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APR 1 3 1336
,'N.V
PICO. U. 8.
";'V-' "v." ':
COPYmOHTCD IN 193S BY WILLIAM B. DANA COMPANY, NEW YORK.
VOI
1A9
VVL.
'Mued Weekly, Sfi Cents a Copy—
1$15.00 Per Year
BROOKLYN
••■'■
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879. ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3. t J79.
NEW YORK, APRIL 11,1936.
William B.Dana Co.,Publishers.
William
cor.
TRUST
THE
COMPANY
Chartered
OCQ/I
CHASE
NATIONAL BANK
Kidder, Peabody
1866
'■
i
NEW YORK
George V. McLaughlin
President
air*
liU. 00*74
SpruceSta.,N.Y.City
& Go
THE
OF
BOSTON
CITY
THE
OF
NEW
CHASE
YORK
is
tra¬
PHILADELPHIA
<
ditionally
For
NEW YORK
bankers' bank.
a
many
it
years
BROOKLYN
served
has
large number
a
of banks and bankers
as
New York
depository.
reserve
Member Federal
and
UnionlrustCo.
gr
correspondent
and
COMMERCIAL BANKERS SINCE 1852
The
SAH FRANCISCO
Member Federal Deposit Insurance
FIRST BOSTON
Corporation
United States
CORPORATION
RESOURCES
OVER
Deposit Insurance Corporation
$200,000,000
NEW YORK
t
Government
BOSTON
SAN FRANCISCO
CHICAGO
AND OTHER
Securities
PRINCIPAL CITIES
European Corresponded'
Hallgarten & Go.
The First British American
Established 1859
Corporation, Ltd.
J
Brown Harriman & Co.
<
»
Lombard Street
Incorporated
63 Wall Street, New
LONDON
NEW YORK
York
Telephone: BOwIing Green 9-5000
Argentine Representative
Chltago
London
Florida 99,
Buenos Aires
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
WERTHEIM & CO.
120
Broadway
State and
New York
London
Amsterdam
New\orkTrust
Company
CARL Me LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
Amsterdam
Berlin
London
Municipal Bonds
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
Chicago
IOO BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
EDWARD B. SMITH & CO.
31 Nassau Street
NEW YORK
SECURITIES
New York
State
PHILADELPHIA
Cleveland
New-York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
European Representative
s
Office:
Railroad
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-
Municipal
Public Utility
London
•
8
Easton
BONDS
KING WILLIAM STREET
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LONDON. E.C. 4
"Cr
Correspondent
Edward B. Smith &
Minneapolis
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Co., Inc.
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Member Federal Reserve
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Chicago
Philadelphia
San Francisco
April 11, 1936
Financial Chronicle
BAKER, WEEKS
J. & W. Seligman
Investment Securities
/
1893
Established
& HARDEN
& Co.
A. G. Becker
& Co.
Members
54
No.
New York Stock Exchange
Wall Street
New York Curb Exchange
Securities
Investment
NEW
Philadelphia Stock Exchange
YORK
Chicago Board of Trade
Commercial Paper
STREET, NEW YORK
52 WALL
London
Graybar Building, New York
'.V
\
......
Commercial Trust Bldg., Philadelphia
Chicago
New York
And
Other
V-
;
SELIGMAN BROTHERS
Buhl Building, Detroit
'•
Correspondent a
London, E. C. 2
Building, Amsterdam
6 Lothbury,
Cities
Bourse
52, Avenue des
Champs-Elysees, Paris
MUNICIPALS
MICHIGAN
German External Loan 1924 (Dawes Loan)
Charles A.
Parcel Is & Co.
German Government
Detroit Stock Exchange
Members of
PENOBSCOT BUILDING,
International
DETROIT, MICH.
5V2% Loan 1930
(Young Loan)
LOAN—Referring to the press release given out by
Consulate General in New York and appearing on
April 6, 1936, notice is hereby given by the undersigned Com¬
pany that the April 15, 1936 coupon appertaining to bonds of
the American Tranche of the Dawes Loan will be purchased on
and after that date by Messrs. J. P. Morgan & Co., New York
City, or, at the option of the holder, by the undersigned Com¬
pany, provided that the bonds from which such coupons were
detached were domiciled in the United States on October 1, 1935,
and that bonds and coupons are stamped to that effect. The
purchase price for such April 15, 1936 coupon will be $25 per
$35 face amount of the Dawes Loan coupon, i.e. the same amount
as
is being paid by such purchasers for the October 15, 1935
Dawes Loan coupon, in accordance with the announcement pub¬
lished under date of October 4, 1935, by Hamburg-American
(A.) DAWES
Notices
NOTICE OP
To
the German
REDEMPTION
the Holders of
Investing Corporation
New York & Foreign
5Vt%
Gold Debentures,
A, due December 1, 1948:
Twenty-Year
Series
IS HEREBY GIVEN that New
&
Foreign
Investing
Corporation
(hereinafter referred to as the Company)
has elected to redeem and hereby calls for
redemption and payment on June 1, 1936,
all of its outstanding Twenty-Year
5^2%
Gold Debentures, Series A, due, by their
terms, December 1, 1948, at the principal
amount
thereof,
and
that
all
such
Debentures
will become due and payable
on said
date and will be redeemed at the
office of the Paying Agents, Speyer & Co.,
24 & 26 Pine Street, Borough of Manhattan,
New
York
City, in accordance with the
NOTICE
York
Line North German
Trustee.
The bearers
or
registered owners of said
notified to surrender
with all unmatured
appertaining thereto, at the office
of said Paying Agents, for redemption and
payment at the aforesaid redemption price;
registered Debentures must be accompanied
by proper instruments of assignment and
transfer,
executed in blank.
All unpaid
instalments
of
interest
represented by
coupons
which shall have matured on or
prior to June 1, 1936, will continue to be
Debentures are hereby
together
same,
coupons
.
to the respective bearers of the
representing such interest, and the
price payable as aforesaid to
the
bearers
or
registered
owners
of
Debentures surrendered for redemption will
not
include
such unpaid instalments of
payable
coupons
redemption
unless
coupons
representing the
together with appropriate ownership
interest
same,
the Federal Income
shall accompany
the Debentures so surrendered.
After June
1, 1936, the Debentures shall cease to bear
interest, the coupons for interest maturing
subsequent to said date shall be void and
said Debentures and coupons shall cease to
be entitled to the benefit of the Indenture.
Upon presentation and surrender of any
such
Debenture,
with
the
appurtenant
Non-Detachable
Warrant
attached,
the
Paying Agents will deliver to the bearer
or
registered owner of such Debenture, in
exchange for such Non-Detachable Warrant,
a Detached Warrant for a number of shares
of Common Stock of the Company equal to
the number of shares covered by, and upon
certificates required by
Tax laws
the
same
and regulations,
terms
are
as
set forth in,
said
Non-Detachable
Warrant, in accordance
with the provisions of Section 3 of Article
IV of the aforesaid Indenture.
By order of the Board of Directors,
NEW YORK &
-
-
Jersey City,
FOREIGN INVESTING
CORPORATION
PAUL F. SCHUCKER,
New Jersey,
President.
March 27, 1936.
B.—Debenture
holders may at
their
option surrender such Debentures at any
time prior to the redemption date at said
office of Speyer & Co., with all coupons above
referred to, and receive the full redemption
price
with
interest accrued to June 1,
1936, less bank discount at the rate of 1%
per annum from the date of surrender to
June 1, 1936.
Upon such surrender of any
N.
Debenture,
Detachable
with
the
appurtenant
Non-
Warrant attached, the holder
to receive, in exchange,
will also be entitled
a
Detached Warrant as above
ft
set forth.
offer may
their coupons due April 15, 1936, on the
same
terms as those on which Reichsmarks were offered in
payment of the April 15, 1935, and (unstamped) October 15,1935
coupons of bonds of the Dawes Loan. The present offer will have
no effect upon the possibility of acquiring Dawes Marks at the
customary rate of exchange as heretofore.
Bondholders who desire to sell their April 15, 1936 coupon,
and who have not previously had their bonds and coupons
stamped, should present, not later than on April 14, 1936, their
Dawes Loan bonds together with appurtenant coupons, as well as
a signed declaration regarding the domicile in the United States
on October 1, 1935, on forms obtainable at the office of Messrs.
J. P. Morgan & Co., New York City, or at any of the offices of
the undersigned Company in the United States.
Bonds and
avail themselves of the present
obtain Reichsmarks for
provisions of Article III of the Indenture
dated as of December 1, 1928, between the
Company and Interstate Trust Company, as
the
Lloyd.
Holders who fail to
stamping
appurtenant coupons so presented will be identified by
following legend on the bonds and appurtenant coupons:
"U. S. A. domicile 1st October, 1935", and will then be returned
the
presenting person. The purchase price for such April 15,
will be paid against surrender thereof. Banking
institutions or other appropriate agencies should forward the
bonds and coupons to be presented for stamping, together with
the above-mentioned declaration, either to Messrs. J. P. Morgan
& Co., or to any of the offices of the undersigned Company in the~
United States, on or before April 14 next.
to
the
1936
coupon
has to date been
the status of the
June 1, 1936 coupon of bonds of the American Tranche of the
Young Loan.
However, in view of the afore-mentioned press
release of April 6, 1936, holders of bonds of such Loan who have
not already presented the bonds for stamping, should take prompt
action in the event that they desire to establish "U. S. A.
(B.) YOUNG LOAN—No official announcement
made by the German Government regarding
domicile 1st October,
appurtenant coupons
1935" and have their bonds together witb
stamped to that effect, on or before April
14 next.
Banking*institutions
ward the bonds
or
other appropriate
and coupons to be
agencies should for¬
presented for stamping, to¬
gether with a signed declaration regarding the domicile in the
United States on October 1, 1935, either to Messrs. J. P. Morgan
& Co., or to any
of the offices of the undersigned
before April 14 next.
Company in the
United States, on or
/
April 10,1936.
HAMBURG-AMERICAN LINE
57 Broadway, New York
City, N. Y.
financial
ommerctH
No. 3694
APRIL 11, 1936
Vol. 142
CONTENTS
Editorials
PAGB
Financial Situation
--
Government by Fiat
2381
2393
2395
Versus Government by Law
Railways Still Big Customers of Industry
Form and Substance in Security and Peace
^2395
Comment and Review
Capital Flotations During
Months Ending March 31
New
March and the Three
2397
_ —
New
Capital Issues in Great Britain
Week
on
the European
Economic Situation
——2386
2390 & 2436
2402
2403
2384
Course of the Bond Market
Indications of Business Activity
Exchange
New York Curb Exchange
Week
■■■
on
the New York Stock
Week
SJ
2402
2386
Stock Exchanges
Rates and Comment--
Foreign Political and
Foreign Exchange
.
on
the
;
'
-"h
•
■'
2435
■
News
Current Events and
Bank and Trust
,
2414
2434
Discussions
Company Items
General Corporation
and Investment News
Dry Goods Trade
State and Municipal Department
2484
2536
3537
Stocks and Bonds
2436
Foreign Stock Exchange Quotations
Dividends Declared
2443
2483
New York Stock Exchange—Stock Quotations
2451
New York Stock Exchange—Bond Quotations—2450 & 2460
New York Curb Exchange—Stock Quotations
-2466
New York Curb Exchange—Bond Quotations2469
Other Exchanges—Stock and Bond Quotations
2472
Canadian Markets—Stock and Bond Quotations——2476
Over-the-Counter Securities—Stock & Bond Quotations.2479
Auction Sales
Reports
Foreign Bank Statements
2389
Course of Bank Clearings
-—2436
2447
2484
Federal Reserve Bank Statements
General Corporation
and Investment News
■
I
Commodities
The Commercial Markets
Cotton
and the Crops
_•
Breadstuff s
2528
2530
2534
"
Published Every
Saturday Morning by the William B. Dana
.a
Company, 25 Spruce Street, New York City
Board and Editor; William Dana Seibert, President and Treasurer; William D. Rlggs, Business
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 06131
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B. Dana Company.
Entered as second-class matter June 23 1879, at the post office at New York, N. Y., under the Act of March 3 1879. Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display advertising matter, 45 cents
Herbert D. Seibert, Chairman of the
Manager.
per
Other offices:
agate line.
Contract and card rates on request.,
\
-
The Financial Situation
Budgetary Prospects Dark
WITH the by his holiday, Administration forces
President back in Washington re¬
freshed
in
Congress
will
substantially
against
strengthened.
White
down
put
doubtless
now
House
without
much
to
redraft
Chief
make it conform
istration ideas remains
just what
of
their
cause
to date
The
hearings
that have been held during the President's
absence,
fiscal
purely
these
are
during
a
rather
now
assertions
men
an
the
to
bring to light
as
laid
now
changes
are
by
out
to
on
which
fight these issues
are
no
already been drawn,
or
to be.
If he chooses to in¬
sist upon
having his
throughout,
way
ought
soon
doubtless
be
just
come
will
what
weeks
entirely
is
the
out¬
Certain basic facts about,
which
but
a
the
bill
tax
New
means
certain
are
by
yield
a
nor
to
the
to
those who
seem
that
characterized
If this is what he is
understand
how
any
can
longer
intelligent
for the coming fiscal
increased
than
new
there
It is
now
business
they
now,
meeting
are
likewise,
revenues
will
be
open
to
as
such
is at
the
end.
an
re¬
we
its
own
secrets,
thus find the President esti¬
mating total expenditures
man
year
at
This
can
$8,253,000,000.
figure
with
compares
the
of
a
ex¬
current
$7,645,000,000, and actual expenditures
fiscal
375,000,000.
measure
ended
year
Meanwhile
over
the
June
30,
Congress
President's
add
1935,
of
$7,-
has
passed
veto
that
a
yill
enormously to the cash outlays of the Treasury
during the current fiscal year and the one immediately
following it.
Selling Assets
From all this it is clear that the numerous
White
existing levies, resulting
reductions in outlays
might result, according to Washington dispatches
at the time, have come to
naught. Not only that,
but the deficits are no longer
bringing assets (or
activity and
profits
rather
levies proposed, maintain them. Of
course,
has been any question of
larger revenues
them.
before
more
year
Leaving the future to
not
main¬
never
except
is
obtaining, unless, indeed,
productivity of
greater
year,
on
the whole, successful opposi¬
whether
tained in the volume
from
do
we
fiscal year of
bonus
before
for putting plans for such curtailment
on
for
penditures for the
one
it
steps
during the next fiscal
election,
and,
took
un¬
com¬
veal
the
to
preceding
advocating
for
question
ask
the
tion from many quarters.
business
January estimate
No
time
same
likely to take, he might
fiscal
painfully
before
$1,500,000,000,
the
at
munity
not
certain other
the
Progress Adminis¬
less the
to
that
of
addi¬
an
broadly intimated that
fail to perceive the wisdom of his advice.
expenditures
serious
and
New Era.
doubt that whatever plans the President
may really
had for curtailing public
paper
course
requested
Works
insight
vagaries
he
tration of
middle
his
constructive
neither
credit, foreign trade and
policies
have
with obstinate
18
keen to
Deal
taken
President left for his vacation.
or
"the
that
those
part
and relief) at
tional appropriation for the
believe
that magical power for good lies in the mis¬
is
deed, they had begun to
even
we
ability of choosing
become quite clear
during
the past few weeks.
In¬
evident
too
would
part have, however,
make themselves
speaker
as
in
for
year
$6,753,000,000. On March
permit him to be advocating
mere
compromise with demagoguery.
We prefer to believe that he is
using popular
language to indicate his belief in the desir¬
this whole fiscal situation
of
the
little uncertain
message, es¬
fiscal
current
(omitting
of
a
com¬
expenditures
for recovery
a
We find ourselves
is to be.
what
the
questions at issue in
thoughtful member of the business
and
some
as
Early in Jan¬
budget
timated
economic
road," but
before it becomes
clear
in
are
deficit
the President, in his
annual
themselves) as conditions
symptomatic of underlying disorders arising
from errors of public
policies of the past.
own
it
some
or
some
the
date amounts to
uary
remedies" for "defects" or "problems" about
which we hear so much these
days but which
far more often than not are
really to be
classed (however troublesome
they seem to be
promises is, of course, not
yet known but
an
general
receipts of
last year.
party affiliations,
deep interest.
As for ourselves, we feel
strongly that it is
a
mistake, whether strategically or con¬
structively considered,
to
offer
"specific
whether he will be willing
to settle them
bycom-
total
pared with $2,230,000,000
an
fail to have
can
Thus despite
$2,300,000,000
community, regardless of
the lines that have
not
now
in
to
sympathy.
Casting aside the purely political aspects
of the
questions now raised by the speaker,
there
are
for the present fiscal year
.ten found ourselves in substantial
Administration.
Whether the President will
elect
by
were
previous
daily Treasury
$225,000,000,
outspoken critic of the
present Administration with whom we have of-
understood to be the ideas
of the
week
past
are
latest
fund
These warning words were
spoken to the
Cleveland Chamber of Commerce
during the
in
no means
accordance with what
the
higher.
trying to offer specific
every admitted defect in our
for
of
increase
of
error
present order.
"The middle road is not
easy to find, but
it must be found if the voters of this
country
are to be
given a fair opportunity to decide
between a continuation of the New Deal and
a
continuation of the traditional American
order."
of the
some
the
remedies
out.
Changes in the proposed
legislation have apparently
gained some strong sup¬
port, and
period
far from $300,000,000
the^danger that, in its desire to
Constructive,* the opposition
will fall
into
vital defects in the tax pro¬
gram
Way Out
"There is
some very
expose
$150,000,000 less than they
corresponding
statement,
The
be
only reveal the
likewise
general fund outlays have so substantially
that
total expenditures,
according to
year,
increased
per-
some
the
they have not neglected,
will
view.
to
oppor¬
tunity, which fortunately
definitely vanished.
not
but
functory sort, have given
business
improved
an
Although expenditures for
"recovery and relief" during the current fiscal year
fully to Admin-
though apparently intended to be of
of
prospect
any
glance at the. facts will
truth
taxation in such
seen.
words,
have existed has
may
A brief
Executive will avail
on
other
budgetary situation in the predictable future that
probably be
To
more
be
to
hands
"rebellions"
will
trouble.
pending legislation
way as to
their
Minor
mandates
extent the return of the
a
find
In
increased
productivity
enlarged
House conferences from which
what
a
are
claimed
as
assets) into the Treasury. For
was quite fond of
defend-
time the Administration
Financial
volume 142
,
ing its deficits, not to say of virtually
explaining
in the assets held
by the
numerous
corporations and
agencies wholly or partly owned by the government.
have been true of that earlier period,
Whatever may
claim
such
no
for
be made
can
the months that
elapsed since the beginning of the current fiscal
have
On June 30, 1935, these corporations and
period.
agencies of the government reported the proprietary
interest of the Treasury at $4,428,000,000.
On
J an.
31,1936, the latest date for which figures are now
available, this interest amounted to $4,386,000,000.
In other
words, not only the earnings that are being
realized
by these corporations and agencies of the
government, but likewise repayments of loans and
the like
(which
are
in reality a realization of capital
invested) have not succeeded in reducing the rate at
which
running behind in our national house¬
we are
hold finances—for the deficit for the current year
date exceeds
to
for the
$2,300,000,000 as compared with a
will
period
same
these enormous sums of
An answer to that question
being expended?
show, among other things, why it is
proving
impossible for the government to curtail its outlays.
In the first place, general fund expenditures, or
what
commonly known
are
tures, during the current
or
year,
"regular" expendi¬
fiscal year have reached
$2,963,000,000 against $2,519,000,000 last
than
more
as
increase of about $444,000,000.
an
Such
expenditures were estimated by the President in his
30,
compared with
$4,776,000,000 during the current year. Practically
every day the news from Washington informs the
country that bills have been passed in the House
of Representatives
appropriating record-breaking
budget message for the fiscal year ending June
1937,
about $5,650,000,000
at
Although the fiscal year to date shows a reduction
of
some
$150,000,000 in expenditures for "recovery
outlays is
of the
President for the coming fiscal year show at best
but a relatively slight decline in expenditures in this
category. As is well known, this group of expendi¬
and
relief,"
closer analysis of these
a
revealing, the more so since the estimates
tures includes a
wide variety of governmental
activi¬
ties, such, for example, as the loans of the Recon¬
struction Finance Corporation and other lending
agencies,
well as subscription to the stock of
as
governmental corporations.
to go
the total of funds thus
expended than the category
railroads," which show not a net debit but
"loans to
an
It is thus not necessary
further for an explanation of the reduction in
of credits" amounting to
"excess
nearly $130,-
compared with net outlays last year of
nearly $70,000,000. Loans and grants to States and
000,000,
as
municipalities show
no
doubt,
as
a
$15,000,000 decline, reflecting,
does the railroad loan figure, either
considerations
relief" in
excess
higher, not lower, than they were during the
are
the fiscal year ended
find "emergency conserva¬
tion work" (that is,the Civilian Conservation Corps)
costing us over $415,000,000 this year as compared
with $307,000,000 last.
It will be recalled that
June
the
of
period
corresponding
Thus
30, 1935.
we
President, in his budget message,
determination to cut
half; indeed, to go farther than that; and that
in
recently he showed a commendable determina¬
more
tion
to
proceed
planned for the coming fiscal
as
apparently concluded
he has
But
year.
will be necessary
the demands of
Congress that no reduction be made.
No reader of the
daily
with the hue and cry
press can
well be unfamiliar
that has been raised about the
expressed determination of the Administration to
outlays of the Works Progress
current
the
Careful students of current affairs
Administration.
have not failed to note that
to be
seems
toward
here, too, the tendency
compromises which must very
substantially reduce the savings that had apparently
expected to benefit the Treasury.
Certainly
evidence of real retrenchment is as yet
apparent
been
no
in the
daily statements of expenditures by the Treas¬
ury.
Despite the fact that the Bureau of Agricul¬
Department of Agriculture
tural Economics of the
able the other day to
was
est received
for
by them during the month of January
period of five years, the President has felt
a
himself
obliged under pressure to allot or promise
to allot some
$43,660,000 to a fund to provide seed
Recently enacted legislation pro¬
loans to farmers.
vided for
for
report the January cash
farmers of the country as the high¬
income of the
their
$500,000,606 for the farmers in payment
diversions of acreage from one kind of
to some other thought more
crop
in
Government
Washington—a
form of the old benefit
of the
payments ended by a ruling
Supreme Court.
Interests
Veiled
All
desirable by the
disguised
thinly
in|Largesse
this, of course, provides incontrovertible and
distressing evidence of a fact well known
initiated but
the
all
too frequently
past few years.
of the
It is this:
Once large sections
population are invited to feed at the public
trough, vested interests in public largesse, or
of
public.
likewise show
an
increase in net credits for the same
A few of the agencies
reason.
such
The direct loans and expendi¬
Finance Corporation
Reconstruction
the
as
the Emergency
of the government
Housing and Resettlement
Administrations, which in one degree or another
accumulate
very
quickly
and unless we as a
make ourselves
to
people can arouse ourselves and
sufficiently articulate to compel the
politicians to heed us, no human power can save the
of
some
value, show a net in¬
tion at present is
the fact
that,
as
and the Nation
This situa¬
catastrophe implies.
rendered all the more ominous by
already shown, we are at the same
time, through enlarging "regular" outlays, also very
substantially increasing the size of the army of ordi¬
nary
not
employees of the government, which implies
only larger expenditures for the time being, but
enhanced pressure
from multitudinous bureaucrats
but such increases fail by a
always alert to prevent economies that would end
margin to offset the contrary trend in other
public careers more often than not obtained through
crease
wide
assets
what
be regarded as such, are
brought into existence, which politicians very rarely
have the courage to defy, at all events until it is too
late to save the solvency of the nation so indulging
itself.
We are faced by just such a situation today,
come
Treasury from ultimate bankruptcy
to the
to the
overlooked during
from all that such a
tures
that it
to yield in a substantial way to
tions held
tion
expressed a
expenditures for this purpose
repayment of loans of the past or the sale of obliga¬
by the Reconstruction Finance Corpora¬
to be
seems
expenditures "for recovery and
of assets acquired in the process
the conclusion that
as
this, that or the other department.
amounts for
Expenditures Higher Yet
The net result of these
reduce
previous fiscal year.
For what purposes are
money
the
during
$2,232,000,000
of
figure
2383
-
Relief
existence, by pointing to large increases
them out of
1
Chronicle
in expenditures,
agencies such
as
those just cited.
4
/
political connections.
2384
Financial
The state of affairs in these respects has reached
a
stage of great urgency, not to
be
than
worse
folly to shrug
content with the
are over
say
our
thought that
crisis.
It would
such
things will right themselves.
as
elections
They will not
now
Day makes such changes mandatory in
degree that there
a
can
be
no
mistaking the
1
mandate.
last
April 11,
year's figures have been revised
The increase
in
failures,
place
large scale in the week covered by the
a
on
banking statistics
bank
in
deposits
made available, and member
on reserve account tended to advance
Excess
consequence.
week, to
aggregate of $2,420,000,000.
an
variations, together with
the monetary
a
These
noteworthy in the bank statement.
Treasury deposits
on
general account
swol¬
were
len to
prodigious proportions* by the March quarter,date financing and income tax payments, and it
tvas to be
expected that such funds would be utilized
to
defray costs for
is
$121,297,000, while member bank
rose
at the
same
a
time.
time
circulation increased
credit
The reduction
now
reserve
by $84,229,000.
noted
deposits
Currency in
$22,000,000, according to the
partly because of the usual
summary,
Easter expenditures and
pre-
partly because the Treasury
indicated.
was
there
liabilities of
for
in
holdings
vaults
now
fell
Banks, combined.
$8,015,436,000
the total
April 8,
on
cash in
receded
reserves
from $8,030,246,000
to
on
year;
602 retailers failed
compared with 587 for $5,292,000
as
the number
of
among
wholesale trades
was
a
only 75 but the liabilities
$1,402,000 last
year.
Taking the figures by Federal Reserve districts,
improvement
last year
over
is to be noted in the
Eastern
sections, other than the New York district,
the Far West, while in the other sections of
and in
the
country
New
and
mostly unfavorable.
York
the
comparisons
are
In the New York district there
296 failures with
were
$6,850,000 liabilities
as com¬
pared with 283 failures with $4,573,000 in 1935; in
the
Kanisas
against
33
$1,709,000
City
district,
last year,
as
On the other
failures
numbered
47
and liabilities amounted to
compared with but $292,000
a year ago.
hand, only 44 firms in the Philadelphia
district failed for
$429,000, while a year ago 73 failed
Liabilities involved in failures were
$1,326,000.
by 20% in the Boston district; 40% in the
Cleveland
district; 50% in Richmond; 35% in San
Francisco, and 8% in Chicago.
The New York Stock Market
Such certificate
total $7,665,346,000, and as
sharply,
involving
$1,755,000; 47 commercial service firms failed for
$650,000 as compared with 63 firms and liabilities
loAver
Federal Reserve
manufacturing-
failures
88, with liabilities of $1,264,000, while
year ago
posits
quickly.
to
with 170 failures with
compares
March, 1935; failures
totaled
for
very
amounted
In the
158
were
$5,660,000 last
$5,503,000
funds did not find their way into member bank de¬
Although monetary gold stocks of the country
were up
$5,000,000, an increase of only $1,000 took
place in the gold certificate holdings of the twelve
which
In other lines of industry, viz., manufactur¬
ing, retail trade and commercial service, noticeable
further small increase in
gold stocks of the country, comprise
about all that is
The
of member banks
reserves
legal requirements increased $110,000,000 for
over
the
now
is small, and is par¬
year.
$4,371,000, which
account with the Federal Reserve Banks took
be
to
compared with only $1,162,000 last
as
industries
TREASURY disbursements of funds in the general
as
increase in liabilities involved
an
construction
$4,484,000
last year
over
ticularly due to
improvement
Federal Reserve Bank Statement
so
1936
comparable.
shoulders and rest
as soon
right themselves unless what happens between
and Election
Chronicle
GOOD demand for almost all classes quotations
of equities
further advance
caused
in stock
a
the NeAV York market this week.
on
Dealings
Avere
April 1. Federal Reserve notes in actual circulation
fairly active last Saturday and also
increased to
holiday influences curtailed the trading thereafter.
Gains in prices were pronounced in the
early deal¬
ings and most of the average compilations reflected
$3,781,039,000 from $3,772,016,000. The
gain already noted in member bank
lifted that
deposits
total
to
reserve
deposits
$5,161,317,000, while Treasury
general
account fell to $964,390,000.
Foreign bank and non-member bank deposits botli
on
advanced
moderately, and total deposits reflected
all these changes
by a decrease of $22,100,000 to
$6,471,277,000. The decline of total reserves and
the increase of note liabilities
anced
serve
apparently
bal¬
was
by the drop in deposit liabilities, for the
ratio
was
unchanged at 78.2%.
re¬
Discounts by
the
system, long of nominal proportions, dropped
$1,752,000 in the weekly period to $5,502,000, while
industrial
257,000.
creased
States
advances
were
down
$106,000
to
$30,-
Open market holdings of bankers' bills in¬
$14,000 to $4,688,000, and holdings of United
Government
securities
advanced
$9,000
to
$2,430,252,000.
best levels attained since the bull movement started
almost
new
13 months ago.
higlis for the
vidual stocks.
encouraging.
readily in
There
in greatest fa¬
Avere
very
In the mid-
Avhile the impending suspension
on
ap¬
Good
Friday also prompted some liquidation. But the of¬
ferings Avere absorbed readily at small recessions
and the market
of
week ago.
a
as
a
whole remains above its levels
Transactions
on
Exchange exceeded 2,000,000
the NeAV York Stock
shares last
Monday,
stance.
subsequent sessions dealings were
than 1,500,000 shares in each in¬
more
Trading
was
suspended
with
than in
The report of Dun & Bradstreet
veals that 946 firms with
1936
as
re¬
$16,271,000 liabilities failed
compared with
856
$14,089,000 liabilities in February.
year 940 business concerns failed
firms
with
In March last
for $15,361,000.
previously indicated in these columns, failures
of insurance and real estate
agents
and brokers
included among the failures
Avere
to actwe inquiry.
March, 1935.
ber and in
now
numerous
degree of profit-taking made its
a
BUSINESS failures in March were greaterandnum¬
in also
liabilities
February
not
also
Many specialties also moved upAvard
cordance Avith the usual Good
As
Avere
made in the movement in indi¬
of steel-making activities
response
Aveek sessions
pearance,
year
Industrial issues
vor, as reports
somewhat
March
Monday, but
Avhile in the three
Business Failures in March
in
on
are
reported, and
The
upswing
steel
and
was
prove.
a
The gains
slightly
the
more
stocks
in
excellent
demand,
of issues likeAvise tended
were
continued last
to im¬
Monday,
equities of companies interested in the base
met¬
Oil stocks reflected modest in¬
quiry, but railroad and utility shares
With the
on
modest scale, Avith steel stocks and
als in best demand.
dull.
ac¬
quite pronounced last Saturday,
motor
Avhile other groups
yesterday, in
Friday practice.
exception of
a
Avere
relatively
feAv specialties, stocks
I
.
-
',
2385
Chronicle
group
tions for the day, in some groups, were higher than
on Friday of last week.
General Electric closed on
Thursday at 39% against 39% on Friday of last
week; Consolidated Edison Co. of N. Y. at 34%
against 34%; Columbia Gas & Elec. at 21 against
20%; Public Service of N. J. at 42% against 40%;
J. I. Case Threshing Machine at 168% against
157%; International Harvester at 87% against
86%; Sears, Roebuck & Co. at 67% against 68;
Montgomery Ward & Co. at 44% against 44%;
Woolworth at 49% against 50, and American Tel. &
Tel. at 167% against 165%. Allied Chemical & Dye
closed Thursday at 202 against 205 on Friday of
irregular, utility stocks were steady, and car-
last week; Columbian Carbon at 129% against 120;
downward, Tuesday, with profit-taking the
turned
obvious
as
'.
,
Financial
Volume 142
the
Radio Corporation shares
cause.
advanced
recapitalization plan as approved by stockAircraft stocks
holders.
and the
shares
were
marked sharply lower,
Utility
general industrial list also receded.
slightly better. Dealings on Wednesday
were
reflected mixed
sentiment, while further profit-tak-
ing also was an influence.
Steel and base metal
stocks
few issues in the rail
and
utility
most
cheerful, and
were
groups
also improved, but declines al-
equaled these gains, so that the market as a
whole
Nor
hardly varied.
in the situation
was
a
on
there much change
was
Thursday.
The industrial
E. I. du Pont de Nemours at 151% against 149%
rier issues advanced.
influences
National Cash Register at 27% against 27%; Inter-
United States Gov-
national Nickel at 49% against 49; National Dairy
edged slowly higher, and a num-
Products at 23 against 23%; National Biscuit at 35
against 35%; Texas Gulf Sulphur at 35% against
34%; Continental Can at 79 against 80%; Eastman
Kodak at 167% against 168; Standard Brands at
16% against 16%; Westinghouse Elec. & Mfg. at 119
against 119%; Lorillard at 22% against 22%;
Listed bond trading
reflected the
that affected the stock market.
ernment securities
ber of the
issuance
bonds
long-term bonds attained best levels since
the small
on
gains. High grade corporation
dull, since large amounts of new issues
-were
The
offered.
were
same
market showed
speculative sections of the bond
only small upward and downward
movements, with net results quite unimportant for
the
Foreign dollar securities also
virtually unchanged. In the commod-
weekly period.
dull and
were
ity markets a general and well sustained upward
took
movement
markets to
ities
The advance in
extent.
commod-
uninterrupted until Thursday, when small
was
reactions
In the foreign exchange mar-
developed.
kets much attention was
which moved
tions
securities
place, which aided the
some
paid to the French franc,
upward and downward in swift varia-
impressions changed regarding the likeli-
as
hood of devaluation.
As
a
rule the franc
under
was
United States Industrial Alcohol at 58 against 56%;
Canada Dry at 13% against 14; Schenley Distillers
at 44 against 47, and National Distillers at 31%
against 32%.
The steel stocks made a favorable showing this
week.
United States Steel closed Thursday at 71
against 67% on Friday of last week; Bethlehem
Steel at 62% against 59; Republic Steel at 25%
against 24%, and Youngstown Sheet & Tube at 60%
against 51%. In the motor group, Auburn Auto
closed on Thursday at 49 against 50 on Friday of
last week; General Motors at 69% against 69%;
next.
This is the first dividend to be declared since
Chrysler at 101% against 99%, and Hupp Motors
at 2 against 2%. In the rubber group, Goodyear
Tire & Rubber closed Thursday at 29 against 28%
on Friday of last week; United States Rubber at
33% against 29%, and B. F. Goodrich at 20%
against 19%. The railroad shares displayed further
progress, and at the close on Thursday were higher
than the close on Friday a week ago. Pennsylvania
RR. closed Thursday at 35% against 34% on Friday
of last week; Atchison Topeka & Santa Fe at 82%
against 77; New York Central at 40% against 37;
Union Pacific at 131% against 134; Southern
June
30, 1930, at which time the company distrib-
Pacific at 37% against 35%; Southern Railway at
considerable pressure,
and it is probable that large
gold shipments from Paris to New York were prevented
only by the intervention of the British EqualFund.
ization
Sterling
exchange
did
not
vary
greatly, and the many units associated with sterling
also
were
Chief
steady.
dividend actions by corporate
among
tities the
en-
present week was the step taken by the
Calumet & Hecla Consolidated
Copper Co. in
resum-
ing the payment of dividends on its stock by the
declaration of 25c.
uted 50c.
On
touched
new
touched
new
Stock
York
New
Exchange
high levels for the
low levels.
year
116
stocks
and 62 stocks
On the New York Curb
Exchange 55 stocks touched new high levels and 37
stocks touched
York
New
at
new
Stock
low levels.
Call loans
Exchange remained
on
the
unchanged
%%.
On the
the
York
New
half-day session
shares;
on
Stock Exchange the
Saturday last
on
were
sales at
1,011,470
Monday they were 2,032,048 shares; on
Tuesday, 1,574,650 shares; on Wednesday, 1,652,550
shares, and
on
Thursday, 1,654,070 shares; Friday,
being Good Friday, the Stock Exchange was closed,
On
the
New
Saturday
shares;
York
were
on
Curb
Exchange the
367,450 shares;
on
sales last
Monday, 541,025
Tuesday, 556,540 shares; on Wednesday,
431,015 shares, and
on
Thursday, 430,895 shares.
The stock market this week
came
under the pre-
holiday influence, and was for the most part quiet,
After
pronounced activity
on
Saturday last,
a pre-
ceptable tapering off in trading volume ensued on
the
days following.
weak
and
Thursday the market turned
prices receded, although closing quota-
Northern Pacific at 34%
Among the oil stocks, Standard Oil
of N. J. closed on Thursday at 66 against 66 on Friday of last week; Shell Union Oil at 17% against
18
share.
a
the
share, to become payable June 1
a
against
17%, and
against 32%.
17%, and Atlantic Refining at 32% against 34%.
In the copper group, Anaconda Copper closed Thursday at 38% against 36% on Friday of last week;
Kennecott Copper at 40% against 39; American
Smelting & Refining at 84% against 85%, and
Phelps Dodge at 39% against 38%.
Trade and industrial reports were mostly favorable this week, and much of the stock market
strength was derived from this circumstance. Steel
ingot production for the week ending today was
estimated by the American Iron and Steel Institute
at 64.5% of capacity as against 62.0% last week and
43.8% at this time last year. Electric energy output
for the week ended April 4 was reported by the
Edison Electric Institute at 1,916,486,000 kilowatt
hours as compared with 1,867,093,000 kilowatt hours
in the preceding weekly period and 1,700,334,090
kilowatt hours in the corresponding week of last
year.
Car loadings of revenue freight for the week
ended April 4 totaled 613,867 cars, the Association
Financial
2386
of American Railroads
of
13,380
68,411
This is
reports.
increase
an
the previous weekly period and
cars over
above the figure for the same week of
cars
last year.
As
Chronicle
at Geneva.
vious
indicating the
of the commodity
course
on
Thursday at 94%c.
on
Friday of last week.
Thursday at 60%c.
mar¬
Thursday at 25%c.
against (94%c. the close
as
May
corn
at Chicago closed
against 60c. the close
as
on
May oats at Chicago closed
Friday of last week.
against 25%c. the close
as
on
The spot
was
Thursday at 11.69c.
The spot price for rubber
Friday of last week.
Thursday
16.00c.
was
against 11.62c. the close
as
against 15.81c. the close
as
Domestic
Friday of last week.
day at 9%c., the same as
on
closed Thurs¬
copper
Friday of previous
on
In London the
at 20
1/16
ounce
on
price of bar silver closed Thursday
against 20
pence per ounce as
pence per
Friday of last week, and spot silver in
New York at
44%c., the
Friday of last
same as on
In
the
of
matter
transfers
the
foreign
London closed
on
against $4.95% the close
and
cable
6.59c.
transfers
as
Friday of last week,
closed
against 6.59%c. the close
as
cable
yesterday at $4.94%
on
Paris
on
exchanges,
yesterday at
on
Friday of
additional
There
was
day, by
Control of the
spread also to
were
an
better,
tional
were
affected to
some
situation, and especially by the widening rift
between the British and French Governments.
divergent viewpoints
to the Rhineland military
as
occupation and the Italo-Ethiopian
more
pronounced, and
war
became
Approach of the Easter
holidays also tended to keep dealings to
level.
European markets
they will not
tion
these
to
isted with
for that
gree
were
a
circumstances,
modest
closed yesterday, and
until next Tuesday.
resume
ever
cautious attitude resulted
a
the securities markets.
on
The
some
In addi¬
uncertainty
ex¬
regard to the future of the French franc,
currency
of optimism
remained under pressure.
occasioned,
was
on
A de¬
the other hand,
The
movement.
in
proved.
trend
finally
small
publication of the
were
an
autonomous branch of the League
Nations, reported
employment in
a
a
Official British statistics for
Monday,
show
that
day,
as
dence.
Stock
week,
until next
Little
improved, while industrial issues
lar.
in
International issues
were
advanced
an aggre¬
on
was
Mon¬
in evi¬
mildly irregu¬
sharply, owing
large part to favorable reports from New York.
There
was
little
activity
Thursday that the Bank of
large amount of gold for the pre¬
a
liquidation of rentes
of the
improved. The closing of the Bourse
Tuesday.
done
was
Berlin
the
on
Boerse
week, and the trend
were
levels.
No
interest
Movements
day, with trading again
on
taken
was
irregular
changes
vailed
were
in
fixed-
on
Tues¬
the smallest scale.
Most
were
issues drifted lower in the listless
market, but the
entirely fractional. A better tone
Wednesday, largely in
creased dividend disbursements
expectation
by
a
few
of
measured
served
only in small fractions, and
pre¬
in¬
concerns.
previous occasions, however, the changes
on
was
noted in most
leading industrial stocks, while others held
interest issues.
the
were
gains
merely to offset the small preceding losses.
good tone
that
in evi¬
holidays, yesterday, will be extended
business
to former
As
was
equities also declined, but interna¬
Small fractional recessions
soft.
session.
was
But
maintained Thursday, and
a
few
marked sharply higher in
were
most
securities
merely held to
The Berlin market
was
closed yes¬
Monetary Problems
4
SOME exceedingly interesting exchanges of views
on
world mentary problems
apparently took
place at the meeting, early this week, of the Euro¬
pean
central bank heads who comprise the directo¬
rate
of
the
Bank
for
International
Much of the discussion appears
Settlements.
to have concerned
possible French procedure, in the event that
coun¬
try decides to abandon its present attachment to the
gold standard. But the
currency prospects of other
British funds continued to reflect excellent invest¬
countries doubtless
considered
ment
is
demand.
certain,
tended
while
to
on
Industrial
Tuesday, at London, but
figures.
International
decreased
firm, and home rails also
were
Small
terday.
quiet
the holiday influence already
British funds
Locarno plan of the French
in the initial session of the
March, made available
was
The
noted in rentes and in most French
new
French
dence.
Saturday.
unemployment
Exchange
re¬
im¬
irregular, partly because
enthusiasm anywhere.
no
it appeared on
former
slightly in that country for the month, to
gate of 1,881,531.
The London
also
equities, while international issues also turned soft.
un¬
slow decrease in world
statement issued last
stocks
and international issues
was
new
Government evoked
recessions
Tues¬
on
small scale. Rentes
part of their previous losses.
Wednesday
on
sharp downward
railroad
and
utility
and
slightly better
was
French equities
a
a
somewhat
were
industrial
on a very
speculative issues
of
bank,
demand
the
fice, which is
these issues
as
tone
The
The International Labor Of¬
liquidation,
joined the foreign list in
mained
unsettled, Mon¬
were
Rentes
French
by fairly favorable trade and industrial reports from
leading countries.
scale.
which
day, with trading
uncertainties of the interna¬
numerous
the
exception,
but
tional securities
degree by the
re¬
group
small
number of French issues.
a
for the Easter
don, Paris and Berlin again
a
Spanish Government by radical ele¬
occasioned
financial
The exchanges at Lon¬
on
yesterday, at London, and
the Paris Bourse
on
MOVEMENTS were small and trading dull on
principal European
centers, this week.
but
support,
break in the Spanish issues listed there.
a
ments
vious
the stock markets in the
neglected
The international
business
no
France had lost
European Stock Markets
Thursday,
on
were
trading will not be resumed until next Tuesday.
When
last week.
British funds
industrial issues.
ous
ceived
recovered
week.
pre-holiday session
idle.
taken in in¬
was
good resports from
lower, while small advances appeared in vari¬
stocks
weeks.
further
on
In the
the market
Dealings
price for cotton here in New York closed
Renewed interest
shares
New York.
and
slightly to their pre¬
of the industrial issues also
some
moved forward.
Friday of last week.
on
British funds added
gains, and
ternational
kets, the May option for wheat in Chicago closed
on
April 11, 1936
securities
Anglo-American
decline.
The
tone
remained
trading
Wednesday
un¬
now
favorites
Italian
was
B.
much
gen¬
I.
erally cheerful, despite tthe imminence of the holi¬
cedes the
days and the difficulties of the international debates
was
held
concern
situations.
S.
were
as
well, for there
regarding the German and
The
informal meeting of the
Sunday, which always pre¬
monthly assemblage at Basle, Switzerland,
Directors last
on
the
present occasion at Badenweiler, in
Financial
Volume 142
just
Germany,
Dr.
border.
the
across
Hjalmar
Schacht, German Minister of Economics and Presi¬
of the
dent
Reichsbank, invited his colleagues on
and the Bank of
Whether any
the B. I. S. board to lunch with him in the German
town, and in some reports it was suggested that a
market
prompted the German banker to extend the invita¬
"Times"
Such reports may
tions.
but they
do indicate the
be discounted, of course,
view taken by experi¬
grave
observers of the current monetary
enced
There is
need
no
to
enlarge
position.
the ability of Dr.
on
Schacht to maintain the value of German currency
while manipulating the external value
internally,
in
the
most
barked
amazing
the
on
same
Italy now is em¬
manner.
and it is quite evident
course,
that the German and Italian
experiments will loom
large in the monetary history of these times.
It is,
In
it
well
vestors
But the
declared.
sideration is to be
the
proceeds
Basle cor¬
respondent of the New York "Times" were of ab¬
sorbing interest.
In
a
dispatch of last Monday it
suggested that the American neutrality law is
was
likely to
serves
encourage
intact and treat them
of this
cause
countries to keep their gold re¬
as
a
war
chest.
Be¬
circumstance, France may leave the
was
said.
"Regarding the
authority
near
future the general
over
such matters as
private banking credit in favor of the
Treasury, but that is a minor matter in any
event, since the central banking authorities of both
countries
in close accord in that instance.
were
Locarno
Negotiations
NO ficulties occasioned by the German Rhineland
IMMEDIATE solution for the European dif¬
occupation of March 7 appears to be available, and
it
was
again made evident this week that the diplo¬
matic discussions will
France and
tween
drag on for some time.
Government remains
British
ties
it
calculated to benefit British in¬
are
will have
mission
posed to
calculated to bring gold back to France,
con¬
It is not yet apparent whether the new com¬
group.
in
way
Preferential
dustry, and to loans to countries within the sterling
gold standard sooner than expected, while doing it
a
Empire.
given sterling issues, of which
impressions gathered
conversations by the
from the informal
their subsidiary local units, as
private offers of securities to in¬
or
involving the remittance of funds to coun¬
meeting, at which the usual 6% dividend on B. I. S.
was
and
the New York
to
the commission will
that
tries outside the British
French
stock
moment, but it
dull in recent weeks
very
is indicated
public
as
turn to normal conditions.
Basle, Monday, they held only a perfunctory formal
the
for
London) report
a
governments and
indeed, becoming difficult to foresee an early re¬
European central bankers returned to
particular applications.
study applications for financing in behalf of foreign
the recent
When the
been
has
expenditures
external
on
on
perhaps significant that the London capital issues
months.
economize
to
England
relaxation of recent restrictions is in¬
remains uncertain
tended
is
desire
2387
Chronicle
any
the
The
intermediary be¬
Germany, with the former op¬
change whatever in the system of trea¬
radiating from Versailles, while the Reich is
equally determined to terminate all punitive sec¬
feeling among bankers seems to be that France will
tions of those accords.
The French Government ad¬
stay on gold until the election on April 26, at least,"
dressed to
Wednesday,
the
in
added,
report
and
"opinion
whether France will then leave
is
divided over
gold." On the follow¬
ing day the same correspondent summarized the
views
regarding franc devaluation possibilities by
London,
which the
for
French
ments
man
were
on
a
memorandum
strictly legalistic contentions of the
absolute
observance
of treaty engage¬
repeated at great length, and the Ger¬
views in
a
similar memorandum to London at¬
indicating that the logical procedure, in the event
tacked
of
dum, the Paris authorities presented their own plans
departure from the gold standard, would be to
maintain
"floating level," similar to that of the
a
An equalization fund might be es¬
pound sterling.
tablished to
keep the franc from rising above 15 to
falling below 25 to the dollar, the lat¬
the
dollar,
ter
figure suggesting the possibility of a 40% de¬
or
"One aim would be to reassure French
preciation.
public opinion, make the operation less dangerous
politically, and conceal the real depreciation," this
report added.
Government's
would improve the
political credit and fill the war chest
"This
maneuver
for
on
point.
every
Along with this memoran¬
preserving European peace. Essentially, the new
French
program
"European
calls for the establishment of a
Commission,"
which
have the
would
to regulate the revision of treaties, to super¬
armaments and control the destinies of Europe
power
vise
in
manner
a
calculated
to
avoid
any
frontier
changes. "Both the plan and the reply," said a Paris
report to the New York "Times," are
written in
language that more closely resembles that of a po¬
litical
or
of
even
an
electioneering declaration than
diplomatic document." Even before the
statements were made, it was predicted that
by reversing the flow of French capital abroad. The
that
system would allow the Government to let the franc
French
drop a little each day, so the sooner French gold
they would be designed chiefly to win votes in the
current French election campaign.
The contribu¬
was
It
repatriated the
was
it would gain in francs."
more
again stated, however, that the central bank¬
ers were
not
agreed that the French departure from
gold was certain
tion toward a sensible
of
British Issues Regulations
been
the
Great Britain
ever
departed from the gold standard in
1931, largely because foreign exchange control could
hardly be effective in other circumstances. It is now
indicated that the
problem of foreign issues control
will be re-examined
the aid of
a
net will be
popular reaction even in Great Britain was one
impatience.
The
CA.RBFUL control of foreign capital issuessince
has
exercised in
London market
by the British Treasury, with
special commission, of which Lord KenChairman. Chancellor of the Exchequer
adjustment of the European
problem certainly is not a very material one, and
the
or near.
a
general European tendency, meanwhile, ap¬
to be toward calm study of all the factors in¬
volved in this enormously perplexing situation, and
pears
toward
avoidance of any further acts that might
heighten the international strain. The British Gov¬
ernment declined, last Saturday, a French request
for a four-Power conference in Brussels to consider
practical measures against the Reich.
It was sug¬
gested by Foreign Secretary Anthony Eden that
the meeting of the League Committee of Thirteen on
Sanctions, at Geneva, would provide an op¬
Neville Chamberlain announced the formation of the
Italian
commission last Tuesday,
portunity for any necessary exchange of views. Al¬
though Germany suggested that The Netherlands
set forth that the group
in
a
memorandum which
will advise the Chancellor
2388
Financial
might be included in the general scheme of
treaties proposed
taken
by Berlin,
peace
formal notice
no
a
party to the matter.
for universal
more
The Austrian edict
conscription, which flatly violates the
mania, Czechoslovakia and Yugoslavia, acting
the Little Entente
of
as
Powers, presented identical notes
protest, Monday, against the Austrian
move, but
serious developments are anticipated. Hungarian
authorities intimated that they are not likely to fol¬
no
significant than
the political
for that
tions
for mobilization. For¬
eign Secretary Eden assured the House of Commons
in
London, Monday, that the Turkish Government is
not
likely to proceed immediately with fortifica¬
tion of the Dardanelles.
The French memorandum and proposals for peace
which
were
and it is
con¬
compensation
no
change.
annuities to the United
rially
affected
Americans
to aid
a reason
plan offers
an
involved
by former Premier Edouard Herriot, Thursday, that
French disregard of the treaty
covering war debt
ons.
garian conscription
status of all Europe,
move
interesting, in view of the French conten¬
regarding respect for treaties, was a reminder
matter of great
bors had
of these statements is
Most
low in Austria's
footsteps at this time, and this is a
importance, since Hungary's neigh¬
declared that they would consider Hun¬
any
tended that the German
treaties
resulting from the World War, was ac¬
cepted with relative calm throughout Europe. Ru¬
April 11, 1936
admission that the German Rhineland
was
by The Hague Government, which holds that
it is not
Chronicle
States Government mate¬
Franco-American
now
are
on
another
relations.
us," M. Herriot remarked in
The German press,
"The
planet; they refuse
a
speech at Ly¬
with that unanimity to be
expected in dictatorships, criticized the French plan
on
Thursday, and called for its rejection.
public opinion
plan of
British
not favorable to the "negative"
was
the French,
and
even
some
French
com¬
mentators admitted
frankly that it sounded like an
election poster, which strings together all Geneva
dreams
from
1921
to
1931.
British Blue Book
A
presented at London, Wednesday, call
insistently for peace and for fidelity to treaties. The
year or
plan begins with
able summaries show that Chancellor Hitler
was
decidedly opportunistic in
con¬
France wants
lasting,
peace
a
"peace for all, peace complete and
in equality of rights, peace based on
honor for all and
etc."
curious set of declarations that
respect for the given word, etc.,
This list includes peace
international trade
and
the
on
European diplomatic relations of the last
two
tentions.
was
It is made clear
origin, and the Blue Book also contains
a
small number of
tarize the Rhineland
super-State, regulating the
majority, and
con¬
It is also
German pledges not to mili¬
zone.
Italo-Ethiopian War
ITALIAN military forcesthe Ethiopian armies de¬
in Africa continued to
make progress against
fending their homeland, this week, but the
of events in
Europe
appears to
without
Italy, started to consider
rift between the British and
in all recent
the Versailles treaty. This
clearly by
a
as
declaration that
demand for territorial modifications should be
no
made for 25 years.
The European commission would
have at its
disposal permanent land, sea and air
forces, to be supplied by adhering States. The re¬
vision
In
of
"certain
colonial
the memorandum
statutes"
is
suggested.
accompanying this plan
a
rather
sharp tone is taken, with the keynote that of
respect for treaties. "International law demands the
observance of
treaties," the note states. "No treaty
as
unchangeable, but no treaty
unilaterally repudiated. The document re¬
can
can
be
of
the
Rhineland, through violations of President
Wilson's armistice
for
out
stipulations, furnished any basis
disregard of the Locarno treaty. It was pointed
that Germany weakens her case
by refusing to
submit
to
the
World
Court the
the Franco-Soviet pact
question
whether
violates the Locarno accord.
The German peace
proposals are
dismissed almost
phases of the
war
The conversations at Geneva
on
Wednesday the
and its repercussions.
developed
a deepening
French, not only with
respect to Italy, but also
as
tion with the Rhineland.
Charges that Italy is mak¬
ing extensive
to procedure in connec¬
of poison gas in Ethiopia were
use
aired, and evidence
on this point introduced. British
spokesmen indicated, both at London and Geneva,
that they are
prepared to consider oil sanctions
against Italy, if other League States will do like¬
wise. And there is
are
becoming
Italians
now
no
The
denying that British interests
ever more
deeply involved, since the
have penetrated to the shores of Lake
Tsana, which is the
be considered
futed the German contentions that demilitarization
The League of
Thirteen, which is the Council
evident that France in this
plan,
course
be much less to the
liking of the Italian Government.
Nations Committee of
numerous
on
pub¬
numerous
stipulated that all organizations should be under
the aegis of the League of
Nations, and it is thus
even more
now
pact is of
very recent
trolling armaments and other matters.
endeavors, stands pat
aerial
reprints of
revision of treaties by two-thirds
is indicated
an
through increase of
European pooling of credit resources, of labor, of
intelligence and of the will of the people for peace
and against war." The French method of
attaining
this peace would be to form a
European commission,
sort of
of his recent
by the exchanges
lished that Hitler's desire for
precise rules would lead to "collective security, mu¬
tual assistance,
disarmament, economic cooperation,
a
some
through the limitation of
armaments, and it suggests that
which would be
published Wednesday, and the avail¬
source
of the Blue Nile.
Ethiopian Emperor, Haile Selassie, attempted
late last week to stem the tide of Italian invasion.
At the head of his
"personal army" of about 7,000
picked troops the Emperor engaged in a pitched
battle with the
Italians, but he
was
routed last Sat¬
urday, and his troops retreated in disorder south of
Lake
Ashangi.
Italian airplanes raked the black
armies, and reliable reports indicated that extensive
use
was
Italians.
made
of mustard and other
Rome
reports
stated last
gases
by the
Sunday that
scornfully in this document, which asks whether the
Quoram had fallen before the Italian armies, but
German contentions
regarding the Rhineland are to
be used hereafter to
this
Memel, Austria and other territory. It also is asked,
hangar- at Addis Ababa also
pointedly, whether
Italians
justify the seizure of Danzig,
new
tures
German
on
of
faith could be placed in the
protestations than in German signa¬
treaties.
Also
highly important, the note
German declaration regarding fortifica¬
the reoccupied
Rhineland zone.
Perhaps
insists, is
tion
more
a
on
was
denied
by Addis Ababa. An airplane raid
Dessye took place, Sunday, while an airplane
was
attacked.
But the
pledge on Tuesday, at British in¬
sistence, that they would not bomb-the city of Addis
Ababa.
gave
a
By Thursday, the Italian troops
ported well
on
were
re¬
their way to Dessye, where the Ethi¬
opian military headquarters
are
located.
They
are,
Financial
Volume 142
quite evidently, engaged in
which
if
not
impossible.
formed
the
will make
soon
Cabinet
a
must
war
a race
military
Premier
with the rains
difficult,
maneuvers
in¬
Benito Mussolini
f ouncil in Rome, Wednesday, that
go
until Ethiopia is completely
o^
crushed.
2389
Chronicle
238.
totaled
President of the
country on the ousting of the Presi¬
ably will be held in June.
1
Foreign Central Banks
'HE Bank of Japan
Italo-Ethiopian situation before the House of Com¬
Monday, and
on
he hinted
to end the
Ethiopian
war
in
a
given period. When
League Committee of Thirteen met
day, this attitude again
was
agree
on
Wednes¬
taken by the British
rate had been in effect since
time it
the
initiating these discussions.
Italy had invited two
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
of
Baron
to await the
decided
was
arrival at Geneva
Date
vious
Established
Pompeo Aloisi, the Italian delegate.
In
Rate
Country
meeting of the Committee, France is said
Date
clous
Established
Rate
July
July
6
Canada
23*
Jan.
4
__
9 1935
April
6 1936
3.65
43*
June
2 1935
5
Feb.
1 1935
33*
63*
6
Jan.
2 1934
7
33*
Morocco...
43*
Norway
634
33*
May 28 1935
6
Aug. 15 1935
Mar. 11 1935
4
4
Poland
5
May 23 1933
Oct. 25 1933
Portugal
5
Deo.
13 1934
Dec.
7 1934
6
South Africa
43*
33*
May
15 1933
10 1935
4
Hungary
4
Aug. 28 1935
India
3
Nov. 29 1935
Ireland
3
June 30 1932
7
1 1935
May 15 1935
Bulgaria
4
43*
23*
10 1935
4
2
43*
33*
33*
43*
Lithuania..
33*
Belgium
Austria
Italy.:
5
Sept.
3.29
Japan
«...
24 1935
Java
18 1933
July
43*
5
Jugoslavia
Czechoslo¬
the secret
Effect
Apr AO
Effect
Apr. 10
Colombia
Pre-1:
Rate in
Pre¬
Rate in
Country
Chile
but it
Present rates at
4.83%.
shown in the table which
are
Batavla
League spokesmen to start the negotiations in Rome,
The 3.65%
July 3, 1933, at which
follows:
ready to discuss
Geneva debated the problem of
terms, and
peace
are
lowered from
was
leading centers
Foreign Secretary. Both Italy and Ethiopia advised
League last month that they
lowered its discount rate on
April 6 from 3.65% to 3.29%.
that sanctions
might have to be intensified if Italy did not
the
Diego
dent, and elections for a regular incumbent prob¬
Discount Rates of
the
Cortes,
Martinez-Barrio, automatically became Provisional
Foreign Secretary Anthony Eden discussed the
mons,
the
of
President
The
.
3
Jan.
1 1936
5
Oct.
21 1935
33*
England
2
Aug. 21 1935
June 30 1932
Estonia
5
Sept. 25 1934
Finland
4
Dec.
4 1934
23*
23*
53*
43*
France....
5
Mar. 28 1936
3 3*
Spain
5
July
Germany
4
Sept. 30 1932
5
Sweden
Dec.
1 1933
3
7
Oct.
13 1933
73*
Switzerland
23*
23*
May
2 1935
2
23*
Feb.
3 1936
vakia
Danzig
have
to
Italy,
urged
that
so
sanctions against
of all
cessation
four-Power bloc might be formed
a
against Germany because of that country's Rhineland
But Mr. Eden refused to view the matter
move.
Denmark
.
.
Greece
Holland
in any
_
_
_
_
Rumania
.
.
6
53*
53*
3
He declared that he would have
such light.
to "reserve" the
position of his Government
sanctions unless
Italy halted the Ethiopian hostili¬
ties and started peace
decided
combatants to
but since
be to
oil
negotiations. The Committee
Thursday to
on
on
send
an
appeal
both
to
stop the use of poison gas in the war,
Ethiopia has
no gas
the appeal plainly will
Foreign Money Rates
IN bills
LONDON open market discount rates for short
Thursday
9-16@%%,
against
on
last week.
Canal since
fighting started last October. An agree¬
reached late in
was
the day to adjourn
the
raised
on
Friday of
on
Thursday
Paris
At
the
market
open
rate
was
land the rate remains at
Bank of
2}{%.
England Statement
Chairman, Salvador de Madariaga, time to start
But no progress was made in
negotiations.
peace
these discussions
Aloisi
not the
Thursday, for Baron Pompeo
on
said to have indicated that he proceeded
was
to Geneva
only to discuss the Locarno problem and
THE statement forof £315,098 in bullion,8 raising
shows
gain the week ended April
further
a
total to another
the
this
was
£8,398,000
a
decision of the
Spanish Parliament, voted last Tues¬
day, to oust President Mceto Alcala Zamora and
hold
elections for the post of Chief Executive
new
in the
Republic. This incident is traceable to recent
national
elections, in which Left
was
known
his
the
relatively
inflamed
as
for his
conservative
the socialist and
control
now
removal,
action in
Cortes.
the
groups
attained
a
Although Senor Alcala Zamora
"Father of the Second Republic,"
sweeping success.
even
sentiments
communist
The
apparently
groups
Left coalition
who
was
£9,207,920
327,131
succeeded in ousting the President.
his Constitutional
Socialists late last
rights in dissolving Parliament
In
the
debates
that
followed
the
political conduct of Senor Alcala Zamora was criti¬
sharply, and when a vote was taken on Tues¬
day, all the Left groups voted for dismissal, while
the
Right abstained.
ties voted for the
Of the latter amount
bankers' accounts
The
and
reserve
£1,ratio
dropped further to 28.91% from 32.22% last week
and
39.61% two weeks
42.57%.
Loans
£2,013,000 and
on
was
£334,811
ago;
last
did not change
with
the ratio was
other securities £1,225,954, of
from discounts and advances
£891,143 from securities.
and
year
Government securities fell off
on
which
from 2%.
The
Below
comparisons for several
we
discount rate
show the figures
years:
ENGLAND'S COMPARATIVE STATEMENT
Apr. 8
Apr. 10
Apr. 11
Apr. 12
1936
1935
1934
1933
Apr. 13
1932
421,415,000 388,308,254 377,146,347 376,370,433 356,753,055
12,258,974
17,971,689
9,216,484
15,856,904
9,604,000
130,582,291 142.953,099 140,870,335 123,758,896 111,270,357
88,663,327 78,446,795
Banters' accounts
93,439,994 103,297,033 103,861,800
35,095,269 32,823,562
Other accounts—
39,656,066
37,008,535
37,152,297
68,859,505 55,385,906
Govt, securities
88,476,044
84,004,336
93,861,996
16,576,911
15,372,980 27,561,401 46,101,306
Other securities
23,465,172
11,267,453
11,632,097
6,346.138
Disct. & advances.
9,773,482
5,433,551
34,833,853
15,929,304
9,939,429
10,230,773
Securities
13,691,690
39,695,590
62,966,051
64,782,478
75,015,042
Reserve notes & coin
40,533,000
Coin and bullion
201,949,464 193,090,732 192,161,389 179,336,484 121,448,645
Public deposits
Other
Only five Independent Depu¬
President, but the adverse ballots
deposits
.
Proportion of reserve
to
cized
£8,-
£132,000 and
Circulation
introduced by the
time.
declined
they gained political control.
week, to the effect that the President had exceeded
second
from
was
However,
because of his
precisely on a question of the le¬
gality of the recent dissolution of Parliament that
was
reserves
from other accounts.
voted
It was, moreover,
the Left groups
a year ago.
pre-holiday expansion of
a
deposits £10,535,051.
BANK OF
though it
by
circulation,
in
dissolving the last Cortes and calling for
national elections that
A motion
other
attended
Public deposits decreased
083,000.
INDICATIVE of the governmentalmovements is
instability that
usually follows revolutionary
high of £201,949,464, as
new
compared with £193,090,732
as
Italo-Ethiopian war.
Spanish Politics
a
9-16%
call in London
on
April 9 to 5J4% from 5%, but in Switzer¬
on
meeting of the Committee of Thirteen, so as to give
its
Money
y2%.
was
ment
Friday of last week, and 9-16% for
on
three-months' bills, as against
Mr. Eden stated that Italy had
Italy alone.
shipped 239 tons of poison gas through the Suez
as
were
9-16@^%
28.91%
2%
liabilities
Bank rate
42.57%
47.86%
2%
2%
44.42%
2%
32.13%
33*%
Bank of France Statement
THE weekly statement dated April 3 reveals a
large decrease in gold holdings, namely 1,669,701,751 francs.
Owing to this loss the Bank's gold
2390
is
Financial
at
now
with
946,093 francs two
years
bills discounted record
and advances
The
francs,
63,917,126,241
81,985,653,707 francs
ury
French commercial
ago.
67.42%,
as
Notes in circulation show
francs, bringing the total of notes outstanding
Circulation
francs.
84,581,708,165
a
aggregated 83,307,934,680 francs and the
of
francs
1,000,000
accounts of
up
year
year
and
creditor
1,101,000,000 francs.
to
below:
money shows
no
change,
having been reported this week.
Apr. 3, 1936
Apr. 5, 1935
no
quoted at 1% for all maturities.
Apr. 0, 1934
Francs
Francs
Francs
The market for
and the
3,858,095,584 5,280,565,846
1,290,298,565
1,065,294,141
1,055,387,139
3,475,401,314
3,169,246,914 3,069,011,649
+ 1,385.000,000 84,581,708,165 83,307,934,680 82,311,295,320
—1,101,000,000 10,223,426,226 18,749,257,418 14,351,888,096
Credit current accte
—1.97%
hand to sight liab.
67.42%
Bank of
80.33%
six months and
for
first
the
Bank's
gold
and the
a
quarter
of
shown little
April
scarce
foreign
records
on
the
record,
reserve
contraction of 128,530,000 marks,
down to
ago
ago
4,148,955,000 marks.
a
aggregated 3,528,874,000 marks and two
3,475,03.9,000 marks.
bills of exchange and checks
of
advances
9,699,000
in
a
674,000
year
other
in
assets
investments
of
concerned,
in
Below
furnish
we
$4,688,000.
are
Open
nominal in
so
market
far
as
for
rates
the dealers
they continue to fix their
as
of
own
are
rates.
SPOT DELIVERY
101,993,000
180 Daps—•
Bid
Prime eligible
150 Daps—
Asked
Bid
%
H
bills—H
90 Days
Bid
Asked
■
Prime
a
The bill-buying rate of the
Bank is
The nominal rates for open market acceptances are
as follows:
marks, in other daily maturing obligations of 68,553,000 marks, and in other liabilities of 648,000
marks.
to
acceptances
years
appears
are
3^% for bills running
M% for 91- to 120-day bills, and
1% for 121- to 180-day bills. The Federal Reserve
banks holdings of acceptances increased from
$4,-
of 74,607,000 marks, in
marks,
5,479,000
marks,
A decrease
still
are
Rates
from 1 to 90 days,
bringing the toal
Circulation
Bills
and the demand has been
spotty.
New York Reserve
and 6.9%
year
Notes in circulation reveal
year,
bankers' acceptances has
change this week.
bid and 5-16% asked.
ratio, at 1.74%, is the lowest
against 2.41% last
as
previous
Acceptances
3-16% bid and Yf/C asked; for four months, %% bid
3-16% asked; for five and six months, %%
60,000 marks and silver and other coin of 497,000
The
less known.
and
increase of
an
are
Quotations of the American Acceptance
Council for bills up to and including 90
days are
ago stood at 80,854,000
before at 230,698,000 marks.
currency
names
Rates
running from four to
unchanged.
year
year
1% for
'HE market for prime
decline in gold and bullion of 4,983,000
a
fairly heavy.
names
Bankers'
marks, bringing the total down to 66,809,000 marks.
marks.
now
77.39%
Germany Statement
statement
shows
demand has been
M% for extra choice
b Includes bills discounted abroad.
purchased in France,
[Reserve in
are
paper has been quite strong this
Paper has been available in larger supply
—1,000,000
Propor'n of gold on
The
transactions
Rates
prime commercial
week.
+ 151,000,000
Note circulation
marks
Money Rates
time
+1,286,000,000 13,337,437.311
discounted.,
1
to
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
—1,669,701,751 63,917,126,241 81,985,653,707 74,806,946,093
No change
7.551,057
8,671,645
14,494,253
Adv. against securs.
rT,HE
up
remained the ruling quotation all through the week
for both new loans and renewals.
The market for
French commercial
Includes bills
1% for all maturities
New York
current
for Week
b Bills bought abr'd
a
com¬
before
Francs
bills
Bankers' bill and
Changes
'
Gold holdings
j
Credit bals. abroad.
a
offered at
were
ago
BANK OF FRANCE'S COMPARATIVE STATEMENT
YMYYY-i
an
on
six months.
A comparison of
the different items for three years appears
rate
average
0.113%, computed
was
the New York Stock Exchange, and time
on
loans
Bills bought abroad register
82,311,295,320 francs,
loss
%%
year.
increase of 1,385,000,000
an
days, and the
mercial paper rates were unchanged from last week,
with little business done. Call loans remained at
against
77.39% the previous
and
year
at
now
accepted tenders
11, 1936
issue of $50,000,000 dis¬
an
bills due in 273
annual bank discount basis.
against securities of 151,000,000 francs.
80.33% last
a
on
April
sold last Monday
count
and 74,806,-
a year ago
gain of 1,286,000,000 francs
a
ratio stands
reserve
comparison
in
Chronicle
comparison of the
eligible bills
Asked
Asked
H
60 Daps-' • • Asked
• ••
120 Days
Bid
Bid
*/•
H
H
FOR DELIVERY WITHIN THIRTY DAYS
-30 Days
— ■
Asked
Bid
%
H
Eligible member
banks..—————————%% bid
Eligible non-member banks
bid
various items for three years:
.....
REICHSBANK'S COMPARATIVE STATEMENT
Discount Rates of the Federal Reserve Banks
Changes
for Week
Apr. 6, 1935
Apr. 7, 1934
Reichsmarks
Assets—
Apr. 7, 1936
Reichsmarks
Reichsmarks
Recihsmarks
Gold and bullion
—4,983,000
Of which depos. abroad
Reserve in foreign curr.
No change
Bills of exch. & checks.
—74,607,000
+497,000
+ 60,000
Silver and other coin...
Notes on other Ger. bks
*
Advances
—5,479,000
—9,699,000
—101,993,000
Investments
Other assets
66,809,000
80,854,000
230,698,000
20,264,000
21,818,000
44,737,000
5,495,000
4,307,000
9,962,000
4,181,043,000 3,605,653,000 2,981,697,000
166,665,000
107,930,000
229,238,000
1,532,000
9,772,000
9,039,000
50,442,000
48,558,000
70,812,000
646,672,000
738,873,000
689,382,000
521,700,000
609,378,000
535,077,000
THERE have been no changes this week banks.
Federal Reserve in the
rediscount rates of the
1
The
,
following is the schedule of rates
for the various classes of
paper
now
at the
in effect
different
Reserve banks:
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
Liabilities—
Notes in circulation
—128,530,000 4,148,955,000 3,528,874,000 3,475,039,000
—68,553,000
698,966,000
843,371,000
502,062,000
—648,000
157,349,000
211,896,000
156,013,000
Other daily matur. oblig
Other
liabilities..
Rate in
*
Federal Reserve Bank
Effect on
April 10
Propor. of gold & for'n
curr. to
note circul'n.
—0.06%
1.74%
2.41%
6.9%
Boston
2
Date
Established
Feb.
Previous
'
Validity of notes
on other banks
expired March 31. 1936.
8 1934
New York
1^
2H
Feb.
2 1934
2
Philadelphia
*
2
Jan.
17 1935
.
Cleveland
New York Money Market
1H
May 11 1935
Richmond
nor
have occasioned the extremely low current rates for
all
classes
of
member banks
to increase
ury
accommodation.
over
Excess
is
$2,420,000,000.
excess reserve es¬
Money
rates
hardly be expected to advance under the
of such vast accumulations of idle funds.
14 1935
2
Jan.
19 1935
St
Jan.
3 1935
9 1935
Louis
2
Minneapolis
2
May 14 1935
Kansas City
2
May 10 1935
2H
■2H
2 y,
2H
Dallas
2
May
8 1935
San Francisco..
2
Feb.
16 1934
2H
2H
2M
of
again, after the dip caused by the Treas¬
now
Jan.
Course of Sterling
legal requirements have started
financing last month, and the
timate
reserves
May
2
Chicago
market this
2
Atlanta
THERE were noweek, of any kind in the money
changes in the conditions which
.
Rate
can
pressure
The Treae-
Exchange
STERLING and exchange on the leading countries
present
developments from the past
no
three weeks.
have
new
During this time exchange transactions
been limited
owing to caution on the part of
foreign bankers pending the outcome of the discussion
Financial
Volume 142
Locarno powers of the
of the
Rhineland.
in the
ments
German troop move¬
Currently, however, the
exchange market is exceptionally dull because of the
of
appoach
centers
closed
were
Good Friday.
on
actions of all kinds
are
mum
closes
on
The
a
mini¬
for sterling
range
bills, compared with
and
$4.9634 last week.
has
been
between
The
for cable transfers
$4.9434 and $4.95^4, compared
and $4.96^4 a
$4.94%
of between
range
of $4.94*4
a range
range
rate
following tables give the
Paris
on
market
from
mean
gold price, and the price paid for gold by the
LONDON
MEAN
Saturday, April 4
Monday,
Saturday, April 4
75.000
Tuesday,
April 7
140s. lOd.
Thursday,
_140s. 8>£d.
April
Friday,
140s. 7lA&.
140s. lOd.
April 10
9
(FEDERAL
RESERVE BANK)
Saturday, April 4___.
35.00
Tuesday, April 7
35.00
The present
Thursday,
Friday,
may
Rhineland move, must not
Informed
prepared to
resulted from the
have
be considered
London opinion
close of the Easter
are
35.00
35.00
season
move
as
unfavor¬
on
the other side
upward with some vigor.
Even
despite the limited trading, London security
now,
prices for shares, bonds, and Government issues, show
a
Whatever weakness
remarkably steady undertone.
exists
in
almost
ness
sterling,
as
measured by dollars, is due
entirely to seasonal dullness, though the soft¬
is also attributable to
a
is
There
of Continental
counter movement
a
was
a
industrial shares,
100, stood at 112.7 on
1935 as
July 1,
on
The "Finan¬
unemployed.
of
number
earlier, and
April 2, compared with 112.7 a month
with 88.7
New
a
The high record was 114.5 on
year ago.
1936, and the low 41.6 in June, 1932.
capital issues offered in Great Britain in March
amounted to
approximately £6,061,500, the smallest
since the war.
volume for the third month of any year
believed
is
this
March offerings
the
that
year
but for the disturbing
European situation which resulted from the march
into the Rhineland on March 7.
of German troops
figure compares with £19,687,100 in February,
1936, and with £12,386,200 in March, 1935.
offerings, the
new
extremely optimistic and after the
be
will
it
holidays
market has
of
curtailment
the
London market is
the capital
It is doubt¬
that
seen
its political
overcome
fears.
ful, however, that there will be an early revival of
municipal borrowing
earlier in the
subscribe
may
resign
as
of municipals.
low yields
effect that Mr.
the
Prime Minister
influence
without
be
investors are1 disinclined to
the
to
rumors
the scale which prevailed
on
as
year,
owing to
Current
May 31 seem to
on
It
London.
financial
on
Baldwin
believed that Mr. Baldwin will be succeeded
is
by the
present Chancellor of the Exchequer, Neville Cham¬
berlain, who will be replaced by Sir Samuel Hoare,
former
City
noticeable movement of
British and Continental funds into American securi¬
ties.
based
is that with the
markets
gold bars.
continues to expand and in
further reduction of about 250,-
cial News" of London index of 30
$35,00
quietness of the London market, even
hesitancy which
able.
March there
000 in the
Easter
8
April 9
April 10
Wednesday, April
$35.00
Monday/April 6-—-
Last week, ending
year.
British trade activity
Despite
Holiday
BY THE UNITED STATES
the
throughout
April 3, the Bank bought £241,000 in
This
Wednesday, April 8
_140s. 7Hd.
April 6
FOR GOLD
Hoi.
MARKET GOLD PRICE
Monday,
PRICE PAID
74.947
74.945
Wednesday, April 8
Thursday,
April 9
Friday,
April 10..
75.063
;
LONDON OPEN
the
month
would have been much larger
CHECK RATE ON PARIS
.75.165
April 6.
Tuesday, April 7
steadily increased from month to
of the Bank will be
It
United States:
record high,
confidently believe that the total gold
and bankers
London check
day to day, the London open
gold to support circulation.
in buying
active
gold holdings are now at all-time
Its
Feb. 19,
week ago.
The
more
which
season,
been between $4.94 and $4.9534 for
bankers' sight
a
Easter
Tuesday, April 14.
week has
with
all European
Business trans¬
generally reduced to
entire
throughout the
this
and
London
Easter.
2391
Chronicle
Foreign Secretary, both
in whom the
men
great confidence.
repose
The London money
of
abundance
funds
market continues to have
and
change from week to week.
and other funds into London for investment and for
bills
comparatively permanent lodgment until such time
show
rates
hardly
an
any
Two- and three-months'
months' bills 11-16%.
the
as
political outlook in various European coun¬
tries clears.
Under
conditions
prevalent in France,
now
Germany, Spain, and Italy, it must be expected that
there will be
London
at
reflected to
of the
a
steady flow of Continental
every
some
Bank of
circulation,
money
to
This condition is
high circulation figures
opportunity.
extent in the
England.
Last week there
sharp increase of £6,524,000 in
note
All the
be
to
the
due
was
a
Bank of England
mainly to the
usual end of
preparations for
Nevertheless, there also is
Easter
the
holidays.
account of
an
increasing extent by foreigners who
are
a
marked
hoarding.
This factor
may
open
be expected
persist until general world political, economic, and
currency
tion
stabilization is effected.
now
is
The Bank's circula¬
approximately £413,000,000, which is
£233,000,
Tuesday
on
£292,000,
At the Port of New York the
the week ended
Reserve
on
April 8,
as
gold movement for
Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, APRIL
2-APRIL 8, INCLUSIVE
Exports
Imports
$1,796,000 from Canada
1,755,000 from Colombia
None
201,000 from Ecuador
4,000 from Guatemala
$3,756,000 total
Net Change in
Gold Held Earmarked for Foreign Account
Increase: $1,759,000
Note—We have been notified that approximately $42,000 of gold was
received at San Francisco from Australia.
The
above
figures
are
for the
week ended
On Thursday $1,533,200 of gold
Wednesday.
£26,000,000 higher than
a year ago.
and in view of this
fact it is believed that the Bank of
rapid than
England will be
on
was
received, of which $1,527,100 came from France and
$6,100 from Guatemala. There were
more
Wednesday
reported by the Federal
the
Expansion in 1936 has thus been
On Satur¬
Thursday £330,000.
on
£11,500,000 below the record of Christmas but about
the rise which occurred in 1935,
largely for
private Continental hoarders.
£287,000, and
There is likewise
currencies.
tendency to buy gold in the London
market for
to
own
market continues
open
transfer¬
ring part of their capital to London because of their
distrust of their
offer in the
on
day last there was available £216,000, on Monday
being hoarded to
are
gold
taken for unknown destinations,
quarter currency demand and to
evidence that the Bank's notes
9-16%, four-months' bills 54%, and six-
are
metal,
account
no
but
gold
increased
imports
or
$6,100.
exports of
for
foreign
On Friday there
exports of the metal
held earmarked for
no
held earmarked
or
foreign account.
were
change in gold
2392
Financial
Canadian exchange
a
discount of
during the week
quoted at
was
%% to %%.
was
amounted
The
dull and steady.
on
range was
went to
$4.95% for cable transfers.
displayed
On Monday the pound
The
slightly easier tone.
a
range
was
$4.95%@$4.95% for bankers' sight and $4.95 3-16@
On Tuesday the dullness
$4.95% for cable transfers.
continued.
Bankers'
cable transfers
sight
$4.94%@$4.95 and
was
$4.94%@$4.95%.
were
On Wednes¬
The
franc
comparison
with
long-term
day trading
most limited in all European markets.
was
The range was
$4.94@$4.94% for bankers' sight and
$4.94%@$4.94%
Friday there
for
transfers.
cable
market in London
was no
Good
On
or
the Continental centers but in New York
steady, the
On Thurs¬
in
any
sterling
of
was
$4.94%@$4.94%for bankers'
range was
sight and
$4.94%@$4.94% for cable tansfers.
Closing quotations on Friday were $4.94% for demand
and
$4.94% for cable transfers.
bills finished
the
documents for
(60 days) at $4.93, and seven-day grain
payment
at
$4.92%,
at
$4.93%.
Cotton
and
for
grain
payment
closed at $4.94.
question.
The
its
citizens,
credit
that
in
the
as
in
Government
reflected in the necessity of arranging
Britain for
Great
Government
the other
the
sohn & Co.
This
private banking
The
from declining below the lower gold point.
However,
is also
shown last week, the Bank of France
as
currency may
France
in
so
far
the Bank only
as
as
result
a
for export to
would be
equivalent of 6.58% cents.
point has been regarded
as
francs, the approximate
rule banks have allowed the franc to
before
making shipments
Since the
gold point, there is
fixing
has
lower
United
gold
States
that
out
the
ship gold at
gold
now
point
authorities
Federal
any
points,
to
problematic
regarded
have
Reserve
Devaluation of the
that
war,
as
to
5%.
of
a
The
French business is
now
Bank of France
a
fixed
appears
be
may
fixed buying and selling price.
France
at
It
and
the
French
political
believing that the franc should
its
present
gold valuation have
are
press
and
on
the
rising in France and that
again improving in keeping with
general trend of world business, especially in the
sterling-bloc countries.
It is apparent that French
actually been improving steadily during
the past year or more.
in¬
3%%
again.
German, mark
shows
situation
no
change.
Competent observers state that the mark and the
German
public finances become increasingly involved.
of every
It is
description
It is at least certain that iron
not be taken at face value.
can
believed that the
armament and other
Reich's
expenditures for
public works
at
are
an
re¬
excessively
high figure and much beyond the official admissions.
It
that
seems
sounder
opposition is developing against the
policies advocated by Dr. Schacht.
Volkswirt,"
central bank having
of France
March 28 from
on
It is believed probable that the rate will be
advanced
The
economic
as
group.
Bank
the
creased its rediscount rate
"Deutsche
any
sterling
that
time when the dollar touches lower
platform that prices
business has
recalled
the
in effect making
the world, thus
from
having
maintained
be
that
probably place
more
gold until such time
on
member of the
a
is
opinion
banking
dispatches
whether the
Bank
so
frequently pointed
recently been pointing out in the
the
lower
with certainty what
Bank is
Informed
will
government
no
devaluation of the unit without inviting
returns to
peace
cur¬
obnoxious to the rank and file of
so
prepared to
factions and all those
be
a
of the franc really is.
buying and selling price for gold.
The
fixed
to
The
Official statements with regard to public expenditures
still lower gold point at another time,
a
that the market is unable to say
the
drop to 6.58%
to prevent it from
reason
no
general
extended scale.
on an
Bank of France
a
or
public, who recall vividly the destruction
embargo
an
Hitherto the lower gold
6.59, although as
gold
solely through hoarding.
savings after the
could attempt
It
New York except when the dollar rate
in Paris should reach 15.19
of fears that the
not afford to lose any more
can
forthcoming elections.
France
ruled that it would not be ready to deliver gold
ago
has fre¬
question of the franc must be settled promptly after
the
unprece¬
a
concern
be devalued.
circulation increase
see
few days
intervening to maintain the unit by
dented means,
credit there
a
hoarding and outward movement of capital
from France continues
French financial authorities will
currency
On
success.
quently extended credit to the French Treasury.
violence.
buffeted and
further credit
a
arranging for
support of the
be
few
consortium of bankers headed by Mendels¬
a
of their
British exchange control keeps the
a
hand, it is reported from Amsterdam that
THE French franc, while currently only and easier,
dull the active
to
£40,000,000
seeking
was
French Treasury is
through
finds it
least
at
accommodation from
secure
European dispatches pointed out recently
the French
continues
ever.
countries,
leading
Sweden, but with little likelihood of
rency
Continental and Other Foreign Exchange
critical than
more
is concededly almost out of
practically impossible to
Friday at $4.94, sixty-day bills at
on
$4.93, ninety-day bills
bills
Commercial sight
program.
in other
money
weeks ago.
$4.94%@$4.94% for cable transfers.
is
rates
and
The range
and
situation
utilized in carrying
was
Money is extremely difficult to obtain in Paris in
the
$4.94%@$4.94% for bankers'sight
and last
1,267,645 short tons
total of 6,448,455 tons, most of which
a
Germany, where it
day the market was easier and exceptionally quiet.
was
about
to
the German rearmament
out
$4.95 5-16@$4.95% for bankers' sight and $4.95 7-16@
April 11, 1936
reached
year
Referring to day-to-day rates sterling exchange
Saturday last
Chronicle
refer to
Berlin
a
of
possible
a
currency were
Schacht's
Dr.
devaluation
the
ideas, in which
of
the
German
discounted and the idea rejected that
resignation
was
declared that
Germany has
no
its
plans
economic
in
weekly journal reputed to
be in close touch with Dr. Schacht's
reports
Recent
article
an
or
impending.
It also
intention of changing
of abandoning control of the
foreign currencies received from exports.
The
sity for these denials indicates that
such plans
are
some
neces¬
actually contemplated.
Mistrust
as
to
the
financial statements
that while total
bank
was
German
value of German business and
may
be judged from the fact
gold and bullion held by the Reichs-
71,792,000 reichsmarks
customs
returns
showed
as
a
of March 31,
net
import of
export, chiefly from the Lorraine Department, has
77,000,000 marks in gold in 1935.
been almost the
most
profitable business in France
gold holdings of the Reichsbank continued around
during the past
year.
In 1933 exports of iron ore
80,000,000
marks,
showing
only
In 1935 also the
comparative
in-
Financial
Volume 142
and decreases from quarter to quarter
creases
since.
Thus, there must be held in disguise in Germany a
larger quantity gold and foreign exchange than
authorities
The
the
willing to admit.
are
following table
the
shows
leading currencies still
on
of the
relation
gold to the United States
dollar:
Old Dollar
France
(franc)
New Dollar
Range
Parity
Parity
This Week
13.90
_______
Italy (lira)
16.95
8.91
32.67
i
5.26
Switzerland (franc)
19.30
Holland (guilder)
40.20
The London check rate
at
sight bills
on
68.06
Paris closed
on
against 75.12
74.97,
New York
6.59
to 6.60%
16.91% to 16.95
7.90% to 7.93
32.58
to 32.63
67.90
to 68.06
6.63
3.92
__
Belgium (belga)
on
Thursday
In
Friday of last week.
on
the French center finished on
Friday at 6.58, against 6.58% on Friday of last week;
against 6.59%, and commercial
cable transfers at 6.59,
Antwerp belgas
sight bills at 6.56, against 6.56%.
sight bills and at 16.93
closed at 16.92 for bankers'
cable
for
Final
transfers,
16.92%.
16.91% and
against
quotations for Berlin marks were 40.24 for
bankers'
sight bills and 40.25 for cable transfers, in
with
comparison
cable
and
40.27
7.91
against
transfers,
Italian
40.28.
lire
bankers'sight bills and at 7.91 for
closed at 7.90 for
and
Austrian
7.92.
schillings closed at 18.75, against 18.75; exchange on
Czechoslovakia at 4.14, against 4.14; on
at
0,76, against 0.76;
and
18.85;
Finland
on
2.19,
at
2.19%.
against
Brazil, Chile and Peru have recently registered
significant expansion in both import and export
business.
The banks of Argentina are in a specially
strong cash position.
Chilean
is nominally quoted at
Peru is nominal at 24.85, against
5.19,
exchange
against 5.19.
24.95.
E'XCHANGE long familiar. The business situation
on the Far Eastern countries follows
the trends
j
in
Japan, which had been more
or
less depressed
political assassinations on Feb. 26, is at
last showing some improvement, as is indicated by
the fact that on April 6 the Bank of Japan reduced
its rediscount rate 0.36 point to 3.29%.
The other
chief currencies of the Far East follow the trend of
since
the
sterling to which they are allied either legally or
through exchange controls. The Japanese yen is also
inclined t©
in sympathy
move
with sterling.
Closing quotations for yen checks on Friday were
28.90, against 28.96 on Friday of last week. Hong¬
kong closed at 32.85@32%, against 32%@32.90;
Shanghai at 30@30%, against 30@30%; Manila at
50%, against 50%; Singapore at 58.15, against 58.30;
Bombay at 37.36, against 37.47; and Calcutta at
37.36, against 37.47.
Gold Bullion in European
0.94% for cable transfers, against 0.93%
bills and at
;
:
Argentine papers pesos closed on Friday, official
quotations, at 32.95 for bankers' sight bills, against
33.03 on Friday of last week; cable transfers at 33.00,
against 33%.
The unofficial or free market close
was
27.55, against 27.60.
Brazilian milreis, of¬
ficial rates are 8% for bankers'sight bills and 8.44
for cable transfers, against 8% and 8.45.
The
unofficial or free market close was 5.55, against 5.65.
closed at 0.93% for bankers' sight
Greek exchange
and
Bucharest
Poland at 18.85, against
on
2393
Chronicle
Banks
THE following table indicates the amount of gold
(converted into pounds sterling at par
0.94%.
bullion
—♦—
exchange) in the principal European banks as of
April 9 1936, together with comparisons as of the
corresponding dates in the previous four years:
of
EXCHANGE in keeping with the Easterduring the
is dull on the countries neutral quietness,
>
war
characteristic of all the Continental markets.
In the
important
change
show
currencies
these
main
from recent weeks.
no
The Netherlands Bank and the
guilder continue in strong position, although
Dutch
the conflict between the deflationists and
tionists in Holland still continues,
the devalua¬
and probably will
France
a
Germany b.
Spain
Italy
Netherlands
Nat. Belg..
Switzerland.
go on
until either Holland or France follows the course
Sweden
Denmark..
by devaluing the unit or elect to follow
of Belgium
the
example of Great Britain and abandon the gold
The Netherlands Bank on April 26
standard.
showed
of
gold to circulation and sight liabilities at 78.9%.
Money rates are nevertheless firming up in Holland,
chiefly, because of an outward movement of Dutch
gold holdings of 713,600,000 guilders, and ratio
Norway
Total week.
Prev. week.
a
opportunities.
Bankers' sight on
at
Amsterdam finished
67.93, against 67.90
transfers
sight
at
bills
67.94,
at
Friday
Friday of last week; cable
against 67.92; and commercial
against 67.89.
67.91,
32.60
closed at
on
on
Swiss francs
for checks and at 32.61 for cable
transfers, against 32.59% and 32.60%.
Copenhagen
checks finished at 22.05 and cable transfers at 22.06,
against 22.13 and 22.14.
Checks
at 25.47 and cable transfers at
and 25.56;
on
Spanish pesetas closed at
bills and at
Sweden closed
Norway finished at 24.83
24.84, against 24.90 and 24.91.
while checks
and cable transfers at
on
25.48, against 25.55
13.66 for cable
13.65 for bankers' sight
transfers, against 13.65
EXCHANGE on the South from those of recent
presents
features American countries
no
Easter
new
At present
is
79,061,000
76,264,000
88,725,000
12,116,000
7,397,000
8,380,000
60,618,000
16,062,000
7,394,000
6,585,000
These are the gold holdings
business in the South American
restricted
by
reason
of the
holiday in most of these markets.
prolonged
Argentina,
121,448,645
615,273,369
40,100,950
89,989,000
57,434,000
73,813,000
71,832,000
66,030,000
11,438,000
8,032,000
6,561,000
of the Bank of France as reported in the new
of Germany are exclusive of gold
b Gold holdings of the Bank
Government
by the Supreme Court
Monday, in the case of J. Edward Jones vs.
and
Securities
Exchange
the
Commission, is in some
respects one of the most notable of the many
that
It not only defined, clearly
the Court has delivered.
and
form
held
is £1,011,000.
by Fiat Versus Government
by Law
The decision handed down
precisely, the conditions surrounding a dis¬
cretionary authority given to the Commission by
the
but it also administered to the
Securities Act,
Commission
a
resounding rebuke for extending its
authority beyond
legal
or
constitutional
bounds.
The Court has had occasion more than once,
in its
long history, to remind administrative officials
their constitutional and
not
hesitated to
attend
Court
countries
67,331,000
the
an
give warning of the dangers which
disregard of constitutional guarantees,
arraignment of
in/the records of the
official/arbitrariness
parable to that with which the
4ction
On May 4,
com¬
of the Com¬
mission, in the Jones case, was condemned.
The essential facts in the case can be
stated.
of
legal obligations, and it has
but it would be difficult to find
and 13.66.
weeks.
76,593,000
65,534,000
77,132,000
63,805,000
14,744,000
7,398,000
6,574,000
655,885,229
2,960,550
90,772.000
62,992,000
64,963,000
64,529,000
abroad, the amount of which the present year
on
£
179,336,484
643,296,425
29,825,200
90,363,000
1,086,103,724 1,225,851,511 1,201,278,257 1,282,095,109 1,161,951,964
1,099,570,390 1,240,097,388 1,203,040,634 1,284,237,705 1,159,493,467
of statement,
funds to London and New York in search of invest¬
ment
£
102,161,389
598,455,568
8,394,300
90,487,000
193,090,732
201,949,464
511,337,010
2,327,250
89,108,000
42,575,000
58,774,000
94,839,000
48,145,000
23,893,000
6,554,000
6,602,000
—
1932
1933
£
£ *
£
England
1934
1935
1936
Banks of—
briefly
1935, the petitioner filed with
2394
Financial
the Commission
registration statement relating to
proposed issue of participation trust certificates,
By the terms of the Act the statement, if acceptable,
a
a
would become effective 20
teenth
day
the
days later.
Commission,
directed the institution
On the nine-
which
had
Chronicle
discretion
April 11, 1936
or
to supplant the standing law as a rule
of human conduct, the government ceases to be one
of laws and becomes
already
both exist.
They
stop-order proceedings,
of
autocracy.
an
forces, and
one or
antagonistic and incompatible
are
the other must of necessity perish
notified the petitioner
whenever they are brought into
ment
the
by telegraph that the state"appeared to contain untrue statements of
material facts
and
necessary," and summoned him to
June 6.
on
and to omit material facts
The
hearing
June 13 he
required
hearing
on
various
administrative
conflict.
bureaus
...
If
comrnis-
and
sions, necessarily called and being called into existby the increasing perplexities of
ence
modern
our
postponed to June 18, and
business and political affairs, are permitted gradu-
summoned to appear on the
desigbring with him his books and other
petty encroachments—upon the fundamental rights,
was
was
nated date and
records.
a
Arbi-
...
trary power and the rule of the Constitution cannot
On the 18th the
petitioner filed with the
ally to extend their
by encroachments—even
powers
privileges and immunities of the people,
shall in
we
Commission, through counsel, a written statement
formally withdrawing the application for registra-
the end, while avoiding the fatal consequences of a
supreme
autocracy, become submerged by
tion
tude
minor
the
on
ground,
the Commission
"had been
licity and placed him in
damaged."
ceived
a
given widespread pubsituation to be severely
The statement- of withdrawal
was
by the Commission but "excluded from
sideration," and
for
others, that the action of
among
the
on
June 27 the examiner who acted
Commission
dismiss
the
denied
registration
motions
of
proceedings,
counsel
permit
to
the
to
petitioner's
contentions
and
directed him to appear before the Commission and
submit to examination.
The Circuit Court of
Ap-
peals upheld the ruling of the lower court, and the
then appealed to the Supreme Court.
majority opinion of the Court, delivered by
Associate Justice Sutherland, held that a
stop-order
proceeding "is analogous to a suit in equity to obtain
case
was
The
an
injunction, and should be governed by like conFederal tribunals, it was declared
siderations."
after
extended examination of
an
settled the general
the
rule "that
a
precedents, have
plaintiff
possesses
unqualified right to dismiss his complaint at
law
his bill
or
in
equity unless
some
prejudice will result to the defendant
mere
prospect of
other than the
less
petitioner
might be upheld under the general authority conferred by the Act to conduct investigations.
The
right to examine, however, the Court pointed out,
limited to determining whether
pose
for which the investigation
ceased
stop order
a
issued, and since "the only disclosed
be
to
was
pur-
undertaken had
legitimate when the registrant right-
fully withdrew his statement, the power of the Commission to proceed with the inquiry necessarily came
to
end."
An inquiry, if still pursued, would bein the words of the late Associate Justice
an
come,
Holmes,
"a
fishing
expedition
.
.
for
.
the
chance that something discreditable might turn up."
For such expeditions the Court's condemnation
emphatic.
"The fear that
unwhipped
of
justice,"
nothing" against
some
it
"weighs
declared,
odious practice.
an
was
malefactor may go
as
"The Federal
courts are open to the government," and the grand
jury is available for preliminary investigation and
presentment.'
The "three protective rights of the
second litigation upon the subject
individual—that against compulsory self-accusation,
regulation of the Commission provides
"any registration statement or any amendment
that against unlawful inquisitorial investigations"—
matter."
that
plain legal
multi-
produce his papers and submit to examination
was
the
a
rights,
There remained the contention of the Commission
should be
denied
personal
that the order of the District Court to the
which the
lenged,
of
guarantees."
withdrawal of the registration statement and
quash
the subpoena.
The Federal District
Court, before
authority of the Commission was chal-
invasions
destructive but not less violative of constitutional
re-
con-
of
a
A
that
against unlawful
searches
and
seizures, and
thereto may be withdrawn
upon the request of the
are
not only "closely allied in principle," but they
registrant if the Commission
are
also among the "intolerable abuses of the Star
consents
thereto," and
that "such consent shall be
given by the Commission
regard to the public interest and the pro-
with due
tection of investors."
able to find
the
The Court,
however, was "unanything in the record, the arguments of
Commission,
or
that suggests the
public
the decision of the
possibility of
any
court below
prejudice to the
investors beyond the assumption, as put
by the court below, that 'an unlimited privilege of
or
withdrawal would have the effect of
trants whose statements
before
a
stop order
are
allowing regis-
defective to withdraw
Chamber which brought that institution to
at the
hands
of
the
end
an
Long Parliament in
1640."
"Even the shortest step" toward curtailing, either
of these rights, Justice Sutherland declared, should
he halted at the outset "lest it
for further advances in the
serve
same
as
a
precedent
direction
for
or
wrongful invasions of the others."
With all respect for the learning and judicial
of the three members of the Supreme Court
acumen
who dissented from the
majority opinion, their
pre-
issued, and then to submit
diction of the evils that may be aided by the decision
slight changes.'" The statepetitioner that "no steps had been taken
looking to the issue of the securities" was not denied,
Justice Cardozo declared for himself and Associate
was
another statement with
ment of the
and "so far
the record
as
vestors, existing
"The action
or
of
shows there
were
no
in-
potential, to be affected."
the
Commission," the Court de-
cl^red in
a memorable passage, "finds no support in
right principle or in law. It is wholly unreasonable
and arbitrary.
It violates the cardinal precept
upon
sonal
which
the constitutional safeguards of perliberty ultimately rest—that this shall be a
government of laws—because to the precise extent
that the mere will of an official or an official
body
is
permitted to take the place of allowable official
is not convincing.
"There
are
dangers," Associate
Justices Brandeis and Stone, "in spreading
that untruths and half
on
a
belief
truths, designed to be passed
for the guidance of confiding buyers, are to be
ranked
as
peccadillos,
or
the amenities of business.
these have been committed
even
perhaps
as
part of
When wrongs such
as
or
attempted, they must
be dragged to light and pilloried.
To permit an
offending registrant to stifle an inquiry by precipitate
retreat
on
the
eve
immunity to guilt, to
of his exposure
encourage
is to give
falsehood and
eva-
sion, to invite the cunning and unscrupulous to
gamble with detection."
The objection would be
Financial
Volume 142
weighty if there
in which statements
were any way
adjudged by the Commission to be false or mislead¬
ing could be "passed on" by
registrant "for the
a
Under the Securities
guidance of confiding buyers."
Act, however, no securities can be sold or offered for
sale
pntil information regarding them satisfactory
to the Commission has been submitted and the issue
approved.
Granting that
deceive the
to
vented from
and
tent
a
registrant
buying public, he is effectively pre¬
doing
if the Commission is compe¬
so,
alert, by the requirements of the law to
which he must conform.
The
mere
tration is refused is notice to the
the
intend
may
fact that
regis¬
public either that
proposed issue is not, in the view of the Com¬
mission,
sound,
have
ments
opinion
of
been
fully
Court
the
require¬
that the registration
or
not
rejection
such
stamps
majority
The
met.
as
penalty enough, and refuses to countenance a fur¬
ther
inquiry whose only aim could be to pillory a
registrant for negligence
he is the
The
or
misconduct for which
only sufferer.
decision
does
Chronicle
1199335445
1199335544
2395
gate railroad purchases of materials, by
modity divisions, were as follows for
and 1933 to
1935, inclusive:
Fuel
$364,392,000
224,200,000
180,526,000
217,294,000
232,723,000
1929
1931
Forest Products
1929—1931
—
It
$157,551,000
75,500,000
42,442,000
64,271,000
57,367,000
Iron and Steel Products
$437,840,000
220,000,000
110,720,000
159,758,000
156,914,000
1929
1931
Miscellaneous
1929
1931
$369,752,000
1/5,300,000
132,162,000
158,901,000
146,021,000
-
that in normal
estimated
has been
railways
general com¬
1929, 1931,
the
years
about 23% of the total bituminous
consume
production of the United States, about 19% of
coal
the fuel oil
output, more than 20% of the total timber
cut, and about 17% of the national iron and steel
In the light of these facts and figures,
production.
the return of the
ing
railways to their normal purchas¬
would represent one of the most construc¬
power
tive steps
possible toward the general recovery of
business.
As the total value of materials and sup¬
plies
hand at the end of 1935 was still exceed¬
on
ingly low, it appears that a reasonable improvement
deal
not
with
constitu¬
the
tionality of the Securities Act, and affords
no
indi¬
cation
on
in their financial
position should result in a ma¬
that
of
question
what the
may
opinion of the Court
The effect of the rebuke which has
be.
been administered to the
to every
ence
of
laws
reaching. It should put
however,
should,
an
be
legislative "fishing expeditions" which, with¬
out
alleging
of any
and Peace
specific wrongdoing
any
individual, society
or
the part
on
The elaborate
far-
end to the administrative
corporation, rummage
purchases.
Form and Substance in Security
Commission, and by infer¬
other Federal body charged with the
administration
and
terial increase in railroad
the
proposals for attaining security and
which the French Government submitted to
peace
Locarno
missed
Powers
Wednesday might be dis¬
on
only another paper program were it not
as
for the fact that
some
comprehensive scheme,
sup¬
through public or private records in the hope of
plementing the League of Nations but operating in
which charges of misconduct
conjunction with it, still seems to many people the
finding something
be based
can
Federal
corporate conduct be
or
It should make the
reprehensible.
bureaucracy less arrogant, and encourage
citizens
to
their
assert
will
Whether it
depend
personal
or
made to appear
on
constitutional
rights.
accomplish those good ends will
the willingness of the Administration
upon
the Constitution
which
it is
to
conform
to
uphold and defend, and maintain a government
to
sworn
only
of bringing order out of the European
way
The submission
chaos.
of the proposals, moreover,
coincided with the
publication of the reply of the
Government to Chancellor Hitler's security
French
plan.
As the Hitler proposals, with one or two ex¬
ceptions,
unsatisfactory, one natu¬
to
they offer definite assurances where the
rejected
are
as
rally scrutinizes the French counter-proposals
discover if
of law free from the encroachments of administra¬
Hitler
tive
guarantees which the German
dictatorship.
proposals
are
regarded as vague, or necessary
memorandum does
not contain at all.
cannot be read as a
Railways Still Big Customers of Industry
The
magnitude of the railway market,
even
in
a
of the waning depression, and the degree to
year
which the restoration of
adequate rail earnings will
The French plan, in
wholly independent statement; it
must be
expenditures
materials and
the
previous
1935
in
for
equipment,
fuel,
Save for
the French
reply does not differ greatly in substance
from what
was
stresses
ments
to
of
$593,025,000 in 1935.
of the
year as
While
a
$593,025,000
mar¬
1935 undoubtedly represents
largest in the country, this total fell 15%,
$101,975,000, below the 1931 railroad purchases,
which
45%,
amounted
or
total of
to
$695,000,000, and, further, fell
$736,500,000, below the corresponding 1929
materials and
supplies used in operation during 1935 comprised
railway
purchases
of
$181,656,000 for bituminous coal, $37,266,000
cross
a
duly signed are to be broken at the discretion
of the
for
ties, $20,576,000 for steel rails, $30,268,000 for
parties.
It points out that the demili¬
tarization of the Rhineland was one of the few pro¬
visions of the
Treaty of Versailles to which the Ger¬
nies
representatives did not object at the time, de¬
that the Locarno treaty precluded such recipro¬
cal
security agreements as the one negotiated by
man
France and
$1,329,535,000.
Principal
one
generally expected. It refuses to ac¬
unilateral repudiation of treaties, and
forcibly the suspicion of bad faith if agree¬
quiesce in
According to official figures, railway purchases of
or
argumentative and at times declara¬
an
tory tone which is lacking in the German document,
equipment, fuel, materials and supplies amounted
one
impos¬
sible to accept.
which these 1935 expenditures
years
a
submitted,
supplies, and by the reductions below
showed.
ket in such
the German Government
and which the French Government finds it
help industry in general, are indicated both by rail¬
road
read, rather, in the light of the elaborate
which
scheme
other words,
Soviet Russia,
and finds evidence, in
Germany's refusal to submit the question to the
World
Court, that Germany itself recognizes the
weakness of its
case.
that the German
Attention is called to the fact
proposals for security in Western
$13,624,000 for structural steel, iron bridges, bar iron
Europe make no mention of a proposed reduction or
limitation
of
and
which
offered in the West
switches, bolts, spikes and similar material,
and
steel, $29,099,000 for locomotive and car castings
forgings, and $41,995,000 for fuel oil.
\
Aggre¬
the
are
armaments, and that the guarantees
assurances
are
not matched
by
given about security in Eastern Eu-
2396
Financial
Particular emphasis is laid
rope.
of the
German
upon
Chronicle
The
the failure
proposals to recognize the need of
objections to this elaborate plan
that
ous
general collective security, and the insufficiency of
ment
bilateral
into
accords
guarantees of
unless
they
accompanied by
are
mutual assistance.
"The
return
of
April 11, 1936
can
seriously expect that it will
operation.
maintaining European
revive the idea of
der the direction of the
the German
the scope
Government
non-aggression
of
means
of German
The peace
fers
in
Briand for
a
in
its
re¬
the
politics
of
as
other
resembles,
respects, the old plan of A,ristide
United States of
Europe.
Briefly, it
Europe, within the frame¬
system of collective
a
secu¬
lems incident to the determination and
punishment
of
an
aggressor State, and calls for economic re¬
adjustments of the greatest magnitude without in¬
dicating how in practice they
proposal that
demand for
no
be made for
a
twenty-five
the territorial
arrangements of the peace treaties
1919-20, including, apparently, the mandates for
of
to
point to
a
pendence and equal rights of all States and "respect
Europe is
aided if the French
fied cannot be attained for
If the objects speci¬
Europe
as a
whole,
re¬
gional pacts should be made. Each State is to bind
single
an
agreement, modifications of
agreement are
an
only with unanimous consent, and
Even
if
proposals
the
remove.
proponents may be credited with seeing in it, its
announcement at
this moment
was
European
uation
dence
cal
or regional agreements affecting indepen¬
limiting the sovereignty of a State, particu¬
larly in regard to armaments, are to be supported by
a
mutual
in
of
case
fact
by
tions
a
are
"as far
guarantee of the associated Powers, and
infractions, after establishment of the
"competent international authority," sanc¬
to be imposed which
may, if necessary, go
constraint
as
by force." The agreements
are
to be
supervised by a European commission set up
by authority of the League, and each State which
joins in an agreement is to maintain "specially and
in
a
permanent
forces" at the
Council of the
supervise
decide
military,
manner
air
and
disposition of the commission
League.
naval
the
or
The commission is also to
proposed reduction of armaments, and
a
whether
existing
future treaties
or
harmony with the European
or
are
in
regional pacts.
Economic
through
this
cooperation, also, is to be secured
"businesslike organization of trade." To
a
end, markets
trade
are
to be widened by preferential
agreements
tional
or
or customs unions, an interna¬
European convention is to safeguard the
a
the
'
,
opportune.
or
or
which
plan had all the virtues which its
demand for modification is to be made for 25
years.
no
adopted,
were
of international irritation
proposals would
itself to respect the territorial status of the
parties
to be made
struggling whose solution would be
now
cause
It would be difficult
single political problem with which
for contractual
engagements."
The
is nothing less than
years
the former German colonies.
recognition of the inde¬
be made.
change in treaties
proposal to "freeze" for another quarter century
cooperation based upon
a
can
a
dealing with the territorial status of States shall
rity, mutual assistance, disarmament and economic
to
un¬
promptly
It continues the
League as the ultimate source of
authority without solving a single one of the prob¬
it professes
policy to control of the League."
League, of
was
brought forward several
League is to be regarded
calls for the creation in
work of the
League which
important advocacy since.
plan, in 25 articles, which France of¬
number of
repudiated when it
international armed force
was
alternative to the Hitler scheme
as an
a
an
years ago and has had no
States without the submission of any essential ele¬
ment
promises of mutual assistance, but proposes to
which
agreements
intervention
be put
violation of any of the
a
make, "one must conclude that the
turn of the Keich to the
a
iptends to exclude from
of the Covenant
readiness to
If
ever
by force in the form
peace
and "it could not be done
without conditions."
obvi¬
It not only continues the policy of
Germany to the League of Nations at the present
time," the reply declares, "would be on a false basis,"
of
are so
wonders whether the French Govern¬
one
a
What
curiously in¬
seems
chaotic in the European sit¬
week ago
is more chaotic now. The politi¬
developments of the past few days have shown a
marked
divergence of British and French aims. The
British
Foreign Secretary, Anthony Eden, has gone
Geneva bent, apparently, upon
forcing a settle¬
to
ment with
to
Italy and compelling the League Council
extend
French
its
sanctions
absolutely to put
any
oil.
to
Foreign Minister,
on
M.
Flandin, the
the other hand, refuses
further
pressure on
insists that the German situation is the
Italy, and
one
to be
dealt
with, while Italy, in turn, is adamant against
cooperating with the other Locarno Powers in
forcible action
sanctions
Britain
regarding the Khineland
against
Italy
continue.
as
long
Neither
as
Great
France, in other words, can do anything
Italy, and with the collapse of Ethiopian
resistance apparently not far off, the ability of
Italy
nor
without
to
repel either British
comes
League interference be¬
or
increasingly evident. It would be
a
mistake to
estimate too
tween
is
highly the fundamental sympathy be¬
Italy and Germany, but the course of events
drawing the two countries together, and it is out
question to put pressure upon the one without
agreements "against abuse by direct or indirect pro¬
of the
tectionism"
considering its effect
and
"abusive
intervention
of
govern¬
ments," and "monetary instability and the#^ swin¬
dling of international trade" are to be offset bv a
or
European organization of
"double
necessity" of "a
materials"
and
"an
area
money
common
of
certain colonial
regimes, not
and credit.
The
there
raw
the
met by "a revision of
as
obsessed
reservoir of
expansion for surplus
European production" is to be
To observers who
regards their politi¬
cal
sovereignty, but as regards equality of economic
rights and cooperation of credit between European
States," whatever is done in these directions, how¬
can
not blinded
by partisanship
by devotion to theories, it is clear that
be
existing
structed.
no
assurance
political
It is not
with other Powers.
over
of peace
in Europe until
arrangements
are
recon¬
possible to hold Germany indefi¬
nitely in leading strings,
vent
the other.
upon
are
It is
to deny it full equality
equally impossible to pre¬
or
Italy from subjugating Ethiopia and taking
country, or a substantial part of it, as an
that
Italian
possession, without plunging Europe, and
ever,
to be postponed until political security has
perhaps the world, into another
been
established.
the
Finally, Article XXIV provides
that "final adhesion to the
peace
hesion
whose
to
the Covenant of
the
principles remain the
contractrants."
plan connotes ad¬
League of Nations,
supreme
law of the
co-
war. The theory of
sanctity of treaties is, perhaps, the only one
which international law will
it is not
formally espouse, but
possible, without involving the whole prob¬
lem in absudity, to
acquiesce, as the Powers have
virtually acquiesced, in Japan's denunciation of the
Financial
Volume 142
Nine-Power Treaty
for the obvious reason that no
quite ready to go to war with
time to denounce Germany
for repudiating the Treaty of Versailles and Italy
for ignoring its obligations to the League. What is
happening, of course, is the breakdown of the gran¬
diose theory of collective security for which France
still contends, with every detail of the theory dealt
with on a Continental scale, and a return to the old
European Power is
Japan, and at the same
The New
Capital Flotations in the
March and for the Three
flotations in this country
during the month of March reached no less than $767,351,183, represented by $594,852,660 of corporate securities,
$128,998,523 State and municipal issues, an offering of $20,000,000 Federal Intermediate Credit banks 1%% debentures,
and two foreign government loans totaling $23,500,000.
The
month's grand total compares with $301,977,816 put out in
February, with $410,824,204 offered in January, and with
$457,366,911 floated in December.
Refunding operations,
predominated the new financing
in other recent months,
as
$637,824,442 out of the
grand total of $767,351,1S3 comprised refunding opera¬
tions, that is, represented issues to take up or replace old
outstanding securities, thus leaving the strictly new capital
raised during the month at only $129,526,741.
For the
benefit of the reader, we mention here that our compila¬
tions, as always, are very comprehensive, and include the
stock, bond and note 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.
and no less than
March,
during
States
United
order during the
Government issues
appeared in the usual
month of March. The month's financing com¬
prised four bill issues sold on a discount basis—a combined
offering of $650,000,000, or thereabouts, of 12-15-year 2%%
Treasury bonds of 1948-51, and $600,000,000, or thereabouts,
1%% Treasury notes of series A, 1941.
the importance and magnitude
of United
States Treasury issues, we furnish below a summary of the
new
securities sold during the first three months of the
current year and give particulars of the different issues.
of
five-year
of
Because
Treasury Financing During the
New
Month of March,
1936
Secretary of the Treasury Morgenthau announced on
a combined offering of $650,000,000, or thereabouts,
March 2
Treasury bonds of 1948-51 and $600,thereabouts, of five-year 1 %% Treasury notes
A, 1941.
The Treasury also invited tenders of
12-15-year 2%%
of
000,000,
$558,819,000 2%% Treasury notes of series C-1936, matur¬
ing April 15, in exchange for the new bonds and notes, with
the right reserved to the
Secretary of the Treasury to
increase the offering by an amount sufficient to accept all
exchange subscriptions tendered.
received to the offering
to
the
are
16.
2%% Trea_sury bonds coming due March 15, 1951, and
redeemable at the option of the United States at par
and accrued interest on and after
Treasury
to
are
maturing March
notes
March 15, 1948.
The 1 1/->%
15, 1941, are not subject
redemption prior to maturity.
The new bonds
notes were offered at par and accrued interest, and
call
and
Of the cash subscriptions
approximately $452,000,000 was used
off nine issues of Treasury bills which matured on
The newr bonds and notes were dated March 16,
pay
March
for
exempt from such taxation as accorded previous issues
and bonds.
Total subscriptions to the combined
of notes
$9,005,931,550, which included $544,553,400
of exchange subscriptions.
Of the cash subscriptions of
$8,461,378,150, the Secretary of the Treasury made known,
$1,355,653,550 were allocated; the exchange subscriptions
of $544,553,400 were allotted in full.
Cash subscriptions
for the 2%% Treasury bonds of 1918-51 were in amount of
offering totaled
$5,106,913,850,
of
which
$727,027,950
tenders and allotment of the exchange
bonds
totaled
of series
$496,474,900.
were
Political nationalism, in
to it best.
short, is on the march, and there is far more likeli¬
hood of war in attempting to stay its progress by
methods of
such
interference and coercion as
the
is in frankly conceding
setting about the task of reconstruc¬
League represents than there
and
its claims
tion
that basis.
on
United States During the
bills
the
Month of
wras
average rate on a bank
Issued to replace maturing bills.
12 Mr. Morgenthau announced a new offering
making the
99.921,
discount basis 0.104%.
On March
of
Treasury bills in the amount of $50,000,000, or
The bills were dated March 18 and will mature
273-day
thereabouts.
Dec.
Tenders to the offering totaled $129,255,000,
$50^025,000 was accepted at an average rate of
16, 1936.
which
of
0.104%
based
Issued to
99.921.
price of
average
an
on
refund maturing bills.
273-day Treasury bills was announced
Another offering of
March 19, in the amount of $50,The bills were dated March 25 and
will fall due Dec. 23, 1936.
Subscriptions to the offering
totaled $147,495,000,
of which $50,085,000 was accepted.
The average price for the bills was 99.911, the average rate
on
a bank discount basis being 0.118%.
Issued to replace
by Mr.
Morgenthau on
000,000,
or
thereabouts.
maturing bills.
'Wayne C. Taylor, Acting Secretary of the
March 26
On
offering of 273-day Treasury
The bills
were
dated, however, April 1, and mature Dec. 30, 1936,
and hence form part of the government financing for the
month of April.
Tenders to the offering totaled $137,648,000,
of which $50,028,000 was accepted.
The average price for
the bills was 99.904, the average rate on a bank discount
basis being 0.126%.
Issued to replace maturing bills. The
rate
of 0.126% for the above
bill issue compares with
0.118% (273-day) bills dated March 25; 0.104% (273-day)
bills dated March 18; 0.104% (273-day) bills dated March 11,
and 0.084% (273-day) bills dated March 4.
In the following we show in tabular form the Treasury
financing done during the first three months of 1936.
The
results show that the government disposed of $2,501,581,950,
of which $1,597,723,400 went to take up existing issues and
$903,858,550 represented an addition to the public debt. For
March by itself, the disposals aggregated $2,100,326,950, of
which $1,196,673,400 was for refunding, leaving $903,653,550
Treasury, announced a further
$50,000,000, or thereabouts.
bills in the amount of
as
an
addition to the public debt:
allotted.
of
For the l1/2%
Due
Dated
8 273
days
Jan.
9 Jan.
15 273
days
Jan.
16 Jan.
22 273
days
Jan.
23 Jan.
29 273
days
Jan.
2 Jan.
Janua ry
132,204,000
190,515,000
212,610,000
170,307,000
192,133,000
6 273
days
4 Feb.
11 273
days
184,569,000
Feb.
13 Feb.
19 273
days
Feb.
20 Feb.
26 273
days
143,432,000
98,970,000
30 Feb.
4 273
27 Mar.
days
Mar.
2 Mar. 16 12-15
Mar.
2 Mar. 16 5 years
Mar.
5 Mar. 11 273
days
Mar. 12 Mar. 18 273
days
Mar. 19 Mar. 25 273
days
yrs.
*
99.919 *0.107%
99.924 *0.100%
99.929 *0.094%
50,074,000 Average
99.926 *0.098%
50,296,000 Average
50,545,000 Average
50,100,000 Average
99.928 *0.095%
99.934 *0.087%
99.941 *0.078%
50,000,000 Average
99.944 *0.074%
50,010,000 Average
99.937
109,838,000
100
5,603,388,750 1,223,502,850
100
676,704,100
3,402,542,800
50,000,000 Average
99.921
123,071,000
99.921
50,025,000 Average
129,255,000
99.911
50,085,000 Average
147,495,000
which
The bills were dated March 4 and
will mature
Applications for the issue totaled $109,838,000,
of which $50,010,000 was accepted.
The average price for
the bills was 99.937, the average rate on a bank discount
basis being 0.084%.
Issued to refund maturing bills.
Mr. Morgenthau on March 5 announced a new offering
of 273-day Treasury bills in the amount of $50,000,000, or
thereabouts.
The bills were dated March 11 and will mature
was
accepted.
2.75 %
1.50%
*0.104%
*0.104%
*0.118%
2,501,581,950
total.
Average rate on a discount
basis.
USE OF FUNDS
Type of
Jan.
15
Jan.
22.
Jan.
29
1
__
$50,060,000
50,050,000
50,130,000
50,130,000
Feb.
6
Treasury bills
Feb.
11
Treasury bills
Feb.
19
Treasury bills
Feb.
26
Treasury bills.
Total
.
Treasury bills
Mar. 16
2%% Treas. bonds.
1)4% Treas. notes.
Mar. 11
Treasury bills
Mar. 18
Mar. 25
Mar. 16-—-
50,074,000
$200,314,000
$50,296,000
50,545,000
50,100,000
50,000,000
$50,091,000
$200,941,000
...
50,074,000
$200,314,000
Treasury bills
4
$200,736,000
$50,010,000
1,223,502,850
$50,010,000
676,704,100
The average price for
$205,000
50,545,000
50,100,000
50,000,000
j 996,553,400
50,000,000
50,025,000
Treasury bills
50,085,000
$205,000
903,653*550
50,000,000
Treasury bills
50,085,000
50,025,000
$2,100,326,950 $1,196,673,400
Total
Grand
Indebtedness
$50,060,000
50,050,000
Treasury bills
Total
Mar.
Refunding
Treasury bills
Treasury bills
8
Jan.
Accepted
New
Total Amount
Security
Dated
$903,653,550
$2,501,581,950 $1,597,723,400
$903,858,550
Applications to the issue totaled $123,071,000,
$50,000,000
*0.084%
2,100,326,950
Marc h total.
Grand
50,060,000 Average
50,050,000 Average
50,130,000 Average
200,941,000
Febru ary tota
Feb.
Yield
Price
200,314,000
Feb.
Jan.
THE FIRST THREE
Amount
Accepted
total
Treasury notes
Dec. 2, 1936.
1936.
Amount
Applied for
Date
Offered
The
subscriptions
of which
UNITED STATES TREASURY FINANCING DURING
MONTHS OF 1936
A, 1941, cash subscriptions of $3,354,464,300 were
thereabouts.
Dec. 9,
course as seems
each of which, with
understandings, steers its
or
subscriptions for the
$628,625,600 was allocated.
The ex¬
tendered and allotted for the notes
amounted to $48,078,500.
This financing provided for the
refunding
of $996,553,400
maturing obligations, leaving
$903,653,550 as new governmental debt.
On Feb. 27 Mr. Morgenthau announced a new offering of
273-day Treasury bills in the amount of $50,000,000, or
received,
change
without alliances
or
or
series
of
system of independent States
Months Since the First of January
grand total of new capital
Tlie
2397
Chronicle
total.
Features of March Privxt
Proceeding further with
utility issues accounted for
$135,450,000 for that
railroad financing in
laneous
issues
to
150,000
stock.
$110,682,760 during March as
term maturity, and
$23,491,760 represented stock flotations.
refunding operations
140,575,
In
of
the
total.
during
refunding
The
March
Great
of
Northern
or more than
than 93% of the total.
was
1936
In March
$112,220,000,
the
were
Railway
Co.
or
following:
mtge.
gen.
Electric
Co.
1st
for
refunding;
&
ref.
3%s H,
mtge,
$75,000,000
90%
amounts
Feb.
Dec.
1, 1961,
Eastern
Gas
sold
bonds of series H
Fuel
at $75
•Remington
$20,000,000
purchase 15 shares of
refunding; $60,344,000 the Vir¬
Corp. 15-year 3%% debentures, March 1, 1951, of which
$48,179,463 represented refunding; $55,830,000 Consumers
mtge. 3%s,
series
used
was
of 1936,
for
Nov. 1,
refunding;
1970, of
Inc.,
4*4% debentures (with stock purchase warrants), March
1,
1956, all of which constituted refunding; $16,000,000 the
Southern New England
Telephone Co. 3%% debentures,
1966, used entirely for refunding, and $9,292,000 Louisville &
Nashville RR. Co. 1st & ref. mtge, 4s
D, April 1, 2003, all of
which represented refunding.
The
largest corporate issue
of
the
month
$99,422,400 Great Northern Railway Co.
series G
at
rate
& H, July
of
1, 1946, offered at
of
preferred
stock
held.
addition,
offered to holders of its gen.
mtge.
exchange their bonds for such
mtge.
conv.
4s, July 1, 1946,
by stockholders.
struction
The issue
as
was
of
Included in
three months
SUMMARY
were
March 1,
Fuel
gen.
Co.
1st
was
& ref.
tures, March 1,
and
$20,000,000
with
featured
by the
Corp. 3%%
deben¬
were
1951, issued at 99, to yield about
3.59%,
Remington Rand, Inc., 4%% debentures
warrants, due March 1, 1956, offered in
exchange at
par-for-par to
holders of company's
5%% series A deben-
5Ies'j ?e .^Iay
to its
offered
1947.
common
PruCe
104 and
In addition, the
company
also
stockholders the right to subscribe
accrued interest for such of the new
4%% debentures that remained
unexchanged.
c^™/^Prt^or.eign
GOVERNMENT, FARM LOAN
Refunding
Total
^
f
44,960,455
1,250,000
1,922,000
10,683,260
524,025,445
1,125,000
10,828,000
58,500
58,815,715
536,036,945
594,852,660
11,000,000
59,711,026
23,500,000
9,000,000
69,287,497
20,000,000
128,998,523
129,526,741
Short-term
637,824,442
767,351,183
109,052,177
1,962,500
8,061,200
18,147,486
869,352,223
26,162,500
978,404,400
28,125,000
29,580,000
19,264,039
568,985,900
2,375,000
12,750,000
[10,741,760
t
...
Common stocks
Other foreign—
Long-term bonds and notes.
Shortrterm....—————..
Preferred stocks....
Common stocks
—
Total corporate—
Canadian Government
Other foreign government
Farm Loan and Government agencies.
♦Municipal, States, cities, &c
Grand total.
that
mtge.
830,000 Consumers Power Co. 1st
mtge. 3%s, series of 1936,
Nov. 1, 1970, floated at
103%, to yield 3.31% ; $16,000,000
the Southern New
England Telephone Co. 3%%
debentures,
due 1966, sold
privately at 100%, to yield about 3.22%, and
$7,178,500 Central Illinois Light Co. 1st &
cons. mtge.
3%s,
series of 1936, April
1, 1966, offered at 104, to yield
about 3.30%.
Oil
1%%
Long-term bonds and notes.
23,6bb~66o
Three Months Ended March 31—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Associates 1st mtge. & coll. tr.
$60,000,000 Shell Union
cons.
Preferred stocks
Preferred stocks
4s A,
1956, priced at 96%, to yield about
4.28%; $55,-
following:
issue of $20,-
United States Possessions
offering of the month
Industrial and miscellaneous
issues
an
Banks
FINANCING
New Capilal
March—Jf
Common stocks
$75,000,000
&
FOREIGN
Preferred stocks
be subscribed for
3%s H, Dec. 1, 1961, issued at
102%, to yield about 3.60%.
Other important
utility flotations consisted of
Gas
was
Credit
MUNICIPAL
Short-term
mtge. 4s D, April 1, 2003, floated at
par.
Eastern
ranging
ending with March:
CORPORATE,
Long-term bonds and notes..
underwritten by the Recon¬
& Electric
prices
Canadian—
1966, offered at 102%, to
$44,000,000 Chicago Union Station 1st mtge.
$90,000,000 Pacific Gas
OF
Domestic—
also
company
3%s E, July 1, 1963, priced at
104%, to yield about 3.50%,
and $9,292,000 Louisville &
Nashville Railroad Co. 1st & ref.
of
at
Corporate—
Corporation.
Other important railroad
$60,344,000 the Virginian Railway Co. 1st
The largest public
utility
stock
financing
19a»
lien & ref. mtge. 3%s
A, March 1,
yield 3.63%;
common
Intermediate
AND
Finance
flotations
into
The following is a complete summary of the new financ¬
ing, corporate, State and city, foreign government, as well
as farm loans issued during the month
of March, and the
4s,
the company's new
not
common stock at
debentures, dated March 15, 1936, and due in six and nine
months, offered, as usual, at price on application.
7% bonds the right to
may
share.
per
the month's
000,000- Federal
for each share
the
per
stockholders
(one-half to be
be of series H)
In
Convertible
of
conv.
1956.
share to $40
Month of
$40 principal amount of bonds
of series G and one-half to
mtge.
gen.
par to
that
was
to
40,000 shares Sharon Steel Corp. $5 conv. preferred stock.
Convertible into common stock at prices ranging from $35
per share to $50 per share up to May 1, 1951, taking the
preferred stock at $100 per share.
$44,000,000
$20,000,000 Remington Rand,
up
from $40 per share to $50 per share up to May
1, 1946.
Chicago Union Station 1st mtge. 3%s E, July 1, 1963, issued
entirely for refunding;
per
1951.
Oil
$50,830,600
shares
prices ranging from
share ur> to March 1, 1944. ^
$2,000,000 Sharon Steel Corp. conv. deb. 4%s, March 1,
$25
ginian Railway Co. 1st lien & ref. mtge. 3%s A, March 1,
1966, issued entirely for refunding; $60,000,000 Shell Union
which
150
Rand,
Inc.,
debenture
4%s,
Each $1,000 debenture carries warrants to
$54,259,000
Power Co. 1st
to
15, 1916.
$99,422,400 Great Northern Railway Co. gen mtge. conv.
4s, series G & H, July 1, 1946.
The bonds of series G are
convertible into preferred stock at $40 per share, and the
March 1,
used for
shares
March
used
&
250
March
July 1,
4s,
from
$2,141,000 Gotham Silk Hosiery Co., Inc., 5% debentures,
15, 1946.
Each $1,000 debenture carries warrants
to buy 25 shares of common stock at $12 per share
up to
about 93%
$99,422,400
conv
ranging
1, 1944.
Associates 1st mtge. & coll. tr. 4s A, March 1, 1956, of which
was
preferred
option of the
conv.
to March 1, 1943.
$750,000 General Finance Corp. conv. deb. 5s, Feb. 1, 1946.
$1,000 debenture convertible into < common stock in
1946, used entirely for refunding; $90,000,000 Pacific Gas &
entirely
4%
up
(1935)
important refunding issues
more
Co.
stock at the
Each
February the refunding portion was $181,-
or more
the amount for
$536,036,945,
was
Trust
common
mon
The portion of the month's corporate flotations devoted to
of the total.
American
of preferred stock right to purchase one-half share of com¬
stock for each share of preferred owned at $21 a share
of short-
was
shares
Convertible into
holder, at the rate of one common share for each one and
one-tenth preferred shares.
62,500 shares Detroit Gasket & Manufacturing Co. 6%
cum. preferred stock with warrants.
Warrants give holders
.
already stated, $594,852,660, of which $568,-
985,900 comprised long-term issues, $2,375,000
shares
They were as follows:
The total corporate securities of all kinds put out during
March was, as
Broad
Street Investing Co., offered by
Corp., priced at market.
of the corporate offerings made in March carried
warrants, or a convertible feature of one kind or another.
Industrial and miscel¬
against $59,163,289 reported for them in February.
offered during
was
Seven
There was
February.
amounted
431,617
Financing
$223,391,400.
fixed investment trust issue
new
Broad Street Sales
which compares
in February.
April 11, 1936
the month, viz.:
observe that public
we
$260,778,500,
group
for the account of railroads totaled
no
One
Financing
e
analysis of the new corporate
our
offerings announced during March,
with
Chronicle
Financial
2398
Common stocks
21,518,800
1,116,553
Canadian—
Long-term bonds and notes
8,000,000
8,000,000
145,223,363
918,150,076 1,063,373,439
48,000,000
48,000,000
23,500,000
23,500,000
15,400,000
30,400,000
116,229,726
316,525.564
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.
*
l
Municipal, States, cities, &c
United States Possessions—
■
^
Grand total
♦
15,000,000
200,295,838
360,519,201 1,121,279,802 1,481,799,003
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 succeed¬
ing
pages we compare
corresponding
affording
a
figures
the foregoing figures for 1936 with the
for the four years preceding, thus
five-year comparison.
We also furnish
tailed analysis for the five years of the corporate
government loans during March,
a
de¬
offerings,
showing separately the amounts for all the different classes
??kingdom
Norway external loan 4%s,
March 1,
1956,^ floated at par, and $6,500,000 City of Oslo
of corporations.
abouT^r 54^n
of the
Al>ril 1' 1955, issiled
at
to yield
Following the full-page tables we give complete details
new capital flotations
during March, including every
issue of any kind brought out in that month.
8
A
83*
to
49,605 05.0 1,50 212,50 2,5 ,470
57,34 70 25,bo"0 109,63071 405.0 0 19, 2541
Refundi g 7.20 , 0 1,897*326
9,0 7,320 26,0 .6 372,9 7 29,470317
42,05 0 5,01,50 212,50 628,150
Capital
HR9SH H
48.27,150 5,bo6", 6108,79 04 405,0 0 162,4 24
75O",6 4,6 7, 8
5.417, 8 13,928"639 19,346 17
2, 47, 8
2, 47, 8 581,4 5 2,8 9,2 3
"750,6 6 2.4 0, 0
3.170, 0 13, 47194 16,57194
Total
1932
$
$
-
New
Total
S
"
%
1933
b
Refunai g
Capital
$
1934
$
21,48 0 250, 0 1,325,0 3,283,57.8
12,56920 2.bo~.6 15,46814 50,37 64
$
:l
—
FFFAMYLTMOIGNUEOAIHVVRERCCDPNMSGLT,
CFORRPEIGANT,
Capital
8,91 ,80 250, 0 1,325,0 3,283,578
13.70,378 3",6 ",6 82,54 065 9,314. 3
New
Total
$
$
1935
Refundi g
Capital
$
120,650
120,650 26,b"o~6 150,3 90 290,47890
12, 0
12, 0 20, 0 53,25.78 185,4 758
-
7.945,0
New
Total
$
568,95 0 2,375,0 12,750 10,741 60
0
0
Refundi g 524,054 1, 25,0 10,82 ,0
0
58,50
$
SOUM FARY Capital 4,960.45 1,250, 0 1,92,0 10,683260
-
$
New
536,0 945 23,50 6 9,0 ,0 69,28749 637,824
905,0 0
48,70 0
7,20 , 0
Refundi g 7.20 ,6
905,0 0
2,73 ,970 3,425,0 51,096720
1,0 6",0 "576",50 5,0 1.50 2,396",720 "341",250
49,605 0 37425,0
840,650
1,0 6,0 "570",565 5,0 1,50 4~9 ",46 "341",250
42,05 0 3,425,0
341,250
CD
1,9 1",6 5 "570",50 57,34 70
9,0 7,320
3,425,0 41,9 40
"
341,250
2,147, 8 3~,"27b~,6
Refundi g
2,147. 8 "i ob~,6 6
2, 47, 8 2.147, 8
10 ,0 0
3,170. 0
3,170, 0
3,170, 0
4,608.578
570,50
l.biY.o
4,608,578 6,481,0 15,0 0 4,608,578
5,417.8
2,47.8
3.170. 0
New
250, 0
21,48 0
12,56920
12,56920
RCeafupnidtailg
6,481,0 2,430,8 0
8,91 ,80
Total
16.945,0 58,470 1,750, 0 43,0 0
120,650
16,9450 58,470 1,750, 043,0 0
120,650
16.0 ,0 51,470 1,750, 0 43,0 0
12, 0
16,0 0 51,470 1,750, 0 43,0 0
12, 0
945,0 0 7,0 ,0
7,945,0
945,0 0 7,0 ,0
7,945,0
1934
250, 0 250, 0
250, 0
4,608,578 6,481,0 2,430,8 0 4,608,578
4,608,578
1935
Capital
26,39578
12,56920
12,56920
New
Fteohderfal TCISORNHPUEATE Refundig
AGORNUPFDIN
13,70378
New
NEW
23,9140 259, 850 2.0 ,0 2,7160 60, 0
Total
1936
CHAR TE
250, 0 250, 0
6,481,0 15,0 0
Total
Governmt. FFYUSTMOENIAHAVIRTNECREDSH
48.27150
5,417, 8 2,147", 78 3,"270~,6
Capital
1933
CD
1,897,320 ?9jb 7i§20
1,897.320
Total
agencis.&_ fbSutoamnunicdypeildstses
58,157 if,0 ",06 59,71 026 129,56741
CO
to
New
105,2314 aagnencyy
594.82,60 23,50" 02,0 0 128,9 523 76,351 83
K,
13
Capital 41,50 0
from
5
1936
7,945,0 97,08"142
8
o
ft)
ft)
%
1932
26,39578 25,0 6 98,012 9 149,351807
Refundi g v 12,56920
%
Total
"
New
Total
o
O
O
Refundi g
Capital
New
$
60 ,0 0 750" 0
524,054
217, 240 23,78 10 2,0 ,0 2,8542 48,179463
5,619,0 25,740
430,518
1,820537
60 ,0 0 750,50
568,95 0
2,375,0 4,6 *6 2, 5",0 9,76 ,760
4,96045 1,250,6
12,605260 5,619,0 26,904 672,0 0 2,16,50610,97.28 1,820537
60 ,0 0
7,50 , 0 10,8650 217, 240 23,78 10 5,328,0 " 58,56 23,410 82 48,179463
1,250, 0 "672,6 6 2,"16 ,56 9,76 ,760
1, 25,0
7,50 , 0 23,491760 23,9140 260,7850 6,0 ,0 2, 5",0 3 ,607 60 .0 , 0
1, 25,0 3, 28,0 "58",50
10,2500", 1, 25,0
8.250", 0 594,85260
7.50 , 0 536,0 945
60 ,0 0 756* 6
58,157
MOFARCH Corpate— Domestic— Lboonngan-otnetderdmss.Short-em stoc__k stockCandi— Lboonngano-tntederdsms.Short-e__m stock stockForeign— Lboonangn-otnetderdmss.Short-em stock stock corpateGovernmtforgeoveirgnmntLGooaavnntd,MSuncaiicepasl,,,SPotsaeeisn toal fidingcnuluoredest OFMARCH LNBoonotegasn-—Tdersm utiles.&sccotoepaellr,,E,qumiapnumfcetnts aenodriindausntridl b&uildcngs, h&ttrroaulddsciinntgg,,,Miscelanous NSB&ohtoeorst-n—Tedms _Utiles&sccotoepaell,r,,Equmipnumftent aacensodriIndaustril b&uildcngs, httrroaulddsiinntgg,,,Miscelanous . utiles&cscotopeaellr,,,Equmainpumftent aacensordi &buildcngs, httroraulddsinintggs,,,Miscelanous utiles&sccotoepaellr,,Equmipnumftent aacensordi indausntridl b&uilcd_ng,s t&thrroaulddsciintngg,,,Miscelanous cseocrpurita_te
Ship ng
indaustrl
MONTH
Pref red Com on Pref redCom onOther Pref red Com on Total
Grand
Can dian
Other
United
Farm
*
These
MONTH
manufctrig . manufctrig &c._ manufctrig &c manufctrig
Total
Total
*
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
Railroads
Public Iron, Motors Other Oil. Land,Rub er
Inv.
*
Stocks— Railroads Public
Total
Iron, Motors
Other
.
Oil
Land,Rub er
Ship ingInv.
Total—
Railroads
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
O
o
8
&
Kj-
a
o
o
5.
a.
ft)
0>
0<i
Co
k-l.
692,0 0
150, 895 52,0 028,703824 485,94819
12,08 0 18,0150 6,75,275 4,194,20
Total
Total
1518,90" 0
20 ,0 0
1,980, 0
12,08 0
8,375,0 4,90 , 0 10 ,0 0
<0
491,250
4,056,0 "570",50 18,0 150 6,809,4 5 "49l",250 ~861,2750 10,500", 10,96 495 8,375,0 10 ,0 0
130,67495
6,036",0 2,168,750 2, 70,5 0 150, 895
•-
16,285320 47",50", 0925,12 TiA0n
Refundi g 9,138,0 5,2 0, 0 1,897,320
8
1932
692,0 0
Capital 1 ,950 12,751 0 6,75,2752,96,0
$
New
-
13,7 65 5,0 ,6 281,7 02 9OmA
80,487 4,201,395 85,0 173
19,7210 50 ,0 03,250, 03,170, 0
Capital
26,410 10,9 0 63,1 68 10,674 8
25,890 12,50 1,325,0 10,324 85
49,18 45 61,90 0 218,65914 329,5439
New
Total
1934
Refundi g 16,37 20
1933
Total
$
925,0 0
Refundi g 123,5 0 14,650
$
1935
15,230 2,485,0 925,0 01,079,0
Capit l
$
New
co
19,720 6,O b",0 21,69237 43 ,0 0 Qi07y9
OA7
1,487903
Refundi g 869,352 3 26,1250C 21.58 0C 1, 6,5 3
918,50 7648,0 0 23,50 15,40 016,2976
1,2 79,802
Capital 109,5217 1,962,50 8,061,20 18,47 86 8,0 ,0
1936
145,23 6 15,0 0 20,9583 360,51920
SOUM FARY
New
•
CGNIOTSOURRENPHUIFWPAEIED
2, 47, 8 36,2410 40,1657 8 4,3 2,0
50 ,0 0
6,420. 0 12,0 0 7,321,0 6,420, 0 90 ",0
6,420, 0
250, 0
25,890 12,0 60
14,06920 2,308,0
4,10 ,6 0
3",0 ",0 17, 0 . 0 1,785,2 6
24,0 0 51,870 2,41,0 4,60 0
4 4,0 0
123,5 0 ib, "6
01",6105",
3~,"06",0 14,650
15,230
2,485,0
Total
1936
Refundi g
250, 0
8,91 ,80 12,O b",0
5, 0 , 0
302,9 43,528017,0 896896,,345023
6,0 ,0 15,0 0
36,4190 27,460 25,98 248 9,879,42 13,958037 2,0 ,0 60 ,0 0 750",6 6 17,05217 1,250,6
Capit l
16.37,20
1,24 85 "525*6 6 1,649 85 6,481,0 14,308 1,24 85 "525",0 0 "250 0 0 32,81 285
12,50
218,750
2,0 4,0 24,950 72,43 250 7,941,0 48,91 750
3,4 .0 137.90,
2,0 4,0 945,0 0 10,563250 5, 0 , 0 2,703,750
"
3,4 ,0 157,6820
24,0 0 61,870 2,41,0 46,2150
2,485,0 1,785*.20 218",750
50,4160 69,0 0 5,0,0 "60 ",0 6,750", 0 15,0 0 1,250, 0 1,25,0 3,0 ,0
26,490 396,0810 1,7452 40,536 085,0419633,50,0
26,410
"
138,570 10,bo",06
945,0 0 8.7 8,0
80,487
"
16,37 20
Neiv
10 ,0 0
"
4 4,0 0
CReafpunitdilg
107,4897
1,24" 85 52~ ,6o 1,649 85 6,481,0 28,50 0 13,42 85 "525,6 6 250, 6 49,18 45
12,50
24,950 60,480 7,941,0 4,60 0
1935
CAHARNCDTER
by
15,480 2,147, 8 "10 ,6 6
Total
070
1,0637,4948,0 0 23,50 03,40 0316,52 64
Total
CFOORRPEIGANT,
978,40 28,150 29,580 19,264039 8,0 ,0
137,90 62",70",0 79,2 306
6,03~6" 62,168,750 2, 70,5 0 13,7 65
8,6 7, 8 48,2 10 47,8678 4,3 2,0 6,520, 0 ~9"0o"o0",
6,481,0 2,430,8 0
S97
-
6,481,0 16,50 0 2,308, 0
14,06920 2,308,0
Capit l
491,250
2,168,756 66651, 0 ", 9,072,175 7,3 5,0 15,432175
15,980 2,147, 8 6,"520", 0
"
New
43 ,0 0
157,6820 68,70 030,921678 TiR7dC
491,250
12,751 0 4,9*12,75
Refundig
32,81 285 15,0 0 175, 974 23, 7259
138,570 17,0 0 1,079,0
570,50
4,056,0
19,7210 50 ",0
90 ,0 0
Capital 12,0 0 6,821,0
1934
7,3 5,0 750, 0
16,285320
63,14 0 4,61,0 6,50,0 4,32,0
Refundi g 31,6250 31,5 80
Total
1 ,950
1,897,320 1,0 ,0 15,8 320 10 ,0 0
5,2 0, 0 l3",82907",
82,640 4,61,0 7,0 ,0 4,32,0
New
GLFAOMFVTIMUENEFH3AROYNANCRIDMDVP1CRLGTS,S SFTMEFHY3ONAARIDVE1CRSS
fSFtrGaethomavudgnicrpnemldsyeasl
Capital 8,91,80 12,50 1t325,0 10,324 85
90 ,0 0
Total
16,37 20 46,90 0 42,79 40 106,27140
New
43,6250G 38, 90
20 ,0 0
1,980, 0
New
107,4897 10,9 0 67,35063 185,72481
Refundi g 63,14 0 15,480 2, 47, 8
9,138,0 1,0 ,0 4,150, 0 10 ,0 0
Refundi g 9,138,0
Cavital 109,70
AOI
82,640 15,980 3,250, 0 5,417, 8
Total
1933
1932
aA
19.72,0
3,2 5,0 29,183 0 1,2 3,2 9
60 ,0 0
317,90 42,7850 132,750 3",25",6080,72430 73,21 39 5,0,0
7,50 2268,,1125050 5,0 10,7640 10,625 248,,6350339 281,490 396,0810 5,04275 52,462157,94821 2214,,650"56 918.0,7634
1, 25,0 2, 87,50
7, 50, 0
712,506
3, 28,0
423,90 618,749
7.50 , 0
1,962,50 1,72 ,0 21,801 ",18,4 596 594, 90
New
~
,90 3,50 , 0
423
2,6 2,50 26, 086 36,4190 28,7104 27,0 248 2,81 , 0 28,9 08 15,26 027 2,0 ,0 6"O ",6 3",412",50
145,236
"
M3AR1CH notes. notes. notes. Governmt agcie._&t Posein. ifnucolbtdainsee M3AR1CH Notes manufctrig h&oldcing, Notes— manufctrig h&ocld_ing, &c manufctrig h&olcdin_g.s, — &c manufctrig h&ocld—ing,
bonads stock stock boands stock stockForeign— boanndds stock stock corpateGovernmt Goavntd,Saes, toal. fdignuroest MEONNDTHS LBonog-anTedrmsRailroads utiles &sccotoepaell,,r,Equmipnmufetnt aacensodri indaustril b&uildcngs, Shipingttrraudsintg,,Miscelanous SB&hoort-nTedmsRailroadsUtiles &sccotoepaellr,,,Equmipanmufetnt aacnesodri indausntrdl b&uildcngs, Shipin„gttrruadsitng,,Miscelanous Railroads utiles sccotoepaellr,.,Equmiapnmufetntr aacnesodri indausntrdl b&uilcdn_gs, Shipi.ng MiscelanousA-_ Railroads utiles Equmaipnumfcetrnets anodi indausntrdl b&uildcngs, Miscelanous cseocrpuritate
END
ttrruadsintg,, sccotoepall,, Shipingttrraudsintg,,
DeCorpat— omestic— Long-term Short-em. Pref red Com on Candi — Long-term Short-em Pref red Com on Other Long-term Short-em Pref red Com on Candian Ofortehigern Loan USntaiteeds
MONTHS
Municpal,
Total
3
Farm
*
Grand
These
*
_
Tota_l
Total
Public Iron, Motors Other Land,Rub er
Oil
3
Inv.
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Stocks—
Tota_l
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total—
Public Iron, Motors Other Land,Rub er.
Oil
Inv.
Total
DETAILS
OF
NEW
MARCH,
DURING
FLOATIONS
CAPITAL
2401
Chronicle
Financial
Volume 142
■
■
j
To Yield
Amount
Price
Purpose of Issue
$
U'V-.
-i.
.-v/v;,. •
'.
Company and Issue, and by Whom Offered, Including Additional Undericriters
About
/
1936
(ISSUES MATURING LATER THAN FIVE YEARS)
LONG-TERM BONDS AND NOTES
%
Railroads—
44,000,000 Refunding
3.50 Chicago Union
104%
1st M. 3%s, E, July 1,
Station Co.
Offered by Kuhn, Loeb & Co.; Lee
Glore & Co.,
1963.
Higginson Corp.; Brown Harriman & Co., Inc.; Edward B..Smith & Co.; Field,
and The First Boston Corp.
3,619,000
New
0.50-3.20 Delaware Lackawanna & Western RR.
equipment
09,422,400 Refunding
(The) Equip. Trust
1934, Series A, 4% Equip. Trust
of
Ctfs., Oct. 1, 1936-49.
Offered by Brown Harriman & Co., Inc.; Blyth & Co., Inc.; J. & W.
Seligman & Co.; Laurence M. Marks & Co. ,and Freeman & Co.
4.00 Great Northern Ry. Co. Gen. M. Conv. 4s, Series G and H, July 1, 1946.
{Both series convertible into
100
until
Preferred stock up to date of maturity, or if called for redemption, then
and including but not
after the redemption date, the bonds of Series\Q being convertible at rale of $40 per share and the bonds
of Series H at rate of $75 per share.)
Offered to stockholders for subscription to equal amounts
of both series of bonds; any bonds of either series remaining unsubscribed are to be available for
exchange for Gen. Mtge. 7% bonds Series A, maturing July 1, 1936; full amount of issue
written by Reconstruction Finance Corporation.
4,714,000 Refunding
(The) Ref. & Impt. M. 3%s, B, March 1, 1986.
103%
3.35 Indianapolis Union Ry. Co.
100
4.00 Louisville & Nashville RR. Co.
under¬
Offered by Hallgarten
& Co. and A. G. Becker & Co.
9,292,000 Refunding
-
&
Offered by Morgan Stanley
1st & Ref. M. 4s, D, April 1, 2003.
;
Co., Inc.
1.00-4.00 Pittsburgh & West Virginia Ry. Equip. Trust Series of 1936
2,000,000 Finance purchase of old equipment
(The) 3%% Equip. Trust Certlfs.,
Offered by A. G. Becker & Co.
(The) 1st Lien & Ref. M. 3%s, A, March 1, 1966.
April 1, 1937-46.
60,344,000 Refunding
3.63 Virginian Ry. Co.
102%
&
Offered by Brown Harriman
Co., Inc.; White, Weld & Co.; Lee Higgingson Corp.: Kidder, Peabody & Co.; Mellon Securities
Co., Inc.; Blyth & Co., Inc.; The First Boston Corp.; Edward B. Smith & Co., and Bonbright
&
Co., Inc.
Morgan Stanley & Co., Inc., and Kuhn, Loeb & Co.
Other underwriters were:
223,391,400
Public Utilities-
7,178,600 Refunding
Offered by Morgan Stanley & Co.,
Other underwriter was Central Republic
3.30 Central Illinois Light Co. 1st & Cons. M. 3%s, April 1, 1966.
104
Inc.; Bonbright & Co., Inc., and E. W. Clark & Co.
101
103%
1,450,000 Retire 7% cum. pref. stock.
Co., Chicago.
4.18 Citizens Independent Telephone Co. 1st M. 4%s, A, Jan. 1, 1961.
3.31 Consumers Power Co.
&
55,830,000 Refunding; add'ns & impts.
75,000,000 Refunding;
acquire
securities
Offered by Lawrence Stern
•
Offered by Morgan Stanley & Co., Inc.; Bon¬
bright & Co., Inc.; The First Boston Corp.; Brown Harriman & Co., Inc.; Edward B. Smith
& Co.; E. W. Clark & Co.; Mellon Securities Co., Inc.; Coffin & Burr, Inc., and Stone & Webster
and Blodget, Inc.
Other underwriters were:
Kuhn, Loeb & Co.; Blyth & Co., Inc.; Clark,
Dodge & Co.; Estabrook & Co. Field, Glore & Co.; Harris, Hall & Co.; W. E. Hutton & Co.:
Kidder, Peabody & Co.; W. C. Langley & Co.; Lazard Freres & Co., Inc.; Lee Higginson Corp.;
Lehman Bros.; Schoellkopf, Hutton & Pomeroy, Inc.; White, Weld & Co., and First of Michigan
of
affiliates, pay bank debt, &c—
Co., Inc.
1st M. 3%s, Nov. 1, 1970.
Corp.
/
1956.
Offered by The First
Mellon Securities Co., Inc.; Kidder, Peabody & Co.; Lee Higginson Corp.; Stone
Webster and Blodget, Inc.; Blyth & Co., Inc.; Brown Harriman & Co., Inc.; Goldman, Sachs
4.28 Eastern Gas & Fuel Associates 1st M. & Coll. Tr. 4s, A, March 1,
96%
Boston Corp.;
&
Edward B. Smith & Co.; Field, Glore & Co.; Halsey, Stuart & Co., Inc.; Hayden, Stone
& Co.;
&
Co.; White, Weld & Co.; F. S. Moseley & Co.; Aldred & Co.; Alex Brown & Sons; H.
M.
Byllesby & Co., Inc.; Cassatt & Co., Inc.; Harris, Hall & Co., Inc.; W. E. Hutton & Co.; Ladenburg, Thalmann & Co.; W. C. Langley & Co.; E. H. Rollins & Sons, Inc.; Schoellkopf, Hutton
& Pomeroy, Inc.; Central Republic Co.; Coffin & Burr, Inc., and Whiting, Weeks & Knowles,
Inc.
Other underwriters were:
Bancamerica-Blair Corp.; A. G. Becker & Co.; E. W. Clark &
Hayden, Miller
Co.; Hemphill, Noyes <fc Co.; Moore, Leonard & Lynch; G. M.-P. Murphy & Co.; Otis & Co.;
Co.; R. L. Day & Co.; Emanuel & Co.; Estabrook & Co.; Graham, Parsons & Co.;
&
Paine, Webber & Co.; Putnam & Co.; Charles W. Scranton & Co.; Singer, Deane & Scribner;
Starkweather & Co., Inc.; Lawrence Stern & Co., Inc.; Chas. D. Barney & Co.; Burr, Gannett
Hornblower & Weeks; Jackson & Curtis; Arthur Perry & Co., Inc.; Spencer Trask & Co.;
& Co.;
2,600,000 Refunding.
3,750,000 Refunding.
Tucker. Anthony & Co.; G anbery, Safford & Co.; Securities Co. of Milwaukee, and Tifft Bros.
4%s, B, Oct. 1, 1965.
Offered by Bonbright & Co.,
4.38 Indiana Associated Telephone Corp. 1st M.
102
98
Inc.; Paine, Webber & Co., and Mitchum, Tully & Co.
1st M. 4s, A, Jan. 1, 1961.
Offered by Harris, Hall & Co., Inc.; Blyth & Co.,
4.13 Iowa Electric Co.
Inc., and Brown Harriman & Co., Inc.
1.040.000 Refunding.
101.49-96 01
3,600,000 Refunding.
—
Iowa Electric Co. 4% Serial Notes, Oct. 1, 1936-Aprll 1, 1946.
Offered by Harris, Hall & Co., Inc.;
Blyth & Co., Inc., and Brown Harriman & Co., Inc.
3.78 Iowa Electric Light & Power Co. 1st M. 4s, E, Dec. 1, 1955.
103
•.
.
Offered by Harris, Hall & Co., Inc.;
Corp.; Brown Harriman & Co., Inc.; Coffin & Burr, Inc., and F. S. Moseley
The First Boston
& Co.
380,000 Refunding.
90,000,000 Refunding.
Lewiston Gas Light Co.
99%
102%
3%% Bonds.
Placed privately by H. M. Payson & Co.
1st & Ref. M. 3%s, H, Dec. 1, 1961.
Offered by Blyth & Co., Inc.;
Co.; Edward B. Smith & Co.; The First Boston Corp.; Lazard Freres & Co.,
3.60 Pacific Gas & Electric Co.
Brown Harriman &
Inc.; Dean Witter & Co.; Bonbright & Co., Inc.; H. M. Byllesby &
Co., Inc., and E. H. Rollins
& Sons, Inc.
Other underwriters were:
Morgan Stanley & Co., Inc.; Kuhn, Loeb & Co.; Dillon,
Read & Co.; Bankamerica Co.; Mitchum, Tully & Co.; Elworthy & Co.; Wm. Cavalier & Co.;
16,000,000 Refunding.
Brush, Slocumb & Co., and Schwabacher <fe Co.
New England Telephone Co.
(The)
3.22 Southern
100%
30-year Debentures
3%s.
Sold to institutions
through Chas. W. Scranton & Co.
2,700,000 Refunding.
4.07 Springfield City Water
W. C. Langley & Co.
99
Offered by H. M. Payson & Co., and
Co. 1st M. 4s, A, April 1, 1956.
259,528,500
Iron, Steel, Coal, Copper, &c
2,000,000 Refunding
4%s, March 1, 1951.
{Convertible up to May 1, 1936, into
$40 to $50 per share).
Offered by Speyer & Co. and Hemphill,
4.32 Sharon Steel Corp. 15-year Conv. Deb.
102
Common stock at prices ranging from
Noyes & Co.
Other underwriters were:
The First Cleveland Corp.
Riter & Co.; Goldman, Sachs & Co.; Otis & Co., and
Other Industrial & Mfg.—
5.50 Consolidated Biscuit Co. 1st M. 5%s, B, March 1, 1946.
5.00 Gotham Silk Hosiery Co., Inc., 10-year Deb. 5s, March 15,
Lizars & Co.;
warrant to
375,000
Offered by F. S. Yantis & Co.; Rawson
100
100
200,000 Retire pref stock, gen. corp. purp.
2,141,000 Refunding.
Bond & Goodwin, Inc.; Webber, Darch & Co., and Dempsey-Detmer & Co.
1946.
{Each $1,000 Debenture carries
Offered
buy 25 shares of Common stock at $12 per share on or before March 15, 1946.)
by Hallgarten & Co.; Halsey, Stuart & Co., Inc., and A. G. Bceker & Co.
Knudsen Creamery Co. of California 1st M. Conv. 5%s, Nov. 1, 1950.
Offered by G. Brashears
Genoral corporate purposes.
& Co., Los Angeles.
Remington Rand, Inc.
20,000,000 Refunding
carries warrant to
•
(Del.) 20-year Debenture 4%s, March 1,
purchase 15 shares of Common stock on or before
*
1956.
{Each $1,0D0 Debenture
March 1, 1944, at prices ranging
from $25 to $40 per share.)
Offered par for par to holders of the company's 5%% Debentures
maturing May 1, 1947; unexchanged portion amounting to $4,250,000 oversubscribed by stock¬
22,716,000
holders at 104.
Oil—
60,000,000 Refdg.; add'ns, acquis., devel., &c
3.59 Shell Union Oil Corp. 15-year Deb. 3%s, March 1, 1951.
99
Stone &
Offered by Dillon, Read & Co.; Hayden,
Co.; Lee Higginson Corp.; Lehman Bros.; Edward B. Smith & Co.; Brown Harriman
Co., Inc.; Blyth & Co., Inc.; The First Boston Corp.; Lazard Freres & Co., Inc., and Dominick
& Dominick.
Other underwriters were:
Morgan Stanley & Co., Inc.; Kidder, Peabody & Co.;
&
Witter & Co.; Riter & Co.; Goldman, Sachs & Co.; Halsey, Stuart & Co.,
Noyes &
Bancamerica-Blair Corp.; Lawrence Stern & Co., Inc.; Hallgarten & Co.; Estabrook & Co.;
Whiting, Weeks & Knowles, Inc.; Blair, Bonner & Co.; Alex Brown & Sons, and Conrad, Bruce
Sheilds & Co.; Dean
Inc.; J. & W. Seliiman & Co.; Clark, Dodge & Co.; Cassatt & Co., Inc.; Hemphill,
& Co.;
& Co.
Shipping—
600,000 New equipment..
•
Transportation Co. Serial 4%% Equip. Trust Ctfs., March 1, 1937-46.
Offered
S. K. Cunningham & Co.; Webber, Darch & Co., and Charles A. HInsch & Co., Inc.
2.50-4.80 Campbell
by
Miscellaneous—
750,000 Provide funds for loan purposes.
10-year Conv. Deb. 5s, Feb. 1, 1946.
{Each $1,000 Debenture
before Feb. 1„ 1938, to 150 shares
jOffered by Jackson & Curtis; First of Michigan Corp., and Charles
(Detroit)
5.13 General Finance Corp.
99
convertible into Common stock at rates ranging from 250 shares on or
on
or
before Feb. 1, 1944.)
A. Parcells & Co.
SHORT-TERM
BONDS
AND
NOTES
Other underwriter was Jackson & Curtis Securities Corp.
(ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
'
•
.
.
To Yield
Amount
Purpose of Issue
Price
i
Company and Issue, and by Whom Offered, Including Additional Undermiters
About
'
$
%
......
•.'
'■
•-
'
:
Public Utilities-
1,250,000 Retire bank loans
0.75-3 00 Iowa Electric L4£ht & Power
-
Hall &
Co. 3% Coupon Notes, Oct. 1, 1936-April 1, 1941.
Offered by Harris,
Co., Inc.; The First Boston Corp.; Brown Harriman & Co., Inc.; Coffin & Burr, Inc.,
and F. S. Moseley & Co.
Other Industrial &
1,125,000 Refunding
;
,
,
Mfg.—
c
(Adolf) Gobel, Inc., Conv. Deb. 4%s, A, May 1, 1941.
Offered to holders of company's 6%%
Notes due May 1, 1935; underwritten by Reynolds & Co. and Laurence M. Marks & Co.
..
2402
Financial
Chronicle
DETAILS OF NEW CAPITAL FLOTATIONS DURIN1G
April 11, 1936
MARCH, 1936 (Concluded).
STOCKS
Par or No.
a
of Shares
Amount
Price
Involved
Purpose of Issue
to Yield
Share
per
About
$
Iron, Steel, Coal, Copper, &c,
•40,000 ehs Retire funded debt; general purp—
Company and Issue, and by Whom Offered, Including Additional Underwriters
%
100
4,000,000
5.00 Sharon Steel Corp. Conv. $5 Preferred stock.
Motors and Accessories—
62,500 shs Finance dividend payment; retire
bank debt, &c
.......
1,250,000
20
900,000
18
6.00 Detroit Gasket & Mfg. Co. 6% Cum. Pref. stock.
(With warrants to buy one-half share
of Common stock for each share of Preferred at $21
per share up to
March 1, 1943.)
Offered by Shields & Co. and F.
Eberstadt A
50,000 8hs Finance dividend payment; retire
bank debt, &c
(Each share convertible into Common stock
through May 1, 1951, at prices ranging from $35 per share to
$50 per share, the Preferred
stock to be taken at $100 per share
for conversion purposes.)
Offered by Speyer A Co.
and Hemphill, Noyes & Co.
Other underwriters were:
Riter A Co.; Goldman,
Sachs & Co.; Otis A
Co., and The First Cleveland Corp.
—
Co., Inc.
Mfg. Co. Commmon stock.
Offered by Shields A Co. and F. Eber¬
Co., Inc.
Walter Fry, Inc., Common stock. Offered
by Mason & Faulkner. Inc., Detroit.
Detroit Gasket &
stadt A
37,500 shs Retire pref. stock; working capital.
2
75,000
2,225,000
;
Other Industrial & Mfg.—
20,300 shs Working capital
200,000 shs New capital; gen.
1,157,100
57
2,000,000
10
6,609,660
corp. purposes..
440,644 shs Additional working capital
15
National Gypsum Co. Class A stock.
Sold privately by company.
Rome Cable Corp. Common stock.
Offered
by Mohawk Valley Investing Co., Utica, N.Y
Offered to stockholders; underwritten by Brown
Murphy & Co.; Lazard Frerea A Co., Inc.; Blyth
& Co., Inc.; Hayden, Stone &
Co.; Kuhn, Loeb & Co.; Chas. D. Barney & Co.;
Cassatt A Co., Inc.; Clark, Dodge &
Co.; Domlnick & Dominlck; Goldman, Sachs
& Co.; Hornblower & Weeks;
White, Weld & Co., and Brown Harrlman A Co., Ltd.
United Aircraft Corp. Common stock.
Harrlman A Co., Inc.; G. M.-P.
9,766,760
Miscellaneous—
150,000 shs Replace 3)3% Preferred stock.
51)3
7,500,000
3.88 American Trust Co. (San Francisco)
4% Conv. Pref. stock.
(Convertible into Common
stock at the rate of 1.1
Preferred shares for each share of Common stock.)
Offered by
Blyth & Co., Inc.; Dean Witter & Co.;
Mitchum, Tully A Co.; Elworthy & Co.;
Wm. Cavalier & Co.; Fagan. Eastland &
Co.; Weeden A Co., and Schwabacher A Co.
FOREIGN GOVERNMENT LOANS
;
t,
.
■
:
To Yield
Amount
issue and Purpose
Price
About
$
Offered by
%
17,000,000 Kingdom of Norway 20-year 4)4% External
Loan, March 1, 1956 (proceeds used entirely
for refunding of External
6% Gold Bonds due
Oct. 15, 1952)
100
--
4.50 Lazard Freres A Co.,
Inc.; Halsey, Stuart A Co., Inc.; Kidder, Peabody A Co.;
Field,
Glore & Co.; Graham, Parsons A Co.;
Goldman, Sachs & Co.; Stone A Webster and
Blodget, Inc.; Coffin A Burr, Inc.; Harris, Hall & Co., Inc., and
Baker, Weeks & Harden.
6,500,000 City of Oslo (Norway) 19-year 4)4% External
Loan April 1, 1955 (prov. for refdg. and int.
$6,080,000 6% Gold Bonds due May 1,
on Nov. 1,1936, at par)
on
1955. to be red.
99)4
4.54 Kuhn, Loeb & Co.; Brown Harrlman A Co., Inc.; Edward B. Smith A
Co.; Blyth A Co.,
Inc., and White, Weld & Co.
,
23,500,000
FARM LOAN AND
GOVERNMENTAL AGENCY ISSUES
To Yield
Amount
Issue and Purpose
Price
About
$
Offered by
%
20,000,000 Federal
Intermediate
Credit
Banks
Cons.
1)4% Deb. dated March 15, 1936, and due in
mos. ($9,000,000 for refunding and
6 and 9
$11,000,000 for loan purposes)
Price
ISSUES
Par
or
No.
a
Amount
Price
NOT REPRESENTING NEW FINANCING
About
$
44,197 shs
250,000 shs
applicat'n Charles R. Dunn, Fiscal Agent, New York.
To Yield
Involved
of Shares
on
Company and issue, and by Whom Offered, Including Additional Underwriters
%
828,694
10,500,000
18)i
American Box Board Co. Common stock.
42
American Trust Co. (San Francisco)
680,000
10
68,000 shs
Offered by Keane A Co., Detroit.
Common stock.
Offered by Blyth A Co., Inc.; Dean Witter &
Co.; Mitchum, Tully
& Co.; Elworthy & Co.; Wm. Cavalier & Co.; Fagan Eastland & Co.; Weeden &
Co., and Schwabacher A Co.
Consolidated Biscuit Co. Common stock.
Offered by F. S. Yantis A Co., Inc.; Rawson Lizars A
Co.; Bond A Goodwin,
Inc.; Webber, Darch A Co., and Dempsey-Detmer A Co.
12,008,694
*
Shares
a
of no par value.
Preferred stocks of a stated par value are taken at par, while Preferred stocks of no par value and all classes of
b Price to holders of
maturing 5)3% Debentures
was
100, while offering to stockholders
Holders of maturing 6)4% Notes were offered $105 of new
accrued interest.
c
New Capital
Issues
in
Great
was at
price of 104.
Britain
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments
arising from the capitali¬
funds and undivided profits; sales of already
issued securities which add nothing to the
capital resources
of the company whose securities have been
reserve
offered; issues for
redemption of securities previously held in the
United Kingdom; short-dated bills sold in
anticipation of
long-term borrowings; and loans by municipal and county
authorities except in cases where there is a
specified limit to
the total subscription. They do not include issues of
capital
by private companies except where particulars are publicly
announced. In all cases the figures are based
upon the prices
conversion
or
of issue.
GEOGRAPHICAL DISTRIBUTION
OF NEW CAPITAL
UNITED KINGDOM BY MONTHS
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank Limited]
1933
3 months
April
May
June
July
August
....
September..
October
November...
December
Year...
...
1935
£10,853,233
7,007,995
7,081,462
£16,592,347
12,620,080
12,386,235
£33,963,149
19,687,120
6,961,500
£28,925,251
March
1934
£8,310,263
7,167,385
13,447,603
£24,942,690
£41,598,662
£60,611,769
£8,247,859
14,614,014
17,641,251
6,001,777
21,208,047
7,164,097
10,026,260
£9,690,367
22,440,935
£4,108,238
19,727,811
20,610,166
12,786,859
6,353,481
£132,868,896
12,048,454
14,997,397
9,878,332
6,747,571
23,446,272
13,056,095
13,041,644
£150,189,757
1936
United
11,217,941
£182,824,210
IN
THE
May
June
...
October
November
Deoember
£
£
49,000
221,000
7,000
1,763,000
1,433,000
873,000
4,069,000
694,000
12,000
850,000
62,000 10,945,000
32,000 4,609,000
1,000 6,014,000
63,000
37,000
386,000
25,000
1,228,000
413,000
166,000
141,000
14,000
8,665,000
11,397,000
7,021,000
9,958,000
3,165,000
5,631,000
20,764,000
11,016,000
9,122,000
6,485,000
1~37~666
566,000
61,000
2,466,000
1,899,000
55O"666
May.......
June......
July..
August
September
October
Year
March.......
3 months
3,355,000
10,853,000
7,008,000
7,082,000
24,943,000
'
9,590,000
22,441,000
12,048,000
14,998,000
9,878,000
6,748,000
23,446,000
13,056.000
13,042,000
...
1,133,000 39,258,000
957,000
2,346,000
1,135,000
1,202,000
586,000
176,000
16,592,000
12,620,000
12,386,000
35,197,000
3 months
1936—January.
February
£
359,000
45,000
190,000
277,000
ToUl
14,433,000
9,688,000
11,076,000
April..
November
£
106741000
1935—January
February....
March....
Deoember
Countries
20,002,000
3 months
April
...
Foreign
Countries
8,682,000
5,309,000
6,011,000
March..
July
August
September
Other Brit.
Ceylon
£
1934—January
February...
India and
Kingdom
4,438,000
1,964,000
41,599,000
3,443,000
18,788,000
19,571,000
49,999,000
4,761,000
7,344,000
3,940,000
9.204,000
9,686,000
660,000
6,000
568,000
872,000
3,622,000
1,921,000
375,000
222,000
3,136,000
1,395,000
254,000
154,000
287,000
4,108,000
19,728,000
20,610,000
63,909,000
6,682,000
7,719,000
4,707,000
12,544,000
11,218,000
ris'ooo
13,000
545:666
15,000
137,000
53,909.166
6,682,428
7,719,440
4,706,804
12,543,554
ISSUES
(Compiled by the Midland Bank Limited]
Year....
January
February
stock are computed at their
offering prioee.
■
The following statistics have been compiled by the Mid¬
land Bank Limited.
These compilations of issues of new
zation of
common
»
4)4% Debentures for each $100 of their old holdings, with option of taking cash for their Notes,
plus
161934000
828,000 17,210,000
33,019,000
194,000
751,000
964,000
188:666
2,852,000 182,824,000
84,000
18,502,000
6,877,000
58,398,000
3,058,000 150,190,000
194,000
1,715,000
33,963,000
19,687,000
6,961,000
305,000
60,612,000
22l"666
Financial
Volume 142
SUMMARY TABLE OF NEW
CAPITAL ISSUES IN THE UNITED
(Compiled by the Midland Bank
KINGDOM
Limited]
Month of
March
3 Months to
Year to
March 31
March 31
£11,862,000
69,356,000
25,518,000
24,867,000
14,880,000
13,324,000
21,737,000
23,902,000
34,714,000
41,695,000
33,781,000
26,384,000
13,447,000
12,104,000
13,448,000
7,081,000
12,859.000
6,961,000
£39,886,000
147,016,000
2403
Chronicle
1966, at 76% were up %; New
Central 4%s,
cations point to
1919
1920
1921
1922
1923
r
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
58,350,000
93,207,000
45,889,000
47,253,000
57,399,000
78,028,000
82,945,000
103,362,000
114,247,000
69,464,000
45,386,000
26,995,000
28,925,000
24,943,000
42,071,000
60,612,Q00
£101,073,000
344,671,000
295,545,000
250,653,000
188,350,000
205,123,000
233,692,000
240,526,000
258,183,000
335,131,000
373,404,000
208,967,000
212,081,000
*
70,275,000
114,969,000
128,886,000
167,318,000
201,365,000
Utility bond prices have been generally higher. Prime in¬
have been firm while good advances have
vestment issues
been shown
among
have displayed general firmness
points during the week to 103% upon being
102. International Telephone & Tele¬
dropped 3%
of
importance—$13,500,000 California-Oregon Power 1st 4s,
$70,000,000 Consolidated Edison 3%s and 3%s.
1966, and
this week.
Price fluctuations among industrial bonds have been nar¬
and mixed.
making progress after weeks of hesitation. The lower-grade
rails likewise advanced, but not as actively as they have
numerous.
in recent months. The high-grade bond mar¬
ket witnessed some new high records, although only frac¬
sues
been moving
tionally above former tops, the Aaa's now yielding 3.58%
and the U. S. Government bond average recording a new
Important refunding issues have appeared
offerings being made by New York Central,
Union Pacific, Consolidated Edison of N. Y., National Dairy
Products, and Kingdom of Norway.
