mines
Arno Mines Ltd
1340 1%
41) Mar
900 1340 Jan
CentralPatricia Gold M._1
1.15 Feb
1.82 Sept
1.67 1.8
3,700
Eldorado Gold Mines
.1
1.32 1.3
1.15 Feb
2.90 Apr
100
Sherritt-Gordon Mines_ .1
72o 72
45c Ma
94c May
100
Stadacona Rouyn Mines.
.• 2331c 2134o 23%
14c Jan 31 340 Mar
100
Unlisted
Abitibi Pow & Pap Co.__ _*
80c
Cum pref6%
100
Brewing Corp of Can Ltd.*
Preferred
• 15
Canada Malting Co
• 32%
Cndn Canners Ltd cony pf*
5
Consol Bakeries of Can. •
Consol Paper Corp Ltd_ • 1.00
•
Donnaconna Paper B
Ford Motor of Can Ltd A_• 25%
General Steel Wares pt_100 39
Massey-Harris prat __100
McColl-Frontenao pref.100
100
Price Bros Co Ltd
Preferred
100 18%
Royalite Oil Co Ltd
• 20
• 16
Weston Ltd
750
4%
2%
14%
3234
5
14%
950
1.50
25%
39
25
95%
2
17
20
16
85
4%
23.4
15
33
5
14%
1.1
1.50
26%
40
25
96%
2
1834
20%
16
556
10
190
200
206
ao
50
1,380
80
1,136
120
55
35
25
80
735
115
.550 July
2.00
934
334 July
2% Sept434
1434 Sept2234
29
Apr 343.4
5 Sept9
1134 Jan 1634
65c July
234
1.00 Apr
2.00
2334 June 3234
37
Jan 55
IS% Apr 29
9334 Apr 100
1.50 June
334
15
July 34
18
Aug 27
16
Sept16
Jan
Jan
Jan
May
July
Jan
May
Jan
Aug
Jan
Feb
Aug
Mar
Feb
Jan
May
Sept
Toronto Stock Exchange
Aug. 31 to Sept. 6, both inclusive, compiled from _official sales lists
Stocks-
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
ofPrices
Week
Par Price Low
High Shares
Low
High
•
70c 900
Abitibi tom
4% 4%
100
4%
6% preferred
15
18
Alberta Pac Grain pref-100
23% 23%
American Cyanamid B_ _10
BritishAmer Oil
1531 15%
*
•
931 9%
Beatty Broscom
Beaulurrnois Power cora....•
334 3%
3%
100 132
13034 132
Bell Telephone
22
22
Blue Ribbon 034% pret_50 22
Brant Cordage 1st pref._25 29% 29% 2934
•
734 7%
Brazilian corn
7%
* 85
75
90
Brewers & Dist corn
• 23% 23% 23%
C Power A
725
55e July
2.00 Jan
4
100
Aug
934 Jan
11 17
Apr 29
Jan
150 1634 Jan 2334 Sept
958 1434 Apr 1634 May
25
834 May 15
Jan
305
234 Apr
7
Feb
452 11834 Apr 13534 Feb
35 1954 May 29
Feb
ao 2734 Jan 30 Mar
2.147
734 Sept 1034 Jan
3,686 50
Jan
1.10 July
110 21
July 30
Jan
New York
PRIVATE WIRES MONTREAL, TORONTO AND CHICAGO
Toronto Stock Exchange
Friday
Sales
Last Week's Range for
of Prices
Week
Sale
Stocks (Concluded)
-Par Price Low
High Shares
Building Products A
•
Burt,F N corn
25
Canad.Bread corn
•
B preferred
100
Canada Cement corn
•
Preferred
Canada Packers corn
Can Steamships pref._ _100
Canadian Canners corn....'
1st preferred
100
Con prof
•
Canadian Car corn
•
Preferred
25
Canadian Dredge corn...
•
Candn Gen Eiec corn..
..50
Canadian Ind Alcohol A_ _•
29%
34%
334
28
6%
53
58
334
5
6
29
59%
8%
Canadian Oil corn
12
Preferred
100 120
Canadian Pacific ity. _ _ _25 1031
Canadian Wineries
•
4%
Cockshutt Plow corn
•
7,1
Consolidated Bakeries _ _* 14%
Cons Smelters
25 172
Consumers Gas
100
Cosmos Imp Mills_
• 18%
Crows Nest Coal
100 27%
Dom Steel & Coal B_ _ _ _25
5
Dominion Stores
•
Dominion Coal prof
25
Eastern Theatres corn. •
Preferred
100
Fanny Farmer corn
9%
•
Ford of Canada A
• 26
Goodyear Tire corn
• 68
Goodyear Tire prof..--100 53
Gypsum L & A
5%
Harding Carpets
Ham Unit Theatres pref100
Hunts Ltd 13
•
7
Imperial Tobacco
5
Internal Milling 1st prof100 109
A preferred new
•
International Nickel coin.* 29%
Laura Secord Candy corn.* 61
Loblaw Groceterlas A---• 1734
• 16
Maple Leaf Milling com_ -* 50
Massey-Harris corn
•
431
Moore Corp corn
23%
National Grocers
5%
Ont Equit 10% paid_ _100
Page
-Hersey Tubes com •
Photo Engravers & Eleo •
Pressed Metals corn
Riverside Silk Mills A. •
Simpson's Ltd prat ...100 6331
Steel of Canada corn
• 49%
Preferred
25 46%
Toronto General Trusts 100
Toronto Mortgage
50
Tip Top Tailors corn
9
Preferred
100 93
Union Gas Co corn
•
5%
United Steel Corp
2%
Walkers Hiram corn
28
Preferred
17%
Western Can Flour corn...'
3%
Weston Ltd Geo corn....' 16
Preferred
100
Banks
Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
50
100
100
100
100
100
100
100
Loan & Trust
Canada Permanent. _100
National Trust
100
Ont Loan & Debenture_ _50
Range SOW Jan. 1 1935
Low
High
Apr 31%
Apr 35
June
53.4
.
Apt 30
Mar
831
Apr 6434
May 59
July 11%
654
Aug
July 94
934
Sept
8%
June
Sept 17
Mar 30
May 6434
Aug 10%
June
934
May 15
May 127
Aug 13%
Sept
6
Mar
814
Jail 17
Mar 183%
Mar 193
Apr 20
Apr 28%
6
Apr
July 1234
Aug 18%
734
Sept
Apr 90
934
Mar
June 3231
Aug 7234
June 54%
July
7%
July
Aug
Jan
Aug
Jan
Jan
Sept
June
Jan
Jan
Jan
Jan
Jan
Aug
Jan
May
Jan
Jan
Mar
Jan
Mar
734
75
9%
26%
68
5334
531
75 26%
55 28%
2
75
25 17
5%
282
38 51
60 50
5
13
315
3%
177 75
4%
860
5%
740
225 12
500 19%
145 5834
634
2,590
634
100
138 11
30 113
2,568
93.4
425
434
634
85
405 11%
265 12534
25 184
75 13%
25 25
155
3%
210
6%
20 14%
2
7%
5 60
2,455
7%
4,617 23%
55 65
177 51%
4%
195
3
3
60
50
7
7
13% 13%
109 109
100 10031
28% 29%
6134
61
17% 1734
16
um
60
50
4% 4%
21% 24
5% 534
8
8
7531 77%
23
23
10
11
2914 2934
65%
65
4934 50
46% 47
105 105
116 11631
9
9
93
93
531 534
234 2%
26% 28%
17% 17%
334 334
15% 16
112 112
234
50
2
7
74
12
140 109
9 100
4,85
22%
40 60
17%
1,23
375 16%
270 50
855
3%
392 17
4%
200
5 6
120 7534
150 21
157
8
100 27
115 62
320 42
50 41
9 100
7 105
7
50
10 90
4
667
2
285
4,264 23
854 16%
2%
10
815 15%
90 108
My
July
Sept
Apr
Sept
Aug
Feb
July
Sept
Sept
Sept
Mar
Jan
July
July
Sep
Mar
Mar
Jan
Jun
Ma
Apr
Jun
May
May
Jan
May
Aug
May
Jan
Apr
Sep
May
334
60
11
14%
114
100%
2934
63
1934
18%
1.30
5%
24
6%
834
88
2434
15
30
90
50%
48%
125
121
1234
9834
6
5
33
18%
6
16
115
Mar
May
July
Aug
May
Sept
Aug
Jan
July
Mar
Jan
Jan
Sept
Feb
Feb
June
May
Jan
May
Jan
Aug
Aug
Feb
June
June
Feb
Aug
Jan
Feb
Mar
Feb
Sept
Aug
52%
133
160
169%
168
249
139
198
Aug
Sept
Sept
Sept
Sept
Sept
Sept
Aug
66%
169%
201%
208%
203
305
173
230
May
Jan
Feb
Mar
Jan
Jan
Jan
Mar
126
175
107
Aug 150
Jan 204
Apr 115
29% 30
3334 34%
331 3%
28
28
6
6%
52% 54
59
58
7
7
334 334
77
78
434 53.4
6%
6
12
1234
29
28
59% 60%
8% 834
734 734
12%
12
120 120
10%
10
4% 434
7% 8
14% 15
167% 17
3
188 190%
18% 19
27% 2734
5
5
8
8%
lag la%
7311
75
9%
2534
67%
53
5%
52% 5234 53
133 141
133
160 165
160
16931 173%
168 180
168
249 251
249
140
139 141
199 200
130
200
114
130
200
115
10
104
94
46
56
25
23
41
6
8
Aug
May
May
Aug
Aug
May
Jan
Jan
July
Sept
Feb
July
Jan
July
Aug
Jan
Feb
Feb
Sept
Toronto Stock Exchange-Curb Section
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Stocks-
Friday
Saks
Last Week's Range for
Sale
Week
of Prices
Par Price Low
High Shares
Biltmore Hats pref.
100
Brewing Corp corn
•
Preferred
Can Bud Breweries corn..'
Canada Malting cora_ _ •
Canada Vinegars corn_
*
Cdn Wirebound Boxes A_•
Bruck Silk
•
Distillers-Seagmms
•
Dominion Bridge
•
Dom Tar & Chem corn__ _•
Preferred
100
•No par value.
10534
2
2
14% 1454
5%
6
32% 32%
26%
27
17%
15%
27% 24%
2834
29
4
50
10534
5
234 2,550
275
15
6%
235
33
160
27
380
17%
a
1614
20
27% 23,879
29
290
4
35
55
5634
Range Since Jan. 1 1935
Low
97%
2
14%
5%
29
25
15
15
13%
24%
3.3.1
42
High
Jan 109
Sep
4%
Sep
22%
July
8%
Apr 35
Jan 29
Apr 17%
Ma
17%
Apr 27%
Mar 34
June
731
Jan 70
July
May
May
May
July
May
Sept
Feb
Sept
Jan
Mar
Mar
Sept. 7 1935
Financial Chronicle
1580
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
Sale
ofPrices
High
Low
High Shares
Stocks (Concluded) Par Price Low
2
2
2
Dufferin Pay corn
•
27
30
Preferred
100 27
354
Hamilton Bridge com
•
30% 31
HumberstoneShoe corn_ •
19% 19% 20
Imperial 011 Ltd
3% 331
Inter Metal Industries
•
30
30
Preferred
100
InternstionalPetroleum__• 36% 35% 3654
McColl-Frontenac Oil corn• 13% 13% 13%
9831 96%
100
Preferred
32%
Montreal L H & P Cons_ • 32% 32
38% 3655
National Brew corn
145 145
Ogilvie Flour pret
100 145
• 12% 12% 13
Ontario SilknIt corn
93
93
100
Preferred
8
8
8
Power Corp of Can corn_ _•
6%
6% 6%
Rogers-Majestic
109 109
Robert Simpson pret_ __100 109
Shawinigan Water & Pow_* 17% 17% 17%
27
27
Supertest Petroleum ord..' 27
115 115
Toronto Elevators pret_ 100 115
19
20
United Fuel Invest prof 100 20
2% 2%
2%
•
Walkerville Brew
2
113 20
3
60
45 28
4,111 15%
3%
15
15 30
6,639 2854
320 12%
71 94
318 27
10 31
25 145
8
40
10 75
634
60
554
60
25 103
80 14%
35 21%,
100 108
40 1534
125
2%
Sept
June
July
July
Feb
June
Sept
Mar
June
July
May
Feb
Sept
Jan
Jan
June
Mar
Apr
May
Feb
Mar
May
Sept
May
May
Jan
July
May
Apr
Mar
May
Jan
Mar
Aug
Aug
Sept
July
July
log Jan
9
Jan
109
Sept
20
Jan
28% June
129% Jan
29 June
451 Jan
4
40
534
32%
22%
6
45
39%
15%
100%
34%
37%
145
13%
99
Toronto Stock Exchange-Mining Section
Aug. 31 to Sept. 6, both inclusive, compiled from official sales list
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
Sale
of Prices
Low
-Par Price Low
High Shares
High
Stocks
Acme Gas & Oil
1
Afton Gold
1
Ajax Oil& Gas
1
Alexandria Gold
*
Algold Mines
*
Anglo-Huronian
1
Astoria Rouyn
1
Bagamae Rouyn
I
Barry-Hollinger
*
Base Metals
1
Bear Exploration
*
Beattie Gold Mines
1
Big Missouri
1
Bobjo Mines
*
Bralorne Mines
1
Buffalo Ankerite
*
Bunker Hill
1
Calmont Oils
•
Canadian Malartie
1
Cariboo Gold
•
Castle Trethewey
1
Centra Patricia
*
Chemical Research
*
Chicougamau Pros
•
Clerley Consol
*
Coniaurum Mines
*
Dome Mines
1
Dominion Explorers
1
Eldorado
•
Falconbridge
1
Federal Kirkland
1
Franklin Gold
1
Gabrielle Mines
*
God's Lake
1
Goldale
50e
Gold Belt
1
Goldfield Consol
1
Goodfish Mining
1
Graham Bousquet
1
Granada Gold
Grandoro
Greene Stabell
I
Gunnar Gold
1
Harker Gold
5
Hollinger Consol
1
Howey Gold
1
J M Consolidated
1
Kirkland Lake
1
Lake dhore Mines
1
Lamaque Contact
1
Lee Gold Mines
•
Little Long Lae
1
Maeassa Mines
Manitoba & Eastern_ - - - *
1
Maple Leaf Mines
5
McIntyre Porcupine
McKenzie Red Lake __ _ _1
McMillan Gold
1
MeWatters Gold
•
*
Merland 011
Mining Corn
*
1
Moffatt-Hall
Morris Kirkland
1
Murphy Mines
1
;
Newbec Mines
Nipissing
*
Noranda
O'Brien Gold
1
Olga 011 & Gas
Paymaster Consol
1
1
Perron Gold
1
Peterson Cobalt
1
Pickle Crow
Pioneer Gold
1
I
Premier Gold
*
Prospectors Atrawys
1
Read-Authier
Reno Gold
1
Red Lake Gold Shore.
*
Roche Long Lac
1
*
Royalite Oil
San Antonio
1
Sheep Creek
50e
Sherritt-Gordon
I
Siscoe Gold
1
*
South Tiblemont
St Anthony Gold
1
*
Stadacona Rouyn
*
Sudbury Basin
1
Sudbury Contact
1
Sullivan Consol
1
Sylvanite Gold
1
Tashota Goldfields
Teck-Hughes Gold
•
1
Toburn Gold
1
Treadwell Yukon
•
Ventures
50c
Wayside Consol
18c
73%c
4.00
331c
4%c
40
43e
45e
400
25c
2.63
7e
80e
1.13
88e
1.75
00e
14c
4c
1.70
Sc
1.30
4.12
21e
180
1.59
12o
8c
29340
67e
Sc
13.65
13340
40e
2c
354e
5.25
2.36
5%e
334c
39
1.20
Sc
1.55
1.25
20
720
1540
2.25
39%
3540
26%e
3%e
2.45
9.90
1.70
2.50
95e
320
20%
3.20
750
2.56
4c
190
23c
1.60
50
690
2.29
34e
4.10
1.10
1.03
15%
19c 3,500
18e
700 76e 103,000
50e 51c 4,700
le
le 6,500
40e 40e
500
4.00 4.00
290
354e 334e 10,500
434e 4%c 12,400
4e 554c 21,500
520 41,350
42e
35e 854 281,300
1.50 1.63
600
380 540 25,150
18340 2654e 70,010
4.45 4.85 1,535
2.50 2.65 3,650
60 751e 7,300
5o
5c 1,100
59540 62c 14,675
1.07 1.20 1,950
870 88e 7,145
1.56 1.83 69,400
85c 90e 5,240
1354o
15e 16,200
3140 4%e 12,250
1.62 1.70 2,250
695
38% 3934
500
50
50
1.30 1.38 8,225
4.10 4.25 3,235
500
2310 254e
200 300 38,000
2,700
15
18
1.45 1.61 37,124
120 12c
500
2850 2654e
500
12e
120
1,550
Sc 2,300
7e
30
3c
500
19540 2954c 21,892
5310 5%c 1,000
180 200 3,100
670 720 15,900
5e 5540 9,100
12.60 13.75 9,021
680 70e 6,650
11c 13Yie 31,000
38e 4'20 31,525
48e
49e
966
20 254e 3,500
30 354e 23,000
4.66 5.25 19,872
1.95 2.58 130,727
5540
Sc 13,600
354e 3%c 11,500
39%
655
38
1.12 1.25 71,775
8540 954e 9,900
1.48 1.85 24,510
500
17e
17e
1.15 1.25 1,700
2e 5,500
20
690 72e 19,700
le 1340 22,500
2c 11,000
1310
810
2.16 2.25
38% 39% 2,437
1,500
330 37
40 19,700
3540
21540 28540 38,893
Sic 63c 1,800
334e 3340 14,000
2.35 2.53 21,335
9.75 10.00 1,025
1.65 1.75 11,560
320
2.50 2.60
79e 854 2,980
850 95c 17,400
290 32c 42,800
3540
5c 5,600
603
2054 2054
3.05 3.20 7,028
850 85e 2,100
73e
770 18,619
2.53 2.60 8,000
Sc 308,660
3e
19e 7,300
18e
21e 2351e 62,905
1.55 1.65 5.600
50 5510 1,500
75c 13,552
69e
2.24 2.33 10,155
35c 28.500
25e
3.96 4.10 8,430
1.00 1.11 2,060
75c 78c 4.000
070
1.08 53,915
1431c 15%c 30.960
180 June
38e May
50c July
34c Aug
40e Apr
3.75 Mar
2540 Jan
354c July
2540 May
39e Feb
14e Feb
1.27 June
310 Feb
18e July
4.30 July
2.40 Aug
4e Jan
431e Aug
54e Feb
95e July
580 Jan
1.12 Jan
850 Sept
8e Jan
2e Jan
1.35 July
35
Jan
451e May
1.02 Jan
3.25 Jan
20 Jan
200 Sept
ile Aug
1.24 Mar
lie May
25e May
12e Jan
4c June
20 July
180 July
53ic Aug
17e May
48e Feb
4e June
12.60 Aug
65e July
lie Feb
3354o July
47% Aug
2e Aug
234e Jan
4.15 Aug
1.31 My
2e Feb
3c July
34% Aug
1.06 Mar
7510 Aug
45e Jan
16e Jan
900 Mar
10 June
470 Apr
54e Feo
1340 Jan
2.10 July
Jan
31
30510 May
3e Feb
160 Feb
59e July
100 Feb
2.10 May
9.00 Jan
1.36 Aug
1.25 Jan
55e Jan
8055e Aug
250 Aug
334o Sept
Mar
18
3.05 Aug
55e June
454 Mar
2.49 Feb
30 July
1454o July
1354e Jan
1.25 Jan
5e June
580 Jan
2.01 May
250 Sept
3.70 Jan
1.00 Aug
550 Feb
80e May
7e Jan
260 Mar
760 Sept
1.09 Mar
2%e Jan
570 Apr
4.50 May
8e Mar
14e Jan
8e Jan
94e Apr
1.06 Aug
2.16 Jan
750 May
38e Jan
12.50 Jan
3.50 Mar
8540 Aug
Sc Feb
73e Feb
1.50 Jan
1.34 Apr
1.83 Sept
2.35 Jan
270 Mar
80 Apr
2.60 Jan
43% May
10e Apr
2.93 Apr
4.52 Aug
451e Feb
400 Aug
45e Apr
2.24 Jan
20e Jan
42e Jan
19e Jan
110 Jan
70 Mar
400 May
12c Jan
450 Jan
97e May
10e Jan
20% Mar
1.10 Jan
20e Mar
Mc Mar
58 Mar
80 Jan
8e Apr
7.25 Feb
2.75 Jan
12e Jan
13%e Jan
46
Mar
1.45 Jan
46540 Jan
2.15 Mar
270 May
1.50 July
4c Mar
74e Aug
15Se Jan
4e Apr
2.95 Apr
43
May
750 Mar
654e May
32e June
83e June
9540 Apr
2.95 Mar
12.25 May
2.05 Apr
3.05 Mar
98e June
1.67 Mar
41e Apr
10540 Mar
27
May
6.20 Mar
1.25 Apr
1.00 May
3.28 Mar
150 Mar
390 Jan
32e Mar
1.74 Aug
lie Mar
88c July
2.70 Mar
670 Apr
4.65 Mar
1.45 Jan
95e May
1.08 Sept
240 Mar
Toronto Stock Exchange-Mining Section
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
ofPrices
Week
Sale
High
Low
High Shares
Stocks (Concluded) Par Price Low
White Eagle
Wiltsey Coehlan
Wright
-Hargreaves
Ymir Yankee Girl
•
20
•
8.00
20
3c 57,500
4c 3,100
3e
7.65 8.00 2,715
310 1.200
300
154c
30
6.90
260
July 1054c Jan
7e Jan
July
9.90 Mar
Aug
850 Mar
July
Complete Brokerage Service
CANADIAN SECURITIES
C. A. GENTLES & CO.
Members(Canadian
Inc.
347 Bay Street, Toronto, Canada
Adelaide 4012
W RITE-WI RE-P HONE
Toronto Stock Exchange-Mining Curb Section
Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists
Stocks-
OUW4
'Tway
Last Week's Range for
Week
of Prices
Sale
High Shares
Par Price Low
*
Aldermae Mines
Brett-Trethewey
1
1 1340
Canadian Kirkland
1
Central Manitoba
1
Churchill Mining
1
Cobalt Contact
Dalhousie
7c
011•
East Crest Oil
Erie Gas
*
Gilbee Gold Mines
1
Grozelle-Kirkland
50e
*
Home 011
• 1534
Hudson Bay Mining
1
Kirkland Tonwslte
*
Lake Maron
1
Lebel Oro
1
Malrobio Mines
Mandy Mines Ltd
s
5
Norden Corp
•
011 Selections
1
Parkhill Gold
1
Pawnee-Kirkland
1
Pend Oreille
1
Porcupine-Crown
1
Preston East Dome
1
Robb Montbray
1
Sudbury Mines
Temiskaming Mining- -1
Wnnel-TtlArlanel
1
234e
Sc
130
4e
19e
2340
60
13-Ia
7510
Se
70
Me
le
334e
434c
19-40
20e
50
9e
1340
23-1e
600
15%
Range Since Jan. 1 1935
Low
754c 2,500 454o June
254e 5,000 1540 July
lo June
131e 17,500
30 July
3340 2,000
30 Jan
600
43-4e
2c 6,000 1540 Aug
20e Aug
20e 1,300
5e June
7c 1,500
149-Ie 12,200 454e Aug
500
134e
10 Aug
234e 9,000 2540 May
50e Apr
50e 2,300
625 11.50 Jan
1534
High
le
30
354e
751e
fig 0
80
380
12e
210
33-50
Sc
800
16
Apr
Mar
Jan
Feb
July
Apr
May
Jan
Jan
Mar
Jan
May
May
14540 143-40 1,200 12540 July 33540 Jan
70 Apr
2340 3510 20,000 2340 Aug
30 Sept 9340 Mar
30 331e 95,000
30 Jan
20 34,500
310 Jan
1540
120 Aug
500 5540 July
90
90
17e Aug
110 13e 6,500 3540 Mar
70 May
3310
4c 4,000 3310 Jan
320 Feb
18o Aug
190 20e 5,800
lo Feb 450 Apr
500
29-Io 231e
84e May
450 Mar
600 65e 3,100
Sc 48,700
30 Jan 6510 Aug
50
10 June 254o Jan
1340
2e 8,000
2e Apr 951e Aug
7310 10310 683,870
4540 414e 7,600
30 Jan 7310 May
le Jan 2340 Apr
lo
lc 2,000
60 652e 2.500 3140 Feb 7140 Aug
•No par value.
Review of Business Conditions in Canada by S. H.
Logan of Canadian Bank of Commerce
S. H. Logan, General Manager of the Canadian Bank of
Commerce, Toronto, in a review of Canadian business issued
Sept. 4, said in part:
c me earlier than usual.
The seasonal expansion in certain industries h
Furthermore, the immediate prospects for these industries have brightened
considerably. Construction and metal mining lead in the recent advance,
but the steel and paper mills and some units of the secondary group of
industries have made, or are about to make, quite substantial progress.
Construction contracts awarded in August were not only the largest for
that month since 1931, but were about 25% greater than in July and,
together with the comparatively good volume of work let in the early summer, ensure the most active autumn season in the past four years. It
should be noted, however, that the August figures were swollen coniderably
by contracts formerly held in abeyance by some Governmental bodies.
The steel mills have also received deferred contracts on government account
and expect to enjoy a busy season, although the exceptionally high scale
of operations in July, when production was the largest in more than four
years, may not be fully maintained. The automobile industry is now in
the midst of the most quiet period of the year. but the downtown has so far
been less pronounced than a year ago and the production record during
the autumn will likely be the best since 1930. The newsprint paper mills,
which had a record July output, have ahead one of their two most active
periods of the year, although it may not surpass the latter part of 1934.
About two-thirds of the secondary industries from which we receive regular
reports are either busier than In July or have gained over that month, a
notable improvement having occurred in certain textile centres as well as in
the demand for industrial equipment.
Crop Report of Bank of Montreal-Rain Delays Grain
Harvesting in Prairie Provinces
"Grain harvesting in the Prairie Provinces of Canada has
been delayed by intermittent rains, but cutting is practically
completed except in Northern Alberta and threshing is
becoming general," according to the weekly crop report of
the Bank of Montreal, issued Sept. 5. The report adds:
Purther damaging frosts have occurred In Alberta and Saskatchewan.
Wheat outturns indicate that the major portion of the crop will be low
both in yield and grade. Coarse grains are a fair crop.
In Quebec, with harvesting under way, the crop outlook generally continues to be favorable. In Ontario. crops in general are good. Dry
weather has facilitated threshing operations. Spring grains are proving
somewhat discolored as a result of lodging. In the Maritime Provinces,
where results indicated are fair, recent rains have been beneficial.
In British Columbia, favorable weather has been helpful and good crops
are expected of grain, hay, apples, pears, plums and hops.
Financial Chronicle
Volume 141
Over-the-Counter
1581
We Specialize in
SECURITIES
Stocks & Bonds
HOITRISE MSTElt
of
Reorganized Corporations
Established 1914
74 Trinity Pl., N. Y.
Whitehall 4-3700
Inquiries Invited .
Members New York Security Dealers Association
• Open-end telephone wires to Baltimore, Boston. Newark and Philadelphia. . Private wires to principal cities in United Stales and Canada.
•
Quotations on Over-the-Counter Securities—Friday Sept. 6
New York City Bonds
13id
Ask
4331e May 1 1954
9912 10014
a334 Nov 1 1954
,
9912 10014
a3%s Mar 1 1960
9914 9334
a4s May! 1957
1023 10312
4
a4s Nov 1 1958
10234 10312
ale May 1 1959
1023 10312
045 May 1 1977_
10212 10314
045 Oct 1 1980
10212 10314
sa44a Marl 1960 opt 1935_ r.625%
a4346 Sept 1 1960
10512 106
a43"Fi Mar 1 1962
10512 106
a010 Mar 1 1964
10512 1013
ii43s April 1 1966
10512 106
a4413 April 15 1972
1053 10612
4
a434e June 1 1974
a4 WI Feb 15 1976
a4510 Jan 1 1977
a41, Nov 15 1978
a4318 March 1 1981
a4;.1e May 1 & Nov 1 1957
a45.1s Mar 1 1963
a451s June 1 1965
a4 Ms July 1 1967
a411s Dec. 15 1971
a4 tie Dec 1 1979
66s Jan 25 1936
atm Jan 25 1937
Ask
Bid
1053 10612
4
10612 107
10612 107
10612 107
4
1071 1073
10814 109
1094 10912
109 110
10914 11014
100 III
1103 1113
4
4
4
1013 10218
1053 10614
4
Canal & Highway—
Is Jan & Mar 1946 13 1971 r3.00
Highway Imp 4 tis Sept'63_
Canal Imp 4125 Jan 1964_ __
Can & Imp High 43s 1965_
1283
4
1283
4
1253
4
1314
Ask
___
_
_
World War Bonus—
451e April 1940 to 1949
Highway Improvement—
de Mar dc Sept 1958 to '67
Canal Imp 4e J & J '60 to'67
Barge CT 4e Jan 1942 to'46
Barge CT 414s Jan 1 1945
Ask
r2.25
---
12012
12012
113 2
,
116
--...._
--___
Port of New York Authority Bonds
Bid
Ask
Port of New York
Geo. Washington Bridge—
Gen di ref 4s Mar 1 1975_ 1025e 1027
J&D
4s series B 193050
5
3s series F March 1 1911_ ____ 10114
.
.1.1s eer B 1939-53 M&N
Arthur Kill Bridges 434s
Inland Terminal 4145 ser D
series A 1936-46
itt&S 1071936-80
M&S
--Bayonne Bridge As series C
Holland Tunnel 4) series E
-Is
1938-53
J&J 3 103 101
NUS
1936-80
Bid
Ask
100 10112
103 104
103 104
10112 10312
105 108
109 112
r3.00 2.50
MUNDS WINSLOW & POTTER
y
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
Par Bid I Ask
Bank of Manhattan Co__10 2412' 26
Bank of Yorktown__ 66 2-3 34
__
Bensonhurst National__100 35
__
Chale
13.55 32
24
City (National)
1251
2912 3113
Commercial National Bank
& Trust
100 155 161
Fifth Avenue
100 1000 1035
First National of N Y100 1705 1745
Flatbush National
100 ____ 30
Par
Kingeboro Nat Bank__100
National Bronx Bank____60
Nat Safety Bank & Tr_12
Penn Exchange
10
Peoples National
100
Public National Bank &
Trust
25
Sterling Nat Bank & Tr 25
Trade Bank
1212
Yorkville(Nat Bank 00.100
Bid
Ask
55
15
20
8
912
63
4 73
4
51
46
34
2114
15
30
36
2212
17
40
New York Trust Companies
Bid
Ask
103 104
11012 112
103
101
111
11212
United States Insular Bonds
Philippine Government—
4s 1946
431s Oct 1959
4 345 July 1952
Is April 1955
5s Feb 1952
531e Aug 1041
Hawaii 451sOct 1956
Bought. Sold and Quoted
New York Bank Stocks
New York State Bonds
Bid
Bank and Insurance Stocks
IBid
Honolulu 55
r3.50
U S Panama 3s June 1 1961_ 112
Govt of Puerto Rico—
r3.75
43.1s July 1958
r3.60
55 July 1948
1946 110
US Conversion 30
1947 110
Conversion 35
A st
3.00
116
3.30
3.25
114
114
Ask
Par Bid
Barna Comm Italians ___100 125 135
Bank of New York & Tr_100 435 444
Bankers
10 60
62
Bank of Sicily
20 10
12
Bronx County
7
512 63
4
Brooklyn
100 92
97
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Par Bid Ask
10
1914 2014
100 215 235
100 297 302
10
15 4 1614
,
100 1660 1710
25 40
43
Central Hanover
20 11212 11512 Manufacturers
34
20 32
Chemical Bank & Trust _10 4612 4812 New York
25 110 113
Clinton Trust
50 44
48 Title Guarantee & Trust_20
9
,2 10,2
Colonial Trust
25 10
12
Continental Bk & Tr
10 1612 18 Underwriters
100 5312 5612
Corn Etch Bk & Tr
56
United States
20 .55
100 1835 1885
We specialize in
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
Federal Land Bank Bonds
Bid
Ask
3s 1955 optional 1945_ J&J 0912 9934 43ie 1.957 opt 1937 _ _J&J
3qs 55 optional '45 __111&N 1003 10114 494s 1957 opt 1937_M&N
4
Is 1943 optional 1944 __J&J 10612 10712 494a 1958 opt 1938M&N
Se 1957 optional 1937_M&N 103% 1033 4345 1942 opt 1935
M&N
4
4s 1958 optional 1938.111&N 10312 1041 1 434ii 1956 opt 1936
J&J
434e 1956 opt 1936_-__J&J 10212 1027
8
LAND
BANK
Bid
10314
1031.4
10514
1007
5
1013
5
Ask
1033
4
10334
10614
1011 4
1013
4
JOHN E. SLOANE & CO.
Members New YorkSecurity Dealers Association
41 Broad St., New York
HAnover 2-2455
Railroad Bonds
BONDS
1141
Bought — Sold — Quoted
Comparative analyses and individual reports of the
various Joist Stock Land Banks available upon request.
Akron Canton & Youngstown 5145. 1945
56, 1945
Augusta Union Station 1st 90. 1953
Birmingham Terminal let 45, 1957
1105100 & Albany 1st 4 155, April 1 1943
g
iA9A / 012
64
Boston & Maine Is, 1950
i
Prior lien 4s. 1942
MUNICIPAL BOND BROKERS-COUNSELORS
Prior lien 4%5, 1944
Convertible Is, 1940-45
120 So. La Salle St.,Chicago
State 0540
Buffalo Creek 151 ref 55, 1981
(hateaugay Ore & Iron 1st ref 45, 1942
Choctaw & Memphis lot be, 1952
Cincinnati Indianapolis & Western lot 55. 1985
Cleveland Terminal & Valley lst 45. 1995
Bid
Ask
Bid Ask
Georgia. Southern & Florida let be, 1945
Atlanta be
99 100
LaFayette 65
95
97
Goshen & Deckertown 1st 551s, 1978
Atlantic be
100 101
Louisville be
100
__
Hoboken Ferry lot be, 1948
Burlington 5e
B
100
Maryland-Virginia as
100 101 Kanawha & Waist Virginia 1st be, 1955
California bs
100 ___
Mississippi-Tennessee Is... 9912 101
Kansas Oklahoma & Gulf 1st be, 1978
Chicago be
12834 293 New York be
4
99 100
Lehigh dc New England gen & mtge 4s, 1965
Dallas 58
99, 10012 North Carolina be
2
97
98
Little Rock & Hot Springs Western 1st 4s, 1939
1)enver be
91
93 Ohio-Pennsylvania be
97
08
Macon Terminal let be, 1965
1)es Moines 55
100 101
Oregon-Washington 5.5
95
97
Finn Carolinas 55
07
98
Pacifie Coast of Portland fie 0834 0934 Maine Central 65, 1935
Maryland & Pennsylvania 1st 45, 1951
First of Fort Wayne be
100 ___
Pacific Coast of Los Agg be 100
Meridian Terminal 1st 4s, 1955
First of Montgomery 55
91
93
Pacific Coast of Salt Lake 55 100
—
Minneapolis St. Paul & Sault Ste. Marie 2d 4s, 1949
First of New Orleans 55
95
97 Pacific Coast of San Fran.5e 100
—
16,. - Montgomery di Erie 1st be. 1956
;
First Texas of Houston As.. 97 0912 Pennsylvania 55
99
Firet Trust of Chicago Is... 99 101
Phoenix 55
104 ' New York & Hoboken Ferry gen be. 1946
10514
Fletcher Is
100
. Potomac Is
9912 10012 Pennsylvania Co 28-yr secured 45, Aug 1 1963
Portland RR 1st 351e, 1951
Fremont 65
93
96 St. Louis be
150
52
Consolidated 5e, 1945
Greenbrier 55
100
993 10034
4
___ San Antonio Is
Rock Island-Frisco Termina ,
1151. 1957
Greensboro 5e
99 10.) Southwest 5s
9112 93
St. Clair Madison dc St. Louis let 4s, 1951
Illinois Midwest 55
91
93 Southern Minnesota 58
f45
47
Shreveport Bridge & Terminal lst 5e, 1955
Illinois of Monticello 55
941 9602 Tennessee 65
9912 10012 Somerset
Ry let ref 4s, 1955
08 100
Iowa of Sioux City 55
Union of Detroit 5,5
97
98
Southern Illinois & Missouri Bridge 1st 48. 1951
Toledo & Ohio Central fly 33(s. June 11960
95
Lincoln be
97
Virginian be
96
97
Toledo Terminal RIO, 4J1s, 1957
Toronto Hamilton AC Buffalo 4.515, 1966
Washington County RI let 3Ati, 1954
F ramilawy 4 c.
n
Joint Stock Land Bank Bonds
Chicago Bank Stocks
Par Bid
Ask
Par Bid
American National Bank ee
First National
100 168
100 180
___ Harris Trust & Savinge_100 250
Trust
Continental III Bank &
Northern Trust Co
100 525
Trust .
33't 6812 71 .
footnotes
For footnot see page 1583.
Ask
17212
270
545
146
J46
86
923
4
9012
60
80
80
81
100
8311
150
9312
88
43
99
88
93
9912
103
47
09
7812
58
70
58
90
73
993
4
66
8412
73
90
81
56
7912
963
4
105
86
57
Ask
47
48
--94
97
--82
83
01
_
86
95
8912
46
103
92
95
10012
10412
50
101
8112
62
---
__
--.
-10014
68
- _78
--59
8112
9714
107
__
59
_
Realty, Surety and Mortgage Companies
Pari Bid 1 Ask II
Par Bid Ida
&Mortgage Guar__20
12
1
Mortgage
201
78
las
Empire Title & Guar._ .100
6
13
Lawyers Title & Guar_ _100
133
234
Financial Chronicle
1582
Sept. 7 1935
Quotations on Over-the-Counter Securities-Friday Sept. 6-Continued
Guaranteed Railroad Stocks
Joseph Walker & Sons
120 Broadway
NEW YORK
Members New York Curb Exchange
160 Broadway, New York
Tel. REctor
2-6600
190
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Hudson)_100
100
Allegheny & Western (Buff Roch & Pitt')
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Bogton & Providence(New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchfield & Ohlo(L & N A C L) A%
100
Common 6% stamped
Chic Cleve Cinc de St Louie pref(N Y Cent) _100
60
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
25
Delaware(Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)____ 100
100
Georgia RR & Banking(L & N. A CL)
Lackawanna RR ot NJ (Del Lack & Western) 100
100
Michigan Central(New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W)_100
60
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
60
Oswego de Syracuse (De, Lack & Western)
50
Pittsburgh Bess & Lake Erie(US Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)____100
100
Preferred
Rensselaer de Saratoga (Delaware & Hudeon)_100
100
St Louie Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penne)
(Rica Chenango & Suequehanna(D L & W)_100
100
Valley (Delaware Lackawanna & Weetern)
100
Vicksburg Shreveport & Pacific (Ill Cent)
100
Preferred
50
Warren RR of NJ(Del Lack & western)
50
West Jersey & Sea Shore (Penn)
6.00
10.50
6.00
2.00
8.75
8.50
3.00
4.00
5.00
6.00
3.50
2.00
2.00
6.50
10.00
4.00
50.00
3.875
6.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
6.00
5.00
5.00
3.50
3.00
75 Federal St., Boston
Hancock 8920
COrtlandt 7-1868
Direct private telephone between New York and Boston
Guaranteed Railroad Stocks
(Guisrentor in Parenthesis.)
Diadem,
Par Is Dollars.
Securities
Inquiries Solicited
S. A. O'BRIEN & CO.
Members 7kleo Ted Sod Eubanst
Dealers in
GUARANTEED
STOCKS
Since1855
Associated Gas 84, Electric System
Public Utility Bonds
Bid
Asked
75
180
94
33
116
145
53
88
9212
86
8512
49
44
75
160
77
900
62
05
99
65
64
37
74
162
178
101
145
72
145
253
86
95
63
68
47
66
80
186
98
35
118
150
56
91
9412
90
8712
52
46
80
165
80
1050
64
98
101
68
67
160
182
105
150
75
150
257
89
100
68
74
50
68
Par
Albany Ry Co con be 1930_
General 5s 1947
Amer States PS 54e 1948
Amer Wat Wks & Elec 5s'75
Arizona Edison let be 1948.._
let 6s series A 1945
Ark Missouri Pow let 65 '53
Associated Electric 5e 1961_
Aseoc Gas & Elea Co 445'58
Associated Gas & Elm Corp
Income deb 353s_....1978
Income deb 34e____1978
1978
Income deb 473
1978
Income deb 44s
Cony debenture 4e 1973__
Cony debenture 4330 1973
Cony debenture 6.8 1973...
Cony debenture 54e 1973
Participating 85 1940____
Bellows Falls Hydro El 53'58
Bklyn C & Newt'n con be '39
Cent Ark Pub dery be 1948
Central G & E 54e 1946........
lot lien coil tr 60 1946___
CeotlludsonG&Elst3l3o 65
Cent Ind. Pow let 65 A 1947
Cleve Eleo III gen 33s_1965
Colorado Power 58 1953.._
Con laid & Bklyn con 4e '48
Consol Elea & Gas 5-6e A '62
Consumers Pr lot 33Is-1965
Duke Priem Pow 1966
Duquense Light 34s_ _1965
Edison Elm Ill (Boa)3330'65
Federal Pub Serv lot tis 1947
Federated ULU 545 1957
42d St Man dr St Nick be '40
Green Mountain Pow 55 '48
III Commercial Tel bs A '48
Iowa 8°1411 5461950
Kan City Pub dery 3e 1951.
Keystone Telephone 6 4s 55
BSI
130
J25
59
7712
/60
/63
15712
5312
2212
All
ei
79
6112
6412
59
55
24
22
2214
2212
22
2512 26
28
29
44
42
4312 45
50
5112
59
56
91
89
101 10212
83 88
8812 90
68
67
7212 7312
,
,
103 2 103 4
7412 7512
8
1057 106
10514
75
70
3712 3812
1035s 104
102% 10312
8
10214 1023
10218 10212
J3812
60 6T75
100 161
9414 9512
93
92
133 34
99 101
Par
Lehigh Vail 'Trans ref be '60
Long Island Lighting bs 1955
Mtn States Pow lot 68 1938
Nassau El RR 1st 55 1944._
Newport N & Ham be 1944_
New England 0 & E 58 )982
New York Cent Eleo be 1962
Northern N Y UtlI Si 1955.
Northern States Pr 53 1964.
Oklahoma Nat Gas 6s A1946
bs series B
1948
Old Dom Pow 5s_May lb '51
Pacific G Sr El 4s, 14ec 1 '64
Parr Shoals Power bs 1952__
PenineularTelephone546'51
Pennsylvania Elec be 1962__
Peoples L & P 54e 1941._
Public Sere of Colo 6s 1961_
Pub Serv of Nor Illinois
1st dr ref 4.33s July 1 1960_
Public Utilities Cone 545'48
Rochester Ry 1st be 1930._
San Diego Cons G & E 49 65
Schenectady Ry Co let 58'46
Sioux City Gas & Elec 6s '67
Sou Blvd RR 1st be 1945___
Sou Calif Edison 333s 1980_
Sou Calif Gas 1st 4s
1965
SOU Cities Utilities As A 1558
Tel Bond & Share be 1958.._ _
Union Ry Co N Y Se 1942_
Un Tree Albany 43.3.2094...
United Pow & Lt (is 1944._
be series B 1947
Utica Gas& Mee Co 5s.1957
Virginia Power Ea 1942
Wash & Suburban 5We 1941
Westchester Elea RR be 1943
Western PS 534/i 1960
Wisconsin Pub dery 51es '59
Yonkers RR Co gtd be 1946.
Ask
Bid
51
50
107 108
9112
90
10212 10312
1043
4
66"
67
83 86
,
10214 103 4
,
1063 107 4
4
9932 100 8
,
9112
90
7212
71
103% 104
94
10512
10214 11.314
1
. 4
.1573 5912
10418 105
,
10014 100 s
70
69
24
J22
105, 106
2
12
10
103 104
6212
9718 9814
10014 100 4
,
, ,
47 4 48 4
7212
71
02
86
8
I3
4
1043 106
10112
2
120 12i110612
8412
65
85
2
£36.14
10514 1053
60
EQUIPMENT TRUST CERTIFICATES
Quotations-Appraisals Upon Request
STROUD & COMPANY INC.
PUBLIC UTILITY BONDS
Philadelphia, Pa.
Private Wires to New York
R.F. Gladwin & Co.
Established 1921
Railroad Equ'pment Bonds
Bid
72.00
73.25
73.65
73.65
74.25
74.25
73.50
73.50
r3.75
r2.75
r2.00
71.50
73.00
72.75
5e
82
Chicago & Nor West 4)4e
82
be
81
Chic Milw & St Paul 44e_
81
be
58
Chicago RI & Pao 44510
58
65
Denver & RU West 494e.. 78.00
78.00
55
544s
78.00
73.70
Erie RR 54e
73.70
Se
r3.85
445
r3.85
5e
72.50
Great Northern 44e
72.50
be
72.50
Hocking Valley be
13.75
Illinois Central 444e
73.75
be
73.75
51.35
73.75
64e
11.50
75
Internet Great Nor 43.3..... 76.75
r3.00
Long Island 445
r3.00
.5s
r3.00
Louis,& Nash,44e
73.00
A.
72.00
61.35
74.25
Maine CI ntral be
14.25
51.45
r7.00
Minn St P &SBM4s.
r7.00
41.35
Atlantic Coast Line 6345_
45-53
Baltimore & Ohio 4
be
Boston & Maine 44e
58
Canadian National 645
be
Canadian Pacific 4
Cent RR New Jar
Chesapeake & Ohio 54e6Sis
35 Nassau St.
Bid
Ask
Missouri Pacific
be
54e
16 50
76.50
r6.50
1.00
2.50
2.50
2.50
3.75
3.75
2.75
2.75
3.50
2.00
New Orl Tex & Mex 494a
New York Central <LAB_
Bs
N Y Chic & St L
So
NYNH& Hartford 44e_
be
Northern Pacific 44e
Pennsylvania RR 44e_
So
45 series E
due Jan & July '36-49
Pere Marquette 4,4e
Reading Co 441
be
St Louis-San Fran 4s
44s
58
St Louie Southwestern Se..
76.50
r3.65
73.65
r3.80
r3.80
17.50
77.50
13.00
12.50
12.50
6.00
2.75
2.75
3.00
3.00
6.50
0.50
2.00
1.50
1.50
.50
2.00
2.00
88
88
87
87
65
85
7.00
7.00
7.00
3.00
3.00
3.25
3.25
2.00
2.00
1.50
2.75
2.75
2.75
2.75
1.00
6.00
2.00
2.00
2.00
2.00
1.00
3.75
3.75
6.00
6.00
r3.00
13 85
73.00
r3 00
58
58
58
14.50
74.50
73.50
73.10
r5.50
75.50
15.50
14.00
74.00
14.00
72.50
72.50
13.00
73.00
2.01)
3.00
2 50
2 50
65
65
65
3.75
3.75
2,75
2.76
4.75
4.75
4.75
3.50
3.50
3.40
1.50
1.50
2.00
2.00
87
87
87
87
14.00
14.00
78.00
r8.00
01
111
94
91
3.00
3.00
7.00
7.00
Southern Pacific 433.
58
Southern Ry 44e
be
533.
Texas Pacific 45
41.4.
be
Union Pacific 44e
be
Virginian Ry 444s
be
Wabash Ry 44e
So
545
68
Western Maryland 44f1
be
Western Paciflo be
64e
ABBOTT, PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
For footnote, see page 1583.
New York City
A. T. T. Teletype
-NY 1-951
6.00
6.00
6.00
AM
Tel. Cortlandt 7-6952
Public Uti ity Stocks
All
Bid AM
,
75 4 Wee Riv Pow 6% pref__P
lfo 103,2 105,2
510 Pub Fiery $7 pref.
6
..100
212
1
Mountain States Pr com__•
5
2012
00
10 0 17
r ts e
7 raauk ferfw
NNea 7o Drepourfolk
512
4214 4412
101
Power Ltg P
% pret100 110,2 112
Newark COI1801Gas
100 118
58
New Engl & E 533% PM
20
New Eng Pow Assn 6% 91100 4712 .1812
New England Pub Serv Co
2812 31
2312
23
57 prior lien prof
1812 20
New Jersey Pow & Lt 26 Pi. 95
*
8812 New Gil Pub dery $7 p1....' 30
32
87
NT Y & Queens E L P pf 100 102
80
79
85
80
orthern States Pr 57 Pt 100 7012
56
53
Ohio Edison $6 pref
4
,
95 4 963
61
57
$7 preferred
10114 103
35
Ohio Power 6% pref._.._ 100 107 108
33
11212 11312 Ohio Pub dery 6% pf_ 100 90
91 12
7% preferred
97
05
99 Okla G & E
97
97
i on
I00 94
pref
9612 9812
Pac Gas dr Elea 6% pt..
4112
.25 2712 28
99
98
Pacific, Pow & Lt 7% pf_100 6812 80
Penn Pow & Light $7 pref..• 10:3, 1041 1
105 106
4
10512 10612 Philadelphia Co $5 prof__ _• 6512 6812
Pub Sere of Colo 7% Pt. 100 98 100
75
Puget Sound Pow dr Lt
73
$5 prior preferred
• 35,i 3634
Queens Borough atE
ill 113
8% preferEid
71.31
111 /1212 Ftochuaa a reec 7% 13 10 1 70
0
101
78
76
100 1011.,
189
6% Preferred C
100 100 10112
86
Sioux City U A E $7 pf. .100 76
7731
11812
Sou Calif Ed pref A
189
26 2814 291 1
Preferred II
9112 _
2714 281 i
102 104 South Jersey Gas &Elec_100 189
21
5
3414 351s Tenn Eiec Pow 6% pref_100 6314 6- '10 0
,
,
17 4 191 1 re % po ferred 7% 0..1 00 73 4 7512
l pr
.ew & Lt
9212 9412
2212 24
5312 5512 Toledo Edison 7% pf A_100 102 1041 i
81
86
United 0& E (Conn) 7% Id 79
82
10312 10514 United G & E(NJ) pref 100 60 65
28
Utah Pow & 14 $7 pref____• 27
98 101
97
6812 7012 Utica Gas & El 7% pref_100 05
la
v r owerhLt 7% pref
Uitig iPower
81
1312 15
79
100 71
10712 109
Railway
Waal] Ry & Elea com
88
100 400
86
100 105
pfew er
Western15%pre o rred$7
103 106
prer 100 100
100 101
471 1
46
Par Bid
Alabama Power 51 oret--• 74
Arkansas Pr & Lt
pref__• 8212
2
Assoc Gas & El one pref_.'
•
$6.50 Preferred
•
$7 preferred
Atlantic City Eleo $6 mei-• 0912
Bangor Hydro-El 7% Pt.100 105
Birmingham Eiec $7 pref • 56
Broad RI, Pow 7% 91_100
Buff N lag & East pr prel_25
Carolina Pr ck LI $7 Prel-•
•
6% preferred
Cent Ark Pub Set, prof _100
Cent Maine Pow 6% 0_100
100
27 Preferred
Cent Pr & Lt 7% pref _ -100
Cleve Elea 111 6% pref_100
Columbus Ry. Pr & Lt
lit $6 preferred A_ __ -100
100
$6.50 preferred B
Consol Traction(N J)._ _100
Coniumere Pow $15 toe.._•
100
6% Preferred
100
6.60% preferred
Continental Gas & El
10(
7% Preferred
Dallas Pow & Lt 7% pref 100
Dayton Pr & Lt 6% pref100
Derby Gas & Elec $7 pref..'
104,
Eases-Hudson Gas
Foreign Lt & Pow units
Gas & Elec of Bergen._ _100
Hudson County Gas_ _101
Idaho Power 26 pref
100
7% preferred
Illinois Pr & Lt let pref___•
Interstate Natural Gas....._•
Interstate Power $7 pref __ •
Jamaica Water Supply pf_50
Jersey Cent P & L 7% pf100
Kansas Gas & El 7% pf 100
Kings Co Ltg 7% pref 100
Long Island I.tg 6% pf_ 100
100
7% preferred
Los Angeles0 dr E 6% p1100
Memphis Pr & Lt $7 ['ref.
Metro Edison $7 pref B___•
6% Preferred ser C____•
Miselesippi P & L $6 pref...•
1583
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities—Friday Sept. 6—Continued
WE OFFER
100 Shares Christiana Securities Common
Specialists in
PRUDENCE BONDS
Information on request
Statistical Information Furnished
Title Company Mortgages ct Certificates
BOND & GOODWIN
Incorporated
Whitehall 4-8060
63 Wall St., N. Y. C.
Portland. Me.
Boston, Mass.
A.T.&T.Teletype NY 1-360
PULIS,COULBOURN &CO.
25 BROAD ST., NEW YORK
Specialists in —
Real Estate Securities
WATER WORKS SECURITIES
Reports—Markets
Complete Statistical Information—Inquiries Invited
Public Utilities—Industrials—Railroads
SWART,BRENT&CO.
iNconnonAreo
25 BROAD STREET, NEW YORK
Tel.: HAnover 2-6286
AMOTT, BAKER & CO.
INCORPORATED
TEL.: HAnover 2-0510
HArclay 7
2360
150 Broadway, N.Y.
A.T. & T. Tel.
N Y 1-588
Water Bonds
Alabama Water Serv 58, '57
Alton Water Co ba. 1956_ _
Arkansaw Water Co be, 1956
Ashtabula Water Wks 55.'58
Atlantic County Wat bs,'58
Birmingham Water Works
55. series C. 1957
bs, series 13, 1954
545. series A, 1954
Butler Water Co 65, 1957_
California Water Serv 55,'58
Chester Water Serv 44s,'58
Citizens water co ea/940—
ft 1951
545,series A, 1951
City of New Castle Water—
be. 1941
City W (Chat) Es B____1954
let 55 series C
1957
Clinton W Wks Co 55, 1939
Commonwealth Water (N
ba, series C, 1957
545, series A, 1947
Community Water Servloe545,series B. 1946
65, series A, 1946
Connelleville Water 55_1939
Consolidated Water of Utica
445, 1958
let mtge 58. 1958
Davenport Water Co 55, '61
E St L & Interurb Water
58, series A, 1942
68,series B. 1942
be,series D. 1960
Greenwich Water & Gas—
be, series A, 1952
55, series B, 1952
flackenciaok Water Co 55,'77
534e. series B. 1977
Huntington Water be B,'54
Os, 1954
1962
Illinois Water Serv 55 A,'62
Indianapolis Water 44s.'40
1st lien & ref 58, 1960....
1st lien dz ref 55, 1970_ __
1st lien & ref 54s, 1953_
1st lien & ref 5345, 1954..
Indianapolis W W Securities
5s, 1958
Interstate Water Os, A, 1940
Jamaica Water Sup 534s,'55
Joplin W W Co bs, 1957....
Kokomo W W Co 55. 1968_ _
Lexington Wat Co 545,'40
Long Island Wat 545, 1956
Ask
9512 9712
10412
104 106
10312 108
101
105
101
102 105
10412
10514 107
10312
101
103
16E"
102
101
10512
10112
10512
103 16663 2 6512
,
6512 6712
1003
4
98 100 2
,
10212
1053
4
101 103
10312
1013 10312
4
9112 9312
9012 9212
10512 10812
109
102
10312
102
100 4 10233
,
10512
10512
10512
10412 166'
105
9212 9513
102
107
103 105
1043
4 - _10212 10512
10212 10412
Manufacturers Water bs,'39
Middlesex Wat Co 5345, '57
Monmouth Consol W Ss,'56
Monongahela Valley Water
534s, 1950
Morgantown Water 58, 1965
Muncie Water Works be,'39
New Jersey Water 55, 1960.
New Rochelle Wat bs, B,'51
545, 1951
New York Wat Serv bs, 1951
Newport Water Co 55, 1953_
Ohio Cities Water 5345, 1953
Ohio Valley Water 55. 1954
Ohio Water Service 55, 1958
Ore-Wash Wat Serv 58. 1957
Penns State Water 5)45,'52
PennalWater Co 5s, 1940_.
Peoria Water Works Co
1st & ref Ss, 1950
1st carnal 45, 1948
1st coma'55. 1948
Prior lien be. 1948
Phila Suburb Wat 448.'70.
let mtge 58. 1955
Pinellas Water Co 5348 1959
Pittsburgh Sub Water 55.'58
Plainfield Union Wat be,'61
Richmond W W Co bs. 1957
Roanoke W W be, 1950____
Roth & L Ont Wat 58, 1938
St Joseph Water be. 1941_ _ _
Scranton Gas & Water Co
4345. 1958
Scranton Spring Brook
Water Serv 55, 1961
1st & ref be, A, 1967
Sedalia Water Co 534s. 1947
Routh Bay Cons Wat bs,'50
South Pittsburgh Wat 55.'55
be, series A, 1960
1960
bs series B
Terre Haute Water 55, B,'56
Os. series A. 1949
Texarkana Wat let 5s__1958
Union Water Serv 534s, 1951
Water Serv Cos. Inc, be,'42
West Virginia Water 58, '51
Western N Y Water Co—
bs, series B, 1950
let mtge be, 1951
let mtge. atis. 1950
Westmoreland Water be,'52
Wichita Water Co bs, 13,'56
bs. series C. 1960
6s, series A. 1949
W'meport Water bs, 1952_
Oa Ask
10212
107
9012 6/12
102
100
100
10112 11;312
99 101
100 10212
101 12 1031
10412
86
84
109
.
9'112 212
,
80 4 82 4
,
10012 10212
106
9712 9912
99
97
10012
10312
10412
10212
90
97
10012 10212
1084
1053
4
8712 8912
101
1023 105
4
103
94
92
95
03
101
77 4 79 4
, --3103
103
10412
102,
4
103 4
,
9612 99
9912 101
80
99 101
99 101
9812 10012
10112 10312
99 101
102
105
10412 109
10112 10312
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(N J) corn •
Preferred
100
Bell Telep of Canada_
100
Bell Telep of Penn pref _ _100
Cineln & Sub Bell Telep_50
Cuban Telep 7% pref
100
Empire & Bay State Te1.100
Franklin Teleg $2.50
100
Int Ocean Teleg 6%
j00
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
New England Tel & Te1.100
Bid Ask
8814
_
114
12912 13234
11812 1193
4
84
86
4034
53
3912 4112
82
85
93, -4
12712 12912
10914 11114
Par
New York Mutual Tel__100
Northw Bell Tel of 634% 100
Pao & Atl Teleg US 1°4_26
Peninsular Telephone corn_•
100
Preferred A
Reich Telep 16.60 let P1-190
So & Atl Teleg 31.25____25
Sou New Engl Telep.. 100
S'western Bell Tel, pf_-.100
Tn States Tel & Tel
10
Preferred
Wisconsin Telep 7% pref 100
Bid Ask
22
25
115 11612
1612 1812
10 4 1112
,
9812 10212
108 111
18
21
11812 12012
123 124 4
,
1014 11
11412
Miscel aneous Bonds
Adams Express 45 ____1947
American Meter(is ____1946
Amer Tobacco 4s
1951
Am Type Fdrs (1s
1937
Debenture Os
1939
Am Wire Fabrics 7s ._13142
Armstrong Cork Co 4s_1950
Bear Mountain-Hudson
River Bridge 73
1953
Beth Steel Corp 44s._ 1960
Brown Shoe Co 33.is__ _1950
ButterickPubliehing 6341938
Chicago Stock Yde 5s_ _1961
ConsolidatIon Coal 4 4s 1934
Cudahy Pack cony 43_ _1950
let 3345
1955
Deep Rock 01178
1937
Henan Corp 85
1938
Journal of Comm 64s 1937
Kresge Foundation 4s _ _1945
Bid Ask
Bd4
Ask
95 4 96 4 Merchants Refill/ 68. _ _1937 99
,
,
102
Home Owners'Loan Corp
Aug lb 1936 101.2 101.8
106
114s
148
Aug lb 1937 101.28 102.2
145
148
Aug 16 1938 102.4 102.10
28
June 15 1930 99.30 100.4
88
92
134s
1946 92 34
10234 10312 Natl Radiator Eis
1946
N Y ShIpbldg 58
_
92
96 No. Amer Berra° 6348_1944 174
057812
1941 97
98 4 9118 Otis Steel Os We
,
99
10052 101
Pierce Butler & P 645_1942 110
13
1950 9518 95 2
/22
25 Pure Oil Corp 4413_
,
9712 99 Scoville Mfg 534s
1946 1013 1053
4
4
/40
43 St'd.Tex.Prod.lete 45 as.'42 111
13
98 09 Struthers Wells Titus650'43 70
__
9712 9814 Union On of Calif 45...1047 1073 10812
4
11912 5112 Wilson & Co 1st 48._ 1955 9512 9512
/12
10
13 Witherbee Sherman 66_1944 18
Woodward Iron be ___ _1952 137
7112
41
1043 10514
4
a Interchangeable.
• No par value.
c Registered coupon (serial)
1 Flat mice
it Coupon.
r Basin price.
a 4 When issued.
z Ex-dividend.
y Now listed on New York Curb Exchange.
t Now listed on New York Stock Exchange.
3 Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
z Called for paym nt Oct. 1 1935 at 100
Real Estate Bonds and Title Co. Mortgage Certificates
Alden 1st 68, Jan 1 1941._
Broadmoor. The. let 6s, '41
B'way Barclay let 65, 1941
Certificates of deposit....
B'way & 41st Street
1st leasehold 64s, 1944..
B'way Motors Bldg Os 1948_
Chanin Bide Inc 4s 1945.
Chesebrough Bldg let 68,'48
Chrysler Bldg 1st Os, 1948
Court & Remeen St Off Bldg
let 6s, Apr 28 1940
Dorset, The. 1st 63, 1941,..
Eastern Ambassador Hotels
1st & ref 530, 1947
Eaultable Off Bldg deb 68'52
50 Bway Bldg 158 35, Inc '46
500 Fifth Avenue
4s, 1949 stamped
602 Park Avenue 1st 613, 1941
52d As Madison Off Bldg
65. Nov 1 1947
Film Center Bldg 1st (is, '43
40 Wall St Corp 85. 1958_
42 B'way 1st 6e, 1939
1400 Broadway Bldg—
let 634s stamped. 1948___
Fox Metrop Playhouse
6345. 1932 Otis
Fox Theatre & Off Bldg
1st 6125, Oct 1 1941
Fuller Bldg deb 65, 1944....
5345. 1949
Graybar Bldg Se, 1946
Harriman Bldg 1st 65, 1951
Hearst Brisbane Prop 13e '42
Hotel Lexington 1st Os, 1943
Hotel St George 1st 545,'43
Keith-Albee Bldg (New
Rochelle) 1st 65, 1936.— _
Lefeourt Empire Bldg
1st 6 45, June lb 1941._
3
Leh:soup Manhattan Bldg—
let 545,stamped. 1941_
1st 3-5s extended to 1948_
Lewis Morris Apt Bldg
1st Was. Apr 15 1937.....
Lincoln Bldg Inc 5345, 1963
Loew's Theatre Realty Corp
1st (is. 1947
London Terrace Apte 68,'40
Ludwig Bauman
1st Os (13klyn), 1942
181 64e(L I). 1936
Ski
Ask
13312
_ Majestic Ants hit (is, 1948..
/50
53 Munson Bldg let ritts. 1939
/2912 3112 N Y Athletic Club—
let & gen 68, 1946
/23114 30si
Y Eve Journal 0349. 1937
Al
43
NewYork Title & Mtge Co
4112 4534
5345 series BK
60
5345 series C-2
57
61
6312
54s series F-1
5345 series Q
71
75
19th & Walnut St (Phila)1st(is, July 7 1939
14
Oliver Cromwell, The—
132
ist 65, Nov 16 1939
j712
I Park Ave 68, Nov 6 1939_
0312 6512 103 East 57th St 1st 65, 1941
165 B'way Bldg let 545. '51
/37
40
PrudenoeCo 545stmix1,1961
13512
Prudence Bonds—
Series A to 18 Inclusive__
/17
Prudence Co MD—
Hotel Taft
37
134
45
50
Hotel Wellington
Fifth Avenue Hotel
711 731,
.
360 Central Park West...
5912 6312
422 East 86th St
14312 _
Realty Assoc Sec Corp
55, income, 1943
15712 5812 Boxy Theatre—
let fee & leasehold O344'40
14 iavoy Plaza Corp—
/12
49
50 8
3
Realty en let ato. 1945
65, 1945
/4012 42
62 64 Sherry Netherland Hotel
1st 5 48, May 15 1948--50
53
3
89
92 60 Park P1 (Newark) 65. '37
14712 50 616 Madison Ave 1st 644'38
52 81 B'way Bldg lst 545. 1950
150
General 7s, 1945
Syracuse Hotel (Syracuse)
7512
1st 6125, Oct 23 1940
Textile Bldg 1st Os, 19513._
f4412
Trinity Bides CM—
let 645, 1939
62
2 Part Ave Bldg 1st 45, 1941
62
Walbridge Bldg (Buffalo)
f4212 46
1st (02s, Oct 19 1938
5812 6012 Westinghouse Bldg
1st fee & leasehold 6e. '39
9112 99,2
J36
3712
Bid
Act
/2912 3112
1292). 307
s
29
/27
10012 102
/40
/313
4
14314
/41
42
323
4
45
43
/2812
115
6112
58
45 2
,
/6612
1712
6412
63
47
--
13-90 -44
40
45
55
__
473 493
4
4
/27
2812
/15
116
18
19
/25
/5G
/2214
38
15
27
53
2412
4012
19
/4412 -43
/41
4
10014 1013
54
52
130
35
58
61
74
71
Specialists in
SURETY GUARANTEED
MORTGAGE BONDS
Mackubin Legg &Co.
Redwood & South Sts., Baltimore, hid.
BANKERS—Est. 1899
Members
New York Stock Exchange
Baltimore Stock Exchange
Washington Stock Exchange
Associate Member N.Y.Curb Exch.
Baltimore—Plaza 9260
New York—Andrews 3 6630
Philadelphia—Spruce 3601
A.T.& T.Teletype--Balt. 288
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Allied Mtge Cos,Inc.—
All series, 2-55, 1953
Arundel Bond Corp 2-58, '53
Arundel Deb Corp 2-6e, 1953
Associated Mtge Cos, Inc—
Debenture 2-6s, 1953._
Central Funding Corp
534s& 6s. 1935-44
Conti Inv Bd Corp 2-5s,'63
Cont'l Inv Deb Corp 2-6s'53
Home Mtge Co 534s & 6s.
1934-43
Mortgage Bond Co of Md.
Inc., 2-55, 1953
Mtge Guar Coot Amer
545 dr 6s, 1937-38
Mortgage Security Corp
54s & 6s, 1933-46
Nat Consol Bd Corp 2-58,'53
Nat Debenture Corp 2-6s.'53
Ask
Nat Union Mtge Coro—
Series "A" 2-6s, 11c54
Series "B" 2-68, 1954 .
Potomac Bond Coro (all
Issues) 2-55, 1953____
4212 4412 Potomac Con. ilidated Deb
Corp 2-68, 1953
/32
34 Potomac Deb Corp 2-6s, :64
Potomac Franklin Deb Cor
4112 43 2
1
2-6s. 1953
Potomac Maryland Deben/4412 4612
ture Corp 2-6e, 1953
Potomac Realty Atlantic
73
Debenture Corp 2-6s, 1953
Southern Occur Corp 6s. *30
29 Union Mtge Co Os. 1937-47
127
Union Mtge Co 545 & 6.
/27
29
1937-47
64
Universal Mtge Co 6- 34- 39
4112 43 2
169
73
45
Bid
Ask
52
65
64
_-
4112 4312
4112 4312
42
44
511
411
j31
j31
4312
33
33
/441
/441
4612
4612
Sugar Stocks
Par Bid
Ask
— Ask
Par 54.1
Cache La Pouclre Co__20 2012 2112 Savannah Sugar Ref
• 105 10712
Eastern Sugar Assoc
612 7,
7% preferred
2
100 112
Preferred
1412 West Indies Sugar Corp_ _1
13
13
8 218
"tannin Corp Amer
7
8
12
,
Financial Chronicle
1584
Sept. 7 1935
Quotations on Over-the-Counter Securities-Friday Sept. 6-Continued
A COMPREHENSIVE SERVICE
fuLLEft. CRUTTEN DEN .& COM.PANV
in the
Over-the-Counter Market
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Bristol & Willett
Members:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS•
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Phone: Dearborn 0500
Established 1920
Members New York Security Dealers' Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
Bed
126
Aniudt 71 to 1946
127
Antics:Elia 8%. 1945
Bank of Colombia,7%.'47 118
Bank of Colombia. 7%.'48 118
Barranquilla 8835-40-46-49 113
f30
Bavaria 634a to
1945._Bavarian Palatinate Cene
120
Cit. 7% to 1945
Bogota (Colombia) 634. 47 18
Bolivia 6%. 1940
1512
1953 125
Brandenburg Elec.
Brazil funding 5%, '31251 52
152
Brazil funding scrip
British Hungarian Bank
153
734s, 1962
Brown Coal Ind. Corp.
135
6304 1953
./50
Buenos Aires scrip
Burmeister &Wain 68_19 0 167
Call (Colorable) 7%, 1947 f8
Callao (Peru) 754%, 1944 1912
Ceara (Brazil) 8%. 1947- - /212
City Savings Bank. Budaf43
pest. 7s, 1953
Columbia scrip issue of '33 f80
f4012
Issue 0( 1934
Costa Rica funding 5%,'51 45
Costa Rica Pao: RI 7340'49 j17
40
5s. 1949
Dortmund Man Utli 68.'48 J30
Duesseldorf 7s to 1945-- 12512
12512
Duisburg 7% to 1945
East Prussian Pr. 68, 1953. /261z
European Mortgage & Ins'gement 7lis 196d--- /571z
12712
F an dun 7s to 1945
Nr.u.oh Govt. 5348. 1937_ 154
French Nat. Mail SS.66.'52 154
German All Cable Ts. 1945 /3012
German Building & Land/29
bank 64% 1945
German defaulted coupons
j58
July to Dec 1933
f41
Jan to June 1934
July '34 to Sept '35
/
2712
jilts
German scrip
German called bonds __ 124-34
German Dawes Coupons
10-15-34 Stamped
124
7
J18 g
April 15 1935_
German Young Coupon1123
8
12
-1-34 Stamped
J147
June 1 1935
121
Guatemala 8, 1948
88
Haiti6% 1963
Hamb-Am Line 61341 to '40 93
Hanover Hare Water Wks.
122
6%, 1957
Housing & Real Imp 78.'46 /31
.455
28
30
22
22
16
31
22
12
712
26
53
53
56
53
73
9
1112
412
45
82
43
48
20
45
32
2712
2712
2812
Sc)
2912
3212
32
2812
67
2
93
4
8
193
123
4
1514
31
92
98
2412
33
TRADING
8(4
Hungarian Cent Mut 78.'37 f4212
Hungarian Discount & Ex
Change Bank 75, 1963
/38
Hungarian defaulted coupe 128-52
Hungarian Ital Bk 7341,'32 j42
Jugoslavia Is. 1956
3512
Coupons
142-53
/29
Koholyt 6341. 1943
Land M Bk, Warsaw 88,'41 85
Leftists Oland Pr.6;4a, 46 /3412
Leipzig Trade Fair 75. 1953 /30
Luneberg Power. Light &
130
Water 7%. 1948
Mannheim & Palat 7s, 1941 /30
Munich 7s to 1945
/2814
Muni° Bt,Hessen,7s to'41 /26
Municipal Gas & Eleo corn
Recklinghausen, 75, 1947 ./30
Nassau Landbank 6.145,'38 137
Natl. Bank Panama 634%
1948-1949
5912
Nat Central Savings Bk of
Hungary 7348, 1982... 152
National Hungarian & Ind.
Mtge. 7%,1948
14712
Oberpfalz Elec.7%,1Q46.. /2312
Oldenburg-Free State 7%
126
to 1945
141
Panama 5% scrip
Porto Alegre 7%, 1988111
Protestant Church (Ger/2512
many), 75, 1944
Prov Bk WeetlAntlia 68. 33 140
'
Prov Bk Wear/halls fle. '36 13012
Rhine mato Klee 7%.
'36 133
Rio de Janeiro 0%, 1933.. j12
Rom Cath Chun% 6I4s.'46 129
R C Church Welfare is,'46 j23
Saarbrueoken M Bk 65,'47 124
Salvador 7%,1957
/27
Salvador 7% cid of dep '57 12434
/2412
Salvador 4% scrip
Santa Catharine (Brazil)
8%, 1947
fl8
./50
Santa Fe scrip
Santander(Colon)75, 1946 /10
Sao Paulo (Brasil) Cla, 1943 11212
Saxon State Mtge. 61s. 1947 132
Serbian 55, 1956
3512
/42-53
Serbian coupons.'
Stem & Habib'deb 6s,2930 /225
/30130
75 1940
Stettin Pub Util 78, 1946_ 12812
Tuouman City 7s, 1961...._ f51
76
Tucuman Prov. 7s. 1950_
Tucuman Sarin
/80
Veeten Else By 75, 1947_ /29
WUrtemberg 76 to 1945..... 131
Ask
4412
40
- 37
32
87
3712
32
3212
3212
2914
2712
32
39
6212
54
_
- 26
2712
45
13
28
1212
3512
16
32
26
29
- 31E 4
26
22
60
11
1312
36
3612
235
40
30
53
86
65
31
32
MARKETS
Bank Stocks • Insurance Stocks
and all Over the Counter Securities
DlgbyTeletype
N.Y.1-901
LTD.
4-4524
19 Rector Street, New York
HARE'S,
Private 'Phone Wires to Philadelphia, Boston, Hartford
Los Angeles
Pittsburgh
Insurance Companies
Par BEI Ask
92
Aetna Casualty a Surety-10 90
58
Aetna Flee
10 56
Aetna Life
10 313 3334
4
Agricultural
26 79 82
American Alliance
10 2514 263
4
30
American Equitable
5 27
American Home
15
10 13
American of Newark_-.2H 143 1614
4
American Re-insurance-10 543 5714
4
American Reserve
10 2612 28
American Surety
25 4212 4412
Automobile
10 3914 4114
Baltimore Amer
234
612 712
94
Bankers & Shippers
25 91
Boston
100 630 640
2412
Camden Fire
Carolina
18 U1112 28
2
_10 25 4 2714
City of New York
3
4
Connecticut General Lite_ 10 383 393
4
5 173 1912
Continental Casualty
4
Eagle Fire
23-4
214 4
39
Employers Re-Insurance.10 37
5 1714 1834
Excess
Federal
10 77 82
Fidelity & Deposit of Md_20 82 86
Firemen's of.Newark
6
93 1114
4
Franklin Fire
5 2912 31
General Alliance
1 15
17
27
Georgia Home
10 25
Glens Falls Fire
5 3814 4014
Globe & Republic
15
5 13
Globe & Rutgers Fire____15 29
32
Great American
5 2712 29
Great Amer Indent/JIM...1
8
7
Halifax Fire
10 1912 21
2
15
Hamilton Fire
Hanover Fire
10 39 4 413
3
4
Harmonia
10 25 4 2714
3
10 78 80
Hartford Fire
Hartford Steam Boiler_10 72 74
is 323 343
Home
4
4
Fortootnotee see page 1583.
Par
10
Home Fire security
10
Homestead Fire
Importere & Exp.of N Y-.5
6
Knickerbocker.a
Lincoln Fire
1
Maryland Casualty
25
Mass Bonding & me
Merchan ta Fire Assurcom234
Merch & Mfrs Fire Newark _5
10
National Casualty
10
National Fire
2
National Liberty
20
National Union Fire
2
New Amsterdam Caa
10
New Brunswick Fire
10
New England Fire
New Hampshire Flre_.....10
20
New Jersey
6
New York Fire
12.50
Northern
2.50
North River
Northwestern National_ _25
25
Pacific Flre
10
Phoenix
5
Preferred Accident
Providence
-Washington - _10
10
Rochester American
5
Rossi&
St Paul Fire & Marine_ 25
5
Seaboard Firs & Marine
10
Seaboard Suntv
10
Security New Haven
10
Southern Fire
Springfield Fire & Marire_25
10
Stuyveaant
100
Sun Life Assurance
100
Travelers
U S Fidelity & Guar Co___2
4
U S Fire
10
U 8 Guarantee
Weetehester Fire
2.50
Bid Ask
278 37e
2412
23
412 612
1 112 1312
4
4 43
33
214 314
32
30
56
51
818 1014
1534 17
74
76
8
9
136 140
914 1012
2914 30 4
3
15
4634 4 1. 2
8
44 47
19
16
95 100
2612 28
132 137
102 106
89 91
15
17
43 4 453
3
4
22
20
14
1512
211 221
8
10
1312 15
3614 3712
24
26
135 138
512
4
403 425
616 626
10 4.1 1214
3
53
55
75 80
323 343
4
4
Pa,
Par Bid Ask
A/lams-HMIs Corp. pf _100 100 1 112 Herring-Hall-Mary Safe_100
1
Klldun Mining Corp
• 1612
American Arch 31
.
100 68 71 King Royalty corn__,....-•
American Book 44
$8 preferred
100
American Hard Rubber. 50 20 2312
American Hardware ___25 2612 2712 Khmer Airplane & Motor .1
Amer Maize Products
• 17
1912 Lawrence Port Cement. _100
100
5
7 Macfadden Publica'ne cam 5
American Mfg
•
Preferred
100 40 45
Preferred
• 1512 1612 Mallison H R Inc corn
American Meter eon
Preferred
21e 3
American Republics corn-.
1
Andian National Corp--• 45 47 Merck & Co Inc eon
100
8% preferred
8
Art Metal Conatruction_10
Babcock & Wilcox
• 4412 .4612 National Casket
Preferred
Beneficial Indust Loan Pt.* 52 5312
Nat Paper lc Type prat _100
Bowman-Biltmore Hotels_•
.100
_190
2
1st preferred_
312 New Haven Clock pref.
North Amer Match Corp..*
Collande
Brunswick Balks _
Northwestern Yeast.....100
100 70
Co 7% pref
5
1012
0
119 12 ,2 Norwich Pharmacal
16
Canadian thilanese own.
•
Ohio Leather
100
Preferred
1
60
Carnation Co 47 prof -100 1081:
Oldetyme Distillers
634 Paths Exchange8% pref 100
Climax Molybdenum
*
Publication Corp corn
Cltnahfleld Coal Corp of 100 32
100
47 let preferred
Colts Patent Fire Arms. _ _26 3618 37%
Remington Arms corn
Columbia Baking new corn.
108 4781 Rockwood & Co
51 1012
2
New $1.00 cum pref
100
Preferred
Columbia Broadeasung el A • 39
• 39 4012 Ruberold Co
100
Claire B
25
Columbia Pictures pref
• 46% 4814 800,111 Mfg
100
• 3412 36 Singer Manufaoturing
Crowell Pub Co corn
6
Standard Cap & Seal
$7 preferred
100 105
100
• 3114 3414 Standard Screw
Dlotairnolte Corp
*
18
100 1945712 10501 Taylor Milling Corp
Preferred
Taylor Whar I & Scorn.....'
100
Dixon (Joe) Crucible
Trice)Products corn
•
Doehler Die Cast pref
•
_100
50 Tu Me Chatilion cum pf.
Preferred_
50 46
16 Unexcelled Mfg Co . .10
Douglas Shoe preferred..100 14
• 57 61 United Piece Dye Wks pref.
Draper Cory
100
100 9812 104 U S Finishing met
Driver
-Hard" Prig
10 513 5314 Warren, Northam
4
First Boston Corp
43 con pref
38 llg
Flour Mills of America_ _•
412, 5,8 Welch Grape Juice pref-100
Foundation Co-Foreign ohs
West Va Pulp dc Pap
American shares
con.'Prefd
100
414 64
2'
2 3831
Gair (Robert) Co corn_ _(*)
Preferred
() 2714. 2914 White(S 5)Dental Mfg....20
0
Gen Fireproofing 47 p1._lot) 7512 -- White Rock Mln Spring
100
47 lit preferred
4
Golden Cycle Corp
10 4412. 473
50
3 I 412 Wilcox-Gibbs corn
Graton & Knight
100
25 Worcester Salt
100 22
corn.'Pefd
100
se 2134 2234 Young (J 5) Co com
Great Northern Paper
7% preferred
100
Rid'Ask
16
2 4I 3
3
1912 23
92
3
8
a
15 4 173
3
418 51e
3914 4114
la 1
53
8 63
e
27
21
117 11914
45
108 112
4
9
75
38 40
9812 Icor
3682
35
16
14
318 31a
88 92
29 31
98
37
8 47
16
74
71
66 68
26
27
285 289
3234 34 4
3
104
x18 20
312 518
39 40
8112 87
212 314
1314 1414
2 4 112
3
40
89
14
98
15
43
94
1512
16
10113 --20 23
573 --4
110 114
110
Investing Companies
Ask
Par BSA
_
• 15.56
Administered Fund
1.57 1.72
Affiliated Fund Inc corn
1314
12
Amore% Holding Corp
Amer Business Shares
1 1.03 1.13
4
Amer & Continental Cory-- 113 1212
AM Founders Corp a% of 60 38 41
50 3812 4112
7% preferred
Amer General Equities Inc. 1.01 1.12
9
7
Amer& General tieo ol A--•
• 50 53
43 preferred
34
3
3
Amer Insurance Stock Corp'
518 6
Assoc Standard 011 Sharee.2
614 7
Bancamerica-Blair Corp-1
.50 .75
Bancshares. Ltd part ohs 50c
418 Vs
Bankers Nail Invest Corp..
Basic Industry Shares
• 3.67 -.40 .60
British Type Invest A
1 1414 151s
Bullock Fund Ltd
Canadian Inv Fund Ltd.
-1 3.45 3.80
Central Nat Corp class A-• 25
1
212
Class B
Century Trust Shares
• 25.39 27.30
312 412
Commercial Nail Corp
Corporate Trust Shares-. 2.28-2.25
Series AA
2.2. Accumulative series
2.68
Series AA mod
2.08
2.13
Series ACC f- cal
Crum & Foster Ins oom_10 2712 i912
100 113 .
8% Preferred
Crum & Foster Ins Shares
Common B
10 3312 3512
- _
100 107
7% Preferred
_
Cumulative Trust Sharee• 4.66
Deposited Bank She ser A__ 2.25 2.50
Deposited Insur Sha A___. 4.14 4.60
Diversified Trustee SW B__
83
s
3.55 3.85
53
s 614
Dividend Shares
25e 1.43 1.55
1 3512 3912
Equity Corp ov pref
• 45.29 48.78
Fidelity Fund Inc
Five-year Fixed Tr Shares__ 4.35
Fixed Trust Shares A
• 9.55
• 8.00
Fundamental Investors Inc 2.31 2.51
Fundamental Tr Shares, A_ 4.97 5.50
Shama B
4.70
Group Securities
1.44 1.59
Agriculture shares
1.13 1.25
Automobile shares
1.40 1.55
Building shares
1.30 1.44
Chemical shares
1.12 1.24
Food shares
1.21 1.34
Merchandise shares
1.16 1.28
Mining shares
1.01 1.11
Petroleum shares
.82 .91
RR Equipment shares...
1.27 1.46
Ste I shares
1.35 1.49
Tobacco shares
1812 21
Guardian Invest Trust_.•
.22 .32
Huron Holding Corp
Incorporated Investora____• 18.97 20.29
Investment Co. ot Amer
Common
32
10 28
• 28
7% nr.fpncel
Pat
Investors Fund of Amer-Investment Trust of N Y.
Internet Security Corp(Am)
Claw A common
Class B common
•
634% preferred
100
6% preferred
101
Major Shares Corti
Maryland Fund Inc corn....
Mass Investor' Trust
1
Mutual Invest Trust
1
Nation Wide Securities. 1
Voting trust certificates_
N Y Bank Trust Shares__
No Amer Bond Trust Ws__
No Amer Trust Shares. 1953
Series 1955
Sallee 1958
Series 1958
Northern Securities
100
Pacific Southern Invest pL•
Class A
•
•
Class B
Plymouth Fund Inc el A.100
Quarterly Inc Shares___25c
Representative Trust Shares
Republic Investors Fund_.5
Royalties Management....
Second Internet Sec al A
•
Class B common
6% preferred
50
Selected Amer Shares Inc_
Selected American Shares_
Selected Cumulative Ste...
SelectedIncome Shares
-Selected Man Trustees She.
Spencer Trask Fund
•
Standard Amer Trust Share.
Standard Utilities Inn
*
State Street Inv Corp
Super Corp of Am Tr She A
AA
BB
D.
Supervised
lid Ask
.91 1.00
518
12 114
12
35
3912
3412 39
24
,
16.82 16.19
21.76 23.65
1.35 1.48
3.79 3.89
1.40 1.52
318
794 83
2.16
2.79
2.76
2.79
_
45
60 3812 42
8
6
at 114
.92 1.03
L40 1.54
9.78 10.28
2.53 2.68
.40 .60
134 312
18
4312 48
1.32 1.44
2.89
4.04
7.82
8
618 67
17.48 18.56
3.30 3.55
.78 .84
75.54 81.40
3.57
2.48
3.77
2.50 _6.71
_
6.72
1
6
358 48
10( 1.43 1.5
Shares
Trust Fund Shares
Trustee Standard Invest0
13
Trustee Standard Oil She A
Trusteed Amer Bank Ste B.
Trusteed Industry Shares..
TrusteedN Y Bank Shares
United Gold Equities (Can)
1
Standard Shares
US dc Brit Int class A corn •
Preferred
•
U S Else Lt & Pow Shared A
2.49 -_2.44 -6.04 -5.02
.as 1.12
1.23 1.26
1.41 1.56
2.04 2.27
is 1
12
16
1512 16
2.36 2.46
.87 .97
Voting trust Otis
314
Un N Y Bank Trust C 8 - 3
17
2 238
Un N Y Tr She ser F
14.77 16.41
Wellington Fund
1585
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities
Friday Sept. 6-Concluded
SHORT-TERM SECURITIES
Railroads
-Public Utilities
-Industrials
Specialists in Called Bonds-New Issues
Pell, Peake & Co.
24 BROAD ST.. NEW YORK
Members N. Y. Stock Exchange
Tel. HAnover 2-4500
By Barnes & Lofland, Philadelphia:
Short Term Securities
Bid
sills-Chalmers Mfg 56 1937_
Amer Tel & Tel 434s 1939..
Appalachian Pr 75 1936.Armour & Co 4345 1939._
Atlantic Refg 00 5. 1937.B & ORE See 434s 1939.Beech Creek RR 1st 46 1936.
Bethlehem Steel 56 1936....
Buffalo Roth & Pitte 5s 1937
Calif Gas & Elea 56 1937_
Cam Clincht & Ohio 158 1938
Chas & Ohio RR let 581939
Chic Gas Lt& Coke 1515837
CM Ind St L & Chic 45 1936
Cleve Elea Ill Co 61 1939_ _
Columbus Power let 5a 1936
Consumers El Lt & Pr(NO)
let 55 Jan 1 1936
Consumers Power lel 581938
CODStIra Gas(Chic) 1515838
Cudahy Packing 5346_1937
Cumbl'd Tel & Tel 188 58'37
Dayton Lighting Co 58 1937
Duluth & Iron Range 54 '37
Edison El Ilium Co Boston
56 April 15 1936
ds Jan 1 1939
Fox Film cony 55 1936
Glidden Co 5345 1939
Or Trunk Ry Can (ftu) 6.'36
Hackensack Water 531938._
Lake Erie & West 5s___1937
Long Dock Co (la 1935
Long Island Ltg let 56 1936.
Long Island RR 58 1937-Gen 48 June 1 1938
LOUNVIllel & Nash uhif 4s'40
Act
1007 10114
8
1083 109
8
105 10534
103 1033
/
1
4
8
107 10738
9212 93
10112 10214
10312 1033
4
104 10412
10818 10812
10818 108
/
1
4
1114 112
1063 1064
8
/
1
10214 10314
10218 1023
8
10214 10014 101
1013 1013
8
8
1044 10518
/
1
1023 103
4
1053 10614
4
106 1063
4
1073 10814
4
10212 1023
4
1071 10812
102 1023
4
1021 104
1043 10514
110 111
1024 10314
10014 100 4
3
102
___
10314 10414
105'4 1057
8
1157 1075.
MO
5414val• Steel & Ord Si 1936
Montana Cent Ry 63_1937
1937
let Is
Morris & Co 1st 4315 1939N Y Chia & St L 1st 48 1937.
New Vert Tel 1st 4345 1939_
Nor American Lt & Power
5s April 1 1936
Nor Ry of Call/ Si 1938
Paciflo Tel & Tel 65 1937...
Penn-Mary Steel 5s 1937 ....
Pennsylvania Co 3345 1937.
Pennsylvania RR 845 1936
ehlla & Reading C & I ts 37
Phillips Petroleum 5346 1939
Potomac Elea Power 58 1938
Roth & L Ont Water 5.1938
St Joseph Ry L H & P 55'37
St Paul Min & Man
Montana Ext 4s____1937
Scranton Electric 55 1997
Southern Bell T & T 55_1941
Sou Par Branch It? 65 1937.
TerminaIRR(StLou)4345'39
Texas Pr & Lt 1st 55 1937United Stake Rubber Co66 1935
Viiginia Midland Ry liv 1034
Ward Baking Co 1st 66 1937
Washington Wat Pow 56 '39
Western Maas Coe 4s 19311...
W N Y & Pa RR lat fd 1957
Western Union Tel 645 1936
_
_
5. Jan. 1 1936.
Willmar & Sioux Falls RV
1938
58
Ask
102 10214
103 1033
4
.
10138 1013
104 104;
1
10112 1017
11012 111
10114 10214
10814 109
1053 10611
4
104 1043
.
1021 1041:
10218 10234
10314 10
4
10214 1021:
,
10318 1033
101 1021,
104 1041;
10314 104
1061 1071,
108 1089
1071 1081.
110'z 111
105 106
/
1
4
1013 102
8
101 1013
105s 1063
111 1111
103 1034
10512 106
102 1027
/
1
4
1044 1051
1043 10514
4
Federal Intermediate Credit Bank Debentures
Bid
F IC 13115 Sept. 161935.. r.31)
F IC 1345 Oct. 15 1935.. r.30
F I 0 146 Nov. 15 1935._ r.30
F I 0 1346 Deo. 16193&_ r.30
TIC 13is Jan. 151936__ r.40
Bfd
Ask
.10%
:15%
.15%
.15%
.20%
F IC 1346 Feb. 15 1936.. r.40
PT C 1345 Mar. 16 1936_ 6.45
F I C 1346 Apr. 158936.. r.50
F I C 1345 May 15 1936_ r.50
F I C 1 348 July 15 1936-- r.50
Ask
-.20%
.25%
.30%
.30%
.35%
Chain Store Stocks
Pas
•
Boback (H C)corn
100
7% Preferred
Diamond Shoe pref
100
Edison Bros Stores pref-100
Fishman(M H)Stores----•
Preferred
100
Great A & P Tea pt---100
10
Kress OS H)6% Met
Lerner Stores pret_.,_ -100
Lord & Taylor
100
let preferred 6%
100
2nd Preferred 8%....100
Bid Ask
712 10
40 48
92
10714 1:11"
4
12
143
4
90
12512 12812
Ills 1212
10514 10814
165
102
104
Par
100
Melville Shoe prat
- 100
Miller(I)& Sons pref
MockJuda&Voehr'ffer Pf 100
-100
Murphy OH C1 8% Pre!
Nat Shirt Shope (Del)__._'
100
18t preferred
100
Reeves (Daniel) pref
100
Schiff Co preferred
United cigar Stoma 6% pref.
6% Praf othl
U S Stores preferred----100
BM Ask
110 4
3
10
15
8512
112
314 414
41
45
87
10114
712 77
7
7
/
1
4
2
4
$Soviet Government Bonds
Bt• I As*
MA I Ask
Union of Soviet Soo Repub
Union of Soviet Soe Repub
7% gold rouble..,
86.541 88.551 10% gold rouble...19421 87.401
For footnotes see page 1583.
AUCTION SALES
The following securities were sold at auction on Wednesday
of the current week:
By Adrian H. Muller & Son, New York:
Stocks
Shares
per Share
856 Alexander Hamilton Institute (N. J.), common, no par
$325 lot
90 Bond dr Mortgage Guarantee Co.(N. Y.), par $20
$36 lot
40 Lawyers Mortgage Co.(N. Y.), par $20
$29 lot
160 New York Title & Mortgage Corp. (Del.), par $I
$2 lot
2,105 United Savings Bank of Detroit (Mich.?. par $10
American Depositary Receipt No. 109 for 100 shares of the Anglo-South 65
American Bank, Ltd. (British). The par value of the said shares Is 10
pounds sterling, of which five pounds sterling is paid
$55 lot
84 Nassau Suffolk Bond Sc Mortgage Guarantee Co.(N. Y.), par $100
$21 lot
16 Jersey Mortgage & Title Guaranty Co.(N. J.), par 650
$10 lot
Public Indemnity Co.(N. J,) temporary certificates, par $2.50
225
$1 lot
25 New York Title & Mortgage Corp. (Del.), par $1
$1 lot
By R. L. Day & Co., Boston:
Stocks
Shares
$ per Share
20 Naumkeag Steam Cotton Co., Dar $100
23
5 Arlington Mills, par $100
2134
Fitchburg Gas & Electric Co. (free), par $25
25
5134
10 New England Power Association, 42 preferred
15
20 Rockland Light & Power Co., common, par $10
934
12 Fitchburg Gas & Electric Co. (tree), par $25
51
200 Clearwater Laundry Co., Inc., common class B
1
10 U. S. Envelope Co., common. par $100
85
40 units Thompson Spa, Inc
634
BondsPer Cent
$1,000 United Tel. & Tel. Co.. 1st mtge. 534s, May 1953 series A
91
$4.500 National Service Co. 6348, Dec. 1 1935 series C
$225 lot
$2,000 Lawrence Ice Co.. 1st mtge. is. July 15 1944
$245 lot
$1,000 Mass. Cities Realty Co. 7s, Jan. 1 1953 series A
$105 lot
85,000 Parker Building Trust cony. 6s. Feb. 1 1941 series A
$14 lot
$4,000 C. B. Theatres Corp., let and ref. 634s, certificate of deposit
$2.650 lot
$1,000 Walworth Co., 1st mtge. 6s, Oct. 1 1945, coupon Oct. 1 1934 and
subsequent on: $1,000 Derby Gas dr Electric Com. 5s, Aug. 1 1946; 61.000
No. 11 West 42nd St., Inc., 181 mtge. 6348. Nov. 1 1945
$2,175 lot
By Crockett & Co., Boston:
Shares
Stocks
$ per Share
500 Atlantic National Bank, Boston, Mass, par $10
35c.
10 National Shawmut Bank, par $12.50
2334
2 Eastern Equities Corp., par $5
9
100 American Solvents & Chemical, common; 10 Kreuger & Toll Co., American certificates
$2.50 lot
10 City Central Corp., common;20 City Central Corp.. preferred:6 Insurance
Building Corp., common; 20 Insurance Building Corp., pref., par $100; 5
Atte Corp.. common:5 Ana Corp., pref.; 10 Ross Stores, common;5 Federal
Investment Trust, 8% pref., par $100; 3 Worcester Investment Trust.
common: 10 Worcester Investment Trust, pref.; 24-200 North American Co.;
1-40 Utilities Power & Light, common: 50-100 Middle States Petroleum,
class B; $1,000 Maurice Deutsch Building 1334s, due 1939; $349.20 receipt
for interest in arrears U. S. of Mexico
$60 lot
Shares
Stocks
Per Share
25 Corn Exchange National Bank & Trust Co., par $20
4734
30 Pennsylvania Compiny for Insurances on Lives and Granting Annuities.
par $10
3235
25 Real Estate-Land Title & Trust Co., par $5
634
1934
100 Philadelphia National Insurance Co., par $10
10 Alinehill dc Schuylkill Haven RR. Co., par $50
54
BondsPer Cent
$1,000 Amer & Westmoreland. 534%,first mortgage, due June 1 1933..61 and mt.
By A. J. Wright & Co., Buffalo:
$ per Share
Sc.
Shares
Stocks
20 Zenda Gold Mines
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Aug.31 Sept.2 Sept.3 Sept.4 Sept.5 Sept.6
Francs Francs Francs Francs Francs Francs
Bank of Franca,
9.900
9,900 10,100
9,875 9.900
Banque de Paris et Des Pays Bas
925
907
902
882
Banque de l'Union Parisienne„
422
425
430
428
Canadian Pacific
1,131.5
-1,590
1,600
1,610
1.580
Canal de Suez
17.575 18,000 18,000 17,900 17,900
Cie Distr. d'Electricitie
1,092
1.108
1.078
1,071
Cie Generale d'Electricitie
1,340
1,350
1,380
1,337
1.578
Cie Generale Transatiantique_
17
16
Citroen 13
84
--ii
""ii la
Comptoir Nationale d'Escompte
875
874
870
873
Coty S A
84
80
--ili
79
80
Courrieres
224
225
224
228
Credit Commercial de France...
.555
560
560
562
Credit Lyonnais'
1.700
iiiii
1.710 1,710
1.720
Eaux Lyonnais.