High-grade railroad bonds as a group have moved slightly
forward, although individual price changes have been quite
erratic.
Atchison gen. 4s, 1995, advanced %
to 114%;
Louisville & Nashville 4s, 1940, declined % to 108%; Balti¬
more & Ohio 4s, 1948, rose % to 106.
This week saw sizable
new issue offerings by the Union Pacific and the New York
Central. The ability of the former carrier quickly to dispose
of a 3%% long term debenture issue is especially significant.
Lower grade railroad bonds moved forward at a somewhat
less accelerated pace, as compared with previous periods.
Baltimore & Ohio 5s, 1995, closed at 84%, up %; Illinois
high of 109.75.
this week, large
average
somewhat lower. Equipments and food packing is¬
been irregular and amusements have been gen¬
have
erally weaker. Bonds of steel and non-ferrous metal com¬
panies have been quiet. Strength among the oils included
a gain of 2%
points for Empire Oil & Refining 5%s, 1942,
which closed at 88%.
U. S. Rubber 5s, 1947, made a new
The volatile Auburn Automobile
moved down from 111% to 108% and
Interlake Iron 5s, 1951, lost 2 points, closing at 94. A decline
of 2% points to 94% occurred in the Purity Bakeries 5s, 1948.
The foreign
bond market has been
relatively stable,
changes being principally fractional. The Italian group as
a whole gave evidence of greater strength than the remain¬
der of the list, while the obligations of Poland and Haiti
have been somewhat lower.
Amor" South Americans, Ar¬
gentine and Chile bonds gained slightly, while Brazilians
lost some ground. Similarly, the Panama 5s, 1963, and the
high, advancing % to 107.
4%s,
conv.
various
1939,
Cuban bonds declined
120 Domestic Corporate*
Corporate* by Groups
**
on
Corp.*
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
YIELD AVERAGESt
All
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Domes¬
Averages
tic
tt
30
For-
Aa
Aaa
Apr. 10— Stock E xchang
Excha nge Clo sed.
are
Individual Closing Prices)
1936
120 Domestic
by Ratings
10.. Stock
slight extent.
Daily
120
Domes¬
Averages
a
given in the following tables:
(Based
tic
Apr.
to
Moody's computed bond prices and bond yield averages
MOODY'S BOND
Govt.
Bonds
balanced, with the advances slightly more
of medium-grade and speculative loans
Prices
Average Yields)
U. S.
Dally
Gains and losses of high-grade obligations
have been closely
MOODY'S BOND PRICESt
1936
Associated
5%s,
called for payment at
row
on
the more speculative group.
1938, advanced 4% points to 45%;
United Light & Power 6%s, 1974, at 93 were up 4% ; Electric
Power & Light 5s, 2030, gained 1%. closing at 86; New
England Power Association 5s, 1948, rose 2% to 97%.
There have
been some notable exceptions, among them
American Water Works & Electric conv. 5s, 1944, which
Electric
&
Gas
Among the more speculative issues there has been a definite
trend toward higher prices, the utilities and industrials
3(Based
sufficient cash for the payment of May 1
interest-
graph debentures have been weak on account of unfavorable
foreign developments. There were two financial operations
The Course of the Bond Market
Bond prices
York Central
4%s, 2013, advanced % to 86%. Southwestern roads con¬
tinued to attract speculative buying.
The junior issues of
the Lehigh Valley RR. also showed improvement as indi¬
e
A
Baa
RR.
P.
U.
Indus.
eigns
Close d.
9— 109.75
110.42
121.60
117.03
108.57
96.23
106.42
108.39
116.62
9—
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
8- 109.75
110.42
121.81
117.63
108.75
96.39
106.60
108.57
116.62
8—
4.15
3.58
3.78
4.24
4.98
4.36
4.25
3.83
t
7— 109.75
110.42
121.81
117.63
108.75
96.23
106.60
108.39
116.62
7-
4.15
3.58
3.78
4.24
4.99
4.36
4.26
3.83
t
109.69
110.42
121.81
117.63
108.75
96.23
106.60
108.39
116.62
6
4.15
3.58
3.78
4.24
4.99
4.36
4.26
3.83
t
4__ 109.64
110.42
121.60
117.63
108.57
96.23
106.60
108.39
116.62
4—
4.15
3.59
3.78
4.25
4.99
4.36
4.26
3.83
6-
3
109.64
110.23
121.60
117.63
108.57
95.93
106.25
108.21
116.62
3-
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
2
109.62
110.23
121.38
117.63
108.57
95.93
106.42
108.21
116.42
2-
4.16
3.60
3.78
4.25
5.01
4.37
4.27
3.84
1
I
5.83
I
109.58
110.05
121.38
117.84
108.57
95.48
105.89
108.21
116.62
1—
4.17
3.60
3.77
4.25
5.04
4,40
4.27
3.83
Mar. 27— 109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar.27—
4.17
3.61
3.79
4.24
6.03
4.39
4.28
3.84
5.85
20- 109.61
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
20-
4.16
3.60
3.77
4.23
5.04
4.39
4.26
3.83
5.80
13- 109.11
110.05
120.75
117.63
108.75
95.63
106.07
108.03
116.22
13-
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
5.94
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
3.70
4.20
4.90
4.25
4.26
3.85
5.87
107.07
108.39
115.81
Feb. 29-
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
*
;
t
Weekly
Weekly
109.46
110.98
121.17
Feb. 29- 108.98
110.61
120.54
117.84
108.94
97.16
21- 108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21—
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
6.92
15- 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15—
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
8- 108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115.61
8—
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
6.10
108.03
95.78
105.54
108.57
115.41
1-
4.19
3.63
3.82
4.28
6.02
4.42
4.25
3.89
6.15
6
—
1— 107.96
109.68
120.75
116.82
Jan. 81- 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
Jan. 31-
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
24.. 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24-
4.19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
17- 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17—
4.21
3.66
3.83
4.29
5.06
4.47
4.26
3.91
6.17
10- 108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
10—
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
4.32
3.70
3.93
4.39
5.24
4.63
4.29
4.03
6.23
8- 107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
3-
Hlgh 1936 109.75
110.98
121.81
118.04
109.49
98.09
108.57
108.75
116.82
Low 1936
4.12
3.58
3.76
4.20
4.87
4.25
4.24
3.82
5.80
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
6.31
6.78
1936 107.77
107.14
119.07
High 1935 109.20
100.96
119.69
114.43
105.72
91.67
101.31
107 67
112.11
Low 1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
Low 1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
Hlgn 1935
4.80
3.82
4.25
4.83
6.40
5.37
6.13
4.35
6.97
4.70
3.71
4.19
4.77
6.14
5.12
4.68
4.31
6.15
4.89
4.09
4.44
5.00
6.04
4.78
5.34
4.55
7.21
Low
1 Yr. Ago
1 Yr. Ago
Apr.10'35 108.49
100.81
119.07
109.68
99.68
80.84
94.29
101.14
107.49
97.78
111.54
105.20
96.08
82.02
99.52
91.11
103.32
2 Yrs.Ago
2 Yrs.Ago
Apr.10'34 103.98
Apr.10'35
Apr.10'34
basis of one "Ideal" bond (4%% coupon, maturing In 31 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive 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 month*, back to 1928, see the Issue of Feb. 6, 1932, page 907.
**
Actual average price of 8 long-term Treasury Issues,
t The latest complete list of bonds used in computing these indexes was published In the Issue of May 18, 1935,
page 3291.
ffAverage of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
t Dally averages discontinued, except Friday
*
These prices are computed from average yields on the
of each week.
THE
STATE
OF
TRADE—COMMERCIAL
Friday Night,
Business continued its
April
EPITOME
10, 1936.
upward trend, most lines showing
substantial gains over the previous week.
shows a gain of 2.6% over last week and
Electric output
coal output an
increase of 11.8% over the preceding week.
Lumber out¬
put is also holding up well.
The steel industry is going
ahead at an encouraging rate, showing an increase of 2.5
points over the previous week, or an estimated figure of
64.5% of capacity, which is the highest rate since the spring
of 1930.
The rate for the corresponding week of last year
was
43.8% of capacity.
It would seem from this that
predictions of a peak of 70% this spring are about to be
realized.
The demand for steel is fairly well diversified,
though the railroads and the automobile industry are still
factors in the increasing production.
Retail
trade comparisons are made more favorable for the first
fortnight in April because Easter occurs earlier this year.
Automobile earnings continue to rise.
The second quarter
earnings in the automobile industry promise to be the
highest since 1929.
Record breaking retail sales are being
Car loadings
enjoyed by several companies currently.
are recording a sharp rise over the 1935 level.
April retail
prospects are regarded as very favorable, subject of course
to weather
conditions.
Commodity markets have been
substantial
irregular the past week, with sugar advancing to new highs.
The outstanding news of the week was the great catastro¬
phe of the South in the nature of terrific tornadoes which
Financial
2404
the vast amount of
Ga.,
and Tupelo, Miss.,
Gainesville,
damage.
parison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
April 4, 1936, loaded a total of 294,688 cars of revenue
freight on their own lines, compared with 291,699 cars in
the preceding week and 256,550 cars in the seven days ended
April 6, 1935.
A comparative table follows:
"'twisters.?
In three furious minutes the business section of Gainesville
was transformed into a blazing shambles, most of the build¬
ings in the district being reduced to ruins. 7 Witnesses said
the storm struck like a black horror with a roar that sounded
like scores of locomotives.
Torrential rains followed;
A
bore the brunt of these violent wind-storms or
mile wide
a
REVENUE
struck by the
was
(Number of Cars)
"twister" in Gainesville.
Loaded
Tupelo, Miss., a violent wind struck with terrific fury
demolishing buildings by the score and killing and maiming
hundreds.
Many other places in Mississippi, Alabama,
Tennessee and Arkansas were struck by tornadoes, resulting
Apr. 4
Gainesville's toll was estimated
and more than 1,000
injured, and more than 700 homes wrecked.
At Tupelo
the havoc wrought was far greater,i the dead totaling 214
victims with property damage estimated equal to, if not
exceeding, that of Gainesville, Ga.
A thousand were
injured, 700 homes destroyed, and 3,000 made homeless.
The Ohio River, carrying off the burden of flood waters
which took hundreds of lives in the East, overflowed into
river-front business districts in three States on Thursday.
One hundred and fifty families fled to Red Cross shelters at
Hickman, Ky., when the river flooded 17,000 acres.
Con¬
tinued rains brought flood warnings at Evansville, Ind.,
where the river is expected to reach 45 feet by the middle of
of farm land
acres
were
Class I railroads
14,006
13,160
9,486
2,240
1,638
2,004
2,033
2,851
8,330
1,552
2,131
12,147
35,505
4,131
12,394
34,889
3,956
9,397
4,050
50,999
5,618
47,445
39,166
totaled
cars
interchanged
received
by
Association
the
This
week
in
in
steam
pared with
March 1,
locomotives
five
March
on
order
on
1,
March
on
1935.
New steam
year
of
locomotives on
com¬
order
on
1934, totaled 21.
New electric locomotives
3,747
the
order
on
March
1
this year totaled 18 com¬
pared with 70 on the same day last year and 90 on the same day in 1934.
New
freight
totaled
months
the
first
two
One
in
new
steam
year
same
in
compared
of
428
with
seven
in
the first two months of
and 23
1935
1934.
locomotive
period in 1934.
in
One
the
new
first
two
months
same
period last
year,
but
none
in
electric locomotive was placed
this
week in
the preceding
week in
the
the
in
9,223
than
the
In
below the
cars
a
stock
totaled
28
a
1,344
cars,
months of
1936
cars
the
and
748
cars
1935
preceding
The
and
but
545
cars
the
cars
increase
Loadings of
leased
Southwestern
three Western
cars
below the
or
otherwise
acquired
are
not
a
Loading
Year Ago
Car
12.5%
Higher
freight for the week ended April 4,
1936, totaled 613,867 cars.
This is a gain of 13,380 cars or
2.2% from the preceding week, a jump of 68,411 cars or
12.5% from the total for the like week of 1935, and an in¬
crease of 54,797 cars or 9.8% from the total loadings for the
corresponding week of 1934. For the week ended March 28
loadings were 2.6% below those for the like week of 1935, and
1.6% below those for the corresponding week of 1934. Load-
17
cars
1935,
In the Western
decrease
a
5,141
cars
cars
of
456
cars
above the
same
cars
of
1,145
cars
below
above the corresponding
increase of
week
same
1934.
297
in
cars
1935,
above
but
a
week in 1934.
Pocahontas
of
an
above the
same
but
week in 1934.
decrease
a
year,
loaded
and
with
Southern
revenue
districts
freight
reported
compared
1935, but the Northwestern, Central Western
The first four districts named above
compared with the corresponding week in 1934, while
districts
revenue
of
593
cars,
reported increases.
also reported decreases
showd
increases.
freight in 1936 compared! with the two previous
years
follow:
1936
1935
2,353,111
Five
3,135,118
634,828
2,169,146
2,927,453
587,190
597,431
weeks in February
Week of Mar.
7
Week of Mar. 14
Freight
revenue
cars
1935.
cars,
same
cars,
6,123
with the corresponding week in
in service
figures.
Than
of
week in
same
above the corresponding week in
to
Allegheny,
number
29,947
4,744
week and 944
1,744
week in
increase of
an
amounted
Eastern,
in
an
week in 1934.
increase
an
above the
cars
amounted to
loading
decrease of
cars,
above the
6ame
same
totaled
loading
and 6,166
loading
Coke
12,200
below the preceding week this
cars
above the
preceding. week, but
Week of Mar. 21
Revenue
week in
2,307
1934
compared with 20 last year and four two
locomotives
above
same
decrease of
a
loading of live stock for the week ended March 28 totaled
preceding week,
week in
to
below the
cars
decrease of 199
products
the
week in 1935
Ore
amounted
loading
alone,
Forest
below
the
above the
cars
grain and grain products loading for
17,688
preceding week, and 1,171 cars
decrease of
increase of
and
2,153
districts alone,
29,676 cars, a decrease of
increase of 2,695 cars above
week "in 1935.
Live
the
above
cars
week in 1934.
same
loading totaled
products
March
13,576
preceding week this year, but an increase of 639 cars above the
above the
but
1935 and 9,008 cars below
reduction of 44,118 cars below the corresponding
a
43,392
Western
ended
157,162
freight totaled
lot
carload
above the preceding week, but a reduction
cars
1934.
grain
Week of Mar. 28
Weekly
above the corresponding week in 1934.
below the preceding week, but an
ears
14,859
above the corresponding week
cars
amounted to 96,679 cars, an increase of
and
and
week
same
*
21,288
corresponding week in 1935 and
1934.
an
cars
week, but
1935
Grain
28 was an increase
in the
ago.
Freight
included
below the corresponding week in
1.6%
or
below the corresponding week in
cars
same
Loading of
the
installed
was
cars,
28 totaled 600,487
2.6% below the corresponding
or
Four weeks in January.
the first two
years
in service in the first two months this year
installed
cars
1,925 compared with
follows:
as
cars,
flood conditions in certain parts of the country and
merchandise less
of
Coal loading
decreases
on
54,796
16,033
preceding week,
increase of
an
district
totaled 37
62,531
Railroads, in reviewing the
freight loading totaled 263,956 cars, an increase of
1935, and 36,921
the
this
1
9,703
and
part to
above the
Loading
made
New
20,158
23,099
11,549
28, reported
decrease of
a
Miscellaneous
cars,
•
12,347
Loading of .revenue freight for the week of March
33,679 cars, or 5.9% above the preceding week.
of
Class I railroads of the
reports
American Railroads and
further showed:
Apr. 6, 1935
1936
21,923
28,200
12,408
freight for the week ended March
revenue
was
1935,
1934, due
March 1 Total 12,679 Cars
of
Mar. 18,
21,806
to seasonal reduction in the movement of coal.
March 14
public on April 3.
New freight cars on order on
March 1, 1925, totaled 514, while on the same day in 1934
there were 5,019.
The reports furnished the Association
CONNECTIONS
FROM
63,640
Loading of
cars.
March 1 totaled 12,679, according to
on
Texas &
and
Lines
(Number of Cars)
week ended March
New freight cars on order by the
United States
Co.-Pacific
P.
S.
The Association of American
9,310 cars,
on
154,964
between
Co.
29,487
2,692
Order
8,638
Total
;
on
4,971
Louis-San Francisco Ry
♦
Freight Cars
2,568
5,498
X6.038
8,107
St.
^
.
5,125
x7,557
Chicago Rock Island & Pacific Ry.
Illinois Central System..
compared with Feb. 29, while surplus refriger¬
totaled 7,387, a decrease of 1,123 for the same
•
4,536
x7,081
8,539
Weeks Ended—
below the
■
4,484
20,733
Apr. 4, 1936
above the previous period, while surplus box
102,245, a decrease of 1,587 cars compared
period.
New
5,095
23,658
LOADINGS AND RECEIPTS
TOTAL
cars
cars
4,736
4,765
4,708
6,331
-
Reports also showed 25,705 surplus stock cars, a decrease
ator
7,997
3,133
32,136
'
with Feb. 29.
of 359
6,091
6,245
8,927
294,688 291,699 256,550 177,212 180,147
Excludes
/
Surplus coal cars on March 14 totaled 47,427, an increase
cars
55,521
35,070
23,751
5,428
Total
New Orleans RR.
170,620 surplus freight cars.
cars
18,461
56,517
-
Wabash Ry
*
4,748
17,040
.......
Pere Marquette Ry
This was an increase of 22,717 cars compared with ;
the number of such cars on Feb. 29, at which time there were
24,935
2,882
8,371
13,767
38,811
Southern Pacific Lines.
April 3.
of
4,031
14,184
40,458
4,685
Pittsburgh & Lake Erie RR
inundated
9,050
1,117
1,758
2,541
7,068
29,975
9,519
2,999
New York Chicago & St. Louis Ry
good repair and immediately available for service,
Association
of
American
Railroads
announced on
the
7,227
2,057
4,244
Pennsylvania RRJ
March 14 had 193,337 surplus freight
on
7,374
6,693
6,887
7,275
14,116
Norfolk tfe Western Ry.
in
cars
12,718
16,253
2,066
4,516
in
on
14,217
18,288
2,884
cars
Repair
14,480
18,060
4,789
12,997
7,585
;.
36 to 44.
Good
13,984
New York Central Lines
Sunday cloudy, possibly showers in forenoon.
Overnight at Boston it was 38 to 56 degrees; Baltimore, 40
to 48; Pittsburgh, 40 to 44; Portland, Me., 38 to 52; Chicago,
38 to 46; Cincinnati, 44 to 46; Cleveland, 36 to 48; Detroit,
36 to 44; Charleston, 66 to 72; Milwaukee, 40 to 50; Savan¬
nah, 66 to 78; Dallas, 50 to 78; Kansas City, 46 to 62; Spring¬
field, Mo., 40 to 48; Oklahoma City, 46 to 68; Salt Lake City,
40 to 58; Seattle, 48 to 58; Montreal, 38 to 46; and Winnipeg,
22,717 Cars
21,333
18,220
Missouri-Kansas-Texas RR._
temperature.
in
1935
5,275
14,562
5,407
14,678
8,340
7,405
6,963
18,134
23,044
18,707
27,678
17,743
18,488
Missouri Pacific RR
Today it was cloudy and cold here with temperatures
ranging from 38 to 50.
The forecast was for cloudy, prob¬
ably showers tonight and Saturday, not much change in
Increase
Apr. 6
1936
International Great Northern RR
scores
Freight Cars
Mar. 28
1936
Chicago & North Western Ry
Gulf Coast Lines
ways
Surplus
Apr. 4
1935
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St. Paul <fc Pac. Ry
of families fled, to temporary refuge.
Nine high¬
in southern Indiana were closed to traffic.
A cold snap
accompanied by brisk winds, struck New York City Wednes¬
day, sending the temperature down to 30 degrees, within
two degrees of the record low of 28 established in 1880.
Thursday, very cool weather prevailed and was followed by
rain in the late afternoon and night.
and
Apr. 6
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR.
$10,000,000 property loss, 183 dead,
Thousands of
Mar. 28
1936
in loss of life and property.
next week.
Received from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
At
at
CONNECTIONS
*
RECEIVED FROM
AND
LOADED
FREIGHT
approximately two and a half miles long and nearly
section
half
April, u, 1936
ings for the week ended March 21 showed a drop of 6.6%
when compared with 1935 and a loss of 7.1% when the com¬
dead and
maimed, not to speak of
thousands
property
hundreds
leaving
States,
Southern
six
swept
Chronicle
Total
In the
616,862
566,808
600,487
7,907,214
616,520
2,183,081
2,920,192
614,120
627,549
610,036
610,190
7.504,918
7,565,168
607,178
following table we undertake to show also the load¬
ings for separate roads and systems for the week ended
March 28, 1936.
During this period a total of 76 roads
showed increases when compared with the same week last
year.
The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe
System,
the Chicago & North Western RR., the Southern System',
the Norfolk & Western RR., and the Union Pacific System.
Financial
volume 142
REVENUE FREIGHT LOADED AND RECEIVED
Total Revenue
Railroads
1935
1934
Total Loads Received
Freight Loaded
1935
1936
MARCH 23
Total Revenue
Railroads
from Connections
1936
Eastern District—
from Connections
1934
1935
1936
1935
Group B (Concluded)—
Ann Arbor
503
Bangor & Aroostook
Boston & Maine
2405
Total Loads Received
Freight Loaded
1936
Chronicle
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
649
569
1,118
1,864
1,821'
5,396
...
^
2,141
7,745
1,352
206
231
11,174
2,115
9,958
1,777
7,578
1,381
869
GeorgiaGeorgia A Florida
1,201
873
934
1,434
1,436
358
379
367
497
555
1,625
Gulf Mobile A Northern...._.
Illinois Central System
1,589
20,342
1,366
19,225
19,104
1,069
10,268
4,554
10,931
4,004
845
Chicago Indianapolis & Louisv
Central Indiana...
1,350
27
25
21
54
86
Central Vermont
1,113
3,631
7,860
1,023
1,070
4,970
8,824
1,593
150
6,371
1,535
7.248
Macon Dublin A Savannah
3,944
Mississippi Central
185
152
178
359
266
6,650
6,596
Mobile A Ohio
2,026
1,732
1,915
2,798
3,035
2,899
1,775
2,328
1,384
2,236
344
324
333
600
546
Delaware A Hudson
Delaware Lackawanna A West
Detroit A Mackinac
266
223
193
89
90
2,827
3,460
1,993
429
281
295
11,683
4.496
11,263
4,770
12,854
4,538
167
164
130
1,387
2,411
14,475
6,936
1,476
1,016
1,022
1,228
729
6,782
6,152
2,727
6,566
8,352
3,674
1,956
3.249
13,632
7,137
1,932
1,345
6,965
2,602
231
211
36
35
35,070
11,442
1,804
36,108
10,877
1,821
8,601
5,006
4,993
Detroit Toledo & Ironton
Detroit A Toledo Shore Line..,
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
2,142
4,292
1,795
Monongahela
Montour
b New York Central Lines...
N. Y. N.
8,347
38,811
9,928
1,267
H. & Hartford
New York Ontario & Western.
N. Y. Chicago A St. Louis...
4,748
Pittsburgh A Lake Erie
6,091
Pittsburgh & Shawmut
Pittsburgh 8hawmut A North.
Pittsburgh A West Virginia...
2,343
40,514
10,782
1,448
3,837
5,057
4,133
5,<566
5,496
5,095
Pere Marquette
2,794
5,275
5,470
2,442
40,025
9,608
1,016
9,397
5,125
4,765
5,526
311
778
689
10
22
348
447
470
367
397
1,422
Rutland..
1,641
1,263
1,020
1,148
580
3
Wabash
617
564
782
916
5,498
5,098
8,638
3.497
3,802
5,239
3,597
2,821
8,694
3,081
135,192
140,812
143,887
150,446
149,322
451
836
466
622
32,328
2,658
29,787
2,024
14,562
1,897
13,566
1,716
286
270
253
5
7
952
1,416
1,374
7
15
5,120
5,678
5,678
10,124
10,630
200
58
20
52
85
Cumberland A Pennsylvania..
248
406
415
Llgonler Valley
Long Island
97
206
225
33
16
821
857
745
2,305
979
1,146
61,411
10,873
7,700
1,083
57,402
14,228
7,081
1,053
39,166
16,019
2,427
1,236
36,600
Louisville A Nashville
.:
Nashville Chattanooga A St L.
Tenneesee Central
...
19,323
181
586
525
180
Total.
51,385
55,930
53,817
28,756
28.355
Grand total Southern District
93,382
98,899
95,869
59,418
58,614
Northwestern District—
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chlcago
619
Mllw. St. P. A Paclfic.
St. P. Minn. A Omaha
Duluth Missabe A Northern
Duluth South Shore A Atlantic
884
13,142
14,404
2,023
16,886
2,903
2,225
1,701
9,519
2,896
16,238
3.376
7,227
3,037
595
Great Western
681
14,116
2,082
18,288
3,415
A North Western
489
429
1,653
9,033
2,442
7,207
2,283
122
210
577
391
635
436
309
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
6,583
5,590
4,887
5,675
5,640
348
358
288
136
144
Great Northern
Green Bay & Western
Lake Superior A Ishpemlng
8,761
8,135
7,760
2,570
2,404
484
530
461
617
457
214
319
312
60
72
Minneapolis A St. Louis......
1,585
4,538
1,524
4,179
1,572
7,579
2,245
3,089
1,514
2,081
8,169
1,606
4,085
8,429
.
Minn. St. Paul A S. S. M
Northern Pacific
664
27,678
1,898
18,807
16,477
...
....
Wheeling A Lake Erie
Total
Spokane International
Spokane Portland A Seattle
66
103
205
158
1,544
1,358
1,117
992
71,905
66,339
67,480
42,312
39,214
18,707
17,678
2,747
2,667
17,439
2,330
5,275
2,218
4,489
2,049
307
231
251
74
23
Burlington A Quincy..
14,217
13,671
7,275
6,871
A Illinois Midland
1,469
10,853
1,921
739
852
Total.
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
Bessemer a Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
Cornwall
....
.....
Penn -Reading Seashore Lines.
Pennsylvania System
Reading Co
Union
55,521
12,218
(Pittsburgh)
8,908
West Virginia Northern
Western Maryland
26
21
16,884
1,561
2,211
56
Total.
147
125
2
3
2,924
3,943
3,454
6,716
7,188
118,357
129,933
124,360
93,274
94,145
Pocahontas District—
Chesapeake A Ohio
17,743
Norfolk A Western
18,461
24,008
18,325
1,359
2,881
1,937
3,633
19,791
1,280
3,617
40,444
47,903
48,134
Norfolk A Portsmouth Belt Line
Virginian
...
Total.
23,446
7,585
4,050
7,869
3,931
1,347
1,149
769
Central Western District—
Atch. Top. A Santa Fe
System
Alton
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
2,398
Nevada Northern
North Western Pacific
Peoria A Pekin Union
916
940
2,277
2,181
1,713
7,622
2,247
1,071
2,481
417
540
305
29
1,052
1,952
Denver A Salt Lake
Fort Worth A Denver City
Illinois Terminal
10,797
3,133
15,039
1,404
9,973
3,070
997
Rock Island A Pacific.
A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western.
979
883
927
872
1,816
1,845
1,260
1,169
7,416
2,202
979
2,085
10
82
31
76
59
854
647
558
280
235
125
...
53
76
94
38
14,852
Southern Pacific (Pacific)
17,263
St. Joseph A Grand Island.... Included
Toledo Peoria A Western.____
334
a
13,644
System
4,581
3,692
P.
317
287
12,178
11,320
11,181
1,091
6,976
6,682
400
438
178
6
10
1,338
1,099
1,269
1,710
1,259
89,967
Union Pacific System
Utah
85,287
82,385
46,032
41,985
4,307
Western Pacific
Total.
815
13,553
2,703
113
1,418
in U.
993
13,962
Southwestern
District—
Alton A Southern
172
146
155
Southern District—
4,162
Burlington-Rock Island
140
137
144
349
Group A—
Fort Smith A Wee tern
Gulf Coast Lines
106
97
144
234
215
2,999
International-Great Northern..
2,057
2,321
1,727
2,635
2,829
1,552
2,131
1,112
1,387
Kansas Oklahoma A Gulf
Kansas City Southern.
226
105
157
930
865
1,873
1,629
1,195
1,682
1,159
1,645
1,044
1,319
1,493
Atlantic Coast Line......
Clinchfield
10,502
406
403
994
148
195
348
265
41
Norfolk Southern
407
4,771
1,596
1,117
149
!
Gainesville Midland
9,713
1,205
4,919
947
Charleston A Western Carolina
Durham A Southern.......
10,856
1,028
59
59
98
172
1,634
1,091
1,155
1,321
1,234
1,368
Piedmont A Northern
408
440
530
836
851
Richmond Fred. A Potomac..,
Seaboard Air Line
348
334
344
3,598
8,833
8,290
20,121
7,987
20,161
3,626
3,812
12,525
...
Southern System
19,125
Winston-Salem Southbound...
3,955
11,880
147
131
134
636
686
41,997
42,969
42,052
30,662
30,259
......
....
Louisiana A Arkansas
Louisiana Arkansas A Texas...
Litchfield A Madison
...
99
185
499
311
462
416
906
897
487
Midland Valley.
Missouri A Arkansas
493
483
272
Missouri Pacific
152
113
201
167
4,000
2,882
2,364
13,600
4,082
13,505
8,371
7,343
51
32
41
17
133
Quanah Acme A Pacific..
91
112
86
110
6,859
3,577
2,010
5,565
6,940
1,859
5,548
27
Texas A New Orleans..
6,974
2,316
6,395
164
150
159
153
Texas A Pacifio
4,262
4,041
657
721
823
985
924
Terminal RR. Ass'nofSt. Louls.
2,498
2,519
3,917
1,696
4,061
2,322
2,976
4,063
17,940
864
867
814
1,037
163
242
55
56
4,324
4,485
4,039
2,341
1,018
2,695
74
21
31
42
,32
327
271
204
264
253
1,232
1,512
1,286
561
51,240
47,347
48,075
56,740
Group B—
Alabama Tennessee A Northern
Atlanta Birmingham A Coast..
342
Atl. & W. P.—W. RR. of Aia..
Central of Georgia
Columbus & Greenville
Florida East Coast
Note—Figures for 1934 revised.
* Previous figures.
a
Not available,
Central RR.
Wlchita Falls A Southern
205
Weatherford M. W. A N. W...
Total
523
of basic commodity prices, as shewn in
Daily Index of Staple Commodity Prices, rose
on
Friday of last week to 169.8 this Thursday.
The principal advances were realized in
prices of hides,
hogs and wool, accompanied by more moderate rises for
THE
"ANNALIST"
WEEKLY
average
8mall declines occurred in the
prices of wheat, silk, steel and corn.
Copper, lead, silver,
coffee and sugar remained unchanged.
The movement of the index
during the week, vith com¬
parisons, is as follows:
Fri.,
3
169.2
Sat.,
Mon.,
Tues.,
Wed.,
4__
168.9
2 weeks ago, Mar. 27
Month ago.
Mar. 9
6
7
8
9
10
168.8
Year ago,
April
April
April
April
April
Thurs., April
Fri., j
April
168.8
169.6
..169.8
169.6
170.9
Apr.
9
1935 High—Oct. 7-9
—
Low—Mar. 18
1936
High—Feb.
Low
Holiday
—
148.4
171.8
14—
Jan.
153.1
175.3
WHOLESALE
3,464
48,804
Michigan
COMMODITY
(1913=100)
Apr. 7, 1936
Farm products
Mar. 31,
117.3
_
Food products
1936
Apr. 9, 1935
117.5
121.8
123.4
123.8
132.4
*108.6
al09.0
104.0
Fuels
173.3
173.1
Metals
110.4
110.0
109.7
111.8
111.8
111.8
98.2
98.2
98.6
85.6
85.6
79.2
124.2
124.4
125.6
Textile products
Building materials
'
Chemicals
Miscellaneous
r
All commodities.
*
.preliminary,
158.8
.
b All commodities on old dollar basis
a Revised,
.
73.5
_
b Based
on
exchange
73.8
74.7
quotations
for
France,
Switzerland, and Holland, Belgium included prior to March, 1935.
Wholesale
of
167.2
4
OF
2,418
15,128
PRICES
Moody's
cocoa.
,
INDEX
PRICES.
from 169.2
rubber and
1,893
b Includes figures for the Boston A Albany RR., the C. C. C. A St. Louis RR., and the
Moody's Daily Commodity Index Advances Moderately
cotton,
154
267
4,274
13,767
Missouri-Kansas-Texas Lines..
St. Louis-San Francisco.
St. Louis Southwestern..
The
840
105
366
Natchez A Southern
Total
251
Commodity Prices Down 0.1% During Week
April 4 According to United States Department
of Labor
"Annalist"
Weekly Index of Wholesale Commodity
Prices Again Lower During Week of April 7
Further weakness in the grains and in cattle and beef was
responsible for a decline of The Annalist Weekly Index of
Wholesale
Commodity Prices to 124.2
March 31.
The index is
now
the lowest since July 23.
has been under way since the
pects
April 7 from 124.4
on
The "Annalist" added
The decline of the index that
beginning of the
year
reflects largely the
of increased grain and live stock supplies,
drought
are
grains except
gradually recovered.
rye were
In
the
current
as
the
week's
losses
pros¬
from
decline
all
the
the
lower, together with flour, steers, beef, pork, lard, cot
ton, wool, silk and tin.
Butter and eggs, on the other hand, advanced, as
did potatoes, cocoa, coffee and certain steel products.
¬
A moderate decline of 0.1
% marked the trend in wholesale
commodity prices during the week ending April 4, according
to an announcement made
April 9 by Commissioner Lubin of
the Bureau of Labor Statistics of the U. S.
Department of
Labor.
In his announcement, Mr. Lubin stated:
as
The decrease brought the all
commodity index to 79.2, which is the same
in the corresponding week of last
year.
Compared with a month ago, the
a decrease of 0.6
%.
index shows
The
groups
farm
products,
hides
and
leather
products,
declined during the week.
and
textile
products
Fuel and lighting materials, metals and
building materials averaged higher.
Foods, chemicals
and drugs, housefurnishing goods and miscellaneous
commodities remained
metal products, and
unchanged at the level of the preceding week.
Financial
2406
also advanced
farm
(non-agricultural)
All commodities other
and 22 advanced; in the
preceding week, and also in the second preceding
week, there had been 24 declines and 24 advances.
and
Finished products
fractionally.
Industrial commodities (all commodities other than
slightly.
products
rose
WEEKLY WHOLESALE
articles re¬
and semi-manufactured
processed foods)
1936
11
April
Twenty-four price series included in the index declined during the week
1.3% below the corresponding week of last month.
than farm products
Chronicle
the week interval and are now
Raw material prices declined 0.4% during
Compiled
COMMODITY PRICE INDEX
1926-28=100
the National Fertilizer Association.
ny
mained steady.
The
Per Cent
following id also from Mr. Lubin's announcement:
The farm products group
sale prices of oats, rye, wheat, steers,
New York market,
light hogs, lambs, live poultry in the
Total Index
28.6
apples,
corresponding week of
Following
78.5
81.0
75.5
72.8
82.8
93.1
87.4
99.8
73.5
73.7
74.4
65.0
64.4
62.3
62.9
Grains
70.3
70.2
75.4
82.3
Livestock
75.8
76.2
76.6
16.4
Fuels
80.6
80.6
80.7
75.1
10.3
Miscellaneous commodities._
71.9
71.9
71.6
68.5
Textiles
68.6
68.9
67.9
64.8
82.4
7.7
6.7
Metals
82.5
83.1
81.8
and
5.8
Building materials
Chemicals and drugs
77.7
77.7
76.9
78.8
1.3
94.2
94.2
94.9
94.4
0.3
Fertilizer materials
65.1
65.3
65.3
0.3
Mixed fertilizers
71.4
71.4
71.9
76.1
Farm machinery
103.0
103.0
102.7
101.6
76.7
77.0
76.9
77.0
binder twine.
products group continued downward because of
hides and leather
lower prices for men's work shoes, cow hides and
A sharp in¬
0.3
0.2% during the
100.0
sole leather.
The index for the metals and metal products group rose
fixtures were unchanged.
Advancing prices of Pennsylvania fuel oil, California gasoline and kero¬
caused the index for the fuel and lighting
A seasonal reduction
shown in
was
materials group to rise 0.1%.
prices of bituminous coal.
In the building materials group minor
decreases in the sub-groups of brick
and tile and paint and paint materials were more
crease in
the sub-group of
mained firm.
lumber.
than offset by an 0.7 % in¬
Prices of structural steel and cement re¬
The index for the building
0.1%.
materials group, as a whole, rose
/
■.
The
remained at 79.7% of the 1926 average or
wholesale foods group
Sharp declines in the sub-groups of
nearly 4 % below the level of a year ago.
in
fruits and vegetables, meats, and other foods.
Individual food items for
which higher prices were recorded were powdered milk, prunes, bananas,
canned string beans, lamb, mutton, cured and fresh pork, veal, copra,
dairy products and cereal products wrere counterbalanced by increases
for butter, cheese, flour, corn,
prices were shown
The Edison Electric Institute in its weekly statement dis¬
closed that the production of electricity by the electric light
and power
industry of the United States for the week ended
1936, totaled 1,916,486,000 kwh.
Total output
for the latest week indicated a gain 12.7% over the corre¬
sponding week of 1935, when output totaled 1,700,334,000
April 4,
kwh.
Electric output during the week ended March 28 totaled
1,867,093,000 kwh.
This was a gain of 9.0% over the
1,712,863,000 kwh. produced during the week ended March
30, 1935.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
meal, dried apricots,
canned baked beans, lard, and cottonseed oil.
materials
Average prices of drugs and pharmaceuticals and fertilizer
Mixed
Chemicals, mainly fats and oils, were higher.
slightly lower.
were
Week Ended
Week Ended
Week Ended
Week Ended
Apr. 4 1936
Mar. 28 1936
Mar. 211936
Mar. 14 1936
New England
Middle Atlantic
7.2
2.8
10.4
11.6
10.9
13.6
_
1.4
13.0
Central Industrial.
fertilizers remained steady.
6.7
7.3
10.2
8.7
Average prices of both furniture and furnishings were
stationary.
Wholesale prices of crude rubber
oil also averaged lower.
West Central
10.0
11.2
12.7
Southern States
12.0
10.0
10.1
10.3
Rocky Mountain
16.9
16.2
13.9
15.0
Pacific Coast—
82.7% of
goods group remained at
the housefurnishing
for
The index
the 1926 average.
13.1
16.5
13.6
12.4
12.7
9.0
8.0
10.0
12.3
Pennsylvania neutral
dropped 1.2%.
Higher prices for linseed meal and middlings caused
sub-group of cattle feed to advance slightly although cottonseed
the
Major Geographic
Regions
drugs group remained at the level of the preceding
The chemicals and
All groups combined
Weekly Electric Production Reached 1,916,486,000 Kwh.
Lower
granulated and raw sugar, edible tallow, and corn and peanut oils.
week.
65.2
Agricultural implements,
Wholesale prices of pig tin averaged lower.
iron and steel, and plumbing and heating
sene
v
reported in prices of calfskins.
was
week.
77.0
fell
Higher prices were recorded for way silk, raw jute,
averaged lower.
crease
76.0
Silk hosiery yarn, burlap, manila hemp, and cotton rope also
goods 0.4%.
The
Farm products
1.7% and cotton
Prices of woolen and worsted goods decreased
0.4%.
78.2
Cotton
22.3
It is 1.8% below the
four-week period of stability, the textile products group
a
1935
90.7
Cottonseed oil
month ago and 2.9% below a year ago.
a
1936
74.0
Fats and oils
The current farm products index—
and sweet potatoes.
Ago
Apr. 6
1936
77.3
Foods
Advancing prices, on the other hand, were re¬
76.3—is at the lowest point reached since early 1935.
Ago
28
1936
Year
Month
Mar. 7
Week
Mar.
Apr. 4
Group
ported for barley, corn, calves, cows, heavy hogs, live poultry at Chicago,
cotton,
Preced'g
Week
Bears to the
lemons, oranges, fresh milk at Chicago, seeds,
eggs,
white potatoes, and wool.
Latest
Each Group
declined 0.7% due to sharp decreases in whole¬
Total United States.
meal
DATA
FOR RECENT WEEKS
declined sharply.
The
the Bureau
of
index
of Labor
Statistics includes 784 price series
weighted according to their relative importance in the country's
and is based
past 5 weeks and for April 6,
the
for
1935, April 7, 1934, and
April 8, 1933:
Feb.
1935
1,962,827
1,952,476
1,950,278
1,941,633
1,903,363
1,893,311
1,900,803
1,862.387
1,867,093
1,916,486
1...
8...
Feb.
Mar.
Apr.
Mar.
Mar
Apr.
Apr.
Apr.
4
28
21
14
7
6
7
8
1936
1936
1936
1936
1936
1935
1934
1933
76.3
76.8
Commodity Groups
Farm products
76.7
76.4
78.6
77.7
60.4
44.0
Foods
79.7
79.7
79.9
79.7
81.4
82.9
66.1
55.3
Hides & leather products-
95.1
95.3
95 3
95.5
95.7
85.6
89.5
68.5
Textile products
70.1
70.4
70.4
70.4
70.4
68.7
75.7
60.9
15.
Feb.
22-..
Feb.
29-..
Mar.
_.
7
Mar. 14
Mar. 21
1,762,671
1,763,696
1,760,562
1,728,293
1,734,338
+ 11.4
+ 9.7
1,658
1,724,131
+ 9.8
1.647
1,728,323 + 10.0
1,724,763
+8.0
1,650
1,658
Mar. 28...
Apr.
4...
Apr. 11
Apr. 18
materials.
76.8
76.7
76.7
77.2
77.3
74.1
72.6
62.9
Metals and metal products
85.9
85.7
85.9
85.9
86.0
85.0
86.5
76.7
Building materials—
Chemicals and drugs
85 3
85.0
84.3
79.1
79.1
79.0
79.0
79.4
80.2
75.5
71.3
Housefurnishing goods..-
82.7
82.7
82.6
82.6
82.7
81.9
82.5
72.3
68.2
68.2
68.2
68.2
68.2
68.4
69.7
57.6
of
65.5
commodities
Mlscell.
85.1
85.2
85.1
86.7
DATA
69.9
1934
1.712,863
1933
1932
1931
1930
1929
1.679
1,684
1.646
1,809
1,782
1,770
1,746
1,728
+ 12.3
1,455
1,483
1,470
1,426
1,423
1,391
1,375
1,410
1,402
1,399
1,410
1,431
1,589
+ 10.8
1,636
1,652
1.641
1,744
1,707
1,750
1,703
1,687
1,683
1,680
+ 10.7
+9.0
1,666
1,700,334 + 12.7
1,725,352
1,701,945
1.642
Month
Fuel & lighting
in Millions of Kilowatt-Hours
Ch'ge
1936
Feb.
Mar.
Weekly Data for Previous Years
P. C.
Week of-
table shows index numbers for the main groups of com¬
The following
modities
markets
for the year 1926 as 100.0.
the average
on
(Jn Thousands of
Kilowatt-Hours)
FOR RECENT
1,617
1,673
MONTHS
1,579
1,545
1,612
1,520
1,638
1,638
1,515
1.480
1,465
1.481
1.680
1,633
1,664
1,676
1,682
1,689
1,680
1,647
1,641
1.723
1,708
1,715
1,470
1,676
1,733
1,736
1.722
1,726
1,718
1,699
1,663
1,697
1,709
(THOUSANDS OF KWH.)
*
P.C.
1936
1935
1934
Ch'ge
1933
1932
1931
All commodities other than
78.8
78.8
78.8
farm products and foods
79.0
79.0
77.2
78.7
Jan
8,664,110
7,762,513 + 11.6
7,048,495
7,500,566
Feb
All commodities other than
79.9
79.8
79.9
79.8
80.1
79.3
76.0
63.6
76.9
farm products
Raw materials
77.2
77.4
77.2
77.9
*
*
*
74.5
74.5
74.5
74 6
74.7
*
♦
Seml-manuf'd articles
*
81.3
81.2
81.2
81.2
81.6
*
*
♦
Finished products
79.7
79.2
73.3
60.1
March
.
April...
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,621,201
May...
June
July...
All commodities
*
79.3
79.3
79.2
79.2
August-
Sept
Not computed.
Oct
Nov
Dec
Commodity Prices During Week
Decrease in Wholesale
of
ReportedJby^National Fertilizer Asso¬
April 4
Total.
7,384,922
7,160,766
7,538,337
93,420,266
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
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
85,564,124 80,009,501 77.442,112 86,063,969
Note—The monthly figures shown above are based on reports covering
approxi¬
ciation
mately 92%
commodity prices was
according to the
index compiled by the National Fertilizer Association.
The
index dropped to 76.7% of the 1926-28 average from 77.0 in
the preceding week.
A month ago the index was 76.9 and a
year ago 77.0.
This is the first time since the upward trend
of commodity prices began in early 1933 that the price index
has been under the corresponding week of the preceding
year.
In an announcement issued April 6 the Association
The
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
level
general
wholesale
of
based
on
of the electrlo light and power Industry and the weekly figures
are
about 70%.
somewhat lower in the week ended April 4,
also had the
The decline
drop in the
mixed
were
of
the
all-commodity index last week was
largely due to a
Foodstuff price trends
during the week, with 10 items included in this group advanc¬
index representing food prices.
ing and 10 declining, but the effect of fairly substantial declines
in several
index moving
slight decline occurred in the farm products index, caused
to a large extent by lower quotations for cattle; hog prices were slightly
higher, as were also most grains and cotton.
The farm products index
reached a new low for the year, and also the lowest level since last June.
A moderate downturn in the textiles index was brought about by lower
of
the
more
downward.
prices for
rise
in
decline
heavily
items resulted
weighted
in the
group
A
cotton
the price
during
goods, wool,
of
raw
the
burlap and silk,
week
was
which
more
than offset a
The only other group index to register a
cotton.
that
representing
the
fertilizer
tankage
The metals index
price
of
materials, which fell off slightly as a result of a drop in the price of
more
than
moved
offsetting
a
slight
rise in cottonseed meal.
upward slightly, reflecting
an
Building construction activity in February was slightly
the January level, according to Secretary of Labor
below
Frances^ Perkins.
of
following to say:
group
Building Operations in United States During February
—Secretary of Labor Perkins Reports Activity
Slightly Below January.
advance in the price of tin.
"Compared with January, the total value
building permits issued in the principal cities of the coun¬
try shows a decline of 1.4%," Secretary Perkins said.
"This
decline was due entirely to relatively sharp decreases in
the value of permits issued for new non-residential build¬
ings and for additions, alterations and repairs to existing
structures.
These decreases, however, were largely counter¬
balanced by a vigorous upturn of 15% in the value of
per¬
mits issued for new residential construction."
According
to an announcement issued March 28 by the United States
Department of Labor, Secretary Perkins also stated:
Although falling somewhat short of January, the February rate of build¬
was still
far above the level of a year ago.
The total
ing construction
value
the
of
permits
issued
during February shows
corresponding month of
1935.
This gain
an
was
increase of
shared by
construction, but the greatest improvement
was
which
February 1935.
shows
an
increase
of
189.5%
over
in residential
86.8%
over
all types
of
construction,
For
new
non-
Financial
Volume 142
construction
residential
year
and
the
increase
corresponding month of last
the
over
70.6% and the value of permits issued for additions, alterations
repairs to existing structures shows a gain of 26.7%.
was
than
ago
Labor
Department:
The
figures below are based on reports received by the Bureau of Labor
from 1,415
The
cent,
per
identical cities having
change
of
different types
January
from
a
a
year
awarded1
contracted
February
of
each
for
the
The indications
I
Change for Jan. to Feb. 1936
+18.7
—24.4
More
and
Est. Coat
+15.0
—11.7
Number
Type of Building—
on
daily average basis,
a
Total
70% larger than
The privately-financed
the largest since the
were
was
particularly marked in retail
have been
trade revival
of
With three weeks of bad weather in February,
nevertheless increased 13% over February, 1935.
this increase is attributable to the extra day this year,
reports and automobile sales.
store
department
New residential
for,
March
of
96% larger.
residential contracts
and
ago
the first half
during
early stages of the depression.
population of 2,500 or over.
to
of construction is indicated:
agricultural implements and electric
from
Likewise, the building figures are showing the gains anticipated.
work
Statistics
Reports
other.
any
equipment are all favorable.
contracts
The following is also from the announcement of the
2407
Chronicle
half
than
sales
of
however, the figures
Chain store
up 7^%.
Preliminary figures indicate that outside the flood
gains have been exceeded' in March.
In New York City depart¬
sales were up over 11% during the first half of the month, and
February
last
year
was
good
not too
month;
a
—7.5
and repairs
Total
The
of
percentage
change
in
—1.4
comparison with the
same
last
month of
Type of Building—
New non-residential
—6.5
Total
-
in
collected
by the
Bureau
of
increase
in
general
considerably greater.
equaled
fully
has
trade
the
in
increase
production, there is no evidence that excessive inventories are accumulating.
Increase in
+86 8
In
statistics
the
Department Store Sales from February to
of Federal
March Reported by Board of Governors
Reserve System
include, in
addition to private construction, the number and value of buildings for
which contracts were awarded by Federal and State Governments in the
cities included in the report.
For February 1936 the value of permits
issued for public buildings amounted to $20,565,000; for January 1936-,
$11,073,592; and for February 1935, $5,380,000.
Dwelling units will be provided for 6,691 families in the new house¬
keeping dwellings for which permits were issued in February.
This is an
increase of 125 per cent, as compared with February of the previous year.
Permits were issued during February for the following important building
projects:
In the Borough of the Bronx, for apartment houses to cost over
$1,000,000 and for a school building to cost $1,300,000; in Brooklyn, for
apartment houses to cost $900,000 and for factory buildings to cost over
$500,000 ; in Topeka, Kan., for a school building to cost over $600,000;
in Baltimore,
Md., for a school building to cost nearly $1,300,000; in
Nashville, Tenn., for a public building to cost over $1,700,000; in Oklahoma
The
other cities the increase has been
numerous
+26.7
+4.5
Additions, alterations, and repairs
these
Since
Change from Feb. 1935 to Feb. 1936
Number
Est. Cost
+116.2
+189.5
—10.1
+70.6
New residential
were
ment store
is shown, by type of construction, in the following tabulation:
year
slightly better than in January after seasonal allowance.
sales
—11.8
—5.6
Additions, alterations,
were
areas
New non-residential
Labor Statistics
announcement issued
April 10 the Board of Governors
System states that "department store
sales increased from February to March by considerably
an
of the Federal Reserve
than
more
seasonal
usual
the
and
amount
Board's
the
index, which makes allowance for seasonal changes, advanced
from 80% of the 1923-25 average to 88%."
The following
is also from the announcement:
Total sales for the month of March as well as for the first quarter of the
9% larger than for the corresponding periods of last year.
year were
REPORTS BY FEDERAL RESERVE DISTRICTS.
Number
P. C. Change from Year Ago
Number
of
of
Jan. 1 to
Stores
Cities
March*
Mar. 31
Reporting
Included
+ 10
Federal Reserve Districts
+ 11
50
29
+8
+9
63
27
+ 12
+ 11
30
Cleveland
+ 1
+7
27
12
Richmond
+8
+ 10
55
24
Ore., for stores and
Atlanta
+9
+ 11
32
18
Ore., for
Chicago
for
Okla.,
City,
a
municipal
auditorium
to
cost
in
$1,000,000;
over
Dallas, Tex., for stores and mercantile buildings to cost nearly $1,800,000;
Tex., for school buildings to cost over $2,700,000;
in Houston,
a
in Portland,
mercantile buildings to cost over $650,000 ; in Salem,
school building to cost over $500,000.
Contracts were awarded
by the Housing Division of the Public Works Administration for a project
in
Fla.,
Miami,
to
of
Contracts
$900,000.
cost over
Division
Procurement
the
United
States
awarded
were
Treasury
by
the
for
Department
a
COST OF. BUILDING CONSTRUCTION, TOGETHER WITH
ESTIMATED
New York
Philadelphia
13
+9
+8
54
25
St. Louis
+5
+7
36
20
—
Minneapolis
City
+7
+6
42
Kansas
+7
+7
21
Dallas
+9
+ 13
22
9
+ 13
+ 11
86
31
+9
+9
508
243
San Francisco
Santa Barbara, Calif., to cost over $300,000.
post office building in
Boston
Total
21
14
I
FAMILIES PROVIDED FOR IN NEW DWELLINGS,
THE NUMBER OF
♦
March
Saturdays as
in most cities the month had the same number
last year, but in March this year there were four
compared with five a year ago.
.
Lumber
IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, JAN. AND FEB. 1936
Production for Four
1,415 IDENTICAL CITIES
IN
figures preliminary;
of business days this year and
New Residential Buildings
Families Provided for in
New Dwellings
Estimated
Cities
Geographic Division
Cost
Jan. 1936
Feb. 1936
135
Middle Atlantic
East North Central.
South Atlantic
12,735,965
11,238,980
320
_
199
911,396
149
229
1,425
mills for the four weeks'
period ended Feb. 29, 1936, as reported by the National
Lumber Manufacturers Association on April 8:
An
106
833
945
160
127
of 551
the National Lumber
mills reported as follows to
177
2,734,460
386,878
5,741,279
average
951
50
290,729
91
2,260,461
541,009
5,411,177
145
1,415
Percentage change...
$38,969,192
+ 15.0
$8,063
$33,874,084
Trade Barometer for the fotur weeks ended March
Production
$7,801
Softwoods
and
Estimated
Repairs),
Estimated Cost
Cost
1936
1935
1936
1935
615,021
28,292
848,960
37,937
680,764
30,887
877,254
38,649
697,531
30,018
839,683
Total lumber
(Including Alterations
Cities
1935
806,010
33,673
...
Total Construction
Buildings,
Orders Received
Shipments
1936
Hardwoods
+3.4
28, 1936:
CIn 1,000 Ft.)
643,313
886,897
711,651
915,903
1,647
1,534
New Non-Residential
Geographic Division
25%
up
We give herewith data on identical
1,501
3,507,838
334,835
.
Pacific—
Weeks Ended March 28
31%—Shipments
2,025
586,057
Mountain
Total
10,196,090
5,320,264
46
Central
102
2,203
1,551
$1,252,757
8,808,551
163
-
East South Central..
West South
Jan. 1936
131
Central.
West North
$584,550
334
New England
Feb. 1936
Gains
Production
during the four weeks ended
March 28, 1936,
727,549
as
reported
by these mills, was 31% above that of corresponding weeks of 1935, and
22% above the record of comparable mills during the same period of 1934.
Jan.
Feb. 1936
1936
Feb.
1936
Jan. 1936
Softwood cut in 1936 was 31% above that during the same weeks of 1935
and hardwood cut was 19% above output
145
6,163,861
$2,447,797
8,237,819
6,542,268
736,662
5,490,836
1,703,815
3,725,769
950,115
4,409,171
1,415
$30,237,011
$34,244,252
New England
Middle Atlantic
$1,012,049
4,415,224
135
334
East North Central..
320
West North Central-
131
South Atlantic
163
East South Central..
50
West South Central-
2,091,201
1,994,890
4,653,970
2,412,612
6,950,496
542,708
91
46
Mountain
Pacific
Total
$3,375,850
23,351,234
15,811,418
3,165,679
11,654,037
$86,644,274
3,254,053
10,014,196
1,519,593
14,498,214
12,384,721
$87,890,238
—1.4
—11.7
Percentage change—
$5,497,381
22,633,636
21,631,571
2,472,430
11,647,914
2,465,361
7,347.829
1,809.395
of the 1935 period.
Shipments during the four weeks ended March 28, 1936, were 25% above
those of corresponding
and hardwoods, gain
weeks of
1935, softwoods showing gain of 25%
of 23%.
Orders received during
the four weeks ended March 28, 1936, were 26%
above those of corresponding weeks of 1935
and 31% above similar weeks
Softwoods in 1936 showed gain in orders of 26% and hardwoods
of 1934.
gain of 29% above the corresponding weeks of 1935.
On March 28, 1936, gross stocks as reported
by 480 softwood mills were
3,427,100,000 feet, the quivalent of 131 days' average production as com¬
1935, the equivalent of 128
pared with 3,348,910,000 feet on March 30,
days' production.
Spring Season Viewed as Best in Six Years, According
to National City Bank of New York
"With due consideration of the difficulties, the view that
will be the best in six years is prevalent,"
says the National City Bank of New
York in its April
"Monthly Letter," issued April 2.
In part, it also says:
On March 28, 1936, unfilled orders as
reported by 480 softwood mills were
893,962,000 feet, the equivalent of 34 days' average production, compared
with 640,085,000 feet on March 30,
1935, the equivalent of 24 days' pro¬
duction.
the spring season
farm
purchasing power, the prospective larger government disbursements, and
improvement in the capital goods industries.
In all these respects the
development of the situation since the first of the year has been in accord
In
estimating the outlook
business men have put stress upon the
with expectations.
In the first two months of
000,000,
of
This
payments.
of which
which
only
compares
$122,000,000
1936
the cash income of farmers was $1,027,-
$1,000,000
was
received
as
rental
and
benefit
with $974,000,000 in the same period last year,
came
from the Agricultural Adjustment
Administra¬
will soon be made, followed in
by the payments under the new Soil Conservation Act, and the
total going to the farmer under various appropriations will exceed $750,000,000.
President Roosevelt has asked for a new relief appropriation of
$1,500,000,000, and of course the bonus payments will add further to the
tion.
due
due under the AAA
Payments still
course
Moreover,
all
figures Indicate
capital expenditures.
were
had
a
more
Employment and payrolls in the combined manufacturing
non-manufacturing industries surveyed monthly by the
United States Bureau of Labor Statistics showed but slight
change from January to February, Secretary of Labor
and
Frances
Perkins announced
than
greater gain
that
the industries
are
increasing their
Machine tool orders made a further gain in February
double the 1935 volume.
The machinery industry
of
employment in February as compared with a year
March
20.
"There
was
a
net
decline of 32,700 workers in these combined industries over
the month
interval," Secretary Perkins said.
"Weekly pay¬
other hand, were approximately $1,500,000
greater than in the preceding month." The Secretary added:
rolls,
A
on
the
comparison
shows
an
of
estimated
these industries
national income.
and
Slight Change Reported by Secretary of Labor Perkins
in Industrial Employment and Payrolls from Janu¬
ary to February
over
employment
gain
of
the year
in
nearly
February
1936
one-quarter
interval.
of
with
a
Weekly payrolls
February
million
were
1935
workers
in
approximately
$15,000,000 greater than in February 1935.
The
of
unusually
winter weather
which prevailed in practically all
February caused! a curtailment in several lines
manufacturing activity and also accentuated the usual seasonal recessions
sections
of
the
severe
country in
2408
Financial
in
employment
A
shortage of
shutdowns.
in
certain
anthracite
payrolls.
gains
extra
workers
gain
indicates
coupled
with
and
in
increase of
an
approximately
February.
shown
in
Manufacturing Industries—
The
in
several
aarlier
employment in
Small
durable
goods
attributable
usual.
In
non-durable
employed
in
in
operations
shown
the
group,
railroad repair
is
February
(92.1)
caused
gain
from
0.1%.
there
gain
there
in
of
goods
(1.8%),
began
tool
the
low
in
March
51.0
93.8
92.1
70.2
61.0
55.7
42.9
57.5
55.2
49.6
41.2
39.0
33.1
and
Stoves
95.7
z87.7
89.0
78.8
z64.6
63.3
57.7
z57.4
53.8
44.6
z45.3
37.6
91.4
z91.6
85.4
86.1
z90.9
77.3
72.0
73.2
63.3
72.5
73.5
59.2
139.1
146.1
122.5
124.0
130.2
114.2
92.6
92.5
82.0
79.3
78.3
64.1
136.3
133.9
92.7
165.3
162.0
100.9
115.5
113.7
102.1
100.6
100.0
82.0
71.4
72.1
67.5
60.9
61.3
55.0
112.6
59.9
non¬
0.3%
work
non¬
for
Tin cans and other tinware
Tools (not including edge
machine tools, files, &
the
tools,
saws).
Wirework
•Machinery,
em¬
including trans¬
not
portation equipment
Agricultural implements
Cash registers, adding machines
and calculating machines —
Electrical machinery, apparatus
workers
in
by
zl08.2
85.5
84.3
z81.2
80.1
79.1
72.0
68.4
66.7
Machine tools
103.6
102.4
76.9
96.4
94.7
63.2
Radios and phonographs
Textile machinery and parts..
194.7
Z213.1
186.0
114.0
Z126.2
103.2
70.8
69.5
64.8
64.0
62.3
52.6
79.5
the
water wheels
Foundry & machine-shop prods.
103.3
104.1
98.6
90.2
87.9
Z103.1
100.0
80.7
Z89.6
94.7
Aircraft
445.7
Z429.3
323-9
363.3
Z339.9
265.4
Automobiles
113.8
Z118.1
117.5
87.3
z99.7
110.3
the
Cars, electric & steam railroad.
in
shown
were
in
payrolls
reported
water
heating
which
increases
8.2
13.6
77.1
z77.2
59.7
58.2
55.9
52.9
57.9
52.2
48.0
continuing
The
1934.
absorb
of
increase
1.8%
more
the
February
1936
any
65.5
Z65.0
65.9
62.5
z60.8
59.7
55.2
51.9
57.7
51.7
47.2
89 .'4
81.6
72.5
72.7
63.7
82.0
81.2
76.8
76.7
74.6
66.8
87.2
87.6
80.8
70.3
71.3
63.2
93.0
91.1
78.0
81.1
74.8
62.9
Clocks
&
watches
and
time-
recording devices
Jewelry..
Lighting equipment
Silverware and plated ware
Smelting & refining—copper,
the
above
75.0
105.4
90.7
90.8
49.4
41.4
41.1
34.8
72.6
71.7
66.9
54.3
51.8
47.1
45.7
45.5
37.9
35.9
z36.1
25.3
32.7
24.8
25.2
21.4
98.1
98.0
96.3
55.2
60.5
54.2
51.0
50.8
49.6
38.5
38.0
30.0
31.0
25.7
19.0
20.0
15.0
Cement
38,0
38.0
37.8
23.8
23.4
22.1
Glass
93.8
92.0
91.7
83.8
82.3
75.6
21.7
22.3
22.6
13.6
14.4
14.4
67.7
66.3
71.4
53.1
48.8
50.3
96.1
34.8
products
Pottery
136.3,
level
recorded
in
industry
in
seasonal
declines
industry,
from
the
which
to February,
due largely to the recent
month
any
reported
were
beet
in
1936,
0.6%
was
cotton
0.6%
returns
Cotton goods
Cotton small
from
by
23,762
earnings
below
used
in
the
cover
more
In
the electrical
drop
a
1.0%, and
of
these
in
55% of the total
in
is
workers
The employment reports
than
90
indexes
3,885,645
the
Bureau
Labor
The
from
January
clusive
the
in
to
Bureau's
February
general
in
each
indexes
of
the
of
18
90.9
73.4
77.8
82.0
117.8
91.7
92.4
100.6
83.9
84.8
82.1
86.7
82.9
81.2
113.1
111.1
Z102.0
112.1
•
112.5
107.1
65.2
70.3
81.3
51.3
57.4
97.4
97.8
93.9
77.2
78.4
74.9
97.9
93.4
96.8
78.7
72.6
79.5
70.0
95.0
91.2
91.8
76.9
70.4
71.8
126.0
121.1
125.1
94.5
88.9
101.6
84.6
83.3
90.3
85.5
76.6
105.1
97.8
108.0
70.8
62.3
75.2
58.7
56.9
66.5
51.7
48.8
58.7
103.0
94.0
99.8
96.9
z85.8
95.7
Shirts and collars
90.5
89.8
91.6
80.0
z79.1
82.5
86.1
90.7
74.7
z72.7
79.2
96.3
Leather
88.4
88.2
Leather and its manufactures
Boots and shoes..
97.7
95.6
96.6
99.7
92.6
91.1
92.6
94.4
111.2
111.3
99.8
99.0
93.7
149.7
145.7
143.3
147.0
137.2
Butter
67.1
67.5
67.6
53.1
52.7
52.2
manufacturing
Canning and preserving
56.7
Z61.5
63.1
66.1
70.4
69.0
the
Confectionery
73.2
73.5
80.3
64.3
65.7
Flour
73.9
73.6
76.5
68.2
67.2
66.1
Ice
58.0
58.5
61.3
48.6
49.0
49.6
Slaughtering & meat packing-
81.7
84.9
87.2
73.8
z81.6
76.5
Sugar, beet.
Sugar refining,
28.4
Food and kindred products
three-year
received
were
whose
received
weekly
from
these
in all manu¬
wage
Statistics's
manufacturing
1919
years,
82.8
88.3
111.7
earners
to
industries
1936,
in¬
:
cream
84.7
87.3
'
37.6
35.7
31.7
37.0
83.8
70.3
37.1
cane
78.7
76.4
81.5
67.1
68.4
69.6
Tobacco manufactures
55.3
52.2
57.3
43.4
41.7
40.8
Chewing and smoking tobacco
67.0
Printing
and
72.6
65.0
67.6
66.7
50.2
55.3
40.6
38.4
37.5
98.2
97.5
96.7
88.9
88.2
84.4
84.9
84.6
77.5
76.3
76.5
109.2
Cigars and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
67.3
53.8
and snuff
monthly
following tabulation shows the percentages of change in employment
payrolls
78 5
110.2
Millinery
from
survey.
and
78.5
148.0
wage earners
of
96.7
Beverages
than 65% of the
more
91.7
84.5
Baking
computed!
are
February, 1936, reports
employing
included
industries
90
January;
payrolls
establishments
facturing industries of the country and
in
of
goods industries showed decreases
and
computing
100.
as
$83,056,573.
were
level
60.5
Men's furnishings
earlier
an
84.5
66.1
Clothing, women's
Corsets and allied garments-
employ¬
February,
in
z80 0
69.8
84.1
Wearing apparel.
steel works, rolling mill industry
the
employment
establishments
establishments
3.6%
z79.1
79.9
69.7
110.1
wares..
Clothing, men's
increased
reports
decline of
a
canning
in
81.1
97.2
77.2
Dyeing and finishing textiles
Hats, fur-felt..
sugar
goods mills (7.3%).
rayon
industry showed
representative
1923-25, taken
average,
February;
98.4
94.0
91.2
rugs
95.1
93.4
Carpets and
the cottonseed
sljift in production schedule to
supplies
factory
base
The
34.8
76.9
products
Fabric
since
respectively, in number of workers.
of
supplied
industries.
to
customarily
showed!
goods and woolen and worsted
and 0.4%,
indexes
The
Employment in
January
Employment in the blast furnace,
machinery, apparatus and
of
8.4%
fell
preserving (7.9%), and in silk and
February,
85.2
Non Durable Goods
Textiles and their
Knk goods
period.
34.4
63.5
Marble, granite, slate and other
since October,
Silk and rayon goods
Woolen and worsted goods..
1936,
48.0
90.4
52.9
industries in which decreases in employment were' shown
interval,
January
63.3
54.0
Brick, tile and terra cotta
the agricultural
The index of employment in this
1932.
stands
automobile
51.5
53.2
110.5
(8.6%), slaughtering and meat packing
from
57.4
49 3
52.5
53.5
(3.3%).
The
78.3
48.8
90.1
ware..
(24.5%), radios and phonographs
ment
73.6
67.5
than 400% in employment in this industry since
more
industry
68.3
66.7
Turpentine and rosin
expansion
employment index to
1936
70.6
83.0
66.4
Lumber, millwork
Lumber, sawmills
were:
employment index
in
69.6
82.2
71.6
109.2
lead and zinc
Stamped and enameled
Lumber and allied products
Furniture
workers, the gain
month
employment
in
43.4
Brass, bronze & copper products
of
apparatus
unbroken
51.8
89.4
1930.
month
repair shops
54.0
57.7
Sea¬
reported
were
10.9
72.8
Electric railroad
(4.1% each), engines, turbines and
(2.4%).
clothing
30.9
Nonferrous metals & their prods.
Aluminum manufactures
most
(18.0%).
43.6
20.5
Z83.9
Railroad
were
the
48.5
84.3
Steam railroad
48
50.6
24.1
Shipbuilding
of
index
(3.7%), and brick-tile-terra cotta
and
55.7
100.6
Typewriters and parts
Transportation equipment
of the prelimi¬
interval
hot
and
steam
February
to
October,
1936
oil-cake-meal
60.0
Structural & ornamental metal-
was
the
employed
with
industry
above the level recorded in
is
gain of
point,
the
25.6
Plumbers' supplies
Steam & hot-water heating ap¬
Stone, clay and glass products...
November
Among the 42
over
63.8
32.8
49.6
(4.4%), book and job printing (1.9%), knit
(1.3%), foundries and machine shops (1.2%),
January
in
February
75.3
■if,
52.6
(9.0%), men's furnishings (7.6%),
industry continued to
seasonal
a
34.2
64.9
reported in the following indus¬
were
implement industry raised the February
indicating
71.9
48.6
52.1
issued
increases
the month
over
(9.6%), stoves
furniture
industry
The
78.0
53.2
51.2
(1.0%).
from
this
85.0
54.3
52.6
repair shops
machine
1930.
and
locomotive
importance in
major
railroad
for
63.8
83.7
65.2
(4.0%), millinery (3.1%), and boots and shoes
1.2%
59.0
z68.0
78.4
the February payroll
and
February
surveyed
(7.3%),
cigarettes
Steam
of
64.4
68.3
56.2
1,000
921
compared
January to
The
(4.2%), men's and women's
which
65.3
72.9
61.1
index
every
were
83.3
index
number of workers
and
and sawmills
70.7
77.1
57.4
increase of 2.3%, and the February 1936
employment
cigars
The
index to
industries
Shirt& and collars
Industries
75.8
76.6
79.6
745 workers
were
announcement
an
an
fronf
tries:
tractors
76.0
including machinery
67.4
gain of 4.6% over the February 1935 index (69.1).
a
industries.
48
in
increases in
sonal
82.6
reduction
a
of
These gains raised the level
(81.4) shows
manufacturing
pronounced
82.3
Locomotives
employment
shown
also
82.7
80.1
1,000 workers employed
every
indicates that for
employment
1936
payroll index shows
90
94.2
56.6
while in
shops,
employment
100)
1923-25
in
employment
1936
February 1935
the
Z92.1
66.2
72.3.
February
in
92.7
supplies
Engines, turbines, tractors and
February
Gains
58.6
and
payrolls increased
to
69.1
64.3
Hardware
in
began
due primarily to seasonal gains in the
was
(1923-25 equals
group
following
The
72.2
64.1
Cutlery (not incl. silver and
plated cutlery) & edge tools.
Forgings, iron and steel
Manufacturing Industries
index
72.3
69.4
Bolts, nuts, washers and rivets.
Factory employment increased 0.4% between January, and February 1936,
nary
81.4
z74.5
not
United States Department of Labor (office of the Secretary)
on March 20:
and
z83.0
rolling mills
1936.
The
1935
Blast furnaces, steel works, and
many
industry
this
both the durable
in
(74.5) indicates that for
this
1936
paratus and steam fittings..
in
decreases
troubles also
Labor
The
industries
goods
in
February
1936
Iron and steel and their products,
February 1936, while the February index of employment in the
ployed in
Feb.
1935
Cast-iron pipe
from
payrolls
fact that heavy production
durable
the
gains
period
Jan.
1936
Durable Goods
substantial gains had been
years
The
were
industries.
index-base
xFeb.
74.7
January
from
and
restricted
to
the
to
the gain of 0.7%
apparel
Feb.
83.3
plants in February.
to
Jan.
Durable goods
not as large as have been generally
are j
instances.
than
groups.
durable goods group
the
All industries
number of factors retarded the customary
a
largely
some
largely
durable group
wearing
all
in employment
gains
over
gains
show
employment
factory
February of previous
due
are
months
February
the month
to
Employment and payrolls in the automobile industry
practically
1936
normally
addition
In
years.
in
whereas
in
January
from
in weekly payrolls represents an increase
payrolls
increases
preceding
February
Payrolls
xFeb.
Non-durable goods
and
plants due to weather conditions,
reported
1923-1925=100)
Employment
and
to main¬
$125,000.
February expansion.
declined
average
in¬
conditions
time required
28,000 workers
than
more
January to February 1936, however,
in
weather
severe
employment
factory
slightly
Factory employment
in
the
(Three-year
companies reported tire
bus
motor
to
MANUFACTURING INDUSTRIES
weather
sharply
1936
IN
1936
0.4%
of
interval, while the gain of 0.1%
to
however,
OF EMPLOYMENT AND PAYROLLS
operations.
The
of
mining,
due
April 11,
INDEX NUMBERS
temporary plant
coal
payrolls due to extra
gains in
of
cause
Chronicle
operations.
employment,
in
Electric railroad
of
substantial
the
was
bituminous
quarrying
and
construction
localities
and
brought small
employment
showed
tain
private building
fuel
In
conditions
creased
in
108.7
108.7
93.4
91.7
86.8
84.1
publishing—Book
and Job
Newspapers and periodicals...
90.5
88.9
89 3
81.6
81.4
78.1
101.7
101.0
98.0
94.6
94.1
88.8
109.1
Z109.7
109.4
97.5
97.9
93.2
Chemicals and allied products, &
Employment
In¬
Year
1919
1921
1925
—
1926
—
1927
—
In
and
1928—
2.1
1930—
.1
2.5
1931
1932..
1.2
1933-
1.5
19341925—
1.9
1.0
_
_
-
—.
1.5
the
table
Year
_
-
-
'/
De¬
crease crease
1920—
1921-
Year
-
-
-
1928..
1929—
1.8
1930—
3.0
6.1
1922—
-
-
«.
—
4.0
1931
1923—
3.5
1932-
2.1
5.4
1933-.
6.0
1925—
5.7
1934..
12.2
3.2
1926—
4.1
1925-
are
1927—
presented the
6.1
indexes
1936—
of
_
91.0
67.3
73.5
70.7
68.5
75.6
68.9
97.7
97.6
102.4
94.2
95.3
88.6
86.8
89.3
80.8
75.8
75.5
94.1
92.8
120.3
76.8
79.5
91.1
107.2
107.1
102.2
93.5
91.8
83.7
-
Rayon and allied products..
Soap
—
—
347.2
260.8
_
_
-
'
Petroleum refining
Rubber products
.
—
.1
factory employment
1935:
99.7
—
7.6
.4
97.5
99.9
Fertilizers
—
1.8
payrolls for February, 1936, January, 1936, and February,
—
97.2
102.8
Paints and varnishes
6.8
109.9
Druggists' preparations
Explosives
5.4
1.5
110.0
107.4
Cottonseed—oil, cake & meal
crease crease
6.0
-
109.1
107.1
Chemicals
De¬
In¬
1924—
1936—
following
i,
.9
—
1.8
In-
1919..
1.6
1929..
1.3
-.
..
De¬
crease crease
2.0
-.
1923
1924
Year
1.0
__
....
..
1922
In¬
3.1
—
—
1920
De-
crease rease
petroleum refining
Other than petroleum refining..
Payrolls
Rubber boots and shoes
Rubber goods, other than boots,
shoes,, tires and inner tubes..
Rubber tires and inner tubes__
x
92.5
97.9
353.6
346.8
264.4
252.3
96.4
97.1
102.1
94.5
94.9
94.3
108.7
Z108.7
107.3
98.5
Z99.5
81.9
z82.0
84.2
69.1
a70.2
71.9
57.9
z59.2
59.1
49.8
z53.2
49.4
126.8
125.8
123.9
110.7
110 9
104.9
70.2
70.5
75.3
59.0
59.9
65.7
February 1936 indexes preliminary, subject to revisions,
z
Revised.
95.3
Financial
Volume 142
identical
Non-Manufacturing Industries
Gains
number
in
of
workers
shown
were
anthracite
in
March
bituminous
and
hotels,
These gains, however, were not
mining, metalliferous mining,
sufficiently large to offset the losses reported in the remaining
facturing industries surveyed.
establishments
trade
Based
proximately 28,000 fewer employees
in
ments
February than
this decline
in the
was
in the
preceding month.
Last
week's
ap¬
portion
major
The
general merchandising group,
date
a
the
or
year
as
days'
34
883,798,000 feet on
production, com¬
25 days' average pro¬
average
equivalent of
ago.
V
I
V
!
Identical Mill Reports
feet, and
working in retail trade establish¬
were
feet,
632,054,000
similar
on
orders
unfilled
report
the equivalent of
or
non-manu¬
estimated that
is
1936,
with
duction
49,754 retail
reports supplied by
on
776,405 workers, it
employing
mills
softwood
28,
pared
electric railroad nad motor bus
operation, insurance and brokerage offices.
coal
2409
Chronicle
a
219,318,000
of
feet and
which is composed of
201,305,000
production of 473 identical softwood mills was
it was 152,281,000 feet; shipments were, respectively,
year ago
187,681,000
and
feet
orders received,
and
feet,
224,815,000
173,872,000 feet.
department, variety and general merchandising stores and' mail order houses,
and
which there
in
was
estimated
an
continued cold weather also caused
decline
of
24,000 workers.
over
The
Entries
sharp reduction in employment in the
private building construction industry.
With the exception of the decrease
of approximately
10,000 workers in wholesale trade establishments and
workers
2,400
The
16
ment
from
January,
12-month average for
index numbers
the
quarrying
and
remaining industries
non-metallic
were
industry,
mining
Tons
the
earlier years
1929 is used
of
1935,
the index base,
as
the non-manufacturing
shown
are
below.
The Sugar Section of the
The
Information
FACTURING INDUSTRIES IN FEBRUARY 1936 AND
WITH JANUARY 1936 AND FEBRUARY 1935
the
quantity of sugar charged against the 1936 quotas for
Cuba, the Philippines, Puerto Rico, the Virgin Islands and
Hawaii
during the first quarter of 1936 amounted to
1,635,448 short tons raw value.
Regarding its report, the
NON-MANU¬
COMPARISON
Sugar Section also had the following to
This report includes
Employment
Payrolls
the
Index
Feb.
Jan.
Feb.
aFeb.
Jan.
Feb.
1936
1935
1936
1936
85.0
—0.7
80.0
.
—0.9
86.3
.
Retail
—3.4
+0.4
+ 1.0
+0.1
General
merchandising.
certified for
66.6
+b
+3.1
61.6
—0.8
74.0
—3.6
+3.9
+2.4
•
78.3
—0.1
+ 1.3
59.0
—0.2
+4.3
69.9
—0.2
—b
76.2
+ 1.7
+4.6
86.1
—b
+4.7
84.7
—0.1
+8.3
Public Utilities-
manufactured gas
Electric-railroad
&
figures
Included
bus operation and maint
Mining—Anthracite
71.7
+ 1.0
68.3
—5.0
76.7
Bituminous coal
80.2
—1.1
78.5
Metalliferous
55.5
+ 1.4
+3.6
+0.6
+2.3
+25.3
42.8
+5.1
+41.0
+ 11.2
+2.4
Quarrying and nonmetalllc
Crude petroleum producing
36.9
—6.2
—0.9
23.9
—6.0
+ 7.8
70.6
—0.7
—4.8
55.3
—0.7
+0.8
82.8
+ 1.1
+2.1
C66.5
+2.4
—0.3
67.8
—0.7
—1.6
49.0
—5.1
after
originally
sugar
charged
outturn-weight and
final
against
the
bond
entered under
in
quota
1936
December
pursuant to the provisions of General Sugar Order No. 1, Revision
61.2
+8.2
+ 19.2
+ 18.8
+42.9
bond requirements,
with
ance
of
areas
tons
first
are
1935,
1.
This
being tendered to the Customs authorities in January, in accord¬
origin of the
Pacific
at
charged against the 1936 quotas for the
was
Of the total of 127,574 tons, 30,705 tons were
sugar.
coast
ports and
96,869
tons
—1.6
+4.6
change
to
quantities
at
These
Atlantic ports.
+5.8
70.3
+2.0
+ 1.0
+22.6
+ 1.0
of
above
+4.7
81.2
subject
are
the
in
127,574 tons
entered
motor-
actually entered before April 1, 1936, all quantities
polarization data for all importations are available.
sugar, upon
Telephone and telegraph..
Electric light & power &
entered' from those areas prior
as
pertaining to full-duty countries include,
The statistics
entry, including such certified quantities in transit on April 1,
The
1936.
Other than general mer¬
chandising
addition to the sugar
1936.
1935
1936
Trade—Wholesale.
April 1,
say:
from Cuba, the Philippines, Puerto Rico,
sugars
Virgin Islands and Hawaii recorded
to
P. C. Change From
Index
all
in
P. C. Change From
a
the Jones-Costigan
The report shows that
Sugar Control and Allotment Act.
for
(Average 1929=100)
Industry
Agricultural Adjustment Admin¬
April 3 its third monthly report of 1936
on
the status of the sugar quotas under
on
is not available from the Bureau's records:
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN
Imported from Off-Shore Areas During First
istration issued
100, in computing
or
industries.
Quotas
Sugar into United States Against
Jones-Costigan Sugar Act—1,635,448 Short
Three Months of 1935
not of appreciable volume.
and February,
1936,
of
Under
non-manufacturing industries surveyed, with indexes of employ¬
payrolls for February, 1936, where available, and percentage
and
changes
the
in
the
decreases in
a
Services—
Hotels
(year
round)
Laundries
»
Dyeing and cleaning
Brokerage
d
Insurance.
d
B uilding[cons true t Ion....
Preliminary,
a
+3.6
+0.1
d
d
d
—8.6
—15.7
+2.0
—19.9
—6.2
b Less than 0.1 of 1%.
c Cash payments only; value of board,
d Data not available for 1929 base.
room, and tips cannot be computed,
from
The
Puerto
Rico, and 12,522 tons from the Philippine Islands.
charged against the principal off-shore areas
quantities
three months of
1936
are
follows
as
(tons
Amounts
1,852,575
998,110
801,297
941,199
5,264
Cuba.
Philippines...i..........-—.i-..Puerto Rico
Tlie lumber
March 28,
1936, stood at 61% of the 1929 weekly average of production
and 68% of 1929 shipments.
Reported production, though
less than the preceding week, and shipments and new busi¬
ness,
were
other¬
heaviest of the year to date, according to
case
*
—
the various
consumption
portant hardwood and softwood mills.
during the week ended the 28th
ness
im¬
Reported new busi¬
11% above output;
was
shipments were 8% above production.
During the preceding
shipments were 3% above production and orders 2%
All items in the current week were shown by
reporting softwood mills in excess of similar week of 1935,
production at these mills being 32% above last year's week;
shipments, 17% above; new business, 29% above,
During
the first quarter of 1936, as reported, shipments were 7%
above production and orders were 12% above production.
Reported first quarter 1936 output was 34% above last year;
shipments were 23% above shipments of similar period of
1935, and new business was 21% above last year's orders.
each
amounts of
admitted
the
for
remainder
Association
The
further
the
feet
hardwoods
of
booked orders of
Mills,
were:
and
softwoods
239,649,000 feet.
594;
1936,
production,
564 mills produced 216,016,000
combined;
shipped
Revised figures for
224,619,000
233,845,000
shipments,
feet;
feet;
the preceding week
232,095,000
amounts
sugar
charged
against
quota is included in
direct-consumption sugar
(short tons equal
year
admitted
degree
96
:
Hawaiian direct-consumption
Cuban direct-consumption
sugar:
sugar:
1936 quota
29,616
Quantity charged against quota
4,560
1936 quota
407,567
Quantity charged agst. quota--133,223
Balance remaining.
274,344
.
Puerto Rican direct-consumption
Balance remaining
Philippine direct-consumption
25,056
sugar:
sugar:
1936 quota
126,033
Quantity charged against quota 34,688
1936 quota-80,214
Quantity charged against quota 23,177
91,345
Balance remaining
Balance remaining.
57,037
Full-Duty Sugars
addition
In
to
the
sugar
charged against the quotas for Cuba and the
other insular areas, a large part of
the sugar which may be admitted from
full-duty countries was entered or certified for entry during the first three
the year.
months of
reported:
During the week ended March 28,
the
1936, as well as the amounts which may
of
week
above output.
in
The following tabulation indicates the direct-
area.
quotas,
sugar
during the period January-March,
equivalent)
operations of
the
is included
sugar
quotas since the direct-consumption
the total quota for
from
covering
1,635,448
Direct-Consumption Sugars
Direct-consumption
be
associations
0
1
Established under General Sugar Quota Regulations, Series 3.
reports to the National Lumber Manufacturers Association
regional
836,574
205,630
331,979
261,265
4,598,445
-
the week ended
industry during
though less than the week ended March 14,
wise in each
Total
Charged
Quotas*
Against Quotas
■
Virgin Islands......
First Quarter with Heavy
Orders—All Items Appreciably Above 1935
Ends
Industry
during the
2,000 pounds equal 96
1936 Sugar
Area
Hawaii
Lumber
of
degree):
+ 30.3
+ 3.3
d
comprised 59,920 tons from Cuba, 30,705 tons from Hawaii, 24,427
sugars
sugar
which
may
The following table shows, in pounds, the amount of
be admitted in 1936, the amount charged against quotas
be admitted
(pounds equal
during the period January-March, and the amount which may
remainder of the year from
during the
96
equivalent)
degree
the
areas
specified
:
feet; orders, 229,379,000 feet.
All
hardwood reported orders
March
28.
above
output.
Northern
above
All
but
cypress
All
softwood
hemlock
reported
lent of
34
days'
average
Forest
products
28,
above
cars
week
of
1936.
Northern
the
1935;
and
but
all
group
these
reported
was
and
pine
shipments
on
corresponding week
less
1935,
during the week ended
than the preceding week;
and
6,166
cars
above
5,141
Lumber orders
the
same
Balance
Quota
Remaining
Dutch East Indies
Guatemala..
Mexico
Netherlands
—....
Peru
reported for the week ended March 28, 1936, by 502 soft¬
Unalotted
reserve
294,308
564,205
288,114
263,302
6,668,480
211,384
334,902
921,614
6,031,877
217,865
10,221,004
11,114,100
350,667
1,830,140
920,200
150,230
215,097
2,701,750
11,114,100
350,667
547,947
39,311,962
Dominican Republic
United Kingdom
11% above the production of the
Shipments as reported for the same week were 224,147,000
feet, or 8% above production.
Production was 206,633,000 feet.
Reports from 84 hardwood mills give new business as 10,077,000 feet,
or 7%
above production.
Shipments as reported' for the same week were
9,698,000 feet, or 3% above production.
Production was 216,016,000 feet.
mills
same
China and Hongkong-
Nicaragua.
1934.
wood
Canada
Haiti
cars
of
Belgium
Czechoslovakia
March 28 the equiva¬
ago.
456
Charged Against
in 1936
shipments
all reported production above.
unfilled orders
loadings totaled 29,947 cars
car
This
reported
Northern
cypress,
but
production and stocks of 132 days' compared with
a year
May Be Admitted
Area
above production during the week ended
regions
softwood mills reported
days' and 129 days'
March
and
orders
corresponding week of
Identical
25
Quantity Which
regions but Southern pine, California redwood, Northern hemlock and
Northern
0
24,101,397
294,308
564,104
99,714
263,302
6,668,480
211,384
101
188,400
0
0
0
114
334,788
1,414
5,881,647
2,768
7,519,254
0
0
1,282,193
.
mills.
totaled
229,572,000 feet,
or
No
tries
:
sugars
Brazil,
Dutch
Indies, 6; France, 175; Germany, 117; Honduras, 3,432,568; Italy,
Argentina,
1,197;
West
15,210,565
have been entered against the quotas of the following coun¬
British
1936
quota
Malaya, 26;
1,751; Japan, 4,009
;
14,577
Colombia,
Salvador,
pounds;
267;
Australia,
Costa
Rica,
8,208,542, and Venezuela,
204;
20,597;
290,002.
Unfilled Orders and Stocks
Reports from 493 softwood mills on March 28, 1936, give unfilled orders
of
892,953,000
feet
and
gross
stocks
of
3,441,376,000
feet.
The
468
A
was
report of the AAA covering the first two months of 1936
given in the "Chronicle" of March 14, page 1745.
2410
Financial
Forty-Seven Per Cent Increase in Automobile Output
for March
A 47 %
increase in motor vehicle production by members
of the Automobile Manufacturers Association for March was
revealed in the regular
monthly production report released
April 10 by the Association.
The March output for the group was
estimated at 323,160
units which
was not
only an increase of 47 % over the pre¬
vious month, but was 15% higher than March of last year.
On the basis of this estimate, the first
quarter output was
placed at 820,186 units—an increase of 16% over the corre¬
sponding period of 1935.
The first quarter's output has
been exceeded only twice in the history of the
1928 and 1929.
industry—in
The report which is based upon factory shipments covers
the operations of all but one of the
major producers in the
industry.
It is summarized below:
Cars & Trucks
February, 1936
March, 1935
March, 1936
; "
Flour
Cars & Trucks
I
220,581
280,758
323,160
-
First quarter 1936
First quarter 1935
Production
(NUMBER OF BARRELS)
Month of March
9 Mos. Ended March 31
1936
Pacific Coast
Grand total
Petroleum
and
1936
1,208,652
1,960,648
1,681,930
359,305
12,068,818
16,725,396
16,174,593
3,674,623
11,624,934
17,264,511
15,810,102
5,356,455
Southwest
1935
1,344,037
1,747.244
1,810,766
454,408
Northwest
Lake Central & Southern
5,210,535
48,643,430
48,071,191
Its
Produtcs—Grand
Tender
Board
Movements of
Returns
States'
Refuses
Rodessa
to
1935
3,371,644
Jury
Industry Announced by Cummings
.
Permit
formation to show when the oil
show under what order it was
was produced and does not
produced, nor does it say that
produced in accordance with regulations of the
Conservation Department of Louisiana."
The alleged flood of oil being brought into Texas from the
Rodessa field in Louisiana has brought protests to Secretary
of the Interior Ickes.
Senator Connally (Dem., Texas)
requested that the Secretary of the Interior act to protect
the Texas markets.
In response to this, and other requests,
Mr. Ickes sent
George W. Holland, a Federal oil investigator,
into Rodessa."
On April 7 he announced in Washington
that Mr. Holland had returned and was
preparing a report.
Due to the invalidation of the authority enabling Mr.
Ickes to establish State
production allowables when the
United States Supreme Court found the National Industrial
Recovery Act unconstitutional, there seemed little Mr. Ickes
the oil
was
ments of
a
General Mills, Inc., in presenting its summary of flourmilling activities for approximately 90% of ah flour mills in
the principal flour-milling centers of the United
States,
reported that during the month of March, 1936 flour
output totaled 5,356,455 barrels.
This was an increase
from the 5,210,535 barrels produced during the
corresponding
month of 1935.
Cumulative production for the nine months
ended March 31,1936 amounted to 48,643,430 barrels.
This
compares with 48,071,191 barrels produced in the like period
of last year.
The corporation's summary further disclosed:
PRODUCTION OF FLOUR
Testimony of S. J. Loones, examiner for the Federal
petroleum agency, before the Board stated that "the ap¬
plication was not in proper form.
It does not give any in¬
the situation in Rodessa except to
prohibit the issuance of Federal tenders for interstate move¬
■
During March Above Like Month
Year Ago
April 11, 1936
could do to cope with
"
—♦—
i
820,186
704,935
Chronicle
Probe of
.—Federal
Intereststate
.
Crude—Icke's
Investigator
from Louisiana—Boyd Hits Invasion of
Rights—Daily Average Crude Production
Lower in Week.
A grad
jury investigation of charges of price fixing in the
petroleum industry is scheduled, Attorney-General Cum¬
mings announced in Washington Thursday.
The grand
jury probe is the result of a preliminary study made by the
anti-trust division of the Department of Justice
following
complaints filed late in 1935 by the National Oil Marketers
Association, an independent group.
Mr. Cummings pointed out in his announcement,
however,
that the fact that there would be an investigation did not
necessarily mean that charges would be filed against any one.
The independent group had compalined of
alleged actions by
large companies of price-fixing, improper practices and
violations of trade rules.
"Cases are often referred by this department to
grand
juries," he added, "That method affords us an opportunity
to summon witnesses,
subpoena evidence and otherwise
facilitate our investigation.
What will be done is yet to be
seen."
The grand jury probablly will be convened in some
city in Michigan.
The Federal Tender Board at Kilgore refused several
ap¬
plications for tenders to move crude oil from the Rodessa
alleged "hot" oil through the Federal Tender Board.
during the week reduced the daily allowable
per well in the Rodessa field, on both the Louisiana and
Texas sides, from 400 barrels to 350 barrels.
Louisiana was
Action taken
the first to announce the cut, over last week-end.
Late this
week the Texas Railroad Commission followed with a corre¬
sponding reduction on the Texas side of the field.
Inci¬
dentally, well completions in the Louisiana side of the
Rodessa field total in excess of 100 wells in contrast to only
five
on the Texas side.
Moves toward Federal control of the
petroleum industry
flayed by W. R. Boyd Jr., Executive Vice-President of
were
the American Petroleum
Institute, in a speech delivered
before the spring meeting of the Southwestern District of the
Institute's Division of Production, in Shreveport, La., on
April 9.
Pointing out that threats of Federal control and of in¬
creasing taxation are serious current problems, Mr. Boyd
contended that suggestions for placing the oil industry under
Federal regulation and control because of depleted reserves
frequently stem from motives far removed from conservation.
"These repeated suggestions," he
continued, "that the
Federal Government ride rough shod over the rights of the
States, the industry and the citizens smack of bureaucracy,
if not of autocracy; of political
expediency, not public
welfare.
Important as may be the conservation of natural
resources, the preservation of civic rights is paramount.
"If it be a true function of our Government to
protect and
to promote the economic activities of its
citizens, rather than
to supplant or destroy them, then have we not a
right to
expect that Government itself shall not become a monopoly ?
Have we not a right to expect, also, that the Federal Govern¬
ment shall not, through so-called
regulation processes, force
an
industry like ours to adopt the status of a public utility,
or by any other means
compel it to become monopolistic
either in fact
or
in effect?"
The
oil-producing States, through the interstate oil com¬
pact agreement and other appropriate control measures, can
prevent waste, promote conservation and protect property,
with the compact permitting all interests to work
together
in a common cause, Mr.
Boyd contended.
He expressed
the
hope that other States would join with the six signatories
the compact, because "it is a democratic and constitu¬
tional" way of solving the problem of oil conservation.
to
"There is
no need to
snap the whip of Federal control over
industry," he added.
"Those who say this industry
conservation-minded, or is intentionally profilgate with
the oil
is not
the
Nation's
during the week on the
grounds that the oil "was contraband" as defined under the
Connally Act.
The Connally Act recently was upheld as
constitutional by the Fifth Circuit Court of
Appeals in New
oil rseources know not whereof they
speak.
industry is committed to conservation if for no other
reason than that of
self-preservation."
Daily average crude oil production for the first week of
April was off 2,300 barrels to 2,873,900 barrels, according to
the American Petroleum Institute.
This compared with
estimated market demand of 2,797,300 barrels set
by the
Bureau of Mines and actual production a year
ago of 2,536,-
Orleans.
000
field in Louisiana into East Texas
Completion of the pipe line of the East Texas Pipe Line Co.
from the Rodessa field to Longview, Texas,
brought the
flood of petitions asking tenders on the Louisiana oil.
First
came
move
petition from the Pelican Oil and Gasoline Co. to
125,000 barrels of crude produced in Rodessa field.
a
The Federal Tender Board refused to grant tenders for the
movement of the crude to the
company's East Texas re¬
finery.
The FTB's refusal was based "on the opinion that the oil
in question is contraband oil as defined by the
Connally Act"
and ordered the tenders rejected.
Ip filing the petition, the
introduced testimony designed to show that the
oil was produced under a special order of Dr. J. A. Shaw,
director of the Minerals' Division of the Louisiana Depart¬
company
ment of Conservation.
An application by the East Texas
Refining Co. to move
50,000 barrels of crude from Rodessa to East Texas was held
without action by the FTB on April 8.
In announcing the
FTB action, J. W. Seele, chairman, explained, "the Board
feels that the application is not in
proper form to be con¬
sidered, even as a record matter."
Dillard Estes, counsel
for the East Texas
Refining Co., entered an exception to
the ruling.
This
barrels.
There
were no
crude oil price
Prices of
Typical Crudes
Bradford, Pa
12.45
changes.
per
Barrel at Wells
Lima (Ohio Oil Co.)
1.25
Eldorado, Ark., 40
Rusk., Tex., 40 and
Corning, Pa..
1.42
Darst Creek
Illinois
1.23
Midland District, Mich
1.23
Sunburst, Mont
1.23
Huntington, Calif., 30 and over....
.95
Kettleman Hills, 39 and over
1.43
Petrolla, Canada..
1,10
Western Kentucky..
...
Mld'Cont.,Okla., 40 and above
1.18
Winkler, Tex
.85
Smackover, Ark., 24 and over.... 75-.80
11.10
...
over
1.15
.97
1.02
...
....
(All gravities where A. P. I. degrees are not
shown)
REFINED
PRODUCTS—RETAIL
GASOLINE
IN SOUTH JERSEY—LOCAL MARKET
PETROLEUM
INSTITUTE
REVIEWS
PRICES
SLASHED
FIRMER—AMERICAN
GAS
STOCK ADVANCE
Possibility of a disastrous gasoline price war in southern
New Jersey marketing areas was suggested
by further slashes
in retail gasoline prices at several points on
April 4.
Reduc¬
tions ranging from 1 to 2 cents a gallon were
posted by all
major companies.
In Camden and several adjoining mar¬
kets, the price is now 14.8 cents a gallon at the "pump,"
including taxes.
Salem and Gloucester counties are now
posted at 15.8 cents, including taxes, while Bridgeton has
been
lowered
to
14.5
pared to 14.8 cents
a
cents.
Vineland
and
gallon, taxes included.
Millville
were
Financial
Volume 142
general gasoline price structure in the local
The
2411
Chronicle
OF ALL OILS
SUPPLY AND DEMAND
market
increased consumption following
the improvement in motoring weather.
In the retail field,
strengthening of the sub-normal price levels in Brooklyn
featured developments.
Current indications were that the
recent "sore spots" throughout Brooklyn were well on their
way
to complete elimination.
In the bulk market, a
reduction of x/i cent in tank car gas to 7 cents was posted by
an
independent company due, it was held, to the sharp
slashes in tanker rates from the Gulf Coast. Major companies
(Thousands of Barrels of 42 Gallons)
better in response to
was
1936
New supply:
Domestic production:.
Dally average——
Natural gasoline
Benzol,
Dally average
148
360
295
75,863
2,709
178,149
2,969
158,011
2,678
1,322
2,592
crude production is necessary
346
Receipts for domestic use—
Refined products:
27
773
373
1,848
1,130
4,128
812
573
974
96,222
2,058
1,175
185,883
3,098
2,075
165,784
3,010
79,552
2,841
cl,583
365
c2,922
cl,218
c4,153
88,078
Receipts for
96,587
3,116
76,630
2,737
184,665
3,078
161,631
2,740
3,067
7,095
2,804
3,830
6,541
12,473
5,173
10,241
32,553
5,569
38,682
1,396
26,432
4,597
943
domestic use—
all oils
Daily average
stocks, all oils
1,115
Demand:
Total demand
3,037
Dally average...
Exports:
Crude petroleum
3,474
Refined products
5,378
demand:
Domestic
27,401
Motor fuel-d
4,785
Kerosene
pointed out that the unusually severe weather
blocking transporta¬
tion during a period of greater demand for home-heating and
industrial fuel, and causing the simultaneous production
of large quantities of gasoline which could neither be used
38,132
fuel oll.e.
Gas oil and
was
1,520
Lubricants
1,297
2,916
8,896
65,324
2,854
89
64
174
133
699
593
697
612
1,343
1,575
1,295
1,204
100
141
124
241
280
3,833
4,102
3,513
7,935
7,321
179
169
163
348
366
1,669
2,328
1,866
3,997
4,050
79,226
2,732
86,425
2,788
69,996
165,651
2,761
146,217
2,478
337,319
4,781
226,201
310,812
4,218
227,888
337,319
4,781
226.201
568,301
Road oil
'
Still gas
Miscellaneous
Losses.d.e
demand-
Total domestic
retail gasoline prices were
54,494
10,354
76,814
85
Asphalt
Representative price changes follow:
59,954
30,735
644
Coke
moved.
2,810
878
Wax
forced the accumulation of gasoline by
1,784
602
89,661
3,092
Receipts in bond
Total new supply,
Institute report.
April 4—Reductions of 1 to 2 cents a gallon in
2,989
2,280
Receipts In bond
Decrease in
if the oil
industry is to liquidate the surplus gasoline stocks built up
in recent months, according to the April "Quarterly" issued
by the American Petroleum Institute.
The blame for the
most part for the record rise in motor fuel stocks during
the first quarter of 1936 is laid on the severe weather by the
nor
186
"92,659
petroleum:
Crude
heating fuel division, Socony-Vacuum Oil posted
M cent reduction in tank wagon prices of Nos. 1 and 2
and 3 and 4 heating oils in the metropolitan New York area
and
throughout Westchester county.
The cut was a
reflection of the recent lowering of prises in the bulk market
due to the seasonal dip in consumption customary at this
It
174
Imports b:
In the
American Petroleum
151,478
2,567
6,238
170,940
2,849
6,849
85,490
2,948
a
Total production
a
time of the year.
Curtailment of
72,763
2,599
2,952
83,820
2,865
3,653
82,120
2,832
3,196
Crude petroleum
'
did not follow the cut.
January February Jan.-Feb Jan-Feb
1935
1936
1935
1936
February
Dally average
2,500
posted in southern New Jersey.
April 9—Socony-Vacuum cut tank wagon prices
of heating oil M cent in
Stocks:
310,812
4,218
Refined products.
227,888
313,081
3,936
224,318
542,918
April 9— An independent company lowered the
petroleum _
Natural gasoline-
541,335
568,301
542,918
179
174
208
176
Crude
Metropolitan New York and Westchester County.
tank-car price of gasoline
cent to 7 cents.
in New York harbor
Gasoline, Service Station Tax Included
s
$.192
Days' supply.
.175
New Orleans
Newark
.168
.21
Philadelphia
Camden
.168
.16
Pittsburgh
Boston....
.15
.20
San Francisco
.19
St. Louis
i
Brooklyn..
Denver,-...
165
Buffalo
a
-
..
--
..
.17
c
motor fuel
Increase,
Mines;
Domestic Commerce,
refined products from Bureau of Foreign and
imports of
.195
.177
b Imports of crude as reported to Bureau of
Coal Division,
From
.16
.155
.165
Chicago
207
Minneapolis
$.175
.192
New York-.
d Beginning January, 1936, natural gasoline losses are included in
demand; the 1935 figures will beplaced on a similar basis later, e Net
transfers of heavy
crude in California included in fuel-oil demand.
PRODUCTION OF
CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS
F.O.B. Refinery
I North Texas. $.03 >*-.03*4 I New Orleans. $.03 >*-.04
$.04 >* I Los Ang 1 s._ .04H-.05
'Tulsa
04**-.04J*
Kerosene, 41-43 Water White, Tank Car,
New York
(Bayonne)
—
January, 1936
Jan.-
New Orleans C
California 27 plus D
.51.051
Diesel 28-30 D
February, 1936
Refinery or Terminal
Fuel Oil, F.O.B.
N. Y. (Bayonne)
Bunker C..
(Thousands of Barrels of 42 Gallons)
$.90
Jan.-
Daily
Feb.,
Feb.,
Avge.
1936
1935
1.651
I
$1.15-1.25 Phila., bunker C
Gas Oil, F.O.B.
N. Y. (Bayonne)
27
$.04
Plus
Daily
1.05
Refinery or Terminal
Total
Long
Standard Oil N. J._$.07>*
Socony-Vacuum....
.07*4
Texas
lde Water Oil Co..
.07X
.07*4
Warner-Quinland Co .07*4
07*4
Gulf
Richfield OH (Calif.)
.07*4
Republic Oil
Not Including 2%
Los Ang., ex.
Gulf ports...
Tulsa
,06
.05*4-.04*4
.06
-.06*4
06
-.06*4
Bureau
in
Mines,
of
its
monthly
compared with an average of 2,865,200 barrels in January
and with
2,598,700 barrels for February, 1935.
The
Bureau's report further disclosed:
decrease
in
of
month
the
in
output
crude-oil production was the material
in
Production in
California.
running above 650,000 barrels daily since
that
State had
—
Montana
233
325
10.5
619
1.8
60
1.9
113
115
138.6
4,459
143.8
8,479
8,423
13.5
410
13.2
801
850
132.1
7,845
50.2
189.8
4.014
1,556
5,570
1,264
129.5
5,506
1,043
3,231
11,076
2,307
5,267
1,348
6,615
2,047
Louisiana's new record was
barrels daily, of which Rodessa yielded 37,000 barrels from about
1,124,100 barrels in February.
77.8
53.8
410.1
680.1
57.7
36.0
•
179.7
40.8
627
320
11.0
374
12.1
694
675
65.1
1,915
61.8
3,802
3.065
340
11.7
364
11.7
704
676
223
7.7
227
7.3
450
512
23
0.8
52
1.7
75
246
8.5
279
9.0
525
652
4,232
3.888
6,828
14,948
1,220
6,169
4,620
145.9
143.0
8,665
7,938
14,247
30,850
2,543
9,150
7,157
12,639
28,946
2,518
9,900
8,821
28,065
New York
Ohio—Central and eastern
Northwestern
Total Ohio
140
6,329
Pennsylvania
Texas—Gulf Coast
West Texas
10.2
296
592
641
15.9
519
16.7
979
499
17.2
597
193.3
959
Total Oklahoma
1,124.1
460
Rest of State
4,433
4,050
7,419
15,902
1,323
6,154
4,473
14,241
1,821
6,368
33,057
296
Seminole
218.3
32,600
Oklahoma—Oklahoma City—
33.1
1,116
36.0
1,096
2,075
1,038
1,028
2.066
8
4
170,940
151,478
13,746
1,736
East Texas
last September, but it was not
Con¬
71.3
44.3
354.4
97.2
1.887
New Mexico
been
in California in February was 578,400
barrels, compared with 680,100 barrels in January.
The decline in Cali¬
fornia was mostly offset by an increase in Texas, where a general gain
in production raised the daily average output from 1,066,400 barrels in
189,800
224
10.2
.--
Panhandle
Rest of State
Total Texas
sequently, daily average production
January to
4.2
3,831
1,675
Michigan
efforts were noticeably successful.
until February that curtailment
130
80.3
-
Louisiana—Gulf Coast
petroleum report, stated that the daily average production
of crude petroleum in February, 1936, was 2,831,700 barrels,
feature
3.9
Kentucky
February Daily Average Crude Oil Production Totals
2,831,700 Barrels
The
22,991
38,118
1,726
2,304
4,002
3,773
2,257
17,134
29,470
Indiana
Kansas
city sales tax.
States
2,355
5,342
4,481
2,949
391
Colorado
Total Louisiana
United
41.2
587.4
1,278
3.013
2,413
1,666
12,713
21,083
1,077
2,329
2,068
1,2!83
10,278
17,035
Illinois
Rest of State
The
37.1
4,020
Total California
-.06*4
07
Shell East
*
Orleans.
New
Springs
Rest of State
,
Colonial Beacon ..$ .07 *4
.07>*
Beach
Santa Fe
1,735
53
Kettleman Hills
Octane), Tank Car Lots, F.O.B. Refinery
Chicago
$.06
-.06*4
New York—
28.7
294
California—Huntington Beach
U. S. Gasoline (Above 65
889
846
M> m m
m
*
29.2
112
Ark&QS&S
S.02J4-.02H
I Chicago,
I Tulsa
-.04K'
32-36 GO..$.02H-.02«'
Total
Avge.
West Virginia
Wyoming—Salt Creek
Rest of State
—
Total Wyoming.
Other, a
515.5
42.1
212.7
159.3
474.0
59.8
130.7
239.3
513.0
42.7
198.5
144.3
459.4
58.8
82,120
2,831.7
88,820
12,323
9,093
27,987
3,557
205.4
12,697
1,066.4
65,657
9.7
4
4
—
Total United States—
134.1
235.5
2.865.2
3,557
11,696
62,129
75 wells.
Increased
crude
the withdrawal
runs
reflected
the trend
in
of crude-oil stocks,
a
Includes Missouri,
Mississippi, Tennessee, and Utah.
increasing from 1,550,000 barrels in January to 2,269,000
Total stocks of refinable crude on Feb. 29 amounted
barrels in February.
to
were
Daily
Average
Crude
310,812,000 barrels.
The
effect
of the
the yield of gasoline
February of 42.9%
below
was
again pronounced and, although the average for
was
slightly above the average in January, it was considerably
normal.
The
daily average
domestic demand for motor fuel in February was
945,000 barrels, compared with 944,000 barrels
for February, 1935.
The
reflects the un¬
failure of demand to show its usual gain over a year ago
favorable weather of February,
of January, 1936.
1936, and the unusually heavy shipments
Exports of motor fuel
but remained considerably above
The increase in
from 62,613,000 barrels on
declined materially in February
the level of a year ago.
motor-fuel stocks
month, the largest in history.
rose
in
February was, despite the short
Stocks of finished and unifinished gasoline
Jan. 31 to 71.604,000 barrels on Feb. 29.
Considering the increase in natural-gasoline
According to the Bureau of Labor
products for February, 1936, was
stocks, the net gain was more
Statistics, the price index for petroleum
55.7, compared with 54.4 for January,
1936, and 48.7 in February, 1935.
compiled from refineries having
an
aggregate recorded crude-oil capacity of 3,680,000 barrels.
These
refineries operated during February, 1936, at 76% of their capacity,
compared with an operating ratio of 74% in January.
of this report were
Declines 2,300
estimates that the daily
crude oil production for the week ended
April 4, 1936, was 2,873,900 barrels.
This was a drop of
2,300 barrels from the output of the previous week.
The
current week's figure was, however, above the 2,797,300
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil producing States during April.
Daily average
production for the four weeks ended April 4, 1936, is esti¬
mated at 2,848,600 barrels.
The daily average output for
the week ended April 6, 1935, totaled 2,536,000 barrels.
Further details, as reported by the Institute, follow:
The American Petroleum Institute
average
than 9,000,000 barrels.
The refinery data
Oil Production
Barrels
heavy demand for fuel oil on
gross
in bond at principal
April 4 totaled 801,000 barrels,
Imports of petroleum for domestic use and receipts
United
a
States
ports for the week ended
daily average of 114,429 barrels,
barrels
for the week
compared with a daily average of 149,000
28 and 130,036 barrels daily for the
ended March
four weeks ended April 4.
Receipts of California
ended
oil at Atlantic and Gulf Coast ports for the week
April 4 totaled 73,000 barrels, a
daily average of 10,429 barrels.
2412
Financial
compared with
daily average of 26,571 abrrels for the week ended March 28
and 27,357 barrels daily for the four weeks ended
April 4.
a
Reports received from refining companies owning 89.6% of the 3,869,000
estimated daily potentital refining capacity of the United States
barrel
indicate that the industry as a whole ran to
stills, on a Bureau of Mines
basis,
2.690,000 barrels of crude oil daily during the week,
and
that all
companies had in storage at refineries, bulk terminals, in transit
pipe lines
as
of the
end
of the
and in
week, 73,310,000 barrels of finished and
unfinished gasoline and 95,954,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning
95.9% of the potential
charging capacity of all cracking units, indicates that the industry as a
whole,
on a
Bureau of Mines basis, produced an average of 580,000 barrels
daily during the week.
'
■
■
-
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
Chronicle
April 11, 1936
duction in the final week of March, 1935—when consumers
building up large reserves against a possible suspension
mining—reached a total of 9,630,000 tons.
Anthracite production in Pennsylvania during the week
ended March 28 is estimated at 531,000 net tons, as against
456,000 tons in the preceding week—a gain of 75,000 tons,
or
16.4%.
Production in the corresponding week of 1935
amounted to 596,000 tons.
During the coal year to March 28, 1936, a total of 367,879,000 tons of bituminous coal and 51,966,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 365,071,000 tons of soft coal and 52,019,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
were
of
statement follows:
B. Of
Actual Production
M.
Dept. of
Int.
Average?
Week Ended—
4 Weeks
Mar. 28
Apr. 4
Week
Ended
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
Ended
Apr. 4
Cal¬
culations
Apr. 6
1936
1936
1936
1935
Oklahoma.
525,000
527,400
Kansas
146,000
151,800
546,050
159,600
528,500
150,900
473,350
144,950
60,650
58,100
25,050
63,100
57,600
61,400
25,050
West Texas
177,200
176,050
25,000
175,700
East
48,100
443,750
COKE
(April)
Panhandle Texas
236,200
442,600
74,000
230,600
49,600
441,800
73,900
230,900
61,950
57,550
25,750
152,900
51,300
451,850
60,900
180,000
1,123,900
1,118,900
1,115,700
1,042,200
65,450
North Texas
West Central Texas
Central Texas
East Texas
Southwest Texas
49,900
74,850
Coastal Texas
.
57,400
Week Ended
Mar. 28
1936
Bitum coal:
1,122,800
North Louisiana-.
72,000
140,450
137,650
64,900
137,550
23,050
96,700
212,450
Coastal Louisiana.
aver..
160,900
203,100
202,450
29,950
108,850
41,000
38,950
35,350
12,850
4,850
63,750
Wyoming
34,800
Montana
12,300
4,100
63,200
-
Colorado
New Mexico
29,700
103,250
37,750
35,650
13,300
30,600
105,800
37,200
34,950
10,950
5,200
47,050
13,250
4,350
4,400
60,850
61,850
Tot. for per'd
Dally
531,000
88,500
456,000
76,000
596,000
25,000
21,500
23,100
4,167
aver..
2,244,700
2,310,100
2,312,500
2,283,600
3,582
3.850
Tot. for per'd
aver..
552,600
-
WEEKLY
563,800
563,700
2,797,300
2,873,900
484,000
2,848,600
2,536,000
Note—The figures indicated above do not include
any estimate of any oil which
and
are
based
OF
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED APRIL 4 1936
Finished
Daily
Rate
Total
P.
Aver¬
Reporting
tial
Oper¬
At Re¬
age
ated
fineries
P. C.
Unfin'd
C.
in
Gas
and
Terms, Nap'tha
dkc.
COAL
OF
NET
BY
TONS)
STATES
(IN
,
•
Week Ended
March
Mar. 14 Mar. 23 Mar. 24 Mar. 23
1936 p
1935
1934
r
Avge.
1929
1923
s
s
2
1
2
189
207
237
238
332
19
28
22
18
41
85
98
104
75
152
1
Alabama
2
Colorado
1
1
1
1
Georgia and North Carolina
Illinois
758
423
77
195
s
s
897
1,279
920
904
1,684
315
364
478
367
337
575
Iowa
55
55
106
69
59
Kansas and Missouri
94
122
159
117
102
144
491
645
713
683
634
560
139
125
244
188
225
215
35
44
21
45
122
51
52
Michigan
Stocks
of
Poten¬
18,652
carloadings and river shipments
monthly tonnage reports from district
Mar. 21
Maryland
Unfinished Gasoline
Distrtct
5,782,000
2,841
State
Western
Stocks of Finished and
Stills
to
880,800
are subject to revision on
receipt of
State sources, or of final annual returns from the
operators.)
and
Kentucky—Eastern
(Figures in thousands of barrels of 42 gallons each)
Crude Runs
1,049,600
3,386
railroad
on
Indiana
might have been surreptitiously produced.
Daily Refining
Capacity
72,947,000
241,100
2,052,000
565,000
2,876,200
52,019,000
172,000
PRODUCTION
THOUSANDS
Arkansas and Oklahoma
Total United States
1929-30
a Includes lignite, coal made into
coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery
fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised.
Alaska
California
1934-35
51,966,000
171,800
99,300
1936 p
Total east of California-
1935-36
5,635,000 9,630,000 367,879,000 365,071,000 519,432,000
939,000 1,605,000
1,206,000
1,196,000
1,695,000
(The current estimates
29,800
104,450
36,550
35,750
1935
Beehive coke:
119,750
30,500
104,100
Eastern
Michigan
1936 d
c
1,050,000
ESTIMATED
Total Louisiana.
Arkansas
Mar. 29
a
Tot. for per'd 6,300,000
Daily
Coal Year to Date
Mar. 21
Pa. anthra.: b
Daily
Total Texas
(IN NET TONS)
Fuel
10
14
17
19
14
32
Montana
52
57
57
41
46
68
New Mexico
24
23
24
20
44
53
North and South Dakota
23
56
27
26
s20
s34
Ohio
274
399
510
543
321
740
Pennsylvania bituminous
998
1,785
2,479
2,420
2,630
3,249
79
79
109
103
95
118
on
Tennessee
Texas
14
14
15
14
19
479
78.3
7.442
11,153
1,179
6,489
Utah
38
39
58
35
70
68
82
56.2
1,658
983
294
518
156
203
232
220
208
230
95.9
379
89.4
7,920
2,735
1,017
2,906
84.8
236
61.5
4,823
2,321
724
East Coast-.
612
612 100.0
Appalachian.
154
146
442
424
453
384
Ind.,111., Ky.
Okla.,
94.8
Distil.
Kan.,
Missouri..
Inland Texas
330
160
48.5
86
53.8
1.443
114
219
Texas Gulf-
680
658
96.8
549
83.4
2,154
169
163
96.4
109
66.9
6,414
1,217
271
La. Gulf
384
267
2,471
1,449
6,644
2,004
80
72
90.0
39
54.2
224
58
119
92
731
1,061
19
30
33
32
24
42
74
1,276
1,612
1,647
1,685
1,470
1,172
417
511
703
692
643
717
74
95
95
80
100
136
1
1
1
1
s4
87
5,635
West Virginia—Southern .a
Northern, b.
310
2~005
Virginia
Washington
7.500
9,394
8,646
8,563
10,764
'
70,799
No. La.-Ark.
Rocky Mtn.
97
60
61.9
46
76.7
1,546
California...
852
789
92.6
492
62.4
9,908
Wyoming
Other Western States.c
Total bituminous
coal..
Pennsylvania anthracite
456
Reported
3,468
Estd. unrep'd
89.6
2,497
401
72.0
42,595
2,686
193
20,024
7,126
259
620
.
94,321
1,633
Apr. 6 '36.
Mar.28 »36
a
and
3,869
3,869
3,869
3,869
2,690
2,765
45,281
46,392
20,283
19,112
7,746
7,508
95,954
96,009
741
1,145
1,090
2,040
8,240
10,135
9,791
9.653
12,804
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. &
G.,
on
the B. & O. in Kanawha, Mason and Clay counties,
b Rest of State,
including Panhandle
xEst.tot.U.S.
740
6.091
Grand total.
cludes
District
and
Grant,
Mineral,
and
Tucker
counties,
c
In¬
Arizona,
vised.
s
California, Idaho, Nevada, and Oregon,
p Preliminary,
r Re¬
Alaska, Georgia, North Carolina, and South Dakota Included in "Other
"Western States "
U.S. B. of M.
Apr. 1935.
x
2,502
b37,867 b20,351
Bureau of Mines basis currently estimated,
b As of April
b6,175 b97,727
February World Tin Production Higher
30, 1935
The
♦
Preliminary
Estimates
of
Coal
March Show Decline from
Production
a
Year
During
Ago
According to preliminary estimates made by the United
States Bureau of Mines, bituminous coal
output during the
March, 1936 amounted to 30,692,000 net tons,
compared with 38,701,000 net tons in the corresponding
month last year and 41,375,000 tons in
February, 1936.
Anthracite production during March totaled 2,741,000 net
tons, as against 3,082,000 tons a year ago and 6,461,000
tons in February, 1936.
The Bureau's statement follows:
month
following table, which was compiled by the American
Bureau of Metal Statistics, shows tin production on ore
basis, for the months of February and January 1936, ex¬
pressed in terms of recoverable metal, in long tons:
February
of
Australia.a.
2,035
350
350
South Africa
Great
850
a
Netherlands
India.
Malaya.
860
2,076
2,082
4,754
100
No. of
Working
Days
Average per
Working Day
{Net Tons)
{Net Tons)
26.0
1,180,000
111,397.000
2,741,000
26.0
105,400
109,200
Beehive coke.
26.0
4,200
14,405,000
403,400
February, 1936 (revised):
Bituminous coal
41,375,000
1,662,000
24.5
263,700
152,500
25.0
6,100
38,701,000
26.0
1,489,000
110,287,000
3,082,000
26.0
118,500
13,278,000
101,400
Beehive coke
24.9
6,461,000
Anthracite
26.0
3,900
Anthracite
Coke
Preliminary,
estimates
will later
be
adjusted to agree with the results
of
the complete canvass of production made at the end of the year.
150
790
12,868
Totals
14,374
b Estimated and mainly Belgian Congo.
Up 4.7%
Age" in its issue of April 9 stated that production
of coke pig iron during March amounted to
2,040,311 gross
tons, compared with 1,823,706 in the preceding month.
The
daily rate last month showed a rise of 4.7% over that of
February, or from 62,886 to 65,816 tons. Production for the
first quarter this year was 5,889,902 gross
tons, compared
with 4,855,916 tons in the
corresponding period last year.
The publication further stated:
was
operating at
were
a
gain of six stacks making iron
a rate
producing
Weekly Coal Production Higher Than Preceding Week
but Below Like Period a Year Ago
The United States Bureau of
Mines, its its weekly coal
report, estimated the total production of soft coal during
the week ended March 28 at 6,300,000 net
tons, an increase
of 665,000 tons, or
11.8%, over the preceding week.
Pro¬
on
April 1, the 126 furnaces
of 68,395 tons daily, against 120
one month
iroi^ at a rate of 64,550 tons daily.
blown in during the month and two
50
140
760
March Pig Iron Output
There
Note—All current
Britain.a..
Elsewhere, b
282,200
March, 1935 (revised):
Bituminous coal
1,532
53
The "Iron
30,692,000
Anthracite
977
of Mar.
March, 1936 (preliminary):
Bituminous coal
a
Cal. Year
End.
580
Siam
170
a
Total for
Month
699
100
160
January
Nigeria
5,405
Indo-China.a
Japan
{Net Tons)
February
270
1,694
Bolivia
British India.a
China,
January
255
were
blown out
before which
Eight furnaces
or
banked.
were
The Steel
Corp. blew in three furnaces and independent steel companies put five in
operation and took one steel making and one merchant unit off blast.
The furnaces blown in were one Carrie, one
Duqqesne and
Chicago (new) of the Carnegie-Illinois Steel Corp.; one Donner,
ton and
one
South
one
Hasel-
River furnace of the Republic Steel Corp.; one
Sparrows Point
unit of Bethlehem Steel Co., and the Swede furnace of the
Alan Wood
one
Steel
Co.
Financial
Volume 142
Blown out or banked were one Cambria furnace of the Bethlehem
Co., and one Hubbard unit of the Youngstown Steet & Tube
STATES BY MONTHS SINCE JAN.
There
UNITED
1931
1931—GROSS TONS
1
1933
1932
1936
May
June
54,621
31,380
33,251
31,201
28,430
25,276
20,935
64,338
61,356
28,412
24,536
54,134
54,138
December
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
November
47,201
41,308
38,964
37,848
36,782
49,041
56,816
59,216
63,820
58,864
67,950
23,733
36,199
65,351
62,886
47,656
67.448
57,098
55.449
55,713
51,750
February
March
April
18,348
39,201
45,131
52,243
19,798
17,484
20,787
28,621
42,166
57,561
65,900
65,816
July—
August
September
October
12
mos.
50,069
average.
PRODUCTION
COKE
OF
PIG
29,935
30,679
31,898
33,149
firm
IRON
OF
January
1,823.706
2,040,311
April..
May..
June
in
August
September
October
November
December.
1,249
39.918
The tin
was
Unfilled orders
March
79,841
41,638
38.159
Slightly
inactive most of
Lower
Prices eased moderately
the week.
followed,
of
the
currency
of that country is probable.
Demand here on
showing buying interest in futures.
Chinese tin, 99%, was quoted nominally as follows: April 2d, 47,000c.;
3d, 47,000c.; 4th, 47.000c.; 6th, 47.000c.; 7th,'' 46.625c.; 8th, 46.500c,
1935
was
fair,
consumers
10,048
24,988
22,725
12,288
17,762
18,302
Production of Slab Zinc
17,541
13,175
12,735
15,983
•
19,007
V
18,245
17,126
185,173
The 1934 production of this iron
Included in pig iron figures.
Higher in March—Shipments
Continue Decline
12,961
88,902
These totals do not Include eharcoal pig iron.
market
75,517
56,829
Stock at end
the period, then turned weak on Tuesday on a decline in London
receipt of unconfirmed reports from Bolivia that further
early in
Tuesday
24,766
21,007,802
Year.
short tons, follows:
Feb.
42,482
1,370
36,228
Shipments
produc¬
declined and stocks
A summary of the statistics
March
Production, dally rate.
1936
consumers
increased 4,324 tons.
Production
Ferromanganese y
to
Shipments
months.
Feb.
1,520,263
1,761,286
1,776,476
1,978,411
2,065,913
2.106,453
......iA.
y
recent
end of the month
February and March, covering all grades, in
for
9,799,000
July
attributed to dif¬
over
than
that
1,477,336
1,608,552
1,770,028
1,663,475
1,727,095
1,552,514
2,025,885
February
25,834 gross tons,
grades of zinc point out that the increase
in the London market last week was
The unsettlement
at the
FERROMANGANESE
1935
week and the market
St. Louis, for Prime Western.
preliminary Cartel negotiations.
The March statistics of the American Zinc Institute show higher
57,556
43,592
AND
1936
z
the basis of 4.90c.,
on
market.
devaluation
was
buying interest in zinc last
more
Tin
Pig Iron x
Half year
little
the ordinary
of
ficulties
(GROSS TONS)
March.
a
Pro¬
in total
stocks that occurred
during March could be traced directly to increased
operations in High Grade.
Stocks of High Grade have been very low for
some time past, and a gain in the surplus on
hand had no bearing on the
tion
First six months.
was
continued
ducers
1935
1934
55,299
60,950
65,556
67,317
64,325
January
Zinc Inquiry Improves
Steel
Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE
2413
Chronicle
;
According to figures released by the American Zinc Insti¬
tute on April 6, 42,483 short tons of slab zinc were produced
during the month of March, 1936.
This compares with
36,228 tons produced during the month of February, 1936,
and 36,735 tons in the corresponding month of 1935.
Ship¬
ments fell from 39,918 tons in February to 38,159 tons in
March.
This latter figure also compares with 41,205 tons
shipped during March, 1935.
Inventories on March 31,
1936, stood at 79,841 short tons, comparing with 75,517
tons on Feb. 29 and 111,806 tons on March 31, 1935.
The
Institute's statement follows:
Rise Though Imminent as
by Consumers Expands
Price
Copper
Purchasing
but
of
operators in non-ferrous
undertone continued
the
Unfilled orders in zinc
firm.
reduced to the point where some
have been
good buying is
expected to come into the market soon. Tin prices eased
moderately on unsettlement in London quotations. Domestic
antimony
reduced
was
"M.
12%c.
to
&
M.
STATISTICS
(ALL GRADES)- -1929-1936
9 stated
metals centered
in copper. Demand for the metal during the last week was
fairly active, particularly toward the close of the seven-day
period, and consumers appeared quite certain that a higher
quotation would be established soon. The supply of copper
available at 9%c. has been greatly reduced in recent weeks,
according to producers. Lead was more or less featureless,
attention
ZINC
(Tons of 2,000 Pounds)
"Metal and Mineral Markets" in its issue of April
that
SLAB
M."
further
stated:
Produced
Stock at
During
During
End of
Period
Period
Period
631,601
52,633
602,601
50,217
75,430
504,463
-42,039
436,275
36,356
300,738
25,062
Retorts
(a)
Shipped Operating
End of
for
Average
Unfilled
Retorts
Orders
During
End of
Export
Period
Period
Period
6,352
57,999
68,491
18,585
143,618
31,240
47,769
26,651
314,514
26,210
129,842
19,875
23,099
18,273
213,531
17,794
218,517
18,210
124,856
21,023
18,560
8,478
324,705
344,001
28,667
105,560
27,190
23,653
15.978
27,059
366,933
30,578
352,663
29,389
35,135
33.468
36,735
35,455
34,877
41,205
117,685
116,276
111,806
32,658
33,210
35,196
*29,691
33,719
*29,464
32,389
*28,093
33,836
*29,524
33,884
♦29,867
32,942
*28,950
34,870
*30,988
34,777
*31,324
36,650
*33,462
38,329
*34,298
1929
Total for year
Monthly
aver
529
1930
Total for year
Monthly
aver.
1931
Total for year
Monthly
aver
1932
Total for year
Monthly
aver.
1933
Total for year
Monthly
Copper Fairly Active
Shipped
aver
1934
steady improvement in copper buying, which has been apparent now
The
firmer
situation
far
the
two
weeks,
price structure
was
concerned, and the trade is expecting a higher market
more
created
much
than
for
a
so
as
15,000 tons,
Fabricators reported
increasing business, and, it is believed, the consumption of copper is
definitely pointing upward.
All business reported during the last week
was on the
9 V^c. basis, with July delivery metal in most demand.
The foreign market also was fairly active throughout the week.
Prices
realized on April 8 averaged about 5 points higher than a week ago.
Un¬
doubtedly the bullish character of the news coming from this country
soon.
Domestic
sales
during the
which
compares
with
9,500
week totaled
last
close to
preceding week.
in the
Total for year
Monthly
aver
28,887
1935
January.
February
March
Belgium
July
35,120
32,306
115,723
August
35,547
38,824
112,446
36,221
42,351
106,316
36,716
47,063
95,969
37.469
48,172
85,266
40,463
41.971
83,758
3,073
1,464
1,332
1,163
431,412
35,951
465,659
41,917
46,468
79,207
0!
38,205
February
4~276
Netherlands
120
326
952
2,130
644
700
1,530
1,653
4,725
36,228
39,918
75,517
01
*34,291
38,004
56
Totals
11,598
42,483
38,159
79,481
01
Total for year.
Monthly
1~360
of 1935 totaled
months
last year.
this
in
A
the United
from
copper
States during the
first two
the material exported is. foreign copper refined
amounted
during
about
to
there
appeared, to
Consumers have
points to
lead
of
a
for
a
held
week,
This
tons.
anxiety
an
St.
at 4.60c.,
&
over
a
larger volume of business,
the stability of the price structure.
New
York, the contract settling basis of the
Co.,
Louis. Sales were
brands in the East,
and at 4.45c., St.
involving its own
have been
taking on moderately larger tonnages of
but the buying from this source continues far below
consumed
in the produc¬
cable—telephone, public utility, marine, and industrial.
Metal Statistics, the cable manufac¬
37,800 tons of lead in 1935.
This compares with
According to the American
turers
only
Bureau of
34,100 tons in 1934, 31,000 tons in 1933, 55,000 tons in 1932, and
tons
in
1931.
59,456
51,183
37,922
33,849
*
35,872
*34,358
34,334
*32,456
36,189
34.516
Equivalent retorts computed
on
24-hour basis,
a
142,219
156,829
141,638
Export shipments are in¬
reported at the
exclusive of contract business,
with 4,000 tons in the
peak of 1929, when the industry consumed 220,000 tons
tion of all kinds of
47,080
>47,367
32,341
*33,726
i
March
Steel Production in First
117,000
Quarter 10% Above Year Ago
Steel ingot production in
ahead of production in the
the first quarter of 1936 was 10%
first quarter of last year and was
greater than the output for any first-quarter period since
1930, according to a report made public April 8 by the
American Iron and Steel Institute.
A total of 9,363,731
gross tons of open-hearth and Bes¬
produced in the first three months of the
year, equivalent to 54.70% of the industry's capacity.
In
the first quarter of 1935 ingot production reached 8,517,437
gross tons—49.97% of capacity.
Production in the first
quarter of 1930 totaled 12,067,677 gross tons, approximately
78.5% of capacity.
A total of 3,346,489 gross tons of ingots—58.65% of
capacity—was produced in March of this year, compared
semer
recent months,
39,238
compares
upturn in business, which, the trade believes,
Refining Co.,
Joseph Lead
Cable manufacturers
36,939
year-end.
premium.
lead in
the
no
experienced
Smelting
reported by
at
be
5
Note—These statistics Include all corrections and adjustments
period of increased activity in lead. Quite a substantial tonnage
May delivery remains to be purchased.
Quotations
American
last
the
3,500
Though producers expected
preceding week.
26,967
cluded in total shipments.
bond.
lead
of
.35,878
59
38,805
18,456
Lead Demand Fair
Sales
aver.
30,054 tons, against 44,257 tons in the same period
large part of
country in
>22,435
1936
..
of refined
Exports
25,993
25,816
,20.000
235
308
Poland and Danzig
1,133
314
Other countries
356
920
Japan
British India
392
Italy
112,909
January
Sweden
China and Hongkong
842
Denmark
Great Britain
29,353
Feb.
Jan.
To
Feb.
Jan.
Germany
34,637
during January and February, in short tons,
copper
France.
June
December
12,691 tons (revised) in January.
by countries:
To
107,645
September
Imports of bonded copper into the United States during February totaled
Exports of refined
108,680
35,627
the foreign market.
in strengthening
15,699 short tons, against
38,455
34,572
October
influence
an
35,329
May
November
had
April
32,230
33,157
32,535
*29,665
32,450
*29,916
30,387
*28,491
31,230
*29,318
31,244
*29,627
30,482
*28,890
32,445
*30,529
32,934
*31,881
33,868
*33,080
35,126
*33,896
ingots
was
Financial
2414
with 2,868,141 gross tons in March 1935
when operations
49.83% of capacity.
An average of 128,711 gross tons of ingots was produced
daily during March, the highest daily average since the month
of June 1930 when production averaged 136,741 gross tons
per day.
In March of last year 110,313 gross tons of ingots
per day were produced.
The daily average of ingot production in the first three
months of 1936 was 120,048 gross
tons,# compared with
110,616 gross tons in the corresponding period of 1935.
at
were
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER
INGOTS-JANUARY 1935 TO MARCH 1936
STEEL
the open hearth and
[Reported by companies which In 1934 made 97.91% of
100% of the Bessemer Ingot production.]
beginning
however,
which
of
in
in
the
Calculated Monthly Production
Calculated
Daily
of
Per Cent of
Production
Working
Days
Capacity
(Gross Tons)
orders
3,049,439
2,967,803
3,346,489
51.46
and
year,
9,363,731
54.70
120,048
78
Automobile
119933258724806
March
25
output
26
of
January
2,871,531
48.04
February
2,777,765
2,868,141
49.83
106,353
115,740
110,313
8,517,437
49.97
110,616
77
2,640,504
2,635,857
2,230,893
45.87
101,558
26
44.10
97.624
27
40.31
89,236
25
7,507,254
43.48
96,247
78
16,024,691
46.70
103,385
155
2,270,224
39.44
48.84
51.13
87,316
108,123
113,193
26
2,919,326
2,829,835
25
8,019,385
46.44
102,813
78
24,044,076
46.61
103,193
last
120
233
...
April
May
June
52.28
24
production
of
bonus
and is
First 6 months-.—
July
August
September-..Third quarter
first
the
Mills
and
rise,
to
payments
at
to
also being pressed
are
and it
is
stimulated
important
more
a
one
were
making iron
month before, and production
ingot production
was
less
this month is at
affected,
the
a
gain
April 1, compared
on
daily
a
much higher
producing rate
having been 9.4% above the February level.
finally begun to adjust itself to moderate weather,
increasing supplies of old material at Chicago have led to
reduction
the quarter
sales.
but daily
car
from 62,886 tons in February to 65,816 tons in March,
Steel
Ex¬
adversely influenced by floods,
was
However, 126 furnaces
month
that
automobile
factor as
already influencing used
are
predicted
now
high level through June.
a
in
the
No.
50c. a ton
a
1
heavy melting steel quotation.
As a result, the
"Iron Age" scrap composite has
declined to $14.58 a gross ton, after
having remained at $14.75 a ton for six weeks.
However, the Pittsburgh
price of heavy melting steel has been reaffirmed by
27
holding at $18.84
a
gross
large mill purchase.
a
ton.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
April 7 1936, 2.097o.
One week ago
a
-
One month ago.
One year ago..
Based on steel bars, beams, tank plates,
Lb.
2.084c.
wire, rails, black pipe, sheets and hot
rolled stripe.
These products make
85% of the United States output.
2.084c.
2.124c.
.
1936—
High
2.130c.
Jan.
1935
Nine months
amounted
quarter
unquestionably
has
expected to be
Bonus
The scrap market has
26
for
19,100 tons
sufficient to keep rail mills occupied
are
will remain
payments
The pig iron composite is
Second quarter
Rock Island,
the
during
continues
cars
pig iron production
rose
rate.
27
First quarter...
lettings
Rail
of motor
4.7%.
with
1935—
March
for
26,000 tons
current mill backlogs
purchases
54.09
New projects of 26,185
districts.
*
delivery of track accessories.
progresses.
First quarter
include
pending.
now
pectation
27
58.65
112,942
118,712
128,711
March
many
week.
460,000 tons, compared with 215,600 tons in the corresponding quarter last
retail sales
1936—
February...
from
considerably higher than the 14,400 tons which came out for bids
Erie, and 10,000 tons for the Denver & Rio Grande, but little tonnage
is
Number
Cross Tons
to be
seems
below the previous week's total of 17,150 tons, and a
tons are
preceding
Rail
week still
Fabricated structural steel awards
mixed.
are
lettings is reported
are
the
The current level,
1.867c. a pound
pound.
a
finished steel this
demand for
market tendencies
14,850
tons
2.130c.
was
net ton above the depression low of
a
While the trend of
lull
which
year,
$4.60
throughout the greater part of the quarter.
Period
January
the
of
is
prevailed in April and May, 1933.
upward,
for
a
April 11, 1936
Chronicle
2.130c.
Oct.
Low
7
2.084c.
1
2.124c.
Mar. 10
Jan.
8
27
1934
2.199c.
Apr. 24
2.008o.
Jan.
2
26
1933
2.015c.
Oct.
3
1.867c.
Apr. 18
55.68
116,535
121,279
123,272
25
1932
1.977c.
Oct.
4
1.926c.
Feb.
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
9,381,500
54.33
120,276
78
1930
2.273c.
Jan.
7
2.018c.
Dec.
33,425,576
48.55
107,478
311
October
3,146,446
3,153,247
3,081,807
November
December
Fourth quarter
52.64
54.78
1929
Total
Calculated
on
annual capacities as of Dec. 31
Bessemer
Ingots, 68,475,509
Ingots, 68.849.717 gross tons.
gross
as
1934,
tons;
follows:
1935, Open-hearth
open-hearth and Bessemer
Shipments Higher in March
1932:
SHIPMENTS
OF
STEEL PRODUCTS
BY
MONTHS
FOR
YEARS INDICATED
Year 1932
Year 1933
Year 1934
Year 1935
Year 1936
426,271
285,138
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310,007
275,594
227,576
Month
275,929
256,793
335.321
455,302
603,937
701.322
668,155
575,161
572,897
430,358
600,639
331,777
385,500
588,209
643,009
745,063
985,337
369,938
378,023
370,306
343,962
366,119
418,630
534.055
583,137
668.056
721,414
676,315
783,552
February
March
April
May
—
June
July.
August
September
October
November
December
-
Oct.
29
July
17
Jan.
4
2.212c.
Nov.
...
591,728
18.841
17.90 [
1936
1
"
/
547,794
624,497
614,933
686,741
681,820
661,515
a(5,160)
b(44,283)
a
t
o
Reduction,
3,974,062
b Addition,
5,805,235
Cumulative
5,905,966
c7,371,299
c
monthly
shipments
Stated in the annual report.
Steel
Ingot
Production Rises
Capacity
Points
to
66% of
regis¬
tering a 3%-point increase, steel ingot production this week
is at 66% of capacity, the highest level since the second
week of June, 1930.
While output is definitely higher in
the Pittsburgh and Wheeling districts as a result of further
recovery from flood damage, increases are also reported in
the Valleys, at Philadelphia, at Buffalo and in the Far
West.
Production is unchanged at Chicago, Cleveland and
Detroit.
The "Age" further stated:
mill schedules
are
also
strip, rails and wire products at
Sheet
steel.
are
are
booked
mills
are
large
production
to
at
that rate.
support
during the current month, and
it
of
tin
plate,
higher relative level than that of raw
running at 65% of. capacity,
through April
sufficiently
a
with
higher,
an
is
In
ingot
fact,
and
production
evident that
producers
many
of well
the
present
over
capacity,
and
much
is
profitless.
steel
last
tonnage being rolled this
Although
recent
month will
efforts have been
made
to
also
be relatively
stabilize
finished
quotations, tangible results will not likely became evident until the
half
The
week
the
of
the
2.097c.
a
Jan.
Jan.
T
2
Dec.
5
13.56
Jan.
Jan.
5
13.56
Deo.
6
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Deo. 18
May
14
18.71
18.21
3
——
Dec.
17
18.59
Nov. 27
17.04
July
24
19.71
-
Jan.
4
17.54
Nov.
1
Steel Scrap
April 71936, $14.58 a Gross Ton
(Based on No.
$14.75]
14.75
10.42
One year ago
1
melting
heavy
and Chicago.
Low
High
$14.75
25
$13.33
Deo.
10
10.33
13.00
Mar. 13
9.50
12.25
__
Feb.
13.42
-
steel,
quotations at Pittsburgh, Philadelphia
Aug.
Jan.
7
Apr. 23
Sept. 25
6.43
July
5
6
8.50
Deo. 29
Feb.
18
11.25
Jan.
29
16.50
Deo. 31
15.25
and
3
12
17.58
Iron
Jan.
Jan.
Jan.
15.00
American
6.75
8.50
11.33
Jan.
Steel
8
9
14.08
Dec.
3
13.08
11
Deo.
July
2
Nov. 22
13.0|8
Institute
on
April
6
an¬
telegraphic reports which it had received indi¬
cated
that the operating rate of steel companies having
98.0% of the steel capacity of the industry will be 64.5%
of the capacity for the current week, compared with 62.0%
last week, 55.8% one month ago, and 43.8% one year ago.
This represents an increase of 2.5 points, or 4%, from the
of steel operations since Feb.
1935—
1935—
Feb. 25
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
June
47.9% June 10
on
1935—
48.9% Jan.
50.8%
49.7%
50.4%
51.8%
51.9%
50.9%
52.6%
53.7%
55.4%
66.4%
55.7%
54.6%
49.5%
46.7%
29
Nov. 11
5
46.0%
Nov. 18
48.1%
48.8%
47.9%
45.8%
49.7%
48.3%
Nov. 25
June 24
July
July
July
July
July
1.
8
15
22
Aug.
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Cleveland, in its
1936—
Sept. 23
Sept. 30
Aug. 12
Aug. 19
48.2%
11——47.1%
18.
46.8%
25
46.1%
1
44.4%
8
43.8%
15
44.0%
22
44.6%
29
43.1%
6
42.2%
13
43.4%
2042.8%
27
42.3%
3
39.5%
markets,
Weekly indicated rates
25, 1935, follow:
39.0%
38.3%
.37.7%
32.8%
35.3%
39.9%
42.2%
44.0%
June 17
4.
"Steel" of
Oct.
7
Oct.
14
Oct.
21
Oct.
28
Nov.
5
Dec.
2
Dec.
9
Deo. 16
Deo. 23
Dec. 30
summary
6,——49.2%
49.4%
49.9%
Jan. 27
49.4%
Feb.
3
50.0%
Jan.
13
Jan.
20
Feb.
10-—52.0%
Feb.
17
Feb. 24
Mar.
Mar.
Mar.
51.7%
52.9%
2—53.5%
9—55.8%
16—-..60.0%
Mar. 23
Mar. 30
63.7%
62.0%
April
64.5%
6
of the iron and steel
April 6 stated:
uniformly strong situation in production, consumption and prices—
probably the most favorable balance attained in six years—prevails in iron
and
composite price of finished steel is slightly higher this
pound, but is still well below the average at the
steel, with indications of this continuing well along toward June.
Responding to
advanced
where
5
broadening requirements, steelworks operations last week
to 63%%, highest since June, 1930.
At Pittsburgh,
points
the rate
rose
6% points to 52%, steelmakers
see
prospects for 60%
there this quarter.
Chicago
quarter.
"Iron Age'*
at
May 14
16.90
$18.84
A
production in the first quarter was at the rate of 54.7% of
early reports of steel company profits are discouraging.
It is
that earnings were sharply curtailed because of price weakness,
of
17.83
1
16.90
One month ago
60%
quarter
steel
indicated
5
15.90
1930.
finishing mill backlogs
going to be the best the steel industry has enjoyed since 1930.
While
7
May
estimate for the week of March 30.
The "Iron Age," in its issue of April 9, stated that
Rolling
Jan.
Nov.
14.81
nounced that
reported during
he calendar year are subject to some adjustments reflecting annual tonnage reconIllations, which will be comprehended in the total tonnage ahlpped or the year as
a
and
Low
18.84
The
Total for year
Valley
17.90
1931
(19,907)
Buffalo,
Birmingham.
$18.84
-
1934
1935—
598,915
578,108
Philadelphia,
High
1927
Yearly adjustment.
1
[Based on average of basic Iron at Valley
„$18.84] furnaoe and foundry Irons at Chicago
—
One week ago
January
2.273c.
2.217c.
April 7 1936, $18.84 a Gross Ton
Shipments of steel products by subsidiaries of United States
Corp. in March amounted to 783,552 tons, an increase
of 107,237 tons over the previous month, when 676,315 tons
were shipped.
In March 1935 shipments aggregated 668,056
tons.
Below we list the figures by months since January
OF
2
11
2.402c.
One month age
One year ago
Steel
TONNAGE
Apr.
Dec.
Pig Iron
One week ago...
Steel
9
2.317c.
2.286c.
.
1928
1927
a
and
2
3
to
New
76.
was up
3% to 67%; eastern Pennsylvania, 2 to 40% ; Wheeling,
6 points, operating at 100%; Buffalo, 15 to 62;
to 72.
A one-point decline to 81% at Cleveland it
Detroit gained
England,
5
for shipment this month, demand
$1
,
Automotive
stocks
shown
production
and1
low,
has
tonnage
of
sharpest gain,
the
and
cars
trucks
week
10,000
up
exceeded this by a narrow margin, it was the highest since August,
probably will
Railroads
added
most of the
to
be
backlogs
steelmakers
roads
75,000
expected
distributed orders
up
to
for
slack
any
for
inquiring
are
100,000
tons
tons
of
steel,
car
Norfolk
shortly.
more
New Haven has purchased 50
11,000 tons.
with
Structural awards have lagged, reducing this year's lead to 38% over the
comparable period in 1935.
New
politan
The week's awards totaled 14,800 tons.
district
York
reports
improvement
some
in
The
Metro¬
43%
compared
59% against 54% in the week before and
ago.
of production
together with the
following table gives a comparison of the percentage
the
with
work,
pending
ago.
Leading independents are credited with 66%
63% in the preceding week and 57% two weeks ago.
weeks
two
coaches and is reported1 to have placed 10 locomotives.
passenger
This compares
U. S. Steel is estimated! at
&
placed
Journal"
with 59% in the previous week
The "Journal" further said:
production for the week ended April 6 is
50%% two weeks
and
and
$33.13;
scrap,
63% of capacity, according to the "Wall Street
of April 8.
automotive tonnage this
in
33,000
steel,
and
unchanged; iron
$14.50.
are
steelworks
$52.20;
Steel ingot
at
and
composites
price
steel,
1929.
week,
last
512,700 tons they have placed in the past four months remains
Eastern
Western
rails to mill
of
tons
rolled, which would take
quarter.
finished
aBide all records since that period.
sweep
36,700
than last year.
more
"Steel's"
to
Except for four weeks in the spring of 1935, when output
108,500 units.
This week
35%
manufacturers'
with
last
advance,
comparable
a
55.4% compared with 54 in
about
which prices were unchanged is equally impressive.
In pig
contracts were completed by April 1, yet despite an
a ton producers forecast heavier shipments this month than
on
of
March.
in
the steelworks rate having averaged
February.
Scrap prices are a little easier at Chicago, but the market elsewhere is
firm.
Lake Superior iron ore prices have been extended for the eighth
consecutive season, and producers expect to ship about 38,000,000 tons,
show
will
for many
first quarter
iron,
advance
compiled this week,
ingot production for March, when figures are
Steel
in sheets, strip and wire, which went in effect last
While price increases
Wednesday, stimulated orders
products
March, this being the highest since September,
1930, when 126 also were in blast.
74.
69; Youngstown,
the close of
operating at
Cincinnati held at 55; Bintningham,
expected to be overcome this week.
2415
Chronicle
Financial
Volume 142
nearest
week
corresponding
previous years,
of
.
from the week immediately preceding:
approximate changes, in points,
requiring 50,000 tons.
and
Tractor
implement production in the first quarter was 35 to 40%
last year, and
over
slackening is anticipated for several months.
no
loss
A
reason
gross
about
of
60,000
the floods;
of
tons,
tons
4.1% above February.
was
tons, was a gain of 11.3%.
last December.
i^on
months,
production
March,
There
was
was
43%
Independents
48
42)4
66
—1
+3
46
17 H
16)4
+1
18
+2
+3
22 X
—1)4
23)4
—1)4
21)4
—1
1931
52
—3
54
—2)4
51
—3
1930
75
—1
79
—4
70
+1
1929
96
+
J4
98
+
J4
94
+
than
more
J*
+5
1932
1928
84)4
—
)4
89)4
—
)4
79)4
126
1927
88 X
—1)4
net gain of six stacks to
a
44
59
1933
66,004
the highest since
were
Steel
.
+4
63
X
+1
+2)4
The total for the month, 2,046,121
output, 6,914,357 tons,
1935.
of
one
incurred by
was
output in
average
Daily and total figures
First quarter
three
the first
pig
in
nevertheless, daily
is
1936
1934
consumers
U.
Industry
Diver¬
1935
sity of steel orders from miscellaneous manufacturing
the outstanding features of the market.
—
,54
41
/
—1
95
H
i
—2
93
Current Events and Discussions
The
The
Week
daily
with
average
Federal
the
Reserve
Apr.
volume of Federal Reserve bank credit
outstanding during the week ended April 8,
reported by
as
Chicago
New York City
Banks
$
Assets—
Accepts, and com'l paper bought
1935
i
$J;
16
18
218
168
$
$
$
$
165
—
Apr. 10,
8, Apr. 1, Apr. 10, Apr. 8, Apr. 1,
1936
1935
1936
1936
1936
w
33
increase
of
compared with the preceding week and
After noting these facts, the Board of Gov¬
of the Federal Reserve System proceeds as
On April 8 total Reserve
increase
creases
money
of $2,000,000
of $84,000,000
This increase corresponds with in¬
in member bank
balances, $22,000,000 in
reserve
in circulation and $14,000 000 in non-member deposits and other
Federal
Reserve accounts, offset in part by a decrease of $112,000,000 in
Treasury cash and deposits with Federal Reserve banks and
$5,000,000 in monetary gold stock.
April 8
were
Member bank
an
reserve
increase of
balances on
be approximately $2,420,000,000 in excess of
estimated to
52
130
66
15
6
15
5
1,165
1,188
266
269
t) 17
>7
250
U. S. Govt, direct obligations..
3,499
3,485
3,310
1,047
918
723
549
1,174
550
1,202
275
1,059
89
273
89
' 265
78
231
on
134
real estate
Loans to banks
134
Obligations fully guaranteed by
United States government
follows:
bank credit amounted to $2,479,000,000, an
for the week.
35
Loans
an
$19,000,000 compared with the corresponding
week in 1935.
ernors
decrease
a
1,184
Reserve with F. R. Bank
of $3,000,000
$2,480,000,000,
Other loans
Other securities
the Federal Reserve banks, was
1,910
1,892
1,576
481
347
391
Cash in vault
51
48
52
Balances with domestic banks..
77
86
64
467
485
594
36
162
73
35
127
76
* 35
171
86
5,944
533
198
5,927
546
198
5,039
622
527
1,280
460
101
1,000
413
116
1,078
387
41
2,240
2,233
342
1,829
167
554
332
569
4
478
3
Other assets—net
Liabilities—
.
Demand deposits—adjusted
Time deposits
-
United States govt, deposits
Inter-bank deposits:
Domestic banks..
Foreign banks
4
legal requirements.
Relatively small changes
purchased
bills,
reported in holdings of discounted and
were
industrial
advances and
United
States
Government
se¬
301
275
31
1
29
1,464
1,462
224
224
20
6
Other liabilities
Capital account
curities.
314
1,465
I
Borrowings
—--
38
222
.
The statement in full for the week ended
*
April 8, in
date last year, will be found on pages
2448 and 2449.
Changes in the amount of Reserve bank credit outstanding
and in
related items
April 8, 1936,
during the week and the
follows:
were as
Increase
April 8, 1936
U. S. Government securities
advances
(not
or Decrease
Since
(—)
April 10, 1935
$
$
6,000,000
5,000,000
Bills bought
(+)
April 1,1936
$
Bills discounted
Industrial
ended
year
—1,000,000
2,430,000,000
Including
$26,000,000 commitm'ts—Apr. 8).
Revised figures.
com¬
parison with the preceding week and with the corresponding
+ 9,000,000
♦
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 given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business April 1:
30,000,000
8,000,000
+4,000,000
+8,000,000
Total Reserve bank credit-.
2,479,000,000
+ 2,000,000
+ 16,000,000
Monetary gold stock
10,190,000,000
+ 5,000,000
+ 1,576,000,000
Treasury & National bank currency.-2,505,000,000
+ 1,000,000
—44,000,000
+ 22,000,000
+ 419,000,000
leading cities on April 1 shows a decrease for the week of $217,000,000 in
+84,000,000
+874,000,000
holdings
3,502,000,000 —112,000,000
+ 126,000,000
Other Reserve bank credit
Money in circulation
5,906,000,000
-.5,161,000,000
Member bank reserve balances
Treasury cash and deposits with Fed¬
eral Reserve banks
Non-member deposits and other Fed¬
eral Reserve accounts.
+ 14,000,000
604,000,000
+ 127,000,000
The
condition
statement
of United
of
weekly
reporting
member
banks in
by increases in other loans and investments, and decreases of
$169,000,000
deposits—adjusted and $142,000,000 in reserve balances with
in demand
Federal Reserve banks.
(
Loans to brokers and dealers in New York City increased
Returns of Member
Banks in
New
loans to brokers and dealers outside New York City increased
York
City and
in the Chicago
Chicago—Brokers' Loans
at
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and also for the Chicago member banks, for the cur¬
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
>
rent
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
IN CENTRAL RESERVE
Ayr. 8,
1936
$
$
$
$
1,902
1,771
1,564
8,514
8,533
7,635
944
956
578
67
Outside New York City
Loans
on
securities
to
all
reporting member banks; real estate loans declined $6,000,000; loans to
banks
increased
$11,000,000;
and
"Other
loans"
increased
in the New York district, $15,000,000 in the Chicago district,
in the Boston district, and $71,000,000 at aU
Holdings
of
United
the
States
Chicago
and
$12,000,000
reporting member banks.
Government
district
$24,000,000
direct
63
54
"34
"39
27
763
758
757
154
155
171
$1,000,000 in all reporting member banks.
increased
27
others
declined
obligations
$217,000,000
at
all
reporting
Holdings of obligations fully guaranteed by the United
increased
Holdings of "Other securities"
$26,000,000 in the New York district and
$38,000,000 at all
reporting member banks.
Demand
deposits—adjusted declined $316,000,000 in the Chicago dis¬
trict and $169,000,000 at
Loans to brokers and dealers:
In New York City
Holdings of acceptances and commercial paper
bought increased $12,000,000 in the New York district and $9,000,000 at
States Government declined $6,000,000 in the DaUas district and
Apr. 1, Apr. 10, Apr. 8, Apr. 1, Apr. 10,
1936
1935
1936
1936
1935
$
$
Assets—
member banks; and loans on securities to others (except
reporting member banks.
member banks.
-Chica go-
-New York City-
$13,000,000
district, $7,000,000 in the Boston district and $31,000,000
all reporting
$232,000,000 in
(In Millions of Dollars)
$56,000,000;
banks) increased $9,000,000 in the Chicago district and $16,000,000 at all
BANKS
CITIES
101
States Government direct obligations, largely offset
all reporting member banks, and increased $69,-
000,000 in the New York district, $52,000,000 in the San Francisco district
and $16,000,000 in the Boston district.
in
the
San
Francisco
district and
Time deposits declined $9,000,000
$12,000,000 at
all reporting
member
2416
banks.
Financial
United States Government deposits declined $3,000,000.
Deposit
balances of other domestic banks increased $47,000,000 in the New York
district, $10,000,000 in the Chicago district and $45,000,000 at all reporting
Chronicle
United States Delegates Returning from London Con¬
ference
Praise Naval Treaty—Norman
H. Davis
Says Pact Will Prevent Naval Race
member banks.
A summary of the principal assets and liabilities of the
reporting member banks, together with the changes for the
week and the year ended April 1, 1936, follows:
Increase
(+)
■
Apr. 1, 1936
Assets—
Mar. 25, 1936
$
Loans and investments—total
Apr. 3, 1935
$
»..
(—)
or Decrease
Since
$
21,621,000,000
+10,000,000
+1,828,000,000
990,000,000
220,000,000
+65,000,000
+ 31,000,000
+249,000,000
+ 44,000,000
Loans to brokers and dealers:
In New York City
Outside New York City
Loans
on
securities
to
(except banks)
Accpts. and com'l
2,103,000,000
paper bought-352,000,000
Loans on real estate
1,144,000,000
Loans to banks
88,000,000
Other loans
3,495,000,000
U. S. govt, direct obligations
8,643,000,000
Obligations
fully
guaranteed
+16,000,000
+ 9,000,000
— 6,000,000
+11,000,000
+71,000,000
—217,000,000
—82,000,000
—88,000,000
+22,000,000
—32,000,000
+195,000,000
+ 785,000,000
1,265,000,000
3,321,000,000
Reserve with Fed. Reserve banks.
+1,000,000
+38,000,000
+493,000,000
+242,000,000
-
Balances with domestic banks
3,866,000,000
356,000,000
2,198,000,000
—142,000,000
—10,000,000
—32,000,000
London,
by members of the American delegation to the London
H. Davis, head of the delegation, said
treaty would "temporarily" prevent a naval race.
William H.
Domestic banks
Foreign banks
-
—169,000,000
—12,000,000
—3,000,000
+1,890,000,000
—1,000,000
—321,000,000
5,430,000,000
374,000,000
22,000,000
+45,000,000
+ 5,000,000
+ 5,000,000
Mr.
that
United
the
States
could
that Japan
"see any reason
not
Admiral
Both
Standley
not
was
Considers Means to End Hostilities—Italian
Army
Scores Notable Victories
Charges that Italy has already shipped 259 tons of poison
gas through the Suez Canal since the start of the ItaloEthiopian war were made before the Committee of Thirteen
of the League of Nations on April 9 by
Anthony Eden,
British Foreign Secretary.
The Committee decided to send
an appeal to Italy and
Ethiopia to abstain from the use of
poison gas. It was also reported late this week that Ethiopia
was
prepared to negotiate peace terms directly with Italy,
under League auspices.
This report followed a succession of
sweeping Italian military victories, including the capture of
the important city of Quoram and the bombing of Dessie
by
Italian airplanes.
It was announced in Borne on April 4 that
Emperor Haile Selassie's entire army in the Lake Anchangi
area had been defeated and was
fleeing in disorder to the
south.
Italian planes this week continued to follow the re¬
treating Ethiopians.
Wolde Merriam, Ethiopian Minister
to France, on April 7 urged the League of Nations to offer
some remedy other than "a
platonic invitation to the two
belligerents to accept negotiations."
The Italo-Ethiopian war was last referred to in the "Chron¬
icle" of April 4, page 2234.
Premier Mussolini on April 8
told the Italian Cabinet that Italy would continue her mili¬
tary operations until the Ethiopian army was completely
annihilated.
He said the first objective of the campaign is
security for Italian colonies.
A Rome dispatch of April 8
to the New York "Times" described
his speech
"Security will be achieved in the full, with the
total
as
follows:
annihilation
of
Ethiopian military formations," Mussolini declared, "and this annihilation
Japan's ratification,
conflict
in
satisfied"
treaty and with
treaty between the
"I
The
is
think
do
with
the
United
his opinion
damn
a
was
discussing what should be
that Italy used poison gases in recent engage¬
and the League, which apparently still thinks Mussolini
the threat of additional sanctions into
can
Mussolini sticks to his favorite phrase:
"We will
straight ahead."
go
He feels certain that within perhaps a month or two he will be master of
Ethiopia and that
Ethiopia
any
East Africa to
the League can devise will
no measure
good.
come
believe they have sufficient
bring their campaign to
a
men
and supplies in
Premier
naval
for
he said.
thing,"
parity.
"We've still got
other things, the maximum of capital ships
among
and
destroyer categories
limited
to
to be classed
are
maximum
8,000 tons, the
"light surface
as
submarines
of
is to be
holiday i3 to be decreed in the building of heavy cruisers
a
Both
Mr.
Davis
and
Admiral
Standley
that America
already has completed
by the treaty
as
Decrease
observed
hearty
a
chuckle
she needs, and "we shall have
as
replacements,"
for
with
under construction and not affected
or
10,000-ton cruisers
many
only 10,000-ton cruisers
remarked.
one
World Unemployment Reported by Inter¬
Labor
Office at Geneva in
Quarterly
in
national
Figures—Italian Showing Omitted for First Time
As
at
world
to
Geneva,
declares
unemployment, the quarterly report issued
April 4, by the International Labor Office
on
the decrease in unemployment in
that
of the 28 countries for which
figures
majority
a
still available and
are
which it has been recording for nearly three years continues
but that it remains slight in most of
them.
In
wireless
a
from Geneva to the New York "Times," from which
this is learned, it is stated that the report for the first time
message
contains
figures
no
the number of Italian jobless.
on
The
wireless message also said, in part:
It
understood
is
against sanctions,
do
with
the
the
that
Italy
refused to
furnish the
although the International Labor
imposition of them, and is merely
an
figures
a
as
Office has
reprisal
nothing to
section of
autonomous
League.
The
January report
showed
The
gives
report
but
month
declined
excluding
The
rough
a
only
computation
22,200,000
year
a
278,000
of
in
number
the
of
.
not all
allows
ago,
the returns
the
for
the
that
estimate
the
total
are
including Italy, to
computation gives 22,800,000
including Italy.
This
been rich
as
same
22,000,000
has
now,
the total for the March, 1934,
suggests that all
efforts made through the world
not
.
since
Italy.
same
report,
.
total,
no
decrease
a
unemployed during the year.
in recent
the
billions spent and
the
to reduce unemployment has
years
in results.
Britain
France
and
Germany,
where
reported
decrease,
a
is
rearmament
under
way,
report,
For the first time in several
but only of
16,000.
Czechoslovakia
is
those with
rising unemployment, having 27,000 more than a year
of 860,000, she now ranks third in Europe, following
Germany and Great Britain.
among
With
ago.
total
a
United
The
in
report
February,
1935,
than
3,000,000
for
to
Wilson,
will
He
,
This figure is still
than for all of Europe,
including
a
more
esti¬
generous
of
between
a
year
the
be
the
Cincinnati,
today took
concerned
ILO
former
up
and American
traveling
in
Vice-President
his duties here
chiefly
with
a
of
States
He
will
and
the
American
member of the
developing
labor.
the United
as
and
spend
will
ILO
maintaining
about
remain
seven
here
the
time.
of the present political and military situation.
rest
We also quote from Associated Pres<? Geneva advice
of
April 9 regarding the meeting of the Committee of Thirteen:
Board of Governors of Bank for International Settle¬
In
a
meeting of the League Council's committee of thirteen which
of
Declines
declining from 13,000,000
as
12,626,000 last February.
greater
Federation of Labor,
months
Unemployment
Italy.
James
staff.
States
American unemployment
gives
mate
liaison
successful conclusion.
The statement made by Mussolini formed part of a survey by the
advocates
the agreement, not in the
"pocket battleships" from 8,000 to 17,500 tons.
or
in time to do
Even if the League were to order the closing of the
Suez Canal, the Italians
soon
35,000 tons, the maximum of aircraft carriers is to be 22,000 tons,
2,000 tons, and
be scared by
abandoning his plan for conquering
the big-navy
even
Britain
States and Great
haven't lost
we
treaty provides,
to be
years
talking in this fashion while the League of
as
10,000-ton cruisers."
Mussolini's words prove once again how wide a gulf separates Italy
the whole of Ethiopia.
saying
settled.
was
Standley said that
be
Great
Nations' Committee of Thirteen in Geneva
ments.
He said he
I do not think
as
object."
can
of
confident
so
in,
come
respectively, decreases of 256,000 and 387,000.
Ignores League Threat
done about Ethiopia's charges
3
Says United States Didn't Lose "Dcmn Thing"
Admiral
cannot fail and is not far distant. "
was
good
delegates, however, believed that Italy would sign the treaty
the Italo-Ethiopian
as
vessels"
Premier
"a
made
might also ratify the treaty.
why she should not
in the treaty to which Japan
light cruiser and
♦
Charges Italians with Use of Poison
Gas—British Foreign Secretary Assails Methods of
Waging Italo-Ethiopian War—League Committee
Italian
had
The New York "Herald Tribune" of April
Davis believed
there is anything
+777,000,000
+ 203,000,000
+ 6,000,000
Anthony Eden
The
the
Admiral
described their remarks, in part, as follows:
our
Borrowings
that
Standley, chief of naval operations and another
said
Yankee trade."
"should
United States govt, deposits
Inter-bank deposits:
con¬
the liner Washington.
on
Norman
+ 638,000,000
+60,000,000
Liabilities—
Demand deposits—adjusted
Time deposits
March
ference who returned to New York
+269,000,000
13,578,000,000
4,909,000,000
774,000,000
Cash in vault
which was signed
25, by representatives of the United
States, Great Britain and France was expressed on April 2
in
that because of unsettled conditions there she probably would not "come in."
by
United States government
Other securities
Praise for the qualitative naval treaty
delegate,
others
April 11, 1936
ments at
Monthly Meeting Vote Usual 6% Dividend
Neutrality Law on Mone¬
Stabilization Discussed—Loss of Gold by
com¬
—Effect of United States
prises every member of the council except Italy—Capt. Eden also demanded
an
tary
France
immediate investigation to determine the truth of allegations that the
Italian forces in Ethiopia are using asphyxiating gases.
In the course of his
field
or
thereby
authorized the
A
speech, Capt. Eden remarked that when armies in the
aviators used poison gas it was always with the approval of their high
command,
use
insinuating
that
Premier
of
Staff
chosen
yesterday to
League, particularly the council, has the
any
power
investigate
the
gas
competent organ of the
to inquire as
violating the convention prohibiting the,
use
to whether
of
gas.
The
jurists alk> stated that the signatories of the anti-gas convention naturally
have the
right to inquire
In this
connection, it
as
to what extent the convention is being followed.
was
remarked that the United
States
signed the
1925 treaty prohibiting the use of poison gas.
League officials announced France and Great Britain have reached
an
agreement to propose adjournment of the committee of 13 until April 21 to
give Salvador de Madariaga, Spanish delegate
mittee of thirteen,
and chairman
of the
com¬
charged with exploring East African peace proposals,
time to institute negotiations.
of
At the monthly meeting at Basle,
Switzerland, on April 6,
the board of governors of the Bank for International
Settlements, the usual 6% dividend was declared.
At the
time, May 11 was fixed as the date for the annual
meeting.
Incident to this week's session, the Governors
same
jurists,
charges, reported to the committee of 13 that
are
General
of gas,
sub-committee
belligerents
Mussolini's
were
the guests, on
Economics
message
April 5, of Dr. Hjalmar Schacht, German
Minister, at Badenweiler,
Germany, a wireless
from Geneva to the New York "Times" explaining
that it is customary for
to
give
a
luncheon
at
one
of the central bank governors
the monthly sessions,
these affairs,
however, it is stated, having heretofore been held at Basle.
From the latter place, April 6, the 'Times" advices said:
According to all
social
very
affair
brief.
and
reports,
official
nothing important
and
private,
occurred'
at
the
lunch
the
meeting,
was
purely
which
a
was
Financial
Volume 142
According to the same advices it was brought out during
the French
the informal exchange of viewTs on the future of
the gold
and
franc
law of
neutrality
the monthly meeting that the
bloc at
States is
the United
the factors
among
working toward upsetting the de facto monetary stabiliza¬
tion
In
world
the
enjoyed since May, 1935.
precariously has
part, the April 6 advices to the "Times" continued:
The American decision to sell to
all
it
treat
the
more
translates
in
doing it
a
thus
would
France
in
as
into
be
depart
France
increase
to
quitting
the
from gold.
gold
expected and
The result
all currencies should
than
sooner
effect
upsetting
on
...
were
believed
to
that the
|ear
pressure
height of tlje May crisis last year, but since that time, bankers
out, the French gold reserve has lost about 20,000,000,000 francs.
.
opinion
Leon
have
to
Fraser,
would facilitate stabilization
received
a
might be reached through
by the World Bank
here
the practicable
of
that the condition
the
is
.
Bank,
is
that stabiliza¬
to have expressed
Guarantees Provided
Fraser
since Mr.
such funds
$12,167,000 resettlement loan.
In return for this Greece should deliver to
States its 20-year gold bonds, at 4%, which security guarantees
and
Bankers say
here, and that a dip into
was
such that
are
now
Australia
even
is having
difficulty getting conversions through.
Fraser's
Mr.
Science in
remarks
before
the
New York City on April
these columns
April 4,
page
other
Academy of Political
12 were referred to in
Rate of
In
$25
to
on
Dawes Bonds in
Those of Oct. 15 Last—-Payment at
$1,179,000
for
April 6, the German
City indicates that Germany
$35 face amount of the coupon.
The following is the announcement
Consulate General:
loan in the same
price to be $25
of German External Loan 1924 (Dawes Loan) in
With reference to the purchase
of
coupons
of American tranche of Dawes
(German External Loan 1924), which will mature on April 15, 1936,
following is communicated herewith:
Coupons maturing April 15, 1936, of American tranche of Dawes loan,
stamped ,4U. S. A. Domicile Oct. 1, 1935," will be
manner as
those coupons of the same tranche
on
the totals due under Part
May 24,
&
opportunity to
maturing April 15, 1936. against dollars at J. P. Morgan
Co., New York City, or at any of the American offices of the German
steamship
Hamburg-Americna
company
Line,
on
or
after the date of
marks may be
acquired at the costumary rate of exchange as
heretofore, according to the regulations in effect.
Commencing April 15,
1936, bonds and coupons of the Dawes loan as well as of the
Young loan
of purchase of the matured coupons of these loans.
In
coupon were
a
Washington dispatch, March 30, to the New
of
the following is taken:
to Demetrios Sicilianos,
note addressed
a
the Greek Minister, Secretary
Cordell Hull said:
State
instalments which your
the position which has been
publicly taken by associations acting on behalf of holders of Greek bonds
that it would be well within the capacity of Greece to make larger pay¬
"This
government
ments than
glad to receive the
prejudice
35% of the interest
beginning April
year
be
will
without
tenders,
government
on;
its external bonds which fall due in the
without prejudice to the contractual
States under Part 2 of the debt
1935, and
1,
to
the Government of the United
age
Sicilianos in his note offering
was
and,
loan,
2356.
despite
fact
the
that
no
agreement
stabilization and refugee
was
reached
up
to
now
(Jan. 30, 1936), the Royal Greek Government decided to put at the disposal
the paying
as
banks the amounts due to the stockholders."
by the Minister to have the debt .regarded in its final settle¬
An effort
ment
war
a
obligation and not a private one was rejected by the State
Department.
D.
R.
Burgess and
C.
H. Wang Appointed Joint
Managers of New York Agency of Bank of China
H. D. R. Burgess
the Irving Trust
of New York, Assistant Vice-President
Co., and C. H. Wang of Shanghai,
have been appointed Join Managers of the New York Agency
of the Bank of China of Shanghai, according to Thomas E.
Huser, Counsel for the Bank in New York.
The announcement as to this on April 8 added:
of
Mr. Burgess, who is
Far East, as well as
since
Prior to
1912.
widely known in financial circles in Europe and the
in New York, has been engaged in international banking
becoming an officer of the
Irving Trust Co., Mr.
Burgess had been an assistant Vice-President of the National City Bank.
international banking career with the New York Agency of the
Chartered Bank of India, Australia and China, of London, England.
He began his
Mr. Wang is a graduate
their
of Yale University, 1916, and also holds
Princeton
Shanghai office.
Ltd., at Hong Kong.
R. White,
William
University,
He
1917.
At one time he was Manager of the Ho Hong Bank,
He is expected to arrive in New York during May.
Superintendent of Banks of the State of New York
It is expected that the Agency
the next few
The
our
A. M.
was
recently granted the Bank of China a license to
within
an
formerly Assistant
Manager of The Overseas Chinese Bank, Ltd., and Manager of
from
General
in
Hamburg-American Line, in notifying holders of the
will be purchased by
by the Hamburg-American Line on or after
April 15, also informed holders of German Government In¬
ternational 5^% Loan of 1930 (Young Loan) that "while
no
official announcement has been made by the German
Government regarding the status of the June 1, 1936 coupon
of bonds of the American Tranche of this Loan, holders who
have not already presented their bonds for stamping should
take prompt action, in view of the recent German Consulate
General announcement.
Holders should present their bonds
and appurtenant coupons of this Loan to be stamped 'U. S.
A'. Domicile Oct. 1, 1935' at the offices of J. P. Morgan & Co.
in New York or at the offices of Hamburg-American Line in
this country, on or before April 14, 1936."