2,425
2,440
2,420
2,420 2,440
Energie Electrique du Nord
485
485
490
485
Energie Electrique du Littoral_
736
740
742
778
_ _ __
Kuhlmann
538
539
553
531
L'Air Liquide
"iiii
Holl795
800
790
810
Lyon(FL M)
day
862
860
883
880
Nord Ry
1.124
1,108
1,108 1,129
Orleans Ry
432
820
-452
432
432
Pathe Capital
20
21
21
20
Pechiney
1.048
1,000
1.030
1.025
Rentes. Perpetual 3%
79.40
79.75
80.10 797643
79.25
Ream 4%.1917
82.25 82.70
__
83.40 83.10
Rentes 4%.
__
82.30 82.80 83.50 83.20
Rentes 434%, 1932 A
1918-89.30 89.60 89.90 90.25 89.90
Rentes 435%,1932 B
90.50
90.70
91.10 90.90
Rentes 5%. 1920
11-0
.25 110.50 110.50 110.70 110.10
Royal Dutch
1,908
1,920
1.920 1.960
1,940
Saint Gobain C & C
1,647
1.684
1,682
1,718
Schneider & Cie
1.560
1,575
1,557
1,565
.... __
Societe Franoalse Ford
59
55
55
58
56
Societe Generale Fonciere
35
34
34
34
Societe Lyonnalse
2,425
2,425 2,420
2.445
__ __
Societe Marseilialse
543
544
545
544
Tubize Artificial Silk pref
72
76
75
79
Union d'Electricitie
570
572
576
572
Wagon-Lits
45
45
45
45
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable each
day of the past week
Aug. Sept. Sept. Sept. Sept. Sept
31
2
3
4
5
6
Per Cent of Par
Allgemeine ElektrIzttaets-Gesellschaft
39
39
41
40
39
39
Berliner Handels-Gesellschatt (6%1
115
115
117
115
117
116
Berliner Kraft u. Licht(8%)
143
144
144
144
144
144
Commerz-und Privat-Bank A CI
90
91
91
92
91
92
Dessauer Gas (7%)
130
129
129
133
132
130
Deutsche Bank und Disconto-Geselischatt_ 92
90
90
91
91
91
Deutsche Erdoel(4%)
110
108
109
113
110
111
Deutsche Reicluibothn (German Rye pf 7%)- 124
124
124
124
124
124
Dresdner Bank
92
91
90
90
91
91
FArbenindustrie 10(7%)
157
155
154
153
154
155
Gestuerel (5%)
126
126
124
124
125
126
Hamburg Electric Werke (8%)
141
138
138
137
138
140
Hapag
16
16
16
16
16
17
Mannesmann Roehren
89
88
87
87
88
89
Nordeutscher Lloyd
17
17
17
17
17
19
Reichsbank (8%)
185
184
183
182
182
181
Itheinische Braunkohle(12%)
213
212 212
___
212
Salzdeturth (734%)
184
Siemens Sc Relate(7%)
178
177
174
173
174
178
CURRENT
NOTICES
-Paul IIoward, formerly of the "Wall Street Journal" and "Barron's
Weekly," is now associated with the New York Stock Exchange firm of
Dyer, Hudson Sc Co.
- 0. Clifford, formerly senior partner of the firm of Clifford Sc Co.,
H.
Is now associated with Winthrop, Mitchell Sc Co. in charge of their Bond
Department.
-James S. Bush and James A. Heitzmann have been admitted to general
partnership in G. H. Walker & Co.. members New York Stock Exchange.
-Fred C. Soder and M. Sterling Ramos have become associated with
R. H. Johnson & Co.. Inc.. in the sales department.
Bristol Sc Willett, 115 Broadway. New York, are distributing the
September issue of their Over-the-Counter Review.
John B. Carroll & Co. announce that E. S. Hamilton has become
associated with them in their Sales Department.
-Homer & Co., Inc., 40 Exchange Place, New York, has prepared a
special circular on high grade railroad bonds.
Reynolds Sc Co., members New York Stock Exchange. announce that
Shelden Abbett is now associated with them.
Harland W. Hoisington has been appointed Assistant Vice-President
of Lazard Freres Sc Co., Inc.
-Garfield Allswang is now with Robert C. Mayer & Co., Inc. in the
trading department.
Sept. 7 1935
Financial Chronicle
1586
General Corporation and Investment News
-MISCELLANEOUS
-PUBLIC UTILITY INDUSTRIAL
RAILROAD
Comparative Statement of Consolidated Income
12 Months
3 Months
Period End. June 30-1934
1935
1934
1935
Subsidiaries$13,796,143 $13,055.797 $54,842,446 $56,662,271
Operating revenues
7,747,342 32,127,897 33,941,334
8,055,006
Oper.exps.,incl. taxes
-Extra Dividend-4,f_
Steel Co.
,
1236
The directors have declared an extra dividend ofcents cents per share in
per share on the
of 50
addition to the regular quarterly dividend
common stock, no par value, both payable Oct. 1 to holders of record
Sept. 16. Extra dividends of like amount were distributed on July 1 and
Jan. 2 last and on Oct. 1, July 2 and Jan. 2 1934. The company increased
the regular quarterly rate from 371•5 cents to 50 cents with the payment
-V. 141, p. 580.
of the April 1 1935 dividend.
-Earnings
Addressograph-Multigraph Corp.
1935-7 Mos.-1934
-Month-1934
Period End. July 31- 1935
Net profit after int., deprec'n, taxes & subsid.
$311.766
$367.811
$4,371
$91,993
pref. dividends
Earns. per sh.on 746,313
$0.42
$0.49
Nil
shs.(par $10) com.stk.
had cash, $1,340,138, and current assets of
As of July 31 1935 company$ 12
which includes
$6.442.478. while current liabilities amounted to $875,043,
$150,000 serial debentures due April 1 1936.-V. 141. p. 1264.
Net revs, from oper_ $5,741,137 $5,308,455 $22,714,549 $22,720,937
772,048
562,990
72,806
96,899
Other income (net)
Gross corp. income
$5,838,036 $5,381,261 $23,277,539 $23,492,985
Interest to public and
1,200,469 4,360,795 4.963,651
x823,512
other deductions
Cr53.387
Cr22,515
Cr13,167
Cr3,193
Int. charged to construe.
'Property retirement re910,179 4.152,895 3.669.266
1,047.840
serve appropriation
$3,969,877 $3,283,780 $14,786,364 $14,913,455
Balance
2,743,635
2.756,337
678,781
Pref. dive,to public y__..710,161
Portion applicable to mi365,951
436,306
68,018
93,565
nority interests
-Earnings
Alaska Juneau Gold Mining Co.
Period End. Aug. 31Gross earnings
Net prof. after oper.esp.
& development chum.,
but before depreciation
deplet. & Fed. taxes_ -V. 141, p. 906.
Net equity of Amer. &
For.Pow. Co., Inc.,
in income qfsubs. a_ $3,166,151 $2,536,981 $11,593,721 $11,803.869
Am.& For. Pow, Co., Inc.
Net equity of A. & F. P.
Co., Inc., in income of
$3,166,151 52,536,981 $11,593,721 $11,803,869
subs. a
100,605
89,315
16,806
21,294
Other income
1935-8 Mos.-1934
-Month-1934
1935
$356,000 $2,641.500 $2,983,850
$413,500
193,000
163,500
1,242,600
1.558.750
-Acquires Rights to New Alloy
Steel Co.
$3,187,445 $2,553,787 $11,683,036 $11,904,474
Total income
600,155
735.256
84,362
231,983
Expenses, incl. taxes
Interestto public and
7,409,775 8,000.628
1,937,891
1,817.416
other deductions
Allegheny
Exclusive American rights to manufacture and sell a new magnetic alloy
steel have been acquired by the company from undisclosed British interests,
W. F. Detwiler, Executive Vice-President of the company, announced on
Sept. 3.
The high magnetic permeability of this new steel. Allegheny "Mumetal,"
instrument and
an alloy of nickel, copper and iron, when used in radio,tone and greater
sound apparatus transformers, will produce a more natural
with existing magnetic alloys. -V. 141,
accuracy than is now obtainable
p. 1082.
Balance, before ex$531,534 $3,538,005 $3,303,691
change adjustments 41,138,046
x These amounts are after giving effect to a credit adjustment of $375.000
applicable to prior periods, resulting from a reduction of interest on Cuban
Electric Co. debentures from 87 to 1 % for the five months ended March
31 1935. By agreement with t e holders the interest on such debentures
was reduced to 1% for the six months ended May 1 1935 and to 4%
-Interest
Montan Steel Corp.
thereafter until Nov. 1 1937. y Full div. requirements applicable to the
-year sinking
The interest due Sept. 1 1935 on the 7% (closed) t mtge.30
respective periods, whether earned or unearned. a Of which only part is
fund gold bonds, due 1955 is being paid. York stock Exchange rules that
available In U. S. currency, and before exchange adjustments.
The Committee on Securities of the New
-All inter-company transactions have been eliminated from the
Note
that the bonds shall
the bonds be quoted ex-Interest 3 % on Sept. 3 1935; settlement of transabove statement. Interest and preferred dividend deductions of subsidiin
continue to be dealt in "flat" and to be a deliverythe March 1 1936 and
aries represent full requirements for the respective periods, paid or accrued
actions made beginning Sept. 3 1935. must carry
(where not paid), on securities held by the public. The portion applicable
-V. 140, p. 2344.
subsequent coupons.
to minority interests" is the calculated portion of the balance of income
Dividend-kek___.
pplicable to minority holdings by the
-Aluminum Co. of America-Preferred of 371i cents per share lative participating preferred stocks ofpublic of common and non-cumusubsidiaries. Minority interests
dividend
The directors have declared a quarterly
have not been charged in the above with deficits where income accounts
and a dividend of 25 cents per share payable on account of accumulations
of subsidiaries have so resulted. The "net equity of American & Foreign
preferred stock. par $100, both payable Oct. 1
on the 6% cumulative
Power Co., Inc., in income of subsidiaries (of which only part is available
each of
to holders of record Sept. 14. Similar payments were made inhas been
in U. S. currency), before exchange adjustments," includes interest and
the three preceding quarters. A dividend of 371i cents per share 1 1933
preferred dividends paid or earned on securities held, plus the proportion of
each quarter since and including April
distributed on the above issue
earnings which accrued to common stocks held by American & Foreign
quarters.
and 75 cents per share was paid in each of the four preceding
Power Co., Inc., less losses where income accounts of individual subsidiaries
-V. 141, p. 104.
have resulted in deficits for the respective periods.
-Dividend Resumed
Comparative Statement of Consolidated Operating Revenues, Operating Expenses
.
r ---Aluminum Industries, Inc.
10 cents per share on the
and Net Revenues from Operation of Subsidiaries Only for the
The directors have declared a dividend of
Month of June. 1935-1934
capital stock, no par value, payable Oct. 15 to holders of recordaSept. 30.
1934 •
1935
be paid since June 15 1932. when distribuThis will be the first dividend to
15 1932 a dividend of
$4,620,276 $4,455,109
Operating revenues
tion of 1234 cents per share was made. On March disbursements of
3715
2,701,437
2.748,812
Operating expenses, including taxes
was paid, prior to which regular quarterly
25 cents
cents per share were made.
1932
$1,871,464 $1.753,672
x Net revenues from operation
1933
1934
1935.
6 Mos.End. June 30x Before property retirement reserve appropriations, interest, dividends
Net profit after taxes and
$62,291 loss$9,062
$67,728
$34,999
and exchange adjustments.
charges
Earns. per sh.on 100.000
Comparative Balance Sheet June 30 (Company Only)
$0.62
$0.68
$0.35
she.cap.stk.(no par)_
1934
1935
-V.140, p. 2345.
II
$
Assets489,659,216 485,139.365
-Larger Div
Investments in subsidiaries, &c
...----American Agricultural Chemical Co.(Del.) cents per s
9,376,086 10,130.063
Cash
dividend of 75
The directors have declared a quarterly Sept. 30 to holders_of
y29.680,521 39,969,754
rd
Notes and loans receivable for advs. to subs_
on the capital stock, no par value, payable share paid in_eactrof the four
482,358
2,573,138
Accounts receivable--subsidiaries
Sept. 14. This compares with 50 cents per
8,863
5,247
Accounts receivable-others
dividend was tbe-iintial distribution
preceding quarters. The Sept. 29 1934
Notes and loans receivable for subscriptions to
this issue.
on
68.986
securities of subsidiaries
655.650
494,216
Contracts receivable-subsidiaries
-4= ----To Retire Preferred Stock
asked to authorize
26.240
Claim receivable
Stockholders at their annual meeting on Sept. 18 will be has been held in
7,076,423
7351,174
Unamortized discount and expense
100,974 shares of capital stock which
the retirement of
400
5,737
Sundry debits
-V. 141, p. 1264.
the treasury for some time.
------ American, British & Continental
Corp. -Merger--
Corp. seStockholders of this company and the Reliance International
t
the Corp.)aved merger of their corporations and
Inc.. with the Equity
General Equities,
enal
Equities,
d
The merger has already been approve on e part of General
-V.
Inc., which is a wholly-owned subsidiary of the Equity Corporation.
141, p. 1264.
-Accumulated Dividend
-American Capital Corp.
5_..
25 cents per share on account
The directors have declared a dividend of
par value, payable
of accumulations on the $3 cumulative pref. stock, nowas made on July 2
Oct. 1 to holders of record Sept. 16. A like payment Dec. 24, Sept. 25,
last.
last and compares with 75 cents paid on March 25The latter payment was
June 4 and March 15 1934. and on Dec. 28 1933.
the first made since Oct. 1 1933.-V. 141, p. 1428.
-Transfer Agents
& Continental Corp.
American
J.,
R. G. Somes and J. S. Daly, 1 Exchange Place, Jersey City, N.
Manhattan
have been appointed transfer agents in place of the Bank of the registrar in
Co., New York, and First National Bank of Jersey City as 3 1935.place of the Chase National Bank, New York, effective Sept.
V. 141, p. 423.
-Earnings
American & Foreign Power Co., Inc.
Comparative Statement of Income (Company Only)
1935-12 Mos.-1934
Period End.June 30-- 1935-3 Mos.-1934
Gross income from subs_ $2,269,479 $2,166,939 $10,455,716 $9,584,585
100,605
89,315
16,806
21.294
Other
$2,290,773 $2,183,745 $10,545,031 $9,685.190
Total income
600.155
735.256
84.362
231,983
Expenses Incl. taxes_
Int. (Incl. inter-co.) and
7,429,165
8.028,777
1,948,567
1,817,668
other deductions
Balance (before exch.
8150,816 $2,380,610 $1,056,258
adj.) carried to sur_ $241,122
-Earned surplus
Summary of Surplus for 12 Months Ended June 30 1935
of income for
July 1 1934, $14,558,601. Add-Balance from statement
(as above).
months ended June 30 1935, before exchange adjustments
12
estimated loss taken in 1932 on deposit in bank
$2,380,609; adjustment of
In liquidation, $52,187; total, $16,991.398. Deduct-Exchange adjustments (net). $182.017; miscellaneous adjustments (net), $29,540; earned
surplus June 30 1935. $16,779,840.
Total
Liabilities
Capital stock
Capital stock subscribed
Gold debentures, 5% series due 2030
Notes and loans payable-To banks
To Electric Bond & Share Co
Contracts payable
Accounts payable
Accrued accounts
Sundry credits
Earned surplus
538.870,585 543,632,852
393,938,272
2.180
50,000,000
36.800,000
44,200,000
683,842
627,176
2,822,380
400
16,779,840 14,558,602
x39S.939,972
480
50,000,000
a31.907,048
b42,976,762
521,470
61,283
2,683,728
538,870,585 543,632,852
Total
a Due Oct. 26 1938. b $7,976,762 due Oct. 26 1938 and $35,000,000
due Nov. 15 1938. x Represented by 478.995 shares $7 pref. stock;387.025
shares $6 pref. stock (inclusive of 5.65 shares of scrip): 2,623,962 in 1935
(2.629,791 in 1934) shares of$7 2d pref.,series A; 1,976,334 in 1935 (1,952,950 in 1934) shares of common stock and option warrants to purchase
6.749.398.8 in 1935 (6,772,650.8 in 1934) shares of common stock for $25
per share (one share of 2d pref. stock acceptable in lieu of cash with warrants for four shares in full payment for four shares of common stock.
-V. 140. p. 4220.
y For advances to subsidiaries.
-Bonds Called
-''American Smelting & Refining Co.
The company has elected to redeem on Oct. 1 1935, at their principal
amount and accrued interest, all of Its outstanding first mortgage 30-year
5% gold bonds, series A, issued under and secured by a first mortgage.
dated April 1 1917. The bonds are payable on or before the redemption
date at the :principal office of Central Hanover Bank & Trust Co., 70
Broadway, New York. Bondholders may. if they wish, present their
bonds for payment in advance of the redemption date, with interest accrued
-V. 141. p. 1265.
to Oct. I.
-Co-operation
American States Public Service Co.
Asked
The co-operation of investment dealers is sought by the reorganization
managers in obtaining deposit of company's 1st lien 5,li% bonds, due
1948 (int. In default since May 1 1935) and debentures due 1938 (Int. in
default since June 1 1934) under reorganization plan, dated June 1 1935.
The reorganization plan under 77-B ofthe Bankruptcy Act was developed
by the committee (Francis E. Frothingham, Chairman), set up at the
suggestion of the court, and with which the trustees co-operaten, also
at the suggestion of the court: selected by the court, are charged with
The reorganization managers,
solicitation of acceptances by security holders of the plan.
Volume 141
Financial Chronicle
Somewhat more than 26% of the bonds and 31% of the debentures
have assented to date.
-V. 141. ro• 1265.
American Water Works & Electric Co., Inc.
-Output.
Output of electric energy of the electric properties of the company for
the week ended Aug.31 1935. totaled 39,805.000 kilowatt hnurs, an increase
of 29% over the output of 30,787,000 kilowatt-how's for the corresponding
period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended1935
1932
1931
1934
1933
Aug. 10
37,243,000 31,136,000 35,394,000 23,958,000 31,104,000
Aug. 17
38,696,000 31,342,000 36,370.000 24,000,000 30.581,000
Aug. 24
39,774,000 30,790,000 36,289,000 24,085.000 29,734.000
Aug. 31
39,805,000 30,787,000 36,471.000 25.727,000 30,425,000
Company Expects No Change in Corporate Mate-Up
Under Utility Act Management and Control May Be Altered
H. Hobart Porter. President, has sent the following letter
to the company's preferred and common stockholders:
On Aug. 26 President Roosevelt signed the Public Utility Act of 1935,
generally known as the "Wheeler-Rayburn Bill."
The Act, which covers many closely printed pages. is not only one of the
most important and severe measures affecting industry ever enacted, but it
is extraordinarily complex and delegates very broad powers over public
utility holding and operating companies to the Securities and Exchange
Commission and the Federal Power Commission. A thorough study and
analysis of the Act is in course of preparation.
We believe that the electric properties controlled by your company
constitute an "integrated public-utility system" as defined under the Act,
and as such should not be subject to dissolution under its terms.
We also believe that the continued ownership and control of the water
works and other non-electric properties owned by your company is in the
interest of the public and of investors and that therefore such ownership
and control should be permitted by the Securities and Exchange Commission.
It is not the practice of your company to manage its subsidiary operating
companies for profit derived from construction, financing or operating
services and insofar as the provisions of the Act prohibit such practices, the
methods which your company is following should not be altered nor its
income affected.
Administration, management and control, which have heretofore been
exercised by the directors of the companies in your system (subject to the
approval of State Remlatory Bodies) may be radically changed under the
broad authority granted to the SEC and the Federal Power Commission.
The reasonableness of the orders, regulations, and methods of enforcement, which these two Federal Commissions may adopt, will determine in
large measure whether this company and its subsidiaries can continue to
grow and prosper.
Your company opposed the destructive features of the Public Utility
Bill and labored long and very earnestly in an effort to secure amendments
which would result in the enactment of a just and reasonable regulatory
measure. In connection with these activities a report has been made to an
Investigating Committee of the Senate which shows that your company
and all of its subsidiaries have expended for contribution to the expense
of the Committee of Public Utility Executives, special legal expense,
traveling and living expenses of officers and employees, telephone and
telegraph, printing and postage in connection with communications to
stockholders and other miscellaneous expense, the total sum of $32,242.10.
Notwithstanding the passage of the Wheeler-Rayburn Bill, your Board of
directors, after considering the position and earnings of your company and
its subsidiaries and noting the gradual improvement now taking place in
business conditions, has declared the regular quarterly dividend of $1.50
per share on the company's outstanding preferred stock, payable Oct. 1
1935, to holders of such stock of record on Sept. 16 1935.-V. 141, p. 1429.
An gostura- Wuppermann Corp.-Earnings(Inclucang Trinidad Products Corp.)
Earnings for 6 Months Ended June 30 1935
Income from sales (net)
$354.559
Cost of goods sold
175,686
Sales and distribution expenses
84,950
Administrative and general expenses
33,904
Profit from sales
$60,018
Other income
3,418
Total income
$63,436
Interest on loans,franchise, taxes, life insurance premiums,&c.
4.527
Listing Fee and expenses
-N. Y. Curb Exchange
2,946
Federal income and excess profits taxes
13.512
Net profit from operations
Divieends paid
Surplus ____ _ ______
_
par_
Earnings per share on 200,000 sirares
Condensed Consolidated Balance Sheet June 30 1935
Assets
LialrUitiesCash in banks dr on hand_ _
$32,621 Due Angostura Bitters. Ltd__
Accts. receivable-customers
28,115 Accts. dc commissions payable
Note. rec.-affiliated co......
1.041 Accruals
Inventories
-balance
$150,568 Federal taxes-1934
Marketable securities
23,519 Reserve for accrued Federal
Life insurance
21,661 income tax-1935
Other note rec.--affil. co
26,279 Long-term loan-Angostura
Inv. in affiliated co
575
Bitters Ltd
Fixed assets (net)
17,112 Capital stock (Par $1)
Deferred charges
6,569 Capital surplus
Advertising campaign exps
35,888 Earned surplus
Exclusive agency contract....
50,300
$42.450
40,000
$2,450
$0.21
$325
11,981
902
14,737
16,233
8,585
200,000
21,100
120,386
Total
$394,253
$394,253 Total
x After reserve for royalties on unbottled concentrates, payable when
bottled of $140,334.-V. 141, p. 104
1587
"The plan of rearrangement of debt capitalization has been available
to debenture holders of Associated Gas & klectric Co. since May 15 1933.
"Although the company had hoped that such an announcement would
not be necessary at this tme, enactment of the Federal utility legislation
by Congress has made advisable an earlier termination of the plan than
had previously been intended. This Act provides for registration of
public utility holding companies on and after Oct. 1 1935, and the stringent,
arbitrary provisions regarding holding companies go into full force and
effect on Dec. 1 1935. Restrictions imposed on security issues by holding
companies are such as to make it practically impossible to continue the
plan after the latter date and its earlier termination will apaprently be
necessary.
"The company has tentatively decided that after Oct. 1 1935 no additional debentures of the company will be accepted for exchange under
Option A of the plan for income debentures, due 1978, of Associated Gas
& Electric Corp. if, by that date, the amount of additional debentures of
the company turned in for exchange under Option A equals or exceeds
$50.000,000. If by Oct. 1 1935 this amount has not been reached, the
company may continue thereafter to accept debentures for exchange
under Option A, subject to its right to terminate Option A when that
amount has been reached, or at any earlier time without notice. Investors
who wish to make exchanges under Option A of the plan are urged to do so
promptly.
"Attention is called to the fact that the debentures of Associated Gas
& Electric Corp. are closer to the operating companies than the debentures
of Associated Gas & Electric Co., and therefore occupy a more favorable
position, not only from the standpoint of continuance of interest payments
but also in the event that radical changes in corporate structure may
become necessary under the Wheeler-Rayburn Act which provides, after
Jan. 1 1938, for the elimination of bolding companies beyond the second
degree and limits their subsidiaries (with certain exceptions) to those
whose properties are geographically and economically integrated. Furthermore, in considering acceptance of the plan, holders should not be
influenced by any temporary differential between the market price of
the debentures of the company and those of the corporation, which presumably is due in part to artificial speculative conditions and in part
to ignorance of the fact that the debentures of Associated Goa & Electric
Corp. occupy a superior investment position.
"The plan of rearrangement of capitalization has been successful. More
than 69,000 debenture holders have exchanged under the plan more than
two-thirds of the outstanding debentures of Associated Gas & Electric Co."
Consolidated Statement of Earnings and Expenses ofProperties
-Increase---%
Amount
1934
12 Months Ended July 311935
Electric
$75,349,163 $73,844.280 $1.504,883 2
315,069 2
Gas
16,070,040 15,754,971
164,575 7
2,402,558
Ice
2,567,133
1,735.284 121
1,428,738
Transportation
3,164,022
1
17,654
Heating
1.576,792
1,594,446
231,795 23
1,214,656
Water
1.182,861
,1,
4
Total
gross oper. revs
6.4i.:0ii ;
9 9
$99,927,665 $96,221,995 $3,70 6
Oper. exps., maintenance, &c_ - _ 53.481,993 48,841.990
4.
Taxes
.L0,711,076 10,805,064
Net operating revenue
$35,734,596 $36,574,941
Provision for retirements (re8,341,818
newals & replacements)
8,986,318
Operating income
Decrease.
2$840,345 x2
644,500
8
$26,748,278 $28,233,123 x$1 A84,845 x5
Weekly Output
-
With an increase of 9.1% over 1934 for the week ended Aug. 24, the
Associated Gas & Electric System continued the encouraging showing which
has featured its output reports of recent weeks. Increases in industrial.
commercial and residential consumption combined to push total output
for the week to 57,658.693 units (kwh.).
Gross output, including sales to other utilities, amounted to 71.794.830
units.
-V. 141, p. 1429.
--tlantic Coast Line RR.-Definve Noits ifeady
-year
The company will, on and after Sept. 3. exchange its temporary 10
collateral trust 5% notes. dated May 11935, due May 1 1945, for definitive
notes of the same issue, on presentation and surrender of said temporary
notes at the office of th ransfer agents. W.J. McDonald and C.E.Ambler.
71 Broadway, N. Y. City.
-V. 141, p. 1429.
Pipe Line Co.
-Rem ganization Approved
Judge Ben C. Dawkins of Western Louisiana District United States
Court approved the reorganization plan of this company and the Spartan
Refining Co. and set Sept. 30 as the date for the final clearing up of details.
-V. 140, p. 4225.
Beacon Participations, Inc.
-Earnings
6 Months Ended June 301935
Income on interest and dividends
$1,888
General expense
3.702
Provision for State tax
Loss on sale of securities
68,962
1934
$6,484
3,830
750
38
Net loss for the period
$70.776 Prof$1.866
943,868
Deficit
1,074,280
-Jan. 1
Reduction in amount of reserves for losses
Cr90.825
Disc.on 3,106 abs. of cl. A stk. acq. for treasury
- Cr41.696
Deficit
-June 30
Assets
Stocks & bonds_ __
Due from panic.
In joint account_
Cash
Mkt. val. of coll.
held in so-called
Joint account...
$1,012,535
Comparative Balance Sheet June 30
1935
Liabilities-1935
1934
$2,876
$554,449 $949,763 Res. for taxes, 6(e.
Res. for losses__ 281,859
14,230 Res. for litigation
8,542
expenses
2,359
4,369
37.730
Notes 6( accts. pay
x Class A panic.
740,734
preferred
2,400
y Class B panic.
499,000
preferred
1,000
z Common
1,012,534
Deficit
$942,003
1934
$2,075
541,816
866,476
Ashland Apartments, Buffalo, N. Y.
-Sale of Bonds
The Real Estate Bondholders Protective Committee (George E. Roose499,000
velt, Chairman), in a letter to depositors of 1st mtge. serial 6% coupon
1,000
gold bond certificates dated May 7 1925, secured by the Ashland Apart942,003
ments Buffalo, N. Y., states:
Subject to the approval of Don, Charles E. Hughes Jr., arbiter, as
$559,208 $968,364
Total
Total
$559,208 $968,364
provided in the deposit agreement, as amended, the committee has entered
a Represented by 38,986 shares no par class A participating preferred
Into an agreement dated June 27 1935, for the sale of the deposited bond
stock in 1935 (45.604 in 1934). y Represented by 25,000 no par class B
certificates of this issue. The agreement provides that the bond certificates
participating preferred stock. z Represented by 25,000 no par shares
on deposit with the corrunittee at the time of the closing of the agreement
of common stock.
-V. 141, p. 106.
shall be sold for a price of $50 in cash for each $100, plus the portion of the
net income of the Ashland Apartments, held by the successor trustee under
the mortgage securing the bond certificates at the time of the closing,
National Rys.-Preferred Dividend Reduced
which is applicable to the deposited bond certificates.
The directors have declared a dividend of $4.50 on American shares
There were on deposit with the conunittee at the close of business on
record Sept. 13.
participating preferred stock, payable Sept. 20 to stock of
Aug. 17 1935, $157,300 of bond certificates. The total principal amount
On Sept. 21 1934 a payment of $7.02 was made.
-V.141, p. 738.
of bond certificates outstanding is $178,500.
agreement is approved by the arbiter and is consummated. It will
If the
Bell Telephone Co. of Pa.-Dii•ectot Resigns
be necessary to pay from the proceeds of the sale of the bond certificates
Walter S. Gifford, President of the American Telephone & Telegraph
approximately $2,576, representing the expenses of the committee of its
Co., has resigned from the board of directors.
-V. 141, P. 1430.
counsel and of the depositary, incurred with respect to this issue, including
the portion of the general expenses and disbursements of the committee
-Accumulated Dividend,4----e-allocated to this issue,and including an estimate of future expenses. There "'""illack & Decker Mfg. Co.
The directors have declared a dividend of 50 cents per share on account
will also be payable from the purchase price the compensation of the comof accumulations on the 8% cumul. pref. stock, par $25, payable Sept. 30
mittee and the fees of its counsel, the allowance of which will be subject to
to holders of record Sept. 20. A similar payment was made on June 29
the approval of the arbiter, as provided in the deposit agreement. Applicaand on March 30 last, this latter being the first distribution since'June 30
tion will be made to the arbiter for allowances for this purpose totaling
1931 when a regular quarterly dividend of 50 cents was paid.
$5,500.
Accumulations after the payment of the Sept. 30 dividend will amount
It is estimated that If the agreement is approved by the arbiter and is
to $7 per share.
-V. 140. P. 4227.
consummated the committee will be in a position shortly after the date
of closing to distribute to depositors approximately $50 in cash for each
....-Borg Warner Corp.
-Dividend Increased
$100 in principal amount of bonds deposited by them.
-V. 121, p. 389.
The directors have declared a dividend of 50 cents per share on the
common stock, par $10, payable Oct. 1 to holders of record Sept. 13. This
__.-Associated Gas & Elec_tric Co.
-Proposed Termination
compares with 3714 cents paid on July 1 and April 1 last; 25 cents In each
.
of Plan A - 6A-4c r% ;•;-3
,....t'-,,
,
of the four preceding quarters, and on Dec. 18 1933, and each three months
sent UV the holders of fixed interest debentures of
A noti has b
from Jan. 2 1931 to and including April 1 1932. In addition an extra diviGas & Electric Co. stating:
Assocat
dend of 25 cents per share was paid on Jan. 2 1935.-V. 141, IL 739.
Financial Chronicle
1588
Blue Ribbon Corp., Ltd.
-EarningsYears End.June 30-Profit for year
Depreciation
Federal income tax
Revel. stocks and bonds
of customer cos
Writ,offshs. held by co
Organization expenses-
1934
$154,589
30,000
23,626
-
1933
$130.88.3
30,000
15.372
1932
$128,313
30,000
8,792
15.000
1935
$102,756
32,211
11.041
10,000
15.411
10.294
$59.504
71.874
$75,259
55,261
$70,510
42,340
$79.521
139,993
Total surplus
Preferred dividends_
Common dividends......Previous year's inc. tax_
$131,378
59,700
$130.519
58.645
$112.850
57,590
$219,514
75.587
74,266
27,321
Balance, June 30-- - -
$71,679
Net income
Previous surplus
$71,874
$55,261
$42,340
Consolidated Balance Sheet June 30
1934
1935
1934
Assets
1935
Cash
841,165 $109,994 Bank advances_._ $200,607 $162,787
x Accts. receivable 298,761
286,615 Accts. pay., Incl.
Federal income
813,964
Inventory
657,432
80.765
145,683
tax
Stocks & bonds of
53,246 Res. for deprec, of
cust. coo., &c
53,237
bldgs., mach. &
Pay, under agree,
213,920
183,783
equipment
re willards Choc1,492,500 1,492.500
80,268 Preferred stock
olates, Ltd
303,502
839,067
839,067
y Common stock_
Land,bidgs.,mach•
71,874
71,678
& equipment__ 1,251,618 1,248,913 Surplus
-marks, patent
Tr.
rights & good-will 268,638
268,638
19.762
19,890
Deferred charges_
4,294
4,294
Organization exp..
Total
$2.898.538 $2.895.694
82,898,538 82,895,694
Total
-V.141, p.739.
x After reserve. y Represented by 63.475 no par shares.
-Output
Boston Consolidated Gas Co.
1935
1,346,975,000
1,153.085,000
1.152.477.000
1.039,210.000
1,009.712.000
897,530.000
792,302,000
807,899.000
(In Cubic Feet)
January
February
March
April
May
June
July
AAugust 1.
14 p. 585.
1934
1,172,408,000
1,171.444.000
1 126,368 000
988. 598.000
985.750.000
879.667.000
784,460,000
837,210,000
t
-Reconstruction Loan t.,........./, ‘.1.
,...---Boston 8c Maine RR.
the company
The Interstate Commerce Commission on Aug. 30 fou
not to be in need of financial reorganization in the public interest at this
time and approved the extension for a further term ending not later than
Feb. 1 193'7 of time of payment of loan by the Reconstruction Finance
Corporation, maturing Sept. 6 1935. in the amount of $7,569,437.-V.
141. p. 1430.
-Earnings
Brewing Corp. of Canada, Ltd.
1935-12 Mos.-1934
Period End. July 31- 1935-3 Mos.-1934
$849,628 $2,832,202 $1,776,516
Profit from operations__ $1,016,345
618,031
1,682,013
745.928
2,225.154
Taxes
Profit
Other inc. or expend__ _
$270.417
7.164
$231,596
7,426
$607,047
37,292
$94.502
Dr720
Total income
Interest
Prov. for depreciation
$277,581
20,018
90.519
$239,023
18,804
89,124
$644.340
75.851
364,975
$93,781
81,350
330,404
$167,043
6131,094
$203,513 loss$317,973
Profit
Consolidated Balance Sheet
July 31'34 Oct. 3134
Ma/NinesAssetsJuly 31'35 Oct. 3134
8500,042
$82,357 8137,755 Bank loans, &eCash
d765,339 $544,588
a73,207 Payables 124,996
Marketable secs_
240,415 Bal. due on perch.
303,787
Receivables (net)_
386.013
of subs
1,936,419 1,777,069
Inventories
54,691
31,523
119,481 Mtges., &c., pay_
188,638
Prepaid expenses_
365,000
b Fixed assets___ 6,094,737 6,247.355 3-yr. 7% guar. deb 365,000
450,000
493,764 5% serial notes...... 450,000
536,818
MLscell. assets____
134,351
Minor, int. (sub.)
16,730
c Capital stock__ _ 4,896,890 4,863,606
649,948
Capital surplus_ _ _12,242.228f
1, 1,640,848
Distrib. cap. Burp.f
Total
$9,267,752 89,089.044
89,267,752 89,089,046
Total
a Approximate market value, $78,431 in 1934 and $125.299 in 1933.
b After deduction of nepreciation reserve of $3,458,248 in 1935 and $3,276,824 in 1934. c Represented by 162,737 (162,369 in 1934) no par shares
pref. stock and 663,050 (649,516 in 1934) shs, no par common stock.
4 Includes accrued liabilities -V. 140. p• 4064.
-Expansion
Bronx Title & Mortgage Guarantee Co.
Company Aligns Itself with Lederer Interests and Broadens
Field
The company announced Sept. 5 plans to enlarge its field of operations
to include Manhattan, Bronx, Kings, Queens and Westchester counties,
and the election of the following six new directors: Richard M. Lederer,
Pres. of Standard National Corp.: Mortimer 0. Reynolds, Pres. of M. C.
Reynolds Construction Co.; Edgar Ellinger, Pres. of Edgar Ellinger, Inc.,
real estate; Leon Cohen, Vice-Pros. & Treas. of Associates Realty Corp.:
William B. Fichter. Pres., Alden 13rokerage Corp. and Edward T. Hart,
Pros., E. R. Munn & Co., real estate management. The following directors
were re-elected. Albert Pross, attorney; Henry Goldwater, retired; John
Kadel, Kadel, Van Kirk & Trencher, attorneys: Albert Goldman, Postmaster of New York: Emil Leitner, Pres. of Jacob & Emil Leitner. Inc.,
real estate* Monroe Goldwater of Goldwater & Flynn, attorneys, and
George Fennell.
Albert Pross was re-elected President at a meeting of directors, and the
following new officers were elected: Edgar Ellinger and M. C. Reynolds,
Vice-Pres.• Leon Cohen, Treasurer and General Manager: Stanley Haskell.
Assistant Secretary, and Richard M. Lederer to the newly created position
of Chairman of the Board.
Mr. Press announced that the directors voted to have the company
qualify as an "Authorized Morgagee" under the Federal Housing Administration and that the company expects to occupy a prominent position in
this field co-operating with the Government in stimulating new housing
construction.
The company, which was organized in May 1929. has no direct or contingent guarantees outstanding and is believed to be the only one of the 16
unrestricted title companies in New York State that has paid a dividend to
-V.128. p. 3830.
stockholders since the depression.
-Earnings
Brown Fence & Wire Co.(& Subs.)
Years Ended June 30-Profit from operations__
Other income
1935
8478,500
23,670
1933
1934
$187,837 loss$72.736
61,334
54,344
1932
$24,382
76,634
Total income
Depreciation
Bond interest
Prov. for loss on accts.
I in closed banks
Prov. for contingencies _
Federal taxes
3502370
36,851
10,675
$242,182 loss$11,402
40.902
39.587
6,435
6,154
$101,015
40,449
6,804
Net profit for period__
Class A dividends
Class B dividends
$388,739
38,000
65,904
14.500
30,580
$151,362 loss$96,739
}
7,542
$46.220
158,057
.
Sept. 7 1935
Consolidated Balance Sheet June 30
1934
1935
Liabilities1934
Assets1935
$72,408
Cash
8228,687 $104,507 Accounts payable.. $146,408
200,000
Notes payable__ __
Time ctfs. of dep_ 350,000
100,000 Reserve for Fed.
HOLC bonds
30,000
66.000
income tax
123,512
Accts. & notes rec. 110,643
53,490
9.857 Other curr. liabils. 142,356
Due from emprees
44.600
81.300
103,254 Funded debt
Install. accts. rec..107,237
14,500
14,500
Inventories
1,298,804 1,422,341 Res. for conting_
825,540
y Cl. A conv.pf.stk 990,640
a Land, plant,
128.875
563,781 z Cl. B com. stock 139,882
551,293
equipment, &c_
67,386 Capital surplus.... 881,827 1,092,934
77,174
Deferred charges_
6,571
395,311
398 Earned surplus
Sinking fund
Dep. in liquidating
10,583
8,485
banks
82,776,925 82,505,618
Total
$2,776,925 $2,505,618
Total
After depreciation of $883.075 in 1935 and $846,289 in 1934. y Reproseated by 99,064 no par shares in 1935 (82,554 in 1934). z Represented
by 139,882 no par shares in 1935 (128,875 in 1934).-V. 141, p. 910.
-Annual RevortBrooklyn-Manhattan Transit Corp.
Gerhard M. Dahl, Chairman, says in part.
-In the 1934 annual report, there was outlined a program of
Financial
refinancing whereby the short-term notes and bank loans were retired from
the proceeds of the sale of $8.000,000 of Brooklyn-Manhattan Transit
-year secured sinking fund 6% bonds dated June 1 1934, due
Corp. 15
June 1 1949 In August 1934, corporation sold an additional amount of
$2,000,000 of these bonds, thus making a total of $10.000,000 of these 15
year bonds outstanding at the close of the fiscal year 1935.
The proceeds realized from the sale of this additional issue were used to
acquire bonds of one of the subsidiary surface line companies outstanding
In the hands of the public and to augment the working capital of corporation.
-year bonds issued in June 1934, the
As in the case of the $8,000,000 15
$2,000,000 of these bonds sold in August 1934. were secured by bonds of the
New York Rapid Transit Corp. which had been held in the treasury of
corporation,so that the bonded indebtedness of the New York Rapid Transit
Corp. was not increased.
-Under the provisions of
Results of Operation Under Contract with City
Contract No. 4 with the City of New York, the New York Rapid Transit
Oorp. is entitled to deduct from the revenue from operation all operating
expenses and certain preferential deductions, including accumulated deficiencies, ahead of any payments to the city. The condensed summary
-year period of
below for the fiscal year ended June 30 1935. and for the 22
this operation under the contract shows the order in which such deductions
are made from the revenues and the application of revenues thereto together
with the accumulated deficit, subject to adjustment for accrued items not
previously included and to audit by the Transit Commission.
Period
•
Year Ended Aug. 4 1913
June 30 1935 to June 30'35
Revenue
$31,755,676 $558.150,070
24,264,448 463,919,169
Oper. deductions & corp's 1st preferential
Balance available for return on new money
invested under contract
$7,491,229
Corp's 2d pref., representing interest and sinking
fund on corp's contribution to construction
and equipment under contract
6.940.031
Balance above corp's 2d preferential
Deficiency, representing amount by which revenue failed to equal interest and sinking fund
on corp's contribution to construction and
equipment under contract
$94,230,901
97,173,651
$551,198
2,942.750
Comparative Statement of Consolidated Income Years Ended June 30 1935
(Ind. Brooklyn & Queens Transit Corp. and Subsidiaries]
al934
1935
Revenue from transportation:
Passenger rev,other than Brooklyn Bus Corp
$46,520,048 $47,595,960
3,241,675
Passenger rev ,Brooklyn Bus Corp
3,246,561
290,693
Freight revenue
320,375
180
Other car revenue
222
Total revenue from transportation
$50,087,207 $51,128,509
Other operating revenues:
1,162,537
Advertising and other privileges
1,183,346
244,486
Rent ofland, buildings,&c
244.769
25,087
Rent ofequipment20,741
16,833
Rent of tracks and terminals
3,809
3.990
Sale of power
2,265
17,930
Miscellaneous revenue
12,945
Total operating revenue
Operating expenses:
Maintenance of way and structures
Depreciation of way and structures
Maintenance of equipment
Depreciation of equipment
Operation of power plant
Operation of cars
Injuries to persons and property
Traffic expenses
General and miscellaneous expenses
Freight expenses
Taxes assignable to operations
$51,555,084 $52,599,376
Operating income
Non-operating income
$14,269,318 $16,066,766
701,253
729.976
Gross income
Income deductions:
Interest deductions
Rent deductions
Amortization & other deductionsfrom income
$14,999,295 $16,768,020
3,172,165
930,000
4,299,085
1,613.682
4,546,989
13,410,618
2,702,030
7,071
1,850,984
194,076
4,559,040
3,085,693
932,500
4,387.187
1,666,875
4,215,295
13,564,837
2,367,507
11.917
1,938,436
182,310
4,180,048
8,455,402
8,348,721
208,202
205,466
206,029
91.029.
$7,000
Balance of income
$6354,0
385
78
Less: Amount accruing to minority interest of
959,566
B.& Q.T Corp
646,725
Current income carried to surplus
$5,707,353 $6,940,818
a The 1934 figures are restated for comparative purposes to eliminate
-setting deductions between the Brooklyninter-company revenues and off
Manhattan Transit System and the Brooklyn & Queens Transit System
which previously had not been eliminated in reports for prior years and
which do not affect current income carried to surplus.
Statement of Consolidated Earned Surplus Year Ended June 30 1935
Balance, June 30 1934. accruing to Brooklyn-Manhattan
$27,608,690
Transit Corp.common stock
5,707,353
Current income. year ended June 30 1935. as per statement
Total surplus
Net charges to surplus
Adjustment of surplus
$33,316,043
1,881.863
1,172
Balance of earned surplus before dividends
Preferred stock:
Year ended June 30 1935
Year ended June 30 1936
Common stock
$31,433,007
1,496,808
x1,122,606
2,206.992
Balance, June 30 1935, accruing to Brooklyn-Manhattan
$26,605,601
Transit Corp. common stock
x Preferred dividends for the year ending June 30 1936, declared in accordcertificate of incorporarion which provides that the full
ance with the
dividends on pref. stock for any year shall have been declared for payment
in said year before any dividend on the common stock shall be paid. Dividend on the common stock, payable July 15 1935, was declared on June 17
1935.
Volume 141
Financial Chronicle
Comparative Consolidated Balance Sheet June 30
1935
1934
1932
1933
Assets
:
$
Cost of road and equip.:
Properties owned,excl.
of rapid transit exp.
made under Contr't
No.4 & related ctfs.185,839,199 186,294,027 187,394,319 188,158.848
Rapid transit exp. under Contract No. 4
& related ctts
112,977,477 112,577,380 111,892,213 110,691,772
Cash on hand & in banks 6,291.918 3,638,880
2,441,840
Materials and supplies_ _ 3,113,694 3.129,665
2,862 608 3.236,940
,
Coupon deposit
2,336,159
2,279,342
2,298,308
2,319,728
Dividend deposit
317,058
599,950
689,656
573,656
Mtge.,&c.receivable__ 462,762
367.965
476,015
315,865
Investments
152,709
487,599
1,717,987
472,108
Accounts receivable_ - - z583,332
z418,321
562.757
499,194
Interest receivable
178,015
146,275
178,998
148,858
Spec. dep. of sec.& cash:
City of N. Y., Contr.
No.4,&c
400,620
400,620
400,620
400,620
State Industrial Cora.
-City of N.Y.corp.
stk. & Liberty bds. 1,594,928
1,546,430
1,650,356
1,546,430
Deprec. Fund Board,
&c.sec.and cash...._ a9,670,311 a9,125,499
8,011,792
8,325.306
Other special deposits185.477
131,901
153,273
204,236
Trustees fund for renice.
ofequipment
17,938
19,196
18,325
18,443
Collateral to bills pay_ _
.851,482
3
Accts.in litigat'n & items
in suspense
3,170,751
2,854,646
2,683,903
2,888,951
Prepaid accounts
363,408
669,652
752,621 • 520,489
Total
327,655.758 325,001,489 324,118,555 327.573,108
Liabilities
Funded debt
-B.
-M. T.
Corp
92,660,000 90.660,000 93,565,000 106,198,000
N. Y. Rap. Tr. Corp.
underlying bonds_ _ 29,683,630 29,215,630 22,966,630 130,598,500
Wiliamsburgh Pwr. Pt.
Corp
17,885,600
Bklyn. & Queens Trans.
Corp
23,964,300 26,086,000 26,779,128 37,015.166
Brooklyn Bus Corp
519,621
726,667
1,046,667
Bklyn. & Queens Service Co. Inc
,
916,500
1,274,000
1,092.000
Total funded debt_ ---147,744,051 147,780,297 145,631,424 291,697,267
Less bds. owned in treas.
140,942,543
Balance
147,744,051 147,780,297 145,631,424 150,754,724
Pref.stk.(249.468 shs.) 24,946,800 24,946,800 24,946,800 24,835,300
Common stock
729.938,138 729,938,138 729,938,138 30,165,502
Ms. owned pledged as
collateral
3,813,558
Min.int. in cap. & surp.
of subsidiaries
20,459,328 20,268,492 20,339,576 20,097,065
Real estate mortgages
100,000
150,000
150.000
150.000
Bills payable
9,949,031
3.000.000 3,849,031
9.586,748
Accounts payable
1,933,682 '2,281,318 3,181.535
2.597,075
Tax accruals
2.902,105
1,560.237
1,941,549
Int. accrd. on fund. debt 3,846,178 2,041,805
3,872,970 3.938.198 4,075,194
Other interests
90,061
517,674
17,192
61,899
Tort claims,incl. judgm't
53,820
54,946
54.020
53.820
Dividends payable_ _ _ _ 2,289,298. 745,204
734,910
713.787
Other reserves
45,976,069 44,652,444 43.147,939 35,160,029
Accr.amort.ofcap.,&c.,
reserves
15,086,900 13,666,122 13,185,720 18,223,649
Res. for taxes in litigation & conting.tax liab 2,027,508
1.544,591
1,544.611
1.527,518
Unadjusted credits _ - _ _ _
181,589
222,449
176.980
340,421
Excess of par or stated
val, over cost of Interco. sec. eliminated in
consolidation (net) _ _
. 665,531
529,215
894,374
Capital surplus
846,132
846,190
846,132
Surplus, June 30
26,606,601 27,608,690 23,763,358 22,040,719
Total
327,655,759 325,001.489 324,118,555 327,573,108
y Represented by 735,664 no par shares. z Accounts and notes receivable. a Includes $4,652,282 in 1935 (84.275,227 in 1934) for the depreciation fund for the railroad and equipment,
which
at the termination of contract No.4 will bethe unexpended balance of York.
payable to the City of New
-V. 141. P. 1430.
Brooklyn & Queens Transit Corp.
-Annual Report
Gerhard M. Dahl, President, says in part:
Traffic
-The total number of fare passengers
Brooklyn & Queens Transit System, including carried on all lines of the
the Brooklyn Bus Corp.
for the respective fiscal years are as follows:
1935
1934
Inc. or Dec.
Trolley lines
346,977,587 360,804,362 Dec. 3.8
Bus lines
67.179,550 66,989,534
hic.03
.
Total
414,157,137 427,793,896 Dec. 3.2%
The decrease in traffic on the trolley lines of the System is due in part
to general business conditions, and is
decrease in traffic
on practically all transit systems in comparable to the area, and also
the metropolitan
increased diversion of passengers from trolley lines in the Park Slope to
and
West Flatbush areas of Brooklyn to the Independent Subway operated by
the City of New York.
The total car miles operated on trolley lines in the fiscal year 1935, was
47.037,365, being a decrease of 1,802,856 car miles or 3.7% of the total car
miles operated in the previous year and a decrease of 3301.732
or 6.6% of the total car miles operated in the fiscal year 1930. car miles
The decrease of 6.6% in car miles operated in 1935 as compared with
1930 compares with a decrease of 25.4% in passengers carried on trolley
lines in the same period and indicates the extent to which the quality of
service has been maintained in an endeavor to render the public the best
possible service in the taco of declining gross revenues.
Wages-Increases in wages aggregating 5% were made effective during
the fiscal year 1935 for employees earning less than $50 per week. The
first increase of 2% became effective in July 1934 and the remainder of the
5% increase was made effective in April 1935, thereby restoring in part the
decrease made in prior years.
Taxes-During the past few years the percentage of revenue required for
taxes has constantly increased, and, in the fiscal year 1935. $1,692,668 was
required to be paid or accrued for taxes of the System, an increase of
$174.844. or 1134% as compared with the preceding fiscal year. The taxes
for the year 1935 were equivalent to $2.12 a share on the common stock
outstanding and the ratio of taxes to operating revenue for the year 1935
was approximately 8%.
New Cars and Modernization-For several years past corporation has been
co-operating with more than 20 other street railway companies throughout
the United States in financing a program of research, study and experiment
to determine whether the design and equipment of the street car could be
improved so the street car could meet the public's demand for a high-weed,
smooth-riding and comfortable vehicle for surface transportation. That
program of research was carried out over a period of five years at a cost
of more than $500.000 to the companies which sponsored it. The conclusion
reached as a result of that research was that the street car could and should
be modernized, and that a street car designed and equipped to meet presentday standards of passenger comfort and speed in traffic not only would
maintain its place upon the streets of large cities but also would be preferred
by the riding public over a bus.
A car designed to meet such tests was constructed last year under the
supervision of the research organization and after a few exhibition trips
at the convention of the American Transit Association in Cleveland last
September was brought to Brooklyn and placed in operation. Its performance has won commendation from the public and from operating experts
alike, its smooth-riding qualties and practical noiselsssness in particular
having been favorably commented upon by the public.
1589
It is the considered judgment of the officials of corporation in charge of
operation that a demonstration on a large scale of the capabilities of such a
modern, high-speed, smooth-riding and comparatively noiseless street car
would have a material effect in altering the general attitude towards street
cars and would convince the public that the street car instead of being
obsolete is the vehicle best suited to provide safe, adequate and comfortable
service on surface transit lines called upon to handle heavy traffic.
Therefore, orders have been placed for the construction of 100 street cars
of modern design and equipment for operation on the lines of corporation.
The total cost of the cars is approximately $1,500.000. Delivery of the
cars is to begin early in 1936 and to be completed by April of that year.
The orders for the cars have been placed by the Brooklyn & Queens Service
Co., Inc., all of the stock of which company is owned by corporation, and
the purchase is to be financed by the issuance by that company of 10
-year
serial equipment trust certificates which are to be guaranteed as to the
payment of principal and interest by corporation. The certificates which
mature in the first two years bear interest at 3%, those maturing in the
next three years at 4% and those maturing in the last five years at 5%•
The purchase of these cars will enable corporation to completely equip
several lines with new cars and thus will provide the first large-scale demonstration of the relative merits of modern street cars, as compared with
buses, in providing surface transit service in large urban areas.
Financial
-There was no change in the amount of the bank loans of the
Brooklyn & Queens Transit Corp. during the year 1935 and the amount
of these loans as of June 30 1935, remained $3,000,000. During the year
the funded debt of the Brooklyn & Queens Transit System was reduced
as follows:
Brooklyn City RR, equipment trust certificates
$375,000
Brooklyn & Queens Service Co., Inc., car lease warrants
175,500
Brooklyn Bus Corp., bus purchase notes
320,000
$870.500
The payment of the Brooklyn City RR. Co. equipment trust certificates
was the final instalment on that obligation. In addition to the payments
on bus purchase notes listed above, the bus corporation also paid $162,550
during the year in part payment for 35 new buses ordered in May and June
1934. Consequently the total payments on capital obligations of the
Brooklyn & Queens Transit System during the fiscal year 1935 were in excess
of $1,000,000.
During the fiscal year 1935 South Brooklyn' Ry. Co.reduced the principal
of its mortgage payable from $160,000 to $100,000.
Comparative Income Account for Year Ended June 30 (System)
1935
1934
1932
1933
Passenger revenue
816,606.452 $17,271,899 $17,955,251 $20,200,523
Pass. revenue Brooklyn
Bus Corp
3,246,561
3.241,676
3,037,461
2.582,368
Freight revenue
320.375
290,693
225,511
254,336
Total
$20,173,389 $20,804,267 $21,218,222 $23,037,227
Other Street Ry. Oper.
Revenues:
Advertising & other priv.
64,900
66,046
150.843
259.091
Rent of buildings & other
property
140,825
140.684
126.746
154.594
Rent of quipment
76,529
83,335
80,257
99,317
Rent of tracks & ternals_
26,495
39.520
52.029
53.431
Sale of power
855
2.315
4,955
7.472
Miscellaneous receipts
8.785
11,933
11,208
10,787
Total other street ry.
oper. revenues
$318,389
8343.833
$426,038
8584,694
Total street ry.op.revs$20,491,778 $21,148,101 821.644.260 $23,621,921
Operating ExpensesMatnt. & deprec, of way
& structure
1,488,942
1,579,639
1,418,029
1,661,464
Maint.& deprec. ofequip 2,807,234
2
.825.686
2.521,776
2,451,229
Oper.of power plant_ _ _ _ 2,272,889 2,244,946
2,246,545 2,482.065
Oper. of cars & traffic
expense
6,553,750 6,712.209 7,022,605
8,510,800
Injuries to persons &
property
1,818,135
1,640,121
1,573,217
1,608,485
General misc.expenses
835,345
880.753
943,603
998.770
Freight expenses
182,310
194.099
185,630
223,682
Net rev,from oper__ _ $4,430,686 $5,173,133 85,732,852 85.685.437
Taxes accrued on operating properties
1,692,667
1,517.824
1.594.388
1.511,381
Operating income_ - 82,738,019 83,655310 84,138.464 $4.174.056
Non-oper.income
188.864
200.657
210,685
202,699
Gross income
$2,926,884 $3,855.968 84,349,149 $4,376,755
Interest deductions
1,510391
1,431,767
1.566,495
1.631,214
Rent reductions
38,294
40,651
35,669
90.339
Amort. & other deductions from income.. _
17,437
85,430
52,016
11,233
Net income
$1.402,449 $2.290,146 12,661,555 82.643.988
Preferred dividends....,.
1.699,500
1,699,500
1,699,500
991,375
Surplus
Earns, per sh.on 800,000
common shares
$411,074
8590,646
8962,055
8944,468
Nil
$0.74
$1.20
$1.18
Condensed Consolidated Balance Sheet June 30
1935
1931
1934
1935
Assets
LtabilUies$
Road St equip.. 108,046,069 108,495,723 Capital stock
Preferred stk.
.
.
Mails & suppl's 1,062,092
(283,250 sh.) 28,325,000 28,325,000
976,248
Accts. receivable
Common stk.
264,648
167.890
Coupon deposit_
(800,000 eh.) 18,800,000 18,800,000
17,489
22,137
Div. deposit_ _
444,785 Funded debt _ _ _ 27,510,421 28,264,667
151,789
Real est. mtge.
Stocks and bonds
100,000
150,000
8,041
hltges. recevie_
290.500 Ctrs. of indebt.
Int. receivable...
699,712
to assoc. cos__
499,866
25,595
12,708
Bills payable_ __ 3,000,000 3,000,000
Mtge.notes,&c.,
rec--not min%
160,649 Accts. payable.. 1,354,149 1,793,910
263.053
City of N. Y.,
Tax accruals_ _ _
728,381
716,688
acct. franchise
132,520 Int. accrued on
132,520
Trustees' acct,
funded debt__
569,861
586,425
fund for reOther interest...
26,949
27,687
placement of
Tort claims, incl.
equipment _ _
judgments ___
24,634
.
22,472
22.472
24,130
State Ind. Corn.
Div. payable__
444.785
151,788
(City of N.Y.
Res.for conting_ 17,361,139 17,886 720
.
corp. stock St
Res.for damages 2,615,119 2,332,909
Libly bonds)
620,509 Res. for replace.
662,096
Other special deof equipment_ 2,092,099 1,759,519
Posits
27,781
69,468 Accr.amortiz. of
Accts. In litigacapital & other
lion and items
reserves
2,798,592 2,721,411
In suspense__
721,921
738,069 Taxes In litigaPrepaid accounts
239,624
417,722
Bon & contIng.
tax liability ._
829,499
625.498
Unadj. credits
67.623
62,533
Excess of par or
stated val.over
cost of inter- .
co. sec. elim.
in coneolida'n
65,239
65,577
Capital surplus_ 1,465.572 1,465.572
Surplus
4.126,062 3,874,072
Total
112,699,062 113,435,930
Total
112,699,062 113,435,930
To Guaranty Note Issue
The stockholders at the annual meeting to be held on Sept. 16 will consider authorizing the guaranty by the corporation of a note issue of Brooklyn
& Queens Service Co.. Inc. (a wholly owned subsidiary) in the principal
amount of 81,500,000.-V. 141, p. 1267.
Financial Chronicle
1590
-Plans Reorganization
Co.
The company, manufacturer of pulp, paper and specialties, advises
holders of its two bond issues that coupons due-Sept. 1 and Oct. 1 will not
be paid. At date of the last balance sheet. Nov. 30 1934, there were out-is, series B, with int. payable Sept. 1 and
standing $4,693,000 1st mtge. 53
$16,732,500 1st mtge. 530,series A. with int. payable Oct. 1.
The company has filed in the Federal District Court at Portland, Me.
a petition for reorganization under Section 77-B of the Bankruptcy Act.
Judge Peters set Oct. 1 as date for a hearing on the petition.
An income account submitted to the Court shows that for the period
Dec. 1 1934 (beginning of the company's fiscal year) to May 18 1935, the
company earned a profit before depreciation and depletion of $698,072.
After deducting interest of $680,543 and depreciation and depletion of
$697.257, there was a loss before surplus adjustments of $679,728. For
the period May 19, to Aug. 10 1935, the company earned a profit before
depreciation, depletion and interest of $84,623. After deducting interest
of $347,381 and depreciation and depletion of $279.451, there was a loss
of $542,209 for the period.
A consolidated balance sheet dated Aug. 10 shows total assets of $74,826,714. including cash and balance with Iselin & Co. of $126,631; accounts
and notes due $582,039, and inventories $5,506,380. Liabilities included,
in addition to $21,415,500 bonds, long-term debt not due of $750.000:
bank loans, $1,244,863; other notes, $186,249; accounts payable (due)
$735,046; accounts payable (not due), $1,115,454: property taxes, $210.1291
accrued taxes, $450,941, and bond interest, $444,280.
-Among the liabilities listed by the
Owes Boston Reserve Bank $758,000
Brown company is a note originally outstanding in the amount of $900,000
to the Federal Reserve Bank of Roston, a so-called "industrial loan" issued
under the new law about a year ago. The note has been reduced to $758.218
as of Aug. 21. The Federal Reserve Bank holds as collateral for this loan
all of the stock of the Brown Co. Sales Corp., a subsidiary of the Brown
Co., which has a book value of $2,024,712. This sales corporation buys
from the Brown Co. everything that it manufactures and in turn sells it.
A letter to bondholders says in part:
During the last four years, notwithstanding very heavy losses which
were common to the pulp and paper industry generally, the company has
continued to pay its bond interest and until lately has fully met all sinkingfund payments in the expectation that there would be sufficient recovery in
the volume of profitable business in time to justify such a policy, and there
has in fact been a substantial increase as expected in the volume of the
company's business during the first half of its present fiscal year. On the
other hand, the company was obliged this spring to increase its wage scale.
Higher freight rates went into effect applying to pulp shipped from its
Canadian mills to its mills in New Hampshire and the price of raw materials
used in the manufacture of its products increased. In addition to all these
adverse factors affecting the cost of operaiotn and quite unavoidable,
price cutting was renewed in the industry upon the collapse of the National
Recovery Administration. Consequently, during the last three months of
this year the company has suffered additional losses and has now reached
the point where it cannot further deplete its resources by payment of bond
interest without serously endangering its business operations as well as
prejudicing the rights of the company's creditors generally.
This situation has also forced the management lately to the conclusion
that the company must consider some plan of reorganization of its capital
structure involving a reduction of fixed charges in order to meet the conditions with which it is now confronted. To that end, as soon as reasonably
possible the management will present to you a comprehensive plan for a
financial reorganization of the company, accompanied by a statement of its
-V. 141,
financial and business condition to aid you in your consideration.
p. 740.
-Earnings
Brush-Moore Newspapers, Inc.(& Subs.)
1935-3 Mos.-1934
Period End. June 30-Net income after deprec.,
exps., Fed, taxes, int.
$129,345
and other charges__.,_$139,809
Earns, per sh. on 50,000
$1.84
common shar
-es
$2.05
V. 140, p. 4391.
1935-6 Mos.-1934
$225,459
$183,109
$3.02
$2.17
-Gets Russian Order
(Edw. G.) Budd Mfg. Co.
An order for automobile dies and stampings that will provide a large
volume of work for the company's tool and machine shops, for six months
has been received from the Amtorg Trading Corp. Edward G. Budd,Pres.,
'
announced Sept. 5. The amount of the contract was not disclosed.
Mr. Budd said the Russian order, following his company's domestic
program, will provide employment for many men through the winter,
ordinarily a dull period in the tool department of the automobile industry.
-V. 141. p. 1430.
Work will begin immediately.
Bunker Hill & Sullivan Mining & Concentrating Co.
-Earnings-Month-1934
Period Ended July 31- 1935
Operating income incl.
other income but before
income taxes, deprec.
$64,717
$92,745
and depleton
-V. 141, p. 741.
1935-7 Mos.-1934
$60,046
def27,790
def43,171
$68.151
def9,591
def21.702
446.188
456,159
def55.931
def119,444
def229,215 def147,797
$623,691
$70,359
12.692
1,331
$635,618
-To Reorganize
.---.Canada Biscuit Co., Ltd.
The bondholders will meet Sept. 20 to consider reorganization of the
company. It is proposed that the name be changed to McCormick's Ltd.
Bondholders are asked to approve cancellation of unpaid interest and
sinking fund payments due up to May 1 1935, on the 1334% first mortgage
bonds, and a reduction of 50% in principal amount of first mortgage bonds
outstanding. This would leave $895,250 of bonds on which interest would
be reduced to 5%% accruing from May 1 1935. Interest due from May 1
1935 to April 30 1940, will be payable annually on May 1, depending upon
earnings, and shall be non-cumulative. Maturity of the bonds is extended
to May 1 1950. No preferred or common dividends shall be paid while
-V. 141. p. 586.
the bonds are on an income basis.
-Earnings
Canadian Hydro-Electric Corp., Ltd.
1935-12 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
Oper. rev. & other inc- $2,377,289 82,401,321 89.400,245 $9,440,401
loss2,079 loss40,577 loss51,876
42
Profit on exchange
Total revenue
$2,377,331 $2,399,242 $9,359,668 $9,388,525
Net before interest, de8,141,892
8.076,047
preciation, &c
2,064,789 2,088,011
Interest, amort. of disc.,
income taxes and pref.
dividend of sub
1,271,325
1,265,092 5,113.382 5,119,691
Deprec. and amortiz. of
651,840
653.069
166,855
165,533
storage works
Balance before diva. on
first preferred stock
-V. 140, p. 4393.
$627,931
3656,064 82,309,596 82,370,361
Canadian National Lines in New England-Earnings.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141. p. 741.
1935
$105,389
def19,374
def66,194
1934
$106,133
def26,496
def72.797
1933
$94,794
def11,978
def59,603
1932
$85,600
def27,232
def87,652
704,720
569,144
627,210
619,459
def190,976 def144.046 def128,907 def148,819
def526,802 def469,402 def475,752 def549,222
Canadian National Ry.-EarningsEarnings of System for Fourth Week of August
1934
1935
$4,949.725 $4,886.852
Gross earnings
-V. 141, p. 1430.
Increase
$62.873
Canadian Pacific Ry.-EarningsEarnings of System for Fourth Week of August
1935
1934
$3,868,000 $3,948,000
Gross earnings
-V. 141, p. 1430.
Decrease
$880.000
Canadian Pacific Lines in Maine-Earnings.1932
$86,042
def31,050
def58,452
1935
$106.880
$103.540
def17,231 • def17,844
def35,929 def37,418
$80,410
def23,980
def44,424
1,200.486
121.604
def66,756
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141, p. 741.
1,151,033
1,012,477
88,010
167,908
def34,833 def136,281
1,340,384
235.780
31,096
-Earnings.Canadian Pacific Lines in Vermont
1932
1934
1935
1933
July-
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 141, p. 741.
$79,902
def18,543
def39,429
1171,666
def23,923
def44.413
$90,916
def3,430
def26.187
$81,523
def27,586
def52,996
637.316
549,018
563,882
506,201
def145,817 def118,631 def100,176 def102,252
def296,901 def271,537 def257,333 def286,377
543,051
474.304
def12.028
26.674
def74,444 def141,991
1932
1933
1934
1935
6 Mos.End. June 30Net profit after deprec.,
$403,148
$4455,902
Federal taxes, &c_ -- $2,577,550 $1,601,808
Earns, per share on 5,000,000 no par shares
$0.08
$0.32
$0.09
$0.51
shares capital stock
Consoldated income•account for six months ended June 30 1935,follows:
Gross income from sales of machines, supplies and accessories, rentals'and
service, $13,826.944; costs, $6,426,454; gross profit. $7.400,490; depreciation, $183,201; taxes, $331,238; rentals and royalties, $270,431; expenses,
$3,834,964; operating profit, 82.780.656; interest on United States and
foreign government bonds, $136,038; profit from sale of securities, $53,744,•
other miscellaneous income, $11,596: total income. $2,982,034; estimated
domestic and foreign income taxes, $404,484; net profit, $2,577,550:
dividends, $1,500,000; surplus. $1,077.550.
Current assets as of June 30 1935, including $15,904,599 cash and
Government securities, amounted to $27,875,426 and current liabilities
were $1,631,151. This compares with cash and Government securities of
$15,440,160, current assets of $26,849,175 and current liabilities of $1,267.573 on June 30 1934.-V. 140. p. 2525.
-Deferred Interest to Be Paid
4.
( --.Bush Terminal Co.
Tenders for $75,360 Bonds Asked
City Bank Farmers Trust Co.. as successor trustee, is notifying holders
of 1st mtge. 4% 50
-year gold bonds, due April 1 1952, that trustees of
the company have paid over to it $251,200 for application to the payment
of the instalments of interest which matured on the bonds on April 1 and
Oct. 1 1933, April 1 and Oct. 1 1934, and April 1 1935. The bank will
pay coupons from the bonds which matured on these dates at their face
amount on and after Sept. 7 1935 at its principal office, 22 William St.,
New York.
The sum of 875.360 also having been deposited by the trustees with it,
representing the instalments of the sinking fund, City Bank Farmers Trust
(Jo. is inviting tenders up to 12 o'clock noon on Sept. 30 1935 for the sale
to the sinking fund on Oct. 1 1935 of an amount of these bonds having
the April 1 1936 and subsequent coupons attached, sufficient to exhaust
this sum, at a price not to exceed the principal face amount of these bonds.
-V. 141, p. 1430.
II
ons/
---Butler Hall, N. Y. City-Plan /1 t mated
6 Months Ended June 30Net profit after depreciation
-V.140, p. 4229.
1935
$80,767
1934
$50,121
Central Illinois Electric & Gas Co.
-Earnings
1932
$50.160
def25,665
def40,069
(& Subs.)-EarninqsBurroughs Adding Machine Co.
The committee for the 1st mtge. serial 6 coupon gold bonds and certificates of deposit therefore (Julius Alexanddr. Chairman) announces that
the plan of reorganization as approved by order of the Supreme Court
dated May 7 1935, has been duly consummated and is now in full force and
effect and binding upon all bondholders.
The new 1st mtge. bonds and cash distribution of $5.91 per $100 bond
representing interest at 4% from Jan. 1 1934, to June 25 1935, are ready
for delivery. Edith H. Kunen, 30 Broad St., New York, is Secretary to
the committee.
-V. 140. p. 3887.
Centlivre Brewing Corp.
-Earnings
-Earnings.'Burlington & Sock Island RR.
1933
1934
1935
July
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141, p. 741.
Sept. 7 1935
12 Months Ended June 30Total gross operating revenues
peration
Z
aintenance
Uncellectible accounts
Provision for Federal income tax
General taxes
1934
1935
$4,007,029 $3,919,272
1,556,811
1.679.072
202,075
4
198,28
94,954
,,325
32.325
x28.263
393
70.393
332,935
302.979
Net operating revenues
Non-operating income-net
81,724,010 $1,704,232
6,571
1,708
Balance
Provision for retirements
$1,725,718 $1,710.803
418,794
300,000
Gross income
Interest and other income charges
81,425,718 $1,292,009
919.372
896.386
Net income
Earned surplus at beginning of period
Discount on bonds retired-net
Reversal of Illinois occupational tax provision
Total surplus
Dividends on common stock
Additional Fed. inc. taxes for prior year incl. int
$529,332
478.400
Dr162
100,826
$372,636
214,254
88.213
$1,108397
541,966
$675,104
185,605
11,099
$478,400
Earned surplus at end of period
$566,430
x Credited to parent company in 1933, $13,263.
Comparative Balance Sheet June 30
1934
1934
1935
1935
Liabilities
Assets
Plant &franchises.28,063,756 30,293,784 x Common stock__ 7,424,200 7,424,200
889.570 Funded debt
17,167,000 17,486,000
834,947
Cash
145,600
12,591 Accounts payable.. 151,557
11,879
Notes receivable__
655,513 Due to parent ez
receivable__ 659,668
Accts.
310
affiliated cos__
103
Tax anticipation
95,875
39,409 Consumers' dep'ts 100,005
2,229
warrants(at cost)
18,923
490 Service extens. dep
17,793
12
Accrued int. rec..,,
353,636
348,582
Interest accrued
Merch'se, materials
195,904
323,903 Taxes accrued _ _ 179,821
& supplies, dm__ 333,116
10,552
7,236
47,023 Misc, accr. liabil's
94,541
AppIrces on rental
33,623 Retirement res've_ 3,323,892 3.787,049
29,339
Prepd.ins.,tax.okc.
Res. for uncollect.
investments
Misc.
211,233
218,915
2,482
2,327
accounts
less res. $10,000
219,563
0th. oper. reserves 223,772
Sink. td. & other
40,801 Def. credit items
57 698
160.718
61,335
.
special deposits..
21,914 Capital surplus_ y_ 357,438 2,032,297
3,826
Cash in closed bks_
478,401
566,431
156,137 Earned surplus_
debit Items__ 150,487
Def.
30,247,465 32,517,241
Total
30,247,465 32,517,241
Total
Note-There are proposed additional Federal income tax assessments
against the company or its predecessors for 1927 amounting to approximately $8,000 which are contested by the company. In addition, the
Financial Chronicle
Volume 141
company on account of its inclusion in the 1929 consolidated Federal income
tax return of Central Public Service Corp. has a contingent liability for
claims against that company amounting to $150,000. It is anticipated
that upon final disposition no actual liability will be determined against
this company.
x Represented by 74,242 shares without par value. y Capital surplus,
arising from values assigned to property and franchises at the time of reorganization in 1931, was reduced by $1,674.858 during the year, representing a writedown of intangibles included in plant and franchises, $1,372,100;
a write off of property not in use at date of reorganization, $240,688; and
charges aggregating $62,069 for Federal income taxes of predecessor companies, applicable to prior years.
-V. 140, Ir• 3711.
Central Indiana Gas Co.
-Earnings
12 Mos. Ended June 30
Total grcss operating revenues
Operation
Maintenance
Uncollectible accounts
General taxes
1934
1935
$1,288,026 $1,259,599
841.687
844.406
33.634
30,096
6.178
6,277
113,295
84,186
Net operating revenues
Non-operating income-net
$322,240
58
$265,623
176
Balance
Provision for retirements
$322,299
62.849
$265,799
58,795
Gross income
Interest and other income charges
$259,450
311,379
$207,004
298,188
Net loss
1591
in its communicatioion to the United States Senate. to the close relations
between Wall Street and important financial institutions. It is ihgh time
that those tie-ups be exposed, if men representing those institutions are to
have any further hand in the control of our railroads. That control has been
a self-perpetuating control, and similarily the control of our biggest life
Insurance companies has been a self-perpetuating control. Both are
dangerous to railroad investors, and both have in the past deliverd the railroads to the same Wall Street bankers. That, we suggest, is the principal
issue before your Commission in the St. Paul and in all major railroad reor nizations."
To Name Trustee
•
ederal Judge James . Wilkerson at Chicago has set Sept. 24 as the
date f r a hearing on appointment of one or more trustees for the road,
now sdergolng reorganization under Section 77 of the amended BankruptqyAct.
v luntary petition for reorganization was filed on June 29. The
ag ment was permitted to remain in possession and control pending
aj±eptance of a new plan. Under a recent amendment to the law, appointent of one or more trustees is mandatory on the court. Previously the
aci_ was optional.
on
he Railroad Credit Corp. and the company have agreed to seek cancellation of a court order which permitted the road to execute a new note
to the corporation for $1,685,000, payable on May 27 1937. which was
to provide for a note which matured on May 28.
The agreement already concluded between the Milwaukee and the Credit
,
corporation is conditioned upon its approval by the U. S. District Court
for the Northern District of Illinois, which authorized execution of the
new note on July 6. It would permit the first note to be carried as an
overdue obligation in its present status with interest on the unpaid balance
as provided in the original draft.
It was understood that the pending reorganization of the Milwaukee
Influenced the Credit corporation in seeking cancellation of the court order.
The ICC has been advised that the Milwaukee has petitioned the Court
for authority to pay outstanding interest matured pri^r to July 29 on
bonds that are liens on its property together with dividend warrants on
equipment trust obligations matured prier to that date. The total payments involved are $334.272, which the road states it has on hand.
The Commission has been further advised that the Court has extended
to Oct. 1 the time in which to file claims against the Milwaukee.
-V. 141,
P. 1431.
$91,184
$51,929
Comparative Balance Sheet June 30
1935
1934
1935
1934
Assets
LiabilitIes$
Plant dc franchlses.10,818,911 10,793,349 834% cum. pref.
Cash
72,299
95,074 stock ($100 par) 500,000
500,000
Notes receivable
2,053
2,395 x Common stock__ 4,018,969 4,018,969
Accts. receivable_ _ 158,137
1,281,000 1,281,000
109,888 Funded debt
Merch., materials
-trade
Notes pay.
18,782
6,029
& supplies
62,249
53,267 Accts. pay.-trade
Applia'es on rental
7,191
13,720
dr sundry
93,470
85,608
Prepdins.,tax.,&c.
4,057
4,268 Due to parent &
Misc. investments
4
3,954,675 3 0 0
4 affiliated cos_
,93,00
Special deposits
1,784
5,400 Consumers' dep'ts 123,565
121,931..../Chicago & North Western Ry.-Sept. Int. Not Paid
Cash In closed bks..
655
853 Serv. exten. dep's_
4,000
4,000
Interest due Sept. 1 on the following bonds was not paid: (a) Chicago &
Del. debit items
13,059
43,698
21,350
21,717 Interest accrued
North Western Ry. 15
-year 6)4% secured gold bonds, due 1936; (b) Des
82,465
Taxes accrued
98,457
Plaines Valley Ry. guaranteed 1st mtge. 43s due 1947; and (c) Milwaukee
742
Misc.accr'd 'labile_
555
Sparta & Northwestern Ry. guaranteed 1st mtge. 4% bonds, due 1947.
Retirement reserve 1,070,876 1,021,806
Earnings for July and Year to Date
Res. for uncollect.
14,795
accounts
18,538
July1935
1934
1932
1933
0th. oper. reserves
4,663
5,214
Gross from railway
$6,521.975 $6,743,503 $7.681,029 $5,567,717
15
Del. credit items
6
Net from railway
304.595
1,326,423
2.619,261
327.957
8,343
75,605
Deficit
Net after rents
def465.887
551,863
1,803,307 def512,676
From Jan. 1
Total
11,140,401 11,099,940
Total
11,140,401 11,099,940
Gross from railway
41,908,703 43,014,519 40,331,369 41,619.674
x Represented by 50,000 shares no par value.
Net from railway
-V. 140, p. 3711.
4.905,221
6,663,400 7,098,333
4.784.894
Net after rents
def190,614
1.471,149
1.360.743 def1,472,845
-----..Central New York Mortgage 8c Title Co.
-To Pay -V. 141, p. 912.
40% Cash on Stock
-
Superintendent of Insurance of New York Louis H. Pink was authorized
by a court order signed by Supreme Court Justice William F. Dowling
of Onedia County Sept. 5 to make a final distribution of the assets of
the company. This company was taken over by the Insurance Department
for liquidation on June 27 1935. The liquidation proceedings were concluded in about two months.
Total book assets of $207,947 and general claims of $2,233 were reported
In the first and final audit by Louis A. Schmitt, Special Deputy Superintendent in charge or the liquidation
The company never did a guaranteed
mortgage business and all of its title insurance policies have been re-insured
with the Home Title Guaranty Co. of Brooklyn, which assumed a direct
res nsibility to policyholders.
fter payment of general claims there will be a cash dividend of 40%
distributed to stockholders. In addition, the balance of the assets will
be turned over to the Central New York
Corp., which will issue
to the stockholders an equivalent amount of its common stock at a par
value of $50 a share.
The Central New York Abstract Corp. will continue the abstract business
of the company.
Agreements consenting to the release of stock and transfer of assets
In accordance with the plan of the Superintendent of Insurance have been
received from the holders of all of the 1,533 shares of stock outstanding.
The Central New York Mortgage & Title Co. was incorporated under
the Insurance Law on July 28 1926 and was authorized to insure titles
to real estate and to guarantee mortgages. It operated principally in
Oneida. Oswego, Herkimer, Cayuga and Madison counties and had its
principal office in the City of Utica.
_-Champion Paper & Fibre Co.
-Li
-stmt..The Cincinnati
Stockxchange has admitted to listing 476,000 shares
(no pa common stock. Trading will commence when the Securities and
Exchange Commission declares the registration effective.
The new issue replaces the 68.000 shares of the former Champion Coated
Paper Co.. predecessor company.
-V. 141, p. 1089.
Chesapeake & Ohio Ry.-First Boston Corp. Awarded
$9,000,000 3% Equipment Trusts
The company on Sept. 6 sold to the First Boston Corp. and associates
an issue of $9,000,000 equipment trust certificates bearing a 3% coupon
rate at a price of 101.0713.
Formal offering to the public will be made on Monday. but meanwhile
the bankers report a strong preliminary inquiry for the certificates. They
will be priced to yield from ),‘ of 1% for the 1936 maturity to
3.05%
for the 1950 series.
The other members of the successful syndicate were Kean, Taylor & Co.;
F. S. Moseley & Co., and Lawrence Stern & Co.
Assistant to President
C.S. Lake has been appointed assistant to William J. Harahan, President
of the company -V. 141,p. 1269.
Trustees
-
Indianapolis & Louisville Ry.-To Appoint
pursuant to an order entered Sept. 3 1935 by James H. Wilkerson, Judge
of the U. S. District Court for the Northern District of Illinois, Eastern
Division, a hearing will be held on Sept. 18, at which the Court will,
pursuant to the provisions of Section 77 of the Bankruptcy Act. appoint
one or more trustees of the property of the debtor.
-V.141, p. 1431.
Milwaukee St. Paul & Pacific RR.-Int
pendent Committee for Protection of Bondholders Asks Co
mission to Inquire into Future Control Proposed Under Plan
The independent committee for the protection of bondholders (consist'
of James 1). Colyer Louis I. Kane and Henry Schenk) has addressed a
letter to the ICC petitioning that body "to make an exhaustive inquiry into
the future control proposed for the St. Paul RR. by its directors, in the reorganization plan they recently presented to you. In support of our petition, we submit the results of a preliminary study. Those results tend to
indicate that the new control to which the directors propose to subject the
company is substantially similar to the control under which the road and its
investors have suffered shipwreck twice within the past 10 years."
In concluding its letter the committee states:
"The interlocking relations of the five proposed voting trustees with men
responsible for the St. Paul's past breakdowns are too numerous to mentoin
hero. We believe that enough has been specified to demonstrate the need
for an exhaustive investigation by your Commission, even before it holds
any further public hearings on the 1935 plan. Indeed, enough already
appears to suggest that he control features of the 1935 plan threaten to
strike down the St. Paul s future with the dead hand of its disastrous past.
"We shall be told that we are calling in question the motives of institutions
of high standing. We have no such intention. We are not attacking good
faith. We are calling attention, as your own Legislative Committee did
•
Provisions for Extension of Note and Payments of Interest-kbait'
r
Chicago Rock Island & Gulf Ry.-Earnings.July
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141, p. 743.
1935
$385,482
136,761
38.747
2,198.438
566,607
def39.252
1934
$413,116
168,967
81,910
1933
$330.982
107,216
def453
1932
$426.468
195,004
101,465
2,119,024
1,968,531
533,072
561.461
def23,430 def138.406
2,494.141
883,725
347,056
R ck Island & Pacific Ry.-To Ask Delay on
Filing Plan
The companj is expectéd to ask the Federal Court in Chicago for permission to deltLJ at least: until Feb. 28, the filing of a plan of reorganization
for the company as a result of action taken at a meeting of the directors
Sept. 4. The meeting was called to decide on what reply would be made to
an order of the court directing the company to show cause why it should
not devise a reorganization plan.
Judge Wilkerson of the Federal Court in Chicago issued the order prior
to recent enactment of amendments to the Railway Bankruptcy Law.
Among other changes, the amendments provided that railroads in bankruptcy should file plans within six months of enactment of the new law, or
by Feb. 28. This new aspect of the law was included in the consideration
given by the Rock Island's board to the order.
A proposal for a merger of the Rock Island with the St. Louis-San
Francisco and the Chicago & Eastern Illinois made by Carter H. Harrison
Jr., a director, was discussed informally, but no formal action was taken
and no announcement on the proposal was made.
July
Grossfrom railway
Netfrom railway
Net after rents
From Jan. 1
Grossfrom railway
Netfrom railway
Net after rents
-V. 141, p. 1431.
Earnings for July and Year to Date
1934
1935
1933
1932
$5.636.064 $5,496,715 $5,976,126 $5,740,511
776,500
749,460
1,279.716
1,452,932
44,553
104.886
374.513
727,525
35,157,948 36,411,195 35,193.947 39,699,626
5,420,738
2.970,128
7,726,699
7.388.712
def1,565,021
561,422
2,212,405
1,655,306
-New Official
Chrysler Corp.
George W. Troost has been appointed assistant Comptroller, succeeding
B. T. Moyer. who recently became President of the Airtemp division of
the corporation in charge of production and sale of the Corporation's air
conditioning equipment
.-V. 141. p. 1269.
-..--eleveland-Cliffs Iron Co.
-Plans Bond Issue
The New York "Times," Sept. 5 stated in part:
"A report that refinancing to clarify and strengthen the position of the
company by eliminating its bank loans was discussed Sept. 4 in New York
by officials of the company and representatives of Hayden, Stone & Co.
was confirmed by E. B. Greene, President of the company.
If an agreement is reached, approximately $25.000,000 of bank debt
will be converted into bonds, and one effect probably will be payment of
the company's $6,000,000 obligation to the Union Trust Co. (Cleveland),
which is in process of liquidation.
"An Eastern financial group has acquired a large interest in the company.
Hayden, Stone & Co., who acted for the group stated. Details were not
given, however, as the investment house characterized the transaction as a
pri te on
n -Cliffs Iron is said to control the largest deposits of high-grade
C
wned iron ore in the Lake Superior region outside of the properties
controlled by the United States Steel Corp. The securities, it is understood, were purchased from individuals closely identified with the present
management, still directed by the Mather family.
"Regarding the reported purchase by Eastern capitalists and banks
of a substantial interest in Cleveland-Cliffs Iron through acquisition of the
common stock of the Cliffs Corp., a holding company, Mr. Greene admitted
that a sale had taken place but said it was in no way related to the refinancing proposal. He declined to discuss the amount ofstock involved,the price.
or the identity of the parties. It was, he said,'a personal transaction' of
one of the Cliffs Corp. stockholders.
"The Cliffs Corp. was organized in 1929 by William G. Mather,Chairman
of the Board of Cleveland-Cliffs Iron, and Cyrus It. Eaton to acquire all
the common stock of Cleveland-Cliffs Iron and to acquire stocks of other
Mid-western iron and steel companies. It is reported to own about 144.000
shares of the Republic Steel Corp. common. It also holds, through Cleveland-Cliffs Iron and the McKinney Steel Holding Co., a 56% equity in the
Corrigan. McKinney Steel Co., which is being merged with Republic.
The bank debt was created by borrowing to buy Corrigan, McKinney str Ck.
it is said."
-V. 141, p. 913.
1592
Financial Chronicle
-Earnings
Chickasha Cotton Oil Co.(& Subs.)
1932
Years End. June 301934
1933
1935
Sales and gin. earnings_- 16.589,506 $13,279,446 $11,550,176 $8,773,080
Cost of sales, operating
and admin.expenses__ 5,763,108 11,484,444 10,905,655 8,716,803
Net profit
Other income
$826,398 $1,795,002
25,873
51,689
$644,522
154,461
$56,276
231,208
Net income
Interest paid
Depreciation
Federal tax
Other deductions
Minority interest, &c__ -
$878,087 $1.820,875
13.233
357,608
279,285
186,080
91,000
391,033
32.589
19,564
35,604
$798,983
16,438
394,553
55.000
$287,484
21,040
387.370
$455,649
x91,999
$837,317
$332,992 10558120.926
$547,648
510,000
$837,317
446,250
$332,992 def$120,926
127,500
Profit
Ife insure. proceeds_ _ _ _
Net profit
Dividends paid
$205,492 def$120,926
Balance, surplus
$391,067
$37,648
x Excess of proceeds of life insurance policies paid on death of president
of company, over cash surrender value carried on books.
Balance Sheet June 30•
Liabilities-1935
1934
Assets1934
1935
Cash
13,357,091 $3,028,258 Cap.stk.(par 310)32,550,000 $2,550,000
Accts.receivable...
80,210 Accts. payable__ 219,069
296,068
70,279
Taxes accrued_ _
192,375
254,808
Notes and accts.
5,853
83,185 Insurance accrued
11,720
receivable, &c_ _
45,766
209,474 Capital surplus__ 2,065,073 2,356,408
Commercial paper
Earned surplus. _
.4,291,845 4,110,843
Real est, not used
In operation_
36,831
36,831
Cash.surr.value of
officers' life ins.
68,951
172,436
policies
901,362 1,512,805
Inventories
Temporary invests. 404,122
Advs.& investmls 1,326,149 1,453,924
x Real estate, mills,
2,912,269 3,004,433
gins, &c
9,320
9,320
Organization exp_
92,455
88,589
Deferred charges
Total
$9,324,214 $9,579,846
39,324,214 39,579,846
Total
x After depreciation reserves of $3,774,712 in 1935 and $33,866,942 in
1934.-V. 140, p. 3889.
•
-Earnings
Clorox Chemical Co.
Years End. June 30Gross profit from oper.
Depreciation
1935
$510,312
25,850
1934
$469,149
30.502
1933
$355,886
25.458
1932
$387,857
34.698
Net profit from oper__
Other income, net
$484,462
$438,648
$330,428
3,473
$353,159
17,288
Income before Federal
income taxes
Prov.for Fed. inc. tax
Other expenses (net)
$4484,462
69,200
102,149
$438,648
62,510
94,453
$333,901
45,900
60,817
$3370,446
45,300
62,163
$281,685
$262.983
$227,184
$313,113
106.170
220,369
x260.856
227,634
•
$175.515
Balance, surplus
$52.257
$6,815
335.349
$2.75
$2.48
$2.00
$2.31
Earns. per sh. on cap.stk
x Includes extra dividends paid at 379i cents per share. Less dividends
on shares held by the company and its subsidiary.
Net income
Dividends paid
Sept. 7 1935
Club Aluminum Utensil Co.(& Subs.)--EarningsYears End. June 30-Total net sales
Net operating loss
I
Miscellaneous charges_
1935
Total loss
Extraordinary charges
$12,242
1934
See y
See x
t
prof$1,201
111,853
1933
$140,040
10,782
46,635
1932
3997,253
188,153
55,866
$57,417
275,430
$244,019
77,922
$321.941
Net loss
$110,651
$332,846
$12,242
x Income account for 1935 follows: Income from royalties $21,943;
miscellaneous income $47; total gross income $21.989; operating expenses
$10,378; net operating profit $11,611; interest and other deductions 323,852;
net loss as above $12,242.
y Income account for 1934 follows: Gross profit on sales and miscellaneous income $1,010: income from royalties $338,262; total gross income
$39,272; operating expenses $13,143; net operating profit $26.130; interest
and other deductions $24,928, net profit as above $1,201.
Consolidated Balance Sheet June 30
1934
1935
1934
LiabilitiesAssets
1935
Cash
$1,181 Notes payable.- __ $447,101 3450,111
$2,061
4,906
15,670
S Accts. receivable
9,000 Accruals
6,142
50,000
50,000
Other accounts reMortgages payable
35,444
7,409
5,535 Reserves
ceivable
2,092
271,240
2,771 z Common stock_ _ 271,240
Inventories
2,335
Other assets
120,869 Surplus-Valuation
57,392
y Fixed assets_ _ _ _
119,932
78,340
patents, trade400,000
marks & licenses 400,000
Deferred charges _
1,962
602
5,880
5,880
Patents,
tradeDonated surplus__
marks & licenses 400,000
400,000
606,740
597,925
Deficit
31,197.299 $1,217,582
Total
Total
$1,197,299 $1,217,582
x After reserve of 8116,309 in 1935 and $166,942 in 1934. y Less reserve
Reprseented by
for depreciation of $30.408 in 1935 and $27,825 in 1934.
271.240 shares of no par value.
-V. 139. p. 1550.
Coca Cola Co.
-Earnings
1955-6 Mos.-1934
Period End. June30- 1935-3 Mos.-1934
Net profit after charges
& Federal taxes
$3,972,176 $3,805,112 $6,708,508 $5,508,466
995,900
985,900
Shs. corn, stock outstdg.
985.900
995,900
$5.53
$6.16
Earnings per share
$4.03
$3.82
-V.140. p. 3712.
-Earnings
Coca-Cola International Corp.
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
$1,129,967
Gross income
$778,642 $1,928,787 $1,391,939
5,193
2,388
2,267
Expenses
4,554
$1,127.579
$776,375 $1,924,233 $1,386,746
Net profit
170,429
334,815
Class A dividends
334.815
170,429
1.221,423
795,040
1.593.744
Common dividends......
608,127
$5,106
$2,276
$4,326
Deficit
$2,181
Comparative Balance Sheet June 30
1934
1934 .
1935
Assets
1935
Liabilities-$17,251 x Class A stock-.-$1,112,060 $1,136,190
Cash
$10,971
Corn stock Cocas Common stock. 3,975,200 4,054,180
,
17,251
10,971
3,975,200 4,054,180 Surplus
Cola Co
Class A Coca-Cola
1,112,060 1,136,190
Co
Total
$5,098,231 $5,207,621
$5,098,231 $5,207,621
Total
x Represented by 111,206 no par shares in 1935 and 113,619 In 1934.
y Represented by 198,760 no par shares in 1935 and 202.709 in 1934.
-V. 140, p. 3209.
Commercial Credit Co.
-Financing Contracts
Exclusive financing contracts, providing for the time payment financing
of the products of the United American Bosch Corp. and the Easy Washing
Machine
, have been signed with Commercial Credit Co., according
Corp.
to the officials of the latter company.
American Bosch have 90 distributors and approximately 4,000 dealers
to whom financing service will be extended by Commercial Credit Co.
through their more than 150 offices located in the United States.
This same service will be extended to the 40 distributors and approximately 3,000 dealers of the Easy Washing Machine Corp.
-V.141 D. 1433
.
Balance Sheet June 30
Liabilities1934
1935
Assets
1935
1934
Cash on ham' _ _ $312,360 $350,119 Accounts payable_ $168,750 $174,178
68,508
22,940
14,938 Dividends payable
Stocks and bonds.
54,957
Fed,income taxes_
69,200
Sub. cos. invest. in
62,666
y Capital stock _ _ 1,219,606 1,219,606
capital stock of
-Co
-Admitted to List
Earned surplus_ _ _ 456,809
Clorox Chemical
396,550 ----- eEonwealth Edison Co.
mtge.
Th
ew York Curb Exchang)has adinitted to the 163t
56,062 Capital surplus...
65,897
19,103
19,103
Co
bonds, les H.394%,due April 1965c
-V. 141az:1433:
432,376
Accounts receiv_ _ 348,196
•
150,186
313,845
Inventories
......-'Connecticut Power Co.
-Refunding Progranzt
.
..-0..e-1
Plant equipment &
The company has called a special meeting of stockholders for Sept. 25,
327,528
339,253
real estate
to act upon the recommendation of directors to refinance present out300,188
300,188
Trade-marks
standing obligations, calling for the authorziation of issues up to $5,000,000.
65,786
Deferred charges_ _ 129,487
There is now outstanding $1,800,000 50
-year first and consolidated mort229,812
Adv.dr devel. costs 169,811
gage sinking fund 5% gold bonds due April 1 1963 and approximately $900.000 temporary notes. It is proposed to issue $2,500000 39i% bonds to
Total
32,001,978 31,926,995
$2,001,978 $1,926,995
Total
mature Oct. 1 1965. The new indenture will authorize issues up to $5.-V. 141. p. 1432.
9 Represented by 113,756 no par shares.
000,000 and make certain changes in the terms. By making this change
a considerable saving will be accomplished over a pee iod of years and will
-To Offer New Pref. Stock
-.---- Columbia Pictures Corp.
be of assistance to future financing as the present mortgage does not permit
The company on Sept. 4 issued the following statement:
the creating of a new series in form different from the present outstanding
"The board of directors of Columbia Pictures Corp., at a meeting held
bonds except as to the interest rate.
agreement made with Hemphill, Noyes & Co.,
Aug. 29 1935. ratified an
6 Months Ended June 301933
1935
1934
which covers the offering through them of a proposed new issue of 75,000
Gross earnings
$2,157,983 32,157,914 $2,095,338
shares of $2.75 cumulative, convertible preferred stock. Part of the
1,022,235
Operating expenses and taxes
1,155,723
1,088,939
proceeds is to be used for the retirement of the present outstanding $3
Interest charges and lease rentals- --76,782
68,911
71,652
preference stock and the balance for other corporate purposes.
"The proposal to authorize this new issue will be submitted to the stock$996,321
Balance (reserves, diva. St surplus) $933,349
$997,323
holders at an early date. The terms of agreement, providing for conversion,
-V. 141, p. 1433.
contemplate the issuance of a 50% stock dividend to the present holders of
common stock."
...----eonsumers Power Co. (Me.), Mich.
-To Issue Bonds
The company controlled by Commonwealth & Southern Corp., on Aug.31
Consolidated Statement of Operations
filed a registration statement with the Securities Exchange Commission.
(Including Domestic Subsidiary Companies]
seeking to issue 819.172,000 first lien and unifying mortgage bonds. For
further details see under "Current Events and Discussions" on a preceding
Years EndedJune 29 '35 June 30 '34 July 1 '33 June 25 '32
page.
-V. 141, p. 1434.
Gross inc. from rentals
and sales of film and
-,---Continental-Diamond Fibre Co.
-Dividend Increased
accessories
$14.389,783 $11,178,447
The directors have declared a dividend of 25 cents per share on the
5,310,009
Amort. of prod. costs... 7,840,960
capital stock, no par value, payable Sept. 30 to holders a record Sept. 16.
290,782
Share to other producers
221,471
This compares with 15 cents paid on June 28 and March 29,last, this latter
Not comparable
Cost of accessories
266,649
321.144
being the first distribution made since June 30 1931 when a regular quarGen., adm. & sell. exps_ x4,187,941 z3.920.271
terly dividend of 25 cents per share was distributed -v. 141, p. 1092.
torn
Operating losses of
17.780
subs. cos. & branches_ prof230,846
Continental Steel Corp.(& Subs.)
-Earnings
$2,049,113 11,372.955
87,916
86.686
1786.999
70,546
$575,503
100,597
Total income
$2,135,799 $1,460,871
265,000
Prov. for Fed. inc. taxes
310,000
Exps. of newly formed
subsidiary
187,037
10.532
$857,546
117,305
$676.100
101.807
Net profit
31.815,267 $1,008,834
Preferred dividends_ __ _
51,783
51,783
Common dividends
a42,340
6174,987
$740,241
52,110
Net income
Other income
$574,292
53,158
y82,793
Balance, surplus
$688,131
11,588,497
3914.711
$438,340
Earnings per sh. on com$44.10
mon stock (no par)...$9.91
$5.69
$3.10
x Including depreciation on furniture in head office and branches of
$35,017. Depreciation on studio buildings and equipment of $108.017
has been capitalized as production cost and is being written off as film
amortization. y Includes stock dividend of 352.025. z Includes interest
of $16,551 and depreciation on furniture of $30,719. Depreciation on
studio buildings and equipment of $163,322 has been capitalization as
production cost and is being written off as film amortization. a Does not
,
5
Include a stock dividend of 29 % ($54,021). b Does not include stock
dividend of $112,070.-V. 141, p. 1269.
1935
Years Ended June 301934
Profit from operation
$1,203,781 $1,266,904
533,517
Depreciation
86,616
Int. & disc, on bonded indebtedness11,515
12 : 82
3 , 1131
68
84
Loss on dismantlement of properties
Net profit for year
Prov. for Fed. Inc. tax & conting_
Provision for dividends accrued on
sub. co.'s preferred stock
$572.133
x89,881
273
$481,978
Profit
1,614,249
Previous surplus
Restored to earned surp. in respect of
9,185
accrued dive. on subs.' pref. stock_
252
Disc, on funded debt retired, &c.._.
1933
$497,366
3,429
1408:275
$624.500 def$47,135
140,000
4,347
12,736
$480,153 def$59,871
1,134,124
1,112,080
10,015
12,000
37,828
Surplus
12,105,666 11,614,249 $1,112,080
186,039
Dividends on preferred stock
Unamort.disc.& prem,paid on bonds
24,558
. retired prior to maturity
Earned surplus, June 30
x Income tax only.
$1,895,069 81,614,249 $1,112,080
Financial Chronicle
Volume 141
Consolidated Balance Sheet June 30
1935
1934
1935
Assets$
Cash
1,092,860
603.735 Accounts payable.. 391,074
Notes & accts. rec. 1,398,110 2,110,908 Notes payable to
Inventories
3,003,571 2,598,793
banks
Marketable secure.
1,200
147,642
Payrolls payable
Land contr. rem &
Accrued int., gen.
unsold land
71,374
74,135 taxes, &c
272,030
Invest. in bds. &
3,263
Sundry accts. pay
stks.of parent co
91,064
56,863 Bondsdue within
Invest. In outside
178,500
year
companies,&0_
986,600
31,510 Funded debt
12,320
Misc. investments
Operating reserves 232.571
Other assets
51,782
232,000
Res. for corning
b Land, buildings,
Min. stockholders'
mach. & equip_ 7.475.318 7,897,791
4,856
int. in sub. cos_
1
Patents
1 7% cum. pref.stk. 2,773,500
65,700
Deferred charges_
88,545 c Common stock_ 6,146.193
1,895,069
Earned surplus
1934
328,772
550.000
195,073
187.729
75,000
1,154,500
179,798
185,509
71.968
2,773,500
6,146,183
1,614,249
1593
a Gross' b Operating
c Net
Earnings
YearExpenses
Earnings Depreciation
$243.201
1930
$416.121
$172,919
132.881
1931
405,303
233.887
25,471
171,416
1932
376,885
215.068
21,076
161,817
204.729
1933
359,595
154,866
66.384
1934
203,715
361,150
157,434
d62,074
a Including non-operating income. b Includes maintenance and taxes
(excluding income taxes). c Before depreciation and income taxes. d Includes $24,136 additional plant retirement expense.
For five years ended Dec. 31 1934, average earnings available for interest
and depreciation have therefore been $163,691. After deducting from such
average earnings the annual interest requirements amounting to $47.803
on the $850.000 of 5%% 1st mtge. 20
-year sinking fund bonds, series A,
and on the $17.560 of municipal debentures assumed ,the balance is $115,887
or more than 8.9 times the annual interest requirements amounting to
-year debentures.
$13,000 on the $200.000 63i8' 15
After deducting from such balance of $115,887, the average depreciation
for the above perilds, the balance is $74,309 or more than 5.7 times such
annual interest requirements.
-Interest Payment_.4,"-Total
- Dominion Steel & Coal Corp.
13,263.299 13,462,282 Total
13,263,299 13,462.282 -•••'''' The company is paying 13.% interest as instalment due Sept. 1 on the
b After deducting reserve for depreciation of $5,847,844 in 1935 and
new participation income bonds. The company paid 1%% as instalment
$5,354,967 in 1934. c Represented by 175,648 shares no par value.due March 1 last.
-V. 141, p. 592.
V. 141. p. 1270.
Eagle Picher Lead Co.
-Earnings
-
Crown Cork & Seal Co., Inc.
-Earnings-(Including Domestic Subsidiaries)
1932
6 Mos. End. June 301935
1933
1934
Net sales
17,227.667 $5,618,869 $4,685,672 13,971,329
Cost and expenses
5,609,719
4,252,208 3,705,288 3,335.237
Other deductions
122,104
208,522
153.829
160,750
Depreciation
255,774
263.948
272,926
266,007
Federal taxes
.38.00?
162,700
82,000
131,577
Minority interest
Net profit
Preferred dividends
Common dividends
$973,800
196.239
185,307
$808,327
196,239
$480,607
194.933
Surplus
-p.140, p. 3210.
$592,254
$612,088
$285,674 def$197,898
$220,213
193,387
224,724
6 Mos. End. June 301935
1934
1932
1933
Net profit after int., depreen. Fed.taxes. &c_ $120,793 xloss$110,242
y$8,529 loss$633,027
Earns. per sh.on 900,000
shs. (par $20)
Nil
Nil
Nil
x Also after inventory write-off 0 $133,451. y Not including inventory
common0.11
$ f
write-ups of $490,757.
Sales tonnage for the first six months of 1935 was 7% greater than for the
first six months of 1934 and was the largest for the period since 1931. according to A. E. Bendelari, President. Dollar sales were $7,159,056.
against $4.748,761 a year ago.
Current assets as of June 30 1935 were 16,351,686. including cash of
$428,462. as compared with $6.335,470 current assets and $533,865 cash
on June 30 1934, and current liabilities were 11,313,513, against $1,869,726.
-V. 140, p.4397.
-Bonds Called
__Curtis Publishing Co., Phila.-Preferred DividendL.P.'""Eastern Connecticut Power Co.
The Connecticut
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 10. A similar distribution WRS made in each of the
four preceding quarters and compares with $1.25 per share paid on July 2
1934. 75 cents per share on April 2 1934 and 50 cents per share on Jan. 23
1934.
Accruals on the pref. stock, after Oct. 1 dividend, will amount to $8
per share.
-V. 141, p. 591.
Light & Power Co. (successor by merger) will on
Oct. 1 redeem all of the outstanding 1st mtge. 5% sinking fund gold bonds.
series A.at 105 and int. Payment will be made at the Hartford-Connecticut
Trust Co.. Hartford. Conn.
-V. 139, p. 1866.
--Denver Tramway Corp.
-Notes Called
-
The company is notifying stockholders of a special meeting on Sept. 11
to conside: a proposed contract to sell a part of the company's Chelsea
division to the Boston Elevated Ry. for $1,500,000.
In a letter to stockholders Chairman Lester Watson states that the
proposed sale of most of the property included in the company's Chelsea
division must be approved by a majority of the stock. All classes of stock,
Including the common, will be entitled to vote at the special meeting.
Legislation making possible this transftt of property, Mr. Watson says,
Is a result of 20 years of agitation in Revele and Chelsea. If the sale is made,
people of Revere and Chelsea will have a 10
-cent fare to Boston and to all
the other cities and towns in the Elevated system, whereas now they pay
10 cents to Scollay Square, Boston, and 10 cents additional to ride on the
Elevated system.
Eastern Massachusetts Co.. Mr. Watson reveals, has purchased reversionary interests, property and franchises of three lines formerly under
lease, namely: Boston & Chelsea RR..for which $145,000 was paid; Winoisimmet RR.,for $50,000; Boston & Revere Electric Street Ry.. for $441,666
cash, plus cancellation of a note for $34,700 held by Eastern Massachusetts
for some years.
As part of the proposed contract the Boston Elevated will consent
to the operation by the Eastern Massachusetts Co. of motor vehicles
between Haymarket Square, Boston, and Saugus, Lynn, Salem and other
points north of Boston, such service to run express between Haymarket
Square and the northern boundary of the present Chelsea division, so
that it will not compete with the Boston Elevated.
It is provided that the proposed contract shall not become effective
unless and until the Eastern Massachusetts company shall be able to
obtain from the licensing authorities of the City of Revere a license for
such operation through Revere and a certificate from the Department
of Public Utilities for such operation. The contract also provides for
bus operation by Eastern Massachusetts over four other, routes from
points north to points in the present Chelsea Division, without doing any
local business within the divUlon.-V. 141, p. 1435.
All of the outstanding new 6% 1st (underlying) mtge. coll, trust sinking
fund gold notes have been called for redemption on Oct. 1 at 101 and int.
Payment will be made at the International Trust Co., Denver, Colo.
V. 141, p. 746.
Detroit City Gas Co.
-Natural Gas Contract
The company announced on Aug. 30 that it had signed a 15
-year contract with the Panhandle Eastern Pipeline Co. to bring natural gas into
Detroit for industrial uses. The contract will take effect on July 1 1936.
-v. 140. P. 2703.
_.../Detroit Edison Co.
-7'o Issue $49,000,000 Bonds
The company has filed an application with the Securities and Exchange
Commission to issue $49.000,000 4% gen. & ref. mtge. bonds, series F. due
Oct. 11965. Net proceeds from the sale will be used to redeem on Dec. 2
at 105 and int., $26,000,000 58' series A and $23,000,000 5% series B gen.
& ref. mtge. bonds, due Oct. 1 1949, and June 1 1955, respectively.
Underwriters of the issue include Coffin & Burr, Inc., Spencer Trask
& Co., First Boston Corp., First of Michigan Corp.. Brown Harriman &
Co., Edward B. Smith & Co., Blyth & Co., Inc., Bonbright & Co., Inc.,
Kidder, Peabody Co., Lazard. Freres & Co., Inc., Lee Higginson Corp.,
Stone & Webster and Blodget, Inc., and White, Weld & Co.
-V. 141, p.
1093.
& Raynolds Co., Inc.
-Extra Dividend-4
The directors have declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of like amount on the class A
common stock and the class B common stock, no par value, all payable
Oct. 1 to holders of record Sept. 19. Similar distributions were made on
these shares in each of the seven preceding quarters.
-V. 141, p. 432.
Diamond Match Co.
-Earnings
6 Mos. End. June 30-1932
1935
1933
1934
Earns,from all sources__ $1.761,350 51,561.348 /1,686,525 $1,958,008
Fed., State & city taxes_
465,0541
325,232
857,677
494,866
Depreciation
142,939
192,670
221.4441 •
Net earns, for period.. 11,123,545 $1,043,447 $1,000,028 $1.100,330
Previous surplus
5,897,443
5,851,559
5,811.375
5,913.027
Total surplus
$7,036,575 $6,895,006 $6,897,471 $6,911.705
Approp. to general res
250,000
prof. oily. requirements. x570.000
456.000
470,325
450.000
Common dividends
350.000
525,000
840,000
350,000
Miscell. surplus adjust_ Cr7,379
Cr577
Cr603
1,896
Surplus, June 30
/5,633,951 16,095,609 $5,842,048 $5,914,484
Shs. of coin. stk.(no par)
700,000
700,000
700,000
700,000
Earnings per share
$0.9630.78
$0.60
x Includes accrued dividends on preferred stock of 1150,000.-V. 0 0
$ 41,
1
p. 591.
Dominion Electric Power, Ltd., Estevan, Sask.Bonds Offered-W. C. Pitfield & Co., Ltd., Montreal,
recently offered $200,000 6%% 15-year debentures at 96M
and interest to yield over 6%%.
Eastern Massachusetts Street Ry.-Stockholders to Act
Sept. 11 on Sale of Chelsea Division to Boston Elevated for
$1 500 000-
Easy Washing Machine Corp.
-Financing Contract
see commercial Credit Co. above.
-V. 141. P. 1094.
Electric Power & Light Corp.(& Subs.)
-Earnings
Period End. July 31- 1935-3 Mos.-1934
1935-12 Mos.-1934
Subsidiaries
Operating revenues
117,775,871 517.411.807 $75.932,042 $71,455,887
Oper. exp.. Incl. taxes._ 10,454.806
9.886.685 42.111,884 38.376,192
Net rev,from oper'n__ *7.321.065 $7.525,122 $33,820,158 $33,079,695
Other income (net)
128,445
Dr20,385
86.347
18.717
Gross corp. income-- $7,339,782 $7,504.737 *33,906,505 133,208.140
Int. to public & other
deductions
3,922,259 15.441,739 15.752,824
3.737,216
Int.charged to construc'n
Cr12,262
Cr2,624
Cr46,466
Dr681
Prop. retirement & depletion reserve approp. 2,080.443
2,038,799
8.239,502
8,695,877
Balance
*1.521,442 $1,546,303 $9,815,355 59,228,076
Prof. divs. to public (full
div. require'ts applic,
to respective periods
whether earned or unearned)
1,981,179
1.980.875
7.923.499 7.924.405
Portion applicable to
minority interests
21,879
89.752
161,211
27.017
Dated March 11935. due June111950. Prin. and int.(J.& D.)payable in
lawful money of Canada in Montreal and Quebec, P. Q.* Toronto, Ont.;
Halifax. N S.; Saint John, N.B.; Winnipeg. Man.; Regina, fiask.; Calgary,
'
Alta.; Vancouver and Victoria, B.C. Debs.in denoms.of 31.000 and 1500,
registerable as to principal only. Red, all or part, at option of company,
Net equity of Elec. Pr.
on any int. date on 60 days' notice, at 103 and int. up to and incl. June 1
& Lt. Corp. in Inc.
1940; at 102 and int. from Dec. 1 1940 up to and incl. June 1 1945; at 101
of subsidiaries
loss$486.450 loss$456,755 $1.730,645 $1,213.919
and int. from Dec. 1 1945 up to and incl. Dec. 11948. and at par and int.
Elec. Pr. & Lt. Corp.thereafter until maturity. Chartered Trust & Executor Co., trustee.
'
Net equity of Elec. n•.&
Lt. Corp. in inc. of
Data from Letter of Walter H.Schlosser, Vice-President of the Company
subs (as shown above)loss$486,450 loss$456.755 $1,730,645 $1,213,919
Company-Incorp. under the laws of Saskatchewan in April 1928. FurOther income
13,442
6.095
879
3,029
nishes without competition electricity at retail to 28 communities in the
Province of Saskatchewan and one community in the Province of Alberta
Total income
loss$485,571 loss$453,726 51,736,740 $1,227,361
and furnishes electricity at wholesale through other agencies to 10 comExpenses, incl taxes _
348,060
58,149
413,581
96,282
munities in the Province of Saskatchewan.
Int to public & other
The number of customers is in excess of 5,000 and the population in the
deductions
1,588.974
397.244
1,588.974
397,244
territory served is in excess of 24.000. The property is all electrtc and consists of plants of a total installed capacity of 4,900 kilowatts. Company
Balance carried to conowns and operates 138 miles of 33,000-volt transmission line and distribusol'd earned surplus_loss$940,964 loss$947,252 loss$200,294 loss3775,194
tion lines varying from 115 volts to 4,000 volts aggregate 131 miles in length.
/Vote
-All intercompany transactions have been eliminated from the
CapitalizationAuthorized
Outstanding
above statement. Interest and preferred dividend deductions of sub-year sinking fund bonds
51.48' 1st mtge.20
x
$850,000
sidiaries represent full requirements for the respective periods (whether
Municipal debentures assumed
17.560
paid or not paid) on securities held by the public. The "portion applicable
61.4% 1 yr. debs. due June I 1950(this issue)-x
200,000
to minority interests" is the calculated portion of the balance of income
6 income debs. due March 1 1956
110,000
available for minority holdings by the public of common stock of subpref.stock (par $100)
6 cumul.
*500.000
493,600
sidiaries. Minority interests have not been charged wr:th deficits where
Common stock (par $100)
1.187.700
700.000
income accounts of subsidiaries have so result. The "net equity of
x Additional bonds and debentures may be issued but only subject to
Electric Power & Light Corp in income of subsidiaries" includes interest
restrictions of the respective trust deeds.
and preferred dividends paid or earned on securities held, plus the proporConsolidated Earnings
-The following is a statement of the earnings of
tion of earnings which accrued to common stocks held by Electric Power &
company and wholly-owned subsidiary, Biggar Electric, Ltd., for calendar
Light Corp., less losses where income accounts of individual subsidiaries
years:
ave resulted in deficits for the respective periods.
-V. 141, p. 748.
Financial Chronicle
1594
-Earnings
Economy Grocery Stores Corp.
Years EndedSales
Less cost
July 2'32
June 29 '35 June 30 '34 July 1 '33
$17,519,611 $15,658,929 $14,972,743 $15,035,816
13,426,164 11.772,712 11,305,594 11,178.087
Gross profits on sales- $4,093,447 $3,886,217 $3,667,149 $3,857,730
90,490
93,366
91,427
Other income,&c
90,045
Gross income
$4.183.494 $3,977,645 $3.760,516 $3,948,210
Deduct oper. exps. (incl.
Fed. taxes & deprec.)_ 4,001,325 3,749,113 3,600.117 3.717.997
Sept. 7 1935
previosuly distributed each quarter. In addition $10 per share was paid on
Dec. 20 1933 and $1 per share on June 15 1933 and Dec. 15 1932.-V. 141.
1•
1: 919.
-Earnings
Fairbanks Co. (8c Subs.)
Period End. June 30- 1935-3 Mos.-1934
$69.147
Gross profit
$63,334
514
Loss after expenses, &c_
9,709
Dewed., int., reserve for
46,484
21,849
Federal taxes, &c_ _
1935-6 Mos.-1934
$140,363
$133,325
10,610 prof 3.946
44,806
93,421
$55,416
$89,475
Net loss
-V. 141, p. 113.
$31,558
6 Mos.End. June 30Gross profit on contracts
...
Other income
1935
$36.957
2,024
1934
$43,575
1,909
1933
$67,560
2.650
1932
$76,985
2,844
Gross profit
Exp.,ordinary taxes,&c.
$38,981
63,424
$45.484
83,646
$70,210
93.320
$79,829
148,826
Net loss
-V. 141, p. 436.
$24,443
$38,162
$23,110
$68,997
$46,998
$230,222
1
-Cent Extra DividendLe"---10
-.William) Filene's Sons Co.
.
120 000._.__.
The directors have declared an extra dividend of 10 cents per share
$110,222
$100,398
$228,532
Balance, surplus
$182,169
In addition to the regular quarterly distribution of 20 cents per share on
120,000
120,000
120,000
120,000
Shs. cap. stk.(no par)..
the common stock, no par value, both payable Sept. 30 to holders of record
$1.92
$1.34
$1.90
$1.50
Earnings per share
Sept. 17. Similar distributions were made in each of the seven preceding
-V. 140, p. 3895.
quarters.
Balance Sheet
June 29'35 June 30'34 -First Commonstocks Corp.
LiabilitiesAssetsJune 29'35 June 30'34
-Common Dividend Omitted
x Fixed assets_ _ _$1,703,498 $1,666,563 y Capital stock. -$1,350.000 $1,350,000
The directors have decided to omit the dividend usually paid at this
31,400
Notes payable_
Cash on hand and
time on the conimon stock. A dividend of 1% cents per share was dis339,691 Notes pay. (bank) 175,000
in banks
414,737
-V. 136, p. 3354.
tributed on June 5 last.
568.331
39,975 Trade creditors.... 525,655
30,104
Investments
25,579
10.148
1,278,694 1,268,180 Other accts. pay._
Inventories
-Siles(M. H.) Fishman Co.
187,324 Accept, under letAccts. receivable
189,162
1933
1934
Month of
31,223
112,550
-1935
ters of credit__ _
Restricted balances
$101.306
$154,799
January
$165.027
Cash bonds of store
13,380
in closed banks_
123,869
161.205
192.672
February
25,285
21,801
managers
Deferred chzrges to
126.196
226,686
214,198
March
44,465 Federal & excise
86,676
operation
197.556
229.742
April
286,007
30,852
42,704
taxes, &c
228,879
298,662
May
286,932
Notes payable (not
239.800
323.390
315,019
188,400
June
219.800
current)
249.870
275,332
300.441
July
25,391
Res. for future ad).
247,639
294.952
317,212
August
500
2,050
Other accrd. exps_
Mass, excise taxes
Total for eight months
6,500
$2,056,511 81,964,693 $1,514,178
7,381
(estimated). --V. 141, p. 919.
Int. on pur. money
9,479
11.173
obligations
-Earnings
Florida Public Service Co.
1,321,010 1,138,841
Surplus
1934
1935
12 Months Ended June 30$1,686,079 $1,623,262
Total operating revenues
Total
$3,716,252 $3.546,203
$3,716,252 $3,546,203
Total
953.591
925,947
Operating expenses
x After deducting depreciation of $644.371 in 1935 and 8674,104 in 1934.
190.094
165,198
Maintenance
-V. 140, p. 1310,
y Represented by 120,000 shares of no par value stock.
Prov. for retirements, renewals Sc replacements of
10.860
-Weekly Input
44,271
fixed capital
Electric Bond & Share Co.
149.770
149,249
Provision for taxes
For the week ended Aug. 29 the kilowatt system Input of subsidiaries of
Co.. Electric Power & Light Corp. and National
American Power & Light
$318.945
Operating income
$401.411
Power & Light Co., as compared with the corresponding week during 1934,
9,210
23,422
Other income
was as follows:
Increase
$328,156
Gross income
$424,834
Amount
1934
1935
757.436
Total interest on mortgage debt
757,435
American Power & Light Co_ _100,299,000 76,483,000 23.816,000 31.2
335.787
366.724
Interest on unfunded debt
Electric Power & Light Corp- 43.940,000 40,940,000 3,000,000 7.3
52,790
49,077
Amortization of debt discount and expense
:786,000 x1.1
National Power & Light Co_ - 68,292.000 69,078,000
Cr2,314
Cr3,871
Interest charged to construction
x Decrease.
Note-Operations of the Montana Power Co., a subsidiary of American
$815,542
Balance of loss
$744,532
Power & Light Co., were at a low point a year ago because of an industrial
-V. 141. p. 749.
strike. This accounts principally for the large increase in system input of
-V. 141, p. 1436.
subsidiaries of American I'ower Sc Light Co.
-Earnings
Foundation Co.
Net income
Dividends paid
$182,169
$228,532
160,398
60,000
-Earnings-Engineers Public Service Co. (& Subs.)
1935-12 Mos.-1934
-Month-1934
Period End. July 31- 1935
$3,771,176 $3,697,534 $44,439,260 $42,782,739
Gross earnings
1,520,761 18.337.382 17.569,607
1.545,289
Operation
191,558 2.599,601
2,353,124
218,704
Maintenance
5,428.200 4.897,901
466,443
455.210
Taxes
Balance
Inc.from other sources
$1,551.971 $1,518,770 $18,074,076 $17,962.106
626,750
52,233
646,672
52,211
$1,604,183 $1,571,004 $18,700,826 $18,608,779
Balance
8,333.600 8,503,212
703,404
686,867
Interest & amortization_
$867,599 $10,367,226 $10,105,567
$917,316
Balance
4,979,056 4.818,694
Appropriations for retirement reserve
2,229.322 2,321,841
Dividends on pref. stocks, declared
762,288
663.184
Cumul, pref. dividends earned but not declared
8.192
8.876
Amount applicable to minority interests
Balance applicable to Engineers Public Service
Co.. before allowing for unearned cumul. pref.
dividends of certain subsidiary companies__ - $2,388,366 $2,382,969
Cumul. pref. dividends of certain subsidiary com1,426,181
1,528,391
panies,not earned
-V.141, p.918.
-Stockholders Approve Merge
....---Equity Corp.
6
"rTo fie Added to lust
11 list 349,695 43-48 additional shares of
-V.141. p. 1094,
otice of issuance.
-W. J. Harahan Asks to Serve on Board
Erie RR.
Authority to become an officer or director of the Erie RR. Co. and 46
other lines in the Van Sweringen System was requested on Sept. 3 by W.J.
Harahan, recently elected head of the Chesapeake & Ohio. in an application to the Interstate Commerce Commission.
In addition to the Presidency of the Chesapeake & Ohio, Mr. Harahan's
application showed him already to be President or director of 15 other major
Van Sweringen roads and to have ICC authority to hold similar positions
on 8 others. He requested the latter authority be retained. All the roads
were grouped in the Chesapeake & Ohio-Nickel Plate System, No. 6, in its
final consolidation plan, except the Cleveland Union Terminals Co., and the
Nicholas, Fayette & Greenbrier RR. Co., for which no provision was made.
Mr. Harahan succeeded the late J. J. Bernet as Prseident of the 0. & 0..
-V.141. p. 1094.
and many other Van Sweringen lines.
-Earnings
Exeter Oil Co., Ltd.
1934
1935
3 Months Ended June 30$10,459
$13,593
Operating profit before fixed charges_
8,552
362
Net after deprec., depletion, &c____
Balance Sheet June 30
Liubilitier1935
1934
1935
AssetsCurrent assets.._- $324,143 $313,119 Current lisbilities_ $156,278
3,119
344.000 Purch. obligations
260,000
Cont. rec
780,531
4,011 Reserves
Deferred debits.
792,170
25,800 Class A stock
800
Investments
8,152
1,095,501 1,160,685 Class stock
Property
55,702
500 Deficit
500
Franchise
1
1
Organization exp.
8,204
3,603
Prep. & def. chgs_
Total
-V. 140,
$1.684.548 $1,856.319
Total
1933
$5.035
1934
$239,889
16,374
846,277
811,900
8,152
66,272
$1,684,548 $1,856,319
p. 4398.
-Paid $1.20 Dividend
,
---Ewa Plantation Co.
per share on the capital stock, par
dividend
of $1.20
The directors paid a
$20, on Aug. 15 to holders of record Aug. 5. This compares with 60 cents
$1,070,394
723,468
168.233
53.955
Net operating profit
Other income less other expenses
$124,736
2,461
Net profit before depreciation & income tax
Depreciation
$127,198
42.413
Net profit before Federal Income tax
Dividend payable July 1
$84,784
25,000
Balance
Stockholders of the Equity Corp. on Sept. 6 approved-Eh merger of
American, British & Continental Corp.
1etc313 International- rp.,eral Equities. Inc. with the Equity Corp. One effect of the merger
n
s of the Equity Corp., which was formed in
increase the
willbe to
December 1932 as an iqfesting company, to over $20,000,000. On a
parent company basis(e corporation reported total assets of just under
$12,000,000 on June
'
Based on the cor ration's June 30 consolidated balance sheet, more than
50% of its assets were invested in marketable securities. In addition,
the Equity Corp. has a substantial interest in the United Founders Group
of investinecompanies and in the General Alliance Corp. group of reinsurance'companies. It also controls indirectly General American Life
Insurance Co., one of the lea Eng organizations of its kind in the Middle
The ew York Curb Excha
common stock, 10 cents par, u
(Peter) Fox Brewing Co., Chicago-Earnings
Earnings for Year Ended June 30 1935
Sales
Cost of sales
Sales expense
Total administrative expense
$59,784
Condensed Balance Sheet June 30 1935
Assets
Cash
Accounts receivable
Revenue stamps & tax warrits.
Inventories
x Land, bldgs., mach., barrels,
_
cases, furniture Sc
fixturesOrganization exp. Sc trade mks.
Deferred charges Sc prepd.exp.
$52,036
19,659
4,403
88,070
Accounts payable
Accrued expenses
Federal income tax
Dividend payable July 1 1935.
Capital stock
508,501 Capital surplus
15,449 Earned (=plus
23,181
$31,526
7,626
11,330
25,000
500,000
71,000
64,817
$711,301
Total
Total
$711,301
x After reserve for depreciation of $72.237.-V. 140,s 3548.
Film Corp.
-Suspended from Dealing
)
.4'q
A common stock (no par alue) has been suspEnded from dealThe cl
ing by th New York Stock Exchange V. 141. p. 1273. t437.
Frank in Motors,
. Co. Chairman-Program
-
At a special directors' meeting Dallas E. Winslow was elected a director
and also Chairman of the Board and Treasurer of the company. At the
same time a program for the resumption of manufacturing operations for
eventual production of a new Franklin air-cooled car at the Franklin plant
was announced.
Franklin Automobile Co. is the sales organization of the defunct H. H.
Franklin Mfg. Co., whose assets and business were purhcased in bankruptcy proceedings last December by Franklin Motors, Inc.
The new Franklin program, according to a statement issued by John E.
Williams, President of Franklin Motors, Inc., and the Franklin Automobile
Co., also includes:
Acquisition of the Doman-Marks Engine Co. of Amesbury, Mass., which
will move to Syracuse and manufacture air-cooled industrial and truck
engines at the Franklin factory.
Production of air-cooled and air-conditioned :efrigeration.
This car,according to Mr. Williams, has been under development and test
-cylinder air-cooled motor,
during the last two years, equipped with an 8
will nox be produced on a commercial basis, he said, "un.11 capitalization
of the Franklin company has been expanded on a scale suitable for quantity
output of cars. Further engineering work and production studies are to be
-V. 140, p. 1145.
conducted during the immediate future."
-Sale and DistlibutionGears & Forgings, Inc.
Acting under authority of the U.S. District Court for the Western Diszict
of Pennsylvania, the receiver has sold at private sale, the machinery and
equipment located in the plant a. Ford City, Pa., for $81,276. The purchase price was paid in cash and one of the proceeds of the sale the receiver
has paid taxes and assessments against the Pennsylvdnia real estate(S14.769);
has paid certain costs and expenses in connection with the sale ($1,065);
has transferred to his general fund $2,000, representing the sale price of
unmortgaged chattels, and has also made partial distribution to the trustee,
Guardian Trust Co., Cleveland, amounting to 4% of the original principal
face amount of the outstanding bonds. This distribution to the trustee
aggregates $49,904. The balance of the sale price in the amount of $13,537
is reserved for carrying charges, costs and expenses in connection with the
Pennsylvania real estate and for further dis.ribution to the trustee.
Financial Chronicle
Volume 141
Ohio Forge & Machine Corp., the corporation which purchased the
Cleveland properties of Gears & Forgings, Inc., has paid its mortgage to
the receiver. The receiver in turn has paid to the trustee the amount of
the bondholders' interest in such mortgage, being equal to 19.95% of the
original principal face amount of the outstanding bonds that did not participate in the reorganization plan. This latter amount represents the pro
rata share out of the sale price of the Cleveland properties of Gears &
Forgings, Inc., distributable to those bondholders that did not parvicipate
in the reorganization plan. The trustee has on deposit for distribution to
such bondholders as did not participate in the reorganization plan the
aggregate of the foregoing amounts and upon presentation to the trustee
ofsuch first mortgage6% sinking fund gold bonds of Gears & Forgings, Inc..
together with interest coupons maturing July 1 1932. and thereafter,
attached thereto, the trustee will pay to the holder of such bond $23.95 Per
each $100.
An order has been entered by the District Court of Pennsylvania directing
the sale of the real estate of Gears & Forgings. Inc., located at Ford City.
Pa., and Pittsburgh, Pa., at public sale. Such property will be offered
for sale. Sept. 21 at Kittanning, Pa. It is also anticipated that the real
estate and chattel property located at Chicago, Ill., will within the next
two or three months be sold at public sale under authority of court. The
trustee does not intend to bid at such sale or sales. When such sales have
been held and the purchase price paid for the properties, there will be an
additional dis.,ribution available for bondholders but the amount of such
distribution and the .ime that 14 will be made cannot be sta,ed at present.
-V. 140. p. 3214.
General American Transportation Corp.
-Purchase----
See Texas Co., below.
-V. 141, p. 749.
General Electric Co.
-Raises Common Dividend
-
The
on Sept. 6 declared a dividend of 20 cents per share on
the common stock, no par value, payable Oct. 25 to holders of record Sept.
27. This compareswith 15 cents paid in each of the six preceding quarters; 10 cents per share each three months from July 25 1932 to and incl.
Jan. 25 1934, and 40 cents per share each quarter from April 25 1930 to
Jan. 25 1932 incl. In addition a dividend of 1-6 of a share of Radio Corp.
of America common stock for each share General Electric stock held was
distributed on Feb. 20 1933. A detailed record of dividend Payments
Is given in the Industrial Number of the "Railway and Industrial Compendium" of June 14 1935, Page 130.
New Director
Leon Fraser, formerly President of the Bank for International Settlements and now Vice-President of the First National Bank of New York,
has been elected a director to fill a vacancy.
-V. 141, p. 1273.
...---Geral
Outdoor
1595
bonds which are payable in New York funds, were subject to call on Oct. 1
on 30 days' notice.
-V. 140, p. 317,
(W. T.) Grant Co.(& Subs.)
-Balance Sheet July 311935
1934
AssetsCash
6,469,894 7,446,494
Short-term marketable secs.(mark.
val. $55,000)_ ...
55,000
Accts.receivable
178,898
142,978
Merch. inventor:310,086,551 8,346,145
Cash surrender val.
life ins. policies_
82,862
81.764
Amts.expended on
bldg. constr. to
repaid by owners
upon completion
7.052
Adv.to, & security
dep. with landdep. with landlords, to be repaid over a term
of years
344,770
457,415
Empl.' notes &
accts. recivable_
15,910
17,680
Sund.accts., notes.
claims & invest..
funds In closed
banks & restrict.
balances less res.
14,547
32,619
x Land, bldgs. &
Improvements__ 6,559,474 6,508.683
x Fixtures
3,045,811 3,050.901
Alter. & improve,
to leased props. 5,554,921 5,598,250
Prepaid taxes and
rents, unexpired
ins, premiums,
682,199
supplies,,c-- - - 727,828
i
,
Total
33,136,466 32,372,180
x After allowance for depreciation.
shares.
-V.141, p. 1438.
1935
1934
Liabilities
$
S
Accounts payable_ 870,725
681,892
Accrued accounts_ 729,718
644,971
Fed, tax res. (est.) 307,376
418,525
Notes payable, for
lean, due 1935_
12,500
12.500
Notes&other obllg.
pay., for leases.
due 1936-1938._
62,500
194,833
Tenants' depos. as
see,for leases(expirIng1935-1949)
8.558
6,844
Real estate mtges.
payable
2,663,400 3,071,600
Res, for repainting
stores
113,487
125,130
y Capital stock_ _ _10,089,446 10,089.446
Surplus
18,278,756 17,126.439
33,136,466 32,372,180
Total
y Represented by 1,195,355 no par
. L.) Green Co., Inc.
-Recapitalization Plan Approved
Co., Inc.
-bitting.--- -Pie plan of recapitalization was approved by the common stockholders
1
Advertising
The/New York Curb Exchange by approved the listing of 28.378(
'
outsta ing shares of preferred stock, $100 par.
-V. 141, p. 1437.
Gillette Safety Razor Co.
-Wins Patent Suit-
at a special meeting held Sept. 5. t calls for increasing the authorized
common stock to 600,000 from 200,000 shares, and decreasing authorized
preferred stock from 15,500 to 8,547 shares. The rise in common stock will
permit a three-for-one split-up. See also.
-V. 141. p. 1438.
The company has won a patent infringement
against the Triangle
Mechanical Laboratories Corp. of Brooklyn. suit giving his decision,...--Creif Bros. Cooperage Corp.
In
-25
-Cent Class A Dividend1
Federal Judge Campbell. in Brooklyn, said he would appoint a special
A dividend of 25 cents per share has been declared on the $3.20 cum.
master to take testimony and assess damages against Triangle Corp. The
class A common stock, no par value, payable Oct. 1 to holders of record
Gillette company charged the Triangle was using illegally a process for
Sept. 14. A like amount was paid on this issue in each of the six preceding
blueing and hardening blades simultaneously.
-V. 11, p 1437.
quarters and on Dec.20 1933. Quarterly distributions of 40 cents per share
were made from Jan. 2 1931 to and incl. April 1 1932, as compared with
Co.
-15-Cent Extra Dividend
regular quarterly dividends of 80 cents per share previously.
-V.140. p.4068
•••"-- The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 25
Hagerstown Light & Heat Co. of Washington County
per share
common stock, no par value, both payable Oct. cents holders of on the
1 to
record
12 Months Ended June 301935
Sept. 17. Similar payments have been made in each of the four preceding
1934
Total gross operating revenues
quarters.
$175,469
-V. 141, p. 1437.
$165,275
Operation
105.724
93,647
Maintenance
Gold Dust Corp.(& Subs.)
8,692
7,043
-Earnings---Uncollectible accounts
837
3.421
Year End, 6 Mos.End. -Calendar YearsProvision for Federal income tax
1.602
3.440
PeriodJune 30 '35 June 30 '34
1933
1932
General taxes
10,152
9.139
Profit after Fed. taxes__ $2,740.548 $1,357,803 $3,302,586 y$3,160,140
Depreciation
643,070
636.557
Net operating revenues
318.700
646,590
348.459
348,583
Non-operating Income .(net)
100
152
Net profit
42.097,477 $1,039,103 32.666,029 $2,513,550
Preferred dividends.,._
359,976
179,988
359,976
Balance
361.416
348,560
348,736
Common dividends
2,146,069
1,071,459
2,638.340
2,130,289
Provision for retirements
14,400 •
14,400
Interest & other income charges
19.162
15,830
Deficit
$408.568
3212,344 sur$175,764
3486.206
Shs, com, stk. outst'g-- 1,790,202
1,786.002
1,772.902 1,759,502
Net income
$14,998
318.506
Earnings per share
30.97
30.48
31.30
31.22
Earned surplus at beginning of period
211.991
215,770
x An amount of $554,199,representing expenditures during the year ended
June 30 1935 in connection with development and introduction of new
Total surplus
$226,989
$234,276
products, less sales of such products, has been charged against a reserve
Dividends on common stock
6,000
19.000
heretofore provided from earned surplus for such purpose. y Includes proSundry charges
3.285
portionate share of results of operations of the Best Foods, Inc. (Del.)
Earned surplus at end of period
Consolidated Balance Sheet June 30
3220,989
3211,991
1935
1934
1935
1934
Comparative Balance Sheet June 30
Assets$
Liabilities
Assets
1935
1934
LiabilItiesb Land, buildings,
1935
1934
Capital stock_ -.16,483,256 16,483,256
Plant & franchises
equipment,&a__ 6.076,067 6.424.870 a
a Common stock. $200,000 $200,000
Accounts payable,
(book values). _ $822,649 $816,540 1st mtge. 5% gold
U.S.Govt.sec.,&c.
2,500,000
Federal tax, &a_ 2,068.159 1.789.895
Cash
4,009
Good-will, &a__ _
8,855
bonds, due Aug.
1
1 Sundry reserve_ __ 871,792
889.074
Notes receivable_ _
108
Inv.In Best Foods,
1 1962 (leas in
108
rtes, for expendit.
Accts. receivable.
47,507
32,660
Lae
treaa., $34000). 291,000
6,528,380 6,528,380
291,000
In concerto with
Mdse., materials &
Notes pay.-trade • 2,011
Inv. in Gold Dust
5.777
develop., &a__
1,260,207
706.007
supplies
21,649
Corp. stocks_ _ _ c 696.015
20.859 Accts.pay.-Trade
765.693 Dividends payable 536,990
535,730
Appliances on rent
2,971
Stks. of other cos_ 4.908,556 5,245,677 Surplus (earned)_ _13,494,031 13,902.599
2,225 & sundry
6,254
8.175
prepaid Insurance,
Cash
Due to parent &
7,792,575 4,246,624
taxes, &c
3.692
Accts. ,k notes rec. 2,117,604 1,984,091
3,737 affiliated cos__.
5,082
5.087
Misc. Investments
Inventories
Consumers' depos.
5.905,331 6,961,591
13,438
13,593
(nominal vals.)2
2 Serv. ext. deposits
Deferred charges
135,706
6,000
6,000
183,833
Cash in closed bks.
1,987
2,253 Interest accrued
9,668
6,082
Def. debit items._
1,422
1,247 Taxes accrued
Total
34,160.235 34,840,760
4,449
3,301
34,160,235 34,840.760
Total
Misc. accr. Habits.
371
a Represented by 61.160 no par shares of $6 preferred stock and 1,825,877
164
Retirement reserve 138,169
124,869
shares of no par common stock (including
stock). b After deRes. for uncollect.
ducting $12,138,862 for depreciation and adjustment of plant value in 1935
accounts
6,140
5,765
and 311,798.821 in 1934. c Includes Gold Dust Corp. $6 cum, cony. pref.
Other over. res_ _
5.429
6,706
stock (1,160 shares) and voting trust certificates representing common
Earned surplus__ _ 220.989
211,991
stock 35,675 shares (39.875 in 1934) (of which 12,600 shares are under contract for sale to voting trustees in equal annual Instalments to 1938 at $20
40T69t.al
5909.000 $888,491
Total
$909.000 $888,491
per share less an amount equal to dividends paid since dates of contracts
a Represented by 2,000 shares, par value $100 per share.
1935 average price $8.33 per share).
-V. 140, p.
-V. 139. p. 930.
Greater London & Counties Trust, Ltd.
-Earnings
[Including subsidiary and controlled companies]
12 Months Ended Mar.31•
1935
1934
Gross operating revenue-current
£2,918,878 12,746,815
Gross operating revcnue contracting
186.495
1,529,588
Total
£3,105,373 £4,276,404
Operating expense-current
1.184.944
1,097,436
Operating expense-contracting
1,431,572
Maintenance
188,008
184,821
Taxes, exclusive of income tax
186.520
143.231
Depreciation
530.114
Provisions for retirements
444,435
Net operating income
Non-operating inCOnle (net)
Net income
Other deductions, incl. interest on funded debt.
£1,015,785
39.464
-
£974,907
34.953
£1,055.249 £1,009,861
305,619
288.166
Balance
Divs, on preference shs, of sub. & controlled cos
Surplus net income of properties prior to acquisition
Net income accruing to minority interests
Provision for income tax
£749,629
269,953
138,405
108.534
1721,695
271.520
1.960
135,545
90,267
Total net income
-V. 141, p. 437.
0/32,736
1222,400
rand
1.---7Grhe Trunk Ry. of Canada-Bonds Called-
issue of 323.740.000 7% bonds due Oct. 1 1940, has been called by
the Canadian Government for redemption on Oct. I 1935 at 102%. The
(Walter E.) Heller & Co., Chicago
-To Offer Stock
-
The directors of this company, one of the leading instalment and commercial finance companies, have approved a contract for
sale by a
banking group headed by F. Eberstadt & Co. In New York the$1,000,000
of
7% preferred stock (par 325), to be accompanied by warrants to purchase
common stock, share for share. The offering will also include
20,000
shares of common stock.
It is expected that public offering will be made around
middle of
September and that in due course the company will applythe the Blabs,/
of such securities on one of the exchanges in New York or for
Chicago.
The company has presently outstanding $641,125 7% preferred
stock
and 107,047 shares common stock. Quarterly dividends on the
preferred
stock have been paid without interruption since its original
issue in 1926,
and on the common stock without interruption since January
1921. To
date for the year 1935 the company has paid regular and
amounting to 50 cents per share on its common stock. special dividends
Action was also taken by the board of directors authorizing
the filing
of a registration statement with the Securities and
Exchange Commission
in Washington, and calling a stockholders' meeting to
approve the requisite
changes in capitalization.
Walter E. Heller & Co. have headquarters in Chicago
office in New York City. The business was founded in and a branch
1919.-V. 141,
P. 1439.
--Hercules Motors Corp.
-Larger Common Dividend-4(..Z
The directors have declared a
dividend of 25 cents
mon stock, no par value, payable Oct. 1 to holders of per share on the comrecord Sept. 20. This
compares with 15 cents paid each quarter from Aug. 15
1934 to and including July 1 1935. The Aug. 15 1934 dividend was the first
since April 1 1932 when a regular quarterly payment of distribution made
was made. In addition an extra dividend of 15 cents 20 cents per share
was paid on Dec. 31
1934.-V. 140, P• 3898.•
Sept. 7
Financial Chronicle
1596
-Earnings
Heyden Chemical Corp.(& Subs.)
6 Months Ended June 30Net profit from operations
Other income
1935
$331,137
16,665
1934
$314,718
34,024
Total profit
Other deductions, discount, &c
Reserve for contingencies and research expenses_ _
Provision for Federal income taxes
$347,802
22.550
19,208
42,758
$348,742
21,173
Net profit
Common dividends
Preferred dividends
$263,286
74,815
10,850
$285,034
87,819
10,850
42,536
$186,364
$177,621
Surplus
146,800
149,629
Shares common stock outstanding
8
1.
$l.69and laet
including
Earnings per share
market.$471,909 cash
Current assets as of June 30 1935,
and current liabilities were
able securities at cost, amounted to $1,318,508,
3253,530, compared with cash and marketable securities of $263,238,
on June
current assets of $1,132,588 and current liabilities of $241,842assets as 30
of
1934. Inventories were $542,831, against $441,034. Total
June 30 last amounted to $4,301,285, compared with $3.921.255 on June
was $526,633 the same as the preceding year, and
30 1934. Paid-in surplus
1934,earned surplus was $1,584,459 against $1,316,600 at close of June
V. 140, p. 2187.
-Earnings
Holly Oil Co.
Years End. June 30-Total revenues
Taxes,exps., insur., &c..
Operating profit
Other income,int., &c
Total income
Depreciation & depletion
1935
$53,928
46,717
1934
$50,789
20.138
1933
$41.045
21.955
1932
$46,388
26.350
17,210
11,711
$30,651
13,971
$19,090
10,025
$20,038
10,377
$18,921
x20,672
$44,622
38,579
529,115
32,759
$30.415
41,423
$3,644
31,751 prof$6,043
Net loss
27,768
25,127
12,970
Prey,earned surplus_ _ _
1,093
_s
Miscellaneous credit
$25,127
$31.170
511,218
Gross earned surplus18.200
Dividends
452.599
Surplus charges
$25,127
$12,970
Earned surp. June 30_def$441,381
x Includes loss on sale of U. S. Treasury bonds.
Balance ,Sheet June 30
•
1935
Liabilities1934
1935
AssetsCapital stock ($5
field
Olt reserves,
$910,000
par)
equipment. Stc. $140,967 $613,434
7,941
120,937 Accounts payable_
U. S. Treas. bonds
408
45,182 Accrued taxes_ _
Cash & accts. rec. 225,783
Federal inc. taxes
Inv. in Socal 011 &
payable
61,243
58,849
Refining Co___
def441,381
Surplus
011, topping plant
45,605
44.738
products & supp
31,502
Notes receivable__
Accrued int. on
1,040
U.S.Treas. bds.
6,810
6,631
Deterred charges._
$476.969
Total
$476,969 $925,754
Total
-V. 139, p. 931.
$11,008
38,685
$27,677
$27,677
1934
$910,000
1,385
1,400
12,970
1935
the committee understands that transactions may be effected after that
date in the certificates over the counter through brokers and by or to
dealers who are registered in ccordance with the rules and regulations
of the SEC."
-V. 139, p. 932.
-Receiver's Report
Interborough Rapid Transit Co.
Income Account Years Ended June 30 (System)
1932
1933
1934
1935
Year Ended1015717127 1030897.075 1084116,1221213,151,357
Passengers carried
Gross operating revenue.$55.782.623 856,513,098 $59.307,083 $66,320,859
36,008,139 35,510,820 38,659,017 42.829.178
Operating expenses
2,377.443
2,804,260 2,162,815
3,426,140
Taxes
5,002,958 4.991,592 5,022,536
Current rent deductions- 5,012,016
Bal. to be divided between city and co_ _$11,336,326 $13,195,060 $13,493,659 $16,091.703
Used for purch. of assets
354,368
205.035
76.7.7
Cr171,956
of the enterprise
Payable to city under
2,685,388
589,804
317,538
Contract No. 3
Company's gross inc.
from operations. _ _$11,508,283 $12,800,804 $12,698,820 $13,051,947
Company's fixed charges 13,638.025 13.701,780 13.708,422 13.955,576
$903,629
$900,975 $1,009,602
Co.'s net oper. deficit- $2,129,742
71.880
40,204
39,928
44,883
Non-operating income..
$969,398
8861,048
$2,084,858
Deficit
565,765
Surp.at beginning of yr.df.3,421,600 def2,549.590
Profit & Loss Changes
During YearAdj. of sin. fd. accruals_Cr7,632.625
Adj. of capital accounts
Dr36,320
under Elevated ctfs_
$337,797
Adjust. ofstk. Fed. accr.
Settlement with city of
rental chgs.under Con404.558
tracts Nos. 1 and 2Loss on invest. in N. Y.
& Q. County By. Co.
Dr2,895,160
capital stock
Loss on cash advances &
open account
Dr6,861.355
Excess amt. of Fed, tax
paymentfor years 1917
to 1923 over accruals
with int. thereon to
Dr3,118,359
Dec. 31 1933
6,847
Dr31.249
Miscellaneous
5831,749
1,310,210
$88,152
847
Deficit at end of year.. $7,910,154 $13.421,600 $2,549,590 sur$565,765
Comparative Statement of Results from Operations for Years Ended June 30
1934
1935Manh. Ry. Subway
Manh, Ry. Subway
Division
Division
Division
Division
Per cent exps. to earns.:
Rev, from transporta'n310,748.397 540,037,458 511,030,037 $40,514,816
3,783,540
1.184,703
Other st. ry. oper. rev__ 1,175,698 3,821,068
Gross operating rev- _$11,924,095 U3,858,527 $12,214,741 $44,298,356
1,975.699
4,158.751
Maint.of way & struct_ _ 1,889,523
4,270_
5,158,284
1,857,341
Maint• of equipment _ 1,829,836 4,849,808
203
203
164
223
Traffic
5,206,209 13,921,544
P Transportation expenses 5,483,058 14,400,987
1,976,022
1,126,049
988.240
-c Lateneral expenses
2,269,735
-Extra Dividend of$2 per Share-4 ,
Co.
Homestake Mining
The directors have declared an extra dividend of $2 per share in addition
Net operating revenue 51,595.463 $13.179.020 $2,187,046 $18,815,231
capital stock, par
975.310
to the regular monthly dividend of $1 per share on the Similar aistribu2,017,493
1,828,950
1,408,647
Taxes
$100, both payable Sept. 25 to holders of record Sept. 20.
The company paid
were made in each of the 14 preceding months. of $1 per share each
dons
$358,096 $17,839,921
Incomefrom operationloss$422030 316.770,373
share and regular dividends
extra dividends of $1 per
Current rent deductions:
month from Jan. 25 1934 to and including June 25 1934.-V. 141. p. 921.
Interest on Manh. By.
1,808.240
1,808,240
bonds (rental)
George (Clark-Henry Corp.), Brooklyn,
Hotel St.
Int. & sink, fund on
Buy Property
-Bondholders
N. Y.
.city bonds, contr'ts
sale, Sept. 5,
2,624,491
2,624,491
Nos. 1 & 2 (rental)..
The Hotel St. George in Brooklyn was sold at a foreclosure bid, made by
This
Div. rental at 7% on
for $2,500,000 at the Brooklyn Real Estate Exchange. committee. was
304,570
304,570
Math, guar. stockAlvin .J. Schlosser in behalf of the bondholders protective
50,000
50,000
Manh. Ry.cash rental
the only one made.
mortgage
224,715
215,656
Oth, oper. rent deduct
The sale was the result of an action to foreclose an $8,000,000
bondholders, in
Instituted by the Chase National Bank, as trustee for the
a plan recently approved
df$2809,555 $14,145,882df$2,020,370 $15,215,430
Balance
1933. The hotel will undergo reorganization under
Used for purch. of assets
by Supreme Court Justice Lockwood.
proceedings in
76,717
' def171,956
of the enterprise
The reorganization plan was formulated after prolonged however, the
which two competing committees proposed plans. Finally, to the plan
Balance-city & co-df$2809,555 $14,317,839df$2,020,370 $15,138.713
minority committee, headed by Lee S. Buckingham, consented
plan of reorganization has
Payable to city under
as modified and approved by the Court. The
-V.140. p.4402.
securities.
317,538
contract No.3
now been accepted by more than 94% of the
5925.754
-Bonds Called
--Hughes Tool Co.
on Oct. 1
at 101 all of its first
redeem
The company has elected to1936. The bonds will be payable on and
5;4% gold bonds due April 1 the principal office of City Bank Farmers
date at
after the redemption
-V. 140. p. 1488.
York.
Trust Co.. Trustee, 22 William St., New
Car Corp-Proxies Asked
Hupp Motor
Board, has sent a letter to the
A. M. Andrews. former Chairman of the be voted in opposition to the
ccmpany's stockholders asking for proxies toof the company on Sept. 11.
meeting
present management at the annual
-V. 141, 9.921.
-Earnings-Illinois Bell Telephone Co.
1935-7 Mos.-1934
1935-Mon1h-1934
Period End. July31- $6,182,396 $5,992.538 $43,400,926 $26,732,932
Operating revenues
Uncollectible oper. rev.. _
Operating expenses
Operating taxes
7.901
4.617,447
469,867
Net operating income_ $1,087,181
-V. 141, p. 922.
-.." Imperial Tobacco Ccs. of
55.624
7.301
4,546,740 31.604.318
5,007,001
812,213
Cr855,431
13,491,107
5,362,518
$626,284 $6,733,983 $8,734,738
Great Britain & Ireland,
-Interim Dividend_
Ltd.
1-10 cents per share on the
The directors have declared a dividend of 36
Sept. 9 to holders
American depositary receipts for ordinary shares payable -V.141, p.600.
dividend was paid a year ago.
of record Aug. 16. A similar
-Merger Approved
Inland Steel Co.
-V. 141, p. 1275.
See Joseph T. Ryerson Co. below.
Iowa Central Ry.-Protective Committee for 1st Mtge. 5%
Bonds Delays Listing
5% 50-year gold bonds (George E. Roose-
A committee for the 1st mtge.
says:
velt, Chairman) in letter dated Sept. 4this conunittee are at present listed
"The certificates of deposit issued by
temporarily under the
on the New York Stock Exchange and are registered of the Securities and
rules
Securities Exchange Act of 1934. Under the
certificates of deposit, in order
Exchange Commission the committee's be registered permanently under
to remain listed on the Exchange, must
such registration the Act
the Act by Sept. 10 1935. In the absence of
certificates of deposit on the
makes it unlawful to effect transactions in the
from the list.
Exchange, and the Exchange will likely remove them the committee has
question
"After giving careful consideration to the
register its certificates of deposit
concluded, at least for the present, not to value of the certificates and the
permanently. In view of the low market
for the bonds themselves
comparatively inactive market for them andthe committee believes that
(which, it is to be noted, are no longer listed),
to incur the expense
be in the best interests of its depositorsform required by the
it would not
statement in the
of preparing and filing a registration
SEC.
may not lawfully effect trans"While the holders of certificates of deposit
exchange after Sept. 10 1935.
actions in the certificates on any securities
Co.'s gross income
from operation _ _loss$2,809,555 314,317,839loss$2020370 $14,821,174
Co.'s fixed charges:
Interest on 5% bonds.. 11.563,076 $6,850,773 11,562 073 $7 068.048
1,046,270
376,603
338,038
1,099,617
Sink,fund on 5% bds517.346
112,653
68,538
Int.on 10-yr.6% notes
517,346
Int. on 1st & ref. 5%
bonds coll. to 7%
1,477,650
1,271,800
1,259.980
1,477,650
notes
160,521
321.347
203,310
47.156
Int.on unfund.debt,Sic
Co.'s net oper. inc-df$6,455,036 $4,325.294df$5,452,312 14,551,337
31,434
20,514
8,493
24,369
Non-operating income__
Bal, before deducting
5% Manhattan div.
loss$6,434.522 $4,349,6641os45443819 $4,582,771
rental
Div. rental at 5% on
Manh. modified guar.
2,782.450
stk.(pay, if earned)._ 2,782,450
Bal. after deduct. 5%
Manh. div. rental_ _df$9216.972 $4,349,684df$8.226,269 54,582.771
57.53
86.62
82.10
58.55%
Excluding taxes
59.73%
97.07,
103.54
61.76%
Including taxes
214.967,958 800,749,169 220,600,747 810,296,328
Passengers carried
2.219.990
604,385
588,953
2.193,833
Daily avge. pass. carried
54.167,537 173,120,121 54.360,975 173,080,926
Car mileage
General Balance Sheet June 30 1935
Estate
Receiver Consolidated
Assets$
$
Fixed capital-Subway division:
60,536,990
Nos. 1 & 2& cost ofleases 60,536,990
Contracts
126,394,384
126,394,384
Contract No.3
186,931,374
44,632,055
186,931,374
Sub-total
Math.divislon-EleCrated certificates 44,632,055
Total
Estate of 1. R. T.Co
231.563.430
Construction & equip.funds (held for
account of contract No.3 & related
elevated certificates)
Investments-Securities of Associated
12,789.635
-stocks & bonds
companies
U. S. Govt. bonds deposited with
City of N.Y.acct.59th St. tunnel
46,350
Real estate
Real estate held in trust by Rapid
197,866
Transit Subway Construc'n Co
Total
13,033,852
231,563,430
35,627,262
1.230,485
1,230.485
12,789,635
12,000
12,000
46,350
12,000
13,045,852
197,866
Financial Chronicle
Volume 141
Assets
-(Concluded)
Voluntary relief fund-Cash
Securities
Total
Current assets
-Cash (see Note 2)Invest. in I. R. T. Co. 1st & ref.
mtge.5% bonds
Due corporate from subway for deductions under contract No.3..
Bank balances equiv. to outstanding checks
Special dep. for specific purposes
(see note 4)
Accts. rec.. incl. interest accrued
Prepay'ts (ins., rents. taxes, &c.)_
Due corp. cash from construc'n fds_
Total
Due from associated companies
Estate
Receiver Consolidated
$
$
28,487
28.487
111,927
111,927
140,415
9,530,469
140,415
9,530,469
1,526,837
1,526,837
3,356,506
3.356,506
9,322
9,322
43,879
559.730
316,991
7,907
174,999
593,587
316,991
7.907
164,976 15,351,644
15,516,620
2,514
44,346
131,119
33,857
41,832
Accounts in suspense:
Sink, fund on 1st & ref. mtge. 5%
bonds accrued prior to Jan. 1 1935 31,536,031
Amount deposited with trustee-- 35.627.031
Amount of sink.fd. dep.in excess
of accruals to Jan. 1 1935 (see
note 1)
4,091,000
Payments under court orders for receivership exp. of Math. By.Co.
(see note 5)
Federal taxes paid under protest
14,362
Receiver's first lien on prop. declared by agreement of Aug. 30
1929 to be assets of the Elevated
Extensions Enterprise
Capital retirements to be replaced
from depreciation reserve:
Manhattan division
195,8,57
Subway division
204,125
Cost of replacements "in kind" less
than or in excess of cost of capital
retired, subway
43,376
Accruals in suspense incident to default on 10
-year 6% notes
51.975
Special deposit with N.Y.Trust Co.
under Article 7 of agreement with
Transit Commission dated Aug.
30 1929
11.619,247 43,155,278
12,079,247 47,706,278
460,000
4,551,000
183.827
183,827
14,362
1.272,982
1,272,982
195,857
204,125
43,376
51,975
396,013
396.013
Total
6,913,521
4,600,698 2,312,823
Deferred charges:
Unamortized debt discount & exp_ - 10,491,198
10.491,198
Def,charge to profit & loss for div.
rental at5% on Manh.By.stock,
payable if and when earned
19,031,958
19.031,958
Total
29,521i.156
29,523,156
Accounts per contra:
Deficits under elevated extensions
certificate payable from future
earnings
173,077,563 173,077,563
Deficit accruals under elevated extensions ctf. in suspense (see
note 4)
665.571
665,571
Assets of the enterprises under
agreement of Aug. 3 1929:
Contract No. 3
-on which City
of New York has first lien:
Material & supplies
1,538.171
1,538,171
Securities deposited with State
Industrial Commission
1,263,000
1,263.000
Elevated extensions
-on which
Interborough Co. has first
lien:
Material & supplies
627,982
627,982
Securities deposited with State
Industrial Commission
645,000
645,000
Deficits, contract No.3
299,781
299,781
Deferred charges covering Transit
Commission's objections to contract No.3 (see Note 4)
3,231,032
3.231,032
Acct. rec, when earned by N. Y.
R.T.Corp. under supplementary
agreement for joint operation of
Queensboro Subway Line
3,781,413
3.781.413
Bankers Trust Co., trustee, under
collateral indentures
54,989,000
54,989,000
1st & ref. mtge.5% bonds reacq'd_ 1,334,000
1.334,000
Guaranty Trust Co., trustee, in
special trust, agreement dated
Sept. 1 1922
6,241,000
6,241,000
Adv.from corp,fund for construc'n
& equip, under contract No.3 - 11,090.553
175.000 11,265,553
Dep. with the trustee under cense!.
mtge. of Manhattan By, Co__
78.922
78.922
Total
73.654,553 185,383.437 259,037,991
Total all accounts
352.582,499 240,060,583 557.015.820
Liabilities
Capital stock-350,000shs at $100 ea. 35,000,000
35,000,000
1st & ref. mtge. 5% gold bonds due
Jan. 1 1966
172.683,000
Default under coll, indenture of Sept.
1 1933,securing 10-Yr.7% notes__ _ 32
.393.897
Default under indenture of Oct. 1
1922, providing for the issue of 10
year 6% notes
12,599,475
Rapid Transit Subway Construc'n Co. 7,108,533
Manhattan By. Co.
-Lease account_
377,322
Accounts payable from construction
and equipment funds
271,682
Receiver for I. R. T. Co
35,627,262
Current liabilities:
Sinking fund on 1st & ref. mtge.5
bonds-accrued (see note 1)
Int.& rentals-due & accrued
381.683
Less: Amount on deposit & payable
from construction funds
68,436
Balance
Due for wages
Outstanding checks
Accounts payable-audited vouchers
and sundry open accounts
Lessee's deduc'ns under contract No.3
-due and accrued
Taxes
32,393,897
300.000
2,982.576
94,931
2.965.846
1,667.338
300,000
2,982,576
94,931
2,965,846
Sub-total
1,667,338
Cost of replacements "in kind" less
than or in excess of cost of capital
retired Manhattan
23,740
For replacement of property provided by city retired from service:
Contract Nos. 1 and 2
85,623
Contract No.3
35,590
For insurance on substations
For account Manhattan By. Co.:
Replacement of property retired416,174
Capital acct.
-additions& betterments
Amortization of debt discount &
expense account 2d mtge. bds
6.343.353
8,010,691
21,602
21,602
Total
Less investments & cash deposited
account reserves
6,662,740
8,891,206
6,646,648
6,646.648
2,228,465
23.740
80,951
85,623
35,590
80,951
416,174
216,833
216,833
Balance
2,228,465
16,092 2,244,558
Accounts per contra:
Def. credit accruals under elevated
extensions certificate
173.743.134 173.743,134
Res,for the cost of the items which
under the agreement of Aug.30
1929 have become assets of the
enterprise:
Contract No. 3:
Material and supplies
1,538,171
1,538.171
Securities deposited with the
State industrial Commission
1,263,000
1,263,000
Elevated extensions:
Material and supplies
627,982
627.982
Securities deposited with the
State Industrial Commission
645,000
645,000
Deferred credit accruals under contract No.3
299,781
299,781
Transit Commission's objections to
accounting under contract No.3_
3,231,032
3,231,032
Deferred rental account New York
Rapid Transit Corp
3.781,413
3,781,413
1st & ref. mtge. 5% gold bonds:
Pledged as collateral to 10-yer
54.989,000
•
7% notes
54,989,000
Released by Bankers Trust Co..
1,334,000
trustee
1,334,000
6,241,000
Issued & held in special trust6,241,000
Deferred credit-advances from
corporate fund for construction &
equipment under contract No.3- 11,090,553
175,000 11.265,553
Contingent liability to replace Man78,922
hattan By. Co. property
78,922
Total
Surplus
73.654,553 185.383,437 259,037,991
df44,191.344 36.281,190 df7.910,154
352,582,499 240,060.583 557,015.820
Total all accounts
Notes
-(1) The "amount of sinking fund deposit in excess of accruals to
Jan. 1 1935" consists of $4.406,000 of bonds paid into the sinking fund from
the special trust which under the order of the Court of July 9 1935, are to
be withdrawn from the sinking fund, together with $145,000 of bonds produced by the investment by the trustee of the interest and sinking fund on
$4.404,000 of such bonds which were paid into the sinking fund on Jan. 1
1935. Under the opinion of the Court of July 3 1935, this $145,000 of
bonds is to be allowed as a credit on the sinking fund payment of Jan. 1 1838.
When and if the $4,406,000 of special trust bonds are withdrawn from the
sinking fund the outstanding bonds will be reduced by that amount, the
special trust bonds will be correspondingly increased and all the special
trust bonds then in the hands of the trustee under the special trust are to
be returned to the Interborough Receiver under the Court order of July 9
1935. When this transaction is completed the deferred credit to profit
and loss of $4.406,000 will become an actual credit.
The current liability for sinking fund on first and refunding 5% bonds of
$1.116,330 is the accrual for the six months ended June 30 1935. which was
met by payment of bonds and cash in July 1935.
$57,017.000, face amount of first and refunding 5% bonds, were in the
sinking fund at June 30 1935.
(2) The separation of the cash and securities in the hands of the Receiver
Into three separate funds in accordance with the agreements of Aug. 30
1929, resulted as of June 30 1935, in the following:
Cash
$4.414,067
x Corporate
y Manhattan division
248,627
Subway division
4,867,774
$9,530,469
x Subject to reduction upon settlement of Transit
Commission's objections to accounting under
contract No. 3.
y Includes advances from corporate cash of
$3,700,000.
(3) Unexpended balance with Bankers Trust Co.. trustee, under
collateral indenture dated Sept. 1 1922
Special deposits to meet interest and dividend rentals
$131.119
43,879
59,233
$7.503,696
12,468
284,151
1,116,330
8,314,259
1,116,330
8,695,943
131,360
199,796
8,496,146
506,614
9,322
93,136
575,168
3,356.506
3,711,679
668,305
3,356,506
3.742,385
17,428,073
140,415
388.286
17.895,610
140,415
1.568,208
19,031.958
315,000
Consolidated
4,406,000
12,599,475
7.204,152
377,322
8,182,899
485,489
30,705
Liabilities-(Concluded)
.Reserves-For depreciation:
Prior to operation under contract
No. 3 and certificates including
int. on investment of portion
thereof
1,667,338
Elevated extensions certificateRailroad and equipment
Existing railroads
Existing equipment
Receiver
$174,999
(4) Pending final adjudication of Transit Commission's objections Nos.
41 to 72, inclusive, with interest claimed thereon to Dec. 31 1933, and their
blanket objections to items in advance similar to those contained in their
specific objections, all accounting will be maintained on the current basis
modified only to the extent of reflecting in the balance sheet, the transfer to
suspense on account of contract No. 3, $3.231,032, and under the elevated
extensions certificate $665,571. a total of $3.896.603. this transfer being in
accordance with the provisions of the contracts as to the items in the
contract accounting which have been specifically objected to and objections
in advance.
The effect on the general balance sheet is reflected only to the extent of
the items objected to on both the asset and liability side under the caption
"accounts per contra."
(5) All payments which the Court ordered be paid by Interborough Receiver covering interest on Manhattan Railway Co. consolidated and
second mortgage bonds and taxes assessed against the Manhattan Railway
Co. have been charged against the accruals of such items on the books of
the Interborough Rapid Transit Co. and the Receiver. These charges
against the accruals are not the final disposition of the items because the
Court reserved the right to determine in the future the question as to what
fund or property such payments with or without interest are finally to be
charged pending the disposition of the question whether the Manhattan
lease shall be affirmed and adopted or disaffirmed and rejected by the
Receiver of the Interborough Rapid Transit Co. Such payments to June
30 1935, without interest and penalties are as follows:
Interest on Manhattan By. Co. consolidated mortgage bonds__ $4,881.960
Interest on Manhattan Ry. Co. second mortgage bonds
271.380
Real estate & special franchise taxes assessed against the Manhattan By, Co
2,233.714
Federal taxes assessed against the Manhattan Ry. Co
77,703
Ninth Avenue special franchise tax
2.424
Compensation to City of N.Y.under third tracking certificate.
36.514
95,618
313,247
21,125
9,322
Total
467,537
Trustee for voluntary relieffund
Items awaiting distribution
1.179.921
Deferred liability:
Div. rental at 5% on Manh. By.
stock (payable lf & when declared
earned)
19,031,958
Deferred credit to profit & loss:
Speck'trust bonds to be withdrawn
from sinking fund under court
order of July 9 1935(see note 1)4,091,000
Accruals in suspense incident to default on 10-year 7% notes
59,233
172.683,000
1597
Estate
3
The above payments are exclusive of allowances made by the Court for
compensation and expenses of the following'
$33,000
Receiver of the Manhattan By. Co
106,881
Counsel for Receiver of the Manhattan By. Co
31.446
Engineers for Receiver of the Manhattan By Co
12,500
Accountants for Receiver of the Manhattan By. Co
$183,827
The aggregate of these last mentioned payments is reflected in the
balance sheet on the assets' side and designated as "payments under Court
Orders for Receivership Expenses of the Manhattan Railway Co ." the
Court having also reserved the right to determine in the future as to what
-V.141. p. 922
fund or property these payments are finally to be charged.
International Rys. of Central America-Earnings
Period End. July 31-
1935-7 Mos.-1934
$302,802 x$2,960,671 $3,022,796
-Month-1934
1935
Gross revenues_ _ ______ 4328,485
217.856
x231,395
Oper.expenses & taxes-
x1,625,919
1,790,207
Income applicable to
fixed charges
$84,946 31,334,752 $1,232,589
$97,090
colones conx Revenues and expenses earned or incurred in Salvadorian instead of at
for 61 approximately current rate
verted at rate of 2.5 colones
2 colones for $1 parity as in 1934.-V. 141, p. 755.
-Sales
Jewel Tea Co., Inc.
1933
1934
1935
$1,395,225 $1,214,762 81.095,550
1,276,473 1,061,841
1,450,684
1,439,369 1,335,685 1,052,211
1,073,823
1,436,962 1.276,651
1,622,600 1.265.773 1,034,399
1.265,347 1.071,758
1,417,014
1,311.074 1,015,898
1.407.424
Four Weeks Ended-
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
26
23
23
20
18_
15
13
10
1,429,522
1,275.078
1,021.086
$11,398,800 $10.220,845 $8,426,227
Total for 32 weeks
The average units in operation during the four weeks ended Aug. 10
1935 totaled 1,563, against 1,508, the parallel period of 1934.-B. 141,
p. 1276.
-Earnings
Kekaha Sugar Co., Ltd.
1934
$898,758
180,516
1933
8978,823
173,692
73,424
21,109
56,813
83,488
39,154
93,292
$364,896
Net profit
1,404,468
Previous surplus
16,496
Surplus adjust. pr. years
1.180,506
Calendar YearsGross profit
Depreciation
Interest
Other charges
Accr. territorial inc. taxes
Res.for Fed.inc. tax__ -
$589,198
1932
$328,267
168,650
36
45,704
336
16,879
1931
$786,632
160,595
12,114
804
27,332
67.682
896,659
1,301,337
52,510
$518,104
1,059,086
85,639
81,785,860 $1,769.704 $1,450,506 81,662,829
Total surplus
360,000
270,000
360,000
360,000
Dividends paid
1.491
5,236
3,047
Surplus charges pr. years
81.422,814 81,404,468 $1,180.506 $1,301,337
Balance,surplus
Balance Sheet Dec. 31
1933
Assets 1934
x Real est., plant.
$1,549,471 $1,619,142
&c
909,604
_ 1,070,081
Growing crops
Invest. In other
411,190
411,190
companies
246,278
Miscell.assets_ _ _ 259,828
811.696
Sink. fund invest_ 402,383
American Factors.
Ltd.:
400,821
Current account 252.539
340,000
Special account_ 686,000
1934
1933
Lia5ilities83,000,000 $3,000,000
Capitalstock
20,666
20,745
Wages due laborers
11,332
11,223
Accounts payable_
43,415
89,627
Rentals accrued
Res've for Federal
56,812
93,292
income tax
Territorial Income
39,154
21,109
tax accrued
Territorial excise
37,133
46,797
tax accrued
10,221
10,066
Cap.stk. tax accr_
Electrical energy
24
26
tax accrued
Territorial unempl.
189
196
relief tax accr'd.
5.243
8,201
Drafts outstanding
12,353
Sugar sales
2,679
2,437
Tool deposits
Undivided profits_ 1,422,814 1,404,468
$4,631.493 $4.738,731
Total
84,631,493 84,738,731
Total
x After reserve for depreciation of 81,532,960 in 1934 and $1.398,675
In 1933.-V. 139. p. 3811.
-Earnings
Kellogg Switchboard & Supply Co.
1934
pf$162,146
74.985
27,382
Net loss
Depreciation
Patent amortization Net loss
AssetsCash
Marketable sec.__
Notes & accts. rec.
Inventories
Due from officers SG
employees, Inc'
traveling advs..
Dep. with mutual
insurance cos__ _
Cash surr. val. of
life insur. paid__
Deferred charges__
x Plant dr equip_
Patents
1933
8199,076
87.528
29,106
1932
8622,229
97,487
30.102
1931
8343.406
119,028
30,511
pf $59,780
Calendar Years-
$315,710
$749,818
$492.946
Balance Sheet Dec. 31
1933
1934
Ma/Miles-1933
1934
$55,350
$218,777 $152,897 Accounts payable_ 886,942
1,868,171 Accrued pay-roll,
1,865,107
comm'ns, taxes.
198,343
228,004
77,625
royalties, Ace_ _ _ y39,002
713,707
734,141
7% cum. preferred
2,113,300 2,113,938
stock
5,516 Common stock(par
4,966
566,235
586,289
$10)
.
15,229 Paid-in surplus _ _ 465,483
15,408
539,015
Capital surplus_ .._ 586,526
512,983
59,780
26,991 Earned surplus.....
43,922
12,183
16,339
728,266
654,054
143,844
116,602
Total
$3,897,323 $3.865,147
Tot al
-V. 139,
x After depreciation. y Taxers on y.
83.897,323 83,865,147
p. 1406.
-New Directors
& Wire Co.
Keystone Steel
Wm. C. Erkert and W.0. Fritze have been elected directors succeeding
-V.141.
Hiram E.Todd whose term expired and W.C.Buchanan,resigned.
p. 1441.
-Earnings
Keystone Watch Case Corp.
Calendar Years-
Net profit from operations
Interest and other income (net)
Dividend capital stock
Net profit for year
Provision for Federal income tax--Balance transferred to surplus-Dividends on capital stock
1932
1933
1934
841.585 loss$57,963 lOss$95,051
19,555
5,086
3,513
125,000
$170,098 loss$52,877 loss$75,496
6,201
$163,897 loss$52,877 loss$75,496
118,024
Condensed Balance Sheet Dec. 31
1934
1933
1933
1934
Assets$306,646 $300,955 Common stock__ $983,533 $983,533
Plant assets
1,548,977 1,503,104
432,962 Surplus
488,042
Inventories
9,640
4,020
1,527,000 1,530,375 Accounts payable_
Investments
59,012
195,517 Dividend payable_
Accts..4 notes rec_ 256,617
33,093
31,847
1,582 Res, for deprecia'n
insurance_
Prepaid
140,275
146,145
208,504 Other reserves_
194,979
Cash
Total
Sept. 7 1935
Financial Chronicle
1598
$2,773,285 $2,669,895
-V. 141. IL 117.
Total
82;773,285 82,669,895
-Earnings
Kendall Co.(& Subs.)
Dec. 29 '34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
Years EndedProfit before depreciation, interest & taxes_ $1,400,883 62,049,502 $1,239,004 81,527,875
657.006
766,729
762,796
3771,737 $1,392,496
25,371
13,436
8472,275
25,076
8765,079
22,815
629,146
Depreciation
Operating profit
Interest received
Gain on long cotton future transactions closed
during the year
Disc,on deb. bds.retire_
423,031
169,990
58.053
$1,208,204 $1,587.858
256,464
233,237
Bond interest
18.218
34,720
Other interest charges
28,621
Amort, of bond discount
25,915
Loss on disposition of
29,737
27,414
fixed assets
212,885
233.280
Provision for taxes
Prov. for loss on Can.
Exchange
$555,404
293,676
11.284
29,560
$787.895
314.726
11.486
30,056.
17,015
55,685
2,708
72,195
Total income
Prey.for poss. add,taxes
prior years
Divs. on pref. stock of
subs. in hand of public
Expenditures for rehabilitating and starting production at plant purchased during the year
63.724
75,000
86.069
87,665
89,088
$955,864
102.075
860,518
260,330
8128.913
355,094
$1,323.616 81.057,940
Total surplus
Kendall Co. dividends216,935
214.255
Pref. stock. series A.
218,567
Common stock
13,420
33,356
Prov.for partic. div_ _ _ _
8320,848
1184,007
218,772
223,677
8807,649
397,403
$1.86
$102,076
397,103
Nil
8260,360
397.063
Nil
Net profit for year..
Previous surplus
Earned surplus
Shm.com.stk.out.(no par)
Earnings per share
85,046
52,624
3515,967
807.649
$877,372
397,442
$0.76
Consolidated Balance Sheet
Dec. 29'34 Dec. 30'33
Dec. 29'34 Dec. 30'33
Liabilities
Assets
, 765 819 Notes payable_ _ 900,000
Cash
1,284,477
428,044
Accounts payable_ 502,314
Accounts and notes
2,360,017 2,091,350 Accrued interest,
receivable
418,127
payrolls, dm_ _ _ _ 371,405
117,743
Value of life Maur_ 145,088
51,236
72,774
5,091,528 4,930,784 Dividends payable
Inventories
213,026
646,476 Prov.for Fed.taxes 172,500
Deb. bonds, ser. A 559,053
69,577 Prov. for poss.
Preferred shares
69,577
222,088
197,879
additional taxes 264,228
Misc. investments 130,983
634,245
815,818
Bankers' accepts
Unexpired insur.,
171,513 Amta. reeble from
prepd. int. & exp 236.849
214,172
59,772
brokers
Unamort. disct. on
378,759 20-yr. 554% deb.
352,844
deb. bonds
5,155,000 5.155,000
series A
x Land, buildings,
Pref. stk, of subs.
mach'y, equipin hands of public 1,214,800 1,216,750
5,757,091 5,729,267
ment, &c
Cum. & particle.
Trade-marks,trade
pref. stock
3,668,600 3,762.600
names. pat., dm _1 180,848( 180,847
1 v Common stock_ 1,728,576 1,728,275
Good-will
328,8,05
Capital surplus _ _ 345,197
807,649
Earned surplus_ _
877,372
Total
16,148,358 15.180,017
16,148,358 15,180,017
Total
a After depreciation of 35,149,775 in 1934 and $4,579,789 in 1933.
y Represemed by 397,442 no par shares in 1934 and 397,403 in 1933.-V. 141, p. 755.
-Earnings
Koloa Sugar Co.
Calendar Years-
Total income
Operating expenses
Depreciation
Net profit
Earns. per sh.on cap.stk
1934
$198,978
81,551
81,216
$36.211
$3.62
1932
362,615
60,054
62,864
1931
3197.143
58,627
61,415
8196.529 1088860,302
Nil
$19.65
877.101
$7.71
1933
$$81,576
120,327
64,721
Comparative Balance Sheet Dec. 31
1933
1933
1934
Assets1934
Liabilities86,639
Outstanding drafts
82.856
Real estate, plant
:
6,535
3,550
A: petal. 1mi:4s...81,300,732 81,267,929 Accounts payable_
,
Am.Factors, Ltd.,
Growing crops_ ___ 434,419
2,508
200,440
2,072
mdse. dent
Stock and securs_ _ 200,440
723
242,832 Bango deposits_ ...
744
250,320
Miscell. assets_
973
3,009 Meter deposits_ _
1,254
2,755
.
Bond disc. &
32,623
17,500 Sugar sold
Bonds In treasury.
4.843 Accrued wages, inSugar afloat
24,852
terest,&c
23.885
Hawaiian Tr. Co.,
Int. on bonds re1,964
Ltd., trustee
481
celvable
American Factors,
3,074
267,573 Cap. stk. tax accrd
171,188
3,486
Ltd
Reserve for Fed.
31,470
5,890
Income taxes. _ _
Territorial taxes ac26,734
crued
16,021
Accrued excise tax
7
(Federal)
396,000
Bonds outstanding 378,500
Capital stock
1,000,000 1,000,000
950,199
Undivided profits_ 923,070
Total
32,361,820 $2,482,342
$2,361,820 $2,482,342
,Total
x After reserves for depreciation of $1,254,362 in 1934(1933. $1,182,026)•
-V. 139, p. 1557.
--Earnings
(G. R.) Kinney Co., Inc.(& Subs.)
1932
1934
1933
6 Mos.End. June 30- 1935
86,035,475 36,757,869 35,623.178 35,778,891
Net sales
5,873,465 6,408.983 5,615,456 5,840,516
Cost and expenses
97,515
117,971
90,646
75,501
Int. & misc. chges.(net)
Loss on factory tem956
6,366
porarily closed
13i,ia't
123,363
118,237
126.868
Deprec..k amortization_
$298,307
$80,280 Pf$140,151
$201,161
Net loss
Balance Sheet June 30
1934
I Liabilities1935
1935
Assets$392,178 8566,390 Accounts payable_ $627.061
Cash
201,349 Notes pay., banks 400,000
168,193
Accts.receivable
Prov. for Federal
20,328
Notes receivable
Income tax
15,567
Cash in closed bks.
Accrued & miscell.
Merchandise, raw
91,333
liabilities
3.115,432 3,136,902
materials, &c_
Real est. mtges_
140,000
15-yr. 734% gold
65,000 Gold notes outst'g 817,000
notes repurch121,796 Res. for conting_
22,000
144.043
Investments
192,668 Preferred stock.... 2,523,950
Prepaid expenses_ 223,996
1,621,312 1,463,110 x Common stock_ 1,535,320
y Fixed assets
Surplus
1,924,436
Lasts, patterns dc
1
dies
Trade-marks, good2.480,051 2,410,051
will
Total
88.081,100 88,227,267
Total
1934
$928.849
128,625
99,734
1,034,100
2,523.950
1,535,320
1,976,689
16,081,100 $8,227,267
x 153.532 no par shares. y After depreciation and amortization of
31,589,478 in 1935 ($1,950,561 in 1934) and mortgages assumed amounting
to 3160.000 In 1934.
Tenders
-
Leath & Co. (Del.)(& Subs.)
-Earnings
-
The Chase National Bank, as successor trustee, is inviting tenders of
15
-year 734% secured gold notes, due Dec. 1 1936, at a price not exceeding
105 and accrued interest to Oct. 1 1935, in an amount sufficient to exhaust
the sum of $35.169 now available in the sinking fund. Offers of sale will
be received at the corporate trust department of the bank, 11 Broad St.,
New York, until 12 o'clock noon on Oct. 1 1935.-V. 141. P. 923.
(S. S.) Kresge Co.
-Sales
-Month of1935
January
$8,488,423
February
8,975.052
March
10,328,161
April
11,518,500
May
10.871,686
June
11.048,088
July
10,004,027
August
10,758,148
1933
1934
$8.824.821 $7,706.388
8,053,868
8,797.055
8.491.512
12.320.725
10.146.128 10,228,412
9,941,023
11,680,348
11.522,566 10,304,867
9,406,816
9,471,998
9,920,933
10,252,468
Total eight months
$81,992,086 $83,016,109 $74,053,822
The company had 689 American and 47 Canadian stores in operation on
Aug. 31, against 682 American and 44 Canadian at the end of Aug. 1934.
-V.141. li• 923(G.) Krueger Brewing Co.
-Earnings
Earnings for Six Months Ended July 31 1935
Income from sales after excise taxes, discounts & allowances_- $1,935,703
Cost of goods sold
1,125,838
Selling, delivery and administrative expenses
482.551
Deductions from income
24,327
-net
Provision for depreciation
49,560
Provision for Federal Income taxes
35,164
Provision for contingencies
16,128
Net profit for period
Earns, per sh. on 200,000 shs.(par $1) capital stock
Balance Sheet
Assets
Cash in banks, in transit and
on hand
$197,028
Unused rev. stamps on hand._
19,477
Due from customers, after reserves, &c
443,209
Inventories
268,567
Containers (barrels, boxes and
bottles)
352,998
Land, buildings, mach, equip.,
furniture and fixtures
x1,927,331
Prepaid ins., taxes,licenses,&c.
46,427
$202,131
$1.01
July 31 1935
Liabilities
Accounts payable and accrued
$467,470
expenses
Deposits on boxes and bottles,
89,777
returnable to customers....
35,164
Reserve for Income taxes
y200,000
Capital stock
1,767.894
Capital surplus
678,605
Earned surplus
16,128
Reserve for contingencies
Total
83.255,040
Total
x After reserve for depreciation of $206,707.
p. 4239.
$3,255,040
y Par value $1.-V. 140.
Landers, Frary & Clark Co., New Britain-Earnings
Calendar Years1931
1934
1932
1933
Profit after res. adjust_ - $875,720
$301,934 $1,083,766
$614,681
Depreciation
371,993
361,555
377,851
378,271
Net earnings
Surplus on Jan. 1
$236.409
3,779.458
def$75,915
4.905,374
$711,773
5,873,602
$3,900,033 $4.015.868
630,000
630,000
Total
Dividends
$4,829,458
1,050,000
$6,585,374
1,680,000
$514,165
3,385,868
Profit & loss surplus
$3,270,033 $3,385,868 $3,779.458 $4,905,374
She, of capital stk. outstanding (par $25) _
420.000
420,000
420,000
420,000
Earns.per sh.on cap.stk.
Nil
$1.69
$1.22
$0.56
Balance Sheet Dec. 31
1934
1934
1933
1933
Assets
3
$
LiabilitiesPlant, mach.& eq. 3,872,084 4,082,249 Capital stock
10,500,000 10,500,000
Inventories
2,265,745 1,706,026 Accounts payable,
Cash
1,428,296
accrued taxes &
818,071
U. S. bonds and
345,314
438,086
expenses
Treasury notes. 5,041,043 6,051,747 Reserve for conInv. in other secs_
803,531
550,000
550,000
798,351
tingencies
Invest. in subs_
120,530
3,270,033 3,385,868
107,880 Surplus
Accts. & notes rec. 1,140,858 1,132,929
Prepaid expenses_
86,032
83,929
Total
-V. 139,
1599
Financial Chronicle
Volume 141
14,758,119 14,781,182
p. 1713.
Total
14,758,119 14,781,182
Lane Bryant, Inc. (8c Subs.) Earnings
-Years End. May 311933
1932
1934
1935
Sales (net of returns) -_$12,754,378 $12,398,603 $10,751,930 $13,271.330
Cost of sales, operating,
admin. & selling exps- 12,554,872 11,820.344 10,663,334 13,151,264
Operating profit
Miscellaneous income__ Total income before
Federal taxes
Provision for deprec. of
bldg., equip.. &c
Interest
Discount on debs. purchased and canceled_
Excess of exps. except
deprec. over Inc. of
props. not used in oper
Non-operating losses__ _
General inventory res_
Federal taxes
Net income
Preferred dive. (7%)
Common divs
Deficit
Shs.com stk out.
(no par)
Earnings per share
$199.506
134,792
$578,258
11.823
$88,596
12,251
$120,067
16,927
$334,298
$590,081
$100,846
$136,994
176,709
79,113
194.977
92.022
196,601
92,397
194.779
17.370
Cr2,467
Cr114,951
5,331
87.800
9.850
$65,765
80,641
90.747
200.000
47.500
$255,582 def$161,001 def$365,902
86,195
86,387
88,863
(50c)64,939
$247,388
$14.876 sur$169,387
$519.704
128,957
128,957
128,928
129.067
Nil
Nil
$1.31
Nil
Income Account for Year Ended Dec. 31 1934
Loss from operations before providing for depreciation
Provision for depreciation
$41,981
13.570
Net loss from operations
Other income
$55.554
83,908
Net profit before deducting special charges
Lease adjustment expense and other charges
Provision for Federal income tax
$28.354
2,800
2,200
$23,355
Net profit for the year
Assets
Cash
U. S. Government
bonds
Commercial paper
Accts. receivable_
Inventories
Fixed assets
Other assets
Good-will
Prepayments
Balance Sheet Dec. 31
Liabilities
1934
1933
$84,746 $195,542 Accounts payable_
Accruals
11,993 Cust's deposits....
22,336
Res. for Fed. inc.
49,830
425,843
371,738
& other taxes__
416,853
396,792 Res,for unemploy.
insurance
52,467
62,458
50,730 Long-term obligs_
31,840
1
1 General reserves__
33,771 x Capital stock__
42,737
Capital surplus_ _ _
Earned surplus__
1934
$36,154
10,344
11,238
1933
$41,711
8,291
9,973
11,007
731
30,000
44,337
769,916
199,562
23,355
40,000
44,390
769,916
198,755
Total
$1,136,645 $1,113,035
Total
81,136,645 $1,113,035
ce stock (no par) and 88,288
s ares of p
x Represented by 24,
shares of common stock.
-V. 139, p. 1713
Star Gas Corp. Stock of aisoir,, CalledThe one Star Gasoline Co., a subsidiary beC. Oiled for redemption at
par, all
'of the outstanding 6% $100 par pref. pital stock on Oct. 1. Outstanding stock totaled 25,500 shares on Dec. 31 1934. Transfer books
have been closed as of close of business Sept. 14 1935. The company's
-V.141.
entire issue of common stock is owned by the Lone Star Gas Corp.
p. 280.
Long Island RR. New Rates Suspended
Chairman Milo R. Maltbie announced on Sept. 3 the sa.spension by the
P. S. Commission, for the statutory period of 120 days, of the increased
commutation rates filed with it by the railroad. The railroad has asked
an increase of 15 to 20% effective Oct. 1.
The Commission's order, which was expected, delays the effectiveness
of the rate increase at least until four months after Oct. 1. However.
precedents indicate that the period of suspension usually runs, with extensions, to almost a year. In the event of a decision by the Commission unfavorable to the railroad, at least another year would expire before the
courts could pass on the application.
-V. 141, p. 1442.
Loudon Packing Co.
-Transfer Agents
The new capital stock of the company is transferable either at the Manufacturers Trust Co., New York, or the Continental Illinois National Bank
& Trust Co., Chicago.
-V. 141, p. 1442.
Would Issue Notes
Louisiana & Arkansas Ry.
The company has applied to the Interstate Commerce Commission for
permission to issue to Chase National Bank a 4 % three-year promissory
note for $1.500.000 dated Oct. 2 1935, to pay off a 6% note for $1.350,000
due the bank maturing Oct. 2. The remainder of the proceeds would
be used by the road to reimburse its treasury for payments made in reducing short-term indebtedness.
-V. 141, p. 1442.
McKesson & Robbins, Inc.(& Subs.) Earnings
1932
1933
6 mos.End. June 301934
1935
Net sales
$63,296,723 $62,603,239 848,874,789 853,132,329
Costs and expenses
61,905.722 60,631,370 49,043,856 52,443,063
329,042
173,831
175,753
Depreciation_
210,794
Profit on sales
Other income
$1,180,207 $1,796.116 def$342,897
704.987
285,000
530,089
$360,224
495.376
Total income
Minority interest
Other charges
Interest
Feaeral taxes, &c
$1,710,296 $2,081.116
42,284
42,221
102,342
105,118
575,504
554,394
348,076
218,674
$362,090
36,228
105,941
624.702
y12,802
$855.600
38,096
95,558
720,513
xCr44,547
$45,979
Net profit
8789,826 81,012,973 def$417,585
Earnings per share on
Nil
Nil
common stock
$0.33
$0.24
x Excess provision of Federal income taxes of prior periods less current
provision for Federal and foreign income taxes. y Provision for foreign
income taxes.
Consolidated Balance Sheet June 30
1934
1935
1934
1935
$
AssetsLiabilities$
$
a Property acct._ 5,909,405 5,307,869 7% pref. stock _ _21,323,250 21,402,250
Cash
3,457,472 3,473,457 b Common stk. &
initial surplus _18,453,624 15,304,007
Notes & accts. rec.21,567,137 20,017,477
Inventories
28,889,315 26,157,205 Cony. debentures_17,751,000 18,348.000
Adv. & miscell. inPref.stk. of subs._ 1,000,000 1,000,000
vestments
8,456,894 9,346,599 MM. Int. sub, cos.
140.231
148,227
common stock_ _
Deferred charges
1,937,355 2,037,945
Good-will, tradeNote & accept. pay 3,687,855 1.785,412
mark,&c
1
1 Accounts payable_ 4,763,604 4,637,725
907,883
Accrd. accts. pay. 774.648
324,391
346,828
Fed.& foreign tax_
11,694
26,665
Mtge. payable_ _ _
537,899
Res.for conting___ 600,000
Earned surplus__ 3,356,849 1,926,089
70,217,579 66,340,552
Total
Total
70,217,579 66,340,552
a After depreciation and amortization. b Represented by $5 par shares.
-V. 141, p. 1443.
Manila Electric Co. Earnings
-1935
12 Months Ended June 3084,695,738
Total operating revenues
1,687,762
Operating expenses
479,195
Maintenance
Pray. for retirements, renewals, & replacements of
224,401
fixed capital
Provision for taxes
170,890
1934
$4,747,484
1.719,541
411.081
301.551
138,322
Consolidated Balance Sheet May 31
Assets
1935
Liabilities1935
1934
1934
$2,133,488 $2,176,988
Operating income
x Land, buildings,
Preferred stoce....$1,122,000 $1,167,100
4,624
1,086
Other income
equipment, &c. $907,047 $985,637 z Common stock__ 1,416,618 1,416,937
Cash
970,181
820,149 6% debentures__ 1,358,500 1,394,000
Gross income
$2,138.112 $2,178,074
y Accts.& notes rec 575,964
Accounts payable_
756,741
568,112
773,418
Interest on funded debt
127,356
136,484
Inventories
2,799,629 3,068,266 Prepaid sales and
Interest on unfunded debt
943,025
1,053,170
Def'd cash on dep.
16,567
64,175
35,113
cred. to custom.
58,558
Amortization of debt discount & expense
96,000
Tax anticip. warAccr'd salaries, &c 104,895
142,090
Amortization of suspense
36,000
36,000
rants, &c
634
12,073 Mtge. instalments
Net earnings of acquired properties prior to date of
Adv. to manufac's
5,441
payable within 1
18,634
acquisition
3.373
Prep'd rents,taxes,
2,000
year
Interest charged to construction
Crl1.989
Cr9,352
&c
269,861
217,714 Prov. for Federal
Invest, in stocks of
14,141
income taxes
47,500
Balance of income
8947.719
$958,398
affiliated cos_
7,500 Mortgage on real
-V.141, p. 1102.
Loans & advances_
34,206
7,000
11,000
30,812
estate
Loans & advances
741,629
Surplus
754,108 ...sr-Metropolitan Edison Co.
-Two Units in Associated Gas
7,469
to leased depts.
System Seek to Merge Properties-File with FTC
Other investments
700
700
tr.
Patterns, pats.,
Two subsidiaries of the Associated Gas & Electric System have filed with
inks.. good-will.
the Federal Power Commission the first application under provisions of
the new Federal Power Act, which constitutes Title II of the so-called
85,587,700 $5,764,710
85,587,700 85,764,710
Total
Total
"Holding Company Law," approved by the President on Aug. 26.
The application is for approval of the sale of the properties and franchises
x After deducting $1,654,331 in 1935 ($1.456.582 in 1934) for depreciaof the Northern Pennsylvania Power Co. to the Metropolitan Edison Co.
tion and amortization. y After deducting $70,600 ($76,600 in 1934)
Northern Pennsylvania Power Co.operates in New York State and Pennsylfor doubtful accounts. z Represented by 128,928 shares of no par value
vania and has assets of $8,451,723, while Metropolitan Edison Co. has
in 1935 (128,957 in 1934).-V. 141, p. 923.