35% payment had said "such percent¬
offered to the stockholders of the Greek
Agency.
which applied in the case of the Oct. 1
noted in our issue of Oct. 12, 1935, page
The arrangements
1935,
period,
paid by Greece
under, the Hoover moratorium agreement
or
York "Times," from which
(German Government International 5 K % loan) will no longer be stamped
for the purpose
was
1932.
noted in
was
degree
coupon.
Dawes
1
whatever
payment just made followed an exchange of notes
the State Department and the Greek Legation, it
The
The purchase price will be $25 per $35 face amount of the
maturity.
unpaid, amounted
between
purchased in the same
which matured Oct. 15, 1935.
Holders of such bonds and coupons will therefore have the
sell their coupons
this period nothing
of
issued by the German
United States of America.
the
amounts due under Part 2, and left
the principal and $751,824 on the interest, in that
throughout
However,
H.
per
loan
on
of $1,930,824.
total
a
of
will pay the April 15 coupons of the Dawes
manner as those of Oct.
15—the purchase
Purchase of coupons
$337,776.
the meantime,
In
to
been
had
total of
announcement made available
a
Consulate General in New York
Greece
1934
which
payments were continued
agreement of May 10, 1929."
$35 Coupon
per
refugee loan
and
10, 1934, under Part 2 of the agreement.
through Nov.
Mr.
as
stabilization
its external loans since 1932,
to the United
From 1932
paid, in the 35% which negotiations had established, and
rejected by the European bondholders in favor of 50%, a
interest
of
percentages
same
rights of
2251.
Germany to Pay April 15 Coupons
Same Manner
the
to
applicable
advantages
Although Greece has partially defaulted all
the
States
far beyond the
are
would
conditions
market
States should lend Greece the
part provided that the United
second
the United
of
London
that
and refugee loan of 1928,
the Greek Minister to this country.
1929, the basis for all efforts since
at settlement of the Greek debt to this country, the first part provided
that
Greece, in repayment for the $15,000,000 loans of
1919-20, and
accrued
interest, should issue bonds totaling $20,330,000, payable semi¬
annually for 60 years (1929-89).
two-part agreement of May 10,
The general belief
probably surprise him.
Germany getting a loan in Great Britain is not taken seriously
by bankers except possibly after a general European political settlement.
The British themselves express strong doubt that a British loan to Germany
would be possible even after such a political settlement.
They point out
atmosphere
present
Talk
of interest on the 4% loan of
part of the Greek stabilization
was
engineered by Demetrios Sicilianos,
In the
.
franc devaluation
condition of Europe.
in the present
worse
World
point
international equalization fund managed
stabilization and
to be that both
seems
realm
an
the
York that
shared by none in the Bank.
seems
which
1929,
were
cool reception in circles here.
The hope that Mr. Fraser also is reported
tion
of
President
former
recently in New
expressed
...
payments made, as partial payments
The
on
at the
reported
1, 1928.-
which unpaid interest hadi accrued steadily to
on
of 1928.
the
franc today was much less, they were concerned to learn from Jean Tan¬
nery that the forthcoming Bank of France statement would show a greater
loss of gold during the past period than was anticipated.
The loss is
expected to total around 1,500,000,000 francs.
This is less than the loss
the bankers
Although
The
Jan.
The
bring gold back to France.
calculated to
way
1919 and 1920
during
policy toward preventing the depletion of the gold supplies.
monetary
That
belligerents only for cash, it was pointed
France, that have huge gold reserves, to
times like these as a war chest and direct their
out, encourages countries such
2417
Chronicle
establish a New York
will be opened in New York
weeks.
granting of permission to open the
2075.
agency was
noted'
issue of March 28, page
The
Dawes bonds that the April 15 coupons
J. P. Morgan or
Payment by Greece to United States on Defaulted Debt
The
by
payment
the
Government
Greek
to
the
United
States
Treasury of $152,544, representing 35% of past-due
semi-annual interest on a 1929 loan, was made known in
March 30, by both the
Regarding the payment,
Washington "Post" of March 31 said:
announcements
at
Washington,
on
State and Treasury Departments.
the
The
on
$217,920
Greece
persons
years
represented 35% of the semi-annual
payments due last May 10 and Nov. 10.
On each of these dates
payment
interest
was
announced yesterday
due
on
the 4% loan of 1929, when the United States loaned
Chinese
Representatives Discuss Silver Problem with
of Treasury Morgenthau—Conferences
Secretary
May Determine Chinese Monetary Policy
Secretary of the Treasury Morgenthau on April 7 began
a series of conferences with representatives of the Chinese
Government, designed to formulate closer working arrange¬
ments between the United States and China on financial
problems
involving/silver.
The Chinese Ambassador Sze,
K. P. Chen of Shanghai, Director of the Bank of China, and
other Chinese delegates conferred with Mr. Morgenthau
after
paying a courtesy call upon Secretary of State Hull.
Although details of the discussions were not made public, it
believed that the future of Chinese monetary policy
A
might be determined as a result of the negotiations.
Washington dispatch of April 7 to the New York "Times"
was
described the conferences
as
follows:
High officials declined to divulge the exact object of the conversations. At
the State Department it was said that China was not seeking a
it had
no
loan and that
intention of "tying" the Chinese monetary unit, the yuan, either to
the fluctuating American dollar or the pound sterling.
It
was
further stated
that Chinese prices were improving.
Held Stabilization Step
The chief purpose of the
teract any
on
conferences, however,
was
believed to be to coun¬
ill effect that the silver policy of the United States
may
have had
China's efforts to stabilize her currency.
$12,167,000 for resettlement of 3,000,000 Greek and Greek-speaking
Financial observers expressed the belief that the United States was taking
That loan had followed by 10
cash by this government to Greece
another step toward the stabilization of silver as an international monetary
from
Turkish to Greek
the advances
territory.
of $15,000,000 in
unit—that is, driving toward a goal at which silver in London,
Shanghai,
2418
Financial
Bombay, Tokyo, Paris
commodity at
any
New York would purchase the same quantity of
or
recognized figure.
a
IfcThe Chinese representatives announced that they
New York to establish there
ready to
were
branch of the Bank of China.
a
It
go
to
believed
was
that such action would contribute to the stabilization of Chinese exchange.
Application already has been made to the New York Federal Reserve
Chronicle
With the closing of the subscription books at 3 p. m. April 7
the syndicate managers reported that the offering had been
oversubscribed.
Kuhn, Loeb & Co., Brown Harriman &
Co., Inc., and Edward B. Smith & Co. headed the under¬
writing group and acted as joint syndicate managers.
Proceeds from the sale of the bonds will be used to refund
Bank for authority to set up the branch.
Protracted Stay
W Mr. Morgenthau, at
tives
to this
came
Planned
conference, said that the Chinese representa¬
a press
country on his invitation to "exchange information on
mutual monetary policies."
The Secretary declared that the Chinese bank¬
ing officials would "be here for
some
time," and there would be frequent
meetings.
N»"A closer working arrangement between China and the United States on
financial problems is contemplated," Mr. Morgenthau added.
"Does the silver problem enter these financial problems?" Mr. Morgen¬
thau
t
asked.
was
"Silver enters into it," he answered.
Analysis of Foreign Dollar Bonds in Default Dec. 31,1935
Shows Amount to Be Approximately $76,000,000
Less Than at End of 1933
The
total
dollar bonds in
$2,810,000,000,
according to a bulletin issued April 6 by Dean John T.
Madden, director of the Institute of International Finance.
The Institute is a non-profit research organization conducted
default
foreign
principal amount of
of America
by the Investment Bankers Association
operation
in
co¬
bulletin
detailed analysis of the present status of out¬
New
with
a
The
University.
York
new
standing foreign dollar bonds and brings up to
earlier compilation published in May, 1934.
Regarding the analysis,
announcement in
an
date the
the matter
says:
In
addition
default
only
of
default
been
paid in full
principal
the
in
default
bonds
only,
and
as
$4,604,000,000
there
amount in
to interest represent
Including
sinking
DEC. 31,
In default on principal only
Per Cent of Total
The
of
amount
$76,000,000
less
compilation.
than
This
City of Tucuman
the
issuers
"The
amount
an
bonds
added
with
of
in
end,"
according
1933,
some
formerly
in
the
represents
last
well
repurchase
as
two
all
on
the
on
loans.
How¬
cancellation by
and
default.
the
defaults
list
bonds
foreign
on
default
in
"In
be
to
appears
$2,787,000 of
1935 only
This
interest.
to
as
The State of Parana, Brazil, is notifying holders of its 7%
consolidated bonds, due March 15, 1958, that tenders for the
sale of these bonds for retirement will be received up to noon
April 29, 1936, at Lazard Brothers & Co., London, if for
sterling bonds, and at the Chase National Bank of the City
of New York, if for dollar bonds.
Tenders should be made
at a flat price and have attached coupons Nos. 8 to 12 in¬
clusive, coupon No. 17, and all subsequent coupons.
compares
$211,744,100 in 1934 and with $1,145,503,700 in 1933."
The bulletin
contains
a
estimate
new
of
New York Stock
repatriation of
$7,500,000,000 outstanding at the end of 1935, about $3,000,000,000 is held abroad and $4,500,000,000 is held in the
United
States.
In
discussing this subject the bulletin
well known
is
in
this
are
available
holders
the
to
that
substantial amount of the
a
country have
the issuers
of
well
as
as
been
of
repurchased by
other
but
certain
Examination
of
by foreigners
outstanding amount (these
a
the
is
nationals
of
countries
cases
data
other
about
Argentine Government and
held
tion
cases
seven
available
is
reliable information
no
rently reported that
are
of
in
the
investors in
are
described in
entirely
grade
those
complete
of the
the
resales
an
and
on
appendix).
represents
dollar
of
the
not
but
dollar
Undoubtedly
a
been
have
it
is
bonds
Australian
bonds
bonds
dollar
of
issuers,
outstanding
England.
foreign
to
as
of
large portion
Europe, chiefly in
better
than
50%
a
whatever
of
dollar
cur¬
the
bonds
considerable
purchased
por¬
by
foreign creditor countries.
more
than
60%
investors hold
about
$4,500,000,000,
foreign bonds outstanding.
Offering *of
it is probable
of the total amount of foreign dollar bonds now
outstanding is actually held in the United States.
of
light
which
in
Taking into account both repatriation and resales abroad,
that
some
portion of total repatriation.
There
to
of
none
throw
holdings of dollar
known reveals the repatriation of from 17 to 75%
of the
However,
figures
No accurate
foreign dollar bonds by American
fragmentary data
seven
bonds
are
dollar bonds
foreign
nationals of the countries
foreign countries.
to the extent of the sale of
as
foreigners,
situation.
only
Sent to
1
Floor for
Committee
on
Execution—Rules Set
Forth
by
Bonds
The New York Stock Exchange announced on
April 8 that
members of the
states:
It
Exchange Adopts Amendment Requir¬
Commission Orders in Listed Bonds to Be
ing
foreign dollar bonds, whicb indicates that of approximately
sold
7% Consolidated Bonds, due March 15, 1958,
(Brazil) Invited for Retirement
of State of Parana
Institute's
the
and Paulista Railway (Brazil)
the Institute observes.
to
the
to
debt service
default as
in
City of Oslo has also
Nov. 1, 1936, at their principal amount and accrued in¬
Tenders of
approximately
is
defaults
new
the
be deposited with the fiscal agents
by the City of Oslo.
The City of Oslo recently irsued $6,500,000 principal
amount 19-year 43^% sinking fund external loan bonds
maturing April 1, 1955.
The offering was noted in our
April 4 issue, page 2236.
100.00
default
in
now
the resumption of full
large-scale
of
virtually at
were
end
despite
part to
dollar bonds
bonds
of
period
the
at
(Argentina)
substantial
a
bonds
dollar
reduction,
outstanding Austrian
ever,
$7,489,992,000
foreign
is attributed in
years,
61.47
37.52
1.00
.01
900,000
Total amount outstanding
that
Nov. 1, 1936, all outstanding bonds of
this issue not called for previous redemption, according to
the announcement.
Such outstanding bonds yviH be paid
terest out of moneys to
$4,604,330,000
2,809,892,000
74,870,000
sinking fund only
Norway
redeem on
on
Amount
on
It is further announced
elected to
are
1935
In default as to interest
Oslo,
agents.
has
following table:
Debt service paid in full
Redemption of Bonds of City of
Kuhn, Loeb & Co., as fiscal agents for the City of Oslo,
Norway, municipal external loan of 1925 30-year 6% sinking
fund gold bonds due May 1, 1955, announced on April 9
that there have been drawn by lot for redemption on May 1
1936, at par and accrued interest, $132,000 principal amount
of these bonds.
Payment will be made on and after that
date out of sinking fund moneys at the office of the fiscal
These figures
bonds.
STATUS OF ALL PUBLICLY-ISSUED FOREIGN DOLLAR BONDS
In default
.
Debt service
is 38.5%.
of foreign
about
were
small
a
outstanding.
proportion
the
interest,
default
in
bonds
dollar
defaults,
on
to
as
sinking fund
The
the
and
in
to
as
principal.
foreign
on
all
fund
shown
bonds
the
to
$75,000,000 in
37.5%
$29,798,000 principal amount of Kingdom of Norway 40year 53^% sinking fund external loan gold bonds, due June 1,
1965, which are called for redemption on June 1, 1936.
Principal and interest on the bonds will be payable in New
York in lawful money of the United States without deduction
for or on account of any present or future taxes of the King¬
dom of Norway.
The bonds are redeemable at the option of the Norwegian
Government as a whole only, except through the operation
of the sinking fund, od and after April 1, 1944, on any semi¬
annual interest date at the principal amount upon at least
30 days' notice.
It is stated that the bonds qualify as in¬
vestments by national banks under the recent rulings of the
Comptroller of the Currency.
It is also stated that they
constitute direct, valid and unconditional obligations of the
Kingdom of Norway.
: :.
to interest at the end of 1935 was
as
presents
April 11, 1936
$31,500,000
or
On this basis American
Kingdom
ruling will be to tighten control of the committee
will not attempt to force execution on the floor, if the price there is
not
of
Closed—Proceeds
Used to Refund $29,798,000
Norway
to
Be
good
as can
be obtained elsewhere, or it the order is for
be handled better by negotiation between seller and
purchaser, it is understood.
Majority Not Affected
5^% Bonds Called for
One of the most important issues of dollar bonds to be dis¬
tributed in the United States in recent years was
represented
in the offering on April 7 at 973^ and accrued interest of
$31,500,000 Kingdom of Norway 29-year 4^ % sinking fund
loan bonds, due April 1, 1965.
The offering is
external
being made by an underwriting group consisting of Kuhn,
Loeb & Co.; Brown Harriman & Co., Inc.; Edward B. Smith
& Co.; The First Boston Corp.; Blyth & Co., Inc., and
White,
Weld & Co.
The syndicate books are being handled
by
Brown Harriman & Co., Inc.
as
large number of
a
bonds, which could
Since the ruling affects only the bonds dealt in the "free
crowd," which
Redemption June 1
new
bonds, in its effort to direct small bond transactions onto the floor'of
the Echange in preference to execution in other markets.
The Committee
over
29-Year
Books
The effect of the
possibly less, of the $7,490,000,000
4=34% Sinking Fund External Loan Bonds—Issue
Oversubscribed
Exchange had approved the amendment to
the Constitution adopted by the governing committee on
March 26, empowering the committee on bonds to
require,
under prescribed conditions, that commission orders in listed
bonds be sent to the floor of the Exchange for execution.
A copy of the amendment is given below:
The amendment
was adopted by the
governing committee of the Exchange on
March 25, as noted in our issue of March 28, page 2076.
On April 9, Ashbel Green, Secretary, addressed a notice to
the members of the Exchange setting forth rules
adopted by
the Committee on Bonds regarding trading in bonds on the
floor of the Exchange under the new amendment.
The
Committee ruled that, effective April 13, all individual
orders for the purchase or sale of 195 of the 199 domestic
and foreign bond issues dealt in the "free crowdes" shall
"be sent to the floor of the Exchange for
execution," with
exceptions.
In regard to the action of the Committee on
Bonds, the New York "Herald-Tribune" of April 10 had the
following to say:
correspond to the stocks traded in at the "active posts,"
the listed
bond issues
will
not
be
touched.
however, is done in issues in the free crowd
or
"can" crowd, where the orders
are
as
Most
a
large majority of
of the
bond
trading,
contrasted with the "bood"
filed and which is comparable to the
post for inactive stocks.
Included in the list, therefore, are all the actively traded
issues, with
the exception of United States Government bonds and the issues
with short
maturities,
or those
which have been called for redemption.
The exceptions to the ruling of the Committee on Bonds
were given as follows in the notice sent to the
members of
the Stock Exchange on April 9:
Financial
Volume 142
(a) When orders call for the purchase or sale of 10 bonds
a'market on the floor of the Excahnge has been diligently
been
executed at a
directs that the particular order
In the following
average
table listed stocks are
groups
shall be
was
Committee
Effective Monday, April 13, 1936, no orders for the purchase or
bonds, notes, etc., listed on the Exchange (other than securities
Market
particular orders shall be "crossed" off the
Exchange.
April 30 Under
Utility Holding Company Act—Letter Warns In¬
stitutions
They May Constitute Holding Com¬
Advises
Banks
to
File Data
by
panies
Securities and Exchange
Commission to a number of the larger banks in the country
calling' attention to certain provisions of the Public Utility
Holding Company Act of 1935 and of the rules of the Com¬
mission which are applicable to certain banks.
The text of
the letter, signed by Chairman James M. Landis was made
public, as follows, on April 6:
It has come to our attention that a number of banks are apparently un¬
aware of the fact that, as a result of acquiring public utility securities in
liquidation of debts or holding them in trust capacities, or otherwise, such
banks may constitute 'holding companies' as defined in the Public Utility
been sent by the
A letter has
1935.
"holding company" any company
10% or more of the out¬
standing voting securities of a public utility company.
A public utility
company is defined in Section 2 (a) (5) as an electric or gas utility company,
and the latter are further defined in paragraphs (3) and (4) of Section 2 (a).
Section 4 (a) of the Act requires all holding companies which use the mails
or interstate commerce in any of the ways therein specified to register with
this Commission, except that the Commission is directed by Section 3 (a)
to exempt certain classes of holding companies.
Acting pursuant to this
authority the Commission has promulgated Rule 3A3-1 exempting certain
banks from the provisions of the Act applicable to them as holding companies
subject to the condition that they file quarterly statements with this Com¬
mission on Form U-3A3-1.
The first of these statements is due not later
holds with power to vote,
April 30, 1936.
Certain Cor¬
Bonds Secured by FHA Insured Mortgages
Securities and Exchange Commission announced
45.52
|l ,215,001,547
21.55
.5,697,259,569
690,129,511
Electrical equipment manufacturing.. 11,599,123,156
3,133,997,371
Foods
,v„.
395,271,515
Rubber and tires
841,243,562
Farm machinery
325,120,427
Amusements
53,028,717
Land and Realty
1,990,830,835
Machinery and metals
1,834,931,414
Mining (excluding iron)
5,997,032,575
Petroleum
378,412,710
Paper and publishing
2,302,661,265
Retail merchandising
4,711,636,124
Railways and equipments
72.00
Chemicals
Building
i...
Gas and electric (operating)
Gas and electric
(holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
...
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
operating abroad
1,145,171,073
Foreign companies (Incl. Can. & Cuba)
51,667,867,515
All listed stocks
Market
Price
July
Sept. 1
1
Oct.
Nov. 1
1
$28.29
Jan.
Feb.
Of the replies,
28.42
Apr.
May
1
25.13
June
1
1
Mar. 1
36,657,646,692
Oct.
1
36,699,914,685
36,432,143,818
33,816,513,632
34,439,993,735
30,752,107,676
23.37
Nov. 1
28.13
Deo.
1
1
statement, which was
Value
of
Listed Stocks on New York Stock
1 $51,667,867,515, Compared with
$51,201,637,902
March 1—Classification
of Listed
Stocks
26.50
27.78
29.76
30.44
30.97
32.90
23.76
Feb.
24.90
Mar. 1
46,945,581,555
50,164,547,052
51,201,637,902
1
51,667,867,515
34.34
$24.22
26.60
Jan.
1*....
1
24.61
Apr.
37.98
38.61
25.97
Federal Land Banks
Bonds of Land Banks
offering was made on April 8 of an issue of $180,000,000 10-20-year Federal Land Banks 3% consolidated
Federal farm loan bonds dated May 1, 1936, due May 1,
Formal
1956, and not redeemable before May 1, 1946.
The issue
heavily oversubscribed by 11 a. m. on the day of the
offering according to an announcement by W. I. Myers,
Governor of the Farm Credit Administration.
While the
books
closed at 11 a. m., April 8,
for the Federal Land Banks,
that date that the exchange books would remain
cash subscriptions were
on
Charles R. Dunn, fiscal agent
stated
on
until further notice.
On April 6 Governor Myers announced that approximately
$185,205,300 of 43^% individual bonds of the Federal Land
Banks would be called on April 7 for payment May 1, 1936—
open
refunded with the proceeds from the
$180,000,000 issue and with cash.
The bonds offered whis week were priced at 99^ and
aggregat¬
the New York Stock
of $51,667,867,515, the
Exchange announced April 3.
This compares with 1,192
stock issues aggregating 1,322,819,505 shares listed on the
Exchange March 1, with a total market value of $51,201,637,902, and with 1,184 stock issues aggregating 1,303,680,865 shares with a total market value of $30,936,100,491
April 1, 1935.
In its announcement of April 3 the Stock
1,329,775,654 shares listed on
Exchange with a total market value
ing
Exchange stated:
Exchange member total net borrow¬
$996,894,018. The ratio of these member
total borrowings to the market value of aU listed stocks, on this date, was
therefore 1.93%.
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
April 1, 1936, New York Stock
ings on coUateral amounted to
all listed shares and their
market values.
1936 the New York Stock Exchange
net borrowings on collateral amounted to
new
to yield about 3.03%.
The offering was made
under the direction of Charles R. Dunn and with the coopera¬
interest,
tion
April 1, 1936, there were 1,192 stock issues
member
25.77
the called bonds to be
Exchange April
of
38.85
23.73
3% Consolidated Federal Farm Loan Bonds—Issue
Oversubscribed—Proceeds, Together with Cash, to
Be Used to Refund $185,205,300 4^>% Individual
sale of the
As
35.62
24.70
was
March 31.
As of
1..
25.29
1936—
26.13
31,613.348,531
33,888.023.435
1.
Nov. 1
Dec.
1
25.99
32,618,130,662
32,319,514,504
1
Aug. 1
Trusts
of management types with assets of less than
$500,000 as at Dec. 31, 1935.
The remaining 176 answers consisted of
Part I of the fuU questionnaire which was due on Feb. 5, 1936.
Replies
to Parts II and III of the questionnaire, due on March 16, 1936, which
cover balance sheet, profit and loss account, and portfolio, had been re¬
ceived from about 125 investment trusts, while short extensions of time
within which to file Parts II and III have been granted to most of the other
trusts.
Parts IV to IX of the questionnaire are due on April 15, but six
trusts had already submitted complete answers to the questionnaire by
As of
«
1
23.30
28.34
Oct.
Price
$35,933,882,614
32,991,035,003
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
40,479,304,580
43,002,018,069
44,950,590,351
Sept.1
July
Average
Value
Aug. 1
Exchange Commission
required of investment trusts
Market
38.71
38.85 51,201,637.902
Mar. 1
25.32
28.90
1
Questionnaire
175 had the form of a summary
29.63
1
Offering of $180,000,000 10-20-Year
replies the SEC says:
40.71
1
25.57
25.59
1
Feb.
+
announced on
April 8 that it had received up to March 31, 1936, a total of
351 answers to its questionnaire addressed to incorporated
and unincorporated investment trusts and investment com¬
panies of management type during January and February.
24.03
37.09
.
33,094,751,244
37,364,990,391
Jan.
by mortgage insured by the Federal Housing Administration.
The form, designated as Form A-R, applies, it is stated,
only where mortgages are insured under Section 207 of the
National Housing Act, which provides for insurance of
As to the
/.
July
$36,348,747,926
32,762,207,992
36,669,889,331
32,729,938,196
30,117,833,982
32,542,456,452
1
Sept. 1
The Securities and
31.66
1935—
Aug. 1
June
Investment
10.62
33.45
Market
:
■
1933—
May 1
to
21.38
38.07
Average
Value
The
Addressed
74.83
^
Exchange:
April 3 that it has adopted a form for the registration under
the Securities Act of 1933 of certain corporate bonds secured
Replies Received by SEC to
42.41
4,481,842,106 41.88
1,242,471,791 22.02
5,363,814,662 72.28
695,485,713 39.93
1,612,869,589 44.08
3,202,975,594 36.32
363,697,288 39.02
731.664.929 65.08
339.059.930 22.30
57,096,704 11.51
1,984,840,009 38.25
1,802,871,714 33.05
5,895,439,086 31.13
367,485,683 23.03
2,281,687,113 36.55
4,912,872,513 42.45
2,400,259,469 58.57
261,488,093 24.38
2,211,647,714 31.72
1,648,397,476 17.07
3,925,381,365 105.80
239,023,152 28.81
275,782,176 14.12
467,713,202 42.62
22,280,899 10.73
47,783,567 15.78
128,474,393 22.32
265,565.244 42.17
1,806,236,765 68.88
30,892,527 32.38
917,305,036 25.89
1,217,232,400 31.50
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Apr.
low-cost housing projects.
43.70
.
Aviation
U. S. companies
39.63
35.54
2,379,197,500 66.47
261,024,997 24.37
2,246,165,165 32.21
1,668,008,032 17.17
3,775,640,810 101.75
245,949,062 29.64
302,625,287 15.48
458,251,653 41.69
24,661,798 11.77
46,126,640 15.23
129,449,315 22.49
257,164,345 40.83
1,735,016,043 66.16
32,181,527 33.73
921,853,748 26.02
Steel, iron and coke
Textiles.
porate
mortgages on
$
P4,873,700,222
Financial
Dec.
Adopted by SEC for Registering
351
Price
Auto and accessories
1934—
Form
Aver.
Value
(a) (7) of the Act defines as a
which owns, controls, or
than
Market
Price
$
....
Holding Company Act of
Aver.
sale of
of the
United States, Porto Rico, Philippine Islands, and States, Territories and
Municipalities therein; also bonds or notes which, pursuant to call or
otherwise, are to be redeemed within 12 months), may be executed by
"crossing" in the office, except with the consent of the Committee in each
instance, or when the customers concerned specifically direct that the
Section 2
March 1 1936
April 1,1936
also adopted by the
Bonds:
SEC
classified by leading
aggregate market value anc
the
with
price for each:
industrial
Value
ruling
The following
on
sought and it has
better price elsewhere
ascertained that the order may be
(c) when a customer specifically
executed off the Exchange.
or
(b) after
or more,
2419
Chronicle
of
a
banking
comprising Alexander Brown &
group
Sons; The Chase National Bank of the City of New York;
Brown Harriman & Co., Inc.; The National City Bank of
Guaranty Trust Co. of New York; Edward B.
The First Boston Corp., and Lee Higginson
Corp. and a nation wide selling group. The new issue will
be redeemable as a whole or in part on any interest date on
and after May 1, 1946, at 100% and interest.
Interest will
be payable semi-annually, May 1 and November 1, and
principal and interest will be payable at any Federal Land
Bank or any designated agency.
The bonds will be in coupon
and registered form, interchangeable, in denominations of
$10,000, $5,000, $1,000, $500 and $100.
Exchanges of
coupon bonds for registered bonds and changes of registra¬
tion may be effected at the Division of Loans and Currency,
Treasury Department, Washington,-D. C.
The announce¬
ment of the offering says:
New York;
Smith & Co.;
Definitive bonds will, it is expected, be
March- 1,
To the extent that holders of 4H % bonds
total
to
The ratio of these member total borrowings to
the market value of all listed stocks, on that date, was
therefore 1.81%.
$924,320,544.
ready for delivery May 1, 1936.
called for redemption agree, prior
closing of the books, to surrender them on the payment date at
of their face value in payment for
bonds,
they are to receive,
so
100%
loan
these 3% consolidated Federal farm
far as practicable, preferential treatment.
Appropriate cash, adjustment will be made on exchange orders.
Financial
2420
In the press
under
The Supreme Court of the United
by the Farm Credit
States has upheld the
Administration
constitutionality of the Act creating the banks and the provision exempting
their obligations from
Federal, State, municipal and local taxation.
The
exemptions include exemptions from surtaxes on the income from the bonds.
The transfer of the bonds, by inheritance, gift, etc.; is, of course, subject
under any applicable valid laws providing for the taxation of
to taxation
transfers of personal property.
The
12
assets of
29,
1936, reported aggregate
paid-in surplus of $97,888,207, and total
V
$2,422,712,303.
The law provides that Federal farm loan bonds
ments
for
all fiduciary
Government
funds'
and trust
and
shall be lawful invest¬
also
eligible
deposits and for Postal Savings funds.
general counsel of the FCA, consolidated bonds
by savings banks under the laws of
a
are
as
security for
In the opinion of the
eligible for investment
ment of trust funds in more than 20 States.
Holders of the 4 }4 %
far
so
as
savings of individu¬
als, Charles R. Gay, President of the New York Stock Ex¬
change, said on April 7 in an address before the Plarvard
City. Mr. Gay attacked
spending against estimated re¬
ceipts and of using capital for current needs, and he said
that a return to the "simple, ancient rules" of economics was
the
preferential
Governmental policy of
needed
well
as
The consolidated bonds, issued under the authority of the Federal Farm
accelerate
sound
He declared
recovery.
against
spend its way out of depression,
the doctrine of scarcity.
as
With
reference to Governmental budget policies, Mr. Gay
said:
Whether
which
treatment.
to
the theory that a Nation can
bonds which have been called for redemption will
practicable,
undistributed corporate
tax
of corporations but also to the
reserves
majority of the States, including New
York and Massachusetts, and are made eligible by statute for the invest¬
receive,
proposals to
surpluses might easily lead to taxation not only of capital
Business School Club of New York
Federal Land Banks, as of Feb.
capital stock of $235,639,087,
1936
R. Gay Opposes Theory of Taxing Corporate
Surpluses—Trend May Lead to Levies on Individual
Savings, Head of New York Stock Exchange Says—
Urges Return to Basic Economic Policies
are not guaran¬
Government, they are the secured obligations of banks operating
Federal charter with governmental supervision
Administration.
April 11,
Charles
release incident to the offering, it is stated:
Although the bonds are not Government obligations, and
teed by the
Chronicle
devised
aside
sets
budget in
any
for
to
of
sense
individual
an
capital
spend
the
or
government,
a
currently
word's
is
meaning.
a
budget program
a
pretty
If
far
man
being
from
or
a
corporation
a
Loan Act, as amended, are the joint and several obligations of the 12 Federal
should
Land Banks.
earnings in order to meet running expenses, the ultimate outcome is selfevident; that capital is bound to be sadly missed, perhaps at a time when
The law requires that all consolidated bonds be issued only
against collateral security of at least
of the
United
States
an
equal principal amount of obligations
deliberately
under any form of duress dip into carefully preserved
or
its
absence
properties, made in amounts not exceeding 50% of the appraised value of
of
course,
land and 20% of the value of the permanent, insured improvements thereon,
the
easier
and the
the
accumulated capital
earning
Government, and (or)
power
of the land be
Since June, 1933, estimates of
the average
earning
a
first mortgage loans on farm
principal factor in the appraisals.
power
have been based primarily
yield of the land during the past several
years,
prices of its products prevailing during the period 1909-1914,
of the normal
on
and average
as
helps to
earning power of the land.
six
Once
Value
of
Bonds
Listed
New
on
Exchange
on
Stock
capital,
01?, 146
value listed
par
market
1936, there
value
on
were
easier
easier
road
as
had
have
we
of earnings—saved
uncertainties.
So
upon,
without
long
in
Wood
into
the
repeat,
but
as
me
capital,
is
reserves
to that
provision
for
this
earnings,
it
it not
may
the
side
of
fracture;
a
when
taxation
reaches
destructive
further
purpose,
property already fixed in their
already
character
such
of
taxa¬
obvious.
President
let
present
as
function, the
becomes
well
as
money,
marked,
And
the economic soundness of taxation may be
or
productive
plainly
follow.
to
refer not to all earnings,
considerably
a
becomes
measures
and
back, however, into funds
tion
Stock Exchange,
with
a
of
Investment
Bankers'
Association
Optimistic as to Investment Banking Business
During Current Year—Urges Federal Government
1,462 bond issues aggregating $44,255,-
the New York
spendthrift
alone drawn
are
such
April 6 issued the follow¬
ing announcement showing the total market value of listed
bonds on the Exchange April 1:
As of April 1,
I
its
and
referring,
am
stimulates employment and
disturbance
performing
York
Exchange—Figures for April 1, 1936
The New York Stock
to
precious phase
future
business
of
I
having tapped
many of
beginning to extend their fingers toward
private pockets of individuals
corporations?
more
who,
layers
'
an
the
tax
are
that supports industry,
shock
path
into
stretched
Market
the
interests fairly widespread.
of
receipts,
becdme
to
delve
of
tendencies
of
years.
the
likely
Last December an offering was made of $100,000,000 of
10-20-year 3% consolidated farm loan bonds part of which
was used to retire $62,710,420 of
bonds. A reference
thereto appeared in these columns Dec. 14, 1935, page 3776.
the
ease
last
the
indicative
be critical to
may
to
sources
total
Remove Fear of Inflation
to
of $41,807,142,328.
While
This compares
with 1,462 bond issues aggregating $43,015,263,454 par value listed on the Exchange March 1,
with a total market value of $40,624,571,442.
In the following table, listed bonds
are classified
by
governnental and industrial groups with the aggregate
market value and average price for each:
March
April 1, 1936
1, 1936
Market
Aver.
Market
Aver.
Value
Price
Value
Price
$
$
United States Government
21,453,336,072
4,338,487,524
10,445,491
78,425,905
94,252,496
48.900.713
Foreign government
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing-_
Food
Land and realty
Machinery and metals
(excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
Gas and electric
Gas and electric
78,622,920 106.68
95,645,593 105.83
102.74
(operating)
(holding)
Miscellaneous utilities
Business and office equipment
Shipping services
Shipbuilding and operating.
Leather and boots
;
U. S. companies operating abroad
--.
Foreign companies (inci. Cuba & Caa.)
Miscellaneous businesses
100.21
9,375,235
2,058,821,900
192,674,294
1,100,132,306
440,972,389
42,946,847
24,097,079
16,467,365
4,839,400
45,853,348
257,832,680
1,291,677,043
5,898,750
Communication (cable, tel. & radio)--
Tobacco
106.41
526,625,546
Textile
10,274,193 105.21
105.16
260,428,561 102.18
150,028,470 105.08
65,521,769 93.77
17,287,451 44.46
37,939,244 60.85
160,969,349 69.96
304,895,596 97.68
68,846,437 90.20
18.892.714 93.90
8,648,069,029 80.77
Amusement
Mining
107.15
32,201,325 120.94
Rubber and tires
$
105.93 20,077,707,489 105.65
83.46
4,387,585,227 84.29
63.72
104.85
95.92
108.21
79.55
106.63
71.70
70.12
105.00
127.46
71.00
69.41
107.25
49,486,386
31,709,400
272,381,226
150,522,141
64,492,948
17,539,200
37,966,577
162,391,398
316,059,732
70,572,343
18,849,250
8,765,538,841
535,966,121
9,515,872
2,024,020,137
205,935,428
1,112,190,649
445,704,238
22,204,410
24,358,588
16,975,213
4,869,180
47,244,352
261,683,242
1,300,577,878
5,981,250
stating that he does "not wish to stand in the role
prophet," Orrin G. Wood, President of the Investment
Bankers of America, in an interview at Montreal on April 2
of
a
stated that "it does
investment
.
41,807,142,328
94.47 40,624,571,422
a year at least as satisfactory as 1935, and pos¬
sibly even more so."
Mr. Wood and Alden H. Little of
Chicago, Executive Vice-President of the Investment
Bankers Association, were the guests of honor at a luncheon
on
April 2 at the Montreal Club presided over by A. R.
Duffield of Wood, Gundy & Co., Ltd.
Mr. Duffield is
chairman of the Canadian Group of the Investment Bankers
Association of America.
quote
There is still
119.08
amount of
102.79
105.42
92.49
45.13
60.96
70.47
98.25
Finally, and
Dusiness
79.63
1928
72.30
72.28
105.65
72.06
69.33
108.75
94.44
Market
Average
Price
Value
Price
S
1935—
Feb.
1
41,064 ,263,510
91.30
81.36
Mar. 1
41,111 937,232
40,360 681,526
40,147 199,897
39,617 835,876
39,864 332,759
91.29
1934—
l._
Feb.
1--
Mar. l._
Apr.
1__
May 1-June
1--
July
1-.
Aug. 1__
Sept. 1-Oct.
I.¬
Nov. 1__
Dec.
1—
83.34
June
1
86.84
July
1
88.27
Aug. 1
89.15
Sept.1
90.46
Oct.
90.17
Nov. 1
90.80
Dec.
1_-
88.99
88.27
1
39,457
39,061
38,374
38,170
38,464
462,834
593,570
693,665
537,291
704,863
Jan.
1
8939
Feb.
1
Mar. 1
$
$
90.73
1
39,398,759,628
40,347,862,478
40,624,571,422
41,807,142,328
1929,
new
high enough level to stimulate
value of
par
a
demand
on
corporate
new
we
find
that
1935, only 400,000,000 represented
On the other hand, if
capital.
our
average
annual
dollars represented financing to obtain new funds.
the
was
since
best
1931,
year
we
take the 10-year
that
you can see
our
investment
So,
of
3 XA billion
over
even
years
financing
corporate
XA billion dollars, and of this amount,
1935
though
banking business has experienced
that there is still
good deal of
a
room
for improve¬
ment.
So much for the favorable elements in
certain unfavorable factors
policies of
feel
long
that must
be considered.
our
business is subjected to doubts
business
confidence,
be
a
on
a
remove
are
certain
we
truly sound and
genuine and sustained
can
lasting
the fear of inflation.
to inflation, there can be
as
and accordingly no
definite indication
its intention to reduce
Once
such
a
assurance
that
on
the part
expenditures, and to bring
move
were
made,
thereby greatly diminished, I feel that
of
election
an
no
As
real
business
To this end, I believe that the most effective step that could be
taken would
in the
there
Federal Government which must be altered before
Courageous steps must be taken to
as
We face
In addition,
that, business recovery is taking place
recovery.
deal
outlook for 1936. There are also
our
traditionally disturbing to business.
year,
a
we
of
our
our
administration of
Federal budget into
and the possibility of inflation
could face the future with
period of real business prosperity
was
a
good
definitely
making.
Mr.
Wood, who is
house of Estabrook &
90.69
a partner in the investment banking
Co., has been touring the country with
Mr.
90.62
91.62
91.71
90.54
89.93
90.24
91.08
1936—
89.85
40,659,643,442
1
a
quarter billion dollars
one
89.49
89.79
Apr.
1935—
Jan.
1
May 1
34,861,038,409
36,263,747,352
36,843,301,965
37,198,258,126
37,780,651,738
38,239,206,987
39,547,117,863
39,473,326,184
39,453,963,492
38,751,279,426
39,405,708,220
39,665,455,602
S
82.33
Apr.
Jan.
$
reach
may
and
amounted to almost 4
127.72
Average
33,651,082,433
34,179,882,418
two
and
109.50
Value
1--
activity
Of the
period from Jan. 1, 1921, to Jan. 1, 1931, and omit the abnormal
96.76
many
the part of corporations for new capital for purposes of business expansion.
financing to obtain
109.11
large
important, the general business outlook is in
even more
issues sold in the United States during
105.36
that
a
respects encouraging, and it is possible that during the course of the year
81.86
64.68
so
There is still
93.69
101.20
we
refunding to be done that would be advantageous to corporations.
92.08
Market
1933—
large accumulation of funds seeking investment,
a
the demand for securities should continue to be good.
balance.
Dec.
From the Montreal "Gazette"
follows Mr. Wood's comments during the interview:
as
101.70
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Nov. 1—,
reasonable to anticipate that the
in the United States will
business
experience
basis.
All listed bonds..
seem
banking
91.85
93.59
94.44
94.47
Little, and has addressed various groups in the cities
In Cleveland, a few weeks ago, he
spoke before the Northern Ohio Chapter of the IB A; at
St. Louis, March 26, he was the guest of honor of the Mis¬
sissippi Valley Group; on March 30 in Chicago he was a
speaker at a luncheon of the IB A Central States Group, and
on April 1 he
spoke at a meeting of investment bankers at
Toronto. As to his remarks at St. Louis, we take the fol¬
lowing from the "Globe-Democrat" of March 27:
which he has visited.
Mr.
Wood
currency or
said
inflation
ir.ay
come
undue expansion of credit.
either
through
expansion
*
of the
Financial
Volume 142
expansion,
he said,
come
can
lative credit or the failure to restrict Government
the national
The
industrial
excess of specu¬
either through
disproportionate to increased industrial activity, an
credit
industry, he said, minimizes the
industrial credit to the danger point, while the Federal
raising the margin requirements for brokers'
loans shows a disposition of officials to prevent
the entrance of inflation
through the speculative route.
A Chicago dispatch, March 30, to the New York "Times"
quoted Mr. Wood as follows:
Never
there
was
a more
future business
beginning back in 1927, 1928 and 1929.
from this
because the huge
He
insisting was
I am anxious that we do not start
Our job is to educate people so
that inflation will not
source.
Mr. Wood said
known.
done; advise buying good stocks
I can't forget the "New Era," which all were
another of those.
saw
a
prolonged period of low interest rates seemed
probable
reservoir of idle funds stored up in the banks is the largest
likelihood that industry would use this up
no
than
more
a mere
"for some
The act of
withholding merely contributed to continued low interest rates, he said.
years," and urged people to invest when they have money.
we may
have published minority viewpoints
that we may not drift
ernors, so
ing, predicated on the
thinking."
attitude of the public toward banks was
"still doubtful but willing to listen," by
Avery G. Clinger, President of the Ohio National Bank,
Columbus, Ohio, who spoke on "Customer and Public
Relations."
He described the campaign recently carried on
by the Ohio Bankers Association to create a greater respect
for banks and banking by disseminating "all manner of
material, facts and information about banking, past, present
The
present
as
and future."
Action
to
remedy present unsatisfactory earnings from
to avoid financial loss to banks or inferior
business
trust
called for by Robertson Griswold,
Maryland Trust Co., Baltimore, Md.,
in an address here today on "The Bank's Responsibility for
Its Trust Department," at the Midwest Conference on
Banking Service.
"In spite of the vast additional labor
imposed upon trust departments by new problems in the
fields of taxation, investment, and accounting, the fees for
personal trust services have not shown a corresponding
increase," said Mr. Griswold, "and where our commissions
are based upon income, we have the further difficulty today
of low yields on new investments and decreasing returns
because of refunding operations."
The formation of local corporate fiduciary associations,
which would set up schedules of trust fees and then see
that no deviation is made from these rates, is one solution
service to the
President Fleming of American Bankers Association at
Midwest Conference on Banking Service Declares
That
Legislation Cannot Serve as Cure-All for
Arising Since War—Urges That Busi¬
Men and Bankers Be Given Opportunity to
Conditions
ness
Leadership—Comments by H. V,. Amberg
Resume
on
Federal Reserve
Regulations—Other Speakers
was needed to correct certain
practices which developed since the
World War, legislation cannot serve as a cure-all for our
troubles," Robert V. Fleming, President of the American
Bankers Association, said in his opening address in Chicago
on April 2 at the Midwest Conference on Banking Service,
held at the Stevens Hotel under the auspices of the Associa¬
tion, with the cooperation of Chicago bankers and the 14
State bankers associations in the conference territory.
The
While
"some
conditions
legislation
bad
and
opening session was called to order by Howard W. Fenton,
President of the Harris Trust & Savings Bank of Chicago,
after which Mr. Fleming presided.
In his remarks Mr.
Fleming said:
It
seems
to me that what
America needs most to bring back prosperity
is that businessmen and bankers be given
type of leadership which
the opportunity to resume that
played such an important part in the growth and
have the support
development of our country and in which they should
of government.
I
our
so
am
hopeful that we may be able to demonstrate that we are truly
part in bringing back to this
doing
Nation the leadership which has contributed
much to its development.
Mr. Fleming expressed the belief that "the passage of the
Banking Act of 1935 settled for the present the question of
major banking legislation, and that bankers can now turn
their attention more to the problems of how they can develop
and extend the scope of banking service."
It is the plan of the Association to use its facilities, he
said, "to bring about a thorough understanding of changes
in banking laws and regulations and to provide opportunity
for discussion of the question of better public relations.
He
went
to say:
on
Another objective is to
incident
competition
with
chartered
banking
of the
is
The hope that Congress will exempt banks from the
proposed tax on undistributed earnings, because of the
desirability of building up reserves for the protection of
depositors, was expressed by Harry A. Brinkman, VicePresident of the Harris Trust & Savings Bank, Chicago, 111.,
in the course of an address before the Conference.
On the
negative side, Mr. Brinkman said, attention should be given
to interest paid on deposits as one of the largest items of
expense, so that rates will be adjusted to the existing market
without too much of a lag.
He added:
"It is not good banking to strive for high earnings by
buying high rate investmen ts nor should the pressure to pay
a high rate of interest
on time money influence one's pur¬
chases of securities.
It would be better to reduce the rate
or
abolish entirely the payment
investments."
come
the assistance of the people where chartered institutions
to
do
unable to
so.
Possibly many functions which the Government
performing are of a nature which cannot be handled by the chartered
On the other hand,
banking.
I believe it is our duty to survey all of these emerg¬
lending agencies of the Government to ascertain the methods being
employed in this field and bring to our membership the results so that
they may have the opportunity of judging for
themselves which of these
their respective com¬
activities can be properly and soundly taken over in
munities by their own
institutions.
I believe bankers are better equipped
than ever before to render adequate
and constructive service to the people of this Nation.
Calling for recognition of the fact that banking cannot be
a strait-jacket of arbitrary rigidity without
ill effects, Harold V. Amberg, Vice-President of the First
National Bank, Chicago, 111., outlined a method of operation
incident to the regulations of" the Board of Governors of
the Federal Reserve System which, he said, "would delay
the setting in of rigor mortis and would permit a flexible
development of our banking practice and structure."
He
spoke on "Federal Reserve Board Rules and Regulations."
contracted within
He said:
Our
suggestion is that the Board of Governors should confine its exercise
of discretionary powers to general
regulations, on the reasonable assumption
regulations in the light of local prac¬
that the banks will live within those
tices; should, if
tion,
correct
a
the
particular bank is exceeding the limits of a general regula¬
practice in
refrain from regulation except
that
particular
bank;
and, finally, should
where necessary to carry out the intent of
the law.
Rules
rigidity is
they
attention.
A third is
deems
regulations promulgated under discretionary
seem to have a tendency to become rigid and
said Mr. Amberg.
One of the reasons for this
the desire to settle minor matters of regulation so
will be definitely fixed and will require no further
A second is the desire for Nation-wide uniformity.
the Board's thought that it must suppress what it
be a particular abuse in a certain locality.
A
and
authority
arbitrary,
that
Other
means
of interest and stick to sound
for increasing bank earnings
discussed by Mr. Brinkman were service charges and exten¬
sion of trust services.
Numerous other equally important
discussions featured the Conference.
Federal Reserve Bank of New York Compiles Operating
Ratios of Member
Banks—Table Reveals Improved
Results in 1935—Writing Down of Assets is Princi¬
in¬
that in times of emergency the Government of necessity
banking institutions under the fundamental principles of sound
ency
problem of placing trust departments on a profitable
pal Obstacle to Profitable Operations
We must recognize
were
was
basis he said:
stitutions.
had to
public
Vice-President of the
provide opportunity for a survey of the problems
Government's
the
to
reflection
from the Board of Gov¬
unwittingly into "commissionized" bank¬
unsubstantial process of undisclosed compromise.
Surely the Board of Governors is made of stuff independent and tolerant
enough to countenance minority viewpoints.
Divided opinions do not
bespeak personal dissension—merely vigorous, helpful, and courageous
hope
characterized
I say, do exactly what you have normally
come
Stocks are discounting
improvement.
and good bonds.
is
deliberations.
difficult time than this to tell customers what to
Bonds are at record highs and interest is low.
buy.
I assume that this factor has existed
Surely the unanimity of its findings
of the "pure light of unclouded reason."
I
Although lacking in specific proof,
in the Reserve Board's
of productive capacity in
excess
Reserve Board's recent order
left
The final factor
thought that if the units regulated are
the
degree of discretion, it will be abused.
is the principle of compromise.
He added:
any
expenditures and bring
budget into balance.
threat of inflating
is
fourth
Undue Credit Expansion
credit
Undue
2421
Chronicle
to
The Federal Reserve Bank of New York on
the
April 9 made
compilation of operating ratios of member banks in
Second Federal Reserve District for the year 1935 as
public
a
compared with 1934.
The ratios reflected continued im¬
provement last year in bank earnings and administration.
The Federal Reserve Bank pointed out that in 1935, as in the
four previous years, the chief obstacle to profitable opera¬
tions for banks outside New York City was the writing down
of assets.
The charge-offs in 1935 were in general less than in
the preceding year, but in many cases they exceeded net
earnings from current operations. A greater number of banks
showed a net profit or a smaller deficit in 1935 than in 1934,
especially banks with deposits of less than $1,000,000.
The group of New York City banks recorded substantial
improvement in 1935 in net profits, after charge-offs. The
average percentage of net earnings from current operations
declined, reflecting the lower return from loans and invest¬
ments of the large banks, but as a result of smaller charge-offs
on loans and recoveries on securities previously written down,
net profits of these banks was equal to 19% of
earnings, compared with only 11% in 1934.
The
average net profit on capital funds for this group was 2.9%
last year, as against 1.4% in 1934.
For all banks in the district the ratio of net earnings from
the aggregate
total
operations was 22.9% in 1935, as compared with
21.3% in 1934.
The total showed a net loss equivalent to
2.5% of capital funds, as compared with a net loss of 9.9%
current
in 1934.
John
S.
Wood
Elected
Vice-President
of
the
Federal
Reserve Bank of St. Louis
According to announcement April 6 by Paul Dillard,
Deputy Chairman of the Board of the Federal Reserve Bank
of St. Louis, the Board of Directors has elected John S. Wood
as Vice-President of the bunk, effective May 1,
1936.
Financial
2422
Gain
by New York State Savings Banks in Deposits
and Number of Depositors
The volume of both savings
Chronicle
April 11,1936
made known, was received as follows by the
and assay offices during the week of April 3:
and number of depositors in
savings banks of New York State has again
shown an increase for the first quarter of the year of approxi¬
mately SI8,000,000 in money and approximately 40,000
in the number of individual savers, according to the Savings
Banks Association of the State of New York.
The present
total
deposits of the savings banks in the State of New York
is announced as $5,204,278,044, and the number of deposi¬
tors aggregates 5,972,858.
Both of these figures show an
increase noc only in the first quarter of the year, but for the
full year ending March 31, 1936.
"It is naturally grati¬
fying to the savings banks," said Harold Stone, President
of the Association and President of the Onondaga County
Savings Bank, Syracuse, "that deposits should continue
to gain, however slowly.
Of far more importance is the
evidence that an increasing number of people are finding
through their savings an expression of a spirit of self-reliance
and self-dependence.
We believe that the growth of de¬
posits is relatively unimportant, but we do find great satis¬
faction in the fact that a growing number of poeple have
committed themselves to saving something regularly."
$2,622.30
2,102,600.00
353.341.02
43,437.29
Philadelphia
San Francisco
Denver
138,600.00
1,607,654.68
43,875.96
619,734.86
198,281.43
$437,379.95
$2,566,613.85
Seattle
Total for week ended April 3, 1936._. $2,502,000.61
797.98
of Hoarded Gold Received During Week
April 1—$14,093 Coin and $235,900 Certificates
$249,993
of
It was announced by the Treasury
on
April 6 that
$249,992.80 of gold coin and certificates was received by the
Federal Reserve banks and the Treasurer's office during the
week of April 1, under the Order of Dec. 28, 1933 requiring
all gold to be returned to the Treasury. Since the order was
issued and up -to April 1 receipts have totaled $139,803,927.17. Of the amount received during the week of April 1,
the Treasury revealed, $14,092.80 was gold coin and $235,900
fold certificates. The following is the data made available
pril 6 by the Treasury.
RECEIVED
FEDERAL
BY
RESERVE
BANKS
AND
THE
TREASURER'S OFFICE
(Under Secretary's Order of Dec. 28, 1933)
a new
Gold Coin
of 273-day Treasury
will be received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
April 13, but will not be received at the Treasury Depart¬
ment, Washington.
The bills to be offered will be sold on a
discount basis to the highest bidders.
They will be. dated
April 15, 1936, and will mature on Jan. 13, 1937, and on the
maturity date the face amount will be payable without in¬
terest.
There is a maturity of similar securities on April 15
in amount of $50,100,000.
With regard to the new offering
Secretary Morgenthau further announced, as follows, on
April 9:
They (the bills) will be issued in bearer form only, and in amounts
nominations of $1,000, $10,000, $100,000, $500,000, and
or
Received by Federal Reserve banks:
Week ended April 1_.
t
$14,092.80
31,276,138.37
—
Total to April 1
$233,100.00
105,597,620.00
$105,830,720.00
Received by Treasurer's Office:
$2,800.00
2,413,420.00
Week ended April 1
$267,756*00
Received previously..
Total to April 1
$2,416,220.00
$267,756.00
—
Note—Gold bars deposited with the New
York Assay Office in the amount of
$200,572.69 previously reported.
in
Previous reference to the receipts of
our issue of April 4, page 2243.
de¬
$1,000,000 (ma¬
Gold Certificates
$31,289,231.17
Received previously..
of
Receipts
hoarded gold
was
made
Silver by Mints and Assay
Purchases Totaled 905,608.19
Week of April 3
Newly-Mined
Offices from Treasury
turity value).
No tender for
must be in
34,803.87
New Orleans
GOLD
offering of $50,000,000, or thereabouts,
bills were invited on April 9 by Henry
Morgenthau, Jr., Secretary of the Treasury.
The tenders
$1,544.90
$165,761.69
153,500.00
27,737.41
11,701.02
New York.
Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills—to Be Dated April 15, 1936
Tenders to
New Domestic
Secondary
Imports
the mutual
New
various mints
an
amount less than $1,000 will be considered.
multiples of $1,000.
Fine Ounces During
Each tender
The price offered must be expressed
on
the
During the week of April 3 a total of 905,608.19 fine
of silver was turned over by the Treasury Depart¬
and assay offices, it is learned from
a
statement issued April 6 by the Treasury.
The silver
was purchased by the Treasury in accordance with the Presi¬
dent's proclamation of Dec. 21, 1933, which authorized the
Department to absorb at least 24,421,410 fine ounces of
newly-mined silver annually.
Reference to the proclama¬
tion was made in the "Chronicle" of Dec. 31, 1933, page
4441. The Treasury's statement of April 6 follows:
•
basis of 100, with not more than three decimal places, e.g., 99.125.
Frac¬
ounces
tions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust
companies and from responsible and recognized dealers in invest¬
ment 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
April 13,1936,
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
morning.
ject
any or
as soon as
possible thereafter, probably on the following
all tenders
or
any
such respect shall be final.
Those submit¬
Payment
price offered for Treasury bills allotted must be made at the Federal
Reserve banks in cash
or
other immediately available funds on
Fine Ounces
Week ended April 3, 1936:
893,643.00
3,295.06
8,670.13
Philadelphia
San Francisco
Denver
April 15,
Total for week ended April 3, 1936
1936.
The
Treasury bills will be exempt,
gain from the sale
or
as
to principal and interest, and any
other disposition thereof will also be exempt, from all
taxatio'n, except estate and inheritance taxes.
tax.)
(Under Executive Proclamation of Dec. 21, 1933) as amended
parts of tenders, and to allot less than the amount
ting tenders will be advised of the acceptance or rejection thereof.
sury
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
The Secretary of the Treasury expressly reserves the right to re¬
applied for, and his action in
at the
ment to the various mints
(Attention is invited to Trea¬
Total receipts
The
through April 3, 1936
—
905,608.19
75,666,312.51
receipts of newly-mined silver during the week of
were noted in these columns of April 4, page 2243.
March 27
Decision 4550, ruling that Treasury bills are not exempt from the gift
No loss from the sale
allowed
now or
as a
deduction,
or
or
other disposition of the Treasury bills shall be
otherwise recognized, for the purposes of any tax
hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418,
scribe the terms of the
Tenders
as
amended, and this notice pre¬
Treasury bills and govern the conditions of their issue.
of
$201,805,000 Received to Offering of $50,000,000 of 273-Day Treasury Bills Dated April 8—
$50,196,000 Accepted at Average Rate of 0.113%
Secretary of the Treasury Henry Morgenthau, Jr., an¬
April 6 that tenders in amount of $201,805,000 were
received to the offering of $50,000,000, or thereabouts, of
273-day Treasury bills, dated April 8, 1936 and maturing
Jan. 6, 1937.
The Secretary said that tenders aggregating
$50,196,000 were accepted.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, April 6.
They were invited on
April 2, as noted in our issue of April 4, page 2242. In his
announcement of April 6 Secretary Morgenthau had the folowing to say regarding the accepted bids to the offering:
nounced
The accepted
bids ranged in price from 99.926, equivalent to a rate of
about 0.098% per annum, to 99.910,
equivalent to a rate of about 0.119%
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 99.914 and the average rate is about
0.113% per annum on a bank dis¬
count basis.
Gold Receipts by Mints and Assay Offices During Week
of
April 3—Imports Totaled $2,502,000
A total of
$5,505,994.41 of gold was received during the
week of April 3 by the various mints and assay offices,
the Treasury announced on April 6.
It said that $2,502,000.61 of this amount was imports, $487,379.95 secondary
and $2,566,613.85 new domestic.
The gold, the Treasury
Silver Transferred to United States Under Nationaliza¬
tion
Order
During Week of April 3 Amounted to
18,452 Fine Ounces
Announcement was made by the Treasury Department on
April 6 of the transfer of 18,452 fine ounces of silver to
the United States under the Executive Order of Aug. 9,
1934, nationalizing the metal.
The Treasury said that
112,716,630 fine ounces of the metal has been transferred
since the issuance of the order of Aug. 9, which was given in
our issue of Aug. 11, 1934, page 858.
From the Treasury's announcement of April 6, the fol¬
lowing is taken:
SILVER TRANSFERRED TO
UNITED
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Fine Ounces
Week ended April 3, 1936:
7,341.00
6,693.00
4,363.00
Philadelphia
New York
San Francisco
—
Denver
-
—
55.00
New Orleans
Seattle
Total for week ended April 3, 1936
Total receipts through April 3,
In the "Chronicle" of
made
to
the
1936
18,452.00
112,716,630.00
April 4, page 2243, reference was
during the previous week
silver transferred
ended March 27.
President Roosevelt Returns to Washington Following
Fishing Cruise
President Roosevelt concluded his 20-day
holiday yester¬
day, April 9, when he reached Washington at 1.30 p. m. on
his return from his fishing cruise in Southern waters.
The
President started north on his special train on April 8, and
en route to Washington he paid a visit on April 9 to the
Financial
Volume 142
2423
Chronicle
Springs (Ga.) Foundation, stopping later in the day
at the storm stricken City of Gainesville, Ga.
A brief talk,
addressed to the people of the latter city from the rear plat¬
form of his private car, commending their spirit in working
to bring order out of chaos, is given in another item in this
issue in which reference is made to the Tornado in the South.
Items regarding the President's Southern trip appeared
these columns March 28, page 2081 and April 4, page 2244.
charges.
.
"Obviously the reason for
Roosevelt
surance
Signs
of Modernization Loans
of the signing by
President Roosevelt of the Administration bill amending
Title I of the National Housing Act.
Approval of the bill
was made known at Miami,
Fla., by the Secretary to the
President, Marvin H. Mclntyre.
The completion of con¬
gressional action on the bill was noted in these columns
April 4, page 2245.
As indicated therein, the conference
report on the bill was adopted by the Senate on March 30
and by the House on March 31.
As also noted in our April 4
item, the bill extends for one year from April 1, 1936, to
April 1, 1937, the operation of Title I of the Act providing
for renovation loans.
Speaker Joseph H. Byrns signed the
bill as soon as the conference report was adopted by the
House on March 31.
On that date Associated Press advices
Announcement
was
made,
speedily as possible,
obtain the President's signature as
Leaders hoped to
officials said a few days'
work great
4,
said:
from Washington
although
April
suspension of the activity
farmer."
of by the
should go back to conference to
force reinsertion of a provision for $2,000 loans for new construction, but
was
defeated.
This provision had been written into the original House
measure with a view to making available
quick character loans to persons
whose dwellings were swept away in recent floods.
The new legislation, in addition to extending Title I of the Housing Act,
10%, compared with the present
limits to
loans it guarantees,
on
insisted the bill
and fixes its total
20%, the government's liability
obligation at $100,000,000.
construction on
to $2,000 was, at the
of the bill as agreed
conference, loans of $2,000 for repairs are authorized
the bill which the President has just signed.
provision involving new
While the House
buildings covered by insured loans up
insistence of the Senate, stricken out
on
in
under
Tables Goldsborough Bill to Amend
Insurance of Loans for New
Construction in Flood Area
FHA
Authorize
to
April 9 passed a bill authorizing the Recon¬
Corporation to extend loans of $50,000,000
for the rehabilitation of property in the flood-swept areas of
the South and East. A similar bill passed by the House on
insure loans for new building on floodFrom Washington, April 6, Associated
ing Administration to
property.
swept
Press advices
$25,000,000; the House bill was
April 4, page 2245; in addition
to increasing the amount of loans authorized the Senate also
empowered the RFC to liberalize its terms for lending money
to public and private corporations in the stricken territory.
April 1 authorizing loans of
It
acted after Agner H. Ferguson, counsel
the measure,
the committee's request.
[the committee]
told the committee
drafted
at
his agency was "neutral" on
for the FHA,
which it had
of Bill to Enable Cotton Pro¬
Borrowed from Government to Recover
Introduction in Senate
ducers Who
Holdings—Measure
Sept. 1
Senator
Ellison
Covers
750,000
D. Smith on April 1
Owned
of
Agriculture
Following three days' debate
32 to 18, passed
Connally-Murphy
bill.
The bill as passed by the Senate was sent to the
House, where its sponsors predict a rough road for it.
On
April 3 Associated Press accounts in the Washington "Post"
said, in part:
The
Capper stockyards
Senator
abolish
direct
urged it
offering
possible
The measure provides a limit of 750,000 bales to be
repossessed by farmers prior to Sept. 1, as well as a
"holiday" between that date and Feb. 1, 1937, and a similar
period in each future year, although in subsequent years as
much as 1,000,000 bales of cotton would be obtainable.
The farmers could regain possession of their cotton at an
average spot market price less 34 dent per pound under
% middling on "12-cent loan cotton and 134 cents per pound
less in the case of 11-cent loan cotton."
A Washington dispatch of April 1 to the New York
"Journal of Commerce" outlined other provisions of the
follows:
below % middling lc.
Reconcentration costs, freight,
compression and patches, if any, shall be paid by the borrower.
Today's proposal takes the place of Smith's previous proposal for the
creation of a board of three to take the Government controlled and owned
cotton from the hands of the Commodity Credit Corporation for disposal
at the rate of 20,000 to 25.000 bales weekly to not less than the five highest
arises from the fact that on cotton
figure was advanced.
and pro¬
explained
"After conference
because of
letters received from the farmers, it was thought best and advisable under
terms of the joint resolution he be allowed to repossess his cotton at the
figures stipulated therein and to dispose of it when thus repossessed in
"The terms
of the present
resolution more nearly represent
involved in the cotton," Senator Smith
with representatives of the farmers and also
the equities
such manner as he sees
fit and to whom he sees
"The amount that he may repossess
to Sept.
year,
the bill
Advocates of
farmers.
from
packer control of stock prices.
place packer-owned
Secretary, said the
likewise stated:
would
bill
it was
Associated Press, in which
of his bill left Senator Capper
Defeat
from
Senators
from
packers
to
the
cattle
States
He had hotly battled
provision prohibiting
farmers, but requiring
from
buying directly
disconsolate.
objected to a
who
them instead
purchase from competitive public markets.
March
victory in the Senate with the rejection, by a
of a motion to return it to committee, these same
Connally, Democrat of Texas, was author
Connally
and
advices
said:
(Associated Press)
Mr.
1
.
preliminary
vote of 33 to 32,
30, when the Capper bill won a
Senator
of the motion to recommit.
Louis Murphy, Democrat of
Iowa, said the
about 600 private stockyards of the packers
regulation now maintained over the public yards at
Capper measure would bring
under the same Federal
and
Chicago
affect
Kansas
City.
only 40 or
Capper
Senator
challenged this,
50 additional markets.
saying it
He said his bill would
the Packers and Stockyards Act only those private
handling 35,000 or more head of cattle annually or those engaged in
bring
under
yards
inter¬
"control'' of the packers, but
little handling point and would
Connally said he was not opposed to
Mr.
argued
the bill
result in
sought to control
every
hampering "freedom of sale."
Introduced by Senator Wagner
Slum Clearance and Provide
for Revival of Building and Durable Goods Indus¬
tries—Endorsed by A. F. of L.—Housing Agencies
Low-Cost Housing Bill
—Would
Encourage
Said to Plan Own Proposals
A
housing bill designed to provide for the
housing through
low-cost
Federal loans
construction of
to State or local
authorities, was introduced in the United States
3 by Senator Wagner (Democrat) of New
The purpose of the proposed legislation, according
summary of the provisions of the bill, is also "to en¬
housing
Senate on April
courage
slum clearance" and thus
"provide a wide base for
general revival of the durable goods and building indus¬
tries and consequent reemployment."
Administration would
be vested in a new body to be known as the United States
the
The money for the Federal loans is to
total of $100,000,000 for the
fiscal year ending June 30, 1937, and $150,000,000 for each
of the three succeeding fiscal years; it is stated that "it
will be unnecessary to issue any bonds during the first year,
although authorized, as a loan from the Reconstruction
Finance Corporation is provided."
Details of the financing
are indicated in the summary of the bill and its purposes,
Housing Authority.
be
raised by bond issues to a
which
we
give herewith:
7.
Purpose
(a) The purpose of the bill is to stimulate the
construction, primarily
safe and sanitary dwellings for families of low
clearance, and thus to provide a wide base for
the
general revival of the durable goods and building industries and
consequent reemployment.
by private enterprise, of
income, to encourage slum
bidders.
for
packers
by
Connally-Murphy
The
York.
vide
on
proposed to place packer-owned
public stockyards. His bill would
stockyards under the supervision of the
to the
under the 12c. loan
buying
curb
as a
K-\,:
,
Kansas,
(Republican),
Capper
stockyards under the same regulation as
thus
as
the Senate by a
the Connally-Murphy bill covering
bill was beaten on the floor of
which substituted for it
vote,
phases of the packing industry.
other
crop.
The 11c. figure
the .Capper stockyards
on
bill, the Senate on April 2, by a vote of
what is termed a modified substitute—the
introduced a bill
premiums because of grade, staple or location, to those
who have borrowed from the Government on their cotton
bill
Capper Bill—Would
Substitute for
Before
Bales
designed to establish a new cotton marketing policy
an
inducement of $1.25 a bale, in addition to
Passed by Senate as
Place PackerStockyards Under Supervision of Secretary
Connally-Murphy Stockyards Bill
state commerce.
contemplated government underwriting for 20% of loans
up to $2,000 for building on residential property whose improvements had
been swept away since March 1, this year, and $50,000 on business property.
proposal
The
to in these columns
referred
would
said:
on
struction Finance
Tom
6 the House Banking and Currency Committee
tabled the Goldsborough bill to authorize the Federal Hous¬
On April
RFC
in
Loans For Flood
On
House Committee
Authorizing $50,000,000
Rehabilitation
Bill
Passes
Senate
32-to-27
bloc
flood-States
The
Feb. 1 is to
benefit of the current crop,
the year's production is being disposed
time when the bulk of
this being the
would not
hardship.
leaving the space from Sept. 1 to
market during that period for the
leave the
The Senate
Bill Amending Title I of ».
Federal Housing Act—Extends for One Year to
April 1, 1937—Provision Authorizing Federal In¬
President
Government assumes the carrying
The
price.
repossessing
the
above
Warm
1 is 750,000 bales,
he may repossess and
fit to sell it.
from the passage of this
and from Feb. 1 to
resolution
Sept. 1, of each successive
dispose of 1,000,000 bales.
Premium to Be Paid
"It must
be
the resolution provides that any
the farmer will get the full benefit of it
clearly understood that
premium cotton that he may possess,
II.
Federal Financial Aid to Localities
contemplates decentralization.
It provides Federal loans
to State or local housing authorities to assist in developing safe and sanitary
low-rent dwellings within the reach of families of low income, and to clear
slum areas.
Such loans will bear such interest and be payable over such
(a) The
period
not
bill
exceeding 60
years
as
the United States Housing
Authority
(created under the bill) deems desirable.
bill also provides Federal grants to supplement such loans.
No grant shall be more than is necessary to make a project available for
families of low income, and in no case shall any grant exceed 45% of the
(b) The
I
2424
Financial
construction
the
or
whole
years
on
on
(c)
project.
a
part of
or
Any grant
Such
large degree of
(d)
in
(a) The
Home
is
be
shall
placed
financing
from
private
exceed
case
the bill contemplates that in most
initial
for
money
to
as
the
its
con¬
there will be
cases
a
Owners'
Loan
and
loans
is
Corporation
be
to
raised
the United
bonds).
The
for each of the
investment by
during
three succeeding fiscal
basis securing repayment, and
a
on
the
the Authority.
first
It
although
year,
will
for
authorizes
1938, $100,000,000
(though
issue
for 1939,
Provision
basis
of
is
made
present assets
for
from
the
RFC
division
the
of
(d) At the end of four
further
loans and
the
Public
tration.
bill
the
Works
the
(a)
While
complete
where
areas
such
local
projects
as
administered
or
'v.-.;'
(a)
The
bill
Ad¬
standards
only
standards
amount
to
families
to
who
Federal
conserve
required to
that
contemplated,
houses
to
therefore
stimulate
guard
bill
slum
It
is
permits
clearance
in
the
and
(a) Administration
The
is
corporate
a
provided
that
in
competition
low-income
loans
Secretary of the Interior is
four
be
to
are
appointed
be
to
by the
board
all
at
member
a
President,
grants
In
the
also
to
the
States
of
five
officio,
Housing
one
members.
under
the
bered
and the other
senatorial
be
confirmation,
total
than
one-fifth
home
to
of
issue
under
this
bill
has
And
owners
let it be
have been
used
to
is
designed to
not
are
substitute
aimless
to
encourage
gratuities.
revival
type of
every
The
for
Press accounts from
indicated
was
the
that
after
From
that
weeks
of
conferences
Washington, April 4, it
Ickes and
Morris
L.
Cooke, head
measure.
Reconstruction
next
REA
Finance
during the
nine
years
used
for
Corporation to lend not
year
ending June 30, 1937,
appropriation
an
will
of
$40,000,000
be
and
install
loans
to
and associations to
persons
buy generators and the other half will be lent
wiring and electrical fixtures in homes
and
operation
of
generating
plants
farm
and
be
would
for home
of the annual
cent,
sums
made
adequate"
for loans in the several
their farms not then
total number of
available would be allotted
by
States, "in the proportion which
receiving central-station electric
farms in the United States not then
service
more
than
or
10%
in
of
the
all of the
remaining 50%
receiving
except
the
to
in
any
Territories.
the records, property and
of
would be employed
permanent
personnel of the temporary REA
administration,
attorneys, engineers and
and
would
experts,
personnel
be
would
added
in*
subject to civil
Senate
vote
com¬
bill
relief.
I
It
carries a total of $114,982,000, was sent to the Senate.
Ap¬
propriations for the same Departments in the current fiscal
year are $106,767,826.
The bill as passed by the House was
$7,669,000 below the budget estimates. Washington United
Press advices of March 31 summarized
intro¬
now
will
tie
as follows the
princi¬
pal provisions of the measure, as reported to the House on
that date by the Appropriations Committee:
up
The
was
with
to
the
last
$31,-
The total
recommended appropriation
less than budget estimates
Wagner.
present fiscal year.
reported in the "Times"
was
next
697,000 for the Labor Department.
of
added, failed to
Senator
measure,
regular departmental supply bill of the
session, carried $17,654,400 for the State Department,
$41,261,300 for the
Justice Department, $34,054,700 for the Commerce
Department and
Washington, April 3,
the bill lacks the full indorsement
Administration, whose experts, it
agree
Wallace and
Representatives on April 3 without a record
approved the 1937 supply bill for the Departments of
State, Justice, Commerce and Labor.
The measure, which
housing will be
new
dollar of expenditures with genuine construction
activity.
It will be cheaper for the
government, better for industry, and infinitely
more just to the
people who want decent homes.
it
Washington dispatch,
a
Administration, have approved the
to the
construction
to the
to
every
In Associated
From
The House of
loaned to stabilize
business
fund
to
transferred
pay
a
Besides, these grants
March 5, as was
Under the House
Appropriations Bill for State,
Commerce,
Justice
and
Labor
Departments—
Measure, $7,669,000 Below Budget Estimates, Sent
originally allocated for public housing under Title 2 of the National Indus¬
trial Recovery Act.
duce
on
■
for
State,
remem¬
and banking enterprise.
And these new loans will be
preeminently safe and worthy type of economic venture.
the aggregate, the total
grants authorized are less than the amount
In
bill
for
adminis¬
House Passes $114,982,000
industrial
made for
providing
service.
that authorized
banking debts.
or
bond
only one-tenth of what the RFC
mercial,
less
bill
power
service laws.
to protect existing values.
95% of the loans
over
business
The
thus be
the
per
future,
■
will
HOLC merely
that
their
bond1 issue
total
the
the
administrators
All
quoted
The
Secretaries
for
the number of
dispatch from Washington, April 3, Senator Wagner
as saying:
a
was
United
ex
with
for terms of five
years each.
of
Fifty
times
and
group,
and
directors
of
Per¬
for
Administration
security would be required.
with
bears
independent
an
a
Bill—Provides
passed the
$410,000,000.
$50,000,000
Loans
such
with
Power
quote, in part, as follows:
buildings.
Administration
vested
body
referred
were
1733, and March 28,
page
March 7 issue, page 1567.
authorizes
specifies
Not
Authority,
is
we
individuals
to
construction.
VI.
encour¬
and under
fully amortized over a period not to exceed 25 years and those
and farm improvements for not more than five
years.
"Reasonably
against
limit
Senate
build transmission lines
in
agencies, and may
housing projects shall be
are
funds
$5,000
large-
a
expenditures involved in the 10-year program are
$420t000,000; in the Senate measure the amount
at
exceed
and
the
and
inadequate.
to
to
Lorn Provisions and Purposes
P. Standards
includes
the
annually.
possible to local
as
in
permanent rural electrification
question
is
14,
Electrification
of the Rural Electrification
by them pending sale.
industry by insuring
available
is
are
soon
V'-A-'-
private
the
Half
low-rent
instrumentalities
projects shall be sold
be leased to
in
committed himself
homes
Norris-Rayburn
a
our
The President,
Demonstration Projects
decentralization
demonstration
The
The bill
The only outright expenditure during the coming year
$51,000,000 appropriation.
Federal
the
authorized
on
Norris
of
grants.
IV.
construct
March
Rural
creation
fixed
RFC
(e)
the
Passes
Upon these
Congress will have to consider
years
the
this Adminis¬
2085.
April 9,
from
columns
indicated in
ministration.
of
in these
the
is
pass.
qf the housing
of
Passage
for
Housing proposals laid before the President
$75,000,000
not
$100,000,000 loan
a
achievement
degree, has
some
builders to
vote, passed
bonds
any
appropriate)
and $100,000,000 for 1940.
subsequent Congresses will have to
(c)
does
it
crowning
a
enterprise.
On April 9 the House of Representatives, without a record
interest-bearing
an
The money for the Federal grants is to be covered by appropriations.
The total appropriation is $51,000,000 for the fiscal
year ending June 30,
bill
be
private
embracing not only slum clearance but also
program,
private
manent
(b)
The
to
House,
bond
provided.
1937.
Roosevelt, to
housing
agement
page
issues
(similarly
authorized!
to
loan
a
as
ordinary
tration."
scale
1937, and $150,The loans will4 be
years.
unnecessary
authorized,
by bond
States
total
will represent
be
by
Wagner-Ellenbogen bill will
to
by
interest
April 11, 1936
housing
class.
sources.
Financing
Federal
principal
adequate
President
no
$100,000,000 for the fiscal year ending June 30,
000,000
made
period of
with
housing developments.
guaranteed
issue
fixed
a
contributions"
"annual
project shall in
any
III.
to
over
sum,
The bill also provides for loans to limited dividend corporations to
assist
.
equally
lump
a
basis at the outset.
contractual
The loan and grant to
struction cost, but
be payable in
may
it may be spread
annuity basis.
an
firm
a
cost of
Chronicle
but
$7,900,074
The increase
over
of $114,667,400
more
than
was
appropriated
the present appropriation
due to public works projects and administration of the
Social
officials
$7,984,177
was
for
the
mainly
Security and
of the housing agencies who have
consulted
with President Roosevelt in recent
months about legislation
to spur slum clearance and the
building of low-rental homes
declared that they still intend to
Referring to the Morro Castle and Mohawk maritime disasters, the com¬
mittee proposed $1,927,500 for the Bureau of
Navigation and Steamboat
Inspection Service in the Commerce Department.
This amount was $167,-
to
500
present
the
President
bill of their
a
own
his return from
Florida, and on their
ability to adjust differences of opinion, they
believe, depends
the saving to the government of several
hundred million dol¬
lars.
on
The dispatch to the "Times"
Some
of
the
President's
closest
on
advisers
April 4 added:
have
counseled
of
Endorsement today by the American Federation
of Labor, through Presi¬
dent William Green, indicated that
the Wagner measure would have con¬
siderable popular support.
private-housing
the
upon
activities,
fact
that
expenditure in
to
in
it
those
agencies
including
calls
for
the first year,
the
of
the
HOLC,
$51,000,000
to be
FHA
of
increased to
$100,000,000 annually in 1939 and 1940,
Federal
of the
expenditures
seems
operate the
Mr.
support
Green
bring
problems,"
craftsmen,
also
when
pressure
"Labor
four
of
has
organized
he
declared
to bear
said
for
double
a
Mr.
Wagner
to
be
that
Green's
labor
bill
the
the
grant
for
the
its early passage
interest
Green.
in
"We
wage-earners
many
millions
of
advocating large
provides
for
and does not go
a
separate
far enough.
Endorsement
Department with $2,850,000, of which $1,700,000 would be used to construct new Federal
jails to
use
bill
Federation
some
not
solution
only
have
and
low-income
pledged
was
of
by
Labor would
by Congress.
finding
represent
a
for
the
only
who
will
the
million
been unemployed for
their
families, many
families
of county jails for detention of Federal prisoners.
House
Passes
housing
building
six years,
of
whom
the
Credit
be
CCC
from
(previously passed
Senate)
increasing the capital of the Commodity
Corporation from $3,000,000 to $100,000,000.
The
Senate action
on
the bill
(it passed that body Feb. 25) was
29, page 1385.
Stating that the
noted in these columns Feb.
capitalization
of
of the CCC would
the
Reconstruction
ciated Press accounts from
in part:
The
measure
was
passed
on
be
increased
Finance
a
voice
vote
York, the minority leader,
roll-call
vote
farmers
in financing of surplus
through the
Corporation, Asso¬
Washington, March 31, also said,
after
Representative
withdrew his
Snell,
request for
a
made
yesterday just before adjournment.
The object of the legislation, as explained
by its proponents, is to enable
the Corporation, as a result of its larger
capital, to go out and borrow
money privately at lower interest, with the savings to be
passed on to the
cotton and
corn
holdings.
but
are
effective spokesman
never
Bill
Increasing Capital of
$3,000,000 to $100,000,000
On March 31 the House passed the bill
by
Republican of New
Wagner
sorely in need of better homes to live in.
"Organized labor is, as a matter of fact,
for
centered
and
for advances through
as
by agencies
that the American
the majority of whom
million
measure
slum clearance program
Mr.
The
RFC,
loan
assistant steamboat inspectors.
For public works the bill provides the Justice
facilities
chief criticism
agency to
sponsoring
$75,000,000 in 1938, and
bond loans.
The
and
Federal
well
as
government
tional
It would enable hiring of
forty to fifty addi¬
against
entrance into the building field and have
told him that the payment
large Federal subsidies would throw the budget further out of balance.
Opposition to the bill
,
Dudget estimates.
over
supplant
him
'
Guffey Coal Acts.
supplied
During the debate
the bill in the House, on March 30,
Representative Wolcott (Republican), referring to the state¬
on
ment that the bill had been referred
ing "a bookkeeping operation
to as merely authoriz¬
by which the RFC transfers
°
Financial
Volume 142
CCC
the
that
stood
Oct.
.
17, 1933.
It
it has a capital
of
these
having
Corporation
period of
Public
Seventy-fourth
1,
Congress,
or
April 1, 1937, by Section 7 of
such earlier date as may be
The
Corporation
makes
loans
4% for it.
and charges
farmers
cotton
to
its money from the RFC and pays
borrows
from
money
the
beginning,
the
purely and simply a little book¬
told that it was
were
we
the purchase
stock of the CCC and reduce the loans
against cotton and corn and resin and turpentine that much.
$97,000,000
held
which it
worth
capital
of
the RFC has a total debt out¬
standing against cotton loans of $288,300,977.77, according to the daily
report of the loans of the CCC as of March 9, 1936. Against this $3,000,000
capitalization the RFC, on that date, had loaned the CCC, or there was
outstanding on that date on loans, $311,607,614.29.
.
.
.
It is bad
banking for any bank to loan over $311,000,000 against a capitalization
of $3,000,000.
Simply because they have made this mistake in the past
is no reason in itself why we should not increase the capitalization of the
CCC, but one of the purposes of this bill is to delay the day of reckoning
and allow the CCC to charge against its capital the loss in octton, whatever
it is, instead of compelling the RFC to call its loans and sell the cotton
Against
on
capitalization of $3,000,000,
a
the market.
danger
the market by the sale of CCC cotton
demoralizing
of
whatever
So there is absolutely no reason why the bill is
holdings.
by which the
vote
6
to
before Congress,
doubtful about the policy he established in
pegging the price of cotton at 12c., and wants Congress to put its stamp
except that
the President is
of
on
approval
for House
fight awaits
committee reported the bill
The dissenting half dozen
public their views,
acquainting colleagues with their objections to the measure in its
present form.
With this situation in mind, it can be easily seen that even
though the bill may slip through the House without mishap, it will find
the going rough when Senate and House conferees meet to discuss the final
the flood
on
for debate.
although refraining from making
members,
seen
are
passed by both houses.
Basing Point Pricing
determination to outlaw the basing point
committee's
Undoubtedly, the
in so far as opponents
steel corporations who
opposing the pending Wheeler bill, designed to abolish completely
the
present basing point procedure,
have indicated their intention to
transfer their attention to the Patman bill, as they feel that the basing
point system is absolutely essential for the steel industry's continuance
system is the most favorable factor in many weeks,
of the bill are concerned.
Representatives of major
have been
on
profitable basis.
a
proposed legislation appeared in
1220.
Previous reference to the
of Feb. 22, page
issue
our
BillJHeld
Store"
"Chain
Robinson-Patman
as
Class
by Wheeler Sammons of Institute of
Distribution,
Inc.—Representative Patman De¬
Legislation
Bill
fends
or anti-price dis¬
"class legislation"
aimed at resale price maintenance by Wheeler Sammons,
managing director of the Institute of Distribution, Inc., in
bill
crimination,
in
Biltmore,
Association of Sales
New York City, on
At the same time, Representative Patman, sponsor
bill, defended it as necessary legislation to curb
April 3.
the
for
as
International
the
Hotel
the
at
characterized
-was
before
address
Executives
store,"
"chain
Robinson-Patman
The
Commerce,"
of
according
distribution,
in
monopoly
"Journal
that policy.
of this measure will
extent of more than
added impetus to the belief that a hot
as
seen
appearance
committee
an
would not call the loans, and there is no
Mr. Jones says that he
Now,
8
the bill's
The RFC gets
the United
of
Treasury
keeping operation, whereby the RFC would credit itself with
of
The
3% for it.
States at 2%%.
There is
*4 of 1% spread between what the RFC pays for its money and that for
which it lends it to the CCC.
There is a 1% spread1 between what the RFC
receives from the CCC and that for which the farmer pays for it.
We should not fool ourselves at all about this legislation.
As I said in
its
increased
consideration is
drafts
by the President by Executive Order.
fixed
It
under
but its life is limited to
years,
No.
of the CCO until April 1, 1937.
Delaware law for an indeterminate
corporate life,
chartered
is
Consumers
their belief to Congress that enactment
national annual food bill to the
plain
an
on
the part of the Patman bill's opponents to
on
$7,500,000.
powers,
life, but not the
effective
The
gave
make
mean
Executive Order signed by the President
an
Delaware corporation and
is a
the President general authority to set up a corporation
and ne did so.
Understand that until the RFC
extension bill was enacted by the Congress last year the Congress of the
United States had never at any time directly approved the organization of
the CCC.
When we extended the life of the RFC last year we extended the
We
$3,000,000.
Effect
concerted movement
A
.
.
set up under
The CCC was
on
let it be under¬
First,
office and is virtually a
from the RFC
food chains and other
support to the Borah measure
that corporate
opponents of the Patman bill will throw their
as
the lesser of two evils.
4.
the RFC.
part of
that Corporation.
managed
is
the set-up of the CCO and)
must review
we
RFC in
the
of
investments
the
this
understand
order to
In
anti-price discrimination bill is unconstitu¬
indications
with
coincident
tional,
Borah
that the
Assertion
3.
investment,"
$97,000,000 from loans to the CCC to capital
continued, in part:
2425
Chronicle
New
the
to
which
from
we
York
also quote
the
following:
Anti-Price Discrimination
"Chain Store" Bill Favor¬
or
so-called anti-price
Robinson-Patman
redrafted
The
(otherwise known as the "chain store" bill)
was favorably reported to the House on March 31 by the
House Judiciary Committee.
On March 24, when the com¬
mittee voted a favorable report on the measure, it was noted
in
dispatch from Washington to the New York "Times"
before the Senate Judiciary Committee de¬
a
witnesses
that
for the bill with similar aims intro¬
Borah and Van Nuys.
The dispatch
"is
has
effort
quite
that
true
Borah-Van
The
Nuys
make it unlawful for
would
measure
any
person
discriminate between
purchasers of commodities of like quality, quantity or grade.
The bill approved by the House committee today follows the general
corporation
lines
interstate
in
Robinson-Patman
the
of
engaged
commerce
but
measure,
to
would
modify
some
of
the
proposed by the original measure.
making discrimination between purchasers unlawful per se where
to lessen competition or promote monopoly, the bill would specifi¬
stringent regulations
After
it tends
allow
would
also
It
wholesalers and to retailers.
quantity discounts, but would put a limit
on
the
in this regard, the limit to be based on the difference in
manufacture, sale and delivery of a larger amount as compared
legal allowance
of
cost
with
Discount
bill
The
Trade
so
Left to Trade Board
the original measure in that
from
differs
Commission
fix
to
power
this
limit,
instead
The
and
it gives the Federal
of attempting to do
would
bill
authorize
other
and
goods
changes
price
conditions
of
a
in the case of perishable goods,
or distress sale nature,
select their own customers
forced'
right of sellers to
specifically affirms the
actual
freight
as
eliminating
thus
cost,
measure
the amount the seller receives
the
present
"basing
point"
system.
discriminations through brokerage
allowances by limiting them to fees for actual brokerage services and out¬
lawing special advertising service to purchasers unless they are given to all
purchasers alike.
A similar principle would apply to advertising allowances.
The bill exempts cooperatives which
return part of their earnings to
also
It
carries
stockholders
The bill
or
provisions
outlawing
members.
also
change existing Federal Trade Commission practices
would
by putting the burden of proof
of the complainant or the
on
the defendant or the respondent instead
government.
discrimination
high
here
rapidity that
sideration of
week
this
can
one
and'
as
only be
or
more
anti-chain
important
store
legislation
stock
touched
a
developments materialized with a
interpreted as assuring House and
of these measures
Senate con¬
within the immediate future.
Developments summarized in the order of their importance appear to be:
1. The so-called Robinson-Patman bill was voted favorably by the House
Judiciary Committee by the narrow margin of 8 to 6.
to the
the
bill, which
measure
2.
was
will discriminate
Disclosure
that
Minority objection
not made known officially, was said to be fear that
the
unduly against the consumer.
draft of the bill "knocks down" the
committee
basing point system of price-fixing, popular mainstay of the steel, cement,
sugar
"who happens to be the counsel for
he said,
business.
does,
or
author
its
what
if
that
wording does not
Representatives declare either that the
and
"Senators
mean
it
it does, or what the committee report says it
says
manufacturers and
does
the
consumers
will
not be
"Mr.
says
it
of
tune
over
his credit,
to
Patman,
means,
forthrightly
says
it means what its author
but he figures out that the consumer will be benefited to the
two billions on the ground that if the chains save them
regard to distributive costs."
the facts of life in
Robinson-Patman
The
bill,
in
effect,
Mr.
added,
Sammons
"makes
a
is given practically
unlimited power to fix prices on everything from suspenders to suspension
bridges." If its wording means what Mr. Patman says it does, he concluded,
it "practically eliminates the legitimate quantity discount."
and other lesser industries.
"Times" of April 4 Mr. Sammons was reported as
the
stating that the bill would give the Federal Trade Com¬
mission "unlimited power" "which, if enacted, would not
be sustained by the Supreme
Court."
Representative Patman, in explaining the purpose of the
bill, said it is designed to eliminate unfair price discrimina¬
tions,
regularize brokerage practices, suppress "pseudoadvertising allowances," and vest the Federal Trade Com¬
mission with the power to
He
reported in
thus
was
fix and establish quantity limits.
the "Journal of Commerce" of
April 4, which, in part, also said:
bill, he said, will curb monopoly "and thereby help consumers, wage
and farmers, and promote
earners
the general welfare."
.
.
.
law
will
stores,
part, regarding the legislation:
new
Utterback-
the bills' probisione.
representative of a minor~ wholesale grocers' association,
example, says the bills mean that an allowance for a quantity order
only be made after charging for all the regular service offered by a
The
Special advices, March 26, from Washington to the New
York "Journal of Commerce" had the following to say, in
Price
a
conflicting interpretations of
Washington
In
"Price" is defined in the House
less
for
can
to add to the evidence that the
price-control bill."
serves
is
the wording,"
author of
"The
and
bill
assailed
price OGPU of the Federal Trade Commission, which
will.
at
the consumer.
ness
by law.
obsolete
serve
$750,000,000 on food, the independent can, by doing three times the busi¬
the chains do. save consumers three times as much.
He just overlooks
smaller.
a
economically
harmed.
different prices to
cally authorize
more
most
bill.
Sammons
Mr.
the
that end while at the same time pushing a separate price
They want as many strings to their bow as possible.
to gain
maintenance
Robinson-Patman
or
a
highly organized elements in this
distributive group are mainly interested in price maintenance on trademarked articles and are using the Utterback-Robinson-Patman bill in an
is
"It
However, this fact only
Senators
with
trade
attracted
duced
by
charged,
Sammons
of competition which by distributing with the least
or, in the case of wholesaling, even taken over
handicapping
a
waste
the wholesale function in order to
clared their preference
added:
Mr.
which is seeking the enactment of class legisla¬
"What this distributive group means by equal opportunity," he said,
distributors' group"
tion.
dis¬
crimination bill
originated,
bill
Robinson-Patman
The
"small
ably Reported to House by Judiciary Committee
raise prices to the chain
but it will require the manufacturer to give the independent mer¬
chants
the
same
The
not
require the manufacturer to
price for the same quantity and quality that is given to
the chains.
.
This law will not
them
of
penalize
any person
rights and benefits.
or
It will not deprive
corporation.
It merely compels granting the same rights,
privileges and benefits to independent merchants under the same conditions.
It is said that if this bill is made law it will coBt the consumers $750,000,000
now
have
a
year.
to
chants
pay
way of saying that the large buyers are
$750,000,000 a year less than they would
That is another
their
receiving
goods
for
for them if they paid
the same price
as
independent mer¬
pay.
Chain stores
are
doing about 25% of the retail distribution business.
they can save the people $750,000,000
on
If
one-fourth of the business that
Financial
2426
is
Chronicle
doing, all the independent merchants, representing 75% of the business,
will
the
save
prices
$2,250,000,000
people
the
as
House committee
referred
a
they
when
year
the
receive
Associated
same
action
"No
to elsewhere in these columns
Mr.
bill is
the Robinson-Patman
on
Long
Jan.
on
of
special House investigating committee on March 26
began an Inquiry into the finances of the Townsend old age
pension plan.
Approval of the inquiry was noted in the
21, page 1913.
Robert E. Clements,
who on March 24 resigned as National Secretary and Treas¬
urer of Old Age
Revolving Pensions, Ltd., the Townsend
organization, was the first witness on March 26, and also
appeared before the committee at its later hearings.
He
testified that the organization had an income of $43,295
during the first 10 months of its existence, but added that
he personally had collected no money nor had he received
any as donations or from the sale of Townsend literature.
Leaders of the Townsend organization announced on April
8 that they would challenge in a Federal Court "the right
not a
at the hearing of the committee on
send
allegedly
used
the
raise
to
this
mitting the
than
a
year
Dr.
Townsend, in
(Dem.,
Calif.),
pension plan,
by which Townsendites
abandoned the
"democratic
announced
the
first
management"
for
the
a
that
House investigation
Mr. Clements resigned
big Capitol caucus room.
a
they be carefully phrased.
said that he first became
in
acquainted with Dr. Townsend about
Long Beach, Calif.
engaged in
Dr. Townsend,
Mr.
1926
Clements testified, also
real estate promotion work.
some
Bell,
counsel,
Clements,
Democrat
James
who
accounts from
(the
Townsend
other
National
as
committee
members
and
checking testimony given by R. E.
are
resigned
Secretary
of
Townsend
the
split with Dr. F. E. Townsend.
a
received
The committee
Missouri,
of
Sullivan,
R.
recently
organization after
a
testimony that receipts of the O. A. R. P., Inc.
organization),
nearly
totaled
a
million
its
since
dollars
inception.
The
committee
from Jan.
1,
they wanted
studied
Mr.
1934, to Jan.
1,
statement that
totaled
1936,
information
definite
more
Clements's
Townsend
$771,964.09.
his
on
receipts
They indicated
estimate
that
total
a
of
$180,000 had been taken in the first three months of this year.
The $951,964.09
estimated total
smaller than
was
members antici¬
some
pated would be shown.
The
cisco
received
committee
area
manager
Sullivan
Mr.
of
telegram
a
the
from Edward J. Margett, San Fran¬
Townsend
had
said
Mr.
movement,
taking
with
issue
Mr.
Margett received monthly commissions rang¬
ing from $1,800 to $2,100.
Mr.
tax
six
to pay the
year
a
plan
new
pension
announced, O. A. R.
$50,000
questions related to his pre-Townsend real estate business, but
Chairman
Margett's telegram said that "commissions paid1 to
dollars
hundred
more
a
month
commissions
telegraph,
other
of
charges, besides people that
organization.
"All the
was described as follows in a
Washington
dispatch of March 31 to the New York "Herald Tribune":
Townsend
the
pension movements from which members
Secretary of the Townsend organization.
as
Clements insisted
their
His announcement
Hereafter, Dr.
in
witness
promised startling revelations.
rent,
31
March
on
called
was
physician of note" by Mr. Clements.
a
these
Townsend
the Townsend movement until March
Under date of Marcli 28, Associated Press
pensions.
Dr.
in before
taken
was
Sullivan.
proposed1 transaction
expect to raise $24,000,000,000
Beach
Washington had the following to say, in part:
letter to Representative John Steven McGroarty
of a bill to enact the Townsend $200-a-month
sponsor
was
1927
was
an open
denied that he had
and
Clements
He
other
among
opened
Long
but that Dr. Townsend had received some
throng of spectators crowded
Mr.
or
incorporators to divide the assets until more
after the organization was formed.
United
Washington advices of April 1 stated,
things, that:
how much
that he did not know
said
man
The first
of the clause per¬
Press
not
in
first Townsend office
the
Townsend, with whom he has split because of differences,
week
A
incorporated for $100 under a California law which permits
the three originators to dissolve it and divide the assets.
that he did not know
organization
was
Beach bank
Long
from the sale of literature and from voluntary contributions.
Mr.
testified
funds for
the
in
of the Townsend1 and other old age
third party in the coming campaign.
Mr. Clements revealed on April 1 that the pension move¬
ment now has a cash balance of $110,000, and that it was
Mr. Clements said
Citizens State Bank
Townsend
The account, he indicated, was opened about the first
of the committee have
April 2 that Dr. Town-
movement
Clements
Dr.
conclude until November. He
proper inquiry but an attempt
was
account
opening of
1934.
15,
"a brilliant
Sheridan Downey,
It
the
the
the
April in 1934," he testified.
counsel for Dr. Townsend, asserted that the investigation is
was
with
hands,"
my
had not been deposited.
about the first of December, 1934.
Angeles
"I did not devote my entire time to
or
to break down the Townsend organization.
follows:
February.
money
of March
charged that it
March 26 de¬
of
passed through
ever
any revenue
there when
left
was
the opening of the bank account,
A
not
has
organization
Calif.,
that
estifiedi
Mr.
may
Loe
coincident
mittee
being delayed and
this
replied when asked if
Beach,
to
He
Inquiry by House Committee into Finances of Townsend Pension Plan—R. E. Clements, Who Resigned
as
Secretary-Treasurfer, First Witness Before Com¬
personalities."
advices
Washington
Mr. Clements said that the $43,295 on deposit in the
today.
of
of the committee to attack
of
money
Clements
moved
"Chronicle"
Press
scribed the opening of the House inquiry as
buyers receive.
mass
April 11, 1936
P. will be managed by
the
current
ment for
a
a
salary
radio,
is
paid
printing,
than
to
overhead.
20
postage,
Sullivan
in
the
and
full
but
State,
dozen
or
from
office
and
one
field.
contributions,
Besides giving my
the
a
five
run
me
claims,
employees in
supplies
paid
are
commissions received, plus
year,
Mr.
are
not enough to pay
time to the Townsend
move¬
I am thousands of dollars out of pocket."
a
board of directors and nine members chosen from among the leaders of the
movement
by Dr. Townsend.
Committee
taken off
be
elected
by
commissions
moved
from
They will be assisted by
the Townsend
and put
Washington
on
Clubs.
salaries.
Chicago,
to
down
cut
Completes Tax Bill
Hearings—Members Plan to Favor Debt-Ridden
Companies—Bank Dividends to Be Subject to 4%
Normal Income Levy—Business Leaders Unanimous
in Opposition to Administration's Tax
Program
The House Ways and Means Committee completed
open
hearings early in the day of April 8 on the Administrations'
new tax program, following which the Democratic members
of the Committee met to consider changes in the
proposed
legislation. It was reported that it had been decided to give
special treatment to debt-riaden corporations, while divi¬
be
will
managers
The national
to
House Ways and Means Committee
National Advisory
a
State
All
headquarters will
traveling
expenses
and rent.
Dr.
Dr.
Townsend
accept
will
announced
of
that
"The
from
come
weeks ago he and
Treasurer
Townsend to
Be
Paid
hereafter
Townsend
by Weekly
the
only
Weekly,"
the
O.
A.
According to reports,
said
was
stock in the
in
R.
the
P.,
owned
privately.
weekly has
been
that Dr. Townsend
yesterday
a
Ninety
R. P.,
of
of the
Townsend
Dr.
11
Secretary-
cent,
per
profitable
very
retains
about two
as
said.
undertaking.
the
24
shares
dends from banks would be
subjected to the 4% normal in¬
Indicating that the Democrats in the Com¬
mittee had affirmed their support of President's Roosevelt's
plan for an undistributed corporate profits levy, it was
noted in the "Times" advices from Washington that
they
voted down a proposal to continue the present
corporation
income tax with a rate of 223^%.
The dispatch April 9 to
of
publication.
week.
The
Townsend
before the
Mr.
Clubs
will
two national
hold
second
a
Clements, who with Dr.
co-founder of
the
had
Senator
indorsed
national
convention
party conventions in June, Dr.
movement,
Borah
Francis
Townsend said.
E.
Townsend
resigned after Dr.
for
time
some
Republican
was
the New York "Times" further said:
Townsend
The
nominee for
President.
Previous differences between Mr. Clements and
Dr. Townsend had involved the question of creating a third
party to advance the movement.
His
mented
Washington
upon
follows
as
in
a
resignation
Clements
Dr.
movement.
is
reported to have had
Townsend
publicly and then
him
again
by
to
corporate shares.
of
Moving immediately
ranks, Representative
special
Mr.
Clements
House
to
C.
Borah,
position of
time
of
Mr.
leaders
to
Democrat,
investigate
of
the
in
the
Missouri,
Townsend
Chairman
organization,
has
the
of
He
scrutiny in
described
the
the
atmosphere
last month
as
one
among
has been
the
right-hand
founding of the organization
been credited
of
increasing
in
some
man
more
of
Dr.
than
Townsend
three
years
from
ago.
the
He
quarters with being the directing business genius
The split raised the
possibility that the political power of the Townsend¬
collapse, thus bringing an end to the novel, independent thirdparty movements which have been a feature on the political scene since the
would
end of the Hoover Administration.
founder.
than
a
Huey P.
The
year
on corporate income withheld to pay con¬
Long,
of
The Share-the-Wealth
Clubs
of the late
Louisiana, have waned since the death of their
Epic movement
ago.
of
Upton
Sinclair
members to be drafted into
The subcommittee
a
15% in the pro¬
bill.
Democrats
were
to take these
reached
its
zenith
more
instructions, together
with the report which formed the basis of the recent public
hearings, as well
as
suggestions made by individual members,
as
the basis for the
measure.
Day and Night Work Ordered
Chairman Doughton ordered day and night sessions in
an
effort to report
the bill to the House for action at the earliest possible moment.
tonight that it might be another week
its next
or ten
He indicated
days before the bill is ready for
legislative step.
Only two Democrats bolted the party position when the question
raised today as to the fundamental policy of the tax
Collapse Is Predicted
Senator
flat tax of 22 *4%
the
behind the movement.
ites
a
on American earnings of foreign insurance companies, the full
Democratic membership turned the whole plan back to their subcommittee
subpoenaed
the first witness at the opening hearing of the
Mr. Bell predicted that other resignations would
Clements.
under
'
as
Thursday.
Clements
of
had
purposely leaving the latter question to the
tractual indebtedness, and to the reduction from 22*4 to
a
tension.
Mr.
taxation
With these votes of instruction and those taken
yesterday as to the im¬
third party
a
Senator
take advantage of the schism
Jasper Bell,
committee
to appear
on
those
Townsend
on
posed tax
the
follow
The Ways and Means subcommittee
dends except those from banks,
Republican.
committee
to the full
individual taxpayer, as the
recommended that the exemption to normal taxes be removed from divi¬
discussing this project
going back
of the
decision of the full committee.
deep-laid plans for
first upset his strategy by
ruffled
the hands
President recommended in his message should be done with returns from all
was com¬
dispatch
majority also voted to subject dividends from bank stock
normal and surtax rates in
March 24 to the New York "Herald Tribune":
Mr.
tax rate.
come
Mr. Clements is reported to have received $50,000
dividend' and from the sale of his shares when he resigned
special
a
last
until
Robert E. Clements, who resigned last week
profits of the weekly will be paid to the A. 0.
It
salary which he will
which
legislation.
posal to continue the present corporation tax structure, but at
was
The pro¬
a
rate of
22*4%, instead of discarding it in favor of a levy based strictly on undis¬
tributed net income, as suggested by the President, was made
by Represen¬
tative Lamneck of Ohio.
His only supporter was said to have been
Repre¬
sentative Thompson of Illinois.
Only
seven
other members
were
present,
but most of the absentees were represented by
proxy.
The Democrats also
rejected another proposal to levy a 100% tax
profits of Federal Reserve Banks above 6% of their capital.
on
all
Financial
Volume 142
2427
Chronicle
the corporate tax
as
in the House.
holders, and not from the
Senator
before the Ways and Means
Committee on April 2 were unanimous in opposing the tax
plan, while the only supporter of the program at that hearing
was Max Bedacht
of New York City, Communist repre¬
sentative.
The hearing was described in part as follows in a
Washington dispatch of April 2 to the New York "Herald
Business
men
who appeared
Tribune":
Spokesmen for organized business saw in the tax
plan serious dangers to
These witnesses withstood a vigorous crossexamination from Democratic members of the House committee.
In con¬
the corporate fiscal structure.
from the approval of Mr. Bedacht,
not to be swerved.
Again and again he
trast, the Democrats tried to hedge away
but the Communist's
position was
repeated that the "party" was back of the
The testimony of eleven business
President's recommendations.
executives was summarized in the phrase
proposed tax on corporations regu¬
"economic unsoundness" applied to a
withheld from stockholders. The
results predicted were stimulation of speculation, an increase in bank¬
ruptcies and reorganizations, a discouragement of new enterprises and a
lated
warnings were not real danger
During the course of Mr.
questions as to where the new revenue was coming from, Treasury experts
of the additional yield would come from stock¬
disclosed their belief that all
April 7 was noted as follows in a
date to the "Herald Tribune":
For eight days the committee has been hearing witnesses on the proposals
to enact a corporation tax based on earnings not distributed to stockholders
and a "windfall" tax on processors.
The Chamber of Commerce, largest of
the- organized business groups, completed the comprehensive attack by
painting a picture of undesirable and possibly disastrous economic and social
The testimony
told by Mr. Bedacht was that the
recommendation covered a philosophy long held and
House subcommittee
actively advocated by those who believe in
National
the overthrow of capitalism.
Franklin W. Fort, President of the Lincoln
Bank of Newark, N. J., had previously charged that the effect of
business
representative,
the Administration proposal
would be to weaken the
"The most fundamental defect," Mr.
capitalistic system.
plan is
Fort had said, "in this tax
system."
"We agree," Mr. Bedacht began, "with the principles of levying a sur¬
plus tax, but we think that the way the House committee has worked it out
the basis of any capitalistic
that it is essentially contrary to
plenty of loopholes."
leaves
...
of the tax committee
thought that the Democratic majority
Mr. Bedacht
He urged a 25% tax on existing surpluses,
taxation of present tax-exempt governmental securities, retention of present
corporation taxation in addition to the new undistributed levy and increased
inheritance and income taxes.
He delivered a plea for more taxes on the
should go further in
its plans.
wealthy, contending that the Administration
The American Liberty League on
ment
poor."
April 3 issued a state¬
has been "soaking the
end of the
promised to
describing the tax program as a definite
"breathing spell" which President Roosevelt
business last September.
This statement, and
April 3,
outlined
were
as
follows in
that date to the New York
There
was no
a
testimony on
Washington dispatch of
corporation levy,
$591,000,000 of additional
revenue annually.
They listed 11 economic dangers inherent, in their
opinion, in President Roosevelt's tax program, and contended that the tax
would have a depressing effect on the capital goods industry, revival of which
hedging on the part of Noel Sargent,
Sees Curb on Program
The Liberty
proposed bill, citing at
stated in substance by
appearing this week before the "Ways and Means
League made public an analysis of the
objections, most of which have been
least nine major
representatives of business
Committee.
As the
opposition
was
voiced, however, came the third
of favor for the undistributed corporate
be heard during the committee's
outright statement
profits tax, keystone of the program,
public consideration of the proposals.
took sharp issue with the volumes
David Stock, a New York lawyer,
of op¬
position testimony.
ministration's
case
on
Monday.
from Guy
the new corporate tax came
Helvering, Commissioner of Internal Revenue,
who presented the ad¬
...
Stock is Cross-Examined
Republican committee members sought to
subject Mr. Stock to a severe
cross-examination after he had finished his direct
testimony.
.
.
.
before the com¬
mittee by the Treasury Department.
He had heard a radio broadcaster
criticize the tax plan in a recent broadcast, and had written him to point
out errors in his conception of the bill.
The broadcaster sent the letter to
the Treasury Department, which in turn requested him to appear.
"Then you represent no one here?" asked Representative Reed of New
Mr. Stock
explained that he had been requested to appear
"You
are
simply lobbying for the Treasury?" Mr.
Mr. Stock, obviously resenting the
Reed persisted.
Washington dispatch of April 6 to the
described the hearing on that date as follows:
just have to write it
tonight that the Republicans
ourselves."
The Chamber spokesmen
declared against added
taxation without cur¬
tailed Federal expenditures.
Before hearing
the Chamber of Commerce
voted the afternoon and night
witnesses, five of whom de¬
presentation of arguments
session to a detailed
Committee took the occasion to use the ap¬
pearance of Daniel W. Bell. Acting Director of the Budget, as a means of
securing "political textbooks" for use in the coming Presidential campaign.
Requests from members of both the Republican and Democratic parties for
information on present and past fiscal condition of the country were so inter¬
preted.
Mr. Bell said it would take at least 10 days to supply the infor¬
against the tax bill, the House
mation.
the bill were described in
April 4, pages 2246-47.
Previous hearings on
cle" of
Louis
Senate
Before
Brooks
confronting it with
plan
proved a bommerang today, when, instead of creating embarrassment, it
brought forth the most vigorous defense of the program yet delivered before
the Ways and
called
last week as to the results of its new tax
Means Committee.
The defender
was
Herman Oliphant, general
counsel of the Treasury.
before the committee at the special request
He
of Representative
who wanted to
raised, particularly against the
proposal for a new corporate tax based on undistributed income.
Through his exchanges with Representative Treadway and other critics,
Mr. Oliphant delivered blow after blow for the President's corporate tax
plan.
He denied that the result would be to thwart business growth, foster
monopolies and to make the lots of debt-ridden corporations all the harder.
The proposed new corporate levy was termed by Mr. Oliphant "the most
important tax reform since adoption of the Income Tax Law."
He pre¬
dicted that it would produce "real" revenue from "real" people.
Treadway of Massachusetts, ranking Republican member,
question him concerning all the objections
Tonic to Majority
Members
Coming closely upon a statement by Arthur H. Kent,
of the Internal Revenue Bureau, presented to
Subcommittee
Democrats on the committee.
Urges
of operations on the
advocated on April 7 by
Louis Brooks, of New York, former Chairman of the Ex¬
change's Business Conduct Committee.
Testifying before a
subcommittee of the Senate Agriculture Committee, Mr.
Brooks is reported to have said that John H. McFadden,
President of the Exchange, in testimony previously given
before the committee had made statements tending to
indicate that he had operated in violation of the laws of the
Exchange.
In an announcement to the effect that the
Exchange at the request of Mr. McFadden has agreed to
A Justice
Department investigation
New York Cotton Exchange was
inquire into the charges was
Cotton Exchange:
issued as follows April 8 by the
Managers of the New York Cotton
afternoon of Wednesday, the 8th inst., a communica¬
tion was presented by John H. McFadden Jr., on behalf of himself and
his firm, George H. McFadden & Bro. (Mr. McFadden is President of
the Exchange), wherein the Board of Managers was requested to initiate
an
exacting, thorough and impartial investigation of the activities of
himself and his firm on the New York Cotton Exchange that were the
subject of criticism in the testimony given by a member of the Exchange
on Tuesday, the 7th inst., before the Committee on Agriculture and Forestry
of the United States Senate at the hearing in Washington.
The request of
Mr. McFadden was granted and a committee established to conduct the
a
special meeting of the Board of
Exchange held on the
investigation.
Mr. McFadden, of the cotton
firm of Geo. H. McFadden
York Cotton Ex¬
out the following
McFadden & Bro., who
Agriculture and
Forestry of the United States Senate, in Washington, on yesterday by
Mr. Louis Brooks, a member of the New York Cotton Exchange, wherein
Mr. Brooks alleged among other things that said firm had engaged in
improper practices on the Exchange as well as violating the anti-trust laws,
issued a statement today that he had on behalf of his firm and himself
addressed a communication to the Board of Managers of the New York
acting chief counsel
bolster the administration's
of giving it were tonic to the
They had sat all last week listening to the
was
proposal
firm of Geo. H.
attacked at the cotton hearing
Cotton Exchange
of the Committee on
requesting that an immediate
activities be initiated by the
investigation of his firm's
ascertain the truth or
Board of Managers to
falsity of these charges.
In addition,
Mr. McFadden
D. Smith, of South
declared that he had
Carolina, Chairman of the Senate
wired Senator EUison
Committee, as follows:
uHonorable E. D. Smith,
Chairman Committee on
United States Senate,
Agriculture & Forestry,
Washington., D.C.
I have not had opportunity to
before your committee
read Mr. Louis Brooks' testimony delivered
yesterday but from newspaper reports charges were
against my firm and me
conduct of our business.
Therefore I
made by him
that involve moral turpitude in the
respectfully request an opportunity
before.your committee at such time as you may appoint to
answer these charges.
In the meanwhile on behalf of my firm and myself
I wish to deny categorically,"and emphatically such charges as have appeared
in the press and characterize the same as not only false but malicious.
JOHN H. McFADDEN Jr.,
60 Beaver Street, New York
to
appear
Mr. Oliphant's testimony and his manner
predictions as to calamities that would follow enactment of such a
the "Chron-
Investigation of Operations on New York Cotton
Exchange by Department of Justice—Board of
Managers of Exchange at Request of John H.
McFadden to Inquire Into Charges
John H. McFadden Jr., of the
"Times"
Republican move to confound the administration by
the many fire predictions made
case,
preferred stock investments
Indication was given
to the press:
question, did not answer.
Another
said that
Difficulty
it was said,
would be jeopardized.
will be excluded from
the actual writing of the tax bill.
Representative Robert L. Doughton,
Democrat, of North Carolina, chairman of the committee, said:
"We tried to open the door for a non-partisan bill to balance the budget,
but our Republican friends are so unreasonably opposed to it that we will
while the soundness of
and also President of the New
change, at the same time (April 8) gave
"No sir," was the reply.
was
corporations would be curtailed.
off existing corporate securities would be experienced,
& Bro.,
York.
be curbed and small
The chamber officials
general credit condition of
At
The other favorable evidence for
business enterprises would
difficulty in growing.
business would find
executives, in their presentation
tutionality" of any tax.
A
in overcoming a depression.
They predicted that iiew
opinion of the National Association of Manufacturers.
T.
the Administration to raise
is considered essential
economist, and Royal
of the
They declared un¬
qualifiedly against the proposal to scrap existing Federal taxation of corpora¬
tions and to substitute a graduated levy on the basis of income not paid out
to stockholders.
The association also went on record in opposition to the
White House proposal for a "windfall tax," designed to recoup for the
Treasury taxes withheld by processors because of AAA invalidation.
This
levy was characterized as a "penalty" on those who "challenge the consti¬
questioned the yield of the
Officials of the chamber
"Times":
Little and Fred Schluter, corporation
od
consequences.
which is expected by
in paying
Discomfort to Democrats
to
given
Washington dispatch on that
the
The story of the Communist party as
corporations themselves. In fact, they figured
less in actual taxes to the government.
that the corporations would pay
according to the amount of income
discrimination in favor of monopolies.
A
those
had begun to wonder if some of
signals.
Oliphant's testimony, and in answer to a series of
plan, and some of them
Harrison, Chairman of the Senate
Finance Committee, said that that group had not yet dis¬
cussed a tax bill, and he added that the Committee would
not study the proposal until the bill was formally introduced
Meanwhile
Mr.
have
that Mr. Brooks could
and hoped that the investigation
McFadden expressed his utter amazement
indulged in such reckless utterances
2428
Financial
by the Board of Managers of the New York Cotton Exchange will be
searching and thorough
as to
leave
Chronicle
Feels
so
doubt regarding these allegations in
no
the minds of anyone.
"I
have
assumed
Mr. Brooks also charged that the Exchange was dominated
by W. L.. Clayton, of Houston, Tex.
Mr. Clayton on
April 7 said that Mr. Brooks' charges were "unfounded and
malicious," and that he would welcome .a Department of
Justice investigation.
:
Agriculture Committee Approves Vandenberg
Resolution
Over
Asking List of AAA Benefit Payments
$10,000—Secretary Wallace Issues Preliminary
Report
Giving
Largest
been
not
dictate
to
what it should, not
such
any
held
tended,
involve
Wheat
declared,
No
minute.
the
was
favorably
resolution
dispatch
of April
committee's
session.
Senator
action
The
followed
nature
testimony
his
of
Secretary
by
testimony
not
was
Wallace,
made
Vandenberg, author of the resolution, has implied
on
in
public.
several
Yesterday, however, the Agriculture Department made public
report it had sent to the Senate committee
resolution,
the
on
a
tentative
general subject of the
report which Chairman Smith declined to give out when it
a
sent to him
Senator
he
Saturday.
on
Vandenberg
expressed
glad that
very
gratification
when
he
learned
of
the
Secretary Wallace has changed his mind," the
Michigan Senator said, "and
indicates willingness to reasonably co¬
now
operate in letting the public know what has become of its money.
mend him for the speed and
"The information he
com¬
decided to cooperate.
once
able to give us in
was
I
facility with which he promptly produced his
significant report after he had
48 hours encourages me to
believe his Department will not be unduly upset by the ultimate task of
identifying
the
Committe
Senate.
AAA
large
beneficiaries.
Agriculture undoubtedly
on
While it has
The
will
decision
become
the
of
the
Senate
decision of the
loopholes, the committee proposal will suffice
some
"I
shall
be
glad
suspend
to
disclosures.
But
the
my
pending
revelations
own
Secretary has
told
these later
enough
us
already
indicate the high importance of bringing the whole problem out into
to
the
light of day.
"It is
that
manifest
the
and particularly the farmers of the
country,
country, want to know the whole story."
Columbia Supreme Court Denies Applica¬
by W. R. Hearst for Injunction Against Senate
Lobby Committee—Justice Wheat Holds Freedom
tion
Not
Press
Violated—Publisher's
to
hold
that
Appeal Will
Supreme Court
Counsel
Indi¬
Be
Taken
United. States
to
Committee
of
Commission,
to
power
he 6aid,
the
constituted
from
Western
using telegrams
Union
Telegraph
subpoenaed from
Company.
violation of the
a
freedom-of-the-press guarantee.
references to the Committee's
action
were
contained
in
the
"Chronicle" of April 4, page 2245.
On April 8 the Committee
also hearing charges that the Crusaders had engaged
in activities
against
Justice Wheat in his decision said that he had
Elisha
the
Hanson,
the
to
case
fairly
appears
power
that he wished, and hence could
not be
construed
as
newspaper freedom.
The decision was de¬
follows in a Washington dispatch of April 8 to
York "Times":
as
Hearst also sought to enjoin the Federal Communications Commission
from
"unlawfully" searching the files of telegraph companies and cooperat¬
ing with the committee in a search for ammunition for use by the lobby
investigators.
Chief Justice
as
tlie
it
was
assume
"If
a
way
them
is for
to
Senate
better
Wheat
held that the
committee
"to
leave
was
us
which
some
continue to
us
to
correct
coerce
Senate committee,"
do
people
it
they
any
or
was
and
might
control
regard
that
I
do
seems
not
that
his
in
remedy1'than it is for
a
as
committee
to
me
agree
in
of
a
as
far
opinion
court to
the Senate."
"has been proceeding in
unlawful,
and let that be corrected
do
without jurisdiction
asserted
said Justice Wheat,
proceed in the way that
what
court
concerned
without
jurisdiction to try to
the
he said.
case,
"that
jurisdiction
no
over
that
Senate
Denied
of
telegraph files by the Federal
the
commission
informed
that
from
the
he
convinced
was
proceeding unlawfully.
court
that
its investigation
copies of Hearst telegrams in its possession,
an injunction was denied
"without preju¬
no
any
evidence of further activities along the lines
counsel
Federal
certain
for
Mr.
Court of
that
the
Hearst,
indicated that he
Appeals for the District of
would/
appeal
Columbia.
It
will
case
go to the Supreme Court, and
Congress has appropriated $10,000 to be used by the Black committee in
defending its position before the courts.
U. S. Supreme Court Holds SEC Is Without
Authority
to Investigate Registration Statement
After It Is
Withdrawn—-Six to Three Opinion Says Consti¬
Rights of J. Edward Jones Were Invaded—
Legality of Securities Act of 1933 Not Decided
The United States
Supreme Court
it
some
to be
with.
April 6, by
on
vote
a
of 6 to
3, ruled that the Securities and Exchange Commis¬
sion invaded the constitutional
rights of J. Edward Jones,
New York oil-company financier, by
testify regarding
seeking to force him
securities-registration statement he
a
had filed with the SEC and theu withdrawn when its
ac¬
challenged.
Although this was the first test
case before the
Supreme Court under the Securities Act of
1933, no ruling concerning the constitutionality of the law
curacy
was
was
handed down.
with
ment
Mr. Jones had filed
registration state¬
a
the
SEC, which in taking exception to some
information, subpoenaed Mr. Jones, who replied by with¬
drawing the registration statement. The SEC contended he
could not withdraw it, and issued a second
subpoena and
obtained a District Court order
instructing Mr. Jones to
appear before the Commission to
registration statement.
The
answer
questions about his
majority opinion of the Supreme Court held on April
a righc to withdraw his
registration
6 that Mr. Jones had
right
to investigate it or him.
Sutherland denounced "arbitrary
the SEC had
so
no
The
opinion by Justice
power" and unlawful in¬
Stone and Brandeis in a
quisitions.
Justices Cardozo,
minority opposing opinion contended that the Government
had an unrestricted right to search for securities frauds.
The
two opinions were summarized as follows in a
Washington
dispatch of April 6 to the New York "Times":
Through
Justice
Sutherland
the
Court
bureaucracy by government agencies,
and
majority
added
"submerged" in petty tyrannies if such efforts
as
strongly
that
those
denounced
liberty would be
charged to the SEC
by Mr. Jones went unchecked.
tution
In
majority ruling held that arbitrary
were
power
and the rule of the Consti¬
antagonistic and incompatible forces, and
one
the
or
other
perish.
attempting to make Mr. Jones submit his prospectus to investigation,
the SEC acted upon one of its
regulations and not under the specific law
creating the body.
The Court did not rule
directly
upon the
constitutionality of the Securities
Act of 1933 which had been attacked in the
case.
Action Called " Unreasonable"
"The action of the Commission
[SECJ finds no support in right principle
or
in law," the
is better
to
let
other way than it
unlawful, to attempt
majority opinion declared.
"It is wholly unreasonable and
arbitrary.
"It violates the cardinal precept upon which the
constitutional safeguards
of personal
liberty ultimately rests, that this shall be
because to the precise extent that the
mere
will of
a
an
government of laws,
official
or
an
official
body is permitted to take the place of allowable official discretion
supplant the standing law as a rule of human conduct, the
or
to
government
be
are
one
of laws and becomes
unable to
an
autocracy.
how any right of the general public can be affected
see
by the withdrawal of such
the opinion went on.
an
application before it had
gone
into effect,"
"Petitioner [Mr.
Jones] emphatically says that no
steps had been taken looking to the issue of the securities; and this is not
denied.
interfering with
Mr.
con¬
Justice
Government.
application for
dice to its renewal upon
"We
no
Committee, and said that the action of
that group did not hamper Mr. Hearst in
printing any criti¬
New
press,
attacked here."
ceases to
the Administration.
to interfere with the
the
the
to criticize the
Justice
Counsel for the publisher indicated that they would appeal
the ruling to the United States Supreme Court.
Previous
scribed
has
seizure
FCG had
therefore the
exchanged between Mr. Hearst and his editorial employees,
cisms
and
right to inaugurate
Freedom of
Justice Wheat said
enjoin
the
Wheat denied that the seizure of the telegrams, which were
was
do
attorneys for Mr. Hearst
as
press
continued,
court
search and
completed, that it had
must
Supreme Court on April 8 denied the application of William
Randolph Hearst for an injunction to restrain the Senate
files
of
was
Chief Justice Alfred A. Wheat of the District of Columbia
Lobby
the
Wheat
the
and
The
cates
,
should
•
the
However,
District of
of
not,
the- press.
of
statement and that after he had done
for the'time being.'
orderly
has
court
any
the proprietor of a
is not amenable to ordinary judicial process, or that his commu¬
subordinates are sacred. You could not say that for a
have
had
committee's action.
first
any
it
with his
Communications
to
of possible political consequences.
am
of
right
say," Justice
the matter
6
occasions that Mr. Wallace did not want to make the list public because
"I
which
what
I do not think
any question of the freedom of the press is involved.
will
to the New York
"Times" described the Senate Committee's action as follows:
was
Senate
tutional
Washington
executive
did
case
Writ Against FCC
average.
The
in
case
the
that."
as
the freedom
cannot
nications
In
sponsored by Senator Vandenberg,
directing Secretary of Agriculture Wallace to furnish a list
of benefit payments of more than $10,000 under the Agri¬
cultural Adjustment Act.
The measure instructs the Secre¬
tary to report to the Senate "as soon as practicable the name,
county and State (including Puerto Rico and Hawaii) and
the amount paid to each producer in the sum of $10,000 or
more each contract year, together with commodities,
acreage,
or
number of livestock involved, for which payment was
made," as well as "the total amount paid for each basic
commodity for each State or territory or possession."
The
resolution was introduced on March 23, after Senator Van¬
denberg said that since the benefit payment records were
not open to inspection, no one could tell whether a small
number of very large payments wrongly weighted the general
A
of
do, and I do not feel that I have
that the
Producers
a
Immune
Is
any
Crop
to
The Senate Agriculture Committee on April 6
reported
committee
a
committee.
Disbursements
of
yet
such question was involved in the Hearst
newspaper
I
Committee
informed
to
principle
The court
"You
Senate
April n, 1936
be
"The right of the registrant to withdraw his
application would
as absolute as the
right of any person to withdraw an
seem
to
ungranted applica¬
tion for any form of privilege in
respect of which he is at the time alone
concerned."
The expressions of the
tection from government
majority
upon
bureaucracy
the right of the individual to pro¬
were couched in
vigorous terms.
"Arbitrary Power" Assailed
"Arbitrary
power
and the rule of the Constitution
said Justice Sutherland.
and
"They
are
cannot both exist,'
antagonistic and incompatible forces;
the other must of
necessity perish whenever
into conflict."
one
or
To borrow the words of Mr. Justice
Day: "There is
no
stitutional system for the exercise of
arbitrary power."
tions of such power on the part of the three
they
are
place in
brought
our con¬
To escape assump¬
primary departments of the
Government is not enough.
Our institutions must be kept free from the
appropriation of unauthorized
power
by lesser agencies
as well.
Financial
Volume 142
And if the various administrative bureaus and commissions,
called and being called into existence
and
business
modern
political affairs,
their powers by encroachments
permitted gradually to extend
are
even petty
,
encroachments, upon the funda¬
privileges and immunities of the people, we shall in the end,
mental rights,
while avoiding
the fatal consequences of a supreme autocracy, become sub¬
merged by a multitude of minor invasions of personal rights, less destruc¬
tive but
less violative of constitutional rights.
no
^
v
was
a
by
seen
decision concerning
"fishing expedition," and added:
"The philosophy that
follow, finds
may
constitutional limitations and legal restraints upon
brushed aside upon the plea that good, perchance,
official action may be
no countenance
An investigation not based upon
as
a
in the American system of government.
specified grounds is quite as objectionable
search warrant not based upon
"Such
investigation,
an
be made lawful
cannot
ceeds in
specific statements of fact.
such a search, is unlawful in its inception
or
by what it may bring, or
and
by what it actually suc¬
If the action here of the Commission be
bringing, to light.
it follows that production and inspection may
upheld,
be enforced not only of books
the guilty, but those of the innocent as well, not¬
and private papers of
withstanding the proceeding for registration, so far as the power of
Commission is concerned, has been brought to an
from
the object of the
the
position to the oil policy
majority had
this instance, as a "Star
"Truth in Securities" law, and said that the
Chamber."
This minority
opinion added:
To permit an offending registrant to stifle an inquiry by precipitate retreat
the eve of his exposure is to give immunity to guilt; to encourage false¬
on
hood and evasion; to invite the cunning
and unscrupulous to gamble with
conceived and lawfully adopted
plans of knaves intent upon obscuring or
edge of the knavery.
to foil the
the right
Arguing against
The condemnation of this kind of thing is best
quotation of the Supreme Court itself, which I
to
deceit
and
"Recklessness
excellent lesson not
principles as well:
"The action of the commission finds no support in right, principle or in
law.
It is wholly unreasonable and arbitrary.
It violates the cardinal pre¬
cepts upon which the constitutional safeguard of personal liberty ultimately
rests; that this shall be a government of laws; because to the precise extent
that the mere will of an official or an official body is permitted to take the
place of allowable official discretion or to supplant the standing laws as a
rule of human conduct, the government ceases to be one of laws and be¬
only in law and Americanism, but also in moral
comes
"To give the
Supreme Court To Pass on Validity of New
State Mortgage Moratorium Law of 1933
State Mortgage Moratorium Act of 1933 brought by Joseph
and Angelina Laporto, holders of a second mortgage on a
Henry Street (New York City) tenement.
The appeal of the case to the United States Supreme Court
from the ruling of a State court dismissing the Laporto's
action was noted in these columns April 4, page 2248.
Secretary of State Hull Embargoes Export
do
automatically
not
excuse
into the
of the regulation by which the
proceeding is kept open after the
"Chronicle" of March
7, page 1569.
Chairman
Landis of SEC
Effect of Supreme Court
Case—Comment by
on
Jones
Edward
J.
in
Decision
Mr. Jones
Discussing the effect of the decision on April 6 of the
to compel testimony where a registration statement
withdrawn.
Mr. Landis also contends that the
been
decision will put difficulties in
law.
His statement follows:
The SEC joined with the
the
case
presented a
filed with
ment
Commission's right to
Commission despite the fact that
the
of
the registrant had
Commission had found reason
to challenge the accuracy of the statements contained in it.
The interpretation which the Supreme Court placed upon the act ren¬
sought to withdraw the statement after the
dered
consideration
of
the
consideration
of
the
constitutional
The court
constitutional issue unnecessary.
dered
issue unnecessary.
sought to withdraw the registration statement,
no
of
In its action the
a
stop order proceeding
mere
a
registrant would not of itself prevent
The Court by its decision apparently assumes that the
institution of such
proceeding before a statement becomes effective
suspends its effectiveness and therefore makes such investigation unneces¬
sary
if the registrant withdraws the statement.
The Court's decision limited the applicability of a rule
which sought to restrict the
stances
where the Commission believed that investigation of the
of the registration statement
tion
essential
were
viewpoint
on
to
the
contents
and exposure of a possibly fraudulent promo¬
protection of the public.
The Commission's
this is expressed in the minority opinion of the Supreme
of the United States:
"When wrongs
must be
of the Commission
registrant's right to withdraw under circum¬
such
Court
1
as
these have been committed or attempted they
dragged to light and pilloried.
To permit an offending registrant
give
immunity to guilt; to encourage falsehood and evasion; to invite the cunning
and unscrupulous to gamble without detection."
to stifle an
inquiry by precipitate retreat on the eve of his exposure is to
The effect of the decision from the standpoint of administering the act
is to put difficulties in the way
of labeling fradulent promoters as such, if
the
Conse¬
quently, the aims and efforts of the Commission to suppress fraud in the
they are quick to repent before their securities are actually offered to
public.
Beyond that, administration of the act is not affected.
sale of securities will remain
the same.
the
For
vested
him by
in
Executive Order of
the
prescribed
Control Board,
Act
the
of
purpose
the
April 4, 1936, the
on
"tin-plate
term
strued, provisionally, to mean tin-plate clippings, cuttings,
scrap" is con¬
stampings, trim¬
skeleton sheets, and all other miscellaneous pieces of
mings,
discarded tin
the
result from (1) the manufacture of tin plate, or (2)
of tin-bearing articles from tin plate.
As thus defined-,
which
plate,
manufacture
the
tin-plate cir¬
cles, tin-plate strips, tin-plate cobbles and tin-plate scroll shear butts, when
packed separately and sold as such, and when not intermingled with tin"tin-plate scrap" does not include tin-plate waste-waste,
term
plate scrap.
No
2.
to
1936.
Blank forms
3.
of State,
On
licenses
have
as
follows:
[This refers
form.]
blank
a
4.
of application for export licensee similar to that printed
will be furnished by the Secretary
below
issued between April 16
export licenses for tin-plate scrap will be
July 1,
and
to
1, 1936, the Secretary of State will
after July
shipments of tin-plate scrap
proposed
cover
issue export
to applicants who
out the above form, when in the opinion of the National
Control Board the issuance of such licenses may be consistent
duly filled
Munitions
with the purposes
Federal
of the act.
Bill
Bank
Mortgage
Favored
Rose of National Association of Real
—E.
A.
McDougall
Bill
Regards
Problem
of
Solution
further purpose
permitted without appropriate investigation in the
statement should not be
public interest.
against
authority
16.
Secretary of State, by and with the advice and consent
Munitions
National
the
The Court
and that therefore withdrawal of a registration
the
16, 1936, the
1.
Commission in pursuing its inquiry.
Commission had assumed that the mere institution by
the offering of securities
system of export licenses for the
a
following regulations:
could validly be served by the
it of
regulations promulgated under the terms
providing
of
virtue
In
Feb.
disposed of the case upon the narrow issue that, inasmuch as the registrant
had
Act
the
industry and of the President's Executive Order of Feb.
The text of the regulations follows:
It also hoped that the case afforded
investigation into the truth or falseness of a registration state¬
an
scrapping industry
in the form of
was
petitioner in this case to seek review of the
opportunity for a judicial determination of the
pursue
in this country in conformanceDepartment's plan for mobilization of indus¬
try in time of war. After July 1 tin plate may be exported
on
license from the Secretary of State.
Mr. Hull's action
of administering the
The Commission hoped
fit vehicle for the determination of the consti¬
Much of the tin-plate
in war.
commodity useful
a
with the War
and
tutionality of the Securities Act of 1933.
an
way
by the Supreme Court of the United States.
the
scrap,
United
Court in the case of J. Edward Jones of New
York, dealer in oil royalties, James M. Landis, Chairman of
the Securities and Exchange Commission, stated on April 7
that "the Court's decision limited the applicability of a rule
of the Commission which sought to restrict the registrant's
right to withdraw under circumstances where the Commission
believed that investigation of the contents of the registration
statement" was essential.
The Supreme Court as we note
in another item in this issue decided that the SEC is without
States Supreme
that
April 16 to July 1 on the exports of tin-plate
scrap exported from the United States has gone to Japan.
Officials said the embargo was imposed to conserve the tin-
plate
last referred to in the
case was
State Hull on April 4 imposed an embargo
Secretary of
effective from
investigating officer an opportunity to reach down
of Tin-Plate
Conserve
Scrap Until July 1—Action Taken to
Industry for Mobilization in War Time
themselves by
added:
registrant has tried to end it."
case
York
April 6 the United States Supreme Court decided to
an appeal involving the validity of the New York
On
the
hidden wells of motive is the very
power
~
suppressing the knowl¬
withdraw a registration statement,
hidden wells of knowledge and the more
has
autocracy."
an
entertain
repentance."
The minority
This
expressed by the following
commend to the infants of the
legal profession who represent the commission, as an
minority said:
purpose
organization is practically
has been ruined, my business
My business
destroyed, and still the vindictive prosecution continues.
The rule now assailed was wisely
detection.
notice of
of my determined op¬
code by the
written into the now defunct oil
as
present ruling regime.
Brandeis and Stone,
of inquiry into a registration state¬
the protection of the investing public,
indulged in "hyperbole" in viewing the SEC, in
laws instead of one
end by the complete and
made up of Justices Cardo/o,
the minority,
It establishes, in most force¬
language, the American system as a government of
ful
U. S.
But
particularly in the protection of persons
tyrannical bureaucracy at Washington.
a
Minority Defends SEC Act
contended that the Commission's right
the liberties and freedom of
government, in safeguarding
our
individual citizens in this country,
legal withdrawal of the registration statement."
ment, under charges, was essential to
probably ranks as the outstanding one, since the
The decision of the court
inception of
My troubles with the commission arose from out
majority opinion to Congressional investigations
where Justice Sutherland quoted a
many
the decision said in
Jones in commenting on
Edward
part:
by the rule of autocrats and usurpers.
"Fishing Expeditions" Hit
The application of the
J.
necessarily
by the increasing complecities of our
2429
Chronicle
Real
of
by
President
Estate Boards
as
Estate
Permanent
Financing
Declaring that "the mortgage structure as a whole needs
to
supported just as the banking structure as a whole
supported by the Federal Reserve System in its
be
needs to be
entirety,
Edward A.
of the Committee on
MacDougall of New York, Chairman
Rekl Estate Finance of the National
Association of Real Estate Boards, asserts that "the
Central
Mortgage Bank idea which has been urged by the National
Association of Real Estate Boards for five years will take
care
of this
times of
more
It will afford a reservoir of credit in
need.
business depression and
than
this—it will
of funds from
crisis.
But it will do far
medium for the transfer
parts of the country where money is available
to sections where
equalization
act as a
of
it is needed.
Thus it will bring about an
interest rates."
Mr. MacDougall further
said:
We
•
fetl
that the Federal
Mortgage Bank
bill
as
introduced by Senator
President Rose, by Walter Schmidt,
Cincinnati, immediate Past. President of the National Association of Heal
Estate Boards and at present a member of its Committee on Real Estate
repeatedly
Fletcher
and
Finance,
and others, is
financing.
urged
by
essentially the permanent solution of the problem
of real estate
In
addressing realtors
of five
States, viz., Washington,
Oregon, Idaho, Montana and Wyoming,
at the banquet of
Financial
2430
Northwest
the
of Realtors,
Convention
Regional
recently
Wash., Walter W. Rose of Orlando, Fla.,
the National
Association
of Real Estate
closed at Seattle,
President
of
Boards, maintained that the best method of assuring orderly
of
progress
in
market
real
the
real estate mortgage
ahead of us and
Central Mortgage Bank,
the
of
and
estate
investment
new
period
the future is through a
through
In the section of the report dealing with
Mortgage Bank we quote the following:
natural
is
northern
controlled practi¬
area participants
handled from 60 to 76% of the trade.
These percentages are referred to as
a substantial amount having a direct bearing
on price enhancement es¬
pecially when accompanied by reports concerning competitors who were
cally
of the
50%
found to be
fear
opposition
to the bill so far developed has been almost without exception from such
lending institutions as are already given at least a measure of reserve
system through legislation already enacted.
It can hardly be said that
criticisms so far brought forth have been centered at,, all on the broad
be
should
lowering
purpose
made
it
as
their
of
is
being
interest
lending institutions which
by
made
It is significant that actual
rates.
underselling the list issued.
Indeed, sudden dislocation of interest rates and certainly any
of
will
measure
lending
private
dislocation
agencies would be highly undesirable.
The
bring about an equalization of rates and a stabilization of
lending
private
existing
such
will
as
retirement of the
quickly enable the
most
Order Does Not Reflect on
The report emphasizes also that even
its
later
may
and
believe it will in the long run bring a
we
be hoped—it
reduction of interest
Further—and this may certainly
reentrance.
"we have two mortgage
agencies, the Federal Reserve Bank system and the
Home Loan Bank system, many of the principal
reserve
Federal
example, the insurance com¬
panies and the savings banks, as a practical matter cannot
be members of either system."
He contends that "what is
needed for lending institutions of all kinds is an institution
which will give actual liquidity at any time to mortgages,
and so enable those lenders so far as possible to keep their
mortgages in their own hands."
upon
The proposed institution
institution.
would! be
It
would
would in
the
lack
of
the
situation,
of
the
mortgage investing field and
banks
since it
have
serves,
as
interests
secured
changed without their
should
hitherto stated,
for
its
The
mortgages.
but
small
a
those who have invested
under
the
existing
in
Secretary emphasizes that the order is not to be
as
prohibiting differences in prices to persons and to
fixing agreements.
segment
Chicago Daily "Tribune" of April 6, we
following:
Explain Position
violated the packer's and stockyards act,"
clusions reached by the secretary of
said.
Wallace
case
The
"A
law which
covered only small areas in
The urban structure is
a
by the
Apportioning of Terri¬
Price-Fixing
procedures, according to an order signed March 31
"No
Agreement"
whatever with any other
effective in 40 days, namely,
tion in Congress.
ICC They
Rate of 2 Cents
tion
to
2|^-Cent Fares—In Peti¬
Seek 18-Month Delay on Basic
formal petition by a group of Eastern Railroads
delay in new low passenger fares scheduled
to go into effect on June 2 was disclosed April 5 by officials
of the Interstate Commerce Commission.
Including all
cited in the order are Armour
a
18-month
be summarized
as
proposal to the Commission may
fares:
follows in reference to passenger
(1)
To accept the Commission's rate of 3 cents per
(2)
To substitute a 2K cent a mile rate in coaches
determining whether the reductions will produce
offset
necessary to
estimated
any
substantial part of the $27,000,000 loss which it
railroads is a reduction of 31 % in coach fares
as
The respondents in the case, designated as Docket 440, originally included
Pullman fares, the same as the ICC order.
dismissed.
The
proceedings,
evidence,
and
conclusions
of the interstate character of the packers' business and the element of prices
charged for
a
basic food commodity, the case has attracted Nation-wide
attention.
1934, the Secretary of Agriculture
The railroads point out that
the wide spread
under
the Commission's order
coach
and Pullman fares would induce present
in coaches, and that this would mean a loss of
that would exist between
Pullman travelers to ride
50%.
The railroads state that there is no basis to assume a
in passenger travel to offset the
reason
that the necessary volume of possible
tional rail passenger traffic does not
would cut their rates, too; that the
yards Act dealing with unfair, discriminatory, and deceptive practices.
not
the serious risk
warrant
sufficient increase
estimated losses under the Commission's
charged that the packers named violated portions of the Packers and Stock¬
The
Commission, and 25% in
against the 44.4% reduction proposed by the
proposal for the simple
By complaint, dated February 14.
is
original order involves.
Commission's
the
The basis proposed by the
Provision Co.; George A. Hormel & Co., and the Birmingham Packing Co.
principally, specified areas in several southern States, but because
of 18 months with a view
the additional traffic
To experiment with these fares for a period
(3)
Co.; Wilson & Co.; North American
also the St. Louis Independent Packing Co., but the charges against this
mile in Pullman cars.
for the Commission's
proposed 2 cent per mile fare.
to
& Co.; Abraham Brothers
own.
The eastern railroad's
The order be¬
May 10.
& Co.; Memphis Packing Corp.; Swift &
an
mental fares of their
by Henry A.
Packing Co.; Cudahy Packing Co.; Jacob Dold Packing Co.; John Morrell
been
packers
There was con¬
vincing testimony of more than 600 wholesale and retail meat dealers at the
hearing that the competition among packers was exceedingly keen."
Elsewhere in packing company circles in Chicago it was pointed out that
the hearing on the case was concluded by the department of agriculture last
fall and that the decision is just now being made public at a time when the
drastic Murphy act for the control of packing companies is up for considera¬
prices, to divide territories, or to apportion sales.
major lines except the Baltimore & Ohio RR., the petitioning
postponement in order to try out experi¬
held to be illegal under the Packers
are
Stockyards Act, which the Department administers.
have
and judge," he
Mississippi and Alabama.
roads asked the
Department of Agriculture announced on April 6 that
it has ordered 11 packing companies to desist from price
fixing, apportioning of territory, and related practices in the
merchandising of meats. From the announcement we quote:
concern,
judicial
is an admission
government that prices in parts of Mississippi and Alabama covered
complaint were no higher than at other points nearby.
"Swift & Co., has had no understanding
unit.
The
The packers
was
significant part of the testimony during the hearing
by the
efficient operation—the bank
more
tory" Etc.—Statement in Behalf of Packers
comes
the con¬
cannot
Packers Ordered by Secretary of Agriculture Wallace to
Such
complainant, prosecutor, jury
case
"In this
Filing of
Wallace, Secretary of Agriculture,
agriculture do not represent a
finding.
for
from
"packers have
J. P. Spang Jr., Vice President of
"It should be understood that
Swift & Co. in charge of sales, said
Eastern Railroads Ask to Try
operation—certainly for
"Desist
take
From the
the
the indi¬
consent.
all classes of urban mortgages.
cover
place
Bank could hardly be expanded to meet the necessities
of
For effective
regard to
exists in
now
marketing
a
existing
any
the Federal Housing Administration
remedy the great weakness which
namely,
operation,
Federal Home Loan
vidual
wise take the place of
no
ancillary to
order
differences in costs of distribution or other differences
to control
Mr. MacDongall further said:
firm
and desist resinning.
Persons who violate the
just issued.
interpreted or con¬
localities, based
warranted in
the exercise of sound, honest business judgment.
It is intended only to
prohibit discriminations between persons and localities based upon priceThe
financing institutions, as for
and
practices will not be resumed, the report con¬
Discussing the ruling by Secretary Wallace last night that
Mr. MacDougall says that while
be
the illegal practices may
ceases,
order requiring the respondents to cease
subject to prosecution in Federal court.
are
rates.
and
an
Such is the purpose of the order
government from any direct rehl estate mortgage lending and make unneces¬
sary
investigation
the
that,
again be resumed.
investigation, there is a strong possibility
The only assurance that such
tinues, is by
Legitimate Business
though price-fixing agreements may
discontinued when it becomes known that
Government is conducting an
when such
strued
principle of the proposed' agency.
or
the Birmingham
meat trade and in
be embarked upon and then
extremely cautious examination of the whole measure
that
summarized
half of Mississippi, persons participating in the meetings
by its users but under proper governmental super¬
vision.
From Mr. MacDougall's statement in support of
It
restraint of trade, the
testimony shows that in the Memphis area, which included also the
owned
the Central
April 11, 1936
Chronicle
to
addi¬
exist; that the railroads' competitors
financial situation of the railroads does
revenues which would result from
their
alleged practices involved principally the exchange of information which
enforcement of the Commission's order,
and that the extraordinary flood
led to the establishment of prices resulting
catastrophe
of refraining at
prejudicial to
and
persons
in undue advantage to certain
public interests.
Other alleged
volved manipulation and control of prices in certain areas,
practices in¬
principally in
the States of Tennessee, Mississippi, Alabama, Arkansas, and Texas.
The
emphasizes
the
importance
"It
such
seems
a
clear," the railroads state, "that the immediate aftermath of
catastrophe is not the proper time to require, upon a mere assumption
Secretary's complaint likewise alleged the apportioning of sales of meat and
of increased business, a reduction in revenue of the
meat food
which would be brought
products.
The packers
were
given until March 24,1934 to answer
the charges.
hearings, begun in May 1934, resulted in the examination of
about 900 witnesses and the recording of more than 24,000 pages of testi¬
mony
before
nesses,
an
examiner of the Department.
For the convenience of wit¬
including local and nearby retailers, independent packers and job¬
bers, and to
save
time, travel, and Expense, the Government conducted the
hearings at central points in the territory involved, namely, Memphis,
Tenn., Jackson, Miss., and Birmingham, Ala.
ing nearly
a year, was
ment to disclose the
essentially
an
The series of hearings, last¬
endeavor on the part of the Govern¬
alleged illegal practices, most of which witnesses for the
defense either denied or endeavored to justify.
the authority or
Secretary's report and order, consisting of 176
pages,
troduced
an
price
exhibit of 30,000 invoices.
evidence, the business in
packers getting the business for
testimony
most
was
.
.
.
fixing, counsel and witnesses for the Government in¬
Price fixing by majority vote of
packers' representatives is described in the report.
to the
a
a
certain
area was
week each.
At one time, according
rotated, four different
Much of the Government's
introduced through approximately 200 retail dealers.
important evidence
meetings at which prices
was
that given by persons who
were
fixed.
of regulation but
an
interference with managerial discretion,
warranted by the Interstate Commerce Act and not constitutionally
permissible if the Act, properly construed, undertook to confer such power
upon
the Commission.
that its effective date be
reduced
to
a
To avoid a contest of this order the petitioners ask
postponed to permit
substantial
extent,
an
experimentation with fares
but not to the extent required by the
Commission's order."
Names
of Petitioners
Ann Arbor RR. (Norman B. PItcairn and
C.
Nicodemus, Jr., receivers).
New York Central RR.
New York Susquehanna & Western RR.
Boston & Maine RR.
summarize the
voluminous testimony and present the essential findings in the case.
In evidence of
theory of unreasonableness, which is believed to involve not the exercise
of the power
not
Ftank
jurisdiction of the Department in restricting the trade practices involved.
The
*
"The Commission has based its order upon a novel conception of a new
The hearings likewise in¬
volved numerous intricate legal points largely challenging
unprecedented character
about by the Commission's order in this case."
The railroads add:
Testimony by 900 Witnesses
A series of
this time from
enforcement of that order.
The
participated in the
New Jersey & New York RR.
Chicago & Erie RR.
Chesapeake & Ohio Ry.
New York Chicago & St. Louis RR.
Delaware Lackawanna & Western RR.
Pittsburgh & Lake Erie RR.
Pennsylvania RR.
Delaware & Hudson RR. Corp.
Erie RR.
Lehigh Valley RR.
Long Island RR.
New York Ontario & Western Ry.
Pennsylvania-Reading Seashore Lines.
Pere Marquette Ry.
Rutland
RR.
Maine Central RR.
St. Johnsbury & Lake Cham plain RR.
Montpelier & Wells River RR.
Wabash
New York New Haven & Hartford RR.
(Howard
8.
Palmer, W. M. Daniels
and James Lee Loomls, trustees).
Ry.
(Norman
B.
Pitcalrn
and
C. Nicodemus, Jr., receivers),
(lines in Eastern territory).
Frank
Financial
Volume 142
Unemploymentlnsurance Planrfor Rail Workers
Sub¬
Transportation Coordinator
mitted to Congress by
Joseph B. Eastman
A
compensation for workers in rail,
plan for unemployment
transportation industries, was sub¬
mitted to Congress on April 6 by Joseph B. Eastman, Trans¬
portation Coordinator.
In a letter accompanying a report
on the proposed program, Mr. Eastman cited reasons why
transportation unemployment compensation should be set
up on a national rather than a State basis and said that the
plan "may be regarded as a sequel to the social security
Act."
According to United Press advices from Washington,
April 7, Mr. Eastman stated his plan would entail no costs
to the railroads other than their regular payments to the
Social Security Board and would vastly simplify the ad¬
ministration of job insurance for railway labor.
From the
water and air
motor,
advices
same
quote:
we
transmitted the report and an
recommendation, saying that unem¬
ployment insurance does not come under its function and that:
"Because of the Importance and scope of the subject we do not feel that we ought
to attempt to submit definite recommendations without wide and careful study."
Commerce
Interstate
The
Commission
accompanying bill to Congress without
that it bases compensation upon the
wages lost, rather than upon the length of time a man is out
Maximum payments would be $37.50 for any two-week period,
amount of
of
or
a
job.
benefit year.
does," Mr. Eastman
for any one
300
unique in
plan is
Eastman's
Mr.
provide a means
said, "is to
compensation for the employees
industry can be administered uniformly and efficiently on
The bill would become effective next July, with the
bill
this
that
"All
of this national
whereby unemployment
a national basis."
first payments to
-
available by July 1, 1938.
jobless railroad men
Associated Press advices from
Washington April 6 said
in part:
Funds for
of
would be provided through levies on
the program
1936, 2% in 1937, and 3% in
as those fixed in the security law.
1% in
the same
1938 and thereafter.
the carriers
These are
losses. A worker who was
totally unemployed could draw benefits equal to 50% of his "average"
earnings up to a maximum of $75 a month.
/
The average earnings would be computed by selecting the highest monthly
earnings in each quarter of a year and averaging the earnings in the four
payments would be based on wage
Benefit
thus selected.
months
By adoption of the wage-loss principle, the plan would
worker certain benefits based on a mathematical formula.
normally earned $100, for instance,
transportation employee who
A
earnings
whose
reduced by part-time to $40 a
were
allow a part-time
and
or more
persons.
limited to interstate carriers employing
eight
,
physically able to work and available for work before
receiving benefits.
To be eligible for benefits an employee must have
earned during the year previous to becoming unemployed an amount equal
his monthly wage.
Administration of the law would be vested in a "Division of
four times
least
at
Transporta¬
Compensation'' in the Social Security Board.
An
board composed of representatives of employers and employees
Unemployment
tion
advisory
Social
offices in the FederalState employment system.
Employees would file claims for benefits at
employment offices designated by the Security Board.
transportation workers or could use the
offices for
by supporting the bill for
mended to Congress by Mr. Eastman.
Plans for Protection of
Employees Dis¬
representatives and labor union heads on the question of
the protection of employees displaced through consolida¬
tions, it was reported yesterday (April 10) that the negotia¬
proposal having been sub¬
mitted by the representatives of the railroad management.
With the break in the parleys on April 9 it was indicated
that the unions would press for enactment of the WheelerCrosser bill, opposition to which by the railroad heads during
the hearings on the measure before a House committee was
noted in these columns April 4, page 2249.
The meeting on
April 9, at which agreement on the issue appeared impos¬
sible of accomplishment, was held in New York City in the
office of the New York New Haven & Hartford RR., in the
Central
Grand
Station.
a new
As
follows from the New York
H.
A.
Enochs,
management
Labor
the
chief
to
the
meeting,
labor
of personnel of the
employed three years or more.
those
allowance would be twoperiod of five years.
Employees remaining in service are to be paid moving expenses and
property loss, if a loss has been suffered.
The proposals were made in reply to the latest offer of the management,
which was that laid-off employees with five years' experience receive onehalf wages for a maximum of three years or, at option of employees, a lump
bill
and
for
Joseph
believed, could
that
In
managements
more
or
from
years
had
of
24)
(March
who were
their
unifications.
The
offered
service,
,
management offered yesterday to grade
ing to length of service, but otherwise made few
item on page
our
2249 bearing on the hearings on the
stand of the labor unions thereon
(in addition to that of the roads) was indicated. Elsewhere
to Mr. Eastman's job insurance plan.
in this issue we refer
Plans^of CCC to Release to
Owned
Government
of
Producers 1,000,000 Bales
Cotton
Under Market
made on April 4 by
Announcement was
that it would release to
the Commodity
farmers up to
1,000,000 bales of cotton held under the 1934 12c. loan, or as
much of it as is sold prior to Sept. 1, upon payment to the
Corporation an amount equivalent to 25 points less than
the average current market price of middling staple at the
designated spot markets on the preceding day. Advices
contained in special advices from Washington,
10
to this effect
'Herald Tribune" went on to say:
April 4, to the New York
proviso was made, however, that no cotton under the 12c. loan would
be released for less than ll%c. a pound, and no cotton held under the 11c.
A
10%c. a pound.
reconcentrated the cost of
be released for less than
would
been
has
cotton
Where
freight, compression
patches will be added to the minimum release price. Release of
will be handled by the loan agencies of the Reconstruction Finance
and
through which
ration,
In
originally were made.
of grade, staple and location
the loans
that accrue by
a
reason
Washington account of April
"Times"
it was
4 to the New York
of $10,000,000
expected by the Administration under
served
to
world
by a reasonable amount
with
The an¬
cotton producers will best
of the loan cotton being made available
and picking time for the new crop in
in
other countries,
And the maximum
amount loaned,
the
now
cotton grown
market.
concession of
as well as for the
% of lc. per pound
charges, is
in addition to interest and carrying
of making the cotton available.
sell their cotton through normal
for the purpose
borrowers may
Producer
their
between
markets,
competition
domestic
the plan.
said :
generally believed that the interest of
seems
be
from
will be
stated that a minimum loss
nouncement of the CCC, April 4,
It
cotton
Corpo¬
Advantages and
the 25 points.
to
cooperation
channels, and
and in marketing the cotton in
in the plan
the usual
will be appreciated, but the CCO reserves the right to require that a
reasonable amount of the loan cotton be sold if the market will absorb it at
way
these
or
better prices.
It
is
not
cotton held
feasible to
by
will control
an
this.
percentage of
et cetera,
borrowers will be permitted to sell all or any
require the sale of any particular
individual producer, as the demands for grades,
Therefore
part of their cotton.
As all commodity loans are made in the interest
rowers,
their cooperation will
service to
of the producer bor¬
enable the Corporation to be of the greatest
them.
James P.
dismissal payments accord¬
changes in their proposals.
Is
War
Defends Critics of New Deal—Says
to Offer Remedies for Every
Present Order—Urges Revival of Foreign
urg
Unnecessary
Defect in
Trade
Critics of the New Deal were
defended
on
April 7 by James
Warburg, New York banker, who spoke before
Cleveland Chamber of Commerce on "The Problems of
P.
to pay to employees with
discharged through unification,
wages
for a maximum period of three years, payable in
monthly installments, or a down payment of six months' wages, and to
compensate up to $1,000 for moving expenses or property losses resulting
The
property loss not to
Wheeler-Urosser bill, the
employment
Offer by Bail Managements
one-half
moving expenses and
$1,000.
Chairman of the Railway
21 railway unions, headed
successful.
five
maximum unemployment
employers offered to pay
The
B. Eastman, Federal
have
a
equal to half a year's pay.
sum
exceed
insurance.
This alliance between
Coordinator, the managements had
been avoided if the pending negotiations had proved
railway
for
thirds wages
support, with amendments, the
labor would
employed less than three years the
those
For
It
disclosed
would assent to con¬
employees laid off would receive stipu¬
lated allowances as set forth in the unions' latest formula.
The dispatch added:
That formula would provide, for employees
laid off, an allowance of
two-thirds wages for a maximum unemployment period of 10 years for
solidation plans if
group.
Eastman
labor
quote as
Pennsylvania RR., headed the
committee.
George M. Harrison,
Association, which represents
Harrison
Mr.
we
"Times" of April 10:
Executives
Railroad Managers that it
of
mittee
is
placed by Consolidations
Following the termination on April 9, without agreement,
of the conferences which have been held between railroad
tions have been resumed,
tbe rail-labor conferences
and March 21, pages
issues of March 14
our
Representatives and
Railway
Between
on
their testimony in favor of the
of employees in railway con¬
appeared
1732 and
1910, respectively.
Following the March 24 offer of the
railway managements it was stated in a Washington dis¬
patch, March 27, that it was learned that the Railway Labor
Executives Association has told the Joint Conference Com¬
Previous references to
added
Unions
protection
the
for
bill
•
premiums
Negotiations
will resume
the unions
Monday,
On
Wheeler-Crosser
solidations.
would broaden their legislative
railway employment insurance recom¬
unions
railway
the
said
Harrison
campaign
be empowered to set up employment
Security Board would
Campaign
Labor to Broaden
Mr.
proved valuable by providing
study of the situation."
opportunity for a thorough
an
loan
also would be created.
The
meetings would be
decided that further
was
been friendly and have
"The meetings have
Credit Corporation
Employees must be
to
therefore
"It
Enochs.
Mr.
Price
provisions of the program:
proposed' Act would be
The
with the object of
groups
a
useless.
considered in the
exceed one-twelfth
employee's earnings in the previous two years.
Other
by the two
third
the
was
settlement without legislation.
They met for a few minutes
in the morning andi for somewhat more than an hour in the afternoon.
The offer under discussion was made by the managements last month.
"We were unable to go further than we did in our offer," explained
month would receive
$25 under the program.
•
Earnings in excess of $150 a month would not be
benefit calculations.
Total benefit payments could not
of an
conference
The
obtaining
in
N
2431
Chronicle
the
the
Opposition." Mr. Warburg said that it is foolish to oppose
Administration policies "without offering anything in the
way of an alternative program other than a return to what we
had before the New Deal began."
He also declared that the
opposition should not "fall into the error of trying to offer
specific remedies for every admitted defect in our present
order."
Declaring that President Roosevelt had failed to
2432
Financial
adhere to
the
Chronicle
April 11,
principles specified in the Democratic plat¬
the
people
form of 1932, he said that after a real emergency had passed
the President "began to develop his more extreme notions
of centralized bureaucratic control and extravagant
public
out
of great chaos."
My
be afraid to
call
We
I
great
be
That is half of
our
problem.
life
storm,
heads
we
is
first
that
all
of
only sincerely but with
refer to
are
just
as
Mr. Roosevelt to produce
eager as
"
abundant life,"
a.more
greater
the
and security, fewer depressions,
peace
way you
happiness—where
before.
we
disagree is with the
rather than with the end.
means
That being so, the constructive part of our program falls naturally into
two
It
And
parts:
and
First: The elimination of all those things which do not properly belong
objectives which
are
It
Federal Government under the Constitution, or because they
our
no
government can reasonably hope to
our
I
the
affected
agencies
things,
who
I
in
States
of
the
with
car
been
have
agencies
of
trying
think, that stand
all kinds
practical results.
,that all of
back
come
to be
announced
was
you
for
cooperated,
have
not
The other
to
day at
some
a
less tragic time,
better Gainesville.
greater and
a
see
the
ever
Americans.
as
back
come
able
have shown.
you
April 8 that
on
to
out
thing I want to
people in Gainesville have shown—
you
proud of
very
to
ones.
number
a
conference
a
want
particularly
lost their loved
aid in protection
against hurricanes, nine shelter barracks will be constructed
attain.
Second: The development of principles and policies to aid us in gradually
attaining those objectives which properly lie within the sphere of govern¬
in
is
that
Americans.
friends, I hope to
my
I
me
in
disaster
great
sympathy in
deep
very
And
has
always be very proud of the spirit
in the sphere of government action, either because they exceed the powers
given to
makes
so,
when
I shall
the
mine
of
stop
this
you have cooperated to bring order out of great chaos, and
have determined to rebuild along better and finer lines than
way
less abuse of power, and a more even distribution of the avrious sources of
two
as
very
is the fine spirit
this
with
everything
have
had
just
various
are
proud
The other half is equally, if not more, important.
us
my
here.
know,
you
have
the
there
Granted that most of
bring order
you.
occurred
I
of
be very
can
"to
tornado.
done
all of you,
as
communities.
assistance—and
The
has
have
for
easy
you,
brings
closely
very
since the
ever
more
that
particular
many
which
touch
sympathy to the families who
leaders—the
of
j
city,
that
occasion
in
Government
to
express
of
sad
a
your
their cooperation
The President's remarks follow:
been
Federal
to
my
This
and
things by* their right names.
the
loss
extend
called for, other than adherence to tried and tested principles.
are
in
is
have
to make things
want
the
It
-
I
c<5me to
has
power
We must not be stampeded into inventing alternatives where no altrenatives
friends:
Gainesville.
that
spending."
Mr. Warburg said that one of the most vital issues facing
the country is a revival of its foreign trade, and he contended
that prosperity cannot be attained without the recapture
of at least a part of our export market.
Discussing the problem of the opposition to the New Deal,
Mr. Warburg said:
We must not
evidenced in
1936
in
Florida hurricane
the
as an
with WPA
area
funds.
A
Wash¬
ment action.
ington dispatch of April 8 to the New York "Herald Tribune"
gave the following further details of this announcement:
M.
sentative
Aubrey
S.
Szymczak of Board of Governors of Federal
Reserve System Emphasizes Importance of
Open
Market Operations in Credit
Control—Analyzes
Banking Act of 1935
Open-market operations have become
important
more
a
device of credit control than discount rates, M.S. Szymczak,
member of the Board of Governors of the Federal Reserve
System, told the Pacific Northwest Conference on Banking
at Pullman, Wash., on April 9.
Mr. Szymczak discussed in
detail the provisions of the Banking Act of 1935, with
particular attention to open-market operations as a means of
credit control.
He said that the Act has facilitated credit
control, but he stressed the fact that the control of credit is
never likely to be a
simple matter.
Bank credit, he declared,
must always be kept available, in
adequate amounts for the
monetary needs of the country.
In speaking of recent
changes in banking problems, which have been partially
brought about by the Banking Act of 193£>, Mr. Szymczak
summarized the results of these changes as follows:
In the first place, the 6,400 member banks have broader
and the facilities of the Federal
them
to
less
on
Second,
the
Reserve banks have
been
lending
powers
Reserve
banks
remain
essentially
in
Third, the Federal Open Market committee has been given a more effec¬
tive position in the System and more definite authority.
I do not
have
been
mean to
more
There
time
are
has
when
made
easy.
membership of the Federal
many as half the banks in the country.
of banks in the United States
that
the
a
Far from it.
simple matter.
many conditions affecting it.
To mention only one thing
important bearing pn credit control, there has never been a
the
are
Reserve
It does not
System included
bulk
of the
to take
The
now.
The majority
the
banks, the importance of the thousands of small banks which
negligible.
outside
But I feel that in spite of difficulties—indeed
because of them, perhaps— there is
the System as an
are
growing
a
sense
instrumentality of public service.
banking, which looks definitely to the public good
legislation is more and more emphasizing.
Vhole,
a
as
is
one
that
adopted
A.
which
swept Georgia,
Carolina and Alabama
Mississippi, North and
April 5 and 6 resulted in
on
500 deaths, 2,000 persons seriously injured,
damage exceeding $25,000,000.
After studying
the Southern tornado disasters, President Roose¬
approximately
and property
reports
on
velt
April 7 allocated $2,500,000 to the Works Progress
on
Administration for emergency work in the affected
supplement Red Cross relief.
The
lowing message from the vessel
a fishing cruise:
I
have been in
trations,
They
close direct touch
emergency
report
that
all
Federal
agencies
which
he
was
areas
to
fol¬
the
enjoying
have
$2,500,000
immediate emergency work in
During
to
the
Red Cross,
various relief admisis-
and army officers in Washington.
are
cooperating
Works
Progress
in
prompt
The
the affected
for
areas.
brief stop at Gainesville, Ga., on April 9, on his
journey to Washington after his Southern holiday, President
car,
rear
platform
of his private
voiced his sympathy in the loss of life suffered in the
tornado, commending at the
or
be
to
and
be
will
located
so
by each.
and
during
constantly
that
time
the
watch
the
on
for
equipped with standard
for quickly
gongs
Our
engineers,
The
weather
summoning residents.
for
to
recent flood
April
Cross
injured,
800
less
finding
with
State
Adminis¬
preparation
of plans
last given
in the
the
4,
South
damage
195
Associated
compiled'
list
a
flooded
as
of
rivers
421
known
threatened
dead
today from
disaster
new
with
3,200
said
over
a
that
homes
1,727
persons
damaged.
known
were
Emergency
to
hospitals
be
cared
rains
and
sent
major
identifying
streams
the
dead
the
on
left
by
rise
before
even
tornadic
thrusts
the
task
been
had
*
heaviest
the
and
at
toll
Tupelo,
Miss.,
this
were
Blue Ridge
textile
Mountains,
manufacturing
where 185
another cotton
bodies
center
have been
manufacturing center/where
died.
A
composite estimate of property losses
Relief
officials
would be
The
expressed
uncovered
a
before all
belief
the
that
was
put at $25,000,000.
many
threatening floods, coming after the South's
in a decade, brought a serious threat to
escaped
Seventeen
in
of
the
dead
most
disastrous
numerous
winter
communities
the storms.
highways
South
bodies
more
wreckage is removed.
and spring
which
six
Press
Gainesville, Ga., outlined the tornado
authorities
the foothills of the
found,
was
2245-46.
pages
seriously injured.
Contributing
in
cooperation with
once
area.
Red
badly
of
in
at
of
storm-lashed
widespread
were
Carolina.
closed
Two
by
high
water in
railroad
lines
were
North
inundated
Carolina
in
the
and
latter
State.
Alabama's
thus
the
far.
larger rivers
At
Tennessee
Valley
flooded, but
Tennessee
River
Authority's operations,
Hagood
ment
were
Florence the
Granted
Followed
little
was
but
damage was indicated
falling in the vicinity of
up-stream
it
was
rising.
3-Month-Leave—Announce¬
President
Roosevelt's
Conference
with
Army Officer Relieved of Command Following
of
WPA—Senate
Committee
Rejected
Resolution Asking
Inquiry into Removal
Major General Johnson Hagood, who was recently relieved
Criticism
of command
of the Eighth
Corps Area for criticism of the
Progress Administration, was on March 23 granted
a three-month leave
of absence, during which his
"future
assignment to duty" will be decided.
The announcement
Works
was
made
after
General Hagood
President
on
Roosevelt had conferred with
the train on which the President was
traveling to Florida several weeks ago.
Marvin H. Mclntyre, Assistant Secretary to the President, issued the follow¬
ing statement on March 23:
General
General Hagood talked on the train this
afternoon.
Hagood will take three months leave of absence and his
future
assignment to duty will be determined in the meantime.
relief
Administration
a
Roosevelt, speaking from the
fall,
residents
are
will proceed
sporadic spring tornadoes,
The Senate
a
allocated
concrete
specifications, and the selection of sites."
measures.
I
;:
The President and
with
conservation officials
President sent
on
early
local
advices of April 7 from
disaster as follows:
WPA to
tornado
the
in
by
sirens
and
Pychon,
Reference
Supplement Red Cross Relief—At Brief
Stop at Gainesville, Ga., President Praises Spirit
in Bringing Order Out of Chaos
A
reinforced
made
are
and will be strategically
persons,
The houses
radios
"Chronicle"
by Tornado in South—Damage Put at
$25,000,000—President Roosevelt Allots $2,500,000
South
is
manned
by the WPA.
E.
trator
and
Killed
to
sturdily built of
season
be
will
danger signs.
General
600
funds
as
Mr. Williams, in his letter, said "the plans for a
hurricane-proof com¬
munity center submitted by Representative Wilcox have been approved and
of the importance of
The function of central
soon
of all residents in the vicinity served
care
instruments,
outside the System.
banking business of the country, still from the
"as
high enough to be out ojf danger of the storm tides and strong
a protection from higli winds.
hurricane
shelters
point of view of the communities they serve and of relations with other
the System is not
started
to afford
They will house 200 to 300
as
as
Although it is true
System includes most of the large banks and that it, therefore,
includes the
be
to
completed.
clearly developed.
too
an
enough
be
to
are
more
the System is to be
It is hard to imagine that the control of credit ever wiU be
that
the construction,
houses
constructed
imply that with these changes brough about by recent
legislation the task of credit control has been
for
.
The
Torrential
Fourth, the Board of Governors has been given larger powers and
direct responsibilities, and the principles upon which
said he already had instructed WPA engineers to design and set up
projects
made available
unchanged
Deputy WPA Administrator, in a letter to Repre¬
Wilcox, Democrat of Florida, an advocate of the shelter
Mark
available."
technical and restrictive terms.
Federal
organization and function, though the importance of their central banking
activities has been more clearly recognized.
administered
houses,
Williams,
J.
same
time
"the fine spirit" of
vote
of
12
Military Committee on March 6 decided by
to 2 to report
unfavorably a resolution by
Senator Metcalf,
demanding an investigation of the removal
of General Hagood.
The Committee's action was taken
after a subcommittee decided that while
army officers were
entitled to answer legitimate
questions to Congressional
punishment, freedom of
speech under the Constitution does not grant
army officers
the right to criticize the
President, Congress or government
committees
without
discipline
or
Financial
Volume 142
General Hagood's removal had been ordered after
publication of House Committee testimony in which he
termed WPA funds "stage money."
The Senate decision on the removal resolution was reported
officials.
the
follows in
as
Washington dispatch of March 6 to the New
a
York "Times":
If, said the subcommittee, supression of free speech was
Seantor Metcalf has alleged, this matter
involved, as
should be the subject of a seperate
of this
Whether Mr. Metcalf will introduce
a resolution
He was absent from Washington to-day.
investigation.
kind is not now known.
Two
Austin and
Senators
Republicans for Inquiry
Republicans; were the two members of
Barbour.
subcommittee
Sheppard, Fletcher, Coolidge,
Logan, Reynolds, Bachman, Thomas (Utah), Duffy, Minton and Schwellenbach, Democrats, and Carey and Dickinson, Republicans.
Conceding the right of any person in the military service to answer
"legitimate questions" to a Congressional committee without subsequent
discipline or punishment, the subcommittee, however, said it did not
believe that freedom of speech under the Constitution meant "a license
the Military Affairs Committee
who opposed adoption of the
Supporting the finding were Senators
report.
interpreted as a criticism of
the President, Congress or other government officials."
Use of such
language, it was said, constituted a violation of the Sixty-second Article
officer to use language which may be
to any
language" have con¬
veyed his opinion that it would be much better to spend public money for
army barracks than for purposes he considered wateful and unnecessary.
The subcommittee said that ample opportnity was given hto him to revise
Hagood, the report stated, could "by other
General
On Feb. 24,
his home
General Hagood was instructed to return to
S. C., to "await orders."
This
Charleston,
at
brought criticism in Congress, where some mem¬
bers charged that the disciplinary measure was taken only
because General Hagood had criticized the WPA during
a recent Congressional hearing.
In reply to these charges,
the War Department on Feb. 2i took the unprecedented
action of making public a memorandum sent to Secretary of
War Dern on Feb. 18 by Major Malin Craig in which the
Chief of Staff recommended General Hagood's removal.
The order surprised
expected
Hagood for his testimony before
been generally
At that time he criticized the expenditure of
which he termed "stage money."
Representative Blanton of Texas, a member
which the General testified,
he
action against
of the subcommittee before
Allyne Freeman, foreman of the Mercer County
the Wendel confession.
On Wednesday
execution
of
and
a
group
mine if any
had
no
Jersey Legislature to deter¬
puolic officials connected with the case were open to impeach¬
power
to grant another reprieve.
the last.
put to death after he had
reprieved by Governor Hoffman.
Opponents of
the Governor charged that politics had dominated the hand¬
ling of the case, and urged the New Jersey Legislature to
investigate the many delays in carrying out the sentence.
On April 7 the Legislature defeated two resolutions which
would have authorized such inquiries.
Governor Hoffman,
in a statement on April 5, said that he would have granted
another reprieve had not Attorney General David T. Wilentz
ruled that he was without constitutional authority to do so.
The New York "Times" of April 6 quoted from that state¬
the
Gdynia America liner
director of Polish Chamber of Commerce and Industry.