Financial Chronicle
1600
assets of $115,150,229, according to the application. Both companies
are affiliated and for some time have been under the same management,
and the petition states that the combination will eliminate duplication and
make for increased efficiency and economy in operation.
An application for the approval of the sale of Northern Pennsylvania
Power Co.'s properties to Metropolitan Edison Co. has been pending
before the Pennsylvania P. S. Commission several months and is awaiting
action by that agency.
Under the terms of the proposed sale Metropolitan Edison Co. would
assume all debts, liabilities, &c., of Northern Pennsylvania Power Co.
and, in addition, pay,subject to adjustments. $2,532,040. Of this amount
$1,537,911 would be in cash and the balance in Associated Electric Co.
% gold bonds of 1956, and now owned by the Metropolitan Edison
Co.
-V. 141. p. 757.
Margay Oil Corp.
-Cent
-25
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable Oct. 10 to holders of record Sept. 20.
A similar payment was made on April 20, last, this latter being the first
dividend paid since Jan. 10 1933 when a regular quarterly payment of
25 cents per share was made.
-V. 140, p. 2361.
-Consolidated Balance Sheet Dec. 31
Merrimac Hat Corp.
1934
1933
LiabilUies-1934
1933
Assets$26,834
$41,899
Cash
$211,953 y$147,580 Accounts payable_
51,458
70,383
U.S.Treasury bills 400,059
250,234 Accrued items_ _
370,400
342,800
121,957 Preferred stock _ _ _
Accts. & notes rec. 132,466
385,462
380,760
737,301 x common stock__
596,246
Inventories
8,768 Consol. surplus___ 1,445,827 1,359,917
Prepaid items
3,435
Investmls at cost_
89,104
50,460
Cash surr. value of
71,172
85,226
life insurance...._
810,962
Land, bldgs., &c... 752,816
82,271.306 82,204,434
Total
Total
$2,271,306 $2,204,434
x 40,575 shares in 1934 and 40,080 shares in 1933. y Including $14,872
in closed banks.
-V. 139, p.1408.
-Earnings
Michigan Bell Telephone Co.
1935-7 Mos.-1934
-Month-1934
1935
Period End July 31$2,710,074 $2,526,461 $18,727,258 $18,007,822
Operating revenues
93
37,062
167,500
Uncollectible oper. rev
1,771,976 12,398,835 12,167,193
1,797,896
Operating expenses
1,910,868
323,902
256,539
2,206,628
Operating taxes
Net operating income.
-V. 141, p. 1102.
$588,183
$497,946
84,084,733
$3,762,261
-Earnings
Mickelberry's Food Products Co.(& Subs.)
Dec. 29 '34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
Years Ended$877,458 $1,042,142
$638,057
Gross profits on sales-- $410.254
836,974
648.927
807.686
491,838
Operating expenses. _-34,936
41,668
48,805
27,298
Depreciation
Net loss from oper-_
Other Income
$108,881
6,615
$45,806 prof$28.103prof$156,362
11,462
9,327
15,970
Total net loss
Federal income taxes and
miscell. expenses
Interest and discount on
bonds, notes, &c
Other deductions
$102,266
$34,344 prof$37,431prof$172,332
Net loss
Previous surplus
$113,108
196,416
3,872
20,751
1,208
10.841
11,872
$46,217 prof$33,558prof$150,373
242.632
349,126
302,334
Total surplus
Preferred dividends_
Common dividends
Common divs. (stock)_
Direct surplus charges..
$83,308
8196,416
$382,684
27,702
86.524
Balance
Shs.com .stk.out.(par $1)
Earnings per share
$83,308
160,152
Nil
$196,416
144,858
Nil
$242,632
144,858
$0.04
$452,707
27,983
61,983
13,614
25,825
$349,126
144.963
$0.84
Consolidated Balance Sheet
Dec. 29 '34 Dec. 30'33
LiabilitiesDec. 29 '34 Dec. 30'33
Assets$55,554
$49,914
814.961 Accounts payable_
826.648
Cash
31,000
15,000
47,580Notes payable_ _ .
_
42,939
c Acc'ts receivable
12,310
16,203
105,438 Accrued expenses..
73,813
Inventories
315,600
Preferred stock...... 315,600
Prepd. ins., rents.
160,152
144,858
8,378 e Common stock__
7,428
taxes, &c
7,956
4,132
Capital surplus___
Cash surr. value
196.416
83.308
2,049 Earned surplus__
life insurance_
d Empl. & agents'
15,514
3,580
accounts
4,495
4,495
Treasury stock......
1
Invest. adv., &C..
63
7
Other investments
CI'ms eat. closed
2,343
banks.&c
Def'd charges to
20,488
5,178
future opera'ns_
a Plant de equip%
135,674
131,266
buildings
42,453
42,453
land
97,611
78,240
b Mach & equip_
Distribution routes
247,417
at book value.... 247,417
$665,881 $742,123
Total
$655,881 $742 123
Total
a After depreciation of $39,600 in 1934 and 835.192 in 1933. b After
depreciation of $193,306 in 1934 and $181.975 In 1933. c After reserves
for bad debts of $8,147 in 1934 and $5,194 in 1933. d After reserves.
fa Par value $1.-V. 139. p. 3968.
-Accumulated
Midland Royalty Corp.
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $2 cum. cony, preference stock, no par value,
payable Sept. 16 to holders of record Sept. 11. A like payment was made
on June 15 and March 15 last and compares with 50 cents paid on Feb. 15
last and on Dec. 15 1934,and with 25 cents per share distributed on Sept. 15.
June 15 and March 15 1934 while on Feb. 15 1934 a payment of 50 cents per
share was made. In addition a regular payment of 50 cents per share was
made on May 15 1934.
After the payment of the Sept. 16 dividend accumulations will amount
to $3.75 per share.
Income Account for the Year 1934
Gross revenues
Lease expenses
Production taxes
$107,466
9,829
3,691
Net revenues
Administrative expenses
Taxes-Franchise, excise and capital stock
Jones-Cujo-Grisso leases
$93.945
13,816
3,643
6,308
Operating profit
Other income
$70,177
100
Total income
Provision for depletion
Provision for depreciation of furniture
$70,277
53,733
95
Net profit
f r Federal income tax
Pro
$16,448
2,319
Balance transferred to surplus
Preferred dividends
$14,129
80,275
Sept. 7 1935
Balance Sheet Dee. 31 1934
(Before Consolidation with Subsidiary Company)
Liabilities
Assets
Cash
$19,078 Accts. payable & accrued exps__ $2,502
2,319
Accrued royalties receivable_
7,705 Reserve for Federal income tax_
4,265 Y $2 cum. cony. pref. stock__ - 603,220
Marketable securities
100,000
x Royalty and lease interests...... 711,167 z Common stock
56,765
Invest.in Royalty Finance Corp. 21,730 Capital surplus
861
Furniture and fixtures
$764,807
Total
$764,807
Total
x After allowance for depletion of $914.776. y Represented by 34,400
shares held in treasury at cost of
shares, no par, after deducting 5,600
$48,780. x Represented by 100,000 no par shares at declared value of
-V. 140, p. 3393.
at declared value of 81 per share.
Milwaukee Rockford & Southwestern
RFC Loan
RR.
-Seeks
The company has applied to the Interstate Commerce Commission for
xdpproval of a five-year $100,000 Reconstruction Finance Corporation loan.
The applicant proposes to use the funds to rehabilitate and buy rolling
stock for the 21 miles of line formerly owned by the Rutland Toluca &
Northern RR., which the Rockford proposes to purchase.
To acquire the Rutland line, the Rockford proposes to issue $100,000
common stock (par $100) and $100,000 of bonds.
-Earns.
Mock, Judson, Voehringer Co., Inc.(& Subs.)
1933
1934
Calendar Years$3305,754
Net profit after depreciation & Federal taxes---- $200,466
Consolidated Balance Sheet Dec. 31
1933
1934
Liabilities-1933
Assets
1934
Cash
$168,360 $251,795 Notes pay. (bank) $75,000
$59,270
34,045
31 Accounts payable..
Notes receivable
11,180
388,139 Accrued salaries,
Accts. receivable
522,160
23,816
wages & comm._
40,428
347,763
Inventories
409,663
Accrued exps. &
Cash surr. val. of
8,065
miscel. Items_ _ _
17,714
5,454
life Ins. policies_
8,365
Addl Fed. & State
Cash dep. for pay.
2,572
taxes
7,938
12,250
11,375
of dividends.._....
13,422 Prov. for Fed. &
8,104
Employees accts
66,454
State taxes
50,628
Notes rec. 90 days
11,916
Res. for dividend_
11,375
65,342
dating or over....
Fixed assets.._.. 1,426,879 1,503,7 8 Res. for unrealized
9
6,535
profits
33,172
28,656
Investment
32,753
40,000
14,689 Mortgage payable_
40,000
Deferred charges
20,917
700,000
7% cum' pref. stk.. 650,000
Preferred stock in
500,000
9,312 x Common stock.... 500,000
treasury
Surplus
1,224,798 1,156,681
Total
$2,685,099 82,575.308
82,685,099 82,575,308
Total
x Represented by 100,000 shares of no par value. y After depreciation
of $1,192,970 in 1934 and $1,111,580 n 1933.-V. 140, p. 1492.
---Miscri & Arkansas Ry. AcIliiqith.n and-Stoeie-Insurante
The(inter-State Commerce Commission on Aug. 20 issued a certificate
the company to acquire and operate the line of railroad forauthor
the Missouri & Nr Arkansas By. Co..
merly owned and operated
in Missouri and Arkansas. At the same time th Commission authoyze
ceeding $350,000 capi al stack (par $100) the
the company to issue no
stock to be delivered at par in payment for the line of railraod and ther
property formerly owned by the Missouri & North Arkansas By.
The report of the Commission says in part:
The line of railroad formerly owned and operated by the Missouri and
North Arkansas By. extends in a southeaterly direction from Joplin, Mo.
to Helena, Ark., a distance of 359.61 miles. of which 330.38 miles were
owned and 29.23 were operated under trackage rights with branch lines
extending from Junction to Eureka Springs, 2.04 miles, and from Freeman
to Berryville, 3.16 miles, all in Jamper. Newton and Barry Counties, Mo.,
and Carroll, Boone, Searcy, Stone, Van Buren, Cleburne, White, Woodruff,
Monroe, St. Francis, Lee and Phillips Counties, Ark.
The properties of the old company were sold at foreclosure sale on March
12 1935 under orders of the U. S. District Court for the Western Division
of the Eastern District of Arkansas and were purchased by Frank Kell for
3350,000. The sale was confirmed by the court by order entered March
25 1935. On April 15 1935, a deed conveying the properties so sold was
executed, having been approved by the court, and the properties Passed
into the possession of the applicant, with the consent of Kell.
The applicant was incorporated in Arkansas on April 10 1935, with an
authorized capital stock of $918,000 for the purpose of acquiring the railroad
properties assets, and franchises of the old company, and operating the
line. Authority is sought to issue 9,180 shares of capital stock of the par
value of $100 a share to pay for the properties to be acquired.
The facts of record do not indicate affirmatively that the property can
be operated at a profit. The road is in existence and serves a territory
which includes a number of communities which have no other rail service.
If the party or parties who have purchased the property are willing to undertake its operation,, we think, under the circumstances, they should be
permitted to do so.
The method used in arriving at the price of $918,000'Proposed to be paid
for the property and assets is not shown. The general balance sheet of the
applicant, as of April 30 1935, gives the investment in road and equipment
at $826,695. The amount of securities to be issued should not exceed the
amount of the applicant's investment in the properties, and,in the absence
of any showing of a larger investment, this must be assumed to be the price
paid for the properties at the foreclosure sale. The amount of stock which
we will authorize to be issued by the applicant in respect therof will be
limited to $350,000, or 3,500 shares (par $100). Authority to issue such
stock will be subject to the condition that, in recording the acquisition of
the line and other property in accordance with the requirements of our
accounting classifications, the applicant shall value the stock at a sum not
in excess of its par value and shall submit to this Commission for approval
copies of allrelated journal entries prepared for recording the transactions
-V. 141. p. 1445.
herein involved.
Mobile Gas Service Corp.
-Earnings
-12 Months Ended June 30
•
Total gross operating revenues
Operation
Maintenance
Uncollectible accounts
General taxes
1935
$492,231
302,425
13,968
3,319
46,773
1934
$458,617
284,437
6,658
11,814
45,257
$110,449
Net operating revenues
$125,744
548
Non-operating income (net)
2.985
$110,998
Balance
$128,729
21,178
Provision for retirements
22,628
$89,820
Grossincome
8106.101
Balance Sheet June 30 1935
Liabilities
Assets
$2,549,496 c Common stock
$430,701
Plant & franchises
79,744 Funded debt
1,833,000
Cash
1,925
7,820 Notes payable
Notes receivable
16,129
95,209 Accounts payable
Accounts receivable
Due to parent & add. cos
964
Tax anticipation warrants
1,769 Consumers' deposits
16,688
(at cost)
24,160 Service extension deposits__ .. _
6,103
materials dr supls, &c..
11,570 Interest accrued
11,994
Appliances on rental
Mdse..
11,503 Taxes accrued
18,048
Prepaid insur., taxes, &c
8 Miscell. accrued liabilities........
1,004
Miscell.investments
158 Retirement reserve
380,874
Special deposits
2,159 Reserve for uncollectible accts.
15.517
Deferred debit Items
4,069
Other operating reserves
d R,es. for Int. on Inc. bonds
46,581
Surplus
Total
$2,783,603
$2.783,603
Total
Note
-The above comparison of gross income for the years ended June 30
1935 and June 30 1934 includes the earnings of the predecessor company,
Mobile Gas Co. for the periods prior to Nov. 1 1934.
c Represented by 5,000 shares Without par value. d Accrued interest
on the 1st mtge. series A and series 13 income bonds amounted to 8136,055
Financial Chronicle
Volume 141
1601
at June 30 1935. of which $46,581 has been provided for above. Accrued .„,...--Nassau & Suffolk Lighting Co.
-Accumulated Dividend4e-e--interest on these bonds is payable upon maturity of the principal of the bonds
The directors have declared a dividend of 75 cents ter share on account
if unpaid prior thereto.
-V. 140, p. 4240.
of accumulations on the 7% cumulative preferred stoc , par $100. payable
Oct. 1. Similar payments were made in each of the three preceding quarMonroe Chemical Co.
-Earnings
ters, prior to which no payments had been made since Oct. 1 1934 when a
Calendar Years
1931
1934
1932
1933
regular quarterly dividend of $1.75 per share was distributed.
Net income before inAccumulations after the payment of the current dividend will amount to
terest. deprec. & Fed.
$4 per share.
-V. 141. p. 603.
income tax
$304,552
$294,392
8195,838
$194,508
Interest
2,519
National Bellas Hess, Inc.
-Earnings
Depreciation
12,162
12,216
12.248
12,417
Period Ended July 3112 Mos.
10 Mos.
12 Mos.
Federal income tax
39,906
26,849
36,320
26,404
1935
1934
1933
Federal capital stock tax
3,000
3.750
Sales, less returns and allowances... $6,812,637 $6,903,596 $4,741,387
Cost of sales, oper., adminis. & sell.
Net income for year_ _ $239,069
$253,552
$155,410
$153,467
expenses
6,793.425 6.749.197
4,722,874
Earned surplus, Jan. 1
564,534
780,670
04,848
719,083
Refund of Fed. inc. tax
Profit from operation
$19,213
$154,399
$18,513
of prior year
7,187
Income credits--int.,discts.,&c
4,844
54.610
31,502
Gross surplus
8872,550
$817,445
$818,086
$1,019,739
Gross income
$24,056
$209,009
$50,014
Amortiz. of organizat'n
Income charge-prov. for Fed. &
expenses
50,000
State income taxes
6,596
1,104
37.730
Excess ofcost over stated
value of pref. capital
Net operating income for the period
$171,279
$48,911
$17,460
stock retired
12,994
11,130
9.300
10,800
Previoussurplus
176,865
5.586
Divs. paid & declared
on pref. capital stock..
78,990
100,244
81.080
89,061
Total surplus
8176,865
848,911
$194,325
.
Divs, on common stock126,000
x Extraordinary charges not applic.
to current operations
43,324
Earned surplus Dec. 31 $803,619
$780,670
$719,083
$654,848
Condensed Balance Sheet Dec. 31
1933
Liabilities
-
Assets
1934
Cash
$148,243
Notes & accts.rec_
234,911
Inventories
118,488
Due from hank..
2,095
U. S. Liberty loan
bonds
34,010
Accr. interest on
Lib,loan bonds_
983
Cash surr. value
life ins. policy_ _
1
Stocks owned_
2,071
y Treasury stock. 149,674
z Property
271,754
Good-will, trademark, &c
642,803
Deferred charges
16,934
Total
$146,880 Dividend payable_
240,926 Accounts payable_
111,095 Loans pay on life
3,143
'astir. policy__ _
Federal income tax
34,010
de other accrued
expenses
292 x Capital stock_ - _
Paid-in surplus _ _ _
1 Earned surplus,..
2,071
117,452
283,328
1934
$18,939
8,652
1933
$20,132
15,622
11,850
11,850
45,908
349,500
383,500
803,619
32,790
357,900
383,500
780,670
642,802
20,462
$1,621,969 $1,602,464
$1,621,969 81,602.464
Total
x Represented by 26,500 (27,200 n 1933) shares of no par pref. stock
and 126,000 shares no par common stock. y Represented by 4,855 shares
of pref. stock, no par, at cost of $149,674 in 1934 and 4,215 shares at cost of
$117,453 in 1933. z After reserve for depreciation.
--V. 141, p. 1445.
Surplus as at July 31
$5,586
$176.865
$194,325
x Including finance expense and expense incurred prior to the cornmencement of operations on Oct. 1 1932.
Comparative Balance Sheet July 31
Assets1934
1934
Liabilities
1935
1935
Cash in banks____ $244,560 $164,200 Accts. pay. mdse__ $71,542 $155,156
Cash on hand and
Accts. pay. catalog
6,051
41,227
12,170
costs
16,965
postage
Accts. receivable_ _
19,365
46,859
109,855
51,683 Misc. exp. accruals
Mdse. at cost or
Cust.refund checks
51,486
market
55,127
outstcrg,current
610,397 1,018,889
Inventory supplies
12,292
17.990
38,295 Due to customers_
54,543
Prepd. catalog cost 100,949
75,049 Due to employees_
5,819
57,367
Prepd. Insur., &c.
16,275 Federal & State in37,566
a Assets taken over
2,946
30,387
come tax pay__ _
from Nat. Hellas
Current portion of
Hess Co., Inc... 500,000
500,000
note pay, to recr.
12,000
12,000
Improve. & mach.
L'g-term note pay.
de equipment
38,298
41,037
to rec., without
Organization exp.._
55,229
45,531
55,229
interest
23,531
Res. for old co. re20.119
fund checks
1,368,101 1,315,101
Common stock_
Surplus
194,325
176,865
Montreal Coke & Mfg. Co.
-Bonds Sold-Collier, Norris
Toronto, announce the
fir:enderson, Ltd., Montreal and and sinking fund bonds
sale of $3,400,000 1st mtge. serial
($1,200,000 3% serial bonds, due Sept. 16 1936-40, and
$2,200,000 4% bonds, due Sept. 16 1947).
Principal and semi-annual interest will be payable on Sept. 16 and
March 16 at principal office of Royal Bank of Canada, in cities of Montreal
or Toronto, in lawful money of the Dominion of Canada. Redeemable
either as a whole or in part, at any time, on 30 days. notice at following
prices and int.: at 1014i if red, on or before Sept. 16 1940; thereafter at
101 if red, on or before Sept. 16 1941: thereafter at 100,1 if red, on or
before Sept. 16 1942; thereafter at 1003 if red, on or before Sept. 16 1943:
thereafter at 10031 if red, on or before Sept. 16 1944, and thereafter to
maturity at the face amount thereof without premium. The company
covenants to make annual sinking fund payments to the trustee which are
calculated to be sufficient to retire the entire issue by maturity. Definitive
bonds will be in coupon form in denoms. of $1,000. Trustee, Montreal
Trust Co., Montreal.
Capitalization-Adjusted to reflect the sale of this issue of bonds and
redemption $3,457,000 outstanding first mortgage bonds due 1947.
Authorized
Outstanding
First mortgage bonds
$10,000,000 a$3,400,000
6% preferred stock 4100 par)
5,000,000
3,000,000
Common stock (no par)
100,000 shs 100,000 shs
a One-year 3%% bonds due 1936, $220,000; two-year 3%% bonds due
1937. $230,000; three-year 33% bonds due 1938, 8240,000: four-year
% bonds due 1939, $250.000; five-year
% bonds due 1940, $260,000:
12-year 4% bonds due 1947, 82,200,000.
-This issue is being made for the purpose of providing funds for
Purpose
the redemption of $3,457,000 trat mortgage 5%% bonds, series A, due
June 1 1947.-V. 124, p. 308J.
Total
RFC adv. on current coll. (per
contra)
Inventories
Notes receivable
Accounts receivable
Pacific Finance Corp. equity
account
Cash in banks and on hand_ __
Deferred charges
Total
$475,426 Accounts payable
Pay rolls payable
62,500 Miscellaneous
99,919 Deposits on trucks
x579 6% 1st lien trust deed
y29,616 Second trust deed lien
Taxes payable
9.357 Reserves
43,676 Prior preferred stock
4.723 Preferred stock
Surplus
$725,799
Total
(7
5,599
326
1,300
125,000
67,667
8,573
85.000
56,220
244,150
113,645
$725,799
x After reserve for doubtful accounts of $20,000.
doubtful accounts of 88,948.-V. 140. p. 3395.
ount D'
1;tridend
Dividend
$18,316
y After reserve for
Oil, Mining & Development Co.Extra
Co.-'Extra
The directers have declared an extra dividend of 14 of 1% in addition
to the regular quarterly dividend of like amount on the capital stock, par
$1, both payable Sept. 1 to holders of record Aug. 24. Similar distributions
were made in each of the four preceding quarters and on Dec. 1 1933.
-V. 140. 1 3558
3•
.
....--Muncie Water Works Co.
-Bonds Called
-
-year 5% gold bonds have been called for reAll of the outstanding 40
demption on Oct. 9 at par and interest. Payment will be made at the City
Bank Farmers Trust Co.,22 William St., N.Y.City.
-V.116,P.2138.
Nashville (Tenn.) Gas & Heating Co.
-To File Claims
Pursuant to an order of the U. S. District Court, Nashville Division.
bondholders and stockhclders are notified to file claims with the Third
National Bank, Nashville, Tenn., depositary, on or before Sept. 20.
The company some time ago filed petition to reorganize under Section 77-B
.
of the Bankruptcy Act. Company is controlled by the United Gas Im-V. 140, p. 3220.
provement Co.
National Cash Register Co.
-Domestic Gross Orders
Month ofJanuary
February
March
April
May
June
July
August
Total eight months
-v. 141, p. 928.
1935
1934
$1,270,000 $1.076,000
1.179.375
1.005.550
1.562,100
1,310.550
1,369,225
1,103,475
2,407.000
2.216.800
2,301.405
2,082.475
1.200.100
948,200
1,446,975
1,282,800
$12,736,075 $11,025,850
Total
$1,771,100 $1,970,089
National Casket Co., Inc.(& Subs.)
-Earnings
Years End. June 30Net profit
Federal taxes (est.)
Preferred dividends_ _ _ _
Common dividends
1935
1934
$289,886 $1,310,178
65,985
204,203
413,469
413,469
190,110
126,740
1933
$562,024
82,000
413,469
158.425
1932
$638,412
92,000
413,469
221.795
Balance, surplus
$565,766 def$91,870 def$88,852
def$379,678
63,371
Shs.com.stk.out.(no par)
63,371
63.371
63, 71
Earnings per share
$2.10
Nil
$1.05
$10.93
Comparative Balance Sheet June 30
AssetsPhys. properties__
Merchandise
Accts. receivable
Cash
Securities
Patent rights and
trade-marks, &c
Mortgages
Sundry invests...
Total
1934
1934
1935
1935
Liabilities
$
4,684,553 4,724,039 x Capital stock.._ 6.055,309 6,055,309
180,044
201,502
2,635,184 2,761,834 Accounts payable_
65,985
204,203
2,650,225 3,086,145 Reserve for taxes_
6,952,192 7,331,871
1,205,769 1,136,460 Surplus
409,108
409,108
1,609,681
4,500
54,510
1,605,106
20,050
50,140
13,253,530 13.792,885
Total
13,253,530 13,792,885
x Represented by 59,068 shares preferred stock and 63,371 shares
common stock.
-V. 139. p. 1876.
Moreland Motor Truck Co.
-Balance Sheet July 31 1935
,
Liabilities
-
Assets-Capital assets
$1,771,100 $1,970,089
a As follows: Customers' mailing list, 8499,994; machines and equipment
and furniture and fixtures,$1; packing material, box and stationery supplies,
$1; catalog in preparation, $1; trade mark and trade names. $1; leasehold
at Kansas City, $1; good-will, $1.-V. 140. p. 2191.
National Container Corp.(& Subs.)
-Earnings
-
Calendar YearsConsol. net income after charges and Fed. taxesx Common stock (outstanding) no par
Earned per share
x Excluding treasury stock.
1934
$177.128
55,503
$2.65
1933
$247,444
52,235
$4.03
Consolidated Condensed Balance Sheet Dec. 31
1934
1933
1934
Cash
$61,264 $126,360 Notes payable__
Notes receivable
140,984 Accounts payable- $74,577
52,432
Accts. receivable
199,995
148,316 Loans payable_
Due from aflli. co_
37,726
16,838 Pray. for Federal
Income taxes_ _
28,407
132.920
Inventories
95,756
Due to U. S. War
Dep. & adv. payDept. on land &
ments on insurbuildings
400,920
ance, taxes, &c_
28,182
19,875
y Preferred stock_
488,735
Def. chgs. (net of
1.075,248
35,716 z Common stock
21,115
amortization) _ _
78,281 Reserve for insurInvestments
85,650
ance trust funds
50,977
Cash in bank reRes. for redempserved for retion of pref. stk.
41,555
dem ption of pref.
Earned surp. availstock
41,555
Ins, trust funds.._
able for divs__
289,124
50,976 •
50,977
x Land, buildings,
machinery,&c.. 1,764,271 1,792,481
Good-will patents
& trademarks
10,619
9,487
Assets-
Total
$2,449,543 $2,552,235
Total
1933
$24,000
75,062
30,500
41.778
462,600
601.640
965,079
50,976
300,599
82,449,543 82,552,235
x After depreciation reserves of $265.163 in 1933 and $312,590 in 1934.
by 18,512 no par shares in 1933 and 15,038 no par shares
n 1934. a Represented by 52,235 no par shares in 1933 and 55,503 no par
shares in 1934.-V. 139, p. 1092.
y Represented
National Educators Mutual Association, Inc., Nashville, Tenn.
-SEC Issues Stop Order
The Securities and Exchange Commission announced Sept. 3 that, after
a public hearing on the matter, it had issued a stop order suspending the
effectiveness of a registration statement (No. 2-1447) filed May 27 1935
by National Educators Mutual Association, Inc., of Nashville, Tenn.
The Commission found that there was reason to believe that there were
untrue statements and omissions of material facts in the answers to 29
questions of the registration statement and three exhibits.
At the hearing National Educators Mutual Association, Inc., consented
to the issuance of the order. Despite this fact, the Commission decided
that because of the nature of the case, "in essence, an enterprise dealing in
an irresponsible fashion with the small savings of city and county school
teachers," it was not only desirable but imperative to publish its findings
and opinion. "so that the untruthfulness and the unfairness of the registrant's officers should be a matter of public record."
Financial Chronicle
1602
National Rubber Machinery Co.
-Earnings
x1933
Year Ended Dec. 311934
Sales
61,105,646 $1,003,985
Cost of sales, including operating, selling and ad934.448
1,040,490
ministrative expenses
Profit from operations
Other income
Int., pat't expo., devel., & experimental costs_ _ _ _
Depreciation
$65.157
14,553
121,582
49,486
$69.537
18,956
70,046
48.694
Net operating loss
Net operating cost of plants not in operation, and
investments written off
$91,359
$30.248
Assets-.
Cash
Notes & accounts
receivable (net).
Inventories
Investments
Other assets
Land,bldg., mach.
and equipment_
Deferred charges__
31,679
27,514
$123,038
Net loss
x Reclassified.
$57,762
Consolidated Balance Sheet Dec. 31
1933
1934
1933
1934
$64,150
$76,820 $122,443 Notes payable__
34,174
Accounts payable_ $38,406
275,628 Accr.taxes, wages,
194,869
32,925
23.995
111.950 &c
102,863
96,462 x Capital stock__ 1,134,200 1,134,200
78,913
279,165
Earned surplus... 156,126
14,631
206,782
Capital surplus__. 206.782
1,085,545 1,139,780
5,133
5,869
Total
$1,559,510 $1,751,396
Total
$1,559,510 $1,751,396
-V. 140, p. 4408.
x Represented by 113,420 shares (no par).
-To Receive Offers for Stock
'National Surety Corp.
Supreme Court Justice Louis A. Valente on Aug. 30 signed a show cause
order permitting Superintendent of Insurance Louis H. Pink to receive
offers for the purchase of the stock of the corporation on definite terms.
The Court order sets Oct. 1 1935 as the date for hearing upon such offers.
All persons interested, including those who have previously submitted
offers, are given the opportunity to submit offers at or before 12 o'clock
noon on Sept. 30 1935. The offers are to be submitted to Justice Valente
at his Chambers, Room 659 in the County Court House. All offers are to
be in writing and accompanied by cash or certified check for 10% of the
amount or the equivalent in marketable securities.
The entire capital stock of the National Surety Corp. is held by the
Superintendent of Insurance for the benefit of creditors of the National
Surety Co. The National Surety Corp. was organized by the Superintendent in connection with the rehabilitation of the National Surety Co.
-V. 141. p. 1447.
n April 1933, and has proved successful.
Neisner Brothers, Inc.
-Sales
Month ofJanuary
February
March
April
May
June
July
August
1935
6993,998
1,054,094
1.335,033
1.565,107
1.611,722
1,659,049
1,436.046
1,467,551
1934
$984.596
988.901
1.562.651
1,300,759
1,707,159
1,579,183
1,157.525
1.202,960
1933
$793.048
831.704
924,976
1.278.039
1.363,374
1,311.135
1,153,910
1,148,592
Sep+. 7 1935
,_.--New Orleans Texas & Mexico Ry.-Bondholders Intervene
Holders of more than $500,000 of first- mortgage bonds of the company.
alleging that the Missouri Pacific reorganization plan proposes to deal
"unfairly, inequitably and illegally" with their interests, have applied
to the Interstate Commerce Commission and received authorization to
intervene in the Missouri Pacific proceedings.
The applicants were headed by the Harold Palmer Trust, the Ida J.
-V. 141, p. 1448.
Latsha Trust, John Wappel Jr., and Forrest S. Emery.
New River Co.(& Subs.)
-Earnings
Calendar Years1934
Production (net tons)___ 2,965,061
Net profit for year
$791,363
Previous surplus
2,377,464
Refund of tax
Adj. of excessive allow'ce
for deprec. of mine,
structures and equip
Closing res. for conting_
Miscel. surp. adjust_
Disc,on pref. stk. & bds.
Settlem't of suit against
Panama Ry. Co
1933
2,565.608
$84,701
2,134,505
110,000
26,917
18,346
Dr61,836
64,826
1932
2,529,669
$37.535
2,153,646
1931
2,597,585
$156.758
2.428,136
13,105
156,145
Dr36,592
33,019
$3,168,824 $2,377,461 $2,360,432 $2,581,320
Total surplus
265,860
Red.of net leaseh. val n_
Adj. of book val. of certain coal lands & other
101,020
real estate
Writiag off organ'n exp.
25,000
Est. deficiency assess'ts
of Fed. Income taxes
65,057
for prior yesar
208,179
Preferred dividends... _
(86)225.927 (86)427,674
Profit & loss surplus__ $2,503,708 $2,377,461 $2,134,505 $2,153,646
Comparative Consolidated Balance Sheet Dec. 31
1934
1933
1933
1934
$
$
AssetsLiabilities$
$
819,307
521,710 Indhels, for purch.
Cash
$22,307
of land, &c
U.S. Govt. dr oth.
$28,218
320,022
451.323 Awls payable_ _ _ _
mkt. secur., &c. 218,922
434,716
844,176 Burial assn. dep's.
46,373
41,304
Notes & accts. rec. 1,098,574
1,009,192
755,038 Accrued accounts_
95,523
Inventories
42,432
360,155
370,861 Est. Fed. inc. tax_ 101,592
20,070
Other assets
Bond sinking fund
x Land, buildings,
12,375,492 12,942,844
50,000
mines, &c
payable
102,218
42,511
Deferred accounts
Min'g suppl's, pre193,355 Bonded Indebt'ness 966,281 1,320,750
paid expo.. &c__ 123.117
Res. for contIng
983,890
983,890
6% cum. pref.stk_ 6,962,500 6,962,500
Common stock... 3,837,900 3,837,900
Surplus
2.503.708 2,377,461
16,004,761 16,079,308
Total
Total
93 8
0
x After depreciation of $2.819,981 in 1934 ($2.623,811in 19331 1
16
"4 ):dr7leiion
,76
and amortization of $1,220,332 in 1934 ($2,309,362 in 1933).-V. 140,
p. 3726.
----blew York Chicago & St. Louis RR.
-Asks Extension of
$15,000,000 Notes for Three Years
-W. J. Harahan, Pres.,
$11,123,315 $10,483,735 $8,804,778
Total eight months
in a letter dated Sept. 3 sent to the holders of the three-year
-V.141, p. 928.
6% gold notes due Oct. 11935, states:
-year 6% gold notes, aggregating $16,000,000, will
This company's 3
-Earnings
New Jersey Worsted Mills (& Subs.)
become due on Oct. 1 1935.
Earnings for Year Ended Dec. 31 1934
Net loss before depreciation
Depreciation
•
Net loss for the year
$428,270
152.025
$580,295
Consolidated Balance Sheet Dec. 31 1934
Liabilities
Assets
$232,094
$26,432 Accounts payable
Cash
33,01
240.735 Accrued salaries and wages_..
Customers' acc'ts receivable
10,817 Accrued Federal cap.stk. tax_
2,000
Advanced on wool in transit535,636 Reserve for loss on a contract
Inventories
1,912 to manufacture cloth
6,000
Investment
7,109
2,273,176 Reserve for contingencies....
x Plant propel ty
500,000
12,907 8% cum. pref. capital stock
Deferred charges
y Equity of common stockh'ers 2,320,622
Total
$3,101,617
83.101,617
Total
x After reserve for depreciation and appreciation of $8,345,567. y In-V. 125, p. 2399.
cludes 100,000 shares of common stock, no par.
-Earnings
New Mexico & Arizona Land Co.
1933
1932
1934
Calendar YearsRentals
Interest
Other
$34,754
3,225
1,141
$38,383
1,477
1,230
$40,718
810
1,341
1931
$42,033
361
281
Total income
Expenses
Taxes
Interest
$39,120
6,115
25,268
$41,090
6,393
25,978
$42.869
6,813
31.510
339
$42,675
6,452
36,367
2,897
Profit
Assets-Lands
Current assets_ _ _ _
U.S.Treas. notes_
Misc. investments
Deferred assets_..
Unadjusted debits
$8,720
$4,207
def$3,041
$7,737
General Balance Sheet Dec. 31
1934
Liabtlities1933
1933
1934
$1,000,000 $1,000,000
8692,291 $694,476 Capital stock
896
3,471
103,624 Current liabilities_
35,598
22,849
25,040
45,478 Unadjusted credits
116,884
173,979
Deficit
54,398
486
1,080
130,534
3,427
Total
$849,766
-V.139, p. 1094.
$974,113
Total
8849,766
3974,113
-Earnings
New Process Co.
1934
1933
Calendar Years$3,181,718 $2,317,770
Net sales
2.056,016
Cost of sales, selling, gen'l & admin. expenses.... 2,899.483
22,812
67,466
-net
x Other deductions
36,200
Provision for estimated Federal income tax
28,500
$223,222
$165,788
Net profit
174,971
75,385
Dividends paid
x Including bad debts, fire loss and allowance for depreciation.
Balance Sheet Dec. 31
Liabilities1934
1933
1933
Assets
1934
$200,000
Cash
875,000
$98,449 $112,892 Note payable
50,999
Marketable secure.
21,179 Accounts payable_
88,682
18,880
41,625
33,375
,
171,987 Accrued taxes__ _ _
Cwt.accts. recoil. 361,554
Mdse. Inventory__ 323,957
477,619 Est'd bal. of fire
4,144
Val.of life ins.,&c.
64,640
damage repairs.
65.723
6,100
Res. for conting's.
13,393
y Land, buildings,
215,500
mach'y.
335,456
220,500
226,350 7% pref. stock
400,000 X400,000
Common stock
Gust, files, valued
700,808
387,150 Surplus
650,816
as of Nov. 1'24_ 387,150
Prepaid adv., unexpired in.suece
premiums, &C__
23,862
24,090
81,615,032 81,485,909
$1,615,032 $1,485,909
Total
Total
x Represented by 80,000 shares of no par stock. y After reserve for
depreciation. V. 138, p. 4470.
-
These notes were issued pursuant to a plan which was successfully consummated in 1932 in connection with $20,000,000 3
-year 6% gold notes
which matured Oct. 1 1932. When these $20,000,000 of notes were issued
In 1929 it was anticipated that they would be refunded at their maturity.
Oct. 1 1932, through the customary channels, but because of the decline
In the market value of railroad securities, and the reduced earnings of the
company, such refunding was not possible. However, the company at
that time was able to borrow $5,000,000 from the Reconstruction -Finance
Corporation with which it paid 25% of each of the maturing notes in cash,
and the $15,000,000 of notes which are now falling due were issued in
exchange for the remaining 75% of the $20,000,000 issue.
The approaching maturity on Oct. 1 1935 of this $15.000,000 of notes
creates a situation similar to that which confronted the company in 1932,
and the continued reduced earnings of the company again make it impossible to refund the notes.
In order to meet these conditions, directors and management are proposing to all holders of these notes a plan for their extension for an additional period of three years, continuing the interest rate of 6% per annum.
Under the Ian you will receive the following:
ately upon deposit of your maturing notes, the full interest
(a) I
due Oct. 1 1935. on said notes.
(b) When the plan is declared operative, new 3
-year 6% notes dated
Oct. 1 1935 and due Oct. 1 1938, in exchange, on a par for par basis, for the
notes now outstanding.
renewal of the company's loans from it until
The RFC gas granted
Feb. 27 1937, subject to the right of the corporation to accelerate maturity
of the loans on certain conditions, including the non-payment of these
notes or any other obligations of the company. On July 11 1935, the
Interstate Commerce Commission approved this renewal by the RFC,and
found in connection therewith that the company "is not in need of financial
reorganization in the public interest at this time."
Noteholders are urgently requested to indicate their approval of the _plan
by depositing their notes with the Guaranty Trust Co. of New York.
derhe alan provides that deposits must be made on or before Oct. 1 1935.
sitprY.
or such further date as may be fixed by the company in accordance with
the terms of the plan.
Bankers Urge Acceptance of Plan-Edward B. Smith &
Co. and Lee Hgginson Corp. state:
We believe that under conditions now prevailing the extension offer made
by the company is in the best interest of the noteholders and should be
accepted by them.
For our services to the company in connection with the carrying out of
the plan, the company has agreed to reimburse us for expenses, and also
to pay us an amount equal to X of 1% of the principal amount of notes
of
deposited through special solicitations by us. A similar payment of
1% is being offered by the company to all investment bankers. banks, trust
companies and dealers in securities and will be paid to them on all notes
deposited through their solicitation or other efforts in order to compensate
them for the expenses of communicating with noteholders and assiting them
in making depcsits.-V. 141, p. 1448.
York Rys. Corp.
-Question of Solvency and Fairness
of Reorganization Plan to Be Considered by Special Master
The suggestion of counsel for a group of preferred stockholders of the
corporation was accepted Aug. 30 by Federal Judge Robert P. Patterson
when he indicated that he would appoint a special master to hear testimony
on the solvency or insolvency of the company and on the fairness of the
reorganization plan proposed by the company under Section 77-B of the
Bankruptcy Act. Two groups of preferred holders raised objections
to the plan.
The next hearing in Judge Patterson's court was scheduled for Oct. 15,
when the report and recommendations of the special master will be heard.
Question as to the company's position that it is insolvent was raised
by Max J. Rubin of the firm of Karelsen & Karelsen, attorneys for the
t 3 stockholders' committee headed by Carl Brukenfeld. Be argued
erad
,000,000 of unpaid and accumulated interest on the approximately
that
$20,000,000 of income bonds should not be included in the current balance
sheet at $13,000,000 because it is not payable until the principal is due
and therefore should be discounted to about $4,000,000 if it is to be listed
as a liability now. He also objected that a balance sheet as of July 31
1935, presented to the court by the company, does not capitalize bus
franchises, and argued that the demonstrated earning capacity of the
Madison Avenue Bus Co., jointly owned by New York Rys. and Fifth
Avenue Coach, shows the value of such franchises.
Financial Chronicle
Volume 141
Boykin C. Wright, counsel for the company, contended that the company
is insolvent whether or not the income bond interest is a valid liability.
inasmuch as there are about $4,000,000 additional debts.
Walter H. Schulman. Assistant United States District Attorney, served
notice that in the reorganization proceedings the Federal Government
intends to press tax claims pending since 1922 against the predecessor
company of New York Rys. Co.
-V. 141, p. 1448.
New York Title & Mortgage Co.
-Plan for Series Q
Justice Frankenthaler, of the New York Supreme Court, paved the way.
Sept. 5, for a speedy reorganization of the $10,000.000 issue of defaulted
guaranteed mortgage certificates known as series Q, when he signed an
order directing the certificate holders to vote by Sept. 30 on the manner
in which they want the new trustees to be chosen.
The plan for the administration of the issue has been pending since
last January when Justice Frankenthaler approved the plan promulgated
for the reorganization of the properties. Soon after the State Mortgage
Commission began to function, a strong effort to induce the certificate
holders to vote on the promulgated plan was made, with the result that
the necessary two-thirds of these certificates has been voted in favor of the
plan. It went before the court Sept. 5 for an order prescribing the details
of the voting.
Justice Frankenthaler's order appointed George Z. Medan°, former
United States Attorney; Archibald It. Watson, Editor of the"Law Journal"
and former Corporation Counsel, and Raymond J. Scully. realty lawyer.
as referees of the voting. Under the rules the certificate holders must
return their ballots before midnight of Sept. 30. The blanks to be sent to
them carry four plans for the administration of the properties. Under
one plan, the certificate holders may choose all three trustees, and under
another, one trustee is to be appointed by Justice Frankenthaler and two
are to be chosen by the certificate holders. The third plan provides for
two court
-appointed trustees, while the last plan calls for the appointment
by Justice Frankenthaler and two are to be chosen by the certificate holders.
The third plan provides for two court
-appointed trustees, while the last
plan calls for appointment by Justele Frankenthaler of all three trustees.
The 3,248 certificate holders are notified that only those candidates
who are nominated by a holder of 2% of the total issue. or $203,472. will
be eligible for election as trustee. The ballots are to be mailed to the office
of the State Mortgage Commission.
-V. 141, p. 1103.
Nipissing Mines Co., Ltd.
-Earnings
Calendar YearsTotal income
Expenses
1934
$160,000
12,756
1933
$5.000
8,413
1932
$10,000
8,351
1931
8105,000
14.270
Net income
Dividends
$147,244
150,000
def13,413
$1.649
$90,730
90,000
def$2,756
$1.649
def$3,413
def1,250
1,550
4.964
Earnings of Nipissing Mining Co., Ltd.
Calendar Years1934
1933
1932
Gross sales
5393.766
5635,407
$404,091
Net loss after taxes and
charges
prof294,552 prof146,827
321,961
Dividends
160,000
10,000
5,000
$730
3,316
$236,002
Condensed Consolidated Balance Sheet Dec. 31
Assets1934
Liabilities1933
1934
1933
Cash
$601,590 $631,442 Acc'ts pay., &c._ $548,938 $480,506
Acc'ts receivable._ 599,404
488,228 Reserves
1,013,668
511,498
Inventories
575,957 Mortgagee payable 271,000
827,355
277.600
Securities at cost
1,174,824 1,006,816 y Cony. pref.stock 850,000
880,000
Life insur. policies,
z Common stock._
200.000
200,000
surrender value_
148,029 Cap, surplus aris169,092
Miscell. accounts..
ing from sale of
29,004
20,578
Sundry for. assets_
82,500
9,091
82,500
13,091
common stock_
Inv. In & advs. to
Surplus
1,970,766 2,034,218
subsids., &c____
18,034
18.034
Treasury stock_ _ 248,645
305,411
x W.17th St. prop.
98,372
103,477
x Land. bidgs., machinery & equip. 237,204
197,497
Leaseh'Id & impts. 334,189
366,511
Good-will, trademarks & names,
537,784
formulae, &c__
538,054
Deferred charges__
56,428
49,040
Total
54,936,863 14,466,323
Total
84,936.863 $4,466,323
x After depreciation. y Represented by $42,500 no par shares in 1934
and 44,000 in 1933. z Represented by 200,000 no par shares as a declared
value of $1 per share.
-V.141, p.443.
-Earnings
Northern Canada Mining Corp., Ltd.
Income Account for the Year Ended Dec. 31 1934
Income from dividends, interest, &c
Profit on sale of securities (net)
Total income
Expenses, including provision for Dominion income tax
$60,951
27,835
- $88,787
19,486
$69,300
50,000
Net profit
Dividends
Balance Sheet Dec. 31 1934
Assets
LiabilitiesCash
$67,552 Misc. accounts payable
Accounts receivable
200 Dividend payable
Shares in other companies__ . 1,845.649 Reserve account
Explorations and options acct.
1 x Capital stock
Office furniture
1,175 Profit and loss account
Discount on old share capital_
783,854
1931
$791,900
Deficit
-V. 140, p. 287L
1603
Balance, surplus
Prof.& loss stir. Dec.31_
sur$134,552 sur$141,827
105.000
Nonquitt Mills-Balance Sheet Dec. 31A9sets-1934
1933
1934
1933
Land, buildings &
$72,312
Accounts payable.
machinery
12,904,104 82,904,104 Notes payable_ _ _
50,000
Inventories
211,908
912.591
307,309 Ftes've for depreen $912,591
Acc'ts receivable-13.803
17,863 Reserve for taxes..
5,381
1,927
Cash
14,669
2,479,966 2,452,683
13,690 y Surplus
Land and buildings
to be sold
250,000
250,000
Total
53,394,485 83.492,966
$3,394,485 83,492,966
Total
y Represented by 48,000 shares of no par common stock.
-V. 139.
p. 937.
Nordon Corp., Ltd. (Del.)(& Subs.)
-Earnings
Consolidated Income Account for the Year Ended Dec. 31 1934
Income __________________________________ __________________ 333.905
Expenses ____________________________
50.088
Excess of expenses over Income
Abandonments: Land,leases and royalty holdings
Provision for depletion and depreciation
Reserve for taxes returned to surplus
$16,183
127,623
37,232
Cr9,000
Loss for the year _________________________________________ $172,039
Consolidated Balance Sheet Dec. 31 1934
Assets
Liabilities
x Capital assets
$48,006,120 x Capital stock
$11,583,070
Accounts receivable
130.591
1,621 Royalty holdings obligation
Cash
4,647 Accounts payable
8,693
Int. in acct. arising from royPast due lease rentals on leases
74,87
alties sec. by chattel mtge.
12,334
jot. In cash set aside by trustee to meet minimum mthly.
payments on royalty holdings obligation
32.158
Deferred charges
2,197,310
Deficit
1,543,137
$11,797,230
y Represented by
North American Aviation, Inc.(& Subs.)
-Earnings
Earnings for the 6 Months Ended June 30 1935
Shipments and operating revenues
$1,725,481
Cost of shipments and operating expenses
1,265.480
Gross profit from operations
Selling, traffic and administrative expenses of transport and
manufacturing activities
Depreciation
Other charges
$4460.001
Gross loss.............................................
Income credits
$141,757
38,937
Net operating loss ___________ ________________________ _
Non-operating income, excess of proceeds of sales of securities
over book values thereof
$102,820
267,895
308,885
24,978
33,205
Deficit, six months ended June 30 1935
-V. 141, p. 1280.
$69,615
Northam Warren Corp.(& Subs.)
-EarningsCalendar YearsNet income after Federal
•
Income tax
Previous surplus
1934
1933
1932
$436,778
2,034,218
$4404,610
2,034,482
$527,173
2,033.267
1931
$816,708
1,639,414
Total surplus
$2,470,996 $2,439,092 52,560,440 $2,456,121
Preferred dividends-- - _
109,843
106,091
103,521
123,905
Common dividends
250,000
300,000
300,000
200,000
Surplus adjustment_ -_.. Dr.96,718
Cr.1,218
17 St. prop.
Res. for W.
50,000
Reserve for securities_ _
72,391
Res. for contingencies_
100.000
Adjustments
16.115
26,559
Surplus Dec.31
$1,970,757 52,034,218
Common shares outstdg200,000
200,000
Earnings per share
$1.67
$1.49
$2,034,482
200,000
$2.08
82,698,431
Total
Total
82,698,431
x Represented by 2,500,000 no-par shares.
-V. 139, p. 3332.
-Proposed Merger
.....---Northern Pennsylvania Power Co.
See Metropolitan Edison Co.
-V. 140, p. 2715.
-Earnings.
Northwestern Pacific RR.
131,000
$331,961
Total
Total
811,797,230
x After reserves for depletion and depreciation.
shares of $5 par.
-V. 136, p. 3175.
$3,619
50,000
250,000
2,350,000
44,812
$2,033,267
200,000
$3.46
JulyGrossfrom railway
Netfrom railway
Net after rents
From Jan. 1
Grossfrom railway
Netfrom railway
Net after rents
-V.141, p. 763.
1935
$329,305
53,425
28,066
1,769,229
def8,993
def176,465
1934
$409,077
131.141
99,278
1933
$319,297
77.286
49,856
1932
$3346,883
57.915
16,544
1,500,750
1,869,270
def56,197
206,960
15,286 def272,994
1.823.321
def43,607
def337,121
Northwestern Barb Wire Co.
-Bonds Offered-Public
offering, by means of a prospectus, of a new issue of $1,250,000 1st mtge. 51% sinking fund bonds was announced
Sept. 6. The un erwriting group is headed by Paul H.
Davis & Co. of Chicago and New York, and includes
Kalman & Co. of St. Paul; G. L. Ohrstrom & Co., Inc.,
of New York; Sills, Troxell & Minto, Inc., of Chicago, and
Priester, Quail & Co. of Davenport, Iowa.
The bonds are being offered with stock purchase warrants calling for the
purchase of common stock on the basis of 20 shares for each $1,000 principal
amount of bonds. The bonds, due Aug. 1 1945 and carrying the stock
purchase warrants, are priced at 102% and int.. to yield approximately
5.24% to maturity.
The company,one of Illinois'oldest and most prominent corporations, was
founded in 1879 and manufactures a complete line of wire products, about
80% of which are used by the agricultural and building trades and 20%
by industrial trades.
Proceeds from the sale of the bonds will be used to retire the company's
5350,000 indebtedness to the American Steel & Wire Co. and for new plant
equipment and expansion. The company will use not less than $450,000
of the proceeds for the construction and installation of an electric furnace
and rolling mill, with necessary buildings and accessory equipment. The
contract for the mill proper has already been arranged for, calling for an
According to the prospectus.
estimated expenditure of about $232,000.
the new rod mill and electric furnace, buildings, machinery and equipment,
will cost approximately $836,000.
Since 1929 the company has added materially to its lines of products
manufactured, including poultry netting, and many specialties such as
stove pipe and clothesline wire, clinch-hed bale ties, hardware cloth and
other items.
During the past five years practically all funds derived from operations
have been re-invested in the business. Over $700,000 of such funds were
invested in new buildings, machinery, equipment and improvements in
existing plant facilities. The company's principal plant is at Sterling, Ill.,
with a smaller plant in Rockfalls, 111. P. W. Dillon, who has been with
the company for the past 25 years is president and treasurer of the company.
Upon completion of the present financing program, the company's
capitalization will consist of, with the exception of this issue of bonds,
$75,000 of 7% cumulative ($100 par) preferred stock, of which $39.400 is
outstanding, and 200,000 shares of 85 par common of which 160,000
shares are outstanding, with 40.000 shares reserved in connection with the
stock purchase warrants.
-V. 121. p. 470.
Norton Co.
-Balance Sheet Dec. 311934
Assets
Cash & govt. secs_ 3,913,447
AOOta.receivable__
875,758
Merchandise
4,631,835
Let., bldgs., mach.
& tools
5,755,580
sub, plants_ 7,888.944
Investments, misc. 281,381
MIscell. assets__
243,185
1933
1934
1933
Liabilities
69,205
3,008,632 x Accrued charges 354,573
284,913
773,270
701,765 Accounts payable_
22,017,500 22,017,500
4,465,405 Capital stock
445,419
Surplus
444,790
6.119,592
7,980,739
300,948
239,955
Total
23,590,133 22,817,037
23,590,133 22,817,037
Total
x Expense accrued but not due, including reserves for Federal income
taxes.
-V. 138, p. 1578.
Norwich (N. Y.) Pharmacal Co.(& Subs.)
-Earnings-Calendar Years1933
1934
1932
x Gross profit on sales
$2,521,222 52.220,607 $2,412,934
Sell., advertising, adm. & gen. exp..- 1,567,574
1,402,485
1,623,084
Misc,e11. Income deductions (net)
37,570
37,436
65,017
Federal income tax
122,440
99,829
93.718
Net profit for year
$793,638
$680,857
$631,114
Dividends
597.672
498,060
498,160
Balance, surplus
5195,966
5182,797
$132,954
Surplus at beginning of year
2,316,222
2.187.401
2,061,043
Total
82,512,188 $2,370,198 52.193,998
Surplus charge
1,504,457
53.976
6.597
Surplus at Dec. 31
$1,007,731 $2,316,222 $2.187,401
x After deducting all costs of goods sold, including provision for depredation of factory buildings and equipment.
1604
Financial Chronicle
Condensed Consolidated Balance Sheet Dec. 31
Assets1934
1933
i Liabilities1934
& marketable
'
Accounts payable_ $149,432
securities
484,654
$1,213,053 $947,932 Accrued accounts_
Accounts, notes &
6,758
Miscell. reserves__
trade accepts.rec 631,578
657,976 Capital stock
y2,000.000
Inventories
839,208
807,111 Surplus
1,007,731
MIscell.,securities,
sundry rec., &c_
86,730
102.830
Permanent assets_ 691,259
718,544
Good-will, formu
lae,&c
1
1
Deferred charges
186,748
152,711
Pa
1933
$122,448
417,628
30,807
x500,000
---- Sept:7 1935
epec,Oil Co. of V nezuela-Addmitted to List
..1
The ow York Curb Exchange Ihas admitted to the list the new
mon c4taI sto.lr, $1 par, in lip4 of old common capital stock, n 4gm.Cash p r,
issuable share for share in exchange for old common capital stock.
-V.141,
p. 1105.
---,
2.316.222„.....-Parmount Broadway Corp. Listrfrd-
The few York Stock Exchange has authorized the listing,of $8,875,000
let mt . sinking fund loan certificates, due Feb. 15 1955: upon offidl
notice of issuance pursuant to the plan of reorganization of the company.'-.
The U. S. District Court for the Southern District of New York, by o er
made June 16 1934, in proceedings for reorganization of Paramount Publix
Corp. (now Paramount Pictures Inc.), under Section 77-B of Bankruptcy
Act, appointed trustees of the estate of Paramount, which estate included,
Total
$3,648,576 $3,387,105
Total
$3,648,576 $3,387,105
among other properties, all of the capital stock of this company. By
x Common without par value, authorized and issued 100,000 shares at
order made Dec. 3 1934 the Court approved as properly filed the petition
declared capital of 85 per share. y Represented by 400.000 shares of
of the company for relief under Section 77-B of the Federal Bankruptcy
common stock, $5 par.
Act and directed that the proceedings for reorganization of the company
-V. 140, P• 1.839.
should be a part of the proceedings for reorganization of Paramount Publix
rp. A plan of reorganization of Paramount Publix, including as a part
.........-Ohio Service Holding Corp.
-$1 Preferred Dividend
thereof a plan of reorganization of the company, dated Nov. 28 1934,
The directors have declared a dividend of $1 per share on the $5 nonas modified Feb. 4 1935 was proposed. The plan was confirmed by the
cumulative preferred stock, payable Oct. 1 to holders of record Sept. 15.
Court on April 4 1935. By order made June 17 1935 the Court directed
A dividend of 50 cents was paid on April 1 last, and on Oct. 1 1934, this
the carrying out of the plan and the retention by the company, from and
latter being the initial payment on the issue.
-V. 140, p. 4409.
after July 11935,of all of its assets and property then included in its estate,
free and clear of all claims of holders of original certificates or of the trustee,
Onondaga Silk Co., Inc.
-Earnings
but subject to the liens provided for in the instruments to be used in connection with the carrying out of the reorganization of the company. FurIncome Account for Year Ended Dec. 31 1934
suant to the provisions of said order, Paramount Publix on July 1 1935 be:
Net operating profit$65,767
came vested with and now holds title to all of the capital stock of the coinOther income
7,401
'
pany.
The amended certificates are being issued to the holders of original.cerTotal income
$73,169
tificates (of which at the time of the confirmation of the plan there were
Deductions from income
86,523
$8,875,000 outstanding) in exchange therefor. The amended certificates
Net loss before Federaltaxesare being issued under supplemental indenture between the company and ,
$13,354
the trustee, dated as of Feb. 15 1935, supplemental to the mortgage and/
Provision for Federal taxes
5,050
deed of trust of the company dated Jan. 1 1926, under which the original
Netlosscertificates were issued. The supplemental indenture was approved by
$18,404
the Court by order made June 17 1935 and its execution and delivery and
Dividends paid
1,543
the issuance and guaranty of the amended certificates in accordance with
ohe plan wragiuly auth ized by the board of-direc:
t n june i4
.
f17 ompanY
r
2
Balance Sheet Dec. 31 1934
Liabilities
Assets_
Ian o Reorganization
f
$66,337 Trade acceptances payable.... $32:0523
Cash
7
500
Holders of the original c ificates are entitled to receive under the plan,
9,971 Notes payable
Due from factor
against surrender thereof (with July 1 1933 and all subsequent interest
Accounts receivable
1,145 Accounts payable
114,334
warrants attached), a like principal amount of amended certificates. In
3,500 Accrued wages & commissions_
18,478
Notes receivable (secured) __ _
addition, such holders upon such surrender and exchange on or before the
Inventories
501,830 Accrued expenses
1,123
Close of business on June 3Q 1937, are entitled to receive under the plan from
Due from officers and emProvision for Federal taxes- - 5.050
the trustee (a) in respect of each original certificate in the principal amount
1,623 Long term notes payable (seployees
Of$1,000 so surrendered and exchanged, the sum of $23.75 and (b)in respect
Investment in stock of R.& H.
cited by6% 1st nuge.boads)
40.000
of each original certificate in the principal amount of $500 so surrendered
Simon Corp
9,162 mortgages payable
110,268
and exchanged thesum of$11.87. An aggregate sum sufficient to make such
Cash surrender value of life
Y Capital stock
420,569
payments has been deposited with the trustee. In accordance with the plan
insurance (net)
918 Surplus created by appreciax Fixed assets
any part of such payment not so distributed at the close of business on
732,272
tion of fixed assets
290,613
June 30 1937. will be applied to the sinking fund provided in the suppleDeferred charges
35,220 Earned surplus
254.019
mental indenture.
At the time of the confirmation of the plan there were outstanding $8,875,Total
$1,361,980
Total
$1,361,980
000 of original certificates. Upon surrender and exchange of all original
x After reserve for depreciation of $225.804. y Represented by 15,426
certificates pursuant to the plan, there will be outstanding $8,875,000
-V. 138, p. 2585.
no-par shares.
principal amount of amended certificates, being the entire authorized issue.
The claims of all creditors of the company, other than the trustees of the
Ontario Steel Products Co., Ltd.
-Earningsestate of Paramount Publix, the holders of the original certificate and the
1934
Years End. June 301935
1933
trustee therefor are unaffected by the plan. The claims of Paramount
1932
x$79,830
$34,689 loss$27,170 loss$53,583
Profit
Publix and of the trustees of the estate of Paramount Publix against the
Depreciation
21,983
company have been released pursuant to the plan.
35,198
9,317
9,318
12,108
The plan also makes provision for the making of certain leases of space
Bond interest
9,948
14,
268
16,188
Prov. for Fed. & Prov.
In the Paramount Building and for the pledge thereof as additional security
amended certificates.-V. 141. p. 1449.
taxes
4,114
50
for the amend
Sinking fund
31,812
....*--Pa amount Publix Coy.
./
-Suspended from Dealings pi.
Bad debt written off__ _
5,572
-year
Miscell. deductions_ __ _
The ew York Stock Exchange as suspended from dealings the 20
12,088
e Aug. 1 1950 and certificates of deposit
5;$% s king fund gold bonds,
-Famous-Lasky Corp., 20
Net profit
therefor and Paramount
$12.910
$549 loss$50,756 loss$110,901
-year 6% sinking fund
Preferred dividend
gold bonds, due Dec. 1 1947 and certificates of deposit therefor.
25,221
-V. 141,
Common dividend
P. 605.
10,317
Balance,surplus
$12.910
$549 def$50.756 def$146,440
Shs.com.stk.out.
(no par)
L51,588
51,588
51,588
51,588
Earnings per share
Nil
$0.01
Nil
Nil
a Includes net revenue from investments and interest of $9,211.
Balance Sheet June 30
1935
1935
1934
Liabilities
Assets
Property. die
$360,300
$1,495,070 $1,484,077 Preferred stock_
1 a Common stock_
Good-will
865,158
49,355
49,501 Bonds
Cash
155,400
4.987 Accounts payable.
26,139
4,717
Spec'l accts. rec_ _
Bond interest _
4,974
Adv. to trustees of
Reserves
796,545
employees'stock
4,773
10,500
Prov. for taxes_
dIstrib. fund_
16,426
44,957 Surplus
93,288
Investments
108,193
Bills & accts. rec. 130,372
150,984
165,531
Inventories
24,926
26,418
Other assets
6.300
26,950
Sink, fund assets_
Invest. in & adv.
5,573
to sub. co
373,930
376,460
Inv. in other cos
11,598
1,731
Deferred charges_
1934
$360,300
865,158
165,800
18,883
6,054
797,287
50
48,454
Total
$2,306,578 $2,261,986
Total
$2,306,578 $2,261,986
x Represented by 51,588 no par shares.
-V. 141, P. 604.
Oregon Short Line RR.-Earnings.JulyGrossfrom railway
Netfrom railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V. 141, p. 763.
1934
1935
$1,761,949 $1,541,897
495,910
348,156
246,217
44,305
1933
$1,638,271
528,267
186,750
1932
$1,257,465
183,116
def157.537
10,906,389
2,986.013
884,382
10,320,291
3,091,845
825,386
10,874,328
2,673,056
332,795
11,909.564
2,966,040
929,679
,Pacific Gas & Electric Co.
-Files $20,000,000 Issue
company has filed with the San Francisco office of the Securities
and Exchange Commission a registration statement covering a proposed
additional issue of 820,000,000 1st & ref. series G 4% bonds due Dee. 1
1964. Proceeds from the sale of these bonds would be used in redeeming
the outstanding issue of $20.000,000 1st & ref. mtge. series D 5% bonds
of 1955. It is anticipated that these bonds will be called for redemption
on Dec. 1 1935 at 105 and interest.
The proposed refunding operation will be the third conducted by the
company this year. Two blocks of the series G 4% bonds of $45,000,000
and $30,000,000. respectively, having been sold in March and June 1935
to retire other issues of the company or its subsidiaries bearing higher
coupon rates.
1 The underwriting syndicate will be substantially the same as in the
two preceding operations, including the investment firms of Lazard Freres
& Co., Inc.; Blyth & Co., Inc.; Brown Harriman & Co., Inc.; Edward B.
Smith & Co.; The First Boston Corp.; Dean Witter & Co.; Bonbright
& Co., Inc.; H. M. Byllesby & Co., Inc.. and E. H. Rollins & Sons.
V. 141. p. 1281.
Pan-American Petroleum & Transport Co.(& Subs.)
Period End. June 30- 1935-3 MO3. 1934
1935-6 Mos.-1934
Net profit after depreciation, depletion, taxes
and other charges_ _ _ _ x$103,326
$152,419
x$73,227 loss$110,790
x Before Federal income taxes.
-V. 141, p. 444.
Panhandle Eastern Pipe Line Co.
-Contract
-V. 133, p. 1300.
8° Detroit City Gas Co. above.
Park Utah Consoliclated Mines Co.
-Earnings
[Including Ontario Silver Mining Co.]
Consolidated Operating Statement for Six Months Ended June 30 1935
Income
-Ore sales
$343
21,333
Interest on notes and investments
Rents and royalties
2.980
Gain on securities sold
2,617
Miscellaneous income
528
Total income
Expense
-Mine operations and maintenance
Development
Administrative and general
No. 1 tunnel expense
No. 2 tunnel expense
Property taxes paid
$27,802
$47,270
6,72R
17,672
383
1,020
9,974
Net loss from operations
$55.247
Consolidated Statement of Assets and Liabilities June 30 1935 (Exclusive of
Property and Plant Value)
Assets
-Cash in banks
Current assets
$24,552
Notes and accounts receivable (less reserve)
60,535
Investments
-Federal Land Bank bonds
424,059
U. S. Government securities
252,578
Municipal bonds
255,604
Total current assets
$1,017,329
Investments In other compan es
-Daly Mining Co., Keystone
Mining Co., Weber Coal Co. and Naildriver Mining Co
376,871
Total assets (excl. of property and equipment)
Liabilities
Current liabilities-Accounts payable
Dividend account
Unclaimed checks
$1,394,201
Total liabilities (excl. of capital stock)
-V. 140, p. 3729.
$15,560
24,886
1,477
$41,925.
Peck, Stow 8c Wilcox Co.
-Balance Sheet June 30AssetsCash on hand and
In banks
Accts.& notes rec
Inventory of raw
materials,supp.,
goods in process
& finished goods
Land, bldgs. &
equip., less res.
for depreciation..
Prepaid int., ins.,
&c
1935
$26,991
132,436
386,999
931,566
1934
Liabilities1935
Notes payable for
$49,675
borrowed funds_
$92,000
83,953 Accts. payable for
current purch__
39,408
Accr. wages, tax.&
other accounts
451,662
not due
40.940
Capital stock
800,000
Capital surplus... 553,439
1,009,160 Earned surplus_ def.43,201
4,595
1934
$122,000
35,174
46,024
800.000
553,438
42,086
4,273
Total
81,482.587 $1,598,723
$1,482,587 $1,598,723
Total
-V. 139. p. 1250.
"Wass reserve for possible losses.
-Earnings
Peerless Corp.
Period
Net loss after taxes, deprec ,&c
-V. 140, p. 4077.
3 Mos. End. 6 Mos. End. 9 Mos.End.
June 30 '35 Mar. 31 '35 June 30 '35
$168.483
$114,296
$54,187
-Bonds Called
---'Pennsylvania Co.
-year 4q% secured
All of the outstanding 35
gold bonds due Nov. 1
1963 have been called for redemption on Nov. 1 at 105 and interest. Pay-
Volume 141
Financial Chronicle
went will be made at the office of the company, 380 Seventh Ave., N. Y.
City, or at 1617 Pennsylvania Blvd., Philadelphia, Pa.
-V. 141, P. 1449.
Pennsylvania RR.
-C. 0. D. Service
-
The railroad announced establishment of "cash on delivery" service,
to supplement its collection and delivery plan for the door-to-door transportation of less-than-carload freight. New service becomes effective
Sept. 1.
The invoice price of the merchandise will be collected by the railroad
representative, upon delivery of the goods to the purchaser's door, and remittance will be made to the shipper by railroad draft, the company assuming entire responsibility. A sliding scale of charges is provided for
collecting and remitting the money.
-V. 141, p. 1450.
Pennsylvania Salt Mfg. Co.
-Earnings
-
Years End. June 30-Net income after maint.,
& Fed.taxes
depr
Earns. per sh.on 150,000
shs.cap.stk.(par $50)
-V. 140, p. 3905.
1935
1934
1933
1932
$891,086
$757,236
$325,745
$363.147
$5.94
$5.05
$2.17
$2.42
Pfeiffer Brewing Co.
-Co-Transfer Agent
-
The Guaranty Trust Co. of New York has been appointed co-transfer
agent for the capital stock of the company, consisting of 750,000 shares of
no par value stock, of which there are issued and outstanding 390,412 shares.
-V, 141, P. 1282.
Philadelphia Storage Battery Co.
-Operations
-
Forms New Company
Phillips, President, on Sept. 3 announced that th
organized a new corporation known as The Polymerization company III
po
Corp.),
through which patent licenses will be available to the petroleum ocessnatu
gas industries for the practice of the polymerization process and making
for
premium grade gasoline from refinery and natural gases. Through exchange of patents the Texas Corp.,Standard Oil Co.(Indiana) and Standard
Oil Co.(New Jersey) have an interest in the new corporation and will use
the new process.
The M. W. Kellogg Co. has been appointed licensing
is
pared to make estimates and bids on complete plants foragent andoutprecarrying
the
polymerization process.
Phillips Petroleum Co.for many years has been a large producer of natural
gas and liquefied products derived from it, such as natural gas, gasoline
and liquefied gas, but the new polymerization process is radically different
in that a chemical change takes place instead of merely a physical separation.
This company developed and has been operating the new process on a full
commercial scale. Complete operating data will be available to the
licensing agent of the new company.
T. B. Hudson of the Phillips Petroleum Co. is President of the new corporation.
-v. 141. p. 931.
Assets1934
Plant
3840,747
Merch'dise, accts.
receiv., cash ik
invest
808,956
Philadelphia Suburban Water Co.
-Bonds Offered
Formal public offering was made Wednesday through an
underwriting group headed by Hornblower & Weeks of the
unexchanged portion of $16,900,000 1st mtge. bonds, 4%
series due 1965, at a price of 101J4 and int. Present bondholders, who were given the prior privilege of exchanging
their holdings for the new bonds, have taken approximately
57% of the issue, according to the latest figures received from
the trustee. Associated With Hornblower & Weeks in the
underwriting and offering of the bonds are: Cassatt &
Co., Inc.; The First Boston Corp.; Kidder, Peabody & Co.;
Lee Higginson Corp.; Chas. D. Barney & Co. Clark,
•
& Co.;Ddge • Dominick & Dominick; G. M.
-P. Murphy
& Co.;White, Weld & Co.; Field, Glore & Co.; W.E. Hutton
& Co.; Singer, Deane & Scribner; Bell & Beckwith; Paul H.
Davis & Co.; O'Brian, Potter & Co.; Piper, Jaffray & Hop•
wood, and Reed & Co., Inc.
A prospectus, dated Sept. 4, affords the following:
Th company has acquired control of Reda Pump Co through purchase
of 36, 0 shares of preferred stock and 135.000 shar
f common stock,
involving approximately $480,000. Reds Pump Co. n1nufactures submergible electric pumps for deep-sand oil wells.
Pierce Mfg. Co.
-Balance Sheet Dec. 31-
With more than 9,500 workers on a payroll which amounts to nearly
$1,000,000 a month, this company,
ing many additional workers to keepmakers of Philco radios, are employpace with the Increasing demand for
radio instruments.
The company recently reported record-breaking production for Philco
during the first half of 1935, with indications pointing to even greater
production during the next six months,
-V.134, P. 1387.
Dated Sept. 1 1935; due Sept. 1 1965. To
In denoms. of $1,000 and $500, registerable asbe Issued in coupon form
and int. payable, In such coin or currency of the to principal only. Prin.
United States of America
as at the time of payment is legal tender for public
the office of Pennsylvania Co. for Insurance on and private debts, at
Lives and Granting Annuities, trustee. Int. payable M. & S. Penn. and Conn.
4-mill tax,
Maryland 434-mill securities tax, and the Mass, income
tax not exceeding
6% per annum refundable. Red, all or part on any int. date on not less
than 30 days' notice at par and Int., together with a premium of 5%
if
red, on or before Sept. 1 1940; of 49' If red, thereafter and on
or before
Sept. 1 1945; of 3% if red, thereafter and on or
Sept.
2% If red. thereafter and on or before Sept. 11955;before if red.1 1950: of
thereafter
1%
and on or before Sept. 11960, and without premiumof redeemed thereafter.
if
Purpose
-Net proceeds (approximately $16,601,150). plus $176,297
from general funds, will be applied to the redemption of the following bonds:
On Oct. 1 1935, $2,434.000 1st mtge. gold bonds 5% series due
Oct.
1 1969, at 105 and mt.;
On Oct. 1 1935, $1,785,000 1st mtge. gold bonds 434% series due Oct.
1 1970, at 105 and int.;
On Nov. 1 1935, $9,617.500
1 1955, at 102ji and int., and 1st mtge. gold bonds 5% series due May
On Nov. 11935, $2,414,000 1st mtge. gold bonds 43 % series due Nov.
,
5
1 1967, at 104 and int.
History and Business-Company supplies water and furnishes
fire hydrant service to 25 boroughs and 24 townships constituting a contiguous
territory of approximately 300 square miles comprising a large part of
suburban Philadelphia. These boroughs and townships
gregate population estimated to be in excess of 300,000. have an agCompany was organized in Pennsylvania on Jan. 27 1905; subsequently
it acquired complete ownership of
In the boroughs and townships. 37 companies holding franchise rights
The company's principal water supply facilities
pumping stations, four in number, located at fourconsist of filters and
streams from which
water is taken.
The company's transmission and distribution system comprises approximately.1,039 miles of pipes. Transmission mains, ranging
in size
from 10
-inch diameter to 30
-inch diameter, total approximately 178 miles,
and distribution mains of smaller diameters, principally 4-inch, 6
and 8
-Inch, total approximately 861 miles. Transmission mains -inch
from
all four plants are interconnected, permitting considerable elasticity in
the routing of water from one plant into a district normally supplied by
another plant. On the distribution system are six clear water reservoirs
and 12 standpipes, functioning to equalize day and night pumpage.
Earnings for Slated Periods
Operating
Pros, for
b Interest on
Calendar Years- Revenues
Depreciation
a Income
Funded Debt
1932
$2,625,846
$1,661,755
$214,284
$808,507
1933
2,508,082
1,522.475
225,141
797.674
1934
2.517,693
1,496,523
227,700
793.726
1935 (5 mos.)
1.028,988
619,567
95,155
329,848
a Available for interest, amortization of debt discount and expense,
and Federal income taxes. b All of which now outstanding is to be refunded.
Annual interest requirements on the funded debt outstanding, after
giving effect to Hie present financing, amount to $676,000.
Capitalization at May 31 1935 (Giving Effect to Proposed Financing)
Authorized
Outstanding
1st mtge. bonds 4% series
* Unlimited
$16,900,000
6% cumulative preferred stock ($100 par)_ _100,000 shs.
32,000 shs.
Common stock (no par value)
250,000 she.
250,000
* Except as set forth under "Certain Provisions in the Indebture." shs
-All officers of the company are officers of the C. H. Geist Co.,
Control
Inc.. which, through its subsidiary, American Pipe & Construction Co.,
controls Philadelphia Suburban Water Co. through ownership of 100%
of its common stock.
Underwriters
-The names of the underwriters and the respective amounts
severally underwritten by them are as follows:
Hornblower & Weeks(N. Y.)_$4.950,000 Field, Glore & Co.(N. Y.)_-_ $250,000
Cassatt & Co., inc.(N. Y.)__ 2,750,000 W. E. Hutton & Co.(N. Y.).Chas. D.Barney & Co.(N.Y.) 1,000,000 Singer,Deane &Scribner(Fgh.) 250,000
200,000
Clark, Dodge & Co.(N. Y.)__ 1,000,000 Bell & Beckwith(Poledo) __ 100,000
Dominick Az Dominick (N. Y.) 1,000,000 Paul H.Davis de Co.(Chicago) 100,000
The First Boston Corp.(N.Y.) 1,000,000 O'Brian,Potter & Co (Buffalo) 100,000
Kidder,Peabody dlt Co.(N.Y.) 1,000,000 Piper. Jaffray & Hopwood
Lee Higginson Corp.(N. Y.). 1,000,000 (Minneapolis)
G.M.-P.Murphy & Co.(N.Y.) 1,000,000 Reed & Co., Inc. (Worcester, 100,000
White, Weld & Co.(N.
1,000,000
Mass.)
100,000
-V. 141. P. 1450.
1605
lips Petroleum Co.-Aegaiisition=-
1933
Liabilities
,
1934
$840,033 Capital stock
$600,000
Accts.& notes pay. 304,449
Deprec. and profit
930,497
and loss
745,255
Total
$1,649,703 $1,770,530
-V. 138, p. 3285.
Total
1933
$600,000
209,783
960,747
$1,649,703 31,770,530
Pierce Oil Corp.
-Earnings
Period End. June 30- 1935--3 Mos.-1934
1935-6 Mos.-1934
Net loss after expenses &
other charges
x
$47,149
y$100,249
$31
x The report for the quarter ended June 30 1935 shows no income or expenses for the period. y Includes expense item representing extraordinary
expenses in connection with tax litigation. All tax litigation expenses have
been paid by the Pierce Petroleum Corp. and Pierce Oil Corp. upon the
understanding that their payment should be without prejudice to the rights
of either company as against the other. (See Pierce Petroleum Corp.)
-V. 141, p. 444.
Pierce Petroleum Corp.
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Net profit after expenses
& all other deductions loss$13,017
$168,169 (loss$27,434
$150.383
The income account may be subject to adjustment for alleged deficiencies
In U.S.income,excess-profits and war-profits taxes, in controversy, claimed
by the U. S. Bureau of Internal Revenue to be due from Pierce Oil Corp.,
or Pierce Petroleum Corp. as transferee of Pierce Oil Corp., and interest
and penalties thereon, and for payments made or to be made by Pierce Oil
Corp. and (or) Pierce Petroleum Corp. in respect to legal services and expenses in connection with the controversy and litigation in respect to such
alleged deficiencies; also for alleged deficiencies in U. S. income, excess
profits and war-profits taxes. in controversy, claimed by the U. S. Bureau
of Internal Revenue to be due from Pierce Pipe Line Co. and Consolidated
Pipe Line Co., and interest and penalties thereon also for alleged deficiencies in U. S. income taxes, in controversy, claimed by the U. S. Bureau
of Internal Revenue to be due from Pierce Petroleum Corp., as taxpayer.
and interest and penalties thereon.
Payments by Pierce Petroleum Corp. and (or) Pierce Oil Corp. on account
of legal services and expenses in connection with said controversy and
litigation have been, and are to be, made upon the understanding that all
such payments shall be without prejudice to the rights of either corporation
as against the other.
-V. 140, p. 3730.
Pilgrim Mills
-Balance Sheet Dec. 31Assets1934
x Land, buildings,
machinery
$627,435
Cotton cloth stock
in proc. & suppl. 209,626
Cash & accts. rec_ 238,081
Prepaid insurance_
12,480
Miscell. securities_
5.360
1933
Liabilities1934
1933
Capital stock
$999,000 $1,000,000
$651,099 Accounts payable_
8,360
18,621
Res. for °outing_ _
15,000
15,000
141,491 Reserve for taxes_
28,345
41,995
318,291 Surplus
26,153
51,113
10,487 Surplus cap. stock
16,125
5,360
Total
$1,092,983 $1,126,729
Total
$1,092,983 $1,126,729
x After reserve for depreciation of $815,880 in 1934 and $783.964 in
1933.-V. 140, p. 152.
Pittston Co.
-Earnings
6 Months Ended June 30
Net sales
Coats and expenses
1934
1935
1933
817,742.603 $20,010,364 $15,055,458
17,771,775 19,189,888 14,918.268
Balance
Other income (net)
loss$29,172
45,269
$820,476
149,817
$137.190
132,283
$16,097
353,194
551.977
26.027
20.447
183.189
$970,293
350,707
524.258
39,581
17.962
152,288
$269,473
362,254
534,627
2.571
22.219
124,098
$1,118,737
8114.503
$776,296
Total income
Interest (net)
Depreciation, depletion & amortiza'n_
Provision for Federal tax
Loss on sale & demol. of prop., &c_ _ _
Minority interest
Net loss
-V. 140, p. 4078.
Pneumatic Scale Corp., Ltd.-Ea?ningsYears Ended May 311935
1934
1933
Gross receipts
81,029,191 81,104,700
$823,826
Shop cost,oper.,admin.& selling exps
974.152
968,338
830.575
Interest paid
14,888
Development
85,651
83,187
105.709
Income Federal, Mass. & Can. taxes_
59
11,678
3,986
Net loss
$30.671 prof$41,498
$131,333
Consolidated Balance Sheet May 31
Assets
1935
1934
LiabilitIes1935
1934
Cash
$191,832 $170,369 Notes & accts. Pay 3208,640 $173,884 .
Notes & accts. rec. 237,706
310,121 Accrued accounts_
43,514
58,241
x Leased mach'y _ _
24.482
15,071 Reserves for taxes
11,678
Raw & finished stk 460,815
475,905 Notes payable deValue life insur_ _ _
44,786
40,937 'erred
105,000
120,000
Securities
143,345
129,821 Preferred stock
274,650
274,850
Pref. stk. In treas. 100,199
97,430 Common stock _ _ 1,200,000 1,200,000
Accts. rec. & adv.
Surplus
682,322
796,435
miscellaneous
14,718
11,315
y Plant & equip_ 261,928
298,627
Patents
1,019,409 1,055,320
Deferred charges_
14,906
29,822
Total
82,514,126 82,634,737
Total
$2,514,126 $2,634,737
x After reserve for depreciation of $198,112 in
y After reserve for depreciation of $1,700,534 1935 ($254,430 in 1934)•
in 1935 ($1,643,044 in
1934).-V. 139, p. 2842.
...--Premier Gold Mining Co., Ltd.
-Extra Dividend
The directors have declared an extra dividend of one
addition to the regular quarterly dividend of three centscent per share in
per
common stock, both payable Oct. 15 to hclders of record Sept.share on the
13.-V. 139.
p. 2060.
Sept. 7 1935
Financial Chronicle
1606
-New Company
-Polymerization Process Corp.
See Phillips Petroleum Co. above.
-Payments on Bonds
--Prudence Bonds Corp.
Holders of first mortgage collateral bonds, series A are being notified by
City Bank Farmers Trust Co., as trustee, that a payment of 816 for each
$100 due thereon will be made on account of principal and accrued interest
to June 29 1934 upon presentation of these bonds to the trustee, 22 William
St.. New York.
Central Hanover Bank & Trust Co., trustee, is notifying holders of
first mortgage collatearl bonds, 6th series, that a payment of $6 for each
$100 due thereon will be made on account of principal and accrued interest
to June 29 1934, upon presentation of these bonds to the corporate trust
department of the bank at 60 Broadway.
City Bank Farmers Trust Co., trustee, is notifying holders of first mortgage collateral bonds, fourth series, that a payment of $17 for each $100
due thereon, will be made on account of principal and accrued interest to
In opposing the elimination of stock in these companies from the Richfield assets, the bondholders and others point out that the legal procedure
for sale would require sufficient time for determining the outcome of the
drilling activities. In the event that the well proves the property more
valuable than now estimated, it is said, objection can be raised when the
-V. 141, p. 1283.
Richfield sale comes up for confirmation.
-Earnings
Roanoke Gas Light Co.
1935
$435,727
204,319
27,171
2,049
Cr1,476
35.725
1934
$427.280
197.288
26,973
10,928
4.907
27,947
-net
Non-operating income
$167,938
479
$159.234
290
Balance
Provision for retirements
$168,417
32.368
$159,525
31,081
-V. 141,
reorganization of the corporation and the Prudence Co., Inc.
P. 765.
Gross income
Interest & other income charges
$136,048
107.785
$128,443
103.363
-Balance Sheet
Quissett Mill, New Bedford, Mass.
Dec. 31
1933
Net income
Earned surplus at beginning of period
$28,262
478.663
$25,080
501.083
$506,926
$526,163
47,500
$506.926
$478,663
June 29 1934. upon presentation of these bonds to the trustee, 22 William
St., New York City.
The above payments are being made pursuant to orders of Robert A.Inch
and Grover M. Moscowitz, Judges of the U. S. District Court for the
Eastern District of Neew York, made and entered in the proceedings for the
1934
Liabilities-1933
1934
81,570,900 $1,678,200
Capital stock
and
31,892
32.288
$2,275,070 $2,276,670 Accounts payable_
459,910 Res, for deprec-. 1,723,435 1,724,593
555,157
Capital surplus &
Cash and accounts
AssetsReal estate
machinery
Inventory
846,958
673,073
receivable
$3,503,300 $3,583,538
Total
138, p. 4475.
Total
Net operating revenues
Total surplus
Dividends on common stock
Earned surplus at end of period
Comparative Bolancc Sheet June 30
148,853
176,677
profit and loss__
12 Months Ended June 30Total gross operating revenue
Operation
Maintenance
Uncollectible accounts
Provision for Federal income tax
General taxes
$3,503,300 83,583,538
--Contract
Radio-Keith-Orpheum Corp.
The company has contracted to feature all motion pictures produced by
Warner Brothers and Cosmopolitan Productions. The agreement calls
for the RHO theatres in Greater New York to receive the first circuit
showings. During the season just finished. RHO played 50% of the Warner
product, and Loew's, Inc.. played the remaining 50%.
Outside of Greater New York, the Warner and Cosmopolitan pictures
will receive first-run showings In RHO houses in the cities of New Orleans,
Kansas City. Minneapolis, St. Paul, Omaha, Des Moines, Sioux City,
Davenport, Cedar Rapids and other cities.
The first picture to play the RHO chain under this new agreement will
-V. 141, p. 607.
be the Cosmopolitan production,"Page Miss Glory."
1934
1935
AssetsPlant & franchises.$2,719,461 $2,691,012
20,389
47,965
Cash
99,534
137,496
Accts. receivable
Mdse., materials &
43,435
46,492
supplies
11,477
20,609
Applia's on rental.
Prepaid insurance,
2,097
2,260
taxes, &c
8,000
8,000
Misc. investments
233
Special deposits_ _
24,517
21,956
Def. debit items._
-Earnings
Rainier Pulp & Paper Co.
1932
1933
1934
1935
Years End. April 30-$6,257,318 $3,564,976 $2,294,447 $2,430,502
Sales (net)
1,823,649
1,900.540
2,830.033
5,145,439
Cost of goods sold
152,288
160,688
171.878
183.244
Depreciation
1934
1935
Liabilitiesx Common stock-- 8100,000 $100,000
1st mtge.5Sie,due
Feb. 1 1951_ __ _ 1,447,000 1,447,000
7,585
1,759
Notes pay., trade_
Accts.
Ac. pay., trade
11,239
38,631
& sundry
Due to parent &
333,834
359,069
affiliated cos_ _ _
14,291
13,887
Consumers' depos_
9,079
9,079
Service extens. dep
36,375
,
33 160
Interest accrued__
17,601
17,583
Taxes accrued__ _ _
1,251
Misc. accr. liabirs
7
1,223
323 17
Retirement reserve 346,835
Res. for uncollect.
14,381
13,627
accounts
109,251
0th. oper. reserves 112,451
478,663
Earned surplus... 508,926
$3,004,477 $2,900,468
Total
83,004,477 82.900,468
Total
-V. 140, P. 4247.
x Represented by 10,000 shares without par value.
-Earnings
Rochester Telephone Corp.
$928,634
$563,065
65.125
120,000
26.428
78.176
$233.219
8,995
53,382
23.809
$454,565
28,370
202,439
6,968
Balance
Dividends paid
$743,509
500,000
$458.460
$147.033
$216,788
Operating revenues
Uncalectible oper. rev
Operating expenses
Operating taxes
Balance, surplus
Earns. per sh.on 100.000
shares class A stock
$243,509
$458,460
$147,033
'
$216 788
-V.141, p. 934.
$3.33
$4.58
$1.47
Operating profits_ _ _ _
Interest & amortization_
Extraord. ens. & losses
Taxes
Net oper. income_
Total
$4,463,090 $4,173,050
1935
1934
$549,480 $502,949
2,780,086 2,780,086
133,515
133,515
1,000,008
756,500
Current liabilities.
x Capital stock...
Paid-In surplus...
Earned surplus.-
84,463,090 84,173,050
Total
x Represented by 100,000 no par class A shares and 123,000 no par
-V. 141. 13. 11.07•
class B shares.
-Earnings
Raytheon Mfg. Co.(& Subs.)
1935
Years.End.May31$470,152
Gross profit
General admin. and sell323,501
ing expenses
,
x2s,989
Deprec. & amortization_
95,865
Amort.research Ss eng
income and deducOther
Dr19,436
I. tions (net)
Prov. for tube replace,&c
ments,price adjust.
Provision for conting_Non-recurring income..
Provision for Federal and
5,000
State income taxes-Net loss
x Depreciation only.
Alias-Notes & trade ac-}
cept. receivable
Accts. receivable
Inventories
Miscell. notes and
la accts. receivable
Cash on deposit...
b Machy.,tools,fixturns, turn., &c.
Patents,research &
development_ _ _
Organic. exp. and
prepaid Items
1933
$230,682
1932
$474,919
305.698
53,836
95,266
211,919
224,468
354,003
254,838
Dr26,515
Dr28,762
Dr2,170
30,000
16,000
55,000
Cr592,392
$166,091
310,343
1935
$640,028
Liabilities1934
$297,412 6% pref.stock _
1934
$640,023
121,879
a Common stock._
13,718 Accounts payable_
254,058
226,339 Notes payable..._
259,308 Accrued accounts_
Fed. and State income taxes
26,892
4,464 Notes pay, bank
not current _ _
228,158 Real estate mtge._
605,372
121,879
68,374
20,500
31,919
122,893
50.000
42,745
591,490 Res. for retirem't
322,480
28,810
2,390
20,401
81,786,892 $1,664,347
Total
10,000
143,971
7,509
499,607
of warrants_ _ _
16,566 Surplus
9,589
523,247
$1,786,892 $1,664,347
a Represented by 243.759 shares of 50 cents par. b After depreciation
of $352,594 in 1935 and $659.957 in 1934.-V. 139, p. 1251.
Roller Bit Co.-Leiedir---The(New York Curb.Exclge has approved the listing of 210,000
shares f common stock, no par
-Merger Approved
Reliance International Corp.
-V.141, p. 1283.
See American, British & Continental Corp. above.
-New Car
Reo Motor Car Co.
The company is bringing out a new one-half ton conunercial car with
a base price of 8445 for the chassis and $685 with panel body. These prices
-V. 141. p. 933.
are $50 under those of former models of the same type.
-Decision Expected
Richfield Oil Co. of Calif.
Counsel for the receiver as well as representatives of the bondholders,
unsecured creditors' committee and trustees, are opposing the action of
certain minority unsecured creditors who are asking that stock of the
United Oil Co. and the Universal Consolidated Oil Co., owned by Richfield, be withheld from the receiver's sale.
Federal Judge William P. James has taken under advisement a petition
filed by the minority creditors, who point out that because of a well currently being drilled on the property of these two companies, the value of the
stock held by Richfield may be substantially enhanced within three to six
months. A decision is expected shortly.
$34.119
$48,414
$366,499
$428,916
Divden-J,.T
he directors on Sept. 3 declared an initial dividend of 30 cents per share
on the $1.20 convertible preferred stock payable Oct. 1 to holders of record
Sept. 20.-V. 141, p. 1284.
1933
Ryan Consolidated PetroleumCorp.-EarningsCalendar YearsGross income from op.
oil anti gas propertiesTotal expense
Net profit before dedecution of deprec..
aeplet.& drilling exp
1932
1934
$167,933
126,676
$112,450
174,322
1931
$190,237
205,317
$146,411
164,256
$41,257 1055$61,872 lossi15,080 loss$17,845
Balance Sheet Dec. 31
1933
1934
Liabilities1934
Assets
$212,078 $205,272 Accts, payable and
Cash
31,283
32,754
accrued accounts $12,945
Notes & accts. rec.
Reserve for deprec. 1,018,130
011 end gas prop.,
1933
$5,920
984,848
4,099,053 4,126,566 Res,for depletion_ 1,302,864 1,296,572
with equipment
32,729 x Capital stock... 3,190,320 3,190,320
32,729
Drilling equipml.
5,585 Deficit
5,585
1,140,691 1,075,024
Warehouse mst'L _
Prepaid 4c deferred
1,202
1,369
charges
5402,637
$4,383,167 84,402,637
Total
1
206:V
Total
$4,383,
x Represented by 296,931 no par shares.
-V. 139, p.
.
elders he on Aug. 30,--t
proposal of
At special meeting of
directors for merger with nland Steel Co. was-ratifled and directors were
h the plan. More than 92% of the company's
authorized to go through
406,780 shares of capital stock outstanding were present in person or by
proxy, and all shares present were voted for the plan.
-V. 141, p. 1284.
-Reduces Common Dividend
...-Safeway Stores, Inc.
Directors on Sept. 6 declared a quarterly dividend of 50 cents per share
on the no par common stock, payable Oct. 1 to stockholders of record
Sept. 19. The company previously distributed quarterly dividends of
-V. 141, P. 1284.
75 cents per share on this issue.
-1
-Interest Bet Paid-41
.-St. Louis Public Service Co.
5,000
180,000
9,000
203,074
Res,for coming ___
$380,225
829
315.477
29,800
---(Joseph T.) RyeriVic Son, Inc.-MergerVpproved-
35.000
Balance Sheet May 31
1935
$243,036
Cash
Total
prof.$1,360
1934
$321,577
$175,738prof$267,925
1935-7 Mos.-1934
$369,204 $2,643,985 $2,628,890
10,699
1,002
9.098
1.988,437
291,100
2,059,727
200,838
28,688
208,661
-Month-1934
1935
-Initial
.
$2•16 -----Root Petroleum Co.
Balance Sheet April 30
1934
1935
Assets_$1,385,979 $1,362,997
Current assets
Other accts.rec.,&ii 103,941
9,100
Investls at cost_
Land & buildings.. 2,916,035 2,702,482
Contracts and de38,471
57,135
ferred charges__
Period End. Juk 31-
The interest due July 1 1933 and Jan. 1 1934 on the United RisilwaYs
Co. of St. Louis first general mortgage gold 4% bonds, e 1934, la now
being paid.
The Committee on Securities of the New York Stock Exchange rules that
the bonds be quoted ex-interest 4% on Sept. 6 1935; that the bonds shall
continue to be dealt in "flat" and to be a delivery in settlement of transactions made beginning Sept. 5 1935, must carry the July 1 1934 coupon.
V. 141, p. 446.
-Earnings-St. Regis Paper Co.
1931
1934
1933
1932
Calendar Years3
Net sales, royalties, &c. $9,071,581 $6,854,928 $8,185,971 $13.249,82
7,689.352
7,556,341 11,684,308
6.175,375
Cost and expenses
Operating Income.... $1,382,229
26,061
Dividends received
Prof. on gale secur. (less
Federal tax)
Other income credits_ _ _
$679,552
370,162
$629,630 $1,565,516
1,656,184
812,736
See x
147,299
134.578
178.333
177,514
165,670
81,555,589 $1,184,293 $1,620,699 $3,564,885
Total income
712,704
636,205
426,876
528,669
Interest
766,910
709,150
765,111
775,857
Depreciation
235,833
278,355
199,346
213,356
Taxes
260,908
308.671
233.666
275.978
Other income charges..
36,704
Income taxes
566,771
1,070,332
403,247
802,667
Extraorainary charges
105,956
61.682
60.415
68.091
Sub. pref. aim,&c__ -.
7,:443.69sprof$915,801
$1
11717:,327'T5T97 gn
Net loss
324,894
80,802
Preferred dividends_
2.239.855
Common aividenas
$569,775 51.480,327 $1,524,500 $1,648,947
Deficit
x Losses on sales of investments amounting to $368,273 were charged to
earned surplus account.
Consolidated Balance Sheet Dec. 31
1934
1934
1933
Liabilities
Assets
Funded debt
2,108,500
a Land, building,
Demand bank loan 4,000,000
machry., equip.,
1,035,125
&c
44,443,883 44,960,853 Notes payable_
Investmls in NiagAccounts payable_ 1,045,822
ara Hudson Pwr.
Accrued accounts_ 236,571
13,962
Dividend payable_
Corp. & United
Corp
16,796,512 18,839.282 Res.for conting_ 1,839,218
Other investments 6,598,897 6,754,913 Miscell. reserves.. 170,489
32,664
Marketable scours. 84,450
342,248 Deferred credits
12,231
Consigned mdse._
14,273 Due to affil. cos.__ 110,629
373
Sinking fund,&c._
373 Pref.stk. of subs 1,048,061
4,428,300
Cash
1,690,624 1,299,996 Pref.stock
Special deposit41,394
13,084 Common stock__ _41,207,140
Notes receivable
33,372
75,410 Caplal surplus...18,051,036
Accts.receivable 1,503,813 1,576,218
Inventories
2,889,876 2,783,312
Claims receivable_
71,220
107,837
Int. & diva. rec....