Jozef Jakubowski,
Sobecki, director of Polish Company for Compensation
Jan
Andrzej
Adolf
Polish
of
Czernecki,
dustry, Warsaw.
After
business
inspecting
truth about this crime has not yet
Norman w7as
Montagu
earnest desire to see truth and
Mr.
already
justice prevail is an offense against
thus becomes
I am one
I have had to make that choice and
I
I am
critics than for myself."
Our most recent reference to this
contained in the
case was
April 4
in part
"Chronicle" of Jan. 25, page 563.
The "Times" of
summarized some of the latest legal developments
as
required
conscience and my information directed me.
my
reelected Governor
March 31
held
April
its
the
"Governor
1
edition
the
post
for
the seventeenth
for
London
period
longer
a
successive year,
than
any
of
his
predecessors.
Mr.
Catterns
Catterns
was
succeeds
Chief
Sir
Ernest
who
Cashier of the Bank
from
has
1929
Harvey,
to
in the service of the Bank for the whole of his business
to
the Court
of
Cashier
of Directors in
the
Bank
had,
1934
was
now
1934.
that
Mr.
He has been
life, and his election
first occasion
the
while occupying
retired.
on
position,
which
been
a
Chief
elected
a
director.
Resignation of E. P. Kohl, Examiner at New York City
of SEC
The
resignation of Edwin Phillips Kohl, as trial examiner
of the Securities and Exchange Commission at the Regional
Office, in New York City, 120 Broadway, was announced
on March 31.
Mr. Kohl, it is stated, has relinquished his
post with the SEC to become associated with an investment
house in
the financial district
there.
The Washington
"Post" of April 1 in reporting the resignation said:
Mr. Kohl came to
ber, 1934.
Washington with the SEC
as
senior attorney in Octo¬
Last November he was transferred by the Commission to the
regional office,
which includes
as
the first trial examiner permanently assigned
hearings of the Commission in that regional district,
New York,
Pennsylvania and New Jersey.
Resignation of E. J. Brandon
trator
being right and being applauded.
who has not been that fortunate.
as
on
declared:
"Many public officials serve through their terms without being
sorrier for my
industrial
said:
News"
Norman
having
In
Governor.
Deputy
of office, I am guilty and should be impeached.
have made it
and
England, and Basil Gage Catterns was elected
been discovered."
his statement,
Between
organizations
plants in the New York area, the Polish business delegation
will tour some of the principal cities in the United States.
there to conduct the
his belief that "the complete
Defiant of criticism, Mr. Hoffman reiterated
decision
Merchants Association.
of Chambers of Commerce and In¬
of Association
director
Fels,
Trade.
of Polish State Export Institute.
Roman Adam Chorobski,
New York
ment as follows:
a
trade arrived
Pilsudski, which docked in
New York on April 6.
The survey, which will include a
study of the American market for Polish merchandise for
the purpose of balancing the growing amount of American
goods now being imported into Poland, will be made by a
delegation headed by the following:
on
twice been
to make
leaders and industrialists
A commission of Polish business
assigned to make a survey of American foreign
,
Bruno Richard Hauptmann was
an
United States to Make
Arrives in
Commission
"Financial
convicted murderer and kid¬
naper of Charles A. Lindbergh Jr., was executed in the
electric chair at the New Jersey State Prison in Trenton,
N. J., on
April 3.
Hauptmann's execution ended a
protracted series of legal delays as his defenders, led by
Governor Hoffman of New Jersey, sought evidence to prove
either that he1 was innocent of the crime or that he had had
accomplices.
The doomed man did not confess before he
was led to the chair, but instead continued to maintain his
"If
Governor Hoffman was quoted
closed, but decided that he
saying the Wendel case was not
as
Polish
On
President of Princeton University,
of the faculty, petitioned the New
Legal Delays
my oath
adjourned Thursday after voting to
proceedings or removal from office.
Thursday
Kimberling that the
3 but
would be
investigation and failing to return any indictments.
day, Dr. Harold W. Dodds,
same
April
place
take
would
another stay was granted.
County Grand Jury
The Mercer
discontinue its
the
announcement was made by Keeper
Hauptmann
deferred again if
Bruno Richard Hauptmann,
in
Grand Jury, pending com¬
Justice Trenchard refused
the basis of
order to stay the execution on
the same day to issue an
of the Bank of
Hoffman,
Wendel case.
pletion of the investigation of the
on
Is Executed—Kidnapper of
Lindbergh Baby Pays Penalty After Long Series of
Governor
one
Montagu Norman Re-elected Governor of Bank of
England—Basil Catterns Elected Deputy Governor
Bruno Richard Hauptmann
to
No
assail
took the floor in the House to-day to
the officer.
♦
innocence
Federal
Gaston Means from the
by
appeared to take it seriously. . ..
The New Jersey Court of Pardons again refused clemency to Bruno
Richard Hauptmann after a protracted, closed session on Monday. Gover¬
nor Hoffman then announced that he would grant no further reprieve.
At 8 o'clock Tuesday night, the hour at which Bruno Hauptmann was
scheduled to be put to death in the electric chair in State Prison, Principal
Keeper Mark O. Kimberling announced the execution would be postponed
for at least 48 hours.
He said the postponement was at the request of
subcommittee in December had
for some weeks.
WPA funds,
made
was
penitentiary at Leavenworth, Kan.
action
members of Congress, although disciplinary
appropriations
York by a
while he was held prisoner in New
...
confession
other
The
24 to the New York
of the removal order as follows:
by the War Department against General
House
of men.
group
dispatch of Feb.
Washington
"Times" noted the issuance
a
He promptly
forced from him by torture
Survey of Foreign Trade in America
action
A
who was locked
murder.
"which he declined to do."
his testimony,
in the Mercer County jail charged with the
repudiated his confession, which he said had been
attorney,
ment
of War.
2433
Chronicle
as
for
New England Adminis¬
SEC
Edmund J. Brandon resigned on March 26
as New England
Exchange Commission,
effective immediately, it was indicated in the Boston "Trans¬
cript" of March 26, which in reporting that Mr. Brandon
was appointed Administrator on Feb. 13, 1935, also said:
Administrator for the Securities and
Pressure of his duties
he
was
as
receiver of the Atlantic National Bank, to which
recently appointed, is understood to have prompted the resignation
follows:
On
Feb.
19
Trenchard
Justice
signed
a
new
execution of the sentence of death on Bruno
the week of March
30.
Governor Hoffman persisted
Governor
warrant calling for the
Richard Hauptmann during
in his attacks on the State's case.
Hauptmann's
visited
Hoffman
in
home
the
.
Bronx
.
.
on
in the attic, examining the place from
the ladder rail was said to have been taken, and
March 26 and spent several hours
which the wood used in
the nail holes in the beams that
Governor
Hoffman
Department of the
declared
Interior,
remained.
that
Arch
Loney,
doubt that the wood in the ladder was actually
attic.
Two
.
.
last
wood expert of the
expressed
taken from the Hauptmann
.
"confessions"
disclosed
a
who had accompanied him, had
to
Sunday.
the
kidnapping and
murder
One was by Paul H. Wendel,
of the
baby were
disbarred Trenton
Fifteen
Receiverships of National Banks Liquidated
March According to Comptroller of Cur¬
rency O'Connor
During
The
Comptroller of the Currency, J. F. T. O'Connor,
on April 5 the completion of the
liquidation of 15
receiverships during March, 1936, making a total of 363
receiverships finally closed or restored to solvency since the
so-called banking holiday of March, 1933.
Total disburse¬
ments, including offsets allowed, to depositors and other
creditors of these 363 institutions, exclusive of the 42 receiver¬
ships restored to solvency, aggregated $101,872,410 or an
average return of 74.91% of total liabilities, while unsecured
announced
Financial
2434
depositors received dividends amounting to an average of
59.88% of their claims.
The Comptroller states that dividend payments during
March, 1936, by all receivers of insolvent national banks to
the creditors of all active receiverships aggregated $6,514,893.
Dividend payments to the creditors of all active receiverships
since the banking holiday of March, 1933, aggregated
$716,336,852.
The following are the 15 banks whose receiverships were
terminated during March.
FINALLY CLOSED
INSOLVENT NATIONAL BANKS LIQUIDATED AND
OB, RESTORED
■V
TO SOLVENCY DURING THE
MONTH OF MARCH,
'
1936;
Per Cen
Total Dis¬
Per Cent
Dividends
bursements
Total
Date of
including
Returns
Failure
Offsets
to All
Unsecured
Allowed
Receiverships
Creditors
Depositors
66.62
Paid
21.5
$90,535
139,892
77,660
59.46.
52.07
11-29-30
26.33
48.52
9-19-31
128,650
82.67
69.78
7- 9-30
First Nat. Bk.f Grass Range, Mont.
First Nat. Bank, Tltonka, Iowa-—
12-30-30
First Nat. Bank, Roland, Iowa
Labor Nat. Bank of Mont, at Three
Forks, Mont
1
(valued at lower oncost or market), $12,754,675
$9,824,592; other investments, $2,073,258 against
$2,077,112; customers' liabilities on acceptances, $14,343,982
against $15,836,777.
and stocks
against
*
4-19-28
983,575
First Nat. Bank, George, Iowa
1- 4-33
1184,147
12-22-31
20,729
138,501
501,917
100.00
65.16
43.01
62.58
46.7
104.16
$158,125,324.
On the debit side of the statement un¬
profits are shown at $18,391,431, as against $18,386,035 at the year's end and contingency fund is given at $13,766,038 as against $13,966,038.
105.9
63.337
93.417
Griggs vllle Nat. Bk., Griggsv'Ie, 111.
1-26-32
First Nat. Bank, Ackley Iowa
8-10-32
Mobile Nat. Bank, Mobile, Ala.*..
Pecan Gap Nat. Bank, Pecan Gap,
3- 8-34
12-26-30
59,649
10- 8-30
Texas
*
'
69.09
Reference
February
60.53
22.110837
52.32
48.32
collect stock assessment covering
complete unfinished liquidation.
deficiency In
the report for receiverships terminated in
made in these columns March 14, page 1730.
to
was
31, the Chemical
In its statement of condition as of March
86.25
Receiver appointed to levy and
value of assets sold, or to
52.2359
Bank
Farmers Nat. Bank, Howe, Texas..
which last year
York,
divided
35.873
373.435
56,119
256,275
328,066
422,447
11-26-28
Wis
New
of
$1,000,000,000, in its statement of condition as of March 31
showed total resources of $1,003,235,318 as compared with
$1,031,668,957 on Dec. 31, 1935, and deposits of $881,056,398,
against $910,376,043 at the end of the year.
Cash and due
from banks increased to $221,694,444 from $190,298,399 at
the year-end; demand loans rose to $74,326,657 from $50,794,858, and State and municipal bonds increased to $43,956,978 from $38,347,515; and other investments and securi¬
ties increased to $18,842,380 from $12,433,041.
On the other
hand, the bank's holdings of Government securities declined
to $411,622,537 on March 31, from $458,595,209 at the earlier
date while time loans and bills discounted fell to $126,158,168
45.0
5-11-31
11- 2-28
Co.
joined the list of American banks with assets in excess of
55.42
66.95
74.37
95.38
.
Macksburg Nat. Bank, Macksburg,
Iowa*__
Trust
Bankers
The
from
Commercial Nat. Bank, Statesvllle,
N. C
Security Nat. Bank, Milford, Iowa
CarollnaNat.Bk., Darlington, S. C.
First Nat. Bank, Richland Center,
April 11, 1936
Chronicle
&
Co.
Trust
New
of
York
total
showed
of
deposits
$509,708,028 and total resources of $602,796,091, compared,
respectively, with $527,176,000 and $625,240,867 on Dec. 31,
last. Surplus and undivided profits of $51,689,548 compared
with $49,888,302 at the end of last year.
The bank's cash on
hand and from banks
amounted to $140,899,587, against
$168,552,744, and its holdings of United States Government
obligations to $147,722,820, down from $184,063,398.
Loans
and discounts amounted to $80,013,808, against $88,784,965,
while bankers' acceptances and demand loans at
$91,837,673,
compared with $80,022,949, at the end of last year.
ITEMS
ABOUT
BANKS,
COMPANIES,
TRUST
&c.
the New York Cotton Exchange of
Frederick L. Ernst was sold April 4 to Homer W. Orvis, for
The
membership in
another, at $11,000, unchanged from the last
previous sftle.
The Corn Exchange
in
report as of March 31, the Central Han¬
Bank & Trust Co. of New York shows
holding of
United
a
sharp increase
$375,204,549
$326,661,341 on Dec. 31, 1935.
The institution reports
deposits of $789,933,789 and resources of $883,996,233, re¬
spectively, as compared with $821,020,293 and $914,771,728 at
States
Governments
to
from
♦
Bank Trust Co. of New York reports,
of March 31, total deposits
statement of condition as
in its
In its condition
over
$284,156,962 as compared with $286,067,432 on Dec. 31,
1935, and total recoures of $316,325,791 as against $317,392,578 at the year's end.
Cash in vaults and due from
banks were down to $64,731,347 from $68,824,979 on Dec. 31,
but holdings of United States government securities, at par,
rose
to $132,863,500 from $126,863,500.
Capital remained
unchanged at $15,000,000, but surplus and undivided profits
increased to $16,403,527 from $16,325 ?145 on Dec. 31.
of
4
Cooley, a Second Vice-President of the Chase
National Bank, New York, and manager of its branch at
Park Avenue and 60th Street, died April 4 at the White
Paul Flagler
White Plains, N. Y., at the age of 60 years.
Mr. Cooley had been with the Chase National for the past 30
years and had been a Second Vice-President since 1934.
Plains Hospital,
the end
of last year; cash on hand and due from banks as
$172,727,362, against $246,294,609; and loans and bills pur¬
chased at $240,370,526, against $255,219,621.
Capital and
surplus were unchanged at $21,000,000 and $60,000,000 re¬
spectively, while undivided profits at $3,126,098 compared
with $2,597,416.
In
indicating that the Boardwalk National
Bank
of At¬
lantic
City, N. J., had opened a new downtown branch on
that day, Atlantic City advices on March 30, appearing in
the New York "Herald Tribune," had the following to say:
The
and
first opening of
closings
National
closing
during
Bank,
one
a
of
bank
new
the
the
few
restricting, opened
or
here since before the series of mergers
depression
a
took
which
place'
downtown
new
today.
through
came
The
Boardwalk
that period
branch at
without
North
Carolina
and Atlantic Avenues.
♦
Robert M. Repp Jr., Assistant Trust Officer of the Union
Department on April 2
authorized the Colonial Trust Co., New York, to open a
branch office at 295 Fifth Avenue, conditioned upon the
discontinuance of the branch office heretofore maintained
Pa., since June 15, 1931, has been
promoted to Trust Officer of the institution, according to a
recent issue of "Money & Commerce," which added:
at 261
in
The
New
York
State
Banking
Fifth Avenue.
♦
The General Motors
Trust Co. of Pittsburgh,
Mr.
as
Acceptance Corp., New York, was on
of
1936, issued April 6, shows de¬
posits of $1,488,284,607 as compared with $1,268,883,103 at
the corresponding quarter a year ago, March 31, 1935.
The
company's total resources are $1,812,633,569, as compared
with $1,581,795,947 a year ago.
Capital and surplus remain
unchanged at $90,000,000 and $170,000,000, respectively, and
undivided
on
1935.
♦-—
The financial
statement
of Brown Brothers
Harriman &
of March 31, 1936, re¬
increase in deposits—demand deposits increasing
veals
an
from
$38,400,613
School
in
1929,
College
and
was
He entered
year.
the
Trust Department
of
the Union
Co.
in
a
National bank in Bradford, Pa., to
new
absorb the assets of the National Bank of Bradford and the
McKean County Trust
Co. of that place, has been approved
by the Federal Deposit Insurance Corporation, according to
the
Philadelphia "Inquirer" of April 1, which supplied fur¬
ther details
Approval
National,
be
of
as
follows:
the
new
announced
was
institution,
yesterday
known tentatively as the Citizens'
(March 31).
Officials said it would
capitalized at $310,000.
The
said McKean County Trust depositors would receive
dividend, totaling $604,000, bringing to 100% their recovery on
announcement
26%
deposits.
as
sharp increase in
loans and advances as compared with the statement as of
Dec. 31, 1935.
Total deposits as of the end of the first
quarter were $43,898,704 as compared with $43,733,519 at
the end of the year.
Loans and advances increased from
$12,336,196 as of Dec. 31, 1935, to $16,181,732. Total assets
at the end of the quarter were $72,780,499.73 against $74,119,082.84 at the year's end.
Capital and surplus increased
from $11,167,837 to $11,409,427 as of March 31, 1936.
The
principal asset items in the March 31 statement show the
following comparisons with the Dec. 31, 1935, statement:
Cash, $9,853,953 against $10,334,741; United States govern¬
ment
securities
(valued at lower of cost or market),
$9,330,074 against $12,943,101; call loans and acceptances
of other banks, $5,917,236 against
$7,665,585; loans and
advances, $16,181,732 against $12,336,196; marketable bonds
to
in 1921, Williams
Pittsburgh Law
Trust
a
Co., New York, private bankers,
of
1929.
compared with $7,131,579
profits are $7,317,042,
March 31,
from Arnold School
that
Organization of
of condition of the Guaranty Trust Co.
of March 31,
graduated
the University
September of
»
New York
was
and
admitted to the Bar of the Supreme Court of Philadelphia in
April 2 authorized by the New York State Banking Depart¬
ment to open a branch office at Davenport, Iowa.
The statement
Repp
1925,
$38,808,940—and
a
Depositors of the defunct Hopewell Bank & Trust Co. of
Hopewell, Va., were to receive checks on April 8, repre¬
senting a 10% dividend payment which was recommended
by
Judge Marshall R. Paterson of the
week.
Hopewell advices
on
Circuit
Court
last
April 8 to the Richmond "Times-
Dispatch," authority for the foregoing, went
on
to say,
in
10%
of
part:
The
amount
$419,208.87.
The
City
dividend
to
be
paid
at
this
time
totals
$41,920.89,
or
Depositors number about 4,300.
of
Hopewell,
largest
depositor
in
the
bank,
will
receive
a
$95,995 as per a compromise effected recently between the
receivership, the City Treasurer and City Council of Hopewell.
on
.
.
.
♦
Effective March 19,
the Peoples National Bank of Lakewood, Ohio, capitalized at $200,000, was placed in voluntary
liquidation.
The institution was absorbed by the Lorain
Street Bank of
i
Cleveland, Ohio.
definite course toward reopening
A
Journal" of April 3
holiday in 1933, is being formulated.
A report submitted by
Ernst, certified public accountants, sets the amount to be raised
the banking
&
Ernst
by sale of new common stock at $5,000,000,
from stockholders and depositors.
in addition to obtaining
State
.
.
.
♦
State Bank¬
31 by D. D. Robertson,
Superintendent of Banking, showed two banks closed, one
voluntary liquidation, one change in name, and one new
institution, we learn from the Nashville "Banner" of that
if the bank were
those stockholders
who have paid1 in their full 100% assessment would receive a refund of
37% in the form of common stock, or a total of $3,968,000.
Depositors would be required to accept 10% of their deposits in new
stock.
They would receive 45% of their original deposit, and this, plus
the 45% heretofore received, would make a total of 90%, approximately
11% of which would be in stock of the new bank.
This item would amount
date, which went on to say:
its
a
Co.,
Donelson, capitalized at
payments began the following
The institutions,
day.
.
from ordinary sale of assets.
/
first return since closing—
Trust & Savings is making its
Kimbell
5%, to its 11,000 depositors—through the aid of a loan from
Finance Corporation.
The Stockmen's Trust & Savings Bank is lifting total returns to 30% by
distribution of $63,834, or 10%, from ordinary sale of assets.
The Wiersema State Bank is paying $43,407, or another 5%, to 7,500
or
the Reconstruction
Money was obtained in ordinary
received 25%.
depositors, who now have
& Trust
Bank
Co.
Ala., on
of Montgomery,
said in part:
Union
Bank & Trust
Co.,
established April 1, 1901, lays claim to one
62%% of its deposits are savings accounts.
The bank's
in interest payments to depositors and in dividends to stockholders
outstanding.
Total interest paid on deposits 6ince April 1, 1901, is
unusual
record
is
"Tribune" of April 1, from which
this is learned, are Citizens State of Glencoe,
Hubbard
Woods Trust & Savings, Kaufman State, Kimbell Trust &
Savings, Northbrook State, State Bank of Palatine, Service
State Bank, Stockmen's Trust & Savings, Union State of
South Chicago, Westwood State, and Wiersema State.
The
paper also supplied the following information:
The
largest single payment—$85,210—is the 5% distribution of the
Union State of South Chicago, raising total returns to its 6,500 depositors
to 32%%.
Of the current payment, 6/10 of 1% was from stock liability
collections and the rest
$24,000, was
with a
the Bank of Donelson,
April 1 celebrated the 35th anniversary of its founding, it is
learned from the Montgomery "Advertiser," of April 2, which
named in the Chicago
$64,005,
& Trust
♦
«
The
Merchants, of Adams, and the
Bank, Greeneville, changed
&
County Bank.
Bank
Union
The
Repayment of $372,151 to approximately 42,000 depositors
of 11 defunct banks in Cook County, 111., was authorized on
March 31 by Edward J. Barrett, State Auditor of Illinois,
as
to Greene
Donelson
.
Farmers
capital Btock of $25,000.
could be retired.
and
name
the
The Greene County Union
voluntarily liquidated, and the new bank is
available. The occa¬
liquidity to offset the
more frozen assets,
so that it would not be necessary to force
As liquidation proceeded, the preferred stock held by the RFC
liquidation.
were
State Bank.
The
total of $33,670,800 of capital would be
large capitalization would be to provide
and
slower
closed
banks
The
Clifton
$9,702,800.
Thus,
of the activities of the Tennessee
A summary
ing Department, released on March
liability would have to be assumed by stockholders
a going concern.
This would mean that
sion for the
final approval
Lexington. The articles
having been approved by the State Bank¬
incorporation were indorsed as
ing Department on March 25.
converted into
a
the plans
of
put forth in the Ernst & Ernst
03%
Dorman gave his
he said in an interview at
Monday,
to
report.
Probably the most difficult provision to be met is the $5,000,000 of new
money to be raised.
Additional capital would be derived in form of refunds
and dividends to old stockholders and depositors.
It is estimated that only
to
James R.
Commissioner
Banking
,
>
expressed its willing¬
ness
to advance $15,000,000 by purchasing that amount of new preferred
stock, providing certain provisions are met.
Virtually the same conditions
are
the
math of the failures.
funds
Corporation already has
The Reconstruction Finance
The
obtained, further stated, in part:
Mr. Brown formerly was President of the National
Bank of Kentucky
and Banco-Kentucky, both of which closed in the fall of 1930.
Mr. Brown
subsequently was cleared of indictments returned against him as an after¬
closed since
of the Union Trust Co.,
and, according
above information is
the following:
contained
415 West Main Street,
is expected to be in operation by May 1.
Louisville "Courier-Journal" of March 31, from which
to Mr. Brown,
dispatch from
Trust Co. of Cleveland, Ohio, a
appearing in the "Wall Street
that city
Burdorf Building, at
proposed reorganization of the de¬
With reference to the
funct Union
2435
Financial Chronicle
Volume 142
also
record;
excluding
$707,934.77,
the
quarterly dividend
which
was
paid yesterday
in these 35 years, has earned and paid to its
dividends a total of $344,000, or $3.44 for every
The institution,
1).
(April
stockholders
in cash
as
invested.
dollar
♦
in the capital
Bank of Portland,
Ore., noted in our issue of Feb. 29, page 1396, the following
appeared in the Portland "Oregonian" of March 28 :
Referring further to the proposed increase
and
surplus of the United States National
recently
According to its
announced proposal to increase its capital
to
by the sale of 25,000 shares (par $20)
at $30, the United States National Bank yesterday (March 27) sent notice
to stockholders,
stating that this increased capitalization had been ap¬
proved by the shareholders at a meeting held March 24, and that assignable
rights for the subscription and purchase of these additional shares will be
issued April 16, 1936, to all shareholders of record as of April 15, 1936. The
announcement set forth that these rights will be in the ratio of one share
$4,500,000 and jurplus to $2,300,000
of new
stock for each eight shares
of old stock.
liquidation.
Hubbard Woods Trust & Savings Bank are
the largest proportion of their claims—$33,742, or 19%, for a
1,431 depositors of the
The
receiving
being made by the Northbrook State,
cent, is from stock liability and 5% from
$19,843, is
or
35%.
of
total
a
15%,
of
Return
for
Ten per
ordinary liquidation.
State of Glencoe is returning
Citizens'
The
12%, or $8,909, for a total
stockholders' liability and
Half of the current payment is from
half from ordinary liquidation.
of
37%.
27%.
is paying $6,751, or
Bank of Palatine
The State
of
■*>;■
■
5%, for
a
■
total return
y
of $24,262, or 7%%, is being made to the 3,000 Kaufman
State Bank depositors, who now have received 45%.
The Service State Bank is paying its 5,150 depositors $7,015, or 2%,
Payment
from
stated,
O'Connell
L.
William
receiver
all
for
11
these payments were obtained
funds for
banks.
Corporation, announced on April 7 that the First National
Chicago, 111., had signified its intention to
stock in the institution which had been
First
and
reserves
on Dec.
31, 1935.
We are informed that $10,000,000 of the re¬
maining $15,000,000 will be provided from the sale of new common stock
The
RFC
National
originally
of Chicago,
bought
$25,000,000
preferred
stock
in
the
$10,000,000 of which was retired from recoveries
stockholders, and $5,000,000 taken from reserves.
The First National of Chicago was one of the first of the country's bigger
the present
banks
to
strengthen its capital
Melvin
stated,
it
by selling preferred stock to the RFC, and
and aptly
of satisfaction and
Traylor, then President of the Bank, very properly
A.
cheap insurance,
was
the
confidence
to
needed the
capital
officers
or
and
and afforded a source
of banks, whether
directors
they actually
not.
—4
According to Associated Press advices from
Minneapolis,
Minn., on April 8, Theodore Wold, President of the North¬
western National Bank & Trust Co. of Minneapolis, an¬
nounced on that date that the directors of the institution
had voted to retire
$1,000,000 of the $5,000,000 preferred capi¬
to the Reconstruction Finance
tal stock sold two years ago
Corporation, to effect a saving of $35,000 annually.
♦
Monday, March 30,
Louisville, Ky.,
the People's Bank.
James H. Brown
Articles of incorporation were
with
the
slated
filed
Jefferson County Clerk
bank, to be known as
is
to
head
the
new
for
on
a
new
institution, which will have
a
paid-in capital of $100,000, divided into 10,000 shares of the
par
value of $10 each.
low
have shown some modest gains.
The
gradually improved as the week advanced.
trading in general was somewhat
active during the short session on Saturday.
Invest¬
trust stocks attracted considerable attention and so
priced
group,
volume of sales
were
firm and
public utilities, but oil issues were irregular.
Red
Bank Oil and Root Petroleum were down, the former dipping
did the
points.
slipped back
and
a
Ford
It will occupy quarters in the old
of 2%
Other oil shares
Root Petroleum
fairly steady
were
fractional
American Hard Rubber moved up a point to 33,
number of the low priced issues closed with
gains.
Motor of
Canada A improved a point to
Kansas Gas & Electric
Mr. Jones in his statement said:
upward,
fairly steady, but have made little progress.
Specialties
have attracted some buying and oil shares, particularly the
4% points at its low level for the day and
Chairman of the Reconstruction Finance
retire the preferred
outstanding characteristic of the
the New York Curb Exchange during the current
changes were generally small except in a few special
stocks that were in demand.
Public utilities have been
ment
through ordinary sale of
Bank of Chicago,
as
CURB EXCHANGE
the
the
more
*
purchased by the RFC.
on
was
week, and while prices showed a tendency to move
total of 25%.
assets.
Jesse H. Jones,
trading
Unless otherwise
is paying $4,173, or 10%, for a
is
Irregularity
Prices
raising the total to 12%.
stock liability collections,
The Westwood State Bank
to
THE
of 74%.
total
points.
26^
pref. (7) closed at 113 with
a
and
gain
The transfers for the day were 367,450 shares.
Trading continued light on Monday, and while a few of
the more active stocks broke through to new high ground,
in the general list were comparatively small and
special significance.
Investment trust issues were
the changes
without
again in demand, Associated Investors advancing 134 points
and United States & International Securities 1st pref. gained
134 points. Specialties registered moderate advances, Colts
going ahead 2 points while Art Metal Works im¬
proved 1 Ys points. Other gains were: Bunker Hill-Sullivan,
134 points to 8134; Duke Power, 134 points to 7234; General
Outdoor Advertising pref., 3 points to 78; Penn Power &
Firearms
Light pref. (6), 2 points to 10434 and Singer Manufacturing
Co., 2 points to 342.
Irregularity was again apparent during most of the dealings
on Tuesday.
The transfers for the day were approximately
555,235 shares as compared with 542,250 on the preceding
day.
Public utilities were weak and both Electric Bond &
Share and Cities Service closed fractionally lower.
Special¬
ties were active and moved briskly upward, American Hard
Rubber scoring a net gain of 334 points at 3634Prominent
among the advances of the day were Crane Co., 2% points
to 29^4; Reed Roller Bit, 334 points to 7334 and Aluminum
Co. of America A pref., 1 % points to 121.
Industrial shares, oils and metals provided the greater part
of the trading on Wednesday. Price changes were narrow,
2436
Financial
Chronicle
however, and the trend was somewhat mixed.
Specialties
also attracted some buying and occasional advances of major
fractions were recorded by a few of the more active of the
speculative stocks.
The best advances included Denison
Manufacturing Co. 7% pref., 2 points to 63; Derby Oil &
Refining pref., 6 points to 45; Dow Chemical, 2% points to
116%; Jones & Laughlin Steel, 2% points to 47%; Newmont
Mining, 1 point to 93; Gulf Oil of Pennsylvania, 1% points
to 95% and Masonite Corp., 1% points to 98.
Prices weakened on Thursday and a number of the trading
favorites closed the session
the side of the decline.
on
TRANSACTIONS
AT
THE
NEW
YORK
Stocks
Week Ended
CURB
Foreign
Saturday
367,450
541,025
-
Monday
Tuesday
Wednesday.
Thursday
Friday
Domestic
$1,238,000
2,745,000
2,582,000
2,639,000
2,589,000
556,540
431,015
430,895
-
$17,000
GO OD
?
I
.
■,
..
$1,284,000
2,878,000
2,913,000
2,771,000
2,666,000
FRID AY
;
Week Ended Apr. 10
Sales at
Total
$29,000
44,000
38,000
50,000
32,000
89,000
293,000
82,000
45,000
Jan. 1 to Apr. 10
1936
1935
96
1936
1935
Cable audress:
2,326,925
960,333
58,485,887
11,411,673
$11,793,000
526,000
193,000
$23,979,000
223,000
253,000
$318,162,000
6,531,000
3,798,000
$333,045,000
$12,512,000
Foreign government..
Foreign corporate
Total
$24,455,000
$328,491,000
$342,901,000
EXCHANGE
Telephone John 4-3830
Apr. A
Apr. 6
Apr. 7
Apr. 8
Apr. 9
Apr. 10
Francs
Francs
Francs
Francs
Frnacs
Francs
1,350
1,320
Cie Generale d'Electrlcitie.. i...
Cle Generale
Transatlantique...
6,155,000
3,701,000
cable transfers in the different countries of the world.
FOREIGN
TO
APRIL
RATES
CERTIFIED
TREASURY
4,
UNDER
1936, TO APRIL 10,
Noon Buying
FEDERAL
1936,
ACT
OF
RESERVE
United
83
"82
82
920
919
918
120
110
120
120
231
225
220
221
224
Credit Commercial de France..
Credit Lyonnalse
589
556
560
558
557
1,640
Money
York
,
Unit
1,620
1,640
1,620
1,640
1,640
1,630
1,620
1,600
485
473
475
470
474
722
715
710
715
716
Kuhlmann
641
627
629
628
633
L'Alr Llqulde
1,020
Lyon (P L M)
Belgium, belga
Bulgaria, lev..
990
990
843
842
1,144
1,138
380
«fc
377
378
379
378
18
18
18
18
18
1,330
1,333
1,330
1,360
66.50
66.50
66.50
66.40
68.50
68.75
68.60
68.90
68.80
67.75
68.10
68.00
68.10
68.10
73.75
74.00
73.90
74.00
73.80
74.75
74.90
74.90
75.00
74.80
98.30
98.80
98.75
98.75
98.90
2,570
1,645
2,520
2,540
2,570
2,580
1,625
1,635
1,605
1,620
1,602
1,635
1,605
1,645
1,605
54
Cie
Francalse
54
52
51
Ford
Soclete Generale Fonclere
Societe Lyonnalse
Societe Marseillaise
|
Apr. 7
Apr. 6
%
Apr. 8
$
54
40
39
39
39
39
1,625
1,640
1,638
1,605
1,610
532
532
533
534
531
Tubize Artificial Silk pref
Union d'Electrlcitie
71
69
70
55
BERLIN
STOCK
70
479
489
53
54
69
485
492
Wagon-Lits
53
53
EXCHANGE
Closing prices of representative stocks
each day of the past week:
Apr.
Apr.
4
received by cable
as
6
Apr.
Apr.
Apr.
Apr.
7
8
9
10
Per Cent of Par
Allgemelne Elektrizltaeta-Gesellscbaft
Berliner Handels-Gesellschaft
(6%)...
35
36
36
36
36
111
112
112
112
112
Berliner Kraft
144
145
144
144
91
91
91
91
92
131
130
130
132
133
91
92
92
92
u.
Llcht (8%)
(7%)
Deutsche Bank und Dlsoonto-Gesellsohaft.. 91
Deutsche Erdoel (4%)
118
Deutsche Relchabahn (German Rya)
pf 7%. 124
Dreedner Bank
91
145
117
118
119
119
124
125
125
125
92
92
92
92
$
Apr. 10
165
166
165
166
$
.187200*
.187433*
.187433*
.187450*
.187300*
.169138
.169292
.169300
.169338
.012750*
.012750*
.012750*
.012750*
.041400
.041396
.041400
166
Geefuerel (6%)
134
134
134
135
137
137
137
138
15
15
15
15
87
87
88
88
89
16
16
16
16
.187266*
Mannesmann Roebren
.169200
,169207
Norddeutscher Lloyd
.012750*
.012875*
.041362
.041350
Relchsbank (8%)
Rhelnlsche Braunkohle
Salzdetfurth
Czechoslo'kia, koruna .041360
.221150
Denmark, krone
England, pound sterl'gA .953541
.221161
.220925
.220816
.220562
.220573
1.952916
1.948416
1.946165
L941166
L941250
Finland, markka
.021868
.021850
.021862
.021843
.021806
.065900
.065974
.065991
.065974
.065906
.402553
.402878
.402792
.402800
.402530
.402500
.009412
.009400
.009381
.009396
.009390
.679638
.679871
.679871
.679221
.679207
Hungary,
.294750*
.295025*
.295025*
.295025*
.294750*
.295250*
.079033
17
182
182
182
183
184
226
226
226
228
229
.009400
.678907
......
.065910
Germany, relchsmark
Greece, drachma
Holland, guilder.
....
.021812
France, franc
day
138
15
Holl-
135
Hamburg Electrio Werke (8%)
Hapag
Apr. 9
DAY
835
1,147
1,369
66.20
Pechiney
Rentes, Perpetuel 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4>4%, 1932 A
Rentes 4^%, 1932 B
HOLI¬
990
830
1,123
Pathe Capital
Societe
990
834
1,157
Nord Ry
Orleans Ry
Farbenlndustrle IG (7%)
Apr. 4
Europe—
Austria, schilling
120
1,620
Dessauer Gas
INCLUSIVE
States
*
83
919
Commeri-und Prlvat-Bank A G
1922
Rate for Cable Transfers in New
Value in
Country and Monetary
BY
TARIFF
18
18
75
We
record for the week just passed:
EXCHANGE
BANKS
1,290
919
daily to the Secretary of the Treasury the buying rate for
a
1,300
Comptoir Natlonale d'Escompte
Coty S A
THE
Pursuant to the requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
give below
1,320
....
Citroen B
RATES
FOREIGN
STREET
YORK
Luitkel
Saint Gobatn C <fc C—
Bonds
Domestic
WALL
NEW
Schneider
Stocks—No. of shares.
DEALERS
Sterling Securities—Foreign Dollar Bonds
Rentes 5%, 1920
Royal Dutch
New York Curb
Exchange
&
Energle Electrique du Nord
Energie Electrique du Littoral..
Foreign
Corporate
Government
New York Stock Exchange
BROKERS
Eaux Lyonnalse
Bonds (Par Value)
of
Shares)
Members of
Courrieres
EXCHANGE
(Number
Apr. 10 1936
Luitweiler, Kellogg & Co.
The
changes ranged from fractions to 3 or more points and in¬
cluded among others such active stocks as Aluminum Co.of
America, 3% points to 138%; Masonite Corp., 3 points to
95, and Aluminium Limited pref., 4% points to 9534•
As
compared with Friday of last week, prices showed only minor
changes, though the range for the week was slightly higher.
The New York Curb Exchange, the New York Stock Ex¬
change and the commodity markets were closed yesterday in
observance of Good Friday.
DAILY
April 11, 1936
pengo.
Italy, lira
.079166
.079133
.079116
.079116
.079066
Norway, krone..
Poland, zloty.
Portugal, escudo.
Rumania, leu
.248887
.248915
.248620
.248520
.248533
.188325
.188550
.188500
.188650
.188400
.188425
.045070
.044965
.044990
.045000
.044925
,049050
.007300
.007300
.007300
.007362
.007316
.007316
Spain, peseta
.136517
.136685
.136675
.136689
.136528
Sweden, krona...
.255383
.255407
.255127
.255016
.254745
.254757
Switzerland, franc...
Yugoslavia, dinar
.325871
.326107
.326096
.325971
.325782
.325925
.022883
.022916
.022900
.022908
.022850
.022916
.248253
.136564
Asia—
China—
Chefoo (yuan) dol'r
297916
.297500
.297916
.297500
.297083
.297500
Hankow(yuan) dol'r
Shanghai (yuan) dol.
298333
.297916
.298333
.297916
.297500
298333
.297916
.297916
.297500
.297083
.297500
298333
.297916
.298333
.297916
.297500
.325156
(7H%)
Hong Kong, dollar.
India, rupee
326093
.325468
.325625
.325156
.297916
.325156
374000
.374106
.373595
.373435
.373170
.373112
Japan, yen
289090
.289085
.288720
.288595
.288310
.288550
Singapore (S. S.) dol'r
580937
.580937
.580000
.580000
.579062
.579062
Australasia—
Australia, pound
New Zealand, pound-
950750*3.946250*3 941875*3.941750*
.936500*3.937250*
981625*3.976500*3 972656*3.972312*
.966750*3.967500*
Africa—
South Africa, pound.. 4.904166*4.897291* 4.891666*4.890208* 4.885833*4.887500*
North America—
Canada, dollar
Cuba, peso
Mexico, peso—
Newfoundland, dollar
South
.995494
.995078
.995052
.995052
.995000
999000
.999000
.999000
.999000
.999000
.999000
277625
.277625
.277625
.277625
.277625
.277625
993187
.993000
.992562
.992562
.992562
.992500
America—
Argentina, peso..
Brazil, milrels—
Chile, peso
Uruguay, peso
Colombia, peso
*
995651
330225*
.330225*
.329975*
.329925*
.329550*
.329575*
085650*
.085700*
.085600*
.085600*
.085600*
.085600*
051000*
.050625*
.050000*
.050625*
.050625*
.050625*
571500*
.571500*
.569800*
.571500*
.571500*
.571500*
797500*
.797500*
.797500*
.797500*
.797500*
.797500*
COURSE
THE
PARIS
each
day of the past week:
received by cable
.
Apr. 4
Apr. 6
Apr. 7
Apr. 8
Apr. 9
Apr. 10
Francs
Francs
Francs
Francs
Francs
Francs
Banque de Paris et Des Pays Baa
7,800
951
7,700
933
7,800
930
7,700
928
Banque del'Unlon Parislenne..
438
427
427
425
425
HOLI¬
Canadian Pacific
204
202
201
202
201
DAY
19,000
18,800
18,900
18,800
18,900
973
957
950
932
924
Bank of France
Canal de Suez
Cie DIstr. d'Electrlcitie
7,760
187
186
186
CLEARINGS
country indicate that for the week ended today
(Saturday)
April 11, bank exchanges for all cities of the United States
from which it is possible to obtain
weekly returns will be
0.3% above those for the corresponding week last
year.
Our
preliminary total
$5,378,260,953 for the
there is
a
loss for
the
stands
same
at
$5,395,704,685,
week in
week ended
1935.
against
At this center
Friday of 5.3%.
comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending April 11
New York
Chicago
Philadelphia..
Boston
Kansas City..
St. Louis
San Francisco.
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans..
Twelve cities, 5 days.
Other cities, 5 days
Total all
cities, 5 days.
BOURSE
as
BANK
187
186
clearings this week will again show an increase com¬
pared with a year ago.
Preliminary figures compiled by us
based upon telegraphic advices from the chief
cities of the
Total all cities for week
Quotations of representative stocks
OF
181
181
182
Bank
All cities, 1 day
Nominal rates, firm rates not available.
184
Seimens & Halske (7%)
.297916
Tientsin (yuan) dol'r
(8%).
Our
Per
1936
1935
$2,652,472,799
239,090,499
206,000,000
161,698,000
65,580,568
62,300,000
101,513,000
140,018,336
65,738,461
58,817,181
38,510,487
28,389,000
$2,801,605,044
190,843,968
258,000,000
147,000,000
69,090,162
59,700,000
94,892,000
72,170,131
62,446,819
46,479,918
40,787,358
24,519,000
$3,820,128,331
$3,867,534,360
576,292,240
549,388,350
+4.9
,396,420,571
999,284,114
$4,416,922,710
961,338,243
—0.5
$5,395,704,685
$5,378,260,953
+ 0.3
Cent
—5.3
+25.3
—20.2
+ 10.0
—5.1
+ 4.4
+ 7.0
+ 94.0
+ 5.3
+ 26.5
—5.6
+ 15.8
—1.2
+ 3.9
Complete and exact details for the week covered
by the
foregoing: will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week
ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
935
cases has to be estimated.
elaborate detailed statement,
however, which we
present further below, we are able to give final and
complete
results for the week previous—the week ended
In
the
April 4.
For
Financial
Volume 142
that week there is an increase
of 19.3%, the aggregate of
clearings for the whole couDtry being $7,185,122,932, against
$6,022,533,891 in the same week in 1935.
Outside of this
city there is an increase of 19.7%, the bank clearings at this
center having recorded a gain of 19.1 %.
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 Re¬
serve
District, including this city, the totals show an ex¬
pansion of 18.8% in the Boston Reserve District of 28.5%
Reserve District of 28.3%.
The
Cleveland Reserve District has managed to enlarge its totals
and in the Philadelphia
by 19.4%, the Richmond Reserve District by 14.1% and the
Atlanta Reserve District by 8.2%.
In the Chicago Reserve
District there is an improvement of 26.9%, in the St. Louis
Reserve District of 8.2% and in the Minneapolis Reserve
District of 0.1%.
In the Kansas City Reserve District there
is a gain of 6.6%, in the Dallas Reserve District of 31.2%
and in the San Francisco Reserve District of 17.9%.
In the
following
we
furnish
2437
Chronicle
a summary
by Federal Reserve
Week Ended April 4
Clearings at—
Inc. or
1934
Dec.
1935
1936
%
$
Seventh Feder al Reserve D istrlct—Chi cago
Detroit
Grand
Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis
South Bend
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
Dee
—72.1
733,847
+52.9
+32.4
+ 19.2
+36.7
1,127,246
75,379,618
2,140,065
1,058,744
314,649
115,270,374
2,834,264
1,261,506
1,057,067
16,195,000
1,091,482
4,222,110
21,145,500
1,089,008
8,498,749
3,609,744
Mich.—AnnArbor
67,136,094
1,787,547
1.243.776
773,448
14,779,000
1,152,233
3,790,462
624,351
+9.6
11,921,000
—5.3
773,048
+ 11.4
3,517,341
13,623,662
+ 14.7
+ 15.7
18,432,843
941,148
353,765
6,299,648
2.591.777
396,965
226,144,914
9,656,492
3,228,123
341,936
250,523,795
628,138
—12.0
4,301,716
1,128,495
1,318,396
3,105,219
+ 38.5
2,516,952
821,189
+37.4
664,562
1,120,429
+ 17.7
945,262
493,823,411
Moines
Sioux City
389,000,128
+ 26.9
341,777,371
341.666
111.—Bloomingt'n
309,439,616
704,072
Chicago
Decatur
Peroa
Rockford
Springfield
Total (18 cities)
+ 11.8
—0.1
+23.5
+ 12.1
502,860
districts:
SUMMARY OF BANK
CLEARINGS
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Inc.or
Week Ended Apr. 4
Federal
1st
t
Dists.
Reserve
9
S
,%
Tenn.—Memphis
2nd New York.. 12
316,295,718
246,096,820 +28.5
249,870,705
187,492,833
4,785,550,395
4,029,896,497 +18.8
335,528,966 +28.3
224,353,016 + 19.4
4,582,023,822
329,195,019
2,745,734,135
206,335,666
148,769,434
+ 14.1
106,195,203
14,067,473
b
b
b
b
111.—J ackson ville
67,500,000
23,032,555
13,631,918
+9.5
+3.8
+ 10.0
75,700,000
27,789,477
82,900,000
28,854,358
15,468,688
Mo.—St. Louis..
Ky.—Louisville..
M
73,883,816
12 cities
Boston
1933
1934
Dec.
1935
1936
1936
3rd
Philadelphia 9
"
430,516,550
4th
Cleveland..
5
"
267,832,852
6th
Richmond .6
"
133,831,676
117,342,533
233,653,920
6th
Atlanta
10
"
124,951,351
115,441,437
+8.2
103,559,853
7th
Chicago ...18
St. Louis... 4
"
493,823,411
201,531,518
104,577,473
74,094,988
9th
Minneapolis 7
78,099,230
59,807,986
10th KansasClty 10
"
"
127,743,046
84,560,731
389,000,128 +26.9
+8.2
118,046,950
+0.1
84,438,975
341,777,371
"
124,836,729
117,143,203
+6.6
101,339,032
70,123,218
6
"
59,660,999
Fran..12
"
235,519,474
490,000
+6.1
413,000
Total
12 7,743,046
118.046,950
+8.2
104,577.473
Reserve Dis trict—Minn
(4cities).
eapolis
+ 12.9
+3.3
80,011,700
8th
520,000
Qulncy..
11th Dallas
12th San
110 cities
Total
7,185,122,932
2,522,239,135
Outside N. Y. City
32 cities
Canada
We
now
45,465,700 +31.2
add
30,388,035
177,517,613
134,812,325
6,022,533,891 + 19.3
2,107,373,861 +19.7
4,040,303,908
1,375,024,132
6,421,221,077
1,942,229,597
243,017,740 '
+5.4
325,428,233
343,040,384
our
40,730,090
+17.9
199,779,666
232,980,834
Ninth Federal
•
Mihn.Duluth....
Minneapolis
—7.8
473,159
591,170
+8.1
+ 19.6
2,131,485
494,404
2,512,753
—15.2
2,092,292
84,560,731
84,438,975
+0.1
78,099,230
1,879,719
N. D.—Fargo
S. D.—Aberdeen.
Mont.—Billings
_
Helena
Total (7 cities).
Reserve Dis trict—Kans
Tenth Federal
1935
S
$
$
%
2,257,136
2,655,600
77,013,896
—29.8
75,559
2,247,976
30,359,335
1,517,637
2,261,624
61,225,544
2,478,986
557,938
638,655
3,571,844
273,949,743
572,567
Lowell
338,536
710,171
New Bedford..
3,397,871
Springfield
2,235,063
215,134,523
—1.2
284,108
334,482
682,997
+4.0
hl9.7
Total (12 cities)
316,295,718
246,096.820
10,130,180
1,462,183
Buffalo
32,900,000
Elmlra
740,808
Jamestown
643,406
6,609,984
1,442,406
27,900,000
646,616
581,424
117,143,203
+ 6.6
101,339,032
-24.8
Eleventh Fede ral
Reserve
District—Da lias—
1,797,684 —12.8
—0.3
3,250,906
2,127,171
-r 1.3
+52.8
2,559,627
187,492,833
Total (5 cities).
59,660,999
45,465,700
+31.2
40,730,090
Wash.—Seattle..
6,593,152
N.H.—Manches'r
Feder al Reserve D istrict—New
494,282
124,836,729
Total (10 cities)
La.—Shreveport.
249,870.705
+4.4
Binghamton...
—10.4
5,935,595
2,112,000
a716,443
+28.5
-28.1
N. Y.—Albany..
—12.2
707,459
1,226,743
30,241,677
4,702,043
2,000,000
+25.0
11,707,041
3,856,900
10,343,300
497,565
New Haven...
R.I.—Providence
519,068
634,140
Pueblo
34,706,820
4,715,025
2,119,000
a70 ,383
7,426,200
406,173
-42.7
10,796,001
621,992
Conn.—Hartford.
245,582
452,986
3,561,498
922,918
5,200,000
3,386,780
665,929
2,939,032
1.233,098
12,194,301
4,124,908
9,233,900
587,323
2,837,664
1,323,510
1,888,510
14,995,096
4,814,732
Worcester
650,642
+21.0
+0.8
+2.0
2,862,492
Colo.—Col. Spgs.
450,652
863,454
164,055,320
521,270
587,878
+0.6
1,607,407 +122.2
+29.4
211,646,768
+8.3
624,087
635,099
+7
+25.2
2,920,876
455,567
St. Joseph
Reserve Dist rist—Boston
Fall River
Second
120,151
+ 12.0
35,087,074
1,583,798
3,213,494
77,618,247
Wichlta
Mo.Kansas City.
$
City
—2.7
103,913
2,872,278
28,015,679
3,075,120
Kan.—Topeka..
1933
1934
Dec.
as
135,682
Omaha
Inc. or
1936
Portland
1,566,974
46,795,524
Tex.—Austin
Dallas
Ft. Worth....
Galveston
Wichita Falls.
.
+34.8
+25.9
+53.3
+ 1.4
[-17.9
25,837,038
7,453,430
777,453
22,495,070
-14.6
570,459
532,007
-10.7
571,014
948,039
Twelfth Feder al Reserve D istrict—San
30,356,466
351,307
Ore.—Portland-.
-19.1 4,478,991,480 2,665,279,776
Utah—S. L. City
6,578,084
2,828,584
2,724.915
Calif.—Long B'ch
7,208,000
832,313
24,859,923
Yakima
Franci
25,405,504
7,795,000
Spokane
629,427
21.986.766
Third Federal
Reserve Dist rlct—Philad
437,152
397,669
8,165,457
2,787,099
3,686,737
+ 5.6
438,468
-12.4
21,950,316
+3.3
31,484.563
'
433,990
+ 13.1
20,870,857
9,975,598
547,419
13,676,325
22,489,765
elphia
+9.9
426,891
330,757
b
b
298,145
+2.2
342,746
Lancaster
1,383,231
H-41.4
1.144,610
318,000,000
756,459
b
~
~
412,000,000
325,000,000
H>-26.8
Reading
1,359,143
1,205,639
i -12.7
Scranton
2,560,785
-18.9
2,152,913
1,290,433 ihl7.1
-21.7
1,440,936
2,360,000 +265.9
Philadelphia...
Wllke8-Barre..
1,511,651
York
1,752,926
8,634,900
N. J.—Trenton..
Total Ocities).
1,992,649
1,044,121
1,535,856
+9.3
+5.0
+20.2
235,519,474
199,779,666
+ 17.9
Sacramento—
San
Francisco.
San Jose
Santa Barbara
.
Grand
total
430,516,550
-
-
335,528,966
+28.3
1,401,663
2,618,765
1,755,944
b
53,361,691
78,702,773
10,329,600
Cincinnati
Cleveland
Columbua
b
Youngstown...
7,185,122,932 6,022,533,891
Outside New York
+ 19.3 6,421,221,077 4,040,303,908
2,522,239,135 2,107,373,861
+ 19.7 1,942,229,597 1,375,024,132
1,536,285
1,510,499
1,368,400
2,136,000
1,097,140
2,296,000
329,195,019
233,653,920
b
b
51,602,920
61,187,550
9,602,100
+3.4
+28.6
+7.6
b
b
b
b
47,834,063
37,471,212
57,497,755
8,527,400
36,880,231
b
7,683,400
b
1,321,959
-52.6
Pa.—Pittsburgh.
626,617
124,812,171
100,638,487
+24.0
91.076.064
880,887
65,853,704
Total (5 cities).
267,832,852
224,353,016
+ 19.4
206,335,666
148,769,434
Mansfield
Fifth Federal
248,753
W. Va.—Hunt'n.
2,886.000
Richmond
S. C.—Charleston
Md.—Baltimore.
D.
C.—Wasb'g'n
Total (6 cities).
Sixth Federal
31,154,654
1,082,430
70,306,089
28,153,750
133,831,676
Week Ended April 2
Clearings at—
Inc. or
1936
Nashville
Ga.—Atlanta
43,200,000
904,056
Augusta
Macon
Fla.—J'ksonville.
Ala.—Birm'ham.
Mobile
...
*800,000
16,043,000
16,386,775
1,290,864
b
Miss.—Jackson..
-33.7
+14.1
106.195,203
73,883,816
2,454,396
12,478,430
36,600,000
1,065,384
5,406,623
8,370,967
26,400,000
754,843
393,646
117,342.533
2,857,149
13,557,260
40,900,000
1,036,166
761,967
15,255,000
14,566,346
1,137,357
b
235,131
2,251,000
21,172,603
606,233
37,853,329
11,765,520
+46.3
+3.9
+ 5-5
+4.2
i[-12.0
-
a-
+6.4
+ 11.0
+5.6
-12.7
+5.2
481,787
12,545,000
+ 12.5
12,123,920
+ 13.5
1,036,763
+5.0
b
b
13,958,000
8,313,238
804,637
b
119,090
28,123,432
149,860
—20.5
118,088
La.—New Orl'ns.
25,220,332
+ 11.5
24,656,085
101,363
15,508,383
Total (10 cities)
124,951,351
115,441,437
+8.2
103,559,853
1935
Dec.
1934
$
Canada—
$
%
$
125,268,749
105,735,056
Montreal
36,126,311
19,005,129
14,406,897
4,387,471
2,168,240
4,958,866
5,838.180
1,639,973
1,715,801
2,730,746
3,838,820
2,610,890
Winnipeg
Vancouver
Ottawa
Quebec
Halifax--
Hamilton
Calgary
St. John
Edmonton
Regina
Brandon
1,980,352
248,813
+3.4
608,690
539,482
—9.4
466,815
428,122
393,805
407,986
376,621
561,179
243,017,740
232,980.834
1,704,159
—12.3
4,542,222
2,837,543
259,847
—15.5
Brantford—.—
740,315
Fort William
496,621
701,562
798,325
657,423
544,590
229,323
701,098
576,003
218,169
621,631
570,416
1,018,361
Kitchener
2.904,170
Windsor
—8.0
+4.9
1,032,591
2,459,344
325,441
579,109
302,069
+6.7
445,159
—7.3
786,855
476,871
492,784
166,197
—24.5
+28.8
—4.9
—1.4
639,230
565,300
963,377
—11.4
—1.0
Sudbury
768,169
723,922
343,040,384
325,428,233
+5.4
—
—
281,947
1,127,225
Sarnia.-
Kingston
Chatham----
2,582,512
3,647,146
2,690,208
—5.8
+3.3
+2.2
+6.1
--
Moncton
.
——6.4
'
290,036
598,714
488,518
442,433
402,465
Prince Albert
1.379,499
+0.7
3,115,049
428,210
Sherbrooke
80,011,700
•
Vlcksburg
Total (32 cities)
a
Not included
in totals,
$
+ 18.1
—7.9
1,780,456
456,745
Westminster
Medicine Hat—
Peterborough
3,983,709
1,845,430
3,898,560
4,088,636
1,433,767
—7.3
+21.0
+ 9.1
1,256,083
New
1933
—10.9
—8.3
4,098,917
5,348,927
435,625
Moose Jaw
24,447,519
12,643,879
3,761,699
—22.7
2,340,000
1,182,607
Saskatoon..
91,923,887
73,793,819
+ 9.4
+7.4
+ 1.2
+24.7
465,593
Lethbrldge-.
<
80,460,143
67,470,714
31,538,021
11,192,153
3,845,685
4,295,154
2,054,569
3,743,633
4,910,324
1,508,326
1,299,021
2,466,753
3,817,055
3,744,548
293,580
317,902
1,164,705
495,852
718,232
591,281
414,824
229,097
541,164
566,901
854,909
1,889,108
247,697
593,055
514,598
411,014
339,135
451,681
114,494,741
98,407,043
35,703,096
15,236,594
18,636,594
4,784,581
272,698
Victoria
London
138,728
1,996,000
24,933,566
1,026,608
60,753,444
17,346,857
170,036
2,779,000
29,544,032
1,038,581
62,756,386
21,054,498
Reserve Dist rict—Atlant
3,039,278
15,044,856
Tenn.—Knoxville
1,400,384
Reserve Dist rlct—Richm ond—
Va.—Norfolk
1,208,361
177,517,613
225,000,000
893,185
Feder al Reserve D istrict—Clev eland
Ohio—Canton...
2,494,231
106,901,118
1,717,956
925,323
(110
cities)...
Toronto
Fourth
2,955,156
3,020,687
233,595
1,955,368
Chester
+6.6
11.671.767
2,989,412 +26.7
+23.7
2,698,830
4,437,988 + 112.4
-t-16.4
118,179,346
+ 18.8 4,582,023,822 2,745,734,135
304,625
a477,073
Bethlehem
12,439,404
3,786,631
3,339,107
9,424,379
137,566,000
2,177,500
1,096,054
1,846,697
Pasadena
21,103,336
5,911,000
+32.2
Total (12 cities)
Total (12 cities) 4,785,550,395 4,029,896,497
+2.4
+ 13.1
+1.3
SCO
+ 19.5
+8.1
Stockton
4,662,883,797 3,915,160,030
8,527,919
8,732,932
Rochester
3,711,101
4,197,614
Syracuse
3,091,197
3,050,117
Conn.—Stamford
450,000
N. J.—Montclalr
*475,000
Newark
22,693,484
19,881.341
39,123,416
Northern N. J.
40.411,937
b
York
New York
Pa.—Altoona
338,421
116,427
Lincoln
Clearings at-
Mass.—Boston..
1,697,653
405,012
-1-5.0
131,986
Neb.—Fremont-
Week Ended April 4
Federal
1,647,200
49,519,106
22,499,546
23,137,988
1,790,127
511,592
St. Paul
Hastings
First
53,636,009
detailed statement showing last week's
figure for each city separately for the four years:
Me.—Bangor
2,394,535
2,704,501
55,409,473
21,332,791
b No clearings available.
* Estimated.
2438
Financial
PRELIMINARY
UNITED
DEBT
STATEMENT
OF
Chronicle
April 11, 1936
to©
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STATES, MARCH 31, 1936
I©
00 CO
THE
I i-H
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The
preliminary statement of the public debt of the United
March 31, 1936, as made up on the basis of the
daily Treasury statement, is as follows:
f-O©
cooo
CO©
:
3H% bonds of 1946-56
3X% bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55
3M% bonds of 1941
3)4,% bonds of 1943-45
3M% bonds of 1944-46
3 H%
bonds of 1949-52
274% bonds of 1955-60
.25*% bonds of 1945-47
25*% bonds of 1948-51—.
a
a
2H% series B-1938, maturing June 15 1938..
3% series C-1938, maturing Mar. 15 1938
2X % series D-1938, maturing Sept. 15 1938..
2X% series A-1939, maturing June 15
IX% series B-1939, maturing Deo. 15
IX % series C-1939, maturing Mar. 15
13*% series A-1940, maturing Mar. 15
IX% series B-1940 maturing June 15
1939..
1939..
1939..
1940..
1940..
IX % series C-1940, maturing Dec. 15 1940...
1X% series A-1941, maturing Mar. 15, 1941.
retirement
fund,
2%
Federal
Deposit
Insurance
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1,952,670,000.00
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.$30,591,266,704.50
it
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Old debt matured—issued prior to
April 11917
T *»
$4,816,610.26
as
3X%, 4% and 4)4% First Liberty Loan bonds
of 1932-47
47,889,250.00
4)4 % Third Liberty Loan bonds of 1928
I
4J*% Fourth Liberty Loan bonds of 1933-38
34 % and 43* % Victory notes of 1922-23
rates
t— ©
i
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9,136,650.00
2-3
45,161,000.00
Treasury savings certificates
©
i
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2,604,500.00
71,621,550.00
744,150.00
15,936,050.00
Ctfs. of Indebtedness, at various interest rates
Treasury bills
NO
© to
I
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1,604,900.00
I
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1927-42
i
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4% and 44% Second Liberty Loan bonds of
300,625.00
199,814,285.26
$346,681,016.00
156,039,430.93
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12,399,645,750.00
Less gold reserve
toOOto^to rH © rH
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100,000,000.00
.
Debt Bearino No Interest—
United States notes
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Treasury notes, at various interest
rH©©rH©t-torH©©
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interest-bearing debt outstanding
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N
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Matured Debt
8|if
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Certificates of Indebtedness—
Total
HOOOOOO^OH
Nt^©C0©O©t-to
i—l
N -H
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.©*©"to©"(
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4% Adjusted-Service Certificate Fund series
Treasury bills
ClOOOtoOOHOO
<s
CO
100,000,000.00
2X% Unemployment Trust Fund series,
©
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to ©©*<© too"o©*o*
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5
1936
maturing Jan. 1 1937
,
i
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maturing
series, maturing Deo. 1 1939
i
fiN
fQ
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2,741,000.00
series,
COIN
A
14,274,300.00
514,066,000.00
686,616,400.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
45 5,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
_
Postal Savings System
June 30 1939 and 1940
,
£
2
2,862,000.00
2%
,
©CO
CO Of5
©o© to
w
series
Canal Zone retirement fund, series
to 1940
!
^XrHHIO'
364,138,000.00
357,921,200.00.
1936 to 1940
4%
' rH
!
© © on to 00 IN 00
toCOrJIrH © t-CO to to ©
CCCC1H IN IN©
OS
269,900,000.00
Service
I rH
'
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CO
IN
8
$11,924,142,750.00
Foreign
I
I IN IN If to
rH t-
to
4% Civil Service retirement fund, series 1936
4%
I © O © CO
QC_©_
to©"
<q-<f oo
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Q
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■
to 1940
i
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hU
►©
A
2H% series A-1938, maturing Feb. 1 1938
J
oo r-
HfjNjWN N-<f
a
.$15,981,150,954.50
2%% series C-1936, maturing Apr. 15 1936..
1X % series D-1936, maturing Sept. 15 1936..
1 X% series E-1936,
maturing June 15 1936..
3X% series A-1937, maturing Sept, 15 1937.
3% series B-1937, maturing Apr. 16 1937
3% series C-1937, maturing Feb. 15 1937
[
I
XI
i to to CO to to N*
,rH
©
.
Treasury Notes—
3X % series A-1936, maturing Aug. 1 1936
23* % series B-1936, maturing Dec. 15 1936..
I
N Xl
ooo© ©o© O ©i-H
© O torH to©© OWN
OONN 00 ©O
H
240,333,484.50
Total bonds
1
I
© N © © f} CO
igot-o>ocsth
—I
>*
$197,641,759.50
42,691,725.00
Series B
I
©
CQ
15,541,241,950.00
United States Savings bonds:
Series A
rH
I
I
►<N
$49,800,000.00
28,894,600.00
120,881,020.00
1,400,570,500.00
1,518,858,800.00
1,035,884,900.00
491,377,100.00
2,611,155,700.00
1,214,453,900.00
1,223,496,850.00
...
3% bonds of 1946-48
I
I
O
to N to | to
'2
'
IN
2}
i
.IN* to
o.
$199,575,520.00
3H% bonds of 1943-47
3X% bonds of 1940-43
If}
©
s
$758,955,800.00
1,036,762,000.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
818,646,000.00
7 55,476,000.00
834,474,100.00
4% bonds of 1944-54
!
© (N
rH © t>
X>
Bonds—
Treasury bonds:
4X % bonds of 1947-62
rH N
to ©
CO
CO CO
States
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2X % Postal Savings bonds (11th to 49th ser.)
i©©
i—i
Hf
Ito-f
i
I
© N
©rH
J N*
©
1-H©
.CO
$190,641,585.07
Federal Reserve bank notes
472,105,772.50
Old demand notes and fractional
currency.2,034,376.51
Thrift and Treasury savings stamps, unclassi¬
fied sales, <fec
I
5s
3,277,554.29
668,059,288.37
I
I
i
i
•
CO
»
I
I
I
i
I
in
I
I
i
I
I
rf
I
III
i
I
I
as
I
■
1
!
to
©
^
n
z§
OS
Total grots debt
$31,459,140,278.13
to
t— © © © N O
o
MONTHLY
REPORT
PORATIONS
FEB.
29,
AND
ON
GOVERNMENTAL
CREDIT
AGENCIES
COR¬
AS
OF
1936
corporations and credit agencies, financed wholly or in
part by the United States, was contained in the Department's
"Daily Statement" for March 31.
The report is the 21st
►©©
to
CO N
i©0©
,
'i
© toco
©
©
rH
I©
i
©t>
CO
to n'o'nnn*
Nto
Hf ©rf
rH
N
—
©
rH ©
rH
O
h
M
to
M
03
<
by the Treasury; the last previous one,
1936? appeared in our issue of March 14, pages
•M
I
for Feb. 29 shows in the
financed wholly from Government funds
report
a
^:
of Feb. 29
was shown to be
$1,162,148,679.
This
with $1,152,059,665 as of Jan. 31.
In the case
partly-owned Government agencies, the Govern¬
proprietary interest is the excess assets over lia¬
as
bilities exclusive
owned interests.
of
inter-agency items, less the privately-
The statement follows:
>2,
I
03
•
o
~
11
2
A)
CJ
WW
s
j
sld ! :&
soo
^23
§
exclusive of
compares
of these
I
1
liabilities,
interagency items.
The Government's proprietary interest in
agencies financed
partly from Government funds and partly from private
is
I
I!
S
of
agencies
proprietary in¬
case
terest of the United States as of that date of
$3,223,429,847,
which compares with $3,237,637,494 Jan. 31.
In the case
of these wholly-owned Government
agencies, the proprietary
interest represents the excess
of assets over
ment's
-f-f
I
be issued
to
for Jan. 31,
1754-1756.
funds
COMrHrji©
to
The monthly report of the Treasury
Department, showing
and liabilities as of Feb.
29, 1936, of governmental
The
■
CO
assets
such
OnrfNto
0
I
©HH N rf ©
®.to.©.t-.a®.
>
<
H
:
J
S1
iss :©
| S
a
Ilfjfisi!»|
CO
a
u
Z
M
a
a
3
3
C
8
(H
o
a
03
s
3
O
w
h
3
■™2Ss»«2£2«
£
o
2439
Chronicle
Financial
Volume 142
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS
AS OF FEB.
OF THE UNITED STATES
TREASURY—Continued
AND CREDIT AGENCIES
1936, COMPILED FROM LATEST REPORTS RECEIVED BY THE
29
Dollars—Last Three Figures Omitted)
DETAILS (In Thousands of
___________
Financed Wholly from Government
Funds
U. S.
Shipping
War
struction
Commodity
Export-
Works
Agricul¬
Production
Panama
Board-
Emergency
Finance
Credit
Import
Adminis¬
tural
Credit
Railroad
Merchant
Corp.
Corp.
Corp.
Batiks
tration
Credit
Corps.
Co.
Public
Recon¬
Regional
Assets—
$
$
$
.
and
Agencies b
$
$
$
$
$ v
'
Total
Other 1
Fleet
Corp.
Corp.
$
$
■
Loans:
Banks
Railroads
Insurance companies
Credit unions
53-,020
50
538,939
35,863
30,915
313
313
_
Building and loan associations
6,138
6,138
Livestock credit corporations
970
970
Mortgage loan companies.
"217
759
8,210
108,047
21,890
90,867
5,096
j203,047
2,147,030
652
■
------
.
32,468
9l" 742
106",089
States, Territories, &c
Joint Stock Land banks
601
2,010
Ship construction and reconditioning loans..
Mortgage loans (not otherwise classified)
Crop livestock and commodity loans
260
—
■
"
2i'oio
1,489
144,762
1,489
298,169
1,363,088
...
Preferred capital stock. &c.:
Banks and trust companies.
40,509
298,169
258,809
.
Total loans
"5",046
119,723
1,412
32,468
198,432
2,271
90,650
8,210
468,636
287,453
119,723
Agricultural nrftdlt corporations,
Co-operative associations.
Other loans
355,546
355,546
454,954
...
40,509
861,649'
861,649
100
100
Insurance companies
Railroads
"3",419
------
3,419
4
4
Other._
Cash:
With Treasurer, United States
On hand and
in hanks
In transit
.
3,351
4,616
236
..
18,189
568
500
129
1,408
~
3^272
122
216
5
n
88,352
12,757
1,804
1,522
13,487
27,052
49,047
8,273
75
f 1,700
f28
...
138
2,309
10,129
""113
In trust funds
Investments:
2,820
United States securities
123
10,621
Obligations guaranteed by United States:
18,883
18,883
'
25,105
26.866
"l",755
Federal Intermediate Credit bank securs....
Production
73",867
credit associations—class A stock
Railroad bonds and securities
186
73.867
2,450
17,451
1,339
12,727
43,220
78,801
115,518
15.466
"640
39.285
1,810
"l7",451
Ship sales notes
II
670
74
11
387
6,088
2,772
1,548
329
237
298
735
65
76
23,845
1,252
12,102
22,567
1,585
1,036
Other investments
"f991
Accounts and other receivables
n
n
30,742
9,131
GOO
Accrued interest receivable
Real estate and business property:
Real estate and equipment
10
22
2
......
Real estate and other property
~2~,889
held for sale..
f218
2,265,163
310,675
8344,830
Total assets other than Inter-agency
3
41
""362
46,453
160,116
11,643
54
121,509
43,910
170,356
3.476
6.153
438
18,845
""582
5
n
n
26
15,354
2,401
136
Stores and supplies
Other assets
"656
n
169
8,676
9,831
385,444
3,530,126
4,169,636
4,515,213
14,852
Inter-agency assets:
Due from governmental corps, or agencies..
576
Capital stocks and paid-in surplus of govern-
1,728,490 rl,793,618
65,127
Allocations for
capital stock
purchases and
4
56,100
621,695
1,771,915
paid-in surplus
Other allocations
310,845
5,068,732
Total, all assets
""150
60,000
46,453
276,216
11,643
121,509
44,487
14,852
170,356
r677,795
1,832,065
6,283,721 12,348,819
Liabilities—
Bonds, notes, and debentures:
252,524
252,524
Obligations guaranteed by United States...
50
50
Other
•
A ccrued interest payable:
820
820
Other
Other liabilities
f 344
f 18,998
.
"276
"402
Reserves:
212
""975
lb", 249
34", 765
234
5,140
27
"3",306
138
4,767
Deferred income
n
,
2,751
For uncollectible items
4,919
4,871
6
3,172
237
237
1,177
31,850
13,049
120,000
7,000
7,698
5,697
11,355
306,696
650
975
3,172
402
344
277,110
fotallllabllities other than inter-agency..
794
13,098
25
Other operating reserves
1,849,081
6,322,388
650
1,860,437
6,629,085
a45,426 a4,420,871
11,748
5,465,614
3,624,093
•
Inter-agency liabilities:
202
Total, all liabilities
303,500
303,844
402
500,000
agencies
4,168,954
4,446,064
Due to governmental corporations or
3,000
11,250
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies..
a276,216
227
1,138
CL846
133
3~6~309
c3,492,036
c31~298
46,453
121,509
44,487
170,356
14,852
150
fl 22,5117
~~4~, 000
c9
5,068,732
Total liabilities, capital, and surplus
50,000
t3,599,294
Legal reserves.
310,845
11,643
Earned surplus and undivided profits
13,098
276,216
75
1,805
3,396
ell", 140
c3,373,369
•
6,283,721 12,348,819
For footnotes see following page.
GENERAL FUND
TREASURY CASH
The cash
March 31,
taken
are
States
AND
CURRENT LIABILITIES
holdings of the. Government
1936,
are
as
the items stood
The figures
set out in the following.
entirely from the daily statement of the United
Treasury of March 31, 1936:
$
Assets—
Gold (see above)
Silver (see above)
United States notes
Federal Reserve notes..
Fed. Reserve bank notes
National bank notes
Subsidiary silver coin
ASSETS AND LIABILITIES
Silver bullion (cost value)
Silver bullion
GOLD
V Assets—
uold
$
Liabilities—
$
.10183 666,0S7.29
Gold certificates:
Outstanding
(outside
of Treasury)
2,919,751,289.00
Gold ctf. fund—Bd. of
Govs. F.R. System.4,849,878,911.61
Redemption
fund-
14,865,478.99
Gold reserve
156,039,430.93
Exch. stabilization fund. 1,800,000,000.00
Gold In general fund
443,130,976.76
Fed. Reserve notes.
.
10183
Total
666,087.29
Treasury notes of 1890 outstanding.
10183 666,087.29
Total
Note—Reserve against $346,681,016 of United
States notes and $1,177,972.60 of
1
Silver..
SUver dollars
sales of govt,
$
Liabilities—
$
notes
of
Silver In general fund—
To
Total
Note 2—The amount to the credit of disbursing officers
was
$2,247,514,760.91.
of
550,611.20
ex¬
7,820,416.74
12,848,789.16
215,059,936.94
45,059,209.38 Balance of increment
re¬
sulting from reduction
In
577,277.01
other
weight of the gold
dollar
140,481,057.53
302,270,763.11
..2,423,372,577.48
Seigniorage (see note 1).
1,214,691.32
Working balance
Philippine Treasury:
Balance to-day
To credit of Treas¬
urer
1,177,972.50
93,527,876.12
bank notes (5% fund
other
of U. S
credit
Nat'l
items,
changes, &c
credit of Treas¬
urer
79,377,217.36
of
lawful money).....
Foreign depositaries:
of U. S
1—This item
2,866,124,398.12
Total
3,081,184,335.06
1,833,019.07
3,081,184,335.061
Total
Note
1,179,908,960.62
of
govt, officers
1890
outstanding
Total
of U. S
credit
disbursing
Uncollected
govt, officers
Silver ctfs. outstanding. 1,085,203,112.00
Treasury
secs-.l ,005,746,000.00
other bank
credit of Treas¬
urer
To
courts,
officers, &c
Deposits for:
Redemption
depositaries:
To
670,974,478.62
508,934,482.00
,130,688,865.41
Special depos. acct. of
SILVER
W Assets—
3,576,489.39
Fed. Reserve banks..1
To
294,524.09
Postmasters, clerks of
Collections, &c
and
3,221,007.43
60,078,545.63
63,717,614.49
money....
Other deposits
49,621.97
Deposits in:
Treasury notes of 1890 are also secured by
silver dollars In the Treasury.
(recolnage
value)
Unclassified—
Nat.
$
...
Minor coin
CURRENT
Liabilities—
443,130,976.76 Treasurer's checks out¬
93,527,876.12
standing..
3,322,745.00 Deposits of government
officers:
18,033,105.00
Post Office Dept
727,868.50
Board of Trustees,
3,700,836.50
Postal Savings
6,576,982.40
System:
3,426,773.90
307,143,208.17
5% reserve, lawful
represents seigniorage resulting from the Issuance of silver
1,179,908,960.62
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
and certain agencies to-day
1934 and the amount returned for the silver received under the President's proclama¬
tion dated Aug. 9 1934.
April 11, 1936
Chronicle
Financial
2440
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT
AS
OF
FEB.
29
COMPILED FROM LATEST REPORTS RECEIVED BY THE
1936
DETAILS (In Thousands of Dollars—Last Three
AGENCIES OF THE UNITED
STATES
TREASURY—Concluded
Figures Omitted)
Financed Par tin from Government
and Partlf from Private Funds
Federal
Federal
Federal
Federal
Banks
Home
Savings
Savings
Federal
inter¬
Farm
for
Home
Owners'
and
and
Deposit
Land
mediate
Mortgage
Co-opera¬
Loan
Loan
Loan
Loan
Insurance
Finance
Banks
Credit
Corp.
tives
Banks
Corp.l
Insurance
Associa¬
Corp.
Corp.Q
Corp.
tions
Banks
/
Assets—
Federal
War
$
"
Loans:
Banks
4,388
.
Railroads
Insurance
companies
Credit unions
102,887
Building and loan associations—.
Livestock credit corporations
Mortgage loan companies
^
Agricultural credit corporations
Co-operative associations
42,720
2,117
States, Territories. &c
._
Joint Stock Land banks
Ship construction and reconditioning loans.,
Mortgage loans (not otherwise classified)...
Crop livestock and commodity loans
54
810,810
2,121,667
2,942,930
150,399
Other loans
810,810
42,720
102,942
8,130
1,735
7,924
70,911
5,029
117
8,046
4,388
2,942,930
48,931
152,516
2,121,667
Total loans
Preferred capital
stock, Ac.:
Banks and trust companies
Insurance companies
....
-/-
Railroads
3,485
Other
Cash:
With Treasurer, United
21,156
31,755
States
On hand and In banks
.........
14,166
123
32,695
154
n
f8
In transit
15", 840
In trust funds
Investments:
United States
40,391
36,204
51,564
1,777
securities
37,650
lbl',408
lb",608
4
Corporation
bonds
Credit bank secure
Production credit associations—class A stock.
Railroad bonds and securities._—
Home Owners' Loan
758,129
Federal Land bank
"moo
Federal Intermediate
Ship sales notes
66
Other investments
Realjestate and business property:
fc. Real estate and equipment
»" Vessels and rolling stock—;
....
Stores and supplies
Real estate and other property held for sale..
214
4
326
7,337
298
28,187
799
561
59,288
1,002
30
1,557
1,354
60,699
48,763
receivables.........
receivable
Accounts and other
Accrued Interest
22
4,057
13,098
20,124
100
o76,141
4,313
153,748
135,462
3,137.246
102,998
76,141
341,153
131
102,998
76,141
341,153
131
809
122,772
6,984
Other assets...
2,462,121
243,523
kl3,168
Total assets other than lnter-agency.....
56
1,647,083
7,103
Inter-agency assets:
governmental corps, or agencies.
surplus of govern¬
mental corporations
for
2,425
36
428
10
Capital stocks and paid-in
Allocations
n
46
6,080
'
Due from
296,865
34
54
47,059
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
100,000
—
capital stock purchases and
paid-in surplus
26*913
Other allocations
2,475,289
250,626
1,974,452
Total, all assets
135,462
153,759
1,647,083
3,264,159
141,150
Liabilities—
Bonds, notes, and debentures:
Obligations guaranteed by
1,407,245
payable:
Guaranteed by United States
m3001,909
11,844
United States...
Other
16,039
7
20,886
Deferred income
621
22,669
5,075
Other
Other liabilities
f 1,078
"4",321
858
216
33
24,319
809
143,708
2,075,660
Total liabilities other than lnter-agency:..
Inter-agency liabilities:
Due to
463
22,677
10
22,677
10
280,299
P29.176
10
10
2,749
7,103
1,447,083
7,338
9,827
3,097,659
463
235,639
k97,888
70,000
200,000
141,072
122,899
200,000
100,000
30,000
"5",343
1,389
1,345
c33,499
440
153,759
135,462
3,264,159
102,998
—
Reserves from earned surplus:
Reserve for dividends and
Total liabilities, capital, and
6,907
(or includes non-stock proprietary
b Excess inter-agency assets
250,626
2,475,289
surplus.....
1,647,083
76,141
1,999
5
3,278
27.513
contingencies..
Legal reserves
Earned surplus and undivided profits
110
94
76,141
131
341,153
interests),
(deduct),
Deficit (deduct).
d Exclusive of inter-agency
e
3,097,659
143,718
Capital stock
Paid-in surplus
Non-stock
9,827
235
35,309
Capital and surplus:
a
20,602
55,163
1,444,334
2,110,970
governmental corporations or agencies
Total, all liabilities.
c
2,075
463
202
fl9,896
28,257
Other operating reserves
16",324
9,820
1,467
Reserves:
For uncollectible items
10
6,854
Accrued Interest
assets and liabilities (except
Also Includes real estate and other property
bond investments),
held for sale,
Adjusted for lnter-agency items and items in transit.
4 Excludes contingent assets and liabilities amounting to $217,652 for guaranteed loans, Ac.
h Includes U. S. Housing Corporation, U. S. Railroad Administration, U. S. Spruce Production
f
g||t yvwxl
1
Corporation, and notes received on account of sale of surplus war
-
| pn
Includes Electrio Home and Farm
Authority; Farm Credit Administration
f
(crop-production and other loans); Federal Housing Administration; Federal Prisons Indus-
Inland Waterways Corporation; Rural Electrification Administration; The RFC Mortgage
loans to railroads, and lnter-agency interests held by the United States Treasury.
uncollectible obligations held by the Farm Credit Administration,
$5,176,130 due to Federal Land banks from the U. S. Treasury for subscriptions to paid-in surplus.
ries. Inc.; Resettlement Administration;
Company; Tennessee Valley Associated
Co-operatives, Inc.; Tennessee Valley Authority,
J Net after deducting estimated amount of
k Includes
1
m
Preliminary statement.
Includes unissued
bonds covering loans
o
Assets1not
p
Includes assessments paid In by
r
Represents
classified.
^capital
In process.
stock held by the United States; also $26,913,100 subscribed
member banks and trust companies to the amount of $29,176,616.
Includes the amount of capital
stock, paid-in surplus, and other
proprietary lnter-agency interests which are not
by the Home Owners* Loan Corporation,
deducted from the capital stock and paid-in surplus of the
corresponding organizations.
Federal Land banks amounting to
•
Includes loans to
t
$35,215,203.
Appropriation provided by Congress.
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of daily Treasury
Aug. 31 1919
statements)
Dec. 31
1930
March 31 1917
fund
Gross debt less net balance In
Lowest Post-War
Debt
Debt
$1,282,044,346.28
74,216,460.05
Gross debt
Net balance in general
Highest Post-War
Pre-War Debt
general fund..
$26,596,701,648.01
1,118,109,534.76
$16,026,087,087.07
306,803,319.55
$1,207,827,886.23
$25,478,592,113.25
$15,719,283,767.52
Mar. 31, 1935,
a Year Ago
Feb. 29,
1936,
Last Month
Mar. 31, 1936
$28,817,458,097.73
2,445,841,872.39
$30,519,660,949.63
1,766,751,454.20
$31,459,140,278.13
2,866,124,398.12
$26,371,616,225.34
$28,752,909,495.43
$28,593,015,880.01
TREASURY
2441
Chronicle
Financial
Volume 142
APPROPRIATIONS AND EXPENDITURES
AS OF MARCH 31, 1936
STATEMENT SHOWING
FOR RECOVERY AND
RELIEF
Government, it is shown in a tabulation given in the Treasury's "Daily Statement"
appropriated $17,779,280,194 for recovery and relief up to the end of March, which compares with $18,339,841,284 appropriated as of Feb. 29, 1936. The figure for March 31 does not include amounts advanced ujnder the KerrSmith Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by
Congress in February after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
A report of the Treasury covering appropriations up to Feb. 29 was given in the "Chronicle" of March 14, page 1757.
According to the tabulation for March 31, $12,258,759,162 of the amount appropriated was expended—$9,828,458,273
during the fiscal year ended June 30, 1935, and previous years, and $2,430,300,889 thus far during the fiscal year ending
June 30, 1936; $5,520,521,032 remains unexpended.
Of the appropriations, $2,332,379,809 are listed in the tabulation
as
specific allocations to the various governmental agencies; $6,220,725,386 as having been made available by the Recon¬
struction Finance Corporation; $3,266,000,000 under the National Industrial Recovery Act; $1,383,605,000 under the
Emergency Appropriation Act, 1935 (approved June 19, 1934), and $4,576,570,000 under the Emergency Relief Appro¬
priation Act, 1935 (approved April 8, 1935).
The Treasury's tabulation for March 31 follows:
The various agencies of the Federal
of March 31,
FUNDS APPROPRIATED AND ALLOCATED FOR RECOVERY AND RELIEF.
AS OF MAR. 31
Sources
EXPENDITURES THEREFROM, AND
UNEXPENDED BALANCES
1936
of Funds
Expenditures a
a
Appropriations
Statutory and Executive Allocations
Emergency
National
Specific
Recovery
Act
June
Approved
June
16
1934
19
1935 and
Fiscal Year
Total
Finance
Emergency
Relief
Appropriation
Act 1935,
Appropriation
Act 1935,
Approved
Industrial
Unexpended
Fiscal Year
Reconstruction
Organizations
Prior
1936
Corporation
Years b
Approved
April 8 1935
1933
Agricultural aid:
Agricultural Adjustment Administration
(see note q)
37,554,000
Commodity Credit Corporations
Farm Credit Administration_e
80,000,000
372,054,000
50,476,753
159,610,800
161,966,445
3,000,000
60,000,000
c334,500.000
;
182,129,184
496,214,473
609,378,356 g 38,923,743
200,000,000
104,197,869
423,395,524
200,000,000
209,887,419
224,906,576
£3,046,185
22,286,494
20,970,540
124,958,815
74,493,662
3,087,370
48,219,842
18,472,528
133,629,959
f493,214,473
315,748,397
200,000,000
20,000,000
Federal Farm Mortgage Corporation...
Federal Land banks:
125,000,000
145,000,000
58,950,000
125,000,000
145,000,000
Capital stock
Paid-in surplus
Reduction in int. rates on mortgages-
58,950,000
19,506,931
Relief:
Federal Emergency Relief Admin
Federal Surplus Relief Corporation
Civil Works Administration
h340,700,000
93,101,630
Emergency conservation work
480,590,512
152,304,158
Jh605000,000
325, 890,000
829,665,000
1,299,833,395
85,320,000
85, 320,000
537,722
816,450,155
408,488,458
2,527,039
767,449,494
80,561,249
7,415,113
64,128,764
£127,951,828
179,088,509
113,630,427
Loans to railroads.e
Public highways
1255,488,217
1
River and harbor work
3,000,000
143,000,000
13,000,000
346,104,397
78,439,960
925,306,391
2,239
500,000,000
128,602,966
1,193,521,456
94,697,084
479,627,137
10,546,812
632,205
43,265,888
216,303,647
136,969,752
585,238,957
220,375,133
16,820
760,880,346
74,781,795
1,364,469,670
307,962,916
1,364,469,670
1,215,625,058
729,724,379
296,348,774
460,640,362
27,758,958
644,873,979
183,121,581
429,193,989
145,621,576
9,897,785
634,745,290
458,635,921
125,000,000
200,000,000
50,000,000
135,831,550
40,000,000
265,147,073
6,724,224
16,896,300
81,645,700
26,458,000
19,642",865
200,000,000
30,241,584
"115^550
21,826,208
10,938,547
66,213,710
428,269
6,849,186
15,963,873
107,156,154
13,097,579
197,171,699
2,832,389
37,827
150,000,000
19,129,222
192,139,506
Works Progress Administration
172,000,000
All other....
e>
Home-loan system:
bank
12,677,122
123,895,442
2,231,710
44,100,000
436,201,994
192,139,506
438,031,000
256,327,086
Rural Electrification Administration...
Home-loan
34,149,291
10,546,812
118,339,960
Loans <fe grants to States, munlc., &c.e_
^
557",479",450
88,960,000
400,005,000
323,362,315
Department of Agriculture, relief
Public Works (including Work Relief):
Boulder Canyon project
Aids to home owners:
911,040,000 3,082,464,756 f 479,194,707 2,443,115,494
116,624,322
\
9,380,940
933,530,085
125,000,000
200,000,000
stock
Home Owners' Loan Corporation
k50,000,000
Federal savings and loan associations.
Emergency housing
103,773,050
32,058,500
1,000,000
29,006,586
....
Federal Housing Administration
Resettlement Administration
d39,000,000
3,389,487
232,751,000
6,724,224
Subsistence homesteads
1,761,663
6,034,250
261,705
Miscellaneous:
1
150,000,000
4.999,468
19,260,000
Administration for Industrial Recovery.
Finance
Reconstruction
Corp.—direct
loans and expenditures.e
25,000,000
50,000,000
1
4,300,000
9,304,452
22,795,281
Included In the 1936 Budget estimate of $300,000,000 for general public works annual program and expenditures therefrom are
not included in
the above statement: 'Boulder Canyon Project,
$14,000,000:
$40,000,000; River and harbor work, $10,000,000; other publio
works. $118,409,000; Tennessee Valley Authority, $36,000,000; total. $218,409,000.
Public highways,
b The
expenditures Included in this statement for the period prior
1934 Include only expenditures on account of the Reconstruction
emergency
the fiscal year
Corporation,
struction Act of
not
1932
capital stock of Federal Land banks
Expenditures by the several depart¬
and subscriptions to
under authority of the Act of Jan.
ments and establishments for
are
were
23 1932.
publio works under the Emergency Relief and Con¬
made from general
susceptible to segregation from
disbursing accounts, and, therefore,
expenditures of such depart¬
the general
ments and establishments on the basis of the dally
Treasury statements.
c The sum of $334,500,000 Includes appropriations under the Acts of May 12,
1933, May 25, 1934, June 19, 1934, and Aug. 24, 1935, totaling $360,000,000, less
$25,500,000 carried to the surplus fund from the appropriation of $100,000,000
provided by the Act of June 19, 1934.
d There are no statutory limitations on the amounts of funds which may be
made available by the Reconstruction Finance Corporation for carrying out the
purposes of
the
Sec.
by
notes of
5 of the Agricultural Adjustment Act, and for the purchase
Reconstruction
Finance
of
Corporation
preferred
capital
stock or
banks and trust companies under the Act of March 9 1933.
The Reconstruction
Finance Corporation Is required to make available to the Federal Housing Admin¬
istrator such funds
33,379,782
""22,308
£138,438,266 2,276,434,748 1,674,766,032
47,185,331
27,814,668
as
he may deem necessary
provisions of the National Housing
for the purposes of carrying out the
The amounts included In this
Act.
column
of
the
n
Excess of credits, deduct.
the Act of Feb. 15 1934 was
Civil Works Administration. $345,000,000.
of which amount $4,300,000 has been transferred to an unallocated status; and
Federal Emergency Relief Administration, $605,000,000.
1 See note a above.
j Under the provisions of the Emergenoy Appropriation Act, fiscal year 1935,
the Reconstruction Finance Corporation Is authorized to purchase marketable
provided
in
DETAILS
by the
9,828,458,2725,520.521,031;
Federal Emergency
United
States
on
account
of the sale of such
obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
m The appropriation of $500,000,000 for subscription to capital stock Is included
In the figures shown In the column for Reconstruction Finance Corporation.
'
o
hThe appropriation of $950,000,000
allocated by the President as follows:
6,220,725,385 17779280,194 2,430,300,889
acquired
but the amount which the Reconstruction Finance Corporation may
by the Reconstruction Finance Corporation.
Issued therefor from time to time
The authority of the Reconstruction
Finance Corporation to Issue Its bonds, notes, and debentures has been increased
by such amounts as may be required" to provide funds for such purposes.
e Expenditures are stated on a net basis, i.e., gross expenditures less repayments
and collections, details of which are set forth In the supplementary statement below.
1 Net, after deducting repayments to the Reconstruction Finance Corporation.
94,749.387
Administration of Public Works
have Invested
at any one time In such securities may not exceed $250,000,000.
Moneys paid
for such securities are available for loans (but not grants) under Title II of the
National Industrial Recovery Act.
The amount of obligations which the Recon¬
struction Finance Corporation Is authorized to have outstanding at any one time
is Increased by the sums necessary for such purchases, not to exceed $250,000,000.
The purchase of such securities by the Reconstruction Finance Corporation is
reflected as expenditures of the Reconstruction Finance Corporation and as credits
against expenditures of the Federal Emergency Administration of Publio Works.
The amount by which the available funds on account of such transactions has been
Increased Is, therefore. Included in the funds of the "Reconstruction Finance Cor¬
poration'—direct loans and expenditures."
k Includes
$700,000 allocated for savings and loan promotion as authorized
by Sec. 11 of the Act of April 27 1934.
1 Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corpo¬
ration Is authorized to purchase at par obligations of the Federal Deposit Insuranoe
Corporation in a face amount of not to exceed $250,000,000, and the amount of
obligations which the Reconstruction Finance Corporation Is authorized to have
outstanding at any one time Is Increased by $250,000,000.
The amount to be
Included In this column will represent the proceeds deposited with the Treasurer
securities
for the purposes specified are based upon checks
£
5,107,937
94,749,387
58,349,654
2,332,379,808 n3266000,000 ol383605,000 p4576570,000
Grand total
The following appropriations
Finance
•
9,828,458,272 5,425,771.644
2,328,079,808 3,243,204,718 1,374,300,547 4,518,220,346 6,220,725,385 17684530,806 2,430,300,889
Total..
Unallocated funds.
to
d3812762,514 3,812,762,514
75,000,000
m
...
Tennessee Valley Authority
•
36,250,000
150,000,000
24,259,468
35,000,000
1,250,000
Export-Import Banks of Washington.e.
Federal Deposit Insurance Corporation.
Exclusive of the $34,000,000 transfer referred to In note p.
Exclusive of $18,000,000 and
$24,570,000 transfers referred to in note p.
Includes $4,000,000,000 specific appropriation under the Act of/April 8, 1935,
and transfers of unexpended balances as follows:
From the RFC J $400,000,000;
p
the appropriation of $3,300,000,000 for national Industrial recovery, $34,000,000; from the appropriation of $525,000,000 for relief in stricken agricultural
from
provided in the Emergency Appropriation Act of 1935, approved June 19,
1934, $18,000,000; and from the appropriation of $899,675,000 for emergency relief
Emergency Appropriation Act of 1935, approved
areas
and public works provided in the
June 19, 1934, $24,570,000.
q Effective March 31, 1936, the figures relating to the AAA which are affected
by the Supreme Court's decision of Jan. 6, 1936, and the Act of Feb. 10, 1936,
repealing the Kerr Tobacco Act, the Bankhead Cotton Act of 1934, and the Potato
Act of
1935,
are
omitted from this statement.
OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
Fiscal Year 1936
This Month
Organizations
;
''
„:■
..
•.
/
■
i*
Repayments and
••
-
•
■;
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States,
municipalities, &o
Loans to railroads
Export-Import Banks of Washington
Corporation—direct loans & expenditures
Reconstruction Finance
Payments
'
$1,238,634.37
2,272,199.35
44,581,656.81
791,528.34
37,533.15
73,603,675.15
Collections
Expenditures
Repayments and
Net
a747,830.35
$208,931,187.40
53,479,563.12
226,917,158.08
14,966,865.75
8,192,091.20
a65,453,944.26
779,362,938.19
$640,541.15
$598,093.22
1,555,082.76
717,116.59
39,779,070.89
a44,101,772.61
4,802,585.92
44,893,300.95
785,363.50
139,057,619.41
Payments
Net
Collections
Expenditures
$26,802,003.30
92,403,306.92
162,788,393.61
142,918,694.20
5,359,701.39
917,801,204.54
$182,129,184.10
a38,923,743.80
64,128,764.47
al27,951,828.45
'
2,832,389.81
al38,438,266.35
Financial
2442
STATES
COMPLETE PUBLIC DEBT OF THE UNITED
receipts and disbursements for March, 1936
1935, and the nine months of the fiscal years 1935-36
of Government
and
The statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Dec. 31
1935, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1934:
,
AVAILABLE TO PAY
CASH
MATURING OBLIGATIONS
Dec. 31,
■
or
Deduct—Excess
2,208,733,788
dally statements, Ac
or
2,855,419
37,139,410
269,656,712
3,887,295
3,312,554
Total...
746,752,766
1,045,679,394
1,535,813,164
67,284,105
292,196,512
315,548
438,016
2,188,318
609,043
60,886,644
Panama Canal tolls, Ac
2,302,958
2,080,247
19,136,709
36,421,776
18,845,545
Seigniorage
2,681,505
763,406
32,537,371
Other miscellaneous
5,287,028
3,265,098
46,062,943
65,037,056
39,035,186
600,748,099
3,099,979,839
2,862,760,232
45,907,388
1,531,268
29,336,288
340,265,832
10,105,166
276,171,022
4,914,238
4,515,726
785,143
632,358
35,341,756
...
Miscellaneous receipts:
Proceeds of Govt .-owned sees.
All
Interest
General—Departmental
Public buildings
Dec. 31,
$
Panama Canal
Postal
2s of 1918-1938
3s of 1961
Q.-F.
Q.-M.
Q.-J.
-
3s convertible bonds of 1946-1947
49,800,000
28,894,500
246,800,000
Certificates of Indebtedness
3 Kb First Liberty Loan, 1932-1947
_.J.-D.
converted 1932-1947
J.-D.
4Kb First Liberty Loan, converted 1932-1947.. J.-D.
4Kb First Liberty Loan, 2d conv., 1932-1947._J.-D,
4Kb Fourth Liberty Loan of 1933-1938
A.-O.
4Kb Treasury bonds of 1947-1952
A.-O.
3s Treasury bonds of 1944-1954
J.-D.
3Ks Treasury bonds of 1946-1956
M.-S.
3Hs Treasury bonds of 1943-1947
J.-D.
3Hs Treasury bonds of 1940-1943
J.-D.
3Hb Treasury bonds of 1941-1943
M.-S.
3Ks Treasury bonds of 1946-1949
-J.-D.
3s Treasury bonds of 1951-1955
M.-S.
3Kb Treasury bonds of 1941
F.-A.
4K8-3KB Treasury bonds of 1943-1945
A.-O.
8K> Treasury bonds of 1944-46
A.-D.
3s Treasury bonds of 1946-1948
J.-D.
3K8 Treasury bonds of 1949-1952
J.-D.
2Ua Treasury bonds of 1955-1960..
M.-S.
2Kb Treasury bonds of 1945-1947
M.-S.
U. S. Savings bonds, series A
2Kb Postal Savings bonds
_J.-J.
4s First Liberty Loan,
Treasury notes
Treasury
bills
758,955,800
1,036,762,000
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,476,000
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
491,377,LOO
2,611,155,700
1,214,453,900
153,453,113
121,820,840
12,273,599,050
2,404,192,000
'
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
158,300,000
1,392,226,250
5,002,450
532,489,100
3,492,150
c3,189,114,150
758,983,300
1,036,834,500
489,087,100
454,135,200
352,993,950
544,914,050
818,646,500
755,478,850
834,474,100
64,355
a
1,290,027
55,783,966
8,633,811
15,024,207
50,038,862
10,258
deficiency
21,355,406
39,851,127
6,468,754
25,024,176
19,619
5,974,145
2,065,983
40,662,400
Retirement funds (U. S. share)
21,009,100
5,707,500
4,364,295
18,516,934
260,727,379
163,797,091
234,301,853
Dist. of Col. (U. S. share)
National defense:a
Army..
65,054,693
26,226,509
277,945,397
46,201,638
430,599,910
100,000,000
416,155,728
50,000,000
644,298
Adjusted service ctf, fund..
Agricul. Adjust. Admln.a c_.
Agricul. Adjust. Admin. (Act
Aug. 24,
1935)
Agricultural Contract Adjusts.
14,066,712
48,455,023
Navy
Veterans' pensions & benefits:
Veterans' Administration a
47,855,775
344,155,464
414,525,986
""618,720
8,383,482
361,654
361,654
8,107,579
8,031,475
13,308,858
Farm Credit Administration
a
670,685
Tennessee
a
3,455,811
Debt charges—Retirements..
8,204,150
"V,353,150
368,746,350
153",3*97",550
130,519,459
89,646,698
Valley Authority
537,661,635
559,642,137
1,055,191
2,291,831
12,183,771
16,820,491
.1,559,109
1,576,131
22,218,869
b2,964
1,929,896
10,078,522
23,186,039
364,473,578
262,831,884
2,906,809,460
2,457,354,290
bl4,220,144
291,358
598,093
2,559,776
50,476,754
182,129,184
128,869,998
bl33,775,351
b38,923,744
75,715,177
40,210,850
22,281,220
488,575,648
1,325,315,423
Interest
Refunds—Customs
Internal
8,448,147
revenue
Processing tax on farm prod
_
Total, general..
17,974,677
Reovery and relief:
1,400,570,500
1,518,857,800
Agricultural aid:
Agricul. Adjust. Admin
824,508,050
Commodity Credit Corp...
491,377,100
Farm
Credit
Admin.
(Incl.
Fed. Farm. Mtge. Corp.)
717,117
Federal Land banks
4,068,080
3,712,233
3,085,335
163,600,206
Relief: Fed.Emer.Relief Admin,
88,684,020
(incl. Fed. Surplus Relief
9,586,377,400
Corporation)...
1,954,168,000
Civil Works Administration
40,245
213,733
537,722
10,883,289
.29,596,304,603' 27,944,034,650
Aggregate of Interest-bearing debt—
Bearing no Interest
Matured, interest ceased..
Emerg. Conserva'n work..
Dept. of Agricul.. relief
Public Work (incl. work rel'f);
7,606,913
37,744,926
408,488,458
300,375,077
143,039
1,813,789
2,527,039
78,182,097
bl,801,513
2,034,055
7,415,113
18,478,940
39,779,071
10,698,818
64,128,764
100,945,020
b44,101,773
1,165,800
bl27,951,829
69,676,461
14,370,419
13,346,292
179,088,509
264,865,381
10,549,920
7,570,909
113,630,428
117,551,384
736,700,528
—
224,374,365
Total debt
Deduct Treasury surplus or add Treasury deficit
Net
a
Social Security Act
1934
S
Q.-J.
Q.-F
2s of 1916-1936
a
a
River and harbor work
Railroad Retirement Act
Dec. 31, 1935
Payable
Title of Loan—
^ 751,698,138'
Total receipts
INTEREST-BEARING DEBT OUTSTANDING
2s Consols of 1930
152,544
other
Expenditures—
+ 1,443,190,501 +2233,360,101
Balance, deficit (—) or surplus (+)
67,449
Principal—for'n obligations
Interest—for*n obligations.
313,995,971
—
...
793,221,346
1,267,022,946
399,289,975
253,384,031
46,539,585
32,303,129
Customs..
—16,489,445
3,752,785
1934-35
$
326,268,512
188,919,079
Miscell. Internal revenue
Processing tax on farm prod'ts
2,547,356,072
30,361,933
709,782,629
1935-36
73,103
tax.
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks.
Discount secured on War Savings Certificates
Settlement on warrant checks
—July 1 to Mar. 31—
$
$
$
412,452,233
291,218,693
Income
2,563,845,517
—18,790,521
under disbursements on belated ltems^
-Month of March1935
1936
General & Special Funds-
Recelpts—
Internal Revenue:
deficiency of receipts over
2,189,943,267
or
and 1934-35.
$
$
Balanoe end of month by
Add
Dec. 31,' 1934
1935
April 11, 1936
Chronicle
484,547,991
50,714,710
Boulder Canyon project
a30,557,379,496 28,479,297,351
+ 1,443,190,501 +2233,360,101
Loans and grants to States,
municipalities,
b29,114,188,995" 26,245,937,250
debt
Ac
Loans to railroads
Public highways
River and harbor work
a Total gross debt Dec. 31 1935 on the basis of daily Treasury statements was
$30,557,324,062.69, and the net amount of public debt redemption and receipts
In transit, &c., was $55,433.50.
b No reduction is made on account of obligations
of foreign governments or other investments,
c Includes amount of outstanding
bonds called for redemption on April 15 1934.
Rural Electrifica'n Admin.
632,206
215,553
Works Progress Admin
729,724,379
195,250,135
All other
39,630,025
39,929,634
296,348,775
244,412,702
863,437
3,565,903
36,539,166
65,125,342
1,226,834
b508,981
21,826,209
1,284,859
2,001,605
10,938,548
Aid to home-owners:
CONTINGENT_LIABILITIES OF THE UNITED STATES DEC. 31, 1935
Home-loan system
Emergency housing
Federal Housing Admin
'Amount of Contingent Llabillty-
p*Detail—
'
Principal
a
Interest
Total
Resettlement Adminlstra'n.
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
37
""347,504
428,269
98.957.829.44
239,866,225.99
22.429.648.45
b747,830
bl,425,288
2,832,390
bl41,832
Admin, for Indus. Recovery..
b876
"i,15l",085
5,107,938
8,785,125
68,698,563.38
Reconstruction Finance Corp.
b65,453,944
b23,592,133
3,618,930
27,814,668
25,082,653
213,950,390
287,691,949
2,430,300,889
2,605,104,911
578,423,968
550,523,833
5,337,110,349
5,062,459,201
173,274,170
50,224,266
2,237,130,511
2,199,698,969
Subsistence homesteads
862,085,600.00
98,028,600.00
236,612,800.00
22,325,000.00
68,079,700.00
100,122,000.00
3,232,821.00
618,863.38
496,438.25
8,635,426.51
1,395,889,126.51
2K% bonds of 1942-47
1K% bonds of 1939...
3,253,425.99
104.648.45
865,318,421.00
__
Total recovery and relief
Total expenditures
Federal Housing Administration..
Excess of receipts
jm
m
9*
Home Owners* Loan
'
Corporation:
A% bonds of 1933-51
3% bonds, series A, 1944-52
1,114,475
2K bonds, seriesB, 1939-49
1,228,785
1K% bonds, series C, 1936
49,736
1K% bonds, series D, 1937
49,843
2% bonds, series E, 1938
49,532
1 H% bonds, series F, 1939
325,254
2K % bonds, series G, 1942-44..
36,950
...
Excess of expenditures
b41,181.19
41,181.19
5,799,307.43 1,120,274,607.43
350.00 13,379,752.31 1,242,165,102.31
000.00
279,765.00
50,015,765.00
000.00
327,094.69
50,170,094.69
100.00
.♦
750.00
575.00
371,490.75
406,560.75
39,601.13
49,903,590.75
325,661,310.75
36,990,176.13
Excess of exp. (+) or rets. (—)
-
(+)
or rets.
8,204,150
(excl. public-debt retirements)
Trust acc'ts, increment on gold
872,880.00
97,817.49
16,228,260.87
88,160,880.00
149,269,484.16
—181,478,320
1,198,958,36
c253,658,625.03
—
4,524,769,579.79
+36,850,940
+220,769,169
—145,904,368
-73,733,986 +2,089,153,330
+1,900,397,051
15,266,235
355,684,535
( + ) or receipts (—)
—159,893,615
.+1099,372 944
Increase in the public debt
939,479,329
j
1,196,516,125.60 26,725,063.38 dl223,241,188.98
States
1,764,316,683
28,525,994,303
28,700,892,624
27,053,141,415
31,459,140 278
28,817,458,098
18,131,368
19,994,125
183,783,079
167,126,003
Accounts, Increment
on Gold, &c.
Increment resulting from reduc¬
tion In the weight of the gold
dollar
58,427
1
After deducting amounts of
1935.
amount of notes and accrued interest
cDoes not include $4,095,000,000 face
thereon, held by Treasury and reflected In
the public debt,
d Figures as of Oct. 31 1935—figures as of Dec. 31 1935 not avail¬
able.
Offset by cash in designated depository banks and accrued interest amount¬
ing to $308,664,525.51 which Is secured by the pledge of collateral as provided in
the Regulations of the Postal Savings System, having a face value of $322,496,812.98;
cash In possession of system amounting to $91,467,269.52, and government securi¬
ties with a face value of $816,786,970 held as investments, and other assets.
110,601,846
6,500,000
27,823,136
Transactions in checking acc'ts
of governmental agencies (net)
Chargeable agst. increm. on gold:
Melting losses, &c
Payment to Fed. Res. banks
44,856,599
352,987,654
279,174,848
23,537,902
147,685,498
117,464,206
31,288,349
57,703,763
412,571
568,573
136,973
5,614,454
15,669,301
(Sec. 13b, Fed. Res. Act as
amended)
100,000
For retlrem't of Nat. bk. notes
2,162,127
15,266,235
355,684,535
Unemployment trust fund—In¬
vestments
1,250,000
."
Total
issuing banks.
Excess of receipts or credits
64,674,076
a
6,500,000
25,700,029
573,756,823
19,156,570
,
Excess of expenditures
are
Through*the courtesy of the Secretary of the Treasury
enabled to place before our readers today the details
1,446,999
162,159,322
16,356,921
Trust accounts
in the Treasury
GOVERNMENT RECEIPTS AND EXPENDITURES
545,253
24,705,148
Expenditures—
actual circulation,
exclusive of $17,443,913.35 redemption fund deposited
and $337,978,915 of their own Federal (Reserve notes held by the
Federal Reserve notes Issued are secured by gold certificates In the
amount of $3,970,842,760; United States Government securities of a face value of
$127,500,000, and commercial paper of a face amount of $2,715,497.75.
I
Total
e3691,629,771.65
a
157,326
8,383,341
1,250,000
Unemployment trust fund
Federal Reserve notes (face amt.)
—136,080,368
28,817,458,098
Trust accounts
1,223,241,188.98
funds deposited with the Treasury to meet interest payments,
b Interest to July 1
1935 on $19,862,250 face amount of bonds and interim receipts outstanding which
we are
2,758,247,654
Receipts—
W* Includes only bonds Issued and outstanding,
In
291,463,795
30,519,660,944
.
Seigniorage
e
+1,733,468,795+1,900,397,051
____t
Other Obligations—
r
—73,733,986
+365,197,781 +1,024,778,859
31,459,140,278
year
Public debt this date
Total, based upon credit of Lhe
called for redemption July
—19,156,570
Total excess of expenditures
Trust
On Credit of the United Slates:
Secretary of Agriculture
were
-54,577,416 +1,868,384,161 +2,046,301,419
Increase (+) or decrease (—) In
or
Total, based upon guaranties...
United
,
Public debt at begin, of month
Tennessee Valley Authority-
Postal Savings System:
Funds due depositors
153,397,550
—144,627,380
.
general fund balance
252,459,666.67
368,746,350
Ac., excess of receipts (—) or
Reconstruction Finance Corp.:
228,260.87
4,353,150
(—)
Less nat. bank note retire't
16,000,000.00
87,288,000.00
bl37,612,557
—50,224,266 +2.237,130,511 +2,199,698,969
—173,274,170
.
Less public-debt retirements.
Excess of exp.
expenditures (+)
149,171,666.67
bl38,438,?66
Summary
300.00
*2,854,577,075.00 20,644,753.25 2,875,221,828.25
3% notes, series G
2% notes, series H
1 K% notes, series K
497,850
"
—direct loans A expend's..
Tennessee Valley Authority.
pm
2,922,122
Miscellaneous:
100,618,438.25
*1,387,253,700.00
bonds of 1942-47
j % bonds of 1937
929.229.44
2,348,410
14,320,980
......
Export-Import Bks. of Wash.
Fed. Deposit Insur. Corp
$
3% bonds of 1944-49
3K% bonds of 1944-64...
66,213,711
20,847,358
36,850,940
133,270,480
145,904,368
220,769,169
Additional expenditures on these accounts for the months and the fiscal years
Included under Recovery and Relief Expenditures, the classification of which
will be shown In the statement of classified receipts and expenditures appearing on
page
5 of the dally Treasury statement for the 15th of each month.
b Excess of credits
or
(deduct).
c
Payable from processing taxes on farm products
advances from the Treasury to be deducted from processing taxes.
Financial
Volume 142
TREASURY
The
MONEY
from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first of January,
February, March, and April, 1936:
Jan. 1 1936
Mar. 1 1936
Feb. 1 1936
Apr. 1,1936
quotations for securities, &c., at London,
reported by cable, have been as follows the past week: ■
as
349,423,467
3,860,208
5,084,574
Net United States notes..
Net National bank notesNet Federal Reserve notes
607,567,323
390,933,218
3,512,821
5,004,283
17,258,990
271,708
5,457,500
6,810,686
14,930,805
Net Fed. Res. bank notes.
967,614
Net subsidiary sliver
Minor coin, Ac
$
$
643,413,358
Net silver coin and bullion
per oz_.
4,189.642
6,531,894
3,296,289
17,654,132
746,257
5,878,023
7,530,704
The
States
Cash balance In Treas..
872,362,131
1,013,470,643 *1039255,915
156,039,431
156,039,431
857,431,212
880,777,098
price of silver per ounce (in cents) in the United
the same days has been:
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
tificates of indebtedness
870,761,000
599,826,777
617,078,000 1,005,746,000
456,058,296 1,130,688,866
747,929,000
520,294,372
Dep. In National banks—
To credit Treas. U. S__
8,947,007
To credit dlsb. officers.
67,495,785
Cash In Philippine Islands
2,205,614
cash
In
(newly mined)
NATIONAL
1,833,019
1,791,968
2,423,806,941 2,234,044,970 1,987,777,657 3,081,184,335
215,073,152
230,065,629
215,059,937
221,026,203
'Available cash balance. 2,208.733,789 2,003,979,341 1,766,751,454
Includes
—
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATION
$200,000
3—The Peoples National Bank of Lakewood, Ohio
Effective March 19, 1936.
Liq. Agents: S. N. Amster, P. O.
Box 1, Bedford, Ohio, and Carl W. Schaefer, 1801 Guarantee
Title Bldg., Cleveland,
Ohio.
Absorbed by the Lorain
Street Bank, Cleveland, Ohio.
April
Treasury
and In banks
Deduct current liabilities.
*
12,848,789
45,059,209
9,082,798
43,344,258
2,188,350
2,594,743
10,647,270
70,184,963
1,774,660
2,437.607
2,208.627
Deposits In foreign depts.
Dep. In F"ed. Land banks.
•
HOLTDAY
-
Treasury
The
Dep. In Fed. Res. bank..
Net
HOLIDAY '
117%
-
on
883,216,484
Treas'y bonds,
Treasury notes and cer¬
117%
v./.'
Dep. In Bpec'l depositories
account
Frt.,
Apr. 10
107%
107%
117%
117%
N.Y.(for'n) 44%
S.
107%
107%
Holiday
U. S. Treasury.
U.
Total cash In Treasury. 1,028,401,562 1,036,816,529
Less gold reserve fund...
156,039,431
156,039,431
Holiday
„
British 4%
1960-90
Bar
Thurs.,
Apr. 9
Wed.,
Apr. 8
%%
War Loan
18,033,105
727,869
6,576,982.
7,003,263
Tues.,
Apr. 7
19%d.
19 15-16d. 19%d.
20 l-16d.
140s.7%d. 140s.8%d. 140s.8%d. 140s, lOd.
85&
85%
85%
85%
19 15-16d.
Gold, p. fine oz.140s. 7d.
Consols, 2%%_ Holiday
$
599,170,408
400,720,706
3,322,745
3,700,837
575,980,656
399,539,559
2,845,023
Mon.,
Apr. 6
Sat,,
Apr. 4
British 3
$
Net gold coin and bullion.
CABLE
The daily closing
up
Silver,
Holding* in U. S. Treasury
PER
MARKET-
FINANCIAL
ENGLISH
HOLDINGS
following compilation, made
2443
Chronicle
April
on
2,866,124,398
$307,192,830 silver bullion and $3,426,774 minor,
1
&c.
BRANCHES
Calif.
Certificate
No.
1233A.
Location of
The First National Bank & Trust Co. of Kalamzaoo, Mich.
Certificate
Kalamazoo County, Mich.
branch, Village of Vicksburg,
No. 1234A.
coins not included In statement "Stock of Money."
AUTHORIZED
Anglo-California National Bank of San Francisco, Calif.
Location of branch, 310 Main St., in the City of Chico, Butte County,
Mar. 30—The
SEASONAL AGENCY AUTHORIZED
THE ENGLISH
GOLD AND SILVER MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 1—The First National Bank of St. Ignace, Mich.
Location of
branch, "Seasonal Agency" in the City of Mackinac Island, Mackinac
County, Mich., and to operate such seasonal agency from June 1 to
Sept. 30 in each year.
Certificate No. 1235A.
Seasonal Agency No. 2.
March 25 1936:
GOLD
CURRENT
NOTICES
The Bank of England gold reserve against notes amounted to £200,613,184
the 18th inst. showing no change as compared with the previous Wednes¬
on
day.
V.
creased to
Purchases of bar gold announced by the Bank during the week amounted
to
£1,671.
the amount disposed of at the daily fixing
been less in evidence,
a
was
about
Business has been quiet, the special interest in bar gold having
gold exchange parities.
parity tended to lessen and now
The premium
approximates that shown
over
over
dollar
French
franc parity.
Outlook
for
The outlook further states that the fear
Equities."
pletely.
"Threats of war abroad, disastrous floods, renewed
for reelection to the
Presidency,
enforced realization of the high cost of
Equivalent Value
of £ Sterling
Ounce
March 21
March 23
March 24
March 25
the "Outlook."
ter of the fundamental
12s. 0.69d.
12s. 0.65d.
12s. 0.82d.
12s. 0.69d.
9%d.
140s. lid.
Average
following were the United Kingdom imports and exports of gold
£876,780
114,888
12,304
35,137
495,999
270,900
12,978
180,000
289,818
20,948
28,491
961,750
26,808
17,592
British West Africa
Tanganyika Territory
Hongkong
British India..
Australia
New Zealand
Canada
U.S.A.
Venezuela
Netherlands
France
Switzerland
Other countries
Netherlands
£1,210,020
85,155
97,475
2,367
1,810
France.
Switzerland
Italy
Czechoslovakia
-
"The declining trend
seasonal
which
nations of the world.
Other countries.
230
and
February, and
accentuated by the severest winter in many years, now appears
to have been reversed.
road
(corrected for
of indexes of industrial production
variation), which prevailed during January and
was
Spring revival is clearly under way and, for the most
Further improvement seems definitely fore¬
shadowed, with the heavy industries, such as building
Exports
Imports
economic situation in this country and in many others
of the principal-trading
part, trade news is excellent.
registered from mid-day on the 16th inst. to mid-day on the 23d inst.:
British South Africa
"There is great faith in the strength and favorable charac¬
12s. 0.60d.
12s. 0.69d.
lid.
lid.
11 %d.
12s. 0.69d.
business leaders or the general public," continues
dent optimism of either
lid.
141s.
140s.
140s.
140s.
140s.
140s.
heavier tax burdens,
singly and coUectively have made no noticeable impression upon the confi¬
Per Fine
March 19
March 20
uncertainty regarding
gold bloc currencies, the growing strength of Mr4 Roosevelt as a candidate
government and of the inevitability of substantially
Quotations during the week:
The
point where it has shown itself to be virtually impervious to all
psychology so prevalent in earlier years seems to have disappeared com¬
nevertheless general demand has maintained prices
fair premium over
a
ordinary influences, it is pointed out in Edward B. Smith & Co.'s current
"The
In the open market
£966,000.
at
—Public confidence in the economic future of the United States has in¬
electrical
equipment,
and machinery,
expected to provide the principal new stimulus.
construction, rail¬
those which are
among
Production in numerous
in the next several
industries may well reach new peak levels for the recovery
weeks."
—Blyth & Co., Inc. announces that the facilities of its trading
tion have been extended to its St.
B.
Van Arsdale.
organiza¬
Louis office under the direction of Neiland
Mr. Van Arsdale has recently spent some time in the
New York and Chicago
offices of the firm, studying its national trading
facilities.
•
DIVIDENDS
£1,397,057
£3,344,393
The
carries
SS.
sailed from
Pindi which
Rawal
Bombay on the 21st instant
gold to the value of about £430,000 consigned to London.
SILVER
Until
The
demand offset sales
day, owing to
a
Sellers
a
on
quiet
and prices
had shown
China account and resales by speculators.
very
Yester¬
The dividends announced this week are:
19 13-16d.
been
have
been
Indian Bazaars continued to give support and this
are
little speculative demand for forward delivery, prices were
quoted level at
on
market had
to-day the
little movement.
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.
Dividends
reluctant
and today,
increased demand from
Per
India
Name
Share
of Company
Holders
When
Payable of Record
poorly supplied market caused prices to advance sharply to 20 3-16d.
for cash and
20%d. for two months delivery, the premium on cash being
thus reestablished.
The outlook remains uncertain, but at the level reached today the market
appears to
be somewhat overstrained.
The following were the United
registered from mid-day on the
16th inst. to mid-day on the 23rd inst.:
Exports
Imports
Manchuria
£232,324
39,303
Japan
Belgium
14,041
U. S. A
British India
Germany
Netherlands
4,204
Sweden.
British South Africa
6,202
2,000
2,000
1,562
Norway
Irish Free State
J
Leeward Islands
Other countries
France
Egypt
Other countries.
35c
35c
Nov.
Oct.
20
35c
Febl'37 Jan.
20
$1 %
American Dairies, Inc., 7% pref. (quar.)
$1%
—
American
Equity Assurance (N. Y.) (quar.)
—
Extra
Kingdom imports and exports of silver
Apr. 15 Mar.
May
1 Apr.
Apr.
1 Mar.
Apr. 25 Apr.
Apr. 25 Apr.
May
1 Apr.
Apr. 20 Apr.
Apr.
May
Apr.
May
Apr.
May
July
Aug.
American Art Works, Inc., 6% pref. (quar.)
American Cities Power & Lighting, conv. A (qu.)
75c
25c
5c
20c
American Machine & Foundry Co., common
National Bank, N. Y. (quar.).
Anglo-Canadian Telephone Co., 7 % pref. (quar.)
pref. (quar.)
Asbestos Mfg. preferred (quar.).
Preferred (quar.)
Preferred (quar.)
Amsterdam City
$3%
87%c
Archer-Daniels-Midland,
£43,850
117,990
34,539
1,700
1,106
2,328
2,140
4,046
Preferred
(quar.)
Associated Electrical
35c
£207,699
IN
IN NEW YORK
LONDON
Bar Silver per
Cash
March 19
March 20
19%d.
19 13-16d.
19 13-16d.
19 13-16d.
19 13-16d.
Oz. Std.
(Per Ounce .999 Fine)
2 Mos.
19 ll-16d.
19%d.
March 18
March 20
March 21
March 24
March 25
20 3-16d.
19%d.
19 %d.
19 13-16d.
20%d.
Average
19.865d.
March 19
45 cents
.45 cents
45
45
45
45
cents
19.8l2d.
March 21
March 23
March 23
March 24
The highest rate of exchange on New York recorded during
rom the 19th inst. to the 25th inst. was $4.97% and the lowest
cents
cents
cents
the period
$4.95%.
11
15
15
15
18
15
15
20
20
20
Industries, Ltd.—
Amer. deposit receipts for ordinary
Atlantic City Electric (quarterly).
Atlantic Coast Line RR. pref.
registered
.
—
29.7c
$1%
(semi-annual)
Atlantic Macaroni, Inc
£301,636
Quotations during the week:
31
Atlantic Safe Deposit Co. (N. Y.)
Atlas Imperial Diesel Engine, class
(quar.)
A & B
Beatty Bros. Ltd., preferred (quarterly)
Bendix Aviation (quarterly)
Birtman Electric (quarterly)
;
Extra
Preferred (quarterly)
Bishop Oil Corp. (quarterly)
Blue Ridge Corp., $3 conv. pref. (quar.)
Bourjois, Inc., $2% pref. (quar.).
Bridgeport Machine Co., preferred (quar.)
British Celanese, first preferred
Brush-Moore Newspapers, Inc.—
7% 1st & 2d pref. (quar.)
$1%
e3.3%
$iy*
25c
25c
25c
$1 %
2%c
75c
68%c
$1 %
7%
$1%
Apr.
May
May
May
Apr.
15 Mar. 19
1 Apr.
9
11 Apr.
24
15
8
May 19 May 13
1 Apr. 15
May
June 12 May 20
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1
Apr. 15 Apr.
June
15 May
15 Apr.
1
May
5
1
May 15 May
Apr. 25 Apr. 15
Apr. 30
Apr.
1 Mar. 30
Financial
2444
Per
Share
Name of Company
Bullock's, Inc., preferred (quar.)
Calumet & Hecla Consolidated
--
Copper
10c
Canadian Exploration
Canadian Investment Fund, Ltd
r34c
20c
Capital Management
Central Kansas Power Co.. 7% pref.
6% preferred (quarterly)
$14
(quar.) —
— --
—
$14
Central Miss. Valley El. Prop. 6%
Central Power & Light, 7%
6%
pre
pref. (quar.)_
pref. (quar.)
erred (quarterly)
Cerro de Pasco
43 4 c
371f
Copper Corp
City Baking Co., 7%_ pref. (quar.)
Coca-Cola Bottling Co. of St. Louis, (quar.) —
Collins Co. (quar.)
Commonwealth Life Insurance Co. (Ky.)
Consolidated Chemical Industries, class A (qu.)_
Class B
__—
.
—
$1 4
50c
$14
40c
374c
124c
75c
Continental Can Co.
(quarterly)
Crandall, McKenzie & Henderson, Inc
Cuneo Press. Inc., common (quarterly)
64% preferred (quarterly)
Dividend Shares, Inc
Eureka Pipe Line Co
East Townships Telephone (quar.)
Eureka Pipe Line (quar.)
Faber, Coe & Gregg, Inc., pref. (quar.)___
Fidelity Deposit (Baltimore) (quarterly)
—
12m
— -
—
$1
18c
—
$1
50c
__
25c
Extra
25c
Fidelity Fund, Inc., new (initial)
Foreign Bond Associates, Inc., common
Franklin Fire Insurance
Extra
Gas Securities-
75c
25c
5c
-
(quarterly)-
_
e4%
$1
$14
$3.30
__
General Cigar (quarterly)
General Hosiery Co., 7% pref. (quar.)
General Italian Edison Electric, Amer. shares.
General Metals (quar.)__
General Shoe Corp., A & B
General Stockyards.
Preferred (quarterly)
Glen Alden Coal (quarterly)
1
Gotham Silk Hosiery Co., Inc., preferred
Gottfried Baking Co., Inc., 7% pref. (quar.)
_
25c
40c
50c
$14
25c
$24
$14
$1
$1*4
_.
Gray & Dudley Co. (quar.)..
7% preferred (quar.)
50c
Great Southern Life Insurance Co. (quar,)
Great Western Electro-Chemical
80c
Guelph Carpet & Worsted Spinning Mills, 64 %
preferred (quarterly)
'
$14
$2
Hannibal Bridge Co. (quar.)
Highland Dairy, Ltd., 7% pref. (quar.)
25c
Home Insurance (quarterly)
Extra
5c
$1
Homestake Mining (monthly)
$2
$14
Extra
Holly Sugar Corp., preferred (quar.)
Horder's, Inc. (quarterly)
Howes Bros. Co., 1st 7% pref. (quar.)
6% preferred (quar.)
Imperial Ghemicallndustries, Ltd., Amer. dep.
res. for ord. reg. (final)
..xw
International Cigar Machinery Co., common
Jantzen Knitting Mills (quarterly)
Preferred (quarterly)
Jeffrey Mfg. 6% preferred (quar.)
Kansas City St. Louis & Chicago RR.—
15c
$14
$14
54%
45c
10c
___
May
1 Apr.
June
1 May
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 15 Mar.
Apr, 15 Mar.
June
1 May
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 20 Apr.
Apr. 15 Apr.
Apr.
1 Mar.
15 June
May
May
Apr.
May
May
Apr.
Apr.
May
Apr.
1
1
15
1
1
25
25
1
20
May
May
Apr.
10c
874c
May
May
May
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2c
M-A-C Plan. Inc. (Providence, R. I.), pref
M & P Stores Ltd., 7% pref. (quar.)
25c
$14
10
7
28
1
20
20
15
15
$6 preferred
(quar.)
8
20
20
J'__
—
Syndicate (bi-monthly)
(monthly)
6% preferred (monthly)
u_
5% preferred (monthly)—
Towle Manufacturing Co. (quar.)
Trustee Standard Utility Shares (bearer)
.
United New Jersey RR. & Canal (quar.)_
United States Fire Ins. Co. (quar.)—'_.
—
Upper Michigan Power & Light Co.
6% preferred (quar.'
6% preferred (quar.
6% preferred (quar.
6% preferred (quar.
Utica Gas & Electric, 1 % pref. (quar.)__,
Van Camp's, Inc., $7 pref
Washington Gas Light (quar.)
—
Washington Oil
Westland Oil Royalty Co., class A (monthly) Class A (monthly)
West Penn Electric, 6% pref. (quar.)
7% preferred (quar.)
—
Woolworth (F. W.) (quar.)
_
Below
1
5
May
May
1 Apr.
Apr. 20
May
5
May
9
Apr.
1
Apr. 15
Apr. 15
May
8
June
19
July
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
7
11
20
30
29
20
25
17a
June
18a
Mar. 31
Mar. 31
10
15
Adams (J.
Air Reduction Co., Inc. (quar.)
Alaska
Juneau
Gold
Mining (quarterly)
Extra
_
Planters Nut & Chocolate Co
Plymouth Cordage (quarterly)
Public Service Co. of Colorado 7% pref. (mo.)..
6% preferred (monthly)
5% preferred (monthly)
Pyle-National Co., common (quarterly)
Reserve Resources Corp., $6 pref..
Rhode Island Public Service Co., pref. (quar.)-Rolls-Royce Ltd., ordinary (final)
Rose's 5, 10 & 25c Stores (quar.)
7% preferred (quar.)
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
St. Louis, Rocky Mt. & Pacific Co., pref
Preferred
Preferred
San Antonio Public Service Co. 8% pref
7 % preferred (quar.)
_____
May
Apr.
Mar.
Mar. 31
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
4&c
May
58 l-3c May
50c
May
41 2-3c May
10c
May
May
Apr.
May
May
$3.13 Apr.
$24
Apr.
Apr.
$14
58 l-3c May
50c
May
41 2-3c May
32$
$!£
Apr.
Apr.
Apr.
Apr.
4
15
15
15
Mar. 20
Apr.
50c
May
Apr.
Apr.
May
May
May
May
Apr.
Apr.
Apr.
Apr.
10
15
15%
25c
$14
50c
$14
$14
$1.4
H
$14
20
20
20
20
June
Sept.
Dec.
Mar.
Mar.
20c
Spiegel May Stern (quar.).
75c
May
$14
Aug.
Mar. 31
Mar.
San Carlos Milling Co. (monthly).
Preferred.
Apr. 13
$1
25c
2
13
15
20
13
20
15
15
15
30
15
10
9
21
Apr.
Apr.
Apr.
July
2
15
15
June
27
June 15
Sept.
Sept. 15
Dec.
Dec.
$14
$14
$14
June
June 15
Sept.
Sept. 15
Dec.
Dec.
50c
Apr.
Apr.
Apr. 15a
Apr.
3
...
25c
$2
July
May
May
May
Apr.
Apr.
$1
50c
$1
$14
$14
$14
$14
$14
$14
$14
25c
Apr.
4
8
6
June 13
Dec.
20c
50c
May
Apr.
30c
May
May
May
Apr. 20a
Apr.
6
Apr. 13
Apr. 13
May
5
June
June
6
Sept.
Sept,
5
Dec.
5
Apr.
Mar. 14
Apr.
Apr.
Apr.
May
Apr.
Apr.
Mar.
37m
iiS
Sept. 12
May
May
Apr.
Apr.
12
1
15
1
10
10
14
Apr.
July
July
Apr.
May
May
$1
Apr.
Mar. 26
xw8%
374c
$14
Apr.
Apr.
May
Apr.
Apr.
May
July
Apr.
Apr.
June 20
June 20
Mar. 14
1
Industries—
for ord. reg
25c
$3
50c
(quar.)
124c
45c
$14
20c
May
5c
15c
May
5c
Extra
$14
Bayuk Cigar, 1st preferred (quar.)
Beatty Bros., Ltd., 6% 1st pref. (quar.)
Belding-Heminway (quar.)
Quarterly
Bell Telep. Co. of Canada (quar.)
Bell Telep. Co. of Penna.. pref. (quar.)
Beneficial Industrial Loan Corp,
llH
374c
874c
(quarterly)
Co
10c
...—
(quar.)
...
uarterly..
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros., preferred (quar.)..
Bon Ami Co., class A (quarterly)
Borne-Rcrymser Co. (special)
Bower Roller Bearing (quar.)
Bralorne Mines (quarterly)
...
;
Brantford Cordage, pref.
(quar.)
Bridgeport Hydraulic Co. (quarterly)
Briggs Mfg. Co. (quarterly)
British Columbia Power, class A (quar.)
British Columbia Telep., 6% pref. (quar.)
Broadway Dept. Stores, 7% 1st pref. (quar.)__.
Brooklyn-Manhattan Transit Corp. (quar.)
(quar.)
Bruck Silk Mills (quar.)
Apr.
May
Apr.
May
25c
—
Preferred
Nov. 25
Apr.
Apr.
May
Apr.
July
10c
.
Extra
Dec.
Apr.
25c
(quar.)
Automobile Finance Co. (quar.)
Baldwin Co., 6% cum. pref. (quar.)
Baldwin-Duckworth Chain (quar.)
Bandini Petroleum Co. (monthly)
Barnsdall Corp. (quarterly)
Bloch Bros. Tobacco
Sept.
$24
Powder, preferred (quar.)
Blaw-Knox
May 25
Aug. 25
Oct.
IP
Teleg. Co. (quar.)
Amoskeag Co., common
Preferred
(semi-annual)
Anaconda Copper Mining Co
Argo Oil Co
Arlington Mills
Preferred series A
Mar. 14
Mar. 14
June
Jan.
50c
40c
1st preferred (quar.)
rec.
15
Apr. 24a
Apr. 10
Apr. 25
30c
2d preferred (quar.)
dep.
June
25c
American Telep. &
American
15
25c
7% preferred (quar.
Electrical
15
*!£»
7% preferred (quar.).
Associated
10
1
Mar. 31
Apr.
$34
$1
June 27
Apr.
Apr.
Dec.
...
May 20
4c
15
10
10
10
June
June
$14
Apr.
Apr.
Apr.
Apr.
50c
15c
2c
Austin Nichols, prior A
Automatic Voting Machine
13
Mar. 31
Mar. 31
50c
Atlas Tack (resumed)
Attleboro Gas Light Corp.
25c
$14
Mar. 31
Mar. 31
50c
Apr. 20
_
May
Apr. 15
Apr. 15
Apr. 17
Apr. 17
10c
Apr. 30
Apr. 20
_
Holders
25c
Apr.
May
May
May
(increased)
National Tea Co., preferred (quarterly)
Neilson (Wm.) Ltd., pref. (quar.)____
Neisner Bros., Inc., 7% conv. pref. (quar.)___
New York Merchandise (quarterly)
Northern RR. of New Hampshire.
Noyes (Chas. F.) Co., Inc., preferred (quar.)__
Ohio Public Service Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Paauhau Sugar Plantation Co. (monthly)
Pacific Public Service Co., $1.30 1st pref. (qu.)_
Pepeekeo Sugar Co. (monthly)
Philadelphia Electric Co., $5 div. pref. (quar.)
Pioneer Mill Co. (monthly)
Pirelli Co. of Italy, American shares
1
May
May
May
May
Apr.
Apr.
Apr.
Apr.
May
May
874c
(quar.)
Aluminum Manufacturing, Inc. (quarterly)—.
Quarterly
Quarterly
7% preferred (quarterly)
...
7% preferred (quarterly)
7% preferred (quarterly)
Amerada Corp (quar.)
...
American Alliance Insurance (quar.)
American Asphalt Roofing, preferred (quar.)__.
American Baking Co., 7% pref. (semi-ann.)__.
American Can Co., common (quar.)
American Coal Co. of Allegany Co. (quar.)
American Credit Indemnity Co. of New York..
American District Telegraph of N. J. (quar.)__.
Preferred (quarterly)
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)—
7% preferred (quar.)
American Fork & Hoe Co., 6% pref. (quar.)__.
American Gas & Electric Co.. pref. (quar.)
American General Equities (quar.)
American Hardware Corp. (quar.)
Quarterly
Quarterly
American Home Products (monthly)
American Ice. Co., preferred
American Light & Traction (quar.)
Preferred (quar.)
American News N. Y. Corp.(bi.-mo.)
American Paper Goods 7% pref. (quar.)
Atlas
Common
When
Payablt of Record
Aloha Portland Cement
...
Associated Telep. Co., Calif., $14 pref. (quar.).
National Bearing Metals Corp., 7% pref
weeks
Aluminum Industries
(quar.).
$3 4 convertible preferred (quar.)
All-Penn Oil & Gas Co. (quar.)
Mar. 31
50c
June
May
July
July
Apr.
Apr.
Apr.
Allied Chemical & Dye Corp., common
Allied Laboratories (quar )
Mar. 21
25c
60c
75c
Alabama Power Co.. $6 pref. (quar.)
Apr.
$14
June
May
May
lc
h$14
u
Apr.
$14
$14
2c
June
Modine Manufacturing
Nash Motors (quar.)
May
10c
10c
40c
Mid-Continent Petroleum Corp
Middle States Telep. Co. of 111., 7% pref
Missouri River-Sioux City Bridge Co.—
Cumulative participating preferred (quar.)
50c
10c
Apr. 15
Apr. 11
Apr. 30
May 30
Apr. 20
Apr. 20
Apr. 20
$14
(quar.)
Apr. 30
Apr. 10
Apr. 15
Apr. 15
May
1
Michigan Public Service 7% preferred
6% preferred
May
15c
Preferred
Affiliated Fund. Inc
Extra
7i$14
h$14
Mercantile Stores 7% preferred (quar .)
Merchants & Mfgs. Securities Co., pref
Mar. 18
15c
Administered Fund Second
May
$14
1
Apr.
25c
May
May
May
Apr.
May
May
Corp., 1st pref
26
$14
*\&
preferred (quar.)
D.) Mfg. (quarterly)
Adams-Millis Corp
McLellan Stores Co., preferred
Melville Shoe
26
Jan.
May
90c
h
$14
Abraham & Straus,
6% preferred (quar.)
American Ship Building (quar.)
American Smelting & Refining
Apr.
Apr.
20
.17
Oct.
Feb 1'
tig- May
fti
American Rolling Mill Co. (quar.).
Mar. 25
Nov.
Share
Name of Company
Meadville Telep. Co., pref. B
(quarterly)
(s.-a.)
30
20
Apr. 25
July 26
May
Aug.
$14
15
20
11
11
18
15
15
15
8
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
Apr.
Apr.
Mar. 19
$14
$14
give the dividends announced in previous
we
Mar. 31
10
10
May 15 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 30 Apr.
58 l-3c May
1 Apr.
50c
May
1 Apr.
41 2-3c May
1 Apr.
Apr. 15 Apr.
May
1
$2
May
5 Apr.
25c
May
9 Apr.
July 10 June
$24
45c
May
1 Apr.
274c
$14
fM
Twin Bell Oil Syndicate (monthly)
Union Oil of California (quar.)
20
1 Apr.
June
Extra
16
8 Apr.
May
May
50c
iHl
15
27
17
18
10
1 May 25
1 Mar. 30
June
June
im
15
15
Mar, 31
July
July
Apr.
$14
31
May
1 Apr. 17
Apr. 201Apr. 10
Apr.
2 Mar. 25
May
1 Apr. 15
May
1 Apr. 15
Apr. 25 Apr. 20
Apr. 25 Apr. 20
May
1 Apr. 15
May
1 Apr. 20
Mar. 31
40c
50c
Toledo Edison Co. 7% pref.
Mar. 14
Apr.
Apr.
Apr. 10 Apr.
May 15 May
$14
$14
$14
$14
$14
15c
Thira Twin Bell
31
1 Mar. 28
1 Mar. 28
May
May
May
Apr.
Apr.
Apr.
10c
20
Apr. 15
Apr. 20
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Solvay American Investment Corp., pref. (qu.).
Telephone Investment (monthly).
Texas Power & Light 7% pref. (quar.)
Apr. 17
Apr. 20
May
Apr. 20 Apr. 13
Apr. 30
May 15
Apr. 15 Mar. 31
May
1 Apr. 15
May
1 Apr. 15
6
Apr. 20 Apr.
May
1 Apr. 13
Apr.
1 Mar. 20
Apr.
50c
1
Holders
Payable of Record
of Company
May
$14
$14
$14
Kittanning Telep. Co. (quar.)
1
Kleinert (I. B.) Rubber (semi-annually)
Special
Kroger Grocery & Baking (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp., 64 % pref. (quar.)
Lexington Utilities preferred (quar.)
Libbey-Owens-Ford Glass (quarterly)
Lincoln Printing Co., preferred (quarterly)
Loew's Boston Theatres (quar.)
Loose-Wiles Biscuit Co., common
5% preferred (quarterly)
Louisville Gas & Elec. Co. 7% pref. (quar.)
6% preferred (quar.)
5% preferred (quar.)
lation Gold Mining Co
Lucky Tiger Combinat
Name
15
15
1 Apr. 15
May
1 Apr. 15
May 15 Apr. 25
May
1 Apr. 15
May
1 Apr. 20
$14
Kelvmator of Canada, Ltd., 7% pref. (quar.)
Keokuk Electric 6% pref. (quar.)
11
May
June
6% preferred guaranteed (quar.)
When
Holders
When
Payable of Record
June
24c
April 11, 1936
Chronicle
374c
374c
374c
$14
$14
$14
$14
$1
50c
25c
10c
5c
r50c
40c
50c
40c
$14
$14
30c
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
May
Aug.
15 Mar. 19
30 Apr. 25
1 Apr. 20
15 Mar. 31
1 Mar. 16
1 Apr. 15
1 June 20
15 Mar. 31
15 Mar. 31
1 Apr. 10
20 Mar. 31
1 Apr. 10
1 Apr. 10
15 Mar. 31
1 Apr. 15
30 Apr.
3
31 July
3
15 Mar. 23
15 Mar. 20
30 Apr. 15
30 Apr. 15
30 Apr. 11a
15 May 11
14 Aug. 11
Nov. 15 Nov. 11
June 31 June 25
Sept. 30 Sept. 25
Dec. 31
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Dec. 24
1 Apr.
30 Apr.
16
15
15 Mar. 20
25
15
15
15
15
25
15
May
1
May
1
Apr. 15
Apr. 15
Apr. 15
Apr.
1
Mar. 31
Mar. 31
Mar. 20
Mar. 31
Apr.
10
Mar. 31
Apr." 17
Apr.
1
Apr.
1
Mar. 25
Financial
Volume 1*2
Per
Name of Company
Share
1st
preferred (quar.)
May
May
__
$5 preferred (quar.)
Bunte Bros. 5% preferred, initial (quar.):
Burroughs Adding Machine Co
June
5 May
2
May 15 May
5
July
1 June 15
July
1 June 15
May
1 Apr. 15
May
1 Apr. 15
—
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Preferred.
Canadian Insurance Shares A
Carnation Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
*.)
Carolina Clinchfield & Ohio (quar.).
Stamped certificates (quar.)
Celanese Corp. of Amer., common (quar.)
7% cumul. prior preferred
7% cumul. 1st preferred
Central Hudson Gas & Electric (quar.)
Central Illinois Public Service, $6 preferred
6% preferred
Central Illinois Securities, cum. pref.
Central Power, 6% preferred
7% preferred
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Century Ribbon Mills, preferred (quarterly)..
Chesapeake & Ohio Ry., pref. (semi-annual).
Chesapeake & Potomac Telep. Co.—
7% preferred (quar.)
payment
Apr.
15
Apr. 15
May
1
Apr. 15
.
..
Apr. 15 Mar. 31
Apr. 15
Aug.
$154
Apr.
$1)4
May
(quar.)..
1 July
20
434%
conv.
—
Corp
preferred (quar.)
(s-a )
15 Mar. 31
15 Mar. 31
Free port Texas, preferred (quarterly)
Froedtert Grain & Malt, pref. (quar.)
Fuller Brush Co. 7% pref. (quar.)
15 Apr.
7% preferred (quar.)
Fyr-Fyter Co. class A (quar.)
4
1 Apr.
15
...
July
June 20
General Baking Co., common (quar.)
General Cigar preferred (quar.)
—
Oct.
Sept. 19
General Electric Co
Coleman Lamp & Stove
Apr. 15 Mar. 31
I
.
Columbia Gas & Electric
5%
cum.
5% conv.
Corp. (quar.)
preferred (quar.)
cum. preferred (quar.)
...
6% preferred, series A (quar.)
Jan 1*37 Dec. 19
July
1 June 20
Apr. 30 Apr. 20
June
1 May
9
Sept. 1 Aug. 10
Dec.
1 Nov. 10
May
1 Apr. 20
May
May
May
May
June
Columbus & Xenia RR. Co
Commercial National Bank & Trust
(quar.)..
Commonwealth Edison (quar.)
Commonwealth Investment Co., Dela. (quar.).
Commonwealth Utilities, 6)4% vret. C (quar.)
Confederation Life Association
July
May
May
June
June
(quar.)
uarterly
Connecticut Investment Management
Consolidated Car Heating Co. (quar.)
...
Consolidated Cigar 6)4% pref. (quar.)
15 Apr. 20
15 Apr. 20
15 Apr. 20
15 Apr. 20
10 May 25
1 June 24
1 Apr. 15
1 Apr. 14
1 May 15
30 June 25
Sept. 30 Sept.
Dec. 3iiDec.
15 Apr.
15 Mar.
May
1 Apr.
Apr.
Apr.
25
25
5
31
15
May 15
June
7% preferred (quar.)
1
May
May
1 Mar. 27
Consolidated Edison Co. of N. Y., Inc.—
$5 preferred (quarterly)
Consolidated Gas (N. Y.), preferred
(quar.)...
June
1 May 20
Apr. 25 Apr. 15
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
May
Apr. 15
June
May 15
June 15
July
May
Apr. 15
June
May 15
June 15
July
Apr.
6
Apr.
May 15
May
Aug. 15
Aug.
Consolidated Paper (quar.5.
Consolidated Royalty Oil (quar.)
Consumers Power Co., $5
pref. (quar.).
6% preferred (quarterly)
6.6% preferred (quarterly)..
7% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly)
6-6% preferred (monthly).
6.6% preferred (monthly)
Continental Oil
Copperweld Steel (quar.)
uarterly.
uarterly.
Corn Exchange Bank Trust (quar.)
Corn Products Refining Co. (quar.)
Preferred (quarterly)
Crum & Forster (quarterly)
1 Mar. 27
Nov.
Nov. 15
Extra
May
Apr.
Apr.
Apr.
Apr.
Preferred
June
Apr. 23
Apr.
6
Apr.
6
Apr.
6
Apr.
6
June 20
Apr.
4
Apr. 20
Apr. 20
Apr. 15
Apr. 20
(quarterly);
...
;
Cudahy Packing Co., common (quar.)
6% preferred (s.-a.)
7% preferred (s.-a.)
Curtiss-Wright Export Corp. 6% pref. (quar.)—
.Dayton Power & Light, 6% preferred (monthly)
_
Delaware RR. Co. (s.-a.)
Dennison Mfg. Co., debenture stock
Dentist's Supply Co. of New York (quar.)
Apr.
May
May
Apr.
May
July
May
June
15
Sept.
Apr. 20
June 20
Sept. 19
Dec.
Quarterly
Quarterly.
7% preferred (quar.).
7% preferred (quar.)
7% preferred (quar.)
Deposited Insurance Shares, series A
Detroit Edison Co. (quarterly)
Diamond Match Co., interim
Dec.
June
11
June
....
Sept.
Dec.
(quarterly)
Preferred
(quarterly)
— .—
Gray Telephone Pay Station (quar.)
Great American Insurance (quarterly)
Great Lakes Engineering Works (quar.)
Extra
—
June
Mar. 31
Dominion Textile, Ltd., preferred (quar.)
Dow
May
Apr.
May
4
Apr. 10
Apr.
Apr.
(quarterly)
Driver-Harris (quarterly)
Mar. 31
I.) & Co.—
Debenture (quar.)
Duquesne Brewing Co. (quarterly)
Duquesne Light Co., 5% 1st orer. (quar.)
Eastern Gas & Fuel Assoc., prior pref. (quar.)..
6% preferred (quar.)..
Eastern Township Telep. Co. (quarterly)
Eaton Mfg. Co. (quar.)
May
Apr. 21
Mar.
Apr.
June
July
June
July
Apr. lS'Dec.
May 15 May
Apr. 15 Apr,
14
15
15
31
1
1
10
6
15
15
4a
1
10
20
20
20
10
13
13
1
3
24
24
Apr.
ra\<c>
May
10
6
15
1 Apr. 16
1 Apr. 16
6
15 Mar. 31
1 Apr.
15 Apr.
May
1 Apr. 11
15 Mar. 31
15
5
Apr.
5
Apr. 15 Apr.
Apr.
Apr. 15 Mar. 31
May 1 Apr. 20
May
May
May
July
'.m
—
—
Johns-Manville Corp., com. (quar.)
Publishing, 8% preferred
Co. (quar.).
Quarterly
Quarterly
Kaufmann Dept. Stores, Inc........
Kentucky Utilities, pref. (quar.)....
Keystone Custodian Fund, ser. S-l._
.
Series S-3--
Keystone Steel & Wire—.—.
Kirkland Lake Gold Mining
Klein (Emil D.) (extra)
Knott Corp. (resumed)
Kress (S. H.) (quarterly)
preferred (quar.)
Class A preferred (quar.)—
(quar.)
Kroger Grocery & Baking, 7 % preferred (quar.)
1 Apr. 20
1 Apr.
15
1 Apr. 15
1 June 30
Oct.
1 Sept. 30
Jan2 *37 Dec. 31
Mar. 20
Apr. 30
May 15 Apr. 24
Apr. 15
Mar. 20
May
Apr.
1
Apr. 13
Apr. 13
Apr. 20a
May
May
May
May
May
Apr. 20a
Mar. 30
1
May 15 May
Apr. 15 Mar. 31
June
1 May
7
6
Sept. 1 Aug.
Dec.
I
Nov.
5
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr. 13 Apr. 6
May 1 Apr. 10
1
Apr. 15 Aor.
Apr. 15 Mar. 23
1
July
\
July 15 July
June 30 June 20
Sept. 30 Sept. 20
Dec. 31 Dec. 21
Apr. 28 Apr. 10
Apr. 15 Mar. 26
Apr.
Apr.
Apr.
Apr.
July
15 Mar. 31.
15 Mar. 31
15 Apr.
1
30 Apr..
9
June 20
Apr. 15 Apr.
May
May
Common
Class A preferred
31
May
preferred (quar.),
Kroehler Mfg. Co., class A
15
15
15
24
25
31
10
20
18
22
13
1 Apr.
20 Apr.
1 Apr.
Apr. 21 Apr.
—
10
Apr
Apr.
Apr.
June
15 Mar. 31
Apr.
Quarterly-----Incorporated Investors (semi-annually)...
Indiana Pipe Line Co—
—...—
International Harvester (quar.)
International Nickel of Canada, pref. (quar.)—
International Printing Ink (quar.)
Preferred (quar.)
International Utilities Corp. $7 prior pref. (qu.)
$3)4 prior pref. series 1931 (quar.)
Interstate Dept. Stores preferred (quar.)
Interstate Hosiery Mills (quar.)
Investment Fund, O (quar.).
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly
Iowa Electric Light & Power Co., 7% pref. A—
6 34 % preferred B
6% preferred C
.Isotta Fraschini Co., Am. dep. rec
Jamaica Water Supply 734% pref. (s.-an.)
Johnson
1 June 15
15 Mar. 25
15 Mar. 31
15 Mar. 31
15 Mar. 31
June 26 June 16
pref. (quar.)
7% junior preferred (quar.)
Imperial Life Assurance of Canada (quar.) _
Julian & Rokenge (semi-ann.)
Kalamazoo Vegetable Parchment
15
May 15 Apr. 25
Illinois Northern Utilities, 6%
Mar. 20
15
20
Apr. 24 Apr. 14
May 29 May 19
Monthly
Monthly
Hollinger Consolidated Gold Mines, Ltd—
Holly Development Co. (quarterly)
Holly Sugar, initial (quarterly)
Home Dairy Co., Inc., $2 class A
$2 class A (quar.)
Horn & Hardart of N. Y. (quar.)___
Household Finance, A & B (quar.)
Participating preferred (quar.)
Hussman-Ligonier Co. conv. pref. (quar.)—
Jewel Tea Co., Inc., common (quar.)
Apr.
Apr.
15
10
10
Apr.
1
Apr.
6
Apr. 15
Apr.
6
Apr.
6
Apr.
6
Apr.
6
Apr.
3
May
Apr. 15 Apr.
4
May 15 May 4
May 15 Apr. 25
Hercules Powder preferred (quar.)—
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Barblett & Co. (mo.)—
Quarterly.
1
1
1
1
May
America, preferred (quar.)—
Hawaiian Sugar Co..
Conv.
15
13
1
15
15
15
May
Harbison-Walker Refractories Co., pref. (qu.)—
Hartford Electric Light Co. (quar.)
Hat Corp. of
Preferred
Aug. 31
Apr.
Great Lakes Power, $7 preferred (quar.)
Green (H. L.) Co., Inc
May 15
May 15
May 15
June
Apr.
Apr.
-
—
_
Mar. 16
Dec.
Quarterly
Preferred
Gold Dust (quar.)
Gotham Silk Hosiery preferredPreferred (quar.)
—-
Mar. 31
Sept.
Quarterly..
Economy Grocery Stores (resumed)
—
June
June
Du Pont de Nemours (E.
Stockyards
General Telephone Corp., common (quarterly)—
Gillette Safety Razor, conv. pref. (auar.)
Gimbel Bros., preferred (resumed)
—
Globe Wernecke Co., pref. (quar.)
General
May
Preferred (extra)
Diamond State Telep., preferred (quar.)
Diversified Trustee Shares, series D
Doctor Pepper Co. (quar.)
Drug
—
General Mills, Inc., common (quar.)..
General Motors Corp.. $5 preferred (quar.)
General Public Utilities, Inc.. $6 pf. (quar.)
Apr.
Extra...
Dome Mines, Ltd. (quar.)
General Investors Trust
1 Nov. 30
Oct. I
1 Sept.
Apr. 15 Mar.
Apr. 20 Apr.
May
1 Apr.
May
1 Apr.
June
1 May
Apr. 25 Mar.
Mar.
May
Apr.
May
Apr.
May
Apr.
May
2 Apr.
May
Apr. 20 Apr.
1 Apr.
May
Apr. 15 Apr.
1 June
July
Oct.
1 Sept.
Janl *37 Dec.
1 Apr.
May
1 Apr.
May
1 Apr.
May
Apr. 15 Apr.
Apr. 15 Apr.
May 1 Apr.
1 Apr.
May
Gardner-Denver Co., common (quar.)
Preferred (quar.)
5% preferred (quar
5% preferred (quar
5% preferred (quar
Clearfield & Mahoning RR. (s.-a.).
Cieveland Cincinnati Chicago & St. Louis RR.
Co., 5% preferred (quarterly)..
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Cluett, Peabody & Co., Inc., com. (quar.)
■mi
Cincinnati Union Terminal Co.
1
May
May
May
July
,<
Ford Motor Co., Ltd.. ordinary.
Franklin Teleg. Co., 2)4% gtd stk
1 May 29
Dec.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
Apr.
7% preferred (quarterly)
7% preferred A (quarterly)
Food Machinery
10 Nov. 80
Sept.
July
—
First National Bank (N. Y.) (quar.)
First National Corp. (Portland, Ore.), A
Fishman (M. H.), pref. A & B (quar.)
Dec.
June
Sept. 30 Sept.
Dec. 31 Dec.
1 June
Oct.
1 Sept.
—
Firemans Fund Insurance (quar.)
Firestone Tire & Rubber (quar.)
16
16.
26
29
31
3 Sept. 14
Apr. 31 Apr. 23
June 30 June 15
$5 preferred (quar.)
Farmers & Traders Life Insurance (quar.)
Quarterly
1 Nov. 21
Dec.
Apr. 30 Apr.
Apr. 30 Apr.
Oct.
5 Sept.
June 10 May
Sept. 10 Aug.
Oct.
Finance Co. of America, A & B (quar.)
Cincinnati Sandusky & Cleveland RR. Co—
6% preferred (semi-ann.)
_
Mar. 31
Mar. 20
Cincinnati Postal Terminal & Realty—
6M% preferred (quarterly)
80c
80c
80c
—
Apr. 20
5
Nov. 16 Nov.
June
1 May 18
8
July
1 June
$154
$1
15c
Federal Mogul Corp
Fiat Co., American deposit receipts..
Fibreboard Products, Inc., 6% pref. (quar.)
Mar. 20
Apr. 15 Mar. 31
5
May 15 May
5
Aug. 15 Aug.
$1)4
Apr.
$1,125 Apr.
....
Guaranteed betterment (quar.)
Guaranteed betterment (quar.).
Guaranteed betterment (quar.)_
31
Apr. 15 Mar. 31
8734c
8734C
8734c
7% guaranteed (quar.).
6
6
10
6
6
10
20
20
20
Apr. 15 Mar. 31
June
1 May 21
Sept. 1 Aug. 21
25c
Fafnir Bearing Co. (quar.)
Fansteel Metallurgical Corp. $5 pref.
$5 preferred (quar.)
June 30 June 16
May
1 Mar. 31
$2
(s.-a.)—
Extra.
Emporium Capwell (semi-ann.)..
Erie & Pittsburgh RR. Co. 7% gtd. (quar.)
guaranteed (quar.).
Holders
When
Payable of Record
Apr. 20 Apr.
Apr. 20 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
Apr. 25 Apr.
1 Sept.
Oct.
1 Sept.
Oct.
1 Apr.
May
Apr. 15 Mar.
10c
Apr. 20 Apr. 10
Apr. 20 Apr. 10
1
Apr. 15 Apr.
July
1 June 16
Cine. Newport & Cov. Light & Traction Co.—
Quarterly
$4)4 preferred (quar.)
Economical-Cunningham Drug Stores (quar.). _
Preferred B (quar.)
Edison Elec. Illuminating Co. of Boston, (quar.)
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quar.)
Electric Household Utilities
Elizabeth & Trenton RR. Co. (semi-ann.).
5% preferred (semi-ann.)
Elmira & Williamsport RR. (s.-a.)
—
El Paso Electric Co. (Del.), 7% pref. A (quar.)_
6% preferred B (quarterly)
;
El Paso Electric Co., Texas. 6% pref. (quar.)
Empire & Bay State Teleg. 4% gtd. (quar.)
4% guaranteed (quar.).
4% guaranteed (quar.)
Employers Group Assoc. (quar.).
European & North American Ry. (semi-ann.)
Cincinnati Inter-Terminal RR—
1st guaranteed preferred
Share
of Company
Jan2 '37 Dec. 20
29c
—
Name
—
Apr. 30 Apr. 15
Apr. 25 Mar. 31
Apr. 15 Mar. 31
May
1 Apr. 20
May
1 Apr. 20
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 30 Mar. 31
1
Apr. 15 Apr.
July
1 June 20
Oct.
1 Sept. 20
—
Redemption
1 Apr. 15
1 Apr. 15
1 May 25
June
Byron Jackson Co
Calamba Sugar Estate (quarterly)
7% preferred (quar.)
Calaveras Cement,
7% preferred
Calgary Power Co., 6% pref. (quar.)
California-Oregon Power Co., 7% pref. (quar.)
6% preferred (quarterly)
Canada Iron Foundries Ltd., 6% non-cumulative
preferred (semi-annually)
Canada Northern Power Corp. (quar.)
7% cumulative preferred (quar.)
Canadian Bronze Co., Ltd., common...
Preferred (quar.)
Canadian Fairbanks Morse, pref. (quar.)
Canadian Industries, common
Per
When | Holders
Payable of Record
Buffalo Niagara & Eastern Power—
2445
Chronicle
1
Apr. 14
Apr. 14
June 30 June 24
Sept. 30jSept. 24'
Dec. 31 Dec. 23'
I'Apr 20
May
Financial
2446
Per
Name of Company
Share
Chronicle
April 11, 1936
Per
Holders
When
Name of
Payable of Record
July
1
1
$6 preferred (quarterly)
Pacific Tin. special stock (quar.)
Janl'37
Quarterly
Landis Machine Co. (quar.)____—
Quarterly
•
Quarterly. 2
Preferred (quarterly)
May 15 May
Aug. 15 Aug.
5
5
Nov. 16 Nov.
June 15 June
5
Preferred
Sept. 15 Sept.
5
Preferred
Dec.
15 Dec.
May
Apr.
Apr.
Apr.
Apr.
May
Aug.
1
15
15
15
15
1
(quarterly)
(quarterly)
Lane Bryant, Inc., 7% pref. (quar.)
Lawyers Title Insur. Co. 6% pref. (semi-ann.)—
Lefcourt Realty, preferred——
7i25c
Lerner Stores, new
Lexington
(quarterly)
Telephone Co., 6*4% pref. (quar.)
50c
—
Lincoln National Life Insurance (quar.)
Quarterly.......——
Quarterly
Link Belt (quar.)
Preferred (quar.)
Liquid Carbonic Corp. (quar.)
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc., $6Mi cumul. pref. (quar.).
Lone Star Gas, 6)4% preferred (quar.)
Lord & Taylor. 2nd preferred (quar.)
Los Angeles Gas & Electric Corp., pref. (quar.)
Ludlum Steel Corp. $6)4 preferred
Lunkenheimer Co., preferred (quar.)
Preferred
Preferred
June
Oct.
$1)4
61c
May 15 Apr. 29
May
1 Apr. 15
May
1 Apr. 17
May 15 Apr. 30
May
4
July
1 June 20
Oct.
1 Sept. 21
—
Extra
.
Peoples Telephone Corp. (Butler, Pa.) (qu.)
J
Philadelphia Co.. common (quarterly)
6% cumul. pref. (semi-ann.)
Philadelphia Electric, pref. (quar.)
Philadelphia National Insurance (semi-ann.)—|
Phillips-Jones, preferred (quar.)
Phoenix Finance Corp.. 8% pref. (qu.)
1*1 eferred (quarterly)....
Preferred (quarterly)
...
Preferred
——
Jan.10'37 Dec.
(quarterly)
Apr.
Mar. 31
50c
Apr.
Apr.
Apr.
6254c
Apr.
Mar. 31
$154
Q
75c
$154
50c
4354c
4354 c
43 54 c
Mercantile American Realty, 6% pref.
(quar.)
Meyer-Blanke Co. (quar.)
Milwaukee El. Ry. & Lt. Co. 6% pref.
(quar.)__
Missouri River Sioux City Bridge Co.—
$7 preferred (quarterly)
—
25c
—
Mohawk Carpet Mills, Inc.
(quarterly)
Montana Power, $6 preferred
$154
$154
25c
(quarterly)
$154
1754 c
—
Montgomery <v Erie KK (semi-annual)
Montgomery Ward (resumed)
Montreal Light, Heat & Power (quar.)
Montreal Telephone Co. (quar.)
Montreal Tramways (quar.)
Moore (Wm. R.) Dry Goods
(quar.)
Quarterly
Quarterly
Morris (Philip) & Co., Inc., cap. stock
20c
.
r37c
80c
$254
$154
$154
$154
25c
Morris Plan insurance Society (quar.)
$1
$1
—
$1
50c
(quar.)
Mutual Chemical Co. of Amer.,
6% pref. (qu.)_
.j...
Mutual Investment Trust Shares (N.
Mutual System, Inc. (quar.)
Y.)
$154
$154
$154
'IS
8% preferred (quarterly)
National Automotive Fibres, class A
National Biscuit Co. (quar.;
National Cash Register (quar.)
National Casket Co. (semi-ann.)
50c
3754c
40c
15
15
15
15
15
15
15
21
Mar. 31
Mar. 31
Mar. 27
Mar
31
May
Aug.
1
1
Nov.
1 Apr.
1
15
Mar. 31
Apr.
May
Apr.
May
Apr.
May
I Apr.
May
May 30 May
Aug. 31 Aug.
7
11
15
15
15
30
31
Nov. 30 Nov. 30
15 Mar. 31
1 Apr.
1 Apr.
17
17
Apr. 15
Apr. 16 Apr.
Apr. 30 Apr.
15
Apr.
Apr.
May
May
Apr.
Apr.
4
15 Mar. 31
15 Apr.
1 Apr.
10 Apr.
15 Mar.
30 Mar.
15 Mar.
10
10
30
20
31
31
Apr.
3
Apr. 25 Apr.
1 July
1
July
Oct.
1 Oct.
1
Jn.2''37 Jn.2'37
1
Apr. 15 Apr.
June
1 May 27
Sept.
1
Aug
27
Dec.
1 Nov. 26
June 30 June 20
June
27 June 18
Sept. 28 Sept. 17
Dec.
28 Dec.
17
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1 Apr. 10
May
Apr.
15 Mar. 13
50c
Apr. 15 Mar. 30
May 15 Apr. 30
1 Apr. 15
May
25c
Apr.
1254c
$154
(quar.)
(quarterly)
HP
25c
*
National Power & Light Co. $6 pref.
(quar.)
National Steel Corp. (quarterly)
Nevada-Calif. Electric, preferred.
$154
3754c
15 Mar. 31
1 Apr. 17
May
June
1 May 21
50c
May
Apr.
May
Apr.
May
Apr.
May
Apr.
Apr.
$llc
Apr.
Apr.
$1
75c
Light Co. (quar.)
10c
Telep. Co. (quar.)
1254c
50c
25c
Mining Co.
6*4 % pref. (quar.)
—
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
1 Apr.
4
30 Apr.
20
1 Mar. 30
15 Mar. 30
if
Apr.
15
Mar. 31
9 Apr.
20
18 Apr.
8
18 Apr.
8
15 Mar. 20
15 Mar. 27
50c
31
50c
Nov. 14 Oct.
31
40c
(quar.)
Corp^,
common.
Norfolk & Western Ry. adj. pref. (quar.)
North American Edison Co. pref. (quar.)
North American Investment Corp. 6%
15 Apr.
Apr.
May 19 Apr.
June
May
Mar.
h$ 2
Apr.
Mar.
h$ 1.83 1-3 Apr.
Apr.
May
Mar.
Apr.
Mar.
Apr.
Mar.
8754c Apr.
June
$1
May
$1
Aug.
Sept.
$1
Si 54
pref
5)4 % preferred
North Canada Mining Corp
May 15 Apr
Aug. 15 July
50c
Noma Electric
—
North Indiana Public Service 5*4% pref
6% preferred
'
—
7% preferred
—
68i
—
Northern RR. Co. of N. J., 4% gtd. (quar.)
—
guaranteed
guaranteed
(quarterly).
4%
(quarterly).
Northern States Power (Del.) 7% pref. (quar.)
6% preferred (quar.)
North Ontario Power Co
$1
ll'i
75c
6% preferred (quarterly)
Northwestern Bell Telep., 6)4% pref. (quar.)—
Oahu Ry. & Land Co. (monthly)
Oahu Sugar Co. (monthly)
$154
$154
15c
20c
25c
(quarterly)
Ohio Brass
25c
(quarterly)
Old Colony Insurance Co. (Boston)
Oliver United Filters, class A (quar.)
Onomea Sugar Co. (monthly)
Preferred (quarterly)
Outlet Co. (quarterly)
Extra
First preferred (quarterly)
Second preferred (quarterly)
Pacific American Fisheries. Inc
Pacific Finance Corp. of Calif. (Del.)—
8% preferred A (quar.)
6)4% preferred O (quar.)
7% preferred D (quar.)
Pacific Gas & Electric (quar.)
Pacific Telep. & Tel eg., pref. (quar.)
-
30
1
30
15
31
31
11
31
31
31
19
22
Dec.
Nov
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Mar. 31
Mar. 31
Mar. 31
Mar. 31
Mar. 20
Apr.
Apr.
Apr.
May
May
May
May
Apr.
Otis Elevator (quarterly)
Oct.
6% cumulative preferred (quar.)
6% non-cumulative preferred (quar.)
Premier Gold Mining (quar.)
May
May
—
$2
8754c
754c
$154
Preferred
-
5
5
5
21
20
20
20
31
31
31
1
1
9
27
20
31
30
30
31
Sept.15
May 15
Power Corp. of Canada—
Apr.
Oceanic Oil Co.
-
6.60% preferred (monthly)
Pennsylvania Salt Mfg. Co. (quar.)
Mar. 31
Nov
r$l 54
4%
(quar.)
Pennsylvania Power Co., 6% pref. (qu.)
6.60% preferred (monthly)
15 Feb.
May 15 May
1 Apr.
May
June
1 May
1 Apr.
May
June
1 May
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 25 Apr.
1 Apr.
May
1 Apr.
May
Apr. 15 Mar.
1 Apr.
May
Apr. 11 Mar.
July 10 June
Oct.
10 Sept.
Preferred
Apr". "25
Apr.
Apr.
Apr.
Apr.
May
Aug.
McColl Frontenac Oil, preferred (quarterly)
Class A
Feb.
(quar.)
May
Apr.
Jan.2'37 Dec.
Melville Shoe (quar.)
2nd preferred (quar.)
Extra
Nov. 16 Nov.
(quar.)
7% preferred (quar.)
22c
Lighting Cos., 8% pref. (quar.).
6% preferred (quar.)
Mass. Power & Light Assoc., $2 pref. (quar.)
Mass. Utilities Assoc., 5% partic. pref.
(quar.)__
Mayflower Associates, Inc., extra
Maytag Co., $3 pref. (quar.)
$6 preferred (quarterly)
McCall Corp. (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
New York Telephone Co.,
7% preferred
Penman's. Ltd.
—
June
Oct.
July
Oct.
June
Sept.
Dec.
21
Apr. 11
Apr.
7
Mar. 30
Mar. 31
Mar. 31
Apr. 20
Apr. 20
Apr. 10
Mar. 27
Mar. 27
Apr.
Apr.
Apr.
Apr.
Apr.
20
20
20
20
1
Apr. 15
Apr. 15
Apr. 15
May
May
May
Apr. 15 Mar. 31a
Apr. 15 Mar. 31
Extra
u
_
1
15 Mar. 31
15 Mar. 31
15 Mar. 12
15 Mar. 12
15 Mar. 25
15 Alar .31
1 June 20
30 Apr.
Apr.
Apr.
Apr.
Apr. 20 Apr.
Apr. 20 Apr.
Apr. 20 Apr.
Apr. 15;Apr.
Apr. 15 Apr.
May 29 May
Apr. 15 Mar.
May
1 Apr.
Apr. 20 Mar.
Apr. 201 Mar
May 14 Apr.
July 15 July
1 Apr.
May
Apr. 15 Mar.
(quar.j.
_
Nov. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
May
May
May
(mtnly)—|
(quar.)
10
May 20
Aug. 20
Apr.
7% preferred
6% preferred (quar
Pure Oil Co., 5)4% cum. preferred
6% cumulative preferred
8% cumulative preferred
Quaker Oats (quar.)
Preferred
7 June 10
6 Sept. 10
Jan5'37 Dec.
Public Service of Northern Illinois
Quaker State Oil & Refining Corp. (qu.)
Quarterly Income Shares (quarterly)
Railroad Employees Corp., A & B (quar.)
8% preferred (quarterly)
Reading Co. (quar.)
Reliable Stores, first preferred
Reliance Mfg., Illinois (quar.)
Rex Hide, Inc. (quar.)
Richmond, Fredericksburg & Potomac—
7% guarantee
(semi-annually)
6% guaranteed (semi-annually)
Richmond Insurance Co. of N. Y. (quar.)_
10
1 Sept. 10
10
Jan2'37 Dec.
Extra
Procter & Gamble, 8% preferred (quar.)
Prudential Investors. $6 pref. (quar.)
Public National Bank A Trust (quar.)
Public Service Corp. of N. J. 6% pref.
June
July
....—
Massachusetts
New York Transit Co
7% preferred (quar.)
50c
154%
tig
New Jersey Zinc (quar.)
New York & Honduras Rosario
Passaic & Delaware Extension RR. (s.-a.)
Peninsular Telep. Co. 7% pref. (quar.)
May
il
50c
Mahoning Coal RR. (quarterly)
New Brunswick
1
31
-
Pittsburgh Bessemer & Lake Erie (semi-ann.)
6% preferred (semi-annually)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—|
7% preferred (quarterly)...
7% preferred (quarterly)
7% preferred (quarterly)..
;
Portland Gas Light Co. $6 pref. (quar.)
$154
Marconi International Marine (final)
Massachusetts Bonding & Insurance Co. (quar
)
Massachusetts Investors Trust (quar.)
New Bedford Gas & Edison
New Bradford Oil
15
Apr. 16
July
1
Tan2 '37 Dec.
50c
National Lead, preferred B
National Oats Co. (quar.)
27
Oct.
May 15
Oct.
$6 preferred (quar )
|6 preferred (quar.)
$6 preferred (quar.)
National Distillers Products
National Fuel Gas Co
Apr. 25
July 25
July
May
July
Magma Copper Co
Magnin (I.) & Co. (quar.)
.
Mar. 31
Nov.
—
6% preferred (quarterly)
6% preferred (quarterly.
Apr. 15
Apr.
9
Apr.
8
Apr.
1
—
Quarterly
$654
(quar.)
(quar.)
new stock
5
June
Mac Andrews & Forbes Co., com. (quar.)
Preferred (quarterly)
Quarterly
Quarterly
Motors Products,
5
Pan American Airways
Parker Pen (quar.)
Holders
When
Payable of Record
May 15 Apr. 20
Apr. 15 Mar. 31
May
1 Apr. 20
May
1 Apr. 20
June
1 May 15
8ept. 1 Aug. 15
May
1 Apr. 22
5
May 15 May
5
Aug. 15 Aug.
Pacific Lighting Corp. (quar.)
Oct.
Landers, Frary & Clark (quarterly).
Share
Company
1
15
15
15
7
31
15
31
31
16
15
20
31
Apr. 30
Apr. 30
Apr. 10
Apr. 10
Apr.
3
$154
May
May
May
May
Apr.
July
May
Ruud Mfg. (quarterly)
15c
June
15 June
St. Croix
50c
Apr.
July
July
Apr.
Apr.
15Apr.
4
1 June
15
15
$3)4
$3
10c
5c
Extra
Rochester American Insurance, N. Y. (quar.)