178
700
Duefrom attn. cos. 264,789
232,801
Cash surr. value
Maur.policy-- 173,711
172,676
Adv. on materials
& lumbering operations
40,469
28,078
Defer,debit items_ 681,721
740,604
-.---Sou hern California Edison Co., Ltd.
-Admitted to
List
1933
$
2,959,500
4,000,000
1,198,000
1,045,340
183,567
13,992
1,839,219
147,104
3,847
90,219
1,163,253
4,428,300
41,224,640
19,645,934
1934
1934
1935
$346,024 $10,287,935 $9,645,909
San Diego & Arizona Eastern Ry.-Earnings.JulyGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Netfrom railway
Net after rents
-V.141, p. 766.
1933
$31,852
def6,396
def6,318
1932
$35,750
def307
def2,699
$65.626
1,262
$627,004
4,782
$570,474
3,488
$69,232
8,333
10,352
$66,888
8,333
10,354
$631,787
100,000
126,252
$573,962
100,478
127,185
$50.546
$48,200
8405,534
$346,298
Calendar Years
Interest earned
Miscellaneous income
1934
$394,067
9,837
1933
$419,141
11,189
Total income
Interest and discount on bonds
Administrative expenses and taxes
$403,905
518,989
73.777
$430,331
610,463
78,006
1935
$50,363
5.231
3,818
1934
838.930
def1,267
def1,950
291,873
def24,281
def39,290
$67,895
1.337
Balance
Retirement accruals_ a_ _
Int., amortization, &c _
Net income
-V. 141, p. 609.
$2,899,595
Total
$2,899,595
0. C. Hyde. President, says in part:
As the company has not been engaged in operating a public utility,
the appearance of the word "utilities" in its corporate name had been
found to be confusing, and late in 1934 it was decided to change the name
to Southern Ice Co., Inc. However, it was not until March 15 1935
that the stockholders approved of the new name. At the same time
the by-laws of the company were amended to reduce the number of directors
from 11 to 7.
Years Ended Dec. 311934
1933
Total operating revenues
$1,692.730 81.399.330
Operating expenses
1,327,964
1,116.437
41,189
Maintenance
64,609
Prov. for retire., renewals & replacements of fixed
338.704
capital
303,658
74.196
Provision for taxes
73.053
289,651
5,882
1,247
Net oper. revenues.._
Non-oper. inc.-net__ _ _
Southern Grocery Stores, Inc.
-Earnings
--Earnings for Year Ended Dec. 31 1934
Sales
$14,824,258
Net profit after taxes
241,942
Paid dividend class A stock
120,000
Balance Sheet Dec. 31 1934
Liabilities
Assets
Cash in banks and on hand... $211.547 Accounts payable
$207,747
50,592
Accounts recelvable
103,144 Federal & State income tax_ _ _
Inventories
65,000
1,411,566 Real estate mortgage
5,120
Prepaid expense
52,432 Reserve for fire insurance
845.552
Investments
337,523 Class A stock
Plant & equip.,less deprec
1,431,045
783,379 Common stock
294,538
Goodwill and leaseholds
1 Surplus
Southern Ice Co., Inc.
-Annual Report
St. Louis-Southwestern Ry. Lines
-Earnings-Fourth Week of Aug.- -Jan. 1 to Aug. 311935
$395,800
The ew York Curb Exchangihas admitted to the list the refunding
mortga gold bonds, series of ;is, due Nov. 1 1955. The refunding
mortgage gold bonds,seriesdue .Tune 1 1954, has been changed from
unlisted trading to fully listed.
-V.141, p. 1454.
Total
-V. 135, P. 1838.
Total
75,327,518 77,942,665 Total
75,327,518 77,942,665
a After reserve for depreciation and depletion of $11,333,300 in 1934 and
$10,617,669 in 1933.-V. 140, p. 326.
PeriodGross earnings
-V. 141, p. 1453.
1607
Financial Chronicle
Volume 141
Operating loss
8171,197
$76,556
Other income
7.810
5.954
240,201
281,460
def10,001 def192,497
Gross loss
$70,602
$163,386
def24 837 def223 476
1 interest on funded debt
198,912
177.820
Gi.r-•cA----- nterest on unfunded debt
1,618
i
16,236
Savannah Electric & Power Co.
21.793
19,102
-$3 Preferred DividendA Amortization of debt discount & expense
The directors have declared a dividend of $3 per share on account of"
$385,711
Net loss
8283,761
accumulations on the 6% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 13. A similar payment was made on
Balance Sheet Dec. 31 1934
Oct. 1 1934. Regular semi-annual dividends of $3 per share had been
Liabilities
Assets
paid up to and including Oct. 1 1933.
$5,270,874
Fixed capital
$12,381,756 x Capital stock
Accumulations after the payment of the current dividend will amount to
501 Funded debt (lees bonds in
Investments
$6 per share.
-V.141, p. 1453.
2,219,500
Treasury)
Dep. with trustees for mort12.860 Notes payable to affiliated
gaged property sold, &c
Selected Industries Inc.
-Accumulated Dividend
Cash (including working fds.)
271,097 co. ($850,500 1st mtge.
The directors have declared a dividend of 87.)4 cents per share on the
Notes receivable
48,307 cony.6% bonds pledged as
$5.50 cumulative prior preferred stock, par $25, payable Oct. 1 to holders
1,182,720
Accounts receivable
98,862 collateral)
of record Sept. 14. A similar payment was made in each of the three pre52,177
Materials & supplies
82,670 Accounts payable
ceding quarters, prior to which the regular quarterly rate of $1.3734 Per
40,388
Taxes accrued
Unamortized debt discount &
share had been paid.
-V. 141, p. 447.
55,522
expense
195,037 Interest accrued
4,229
Prepayments
22,657 Miscellaneous accruals
Sierra Pacific Electric Co.(& Subs.)
-Earnings
4,157,324
Reserves
Period End. July 31- 1935
Capital surplus (reduced $131,
1935-12 Mos.-1934
-Month-1934
Operating revenues
549 during year by charges for
$140.422 $1,583,840 $1,457,420
$138,839
Operation
excess reproduction cost of
618,621
43,735
666,428
49.830
Maintenance
1,387,666
property retired)
62.870
8,207
. 6,626
87,656
Taxes
1,256,654
Corporate deficit
205,454
19,000
18,338
202,751
Net loss for year
$258.137
8188.861
Credit to surplus in connection with bonds retired_
369,441
329,831
Net credit to surplus
$140,970
$111,303
Surplus Account for Year 1934
Surplus
ArUing
Earned
Capital
from Bonds
Retired
$ .3 .197
S rblus
5u
Surplus
Balance, Dec. 31 1933
$917,193
$9,445,274
Credit in connection with bonds ret'd.
329,831
Net loss for year 1934
188,861
Balance, Dec. 31 1934
$9,445,274 $1,247,025 $5,198,335
Balance Sheet Dec. 31 1934
Assets
Liabilities
Cash in bank
$302,808
$971,808 Accounts payable
Accrued interest receivable._
23,159
46,332 Federal taxes accrued
Investments (Pledged)
204,093
29,185,864 Interest accrued on bonds...
Investments (not pledged).-- 5,945,183 7% coll, trust bonds
7,048,000
Furniture and fixtures
12,000,000
1,554 7% cumul. preferred stock
Bond discount & expense....
1,000,000
291,450 x Common stock
7% coll, trust bonds
9,445,274
26,505 Capital surplus
Surp.arising from bds.retired 1,247.025
5,198,335
Earned surplus
Total
$36,468,697 Total
x Represented by 200,000 no par shares.
-V.137. P. 4371.
$38,468,697
C.) Smith & Corona Typewriter, Inc.
-Resumes
Preferred Dividend
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 20. This dividend will be the first payment to be made on the preferred stock since April 1 1931, when a regular
quarterly dividend of like amount was distributed.
Accumulations after the payment of the current dividend will amount
to $29.75 per share.
-V. 139, p. 3007.
(A. 0.) Smith Corp.
-New Vice-President
The board of directors through Rae F. Bell, Executive Vice-President,
has announced the election of Carl C. Joys Jr. as a Vice-President
.-V. 141.
p. 1454.
Sonotone Corp.
-Earnings--
•
1935
$67,294
624,099
$0.10
Southern Ice & Utilities Co.
-New Name
-
•
See Southern Ice Co., Inc., above.
-V. 141, p. 1109.
outhern Natural Gas Corp.-Interrs in Plan
-
Silesian-American Corp.
-Earnings
-
6 Months Ended June 30Net income after charges
Shares common stock (par $1)
Earnings per share
-Nr. 141, p. 1285.
313,113,749
Total
$13,113,749 Total
x Represented by 30,000 shares $7 dividend series (cumulative) preferred
stock: 4,020 shares of participating $7 series (cumulative) preferred stock:
32,680 shares class A (non-voting) common stock and 140,111 shares of
class B (voting) common stock all of no par value.
1934
$47,018
600,000
$0.07
1913
$60,842
600.000
$0.10
reorganization committee for the corporation, onsisting of Henry P.
T
bull. Christopher T. Chem t John Y. Robbin nd William Von Phut,
d
:
announced Sept. 5 that it ha intervened in reorganization proceedings
instituted under Section 77-B o the Bankruptcy Act and would propose
for consideration a plan of reorganization dated April 15 1935 (V. 14Q.
p. 3908) to which the committee has the assent of numerous security holder
The announcement states that there had been deposited under or subjeet
to this reorganization plan more than 89% of the 6% convertible debentures, more than 99% of the other allowed unsecured claims and more
than 82% of the $7 cumulative preferred stock and that holders of more
than a majority of the cumulative second preference stock and of the
common stock have deposited under the same :plan or have agreed to do so.
The time for deposits has been extended to Oct. 10. Deposits should be
made with Central Hanover Bank & Trust Co.. 70 Broadway, N. Y. City.
-V. 141, p. 1286.
Southern Pacific Co.-Earnings.JulyGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Netfrom railway
Net after rents
-V. 141, p. 1286.
1932
1933
1935
1934
$10,944,876 $11,113,981 $9,069,439 $9.332,115
3,164,223 3,547,699 2,807,131 2.505,971
1,663,951 2,228,779
958,891
1,462.773
67.808,474 64,594,591 52,528,968 63,563,224
16,956,011 17.777,309 11,075,114 13,797.681
8,518,247 9,287,592 2,062,614 3,219.516
Southern Pacific Golden Gate Co.
-Earnings
[Including Southern Pacific Golden Gate Ferries, Ltd.]
Combined Incomg Account (Excluding Offsetting Accounts) for 12 Months
Ended Dec. 31
1932
1934
1933
Water line operations-Revenues...- $4,700,485 54,549.876 85,000,178
Water line operations-Expenses _ _
3,556,963 2,972,924 3,365,864
Net revenue from water line oper_- $1,143.523 $1,576,952 $1,634,313
Water line tax accruals
15,741
183,614
186,360
Operating income-Waterline oper. $1,127,781 $1,393,338 81.447.953
Miscellaneous rent income
1,325
2,009
1,441
Income from unfunded sec. & accts
7,789
1,113
12,733
Income from funded securities
7,315
7,152
1,297
Gross income
51.137.535 $1,410.287 $1,463.425
Miscellaneous rents
158,817
161,049
160,866
Miscellaneous tax accruals
3.094
1,579
1,581
Interest accts. with the public, debit_
173
1,033
Interest on funded debt
354.782
397,300
423,145
Amortiz. of discount on funded debt_
16,708
18,710
19,433
Miscellaneous fixed charges
3,176
3,477
5,281
Maintenance of organization
901
778
41,313
Net income
8600,057
$827,222
$810.772
Previous surplus
387,414
419.273
506,433
Total
8987,471 81,246,495 $1,317,205
Dividend appropriations of surplus
651,386
868,515
868,515
Miscellaneous adjust.
-Net debits77,623
Cr9,434
29,417
Obsolescence prior to Oct. 1 1934--- - 5,315,719
Credit balance as of Dec. 31
Dr$5,057,257
$387,414
8419.273
Financial Chronicle
1608
Combined Balance Sheet (Excluding Offsetting Accounts) Dec. 31
(Southern Pacific.Golden Gate Co. and Sou.Pac. Gold. Gate For., Ltd.]
1933
1934
1934
1933
Assets
$
Liabilities--$
$
$
Inv.in floating eq.
Co 's class A and B
&c., properties_14,325,818 15,610,285 common stock__ 2,611,465 2,611,465
Invest. in land___ 1,062,624
Co's pref.stock_ __ 4,000,000 4,000.000
Res. for accrued
1st mtge.5 tis(Ferd.predation __Cr9,168,420Cr2,853,042
ries, Ltd.) .._ ._x6,239,500 6,764,500
MIscell.Investml_ x97,658
97,658 Ared. vouchers and
Cash
151,421
161,905
1,080,720
wages unpin& _ _
582,211
Traf. bats owed by
Tref. bals. owed to
other companies
1,263
1,322
618
other companies
369
Net bal. due from
4,047
MI...well. accts. nay.
2 720
.
agents, &c
3,314
2,819
30,106
25,965 Mat.int. unpaid__
Ins, claims against
378
909
Mat.dlvs. unap1d_
714
9,011
underwriters _ _
25,534
16,220 Other wkg. Babas_
M1scell. accts. rec_
35,518
33,395 'Unmet. Int. pay'le
Materials & supp_
56,503 on Ferries, Ltd.,
45,055
Unmat'd Int. rec_
85,793
93,012
1,829
1,829
1st 5%a
Deferred debits_ __ 734,414
9,018
9,019
853,974 Acct. rent payable
6,702
125,336
Taxes accrued_ _ _ _
265,090
Other def. credits_ 205,957
.
387,414
Profit and loss_ _def5,G57,257
Sept. 7 1935
Sunshine Mining Co.
-Increases Dividend
-
The directors have declared a dividend of 40 cents per share on the
common stock, par 10 cents, payable Sept. 30 to holders of record Sept. 14.
This compares with 30 cents paid on June 29, 20 cents on March 30 last
and 16 cents per share in each of the three preceding quarters. In addition
an extra dividend of 4 cents per share was paid on Dec. 31 1934.-V. 141,
p. 1287.
Swift Internacional-Present Status
-
President Charles H. Swift on Aug. 31, sent a letter to stockholders in
which he states:
Several matters of importance to the company having received notices in
the United States press in the last month or two, It seems appropriate to
take this occasion to comment upon them.
Fred Six, who has represented the company in important capacities in
South America for the last 17 years, has been appointed General Manager
in South America to succeed the late Burt Kennedy, who died July 16 1935.
A tax suit against one of the company's subsidiaries in the Province of
Santa Fe, Argentina, is of minor importance and will have no appreciable
effect upon the company's earnings.
Political conditions in Argentina as affecting the meat industry, while
somewhat disturbed, are, we believe, a manifestation of the unsettlement
evident in most agricultural countries. It is not expected that there will
be any serious interruption to the successful operation of our business. As
stated in my report to shareholders March 29 1935, the Argentine Government has always accorded equitable treatment to the meat companies
operating in that country.
The company is earning its dividend.
-V. 140, P. 3911.
Total
8,271,473 14,425,365
8,271.473 14,425,365
Total
x Represents cost of $133,000 par value of first mortgage 534% sinking
fund grld bonds of Southern Pacific Golden Gate Ferries, Ltd., owned by
Southern Pacific Golden Gate Co.
-V. 139, P. 3007.
-25
-Cent Extra Dividend4-c--(--,o/raylor Milling Corp.
The directors have declared an extra dividend of 25 cents per share
..0•••••°Spartan Refining Co.
-Reorganization Approved
In addition to the regular quarterly dividend of like amount on the common
See Atlas Pipe Line above.
-V. 140, p. 4249.
stock, no par value, both payable Oct. 1 to holders of record Sept. 11.
Similar payments were made in each of the three preceding quarters.
Spruce Falls Power & Paper Co.-EamungsV. 141, p. 449.
Years End. April 301933
1934
1932
1935
Net Inc. from operations $354,775
5763,375 $2,049,758 -$241,989
-Tennessee Central Ry.-RFC Loan Extended
Depict. of timber limits_
66,139
The Interstate Commerce Commission on Sept. 3 found the company
Bonn interest
696,667
641.667
751,667
586,667
not to be in need of financial reorganization in the public interest at this
34,558
Reserve for taxes
19,345
125,690
23,158
time and approved the extension for a period not to exceed three years,
of time payment of loan by the Reconstruction Finance Corporation,
Net loss
5419,023 prof$32.149101,106,262
$255,050
maturing Sept. 11935. in the amount of $147,700.-V. 141. p. 1456.
First pref. dividends_
486,504
623,000
Second pref. dividends_
350,007
Texas Co.
-To Sell Its Tank Cars
The company is making arrangements to sell its tank cars to the General
Deficit for year
$419,023
$454,355 sur$133,255
$255,050
American Transportation Corp. Upon conclusion of the sale the company
Previous surplus
206,121
4,718
def414,304
72,866
will enter into a long-term lease with General American for tank car reDeplet,of timber limits_
x252,951
quirements. The transaction, taking this company out of the tank car
business, would place it in a position in which it would not be necessary to
Deficit
$414,304 sur$4,718 sur$206.121
$669.354
carry an investment in excess tank cars to handle the peak gasoline traffic.
x Timber limit depletion charged against operating surplus, now trans-V. 135, p. 3370.
ferred and charged against appraisal surplus.
----Transamerica Corp.
-To Cancel 1,664,612 Shares of
Balance Sheet April 30
Stock
1935
1934 •
1935
1934
Assets-Liabilities$
John M. Grant, President, on Sept. 6 announced that it is the intention
$
s
$
Real estate, plant,
7% 1st pref. stock 8,900,000 8,900,000
of the management to take the necessary steps to cancel 439,467 shares of
&c
pref. stock 5,000,100 5,000,100
capital stock retired to treasury since the first of this year and an additional
40,488,790 40,390,694 7% 2d
Spruce Falls Hous.
1,147,970 shares previously acquired.
x Common stock__ 200,000
200,000
Corp., Ltd
20,638
"It is also the intention," said Mr. Grant. "to cancel 77,175 shares re25,001 Surplus from apDepos't for pay.
praisal of Prop.... 9,996,174 10,090,729
served for exchanges. This will reduce the total number of issued shares
of mat. bonds &
of capital stock of Transamerica Corp. from 24,847,484 to 23,182,874)and
Surp.from °per_ ..def669,354 def414,304
roportionately."-V. 141,
coupons
135,950
will increase the equity of the sto
122,101 1st mtge. bonds_ _ _ 10,000,000 11,000.000
Accts. & bills rec
427,465
482,967 Int. accrd. thereon
45,833
p. 289.
50,417
Inventories
961,553
773,310 1st mtge. bds &
Seeks To Purchas lifrect•Union Pacific R
Expendit. & adv
930,384
838,552 coupons matured 135,950
122,101
Other invests. &
Company's bankers
The company has appliOd to the Interstate Commerce Commission for
roperties or stock control of the Laramie, North
Int. accrued_ _ _ _
8,819
9,735
net _
permission to purche t
1,608,655 1,052,358
.4
Prered Insur., drc _ _
Park & Western RR
78,613
105,020 Wages, taxes tic
Discount on bonds 109,231
The Union Pacifi would buy the 25,000 shares of the common stock of
120,154
Crown dues pay. 253,786
259,869
Accts. pay.& accr.
the Laramie for $650,000, coincident with which transaction the Laramie
pref. stock would be retired; or would buy the physical properties of the road
charges, &e_ _ _ _ 245,984
253,155
7,444,315 6,353,109
for $650,000.
Reserves
_
The application is in line with the company's unification plan. Last
Total
month the ICC authorized the acquisition by the Union Pacific of four
43,161,443 42,867,533 Total
43,161,443 42,867,533
small roads on condition that the Laramie and the Pacific & Idaho Northern
x Represented by 200,000 no par shares.
-V. 139 p. 778.
1
RR. would also be purchased at fair commercial values.
The Union Pacific has written the ICC that it would acquire the Idaho
D Co.
-Accumulated Dividen
line at foreclosure sale about Dec. 1. The inauguration of the foreclosure
The directqrs have declared a dividend of 55 cents per share on account
sale is being delayed to allow the Idaho to get the benefit of heavy traffic
of accumulations on the $2.20 class A cumulative preferred stock, no par
to fruit during the next three months in the hope of clearing up miscellaneous
value, payable Sept. 30 to holders of record Sept. 20. A similar payment
accounts payable before the road is sold.
was made on June 30 and compares with 8734 cents paid on April 2 last and
The other four lines involved in the Union Pacific consolidation are the
2736 cents per share on March 30 1935, Dec. 31, Oct. 1 and June 31) 1934
Oregon Short Line RR., Oregon-Washington RR. & Navigation Co., Los
and on Sept. 30 1931. Prior to this latter date regular quarterly dividends
Angeles & Salt Lake RR., and St. Joseph & Grand Island Ry.-V. 141.
of 55 cents per share were distributed.
-V. 141, p. 1286.
p. 1457.
Standard Gas & Electric Co.
-Weekly Output
Electric output for the week ended Aug. 31 1935, totaled 87,363,042
kilowatt hours, an increase of 7.1% compared with the corresponding week
last year.
-V. 141, p. 1455.
Standard NationR1 Corp.
-New Officer
Leon Cohen, assistant director of the Trading and Exchange Division of
the Securities and Exchange Commission, has resigned to become Treasurer
and Vice-President of this company.
-V.126, p. 3775.
Standard Oil Co. of California-New Vice-President
James A. Moffett, who resigned as Federal Housing Administrator, resumed his position as Vice-President of this company as of Sept. 1. Mr.
Moffett will be in the New York office of the Standard Oil organization.
V. 141, p. 1286.
-Earnings-(Frederick) Stearns & Co.(& Subs.)
Calendar Years1934
Consolidated net profit
$146,271
Previous surplus
2,512,221
Proceeds of life insur. in excess of
cash value of policies
59,148
Discount on pref. stock retired
27,372
Excess prov. for income taxes in
prior years & refund thereon
8,274
Other adjusument
Credit from adjustment of net assets
of foreign subs, to dollar basis
Decrease in surplus applic. to minority
interest-Nyal Co
1933
1932
$21,315 loss$179,577
2,377,728
2,545,009
65,325
58,702
Dr3,412
21,970
124,447
10,715
2,118
7,833
Total surplus
$2,753,287 $2,587,221
Preferred dividends
90,948
Adjustment of net assets
10,703 .
Provision for loss on bonds
25,000
Provision for possible loss on deposit
in closed banks
50,000
Increase in surplus appllc. to min.int.
1,141
Loss on disposition of English subs.
In excess of reserves therefor previously provided
24,758
82,464,653
26,925
60,000
Surplus Dec. 31
AssetsCash
Govt.& invest. bds
Accts receivable
Mdse. inventory
Other assets
Permanent assets_
Pats., processes &
trademarks _ _
Deferred assets _ _
$2,625,736 $ 2,512,221 $2,377,728
Consolidated Balance Sheet Dec. 31
1934
1934
Liabilities1933
8276,567 8278.512 Accounts payable_ $208,532 $192,084
205,279
355,132 7% pref.stock _ _ __ 1,277,000 1,348,500
1,124,961 1,072,822 a Non-par val.stk. 1,662,900 1,662,900
1,435,890 1,242,138 Surplus
2,625,736 2,512,221
91,051
151,198 Cap. stk. of cos.
72,840
1,761,525 1,715,476
not owned
73,890
Surplus appl1c. to
883,868
886,177 other cap.stock_
12,076
10,935
79,942
99,073
$5,859,085 $5,800,529
Total
Total
$5,859,085 $5,800,529
-V. 140, p. 4417.
x Represented by 133,032 shares of no par value.
-Earnings
Union Storage Co.
1931
1934
Calendar Years1933
1932
$2,858
$42,706
$24,041
Net income
$19,885
35,000
Dividends
12,250
35,000
Balance, surplus
$24.041
$7,706
$7,635 def$32,142
Previous surplus
245,412
257,262
334,654
337,015
5,062
Misc. credits & adjust
9.338
$344,721
Total surplus
$274,515
$274,235
$302,512
Depreciation
x22,274
10,067
y28,823
45,249
Profit & loss surplus
$252.242
$334,654
$245.412
$257,262
x Includes investments and accounts charged off of $6,332. y Includes
$12,882 accounts charged off.
Balance Sheet Dec. 31
1933
Assets1933
Liabilities1934
1934
$727,482 $727,800 Capital stock
Fixed assets
$350,000 $350,000
14,143
21,169 Accounts payable..
1,468
1,879
Cash
79,542
5,600 Notes rediscounted
5,100
Liberty bds.& inv.
35,266
4,294 Payments on redis4,142
Accrued charges...
92,982
107,968
counted notes_
14,735
9,746
Notes receivable
502 Accr. Penn, State
1.4
712
Prepaid Insurance_
tax
2,550
4,350
Receiver Bank of
915 Reserves
198,116
210,116
Pittsburgh
23,674 Surplus
245.412
252,242
19,037
Trade accts. rec._
Total
-V. 141,
$863,600
$891,823
Total
8863,600
8891,823
p. 770.
-Earnings
Union Sugar Co.
1932
1934
1933
1931 "I
Calendar Years$9,651
$24,770
$12,047
$32,347
Operating profit
5,110
73,084
154,876
Previous surplus (adj.). def53,201
2,219
1,624
9,531
23,324
Miscellaneous credits..._
$32,099
$94,662
$210,548
Total surplus
$41,926
17,435
Preferred dividends......79,880
83,949
87,011
88,268
Depreciation
1,352
481
2,541
31,760
Miscellaneous debits..._
$5,1101675701
Profit & loss surp___-def$122,287 def$53,201
Condensed Consolidated Balance Sheet Dec. 31
Liabilities1933
1934
1933
1934
Assets$25,656 Accounts payable_ 846,355
814,032
Cash
$25,228
13,103
37,662 Rents payable...._.
22,076
67,985
Notes & accts. rec.
2d install. taxes....
12,945
13,543
Refined sugar, &c_ 825,860
14,241 Notes payable to
9,505
Farms products__
banks
44.287
35,751
854,105
Mat'l & supplies__
6,656 Deferred credits...
64,018
49,206
10,445
Merchandise acct..
Preferred stock..__ 400,000
400,000
Deferred assets &
49,971 Common stock
47,208
2,509.375 2,509,375
prepaid exp.......
53,201
63,709 Deficit
122,287
63,709
Def. accts. red....,
Capital assets.... 2,691,295 2,711,348
1,063
1.063
Investments
Total
-V. 139,
83,786,588 $2,946,058
p. 1881.
Total
83,786,588 82,946,058
Financial Chronicle
Volume 141
United American Bosch Corp.
-Financing Contract
-
See Commercial Credit Co. above.
-V. 141. p. 1111.
United Gas Corp.(& Subs.)
-Earnings
Period End. July 31- 1935-3 Mos.-1934
Subsidiaries
Operating revenues
55.668,070 $5,569,646
Oper. exp., incl. taxes
3.494,518 3.154,136
Net rev,from oper'n__ $2,173,552 $2,415,510
Other income (net)
22,729
35.606
Gross corp. Income_ _ 52,209,158 $2.438,239
Interest to public & other
deductions
306,313
318,527
Int.charged to construc'n
Cr2,150
Dr3,530
Prop. retirement & depletion res.approp'ns_
685,873
768,027
Balance
$1,213,442 $1.353,835
Preferred diva, to public
9,345
9,655
Portion applicable to
minority interests__ _
4.953
1935-12 Mos.-1934
$26,284,401 523,257,016
14.280,596 12,107,632
$12,003,805 $11.149,384
.04.958
110,078
$12,108,763 $11,259,462
1,273,690
Cr42,335
1,300.071
Cr9,819
3,459,447
3.011,943
$7.417,961 $6,957,267
37,380
38,390
1,451
72,235
Net equity of United
Gas Corp.in income
of subsidiaries
$1,199,144 $1,344,180 $7,308,346 $6,917,426
United Gas Corp.
Net equity of United Gas
Corp. in inc. of subs.
(as shown above)
$1,199,144 $1,344,180 $7,308,346 $6,917,426
Other income
86.232
19.130
23.025
70,735
Total income
81,222.169 $1,363,310 $7.394.578 $6,988,161
Expenses, incl. taxes...,,
232,244
189,914
69,459
93.969
Int. to public & other
deductions
2,869,813
723.350
2.869,812
723.350
Balance carried to consol. earned surplus- $429.360
$545,991 $4,292,522 $3,928,434
Note
-All intercompany transactions have been eliminated from the
above statement. Interest and preferred dividend deductions of subsidiaries represent full requirements for the respective periods (whether paid
or not paid) on securities held by the public. The "portion applicable to
minority interests" is the calculated portion of the balance of income available for minority holdings by the public of common stock of subsidiaries.
Minority interests have not been charged with' deficits where income
accounts of subsidiaries have so resulted. The "net equity of United Gas
Corp. in income of subsidiaries" includes interest and preferred dividends
paid or earned on securities held, plus the proportion of earnings which
accrued to common stocks held by United Gas Corp. less losses where
income accounts of individual subsidiaries have resulted in deficits for the
respective periods.
-V. 141, p. 770.
United Gas Improvement Co.
-Weekly Output
Week
EndedAug.31'35. Aug. 24 '35. Sept. 1 '34.
Electric output of system (kwh.)__-- 73,738,510 74.776.010 65.318,764
-V. 141, p. 1457.
•
United Milk Products Co.
-Earnings--
6 Months Ended June 30Net profit after depreciation
-V. 140, p. 2885.
1935
$87,703
1934
$116,103
United Shirt Distributors, Inc.
-Earnings
Earnings for Year Ended Dec. 31 1934
Gross profit on sales
Depreciation
Taxes
Rents
Store exiiinses _
General and
$400,870
5,930
4,568
90.274
115,070
94.762
Balance
Other income
$90,266
983
Total income
Loss on liquidation of subsidiary co
ProViiion for Federal income tax
$91,249
1.401
12,297
Net profit
Previous surplus
$77,552
35,004
"" Total surplus _____ _ _
Provision for loss on deposit __ closed banks
__
Preferred dividends
Common dividends
$112,556
5,000
20.826
22,500
Earned surplus........................................
-V. 139, p. 2065.
$64,230
United States Stores Corp.(& Subs.)
-Earnings
Calendar Years-'
1934
1933
Net sales
$13,343,367 $13.105,873
Cost of sales and operating expenses
13,413,018 13,256.442
Loss from operation
$69,651
$150,569
Less discounts received and miscellaneous income..
89,323
102,274
Netoperating profit
$19.671 1°88848,294
Interest paid and miscellaneous charges
51,672
57.896
Net loss before deprec. & loss on capital assets_ _
$32,000
$106,191
Provision for depreciation of fixed assets
119,606
99,712
Not loss transferred to operating deficit account.. $151,607
$205,903
Consolidated Balance Sheet Dec. 31 1934
•
.
AssetsLiabilities
In banks, on hand and
Notes payable-bank
$39,186
in transit
$198,312 Accounts payable
721.
Accounts receivable
240,990 Accrued int. on funded debt-11,600
Mdse. at warehouse dr retail
Other accrued liabilities
10.943
stores
1,153,431 1st mtge. 15-year 68 1939_ -- 464,000
Unexpired ins., taxes & other
conversion fund,
Pref. stock
expenses prepaid
30,939
per contra
2,911
Cash in closed banks (less reReserve for self-insurance, &c..
15,449
serve of 812,854)
10,289 Capital stock
:3,475,240
Cash with trustees for sinking
Capital surplus
443,782
fund and preferred stock conOperating deficit since Jan. 1
version fund
2,942
1929
341,256
Fixed assets
1,758,553
Good-will ,k trade-marks
1,448,110
cash
Total
Total
84,843,570
84,843,570
x Represented by 20,187 shares of 1st pref. stock of no par value; preference stock, 1,126 shares of no par va ue; common stock, 180,828 shares of
no par vaue(8048shareree d for conversit.g1Lde2onistprf
stock of$20.25persgrranrdivs
preference stock of a maximum amount of $64.28 per sharp were unpaid at Dec.
31 1934.-V. 137. D. 1596.
United States Distributing Corp.(& Subs.)
-Earnings
Period End. June 30-- 1935-3 Mos.-1934
1935-6 Mos.-1934
Consol. net profit after
int. denrec., deple'n
taxes, &closs$6,372 loss$7,255
$24,023
$88,318
Consolidated income account for six months ended June 30
Sales and operating revenue. $11.791,309; costs, expenses, &c.. $11.349,138;
operating profit, 5442.121; other income. $73.389; total income. $513,510;
interest (net), $153,532; depreciation, depletion and amortization, $322.918:
loss on sale and demolition of property. &c., $24,441: Federal income taxes,
$5,000; minority interests (credit), $14,404; net profit. 524.023.-V. 140.
p. 3568.
oxfolMrs:
1609
States Steel Corp.
-Unification Prograrne ,J
Following the meeting of the board of directors held on Aug 28. Ve
following announcement has been made:
"The corporation has approved, effective Oct. 1, a unified plan for the
Operation of the Carnegie and Illinois steel companies, both wholly-owned
subsidiaries of the United States Steel Corp.. under which the direction of
production and sales will be controlled from a central office to be set up in
Pittsburgh.
"Mr. Benjamin F. Fairless, formerly Executive Vice-President of Republic Steel Co. will head the new organization.
"It is believed this plan will simplify and improve procedure with respect
'
to production and sales in the Pittsburgh-Chicago districts."
-V. 141.
P. 1111.
United Stores Corp.
-Earnings
6 Months Ended June 30-Interest received, &c
Expenses and franchise taxes
Interest
1935
543.880
42,243
7,398
1934
$228.225
31,030
2.861
1933
$290,481
37,041
4,460
Net profit
1°845,761 4194,334 4248.980
x No provision for Federal income taxes has been made, inasmuch as
deductions allowable are expected to exceed the taxable income.
Comparative Balance Sheet
June 3035 Dec. 3134
June 3035 Dec. 3134
AssetsLiabilities$
S
$
$
Cash
$1,163,495 $453,488 a Cum. cony. $6
Rec. from Tobac.
2,537,375 2,537,374
pref. stock
Prod. Corp. of
b Class A stock... 4,579,895 4,579,895
252,129
Delaware
45,414 e Common stock__ 252,129
46,307
Rec. from McLel1,750,000
Bank l'ns, secured
Ian Stores Co..... 684,066
329,617
Accounts payable_ 127,991
2,645
Notes & accts. rec. 117,398
3,031
181,621 Unclaimed diva....
13,800
Inv. in Tob. Prod.
10,309
Accrued taxes____
45,000
35,408
of Del. stock... :622,017
625,564 Prov. for Fed. tax
Cigar Stores R'Ity
Capital surplus__ 2,833,308 2,793,080
15,788
Holdings, Inc.
10,028
Earned surplus...
971,504
(bankrupt)debs. 887,192
Inv. in McCrory
Stores Corp.stk.
& obligations... 3,648,124 1,360,162
Inv. in McLellan
Stores Co
3,220,893 2,995.573
by. in Tob. Prod.
of N. J. debs_
5,686,000
y United Cigar St.
of Am.(bankr't)
1
1
z Union Tob. Co..
1
1
Total
10,389,474 12,319,328
10,389,474 12,319,328
Total
x Consists of 20,741 shares. y Certificates of deposit for 23,803 shares
of preferred stock. z Consists of 24,795 shares of class A and 4,530 shares
of common stock. a Represented by 101,495 no par shares. b Represented by 915,979 no par shares. c Represented by 504,258 no par shares.
-V. 140, p. 4084.
-Utilities Power & Light Corp.
-Earnings
Earnings for 12 Months Ended March 31 1935
Public Utility subsidiary companies:
Bond and debenture interest
5192.464
Dividends on preferred stocks
8.005
Dividends on common stocks
742.920
Interest on loans
167,643
Utilities Power & Light Corp., Ltd.:
Dividend on capital stock (Canadian dollars converted at par) 1,800.000
Interest on loans and advances
34,284
Non-utility subsidiary companies:
Dividends on preferred stocks
31,500
Dividends on common stocks
200.000
Interest on loans
102,543
Other companies:
Bond interest
18
Dividends on common stocks
26,199
Rental income from real estate
10,844
Exch, prof. on remittances from Greater London & Counties
Trust, Ltd., in repayment of sterling advances
47.288
Profit on sale of securities
1,731
Miscellaneous interest and discounts
500
Total income
Administrative, accounting & general expenses
Provision for abandoned developments
Provision for depreciation
In.crest on debentures
Interest on'unfunded debt
Amortiza•ion of debt discount & expense
Normal and State taxes on debenture interest
$33,365,942
x399,083
60,000
21.914
2,570,000
114,270
164.283
30.440
Net income
55.950
x After expenses billed to subsidiary companies or charged to other
accounts of 8161,720.
The consolidated income statement for the 12 months ended March 31
will be found in last week's "Chronicle" page 1457.
Balance Sheet March 31 1935 (Company Only)
Liabilities
Assets
7% sum. pref.stk.(par 5100)518.053,400
Invests., loans & advances:
Public Utility sub. cos-359,609,146 Class A stock (par 51)
1,642,989
Class B stock (par $1)
Utilities P.& L.Corp., Ltd.
1,167,882
cap. stk., loans & advs.. 14,911,471 Common stock (par $1)
2,210,879
Non-utility sub. cos
10,065,754 Capital surplus
19,221,688
Earned (def)from Jan. 1 1933 2,370,575
Other cos.. at cost less
30-yr. 5% gold debs., due
amts, written off-incl,
Feb. 1 1959
cos. in receiv. & in proc.
36,000,000
of nrorg. 51,877,125_ 2,528,995 534% 20-yr. gold debs., due
319,078
Real estate
June 1 1947
14,000,000
Accts. rec., loans & advances 1,339,309 Accounts Payable
31,722
Accr. Int. on funded debt
Cash surr. val. of policies on
556,667
Aeon taxes Ai expenses
lives of officers (after de97,666
ducting policy loans &
-Amt.due on purch.
Sub.co.
liens of $322,574)--subiect
of 24,294 shs. corn. stk
397,694
16,759 Bal, of amt. rec. from sub.
to moratorium expleg 1938
Sub, cos. notes dr accts. red.. 1,098,426
co. In 1931 rep,deficiency
66,407
Accrued interest dr dividends
in Fed. taxes on a cons.
79,156
Cash on hand & in banks...
basis, which taxes have
U. S. Treasury bills
120,000
not yet been determined
110,851
Special deposits
by or paid to the Treas74,457
Office turn., equip. dr autos.
673,752
ury Department
Unamortized debt disc.& exp 3,034,322 Mat'd Int. on funded debt.
24,303 normal tax, &c
Prepayments
110,724
12,239 Reserves
0th.def'd chgs. dr items in sus
.1,615,190
Total
V. 141, P. 1457.
$93,409,677
Total
$93,409,677
-President Resigns
Valspar Corp.
Lawrence Phillips has .announced his resignation as President and a
director of this company and its affiliated companies. Mr. Phillips was
elected President in 1931 and has served as receiver for the organization
from 1932 until the company was reorganized in December 1934.-V. 139.
P. 4139.
Virginia-Carolina Chemical Corp.
-Annual Report
A. L. Ivey, President, says in part:
The net profits, after deducting 5554,364 for depreciation and depletion,
amounted to $1,277,578, as compared with a net profit of $492,377 for
the previous year. As an incident to the increased volume of business
obtained,there was a necessary increase in operating, advertising and selling
expenses over the previous year. Labor costs were higher because of the
full year's operation under the National Industrial Recovery Act Fertilizer
Code. However, our selling expense per ton was the lowest in the history
of your corporation. Likewise our administrative expense was not only
Financial Chronicle
1610
the lowest per ton, but also the lowest in aggregate amount,since the organization of the corporation.
There was an improvement in earnings during the year in all general
divisions, including affiliated companies, whose contribution to the consolidated income,account included substantial dividends paid out of their
accumulated surpluses.
The increase in the investment in capital stocks of affiliated companies is
represented by an additional purchase of $330,000 of the capital stock of
one affiliate and the write-off of $1, the nominal and book value of the
capital stock of another affiliate, which was dissolved during the year.
Management believes that ample reserves have been provided for all
probable losses on receivables.
Inventories are purposely larger than at the end of the previous year,
and are in proportion to expected volume of business. They are well
located and conservatively valued.
The accumulated dividends of $24.50 per share on the 7% cum. div.
prior preference stock shown on the consolidated balance sheet was reduced
to $16.50 per share by the payment on Aug. 12 1935 of a dividend thereon
of $8 per share.
The payment of this dividend is neither the result of, nor has it any
connection with, the suit instituted Sept. 26 1934 by certain 7% prior
preference stockholders, seeking by Court order the payment of a dividend
on the 7% prior preference stock. The lower Court in that suit ordered the
payment of a dividend of $7 per share, but the case was appealed to the
Supreme Court of Appeals for the State of Virginia, where it is now pending.
Since the close of the fiscal year corporation has purchased and added to
Its marketable securities shown on the consolidated balance sheet $2,000,000
of U. S. Government bonds and $1,250.000 of Home Owners' Loan Corporation bonds.
Consolidated Income Account, Years Ended June 30
1935
1934
Years Ended June 30$2,551,200 $2,130,211
a Gross earnings from operations
1,226.179
Other operating expenses, incl. sell. & admin_
1.148,215
Provision for losses on time sales on shipments
117,993
92,046
made during the year
554,364
Allowances for depreciation and depletion
527,091
34.025
-net
Miscellaneous deductions
42.345
Sept. 7 1935
-$1.20
Agricultural Co.
capital stock.
The company paid a dividend of $1.20 per share on t
Par $20, on Aug. 31 to holders of record Aug. 21. Thi4compares with
60 cents paid on May 31 last; 30 cents in each of the four preceding quarters;
60 cents on Feb. 28 1934, Nov. 30, Aug. 31 and June 30 1933, and 50 cents
on Nov. 30 1932.-V. 141, p. 772.
-Contract
Warner Bros. Pictures, Inc.
-V.141. p.772.
See Radio-Keith-Orpheum Corp. above.
-Earnings
Warren Foundry & Pipe Corp.(& Subs.)
1935
$736,456
648,656
Net income
Dividends
$227,173
39,791
22,191
$73,132
174,374
Total income
Depreciation and depletion
Federal and State taxes
$181,645
45,528
$123,736
40,970
9,634
Operating profit
Other income (net)
1934
$991.949
810,304
$87,800
35.936
Six Months Ended June 30Net sales
Costs and expenses
$165,191
87.185
$101,242 sur$78,006
Deficit
180,000
175.000
Shares capital stock (no par)
$0.92
$0.42
Earnings per share
Current assets as of June 30 1935, including $466,529 cash and marketable securities, amounted to $1,748,145, and current liabilities were $198,822. This compares with cash and marketable securities of $353,973, current assets of $1,915,943 and current liabilities of $220,726 on June 301934.
Inventories totaled $934.680, against $1,168,771. Total assets as of June 30,
last, aggregated $4,056,331, comparing with $4,339,665 on June 30 a year
previous; earned surplus was $279,156. against $368.684, and capital surplus was $1,800,713, against $1,911,236.-V. 140, p. 2372.
(& Subs.)
-Earnings
Washington Water Power Co.
$618,637
96,040
508,625
90,781
1,314,085
$320,512
91,923
94,250
36,507
14,308
Net rev,from operat'n
Other income (net)
$317,402
2,551
$299,643 $3,612,410 $3.478,826
32,893
2.417
30,913
Net profit for year
$1,277,578
$492,377
a After deducting discount on sales, manufacturing costs and expenses.
Including ordinary repairs, maintenance of properties, but not including
depreciation and depletion. b The company's proportion of net earnings
of affiliated companies for the fiscal year ended June 30 1935 amounted to
$211.315. Dividends received from such affiliated companies during that
period aggregated $508,625.
Note
-Bad debts charged to reserves previously created: Year ended
June 30 1935. $646,728; year ended June 30 1934, $416,123.
Analysis of Consolidated Surplus for the Fiscal Year Ended June 30 1935
General
Capital
Surplus
Surplus
Combined
Balance-June 30 1934
def$897,360 $2,355,637 $1,458,277
Net profit for fiscal year ended June
30 1935. as shown by consolidated
income.account
$1,277,578
1,277,578
Recovery of bad debts written off in
41,439
previous years
41,439
Reducing reserve for contingencies
provided in previous year for properties acquired in settlement of
debts, realized losses thereon in the
same amount having been charged
44,709
against current year's income acc't_
44.709
Gross corp. income_ _ _
Int. & other deductions_
$319,953
93,990
$302,060 $3,643,323 $3,511,719
1,128,166
103,445
1.117,810
Operating profit
Interest on receivables and Government securities _
bDividends from affiliated companies
Profit on sale of Government bonds
Profit before income and Fed. capital stock taxes_
Federal and State income and Federal capital stock
taxes-estimated
506.685
Balance, June 30 1935
$466,365 $2.355,637 $2,822,003
Note
-The above balance of $2,355,637 in capital surplus at June 30
1935 represents the total excess of par value over cost of its own shares
purchased by the corporation to date. The availability of this capital
surplus for dividends or other corporate purposes is at present before the
Supreme Court of Appeals of Virginia for determination.
Comparative Consolidated Balance Sheet June 30
1935
1934
1934
1935
Liabilities$
3
Assets$
$
7% prior pref.stk_ 5,437,200 5,437,200
L'd, bldgs., mach.
& eq., less depr. 14,342,167 14,650,600 6% part. pref.stk.21,339,215 21,339,215
1
199,072 y Common stock__
1
z Notes & accts.rec 132,187
912.502 Accounts payable.. 238,746
Inv. in 51111. cos__ 1,242,501
104,673
Mdse. Inventory__ 3,373.378 2,787.255 Accrued accounts_ 121.994
84,918
x Accts & bills rec. 1,860,792 2,072.094 Reserve for insur.
& contingencies_ 316.881
383,784
Cash In banks and
6,525,441 4,771,910 Capital surplus_ __ 2,355,638 2,355,638
on hand
789,690 General surplus_ __ 466,366 6ef897,361
658.139
Other assets
5,400
2,916
Patents
IL S.Treas. notes_ 1,019,254 2,502,344
994,444
Mktable. securs
117,203
Deferred charges.. 124,819
30,276,041 28,808,069
30.276,041 28,808,069 Total
Total
x After deducting $801.721 ($973,954 in 1934) reserve for doubtful accounts and bills and cash discounts. y Authorized 750,000 shares, no
6
1117 reserve for losses, $67,926 in
par
i.198364700
p. 611.
value;000
-Earnings
Vulcan Detinning Co.
1935-6 Mos.-1934
Period End.June 30-- 1935-3 Mos.-1934
$899,882 $1,444,190 $1,807,815
$690,699
Sales
Dr16,852
Inv. offinished products
Dr179,406
Total
Expenses, deprec., &c
$690,699
619,692
$883,030 $1,444,190 $1,628,409
823,765
1,312,532
1,523,000
Net income
Other income
$71,006
19,237
$59,265
47,752
$131,658
48,666
$105,407
120.798
Totalincome
Taxes,&c
$90,243
16,180
$107,017
36,120
$180,324
40,071
$226,206
67.946
Net profits
Previoussurplus
$74,063
951,808
$70,897
1.149.364
$140,253
885,617
$158.259
2,417,605
Totalsurplus
Dividends paid
$1,025,871
$1,220,261 $1,025,871 $2,575,865
206,240
Profit & loss surplus._ $1,025,871 $1,220,261 $1,025,871 $2.369,625
Earns, per sh. on 32,258
sits. ($100 par) com.
stock
$1.35
$2.65
$1.45
$3.21
Balance Sheet June 30
Liabilities1935
Assets1934
1935
1934
x Plant & equipml$1,408,492 81.622,041 Preferred stock_ _.$1,563,800 $1,563,800
Common stock__ 3,225,800 3,225,800
Patents, good-will,
&c
246,955
2,794,676 2,994,677 Accounts payable_ 140,126
54.733
367,438 Dividends payable
54,733
Cash
239,392
Reserve for taxes,
Other Investments
18,961
287,816
Market. securities 291,388 1,340,411
&c
373,650
Accts. receivable
143,393
185,346 Tin Tetrachloride
equalization res.
82,625
6,920
153,113
Advs.& pre'd digs
8,426
321,479 Excess of par over
Inventories
1,533.888
cost of pref. she.
57,845
In tress
1,025,871 1,220,261
Surplus
Total
$6,438,617 $6,838,312
$6,438,617 $6.838,312
Taal
x After deprec. and obsolescence reserve of$1,496.303 in 1935 and $1,223,483 in 1934.-V. 140, p. 4085.
[American Power & Light Co. Subsidiary]
Period End. July 31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$645,762 $8,154.139 $7,561,910
$706,088
Operating expenses
388,686
346,119 4,541,729 4,083,084
Balance
y$225.963 y$198,615 $2,525,513 $2,383,553
633,035
Property retirement reserve appropriations
628,878
z Dividends applicable to preferred stock for
620,577
period, whether paid or unpaid
620,883
Balance
$1,275,752 $1,129.941
y Before property retirement reserve appropriations and dividends.
x Regular dividend on $6 pref. stock was paid on June 15 1935. After the
payment of this dividend there were no accumulated unpaid dividends at
that date.
-V. 141. p. 939.
Western Dairy Products Co.(& Subs.)
-Earnings
1932
1934
6 Mos.End. June 30-- 1935
1933
$7.369,429 $6,237,786 $5,539,056 $7,171,281
Net sales
Cost of goods sold, incl.
sell., del.& admin.exp. 6,978,515 5.950,889
5,313.140 6,680,036
240,570
275,983
Depreciation
281.655
236,614
Operating
Other income
$150,344
4.601
Total
Interest charges_
Prow,for Fed.inc. tax
$154,945
143,988
9.918
Net income
-V.141, p.454.
$5,242 loss$10,700
4,434
10,195
$215,262
9,915
10558505
175,545
1,093
$225.177
181.421
6,345
$1.039 loss$173,571 1os4177,143
$37,411
$9,676
182,139
1.108
-Hearing Set
Western Pacific RR.
Federal District Judge A. F. St. Sure has set Sept. 23 as the date for hearing on appointment of trustees for the company.
The Court previously had directed Charles Elsey, President, to continue
management of road in capacity of trustee under the Court's jurisdiction.
but under Section 77 of Bankruptcy Act as recently amended either an outside trustee must be appointed or a co-trustee named to serve with the
management trustee.
Earnings for July and Year to Date
July1935
1934
1932
1933
Gross from railway
$880.659 $1,184,991
$954,788
$932,786
Netfrom railway
17.311
305,795
181,535
159,413
Net after rents
def51.791
185.058
28.720
93,298
From Jan. 1
Gross from railway
6,228,544 6.417,693
5,376,033
5.597.048
Netfrom railway
557,723
1,239,303
473,892
143,021
Net after rentsdef53,943
598,833 def122.962 def517.433
-V. 141, p. 1289:
Western United Gas & Electric Co.(8t Subs.)
-Earns.
6 Months Ended June 30Total gross earnings
Gas purchased
Power purchased
Other gas expenses-operation
Other electric expenses-operation
Other expenses-operation
Maintenance
State, local &c., taxes
Federa1.3% tax on electricity
Federal income tax
Provision for depreciation
1935
1934
$3,848,729 $3,714,815
x561,465
422,855
57,408
43,581
675,796
574,577
399,341
366,786
129,946
119,673
141,890
130,706
199,063
168,734
27,856
29,435
85,223
94,220
350,790
390,600
Net earningsfrom operations
Other income
$1,233.773 $1,359,817
4,341
8,158
Net earnings
Interest on funded debt
Interest on unfunded debt(pet)
Amortization of debt discount and expense
$1,238,114 $1,367,976
705,750
705,750
14.254
7,808
41,423
43,095
$611,322
$476,686
Net income
Div. require. of Western United Gas & Electric
416,845
416,845
Co.preferred stocks
-The income account for the six months ended June 30 1934 gives
Note
effect to the allocation of certain year-end and interim adjustments. Net
Income before allocation of these adjustments amounted to $535.101.
-V. 140.
x Includes $89,695 withheld pending contract adjustment.
p. 2207.
-Earnings
White Motor Co.(& Subs.)
1935
June 301934
six Months Ended *
Net loss after taxes,int., depreciation,
development expenses, &c
-New Model
Operations
$851,573
1933
$640,520 $1.867.900
The company will double its production schedule and raise its payroll to
the highest point since 1929 during the last four months of the present year,
according to President R. F. Black. The increase comes as the company
is introducing a new line of streamlined trucks in the one to four-ton field.
The plant is operating 24 hours a day in certain departments to produce
the new models. Company has on hand 500 orders for the new truck,
which were received before any were available to be seen by buyers. One
order for a fleet of 125 was received from J. J. Flannry of New York City.
-V. 141, p. 612.
Financial Chronicle
Volume 141
Wichita Falls & Southern RR.
-Earnings.
July
Grossfrom railway
Netfrom railway
Net after rents
From fan. 1
Grossfrom railway
Netfrom railway
Net after rents
-V. 141. p. 1289.
1935
$54,148
22,134
17,483
1934
$42,323
8,796
3.606
1933
$56,042
17,016
10,731
1932
$46,941
10.271
2.130
304,594
73,703
39,122
320,395
81,763
40,424
314,579
79,809
36,855
330,758
78,913
24,899
„.-----Wickwire Spencer Steel Co.
-Reorganization Plan
1611
The reorganized company (without including the proceeds derived from
the sale of stock to present voting trust certificate holders) will have an
estimated net working capital in excess of $5,000,000 and no funded debt
other than its mortgage note of $1,500,000 payable to RFC,and its new 6%
secured notes in the total amount of $674.475.
Its inventory will include approximately 285,000 tons of iron ore and
14,000 tons of pig iron not required for present business operation, and it is
hoped that such items may be disposed of over the period of the next few
years for sums sufficient to liquidate the major portion of the loan to be
obtained from RFC.
Outline of Plan
First Mortgage and Prior Lien Bonds
-Holders of such bonds which are
outstanding in the total principal amount of $12,679,000 will receive 21
shares of common stock for each $1,000 principal.
Class A Notes
-Holders of such notes which are outstanding in the total
principal amount of $2,515,000 will receive 30 shares of common stock for
each $1,000 principal.
Class B Notes
-Holders of such notes which are outstanding in the total
principal amount of $3,639,340 will receive 10.8171 shares of common
stock for each $1,000 principal.
Claim of the Chase National Bank-The Chase National Bank, holder of
a claim on account of deficiency on mortgage note guaranteed by the company, which claim amounts to $184,149, will receive 18.656 shares of common stock for each $1,000 face value.
Other Unsecured Claims-Holders of certain pre-receivership, merchandise and other claims which aggregate approximately $194,006 will receive
18.656 shares of common stock for each $1,000 face value.
734% Secured Notes
-Holders of these notes which are outstanding in
the total principal amount of $674,475 will receive new 10
-year 6% secured
notes in the same principal amount.
Common Stock-Holders of voting trust certificates for existing common
stock will be given the opportunity to purchase one share of common stock
of the new company at the rate of $15 per share for each 10 shares now held.
Tax Claim-The claim of the U. S. Government for income and excess
profits taxes aggregating, with interest. approximately $442,000, will be
settled for the payment in cash of $144,000.
Real Estate Mortgage
-A real estate mortgage of the company in the
amount of $13,000 will be satisfied by paying in full in cash the principal
amount thereof.
First Mortgage Bonds of American Wire Fabrics Corp.
-The first mortgage
7% 20
-year sinking fund gold bonds, series A, due 1942, of American Wire
Fabrics Corp.. a subsidiary of the company, will remain outstanding.
Voting Trust Agreement
-The common stock of the new company will be
deposited under a voting trust agreement, and voting trust certificates will
be issued to those entitled to stock as hereinabove provided.
A plan of reorganization dated Aug. 30 1935, prepared by the reorganization committee (George W. Treat, Chairman), was on Sept. 3 1935 presented for consideration to the U. S. District Court at Buffalo, N. Y.,
where on June 20 1934 a petition for reorganization of the company under
Section 77-B of the Bankruptcy Act was filed.
The Court has filed this plan and has set Sept. 16 as the date for a hearing
to be held on the fairness of the same. If the court, after the hearing, determines that this plan is fair and equitable and does not discriminate
unfairly in favor of any class of creditors or stockholders, and is feasible,
and authorizes the reorganization committee to promulgate the same, then
the reorganization committee will endeavor to put the plan into effect.
The plan, in brief, provides for the formation of a new company of the
same name or of a different name, which will take over practically all the
assets of the old company, except such as are required to satisfy the obligations to be paid in cash by the trustees in the reorganization proceedings.
The plan also provides for a secured loan of $1,500,000 to the new company
from the Reconstruction Finance Corporation. This loan will have a
maturity not later than Jan. 1 1945; bear int. at rate of 5% per annum;
and be payable in annual instalments. This loan is to be secured by a first
mortgage on all real estate. plants and equipment of the new company,
and by a pledge of approximately 285,000 tons of iron ore and 14,000 tons of
pig iron, which are not required for the present business operation, and
which have an aggregate market value of slightly in excess of $1,400.000.
!"..-The reorganization committee consists of George W. Treat, Chairman,
Rudolph B. Flershem, Arthur H. Lockett George C. Lee, Acosta Nichols
and Robert B. Stearns, with Frank Hamilton, Sec., 37 Broad St., N. Y.
City; Robert R. Thurber, Asst. Sec., 1 Federal St., Boston. Counsel are
Larkin, Rathbone & Perry, 7 Broadway, N. Y. City, and Herrick, Smith,
Donald & Farley, 1 Federal St., Boston.
History of Reorganization Proceedings-Receivers were appointed on
Oct. 21 1927 and subsequently separate committees were organized to represent and protect the interests of holders of first mortgage and prior lien
bonds, class A notes and class B notes. The reorganization committee consisted offive members,three of whom were members of the committee repreDisposition of Stock of New Company
-Or the 500,000 shares of common
senting bondholders and two of whom were members of the committee
stock of the new company, 388,127 shares will be issued to holders of bonds
representing class A noteholders. This 1929 reorganization plan made no
and notes of and claims against the company. Such common stock will be
provision for holders of class B notes or for stockholders.
deposited under a voting trust agreement. The following schedule shows
The committee representing the class B noteholders opposed such reorthe total numoer of shares that will be represented by voting trust certifiganization plan in court and extended hearings were held laefore a Master.
cates received in exchange for bonds, notes and claims:
Thereafter the controversy was submitted to an arbitrator under an arbiShares
tration agreement and it was determined that the holders of class B notes
First mortgage bonds and prior lien bonds
266,259
were entitled to participate in the reorganization. Accordingly, an amended
Class A notes
75.450
plan of reorganization was adopted under date of July 28 1930, under which
Class B notes
39,367
the class B notes were recognized in accordance with the arbitrator'sfindings.
Chase National Bank for deficiency on mtge. note guar. by the co..
3,435
The amended plan of July 28 1930 provided in substance for the issue of
Other unsecured creditors (approximately)
3.616
common stock of a new company to the bondholders and noteholders in
certain specified ratios in exchange for their bonds and notes. It further
Total
388,127
provided for the redemption and payment in cash of the first mortgage
bonds of American Wire Fabrics Corp_ a subsidiary, and also for the
In addition holders of voting trust certificates for shares of common
redemption and payment in cash of the'73i% secured notes of the company.
stock of the company will be entitled to one share of new common stock
In addition, such plan required the payment of all merchandise and certain
(to be represented by voting trust certificate) for each 10 shares of existing
other debts in cash, and also provided funds for certain other purposes.
common stock upon the payment therefor at the rate of $15 Per share of
The money for carrying out the plan was to be raised by the issue of new
new common stock. If all holders of voting trust certificates for shares of
bonds in the total amount of $6,000,000.
the common stock of the company take advantage of such right to purchase
After such plan was formulated, the earnings of the company on which
common stock of the new company an additional amount of 95,875 shares
such plan was based were turned into losses as a result of the depression,
common stock of the new company an additional amount of 95,875 shares
and changed financial conditions made the raising of the required money
will be issued, making in all a total of 484,002 share:.
by the issue of new bonds, and consequently the consummation of the
Additional stock may be issued with the approval of the reorganization
plan, impossible.
committee to adjust such minor claims not included above as may be proved
On June 20 1934 a petition for the reorganization of the company under
and allowed by the court. Authorized but unissued shares not required
Section 77B of the Bankruptcy Act was filed in the U. S. District Court
under the plan for distribution to holders of securities and to creditors
for the Western District of New York and subsequently the receivers of the
may be hereafter issued by the new company in such manner and for such
company were appointed trustees in the reorganization proceedings.
consideration as its board of directors may determine.
Deposits of Securities-The reorganization committee has on deposit
approximately $10,368,500 of the first mortgage and prior lien bonds.
Balance Sheet of Trustees as of June 30 1935
constituting approximately 81.75% of the total amount of such bonds
(Including Wickwire Spencer Sales Corp.)
outstanding. In addition, it has received deposits of approximately $2,189,Assets
Liabilities
238 of class A notes and approximately $3,138,060 of class B notes, constiCash
$624,434 Liabilities of trustees:
tuting over 87% and 86%,respectively, of such notes. The depositors of all
Notes and trade acceptances
$209,799
Accounts payable
these bonds and notes assented to the amended plan of July 28 1930.
receivable
7,928
Amount due subsidiary cos.
74,615
Reasons for the Plan-Company owes, apart from current operating inAccounts receivable less res.
158,601
Ore contracts payable
743,874
debtedness of the trustees, $12,679,000 in principal on its first mortgage
Inventory less reserves
Accrued accounts
3,968,143
131,962
and prior lien bonds.$2,515,000 in principal on its class A notes. $3,639.340
Investments in subsidiary and
Other liabilities of the co.:
in principal on its class B notes, $674,475 in principal on its
% secured
affiliated companies
13,000
Real estate demand mtge
3,260,684
notes, $13,000 on a real estate mortgage note, and approximately $378,000
Class "A'' cas.-Worcester
674,475
10-year 7 Si% notes
on account of certain unsecured indebtedness. In addition, the U. S.
Depositors' Corp
193.811
124,302
Accounts payable
Government has a claim against the company for income and excess profits
Miscellaneous notes and ac303,752
Federal tax claim
taxes amounting, with interest, to approximately $442,000. The accrued
counts receivable, &c
136,688
Accrued Int. on tax claim
35,714
Interest on its bonds and notes amounts to over $12,000,000. Its total
Real estate, buildings, ma184,149
Deficiency on mtge. note
indebtedness, both secured and unsecured, including such accrued interest,
chinery, &c
110.747
al5,905,994
Accrued int, on deticiency
exceeds $33,000,000.
Deferred charges
1st mtge.& prior lien bonds 12,679,000
42,042
Since 1929 the company has suffered large losses before interest charges.
Cash held by mortgage trustee
Accrued Int. on bonds_._ 9,179,733
32,361
For the year 1934 it earned $93,584 before depreciation and interest which
2,515,000
Class "A" notes
amounted to a loss of E315,836 after deducting depreciation of $409,421
3,639.340
Class "B" notes
but before interest. For the first six months of 1935 it earned $130,120
. 1,408.399
Accr. int, on class "A"_
before depreciation and interest.
1,746,883
Accr. int, on class "B"
It is obvious that the company must either be liquidated or reorganized
198,452
Reserve for contingencies
on a basis which will convert practically all of its indebtedness into stock.
8,679.558
Capital & deficit account
The company occupies an important position in the industry, and the
reorganization committee believes that if possible a reorganization should
Total
Total
824,812,163
$24,812,163
be carried out. The company's difficulties prior to the depression were due
a After deducting reserve for depreciation and obsolescence amounting
largely to its heavy indebtedness which required interest payments in excess
to $9,393,062.-V. 141, p. 773.
of $1,400,000 a year, and in addition large amortization payments. The
company's earnings, however, for such period were substantial.
(H. F.) Wilcox Oil & Gas Co.(& Subs.)
-Earnings
RFC Loan-The problem confronting the reorganization committee since
the depression made the 1930 reorganization plan impossible of consum6 Mos. End. June 3G1934
1935
1932
1933
mation has been to provide the amount of working capital required by a
Operating income
$1,558,689 $1,680,031 $1,884,635 83,087,357
reorganized company. The reorganization committee, after long negotiaOther income
10,323
20,079
35.431
18.845
tions, has arranged with Reconstruction Finance Corporation for a loan of
$1,500,000.
Total income
$1,578,768 $1.690,354 $1,903,480 $3,122,788
Government Tax Claim-An arrangement has also been agreed upon with
Costs and expenses _ _ _ _ 1,171,174
1,732,396
1,357,412
2.551.240
Other deductions__ _ _ _
the U. S. Government under which the claim for taxes aggregating approxi183,816
197,847
204,385
195,873
Depreciation & depletion
mately $442,000 will be compromised for a cash payment of $144,000.
278,571
372,044
220,293
396,966
The Government claims these taxes constitute a prior charge on the quick
Net loss
53
assets of the company and must be paid in cash. Such settlement, therefore,
$91,736
$54,793
f423.729 Prof. .6.11
For the month of June 1935 net profit after charges and taxes was 81,182.
relieves the company from the necessity of raising approximately $300,000.
-V. 140. p. 4086.
The saving of this amount, together with the loan to be obtained from
RFC, will, it is believed, provide the new company with sufficient working
--Winnipeg Selkirk & Lake Winnipeg Ry. Co.
capital.
-ReorganiSummary of Plan of Reorganization-Under the plan, the basis for distrization Plan Approved
bution of common stock to bondholders and to noteholders remains the
Bondholders unanimously aprroved the reorganization plan of Winnipeg
same as that provided in the amended plan of July 28 1930, except that in
Electric Co., parent company, and its subsidiaries. Manitoba Power
lieu of the payment of $126,653 in cash to prior lien bondholders, each holder
bondholders have yet to act at adjourned meeting Oct. 10, and holders of
of first mortgage bonds and each holder of prior lien bonds will receive one
preferred and common stock have not yet taken action. Otherwise the
additional share of stock for each $1,000 of bonds.
plan has been approved by all of the security holders involved.
Merchandise and other similar unsecured creditors will be given com-V. 137.
p. 490.
mon stock instead of cash.
The $674,475 principal amount of 734% secured notes how overdue,
A.) Young Spring & Wire Corp.
which are secured by all the capital stock of American Wire Fabrics Corp.,
-Doubles Dividend
The directors have declared a dividend of 50 cents per share on the
will be extended for a period of 10 years, with interest reduced to 6%.
rather than being paid in full in cash, and as a result of such extension the
common stock, no par value, payable Oct. 1 to holders of record Sept. 16.
This compares with 25 cents paid in each of the five preceding quarters
equity of the reorganized company in American Wire Fabrics Corp., a
subsidiary, will be preserved.
and each quarter from Jan. 2 1932 to and including Jan. 3 1933. In
addition, extra dividends of 25 cents were paid each quarter from Oct. 1
The first mortgage bonds of American Wire Fabrics Corp. will be left
outstanding instead of being paid in full.
1934 to July 1 1935, inclusive.
-V. 141, p. 454.
Holders of voting trust certificates representing shares of common stock
will be given the right to purchase one share of new common stock for each _........-Zimmerknit Co., Ltd.
-Defers Preferred Dividend
10 shares represented by their certificates at the rate of $15 per share. If
The directors have decided to defer the payment of a dividend on the
stockholders subscribe for all the stock so offered to them, they will hold
7% cumulative preference stock, par $100, ordinarily due at this time.
approximately 20% of the total stock of the new company, and the new
Semi-annual dividends of $3.50 per share were distributed on March 1
company will receive $1,438,125 in cash which could be applied to payment
last and Sept. 1 1934, this latter being the initial distribution on the issue.
of the RFC loan or used for other purposes.
-V. 139, p. 1257.
1612
Financial Chronicle
Sept. 7 1935
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
-METALS-DRY GOODS
-WOOL
PETROLEUM-RUBBER-HIDES
-ETC.
Prices were as follows:
COMMERCIAL EPITOME
Friday Night, Sept. 6 1935
r Coffee futures on the 3d inst. ended 1 to 4 points higher
on both contracts with sales of 12,000 bags of Santos and 500
bags of Rio. Buying was influenced by a higher Brazilian
exchange rate. Cost and freight offers from Brazil were
unchanged with Santos 4s, 7.75 to 8.00c. On the 4th inst.
futures rose 4 to 6 points on Santos contracts and 1 to 8
points on Rio on a fairly heavy demand. Brazilian cables
were firmer and cost and freight offerings were unchanged
to 10 points higher.
On the 5th inst. futures declined 3 to 7 points on Santos
contracts with sales of 15,250 bags. Rio contracts ended
5 to 7 points lower on sales of 3,500 bags. Weakness at
Brazil combined with a lower exchange rate influenced
liquidation. Cost and freight offers from Brazil were about
unchanged with Santos 4s at 7.75 to 8.15c. The world's
visible supply exclusive of restricted stocks in Brazil totaled
7,748,522 bags on Sept. 1 against 8,498,972 on Sept. 1 1934,
a decrease of 750,450 bags or 8.8%, according to the New
York Coffee & Sugar Exchange. Stocks last Aug. 1
amounted to 7,670,240 bags. Stocks "in and afloat" at
various consuming ports of Europe fell from 3,439,000 bags a
year ago to 3,157,000 bags on Sept. 1 this year, while supplies
in the United Kingdom were 1,346,522 against 1,446,972
a year ago. Stocks in various Brazilian ports amounted to
3,245,000 bags against 3,613,000 on Sept. 1 1934. To-day
futures closed unchanged to 4 points lower, with the Brazilian
exchange rate weaker.
Rio coffee prices closed as follows:
March
May
July
5.041 September
5.16 I December
5.251
4.63
4.86
Santos coffee prices closed as follows:
March
May
July
7.89 September
7.93 December
7.96
7.60
7.80
Cocoa futures declined 1 point on the 3d inst. in a featureless market. European markets were steady. Sept. here
closed at 4.710., Dec. at 4.82e. and March at 4.90c. On
the 4th inst. futures ended unchanged to 2 points higher.
Some 45 transferable notices were issued but were promptly
stopped by commission houses. Sept. ended at 4.73c.,
Oct.at 4.77c., Dec. at 4.82c., Jan. at 4.85c., March at 4.90c.,
May at 4.98c., and July at 5.07c.
On the 5th inst. futures closed 2 to 3 points lower under
Sept. liquidation. European markets were steady. Sales
were 65 lots. Sept. ended at 4.710.-, Oct. at 4.74c., Dec. at
4.80c., March at 4.87c. and May at 4.95c. To-day futures
ended 1 to 2 points lower with Dec. at 4.79c. and March at
4.85c., in small trading.
Lard futures on the 31st ult. ended 2 points lower on
December, while other months were 2 to 7 points higher.
The trade was a good buyer. Hogs were steady with the
top $11.80. Cash lard was firm. On the 3d inst. futures
closed unchanged to 27 points higher. There was some
buying in Anticipation of a further decrease in stocks. Total
stocks now are 20,709,722 lbs., against 117,443,274 at the
same time a year ago. Hogs were 100. to 25c. higher, with
the top $11.90. Cash lard was firm. On the 4th inst.
futures ended with gains of 5 to 20 points on this year's
deliveries, while January and May were 2 points lower.
Hogs were 100. higher and cash lard continued firm. A
feature was short covering in September, October and
December. The record low lard stocks and continued
strength of hogs influenced trade buying and short covering.
On the 5b inst. futures closed 2 to 7 points higher on short
covering and other buying influenced by the strength in
grains and continued firmness of hogs. Hogs were unchanged to 100. higher with the top 12.20c., equalling the
peak made last month. Cash lard was firm; in tierces,
4
15.95c.; refined to Continent, 17% to 173 c.; South America
4
173 to 173/80. To-day futures closed declined 2 to 20 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Wed. Thurs. Fri.
Tues.
Mon.
Sat.
15.92 • 15.87
15.90
15.70
15.45
13.67
13.77
13.75
Holiday 13.62
13.57
12.45
12.40
12.47
12.45
12.45
September
December
May
Sugar futures were rather quiet and closed 1 to 2 points
lower on the 3d inst. Sales were 1,900 tons. On the 4th
inst., after early weakness, futures rallied and closed 5 to 9
points higher in heavier trading. Sales were 284 contracts.
-cent level for the first time
Early prices broke through the 2
since July 22.
On the 5th inst. futures continued their upward trend with
prices at the close 1 to 4 points higher; sales, 7,950 tons.
December showed the most firmness. Refiners were reported interested in raws at 3.500. for Oct. delivery but
owners were asking about 3.55c. To-day futures closed 1
point lower to 7 points higher with the distant months the
weakest. Shorts covered because of the smallness of the
supply of actual sugar.
2.55
2.04
2.10
2.49 1September
2.14'January
2.04IMay
December
July
March
The Sugar Section of the Agricultural Adjustment Administration issued on Aug. 27, its monthly statement of
sugar statistics obtained directly from cane refiners, beet
sugar processors, and importers. The data cover the period
January-June 1935, and are obtained in the administration
of the Jones-Costigan Sugar Control Act, which requires
the Secretary of Agriculture to determine consumption Tequirements and establish quotas for various sugar producing
areas. Total deliveries for domestic consumption during the
first six months of 1935 amounted to 3,365,492 short tons
in terms of 96 degree sugar. The following is the monthly
report:
TABLE I
-RAW SUGAR: REFINERS STOCKS, RECEIPTS, MELTINGS
AND DELIVERIES FOR DIRECT CON3UMPTION FOR JANUARY
JUNE 1935 a (IN SHORT TONS RAW SUGAR VALUE)
Source of Supply
Stocks
on
Jan. 1
1935
Cuba
283,600
Hawaii
65,009
Puerto Rico
6,194
Philippines
158,754
Continental
19,913
Virgin Islands
Other countries_ _ _ _
554
Misc.(sweepings,&c)
----
Stocks
Deliveries Lost
on
Meltings for Direct
by
Fire, June 30
Con1935
sumption &c.
Receipts
929,016
491,765
505,623
338,844
61,679
1,025
35,276
321
987,921
511,580
442,538
399,561
81,186
1,025
33,270
316
48
__
__
__
__
222,244
43,493
69,197
97,461
102
i_
-5
,552
2
2,403
1,701
82
576
304
435.049
48
5.079
534.024 2.363.549 2.457.397
a Compiled in the AAA Sugar Section, from reports submitted on form 58-15A
by 16 companies representing 22 refineries. The companies are: American Sugar
Refining Co., Arbuckle Brothers, J. Aron & Co., Inc., California & Hawaiian Sugar
Refining Corp.,Ltd.,Colonial Sugars Co.,Godchaux Sugars, Inc.,William Henderson,
Pennsylvania Sugar Co., Imperial Sugar Co., W. J. McCahan Sugar Refining &
Molasses Co., National Sugar Refining Co. of N. J., Ohio Sugar Co., Revere Sugar
Refinery, Savannah Sugars Refining Corp., Sterling Sugars, Inc., Western Sugar
Refinery.
TABLE II
-STOCKS,PRODUCTION AND DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
-JUNE 1935 (IN TERMS OF SHORT TONS REFINED VALUE)
JAN.
[Compiled by the AAA Sugar Section, from reports submitted by refiners)
Total
Refiners
Initial stocks of refined
Production
Deliveries
Final stocks of refined
302,898
2,308,609
2,201,960a
409,547
Domestic
Beet
Factories
Refiners
and Beet
Factories
1,060,218
26,275
701,275b
385.218
1,353,116
2,334,884
2,903,235c
794.765
a Deliveries include sugar delivered against sales for export. Department of
Commerce reports of exports of refined sugar amounted to 45,05 tons during
January-June 1935. b Larger than actual deliveries by a small amount represent
ing losses in transit, through reprocessing, &c. c Equivalent to 3,106,461 short
tons 96 degree raw sugar.
-STOCKS, RECEIPTS AND DELIVERIES OF DIRECT
TABLE III
-CON
SUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY-JUNE 1935
(IN TERMS OF SHORT TONS OF REFINED SUGAR)
Compiled in the AAA Sugar Section from reports and information submitted
-15B and SS 3 by importers and distributors of direct-consu.nption
on Forms SS
sugar (statistics for one importer are incomplete)
Source of Supply
Cuba
Hawaii
Puerto Rico
Philippines
England
China & Hong Kong
Other foreign areas
Total
Stocks on
Jan. 1 1935
162,139a
6,478a
8,134
10
176.761
Receives
Deliveries
or Usage
Stocks on
June 30 '35
163,952
11,822
84,646
27.361
111
67
1,256
169,323
11,822
59,764
26,822
120
67
1,159
156,768a
289.215
269.077
196.899
31,360
8,673
1
97
a Includes sugar in bond and in customs custody and control.
TABLE IV-DELIVERIES OF DIRECT CONSUMPTION SUGAR FROM
LOUISIANA SUGAR MILLS
The preliminary results of a special investigation made by the Sugar Section Into
the deliveries of direct-consumption sugar by Louisiana mills (data incomplete for
one mill) show a total of 18,103 tons in terms of refined sugar, delivered In the
January-June 1935 period.
Pork steady; mess, $36; family, $39.62, nominal; fat
backs, $35.12 to $35.62. Beef firm; mess, nominal; packer,
nominal; family, $23 to $24, nominal; extra India mess,
nominal. Cut meats were quieter; pickled hams, loose,
6 to 8 lbs., 17c.; 8 to 10 lbs., 16c.;
c.a.f., 4 to 6 lbs., 18
skinned,loose, c.a.f., 14 to 16 lbs., 25c.; 18 to 20 lbs., 223/20.;
22 to 24 lbs., 20c.; pickled bellies, clear, f.o.b., N. Y.,
6 to 10 lbs., 273'c.; 10 to 12 lbs., 26c.; bellies, clear, dry
salted, boxed, N. Y., 14 to 16 lbs., 203/20.; 18 to 30 lbs.,
%
203 c. Butter, creamery, firsts to higher than extra and
.
premium marks, 243/2c. to 2734c. Cheese, state whole
mil, fancy fresh to held specials, 173 to 21c. Eggs, mixed
colors, checks to special packs, 21 to 34c.
Oils-Linseed was down to 7.70. for tanks cars and some
firms reported a good business. Others said that contracts
were coming in very slow. Seed markets were firmer recently. Cake was dull with $20 bid and $21 asked. Meal
was also quiet. Quotations: China wood, tanks March
forward, 173/20. Cocoanut, Manila tanks forward, 43.c.;
8
coast, 33/c. Corn, crude, tanks Western mills, 93jc.
Olive, denatured, spot, Spanish, 84c.; other oils, 800.;
Financial Chrcnicle
Volume 141
shipment, Spanish new crop, 82e. Soya bean, tanks,
Western nearby,8 Mc.; Oct.-Dec., 73/20.; C. L. drums, 9.1c.;
L.C.L., 9.5e. Edible, cocoanut, 76 degrees, 10 Mc. Lard,
prime, 133/20.; extra strained winter, 123 0. Cod, New4
foundland,34c.; Norwegian yellow, 343/2e. Turpentine, 4432
/
to 483/2e. Rosin, $5 to $6.55.
Cottonseed Oil sales, including switches, 67 contracts.
Crude, S. E., 83/ac. Prices closed as follows:
September
October
November
9.90
9.80
9.65
9.74
9.961January
9.82IFebruary
9.85 March
9.77 April
9.761 --9.70 9.90
9.87 -9.85(4)10.00
Decmbr
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber was quite active and on the 3d inst. closed 35 to
41 points lower owing to an increase of nearly 3,000 tons in
Malayan shipments during the month. A decrease had been
expected. Prices at London and Singapore were sharply
lower. Sept. ended at 11.44c., Oct. at 11.500., Dec. at
11.63c., Jan. at 11.72c., March at 11.840., May at 11.98e.
and July at 12.11c. On the 4th inst. some of the previous
day's losses were recovered with London and Singapore
steady, and futures ended 20 to 23 points higher. Dec.
closed at 11.86c., Jan. at 11.92c., March at 12.07c., May at
12.21c. and July at 12.34e.
On the 5th inst. futures declined 7 to 9 points on sales
of only 87 lots. Dec. closed at 11.77e.; Jan. at 11.85c.;
Mar. at 11.99c. and May at 12.13e. To-day futures
closed 9 to 13 points lower after sales of 159 contrasts. Sept.
ended at 11.43c.; Dec. at 11.670.; Jan. at 11.75e.; Mar.
at 11.88c.; May at 12.010., and July at 12.13c.
Hides futures on the 3d inst. closed 3 to 10 points lower on
a turnover of 240,000 lbs. Sept. ended at 10.71e. and Dec.
at 10.98c. On the 4th inst. futures rose 17 to 19 points on
sales of 60 contracts. Dec. ended at 11.150., March at
11.50c. and June at 11.81c. Spot markets were steady.
On the 5th inst. prices closed from 2 points decline to 5 points
advance with sales of 3,000,000 lbs. Sept. ended at 10.87e.,
Dec. at 11.18c., March at 11.48c. and June at 11.80e.
To-day futures closed 3 to 7 points lower with sales of 30
contracts. Dec. ended at 11.110., March at 11.450. Some
50,000 hides were reported sold in the spot market at firm
prices.
Ocean Freights showed a little more activity especially
in wheat and sugar.
Charters included grain booked-20 loads Montreal Sept. to AntwerpRotterdam at 8.4c.: 10 loads New York, Sept.
-Oct. to Copenhagen at be.:
2 loads New York to Hamburg at Oic.; four loads to Hamburg at 934c.:
a few loads Montreal to A.R. at 851c.:some to Copenhagen at 10c. Grain
prompt Fort Churchill to United Kingdom 25. 9d.; scrap iron-Atlantic
port loading, prompt Yawata Japan lls. 3d. Sugar-Sept., Cuba to
United Kingdom-Continent 12s. Sept. Cuba to Antwerp-Rotterdam
12s.: Cuba, Sept.
-Oct., to United Kingdoin-Continent 12s. Trips-round
trip West Indies delivery Canada 75c.; redelivery United Kingdom-Continent, via South Atlantic 75c.
Coal was in better demand with the weather of late very
rainy and cooler. Prices are generally higher. Coke also
advanced. Anthracite production showed a slight decrease.
Hampton Roads dumpings in the week ended Aug. 24 increased 43,000 tons to 324,000 tons and thus far this year
show an increase over those of last year of 14,000 tons.
Copper was in better demand for domestic account and
steady at 8.5c. a pound. Export prices were firm at 8.15
to 8.225 cents c.i.f. European base ports. Sales in the
domestic market on Wednesday were reported as 3,764,000
lbs. as compared with 86,000 lbs. on the previous day.
Large fabricators were credited with taking most of this
volume. In London on the 5th inst. the trading was nearly
double that on Wednesday and prices moved upward.
Tin was down to 48.70e. for spot Straits. Trading was
of small volume and confined mostly to the spot position.
London was generally higher on the 5th inst. and prices here
for the first time in several days rose in sympathy.
Lead was in somewhat less demand but firm at 4.35e.
New York and 4.20e. East St. Louis. London was higher
on the 5th inst. with moderate sales.
Zinc was moderately active with prime western unchanged
at 4.60e. East St. Louis. London was firmer on the 5th
inst. with sales rather light.
Steel buying by automobile manufacturers and tin plate
makers was on a somewhat smaller scale but the demand
from other sources was quite steady. Operations fell off to
45.8% of capacity as compared with 47.9 in the previous
week and 18.4 a year ago. This decrease in operations was
not considered significant in view of the holiday and the
recent successive weekly advances. Quotations:
-Semifinished billets, rerolling, $27; forging, $32; sheet bars, $28;
labs, $27; wire rods, $38; skelp, 1.700. per pound. Sheets,
hot rolled annealed, 2.400.; galvanized, 3.100.; strips, hot
rolled, 1.85e.; cold rolled, 2.600.; hoops and bands, 1.8.50.;
tin plate, $5.25 (box of 100 lbs.). Heavy, steel, plates and
shapes, 1.80c.; bars, 1.85e.
Pig Iron was in moderate demand at best despite the
fact that books are now open for fourth quarter. Most of
the buying was of carlots for shipment within 30 days.
Consumption was reported a little larger. Consumers
evidently do not expect a price advance although they are
1613
watching the situation very closely. Production in August,
according to the "Iron Aga," increased 15.9%. It estimated
daily production at 56,816 tons, against 49,041 in July.
Aggregate production was 1,761,286 tons. Ninety-eight
furnaces were in blast on Sept. 1, an increase of three furnaces
during August. Quotations: Foundry No. 2 plain, Eastern
Pennsylvania, $19.50; Buffalo, Chicago, Valley, and Cleveland, $18.50; Birmingham, $14.50; basic, Eastern Pennsylvania, $19; Valley, $18; malleable, Eastern Pennsylvania,
$20; Buffalo, $19.
Wool continued in good demand and firm. Boston
wired a Government report on Sept. 5 saying: "The Boston
market was strong on 64s. and finer territory wools. Choice
lines in original bags were reported to have been sold at 73
to 74c., scoured basis, for bulk, good French combing and
strictly combing staple. Strictly combing medium Ohio
and similar fleeces had some call at 31c. in the grease for
48s. 50s. 3j blood and at 32 to 330. for 56s.,
blood."
Silk futures on the 3d inst. closed unchanged to 13/2c.
lower on sales of only 280 bales. Crack double extra spot
fell to $1.85. Sept. ended at $1.74, Oct. at $1.703/2, Nov.
at $1.683/2, Feb. at $1.67, March at $1.673/2 and April at
$1.67. On the 4th inst. futures ended unchanged to 3c.
higher. Weaker Japanese cables caused early easiness.
Sept. ended at $1.77, Oct. at $1.73, Nov. at $1.703/2, Dec.
at $1.69, and Jan., Feb., March and April at $1.673/2.
On the 5th inst. futures ended 2e. lower to Me. higher on
sales of 94 contracts. Sept. ended at $1.773/2, Oct. at
$1.72, Nov. at $1.70, Jan. and Feb. at $1.653/2, March at
$1.66 and April at $1.653/2. To-day futures closed unchanged to 13/2c. higher on sales of 147 contracts. Sept.
ended at $1.78, Oct. at $1.733/2, Nov. at $1.7034, and
Dec., Jan. and March at $1.66 and April at $1.66M.
COTTON
Friday Night, Sept. 6 1935.
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
188,943 bales, against 159,138 bales last week and 96,074
bales the previous week, making the total receipts since
Aug. 1 1935 573,191 bales, against 454,454 bales for the
same period of 1934, showing an increase since Aug. 1
1935 of 118,737 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total
Galveston
10,298
____ 20,883 7.551 5,613 6,749 51.094
Houston
6.566 1.172 2,207 4,434 1,738 12,794 28,911
Corpus Christi
3,242
____ 8,834 2,576 4,905 4.542 24,099
New Orleans_ _ _ _ 9,580
--------13.157 12.353 4.736 39.826
Mobile
8.00
'723 1,445 2.620 2.292 7.880
---Pensacola
5
151 7,740
Jacksonville -------------------- -----__
534
534
Savannah
3,678
---- 4,454 4.315 2,452 3.111 18.010
Charleston
682
____
337
669
374 2,499 4.591
Lake Charles- _
___ _
____
- _ ----- 3.825 3,825
Norfolk
914
825
--__
360 2,099
Baltimore
Totals this week_ 34,846
1,406 38.352 35.002 37,644 41.693 188,943
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
•
1935
Receipts to
Sept. 6
Galveston
Texas City
Houston_ _
Corpus Cliiisti
Beaumont
New Orleans-- Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles __ _
Wilmington
Norfolk
N'port News, &C_
New York
Boston
Baltimore
Philadelphia
Total
1934
This Since Aug
Week
1 1935
51.094
28,911
24,099
39,826
Stock
This SinceAug
Week
1 1934
121,273 25,256
72.533
25 3.430
6.043
70.300 50,536 114,581
150.707 23,061 122,101
6,731546
102.079 11,077
60.874
1935
1934
320.576
2,047
311,639
104,054
7,499
291,935
487,231
10,118
847,171
136,545
968
570.221
7,880
7,740
534
18.010
14.711
14.045
1,926
53.226
3.547
3.996
355
7,291
18,445
8.697
1,190
24,636
43,970
17.435
4,522
106.908
99,163
17.598
4,398
107.300
4,591
3,825
2.099
10,803
22,452
54
3,744
4,681
1,500
1
939
12,468
28,117
2,730. 26.014
917
10.097
2,923
19,602
42,890
19.130
16,985
8.560
334
1.115
1.420
4,977
699
1,225
57,254
8,724
1.200
'
188.943 573.191 137.090
5.770
454.454 1,301.316 2.435,456
In order that comparison may be made with other years,
we give below the totals at eading ports for six seasons:
Receipts at-
1935
1934
1933
1932
1931
51,094
28,911
39,826
7,880
18,010
25,256
50,536
11.077
3.547
7.291
4.681
1
939
15,458
63,378
29,452
9,356
11,700
3,742
12,714
1,033
446
20,383
78.751
4.213
4,044
17.019
4,591
32,381
69,653
23,033
4.404
13,479
100
9,642
337
420
1930
Galveston-__ _
Houston
New Orleans_
Mobile
Savannah
BrunswickCharleston_ _ Wilmington_
Norfolk
N'port News_
All others____
36,532
33.762
35,035
36,397
39.636
58,383
Tot, this week
188,943
137,090
188.484
186.676
167,441
362,547
Since Aug. 1_
573.191
454.454
751.997
645.757
451 527 1 974 440
2,099
3,045
137
213
30,848
129.801
27,444
34.624
52.480
12,926
14,190
392
1,459
Financial Chronicle
1614
The exports for the Week ending this evening reach a
total of 64,023 bales, of which 12,486 were to Great Britain,
6,348 to Prance, 16,238 to Germany, 5,030 to Italy, 7,119
to Japan, and 16,802 to other destinations. In the corresponding week last year total exports were 80,332 bales.
For the season to date aggregate exports have been 273,324
bales, against 345,834 bales in the same period of the previous
season. Below are the exports for the week.
Week Ended
Sept. 6 1935
Exports from
Galveston
Houston
Corpus Christi_ _
New Orleans__
Mobile
Jacksonville_ _ _ _
Pensacola. &a._ _
Savannah
Gulfport
Los Angeles_ _
Total
Total 1934
Total 1933
Exports to
Great
Britain France
276
3,638
3,496
3,808
1,767
2,081
Total
Italy
China
Japan
Other
Total
4,597 6.640
7,784 24,340
3,943 14.640
450 11,503
225
37
2,649
28 3,755
151
83
565
2,900
1,340
225
7.119
5,030
7,119
16,802 64,023
11.290 7,186 12,725 6,120 22,554
22.065 36.714 24.123 17,450 23.129
20,457 80,332
1,208 26,919 151,608
3,153
4,301
3,405
2:&343
37
997
1.11b2
3,727
151
83
12,486
6,348 16,238
From
Aug.1 1935 to
Great
Sept. 6 1935
Exports from- Britain France
Galveston
Houston
Corpus Christi.
New Orleans _
Lake Charles_ _
Mobile
Jacksonville _ _
Pensacola, die_
Savannah
Charleston_ _
Norfolk
Gulfport
Los Angeles _ _
San Francisco.
Germany
3,246 2,590
10,463 2,973
18,793 27,887
9,589 4,349
.57
779
46
2,448
87
1,106
4.041
Exported toGermany I Italy
70
3,865
7,825 10,150
10,959 8,80
7,490 6,062
525
493 2.75
2,013
13.573
24,525
20,691
100
-160
3:iii
3,739
1,351
458
430
367
639
100
3
51,658 38.420
39,7271 30,520
Other
China
Japan
61.30
Total
8,457 20,977
16,292 61,276
20,248 111,320
4,686 52.867
2.937
1.058
5,842
100
137
4,249
443
9,574
963
163
1,146
797
839
400
200 51,497 273.324
Total 1934....... 64.710 22.431 64,067 22,772 85,06 23,827 62,960 345,834
Total 1933. - 135,758100,006 127,861 55.193 155,201 19,358 119,743 713,120
NOTE-Exports to Canada-It has never been our practice to include in the
above table the reports of cotton shipments to Canada,the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of July the exports to the Dominion the present season
have been 26.241 bales. In the corresponding month of the preceding season the
exports were 19,860 bales. For the 12 months ended July 31 1935 there were
231,240 bales exported, as against 275.910 bales for the 12 monthigof 1933-34.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Sept. 6 atGreat
Britain France
Germany
CoastOther
Foreign wise
Leaving
Stock
Total
500 3,500 317,076
400 1,000 1,500
100
Galveston _------ 12,311 299,328
64 6,084
5,163 1,000
Houston
---- 2,758 289.177
234 2,485
39
---New Orleans- ------------------------108,908
Savannah
45
45
___28,072
_--____
____
Charleston_ _ _ _
43,950
20
Mobile
Norfolk
Other ports ---------------------------178,569
Total 1935
Total 1934_ _
Total 1933_ _
5,283
2,760
14,558
1,439 1,298 10,069
5,964 9,273 29,485
5,973 22.156 52,801
545 18,634 1,282,682
1,994 49,476 2,385,980
5,000 100.4882.915,869
Speculation in cotton for future delivery was only fairly
active at best and in the absence of any new developments
or news from Washington tending to clear up the doubtful
points on the new loan plan, prices moved without definite
trend in a very narrow market. New outside interest was
comparatively small. There was considerable pre-holiday
liquidation and Southern and foreign selling on Saturday.
Houses which usually act for the Government were credited
with transferring long October contracts to more distant
deliveries early in the week. Weather conditions were
generally favorable. On the 3d inst. there was less evidene
of Government switching from October to later months.
Liverpool bought December early that day and the trade
was buying the near months,and prices ended at net declines
•
of 2 to 8 points.
The crop was estimated by a local business paper at 11,062,000 bales, or an increase of slightly more than 500,000
bales as compared with its figures last month. However,
it is over 700,000 bales less than the Aug. 8 Government
report. It emphasized the lateness of the crop and the necessity of a favorable fall with delayed frost for good results.
Picking was said to be advancing, but there was an increase
in insect complaints. On the 4th inst. prices advanced 7 to
16 points in response to better Liverpool cables and buying
by the trade, and foreign interests. Selling of October and
purchasing of distant months was again noticeable. There
was a scarcity of contracts. Crop reports have been generally favorable, but there was some uneasiness over unfavorable weather conditions in the Eastern belt.
On the 5th inst. pri( as ended unchanged to 4 points lower,
owing to selling by the South and New Orleans, and liquidation. Trading consisted largely of selling of October and buy-
Sept. 7 1935
ing of distant months by pool brokers. Otherwise the market
was quiet. Local traders and the professional markets were
on the opposite side of these operations. The news was
generally bearish, but selling was checked by fears of the
tropical storm and general rains in some sections where they
are not needed. The Fossick Bureau put the condition at
63.1% and indicated production at 11,350,000 bales against a
condition of 69.1% and an indicated crop of 10,950,000 bales
last month. The Dallas "News" said that the crop in Texas
was making fair to good progress, but that in the Blackland
prairie belt of north and central Texas and lighter soils of
eastern Texas there was marked deterioration owing to
heavy insect damage. It added that cooler weather accompanied by heavy to light recurrent rains in practically all
parts of Texas may be expected to increase ravages of leafworms, bollworms and weevils. To-day prices closed about
25c. a bale higher, with trading consisting largely of pool
switching from October to later deliveries.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Sept 12 1935
15-16
inch
Differences between grades established
for deliveries on contract to Sept. 12 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
1-Inch .Sc
longer
.69 on
Middling Fair
White
.57
Strict Good Middling.. do
.46
do
Good Middling
.31
Strict Middling
do
Middling
Basis
do
.37 off
do
Strict Low Middling.82
Low Middling
do
do
1.30
*Strict Good Ordinary_
do
1 75
*Good Ordinary
47 on
Extra White
Good Middling
do do
.31
Strict Middling
do do
.01
Middling
.36 off
Strict Low Middling
do do
.79
Low Middling
do do
.25 on
.17
Good Middling
Spotted
.37
Strict Middling
do
.37
.02 off
.17
Middling
.39
do
.14
.30
84
*Strict Low Middling__ do
*Low Middling
do
1.31
Ail on
Strict Good Middling-Yellow Tinged
.28
.14
do do
25 off
Good Middling
.28
.14
Strict Middling
do do
.46
.28
.14
do do
84
*Middling
1 31
*Strict Low Middling... do do
*Low Middling
do do
1.76
Light Yellow Stained._ .43 off
Good Middling
.27
.13
do
do
*Strict Middling
__ .84
do
*Middling
do
do
do
._1.31
.13
Good Middling
Yellow Stained
.27
.84 off
*Strict Middling
do do
1.11
*Middling
do do
1.76
Gray
Good Middling
.29 off
.14
.28
do
Strict Middling
.14
.28
.53
*Middling
do
.84
*Good Middling
Blue Stained
.84 off
*Strict Middling
do do
1.31
do do
*Middling
1.76
•Not deliverable on future contract.
.19
.19
.19
.19
.19
.16
.15
.39
.39
.39
.39
.39
.32
.30
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
10.65
Aug. 31 to Sept. 6Middling upland
Mon. Tues. Wed. Thurs. Fri.
Hol. 10.65 10.70 10.65 10.75
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Aug. 31
Monday
Sept. 2
(1935)
Sept.
Range__Closing. 10.31n
Oct.
Range_ _ 10.31-10.40
Closing - 10.31-10.32
Nov.
Range....
closing_ 10.32n
Dec.
Range _ _ 10.33-10.42
Closing.. 10.33-10.35
Jan.(1936)
Range__ 10.37-10.44 HOLIClosing_ 10.38- DAY.
Feb.
Range -closing.. 10.41n
Mar.
Range__ 10.44-10.53
Closing_ 10.44AprilRange-Closing_ 10.46n
May
Range __ 10.49-10.57
Closing_ 10.49-10.50
June
Range....
Closing.. 10.50n
July
Range.. 10.50-10.61
Closing_ 10.50-10.52
Aug.
Range__01nelnis -
Tuesday
Sept. 3
Wednesday Thursday
Sept. 4
Sept. 5
Friday
Sept. 6
I0.29n
10.36n
10.40n
10.32n
•
10.27-10.34 10.33-10.41 10.33-10.40 10.34-10.42
10.2910.36-10.38 10.32-10.34 10.40-10.42
I0.29n
10.39n
10.34n
10.40n
10.30-10.37 10.35-10.45 10.36-10.46 10.36-10.42
10.30-10.31 10.40-10.41 10.36-10.37 10.40-10.42
10.31-10.38 10.37-10.45 10.40-10.47 10.40-10.45
10.3110.4410.40 --- 10.45I0.35n
10.47n
10.43n
10.48n
10.38-10.45 10.43-10.54 10.46-10.55 10.44-10.51
10.3910.5010.4610.51 -10.40n
10.52n
10.48n
10.54n
10.41-10.49 10.45-10.59 10.51-10.60 10.51-10.58
10.41-10.42 10.5510.5110.58 10.41n
10.56n
10.54n
10.60n
10.42-10.51 10.47-10.62 10.5510.65 10.57-10.65
10.42 -- 10.58 -- 1048 -- 10.62-10.64
n Nominal.
Range for future prices at New York for week ending
Sept. 6 1935 and since trading began on each option:
Option for
Aug. 1935
Sept. 1935_
Oct. 1935_
Nov. 1935
Dec. 1935_
Jan. 1936_
Feb. 1936
Mar. 1936_ _
Apr. 1936
May 1936....
June 1935_
July 1936_
Range for Week
Range Since Beginning of Option
11.29
10.80
10.27 Sept. 3 10.42 Sept. 6 10.05
10.35
10.30 Sept. 3 10.46 Sept. a 10.10
10.31 Sept. 3 10.47 Sept. 5 10.16
July 26 1935
Mar. 12 1935
Mar. 18 1935
Mar. 19 1915
Mar. 18 1935
Mar. 18 1935
12.53
12.39
12.71
11.12
12.70
12.70
Jan. 24 193.
Mar. 6 1935
2 1935
Jan
June 14 1935
Jan. 9 1935
Feb. 18 1935
10.38 Sept. 3 10.o5 Sept. 5 10.33 Aug. 24 1935 12.07 May 17 1935
10.41 Sept. 3 10.60 Sept. 5 10.41 Sept. 3 1935 11.97 May 25 1935.
10.42 Sent. 3 10.55 Sent. 5 10 42 Sent. 3 1935 11.40 July 28 1935
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the reports for Friday only.
Sept.6Stock at Liverpool
Stock at Manchester
Total Continental stocks
1935
447,000
54,000
1934
908,000
86,000
1933
747,000
105,000
1932
651,000
141,000
501,000
184.000
74,000
15,000
36,000
64,000
9,000
9,000
994,000
375,000
148,000
24,000
59,000
46,000
11,000
11,000
852,000
458,000
183,000
23,000
63,000
86,000
792,000
289,000
133,000
16,000
62,000
72,000
391,000
bales
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
674,000
813,000
572,000
Total European stocks
892,000 1,668,000 1,665,000 1,364,000
27,000
83,000
India cotton afloat for Europe_._
57,000
42,000
American cotton afloat for Europe 153,000 147,000 310,000 294,000
Egypt. Brazil,&c.,afl't for Europe 147,000 149,000
90,000 112,000
Stock in Alexandria. Egypt
60.000 129.000 227,000 431,000
Stock in Bombay, India
531,000 869,000 708,000 758,000
Stock in U. S. ports
1,301,316 2,435,456 3,016,357 3,328,280
Stock in U. S. interior towns_
1,178,879 1,152,815 1,118,779 1,271,735
31,921
24,857
U.S. exports to-day
4,718
11,495
Total visible supply
4,316,690 6,611,989 7.242,993 7,617.936
Of the above, totals of American and otheir descriptions are as follows:
American
bales. 125,000 281,000 388,000 298,000
Liverpool stock
75.000
Manchester stock
53,000
43,000
15,000
Bremen stock
99,000 324,000
Havre stock
51,000 117,000
Other Continental stock
94,000 734,000 515,000
70,000
American afloat for Europe
153,000 147,000 310,000 294,000
U. S. ports stock
1,301,316 2,435,456- 3,016,357 3,328.280
T.S. S. interior stocks
1,178,879 1,152,815 1,118,779 1,271,735
31,921
U. S. exports to-day
24,857
4,718
11,495
Total American
East Indian. Brazil, &c.
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East Indian, &c
Total American
3,004.690 4,598,989 5,644,993 5,813,936
322,000
39.000
85.000
23,000
63,000
42,000
147,000
60,000
531,000
627,000
43,000
51,000
31,000
57,000
57,000
149,000
129,000
869,000
359,000
52,000
353,000
66,000
79,000
83,000
90,000
227,000
708,000
57,000
27,000
112,000
431,000
758.000
1,312,000 2,013,000 1,598,000 1,804,000
3,004,690 4,598,989 5,644,993 5,813,936
Total visible supply
4,316,690 6,611.989 7,242.993 7,617,936
Middling uplands, Liverpool..... 6.11d.
6.38d.
5.38d.
7.20d.
Middling uplands. New York
8.100.
9.10c.
10.75c.
13.35c.
Egypt. good Sakai, Liverpool9.90d.
7.90d.
8.58d.
9.30d.
Broach, fine, Liverpool
6.07d.
5.19d.
4.47d.
5.55d.
Tinnevelly, good, Liverpool
6.60d.
5.10d.
5.66d.
6.33d.
Continental imports for past week have been 67,000 bales.
The above figures for 1935 show an increase over last
week of 104,974 bales, a loss of 2,295.299 bales from 1934, a
decrease of 2,926,303 bales from 1933, and a decrease of
3,301.246 bales from 19R2.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Sept. 6 1935
Towns
Receipts
Week
Ala.,Birminll'm
Eufaula
Montgomery.
Selma
Ark., Blythev'e
Forest City_
'
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport_ _
Pine Bluff..
Walnut Ridge
Ga., Albany_ _ ..
Athens
Atlanta
Augusta
Columbus...
Macon
Rome
La., Shreveport
Miss.Clarksdale
Columbus_
Greenwood
Jackson
Natchez
Vicksburg_
Yaroo City...
Mo., St. Louis_
N.C.,Gensboro
Oklahoma
15 towns 4
._
S.C.,Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham _ __
.
Dallas
Paris
Robstown_
San Antonio.
Texarkana
Waco
1615
Financial Chronicle
Volume 141
I
Season
Shipmelds
Week
Stocks
4,669
8,141
33,991
835
1,079
197
3,811
408
736
32
3,983
902
1,876
272
4,958
7,
2,316
3
5,599
Total. 56 towns 98,97
Receipts
6
Ship- 'Stocks
Sept.
7
Week
ments
Sept.
159
1,196
2 4,633
936
1,800
486 6,171
5,220
8,291
606 22,820
7,050
10,903
418 44,641
3
83
11 73,845
27
60
22 16,700
084
1.105
40 12,456
154
180
__16,107
3
____ 24,382
7
3,197
14,245
49 54,024
1
1
14,291
3,937
6,447
-683 29.735
.11,083
2,261
7,216
-587 9,773
762
1,153
340 22,279
7,893
12,648 1,938 27,135
11,471
28,835 2,250 103,574
1.111
3,200
200 12,761
6,648
7,154
568 18,806
1___ 18,489
4.372
7,183 1,702 6,751
2
5,118
6,977
366 27,356
674
257 10,666
1,474
10,536
15,777 1,229 40,979
2,219
5,465
306 14,592
47
3,111
64
336
746
156 4,291
2,930
3,907
6 14,426
1,654
158
6,616 1,654
____
80
1,697
6,804
Movement to Sept. 7 1934
Week
67
4001
1 164
2,218
3,4101
3511
2,21
1,052
104
92,
31
1.106
141
674
185
3,152
2,828
1,000
856
_
5,052
7,788
3
6,532
589
19
152
1,600
8,503
285 106,419 1,672
2,318 29,997 1,617
8,483101.258 25,352
32
8,022
22 3,242 2,708
671 4,931 2,790
20 6,807 2.167
2,730 11,935 2,21
239
711 5,312
857 2,118 1,973
674
3 10,979
2,027 9,813 4,470
228.112 39.7841178979 98.599
Season
2,786
1,176
2.4371
3,3111
4,0781
4151
3,180
2,149
372
2,962
129
2,357
226
1,998
1,093
12,564
8,291
4,500
1,564
16
11,668
14,229
9
8,644
888
19
180
2.181
21,024
65
9681 7,962
1001 4,696
855 22,512
134 22,756
1,925 34,473
63 9,712
84 13,490
130 10,822
381 3.807
1,197 28,786
87 8,295
145 18,154
283 4,789
___ 9.415
350 48,456
2,702 169,232
2,391 106,738
.._ __ 12,511
125 30.141
8,226
1,077 24,540
151 24,363
347 8,431
1,127 33,364
340 9,879
36 3,360
236 2,752
41 8,481
8,438 9,050
49 18,706
4,008
785 36,857
8,273 3,391 81,200
72,452 13.428268,860
1,975
4,458 1.224 3,596
4.721 1,824 5,235
4.7071
441 6,707
2,485
301 4,185
5,986
418 4,300
872 1,784
2,5641
1.257
7 9,086
11,894 2,6 I 11,131
237,316 49,1021152815
Oklahoma.
The above totals show that the interior stocks have
increased during the week 59,193 bales and are to-night
26,064 bales more than at the same period last year. The
receipts at all the towns have been 378 bales more than
the same week last year.
New York Quotations for 32 Years
The quotations for middling upland at New York on
Sept. 6 for each of the past 32 years have been as follows:
1935
1934
1933
1932
1931
1930
1929
1928
10,75c.
13.35c.
9.30c.
8.950.
6.70c.
11.550.
19.20c.
19.35c,
1927
1926
1925
1924
1923
1922
1921
1920
22.75c.
18.70c.
22.65c.
25.80c.
27.350.
20.854.
20.10c.
31.75c.
1919
1918
1917
1916
1915
1914
1913
1912
11.600.
14.25c.
12.850.
9.30c.
13.500.
10.00c.
10.750.
28.850.
35.85c.
22.20c.
15.80c.
9.850.
1911
1910
1909
1908
1907
1906
12.75c, 1905
11.750. 1904
11.1w.
Market and Sales at New York
Spot
Market
Closed
SALES
Futures
Market
Closed
Spot
Saturday..... Quiet, 10 pts. dee__ _ Barely steady..
Monday _ _ _
HOLI DAY.
Tuesday
Quiet, unchanged
Steady
Wednesday.. Quiet, 5 pts. adv.... Steady
Thursday _ _ Quiet,5 Ms.dec.. _ _ _ Barely steady....
Friday
Quiet. 10 pts. adv... Steady
Contr'd
400
6.876
Total week.
Since Aug. 1
Total
400
400
200
400
7.076
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
Week
8,438
1,497
934
-Since
Aug. 1
23.672
7,467
.7 .
1:18
4.520
4,000
1935-Since
Sept.6ShippedWeek
Aug. 1
Via St. Louis
6,691
1,654
Via Mounds, &c
2,416
610
Via Rock Island
Via Louisville....457
Via Virginia points
17,446
3,3
Via other routes, &c
21,271
3,305
1.479
22.470
24.195
8,903
18,900
79,283
1,173
1,204
27,706
1,420
5,770
1,237
14,595
4,629
30,083
5.488
21,602
4,274
Total to be deducted
Leaving total net overland *
48,281
334
195
4,100
Total gross overland
Deduct Shipments
Overland to N.Y., Boston,&c
Between interior towns
Inland, &c.,from South
18,198
13.412
57,681
303
3,765
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 4,274 bales, against 13,142 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 39,483 bales.
1934
1935
Since
Since
In Sight and Spinners'
Week
Aug. 1
Aug. 1
Week
Takings
454.454
573,191 137,090
Receipts at ports to Sept.6
188,943
57,681
13.412
18,198
4,274
Net overland to Sept. 6
432,000
78,000
427,000
Southern consumption to Sept. 6- 80,000
Total marketed
Interior stocks in excess
273.217 1,018,389 228,502
54,542 50,642
59,193
944,135
78
Came into sight during week
Total in sight Sept. 6
332,410
1,072,931
279,144
____
944.213
78,370
32,956
109,385
North. spin's's takings to Sept. 6_ 22,111
* Decrease.
Movement into sight in previous years:
Since Aug. 1Bales
326.113 1933
266.057 1932
263,782 1931
Week1933
-Sept. 8
1932
-Sept. 9
1931-Sept. 11
Bales
1,408,394
965.014
952,117
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton on
Week Ended
Sept. 6
Saturday Monday Tuesday
Galveston
New Orleans......
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock_......
Dallas
Port Worth__
10.50
10.55
10.33
10.41
10.50
10.15
10.56
10.40
10.50
10.31
10.34
10.34
HOLIDAY.
10.45
10.55
10.30
10.39
/0.50
10.10
10.44
10.40
10.50
10.29
10.26
10.26
1Ved'day Thursd'y Friday
10.55
10.55
10.40
10.47
10.55
10.15
10.52
10.45
10.60
10.36
10.33
10.33
10.50
10.55
10.26
10.43
10.50
10.15
10.48
10.40
10.55
10.32
10.28
10.28
10.55
10.60
10.30
10.52
10.55
10.20
10.56
10.50
10.60
10.40
10.36
10.36
-The closing quotations
New Orleans Contract Market
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
Aug. 31
Sept. 2
Sept(1935)
October .._ 10.30NovemberDecember_ 10.31Jan.(1936) 10.34HOLI
February..
March__ 10.40- DAY.
April
May
10.44June
- --July
104561047a
August
Tone-..
Spot
Steady.
Q•cura ells
Tuesday
Sept. 3
IVednesday Thursday
Sept. 4
Sept. 5
Friday
Sept. 6
10.27-10.28 10.3110.30-10.31 10.3410.29-10.30 10.35-10.37 10.33-10.34 10.3610.3010.3810.3410.3910.4510.3610.4210.4510.38 ---- 10.49 ---- 10.46 ---- 10.53 ---10.42-10.43 10.5310.5110.59Steady.
RI...Ay
Steady.
Rtaarl v
Steady.
Steady
Qt.orltr
1...a....,
• Includes the combined totals of 15 towns in
Cotton Manufacturing Industry in the United
States Shows Improvement During August According
to New York Cotton Exchange-The cotton manufacturing industry of this country has undergone a pronounced improvement during the past month, the New York Cotton Ex-
1616
Financial Chronicle
change Service announced Sept. 2. Following light sales
of goods and heavy curtailment of machinery activity for
several months, mills have booked a large volume of cloth
orders in the last four weeks and have begun to increase their
operations. The Exchange's announcement said:
The improvement in the domestic mill situation which began about four
weeks ago has not only been maintained but has become broader and more
pronounced. The volume of new cloth business booked by the mills has
increased and prices have risen, on fine, medium and coarse unfinished
goods, and on a wide variety of finished fabrics. Definite improvement is
seen in industrial as well as apparel goods. Sales by mills have been much
In excess of production in the past month.
The strength of the buying movement has been shown by the fact that
cloth prices have risen while cotton prices have fallen, resulting in a substantial widening of manufacturing margins from the very narrow range
reached early in the Summer. Stocks of goods at the mills are beginning
to decline, and they will fall further as forward shipments are made on
orders booked in the past month. Cotton manufacturing plants in all
divisions of the industry are gradually increasing operations, and activity
is rising in the cloth finishing industry.
The only interesting development in the foreign mill situation is a somewhat better volume of yarn sales by English mills and some evidence that
those mills did better as to bookings of yarn orders early in August than
was currently reported. But this merely helps to make up for poor yarn
.business earlier in the Summer, and has not as yet resulted in any increase
of mill operations in Lancashire. No important change is reported in mill
activity or in yarn and cloth market conditions on the Continent.
Japan cabled again this past week that yarn and cloth sales there were
running below output, and mill margins were poor, pointing to possible
further curtailment of mill activity. But it is implied in foreign mill advices, both from Europe and the Orient, that yarn and cloth demand is
being held back by a feeling of uncertainty as to cotton prices, and that
better business may develop when confidence in the raw material market
is restored. In Europe, the outlook is beclouded by the serious political
situation. The movement of American cotton from foreign ports to foreign
mills continues to run below last year. totaling 359,000 bales in the past
four weeks compared with 399,000 in the same weeks last year.
New York Cotton Exchange Elects Two to Membership-At a meeting of the Board of Managers of the New
York Cotton Exchange held Sept. 5, Rudolphe Edmond
Rufenaeht of the firm of Compagnie Cotonniere, of Havre,
France, who are cotton merchants, hedging, buying and
selling cotton, and Percy Wilfred Makinson, of B. F. Babcock & Co., of Liverpool, England, who do a general brokerage business, were elected to membership in the Exchange.
Mr. Rufanacht is a member of the Commodity Exchange,
and Mr. Makinson holds membership in the Liverpool
Cotton Association, Ltd.
"' Weather Reports by Telegraph-RepOrts to us by
telegraph this evening denote that much rain has been reported over the western and central parts of the cotton belt
during the holidays. It was welcome in some sections,
while in others it was regarded as damaging. Complaints
of worms are numerous in much of the area which had rain
in the last few days.
Rain Rainfall
Thermometer
Texas-Galveston
3 days 0.65 in. high 89 low 75 mean 82
Amarillohigh 72 low 54 mean 63
Austin
3 days 212 in. high 96 low 70 mean 83
Abilene
5 days 3.86 in. high 92 low 62 mean 77
Brenham
4 days 1.06 in. high 90 low 70 mean 80
Brownsville
3 days 1.20 in. high 92 low 76 mean 84
Corpus Christi
4 days 0.74 In. high 90 low 76 mean 83
Dallas
3 days 0.38 in. high 92 low 64 mean 78
Del Rio
5 days 2.20 in. high 94 low 70 mean 82
El Paso
2 days 0.32 in. high 84 low 60 mean 72
Henrietta
2 days 0.86 in. high 92 low 58 mean 75
Kerrville
4 days 1.78 in. high 94 low 64 mean 79
Lampasas
4 days 0.14 in. high 96 low 64 mean Si)
0.74 in. high 94 low 62 mean 78
Longview
1 day
Luling
2 days 3.52 in. high 98 low 70 mean 84
1.04 in. high 96 low 64 mean 80
Nacogdoches
1 day
0.02 in. high 92 low 64 mean 78
Palestine
1 day
Paris
3 days 1.46 in. high 88 low 62 mean 75
San Antonio
4 days 1.74 in. high 96 low 64 mean 80
Taylor
4 days 1.55 in. high 96 low 64 mean 80
Weatherford
4 days 0.77 in. high 96 low 58 mean 77
high 78 low 60 mean 69
dry
Oklahoma
-Oklahoma City
Arkansas
-Eldorado
2 days 0.54 in. high 95 low 56 mean 76
high 84 low 60 mean 72
dry
Fort Smith
Little Rock
2 days 0.12 in. high 90 low 60 mean 75
Pine Bluff
2 days 0.49 in. high 95 low 60 mean 78
Louisiana-Alexandria
2 days 0.45 in. high 91 low 64 mean 78
high 97 low 58 mean 78
dry
Amite
New Orleans
2 days 0.64 in. high 92 low 72 mean 82
Shreveport
2 days 0.27 in. high 91 low 63 mean 77
Mississippi-Meridian
2 days 0.90 In. high 92 low 58 mean 75
0.08 in. high 90 low 60 mean 75
1 day
Vicksburg
high 92 low 68 mean 81
dry
Alabama-Mobile
0.02 in. high 92 low 58 mean 75
• Birmingham
1 day
0.08 in. high 90 low 66 mean 78
Montgomery
1 day
Florida-Jacksonville
5 days 1.52 in. high 90 low 74 mean 82
Miami
4 days 3.68 in. high 90 low 74 mean 82
high 90 low 68 mean 79
dry
Pensacola
Tampa
4 days 7.04 in. high 90 low 74 mean 82
Georgia-Sa iannah
4 days 3.88 in. high 88 low 70 mean 79
0.10 in. high 86 low 60 mean 73
Atlanta
1 day
Augusta
3 days 2.30 in. high 90 low 68 mean 79
Macon
3 days 0.44 in. high 88 low 62 mean 75
South Carolina-Charleston_ 5 days 3.09 in. high 84 low 70 mean 77
Greenwood
4 days 1.90 in. high 85 low 61 mean 73
Columbia
3 days 3.10 in. high 88 low 63 mean 76
Conway
4 days 3.45 in. high 88 low 60 mean 74
North Carolina-Asheville_ _ _3 days 3.56 in. high 84 low 50 mean 67
Charlotte
3 days 2.28 in. high 84 low 60 mean 72
Newbern
3 days 5.50 in. high 89 low 62 mean 76
Raleigh
3 days 4.18 in. high 84 low 58 mean 71
Weldon
4 days 6.11 in. high 85 low 58 mean 72
Wilmington
5 days 2.96 in. high 86 low 62 mean 74
-Memphis
Tennessee
2 days 0.42 in. high 88 low 58 mean 73
Chattanooga
0.08 in. high 90 low 60 mean 75
1 day
Nashville
.
3 days 0.66 in. high 84 low 56 mean 70
The following statement has also been received by 'telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Sept. 7 1934
Sept. 6 1935
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
•----
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Feel
2.8
7.1
10.2
5.8
9.9
Feet
1.4
2.5
9.0
2.3
3.7
Receipts from the Plantations
-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Ended
Sept. 7 1935
Receipts at Ports
1060
1064
I
1066 1
Stocks at Interior Towns
11/60
1064
Receiptsfrom Plantartons
11166
1U60
11164
1064
MayI
31._ 21.846 33.148 88,9751.301.899 1.351.401 1.521.226 Nil
6.280 43.245
Jun
7_ 18.907 34,989 86.06411,299.564 1.312,579 1,478,208 NI1
Nil 43.946
14_ _ 14.317 34.83' 72.6621,244,810 1.264.177 1.442.027 I T11
6,431 36,501
,
2L_ 13,466 47.623 60.3531,216.93 1,262,0781,392,603 Nil
25,52 10.929
28._ 8.706 59.054 75.954 1.201.295 1.236.729 1.343.684 NII
33.70. 27.035
JulyI
5._ 9.183 50.199 80.277,1,191.353 1.222,383 1.310.456 N11
35.853 47,049
12... 13.918 34,622 R2...3911,161,42; 1.203,873 1,243.311 MI
16.112 55.760
i9__ 20.715 51.435 125.404 1.145.008 1.179,66011.255.569 4.30? 27.222 97.662
26_ 37.205 50,60 103,031,1,133.563 1.164,83 1.204,989 25,760 35.787 64.451
Aug.1
2_ 46,866 62.636 96.563 1,121,546 1,145,796 1.177.653 34,849 43,693 57.227
9... 56,583 55,632 77,524 1.111,532 1,128,283 1,151,524 46,569 38.119 51,108
16_ 61,49 50.645 103.4371,097.283 1.117.8811,130.073 47.243 39,943 82.275
23._.p 96.074 71,884 142,921 1,094,124 1.104.62 1.109,002 92.91 58,921121.850
30_ _ 159,138 122,533206,6191.119,6863,102.17 1.111,525 181,700 120.080209.142
Sept.
A I1RRn42107000tRRdRLi 1755721 19251. 1 11577091R 12R 157 722129 725
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1935 are 627,673 bales;
in 1934 were 454,532 bales and in 1933 were 678,934
bales. (2) That, although the receipts at the outports the
past week were 188,943 bales, the actual movement from
plantations was 248,136 bales, stock at interior towns
having increased 59,193 bales during the week.
World's Supply and Takings of Cotton-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
Cotton Takings,
Week and Season
1935
Week
1934
Season
Season
Week
Visible supply Aug. 30_
--- 4,211,716
6.638,969
Visible supply Aug. 1
4,295,259
6,879,719
American in sight to Sept. 6...
332.410 1.072,931
279.144
944.213
Bombay receipts to Sept. 5
10.000
55,000
123.u00
9,000
Other India shipls to Sept. 5.
11,000
57,000
49,000
3.000
Alexandria receipts to Sept. 4
3,400
4,600
8.200
5,000
Other supply to Sept. 4.'0
3.000
25.000
51,000
5.000
Total supply
Deduct
Visible supply Sep,6
4,571,526 5.509,790 6,940,113 8,055,132
4.316,690 4,316,690 6,611,989 6.611,989
Total taking to Sept. 6.a....
Of which American
Of which other
274.836 1.213,100
328,124 1,443.143
181,436
875.500
212,124 1,039.943
93,400
337.600
403.200
116.000
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 427,000 bales in 1935 and 432,000 bales in 1934
-takings
not being available
-and the aggregate amounts taken by Northern and
foreign spinners, 786.100 bales in 1935 and 1,011,143 bales in 1934. of
which 448.500 bales and 607.943 bales American. b Estimated.
India Cotton Movement from All Ports
-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1935
Sept. 5
Receipts
Week
Bombay
10,000
1934
Since
Aug. 1
Week
55.000
9,000
For the Week
Erports
From
-
1933
Since
Aug. 1
Week
123.000
8.000
Singe
Aug. 1
70.000
Since August 1
Great Conti- Jap'nk
Britain men: I China I Total
Great
Britain
Contiment
Japan <4
China
Total
Bombay-
1
.... _
1934
19351,000
1933
__ __I
Other India1935
____!
1934
1933
7,0156
Total all
1935
1934
1933
5.000 4,0
00,
4,0001 1;066
11 000
:
000
10,000
9.000
5,000
5,000
2,000
3,000
4,000
24,000
21,000
37,000
41,000 67.000
85,000 109,000
70.000
29,000
11,000
24,000
10,000
29,000
33,000
39,000
65,000
57,000
49,000
94,000
26,000 57,000
13,000 60,000
33.000 102,000
41.000 124,000
85,000 158,000
29,000 164,000
17 00g
3 0
:0
1
16,000 4,000 20.000
1,000 7,0001
8,000
7,000 14,000' 1,000 22,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record an increase
of 12,000 bales during the week, and since Aug. 1 show a
decrease of 34,000 bales.
Alexandria Receipts and Shipments
Alexandria. Egypt.
Sept. 4
Receipts (cantars)This week
Since Aug. 1
Export (Bales)
-
1935
17,000
22.700
This
Since
Week Aug. 1
To Liverpool
1,000 3,800
To Manchester, Jrc
2,000 6.000
To Continent and India. 5.000 29.550
To America
500
1934
25,000
41.200
1933
11,000
14.200
This
Since
Week Aug. 1
Since
This
Week Aug. 1
1,000 4,400
2.000 8,800
6,000 37,650
1.000 2.600
3,000 7.750
4,000 10,500
4,000 33.597
4,000 7,250
Total exports
8.000 39.850 10,000 53.450 15.000 59,097
Note
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Sept. 4 were
17,000 cantars and the foreign shipments 8.000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both yarns
and cloths is steady. Demand for both yarn and cloth is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
Financial Chronicle
Volume 141
1935
32s Cop
Twist
d.
1934
8% Lbs. Shirt- Cotton
ings. Common Midair
to Finest
Hard?
s. d.
s. d.
MayJun4
1-
28.
July
19.
Aug.
-
30
Sept.
-
to 6411% 90 @ 9 2
32s Cop
Twist
Monday
Tuesday
A fair
business
doing,
A fair
business
doing,
Moderate
demand,
A fair
business
doing.
Good
inquiry.
6.14d.
6.05d.
6.06d.
6.04d.
6.09d.
Wednesday Thursday
Frfddy
A fair
business
doing
d.
Mid.Uprds
6.26
94
92
92 18 94
94
92
92 18 94
6.56
6.61
6.69
6.84
Futures.
1 Quiet,
Quiet but Quiet but Quiet, un- Quiet but Steady.
Market
I to 4 pts. stdy. 1 to stdy., 2 to changed to stdy., 1 to 1103 ate.
opened
decline. 2 pa. dec. 3 pts. adv. 1 pt. dec. 3 pta. adv. advance
94
92
92 18 94
94
92
92 18 94
6.68
6.99
7.17
6.97
10%6115i
@94
@96
'9 6
@96
@96
d.
86
86
86
86
@ 9°
@ 90
@90
@90
10 @113•1
10 @11'.&
10 @Dm
10%4411%
86
86
86
86
@ 90
@90
@ 90
@90
6.83 914 @It%
6.76 to
6.79 to g11%
6.85 10%@II%
6.94 1034@11fi
6.94 10%(8115
7.02 1034181134
6.80 10%@1154
10 @II
9144610X
9% @103:(
936011
93‘011
86
87
87
92
92
@90
@9 1
8591
@94
@94
6.68
6.48
6.56
6.33
6.21
92 @94
9. d
Saturday
Market, 1
12:15
P. M.
9%441014 92 @ 9 4
d.
6.92
936@1136
tt 01131,
,
93601136
934(81134
9@11
Spot
836 Lbs. Shirt- Cotton
Inas, Common Mide
to Finest
Upt'ds
s. d.
1611
92
94
103‘@I2
94
10x 012
103601135 94
1030011% 94
6.11 1036011X 94
7.07
7 42
7.11
7.12
7.11
7.20
@96
News
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 67,023 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Shipping
GALVESTON-To Ghent
-Aug.31-Tripp,341
-Aug.31-Tripp, 1,452
To Havre
To Rotterdam-Aug. 31-Tripp, 7
To Dunkirk-Aug. 31-Tripp, 82
To Oporto
-Aug. 31-Elmsport, 1,262
To Leixoes-Aug. 31 ElmsPurt, 543
To Lisbon-Aug. 31-Elmsport,82
To Copenhagen-Sept. 3-Vasaholm, 300
To Dunkirk-Sept. 3-Vasaholm, 233
To Gothenburg-Sept. 3-Vasaholm, 496
To Barcelona-Sept. 3-Aidecoa, 1,417
To Liverpool
-Aug. 31-Dakar1an, 167
To Manchester-Aug. 31-Dakarian, 109
To Porto Columbia-Aug. 30
-Tillie Lykes, 149
HOUSTON-To Japan-Sent. 3-Amagisan, 7,119
To Bremen-Sept. 4-Heddenhetm, 2,649
To Genoa-Sept.4
-City of Omaha, 174
To Trieste-Sept. 4
-City of Omaha, 291
To Venice-Sept.4
-City of Omaha, 100
To Lisbon-Sept. 4-Elmsport, 178
To Oporto-Sept. 4-Elmsport 1,745
To Gdynia-Aug. 31-Vasaholm, 1,323-Sept. 5
-Delaware,
100
To Leixoes
-Sept. 4-Elmsport, 375
To Bilbao-Sept. 4-Elmsport, 100
To Passages
-Sept.4-Elmsport. 100
To Coruna-Sept. 4-Elmsport 225
To Barcelona-Sept. 4
-City of Omaha,938
To Liverpool
-Aug. 30
-Reynolds, 724---Aug. 31-YorkManChester-Aug. 30
To
-Reynolds, 137
To Hamburg-Sept. 4-Heddenheim, 504
To Ghent
-Aug. 29
-Tripp, 265
To Antwerp-Aug. 29
-Tripp, 100
To Gothenburg-Aug. 31-Vasaholm 385
To Havre
-Aug. 29
-Tripp, 1,558
To Dunkirk-Aug. 29
-Tripp, 350__ _Aug. 31-Vasaholm, 173
To Rotterdam-Aug. 29
-Tripp, 200._ _Sept. 4-Heddenhelm,250
To Copenhagen-Aug.31-Vasaholm, 1.000. _Sept. 5
-Delaware, 500__________
CORPUS CHRISTI
-To Barcelona-Aug.30-Aldecoa, 2,228_ _
To Liverpool-Aug.31 Reynolds,2,696
To Bremen-Aug.30-Hed enheim,4,158
To Manchester-Aug.31-Reynolds,800
To Hamburg-Aug.30-Heddenhelm,143
To Rotterdam-Aug.30-Heddenheim,538
To Genoa-Aug.31-Nismaha, 2,900
To Gdynia-Aug.30-Heddenheim, 197
To Barcelona-Aug.31-Nismaha,no
To Tallin-Aug.30-Heddenhelm, 200
NEW ORLEANS
-To Antwerp-Aug. 30-B1nnendjk, 100...
Aug. 31-Nevada, 150
To Liverpool-Sept.4 Auditor,965
To Venice-Aug.30
-Maria,190
To Manchester-Sept.4
-Auditor, 2,843
To Trieste-Aug.30
-Maria,1,150
To Gdynia
-Aug.31-Delaware, 200
To Havre
-Aug.31-Nevada. 1,800
To Dunkirk-Aug.31-Nevada.700
To Bremen-Aug. 31-Jolee, 195--Aug. 29
-Schwarzwald,
2.801
To Hamburg
-Aug.31-Jol_ee,409
MOBILE
-To Venice
-A .27
-Maria 175
To Trieste-Aug.27- aria,50
GHLPPORT-To Liverpool-Sept, 1-Kenowis, 151
JACKSONVILLE
-To Liverpool
-Sept. 1-Saccarappa, 37
SAVANNAH-To Ghent
-Aug,31-Regular.28
To firemen-Aug.31-Regular,3,727
PENSACOLA-To Liverpool
-Sept.3-Kenowis,376
To Manchester-Sept.3-Kenowls,621
To Bremen-Sept.3-Yselhaven, 1,652
LOS ANGELES
-To Liverpool-Aug.24-Canonesa,83
Bales
341
1,452
7
82
1,262
543
82
300
233
496
1,417
167
109
149
7,119
2,649
174
291
100
178
1,745
1,423
100
100
225
938
3,501
504
265
100
385
1,558
523
450
1,500
2,228
2,696
4,158
800
143
538
2.900
197
780
200
250
965
190
2,843
1.150
200
1,800
700
2,996
409
175
50
151
37
28
3,727
376
621
1,652
83
6.1Id.
Market, .1
Quiet,
Quiet,
Steady,
Steady, Quiet but Quiet but
4
2 to 6 pta. 1 to 3 pia. 2 to 4 pta. 2 to 3 pta. stdy., I to steady, 1 to
P.M.
decline,
decline.
decline,
advance. 2'As. adv. 2 ota. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
Aug. 31
to
Sept. 6
I
Mon. I
Tues.
.Wed. I Thurs. I
Fri.
12.1512.3002.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
P. m•P. m•IP• m.Iri• m• ri• m • P. m • IL m.p. m.11. M•P• m.p. m • D• m•
New Contract d.
August
October
December
January (1936)
March
May
July
October
December
-January (1937)::
(1937)
d.
d.
d.
d. I d. d.
5.89 __ __
5.63 __ __ -Liii -i.ei"iio "i.ei
5.56 __ __ 5.5 - __ 5.54
5.55
5.57
5.55 5.5 5.
5.57 5.5 5.56 5.57
5.
.
5.60.. __ 5.57 5.5 .
5.59... __ 5.56 5.5 5.55 5.57
5.52
5.46 _ _ 5.4 _ __
5.49
5.4
May
5.51
5
d. • d. I d.
d.
d.
5.63"Eli -L.ii".i.iii -iii
5.57
5.59
5.57j 5.60 . 5.62 5.60
5.5 5.62 5.61 5.64 5.62
5.59 5.62 5.61 5.65 5.63
5.58 5.61 5.60 5.64 5.62
5.55
5.51
5.51
5.47
5.51
5.47
5.52
5.4
5.49
'
BREAD STUFFS
Friday Night, Sept. 6 1935
Flour was in better demand and firm. The rising wheat
market recently encouraged buying.
Wheat rose 4 to 1 Mc. on the 31st ult. under a broader
7
demand stimulated by a bullish private estimate and the
strength of Minneapolis. Eastern interests were good
buyers. The spring wheat crop was estimated at 152,000,000
bushels or 24,000,000 bushels less than the Government
figures as of Aug. 1. On the 3d inst. stronger markets abroad
and reports that Argentina was badly in need of moisture
caused an early advance but later the market was depressed
by the relative easiness of Minneapolis and Winnipeg and
declines in other grains and prices ended unchanged to Mc.
lower. General liquidation and hedging pressure appeared
on the early advance. Rains were rather heavy in the West
and Southwest but the American Northwest and Canada
• had little moisture. On the 4th inst. prices advanced I M to
1 Me. on buying influenced by bullish crop estimates, on the
spring wheat yield. They now average 155,000,000 bushels
against 190,000,000 last month and an August Government
forecast of 176,000,000 bushels. Liverpool was also stronger
owing to unfavorable weather in Argentina.
On the 5th inst. prices ended with net gains of 1 to 11
/0.
on buying influenced by the strength of outside markets
and increased export sales of Canadian wheat. The outside
public was showing more interest. Milling interests were
good buyers against flour sales. Winnipeg was up 1% to 2c.,
and Liverpool ended 73 to 13 higher. September at
/
/
4d.
Minneapolis moved up to a new high for the season of $1.17%.
To-day prices advanced / on the strength of outside mar1
4c.
kets and a report that Russia had got rid of most of her
grain surplus to Italy. Winnipeg advanced 2c. and Minneapolis moved into new high ground for the season. The open
interest at Chicago was 107,633,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs, Fri.
No. 2 red
9731 Hol. 973.1 9831 9934 9934
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September
8744 8834 8931 90
8731
December
8931 Holt- 8934 91
923' 9254
May
91% day 9131 9234 93z4 9434
Season's High and When Made
Season's Low and When Made
September
Apr. 16 1934 September _
7836 July 6 1935
December
9734 July 31 1935 December
81
July 6 1935
May
9834 Aug. 1 1935 May
88% Aug. 19 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs, Fri.
August
8431
October
8231 loll- az
8234 8434 8534
December
8234 day 8231 823', 84% 8531
May
-873.1 8854
Total
67,023
Corn followed wheat for the most part and on the 31st
3
Cotton Freights-Current rates for cotton from New ult. ended M to /0. higher. The crop was estimated at
York, as furnished by Lambert & Barrows, Inc., are as • 2,144,000,000 against 2,272,000,000 bushels, the Government estimate as of Aug. 1. On the 3rd inst. prices ended
follows, quotations being in cents per pound:
High Stand
M to 134o. lower under scattered liquidation. The United
-High Stand.
High StandDensity ard
DensUy ard
States visible supply decreased 293,000,000 bushels. On
Density ard
Liverpool .30c. .45c. Trieste
.750. .90e.
.50e. .65e. Piraeus
the 4th inst. prices advanced % to 2e. This rather poor
3
Manchester.300. .45e. Flume
.800. .65e. Saionica .75e. .900.
Antwerp .35e. .50e.
response to the advance in wheat was attributed to an
Barcelona .35e. .50e. Venice
.500. .65e.
.360. .450. Japan
Havre
• Copenhag'n.420. .570.
•
estimate of a crop of 2,329,000,000 bushels.
Rotterdam .35e. .50e. Shanghai
• Naples
.40c.
•
.55c.
.400. .550.
Genoa
On the 5th inst. prices ended 1 to 11 4c. higher, with wheat
Bombay z .40c. .55e. Leghorn .40c. .Me.
4
,
.46e. .610.
Oslo
Bremen
.300.
.450. Gothenb'g .42e
.570
up and the weather unfavorable. It was cooler in many
Stockholm .42c. .57e.
Hamburg .30e. .450.
parts of the belt where the crop Is backward. To-day prices
•Rate Is open. a Only Small lots.
ended lc. lower to Y higher.
4c.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Liverpool
-By cable from Liverpool we have the followSat. Mon. Tues. Wed, Thurs. Fri.
ing statement of the week's imports, stocks, &c.,at that port: No.2 yellow
9434 Hol. 94
97
9831 9834
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Aug. 16
46,000
487,000
149,000
21,000
2,000
110,000
24,000
Aug. 23 Aug. 30
45,000
36.000
472,000 447.000
141,000 129,000
2.000
5,000
3,000
5,000
118.000 101,000
28,000
33.000
Sept. 6
46,000
447,000
125,000
8,000
4,000
99,000
37,000
The tone of the Liverpool market for spots and futures
each day of the joast week and the daily closing prices of
spot cotton have been as follows:
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
&U. Mon. Tues Wed. Thurs. Fri.
September
72
7134 73% 74% 75%
December
57H loll- 5634 5634 5634 564
May
58% day 5734 5734 5831 5734
Season's High and When Made
Season's Low and
September.... 8434 Jan. 5 1935 September ____ 6731 When Made
Mar. 25 1935
December
65
June 6 1935 December
603
June 1 1935
May
6834 July 29 1935 May
56
Aug. 13 1935
Oats were a mere echo of wheat. On the 31st ult. they
ended unchanged to Mc. lower. On the 3rd inst. they
Financial Chronicle
1618
declined % to sc. but this was followed by an advance of
Vo.to 13,1c. on the 4th inst. All deliveries reached new
low;ground for the season. Selling was relatively heavy.
On the 5th instt. prices were
1c.
2
to/ higher, in sympathy
with wheat. To-day prices ended 1 3c. lower to Y higher.
4c.
,c
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
39% 39% 39%
38% Hol. 38
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
23% 25
September
24
251 253
Holl- 25% 2631 26
26%
December
May
28
day 28% 2814 29
293.6
Season's Low and When Made
Season's High and When Made
September ____ 44% Jan. 7 1935 September ____ 3134 June 13 1935
3331 June 13 1935
December
3534 June 4 1935 December
May
2934 Aug. 17 1935
Aug. 1 1935 May
37
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3234 Holt- 3174 3134 3234 3234
December
3031 day 2934 2934 3034 3034
26q
Rye sold off to new lows early in the week under freer
offerings owing to sizable tenders and the weakness in
wheat, but prices rose with those of other grain on the
4thiinst. when they ended with net gains of % to %c.
Consumers are said to have stocked up for three to six
months ahead in order to avoid the 30c. a bushel processing
tax which became effective Sept. 1.
On the 5th inst. prices advanced 1 to 2%c. on short
covering stimulated by the rise in wheat. To-day prices
4c.
ended %c. lower to Y higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
41%
40
40
43
42%
September
43% Holi- 42% 42
December
43% 43%
4634 day 4534 4534 4634 4631
May
1 95ATILY`CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
3634 Holl- 3634 36
37
373l
October
December
3734 day 3734 3731 3831 3834
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
40
Holl- 40
40
40
September
43
42
day 42
43
43
December
4334
Season's Low and When Made
Season's High and When Made
June 13 1935
Jan. 5 1935 September -_-- 45
September ---- 76
4834 June 13 1935
December
5334 June 3 1935 December
4634 Aug. 19 1935
May
5231 Aug. 1 1935 May
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG •
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3334 Holl- 3134 3234 3334 3394
day 3231 3274 3434 3434
34
December
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New YorkNo. 2 white
3931
No.2red,c.i.f. domestic_.... 9994
No. 1,f.o.b. N.Y_ 9334 Rye, No. 2,f.o.b. bond N. Y.- 4734
Manitoba
Barley, New York
4734 lbs. malting
585-1
Corn, New York9334 Chicago. cash
50-70
No. 2 yellow, all rail
FLOUR
.814.0S
Spring pats.,high protein $7.90 8.25IRyeflour patents
7.66 7,96 Seminola,bbl., Nos. 1-3- 0.00 -_
Spring patents
,good
2. 5
6.95
Clears,first spring
2.70
Soft winter straights.._- - 5.30 5.601Corn flour
Hata winter straights__ _ 6.95 7.30IBarley g000s3.70
Earn winter patents- _ 7.10 7.451 Coarse
6.05(816.401 Fancy pearl,Nos.2,48a 5.30©5.50
Earn winter clears
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
!Receipts at-
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.1961bs. bush.60 lbs.bush.56 lbs. bush. 32lbs. bush.56163. bush.48lbs.
57,000
13.000
436,000 1,345.000
192,000 1,156,0001
Chicago
66,000 4,081,000 263,000 1.782,000
2,368.0001
Minneapolis
80,000 180,000
1,000 1,113,000
700.0001
Duluth
12,000 473,000
57,000
97,000
134,0001
11,0001
Milwaukee
4,000
25,000
229,000
4,000
1.o35,000l
Toledo
20,000
34,000
36.000
60,0001
Detroit
1,000
232,000
428,000
243,0001
Indianapolis...
4,000
3,000
108.000
192,000
629,0001
103,000
St. Louis_ _ _ _
46,000
55,000
40,000
253,000
92,0001
35,000
Peoria
370,000
209,000
1,693,0001
8,000
Kansas City_
937,000
99,000
800,000
Omaha
154,000
38.000
118,000
St. Joseph..
4,000
509,i $ 1
Wichita
82,000
63,000
11,000
9.000
Sioux City...46,000
11,000 194,000
657,000
186,000
3,659,1 I i
Buffalo
Total wk.1935
Same wk.1934
Same wk.1933
349,111 13,742,000
353,11s 7,708, I I
248,111 7,515,000
2.022,000
7,152.000
3,240,000
9.428.000
1,149,000
2,126,000
474,000 2,870,000
282,000 2,706,000
518,000 1,340,000
Since Aug.11,738,000 84,623,001 8,124,000 32,756,000 2,926,000 8,579,000
1935
1,699,000 41,551,1 I 53,234,000 9,725,000 1,247,000 10,532,000
1934
1.370.000 30.551.111 15,864,000 20,644,000 1.694,000 7.305.000
1933
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 31 1935, follow:
Receipts at
-
Flour
Wheat
Corn
Oats
Rye
I Barley
bbls.1961bs. bush.60 lbs. bush.56 tbs. bush. 32 lbs bush.56Ibs. bush.48Ibs
46,000
60,000
389,00
136,000
New York.. _ _
24,000
58,Is:
Philadelphia__
8,000
15,000
9,000
211.001
12,000
Baltimore__
19,000
10,000
19,000
New Orleans•
25,000
Galveston__ ...
17,00
117,000
82,000
38,000 1,102,000
Montreal_ ... _
1,000
8.000
1,000
38,000
Boston
1,000
Halifax
26,000
205,000
82,000
80,000
Total wk.1935 268,000 1,785,000
Since Jan.F35 8,133,000 30,634,000 11,825,00 10,211,000 3.966,000 2,266,000
169,0001
31,000
190,000
42,000
291,000 3,396,000
Week 1934.. __
Since Jan.P34 0.003.000 57.467,000 5,496.000 5.273,000 1,747.000 1.387,000
Orleans for foreign ports
• Receipts do not include grain passing through New
on through bills of lading.
Sept. 7 1935
The exports from the several seaboard ports for the week
ended Saturday, Aug. 31 1935, are shown in the annexed
statement:
Exportsfrom-
Wheat
Corn
Flour
Barley
Rye
Oats
Bushels
Bushels
467,000
New York
Norfolk
New Orleans
Galveston
Montreal
Halifax
2,000
1,102,000
Total week 1935_ 1.571,000
Same week 1954...__ 3.658.000
Barrels Bushels Bushels Bushels
11,249
1,000
2,000
1,000
1,000
17,000 82,000
38,000 117,000
1,000
1,000
54,249
77.111
117.000
94.000
17,000
82,000
42.000
The destination of these exports for the week and since
July 1 1935 is as below:
Flour
Exports for Week
and Since
Week
Since
July 1 to-Aug.31 July 1
1935
1935
Barrels
United Kingdom.. 39,625
Continent
6,479
So. & Cent. Amer. 1,000
West Indies
2,000
Brit.No.Am.Col.
___
Other countries
.
5,145
Total 1935
Total 1934
54,249
77,111
Corn
Wheal
Week
Aug. 31
1935
Week
Aug. 31
1935
Since
July 1
1935
Since
July 1
1935
Barrels
Bushels
Bushels Bushels Bushels
434,400 1,102,000 6,607,000
95,492 450,000 5,044,000
13,000
19,000
103,000
2,000
1,030
22,000
3,000
26,280
13,000
594.172 1,571,000 11,767,003
666,214 3,658.000 17.421,000
1,000
2,000
1.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 31, was as follows:
United StatesBoston
New York •
•
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo x
- afloat
On Canal
GRAIN STOCKS
Barley
Wheat
Corn
Oats
Rye
Bushels
Bushels
Bushels
Bushels
Bushels
6,000
368,000
11,000
1,000
24,000
609,000
161,000
55,000
1,000
1,138,000
602,000
15,000
506,000
2,048,000
152,000
5,000
7,000
85.000
25,000
308,000
90,000
7,000
535,000
431.000
27,000
2,308,000
45,000
648,000
2,000
1,321,000
12,000
2,957,000
2,000
858.006
50.000
725,000
18,000 1.344,000
90,000
15,716,000
105,000
4,561,000
324,000 2,564,000
258,000
18,000
400,000
51,000
111,000
14,000
492,000
3,595,000
16,000
29.000
44,000
291,000
2,146.000
437,000
294,000
14,000
79,000
8,394,000 1,283,000 5,605,000 4,139,000
487,000
75,000
29,000
590,000
646.000
694,000
5,252,000
593,000 8.334,000
652.000 3,686,000
757,000
2,951,000
576,000
3,083,000
8,000
175,000
42,000
22,000
26,000
589.000
265,000
4,024,000
193,000
703,000
40,000
100,000
17,000
Total
-Aug.31 1935_ 59,103,000 5,953,000 24,771,000 6,931,000 6,407,000
Total-Aug.24 1936_ 54,601,000 6,246,000 19,254,000 6,961,000 5,417,000
Total-Sept. 1 1934....1l4,981.000 58,006,000 23,739,000 11,61.1,000 9,001,000
* New York also has 144,000 bushels Polish rye in store, and 40,000 bushels
Argentine corn afloat.
x Buffalo also has 82,000 bushels Argentine corn, and 27,000 bushels Argentine
rye in store.
Note-Bonded grain not included above: Barley-Buffalo, 124,000 bushels:
Duluth, 102,000; total, 226,000 bushels, against 259,000 bushels in 1934. Wheat
New York, 95,000 bushels; New York afloat, 314,000; Buffalo, 14,772,000; Buffalo
afloat, 1,341,000; Duluth. 402,000; Erie, 27,000; on Lakes, 150,000; Canal, 1,193,000; total, 18,294,000 bushels, against 9,498,000 bushels In 1934.
Wheat
Corn
Barley
Rye
Oats
CanadianBushels
Bushels
Bushels
Bushels
Bushels
Montreal
11,322,000
580,000
174,000
181,000
Ft. William & Pt. Arthur 48,075,000
976,000
3,629,000 2,366,000
Other Canadian & other
water points
58,467,000
135,000
280,000
268,000
Total
-Aug.31 1935..117,864,000
444:,901039520:00 2,808,000
, 00
0
00
Total-Aug.24 1935..118,669,000
2.793.000
Total-Sept. 1 1934_ _100,462,000
3,233,000
Summary59,103,000 5,953,000 24,771,000 6,931,000
A merican
Canadian
117,864,000
4,090,000 2,808,000
1,691,000
1,547,000
5,399,000
6,407,000
1,691,000
Total
-Aug.31 1935 _176,967,000 5,953,000 28,861,000 9,739,000 8,098,000
Total
-Aug.24 1935_173,270,000 6,246,000 23,356,000 9.754.000 6,964,000
Total-Sept. 1 1934_215,443.000 58,006,000 28,674,000 14,844,000 14,400.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Aug. 30, and since July 1 1935 and July 1 1934, are
shown in the following:
Wheat
Exports
North Amer.
Black Sea__
Argentina._
Australia _ _ _
India
0th. countr's
Total
Week
Aug. 30
1935
Since
July 1
1935
Corn
Since
July 1
1934
Week
Aug. 30
1935
Since
July 1
1935
Since
July 1
1934
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
2,645,000 20,580,000 34,632,000
12,000
1,000
1,328,000 3,808,000
904,000
34,000 2,450,000 1.080,000
1,890,000 21,564,000 34,302,000 4,362,000 57,341,000 49,223.000
1,068,000 12,876,000 16,950,000
216,0081
464,000 6,424,000 4
4,712,0001 918,000 4.703,000 2,519.000
7,395.000 65,252.000 91,716,000 5.314,000 64.495.000 52,834,000
-The
Weather Report for the Week Ended Sept. 4
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 4, follows:
The week was unusually cool east of the Rocky Mountains, except for
a narrow strip reaching from southern Texas eastward to the Atlantic
coast. The relatively coolest weather, 13 degrees subnormal, occurred in
Nebraska and Kansas, but over much of the Mississippi and Ohio valleys,
the Lake region and the Plains States the week averaged from 8 to 12 degrees subnormal. Departures in the East and Northeast were somewhat
smaller, while the Gulf States were about normal. West of the Rockies the
week was warm, with most of the Great Basin averaging from 5 to 7 degrees
above normal, while plus departures were greatest, 11 degrees, in Washington. California averaged about normal.
Numerous frosts were reported during the week, mostly on the 28th,
29th and 30th. On each of these days minima in the low 40's were frequent,
Volume 141
Financial Chronicle
1619
and on the 28th and 30th several stations reported temperatur
es in
Tennessee—Nashville: Only scattered showers middle
308, with 32 degrees at Bismarck, N. Dale., on the 28th. Little the low
rain at close; cool last half. Little change in crops. part, but general
was done, however. West Virginia reported one of the coolest damage
made and some cutting in east; late fair to very good Early corn about
record for the close of August, with frosts in scattered mountainweeks of
Progress and condistricts
dition of cotton fair to good. Early tobacco cutting
on Thursday and Saturday.
general.
Kentuckg—LoWsville: Moderate to heavy rains beneficial. Pastures,
The table shows that rains were moderate to locally excessive along the
field
tomatoes, late forage and potatoes improved.
Gulf and Atlantic coasts, and in
and
tures delayed progress of late corn which was Cloudinessto low temperaOf Kansas and Nebraska. The some central sections, notably in portions
only poor
fair; conditions
largest total reported was 9.4 inches at
generally very good, except poor to fair locally in south
Pensacola, Fla. Scattered heavy rains also occurred in
too dry. Tobacco fairly good growth; ripening delayed. and west where
to substantial falls were reported in Wyoming and NewTexas. and light
Mexico, but in
portions of the Northeast, notably in New York, and in much of the far
West, rainfall was scanty with some Western sections receiving none.
An outstanding feature of the week's weather was
occurred over many central sections from Nebraskathe general rain that
and eastern Kansas
DRY GOODS TRADE
southward and eastward to the central Mississippi Valley. In much of
this area late crops were greatly benefited, especially fcrage, while plowNew York, Friday Night, Sept. 6 1935
ing will be resumed rather generally. Elsewhere rains were helpful in
the Southwest and local areas of the Northwest, but general precipitation
Excessive rains during the larger past of the week inwould still be very beneficial from the western Great Plains westward.
terfered in some measure with post-holiday buying, although
Cool, cloudy weather prevailed over northern and eastern localities, with
a consequent retardation of crops and outside operations in wet sections. . sales figures nevertheless in most
sections
Frosts were reported the middle of the week, over this area, but they were
exceeded last year's record. Seasonal demand equalled or
generally light with only local injury to some tender vegetation in Northcentered in
ern States.
school and college apparel, with 'scattered attention given
Most outside operations made good advance in western districts, with
to home furnishings. While the cooler temperature put,
late harvesting and threshing proceeding under favorable weather,
and some
course, a stop to any further interest in summer clearanceof
plowing being done where soil conditions were favorable.
s,
too dry for the latter operation in the northern Great Plains. It continues
volume buying of fall merchandise has not yet made its
Small Grains—The late-wheat harvest made good progress in Washappearance. Department store sales for the closing week
ington, where wheat is being hauled to market. In Nevada and Oregon
the harvest is practically completed and has been finished in Idaho, except
of August averaged from slightly below to 5% to 10%
in a few districts. Both threshing and harvesting made good progress in
above the corresponding 1934 figures. Sales for the entire
Montana and in Utah this work is well along; in Wyoming the weather
was favorable for threshing but in South Dakota the last of the shock
month in the metropolitan area are expected to approxithreshing has been delayed by dampness. In Minnesota also much remains
mately equal last year's volume, although for some other
to be threshed in wet areas; in Wisconsin this work is nearing completion,
but there is still much to be threshed in southern Iowa. Excellent progress
sections substantial gains are looked for.
was made in threshing both oats and winter wheat in Ohio. In the western
Trading in the wnolesale dry goods markets was very
valleys of Washington oat harvest is at its height,
early fields being
threshed. Excellent progress was made in threshingwith in North Dakota.
active during the earlier part of the period under review.
flax
Considerable plowing was done during the week; in much of New York
With the final removal of the cotton loan uncertainty, and
the soil is too dry to work, but in
eastward to the Atlantic coast good most of the Ohio Valley and thence
under the stimulus of a number of further price advances
progress was made. Plowing
,
hind in some central sections, but recent rains have put the soil inis begood
particularly in the cotton division, substantial orders were
condition in most of the Mississippi Valley and the Plains States.
Considerable winter-wheat seeding was done in New Mexico, where
placed by merchants, partly due to fears that additional
some is up. and seeding has begun in extreme northwestern Kansas. There
mark-ups in quotations may eventuate. Following
are some reports of rye seeding in eastern South Dakota, but portions
of
North Dakota are too dry. In
holiday interruption, business slowed down considerablythe
awaiting more favorable moisture Montana both plowing and seeding are
retail merchants preferred to await consumer response as
conditions.
to
Corn—The unseasonably cool weather that prevailed over most of
fall offerings before taking on further commitments. The
the
corn belt during the week was generally detrimenta
l in retarding growth,
present lull is, however, not expected to prove of long
with warm, sunny weather now needed. General precipitati
on occurred
over central sections and was of considerabl benefit
duration as it is claimed that stocks in many distributive
to
e
In the Ohio Valley progress and condition ranged late corn.
from fair to very
channels are still below normal. Business in silks was
good, although in some localities the present stage
of the crop varies
In this section some corn is expected to be safe from frost damagewidely.
featured by further price advances in greige goods, resulting
by the
15th, while other fields will need a month
or more; warm, sunny weather
from the persistant strength of raw silk. Finished silks
is now generally needed, while rains
would
localities. In Missouri some improvement is be helpful in western valley
were again in active demand, although resistance to the
already noted, following
recent rains, but most corn is very late and will mature only fall the
frosts
higher prices on the part of cloth buyers tended to hamper
are not earlier than normal. In Kansas rains were too late for if
much of the
crop, while improvement was noted
business. While chief interest prevailed in pure
in
already a failure. Late corn was helpedOklahoma, except in parts where
bers, there developed scattered buying of metallicdye numand sunshine to escape frost damage. in Nebraska but it needs warmth
novelties
in connection with the forthcoming silk promotion week.
In Iowa the unseasonably
of corn, which is still mostly cool weather seriously retarded development
Trading in rayon yarns continued active. Shipments during
in hard roasting ears, although some Is well
dented.
August came very close to establishing a new high record
Cotton—Heavy to excessive rains in the eastern cotton belt were
for the current year, and with September production sold
mental early in the week, while beneficial precipitati occurred in detrisome
dry western localities; cool weather was rather general.on In Texas progress
up by most producers, and with silk prices continui
and condition were fair to good, although some deteriorati
ng
display pronounced strength, rumors are again heard to
dry sections of the northeast; picking progressed favorably on occurred in
is practiof
cally completed in the extreme south. In Oklahoma progressand condition
an impending further advance in the prices of both
and
were fair to good rather generally, but
viscose
only
and acetate yarns.
in eastern and southern sections; some bolls rather poor advance was made
were open in southern parts.
In the central States of the
Domestic Cotton Goods—Following the period
fair to good, with bolls openingbelt progress and condition were generally
rapidly, except in mere northern sections,
and picking making good advance.
buying witnessed during the latter part of the of active
In eastern States picking was deprevious
layed considerably the first of the week
week, trading in gray cloths quieted down
excessive rains and
by
some damage to staple was noted; condition heavy to generally fair, howconsidera
remains
although prices held their gains. While the recent bly,
ever, but warm, sunny weather is now needed. In central States of the
belt the weather was moderately favorable for
sales took care of the more urgent needs of buyers, heavy
a few localities, but in eastern sections rains checking weevil activity in
it
and low temperatures were
believed that a considerable portion of fall requirem was
very favorable for their activity.
ents
The Weather Bureau furnished the following resume of
conditions in the different States:
Virginia—Richmond: Weather cloudy and cool; moisture moderate.
Eastern Shore crops luxuriant;
and peanuts good to excellent. southeastern corn, potatoes, truck, pastures
Southern corn being cut, northern unusually
dry. Meadows and pastures dry in north; excellent in south.
North Carolina—Raleigh: Cloudy and
excessive near coast. Rain helpful where cool; rains light to heavy and
not
damage in parts of coastal plain by washing,too heavy but considerable
and standing
corn very good. Tobacco fair to good; mostly housed in east. water. Late
Truck fair
good. Progress of cotton generally poor to fair; condition fair to good. to
South Carolina—Columbia: Continued rains and much cloudiness
retarded cotton picking and hay harvesting, but resumed at close. Excessive
rains middle of week damaged bolls and
somewhat; weather very
favorable for weevil activity; much open.staple
Washing and
Pastures good. Fair, warm weather needed for proper flooding locally.
development of
late crops.
Georgia—Atlanta: Picking cotton slow progress in south and weather
favorable for weevil activity account heavy rains and coolness early
part,
but picking fair to good advance
sections. Mostly favorable
conditions for other crops, except later in all
peanuts rotting many places and some
pecans dropping.
Florida—Jacksonville: Cotton badly deteriorati from heavy rains in
west; condition fair; picking and ginning slow. ng
Corn mAtured. Truck
slow; seed beds mostly good. Citrus light, but holding well.
Alabama—Montgomery:Light showers first of week,then none. Progress
of cotton for week mostly good, but some opening prematurely
sections of west and north and some bolls rotting in wet sections of in dry
limited
extent; condition poor to fair where too dry and fair to very good elsewhere; picking very good advance latter half
week. Corn, vegetables,
pastures and miscellaneous crops mostly doingof
well.
Mississippi—Vicksburg: Light showers at binning and end of week,
otherwise dry. Early Planted and upland cotton opening rapidly and
picking fairly good progress, with ginning rather slow advance. Progress
of late-planted corn very poor to poor in north and central; elsewhere poor
to fair. Progress of gardens, pastures and truck generally poor.
Louisiana—New Orleans: Generally fair, with only
showers. Favorable for crops, harvesting and haymakinglight, scattered
. Progress and
condition of cotton generally good, though only fair in northwest; moderately favorable for checking weevil activity in a few localities; crop opening
rapidly and picking and ginning good progress.
Texas—Houston: Averaged somewhat cool: heavy rains general over
northwest and extreme west and moderate to locally heavy elsewhere.
except in southwest, where none. Progress and condition of cotton mostly
fair to good, but some deterioration reported in dry portions of northeast;
picking progressed favorably and practically completed in extreme south.
Rain benefited crops generally in northwest.
Oklahoma—Oklahoma Cky: Cool, with general heavy rains beneficial
to growing crops and fail plowing. Progress and condition of cotton fair
to good. except rather poor progress in much of east and south: weather
favorable for worm activity in south and east; some open in south, but not
general. Corn improved, except in northern third where mostly a failure;
condition fair in south-central, but mostly poor elsewhere. Pastures, late
feed and minor crop. improved.
Arkansas—Little Rock: Progress of cotton fairly good; blooming freely
and many new bolls; opening rapidly in central and south and some often
in north; picking good advance in south, but slow in north. Progress of
corn poor in most portions, but very good where rains,
remains still uncovered. Meanwhile, the statistical position
of the mills has been markedly improved, and
goods moving in satisfactory volume and thewith finished
outlook for
general business regarded as promising little doubt
that the present lull will soon be followed by another is felt
buying movement.' While surplus stocks have been broad
into during the last buying rush, it was held unlikelyeaten
mills in general would increase operations until prices that
reached a more profitable level. Sheetings, narrow have
and osnaburgs developed moderate activity, with drills
stiffening perceptibly. Trading in fine goods was prices
quiet
but prices remained firm as mills kept fairly
contracts. Moderately increased activitybusy on existing
developed in
combed broadcloths and in carded piques.
in print cloths were as follows 39-inch 808, Closing prices
85
%
39-inch 72-76s,83 c.; 39-inch 68-72s, 7% to 73'c.; to 83c.;
%
38M-inch
64-60s, 63.4c.; 383/-inch 60-48s, 53% to 53/2c.
2
Woolen Goods—Trading in men's wear fabrics
an impetus by the formal opening of spring lines received
and woolen suitings, showing the anticipated of worsted
advances of
73/i to 150. a yard. Initial
orders came fully up
pectations although the present lull in apparel sales to exto cause some hesitancy on the part of. cutters. appears
Demand
for spot merchandise showed a fair improvem
ent,
the reduction of inventories in jobbers' hands. indicating
Business
in women's wear fabrics continued to expand.
particular were again in active demand, with Coatings in
suede types and fancy fleeces attracting most frieze and
attention.
Foreign Dry Goods—Trading in dress linens
and
continued dull but there was a moderate seasonal suitings
pick-up
in the sale of household numbers. Reports
from abroad
also stressed a slightly better call for
handkerc
damask table linens on the part of American hiefs and
importers.
Under the influence of fresh weakness in the
Calcutta market
burlap prices sank to new 1097 levels,
notwiths
reported cut of about 20% in the final jute tanding the
crop estimate
of the Indian Government. The
hesitancy of South
American and European buyers and the
recent decision of
a large Calcutta mill to increase
hours
as the prime adverse factors. Domestic continued to act
were quoted at 4.25c., heavies at 5.65c. ally lightweights
Sept. 7 1935
Financial Chronicle
1620
State and City Department
Specialists in
Illinois & Missouri Bonds
•
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
MUNICIPAL BOND SALES IN AUGUST
Comparative dullness again prevailed in the market for
State and municipal bonds during the month of August. The
few issues of more than ordinary size which were offered
proved easy of sale. lh These included $9,647,000 by the City
of Chicago, Ill., $8,806,000 by the State of Tennessee and
$5,500,000 by the Chicago School District, Ill. In addition,
the Reconstruction Finance Corporation disposed of $6,431,000 New—York City bonds at a sale of Public Works Administration holdings ofgmunicipal issues,which the Corporation conducted on Aug. 29. The totaliamount of bonds
offered by the RFC was $15,208,500, virtually all of which
were sold. The Corporation disposed of the liens on a
sealed bid basis.
The aggregate amount of municipal bonds marketed during the past month was $64,497,718, which compares with
7,468,655 in July and only $27,708,331 in August 1934.
The issues of $1,000,000 or more disposed of,during the
August are detaileil-gr'ewiili:
-ofmonth
due
$0,647,000 Chicago, Ill.,3 % refunding bonds,including $5,000,000
Jan. 1 1953 and callable beginning Jan. 1 1946 and $4,647,000
and callable Jan. 1 1951, awarded to a
maturing Jan. 1 1955
York
syndicate headed by Brown Harriman & Co., Inc. of Newabout
the city of
at arice of 103.699, or a net interest cost topriced the issue of
In re-offering the bonds the bankers
3.14
$5,00&000 to yield 3% to the first optional date and 3.50% thereafter, while the block of $4,647.000 was offered on a yield basis
of 3.05% to the first call date and 3.50% thereafter.
(State of) 3, 331 and 4% bonds, including $6,056,8,806,000 Term
000 for refunding bonds, all maturing from 1937 to 1946 incl.,
York
purchased by the Chase National Bank of New been and assonegotiated
ciates at a price of 100.03, the financintg having
at a net interest cost of 3.19%. These bonds,
by the State
irrespective of coupon rates, maturing from 1937 to 1945 incl.
were re-offered to yield from 1.50% to 3.10%, while $1,950,000
3s of 1946 were offered at a price of 99.75.
6,431,000 New York, N. Y., 4% various purposes bonds, due serially
from 1936 to 1963 incl., were awarded by the Reconstruction
Finance Corporation to the Chase National Bank of New York
and associates at a price of 103.11. The bonds were originally
from the city
purchased by the Public Works Administrationby
the bankers
at a price of par. Public re-offering was made
at prices to yield from 1% to 3.90%, according to maturity.
bonds. due
5,500,000 Chicago, Ill., Board of Education 34% refunding a group of
Jan. 1 1955 and callable Jan. 1 1946, awarded to at a price
Chicago banks headed by the First National Bank
of 102.18, a basis of about 3.33%. The banks publicly offered
the issue at prices to yield 3.15% to the first optional date and
3.50% thereafter.
disposal bonds sold by the Recon2,534,000 Cleveland, Ohio,4% sewage
headed by
struction Corporation ta an account $1,394.000,Halsey, Stuart
maturing from
& Co., Inc. of New York as Pilows: a price of 101.365,a basis
1942 incl., were disposed of at
1936 to
81,140,000, due from 1935
of about 3.59%. while the remaining
of about
to 1958 incl., brought a price of 100.565, or a basis to yield
3.94%. Re-offering was made by the bankers at prices
from 2% to 3.90%, according to maturity.
School District
2,505,000 Los Angeles County, Calif., 4% City High by the Reconbonds, due serially from 1936 to 1956 incl., sold
National
struction Finance Corporation to the Ang16-California101.65, a
Bank of San Francisco and associates at a price of to
yield
Publicly re-offered at prices
basis of about 3.79%.
from 1% to 3.70%. according to maturity.
bonds, including $1,200,000
2,400,000 Grand Rapids, Mick., refunding and $1,200,000 3s, due from
330, due from 1936 to 1940 incl.
'
1941 to 1945 incl.. awarded to a syndicate headed by Lehman
Bros. of New York at a price of 1001.039. or a net interest cost
to the city of 3.13%. Re-offered at prices to yield from 1%
to 3.20%, according to interest rate and maturity of bonds.
due serially from 1941 to
1,750,000 St. Louis, Mo., 24% relief bonds, 1 1940, awarded to an
1945 incl.. optional on or after Sept.
account headed by the Boatmen's Nations: Bank and the Mississippi Valley Trust Co., both of St. Louis, at a price of 100.11,
a basis of about 2.72%.
3.10% relief and
1,910,000 Buffalo, N. Y., bonds, including $1,150,000from 1936 to 1945
general improvement issues, maturing serially
Inc. of New York and asso&
incl., sold to Halsey, Stuart
Co..
ciates at 100.05, a basis of about 3.09%, which also purchased
a $760.000 33j% water supply issue, due from 1936 to 1955
The entire
incl., at a price of 100.05, a basis of about 3.24%. at prices to
$1,910,000 bonds were re-offered by the bankers
according to maturity.
yield from 0.80% to 3.25%.
Although market conditions for the sale of municipal
bonds have been rather consistently favorable, our records
disclose that each month there are a number of municipalities
which fail to dispose of their issues. Such failures, however,
are usually few in number. This was particularly true during the month of August, although it should be noted that
there were not many new issues offered for sale in that
period. The number of issues unsuccessfully offered during
August was 12, representing bonds having an aggregate par
value of $3,027,768. They are listed herewith, together
with the page number of the "Chronicle" where an account
of the abortive offering appears; also the rate of interest
named by the prospective borrower, amount of, the_loan
and the reason given for the non-sale.
RECORD OF ISSUES THAT FAILED OF SALE DURING AUGUST
Report
Amount
Int. Rate
Name
Page
$249,000 Postponed
4%
1 28 Bridgeton, N. J
not exc. 5%
$86.000 Bids rejezted
aBerlin, N. J
962
150,000 Sale canceled
6%
• 1478 Canton. Ohio
2019.768 No bids
434%
1631 Euclid Ohio
43,000 No bids
S. Dist., Ind_not exc. 45i%
958 Indianapolis
1136 King Co. S. D. No. 195,
72.000 No bids
not exc. 6%
Wash
25,000 No bids
4%
1632 Kingston Twp. S. D.,Pa_.
237.000 Sale canceled
not exc. 5%
962 Maywood, N. J
100,000 Sale postponed
4%
1127 bSeaford, Del
1311 cShadyside Exempted Vil25,000 Sale postponed
4 %
lage Sch. Dist., Ohlo
11,000 Bids rejected
not exc.6%
1479 bVici, Okla
1129 Wichita Municipal Uni10,000 Not sold
versity, Kan
2.4%
a New bids are being received on Sept. 16. lo Date of sale changed to
Sept. 26. c Date of sale changed to Sept. 6. d New bids being received
until Sept. 9.
Temporary financing by States and municipalities in the
month of August was negotiated on a rather small scale, as
compared with the widespread activity which prevalied in
this field in previous months of 1935. The volume of issues
placed in the month just ended amounted to only $35,973,000, of which $26,000,000 was contributed by the City of
New York.
Canadian municipal long-term financing in August was
featured by the underwriting in the United States of an issue
of $76,000,000 Dominion of Canada 2%% bonds. The loan
was brought out by the First Boston Corp. of New York and
associates and offered to investors at a price of 97.75. The
bankers paid the Dominion a price of 96 for the issue. The
bonds mature Aug. 15 1945 and are callable in whole or in
part, at par and accrued interest, on and after Aug. 15 1943.
Of the proceeds of the financing, the Canadian Government
used $50,000,000 to pay off a like amount of 2% notes
which were payable in lawful money of the United States on
Sept. 1 1935 and applied the balance of $26,000,000 to the
redemption of an equal amount of 4% Canadian National
Railway Co. bonds which were called for payment on Sept.
15 1935. The bankers reported rapid re-sale of the bonds to
investors.
The Dominion award of $76,000,000 augmented the total
sales of Canadian municipal bonds in August to $94,706,000,
the remaining $18,706,000 having been offered only in
Canada.
There was no United States Possession financing negotiated
during the month of August.
A comparison is given in the table below of all the various
forms of securities placed in August in the last five years:
1935
Prem.loans (U.S.). 64,497,718
•Temp.loans(U.S.) 35,973,000
Can. loans (perm't):
Placed in Canada_ 18,706,000
Placed In U. S..._ 76,000,000
None
Bonds U.S.Posens.
None
Gen.fd.bds.
(N.Y.C.)
1934
1933
1931
1932
27,708,331 41,602,539 37,839,967 74,963,933
56,371,500 33.224,575 72,249,945 69,694,400
101,116,500 a85.598,475
50,000,000
None
None
None
None
None
4,367,954
2,000,000
None
None
1,516,688
None
None
None
195.176.718 235,196,331 160.425,589 116,457,866 146,175,021
Total
•Including temporary securities issued by New York City: $26.000,000 in August.
1935; 838,300,000 in August, 1934; 814,829,055 In August, 1933; $42,550,000 in
August, 1932; $28,000,000 In August. 1931. a Including $66,503,000 placed In
London.
The number of places in the United States selling permanent bonds and the number of separate issues made during
August 1935 were 256 and 282, respectively. This contrasts
with 279 and 339 for July 1935, and with 196 and 234 for
August 1934.
For comparative purposes we add the following table
showing the aggregates for August and the eight months for
a series of years. In these figures temporary loans, New
York City's t'general fund" bonds and also issues by Canadian municipalities are excluded:
1935
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
For the
Month of
8 Months
August
864,407,718 $751,976,835 1912
642,092,065 1911
27,708,331
298,422,720 1910
41,602,539
594,140,739 1909
37,839.967
74,963,933 1,022,918,595 1908
975,963,112 1907
98,068,445
836,370,593 1906
80,872,773
928,136,644 1905
68,918,129
92,086,994 1.060,936,272 1904
909,425,840 1903
71,188,428
980,196,064 1902
83.727,297
108,220,267 1,014,088,919 1901
709,565,710 1900
58,987,954
819,077,237 1899
89,375,996
665,366,366 1898
94,638,755
439,355.455 1897
59,684,048
448,030,120 1896
59,188,857
213,447,413 1895
38,538,221
346,903,907 1894
32,496,308
346,213,922 1893
25,137,902
389,789.324 1892
22,970,844
394,666.343
10,332,193
262,178,745
19,801,191
Month of
Auoust
$15,674,855
22,522,612
14,878,122
22,141,718
18,518,046
20,075,541
18,391,587
8,595,171
16,124,577
7,737,240
10,009,256
15,430,390
7,112,834
5,865,510
25,029,784
6,449,536
4,045,500
8.464,431
7.525,260
2,734,714
4.408,491
For the
8 Months
$292,443,278
288,016,280
213,557,021
249,387.880
208,709,303
144,171,927
131,196,527
187,220,986
102,983,914
108,499,201
84,915,945
93,160,542
87,824,844
76,976,894
97,114,772
52,535,959
80,830,704
82,205,489
37,089,429
57.430,882
In the following table we give a list of August loans in
the amount of $64,497,718, issued by 256 municipalities.
In the case of each loan reference is made to the page in the
"Chronicle" where accounts of the sale are given:
Volume 141
Financial Chronicle
1621
Page
Name
Rate Maturity
Amount
Price
Basis
1473 Abilene, Kan
2X
r10,500 101.107
147.5 Ada, Minn
3% 1936-1951
42,000 100.73
3.15
1479 Ada, Okla
1
38,500
960 Alcona County, Mich
4% 1936-1939
r16,000 100
4.75
1307 Alpha, N. J
5
Dealer Markets
1940-1954
r68,000 100
5.00
1474 Annapolis Met. Sen. Comm, Md_4
1937-1955
287,000 100.35
3.47
1481 Arlington County. Va
4
1940-1953
800,000 104.50
3.65
1314 Arlington Scw. Dist., Wash
4
88,000 100
4.00
1311 Athena. Ore
3.34 d1945-1955
15,000
964 Barnes County, N. Dak
40.000 100
INCORPORATED
1474 Battle Creek, Mich
4
1936-1958
92,000 101.75
3.80
Union Trost Bldg. 1
1477 Beaver Falls Water Dist., N. Y_.334 1937-1965
DIRECT
One Well Street
30,000 100
3.50
1304 I3enewah County, Ida
CLEVELAND
23
JI
r30,000 100.083
WIRE
I,
NEW YORK
1129 Benton Harbor, Mich
3% 1938-1945
60,000 100.40
1131 Bergen County, N. J
334
184,000
1129 Biddeford, Me
3%
7'165,000
_
Page
Name
1132 Binghamton, N.Y.(2 issues).- _ f 1.60
Rate Maturity
Amount
1-9 yrs.
Price
45,0001 100
Basis
1.60
1471 Los Angeles County, Calif
4
1936-1956 2,505,000 101.65
11.60
1-5 yrs.
37,0001
3.79
959 Louisville, Ky
1304 Bloowington, Ill
1965
234
50,000 100.10
r60,000
2.74
1482 Loyal, Win
1304 Bogard School Twp., Ind
4
1936-1943
23,000 102.50
4
1936-1956
r15,000 102.26
3.72
3.40
1128 Luana Cons. Sch. Dist., Iowa ..234 d5-10
1476 Bridgeton, N. J
years
11,000 100.045 2.49
4
1936-1960
249,000 100.64
3.95
1311 Lucas County, Ohio
967 Briscoe Co. Rd. Dist. No. 6, Tex_5
33( d1942-1950 1284,000 100.165 3.22
1936-1955
10,000
1308 Luna County, N. M
963 Brookhaven S. D. No. 12, N. Y__4.20 1937-1964
334 1-10 years
r09.000 100.570
43,000 100.17
4.18
960 Lynn, Mass
1477 Buffalo, N. Y.(2 issues)
f2
1936-194060,0001 100.315 1.92
3.10 1936-1945 1,150.000 100.05
.
3.09
1477 Buffalo, N. Y
12
1936-1950
25,000f
3.14 1936-1955
760,000 100.05
3.24
958 Madison School Twp., Ind
962 Butler, N. J
4
1936-1942
7,500 104.01
4
1936-1960 r465,000
2.77
1477 Malverne, N. Y
1309 Caburrus County, N. C
434 1936-1939
15,000 100.18
334 1937-1955
23.500 101.489 3.11
4.17
963 Maplewood Twp., N. J
1136 Calumet County, Win
2
1936-1940
3
137,000 100.68
1946-1948
100,000 106.511 2.25
1.76
1304 Marengo, Ill
1306 Cambridge, Mass
434 1936-1951
30,000 100
100.000 100.285 1.15
134 1936-1940
4.25
959 Martinsville, Intl
964 Camden, Ohio
234 1937-1948
12.163 100.09
10.000 100.53
334 1936-1945
2.49
3.15
1473 Marshalltown, Iowa
1306 Canton, Mass
234
9,000 100.583 --134 1936-1940
20,000 100.01
1.24
959 Maryland (State of)
1134 Carlton, Ore
3
1938-1950
100,000 109.81
20 years
r11,500 100.21
1.87
3.67
1481 Matagorda County, Tex
1475 Centralia School District, Mo_ _ 334
434 1936-1961
_
200,000
19 500 100.61
1132 Mayfield, N. Y
1127 Chatsworth. Ga
4
1936-1940
4' 1938-1961
2.500 100
12,000 104.80
4.00
3.57
965 Medina County, Ohio
957 Chicago, Ill
4
1936-1945
59,000 100
334 1953-1955 r9,647,000 103.699
4.00
1474 Mercer County, KY
1127 Chicago, Ill
1950
434
d70,000
334 d1946-1955 r5,500.000 102.188 3.33
1133 Mercer County, N Dak
1127 Cicero, III
20
-years
434
r74,000
935,000
961 Mexico, Mo
1312 Clarendon County, S. C
88,000
5
1936-1955 r106,000 100
5:65 1130 Midland, Mich
1127 Clayton, Del
13 1 1936-19541
4
99,000) 100.08 -2E9O
1940
r41,000 102.43
3.49
1478 Cleveland, Ohio
12% j
1
52.000
4
1936-1942 1,394,000 101.36
3.59
1473 Milltown Civil Twp., Ind
1478 Cleveland, Ohio
4
1936-1955
4,640 100
4
1935-1958 1,140,000 100.56
4.00
3.94
961 Minneapolis, Minn
1473 Clinton County. Ind
2.20 1937-1953
180,000 100.10
2
1936-1945
90,000 100.085 1.99
2.19
1475 Minneapolis, Minn
1128 Clinton County, Iowa
2.90 1938-1965
600,000 100.58 ---234 1945-1949
75,000 100.693 2.68
1475 Minneapolis Minn
962 Cohagen High Sch. Dist., Mont_ _4
2.90 1936-1965
40,000 100.50
d5-20 yrs.
8,000 100
4.00
1305 Mitchell County, Kan
1308 Collingswood, N. J
15,000 101.71 309,000 100
434
277i
4.50
1136 M inahans School District, Tex. 23.4 1936-1945
1129 Colon, Mich
4
56,250
10,000
1476 Montclair, N. J
956 Columbus, Ga
3
1-25 years
78,000
4
1936-1938
r4,000 102.737 2.11
1305 Montgomery County, Md
1311 Columbia Co.8. Dist. No. 3,
232,500 100
r31,500 100.0008 _-_Ore.334
3:55
1473 Monticello Sch. Dist. No, 25, III_ 334 1938-1946
1133 Columbus, Ohio
__ 1937-1946
25,000 102
504,600 109.02
3.67
_ _1303
Ark
1478 Columbus, Ohio
4
1938-1964
4
1940-1943
55,000
460,000 103.25
3.34
959 Muncie Sehool City, Ind
1310 Continental, Ohio
3
1946-1947
30,000 100.86
5
1937-1946
5,000 100
2:50
5.00
1312 Mutiny, Pa
1471 Conelos Co. Cons. School Dist.
234 1940-1955
r32.000 100.706 2.44
961 Muskegon Sch. Dist., Mich
No. 1 Colo
334 1948-1949
r10,000 100.19
4
1940-1953
15,500
3.48
1134 Nanticoke, Pa
1479 Corvallis. Ore
3
1938-1943
60,000 100.40
&3
1938-1950
26,000 100.07
2.92
1481 Nashville, Tenn
1478 Coshocton County. Ohio 234
3
1936-1965
400,000 100.1877 2.98
134 1937-1938
14,800 100.053 1.73
955 Navajo County, Ariz
1474 Covington, Ky
434 1941-1956
32,000 102.39
1943-1944
4.28
15,000 100.53
New Braunfels, Tex
1305 Crown Point, Ind
4
1936-1948
r405:00008
4
4
98,000
---1313 New Dl High S. D.No.3, Tex
ea
1471 Cypress School Dist., Calif
434
1-15 Yrs.
38,000 101.06
4.10
965 New Miami, Ohio
1473 Decatur, Ill
3
1936-1945
20.000 100.42
334 1943-1944
r50,00
0 100
3.5
0
1481 Newport School District, Wash.
958 Des
Ill
.4
70,000
434 1945-1961
57,500
963 Newton School District. N. J
1477 Depew, N.
Flames,.(2 issues)
43( 1936-1955
115,000 100
5
1936-1939
-2- :i
:i
4:
34,618 100
5.00
1478 New York, N. Y
1304 Dietrich Highway Dist. No.5,Ida.4
4
1936-1963 6,431,000 103.11
21,000 100
4.00
1312 Ninety-Six School District, S. C..4
1228 Dighton, Kan
1936-1955
35,000 100.542
4
1936-1945
18,000 100
4.00
1312 North Irwin, Pa
1126 Douglas Co. H.S. Dist., Colo
3X 1937-1948
_3
12,000 100.85
1-10 yrs.
3.5i
55,000 100
3.00
964
962 Dover, N. J
4
1936-1939
4
3,200 100
1936-1945
4.00
307,000
965 Oak Hills, Ohlo
1304 Du Page County, III
5
1936-1958
22,000 100.176 4.98
3
1936-1945
r77,000 100.029 2.99
1473 °Tenon. III
1127 Du Page Co. Forest Pree've D.,111.3
434
r105,000 100
1936-1945
4.25
70,000 100.79
2.85
1304 Oneida County, Idaho
1308 Eastchester Union Free School
4X 1937-1947 r100.000
1306 Owosso, Mich
District No. 1, N. Y
33( 1937-1949
30,000 100.773 3.39
3.70 1954-1964
100,000 100.311 3.68
1473 Paris School Dist.. RI
1473 East St. Louis Park Dist., Ill
2X 1-10 yrs.
__ 1938-1945
35,000 100
2%
600,000 103.09
1128 Parke County, Ind
1312 East Norwegian Twp.S. D., Pa_ _3% 1936-1959
3
1936-1945
40,056 100.51
2.89
r105,000 100.219 5
4
:
.75
1476 Parsippany-Troy Hills Twp., N.J.5
1477 East Rockaway, N. Y_
1936-1938
67,000 100
434 1936-1940
5.00
5,000 100.06
48
1473 Parsons Kan
959 Eddyville, Ky
2%
4
4.000 100.51
52,000
1128 Pekin Park District, 111
1308 Edwards Union Free School Dis2% 1936-1955
60,0)0 101.55
1135 Penn Twp. S. D.,Pa
trict No. 1, N. Y
3
1936-1955
334 1937-1964
50,000 101.776 - :ie
57,000 101.013 3.41
2
1476 Pequannock Twp,,
1127 Elgin, Ill
4
N. J
1936-1949
1234 1938-1946
70,000
123,0001 100
2.30
1136 Petersburg, Va
)234 1947-1955
1965
3%
195,000
229,000)
98.56
3.62
956 Pierce Jt. Un. H.S. D.,calif
1313 El Paso, Tex.(2 issues)
434 1936-1955
100,000 100.029 4.24
434 1936-1953 r152,000 100
4.50
1312 Pittston, Pa
966 Eugene, Ore
4
1938-1955
180,000 100.69
334 1937-1946
190,500 100.37
3.67
3.92
1305 Plymouth, Ind
1127 Farmington, Conn
3
2
1936-1956
18,500 100
40,000 100
3.00
2.00
1473 Plymouth County. Iowa
957 Filer Highway District, Ida
234 1937-1940
25,000 100.92
rlOt),000
1304 Pocatello, Idaho
1129 Fitchburg, Maas
1940-1955
134 1936-1945
150,000 100.472 iii
27,000 103.747 iii
965 Pontotoc County Union
1312 Forks Twp. School District, Pa
Graded334
.334
40,000 101.599
Sch. Dist. No. 2, Okla
1474 Farmingham, Mass
1
1936-1937
3-5 yrs
18,500
50,000 100.27
1306 Port Huron, Mich
1480 Franklin Twp., Pa
4 d1937-1941
3% 1937-1950
7,000 100
20,000 100
Pi 1312 Portland, Ore
00
3.50
1129 Fremont, Mich
30,000
405,000
1131 Portsmouth, N. H
1303 Frinta Union H. S. Dist., Colo_ _4
234 1936-1
1995655
80,000
64,000 101.064 2.38
1135 Prospect Park, Pa
1936-1950 r188,000
3Si
15,000 101.25
3.19
1129 Quincy, Mass
1481 Galveston County, Tex
1 2 1936-1951
4
2
1936-1945
r200,000 100.44
125,000 100.537 1.91
967 Ripley, Tenn
3%
1936-1953 r114,000
4y( 1944-1953
r63,000 101.99
4.06
955 RLson Cons. S. D. No.36.
1473 Gary, Ind
4
1945
r25,000 102.28
35,500
3.72
1308 Rochelle Park Twp., N. Ark_
1307 Gilbert Sch. Dist. No. 18, Minn 3
1941-1953 r124,000 100
1936-1959 r359,000 100
5
3.00
5.00
1306 Rochester S. D. No.5, J
1133 Grand Forks, N. Dak
Mich
1937-1965
246,000 100.05
55,000-3.99
1475 Rochester, Minn
1306 Grand Rapids, MiCh
1941-1945 r1.200,000 100.039 3.13
3
1936-1940
35,000
1479 Rocky River, Ohio
1936-1940 11,200,0001
R34
5h 1939-1945 2.174.000 100.523 5,66
1490 Rostraver Twp.8.
1472 Grangeville, Ida
334 d15-20 yrs.
D..
3
1938-1942
r23,000f 101.63
46,000 100
3.00
3.36
1131 Saddle River Twp., N.Pa
1481 Greenwood, 8. C
4
J
1936-1952
131,000 100.67
5
1936-1938
r3,000 100
3.93
5.00
1481 St. Albans. Vt
1481 Gregory County. S. Dak
5
1938-1953
3
80,000 100
% 1950-1953
12,000 100.125 3.49
5.00
1475 St. Louis, Mo
1480 Grove City School District. Pa_ 2X 1936-1948
234 1941-1945 1,750,000 100.11
37.000 101.29
2.74
2.51
957 St. Merles, Idaho
1132 Guilford Co., N. C
)1940-1960).
4%
r87.0001 100.258
r48,000
_
1471 Santee S. D., Calif
33(
5
{3"
2,500 101.26
r68,000f
I
961 Ste. Genevieve S. D., Mo
1131 Haddon Heights, N. J
434 1940-1957
414
55,000 102
r43,000 100
1-20 yrs.
3.76
4.50
1130 St. Joseph, Mo
1127 Hamilton County, III
4
1937-1950
2X 1940-1955 7'120,000 100.252 3.73
83,000 100.20
3.97
1130 St. Paul, Minn
1474 Hardin County, KY
1949
434
30,000 100
234 1938-1965
254,000 100
2.25
4.25
1480 Salem, Ore
959 Harlan Indep. Sch. Dist., Iowa.._2 X
1936-1945
78,000
160,000
966 Harrisburg, Ore
4
1940-1944
2)4 1936-1945
137,000 100.057 2.92
r2,500 104
3.35
958 Harrison School Twp., Ind
5
1936-1949
3% 1946-1950
83,000
43,000 106.45
4.05
966 Salem, Ore. (2 issues)
1476 Hartington, Neb
4
1
1936-1937
23,000
16,000 100
4.00
1306 Haverhill, Mass
3. 1938-1941
52,000 102.322 2.83
35,000 100.65
2.19
Hempstead Union Free School Dis-234 1936-1945
1477
1942-1945
60,000
1303 San Francisco, Calif
trict NO, 21, N. Y
3.20 1937-1945
1939-1945
'556,000 100.071 ____
45,000 100.13
3.17
1130 Hennepin Co. Indep, School Dis3
1946-1971
194.000
1473 Sedgwick County, Kan
trict No. 24, Minn
234 1941-1945
100,000 100.16
125,000
2.22
1474 Sheffield, Mass
1475 Highland Park Sch. Dist., Mich .234 1938-1943
134
15,000 100.02
180,000 100.286 2.44
1479 Shelby County, Ohio
1136 Hillsville, Va
334 1935-1938
12,500
8,600
1311 Shawnee, Okla
1481 Hockley County, Tex
5% 1937-1955
46,000
155,000
969 Sheridan S. D., Wyo
962 Hohokus, N. J__.
4
434 1939-1940
r10,000 100.27
24,000
4.18
967 Sioux Falls, S. Dak
1311 Holgate School District, Ohio-...6
4
1947-1964
42,900
141,000 108.58
3:41
967 Sioux Falls Ind, S. D.,S. Dak_ _4
1303 Hot Springs, Ark
434 1938-1945
1943-1954
86,500 106.83
399,000 110.12
3.10
3.39
1482 Skagit County, Wash
1135 Howard Indep. S. Dist., S. Hoak_ __ 1937-1946
4
1955
15,000 100
12,000 100
4.00
---1314 Snohomish County S. D. No. 324,
1132 Hudson, N. Y
4
1940
5,000
Wash
1128 Hutchinson, Kan
234
1-10 yrs.
4
1954
60,000
88,000 100
4.00
1473 Spring Valley, Ill
Inman School District, Neb
1130
434 1938-1947
18,000
15,000 100
4.50
1130 Stanberry, Mo
1128 Iowa City, Iowa
150,000
40,000 100.375
1310 Stanton, N. Dak
1136 Jefferson county, Tex
334
r129,000
434
r74,000
1423 Stanton Twp., Ill
1132 Johnson City, N. Y
3
1937-1940
9,229 100
27,000
3.00
1473 Sullivan County,Ind
1476 Joplin, Mo
334 1936-1941
15,000
25,000 100.124 3.21
1308 Taos, N. Max
1473 Ka1113118 city, Kan.(3 issues)
234 1936-1945
534 1936-1955
101,847 101.06
60,000
___
1132 Tarboro, N,C
1304 Kenilworth, III
4
1937-1969
4
53,000 100
4.00
r84,000.___334 1942-1943
956 Kent County, Del
3
1937-1944
400,000 100.21
r356,000
1480 Kittanning S. D., Pa
334 1940-1965
1943
334
30,000 105.44
50,000
3.07
1313 Tennessee (State of)(6 issues)... 4
668 Hittites Co.S. D.No.38, Wash_ _4
1937-1939
30,000 100
750,000 100.03
__
3.19
1480 Klamath Co.Sch. Dist. No. 1,Ore. _. 1942-1950
334 1940-1942 r3,200.000
125,000 10
1312 Kutztown, Pa
3
1940-1947
16,000 100
17.6i 0.073% 1944-1945 r2,500,000
961 La Crescent, Minn
4
3
1936-1945
1946 1,950,000
10,000 101
3.81)
1134 The Danes, Ore
958 La Grange County, Ind
1936-1945
234 1939-1941
40,000 100.635
7,800 100.17
2.71
1475 Todd County 8, D. No,51, Minn_3
1312 Lake Co. Sch. Dist. No. 7, Ore-4
1937-1951
15.000 103.09
r30,000 100
3.60
3.00
1478 Truxton, Solon, Preble, Cuyler &
1131 Landis Township, N. J
434
275.000
.
Homer S. D. No. 6, N.Y
1303 La Plata Co. S. D. No. 9, Colo_ _3
4
1936-1963
95,000
89,000 103.06
3.71
966 Upper Chichester Twp. S. D., Pa_4
1477 Latham Water Dist., N. Y
4
1940-1964
1936-1962
179.000 100.41
33,000 108.519 3.34
3.97
1307 Lincoln County, Nev
4
1936-1945
30,000 100.26
200,000
966 Linn Co.Union H.S. D.No.6, Ore.3
1937-1950
1936-1945
28,750 100.18
100,000
2.98 1478 Utica, N. Y.(5 issues)
966 Linn Co. Sch. Dist. No. 41, Ore 3
2.20 1936-1940
1937-1951
14,750 100.18
94,908 100.19
2.18
2.98
1312 Little Compton, R. I
234 1936-1943
1936-1945
15,000
19,807
2.01
1132 Long Lake Fire Dist. No. 1, N. Y_3.90 1937-1943
1936-1945
12,500 100
10,000
3.90
1136 Val Verde County,Tex
5
15,000 105.67
MUNICIPAL BONDS
WM. J. MERICKA•& • CO.
..968
Price Basis
Amount
Rule Maturity
15,000 108.02
5%.
38,000 107.419
1-13 yrs.
5%
1:66
110,000 100
4
8,000
f534 1938-1945
9,000
1534 1946-1954
1478 Washington School District No.
4,000
334 1937-1951
N. Dak
60,000 100.86
2341 1936-1945
960 Waltiaam, Mass
106,000 100.47
1937-1950
4
1473 Wayne County, Ill
50,000 104.154 2.47
1941-1950
3
20,000
_
1304 Watselsa Sch. Dist. No. 69, Ill
50,000 100.12
234 1936-1945
Wayne County, Ind
1128
10.000 102.85 3.08
1936-1941
4
1128 Wayne Twp. Ind
45,000
334
1135 West Warwick, R.I
116
4,800 100
1936-1955
Run Tvrp. S. Dist., Ind.4
959 Whiskey
420,000 103.26 1.87
214 1936-1945
1304 Wilmington, Del
65,000 102.90
254 1936-1943
956 Windham, Conn
1309 Williamstown Union Free School3 30 1936-1949
14,000 100.09 3.28
District No. 1, N. Y
r60.000 101.85 3.78
1-20 yrs.