Rochester & Genesee Valley RR. (a.-a.)
Roos Bros. Inc. $6)4% preferred vquar.)
—
25c
$3
Paper (quar.)
6% lstpf. (s.-a.)
3% 2nd preferred (semi-ann.)
San Carlos Milling Co. (monthly)
San Diego Consol. Gas & Elec. Co. pref. (qu.)_
Scott Paper Co., 7% cumul. pref. (quar.)
Second Twin Bell Syndicate (monthly)
Security Storage (quar.)
Seeman Bros., Inc., common (quar.)
St. Louis Bridge Co.,
$3
$154
20c
m
15
1 June
5
15
Apr.
1
15,Mar. 31
l'Apr. 16
May
Apr. 15 Mar. 30
6
Apr. 14 Apr.
1 Apr. 15
May
1 Apr;?' 15
May
July
l(June 20
Oct.
1 Sept. 19
$1 %
Jan2'37 Dec.
20c
$154
6254c
50c
Extra
$1
Servel. Inc., 7% cum. preferred (quar.)
7 % cum. preferred (quar.)
7 % cum. preferred (quar.)
%
Shareholders Corp. (quar.)
Sharp & Dohme preferred A (quar.)
Sheaffer (W. A.) Pen (semi-ann.)
Signal Royalties Co., class A (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
$1
Quarterly
Ronotone Corp. (initial)
5c
Soundview Pulp Co
75c
Southern California Edison Co., Ltd. (quar.)
3754c
Original preferred (quarterly)
3754C
3454c
554% preferred, series O (quarterly)
Southern Canada Power Co., Ltd., com. (quar.).
20c
6% cumul. pref. (quar.)
Southern Counties Gas 6% preferred (quar.)
Southern New England Telephone (quar.)
Southland Royalty Co. common (quar.)
<
75c
Splcer Mfg. preferred (quar.)
Spiegel May Stern. 654% preferred (quar.)
$154
$154
Squibb (E. R.) & Sons, $6.1st pref. (quar.)
Standard Cap & Seal (quarterly)
60c
Standard Fire Insurance Co. of N. J. (qu.>
75c
Standard Oil Co. of Ohio. 5% cum. pref
$154
Standard Oil Trust Shares, series A registered—.
6c
Series B, bearer
-.9 .3517c
Standard Silver-Lead Mining
lc
Standard Wholasale Phosphate & Acid
20c
Stanley Works, 6% preferred (quarterly)
3734c
State Street Investment Corp. (Mass.)
50c
50c
State Street Investment Corp. (quarterly)
43 Mc
Steel Co. of Canada, Ltd. (quar.)
Preferred (quarterly)
4354c
Suburban Electric Securities 6% 1st pref—
$154
1254c
Superheater Co. (quarterly)
1.6c
Supervised Shares, Inc. (quar.)
$3
Syracuse Binghamton & New York (quar.)
$154
Syracuse Lighting Co., Inc., 6% pref. (quar.).
$154
Tacony-Palmyra Bridge, preferred (quar.)
15c
Telautograph Corp. common (quar.)
„
-
15
Apr.
$154
—.
——
June
-
—
—
—
'iff}
19
Apr. 15 Mar. 31
May 1 Apr. 17
Apr. 15 Mar. 30
Apr. 15 Apr. 10
May
May
1
Aug.
Aug.
1
Nov.
Nov.
Apr.
Apr.
1
1
May 15
May 15 Apr. 20
Apr. 15 Mar. 20
June
Apr.
15 Mar. 20
May 15 Apr. 30
Apr.
Apr.
15 Mar. 20
Mar. 31
Mar. 31
Apr.
Mar. 31
Apr.
Apr.
Apr.
3
Apr. 15
May
May
Apr. 15
4
May
Apr.
Apr.
Apr. 16
Mar. 31
Apr.
Mar. 31
Apr.
Apr.
Mar. 31
Apr.
Mar. 20
Apr.
May 15 May
2
Apr. 15 Mar. 31
Mar. 31
Apr.
Apr.
7
May
May
Apr.
7
Apr. 15
May
Apr.
Apr.
4
Mar. 28
Apr.
May
Apr. 22
May 15 Apr. 20
May
Apr. 10
May
Apr. 15
Tennessee Electric Power Co.—
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
7,2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)...
7.2% preferred (monthly)..
7.2% preferred (monthly)
Thatcher Mfg., convertible pref. (quar.)
Tom Moore Distillers (quar.)
Extra
u
July
July
July
July
May
June
July
May
June 15
June 15
June 15
June 15
Apr. 15
May 15
June 15
Apr.
May
June
July
May 15 Apr.
Apr. 15 Apr.
Apr. 1 p Apr.
June
15
15
15
30
1
1
Financial
Volume 142
Holders
When
Payao.e of Record
Per
Name of
Company
Share
Tobum Gold Mines
•
Toronto Elevator, 7% conv. pref., (quar.),
Troy & Green bush RK. Assn. (s.-a.)
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
1 Apr.
May
Apr. 15 Mar.
1 Apr.
May
ar.
Apr. 15
Apr. 15 Apr.
...
_
3c
64c
United Profit Sharing, preferred (semi-annual)-.
Securities, Ltd. (quarterly)
37
Penn
Wisconsin Telephone 7%
If
25c
50c
May 15
1
Mo
lonthly..
15 Mar. 31
Apr.
July
1 Apr.
3a
3a
20
1
1
1 Apr.
16
1
Sept. 10 Sept.
1
10 Dec.
Dec.
20 Oct.
10
S2H
S1H
May
1 Apr. 15
May
1 Apr. 15
Apr. 15 Apr.
4
June
1 May 15
lune
1 May 15
12 He
Apr. 24 Apr. 10
50c
25c
SI H
May
Aug.
Apr.
Apr.
Apr.
Apr.
July
May
$1X
SI X
50c
MX
MX
25c
SI H
MX
29
31
15
15
15
30
1
1
Transfer books not closed for this dividend.
c
The following corrections have been made:
mercial
pref. stock, opt. series of 1929, so held, or, at
in cash at the rate of $1.50 for each share of conv.
conv.
May 15
Aug. 15
Mar. 20
Mar. 20
Mar. 31
Mar. 31
June 15
e
May
May
S1H
Payable in stock.
f Payable in common stock,
g Payable in scrip,
mulated dividends,
j Payable in preferred stock.
n
Lincoln Printing pref. div. of 1-5 sh. of pref. stock for
3
3
q Mayflower Assoc., Inc., extra div. of 12-100ths share of Fohs Oil Co.,
Inc., stk. to each sh. of the present outstanding shs. of cap. stk. Of May¬
flower Assoc.
Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
r
a
reduction of
THE
NEW
YORK
Payable in special preferred stock.
t
Payable in U. S. funds,
x
Less tax.
«
CLEARING
*Surplus
and
y
to
A deduction has been made for expenses.
New
1936
comparison with the previous week and the corresponding
date last year:
Time
Net Demand
Deposits,
Average
Average
Apr.
8
1936 Apr.
1
1936 Ape. 10 1935
Deposits,
Profits
York
shows the condition of the Federal Reserve
New York at the close of business April 8 1936,
The following
Bank of
HOUSE
Undivided
Capital
Less depositary expenses.
Per 100 shares.
City
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 4,
Clearing House
(S. H.) stk. div. equal to 50c., or l-20th sh. of spec. pref. stk.
Kress
s
for each 50c. of the amount of such div.
in
OF
Commercial
stock of the
the rate of 5-208 of 1 share of com. stk. per share of conv. pref.
stock, opt. ser. of 1929. so held, or, at the option of the holder in cash|at
the rate of $1.50 for each share.
corp. at
Condition of the Federal Reserve Bank of
weekly statement issued by the New York
Clearing House is given in full below:
MEMBERS
each share held.
o A quar. div. on the conv. pref. stk. opt. ser. of 1929, of
Investment Trust Corp. has been declared payable in common
u
1 Apr.
1 Apr.
h On account of accu¬
Advance-Rumely, liquidating stock div. of H sh. of Allis-Chalmers
stock on each share of Advance-Rumely capital stock held.
m
Co.—
SI H
the opt. of the holder,
pref. stock, opt. series
of 1929, so held.
1
May
1 Apr. 17
Apr. 20 Apr. 10
July 20 July 10
The
OF
25c
62Hc
a
Weekly Return of the New York City
Clearing House
STATEMENT
-
d A reg. quar. div. on the conv. pref. stock, opt. series of 1929, of Com¬
Investment Tfust Corp. has been declared payable in common
stock of the corp. at the rate of 5-208 of 1 share of com. stock per sharejof
Apr. 30
June 10 June
S1H
S1H
SI X
-
25c
25c
25c
4
Monthly
Apr. 15
20 Mar. 31
15 Apr.
3
15 Apr.
3
15 Mar. 31
May
S3
$1X
tlX
II X
6% preferred (quar.)
7% preferred (quar.)
1
York Rys., 5% preferred (quar.).
Oct.
Power
pref. (quar.).
1
Apr. 15 Mar."§I
Apr. 30 Apr. 20
May
1 Apr. 20
May
1 Apr. 20
June
1 May 20
July
1 Juno 20
Apr. 30 Apr. 20
lip
Wrigley (Wm.) Jr. (monthly)
Special.
Apr. 15
1 June 15
Apr.
Apr.
Apr.
Apr.
Apr.
May
Aug.
May
Preferred (quar.)
West
Extra
Wisconsin Gas & Electric 6% pref. C-.
May 15
25c
Washington Ry. & Electric, 6% pref. (semi-ann.)
5% preferred (quar.)
Wayne Screw Products (initial)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)..
Western Grocers, Ltd. (quar.)
Preferred (quarterly)
Western Power Corp. 7% cum. pref. (quar.)
Westinghouse Air Brake Co
West Jersey & Seashore RR. (s.-a.)
Weston (Geo.) Ltd.. 7% preferred
50c
Quarterly
6
1 May 15
1 June 15
Apr. 30 Mar. 31
Apr. 15 Mar. 26
Apr. 15 Mar. 31
SI X
Walgreen Co. (quarterly)
Warren Foundry & Pipe
50c
SIX
Extra.
19
June
87 He
SI %
Warren RR. Co. (semi-ann.)
%1H
.....
1
1
July
May
60c
2c
2c
(quar.)
(quar.)
Aug.
Aug.
%PX
July
United
7% preferred (quarterly)
United Verde Extension Mining Co. (quar.)
Quarterly
Universal Leaf Tobacco (quarterly)
Utica Chenango & Susquehanna Valley RR—
Semi-annually
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
j
Preferred (quarterly)
Virginian Railway, preferred (quarterly)
Vulcan Dei inning, preferred (quarterly)
.
1 June 15
June
60c
60c
(monthly).
6% preferred (monthly)
—
$1»i
15
Apr. 15
May 15
1
May
64c
64c
60c
60c
Extra
United States Pipe & Foundry
United States Smelting, Refg. & Mining
Preferred (quar.)
United Telephone (Kansas) (quarterly)
1
68 l-3c May
68 l-3c June
681-3c July
10
31
6% preferred (quar.)
1 May 15
1 Apr. 15
1 Apr. 24
1
1
1
1
Nov.
hi3H
UH
HI*
76c
Juno
May
May
May
May
Nov.
Wilson & Co-_
Wilson-Jones (interim)
Winstead Hosiery Co. (quarterly)
Extra
1
Holders
When
Payable of Record
*12 He
May 21 Apr. 21
l
Apr. 15 Apr.
June 15 June
2c
Equities of Canada, std. shs
United Light & Rys. 7% preferred (monthly)...
7% preferred (monthly)-
Preferred
Per
Share
Company
SI *4
Tublze Ohatillon
Corp., 7% pref. (qnar.)
Tuckett Tobacco preferred (quar.)
United Standard Oilfund of America
Name of
MX
United Biscuit Co. of Amer.. prer. (quar.)
United Fruit Co., capital stock
United Gold
6% preferred
2447
Chronicle
Members
$
$
Assets—
$
.
$
Bank o! N. Y. &Tr. Co.
.
National City Bank
Chemical Bk. & Tr. Co..
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust CO
Continental Bk. & Tr. Co
Chase National Bank...
Fifth Avenue Bank
1
Bankers Trust Co
Title Guar. & Trust Co
_.
Marine Midland Tr. Co.
New York Trust Co
Com'lNat. Bk. & Tr.Co.
Public N. B. & Tr. Co..
Totals
*
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
10,758,000
139,579,000
25,431,700
348,962,000
40,707,000 al,338,929,000
49,888,300
454,995,000
177,398,400 61,285,017,000
461,202,000
11,548,900
62,597,400
700,577,000
16,325,100
237,380.000
91,781,400
473,205,000
58,959,800
530,721,00a
3,791,200
46,467,000
67,625,800 cl,850,776,000
3,443,700
45,538,000
68,386,000
£757,281,000
5,416,100
16,374,000
8,069,300
78,975,000
299,603,000
21,727,300,
7,907,000
71,507,000
8,176,200
79,404,000
5,646,000
32,347,000
155,715,000
14,230,000
38,010,000
83,624,000
15,298,000
21,628,000
3,600,000
422,000
2,088,000
46,536,000
612,480,000
Bank of Manhattan Co.
739,938,700
U.
527,230,000
As per official reports:
9,216,492,000
42,69O"565
419,000
2,500,000
18,914,000
1,730,000
41,833,000
National, March 4, 1936; State, Dec. 31, 1935; trust
companies, Dec. 31, 1935.
Includes deposits In foreign branches
c$79,241,000; £$27,787,000.
as
follows:
a
$230,477,000; 6 $76,948,000;
S. Treasury.*
Redemption fund—F. R. notes
—.
Other cash t
3,139,146,000 3,237,046,000 2,246,191,000
Total reserves.—.
York
44Times''
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 April 3:
-
Secured
8. Govt, obllgal
(or) fully guaranteed
by U.
direct and
market....——..
Industrial advances
1,828,000
2,150,000
1,683,000
2,382,000
3,978,000
4,065,000
1,753,000
7,671,000
1,739,000
2,032,000
7,672,000
1,850.000
68,473,000
482,760,000
178,150,000
68,473,000
482,760,000
178,150,000
445,848,000
162,146.000
729,383,000
729,383,000
739.318,000
742,293,000
Total bills discounted
Bills bought In open
1,450,000
2,036,000
3,486,000
Other bills discounted
742,772,000
747,265,000
U. S. Government securities:
Bonds
Treasury
Treasury
—
notes——
bills
...
Total U. S. Government securities..
131.324,000
Other securities...
Foreign loans on gold......
Gold held abroad..——
Due from foreign
~~243~66p
Bank premises.—
"""258",666
"~2_77" 000
4,809,000
118,579,000
10,843.000
27,618,000
banks
F. R. notes of other banks.
Uncollected items.——..
All other assets
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL 3,
1936
H
Bills discounted:
Total hills and securities.
The New
3,042,033,000 3,139,356,000 2,173,669,000
1,550,000
1,113,000
1,652,000
96,140,000
96,000,000
70,870,000
4,037,000
147,718,000
10,843,000
26,959,000
4,471,000
105,346,000
11,723,000
30.671,000
4,043,531,000 4,169,633,000 3,145,944,000
Total assets—
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc,
and
Other Cash,
Res. Dep.,
Dep. Other
Including
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
Investments Bank
Manhattan—
$
Notes
$
$
Grace National
26,126,700
sterling National...
Trade Bank of N. Y.
19,859,000
4,587,962
108,000
521,000
203,354
5,211,400
3,635,000
1,001,876
2,566,900
1,209,000
139,978
30,325,100
22,216,000
4,995,102
jBrooklyn—
People's National...
3,821,000
96,000
924,000
490,000
4,795,000
TRUST COMPANIES—AVERAGE FIGURES
F. R. notes in actual circulation
806,388,000
661,628,000
800,738,000
Deposits—Member bank reserve aoc't— 2,303,767,000 2,404,938,000 1,858,517,000
U. S. Treasurer—General account—
456,964,000
460,924,000
243,413,000
Foreign bank——..
23,249,000
6,978,000
25,491,000
Other deposits
207,761,000
217,311,000
147,647,000
Total deposits
availability items.—....
Capital paid In
...
Surplus (Section 7)
...........
Surplus (Section 13b)——
...
Reserve for contingencies ..j*
Deferred
All other liabilities..
Res. Dep.
Cash
Invest.
Manhattan—
Empire
Fulton
Lawyers.
United States
Brooklyn—
Brooklyn
91,211,000
32,844,016
Kings County
'
Includes
amount
with
Banks and
Gross
Trust Cos.
Deposits
%
$
$
56,338,800 *10,839,000
171,024
8,387,191
12,057,912 *1,074,204
19,185,600 *2,920,900
29,958,800 *10,170,700
69,585,250 10,590,880
Federation
Dep. Other
N. Y.and
Elsewhere
Loans,
Disc, and
2,644,000
2,487,589
Federal
Reserve
8,331,900
751,504
1,034,244
552,800
2,559,900
18,700,143
$
3,269,800
2,193,542
760~400
32,352,000
12,201,728
as
follows:
276,000 119,427,000
42,141,304
I
Fiduciary, $751,014; Fulton, $2,702,100; Lawyers, $9,406,200.
$
68,298,000
9,593,585
12,054,090
19,222,900
40,110,400
69,553,254
$9,343,900'
...
Total liabilities.
3,007,493,000 3,092,912,000 2,256,555.000
148,221,000
113,413,000
104,806,000
50,913,000
59,581,000
50,914,000
50,825,000
50,825,000
49.964,000
7,744,000
7,744,000
1,778,000
8,849,000
8,849,000
7,501,000
3,781,000
3,555,000
4,131,000
4,043,531,000 4,169,633 000 3,145,944,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
82.4%
83.0%
Contingent liability on bills purchased
for foreign correspondents.
Commitments to make industrial ad¬
t "Other
A* M
2,000
10,094,000
vances
77.0%
cash" does not Include Federal Reserve
9,614,000
6,238.000
notes or a bank's own Federa
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
x
these certificates being worth less to the extent of the dlfthe difference itself having been appropriated as profit by the Treasury
cents to 59.06 cents,
jerence,
under the provisions of the Gold Reserve Act of 1934;
Financial Chronicle
i2448
Weekly Return of the Board of Governors
April u, 1936
of the Federal Reserve System
Governors of the Federal Reserve System on Thursday afternoon, April 9,
showing the condition of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department ofllCurrent Events and Discussions
following is issued by the Board of
The
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS APRIL 8 1936
ASSETS
Gold ctfS. on hand & due from U.S.Treaa.*
Redemption fund (F. R. notes)—„
Other cash *
Total
Bills
-
reserves
discounted:
Secured by U. S. Govt,
obligations...
fully guaranteed
direct and (or)
Other bills discounted
*
Total bills discounted
market
Bills bought in open
advances
Industrial
securities—Bonds
U. 8. Government
Treasury notes
Treasury bills...
Total U.
8. Government securities
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign
banks
Federal Reserve notes of other banks.
Uncollected
items
Bank premises
All other assets..
Total
assets
LIABILITIES
F. R. notes In actual
circulation
Deposits—Member banks' reserve account
U. 8. Treasurer—General account
banks..
Foreign
Other deposits
Total
6.514,189,000
deposits
—
507.067,000
130,638,000
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
145,501,000
26.513.000
34,107,000
26,992,000
All other liabilities
liabilities
Total
Ratio
of
total
to deposits
combined
reserves
F. R. note liabilities
and
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
Maturity
Distribution of Bills and
Short-term
Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted...
61-90 days bills discounted
Over 90 days bills
discounted
Total uiiia discounted..
1-15 days bills bought in open
market
16-30 days bills bought In open market
31-60 days bills bought In open market...
61-90 days bills bought In open market
Over 90 days bills bought In open
market.
Total bills bought In open market
1-15 days Industrial advances
...
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days
Total
Industrial advances
Industrial advances
1-15 days U. 8. Government securities..
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities..
Ovi r 90 days U. 8. Government
Total U. 8. Governmen
securities
securities.....
1-15 days other securities
.........
16-30 days other securities
61-60 days other securities.......
61-90 days other securities
Over 90 days other
4
i
securities
-
Total other securities.
Federal Reserve Notes—
Issued to F. R. Bank by F. R
Agent.
Held by Federal Reserve Bank
tn actual circul
tlon_.
k Collateral Held by Agent as Security for
Notes Issuea to Bank—
Gold ctfs. on hand & due from U.S. Treas.
By eligible paper
U. 8. Government securities
Total
collateral
*
"Other cash" does not include Federal Reserve notes,
x
These are certificates given by
Jan. 31,1934, these cert-ficates being worth less to the extent
of the Gold Reserve Act of 1934
t Revised figure.
the U. S. Treasury for the gold
the dollar was devalued from 100 cents to 59.06 cents on
Itself having been appropriated as profits by the Treasury under the provisions
taken over from the Reserve banks when
of the difference, the difference
,
'
,V...
Volume 142
'■.
.
2449
Chronicle
Financial
■
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OP EACH OF THE 12 FEDERAL
Two
RESERVE BANKS AT CLOSE OP BUSINESS APRIL 8 1936
Ciphers (00) Omitted
.
Federal Reserve Bank of-—,
Total
RESOURCES
Qold certificates on hand and due
Boston
S
,
%
1
S
I
t
Atlanta
St.
Chicago
%
Cleveland Richmond
PhUa.
New York
%
$
%
$
Dallas
San Fran.
S
Louis Minneap. Kan. City
I
$
7,665,340,0 583,398,0 3,042,033,0 425,138,0 608,546,0 264,671,0 205,365,0 1,348,909,0 203,477,0 160,789,0 201,618,0 138,735,0 482,667,0
530.0
2,398,0
Redemption fund—F. R. notes..
303,0
1,101,0
1,1*9,0
580,0
2,195,0
793,0
546,0
13,732,0
442,0
2,522,0
1,113,0
Other cash *
4,674,0 12,066,0
6,910,0 18,939,0
45,691,0 14,914,0
16,564,0 10,028,0
336,358,0 36,834,0
96,000,0 41,601,0 32,137,0
from U. S.
Treasury
8,015.436,0 622,754,0 3,139,146,0 467,181,0 641,476,0 281,781,0 217,588,0 1,395,180,0 219,492,0 168,062,0 221,700,0 143,939,0 497,131,0
Total reserves...
Bills
discounted:
j
Seo. by U. S. Govt, obligations,
direct A (or) fully guaranteed
2,886,0
2,616,0
5,502,0
Other bills discounted
Total bills discounted......
Bills bought in open market
268,0
U.S. Government securities:
Bonds
250,0
130,0
32,0
247,0
270,0
15,0
140,0
380,0
279,0
122,0
61,0
1,460,0
133,0
1,164,0
133,0
1,693,0
327,0
1,109,0
14,496,0
45,556,0
15,531,0
13,013,0
77,206,0
26,625,0
19,347,0 21,918,0
56,254,0 131,921,0
19,399,0 45,492.0
""6,0
442,0
45,0
28,0
6,0
2,0
250,0
20,0
289,0
3,486,0
1,554,0
190,0
3,816,0
856.0
580,0
2,138,0
87,0
551,0
68,473,0 20,755,0 23,973,0
482,760,0 116,714,0 144,293,0
178,150,0 39,651,0 49,759,0
12,834,0
77,244,0
26,638,0
11,019,0
66,320,0
22,870,0
28,415,0
171,029,0
121,720,0
13,492,0
81,704,0
349,0
2,909,0
440,0
472,0
5,336,0
1,753,0
7,671,0
265,691,0 17,956,0
1,554,894,0 103,893,0
609,667,0
35,828,0
Treasury notes
Treasury bills..
70,0
70,0
8,0
415,0
31,0
4,688,0
30,257,0
Industrial advances
13,0
20,0
27,0
29,0
16,0
1,450,0
2,036,0
.
163,0
28,004,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
321,164,0 123,200,0
75,583,0 116,844,0
181,0
95,000,0 199,331,0
742,293,0 183,370,0 220,064,0 120,750,0 101,234,0
Total U. S. Govt, securities. 2,430,252,0 157,677,0
securities..
181,0
324,152,0 123,853,0
77,244,0 118,702,0
97,105,0 200,889,0
Other
Total bills and securities
2,470,880,0 161,224,0
Due from foreign banks
634,0
Fed. Rea. notes of other banks
Uncollected items
Bank
All
...
premises.—.
other
__
resources
50,0
354,0
16,762,0
501,570,0
48,004,0
37,390,0
110,0
12,0
243,0
4,809,0
118,579,0
10,843,0
27,618,0
52,610,0
3,113,0
220,0
63,0
731,0
37,428,0
5,044,0
3,573,0
.!
59,0
1,277,0
51,053,0
6,525,0
1,461,0
78,0
2,192,0
70,045,0
4,829,0
340,0
23,0
28,0
1,329,0
41,450,0
2,919,0
1,005,0
1,711,0
18,511,0
2,284,0
1,322,0
4,0
1,113,0
21,904,0
2,452,0
195,0
3,0
723,0
14,913,0
1,531,0
422,0
19,0
1,013,0
28,141,0
3,360,0
269,0
19,0
423,0
21,081,0
1,524,0
740,0
45,0
1,087,0
25,255,0
3,580,0
231,0
U,090,682,0 840,325,0 4,043.531,0 697,390,0 922,515,0 449,262,0 342,673,0 1,796,816,0 369,013,0 262,898,0 373,210,0 264.831.0 728,218,0
Total resources..
LIABILITIES
P. R. notes in actual circulation.
3,781,039,0 343.332,0
867,849.0 162,104,0 113,930,0 144,928,0
800,738,0 282,117,0 364,374,0 176,714,0 161,614,0
\
Deposits:
Member bank
Other
deposits
Total
Deferred availability items
Reserve for
815,514,0 173,755,0 125.505.0 190,751,0 158,708,0 389,965.0
494,186,0
130,699,0
145,501,0
;
Surplus (Section
Surplus (Section
742,133,0 135,654,0
60,270,0 27,064,0
2,179,0
8,427,0
8,858,0
4,678,0
.
deposits
Capital paid in
7)
13-B)
contingencies
52,065,0
9,394,0
9,902,0
2,874,0
1,413,0
242,0
26,513,0
34,107,0
7,360.0
All other liabilities
Total liabilities:
113,413,0
50,914,0
50,825,0
7,744,0
8,849,0
3,555,0
36,134,0
12,323,0
13,400,0
40,440,0
3,000,0
51,315,0
12,556,0
14,371,0
1,007,0
3,111,0
4,589,0
5,186,0
3,448,0
1,263,0
17,981,0
4,232,0
5,616,0
754,0
2,508,0
400,0
367,0
146,0
154,0
4,231,0
69,799,0
12,013,0
21,350,0
1,391,0
7,573,0
1,327,0
23,019,0
3,765,0
4,055,0
14,495,0
27,815,0
3,017,0
3,149,0
1,003,0
1,477,0
322,0
3,950,0
3,613,0
1,142,0
844,0
167,0
546,0
892,0
277,0
.
20,461,0
3,791,0
3,783,0
1,252,0
1,328,0
139,0
27,249,0
10,155,0
9,645,0
1,121,0
1,849,0
264,0
11,090,082,0 840,325,0 4,043,531,0 097,390,0 922,515,0 449,262,0 342,673,0 1,796,816,0 369,013,0 262,898,0 373,210,0 264,831,0 728,218,0
Ratio of total res. to dep. & F. R.
note liabilities combined......
Commitments to make industrial
78.2
81.5
82.4
74.4
76.4
71.5
69.9
82.9
65.4
70.2
66.0
61.5
73.3
25,664,0
advanoes
•
92,532,0 160,272,0 124,116,0 343,448,0
26,796,0 27,314,0 30,937,0 24,271,0
2,107,0
2,107,0
5,013,0
1,744,0
1,548,0 17,233,0
1,058,0
4,433,0
5,161,317,0 298,925,0 2,303,767,0 293,886,0 366,473,0 185,286,0 114,825,0
964,390,0 111,305,0
460,924,0 42,847,0 99,067,0 25,966,0 27,623,0
71,022,0
5,376,0
25,491,0
3,196,0
6,756,0
6,683,0
2,543,0
273,948,0
5,497,0
217.311,0
2,290,0
3,191,0
3,028,0
4,823,0
6,471,277,0 421,103,0 3,007,493,0 345,779,0 475,414,0 217,476,0 149,814,0
reserve account.
U. S. Treasurer—Gen*l acc't—
bank...
Foreign
1
75,369,0 287,970,0
\
2,926,0
10,094,0
346,0
1,673,0
2,388,0
380,0
80,0
1,972,0
105,0
650,0
584,0
4,466,0
"Other Cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
%
%
%
S
Federal Reserve notes:
Issued to F. R.Bk.by F.R.Agt. 4,050,111,0
363,068,0
Held.by Fed'l Reserve Bank..
209,072,0 19,736,0
In actual circulation..
Collateral
held by
Agent
3
Atlanta
St. Louis Minneap. Kan.
Chicago
*
S
J
DaHas
San Fran.
%
City
%
%
S
$
903,678.0 295,046,0 377,740,0 186,165,0 179,044,0
102,940,0
12,929,0 13,366,0
9,451,0 17,430,0
900,712,0 169,786,0 117,302,0 154,112,0
9,184,0
32,863,0
3,372,0
7,682,0
82,271,0 321,187,0
6,902,0 33,217,0
800,738,0 282,117.0 364,374,0 176,714,0 161,614,0
.867,849,0 162,104,0 113,930,0 144,928,0
75,369,0 287,970,0
915,000,0 146,632,0 118,000,0 144,000,0
358,0
10,0
136,0
250,0
12,000,0
24,000,0
83,000,0 323,263,0
110,0
250,0
32,6bb~6
907,701,0 295,425,0 378,469,0 189,020,0 181,685,0
3,781,039,0 343,332,0
as
Cleveland Richmond
915,250,0 170,642,0 118,136,0 156,358,0
83,250,0 323,373.0
se¬
\
curity for notes issued to bks.
Gold certificates on hand and
due from U. S. Treasury
4,024,343,0 376,617,0
Eligible paper...
3,859,0
276,0
u. S. Government securities..
Total collateral...
905,706,0 295,000,0 378,440,0 189,000,0 149,685,0
29,0
1,995,0
425,0
20,0
68,000,0
4,096,202,0 376,893,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System
upon the figures for the latest week avpears in our department of "Current Events and Disscussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
8ta£?m®n' beginning with Nov. 6 1935
covers reporting banks In 101 leading cities, as it did prior to the banking holiday in 1933, instead of 91 oitles, and has
80 88 t0 8how additional items. The amount of "Loans to banks" was included heretofore partly in "Loans on securities—to others" and partly
i
in
other loans.
The item "Demand deposits—adjusted" represents the total amount of demand deposits
standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &o„ minus the amount of cash items reported as on hand or in process of collection. The method of computing the item "Net
demand
deposits,
furthermore, has been changed in two respects In accordance with provisions of the Banking Act of 1935*. First, it includes United States Government
now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
deposits, rather than solely from amounts due to banks, as was required under the old law. These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23 1935. The item "Time deposits" differs in that it
formerly Included a relatively small amount of time deposits of other banks,
which are now Included in "Inter-bank
deposits." The item "Due to banks" shown heretofore included only demand balances of domestic banks. The item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital
account," "Other
areets—-net,
and
Other liabilities." By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash items reported as on hand or in process
deposits, against which reserves must
gross demand
of collection which have been deducted from demand
deposits.
ASSETS AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON APRIL 1 1936 (In Millions of Dollors)
'
a
Federal Reserve District—
Total
New York
Boston
Cleveland Richmond
PhUa.
Atlanta
St.Louis
Chicago
Minneap. Kan. City
Dallas
San Fran.
ASSETS
Loans
and
investments—total
21,621
Loans to brokers and dealers:
In New York City
1,218
*
9,405
1,164
46
7
3
3
2
48
218
41
5
535
2,721
3
6
68
964
11
31
65
20
15
150
216
625
445
2
2
9
220
990
City
368
576
2,103
Outside New York
626
1,786
2,152
•
2
19
Loans on securities, to others (except
banks)
62
29
44
31
11
7
24
2
23
21
66
38
6
16
21
367
1
9
7
4
1
1
125
124
362
244
172
703
906
146
352
43
175
21
3
7
1,144
85
249
66
187
22
88
.5
52
3
5
__
3.495
309
206
107
138
416
107
121
398
1,305
3,720
175
322
829
254
200
1.412
240
143
by U. 8. Govt.
8,643
1,265
3,321
17
578
98
70
38
39
145
51
15
42
35
137
171
1,385
302
255
77
77
376
103
44
121
47
363
Reserve with Federal Reserve Bank..
Cashl n vault
3,866
230
1,965
202
273
60
468
82
57
77
219
356
120
61
13
30
15
9
56
11
5
10
9
17
Balance with domestic banks
2,198
1,353
116
180
165
209
160
148
351
135
96
271
162
205
81
556
88
111
38
39
110
25
18
25
27
235
13,578
4,909
949
6,410
943
755
988
366
290
1,649
368
242
435
324
802
301
272
694
194
169
763
173
121
145
118
1,016
774
17
231
57
58
41
43
152
9
3
18
27
118
5,430
234
2,296
302
320
199
194
764
236
117
347
171
250
Foreign banks
374
8
343
3
2
2
5
Borrowings
Other liabilities
22
Acceptances and oom'l
Loans
on
paper
bought.
real estate
Loans to banks
Other loans
__
U. 8. Govt, direct oDllgatlons
Obligations fully
Other
guar,
securities
_.
Other assets—net
—...
.
«
-
128
■>
«
•.
-
«.
«.
105
175
LIABILITIES
Demand
deposits—adjusted--
Time deposits
United States Govt, deposits—
Inter-bank deposits:
Domestic banks
....
Capital account
—
m
,
-
•
•
1
10
1
21
789
25
327
19
"~14
30
7
34
10
4
2
4
313
3,518
231
1,596
224
333
87
86
338
83
56
89
76
319
Financial
2450
April 11, 1936
Chronicle
United States Treasury Bills—Thursday,
Who
^
,
JTtnatirial
PUBLISHED
Publishers,
4lM
Bid
Asked
0.20%
Aug. 20 1936
0.20%
Apr.
Apr. 22 1930
Apr. 29 1930
April 9
for discount at purchase.
are
15 1930
WEEKLY
DANA COMPANY,
quoted
Bid
(Ulirmttrb
drnnmcf'
WILLIAM B.
Rates
Sept.
Sept.
0.20%
0.20%
2 1936
9 1930
0.20%
Sept. 10 1930
Sept. 23 1930
0.20%
0.20%
United
York
States
May 20 1930
Corner Spruce, New York.
Securities
Government
on
Sept. 30 1930
Oct.
0
Oct.
0.20%
0.20%
Nov
10 1936
0 20%
Nov.
18 1930
0.20%
3
1930
1930
certificates on
July
July
32ds
Quotations after decimal point represent one or more
of a point.
1930
20%
0.20%
June 24 1936
July
July
1
1930
8
1930
0
14 1930
0.20%
21
1936
0 20%
28
1936
0.20%
7
2 1936
9 1936
Apr. 8
0.20%
Dec
16
Aug. 12 1930
0 20%
Dec
0.20%
Dec.
0.20%
30 1936
Jan.
0.20%
v>3 1U36
6 1937
Apr. 10
Apr. 9
118.3
Apr. 7
Apr. 6
Apr. 4
0
'<
0 20%
Nov. 25 1930
Dec.
Dec.
20%
20%
July 29 1936
6 1930.
Aug
Aug. 19 1930
Daily Record of U. S. Bond Prices
0 20
4 1930
Nov.
0 20%
15 1930
22 1930...
0 20%
Oct.
0.20%
June 17
Farm
0.20%
0 20%
1936
Oct.
0 20%
0 20%
June 10
record
of the transactions in Home
Mortgage Corporation's bonds and Treasury
the New York Stock Exchange.
0.20%
0
June
New
the
Exchange—Below we furnish a daily
Owners' Loan, Federal
Stock
0.20%
0.20%
May 27 1930
William Street,
1930
13 1930
May
May
1930.
0.20%
0.20%
0.20 \
118.4
High
117.27
117.29
118
Low.
117.27
117.27
117.27
118.2
118.2
Close
117.27
117.27
108
118.2
118.4
Total sales in $1,000 units...
5
15
14
20
High
107.20
107.23
107.24
107.26
107.20
107.21
107.23
107.23
107.20
107.22
107.24
107.23
107.24
Total sales in $1,000 units...
2
'
107.23
Close
0 20
107.26
Low-
Treasury
4 Hb.
1947-52
■
A:
Transactions at the New York Stock
Exchange,
*
3tfs,
1943-45
6
2
7
112.25
112.23
112.25
112.25
Low.
112.22
112.22
112.22
112.23
112.23
112.23
Close
«...
Number of
Shares
Saturday
4
54
47
17
Ended
Week
Apr. 10 1936
Monday
111.1
111.2
111.4
111.4
Tuesday
110.31
111.1
111
111.4
111.3
Wednesday
Close
110.31
111.1
111.4
111.4
Thursday
1,654,000
2
mm
111.2
4
•
31
103
76
108.4
108.7
108.5
108.4
108.7
108.5
108.6
108.4
108.7
108.5
;
[High
3H8. 1943-47
■
Total sales in $1.0C0 units—
mmmm-
-
-
-
1
-
A
104.8
104.8
104.10
104.4
104.8
104.6
104.6
104.4
104.4
104.8
104.8
104.6
104.4
1
1
78
4
20
104.21
104.26
104.28
104.29
104.28
104.21
104.24
104.24
104.27
104.26
Close
104.21
104.25
104 28
104.28
104.26
Total sales in $1,000 units...
1
52
222
Stocks—No. of shares.
108.16
108.18
788,000
10,099,000
11,120,000
$3,458,000
$49,416,000
108.16
108.18
108.18
108.16
mm mm
2
•
10
1935
7,924,718
4,591,614
192,470,083
57,535,664
$12,972,000
$101,828,000
State and foreign
4,569,000
41,389,000
6,060,000
42,766,000
1,001,444,000
$285,695,000
116,151,000
579,427,000
$49,416,000
$61,798,000
$1,211,187,000
$981,273,000
Railroad and industrial
108.18
Close
Jan. 1 to Apr.
1936
$3,458,000
108.17
Total sales in $1,000 units—
54,569,000
Bonds
108.18
Low.
Total.
107,915,000
9
100
High
108.28
m-m
mm
108.30
108.31
109
Low-
108.28
mmmrn
Stocks and Bond
108.29
108.28
108.28
108.30
108.31
109
2
44
67
1
High
Averages—Below are the daily closing
of representative stocks and bonds listed on the
New York Stock Exchange as compiled by Dow, Jones & Co.:
109
Close
Total sales in $1,000 units...
8Rs, 1941-43
863,000
FRIDA
Government
9
7
High
3^8, 1940-43
11,245,000
10,157,000
516,000
1935
1930
Exchange
Low.
.
893,000
802,000
New York Stock
High
'
708,000
1,127,000
Week Ended Apr. 10
Sales at
104.7
104.4
Total sales in $1,000 units—
541,389,000!
7,924,718
Total
,
4
Low.
High
3s, 1940-48
1,137,000
108.6
4
5
Close
3s. 1951-55....
$6,795,000
GO OD
Friday
Sola
$553,000
108.9
Low.
Close
'
Bond
Bonds
5640,000
§5,602,000
9,400,000
8,137,000
8,781,000
9,469,000
1,574,650
1,652,550
'"mm
For'n Bonds
Bonds
2,032,048
110.31
Low.
Total sales in $1,000 units—
:
Total
States
Mis cell. Municipal <fc
and
1,011,470
High
Total sales in $1,000 units—
3^8, 1940-56
United
State,
112.22
112.22
Railroad
Stocks,
12
High
4b, 1944-54
Daily, Weekly and Yearly
7
105.19
105.21
105.20
105.21
105.21
Low-
105.19
105.18
105.18
105.19
105.19
Close
105.19
105.21
105.19
105.19
105.19
Total sales in $1,000 units...
100
3
76
3
10
High
105.15
105.17
105.16
105.17
Low.
105.15
105.16
105.16
105.15
105.17
105.16
105.15
14
25
averages
252
.
3Hs, 1946-49
3Hs, 1949-52
—
«...
-
Close
105.15
Total sales in $1,000 units...
250
[H_gb
108.29
108.29
■
108.30
Low.
108.28
108.28
108.28
108.29
108.30
16
5
5
High
107.10
107.10
107.15
mm
mm
mm
First
Second
Ten
Utili¬
Seventy
Indus¬
Grade
Grade
Utili¬
Forty
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Thirty
Twenty Twenty
Apr.
107.10
107.14
107.13
107.10
107.14
107.13
107.16
Total sales in $1,000 units...
1
1
10
6
3
High
101.29
101.29
101.31
101.31
101.25
101.27
101.29
101.28
101.28
101.31
101.30
282
58
40
58.23
106.23
111 04
85.98
106.43
102.42
33.27
58.29
106.03
110.91
86.08
106.48
102.38
7.
6.
4.
160.94
48.85
33.15
58.15
106.10
110.96
85.88
106.34
161.99
49.35
33 06
58.49
105.99
111.08
86.03
106 21
102.33
161.50
49.10
32.66
58.20
105.95
110.89
85.95
106.21
102.25
Apr.
Apr.
102.32
101.28
47
33.13
49.23
101.28
101.27
49.70
160.97
101.30
Low.
Close
160.25
8.
Apr.
107.13
107.10
9.
Apr.
1
107.10
Total
HOLI DAY
Apr. 10.
107.16
Low.
2KB. 1955-00
Ten
Rail¬
trials
108.30
107.13
Ten
Total
Indus¬
Date
108.30
■mmmm
Close
3tf§. 1944-40
Bonds
Ten
DAY
108.30
108.30
Close
Total sales in $1,000 units...
3tfs. 1941
Stocks
HOLI¬
232
Total sales in $1,000 units
CURRENT
NOTICES
High
102.31
103
103.3
103.4
103.4
—Alexander Jacoby, formerly of Alexander Jacoby & Co., is now trading
Low.
102.30
102.21
103
103.1
103.1
jointly in Unlisted Securities with Leopold Spingarn & Co., Members New
Close
2^s. 1945-47
102.31
103
103.3
103.1
103.1
York Stock Exchange, offices at
101.26
101.29
101.31
102
101.27
101.31
102.2
10?
16
87
Low.
Close
High
.......
Low.
3Ms, 1944-64
....
Close
....
Total sales in $1,000 units
101.30
mmm*-
....
mm, mm
mm
""
102.29
102.29
102.29
103.2~
Low.
102.28
102.28
102.29
102.31
102.30
Close
102.29
102.29
102.29
102.31
102.30
3s. 1944-49
11
5
rHigh
103.19
103.19
Low.
103.19
103.18
Close
103.19
103.19
2
38, 1942-47
Total sales in $1,000 units...
Federal Farm Mortgage
[High
Low.
102.10
Close
102.10
mmmmm.
Total sales in $1,000 units
1
High
Close
3s, series A, 1944-52
102.23
Low.
Home Owners' Loan
....
....
.
.
.
'
mm
m
-
-
mmmm
-»
102.12
102.12
102.12
102.9
1
102.22
102.22
102.24
102.24
102.25
102.28
102.29
monthly summary of earnings of 88 railroads for the first two months of 1936.
10?.23
102.23
102.24
5
9
3
6
23
101.21
101.23
101.24
101.23
101.20
101.21
101.21
101.21
101.21
101.23
101.23
101.21
—Jenks, Gwynne & Co., 65 Broadway, New York City, are distributing
a
101.23
101.21
Close
101.21
31
64
13
74
101.22
101.23
101.21
101.25
101.22
101.21
101.21
101.25
101.22
101.23
101.21
101.25
16
3
8
includes
only
sales
bonds.
that Edward J.
Co!,
Keresey,
52 Broadway, New York City, have prepared
an
—Campagnoli & Co., Inc., 41 Broad St., New York City, has prepared
analyses of Crowell Publishing Co., and Publication Corp.
table
of
coupon
Transactions in registered bonds were:
Scott
Russell Jr.
has joined Field, Glore & Co. and will be in
charge of the firm's municipal department in New York,
—The current "Review" of Estabrook &
No sales.
Co., 40 Wall Street, New York|
contains an analysis of the five leading chemical stocks.
—Lazard Freres & Co.,
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Thursday, April 9
Figures after decimal point represent one or more 32ds of
a
announces
analysis of The Virginian Railway Company common stock.
—Paris
above
Inc.
13
.
Total sales in $1,000 unit?
Note—The
Phelps & Co.,
—B. W. Pizzini &
101.22
11
—Campbell,
101.21
Close
circular entitled "Stock Prices Consistent with Industrial Tendencies.*
formerly with Estabrook & Co., has become associated with them.
101.22
Low.
■>
21
High
Total sales in $1,000 units
2KB, 1942-44
Buying Dept.
that H. K. Wallach has become associated
—John E. Sloane & Co., 41 Broad St., New York City, have issued their
102.25
Low.
Home Owners' Loan
announce
with them in their arbitrage department at their office at 30 Broad Street.
13
102.29
102.28
High
2%b, series B, 1939-49..
Co.
102.9
102.1?
mmmm
102.25
Total sales in $1,000 units...
Home Owners' Loan
—Gruntal &
1
■
....
—E. S. Emerson is now associated with Dewar, Robertson & Pancoast of
San Antonio, Texas, and will be in charge of their Municipal
103.20
......
as an
—Raymond K. Webster, president of Webster, Kennedy & Co., Inc.,
from a business and pleasure trip to various Pacific Coast
103.20
mmrnm
extra week's salary to employees
has returned
103.20
mm mm
102.10
2MB, 1942-47
7
20
an
cities.
26
30
Total sales in $1,000 units...
Federal Farm Mortgage
103
distributing
Easter bonus.
mm
rHlgb
Federal Farm Mortgage
Co., 30 Broad St., New York City, members New York
Stock Exchange, are
mm
2
...»
—Gruntal &
........
.....
104.4
now
being distributed.
53
'
104.4
Jersey Municipal Bond Market, the monthly
publication of J. B. Hanauer & Co., 786 Broad St., Newark, N. J., is
101.30
6
96
104.4
—The April issue of the New
10?.3
102.1
29 Broadway.
40
11
102.2
102
Total sales in $1,000 units
Federal Farm Mortgage
104
101.31
High
2KB. 1948-51
106
51
Total sales in $1,000 units...
pared
a
Inc.,
15 Nassau St., New York City, has pre¬
financial study of the City of Pittbsurgh, Pa.
—Morris and Van
Wormer, industrial engineers, announce that they have
moved their offices to 52 Wall Street, New York.
—Engel & Co., 120 Broadway, New York, have prepared
point.
an
analysis of
Allied Stores Corporation.
Int.
Int.
Rate
Maturity
Bid
Asked
Rate
Maturity
—Paul H. Davis & Co., have moved
Bid
Asked
1H%
1K%
1K%
100.25
100.28
Feb.
2K%
104.14
101.10
101.12
Dec.
15 1936...
2
102.7
101.25
101.27
Apr.
15 1936...
2K%
100
101.9
101.11
June
15 1938
105.14
105.16
101.15
101.17
Feb.
15 1937
102.21
102.23
101.3
15 1937...
2K%
3%
3%
3%
3K%
151939...
1K%
1M%
1K%
1K%
1K%
2K%
Sept. 15 1938—
2K%
June
15 1936—
Dec.
15 1939...
Mar. 15 1939...
Mar.
15 1941...
June
15 1940...
Sept. 15 1936
Dec.
June
—
15 1940...
Mar. 15 1940
...
1 1938...
—
101.5
Apr.
101.9
101.11
Mar. 15 1938...
101.31
102.1
Aug.
103.23
103.25
Sept. 15 1937...
104.21
104.23
1 1936
—
3 H%
their Chicago offices to 10 S. La Salle
Street.
104.16
102.9
FOOTNOTES FOR
103.4
103.6
105.12
105.14
101.16
101.18
104.21
104.23
»
NEW YORK STOCK PAGES
Bid and asked prices; no sales on this day.
t Companies reported In receivership,
Deferred delivery.
a
n
New stock,
r
Cash sale.
x
Ex-dlvldend.
V
Ex-rights.
2451
Volume 142
Report 0/ Stock Sales—New York Stotck Exchange
■
■'
1
'
'
.
DAILY, WEEKLY
■
YEARLY
AND
'
.1
•.1
•
Occupying Altogether Nine Paget—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions
In computing the range for the year.
"
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
Sales
NOT PER CENT
Monday
Apr. 4
$ per share
*47
4934
113
*69
13
26
26
3
Wednesday
Apr. 6
Tuesday
Apr. 7
$ per share
$ per share
47
47
49
*112
113
113
113
71%
13%
*70%
13
2634
26%
3%
71%
1338
26%
*2534
*3
7%
3
*90
*90
1434
*4%
25
26
*100
25
37%
35%
104
205
27%
884
*72%
49%
2534
*4%
*39%
113
207%
27%
54%
*67%
49%
*129
Pref A without
100
8%
8%
72%
3%
24%
3%
24%
9
73
8%
72%
50
50
50%
49%
2534
2434
4%
26%
25
50
25%
4%
4
4%
73
4%
41
70
6934
49%
49%
129
121%
164
6934
49%
*69%
•
130
*90
49%
91
~~
90
*33
~~
90
90
90
38
*37
39%
200
114
114%
1,200
1,200
55
55
54
54%
5,300
69%
55%
69%
49
49
6934
48%
1,500
54%
*67%
48%
126
89%
89%
90
90
89
89
14
938
38%
934
1
90
400
130
34
*13
9%
9
9%
40%
Closed
38%
21%
Friday
6,000
8934
90
2,700
140
%
33,100
14%
10C
9%
37,200
12,300
4034
39
18
18%
36%
17%
17%
17
17%
3,400
35
3534
16%
35
35
3,800
16%
7%
39%
16%
7%
6,000
39%
600
40
40
17
*16%
7%
41%
40%
734
4134
4034
4
3
4134
4034
334
18%
12%
31%
4
16%
7%
16%
41
41
4034
40%
3%
3%
7%
16%
7%
*3934
40%
334
*18%
lia4
30%
7%
40
41%
4
334
19
*18%
18%
12%
31%
18%
1134
30
18%
12%
31%
81
81
18%
1278
32
81
79%
82
81
82
25-%
25
25%
24
12%
34%
1234
34%
13
34%
12%
49
49%
24
23%
165
165
52
52%
24%
165
23%
*161
31%
25
24%
31%
31%
8534
84%
146
144
32
85%
144
*62
*135%
30%
30%
114
114
30%
5434
63
«---
1134
3034
2934.
*80
33%
1,000
334
300
13,900
12%
30%
2,100
81
1,000
24%
12%
34%
4,400
*125
129
100
41
41
41
300
10%
64%
1%
6%
4%
57%
*29%
102
10%
64%
1%
6%
4%
37
57%
32%
37%
43
43
2434
2434
*10734 10938
*j 3
102
14
29%
2334
102
10
10%
64
64%
1%
6%
4%
*57%
1%
6%
434
59
31
'
32%
38%
43
44%
24% 24%
108% 108%
14
13%
37
12
12
For footnotes see page 2450
No par
3
Jan
2
100
No par
Locomotlve.No par
Preferred
100
100
Amer News, N Y Corp.No par
Amer Power <fc Light_.No par
17i2Mar 12
10*8 Jan 2
25«4 Feb 5
7314 Jan 2
23i2 Apr 2
IOI4 Jan 18
273s Jan 7
124
Apr
2
*35% Jan
3
4H2Mar
55s Jan 14
Jan 14
24
1278 Jan 28
23%
31%
23%
*161
165
3O84
52,800
*161
165
80
30
31
46,400
243g
*136
29
114
114
61
12%
42%
121
108% 108%
5%
534
7434 7434
830
*107
60
12
115
61%
12%
Amer Shipbuilding Co.No par
21,800
Amer Smelting & Refg.No par
32
32
84
85%
142l2 142%
300
107
400
62
1,100
"3038
42
io"66o
120
900
108
500
800
11,300
1,000
7,900
100
1,500
80
169,500
400
2,600
2,300
3,200
3,000
10,800
200
200
*107
100
No par
Am Sumatra Tobacco_.No par
Amer Telep & Teleg
..100
Preferred
100
Preferred
100
Am Water Wks & Elec.No par
No par
No par
Preferred
100
{Am Writing Paper
Preferred
3578 Mar 20
No par
1
Amer Zinc Lead & Smelt
$6
conv
pref
Preferred
60%
60%
2*900
Armstrong Cork Co
12
12%
3,100
Arnold Constable Corp
14i4 Oct
4i2 Mar
18% Mar
4% Apr
13i2 Mar
1% Mar
10% Mar
83s
10%
134%
1534
66
20
Mar 23
Mar
Mar
Mar
Mar
Mar
4% Mar
Mar
315s Apr
Feb
Nov
38% Nov
4% Jan
3734 Feb
11% Nov
101% Dec
32%
Dec
130% Nov
36% Nov
9% Nov
49% Aug
41% Aug
25% Dec
159
Sept
323g Nov
9584 July
21% Dec
26%
64%
144
Jan
Dec
May
117% Aug
63
Jan
76
4
125
Feb
143
33% Feb 19
12
Mar
Feb
June
July
25% Nov
115
6
Feb 28
88
Feb
113
Dec
36
Jan 29
32% Dec
43
Jan
6058 Mar
3
14178 Jan 29
263s Jan 28
178
.
Feb 14
104
6
2
150
5i2 Mar 20
2414 Mar 18
20i2Mar.l3
9234 Jan 3
9i8 Jan 2
Mar 13
Feb
Mar 17
8*2 Jan
2
Jan 10
Jan
Feb
140% May
27% Nov
9878 Mar
160% Nov
72% Apr
7434 Mar
104% Nov
5018
124
18i2
Dec
Dec
129% Jan
2i2 Mar
9
Mar
70%
107
Nov
141
Nov
10%
Deo
Dec
Nov
Sept
Nov
1
48
7034 Feb
1
1
478 Mar
35i2 Mar
Feb
5
% Mar
38%
2234
94%
1084
6834
2%
Jan 10
214 Mar
1134
Dec
5%
Dec
35
25% Apr
102
Apr
11% Feb
2
9
7% Mar
Mar
Dec
Dec
5
Apr
8
8
4
Apr
1
784 Mar
2
3
Mar
2
2
9
31
Mar
49
Aug
8
Mar
30
Dec
10
Apr
28
Jan 20
35
Jan
8
46
15i2 Jan
10434 Jan
2
3
2634 Mar
387s Apr
1618 Apr
37
5
10?8 Sept
17%
111
Jan 30
96i2 Oct
318 Mar
109
52
Aug
122% July
Feb 15
115s Jan 7
3984 Mar 27
15
Feb 17
50
Jan
Mar 27
122
7
36
Jan 13
117
110% Jan 20
7% Jan 25
97
Jan
5
No par
66I4 Jan
2
84
Jan 28
Jan 14
125
Jan 28
85
6
Aug
Aug
40
Aug
Apr
314 Apr
5512 May
No par
17
Oct
3
2
100
42
Oct
/29% Apr
178 Oct
10514 Jan
434 Jan
7% preferred
100
(Del) pref—100
Armour & Co
Armour of Illinois new
Mar
Mar
28
121
31
11,100
Mar
38% Aug
15% Oct
6% Nov
8
73i2Mar
Archer Daniels Mldl'd.No par
14
12
5
1
900
Dec
Dec
9% Aug
Mar
27
2
"""300
3%
9%
5
Jan
conv
6
Feb 19
44
200
"
Apr
28I4 Apr
$6.50
9234 Dec
2
116i2Mar
25
preferred .No par
Andes Copper Mining
10
1,200
273s Jan
25
No par
Aug
Jan
Preferred
Cap
Dec
84 May
234 Apr
Jan
$5 prior pref
Anchor
9U
3534 Nov
19% Dec
72
88i2 Mar 13
% Apr
72,
34% Aug
Feb
2:24
6
60
6%
6
Feb
73% Jan 22
Mar 13
Jan
June
42i2 Mar 13
13% Mar 26
133
102i2 Feb
136
96
Mar
75% Dec
33% Nov
12% Dec
Feb 13
15
143
2038Mar 21
15534 Jan 2
1
1,100
150
Jan
87
{Am Type Founders...No par
1st preferred
American Woolen
129
25
Common class B
Jan
2934 Mar 17
5H2Mar 27
25
American Tobacco
8,000
5%
74%
115
Preferred
Fen
30
2734 Nov
108
67'2Mar
133»8 Jan
2334 Jan
10784 Jan
Amer Sugar Refining..... 100
Preferred
100
66
33% Apr
2538 Jan
5634 Jan
136>2 Jan
104
Nov
91% Mar 20
15284 Mar 11
2
Dec
Dec
115
Mar
34
203s Jan
33%
Jftn
Mar
165
893s Jan 21
65
Oct
Dec
9
7
Jan
Jan
33%
32
28is Mar 28
00
100
Amer Steel Foundries..No par
American Stores
2014 Mar 13
157
25
2nd preferred 6% cum..
American Snuff
Anaconda Copper Mining..50
Anaconda W & Cable.A o par
97,700
121
108
1,800
43
*119
5%
100
Preferred
Preferred
*113% 11434
74
100
1,400
500
24%
107
Preferred
American Rolling Mill
25
Amer
Safety
Razor..No par
American Seating v t c.No par
24
61%
*136%
30%
29%
Am Rad & Stand San'y.No par
Mar
95% Feb 27
2978 Jan 14
7
4
7i2 Feb 20
10
Nov
May
36U Feb 28
7
115
12%
2
5278 Apr
534
12%
Jan
168
8I4 Apr
Jan 27
60% Apr
74%
60%
37
149%
Jan
25i2 Mar
Nov
3
18% Mar
8% Mar
46
Feb 20
5%
6134
Jan 20
36% Feb 20
74%
60
13
534 Jan 7
38i2 Jan 22
1
Jan
15134
37s Mar
Jan 28
43
*42
62%
12%
10
Feb 17
18i2 Apr
No par
*119
•
43
37%
No par
43
~62~
Jan
Jan
American
3
33s Feb 24
14% Feb 17
934 Mar 26
$5 preferred
T—I 0 00 4P
*
7
Mar
95
Apr
vh Apr
934 Jan
110
22% Mar
2
70
42% Dec
129
6
3258 Mar
2478 Mar
5734 Feb
47% Nov
Jan
23g Mar
$6 preferred
121
115
89
9
Jan
6
9,000
*42
*106
Jan 31
I6I4 Jan
Dec
Jan
13
13»4 Feb 13
7,300
*
115
27
Dec
80
Mar
3
Jan
40
43
34
73,500
165
Dec
Nov
Jan
119
95% Mar
51%
24%
*119
*_._.
2
2
13%
8,
13%
*27
27
27
28% 29%
28%
2334 24%
2334 24%
24%
25%
110
*101
102% 102% *100% 104
10
9%
10
934
934
934
63
63
63
63%
6234 63%
1
1
1
1%
%
1
5
534
6
5%
5%
5%
4%
4%
4%
4%
4%
4%
*56
60
57% 57%
*56% 60
*30
3334
*30% 33
*30% 33%
38% 3834
37% 38%
38%
37%
.44
44
44
*4334 44
*43%
24%
2434
24% 2538
24%
25%
*108% 109%
109% 109%
108% 109
*13
*13
*13
14
13%
13%
5%
8i2 Jan
50
6% conv preferred
9
June
41% June
38
5934
2 9% 30%
114
114
77
Jan
3314 Mar 30
26
48%
Mar 17
5034
23%
43
5%
88
7314 Feb 19
5434 Apr
125
12%
121
7534
11434 Jan 14
Feb 21
58%
43
5%
3
41
52%
23%
*119
77%
32% Jan 22
13%
43
5%
Feb 14
60
121
*75%
163
2*8 Mar
21
Feb 28
72
5078 Mar
132i2 Jan 25
134i2 Jan
166i2 Jan 14
51
*136
»—< 0
3
12%
43
108% 108%
Jan
59%
*119
*107% 108%
65
42i2 Jan 18
12534 Jan 9
115s4 Feb 24
13%
30
31
30%
30%
3034
3034
3034
56%
54
54% 55
5434
53%
5434
*130
132
132
132
132
134% *13078 133
131% 131%
25
*24% 25%
25
25%
25
24% 24%
24% 24%
165% 167
169
171
167% 168
167% 169
167% 169%
92
92
9134
9134
*92
92% 9234
92% 9234
92%
93
9334
93% 94%
92% 94
92%
93%
93% 94%
146% 146% *14378 148
*143% 148
*143% 148
*143% 147%
*6%
6
6%
6%
6%
6%
5%
6
*5%
6%
*28%
2278
42i2 Feb 18
52%
56
"
Jan
60%
30%
2934
22%
Jan
52
2934 Jan
1214 Jan
Amer Metal Co Ltd...No par
129
41
32
33
32
33%
84% 86%
8434 85%
145
144% 144% *142
*107% 10734 zl06% 107
62
63
62% 62%
114
75
7414 Feb 27
26
6,000
*125
109% 109%
31
par
10
5,700
41
Sept
24%
47i2 Jan 29
125i2Mar 11
63i4 Feb 15
65i2 Apr
Amer Mach & Fdry Co .No par
Amer Mach & Metals..No par
129
108% 108%
24%
6% non-cum pref
Amer Internat Corp
173
3i8 Mar
/49
June
37% Jan
Amer Hide & Leather
Amer Home Products
Mar
22% Dec
50
No par
American Ice
914 Mar
Oct
No par
6% conv pref
2
2838 Mar 26
5% Jan 29
..No par
Amer Hawaiian SSCo
4,400
19
31%
108% 108%
24% 24%
25%
*107% 108
62%
30%
12%
500
125
Dec
32
3^3 Jan
No par
Preferred
Jan
1
(Alleg Co) .25
$.6 preferred
39
Dec
21
Dec
Dec
Oct
100
2nd preferred
34
Dec
75%
Amer European See's..No par
Amer & For'n Power
No par
38%
Dec
1458
1418
1438
3314
2234 Nov
4% Dec
6% 1st pref
100
Amer Encaustic Tiling.No par
18
Apr
338
37%
Amer Color type Co
10
Am Comm'l Alcohol Corp. _ 20
American Crystal Sugar
10
3434
Apr
Dec
187
Mar
Jan
28%
134 Mar
6%
Sept
Jan
4
Mar
25
American Chicle
Mar
74
2:2018
12
Jan 31
Jan 21
600
2
Dec
14
100
7% preferred
Apr
84 Mar
2% Mar
238
50i2 Apr
69
31
17%
17
7
62
20%
39
684 Jan
100
Am Coal of N J
%
Apr
186
Feb
Nov
28i2 Mar 24
50
Preferred
34%
*135
*100
Preferred
208
Apr
74
Sept
13% Oct
li2 June
Dec
173
20i2 Jan
No par
(Del)-No
Jan
23i2 Mar 12
No par
1,200
Mar 25
157
American Chain
Good
195
84
Dec
Feb 14
5,000
12434
Mar 25
91
103
No par
100
1
Feb
American Car <fc Fdy
Preferred
Exchange
Jan 11
98
1,500
5234
83S
3538 Jan 21
American Can
67
203s
6% Sept
1043s Mar
par
200
4,400
4l2 Mar
2
Mar
29i2 Feb 18
4578 Feb 5
3914 Feb 11
6,800
Stock
24%
8
9
12i2 Jan
27i2 Jan
30i2 Jan
164%
36
Jan
3034 Feb 18
29i2 Feb 18
100
American Bank Note
100i2 Dec
3714 Nov
June
1214 Jan
No par
Alpha Portland Cem..No
Amalgam Leather Co
7% preferred
Oct
7434 Nov
ll7s Dec
8
123s Jan
Allied Stores Corp.....No par
4% Mar
8434 Jan
52% Nov
116'
28
17i8 Jan 23
538 Jan 27
Mar 25
Jan
June
Feb 28
6ls Apr
Mar 25
110
51
3534 Feb 14
100
No par
Amerada Corp
100i2 Jan 10
4% Jan 31
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd.100
Am Agrlc Chem
Jan
1
2*4 Jan
pf.No par
5% pref
Allls-Chalmers Mfg
195
Feb
7484 Feb 10
137S Feb 21
100
warr
conv
37
*10634 108
22
prior
37
31%
31%
108% 108% *108% 110
2934
Albany & Susque RR Co—100
{Allegheny Corp
No par
16%
32%
2534 2534
25% 26%
25%
12%
12%
12%
1234
1234
34
35
34% 34%
34%
129
*121
127% 127% *120
41
41
*40% 41
*40%
12
12%
12%
12%
1234
58%
58%
5834 60%
5938
54
318 Jan
120%
90
834
I4i2 Apr
Am Brake Shoe & Fdy .No par
Preferred
100
"9%
*13
91
1,520
9%
1
15
2
118
194
168i2 Jan
10
126
*32%
34
*13%
9%
1
4
56
21%
14
900
13,800
2,500
25'
Mar 16
No par
Allied Chemical & Dye-No par
38
*55
71%
48%
2434
68
Alaska Juneau Gold Mln
A P W Paper Co
Allied Mills Co Inc
17,600
8%
72%
49%
llli2Marl8
Air Way El Appliance.No par
Ala & Vicksburg RR Co. 100
3,600
11434 115
8%
No par
2,200
4
28
34
10
4
22
*1334
878
9,900
4
2134
%
30%
3%
25
934
28%
22
13%
8%
_
25
•
10
2834
%
94
834
72%
50
*33
•
5
8%
72%
49%
934
28%
13%
8%
36%
16%
32%
114
3%
127%
12534
121
12334
121%
119% 12134
119%
164
*161% 165
*161% 165
164%
36
363s
35% 36
36%
35%
66
66%
66% 67%
67%
68
5434
51%
52
51% 53
51%
125
*122% 125
*122% 12434 *122%
29%
2178
90
6934
49
126% 129
4%
1,200
12,700
*196
3%
72%
38
38
40%
114% 115% *114
11434
55% 56
56% 56%
54% 55
5434 55%
130
'■
8%
*38
56%
55%
2834
21%
29%
Air Reduction Inc
2
29%
21%
62%
a:l% Jan 14
738 Jan
1,000
4,900
200
*2834
85
7%
No par
Affiliated Products Ino.No par
21% Jan
7%
400
*196
*196
10%
*145
28
Pref A with $40 warr
9%
25
22is Jan 21
Pref A with $30 warr
*33
31
10
100
500
10%
30
No par
Address Multigr Corp
Advance Rumely
1,800
«■» —
334
25%
23%
*23%
37%
35%
91%
23%
Adams Millls..
2,600
25
25
25
25%
25%
*23
24
23%
23% 23% *23
2434
*23
24
*23
2534
23% 2338
25%
*35
*36
37%
37%
37%
37% *35
34% 35%
357S
35%
36%
34% 3534
*101
104
103
103
104
*100
103% *100
206
207
2:203
203
*203% 207
204% 202
27%
27%
26%
27
2634 27
26% 2634
'm
*9%
*162
~2AO6
"6,600
*34
49
26%
25%
3%
"3%
w
66%
11%
31%
*78%
26%
25%
3%
lOTs Jan
1003s Jan
25i2 Mar 27
200
66
334
18%
No par
"7,200
66
40%
Adams Express
Preferred
25
4%
53
5134
5234
124% 124% *122%
41
12%
100
14%
3%
49% Jan 25
12%
Preferred
14%
*4%
Mar 31
Acme Steel Co
*334
1434
4%
,42
30
1,200
14,700
*90
*90
15
$ per share
50
4%
5%
$ per share
32
Apr
71
14%
3534
*16%
7%
No par
$ per share
112
94
36%
*88%
8
Abraham & Straus
Highest
% per share
71
4%
36%
20%
8
90
Lowest
*48
*90
164
*89
*3%
2534
26%
338
Year 1935
Highest
112
2:14%
124%
123
*161
49
Par
15
434
5
94
4%
115%
*55%
25%
*26
18834 189
5%
1434
334
25
Shares
94
5%
1434
434
*2234
*22%
37%
34%
$ per share
188% 18834
*196
3%
$ per share
49
Range for Previous
.
100-share Lots
Lowest
188% 188%
5
5%
94
*196
$ per share
*112% 113
713g
71%
13%
12% 13
7%
18834 18834
Week
26%
26
3%
7%
3%
7%
Apr. 8
71%
8
7%
188% 188%
5%
5%
On Basis of
STOCK
EXCHANGE
Friday
Apr. 10
4934
26%
25%
26%
26
the
Thursday
Apr. 9
113
70%
12%
Range Since Jan. 1
STOCKS
NEW YORK
Saturday
of the day. No account Is taken of such sales
120
109
47U Feb 24
718 Jan
9
625s Mar 23
15
Mar
4
Jan
25% July
4
Mar
12%
109
6%
70%
110
Dec
Jan
Apr
Dec
Dec
Jan
Jan
Jan
5084
Dec
9%
Dec
New York Stock
2452
HIGH
AND LOW
SALE PRICES—PER
SHARE,
NOT PER CENT
Record—Continued—Page 2
Sales
STOCKS
NEW
for
Saturday
Monday
Apr. 4
$ per share
20%
*105
Wednesday
Apr. 8
Thursday
Apr. 6
Tuesday
Apr. 7
$ per share
$ per share
$ per share
20
20%
116
2012
116
*105
19%
*105
17
17*4
17%
17l2
*103l2 110
*10812 109
105
105
*105
105%
*43
45
43l2 44
77
78
78*4
103
103
29l2
*1284
*15
345s
*65
15
14
16
*15
3414
3484
66
24
*124
1
2478
50%
9
12514
24l2
24
49%
4234
7%
5084
9%
4234
7%
4%
5
Par
2,900
116
105% 105*2
*42*2
46
79*4
8278
103*4 103*4
283S
29*2
300
100
24,900
1.200
9,200
14
*12
14
*15
1712
34%
*15
17*2
100
3338
s8
;
2132
"32
64
65
*62
65
64*4
6434
*124
125l4 *124
125% *124
125*4
24
24
24
24
23
23*4
49%
49%
4938
50
48*2
4934
884
884
8
83S
8%
8*4
42l4 42l4
40i2 40l2
40*8
40*8
684
714
658
1
6*2
684
15,300
71,600
484
44%
21%
44*4
44
45
43%
44
40
21%
21%
22%
21
29%
29
30
29
21%
29%
21%
29
4%
4%
384
10
3212
4%
4384
21%
29%
3
*
1,200
T.Ioo
7,700
3,400
60
29%
3,800
300
*112
114
114
1934
19%
95
97
18%
18%
69%
72
18%
72%
*110% 1123g *110%
22%
2234 23%
*108
*108
*37
38%
*88
88*2
15%
14%
*87%
28%
22%
56%
59%
17%
•
88%
14%
*88%
29%
23
22%
5578
56%
61%
17%
62%
17%
118% 119%
45
48
47
48
19%
197g
119
47
19%
19
19%
1978
19%
20
1934
*19
114
119% 120
46
,19
114
*19
119%
18%
*108
14
*107
*58
11
H84
12%
17%
110
1234
17%
*108
14%
110
5978
11%
12%
17%
110
14%
109%
4%
434
12
11%
2078
21%
28
28%
1378
*107
4%
11%
12
21
21
27%
277g
2884
7%
16%
21%
534
287g
6
6
23
2384
68%
25%
23*2
68%
2478
24%
68%
34
337g
3378
434
114
100
*57%
10%
12%
99
41%
273g
80*8
2%
17%
4%
Works..No par
Preferred
100
Baltimore & Ohio
100
Preferred
100
100
Barker Brothers
No par
100
5
No par
100
Beatrice Creamery
Preferred
17
260
29%
8%
7% preferred
67%
,
24%
3334
1%
*19
8%
16%
21%
21
1*4
9
8%
16%
6%
25
1%
9
38
39
14
14
14
*55%
13%
----
13%
42%
16%
*96
99
*96
Friday
Borg-Warner
18
48
49
49
99
*96
97%
100*2
8%
8%
100% *100
96
96
<
102
L02%
18
96
102
18%
96%
10
100
4
33% Jan
40*4 Jan
7
par
$6 preferred series A .No par
9784 Feb
4
Preferred
,..No par
Bklyn Manh Transit...No
Brooklyn Union Gas...No
Brown Shoe Co..
65%
66
66
66
66
66%
57
57%
57%
58
57%
58
2%
4%
1%
*2%
*178
6%
6%
*9
2%
4%
*2%
4%
2%
4%
2
*134
6%
6%
*8%
9
28%
2%
4*2
'
378
10
10
2%
4%
378
10
17
17
17
17%
*53%
2%
5%
5%
28%
54
53%
2%
5%
54
*26
2%
5*2
5%
29%
26%
8%
*28%
2%
2
8%
30
49
97
138
*61
64
33
34
*47
50
7%
*7*2
*98% 107%
55%
56%
18
*66
57%
*2
4%
10
*61
8*2
28%
3,900
63
5,600
No par
200
{Bush Term
No par
100
Preferred
100
15
Mar
8
114
Apr
85
Jan
11*8 Mar 13
11*2 Jan 10
2284 Jan 7
100
Jan
1
Stpd..
100
1
100
100
Caterpillar Tractor
No par
Celanese Corp of Am..No par
No par
1
par
100
23
Mar 28
3234 Apr
9
Jan
10*4 Apr
40% Apr
9
2
13*4 Feb 19
16*2 Jan
2
54
57% Mar 24
Jan
87
Jan
96
91
Jan
116
Jan
7
25% Jan
6
47
Jan 21
7*8 Mar 20
102
Mar 12
96
290
7% preferred.
100
Champ Pap & Fib Co 6% pflOO
80*2 Feb
4
60
4*4
2
2
6%
6%
1,400
15,100
Chesapeake Corp
No
Chesapeake & Ohio...
"""766
tChlc & East 111 Ry Co
100
6% preferred
.100
Chicago Great Western... 100
600
3,600
9%
600
I684
2,000
54
*8%
29
2%
9*2
29
30
500
4%
2*8
4%
3,300
3%
3%
3.100
9*2
2%
5%
5
2%
5*8
5
29
30%
26
26
3,100
500
1/100
1.500
500
2,900
600
Preferred
Preferred
Feb 21
9% Jan 17
107
Mar
19*4 Mar 24
95% Feb 26
104% Mar 7
66
Mar 31
74*s Feb
Jan
61
par
100
par
1*2 Jan
2% Jan
1*2 Jan
4
Jan
7
3%
6*4
2%
8*8
Jan
12
27% Mar 13
1% Jan 2
3
Jan
2
3*s Jan
7% Jan
2
16
2
Mar 13
7
56% Mar 20
Jan
Chicago & North Western. 100
Preferred.;
Feb 19
Feb 18
Mar 13
51
100
Chicago Pneumat Tool.No
2
67
6
59
6
4
Feb 19
Jan 13
Jan 15
Feb 6
Feb
7
Jan 31
31% Jan
6
2% Feb 11
5% Feb 11
4% Feb 21
12% Feb 21
20*2 Jan 2
Conv preferred
No par
zChic Rock Isl & Pacific..100
51% Jan
7
56
Feb
6
1% Jan
2
3
Feb
8
7% preferred
6% preferred
Chicago Yellow Cab
4%
3%
19%
25*2
8
Jan 11
Chickasha Cotton Oil
100
....100
No par
10
Oct
June
4% Mar
32*2 Feb
82% Feb
83% Apr
36% Jan
19% Apr
16% Nov
3
3
Jan
25
100
tChlc Milw St P & Pac.No
Mar 13
22% Jan
8%
30
Dec
Apr
Jan
2
Jan
2
Jan
2
3184 Apr
1
Feb 19
30% Jan
6
7% Jan 10
Nov
Dec
Dec
Dec
Nov
Oct
5% Deo
38
Dec
46 84
Aug
Aug
71% Aug
100
6334 Aug
11% Deo
8% Dec
1784
100
Dec
Dec
934 Nov
97% Dec
3
Nov
14%
1434
24%
2%
1%
Nov
28
Nov
Nov
Nov
Jan
Nov
3% Jan
10% Jan
22% Jan
3% Nov
I84 Jan
20% Jan
66
Dec
1% Jan
684 Oct
33% Nov
17% Dec
66*2 Oct
1334 Jan
40% Oct
Mar
Apr
27%
70*2
8%
2%
17%
55%
'4 July
2% Mar
7% Mar
8% Sept
50
Apr
7
75%
32%
31%
71%
35*4
July
47% July
42% Feb
85
par
tChio Ind & Louisv pref.. 100
Chicago Mail Order Co
101
1
Mar
141
Jan
54>4 Jan 16
26% Mar 13
19*4 Jan 6
58
Apr
100
3012 Aug
100% Feb 21
9% Feb 19
169'4 Apr 9
784 Jan
92*2 Jan
103
2%
4%
Feb 19
45% Jan
6
67
16
43% Jan 11
18% Feb 24
49% Mar 23
Jan
13% Jan
58%
Apr
Apr
Mar
1% Mar
1% Feb 10
Jan
47% Jan 21
*2
Jan 10
2584 Mar 17
37% Jan 13
% Jan
6
30
Cerro de Pasco Copper.No par
57%
1
5%
10
% June
Certain-Teed Products-No par
6
Mar 23
Mar 24
13% Mar
32
6,700
Checker Cab
*4 Juiy
74
Jan
18*700
2,500
*4 Mar
64
5534
63%
Feb
Feb
Feb
11% Mar
18%
95%
31%
3%
3%
33%
384 May
8*4 Mar
3% Jan 30
1734
103
Apr
25% Feb 13
13
Carriers & General Corp
Case (J I) Co
Preferred certificates
*4 Sept
2% Mar
Mar
Jan
*37*2 Mar 17
10
Mar
1978 Jan
No par
Preferred A
3% Mar
14
Feb 13
Deo
22% Dec
59% Jan
Oct
22
9
107a Jan 20
Capital Adminls cl A.
5% Mar
Deo
90
Apr
Jan
23
24% Mar 23
6% Mar 20
25
Cannon Mills
5
19
Jan
Jan
16*2 Jan
2% Jan
55
66
26
Canada Southern
Canadian Pacific
Preferred
16%
26
No par
Century Ribbon Mills.No
54
26%
.No par
.
200
67
2%
5%
5%
30*2
_
500
54
2
.
8
9
9%
7
2
Mar
50
29%
2%
4%
334
9%
16%
1634
*53%
MarlO
Mar
9% Jan
Nov
Dec
3% July
4% Mar
8% Mar
62% Mar
Mar 23
14% Feb 14
20*8 Feb 14
113% Feb 24
17
23% Aug
114
55
14
May
36% Mar
90
27% Sept
42
13
Mar
49
*734
May
20*8 Nov
108*8 June
33*2 Sept
95
Sept
M84 Nov
117*2 Mar
24% Oct
22% Dec
57*2 Nov
Jan
Mar
84
25%
2*2
8*4
Debenture
Feb
Mar
1
5% preferred
100
Central Aguirre Asso..No par
Central RR of New Jersey. 100
*98*2 107%
1484 Dec
66% Dec
115
May
43
No par
par
Mar 25
Apr
Apr
53
No par
Burroughs Add Mach.-No
Mar
8%
24%
23%
30%
1%
56% Jan 31
2*4 Jan 20
33%
1,900
104
Mar
*2 June
65% Jan 15
16
No par
Apr
Mar 11
Jin
384 Mar
Mar 13
100
.....No par
Bullard Co
JCelotex Co
2
28%
3% Feb 14
48%
12%
51%
50*2
Jan
67*2 Mar 25
87g Jan 29
87a Jan 2
5
No par
100
33*2
58%
2%
4%
6%
180
34,700
63*2
2
50
2,300
5,700
77%
28*2
6384
6%
*26
77
2734
27%
99
16934
139%
*8%
26
2450.
8%
50
100
Budd (E G) Mfg
Carolina Clinch & Ohio Ry 100
29%
26
see page
18%
2
5*8
5%
28*2
For footnotes
78%
29%
28%
28
29
5%
120
96
139
*28
5%
49*2
139
5%
28%
*5%
49%
*
165
2%
5%
5%
28%
2%
900
"97%
77%
28%
1,000
16%
162
3%
9
42
6,600
*15%
160
3%
17*8
31,100
*9834 100
8%
8%
334
54%
2*8
5%
20
13%
42
49%
*
1334
56%
12%
16
2*8
4%
9
1338
a56*8
42
2%
4%
16%
5,200
6,500
16
4%
*54
par
Preferred
Butte Copper & Zinc...
5
JButterlck Co
No par
Byers Co (A M)__
No par
1*8
10*4
62
64
28%
2%
4%
37g
par
No par
17,600
37%
42
Jan 21
784 Jan 3
1*2 Jan 9
15% Mar 27
4*2 Jan
Bush Term B1 gu pref ctfs.100
1%
97
62%
10
64
Corp
160
9
103
62
29%
Mar
400
36%
*96
59
6%
Dec
21
16%
1%
*102
59
4%
38
21
9%
37%
102
58
*2%
4%
1%
6*4
*8%
*28%
2%
4%
3%
90
Jan 15
Callahan Zinc-Lead.
1
Calumet & Hecla Cons Cop.25
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
6
16%
18%
Apr
2,500
16%
Feb 28
103% Jan
28% Mar
6*8 Mar
39% Juiy
99
California Packing
42%
Jan
30*4 Feb
83% Mar
11% Jan 30
Byron Jackson Co
13%
113
1434 Mar
9% Mar
16% June
45
4,300
13%
Jan 24
Jan
2
7% preferred
*66*2
Feb
11% Mar
8
2,100
*55%
12%
Apr
20*4 Feb 19
21% Feb 11
69
550
Nov
72
3
33
13%
42%
90
48
7
lb",600
33
Nov
120% Mar 26
4
67
Oct
Jan
Dec
15% Nov
88
Feb 28
Jan 17
23
14
100%
93% Feb
24%
9
3
Jan
19
Jan
2,800
116
Feb
15% Mar
51% Jan
8
Mar
June
34
48
10,200
25% Dec
110*2 Deo
49% Aug
Feb
25% Jan
24%
1*8
Feb 27
15*4 Jan 6
19*4 Apr 9
10934 Jan 24
29% Apr
243g Mar
41
100
Mar
Sept
11% Mar
No par
200
Jan
Mar
79
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
2,100
6%
Dec
39% Jan
3234
37%
13%
Mar
Jan
Dec
Sept
15
25
\
88
4
Jan
5*4
18
No par
33%
1%
16% Mar
14
40
No par
Class B
2484
9%
Mar 11
108*2 Mar 25
36*2 Mar 25
90% Jan 28
May
63
Feb
5% Mar
Briggs & Stratton..
900
32
28
48% Nov
115
Sept
19% Dec
45% Oct
Apr
37*2 Mar
10784 Jan
900
8,400
92*8 Dec
37% Jan
17% Dec
19% Dec
Mar
8
18% Feb 13
64% M ar
2,800
Good
1*2
7%
7*2
9%
100%
36%
106%
3%
Apr
52
11,000
Mar
Mar
5*2 May
35*2 May
2% Ju y
76*2 Apr 8
114% Jan 16
*20
400
Closed
4
15
9
5
17,300
21,000
32% Apr
IO684 Jan
Apr
Bohn Aluminum & Br
22%
6734
3
Mar 19
99
30
584
19
17
28
26*2 Jan 29
63% Mar
33
8%
87g
160
159% 15984
160% 164
161
*136% 140% *136% 140
*136% 139%
79
78%
75% 77
77%
78%
30%
29%
29%
30%
28% 30
28%
29%
28% 2878
28%
28%
*60
*61
65%
61%
64%
64%
*33
34
34
*33%
33%
33%
47
46%
46*4
50
46%
*46%
8
8
8
*7%
8%
*7%
*98% 107%
*98% 107%
*98% 107%
54*8
53% 54%
56%
55%
56%
18%
18%
95%
95%
*102% 103
100
25
13
48
par
33%
1334
*55%
16
*99
23%
14%
49
100%
8%
8%
23*8
*66%
14
16
*99
24%
68%
38
49
42
9
5%
6
21
5,100
Exchange
7%
8
Feb
Feb
Feb
Feb
Feb
9
1,500
*15
24%
34%
110%
49i2
117*2
2O84
100*4
6
27
19*2
16%
7% Mar 18
Jan
27
21
5
10% Jan 15
46*2 Jan 24
20% Jan
Budd Wheel...
Bulova Watch
21
64% Mar
5
Burns Bros class A
; 5%
23
100
13,200
3,200
16%
125% Mar 23
30*8 Feb 14
Boeing Airplane Co.
4
6
112
par
No par
Preferred
38,900
21
36%
13%
42%
16%
42
1%
9%
39
13%
23%
68%
24%
33%
1%
87g
38%
*55
8
16%
*19%
584
Jan
Dec
Deo
8
Feb 18
26
Jan
13*8 Jan
85*2 Jan
21% Jan 20
100
Blaw-Knox Co
22
2934
Oct
84 Apr
57*4 Apr
10*2
20%
30*2
8%
Mar
Deo
.
44-^
60
6384 Apr
7% preferred
Rights
29%
7%
16%
l(lar
6
52i2Mar 13
16% Mar 13
Class B
30
3
20*2
7
2,800
•
29%
7%
*16%
Mar 17
100
Mar
1
Jan
40,500
28%
82*4 Jan 10
14*8 Jan
63*2 Jan
Oct
Nov
48
29% Feb
3584 Mar
66% Mar
19% Apr
6
9,500
Stock
434
11%
Jan
9%
90
18% Nov
109
Sept
6
678 Feb 24
Jan
Apr
7*2 Mar
80% Apr
Feb
Feb
Jan 18
*108
*108% 110
110
13%
14%
13%
14*8
4%
Feb 21
54*2 Feb 28
Jan
112*4 Apr
13*4 Jan
111
6
334 Mar
70
Apr
73
Apr
Apr
Jan 22
41 7b
Apr
20
Bruns-Balke-Collender.No
4%
11%
109
6
Apr 2
Mar 23
Feb 10
Apr 9
48
Blumenthal & Co pref..
s70
IO984
103%
61%
82%
104%
35%
16%
18*2
35%
6
Beneficial Indus Loan..No par
Best & Co
No par
Bucyrus-Erie Co
20%
28%
334
37*2
16*4
22i4
Feb
1,800
4%
113s
20%
27%
38i2 Mar 24
3
Apr 9
85
Bloomingdale Brothers.No
10
17%
109
7»4 Mar 13
20
Belding Heminway Co .No par
Belgian Nat Rys part pref
2,600
108% *108
6
6
Feb 28
12%
1634
*107
Jan
18
JBotany Cons Mills class A.60
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
16%
18*4
40*8 Jan
35
Boston & Maine
60
Jan 17
107
100
*5734
10%
12%
2
17% Mar
8
Jan
50
BIgelow-Sanf Carp Inc.No
1,700
46%
59%
10%
12%
2
25
900
59*2
64%
27*8 Jan
100
10%
4%
11%
29%
No par
8*2
9
8%
7*2
834
40*2 40*2
39%
40*2
49%
50%
49%
49%
103% 103% *102% 103%
51
51%
50%
51%
20%
28%
Atlas Tack Corp
No par
Auburn Automobile...No par
Austin Nichols...
.No par
2*2
64
Jan 22
14*2 Jan 27
48
..No par
100 *112
8*2
57*2
Mar 13
12
% Apr
Atlas Powder..
*2%
17
27
Rights
80*2
46
110
At G & W I SS Lines..No par
Preferred
100
Atlantic Refining
25
Bon Ami class A
66
*108
2
Borden Co (The)
47
17
9084 Jan
100
47
17
2
1,110
10,400
4,700
66
12%
11%
20%
7,300
*98*2 100
61
*59%
11
14
56,000
2734
82%
8%
Jan
22% Feb 27
105*4 Mar 24
Beth Steel Corp (Del) -No par
6% preferred
20
1,900
41%
28
59
Bendlx Aviation
4,800
2,600
41%
17
59%
107
46",400
14,900
99
Jan 11
Beech-Nut Packing Co
400
2,800
46*2
19%
19%
Feb 21
Beech Creek RR Co
118%
46%
41%
27%
81%
8%
*2%
17
13%
*117
Feb 17
1st preferred
2,300
3
Jan 20
13*2 Jan 29
98
Bayuk Cigars Inc
10
-
19%
59%
10*2
12%
107
-
4,400
8*a Jan
95
43
6H% conv preferred
Barnsdall Oil Co
63,800
$ per share
106
Preferred
240
$ per share
25
Bamberger (L) & Co pref..l00
Bangor & Aroostook
50
2,000
*19% 20
19%
19%
11134 111% *111% 114
*90% 92%
90*4
90%
21% 22%
21%
22%
56%
5734
57
56%
•
60
114
117% 118%
4634 47
*111% 114
*112*2 114
*111% 114
*90*4
92%
90%
90*4
*90%
92%
23
23
23%
23%
23%
22%
59%
58% 58%
57%
56% 57%
98
98
*97% 98*2
98% 98*2
41
41
41%
41%
4084
41%
27%
27*2
28%
27%
27% 28%
80% 81%
81%
81%
81% 81%
*9
9
9
9%
9%
9%
*2
*2
2%
2%
2%
2%
17
16%
16%
17%
16%
17%
61
61*4 62%
62%
60% 61%
69
69
68
68
67% 67*2
*47
48
4778
4778
*46%
47%
10
10
10%
*934
834
9%
40
43
*42*2 44
*42% 44
49*4 50%
49% 4978
49% 49%
104
102% 102% 103*4 103% 104
51
51
50% 51
50% 51%
*57%
*11%
12%
17%
114
19
19%
18
19%
*18%
19%
1834
99
98%
99%
100
99% 100
100*4
19%
19%
19%
arl938 20
19%
19%
75
73%
74
75%
75
76*2
75%
112
112% all2
*110% 312% *110% 111%
23%
22% 2234
23
22% 22%
22*2
*108
*108%
*108%
*37
38%
38% *37
38% *37
38%
88
88
*88
89
88%
*88
89
15
14%
14%
14%
14%
14%
14%
89%
*87% 89%
89%
*87%
*87%
89%
29%
28%
29%
28% 29%
28%
29%
23
22% 22%
22%
22%
22%
2234
56%
55%
55%
55%
5534
55%
55%
63%
61%
63%
62%
6334
61%
63%
17%
17%
17%
17%
17%
17%
1784
«.
*37
89%
29%
114
130
Highest
$ per share
100
...100
75,400
4,600
26,200
29
95
6% 1st preferred
7% 2d preferred
Associated Oil
Baldwin Loco
*110'%2 111 110'9321101932 *110'932lI02*32 1101932110*9J2 *110,932lll
46
46
*46% 46%
*45% 46
*45% 46
44% 45%
*19
1
Prior A
22
114
100
Aviat Corp of Del (The) new 3
334
40*2
Lowest
% per share
No par
26,700
20%
29
Corp
Associated Dry Goods
Preferred
37%
,
Year 1935
Highest
Atch Topeka & Santa Fe__100
Preferred
100
Atlantic Coast Line RR___100
70
*13
y33%
Artloom
Preferred
"9", 100
17l2
3478
34l2
Range for Previous
Lowest
1678
I6I4
I684
109l2 *109
109*2
...
Range Since Jan. 1
EXCHANGE
14
47g
878
9ig
43
73s
42%
7%
66
*105
1934
1936
On Basis of 100-share Lots
STOCK
Shares
19%
43%
7814 80%
103
10312
2914 2978
78%
$ per share
YORK
Week
$ per share
116
165s
*109
104% 104l8
.2834 30
16
*12384 125
4978
77
*13
66
*105
17%
109
Apr. 9
19%
105l2 105l2 *105l2
*42i2 46
4312
104l8
3114
30
30%
15
17%
34%
19i2
116
1634
109
79
103
20%
the
Friday
Apr. 10
April 11,
4584 Mar
55
22%
34
Nov
Feb
Mar
6% July
96% Mar
38% Jan
3% Mar
23
Mar
4% Mar
36
Mar
37% Mar
1
Apr
% June
%
1%
1
Feb
Feb
14
Nov
48
Nov
88
Aug
95
July
8% Dec
111*4 Nov
126% Nov
60
35%
Nov
Jan
21% Nov
6284 Nov
29
May
62*2 Aug
1238 Jan
109% Jan
65% Dec
15% Dec
88*4 Dec
21
6H4
53%
2%
3%
2%
5%
Dec
Nov
Dec
Jan
Dec
Jan
Dec
Mar
9
Dec
19% June
% Mar
*35
Nov
3
Jan
84
138
3%
4%
20
Mar
June
July
Mar
Mar
84 July
1% Mar
1% July
9% July
25
Sept
4% Jan
5% Jan
10% Jan
20% Dec
5484 Dec
2% Jan
4% Dec
4
Jan
19% Dec
3I84 Dec
|
HIGH
SALE PRICES—PER
LOW
AND
NEW
YORK
Tuesday
Wednesday
Thursday
Friday
the
Apr. 6
Apr. 7
Apr. 8
Apr. 9
Apr. 10
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
10
10
81
834
18i2
8O84
101i2 10234
1858
183g
8034
8O84
60
*45
*45
63s
6i2
43i2
4414
44i2
45
4284
*168
350
*95
99
*84
50
89
"
50
*47l2
50
6H2
57
90
60
57
9H2
6OI4
18 I8
18i8
1812
*104l2 107
*10412 107
I8I4
4758
4812
109l2 10912
22
22
22
6
57g
28
6
6l2
6i8
32
30i4
57g
30l2
*32i4
68g
34
32
34
32
33
33
33ig
34
34
*32
3378
*30
343g
*30
120
3934
39
40
39
393g
48
48
48
4778
4812
121l2 123
207g
20i2
2114
2012
IOH4 IOH4 *100i2 10138
9H2
91l2 *9H2 9434
54
52r>8
5312
54
*11212 11312 *112l2 11312
2014
2112
101
101
68
68I4
40
40l2
2234
40i2
3334
30
343g
124
12914
4,000
Columbian'Carbon
v
t c Wo par
-38l2
46i2
21i2
1013s
97
5418
11312
3,200
Col Pict Corp v t c
Wo par
No par
38i2
100l2
97
*92
*9212
*25
*lll4
*7212
83I2
1034
1,100
6
143g
8h
*68
74
100
8212
*82i2
87
330
5
1
22
17i8
17i2
2i4
I684
167g
16i2
2i8
2i8
2ig
9
10
914
IOI4
223g
1
1438
14i8
3,900
Stock
*105i2
♦1053s
7S
2284
34
23
22i2
I6I4
70i2
79
71
71
71
71
7058
8012
7912
80
80i2
217g
22
2178
81
22
21
2H4
19
1934
2014
4138
42
4H2
42i4
33g
4H2
3i8
42
41
41l2
41
4H2
3
3
73
7334
72i2
*164
•
•••
6
578
35
578
6
578
6
2212
237g
23
2334
5478
543g
5534
47
5334
*46i2
465s
*46i2
3834
397g
3914
111
*107
2iS
fll2is
lll2
2l4
127g
IH4
1178
97i2
3878
98
2034
2H2
*48
2i8
1384
13
IH4
ID4
96
62
5934
5984
858
884
98
39i2
39l2
40
39i2
2134
1013s 10112
21 lg
2H2
213g
078
17U
*
*48
0l4
10l2
1758
84
101
101
714
*
63g
163g
1714
*
84
*48"
62
4684
1,400
23
587g
4612
103i2 104i8
87s
9i8
22i8
57'8
25,500
300
4612
*48
60
167g
8312
60
100
15s Jan
18
612
16h
*
9,700
Cudahy
10
Sugar
100
Preferred
120
50
No par
Packing
Curtis Pub Co (The)
Preferred
*
1,900
■
;
60
Cuban-American
..Wo par
100
132,500^
27,900
•
.
-
^
-
60i2
6OI4
60i2
6034
60*8
2,000
*8i2
9i2
*834
607g
912
59
8i2
*83g
600
48
46
467g
48i4
20U
7i8
20,800
Delaware & Hudson
19,300
Delaware Lack & Western..50
17
5584
*10i4
56
5712
57
5612
*12
15
15
17
*4
58
8i2
18
3714
3714
3634
3714
40i2
40i2
22i2
4012
*40i2
3734
42
263g
2378
912
23ig
4412
914
243g
4434
93g
4378
4378
*3912
24i8
44I4
93s
912
*938
6912
70
6884
3584
30
*3514
18
18
1714
718
16
Ha
7i8
16&8
26l4
4434
*658
1714
llg
218
7
163s
1612
*78
*178
160i2 151l2
*132
133
11514 11514
*23
253g
9
8i2
169
16914
164
164
15114 1527g
*13H2 133
115U 11514
*21
85s
684
034
163g
*15l2
„
-
—
15114 152i4
4238
36
7i2
415g
363g
7h
423g
11112 llllj
1384
14
684
65g
634
147fi
14i2
1434
*62l2
63
63
64l2
5978
60
59
60U
For footnotes see page
Duplan
65
65
6OI4
60i2
2450.
8l2
168
*164
151i4 1523s
8,200
258j
*23
8h
16834
167
168
165
164
164
110
36
8,100
365f
784
734
4H4
42i8
llli2 III84
1314
1384
66s
684
14i8
143g
36*8
*6334
5914
64i4
60
Co. 100
8i8
3534
714
41i8
253g
8I4
714
42
llllg 1H»«
125s
133t
47i2
Jan
2434 Nov
10514 June
7
Dec
100
Preferred
Silk
100
No par
218s Jan 31
58
Apr
8
119i2 Jan 11
Mat 26
13i2 Mar
638 Mar
32
is4 Jan 15
14 June
1
Dec
14 June
13s
Dec
June
S'4
Dec
6
Feb 17
1412 Jan
7
8
Feb
7
714 Jan
15612 Jan
158
2
2
Jan 27
No par
Eitingon Schild
No par
2812 Jan 6
714 Mar 13
5
100
3
3612 Jan 21
llOU Jan 23
12*8 Apr 9
Elec & Mus ind Am shares...
Electric Power «fc Light.Wo par
62i2
58i2
5934
2,200
$7
preferred
Wo par
$6
preferred
No par
4438 Dec
1878 Mar 26
Jan
5i| Jan 10
78 Mar 11
Ha Jan 6
Eaton Mfg Co
5.400
4H2 May
3812 Dec
Jan
Jan
Mar 11
37,400
2,300
Dec
3418
Deo
Jan 31
684
33
125s
Feb
145f
64i4
Nov
583s
138
65g
41
684 May
114
14!g
Jan
120i2 July
17i2 Mar
20
100
114i2 Mar
26i2 Jan
343s Jan
503s
Dec
1178 Jan 23
Mar 23
Boat
Dec
7584 Jan 30
18
Preferred
Jan
518 Oct
35i2 Aug
19
Dec
6
129
Electric
6
2
112
Elec Auto-Lite (The)
5
130
Mar
100
6% cum preferred
Feb
Aug
li2
528s Jan 24
100
5
24l2 Dec
43l2 Jan
19i8 Jan
Mar
Mar
34&8 Jan
Jan
Duquesne Light 1st pref... 100
Durham Hosiery Mills pf.100
6% non-voting deb
10l2 Dec
5834 Nov
28
Sept
2212 Apr
6
DuP de Nemours(EI)& Co
Dec
2
42
No par
Jan
Dec
2312 Mar
45s
1214
65
Jan
38
4
6I4 Mar
3
10
Jan
40i2 Jan 25
Eastman Kodak (N J).Wo par
100
8O84 May
93s Feb 7
Feb 17
153
9
6
Mar
Dec
8i2 May
11
3634 Apr
Eastern Rolling Mills
14,300
Mar
14
23is Feb 20
1534 Jan 20
48s Jan 4
12884 Jan 6
11584 Feb
3,900
15,600
Dec
15
8912 Mar
19
100
3,500
600
37
1878
Feb 20
No par
Preferred
*23
884
14
684
700
*21
1384
684
658
1584
500
1414
137g
14
*1512
210
253g
3684 Jan 20
Dunhill International
115
37
75g
4318
lllig llllj
500
131
1314
14
500
131
*8i4
Mar
52
Convertible class B_.Wo par
Duluth S S & Atlantic
114
*114
518 July
40i2 Jan
2284 Mar
Feb
26
Participating preferred...25
Ltd No par
17g
63g
115
87fi
31
Distil Corp-Seagr's
17g
*115
15078 153
Match
*7g
133
164
75g
1534
2
Feb 13
100
6&8
115
164
36 i4
*15ig
*115
Jan
22
29
xl31
133
164i4 164i4
85a
684
l's
134
634
27
pref-.100
Ry
300
11514 11514
133
168i2
3634
43
253s
I84
8914 Apr
Dresser(SR)Mfg convAWo par
300
Mar
984 Mar
7
50&8 Jan
600
Hs
Diamond
65
3
Douglas Aire Co Inc._Wo par
36ij
1634
6
44i2 Jan 14
2314 Apr 1
Feb 4
Jan
Dominion Stores Ltd..No par
*34U
I684
134
6
81s Feb
1,100
3434
1712
1
7s
134
43U Jan
40,800
3484
167
*7i2
42U
Mackinac
Jan 15
4Hz Jan
884 Jan
*167g
16934
167
303s
*llli4 llllj
&
Dome Mines Ltd
1712
87g
99i2 Mar 13
Mar
20
Detroit Edison
Det
2,200
35U
35
*1684
4438
Jan
Wo par
Denv & Rio Gr West
49,100
63ig
6912
*115
*115
*115
100
5
52
Preferred
Diesel-Wemmer-Gilb
23i2
687g
93g
6778
36
42
4
9
104
Jan 10
677g
4434
93g
6934
22i2
Jan
102
Apr
44^
9
68
44i2
.
*40i2
Dec
1
Corp. 10
100
Deere & Co
1st preferred
40i2
Deo
2i8
6
4
63i2 Jan
385s Feb 25
185s Mar 9
15
"2",400
3714
6is Jan
42
3778
10514
Mar
18i2 Feb
14UMar
Jan
5% non-cum pref erred.. 100
57i2
Dec
47i2 Apr
Mar
27g Feb
Devoe & Raynolds A ..No par
37
25&S
115
10
55
37U
2
18
58
»3912
*7g
*10l4
6
2,000
*37
*17s
6
3
li2 Jan
9ig Dec
38
14
Dec
47
8i2
Deo
3i2 Mar
4
Feb 18
47
800
*4
100
1084 Mar
41
Mar
4,500
812
74i2 Mar
Jan 30
105
Jan 25
Dec
June
24i2
*4
Nov
6
293s
8i2
48
16
5
24
*4i2
*10i4
5534
Jan
Inc...Wo par
293s
20
43i2
Cutler-Hammer
Davega Stores Corp
847g
500
487g Nov
7
Nov
2912
243g
477g
2014
1,200
2312 Mar
4714 Jan
75
86i2
193g
59U Apr
June
235g
67g
7i2
146i2
146i2 *145
193s
61
29U
7
1134 Sept
70i2 Jan 27
85
193g
75s Dec
3978 Mar
4
8
Marl6
24i2
47lg
2012
*145
Jan
May
02
29i2
7i2
3578
Dec
783s July
pref-.100
No par
88I4
147
4i8 Mar
6
6984
105
preferred
8%
24
7i2
Oct
Dec
Nov
29l2
1934
Oct
Dec
234 Nov
35
295
86I4
*145
60
4478
Mar
24l2
8
4134 Mar
I48I4
3778 Jan 10
Jan 27
11
1518 Mar
Mar 25
738 Mar
Jan
2
8914
29i2
211g
20i2 Deo
84
73
24i8
*712
Jan
2878 Mar
Jan 21
29i2
2018
7
5
Feb 11
Mar 20
Dec
90
87i2
14634 147
99U Nov
914 Mar 11
2H8Mar 9
2412
47i2
8
Jan
9
29
20«4
6234
Dec
Dec
6
88
147
09
Mar
24
147
Jan
4
29
4634
46I4
Dec
1012 Jan
A
8634
46U
20U
*7&8
178
80
Class
914
86
6,900
Apr
1
Curtiss-Wright
Cushman's Sons 7%
-
Wo par
38
166
75s Jan 17
Jan
13s Nov
1178
4512 Jan 14
102
38 Aug
22
12i4 Dec
101i8 Dec
8U Dec
2318
2378 Apr
103
„
8312
*48
Wo par
Jan
7i2 Jan
22i8 Feb
3484 Nov
10518 Nov
03s Dec
Dec
1558 Mar 16
435s Jan 7
100
v t c
600
Preferred
2,200 Cuba Co (The)
720 Cuba RR 6% pref
'
634
1714
Wo par
Cr W'mette Pap 1st pf No par
preferred
2i2
78i2 Feb 20
3
Mar 27
35
No par
100i2 Dec
38i2 Feb 11
46
Apr 8
69
Jan 14
484 Apr
...No par
Crosley Radio Corp...No par
Crown Cork & Seal....Wo par
Feb
li2 Mar
0i2 Mar
4
Jan 14
162
Feb
72is
40
Mar 13
60
x68i* Jan
35
500
102
102
5
1578
4i2 Mar
243s Mar
6
214 Jan
33i2 Mar 13
44
Apr 9
..1
Cream of Wheat ctfs
Jan
314 May
14U May
Jan
87U Jan 13
3934 Apr
Crucible Steel of America.. 100
9,100
IH4 Nov
7784 Jan 11
6
2
3
0714 Jan
7312 Jan 30
Crown Zellerbach
8i2
60
108s Jan
100
Coty Inc
Jan
84 Jan
193s Jan 30
5
Motors
1
6*8 Jan
4,000
2234
21i2
634'
1
2.50
Insurance
Preferred
$2.70
Mar
13
17
11
10
6
105i2Mar 11
lli2 Feb 5
15s Jan 16
26>4 Mar 9
19i8Mar 3
234 Feb 21
Jan
8,400
40
*39
39i2
2134
IOO84 102
67g
Cont'l Diamond Fibre
18,400
58i2 Sept
7
20ig Feb
3858 Feb
108i2Mar
0i8 Feb
1514 Mar
45g Jan
20
Continental
15,900
35
35
93g
39
39
37l2
383s
3912
al08i2 108i2
*10412 115
115
2ig
2i8
2i8
2'8
2i8
*13
13
13
13i2
14i2
11
103g
lli8
113g
IH4
96
96
96
9412
96
3912
2H4
7U
1784
84
*50
♦104i2
23g
233g
5914
9ig
98
3878
10H2 10112
7i8
173s
39
40
107
107
2i4
12ig
4634
9l2
Continental Can Inc
100
5U
484
57g
3518
*104ig 10834
914
912
9U
9i2
547g
47
*104
*102
912
2278
5434
2314
22lg
5234
465s
*102
514
35
35
35
35
35
35
72
July
Nov
7i8 Feb 13
7
117s Jan
100
4,GOO
*164i2 166
166
*163
165
165
*163
102
100
Preferred
Jan
512 Jan
17i2 Apr
305jj Jan
Corn Products Refining....25
7434
49
24
Feb
Continental Steel Corp No par
Corn Exch Bank Trust Co.20
737«
21i2 Nov
33i2 Jan 3
133s Jan 22
Mar
380
74i8
Feb
74
9,800
63
73U
63l2
74
4584 Nov
9
1458 Nov
80
10,700
46
6314
Dec
82
63l4
73
45
63l2
11
Mar
Oct
453g
36
4512
Oct
578 Mar
27
Mar
36i4
363g
44l2
03ls
71
Nov
3534
3534
64
Jan
29i8
7212
44
36i2
63i4
Nov
69
Continental Oil of Del
3618
3
62
Continental
64
Jan
34 Mar
Jan 15
18,100
64
36
•»*»<«»«•
314
Oct
235s
Mar 25
20,600
3ig
3612
3U
Jan
105
Mar 24
...No par
4,500
Friday
115l2
Oct
16l2
85
3
3l2
36l2
33g
Class B
8,500
Dec
9778 July
9
Aug
85
Closed
400
72
78
{Consolidated Textile..Wo par
Good
Oct
11912 Aug
Oct
2
Container Corp of America.20
Continental Bak cl A.Wo par
7934
72
8034
*71
2i8
58
Jan
Feb
7214 Jan 27
73i2 Feb 13
5,900
3,200
Deo
67
4,900
4,500
2i4
70i2
8O84
173s
214
83
Mar
100
Exchange
16i2
2i8
1034
2ig
70H
81
20i2
17is
2i4
Oct
90l2 Dec
56i4
IIOI4
Jan 10
20
Dec
1534
39i2
44i2 Jan
2534 Mar
2
Dec
50
100
Consol RR of Cuba pref
4,200
9
8i2
7g
78
223g
No par
$5 preferred
Wo par
Consol Laundries Corp.No par
Consol Oil Corp
..Wo par
Preferred new
No par
2,100
Jan
Mar 24
23ig Mar 25
9U Jan 2
100
Preferred
Wo par
Consol Ed Co of N Y.Wo par
1,500
44,800
145g
1414
1434
2314
7s
52,900
105i8 10514
5
5i8
16
13
4978
110
12i4 Feb 27
6
35i2 Mar 16
Prior pref ex-warrants.. 100
Consol Film Indus
__1
600
17l2
35i8
514
47g
♦1053s
9i2
78
884
23
57g
3484
105'8 10514
5
1412
534
17i2
3514
3412
3514
345g
Preferred
1,700
11
lOh
534
18
*17i2
105l2 10534
1434
20
*80
534
6
5
25
*80
1734
3478
30
*2414
884 Jan
Deo
17l2 Dec
31
Feb 17
82
21
IOH4 Nov
35i2 Mar
5i2 Feb 17
Mar 13
Jan
Mar
2
60
Feb
Dec
22l2 Dec
40l4 Dec
4812 Dec
245s Feb 21
2^8 Jan
Wo par
Prior preferred
2218
9i2
78
h
23
70
82i2
17l2
*105
200
.
Apr 9
Jan 22
Jan 23
Apr 8
Apr
Feb
7
2014 Feb 10
Congoleum-Nalrn Inc..Wo par
Congress Cigar
Wo par
Connecting Ry & Ltg
100
3,700
■
104
29
Mar
7
Jan
5i2
038 Mar
4
114i2 Mar 13
7034 Apr
11684 Mar 3
Jan 10
97
Conde Nast Pub Inc...Wo par
1,100
1034
*534
143g
1434
*105
$6 preferred series
2,600
69
6ig
10478 10514
Wo par
Commonw'lth & Sou...Wo par
lll2
18tg
5
9
8384
*2412
*80
3414
10478 10478
5
*47g
1105s Jan
Conv preferred...
72i2
6i8
18i8
343s
9
Consolidated Cigar
Preferred
1784
6
1784
34
9
8
Jan
S4.25conv pf ser of '35Wo par
Solvents..Wo par
5
1034
101i2 Mar 28
91i2 Apr 4
54i8 Apr 9
2
6
Jan
Mar
978 Nov
h Mar
Jan 11
12914
x45i2
5114
215g
2
Jan
60,900
.}
Dec
Jan 15
3814 Feb 20
3778 Mar 11
55
Commercial
1434
Dec
109
2484 Mar 24
93s Feb 19
44
900
2H2
50
6934 Mar
684 Jan
112
110
400
4058
2H2
9012 Jan
80s4 Jan
Dec
Mar
7
Jan
Deo
107U
9
Mar 25
14
100
32,800
*14
Jan
Deo
15i8 June
21
3
30
35
Dec
58^8
Jan
2
94
93
101
3
Jan
126
72i2 Nov
5338 Apr
6
5158 Feb
10
8214
*80
*80
100
2514
74
8212
25
82i4
*14
20i2 Jan
Aug
Deo
May
106i2 Feb 28
5H% preferred
100
Comm'l Invest Trust..No par
13,300
20,400
93g
4014
4012
*2112
15
5% preferred
Commercial Credit
100
110
44i2Mar26
.100
Preferred series A
72
IH4
*72i2
8312
40
2214
41
pref
June
5234
49
16
Columbia Gas & Elec._Wo par
97,300
70
9
934
934
conv
*24i4
lUs
1514
25
6934
68
68
$2.75
600
2214
1434
25
lllg
2284
*14i2
100
100
32ig
95g
4014
22U
147g
41I2
*22
74
*14i2
4% 1st preferred
4% 2d preferred
32i8
*30
6818
9i2
958
1514
2584
113s
*22
68
69ig
95g
912
100
*3238
*45U
2034
Oct
48
July
24i8 Mar 20
2H2 Jan 2
1918 Jan 2
100
Colorado <fc Southern
343g
53
5314
5234
5334
112l2 11212 *11212 11314 *11212
70
7034
69
6984
69l2 703g
6634
69i2
6812
693g
113l2 113io
*113
114
11334
1137g 1137g *113
*11258 114
10378 104
103
103
10312 10378
103l4 10312 *10312 1037g
20'4
2034
22
21'
2H4
20i2
21
217g
2O84
2134
27g
3
3 |rr
3
3 >8
278
3
31g
3i8
278
*66ij
9l2
Preferred
87
June
20
8I4 Jan 6
358 Mar 16
{Colorado Fuel & Iron.Wo par
7,900
Dec
48
Mar 13
IO714 Jan
No par
32
91l2
53S4
9112
100
Preferred
Colonial Beacon Oil
2,100
6
31
32
48
6
3H2
6ig
32i2
3334
*30
39
123
1,190
42
No par
Aug
48i2 Deo
80
1714 Mar 13
1021* Mar 16
110
3334
343a
12134
120
100
2384
Jan 31
.100
89
Nov
275g July
7
127i2 Feb 20
97U Feb 17
57i2 Jan 15
6558 Jan 16
preferred
Oct
0i2 Nov
27% Deo
2
50
Jan 15
84
12034 125
3814
39ig
47
4712
2114
215g
100i2 10012
33
*32l4
*3214
343g
*30l4
llll2
22
124
37
80
70i2 Feb
6
100
Oct
314 Apr
1214 May
Feb 20
86i2 Apr
Mar 30
No par
May
35
Feb 10
Feb 26
48
Dec
2478 May
100
Feb 20
90
No par
Collins & Aikman
18,700
111
22
21
22
22
22i2
6%
Oct
9378
6984 Sept
11034 Feb 14
46
Mar
2
4
8
Jan
12
188
9
Deo
Nov
Mar
738 Mar
82
53
Feb
31
40i8 Mar 24
Feb 10
90
Colgate-Palmolive-Peet No par
300
4812
Co
Coca-Cola Co (The)
Class A
7,700
48
48U
4914
10934 10984 *10934 llli2
156iz Jan
100
100
Ilium
Preferred
10
■
El
9
6
14
19
8
6
Apr
86i2 Feb
45U Apr
484 Jan 7
2334 Jan 21
9
26
3i2 Mar
Mar 25
1978 Feb
2
2
Mar 14
45
38U Apr
100
57
18
10434 105
15U Jan
7278 Jan
pf__No par
3,100
*56i2
177g
4934
48i4
«
20
8934
35
103
Clev Graph Bronze
600
*8858
107
*105
107
*
59
*126
90
*5612 57
18ig 'I8I4
183g
*105
50
10912 109l2
48l2
0O12
89
57
*56i2
4»
48
8
Co(rhe).l
Cleveland & Pittsburgh
50
Spec guar 4% bet'm't stk 50
Cluett Peabody & Co..Wo par
200
48
3
Jan
10714 Jan
Clev
9,700
40l2
*58
*126
"
90
8934
57
183s
*56i4
3914
Jan
par
Preferred
*84
*58
.No
1184 Jan 24
7
25
85*2 Jan 21
5
Equipment
CCC&St Louis
350
108iS 108i8
50
*4712
12534 12534 *126
Clark
$ per share
100
City Investing Co
City Stores
60
5,900
$ per share
No par
100
Preferred..
*95
*84
*84
*47l2
6H2
62
*12534
8712
42i8
*168
IO8I4 *10512 108i2
IO8I4 IO8I4 *105
42
42
4214
3934
38i4 39i2
*84
Corp
City Ice & Fuel
800
6i4
43i2
Highest
$ per share
25
5
Chrysler
1,500
60
6I4
*95
*105i2 IO8I4
42
4218
62
*45
350
*168
99
Chile Copper Co
200
44ig
350
*95
*95
*47i2
8H2
8H4
6I4
43
*168
350
*168
100l2 10238
I8I4
1838
Lowest
..No par
Childs Co
10
35
Highest
$ per share
Par
87,900
4514
6I4
6l2
Lowest
3,400
9i8
884
*32
101l2 1027g
I8I4
I8I4
8H2 8H2
60
6l2
4214
6i2
9i2
35
*32
18i2
60
638
44
95g
3478
80
8H2
*45
95g
3478
958
984
*33i2
347g
1015s 103
Year 1935
100-share Lots
On Basis of
STOCK
EXCHANGE
Monday
Apr. 4
347g
*33i2
9978 10134
18i2
18»s
Range for Previous
Ranoe Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
2453
New York Stock Record—Continued—Page 3
Volume 142
37
3
Jan 15
9
2
I8I4 Jan 17
115i2 Jan 31
153
Apr 8
103
133i8 Apr
12678
8I4 Mar
1
11584 Feb 14
25
Jan 13
978 Feb 11
170i2 Apr 1
160
Mar 13
37
Apr 6
9U Jan 30
44^8 Feb 19
Feb
6
173s Feb
4
114
784 Feb 21
1284 May
Mar
8638 Mar
Nov
17i2 Dec
19
Aug
116
Nov
146i2 Nov
Feb
132
Oct
104
Feb
115
Aug
12
Nov
384 Mar
110i2
Jan
141
Jan
165s
Jan
3U Mar
193$ June
107
Jan
37g Mar
5^8 Sept
6I2 Jan
683 Jan
103s Mar 17
lis Mar
3284 Jan
29i2 Jan
09U Mar 26
64*8 Mar 26
3
Mar
2i2 Mar
27i2 Dec
8
Jan
17214 Nov
164
July
30^8 Oct
83s Nov
3884 Oct
113ij» Sept
1484 Dec
8»8
Feb
7i2 Aug
34&8 Dec
3184 Dec
2454
HIGH
New York Stock
AND
LOW
SALE
Saturday
Apr. 6
$ per share
*49%
Tuesday
Apr. 7
$ per share
4978
49%
Wednesday
49%
78
Thursday
Apr. 8
$ per share
50%
78
1
*78
78
2%
2%
2%
2%
*60% 67
*60%
67%
125% 125% *125% 12578
13
*1278
127s
1434
Apr. 9
$ per share
50%
*2
7«
2%
*61
67%
*61
$ per share
Shares
125% 125%
14%
1434
1,300
67
67
*65
70
*65
70
67
600
70
*71
*72
74%
73
75
77
76
76
534
15%
*73%
5%
*73
5%
1478
2378
16%
15
5%
15%
15
24%
*2234
23%
22
16%
*16
16%
16
9,000
73%
75
74%
7734
480
67
69
75
5%
5%
15%
23%
24%
15
15
*
*
72
14%
14%
4
334
14%
35%
7%
378
15
*1334
49
13%
5134
14%
53%
35
*7%
5034
150
150
153
38
3778
24i8
153
3512
14%
34%
7%
3%
13%
51%
94
*45%
49
48
48
7412
11%
74l2
11%
74l2
11%
5
5
5
334
44
*23l4
11
334
2458
44
26
5
358
334
24%
44i2
2434
44%
*24
14%
3434
14%
34%
14%
34%
7%
684
334
338
634
358
1334
52%
12%
52%
26
3178 3212
31%
3134
3U8
*131i8 135
*13U8 135
*131i8
69
69
70
70
71
4234
534
41
4212
42%
43
6
6
558
*14i8
145s
1434 1534
11
ll's
1H8
11%
*10078 10H2 *10Q78 10112
5H2
5134
5178
4912
138
1% ^ 1
138
32
3212
32i2
3278
13
13
13
1234
143
143
*143
14514
10i8
10%
934
IOI4
13
13l2
133S
13i2
6%
1558
11%
15
30
30
30
*89
92
57
*57
57%
140
*140
3614
214
30
*32l2
*34%
49
5758
63i2
*63
6934
70%
*47
*111
*35
42i2
*50
3H2
10378 104
44%
*26l2
7l2
8i2
*81
478
4558
44i2
*11734
~3~
278
35%
43%
1714
87%
10i8
52%
10538 10712
6%
684
9
34l2
43i2
*
83
52
20%
*108%
1934
45
"3"
278
35l2
34l2
44
4334
53
35
4912
50
17
1714
8714
10i8
10%
978
82%
5312
105l2 106%
638
9
1978
9
9i8
2014
1958
1934
9534
28%
9634
97
11
1138
94
95
96
314
IH4
*94
338
31s
3
3
4%
458
3%
438
19
1834
3434
553s
35
3258
33
33
19%
385S
1914
3878
278
3878
35%
35%
...
75
19
234
10
83
34%
1958
96
*94i2
28i4
2958
9758
11%
9478
338
3%
*9612
31
512
155s
75
*2512
2534
2534
26
*72
78%
6378
78%
60%
278
78i2
63i4
278
75g
9i8
1978
IO6I4 106i2
1978
96
29l2
28U
97
97
96
351s
3
4
1834
3414
2,200
"4", 900
19
278
*40
*114
120
115
117
117
*10412 105
40% 4012
*123
140
1534
1H2
185g
*11612 120
104
40
*123
41l2
117
2458
*72
61
258
3934
*114
1714
116
*123
140
For footnotes see page
2450
*123
15
108
135
1514
7
127
32% Mar 30
38
64
28% Jan
125
7
6% Jan 23
18% Jan 27
12
Jan
6
10% Jan 13
97
3
2
63
7
2
Jan
12
Feb 18
Jan 23
5
9
Mar 14
5% Jan
17
100
140
Preferred
General Motors Corp..
10
No par
No par
100
Gen Realty & Utilities
Gillette Safety Razor..No par
Conv preferred
No par
Gimbel Brothers
..No par
Preferred
100
No par
Prior preferred
100
Gobel (Adolf)
.1
Goebel Brewing Co
1
Gold Dust Corp v t c...No par
$6 conv preferred
No par
Gold & Stock Tel'ph Co
100
Goodrich Co (B F)
Preferred
No par
95
58% Jan 14
Jan 10
4178 Feb 17
3634 Apr
48
Jan
50
50
59% Mar 17
117% Jan 13
5378 Jan
118
Jan 27
Apr
Mar
33
38
Feb 17
50
Mar 21
105
Jan 17
108
Mar 14
43
Feb 21
33% Feb
44% Apr
16% Mar 13
60% Feb 7
18% Jan 16
86
90
Feb 28
6% Jan
69
Jan
45% Mar 13
105% Apr
3% Jan
778 Apr 9
18% Feb 20
11584 Jan
116
7
Feb 10
13% Jan 21
11% Mar 12
86% Mar 6
55% Jan 14
114%
7%
10%
21%
11578
116
Feb 10
Jan 27
Feb 28
Jan
6
Jan
8
Jan
6
100
77
Jan
6
95
Jan
6
2184 Jan 21
1
2% Apr
Gr'by Con M Sm & Pr stpd 100
3
Mar 27
384 Jan
18%
30%
30%
28%
Oct
Nov
64% July
145% Oct
4078 Nov
3778 July
1% Aug
15% Aug
Mar
18
Aug
Apr
Jan
18
32
Oct
6134
5978
Feb
Feb
72% Oct
zl20% Dec
26% Mar
59% Nov
120
zl07% Jan
Nov
116
Jan
Mar
Aug
17% Feb
93% Jan
1% Mar
15% Mar
80
Jan
%
21
14
Apr
12
Mar
Dec
6%
Dec
42% Nov
109
Oct
4% Nov
41%
109
Apr
1434 Mar
1634 Jan
Dec
Oct
3%
Dec
39% Dec
33% Dec
51
Nov
19% Aug
70% Jan
2% Mar
93
18
7584 Dec
49% Dec
Mar
2338
Feb
10478 Jan
1% Apr
Aug
834
Dec
111
Oct
434
Jan
14% May
111% May
22
Nov
120
June
104
105
14
20
Dec
7% Mar
40
Mar
Dec
14%
Dec
82
Dec
14
1534 Mar
2678
Jan
17
70
92
Jan
11
Apr
4
4% Feb 19
11% Mar 20
2
6% Jan 15
Mar 13
23% Jan 16
Mar 13
35% Apr 2
33% Mar 25
Jan 29
Feb
6% Nov
Feb 17
9
78
8
Jan 24
2
Grand Union Co tr ctfs
1
Conv pref series
No par
Granite City Steel
No par
Part paid rets
..No par
4
42
Jan 30
Sept
%
8
378 Jan 21
Apr
Jan
Preferred..
5
Feb
87
Graham-Paige Motors
30
3
118% Mar 14
2% Jan
34
18% Nov
76
10
6% Feb
Oct
Aug
10% Nov
Mar
884 Mar
Jan 10
146
Mar
46% Nov
127% Jan
20% Jan
Mar
106
22% Nov
xl3%
1534
120
50
Dec
Mar
11
18% Jan
5% Jan
3% Jan
39% Jan
1078
100% Sept
48% Deo
2
6
47% Mar 21
70% Jan 6
120% Jan
71
Dec
4
Feb
Mar
Jan
Dec
13%
19
Feb
19% Jan
Dec
5% Nov
5% Mar
5
Feb
No par
No par
par
738 Mar
2
4% Feb
,
Nov
47%
1134 Mar
115
Feb 13
143
3
19
Mar 10
2078 Feb
98% Mar
31% Feb
9934 Feb
12% Mar
100
Goodyear Tire & Rubb.No
Gotham Silk Hose
Jan
.1
56 preferred
No par
General Refractories...No par
Gen Steel Castings pf.Aro
par
1st preferred
14
No par
No par
General Printing Ink..No par
56 preferred
No par
Gen Public Service
No par
Jan 21
2
39
100
2
7g Jan
Corp
No par
2
Jan
5
1134 Jan 11
15% Feb 11
33«4 FeD 10
36% Jan 21
33% Feb 18
No par
No par
General Mills. i
150
70% Jan 2
64% Feb 21
No par
No par
30% Nov
55
Mar
5% Mar
8434 Jan
32% Mar
17$ Mar 31
3434 Feb 6
14% Jan 6
22
Feb
Nov
125
Mar
7
12% Feb 19
103% Mar 20
Jan
47% Jan
No par
No par
15
Jan
Dec
70
78 May
6
141
7% preferred
17% Mar
112% June
Feb 20
Dec
36% Nov
484 Mar
5
No par
100
111
53% Feb 29
3% Jan
10
cum preferred
Dec
75
...No par
Class A
30
132
78 Apr
General Cigar Inc.
Dec
Mar 16
Jan 29
Dec
30%
6%
7934
Jan
35
5
25%
10278 Dec
5878 Aug
Feb
47% Jan 17
No par
Glidden Co (The)
4
Dec
Sept
July
114
60% Mar
1934 Mar
30% Apr
Feb 17
Feb
Aug
25
978 Mar
Feb
35% Feb
25
45%
2% Mar
20%
77% Feb
Jan 20
Feb
Jan
7
136
Jan
6
2,500
Preferred.
...100
Green Bay & West RR Co .100
Green (H L) Co Inc
1
50% Mar
9
24
Jan 24
10
Greene Cananea Copper... 100
75
-Mar 26
Apr
2% Apr
20
Apr
1%
5%
2%
1438
18%
2234
June
26
Mar
Mar
10% Dec
85
4%
Dec
Oct
13% Nov
Mar
5
Jan
May
2934
Jan
Mar
35% Nov
Oct
33% Nov
38% Sept
Mar 16
10
21,600
1,600
Greyhound Corp (The)
5
Guantanamo Sugar
No par
""900
Gulf Mobile & Northern... 100
Preferred
100
Gulf States Steel
No par
Preferred
500
20
31,400
600
4,900
135
100
Preferred
Hackensack
150
IO8I4 *108i2 110
712
7l2
7i8
7%
Jan 21
Jan
19
47% Mar
3834 Feb 17
3
230
15
48% Jan 11
29% Jan
1134Mar
Mar 30
116
4034
33% Feb 11
10434 Feb
31
5,000
105
1434
2
Rights w 1
Great Western Sugar..No par
131,700
116
40
x247g Jan
Feb 21
105
*124
112
..No par
Gen Railway Signal
Preferred
Jan 18
4
No par
55 preferred
Feb 28
Apr
May
8% Dec
4% Jan
3% Aug
16% Mar
28% Mar
16
Apr
106% Mar
13% May
84% Apr
4438 Nov
Feb 14
25
100% Feb 26
40% Mar 23
25%Mar 21
72
95
July
78
Jan
10
Gen Outdoor Adv A
Common
2
33% Mar 9
20% Feb 19
100
103g
1714
2
Mar
Feb
Mar
44
1,200
36
10
1714
9
2
40
*35ls
1034
110
Dec
21% Nov
x85
Aug
334 Mar
6
117
36
10
2
2
Jan
Dec
Dec
Dec
125
5% Mar
Mar
Jan
3234
17
15%
1512
1538
153s
*10714110
*108
*108% 110
109i2
734
734
758
734
7i2
734
48i2
*3178
17
1534
258
17
11
116
6178
Jan
,12%
678
4%
25%
49%
20% Jan 27
1
Gen Amer Trans Corp
Rights
7%
Feb
32% Jan
2,200
24,700
38
36
116l2
78l2
17
48l2
103S
116
25
*25
36
*16
68
327S
105
104l2 *104
*104
105
4012
40l4
4058
40i8
403g
140
*52
9
27
Preferred
Apr
Jan
Jan
Aug
39% Dec
Apr
Apr
Jan
Nov
Nov
15
Jan
Dec
54
Jan
Dec
Deo
3%
Mar
40
111
Gen Amer Investors
4
17
115
9
Jan
6
% Mar
48
No par
Gamewell Co (The)
Feb
Mar
Mar
Preferred..
Freeport Texas Co
19%
13%
8534
1478
40%
Mar
Foster-Wheeler
Preferred
100
Fuller (G A) prior prefNo par
$6 2d pref
No par
Gabriel Co (The) cl A ..No par
14
Mar
92
7
w
Mar
Mar
101
42
Nov
55% Nov
7% Dec
Mar 27
7%
4%
2%
20%
7% pflOO
55
Feb
Mar
41% Mar 25
25
97
6
w
Apr
Grant (W T)
No par
Gt Nor Iron Ore Prop..No par
Great Northern pref
100
*140
68
4134
36
2,400
1,600
1,000
3134
1834
1834
383si 3958
2i2
234
34i2 3434
42
1034
46,500
33
*40
*3134
*35i8
330
31
49
3278
3,700
35
1712
*4012
700
33
26
117
278
800
19
*71
4158
10,200
19
a:25i4
115
93
2l2
7812
*25
1034
x93
96i2
III4
3
26
3834
25,800
4
*13812
258
957s
295s
3
48
*17
*95
3ig
414
18
1058
1978
96
60
30,100
3,300
*108i2
205s
2838
6OI4
234
1,260
39,700
20i2
19
287g
97l2
*52
1,600
11,700
6i8
83g
1938
77g
1978
8,800
10634
6
48
18*2
106 1
638
9
35
*3112
83l2
55
6ig
Xl938
10
83
8i2
*17l2
3278
978
54
55
*47
*31%
*35is
1,100
6,100
110
18
3278
36
"4". 300
34
4312
1,600
4912
129
1,300
9,400
96
75
3,600
43
17
*108i2
197g
70
"5"
49
18
41%
300
87
*4658
*3H2
*35l8
934
*1714
3,700
1634
18%
*112
*42
3934
*25
734
4834
86
36
36
900
155
3
4% Jan
Fourth Nat Invest
Jan 15
Jan
18% Mar 25
5338 Apr 8
Jan
37% Feb
$8 pref class A
Gen Ital Edison Elec
2,300
Jan
No par
$7 pref class A
145,600
584 Mar 25
Jan
43
Gen'l Gas & Elec A
No par
Conv pref series A.. .No par
220
Jan 10
Nov
Apr
new. 10
No par
Corp
16,800
Good
Friday
55
"¥
t Follansbee Bros
Food Machinery
General Electric
General Foods
1714
4978
*26
-20
2
Feb 15
Dec
8% Nov
50
Aug
6978 Mar 30
100
59,200
19,800
87i2
10%
83ig
*25
278
Closed
17
*17%
*4658
*234
400
400
87%
934
1834
3834
2i2
5812
234
30
Preferred series A
General Bronze
2,000
8% Mar 19
Jan
84
First National Stores. No
par
Florsheim Shoe class A .No par
General Cable
2914
*48%
32
25l2
29l8
49
5378
No par
Federal Min & Smelt Co-.100
Preferred
100
Federal Motor Truck..No par
2,900
Exchange
3
7
122% Jan 7
31% Feb 24
19% Feb 25
Fajardo Sug Co of Po Rico.20
Federal Light & Trac
15
3,100
Stock
1187s 119
3314
19
3914
278
3558
*72
40's
3634
2i2
6934
8
49
100
General Asphalt....
119
29l2
conv preferred
General Baking
58 preferred
60
200
69
119
Fairbanks Morse & Co.No par
4,600
11912 120
*29i4
*75g
25
100
178 Aug
Sept
66
134
May
Apr
7% Feb 2i
17% Feb 21
Feb 25
4,700
119% 120
6934
703s
7812
6138
234
38i2
175S
63
116,200
900
6338
234
3ig
414
1858
3434
*52
5,600
200
13,500
62i4
x63
318
3ig
4%
1834
3514
35
3558
910
63
55
IH4
219
6,900
49
94
18*2
385S
3
330
*3212
*34i2
11
35
393S
'
138l2 13812 *13812
*52
49
94
33
33%
19i2
39%
90
3638
lll2
3
4,900
""360
15
Jan
31%
4%
2%
11%
34%
Fkin Simon & Co Inc
2934
238
*27
94
412
185g
3,500
31
258
94
3
270
70
2958
11
4i2
1834
3514
10,000
3412
*65
57U
5714
*140
143
30
z82
5438
*108i2
2OI4
1,400
115
365s
23S
*45
IO6I4 106l2
6i8
6I4
r
"5",700
35l2
115
10712 *106
5
"538
5
5ig
45
43
42l2 43%
*11734
11734
"3"
278 "278
234
3434 *34
34
34i2
44
43
4334 44l2
87 lg
82i2
5378
9
41
41
3638
49
1714
8212
523g
2,400
106
S7i2
2958
*52
"5%
*109l2
20
49
87
*9414
28%
9634
*138%
*48
*10712
5I4
4412
*11734
"17"
9%
20
49
*10712
"47s
703s
1,200
453s
27
8
12
5
6 >4% preferred
100
Firestone Tire & Rubber... 10
"5" 600
31
4012
*32l2
*34i2
55
11834 11958
3034
307s
8
814
31%
8i8
49
49
6958
3114
53
17%
86%
978
2%
3514
71
11938 1X912
20
112
*89
143
*25
63i2
6334
*119% 120
8
49
*10612
*434
45%
*11734
278
19
64
30
*778
29
*3212
*34l2
55
26
*2412
1,900
4
5
Federal Screw Works..No par
44
15% Mar
Eureka Vacuum Cleaner
Evans Products Co
par
5834 Nov
78 Jan
Mar
4078
68
Federal Water Serv A .No par
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y2..50
Fllene's (Wm) Sons Co.No par
3978
36i2
258
238
27i2
49
70%
40%
36%
212
*119l2 120
119l2 11958
30
3658
6358
11934 120
40
28
*32l2
*34l2
55
*39
140
4034
28
23g
*25
143
69
1,700
44
30
925g
57
Jan 10
..50
2,500
2,500
11
11
1U8
11
Ills
ion2 10112 *100
10112 *100
ion2
48l2 49%
49U
50%
4834
4912
78
1%
7g
1
1%
78
32% 3234
32i8
32i2
3U2
3214
1234
1278
1258
1278
1214
12%
149
14514 14514 *144
*144
149
10
10
934
10i8
95g
97g
13
1212 1234
12
1234
1214
9212
19
3 5s
1534
3034
2784 Feb 21
3
11% Jan
Preferred
14
14%
15%
4%
7%
8%
684
69%
10%
100
100
237g
Apr
67% Apr
73% Apr
.
100
Mar
5284 Jan
12534 Jan
1% Mar
76
100
6,100
2312
15
45% Jan 14
First preferred
IHs
47s
478
358
Jan
Jan
52
300
134
Jan
83%
1034
Feb
55
Erie
Exchange Buffet Corp.No
39
% Mar
% Apr
48
*46
578
57
3978
130
42ig
57g
157g
9278
*140
5,400
69
5% Apr
11% Jan 21
16% Jan 21
6%
7
Jan
1% Feb
37g Feb
.
par
*75
41
3038
40
3,800
94
65%
-
par
$6 preferred
..No
Equitable Office Bldg_.No
12,800
3612
24
$ per share
preferred...No par
$5H preferred
No par
5234
2334
9378
$ per share
conv
Preferred
500
Highest
5 per share
par
Fairbanks Co
69
92i2
56i2
$5
1,180
155
Lowest
48% Mar 3
% Jan
1% Jan
62% Jan 31
Preferred
100 x 125% Mar 17
Engineers Public Serv._No par
7% Jan 3
2,000
69
3038
Storage Battery..No
t Elk Horn Coal Corp. .No par
6% part preferred..
60
Endicott-Johnson Corp
50
3%
43
15
Elec
12%
*131l4 135
92%
56l2
143
500
69
*30
3958
36%
2l4
900
5,400
638
36
31%
135
*67l2
42i2
57g
*8834
*140
14%
36%
51
69
*5534
600
155
42
534
5,600
3,000
16
5338
Year 1935
Highest
Second preferred
Erie & Pittsburgh
153s
23
*1438
3434
*6%
3%
12%
1338
*111
*110% 112
112
*111
*110l2 112
112
31
31%
31
3034
3112
3058
3078
3138
*1037S 104
104
104
10334 104
1037s 104
46
45% 45%
4534
45i2
4534
4514
4534
*26% 28
*26i2 2712 *26i2 27i2
*26i2
27l2
978
10
10%
912
9I4
958
938
938
43% 4334
4414
43
4334
43l2 4334
43i2
35% 3512
36
3778
35
36l4
3634
3578
116
120
119
119
116% 119
*115
11812
3414 3478
3414
3458
34%
3412
3414
34l2
*63
71
*63
71
7234 *63
*65
71
31% 32
*13H8 135
200
3,800
16
15712 *153
15978
36%
3638
3634
24
2478
24is
24i2
94
94
9334
*93lg
49
50
52
*4512
*74
84
*75U
83i4
11
Ills
1034
Ills
5
5i8
47g
478
•358
334
35g
358
24
2418
235s
24i8
44
4412
44l2 441
*24l2 26
24i2
24i2
25
*71
24
1,900
6%
1478
2258
36
3634
24
94
6
*150
*93
24i4
*92
6%
15%
22%
16%
300
72
14%
35%
7%
*35%
7%
*334
534
Range for Previous
5 per share
Par
2,300
*66%
125% 125% *1255s 126%
1438
15
1434
1478
1936
f
Lowest
78
238
66%
66%
April 11
Range Since Jan. 1
On Basis of 100-share Lots
YORK STOCK
EXCHANGE
the
78
*2%
69
15
NEW
4
Week
50%
67
*70
STOCKS
4958
*67
.
Sales
Friday
Apr. 10
$ per share
49%
50%
78.
78
*214
238
*63
.
Record—Continued—Page
SHARE, NOT PER CENT
JOT
Monday
Apr. 4
PRICES—PER
50
3,900
2
58%
I84
26%
9%
30%
28%
Jan 16
Apr
7
Water
7% preferred class A
6H% preferred
Hayes Body Corp
Feb
3
6
Apr
48
Mar
6
12
Mar
118
Mar
6
48
Mar
8
Jan
2
2
Dec
Mar
2
Jan 24
Jan 11
Mar 30
30% Jan
12
Dec
95
Feb
55
Jan
1
28%
34
Mar
Jan
100
Apr
25% Nov
4
6
120
21
2
19
Jan
Jan
3
3
Jan 20
104% Feb 17
484 Jan 7
32%
36%
11%
2138
119
3478 May
9
Jan 23
4
35
100
95
Jan
Dec
Deo
Jan
1934 Mar
25
Harbison-Walk Refrac.No par
Hat Corp of America cl A
28% Mar
26%
16
35%
119
39
4
14
9
Jan
Jan
Jan
110
Feb
Jan
30
103
Mar
Jan
25
Hanna (M A) Co $5 pf.No
par
55
46% July
105
Hall Printing
10
Hamilton Watch Co ...No
par
Preferred
100
39
140% Mar 16
9% Mar
9% Mar
80% Jan 27
3% Feb 7
..100
Preferred
"2", 200
16
Mar 19
Mar 25
Jan 16
Apr
Feb
4
Feb
8
6
105% Mar 18
41% Apr 1
124% Feb 14
16% Mar 25
115
Jan
9
9
Mar
5
1
21%
Feb
140
50
74%
234
43%
11%
34%
33%
108
May
Dec
Nov
May
May
Dec
Dec
Nov
Dec
Jan
3034
Dec
30
Jan
35
Dec
4
Mar
8
6% Apr
63
Jan
100% Sept
16
Mar
9934
Jan
5%
Feb
81
Feb
1% Mar
Oct
14% Nov
112
Dec
105
Nov
30%
121
14%
Dec
Dec
Dec
113% Dec
6% Oct
Tuesday
Apr. 7
$ per share
*126
129
129
*120% 130
*120% 130
*14934 164
*14934 164
*14934 164
3034
31
29%
31%
31% 31%
3134 3214
*99
104
*100
104
102
102
*101% 104
*120% 130
*76
*76
77
116
7714
117%
*115
$ per share
Shares
116
42
43
4234
11%
3134
1134
32%
1134
32
41
43%
Helme (G W)
Preferred
164
Hercules Powder
42
41
40%
*112
114
*112
114
489
489
*430
500
*430
42
42%
42%
499
42%
2834
*74%
1034
*430
495
*42
42%
29
75
10%
54%
*41%
3,600
53%
4%
*12%
5334
4%
13%
53%
4%
12%
54
4%
1234
53%
4%
1238
12%
12%
18%
18%
2%
25%
18%
2%
19%
18%
19
238
2%
24%
18%
2%
2434
18%
2%
25%
29%
*74%
1034
30
75
11
1034
2%
29%
75
11
28%
*74%
10%
53%
4%
4%
2%
"""loo
18%
2
25
26
*39
40
39
39
40
40%
65
65
*64
65
£65
16%
*5%
3234
16%
*15
6%
31%
32%
134
129
134
*136
6%
634
110
6%
6%
15%
1534
15%
15%
*5%
6%
*5%
6
5%
5
5
*4%
6
30%
5
31
5%
181
5%
4%
5%
35%
37%
184
185
184
183
5%
37%
38
183
184
"V.ioO
6%
1,300
1,800
1,800
19,200
13%
4%
*35
6,000
47g
■
Intercont'l Rubber
86%
88
*158
3%
6
6
110
25%
25%
50%
50%
18%
5634
17
13
13
1234
13
*8634
88
88
88
*20%
21%
2884
22%
22%
*28
*121%
115
115
2%
2,300
15,600
28%
28%
♦121%
72
71%
71%
71%
*70%
29
2834
*121%
111
112% 115
72
*73
*123
125
*123
*
153
*
153
121
121
122
*121
~86~
86
120
8634
*
153
86%
87
_
80
800
Good
900
70
"
l",270
50
_
24%
25%
24
24%
24%
24%
24
24%
3,800
37%
36%
35
36
35
36
36%
36%
2,900
20%
20%
36%
20%
29%
30%
29%
2984
26%
95
26
26%
20%
26%
37
37
22%
22%
*10414 105
6%
*6%
5
35%
22%
103%
*5%
110
*80
110
*80
77
77
77
*72
24%
110
76%
*80
110
*70
75
"4",800
25
2,000
40,500
92
300
1,700
*80
140
5,800
20
200
Kendall Co pt
7% preferred
Kresge Dept Stores
77%
"""506
24
24%
6,800
29
*27
28%
210
39%
*37
38%
20
22%
6,000
5% preferred
Lambert Co (The)
*21
2i3S
101
101
12%
234
21
*101
12%
234
11%
11%
9934 100%
1234
1234
61%
61%
934
9%
27%
27%
*100% 101%
101% 101%
12%
2%
12
99%
12%
61%
934
28
101
101%
165
165
21
101%
13
2%
12%
100%
1234
61%
10%
28%
101%
102
164%
21%
21%
*160%
21%
21%
34
34%
33%
'34
45
45%
43%
42%
43
47%
2%
15
1134
2%
*11%
21%
101%
12%
2%
12
99% 100
12%
12%
61%
60%
147
14%
14%
*22
22%
7434
7634
30%
32%
150
150
*13%
22%
7634
1/31
*153
%
1%
*39%
1
40%
35
*39%
*128%
3534 < 36%
46%
47
*128%
*11
-
»
-
-
11%
38%
38%
46%
11%
38%
147
*11%
100
12
100%
12%
12%
60%
61
10%
10
10%
28%
*28%
28%
100% 100%
102% 103
164% 164%
20% 21
32% 33%
103
103%
165
165
1,500
14%
3,800
20%
21
102
11%
2%
12
101
Lehman Corp (The)..
Lehn & Fink Prod Co
6,900
Libbey Owens Ford Gl. No par
18,000
Libby McNeill & Libby No par
Life Savers Corp
5
101
101% 102%
5,500
*160% 164%
300
46%
22
22%
22
76
76%
76
77
31
32%
*150
164
31%
31
31%
13%
400
107% 107%
2%
2%
7
7%
148
*13%
25,000
5,500
1,100
42
1
1
10C
9,400
148
90
14
""iio
For footnotes Bee page
2450.
(P) Co
7% preferred
t Louisiana Oil
23,000
12,900
31%
19,900
Ludlum Steel
300
38
32%
Louisville & Nashville-—100
Conv preferred
18", 000
14,700
Mack Trucks Inc
2
3% Mar
9734 Mar 13
162% Feb
7
1334 Mar
10
21
43
Jan
8
25% Jan 2
110% Feb 10
6% Mar
81
Mar
1
No par
10
100
No par
1934 Mar
103% Apr
Jan
4
Oct
Apr
80
Nov
Jan 31
12
19% Mar
6
2L%
Apr
7
5
Mar 24
Oct
May
8% Mar
10% Mar
5
Mar
1%
5%
67%
10%
21%
Mar
May
Mar
Oct
Mar
6% Sept
11% Jan
Jan 16
116% Jan 15
Feb 28
21
Mar
94% Apr
9334 Apr
151% Jan
15%
Oct
23% Feb
25% Jan
2
39% Feb 21
13% Mar
Mar 13
50% Feb 19
17% Mar
24% Mar
31% Feb
54% Jan
5
6
8
102
Feb
1
Mar
104%
2%
3%
40%
109%
Feb 28
Jan 2
Jan 2
Mar 13
Jan 30
108% Jan 15
3% Feb 11
8% Mar 24
8
10734 Nov
22
Mar 13
26% Jan 27
18% Mar
7
13
Jan
3
45
112
151
Jan 17
Apr
Jan 30
1% Mar
33
Apr
39
17% Jan 13
23% Jan 28
77% Apr
35
24% Jan
129
9
Feb 19
16434 Feb 28
Jan
1% Apr
42
Jan
127% Jan
27% Jan 30
46
28%
Aug
Jan
9
Jan
14%
17%
Dec
Jan
11% Jan
3% Aug
1534 Nov
9534 Nov
17% Jan
Oct
103g Nov
29% Nov
120
Aug
49%
122
4% June
10% Mar
34
Mar
1234 Mar
90%
Jan
Aug
167% May
2834 Nov
27% Nov
43
Oct
37% Dec
55% Nov
10834 Oct
2% Oct
4% Dec
41% July
112
Dec
26% Nov
1%
Dec
Jan
15
Dec
23
Aug
64
Dec
26
Sept
135
Sept
6
Jan 21
130% Mar 16
37
32% Aug
27% Dec
Apr zl49%
124
3g July
20% Feb 20
57% Jan 2
6% Nov
9
Feb
Apr
6
8
49% Mar
4
8% Jan
34% Jan
2
13% Apr
9
6
42
10
Mar
Jan 31
44% Apr
Apr
80
31% Jan 29
165
Dec
Jan
163s Feb
115
113
May
Feb
102% Apr
1438 Mar
Dec
2734 Nov
2
16% Mar 17
23
Nov
6%
41
42
42% Apr
Magma Copper
Oct
Mar
4
Gard v t c.No par
Madison Sq
Mar
2%
23
3
Macy (R H) Co Inc...No par
7,300
2,600
Mar
3
Jan
Oct
10% Aug
Jan
142
Oct
84
14% Feb
63% Mar
Marl6
30
90%
8
97% Feb 25
26% Mar 20
7% Jan 8
10034 Apr
97
Dec
Dec
20% Nov
25% Mar 20
40% Apr
2
2
8% Mar 16
27% Mar 31
14%
22
9184 Feb 11
6
Jan
% Apr
6% preferred
24% Jan
Dec
31% Nov
28% Nov
18% Jan
96
July
30% Dec
Jan
Rights
Mac Andrews & Forbes
Jan
No par
100
Preferred
77%
100
38%
Lorlllard
100
10
100
22%
III,900
38%
5% preferred
77%
29%
164
164
155% 155% *145
1
1
%
%
%
1%
40
*39%
39% 39%
*39% 40
♦128% 135
*128% 135
*128% 135
37"
36%
36%
35% 36%
36%
36%
43
46
44%
45%
4634
42%
47%
13
13%
12%
11%
11%
11% *11
39
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
22%
1%
39
No par
Louisville Gas & El A..No par
40%
39%
....No par
Preferred
Loft Inc
Mar
6
Jan
36% Feb 26
46% Apr 7
1,800
34
2
12
No par
47
42
LOO
Preferred
Feb
Jan
28% Jan
94
47%
No par
43%
*111% 114
2278
22%
22%
....25
Series B
2
1
2
2
27
Liquid Carbonic
42%
112
7% Jan 2
13% Jan 21
Loew's Inc
43%
*14334 148
Dec
33%
47%
2634
10%
Jan 31
22
12,500
43
14
120%
115% Mar
334 Mar
6% Mar
23% Mar 13
57,000
2,700
42
148
NOV
22% Jan 3
37% Feb 20
39
34%
42
22%
Feb
93
5618
No par
34
43%
42%
2
130
22% May
Link Belt Co
34%
42%
Apr
Mar 24
Feb
3
Lily Tulip Cup Corp...No par
Lima Locomot Works..No par
43%
112
Liggett & Myers Tobacco-.25
Aug
99% Nov
Apr
8
20
1,100
47%
No par
..5
7,000
2,500
21
46%
-
Preferred
37
126%
77% Jan
11% Mar
50
Lehigh Valley RR..
120% Apr
38% Mar
117% Mar
28
Mar 16
60
50
Lehigh Valley Coal.
800
74% Feb 26
No par
2,900
1,600
900
22% Mar 20
103% Mar 16
4% Jan 3
100% Apr
8% Jan
2% Jan
2%
99% 100
12%
12%
60%
58%
10
9%
28%
28%
Mar 20
100
4% conv preferred
510
5,000
12
7
4% Mar 23
18% Jan
1534 Jan
12%
7
Mar 20
Lehigh Portland Cement—25
102%
21
107% 107%
2%
2%
7%
7%
No par
No par
5
Lee Rubber & Tire
43%
*13%
77
10%
14%
21
13%
22%
14%
22%
10%
800
35
100
Lane Bryant
43%
43%
42%
46%
148
101% 101%
22%
20%
33%
4734
47%
47%
47%
107%
107% *107
107% *107
3
2%
2%
2%
2%
148
20%
101% 101%
12%
11%
2%
2%
28%
7
7
7%
7%
7%
7%
44
44
44%
44%
42% 43
113
*111% 113% *111% 113% *112
22%
22%
23%
23%
22%
2234
*147
*20%
10
44%
*107
14%
101
45
42
10%
Feb 28
87
89
100
*38
14%
22% Mar 12
20% Mar 12
1434 Jan 2
par
par
par
H) & Co
No par
Kroger Groc & Bak—No par
Laclede Gas Lt Co St Louis 100
*26
10%
Jan
28% Jan
Kress (S
39%
22%
14%
21%
39
No tar
Preferred
110
76%
29%
10
26
2
10
100
Kresge (S S) Co
24%
9
Mar
16% Sept
50
90% Feb 21
121
Apr 6
2
Jan 27
No par
Preferred
39%
22%
1434
Jan 11
118
par
No
Keystone Steel & W Co No
Kimberly-Clark—....No
Kinney Co.
No
24%
9
78% Jan 15
126% Feb 24
Jan
pf ser A.No par
Kennecott Copper
"27
14%
3
5
19% Jan
No par
Kelvinator Corp
38
9
5
Feb 21
Jan
130
94% Jan
12134 Feb
13
1
Class B—
27%
1434
129
Jan
91% Mar 10
24%
24%
14%
77% Feb
58% Jan 18
110
49
Feb 24
123
21% Mar 3
33% Feb 25
38
*8%
4
7
24%
22%
6% Mar
24% Oct
9
26
22%
6
2
2984 Feb 19
27«4 Jan
38%
22%
2234 Apr
100
26
22%
10%
Jan
2
100
Southern
Preferred
24%
22%
Nov
88% Jan 18
Jan
27% Feb
No par
100
Joliet & Ch RR Co 7% gtd 100
Jones & Laugh Steel pref. .100
Kan City P & L pf ser B No par
*37%
22%
24%
Aug
16
36
2
15
_
*25
24%
90
Jan
8% May
70% June
80
*25
77
2
14% Mar
5
pf.100
Keisey Hayes Wheel conv cl A1
5
*80
Dec
Stores $12.50
92%
91%
92%
25
25
26%
*25%
26%
5
5
5
5%
5%
5%
36
36
35%
35%
36% *35% 37%
23
22%
22%
22%
22%
22%
23%
*103% 104%
*103% 105
104
*103% 105
6
6
6
6%
*5%
6%
*5%
9I84
Oct
14
Keith-Albee-Orpheum
1,600
26%
78
Kaufmann Dept
40
92
28
82
..No par
.
Dec
Dec
5% Mar
56%
Jan 30
Kayser (J) & Co
72,900
92
2
12% Feb 17
Preferred
Dec
4234
110
19% Feb 17
2
115% Feb
Johns-Manville
Dec
Dec
Dec
49% Nov
13
Jewel Tea Inc
5
3%
2%
28%
Dec
100
1
Dec
July
Teleg—No par
Interstate Dept Stores-No par
Preferred
100
No par
Oct
47%
130% Nov
16
67
Intertype Corp. —
Island Creek Coal
6%
42% Mar
53% Feb 21
23% Jan 30
Mar 13
1,800
4078
40%
Jan
July
Mar
Dec
434 Aug
36% May
2,000
39%
38%
June
65% Nov
Dec
19%
91%
23
Mar
36% Nov
154
25
95
23%
22%
Jan
29
23%
23%
Jan
29% Feb 27
Mar 31
Jan
Jan
Nov
4% Mar
21% Jan
98% Jan
18
Inter Telep &
Jan
Dec
5
8
% May
Feb 10
3
13%
Dec
3g July
Mar 26
Jan
4234
1%
1%
22%
123%
1%
44
Jan
5
190%
22% Mar
34% Mar
111
3
438
20% Dec
Jan
135
8
23% Sept
June
26
149%
6
19%
23%
23%
23%
*90%
39%
Oct
29
22
39
26l2
26 %
Oct
*91
*90%
38%
91
25
95
24%
90%
40%
5%
20%
29% '29%
*91
91%
40%
23%
90%.
26%
25%
z20%
23%
23%
23
90%
90%
29%
95
*90%
23%
23
5%
2434
20%
Dec
7%
1534
23%
23%
26%
29%
Oct
7%
25g July
56
Kansas City
Nov
8%
134
100
7% preferred
108
17
91%
40%
23%
J2%
90%
90%
20%
*91
Feb
108
Preferred
25%
*91
Preferred
47% Jan
37
95
Corp.No par
100
No par
25%
♦91
23% Jan
37% Jan 30
100
Preferred
Oct
Feb
Mar 18
4
Deo
Mar
3% Feb 10
363g Feb 8
1% Jan
No par
Class C
Int Printing Ink
Jan
2% Jan
No par
International Silver
1,400
Closed
87%
_
4
A—No par
Class B
International Shoe
44,000
123%
„
Inter Pap & Pow cl
5%
36%
July
2
54% Feb 19
129% Mar 2
7% Feb 8
25% Apr
240
Exchange
153
*120
120% *120
100
Preferred
Dec
Dec
130
9% May
1% May
4% Mar
Feb 21
8
Dec
15
Jan
834 Mar
4934 Mar 24
89% Apr 7
Apr 3
5% Jan
59%
Jan
Dec
Nov
2%
Mar 23
Mar
Oct
17%
3%
22%
38%
121
4
160
4% Jan
44% Jan
125% Feb
200
Stock
7
148% Jan 23
3% Apr 9
25
cl A
No par
300
"87"
Jan 20
International Salt
4,100
*
9
2
Jan
46% Mar
Feb 20
Mar 9
Jan 18
Jan 11
8% Feb 14
6% Feb 14
36% Feb 14
5% Feb 14
1534 Mar 4
5% Mar 11
9
700
75
123
Jan
200
'
Friday
*73%
124% 125
125
153
40
112% 114
115
125
"85%
1,700
2878
28%
*121%
75
113
*
85%
'
28%
*2834
*121%
112%
*123
*84%
1,400
27%
28%
Z42
42%
42% 43
43%
110
*109
*109% 110
109% 110
25% 25%
25% 25%
25% 25%
50%
50%
50%
*50%
5034
*50%
18
18
18
18
18
*17%
56%
56%
56%
5634
56%
56%
16
16%
16%
16%
16*4 16%
1234
12%
12%
12%
12%
12%
86%
87
86%
87
*86%
87%
20%
20%
21%
2134
21% 21%
110
*17%
5634
16%
2,900
60% Mar
114%
13%
7%
18%
35% Jan
56% Jan
Int Mercantile Marine.No par
3%
2% Mar
23% May
3% Mar
Int Nickel of Canada..No par
700
7
1
Preferred
Mar
4% Mar
Feb 14
147
2
384 Jan
No par
100
300
5%
2
2% Jan
International Cement—No par
22,500
3%
2%
40
41
578
5
Feb 18
185
48% 49%
128% 128%
43
43%
42%
43%
*109% 110
*25% 27
*50%
51%
*17%
19%
5634
5634
17%
1634
128% 128-4
5%
5%
3%
3%
2%
2%
27%
28%
3%
3%
*5%
Feb 19
Feb 21
Int Hydro-El Sys
Dec
18% Feb 24
8% Jan 29
MarlO
10,200
Dec
5%
1334
70
33
200
160
160
60%
234
45
173
12,400
88%
Jan
Feb
43
6% Mar
84 Apr
100
Internat Harvester
Nov
4
11
No par
preferred
Nov
7
6% Mar
Int Business Machines .No par
Prior
73
6
Jan
Dec
Jan
6
34% Apr
31%
1% Mar
49
Jan
3
No par
7,400
48%
97%
*158% 160
3%
3%
3%
6
5%
5%
49%
49%
49%
48%
50%
129% *128% 129%
128% 128% *128
6
5-%
5%
534
5%
5%
3%
3%
3%
3%
3%
3%
2%
2%
2%
2%
2%
2%
26
28
28%
30%
30%
30%
43%
89
88
160
49%
49%
49%
48
4$%
48%
89%
334
6
6
*5%
*158
160
3%
3%
334
88%
*158
160
49
48%
8734
49%
July
Jan
19% Jan
No par
Internat Agricul
Internat Carriers Ltd
4834
493s
87%
4834
Dec
42
9% Mar
15
Apr
6% Apr 2
14% Mar 20
384 Jan 7
100
Interlake Iron
2,200
183% 184%
495
1934 Mar 6
3% Feb 19
28% Feb 19
Jan 25
Jan
2
98% Jan 17
6% Jan 6
_
800
36
Feb
338
109
1
Preferred
470
4
4
13
184
70
370
4%
Jan
Dec
4% Jan
tlnterboro Rap Tr v t c—100
Internat Rys of Cent Am 100
Certificates
No par
6
11
22%
Dec
6% Mar
17% Feb
28% Jan 31
20
Insuranshares Ctfs Inc
32
3
117
Jan
July
3034
12
No par
Inland Steel
Inspiration Cons Copper
15%
4%
30%
13%
4
-
-
118
Jan
58
Leased lines
9,900
6
30%
3%
13%
5%
5%
37%
37
37
4%
13%
334
13%
4%
1334
-
6%
5
37%
*4
4%
14%
5%
5%
*4%
*30
~
15
15%
5%
14%
31
31
3134
4%
13%
6%
6%
31
5
34%
126
Apr
30% Mar
Mar
5% Jan 23
2
19% Jan 22
33
Jan 22
_
109% 110%
1234
12%
12%
*15
15%
5%
15%
110%
12%
1234
6%
12%
125
5%
Jan
10% Jan
1
8134
4
8
74% Feb 15
12% Jan 15
57% Feb 19
15
Dec
1
7
48% Jan 21
4
Dec
36%
44% Feb 20
7
6% Jan
—5
100
100
Oct
131
6% Mar
19% Dec
6
65% Jan 14
Preferred
90
Feb
584 Mar
partlc pf—50
Fin
Jan
Mar
73%
Houston Oil of Tex v t c new 25
100
RR Sec ctfs series A—100
230
Indian Refining
10
—No par
48",300 Industrial Rayon
No par
1,100 Ingersoll Rand
Preferred
100
16
*138
*138
110% 11034
111% 111%
1234
12%
*5%
33%
34%
3334
125% 126
126
*138
*136
11134 111%
12%
12%
*6%
33%
126
134
15%
6
*5%
6%
34%
Jan
Apr
Feb
June
104
5
33
80
65
16
*15
16%
*5%
6%
33%
544
No par
31,500 Hudson Motor Car
10
II,300 Hupp Motor Car Corp
Illinois Central
100
22,200
900
6% pref series A
100
2%
Apr
June
162
11
26% Jan 21
1,000
26%
*5%
Mar 30
41
Hudson & Manhattan
40%
65%
15%
485
Howe Sound Co
17%
12
141
Jan
71
35% Mar 26
100
3,700
13
40
26
2
Houdaille-Hershey cl A No par
Class B
No par
Household
2534
65%
2
Jan
19% Jan 13
9
Feb
Jan
122
44% Feb 19
112
2,400
4%
119
Feb 17
"10466
13
75% Feb 27
115% Jan 16
Dec
120
127
142%
Jan 13
80
30% Jan
6
Jan 27
108
4%
53
Mar
163% Mar 24
3534 Jan 2
105% Feb 17
13334 Apr 3
-100
75
10%
53%
10%
16
*65
(A)
Homestake Mining
400
11,400
28
*74%
141
5
No par
Holly Sugar Corp
7% pref
40%
65%
24%
*38
Hollander & Sons
133
Jan 27
No par
Holland Furnace
3,600
2
Jan
2934 Mar 28
84
Jan 23
Jan 30
No par
No par
preferred
$ per share
128
100
preferred
3,400
42%
2734
28%
75
1034
54%
4%
12%
2934
*74%
Conv
100
498
*430
42%
cum
Hershey Chocolate
100
77
*114% 116
40%
4134
10%
11%
11%
11%
11%
11%
31
31%
32
31%
31%
32
*110
115
*110
115
*109% 114
*42
$7
10
*76
*114% 116
No par
No par
Hercules Motors
300
$ per share
85
Jan
156%
100
2,100
Highest
$ per share
124% Mar 27
——25
31
30%
Lowest
120
25
Hazel-Atlas Glass Co
200
128
Highest
$ per share
Par
101% 102
77
*76
77%
*114% 116
12
31
128
*150
Year 1935
Lowest
*12234 130
13334 13334 *134
*133%
77%
*133%
*133l2
the
100-share Lot
On Basis of
Week
$ per share
S per share
128
128
*128
*12012 132
*14934 164
EXCHANGE
Friday
Apr. 10
Apr. 8
$ per share
Apr. 4
$ per share
*120
130
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Thursday
Apr. 9
Wednesday
Monday
Apr. 6
Saturday
NOT PER CENT
SHARE,
SALE PRICES—PER
LOW
AND
Sales
for
HIGH
2455
New York Stock Record—Continued—Page 5
Volume 142
Feb 17
37% Nov
113
Feb
18% June
30% Apr
5%
18%
46
Feb
130
May
3084
Dec
57% Nov
Jan
11%
Dec
Jan
3784
Dec
New York Stock
2456
HIGH
Saturday
Apr. 4
*45
184
104
334
159
49
48S4
184
51
*50
504
*1084 1094
314
314
134
134
*134
19
194
2034
24
94
274
34
3084
474
4
2
*3
35g
*64
64
264
264
1004 101
444
444
*494
*694
14
36
50
70
14
204
364
2034
154
154
*764
154
154
7834
*27
28
204
*50
204
254
164
*1334
354
*159
204
504
204
28»4
164
144
3534
160
274
234
284
234
900
1,900
7,400
54
978
24
*734
94
294
378
*45
1,080
504
424
1104
109
504
110
134
314
134
14
13
74
74
9
834
61
61
62
*364
484
1034
23
454
131
49
224
474
130
3734
*364
484
1034
224
4534
114
130
129
.
154
3,500
10
3,100
1,700
154
*764
27
27
1934
154
154
144.
145g
79
*76
154
Preferred
Preferred ex-warrs_.No
170
Prior preferred
200
22
900
13,600
1,300
8,800
100
1,600
744
884
7334
7334
900
834
834
1,600
60
60
49
11
2234
464
90
3734
504
5,200
18,900
128
770
76
2678
27
204
20
50
4934
50
204
2034
29
304
28
29
154
*1334
354
164
157g
134
16
*159
14
357g
3434
160
274
159
284
134
354
159
274
234
284
234 24
2384
110
110
110
110
1094 110
111
*108
*1074 HI
*1074 HI
1434
144
144 15
144
144
32
324 324
324 3234
324
34
35
344
354
354
354
20
203$
49
v
494
204
274
*144
144
747g
274
194
4834
194
194
274
1584
134
344
*154
157g
10
15,900
1,500
133g
354
160
274 2734
234 234
1104 1104
*108
1097g
144
144
3178 328g
357g 36
700
2,900
5,500
3,400
46,200
300
10
5,600
7,700
5,500
400
1,700
76
170
274
800
20
21,200
1,100
31,000
2,000
4834
27
154
134
*290
305
301
301
302
304
305
305
*305
*150
169
169
*161
169
*161
168
*161
140
143
100
8,000
16,000
240
4,200
24,100
2,000
.
142
1394 1394
114
117g
114
117g
1394 142
114 1178
24,300
*14
*34
14
200
4
200
674
684
38
384
21,500
6,700
1054
900
94
94
94
94
114
114
114
114
*36
37
*364 38
*474 4784 *464 474
11034 11034 *11034 1114
*1044
*1044
15
15
*134
17
124
124
124
124
374 384
374
384
384 394
3834 404
30
284 294
294
5784
584
5734
584
534
534
54
54
134 15
134
134
3,800
134
184
134
134
*14
*34
4
84
34
69
69
704
68
34
684
38
39
394
40
384
394
107
102
102
958
V
958
114
*364
48
105
106
114
94
114
37
106
114
38
694
37
934
94
94
114
114
*35
484
38
47
474 474
*110S4 1114 *11034 1114 *11034 1114
*1044
*1044
1044 1044
*13
15
15
134
134
*134
13
125g
1234
124
124
1234
37
38
37
38
37
374
373s 3834
384 394
384
394
28
28
294
28
294 294
58
584
58S4 5834 *564 58
6
*54
*54
64
64
64
*13
15
143s *134 15
154
*1294 131
*1294 131
1294 1294
14
14
14
14
14
14
*95
*94
*94
9834
9834
9834
4
44
44
44
44
44
47
11
114
11
*6
64
334
6
334
*34
137g
684
434
144
684
*84
86
*95
100
*is4
229
2
229
11
*334
*34
134
*674
*844
994
*14
231
5434
544
978
344
3434
534
34
294
52
534
*52
94
*97
104
*97
33
*514
*33g
*274
145g
15
464
34
*274
1434
46«4
For footnotes
104
106
104
98
34
294
15
4734
see page
34
274
1434
464
.
130
14
*94
334
10
54
384
*34
134
130
14
9834
4
3,300
14
*94
334
104
534
94
54
334
12*4 Jan
24
1
10
No par
cum 1st pref
3
7*8 Jan
100
55
46
3112 Jan
9
405s Jan
6
534 Jan
3
I8I4 Mar 13
21*8 Jan 9
Feb 17
19
144
Feb
Mar
.
Nov
454 Sept
Jan
131
40
84 Apr
854 Mar
Mar 24
11
Dec
Deo
14-4 Dec
1114 Deo
1984 Dec
54 May
384 Dec
154 Mar 26
1074 Apr 6
Nov
1034 Dec
Dec
1538 Jan
1154 Dec
1434 Dec
974 Dec
1044 Feb
6
974 Dec
744 Apr
8
41
Jan
654 Nov
104 Mar
6
3
Mar
Jan
838 Nov
6034 Oct
334 Dec
424 Dec
24 Mar
94 Mar
84 Mar
204 Dec
244 Sept
6
Jan 25
Jan 31
493$ Jan 24
1184 Jan 3
114 Feb 14
2
974 Jan 10
654 Jan 31
5
6884
3734
504
114
Mar 17
Apr
3
9
Apr
6
474 Apr
22
6
Apr
2034 Mar
6
23
Apr
Apr
244
634
Oct
100
110
60 4
Mar
88
Mar
97
Feb 20
85
Nov
85
Nov
£65
Apr
£664
1094
1238
764
9
Mar 16
Mar 23
58
Jan
150
Dec
105
Mar 24
31
6 % pref series A .....No
par
Minn Mollne Pow ImplNo par
Preferred
No par
100
100
No par
No par
Mo-Kan-Texas RR
Preferred series A
100
X Missouri Pacific
100
Conv preferred
Mohawk Carpet Mills
100
20
Monsanto Chem Co
..10
Mont Ward <fc Co Inc..No par
Morrel (J) & Co.
No par
Morris & Essex
50
Mother Lode Coalition .No par
Motor Products Corp. .No par
Motor Wheel
5
Mullins Mfg Co class A...7.50
Class B
Preferred
No par
Munsingwear Inc
.No par
Murray Corp of Amer
Myers F&E Bros
No par
Nash Motors Co
No par
10
Nashv Chatt <fc St Louis..100
National Acme
1
Aviation
Corp
No
National Biscuit
par
..10
7% cum pref
Nat Cash Register
Nat Dairy Prod
100
No par
No par
7% pref class A
7% pref class B
X Nat Depart Stores..No
Nat Distil Prod
No
Nat Enam & Stamping.No
National Lead
100
100
par
par
par
Feb 21
.
1074 Jan
84 Jan
574 Jan 17
1314 Mar 30
^ Jan
14
234
24
17i2
54
144
23$
37b
204
894
3534
44
Apr
Jan
2'4
54
64
264
94
2534
Jan
4
Jan
7*4 Feb 11
Mar 27
Jan
Jan
Jan
Feb
1
14 Mar
1084 Mar
Mar
6
55
Jan
454 Apr
6934 Feb
6
2134 Mar
414 Dec
103
71
28>4 Jan 21
154 Jan
2
8
7
Feb 25
14 Feb 10
374 Mar 4
224 Mar 3
133s Jan 31
134 Feb
1784 Mar
174 Mar
74
84
Jan 20
Jan
7
174 Jan 21
43
Jan
173s
Jan 21
2
223$ Jan 9
134 Jan 21
123s Jan 7
324 Feb
3
Jan
9
214 Jan
6
214 Jan 21
1084 Jan 4
1074 Jan 6
104 Mar 4
284 Jan 16
28<4 Jan 2
Jan
4
28
Mar 27
2234
514
214
304
Mar 6
Mar 11
Feb 19
Apr
6
154 Mar
9
Apr
3134 Dec
74 Mar
94 Aug
94 Aug
62
Sept
134 Mar
434 Mar
30
Jan
11
Apr
14
Mar
44 Mar
6
2
108
Feb 11
254 Mar
11284 Mar
111
Dec
4
634
224
1414
134
124
38j4 Jan 9
1624 Jan 24
30
Feb
60
v174 Feb 19
Feb 28
154 Mar 11
334 Mar 6
364 Apr 9
4
Feb
Apr
Mar
Mar
Mar
Sept
£106
Sept
14 Mar
234 May
21
May
July
44 Dec
1734 Dec
64 Nov
164
3
July
£283s Apr
604 Jan
84 Jan
153
24 July
54 May
7
Nov
84 Nov
24 Dec
Mar
14 Mar
104 Apr
Jan
Jan
Jan
21
1
Feb 10
Feb
74 Nov
68
4 Mar
84 Apr
7
Feb 8
Mar 16
Feb 21
Feb 21
Mar
Oct
£1114 June
34 Mar
13s Feb 10
Jan
Jan
1164
Dec
Jon
44 Dec
23
Nov
9434 Nov
404 Dec
66
Feb
654
14
334
154
164
1534
8134
264
214
474
194
274
144
144
364
1584
234
224
May
May
Dec
Dec
Oct
Nov
Nov
Dec
Nov
Oct
Jan
Jan
Dec
Dec
Nov
Dec
Deo
Dec
1134 Nov
108
Aug
44 Jan
344 Nov
324 July
54
34
2
305
Mar 19
145
Jan
206
Mar 17
150
Jan
100
164»4 Mar 4
13734 Jan 21
168
Preferred B
143
Mar
1214
Jan
No par
1624 May
1404 July
984 Feb 19
44 Mar
144 Aug
National Pow <fc Lt.