4
1474 Winchester, Ky
20.000 106.40 3.67
1936-1945
5
959 Winfield Twp., Ind
60,0001 100.0439 3.64
1936-1945
4
1310 Wilson Co., N. C.(2 issues)_ _ _ 3.334 1946-1955
61,000f
330,000 100.76 1.60
151 1936-1945
960 Worcester, Mass.(2 issues)
, coverTotal bond sales for August (156 municipalities
504,497,718
ing 232 separate issues)
in the later years.
and during the earlier years and to mature and municipalities
d Subject to call in
or loans to States
k Not including E35,973,000 temporary loans bonds.
by Federal Government agencies. r Refunding
Page
1136
1481
961
1311
Name
Val Verde County,Tex
Vernal, Utah
Verndale School Dist., Minn
Watonga, Okla
the month of
The following item included in our total for We give the
the
July should be eliminated from papersame.
in which reasons for
page number of the issue of our
this elimination.may be found:
Maturity
Rate
Name
Page
_
1136 Thurston Co.S. D.No.310, Wash
Amount
8,000
Price
Basis
sales for
We have also learned of the following additional
previous months:
Price Bast,
Maturity Amount
Name
Page
959 Minneola, Kan
1480 Rostraver Twp. S. D., Pa
965 Wellington, Ohio
Rate
434 1936-1942
1938-1942
3
1936-1945
4
r11,000 100
r46,000 100
7,500 101.12
4.50
3.00
3.76
for July.
All of the above sales (except as indicated) aresales (not
additional July issues will make the total
These
including temporary or RFC and PWA loans) for that month
$87,468,655.
DEBENTURES SOLD BY CANADIAN
Rate
Name
Page
334
969 Brantford, Ont
234
(Dominion of)
1136 Canada
234
1136 Canada (Dominion of)
4
1314 Digby, N.S
314
(Prov. of)
969 Manitoba
434
1314 North Sydney, N. S
3
1482 Nova Scotia (Prov. of)
2
1314 Ontario (Prov. of)
434
1314 Preston, Ont
3%
N. B
1482 St. John.
334
1482 Sherbrooke, Qua
334
1482 Sherbrooke, Que
4
1136 Three Rivers, Qua
Totallong-term Canadian debentures sold
MUNICIPALITIE3IN AUGUST
Price Basis
Maturity Amount
155,000 98.53 3.77
1-10 yrs.
1943-1945 d50000000
1943-1945 rd26000000
30,000 101.41 3.90
20 years
3.99
1946-1945 d4,000,000
25,000
1955
73,817.000 98.57
1950
10,000,000 ,.
1938
27,600 103.36 1.6
1936-1955
107,100 101.17 3.35
1936-1955
85,000 97.27
1936-1955
320,000 99.72 -1-8 yrs.
13),300 96.28 71.L5
1936-1975
In August- 594,706.000
PUBLIC WORKS ADMINISTRATION
-The following
Report on Allotments Approved by President a press release
with
statement was issued in conjunction by the above named
(No. 1566) made public on Sept. 3
Federal agency:
non-Federal construction
more local
The President has approved eight
and WisIndiana. New Jersey, Texas S704,364.
projects in the States of Arkansas.
grants totaling
the applicants requested loans and by the Advsiory Comconsin for which
d to the President
These projects were recommende
mitte.e on Allotments.
45% of the estimated cost of all proGrants totaling $696,364 to cover by the President, and the money has
jects in this list have been approved Administration, which will handle all
been allocated to the Public Works contracts, supervising construction
details of drawing up the necessary
grants will be paid out of the new Worksand disbursing funds. The
applicants also reRelief appropriation.
projects announced to-day the of the cost of their
On five of the eight
cover the remainder
for these loans now
quested loans totaling $98.000 to
grant of 45%. The applications
that
projects above the
and will be made by PWA if it is found
are under study by the PWA bonds that will qualify as reasonable security.
the applicants are able to offer ths other three projects announced to-day
for
in the cost
The applicants for funds
can finance the
requested grants only, stating that they
a Government loan.
qualifying
of their projects without the aid of
the interest rate will be 4% and the for public
Where PWA loans are made
the old appropriation
borrowers will receive their funds from
operation of the PWA
or from funds derived from
works construction
revolving fund.
projects:
Allotments were announced for the following ofProject
Nature
Allotment
$32,727 (L. & G.)
54,545 (L. & G.)
Gloucester, N.J
Greendale, Ind. (no loan
35,385 (G.)
requested)
40,000 (L. de G.)
Hartford, Kan
NameDierks, Ark
Sewer syetm and sewage
treatment plant.
Water system improvements.
Sewer system construction.
Sewer system and disposal
plant.
Houston, Tex. (no loan
ious sewer projects.
403,785(G.)VarSewer system construction.
requested)
27,272 (L. & G.)
Hughes, Ark
loan
Kaujauna, Wis.(no
Sewers and sewage treatment.
168,750 (G.)
requested)
system.
31,900 (L. & G.) Water
Patoka. Inn
-The following
Additional Allotments Approved by President Federal funds
on additional loans and grants from on Sept. 4:
statement
was made by the Public Works Adnunistration
non-Federal construction
local
The President has approved 46 more
Delaware, Georgia, Illinois,
projects in the States of Alabama, Arkansas,
Minnesota, Mississippi,
Indiana,'Iowa, Kentucky, Maryland, Michigan, Dakota, Ohio, South
New York, North Carolina. North
New Jersey,
and Washington for which the appliCarolina, Tennessee, Texas. Virginia,
S3,783.118. These projects were
cants requested loans and grants totaling
the Advisory Committee on Allotments.
recommended to the President bycover 45% of the estimated cost of all
Grants totaling S2,066,618 to
the President, and the money
projects in this list have been approved by
will handle all details of drawing up
has been allocated to the PWA. which construction and disbursing funds.
the necessary contracts, supervising Works-Relief appropriation.
The grants will be paid out of the new
the applicants also requested
On 23 out of the 46 projects announced
remainder of the cost of their projects
loans totaling $1,727,500 to cover the
under
The applications for these loans now are appliabove the grant of 45%.
PWA if It is found that the
study by the PWA and will be made by
security.
able to offer bonds that will qualify as reasonable
cants are
Sept. 7 1935
Financial Chronicle
1622
The applicants for funds for the remaining 23 projects requested grants
only,stating that they could finance the balance of the cost of their projects
-"--.•
without the aid of a Government loan.
Where PWA loans are made, the interest rate will be 4% and the-qualifying borrowers will receive their funds from the old appropriation for
public works construction or from funds derived from operation of the
PWA revolving fund.
Nature of Project
Allotment
Name
$41,800 (L&G) Sewer construction
Alexander, Ala
34,545 (L&G) School improvement
Bruceton. Tenn
45,500 (L&G) Warehouse construction
Burlington, N.0
110,000 (L&G) School improvements
Cambridge, Md
Storm sewers
13,500 (0)
Chariton, Iowa
School building
13,363 (G)
Columbia, Tenn
Sewer system and plant
82,575 (G)
Cornwall, N. Y
Road improvement
24,300 (G)
Crawford County, Iowa
Paving and sewer con15,075 (G)
Dubuque, Iowa
struction
80,000 (L&G) Graving dock
Dubuque. Iowa
Road improvements
57,600 (0)
Elkader, Iowa
89,091 (L&G) High school building
Franklin, Ky
School building
Giles County School Board, Va.. 12,600 (0)
247.272 (L&G) Road improvement
Greenville. S. C
Sewage disposal plant
50,400 (0)
Griffin. Ga
Harris County Rural High School
School building
26,870 (G)
No. 4, Tex
District
123,636 L&G) Water system
Havre de Grace, Md
37,300 L&G) Water system
ull. Ill
Road improvement
26,883 G)
Jackson. Minn
420,000 L&G) Power plant
Jacksonville, Ill
743,636 (L&G) Power plant and system
Jamestown. N. Dak
School building
12,137 (G)
Lawrenceville. Ga
Road construction i
16,600 ci::
Lewis County. Wash
L&G) Water system
,
y
Lewisport,
132,727( G) Street improvements
Lexington. Miss
Liberty Un. VII. Sch. Dist., Ohio 62,200 (L&G) School building
54,545 (L&G) Water system
Lincoln. Ark
72,000 (L&G) School building
Lott Ind. Pub. Free S. D.. Tex
High school building 1
)
Lubbock Independent S. D.,Tex. 22,000 r
construction
350,909 L&G) Sewer co
Manville, N J
Marion County S.D. No.16, S.C. 56,363 L&G) School building
n, DelSchoolbuilding
Marshalltow
Sewer system
36„000 & 13
Monticello Ga
Water system
27,900 (0)
Mount Kisco. N. Y
2,727 (L&G) School building
Mount Moriah, Ga
School building
12,060 (0)
Newman, Ga
Ocean Township Sewage District
103,636 (L&G) Sewage treatment plant
Nos. 1. 2 and 3, N. J
200,000 (L&G) Power plant
Paragon id. Ark
60,000 (L&G) Sewer system and plant
Selah, Wash
Concrete pavement
36,450(1
South Haven, Mich
Road improvement
24,750(G
pe
Sncer, Iowa
School building
24,555 G
Ind
Staunton.
Concrete bridge
Tacoma, Wash
36,363 L&G) Municipal building
Tallapoosa, Ga
Wahkiakum County, Wash _ _ _ 15,750 (L&G) Road improvement '
Road improvement
17,700 (0)
Yakima County, Wash
(L&G)indicates loans and grants. (G) indicates grants.
News Items
Florida-Chain Stores File Suit Against New Tax Levy
Contending that the validity of the chain store tax law
passed by the 1935 Legislature is doubtful and that it has
impaired the credit standing of such corporate organizations
in the State, a suit was institued in the State Supreme Court
recently by a representative of the said interest to test the
authority of the Legislature to enact a measure of this type.
A dispatch from Jacksonville to the New York "Journal of
Commerce" of Aug. 30 commented in part as follows on the
Court action:
Thomas B. Adams of this city, representing a group of 46 chain store
organizations in Florida, has filed proceedings in the State Supreme Court
to test the authority of J. M. Lee, State Comptroller, to administer the
provisions of the new chain store tax while its constitutionality is being
determined by the Federal and State courts.
Declaring that the chain store tax law was unconstitutional on the
ground that it was not properly passed by the 1935 Legislature," Mr.
Adams asserted that the credit of chain store operators is being "impaired
because of the uncertainty of the Act's validity. We contend that the
chain store tax law is also sin onstitutional because its title covers more
than one subject, and because it was not read in full at its third reading
before passage."
The chain store operators decided to file the proceedings before the
Florida Supreme Court, when it became apparent that a decision from
Injunction suits pending in the State courts would not be forthcoming for
several months, Mr. Adams explained.
-Supreme Court Ruling Paves Way foy
Jacksonville, Fla.
Bond Refunding Plan-A ruling was handed down by the
State Supreme Court on Aug. 26, legalizing the delegation
of special exemption to the City of Jacksonville from the
"split tax'' law enacted by the Legislature, despite constitutional provisions which forbid exceptions to general municipal
laws. The Jacksonville "Times-Union" of Aug. 27 carried
the following report on the decision:
A Florida Supreme Court decision yesterday paved the way for the
City of Jacksonville to embark on its projected huge bond refunding program for next year.
The high tribunal upheld the power of the 1935 Legislature to pas.special local bills for municipalities despite a constitutional amendment
providing for uniform city and town government.
The Court's decision was in a case from Jacksonville testing the validity
of a special Act excepting the city from the provisions of the "split tax" law
enacted by the Legislgture.
The legislation, until the Court's decision, had threatened the city's
proposed refunding of $1,485,000 worth of bonds next year. In a recent
sale of city refunding bonds in the amount of 11185,000, disposition of the
securities had to be made without the approving opinion of New York
bond attorneys, who wanted a court determination of the validity of the
special Act.
Officials Are Pleased
City Finance Commissioner Fred M. Vale was elated over the outcome
and said the tribunal's decision removed the only obstacle
of the Court test,
In the way of the city's disposition of its refunding bonds next year at
attractive prices.
City Attorney Austin Miller. who successfully argued the city's case
pointed
before the high Court, also was highly pleased with the ruling. Healso was
out that under the Court's decision, the city's new civil service law
upheld.
The constitutional amendment adopted last year was not self-executing,
the Court said, and will not be effective until the Legislature adopts a
general law providing for uniform municipal governments on a population
basis.
Until such a general law is passed. the Court said, the authority of the
Legislature to enact special local laws for cities and towns is "not limited,
impaired or abrogated."
The Court turned down an effort by H. Y. Matthews to require the
City of Jacksonville to make separate budgets and tax levies for municipal
operating expenses and bond-paying funds. The 1935 Legislature enacted
a general law carrying that provision, but later special Acts specifically
exempted the City of Jacksonville.
Volume 141
Financial Chronicle
Louisiana—Court Rules Employees' Pension Act Invalid—.
The employees' pension act passed by the third 1934 special
session of the State Legislature, providing for proportionate
pension payments in relation to years of service, was declared
unconstitutional on Aug. 30 by a three-Judge Federal Court,
according to press dispatches from New Orleans on that date.
The court is said to have declared the act unconstitutional,
null and void, and made permanent an injunction restraining
Attorney General Gaston L. Porterie from enforcing the
provisions of the act against the Standard Oil Co.of Louisiana
and the Standard Pipe Line Co., a subsidiary.
The act provided that any corporation or employer setting
up its own pension system must pay its employees having
served one-fourth of the required length of service for pension
a proportionate amount of the pension, depending upon the
number of years in service.
Michigan—Governor Assures No Special Legislative Session
and No Added Taxes—Speaking over the radio on Aug. 30,
*Governor Fitzgerald assured Michigan citizens that they
need have no fear of additional tax burdens being placed
upon them in the near future and he also stated that he would
not convene the Legislature in special session to enact any
new levies. A Lansing dispatch to the Detroit "Free-Press"
of Aug. 31 reported in part as follows on the Governor's
address:
Governor Frank D. Fitzgerald Friday night gave his pledge to thousands
of Michigan taxpayers, who have cleaned their slates by paying up $5,000.000 in the delinquent-tax drive that the State Government would not impose a single new tax burden upon them.
"I give you solemn assurance that your State Administration will continue to be as thrifty as you have been," the Governor declared, speaking
over a Statewide radio hookup.
Governor Fitzgerald also assured taxpayers that there would be no
special session of the Legislature to add to the expense of administration
or to subject business and industries to the uncertainties of tax revision
when all of their energy is needed to help them continue on the road to
recovery. The need for revamping the tax machinery of Michigan remains,
he assured his hearers, but the problem can be taken up by the next regular
session.
Balance Out ofRed
The Governor called attention to the State balance, which was $609,500
out of the red on Aug. 21 for the first time in four years. At the beginning
of his Administration he said, the deficit was $14,000,000 and two years
ago the State was in the red nearly $18,000,000. He admitted that some
heavy receipts made it possible to wipe out deficits and warned his hearers
that there would be times when the books would show temporarily in the
red again.
He attributed some of the financial achievements to State departments
and institutions which have been living withint their budgets.
"We have not only lived within the budget during july and August
,
but I find that we have actually spent less than the budget allowed.
he revealed. "The allotment for operations in July was approximately
34,475,000. There was a balance of $868,700 at the end of the month.
For August the balance is $645,000.
"The mere fact that a department of government can operate on less
than budgeted allowance in these times of heavy spending should be ample
proof that the pay-as-you-go policy is firmly and safely established in the
Government of Michigan."
Monroe County, N. Y.—County Held Liable for Unpaid
Town Taxes—A ruling was handed down recently upholding
the right of the Town of Irondequoit to collect $608,168 from
the above county for the payment of uncollected 1931 and
1932 town taxes, thus terminating litigation on the question
which had its inception back in 1933, according to Albany
news advice. In his lengthy decision on the case, it was held
by former Supreme Court Justice H. Nelson Sawyer, of
Palmyra, who acted as referee in the suit, that Monroe
County is liable under the finding of the Court of Appeals,
which passed on a similar question three years ago, in the
suit brought by the Town of Amherst against Erie County,
involving the liability of the county for unpaid town taxes
returned to the County Treasurer for collection.
New Jersey—Injunction on Sales Tax Denied—The State's
new sales tax withstood its first legal challenge on Sept. 3
when Vice-Chancellor Malcolm G. Buchanan refused to
grant an injunction preventing collection of the tax, according to Trenton press advices of that date. The petition is
said to have been brought by John W. Schlegel, a Trenton
business man. Judge Buchanan decreed, however, that
arguments should be heard on Schlegel's contention that the
law is unconstitutional. He is reported to have given the
State until Sept. 10 to file briefs in answer to the argument,
and said a further hearing would be scheduled.
Vote Scheduled on Sales Tax—At the primary election on
Sept. 17 the voters of the State will express themselves on
the proposed change in the State constitution, the new
2% retail sales tax.
New York City—Mayor Signs Bill Calling for Power
Referendum on Nov. 5—Mayor LaGuardia signed the referendum bill on Sept. 3 permitting a vote Nov. 5 on the question of building a $45,000,000 municipal power plant in
New York to serve as a "yardstick" in forcing rate reductions
from privately owned utility companies. Should the bill be
supported by a popular vote at the general election, the city
will go into the power business to compete with the present
suppliers of electricity to a large portion of New York.
The New York "Herald Tribune' of Sept. 4 commented in
part as follows on the subject:
Despite the warning of counsel for the Consolidated Gas Co. that "you
couldn't raise a nickel for this proposition if you had to depend on private
financing," Mayor F. H. LaGuardia put his signature yesterday to the
so-called Power Referendum Bill providing for the submission to the
voters at the election on Nov. 5 of the question whether the city should
undertake to construct a $45,000,000 power plant to serve as a yardstick
for gauging the reasonableness of the rates of private electric companies.
Although the statutory public hearing preceding the signing of the bill
was set for the unusually early hour of 9 a.m., the hearing room was filled
With opponents and proponents of the yardstick plan when the Mayor
dropped the gavel. Chief of the opposition was Joseph M. Proskauer.
former Justice of the Supreme Court and special counsel for the Consolidated
Gas Co.
It is the Mayor's idea that the projected plant, with a capacity sufficient to serve about one-tenth of the consumers of the entire city, would
1623
have the effect of forcing down the rates of the private companies His
have toldhim that the municipal plant could undersell the Consolidated y 40%, after due allowance had been made for loss of taxation.
The referendum, if successful, would be a mandate to the city administration to go ahead with its plan of competing with the private utility companies.
The bill empowers the city to set up an authority to issue bonds and
construct and operate the plant. The city's credit would not be pledged,
a condition which opponents of the plan say would make private investors
chary of putting up the necessary $45,000,000. The Mayor. however,
has hopes of obtaining financing from the Federal Government.
New York City—Supreme Court Questions Legality of
Sales Tax on Gasoline—The New York "Herald Tribune'
of Aug. 31 reported in part as follows on the construction
given the previous day by the Supreme Court on the legality
of the city's action in imposing the 2% sales tax on the total
sale price of gasoline, which already includes both Federal
and State taxes, instead of levying against the price of the
gasoline alone
Justice Kenneth O'Brien of the Supreme Court questioned yesterday
the legality of the city sales tax regulation making possible the levying of
a tax on the price of gasoline after State and Federal taxes have already
been added.
He refused, however, to issue an injunction against the city and Comptroller Frank J. Taylor restraining them from imposing the tax. The injunction had been sought by the Socony-Vacuum Oil Co., Inc., and ten
other large oil firms. The action, the Court ruled,should have been brought
by the purchaser and not "by the retailers, who are not the real parties_in
interest."
Even though it refused the injunction, the opinion was nevertheless seen
by some lawyers as leaving the way open for suits which would not only
deprive the city of the sales tax on the total price at which gasoline is sold,
but also of the sales tax on the total price at which cigarettes, cosmetics
and other commodities on which Federal or States taxes, or both, are levied.
are distributed to the public.
Clause in Regulations Attacked
The clause in the city sales tax regulations which was attacked in the
suit is Article 88, which states: Vendors of tangible personal Property,
upon which there is imposed Federal or State excise taxes, are required to
include the amount thereof in the receipts from the sale of such property
when computing the tax imposed by Local Law No. 20, as amended.
The regulation, dictated by Comptroller Taylor, is illustrated as follows
in the book of regulations of the Bureau of City Collections:
"If the selling Price of 10 gallons of gasoline is $1.40 and the Federal
tax of 10 cents and the State tax of 30 cents are added in the total charge
to the customer, the city sales tax of 4 cents is to be collected on the total
amount thereof, viz.: $1.80, making the total charge $1.84."
"I am of the opinion," Justice O'Brien said, "that the regulation, as
adopted by the Comptroller, is not in compliance with the local law. The
Comptroller has, by such regulation,imposed a tax not only upon the price
of the gasoline but upon the taxes of the United States Government, as
well as the State of New York.
Questions Tax Upon Tax
"I cannot agree to such a construction and believe that the local law
intended only the initial cost of merchandise to the purchaser, exclusive
of any lawful tax which may be included in the receipt.. The tax as levied
by the local law was not intended to be a tax upon a tax, or double taxation.
but merely to reach the sales of merchandise exclusive of any tax imposed
by law upon such merchandise."
The tax, the Court advised, should be paid under protest and application
should be made to the city for a refund, as provided in Section 10 of the
local law. The Comptroller, Justice O'Brien said, should hold a "quasijudicial" hearing on applications for refund and if the refund is refused
the Comptroller's ruling would be subject to review by an order of certiorari,
obtainable in Supreme Court.
North Bergen Township, N. J.—Addition of Insurance
Company Head to Protective Committee—The committee for
bondholders of the township, of which Edwin H. Barker is
Chairman, announced Sept. 5 the election of George A.
Banks, President of the United Mutual Life Insurance Co.
of Indianapolis, as an additional member of the committee.
Mr. Banks has taken an active part in the Congress of Fraternal Organizations, which are among the largest holders of municipal bonds in the
country. With his addition to the committee. it is understood that there
are being pledged with the committee substantial holdings of North Bergen
bonds by institutions in Iowa and Indiana, not previously pledged.
"The acceptance by Mr. Banks of membership on the committee."
said Mr. Barker, "brings to the committee the viewpoint of responsible
Western interests, and the joining of this viewpoint with that of Eastern
representatives should materially expedite the program of the committee
for the protection of bondholders' rights and the development of any sound
plan of settlement of the debts now in default."
Meeting of Credito? s Announced—It was announced recently
by the Seaboard Trust Co. of Hoboken, that a notice had
been received by them from the Municipal Finance Commission, reporting that a meeting of the holders of bonds of
the above Township will be held in the State House, Trenton,
N. J., on Sept. 11 1935. It is understood that this meeting
is being held to map out a plan of procedure in accordance
with the recent decision of the U.S. Circuit Court of Appeals
in the case against Asbury Park, N. J., when it was held
that no particular creditors were to be favored in fund
distributions.
Pennsylvania—Validity of New Income Tax Law Attacked—A suit attacking the constitutionality of Pennsylvania's new income tax law was filed on Aug. 30 by City
Solicitor John P. Connelly, acting on behalf of Joseph P.
Kelly, a tax payer. Mr. Connelly is reported to have asked
that the State Supreme Court take original jurisdiction in
the case in order to assure an early decision.
South Carolina—Statistical Compilation of Municipal
Debts Compiled—Wm. J. Mericka & Co., Inc. of Cleveland,
have prepared for distribution a booklet in which they have
compiled a list of bonds outstanding against the municipal
subdivisions of the State. In the preparation of this booklet,
it is stated that endeavors were made to secure the exact
status of each issue as to whether or not State aid was being
received for their payment. In addition to determining
interest rates, dates of issue, maturities, purpose of bonds
and amounts outstanding are shown in full.
United States—Present Status of Municipal Finance Discussed—Carl H. Chatters, executive director of the Municipal Finance Officers' Association of Chicago, in a recent
address before.the League of Texas Municipalities, said that
despite reports of defaults by governmental units during the
depression, only 5% of the total obligations over the country
had been in default and that investors in municipal bonds
Financial Chronicle
1624
and obligations will not lose move than 2%,if there is any
loss to them. It was pointed out by Mr. Chatters that
municipal bonds are selling better now than in many years
and some cities have been able to borrow money recently
at 2% for 15-year periods. He stated that only six or seven
cities and towns in the United States have taken advantage
of the Federal Bankruptcy Act.
He went on to predict that in the future the State and
National Governments will collect a greater percentage of
the revenues, and that cities and towns needing assistance
will be helped by these governments.
Washington-Portion of State Sates Tax Law Upheld
The compensating tax provision of the State's 1935 revenue
buying
act, designed to prevent Washington residents from
outside the State to escape a 2% retail sales tax, was held
to be constitutional on Aug. 28 by the State Supreme Court,
according to Olympia advices of that date. The Court is
said to have upheld a Clark County Superior Court judgment
dismissing a suit brought by the Vancouver Oil Co. of
Vancouver, Wash., to enjoin the State Tax Commission from
collecting the 2% compensating tax on a trailer and gasoline
tank purchased in Portland, Ore.
OFFERINGS WANTED
Arkansas-Illinois-Missouri-Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. •Si CO.
ESTABLISHED 1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
Bond Proposals and Negotiations
ALABAMA
Municipal Bonds
EQUITABLE
Corporation
Securities
Nashville
New York
Knoxville
Memphis
Chattanooga
Birmingham
ALABAMA
-In connection
-ADDITIONAL BOND DETAILS
TALLADEGA, Ala.
with the $155,0004% bonds that were approved by the voters at the election
held on July 23-V. 141, P. 786
-it is now reported that the bonds are
divided as follows: $40,000 for water works improvements; 375,000 school
building; $20,000 sewers, and $20,000 for a jail.
ARKANSAS
-REPORT ON DEBT STATUS OF CITY AND
LITTLE ROCK, Ark.
-The following bonded debt report is taken from the
SUBDIVISIONS
Chicago "Journal of Commerce" of recent date:
"The city of Little Rock, Ark., including 142 active improvement districts, has a total bonded indebtedness of $4,498,691 and the total default
of its improvement districts is $169,206, it is shown in auditor's reports
to Mayor R. E. Overman in connection with proposed applies...ions to
the Public Works Administration for a $3,000,000 loan for water improvement and a $2,000.000 loan for sewer improvement. As of Dec. 31 1934,
the bonded indebtedness was $2,092.215 and the floating debt was $48,890.
"The 142 improvement districts owe $2,357,586 on bonds. Of this
amount, $1,354,780 is owed by street improvement districts and the total
in default is 3136,136. Sewer improvement districts owe $416,000 and the
default in this type ofobligations is $33,070, a total indebtedness of 8449,670.
Audtiors reporting to Mayor Overman excluded Street Imrpovement
District No. 508. the debt of which will be paid by the State of Arkansas."
-BOND EXSEARCY SCHOOL DISTRICT (P. 0. Searcy), Ark.
-It is stated by the Secretary of the Board of School
CHANGE REPORT
Directors that 3123.500 of 4% refunding bonds will not be offered for
sale but will be exchanged with the holders of the old bonds.
CALIFORNIA
DRY CREEK JOINT ELEMENTARY SCHOOL DISTRICT, Placer
-Bids for the purchase of $6,500
-BOND OFFERING
County, Calif.
school bonds will be opened by the County Supet visors at Auburn on Oct. 8.
-but a second
The bonds were sold previously, on May 7-V. 140, p. 3422
sale is necessary because of technical objections made by the original
purchasers. William Cavalier & Co. of San Francisco.
EXCELSIOR UNION HIGH SCHOOL DISTRICT, Los Angeles
-An election will be held on Sept. 17
-BOND ELECTION
County, Calif.
for the purpose of voting on the question of issuing $95,000 school building
bonds.
-BONDS
FULLERTON ELEMENTARY SCHOOL DISTRICT, Calif.
VOTED-At the election held on Aug. 27 the voters gave their approval to
a proposition to issue $156,000 bonds, the proceeds from the sale of which.
together with $192,000 Federal funds, would be used to finance erection of
school buildings.
GLENN.COLUSA IRRIGATION DISTRICT (P. 0. Colusa), Calif.
-An Associated Press dispatch of
-BOND REFINANCING ASSURED
recent date from Colusa had the f Bowing to say regarding the refinancing
of the bonded debt of the above district:
"Refinancing of Glenn-Colusa irrigation district bonds was assured to-day
with the announcement that approximately 91% of the bondholders have
pledged their holdings on the 60% compromise plan proposed by I. G.
Zumwalt, principal bondholder. The district is seeking a loan of $800.000
from the Reconstruction Finance Corporation to pay off its bonded indebtedness of more than $1,000,000. The loan would reduce the carrying
charges per acre from $2.37 to about 37K cents.
-A petition
-BOND ELECTION PROPOSED
LAGUNA BEACH, Calif.
is under consideration by the City Council calling for an election to vote
on the issuance of $55,000 in pier construction bonds.
LLEWELLYN SCHOOL DISTRICT, Los Angeles County, Calif.
-L. E. Lampton, County Clerk, will receive bids
BOND OFFERING
0
at Los Angeles until 2 p. m. Sept. 16 for the purchase of $25.000 4.7 bonds
of Llewellyn School District. Denom. $1,000. Dated Sept. 1 1935.
Due Sept. 1 1953. Certified check for 3% required.
-We are informed by E. L.
-BOND SALE
LONG BEACH, Calif.
MacDonald. City Clerk, that the $148,000 judgment funding bonds au-have been sold to Schwabacher & Co.
-V. 141, p. 1303
thorized recently
of San Francisco.
Sept. 7 1935
LONG BEACH CITY SCHOOL DISTRICT (P. 0. Los Angeles),
Calif.
-It is stated by the Assistant Bond Clerk
-BONDS NOT SOLD
that the $722,000 school bonds offered for sale without success on Feb. 25,
when no bids were received, have not as yet been sold.
-City officials
LOS ANGELES, Calif.
-BOND OFFERING REPORT
are reported to have decided to call for sealed bids, to be opened Sept. 17.
water bonds. It is said that interest rate is not to exceed
on $3,000,000
4%. The flotation is understood to be part of the $38,800 issue approved
by the voters in 1930 for water purposes.
-CITY TAX RATE FIXED AT $1.63
LOS ANGELES, Calif.
fly a vote of 12 to 1 the City Council on Aug. 211 adopted the tax rate in
Los Angeles for the current fiscal year,fixing it at $1.63 per $100 of assessed
valuation, the lowest in a decade, according to the Los Angeles "Times'
of Aug. 29.
-SURVEY MADE ON CITY DISTRICTS
LOS ANGELES, Calif.
According to a survey just completed by Samuel B. Franklin, manager of
the municipal department of the Gatzert Co., 28 of the 36 municipal improvement districts in Les Angeles City were up-to-date in payment on
July 31, while five districts were in default in both principal and interest,
Past-due principal totaled
two In principal only and one in interest
only.
$230,000; past-due interest amounted to $57,376.25, whereas there was a
cash balance in the funds of these districts totaling $4,684.64. Bonds of
the 36 districts outstanding amount to about $10,000.000.
Four of the five Los Angeles City acquisition and improvement districts
were in default on July 31, three in both principal and interest and one in
-due principal was $13,600, unpaid interest amounted
interest only. Past
to 131,500.77, whereas there was a cash balance in the funds of these
districts totaling $436.03. Bonds of the five districts outstanding amount
to about $600,000.
-BONDS OFLOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-The $2,505.000 issue of 4% semi-ann. Los
FERED FOR INVESTMENT
Angeles City High School District bonds that was purchased on Aug. 29
by the syndicate headed by the Anglo California National Bank of San
Francisco, from the Reconstruction Finance Corporation, as reported in
-V. 141, p. 1471-was re-offered for public
these columns at that time
subscription by the successful group on Sept. 3, priced to yield from 1.00
to 3.70%, according to maturity. Dated June 1 1931. Due from June 1
1936 to 1956.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
-In
-ADDITIONAL OFFERING DETAILS
Los Angeles), Calif.
connection with the offering scheduled for 1.30 p. m. on Sept. 20 of the
$12,096,000 Colorado River water works bonds, as reported in these
-V. 141, P. 1471-it is stated by S. H. Finley, Secretary
columns recently
of the Board of Directors, that the bonds will be sold for cash only, and
at not less than par and accrued interest, to date of delivery. Bid;submitted must be for all of said bonds; bids for less will not be considered.
Not to exceed 5%, payabla semi-annually. Prin. and int. payable in
lawful money at the District Treasurer's office, or at the National City
Bank in New York. or at the Continental Minot.; Bank & Tru•t Co. in
Chicago. They may be registered as to both principa, and interest, then
they may be reconverten into coupon bonds from time to time, with the
consent of the district and the bondholders. It is anticipated that the
first payment required on these bonds will be approximately 81,250,000
and that payment therefor will be required on or about Nov.9 1935. The
bonds will be delivered as soon after the award as is possible.
MILLBRAE ELEMENTARY SCHOOL DISTRICT (P. 0. Redwood
-The $32,000 (sale of 3% semi-anm-al
-BOND SALE
City), Calif.
school bonds offered for sale on Sept. 2-V. 141, p. 1471-was awarded
to Brush, Slocumb & Co. of San Francisco, paying a premium of $647.50.
equal to 102.023, a basis of about 2.64%. Dated Sept. 3 1935. Due
from Sept. 3 1936 to 1945.
-BOND SALE
NORTH LONG BEACH, Calif.
-An issue of $169.000
sewer bonds has been scld to Schwabacher & Co. of San Francisco for a
premium of $5,220, equal to 103.088.
-BOND ELECTION-Proposal to issue $85,000
TORRANCE, Calif.
bonds, including $32,000 for a city hall, $42,000 for an auditorium and
$21,000 for a library, will be submitted to the voters at an election to be
held on Sept. 27.
-RFC
WEST SIDE IRRIGATION DISTRICT (P. 0. Tracy), Calif.
CONSENTS TO REAPPRAISE DISTRICT LANDS
-The San Farncisco
"Chronicle" of Aug. 17 carried the following item of interest to holders of
Irrigation district bonds:
Holders of defaulted irrigation district bonds throughout the State
attach considerable significance to the recently announced Reconstruction
Finance Corporation consent to make a reappraisal of the lands in the
West Side Irrigation district.
"Some months ago the RFC authorized a loan to the district in an amount
not to exceed 50.103 cents on the dollar to enable them to retire the bonds
outstanding in the sum of $510,500 as of March 11.
Committee Suggests
"The bondholders' protective committee, consisting of George N. Keysten, C. J. Lacy and George E. Catts, withheld recommendations in the
matter, but suggested to the directors of the district that they make aP1 .
111cation for a reappraisal.
"The recent action of the RFC in increasing its offer in the South San
Joaquin Irrigation district has roused hopes that the RFC will again make
a more attractive offer.
Conditions Better
"It is felt that the improved conditions in agriculture, brought to the
RFC attention by these reappraisals, may result in a trend which could
produce a general boosting of offers with added benefit to bondholders in
other districts.
"Another factor of particular significance to West Side Irrigation district is the Amerada Corporation discovery of the natural gas well near
Tracy. The Amerada property is nearly adjacent to the border of the
irrigation district, and it is felt that here may be a new source of revenue
that could spread and prove a great boon to the district and subsequently
to the bondholders."
COLORADO
ALAMOSA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Alamosa),
-An issue of 386.000 4K% refunoing bonds has
-BOND SALE
Colo.
been purchased by Boettcher & Co. of Denver, who are now offering
the bonds to investors at prices to yield from 4% to 4.25%. according to
Principal
maturity. Denom. $500 and $1,000. Dated Sept. 15 1935.
and semi-annual interest (March 15 an, Sept. 15) payable at the County
Treasurer's office. Due 35,000 Sept. 15 1940, and $4,500 yearly on
Sept. 15 from 1941 to 1958 incl.
Financial Statement
$2,666.210
Assessed valuation 1934
216,437
Total bonded debt
30.529
Warrants outstanding Aug. 29 1935
Population, present estimate, 6,000.
The above does not include the debt of other subdivisions which have
power to levy taxes upon the same property.
ALAMOSA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Alamosa),
-BOND CALL-District Treasurer L.0.Jones announces that bonds
Colo.
Nos. 1 to 50, of $1,000 each, and bonds Nos. 51 to 122, of $500 each, aggregating $86,000, are called for payment as of Sept. 1 at the office of the
s
International Trust Co., Denver. MIMI 414 Ng% di oda
- 1
,
aColintic CO1- ;7=BON/rOFFER/NG-Sealed
DENVER (Citrbids will be received until 11 a. m. on Sept. 17, by John F. McGuire,
Manager of Revenue,for the purchase of a $500,000 issue of sewage disposal
bonds. Interest rate is not to exceed 3K %, payable A. & 0. Denom.
$1,000. Dated Oct. 11935. Due $50,000 from Oct. 1 1947 to 1956, incl.
Prin. and int. payable at the office of the Treasurer of the city and county,
or at the Banaers Trust Co. In New York City. Rate of interest to be in
multiples of K of 1%. No split bids will be considered and no bid will be
considered at a price less than par and accrued interest. These bonds are
part of a $2.000,000 issue authorized at the electrion held on May 21 1935.
The successful bidder will be required to accept delivery and make payment
at some Denver bank, as soon as the bonds are ready for delivery on or
about Oct. 1 1935. Transcript of legal proceedings will be furnished the
successful bidder, together with the final approving opinion of Pershing.
Nye, Bosworth & Dick of Denver. A certified check for $10,000, payable
to the Treasurer, must accompany the bid. (This report supplements the
-V. 141. p. 1471.)
offering notice given recently on these bonds.
Volume 141
Financial Chronicle
FRUITVALE SCHOOL DISTRICT (P.O. Grand Junction),
BOND ELECTION-The district will hold an election on Sept. Colo.
a $15,000 bond issue for construction of a new school building. 6 to vote on
MANITOU, Colo.
-BONDS SOLD BY RFC
-The $16,000 issue of 4%
semi-ann, water works improvement bonds, series of 1934, offered for sale
by the Reconstruction Finance Corporation on Aug. 29-V. 141, p. 1301
was sold to the J. K. Mullen Investment Co.of Denver, at a price of 106.027.
a basis of about 3.08%. Due from June 1 1936 to 1949 incl.
OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. La Junta),
-BOND ELECTION POSTPONED-The election scheduled for
Colo.
Aug. 26 to vote on $50,000 refunding bonds has been postponed until
Sept. 23.
CONNECTICUT
NORWALK, Conn.
-BONDS AUTHORIZED-The application made
by the city for a $50,000 city welfare bond issue has been approved by the
Emergency Relief Commission at Hartford.
DELAWARE
DELAWARE (State of)-BOND SALE
-The Bankers Trust CO. of New
York, bidding 100.086 for 24s, a basis of about 2.12%, was the successful
bidder for the $292,000 coupon improvement bonds offered on Sept. 5V. 141, p. 1303. Dated Oct. 1 1935. Due
from 1937 to
1955, incl.. and $7,000 in 1956. Phelps, Fenn$15,000 yearlyYork, the next
& Co. of New
high bidders, offered 100.70 for 24s.
,•• HARRINGTON, Del.
-BONDS SOLD BY RFC
sanitary sewer bonds offered by the Reconstruction-The $109,000 4%
Finance Corporation
on Aug. 29 were awarded to the Farmers Bank of the State of Delaware,
of Wilmington, at a price of 103.05. a basis of about 3.75%. Due April 1
as follows: $4,000 from 1936 to 1959, incl., and $5,000 from 1960 to 1964,
inclusive.
FLORIDA
ESCAMBIA COUNTY SCHOOL DISTRICT NO. 113 (P. 0. Pensacola), Fla.
-BONDS VOTED-At an election held on Aug. 26-the
voters are reported to have approved the issuance of $420,000 in school
bonds.
LAKELAND, Fla.
-DISTRIBUTION ON BOND INTEREST MADE
The Florida Municipal Bondholders'Protective Committee,acting through
its awcutive sun-committee comp,.sed or James kr. r-rauiord, henne,,h i.
Keefe and George W.Simons Jr., has mailed to its depositors, as of Aug. 20,
of City of Lakeland. Fla., bonds, checks representing the committee's
third distribution.
This distribution is for 40% of the interest upon the bonds
with the Committee which interest matured during the city's deposited
extending from Sept. 1 1934, to Aug. 31 1935, and to which fiscal year
no
revenues are pledged to the payment thereof. For those issues tospecial
which
utility revenues are pledged the Committee is distributing the
amount
of all coupons and interest claims, other than those covered fullprevious
in
distributions, less $2 per $1,000 bond.
Members of the Committee are John S. Harris. Chairman. B. J. Van
Ingen, Vice
-Chairman T. V. Buckwalter, C. T. Diehl, A. S. Huyck, E. J.
Marshal) and J. J. Shambaugh. Harry A. Dunn,406 Hildebrandt Bldg.,
Jacksonville, Fla., is Secretary.
LEVY COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6 (P. 0.
Bronson), Fla.
-BOND OFFERING-Sealed bids will be received until
10 a.m. on Sept. 7 by H. S. Priest, Secretary of the Board of Public Instruction,for the purchase of an $8,000 issue of6% school bonds. Denom.
$500. Dated July 1 1932. Due on July 1 as follows: $500. 1944 to 1955.
and $2,000 in 1956. Prin. and int, payable in lawful money at the Chase
National Bank in New York City.
NEW PORT RICHEY, Fla.
-JULY 1 BOND INTEREST PAYMENT
TO BE MADE
-The following 18 the text of a letter sent out on Aug. 29
by the Bondholders' Association for the above city:
To Holders of Obligations of the City of New Port Richey, Florida:.
Early this year the Bondholders Association of New Port Richey.
Florida entered into a refunding agreement, copies of which will be furnished
on request, with the City of New Port Richey. At the present date the
holders of $431,000 bonds, or 75.6% of the total outstanding debt have
signified their acceptance of this plan.
Issuance of refunding bonds has been delayed by numerous laws passed
at the last session of the Florida Legislature. Before long, however, we
expect this situation to be cleared up.
The first coupon amounting to $5.00 on the new refunding bonds would
have become payable on July 1 1935 and we are prepared to pay this amount
to co-operating bondholders. In distributing these funds, an amount
equivalent to one-tenth of one one percent of the par value of bonds will
be deducted by this Association for the purpose of paying a portion of the
expenses of refunding the city's debt.
If you have previously deposited coupons for collection you should now
forward all coupons maturing between Oct. 1 1934 and Sept. 30 1935. If
you have not previously deposited any coupons, please forward all coupons
maturing on or before Sept. 30 1935. In either case the enclosed letter
of consent and transmittal should be filled out and forwarded along with
your coupons.
Funds are now available for the payment of July 1 interest and will be
distributed as soon as a sufficient number of bondholders have forwarded
their coupons to George W. Simons, Jr. and Co., Hildebrant Bldg., Jacksonville, Florida.
C. E. HARRINGTON,
H. W. PITIKIN0
Board of Trustees of the Bondholders'
Association of New Port Richey, Fla.
SAFETY HARBOR, Fla.
-BOND REFUNDING CONTRACTED
The city commissionere recently contracted with the E. C. Barrow Investment Co. of De Soto City, to act as refunding agents for the issuing of refunding bonds in retirement of the city bonded indebtedness. The total
city debt is $1,070,000 of which $763,000 is for bonds. The remaining
$307,000 is for other debts.
It is the plan to settle with the bondholders for 50 cents on the dollar
and the other debts at a much smaller percentage, making the total refunding debt $380,000. These refunding bonds will carry an interest rate of
1% for the first 10 years, 2% for the second 10 years, 3% for the third 10
years and 5% for the remaining 10 years. There is nothing to be paid
on the principal for the first five years. After the first five years the
city commissioners must make a levy of $6,000 for a sinking fund and as
soon as there is $3.000 in this fund the commissioners must advertise for
bonds and purchase as many as possible at the prevailing market price
thereby retiring a number of the bonds each year. The bonds will be
in denominations of $250 each.
The Barrow Investment Co. has until Jan. 1 1936, to contact and
close with 51% of the bondholders or the contract is void.
GEORGIA
TUNNEL HILL SCHOOL DISTRICT (P. 0. Tunnel Hill), Ga.election on Sept. 1-V. 141, p. 1472
-the
voters are reported to have defeated the proposed issuance of $12,000 in
school bonds.
BONDS DEFEATED-At the
IDAHO
HAYDEN LAKE INDEPENDENT SCHOOL DISTRICT NO. 4
-BONDS VOTED-At an election held on
(P. 0. Hayden Lake), Ida.
Aug. 24 the voters are said to have approved the issuance of $12,000 in
school building bonds.
-BOND SALE
HAZELTON, Idaho
-The $9,000 coupon general *taxa.
tion refunding bonds offered for sale on Aug. 30-V. 141, p. 1304
-were
purchased by Mr. A. L. Anderson of Boise at par. No other bids were
received, according to the Chairman of the Board of Trustees.
ILLINOIS
-BONDS VOTED
AROMA TOWNSHIP (P .0.) Aroma Park), M.
An issue of $45,000 road bonds was authorized at a recent election.
(r. 0.
1625
CARTHAGE TOWNSHIP
Carthage), III.
-BONDS
On Aug.20 the voters approved, by 464 to 158, a proposition thatVOTED
the township issue $50,000 road improvement bonds.
CHANDLERVILLE SCHOOL DISTRICT, 111.
-BONDS VOTED
By a vote of 215 to 25 the citizens recently approved the issuance of
$20.000
school building improvement bonds.
CHICAGO CONSOLIDATED PARK DISTRICT (P.O. Chicago),
III.
-Lower Court Upholds Refunding Program-Judge Stanley H.
Klarkowski
of the Circuit Court on Aug. 29 upheld the validity of the new
Chicago
park district's $108.000,000 bond refunding program which
had been
attacked in a suit brought by a taxpayer in the former West
Pullman
District. An appeal of the case will be taken to the Illinois Supreme Park
according to Attorney Clyde L. Day, who represents Joseph Kocsis.Court,
Kocais contended that the consolidated park district did not
have the
right to assume the debts of the park districts which it
superseded. It
was alleged that the taxpayers in the small park districts which
had comparatively small funded debts would be shouldered with an
additional tax
burden as a result of the merges*.
The refunding program calls for the refinancing of approximately
000,000 of bonds and floating debt outstanding against the the $108,22
districts which were united under a special Act of the State Legislature.park
The bonded debt of the 22 units amounts to $103.707,760, and
the districts have a floating debt of $4,956.000.
CLARK COUNTY (P.O. Marshall), III.
-BONDS AUTHORIZED
The Board of Supervisors has adopted a resolution providing for
the issuance of $70,176.92 not to exceed 3% interest funding bonds.
COOK COUNTY SCHOOL
0. Harvey),
-BONDS NOT SOLD-Irene DISTRICT NO. 152 (P.of the BoardIll.
Vogenthaler, Secretary
of
Education, advises that bids for the $111,000 4j% refunding
bonds
offered on Sept. 4-V. 141, p. 1472
-were not opened and the meeting of
the Board adjourned until Sept. 17 at 8 p. m.
CULLOM SCHOOL DISTRICT NO. 270, Ill.
-A
recent election resulted in approval of a $44,000 -BONDS VOTED
bond issue for school
building improvements,the vote on the question being 228 to
193.
EDWARDS COUNTY(P.O. Albion), III.
-BONDSALE
Clerk informs us that the Municipal Bond Corporation -The County
purchased, subject to the result of an election, an issue ofof Chicago has
funding bonds at par plus a premium of $75.75, equal to $22,272.98 4%
Sept. 1 1935 and due one bond each year for a period of 10 100.33. Dated
years. Interest
payable J. & J.
ELLISON TOWNSHIP, Warren County, 111.
-:-BONDS VOTED
Residents of the township at a recent election approved the
issuance of
$34,000 road bonds.
HANCOCK COUNTY SCHOOL DISTRICT NO.
118 (P. O. Carthage, 111.
-BONDS SOLD BY RFC
-The $40,000 4% school building
bonds offered by the Reconstruction Finance Corporation on
awarded to Paine, Webber & Co. of Chicago at a price of Aug. 29 were
of about 3.34%. Due March 1 as follows: $1,000, 1936: 105.25. a basis
$2,000, 1937 to
1942 incl.; $2.500. 1943 to 1950 incl.; $3,000 in 1951 and 1952
and $1,000
in 195.3.
HARLEM TOWNSHIP,Stephenson County,111.
-BONDS
A proposal that the township issue $27.900 road improvement VOTEDbonds was
approved by the voters at an election held on Aug. 27.
KEWANEE,III.
-BOND SALE
-On Aug. 26 the City Council awarded
$68,000 4% refunding bonds to Ballman & Main of Chicago.
Interest
payable semi-annually. Due serially from 1942 to 1954.
KNOXVILLE, 111.
-BOND SALE
-An issue of $33,000 34%
refunding
bonds has been sold to the First Galesburg National Bank &
Trust Co.
LENOX TOWNSHIP(P.O. Granite City), 111.
-BOND ELECTION
At an election to be held on Sept. 9 the voters will be asked to
approve an
issue of $30,000 road bonds.
LINCOLN, 111.
-BONDS AUTHORIZED-Ordinances
issuance of the following described 4% bonds have beenproviding for the
passed by City
Council:
$58,000 funding bonds. Denom. $1,000. Due as follows:
$1,000, 1937:
$2.000. 1938: $3,000, 1939 to 1942 incl.;
$5,000, 1947 to 1949 incl. and $6,000 in $4.000, 1943 to 1946 incl.;
1950 and 1951.
45,000 working cash fund bonds. Denom. $1,000.
Due $3,000 each
year from 1937 to 1951 incl.
MAQUON TOWNSHIP (P. 0. Mequon), III.
-BOND ELECTION
An election will be held on Sept. 10 to determine whether
$30,000 road bonds
will be issued.
MONTGOMERY COUNTY SCHOOL DISTRICT
NO. 182 (P. 0.
Donnellson), III.
-BOND OFFERING
-Otto
receive bids until Sept. 12 for the purchase of Jett, District Clerk, will
$10,000
nasium bonds. Denom. $100. Dated July 1 1935. 4% registered gymPrincipal and annual
Interest (July 1) payable at the office of the
Township Treasurer. Due
yearly on July 1 from 1936 to 1955, incl.
MONMOUTH TOWNSHIP (P. 0. Monmouth)
-BOND ELECTION
-At an election to be held on Sept. 9 the , 111.
voters will be asked to
approve an issue of $30.000 road bonds.
MORRISON, 111.
-BONDS DEFEATED-An
bonds was defeated at an election held on Aug. 27.issue of $25,000 hospital
OBLONG SCHOOL DISTRICT, Ill.
-BONDS DEFEATED-Voters
of the district on Aug. 17 rejected a proposal
that
bonds for construction of a new school building. the district issue $50.000
OLNEY HIGH SCHOOL DISTRICT, III.
-BOND ELECTION
-The
Board of Education has called a special
purpose of voting on the question of issuing election for Sept. 14. for the
$25.000 school building improvement bonds.
ST. CLAIR COUNTY (P. 0. Belleville), 111.
D. A. Prindable, County Clerk, has announced -BOND OFFERING
received on Oct. 1 for the purchase of $169.000 that sealed bids will be
funding bonds. Athough
no petition for a vote on the proposition was
required by law, it is stated that residents submitted during the period
Injunction against the issue prior to Oct. 1.of Belleville plan to seek an
SCOTIA TOWNSHIP (P. 0. Scotia),
-BOND SALE
-Bartlett,
Knight & Co. of Chicago have purchasedIII.
$35,000 34% road bonds.
Dated Aug. 15 1935. Denom. $1,000. Due
Dec. 1 as follows: $2,000,
1936 and 1937; $3.000, 1938 to 1940 incl.;
$4,000, 1941
$5,000 in 1944 and 1945. Principal and interest (J. & to 1943 incl. and
D.) payable at the
First National Bank of Chicago. Legality to be
approved by Chapman &
Cutler of Chicago.
SPRING VALLEY SCHOOL DISTRICT
No. 99, 111.-130ND SALE
The Barcus-Kimdred Co. of Chicago has
-purchased $29,900 school building bonds.
TOMPKINS TOWNSHIP, Knox
-BOND ELECTION
At an election to be held on Sept. County, 111.
$40,000 road improvement bonds. 9 the voters will be asked to approve
WAUKEGAN, 111. WARRANTS PURCHASE
D-Rogers & Tracy of
Chicago have purchased $275,000 3%
educational fund tax anticipation
notes.
INDIANA
DAVIESS COUNTY (P. 0.
-NOTE SALE
The $35,000 tax anticipation notes Washington), Ind.
offered
were awarded to the Peonies National Bankon Sept. 2-V. 141, p. 1473
of Washington at 5% interest,
at par. Due March 5 1936.
GARY, Ind.
-OTHER BIDS
-The following
for the $25,000 4% refunding bonds awarded other bids were submitted
to
Chicago,for a premium of81,570.99,as previously John Nuveen & Co. of
reported in these columns:
BidderUnion Trust Co. of Indianapolis
Premium
A. S. Huyck & Co
$139.00
City Securities Co
555.00
L. 0. Donnell
1,038.00
1,377.50
HENRY COUNTY (P. 0. New
Mary E. Caldwell, County Auditor, Castle) Ind.-BOND OFFERING-for the purchase of 475,00) coupon will receive bids until 10 a. m. Sept. 9,
poor relief bonds, to bear
interest at
Financial Chronicle
1626
rate fixed in successful bid. Denom. 1750. or otherwise to suit purchaser.
Dated Sept. 16 1935. Principal and semi-annual interest (June 1 and
Dec. 1) payable at the County Treasurer's office. Due each six months
from June 1 1936 to Dec. 1 1945, incl. A certified check for 3%,required.
Legal opinion by Matson, Ross, McCord & Clifford. of Indianapolis.
-The
-NOTE SALE
LAWRENCE COUNTY (P. 0. Bedford), Ind.
$36,000 tax anticipation notes, dated Aug. 30 1935 and maturing Nov. 30
1935, which were offered on Aug. 28 were awarded to the Bedford National
Bank, the Stone City National Bank ant. the Citizens National Bank on a
joint bid of par for 5% notes.
PLEASANT SCHOOL TOWNSHIP (P. 0. Canaan R. No. 2), Ind.BOND OFFERING-Liston A. Hatton, Trustee, will receive bids until
7 p. m. Sept. 16,for the purchase at not less than par of $4,000 4% coupon
school building bonds. Denom.$250. Dated Sept. 16 1935. Principal and
ayable at the Vevay Deposit
semi-annual interest (Jan. 15 and July
19.p
Bank, of Vevay. Due $250 each six months from July 15 1936 to Jan. 15
1944. incl. A certified check for 5% of amount of bonds bid for, payable to
the Trustee, required.
-The
-BOND SALE
PUTNAM COUNTY (P. 0. Greencastle), Ind.
$25,000 hospital refunding bonds offered on Sept. 4-V. 141, p. 1305
were awarded as 25 to the First Citizens Bank & Trust Co., Greencastle.
Dated Nov. 25 1935 and due $2.500 on May and Nov. 15 from 1936 to
1940, inclusive.
-BOND
r SALEM SCHOOL TOWNSHIP (P. 0. Francesville), Ind.
SALE
-The 15.000 5% coupon school building improvement bonds offered
-were awarded to the Trust & Savings Bank
on Aug. 30-V. 141, p. 1128
of Winamac at par plus a premium of $315. equal to 106.30. a basis of
about 4.01%. Due $200 July 1 1936 and $200 Jan. land July 1 from 1937
to 1948. incl. Other bids were as follows:
Premium
BidderMarcus R. Warrender & Co., Indianapolis
$plar4505
Peoples State Bank
W.C. Richardson
-On Aug. 27 the City Council
-BOND SALE
Ind.
SHELBYVILLE,
sold $5.000 street resurfacing bonds to Elizabeth Schoellep, of Shelbyville,
for a premium of 370.85, equal to 101.417. Denom. $500.
-BOND SALE
-The $15,000 fire department
TERRE HAUTE, Ind.
-were awarded as
equipment bonds offered on Aug. 19-V. 141, p. 959
35, at a price of par, to Lewis, Pickett & Co., Inc. of Chicago. Due
Aug. 20 1938.
-The issue of $75,000 time
-WARRANT SALE
TERRE HAUTE, Ind.
warrants offered on Sept. 3 was awarded to the Indianapolis Bond & Share
Corp. of Indianapolis, the only bidder, at 3% interest, plus $10 premium.
-BOND SALE
-The $16,500
VINCENNES SCHOOL CITY, Ind.
-were awarded
coupon refunding bonds offered on Sept. 3-V. 141, P. 959
to the Indianapolis Bond & Share Corp. of Indianapolis as 4s.for a premium
of $27, equal to 100.16, a basis of about 3.975'7, Dated Sept. 3 1935.
$500. $8,500 March 1 and $8,000 Sept. 1 1947. Interest payable M.& S.
IOWA
-BOND OFFERBLACK HAWK COUNTY (P. 0. Waterloo), Iowa
-Additional information has come to hand relative to the
ING DETAILS
offering of 379.000 bonds taking place on Sept. 10-V. 141, p. 1473.
Anna M. Decker, County Treasurer, will receive bids until 10 a. in.
Sept. 10,for the purchase of $79,000 poor fund and luvenile court bonds, to
bear interest at rate named by successful bidder. Denom. 11,000. Dated
Sept. 1 1935. Interest payable semi-annually on March 1 and Sept. 1.
Due yearly on Sept. 1 as follows: $5,000, 1943, 1944 and 1945; $19.000,
1947; and 345.000, 1948. A certified check for 3% of amount of bonds
offered, required.
Financial Statistics
$57,394,430.00
1934 assessed value-Real estate
-Moneys and credits
8,317,891.00
340,143.50
Acreage
69.146
Population
-Miscellaneous funding
624,000.00
Bond debt Aug. 1 1935
-Primary road bonds
1,391,000.00
-It is stated by L. J.
-BOND OFFERING
CEDAR RAPIDS, Iowa
Storey, City Clerk that both sealed and open bids will be received by him
until 11 a.m. on Sept. 12, for the purchase of a $43,000 issue of 4% sewer
outlet and purifying plant bonds. Dated Jan. 1 1934. Due on Jan. 1
as follows: $8,000, 1949; 312.000. 1950 and 1951. and $11.000 in 1952.
These bonds are said to be part of an authorized Issue of $683.160. The
approving opinion of Chapman & Cutler of Chicago, will be furnished.
-It is
-BOND ISSUANCE CONTEMPLATED
IOWA CITY, Iowa
said that the City Council is contemplating the Issuance of $120,000 in
funding bonds.
LA PORTE CITY, Iowa-BOND OFFERING-It is stated by G. E.
Stebbins. City Clerk, that he will receive sealed bids until 10 a. in. on Sept.
18, for the purchase of $35,000 in bonds, divided as follows: $330,000 water
works plant purchase. and $5.000 improvements and extension bonds.
These bonds were approved by a margin of about two to one at the election
on Aug. 29-V. 141, p. 959.
LONE TREE INDEPENDENT SCHOOL DISTRICT, Iowa-BONDS
DEFEATED-Residents of the district on Aug. 29 rejected a proposal that
the district issue $13.000 bonds to finance erection of a school building
addition.
OSCEOLA COUNTY (P. 0. Sibley), Iowa-COURT ORDERS ISSUE
-A writ of mandamus granted to the State Highway CommisOF BONDS
sion ordering the Osceola County Board of Supervisors to issue $210,000
worth of road bonds in payment for work done by the Commission on
Primary Highway No. 9. may bring about a satisfactory conclusion to the
problem caused by the recent refusal by Chapman & Cutler. Chicago
bond attorneys, to approve the legality of the bonds for the Iowa-Des
Moines National Bank & Trust Co.
The mandamus ordering the issuance was granted on Aug. 27 at the
District Court in Sibley, judge 0. S. Thomas of Rock Rapids presiding.
The writ clears the way for an approving opinion on the matter by Chapman
& Cutler, whose approval is needed before the bonds are acceptable to the
Iowa Des Moines National Bank & Trust Co.,which bid them in on June 15.
Because, at an earlier date, the Chicago attorneys did not give an approving opinion the Des Moines institution asked a return of its check for the
amount. The check was returned by the Treasurer.
The mandamus in effect oreers the Boort of Supervisors to Issue the
bonds, the Treasurer to sell them and the Auditor to pay the proceeds to
the Highway Commission. The matter is to be reported back to the Court.
The case as stated by the Assistant Attorney-General of the Highway
Commission, C. E. Walters, was that the Board of Supervisors had entered
into a contract with the Highway Commission and had directed the Commission to proceed with work on the highway.
He stated that a contract had been made between the Board and the
State Highway Commission and that a mandamus action was the proper
legal step to straighten the matter. Normally some discretion is allowed as
to how a contracting party may fulfill its part of the contract, but since the
Supervisors directed the Highway Commission to act discretion in the
matter was given up by their action. Hence an order for the issuance of
the bonds was in order.
The bond issue is in short term maturities and the funds derived from
its sale are to reimburse the Highway Commission for the paving of Primary
No.9 from Ocheyedan east to the Dickinson County line.
OTTUMWA RIVER FRONT IMPROVEMENT COMMISSION
(P. 0. Ottumwa), Iowa-BOND OFFERING-Letha Strang. Secretary
of the Comrnssion, will receive bids until 10 a. m. Sept. 6, for the purchase
of $35,000 bonds.
-The Town Treasurer is said to be
-BOND CALL
PISGAH, Iowa
calling for payment at his office or at the office of Glaspell, Veith & Duncan,
of Davenport. the entire issue of 4;•i% water works bonds, dated Oct. 1
1928, and payable Oct. 1 1935.
-It
PLYMOUTH COUNTY (P. 0. Le Mars), Iowa-MATURITY
reported by the County Treasurer that the $25,000 funding bonds purchased by the Carleton D. Beh Co. of Des Moines, as 2Hs. at a price of
-are due on Nov. 1 as follows: $10,000 in 1940
100.92-V. 141. p. 1473
and 1941, and $5,000 in 1942, giving a basis of about 2.35%•
Sept. 7 1935
SM1THLAND CONSOLIDATED SCHOOL DISTRICT (P. 0.
-At an election held on Aug. 20
-BONDS VOTED
SMITHLAND), Iowa
the voters are said to have approved the issuance of $9,350 in school bonds.
-At a recent election the
SPENCER, la.
-TRANSFER DEFEATED
voters are said to have defeated a proposal to transfer $35,000 from the
city's electric light fund to the general fund for construction purposes.
WILLIAMS SCHOOL DISTRICT (P. 0. Williams), Iowa-BONDS
DEFEATED
-At an election held on Aug. 27 the voters defeated the issuance of $7,500 in gymnasium and auditorium bonds.
WORTH COUNTY (P. 0. Northwood), Ia.-CERTIFICATE OFFER
/NG-Louis Mostrom, County Treasurer, will receive bids until 10 a. m.
Sept. 16 for the purchase of $10,000 road anticipatory certificates. Certified check for 3% required.
KANSAS
-The City will hold an election
-BOND ELECTION
ABILENE, Kan.
on Sept. 16 to vote on a $35,000 bond issue for construction of a swimming
a
pool and park improvements.
-BOND
EL DORADO SCHOOL DISTRICT (P.O. El Dorado), Kan.
-The $198,500 high school construction bonds authorized in July
SALE
-were sold on Aug.23 to the Prescott, Wright, Snider Co.,
-V.141, p.789
and Baum, Bernheimer & Co., both of Kansas City, and the Small, Millburn Co. of Wichita, jointly, as 3s, at a price of 96.513, a basis of about
3.50%. Coupon bonds, maturing from Nov. 1 1936 to 1950,incl. Interest
payable M. & N. Legal expense and printing of bonds to be borne by
purchaser.
-BOND ELECTION
-The City Commissioners have
EMPORIA, Kan.
called a special election for September 12 to submit to the voters a proposal
that $150,000 bonds be issued by the city for completion of the Kahola
Creek reservoir project.
-At the election held on
-BONDS VOTED
MOUND VALLEY, Kan.
-the voters approved the issuance of $27,500
Aug. 30-V. 141, p. 1473
In water works construction bonds, according to the City Clerk.
-BONDS DEFEATED
REPUBLIC COUNTY (P. 0. Belleville), Kan.
-At a recent election the voters rejected a proposed $127.000 bond issue
for construction of two bridges.
WILSON COUNTY ()'. 0. Fredonia), Kans.-BOND OFFERING-The Board of County Commissioners is advertising for bids on the purchase of $35,000 poor relief bonds. A certified check for 2% of amount of
bid, required. W. D. McGinnis is County Clerk,
KENTUCKY
-The 3103,000 issue of 4%
ASHLAND, Ky.-BONDS SOLD BY RFC
semi-annual school improvement bonds offered by the Corporation on
Aug. 29-V. 141, p. 1301-was awarded to Charles A Hinsch & Co., of
Cincinnati, and associates, at a price of 101.76, a basis of about 3.76%•
Due from April 1 1936 to 1948.
-It is stated by the City
COVINGTON, Ky.-INTEREST RATE
Auditor that the $15,000 water works bonds purchased by Seasongood &
-were sold as
Mayer, of Cincinnati, at a price of 100.53-V. 141. p. 1474
3s, giving a basis of about 2.93%. Due $8,000 in 1943 and $7,000 in 1944.
-The following informaWINCHESTER, Ky.-BOND SALE DETAILS
tion is furnished to us by the City Clerk in connection with the sale on
Aug. 28 of $60,000 funding and refunding bonds to the Bankers Bond Co.
of Louisville, complete report on which was given in these columns recently
-V.141, p. 1474:
This bond issue for purpose of funding floating debt of $42,000 and
refunding street improvement issue of 318,000, approximate amount of
principal and interest City of Winchester will likely have to pay due to
litigation over default of City Treasurer in year 1925.
Bonds mature serially for 20 years: $3,000, 1937 to 1952 and $4,000,
1953 to 1955,inclusive.
Operating under Act of 1932 Kentucky Statutes, Sec. 186c 6 and 7, no
vote of people necessary.
$6,523,922.00
Assessed valuation as equalized June 1935
542,000.00
Franchise assessments certified Aug. 1935
$7.29065:918222:8000
Total
Bonded indebtedness (does not include this $60,000)
27.164.95
Sinking fund balances
Special assessments paid solely from property improved
included in total bonded debt above (assessed to owner
17,182.80
annually)
Population, 1930 census. 8,220.
Tax collection percentage:
7 1933
94.3%
96.7% 1932
950
1930-----97,407 1931
80% Dec. 31 1934
1934
95% Aug. 1 1935
1934
Supervisors of taxes reduced assessments a total of $1,500,000 during
years 1931. 1932, 1933 and 1934 (approximately).
J. B. McCONNAUGHEY, Acting City Clerk,
City of Winchester, Ky.
LOUISIANA
-BOND SALE AUTHORIZED
ALEXANDRIA, La.
-An ordinance
was adopted by the Commission Council at a special meeting held on Aug. 26
authorizing the placing of advertisements for the sale of $200,000 public
improvement bonds, ninth series. Denom. $1,000. Due serially over a
period of 10 years.
We Are Specialists in
•
-NEW HAMPSHIRE
-VERMONT
MAINE
Municipal Issues
E. H. Rollins dig, Sons
Incorporated
200 Devonshire St., Boston, Mass.
MAINE
-A group composed
-NOTE SALE
MAINE, State of (P. 0. Augusta)
of the Bankers Trust Co. of New York. Second National Bank of Boston.
Boston Safe Deposit & Trust Co. of Boston was awarded on Sept. 4
and the
an issue of $2,000,000 tax anticipation notes at 0.29% discount. Dated
Sapt. 4 1935 and due June 4 1936. Re-offering is being made by the group
to yield 0.21%. The First National Bank of New York was second high
bidder at 0.31%.
Other bids were as follows:
Rate
Bidder0.34
Salomon Bros.& Hutzler (plus $17.11 premium)
0.44
Bank of Boston
First National
0.46
First Boston Corp
0.50
National Shawmut Bank
0.55
Bank of New York & Trust Co
,
0.65 c
Halsey. Stuart & Co., Inc
Edward B.Smith Sr Co. and Brown Harriman & Co
,
x Offered to pay 99.4694 15 or 11,989,388.90 for the issue.
MARYLAND
FREDERICK, Md.-BOND ELECTION PLANNED-Plans are being
made to call an election in the near future to vote on the question of issuing
8550.000 sewer bonds.
MARYLAND, State of-RFC ASSURES EARLY DECISION ON
-As far as the Reconstruction Finance Corporation is
BRIDGE LOAN
concerned, the State's plan to build with Federal aid a $10,000,000 bridge
the Chesapeake Bay will not be nullified by the Sept. 12 deadline
across
recently set by President Roosevelt for Public Works Administration
Financial Chronicle
Volume 141
project applications, according to the Baltimore"Sun" of Aug.31. Federal
officials are reported to have said that the RFC would have ready in advance of the dealine date its answer to Maryland's request for a $5,600.000
RFO loan to supplant a $4,500,000 PWA grant for the proposed bridge
project. They are reported as saying the decision of the RFC is expected
very shortly.
MASSACHUSETTS
LEXINGTON,Mass.
-NOTE SALE
-The issue of $150,000 tax anticipation notes, dated Sept. 4 1935 and maturing $75,000 on each of the dates
Jan.30 and March 26 1936, which was offered on Sept.3-V. 141, p. 1306
was awarded to the Second National Bank of Boston on a .265% discount
basis. The New England Trust Co. submitted a bid of .29%•
Other bids were as follows:
Merchants National Bank, 0.32%; Boston Safe Deposit & Trust Co.,
0.33% plus $3; Lexington Trust Co., 0.33%; Whiting,'Weeks & Knowles,
0.35%; R. L. Day & Co., 0.46%; Leavitt & Co., N. Y.. 0.47% plus $3;
First Boston Corp.. 0.515%; First National Bank of Boston, 0.545%, and
Faxon, Cade & Co..0.63%.
MASSACHUSETTS, State of (P. 0. Boston)
-The
-BOND SALE
$3,500,000 registered Metropolitan Additional Water Loan bonds offered
on Sept. 6-V. 141, p. 1474
-were awarded to a syndicate headed by the
First National Bank of New York as 24s, at a price of 101.04, a basis of
about 2.40%. Other members of the account are: Chase National Bank,
Salomon Bros. & Hutzler, Blyth & Co., Inc., R. W. Pressprich & Co.,
Northern Trust Co. of Chicago, Newton, Abbe & Co., Boston, J. & W.
Seligman & Co., L. F. Rothschild & Co., Hornblower & Weeks, E. H.
Rollins & Sons and Preston, Moss & Co. of Boston. The bonds mature
July 1 as follows: $117,000 from 1936 to 1955, incl. and $116,000 from
1956 to 1965, incl. The successful group is re-offering the bonds for public
investment at prices to yield from 0.25% to 2.50%, according to maturity.
Second high lold of 100.5399 for 24s was entered by an account composed
of the Bankers Trust Co., National City Bank, Harris Trust & Savings
Bank, Edward B. Smith & Co., Paine, Webber & Co., Washburn & Co..
Burr, Gannett & Co., Baker, Weeks & Harden of New York and Tyler.
Buttrick & Co. A group headed by Halsey, Stuart & Co., Inc. of New
York bid 100.277 for 24s. Others in the account included BancamericaBlair Corp., Ladenburg, Thalmann & Co., Graham. Parsons & Co.,
George B. Gibbons & Co., Inc., Darby & Co., Dick & Merle-Smith, Inc.,
Spencer, Trask & Co.. Shields & Co., R. H. Moulton & Co., G.
P.
Murphy & Co., Burr & Co., Manufacturers & Traders Trust Co., It. F.
Griggs Co.. and Bond, Judge & Co.
NEWBURYPORT, Mass.
-BOND SALE
-The $56,000 municipal relief bonds offered on Sept. 4 were awarded to Tyler, Buttrick & Co. of
Boston on a bid of 100.331 for 14% bonds, a basis of about 1.65%. Dated
Sept. 1 1935. Due serially from 1936 to 1941, incl. H. C. Wainwright &
Co. of Boston bid 100.326 for 145.
Other bids were as follows:
Bidder
Int. Rate Rate Bid
Merchants National Bank of Boston
100.03
1 %
Faxon,Gade & Co
100.375
•
Newton.Abbe & Co
100.25
20
Institution for Savings, Newburryport
100.09
284%
QUINCY, Mass.
-TEMPORARY LOAN
-The $300,000 revenue anticipation notes offered on Sept. 4-V. 141, p. 1474
-were awarded to the
First National Bank of Boston at 0.60% discount, plus $1 premium.
Dated Sept. 5 1935 and due $150,000 April 24 and May 28 1936. Second
high bidder was Leavitt & Co. of New York at 0.605%•
Other bids were as
Bidder
Discount
Merchants National Bank
0.81
National Shawmut Bank
0.83
Whiting, Weeks & Knowles
0.64
Newton,Abbe & Co.(plus $2 premium)
Faxon,(lade & Co _________________ _
0.73e.
SHEFFIELD, Mass.
-MATURITY
-The $15,000 14% school building bonds sold to the Merchants National Bank of Boston at a price of
100.023, as noted in these columns recently, mature Sept. 1 as follows:
$2,000 from 1936 to 1942, incl. and $1,000 in 1943.
We Buy for Our Own Account
MICHIGAN MUNICIPALS
Cray,McFawn /441 Company
DETROIT
Telephone Cfferry 6828
A. T.T. Tel. DET347
MICHIGAN
ALGER COUNTY (P. 0. Munising), Mich.
-PLANS INCREASE
-The Board of Supervisors has voted to call a special
IN MILL RATE
county election on Oct. 7 to decide whether two mills may be added to 15
limitation for five years, to take care of 864,500 indebtedness of county.
The amount would be approximately $12,000 each year.
DEERFIELD, Mich.
-BONDS DEFEATED-The proposition to issue
$21,000 in bonds to build a municipal waterworks system in connection
with the Public Works Administration was defeated at a recent election.
DEXTER, Mich.
-BONDS APPROVED-Electors of the district approved the bond issue of $37,000 to supplement a Federal grant of $28,000
for the purpose of building an addition to the school.
ELSIE, Mich.
-BONDS VOTED
-On Aug. 26 the residents of this
community voted in favor of the issuance of $23,000 waterworks revenue
bonds.
FARMINGTON, Mich.
-HOLDERS ASKED TO SURRENDER BONDS
-As a means of saving interest, the City Commission decided to request
the holders of City of Farmington general obligation bonds Nos. 2, 3, 4 and
5, amounting to $4,000, to voluntarily present them for payment. They
do not mature until October 1954.
HIGHLAND PARK SCHOOL DISTRICT, Mich.
-OTHER BIDS
The following other bids were submitted for the E180,000 refunding bonds
awarded to Stranahan, Harris & Co.. Inc. of Toledo as 245,for a premium
stated in V. 141, p. 1475:
of $515, as
BidderRate
Premium
Joint bid of: Cray,McFawn dr Co.,Crouse & Co.,and
Paine, Webber & Co.
due 1938. 1939
$30,000
2170
30,000 due 1940. 1941
$213
35,000 due 1942
3 o
25,000 due 1943
3 oj
Joint bid of: First of Michigan Corp., and Watling,
Lerchen & Hayes
830,000 due 1938, 1939. 1940, 1941
311
35,000 due 1942
3 )
29
25,000 due 1943
3 01
Joint bid of: McDonald, Moore & Hayes,Inc., H.V.
Sattley & Co., Inc., and Martin, Smith
384%
Inc., all
540
Joint bid of: Alison & Co.,and Braun,Bosworth & Co. 331%
512
-BONDS VOTED
-At an election held on Aug. 26
HOWELL, Mich.
the voters approved an issue of $65,000 sewage disposal bonds.
-BOND REFUNDING APPROVED
MUSKEGON, Mich.
-In granting
the city permission to refund $136,000 in general obligation bonds maturing
in 1936, the Public Debt Commission allowed the city to issue two series of
serial refunding bonds, one in the amount of $50,000, to mature from 1938
to 1952 and the other in the amount of $88,000, to mature from 1938 to
1985. The plan is part of the city's building program to keep within 5.9
-mill law and to help reduce the debt
mills budget limitations under the 15
service.
1627
NEW BUFFALO, Mich.
-BONDS VOTED
-At a recent election the
voters gave their consent to the proposed issuance of $33,000 water system
purchased bonds.
PONTIAC SCHOOL DISTRICT, Mich.
-PAYMENT OF PAST
-DUE
DEBT CHARGES
-F.J. Du Frain, Treasurer, has notified holders of bonds
of the school district that his office and the Community National Bank of
Pontiac will pay interest and principal on bonds maturing on or before
May 1 1935. He also intimated that within a week additional payments will
be made on debt service.
PORT HURON, Mich.
-BOND SALE
-The $60,000 public improvement bonds offered on Aug. 30-V. 141, p. 1475
-were awarded as 3315.
at a price of par, to the city's special sinking fund. Dated Sept. 1 1935 and
due $6,000 on Sept. 1 from 1938 to 1947,inclusive.
SAGINAW, Mich.
-BONDS SOLD TO TRUST FUNDS
-The sale of
$42,000 of the bond holdings of the city hall building fund to the trust funds
of Forest Lawn and Oakwood cemeteries has been reported to the City
Council. The report shows the bonds sold at a premium of $2,053.83 plus
accrued interest of$195.83, which prices them to yield 24% interest to the
trustfunds,swells the cash holdings of the city hall building fund to 8140MO
and gives the insurancefund credit for the $2,249.68 of premium and interest.
SAULTE STE. MARIE, Mich.
-S150.000 BOND ISSUE ADVOCATED
-At a recent meeting of the City Commission Mayor George J. LaundY
urged immediate action on local Works Progress Administration projects
and stated that he personally favored a bond issue of $150,000. He based
his recommendation on the fact that the city has been building up credit
through the payment of its debt and now should use it.
SPRING LAKE, Mich.
-BONDS VOTED
-By a vote of 224 to 30 the
taxpayers on Aug. 24 approved the issuance of $10,000 village hall bonds.
WHITEHALL, Mich.
-An issue of $20,000 sewer
-BOND ELECTION
bonds will be up for approval by the voters at an election called for Sept.30.
WYANDOTTE SCHOOL DISTRICT, Mich.
-DEBT REPORT
-The
annual report of the Board of Education shows the retirement of $169,000
in bonds, $58,424.60 payment of interest and $38,803.99 in bond purchases.
The bonded debt as of June 30 1935 was $799,680.
MINNESOTA
ATWATER SCHOOL DISTRICT, Minn.
-BONDS VOTED-The
voters at a recent election approved by 165 to 92 the issuance of $20,000
school building addition bonds.
BEMIDJI, Minn.
-BONDS SOLD BY RFC
-The $65.000 188110 Of 4%
semi-annual sewage disposal plant bonds offered for sale by the above Corporation on Aug. 29-V. 141, p. 1301-was awarded to Harold E. Wood &
Co. of St. Paul at a price of 107.01, a basis of about 3.28%. Due from
May 1 1936 to 1958, inclusive.
BUHL, Minn.
-BONDS SOLD BY RFC
-The $21,000 issue of public
improvement bonds offered for sale by the above Corporation on Aug. 29
-V. 141, p. 1301
-was awarded to Harold E. Wood & Co. of St. Paul
at a price of 102.69, a basis of about 3.84%. Due from April 1 1937 to
1949 inclusive.
ELY, Minn.
-BONDS SOLD BY RFC
-The $52,000 issue of 4% semiannual water plant bonds offered for sale by the above Corporation on
Aug. 29-V. 141, p. 1301
-was awarded to Harold E. Wood & Co. of St.
Paul at ap rice of 104.52, a basis of about 2.67%. Due from Jan. 1 1936
to 1945 inclusive.
HENDERSON INDEPENDENT SCHOOL DISTRICT (P.O. Henderson), Minn.
-BONDS VOTED
-At a recent election the voters are reported
to have approved the issuance of $18,000 in school building addition bonds.
MEEKER COUNTY INDEPENDENT CONSOLIDATED SCHOOL
DISTRICT NO. 47 (P. 0. Dassel), Minn.
-BOND ELECTION
-An
election is said to be set for Sept. 9 in order to vote on the issuance of
$10.000 in 3% auditorium and gymnasium addition bonds.
MINNEAPOLIS,Minn.-BONDSALE DETAILS
-Weare now informed
that the successful bid for the two issues of bonds sold on Aug. 30 as 2.90%
bonds, as reported in the issue of Aug. 31-V. 141, p. 1475
-was submitted by a syndicate composed of Phelps, Fenn & Co., Brown Harriman
& Co., both of New York; the Wells
-Dickey Co.,the Northwestern National
Bank & Trust Co., both of Minneapolis, and the Milwaukee Co. of Milwaukee. instead of being a joint bid of the two New York firms, as previously reported. The int, cost on the $600,000 issue was about 2.85%.
and on the $40,000 issue it was about 2.84%, according to report.
It is stated by the City Clerk that on the small issue the second highest
bid was an offer of par on 3% bonds,tendered by the First National Bank &
Trust Co. of Minneapolis.
MINNESOTA, State of
-BOND OFFERING CONTEMPLATED
The State will be in the market either late in October or in the first week
of November with $4,500,000 oftrunk highway bonds,according to Julius A.
Schmahl, State Treasurer. It is reported that the present plans of the
State are to date the offering either Nov. 1 or Nov. 15. and to bold the
sale about two weeks prior to the dating.
MONTEVIDEO, Minn.
-BOND SALE
-The $12,000 issue of 34%
coupon street impt. bonds offered for sale on Aug. 28-V. 141, p. 1307
was purchased by the Security National Bank of Montevideo, at par. Due
$33,000 from Aug. 1 1936 to 1939 incl. No other bids were received.
MORNINGSIDE (P. 0. Minneapolis), Minn.
-BONDS VOTED
At the election held on Aug. 23 the proposition of issuing $24.000 sewage
system bonds carried by a vote of 148 to 30. B. T. Emerson is Village
Clerk.
ROCHESTER, Minn.
-PRICE PAID-The $35,000 issue of 3%
coupon semi-annual paving bonds offered for sale on Aug. 23 and awarded
to the Sinking Fund Commission
-was sold for a premium
-V.141,P• 1475
of $1,375, equal to 103.928, a basis of about 1.62%, according to the
City Clerk. The other bids were as follows:
BidderPremium
Thrall, West & Co
$1,162.00
Bigelow, Webb & Co
1,093.75
Halsey, Stuart & Co
1,057.00
Union National Bank of Rochester
571.90
SIBLEY COUNTY INDEPENDENT SCHOOL DISTRICT (P. 0.
Gaylord), Minn.
-BONDS VOTED
-At the election held on Aug. 27V. 141, p.961-the voters are said to have approved the issuance of $50,000
in 3% school bonds. Due from 1940 to 1955. It is said that these bonds
will be sold to the State.
TODD COUNTY (P. 0. Long Prairie), Minn.
-BONDS AUTHOR-The Board of County Commissioners at a meeting held on July 9
IZED
passed an ordinance authorizing the issuance of $150,000 3% refunding
bonds.
MISSISSIPPI
Municipal Bonds
EQUITABLE
Securities
Corporation
New York
Nashville
Birmingham
Chattanooga
Knoxville
Memphis
MISSISSIPPI
MISSISSIPPI, State of-GOVERNOR RECOMMENDS HIGHWAY
BOND ISSUE-Governor M. S. Conner, who two years ago vetoed a bill
to authorize the issuance of bonds for highway construction purposes, now
Is reported as favoring such a course, and it is said that he may convene
the Legislature to take such action. The Chicago "Journal of Commerce"
of Aug. 29 had the following to say in regard to the Governor's stand:
"Governor M. S. Conner, Mississippi, who two years ago 1, etoed a
bill to authorize the issuance of bonds for highway construction, now favors
1628
Financial Chronicle
such a course and may convene the Legislature in special session to authorize
the pledge of one cent of gasoline tax in support of a proposed $12,000,000
bond issue. Should this be done, the State would qualify for a grant of
$10.000,000 by the Public Works Administration. Governor Conner
estimated that other grants and matching funds by Federal agencies
would increase to $48,000,000 the total available for highway construction.
"In referring to his veto, Governor Conner said $27,137,756 was available
in the 1934 and 1935 calendar years for highway construction, compared
to $10,723,761 actually expended and disbursed by the State Highway
Commission. He said his veto was based upon the belief that the Department would have larger funds than it could efficiently expend. As estimated
by Governor Conner.the 1934 and 1935 total may eventually be 1134.137.756
WASHINGTON COUNTY ROAD DISTRICT (P. 0. Greenville),
Miss.
-BONDS SOLD BY RFC
-The $373,000 issue of 4% semi-annual
road bonds offered for sale on Aug. 29 by the above Corporation-V. 141.
P. 1301-was awarded to the First National Bank of Memphis, at a price
of 97.55, a basis of about 4.29%. Due from Feb. 1 1936 to 1955 incl.
MISSOURI
KEYTESVILLE TOWNSHIP, Chariton County, Mo.-BOND ELECZION-Residents of Keytesville Township will vote on a $40,000 road
bond issues at a special election Sept. 9.
LATHROP SCHOOL DISTRICT, Mo.-BONDS VOTED
-At
a
recent election the voters approved the issuance of $55,000 school bullding
bonds.
ST. CHARLES, Mo.-BOND ELECTION NOT SCHEDULED-It is
stated by the City Clerk that no action has been taken as yet on the proposed issuance of $40,000 in swimming pool bonds, mentioned in these
columns recently
-V. 141. p. 1130.
MONTANA
BIG HORN COUNTY (P. 0. Hardin), Mont.
-BOND SALE
-The
$100,000 issue of refunding bonds offered for sale on Aug. 28-V. 141,
p. 1475
-was sold to a syndicate composed of the Wells-Dickey Co., Kalman & Co., bosh of Minneapolis, and Edward L. Burton & Co.. of Salt
Lake City, as 4s. according to the County Clerk
IF GALLATIN COUNTY HIGH SCHOOL DISTRICT (P. 0. Bozeman), Mont.
-BOND ELECTION
-An election is to be held on Sept. 20
to vote on the proposition of issuing $256.500 school building bonds.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
Helena), Mont.
-BONDS SOLD BY RFC
-The $180,500 issue of 4%
semi-annual school bonds offered for sale by the above Corporation on
Aug. 29-V. 141, P. 1301
-was awarded to the First National Bank of
St. Paul, and associates, at a price of 103.515. a basis of about 3.68%•
Due $9,500 from Jan. 1 1946 to 1954 incl.
STEVENSVILLE, Mont.
-BONDS VOTED-At the election held on
Aug. 15 the voters by 95 to 3 approved a proposal to issue $30,000 waterworks system bonds.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 2 (P. 0.
Billings), Mont.
-BONDS SOLD BY RFC
-The $160,000 DNElle Of 4%
semi-annual school bonds offered for sale by the above Corporation on
Aug. 29-V. 141, P. 1301-was purchased by the First National Bank of
St. Paul, at a price of 104.15, a basis of about 3.55%. Due $10,000
from March 1 1939 to 1954.
N EBRASKA '
FRONTIER COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Eustis)
Neb.-BONDS VOTED
-At the election held on Aug.27-V.141,p.962
the voters approved the issuance of the $36,850 in 3% semi-ann. school
construction bonds by a wide margin. Due over a period of 20 years.
ODELL, Neb.-BONDS AUTHORIZED-The Village Trustees have
decided to issue $27,000 refunding bonds.
PALISADE, Neb.-BOND ELECTION-It is reported that an election
will be held on Sept. 7 in order to vote on the issuance of $17,000 in 4%
refunding bonds. Due on Sept. 1 1950. optional on Sept. 1 1940.
SCOTIA, Neb.-BONDS VOTED
-At the election held on Aug. 20V. 141. p.962
-the voters approved the issuance of the $5.000 in community
building bonds.
SHUBERT, Neb.-BONDS AUTHORIZED-The Village Board recently authorized an issue of $18.000 refunding bonds.
WYMORE, Neb.-BOND ELECTION
-An election is to be held on
Sept. 17 to vote upon the proposition of issuing $17,000 municipal swimming
pool bonds. Earl E. Fauver is City Clerk.
NEW JERSEY
BERLIN, N. J.
-BONDS RE-OFFERED
-The issue of $86,000 not to exceed 5% interest refunding bonds unsuccessfully offered on several occasions
recently is again being advertised for sale. Sealed bids in this instance will
be received by George R. Duncan. Borough Clerk, until 8 p.m. (Daylight
Saving Time) on Sept. 16. They are dated July 1 1935. Denom. $1.000.
Due July 1 as follows: $3,O00 from 1939 to 1952, incl., and $44,000 from
1953 to 1963, incl. Bidder to name a single interest rate on the issue,
expressed in a multiple of
or 1-10th of 1%. Principal and interest
(J. & J.) payable at the Berlin National Bank. Berlin. A certified check
for 2% must acconmany each proposal. Legality approved by Hawkins.
Delafield & Longfellow of New York.
BRIDGETON, N. J.
-BONDS OFFERED FOR INVESTMENT
-A
syndicate composed of E. H. Rollins & Sons, Inc.. Suolee. Yeatman & Co.,
Inc., and A. C. Wood, Jr., & Co. are offering *247,0004% general funding
and water funding bonds, dated Sept. 1 1935 and maturing serially May 1
1942 to 1960 incl., at 102.75 and interest. The bonds are exempt from
present Federal income taxes and tax free in New Jersey, and are legal investment for savings banks and trust funds in the State of New Jersey.
The bankers were awarded the bonds at a prioe of 100.642, as noted in
these columns recently.
CAMDEN, N. J.
-DEADLINE SET FOR PWA MUNICIPALPLANT
LOAN-Public Works Administrator Harold Ickes has announced that
legislation approving the projected $6,000,000 city municipal power plant
must be approved by Sept. 17 if the request for Federal funds for the project
is to receive consideration.l
-BONDSAUTHORIZED
CAMDEN COUNTY(P.O.Camden), N.J.
The County Board of Freeholders on Aug. 28 voted in favor of the issuance
of $451.000 bonds to finance park improvements.
CARLSTADT, N. J.
-BONDS PASSED ON FIRST READING-The
Borough Council on Aug. 21 passed on first reading three ordinances authorzing the issuance of $171,000 general refunding bonds, $80,000 public
impt. refunding bonds and $63,000 serial funding bonds. Final consideration will be given the measures on Sept. 11.
-BONDS NOT
ENGLEWOOD CLIFFS (P. 0. Englewood), N. J.
SOLD-The issue of $231,000 refunding bonds offered on Sept. 5-V. 141.
p. 1476
-was not sold, as no bids were received.
-BONDS AUTHORIZED
ESSEX COUNTY (P. 0. Newark), N. J.
The Board of Chosen P'reeholders recently passed a resolution authorizing
the issuance of $235,000 Overbrook Hospital renovation bonds.
GLEN ROCK,N.J.
-BONDS NOTSOLD--The Reconstruction Finance
Corporation failed to receive a bid for the issue of $13.000 4% sewer bonds
offered on Aug. 29. The bonds mature Feb. 1 as follows: $2,000 from 1936
to 1941 Incl. and $1,000 in 1942.
HILLSIDE TOWNSHIP, N. J.
-BONDS PASSED ON FIRST READING-The Hillside Township Committee started refunding the township's
debt on Aug. 28 by passing two ordinances on first reading calling for the
Issuing of $2,040.000 in bonds. One ordinance calls for $1,600,000 refunding bonds and the other for $440.000 serial funding bonds. Both ordinances set the rate of interest at "not more than 5%," but efforts will be
made to have the rate set at 4Ii% or less before final passage.
Both ordinances call for retirement of a part of the bonds Oct. 1 annually
from 1935 to 1952. The $1,600,000 ordinance takes in temporary and
improvement bonds issued from 1929 to 1935. The $440,000 ordinance
includes tax revenue bonds issued from 1932 to 1934.
Sept. 7 1935
H. L. ALLE 81 COMPANY
New Jersey j.
Telephodii:n
A. T.& T.
'pal Bonds
or 2-7333
N.Y. 1-523
New York
100 Broadway
NEW JERSEY MUNICIPALS
Bought - Sold - Quoted
LOBDELL 61 CO.
123 S. Broad St., Phil a.
48 Wall St., New York
Kingsley 1030
HAnover 2-1720
A T. & T.: NY 1-735
MUNICIPAL BONDS
New Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
Telephone: John 4-6364
57 WILLIAM STREET, N. Y.
A. T.& T.: N. Y. 1-730
Ne +ark Tel.: Market 3-3124
NEW JERSEY MUNICIPALS
Colyer,Robinson si Company .
INCORPORATED
1180 Raymond Blvd., Newark
New York Wire:
REctor 2-2055
MArket 3-1718
A. T. & T. Teletype
NWRK 24
NEW JERSEY
-BONDS AUTHORIZED
INTERLAKEN, N. J.
-On Aug. 26 the
Borough Council gave final approval to an ordinance authorizing the
issuance of $36,000 refunding bonds.
-As the
JERSEY CITY, N. J.-$5,070.000 FINANCING PLANNED
final step in the plan of the city for the refunding of its entire floating debt,
an ordinance authorizing the issuance of $5,070,000 of funding and refunding bonds has been adopted by the City Commission. The purpose of the
proposed financing is to refund the city's remaining floating debt, which has
already been reduced from 515,000,000 to approximately $5,000.000 during
the current year. Completion of this financing will assure the city's
successful operation under Chapter 60, New Jersey Pamphlet Laws of 1934.
which is known as the Cash Basis Act.
Arthur Potterton, Director of Revenue and Finance, stated on Sept. 4
that the city does not contemplate the sale of the proposed $5,070,000 of
bonds in the immediare future. "The position of the city is such that it
does not have to sell these bonds for several months," said Director Potter
ton, "until the bond market seems most favorable. Therefore, the City
Commissioners have decided to withhold the offering until the city is assured
that it can obtain a net interest cost of 4% or less. The improvement in
the city's fiscal position during the past year justifies such a bid, In the
opinion of the Commissioners.'
The $5,070,000 bonds will comprise a $3,870,000 issue of general refunding bonds to be issued under Chapter 233 of the Pamphlet Laws of 1934, and
a $1,200,000 issue of serial refunding bonds to be issued under Chapter 60
of the Pamphlet Laws of 1934. The $3.870,000 issue will mature $20,000
in 1940: $100.000 in 1941: 8150,000 ih 1942: and $300,000 each year from
1943 to 1954, inclusive. The $1,200.000 issue will carry serial maturities
of $50,000 a year from 1936 to 1944 and $75,000 a year from 1945 to 1954.
inclusive.
-BONDS AUTHORIZED
LAWNSIDE, N. J.
-On Aug. 21 the Borough
Council passed an ordinance authorizing the issuance of$58,956.89 refunding
bonds.
LINCOLN PARK, N. J.
-BONDS AUTHORIZED SOLD-The
Borough Council on Aug. 26 adopted on third reading the ordinance providing for a bond issue to refund the borough's indebtedness up to $100,000.
The entire issue will be sold to by B. J. Van Ingen & Co. of New York at
The bonds, payable over a period of 14 years, will fall due annually in
the following amounts, $5,000 from 1936 to 1940, $7,000 from 1941 to 1945
and $10,000 from 1946 to 1949.
The $100.000 bond issue replaces the following items: Temporary
Improvement notes for $21,147.20, 52.062.37, 51,465.82 and $7,470.52:
tax revenue notes in the amount of $4,000 against 1932 delinquent taxes,
89,000 against 1933, $15,000 against 1934, temporary bond No. 8 balance
due $32,045.89 and tax revenue note of 1934, 37,808.20.
-BOND OFFERING-William Stika, Borough
LITTLE FERRY, N. J.
Clerk, will receive sealed bids until 8:30 p. m.(Daylight Saving Time) on
Sept. 17 for the purchase of $76,000 4.15% funding bonds of 1935. Dated
July 16 1935. Denom. $1,000. Due July 1 as follows: $15,000 from 1936
to 1939 incl. and $16,000 in 1940. Principal and interest (J. & J.) payable
at the Little Ferry National Bank, Little Ferry, or, at holder's option, at
the office of the Borough Clerk-Treasurer. A certified check for 2% is
required. Legality to be approved by Hawkins, Delafield & Longfellow of
New York City.
These bonds were previously offered on July 30, at which time no bids
were received.
-BONDS REFUNDED-Mayor Walter Jeffries of
MARGATE, N. J.
Margate announced recently that the city's debt refunding plan had been
approved by approximately 85% of the bondholders, and that the delivery
of new bonds under the plan will be in the near future.
The plan, according to the Mayor, will permit the city to establish
a cash reserve, maintain the Government on a cash basis, and will save
the municipality about 560.000 annually in interest.
Worked out and approved by the required number of city bondholders
only during the past 60 days. the plan provides for the issuance of refunding
bonds to bear 4% interest and to be retired in 40 years. Original bonds
bear 5% and 6% interest.
The City of Margate owes $3,250.361.12, not including 8218,075 notes
and bonds held by the Sinking Fund, which will be canceled.
State and county delinquent taxes totaling approximately 890,000 are
to be refunded for a period of five years, 15% payable during 1935 and the
balance divided into four equal parts bearing 4% interest.
Delinquent school tax, amounting to $13,000, will be refunded for a
similar period with similar payments.
State road funding bonds will be retired when due, as will State soldiers'
bonus tax funding bonds. They are among the bonds not to be refunded.
Financial Chronicle
Volume 141
Unpaid bills will he paid in full during 1935 and all accrued interest of
June 1 1935 will be settled upon delivery of refunding bonds
The balance of the debt, amounting to S3,110,525, will be refunded
through the issuance of refunding bonds and retired in 40 years. Payments on account of principal will begin in 1936, and will be made annually
thereafter until 1974. bearing 4% interest The refunding bonds are
issued under Chapter 77 of the Laws of 1935 Maturities will be at tho
rate of $80,000 a year. except for the final year, when the balance will be
570.000.