Nat Rys of Mex 1st 4% pf 100
2d preferred
100
National Steel Corp
25
National Supply of Del
25
Preferred
100
National Tea Co
No par
Natomas Co
..No par
No par
Neisner Bros
Newberry Co (J J)
20
100
50
No par
7% preferred
100
6% preferred series A...100
X New
Orl
Tex
&
Mex.. 100
230
470
20
744
94
114
344
47
Jan 8
Jan 10
Mar 13
Jan
6
100
100
Apr 9
Mar 14
Feb 29
Apr
N Y & Harlem
7,800
3,400
1,600
Apr
119
Jan
1
Jan
90
334 Apr
Conv preferred
100
N Y Ontario & Western...100
H
Mar
Apr 7
114 Jan 17
134 Jan 24
384 Mar 5
36
Mar
594 Jan
3
1134 Jan 15
105
Apr
Apr
9
Feb 28
24 Feb
84 Jan
8
54 Jan
24 Jan. 7
£84 Mar
74 Jan
214 June
434 Jan
109
Jan
Deo
14 Nov
34 Nov
8334
204
774
114
134
4134
Nov
Aug
Aug
Jan
Dec
Oct
614 Dec
1184 Apr
1
135
Jan 10
100
4 July
4 Mar
404 Mar
9
17
134 Apr
50
X N Y Investors Inc...No par
X N Y H & Hartford
2
1334 Feb 6
424 Mar 4
404 Feb 21
354 Feb 21
634 Mar 6
64 Mar 4
174 Feb 17
Jan
NY Lacka & Western.... 100
5,300
_.
7
1104 Mar 25
1044 Apr 7
5
Jan
107
174 Jan
364 Jan
Preferred
Feb 11
14 Feb 11
75
40
N Y Chic & St Louis Co...100
Preferred series A
100
New York Dock
3
2
104 Feb
94 Jan
New York Central
5
144 Feb 17
Jan
324 Jan
274 Jan
NY Air Brake
1,300
4
4
644
194
1
Newport Industries
1,900
83,900
3,400
Jan
No par
No par
9,900
132
104
204
100
500
-
14
984
34
100
100
.
*127
184 Jan 23
395$ Mar 25
103 >8 Mar 27
354 June
Apr
Apr
98
34 July
4<4 Mar
114 Dec
I84 Mar
364 Nov
2934 Dec
124 Mar
6
104
Mar
19
94 Mar
39
2
Mar
4
Mar
112
5
Mar
4 May
64
164
139
14
Dec
Dec
Dec
Dec
Dec
June
Dec
Mar
4
558 Feb
6
24
Oct
84
Jan
7
54 Oct
24 Mar
164
64
334
24
164
Aug
144
74
54
54
Feb
Feb
Feb
Feb
154 Mar
24
96
Nov
99
May
Nov
664
664
70
86
87
86
864
370
984
9934
984
110
*14
14
984
14
14
200
X Norfolk Southern
100
240
233
2334 *230
2334
1084 1084 *108
1084
29
284
274
2884
284
5484
5484
5434
554
554
04
10
94
104
94
105
1054 105
*103
105
*9
124
124
124
114
974
984 984 *97
984
344
334
344
334
343g
544
524 524 *524 55
34
34
34
34
34
274
274 274
274 274
15
15
1434
144
144
800
Norfolk <fc Western
100
210
Jan
2
235
Mar
5
158
Adjus 4% pref
North American Co
Mar
218
100
106
Dec
Jan
4
1084 Apr
304 Jan
8
8
99
Jan
108
June
9
Mar
28
Nov
664
86
86
337g
9
«•«•«
6
Mar
74
64
574
74
3334
904
■
3,600
994 100
*14
14
274
*103
Jan
28
164 Mar 11
154 Mar 11
1154 Apr 7
134
86
233
105
108
324 Jan
34
*34
124
*674
*108
105
134
714
994
14
284
544
384
14
4
694
384
Feb 24
Mar
Nov
134
674
*34
134
*544
94
1054
114
974
334
10
97g
1043a 10438 *105
46
34
434
714
104
54
334
434
54
334
14
231
1074 1074 *1074
27
2684
274
*54
104
64
170
1184
78
697g
110
5734 Nov
Preferred A
114
2
*134
*34
500
3
Feb 28
Lt 6% pf_100
Minn-Honeywell Regu.No par
Nat
600
168
140
6,700
18,800
3064
*161
*1394 141
114
114
June
2
7
7% preferred
4% leased line ctfs
Mission Corp
11,400
Friday
Jan
Jan
9
Minn St Paul «fc SS Marie. 100
60
Good
Oct
103
X Minneapolis <fc St Louis..100
1,600
8,200
Closed
55
12i8 Jan
100
Exchange
Jan
97*8 Jan
500
Stock
Oct
324
844
Feb 13
9
1,100
154
147g
204
284
1578
134
35
354
*154
1594
274
274
23
233g
110
1104
*108
1094
1334
144
314 32
3634
367g
8%
54
914 Jan
374 Jan
Mllw El Ry &
10
2,100
20
No par
Mld-Contlnent Petrol
Midland Steel Prod
Nov
Jan
12ij Jan 16
Miami Copper
156
33
No par
10,100
Dec
334 Nov
Jan
354 Mar
54 Jan
29
....No par
15,200
11
2384 Mar
136
534 Jan
124 Jan 16
Merch & Mln Trans Co No
par
Mesta Machine Co
5
454 Dec
144 Nov
June
55
par
Mengel Co (The)
7% preferred
Mar
684 Mar
4
Dec
214 Feb 28
4
l
$6 pref series A
Melville Shoe
20
Dec
34
16*4 Jan
100
6% conv pref
Mead Corp
5
10
Mar
5
Feb 28
103
McLellan Stores
2334 Dec
1
504 Apr
MoGraw-Hill Pub Co ..No par
Mclntyre Porcupine Mines..6
McKeesport Tin Plate-No par
McKesson & Robblns
5
$3 conv pref.
No par
3
May
94 Dec
14 Dec
24 Oct
384 Mar
364 Feb 19
160
45
100
Feb
54 Apr
4 June
5
1
Dec
Oct
Sept
194 Nov
30
Mar
1
May
4658 Mar 26
par
No par
Class B
11
4738
2
No par
No par
224
46
Jan
10
6
Mar
10
124
664
134 Mar
Mar 18
par
Con v preferred
1,100
4,100
30
10
Mar
Mar
Feb 29
Apr
24 May
Jan
Apr
Apr
29
Mar 19
Mar 18
494 Jan 17
JMcCrory Stores cl A.No
300
3
1537a Jan 17
...No par
McCall Corp
27
204
May Department Stores
Maytag Co
No
1,200
7884
2034
.
400
8
par
Mathelson Alkali Wks.iVo par
Preferred
100
4,100
2678
50
..No par
No par
Marshall Field <& Co
Martin-Parry Corp ..No
134
134
1434
147g
763g
204
Marlln-Rockwell
Jan
Feb
3
Mar17
34
104
3034
44
5034
J 94
24 Jan 6
414 Jan 6
lli8 Jan 22
7
4
4
64 Mar 17
104 Jan 14
184 Jan 10
100
7
Feb 7
Jan 3
Jan 10
Feb 3
12
100
800
1174
23
24 Jan 3
914 Feb 26
Ha Jan 7
100
314
*364
484
104
224
Mar 19
Preferred
13
1297g
*144
1434
1
314
3734
25
;
Maracaibo Oil Explor..
Marine Midland Corp (Del) .5
Market Street Ry
100
*1238
*21
174
104
574
234
174 Mar 19
174 Feb 26
100
134
134
12834
92
92
*884 92
*924 95
*924
li>2
192
1924 195
66 '
7/65
654
664
1094 1094 *1094 1097g *1094 1097g *1094 10978
114
11S4
114
114
114
ll3g
1078
114
71
71
714 7234
7034 714
704 717g
4
4
7S
4
?8
s4
4
4
2
*14
14
14
134
2
178
*134
*3
*3
3
34
3
34
*3
35g
4
4
*4
4
4
44
43g
43g
23
234
2234
2234
224 224
224
224
834
84
84
84
84
84
84
87g
24
244
234
244
234 24
234 244
*3
*3
34
34
34
3
3
34
64
6
64
64
64
6
64
534
27
264 27
£27
267g
283g
274 283«
1014 1014
1004 1014
1014 1024 10134 10234
444
454
4334
444
444 4434
344
443g
494
47
494
*474
484
474 *464 47
*694 70
*684 6984
694 694 *69
6934
14
14
14
14
14
14
14
14
36
364
354
3534
354 354
344 35
204
204
1934 204
195g
197g
194
194
*144
42
Mod 6% guar
Manhattan Shirt
450
*109
34 Feb
74 Jan
84 Jan 31
No par
2d preferred
62
834
100
_.
3134
22
$ per share
Prior preferred
2,200
13,600
*1094 110
118
100
_
$ per share
130
41
414 424
41
414
414
10934 10984 *107
110
*1084 1094
104
1034
104
105g
104
104
44
44
4384 443g
434
4334
14
134
134 1334
133g
134
*106
107
*1044 106
*1044 106
174
174
174
173g
174
174
*1034 105
*103
*1034 105
104
74
Preferred
Highest
$ per share
790
*50
Year 1935
Lowest
240
46
Range for Previous
Highest
t Manhattan Ry 7% guar. 100
2,900
204
*334
X Manati Sugar
Mandel Bros
.
*14
4
70
19
1936
% per sharp
14 Jan
Par
934
_
74
85g
244
34
Shares
11,
Lowest
124
28
April
Range Since Jan. 1
On Basis of 100-ahare Lots
STOCK
Week
i per share
6
EXCHANGE
454
5
46
1154 1154 *109
22
22
22
130
*884 914
1924
*1094 1094
114
1184
*3
46
50
134
*134
STOCKS
NEW YORK
the
100
934
24
94
29?g
37g
*274
34
464
1084 1084
314
314
11
23
Sales
27g
20
24
*9
22
42
*185
234
10
113
110
130
84
5
24
a50
1034
104
44
4334
444
444
134
144
1334
144
*1054 1074 1074 1074
174
174
174
174
*103
105
1054 *103
*72
73
734
744
94
94
94
94
*62
634
624 624
*364
3734 *364 38
49
494
484 494
11
11
114
114
224
224
224 23
444
464
464 474
*34
464
174
CENT
Friday
Apr. 10
184
194
184
174
177g
174
1784
10
10
10
104
94
94
94
94
34
33
334
3334
334 3384
325g 3338
159
15884 15834 *153
*153
159
*153
159
49
49
48S4 49
474 49
474 48
*184
1834
184
1834
184 18S4
19
184
52
53
53
53
*53
534 *524 534
11
23
124
*84
*414
18S4
984
97g
22
110
*s4
134
24
94
297g
37g
*34
*46
*25g
10
934
24
*84
2884
4
$ per share
27g
454
194
214
54
5
54
10
94
224
414
*72
984
454
1934
204
54
*24
*124
*84
*414
1884
*204
113
117
127
134
*18S4
204
2
$ per share
27g
*43
Thursday
Apr. 9
Apr. 8
504
504
1084 1084
314
314
134
134
*134 14
144
224
414
94
454
204
54
*
'*•
185g
51
*24
134
*84
14
*84
94
24
94
264
384
474
I884
104
334
*74
264
384
110
14
Wednesday
$ per share
25g
*42
10
*2
*109
24
134
94
454
194
214
54
194
*204
54
984
*150
$ per share
SHARE, NOT PER
Record—Continued—Page
for
Tuesday
Apr. 7
Apr. 6
284
*41
SALE PRICES—PER
Monday
$ per share
*24
*134
*84
LOW
AND
2450.
47
464
484
464
4584
500
44
46
30
49,700
800
38,000
200
N Y Railways pref
No par
Preferred stam ped
N Y Shlpbldg Corp part stk._ 1
7% preferred
$7 1st preferred
Feb 19
No par
No par
N Y Steam $6 pref
83
Mar 17
No par
Preferred
..50
North Amer Aviation..
1
140
Northern Central
60
40
16,800
2,800
Northern Pacific
Northwestern
Preferred
Ohio Oil Co
50
100
Telegraph ...50
Norwalk Tire & Rub
2
65
No Amer Edison pref. .No par
No German Lloyd Amer shs..
2,400
124 Jan
100
900
33,300
*24 Jan 17
984 Apr
14 Jan
64 Jan
98
Jan
6
2
44 Jan 17
974 Apr 7
24is Jan 2
514 Jan 16
2
..50
23
No par
2
254 Mar 13
524 Feb 6
No par
Oliver Farm Eq new..No par
8
Jan
6
Jan 16
134 Jan
244 Jan
6
6
734 Feb
24
4 Mar
24
13
4 May
64 Mar
5
51
Oct
96
Feb 17
69
June
107
Jan 31
79
May
24 Jan 14
4 Aug
5534 Feb 14
1034 Mar 19
1054 Apr 7
354 Mar
124 Feb 21
34 Nov
101
Mar
3
3684 Feb 20
57
Mar 24
44 Mar
30
6
Jar. 22
174 Jan 15
484 Mar 23
2
Mar
57
Jan
864 Mar
134 Mar
354 Jan
14 July
£20
Mar
94 Mar
164 Oct
87
Dec
Nov
Jan
Jan
924 July
1024 Dec
24 Dec
55
74
102
Dec
Dec
Nov
104 Nov
99
Aug
254 Dec
524 Dec
24 Jan
324 Jan
144 Dec
274 Deo
I V"
v°
I
HIGH
Monday
23i8
Thursday
Apr. 7
Apr. 8
Apr. 9
$ per share
23
2358
1141s *107
1234
31
*132
19i8
94
*42
*116
....
...
.
*116
....
157
1678
7
15i2
*1484
*8
8
87g
3778
5234
5234
171*
1712
53
17
1178
117g
115*
*14
*14
17
3914
385g
170
16i8
15
1334
14l2
115s
1178
1U2
1178
67
73l2
68
71
67
68
88
88
87
87
88
8884
914
10
9
912
6534
978
•
25
43g
4i2
438
412
43g
4434
4434
4412
4412
4412
85s
107s
137s
43g
4l2
4434
4478
45
858
87g
1058
Uh
878
103s
1458-
11
834
9i8
113g
9
834
105g
9l8
1034
1412
2i8
*69
77
7634
7612
7512 77
514
514
5i2
512
5I4
514
83s
85g
834
8&S
8i2
812
43
43
43
4212
4212 42i2
35
3514
34S4
3534
347«
3414
3934
3914
3912
3914
405s
*3914
*11034 11258
*11034 112
*11034 112
113s
14
6934
77
1434
1414
*214
218
214
69
69
69l4
7714
417g
*5i4
33
33
7784
*76
*66
68
79
*76
68
23
23
1612
1734
1634
1634
1634
1634
1778
1758
1778
1734
38'4
38i2
38
39i8
38i2
3914
4734
4734
*48
48*4
48l4
477g
*87i4
978
9U2
*87i4
911*
48l4
9II4
9II4
92
978
10
10
9io
1312
25g
*934
*12i8
101*
1312
13
1284
13
12i8
21*
25g
74
75is
2178
100
*21i8
215s
400
1,900
5,900
22,000
217g
1634
165s
165s
165g
165s
177g
1784
177g
175g
38i2
393s
173s
39i8
74l2
*1U4
*47U
4734
500
*91
9278
300
9
914
12
1214
Stock
74
13i2
12
12
13
*lli4
81
8H2
8U2
81
81
80
8OI4
*80
86i2
48
481*
48ia
4834
48l4
48»4
48
4834
912
*8U
912
9
*9
91*
*9l8
13
131*
133s
1334
13«4
21«
23g
2l8
2i4
*3334
3334
3334
3312
3312
*5U2
9U
75ig
9%
3734
38i4
1234
133s
2
?U
3434
Good
1234
*51
9
914
9%
*49
3784
3734
*176i2
....
3734
*3618
*176i2
....
75lg
*52
3834
*36i8
178
178
*17612 185
*36i8
*178i2
914
9is
75l2
75i2
2
2
16
16
2i2
*178
*1334
18
7
2i2
*17g
8
•
8I4
914
751*
23g
*178
*14
17
*14
8I4
77s
7l2
87g
75
74
74
18i2 Jan
78I4 Jan
8% Apr
93g
6584 Apr
87S
preferred--
90
87
90
88i2
9112
9012
90i2
38i4
40U
37i2
39i2
3884
403s
3812
397g
4,850
*23s
234
2i4
23g
*2
2
2
16's
163s
16i8
163s
16i8
163g
16
23«
163s
24
23
23i2
*23
1718
1634
17
2378
165s
165s
17
812
8l2
*23
*25g
234
*2i2
81*
25g
95s
95s
912
95g
81s
2i2
*9l4
3l2
3l2
28l4
3i2
358
*271*
118
118
40i8
11334 114
413g
1043s 10434
104l2 104l2
2i2
*2i2
9&8
938
358
131
*128
♦ISO* 13178
*131
... -
...
132
133s
133s
13
1314
'
41
*144
*144
148
*143l2 148
*11234
*1127s
*11234
44
42
445g
43l8
4234
2378
2314
2314
2378
2314
133i2
13312 133i2
133i2 133I2
♦1155s 11834 *1155s 11712 ♦1155s
116
*11584 11834 *11584 11884
.
3i2
3i2
4212
130i4
..
.
4488
235g
*113
....
4534
4418
100
100
No par
25
.
.
.
.
99U
712
734
313s
321*
4334
*4312
42l2
*4378
4234
43
44l2
4412
*4378
39l2
*38
38i2
38l4
4384
*1514
16
*15i4
85
*81
8412
212
278
17
34U
15l2
1512
84l2
*81
27g
*25S
212
17
17
73g
714
155g
*81
10012 10234
997g 10234
33
*16
*113
148
....
4578
45ls
1784
-
.
IOU4 10434
10234 104
6i8
7U
3514
3334
1514
*81
*25s
*16
.
~
100
10U2
9934101
638
65g
84
27g
1712
1514
*81
23g
.16
,15i2
258
16
2U2
22
217s
223s
96
96
965g
95
9714
24
2414
24l2
2412
24i2
114
*109
11334 *110
11384 *10612 114
73g
71s
758
714
734
8
7l2
25
26i8
2538
2614
2584
26
25ig
25l2
97
97
98
96l2
98
9612
97
9612
885s
8714
88i2
9014
89i2
90
9012
89i4
"7%
14
109l4 *102
*102
2934
297g
110
*108
48i4
53
481*
53i2
2934
110
10914 *102
30
110
4812
3U2
*102
600
""560
300
12,700
7,200
5,900
—
10
100
Real Silk Hosiery
Reis (Robt) &
1st
Co
No par
preferred
Remington-Rand
$6 preferred
Prior
preferred
6% conv preferred
4,200
6% conv prior pref ser
Revere Copper & Brass
1334
14
800
32
600
*102
108
100
1
.—25
25
Class A
Prefeired
,100
A-100
5
10
100
"3", 000
Reynolds Metals Co...No par
*11012 112
100
50i8
52
5312
5278
533g
5,500
11,900
63
63
64
5M% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Class A
*
10
29
*109
112
49
49
50
53i2
53
2978
29
295s
1734 Mar
43i2 Aug
2i8 Feb
914 Mar
10i2 Mar
34i2 Nov
6434
Dec
13
54
Dec
50
Feb 19
12
38i2 Mar
1&8 July
Feb 17
Mar 13
Jan
78U Jan 29
38i8 Jan 6
83S Feb 7
72
Jan 31
88
5
53i2 Apr
1334 Mar
85
Dec
40
Dec
84
Feb 21
'
Jan
2
17
Jan 15
li2 Jan
2
2i* Feb
3714 Jan
76
8
6
Jan
Feb
7
5
Nov
6i8 Mar
1234 Nov
Jan
2
19s4 Feb 19
2
2
9
9
Jan
984
33g
12U
53*
Jan
36
Jan 16
49
Jan
7
6
Mar 13
Apr 7
4
15s Mar
14 Feb
43s June
Feb
6
Jan 16
2i8 Nov
Jan
414 Deo
Jan
115
Jan
121
No
if
203s Mar
4684 Nov
103i2 Feb 21
11318 Apr 3
48>4 Jan 15
1061* Jan 13
11978 Feb 16
Feb
104i2 Deo
Mar
117
128
Apr
1361* Jan 27
85is Mar
132
148
Apr
156
100
Mar
148
Dec
112
Jan
114
99
Jan
113
July
40
Mar 21
367s Jan
16&s Jan
115
Jan
10278 Jan
Feb
Mar
129i2Mar 11
13
Apr 7
11»4 Feb 10
54i* Feb 3
83i* jan 2
97i2Mar 21
5
Jan
2
39
Jan
37
Jan
88
Jan
Jan
Jan
Jan 13
Feb 17
6238
73
17
Dec
495* Mar
1197*
Dec
65
103
Dec
June
1734
Oct
4
Mar
133*
Deo
Mar
62i2
Jan
92
Dec
884
Feb
35U Mar
U4 Mar
1612 Mar
6
Oct
3014
Dec
297* Mar
431*
36
33
Apr
Apr
478 Jan 2
I8I4 Jan 21
Dec
11
Aug
2018 Apr
Nov
Mar
3
Oct
18
Nov
8
Mar
Jan 15
7
June
69
Aug
8i4 Mar 25
2634 Feb 19
38
72
Jan 14
97U Apr 9
2434 Jan 23
Feb 20
Jan
4318 Nov
3is Apr
1
110
Jan
50
23>4
Jan
Dec
5278
22
Feb 20
Dec
2912 Oct
578 Mar
334 Jan 14
2258Mar 12
110
Apr
1634 Jan 30
Jan
2>8
151*
1978
851*
1
48i2Mar 3
2478 Mar 20
133i2 Apr 2
117i2 Mar 27
1165s Mar 30
132
Apr 2
132
Apr 6
173* jan 6
14U Jan 17
5018 Mar 9
10484 Apr 8
104
Apr 8
914 Feb 19
3634 Apr 9
483g Feb 24
4418 Mar 31
40
978 Jan
70
Feb 27
2 Us
Oct
98i2 June
214 Mar
9
Mar
2084
88
Deo
Nov
2514 Nov
110
Mar
55s Dec
2034 Nov
Nov
2
99
Feb 19
95
Jan 13
285S Mar
7812 Oct
97
9
13i4 Jan 7
28i2Mar 12
161* Feb 17
5i2 Apr
16
36
Jan 10
13
Mar 28
120
Jan 23
75
Apr
Apr
17i2 Apr
115
Nov
32
Dec
86
Jan
87i4 Apr
110
34
109
27i2Mar 17
Apr
1
117
27
Feb 17
52
*5158 Mar 17
Jan
2
10>4 Jan
60
Feb
5
37i8
Dec
Deo
Deo
June
11314
12U Mar
3134
585a Feb 28
essg Feb 10
43i8 Mar
55U Apr
585* Nov
9
1U2 Dec
5U Mar
13l2 Mar
2012 Dec
2178
33
14
135s
1358
200
34
34
Ritter Dental Mfg
191* Feb
3
2
1358 Jan
3378
383g
600
3378
*3212
38
38
600
Roan Antelope Copper
32
3
38i* Feb 17
Jan
9512 Nov
9
Jan 13
Mar
*1318
57s Nov
165s
2612 Dec
5334 July
423*
2
122i2 Feb 26
*61
2450.
Dec
6i2 May
135s
For footnotes see page
23s Aug
5s May
34
383g
Mar
Jan 11
Mar
6234
38l2
16i* Dec
3i2 Sept
13
6234
*13i8
38l2
23s Nov
6i2 Mar
*33
3812
Oct
1
135g
3812
Dec
55
Mar
Nov
8
34
38i2
Aug
10
25
Jan
114 Jan
314
23i2
44Sg
11734
180
1
4i8 Jan
Apr
Feb
5i2 Mar
22i8 Mar
172
9
16i2 Apr
26i* Mar
7
6
12
Jan
1278 Aug
678 June
2
Apr
76i2
4484 Aug
4U4 Apr
334 Feb
21
23
Deo
Nov
Mar
7
938 Apr
l^s Jan
117s Jan
38
26I4 June
9D2 Apr
Jan
I84
.
62
7
Apr
3
Dec
Nov
lOU Apr
D4 Mar
24i2 Apr
6
2
21
Jan
58i8 Jan
16
Apr
655s Aug
Jan 17
3
H4 Feb 24
8
5s July
Jan 31
113s
85i2 Mar
2
78i2 Nov
Mar 25
155
8% Mar 21
July
31
5
Mar
lOU
234 July
5
3 *179
Mar 25
Jan
Feb
Mar
50
Feb 21
12
40i* Feb
4
3
5
6
61
4
36i2 Jan 21
155
Mar
4938 Apr 2
978 Jan 10
33^2 Mar 23
Apr
Apr
*13i8
*3758
Nov
10
3i2 July
134 Mar
1678 Mar 13
*33
Westphalia El & Pow.
No par
Mines
Dec
45i8 July
85i4 Nov
438 Nov
Feb
23
135g
Rhine
Dec
11
9
63
63
1914
28i8
4
*13i8
*62i8
Deo
Oct
1234 Mar
19is Mar
*62i8
*33
14
6
93
Nov
193s May
Oct
75s Mar
Feb
Apr
4
Mar
13i2
40
351* Jan
preferred
4,100
32
30
II684 Mar
Dec
50
50
j_50
Reading
Rensselaer & Sar'ga RR Co 100
5
25,000 Reo Motor Car
117,000 Republic Steel Corp..-No par
14
108
395s Apr
Oct
30
1083*
9
72«4 Feb 27
Mar 28
2878 Jan
Preferred
3U2
112
487g
53ig
5312
*1384
109
2912
*109
48l2
53
1378
3112
13I2
*31
2,000
84
2134
3I84
No par
1st
2312
*31
X Radio-Keith-Orph
32i2 Deo
Dec
Raybestos Manhattan.No par
2d preferred
9534
*1384
No par
No par
100
2Us
14
Preferred B rets
Preferred B
700
2438
31
No par
Radio Corp of Amer—No par
Preferred
50
3034 Nov
1434
128
8% pref rets plan B
8% pref rets plan A._
5i2 Aug
Mar
Feb
88
Apr
107
Purity Bakeries
38l4
957g
31
130
100
9,900
224,200
4,600
23,000
2,000
38,900
16,500
437s
217g
*13l2
1 '29) .100
6% pref rets..
43
2334
96l2
9034
-—No par
5% pf (ser of Feb
38
2U4
2538
Procter & Gamble.
4378
95
90l2
7% pf 100
X Pressed Stee- Car
No par
Preferred
100
X Postal Tel & Cable
43
24i2
11334
94
-
43
95l2
24
Plymouth Oil Co
5
Pond Creek Pocahon..No par
Poor & Co class B
No par
Porto-Rio-Am Tob cl A-No par
Class B
No par
44l2
3814
215s
♦
100
Pittsburgh|& West Va
100
Pittston Co (The)
No par
3634
1512
Mar 27
Mar
15i2 Feb
12
49
35
24
778
""360
-
2078
"Ml
,
3
1714 Mar
43s
pref—100
Pitts Term Coal Corp
100
6% preferred
100
Pittsburgh United
25
Preferred
6i2 Aug
*6858
176
Pitts Steel 7% cum
July
8434 Sept
35U Mar
5i2 Mar
Chic pf 100
100
Pittsb Screw & Bolt.-No par
of N J-—No par
16,200
$5 preferred
No par
1,300
6% preferred
100
1,000
400
7% preferred
100
8% preferred
100
Pub Ser El & Gas pf $5.No par
No par
20,200 Pullman Inc
No par
26,900 Pure Oil (The)
240
8% conv preferred.. —100
6% preferred
100
....
.
93
*
100
134 Nov
81
2
7
9
Preferred
May
71* Feb 19
3534 Feb 19
Mar 13
66
50
Pitts Ft Wayne &
Dec
Dec
8I4
15
Feb
49i2 Feb 17
Jan
Pittsburgh Coal of Pa.—.100
Pub Ser Corp
23S4
233g
9914
17
*142
148
.
.
20
1287s 13012
*145
148
4,800
43U
42l2
225g 235g
133
13312 13214 13312
133i2
117l2 *11614 11734
11712 *116
1161s 1161s
116
1161s 116i8
131
131
131
*131
1313s *13U2
132
*131
*13134
132
132
*131i4
13i2
13i8
13
1312
1384
13i4
1334
13l2
13
13
1258
135g
1334
133g
1318
131*
555s
555s
555s
553g
55l2
5538
5538
5512
*38
500
115
31
*2l2
3,000
105
99l2
75g
4412
39l2
312
265s
33g
1,200
115
997g
4314
914
9
100
105
9838
*38
234
*2l2
600
115
5538
4234
*43l2
8
105
1303g *128
.
4278
42ig
99
71*
307«
7.200
19i8
8
105
553g
*98
700
115
115
9812
•
17
85g
284
98s
104i8 10484
115
*128
*8
10,700
24
27
28
2658
*26i2
2712
46i2
46i4
4612 4678
4658
46i8
118
*117
118
*115
11784 118
*11414 115
128
128
47
4612
*
405g
40l4
28
28
47is
4678
*115
17
1678
8ig
35g
8i2
400
10l8
157s
16
43s
2i4 Mar
43
64i2 Jan
133s Jan
Apr
6
18
Feb 21
1141* Jan
5
403s Apr
10
Piilsbury Flour Mills
30,700
8934
*221*
Mar
1414 Sept
215* Nov
84 July
39
Feb 19
30
100
Pierce Petroleum--
248
93g
2
2
2
10134 Sept
64i2 Feb
5714 Apr
2
678 Jan 28
10i2 Mar 24
48U Mar 24
45s Mar 27
110
Jan
Dec
Sept
12
May
8I4
278 Mar 17
Feb 21
79
4i2 Jan
28*4 Jan
31U Jan
—
Pierce Oil Corp pref
100
17
2
73
Mar 13
Nov
807*
84 Apr
478 Oct
17U Jan 24
li8 Jan
69
20
2U Mar
4714 Mar 10
10
Apr 1
64i2Mar 13
Dec
Nov
II
Jan 23
1178 Apr
Dec
178
914 Aug
67
Jan
250
2i2
Apr
514
4i8 Jan
7% Jan
12&8 Jan
3
Phillip Morris & Co Ltd
6,500
75i2
28
35g Jan 13
20
89
24
7
3
1
1234 Jan
938 Apr
Pirelli Co of Italy Am shares..
41U
24
8734 Feb
12
17i2 Jan 13
414 Jan
44
Mar 27
No par
39
23g
6i2 Mar
7118 Dec
8
Aug
.No par
5
85
*2
6
t Phila Rapid Tran Co
50
7% preferred
50
Phila & Read C & I
No par
.780
.
4
Feb
97i* Feb 13
49i* Jan 11
600
9
74i2 Apr
Oct
7i2
i2 June
Jan
Jan
Jan
Jan
....
*178
6
Nov
21
Jan
9
414 Apr
Mar 24
45i2
8D8
314
8i8
21*
"2", 000
85s
*14
17
8I4
.
75
1034
205* Jan
1*8 Jan
14
Common
914
9lg
914
751*
9's
3i2 Mar
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.—50
$6 preferred
No par
*155
75
Feb 19
par
7% preferred
Phillips Petroleum
Phoenix Hosiery
38 s4
Dec
Feb 10
13
par
Phillips Jones Corp
9i2
93g
14
18
6
75i2
m
934
*9U
10
Dec
2
6?a Jan
'
*51i2
Dec
142l2
253s Jan
700
Friday
Jan
123
18
"l'ioo
2
3458
2.1
Jan
7
24
4,000
2
June
70
11U2 Jan
634 July
par
Preferred
*33i2
2i8
3334
3334
12
148l2 Apr
Feb 27
Jan 13
85
*80
4
6
56
Jan
100
Closed
8
Dec
Mar
16
12,400
9
Jan
par
130
Exchange
48
*8
85
1234
1384
2i4
47ig
9
*80
85
*80
85
*80
85
*80
*lll4
Jan
Dec
19
13is Jan 18
par
100
13i2
81
130
Deo
538
3158 Dec
56
9,100
3,800
•25s
19
3
378
10
Mar
13i8 Mar
100
No par
Petroleum Corp of Am
5
Pfeiffer Brewing Co
No par
160
2l2
7314
5678 Feb
Jan
1734 Nov
6
Jan
520
12ig
25g
7414
74
13l2
40
3958 Apr
Mar
1
Deo
Nov
129
Aug
1
Deo
55
11512 Mar
312 Apr
9«4 Feb 10
15U Feb 19
140
14
Feb 11
17
Mar 14
49
118
Pet Milk
4778
92l4
95g
2i2
25g
2
91* Jan 4
414 Jan 3
3084 Jan 11
31* Jan
Jan
Preferred
67i2
Jan 20
14
Mar
July
17&8 Sept
Mar
80
4
17?8Mar25
9«4 Feb 11
164i2Mar
2
4
200
82
67l2
Jan
29
Prior
92
38
8
100
100
Pere Marquette
oOO
3234
2178
217g
2l2
7314
751*
63s
Feb
53
7
125
114i2 Mar
People s G L & C (Chic)—100
Peoria & Eastern
100
3,400
4134
*67
82
68
*66
353g
*512
79
82
*77
21*
7414
*1158
41
*3U2
68
23
3984
32i2
*305s
8
42
3914
61*
Jan
128
No par
10
900 Penn Coal & Coke Corp
No par
6,900 Penn-DIxie Cement
Preferred series A
100
1,400
50
25,100 Pennsylvania
800 Peoples Drug Stores---No par
Preferred
100
40
IIO84 11034
417g
*5i2
47
Jan
414 Mar
2234 Jan
2
95i8 Feb 19
Jan 15
Penney (JC)
8,500
514
754
41i4
3458
3514
345g
39i8
39i8
IIO84 11034
80
*22
5
5
8i2
42l2
80
.
214
*u8
77
8's
*66
No
1,000 Parke Davis & Co
8,300 Parmelee Transporta'n.No
No
39,100 Pathe Film Corp
2,500 Patino Mines & Enterpr No
1,000 Peerless Motor Car
'
No
900 Penick & Ford
llSg
1418
7814
5
33
4i2
4412
87g
69
4U8
*3058
33
33
25i8
69
612
*5i4
6i2
934
70
42
•
*5
1414
238
*2i8
4234
41
43
4134
63g
4U2
1414
145g
218
21*
68I4
25
25ig
25
2512
87g
70
93g
2512
434
4458
68I4
8884
83s
69
67
Ids
25i2
41*
26l2
2512
71
934
97g
10
978
69l2
72
812
9l8
834
93s
914
72
-
151*
87
Apr
I lis
106
Mar 17
2034Mar
Dec
Nov
lis* Nov.
205s Deo
434 Apr
3234 Feb 24
133
2
Jan 20
No par
Pan-Amer Petr & Trans
5
17,000 Panhandle Prod & Ret. No par
8% conv preferred..
100
1,830
No par
1,200 Paraffine Co Inc
1
21,900 Paramount Pictures Inc
First preferred
100
3,700
Second preferred
—10
11,200
—1
1,800 Park-Tilford Ino
1
11,600 Park Utah CM
314
*88
1,200
Jan
2084
107
Jan
76
Mar 25
14
24i2 Jan 21
123
72,200 Packard Motor Car
66
64i2
74l2
.
17
3
314
3
334
*14
17
871*
71
148
148
14912
20
1134
87
9i8
130
53i2
1658
5312
12512
*14
230
200
15
17
800
125i2 12512
173s
173g
*124
61
70
——No par
100
Otis Steel
No par
Prior preferred
100
Outlet Co
No par
Preferred
100
Owens-Illinois Glass Co
25
Pacific Amer Fisheries Inc—5
Pacific Coast
-—10
1st preferred
No par
2d preferred
No par
Pacific Gas & Electric
25
Pacific Ltg Corp
No Par
Pacific Mills
No par
Pacific Telep & Tel eg
100
6% preferred
100
Pac Western Oil Corp--No Par
Preferred
23,500
.
12
314
115i2 Feb 24
2
1,700
15
414
2
Jan
3i2 July
25i8 Mar 30
Jan
8
11,600
3,100
1,400
5378
5312
1734
*14
7
107
2,300
15
17
334
418
334
3834
14812 14812 *148
12
18*4 Jan
100
20
8i2
3914
*734
125
125
12512 126
*14514 14912 *145l4 1491*
15
15
*1458
1514
8
3912
533g
53
1784
8
$ per share
Otis Elevator-
6,700
15
14
$ per share
Oppenheim Coll «fc Co—No par
T,906
7l2
15
14l2
Highest
% per share
Omnibus Corp (The) vtciVo par
Preferred A__
16l2
7
8
3834
125
125
16
Lowest
$ per share
Par
7,100
1583s I583g
77g
,
Highest
Week
Shares
—
10i2
7»S
15
"
8
8I4
3958
38i2
52i2
17i2
38i4
*1412
160
16l2
778
*116
...
.
159
17
*734
151*
151*
*116
159
1612
714
Lowest
.
...
.
159
17
161*
734
*7 14
159
157
157
167«
*116
....
.
.
.
Year 1935
EXCHANGE
the
Apr. 10
$ per share
$ per share
$ per share
$ per share
225«
23
23U
2284
2314
23i2
2234
11318
11418 *110
114ig *110
114i8 *110
12
12
12
13
117g
1214
II84
1278
12l2
31
31
3U4
3012
3U2
2934
3U2
3U2 32
132
132
*132
*132
*13214
20
1934
19i8 "1984
1914
2014
2038
19ig
1934
94
9414
9378
92l2
92l2
9414. 9414
94l2 95
48i2
*42l2
4812
*4212 48i2
48l2
*4212 4812 *42i2
sh'are
$ per
Wednesday
1
Apr. 4
*107
Tuesday
Apr. 6
Saturday
Range for Previous
100-share Lots
On Basis of
STOCK
NEW YORK
for
Friday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
LOW
AND
2457
New York Stock Record—Continued—Page 7
Volume 142
35
MarlO
101
Feb
67
Dec
Nov
Dec
New York Stock
2458
HIOSH AND LOW
Saturday
$ per share
553<
*97%
*54%
97%
*7%
993<
*7%
2678
2%
8
3
55J
*10%
11%
*18
23
5%
3278
112
112
100% 100%
3%
33s
17%
1714
*74
75i2
1
1%
•
•
3
3
38%
393S
*5
*5
68%
4%
*67%
7
45
16%
16%
2978
678
45
17%
115
1278
3178
5
5i8
2978
124
124
*67
70
5
5
22%
16%
3038
16%
1
2%
38%
200
21,400
4%
69%
21%
16%
21%
1578
12%
31%
17,500
6,700
13,500
7%
6,600
400
49
30%
44%
30
17%
9,700
400
#12
10
67%
67%
26
147g
2,100
37,600
"5%
is", 800
26»8
3534
1734
26%
36%
26%
36%
18
18%
29
293s
*42
44%
10%
*43
6738
65
*934
*64l4
106% 10712
838
834
27%
37%
18%
29%
9%
65
27%
3678
26%
36%
27%
36
17%
18
17%
18%
29
28%
*43
44%
*9%
*65%
10
*1078
11%
34
2134
*31%
2314
5134
22%
50%
*43
3678
29
44
9%
67
5%
31%
159
27%
3578
17%
28%
42%
9%
9%
66
110
107% 107% *107
8%
8%
8%
8%
11
11%
11%
11%
*3U2
32%
28
30
44%
9%
26%
69
69
109
109
*107
83g
11
3,200
*111%
5%
159
8%
11
3,300
590
27%
37%
39,100
18
19,700
5,900
21%
23i4
*50
21
23
50%
70
71
71
71%
100% 10012 *100% 101
1638
16i2
16%
16%
127
127
*126% 127
12
12ig
8%
1438
14%
32
32
8%
1178
8%
14%
32%
12%
8%
14%
33
*31%
20%
22%
50
70%
101
16%
127
12
33%
21%
22%
50%
72%
3834
2934
65%
*28%
70
3%
934
*48
233g
187g
14
*84
4578
39U
2934
6612
29
71%
3%
934
50%
2378
19%
1438
86
*121
45%
46
38%
39%
29%
66%
29%
2978
70%
3%
10
*49
67%
29%
71%
3%
10%
50%
20
33%
20%
22
*123
8,800
3,600
100
480
109
130
8%
11,100
11
900
21%
50%
72
127
14%
13%
14
7,200
31%
36%
31
31
700
35
36%
4,500
3%
900
45%
3878
*26%
66%
*29%
70%
*3%
10%
*49%
14%
14
46
39%
29%
67%
30
71
3%
10%
50%
23%
2078
14%
113
4478
113
46
38% '39
*26%
29%
65%
66%
30
70
3%
10%
50%
22%
20%
14%
30
71%
3%
10%
50%
233g
21%
1438
86
86
*84
86
*121
123
*121
123
5%
5%
5%
5%
5%
5%
14%
*12%
13%
13%
1378
158
9%
8
8
3678
26%
37%
*8
26%
8%
22
22%
2178
22
30
30%
30
30%
8%
2
2
9%
9%
*8
1%
9%
2
9%
8%
8
8
9%
8%
38%
35%
12%
1178
87g
39%
35%
12%
9
9%
878
38
38%
39
35
35%
!278
12%
36
39%
36%
39%
*35l2
38%
35%
1234
12%
3834
36%
36'
*60
61
61
61
61
61
3478
1258
12%
38
*1214
*103
105s
858
12%
12
39
13%
13%
13%
10978 *103
10978
11
858
1078
8
1078
8%
*28
29
*2812
28%
*1012
11%
3178
*10%
11
31%
32
31
758
758
34%
18
1734
1047g 10478
*505g 59
17
1678
68% 695g
1334 1378
26
2758
15
1412
IOI4
1058
106
106%
6
578
*33
10
10
7%
1678
17%
68%
69%
13%
26%
14%
10%
6
10%
27%
35%
978
35
10%
69
69%
7
15
10%
106% 106%
69
*678
933s
14
27%
7
6%
6
10%
27%
35%
10
85
85%
34%
10%
69
69
7%
95%
*67g
7
For footnotes see
page 2450.
87%
No par
Preferred
No par
Tobacco
1
Standard Oil of Calif ..No par
Standard Oil of Indiana...25
Standard Oil of Kansas
Preferred
7
7%
3278
33%
17%
18
10434 104%
*50%
16%
68%
59
16%
69
2,000
50
6,000
13%
13%
8,000
25%
16,300
14
14
10%
10%
106% 10678
6
5
No par
t Studebaker Corp (The)
Sun Oil
26%
34%
6
1
26%
2,200
3478
3,200
10
10
10
10
900
69%
*6%
69%
67g
94%
69%
69%
190
883g
6%
Class A
24
Apr
3
6% Mar
2
21% Apr
8
2% Mar
14% Mar
4
2% Apr
60% Mar
115% Jan
9% Jan
Jan 11
Jan 28
Jan 8
Jan 28
ill
5
177g Oct
3% Mar
21% Apr
25
15
30
Apr
3578 Jan 30
1% Jan
578 Jan
2% Feb 11
2
Jan
6% Jan
7% Jan 22
conv
pref
Jan
No par
34
Feb 25
44
59
Mar 25
100
Thermoid Co
1
$3.50 cum pref
Tidewater Assoc Oil
...100
1
No par
Preferred
100
Tide Water Oil
No par
Timken Detroit Axle
287g Jan
33
10
6
Jan
7% Jan
10% Jan
10
Jan
9
98% Jan 15
8% Jan 18
Jan
2
Jan
Jan
7
3
Jan
2
478 Jan 21
Jan 31
]434 Jan
100% Jan
52
6
3
Jan 20
Timken Roller Bearing.No par
12% Jan 6
65% Jan 21
Transam erica Corp
12
No par
Transcon & Western Air Inc.5
Jan 21
147s Jan 2
1278 Mar 13
7% Jan
6% preferred
No par
93
No par
47s
7%
22%
31%
9%
65%
4%
3
Jan
Truax Traer Coal
Jan
Truscon Steel
20th Cen Fox
10
FilmjCorpNo
Preferred
Twin City
Preferred
par
No par
Rap Trans.No
....
par
100
10
Under Elliott Fisher Co No par
Preferred
100
1,200
15,800
Union Bag & Pap Corp.No par
Union Carbide & Carb.No par
Ulen & Co
8
28
No par
-
938 Jan
100
L-
Third Avenue
6
10% Mar 11
39% Apr 7
3834 Feb 3
15% Feb 29
1438 Mar 6
41% Feb 11
No par
The Fair
Jan
11% Feb 19
8 * Mat 27
Texas & Pacific Ry Co
Thatcher Mfg..
No par
Mar
14% Feb 19
2938 Mar 6
9% Feb 14
Jan
5
No par
3% Mar
36
40% Mar 18
634 Mar 12
3
10% Jan
5
600
88
6
Tennessee Corp
Texas Pacific Coal & Oil....10
Texas Pacific Land Trust
1
Oct
6
49
Mar 19
27
25
20
17% Jan
14% Jan
7
234 Mar 19
9% Mar 14
Telautograph Corp
Texas Corp (The)
Texas Gulf Sulphur
Mar
12% Mar
5834 Jan
1% Mar
par
25
Jan
2734 Mar
23
3534 Mar
Feb 29
,_1
Mar
78 July
7
Jan
Mar 12
<2,300
87%
6
91
100
6
111
Feb 10
122
Superior Oil
134 Mar
434 Mar
Mar 19
2
6%
46%
Feb
70
2
Superheater Co (The)..No
$3.60
30
Jan
94%
46%
6
Jan
132% 132%
94
Mat 27
Mar 18
72
Transue & Williams St'l No par
900
2
118
Tri-Continental Corp. .No par
900
2% Mar
1% Mar
100
1,000
2,600
122% June
No par
Preferred
10,000
10%
101% July
12% Sept
Feb 24
Mar
65
29
10,700
9
Feb 24
33%
71%
4%
1234
53%
par
50
/
6
51% Jan
Thompson-Starrett Co .No par
No par
23
*10
3978 Jan
32% Jan
Thompson (J R)
;
25
Thompson Prods Inc..No par
800
Jan
18
129
3% Jan 17
3%
27%
8%
24%
400
4378 Mar
113% Jan 24
47% Feb 8
40% Feb 5
Third Nat Investors
6,900
9
Feb 26
100
10,600
8% Mar
33% Feb
Apr
tylar 13
300
8,500
Mar 20
112
No par
Convertible preferred
Preferred
"5",700
Mar 20
3970 Feb 17
No par
No par
200
24%
53%
74%
103%
7% Mar
36% Jan 27
t Symington Co
300
Nov
2
Swift & Co
■
Mar
31
Jan
1,200
2,100
11%
38%
65
Jan
No par
11%
Mar
42
Apr
59% Apr
3% Mar
3% June
36% Jan 25
25
Swift Internat Ltd
800
July
July
5
237g Jan 29
27
200
8%
6
2
No par
No par
prior pref
prior pref
6,300
8
7
15
Jan 15
cum
13,200
8
9% Mar
12% Apr
82
$7
Stand Investing Corp..No par
Standard Oil Export pref-.100
8
1%
6
6
No par
22
8%
Feb
cum
30%
1%
78
109% Feb
Jan
10-% Mar
12% Mar
5% July
6
Preferred
23
8%
Feb 20
$6
Sutherland Paper Co.......10
Sweets Co of Amer (The)...50
1%
Mar
13% Mar 17
97g Feb 17
17% Jan 30
15% Jan 2
12078 Jan 10
1,200
8%
Mar
4638 Nov
15% Apr
10% Aug
Feb
10% Jan
6% Jan
9% Jan
par
21%
73g
7%
*33% 34%
18
17%
104% 105%
*50% 59
16% 17
68%
69%
13%
1378
25% 2534
14
14%
10%
10%
106% 106%
57g
578
*10%
10%
26%
2634
33% 34%
87%
Mar 12
27
700
10%
Standard Brands
99
Superior Steel
1,300
27
100
preferred
Mar 13
30%
8
2
Jan 22
63
2,700
39%
70
86%
*26
13% Jan
44
par
13,300
39
6
6
4
Jan 15
32% Feb 26
16% Jan 20
5%
36
3678
36%
*60
61
61% *60
*12%
13%
12%
12%
*103% 106% *103% 106%
10%
11
107g
10%
8
7%
7%
7%
*28% 29%
28%
28%
*10%
10%
10%
10%
31
31%
30%
3078
10%
No par
67g Jan
82
12%
39
26%
34%
9%
86%
1,700
36%
7%
No par
Conv preferred A
30%
93%
95
94%
95
94
*132% 13234 *132% 132% *132% 132% *132% 13234
47
4634 4634
47
45
*46%
46%
46%
8484
36%
5
12%
1
Spiegel-May Stern Co.-No
Stewart-Warner
39%
34
Spicer Mfg Co
Stone & Webster. 1
36
18
17%
104% 105
58% 58%
16% 17
68% 69%
13% 1378
24% 26%
*14
14%
10% 10%
106% 106%
Corp (The) vtc
10,600
35%
12%
1134
*33
100
4
101% Mar 18
7% Jan 7
No par
84,600
35
32
Spear & Co
23%
21%
14%
36%
13
24
132
28% Feb 17
38% Feb 19
11% Feb
Sterling Securities cl A .No
50
Jan
Jan
3
100
Oct
Jan
20
77g Jan
64% Jan
1st preferred
Feb
Mar
107%
Mar 26
20 >s Feb 21
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Jan
Mar
160
49
100
1,000
2
Dec
Mar
60
327g Feb 20
1,700
75,700
4
Feb
2
1,900
86
17
3
3,200
121
Feb 20
6
Nov
112% Feb 14
7% Feb 29
34% Mar 3
Jan 21
3%
10%
13%
6
Jan
50%
85%
28% Jan
19
3%
10%
121
25
7
9
Jan 31
34
8%
22%
8
Mar
Mar
434
6%
Feb 19
100
Preferred
*48%
22%
20%
Jan
23% Jan
137g Jan
25
12%
11%
13%
19978
10%
1078
8
7%
28% 29
*10
11%
100
28
4,200
35,250
8,800
13,200
13,700
12
25
100
4
5% Mar 10
26% Jan 2
10
39
35
Southern Calif Edison
Southern Pacific Co
Southern Railway
70
Mar 30
Mar
150
Standard Oil of New Jersey .25
Starrett Co (The) L S__No par
Sterling Products Inc
10
500
8%
18%
58%
300
31,800
38%
34
*50%
29%
66%
29%
70%
878
1778
104% 104%
8
17,500
39%
35%
1278
1178
*12%
7%
*8
21%
30%
1%
8%
27
15,600
8%
34
275s
35%
934
2734
7%
*26
37
100
3878
70
100
t Stand Gas & El Co..No
4478
29%
No par
Stand Comm
38%
65%
Sugar
Preferred
8,900
44-%
*27%
So Porto Rico
6,400
*112% 115
Jan 16
Jan 18
14
778
3%
Mar
110
12%
7%
38%
*103
31
37
12
3%
13%
*8%
40
14%
3134
35%
3%
534
834
26,900
Friday
14%
1378
2634
22%
31%
158
9%
16%
300
33
13i2
2634
*8
Good
14%
38
3078
240
33
3734
5%
21%
700
8,400
8%
20%
2678
Closed
12%
20%
26%
50%
127
14% Jan 25
32% Apr 2
22% Feb 18
Socony Vacuum Oil Co Ino..l5
Spencer Kellogg & Sons No par
74%
101
112
Solvay Am Invt Tr pref
100
South Am Gold & Platinum.. 1
S perry
29,400
778
19%
14%
8578
38"
Exchange
11%
23
8578
16
*123
33%
20%
21%
8%
23%
37
101
100
Jan
5
25
Preferred
12%
8%
23%
*121
19%
74
*100% 1007g
16
16%
1638
127
*32
50%
101
36
36% 3658
37
36%
37%
*3i8
3%
3%
3%
3%
3%
*112
115
*113
*112% 115
115
45%
*31%
*21%
50%
72%
11
Mobile & Ohio stk tr ctfs 100
Spalding (A G) & Bros.No par
29
42%
10%
71%
8
11%
32
159
Stock
33%
21%
6
7934 Apr
14%
32
Mar
72
26
159
19% Feb 20
Jan
Mar 13
58
15
-
45
Jan
Jan
58
15
-
34
Jan
6578 Jan
14%
-
Apr
Sloss-Sheff Steel & Iron. .100
1478
32%
9
30%
38%
15%
110%
120
Mar
3%
40%
29%
20%
5%
63%
8%
50% Feb
7% preferred
100
Smith (A O) Corp
No par
Snider Packing Corp...No par
1434
32
Mar
8% Feb
Jan
100
79%
60
*158
100
32
4% Jan
'43%
500
78
58%
32%
Sheaffer (W A) Pen Co.No par
Shell Transport & Trading.£2
Shell Union OH
No par
Jan 16
22% Mar 26
1634 Apr 4
31% Mar 30
13178 Apr 8
63%
26%
32%
15938 *158
No par
Conv preferred serA .No par
1% May
40
Apr
7% Mar
7% Mar
Preferred
129
78
32i8
Sharpe & Dohme
Oct
31
2,600
129
60
159
73
Mar 21
15% Jan
11% Jan
20% Jan
278
6
5
6% Jan 15
76
5%
67
Shattuck (F G)
No par
Sharon Steel Corp....No par
Jan
% June
% Aug
20% Mar
Jan 17
19% Jan
76
*111%
1
Servel Inc
7
Skelly Oil Co
64
_.
Jan 20
69% Apr
4% Feb
par
184 Apr
Apr
1% Feb 7
4% Feb 7
43% Mar 12
_
3,000
75
5%
7
8
1
preferred
7
29%
64
*111%
5%
Jan
Jan
Mar
55
3% Jan 9
69% Jan 21
37s Jan
par
Second Natl Investors..
Preferred
Conv
jan
Oct
6
22
Mar 31
76
Jan
Mar
109
7
29%
26%
1478
578
No par
J Seaboard Air Line...No par
Preferred
100
Seaboard Oil Co of Del.No par
101% Mar
4% Feb
20% Feb
Jan
Jan
Jan
65
mkm „
3%
15%
53%
78
2%
33%
12
31% Dec
IO434 Mar
Feb 29
19% Jan
27%
m
1
52
Silver King Coalition Mines.5
Simmons Co
No par
Simms Petroleum
10
75%
534
32%
100
Seagrave Corp
No
Sears, Roebuck & Co ..No
114% Mar 11
16% Jan 13
12% Jan
43% Apr
97% Feb
100
8
2,600
64
*111%
preferred
Schulte Retail Stores
Preferred
Scott Paper Co new
6
Jan 20
10,200
27%
578
Jan
113
20,600
75i2
*llll8
111
2
5
65i8
27
26%
14%
Jan
Mar 25
Nov
3
Apr
10% Mar
34 June
1
Apr
6
Apr
4
307g
75
15
109
6-% Mar
12%
65i8
2634
27%
30
..100
29% Mar
82
12% Feb 11
22% Feb
35% Jan
Jan
62
60
17%
72%
14%
27%
16%
12
5
Feb 28
1238
9%
29%
12%
32%
8%
3934
19%
106%
8
Jan 15
14% Mar
110
Mar
5
7
Apr
1%
Jan
Mar
Sept
32% Dec
% Apr
1% Apr
6% Sept
4
Mar
16% Mar
2834 Apr
3%
8%
14
Jan
Jan
Apr
13% May
50
May
5% Apr
61% Jan
2% Mar
Feb 18
2
June
Feb 13
Feb 14
16
Mar
Mar
6
Mar 23
Feb 25
Feb
4
Mar
3
Mar 11
Feb 19
Feb 18
Feb 25
Apr
4
Jan
2
Feb
4
107% Mar 11
Jan
Feb 29
Jan
107g Feb 18
32% Mar 2
Jan
41
Jan 21
12% Jan 31
Jan 22
83
Mar
Mar
2
6
5% Jan
1338 Mar
15g Mar
17
Apr
7% Mar
84
2634
4%
28%
478
7%
5%
178
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
69
Apr
3% Oct
3% Mar
13
24%
Aug
Oct
2% June
18
Mar
Jan
2
Jan
3
99
Jan 13
131% Feb 18
133
Jan 17
125
Dec
52% Feb 19
88% Apr 8
29
May
44
Jan
86
45
Apr
71% Jan
8
3
I
$ per share
117% Feb 19
10% Feb 19
29% Feb 28
3% Mar 4
30%
67%
76
No par
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
Year 1935
Lowest
,
5
2934
2978
128% 1317g
67
20
30
17%
5
70
300
114% 114%
113
127
1,400
6.400
5
*41
125
110
3,200
68
4%
#69%
1778
5
800
67
45
12%
30%
6,200
1%
2%
39%
28%
67g
*48%
*30%
113
800
3%
16%
7%
17%
1,800
7,000
74
48%
30%
*67
70
3%
*1578
48%
30%
5
29%
124% 125%
*67
21%
*41
29%
1278
4%
Stores
6% preferred
50
*73
100
lb'800 Safeway
5
71
2934
Preferred
32%
150
5
*4%
17%
32
29%
295s
47
114%
12%
1278
31
3178
12%
31%
1st preferred
100
J St Louis South western... 100
110%
6%
*41
17
1778
115% *113
t St Louis-San Francisco..100
112% 112%
*14%
14%
43%
45%
99% 100
68%
7
5%
2978
12%
31%
5
48%
31%
48
*41
1778
1,500
23
110
96
10
2,200
*18
32%
2
Apr 9
7% Mar 28
23% Jan 2
1% Jan 2
2% Jan 2
77g Jan 2
18
Jan 24
par
100
Range for Previous
$ per share
57
Feb 3
48% Jan
Ruber'dCo(The)cap stkNo
Rutland RR 7% pref
St Joseph Lead
5%
40
Highest
% per share
Royal Dutch Co (N Y shs)
234
23
2178
16%
30%
48%
*30%
400
~7~400
12
*70
30%
Par
1,200
778
2%
5%
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Shares
96
*10%
4%
21%
$ per share
April 11, 1936
8
EXCHANGE
Week
28
11
68%
71
3078
7%
48%
7
115
*68%
70
48%
30%
1738
5%
69
21%
7
*113
96
*7%
27%
8
28%
2%
538
STOCKS
NEW YORK STOCK
the
55%
11
5%
68%
*4%
21%
16%
48i2
3178
*30%
98
27%
234
Sales
Friday
Apr. 10
share
per
*55
*18
23
30%
1634
3038
*47
8
*5
578
69%
*4%
21%
1612
97
$
55%
34%
7034
29
55%
*93%
*7%
28%
278
5%
10%
*18
4%
69
4%
*68%
21i4
$ per share
33
32%
3378
32%
110
110% *110% 110% *110% 110%
112
112
112
112%
112% 112%
15
15%
14%
14%
14%
14%
46
47
46
45%
45%
45%
100
100% *9978 100
997S
997g
3%
3%
3%
3%
3%
3%
17
17
17% *16
*15%
16%
74
74
74
74
75
74%
1
J.
1%
1%
1%
1%
3
*2%
*2%
278
2%
2%
38%
39%
38%
39%
38%
38%
578
68
Apr. 9
55%
97
10%
23
Thursday
Apr. 8
*7%
2778
278
*5%
10%
3
*18
*110
*54%
97%
8%
2734
*278
5%
10%
Wednesday
$ per share
55%
27
27
5%
Tuesday
Apr. 7
.
$ per share
Record—Continued—Page
SHARE, NOT PER CENT
lor
Monday
Apt 6
Apr. 4
*55
SALE PRICES—PER
8% Jan 20
1% June
5334 Mar
Highest
HIGH
AND
SALE PRICES—PER
LOW
SHARE, NOT PER CENT
STOCKS
Sales
NEW YORK
for
Tuesday
Apr. 4
Monday
Apr .6
$ per share
$ per share
$ per share
Saturday
27
27
27
*28%
28%
27
27%
26
27
27
26
267s
1,400
26
24%
25%
50,500
2
26
*23%
2534
19%
75
75%
29%
29
29
7%
7%
7%
45
45%
4434
44%
14%
14
14%
25
14%
25%
45%
14%
25%
23%
23%
96
96%
96%
96
97
6%
14
23%
96%
6%
6%
75%
16
110
67g
*72
77%
*61%
62
155
101
1578
38%
16
14l2
1534
38i4
3712
38
3i2
*338
112
1%
15%
10,400
38
3%
3%
300
14%
14%
550
3334
3334
3238
3234
32
17l2
1734
17i8
173s
17%
*96
98
96
96
97i2
104
104l2 104
10412 103
*163
al62l2 162i2 *163
*12
"12*14
1214 "1214
12l2
12i8
56
57
5478
57%
5638
5558
8
834
*8'4
834
9%
*8i2
16%
1534
1634
*1618
1612 16%
84
8434
*82i2 85
*82i2 85
105s
10%
10%
1034
10i2
1012
*9612
14
9712
103
103
32%
17%
2,500
1,500
97%
10134 102%
1,500
100
*96
165i2 165l2 *165
30
165%
11%
12
11%
56%
557s
1,200
11%
55l2
58
834
16's
1534
*8234
*83%
10%
834
300
1578
2,200
8%
16
*8%
22,600
200
86
2934
89i2
1038
851s
1034
107g
5,900
2938
30
29
30
30l4
3334
33%
34%
108,400
7538
28i2
7O84
7634
75
755g
7512
7978
78%
9314
7434
953s
92%
75%
8034
94%
75%
72%
26,000
94
90
75
*73
70
68
129
780
334
177s
.
26,900
1478
34
*104
630
113
1%
15%
37%
1778
17i2
*9578
60
153% 153%
17%
33
""560
I3OI4
91
75
705s
130
9134
*745g
75is
71
6978
12934 130
75
715g
131
7434
71
7214
130
13012
300
173,900
70%
12934 131
138
5,700
400
138
138
138
1377g 138
1377s
1377s *137
162% 162%
*162i4
*16214
*16214
6
5%
578
6i8 ~¥%
~~5~%
558 "~6%
1%
1%
1»4
158
17g
15s
1®4
1%
134
134
37
37
*35% 38
*3512 38
*37
4012 *38i2 4012
24
2434
233g
25
2378
23l2 24l2
243g
23% 245s
33
33%
3338
33%
3334
3338
33l2
33l2
3312 3334
*112
11334
11334 *112
11212 113
*11214 113
*112i2 113
45
44%
45
4434
44%
45
4434
45ig
44i2 44i2
*137
18,000
100
*16214
47,300
2,500
5%
82"
*77
7%
714
4414
*77
714
73g
;
7i2
4578
714
4434
45
*132l2 13314 *132% 13314
11168
*11012 11134 *111
6%
6I4
*4l2
*4i2
*2H4
2478
*2H4 25
133
44
*1203s 121
44
1205g 121
*79
*80
*80
82
133
1113s llll2
*4%
6i2
25
25
120i2 12012
7%
73s
455s
45
112
412
4l2
25
25
121
121
44
45
112
112
30
Closed
100
90
Good
25
20
m
70
84
84
84
84
*82
84
82
130
*130
135
*130
135
*130
700
310
82
130
Friday
135
35g
35s
334
358
35s
9
312
8%
834
*514
7%
8%
*5%
834
73g
85g
9%
73g
*558
*534
73s
15
14l2
145g
1434
33
3234
3258
327g
3234
3278
*116% 117
*115% 117
*11514 117
9
834
85g
^34
884
9
2812
2778
285s
293s
2914 2914
18
18%
18i2
*18i4
1812 *18%
9
9i8
*5%
15
7%
15i8
*13
15
*212
*59%
1134
14t4
234
605s
1178
234
COI4
1134
53
*47
2i8
9%
2i8
*47
234
60i2
U34
60%
12%
61
12
*47
55
2is
9i4
1412
278
14l2
1414
234
53
23g
214
23g
145S
3258
3234
115% 11534
14i2
85g
28%
*1734
28i2
I8I4
15
*13
1434
15
3258
3234
115% 11512
8i2
834
*60%
IH4
*47
5,600
900
14
14
1,200
2,000
62
115g
*6H2
1078
278
64
IH4
*47
52
284
2%
2%
2
2ig
8%
9
23i2
26%
23i2
225g
23
23
2258
22%
26
27
27
2712
273g
27%
27
27
28
28
28
2812
9%
27
2712
2738
28
934
27
2414
9ig
*80
*134
""21s
39
385s
385g
82
82
82
2
385s
82
98i2
98i2
10212 102i2
93
93
12012 12012
11314 II3I4
1018
105s
*17i2 1978
*25s
*758
278
88i2
43i2 44
II884 121
*138% 14H2
28i2
28i2
*3758 38l4
25
25ig
*52
*60
3434
103
2578
1478
*434
*2134
75g
44
29
*60
103
104
26is
94
120
234
447g
44
44%
44
44i2
43
44
120% 122%
1387g 140
120
12238
15
104
2634
15
478
478
47g
*2134
23l2
514
834
*8H2
4958
82
82
50%
50
34
34%
7212
71i2
63
6234
35
363g
1037g 10378
263s
2512
15
*1478
434
45g
2234
*2134
101
255g
18,700
1478
1478
147g
*434
1478
900
22
24
8i2
8I4
112
3i8 Jan
li* Jan
1
Vadsco Sales
No par
7i2 Mar
9
24i2 Mar
9184
Dec
76% Apr
6278
Jan
503s Nov
Jan
14034 May
Feb
165
1
Mar
i2 Mar
Feb
34
May
pf.100
68
100
63
Va-Carolina Chem
No par
100
100
6% preferred
7% preferred
Va El & Pow $6 pf
No par
Virginia Iron Coal & Coke. 100
100
5% preferred
46
83s Mar 16
4% Jan
32
4834 Mar 19
Jan
105
Jan 23
133
109
Mar 24
114
Vulcan Detinning
100
Preferred
130
100
Preferred A
5
100
Waldorf System
No par
Walgreen Co
No par
6M% preferred
t Walworth Co
No par
100
(H) Good & W Ltd No par
No par
Preferred
Jan
4% Jan
9% Jan
31i8 Mar 13
115% Apr 2
6i2 Jan 3
2778 A or 7
18
7
15
Feb
63_i2
Mar 11
109U
Feb
1
Apr
5
3
734 Mar 6
1578 Feb 11
3434 Jan 8
118
Jan 16
10
Feb 28
19
18
Jan 24
t Warner Quinlan
Warren Bros
No par
Conv preferred
..No par
West Penn El class A ..No par
West Penn Power
pref
6% preferred
-.100
Western Maryland
2d preferred
.100
100
Western Pacific
..100
Preferred
Western Union Telegraph
.100
No par
Class A
Westvaco Chlor Prod..No par
Feb
33%
120
Dec
Apr
6% Nov
5
Mar
11
Dec
3
Dec
47
Dec
2i2 Mar
778 Mar
6%
17
24
28% Feb 19
29% Jan 2
11% Feb 6
20% Aug
32
Jan
2334 Jan
Jan 24
25%
Jan
Dec
2
35i2 Feb 19
li2 Jan
78
Feb 25
2'4 Jan 13
46i2 Jan 2
8238 Feb 7
116i2 Jan
111»4 Jan
87g Jan
1684
2%
5%
727s
3434
94i2
123i2
26%
36%
23
34
Mar
Apr
1
Jan
3012
Jan
72
Jan
8
9
34
Mar
Jan 24
36
100% Apr
103% Apr
3978 Mar
104%
95
Mar
.
20% Mar
Mar
6
7
90
Feb
3334 Jan 25
10
Mar
39
29
Jan
Jan
2
3
28i2 Jan 10
32% Mar
1634 Mar
Jan 14
60
Mar 87
18
Jan
Jan
4
90
Mar 24
25
Mar
Jan
2
37% Jan
3
143g Jan 28
0
109U Feb 19
28% Mar 4
17
Mar
6
14% Mar
46%
Jan
67s Mar
12% Oct
43g Jan 10
5*8 Jan 13
6
7
2
9
24i2 Jan 10
5% Mar 30
6
Jan
1
Mar
11
Jan 14
378 Apr
87
Jan 15
77
Apr
Mar 27
100
10
100
49
23% Jan
2
Preferred A
100
57
Jan
2
Preferred B
100
47
503s Feb
5
35'2 Mar 23
Nov
91% Dec
99% Nov
92
Nov
Dec
Dec
Jan
7
Jan
Feb
3
55% Nov
84% Oct
Dec
Mar 27
Jan 14
734 Nov
90
Dec
48% Mar 3
1227s Feb 10
143
Apr 9
Jan
Jan
Jan
Sept
30% Dec
10%
1934
338
778
Feb 13
18
Dec
Aug
11434
7
95
Deo
120%
978 Feb
Jan
Jan 13
Dec
52
Jan
Feb
4
Jan
1038
Jan
5% Mar
7% Mar
l's July
238 Feb
12% Feb 21
2034 Feb 2 4
Jan
Jan
4
85
7
2
Co
Jan
D4
10% Mar 31
255s Mar 24
Jan
$6 preferred
114
4% Jan
1578 Jan
183s Feb
Sewing Mach ..No par
May
1%
98
Conv preferred
1
4's Mar
26'4 June
58 Mar
100
50
Nov
May
11734 Dec
3% Nov
534 Dec
4% Dec
978 Nov
278 Feb 29
50
Spr ctf.No par
134 Mar
1% Jan
31
Preferred
Mar
145s Feb 19
8
Jan
Wheeling Steel Corp...No par
White Motor
33
¥3"
II4 Feb
28i2 Jan
214 Mar
14l2 Mar
3% Jan 24
100
Wesson Oil & Snowdrift No par
Oct
784 Nov
Feb 26
4
5778 Feb
1
Dec
478
34% Feb 21
Jan 20
50
—
Jan
Feb 19
No par
No par
5
Dec
Jan
86
70
No par
Deo
120%
112%
85
8
473g Jan
984 Jan
No par
No par
37
Mar 23
...100
Convertible pref
Dec
2i2 Mar
1712 June
30i2 Feb
238 Jan
5
Nov
Dec
121
No par
Warner Bros Pictures...
Nov
Aug
June
1078 Jan
Preferred
33
114
63
2
Ward Baking class A,.No par
Class B
56i2 Nov
2134 Jan
Dec
72i2
4i2 Feb
103s Mar
23s Jan
Nov
70
135
Apr
100
t Wabash
2
Dec
6
Jan
Aug
414 Aug
44%
938 Feb
43s Apr
24i2 Jan 31
100 xll4% Jan 16
70*8 Feb 3
100
Virginia Ry Co pref
Mar 23
7334 July
119's
14934
91
114
Jan 10
42
Jan
Dec
11914 Nov
5
110% Feb 17
36i2Mar
1714
48
124i2 Apr
735s Mar
2
a:
Jan 18
27% Feb 19
9i2 Sept
I6I4 Sept
Sept
1U2 Dec
73
27i2 Mar
Feb
5
Woolworth (F W)
2,200
505s Nov
Mar
100
7% 1st pref
8% Jan
1,700
14,700
35i8 Mar
3's Mar
1914 Apr
IU4 Apr
1U4 Feb
No par
33
10*8 Nov
96% Jan 24
50
Wilson & Co Inc
50
Dec
Feb
3
5
Vick Chemical Inc
White Rk Min
Nov
5
Mar
37i2 Apr
20i4 Jan
2834 Jan 16
100
Preferred
Nov
Nov
9i8 Mar
163% Mar 20
6% Mar 2
238 Jan 18
Oct
15
87
3
Jan 21
Oct
96
9
14334
Dec
165
4
9
9
Dec
3i2
203s
3938
Jan
Jan
Mar 20
225s
Mar
4i2
Jan
7238 Apr
2^8 Jan
193s Mar
143
53
132
Nov
73
1% Mar
58
Apr
51
Jan
77% Nov
3584 Dec
9834 Nov
126
33%
38%
Dec
Dec
Dec
25% Nov
35% Sept
50
Nov
32% Nov
102% Nov
19% Dec
24% Jan
434 Dec
20%
3%
Dec
Dec
9% Nov
79
Nov
Jan
65% June
25% Nov
51% Nov
3314
3314
71
685s
69i4
Mar 23
71*4
70
75
7012
ID4 Mar
25% Mar
62
61
61
59
605g
700
Jan
4
66
62
Mar 23
20
83
85
290
Wright Aeronautical...No par
625s Jan
6
100
Mar 11
35% Mar
68
Dec
Wrigley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B.10
753s Mar 27
79
Feb 10
8234
Apr
2
3
6
21
6
45
Jan 23
7384
1734
2%
31%
Mar
34i2 Jan
Apr
35% Nov
3414
7612
900
39ig
1,900
187s
29,300
39l2
3914
39
185s
19
185S
1778
39i2
1914
11612 119l2 *116i2 11712
5334
55
54i2
5312
57
57 I2
5912
5534
*109
8%
For footnotes Bee page
112
1834
8i8
2450.
19i8
83g
112
185s
8
112
19
8I4
350
76l2
3914
1934
100
Preferred
Utilities Pow & Lt A
20,800
78
763g
19
13534 Mar 30
16034 Feb 6
No par
Mar
Mar 12
13
Oct
Dec
32
95
*110
100
8%
77
*76
1958
...100
U S Tobacco
Jan
4i2
49i2
*83%
110i2 112
50
Preferred
U S Steel Corp
Preferred
July
34% Apr
84i2 Feb 25
6812 Jan 3
463g Jan 21
11512 JaD 7
17% Jan
234 Jan
81%
503s
76
5714
8084 Apr
100
50
Smelting Ref & Min
No par
5
414
8i2
86
55
47
1st preferred
White
5
7578
56l2
Jan 21
163(i Jan
No par
Wilcox Oil & Gas
87g
84
5438
10
U S Rubber
7,700
812
76i4
120
183s Jan 28
85
3,300
1,200
5
23
4l2
86
120
*2134
600
87g
76
1205s
5414
5278
52l2 563g
4,500
25
85i4
*120
7
6% non-cum pref erred-.100
¥5""
101
3434
71i2
6234
8% Mar 13
5
8
Wheeling & L Erie Ry Co. 100
*52
*6014
26'4
50
195s
900
10178 1017g
78
40
13,300
35
503g
3
Mar
110i2 Feb 16
I6914 Feb 18
14i4 Feb 21
59
Apr 2
978 Jan 27
Jan
60
4,300
35
8H4
19i8
2,300
13,700
3578
33
Feb
99
Oct
4% Mar
65U Mar
133g Jan
Weston Elec Instrum't.No par
24
4934
39
...No par
140
3758
82i4
2
Feb 17
71
v t c
1,200
143
24
50i2
40
*29
3712
76
1934
142
2434
834
8H4
4
Jan
161i2Mar 25
878 Jan 2
Oct
11
Prior preferred v t c
100
U S Realty & impt
No par
30l4
II8I4 120i2
38U
514
U S Hoff Mach Corp
U S Industrial Alcohol.No par
U S Leather v t c
No par
Jan
85
20
100
.5
20
91
No par
7% preferred
Westingh'se Air Brake.No par
Westinghouse El & Mfg
50
1st preferred
50
2434
887g
40
8
5
458
"9
7i2
*37%
25i2
Preferred
Aug
5
Feb 21
8912
36l2
13% Jan 20
No par
U S & Foreign Secur...No par
73l2 Nov
Feb xl59i2
1434 Mar
% June
Jan 23
28% Mar 12
U S Freight
U S Gypsum
5
1978 Jan 23
393s Jan 2
.
Mar 23
100
85
Apr
116
193«
...
Jan
14
Dec
Jan
7i2
Mar
78
121
600
35
2
100
Nov
IU4
78
938
6
70
260
5,400
*60l4
9
No par
Preferred
110
Apr
29
2234 Mar 23
38% Apr
6
93%
9314
120i2 121
19i8
*52
21i* Jan
7
7
6
95
To%
85"
U S Pipe & Foundry
U S Distrib Corp
II4 Apr
13i2 Apr
20
Preferred
Feb 20
10
*60i4
1
100
t Universal Pipe & Rad
87
19
*52
100
Preferred
Universal Pictures 1st pref.100
18i2 Nov
133%
100
100
100
19%
38i4
153
Jan
9284 May
51
6914 Jan 10
15914 Jan 24
115
Apr 7
314 Mar 24
5914 Apr 1
Mar 23
50
Jan
7
par
7i2
46
8
6% preferred
10%
25
No
Feb
250
19%
2434
Universal Leaf Tob
80
Dec
Oct
87i2 Mar
2% Jan
3% Apr
7
7% Mar 26
Jan 25
70
No par
Feb 10
1278 Feb
7
10
*37%
113
Dec
9% Mar
2
1038
*2812
7
8U Jan 13
683 Jan 9
100
Dec
96
60%
Feb
193* Jan
Jan
114% *11314
141% 142
30
30
Jan
109
No par
United Stores class A ..No par
1334
20i2
Mar
3% July
96
110
112
30
79
661* Jan
Dec
734 Nov
4534 Nov
4% Mar
65
738 Apr
157s Apr
No par
2414
884 June
4
Mar
3
2
6
United Gas Improve.--No par
Preferred
101
91»4 Jan
*2%
85"
200
Jan
Jan 15
United Fruit
t United Paperboard
16i2 Feb
2558 Apr
9
15
93
100
873S
31
1,300
II314
234
7i2
5
10
1712 Oct
1% Feb
2034 Mar
29% Apr 3
914 Feb 17
4734 Feb 17
6
0i2 Feb 19
Preferred
278
233«
5
8I4
94
119
22% Jan
4234 Mar 13
12U Jan 21
220
738
903s
2434
878
1912
94
Nov
10312
738
38%f-
5i8
3984
1938
103
*25«
*24l2
884
34
102% 102io
12012
Aug
78
Wells Fargo & Co
2
102
8134
118
Jan
Preferred
89
*37%
5
*70i2
*6218
*87l2
757s
39is
*81
Oct
46
100
Webster Eisenlohr
38i2 38l2
*81's 8134
10012 10012
8134
111
Waukesha Motor Co
.
Jan
Jan 11
Feb 19
41* Jan
Walk
Dec
Nov
26i2
79
No par
U S
1334
20
117
United Electric Coal
Class A
.
Mar
Jan 21
United Drug Inc
1,900
100i2 100%
385s
400
7
20% May
Jan 18
United Dyewood Corp
Preferred
3,100
903s
12112 I22l2
36
15
3834
*134
6,200
978 Mar
4% Mar
68
No par
914
7ig
8834
13878 140
36
26i2
2
Preferred
$3.85 conv pref
"Y,406
Feb 7
Feb 18
Dec
11U2 Jan
90*2 July'
26i2 July
303s Dec
113
United-Carr Fast Corp No par
United Corp
.No par
Warren Fdy & Pipe
100
*81
758
*52
85"
*134
34,600
79i2 Mar
20% Oct
No par
United Carbon
27l2
9i8
*80
600
2
24
1484 Feb
82% Mar
100
2,800
907g
905s
8
"£%
*134
3858
99
9834
102
102i2 102i2
94
93l2 94
*120
120i2 *120
113
113
113%
IOI4
1058
19
19i4
1914
*25g
278
27s
9%
*80
*80
*80
*134
9
9
"
40
10,200
1778
26
*23
95s
2,500
7
6
Feb 20
Feb
Mar
2i2Mar 23
21% Apr 4
2834 Mar 6
281* Jan 6
24i4 Mar 18
No par
Preferred B
~3~OO6
28i4
834
225g
9%
1,900
1734
9
2%
9%
900
28
53
234
100
;
28i2
138%
9734
316s
323s
171* Jan 22
par
Common
6,300
5,200
121
84
334
United Biscuit--
Vicks Shr & Pac Ry Co
6%
*4%
25
135
*3%
87g
Bosch..No
Van Raalte Co Inc
900
Stock
7%
*80
35S
Amer
Jan
13
C..5
Vanadium Corp of Am.No par
Exchange
7
*130
*312
-
5,300
*13212 13334 *132% 133%
112
Rights.
8,100
*75
*75
*75
*75
*57i8
70
$ per share
5
Un Air Lines Transp v t
United
$ per share
No par
United Aircraft Corp
Preferred class A
62
33
16%
*15i2
12,100
777s
*312
15U
3312
14I2
100
6%
6%
61
1%
..
200
934
6OI4
1%
16s
28,900
16%
*9
*73
*15314 155
112
11378
115
14
38
334
658
6OI4
60
74
*109% 110
7778
*75
3,100
3,900
6%
6%
93
612
634
200
14
16
110
*9
25
4478
73%
16%
'
300
98
6%
74%
6%
16
4,400
75,000
5,900
11,100
7,100
7%
*96
98
74
7934
4
1612
3734
17i2
3734
334
14%
24%
110
102i2
H4
13i2
3734
3l2
178
17%
15s
14
23%
*96
*15314 155
155
99
44%
10
60
Vs
17%
1^4
29
16%
61%
155
92
76%
2834
7%
44%
13%
24%
6%
*72
94
*153l4
75
7%
4478
110
7934
61l2
77%
2834
7%
75
*912
658
7
634
*72
76%
*28%
45
16
1,300
Union Tank Car
Preferred
7%
74
1578
200
297«
6%
75%
16%
24%
2534
2534
*115%
25,700
77%
*28%
7%
*10884 110
9l2
9l2
10
634
-
6%
75
16%
*108% 110
*9
-
19%
*23
*115%
7%
-
178
2534
25%
171,200
2
1834
24%
*23
2534
*28%
»
2%
1978
178
2%
20%
24%
19%
*115%
7734
76%
75
100
25%
Highest
$ per share
7
7
2
22% Jan 2
24% Mar 28
178 Mar 27
100
Preferred
26%
2%
*115%
75
Union Pacific
500
Lowest
23i8 Jan
1081* Jan
9018 Jan
-.25
Union Oil California
3,300
Highest
$ per share
Par
6,200
2734
26
*115
Shares
27%
25%
26
2534
$ per share
28%
27%
23%
*23%
$ per share
27
26%
13178 133%
94%
94%
Year 1935
100share Lots
Lowest
9438
21
On Basis of
Week
94%
24
21
Apr. 10
94%
2%
20%
23%
2%
2%
20
Apr. 9
131% 13234
94% 94%
130% 133
Range for Previous
Range Since Jan. 1
:
STOCK
EXCHANGE
the
Thursday
$ per share
26% 27
27%
2678
134
94%
28%
Friday
Wednesday
Apr. 8
Apr. 7
27%
133
133% 133%
9438
94%
2459
New York Stock Record—Concluded—Page 9
Volume 142
117
5414
585g
*110
18l2
8ig
118
55
60l2
114
140
8,200
31,200
300
187g
5,200
8I4
5,000
Worthington P & W
834 Jan
100
83i2 Jan
Young Spring & Wire..No par
443s Jan
Preferred
Youngstown S & T
5H preferred
Zenith Radio Corp
Zonite Products Corp
No par
100
No par
1
4184 Jan
105
Jan
6
IDs Jan 28
7i2 Feb 20
20% Mar 26
121% Mar 26
55
Apr
6
60% Apr
9
116
Feb 19
1978 Apr
93s Jan
3
4
Apr
June
61
9%
Nov
Dec
May
96
18
Mar
53%
Dec
13
Mar
4678
Dec
38% Apr
1% May
2% June
105
Nov
Dec
1434 Nov
784
Deo
Complete
'
•
.
Bond
*
•
Brokerage Service
'
.
'
•
'
.
1
RICHARD WHITNEY & CO.
Mombert
New
York
Stock
Members
New
York
Curb
15 BROAD
Exchange
Exchange
STREET,
NEW YORK
Telephone BOwling-Green 9-4600
A. T. & T.
New York Stock Exchange
2460
Teletype TWX,
Y. 1-1793
N.
Bond Record, Thursday, Weekly and Yearly
-
On Jan. 1 1909 the
APr■ n>1936
Exchange method of quoting bonds was changed and prices are now "and interest"
except for income and defaulted bonds.
NOTICE—Cash and deferred delivery sales are disregarded in the week's
range, unless they are the only transactions of the week, and when selling
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.
Thurs.
Y. STOCK EXCHANGE
Week Ended Apr. 10
U. S.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Week's
Last
BONDS
N.
Range or
Thursday's
Sale
Price
Government
Bid
Thurs.
Low
High
BONDS
Last
Range or
Since
N. Y. STOCK EXCHANGE
Week Ended Apr. 10
Sale
Thursday's
Jan. 1
No.
Low
High
15 1947-1952 A
O
61
115 3
O
107.24 107.20
107.26
29
105. 24107.28
15 1944-1954 J
D
112.23 112.22
112.25
122
Ill
112.25
15 1946-1956 M
S
111.4
111.4
216
♦Cologne (City) Germany 6 *4s. 1950
109
111.4
Colombia (Republic of)—
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on. Jan 1961 J
♦Colombia Mtge Bank 6*4s._. 1947 A
3**s_._Mar
3*4s_..June 15 1943-1947 J D 108.6
3s
Sept 15 1951-1955 M S 104.4
3s
June
D
15 1946-1948 J
3*4s_..June 15 1940-1943 J
3?4s__.Mar 15 1941-1943 M
3*4s—June 15 1946-1949 J
3*4s___Dec
15 1949-1952 J
3**s
1 1941 F
Aug
D
S
D
117.27
110.31
108.4
118.4
118.4
14
106 17108.10
104.10
104
102. 20104.11
104.26 104.21
104.29
291
102.,29104.29
108.18 108.16
108.18
111
107 19109
109
109
114
108
104.4
108.28
105.19 105.18
108.9
109.8
105.21
192
103. 24105.23
D
105.15 105.15
105.17
541
103 19105.18
A
108.30 108.28
108.30
27
108. 5
109.12
3**s_._Apr
15 1944-1946 A
O
107.16 107.10
107.16
21
2*4s_..Mar
15 1955-1960 M
S
101.28 101.25
101.31
659
103.1
102.30
103.4
312
100 .31103.4
101.30 101.26
102.3
258
101. 7
2?*s—Sept
2?*s-„Sept 15 1948-1951
Mortgage Corp—
S
15 1945-1947 M
M S
3**s
Mar
3s
--Jan
S
15 1944-1964 M
May 15 1944-1949
3s
IVI N
15 1942-1947 J
J
2?*S
Mar
1 1942-1947 M S
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
2?*s series B__Aug
2)is series G__
104.4
102
102.3
104.4
2
102.30 102.28
103.2
69
100.26103.6
103.20 103.18
103.20
33
102.12
15
100.15102.12
A
1942-1944
102.9
102.20104.11
coll 7s A—1945 J
f 7s series B
1945 J
t 7s series C
1945 J
♦External
s
♦External
s
♦External
s
f 7s series D
s
f 7s 1st series
♦External
sec s f
♦External
sec s f
934
10034
934
934
934
934
934
10034
9934
1957 J
1945 F
J
1955 J D
1956 M N
M S
2734
10734
10434
'10834
A
O
"25"
J
D
A
O
2434
1434
1134
♦Bolivia (Republic
of) extl 8s. .1947 M N
♦External secured 7s
J
..1958 J
♦External sinking fund 7s... 1969 M S
J
D
•
1C0
22
10034
31
101*4
100*4
100*4
100*4
100*4
10034
38
100
44
28
110
92*4
97
27*4
32
10034
16
100
79
100
35
35
32
100*4
100*4
100*4
100*4
100*4
99*4
106
106
100*4
10134
12
21
....
25
25
1334
1434
1134
25
734
734
3234
7
7*4
9*4
46
27*4
35*4
°
11
8
5
7
9*4
2534
2634
43
22*4
30 '
47
22
27
14
21*4
29*4
30*4
1935 M S
32
"9934
9934
33
7
26*4
99
100
8
95
100
18
QQ
10234
10234
1
3134
3134
3134
7
98
98
17
6234
9734
9734
7734
6234
9834
9734
9734
S
A
3
1
95
33
100
100
101*4 104
1977 M
S
6034
3% external
1984 J
J
42
31
95
38*4
99**
93
100**
92*4
98*4
734s '46
10734
11334
59
'1434
1434
1434
J
J
1434
M
S
1434
1957 J
D
1961 J
D
42
43
22
42
43
1534
1534
13
16
2
13
16*4
11
7
*1534'
1634
1034
10734
11234
9834
*3834
O
1234
f 6s
1962 M N
1234
—
— -
2
57
60
73
80*4
35
—
79*4
34 %
11
50
23
102
5
34?*
100
29
-
—
—
11
—
1
99?* 103
99?* 100**
92
100
10734
46
11334
27
99
10**
13*4
105*4 109
111*4 115
4334
96*4
99
38**
33
54*4
10
13**
1
100*4 105*4
24
104** 106*4
101
101**
20
100** 102*4
98**
101
97*4
*38
93**
44
44
70*4
71
9
67
48 J*
71
67*4
2
63
68
67
6
66*4
*44
(Republic) 8s A.. 1948
♦Certificates of deposit
63
68*4
26?*
30
*65*4
68
93
1967 J
80
*50
...
Estonia (Republic of) 7s
Finland (Republic) ext 6s
93
1945 M
105*4
105*4
30*4
102
102
102 ?4
♦Frankfort (City of) s f 6*4s___1953 IVI N
French Republic 7*4s
stamped. 1941 J D
7*4s
unstamped
External 7s stamped
61*4
1949 J
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan) 6*4s
1958 J
70*4
93
45
24 ?4
7
175
175*4
10
171**
3
165*4 172*4
176*4
4
174*4
174*4
2
176*4 182?*
174*4 177*4
24*4
D
22?*
172
♦6s part paid
&
27
25?*
29*4
26**
11
25*4
29
34*4
33?*
39 ?4
31
35 ?4
33
179
31
D
26**
25*4
30
34
38*4
14
38
38
*104
105?*
105**
56
20
Haiti (Republic) s f 6s ser A... 1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7*4s '50
Helsingfors (City) ext 6*4s
1960
Hungarian Cons Municipal Loan—
♦7*4s unmatured coup on
1945
110
32
*34 *4
33
106
33
A
O
A
O
J
J
A
O
J
F
29*4
28 ?4
93**
22*4
26*4
95**
*23?*
106
96
9
27
— —- —
*16
95}*
25
105*4
sec s
f 7s
ser
24
A
1947 IVI
B
—
106
—
4
28 ?4
24
24*4
104*4 110
23
32**
25?*
24*4
27
30
23
25?*
8
--
43
♦7s with all unmat coup
♦Leipzig (Germany)
26
38
44
120
----
72*4
75
157
60?*
75
2
83*4
97
73?*
a92*4
*64*4
S
J
a92*4
72
60
63**
3
----
14
113*4 115
53
67*4
51*4
64*4
91*4 100
91*4
92?*
70
78
92?*
79*4
79 *4
38
78
32?4
2
25
32*4
30
31*4
1957 A
O
32**
1947 F
s f 7s.
A
*28*4
Lower Austria (Province of)—
♦7 *4s June 1 1935 coup on
D
1950 J
♦Medellln (Colombia) 6*4s
1954 J D
♦Mexican Irrig assenting 4*4s..l943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q
♦Assenting 5s large
♦Assenting 5s small
12*4
37*4
27**
36
3134
8
27
34
2
28**
1434
1434
1434
1414
1434
1434
1434
1434
1434
16
14
49
13?*
15*4
Milan (City, Italy) extl 6*4s... 1952 A
1434
11
14
15*4
*
32
104*4
9*4
9*4
J
9*4
*5*4
*9*4
*6*4
*6*4
J
6*4
1234
1234
4
27
23
13**
1954 J
D
1954 J
D
34 ?4
37
♦{Treas 6s of *13 assent (large) '33 J
14
15*4
15*4
13?*
11
----
12
----
6*4
7 J*
5?*
10?*
9**
9*4
15*4
— — ——
6
----
6*4
6?4
20
5**
5*4
29
6?*
5?4
6?*
1
J
------
O
------
----
12*4
13*4
1334
1334
1234
25
12*4
13*4
18
12*4
13*4
1234
42
12
13*4
♦Montevideo (City of) 7s
♦External
1958 IVI
s
D
s f 6s series A
1959 M N
New So Wales (State) extl 5s. .1957 F A
External s f 5s
Apr 1958 A O
5*4
4?*
4**
6?*
6*4
10**
12*4
12**
5
7*4
7**
7*4
9*4
9
63
67
50
18
18*4
10
15*4
18
18
..1959 M S
1952 J
4
10*4
7*4
61
18
3
14*4
19*4
47
53
15*4
14
5
*5 **
'
♦{Small
♦6*4s Sept coupon off
♦6*4s Sept coupon off
*
89*4
100?* 101
19
----
Mlnas Geraes (State of, Brazil)—
♦4s of 1904
♦Assenting 4s of 1904.
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
97
22
-
42*4
*112*4
1960 M N
Italy (Kingdom of) extl 78—1951 J D
Italian Cred Consortium 7s A..1937 M S
External
33
26
23*4
*23
f 5s
25*4
1
IVI N
s
2
105?* 108
114*4 118*4
28*4
34
3
*23
Irish Free State extl
—
26?*
♦7s unmatured coupon on... 1946 J
J
M N
1944
10
— — —
28?*
*23
coupon on
25
----
26*4
22
38
45*4
106
28?*
J
♦Hungarian Land M Inst 7*48.1961
♦Sinking fund 7*4s ser B
1961
Hungary (Kingdom of)—
99
all5*4 a!16
1968
3134
20
27
183
26*4
25*4
34*4
t4% fund loan £opt 1960—1990 M N
♦Greek Government s f ser 7S..1964 M N
♦7s part paid
1964
♦Sink fund secured 6s
1968 FA
2934
2934
1434
104?*
(Municipality of)—
9**
16
96**
105*4 108?*
102
171**
176*4
'175*4
1941
7s unstamped
1949
German Govt International—
♦5*4s of 1930 stamped
1965 J D
♦5*48 unstamped
1965
♦German Rep extl 7sstamped..l949 AO
2
12
64*4
41*4
3
106
1956 M
External sink fund 6*4s
31*4
1434
99
67*4
"70*4
♦El Salvador
10
1434
1434
96
100?*
37**
103?*
105?*
2d series sink fund
5*4s
1940 A O
♦Dresden (City) external 7s...1945 M N
"7
13
1961
For footnotes see page 2465.
Dominican Rep Cust Ad 5*4s..l942 M S
1st ser 5*4sof 1926
1940 A O
1034
3434
/13
f 6s
A
70
103**
105**
S
33
♦External sinking fund 6s...1962 M S
♦External sinking fund 6s... 1963 IVI N
♦Chile Mtge Bank 634s
♦Sink fund 6**sof 1926
65*4
62
3134
Jan 1961
2
100*4 105*4
M
to Sept 1 1935...
Italian Public Utility extl 7s.-.1952 J
36
15 1960 A O
A Apr
15 1938 A O
♦Chile (Rep)—Extl sf 7s
1942 M N
♦External sinking fund 6s... 1960 A O
♦Ext sinking fund 6s
Feb 1961 F A
ser
6s___Sept 1961
{♦Stamped extd
Japanese Govt 30-yr s f 6 *4s
1954 F A
Extl sinking fund 5*4s
1965 IVI N
Jugoslavia State Mtge Bank—
61
3134
6s
65*4
Deutsche Bk Am part ctf 6s... 1932
80
60
10
6s.-Oct
55?*
10
97*4
64**
65*4
J
s f
63**
45*4
104*4
101*4
79
64*4
33
♦Farm Loan
11
"i05*4
71
57*4
3434
15 1960 J
97
9
103?*
J
55
55*4
S
6s..July
92*4
88*4
54
103**
O
70
16
99
8 f
48
A
5
62
A
♦Farm Loan
100
A
58
of)—
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 734s May coup off 1968 M N
♦Caldas Dept of (Colombia)
J
J
1952 M N
25*4
49**
50
34*4
101*4
1955 F
63
"6334 "~~6
*
1942 J
4*4s.__.Apr 15 1962
78
*73
6334
6134
10-year 234s
Aug 15 1945 F
♦Carlsbad (City) sf 8s
1954 J
♦Cauca Val (Dept) Colom 734s. 1946 A
♦Cent Agric Bank (Ger) 7s
1950 M
g
♦7*4s February
O
—- —
46*4
♦8s unmatured
coupons on..1954 M N
Gr Brit & Ire (U K
of) 5*4s
1937 F A
27
1960 A
11
-
175
Graz
2434
6134
Canada (Domof) 30-yr4s
5s
60
48*4
105*4 110
2534
8
28
97**
94*4
21
101*4 109*4
109
118*4
105*4 109*4
100*4 102*4
23*4
28*4
23*4
27*4
13
21*4
8*4
16*4
25
J
20*4
99*4
69?*
13
25
D
17*4
100**
31
27
1958 F A
1950 J D
6
*94*4
10734
2534
S
20*4
100*4
10434
11334
10834
25
734
3234
734
95*4
97*4
97*4
97*4
O
1957 M
20
10
97*4
97*4
97*4
97*4
97*4
97*4
94*4
104*4
104*4
98*4
28
"6334
8
6
37
2734
10634
10334
11234
10834
*10134
1976 F
s
19
100
100
2
1961 F
♦Guar
9634
6
30
♦634s stamped
Refunding s f 4**-4*4s
Readjust 4*4-4 *4s
♦Guar
834
O
♦Buenos Aires (Prov) extl 6s._.1961 M
♦6s stamped
1961 M
♦External s f 6*4s
1961 F
s f
1
D
Buenos Aires (City)
6*4s B-2..1955 J
External s f 6s ser C-2
1960 A
External s f 6s ser C-3
1960 A
♦Ext sinking fund
1
J
♦6s July 1 1935
coupon on...1962 J
♦Ry ref ext
1
96
1034
734
734
3134
Budapest (City of)—
f $ bonds
12
A
A
17*4
J
June 30 1945 J D
1959 M N
External gold 5*4s
9534
1949 M S
.1955 J
2
78*4
O
External
10
10034
100
21
21*4
100*4
7*4
10*4
8
10*4
8*4
10*4
7*4
10*4
10
10534
Austrian (Govt) sf 7s
19?*
19*4
A
1952 A
18*4
7*4
10534
100
17*4
8*4
8*4
10034
J
17
A
J
Sinking fuDd 8s ser B___
Denmark 20-year extl 6s
98
11
1956 M N
1955 J
20
1949 F
A
O
7
9
..1957 M S
A
25*4
20
1949 F
ser
1951 A
6
22
9834
10534
10534
9934
1962 F
♦Bavaria (Free State)
6*4s
Belgium 25-yr extl 6*4s
External sf6s.
♦Farm Loan 6s
934
13
9
9934
9734
10534
100
100
(Kingdom
20
10034
D
1958 J
f 6s of May 1926
1960 M N
s f 6s (State
Ry)_._1960 M S
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks
May 1927— .1961 IVI N
Bulgaria
20
1934
1934
10034
934
100
s
External 5s of 1914
External loan 4*4s
♦Public wks 5*4s
"9634
s
27?*
3
S
99.17101.28
9
External
12*4
52
23?*
34
1944 M
51
100
♦{Bremen (State of) extl 7s
Brisbane (City) sf5s
Sinking fund gold 5s
20-year s f 6s
(Republic) 5s of 1904
101.25
1959 A
♦Brazil (U Sof) external 8s
1941
♦External s f 6*4s of 1926.-.1957
♦External s f 6Ms of 1927... 1957
♦7s (Central Ry)
..1952
Cuba
Sinking fund 5*4s...Jan 15 1953
834
834
834
9534
9934
9934
9934
9934
9934
9934
9934
9954
9934
9734
10534
Bergen (Norway) ext s f 5s
1960
♦Berlin (Germany) s f 6
Ms
1950
♦External sinking fund 6s... 1958
♦Bogota (City) extl s f 8s
1945
34 *4
99.16101.28
1957 M S
External 30-year s f 7s
Stabilization loan 7s
78*4
100.17102.30
""834
1958 J
11**
43
20
*54
j""j
1
19?*
47*4
65*4
1937
46
934
Argentine Govt Pub Wks 6s... 1960 A
Argentine 6s of June 1925
1959 J
External 5s of 1927
"47*4"
Costa Rica (Republic of)—
♦7s Nov 1 1932 coupon on...1951 M N
♦7s May 1 1936 coupon on...1951
—
-
22
♦50
1937 M N
Cordoba (Prov) Argentina 7S..1942
-
1
High
22*4
94**
A
1957
11
12
50**
25**
Low
19*4
19*4
19**
96*4
94**
203
934
934
J
7s 2d series. 1957 A
7s 3d series. 1957 A
External g 434s of 1928
♦7s stamped
♦External sink fund 7s
♦7s stamped
No.
High
Since
21**
"96*4
101.24
O
1957 A
Public Works extl
5*4s
Australia 30-year 5s
D
1957 F
102.29
1945 J
♦External
Extl
1952 J
1953 M N
f 7s
Range
Jan.
21**
A
101.21 101.20
A
1963 IVI N
f 6s of Oct 1925
21**
21**
19*4
19*4
J
O
Czechoslovakia (Rep of) 8s
♦ArtJoqula (Dept)
s
O
25-year gold 4*4s
♦Cordoba (City) extl
♦Cundinamarca 6*4s
♦Sink fund 6s Feb
coupon on. 1947 F
♦Sink fund 6s Apr
coup on_._1948 A
External s f 6s series A
External 6s series B
25**
1947 F
102.24 102.22
Foreign Govt. & MunicipalsAgricultural Mtge Bank (Colombia)
Antwerp (City) external 5s
S
1946 M N
a
11*4
♦49**
25**
D
M
a
1|
Asked
101.20103.20
102.9
1951 J
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
105. 12107.16
100
1960 M S
101.22 101.21
1 1939-1949 F
Akershus (Dept) ext 5s
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
&
Low
15 1943-1945 A
118.4
Bid
Price
Foreign Govt. & Mun. {Con.)
4s
Federal Farm
Extl
£0,
4**s___Oct
3**s___Oct
Dec
Week's
Range
Asked
&
i
outside of the
50**
46*4
50*4
46 *4
50*4
47
12
6
,63
19**
102
102 %
6
43
48*4
100** 103
101?*
102*4
4
101
103
xr
BONDS
Last
Inter st Period
N. Y. STOCK EXCHANGE
Week Ended Apr. 10
Bid
Price
Low
F
a
106 m
A
f
O
J
f 5 Ms.
d
M
Municipal Bank extl s f 5~s.
♦Nuremburg (City) extl 6s_.
1
'V l/v«ra1
rvi i
a
m
100 m
J
A
M
Or*
d
f
s
*102 m
vjo 10
^ity;
du-year s r es
Panama (Rep) extl 5 Ms
♦ Extl
s f 5sser A
♦Nat Loan extl
s
f 6s 1st ser.
102
105 m
2
104
_
-.
15
14
ser.
81
58
12
72
70%
90 m
67
.
17
12 H
12m
-
11
12m
17m
17m
17
14
15m
19
13 m
124
12m
O
12%
12m
13m
26
12
A
o
75 m
75
76
11
74
O
..1940
1950
J
*105m
107 m
89 m
_
90 m
90 m
j
:
102
Prague (Greater City) 7 Ms
j
1952
I *7Hb July coupon off
*16m
D
J
1966
7s_.1941 a
99 m
101 m
24 m
24 m
5
23 m
24 %
24 %
5
23m
29m
28m
111
......
1946 a
O
Aug coupon off
Rio Grande do Sul (State of)
♦8s April coupon off
1953 F
a
.1953
S
J
1951
♦78 Nov 1 1935 coupon
Silesia (Prov of) extl 7s
on..
1
16
25 m
Auburn Auto
16
11
14
17m
Austin A N W 1st gu g 5s
4
14m
15
54 m
67
Taiwan Elec Pow
18m
25m
29 m
19m
20 m
68
16m
19m
20
14
15m
23 m
21m
15 m
16m
10
14
20 m
87
87 m
81m
90 m
67
11
1962
75
24 %
s
f 5 Vis
f
5Ms
*158m
a
*
101m
A
15
1952
68 m
69
6
68 m
74 m
10 m
11
*101
18
73m
82 m
9m
11m
101m
100
101m
47
45m
47 m
3
39 m
46 m
8
37 %
50
45 %
46
37 m
60
53 m
61m
3
92 m
2
46 m
66 m
94 m
71m
78
89
13
90
93 m
93 m
a
68
67 m
68
D
79 m
78
79 m
62
d
87
40 m
100 %
15
100
100m
14
98m 102 1
97
100m
46
100 %
s
A
......
60
O
64 m
D
.....w
D
106
A
o
*71
A
O
♦Albany Perfor Wrap Pap 6s.. 1948
5sI~IIl944
F
70
1.1942
87 m
*
-
O
5 Ms
6
5
13
105 M
105M
105M
107
108 M
*104M
J
103M
103 M
106
105M
113
100M 104M
103M 107 M
85M
119
102 M 106 M
92
75
111M
97M
23
108M 113M
105
103 M
27
102 M
97 M
102 M
103 M
33
99 M 105
19
88
98
95 M
J
100
110M
95M
102%
110M
D
46
60
106
84
84 M
O
105M 106 M
"16
105
M N
21
104 M
108 M
J
57 M
95 M
104 M
96
84 M 100M
100 M
106
80 H
90
108""
115M
115M
116
105
104 M
105
74 M
74 M
*100M
*100M
*100M
1936 j
1936 j
1951 A
1948 J
120 M
1960 A
126 M
Belvldere Delaware cons 3 Ms. .1943 J
♦Berlin City Elec Co deb 6Ms.. 1951 J
F
♦Deb
~28M
1955 A
~24M
1959
♦Debentures 6s
♦Berlin Elec El A Underg 6 Ms. 1956 A
Beth Steel cons M 4M8 ser D..1960 J
120M
126M
*101M
28 M
26M
24 M
*27
i05M
105M
103 M 109
109 M 118
101M 120
8
74 M
101
"16
15
108
1951
sinking fund 6 Ms
113M 116
*113M
1951 J
75
68 M
100M 101M
101M 101M
4
*
98 M
100
120 M
119
121
126M
125
129 M
28 M
28
32 M
26 M
25M
25 H
29
24 M
30
29
105M
28
76
33
104 M 106M
109 M
*109
HO
1944 J
1950 IVI
Boston A Maine 1st 5s A C
1967 M
84 M
84
85
117
1955 IVI N
1961 A O
84 M
84 M
85 %
102
80
94
79 M
79 M
55
75
89 M
29
81M
30M
17
23
31M
21
22
36
21
26 M
21
21
6
21
26 M
1st M 5s sertes II
1st g 4Mb ser JJ
72
4
95
83
89 m
102
F
A
1934
A
O
5 {♦Botany Cons Mills 6 Ms
52 m
95
100 m
8
....
110m
2
100 m
101 %
11
139
143 m
221
97 m
95 m
78
36 m
90
81
60
100m
108m 110m
99 m
101 m
2
8
102
349
d
7/4 m
74 m
75 m
12
1949 M n
1953 J
s
139m
97
__
102 m
102 m
97
Stmp
as
194]
1949
104
Cal Pack
conv
70
79
Guaranteed
gold
396
109m
109m
109m
16
112
112
113m
51
112
O
95
95
6
97
J
J
*95 M
F
A
114M
120 M
D
101 %
119
113m
112m 116
112
119m
112
114m
Guaranteed gold
Guaranteed gold
95
115
121M
119M 122
109 M
108
106
105M 106 M
104
105
109 M
IVI N
A
A
5s
equip trust ctfs
Coll trust gold 5s
Collateral trust 4 Ms
—
Members
-
-
—
1
2
80
81M
105
65 M
84 M
23 M
1
21M
22 M
29
24
—
86
86 M
"~2
80 %
90
J
66 M
66
68M
36
68M
O
62 %
62 M
64
11
48 M
58 M
M N
98
99
20
92 M 101M
M N
*106M
107 M
104 M
104 M
16M
17M
118M
111M
116M
J
16M
H7M
iii'M
111
116M
117M
115M
117M
117
115M
M
113
J
125M
91M
1946 J
103 %
113M
112M
125M
91M
103 M
114M
118M
117M
115M
-
67
106M 107 M
104
105 M
42
17 M
9M
111M U8M
108M 112M
113M 116M
22
115
41
3
29
5
118M
115M 118M
5
112M 117
1
110M 114M
33
110M 114
14
93 M
270
122 M 126 M
94 M
87 M
104
21
102 M 105
113M 115
114M
8
107
106 M
107 %
64
105M 108
103K
102M
103%
46
100 M 104 M
New York Curb Exchange
-
....
113M
113M
125M
Industrial Bonds
A. T. & T. Teletype
30 M
86
O
1962
NEW YORK
NY 1-911
Chicago, Indianapolis and St. Louis
HAnover 2-7900
103
109
104 M
23 M
80M
O
J
stk per pet J
1946 M S
J
1944 J
Dec 1 1954 J D
J
1960 J
Coll trust 4Ms
103
108M 111
104 M 104M
109
104 M
109
S
Vilas A Hickey
Wires to
124 M 127 M
105 M
127M
*103
F
M
1942
Canadian Pac Ry 4% deb
Railroad, Public Utility and
Private
85
75
109
99
BROKERS
BOND
Telephone
69
114M
2465.
49 WALL STREET
105 M 107 M
103M 106
127 M
104 %
105M
S
Canadian Northern deb 6 Ms
90m 101m
New York Stock Exchange
29
*109M
104 M
A
Guaranteed gold 5s
126 m
{♦Am Type Founders 6s ctfs.._1940 a
83 M
...1940 J
1957
July 1969
5s
Oct 1969
5s
1970
June 15 1955
4 Ms
1956
4 Ms.-Sept 1951
83 m
120m
62
*78M
Canadian Nat guar 4 Ms
66 m
120m
33
1945
1937
5s
deb 5s
s
96
1952
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
M
113m
M N
*21
Cal G A E Corp unf A ref
Guaranteed gold
113m
1937
1957
By-Prod Coke 1st 5 Ms A
Guar, gold 4Ms
113m
172
1955 J
BIdgs 5s gu tax ex.. 1960 A
106%
134m
107 m 110m
112m
33
106 M
104 M
♦Consol 5s
112m 117m
113
105 M
105M
103 M
1938 J
{♦Bush Terminal 1st 4s
Bush Term
36
112m
104M 108
104 M
106 M
J
18
88
100M
105M 108 M
105 M
IVI N
93M
12
10
103 M
..1950 F
Consol 4 Ms
.59
112m
99%
106
J
J
♦Certificates of deposit
114m
113m
99 %
105M
J
1957 IVI N
5 {♦Burl C R A Nor 1st A coll 5s 1934
106 %
112m
..1950
Buffalo Gen Elec 4Ms ser B...1981
113m
J
106
1947 IVI N
Brown Shoe s f deb 3Ms
105m
a
J
1950
1945
1st Uen & ref 5s series B
105m
Convertible debenture 4Ms.. 1939 j
Debenture 5s
1965 F
J
Gen mtge 5s series E
1952
Bklyn-Manh R T sec 6s A.
1968
15-year sec 6s, series A
1949
Bklyn Qu Co A Sub con gtd 5s. 1941
1st 5s stamped
1941
113m
D
"79M
7
*13
IVI
to pay of $435 pt red
j
j
35-year s f deb 5s
...1960 J
20-year sinking fund 5 Ms.—1943 m N
45
|{*Bowman-Bl!t Hotels 1st 7s. 1934
J
j
*21*"
21
♦Certificates of deposit
*
104m
87m
48m
50
110
.
76
55
101
104 m
*42
{♦Boston ANY Air Line 1st 4sl955
Buff Roch A Pitts gen g 5s
73
53
72 m
77 m
Corp donv 5MS--1949
Am Rolling Mill conv deb 4MS.1945
Am Telep & Teleg coll tr 5s...1946
1
69
83
BrunsA West lstgug4s,
110
103m 106m
102 m
Am Internat
For footnotes see page
42
67M
65
53
109
—.
76
s
a
conv
-
76
M
Sugar 6s ext to Feb 1 1940 F
Am A Foreign Pow deb 5s
2030 M
Am Beet
Amer I G Chem
42
67M
1996
1943 J
1st A ref 5s sertes C
49
118m 143 m
91m
97
mn
f deb 5s
65
106
100
s
A
48
73 m
-
O
M
94
89
.
50 m
a
*103
94 m
a
O
..
.
d
1949 J
A
s
*110
71
♦6s with warr assented
American Ice
70
42
90
Debenture gold 5s
100 m
46
d
j
Alleg Val gen guar g 4s
47 M
61
50
74
1st lien A ref 6s series A
1943 j
Coll A conv 5s
99M
40 M
33 M
98 M
159
Bklyn Union EI 1st g 5s..
Bklyn Un Gas 1st consg 5s
j
tAlleghany Corp coll tr
89 M
96 M
97M
49 M
J
Brooklyn City RR 1st 5s
Bklyn Edison Inc ger 5s A
INDUSTI
B
81 M
8
J
4s stamped
49 m
45m
......
m N
F
83
76m
6
73 m
*61m
1958
1961 j
93 m
73m
O
a
bttua
J
ser
79
38
MN
Batavlar Petr guar deb 4 Ms... 1942 y
Battle Crk A Stur 1st gu 3s
1989 j
100m 103 m
75
74
n
M
4s
86
87
J
Bangor A Aroostook 1st 5s
Con ref 4s
COMPANIES
cons
98 M
85
86
Big Sandy 1st 4s
166
92
18
68 m
M n
AND
ioom
101m
73 m
n
f
Warsaw (City) external 7s
Yokohama (City) extl 6s
51m
158
75
O
M
Vienna (City of)—
♦6s Nov coupon on
29m
29
75
66 m
33
54 m
m N
M
RAILROAD
28
51
83 M
Blng A Blng deb 6 Ms
guar
lupfto
6
70
m N
♦Tollma (Dept of) extl 7s
v
26
69%
*33 m
97 %
J
Bell Telep of Pa 5s series B
69 m
84
97 M
83 M
J
Beech Creek ext 1st g 3 Ms
25
105
S
83 M
35
32 m
a
J
82 M
33 m
F
118M
103M 106M
105M 110
96 M 100M
88 M
82 M
11
D
M
IVI
29 m
M n
N
d
D
109M
74 M
69 m
23m
23m
109
109 M
J
61M
32 m
25m
118
120M
*106M
J
91
57
32 m
105M 107M
110M 113M
110M 112M
370
27
M
*118
J
14
74M
27m
25m
24
114
83 M
1
25m
106 M
113
72 %
1
2
102 M 106 M
114
109
106
111M
*110M
108 M
105
1
82 M
4
32 m
104 M H3M
106 M 109
7
73 M
27 m
*28 %
24
107
83
28 m
36
111
*106M
107""
106 M
1960 F
63
*28 %
110
lio"
105
2000 IVI
27 %
......
104 M 113M
J
1995 J
28 m
D
3
IVI
July. 1948 A
a
75
110M 115M
111
Conv 4Mb
20
*65
109
111
181
Ref A gen 5s series D
23
19m
......
87 m
13
114M
15
Southwest Dlv 1st 3M-6s
1950 J
Tol A Cln Dlv 1st ref 4s A... 1959 J
......
......
106 M
113M
111M
1941
M n
S
97 M
105M
114M
105M
P L E & W Va Sys ref
22 m
12
97 M
105 M
111M
27
14m
9
84 M
101M
96
103 M 105M
98 M
94 M
105M
1941
48 M
30 H
71M
""52
111M
deb 4Ms...1939
4s
49
1U4M
104 M
98
104M
104 M
J
Ref A gen M 5s ser F
25
FA
F A
F a
1955 F A
J
j
1971 J
J
m S
** c
Tokyo City 5s loan of 1912
1st
conv
4
■/.!!..
118M
24
J
28 m
17m
3
75 M
zlOl
4
J
22m
12
26 M
26M
v
99 M
107M
105 %
25
26 m
45
20
17 m
17 m
1946
f 5 Ms
s
197
1959
1937
5s
1st gold 5s
122 m
112
h7m
20
Styrla (Province of)—
Sydney (City)
104 M
26 M
{Baldwin Loco Works 1st 5s... 1940 IVI N
Bait & Ohio 1st g 4s
July..1948 A O
D
Refund A gen 5s sertes A
1995 J
21
19m
40
19m
21
67
26 m
loss J
J
♦7s Feb coupon off
104
104 M
J
Beech Creek 1st gu g 4s
2d guar g 5s
j
♦Slleslan Landowners Assn 6s..
Solssons (City of) extl 6s
a \j
23
*20
j
D
♦Sinking fund g 6 Ms
Serbs Croats A Slovenes (Kingdom) —
♦8s Nov 1 1935 coupon on.. 1962 M n
M N
a.
Atlantic Refining deb 5s_
Ref A gen 6s sertes C
♦Stamped
-
19m
*111
O
m
/a..
♦Gen ref guar 6 Ha
♦Saxon State Mtge Inst 7s
s
21
62
xveu;
Arg
♦Saxon Pub Wks (Germany) 7s 1940 F
External
15
14
19m
1952 M n
a
2
29
64
j
m
<u»
40
1948 J
19
*is%
64
a
j
v*
40
10
110
103
55
41M
1948
16
19m
d
♦Extl 6 Ms May coupon off.. 1957 M n
San Paulo (State of)—
J
j
{♦8s July coupon off
J
j
c
304
42
40
1958 J
Atl & Dan 1st g 4s
2d 4s
Atl Gulf A WI S3 col tr
......
1966 m N
J
38
28
29 m
15m
16
A o
Rome (City) extl 6 Ms
1952
Rotterdam (City) extl 6a
1964 M n
Roumanla (KlDgdomof Monopolies)
♦Saarbruecken (City) 6s
Sao Paulo (City of Brazil)—
♦8s May coupon off
110
40
May 1 1945 IVI N
10-yr coll tr 5s
23
d
1959 F
111
14m
15m
O
1968 J
♦7s August coupon off
112
109
18
1946 a
1967 J
109
3
110m
*28m
1950 m s
3
111
*109
7s A
Rio de Janeiro (City of)—
♦8s April coupon off
♦6s June coupon off
♦7s May coupon off
♦7s June coupon off
100
100
a
♦Rhlne-Maln-Danube
103
40 M
1962
Atl Knox A Nor 1st g 5s
1946
Atl & Charl A L 1st 4 Ma A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July. 1952
General unified 4Ms A..... 1964
L A N coll gold 4s
Oct
1952
19m
24m
......
O
1947 F
s f
103 M
J
1960
.1948
1965
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
22
15
5
.......
m n
m S
♦Prussia (Free State) extl
6MS-1951
♦External 8f6s
1952 a O
Queensland (State) extl
25-year external 6s
S
1955 J
Conv g 4s Issue of 1910
96
16
21
18
18
High
J
Cal-Arlz 1st A ref 4 Ms A
1961 j
97
Low
M
AO
Conv deb 4 Ms
Porto Alegre (City of)—
♦8s June coupon off...
91
109 M
Certificates of deposit
Conv 4s of 1905
' 111m
88 m
24
No.
108 M
Anglo-Chilean Nitrate 7s
16m
16m
80m
1961 a
High
109 M
M N
Ms 1950
1945 M N
{♦ Ann Arbor 1st g 4s
..1995 Q J
Ark A Mem Bridge A Ter 5s
1964 M S
Armour & Co (111) 1st 4Mb
1939 J D
1st M s f 4s ser B (Del)
1955 F A
J
Armstrong Cork deb 4s
1950 J
Atch Top A S Fe—Gen g 4s
1995 A O
Adjustment gold 4s
1995 Nov
Stamped 4s
1995 M N
Conv gold 4s of 1909
1955 J D
106
84
*80 %
A
Anaconda Cop Mln 8 f deb 4
♦
104
73
1947 a
♦Nat Loan extl s f 6s 2d
Poland (Rep of) gold 6s
Stabilization loan 8 f 7s
External sink fund g 8s
♦
86m
82 m
73
15
s
M
79m
17
105 m
mmmmmrn
1959 m S
D
1960 j
46
80
m
71
Pernambuco (State of)—
*78 Sept coupon off
♦Peru (Rep of) external 7s
.
102 m
73
,
M n
♦Stamped
.
102 m
73
102 m
1953
100m 104 m
102 m 102m
22m
27
....
79 %
79 m
m N
1055 M n
J
d
99'5,6 105 m
103 %
100 m
28
25
*22 m
mm.rn.~mm
5
50
Asked
40
1975
10-year 5s conv coll trust
1944
{♦ Am Writing Paper 1st g 6s..1947
Deb g 6s series
101m
100 m
Since
Jan. 1
A
Bid
Low
105m 108
100 %
100 m
101m
s
Range
Range or
Thursday
Sale
Price
10
Amer Water Works & Electric—
107 m
106
51
Last
P
STOCK EXCHANGE
Week Ended Apr.
High
Low
37
108
106%
99'5,6 100*32
106 %
a
s
No
High
107
106 %
N. Y.
Since
Jan. 1
Asked
A
BONDS
Range
Range or
Thursday
Sale
Week's
Thurs.
Week's
Thurs.
40-year
2461
New York Bond Record-Continued-Page 2
Volume 142
New York Bond
Record—Continued—Page
Bennett 'Bros. & Johnson
Members
f
Clev Cln Chic & St L
{Concluded)
Cairo Dlv 1st gold 4s.
1939 J
J
Cln Wabash & M Dlv 1st 4s. 1991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
Spr & Col Dlv 1st g 4s
1940 M S
W
York Stock Gxchange
[
<^ew York Curb €xchMge
WValDlvlstg4s
%AILROAD PONDS
T.
H-
T. 1-761
'Bell
Thurs.
£"§
BONDS
Range
STOCK EXCHANGE
Sale
8
Week Ended Apr. 10
Bid
&
J
1949
D
1938
1st & cons g 6s ser A.-Dec 151952
D
Carriers & Gen Corp deb 5s w w 1950 MN
Cart & Ad 1st gu g 4s
D
1981
106 %
107%
18
109
110
28
32
102 %
1987 J
1949 F
J
92%
A
29
24
15
23
24
28
30
107
102%
64%
102%
92%
106%
A
103
93%
84%
126
105%
128%
117%
111%
118%
IVI
S
123%
O
112%
J
J
112%
J
J
1989 J
J
*110
21
245
104
112
4
*115%
J
48
{{Chicago & East III 1st 6s
1934
{♦C & E 111 Ry (new Co) gen 5s .1951
♦Certificates of deposit
Chicago & Erie 1st gold 5s
1982
53%
106%
J
33
62
10
IVI N
111%
117%
17%
IVI N'
1947
35
9
J
59%
A
22%'
O
7%
41%
N
6
14
3
12
107
50
24%
101
12
55%
54
59
59%
59%
22%
7%
59% |
60%
24
8
42% |
48
49
Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4 %s stpd Fed lnc tax.
.1987 M N
♦Gen 5s stpd Fed lnc tax
M N
*49
50% |
52
1987
1936 IVI N
D
May 1 2037
D
stpd..May 1 2037
♦1st & ref 4%s ser
D
C..May 1 2037
♦Conv 4%s series A
1949 M N
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F A
{♦Chic R I & P Ry gen 4s
J
1988 J
♦Certificates of deposit
56%
52
52
"22%
23%
22%
13%
13%
23%
23%
23%
14%
June 15 1951 J
D
Memphis Dlv 1st g 4s
1951 J
Chic T H & So East 1st 5s
1960 J
lnc gu 5s
Dec 1 1960
Chic Un Sta'n 1st gu
4%s A...1963
D
Cln H & D 2d gold 4 Ha
C I St L & C 1st g 4s
For footnotes
see
106
82%
101%
83% I
102% |
73
86%
100% 103
104
60
35
104% |
48
103
108
39
101% 106
102% 103
101% 102
108%
110%
*75%
1943
page 2465.
110%
105%
108% 110%
109%
108
111%
110% 113
85
1940
1977
112
*45%
*109
85
-
--
83
-
111
85
-
103%
...
...
—
97%
91%
102%
*96%
*104
97%
90%
103%
♦Debenture 4s
1956
{♦Cons Coal of Md 1st & ret 5s 1950
♦Certificates of deposit
Consumers Gas of Chic gu 5s.. 1936
Consumers Power 3%s.-May 11965
1st mtge 3%s
Container Corp 1st 6s
15-year deb 5s with
98
91%
191
54
99
13
99% 104
98% 104%
176
110
108%
*26%
103%
107%
103%
*22%
103%
107%
104%
106%
34
25
11
112
111
112%
107% 108%
105% 107%
28% 30
103% 106
109%
103% 106
107
20
32
36%
J
36
36
--
31
24
30
J
20%
34%
30
30%
31%
31%
39
36%
36%
102%
31% 38%
102% 102%
102%
108%
104%
J
M N
May 1 1965 M N
109
107
105
D
103%
104%|
103
1943 J
D
101%
102
A
109
104
1946 •*
warr
104
25%|
s
Paper 6s
Crown Zellerbach deb 5s
w
J
107%
105
103%
1942 J
59
1936 J
58
1937 J
Dayton Pow&Lt 1st & ref 3%s 1960 A
1st mortgage
1943 M N
1937 M N
1971 J
1969-1
s
J
86%
101
96% 104%
111% 116%
103% 105
89
101 %
78%
94%
101
103% |
106
86% I
101%
103%
104%
78%
98
105
105
103%
107%
107%
103%
104%
105%
106%
36
30
38
36
'
36% I
19%
31%
38%
20%
20%
31%
F
18
17%
19
13
A
28
30
23
{♦DesM&FtDodge4sctfs.._1935 I
{♦Des Plaines Val 1st
gu 4%s__1947 M
Detroit Edison gen & ref 5s ser C *62 F
Gep & ref 4%s series D
1961 F
Gen & ref 5s series E
1952 A
Gen & ref M 4s ser F
1965 A
♦Detroit & Mac 1st lien
g 4s... 1995 J
5
♦
1st 4s assented
1995
♦Second gold 4s
♦2d 4s assented
115%l
J
63
20%
20
21%
20%
21
1941
1965
1965'
103
86%
85%
106%
106%
84%
108
28%
113%
110
112
106
103%
86%
106%
85%
101%
100%
105%
105%
99%
77%
105%
74%
27%
86
75
88
74
70
79%,
69%
33
102%
106
107
105%
89%
106%
89%
89%
88
86
85%
118
118
117
119
119
119%
116% 119%
*110%
101
SI.
54
102%
100%
102%
*103
1954
100%
1946
"57%
103
1974
10
♦Certificates of deposit.
9%
98
103
101
99
101%
97% 103
103%
100%
56%
100%
71
57
8
7
10%
8
11%
10%
66%
11%
11
6%
6%
*4%
*105%
108%
59%
58 '
88%
*120%
8
62
Gen Amer Investors deb 5s A..1952 F
Gen Cable 1st s f 5% A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
A
103
J
105
J
106
105
105%
108%
106
110%
60
90
62
"62
102
103
105
105%
35%
75%
61
52
62
29
33
33
33
30
33
33
30%
103%
103%
90%
101% 104%
101
105%
45
*32%
D
J
66%
*104%
Galv Hous & Hend 1st 5%s A..1938 A
0|
Gas & El of Berg Co cops g 5s_ 1949 J D
N|
95
*5
J
1961 J D
Framerican Ind Dev 20-yr 7 %s 1942 J
J
{♦Francisco Sug 1st s f 7%s—1942 IVI N
101% 104
60%
52%
*9%
{{♦Proof of claim filed by ownerIM N1
♦Certificates of deposit
104% 104%
42% 59
103
66
*54%
65%
119
112%
*101
56
1942 IVI
1939 J
107
128% 131
28%
33
78
103
1942
1940 J
21
118
1942
—.1948 M
20
79%
Fonda Johns & Glov 4 %s
1952
{{♦Proof of claim filed by owner..IM N|
(Amended) 1st cons 2-4s
1982
♦Sinking fund deb 6%s
107%
35""
104% 104%
103% 110%
78%
{♦Fla Cent & Penln 5s
1943
{♦Florida East Coast 1st 4 %s—1959
♦20-year s f deb 6s
Gen Pub Serv deb 5%s
116%
78%
1955
1941 J
69
*84%
f 6s
Fort St U D Co lstg 4 %s
Ft W & DeD C 1st g 5%s
105%
79
1975
♦1st & ref 5s series A
116
15%
15%
112% 116
103% 105
105% 107
52%
72%
12%
23%
*83
1953
-1967
1st lien 6s stamped
30-year deb 6s series B.
Flat deb s f g 7s
104% I
*103
1939
1942
35
50
116
*103%
105%
1995
5s International series
1st lien s f 5s stamped
59
116
110%
*107%
*129%
*28%
28%
*111%
*106%
*107%
*106%
106%
PIttsggu3%sserB
1940
Series C 3%s
1940
Erie RR 1st cons g 4s 4s
prior.. 1996
1st corsol gen lien
g 4s
1996
Penn coll trust
gold 4s
1951
Copv 4s series A
1953
Series B
1953
s
108% 110%
50
50%
63
ErieA
Genessee River 1st
108% 110%
'105%
Corp (Germany) 6%s.l950
♦1st sinking fund
6%s
.1953
Gen conv 4s series D
Ref & lmpt 5s of 1927
Ref & lmpt 5s of 1930
Erie <fe Jersey 1st s f 6s
113
109
*20
116
♦El Pow
Elgir Joliet & East 1st g 5s
El Paso & S W 1st 5s
5s stamped
115%|
110%|
*20
1956
cods 4s
Ed Elec (N Y) 1st
cons g 5s
7
71
*32%
7%s.l937 M S
♦Ctfs of deposit
-i
East Ry Minn Nor
Dlv 1st 4s.. 1948
East T Va & Ga Dlv 1st
5s
Ed El 111 Bklyn 1st
4%
108% 110
110
*45
D
1995
1937 J
115
109%
109
Tl6%
Detroit Term & Tunnel
4%s..l961 M N
Donner Steel 1st ref 7s
1942 J
J
Dul & Iron Range 1st
5s
1937 A O
Dul Sou Shore & Atl
g 5s
♦{East Cuba Sug 15-yr s f
5%|
13%
66
*109
--
1995 J
61
75%
70%
104%
106%
90%
102%
106%
105%
110
108%
108%
34%
J
J
103%
105%
86%
62
103%
65%
55%
49%
49%
46%
107%
107%
J
M N
J
60
,
106%
103%
*105%
103%
f 5s...1951 M N
Stamped as to Penna tax
1951
{♦Den & R G 1st cons g 4s
1936
{♦Consol gold 4%s
1936
{♦Den &RG West gen
5s._Augl955
♦Assented (subj to plan)
♦Ref & lmpt 5s ser B
Apr '78
58
105
J
1969 J
4%s
Den Gas & El 1st & ref
~60%
52
1936 J
1st ref 7 %s series A
1st lien & ref 6s ser B
Cumb T & T 1st & gen 5s
58
1952 J
101
103% 106%
104
102
*103
W..1940 M
Cuba Nor Ry 1st
5%s
Cuba RR 1st 5s g
♦{Gelsenklrchen Mining 6s__._1934 IVI
11
102%
118%
105%
98%
74%
98% 104%
48%
70
59%
80%
73
112
111%
O
1955 A
.
*99
J
107% i
Federal Light & Tr 1st 5s
|*101%
110%
D
Debenture 4s
|
104
103% I
103%
*104%
108%
*105%
J
"65%
5
111% 111%
111
1957 J
Debenture 5s
74%
100% 107%
95
101%
170
*111
111%
{♦Consol Ry non-conv deb 4s..1954 J
♦Debenture 4s
1955 J
♦
102%
111%
1945 F A
1951 J D
84
105% |
103
"J
95%
107
'I04"
1940
1963
Consol Gas (N Y) deb
5%s
Debenture 4%s
10
104%
70
73%
102%
104
O
1951 J
Stamped guar 4%s
1951 J
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s...1956 |J
94""
>105%
D
Conn & Passum Rlv 1st 4s
Conn Ry & L 1st & ref
4%s
47
172
67
A
A
107%
"74%
74
103%
O
1948 A
1955 F
1949 F
1943 A
95
*
1993
4s
Comm'l Invest Tr deb 5%s
"92"
F
1957
g
Col & Tol 1st ext 4s
"74
104%
67%
73%
103%
1957
N Y & Erie RR ext 1st
4s... 1947 IVI Nl
3d mtge 4%s
1938 IVI S[
Ernesto Breda 7s
1954
107
J
1993
Ref & lmpt 5s ser D
Ref & lmpt 4Hs ser E
110
107%
82%
102%
O
7%
105
105%
109%
104%
106%
S|
1941
General 5s serial B
Ref & lmpt 6s ser C
10
110
106
107
Cln Leb & Nor 1st con gu 4s... 1942
Cln Union Term 1st 4Hs A
2020
1st mtge 5s series B
2020
Series B (small)
Clearfield & Mah 1st gu 4s
Cleve Cln Chi & St L gen 4s
16
105% 108%
105% 108
105% 109
105% 108%
108% 112
99% 105%
106% 108
110%
.19371
1st guar 5s series C
Clearfield Bit Coal 1st 4s
18%
16%
18%
17%
106
1952
Aug 2 1936
80
105%
*108%
105
.1968
17
80%
"l05%
1943
25%
11%
15
A
93
...1
105%
1947
25%
20
14%
16%
J
1943 F
92
1944
Chile Copper Co deb 5s
{♦Choc Okla & Gulf cons 5s
ClnG&E 1st M 4s A
61%
46%
43%
20%
19%
22%
20%
11%
10525321 10 52532
1st mtge 4s series D
1963
Chic & West Indiana con 4s. ..1952
1st ref 6%s series A
1962
56
27
*86%
94
S
1944
56
57%
36
109
D
1963
21%
118
73
16%
9%
D
1962
113%
113%
117%
37%
9%
1960 IVI N
June 15 1951 J
1st & ref 5%s series C
Chllds Co deb 5s
113
38
15%
17%
1938 J
Jan 15 1961 J
Del Power & Light 1st
4%s
1st & ref 4%s
74%
39%
17%
Debenture 5s
Col & H V 1st ext
55%
107%
17
1952 M S
D
1934 F
Colo & South 4%s ser A
1980 M Nj
Columbia G & E deb
5s—.May 1952 M N
Debenture 5s
.Apr 15 1952 A O
Del & Hudson 1st & ref 4s
Gold 5%s
38
♦Certificates of deposit
Guaranteed g 5s
Guaranteed 4s
112%
124%
74%
38%
1934 AO
1945 J
39
110
101%
106
105% 110%
105% 110
101
104% 105%
26% 39%
28% 49
29
48%
28% 46%
15%
28
16% 29
92% 101%
111% 111%
46% 65%
43
58%
47% 68
68
47%
49%
69%
25
19%
7%
9%
38%
48%
41% 54%
41% 55%
42%
47%
21%
20%
53
22%
22%
Coal River Ry 1st gu 4s
{♦Colon Oil conv deb 6s
{♦Colo Fuel & Ir Co gen s f 5s..
{{♦Col Indus 1st & coll 5s gu..
O
O
106%
104%
44
I
1973 A
1977 A
4
110%
101
44
61 %
1987 M N
{♦Secured g 6%a
♦1st ref g 5s
♦1st & ref 4Ha
116
f 5s series B guar
f 4 %s series C
110
41
112
25
41%
♦4%s stamped
s
*106%
110%
109%
109%
107
106%
101%
101%
*106%
106
14
"58%
J
s
1st
106"
J
O
O
104%
14
*
J
J
A
1954 F
113%
111
113%
108% 111
104%
108%
107%
106%
111% 111%
'104%
1*107
F
1951 J
18
117%
104%
34%
45%
46%
1948 M N
1950 A
1950 M N
23
101
*110
Feb 15
96
*111%
55%
55%
*105
J
f 4s
16
24%
23%
*110
O
Copenhagen Telep 5s
82
*42
23%
O
1942 A
"94% 101%
101% 107
108% 110%
107
110%l
Crowp Cork & Seal
Crown Willamette
120%
46
104%
33%
45%
46%
109%
137
18%
117
33%
106 %
106
95
N
1st 5s series B
102%
115%
110%
111%
118%
110%
17%
17%
18%
1947
♦1st & gen 5s series A..
1966 IVI N
♦1st & gen 6s series
J
B.May..1966 J
Chic Ird & Sou 50-year 4s
J
1956
Chic LS& East
D
lst4%s
1969
♦Chic M & St P gen 4s ser
J
A—.1980
Ch St L & N O 5s
Gold 3%s
95% 100
95
ChGL & Coke 1st gu
g 5s
1937
{♦Chicago Great West 1st 4s... 1959
{♦Chic Ind & Louisv ref 6s
1947
♦Certificates of deposit
♦Conv g 4%s
88
110
53%
106%
111%
112%
112%
117%
112
A
{♦Secured 4%s series A
67
121% 126%
112% 114"
108% 109%
.
52%
105%
111%
J
117%
♦Gen g 3%s ser B
May 1
1989
♦Gen 4%s series
C._May 1..1989
♦Gen 4%s series E..May 1..1989
♦Gen 4%s series
F-.May 1..1989
{♦Chic Milw St P & Pac 5s A—1975
♦ConvadJ 5s
Jan. 1.2000iA
{♦Chic & No West gen g 3%s._1987 M
♦General 4s
__i 987 M
123%
112%
112%
*110
F
{♦Refunding gold 4s
105% 107%
99% 103%
43% 77%
98
103%
87
93%
103% 109%
102
106%
89
99%
*106
1989 J
1941 IVI
8
*109
J
4
119
112%
112%
J
96
132
123
A
-.1971
♦Refunding g 5s ser B
♦Refunding 4s series C
8
56
16
126%
97%
105%
97
1958 IVI
1977 F
1st & ref 4%s ser B
1st & ref 5s ser A
34
106%
98%
86%
97
86%
M
Chic & Alton RR ref g 5s
1949 A
Chic Burl & Q—111 Dlv
3%s___1949 J
Illinois Division 4s
-.1949 J
General 4s
44
109
IVI N
g 5s
2
69
67
106
131
Spring V 1st
23
108%
O
R & A Dlv 1st con
g 4s
2d consol gold 4s
20
23
107
J
con g 5s
1939
General gold 4%s'_
1992
Ref & lmpt 4%s
-.1993
Ref & lmpt 4%s ser B
1995
Craig Valley 1st 5s..May—.1940
Potts Creek Branch 1st 4s..-1946
16
20
26%
*24
1987
D
36%
30%
22%
101%
66%
IVI N
67
26%
16%
16%
16%
16%
102
Champion Pap & Fibre deb 4%sl950
Chesap Corp conv 5s
1947
Warm
52
16%
15%
J
-.1944
90
*20
4s.-.1954
coll 6s
49%
54%
106% 108%
108% 110
23
1961
CheB & Ohio 1st
High
29
36%
105% 108%
"33
33
16 H
Low
73
32
105%
*66
16 H
"97%
conv
87
105%
CeDt RR & Bkg of Ga coll 5s.
1937 IVI N
Central Steel 1st g s f 8s
-.1941 M N
Certaln-teed Prod 5%s A
1948 IVI
10-year
%
87
--I960
gu
60
106 %
♦Chatt Dlv pur money g 4s__1951
D
♦Mac & Nor Dlv 1st g 5s
J
1946
♦Mid Ga & Atl Dlv
pur m 5s. 1947
J]
♦Mobile Dlv 1st g 5s
J
1946
Cent Hud G & E 1st & ref 3%s.l965 IVI s
Cent 111 Elec & Gas 1st 5s
A
1951
Through Short L 1st
Guaranteed g 5s
Jan. 1
No.
109 H
♦Cent Branch U P 1st g 4s
D
1948
Cent Dlst Tel 1st 30-yr 5s
D
1943
{♦Central of Ga lstg 5s...Novl945
A
♦Consol gold 5s
-.1945 M N
!
♦Ref & gen 5 %s series B
O
1959
♦Ref & gen 5s series C
O
1959
{♦Cent New Engl 1st gu 4s
Central N J gen g 5s
General 4s
Cent Pac 1st ref gu g 4s
Since
High
*52
Caro Clinch & O 1st 5s
Range
Asked
Low
{♦Car Cent 1st guar g 4a
102
1942 J
1st
or
High
106%
93% 100%
96
104%
19
1*103%
'100%
106%
1977 F
Gen &ref mtg 4%s ser B....1981 J
Cleve Short Line 1st gu
4%s..l961 A
Cleve Unlor Term gu
5%s
1972 A
Thursday's
Price
Nft,
1*101%
B.1942 A
ser
Series D 3%s guar
Gen 4%s ser A
Week's
Last
-r.
100
Series B 3%s guar
Randolph 7711
Low
105
100
Series A 4%s guar
Series C 3%s guar
System Teletype •>- Cgo. 543
Hlgh\ No.
'105%
J| 110%
Cleve Elec Ilium 1st M
3%s_..1965 J
Cleve & Pgh gen gu
13S So. La Salle St.
Connections
-4-
Low
J
Cleve-Cllffs Iron 1st mtge
4%s.l950 M N
Chicago,
Trirate Wire
WHitehmU 4-3939
N. Y.
1940 J
4%s
HewTork,
120 W.U Street
April 11, 1936
3
103
34
33
33
104
Week's
Thurs
BONDS
Last
N. Y. STOCK EXCHANGE
Sale
Week Ended Apr. 10
Price
SB.
Range
Range or
Yhurs.'s
Bid
Since
Jan. 1
Asked
&
57
82
82
98
82
26 2*
♦Certificates of deposit
71
19
19
205*
20
32
J
302*
342*
*202*
342*
107 Vi
107J*
108
15
D
105 H
104 2*
105
1055*
64
104
1042*
105
52
103 X 106
1001,6
1001,6
100*32
6
765*
36
D
{{♦Gould Coupler lsts f 6s
1940 F A
1942
J
J
1112*
1122*
111
1122*
9
J
113 2*
114
73
J
109
108
109
22
1976
J
101X
1015*
J
102 J*
102
J
101J*
1132*
1012*
Gen mtge. 4s ser G
1977
1946
113
115
Gen mtge 4s ser H
1946
J
100
J
106 2*
1065*
1002*
1075*
1952
Unite (equal amts of G & H)_1946
r
Feb
♦Green Bay & West deb ctfs A
90
94
607
611
112*
11-2*
"l2
1065*
1065*
1065*
1
97
91
915*
145*
72*
1065* 1065*
90
2
97
"91
70
70
70
*51
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s.'_
1940 M N
Gulf Mob & Nor 1st 52*s B...1950 A O
1st mtge 5s series C
1950
Gulf & S 11st ref & ter 5s.Feb 1952
1102* 115
99 2* 1012*
1052* 1075*
1057
•
/
99
91
855*
IOIII32 1022*
1072* 113
1072* 116
1035* 1122*
962* 105
962* 105
36
..1973
Telephone Whitehall 4-2900
90
87
~24
186
86 2*
101",6 101'i32
J
1961
"912*
90 2*
101"32
87
86 X
1035*
90
*90
~~90"
A
88
110
102
NEW YORK
63 Wall St.
100
1082*
34
102 2*
102
Members New York Stock Exchange
1022*
56
*110
'
Gt Cons El Pow (Japan) 7s... 1944
1st & gen s f 62*s
1950
Great Northern gen 7s ser A..1936
100
*97
102
1052*
100
72
72
D
J
Gr R & I ext 1st gu g 42*s
1941 J
Grand Trunk Ry of Can g 6s. .1936 M S
Grays Point Term 1st gu 5s... 1947 J D
General 42*s series D
General 42*8 series E
D. H. SlLBERBERG & Co
1072* 1082*
Gouv & Oswegatchle 1st 5s
General 6s series C
352*
325*
1
J
Gotham Silk Hosiery deb 6s...1936
DEALERS
30
16
FOR BANKS AND
302*
126
17
Goodyear Tire & Rub 1st 5s.._1957 IW N
42*s series A
General 52*s series B
28
28
O
1945
1st & ref
24
2624
J
{♦Ga & Ala Ry 1st cons 6s
1945
{{♦Ga Caro & Nor 1st ext 6s. .1934
♦Good Hope Steel & Ir sec 7s. .1945 A
Goodrich (B F) Co 1st 62*8—. 1947
Conv deb 6s
26
262*
{{♦Gen Theatres Equip deb 6s.1940
BROKERS IN BONDS
High
Low
No.
High
Low
Gen Steel Cast 52*s with warr.1949
Thurs.
Week's
Last
Range or
Sale
CO
BONDS
Thurs.'s
55
N. Y. STOCK EXCHANGE
Week Ended Apr. 10
Price
.2
Range
g2
Asked
High
No.
j
1022*
1937 j
j
*1032*
1941 j
Lake Sh & Mich So g 32*s
1042*
1997 j d "i05
j
♦Lautaro Nitrate Co Ltd 6s
252*
252*
1954 j
Lehigh C & Nav s f 42*s A
1954 j j 1022* 1022*
j
102 2*
102 2*
Cons sink fund 42*8 ser C
1954 j
*
Lehigh & New Eng RR 4s A
1965 a o
*73"
Lehigh & N Y 1st gu g 4s
1945 m s
972*
Lehigh Val Coal 1st & ref s f 5s. 1944 f a
1022*
7
Low
Lake Erie & West 1st g 5s
2d gold 5s
3
105
252*
'i6§i*
Gulf States Steel deb 52*s.__..1942
Hackensack Water 1st 4s
1952
15
105
♦Harpen Mining 6s
Hocking Val 1st cons
-
—
-
-
-
-
-
742*
6
98
cons g
1st g 5s lnt guar
1937 J
Houston Belt & Term 1st 5s...1937 J
32*s
ser
Illinois Central 1st gold 4s
1st gold 32*s
70
1
64
64
3
1st & ref
a
f 5s_
a
64
64
1032*
39
121"
J
104 J*
102
"642*
83
A
645*
32 2*
106X
43
.
852*
305*
1062*
123
862*
322*
104
1065*
1951
*1035*
*1035*
1951
*893*
1951
84
1952
1955 M N
J
..1952 J
1953 MN
Refunding 5s
.1955 M N
J
15-year secured 62*s g
1936 J
40-year 42*8
Aug 1 1966
Cairo Bridge gold 4s
..1950
87
87
"793*
*755*
792*
975*
I662*
1002*
76 2*
765*
1075*
1055* 112
1022* 1022*
*106
1012* 1022*
872*
852*
88
82 2*
81
975*
101
782*
4
29
"49
89
812*
692*
912*
685*
855*
1002*
24
90
19
86
100
115
1025*
84 2*
645*
1032* 1045*
87
912*
*1032*
*92
Litchfield Dlv 1st gold 3s...1951
Loulsv Dlv & Term g 32*s—1953
98J*
98
982*
7
912*
982*
Omaha Dlv 1st gold 3s
83
83
83
1
725*
85
1951
90 X
1951
g
75
*
St Louis Dlv & Term g 3S...1951
Gold 32*8
Springfield Dlv 1st
"56""
962*
Western Lines 1st g 4s
1951
111 Cent and Chic St L & N O—
955*
Joint 1st ref 5s series A
1963
85
842*
1st & ref
1963
802*
80
42*s series C
Illinois Steel deb 42*s
902*
*1002*
32*s...l951
"962*
955*
812*
107
107
*25
107
1940
"~2
"l5
121
48
3
30
♦Ilseder Steel Corp mtge 6s
1948
Ind Bloom & West 1st ext 4s__1940
915*
715*
925*
675*
88
1065* 1082*
282*
*1002*
..1950
{♦Ind & Louisville 1st gu 4s
Ind Union Ry gen 5s ser A
*35
1956
1965
1035*
Gen & ref 5s series B
1965
332*
1961
38
215*
{Interboro Rap Tran 1st 5s
1966
♦Certificates of deposit...__
.1932 A
conv 7% notes
♦Certificates of deposit
1951 M N
M N
lnt Agric Corp 5s stamped 1942
Internat Cement conv deb 4s_.1945 M N
J
{♦Int-Grt Nor 1st 6s ser A
1952 J
ser
ser A &
942*
26
90
935*
31
96
23
875*
862*
1002*
14
99
1402*
233
405*
125*
405*
3
795*
191
75
93 2*
965*
875*
201
862*
915*
992*
200
79
95
{♦K C Ft S & M Ry ref g 4s...1936 A
♦Certificates of deposit
O
K C Pow & Lt 1st mtge 42*3—1961
Kan City Sou 1st gold 3s
1950
A
1960
O
O
J
J
25*
*1045*
48~"
44 2*
1125*
82 5*
85
1082*
w
w
♦Ctfs
w
w
"485* "l6
442*
1125*
85
108
13
33
55
822*
865*
109
1052*
67
882*
107
1092*
6
114
1961
107
89
1035*
98
1142*
98
1035*
1065*
1954
35
j
"1082*
j
160
1122* 1145*
119
1957 a
Meridionale Elec 1st 7s A
1022*
107
112
35
101
101
1012*
69
101
70
70
705*
50
70
1025*
805*
69
702*
31
69
2*
*107 2*
76
742*
-
_
.....
43
9
104
8
1072* 1112*
89
1032* 1102*
1062* 107?*
105
1072*
1082*
106
"112"
952*
113
*111
*
352*
O
•*
-
»
«•*.
1082* 113
—
612*
62 2*
115
1182*
1022* 1042*
4
1182*
1032*
25
6
23
36
11
22
652*
64
65
41
632*
712*
60
68
49
502*
372*
62 2*
482*
18
*74
s
Michigan Central Detroit & Bay
City Air Line 48
1940 j
32*8
O
d
j
cons
-
-
20
9
1
14
-
-
-
32*
292*
-
....
1012*
1012*
104
102 j* 1032*
92
76
*71
3
2
104
93
104
52
*
101
19
J*'105
Vu
*78""
90
II"
"702*
602*
88
352*
492*
79
95"
*79
84
8
40
40
41
""3
j
73
73
73
1
70
6
6
5
5
9
42*
5
14
12*
6
1
22*
--
-
-
42*
32*
40
41
89
1938 j
j
7
29
j
43"
42
2*
352*
442*
4
462*
422*
1938 j
46
38
52
1946 j
5s
32*
392*
35
32*
322*
j
31
302*
312*
9
232*
..1949 ivi
8
27
27
28
10
182*
39
302*
..1978 j
j
93
922*
932*
25
812*
932*
1st & ref 6s series A
Prior lien 42*s series D
♦Cum adjust 5s ser A
1978 j
Jan 1967 a
{♦Mo Pac 1st & ref 5s ser A
1965 f
♦Certificates of deposit
83
83
43
43
4
36
492*
875*
872*
88
101
76
892*
752*
75
76 2*
123
662*
692*
40
592*
492*
782*
652*1
682*
39
522*
70
502*
532*
56
55
33
34
61
302*
272*
*86
1941 m n
{♦Mo-Ill RR 1st 5s series A
1959 j
Mo Kan & Tex 1st gold 4s._.__1990 j
Mo-K-T RR pr lien 5s ser A...1962 j
40-year 4s series B
1962 j
43"
j
d
j
j
652*
j
69
502*
o
a
32
♦Certificates of deposit
27
♦Certificates of deposit...
36
332*
142*
14
15
153
102*
162*
8
32 2*
322*
34
182
272*
322*
27
352*
332*
332*
322*
92*
322*
34
332*
1978 m n
mn
♦1st & ref 5s series I
4
S
♦Certificates of deposit
♦1st & ref g 5s series H
32 2*
69
322*
1975 ivi
1977 m
♦Certificates of deposit...
♦1st & ref 5s series G
2*
!
1980 a
""92*
33
o
....
1981 fa
*31
_
322*
3
48
28
352*
32 2*
1
272*
92*
124
72*
322*
12h
50
272*
352*
30
30
272*
352*
332*
34
322*
322*
342*
117
312*
322*
45
27
1
For footnotes see page 2465.
94
1042* 108 J*
982* 106
672*
95
1012* 1042*
1052*
77
692*
32*
292*
91
90
„
104"
1939
5s gu as to lnt
25-year 52*s
1st ref 52*s series B
1st Chicago Term s f 4s
37
*1032*
*932*
*1082*
1042*
104j*
LI
{♦Minn A St Louis 5s ctfs
1934 m n
♦1st & refunding gold 4s
1949 ivi 8
♦Ref & ext 50-yr 5s ser A
1962 Q f
j
M St P & SS M con g 4s lnt gu_1938 j
cons
462*
64
108
1102*
1002* 102
13
182*
62
_
T*
j
105
362*
j
1971 j
103
102
1012*
14
92
100
23
*2
j
792*
13
1042*
109
592*
14
N
1961 j
1
1022*
1002*
60
362*
100
98
16
109
o
1940 a
Con ext 42*s
1939
{♦Mil Spar & N W 1st gu 4s
1947 m
{♦Milw & State Line 1st 32*8..1941 j
1st
1022*
103 2*
722*
36
86
86
86
83
61
-
100
100
m s
1951
...1952 ivi
1979 j
1st ext 424s
1st
992*
74
.......
44
1977 m s
1956 j d
f 7s
---
~
*372*
"103 2*
•
412*
412*
942* 100
822*
*82
j
99
88
99
1182*
1032*
352*
352*
88
1112* 112
86
962*
1
-
106
81
8
112
112
*95
"1032*
3
.
88
87
77
1072* 108j*
1042* 107
108
1092*
1082*
872*
1112* 113
........
1082*
8
992* 1022*
1332*
802*
76
1042*
a
104
104
ivi 8
Metrop Ed 1st 42*s ser D
1968
a o
Metrop Wat Sew & D 52*s
1950
{{♦Met West Side El (Chic) 4s. 1938 f a
120
100
-
~
102
98
23
1122*
1042*
1102*
1082*
1062*
Market St Ry 7s ser A.April...1940 q j
Mead Corp 1st 6s with warr
1945 ivi N
1032* 1082*
275*
95
*1082*
*1042*
1082*
{♦Man G B & N W 1st 32*s._.1941
Mfrs Tr Co ctfs of partlc in
A I Namm & Son 1st 6s
1943 j d
Marlon Steam Shovel s f 6s
1947 a O
155
8
122
84
1122*
.1959 M N
4s
107
60
118
226
h2>*
O
♦1st & ref 5s series F
35
1
95
932*
1941 a
1946 f
♦General 4s
1085*
122
"942*
6
1052*
*90
1062*
33 2*
1322*
122
a
Manila Elec RR & Lt s f 5s
1953 M S
Manila RR (South Lines) 4s...1939 ivi N
1035*
108
Kinney (G R) & Co 7 2* % notes 1936
Kresge Foundation coll tr 4s-.1945
132
131
*38
106
1002*
42
.16
D
102
*100
1022*
132
107
...2013
106
*121
6
12
72*s..l942
157
1065*
602*
1042* 106
1042* 1052*
101
1032*
1022*
ivi N
Proof of claim filed by owner
McKesson & Robblns deb 52*3-1950 ivi N
a O
{{♦Manatl Sugar 1st s f
♦2d 4s
5
108
452*
1012*
Atl Knoxv & Cln Dlv 4s....1955 ivi N
♦Lower Austria Hydro El 62*8.1944 f a
106
*1142*
1954
108
11
1012*
m s
Mob & Montg 1st g 42*s
1945
j
South Ry joint Monon 4s_—1952 j
*156
1997
1942
965*
1022* 1042*
6
1032*
110
j
1212* 126
1052*
O
♦Certificates of deposit
♦Manhat Ry (N Y) cons g 4s.. 1990 a
♦Certificates of deposit.
1332* 137
6
1022*
1012*
1012*
o
1980
1182*
115
-
24
■
1052*
1042*
8
a
ivi
40
12
O
2003
Paducah & Mem Dlv 4s
St Louis Dlv 2d gold 3s
—
108
a
2003
1st & ref 42*s series C
Gold 5s
-
126
56
2003 a
1st refund 52*s series A
1st & ref 5s series B
*1052*
*104
1937
1942
32
92 2*
*992*
1961
382*
29
114
1960
1045* 106
33
95
1948
{♦Kreuger & Toll cl A 5s ctfs.. 1959
Laclede Gas Light ref & ext 53.1939
Coll & ref 52*s series C.....1953
742*
85
92
1042*
1949
372*
1112* 1135*
27
"36"
1035*
Purchase money 6s
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
572*
532*
39
103J*
Plain
1052*
42
94 2*
Kings County El L & P 5s
402*
372*
945*
Stamped
102
<
4
42
1035*
1940 j
gold 4s
—
-
642*
702*
34
592*
Louis & Jeff Bdge Co gu 5 4s... 1945 ivi 8
Louisville & Nashville 5s
1937 ivi N
Unified
-
962*
97
582*
1032* 1062*
9
136
"57"
d
s
{{♦Milw«&Norlstext4 2*s (1880) 1934
962*
50
30
6s
_
1352*
1252*
108
m n
1
96
40
1946
Kentucky Central gold 4s
1987
Kentucky & Ind Term 42*8—1961
Coll tr 6s series B
12*
845*
*32
(par $925).. 1943
Coll & ref 52*s series D
Coll tr 6s series A
11
30
*1182*
o
1st mtge 5s
90
*38
stmp (par $925).. 1943
First and ref 6 2*8
44J*
1122*
3
95
38
1062*
106
1252*
1944 a
1951 f
Lorillard (P) Co deb 7s
Jack Lans & Sag
792*
*28
stmp (par $645).. 1943
Keith (B F) Corp 1st 6s
Kendall Co 52*s
48
1055*
D
Kansas Gas & Electric 42*s._.1980
♦Karstadt (Rudolph) 1st 6s... 1943 M N
♦Ctfs
94
126
582*
612*
"1352*
MIlw EI Ry & Lt 1st 5s B
935*
"945*
56
62
52
552*
1949 ivi
Guar ref gold 4s
882*
84
845*
269
106
...1949
..1937 ivi N
deb 5s
982*
862*
90
1
p m
80
90
93 2*
20-year
1st geld 32*s._
Ref & lmpt 42*s series C
Mid of N J 1st ext 5s
935*
"80 2*
502*
o
ivi
Unified gold 4s
59
1
J
472*'
81j*
332*
1950 a o
1938 j D
J d
Long Dock Co 32*s ext to
Long Island gen gold 4s
45
882*
812*
26
a
1962
A
36
5
60
942*
492*
o
1952 j
ser
36
53
19
822*
942*
o
Little Miami gen 4s series A
412*
652*
915*
752*
882*
5
642
33
942*
Ml N
Lombard Elec 7s
145*
462*
102*
805*
J
ivi N
100
98
3
96
1951 f
♦Mex Internat 1st 4s asstd
88
"935*
j
1
100
2*
1944 a
6s
♦Mlag Mill Mach 1st
78
A
j
1042*
94
992*
"94
2003 ivi N
5s
472*
79
J
Apr 1950
38
93
{♦Iowa Central Ry 1st & ref 4s. 1951 M S
James Frank & Clear 1st 4s... 1959 J D
Kan & M 1st gu g 4s
1990 A O
Ref & Impt 5s
Kansas City Term 1st 4s
25
1155* 1415*
92 2*
.1939 J
1955 F
191
38
712*
42*s._1952
62
132*
1025*
375*
462*
722*
932*
712*
.1947 F
412*
942*
942*
972*
375*
412*
852*
warr
137
137
A
♦Ctfs with
992*
602*
372*
B..1947 J
Debenture 5s
935*
652*
545*
532*
94
412*
Ref s f 6s series A
1955 M
lnt Rys Cent Amer 1st 5s B..1972 IVI N
1st coll trust 6% g notes
1941 IVI N
lnt Telep & Teleg deb g
Conv deb 42*s
1
93
1941 A
1st lien & ref 6 2*9
"~25
945*
932*
1944 A
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
Paper 5s
54
892*
94
1956 J
1956 J
♦1st g 6s series C
572*
1032* 1042*
94 2*
100
cons
4s
a
Leh Val Term Ry lstgu g 5s...1941 a
Lex & East 1st 50-yr 5s gu
1965 a
1st ext
875*
94
56
56
13
A..July 1952 A
♦1st 5s series B
222
108
93?*
1932 M S
Interlake Iron 1st 5s B
♦Adjustment 6s
113
942*
*92 2*
O
♦Certificates of deposit...
{♦10-year
1042*
935*
1062*
1065*
54
{♦10-year 6s.
395*
103
1035*
103 2*
1042*
942*
General
g
j
f
—
992* 1015*
*1065*
Inland Steel 32*s series D
Lehigh Val (Pa) cons
General cons 42*s
j
{♦{McCrory Stores deb 52*s—.1941
97
*102
Ind 111 & Iowa 1st g 4s
902*
82
1002* 101
87
1938
1954
1940
2003
2003
j
Louisiana & Ark 1st 5s ser A...1969 j
Louisville Gas & El (Ky) 5s—1952 mn
89
80
Secured 6% gold notes
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 42*s
Liggett <fc Myers Tobacco 7s
1052*
1002* 103
382* 482*
1195* 123
892*
805*
395*
305*
102 2*
412*
89"
105
104
1042*
1015*
123
"~86
104
104}*
43
1st gold 3s sterling. _•
Purchased lines 32*s
Collateral trust gold 4s
122
116
*104
Extended 1st gold 32*8
Refunding 4s
372*
442*
83
J
B..1970
1951
Collateral trust gold 4s
37
36
"42"
495*
31
2*
582*
N
♦Adjustment Income 5s.Feb 1957
Illinois Bell Telep
70
a
*15
1949 M N
1957 F
A
ser
a
1964 f
1974 f
592*
Houston Oil sink fuDd 52*s A.. 1940 IVI N
Hudson Coal 1st s f 5s ser A...1962 J D
Hud & Manhat 1st 5s
1954 f
f 5s
121
H & T C
Hudson Co Gas 1st g 5s
f 5s
s
*262*
1937 M
5s
s
1st & ref
*332*
♦Hoe (R) & Co 1st mtge
1944 A O
♦Holland-Amer Line 6s (flat)..1947 M N
{♦Housatonlc Ry
1st & ref
72
103
1999
42*s
g
772*
1042*
98
104j* 1052*
57
802*
97
1012*
642*
722*
622*
69?*
612*
68
-
94J*
*42
1949
98
60
1022*
69
*110
♦Hansas SS L 6s (Oct 1 '33 coup) '39
♦6s (Apr *36 coupon on)
1939
992* 1052*
21
272*
51
1022*
772*
1022* 1042*
1075* 1092*
104
102
1002* 103
812*
14
High
Low
*745*
14
.
Since
Jan. 1
&
Bid
*745*
Stamped
Internat
2463
New York Bond Record—Continued—Page 4
Volume 142
New York Bond
2464
Thurs.
BONDS
Last
N. Y. STOCK EXCHANGE
5 ft,
Price
ft
Low
1st guar gold 6s.—
-
93
s
104%
1943
D
J|
106%
101%
85%
101%
86
*
Gen & ref
s
f 4%s series C—1955
Gen & ref
s
f 5s series D
1955
Constr M 58 series A
Constr M 4 %s series B
1939 J
J
2000 J
-
p
105
105
—1955 MN
1955 M N
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%--194l|M N|
94 %
98%
90%
1937i.
19511J
110%
Nat Ry of Mex pr lien 4 %s
♦Jan 1914 coupon on
♦Assent cash
J|
A
72
N| 104%
37
92
91
110%
103%
103%
104%
87
105%
94%
98%
84
92%
109% 113
108% 110%
90
70
26
73%
103%
103%
295
104%
32
86
92%
103
104%
57%
73%
102
103%
103% 104%
103
105
*3
4%
4%
4%
4%
3%
6%
1977
*2%
2%
2%
war ret No 5 on..
Nat RR Mex pr lien 4 %s
1926
♦Assent cash war ret No 4 on
4%
5%
4%
3%
6%
on
♦4s Apr coupon
♦Assent cash
♦4s Apr 1914 coupon off
Assent cash
Nat Steel 1st coll
1951
No 4
war ret
s
on.
f 4s
{♦Naugatuck RR 1st
*4%
g 4s
4%
D| 106%
1954
Newark Consol Gas cons 6s—1948
♦New England RR guar 6s
1945
♦Consol guar 4s
1945 J
New England Tel 4 Tel 5s A—_1952| J
66%
*120%
77%
68%
65%
123
123%
*120%
J
D|
84%
96"
95%
New Orleans Term 1st gu 4s
1953
{{♦N O Tex 4 Mex n-c lnc 5s..1935
♦1st 6s series B
1954
92
86%
95
1998
94%
1937.
3-year 6s
Oct 1
N Y Connect 1st gu 4%s A
1st guar 5s series B__
N Y Dock 1st gold 4s
,
103%
94%
83%
1938
91
1953
106
1951
69%
68%
3%s
N Y L E 4 W Coal 4 RR
N Y L E 4 W Dock 4
97%
85%
91%
100%
105%
85%
95
94%
103%
94%
90%
103%
96
92
71
102
*104%
166%
100
34%
1957
105%
1955
3%s.l965 M N
Jan 19651A p
♦lnc 68 assented
1965
48
41%
105%
43
1965
1965
N Y 4 Rlchm Gas 1st 6s A
N Y Steam 6s series A
*103%
103"
1951
1947)
1st mortgage 5s
1st mortgage 5s
1951
106%
1956
N Y Susq 4 West 1st ref 5s__._1937
2d gold 4 %s
1937
General gold 5s
Terminal 1st gold 5s
"79%
6s 8tamped..
110%
s
4-6%
1947
1950
§ {♦Norfolk South 1st 4 ref 5S..1961
♦Certificates of deposit
North Amer Co deb 5s
No Am Edison deb 5s ser A
Deb 5%s series B
Aug 15
Deb 5s series C
Nov 15
♦1st M
31
34
89
92
42%
101
49%
44%
19
23
57
104% 106%
31%
48%
31%
47%
103
1
99% 103%
99% 104
110
2
107% 108%
108% 111
106%
8
106
107%
106%
5
106
107
80%
16
105%
44%
45
43
104%
83
72
100
101
*101%
110%
116%
ioi%
88
88
88%
18%
17
106%
101%
96
49%
136% 2136
16
107%
1961
105%
104%
103%
103%
104%
1957
'104%
105
29
81
3
84
96
122
15
22%
107%
102
73
96
1
49%
3
137%
17%
15%
62%
22
119%
107%
105%
110% 111%
2
61
5
1
52
7
33
105
11
105
18
105%
42
93
106% 108
96% 102%
88%
96%
48%
67%
136
16
155
22%
21%
62%
115
119%
106% 107%
103% 106%
102% 105
15%
51
103% 106
101% 106%
109
118%
118
119
112
-420% I
121%
108%
107
108%
102%
102%
60%
103
101% 103%
102%
102%
101
103%
103
103%
103
107%
106%
107%
106% 108%
99% 101%
63
105
55
63
101
101
101
100%
100%
103
103
100%
103%
1952 M N
93
103
104
73
104%
101
104%
1072«32 110%
107Z«32 1072»32
*105
"50"
61%
52
52
50
50%
48
59%
55
55
55
60
87
86%
56%
89%
130%
35%
86%
97%
—
ext
1955 F
1968 M
1953 J
1955 J
5%s
ctfs
Pennsylvania RR consg 4s
S
al28% 2130%
J
O
35
Consol gold 4s
4s sterl stpd dollar
May 1.1948
O
g
103%
96
96%
105%
106%
112%
103
108%
108%
103%
97%
1967
4%s...1967
1st ft ref 4s
1971
Phila ft Reading C A I ref
5S..19731
Conv deb 6s
1949
Philllppine Ry 1st s f 4s
1937
Pillsbury Flour Mills 20-yr 6s. 1943
Pirelli Co (Italy) conv
7s
1952
Pitts C C ft 8t L 4%s A
1940
Series B 4%s guar
1942
Series C 4%s guar
...1942
Series J
cons guar
110
87%
109%
102%
94
97%
111%
*71
21
164"
102% 106%
101% 104%
90%
99
104
107%
108% 108%
106
107%
110% 112%
111% 114
106%
112%
113%
111% 113%
118% 121%
114
121%
112%
109
120
114
115%
1055J2
99%
105%
105%
120%
106%
104%
111%
111%
115% 117%
106% 111%
105732
103
109
108%
117%
110%
88%
12%
109%
103%
95%
97%
111%
121%
76
92
9
17
108% 111%
98% 104
89
95%
55
29%
30%
107%
85
89
98
111
113
120
124
113
113%
105%
107%
106%
115%
115%
110
103% 106
105
22
402
156
56
109
104
108%
55
43%
24
32%
25% 34
106% 109
70
70
111% 112%
111%
111"
111
114
111
113%
Ho"
110
110
*103%
110%
111
111
*108
109
109
*110
114
108% 108%
115% 119
114
*113%
110
1960
1963
4%s
108
121%
*115%
*112%
105%
104%
107%
107%
105%
105%
49
53%
28
27%
30
28%
106%
Series D 4s guar
1945
Series E 3%s guar gold
1949
Series F 4s guar gold..
1953
Series G 4s guar
.......1957
Series H cons guar 4s
Series I cons 4%s
119%
105*32
102%
108%
12
A
95
1977
120%
112
117%
110%
88%
1943 M N
1981
112%
*112
1980 M
4%s series C
106
*111%
1956 J
General 4%s series D
Phila Co sec 5s series A.
Phila Elec Co 1st ft ref
104"
106%
103
70
102% 102%
104% 106
102%
106%
104%
108%
49%
72
119% 122
60
70
106%
105*32
1974
23
121%
103%
96%
104%
D
5%s...l974 F
A 5s... 1956 J
70
128% 151%
33% 42
103%
1964 M N
Debenture g 4%s
1970 A O
General 4%s series D__
1981 A O
Gen mtge 4%s ser E
1984 J
Peop Gas L ft c -1st cons 6s... 1943 A O
Refunding gold 5s
1947 M S
Peoria ft Eastern 1st cons
4s..1940 A O
♦Income 4s
April 1990 Apr
Peoria ft Pekln Un 1st
General
70
120%
112%
119%
1968 J
68
121%
M N
1960 F A
1965 J D
General 4 %s series A
General 5s series B
Secured gold 5s
ser
68
J
1943 M N
1948 M N
Consol sinking fund
4%s
118%
1964
*118%
119%
120%
118
118%
115% 121
General M 5s series A
1970
Gen mtge 5s ser B
Gen 4%s series C
1975
119
119
116
120
1977
Pitts Va ft Char 1st 4s
guar...1943
♦Pitts ft W Va 1st
108%
108%
107
110
*107
.
.
111
103
Pa Ohio A Det 1st A ref
4%s A. 1977 A
4%8 series B
1981 J
Pennsylvania P A L 1st 4%s_.1981 A
49%
93%
111% 114%
113% 115
113%
113%
108
28-year 4s
1963 F A
Penn-Dlxie Cement 1st 6s A... 1941 M S
56%
35%
113%
101% 101%
102
103%
J
3%s coll tr A
1937 M S
Guar 3%s coll trust ser B...1941 F A
Guar 3 %s trust ctfs C
1942 J
D
Guar 3 %s trust ctfs D
1944 J
D
Guar 4s ser E trust ctfs
1952 M N
101
82%
"90%
111
M
1938 F
b f g
{♦Park-Lexington 6 %s
51%
26%
40%
89%
107
2465.
44
19%
35%
7
54
119%
1963
37%
41
39
28%
32%
42%
16%
145
45
119%
1969
4
30%
35%
37%
46
15%
62%
1996
37%
79
1941
N 4 W Ry 1st cons g 4s
Pocah C 4 C Joint 4s
38%
30
64
16%
15%
62%
{{♦Norfolk 4 3outh lstg 6s—1941
see page
18
f6s '47
Nord Ry ext sink sunf 6 %s
29%
29%
8
87%
88
1946
♦Norddeutsche Lloyd 20-yr
20
*61
1943
{♦N Y Westch 4 B 1st ser 14 %s.'46
Nlag Lock 4 O Pow 1st 5s A
1955
Niagara Share (Mo) deb 5%s_.1950
*107%
109%
106%
106%
79%
37
*75
1940
N YTelep 1st 4 gen s
f4%s—1939
N Y Trap Rock 1st 6s
1946
103
39
9
44
41%
*103%
*88%
43
105%
100%
32
46
43
105
32
30%
33
43
101
112% 113%
111%
M
.
100%
105
100%
104%
105%
100%
29%
30
33
19
33
34
108
113%
Paramount Broadway Corp—
104
94% 100%
"35%
33%
43%
♦Debenture 4s
75
103
30
1948
Prior Hen 6s series A
Prior lien 6s assented
58
68%
39%
1937 J
1st g 4%s series C
Phila Bait ft Wash 1st
g 4s
General 5s series B
1956
{♦N Y Providence 4 Boston 4s. 1942
N Y 4 Putnam 1st con
gu 4s
1993
N Y Queens El Lt 4 Pow
109
162"
31%
1938 J
♦Certificates of deposit
122% 125%
113% 115%
92% 100%
101
D
4%s..l955 J
{{♦Pan-Am Pet Co(Cal)conv 6s *40 J
98
96%
86%
101% 104%
82
97%
70%
87%
88%
94%
99%
32
*119%
J
..1964 J
Pacific Tel A Tel 1st 6s
Ref mtge 5s series A
Paducah A Ills 1st s f g
124
31
JuDe 1992
1st A ref 4s series G
Pac RR of Mo 1st ext
g 4s
♦2d extended gold 5s
Pere Marquette 1st
1st 4s series B
19%
J
M N
J
Pacific Gas A El gen A ret 5s A. 1942 J
107% 109%
31
1st 4 ref 4%s ser of 1927—1967
♦Harlem R 4 Pt Ches 1st 4s_1954
J
*103%
113%
113%
113%
110%
118%
1943 F
Ore-Wash RR A Nav 4s
1961
Oslo Gas A El Wks extl 5s
1963
Otis Steel 1st mtge 6s ser A...1941
Pacific Coarit Co 1st g 5s
1946
108
1940
90
106% 108%
66%
77%
♦Conv debenture 6s
For footnotes
95%
95%
107
♦Collateral trust 6s
New
74%
106
1955
♦
...1937 A
Ontario Power N F 1st 5s
90
106%
1956
♦Non-conv debenture 3%s._1954
♦Non-tonv debenture 4s
♦Non-conv debenture 4s
♦Conv debenture 3%s
113%
111%
1947 F
102'
1936 J
Ontario Transmission-1st 6s...1945
Oregon RR A Nav com g 4s
1946
Ore Short Line 1st cons
g 5s
1946
Guar stpd cons 5s
...1946
106%
106
*105%
*102%
*105%
105%
*99%
*31%
*30%
30%
31%
31%
1941
1st A ret 7s series B
Ohio River RR 1st g 5s
General gold 5s
95%
101%
100
{♦N Y N H 4 H n-c deb 4s
1947
♦Non-conv debenture 3%s__1947
{♦N Y Rys Corp lnc 6s
98
100
101
100
{♦N Y 4 N Eng (Boat Term) 4sl939
N Y O 4 W ref g 4s
General 4s
94%
90
105%
87%
85
83
100
74%
80%
115%
Impt 58.1943
N Y 4 Long Branch gen 4s
4(
119
89
124%
5%S.1942|IVI N
5s..Apr 1 1938 Q
Ohio Public Service
7%s A
1946 A
107%
100%
102
31%
*108%
1943 M S
31
115%
1973|M N
Ohio Connecting Ry 1st 4s
Ohio Indiana A West
109
*105%
.
95
34
31
31
32%
107
106% 107%
108
92%
124
1973,
104% 106
105
108%
Northwestern Teleg 4 %s ext. 1944 J
J
Norweg Hydro-El Nit 5%s_..1957 M N
Og A L Cham 1st gu g 4s
1948 J
J
69%
67%
107%
2000
4%s series B__._
104%
105
107%
95%
91%
109
108
104%
Penn Co gu
40
108%
99% 108%
106%
97
115%
98%
87%
100
108
89
38
73
108
96
1946
N Y Lack 4 West 4s ser A
102%
110%
106%
106%
83%
102%
111%
108%
108%
107"
Parmelee Trans deb 6s
1944 A O
Pat A Passaic G A E cons
5s.. 1949 M S
♦Paulista Ry 1st ref s f 7s
1942 M 8
114
65
104% 112%
74%
85%
93
103%
107
111%
110
1964 M N
74
1949
Purchase money gold 4s
N Y Greenwood L gu
g 6s
N Y 4 Harlem gold
82
1961 A
96%
107
1953
Serial 5% notes
1938
N Y Edison 1st 4 ref
6%s A J—1941
N Y 4 Erie—See Erie RR.
N Y Gas El Lt H 4 Pow g 5s.__1948
109%
105
104%
52
39
70%
108
88%
30
93%
110%
108%
108%
96
36%
101
102%
63%
39
105%
82
1941 A
Paris-Orleans RR
35
1998
1978
84%
63%
95%
High
121%
112% 115
65%
70
110
1938 A
1941 A
Ref mtge 4%s ser B
Ref mtge 5s
No.
115"
*60
2047 J
B
119% 122
*107
Ref 4 lmpt 4%s series A
2013
Ref 4 lmpt 5s series C
2013
N Y Cent 4 Hud River M 3
%s,1997
Debenture 4s
1942
Ref 4 lmpt 4%s ser A
2013
ser
105% 107%
75
88%
33%
97%
86%
1st A ref 68
121%
101 %
--
--
2047 J
Nor Ry of Calif guar g 5s
Nor States Pow 5s ser A
High
*67%
cpns..
Ref A impt 5s series C
Ref A lmpt 5s series D
106%
85%
32
115
1998
Refunding 5%s series A._._1974|A O
77%
115
1945
guar g 5s
Apr'33-Oct'33-Apr'34
Since
Jan. 1
Asked
120%
1974 IVI
North Pacific prior lien 4s....1997 Q
Gen lien ry A id g 3s Jan
2047 Q
Ref A lmpt 4 %s series A
2047 J
Reg A lmpt 6s series B
2047 J
83%
124
1974 M
3s loan ctfs
Paramount Pictures deb 6s
36%
39%
1944
Ref 4 %s series C
45%
122
124
38%
38%
1945
3%s
58
81%
68%
32%
1954
N Y Chic 4 St L 1st g 4s
66
77%
120% 121
66%
122
39
1956
Lake Shore coll gold 3 %s
Mich Cent coll gold
105% 107
80%
24%
32%
33%
1956
N 4 C Bdge gen guar
4%s
6%
ft
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons
100
106
1983
NO 4 NE 1st ref41mpt 4%s A. 1952
{New Orl Pub Serv 1st 5s A—1952
First 4 ref 5s series B
1955
N Y Cent RR conv 6s
Consol 4s series A
4%
106%
*101
1960
♦1st 68 series C
♦1st 4%s series D
♦1st 6%s series A
106
w
1st g 4%s series B
1961
N J Junction RR guar 1st 4s—1986
N J Pow 4 Light 1st 4%s
New Orl Great Nor 5s A
4%
5%
*2%
_
19651J
♦Ex
88
83
90
110%
90%
104%
96
85%
105% 109
104% 105%
103% 104%
106% 107%
97% 103
66%
88
102% 104%
104"
113
{♦North Ohio 1st
Range
Thurs.
Bid
Low
North Cent gen A ref 5s A
Gen A ref 4%s series A
14%
15%
86
98%
90%
25"
85%
82%
94%
72
103%
9%
105
98
104%
T.
9
Price
High
1957
No 4
war ret
Low
14%
88
94
90
1942,
Nat Dairy Prod deb 5%s
1948 F
Nat Distillers Prod deb 4%s—1945|M
107%
104%
104%
106%
102%
113
Namm (A I) A Son—See Mfrs Tr—
Nash Chatt 4 St L 4s ser A
1978
Nash Flo 4 S 1st gu g 6s
Nassau Elec gu g 4s stpd
Nat Acme 1st s f 6s
19%
12%
12%
102%
86%
86%
82%
86%
f 5s series B..—1955
Morris ft Co 1st sf4%s
Morris 4 Essex 1st gu 3%s
No.
93
107%
*104%
Montecatlnl Mln A Agrlc deb 7s '371J
Montreal Tram 1st A ref 6s
1941
Gen & ref s f 6s series A
1955
Gen & ref
Range or
Sale
82
*11%
11%
1234
1937
1962 J
High
*15%
S|
1937
Montana Power 1st 6s A
Deb 6s series A
Week's
Last
N. Y. STOCK EXCHANGE
Week Ended Apr. 10
•
Jan. 1
"97%
A.'60|IVI N| 107%
ser
Mont Cent 1st gu 6s
Asked
*93
{♦Mobile ft Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 5s.. 1947
♦Ref & Impt 4%s
r
1977
Monongahela Ry 1st M 4s
Thurs.
BONDS
Since
Thurs.
Bid
♦Mo Pac 3d 7s ext at 4% July..1938
♦Sec 5% notes
1938|M
Mohawk A Malone 1st gu g 4s_1991
April 11, 1936
Range
Range or
Sale
Week Ended Apr. 10
Record—Continued—Page 5
Week's
4%s
1st M
ser
119%
89%
1958
89%
90
91%
89
89%
91%
4%s series B
1st 4%s series D
1977
Port Arthur Can ft Dk 6s A... 1953
1st mtge 6s series B.
1953
Port Gen Elec 1st
4%s ser C..1960 M
1st 5s 1935 extended to 1950
Porto Rlcan Am Tob conv 6s.. 1942
{♦Postal Teleg ft Cable coll 5s. 1953
5 {♦Pressed Steel Car conv g 6s. 1933
f 4%s w w
4%s without warrants
Purity Bakeries s f deb 6s
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s ft com
stk(65% pd)
*118
*113%
98%
97
98%
98
96%
98
77%
79%
98%
98
73
72%
*105%
76%
73%
71
80%
"76%
33
Gen ft ref
4%s series A
34%
89%
92
*9%
92%
105%
80
92
16%
14%
79
21%
92%
106
103% 109%
110% 131%
102% 103%
91% 103
126
126
129%
103%
103
103%
1948
94%
1997
1947
Deb 4%s with warrants
1956
Rensselaer ft Saratoga 6s gu...l941
98
*105
—
158
70
70
71%
100
100
100%
107%
106%
107%
104%
*104%
108%
107% 108
64%
82
33
41%
92%
1950
Gen & ref 4%s series B
1997
Rem Rand deb 5%s with warr. 19471
5%s without warrants
80
33
1950
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
92%
*108
{♦Providence Sec guar deb 4s.. 1957
{♦Providence Term 1st 4s
1956
Pub Serv El ft G 1st ft ref 4s.. 1971
s
"90%
A..1958
1st M 4%s series C
1960
Pitts Y ft Ash 1st 4s ser A....1948
1st gen 5s series B
1962
1st gen 5s series C
1974
Pure Oil Co
120
107%
*107%
1041732
104%
109%
158
70
82%
96% 100%
106% 108%
105% 107%
104
113%
104% 113%
107
110
New York Bond Record—Concluded—Page 6
Volume 142
Week's
Last
Range or
Thursday's
BON DS
N. Y.
Sale
STOCK EXCHANGE
Week Ended Apr.
Price
10
Bid
Last
BONDS
Range
N. Y.
Since
Asked
A
Week's
Thurs.
Thurs.
Week Ended Apr.
Jan. 1
Bid
Price
10
M N
J
Tol W V & Ohio 4a
116
109
Purch money 1st M conv 5*s '54
Cop A Br 1st mtge 4)48.1956 J
♦Rhelnelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water series 68—1953 J
Revere
98*
.
27
1952 Ml N
♦Direct mtge 6s
29
A
29
Uljlgawa Elec Power
♦Cons mtge 6s of 1928
♦Cons M 6s of 1930 with
29
♦Certificates of deposit
•.»
O
_
♦RIma Steel 1st 8 f 7s
1955 F
A
♦Rio Grande June 1st gu 5s
1939 J
40 %
D
1962 Ml
Gen mtge 58 series E
a
1949 J
1941 J
J
J
St Joe A Grand Island 1st 4s
1947 J
J
St Jos Ry Lt Ht A Pr 1st 5s
1937 M N
18
156
1996 J
-1996
{♦8t L-San Fran
pr
*83%
-
1937 J
N
J
J
J
J
J
J
1989 M
Novl989 J
♦1st terminal A unifying 5s.-1952 J
♦Gen A ref g 5s ser A
1990 J
♦2s g 4s lnc bond ctfs
St Paul City Cable cons 5s
Guaranteed 5s
1937
—1943 J
Antonio Pub Serv 1st 6s
1952 J
S A'A Ar Pass 1st gu g
San
1942
Schulco Co guar 6*s
1946 J
Stamped
Guar s f 6)4s series B
101*
*21
20
M N
A O
O
A
A O
110
60*
58
58*
60
60
*118*
.
*15*
19
16
.
16
*15*
17
16*
*15*
S
F
1948 F
1952 M
7*
*16*
4*
19
4*
4*
1031,6
6*
9*
8*
8*
A
A
N
6*
103',6
4*
103532
102,732102,732
1947
N "95*
95*
96*
.1951 Ml S 101'5,« 101"1S 102132
Shell Union Oil a f deb 5s
15-year deb 3%s
Shlnyetsu El Pow 1st 6%a
♦{81emens A Halske s f 7s
85
D
J J
M s
1952 J
1935
f 6)4s
Sierra A San Fran Power 5s
-.1951
s
85*
*66*
46*
46*
8*
7*
16*
4
103
F
A
111
111
111
A
A
J
*24
29
28
Slleslan-Am Corp coll tr 7s
•»
1950 A u
Sou A Nor Ala cons gu g 5s---_1936*F A
Gen cons guar 50-year 5s
1963 A O
South Bell Tel A Tel 1st s f 5s. -1941 J
J
Southern Colo Power 6s A
1947 J
J
So Pac coll 4s (Cent Pac coll).-1949 J D
1st 4)48 (Oregon Lines) A—-1977 Ml S
Gold 4 %a
1968 w S
Gold 4%a
1969 Ml N
Gold 4 %a
1981 M N
San Fran Term 1st 4s
1950 A O
So Pac of Cal 1st con gu g 5s
1937 M N
So Pac Coast 1st gu g 4s
1937 J
J
So Pac RR 1st ref guar 4s.—-.1955 J
J
Skelly Oil deb 4s
Socony-Vacuum Oil 3)4s
1951
1st 4s stamped
85
87*
98
98*
104*
104*
*101*
*116*
107
107*
105*
106
89*
97*
89*
89*
90*
97*
91
90*
89
90*
109*
117*
♦106*
75
94
J
*
30*
31
O
O
33*
*
104*
95
30*
28*
38
31
34*
30*
30
38*
28
32*
29
35*
29
32*
34*
29*
36*
29
31
34*
106*
76
77'*
89*
71
92*
95
36*
86
98*
33*
30
46%
61*
64
41*
62*
63*
80*
99*
41*
64
63*
77
82
94*
8
8
1941 IVI
Ha.—2000 F
*79*
A
99*
A
A
*108
1939 J
J
Ill*
*122*
f 5s
121*
105*
1977 J
1937 J
1943 A
J
J
O
103*
*108*
1946 IVI
8
39
♦5s assented
107*
J
106*
Funding A real est
g
4%a
1950 Ml N
.—1936 F A
106*
15-year 6%a
25-year gold 5s
30-year 5s
„1938 J
101*
105*
106*
D
I960 IVI 8
1951 J
108*
103*
109*
39*
107
107*
101*
106
107
28*
93*
105*
1994 J
104*
101*
or
B
Tenn Coal Iron A RR gen
105*
103*
63*
81
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g
1st cons gold 5s
Gen refund
s
4%a
Texarkana A Ft S gu 5 %s A
Texas Corp conv
deb 5s
RR 1st consol 4s
White Sew Mach deb 6s
92* 103*
92
105
105
104
105
111
111*
107* 111*
A
101*
101*
100* 101*
100*
101*
♦Ctf dep Chase Nat Bank
J
J
D
D
97
97*
J
87*
78
89*
Winston-Salem 8 B 1st 4s
1960 J
J
{♦Wis Cer 150-yr 1st gen 4s
1949 J
57*
97* 102*
*Ctta for col A ref conv 7s A .1935 M N
Wilk A East 1st gu g 5s
76*
106*
;
-
27*
59
106*
102
21*
31
31*
45
67
57*
.
■
27*
22*
106*
101*
allO
alio
18
18*
,
23*
14*
34
28*
74*
98
121*
103* 105
120
121
104*
94
96*
*110*
♦118*
A
J
100*
A O
O
1980 J D
116
110
100*
101*
103*
103*
123*
103*
102*
99* 102*
117* 124*
103*
98
104
103
103
103*
97
104*
102*
102*
103*
97
104*
Third Ave RR 1st g 5s
Toho Elec Power 1st 7s
123*
1st 6s dollar series
1953 J
Tol St L A W 1st 4s
D
J D
1950 A O
104* 106*
104
106*
e
Cash Sales transacted during the current week
r
Cash sale only transaction during current
transaction
during current
current week.
at
week,
n
week,
a Deferred
{ Negotiability Impaired by maturity,
t Accrued Interest
{ Companies reported
as
being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or
105* 109*
♦
68*
38*
(Deferred Delivery Sales transacted during the current
102*
103*
71*
43
100* 103*
91*
96
77*
86*
99* 104*
96* 101
Friday's bid and asked price,
♦ Bonds selling flat.
In the yearly range.
Nord Ry.
6>$s, 1950, Apr. 6 at 135^.
Paris-Orleans
reorganized under
securities assumed by such companies.
109*
92*
during
payable
exchange rate of $4 8665.
36*
92
delivery sale only
Under-the-rule sale only transaction
67
57*
22*
yearly
and not Included In the
No sales.
♦108
Tokyo Elec Light Co Ltd—
Tol A Ohio Cent ref A Imp 3%s 1960
J
J
O
range.
118*
105* 111*
87* 102*
102* 105
102*
J
O
1937 J
J
A.—1955 Ml S
15*
14*
—
1943 J
Youngstown Sheet A Tube 5s—1978 J
1st mtge s f 5s ser B
1970 A
102
1979 A
M S
25*
25*
9
9
♦Certificates of deposit
♦Wor A Conn East 1st 4 %a
110* 111
108
F A
A O
J J
J D
1960 J
15*
100* 100*
105
107*
105*
J D
1939 A O
l»64
99* 102
107
110
81* 117
J
Ml S
♦AdJ lnc 5s tax-ex N Y—Jan 1960 A
106* 107*
15*
♦Certificates of deposit
104* 107*
19*
22
1977
Tex Pac-Mo Pac Ter 5 %a A
Third Ave Ry 1st ref 4s
100*
90
26*
J
68*
66*
Gen A ref 5s series C
Gen A ref 5s series D
96
85
25*
i
'
1942 J
1938 J
Gen A ref 5s series B—
Texas A Pac 1st gold 5s
33*
1966 M S
1949 M S
D
Wheeling Steel 4%a series A___ 1966 F
99* 106*
102*
122*
102*
Tex A N O con gold 5s
27*
1940 M N
ser
87*
1947
1950
1944
1943
2000
101* 103*
103* 106*
104
107*
81
Wilson A Co 1st M 4s series A-.1955 J
95*
1944 F
1953 J
f g 4s
103
88
Will A S F 1st gold 5s
O
1944
107
108
106
88
85
88
98*
♦102*
5s__1951 J
Tenn Cop A Chem deb 6s B
44
42*
34
93*
85
1947 A
Swift A Co 1st M 3%a
110
35*
27*
68*
71*
J
1936 J
1950 M
1943 J
{{♦Stevens Hotels 6s series A—1945 J
♦Studebaker Corp conv deb 6s. 1945
Sunbury A Lewiston 1st 4s
104*
106
J
85*
84
106*
Staten Island Ry 1st 4)4s
Tenn Cent 1st 6s A
103
J
68
D
J
H
J
J
J
S
1964 J
1955 J
101*
109
J
♦Sup A Dul div A term 1st 4s 1936 Ml N
5s
96*
106
1953 J
Registered
53
62*
79*
1956
-
g
110
108
{♦Wickwire Spencer St't 1st 7a_1935
—
{♦Spokane Internat 1st
122*
♦100
J
A O
Devel A gen 6s
1956 A O
Devel A gen 6%a
1956 A O
Mem Div 1st g 5s
1996 J
J
St Louis Div 1st g 4s
-—-1951 ■*
J
East Tenn reor Hen g 5s
1938 M S
Mobile A Ohio coll tr 4s
1938 M S
S'west Bell Tel 3%a ser B
124
119
2361 J
2361 J
♦Westphalia Un EI Power 6s
West Shore 1st 4s guar
Wheeling A L E Ry 4s
121*
40
37*
1946
Western Union coll trust 5s
105* 106*
108*
West N Y A Pa 1st g 6s
Gen gold 4s
A
121*
105*
100*
O
ser
109* 109*
110* 112
108*
J
1952 A
{♦Western Pac 1st 5s
111*
100
1961 J
94* 100
105* 108*
*108*
s
!
104* 108*
70
84
*85
1st mtge 4s ser H
91*
106* 117*
106* 106*
77
89
O
S
Western Maryland 1st 4s
1st A ref 5 *s series A
76*
60
O
Westchester Ltg 5s stpd gtd .—1950 J
D
West Penn Power 1st 5s ser E..1963 M 8
1st sec 5s series G—
1956 J D
91*
72
71*
—
1939 M
1st 40-year guar 4s
98*
106*
102*
114*
108
106*
80*
92*
87*
99
76*
93
82*
83
34
33*
A
96*
67*
84*
67*
100* 100*
33
34*
1945 F
1945 F
Wash Water Power
90
•
1955 A
Wash Term 1st gu 3%a
112*
31*
85*
*93*
Washington Cent 1st gold 4s—1948 Q IVI
80
51*
98* 104*
102*
30*
71*
■
-
92*
81
102* 104*
32*
*80*
■
100* 100*
104
105
no3,6 in*
•
95
*80*
*101*
■
J
J
A O
IVI S
IVI S
104*
90*
j
70
65
——1955 A
Warren RR 1st ref gu g 3
—.1955
Southern Ry 1st cons g 5s
Devel A gen 4s series A..
102*
♦Deposit receipts
96*
104*
101*
114*
106*
102*
77
-
20*
11
106* 108
.
no3,6
*10222,6 103*
*
♦Warner Bros Co deb 6s
102«!,6 103*
95*
96*
84 *
88*
1946 F
1941 F
1949
♦Silesia Elec Corp s f 6 %a
HO3,6
•
{♦Warner-Qulnland Co deb 6s„ 1939 Ml
102"j2 104*
59*
42*
-
.
100*.
104*
89*
1103,e
-
1978 A
Warner Bros Plct deb 6s
6*
104
68
*100
-
O
1980 A
Walworth Co 1st M 4s
6s debentures
7*
4
4%
19
107*
*65
-
J
♦Certificates of deposit--Walker (Hiram) GA Wdeb 4*s1945
8*
10*
9*
13*
11*
24*
3*
7*
6*
8*
*4%
16%
107*
-
♦Certificates of deposit
♦Ref A gen 5s series D
21
4%
18
4%
16
,
*108
-
J
D
1976 F
♦Ref A gen 4 Ha series C
21
,
*108%
-
♦Certificates of deposit---
19*
16
-
1941 J
♦Ref A gen 5s series B
114* 117*
19
20*
.
M S
O
1935
56*
92%
1954 J
1939
1941
1941
{♦Wabash Ry ref A gen 5 %a A. 1975
♦Certificates of deposit--
66
66
.
91%
—1939 M N
1939 F A
66
65
-
{Wabash RR 1st gold 5s
108* 112
60
62*
60
*55
1935 A
Sharon Steel Hoop s f 5%a
Shell Pipe Line s f deb 6s
108
72%
68%
1962 Ml N
Omaha Div 1st g 3%a
Toledo A Chic Div g4s
99%
72
68
4%a series B
99*
110*
58
8
1933
89
60
♦Certificates of deposit
♦Debenture
97*
98%
98%
98%
1962 IVI N
117* 121*
38%
98%
97%
J
1958 A
1st lien g term 4s
Det A Chic Ext 1st 5s
Des Moines Div 1st
g 4s
.
♦Certlfs of deposit stamped
A
♦Adjustment 5s
—.Oct 1949 F
♦Series B certificates
1st cons 5s
♦2d gold 5s
■
♦Certificates of deposit
{♦Gold 4s stamped
—1950 A O
{♦At! A Blrm 1st g 4s
{♦Seaboard All Fla 6s A ctfs
Virginia Midland gen 5s
Va A Southwest 1st
gu gs
29
37
•
-
Ml S
1936 M N
2003 J
J
104* 106*
109*
*112*
.
J
1945 M
107*
29
1955 M N
A
103* 104*
.
♦Certificates of deposit
♦1st A cons 6s series A
17*
105
106
29%
31
102
*27%
-
Va Iron Coal A Coke 1st
g 5s—1949
1st mtge
29%
-
Vanadium Corp of Am conv 68.1941 A O
Vandalla cons g 4s series A
1955 F A
Cons s f 4s series B
1957 M N
ser
107%
A
♦{Vera Cruz A P 1st gu 4*s—1934 J
♦{July coupon off
J
♦Vertientes Sugar 7s ctfs
1942 J
34
106*
*100*
-
D
1959 F
Virginia EI A Pow 4s
33*
-
J
J
J
113
*112
-
1937 IVI N
Debenture 5s
31
27
20*
S
J
D
J
J
{♦Universal Pipe A Rad deb 6s. 1936 J D
♦Unterelbe Power & LVjht 6s__1953 A O
Utah Lt A Trac 1st A re 15s
1944 A O
Utah Power A Light 1st 6s
.1944 F A
Utll Power A Light 5*s
1947 J D
*103*
.
1944 M
1934 J
1947 J
Virginia Ry 1st 6s series A
96
1989
—.
101*
121
A O
1959
108*
100*
105*
Stamped
{♦Refunding 4s
22*
20*
91
70*
59
41*
102*
102*
*103*
.
1946
I {♦Seaboard Air Line 1st g 4s.-1950
,
28*
100*
.
Scioto V A N E 1st gu 4s
39*
37*
J
M S
Santa Fe Pres A Phen 1st 5a
76*
*102*
-
J
4s
13*
*102*
-
D
1940 J
J
1972 J
J
St Paul Un Dep 5s guar
24*
14*
53*
1937 J
{Pacific ext gu 4s (large)
15
50
con g
Mont ext 1st gold 4s__
17*
26
23*
27*
-
4s._ 1968 J D .
{♦St Paul EGrTrk 1st 4)4s-—1947 J
J.
{♦St Paul AKCShLgu4*S—1941 F A
St Paul Minn A Man 5s
1943 J
J
St Paul A Duluth 1st
86
15*
14*
88
S
♦Ctfs of deposit stamped
{♦St L 8 W 1st 4s bond ctfs
75
22%
19%
24%
20%
19
J
1978 Ml
51*
17%
1950 J
78
38*
85
'
♦Certificates of deposit
♦Con M 4*s series A
71
44*
*74
-
JJJ
♦Certificates of deposit
♦Prior lien 5s series B
'
81
67%
7*%
—-
J
104
107*
-
J
IVI
♦Un Steel Works Corp 6
%a A—1951
♦Sec. s f 6*8 series C
1951
♦Sink fund deb 6%a ser A..-1947
104 %
*80
-
lien 4s A-i-1950 J
103*
|J*Unlted Rys St L 1st g 4s
108*
1933 Ml N
St L Rocky Mt A P 5s stpd.1955
111 *
D
A
1968 i
U S Rubber 1st A ref 5s ser A
United S S Co 15-year 6s
St Louis Iron Mt A Southern—
♦{Riv A G Div 1st g 4s
♦Certificates of deposit
103 *
109
30
J
A O.
{♦StLPeor AN W lstgu5s—1948 J
109
103 *
June 2008
U N J RR <fc Can gen 4s
*28
.
St Lawr A Adr 1st g 5s
2d gold 6s
108 *
Gold 4s
-
18*
18*
S
J
S
1st lien A ref 5s
-
106*
117*
114
1942 F
1947 Ml N
deb
32
Rut-Canadan 1st gu g 4s
Rutland RR 1st con 4 %a
106
106
121
*107%
-
94
106
114*
113*
conv
*113
{{♦R I Ark A Louis 1st 4*8—1934 Ml S
Royal Dutch 4s with warrants-1945 A O
♦Ruhr Chemical s f 6s
1948 AO.
84
93*
United Biscuit of Am deb 5s.1950 A O
United Drug Co. (Del.) 5s
1953 M S
84*
45*
1977 MS.
Roch G&E4Hs series D
91
84
-
S
Union Pac RR 1st A Id gr 4s
1947 J
1st lien A ref 4s
June 2008 M
Gold 4 %8.
1967 J
*91
.
98
101*
91
121
12-year 4s
*33%
_
{♦Rio Grande West 1st gold 4s. 1939 J
J
♦1st con A coll trust 4s A
1949 A O
1945 M
f 7s..
Union Oil of Calif 6s series A
104
.
s
126*
98
101*
A O
UnELAP(Ill) lstg5*sA —1954 J
J
{♦{Union Elev Ry (Chic) 5s—1945 A O
42
1944 Ml N
Ml N
1952 J
J
({♦Richfield Oil of Calif 6s
Rlchm Term Ry 1st gu 5s
*121*
126*
-
Union Elec Lt A Pr (Mo) 5s—-1957
1953 F
'55 A
warr
29%
105
105
-
♦Tyrol Hydro-Elec Pow 7*s—1955 M N
♦Guar sec a f 7s
1952 F A
♦Rhelne-Westphalla El Pr 7s__ 1950 MN.
High
♦108*
-
J D
Trenton G A El 1st g 5a
1949 M S
Tri-Cont Corp 5s conv deb A--1953 J
J
Truax-Traer Coal conv 6%a
1943 M N
Trumbull Steel 1st s f 6s
-1940 M N
103 %
*29 %
J
J.
1942 M S
C
ser
Toronto Ham & Buff 1st g 4s. -1946
Since
Jan. 1
Asked
A
Low
Low
Republic Steel Corp 4 %a ser A-1950 M S
Gen mtge 4%a series B
1961 F A
Range
Range or
Thursday'
Sale
STOCK EXCHANGE
5*s, 1968, Apr. 4 at 127*.
week and not Included
2466
New York Curb
Exchange—Weekly and Yearly Record
11 >
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
the week
Good
following extensive list
we furnish a complete record of the transactions on the New
York Curb Exchange for
Saturday last (April 4, 1936) and ending the present Thursday, April 9, 1936
(Friday, April 10, being
Holiday on the Exchange). It is compiled entirely from the daily reports of the Curb
Exchange itself
beginning
Friday and
on
a
and is intended to include every
security, whether stock
Thurs
Week's Range
Last
STOCKS
Sale
Par
Acme Wire
v t c com
Adams Mlllls
7% 1st pf 100
110
Low
110
1794
200
394
494
1,900
10
599*
579*
Warrants
Alabama Gt Southern
Jan
719*
290
63
120
68
115
pref
719*
$6 preferred
63
Allen Industries com
"23 94
"22 k "23
94
Allied Internatl Invest
Alliance Investment com.*
"lM
Allied Products cl A com 26
Aluminum Co common.
-
6% preference-..'—-100
23
23
100
1,100
87
Jan
152
Mar
119
2,150
109
Jan
121
Apr
900
15
Feb
95?*
100
700
10c
36
36
36
47
47
69*
794
494
779*
9
Jan
Jan
Jan
Jan
200
59*
Jan
123
494
Mar
Feb
38
112
American General Corp 10c
5
494
399*
1109* 112
10 9*
994
4894
109*
Jan
9
Jan
Feb
3694
409*
Mar
Mach
25
•
116
Jan
1249*
Mar
Jan
7
Feb
300
425
2,000
15,800
750
3,300
394
19
Jan
394
3794
2494
Feb
Marj
5
Feb
Jan
439*
Feb
39
100
100
38
1,150
319*
Mar
269*
27
150
2794
Mar
24
3,400
199*
1794
Jan
X22H
Jan
25
Mar
259*
Feb
3094
Jan
14
Jan
249*
Mar
Jan
194
3994
Feb
*
33 94
339*
34,600
35
Jan
Jan
*i«
Arcturus Radio Tube
Arkansas Nat Gas com
1
*
2
59*
149*
1089*
194
69*
Common class A
*
Preferred
10
Arkansas P & L $7 pref--*
5
com
4194
Mar
439*
Mar
46
Jan
89*
',6
Assoc Telep $1.50
pref
82
Jan
9994
Jan
439*
400
Jan
49*
300
49*
Jan
639*
494
Feb
Centrifugal Pipe
Chapman Valve
189*
19*
494
Jan
Jan
Charts
2?*
200
20
Warrants
*
Automatic Products
5
Automatic-Voting Mach.*
Axton-Fisher Tobacco—
Class A common
10
Jan
29*
29
189*
294
Feb
Jan
Feb
Feb
Jan
145*
10894
Apr
9*
Jan
4
39*
39*
Jan
794
Mar
Jan
79*
Mar
99*
96
Mar
Mari
Jan
-129*
Apr
Feb
City Auto Stamping..III*
City A Suburban Homes 10
Feb
Claude Neon Lights
Inc-.l
Cleve Elec Ilium com
*
Cleveland Tractor com"""*
7
7
89*
89*
1,900
794
'169* ~129*
5", loo
879*
994
1094
Jan
Feb
Feb
Jan
Jan
9,100
1
Jan
294
394
1,600
594
Jan
1494
Feb
6,600
'32
Jan
9*
Feb
Clinchfield Coal
Feb
Club Alum Utensil
Co
»
Cockshutt Plow Co com
II*
34
36
29*
1,950
1,200
109*
119*
2,800
13%
89*
109*
"139* ~149*
54?*
39*
89*
109*
549*
94
Feb
94
2694
Jan
19*
Jan
109*
Jan
94
94
Jan
36
Feb
Feb
51
394
Feb
Colon Oil
Jan
2694
Feb
Apr
169*
389*
169*
Jan
Colt's Patent Fire
Arms "25
Columbia Gas A Elec—"
Conv 5%
Jan
13
600
Cohn A
Jan
1~5~566
55
Feb
Feb
Jan
4
8,000
39*
Jan
8
500
79*
Jan
11
Jan
Mar
11
Mar
109*
2,800
10
494
Feb
994
Apr
1294
Jan
Community P A L"$6~pref
Community Water Serv.
499*
Apr
5594
Jan
Como Mines
85
86
125
70
Jan
39*
39*
800
9*
Apr
559*
Jan
294
Jan
103
29*
70
494
Mar
Feb
Feb
Jan
Jan
179*
38
259*
379*
259*
30
Feb
209*
39*
3,200
139*
39*
Jan
489*
700
4494
Jan
£3
209*
209*
300
169*
Jan
Jan
259*
99*
48
48
Jan
50
2,800
50
9*
39*
129*
239*
129*
189*
7
50
43
Jan
25
*
129*
*
19
9*
300
9*
Jan
49*
13
700
39*
129*
Apr
Apr
269*
11,000
23
Feb
129*
199*
1,000
5,000
"29* ""29*
9*
39*
129*
5
"""400
100
994
139*
97
..»
19*
27
494
Jan
Mar
20
Mar
494
13,900
"259*
Jan
Feb
Feb
Jan
209*
97
Feb
Mar
Feb
Apr
Mar
Jan
Jan
494
Jan
Mar
page 2471
1
494
Feb
21
Feb
Mar
994
Mar
Feb
129*
Apr
42
159*
9,400
994
Jan
1694
1139*
150
10794
1079*
Feb
1169*
Jan
Feb
116
Jan
Jan
175
125
com*
Consol Retail Stores
Jan
400
"~~50
Consol Royalty Oil
10
Cont G A E 7% prior
pf 100
Continental Oil of Mex...l
Securities...*
com
I*
..I*
Copper Range Co
Cord Corp
Corroon A Reynolds—
Common
$6 preferred A..
Cosden Oil com..
Preferred
~
I5
""
79*
Jan
Mar
3,900
2694
1694
2094
539*
894
2994
Jan
259*
Apr
Jan
279*
Apr
Feb
Jan
Mar
55
Jan
Jan
102
Jan
15
Jan
Mar|
74
Feb
Feb
69
Mar
429*
179*
Jan
294
1,700
194
Jan
9,400
Jan
46
194
1894
3194
394
394
3194
Feb
25*
27
43
Jan
54
Feb
20
4394
Jan
44
Feb
59*
2394
59*
"1894
500
750
Jan
1994
5'4
Apr
69*
Feb
1894
Feb
259*
Mar
Jan
1,200
179*
Jan
250
""329* "34k
11394
Apr,
""600
54
%
494
529*
49*
509*
494
44"
43
Jan
150
31
22
1249*
38
52
Feb
1,600
59*
24
179*
19
11394 115
11394
350
9*
32,800
1,900
38
24
Jan
3494
349*
Jan
59
300
5?*
529*
49*
45*
Jan
600
Jan
Jan
Mar
Jan
Apr
Mar
94
Jan
1
Feb
Jan
794
Feb
4194
Jan
5994
Feb
3
4
Jan
694
Feb
"48"
48~
4194
Mar
64
Feb
4294
Jan
58
Mar
"""50
45
Jan
Mar
9,100
11
Feb
60
~48~~
..."
19
|
394
_____
Jan
669*
199*
394
94
Jan
194
Feb
5294
1294
Jan
1694
394
1694
1794
Feb
UOO
Jan
48
1394
139*
"2"
"2
1494
800
""29*
*600
1094
600
3
559*
39*
9,200
3,200
50
1,975
93
Jan
1099* 11394
4?*
59*
409*
4094
110
49*
103
10494
16
279*
294
309*
31
94
1
:
15
15
209*
209*
59*
58
5
254
1594
2194
594
19*
Marl
894
994
294
53?*
994
Apr
79*
Feb
39*
894
9*
Jan
4
Mar
73
Jan
114
Feb
Jan
594
36
Mar
45
97
Jan
112
1,000
5,500
10,800
Jan
Apr
Mar
65
2,600
10,900
Jan
Feb
Feb
12
3,200
11,000
1,300
Jan
Apr
194
20,700
6
Apr
*«a
13
Jan
Jan
Mar
Jan
Jan
9*
31
Feb
Apr
Mar
19*
Jan
9*
1194
Mar
Jan
16
Feb
1594
Jan
2394
Jan
5
Mar
394
194
69*
Jan
Jan
90
92
3,300
84
Jan
92
Apr
115
115
10
113
Jan
116
Mar
10
226
Jan
290
Mar
4
Jan
90
919*
Jan
289*
494
29*
97
289*
5
600
294
969*
29*
98
500
400
294
88
'16
1694
794
69*
"16"
500
69*
Jan
7
79*
10,500
494
Jan
69*
7
594
Jan
1494
1494
Jan
Feb
Feb
900
800
Mar
2
"""loo
"3% ""394
Mar
Jan
1 79*
459*
794
400
394
98
*Io"~
1694
4594
794
694
Jan
994
Jan
19
Mar
Jan
499*
894
Mar
34
65
100
Jan
694
105
Jan
9*
'39*
10
8
8
Apr
Mar
Mar
Feb
Jan
7794
Feb
"5",700
194
Jan
494
Feb
400
694
Jan
Mar
17
Feb
Courtauld's Ltd
Am dep rets ord
reg
1294
200
1294
H
Feb
"26"
"31"
15*266
2594
Mar
31
Feb
Apr
128
128
130
Mar
1294
£1
Cramp Shp A Engine —100
Preferred
100
Creole Petroleum
..5
Crocker Wheeler Elec....*
Croft Brewing Co
....1
29
29*
29*
II
Feb
3
100
1694
259*
"294
100
Feb
200
200
Jan
Mar
69
16
"53k "5394
5394
5
8% preferred
894
59*
>79*
40
37
5% preferred A
1001
Consolidated MIn A Smelt
Crane Co com.
379*
279*
Jan
Jan
Jan
Mar
1294
9*
Feb
79*
259*
294
22
6,800
110
29*
"l
.
Continental
Mar
Mar
*
Consol Copper
Mines..115
Consol GEL P Bait
Cooper Bessemer
$3 preferred A
Jan
19*
299*
169*
Compo Shoe Machinery
Consolidated Aircraft
Feb
59*
79*
1,100
10994 110
.1
Feb
694
18
Jan
Mar
Jan
379*
*
100
Jan
39*
479*
100
see
2194
39*
Registered
For footnotes
Feb
209*
*
.*
Amer Oil coup.—..*
39
700
600
269*
219*
25
*
Jan
Feb
Mar
50
16
16
*
preferred
Jan
49*
1494
1994
39*
119*
139*
359*
pref
Class A
600
109*
4194
316
180
2,200
Feb
Ma
1494
110
Warrants
900
19*
Feb
29*
Jan
Mar
40
~il%
Commonwealth Edison" lool
Commonwealth A Southern
10
Jan
Brlllo Mfg Co com
Class A
Columbia Oil A Gas vtc— *
Columbia Pictures new
*
509*
121
Bridgeport Machine
preferred—100
99*
148
Bearing
com..1.1*
499*
Jan
Brazilian Tr Lt A Pow
Corp
.II*
99*
Jan
Bourjols Inc
Borne-Scymser Co
Rosenberger
499*
9*
1294
1194
2
22
1094
109*
Corp.'Ioo
Apr
121
1
~*
Jan
1<c
1594
Apr
Mar
3
21
2194
*
1
144
$3 opt conv pref
♦
Blumenthal (S) A Co
*
Bohack (H C) Co com
*
7% 1st preferred
100
Botany Consol Mills com.
Preferred B
Preferied BB
IIII"*
Cities Serv P A L
$7 pref *
400
100
Blue Ridge Corp com
*
19*
19*
694% pf_100
Hedges com
*
Black A Decker
Mfg Co..*
Bliss (E W) A Co com
*
•
Preferred
1294
259*
Baumann (L) ACo7
% pf dl 00
Bellanca Aircraft com
1
*
Cities Service com.
2,300
19*
79*
Mar
1694
Chfld8 Co pref
100
Chief Consol
Mining Co
1
119*
34
Babcock & Wilcox Co
Baldwin Locomotive warr.
Blckfords Inc com
$2.50 conv pref
Corporation
" 10
Chesebrough Mfg..
"25
Chicago Flexible Shaft Co f
Chicago Rivet A Mach...*
Jan
69*
Jan
32
149*
9?*
894
2,000
39*
39*
*
Mar
13
594
Jan
500
*29.100
MfglH25|
Feb
69*
29*
119*
20
209*
Util.l
Cent States Elec com
1
6% pref without warr 100
6
100
359*
"39*
Atlas Plywood
Corp
Jan
Jan
10494
Jan
Feb
Jan
994
100
399*
Conv preferred
Conv pref op ser
1,300
2,200
14,400
194
Jan
294
219*
2
2
159*
300
*
Atlantic Coast Fisheries-.*
Atlantic Coast Line Co—50
Atlas Corp
common.—__*
$3 preference A
*
994
G&Evtc
19*
19*
Associates Investment Co
Associated Rayon com..-*
Preferred
Cent Hud
Cent Maine Pow
7% pf"loo
Cent PA L
7% pref... lOOj
Cent & South West
909*
19*
Feb!
Mar
Mar
92
100
1,100
1094
294
Jan
Jan
249*
...._»
$6 preferred
*
Brill Corp class B
$7 div preferred
1st preferred
115*
Option warrants
Assoc Laundries of
Amer, »
V t c common
*
Bower Roller
Corp of America
7% 1st partic pref...100
7% prior preferred—100
Celluloid Corp
com.....15
7% preferred
89*
I2"
1
Convertible
1
Feb
4,300
19*
*t§
594
100
400
10
494
1
$5 preferred
1,500
Feb
Jan
Assoc Gas & Elec—
Common
4,300
2
Feb
Feb
Feb
14,700
69*
Associated Elec Industries
Amer deposit rets
£1
Class A
1094
Mar
Apr
Apr
90
Jan
29*
59*
149*
149*
108
108 9*
Jan
Feb
Feb
19*
&
3*
Jan
82
18
59*
Mar
Mar
$6 preferred
•
Carrier Corporation."•
429*
*
62
85
5
19*
239*
294
90
Jan
Jan
Jan
98
100
29*
*
Angostura Wupperman__l
Apex Elec Mfg Co com..*
Appalachian El Pow pref. *
99*
19*
19*
Feb
229*
49*
Preferred
100
Mar
Jan
500
Amer Thread Co
prof
Amsterdam Trading—
American shares
Anchor Post Fence
29*
Jan
259*
107
Jan
300
'
Jan
Feb
29*
25
50
Jan
Mar
1894
*
259*
29*
2
2X
.*
Bell Tel of Canada
Bell Tel of Pa
"""125
19*
19*
Superpower Corp com*
Art Metal Works
219*
21
194
Mar
Celanese
3693
"21
Mar
109*
1694
Jan
Jan
86
Feb
439*
Amer Pneumatic
Service.*
Amer Potash &
Chemical.*
1st preferred
294
*
"
Feb
43 9*
.1
31
Jan
Mar|
Feb
prefII-*
Carnation Co com
Carolina P & L $7
12
389*
25
Amer Maracalbo Co
Mar
Mar
Jan
5194
19*
3394
9*
29*
794
94
♦
114
33
Amer Mfg Co
com--—100
Amer Meter Co
A
Jan
34
x23
24^
103
48
Carman A Co-
Jan
108
43 H
25
Capital City Products. ..I*
Carib Syndicate
25c
Castle (A M) & Co
Catalin Corp of Amer
38 X
20
com
"250
150
25
Class B
118
1
6% preferred
Preferred
Convertible class
Feb
794
3094
50
com.
700
1,100
"779* "8194
78
Canadian Indus Alcohol A*
B
non-voting
♦
Canadian Marconi
"l
Feb
115
1
$2 preferred
44
249*
259*
1059* 10694
Calamba Sugar Estate. .20
Canadian Car & Fdy Ltd—
Feb
25
49*
24
39*
1594
3494
Feb
694
159*
399*
Amer dep rets pref shs £1
Feb
3694
919*
Jan
123
3824
Marj
3194
299*
115
100
4494
Jan
28
1,000
Am dep rets A ord
shs.£l
Am dep rets B ord
shs £1
Jan
Feb
2
Jan
27
7,400
115
Amer Gas & Elec
Brit
Mar
4,800
115
22
7%
101
Mar
Cables A Wireless Ltd—
79*
37
2294
494
Benson A
Mar
37%
37
com
$2.60 preferred
Amer Hard Rubber
200
994
.
Amer Fork & Hoe Co com*
Amer Foreign Pow warr.
Am
Mar
8694
Class B
1
Amer Cynamid class A—10
Class B n-v
10
Laundry
100
Mar
1394
75
Mar
»i«
*
1694
Jan
3294
3094
Mar
28
Z*\
Warrants
Jan
294
99*
500
2994
4294
439*
Burma Corp Am dep rets "
Butler Brothers
...10
Cable Elec Prod v t c___ *
Mar
4H
-
Amer L A Tr
294
73
$5.50 prior pref
*
Am Cities Pow &
Lt—
Class A-25
$3 convertible pref
High
Mar
200
......*
Jan
9H
10c
com
Jan
87
4 94
Amer
Apr
Feb
394
*
232*
Apr
50
259*
959*
Preferred
$5 1st preferred...
*
Bulova Watch $394 pref. I ♦
138J* 143
100
*
Buff Niag A East Pr
pref 25
Jan
Jan
45
com
Buckeye Pipe Line
Feb
Bunker Hill A Sullivan.. 10
550
28
800
1,700
99*
Burco Inc
300
conv preferred
Feb
76
138 J*
165*
Low
Brack Silk Mills Ltd
115
39*
129*
339*
Brown Forman
Distillery.
Feb
Feb
12
7%
Feb
Feb
68
Amer Equities Co
Feb
19*
4894
829*
394
1194
31
29
Jan
Jan
Jan
Feb
120
121
12
3294
Brown Fence A Wire B
Class A preferred
35
Jan
21
3094
Range Since Jan. 1 1936
Shares
2894
Am dep rets ord
reg__10s
Brown Co 6% pref
100
1
12
com..
Feb
Mar
3094
Am
494
6594
953*
-
Mar
£l
High
dep rets ord reg—£1
British Celanese Ltd—
Jan
6% preferred
100,
American Beverage com.l
B
494
Jan
Jan
16
Amer Dlst Tel N J
Jan
Jan
Mar
Low
Price
British Amer Tobacco—
Am dep rets ord bearer
94
1694
Class A com.
Week
29*
Aluminum Goods Mfg—
Aluminum Ind com
*
Aluminum Ltd com
American Book Co
American Capital—
for
of Prices
Feb
22j9*
_.
Common class
$3 preferred
Jan
"16
Allegheny Steel 7% pref 100
Mar
Jan
379*
679*
3194
1139*
189*
494
159*
629*
Jan
449*
29*
279*
60
70 J*
63
Jan
29*
115*
1,500
300
31
Week'slRange
Sale
Par
4694
15
900
59H
49*
*94:
49*
Last
High
Feb
50 *110
17?*
394
Conv preferred
Power $7
High
Sales
STOCKS
(.Continued)
439*
Air Investors com
Ala
Range Since Jan. 1 1936
Shares
20
Agfa Ansco Corp com
Alnsworth Mfg Corp
dealings occurred during the week covered
any
Thurs
for
Week
of Prices
Low
Price
Aero Supply Mfg cl A—
Class B
bond, in which
or
Sales
25
Crowley Milner A Co....*
Crown Cent Petroleum..!
309*
128
15
294
299*
125*
129*
19*/
19*
294
29*
50
1209*
Jan
3094
139*
9,300
Jan
349*
Jan
16
194
13,800
1994
994
9*
Jan
194
69*
295*
Feb
7
19*
Jan
29*
29*
700
84,300
Jan
Feb
Feb
Feb
Mar
Jan
Volume 142
New York Curb
Thurs.
STOCKS
Last
(1Continued)
Sale
Par
Price
Crown Cork Internatl A..*
Crown Drug Co com
26c
Preferred
534
Week's Range
of Prices
Low
High
1434
5 34
com
for
534
Range Since Jan. 1 1936
900
!
634 % preferred
109
109
109
50
1
134
l5ie
1154
1154
1454
1354
2334
6034
Davenport Hosiery Mills.5
Dayton Rubber Mfg com.*
2334
25
Feb
Jan
1154
Feb
Feb
4234
Mar
106
Mar
*9
Mar
400
12
Jan
1354
2334
100
100
1234
2334
63
230
1334
700
454
34
Mar
Detroit Gray Iron Fdy...5
Derby Oil A Ref Corp eom*
2
12
4934
1034
*
33
934
6
11
354
10
934
11
3234
3234
6
6
♦
7034
10
112
1934
Mar
Feb
70
Mar
Jan
1454
Mar
70
Jan
750
2534
Mar
Harvard Brewing Co.
Hazeltlne Corp.
854
Mar
534
Mar
Apr
Apr
Hecla Mining Co
1034
454
4934
10J4
1034 I
Apr
Apr
6,600
6,400
2,900
1254
Jan
3334
6
2,200
100
7034
^33
900
40
100
11
Jan
28
Mar
Jan
454
Jan
Jan
9534
Jan
6534
33
Jan
10
4 54
350
Jan
Mar
Jan
Jan
834
1354
934
2,600
7
1434
3,100
734
Mar
Jan
7454
76
375
6634
66
68
1,550
30
Eastern Malleable Iron..25
Eastern States Corp.
*
East States Pow com B..*
3434
854
4,300
125
Jan
1054
1534
Jan
Mar
4134
30
154
37
134
1,300
"200
Jan
4334
Jan
Jan
1354
2334
Mar
Jan
.18
100
18
Jan
4134
Edison Bros Stores com..*
Elsler Electric Corp
*
1134
18
1154
4134
200
36
Jan
354
4,000
2454 121,000
254
1554
Jan
Feb
75
1,000
66
Jan
79
8454
1134
934
2,100
7454
Jan
87
Mar
954
Jan
12
Mar
634
1834
Feb
934
Jan
Jan
5134
854
Mar
*
2354
7434
*
8334
334
2334
7434
8334
1
1134
11
..1
8J4
8
354
Elec Bond A Share com..5
*
1,600
1,700
7,100
1
4334
45
450
734
.....
Option warrants
8
700
654
634
65S
900
9354
pref w w
*
Elec Shovel Coal $4 pref..*
conv
9334
9354
125
2
Jan
Mar
2534
19
Elgin Nat Watch Co
3534
15
1734
3454
1934
2,700
3534
700
100
100
Mar
Apr
Feb
Feb
Internat Mining Corp
Warrants
Feb
5734
Feb
Jan
6534
Feb
Jan
Feb
2234
2134
150
21
Jan
5,300
15
Jan
6734
2334
2134
6,800
2
Jan
100
39
Jan
1834
18 34
2 1 34
12366
934
854
934
6 54
1 334
3,500
.1,300
Falstaff Brewing
1
654
1
13 34
7
38 54
1
3 9 54
134
1,300
113
.1
7
654
Jan
Jan
3154
4034
Feb
20
Apr
60
2534
25
26
2934
2934
•
6,900
2434
25
2754
Ford Motor of France—
American dep rets
100
Fort Worth Stk Yds Co..1
Froedtert Grain A Malt-
354
Am dep rets ord re«..£l
Gen Flreproofing com....*
Gen Gas A Elec—
1934
"""400
100
434
434
234
300
'7354 "7434
"2"666
934
6
11
300
2,400
734
13
434
3834
4
3934
434
13
Jan
234
4034
30
954
754
Jan
Feb
Feb
Apr
Feb
Jan
Apr
Jan
40
5354
Feb
Jan
55
Feb
Feb
5354
Feb
Jan
954
Mar
Feb
Jaa
20
Jan
2434
Jan
2454
Feb
1334
Mar
1434
Mar
Mar
Jan
3934
934
Feb
18
Mar
Jan
97
"Feb
334
334
Jan
Jan
634
Jan
634
Jan
Jan
534
Jan
Feb
354
2054
Jan
Jan
72
Mar
84
Feb
Mar
34
134
Jan
Italian
Jan
334
Feb
Feb
325
700
1,400
14,900
5
600
934
554
Mar
Feb
1454
Jan
754
1154
354
3334
Jan
1434
Jan
Feb
Jan
534
Feb
Jan
3954
3834
734
Arp
Jan
434
13
Mar
Jan
100
64
Feb
Jan
Jan
Jan
234
Jan
134
134
Jan
Feb
Jan
Jan
234
*i«
Feb
Jan
*16
1,500
1434
*16
34
134
Jan
34
Feb
954
Apr
316
300
834
954
3034
19,600
834
Apr
28
230
2754
Feb
32
28
2934
240
2034
Jan
3334
Mar
34
834
3034
2834
Jan
154
Feb
2734
__I
2234
3134
Feb
134
Mar
234
Mar
Jan
Mar
Feb
Feb
"2634 "2754
"""550
25
234
0.10
254
22J4
2534
3,700
1,000
15
Apr
Jan
Jan
2634
154
54
7034
Jan
8334
76
Jan
91
88
Jan
98
Feb
Jan
434
4354
Feb
154
634
Mar
Superpower A....*
34
Jan
54
Warrants.
Naumburg
9034
9034
"43"
40 34
Common vtc
*
Vtc preferred A......*
Feb
,
1
434
1
434
70
9054
434
44
2,000
"154
534
3,600
34
Mar
2,300
134
11134
134
Jan
4
2.50
Jones A Laughltn Steel. 100
Kansas City Pub Service-
113
7% pref.100
954
2854
Feb
32
Feb
5% preferred D
Klrby Petroleum..
Feb
1,200
Klein (Emll)
Klelnert Rubber
113
10
Kirkland Lake G M Ltd.l
Jan
Jan
30
Jan
10
Jan
19
Mar
434
354
1,900
234
Jan
434
Feb
1934
1734
1 934
600
1 834
2,400
1834
1254
Jan
Jan
2054
1854
Feb
Jan
13
154
400
Jan
1
Jan
Jan
4154
*i«
49
Feb
234
49
Jan
Feb
Mar
7% preferred B
154
30
Jan
Jan
Jan
113
354
Feb
Mar
Feb
Mar
Apr
Mar
100
74
100
1
♦
10
1,600
2134
1054
Jan
43*
J<*n
254
34
1834
Jan
Jan
5 54
Jan
Jan
*t«
Jan
24
Jan
1154
2134
1154
554
800
8
554
200
354
Mar
54
1054
Knott Corp common—
1
Kolster Brandes Ltd.—£1
54
300
54
Mar
1
Jan
107
100
6% preferred
(S. H.) A Co pref.100
Kreuger Brewing
...1
La kawanna RR of NJ 100
Lake Shore
Mines Ltd
Feb
6
Mar
Apr
Mar
Feb
200
73
Jan
85
Jan
80
120
67
Jan
8154
Feb
154
200
1
Jan
1634. 1734
3,100
Jan
Class A..
1234
Jan
234
1854
Mar
5034
200
47
Jan
5234
Mar
8454
82
84 54
475
73
Feb
93
95
Mar
102
"8534
"""75
83
Feb
9034
71
Jan
73
Jan
Feb
com.....
534
Preferred
Glen Alden Coal........*
45
1434
254
2
14 34
1 534
2,100
254
234
300
Godchaux Sugars class A.*
1434
234
Jan
Feb
Mar
Jan
24
—.....*
'1834
Goldfleld Consol Mines. 10
Gorham Ino class A com.*
'l7H
34
$3 preferred
Gorham Mfg Co—
agreement extended
"i'.ioo
34
10,000
3ie
21
......
1834
22
1734
Grand Rapids Varnish...*
Gray Telep Pay Station..*
16
18
1554
16
25J4
25
300
300
2,100
400
Jan
8
Jan
34
234
21
1634
Jan
Mar
854
Lehigh Coal A Nav—...»
Leonard OH Develop...25
Jan
Lerner Stores
Feb
634% preferred.
100
Lion OH Development...*
Feb
1834
334
3934
1834
Feb
1154
Jan
1254
Mar
4",300
14
Jan
21
Apr
Mar
"5334
"53"
"5354
'2",500
734
800
Feb
Mar
Apr
Feb
7434
Jan
78
51
Jan
5934
Jan
Jan
854
Mar
954
134
1234
Common
Feb
Preferred class B
2134
Jan
16
2054
Jan
8254
Apr
Jan
1354
100
4,300
7,000
8
1434
734
1334
Jan
75
Jan
1534
434
Jan
Jan
Mar
Mar
Jan
25
Jan
2
1154
Jan
Jan
Feb
1,800
150
10734
Feb
110
Mar
1,100
754
Jan
15
Mar
434
2034
1834
1034
1434
Mar
Feb
3
7% preferred.......100
Jan
1234
100
1234
234
1934
654
34
3734
Mar
1854
1834
754
934
Feb
Mar
Jan
Feb
4654
Mar
Feb
854
2,400
1434
14,400
434
8634
2,800
434
7234
Jan
240
Jan
88
Mar
7334
734
1434
175
64
Jan
76
Mar
1,400
10,700
Jan
Jan
854
1534
Mar
Jan
95
254
4834
100
254
Apr
47
1,100
8454
Jan
5
634
1.000
234
5534
954
Jan
Jan
Jan
Mar
Long Island Ltg—
Feb
10
254
254
1934
1934
934
954
134
154
4434 4554
10934 110
*
Lockheed Air Corp
1
Lone Star Gas Corp.—..*
534
70
...
Class B
Feb
434
2534
734
com
*
Loblaw Groceterias cl A—*
_...——_*
454
434
85
100
"7234
72
Loudon Packing —..—.*
Louisiana Land A Explor.l
"1334
734
1334
734
934
554
Feb
Feb
Louisiana L P A L Co—
$6 preferred..........*
Lucky Tiger Comb G M 10
634% pref
98
"21""
*
Lynch Corp common....6
Mangel Stores Corp.....*
2471.
200
"20"
Lefcourt Realty com—..1
Preferred..—.
....*
Jan
45
Jan
Apr
10434 105
"2034
..*
Lit Brothers
"84"
105
Langendorf United Bak—
78
7454
154
5034
"84"
1
34
154
1634
5034
6% preferred A.....100
Georgia Power $6 pref...*
$5 preferred
100
Kress
Lakey Foundry A Mach. .1
Lane Bryant 7% pref—100
75
*
General Tire A Rubber. .25
page
12,600
14" ""360
Kingsbury Breweries..-.1
Kings County Lighting
200
134
(3 convertible pref
For footnotes see
3654
3834
5254
154
Rights.
Irving Air Chute
Kansas G A E
1854
♦
1
Gen Pub Serv $6 pref
..*
Gen Rayon Co A stock.
General Telephone com.20
c
6
254
34
64
*
Feb
1834
334
...
V t
34
Jan
Koppers Gas A Coke Co—
1754
16 conv pref class B
*
Warrants..
Gen Outdoor Adv 6% pf 100
Class B
Jan
Jan
Feb
Feb
Mar
30
*
Globe Underwriters
Mar
9
3
15
434
Vitamin.. _1
Feb
45
Ford Motor of Can cl A..*
Mar
16
134
5054
8
2434
1254
534% preferred
—100
6% preferred
....100
7% preferred.......100
70
5,000
2354
New warrants.
Feb
Jan
854
Feb
7634
134
1
154
Apr
834
2854
Jan
Jersey Central Pow A Lt—
3734
8
Jan
6234
...
Feb
57
dep rets ord reg_.£l
(A C)
Jan
Feb
Jan
Mar
Jan
450
Jan
31
._»
...
Class B
Iron Fireman Mfg v t
2854
Ford Motor Co Ltd—
Gilbert
Class A
Jan
Feb
117
53
1,550
200
45
Internatl Safety Razor B_*
Internat'l UtiUty—
Feb
Feb
Jan
45
100
525
Jan
35
2254
Apr
Jan
12,600
Feb
10734
Apr
8
Feb
10
Jan
28
3634
4434
10
2234
11
*
17
Jan
Jan
11234
654
4634
Feb
30
2
74
Interstate Power $7 pref.*
Iron Cap Copper com...10
10
425
3034
105
50
—100
Jan
113
9,300
$0 conv pref B
Gen Investment com
6% preferred.
Jan
Feb
4,900
General Alloys Co
Gen Electric Co Ltd—
International Products
1034
734
1634
89
7 34
5 9 34
Jan
38
23 54
Mar
4834
Mar
34
9254
3934
Apr
7734
57 54
Jan
750
434
434
"434
interestate Hos Mills
20
4554
1734
654
Mar
Jan
10
734
International
81
57
Con v preferred...
Feb
34
54
4634
100
Fllntkote Co cl A........*
Florida P A L J7 pref....*
1334
200
Registered
Jonas A
100
Class B
54
134
100
81'
Feb
37
934
Feb
Mar
4,100
134
"734
•
Feb
454
1334
27
3834
Fire Association (Phlia).lO
First National Stores—
Am
Apr
Feb
Feb
20
Ferro Enamel Corp com..*
Flat Amer dep reels
Fidello Brewery
*
1
Film Inspection Mach...*
Jan
23
2034
1
21
1334
300
Fansteel Metallurgical..
Fedders Mfg Co com
Corp
$6 preferred
Jan
Jan
1834
Feb
55
Feb
33
"I§k
50
Jan
54
6
Fanny Farmer Candy
7% 1st preferred
Jan
2,900
-.1
Flsk Rubber
334
44
Feb
Pref $3.50 series..
Intl Metal Indus A
Warrants
Ex-cell-O Air A Tool.....3
24
International Petroleum-
62
*
3
Feb
Feb
934
1
1934
Jan
.100
Jan
Jan
Jan
Apr
30
100
37
47
Falrchlld Aviation
V t c common
7% preferred
62
4334
Wallower Lead
Mar
Jan
Mar
Feb
Jan
Apr
Mar
28
8
*
,
Jan
50
preferred..
Class B
Jan
600
7%
854
7234
234
634
1434
1754
Jan
Industrial Finance—
Jan
500
Jan
134
334
1034
1154
134
30
*
A
IS
64
Evans
Non-voting class
3054
Jan
254
Apr
Internat Hydro-Elec—
44
41
15,200
2,500
Internat Holding A Inv—*
43
41
100
134
28
Imperial OH (Can) coup..*
Registered
..*
Imperial Tob of Canada.5
Imperial Tobacco of Great
Jan
75
41
100
£1
Feb
58
..50
European Electric Corp—
Option warrants
Jan
854
Industries
Amer deoosit rets
2934
55
Eureka Pipe Line
700
575
4254
4354
Chem
400
3354
4254
Feb
954
50
234
1,700
5
5
98
54
20
71
3154
35
Jan
Jan
55
2054
234
"2734
Insurance Co of N Amer.10
International Cigar Mach *
64
10c
8454
Jan
Mar
Indian Ter IHum Oil—
22
com..
Jan
754
6834
Ind'polls P de L 634 % pflOO
-.100
Emsco Derrick A Equip..5
91
25
10634 10654
2634
2834
7054
7154
534
Mar
Empire Power Part Stk_>
Equity Corp
3154
Britain and Ireland...£1
Indiana Pipe Line
10
Indiana Service 6% preflOO
Mar
52
5534
Feb
98
18
3634
Mar
53
100
Feb
Mar
Jan
200
8
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylyanla Corp..*
42
Electrographlc Corp com.l
Empire District El 6%. 100
Empire Gas A Fuel Co—
134
Jan
154
"1454 "15""
8
_
Jan
554
9134
Jan
Mar
9
1454
7% pref stamped
100
7 % pref unstamped. 100
Mar
4234
454
'
Jan
Jan
3134
1034
334
48
*
Imperial
43
128
2134
7%
Feb
Jan
13034
Jan
Jan
Mar
72
6834
200
Mar
Jan
Mar
Feb
2534
734
254
54
534
154
83
Jan
134
11034
8,800
*
6% preferred
100
Illuminating Shares cl A._*
2434
654
834
10
Illinois P A L $0 pref— _.*
3734
1134
734
134
Heyden Chemical..
Jan
Feb
5,900
*
Helena Rubensteln
Mar
4234
234
334
9334
2,400
1134
Jan
9634
500
200
1234
1434
85
Apr
1,200
1234
Jan
Feb
934
234
134
1434
Jan
23
154
Economy Grocery Stores.*
6% preferred
634% preferred7% preferred
8% preferred
4
5934
154
$0 preferred series B__.*
$7 preferred series A...*
Easy Washing Mach "B".*
$6
734
734
7454
4 34 % prior preferred. 100
6% preferred
..100
134
854
254
*
Huylers of Delaware Inc—
Common
1
Feb
6
390
50
6834
134
434
.1
Humble Oil A Ref
80
29
.25
Jan
110
11534
Page Ltd—
Jan
Jan
High
76
834
*
preferred
100
Hud Bay Min A Smelt*
Feb
34
Low
8234
9634
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co
*
Horn A Hardart
*
Jan
Range Since Jan. 1 1936
*
Feb
Mar
113
1
Holllnger Consol G M...5
Holophane Co com
*
60
1,800
7434
1354
*
Electric Shareholding—
Common
25
12454
7334
39
East Gas A Fuel Assoc—
com
$5.50 preferred
Feb
Mar
1
3 34
7234
Durham
Class A....
Elec P A L 2d pref A
2554
3554
754
Mar
100
334
7434
Hosiery class B—*
Duval Texas Sulphur....*
834
...„
Hartman Tobacco Co—..*
6,400
854
134
4934
1034
for
Week
Shares
124
Am dep rets pref
8 sh
Hartford Electric Light. 25
Feb
High
29
Gulf Oil Corp of Penna—25
Gulf States Utll $6 pref..*
50
11634
£33
113
1
Hall Lamp Co
Mar
22
11234
preferred
..100
Dubiller Condenser Corp.l
Duke Power Co
10
$6 preferred
Elec Power Assoc
Apr
15
__25o
Mar
7%
S5 preferred
12
com
Guardian Investors
1434
2354
*
Common
Grocery Sts Prod
25
7% preferred.......100
Eagle Plcher Lead
*
Apr
Apr
134
Week's Range
i
of Prices
Low
100
Apr
Mar
Douglas (W L) Shoe Co—.
Driver Harris Co
stock
com
Hires (C E) Co cl A
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel A Coal B 25
Draper Corp
Non-vot
7% 1st preferred
Gt Northern Paper.....25
Greenfield Tap A Die
*
1134
1234
434
1
Dow Chemical
109
Price
Sales
Great Atl A Pac Tea—
Handley
Am Dep Reo ord Reg £1
Dennlson Mfg 7% pref.100
Dictograph Products
DlstUled Liquors Corp
Distillers Co Ltd—
Mar
Feb
Jan
15
De Haviii Aircraft Ltd—
Preferred
Mar
1534
554
19J4 Mar
...36
Detroit Paper Prod
Jan
45,200
1,000
134
12
Sale
Par
3734
100
Last
High
434
Cusl Mexican Mining..60c
Darby Petroleum com
*
Class A..
1154
23
*
com
STOCKS
{Continued)
Low
9,400
vto—*
2467
Thurs
Week
Shares
1 454
25
Cuban Tobacco
Cuneo Press
1454
Exchange—Continued—Page 2
Sales
w w
...100
95
254
4834
5
5
Apr
50
Mar
66
Jan
Mar
Feb
Jan
Feb
New York Curb
2468
Thurs
STOCKS
Last
Sale
{Continued)
Par
Price
Exchange—Continued—Page 3
Sales
Week's
Range
for
Range Since Jan. 1 1936
STOCKS
Week
of Prices
Low
High
Low
Par
24%
Jan
27%
Feb
Apr
9%
Jan
Ollstocks Ltd
26%
.,
Marlon Steam Shovel
*
2%
Massey-Harrls common—*
Mayflower
Associates...*
May Hosiery Mills—
$4 pref w w—
95
95
1
t c
22%
8
3%
98%
3
7%
3%
7%
3%
Maryland Casualty
..1
Masonlte Corp common—*
2%
6%
6)4
6%
64
00
60
Mar
Jan
22%
Mar
Jan
8%
5%
Jan
350
3%
62%
Jan
100%
Mar
600
1%
Jan
4
Feb
UK
83
83
Mead Johnson & Co
*
96
96
Memphis Nat Gas com..5
Memphis P & L 7% pref—*
8
8
*
com
7% preferred
2,400
5%
Jan
200
57%
Feb
13%
86%
101%
8%
9,800
"36""
""206
1,100
700
2,700
"~7
Participating preferred.*
Merrltt Chapman & Scott*
"~8%
"~6H "7%
"16%
9~800
8%
..*
62
JS
ioi"
Pacific Tin spec stk—
Pan Amer Airways
Apr
Pantepec Oil of Venez.
82 %
Mar
30%
Mar
Feb
Parker Rust-Proof
Patchogue
34
5
1,500
Mar
31%
10%
Mar
Jan
62
v
t c_.
v
t c
%
Feb
Mar
Pennroad
5,300
1%
Jan
4%
Mar
Midland oil Corp—
$2 conv pref
is
16
Jan
1%
Feb
5%
Jan
6%
Jan
16
101
800
Jan
Mar
102
Midland Steel Prod
Mid vale Co
"is
Jan
Feb
Jan
13
Feb
19
Jan
28%
Apr
44%
Jan
52
"31% "32%
25
"325
25%
29%
Moh & Hud Pow 1st pref.*
2d preferred
*
83
83
87
58
Molybdenum Corp...
Montgomery Ward A
10%
58%
11%
*
149%
160
Montreal Lt Ht & Pow
*
1
100
tge Bk of Col Am Shs.
Mountain Producers
10
6
Jan
2%
.1
10%
145
145
156""
150
38
39
10%
10%
11%
Jan
4,100
9%
Mar
13%
Feb
Piedmont A Nor Ry
Pierce Governor com..
Jan
Pines Winterfront Co
5
2%
10%
$3
1%
1%
"82 %
34
Feb
Pioneer Gold Mines Ltd..J
38%
Jan
Mar
150
Apr
Apr
5
Jan
Apr
Jan
150
4%
8%
150
Feb
Feb
Feb
69%
Feb
Jan
15%
Mar
47
Mar
Feb
4%
2%
43%
Jan
700
"82% "84"
""400
Jan
Jan
31
16%
Jan
23
Premier Gold Mining...
Pressed Metals of Amer..*
TlOO
National Transit
12.50
Nat Union Radio Corp..
Nebel (Oscar) Co com.—
"l2%
6%
%
1%
"16
Jan
Jan
cers Royalty
1
Propper McCallum Hos'y *
Prosperity Co class B
*
1)4
Jan
"65%
5~2o6
28~
5
$6 preferred
Pub Serv of Colo—
1%
89
6% 1st preferred
1W0
5%
5%
114
14%
2%
Mar
Jan
Feb
77%
Jan
86%
14%
8%
6
Apr
Jan
8%
%
Feb
Jan
Feb
Mar
2%
17%
Jan
29%
Apr
%
•is
23
10%
%
Feb
Jan
9
15%
2
19
113
4%
Jan
Jan
115
19
Feb
Mar
10
Feb
3%
"~3% "~3%
"460
11
4%
89%
1~850
4%
600
2%
"94%
l",706
69%
1%
8
"94%
"9l"
com
*
74%
24%
2%
N Y Merchandise
Jan
Jan
«
128
"86 ~
86
33%
109%
33%
34%
108% 109%
400
NYPr&Lt7% pref...100
101
101
$6 preferred
*
101
120
Mar
Jan
Mar
3%
5%
4%
300
'"5%
29%
28%
%
1S<c
23%
Jan
34%
Jan
15%
125
11%
Jan
36%
500
6,300
29%
7,200
32%
1%
19%
Mar
2%
5|£
1,900
2%
25%
%
"16
Apr
Feb
Feb
Mar
15
Feb
Jan
Jan
%
2%
Mar
Jan
Jan
29%
•is
Apr
Feb
300
%
Jan
1%
Feb
9%
10%
Feb
9%
Feb
Mar
10%
11%
102%
Mar
10%
25
10%
1,600
9%
Jan
Apr
,100
100
114
114
100
93
Jan
103%
37%
14%
54%
57%
100
45%
25%
18%
37
Jan
Mar
Apr
Feb
103
Jan
103%
Apr
Jan
53
Feb
Jan
27%
Feb
Jan
60%
Feb
Feb
Apr
114
60
Feb
114
Apr
92
Jan
97
Feb
98
30
93%
.»
Jan
110
Feb
6%
3%
Jan
Jan
07
Feb
60
59%
60%
725
50%
27%
26%
27%
375
22
Jan
34%
Jan
14
Jan
14%
Jan
"7%
»
;
Ry A Light Secur
!
T.206
130
"17%
"l7% "17%
21
"l",050
21
Class B
Feb
Mar
Jan
Jan
Raytheon Mfg
Jan
9%
96%
25%
Jan
Feb
3%
Jan
Red Bank Oil Co
Reed Roller Bit Co......*
New wi
*
Mar
Jan
Mar
18%
Feb
Feb
Jan
14%
19%
1,425
34%
35
100
2%
4
1,100
17%
.....
2%
Jan
%
700
16
21%
Jan
Jan
1%
Feb
Jan
%
Feb
Jan
19%
Apr
Feb
30
17
900
%
♦
Mar
0%
143
Jan
14%
50
%
%
92%
137%
Jan
%
Class A.
Jan
9
Jan
.
Ry A Utll Invest cl A....1
Rainbow Luminous Prod—
Jan
Jan
5%
130
30
141
*
com
"7% "7%
130
...
Jan
%
Raymond Concrete Pile—
''
Jan
Common
*
$3 convertible preferred*
v t c
10%
9
73%
25
38
Jan
Reeves
Jan
110
Feb
Relter-Foster OH
•
1%
104
Jan
Reliable Stores com......*
18%
(Daniel)
Feb
2%
JaD
4%
Jan
3
Jan
Mar
20,200
69
15%
73%
1,500
39%
Jan
23%
26%
1,200
23%
Apr
15%
73%
20%
Jan
8%
Mar
1%
1,800
2,300
•is
12%
Jan
1%
Mar
Jan
20%
.*
com
25
0%
Jan
Feb
■■
!
50c
Apr
52
:-4V
1
Apr
Apr
6
5%
7
3,900
4%
Jan
7
11%
Jan
Reynolds Investing
1
3%
3,200
1 %
Jan
500
15%
20%
Jan
100
275
116%
Jan
Rice Stlx Dry Goods.....*
Richfield Oil pref
....25
3%
Mar
"l%
3%
8%
1%
3%
16
2%
Jan
6%
Feb
Jan
6%
Mar
65%
Apr
75%
Feb
105%
Feb
Jan
11%
Feb
105%
Feb
8%
%
1%
Richmond Rad com
..1
Rochester Gas A Elec Corp
6% preferred ser D..100
Roosevelt Field, Inc.
5
8%
1%
4%
Apr
Jan
Jan
10%
Jan
%
2%
Feb
Root Petroleum Co
Mar
10%
10%
19,500
%
1,300
12
12%
700
43
43
43%
3,200
2%
6%
1,600
4,500
4%
94,200
5
2%
1
6%
2%
5%
121
Mar
Feb
4%
43%
4%
40%
44
42
43
7%
32%
2%
3%
Jan
13%
Feb
Jan
Mar
Jan
44%
3%
7%
Jan
Jan
Mar
Nor Amer Lt <fc Pr—
$1.20
conv
...10
pref
1
5
3%
17
....20
m
'...
„
8%
Feb
5%
Feb
3,050
38
Mar
49%
Feb
100
35
Feb
46
Jan
No Amer Utility Securities*
Nor Cent Texas Oil Co.—5
"4%
4%
4%
300
"%
7%
S16
7%
Nor European Oil com
Nor Pennsy RR
%
8,400
100
3%
3%
Jan
6%
Jan
100
..*
Russeks Fifth Ave
5
Rustless Iron A Steel..—.*
*
Safety Car Heat A LightlOO
8t Anthony Gold Mines.. 1
St Regis Paper com......5
7% preferred
100
Jan
8%
Jan
Salt Creek Producers...10
•is
98%
Jan
Jan
Savoy Oil
Jan
71S
98%
Jan
Schlff Co
Apr
Mar
79
Jan
Schulte Real Estate
87%
Feb
Scoville
108%
Mar
Northern N Y Utilities
103
100
10
7%
34
300
7%
36%
25
42%
31%
175
108% 108%
400
34
24%
40%
24%
30%
30
Jan
7
Jan
9%
Feb
19%
8%
2
900
5
1,000
3%
16
21%
1
*
,
64
18%
4%
3%
80
3%
78
4,300
2
Jan
4%
Feb
15,700
4%
Jan
19%
Apr
300
14%
Jan
23
Jan
Jan
1%
39%
69%
8
Jan
19
3%
Jan
1%
Jan
1,200
•is
64%
500
38%
18%
500
5
4,000
4%
7,300
67%
8%
250
80
316
"4%
4%
67
%
13,400
com
38
Mar
1,100
15%
Jan
25%
Mar
Segal Lock A Hardware..*
2,000
35%
Jan
48
Feb
Selberling Rubber com...*
30
Jan
35
Jan
Selby Shoe Co....
.._._*
Apr
Feb
•is
Jan
3%
Mar
Feb
7
Jan
10
Feb
Jan
6%
34%
Apr
800
5%
4%
6%
8,100
%
%
35%
35%
36%
44
44
4%
46
3%
Jan
Apr
700
7is
Jan
1%
Feb
450
32%
Jan
41%
Feb
100
800
2%
42
Jan
65
Feb
Mar
Jan
6%
Feb
Mar
Mar
Mar
3,000
1%
Jan
1,300
2
Jan
46%
4%
4%
30%
3%
Jan
1%
28%
42
4%
Feb
4%
92
7ie
5%
73%
*
Selected Industries Inc—
Common
See man Bros Inc
6%
Jan
Feb
8%
..*
Securities Corp General..*
Jan
Feb
Mar
Mar
63
Water Co $6 pref
21%
1,000
Mar
Apr
Mar
420
8
*
72
4,400
4%
69
*
com
Manufacturing.25
Scranton-Spring Brook
Jan
4%
1%
63%
18%
4%
11
Feb
Apr
Mar
17%
23
35
Royal Typewriter
73%
81%
50
Nor Ind Pub Ser 0% pfdlOO
18%
Royallte Oil
Ryan Consol Petrol
Engineering..*
Novadel-Agene Corp.....*
Jan
400
30
Apr
Jan
Nlplsslng Mines..
class A100
3%
0%
Mar
Noma Electric
Northern Pipe Line..
Jan
98%
Rossia International....-*
Northwest
3%
320
Reybarn Co Inc
5
7% 1st preferred
4,200
27%
0% preferred...
100
Quebec Power Co...—..*
Feb
19
Niagara Share—
7% preferred
6%
9%
716
1
Jan
Mar
96%
_
Common
1%
15%
2%
140
98%
300
56
preferred
Jan
2,200
2%
56
•
Mar
Feb
Feb
100
warr
50 preferred
North American Match..*
69
14%
77%
36
36
30%
105
2%
5%
Jan
38%
Pyrene Manufacturing. .10
Quaker Oats com
*
Feb
Niagara Hud Pow—
com
74
138
10%
Jan
7%
118% 120
120
Nor Sts Pow
73
137% 140
Jan
Jan
7%
37
600
4%
N Y Telep 6)4 % pref.. 100
common
5.400
100
5
N Y Wat Serv 6% pfd—100
Nlles-Bement Pond. ...._*
10
$6 preferred......—*
Pyle-Natlonal Co
5
Jan
Apr
75%
4%
128
10
10%
N Y Transit
..15
Mar
Jan
16
16
Class B opt warrants.
3%
12%
10%
N Y Shipbuilding Corp—
Founders shares
...1
N Y Steam Corp com...
Common
6,000
Mar
Jan
12%
36
N Y & Honduras RosariolO
Jan
2%
9%
290
$5 preferred
Apr
Jan
74
5
Jan
100
48
Pub Utll Secur $7
pref
Puget Sound P A L—
Feb
110%
12%
10%
110
50
2%
45%
24%
6%
Feb
Mar
100
Feb
Jan
Pub Service of Okla—
Jan
111%
2%
18
100
Apr
13%
10%
2%
10%
$6 preferred
Jan
100
Nestle Le Mur Co cl A..
7%
40
Jan
Feb
11%
Public Serv Nor 111 com..*
Common
60
Feb
Jan
Jan
Neptune Meter class A..
Jan
Feb
Mar
18%
6% prior lien pref.._ 100
7% prior lien pref....100
Mar
1,500
100
18
36
Jan
10
Pub Serv of Indlana$7 pref*
Feb
Jan
50
5%
114
Jan
Mar
9%
100
1%
%
113
116%
Feb
Jan
7%
100
7% 1st preferred
Feb
6
10
1%
Mar
4%
._.*
Jan
Jan
15%
"12% "12%
Feb
"15% ""~700
11%
73%
Prudential Investors
Feb
Jan
100
113
7% pf.100
New Haven Clock Co...
Newmont Mining Corp. 10
4%
"is
1%
8%
Nehl Corp com
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp
5
com
2
7,800
1%
117
36
600
1,300
9%
Prod
Jan
Feb
5%
6
%
11,600
7%
~15"
»
Power Corp of Can com..*
Pratt A Lambert Co..
*
Mar
49%
13%
5
Powdrell A Alexander
Jan
300
Pleasant Valley Wine Co
Potrero Sugar com
Feb
Jan
1,000
Jan
Apr
Jan
34
Pitts Bessemer A Le RR.50
1%
1%
2
7
9%
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie.50
Pittsburgh Plate Glass..26
35%
Mar
■*
Apr
Mar
26%
Mstor
Apr
8,600
1%
;
41
Pitney-Bowes Postage
35%
2,800
4,500
1,200
93%
70%
50
*
Jan
11%
42%
3%
Feb
Apr
13%
113%
"34" """"25
100
Jan
200
.....
29)4
Class A opt
com
Feb
•
2
National Sugar Refining..*
Nat Tea Co 6%% pf
10
N Y Auction Co
pref ser A
152
49%
1%
Conv part preferred..
National Steel Car Ltd.,..*
New Process
conv
Jan
46
22
Jan
61
31%
10
350
7%
38%
Common..
70
300
87
Apr
Phoenix Securities—
Jan
Feb
2%
21
1T4
com.
New England T & T Co 100
New Jersey Zinc
25
New Mex & Ariz Land... 1
"""160
62%
34
*
46%
3
Warrants
New Bradford Oil
Mar
62%
10
80
7% preferred
Mar
Feb
Jan
$5.50 preferred...
Nev Calif Eleo com
44
"34"
com
Providence Gas
21%
National Investors com.. 1
Nebraska Power
Mar
Mar
106%
"14% "15% """700
13
National Refining com. .25
Nat Rubber Maeh
..*
Nat Service common....
130
"is""
400
4
Mar
Feb
105
"34"
15%
2%
49%
Apr
110%
*
50
4
Jan
Mar
17
Jan
Phlla Elec Co $5 pref.....*
Phlla El Pow 8% pref
25
138
49%
15%
44%
Mar
8%
6%
20%
Jan
Philadelphia Co
41 %
"l"906
112
Apr
Jan
Jan
Jan
75
""900
Mar
115%
Pie Bakeries Inc
"29% "31%
Mar
Jan
7%
3%
100
Feb
"~6% "7"
Jan
6
20
114%
31%
93
"29 %
37
103
"91% "91%
62%
»
Jan
20
Feb
Jan
44
*
..100
35
150
Feb
Apr
00
Mar
50
Feb
142
25
28%
20
Mar
114
Feb
220
1%
Jan
Jan
Feb
6%
7%
110
129
33%
91%
Corp—
Nat Mfg & Stores com...*
National P & L $6 pref...*
109
3,000
61%
06%
129
110
81
200
""5%
49 )i
*
20%
19
15,100
Jan
4%
'11)4
National Fuel Gas
100
7%
4%
Feb
Feb
5
Pennsylvania Sugar Co. .20
pref
Nat Leather
20%
Apr
Common
conv
7%
4%
Feb
Mar
33%
200
Mar
24%
National Container
350
34%
5%
Apr
Feb
110
7%
28
""254
Nat Bond <fc Share Corp.
National Candy Co com.
34
Feb
Jan
25
4%
31%
National Baking Co com.l
com
4,900
Feb
Feb
Mar
5
28%
Jan
S8
31%
28%
Jan
17%
29%
"•40 "~
Murphy (G C) com
*
Nachman-Sprlnfllled Corp*
Nat Auto Fibre A v t c
"34%
Jan
Mountain Sts Tel & Tel 100
com
100
26%
3%
24%
15%
2,700
*
_
98,600
22
109
28)4
Natl Bellas Hess
Jan
500
1,700
6%
5%
.*
Pet MUk Co 7% pref
3
23%
35
Perfect Circle Co
Minn Pow & Lt 7% pf 100
Preferred A
Apr
88%
"32 %
Miss River Pow 6% pfd 100
Mock Judson Voehrlnger.*
Moody's Invest Service..*
Moore Corp Ltd com
*
23%
27%
Pa Water A Power Co
10%
46
Apr
41
' Apr
45%
Jan
400
Mar
104% 105
1,900
46
40
Mar
63
*
1%
*
7%
"""600
42
50
"""50
800
Apr
5%
Pa Pr & Lt $7 pref
$6 preferred
IK
28%
7
1,000
325
7%
23%
1
IK
27
83
..1
v t c
Peppered Mfg Co
Mining Corp of Can
..*
Minnesota Mining & Mfg »
Mueller Brass Co
Corp
"UK "IIK
*
107
Jan
60%
Penn Mex Fuel Co
Feb
4
1)4
*
Apr
Jan
Jan
Jan
41
*
Pa Gas & Elec class A
1,000
29%
26%
104%
5%
4
*
.._*
4%
1,400
5%
Class B
4%
100
3,200
Peninsular Telep com...
Preferred
.100
Jan
6
4%
31%
28%
28%
106
10 0%
31
Plymouth...
1%
1)4
Jan
60%
Grocery A..
Mar
Jan
6
5%
200
6
10
Class B
Class B
Pender D
Apr
Apr
3%
17%
11
w
.50
400
4%
1%
1)4
40
Jan
Jan
31%
3%
8%
Feb
100
1
2.50
Jan
Mar
15%
500
41
new
4
3%
3%
""4%
200
Apr
Jan
Jan
Jan
800
2%
10
Parker Pen Co...
90
101%
7%
Paramount Motor
Jan
Feb
Mar
Petrol-
Class A
$2
Apr
Mar
Penn Salt Mfg Co
Preferred
M
89
105%
8%
106
10
16%
t
7%
4%
23%
101
101
*
Michigan Gas & Oil..——*
Michigan Sugar Co
*
Jan
112%
100
15%
2%
16
7
$1.301st preferred
20%
2*866
60
6%% A preferred... 100
Metrop Edison $0 pref...*
Apr
Jan
78
Merchants & Mfg cl A...1
Messabl Iron Co
13%
High
Feb
13%
1%
Paclfio P4L7% pref—100
Pacifio Pub Serv
*
Jan
Low
110
210
78
5%% 1st pref....... .25
Pacific Ltg $0 pref....
»
28%
Apr
7%
•64
104
2%
16
31%
Jan
Feb
»
111%
"4%
Jan
79%
5%
pref
1
47
59
conv
Pacific G & E 6% 1st pf.25
Feb
8%
Class A
Overseas Securities.....
Pacific Eastern Corp..
Shares
High
15%
Range Since Jan. 1 1936
for
Week
of Prices
104
Outboard Motors B com..*
Jan
Week's Range
Low
111
5
com
89%
"30"
"30
100
Mexico-Ohio Oil...
7
42
n^:
Mercantile Stores
14
700
...»
McCord Rad & Mfg B_„*
Mc Will lams Dredging....*
Middle States
600
1,300
Price
Ohio Power 0% pref... 100
Ohio P S 7% 1st pref—100
7%
American dep receipts. £1
Mary ay Oil Corp
v
Sale
High
Marcon' Internat Marine—
Mass Utll Assoc
Last
{Continued)
Shares
Mapes Consol Mfg
April 11, 1936
Sales
Thurs.
Jan
40
3,800
2%
Jan
Jan
Ohio Olli % pref
Fot footnotes
100
see
pa«e
101%
111
Jan
106%
Feb
104%
Jan
109%
Feb
3%
3%
3%
3%
1
3%
3%
4%
$5.50 prior stock
25
Allotment certificates...
Ohio Brass Co cl B com.—*
Ohio Edison $6 pref
*
40%
90
88
90
100
81
Jan
90
Mar
89%
89%
92
450
78
Jan
95
Mar
4%
Feb
Feb
4
2471,
9
2469
New York Curb Exchange—Continued—Page 4
Volume 142
Sales
Thurs.
Range Since Jan. 1 1936
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Week
Low
Price
Par
Specialists in Curb Bonds
High
Low
Shares
High
Selfrldge Prov Stores—
Sentry Safety Control
%
Set on Leather com
%
13%
7%
21%
13%
21%
"61%
*
Shattuck Denn Mining
6
25
5%
cum pref erred..
15
Apr
7%
23%
2%
400
2
Jan
4%
300
Jan
62%
Mar
142%
750
47%
118%
110%
Jan
144%
Mar
20
250
18%
17%
Jan
Mar
17%
333%
160
350
340
345
100
200
114
113
.100
116
BROADWAY
39
ord reg.£l
4-7140
Sales
Thurs,
Jan
865
Last
Jan
5%
Feb
Par
Jan
34%
Mar
3%
Feb
*
1st pref with warr
♦
U S Lines pref
*
U S Playing Card
10
U S Radiator Corp com..*
7% preferred
100
of Prices
Price
Low
Week
High
Shares
Smith (L C) & Corona
Sonotone Corp
Southern
19
27%
27%
29%
600
2%
2%
3%
24,300
1%
Jan
38%
Typewriter v t c com
41%
160
34%
Feb
1
Calif Edison—
27%
27%
27%
300
26%
26%
26%
1,200
Jan
27%
5%% pref series C
41%
28%
Apr
Mar
5% original preferred.25
6% preferred B
25
26%
Apr
5%
Jan
U S Stores Corp com
Southern N E Telep...100
Southern Pipe Line
10
Southern Union Gas
""5%
Class
5
40
40
40%
Feb
United Stores v tc
2%
Feb
Mar
United
Jan
11%
40%
Mar
Universal Consol Oil
58
Mar
Universal
Insurance
class B
90 %
com
32%
*
preferred
Standard Brewing Co
*
Standard Cap & Seal com_5
%
Feb
Jan
Feb
% Feb
39%
Starrett Corporation
6%
.
preferred
Steel Co of Can Ltd
6%%
1
6
Stroock (S) & Co
»
Stutz Motor Car
»
3%
Sullivan Machinery
Sun Investing common
*
18%
Jan
Jan
41%
Feb
....*
*
*
80%
80%
81
275
79
Mar
33
50
39%
3%
2,200
Mar
6%
18%
Apr
Feb
Apr
Priority stock
Utility & Ind Corp
Conv preferred
1%
Util Pow & Lt common. .1
100
13%
Jan
250
35%
Jan
49%
18
Apr
Venezuela Mex Oil Co.. 10
Jan
23%
14%
Jan
11%
Feb
Venezuelan
21%
Jan
32%
Apr
Va Pub Serv 7%
.
7%
preferred
Jan
104%
Feb
3
Jan
4%
Jan
Waco Aircraft
Co
3%
300
2%
Jan
4%
Feb
Wahl (The) Co
28%
1,850
3%
1%
3%
500
2%
4,300
5,300
%
%
300
%
Jan
3,200
5
%
2%
1,900
-
%
Jan
Jan
1
Feb
Walker Mining
Jan
6
Feb
Wayne Pump common
Co
63
Feb
Western Air Express
18
Apr
Western Auto Supply
1%
"28"
1
28
9%
9%
1
A._*
6%
3%
2,100
Jan
4%
7%
Feb
Mar
200
2%
600
5,400
1,800
9%
250
101%
101
Jan
6%
800
18
Jan
25%
Jan
Western Power 7%
700
1
Jan
1%
Apr
7% 1st preferred
22%
1,050
Feb
23
Jan
West Texas Ufil $6
2%
18%
3%
20,200
1%
Jan
Westvaco Chlorine
200
15%
Feb
3%
22%
Apr
18%
7%
9%
Feb
1
4%
19%
18%
Mar
24%
Jan
5%
5%
200
5%
Mar
6%
Jan
64%
65%
5%
21,600
100
5%
6%
350
Syracuse Ltg 6% pref.. 100
6%
Tampa Electric Co com..*
mk
1
Mines
.
|
—
30
4%
4%
1
Jan
17%
Jan
4%
Mar
3,600
70
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref
100
Tobacco Allied Stocks
*
Tobacco Prod Exports
5%
79
Jan
Feb
.....
1%
7%
Jan
Apr
7
2,100
6
Jan
9%
Feb
63
50
57
Jan
68%
Mar
Jan
66
Jan
Mar
4
Jan
100
66
1,000
65
2%
104
Feb
Tobacco Securities Trust
Am
Am
19%
19%
19%
200
19%
Mar
5%
dep rets ord reg..£l
5%
5%
200
5%
Mar
dep rets def reg..£l
Todd Shipyards Corp
40%
*
150
41
7%
preferred A
32%
Jan
21%
5%
48%
Feb
Jan
Feb
103
.100
316
1
1%
Tonopah Mining of Nev__l
400
1%
316
Tonopah Belmont Devel.l
2,200
Jan
106
Apr
107
Toledo Edison 6 % pref. 100
Mar
110
Jan
3i«
%
Jan
%
Feb
Jan
1%
Feb
Trans Lux Pict Screen—
3%
Tri Continental warrants
4%
2,700
3%
Jan
5%
Jan
3%
4
1
Common
4%
2,700
1%
Jan
5%
Feb
Triplex Safety Glass Co—
Am dep rets for ord reg
Tri-State T & T 6% pref 10
21%
11%
Trunz Pork Stores
10
..*
Tubize Chatillon Corp_._l
Class A
1
Mar
22%
Jan
Mar
11%
Mar
Jan
13
Feb
8%
"8%
8%
"3",000
6%
Jan
9%
Mar
33%
33%
34%
1,600
23%
Jan
37%
Mar
Feb
1
11
11
13%
1,100
10%
13%
13%
14%
14
80c dlv pref new
Jan
*
Tung-Sol Lamp Works
13%
15%
2,100
4,100
13%
13%
Mar
14%
16%
16%
Mar
300
2%
Mar
4%
Feb
26%
Jan
30%
Feb
Twin Coach Co
Unexcelled Mfg Co
t
10
Union American Inv'g...*
Union Gas of Canada
3
3
3
Apr
Feb
"10%
+
10%
"600
10%
8%
Jan
12%
Mar
50
mmrn,
■* m m w mm
7
mtmm
Mar
7%
Mar
United Aircraft Transport
19%
Warrants
United Chemicals com...*
7%
A part pref....*
40%
$3
cum
United
14%
Jan
200
7%
Mar
100
35%
Feb
600
20%
8
40%
1%
United Elastic Corp
1
*
900
2%
Option warrants
United G A E 7% pref. 100
United
$3
*
40,200
1,900
6,100
7%
2
8%
8%
54
52
Jan
4
81%
Jan
3%
5%
Jan
400
3,700
""6% "7%
"52"
Jan
Mar
Jan
29%
Jan
M
-
18,000
48
*
Jan
Jan
22
Mar
10
Jan
42%
2%
Jan
2%
10%
9%
104%
2%
91%
Jan
Apr
Mar
Mar
ord reg
£1
Uniteo Profit-Sharing....*
1%
5%
400
1%
100
10
United ShoeMach com.. 25
Jan
Feb
4%
Jan
14
48%
Mar
Apr
S16
1
Jan
104%
3%
Jan
5%
7%
10%
Mar
1%
Mar
Jan
9%
Mar
12%
1%
1%
500
10%
300
35
100
1
1
200
"19%
page? 2471.
5%
150
19%
20%
4,100
%
%
1
5%
17%
12%
3
15%
Mar
Feb
Jan
Apr
Feb
Feb
31
Jan
40
Jan
Feb
83
Mar
7
Jan
""600
"4% "4%
3%
Jan
5%
Jan
11
Mar
Jan
31
Feb
9%
9%
700
30%
9%
100
8,400
7%
Mar
9%
Feb
2,300
1%
Jan
4%
Feb
7%
7%
30%
8
2H
2%
3%
29
107
Feb
105%
Mar
Feb
100%
Mar
Feb
100
Mar
95
105%
Mar
38,000
102%
Jan
1946
1951
1956
1st & ref 6s
1968
1st & ref 4 His
1967
Aluminum Co s f deb 5s '52
6s called
1952
Aluminum Ltd deb 5s 1948
Amer Com'lty Pow 5%s '53
Am El Pow Corp deb 6s '57
Amer G & El deb 5a..2028
Am Pow & Lt deb 6s. .2016
Amer Radiator 4%s__1947
Am Roll Mill deb 5s.. 1948
Amer Seating conv 6s.1936
99% 100%
43,000
96%
99
62,000
96
71,000
84
80%
Mar
Apr
10,000
106%
105%
103%
3%
13%
90,000
106
103% 104
1st & ref 5s
1st & ref 5s
100%
99%
6s stamped_.ext to
88
82%
106%
100
85%
88
83% 201,000
14,000
106% 107%
82
_
"l05% "105"
1946
Appalachian El Pr 6s. 1956
Appalachian Power 5s.1941
Debenture 6s
2024
Arkansas Pr & Lt 5s.. 1966
Associated Elec 4%s..l953
Associated Gas & El Co—
Conv deb 5 Ha—..1938
Conv deb 4%s C...1948
8%
8%
105%
24%
24
8%
24%
107%
107
107%
12,000
5,000
Feb
105%
Apr
Jan
10%
Feb
96%
Jan
28%
Feb
Jan
108%
Mar
27,000
102%
103%
Jan
105%
Jan
105
Feb
101%
Jan
Feb
105
104
104
104%
104% 104%
105
105%
107%
"l01%
104% 105%
105% 106%
107% 107%
116% 117
16,000
7,000
104
Feb
107%
18,000
105
Jan
106%
12,000
107%
113%
Feb
108%
10
Feb
Jan
Mar
Feb
Jan
Feb
117
48,000
98
Feb
102%
Mar
68,000
101% 102%
6,000
Apr
57%
56
58
56
Apr
65%
Feb
45%
41%
35%
Jan
52%
Feb
31
36,000
46%
16,000
31
31% 140,000
28%
27%
Mar
38%
Feb
Mar
39%
Feb
30
Jan
Feb
29
Mar
40%
40%
46%
Feb
33%
31
33% 165,000
33% 175,000
36%
35
36%
17,000
33
Mar
mm mm.
78%
78%
5,000
75
Jan
m,m
87
88
15,000
101
5,000
100% 101
8,000
86%
101
90
90
86%
83
86
85%
56,000
96%
93% 155,000
10,000
93
78
Jan
79
91%
Feb
Feb
Mar
100%
Mar
101
96%
Jan
101
Apr
80
Jan
108
Mar
100%
Mar
Apr
74%
Jan
85%
Apr
93
Apr
115%
115% 116
10,000
114%
Jan
117
Mar
119
118% 119%
122% 122%
139% 139%
45,000
116
Jan
121
Mar
116%
Jan
122%
Mar
134
Jan
145
Mar
106%
94%
87%
Mar
122%
1998
Birmingham Gas 5s
1959
Boston Consol Gas 5s. 1947
Broad River Pow 6s..1954
Buffalo Gen Elec 5s.. 1939
Feb
Jan
32
Blnghamton L H & P 5s *46
Birmingham Elec 4%s 196»
99
92%
33%
1938
Jan
97% 134,000
30%
6s without warrants
Feb
Jan
Conv deb 4%s
6s stamped x w
Feb
Mar
29%
28%
1949
..1950
Debenture 5s_.
1968
Conv deb 5%s
1977
Assoc Rayon 6s
1950
Assoc T & T deb 5
A '55
Atlanta Gas Lt 4%s._1955
Atlas Plywood 5HS..1943
Baldwin Locom Works—
6s with warrants... 1938
Apr
91%
108%
105%
100
97
105%
38,000
89%
Jan
83%
29,000
76
Jan
106% 106%
96% 100
1,000
.»
92%
83%
106%
99%
a*
-
"91% "92%
83
1956
106
106%
104
106%
3,000
3,000
Feb
104%
Jan
>
9
80
.....
90
Jan
Jan
41%
Feb
Canada Northern Pr 5s '53
"103%
Apr
1
5%
...
see
Jan
*32 119,000
%
%
*32
'32
For footnotes
Jan
38%
""A
1
1%
83
Warrants
U S Finishing common...*
Preferred
100
1%
Apr
140
U S Elec Pow with warr-.l
U S Foil Co class B
Mar
1,600
1942
Bethlehem Steel 6s
Jan
1,400
%
1,500
% 107,300
1%
Jan
BONDS—
Abbot's Dairy 6a
Mar
6%
825
1
78
Alabama Power Co—
Mar
Jan
40%
40%
Feb
Apr
70
4%
Amer
Mar
Feb
5%
"86% "86% "88%
25
U 8 Dairy Prod class A...*
Class B
...»
46
101%
Feb
"12%
.1
Petroleum
7%
Mar
8
5%
Am dep rets
Preferred
Woodley
9%
54
Mar
United Molasses Co-
Preferred
Jan
Jan
Feb
23%
1%
1938
Bell Telep of Canada—
1st M 6s series A...1955
1st M 6s series B
,1957
5s series C
1960
Jan
6%
Milk Products...*
preferred
Jan
%
%
86%
M
......
*
$6 conv 1st pref
8%
97% 102%
2
2%
7%
98
United Lt A Pow com A..*
Common class B
1%
21,200
9%
VA
*
United Gas Corp com
1%
1%
Corp warrants
United Dry Docks com..*
Pref non-voting
37%
100
Conv deb 5s
*
mm
Union Traction Co (Pa)—
($17.50 paid in)
Mar
105%
12%
1st & ref 5s
3%
31%
10%
Jan
Feb
%
4%
3
Jan
Jan
4%
Feb
100
66
*
1%
19
Jan
"566
deposit rets
6s
Wrlght-Hargreaves Ltd..*
Yukon Gold Co
6
5,200
63
Feb
2%
101%
4%
Wolverine Portl Cement 10
Mar
%
6%
6%
2%
Jan
Woolworth (F W) Ltd—
Jan
100%
*
Jan
Apr
10
Mar
6%
100
Thermold 7% pref
Jan
1%
Apr
35
Mar
5%
•
5%
Jan
Feb
5%
10%
66
100
4%
32%
%
*
Texon Oil A Land Co
Jan
Co
8%
39%
Jan
Tenn Products Corp com.*
Texas Gulf Producing
Jan
Feb
Feb
Feb
10%
102
*
Wise Pr & Lt 7% pref..
5%
Feb
120
*
preferred
Wilson Jones
Mar
2%
15,100
Conv
Mar
35%
32%
4%
Feb
6
102
600
3%
65%
Jan
27
Feb
64
*
Jan
8,700
37
3%
mmm
31
Technicolor Inc common.*
Teck Hughes
Jan
Mar
3
87
Mar
15%
& Co
*
Williams Oil O-Mat Ht__*
WU-low Cafeterias Inc
1
Mar
4%
1,100
7
36%
Taggart Corp common ._.*
Tastyeast Inc class A
52
102
Jan
3%
Jan
Apr
200
Williams (R C)
Sunshine Mining Co... 10c
Swan Finch Oil Corp.
15
81,600
4,700
Apr
...1
Jan
Feb
72
100
West Va Coal & Coke
4%
20
1%
1%
81%
32%
103
pref
Prod—
preferred
Jan
4%
Jan
66
102
pref 100
J an
Swiss Oil Corp
50
Western Tab <k Sta v t c__*
21
3%
19%
18
102
100
2,300
1%
Feb
Feb
Western Maryland Ry-
6%
18
3
8
41
39
39
Western Cartridge pref. 100
19%
6%
2%
1
Jan
Jan
Jan
1,500
2%
Jan
6%
19
29%
2%
Jan
Jan
8
2%
Jan
%
100
9%
Feb
83
3%
1%
5%
...»
B
Jan
-
-
Class
Mar
13%
300
18
41
9
Feb
5%
2%
23
23
9%
._*
4
101
Jan
30
Waltt & Bond class A....*
32%
3%
82
82
common..*
Feb
2%
9,000
•
25%
"~2%
Petroleum...5
97
600
2
26
1,100
1%
4%
46
200
4%
"~4 %
2
2%
Swiss Am Elec pref
Jan
Apr
Apr
Jan
6%
OH
2%
65%
4
*
Sunray
Jan
95
100
Jan
32
Jan
%
20
50
18
21
25
3,800
300
5%
19%
150
5
%
6%
*
65%
425
Mar
3%
59
Stetson (J B) Co com
Stlnnes (Hugo) Corp
3,000
Mar
4%
-
Sterling Brewers Inc
VA
Jan
12%
VA
4%
5%
1%
61
11
22%
Utility Equities Corp....*
3
18
*
27%
Mar
Jan
Jan
4%
Feb
%
Sterchl Bros Stores
27%
1H
65 %
Feb
Feb
7%
*
3
«.
«•
Mar
18
1,700
12%
28
pref..100
Vogt Manufacturing
*
"
100
Mar
6%
1%
%
*
preferred
4%
Jun
Jan
102% 102%
Stein (A) & Co common..*
Jan
100
6%
29%
%
4%
Jan
3
3%
1,800
2,900
17,800
99%
28
1
%
4%
5%
11%
Utah Apex
3
.10
1%
4
5%
3%
*
1
1
4
99%
"32%
Standard 8ilver Lead
Feb
1%
1%
"99 %
Standard Oil (Ohio) com 25
*
Jan
Utlca Gas & Elec 7% pf 100
500
Preferred
%
900
Utah Radio Prod
6,500
Common class B
16
Jan
13%
3
Apr
Feb
18%
102%
Jan
4%
Apr
13%
*
41%
Jan
4%
5
100
Apr
1
33%
18
com
30
90%
18%
preferred
275
1,600
Jan
10
25
5%
1,500
4%
Jan
Investing $5.50 pf.*
Standard P & L
5%
30%
%
1H
1
*
Universal Products
Jan
%
3%
*
Wall Paper
Feb
84
3%:
Jan
18%
(Neb)
Feb
7%
3
45
(Ky)
35%
Jan
29
17%
Oil
Apr
4%
100
45
Oil
32%
300
18
Standard
Feb
150
2%
33
300
45
Standard
1%
3%
33
*
preferred
900
Jan
90%
6,300
Standard Dredging Co—
Conv
Jan
Mining Co...6
Utah Pow & Lt $7 pref
*
1
Stand
77%
%
40%
%
4
_*
500
1
*
Common
30
Jan
4
%
89%
32%
«••)*»«>
30 %
1 %
8
%
%
4
Feb
3%
500
10
Jan
"~4%
United Verde Exten—60c
Jan
Jan
1
1,800
1,700
Universal Pictures com
rets ord reg__£l
A
7%
Jan
6%
32%
1,700
Gen Corp—
rets ord bear.JEl
Stahl Meyer Inc com
149
54
"~9%
9%
60
Spanish &
Am dep
Am dep
Square D
Feb
4%
400
2
10
2
25
So'west Pa Pipe Line
5%
5%
*
Southland Royalty Co
South Penn Oil
Jan
149
.
32 %
*
*
3
Southern Colo Pow cl A.25
Jan
2%
2%
U S Rubber Reclaiming. _♦
Feb
25%
25
78
79%
High
Low
2%
79 %
2%
2%
V 8 Int'l Securities
Range Since Jan. 1 1936
for
Week's Range
Sale
STOCKS
Feb
(iConcluded)'
3%
NEW YORK
-
-
-
DIgby
Apr
20%
Apr
Jan
Feb
Singer Mfg Co Ltd—
Amer dep rec
Co.
Exchange
Members New York Curb Exchange
Members New York Stock
Jan
51%
140
Sherwln Williams of Can.*
Peter P. McDermott &
Apr
51%
com..25
Singer Mfg Co
Feb
Jan
Feb
10,200
6%
Shenandoah Corp com_._l
Sherwin-Williams
Jan
».«
7%
4%
19%
6,800
7%
21%
2%
ShawlnlRan Wat A Pow__*
$3 conv pref
800
,316
15
Feb
2%
1%
Jan
2%
.£1
1
dep rec
Amer
2%
1%
Feb
Canadian Pao Ry 6s. .1942
Feb
Carolina Pr & Lt 5s
110%
101%
Jan
»16
Feb
Cedar Rapids
M & P 5s *53
113
112% 113%
Jan
•a
1%
Jan
Cent Arls Lt & Pr 5s 1960
106
105% 106
Jan
Mar
75,000
3,000
10,000
23,000
Feb
Feb
106%
89%
Mar
109
Jan
Jan
100
Feb
106
Mar
109
Jan
Apr
108
Mar
104
104
Feb
Central German Power
6%
24%
...........
Jan
Mar
Mar
Mar
Jan
Gen A ref 5s
6s partic ctfa
1956
..1934
103% 104
110
110%
101
101%
63,000
55,000
13,000
9,000
102%
Feb
110
Jan
116%
Mar
98%
111%
Jan
101%
Mar
Jan
113%
Feb
105%
Jan
107%
Mar
28%
Apr
33%
Mar
New York Curb Exchange—Continued—Page 5
2470
Thurs.
Last
BONDS
Sale
(Continued)
Price
Sales
Week's Range
for
of Prices
Week
Range Since Jan. 1 1936
High
$
High
Central 111 Pub Service—
6a series E
....1956
1st A ret 4%s ser F.1967
5a series G
1968
4%% series H.....1981
Cent Maine Pr 4Kb E1957
104 K
99%
102 K
98
Cent Pow & Lt 1st 58.1956
88 K
5Kb ex-warrants... 1954
Cent States P A L 6Ks '53
92 K
68 K
72 %
104% 26,000
99% 112,000
102 K 102%
29,000
102 %
98
103 K
98
92%
87 %
68 K
92 K
88 %
72
72%
69 K
70 K
71%
104%
111
111%
103%
75%
74%
102 K
Chlo Rys 6s ctfs
1927
Cincinnati St Ry 5Ks A '52
6s series B
1955
75 K
Cities Service 6s
1966
77%
Conv deb 6s...
1950
Cities Service Gas 5 Kb '42
Cities
Service
Gas
Pipe
77%
101K
77%
100% 101%
71%
72 %
103% 103%
71K
72%
72
72%
Line 6s
93%
Jan
3,000
102%
Apr
15,000
96%
Jan
16,000
90
93,000
64,000
47,000
29,000
4.000
82K
62 K
102 K
3,000
13,000
21,000
2,000
46,000
58,000
95
95
98
98 %
76 %
77%
78% 301,000
46,000
7,000
1st M 5s series B
110K
1st 4Kb series C
1956
1st 4Kb series D...1957
1st M 4s series F
1981
U1M
106 %
8Kb series H......1965
104 %
Community Pr & Lt 5s '57
Connecticut Light & Power
7s series A
19,000
104
72 K
110% 111%
110% 110%
110% 111%
110K 111%
106
106%
104 K 104%
102% 104
71
73%
4,000
26,000
16,000
19,000
62,000
16,000
29,000
58,000
106% 106%
107
107%
..1962
4,000
2,000
Consol Gas (Bait Clty)5s
1939
Gen mtge 4Kb
1954
Consol Gas El Lt A P (Bait)
1st ref s t 4s
1981
Consol Gas Util Co—
1st A coll 6s
ser
A..1943
Conv deb 6 Ks w w. 1943
Jan
96
Feb
1st A ref 5%sser B.1954
1st A ref 6s ser C...1956
Jan
89%
Jan
S f deb 5%s ..May 1957
Indiana Electric Corp—
Jan
75%
Feb
Jan
78%
80%
106%
Jan
68 series A
Mar
Feb
6%b series B
Jan
5s series C
Apr
...1947
1953
.1951
109%
Jan
102
Feb
72
Jan
80
86 K
Jan
96%
93
Jan
98%
Apr
69K
69H
97%
Jan
80
Feb
111%
103%
Apr
Mar
Jan
Mar
Indiana Hydro-Elec 5s '58
Indiana A Mich Eleo 5s '55
6s
1957
Indiana Service 5s
96
Jan
80%
Feb
Indianapolis Gas 5b A. 1952
Ind'polis A P L 5s ser A *57
Jan
101%
Mar
Intercontlnents Pow 6s '48
102
Mar
104%
76%
76%
Mar
78 series E
7s series F
Feb
Jan
45
Feb
Apr
6%s series C
1955
International Salt 5s.
90%
102 H
103
96
110K
UOK
110K
110K
105%
103%
102%
63 K
Mar
112%
Feb
Mar
113%
Jan
Jan
113%
Mar
Interstate Power 5s.. 1957
Jan
113
Mar
Jan
107%
106%
Jan
Jan
Apr
105
Feb
Jan
77
Feb
Jan
106
105
Feb
107
Feb
Feb
Jan
111%
ii7666
65
Jan
75%
Feb
17,000
63
Jan
74
Feb
96
12,000
25,000
8,000
90
Mar
'95%
105%
105% 106
10
10%
104%
4%
Jan
96%
106%
Jan
Feb
Jan
17
Feb
50
Jan
76
Mar
54
Feb
75
Mar
53%
10
85 %
105
88 K
Feb
76
Mar
Jan
112
Jan
Iowa Pow A Lt 4%s..l958
Iowa Pub Serv 5s.... 1957
Feb
Jan
103%
Feb
98
Feb
Kansas Power 5s
83%
Apr
3,000
104
105%
107% 108%
102 K 103
105K 106
105
105K
15^006
102
88K
70
Mar
Jan
Jan
100%
48
100%
107%
Mar
Stamped
Jan
105 K
Mar
107
Feb
106 K
Feb
110
Jan
Mar
107%
Feb
Apr
5s series B._
......
4%s series C
Mar
Jan
4K
Jan
11
Feb
4%
K
%
101%
Jan
10%
Feb
103$
106%
105 K
98%
80%
89
1,000
1,000
54%
48 ~
57%
20,000
"49%
44,000
52%
23,000
Mar
57 K
57
57%
Gen Vending Corp 68.1937
Certificates of deposits..
26%
26%
26%
Gen Wat Wks A El 5S.1943
91%
98%
91
26%
27
'
92
97%
98 K
85
85%
Kimberly-Clark 5s... 1943
Koppers G A C deb 5s 1947
104%
103%
108%
Feb
107
Feb
102
Feb
Jan
92
Jan
Jan
51
107%
Mar
Mar
75%
Jan
89
Apr
35%
Apr
39%
Jan
Jan
104%
Apr
6%
Feb
Jan
Jan
Mar
Jan
100
Jan
7s without
warr
89
100%
105%
106%
95%
105%
39,000
3,000
17,000
"99%
104
Jan
Mississippi Pow 5s... 1955
Mar
Miss Pow A Lt 5s
1957
89
Mar
89
85%
92%
106%
Munson
Jan
102%
Mar
99
Jan
Jan
102%
89%
Mar
79
30
Jan
58
Feb
Feb
22%
Mar
26%
22
Mar
27
Apr
Jan
94
Feb
Mar
Jan
Jan
85
Apr
100
Apr
Feb
Mississippi Riv Fuel 68 *44
98%
5s series B
95%
91%
21.000
Deb 5s series B
2030
Nat Pub Serv 5sctfB_1978
103%
101
90%
21%
93
Feb
Mar
Nevada-Calif Eleo 6s. 1956
94%
Jan
New Amsterdam Gas 5s '48
N E Gas A El Assn 5sr 1947
"69%
90%
Mar
Jan
102%
Mar
108
Feb
108%
82%
Jan
Conv deb 5s
.1950
New Eng Pow Assn Ss.1948
Apr
Jan
Jan
67
75
Mar
Mar
Feb
Debenture 5%s
New Orl Pub Serv—
5a stamped
"99%
"81%
106
ioo
103% 104
106% 106%
1954
.1942
Feb
Income 6s series A.. 1949
107
Mar
9,000
102%
Jan
103%
Mar
108%
105%
Jan
109%
107%
93%
43%
Apr
21666
Jan
72
Jan
41
Feb
10,000
103%
103%
97%
5,000
Jan
102%
97%
106%
104%
Apr
Jan
Jan
Jan
Mar
103
104%
108%
102%
103%
102%
105%
Apr
100
Feb
110%
104%
105%
104%
107%
Feb
103%
105%
Jan
Jan
107%
105%
107%
Feb
75%
Jan
83%
Mar
Jan
40
92%
Jan
277666
25,000
21,000
"14I666
34,000
7,000
Mar
Jan
Jan
Feb
Jan
"68%
97%
100
83%
76%
Jan
Mar
Apr
Feb
Apr
Mar
Jan
Jan
Mar
Apr
82%
104%
Jan
107
Jan
101%
Jan
N Y PAL Corp 1st 4%s '67
105%
N Y State GAE 4%s.l980
1st 5%s
1962
N Y A Westch'r Ltg 4s 2004
103
Jan
Jan
Feb
Mar
Debenture 6s
.1959
Jan
Mar
62
101
Feb
103%
105%
Feb
Mar
106%
91%
Jan
103
Jan
78
Jan
Feb
Mar
Mar
Jan
104
Feb
12,000
104
Apr
42,000
98%
Jan
100%
103% 104
86%
85%
92%
91%
106% 106%
8,000
102%
85%
89%
Mar
98%
98%
7
6%
103% 103%
32,000
70,000
8,000
7,000
4,000
5,000
17,000
11,000
2,000
Mar
Mar
101%
104%
107%
94%
93%
100%
105%
105
99% 101
89%
20%
90%
22
109
119% 119%
108% 109
92%
94%
69
67%
68%
94%
97%
82%
5,000
67,000
44,000
243,000
8,000
21,000
9,000
80,000
70% 137,000
69% 27,000
69% 167,000
97% 165,000
100% 303,000
107%
75%
83%
76%
22,000
13,000
105% 106
102% 103
107
107%
102% 103
30,000
34,000
3,000
105
Mar
Mar
Jan
105
95%
96%
107
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Feb
106%
106%
Mar
108%
108%
Feb
Mar
57%
Jan
68%
Feb
93%
Jan
.J5*
Apr
102%
Apr
100
11%
106
Jan
Jan
Feb
Jan
Mar
107%
Jan
104
Jan
106
Feb
Jan
102%
Feb
93%
23%
Feb
97%
87%
18
108%
117%
105%
86%
109%
Jan
Jan
Jan
Feb
110
Jan
Jan
119%
Apr
Feb
109
Feb
Jan
Jan
95%
113
Feb
Mar
68
Apr
67
66
Apr
Apr
79%
Feb
85
Jan
99%
Mar
88%
Jan
102%
Mar
88%
Feb
74%
Jan
79%
79%
Feb
Feb
69
Jan
81
Jan
Feb
104
Feb
107%
105%
102%
105%
101%
111%
Jan
110%
107%
103%
108%
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
106
Mar
105%
Mar
109
Jan
86
86
15,000
5,000
1,000
105%
112%
108%
84%
Mar
90
Feb
95
95
36,000
Mar
58
11,000
90%
63%
106%
97
55
Mar
4,000
1954
Niagara Falls Pow 68.1950
5s series A
Jan
Mar
101
Feb
Jan
96
103%
106%
8,000
27,000
17,000
New York Penn A Ohio—
Ext 4%s stamped..1950
19,000
11,000
107%
Feb
7,000
62,000
N Y Central Elec 5%s '50
29
Feb
Feb
99% 100
90
86%
105% 105%
104
104%
99% 100%
109
Conv deb 5s.......1948
Jan
Apr
104%
Hamburg Eleo 7s
.1935
Hamburg El Underground
A St Ry 5 Kb
..1938
Jan
104
Jan
88%
106
105
99%
107%
70,000
Jan
83,000
1957
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Nebraska Power 4%s.l981
6s series A...
2022
Nelsner Bros Realty 6s '48
103
"79"
107% 107%
107% 108%
64%
64%
88 6%sww_1937
Narragansett Elec 5s A '57
Apr
Apr
"
101
13,000
59
106
104
Jan
56%
95%
105
105%
102% 102%
95
94%
104% 104%
103% 103%
104% 104%
110
110%
104
104%
104% 104%
103% 104%
103% 103%
1955
82
17,000
99% 100
"79"
Feb
97%
44
94%
27,000
166%
Mar
105
Mar
105%
105%
90%
7,000
33,000
118%
105
1978
Jan
72%
107
Jan
105%
Minn P AL4%s
5s
83%
71
106%
115%
106%
MUw Gas Light 4Kb.. 1967
Mlnneap Gas Lt 4%s.l950
Feb
12,000
22,000
6,000
5,000
77
Mar
Jan
Apr
247600
106
Mar
Mar
4,000
Mar
118
106
i04%
Middle States Pet 6%s '45
Midland Valley 6s
1943
99
90
100
11,000
38,000
7,000
5,000
8,000
4,000
104
Jan
Jan
106%
106%
Jan
Jan
104%
105%
.1962
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5%s '55
Missouri Pub Serv 5s. 1947
Mont-Dakota Pow 5%s '44
78 %
103 K 103 %
105
105%
5s series F
Feb
77
105% 105%
89
92 K
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
Feb
~~5~66o
105% 105%
104% 105
103% 103%
5%s
1946
McCallum Hosiery 6 %s *41
McCord Rad A Mfg 6s 1943
98
107 K
108
40
"110%
1955
96%
lOLOOO
3,000
100K 101 % 22,000
61
Jan
1941
Jan
100
Apr
105
7s with warrants... 1941
Apr
86%
95%
81%
32%
Jan
61%
106%
Mansfield Mln A Smelt
Jan
88%
92%
"§5% ~86%
'm% "106%
1942
90%
48,000
21,000
13,000
6,000
22,000
148,000
6,000
Feb
Mar
107
5%s.l950
17,000
125,000
1953
100
105
"95"
Mar
Feb
86
Mar
118"
105%
.1969
Louisiana Pow A Lt 5s 1957
Louisville GAE 4%s C '61
Manitoba Power 5%s.l951
99%
103%
103%
100
53%
103%
103%
105%
104
...1955
Long Island Ltg 6s...1945
Los Angeles Gas A Eleo—
5%s series E
...1947
Feb
2,000
10,000
6,000
84 K
90
Jan
Lone Star Gas 5s
105
Jan
100
58
Jan
97%
Jan
Jan
2K
75K
87
Jan
39% I Jan
Feb
Jan
Mar
103
101%
51%
44
91%
Feb
105
10,000
9,000
51,000
86
Mar
95%
Lehigh Pow Secur 6S..2026
Lexington UtUltles 5s. 1952
Libby McN A Llbby 5s '42
Mar
35%
103% 104%
2%
2K
86%
87%
105%
105%
Jan
107%
105%
106 % 106%
1,000
100% 101
20,000
86%
89% 153,000
Jan
Jan
106%
100%
Jan
88%
Feb
Apr
Apr
Jan
Jan
106%
105%
105%
105%
102 K
74
Apr
"27666
10,000
38,000
99%
102%
Jan
105
105% 105%
5s series I
1,000
86
105
105
106
105%
1947
5%S series F
2,000
8,000
Gen Pub Util 6Ks A.1956
General Rayon 6s A. .1948
..1936
105
106%
Jan
1957
Feb
329,000
Feb
Jan
78
.194#
...1961
5s series B
Feb
86
101
Apr
105
104%
Kentucky Utilities Co—
1st mtge 5s ser H..1961
6%s series D
1948
103
105
84%
105
Jan
Mar
Apr
109
Jan
87%
100%
103%
105%
Jan
Jan
Mar
79%
Feb
Jan
Jan
Jan
100%
Jan
2
Jan
Feb
9,000
Jan
102
88
102% 103%
99 K
6,000
7,000
2,000
Mar
103%
107%
7K
101%
Jersey Centra Pow A Light
103
8
101
6Kb with warrants. 1943
'105"
9,000
7,000
3,000
Jamaica Wat Sup 5%s '55
2,000
89 K
1947
105% 105%
52
Jan
Apr
11,000
88%
Hackensack Water 5s. 1938
5s series A
1977
105% 105%
Kansas Pow A Lt 6s A 1955
95
97
1961
Jan
,
101%
105%
Jones A Laughlin Stl 5s *39
Kansas Gas A Eleo 6s.2022
96
105
103
99
93
96
105%
Feb
Mar
100
.1961
104
Gatlneau Power 1st 5s 1956
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
103
Without warrants
5s series B
Jan
92%
77
Jan
15,000
Apr
92
m%
99
83%
57
90%
85%
60,000
101
82%
"49"
92
Gobel
Feb
101%
101%
Italian Superpower 6s .1963
Jacksonville Gas 5s.-.1942
90%
.
109%
1947
w w
Iowa-Neb LAP 5s...1957
91
27
Jan
.1958
4%s series F
85K
102%
100
"ioo"
107
101%
101%
5,000
Invest Co of Amer—
12,000
90% 482,000
21,000
17,000
96
6,000
83%
2,000
106%
4,000
89
35K
86%
14,000
107% 107%
Isarco Hydro Eleo 7b. 1952
l80tta Fraschlnl 7s... 1942
102% 102%
102% 103
89
"87%
66
Jan
Mass Gas deb 5s
103K
63%
Feb
Mar
103% 103%
100 %
64
Jan
stamped. 1944
107
107
106
105%
105% 106
Nippon El Pow 6%s._1953
Jan
Feb
Mar
Jan
No Amer Lt A Pow—
Houston Light A Power—
104%
Mar
108
Mar
1978
103%
103
103%
22,000
103
Mar
Mar
1st 4Kb series E...1981
105 K
Mar
113
106 %
100% 106 %
15,000
1,000
1,000
104
113
105 K 105 K
113
113
107%
106%
Apr
Mar
1st 5s series A.....1953
105K 105%
For footnotes see page 2471.
107%
101%
92
Jan
127%
Gary Electric A Gas—
1951
Feb
Jan
Jan
Jan
105 K
Florida Power A Lt 5s 1954
Ref A impr 5s_._.
Jan
70
"96"
Feb
25,000
93% 150,000
Hydraulic Pow 5s....1950
69
91
105%
110%
85
Jan
104
1st 4Kb series D
"69% "69%
69%
2,000
12,000
Jan
104
Hood Rubber 7s
Feb
87
Jan
104%
Houston Gulf Gas 6S..1943
Feb
97
86%
5s series D
96
Firestone Tire A Rub 5a '42
First Bohemian Glass 7s '57
Fla Power Corp 5KB.1979
Hall Print 6s stmp
Jan
104
79%
29K
100%
104% 104%
104
104%
4Kb series B
102
Jan
Jan
~7"666
122
2
Banks 6s-5s stmpd.1961
Firestone Cot Mills 5s 1948
Gulf States Util 5s... 1956
Jan
86%
107%
96
96%
106% 106%
110
102
1933
1947
96
100
88
Jan
88
7K
European Mtge Inv 7s C'67
Gulf Oil of Pa 5s
21,000
2,000
17,000
98%
69%
Jan
Jan
Grocery Store Prod 6s 1945
95
93%
Apr
32,000
17,000
Mar
Jan
Gt Nor Pow 5s stmp._1950
Great Western Pow 5s 1946
Mar
95
73
109
40%
.1965
100%
Jan
80%
109
105 K
(Adolf) 4Kb...1941
Grand Trunk West 4s. 1950
Jan
86
79%
Jan
1953
Glen Alden Coal 4s
Apr
95
35,000
72
Apr
1967
European Elec Corp Ltd6 KB
1965
Gesfurel 6s
.
"96%
Jan
Erie Lighting 5s
Georgia Power ref 6s.. 1967
Georgia Pow A Lt 5s. 1978
103%
72%
Mar
Ercole Marell I Eleo Mfg—
General Bronze 6s
1940
General Pub Serv 5s.. 1953
Jan
Apr
80
...1952
18,000
2,000
7
El Paso Eleo 5s A....1950
El Paso Natural Gas—
Deb gold 6s June 15 1941
Deb 6s series B....1941
Apr
99
99%
101% 101%
Mar
Certificates of deposit.
ex-warr
Feb
105%
Interstate Public Service—
Sink fund deb
Certificates of deposit.
Deb 7s
Aug 1 1952
5s
109
Jan
82%
Feb
1956
Debenture 6s
"
_
Jan
101%
Feb
79
106 K
106%
106
Detroit Internet Bridge—
6 Kb
Aug 1 1952
Federal Sugar Ref 6s.
106
Interstate Irn A Stl 4%s'46
Interstate Nat Gas 6s. 1936
14,000
107 % 108
Derby Gas A Eleo 5S..1946
Federal Water Serv 5Ks'54
Finland Residential Mtge
3,000
41,000
12,000
87,000
97%
98%
101%
88%
120
105 K 105 %
Delaware El Pow 5 Kb 1959
Denver Gas A Eleo 5s. 1949
1942
94%
106
1952
_
107%
99% 100
1951
.
96%
82
Fairbanks Morse 5a.
Jan
81%
109%
97%
....1952
Jan
42%
106
6 Kb series A
Mar
1957
Feb
65K
60%
100 %
82
6K with warrants.. 1943
Deb 6 Kb
1938
Empire Dlst El 5s
1952
Empire OH A Ref 5 Kb 1942
107
104% 105%
103
103%
103
1963
42
106
Elmlra Wat Lt A RR 5s '56
1950
1st lien A ret 6s
100
96 K
42
Dallas Pow A Lt 6s A.1949
Dixie Gulf Gas 6KS..1937
Eleo Power A Light 58.2030
Jan
5,000
36,000
96%
1,000
110
109
Cumberld Co P A L 4 %s*56
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Feb
Feb
82
107
107
105%
9,000
121K 121K
109 %
Cuban Telephone 7 Kb 1941
Cuban Tobacco 5s
1944
68 series C
101
Jan
6,000
58
111 Northern Util 5s...1957
IU Pow A L 1st 6s ser A '53
56%
77
107
Illinois Central RR 6s 1937
Jan
64
111K
Consol Pub 7%8 stmp.1939
Consumers Pow 4Kb..1958
Cont'l Gas A El 5s
1958
Crane Co 5s
Aug 11940
Crucible Steel 5s.....1940
Feb
Mar
High
Low
$
1949
70
104 %
High
76
1947
125%
1956
5s series D
6s series B
Idaho Power 5s
5s series A
1951
4Kb series C
Mar
Mar
Range Since. Jan. 1 1936
Week
76
International Sec 5s..l947
1954
Com'wealth Subsld 5 Kb '48
Jan
34
68,000
Commers A Privat 5%s '37
Commonwealth Edison—
1953
99H
Jan
for
of Prices
Low
International Power Sec—
1943
1st M 5s series A
Jan
13,000
94
Week's Range
Sale
Price
Indiana Gen Serv 5s..1948
1940
Chlo Pneu Tools 5 Kb. 1942
Cities Serv P A L 5Ks 1952
5 KB
1949
100%
105%
100%
103%
100%
104%
98 H
104 %
71%
Chlo Diet Eleo Gen 4 %s '70
Chlo Jot Ry A Union Stock
Yards 5s
104
99
102%
Cent Ohio Lt & Pr 58.1950
Cent Power 5s ser D..1957
Cent States Eleo 5s... 1948
Last
BONDS
Low
(Continued)
Hygrade Food 6s A...1949
Low
April 11, 1936
Sales
Thurs.
106%
Mar
114
Jan
108
Jan
5%s series A
1956
Nor Cont Util 5%s...l948
No Indiana GAE 68.1952
95
Jan
Jan
64%
108
Jan
Jan
Thurs.
{Continued,)
Week's Range
for
Sale
of Prices
Low
High
Standard Pow A Lt 6s. 1957
..1966
104
6s series D...._. ..I960
104
103% 104%
100 H 101H
Io3%
103 H 103 H
4K8 serlesE.______ 1970
5%s
1940
N'western Elec 6s
1946
N'western Power 6s A. 1960
Certificates of deposit.
103 % 104%
102 H 102 H
100
101H
Ogden Gas 5s
107
107
108
24,000
1960
Ohio Power 1st 5s B__1952
1st & ref. 4%s ser D 1956
Public
6s series
Service
62%
65
105
105 % 106
104 H 105
105 H
105 % 106
105%
Jan
Feb
104%
104%
101%
104%
104%
65%
100%
51
Mar
Jan
50 %
Jan
98%
103 H
Jan
102%
Jan
108
65
Feb
Mar
Feb
Mar
Feb
Apr
5s series D____
1954
5%s Berles E__
series A
Feb
Apr
.1957
Tennessee Elec Pow fis 1956
"94"
105%
Mar
Jan
5,000
49,000
104 H
107%
Mar
106H
Apr
Jan
107
Mar
Ternl Hydro Eleo 6%s 1963
Texas Elec Service fis. 1960
Jan
112
Feb
Texas Power A Lt 5s. .1956
106
61,000
105
Jan
106
106
Apr
107%
Apr
Jan
104%
104 H
104 %
11,000
104%
Jan
107
Feb
Thermold Co 6s stpd.1937
Tide Water Power 5s. .1970
102
3,000
15,000
102
Mar
105
Feb
Tletz
Jan
Toledo Edison fis
9,000
100
Jan
107%
Jan
Twin City Rap Tr 5%s
den Co—
Okla Power A Water 5s *48
87%
87
Oswego Falls 6s
1947
Pacific Coast Power 5s 1940
Pacifle Gas & El Co—
99
99
99%
Palmer Corp 6s_.
Park & Tilford 6s
105 H
101
120% 120H
105 H 105 H
105 H 105 H
101
101
8,000
16,000
24,000
3,000
Jan
Jan
119H
Jan
106 H
Mar
105 H
Mar
Jan
98H
114
"83%
*82% *83% 114*666
1938
1936
Penn Cent LAP 4%s 1977
6s
1979
Penn Electric 4s F
1971
Apr
93 H
94%
104
104
106 %
106% 107H
104H
100 H
100 H 101
103
103
59,000
10,000
33,000
Jan
80
Mar
1950
xw
Deb 5 %s series B
1959
Pennsylvania Power 5s '50
101
105%
Penn Pub Serv 6s C..1947
58 series D
1954
Penn Water Pow 5s
1940
4 %s series B
1968
Peoples Gas L A Coke—
4s
series
B
6s
series
C._
__1981
1957
Peoples Lt A Pr 5s
1979
Phlla Electric Co fie. .1966
Phlla Elec Pow 5%s_.1972
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 4 Ha '57
Pledm't Hydro-El 6 %a *60
Piedmont A Nor 5s
Pittsburgh Coal 6s.
Pittsburgh Steel 6s
Pomeranian
14
112%
110%
1949
1948
4%s series F
Power Securities 6s
Prussian Electric 6s.
1949
.
1st A ref 5s
1956
6s series C
1966
4H series D
4%b series I
1960
Pub Serv Subsld 5%s,1949
Puget Sound P A L 5 Ha '49
1st A ref 5s series C.1950
1st A ref 4%s ser D.1950
Quebec Power 5s
.1968
Queens Boro G A E 4 %s '58
5%s series A__
1952
Reliance Managemt 6s 1954
26
Ruhr Housing 6%s
1958
Safe Harbor Water 4 Ha '79
St. Louis Gas A Coke 6s '47
108
107% 108
31,000
7,000
1,000
4,000
1,000
11,000
12,000
11,000
21,000
90
95 %
90 H
2,000
95%
95%
98 H
3,000
98 H
27%
4,000
10,000
no"
140
27H
140%
110H
110
110H
9,000
104
104 %
10",000
103
104%
7,000
103%
103% 103 H
28,000
105
104 H 105 H
103 % 103%
19,000
103 %
91%
90 H
88%
88%
83 H
104 X
84 X
104 H
10,000
92 H 114,000
86,000
85
27,000
104^
90
110%
110% 110%
I06H
106H 106H
14%
14 H
104 H 104 H
14 %
11,000
89 H
104 H 165"
102 H 103
90
3,000
"~9~66o
8,000
3,000
1,000
4O"666
10,000
19,000
126
1955
126
5,000
109 H
San Joaquin L A P 6s B '52
Sauda Falls 5s_
26
106
San Antonio P S 5s B__*58
Saxon Pub Wks 6s
104 H
77 H
78 H
106
106 %
Rochester Cent Pow fis 1953
Rochester Ry. A Lt 5s 1954
Ruhr Gas Corp 6%s._1953
52 H
105% 105%
1980
1st A ref 4%s ser F.1981
10,000
104
1978
4%s series E
112H H2H
110% 111
90 H
92 H
23,000
99,000
104
1954
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—_
66,000
10,000
Potomac Eleo Pow 5s. 1936
Potrero Bug 7s stmp_.1947
Power Corp(Can)4%a B '59
1,000
99%
105 H 105 %
14
14 %
98
44",000
1939
.1961
107
3,000
6,000
55
Portland Gas A Coke 5s '40
Potomac Edison 5s...1956
58,000
2,000
7,000
105 H 106
107
107
52 %
Eleo 6s..1953
Poor A Co. 6s
99 % 101
105% 105%
107% 107%
105 H 105 H
112% 112%
107"
1954
__
8,000
107
98 H
105 %
109 H
6,000
1937
6s with warrants
1935
1944
1944
6s 3d stamped..
107%
Jan
102%
Mar
116
94%
103%
fis series A
5s series B
4%s
Jan
Jan
100%
Jan
105
104%
Jan
97%
Jan
107%
101%
101H
Mar
105
Feb
United Eleo N J 4s
1949
United El Serv 7s
1956
ex-w
Apr
Feb
United Lt A Pow 6s...1975
Mar
1974
5%s
Apr
1
Mar
Jan
107%
Feb
Feb
107%
104 H
Jan
Apr
Jan
112H
105H
Feb
106%
114%
Feb
108
Jan
86 %
Jan
Jan
100
Mar
103 H
106%
Feb
6
Jan
15%
113%
112%
Mar
fis Series E
92%
Apr
Jan
Mar
41%
Jan
6s series A.....
.1952
6s series A
1973
USA Brit Internat fis 1948
U S Rubber Co—
98
90
Jan
55%
103% 103%
31
31%
105% 106%
109
96
96%
100% 101%
83
75%
106% 107%
82%
83%
56
Mar
Mar
Mar
4%S—
1937
Vamma Water Pow fi%s*57
Va Public Serv 5%s A.1946
1st ref 5s
Jan
27%
106
83%
107
Apr
Mar
ser
.1950
B
115%
56%
Waldorf-Astoria Corp—
7s with warrants
1954
10,000
39,000
93
86%
88%
104
"90%
88
104%
110%
85
iio% 110%
83%
86%
102%
Jan
87%
Feb
Jan
85
Jan
3,000
11,000
100%
96%
20
20
21%
105%
106
102
102
26%
Mar
Feb
Jan
140%
Mar
Wheeling Elec Co 5s.. 1941
108 H
100%
32
Wlso-Mlnn Lt A Pow 5s '44
Jan
111%
Feb
104
Feb
107
101H
Jan
102
Jan
102
Jan
103H
Jan
101
Feb
104%
104%
104%
105%
103%
Wise Pow A Lt 5s E..1956
Jan
Apr
Mar
Jan
106%
102%
'*06"
104%
105%
1941
1937
103"
96%
Mar
Jan
Jan
74
Jan
95
Feb
Agricultural Mtge Bk (Col)
20-year 7s.._.1934-1946
20-year 7s
.1947
Apr
Mar
112
Jan
Baden 7s
33
Feb
Buenos Aires
27
Feb
7s stamped
Feb
Jan
7%s stamped
Cauca Valley 7s
109
108%
19%
(Province)—
...1952
...1947
1948
105
Mar
Jan
126
Apr
Jan
110
Jan
Mar
33
Jan
Feb
Mar
104
Jan
105%
90%
92%
Apr
105%
106%
100%
Feb
Feb
Feb
105%"
"i",666
20,000
20,000
12,000
II,000
18,000
3,000
5,000
6,000
30,000
1955
1953
20
63%
65
9
64
65%
9%
11,000
17,000
5,000
4,000
2,000
3,000
8,000
2,000
2,000
103%
30
30
24
24
105%
105%
Mar
40,000
5,000
105
Jan
108
Mar
Maranho 7s...
100%
Jan
105%
Mar
Medellin 7s series E..1951
4,000
46,000
58
Jan
Mar
97%
Feb
Mendoza 7%s
4s stamped
Feb
72%
108
70
100%
104%
1955
Mar
101
Jan
100%
Jan
106%
Mar
105
104%
104%
108
Feb
Feb
Mar
Jan
Feb
Jan
Sou Indiana G A E fi%s *57
Sou Indiana Ry 4s
1951
107 H 107 H
3,000
Jan
5,000
44,000
21,000
42,000
14,000
Feb
Jan
108
79%
107%
66%
101
Jan
104
97 %
97 %
98%
1Q2
102
S'western Nat Gas 6s. 1945
102 H
So'West Pow A Lt 6S.2022
96 %
102 H 102 H
96 H
94%
1945
104 %
104 % 104 %
Stand Gas A Elec 6s.. 1935
74 H
S'west Pub Serv 6s
Certificates of deposit.
Convertible 6s..
1935
' 102 %
73%
71H
74 H
72 %
*74%
73 %
74 %
Certificates of deposit.
Debenture 6s..
1951
72 H
73
71%
71H
70%
Debenture 6s.Deo 11966
70
70
71H
Standard Investg 5HsL 939
101H
72
101H 101H
23,000
1,000
23,000
18,000
35,000
29,000
48,000
41,000
1,000
92%
Jan
99
Jan
92%
Jan
91
Jan
101%
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Apr
Feb
Jan
Jan
17
Jan
21%
Jan
Jan
21%
26%
Feb
Mar
55%
Jan
Jan
Jan
66
Mar
66%
Mar
8
Jan
11
Jan
33%
67%
Feb
Jan
82%
99
102%
103%
99
105%
83%
Mar
Jan
Mar
Mar
95%
89%
Mar
84
Jan
100%
Jan
97%
Mar
Jan
Apr
Mar
69%
23%
72
Jan
Mar
28%
24%
Mar
28%
Feb
Feb
29
Mar
22%
10%
Mar
Jan
Jan
Jan
Jan
Feb
32%
26%
12%
Jan
Feb
Jan
12
17%
14
81%
Jan
Mar
Jan
Mar
Jan
68
70
20,000
63
Feb
75
Jan
20
20
1,000
18
Jan
20
22
4,000
Apr
Apr
13
68
Issue of Oct 1927
7s Stamped........1945
Santiago 7s....
1949
107
S'western Lt A Pr fis..1957
Mar
94%
49%
20
1951
Mtge Bk of Bogota 7s. 1947
Issue of May 1927..
Feb
107%
107
Feb
S'western Assoc Tel 6s.'61
106
102%
71%
1951
Santa Fe 7s
Jan
Apr
103
79
105%
8%
13%
9%
1958
Jan
106%
105%
1,000
102 % 103 H
(City) Peru 6%s..*68
Certificates of deposits
Feb
Feb
13*666
79
Lima
Mtge Bk of Chile 6s...1931
Mtge Bk of Denmark fis '72
Parana (State) 7s
1958
Rio de Janeiro 6%s..l959
Russian Govt 6%s...l919
6%s certificates....1919
5%s
1921
5%s certificates
1921
Mar
Mar
105 % 106%
103 % 103 %
103
Hanover (City) 7s....1939
Hanover (Prov) 6%s..l949
Mar
Sou Calif Gas Co 4 Hs 1961
Sou Counties Gas 4%s.'68
Southern Nat Gas 6s. 1944
Secured 6s.....
Feb
Sou Calif Edison Ltd—
Refunding 4Hs
106
28
Mar
Jan
Jan
106% 106%
103 % 104
1900
Feb
Mar
108%
107%
7,000
70%
103 H
1st A ref mtge 4s
107%
103%
Jan
Jan
Jan
Jan
106%
5,000
24%
103%
Feb
Feb
96%
25
34,000
70,000
40,000
1,000
105
Mar
96
70%
103%
107
105
99% 100%
24%
103% 104H
Jan
Jan
8,000
"3^660
Jan
106
99
107%
5,000
99%
96%
24%
103% 103%
107 H 107 H
107
Jan
31%
63%
24%
103
Apr
Mar
22%
24%
103%
27
Feb
Mar
105%
18%
19
1947
103 H
94
Apr
102% 103%
German Cons Munlc 7s '47
Mar
106%
Debenture 3%s
1945
Ref M 3%s May 1 1960
Ref M 3%s B July 1 1960
Jan
'
Feb
Apr
Jan
101
Jan
Feb
Apr
Mar
Mar
Feb
64%
98%
106%
100%
100%
100%
103% 103 % 135,000
Jan
103%
101%
97%
103%
107%
107%
104%
Danzig Port A Waterways
External 6%s
1952
100
105
Jan
100
Mar
107
Jan
80%
1st 4 Ha series D
100%
103 %
20
Jan
'107
Jan
96%
102%
95%
91%
83%
98
Apr
105
Feb
66
Mar
Jan
80
65%
Jan
Feb
Jan
104
Jan
1st 5s series C__—..1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s...2025
Jan
103%
88%
33%
6s series A.......1952
Danish 5%s.._
5s.._
103 H 104
104
104
1970
93%
105%
91%
Jan
Jan
Jan
107
Jan
101%
Mar
101
80
Jan
Jan
Apr
Apr
Feb
Apr
101
102%
107
89%
8,000
3,000
15,000
28,000
9,000
101
1948
Jan
102%
Prov Banks 6s B...1951
103%
1948
76
Jan
Mar
Cent Bk of German State A
Shawinlgan WAP 4%s '67
4%s series B
1968
Servel Inc 5s
Apr
32%
33%
111%
86%
1951
5,000
6,000
3,000
52,000
4,000
Second Int'l Seo 5s
68
20,000
107
104%
103% 103%
105% 106
107
107%
65
64%
Mar
104
102% 103
18
Jan
28%
29%
AND MUNICIPALITIES—
Mar
101%
45%
FOREIGN GOVERNMENT
105
124
116%
Jan
Feb
104
Mar
Jan
Feb
Jan
Apr
Feb
93%
89%
106%
106%
Jan
14 H
Feb
107%
Feb
Jan
Mar
46%
105% 106
"107" "l06%
Wise Pub Serv 6s A...1952
York Rys Co 5s
103
Mar
Feb
106%
Apr
107
46
103%
Yadkin Rlv Pow fis
Jan
Mar
Jan
""92% "91% *92% 38*666
1958
5s series F
100
105 H
110
Jan
Jan
"
103% 103%
100% 101%
96%
96%
91%
92
106"
132%
27 H
25
Jan
104%
75%
98%
T.OOO
West Penn Eleo 5s
West Newspaper Un 6s '44
West United G A E 5 Ha'5*
110%
84%
101%
11,000
83,000
10,000
94%
Wash Water Power 5s. 1960
2030
Mar
Jan
106%
Mar
West Texas Util 5s A. 1957
Jan
Mar
75%
100%
81%
16,000
94%
Feb
Jan
106%
Feb
76%
'106%
98
105
Apr
Jan
Mar
60,000
8,000
I,000
15,000
6,000
96
105% 106
106% 106%
91%
Jan
Apr
Mar
108
Mar
West Penn Traction 5s '60
78 %
34
106%
91% 175,000
106
Jan
104%
Mar
100
101%
Jan
"~9~666
2,000
31
89% 145,000
93% 86,000
105
Mar
Jan
Jan
Mar
Jan
104%
113%
1937
Baking 6s
108%
83 H
Jan
110
Feb
4,000
Wash Gas Light fis
1958
Wash Ry A Elect 4s.. 1951
102%
86 H
Mar
Mar
98%
104% 104%
115% 115%
55
58%
Ward
Jan
Jan
40
94
100
Jan
Mar
Jan
105
106%
Jan
1,000
Jan
100H
97%
Mar
Feb
Feb
Mar
104
2,000
29%
89
1946
106%
90%
Mar
106%
1952
6s
66 %
Jan
29
104%
105
1944
.
Mar
Mar
7,000
Utlca Gas A Eleo fis D.1956
Mar
105%
24,000
42,000
2,000
75%
75%
101% 101%
104% 104%
105% 105%
108
Feb
Jan
54%
"98"
105
Apr
Apr
Apr
53
104%
106%
76%
104
106%
108%
Jan
1939
Jan
103H
Mar
Jan
Jan
Jan
Feb
Jan
6% % serial notes
1940
Utah Pow A Lt 6s A..2022
Jan
Mar
Mar
60%
106%
106%
110%
109%
78%
41%
99%
102
106
26
61%
Jan
Apr
89
102
103
96 H
Feb
45
13,000
35,000
Valvoline Oil 5s
108%
Jan
6%% serial notes
105 H
49
104%
74
107%
1959
Un Lt A Rys (Del) 5%s '62
United Lt A Rys (Me)—
106 H
Jan
Feb
32
101%
United Industrial 6%s 1941
1st s f 6s
1945
Mar
105
Jan
Jan
59
"o'ooo
109
1957
102%
110H
86H
Feb
Jan
82
..1967
Feb
Feb
112H
76%
94
1954
Feb
Apr
98 H
Jan
Union Elec Lt A Power—
100
18%
102 %
64 %
31%
105%
Union Amer Inv fis A. 1948
101H
99H
32 H
1935
6s ex-warrants
stamped
'52
Feb
Jan
Schulte Reai Estate—
Scrlpp (E W) Co 5 Hs. 1943
Seattle Lighting 5s... 1949
1962
6%s
104 H
3,000
1,000
13,000
1,000
1,000
High
Low
64%
46%
93%
80%
(Leonard) 7%8.1946
121%
107%
Penn Ohio Edison—
6s series A
81%
53%
103%
2022
6s
6s 2nd
1957
Pacific Ltg A Pow 5S..1942
Pacific Pow A Ltg 5s
1955
87
106
.1941
1st & ref 4%s F
1960
Pacific Invest 5s ser A. 1948
1945
Texas Gas UtII 6s
3,000
102H
88 H
55
104% 104%
104% 104%
106% 106%
5s series B
20,000
107
57
55
106%
4%s
HO
105H 106
109 H
1940
1st & ref 4%s E
1st
Syracuse Ltg 5%s
70% 153,000
17,000
57
69
Range Since Jan. 1 1936
$
High
56
104%
1970
1954
Mar
Tenn Public Service fis 1970
1961
1950
7-4% stamped
1936
7-4% stamped
1946
Super Power of 111 4%s '68
Low
55%
69%
Standard Telep 5%s._1943
Stlnnes (Hugo) Corp—
109
1953
1st 6s series B
Jan
Jan
Co—
C.
Okla Gas A Eleo 5s
6s
98
103%
3.000
100
Ohio Edison 1st 6s
102 %
,
62 %
N'western Pub Serv 6s 1957
1945
102 H
30,000
27,000
24,000
8,000
6,000
27,000
__
Ohio
of Prices
Price
for
Week
Wcek's^Range
Sale
(Concluded)
High
Low
$
Northern Indiana P S—
No States Pow
Last
BONDS
Range Since Jan. 1 1936
Week
Price
Sales
Thurs.
Sales
Last
BONDS
6s series C
2471
New York Curb Exchange—Concluded—Page 6
Volume 142
13
6,000
21
18*
*23%
1%
1%
15%
1%
1%
1%
1%
1%
15%
1%
"1%
334,000
13,000
10,000
38,000
9,000
13,000
12
10%
12%
1%
1%
1%
1%
Mar
22
Jan
14%
Jan
Jan
Jan
Mar
Mar
Mar
Mar
98%
23%
17%
2%
2%
2%
2%
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
fi8
.....1945
7s
17%
92%
"58"
58
58
11%
11%
1961
1,000
13,000
Feb
71
Ma
50
Feb
58
Mar
11%
Jan
Jan
12%
12%
11%
Jan
Jan
Feb
Feb
Feb
69
Jan
69
Jan
81
Feb
69%
Jan
84%
Feb
69
Jan
81
Feb
66%
Jan
80
Feb
66
Jan
76
Feb
97
Jan
102%
Feb
*
No par value,
a
Deferred delivery sales not Included In year's range,
n Under
r Cash sales not Included In year's
the rule sales not Included in year's range,
range,
e
or
x
Ex-dividend.
Cash sale transacted during the ourrent week and not Included In the weekly
yearly range:
No sales.
Used Above—"cod," certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t 0," voting trust certificates; "w I," when Issued; "w W," with warrants; "xw;
Abbreviations
without warrants.
c
Financial
2472
April 11, 1936
Chronicle
Other Stock Exchanges
Sales
Thurs.
Week's Range
for
Sale
of Prices
Low
High
Week
Exchange
Stocks
(Concluded)
Price
Par
11936
Range Since Jan.
Last
New York Real Estate Securities
High
Low
Shares
Closing bid and asked quotations, Thursday, Apr. 9
Old Colony RR_
1941
Alden 6a
Unlisted Bonds (Concluded)
As*
Bid
Unlisted Bonds
Berkshire (The)
32
3
5%s, 1940, 15th series—
43
44
31
5%s, 1940, 17th series
61 Bway Bldg 5%s—1950
Sutton Place Apts 5%s '37
6a_--1941
Dorset ctfa of deposit
1939
37
6th Ave & 29th St Corp 6s '48
62
Unlisted
40
65
Drake (The)
6s
47
Park
Place
Dodge
3%
8
12
8
4th Unit Inc units
11
—
4%
*
101%
5
1
.
Preferred
18%
1%
Jan
395
12%
120
22%
Apr
3
Jan
Jan
Feb
21%
Apr
142
Apr
13%
Feb
1,350
Feb
Jan
2
Jan
3%
90%
275
3
Apr
5%
Feb
Mar
104
Jan
28%
Mar
8%
204
4
Jan
1,335
83
Jan
9%
90%
Mar
88%
12
39
Jan
42
26%
40%
41
200
1%
1%
1
70c
70c
80c
1,205
*
14%
14%
15%
212
8%
8%
9%
700
75%
73%
76
78
82%
*
11
14%
13^
3,100
21%
1%
Warren Bros Co
11
35%
33
Pennsylvania Bldg 68.1939
—
1%
Jan
8
100
Waldorf System Inc
9th Unit Inc units
Jan
15%
300
2
26
.
..
5
Feb
70c
86
.
.
Utah Apex Mining..
Utah Metal & Tunnel
42
34
4%
3%
101% 102
86
United Shoe Mach Corp.25
Tudor City—
Corp
Income with v t c
5
units
2%
United Gas Corp
City & Suburban Homes..
Lincoln Bldg Corp v t c—
39 Bway Inc
20%
1
Union Twist Drill Co
Stocks—
*
Suburban El Secure com..*
Stone & Webster
31%
150
18%
12%
18%
2%
*
Torrington Co
47>*
Mar
39
2
2
Texla Oil Corp
46
49
82c
356
1
18
10
Shawmut Assn tr ctfs
Jan
Jan
1
......
•
Reece Folding Mach
Mar
56c
35%
34%
34%
.-50
25
Reece Butt'n Hole Mach 10
36
5%s, 1934, 3d series
70%
5
914
80c
25
Pennsylvania RR
Quincy Mining
Prudence Bonds Corp—
45%
Jan
80c
59
57
57%
100
Old Dominion
AS*
Bid
%
%
9%
4%
Feb
Feb
2%
Jan
Jan
Jan
16
Jan
10%
Jan
76
Feb
Jan
90o
Feb
Mar
Bonds—
Eastern Mass St Railway—
Baltimore Stock Exchange
Orders Executed on
Established 1853
Series B 5s—
1948
1948
90
90
1948
86
86
Baltimore
and
CHICAGO
Stock Exchanges
Baltimore Stock
Last
Sale
Price
5%
of Prices
High
Low
19%
20
Week
33
18%
Feb
22%
Jan
39
2%
152
%
Jan
5
Feb
5
5%
349
2%
Jan
7%
Feb
26
25%
*
100
1
24%
Fidelity & Deooslt
20
Fid & Guar Fire Corp...10
102%
27%
88%
__
13%
26
27%
91
Eastern Sugar Assoc com.l
91
St., CHICAGO
Mar
36
Feb
84
Jan
91
Apr
Last
29
27%
Jan
16
11
Jan
Jan
17%
28%
Mar
17
259
88
Jan
105%
Feb
Abbott Laboratories com.*
138
42
Apr
50
Jan
Jan
11%
20%
11%
Adams (J D) Mfg com
*
Adams Royalty Co com..*
125
9%
50
1%
1
1,232
15
Jan
9
40
9
Apr
1%
....
19
9
1%
27
1%
1%
Apr
50
1%
1%
Feb
Jan
Week
Shares
Mar
Jan
Jan
2
Jan
2%
Feb
255
Jan
•
118
17%
7
Advance Alum Castings..5
Allied Products Corp cl A. *
Common
119%
17%
""§%
22%
14%
10
7%
22%
14%
119%
17%
7
i
200
97%
Jan
119%
Apr
230
15%
Feb
18%
7%
Mar
Mar
250
Jan
8%
350
21
Jan
25%
Feb
14%
200
13%
Jan
15%
Feb
25%
Jan
32%
Feb
4%
Jan
4%
27%
Apr
7%
5%
Jan
Jan
36%
Apr
7%
Feb
11
28%
5%
5%
4%
1,950
1,950
3,200
248
Mar
125
31
Jan
37%
Mar
24%
25%
398
23%
Feb
25%
Feb
Associates Invest Co com.*
36
28
3
2%
Feb
3%
Jan
Automatic Products com. 5
10%
4%
33%
10%
5
12%
12%
13%
1,280
Backstay Welt Co
16%
15%
17%
280
1%
1%
100
16%
1%
j an
......
12%
1%
Mar
Owlngs Mills Distillery..__
Jan
Bastlan-Blessing Co com.*
11
1,000
8,850
1,350
Mt Vern-Wdb Mills
New Amsterdam
100
com
Cas
—
«.
.
3
3
....
......
110
15
5
110
14%
15%
Jan
Feb
109%
14%
1,193
Mar
Mar
110
Feb
17%
Bonds-
Baltimore City—
4s Water Serial
5s flat
Boston Stock
Last
118
Apr
118
Apr
Price
Par
of Prices
Low
High
Jan
17
Jan
Feb
Jan
100%
100
Apr
Feb
84
500
5,000
Feb
27%
32%
101%
Apr
.25
2%
1%
2%
6% non-cum pref
.50
5
4%
5
22%
24
50
24
Amer Tel & Tel
100
167%
167% 171%
Boston & Albany
Boston Elevated
100
138
137
66
67
100
138
67
8%
8%
100
Prior preferred
100
27
27
100
9
9
CIClst pref stpd)
100
Class D 1st pref stpd. 100
15
Cl A 1st pref stpd
♦
com
Calumet & Hecla
Copper Range
.25
9%
15
Range Since Jan. 1 1936
for
High
Low
1%
4%
1,715
365
Jan
2%
Apr
Mar
5%
Feb
42
800
38%
Jan
42%
Cent 111 Pub Serv pref
*
Cent 111 Secur common... 1
Common
—*
*
Feb
10%
Jan
70
Feb
8%
Jan
15
Feb
Jan
20%
Feb
Coleman Lamp & St com.*
Commonwealth Edison. 100
Jan
1,161
14
'
7
3%
5%
6%
Jan
Jan
11%
Mar
Jan
83
Mar
Jan
84
Mar
1%
33
60
155%
1,005
52%
22%
5%
16%
493
7%
261
17%
32%
Jan
Jan
10%
8
Apr
Feb
Jan
3%
Apr
Preferred
Mar
52
Feb
Feb
103
103
103
Jan
105
29%
27%
30%
1,600
19%
Jan
4%
4%
5%
2%
9,500
2%
Mar
31%
7%
250
1%
Mar
3%
Jan
Feb
3,407
Feb
Feb
Mar
47
Apr
00
130
46
4,500
36%
Jan
Mar
24%
24%
50
*
24
24
10
7
100
Preferred
53
Apr
Cudahy Packing pref
14%.
6%
14%
Apr
Dayton Rubber Mfg
Apr
129
100
com.
*
Feb
Cum class A pref
De Mets Inc pref
Mar
60
Jan
169
Mar
Jan
65
Apr
Dexter Co (The) com
Jan
27%
Feb
Econ Cunnghm Drug com *
Elec Household Utll cap.5
7
106
190
120
Jan
30%
131%
130
Apr
110
10
106%
10%
19%
21%
40
4%
Jan
50
950
25%
Jan
Jan
14%
25%
Jan
24
Apr
Jan
Mar
Decker & Cohn—
Jan
13%
Jan
Jan
8
Mar
35
Common
5
Jan
45c
1%
12%
Jan
M
9%
40c
Feb
H
5%
Apr
10
410
Jan
900
Mar
100
4%
Jan
Feb
110%
5,700
1%
123%
38
Jan
26%
30%
127% 129
106% 108
13%
1?%
10%
3%
Mar
96%
%
7%
106
7%
30
Gen Household Utll com.*
Godchaux Sugars Inc—
627
32
44%
25
General Candy A
90
60
650
8
Jan
140
34%
104%
117%
Jan
2%
103
Jan
Apr
43%
34%
104%
Apr
Feb
Feb
2%
30
2%
5
22%
v2%
Apr
5%
Jan
104
Jan
41%
page
53%
Jan
44
100
Jan
Jan
19%
35
1%
Feb
Jan
Jan
Feb
11
Class A..
*
7%
13%
18%
13%
19%
1,000
15%
16
3,050
9%
16%
15%
Mar
35%
1,750
27%
23
2,050
16%
19%
15%
35%
33%
21%
21
45%
45%
60
11%
11%
100
7%
7%
8%
9,400
36%
36%
5
Class B
see
Jan
4%
700
5,150
Mar
20
43c
35
"53%
Jan
7%
6
1%
325
♦
Feb
100
Cord Corp cap stock
Crane Co common
16%
12%
North Butte
Feb
22%
*
5
33%
.
40
Jan
7%
Common
50
30
12%
122%
3%
Feb
Jan
8
100
6% prior pref A
Continental Steel—
22%
33
N Y N H & Hartford- 100
68%
21
110
%
Elgin Nat Watch Co.—15
FitzSims & Con D&D com*
Gardner Denver Co com__*
122
49
230
16%
5
Common
Jan
708
100
2%
280
29%
Consumers Co—•
9
140
1%
......
Jan
Feb
60
Club Aluminum Uten Co.*
inn
*
3%
16
.
890
14%
Common
Linotype —*
New Eng Tel & Tel
100
Feb
28%
-
9,550
Jan
Preferred
Mergenthaler
2%
18
"28%
5%
50%
Chic Rivet & Mach cap..*
Chicago Towel Co conv pf *
37
13%
Jan
20
Feb
23
Apr
39
Jan
11%
Jan
46%
14%
8%
Mar
Jan
Jan
39%
Mar
3
Jan
Mar
17%
18%
1,350
24%
25%
31%
31%
33%
2,600
9,350
5,200
Apr
Mar
Jan
28%
18%
25%
Great Lakes D & D com..*
Jan
Mar
Jan
8%
22%
*
Goldblatt Bros Inc com—*
Mar
18%
37%
22%
Jan
9%
Jan
350
Feb
Jan
Apr
Apr
Feb
Hall Printing Co com
*
10
9%
6
Jan
18%
25%
33%
11%
Jan
51
Feb
Harnlschfeger Corp com. 10
17
14%
17
760
9%
Jan
17
117%
Mar
130
Mar
Heileman Brew Co G
cap.l
12%
12%
12%
700
8%
Jan
12%
3—
Apr
Feb
Heller (W E) pref w w
25
27%
27%
150
29
Jan
Hibb'd Spencer & B com 25
36
100
25%
35%
Mar
Jan
27%
35%
Apr
38
Jan
Maine Central—
Mass Utilities v t c
Jan
53%
10%
......
1%
5%
8
16%
?5
_
6,150
Jan
2%
58%
49%
92
7%
Isle Royal Copper
2%
1
100
225
2
Apr
50%
Chic Yellow Cab Inc cap.*
Cities Service Co com
*
24%
.
13%
5%
Feb
8%
2
150
49%
41
52
30
650
*
Preferred
Jan
1,115
22%
1%
14%
*
Chicago Corp common
23
11%
30
1%
13%
2%
1
195
*
......
Feb
40
Jan
Feb
......
Feb
66
Mar
Feb
__*
17
Jan
8%
3
Intl Button Hole Mach. JO
Jan
57
60
8%
17
m
15
960
381
996
*
m
^
250
Apr
460
.
^
Convertible preferred..*
15%
63
Feb
290
24
Jan
15
60
63
34%
53
24%
Mar
Jan
6%
footnotes
39%
m
25
14%
.25
Mar
150
5
*
10%
34%
14
Preferred
Jan
33%
6%
Hathaway Bakeries cl B
7%
33%
14%
*
4,400
4%
100
Gillette Safety Razor.
10
31
100
Hathaway Bakeries cl A
Jan
9%
48
1st preferred
*
17%
34%
18%
Mar
16%
9%
Jan
Preferred B
Gilchrist Co
Jan
13
32%
16%
_»
Jan
43
54
26%
650
31
*
10
B
Bruce Co (E L) com
Butler Brothers
Jan
-50
65
550
Apr
Mar
3
1,311
168%
30%
28
53
63%
Feb
33%
Eastern Mass St Ry—
53%
27%
100
60
165
150
300
125
....
29
200
333
165
Mar
3%
76
*
22
29%
68
shs
Jan
46
75
..
16%
3%
65%
new
Class
250
28%
*
22
29
66%
_
Mar
22
46
100
Rec for $50 pd on
111%
3%
inn
Edison Elec Ilium..... 100
Feb
29%
6% cum pref
Employers Group.
Mar
107%
46
4% % prior pref
10%
100
Chicago Mail Order com..5
Chic & N W Ry com
100
3%
41%
11%
108%
Chic Flexible Shaft com..6
119
*
108
Mar
Jan
Jan
390
Adjustment,
64
Feb
7%
2d preferred
800
Feb
8%
Eastern SSLines com..
82%
7
30%
83%
25
3%
3%
Feb
143
7
2%
Mar
25
178
7%
3%
12%
Jan
4,800
Jan
7%
100
Jan
3
29%
Jan
7%
Common
21%
7%
Jan
Apr
Mar
20
160
*
.
Mar
Jan
12%
29%
155%
117%
65%
288
1,998
East Gas & Fuel Assn-
Cominon
Class A
Prior lien preferred
Preferred
Week
Shares
10%
9
10%
9%
15
3%
.....
.25
29
9%
9%
8%
18
Jan
Central S W—
Boston & Maine—
Common
Feb
Feb
360
6
Jan
6%
14
80
108%
100
Castle & Co (A M) com.. 10
Central Cold Stor com..20
Amer Pneumatic Serv Co—
1st preferred
7% preferred
Central States Pr & Lt pf.*
Chain Belt Co com
*
Common
1,500
5%
Brown Fence & Wire—
15%
Sales
Sale
Stocks—
80
500
Exchange
Week's Range
28
Brach & Sons (E J) com..*
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Thurs.
28%
Apr
12,900
101%
12%
5%
118
27%
100
101
11%
5%
Jan
53,000
100
28%
11%
114
24%
27
27%
100
1976
"28%
com
500
118
24
*
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
Bliss & Laughlln Inc cap.5
Bendix Aviation
Apr
118
24
1975
B5s flat
For
36%
10%
11%
29%
115
$2,000
118
1958
Read Drug & Ch 5%s_1945
It
*
Feb
115
118
Bait Transit Co 4s flat 1975
Loew's Theatres
com
114%
115
4s Annex improv
1951
4s Engine house.--.1957
Brown-Durrell
1
Borg Warner Corp com. 10
Pa Water & Power pref..5
U S Fid & Guar
2
A
Asbestos Mfg Co com
Feb
2,100
5%
28%
20
37
Jan
8%
4%
Amer Pub Serv Co pref. 100
Armour & Co common...5
253
6
23%
200
252
Merch & Miners Transp.. *
Monon W Penn PS7% pf25
High
Low
Mar
37
253
of Prices
High
Low
Price
Par
Range Since Jan. 1 1936
for
Week's Range
Sale
Stocks—
sales lists
Sales
Thurs.
170
114
18%
25
Chicago Stock Exchange
Apr. 4 to Apr. 10, both inclusive, compiled from official
159
25
Mercantile Trust Co
Feb
240
11%
2nd preferred
Mar Tex Oil
30
805
11%
Mfrs Finance 1st pref
Jan
22
585
14%
115
13%
100
Houston Oil pref
1
25
24%
100% 102%
42
43%
115
*
Finance Co of Am cl A
Jan
Apr
Feb
2%
5
25
Preferred
88
Jan
32
1,410
*
preferred
Feb
Chicago Stock Exchange
Chicago Curb Exchange
(Associate)
37 So. La Salle
High
Low
Shares
2%
Bait Trans t Co com v t c_*
Consol G E L & Pow
Mar
Members:
New York Curb
Range Since Jan. 1 1936
for
*
Atlantic Cst Line (Conn) 50
Preferred
91
SECURITIES
Stock Exchange
New York
Sales
Week's Range
33
19%
_*
com
80
82 a
Apr
PaaJ R Davis 6c €0.
Exchange
Thurs.
Black & Decker
250
Apr
Jan
'
Listed and Unlisted
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
1st preferred v t c
90
86
Chicago Board of Trade and Commodity Exchange, Inc.
Arundel Corp
70
2,000
York. Pa
Louisville, Ky.
York
New
Par
70
13,450
NEW YORK
Hagerstown, Md.
Stocks—
$49,000
90
Series D 6s
39 Broadway
BALTIMORE, MD.
Members
■
■
81
Series C 6s
STEIN BROS. &> BOYCE
6.S. Calvert St.
.
.1948
Series A 4%s
7%
18%
1%
38%
35c
Jan
18
Jan
45
Jan
Mar
.
3%
5%
58c
2475
I
11%
Jan
Apr
Apr
Apr
Apr
Apr
Mar
w
Financial
Volume 142
Thurs.
Last
Sale
Stocks (Concluded0
Price
Par
HoudaUle-Hershey cl B__*
27%
25
Illinois Brick Co
12
111 North UtU Co Dref—100
Indep Pneum Tool v t c._*
Iron Fireman Mfg vtc—*
Jarvis (W B) Co cap
1
Jefferson Elec Co
"65
27%
22%
*
com
Kalamazoo Stove com—*
Low
High
27%
29%
11
12%
108
108%
65
65%
26
27%
22% 23%
38
38%
66%
37%
38%
68
38%
Shares
2,750
2,700
30
26%
8%
100
Stocks (Concluded)
High
Low
Jan
Jan
Feb
32% Mar
Jan
12%
109% Jan
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
-1
1
80
Preferred vtc
Central Investment
100
85
100
6% preferred
11%
12%
37%
Ky Util Jr cum pref-—--50
86
11%
Ken-Rad T & Lamp com A*
85
37
38
79
79
—
Lawbeck Corp 6% pfd -100
"30"
Libby McNeil & Libby—10
Lincoln Printing Co—
Jan
68
Feb
Chapman's Ice Cream
Jan
3%
Mar
31
Feb
Citizens Nat T & S Bank 20
450
27%
Mar
32%
18%
Feb
24
Mar
Claude Neon Elec Prod
*
400
12%
Apr
350
33
Jan
40
Apr
500
12
Jan
43
Jan
70
Mar
Consolidated Oil Corp
Consolidated Steel com
*
3,100
1,300
*
600
*
700
15
Jan
*
Emsco Der & Equip Co---6
100
900
53%
14%
Feb
32
Feb
38%
Apr
*
Preferred
450
10%
34%
Mar
14
Jan
Exeter Oil Co A
—1
2,400
20o
Feb
General Motors Corp.—10
General Telephone
*
Gladdlng-MoBean & Co--*
900
50%.
100
16%
Jan
Apr
200
11%
43
Jan
79
Mar
90
Feb
1,250
74
Jan
100
Feb
Feb
2
Mar
Jan
Globe Grain & Mill Co..25
1,000
8%
00
Feb
32
Feb
Hancock Oil A
*
800
18%
Jan
11
Jan
Holly Development Co-—1
46c
Jan
Apr
Kinner Airpl & Motor
1
Lincoln Petroleum Corp—1
83,975
7,500
4,300
83,700
9%
10%
6,400
9
Mar
10%
11%
6,200
7
Jan
48
48
40
40
43
McGraw Electric com—5
30%
30%
32%
3%
%
com
60
60
650
5%
5
42%
1,100
11%
Jan
42%
Apr
Jan
35%
6%
Jan
5
10c
12%
13%
250
7%
Jan
7%
7%
7%
2,100
7%
Jan
8%
Feb
54%
Feb
Los Ang Industries Inc
Los Ang Invest Co...
100
34
Jan
15
Mar
860
36
Jan
43
Apr
1,050
27
Jan
33
Mar
70
55
Jan
60
Mar
Jan
130
Jan
3,500
Mascot Oil Co.
1
Menasco Mfg Co
Mills Alloys Inc A
1
*
5
_1
10
25
Jan
3%
27%
Mar
Nordon Corp
Oceanic Oil Co..
2,600
11%
Jan
19
Mar
Pacific Clay Products
Masonlte Corp com
*
Mer & Mfrs Sec cl A com.l
96
95%
96
100
62%
Jan
100
Mar
Pacific Finance
6%
Jan
7%
111,
2%
Jan
Jan
Mar
11%
116%
Jan
4
Feb
5
Jan
6%
200
Feb
Jan
Jan
65o
Jan
75o
Jan
2%
2%
Jan
6%
Mar
Jan
4
Feb
21o
15o
Jan
50o
Jan
8
Jan
14
Jan
18%
85o
Apr
Feb
Mar
10
200
10%
Jan
22% Mar
11% Mar
31
40
26
Jan
34
Jan
Pacific Gas & Elec Co.—25
900
31%
Feb
39%
22
10
18
Jan
22
Feb
5% % preferred
Pacific Indemnity Co
25
200
Mar
28%
10
*
900
Mar
200
27%
18%
20%
13
6%
22
7%
8,150
8
Jan
Corp
Preferred C
Apr
Apr
Feb
Pacific Pub Ser 1st pref
Pacific Western Oil--
*
100
Mar
7%
Feb
Republic Petroleum Co—l
3,800
2%
Jan
Rice Ranch Oil Co
1
1,700
10c
Jan
35c
Apr
*
Samson Corp 6% pf ann.10
Sec Co Units of Ben Int—*
200
Z4%
1%
Feb
Jan
34%
3%
Apr
100
276
45
Jan
54
20
750
Jan
60
Jan
Jan
19
Mar
Jan
24%
Jan
2854
Jan
37
700
2%
Jan
8%
22,350
7%
4
4%
6,950
3%
2%
8%
4
Stock purchase warrants
Feb
Mar
4%
10%
21%
23%
17%
6%
2%
9%
2%
Middle West Corp cap.—6
Midland United Co—
Common.