Copies of the complete refunding plan are being sent to bondholders.
MAYWOOD, N. J.
-BOND OFFERING-S. C. Ogden, Borough Clerk.
will receive sealed bids until 8:15 p.m.) Daylight Saving Time) on Sept.17
for the purchase of $278,000 coupon or registered bonds, divided as follows:
5140.000 not to exceed 5% interest serial funding bonds. Bidder to name a
single interest rate on the is me, etpressed in a multiple of 11 of
1%. Interest payable F. & A. Bonds dated Aug. 15 1935. Due
Aug. 15 as follows: $5.000, 1936 to 1939 incl. $8,000. 1940;
55,000. 1941 to 1943 incl.* $10,000, 1944 to 1950 incl.; 55.000.
1951: $6,000, 1952 and 1953 and $5,000 in 1954 and 1955. A
certified check for 2% of the bonds bid for, payable to the order
of the Borough. is required.
97,000 not to exceed 5% interest general improvement bonds. Bidder to
name a single interest rate on the issue, expressed in a multiple
of yi of 1%. Interest payable F.& A. Bonds dated Aug. 15 1935;
Due Aug- 15 as follows: $5,000. 1936 to 1939 incl.; 57,000, 1940.
$5,000, 1941 to 1951 incl.; $4,000, 1952 and 1953: 55,000 in 1954
and $2,000 in 1955. The price for which the bonds may be sold
cannot exceed $98,000 and proposals must be accompanied by a
certified check for $1,940. payable to the order of the Borough.
41.000 local impt. refunding bonds, including $10,000. due $5.000 each
In 1944 and 1945. bearing 414'% interest and $31,000. due from
1946 to 1955 incl., carrying 414% coupons. Interest payable
J. & D. All of the bonds are dated June 15 1935 and mature
June 15 as follows: $5,000 from 1944 to 1946 incl.: $2.000, 1947:
55,000, 1951 to 1954 incl. and $4,000 in 1955. A certified check for
2% of the bonds bid for, payable to the order of the Borough,
must accompany each proposal
The issues of $140,000 and $97,000 were originally offered on Aug.20,the
sale of which was postponed. Principal and interest on the bonds are payable
in lawful money of the United States at the City National Bank & Trust
Co. Hackensack. Approving opinion of Reed, Hoyt & Washburn of New
York will be furnished the successful bidder.
MERCHANTVILLE, N. J.
-BONDS PASSED ON FIRST READING
On Aug. 12 an ordinance providing for the issuance of $80,0130 refunding
bonds was adopted on first reading. Final reading will be given on Sept. 9.
MOUNTAIN VIEW, N. J.
-BONDS AUTHORIZED-The borough
council on Aug. 26 following a public hearing adopted on third reading an
ordinance providing for a bond issue to refund the boroughs indebtedness
up to $100,000. The entire issue will be purchased by B. J. Van Ingen and
Co. of New York at 411% interest.
The bonds, payable over a period of 14 years, will fall due annually
in the following amounts, $5,000 from 1936 to 1940, $7,000 from 1941 to
1945 and 510.000 from 1946 to 1949.
The 5100.000 bond issue replaces the following items: Temporary
improvement notes for $21,147.20, $2,062.37, $1,465.82 and $7,470.52;
tax revenue notes in the amount of $4,000 against 1932 delinquent taxes,
$9.000 against 1933, $15,000 against 1934. temporary bond No. 8 balance
due $32,045.89 and tax revenue note of 1934. $7,808.20.
NEWARK, N. J.
-NOTES AUTHORIZED-The city plans to issue
5760.000 notes to provide funds for payment of its share of the cost of
unemployment relief during 1935.
NEW JERSEY-MUNICIPAL DATA PRESENTED
-J. B. Hanauer
& Co. of Newark and New York are issuing to interested subscribers the
Sept. 3 edition of the "New Jersey Municipal Bond Market, containing
a detailed arrangement of statistical data on local governmental units,
with bid and asked prices averaged on their outstanding bond issues.
NEWTON,N.J.
-BOND OFFERING-Robert G.Trusdell,Town Clerk,
will receive sealed bids until 8 p. m. (Daylignt Saving Time) on SeA. 18
for the purchase of $319.000 not to exceed 411% interest coupon or registered general refunding bonds. Dated Sept. 1 1935. Denom. $1,000.
Due Sept. 1 as follows: $5,00,ll, 1936 to 1938 incl.; $10,000, 1939 and 1940;
$15,000, 1941 to 1950 incl.; $10000, 1951 to 1956 incl.; $9,000 in 1957
and $5,000 from 1958 to 1970 incl. Bidder to express the rate of interest
In a multiple of s of 1%. Principal and interest(M.& S.) payable in lawful
money of the United States at the Town Treasurer's office or at the Sussex
& Merchants National Bank of Newton. A certified cheek for 2% must
accompany each proposal. Legal opinion of Hawkins, Delafield & Longfellow of New York will be furnished the successful bidder.
OAKLAND, N. J.
-BONDS APPROVED ON FIRST READING
-The
Borough Council recently passed on first reading an ordinance providing
for the issuance of $114,000 water refunding bonds. Final consideration
will be given to the proposal on Sept. 11.
PITMAN, N. J.
-BONDSPASSED ON FIRST READING
-At a meeting of the Borough Council held on Aug. 26 first reading was given to an
ordinance authorizing the issuance of $95.000 refunding bonds. The
ordinance will come up for final consideration on Sept. 9.
RIVER EDGE, N. J.
-BONDS PASSED ON FIRST READING
-An
ordinance authorizing the refunding of $243,000 outstanding bonds was
passed on first reading at a meeting of the Borough Council held on Aug. 21.
The measure will come up before the Council for final passage on Sept. 3.
VINELAND, N. J.
-BONDS SOLD BY RFC
-The $21,000 4% water
works improve nent bonds offered by the Reconstruction Finance Corporation on Aug.29, were awarded to E. H. Rollins & Sons of New York at a
price of 101.59, a basis of about 3.66%. Due Feb. I as follows: $2,000
from 1936 to 1945, incl. and $1,000 in 1946.
WALLINGTON, N. J.
-BONDS AUTHORIZED-The Borough Council
has given final approval to an ordinance authorizing the issuance of $124,730
refunding bonds.
WOODRIDGE, N. J.
-OPTION GRANTED-Ira Haupt & Co. of
New York have been granted an option on the $488,000 refinding bonds
which the bordugh had offered unsuccessfully.on Aug. 14-V.141,p. 1131.
The option will expire on Sept. 9.
NEW MEXICO
CARLSBAD MUNICIPAL SCHOOL DISTRICT (P. 0.
Carlsbad),
N. Mex.-MATURITY-It is stated by the County Treasurer that the
550,000 school bonds purchased by the State Treasurer on June 29. as 4s,
-V. 141, P. 112
at par
-are due as follows: $3,000. 1936 to 1945. and
$4,000, 1946 to 1950.
NEW MEXICO, State of-BOND OFFERING-It is announced by the
State Board of Finance that it will receive sealed bids until 2 p. m.on Sept.
24 for the purchase of a $750,000 issue of State highway debentures. Interest rate is not to exceed 3.60%,,,payable A.& 0. Denom.51.000 or multiples
thereof. Dated Oct. 11935, Due $250,000 on Oct. 1 in 1941. 1944 and 1945.
Prin. and int. payable at the State Treasurer's office, or at the Chase
National Bank in New York. Bids for all or one series will be considered.
No bid at less than par and accrued interest will be considered. Issued
In anticipation of collection of the five-cent gasoline tax, motor vehicle
registration fees and property tax, to the extent to which it is now provided by law. A certified check for 2% of the amount of the bid, payable
to the State 'Treasurer, is required.
NEW YORK
ALTAMONT AND P1ERCEFIELD CENTRAL SCHOOL DISTRICT
NO. 1 (P. 0. Tupper Lake), N. Y.
-BOND SALE
-The $130.000 4%
coupon or registered junior-senior high school building bonds offered on
Sept. 4-V. 141. P. 1477
-were awarded to J. & W. Seligman & Co. of
New York at a price of 104.31, a basis of about 3.70%. Dated Dec. 1 1934
and due Dec. 1 as follows: $2.000 in 1948 and $8,000 from 194910 1964 incl.
Other bids were as follows:
BidderPremium
Tupper Lake National Bank
$4,810
Manufacturers & Traders Trust Co
2,061
Bacon, Stevenson & Co
1,651
Co
A. C. Allyn &
858
16'29
Offerings- Wanted
New York State Municipals
County-City
-Town-School District
GORDON
GRAVES 1441 CO.
40 WALL ST., N. Y.
Whitehall 4-577(i
NEW YORK
BABYLON AND OYSTER BAY JOINT UNION FREE SCHOOL
DISTRICT NO. 6 (P. 0. Amityville), N. Y.
-BOND SALE
-Bacon,
Stenson & Co. of New York, bidding 100.08 for 2.80s, a basis of about
2.78%, were the successful bidders for the $35.000 coupon or registered
school bonds offered on Sept. 4-V. 141. p. 1477. Dated Sept. 15 1935.
Due yearly on Sept. 15 as follows: 56.000, 1936 to 1940 incl., and $5,000 In
1941. Adams, McEntee & Co. of New York were the next high bidders,
offering 100.21 for 8s.
Other bids were as follows:
BidderRate Bid
Int. Rate
Starkweather & Co., Inc
100.161
3%
Manufacturers & Traders Trust Co
100.099
P. B. Hours & Co
100.07
A. C. Allyn & Co
33.1°0%
3
100.16
Sherwood & Merrifield, Inc
100.11
3.25%
Bank of Amityville and First National Bank & Trust
Co. of Amityville
Par
3.25%
George B. Gibbons & Co., Inc
100,201
0
L. S. Carter & Co., Inc
100.19
Roosevelt & Weigold, Inc
3 5305O%
33 .4
BRENTWOOD WATER DISTRICT, Town of Islip (P. 0. Islip),
1°0
N. Y.
-BOND OFFERIAG-Roy E. Pardee, Town Clerk, will receive
sealed bids until 2 p. m.(Eastern Standard Time) on Sept. 18 for the purchase of $90,000 not to exceed 6% interest coupon or registered water bonds.
Dated Sept. 1 1935. Denom.21,000. Due Sept. 1 as follows; $2.000,from
1940 to 1954, incl. and $3,000 from 1955 to 1974. incl. Bidder to name a
single interest rate of interest on the issue, expressed in a multiple of
or 1-10th of 1%. Principal and interest (M. & S.) payable in lawful
money of the United States at the First National Bank di 'Trust Co., Bay
Shore. A certified check for $1,800, payable to the order of the town.
must accompany each proposal. The bonds are general obligations of the
town, payable primarily from taxes to be levied upon the several lots or
parcels ofland in the district, but if not paid from such levy,all of the taxable
property in the Town is subject to the levy of unlimited ad valorem taxes
to pay principal and interest on the issue. Legal opinion of Clay, Dillon &
Vannewater of New York will be furnished the successful bidder.
BUFFALO, N. Y.
-FINANCIAL ANALYSIS PREPARED--Gertier &
Co., Inc.. of New York, have compiled a detailed financial report on the
above city. In a statement accompanying the booklet describing the city's
present status, it is said:
"A survey of Buffalo's financial condition is pertinent at the present
time due to the city's extremely narrow debt margin. The city's growing
requirements for welfare and relief further accentuate the vital importance
of its debt margin. The city's financial status is very stable at present and
Its tax collections are better than most American cities of comparable size.
However, unless some means of financing relief, other than borrowing, is
utilized, Buffalo will encounter serious financial embrarassrnent.
"The analysis contains a complete debt statement showing the city's
bonded and floating debt and also overlapping debt. The tax collection
record, showing tax collections for the last four years, reveals a very satisfactory experience. Also included in the analysis are operating statements
of the city and its water department. The figures of the water department
are indicative of its self-sustaining status. The detailed figures of the city s
operations graphically illustrate its financial problems. Bond principal
liquidated through cash payments has declined rapidly during the past
two years, while welfare and relief requirements, on the other hand, have
shown a very marked increase. Outside of cutting borrowing power to
dangerous limits, this trend has not impaired the city's fiscal position and
any real improvement in economic conditions will undoubtedly reflect
itself in a reversal of this ominous trend.
'The 'discussion' briefly describes the city's location and resources.
The city's financial statement is commented upon, with a paragraph
devoted to its debt margin based upon a study made by the Buffalo Municipal Research Bureau.'
CATTARAUGUS, N. Y.
-The Village Board has
-BOND ELECTION
called an election for Sept. 10 to vote on the question of issuing $29,000
street paving, curbing and drainage bonds.
CLAY AND CICERO UNION FREE SCHOOL DISTRICT NO. 12
(P. 0. North Syracuse), N. Y.
-BOND OFFERING-Sealed bids will be
received by Frank L. Howard, District Clerk, until 3 30 p.m. (Eastern
.
Standard Time) on Sept. 12 for the purchase of $132,000 not to exceed 6%
interest coupon or registered school building bonds. Issue is dated May 1
1935. Denom.$1,000. Due May 1 as follows 52.000. 1936 to 1940. Incl.:
.
$3,000, 1941 to 1945, incl.; $4,000, 1946 to 1952. incl.* $5,000, 1953 to
1956, incl.. $6,000, 1957 to 1960, incl., and $7,000 from 1961 to 1965, incl.
Bidder to name a single interest rate on the issue, expressed in a multiple
of
or 1-10th of
Principal and interest (M. & N.) payable in lawful
money of the Unitea States at the North Syracuse National Bank, North
1%*
Syracuse. A certified check for $3,000, payable to the order of J. Harry
Managh, District Treasurer, must accompany each proposal. The bonds
are general obligations of the district, payable from unlimited taxes. The
approving opinion of Clay. Dillon & Vandewater of New York will be
furnished the successful bidder.
EATON CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Morrisville),
N. Y.
-BONDS VOTED
-An issue of $225,000 school building bonds was
approved at an election held on Aug. 24.
GARDEN CITY PARK WATER DISTRICT (P. 0. Garden City),
N. Y.
-BOND SALE
-The $10,000 couonn or registered fire department
apparatus bonds offered on Sept. 5-V. 141. p. 1309
-were awarded to the
Bank of New Hyde Park as 31.1s, at a price of 100.11, a; basis of about
3.48%. Dated Sept. 1 1935 and due $1,000 on Sept. 1 from 1936 to 1945 incl.
HOOSICK (P. O. Hoosick Falls), N. Y.
-BOND OFFERING-John
D. Hayes, Town Clerk, will receive bids until 10 a. m.(Eastern Standard
Time) Sept. 12. for the purchase at not less than par of $30.000 coupon
registerable as to both principal and interest emergency relief bonds, to
bear interest at no more than 6%. Denom. $1,000. Dated Sept. 1 1935.
Principal and semi-annual interest (March 1 and Sept. 1) payable at the
Peoples-First National Bank of Hoosick Falls. Due $3,000 yearly on
March 1 from 1936 to 1945, incl. Bidders are to name rate of interest, in
a multiple of either Ws or 1-10 of 1%. A certified check for $600, payable to
the Town of Hoosick,required.
Financial Statement
esir4,005 atl n of all property subject to taxation in the Town of
ed valu148o
Hoose asss
Thick i
The total bonded debt of the town including this issue of $30,000 is
666,000.
Population of the town (1930 census) is 7,625.
The total debt above stated does not include the debt of any other subdivision having power to levy taxes upon any or all the property subject to
the taxing power of the town.
Tax Data
The total amount of taxes levied for the preceding three fiscal years. is:
1932
$102,312.48
1933
92,132.34
1934
89,071.95
The amount of such taxes uncollected at the end of each of said fiscal
years was:
1932
N
None
1933
1934None
The amount of such taxes uncollected as of the date of this noticeis:
on
1932
1933
None
1934
None
The approving opinion of Clay, Dillon & Vandewateronattorneys of
, e
New York City, will be furnished to the purchaser without cost.
1630
Financial Chronicle
HUNTINGTON, N. Y.
-BONDS AUTHORIZED-The Board of
Supervisors of the Town of Huntington on Aug. 28 authorized the issuance
of $50,000 bonds to finance welfare relief expent.itures for the balance of
the year.
IRVINGTON, N. Y.
-BOND OFFERING-Thomas J. Gorey, Village
Clerk, will receive sealed bids until 4 p. m. (Eastern Standard Time) on
Sept. 9, for the purchase of $22,000 not to exceed 6% interest coupon
street improvement bonds. Dated Sept. 1 1935. Denom. $1,000. Due
$2,000 on Sept. 1 from 1937 to 1947, incl. Bidder to name a single interest
rate on the issue, expressed in a multiple of 3•Z or 1-10th of 1%. Principal
and interest(M.& S.) payable at the Irvington National Bank & Trust Co..
Irvington. A certifiedT check for $440, payable to the order of the Village,
must accompany each proposal. Legality to be approved by Reed, Hoyt &
Washburn of New York.
BOND SALE POSTPONED
-The ;proposed sale has been postponed
pending the result of an election in the Village of Tarrytown which will
determine whether that unit shall issue bonds for the improvement instead
of Irvington.
LANSINGBURGH UNION FREE SCHOOL DISTRICT NO. 1
(P. 0. Troy), N. Y.
-BOND OFFERING-George H. Bradshaw. District
Clerk, will receive sealed bids until 4 p. m. (Eastern Standard Time) on
Sept. 10 for the purchase of $510,000 not to exceed 4% interest coupon or
registered school building bonds. Dated Sept. 1 1935. Denom. $1,000.
Due Nov. 1 as follows: $10,000, 1936 and 1937; 311.000. 1938 and 1939;
$12,000, 1940 and 1941: $13,000. 1942 and 1943: $14,000. 1944 and 1945;
$15,000, 1946;$16,000, 1947 and 1948;$17,000, 1949 to 1951,incl.; $18.000.
1952 to 1954. incl.* $19,000. 1955 to 1957. incl.• $20,000. 1958 and 1959;
'
$21,000, 1960; $22,000. 1961; $23,000, 1962; 324,000. 1963; $25,000 in
1964 and $26,000 in 1965. Bids must be for all of the bonds and state a
single interest rate thereon, expressed in a multiple of Yi or 1-10th of 1%.
Principal and interest (M. & S) payable in lawful money of the United
States at the Manufacturers National Bank of Troy. A certified check
for $10,000, payable to the order of George H. Legnard, District
Treasurer, must accompany each proposal. Legal opinion of Clay. Dillon &
Vandewater of New York will be furnished the successful bidder.
-BONDS
LATHAM WATER DISTRICT, Town of Colonte, N. Y.
-R. H. Rollins & Sons. Inc. and A. C.
OFFERED FOR INVESTMENT
Allyn & Co., Inc.. both of New York, are making public offering of a new
issue of $179,000 4% bonds at prices to yield from 3% to 3.85%, according
to maturity. They are due serially from 1940 to 1964, Incl. and are legal
investment for savings banks and trust funds in New York State
-A UGUST FINANCING-The city made semiPi NEW YORK, N. Y.
private sale of $28,151.000 obligations during the month of August. These
Included $2,151,000 4% bonds which were sold to the Public Works Administration. The remaining $26,000,000 securities were purchased by
local banks and consisted of the following items:
$10.000,000 15(% temporary certificates of indebtedness. Due Feb. 14
1936.
10,000,000 2,54 revenue bills of 1935. Due Dec. 31 1935.
special revenue bonds of 1935. Due Sept. 15 1936.
3,000,000
3.000.000 ig 0 tax notes of 1935. Due Sept. 15 1936.
-BONDS OFFERED FOR INVESTMNET-The
NEW YORK, N. Y.
Chase National Bank, Chemical Bank & Trust Co. and R. W.Pressprich &
Co.are offering for general investment, at prices to yield from 1% to 3.90%.
the $6,431,0004% bonds sold to the bankers by the Reconstruction Finance
Corporation at a'mice of 103.11, as stated in V. 141, p. 1478. They mature
from 1936 to 1963, inclusive.
The RFC announces that the Central Republic Co. of Chicago bid on
each of the following New York City issues in the amount indicated:
$100,000 Bronx County Jail construction,serial bonds, 1037.39 per thousand
108,000 Hospital-Greenpoint Hospital improvement, serial bonds,
1045.05 per thousand.
60,000 Education-Public School 149 construction, serial bonds, 1034.51
per thousand.
55,000 Education-Public School 146 construction, serial bonds, 1036.47
per thousand.
107,000 Health-Willard Parker Biological Laboratory, serial bonds.
1048.21 per thousand.
-Washington Ave. Bridge, serial bonds. 1028.05 per
46,000 Bridges
thousand.
30,000 Education-Public School 201 construction, serial bonds, 1037.10
per thousand.
100,000 Education-Public School 43 construction, serial bonds, 1033.64
per thousand.
90,000 Hospital-various hospitals equipment, serial bonds, 1042.86
per thousand.
23,000 Highway improvement, serial bonds, 1024.12 per thousand.
10,000 Education-Public School 225 construction, serial bonds, 1019.40
per thousand.
110,000 Education-Tottenville High School construction, serial bonds,
1037.62 per thousand.
51,000 Hospital improvement, Queens, serieal bonds, 1022.59 per
thousand.
35,000 Incinerator construction. serial bonds, 1037.50 per thousand.
35,000 Education-Public School 2 construction, serial bonds, 1041.21
per thousand.
180,000 Bellevue Hospital improvement, serial bonds, 1050.93 per
thousand.
.-BOND OFFERING-Frank D. Dosvdle, City ChamOSWEGO, N. Y
berlain, will receive sealed bids until 11 a.m. (Standard Time) on Sept. 13
for the purchase of $100,000 not to exceed 6% interest coupon or registered
emergency relief bonds. Dated Sept. 1 1935. Denom. $1,000. Due
$10.000 on Sept. 1 from 1936 to 1945,incl. Bidder to name a single interest
or 1-10th of 1%. Principal
rate on the loan, expressed in a multiple of
and interest (M. & S.) payable in lawful money of the United States at the
First & Second National Bank & Trust Co., Oswego. General obligation
bonds, payable from unlimited ad valorem taxes on all taxable property
In the city. A certified check for 2% of the bonds bid for, payable to the
order of the City Chamberlain, must accompany each proposal. Legal
opinion of Caldwell & Raymond of New York will be furnished the successful
bidder.
Financial Statement
Assessed valuation of real estate, incl. special franchises.... $18,582,621.00
1,753,809.17
Total bonded debt (excluding this issue)
Unfunded debt: Condemnation judgment_ _ _ - $101,605.70
20,000.00
Emergency relief notes
121,605.70
$1,875,414.87
Gross debt
Deductions. Water bonds (included in above)- $154,000.00
Bonds (other than water bonds) maturing in
26,000.00
present fiscal year, included in budget-180,000.00
$1,695,414.87
Tax Collection Record
Uncollected as of
Uncollected at End
Aug. 26 1935
of Fiscal Year
Year$41,060.12
3131.869.10
1
$7721,4 8.50
1932
98,446.6143,668.84
535,90090
1933
74,348.82
124,459.97
1934
785,798.06
(Unexpired)
604,091.30267,785.44
1935
City taxes are collected in three instalments, April. July, and October.
The city owns its own water supply plant from which it derives a substantial revenue over and above operating expenses. The city also owns a
water power plant, erected at a cost of approximately $1.000.000, now
leased to Oswego River Power Corp. (Niagara-Hudson Power Corp.),from
which the city derives a net revenue of $50,000 a year, such plant being
erected at State Barge Canal Dam No. 6 in the City of Oswego. This
lease expires in 1954, at which time the plant reverts to the city free and
clear of all encumbrances.
The charter of the city is Chapter 394 of the Laws of New York of 1895,
as amended. The population of the city according to the Federal Census
of 1930. Is 22,652.
The foregoing statement of bonded debt does not include the debt of
Oswego County which is the only other subdivision having power to levy
taxes upon any or all of the property subject to the taxing power of the city.
PITTSFORD AND PERENTON UNION FREE SCHOOL DISTRICT
-An issue of $285.000
-BONDS VOTED
NO. 13 (P. 0. Pittsford), N. Y.
school bonds was approved by the voters at an election held on Aug. 26.
Net debt
Sept. 7 1935
-BOND SALE
POTSDAM, N. Y.
-The $138,000 coupon village build-were awarded to .T. & W.
ing bonds offered on Aug. 31-V. 141, p. 1309
Seligman & Co. of New York as 3.105., for a premium of $138. equal to
100.10, a basis of about 3.099'. Dated Sept. 1 1935 and due Sept. 1 as
follows: $6,000 from 1937 to 1943 incl. and $8,000 from 1944 to 1955 incl.
A bid of par plus $250 premium for 33.% was made by a group of St. Lawrence County banks.
-The $10,000 registered emer-BOND SALE
RENSSELAER, N. Y.
-were awarded to
gency relief bonds offered on Sept. 3-V. 141, p. 1478
John L. Bame, of Nassau. on a bid $10,067, equal to 100.67, for 3.40%.
a basis of about 3.11%. Dated Sept. 4 1935. Due $2,000 yearly on Jan. 1
from 1936 to 1940 incl. E.H.Rollins & Sons of New York offered a premium
of $4 for 3.80 and the Rensselaer County Bank & Trust Co. bid
a premium of $125 for 4% bonds.
E. H. Rollins & Sons, Inc.. of New York, binning for 3.80s, offerea a
premium of $4 for the issue.
-The city is expected
-PROPOSED BOND SALE
ROCHESTER, N. Y.
to come to market shortly with an Issue of $1,000.000 relief bonds.
-The Village Board has
-BOND ELECTION
RUSHVILLE, N. Y.
designated Sept. 7 as the date of an election at which the voters will be
asked to approve a $75,000 bond issue for establishment of a water works
system.
-The Village Board
-BONDS AUTHORIZED
SARANAC LAKE, N. Y.
on Aug. 19 authorized an issuance of$20,000 bonds for purchase of property
for park purposes.
.
SCHENECTADY, N. Y.
-REFUNDING PLANNED-The city proposes to refuna the $1,960,000 bonds maturing in 1936 as a means of lowering the tax rate for that year, according to report. Unless such action is
taken, the rate will have to be increased by about $6 in the opinion of City
Comptroller Leon G. Dibble. The refinancing would be done under the
new municipal debt equalization Act. As of Aug. 19,it is said, the city had
collected $3,216,690 of the 1935 tax levy of $4,971,861.
-The State
-BOND REFINANCING AUTHORIZED
TROY, N. Y.
Comptroller has approved the city's application to refinance $910,000 of
outstanding bonds through the issuance of new "debt equalization" bonds.
About $225,000 of the bond principal due in 1936 is included in the program.
Refunding of these obligations will reduce the tax rate for next year by at
least $2.50 Per $1, 0
00 .
-The $4,500 coupon power shovel
-BOND SALE
WAVERLY, N. Y.
-were awarded as 3s,
purchase bonds offeret on Sept.,3-V. 141, p. 1478
at a price of par, to the Citizens National Bank of Waverly. Due 51,500
from 1936 to 1938 incl.
-BONDS
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-Adams, McEntee & Co., Inc. of New
OFFERED FOR INVESTMENT
investment 3236,000 4% bonds, due June 1
York are offering for public
1939, at prices to yield. 2%.
-The tax
-LOWER TAX RATE POSSIBLE
WHITE PLAINS, N. Y.
rate in this city for 1936 should be about $1.35 less for each $1,000 of assessed
valuation, according to budget estimates made public Sept. 4 by Finance
Commissioner Richard Appel. The rate this year is $24.28 per $1,000.
The net budget for 1936 is estimated at $3,617,668, a decrease of $4418,578
from that of this year. The gross budget, however,amounts to $5,826,866,
and is about $6,000 higher than that of this year. Increased revenues and
surpluses make the tax levy lower.
-The Common Council
-BONDS AUTHORIZED
YONKERS, N. Y.
on Aug. 26 voted in favor of the issuance of $175,000 street impt bonds.
NORTH CAROLINA
-BONDS APPROVED-The Local Government
GOLDSBORO, N. C.
Commission is said to have approved the issuance of $25,000 in cemetery
bonds.
-BONDS OFFERED
GUILFORD COUNTY(P.O. Greensboro), N. C.
-The coupon refunding road and bridge bonds that
FOR INVESTMENT
were purchased on Aug. 13 by a syndicate headed by Courts & Co. of
Durham, N. 0., as 3%s and 3(s, as reported in these columns at that
-are being offered for public subscription by the
-V. 141, p. 1132
time
successful group priced as follows: $87,000 3)4% bonds, maturing from
Aug. 1 1940 to 1953, to yield from 2.50% to 3.30%; the $68,000 334%
bonds, maturing from Aug. 1 1954 to 1960, to yield 3.25% on all maturities.
Prin. and int.(F. & A.) payable in New York City. Legality approved by
Masslich & Mitchell of New York City,
-In connection with the $172,000
-BOND DETAILS
MONROE, N. C.
not to exceed 4% semi-ann. refunding bonds authorized by the Board of
-It is reported by the City Manager
recently
-V. 141, p. 1310
Aldermen
that the bonds are dated Nov. 1 1935, and mature as follows: $3,000. 1939
to 1943; $5.000, 1944 to 1951; 37.000, 1952: $8,000, 1953 to 1956; $10.000.
1957 to 1959; 315,000, 1960. 1961, and $16,000 in 1962. Principal and
interest(M.& N.) payable in New York. Legal approval by Rm.& Hoyt
& Washburn of New York City.
-BOND ISSUANCE APPROVED-.
NORTH CAROL NA, State of
At a meeting held with Governor Ehringhaus on Aug. 29, the Council of
State is said to have approved the issuance of a total of $1,593,000 in State
bonds, to be used for building projects totaling $2,926,000 at State institutions.
-The $12,000 storm sewer
-BOND SALE
ROANOKE RAPIDS, N. C.
-V.
bonds that were authorized by the City Commissioners early in July
-are said to have been purchased by the Interstate Securities
141, p. 476
Corp. of Charlotte. as 4Ms.
-The issuance of $55,000
-BONDS APPROVED
THOMASVILLE, N. C.
in city hall bonds is said to have been approved recently by the Local
Government Commission.
-A $9,600
-NOTESALE
VANCE COUNTY(P.O. Henderson), N. C.
Issue of notes is stated to have been sold by the Local Government Commission on Aug. 27 to the First National Bank of Henderson. at 2%, plus
a premium of $16. Due on March 1 1936.
The secona highest bid was submitted by the Citizens Bank & Trust Co.
of Henderson, an offer of $22.67 premium on 234% notes.
NORTH DAKOTA
CARRINGTON SCHOOL DISTRICT (P.O. Carrington), N. Dak.BOND OFFERING-Sealed bids will be received until 2 p.m. on Sept. 14.
by F. R. Rogers, District Clerk, for the purchase of a $6,000 Issue of coupon
school bonds. Interest rate is not to exceed 5%,payable A. & 0. Denom.
Dated Oct. 1 1935. Due $600 from Oct. 1 1937 to 1946, incl.
$600.
These bonds were approved by the voters at an election held on Aug. 20.
-V. 141, p. 1478. A certified check for 2% must
as reported recently.
accompany the bid.
-A special election Is said to be
MEDINA, N. Dak.-BOND ELECTION
scheduled for Sept. 11 to vote on the Issuance of $5,000 in auditorium bonds.
Due from 1937 to 1955.
STEELE COUNTY (P. 0. Finley), N. Dak.-CERTIFICATE SALE
The $12,000 issue of certificates of indebtedness offered for sale on Sept.3-were purchased as follows: $6,000 by the Farmers &
p. 1310
V. 141,
Merchants National Bank of Hatton and $6,000 to the First & Farmers
National Bank of Portland. Due within 24 months. ,
OHIO
BARLOW RURAL SCHOOL DISTRICT, Washington County,
-An election will be held on Sept. 17 to vote
-BOND ELECTION
Ohio
on the question of issuing $18.000 school improvement bonds.
Ohio
-ATTORNEYS REFUSE TO APPROVE
BARNESVILLE,
-In connection with the report in V. 141, p. 1478 J. S. Todd & Co.
BONDS
of Cincinnati. inform us that the reason they declined to accept the $5,400
5% street repaving bonds awarded to them on June 22 was that Squire.
Sanders & Dempsey, bond attorneys, refused to approve the legality of
the issue on the ground that the municipality was exceeding its tax limits
and could not levy taxes to pay the bonds.
BAZETTA TOWNSHIP SCHOOL DISTRICT (P. 0. Cortland),
-An issue of $12,000 school building bonds was
-BONDS VOTED
Ohio
approved by a vote of 125 to 39 at an election held on Aug. 27.
Financial Chronicle
Volume 141
BERLIN HEIGHTS RURAL SCHOOL DISTRICT, Ohio-BOND
ELECTION
-At an election to be held on Sept. 10 the voters will be asked
to approve an issue of $36,000 school building bonds.
BOWLING GREEN, 0.
-BOND OFFERING-Mabel Young, City
Auditor, will receive sealed bids until noon on Sept. 20 for the purchase of
$14,250 6% refunding bonds. Dated Sept. 11935. One bond for $1,250;
three of$1,000 each and five of $2,000 each. Due Sept. 1 as follows: $1,250.
1937;$1,000, 1938 to 1940 incl. and $2,000 from 1941 to 1945 incl. Interest
payable M. & S. Bids for the bonds to bear interest at a rate other than
6%.expressed in a multiple of % of 1%,will also be considered. A certified
check for $500, payable to the order of the city, must accompany each
proposal.
CANAL WINCHESTER, Ohio
-An election is to
-BOND ELECTION
be held on Sept. 24 to vote on the proposed issuance of $30,000 sewage
system bonds.
CLERMONT COUNTY (P. 0. Batavia), Ohio
-BOND ELECTION
The County Commissioners have voted to submit a proposed $25,000
courthouse bond issue to the voters at the November election.
-The
CLEVELAND, 0.
-BONDS OFFERED FOR INVESTMENT
$2,487,000 4% sewage disposal bonds, due serially from 1936 to 1958 incl.,
recently sold by the Reconstruction Finance Corporation to Halsey, Stuart
,
& Co., Inc. of New York and associates. are being reoffered by the bankers
for public investment at prices to yield from 2% to 3.90%•
(The official advertisement of this public offering appears on P. IV of
this issue.)
CLYDE CONSOLIDATED SCHOOL DISTRICT,Sandusky County,
Ohio
-BOND ELECTION
-The School Board has passed a resolution
calling for submission to the voters at the November election of a proposal
to issue $200,000 high school building bonds.
COLUMBUS, Ohio
-The $40,000 4% in-BONDS SOLD BY RFC
cinerator fund No. 1 bonds offered by the Reconstruction Finance Corporation on Aug. 29 were awarded to the Souther Ohio Savings Bank & Trust
Co. of Cincinnati at a price of 104.505, a basis of about 2.91%. Due
$33,000 Feb. 1 1940 and $7,000 Feb. 1 1941.
-Halsey,
COLUMBUS, Ohio
-BONDS OFFERED FOR INVESTMENT
Stuart & Co., Inc.,of New York and the First Cleveland Corp.of Cleveland,
jointly, are offering for general investment $460.000 4% sewer bonds at
prices to yield from 2.75% to 3.10%,according to maturity. Due $136,000
Feb. 1 from 1940 to 1942, incl.. and $52,000 in 1943.
CUYAHOGA COUNTY (P.O. Cleveland), Ohio
-BOND OFFERING
-George H. Stahler, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m. (Eastern Stadnard Time) on Sept. 17
for the purchase of $15,000 4%% coupon or registered bonds, divided as
follows:
$10,000 sewer district No. 2 sewer and water improvement No. 215 bonds.
Denom. $1,000. Due $1,000 on Oct. 1 from 1936 to 1945, incl.
3,000 sewer district No. 11 water supply improvement No. 1159 bonds.
Denom.$300. Due $300 on Oct. 1 from 1936 to 1945.inclusive.
2,000 sewer district No. 11, water supply improvement No. 1158 bonds.
Denom.$200. Due $200 on Oct. 1 from 1936 to 1945,inclusive.
Each issue is dated Nov. 1 1935. Bids may be for all or none or for each
issue separately. A rate of interest other than 434% may be named,
provided such rate is expressed in a multiple of % of 1%. Prin. and int.
(A. & 0.) payable at the County Treasurer's office. A certified check for
1%, payable to the order of the County Treasurer, is required. Legal
opinion of Squire, Sanders & Dempsey of Cleveland will be furnished the
successful bidder.
DANVILLE, Ohio
-BONDS VOTED
-By a vote of 272 to 76 the
residents of the village at a recent election approved the issuance of $12,000
waterworks bonds,
EUCLID, Ohio
-BONDS NOT SOLD
-No bids were submitted for the
$2,019,768.02 434% refunding bonds offered on Aug.31-V. 141, p. 1133.
Due serially from 1939 to 1947, inclusive.
BOND EXCHANGE PLANNED
-Id connection with the above report,
it is stated that the bonds will be offered in exchange for unpaid 1933 and
1934 maturities and for those bonds which mature in 1935. Existing bonds
bear interest coupons offrom 5% to 6%.
FRANKLIN COUNTY (P. 0. Columbus), Ohio
-BOND ELECTION
-The Board of Commissioners has voted to hold an election on the question of issuing $745,000 poor relief bonds.
GALION, Ohio
-BONDS AUTHORIZED
-City Council has passed two
ordinances providing for issuance_of the following:
$10,000 2% improvement bonds. Dated Sept. 1 1935. Denom:$1.000.
Due $2,000 from 1937 to 1941, inclusive.
10,0002% anticipation „bonds. Dated Sept. 15 1935. Due Sept. 15
1936.
Principal and interest payable at the City Treasurer's office.
GERMANTOWN, Ohio
-A resolution to
-BONDS AUTHORIZED
issue $30,000 4% sanitary sewer system and disposal plant bonds was
passed by the Village Council on Aug. 19. Dated about Sept. 1 1936.
Due Sept. 1 as follows: $1,000 from 1941 to 1960, incl., and $2,000 from
1961 to 1965, inclusive.
Ohio
-BOND ELECTION
-The City Council on Aug. 26
authorized submission of three proposed bond issues totaling $250,000 at
the November election.
MIDDLETON TOWNSHIP (P. 0. Haskins), Ohio
-BONDS VOTED
-A proposed bond issue of $15,400 for erection of school building addition
was approved by the voters at an election held on Aug. 27.
NEW PHILADELPHIA, Ohio
-The $45,000
-BONDS SOLD BY RFC
4% first mortgage water revenue bonds offered by the Reconstruction
Finance Corporation on Aug. 29 were awarded to the First Cleveland Corp.
of Cleveland at a price of 105.38, a basis of about 3.12%. Due $3,000 on
Jan. 1 from 1936 to 1950, inclusive.
SPRINGFIELD,Ohio
-BONDSALE--Bonds in the amount of$122,000
authorized to be issued in anticipation of collection of delinquent taxes
were awarded on Aug. 30 to the First National Bank & Trust Co., the
Lagonda National Bank and the Springfield Savings Society, all of Springfield, on a joint bid of $128,939.40, equal to 105.688, for 434s. The bonds
mature in ten years.
TOLEDO, Ohio
-DEBT CHARGES PAID
-It is reported that the city
made payment in cash on Sept. 1 of $824,200 maturing bond principal.
Principal payments were halted on Sept. 1 1932, when refunding bonds
were issued.
WALBRIDGE SCHOOL DISTRICT, Ohio
-BONDS DEFEATED
At an election held on Aug. 27 the voters rejected the proposal to issue
$50,000 school building bonds.
WHARTON, Ohio
-BOND ELECTION
-The Village Council has
passed a resolution calling for an election on Sept. 24 to vote on the question
of issuing $10,500 water works bonds.
XENIA, Ohio
-BONDS AUTHORIZED-On Aug. 22 the City Commission passed an ordinance authorizing the issuance of $20.000 water
works bonds.
YOUNGSTOWN, Ohio
-BONDS SOLD-The issue of $120,000 park
bonds which Squire. Sanders & Dempsey of Cleveland had refused to approve as to legality for the Provident Savings Bank & Trust Co. of Cincinnati, resulting in cancellation of the sale of the issue to that bank
-has now been sold to Bliss, Bowman & Co. of Toledo
V. 141, p. 1479
on a 534% interest basis.
OKLAHOMA
-BOND SALE DETAILS
-We are now informed by the
ADA, Okla.
City Clerk that the $38,500 coupon water works extension bonds purchased
-V. 141, p. 1479
-were sold at
on Aug. 27 by the city singing fund as Is
Par.
-BOND OFFERING
FAIRVIEW SCHOOL DISTRICT, Okla.
F.J. DeWitt, Clerk of the Board of Education, will receive bids until 8 p. m.
Sept. 9, for the purchase at not less than par of $22,000 school building
1631
bonds, to bear interest at rate named by the successful bidder. Dated
Sept. 2 1935. Due yearly on March 2 as follows: $1,500, 1940 to 1952,
incl.; and $2,500, 1953. A certified check for 2% of amount of bid,required.
HOBART, Okla.
-BOND OFFERING
-E. L. Cupps, City Clerk, will
receive bids until 8 a. m. Sept. 10, for the purchase at not less than par of
$12,350 park improvement bonds, to bear interest at rate named in the
successful bid. Due $2,000 yearly beginning four years after date of issue,
except that the last histallment will amount to $350. A certified check
for 2% of amount of bid, required.
-BOND ELECTION
LINDSAY, Okla.
-The Board of Trustees of the
town recently passed an ordinance calling for an election on Sept. 30 for
the purpose of voting on the issuance of $12,500 bonds to provide funds for
extension of the electric light system.
-With a call for $227.071
-BOND CALL
OKLAHOMA CITY, Okla.
additional bonds, the total of street improvement bonds raid this year has
been increased to $1,093,914, leaving a total debt of $4,770,473. according
to a report prepared by the Assistant City Treasurer. The 1934 payment is
said to have included $612,778 submitted for redemption and $256,231 on
a call.
OKLAHOMA,State of
-It is reported by C.E.Sebring,
-BOND SALE
Assistant State Treasurer, that the State School Land Department purchased on Sept. 3 a block of $3,100,000 funding of 1935, series B, bonds at
a net interest cost of 2.28%. Dated Oct. 1 1935. Due $310,000 from
June 30 1937 to 1946, Incl. No other bid was received for the bonds.
-BONDS
POTTAWATOMIE COUNTY (P. 0. Tecumseh), Okla.
SOLD BY RFC
-The $175,000 issue of 4% semi-ann. court house bonds
offered for sale by the above Corporation on Aug. 29-V. 141, P. 1301
was sold to the Brown-Crummer Co. of Wichita at a price of 100.68, a
basis of about 3.92%. Due from April 1 1937 to 1957, inclusive.
-A resolution was
SHATTUCK, Okla.
-BONDS AUTHORIZED
passed recently authorizing the issuance of refunding bonds in the amount
of $24,495. E. G. Fulton is Town Clerk.
-OFFERED-The $75,000
SHAWNEE, Okla.
-RE
-BONDS NOT SOLD
convention hall bonds offered on Sept. 3-V. 141, p. 1311-were not sold
as all bids received were rejected. New bids for the purchase of the bonds
will be received on Sept. 16.
VIAN SCHOOL DISTRICT, Okla.
-BOND OFFERING-The Board
of Education will receive bids until 10 a. m. Sept. 10, for the purchase at
not less than par of $6.000 school building bonds, to bear interest at rate
named in successful bid. Denom. $500. Due $500 yearly beginning
three years after date. A certified check for 2% of amount of bid, required.
-BONDS
VICI CONSOLIDATED SCHOOL DISTRICT, Okla.
VOTED-Residents of the district at a recent election voted by 122 to 32
In approval of an issue of $14,500 school construction bonds.
-We are informed by the City Clerk
WATONGA,Okla.
-PRICEPAID
that the $17,000 coupon public park bonds sold on Aug. 15 to R.J.Edwards,
Inc., of Oklahoma City, divided as follows: $8,090 as 534s, and $9,000 as
534s
-V.141, p. 1311-were awarded at par. Interest payable F. & A.
OREGON
-BOND OFFERING-Sealed bids will be received until
ALBANY, Ore.
7 p. m. on Sept. 11 by F. E. Van Tassel!, City Recorder, for the purchase
of a $35,500 issue of refunding bonds. Interest rate is not to exceed 5%.
payable A. & 0. Denom. $500. Dated Oct. 1 1935. Due as follows:
$1,500, April, and $2,000, Oct. 1 1936 to 1944. and $2,000 April and
Oct. 1 1945. Principal and interest payable at the City Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch & Shuler of Portland,
will be furnished. A certified check for 234% of the bid is required.
(A preliminary notice of this offering appeared in these columns recently-V. 141. p. 794.)
ASTORIA,Ore.
-CITY MANAGER REPORTS ON PRESENTSTATUS
OF DEFAULT SITUATION
-The following is the text of a letter just
received from the City Manager:
"To the holders of the City of Astoria, Oregon Bonds.
"After a careful perusal of the proposed refunding plan on City of Astoria, Oregon bonds, I think it is the best program that can be worked out
for the protection of the holders of City ot Astoiia bonds and our taxpayers.
"Together with other city officials, I made trips East to attend meetings
with the Bondholders' Committee. I wish to state that this Committee
serves without compensation, their interests being simply those of any other
owner, or in some cases they represent clients to whom they sold these
bonds. It is my understanding that they have more than 60% of the
bonds on deposit, but about 90% are usually secured before such a deal is
safe. I know the Committee has done its best to contact all the bondholders, which are scattered from coast to coast. We have sent them all
the lists we have, but at best a great many people just simply do not answer
even when they get the Committee's letters.
"New, personally, I have heard of no one who does not recognize that
the Committee has done good work in clearing up a bad default without
loss to investors, but, even so, there appears to be quite a large number of
bondholders who hold back to see what will happen. Such a delay might
conceivably cause this deal to fail, for I do not believe the Committee will
fool around forever and from the city's standpoint, there would be nothing
left but municipal bankruptcy, becaiae eight now 5,000 pieces of property
are due to be sold in the next tax sale and we are considering going back
to volunteer firemen, no electric lights and similar devices, to get within
our tax collecaons. The bondholders should be very much concerned
about our future.
"I know that bond committees many times dissipate the funds entrusted
to them and do not get results, but I believe this particular committee is
trying in every possible way to truly represent the bondholders. Surely,
it would not be to the best interests of either the bondholders, or the taxpayers, to let this deal fall through, for from all I can learn, municipal
bankruptcy is the worst possible solution.
"I endorse the plan wholeheartedly and urgently request those who have
not deposited their bonds to do so at once.
"Sincerely,
"JAMES (). CONVILL. City Manager."
-The $15,000 issue of 3%% semi-ann,
ATHENA, Ore.
-BOND SALE
-was purchased by
water bonds offered for sale on Sept.3-V. 141, p. 1479
the First National Bank of Athena at a price of 95.00, a basis of about
4.10% to optional date. Dated July 1 1935. Due on July 1 1955, optional
on and after July 1 1945. No other bid was received.
COLUMBIA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Rainier)
-In connection with the sale of the $31.500
Ore.
--BOND SALE DETAILS
refunding bonds to Hess, Tripp & Butchart, of Portland, as 334s, at a
-V. 141. p. 1311-it is stated by
price of 100.0008, as reported recently
the District Clerk that the bonds are dated Aug. 1 1935, and mature on
Aug. 1 as follows: $2,500, 1936 and 1937; $3,000. 1938 to 1941; $3,500.
1942 to 1944, and $4,000 in 1945: optional on or after Aug. 1 1938. giving a
net income basis of about 3.498%. Prin. and int. payable at the fiscal
agency of the State in New York, or at the County Treasurer's office.
Legal approval by Teal, Winfree, McCulloch, Shuler & Kelley, of Portland.
-The $113.000 ssue of refunding imEUGENE, Ore.
-BOND SALE
provement. series 0 bonds, offered for sale on Aug. 29-V. 141. p. 1480
was awarded to Hemphill, Fenton & Campbell, Inc., of Portland, as 334s,
at a price of 100.031, a basis of about 3.74%. Dated Sept. 15 1935. Due
from Sept. 15 1936 to 1945.
-The $182.597.72 issue of
-BOND SALE
KLAMATH FALLS, Ore.
-was awarded
refunding bonds offered for sale on Aug. 30-V. 141, p. 1312
to Atkinson-Jones & Co. of Portland, as 4s. paying a premium of $96, equal
to 100.38, a basis of about 3.95%. Dated Oct. 1 1935. Due from Oct. 1
1938 to 1950.
-BONDS DEFEATED--Ac the election held on
NORTH BEND, Ore.
Aug. 26-V. 141. p. 1312
-the voters defeated the proposal to issue $40,000
in Public Works Administzation new city hall and library building bonds,
by a count of 153 to 103.
-BOND-OFFERING-Sealed bids will be received until
STAYTON.Ore.
7:30 p.m. on Sept. 12 by J. B. Grier, Town Recorder, for the purchase of a
ULM issue of refunding bonds. Denom. $500. Dated Oct. 1 1935.
Due on Oct. 1 as follows: $500 in 1937 and $1,500 in 1938 to 1947; optional
on Oct. 1 1940. The interest rate is to be named by the bidder. The
approving opinion of Teal, Winfree, McCulloch, Minter & Kelley of Portland will be furnished. A certified check for 2% of the par value of the
bonds, payable to the town, is required with bid.
1632
Financial Chronicle
YAMHILL COUNTY SCHOOL DISTRICTS (P. 0. McMinnville)
Ore.
-REPORT ON INCREASE IN BONDED DEBT
-The following
taken from a McMinnville dispatch to the Portland "Oregonian" of Aug. is
17:
"Yamhill County's 101 school districts last year boosted their total
obligations $47,392.63 to $162,504.30, according to the annual
report of
Lynn Gubser, Superintendent.
"Accounting for the major portion of the increase, however, was
construction of Newberg's new central grade school, a project calling the
for
Issuance of $35,000 bonds.
•
Debt Cut Drastically
"Warrant indebtedness, according to the report, was cut from $40,856.67
to $19,654.30, and the financial condition of the districts is satisfactory,
according to Homer Parrett, County Treasurer. Mr.Parrett said funds have
been paid into his office by several districts since the Superintenden
t started
compilation of the 1934-35 report.
"The 101 school districts boast 99 buildings worth $643,812, real estate
valued at $54,965, and furnishings valued at $89,268.52. A total of
223
teachers are employed in the county, 154 in grade schools, seven in junior
high and 62 in senior high schools. The county's school budgets provide
$130,194.12 for teachers'salaries. Census indicated 6,373 children attended
county schools last year."
PENNSYLVANIA
Sept. 7 1935
The latter resolution is said to have been mailed to the Federal Government in the hope that it would result in approval of the entire $88,000,000
Improvement program prior to the deadline.
01
The authority, at its initial meeting, elected Governor George H.
as President; Auditor-General Frank E. Baldwin, Secretary, and Earle
State
Treasurer Charles E. Waters, Treasurer.
PENNSYLVANIA,State of(P.O. Harrisburg)
-NOTES PARTIALLY
SOLD
-Of the 350,000.000 series "AT" tax anticipation notes offered on
Sept.5-V.141, P. 1480
-bids were accepted for approximately $10,600,000
of the issue as 14s, at par, and decision made by the State ot offer
the
ubsold portion of the loan "over the counter" at
to unofficial reports. The notes are dated Oct. 1the same price, according
1935 and mature May 31
1937. The purchasers of the notes on the basis
various State funds. A bid for the entire issue ofnoted above included
$50,000,000 as 14s,
at a price of 98.80. was submitted by Dougherty, Corkran & Co. of Philadelphia, acting alone. Two offered were made by a syndicate under
the
lezdership of Halsey, Stuart & Co., Inc., of New York. The first was a
tender of 98.50 for a block of $25,011,000 notes as
of 98.75 for $25,000,000 as 2s and a three-month 2s. An alternative offer
option
$25,000.000 as 2s, at a price of 99, represented the second on the remaining
bid
the group. Other members of the account included Lehmansubmitted by
Bros.•, Bancamerica-Blair Corp.; R. W.Pressprich & Co.: Stone & Webster and Blodget,
Inc.; Eastman, Dillon & Co.; It. H. Rollins & Sons, Phelps, Fenn & Co.;
Hemphill, Noyes & Co.; George B. Gibbons & Co., Inc.; Stroud & Co.;
G. M.
-P. Murphy & Co.; R. H. Moulton & Co., Inc.; E. Lowber Stokes
& Co.; Burr & Co.; Bioren & Co.; Jenney & Co.; Hannahs, Bailin & Lee:
Shannon, Kenower & Co.; C. C. Collings & Co.; Morse Bros. & Co.. Inc.:
Stern Bros. & Co.: John T. Collins Jr. & Co., and Riter &
Co.
PENN TOWNSHIP SCHOOL DISTRICT, Pa.
-The $250,000 3% school bonds awarded recently-BONDS APPROVED
to Brown, Harriman .S;
Co. and Dougherty, Corkran & Co., both of
columns at the time, were approved by thePhiladelphia. as noted in these
Pennsylvania Department of
Internal Affairs on Aug. 29.
PHILADELPHIA, Pa.
-SEEKS $4,400,000 FOR SUBWAY CONSTRUCTION
-The City Council voted on Aug. 29 to ask
Administration for a grant of 45% of the estimated cost the Public Works
of $4,400,000 for
completion of the S. Broad and Locust SM.subways. The action was taken,
according to the resolution, "In anticipation of the successful conclusion
of the negotiations with private financial interests for the remaining
of the funds." The Corn Exchange National Bank of Philadelphia55%
been asked to loan the additional money, it is said. The Council also has
requested City Solicitor David J. Smyth to petition the Court of Common
Pleas to deduct upwards of $2,500,000 from the
permit
the issuance of bonds against the "self-sustainicity debt in order th, Prong city water plant.
ceeds of the financing would be used for the construction of storm sewers.
A similar resolution requesting that $38,400,000
purposes" was passed last June, but recalled atbe so deducted for "water
the instigation of Mayor
Moore.
ADAMS TOWNSHIP, Cambria County, Pa.
-BONDS
An issue of $50,000 funding bonds was approved by theAPPROVED
Pennsylvania
Department of Internal Affairs on Aug. 29.
Pk ADAMS COUNTY (P. 0. Gettysburg), Pa.
Gettysburg)
-BOND OFFERING
L. W. Wagaman, Clerk of the Board of
will receive sealed
bids until 1:30 p. m.(Eastern Standard Time) on Sept. 18 for the purchase
of $150,000 2,24,23,24 or 3% coupon refunding bonds. Dated Sept. 15
1935. Denom. $1,000. Due Sept. 15 as follows: $9,000 from 1938 to 1951
incl. and $6,000 from 1952 to 1955 incl. Bidder to name a single interest
rate for all of the bonds. Interest payable M. & S. The county assumes
and agrees to pay any and all taxes, except succession or inheritance taxes,
now or hereafter levied on the bonds or interest thereon under any present
or future law of the Commonwealth of Pennsylvania. A certified check
for 2%,payable to the order of the county, must accompany each proposal.
The county will furnish the favorable legal opinion of Townsend,
Munson of Philadelphia, also pay for the printing of the bonds. Elliott &
BOND CALL-Notice is given by the County Commissioner
following described bonds will be called for retirement as of Oct. s that the
1 next, on
which date interest will cease:
$80,000 5 % funding bonds of 1920, scheduled to mature Oct. 11945.
100,000 54% bridge bonds of 1920, scheduled to mature Oct. 1 1950.
AMBLER, Pa.
-BOND ELECTION POSTPONED-The election which
was to have been held on Sept. 17-V. 141, p. 1312
-for
voting on a proposed $165,000 sewer bond issue has beenthe purpose of
postponed to
Nov. 5.
PITTSBURGH, Pa.
-NOTE SALE
-The $600,000 promissory notes
BELLEFONTE SCHOOL DISTRICT, Pa.
offered on Sept. 4 were awarded to the First National Bank of Pittsburgh'
-BOND ELECTION
-At
the September primaries the taxpayers will be called upon to vote on
on a bid of 1% interest at par plus $300 premium. The notes, issued to
the
question of issuing $15,000 school refunding bonds.
provide for the payment of judgments and claims against
the city in connection with municipal improvements, are dated Sept.
BUTLER COUNTY (p. 0. Butler), Pa.
1 1935 and mature
-BOND OFFERING-Bids
Sept. 1 1936. Callable at city's option on any interest payment date.
will be received until Sept. 16 by T. Payne Nixon. Secretary of the Board
Interest payable March 1 and Sept. 1.
of County Commissioners for the purchase of $742,000 coupon refunding
The issue of $2,000,000 notes offered at the same
bonds, divided into two series, as follows: Series A, amounting to
no bids were received. These obligations, authorizedtime was not sold, as
and Series B to $450,000. Bidders are to name the rate of interest $292,000
general public improvements, also bear date of Sept.to provide funds for
at which
they will take the bonds, but the rate must be a multiple of 4% and must.
1 1935 and mature
Sept. 1 1936, although callable on any interest payment
not exceed 3%. Denom. $1,000. Dated Sept. 1 1935. Series A will
date.
mature yearly on Sept. 1 as follows: $25,000 in 1952 and $89,000 in 1953,
UNIONTOWN,Pa.
-BOND SALE
-The $50,000 4% revenue deficiency
1954 and 1955. Series B will mature yearly on Sept. 1 as follows: $25.000
bonds offered on Sept. 3 were awarded to E. H. Rollins & Sons
of Phila1939 to 1947 incl.: $50.000. 1948 and 1949; $40,000, 1950 and 1951;
delphia at par plus a premium of $1,555, equal to 103.11,
1952; $8,000. 1953. and $11,000, 1954 and 1955. Cert. check for$15,000,
3.36%. Dated Oct. 1 1935 and due $5,000 on Oct. 1 from a basis of about
$5,000,
1936 to 1945 incl.
payable to the County Treasurer, required. County will furnish the bonds
and the legal opinion of Burgwin, Scully & Burgwin of Pittsburgh.
UNIONTOWN, Pa.
-BOND OFFERING
-C. H. Cale,
receive sealed bids until 7 p. m. (Eastern Standard Time)City Clerk, will
EDDYSTONE, Pa.
-BONDS APPROVED-The Pennsylvania Departon Sept. 3, for
the purchase of $50,0004% revenue deficiency bonds, previously mentioned
ment of Internal Affairs on Aug. 28 approved an issue of $55,000 refunding
In these columns. Dated Oct. 11935. Due $5,000 on Oct.
bonds. They have been purchased by M. M. Freeman & Co., Inc., of
1
1945, incl. Interest payable A. & 0. A certified check for from 1936 to
Philadelphia, as previously noted in these columns.
$1,000.
able to the order of the city, must accompany each proposal. CityPaywill
FELL TOWNSHIP (P. 0. Simpson), Pa.
pay the cost of legal opinion furnished by counsel selected
-BOND SALE POSTPONED
by the successful
-The sale of $30,000 5% bonds, originally planned for Aug. 19-V. 141,
bidder..0
p. 795
-has been postponed indefinitely. Dated Aug. 1 1935 and due
I WAYNESBORO, Pa.
-TO REFUND 339,500
$3,000 on Aug. 1 from 1936 to 1945, inclusive.
-Recall of outstanding bonds in the amount of $39,500, the issue BONDS
of Oct. 1 1913, and issup FORKS TOWNSHIP SCHOOL DISTRICT (P. 0. Easton), Pa.
ance of the new bonds at a lower interest rate, providing saving in interest
a
ADDITIONAL INFORMATION
to the borough of $592.50 yearly, has been decided upon
-The $40,000 334% coupon school
building bonds purchased by Bloren & Co. of Philadelphia at
cil. The bonds issued in 1913 carried interest of 434%,by Borough Counamounting to $I.101.599, as noted in these columns recently, bear date of June 1a price of
777.50 per annum. These bonds will be recalled Oct.
1935 and
mature as follows: $1,000 from 1936 to 1945 incl. and $2,000 from 1946
according to an ordinance adopted by Council. At 1 1935, at par value,
to
that date the borough
1960 incl.
will issue new bonds at an interest rate of 3%.
p FRANKLIN TOWNSHIP, Westmoreland County, Pa.
-BONDS
APPROVED-The $7,000 emergency bonds awarded on Aug. 27
P. Whitehead of Manor as 4s, at par, have been approved by the to Simon
Pennsylvania Department of Internal Affairs.
GAFFNEY, S. C.
-BOND ELECTION
-It
will be held on Sept. 24 in order to vote on the is reported that an election
HARRISBURG, Pa.
-BONDS AUTHORIZED-The City Council at a
issuance
divided as follows: $60,000 street improvement, and of $75,000 in bonds,
meeting on Aug. 28 voted in favor of the issuance of $45.000 bonds for
$15,000 incinerator
bonds.
street repairs.
HELLERTON SCHOOL DISTRICT, Pa.
-BOND SALE-The $10,000
3%% coupon (reristerable as to principal) school bonds offered on Sept. 3V. 141. p. 1480
-were awarded to E. H. Rollins & Sons, Inc. of Philadelphia,
BRISTOL, Tenn.
-BOND OFFERING-Sealed bids will
the only bidder, at a price of 102.23, a basis of about 3.24%. Dated June 1
be received
until 8:30 p. m. on Sept. 10, by G. W. Vance,
1935. Due June 1 1944 calhble on or after June 1 1940.
Commissioner of Finance and
Accounts, for the purchase of an issue of
KEANSBURG, Pa.
-BONDS PASSED ON FIRST READING
Interest rate is not to exceed 5%,stated 3100,000 funding, series Rr bonds.
-On
in a multiple of 34 of 1%. These
Aug. 27 the Borough Council gave first reading to an ordinance providing
bonds are being offered as follows: One block
of the first 20 bonds, one
for the Issuance of $347,400 general funding bonds. Final reading will be
block of 80 bonds of the last maturities, also
given on Sept. 17.
Denom.$1,000. Dated Sept. 1 1935. Due the entire offering as a whole.
$4,000 from 1940 to 1964, incl.
Interest payable M. & S. The
KINGSTOWN TOWNSHIP SCHOOL DISTRICT, Luzern. County,
legal opinion while the city will successful bidder is expected to furnish
print the bonds. A certified check for
Pa.
-BONDS NOTSOLD
-No bids were submitted for the issue of $25.000
81,000 Is required with any bid or combination
not to exceed 4% interest bonds offered on Aug. 31-V. 141, p. 1134.
of bids.
Dated Nov. 15 1935 and due $2,500 on Nov. 15 from 1936 to 1945 incl.
Financial Statement
"The assessed valuation of the city for the year
LEWISTOWN, Pa.-130ND5 APPROVED
-An issue of
1935 is as follows:
Real estate.
funding bonds was approved by the Pennsylvania Department$90,000 re$6,666620:583880..5600
of Internal
Public utilities
Affairs on Aug. 28.
Personal property
226.434.45
I McDONALD SCHOOL DISTRICT, Pa.
-BONDS AUTHORIZED
The voters have authorized the issuance of $40,000 high school building
Total
$7,549,401.01
bonds by a count of 362 to 154. The Public Works Administration will
The estimated actual value is $15,000.000.
be asked to furnish a loan for the project.
Tax rate, $2.20 per $100 of assessed valuation,
analyzed as follows:
Ordinary
McKEESPORT, Pa.
-BOND ELECTION
-At the general election in
30.9414
Sinking fund
November the voters will be asked to approve an issue of $400,000 paving
.2690
Interest
bonds.
4554
School
$2.20
.5342
McSHERRYSTOWN,Pa.
Population, 1920 census. 8.047: 1930 census,
-BOND ELECTION
-At the Nov.5 election
the voters will be asked to approve an issue of $27,000 sewage disposal
Bonded debt as of July 31 1935, not including 12,005.
issue being offered.
plant bonds.
Classified as follows:
Water works bonds-Self-liquidating
MEYERSDALE SCHOOL DISTRICT, Pa.
-BOND ELECTION
-The
Special assessment bonds-Payaable from $279,000.00
Board of School Directors gives notice that at the elections to be held
special assessments for street construc.ion
on Sept. 17 the voters will be asked to approve a $30,000 school building
secured by statutory liens on abutting probond issue.
perties. Bonds are guaranteed by the city
NORTH HUNTINGDON TOWNSHIP (P. 0. Irwin), Pa.
and are secured by unpaid street assess-BOND
ments amounting to $118,014.69
OFFERING
-M. M. Turner, Township Secretary, will receive sealed bids
99,500.00
at the office of District Solicitor Scott Fink, Coulter Bids., Greensburg,
General bonds dependent on taxation
906,000.00
until 2 p. m. (Eastern Standard Time) on Sept. 23 for
Total
.
$440,000 2%, 24 or 3% road bonds. Dated Oct. 11935. the purchase of
Denom.
Due $10,000 on Oct. 1 in 1938, 1941, 1943 and 1945. Interest $1,000.
Less: Cash balance in refunding bond fund $1,284,500.00 $1,284,500.00
payable
9,000.00
A. & 0. A certified check for $1,000, payable to
Treasurer, must accompany each proposal. The the order of the District
Total bonded debt
$1,275,500.00
will be furnished by the township Sale is subject bonds and legal opinion
to approval of bonds by
HAMBLEN COUNTY (P. 0. Morristown), Tenn.
the Pennsylvania Department of Internal Affairs.
-BONDS AU'
THORIZED
-At a session of the County Court
PALO ALTO SCHOOL DISTRICT, Pa.
tion was passed authorizing the sale of $40,000 held on Aug. 26, a resolu-BONDS VOTED-Residents
bonds to finance erection
of the District at a recent election approved issuance of $15,000
of a new jail and a new county home.
school
bonds.
MURFREESBORO, Tenn.
-BONDS AUTHORTZED-The
City
PENNSYLVANIA-STATE SEEKS $18,000,000 PUBLIC
Council is reported to have authorized recently the issuance of $40,000
PROJECTS
-The General State Authority passed resolutions on WORKS
In sewage disposal plant impt. bonds.
Sept. 3
sponsoring $18,000,000 worth of public works projects tentatively approved
PARIS, Tenn.
-BOND ELECTION
-It Is reported that
by Washington, and $70,000,000 in projects for which detailed plans have
election
will be held on Sept. 28 in order to have the voters pass on thean
issuance of
not been submitted, according to Washington advices.
$60,000 in school bonds.
SOUTH CAROLINA
TENNESSEE
Financial Chronicle
Volume 141
TEXAS
ALMEDA SCHOOL DISTRICT (P. 0. Houston), Tex.
-BONDS
VOTED
-At the election held on Aug. 24-V. 141, P. 1313-the voters
approved the issuance of the $20,000 in 4%% school construction bonds.
It is stated by the President of the Board of Education that the bonds
will be sold as soon as a grant is approved by the Public Works Administration. Due in 30 Years.
COLEMAN COUNTY COMMISSIONER'S PRECINCT NO. 2 (P. 0.
Coleman), Tex.
-BOND SALE
-R. A. Underwood & Co. of Fort Worth
have purchased and are now offering to investors at prices to yield from
2% to 3.85% an issue of $50,000 4 N % coupon road refunding bonds.
Denom. $1,000. Dated Oct. 1 1935. Principal and semi-annual interest
(April 1 and Oct. 1) payable at the State Treasurer's office in Austin.
Due yearly on April 1 as follows: $1,000, 1936: $3,000, 1937; $1,000,
1938 and 1939: $2,000, 1940, 1941 and 1942: $6.000. 1943; $2,000. 1944 to
1947. incl.: $3,000, 1948, 1949 and 1950: and $15.000, 1951.
•
Financial Statement (Aug. 13 1935)
Assessed valuation 1935(40% of actual)
$2,600,000
Total bonded debt
265,000
Less: Sinking fund-Cash
$28,375
-Securities
2,000
30.375
$234,625
Population of district estimated 5,500. Area of precinct, approximately
190,000 acres.
Eligible to receive 50.16% State aid.
The above financial statement does not include indebtedness of other
political subdivisions which have power to levy taxes on property within
the precinct. (The county-wide debt consists of only $2,500 machinery
warrants).
Tax Data
YearRate
Approximate Collections
1933
1.10
1934
.75
1935
Not due until Oct. 1 1935
.65
DAWSON, Texas
-BONDS VOTED-Citizens voted 99 to 2 in ffr
of the issuance of $53,000 Public Works Administration waterworks bonds
at a recent election.
DEL RIO, Tex.
-WARRANT OFFERING
-On Sept. 6 the City Commission will offer for sale an issue of approximately $25,000 tax warrants to
be issued for the purpose of financing completion of waterworks extensions.
DENISON, Tex.
-BOND ELECTION PLANNED
-The City Commissioners have decided to call an election in the near future to vote on the
question of issuing $110,000 bonds for general improvernents.ossis
FANNIN COUNTY (P. 0. Bonham), Tex.
-BONDS DEFEATED
The proposal to consolidate $1,054,1300 bonds outstanding against the
various county road districts into one single issue was defeated by the
voters at the election held on Sept. 24.11
GALVESTON, Tex.
-BONDS SOLD BY RFC
-The $133.000 issue of
4% semi-annual school bonds of 1929, series B. offered for sale by the above
Corporation on Aug. 29-V. 141, p. 1301-was purchased by George V.
Rotan & Co. of Houston, at a price of 102.955, a basis of about 3.72%.
Due from April 1 1936 to 1958.
GRAND PRAIRIE SCHOOL DISTRICT, Texas
-BONDS VOTED
At a recent election the voters gave their consent. 169 to 41, to the proposed
issuance of $25,000 school impt. bonds.
HARRIS COUNTY (P. 0. Houston), Texas
-BONDS VOTED-The
election held on Aug. 24 for the purpose of voting on the proposed issuance
of $2.000,000 county road bonds resulted in approval of the bonds. si
HUNTSVILLE, Texas
-BONDS VOTED
-At a recent election a
proposal to issue $25,000 street impt, bonds was approevd by the voters.
JEFFERSON SCHOOL DISTRICT, Texas
-At an
-BONDS VOTED
election held on Aug. 17. the votsrs gave their consent to the issuance of
$44,000 4% school building bonds. The vote on the question was 174
"for" to 35 "against."
JOHNSON COUNTY (P.O. Cleburne), Texas
-BONDS DEFEATED
-A proposed $42,000'bond issue for erection of a new county jail was defeated by the voters of the county at a recent election
LONGVIEW, Tex.
-BOND SALE
-It is reported that the BrownCrummer Co. of Wichita, has purchased the $237,000 of bonds approved
by the voters at the election held on Aug. 27-V. 141. p. 968. The bonds
are divided as follows. $115,000 city hall building $50,000 fire equipment:
$25.000 airport' $25,000 paving, and $22,000 sewer extension bonds.
MILAM COUNTY COMMISSIONER'S PRECINCT NO. 2 (P. 0.
Cameron), Tex.
-BOND SALE
-An issue of $57,000 road refunding
bonds has been awarded to Donald O'Neil & Co. of Dallas, who offered
to take the bonds at a 3%% interest rate for long-term bonds and 4%
for the near maturities, as compared with 5% now being paid.
PLEASANTON SCHOOL DISTRICT, Texas
-BONDS VOTED
-At
an election held on Aug. 17, the voters, by 141 to 22, approved an issue
of $22,003 school building bonds.
RED RIVER COUNTY (P.O. Clarksville), Texas
-BONDS VOTED
The residents of the county at a recent election approved the issuance of
$75,000 bonds to finance the construction of a new county hospital. 4 4 A
ROBERTSON COUNTY ROAD DISTRICT NO. 6 (P. 0. Franklin),
-BOND SALE
Tex.
-The R. B. George Investment Co. of Dallas has
purchased and is now offering to investors at prices to yield from 2% to
4%, according to maturities, an issue of $42,000 4%% road refunding
bonds. Denom. $1,000. Dated Sept. 1 1935. Prin. and semi-ann.
int. (IA. & S. 1) payable at the office of the State Treasurer in Austin.
Due on Sept. 1 as follows: $1,000, 1936, 1937 and 1938: $2,0v0, 1939 to
1943 incl.: 33.00, 1944 to 1949 incl.. and $4,000, 1952 and 1953. .1 .4
Financial Statement as of July 1 1935
[Giving effect to refunding]
Population, estimated. 3.000. Area, approximately 84,640 acres.
Actual value of all taxable property
$2.145,011
Assessed valuation 1934 (60% of actual)
1,287,010
Debt
State Aid
Outstanding
This issue
$72,000.00
83.06%
-Cash. July 1 1935
Deduct
$5,323.50
5,323.50
Net deb.
$66,676.50
Bab:, net debt to assessed valuation
5.18%
Tax Data
Assessed Tax
Tax
Current
Total
Year- Valuation Rate
Levied
Collection Coiled Collected Collected
1930-- $1,486.886 0.60 $8,921.20 $6,294.95 70.56
$6,869.63 77.00
1931- 1.579,347 0.48
7,580.87 4,929.81 65.03
6,649.21 87.71
1932-- 1,307,945
No levy
574.35 - 1933-- 1,300,010
No levy
804.08
j934,, 1,287,010
No levy
350.57 ----
IgR
$16,502.07
$15,247.84 92.39
SAN ANTONIO, Tex.
-BOND ELECTION DETAILS
-In connection
with the report given in these columns recently, to the effect that an election
would be held about the middle of October to vote on the issuance of
$500.000 Texas Centennial bonds
-we given the follow-V. 141, p. 1136
ing item from the Chicago "Journal of Commerce" of Aug. 23.
"The San Antonio, Tex., City Commission has officially set Oct. 15
as the date for an election to vote on the proposed issuance of $500.000 of
bonds to be used in connection with the city's celebration of the centennial
in 1936. The bonds would be redeemable serially over a 20-year period
and the coupon rate 4% or less.
A committee of citizens representing various sections of the city has
requested the City Commission to submit to voters a bond issue of between
$1,500,000 and $1,000,000 for permanent public improvements at the same
time that the local $500,000 centennial bond issue is put to a vote.
TEXAS, State of
-MUNICIPAL SECURITIES APPROVED IN
FISCAL YEAR GREATLY EXCEED PREVIOUS TOTALS
-We quote lu
part as follows from an Austin dispatch to the "Wall Street Journal" of
Sept. 4:
1633
Municipal bonds issued in Texas and approved by the Attorney-General
during the fiscal year ended Aug. 31 exceeded the total for 1933-34 fiscal
year by $32.649,491 and totaled $59,030,673. This.was the largest amount
since the year 1929-30, when $88,229,002 bonds were issued. The increase is due in part to the activity of municipalities in voting bonds to
obtain Federal loans and avail themselves of direct grants of funds, and in
part to the growing tendency among political subdivisions toward refinancing outstanding obligations. Refunding bonds comprised more than half
of the entire amount approved during the year just closed.
A decrease in refunding issues of school bonds was occasioned by the fact
that last year the majority of independent and common school districts
which were in default in the payment of principal and interest on bonds
held by the State Permanent School Fund, refinanced their bonds. These
emergency steps were taken following passage by the Legislature of a bill
providing that no school district in default for two years or more should
participate in State school aid appropriations. School districts are still
refunding their bonds, as shown by the $6,671,828 of such issues approved,
but the total of such bonds will doubtless decrease considerably from year to
year, especially in view of the fact that the State Board of Education has
recently taken a decided stand against the purchase of refunding bonds for
the permanent fund.
Road Refinancing Up
Cities, counties and road districts of the State during the year refunded
approximately twice as many bonds as during the previous year. This
Increased activity is explained by the fact that officials of local subdivisions
are learning that 5% and 6% bonds refunded at 4 and 4)4% can find a
ready market. Such refinancing programs are steadily increasing in number and are resulting in a great saving to taxpayers throughout the State.
The conspicuous increase of $8,948,063.88 in road refunding issues is due
to the action of the;State Board of County and District Road Indebtedness
In refinancing outstanding term bonds into serial maturities at lower interest
rates. The total amount of road_refunding bonds issued during the past
year was $13,469,201.
TIOGA, Texas
-BOND ELECTION
-The Town Council has passed
a resolution calling for an election on Sept. 10 to vote on the question of
issuing $19,000 waterworks system impt. bonds.
WACO, Texas
-BOND ISSUES PROPOSED
-The following report II
taken from the Chicago''Journal of Commerce" of Aug. 31:
"The Waco. Texas, City Commission has authorized applications to be
made to the Public Works Administration for aid on $3,300,000 in local
construction projects. Included in the total is an alternative, $2,500,000
for a municipal light and power plant to supply the entire city, or $117,500
for a power plant to supply electricity only to municipal enterprises. If
the latter is adopted, the grand total of projects would be $957,500. To
finance the city's 55% of the cost, bond issues will be submitted. if TWA.
approves the projects, except in the case of the $2.500.000 plant, for which
the city's part would be financed by revenue bonds paid off by the revenues
of the light plant itself. The city's part in the other projects which would
have to belinanced by bonds secured by property and payable from taxes.
would be $526,625."
WALNUT HILL SCHOOL DISTRICT (P. 0. Dallas), Texas
-BOND
ELECTION
-The taxpayers will be asked to vote on Sept. 7 on a proposed $20.000 school building improvement bond issue.
WINTERS, Tex.
ie
-BOND ELECTION
-The City Council has rorc
that an election be held on Sept.3 to vote the issuance of $35,500 municipal
hospital building bonds.
UTAH
UTAH COUNTY DRAINAGE DISTRICT NO.1, Utah-INDEBTEDNESS REORGANIZED
-Arnold C. Roylance, attorney for the district.
reports the purchase of the district's outstanding bonds by the Reconstruction Finance Corporation, which virtually completes the work of refunding
the outstanding indebtedness of the district.
The need for relief from heavy drainage taxes was acutely felt in Utah
County Drainage District No. 1,along with other drainage districts throughout the country, when in 1933 Congress made available, through the RFC,
money at a low rate of interest to districts in distress.
The district in 1933 had bonds outstanding in the principal sum of
$68,500. Under the new plan those bonds have been purchased for $44,500,
a saving to the district of principal and interest of approximately $27,000.
The tax levy under the old indebtedness averaged 35 mills, or about $3.64
an acre, whereas under the new plan the average levy will be about 13 mills.
or an average of $1.25 an acre. The new plan provides for interest payments only for the first three years, which will give the district an opportunity to build a reserve. The district will also receive a reduction in the
interest rate from the RFC to 4% as compared with 6.5% on the old securities.
VERMONT
HARDWICK, Vt.-BONDS NOT SOLD
-The Reconstrucion Finance
Corporation failed to receive a bid for the $45,000 4% sewer and water
bonds offered on Aug. 29. Due Feb. 1 as follows:
$33.000 sewer bonds. Due $3,000 from 1936 to 1946 incl.
12,000 water bonds. Due $1,000 from 1936 to 1947 incl.
PROCTOR. Vt.-BOND OFFERING-Sarah B. Humphrey, Town
Treasurer, will receive bids until 4 p. m.(Eastern Standard Time) Sept. 20,
for the purchase at not less than par and interest of $50,000 coupon refunding bonds, to bear interest at rate named in successful bid, not to exceed
3%,expressed in a multiple of %%. Denom. $1,000. Dated Oct. 1 1935.
Principal and semi-annual interest (April 1 and Oct. 1) payable at the
National Shawmut Bank of Boston. Due yearly on Oct. 1 as follows:
33.000, 1938 to 1953. incl.. and $2.000. 1954. Bonds are engraved under
supervision of and certified as to genuineness by the National Shawmut
Bank of Boston; their legality will be approved by Storey, Thorndike,
Palmer & Dodge, whose opinion will be furnished the purchaser. All legal
papers incident to,this issue will be filed with said bank where they may be
inspected. Bonds will be delivered to the purchaser at the National
Shawmut Bank of Boston.
Financial Statement, Aug. 27 1935
32,211.795
Assessed valuation 1934
Total bonded debt,including this issue
50,000
50.000
Outstanding notes (to be paid with proceeds of this issue)
Population 1930 census, 2,596.
Uncollected
Total Levy
$34.76
$15,899.97
1934
7.91
1933
12,005.50
9.00
1932
13,221.80
VIRGINIA
A RLI N GTON COUNTY,Va.-BONDS OFFERED FOR INVESTMENT
--The syndicate composed of Phelps, Fenn & Co. Blyth & Co., both of
New York, and Mason-Hagan, Inc. of Richmond, re-offered on Sept. 3
for public subscription at prices to yield from 2.75% to 3.50%. according
to maturity, the $800.000 4% sewer bonds that were purchased from the
Reconstruction Finance Corportaion on Aug. 29 at a price of 104.50, as
reported in these columns.
-V. 141, p. 1481.
DANVILLE, Va.-BOND ELECTION
-It is reported that an election
will be held on Oct. 1 in order to have the voters pass on the issuance of
31.513,000 in power plant bonds.4
'STRASBURG, Va.-BONDS VOTED
-At an election held on Aug. 30
the voters are stated to have approved the issuance of $43.000 in town water
system improvements by a count of 97 to 42. It is said that the bond issue
will be financed through the Public Works Administration with an additional
grant of $15,000.
$1
I
WILLIAMSON ROAD SANITARY DISTRICT, Roanoke County,
Va.-BOND.S VOTED-The election held on Aug. 27 resulted in approval
of a proposed bond issue of $150,000 for financing construction of a new
sewer system. The vote on the question was 278 in favor to 192 opposed.
WASHINGTON
CAMAS SCHOOL DISTRICT (P. 0. Vancouver), Wash.
-BONDS
VOTED
-At an election held on Aug. 24 the voters are said to have approved the issuance of $55,000 in junior high school building bonds.
Financial Chronicle
1634
KITTITAS COUNTY SCHOOL DISTRICT NO. 101 (P. 0. Ellensburg), Wash.
-At the election held on Aug.27-V.141.
-BONDS VOTED
p. 1136
-the voters approved the issuance of the $50,000 in junior high
school bonds.
•
OKANOGAN COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Okanogan), Wash.
-BOND SALE
-The $60,500 issue of school bonds offered
-was purchased by the State of Washfor sale on Aug. 31-V.141, p. 1314
ington, as 48 at par. Due in from 2 to 20 years from date of issuance.
No other bids were received, according to the County Treasurer.
PORT TOWNSEND, Wash.
-BOND OFFERING-Sealed bids will be
received until 5 p. m. on Sept. 24. by C. F. Christian, City Clerk, for the
purchase of a $41,500 issue of refunding bonds. Interest rate is not to exceed
6%. payable semi-annually. Dated Jan. 1 1936. The bonds shall be serial
In form and maturity and the various annual maturities shall commence
with the second year after date of issuance and end with the 25th year, and
shall be (as nearly as practicable) in such amounts as will, together with
interest on all outstanding bonds of said series, be met by an equal annual
tax levy for the payment of said bonds and interest. Interest coupons shall
be attached to said bonds and be a part thereof, and the said bonds and
coupons shall be payable at the office of the City Treasurer or at the fiscal
agency of the State in New York City. These bonds are issued for the
purpose of (together with cash on hand in the sinking fund) refunding
$49,000 general indebtedness bonds which became due on July 1 1931. A
certified check for 5% must accompany the bid.
-BONDS
QUINCY SCHOOL DISTRICT (P. 0. Ephrata), Wash.
VOTED
-The voters are said to have approved recently the issuance of
$25,000 in school bonds.
-H. L. Collier. City Treasurer,
-WARRANT CALL
SEATTLE, Wash.
is reported to be calling for payment from Aug. 29 to Sept. 9, various
revolving fund warrants and coupons.
Sept. 7
1935
The following is a summary of Canadian bond issues from Jan. 1 to
!
Aug. 31 1935, as compared with the corresponding period of 1934:
1934
$48,666,666
$136,000,000
Dominion of Canada
109,800,000
67,305,000
Provincials
13,315,778
25.076,213
Municipals
25,481,100
4,438.000
Public utility
12.000,000
48,400.000
Railway
5,431,596
18,778,600
Industrial and miscellaneous
$214,695,140
$299,997,813
Total
In addition to the new Dominion of Canada loan, an issue of $10,000,000
Canada, as well as a
Province of Ontario 2s due Feb. 15 1938 was sold in
$4,000,000 issue of Province of Manitoba 33is due Aug. 15 1949 and a
$3,817,000 issue of Province of Nova Scotia 3s due Sept. 2 1950. The
only industrial offering of the month was that of the Montreal Coke &
Mfg. Co., amounting to $3,400,000, but industrial and miscellaneous
financing so far this year has been considerably larger than in 1934.
-BORROWS *20,000.000 FROM NEW YORK
CANADA (Dominion of)
AND CANADIAN BANKS AT RECORD LOW RATE-Finance Minister
Rhodes announced Sept.4 the Government had raised a loan of $20,000,000
in New York for five months bearing the lowest interest rate ever obtained
on Dominion Administration borrowings. The loan, running from Sept. 1
alu
to Feb. 1 1936, bears interest of 51 of 1%. It was obtained from a+r it
of Canadian and United States banks and will be used to retire Grand
which are payable in New
Ry. Co. of Canada 7% debentures due Oct. 1,
York. A statement by the Finance Minister said the amount outstanding
on the issue was $23,740,000, and that the sum required additional to the
amount raised by the loan would be provided from other sources.
Mr. Rhodes's statements said: "Since the end of 1934. including the
$23.740.000 of Grand Trunk Ry. bonds now called, the total amount of
Canadian National Ry. securities for which refunding operations have been
arranged by the Government is $116,892,000.
"Assuming that the permanent financing of the money now borrowed
temporarily to repay the Grand Trunk bonds can be done at approximately
-The City Council has
RAVENSWOOD, W. Va.-BOND ELECTION
current interest levels, net annual saving of almost $2,000,000 would be
and water plant
authorized submission of a proposal to issue 825,000 llght
effected by the Canadian National Rys. This is in addition to the annual
-”Improvement bonds to the voters at the Nov.5elezti, '
saving of about $14.600,000 resulting from the refunding of direct Govern-Sealed bids will be
-BOND OFFERING
WEST VIRGINIA,(State of)
ment debt since 1930."
received until 1 p. m.(Eastern Standard Time)on Sept. 10 by H.G.Hump.
-LARGE DECLINE IN ASSESSMENTS City
EDMONTON, Alta.
Governor, for the purchase of an issue of $1,000,000 4% coupon or regisland and building assessments have declined so sharply since 1932 that
tered road bonds. Dated Sept. 1 1935. Due $40,000 from Sept. 1 1936
assessments at a greater percentage of value may be attempted. The
to 1960 Ind. Coupon bonds in $1,000 denoms., convertible into fully
1935 assessment for land, buildingsr &a., was $54,608,765. a decrease of
registered bonds of $1,000 and $5,000 denoms. The bonds will bear
if council
interest at the rate of4% or in any lesser rate which is a multiple of h' of1%. $9.728.000 since 1932. Thos. Walker, City Assessor, stated that
considers new assessments should be made he would suggest increasing the
at the option of the bidder. A part of the issue may bear one rate and
are assessed
percentage assessments on buildings. At present buildings
a part a different rate. Not more than two rates will be considered in
at 60% of the valuation and homes at 50%.
any one bid. The bonds will be sold to the bidder offering to take them
at the lowest rate plus the best premium. Prin. and int. (M. & S.) pay- •
-The
FOREST HILL, Ont.-PLANS MUNICIPAL POWER PLANT
able in lawful money at the State Treasurer's office, or at the option of
village is planning to install its own electric plant. At present it buys its
the holder at the National City Bank in New York. The bonds cannot
Township Hydro. It will be necessary for the village to
power from York
be sold at less than par and accrued interest. Purchasers will be reput up a building and install transformer equipment for which borrowing
quired to pay accrued interest to date of delivery. Delivery will be made
would probably be necessary.
In New York City. The purchaser or purchasers will be furnished with
-the final approving opinion of Caldwell & Raymond of New York but
-PRICE PAID-The $10,000,000 2% bond5
ONTARIO (Province of)
be required to pay the fee for approving said bonds. A certified
will
sold privately some time ago to a Canadian banking group headed by
check for 2% of the face value of the bonds bid for, payable to the State,
Wood Gundy & Co. of Toronto, as reported in these columns, were sold
Is required.
to the bankers at a price of 99.75, the net interest cost to the Province
'
These bonds are issued under authority of amendment to the Constitution
being about 2.10%. The issue is due in 1938.4ki
known as $50,000.000 State Road Bond Amendment, and under authority
-The Province of Quebec closed-the
DEFICIT PLACED AT 84,936,235
of an Act of the Legislature of the State of West Virginia known as Chapter
last fiscal year ended June 30 1935, with a deficit of $4,936,235.91, accord19. Acts of 1935, Regular Session.
ing to Hon. R. F. Stockwell, Provincial Treasurer. Expenditures totaled
To secure the payment of this bond, principal sum and interest, when
The
$36,924.121.22 and revenues $31,984,885.31 for the year 1933-34.
other funds and revenues sufficient are not available for that purpose,
deficit had been $5,594,473.29, and revenues have increased in the current
It is agreed that, within the limits prescribed by the Constitution, the
Increased
year from $28,282,503.53, to the amount mentioned above.
Board of Public Works of the State of West Virginia shall annually cause
iaxation on corporations and large estates brought this change. Out of the
to be levied and collected an annual State tax on all property in the State
amount of ordinary expenditures. $2.743.000 has been set aside for the
until said bond is fully paid, sufficient to pay the annual interest on said
various sinking funds and 81,000,000 from the Quebec Liquor Commission
bond and the principal sum thereof within the time this bond becomes
deducted for public charities. Details will show an increase in the revenues
due and payable.
Financial Statement
from the gasoline tax.
$1,734,892,212
Assessed valuation, 1934
-SURVEY OF MUNICIPAL DEFAULTS
QUEBEC (Province of)
78.712.000
-State road bonds_a
Bonded indebtedness
under
Almost 60 defaulting municipal, school and church districts are now
4,500,000
State refunding bonds_ b
these, however,
control of the Quebec Municipal Commission. Several of
2,240,000
1935 Virginia debt refunding bonds c
reoraccording to a survey just released by the Commission, having now
ganized their finances to insure payment of debt charges in full at maturity
Total bonded Indebtedness (not including this offer)....$85,452000
Outstandingnotesdone dates have been offered their autonomy.
with
The total municipal debt involved amounts to less than *10,000.000
a Issued pursuant to the Good Roads Amendments to the Constitution
almost *2.000.000 additional either on school or church account.
on
and payable serially,last maturity July 1 1959. I) Payable serially $250,000
The following survey which does not include a few municipalities roeach year. last maturity June 1 1953. c $560,000 to be retired annually.
Montreal Island which come under the jurisdiction of the Montreal Me
July 1 1936, 1937. 1938, 1939.
totals and Parti
politan Commission, shows the detail of the various debts,
All of the original issue (1919 Virginia debt $13,500,000) retired except
as hereinafter stated. $861,225 of the 1919 Virginia debt bonds (3;i%) culars of the defeault:
School or
were held in escrow by the State of West Virginia to be exchanged for
Achool or
Church
Virginia deferred certificates which had not been deposited with the ComChurch
Municipal or Both
monwealth of Virginia prior to April 1919.
eaS157.867 a$53,761
Aylmer
'
$450,800 remain In escrow, having not been called for, although eligible
v St. Coeur de Marie 31.ZVI? *a/57200
N. W.Twp. *a83.000
Bagot
*a58,500
for exchange since 1919. The law provides any part of the bonds re*a 811,341 *0135,443 St.Dayld d'Escourt
Bagotville
maining in escrow and uncalled for on Jan. 1 1939 shall be conclusive/'
St. Francois de
*a18,100
Begin Twp
dba
Pabos
db
presumed to have been lost or destroyed and shall be immediately cancelled
Bergeronnes Twp_
*a63,000
by the State of West Virginia. Hence the State will be liable for payment
*a208,000 *a92,381 Si. Fulgence Par
Black Lake
*a8,500 St°Henri de Taillon •a78,000
for whatever part ofthe $450,800 presented for payment prior to Jan. 1 1939.
*a24,500
Bourget Twp
1930, 1,728,510.
St. Honors Parish_ *11142,600 *a14,100
*2,639
Population, 1920, 1,463,701;
Cap Chat
aba
*927,200
Bt. Jean l'Evang
Cap Madeleine
St. Jos. d'Aima__ _ •a428,140 sa101,700
*a121.800
Chandler
*a79,354
St. Jos d'Alma Par.
Chicoutimi Twp.c_ 189,100
*a1,395,587 *335,181 St. Jos. de fly.
Chicoutimi
-At the election held on Aug.27CASSVILLE,Wis.-BONDS VOTED
5086,900
db
*a108,360
Vleue
Delisle Twp
V. 141. p. 1136
-the voters are said to have approved the issuance of the
*a9,600 *a12,600 St. Jerome Parish_ •a9,500 5a26,347
EseOumains
$20.000in road bonus.
*a4,764 St. Jerome Village_ *a68,395
Caroler (Cath.)_ _
EAU CLAIRE COUNTY (P. 0. Eau Claire), Wisc.-BONDS AU*a54,500
St. Joachim de
Grande Bale
THORIZED--Issuance of $71,500 sanitarium and court house building
dba
Tourelle
Greenfield Park c_ 431,100
bonds was voted by the County Board of Supervisors on Aug. 27.
*010.200 Si, Lucie de BeauHarvey
-----*a12,000
*a1,342,110 *a427,313 regard
Jonquiere
-WisND
"SHARON SCHOOL DISTRICT NO. 11(P.O.Sharon),
Oa
St. Louis de ChainLabrecque
OFFERING-It is stated by T. J. Crew, District Clerk, that he will sell at
*a113,600
896,441
bord
La Tuque_c
public auction on Oct. 1 at 1 p. m. a $30,000 issue of 4% school construcSt. Michel de NilsLaval des Rapides. a337.851
tion bonds. Denom. $500. Dated July 1 1935. Due $2.000 from July 1
*a16,900 •a11,600
*a48,500
tassimi
Macamic
1936 to 1950, incl. Principal and interest (J. & J.) payable at the Sharon
dba
St.Remi d'Amherst
Notre Dame Dore_ *a70,217
State Bank. A certified check for $500 is required with bid.
dba
*a22,200
4
1
/
'(4,694 St. Simeon
Peribonca
dba
*a45,700
*072,000 *a38,775 Tache Two
Quebec West
--- --144,500
*a41,200 Tremblay Twp.c__
Royal Roussillon_
dba
Val Brrette
St. Alexis Grande
7.1;i66
-It is reported that a special
SHERIDAN, Wyo.-BOND ELECTION
*a2,100
*a188,5(.0
Villeroy
Bale
election will be held on Sept. 6 to vote on the proposed issuance of $440,000
*13,700
Laterriere
St. Ambroise
-----In not to exceed 4% semi-annual water works system bonds.
*a4,600 Riyiere de Moulin. Z1174:g2
*314,500
Augustin
St.
--5a28,600
St. Anne de Chic *a105,017 *a45.900 Farnham W
St. Benoit Jos.Lab. *78,100
59,282,032 51,881,662
db
St. Camille Leills_ *a21,897
-LOAN OF 812.000.000 HELD NECESSARY
ALBERTA (Province of)
payable default. c Al* Principal default. a Interest default. b Notes
-Premier Aberhart is reported to have informed Premier Bennett of the
Commission has offered
though officially in default, the Quebec Municipal and they are now in a
Dominion Government that the Province will require a loan of $12.000,000
autonomy. Their finances have been reorganized
in order to meet existing liabilities and provide for maturing obligations
maturity dates.
position to meet both principal and interest payments at $191,536.48 on
between now and the end of the year. Mr. Bennett Is held to have dedebt of
clared that "Alberta would be treated fairly by the Dominion Governd In default but no debenture debt. e Includes a
ment." and would receive such "reasonable" assistance necessary toward
account of housing loans.
INTEREST The
meeting a "difficult financial condition."
ST. ANNE, Que.-PAYMENT OF DEFAULTED Nov. 1 1934, and
municipality is now paying coupons due July 1 and
-Local investors have purchased, at
BARRIE. Ont.-BOND SALE
Interest on matured but unpaid bonds.
par, *43.852.71 5% improvement bonds, of which $26,055.03 mature
-City tax r°1-1Pcfrom 1936 to 1950 incl., and $17,797.48 from 1936 to 1940 incl.
TORONTO, Ont.-TAX COLLECTIONS IMPROVE in the 1934 period
those
-A UGUST FINANCING SHOWS INLions to Aug.29 show substantial improvement over
CANADA, Dominion of
this year. Comparisons follow:
1934
- despite a late levy
-YEAR'S TOTAL NOW APPROXIMATES $300.000.000
CREASE
1935
$34.903.843
New issues of Canadian bonds sold in August amounted to $97,701,000,
$35,521,338
12,065.416
Levy for year
bringing total offerings so far this year up to approximately *300.000.000,
11,487,591
22.061.844
Arrears Jan. 1
compared with $214,000,000 for the corresponding period of last year,
23,180,119
63.20
Collections-Current
according to figures compiled by Dominion Securities Corporation. The
65.26
5,938,022
Per cent
August financing includes a $76,000,000 Dominion of Canada 2ti% bond
6.095,236
49.21
Arrears
issue sold in the New York market, which was the largest offering of the
53.06
Per cent
month. Bond offerings for August last year aggregated $50,600.000.
bids addressed to
Financing by the Dominion of Canada during the first eight months of
WESTMOUNT, Que.-BOND OFFERING-Sealed for the purchase of
this year, the corporation points out, has been three times as large as
the Secretary-Treasurer will be received until Sept. 17 1936 to 1975 ladfor the corresponding period last year. The largest portion of the Do$220,000 33% improvement bonds. Due serially from
minion's financing in 1934, however, was done in October of last year.
WEST VIRGINIA
WISCONSIN
WYOMING
CANADA
@FedFRASER