*
%
Conv preferred A
*
3%
%
560
3%
290
%
3
Jan
%
1
Mar
%
3%
Feb
Jan
Midland Util—
—100
3%
100
100
100 ""l%
70
Mar
Security-First Nat Bk
5
Mar
Shell Union Oil Corp
*
100
50%
15%
Apr
Signal Oil & Gas A
*
1,800
11%
800
21%
1%
50
Feb
2%
Jan
So Calif Edison Co
-.25
Miller & Hart conv pref--*
7%
7%
7%
100
3%
Jan
Original pref---
7%
7%
8
120
7%
Jan
11%
10%
Jan
Monroe Cbem Co com.—*
--*
49%
49%
49%
20
52
Jan
29%
10
49%
29%
Apr
29%
Apr
30
Feb
21
Jan
3%
Mountain States Pow pf 100
Muskegon Motor Spec A.*
Noblitt-Sparks Ind com..*
North Amer Car com
*
30
Jan
3%
Jan
22
250
25%
Jan
15%
600
11
Jan
15%
Mar
30
50
28
Apr
31%
Jan
"66"
59%
62%
Jan
65
Feb
1%
1%
38%
1%
com..5
National Leather com.—10
National Rep Invest Trust
Cumul conv pref
*
Nat'l Union Radio com__l
Mar
15%
15%
National Standard com—*
1
290
28
"
Nachman Springfield com *
National Battery Co pref.*
Natl Gypsum cl A
Jan
1%
2
17
2,350
1,650
Jan
2%
Jan
com
8
8%
42
110
Jan
5%
32%
200
41%
1%
31%
1%
32
4%
1%
32%
1,350
4%
mmm »«•«•»
4%
300
3%
Jan
1,750
2,250
9%
Mar
15%
Jan
Northwest Bancorp com..*
11
11%
com—*
25
24
25
7% preferred
100
7% pref. 100
104
650
Jan
Jan
%
30
Mar
300
24
Jan
38%
*
500
39%
15%
Jan
47
Feb
*
200
Jan
Feb
4,500
12
Jan
19?
14}
35
120
Jan
Taylor Milling Corp
Transamerlca Corp
16
.
Union Bank & Trust Co.50
Weber Showcase & Rix pf *
"
1
vm
Co.-10
34%
104
9%
Oshkosh Overall Co com..*
15%
100
10%
-10
Peabody Coal cl B com..*
Penn Gas & Elec com
*
Feb
Calumet Gold
---10c
6c
6c
Jan
Cardinal Gold
1
1.15
1.15
1,200
9
Jan
Apr
Imperial Development-25c
1%C
l%c
7c
7c
21%
Mar
1%
Jan
18%
20%
1,750
17
32
35
550
32
3
1,000
4
5%
4,100
2%
Jan
5%
4
20%
Perfect Circle (The).Co-*
Pines Winterfront com.—5
"~2%
*
*
5%
Prima Co com
Process Corp com
*
Potter Co (The) com
100
4%
450
2%
Jan
6
2
2
100
1%
Feb
2%
2%
.
23
Mar
2%
Apr
Mar
Jan
Feb
20%
Apr
American Tel & Tel
41
Jan
Anaconda
Jan
Atlantic RefiningAviation Corp (Del)
3%
56
56
57
450
56%
61%
6% preferred
7% preferred
Quaker Oats Co—
56
115
Apr
Mar
Feb
*
*
Baldwin Loco
---*
129
129
130
Preferred——'
100
144
144
144
Raytheon Mfg—
Common v t c
—50c
4
3
29%
4%
*
Feb
Commonwealth Southern. *
Feb
Curtis-Wright
200
54
Jan
30
103
Jan
115
Mar
Electric Bond & Share
10
112%
Jan
123
Mar
General Electric
*
100
129
Apr
140
Jan
Kennecott
*
90
142
Jan
146
Feb
New York Central
*
11814- 118^
6% preferred vtc
5
Mfg Co com__l0
2%
2%
12%
Reliance
-100
109
109
2%
12%
109
2,550
m
23%
—*
*
40
Jan
850
Jan
3%
Feb
Radio Corp of America
49%
39%
39%
12%
Mar
15%
Jan
Radio-Keith-Prpheum
*
*
10
108
Feb
109
15%
15%
15%
150
13%
Jan
17%
Sangamo Electric Co
*
Signode Steel Strap Co—
53%
51
53%
340
35
Jan
55
*
Sivyer Steel Castings com *
Sou'west G & E 7% pfd 100
Southw Ht <fc Pow pref--*
12
26%
101%
12
12%
26% 28%
101% 101%
68%
68%
Jan
Packard
Motor
Seaboard Oil (Del)----
_
39
Jan
14%
Mar
United States Steel--
*
16%
17%
7%
70%
Jan
8%
15%
180
lii
13 %
6%
*
28%
103%
Apr
Warner Bros Pictures
*
11
Standard Brands
50
99
Feb
69
40
61
Feb
7
6,650
69
-
Tide Water Assd Oil
United Corp
240
Standard Dredge—
Apr
Mar
Jan
Jan
Jan
63c
22c
Jan
Feb
7%c Mar
1.00
Feb
1.40
Feb
Jan
lc
Jan
2c
Jan
6o
Jan
15c
Jan
157%
37%
27%
4%
%
Jan
Apr
Jan
Jan
Apr
29%
3%
Apr
Jan
S
400
200
—
29%
.
1,200
5
400
400
7
2,200
_
Apr
100
6%
r23%
Apr
Apr
200
23%
40%
49%
40%
40%
3
37%
„——*
Jan
100
149% Apr
10
*
50
Rollins Hos Mills conv pf.*
Common.--
Jan
2%
1%
4%
300
3
3
North American Aviation. *
4%
575
300
4
Bendix Aviation
Jan
61%
Feb
Z%c
5,000
10,000
1,600
2,000
1,000
167% 170%
37 %
38%
33% 34%
6%
Copper--
54%
115
15%« Apr
10% Mar
9% Apr
10% Feb
34% Apr
I
International Nickel
60
100
100
Common
Jan
Mar
IMI
Unlisted—
Cities Service
*
9
1
27%
3%
Service of Nor 111—
Common
53c
20
108
500
2
48c
Jan
2%
22%
------
Feb
Feb
150
Mining—
Zenda Gold
Parker Pen Co com
Feb
imu
Apr
10%
Apr
28%
Jan
104
7%
Mar
Jan
5%
28%
I! 100
30
104
Jan
2651
109
7%
5%
4%
600
34%
Jan
Feb
28 %
23%
14,300
Black Mammoth Cons. 10c
14
14%
26
200
Wellington Oil Co.
Western Air Express
Western Pipe & Steel
Mar
106%
1,700
2,100
25
Feb
Northwest Util—
Okla Gas & El
27%
500
Feb
25% Mar
Feb
Mar
100
_—.
Standard Oil of Calif
Mar
14
Apr
Southern Pacific Co
42
Jan
Jan
5
Universal Cons Oil Co.—10
6%
Feb
800
Feb
1%
Feb
Apr
25
10
35
35
Feb
Mar
6% preferred
25
5%% preferred
25
So Counties Gas6% pref 100
Union Oil of Calif
8
Jan
Jan
4%
%
%
Preferred
3%
3%
Safeway Stores Inc
4%
4%
3%
1%
300
11%
13%
7%
39%
16%
17%
7%
70 %
11 %
500
39%
39%
k9%
117
2,600
111%
200
500
300
'*
6%
Apr
Feb
Apr
Apr
Jan
200
33%
Apr
Jan
100
16%
Apr
100
14%
7%
70%
Apr
Apr
10
Jan
300
100
1,000
Jan
Jan
Apr
/
Common
Convertible preferred _
_
*
*
6%
4%
17%
16%
3
*
Stutz Motor Car com
18%
7
18%
Apr
Feb
Apr
35%
Apr
25
Jan
650
8%
2%
Jan
12%
Feb
Mar
4%
Ohio Listed and Unlisted Securities
Jan
21%
Feb
Thompson (J R) com.—25
Utah Radio Product com. *
*
*
1%
4%
1%
4%
22%
11%
3%
1%
4%
Convertible pref
Jan
30%
31
21%
10%
Util & Ind Corp
Mar
1,900
2,650
30%
2%
3%
13%
40
21%
10%
3%
International..—15
25
Swift & Co
6,950
3
30%
Swift
Feb
30
Metrop Ind Co allot ctfs..
Mickelberry's Food Prod—
Common
-----1
Preferred
Feb
29o
22
7
*
Common
95c
2,300
10
19
Public
16o
Jan
700
27
17%
1%
Jan
Feb
6,500
2,300
*
27
Apr
Apr
8c
50
17%
2%
9c
Feb
1.50
62% c
1,000
4,300
27
2%
245
2
10
Mapes Cons Mfg cap—-*
Marshall Field common—*
2%
600
Lockheed Aircraft Corp—1
Los Ang Gas & El 6% pflOO
5%
12%
McQuay-Norris Mfg com.*
Northwest Eng Co
Mar
Jan
Jan
10
48
7% preferred A
Jan
Mar
130
41%
Apr
Jan
Jan
115
10
Lynch Corp com
5
McCord Rad & Mfg A—*
6% preferred A
3%
Jan
54
200
3%
42
6% prior lien--7% prior lien
Apr
63
40
$3% preferred
*
Lindsay Light com
10
Lion Oil Refining Co com. *
Loudon Packing com
*
Preferred
Feb
25
2
10%
*
Feb
30c
28
60
Jade Oil Co
*
_
1
300
30c
450
2,200
30
10
_
Jan
2
3
LaSalle Ext Unlv com—5
com
Jan
22
30
Keystone Stl & Wire com.*
Common
Jan
13o
1,000
-
High
14o
500
100
Buckeye Union Oil pref.
Low
Shares
Douglas Aircraft Inc
Preferred
Range'Since Jan. 1 1936
Last
Range Since Jan. 1 1936
for
Week
Kellogg Switchbd—
Manhatt-Dearborn
Sales
Thurs.
Sales
Week's Range
of Prices
"68
1
Katz Drug Co com
2473
Chronicle
7,150
3
Apr
3
Apr
150
1
Jan
2
3%
Jan
5%
Jan
GILL I
Viking Pump Co—
20
20%
180
15%
Jan
24
Feb
19%
37%
4%
32%
*
Common
Exchange
Jan
650
Members Cleveland Stock
20%
1,900
17%
Jan
Feb
37%
5%
100
33%
700
33
600
31
Mar
20%
38%
6%
34%
149
120
142
Jan
Vortex Cup Co—
*
*
Class A
-
Wahl Co com—
'20
*
Common
5
Walgreen Co common
*
Ward (Montg) & Co cl A-*
Wiebolt Stores Inc com—*
32%
149
149
Jan
4%
18%
18%
19
200
18%
Williams-Oil-O-Matic com*
12%
12%
12%
700
10
Wisconsin Bankshares com*
5%
5%
1,600
Apr
com-.*
Zenith Radio Corp
18%
18%
5%
19%
12
11%
12
152
Jan
Feb
Apr
22%
Jan
13%
8%
Mar
Jan
Jan
19%
Apr
12
Apr
11
$9,000
11
Jan
Cleveland Stock
Los
Angeles Stock Exchange
Apex Electric Mfg
Thurs.
Sales
Last
Associated
for
Sale
Par
Week's Range
of Prices
Low
High
Range Since Jan. 1 1936
Shares
.25
10
10
10
1
4
4
500
Barker Bros pref
100
99
100
Bolsa Chic a OH A
10
Oil
Bandinl Petroleum Co
B
—
7%
For footnotes
see
100
page
2475.
Low
10
3%
Apr
Jan
5
Jan
100
Jan
24
2%
8%
.
10
Jan
100
.
Apr
6
8%
-
-
100
*
100
Electric Controller & Mfg *
83
2%
-
*
*
100
-
Cliffs Corp vtc
Dow Chemical pref
Week's Range
of Prices
Low
23
High
68%
108%
13%
540
14%
108
18%
69%
108%
66
24%
90
15%
54
646
107%
61%
59%
6,905
20?1
308
115
65
22%
U%
15
2,075
High
Low
19
50
66
63%
23%
24
99
18%
66%
Range Since Jan. 1 1936
for
Week
Shares
23
99
14%
Ctfsof Dep
High
20
2%
Cleve-Cliffs Iron pref - Cleve Elec 111 $4.50 pref.
Cleveland RaUway
1,800
8%
10
,
Brock & Co 2d pref
7%
*
100
*
pref
City Ice & Fuel
-
Week
Price
Prior
Price
1
Allen Industries Inc
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Stocks—
Sale
Par
Stocks—
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Fostoria Pressed Steel
Mar
Jan
Greif Bros Cooperage A-
-
Apr
8%
Apr
Hanna M A $5 cum
-
pref.
*
*
*
9%
110
85
110
57
Faultless Rubber
Jan
110
57
10
57
32
Apr
8%
3%
32
95
31%
Mar
100
9%
Feb
9%
48
loi
sales lists
Sales
Thurs.
Last
Mar
Exchange
Apr. 4 to Apr. 10, both inclusive, compiled from official
Bonds—
Chicago Ry con m 5s B1927
A. T. & T. CJLEV. 595
Telephone CHerry 5050
Jan
Mar
5%
3,600
Union Trust Building, Cleveland
Feb
105
9%
48%
105
■=-
Apr
Jan
248
36
Jan
14
104
Mar
2474
Financial
Thurs.
Thurs.
Harbauer
Week's Range
for
Sale
Par
of Prices
Week
Price
Low
*
Interlake Steamship
Jaeger Machine
High
23
Range Since Jan. 1 1936
Low
10
18
Jan
26
Mar
50
120
34%
Jan
50
14%
280
10
Jan
14%
Apr
Apr
24
92
22
Jan
26
Feb
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
4
440
10
Jan
Feb
15
Mar
Ruud Mfg Co
San Toy Mining Co
Shamrock Oil & Gas
3%
11
15%
5%
16
6
315
11
11
12
48
Monarch Mach Tool
17
17
17
200
19%
7%
7%
3%
860
*
"m
25
7
*
7
cl A—_ *
3
*
cum
31
6% cum pref
Packer Corporation.
100
14%
Rlchman Bros
8% cum pref
Vlchek Tool..
10
24%
24%
64%
3%
102
100
Jan
40
Feb
35
Jan
Price
Low
11%
"m
100
1%
1%
137% 140
8%
9%
16% 16%
217
Jan
Pennroad Corp vtc
16%
15
Jan
20
11%
2c
75
22
Jan
26
Jan
37%
1%
1,219
30
Jan
40
Mar
70c
75c
850
60c
Jan
90c
Jan
1%
44%
122%
125
1
Jan
1%
47%
122%
Apr
Mar
105% 106
4%
4%
106%
5%
Mar
Feb
2c
Mar
3%
3,000
9,184
Jan
100
1%
105
4c
97
Jan
195
101
16
11
25
11
160
10
Jan
12
Jan
17%
200
17
Jan
18
*
Feb
81
81
30
70
Jan
83
Apr
Unlisted—
95
3%
Feb
Jan
Mar
17%
Feb
Feb
*
Jan
m
Jan
46
Jan
6%
Jan
34%
Feb
4%
Jan
Apr
Mar
5%
122
Lonle Star Gas 6% pref. 100
Feb
Jan
225
770
1%
43%
Westinghouse El & Mfg.50
68
Apr
200
19
Apr
23%
38%
1%
"70c
27
Mar
140
Jan
Jan
Jan
Feb
1%
Jan
98%
8%
13%
2c
United States Glass Co..25
Victor Brewing Co
1
Jan
1
89
14%
Jan
5
Waverly Oil cl A
*
Westlnghouse Air Brake.. *
Mar
High
7%
23
"5"
"37%
15
Low
11%
11%
1
*
Range Since Jan. 1 1936
Shares
High
1
19
Standard Steel Spring
*
United Engine & Fdy....*
106
*
Weinberger Drug Inc
Week
6
Jan
2
for
of Prices
...5
Jan
56%
3%
Jan
4%
Jan
23
782
63
Feb
Mar
8%
12
Forging Co_..l
Oil & Gas.
5
Plate Glass..25
Screw & Bolt--*
Feb
200
'~3%
26
Jan
2%
29%
104%
9%
76
Jan
18%
Apr
14%
*
*
Feb
Mar
Jan
5
100
31
7
15
Mar
16%
18%
230
Mar
Jan
Apr
14%
*
Seiberling Rubber
5%
11
275
104% 104%
*
Patterson-Sargent
Mar
3%
40
Metropolitan Pav Brick.,*
Miller Wholesale Drug
*
*
Par
Plymouth Oil Co
1
4%
12%
17%
Jan
11
"IK
Medusa Portland Cement *
Nestle LeMur
Ohio Brass B
(Concluded)
13%
13%
*
National Tile
Stocks
23
*
Murray Ohio Mfg
National Refining
High
Week's Range
Sale
Shares
23
Sales
Last
47
*
Kelley Island Lim & Tras. *
Lamson & Sessions
Leland Electric
April 11, 1936
Sales
Last
Stocks (Concluded)
Chronicle
West Res Inv 6% pr pf. 100
.....
.
16
50
8%
Jan
ST. LOUIS MARKETS
I. M. SIMON & CO.
Business Established 1874
BALLINGER & CO.
Members Cincinnati
Enquiries Invited
all
on
Mid- Western and Southern Securities
Stock Exchange
MEMBERS
UNION TRUST BLDG., CINCINNATI
New York Btook Exchange
St. Louis Stock Exchange
Specialists in Ohio Listed and Unlisted
New
York
Chicago
Stocks and Bonds
Curb
(Associate)
Board
315 North Fourth St.9 St.
of
Trade
Louis, Mo.
Telephone Central 3350
Wire System—First Boston Corporation
St. Louis Stock Exchange
Cincinnati Stock Exchange
Apr. 4
Apr. 10, both inclusive, compiled from official sales lists
to
Thurs.
Aluminum
Par
Industries
Low
11%
*
7
"20%
100
*
*
104
100
50
Telephone
7%
90
50
Drug
Eagle-Picher Lead
_
Jan
23
Feb
23
Apr
11H
Feb
9%
75
14%
160
24%
Jan
Mar
Jan
17%
17%
Apr
66
40
Feb
45
Jan
60
14%
12% Feb
23% Mar
14%
27%
Apr
17%
7%
28
6%
58
9
100
18
7
Jan
Feb
9
Mar
Jan
7%
5%
Mar
80
7%
5%
30%
46%
18
"46%
*
Mar
7
43%
24%
*
Feb
30
2
30%
46%
Mar
25
25
2
7%
15
Jan
Jan
200
6%
17%
5%
Jan
17%
19%
Apr
Apr
29%
5%
Jan
8
60
9
Mar
7.%
10
23
14%
80
Jan
4%
10
30
Jan
3
45
Mar
120
16
Jan
Feb
32
Mar
48%
Jan
21
Jan
7%
26%
2%
26%
200
4%
26%
2%
Apr
3
.10
33
33
100
33
Apr
35%
Feb
_._*
6
6
69
6
Jan
8%
*
*
Playing Card
Printing
Par
for
of Prices
Week
Price
Low
pref
103
100
Amer Credit Indemnity 10
American Inv B
A
21%
30
29
.___*
Detroit Stock
Tvr«mhpr«
7%
Exchange—See
Falstaff Brew com—
Globe-Democrat
pref
1
—
.
262
13%
Jan
663
30
Feb
158
51%
22%
27
BLDG.,
Oourt-6800
Mar
64%
Feb
30%
Feb
44
Apr
118
10
Apr
118
Apr
114
6%
114
9%
6%
11
20
9%
Price
52
20
page
Week's Range
for
of Prices
*
35%
7
100
Carnegie Metals Co
1
Clark (D L) Candy Go...*
3%
5%
8%
60%
18%
.
Columbia Gas & Elec Co. *
Crandall Mch & Hend...*
Devonian Oil
10
Duquesne Brewing com..5
5
Electric Products
3
V
5%
20%
7
9
Jan
Jan
26%
Apr
5
Apr
Feb
Jan
9%
Jan
11%
Mar
155
4
Jan
7%
Apr
50%
50%
51%
255
47%
Jan
53%
Mar
Johnson-S-S Shoe
14%
14%
12%
15
140
11%
Jan
12%
86
Jan
10
10
10
Feb
17%
14%
12%
Feb
Apr
40
Jan
Mar
com..
Key Boiler Equipt com—*
Knapp Monarch com
*
38%
25%
85
24%
59
61
55
56
11%
11%
378
10
12
13%
1,349
38%
61
com
50
25%
"16"
Laclede Gas Light pref .100
Laclede Steel com
20
McQuay-Norris
8%
9%
38%
Mo Portland Cem com..25
Nat Candy com
*
...
Nicholas Beazley Alrp com5
Nat Oats, com
Rice-Stix Dry Gds 1st pflOO
Scruggs-V-B D G com
25
1st preferred
100
Securities Inv
.
15
10
226
Feb
61
Apr
Jan
13%
Feb
9%
30%
Feb
14
75c
Jan
13%
Jan
Feb
Jan
Mar
1%
17
Feb
114
105
114
Apr
4
4
2
4
Mar
5
Feb
53
53
5
52
Feb
53
Apr
17
42%
42%
124% 125%
9%
9%
33%
33%
*
_
50
114
114
*
com
1
16
Southwest Bell Tel pref 100
Stix, Baer & Fuller com
Wagner Electric com
1
v-
Feb
Feb
33%
83
200
117%
Feb
38%
123
Jan
43
Apr
Jan
393
127%
Mar
10%
Feb
Jan
9%
29%
34%
Feb
Mar
Bonds—
t United Railways 4s. 1934
34
34%
$3,000
28%
33%
34
17,000
27
Jan
34
Apr
30
4s certificates
City & Suburban ctis.
30
3,000
30
Apr
30
Apr
High
36%
7%
8%
62%
19%
3%
5%
21%
on
the
CAPITAL STOCK
Philadelphia Stock Exchange
YARNALL & CO.
Members
New York Stock Exchange
New York Curb
Pennypacker 0300
Philadelphia Stock Exchange
Exchange (Associate)
New York, Bowling Green 9-2230
A. T. & T. Teletype—Phila. 22
WALNUT ST.
1628
PHILADELPHIA
Established 1874
DeHaven Si Towns end
7
Members
Shares
114
25
240
680
2,380
Low
33%
3%
7%
47%
15%
2%
New York Stock Exchange
High
Jan
Jan
Feb
38%
7%
9
Philadelphia Stock Exchange
Mar
Apr
PHILADELPHIA
Mar
1415 Walnut Street
Feb
62%
Jan
20
4%
Jan
1,146
14
Jan
2%
16%
Jan
7
6
21%
19
118
Jan
20
11%
12%
396
7%
Jan
140
7%
Jan
11%
12%
Koppers Gas & Coke pf 100
Lone Star Gas Co
*
McKinney Mfg Co
3
30
1%
104%
14%
*
Mesta Machine Co
5
Mountain Fuel Supply Co*
Natl Fireproofing Corp
*
2%
100
Pittsburgh Brewing pfd._*
oage
2475
1%
40%
104
13%
1%
48%
6%
1%
4%
26H
4
33%
1%
40%
105
14%
1%
49%
6%
2%
5%
26%
50
395
500
10
3
Jan
Philadelphia Stock Exchange
Jan
Apr
Apr
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Feb
Thurs.
Mar
Last
Apr
Sale
Mar
Jan
10
1%
41
Jan
Jan
Jan
Jan
3,227
4%
Jan
322
50c
Mar
684
1%
Jan
200
26
Par
Price
Sales
Week's
Range
of Prices
Low
High
for
Range Since Jan. 1 1936
Week
Shares
Low
High
Jan
40
Feb
97
145
4
Jan
31
70
100
Apr
15%
1%
5,127
YORK
30 Broad Street
Feb
Mar
5
11%
12%
30
NEW
Apr
210
20
Jan
35%
Prompt quotations and executions given
Range Since Jan. 1 1936
100
Jan
SALT DOME OIL CORPORATION
2483.
19
11%
12%
4
Follansbee Bros pref
100
Fort Pittsburgh Brew
1
Harb-Walker Refrac com. *
Apr
500
Stocks-
see
10
7%
Week
Low
60%
font,note"
115
Jan
11%
Sales
Corp..*
*
For
Feb
7%
Apr
6%
7%
BROADWAY, NEW YORK
Last
Preferred
Jan
4%
114
262
""7%
A. T. & T. Tel. Pitb-391
Sale
Par
Class A
117
685
115
9%
Preferred
PITTSBURGH, PA.
Thurs.
Blaw-Knox Co
Mar
57%
Pittsburgh Stock Exchange
Armstrong Cork Co
30
10
235
Apr. 4 toYApr. 10, both inclusive, compiled from official sales lists
com
Feb
59%
International Shoe com-.*
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Preferred
Apr
51%
Apr
28%Mar
Huttig S & D com......;*
New York Curb Exchange (Associate)
BANK
120
Arkansas Nat Gas
103
44
6%
100
.
Hussmann-Llgonler com.*
J Pittsburgh Stock Exchange
1
Allegheny Steel
High
Jan
118
Ely & Walk D Gds 1st pf 100
H. S. EDWARDS & CO.
Stocks—
Low
101 %
39
59%
COMMON
Tel
2
43
Dr Pepper com
Listed
UNION
Range Since Jan. 1 1936
Shares
103
50
___„.*
Brown Shoe com
High
Feb
Rike-Kumler
United Milk A
U S
Feb
8%
92
24%
P &
U S
105
Jan
Jan
43
*43%
*
B
Jan
Feb
Mar
17%
25
Randall A.
Jan
Jan
Mar
__*
Coney A
Nash
1%
100%
5%
Feb
Feb
17%
4%
16
*
Meteor
Mo ores
Apr
85
*
.
12%
20
*
.
105
19%
16
6%
..100
^ „
Apr
25
Mar
Apr
Apr
67
12
*
^
Jan
6%
75
122
22%
29%
"29%
*
_
11
Jan
22
24%
*
Manischewitz
302
Mar
23
14
14%
*
Gibson Art
270
90
9%
20
Hatfield prior pref
Part preferred
100
Mar
Mar
102
60
13%
27
Mar
73
1,206
33
Jan
23
*
Early & Daniel
Formica Insulation.
5
Stocks-
Week's Range
Sale
A S Aloe Co
22
"22"
*
Dow
20
High
Jan
9%
19%
6%
3%
630
6%
90
Stock Yards. .*
Radio
86
75
19%
20%
102% 103
13
13%
3%
3%
104
104%
7%
7%
100
Low
121
7
6
75
Chrungold
Hobart A
Jaeger
Kroger. ^
12%
.....
Range Since Jan. 1 1936
Shares
27
*
1st preferred
High
26%
26%
100
Cin Ball Crank pref
Cin Gas & Elec pref
Cln Street Ry
Crosley
Week
*
Burger Brewing
Carthage Mills pref
Champ Coated
Cin Union
of Prices
Sales
Last
for
Price
Laundry Mach...20
Amer Prod part pref
Cin
Week's Range
Sale
Stocks—
Thurs
Sales
Las'.
Amer
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Jan
1%
41%
106%
14%
2%
49%
7%
2%
'5%
26%
Jan
Mar
Feb
Mar
Mar
Apr
Feb
American Stores
American Tel & Tel
*
100
Baldwin Locomotive
;*
Bankers Securities pref. .50
Bell Tel Co of Pa pref--100
Budd (E G) Mfg Co
Preferred
*
122
13%
100
Rights...
Apr
Budd Wheel Co
Feb
Chrysler
Mar
31%
167%
Corp
Curtis Pub Co
*
5
common.
_*
10%
101%
30%
31%
165% 170%
2%
4%
24%
25
121% 123%
13%
14%
106% 106%
4%
4%
10%
12
100% 102%
21%
21%
389
617
1,177
165
220
801
3
6,491
713
29%
155%
4%
21%
119%
9%
85%
2%
10%
Mar
Jan
Jan
Jan
Jan
36
177%
6%
25
Jan
125%
15%
Jan
112
Jan
Apr
777
86
Jan
317
19
Mar
5%
14%
101
22%
Jan
Feb
Feb
Apr
Mar
Mar
Apr
Mar
Mar
Mar
Jan
1
Volume 142
Thurs.
Storage Battery
General Asphalt
General Motors
100
.
10
10
Horn & Hardart (Phi la) com *
Horn & Hardart
(NY) pf 100
—
Lehigh Coal & Nav.
Lehigh Valley
*
50
Mitten Bk Sec Corp pref. 25
Nat Power & Light
..*
Pennroad
Corp
t c
v
*
Pennsylvania RR
50
Penna Salt Mfg
50
Phlla Eleo of Pa $5
pref.
Phila Elec Pow pref
25
Phila Rapid Transit
50
7%
preferred
50
Week's Range
for
Sale
Stocks (Concluded)*Par
of Prices
Salt Dome Oil
Corp
1
Scott Paper
Series A 7% pref
Sun Oil Co
Price
15024}
.31 %
69%
9%
U%
4%
35%
9
12
Low
High
49%
31%
50%
32%
69
70%
123% 125
106% 107
9%
9%
12%
12%
5%
6
11%
689
36
27%
85 H
.
Tonopah Mining
1
Union Traction
United Corp common
Preferred
50
United Gas Impt com
*
*
*
Preferred
*
110
131
Jan
107%
11%
14%
Jan
Rainier
Feb
8
Mar
34%
70%
Jan
Mar
105%
6%
8%
1%
9%
488
1,298
Jan
Jan
Jan
Jan
Mar
Apr
47%
5%
20%
88
Pulp & Paper A__*
3,390
27
123
334
1,952
12
13
270
2%
17%
28%
523
75
121
85%
1
7
44%
15%
109%
8%
Feb
130
Mar
116%
35%
12%
16%
Jan
Jan
Jan
Jan
its
Jan
Jan
75
10
1117%
71%
Jan
90%
Jan
38%
50
1-16
2,245
1,339
1,947
%
1%
8
7%
45%
16%
110>
8%
Jan
29%
%
3%
6%
43%
15%
108%
7%
157
6,021
298
120
18%
19
$1,000
18,000
24
Feb
88
80
80%
Jan
88
Apr
Jan
41
Feb
35
Apr
29%
Feb
38
38
263
32
32
557
26%
26%
240
107%
48%
Jan
34%
30
Apr
Feb
7%
Jan
Mar
10
25%
104%
150
%
Jan
Jan
19
Feb
Jan
58%
38%
Apr
107% 107%
1
*
com
B
1
17%
58%
36%
2%
2%
*
1%
Spring Valley Water Co..*
Mar
8%
44%
Standard Oil Co of Calif..*
Jan
Thomas-Allec Corp A
Mar
Jan
110
Feb
Feb
6% preferred-
Mar
Transamerica Corp
100
17%
13%
Union Oil Co of Calif...25
Union Sugar Co com
25
Mar
United Air Lines Trans._.5
26%
15%
20%
825
2%
Apr
3%
1%
178
1%
Jan
2%
8%
400
6%
Jan
9
45%
1
Jan
Universal Consol Oil
1%
Feb
Wells-Fargo Bk & U T.100
Feb
Apr
Feb
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
Jan
47%
Jan
Jan
Mar
47%
Feb
4%
Feb
30
2%
Jan
14%
Jan
70
101
Jan
106%
Mar
23,164
12
Jan
14%
Feb
23%
Jan
28%
Feb
16%
20%
15%
Mar
26%
15%
27%
15%
350
10
Jan
20%
■
20%
15%
262
15%
Jan
7%
19
Jan
1,179
Feb
Apr
Apr
Mar
19%
Jan
Feb
1,269
Feb
8%
9%
40
1,989
3
Jan
18%
17%
105
Mar
1,771
15%
42%
23%
104% 105
13%
13%
17%
*
555
225
2%
3
Feb
1%
58%
37%
1%
8%
44%
3
*
Tide Water Ass'd Oil com.*
1
17%
58%
37
5
100
Jan
Feb
Jan
Mar
8%
Apr
126%
14%
325
14%
325
117
326
20
33%
32
34%
38
38
39
301
4,156
Jan
65
326
Apr
Jan
*34%
Feb
Jan
26%
23%
42 %
Mar
Apr
STRASSBURGER & CO.
Apr
133
Mar
20
Jan
10
Feb
113
Jan
Jan
31
Jan
38
Feb
126%
50
26%
Sou Pac Golden Gate A..*
Mar
122
Jan
Jan
Mar
30%
57
500
Jan
32
Soundview Pulp Co
Southern Pacific Co
24
36
7%
Shell Union Oil
Feb
20
85%
25
High
38%
4%
17%
—100
Preferred
Feb
2%
10%
17%
2,082
5%
20%
Low
200
*
39
Mar
8
50
48%
1
Roos Bros com
Jan
Jan
31?113%
112%
33%
2V
Range Since Jan. 1 1936
Shares
High
87%
B
Jan
Low
Price
14% Feb
Feb
4,550
2%
16%
23%
126% 126%
18%
for
Week
47%
5%
20%
Bonds—
Bell Telephone 5s
1960
Elec & Peo tr ctfs 4s..l945
Par
of Prices
Phillips Petroleum
*
Railway Eq & Rlty com..*
5%
*
6%
100
Jan
54
63
4%
4%
34% 35%
124% 128
113% 114%
34% 34%
8% 10%
%
Westmoreland Coal....
Jan
Mar
120
54
Stocks (Concluded1)
Week's Range
Schlesinger&Sons (BF) com*
1
7%
7ys
44%
16%
48%
22%
High
60
12
36
Tacony-Palmyra Bridge. *
Tonopah-Belmont Devel. 1
Low
4,203
421
Sales
Last
Sale
Shares
119
*16%
100
*
Thurs.
Range Since Jan. 1 1936
75
50
2475
Week
Phlla & Rd Coal & Iron.
Philadelphia Traction
Chronicle
Sales
Last
Elec
'
Financial
MONTGOMERY
SAN
STREET
FRANCISCO
CSince 1880)
Members: New York Stock Exchange—San Francisco Stock
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Members
Dean Witter & Co.
Municipal and
PRIVATE
LEASED
Chicago
Chicago
WIRES
New
Honolulu
Sacramento
Stockton
Exchange
Board
Stock
Direct Private Wire
Trade
Exchange
of
York
Cotton
(Asso.)
Exchange
San Francisco Curb
New York Coffee tr Sugar Ex.
Portland
Beverly Hills
Stock
New York Curb Ex.
Los Angeles
Oakland
York
San Francisco StockExchange
San Francisco CurbExchange
Corporation Bonda
San Francisco
New York
New
Seattle
Taooma
Commodity
Honolulu
Fresno
Exchange,
Stock
Exchange
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Inc.
Exchange
Thurs
Sales
Last
Stocks-
San Francisco Stock
Exchange
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
American Radiator
Low
High
Thurs,
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
Alaska Juneau Gold Min 10
14%
Anglo-Calif Nat Bk S F.20
21%
14%
21%
Assoc Insur Fund Inc...10
4%
4%
Associated Oil Co
25
45
Atlas Imp Diesel Eng A..5
Bank of California N A.100
190
Byron Jackson Co
7% preferred
24%
20
Calamba Sugar com
Calaveras Cement
32%
*
20
*
com
7% preferred
100
Calif Cotton Mills com.100
California Engeles—
Calif Ink Co A com
*
*
California Packing Corp..*
Calif Water Service preflOO
Caterpillar Tractor
585
22
22
22
6%
6%
25
205
4%
45
20%
180%
15%
23%
21%
4%
1,496
102% 103%
75%
78%
12%
12%
1,168
103%
30%
104
9
93%
93%
37
38
102% 104
30%
31%
105%
9
9%
93% 94
93%
93%
104
33
45
.Mar
44
36%
9%
Jan
37%
106%
31%
Jan
109
70%
Mar
Jan
Mar
Internat Cinema L
Jan
30%
Feb
Internat Tel & Tel
*
Mar
18%
Apr
Italo Petroleum
1
Feb
21
Apr
32
Jan
36
Feb
Jan
112
Feb
37%
3%
43%
54%
33%
5%
9%
14%
21%
Feb
554
9%
546
155
710
23%
27%
30%
23%
200
30%
30%
30%
1,362
9%
30%
9%
9%
30%
30
9%
9%
30%
*
11
11
11
*
30
30
30%
8
Libby McN & Libby com.*
9%
9%
Lockheed Aircraft
1
8
8
100
113
*
2
2 %
3
*
17%
6% preferred
100
Marchant Cal Mach comlO
Natl Automotive Fibres..*
107%
19%
2
2%
16%
844
Jan
Jan
Mar
Jan
Mar
26
Jan
21%
Jan
8%
Mar
6%
Mar
North Amer Aviation
125
200
111
23%
30%
Feb
Apr
Oahu Sugar
Feb
zOccidental Pete
31%
10%
9%
Mar
3,397
13
Feb
Radio Keith
Jan
Mar
17
17
10
18
1,480
32%
33%
20
28
Oliver United Filters A___*
30
30
30%
232
29
Jan
10%
10%
11%
1,518
10
Mar
15
15
15
15
100
*
17
16%
17
600
12%
15%
Mar
Pacific Gas & Elec com..25
9
15%
13
Feb
6%
5%
6%
Jan
14
Feb
30
*
*
*
1
635
14
820
Feb
Richfield Oil
Apr
Santa Cruz Port
Mar
Apr
United Corp
Apr
Waialua Agriculture
Warner Brothers
24%
Feb
29%
Jan
25
910
26%
Jan
50
104%
Jan
7%
2,335
4%
Jan
1,840
18%
Jan
Apr
Jan
Jan
6%
1%
13%
20
20
Jan
20%
Apr
Jan
100
9
Jan
13%
Mar
*
Shasta Water
Jan
Feb
Jan
25
25
5%% preferred
6% preferred
Jan
60
West Coast Life
Feb
Western Air Express
35
139%
Jan
Apr
865
79%
Jan
148%
97%
No par value,
Jan
36
Jan
200
14%
Jan
*27%
1,180
28%
Feb
150
26%
Mar
*27%
462
275
28%
16%
Mar
Jan
20
44
Jan
35%
8%
Apr
200
7%
Feb
2,600
55c
Feb
20
20
49%
Feb
*
Apr
*
Apr
Apr
50
130
Feb
33%
*
Jan
I
5%
19
16%
Coalition
Southern Calif Edison—25
Feb
40
129
Silver King
119
181
6
United States Petroleum..
Jan
Feb
31
1,926
Feb
6
Texas Gulf Sulphur
Feb
2,416
Feb
125
1,571
215
39%
31%
28%
107%
7%
39%
Mar
6%
1,015
Preferred
Standard Brands
9ft
18
Jan
Feb
6%
Super Port Cement A
31%
Jan
Jan
4%
11%
6%
13%
*
Schumacher W allbr
Jan
Mar
37%
4%
13%
.150
Mar
28
Jan
Feb
Mar
5%
14%
9%
Cement
17%
31
12%
14
100
Riverside Cement A
17
28
Jan
Jan
11
Apr
Mar
31%
5%
200
Orpheum...*
1
pref
*
Apr
Jan
260
---
17
39
Apr
Mar
20
19%
33%
32%
14%
25
35
44
Jan
Jan
28%
Jan
Jan
Jan
Apr
Mar
11%
Radio Corp
Jan
6%
19%
10%
20
Jan
3%
17%
107%
20%
47%
Jan
19%
Apr
7% JJan
28%
Apr
27% Van
---*
116%
4%
Jan
4.10
Apr
Jan
21c
Olaa Sugar
Mar
Jan
Feb
Mar
45
2,400
-
Pacific Eastern Corp
2%
16
104%
35c
6%
Jan
90
20
Park Utah Mines
Jan
Jan
Jan
100
O'Connor Moffatt
Apr
13o
2.65
200
*
zPac Western Oil
Jan
Feb
36%
1,750
North Amer Co
Jan
1%
Feb
FeD
590
Republic Pete
1,427
19
Mar
757
25
Jan
17%
32%
8,600
Nash Motors
Feb
11%
88
Mountain
Jan
Feb
11%
33%
88
Feb
18
11
2,522
*
30c
6
33
17
com..-
Apr
*
City Copper...*
Jan
17%
Paraffine Co's
20c
1
Jan
Occidental Insurance Co 10
I
14,900
Montgomery Ward
Mar
2,540
148%
88%
Feb
"l2c
M J & M & M Oil
9%
7%
320
11%
146
58c
Packard Motors
46
146
Feb
95c
600
Pacific Clay Products
11%
100
3.90
5,695
2.95
45
zMenasco Manufact
Jan
45
22% 23%
125% 127
3,704
65c
Jan
Apr
45%
11%
23%
3.10
Apr
Mar
16
15
126%
48%
70%
38%
10%
11%
30%
1,037
*
Feb
Apr
Mar
4
Jan
Jan
17%
100
75c
1
Jan
107% 107%
19% 20%
7
1,635
Lincoln Petroleum
11%
25%
810
106% 106%
2,450
46c
1.55
10%
192
10
27
*
7
1.65
1
Preferred
170
North Amer Inv com-.100
North Amer Oil Cons
10
106%
-.1
245
2,347
3
Jan
270
8%
2%
Feb
2,514
10%
112% 113
1,700
Kleiber Motors
100
3~90
zKinner Air & Mot
99
34,174
—1
14%
5
1%
-.1
200
23%
6% preferred
15
20
*
9%
80
150
Idaho Maryland
Mar
Apr
Apr
945
20
1
Mar
36%
Mar
79
1,920
17%
20
8%
47%
Hawaiian Pineapple
5
Honolulu Oil Corp Ltd...*
_
Preferred
Jan
965
.
*
*
20
430
495
com
Gr West El-Chem
zHolly Devel
17
Non-voting preferred
Gladding McBean
Feb
Jan
10
Pac Tel & Tel
zGeneral Metals
Feb
96%
36%
9%
9%
Jan
Mar
40
Feb
16
5%% preferred
Feb
35
General Electric
92%
17
Pac Light Corp 6% pref..*
Pac P S non-vot com
*
Mar
10%
Jan
Mar
9%
25%
57%
200
57%
76
160
2,314
87
Jan
10
5
20
Hawaiian Sugar...
*
6% 1st preferred
Elec Bond & Share..
Mar
Jan
47%
4%
Jan
Feb
Jan
Jan
103% 105
43% 43%
4%
4%
44
44%
70%
70%
Jan
1%
1%
15%
4%
96%
*
Pacific Fish
Curtiss Wright
Feb
Feb
Feb
Jan
1%
12%
80
Feb
Golden State Co Ltd
Paauhau Sugar
Crown Will 2nd pref
Jan
7%
81
*
Consolidated Oil
Feb
93
Hancock Oil Co
B
51
Mar
Mar
125
Hale Bros Stores Inc
Natomas Co
1%
Mar
35
Magnin (I) & Co com
86
Jan
101
21
Gen Paint Corp A com
Magnavox Co Ltd
Jan
Jan
Jan
35
Lyons-Magnus Inc B
1.35
65c
35
20%
35
104%
43%
4%
Galland Merc Laundry...*
General Motors com
10
Los Ang G & E pref
Feb
3
428
14
25
Feb
Apr
1
Foster & Kleiser pref
23%
Preferred.
25c
13%
1.15
96c
Ewa Plantation
200
Langendorf Utd Bak A
Leslie-Calif Salt Co
Feb
Apr
Honokaa Sugar.
7%
Jan
20c
13
4%
Feb
7%
63
13%
*
Apr
21,064
Jan
Jan
1
16
415
*
Feb
Mar
Apr
Jan
2%
Cities Service
78%
29%
M/o
Feb
Jan
Claude Neon Lights
CoenCos A
Jan
103
Feb
Apr
Mar
Jan
20
Apr
Apr
Jan
Mar
Apr
5,149
2,275
Island Pine Co Ltd com.20
7
12%
115
23%
177%
1
zCardlnal Gold
55
905
52
*
100
99%
%
6%
10
37%
103%
50
6%
3%
8%
Apr
Jan
'
Jan
18%
Hunt Bros A com
Jan
Jan
47%
33%
27%
*
Feb
185
48
33
43
B common
32%
22%
Mar
16%
*
Jan
1%
27%
10
Mar
80
48
Mar
25%
25
42
10
190
5
27%
18%
20%
Food Mach Corp com
Foster & Kleiser com
Calif Ore Pow 6% pfd '27..
Calif Pac Trading
*
Canadian Pacific
34
Jan
760
42
25
Feb
Jan
Jan
299
3%
32%
Fireman's Fund Insur
zCalif Art TileB
1%
7
Emsco Derrick & Equip..5
Fireman's Fund Indem__10
Feb
40%
7
*
50%
84
100
$3 preferred
Apr
1%
10
Emporium Capwell Corp.*
Jan
Bunker Hill & Sull
84
38
Eldorado Oil Works
Jan
40%
33%
Jan
Apr
*
5
1
1%
48
4%
Corp
3
40%
104
Di Giorgio Fruit com
6%
14%
7%
Aviation Corp
Baldwin Loco
84
*
Crown Zeller Corp pref A.*
Preferred B
*
20
30%
G&E6% 1st pflOO
*
281
30%
12%
Crown Willamette pref...*
Crown Zellerbach v t c—*
32%
Mar
Bancamerica-Blalr
Jan
190
10%
5%
13%
18%
Jan
Apr
10
5
Feb
14%
17
45
71c
17%
22%
5%
325
477
294
Jan
zAtlas Imp Dsl B
High
14%
5%
39c
Atlas
Low
22
4,271
78%
Cons Chem Indus A
Range Since Jan. 1 1936
25%
*
Cst Cos
32
190
for
63c
Argonaut Mining
Ark Natl Gas A
Week
Shares
24%
30%
Claude Neon Elec Prods..*
Clorox Chemical Co
45
High
168%
1
Amer Tel & Tel
Sales
Low
100
American Toll Bridge
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
23%
157%
330
14%
Feb
.-5
c
18%
50
1
Cash sale,
20
200
x
Ex-dividend,
y
Ex-rights,
9%
z
Listed,
Jan
Feb
t In default.
2476
April 11, 1936
Financial Chronicle
Canadian Markets
LISTED
Provincial and
Bid
Province of Alberta—
Jan
4%8
—
1 1948
Oct
6s
1 1956
79%
July
5s
6s
93
96
90
93
100
102
15 1943
—May
1 1959
4s
Province of Manitoba—
Last
Sale
Stocks
Low
Price
Par
(Concluded)
of Prices
Sales
Week's Range
High
Range Since Jan. 1 1936
for
Week
Low
Shares
High
117%
103% 105
Dominion Stores
*
108
Eastern Steel Products
*
It
11
11
330
10
Mar
13
Feb
Eastern Steel Prod pref 100
15 4965
-Jan
Exchange
:':fr
Thurs.
Ask
116
1 1962
.—June
4%s.
1 1941
1 1942
Sept
5s
11953
1
103 % 104
111% 112 %
116
117 %
3 1937
5%s
81%
Jan
.Oct
82
12 1949
4%s —-—Oct
Toronto Stock
Bid
Province of Ontario—
Prov of British Columbia—
6s---
UNLISTED
Municipal Issues
Ask
80
AND
97
97
97
5
80
Feb
101
Mar
109%
Province of Quebec—
9
710
9%
Jan
8%
4%s
Aug
5s
June 15 1954
101
103
4%s
Mar
2 1950
113
Fanny Farmer
*
14%
14
14%
1,450
13%
5s
Dec
2 1959
102
104
4s
Feb
11958
108 % 110
Ford A.
*
25%
25%
26%
9,563
24%
4%s
May
1 1961
112% 114
Frost Steel & Wirelst of! 00
99
98
99
Prov of New Brunswick—
4%s
4%s
June 15 1936
15 1960
Apr 15 1961
—
-Apr
4%s
100
Prov of Saskatchewan—
101
4%s
May
5s
June 15 1943
94
97
Nov
95
98
4%s.
91%
93%
5%s
--Sept
15 1952
109
——Mar
6s
1 1960
115
110%
116%
——
1 1936
15 1946
11951
Oct
*
Goodyear Tire.
100
108% 110
108% 109%
Province of Nova Scotia—
4%s
114%
Preferred
«.
Bonds
.
29%
10
27
13
13
14
14
Preferred
Ask
mm
-
-
19%
4%S-
Sept
1 1946
103% 104
110%
5s
Deo
1 1954
106 % 107
4^8....... July
11960
102% 103 %
91%
—
114% 115
6
Bid
Ask
Ask
4%s
Sept
1 1951
4%S——June 15 1955
4 %s
Feb
1 1956
4%s
—July
1 1957
5s
July
1 1969
1 1946
Grand Trunk Pacific Ry—
112% 113%
115
115%
116%
5s
Oct
1 1969
Feb
1 1970
117
125%
4s
Jan
1
1962
107
108%
Jan
1 1962
98
99%
6s
1 1936
Sept
102
102%
.100
Preferred
.100
Union Gas
Par
High
Shares
1.75
1.75
1.95
1,105
10%
10%
10%
250
4%
4%
25
Beatty Brothers
Preferred
*
100
"u"
104
12
104
2%
Beauharnois Power
Telephone
100
144%
144
5
212
144%
271
Canada Bread
4%
7%
7%
27
Jan
735
30
Mar
16%
Jan
27%
32%
Mar
Jan
37%
Jan
37%
Jan
47%
Mar
185
4%
7%
445
6
Jan
8
Feb
130
58
Jan
75
Feb
82%
Jan
93
Feb
Jan
15
Feb
*
85
85
10
10%
745
llH
100 -95
25
95
47%
49
465
9%
9%
9%
3%
8%
279
285
200% 200%
21%
20%
22%
6%
22%
6
15%
Jan
57
Feb
Mar
Jan
6
Mar
6%
Mar
5%
95
8%
8
Jan
Apr
Feb
4,715
8%
Apr
12%
23%
Mar
14%
Apr
20
14
123
Jan
24
18
Apr
Jan
126%
Mar
Feb
3,975
10%
Jan
15%
370
2%
Jan
3%
1,232
7%
Jan
8%
Feb
Mar
18%
Mar
110
480
16
16
200%
189
Feb
Jan
292
Jan
200%
Apr
Jan
22%
Jan
109
17%
26%
10,900
34%
360
22%
4%
14%
Apr
6%
15%
10
Mar
18%
Feb
45
1.25
Apr
2.25
Jan
1.40
3%
6%
4
610
3%
Apr
5%
Jan
6%
665
5%
Jan
7%
Jan
35%
37
50
34%
Mar
17%
5,301
155
V
19
85
6
155
71
7
6%
Jan
Jan
39
Mar
Jan
165
Mar
20
Mar
Jan
5%
Apr
135
Jan
10
Jan
95
5%
79
8,495
Jan
3%
93
105
15%
15%
225
30
20
35
35
5
30
no
Feb
7%
Mar
130
105
90
Feb
105
16%
20
5%
Mar
Jan
146
54
135
17%
Jan
27%
135
35%
40
12%
97
77
6%
97
Apr
Jan
Feb
Apr
Mar
85
Jan
11%
Jan
18%
29
Jan
31
Mar
Jan
35
Apr
Feb
27
100
Jan
110
Apr
31
5
23
Feb
31
Apr
76
92
74
Feb
80
Feb
65
1,542
67
Jan
66%
Apr
58%
66%
60
49%
Jan
60
9%
,70
8%
Mar
11
Jan
Jan
106
Mar
9%
106
-
mm
mm
mm.
10
605
10
106
102
15
10%
Jan
9%
12%
Apr
Feb
10%
10%
Jan
12%
Feb
3%
27%
3%
352
2%
Jan
4,760
Apr
18
18
18%
2,532
27%
17%
4%
34%
Feb
29%
Mar
19
Feb
5
5
6%
55
5
A pi
10
Jan
50
Apr
65
13%
Apr
17%
50
*
14
*
m
mm m
*
30
14
1,050
100
101
.100
50
13%
100
m
m
2%
9
1,254
3%
2%
,
365
101
3%
2%
:
30
32
100
Apr
102
Jan
jan
Jan
Mar
Mar
Jan
Apr
2%
2%
4%
3
Feb
'■pi;.:
57
58
57
68
Mar
155
155
160
•105
149
Jan
170
Feb
210
210
214%
155
190
Jan
222%
.100
208
208
211
96
200
Jan
221
Feb
.100
190
193
71
188%
Mar
213
Fe'b
275
277
11
271
Jan
300
28
*
m
m
m
57
m
m
.100
174
178
100
229
229
and
155
154
Feb
Feb
164
Jan
182
Feb
225
230
.100
Jan
51%
Jan
235
Mar
Trust—
-100
155
75
-100
84%
86
31
Landed Banking
Ontario Loan & Deb.
.100
55
55
55
6
-.50
Toronto General trusts. 100
Toronto Mortgage.
50
112
111
-
_
112
4
88
90
27
118
90
—
118
Feb
Jan
52%
109
90
Mar
Feb
82
160
Mar
137%
58
Mar
Jan
112%
Mar
88
Apr
95
Feb
115
Mar
120
Feb
Toronto Stock
Exchange—Curb Section
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Jan
Jan
Sales
Thurs
Last
Week's Range
Sale
of Prices
Low
High
Range Since Jan. 1 1936
for
Week
8
17%
Stocks-
Par
Beath & Son (WD)
Bissell pref
*
100
Brewing Corp
2%
.....
2%
40
3
*
Preferred
Price
2%
40
Shares
65
5
Low
2%
33
13
Jan
170
13
Apr
9%
4,525
Canada Bud——-
*
12%
9%
31%
31%
33
483
31%
21
21
21%
211
20
265
21
Canada
Malting..—.—*
8
Canada Vinegars-.
*
Canadian Marconi
1
1%
Canadian Wire Box A
*
22%
22
1%
22%
1%
Mar
Mar
358
17%
•
16%
12%
Mar
4%
18%
16%
9%
13%
*
50
6%
1%
Mar
Apr
Feb
Jan
23
Feb
90
80
77
80
80
77
Apr
*
2
2
2
200
2
Apr
2%
*
5
5
5
25
2
Jan
7
Disher Steel pref
Dominion Bridge
*
8%
Feb
100
310
4
Jan
85
56
Jan
78
10%
Jan
23
4%
Mar
50
38%
...»
Dom Tar & Chemical..-.*
Preferred
11%
40%
7%
10%
39%
6%
358
6%
79
80
20%
4%
32%
79
20%
4%
32%
32
Apr
Feb
27%
2%
DeHavliand Aircraft
10%
Feb
35
Apr
Mar
Crown Dominion Oil
Corrugated Box pref—100
Mar
50
Jan
1,385
2%
3%
Jan
3%
18
Silk
Bruck
High
Apr
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Feb
Feb
Apr
Feb
25
278
12%
Jan
49%
275
17
4
88%
Feb
Jan
16
8%
17%
9
43%
Feb
37%
24
8
8
Mar
17%
15%
124% 125
13
13%
3%
3%
4%
6
Mar
10
24
*
*
120
47 %
.25
Preferred
4%
95%
205
—100
Dominion Steel & Coal B 25
4%
94%
OH
6%
6%
.15
Canadian Northern Power*
Canadian Oil
*
Distillers-Seagrams
12
15
*
Consolidated Smelters —25
Consumers Gas
100
Cosmos Imnerial
_*
246
283
*
Consolidated Bakeries
12
48
7
25
*
40
48
Canadian Bakeries pref 100
Canadian Canners
Apr
330
Canada Steamships pf-100
Cana Wire & Cable B
*
20%
Mar
Feb
28%
70
*
31%
33
69
Cockshutt Plow
Apr
85
100
Canadian Wineries
31
75
44
Mar
Jan
17%
3%
Feb
31
42
69
18 H
100
10%
Jan
150
35
44
Canadian Pacific
141%
Jan.
3%
Jan
25
Jan
467
18
28%
Mar
40
56,794
30
20
Jan
105
Jan
27%
Preferred
15
Jan
Mar
1.40
24%
28%
34%
Canadian Dredge
*
Canadian Ind Alcohol A.-*
Jan
2%
15%
35
25%
Preferred
Jan
Jan
*
68
19%
-100
Jan
Jan
*
Feb
17
Feb
Mar
BC Power A
preferred
6
85c
Building Products A
Burt (F N)
1st
11%
93
3
12%
9%
1.05
Conv preferred
Canadian Car
Jan
Jan
2,330
1.10
Canada Packers
Jan
6%
3
2,912
12%
*
*
1.25
1.15
*
Brewers & Distillers
22
13
High
30%
12%
Brazilian
Preferred-..
Low
31
30%
12%
Canada Cement
15
3
Jan
20
Canada Permanent
30%
Blue Ribbon 6 %% pref-50
Brantford Cord 1st pref.25
British American oil
12%
104
Feb
*
com
_
*
6% preferred
Feb
5
Huron & Erie
Range Since Jan. 1 1936
.100
Abltibi
Alberta Pacific Grain—.
Bell
Low
107
106
*
Toronto
of Prices
Price
Jan
Mar
106
*
Royal
Sales
Sale
#1mW
9
76
106
.
Nova Scotia
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Slocks-
Jan
Montreal
WA. 3401-8
for
6%
106
•„ -50
Loan
Week's Range
2\5
Imperial
Exchange
Last
7%
Dominion
Exchange* Inc.
Thurs
Jan
60
*
Canada
New York Curb (Associate)
Toronto Stock
40c
♦
com
Walker (Hiram) com
Preferred-
Banks-
Toronto Stock Exchange
King Street West, Toronto.
10
66%
Commerce
15
Feb
2.25
1.25
31
.100
Zimmerknit
STOCK BROKERS
Canadian Commodity
14%
1.25
76
*
Preferred
Winnipeg Electric
Members
Feb
Jan
105
mm-mmmm
-26
New preferred
Duncanson, White & Co.
64
3%
■
30
15%
ion
Westons (Geo)
J an
10
91%
—
-
*
Western Canada Flour
Preferred
117%
44%
I
88%
St Lawrence Paper pref.. *
Simpsons Ltd pre!
.100
*
Steel of Canada
United Steel
105%
Feb
7
7
Porto Rico pref
Twin City pref
Grand Trunk Ry—
117% 118
6s
125
38
113
113%
110% 111%
116
July
6%s
Mar
Feb
11,967
5%
'
Tip Top Tailors
Canadian Northern Ry—
Canadian National Ry—
Feb
14%
135
♦
Preferred
Bid
15%
Mar
13
19
*
.100
Russell Motors
Dominion Government Guaranteed Bonds
Mar
13%
103%
50%
155
155
Riverside Silk A
91%
12%
160
13
35
*
Power Corp
102%
.
50
755
101% 102
5%
101
perpetual debentures
Sept 15 1942
Deo 15 1944
5s
July
1 1944
Feb
Apr
16%
17
Pantepec Oil
110
4s
29%
49%
1.25
100
4%s
Jan
17%
mm
*
100
6s
4
67%
mm
*
Equitable
Page-Hersey
Jan
Jan
8%
2%
20
'mi
*
Ontario
6%
Apr
7%
.100
Preferred
Bid
-
1.25
.100
National Sewer Pipe A
National Grocers
Canadian Paclfio Ry—
-
6%
35%
McColl-Frontenac
27
104% 104%
49%
*
com
A
Ask
-
-
3%
Moore Corp com
Bid
-
.100
Preferred
Canadian Pacific Ry—
•
14,-.
*
Preferred
Railway Bonds
Feb
379
*
Maple Leaf Mill
Private wires to Toronto and Montreal
30
3%
*
B
Inc.
Jan
3%
29%
»
Loblaw Groc A
Co,
Feb
13
3%
29%
.100
Laura Secord
&
Mar
Mar
3
45
M
Lake of the Woods
New York
72%
59
Jan
610
*
Massey-Harrls
Jan
Mar
1
7%
*
Preferred.
14 Wall St.
64%
53%
20
27%
*
Kelvinator..
Gundy
133
115
1%
7%
.—5
B—
Feb
Feb
55%
7%
27%
Internatl Milling pref- .100
*
Internatl Nickel com..
Internatl Utilities A__.
Feb
16%
28%
100
72
♦
Imperial Tobacco
Jan
1%
*
Gypsum
Harding Carpets
Jan
Mar
70
mm'm
-
.
Hamilton Cottons pref ..30
*
Hinde & Dauch
Canadian
96
54%
72
..50
*
Great West Saddlery..
Great West Saddlery pf 100
25
Jan
11%
Mar
Jan
Feb
Mar
English Electric A
*
Hamilton Bridge
*
.100
Preferred
Honey Dew pref
Humberstone
8
*
8
*
32
32
32
»
Shoe
Imperial Oil
Int Metal Indust
24%
23%
24%
7%
*
Preferred
100
7
6
5
310
Feb
Jan
30
Jan
37
Feb
7
7
Mar
8
Apr
25
32
Apr
20%
35
Feb
Jan
24%
457
4
Jan
7%
Apr
Jan
30
Jan
42
33%
Jan
39%
Apr
Jan
13%
Mar
34%
17%
Feb
23,733
37%
39%
37%
39%
55
International Petroleum..*
38%
39%
16,777
Mercury Mills pref
*
12
12
12
*
32
Montreal Power
6%
20
15
9
Jan
352
31%
Mar
*
32%
15%
32%
National Steel Car—
15%
15%
115
15
Mar
North Star Oil
5
1.60
1.50
1.50
140
1
Jan
6
3.60
3.60
3.60
10
3.15
Jan
4
Mar
*
2%
2%
2%
10
1%
Jan
2%
Mar
Preferred
...
Prairie Cities Oil A
*
No par value.
/ Flat price.
I*b
1.75 Mar
Financial
Volume 142
2477
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Week's Range
Sale
Rogers-Majestic
Stocks (Concluded)
High
110
Feb
4c
20,800
3c
Jan
20*0
5Hc
Feb
8*c
6,000
3o
Jan
8,205
7.55
Mar
1.17
1.10
117 *
37
60
111*
Jan
117*
Apr
Wayside Consolidated .50c
22
32
Jan
40
Mar
White Eagle
16*c
3Hc
3 He
113*
54
111
Feb
114
Mar
8c
7*c
35 *
140
34
Jan
39
Feb
Wiltsey-Coghlan
Wright-Hargreaves
7.80
7.60
8.05
25
112
Mar
119
Jan
55
23
Mar
29
Feb
114
100
Walkerville Brew
*
3
3
3
Waterloo Mfg A
*
1*
IK
IK
24*
24*
100
2*
Jan
3*
Feb
50
IK
Jan
2*
Mar
Toronto Stock
Last
Sale
Feb
Price
official sales lists
Week
of Prices
Low
Shares
High
Low
Range Since Jan. 1 1936
for
High
Sales
Week's Range
Price
Feb
Sales
Week's Range
Sale
Par
Stocks—
Feb
9 Ho
9 00
Exchange—Mining Curb Section
Apr. 4 to Apr. 10, both inclusive, compiled from
Exchange—Mining Section
Thurs.
Par
*
—1
*
16c 16 He
Thurs.
Apr. i to Apr. 10, both inclusive, compiled from official sales lists
for
Range Since Jan. 1 1936
High
Shares
Low
60
Apr
Jan
25c
Feb
2o
8,950
llHc
51,200
1
4*c
19c
4Hc
18*c
6c
1
19c
1
7c
6*c
7*c
19,100
3Hc
Jan
8Hc
Mar
4,700
14c
Apr
18*c
Feb
Cobalt Contact
1
2Hc
2*c
2 He
11,000
lHc
Jan
3*c
Mar
82c 215,063
55c
2,250
54c
Feb
82c
Apr
Dalhousle Oil
*
57c
61c
3,100
40c
Jan
78c
Feb
50c
Jan
70c
Feb
East Crest Oil
*
8*c
8*c
9*c
5,500
6*c
Jan
13*c
Feb
96,800
3He
Jan
10Hc
Feb
Foothills Oil
*
50c
50c
50c
1,075
50c
Jan
70 He
Feb
Churchill Mining
*
14c
14c 14 He
Afton Gold
1
79c
65c
AJax OH & Gas
1
54c
Feb
Jan
49,900
12c
Central Manitoba
High
Jan
11c
»
16c
7c
11c
Alder mac Mines
Brett-Tret hewey
Week
of Prices
Low
Acme Gas * Oil
7 He
9*c
4.55
4.60
880
4.10
Jan
4.95
Feb
Grozelle-Kirkland
1
4*c
4*c
4*c
2,500
5*c
Mar
85c
8,400
65c
Apr
97c
Jan
Home Oil
*
1.07
1.06
1.19
3,050
4*c
72Hc
Apr
75c
9*c
*
*
——1
Anglo-Huronl&n
Feb
15 Ho
*
35
Arntfleld..
1.32
Waite-Amulet
114
Algoma Mining
Jan
Jan
35
Last
High
1.00
■
6*
114
Toronto Stock
Low
8,653
56,200
1.20
Mar
L*
24 *
Range Since Jan. 1 1936
for
Week
Shares
High
rjOW
4*
United Fuel pre!
Stocks—
Price
Par
400
Toronto Elevators pref. 100
Toronto Elevators
Low
4*
4K
117
*
.100
Preferred
Shares
37
117
100
Tamblyns (Gj
High
Range
of Prices
110
4*
*
Simpson (R) pref
Low
Sales
Week's
Sale
Week
of Prices
Price
Par
Last
Range Since Jan. 1 1936
for
Exchange—Mining Section
Thurs.
Sales
Last
Stocks (Concluded)
Toronto Stock
Exchange—Curb Section
Thurs.
Jan
1.43c
Feb
27*
26*
28*
12c
13c
4,900
12c
Mar
25c
Feb
Hudson Bay
*
4,393
22*
Jan
28*
Feb
4*c
4c
2*c
Jan
Kirkland Townsite
1
16c
16c
18c
1,700
14*c
Jan
22c
Feb
28,500
6*c
Jan
8Hc
HHC
Feb
7Hc
4*c
8*c
8,600
7*c
Feb
Lake
*
4*c
4*c
5*c
17,800
Jan
9*C
4*c
4c
4*c
27,900
3 He
Mar
7c
Jan
Malrobic Mines
1
3*c
3Hc
3*c
38,000
3*c
l*c
Jan
7C
Feb
27c
25 He
28c
14,225
21c
Feb
40c
Jan
Mandy Mines...
25c
25c
28c
9,150
12c
Jan
34C
Mar
1
41 He
36c
44c
28c
Mar
50c
Jan
*
1.37
1.37
1.45
18,700
3,250
1.30
Mar
1.84
Feb
2c
2*c
9,500
l*c
Jan
4*0
Jan
1
1
64c
61c
65c
16,157
60c
Mar
76c
Jan
Nordon Corp
20c
16c
21c
48,550
14c
Mar
22c
Feb
15c
14c
16c
50,776
13c
Apr
23c
Jan
Oil Selections
*
6*c
6c
6*c
18,950
4*c
Jan
70
Jan
*
7.75
7.25
7.85
3,890
5.55
Jan
7 85
1
12c
12c
500
7c
Jan
14c
Feb
16c
15c
16c
5,300
9c
Jan
25He
Apr
Mar
Oslsko Lake
50c
Parkhlll Gold
1
21*c
23c
6,200
18*c
Jan
31*c
Feb
4.75
5.20
9,014
3.80
Jan
6.50
Feb
Paw nee-Kir kland
...1
3Hc
4c
14,000
2*c
Jan
5Hc
8*c. llHc 222,500
15c
ll*c
18,450
2c
Jan
llHo
Apr
Pend-Orellle
1
96c
95c
96c
Apr
1.20
Feb
6c
Jan
18c
Feb
Porcu pine-Crown
1
9*c
73c
Jan
1.39
Feb
Ritchie Gold-.
1
1
1
1
1
Ashley Gold
Astorla-Rouyn
Bagamac Rouyn
Barry-Hollinger...
Base Metals
Bear Exploration.Beattle Gold Mines
Big Missouri
—
Bobjo Mines
Bralorne Mines
BRXGold Mines
Buffalo Ankerlte..
5.05
..
10 He
Buffalo Canadian
12c
Bunker Hill
Calgary A Edmonton
1.30
..
1.30
1.34
3,615
Maron.
*
1
Night Hawk Pen
10*c
10Hc
11c
2,800
5c
Jan
14c
Feb
Robb Montbray
Canadlan-M alartlc
1.16
1.10
1.16
Mar
1.40
Feb
Sudbury Mines
Cariboo Gold
1.34
1.40
6,875
1,250
95Hc
1.34
1.15
Jan
1.60
Mar
6*c
Castle Trethewey
1.38
1.34
1.38
16,380
1.24
Jan
1.69
Jan
Central-Patricia
3.24
3.15
3.25
2.41
Mar
3.44
1.09
1.28
90c
Jan
1.60
7*c
15C
Mar
lc
Jan
7*c
Apr
4*c
Mar
9c
Feu
5Hc
6*c
90,200
3Hc
Jan
7Hc
Mar
2Hc
12,000
2c
Jan
4*c
Feb
5c
6Hc
5*c
4,500
4c
Jan
8c
Feb
Feb
6Hc
Jan
Jan
1.15
28,700
6,520
4c
2HC
...1
1
Feb
3,400
92c
87,000
9*c 10*c
7 He 346,150
6c
4*c 5*c 37,800
Temlskamlng Mining. ...1
Calmont Oils
Feb
...*
Chemical Research
10*c
Jan
2.64
Feb
1.40
1.67
78,000
1.40
Apr
1.67
Apr
44*
44*
1.05
Cons Chibougamau Gold. 1
—
Eldorado
1.03
1.12
5c
Feb
7,231
4Hc
1.80
Apr
2.45
1.54
—
Conlaurum
Dome Mines
7,000
2.37
Clerlcy Consolidated
1
Wood-Klrkland
45
1,145
28,850
42
Jan
1.03
52
CANADIAN SECURITIES
Jan
Apr
1.38
Mar
Falconbrldge
Federal-Klrkland
9.00
8.80
9.00
4,340
Jan
9.50
Mar
4*c
4Hc
5c
69,300
3c
Jan
10c
Feb
Franklin Gold
4*c
4*c
5c
69,300
4 He
Mar
,11c
Feb
1.04 285,165
22c
13,300
75c
Mar
1.45
Jan
14He
Jan
28c
Feb
6c
Jan
26Hc
Feb
6.90
Members
96c
75C
21*c
20C
14 He
ll*c
15c
40c
41c
1,900
Jan
41c
Goldale
—1
Good fish Mining
5,100
3Hc
Jan
7Hc
Feb
5,998
23c 49*c 666,182
18He
Mar
30c
Jan
21c
Jan
49* c
Apr
1.03
Apr
50c
Gold Belt
1
Grabam-Bousquet
'""Be
49 He
Greeue-Stabell
4HC
19Hc
—1
Granada Gold...
Montreal Curb Market
Inc.
Montreal Stock Exchange
Apr
5c
*
God's Lake
Drury & Thompson
18,700
21c
32c
Canadian Commodity Exchange
ST. JAMES ST. W., MONTREAL
360
PHONE
90c
97c
75c
Jan
3*c
3c
3*c
8,000
2c
Jan
5c
Jan
Hard Rock
1
71c
65c
71c
43,800
30c
Jan
77c
Feb
Harker Gold...
1
lie
90
11c 139,800
7c
Jan
11 He
Jan
Hollnger Consolidated ...5
Homestead Oil
1
13 H
1 lc
Mar
17 H
Jan
Thurs.
42 He
Jan
Apr
Last
Jan
Sale
Feb
HARBOUR
90c
Gunnar Gold
Halcrow-Swayxe
14 K
1,488
37c 43 He 197,300
60c
57c
67c
17,450
47c
46c
48c
24,730
12,330
Howey Gold
J M Consolidated
1
Klrkland-Lake
1
45c
Lake Shore Mines
1
55*
45c 48 He
58c
Agnew-Surpass Shoe
*
23,300
5c
Jan
19c
Feb
Alberta Pac Grain A
*
96,182
12c
Jan
29Ho
Mar
14,200
2*c
Mar
6*c
Feb
3c
3*e
3.89
Manitoba <fc Eastern
*
Maple Leaf Mines
1
Mclntyre Porcupine
McKenzie Red Lake
1
Anglo-Canada Tel pref—*
Associated
Breweries
*
6.75
6.90
4,700
6 05
Mar
7.75
Feb
Bathurst Power <fc Paper A*
3.71
4.00
27,403
3.12
Jan
4 73
Feb
Bawlf N Grain
15HC 18 He 142,500
5Hc
Jan
19Hc
Mar
Bel] Telephone
5 He
Jan
20c
Apr
18c
15 Ho
41K
41K
20c
Price
Exchange
compiled from official sales lists
Sales
Week's Range
of Prices
High
Low
Range Since Jan. 1 1936
for
Week
Shares
Low
High
Jan
Feb
21c
16*c
Par
Stocks—
59 H
9 He
1
Macassa Mines
57c
Jan
19*c
6.80
Little Long Lac
Jan
Mar
3*c
1
Lee Gold Mines
Mar
45o
9,300
20c
Lebel Oro
55 He
29c
43 He
75c
Montreal Stock
Apr. 4 to Apr. 10, both inclusive,
51*
53 H
8c
53 K
8*c
Lamaque-Contact
97,000
pre! —100
—100
*
British Col Power Corp A. ♦
Brazilian Tr, Lt A Pr
10
8H
4*
25
53
53 H
30
10H
10H
255
13*
14 H
1,800
30
32 H
8H
4*
10 H
13*
30
144 H
12 H
143 H 145
12*
30*
12*
25
282
4,005
7
4
Apr
Jan
10
6
Jan
Jan
Mar
51*.
Jan
54*
10
Jan
15
Jan
17 H
Feb
10 H
26*
141
9*
28
Mar
Jan
38
Jan
Mar
150
Feb
Feb
Jan
15*
Jan
32 H
Feb
5*
Feb
Mar
49 K
31H
251
1.57
1.53
1.62
26,475
1.22
Mar
1.67
Apr
6c
5Hc
6Hc
71,700
2*c
Jan
15c
Feb
Bruck Silk Mills
*
13
12*
4*
13*
1,340
13
Apr
16
24c
23Hc
25c
11,190
21c
Jan
42c
Jan
Building Products A
•
35*
35
35*
235
33
Jan
37 H
1.33
1.21
1.36
36,150
1.19
Apr
1.65
Jan
,17c 17Hc
13c
Jan
24c
Feb
Canada Cement
*
7*
7H
831
1.20
Mar
1.50
Jan
Jan
1.00
Mar
70 H
6
311
7 He
24 H
415
22 H
Jan
25*
Jan
2 H
735
1.75
Jan
3*
15*
Feb
1.025
McMillan Gold
McVittie-Graham
McWatters Gold
*
17 He
42
1,104
1.20
Moneta-Porcuplne
.
..
_
1.20
1.25
74 He
88c
87,100
14c
Mining Corp
Mlnto Gold
3,000
2,090
83c
Merland Oil
Morris-Klrkland.
15
10,500
1254
12o
6*c
Jan
15C
Mar
58c
Jan
80c
Feb
100
Preferred
30 *
4*
69
Can North Power Corp—*
*
54
Northern Canada Mining *
"24 *
23*
"lo"
10
56,600
Ko
Jan
4*C
Feb
2*c
3c
12,500
2o
Jan
4c
Feo
Cndn Wire & Cable class B*
12
12
10 H
12
2.70
2.45
Jan
3.05
Jan
Canadian Bronze
*
40
40
40
54 H
1,276
6,841
44 H
Jan
54*
Apr
Canadian Bronze Dref--100
44c
11,100
28Ho
Jan
44o
Apr
Canada Canners conv pref*
45c
35C
50c
19,750
34c
Jan
8*c
..1
2H
*
Steamship
Canada
100
Preferred
8Hc
9*c
10,800
8*c
Mar
70o
Jan
25
Preferred
14Hc
Mar
56c
56c
60c
11,725
40e
Mar
79c
Feb
4.40
4.45
3.50
Mar
4.85
Jan
Rights
76c
74 He
78c
9,429
37,006
50HC
Jan
111* 111H
7
1.37
1.55
25,730
1.12
Jan
3c
3c
3Hc
13,600
2Ho
Jan
4*o
Feb
Pickle Crow
6.40
5.95
6.40
3.95
Mar
6.40
Apr
Pioneer Gold
10 K
10*
10*
38,210
2,190
9.60
Jan
12.00
Jan
1.42
Peterson-Cobalt
Feb
Premier Gold
1
2.35
2.26
2.35
8,780
1.80
Jan
2.48
Mar
Prospectors Airways..
*
2.50
2.45
2.50
800
2.45
Apr
3.25
Jan
Celanese
100
*
-
OlflSS
B
—
m,
Canadian Pacific Ry
Feb
110
110
Mar
116
Jan
6*
Apr
7
Mar
6*
Mar
8
50
6*
15
15*
435
13 H
Mar
17*
26 H
27 H
565
26*
Mar
31*
Feb
Feb
Feb
120
Feb
128
Jan
15
18
Feb
21
Mar
23*
Jan
34
Mar
107
107
4
Jan
107
Feb
35
37
698
34 H
Jan
48
Jan
Feb
31
35
31*
Jan
13
12*
13*
8*
2,436
10*
Jan
7H
15*
9*
Feb
Jan
293 H
Mar
Cons Mining & Smelting.25
Crown Cork
1
1.20
1.15
1.25
1.00
Mar
1.25
Apr
Dist
Read Lake-Gold Shore
*
1.18
1.14
50c
Jan
1.21
Apr
Dominion Bridge..
Roche-Long Lac
1
8*C
8c
5Hc
Mar
Feb
Dominion Coal
7*
279"
279
285
5,305
22*
Apr
*
100
38H
38*
39
1,042
32
15
15
15H
14*
100
111H
110
111H
33
6*
1,388
29K
Jan
Feb
Dominon
2.25
2.35
10,161
2.15
Mar
3.45
Jan
Dominion Steel & Coal B 26
6
6
68c
700
56c
Jan
72o
Jan
Dominion
*
74
73
74
144
144
1~23
1.10
1.25
Jan
1.33
Feb
3.25
3.11
3.25
42,177
22,418
1.00
Siscoe Gold
2.87
Jan
3.40
Jan
Dry den
South Tiblemont
4Hc
4*c
4Hc
11,236
3HC
Mar
8Ho
Feb
32c 34 He
23c
43,790
18Ho
Jan
38Ho
Feb
East Kootenay Power
*
5,100
18c
Jan
36o
Feb
Eastern Dairies
*
23c
22c
100
*
2H
77c
75c
79c
32,700
75c
Apr
79c
Apr
Famous Platers C Corp..*
4.00
4.30
3.00
Jan
4.95
Feb
Foundation Co of Can
*
17 K
Sudbury Contact
1
Sullivan Consolidated....!
15c
3,650
21,800
6o
Jan
Feb
General Steel Wares..
*
4H
95c
Sylvanlte Gold....
Tashota Goldflelds..
...1
2.40
Teck-Hughes Gold..
*
13,348
83o
Mar
18 Ho
1.15
Feb
Goodyear T pfd inc 1927100
2.45
8,785
2.25
Mar
2.90
Feb
10,290
13,220
28c
Jan
52o
Feb
4.30
Mar
6.40
Jan
Charles
*
Gypsum, Lime & Alabast.*
Hamilton Bridge—
*
38c
41c
4.65
4.55
4.75
4.75
4.45
4.90
28,710
1.63
Jan
4.90
Apr
1.33
1.33
140
1.20
Jan
1.50
Feb
290
32c
Jan
37c
Feb
Apr
25c
Apr
Feb
39 He
Toburn Gold
Towagamac Exploration. 1
Treadwell-Yukon
1
2,325
20c
25c
25c
25c
500
25c
*•
2.15
2.10
2.22
13,500
1,60
Jan
2,50
Gurd,
Holt, Renfrew pref
*
Nc par
value.
Feb
115
Feb
Jan
8
Feb
391
70
Jan
79
106
4H
Jan
Jan
6
100
48
144
Apr
146*
Jan
5
Jan
7
Feb
25*
210
2H
7H
7*
Jan
14 K
Feb
10
2H
Feb
130
2
Jan
3*
Feb
50
20
Mar
21*
Feb
18*
5,825
13
Mar
18*
Apr
4*
697
4
Apr
5*
Jan
11
55
Feb
Jan
58*
Mar
8H
738
6*
Jan
8*
Mar
7*
795
6*
Jan
8*
Jan
4*
330
6*
Jan
55
4H
Jan
34
34
20
25*
Feb
14*
15
2,005
13.60
Mar
40
40
20
4*
28 H
2*
16H
4
19*
2 H
20
55
"sli
100
Preferred
Holllnger Gold Mines
17*
755
2*
4.00
2.39
Jan
Feb
Jan
6H
20
*
15c 16Hc
94c
97c
Feb
Jan
34*
40 H
5*
Electrolux Corp
32 He
241
17
Feb
25 H
Sherrltt-Gordon
Paper
Mar
26
9*c
39 H
Preferred
Jan
15
22*
Corp Seagrams
Textile
.201
100
23
25,225
1.21 132,728
9c
29,800
34 K
2,184
Glass
640
15*
68c
2.25
"
861
15*
*
31*
Royallte OH
105
11*
Jan
pref
25
Apr
Apr
Cockshutt Plow
125
20
7*
1.34
Mar
121
1,450
2.20
28c
120
20
120
8*
Jan
Jan
40
7 H
Mar
Ventures
12*
Jan
8
Mar
.
Jan
25
*
—m
21c
*
9
31
15
6*
Feb
185
545
^
Candn Industrial Alcohol.*
90c
Texas-Canadian
Feb
12H
1.44
Shawkey Gold
Jan
Feb
7
Apr
9,400
9,275
Sudbury Basin
8
74
8*
28,300
St Anthony Gold
Jan
3,235
28c
Stadacona-Rouyn
Jan
5
Jan
Feb
9*
1.25
50c
58
8
8*
2.16
Sheep Creek
Jan
Jan
9*
1.20
28c
San Antonio
6H
Jan
26 H
*
100
Preferred..
Candn Hydro-Elec pref 100
2.06
Reno Gold
50
4*
595
Candn Foreign Investm't
1.23
J
Read-Authler
21c
Canadian
2.06
*
Quebec Gold Mines
7
126
Feb
84 Ho
1.74
Perron Gold
*
Preferred 7%
4.45
Olga OH A Gas New
»
Omega Gold
1
Pamour-Porcuplne
*
Paymaster Consolidated..]
Preston (new)
69
64c 68 He
3c
3*c
Canadian Car A Foundry. *
O'Brien Gold..
7*
6
*
Canada Forgings cl A
4H
40c
5
Noranda
14,100
13,600
*
B
53 K
3*c
2*c
Murphy Mines
Newbec Mines
Nlplsslng
14Hc
Jan
2.60
65 He
.
40
30
Jan
36
Jan
17*
Jan
40
Jan
2478
Financial
Chronicle
April 11, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Thurs.
Howard Smith Paper
Preferred
*
Week's Range
for
Sale
Par
of Prices
Wppk
FT OO/V
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
11%
12%
100
94
94
95
Imperial Tobacco of Can.5
Preferred
£1
14
16%
48%
14
7%
50%
80
83
114
*
35
35
*
19%
20%
7%
*
"49%
-—100
Preferred
80%
Jamaica Public Serv Ltd.
-
Lake of the Woods
100
Preferred
Lindsay (C W)
136
*
135
8%
904
11
74
94
3,245
Stocks (Concluded)
High
Jan
Jan
Mar
14%
119
Mar
Par
Preferred
Mar
5
7%
Jan
4,509
44%
Jan
54
Feb
57
Jan
88%
Feb
Afton Mines Ltd
300
33
Jan
35**
Mar
Beaufort
322
16%
Jan
22
Mar
McColl-Frontenac Oil
♦
Montreal
17
16%
100
Montreal Cottons
L, H & Pr Cons.*
1
Jan
138
Apr
4
Jan
Bulolo Gold
2,240
35
32%
56
7
5,733
Dredging....5
57
71
Jan
7%
17%
Feb
1
Consol Chib Gold Fields.. 1
Dome Mines
*
Jan
35
Jan
Falconbrldge Nickel..
31%
55%
High
Apr
34%
19
18%
620
17%
Jan
9%
15
8%
Jan
81c
74%c
Feb
9%
Feb
Mar
34
Jan
Francoeur Gold
1,000
61c
Jan
81c
Apr
32c
35c
13,000
30c
Mar
45c
Mar
62c
65c
6,790
60C
Mar
75c
Jan
60c
Mar
''
25c
25c
500
20o
Mar
32%
33%
1,080
31%
Mar
3c
1,000
20
Jan
5o
Jan
2.16 104,513
45% V 225
1.40
Apr
2.30
Mar
1
.
"32%
3o
*
Jan
81c
32c
62c
■
*
Mar
26
28
9%
Brazil Gold & Diamond..1
Jan
Jan
185
18
.1
3
5%
12%
Low
29
......
.1
Big Missouri Mines
123
675
Range Since Jan. 1 1936
Shares
High
28
1
Gold
Feb
65
6%
17%
Low
Price
Mines—
160
35
40
Montreal Telegraph
Week
Feb
4
32
"§2%
for
of Prices
*
Whittall Can Co Ltd
13%
14%
7%
Week's Range
Walker-Good & Worts...*
Cartler-Malartic Gold
Massey-Harrls...--—-*
Sales
Last
138
3%
Market
Sale
11%
Int Nickel of Canada
Curb
Thurs.
Last
Stocks (Concluded)
Montreal
Sales
"
L55
1.40
45%
44%
8.90
8.80
9.00
21c
20c
21c
43
87
Jan
Jan
52
6.90
Jan
9.50
Feb
20o
1,395
2,200
Apr
44o
Feb
Jan
Mar
60
Greene-Stabell Mines
1
49c
26 %c
49c
15,200
23c
"96"
Jan
45c
96
97
14
Apr
96
Apr
103
Jan
_*
43%
43
43**
1,695
39
Jan
44
Feb
J-M Consol Gold
1
49c
460
48c
28** C
Jan
25
22,875
58o
Feb
41**
41**
Mar
43
Feb
Lake Shore Mines
15
41**
15**
39%
15
120
15
Mar
17%
Feb
Lamaque Contact Gold..*
54
54
25
34
Jan
58
58
56
1 Jan
Montreal Tramways...100
National Breweries
Preferred
National Steel Car Corp..*
Niagara Wire Weaving—*
*
Preferred
Noranda Mines
*
Ogilvie Flour Mills
*
54
10
53% 54%
239% 240
239 %
100
Preferred
60
160
4,952
60
44**
199%
Jan
Jan
55
Mar
59
Jan
Jan
180
Feb
1,333
13c
Jan
29c
Mar
160
46%
Jan
1.24
1.24
100
1.24
Apr
1.38
Feb
Pamour-Porcupine
4.35
4.35
15
3.75
Jan
4.70
Jan
18** c
Jan
31%
160
7
152
Jan
6
100
6
Apr
8
Jan
93
10
88
Feb
95
Mar
103
105
14
*
50
52
20
48
125
125
5
118
101%
Jan
6o
Mclntyre-Porcup M Ltd.6
100
Preferred
1
52
846
4,500
Mining Corp of Can Ltd..*
Mar
6
""9§"
8%c
Feb
54%
240
93
Ontario Steel Products—*
Ottawa L H & Power—.100
Lebel Oro Mines Ltd
54
53%
9c
8%C
18%c 20%c
41%
41%
54
Apr
60
Jan
.1
Apr
*
Mar
.....1
""22c
22c
4,400
1
1.43
1.35
1.55
10,300
1.12
Jan
1.75
Feb
1
Parkhill Gold...
Perron Gold
Pickle-Crow
40
50
6.35
6.00
6.40
3,500
3.95
Mar
6.20
Mar
1.25
4,650
90c
Mar
Gold
220
Feb
100
Preferred
Power Corp of Canada—*
Quebec
*
Power
Knitting
Regent
Quebec Gold
l
1.22
1.20
1.32
Jan
1
2.10
2.05
2.15
850
1.43
Jan
2.20
Slacoe'Gold
Apr
Jan
1
3.24
3.15
3.27
5,725
2.88
Mar
3.40
Feb
Jan
125
Feb
Apr
Sullivan Coneol.
l
95c
95c
1.00
3,180
830
Mar
1.15
15%
396
11%
Jan
18%
Feb
Teck-Hughes Gold
1
4.65
4.60
4.65
580
4.30
Mar
5.35
18
370
14%
Jan
18
Feb
Ventures Ltd
*
2.10
2.07
2.15
520
1.60
Jan
2.50
Feb
5
260
Feb
Wayside Cons Gold
50c
500
15c
Mar
21o
Feb
Wrlght-Hargreaves
*
15 %c 15%c
7.95
8.00
2
200
7.65
j an
8.90
Feb
4%
Apr
25
12%
Feb
15
Mar
40
14%
14%
101% 103
2
2%
10** 11%
100
*
Jan
67
15%
*
Preferred
Holland Paper pref
110
Mar
17%
4%
15%
17%
-
8t Lawrence Corp
--4
Feb
Read-Authler Mine
Penmans.
97
Jan
104
Jan
8,175
8
Jan
2%
11%
St Lawrence Flour MlllslOO
50
50
60
55
40
Jan
50
Apr
100
125
125
125
41
38
Mar
4fl%
Feb
Apr
A preferred
50
Pref
11%
'
St Lawrence Paper pref. 100
30%
Shawlnlgan W & Power..*
32
2,503
20%
JaD
22
1,655
19%
Jan
18
18
18
20
17%
Jan
20
100
122
122
122
10
118
Jan
100
90
90
90
35
90
Apr
12
57
49%
Apr
23%
Sherwln Williams of Can.*
Feb
62
21%
29%
21%
Preferred
Jan
Mar
1.85
3,700
6%
Mar
Jan
Unlisted Mines—
Arno Mines
15 %c
......
'
7%c
5c
2c
Jan
8o
Mar
1.10
1.11
600
98o
Mar
1.42
Feb
1
3~25
3.16
3.25
5,750
2.43
Mar
3.42
1
7%C
7c
8c
4,300
6%c
Mar
10% o
Jan
1.05
1.07
500
1.05
Apr
1.38
Mar
"~3~93
3.71
4.00
2,800
3.18
Jan
4.73
Feb
.»
Cndn Malarttc Gold
Central Patricia Gold
.1
Duparquet Mining
Eldorado Gold
"
1
Macassa Mines Ltd
.1
San Antonio Gold M Ltd.l
7%c
45,900
Jan
*
13%
13%
110
-*
""66 %
64%
60
58**
66%
60
1,479
25
Steel Co of Canada
Preferred
Tooke Bros.
*
11
Preferred- .....——100
22
21
Tuckett Tobacco pref.. 100
Twin City—
Vlau Biscuit.
760
*
21
6
153
153
153
10
10**
*
2%
Winnipeg Electric
*
Winnipeg Electric pref. 100
3%
17
17
25
20
14
Mar
66
69%
Apr
Jan
21
Apr
Jan
155
Feb
Apr
9%
2.30
2.30
2.20
Mar
3.40
Jan
1
1.23
1.17
1.25
6,750
1.00
Jan
1.32
Feb
Stadaconna-Rouyn Mines
*
32c
32c
34c
19,135
18**o
Jan
39o
Feb
Sylvanlte Gold...
l
......
2.40
2.44
300
2.38
Mar
2.89
Feb
605
1.35
Feb
Mar
Apr
Unlisted Stocks—
Abitlbl Pow & Paper Co..•
Jan
10%
3%
4%
Mar
Atlantic Sugar Ref in pf 100
Brewers & Dlst of Van...•
18
Mar
Brewing Corp of Can
Jan
Apr
Feb
50
.
....
Montreal
Jan
13
Jan
12%
Feb
4%
4%
75
4%
105%
Apr
4%
Apr
Mar
105% 105%
57
29
Jan
68
Mar
Can & Dom Sugar
136
136
137
15
133
Jan
140
Feb
154
154
166
45
149
Jan
170
Feb
Canada Malting Co Ltd..*
Canadian Marconi Co
1
56%
56%
61%
190
193
243
185
Mar
214
Feb
275
278
28
271
Jan
300
Feb
Can Pow & Pap inv pref..*
Claude Neon Gen Ad Ltd. *
100
...
190
278
176
176
176%
13
164
Jan
181
Feb
Consol Bakeries of Can
Donnaconna Paper A
HANSON BROS
Canadian Government
INCORPORATED
ESTABLISHED
Municipal
Price Bros Co Ltd
Public Utility and
1813
255 St. James St., Montreal
Sparks St, Ottawa
Massey-Harrls Ltd pref 100
McColl-Frontenac OllpflOO
Royalite OH Ltd—
Industrial Bonds
*No
Last
Par
Week's Range
Glove
Works
of Prices
Price
Low
High
Cum preferred
55%
28
3%
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
55%
27
27
.
2%
*
2%
25
25%
4
2%
27%
10%
Jan
Mar
6H
Apr
val'«»
for
348
2
2
35
2
Feb
2%
Feb
6
6
20
4%
Jan
6
Apr
2
......
40c
Low
100
1,526
116
47
Jan
59
Mar
17%
Jan
28
Apr
3%
Mar
5%
2%
Mar
3%
Jan
27%
40c
10
219
9
Jan
13
118
5
105
Jan
118
Jan
60c
Jan
50
16
Mar
~k;. 2
Jan
18%
8%
Feb
5,562
5%
5%
100
5
Jan
9%
Feb
Feb
109% 110
150
8
Can Int Inv cum
Catelli Mac
City Gas & E'ec Ltd
Feb
i.io
Mar
21
70
21
Mar
27%
Jan
48%
25
37
Jan
320
8
Apr
50
35
Feb
65
18%
Feb
24%
3.00
8
56
pref-.100
Prods pref A 30
*
56%
22
22
22
202
2
579
1.00
1.75
.......
Commercial Alcohols Ltd. *
90c
14
145
16%
800
12**
24**
Feb
26%
58%
Jan
28%
45
55
Jan
65
Jan
36%
"36%
14
58
36%
10
34**
96**
3%
22**
Jan
40
Mar
Jan
40
Feb
29
Jan
39%
Feb
102
103
103
50
4%
35
5
1,035
37
225
32%
31%
35
2,130
•
•
107%
1.75
Jan
350
75c
Feb
75
26%
48%
8%
1.35
Abitlbl P «fe Pap ctfs 5s *53
Alberta Pac Grain 6S..1946
/46
97%
Asbestos Corp of
BeauharnoisLH&P 5%8 '73
Beauharnols Pr Corp 5s '73
Jan
Bell Tel Co of Can 5s. 1955
Feb
Brltlsh-Amer Oil Co 5s '45
Feb
Can 5s '42
32%
9%
Jan
36
Feb
Brit Col Power 5%s..l960
5s
Mar 1 1960
9%
185
9
Jan
12
Jan
Brit Columbia Tel 5s. 1980
Dom Tar & Chemical Ltd *
6%
6%
6%
850
4%
Feb
Feb
Burns & Co 5 %s-3 %s_ 1948
78
80
14%
1.25
290
50
14%
5
1.25
25
7%
pflOO
99
-
27%
115
115%
102% 103%
105% 106%
103% 104%
105% 106%
83%
Calgary Power Co 5s..I960
108
16
Montreal Island Pr 5%s '57
Mar
105% 106%
104%
106% 107%
84
83%
1941
100% 101%
2.50
Feb
333
9
Jan
19%
Feb
Canadian Con Rubb 6s '46
200
8
Jan
19
Feb
103% 104
101
70c
Jan
1.46
Feb
13,685
20%
Jan
24%
Apr
Can Lt & Pow Co 5s.. 1949
19
25
25
25
Jan
30
Apr
39%
39
39%
3,105
33%
Jan
39%
Apr
Cedar Rapids M & P 6s '53
1.30
1.30
20
50c
Jan
2.25
Feb
Consol
10
10
4%
Preferred
'
•
......
-
*
"99%
Rogers-Majestic Ltd A... *
Walkervllle Brewery Ltd.*
9%
Mar
13%
155
4
Mar
7
160
6%
2
2
10
2
9
10
9
90%
55
79
99
99%
80
97%
Mar
4%
198
'4%
Feb
4%
Sarnia Bridge Ltd A.
*
Sou Can P Co Ltd pref. 100
Thrift Stores Ltd
*
United Distillers of Can—*
515
4%
9
Page-Hersey Tubes Ltd..*
Power of Can cum pref. 100
10%
4
90%
*
t..*
.......
6%
*
B
1.30
Mitchell & Co Ltd (Robt)*
v
4,115
24%
*
Melchers Dlst Ltd A
Montreal Ref & Stor
1.20
Canadian Inter Pap 6s '49
Can North Power 5s..1953
..1
Ltd. .100
Int Petroleum Co Ltd
9%
99
2%
......
Canadian Vickers Co 6s '47
Pap Corp 5 %s.l961
.
-
-
'
»
.
.
90
91%
112% 113%
/33
33%
Feb
Dominion Canners 63.1940
110
5%
Feb
Dominion Coal 6s
104%
Jan
8
Jan
Dom Gas & Elec
6%s.l945
90
Apr
2
Apr
Dominion Tar 6s
1949
103
104
Jan
9
Jan
Donnaconna Paper 5 %s '48
Duke Price Power 6s..1966
70
71
Feb
Feb
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
5%
Feb
Fam
10%
Mar
Jan
94%
101
1940
10
50
7
100
48
98
Jan
100
Mar
Play Can Corp 6s '48
Eraser Co 6s unstpd._1950
6s stamped
..1950
50
1.50
Jan
3
Feb
Gatineau Power 5s...1956
2%
/49%
/93
50%
85%
86%
78
80
51
53
.
-
91%
92%
104% 106
Montreal L H & P ($50
Canada Bread 6s
14
1.05
2%s to '38—5%s to '49
Jan
14%
24
Ask
104% 105%
102% 103%
Maple Leaf Milling—
Massey-Harrls Co 5s__1947
Jan
14
1.07
Manitoba Power 5 **8.1951
85c
13
24%
1 1942
5
13
*
Feb
Feb
14
*
6%s
6%s
Feb
1 1947
MacLaren-Que Pr 5%s '61
80
Canada Cement Co 5 %s '47
Cana Canners Ltd 6s. 1950
Home Oil Co Ltd
Smith H Pa Mills 5%s '53
Int Pr «fc Pap of Nfld 5s '68
Lake St John Pr & Pap Co
McColl Frontenae OH 6s '49
86
"l~25
Imperial Oil Ltd
Inter Util Corp Class B
-
-
82%
27
*
Voting trust ctfs
Inter City Baking
81%
Bid
46%
*
Fraser Cos Ltd
w
Utility Bonds
Ask
_*
Foreign Pow Sec Corp
HAnover 2-6363
Mar
/
E Kootenay Pow cum
•
wwnvttvt'imi.i.
100
Apr
Feb
Mar
9%
79%
Mar
Corporation
•
New York
Bid
*
100
Jan
6%
Jan
SECURITIES
Municipal
•
Industrial and Public
*
Cum pref
104%
Bell System Tele. NY 1-208
Dominion Stores Ltd
32
Jan
Feb
/Flat Price.
Dom Eng Works Ltd
......
Feb
25%
"25%
5
Apr
Can Gen Invest Tr Ltd. 100
Feb
3%
17
Jan
118
21
40c
50
Feb
3%
17
"~3%
[iii-Kweiv i vwn
Apr
10
48%
35
Jan
16%
110
21
61%
Feb
467
11,210
118
.*
8%
Apr
Apr
Royal Securities Corporation
High
Brit Col Packers (new)...*
Cndn Dredge & Dk Ltd.. *
Mar
57
31%
15
35
Range Since Jan. 1 1936
Week
Shares
Canada Paper Co pref. .100
Can Nor P Corp Ltd pf 100
Canada Vinegars Ltd
Feb
8%
58%
35
30 Broad Street
50
13%
Private wire connection between New York, Montreal and Toronto
Ltd
Asbestos Corp voting tr. *
Bathurst Pow & Pap cl B. *
Jan
490
4%
18%
100
Government
Sales
Sale
Stocks—
1.40
Jan
33
CANADIAN
Montreal Curb Market
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Thurs.
par
Mar
100
Preferred
330 Bay St., Tarenti
80c
2%
18
8%
*
Eastern Dairies pref... 100
Ford Motor of Can A
._*
General Steel Wares pf 100
Feb
700
520
31%
"31%
*
Consolidated Paper Ltd..*
106
1.15
58%
...*
100
25
Feb
3%
1.10
——.
17
100
...
Royal
Acme
6%
m
*
100
-
Nova Scotia
56
2.50
219
300
3
100
Canadlenne
Commerce-
Jan
11
11%
Canada Bud Breweries...*
Canada.
1.95
10%
10%
1,75
*
Preferred
Banks—
1.75
11
10%
Cum 6% pref..
100
Ctfof dep6% pref... 100
Acadia Sugar Refin Ltd.£l
Jan
2
2%
11%
100
Apr
Jan
1
Jan
Jan
10%
50
17
Jan
98
Jan
150
15
10**
2%
4
127%
2.30
Sherritt-Gordon Mines
Simon (H) & Sons pref.
Southern Can Power
Feb
60c
65c
260
60c
Apr
90o
Jan
General Steelwares 68.1952
3
3%
1,405
2%
Jan
3%
Feb
Gt Lakes Pap Co 1st 6s '50
.
.
.
Minn & Ont
par value) 3s.
1939
Montreal Tramway 5a 1941
New Brunswick Pr 5s. 1937
Northwestern Pow 6s. 1960
Certificates of deposit...
Nova Scotia L & P 58.1958
Ottawa Lt Ht & Pr 5s. 1957
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5 %s *70
Power
90%
Paper 6s. 1945
Corp of Can 4 %s '69
5s...
Dec
Price Bros & Co 6s
105% 105%
1 1957
1943
Certificates of deposit...
Provincial Pap Ltd 5 **s '47
/32%
33%
104% 105%
50
102
91
50%
100
...
62%
62%
62%
62%
104
...
106% 107%
99
100
81
83
95
96
100%
...
120% 122
120% 122
102"
103
96%
Quebec Power 5s
1968
102
103
85%
Shawlnlgan W & P 4%s '67
Simpsons Ltd 6s
1949
103
98%
86%
102% 103%
109
•
-
m
mm
-
103%
104% 105%
Southern Can Pow 5s. 1955
100
Steel of Canada Ltd 6s '40
United Grain Grow 5s. 1948
112
«...
'
102
96
96%
100% 101%
/51 %
52%
United Securs Ltd 5%s *52
Winnipeg Elec 6s.Oct 2 '54
98
99"
85%
81%
86%
82%
Volume 142
Financial
Chronicle
2479
Alabama Power
Over- the- Coun ter
Northern States Power
STOCKS & BONDS
Tennessee Electric
Arkansas Power & Light
HoiiRqse SlkosiHt
Birmingham Electric
New Orleans Public Service
Established 1914
74
Trinity PL, N. Y.
Members
•
mmm—
New
York
Whitehall 4-3700
Inquiries Invited
Open-end telephone wires to Baltimore, Boston, Newark and PhUaielpMa.
Quotations
Bid
114*4 H4 %
o4*4s June 1 1974
o4)48 Feb 15 1976
o4)4s Jan
1 1977
o4)4s Nov 15 1978
—
o4)4s Mar 1 1981
04)48 May 1 & Nov 1 1957
o4)4s Mar 1 1963
105
105)4
105
105 X
1 1960
o3Hs Jan 15 1976.
aZMs July 1 1975
104 %
104*4
«4s
May
1 1957
o4a
Nov
1 1958
a4s
May
110*4 110*4
110*4 110*4(
110*4 110*4
111)4 111*4 04)48 June 1 1965
a 4s
Oct
103 X 103*4
107)4}
1 1980
1U% 112
04)48 July
1 1960
114*4 114*4
a4M8 Mar
1 1962
114*4 114*4
o4)48 Dec
o4)4s Mar
1 1964
114*4 114*4
o6s
115*4
115
—
Bought,
116*4
116
116
40 Wall Street, New York
117
117
118
Whitehall
1 1979
-
Jan 25 1937
Now York Bank Stocks
New York State Bonds
Bid
Ask
Bid
Ask
Canal & Highway—
Par
World War Bonus—
53 Jan & Mar 1946 to *71 b
2.90
mm
mm
Can & Imp High 4)4s '65..
130
•
•
•
m
125X
...
Canal Imp 4s J&J '60 to '67
125X
...
42 to '46
114X
—
117X
Barge C T 4s Jan
Ask
Par
Bid
100
75
85
National Bronx Bank...50
20
25
Ask
26X
28
Merchants
Bank of Yorktown—66 2-3
50
60
Bensonhuret
...
*67
4s Mar & Sept 1958 to
••
Bid
Bank of Manhattan Co. 10
2.10
4Xs April 1940 to 1949.. b
Highway Improvement—
Barge C T 4X8 Jan 1 1945.
Canal Imp 4 )4a Jan 1964..
132X
132X
Highway Imp 4)4s Sept '63
4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
118)4 119)4
119)4 120 %
120*4 121*4
104)4 104*4
1 1967
Sold and Quoted
MUNDS, WINSLOW & POTTER
116)4 117
117)4
117
117)4 118)4
o4)4s Dec 15 1971
04)48 Sept
•
Bank and Insurance Stocks
115)4 116)4
115*4 116)4
101% 101*4
1 1954
1 1954
o4s
Ask
Bid
04)48 April 1 1986
04)48 Apr 15 1972
1 1975
<13 Xs May
o3 Xs Nov
106K
Private wires to principal cities in United States and Canada.
•
City Bonds
Ask
a3HB July
1 1959
May 1 1977
all Public Utility Pre/. Stocks.
Over-the-Counter Securities—Thursday April 9
on
Now York
a3 Xs Mar
on
Security Dealers Association
50
85
National Safety Bank. 12X
16
18
13.55
38 X
40 X
Penn
10
9
10
12 X
34X
36
Peoples National..
50
52
National..50
Chase.
City (National)
Bank
Exchange
Bid
985
1010
Sterling Nat Bank & Tr.25
29 X
31
2020
Trade
12X
18
20
100
75
100
Avenue
Flatbush National
100
100
60
Public National
30
Kingsboro
187
National
25
Bank..
Yorkville
Bank
44
42
...
Ask
Bid
Ask
Port of New York—
181
Fifth
Port of New York Authority Bonds
Commercial National—100
First National of N Y..100 1980
—
George Washington Bridge
Gen & ref 48 Mar 1 1975-
106 X
Gen & ref 2d ser 3Xs '65
104X 105
107
4s
ser
B
4 X» Ber
1936-50.-J&D
B 1939-53-M&N
102 X
113
114X
New York Trust
Inland Terminal 4 Xs ser D
Bayonne Bridge 4s series C
1938-53
—J&J 3
M&S
1936-60
104 X
107*4 109
Companies
Holland Tunnel 4X8 ser E
106
M&S
1936-60
Par
113X 114X
Bid
Par
Ask
Bid
Ask
Comm Itallana.100
105
115
Empire
Bk of New York & Tr-100
485
495
Fulton
100
215
225
61 X
Guaranty
100
292
297
12
Irving
Banca
Bankers
United States Insular Bonds
Bid
Philippine Government—
100
48 1946.
Bank of
Bid
Ask
101 x
Honolulu 58
1959
1952..
104
105
U S Panama 3s June 1 1961
4)4s July
104
105
Aprl
1955
5s
Feb
1952
101 x 103 X
108 X
107
5)48 Aug
1941
3.00
Govt of Puerto Rloo—
68
Bronx
Ask
3.50
4)48 Oct
10
Slcilly
20
7
County
100
Brooklyn
59 X
10
9
8X
X
122
117
10
10
Kings
23X
15*4
100 1690
County..
25
Lawyers
24 X
16*4
1740
48
51
118X 119X
20
Central Hanover.
Ul% 114X
Manufacturers
20
48 X
50 X
57
59
New
25
117
Clinton Trust
50
75
80
Title Guarantee & Tr. —20
10
11
113
114
Colonial Trust
25
14%
16
113
Conversion 3s 1947
Chemical Bank & Trust. 10
112X
114
Continental Bank & Tr.10
18 X
20
Underwriters
70
80
Corn Exch Bk & Tr
114X 116X
115
110
U S conversion 3a 1946
112
110
Hawaii 4)48 Oct 1956
112
4)4s July 1958
53 July 1948
62*4
63*4
United States
20
York
_
120
%
100 2025
2075
Federal Land Bank Bonds
Bid
3s
1955 opt
38
1 956 opt
1945
1946
J&J
J&J
3s 1056 opt
106 X 106X
101% 101 x
102*4 103
103*4 104
108
108 X
100X 100X
99*4
4X8 1957
102)4
4X» 1957
4X8 1958
1937—-M&N
105*4 105 X
4Xs
1944
102
Ask
4s 1958 opt
4X8 1956 opt
100
109*4 110X
1946 opt
4s 1957 opt
99*4
999,6
J&J
1946
MAN
3)4s 1955 opt 1945..M&N
4s
Bid
Ask
99*4 100 x
1942
1938... .M&N
1936. —J&J
opt 1937. -J&J
opt 1937. .M&N
opt 1938. .M&N
opt 1935. .M&N
Chicago Bank Stocks
Par
,
100
Trust—
--33 1-3
Trust
Bid
Ask
100
100
304
309
Harris Trust & Savings.
355
380
Northern Trust Co
100
815
855
First jNational
210
230
Continental Illinois Bank &
JOINT STOCK LAND B ANK BONDS & STOCKS
Par
Ask
Bid
American National Bank &
164X 167X
MUNICIPAL BONDS
Bought— Sold—Quoted
r<lP
loGm/iartUj
Insurance
<LTHC,
MUNICIPAL BOND DEALERS-COUNSELORS
Par
,
Aetna
120 So- La Salle
Teletype CGO. 437
State 0540
St., Chicago
Casualty & Surety 10
Bid
Bid
Land
99
100
Lincoln 5s
100
101
Louisville 5s
100
Burlington 5s.
100
Maryland-Virginia 5s
100
California
100
Mississippi-Tennessee 6s_.
American Home
98
96
5a...
Atlantic 5s...
100
Atlanta
5s.
...
Chicago 58...
/12
Dallas 5s
100
101
74
New
13
75
•
First Carollnas
93
5s
North Carolina 5s
100
101
6s..
100
Pacific Coast of Los Ang 5s
87
89
Pac Coast of Salt Lake 5s.
First of New Orleans 5s...
92
95
Pac Coast of San Fran 5s..
100
100
Wayne
First Texas of Houston 5s.
99
First Trust of Chicago 5s..
100
Phoenix
Fletcher 5s
100
95
Fremont 5s
Greenbrier 5s
100
Greensboro
Pennsylvania
100
5s
—
m
81
Illinois of Montlcello 5s...
98
100
1C0
98
La Fayette 5a
•
100 x
109
73
mm
mmm
99
100
-
98
Union of Detroit 5s
«
100
Virginia-Carolina 5s
99*4 100*4
98 X
99X
Par
Bid
100
32
38
Lincoln
100
30
36
North
Pennsylvania
Ask
100
70
75
1
5
100
75
80
100
2
7
10
38 X
40 X
5
8
Virginia-Carolina
2X
8X
9X
1
2482
21
10
75
78
National Liberty
2
103 X
25X
New Hampshire
New Jersey
Continental Casualty.. —5
26 X
27 X
2X
4X
4X
Eagle Fire
Employers Re-Insurance 10
5
Excess
140
11
145
12X
13 X
10
34 X
45 X
36 X
Fire...10
20
46 X
47 X
49 X
5
21
24
12.50
105
110
New York Fire
Northern
North River
40
42
13
Natlonal.25
Northwestern
HX
2.50
Pacific Fire
Phoenix
—25
10
26 X
131
28
139
126 X 131
90
94
10
48
52
100
103
20
22
81
83
Pro vidence-Washington .
10
38X
40 X
11X
13
Republic (Dallas)
10
25 X
27
10
Firemen's of Newark.. -5
-5
Franklin Fire
General Alliance
Georgia Home
1
10
Ask
2d preferred
Great American
Preferred
6
Accident
31
33
Rochester American
22
24
Rossla
28
30
St Paul Fire & Marine. .25
41X
——i._
5
31
33
13 X
15
216X 221X
14
11%
43 X
Seaboard Fire & Marine..5
17
19
Seaboard Surety
25 X
53
Security New Haven
—10
10
23 X
51
40 X
42 X
15
68 %
Southern Fire.
...10
27
29
-5
29%
73 X
30 X
143
14
Springfield Fire & Mar..25
Stuyvesant
5
140
11
7
8
—5
—5
Republlo
Globe & Rutgers Fire.. .15
Globe &
Bid
X
5
New Brunswick Fire
32
28 X
54 X
9
20
National Union Fire
New Amsterdam Cas
30
23 X
10
12
29
20
24
Halifax Fire
10
20 X
21X
Sun Life Assurance
100
530
560
100
25
29
Hamilton
10
20
30
Travelers
100
630
640
.10
35
37
28 X
78 X
X
55X
16
27
U S Fidelity & Guar Co..2
U S Fire
4
14
10
U S Guarantee
58
61
35 %
37 X
100
Potomac
—
San Antonio
54
...
5
...100
57
35
Fire
Hanover Fire
X
%
30
Great Amer Indemnity ..1
Harmonla
..
..10
75 X
Hartford Steam Boiler ..10
For footnotes see page
13 X
19
26 X
52
5
10
70
11X
10
.10
City of New York
Connecticut Gen Life.. .10
Fire
66
Merch & Mfrs Fire New'k 5
National Casualty
National Fire
725
99
717
5X
3*6
49
...100
Virginia
100
80
46
26
—
Carolina
100
16 X
30 X
55
Glens Falls Fire
Bank Stocks
Par
14*4
78 X
m
Virginian 5s
Joint Stock Land
3*4
2X
1
Mass Bonding & Ins
25
Merch Fire Assur com.2X
53
Federal
32
5s.
Maryland Casualty
Fidelity & Dep of Md_. .20
Fire Assn of Philadelphia 10
76
/30
5s
16
-
Tennessee
100
Kentucky of Lexington...
-
Southern Minnesota 5s
83
15
29
Carolina
100
5s
17
4X
-
-
99X 100*4
36
/32
........
Antonio
Southwest
Illinois Midwest 5s
Iowa of Sioux City 5s
San
-
-
107
St Louis 5s
97
-
5s
5s
15
5
10
Baltimore Amer
•
99 X
Potomac 5s
75
5
Lincoln Fire
Bankers & Shippers... .25
100
Boston.
100
First of Fort
.
73
Knickerbocker
25
Camden
100
First of Montgomery 5a...
.
Ins Co of North Amer__ 10
Automobile.
99
9
27 X
37 X
American Surety
100
97
Importers & Exporters.. 10
88
--
100
98
Pacific Coast of Portland 5s
94
99
Ohio-Pennsylvania 5s
7 X
26 X
34 X
American Reserve
Oregon-Washington 5s
Denver 5s
Ask
6 X
25 X
8
26 X
-
100
Bid
10
10
—5
American Re-insurance .10
•
99
York 5s
American of Newark
-
Home Fire Security
Homestead Fire
.10
Equitable—
American
Ask
57 X
38 X
10
American Alliance
Bid
Ask
25
36 X
85
Agricultural
Bonds
Bank
10
109
54 X
Aetna Life
Joint Stock
10
Par
Ask
105
Aetna Fire
Companies
80 X
Hartford Fire
Home
.5
39
-
83 X
41
Westchester
10
Fire.....2.50
57 X
2480
Financial
Quotations
Chronicle
April 11, 1936
Over-the-Counter Securities—Thursday April 9—Continued
on
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
*
Offerings Wanted
3o$epb Walker* Sons
Members Tfew York Stork
120 Broadway
DUNNE&CO.
Exchange
Dealers in
Tel. REctor
Members New York Security Dealers Ass'n.
GUARANTEED
NEW YORK
20 Pine
2-6600
STOCKS
Street, New York
JOfan 4-1360
Since1855^
x
i
RAILROAD
Guaranteed Railroad Stocks
(Guarantor in Parenthesis)
Bid
..100
6.00
91
10.50
195
200
-.100
6.00
100
JOHN
95
-.100
Allegheny & Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston & Providence (New Haven)
Canada Southern (New York Central)
105
Common 6%
50
2.00
i
37
39
..100
8.75
!
136
E.
on
Request
SLOANE
Members Hew
& CO.
Tor^ Security Dealers Association
139
;
160
-.100
8.60
155
—100
3.00
56
100
4.00
94
96
41 BrooJ ^t.. New York
HAnover 2-2455
•
•
Bell System Teletype NY 1-424
98
6.00
(L & N-A C L) 4%„
Quoted
Asked
Albany A Susquehanna (Delaware A Hudson)
Carolina CUnchfleld A Ohio
—
Earnings and Special Studies
Dividend
Par in Dollars
Alabama A Vlcksburg (Illinois Central)
BONDS
Bought—Sold
99
—
stamped
Railroad
59
Bonds
Bid
Chicago Cleve Clno & St Louis pref (N Y Central) —100
Cleveland A Pittsburgh (Pennsylvania)
6.00
95
85
87
Akron Canton <k Youngs town
-.50
2.00
48
51
2.00
45
47
5.60
88
92
68, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 434s, April 1 1943..
Asked
100
3.60
—
Better man
stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
—1(K)
Georgia RR A Banking (L A N-A CL)
—100
10.00
175
185
Boston A Maine
4.00
76
Michigan Central (New York Central)
Morris A Essex (Del Lack & Western)
—.60
New York Lackawanna A Western (DL4W).. —100
50.00
950
3.875
69
71
6.00
94
98
-.50
4.00
97
100
7.00
57
60
4.60
68
72
1.50
38
40
Oswego A Syracuse (Del Lack A Western)
-
3s, 1950....
76
86
167
178
182
Georgia Southern A Florida 1st 5s, 1945
(Delaware A Hudson)... -100
St Louis Bridge 1st pref (Terminal RR)
100
6.90
112
115
Goshen A Decker town 1st
6.00
146
150
Hoboken Ferry 1st 5s, 1946
Kanawha & West Virginia 1st 5s, 1955
Kansas Oklahoma A Gulf 1st 5s, 1978
Second
3.00
preferred
73
75
100
3.00
146
150
10.00
253
257
'
Utlca Chenango & Susquehanna
100
69
98
99
95
9634
6034
...
88
92
96
102
108
80
83
1st 5s, 1965
Maryland & Pennsylvania 1st 4s, 1951
5.00
82
85
3.50
52
56
50
3.00
64
67
Macon Terminal
..
103
1955
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949..
Montgomery A Erie 1st 5s, 1956
mm:''
73
80
98
60
Rook
Island-Frisco Terminal
64
95
...
3%s, 1946
9834
77
Pennsylvania RR 334s, series C, 1970
Portland RR 1st 334s. 1951
Consolidated 5s, 1945
Quotations^-Appraisat§ Upon Request
'
70
....
New York & Hoboken Ferry general 5s, 1946
EQUIPMENT TRUST CERTIFICATES
101
100%
...
New York Central secured
West Jersey & Sea Shore (Pennsylvania)
102
104%
/ 42
Meridian Terminal 1st 4s,
...50
Warren RR of N J (Del Lack A Western)
90
101%
103%
Little Rock A Hot Springs Western 1st 4s. 1939
Louisville & Nashville 1st A ref 4s, series D, 2003—
5.00
,
6234
102
:...
5.00
..1(M)
Vlcksburg Shreveport A Pacific (Illinois Central). —100
Preferred..
86
106
105%
f67
534s, 1978—-
6.00
(D L A W)
Valley (Delaware Lackawanna A Western)
103
82
...
162
98
101
7.00
United New Jersey RR A Canal (Pennsylvania)._ —100
92
88
....
7.00
Tunnel RR St Louis (Terminal RR)
90
90
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5e, 1961
3.00
Rensselaer A Saratoga
10334
88
100
—
Preferred
100
65
—.....
Prior Uen 4s, 1942
Prior lien 434s, 1944
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
Preferred
-'mm'
99%
102%
Chicago Union Station 3%s, series E, 1963
Choctaw A Memphis, 1st 5s, 1962
Cincinnati Indianapolis A Western 1st 5s, 1965
Cleveland Terminal A Valley 1st 4s, 1995
Pittsburgh Bessemer A Lake Erie (U S Steel)
81
9134
....
Chateaugay Ore A Iron, 1st ref 4s, 1942
60
...60
Northern Central (Pennsylvania)
Old Colony (NYNH & Hartford)
79
em
7634
79
....
....
Lackawanna RR of N J (Del Lack A Western)— —100
'
75
534s, 1945..........
80
100%
100%
72
9234
88
...
7334
91
434s, 1957
90
St Clair Madison A St Louis 1st 4s, 1951
Wirea to
Railroad
Ask
61.75
1.25
Baltimore
63.00
2.00
63.00
2.00
63.75
2.75
63.75
2.75
5a
Boston & Maine
434s
68
334B Dec 1 1936-1944..
70
9134
9234
Bid
Missouri Pacific
99
Ask
65.00
3.50
634s
65.00
3.50
65.00
4.00
63.00
434s—
New York Central 434s—.
2.00
63.00
2.00
Canadian Pacific 434s._
Cent RR New Jer 434s...
63.00
2.00
62.50
1.75
Chesapeake & Ohio 534s_.
61.50
1.00
634s
434s
61.00
0.50
5s
62.50
2.00
6s
62.00
1.00
65.50
4.40
65.50
4.40
66.76
6.00
66.75
6.00
6s
Chic Mllw & St Paul 4%s.
6s
i
Chicago RI & Pac 434s—.
72
78
72
6s
63.00
Offerings Wanted
78
6s
65.50
534s
6s
4.50
63.00
5Hs
Erie RR
4.50
4.50
2.50
62.25
_.
65.50
65.50
4%s
;
1.50
434s
63.25
2.75
6s
63.00
2.50
Great Northern 434 s
62.00
1.25
62.00
1.25
Hocking Valley 5s
62.00
1 1.25
Illinois Central
63.00
2.00
5s
4%s
6s
62.75
5348
2.00
62.00
Internat Great Nor
434s
Long Island 4%s
1.00
65.00
4%
63.25
1.00
61.75
5s
2.00
61.75
Loulsv & Nashv 434s
Maine Central 5s
2.00
63.25
6s
1.00
64.00
3.25
65.25
4.00
65.25
434s
3.25
64.00
534s
Minn St P & S 8 M 4s
4.00
3.75
1.25
62.00
Northern Pacific 434s
Pennsylvania RR 434s
3.75
62.00
5s
2.25
64.50
434s
2.25
64.50
N Y N H A Hartf
1.00
1.00
Public
63.00
2.00
Par
62.75
2.00
63.00
2.00
62.75
July 1936-49
2%
2%s series G
Pere
Marquette 434 s
Reading Co 434 s
5s
62.75
St Louls-San Fran 4s
5s
2%
Mo Pub Serv $7
91
Mountain States Pr com.*
$7
preferred
*
534s.
Atlantic City El $6 pref..*
110
4.50
65.50
-
4.50
62.75
63.90
534s
Pacific 4s
3.00
63.90
5s.
3.00
3.00
63.00
-
1.75
63.90
Southern Ry 4348
1.75
627.5
434s
2.00
434s.
63.00
2.00
5s
63.00
2.00
62.00
434s
5s
6%
preferred
$7
1st $6
4348
1.00
6.60%
Consumers Pow $5 pref.
6s
434s...
Dallas Pr & Lt 7% pref. 100
103
7%
100
preferred
94
84
95
63
-
~
66
72
5434
5534
109% 111%
106
4534
104
96 34
11134
108
4734
105
9834
111
113
57
60
192
198
2.00
Essex-Hudson
4.50
Foreign Lt & Pow units..*
95
65.50
4.50
Gas A Elec of Bergen.. 100
Hudson County Gas... 100
122
pref
BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
preferred
Interstate
Natural
Gas..*
Interstate Power $7
pref.*
Sup pref.50
Jer Cent P & L 7% pf„100
Kan Gas & El 7% pf-..100
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G & E 6% pf._100
Memphis Pr A Lt $7 pref.*
Mississippi P A L $6 pf
*
Miss Riv Pow 6% pref. 100
Jamaica Water
192
103 34
6% pf._100
$7 prior lien pref
New
~
69
65.50
ABBOTT, PROCTOR & PAINE
92
82
63.00
100
Bid
Ask
1234
3
1434
5
3034
3334
41
43
11234 114
121
125
23 34
2434
7334
New Eng Pub Serv Co—
Dayton Pr<fc Lt 6% pf.100
Derby Gas <fc Elec $7 pref. *
*
100
Illinois Pr A Lt 1st pref..*
page 2482.
2534
2.00
Gas
Newark Consol Gas...100
New Eng G & E 534% pf-*
2434
63.00
Western Pacific 5s
100
N E Pow Assn
Continental Gas A El—
10234
preferred
Nassau A Suff Ltg pf._100
Nebraska Pow 7% pf__100
6l"
10634 10734
102
7%
pref... 100
5934
100
preferred
10034
5s
Stock and Commodity Exchanges
734
11134
105 34 10634
101
—
734
100
preferred
100
534s
Western Maryland
preferred A...100
$6.50 preferred B...100
Consol Traction (N J). 100
6%
102
100
preferred
1.00
99
*
*
Cent Pr & Lt 7% pref.. 100
Columbus Ry Pr & Lt—
1.00
62.00
.
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
62.00
5s
Wabash Ry
5s
1.00
Carolina Pr & Lt $7 pref.
62.00
Virginian Ry 4348
5 34
11434
84
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Nlag A E pr pref...25
7%
see
634
84
Idaho Power $6
For footnotes
634
84
65.50
5s
Union Pacific
Par
72
90 34
3
78
....
St Louis Southwestern 5s.
Pacific
Ask
70
pref.*
Assoc Gas & El orlg pref..*
$6.50 preferred
*
78
Southern
Utility Stocks
Arkansas Pr A Lt 37
78
534s-.
120
Bid
Alabama Power $7 pref__*
non-call Dec 1 1936-50
Texas
INC.
HAno«282 52 William Street, N.Y.
62.00
Jan A
,
robinson, miller & co.
2.00
63.10
63.10
43$s
5s
434s
Denver & R G West
71
Bonds and Preferred Stock
4s series E due
5s
N Y Chic A St L
Chicago A Nor West 434s.
103
68
2.00
New Orl Tex & Mex
2.00
5s
9934
102%
NORTHERN NEW YORK UTILITIES, INC.
3.50
5s
63.00
434s..
112
95
Virginian Railway 1st lien & ref 3%s, series A, 1966
Washington County Ry 1st 334s. 1954..
65.00
434s
63.50
Canadian National
111
Toronto Hamilton A Buffalo 434s. 1966
•
.
Equipment Bonds
Atlantic Coast Line
4348..
A Ohio 4%s
67
Union Pacific debenture 3 34s, 1971.
Philadelphia, Pa.
New York
85
Southern Hllnols A Missouri Bridge 1st 4s, 1951....
Toledo Terminal RR 434s, 1957
Stroud & Company Inc.
Private
92
Shreveport Bridge & Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
mm —
198
wrnmm
110
*
Jersey Pr & Lt $6 pf.*
New Orl Pub Serv $7 pf__*
N Y Pow A Lt $6 cum pf.*
7%
cum
preferred... 100
10034 102
109
11034
*
105
*
10934 11134
10934 11034
Ohio Power
6% pref... 100
6% pf_.100
Ohio Pub Serv
7%
preferred
..100
Okla G & E
8634
8934
107
99
100*
103
105 "*
7% pref... 100
Pacific Pow A Lt 7% pf 100
10334 10634
Penn Pow A Lt $7 pref...*
10934 11034
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El.100
Texas Pow A Lt
7%
6% pref 100
preferred.
76
78
82
85
102
81
107
8234
4
104
88
2734
192
£6134
105~~
9034
28
198*
6234
100
72
73
7% pf.100
Toledo'iEdlson 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.100
100
102
Utah Pow A Lt $7 pref...*
Utica Gas A El 7% pf-.lOO
64
Virginia Ry
100
Washington Ry & Elec—
5% preferred
100
108
111
79
110
112
68%
Western Power $7 pref.100
10434 10634
28 34
56
90
92
112
94
96
72
73 34
86
111
75
4234
5134
Ohio Edison $6 pref
$7 preferred
28
£54
67%
5034
103 34
Tenn Elec Pow
111
4134
103 34 105
N Y & Queens E L P pf 100
Nor States Pr $7 pref.. 100
11134
42%
43%
22 34
20%
84
7234
113
10934 11034
92
94
67
9834
65"
9934
2481
Financial Chronicle
Volume 142
Quotations
Over-the-Counter Securities—Thursday April 9—Continued
on
Securities of
Specialists in —
the
Associated Gas & Electric
S. A. O'BRIEN
Water Works Securities
System
Complete Statistical Information—Inquiries
& CO.
75 FEDERAL ST., BOSTON
Hancock 8920
NEW YORK
150 BROADWAY,
COrtlandt 7-1868
incorporated
40
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074 r
Direct Private
Public Utility
Albany Ry Go
General
Water Bonds
58.1930
/40
Keystone 'Telep 5M8-1955
/30
Lehigh Vail Trans ref 5s '60
Amer Wat Wka & El 5s '75
67 M
99
Appalachian Power 7s 1936
86
Amer States P S
5M8-1948
1948
Ariz Edison 1st 5s
1945
1st 6s series A
Alabama Water Serv 5s '57
56
107
106
105M 105M
89
92
Monongahela W P Pub Ser
70 M
63 X
29
101
Los Angeles G &
...
1st & gen 4Mb
1960
Mtn States Pow 1st 6s 1938
105
1954
101
103M
5 Ms series A
1954
102
104 M
Nassau El RR 1st 5s..1944
102M 105
Newport N & Ham 58.1944
105 M
New Eng G & E 5S...1962
67
30 M
New York Cent Elec 5s '52
102
107
Butler Water Co 5s...1957
«...
—
103 M
102
Income deb
3?*s.._1978
30
30 M
N Y Edison 3tfs D...1965
101H
1978
33
33 H
Northern N Y Utll 58.1955
102 M
36
Ohio Ed 1st & cons 4S.1965
104 M
Okla Nat Gas 6s A... 1946
101M 103
4Mb.—1978
1973
58
60
Conv deb
1973
60M
62
Conv deb 5s
1973
66
67 M
Old Dom Pow 5s May 16*51
Conv deb
1973
70
5s
series
1948
B
103 M
105 M
102 M
73 M
71M
101
103M 103 M
72
Pacific Gas & El
Participating 8s....1940
Bellows Falls Hy El 5s 1958
Bklyn C & Newt con 5s '39
96 M
98
Parr Shoals Power 5s. 1952
100
102 M
104
Pennsylvania Elec 5s. 1962
104 J*
92 M
95M
Penn Telep Corp
105M 106 X
Blackstone V G & E 4s *65
108 H
97
108 H
98
74
75 M
Pub Serv of NH3?*sC'60
75
76 M
Pub Serv of Okla 4s A.1966
5Ms
Cent Ark Pub Serv 6s 1948
Central G & E
5Ms—1946
1st Hen coll tr 6s
1946
105 % 105?*
Cent Maine Pr 4«
ser
86 M
102 H
G
1953
Colorado Power 5s
102M
105 M
105M
104 X
104M
50
'
103 %
1st 4s '65
Peoples L <fc P 5Ms ...1941
Public Serv of Colo 6s. 1961
Pub Utll Cons 5
Ms...1948
82
51
103?*
105M
75
/73
102 M 102 H
81
80
37
/35
/10
104?*
108 M
13
108 M
83
Sioux City Gas & El 6s '47
Sou Blvd RR 1st 5S..1945
107
Sou Calif Gas 1st 4s. .1965
104 M
104?*
Sou Cities Utll 5s A..1958
55 M
56 M
S'western Gas & El 48.1960
102 M
85
102 M
87
78
105M
Tel Bond & Share 5S..1958
107
Union Ry Co N Y 5s__1942
88
92
105 M
105 M
85
75
•
/10
123
1942
WashA Suburban 5 Ms 1941
1941
102
101M 103
City W (Chat) 5s B...1954
101
106
5s
105
101
...
1st consol 4s
..1948
105 M
m'tmm
1st consol 5s
1948
101
102 M
104"
Prior Hen 5s
1948
104
1947
5 Ms series B
1946
6s series A
1946
Connellsvllle Water 58.1939
-
103
Western Pub Serv 5 Ms '60
West Penn Pr 3 Ms ser I '66
101
Roanoke W W 5s
1950
93 M
102
103M
Roch & L Ont Wat 5S.1938
Wisconsin Pub Ser 5 Ms '59
107
St Joseph Water 5s___1941
Scranton Gas & Water Co
100
99
E St L <fc Interurb Water—
5a series A
1942
104
6a series B
1942
104
5s series D__
1961
103
...
—
1958
96 M
1967
---
108
105
...
Wat 5s *55
105
101
68 series A
1949
Union Water Serv 5 Ms '51
101
Water Serv Cos Inc 5s .1942
93
West Virginia Water 5s '51
102
104
105 M
105 M
1950
5s series B
107
Bell System Tel.
w
150 Broadway, N. Y.
6s series A
Bid
Real Estate Bonds and Title Co. Mortgage Certificates
Broadmoor
(The) 1st 6s '41
B'way Barclay 1st 68.1941
Certificates of deposit
1944
Broadway Motors Bldg—
6s stamped
1948
Chanln Bldg Inc 4s._.1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
35M
/38M
41M
53 M
36
Ludwlg'Bauman—
1st 6s (Bklyn)
1942
1st 6 Ms (L I)
1936
Majestic Apts 1st 6s._1948
Metropolitan Chain Prop—
1948
6s
57
65M
67
69
93 M
Apr 28 1940
71M
94 M
Dorset (The) 1st 6s... 1941
/31
33
1947
6s
1945
S f deb 5s
Munson Bldg 1st 6MS.1939
N Y Athletic Club—
1st & gen 6s
& reg'55
1946
N Y Eve Journal 6Ms. 1937
East Ambassador Hotels—
1947
/6M
8M
70
72
5 Ms sereies
71X
73
48?*
50 M
5Ms series F-l__
5 Ms series Q
500 Fifth Avenue—
1949
39 M
502 Park Ave 1st 6s_.1941
35M
unstamped
43M
6s
N»v
1947
40 Wall St Corp 6s
42 Bway 1st 6s_.
1958
1939
1st 6 Ms
Oct 1 1941
Fuller Bldg deb 6s
5 Ms unstamped
Graybar Bldg 5s
1944
1949
1946
Nov 15 1939
1 Park Ave 6s..Nov 6 1939
/34M
/50M
78 M
02
19th & Walnut Sts (Phila)
1st 6s
July 7 1939
1st 6s
103 E 57th St 1st 6s.
45
Cont'l InvDebCorp 2-6s '53
43
/54
90
Mortgage Bond Co of Md
Inc 2-5s
..1953
77
6s
(Central Funding series)
75 M
/32M
34M
40 M
40 M
42 M
42 M
101
102
Nat Bondholders
_
—
77
(all
1953
75
1953
42 M
44 M
42 M
44 M
42 M
44 M
Potomac Franklin Deb Co
—
1953
2-6s.
Potomac Maryland Deben¬
—
/36
38
ture
/36
deb
38
42
&
2-6s '53
42 M
44M
43
45
Mortgage
2-6s
1953
Union Mtge Co 5Ms& 6s'37
Universal Mtg Co 6s '34-'39
/52M
/54
75
Nat Deben Corp 2-6S.1953
Bond
67
Atlantic
Debenture Corp
/29
Nat Cons Bd Corp 2-5s '53
1953
Corp 2-6s
Potomac
Realty
Realty
part ctfs
(Mtge Security series)
1954
Corp
Potomac Deb Corp 2-6s '53
45
Nat Bondholders part ctfs
(Mtge Guarantee series)
Bond
2-6s
Nat Bondholders part ctfs
91
74
Potomac
62 M
Potomac Cons Deb Corp—
47
75
2-6s
Mtge Co 5 Ms &
1934-43
44
,
43M
34M
_
1941
77 M
Par
Am Dlst Teleg
49
/9M
/81M
65 M
165 Bway Bldg 1st 5 Ms '51
53
1943
income
M
12
70M
/49
51
73
75 M
57 M
60 M
1st fee & l'hold
6MS.1940
Bid
Par
Ask
25
29
117
119
146
N'west Bell Tel pf 6 M % 100
Pac & Atl Telegraph
25
Peninsular Telephone com*
Bell Telep of Pa
of Canada. .100
pref.._100
122
124
Cincln & Sub Bell Telep.50
88
91
pref_.100
44
Cuban Telep 7%
Ask
New York Mutual Tel .100
122?* 125M
68 M
55
Bell Telep
Bid
115M 120
83?*
19
21
19
20
100
111
113
Roch Telep 56.50 1st pf.100
So & Atl Telegraph
25
111
Preferred A
21
25
Emp & Bay State Tel..100
51
/34M
36 M
62 M
Franklin Telegraph
/49
Roxy Theatre—
10
68 M
100
143
11M
/73
5s
(N J) com.*
Preferred
Realty Assoo Sec Corp—
/45
Telephone and Telegraph Stocks
51
40 M
/33
Prudence Co 5 Ms stpd 1961
80 M
1400 Broadway Bldg—
1st 6 Ms stamped
1948
Fox Theatre & Off Bldg—
1953
Cont'l Inv Bd Corp 2-5s '53
Home
87 M
...
issues) 2-5s
72 M
Oliver Cromwell (The)—
52d & Madison Off Bldg—
Film Center Bldg 1st 6s '43
55
1954
Series B 2-5s
78
75 M
31
/29M
Series A 2-6s
Associated Mtge Cos Inc—
71M
/42
/33M
/49M
/38M
5 Ms series BK
Deb 5s 1952 Legended
50 Bway Bldg 1st 3s lnc '46
6 Ms
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Debenture
Ask
Nat Union Mtge Corp—
N Y Title & Mtge Co—
Equit Off Bldg deb 5s.1952
..
103 M 105M
Bid
Ask
76
2-5s
69 M
Metropol Playhouses Inc—
1st mtge 2s stmp
/53
1st & ref 5 Ms
As*
Metropolitan Corp (Can)
65
Court & Remsen St Off Bid
1st 6s
Bid
Ask
/45
/50M
/34
/34M
B'way & 41st Street—
1st leasehold 6Ms..
103
Surety Guaranteed Mortgage Bonds and Debentures
All series
Bid
1949
NY 1-588
Allied Mtge Cos Ino—
Jan 1 1941
104 M
W'msport Water 5s...1952
104
104-"
102
1960
BAKER & CO.
INCORPORATED
Alden 1st 6s
102
5s series C
Public Utilities—Industrials—Railroads
2360
99 M
101
Wichita Water Co 5s B. '56
109
105
102
1951
.1950
1st mtge 5 Ms
104 M
104""
99
Westmoreland Water 5s '52
99
103""
Western N Y Water Co—
1st mtge 5s
96
102 M
AMOTT,
103
101M
1_05M
105 )*
Reports—Markets
84""
103
Texarkana Wat 1st 5s. 1958
104?* 107
Estate Securities
98
103
1960
98
103
.1960
82
104
102
104
BArclay 7
96
Sou Pittsburgh
5s series A...
5s series B
102
5s.
Real
96
101M
Terre Haute Water 5s B '56
99
95 M
10I"
103 M 105
Sedalla Water Co 5 Ms '47
South Bay Cons Wat 5s '50
97 M 100
79
75
4Mb
Scranton Spring Brook
Water Serv 5s
1961
1st & ref 5s A
Greenwich Water & Gas—
105M 106
Yonkers RR Co gtd 6s 1946
M
100 M
105
105?* 106 M
108M 108 %
104
107
1958
1958
4Mb
94
45 M
100
103
Davenport Water Co 5s '61
103?*
92
'58
105 M
—
105M
44
86M
104 M
Western Mass Cos 4s. 1939
103
98
82 M
83M
5s.
101M
105 M
80 M
100
82
100
100 M 102 M
99?* 101
108
103
78
1950
1st <fe ref 5s
Community Water Service
6s.
Westchester El RR 5s. 1943
99
1957
1st 5s series C..
95
104
99""
87
/
93
103
96
Ohio Water Service 5s. 1958
Commonwealth Wat (N J)
5s series C
1957
105?* 106?*
—
95
105
106
Un Trac Albany 4MS-2004
Virginia Power 5s
93
107
104
103
58 series B
Utica Gas & El Co 53.1957
•
73
Newport Water Co 58.1953
102
14
/46
---
90
101M
104M 105 M
100
series A
1951
City of New Castle Water
6 Ms
1st mtge 5s
...
106?*
Kansas Elec Pow 1st 6s
Citizens Water Co (Wash)
6s
1951
M 104 M
86
85
.1951
106 M
Consol Water of Utica—
I08M
103 M
105 X
Federal Pub Serv 1st 6s
103
5 Ms series A
105M 106 M
105M 105 ys
Rochester Ry 1st 5s_.1930
San Diego Cons G&E 4s '65
Scranton Electric 5s..1937
105 J*
Chester Wat Serv 4 Ms '58
81
B '61
5Ms.
104 M
California Wat Serv 5s '58
104 M
102
Clinton W Wks Co 5s. 1939
SchenectadyRyCo 1st 5s'46
87 M
105 M
78
Conn River Pr 3 J*s A. 1961
Consol E & G 6-68 A..
3?*s H '61
100
101M
102 M
1957
68 series B
30 M
Conv deb 4s
.1950
5Ms.
6a series C
64
35
98 M
102 M
Birmingham Water Works
29 M
4Mb
105"
103
Atlantic County Wat 5s '58
995*
Income deb 3MS...1978
Income deb
107
103 M 103 M
98?*
Ask
104 M 105 M
108 M
100
106 M 1065*
69
Bid
Ask
97?*
105
Ashtabula Wat Wks 5s '58
E 4s. 1970
Associated Electric 5s. 1961
Income deb 4s
1956
Alton Water Co 5s
Metrop Edison 4s ser G '65
101M
4Ms *58
Assoc Gas & Elec Corp—
Long Island Ltg 5s—1955
100 M
55
Bid
88
Ark Missouri Pow 1st 6s *53
Assoo Gas & El Co
69M
A3k
Bid
1947
con
5s
NEW YORK
Teletype: New York 1-1073
EXCHANGE PLACE,
Tel.: HAnover 2-0510
Bonds
Ask
Bid
Invited
Swart.Brent&Co.
Members New York Curb Exchange
100
pf.
Int Ocean Telegraph...100
Lincoln Tel & Telegraph. *
43
48
Sou New Engl Telep...100
145?* 147 M
Gen Tel Allied Corp $6
92
93 M
S'western Bell Tel pref.100
Trl States Tel & Tel-
124
_
101
...
105
115
—
141
Mtn States Tel & Tel..100
Savoy Plaza Corp—
Reaity ext 1st 5 Ms. 1945
/24
1945
/24
138
New England Tel & Tel 100
10
11
Wisconsin Telep 7% pf.100
114
Preferred.
125 M
11?*
116
121M 123 M
26
25M
6s
26
Sherry Netherland Hotel—
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
92 M
/53
52 M
60 Park PI (Newark) 6s '37
/22M
/54M
55
616 Madison Av 1st 6Ms'38
/19
21
64 M
61 Bway Bldg 1st 6 Ms 1950
General 7s
...1945
/47
/II
48 M
15
94 M
Kelth-Albee Bldg (New
1936
Lefcourt Manhattan Bldg
1st 4-58 extended to 1948
69?*
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
Lincoln Bldg lnc 5 Ms. 1963
May 151948
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
79 M
Rochelle) 1st 6s
1st 5Ms
Textile Bldg 1st 6s
71
1958
1939
2 Park Ave Bldg 1st 4s 1941
63
FIC lMs. ..Oct
15 1936 b .35%
15 1936 b .40%
FIClMs. ..July
Walbridge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
Westinghouse Bldg—
London Terrace APts 6s '40
/40M
42 M
1st fee & leasehold 6s '39
/71M
75?*
15 1936 b .30%
FIC IMS. ..Jan
15 1936 b .40%
15 1937 b .50%
15 1936 b .30%
FIC lMs. ..Feb
15 1937 b .50%
FIC lMs. ..Sept
/29M
95 M
Bid
Ask
15 1936 b .30%
15 1936 b .30%
151936 b .30%
FICIMS. ..Aug
94 M
lit 6s
Bank Debentures
FIC IMS. ..June
49M
100 M
65
1947
Loew's Theatre Realt Corp
Federal Intermediate Credit
Bid
/55M
/47M
Trinity Bldgs Corp—
1st 5 Ms
/48M
57 M
15 1936 b .35%
FIClMs- ..Apr
FIC IMS. ..May
For footnotes see page
2482.
...
...
FIC lMs. ..Nov
FIC lMs. ..Dec
Ask
2482
Financial
Quotations
Chronicle
April 11,
Over-the-Counter Securities —Thursday April 9 —Continued
on
MAYTAG
Warrants
Specialists in all
Investment
Bought, Sold & Quoted
QUAW & FOLEY
63 Wall
NEW YORK
Telephone ANdrews 3-5740
Trading Correspondent
Investing Companies
Par
Administered
Fund
Amerex Holding
18.14
2.01
Corp...*
20 H
2154
C._
2.26
1.30
14)4
1.11
1.23
Am Insurance Stock Corp*
4
Assoc Stand Oil Shares.. .2
6X
Bancshares Ltd part shs50c
Bankers Nat Invest Corp *
.50
.75
454
Over-the-Counter
1
.41
".61
29.69
31.75
Mutual Invest Trust
1
1854
4.15
Ltd
Fund
Central Nat
Corp cl A
*
Bristol & Willett
Established
Corporate Trust Shares.
115 Broadway, N. Y.
Bell System
Amer Air Lines Ino
1054
30
73
76
25
35
36
*
22
24
21
22
v t o_.
*
Arch
Book
American Hardware
Amer Maize Products
American Mfg
Lord & Taylor com
1st 6% preferred
1154
27)4
100
100
American
American
100
74
Republics com
Andlan National Corp...*
5
47
16)4
52)4
Preferred
554
1
32
34
100
Mock Judson & Voehringer
114
116
preferred
Preferred.
National
Casket
100)4 105
*
53
55 X
2
32
27
29
100
120
125
pref.-100
*
50
53
New Haven Clock pf___100
North Amer Match Corp.*
42)4
44)4
71
74
Preferred
Carrier Corp 7%
*
5%
preferred
4)4
22 X
90
100
554
24)4
44)4
9)4
11
Northwestern
20
22
Norwich
54)4
5554
Ohio
54
55)4
Consolidation Coal com...
4)4
22)4
49)4
Pathe Film 7 % pref
*
*
98
100
24)4
41
44
100
103
Preferred
*
Crowell Pub Co com
$7
100
107
55
58
*
5y
100
5
34)4
35)4
Leather
*
21
23
1
Publication Corp com
$7 1st preferred
51)4
Supply Co of N Y
preferred.
Yeast
Pharmacal
Oldetyme Distillers
554
Remington Arms
Dictaphone Corp
-.100
119
Dixon (Jos) Crucible—100
Doehler Die Casting pref
50
Standard Cap & Seal
Standard Screw
24
Sylvania Indus Corp
Taylor Milling Corp
70
72
108
21
100
Flour Mills of America...*
2
IX
American
6
Unexcelled Mfg Co
shares...
*
Preferred
Gen Fireproofing $7 pf.100
Golden Cycle Corp
Graton & Knight com
854
10 X
41
100
10
Preferred
50
53
*
5
6
1.71
1.83
Selected Industries
Equit Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Ino
*
29.99
32.22
26.84
Standard Utilities Inc
*
12.29
State Street Inv Corp
*
10.21
23.32
25 42
6.06
6.75
Automobile
100
48
50
Great Northern Paper..25
Herr-Hall-Marv Safe.. 100
28
30
35
Klldun Mining Corp
1
King Royalty common...*
38
Preferred
21
1st preferred
3)4
Debenture 6s
1939
Am Wire Fabrics 7s.. 1942
-
—
Bethlehem Steel 5s
1936
1.59
GUdden Co 6^8
Haytian Corp 8s
Inland Steel 354s ser D '61
Jones & Laughlin Steel—
—
128
Ask
4)4s_.
96"
•
a
No par value.
Coupon,
•
154s
154s
96
35"
96)4
.Aug
Aug
2s
100.14 100.17
15 1938
102.30
103.1
101.7
101.9
102.2
102
Nat Radiator 5s
102.5
100
102 X
38
104)4
1946
/36
N Y
97
1.58
1.52
1.73
Petroleum
1.42
1.54
United Gold Equities (Can)
1.13
1.23
RR
shares
Equipment shares
__
shares
1.72
Guardian Inv Trust com.*
90
on
New
102 X
Shell Union Oil deb
19
....
9854
70
1941
Penn-Mary Steel 5s...1937
Reynolds Investing 5s 1948
1945
3>4s
Std Tex Prod 1st 654s as
Struth Wells Titus 6)4s
Wlllys-Overi'd 1st 6)4s
Wltherbee
Sherman
Woodward Iron 5s
When Issued,
York Stock
1
2.73
8.03
19)4
1954
2.97
3.07
1.14
1.22
8«
4*
2)4
20.12
B
2)4
24
.58
.68
22.82
24.54
1.09
Voting trust ctfs
...
Un N Y Bank Trust C3__
Un N Y Tr Shs so rF
1.19
Wellington
2
18.34
Fund
BURR a COMPANY INC.
new YORK
-
-
Boston
57 William St.
Chain
Store
Securities
*
preferred
100
conv
*
pref
*
Bohack
7%
(H C) common..*
preferred
100
Bid
Ask
7X
Par
Kress (S H)
.
mmm
88
1754
8)4
Melville Shoe pref
38)4
16)4
3754
Miller (I) & Sons com
*
6)4% preferred
100
Murphy(G C) $5 pf._._ 100
Nelsner Bros pref
100
9)4
44
50
100
106
109
Edison Bros Stores pref 100
Flshm&n (M H) Stores
*
117
Diamond Shoe pref
Preferred
Green (H L) 7% pref
Kata Drug preferred
Kobacker
Stores
Reeves
14)4
100
„
103
100
100
5
Bid
Ask
11)4
108
1254
111
111
5)4
7~~
32)4
34)4
103)4 106)4
112
v
115
105
95
100
*
(Daniel) pref
Rose 5-10-25C Stores
1654
99
100
6% pref
10
pref100
Lerner Stores
m-4
Schiff Co preferred
mmmw.
105
*
8
85
—
Bid
United Cigar Sts 6 % pf. 100
mmm
100
100
109)4
x
e
'51 t
87
89
106
107
....
/14
'43
'33
84
1952
preferred
28
30)4
28
6% pref ctfs
U 8 Stores preferred
100
30)4
4
11
-
'42
6s '44
7%
101)4
10254 103)4
-
Sugar Stocks
-
•
Cache La Poudre Co
-
m
/60
/22
/62
1
—
16
64
65
20
Eastern Sugar Assoc
1
Preferred
Haytian Corp Amer
Ask
22
15
1
14)4
24)4
2554
*
54
Par
23
Ask
154
Savannah Sugar Ref
*
7%
preferred
100
West Indies Sugar Corp__l
4)4
Reglst-red coupon (serial).
Ex-dlvidend.
y
Now selling
on New
Exchange.
X Quotations per 100 gold rouble bond equivalent to 77.4234
grams of pure gold.
154
22
Incorporated Investors. _*
Investors Fund of Amer
Standard Shares
U S El Lt & Pr Shares A__
1.35
95
York Curb Exchange.
t Now listed
1.87
1.24
Par
99
No
Shipbuilding 5s._1946
Amer Refrao 654s.1944
102)4
v <
1.17
1.43
Trusteed N Y Bank Shares
m
15 1936
15 1937
Scoville Mfg 5)48
97)4
1.05
Trusteed Industry Shares.
1.68
Chain Store Stocks
m
Ask
9654
154s
June 15 1939
Merchants Refrlg 6s..1937
Nat Dairy Prod deb 3 54s'5l
Interchangeable, ft Basis price,
f Flat price,
Aug
101.8
1961
7.53
6 76
—
-
Bid
Loew's Inc deb 3)48.-1946
Home Owners' Loan Corp
101.6
Journal of Comm 6)4 s. 1937
B
Trusteed Amer Bank Shs B
1.36
Blckfords Inc
Otis Steel 6s ctfs
t
Trustee Standard Oil Shs A
1.19
Bhares
67
23
101X 102)4
79
f77
/17
14.79
2.62
2 57
33
10054
1939
1938
1.73
D
13 61
24
60
101
Sept 1 1939
Trustee Standard Invest C
...
99 X 101
100
32
Federal Farm Mtge Corp—
154s
1 72
2.20
7.21
7 21
new
19
121
100
104
Supervised Shares
1.55
1554
Young (J S) Co com--.100
7% preferred
100
101
/32
3.95
2.55
2.28
1.21
104
1454
100
99
Butterlck Publish 6)4s '36
Chicago Stock Yds 5s. 1961
Cudahy Pack conv 4s. 1950
1st 354s
1955
Deep Rock Oil 7s
1937
2.55
........
_
Worcester Salt.
98
1953
AA
B....................
6.66
*
_
45
Bear Mountain-Hudson
River Bridge 7s
3.75
6.06
1.73
$2.50
American Tobacco 4s_1951
1.20
99.14
3)4
Miscellaneous Bonds
Am Type Founders 0S.1937
i.ll
*
BB
1.11
7%
Bid
4 30
*
1 58
Berland Shoe Stores
104)4
109 X
/94
/94
28.91
4.05
2.03
Par
American Meter 68...1946
22)4
21 22
Standard Am Trust Shares
45
19 96
Super Corp of Am Tr Shs A
40
1.59
11)4
_
17)4
Wilcox-Glbbs common..50
WJR The Goodwill Station
...
2)4
Lawrence Portl Cement 100
$7
21
*
D
Chemical shares
7
102
100
pf
2.11
shares
9.74
5.06
conv
Spencer Trask Fund
Group Securities—
Chicago
White (S S) Dental Mfg.20
White Rock Mln Spring—
3.77
10)4
48)4
44
preferred
Selected American Shares.
_25c
Huron Holding Corp..
10 x
100
conv
.65
1.74
Selected Income Shares
Preferred
140
4
*
$3
.40
1.60
■I
Selected Cumulative Shs._
Steel
26 X
pf.10 xlOl
10
2)4
Welch Grape Juice pref. 100
West Va Pulp & Pap com. *
38
36
Royalties Management
Selected Amer Shares Ino.
7.65
956
754
*
2.65
5.00
Warran Northam—
Galr (Robert) Co com
4.90
1 14
18
9
4754
*
4.60
6.90
Tobacco shares
29
15
*
Un Piece Dye Wks pf__100
U S Finishing pref
100
7
856
*
9)4
28
*
Trlco Products Corp.
Tublze Chatillon cum
Foundation Co-
Foreign shares.-
39)4
134
Taylor Whar I & S com..*
103
Douglas Shoe preferred .100
Draper Corp
Driver-Harris pref
25 X
Stromberg-Carlson Tel Mfg
13.36
4.65
Merchandise
554
55
50
1.79
12 86
Mining shares
37
5
Quarterly Ino Shares..25c
Representative Trust Shs.
Republic Investors Fund.5
-5V:.
4.20
1054
General Investors Trust-_
16)4
4X
C
Fundamental Tr Shares A.
62
45
15)4
1.63
3.94
Food shares
350
100
Preferred
454
36
345
100
2.38
Investing shares
_
25
*
6.04
3.78
Dividend Shares
57
43)4
1.03
■
Singer Manufacturing.. 100
Sparta Foundry common.
_
41)4
B.
Building shares
8
62
51
Preferred
7)4
*
com
Scovill Mfg
Dentists'
ser A.
ser
Agricultural shares
$1 cum pref
Columbia Broadcasting A *
Class B
*
Columbia Baking com
Deposited Bank Shs
100
*
5.79
46
Climax Molybdenum
3.42
Securities
Plymouth Fund Inc A. 10c
110
110)4
Nat Paper & Type com
3.38
Class B
35)4
39
.100
2.61
3 42
Series 1958
114
10
77)4
Series 1955
33)4
100
B
100
Preferred
10
1.96
3)4
7354
Series 1956..
Fundamental Invastors Inc
54
100
prefer red
No Amer Tr Shares 1953..
Fixed Trust Shares A
4)4
X
Canadian Celanese com..*
1st
29.38
54
D
8
Merck & Co Inc com
Hotels
Bowman-Biltmore
6X
51
6)4
6%
27.32
Diversified Trustee Shs B.
49
4
54)4
78
_
No Amer Bond Trust ctfs.
3.37
com
Deposited Insur Shs A
5)4
*
N Y Bank Trust Shares.
Northern
Deposited Insur Sh
Maytag warrants
18
Beneficial Indus Loan pf_*
118
Mallinson (H R) Inc com.*
Preferred
100
48)4
Art Metal Construction. 10
Preferred
American
112
100
Ask
200
100
Macfadden Publica com..*
46
Pacific Southern Inv pref.*
Class A
*
Cumulative Trust Shares.*
Bid
100
2d 8% preferred
4.57
1.82
Voting trust certificates
2.66
7% preferred
Par
4.47
2.66
mod.
Common B shares
>
1.76
Nation Wide Securities. _1
3.37
AA
8% preferred
Industrial Stocks
Ask
1.61
Accumulative series
Series ACC mod
Bid
28 23
1
Series
Crum & Forster Ins
Par
21.28
25.97
2.79
Series AA
Tel. BArclay 7-0700
Teletype NY 1-1493
3
1
554
Commercial Nat'l Corp...
9)4
62 H
19.68
com..
454
Century Trust Shares...*
1920
854
6154
20 54
4.55
43
Class
Members New York Security Dealers Association
Maryland Fund Ino
654
—*
Mass Investors Trust
Canadian Inv Fund Ltd.l
Market
4.77
Bullock
in the
*
British Type Invest A
Broad St Invest Co Inc.
comprehensive service
46
6
Pomeroy Ino com
Major Shares Corp
Baslo Industry Shares
a
*
First Boston Corp
Schoellkopf, Hutton &
4)4
Ask
43)4
100.79 102 73
Investm't Banking Corps
Bancamerica-Blair Corp
7 54
Bid
43 H
Investment Tr of N Y
454
Teletype N. Y. 1-1060
10
com
Investors Fund C
13)4
BOwllng Green 9-3505
Par
Invest Co of Amer
7% preferred..
1.20
Amer <fe Continental Corp.
Amer General Equities Inc
Exchange, Ino.
Ask
17.05
Amer Business Shares..
[New York Security Dealers Association
Bid
*
com..
Affiliated Fund Inc
C. E. UNTERBERG &, CO.
Broadway, New York
Incorporated
BOwling Green 9*1420
Kneeland & Co.—Western
Sylvania Industrial Corp.
61
GROUP,
Street) New York
Climax Molybdenum Co.
j commodity
bers|f
Company Securities
DISTRIBUTORS
Members New York Curb Exchange
30 PINE STREET
Members
1936
Realty, Surety and Mortgage Companies
Par
Bid
Bond & Mortgage Guar.20
Empire Title & Guar...100
| Ask
1
54
7
1
12
1
Par I
Lawyers Mortgage
1 Lawyers
Title &
20
Guar.-100l
Bid
I
Ask
1
2
1
1
1)4
Financial
Volume 142
j Quotations
Over-the-Counter Securities-
on
Thursday April 9—Concluded
Bid
1946
Antioqula 8%
1946
Bank of Colombia 7%. 1947
Bank of Colombia 7 %. 1948
Barranquilla 8s*35-40-46-48
Bavaria 6%s to
1945
Bavarian
Palatinate
__
Brazil funding 5%. 1931-51
Brazil funding scrip
Hungarian
1962
Ind
/20%
/16%
23
Land M Bk Warsaw 8s '41
80
17%
/34
no
/24%
/67
/9
13
Leipzig O'land Pr 6 %s '46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7%
1948
..
29
27
68%
Mannheim A Palat 78.1941
1953
Munlc Bk Hessen 7s to '45
30
/25
/29%
/41
7%%..1944
8%
1947
City Savings Bank, Buda¬
pest. 7s
1953
Columbia scrip issue of '33
...
4%
5a
1949
Dortmund Mun UtU 6s *48
Duesseidorf 7s to
1945
Dulsburg 7% to
1945
East Prussian Pow 6s. 1953
C C A D 7
vestment
7 Ha
56
German
Dec
Dawes
27
/79
/15%
82
1968
11946
/24
26
/40
Panama 5%
26
27%
7%
/25
/30
/38%
/15%
/23%
/23
7% '36
30
27
9
...
10
delphia Street Ry. Co., par $50; 34 Wilkes-Barre A Hazelton RR. Co. com.,
par $100; 40 Quaker City Cold Storage Co. class A; $200 profit-sharing ctf.
of Local Oil A Gas Co. (McKeesport, Pa.)
$175 lot
15 Girard Trust Co., Philadelphia, Pa., par $10
104
2 Tradesmens National Bank A Trust Co., Phila., Pa., par $100
160
Per Cent
16%
25%
...
...
33%
$1,000 Minnesota A Ontario Paper Co. 6% 1st mtge. series B, due Jan. 1,
1948, certificate of deposit, registered
30 flat
$5,000 Pine Hill Collieries 6% 1st mtge. A coll. trust due Oct. 1,1942 (interest
A. A O. 1)
20% flat
$4,000 Pine Hill Collieries 6% 1st mtge. A coll. trust due Oct. 1 1942 (interest
A.
A O.
1)
19 flat
$2,000 Quaker City Cold Storage Co. 5% 1st mtge., due Nov. 1 1953 (interest
M.
A N.
1)
64
$3,000 Rockhill Coal A Iron Co. 6% 1st mtge. A coll. trust, due March 1,
1940, certificate of deposit, registered
3%
$1,600 Valley Forge Military Academy (James P. Rothwell, Jr.), 6%, due
Jan. 15 1934 (interest J. A D. 15)
25
-
—- —
—
19
By A. J. Wright & Co., Buffalo:
...
10
Serbian 5s
39%
Serbian coupons
13%
Siem A Halske deb 6s.2930 /250
7b
1940
/44
16
Stettin Pub Util 7s... 1946
47
Stinnes 7s
..
unstamped. 1936
7s unstamped
•
Zenda
/66
$0.08
Mines
Watling, Ierchen fit Hayes
...
1946
Gold
...
...
/25
/67%
$ per Share
Stocks
...
28
Members
...
New York Stock
...
City 7s
1951
96
98
25
Tucuman Prov 7s
1950
95
30
Vesten Elee Ry 7s
1947
1945
/26
28%
/27%
New York Curb Associate
Exchange
97
29
Tucuman
/22
/26
$ per Share
i tocks
Inc., common, par $1:30 Frances Fox Laboratories, Inc., par $100; 3 Frances
Fox Devel. Co. pref., par $100; 1 Mercantile Library Co., par $10; 1-3 (option
warrant) Niagara Hudson Power Corp. class A; I Sovereign Land Co., par
$20; 4 Tonopah Mining Co. of Nevada, par $1; 20 Trenton Bristol A Phila¬
20
Hanover Hars Water Wks
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
hares
Shares
93
1957
$60 lot
-
163 Walter L. Trainer Co. capital, par $50
1 Associated Gas A Electric Co. class A, no par; 700 Chester Valley Securities,
16
/15
/29
1956
/38
/44 55
/40
6%
-
By Barnes & Lofland, Philadelphia:
12
/II
20
1953
Per Cent
Bonds—
$10,000 Lake Shore Electric Ry. Co. 5s, Feb. 1933
Sao Paulo (Brazil) 6s. 1943
Saxon State Mtge 6s_. 1947
Santander (Colom) 7s. 1948
/12%
/15
6%
35
42%
25
/25
7%
1957 /32%
Salvador 7% ctf of dep '57
/32%
Salvador 4% scrip
/10 15
Santa
Catharlna
(Brazil)
8%
1947 /18
Santa Fe scrip
/72
Coupons
Guatemala 8s 1948
Die Corp. $6 preferred
Bonds—
...
Saarbruecken M Bk 6s '47
30
16%
(Ger¬
R C Church Welfare 7s '46
150~"
/9%
/19
83c.
17%
63
$1—
...
1933
Rom Cath Church 6%s '46
Rhine Westph Elee
Rio de Janeiro 6%
...
27
/8
12-1-34 stamped
June 1 1935
Haiti
scrip
Church
many) 7s
Coupons
Young
29%
/24
/25 45
1934
German
/2 8
1%
135%
par
10 Draper Corp.
—
72%
10 Saco Lowell Shops 1st preferred, par $100
34
$2,000 International Match Corp. 5s, 1947, proof of claim of Irving Trust Co.;
100,000 marks City of Berlin 4s, 1919; $500 Romer Motor Corp. 6s, 1924, reg.
25 Albert Parlen Field, Inc., Newport, N. H., par $5; 30 Automatic Time
Stamp Co., pref., par $10; 100 Great Brass D'or Gypsum Co., par $10—-$340 lot
5 Audiffren Refrig. Mach. Co. com., par $100; 5 Audiffren Refrig. Mach. Co.
pref., par $100; 2 Egremont Marble Co., par $100; 2 Globe Phone Mfg.
Corp. common; 2 Old Colony RR., par $100
$80 lot
22 Massachusetts Utilities Associates, preferred, par $50
32%
1 Columbian National Life Insurance Co., par $100
81
1 Boston Athenaeum, par $300
295
31
26
1945
to
Porto A leg re
/46
/38
/25
stamped
April 15 1935
'
/2 7
27
27
Protestant
/27
..
German scrip
German called bonds
27
Salvador
German defaulted coupons
July to Deo 1933
Jan to June 1934
July 1934 to Mar 1936
30
/27%
/25%
/24
/23
28%
/28
bank
f27
...
54
145
...
33%
/25
German
Building A Land
6 H%
1948
$22 lot
14
45
...
160
German Atl Cable 7 s.. 1945
...
/30%
/82
26
/25
French Nat Mail SS 6s '52
30"
...
28%
/27
1937
French Govt 5 Ha
39
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
46
/26%
/24
/24
/24%
1945
...
/67
6%S (A A B)
...
/24
/52
1966
to
...
..1948-1949
European Mortgage A In¬
Frankfurt 7s
...
Nat Central Savings Bk
64
46%
—
320 Cresson Consolidated Gold Min. A Milling Co.,
5 Greenfield Tap A Die Corp. $1.50 preferred
5 Greenfield Tap A
1946-1947
of
Hungary 7 %s__
1962
National Hungarian A Ind
Mtge 7%
1948
Oberpfate Eleo 7%
1946
Oldenburg-Free State 7%
11%
11%
/20
/60
/44
/54
Costa Rica funding 5% '51
Costa Rica Pao Ry 7 Ha '49
.
43
/io%
/2%
Ceara (Brazil)
Municipal Gas A Elee Corp
Recklinghausen 7s. 1947
Nassau Landbank 6%s '38
Natl Bank Panama 6%%
...
Buenos Aires scrip
Burmeister A Wain 6s. 1940 /109
Call (Colombia) 7%.. 1947
/io%
Callao (Peru)
1945
Munich 7s to
Corp—
6%s
Issue of 1934
-
$ per Share
Stocks
preferred, par $100-.
20 Arlington Mi'ls, par $100
45 Amoskeag Manufacturing Co
5 Nashua A Lowell RR., par $100
Ask
Hungarian Discount A Ex¬
change Bank 7s
1963 f20
Hungarian defaulted coups /20 40
Hungarian Ital Bk 7%s '32 /22
38
Jugoslavia 5s
1956
/44 55
Coupons
Koholyt 6 %s__
1943 /27
Bank
7 Ha
Brown Coal
26
Cons
CIt 7% to
1945
Bogota (Colombia) 6 His '47
Bolivia 6%
1940
Brandenburg Eleo 6s
1953
British
Bid
Ask
/24
/30%
/18%
/18%
/15
/27%
19%
19%
16%
By R. L. Day & Co., Boston:
Shares
7 First National Bank, Boston, par $12%
14 Hamilton Woolen Co. $40 paid in liquidation
3 Suncook Mills
German and Foreign Unlisted Dollar Bonds
Anhalt 7s to
2483
Chronicle
/20
Wurtemberg 7s to
Detroit Stock
Chicago Stock Exchange
Exchange
Buhl
DETROIT
Building
Telephone, Randolph 5530
ISovlet Government Bonds
Bid
Bid
Ask
Union of Soviet Soc Repub
7% gold rouble
1943
87.55
91.29
10% gold rouble... 1942
Detroit Stock Exchange
Ask
Apr. 4 to Apr. 10, both inclusive, compiled from official sales lists
Union of Soviet Soo Repub
87.55
Sales
Thurs.
Last
For footnotes see page
Par
Stocks—
AUCTION
The following securities were
of the current week:
SALES
on
Wednesday
$ per Share
...
$1 lot
4%
J.), par $100
299 Cities Service Co. (Del.) common, no par...
cumulative,
par
Postal
Terminal A
Co.
Realty
(Ohio)
6%%
preferred,
46
American
1
168
61%
6%
10%
Telephone A Telegraph Co. (N. Y.) capital, par $100
40 Bethlehem Steel Corp. (N.J.) common, no par
180 The Aviation Corp. (Del.) capital, par $3
18 American Airlines, Inc. (Del.) capital, par $10
9 Canadian Colonial Airways, Inc. (Del.), capital, par $1
100 Curtlss-Wright
501
Corp. (Del.) common,
The Crosley Radio Corp.
104 Columbia Oil A Gasoline
10
(Ohio)
par
Corp. (Del.) (v. t.
no par
c.
for common), no par
Ford Motor Co., Ltd.
(England) (ordinary American depositary receipts
for ordinary registered shares), par £1
825 Arkansas Natural Gas Corp. (Del.) class A common, no par
28 The Ohio Oil Co. (Ohio) common, no par
40
1%
6
22%
4%
$1
common,
The Electric Auto-Lite Co. (Ohio) common, par $5
400 Kaufmann Department Stores, Inc.
14
30
30
30
441
21%
20%
21%
225
(N. Y.), common, par $12.50
...
10
com
1,336
20
1,221
24
_
10
Lakey Fdry A Ma h com.l
*
Mich St Tube Pro com 2.50
Mich Sugar com
*
Preferred
10
Mid-West Abrasive com50c
*
Motor Prod com
5
10
Motor Wheel com
Murray Corp com
1%
5%
5
36%
20%
20%
12
Rickel (H W) com
2
6%
$2,000 National Union Mortgage Corp. (Del.) 20-year coll. trust series B
2-5% due Jan. 1, 1954, with special int. notes attached
68% % A int.
$1,000 K. L. Grennan Realty Trust (111.) 1st mtge. A coll. trust 6%% gold
bond due July 1, 1933
$21 lot
*
10
Stearns (Fred'k) com
*
Timken Det Axle com.—10
Tivoli Brew com
1
Universal Cooler A——*
45%
$100
6%
15 Farr Alpaca Co., par $50
90 International Educational Publishing Co., preferred, par $50.
20 Parker Young Co.
preferred,
par
$100.
25 Air Container Co. common B
Package Machinery Co. common—.
17
35 International Educational Publishing Co.
common
50 Graton A Knight Co. common
State Street Associates,
59
30
6
par
$100
Atlantic Ice Manufacturing Co. common
5
Pelzer Manufacturing
-
Co. voting trust ctfs.. par $5
Parker Young Co. common
25 Air
Container
Co.
33%
10c.
5%
1%
3%
26
60c.
Per Cent
Bonds—
1
1%
55c.
55c.
common—
$1,000 The Bellevue Trust 2nd 6s, due
13
1940, trust ctfs
7%
25%
1,371
23
18
Graham-Paige com
$1,000 Cities Service Co. (Del.) 5% conv. gold debs, due June 1,1950.-77%% A int.
T per Share
2%
10%
18
Goebel Brew com
2?H
Stocks
ioH
3,635
6,624
18
General Motors com
5
15 Arlington Mills
28 Wamsutta Mills, par
i
14%
27%
18%
22%
7%
6%
*
Federal Mogul com
Reo Motor com
Shares
2,685
8%
2%
8%
14%
27%
18%
22%
7%
6%
*
—.3
*
Parke Davis A Co com—*
Parker Rust Proof com 2.50
River Raisin Paper
Scotten Dillon com
44%
-
Warner Aircraft com
11
2%
19%
18%
11%
70
70
7%
2%
8
466
3,138
12,143
2,578
Jan
Feb
101
Jan
3%
Mar
25
Jan
7%
Apr
Apr
7%
26%
Mar
Apr
Feb
Jan
Jan
Apr
12
Mar
4
Mar
Jan
23%
18%
Jan
12
Jan
70%
Apr
Jan
Feb
Mar
Mar
Apr
797
11
Jan
620
27
Jan
1,855
1,230
1,659
1,855
15
Jan
19%
22%
Apr
24
6
Jan
Feb
Feb
4%
4%
Jan
10%
4%
8%
15%
31%
1,175
Jan
Apr
23%
Apr
Jan
Jan
Apr
Mar
Feb
Apr
Feb
Feb
8%
6%
Mar
Mar
19%
Feb
Jan
Feb
Jan
Jan
Feb
339
1%
5%
1,475
»,6
160
5
Jan
4%
4,438
4
Mar
36%
20%
20%
U%
44%
246
32
Feb
346
Jan
Jan
5,037
15%
17%
6%
Jan
1%
6%
5%
37%
21%
22%
12%
630
43%
Apr
50
1,226
1,560
4,150
25%
4%
Apr
28%
Apr
Jan
8%
Mar
5%
5%
Jan
7%
Feb
27
27
570
.
Feb
Jan
Mar
Feb
Mar
Feb
Feb
22
22
17-
16%
11%
10%
9%
3%
29%
2%
9%
1%
16%
10%
8,080
5%
Jan
9%
900
Jan
3%
30%
2%
16,868
371
6%
2%
23%
4,710
,51S
Jan
400
9%
Apr
11% Mar
Die
Jan
1%
18%
54%
*
1
*
9%
3%
30%
2%
10%
1
18%
54%
10
Mar
7
Jan
150
25
Jan
29
Feb
128
17
Jan
24
Feb
616
12%
Jan
17%
11%
9%
3%
30%
3,975
Jan
Jan
1%
18%
1,650
18
680
15
Jan
54%
54%
146
47
Jan
3
Feb
Apr
Apr
Apr
Apr
Mar
Mar
Apr
Apr
2475
CURRENT
Bonner & Bonner,
181
3,290
Jan
Mar
Apr
Feb
3%
17%
1%
5%
4%
36%
20%
20%
11%
44%
7
2,925
6%
%
19%
9%
7%
54%
6%
2%
5%
Feb
Feb
14
32%
24%
22
Young (L A) Bp A Wire..*
its statistical
975
7
Jan
6%
27%
Prod com..4
Wolv Brewing com
*
For footnotes see page
10%
25%
8%
2%
19%
17%
Mar
3%
6%
5%
27%
Wayne Screw
Wolv Tube com
6%
High
Jan
7%
6%
5%
27%
—*
B
Walker A Co units
3H
2%
1%
11%
26%
20%
86%
19%
2%
22%
375
3%
8%
14%
28%
19%
23%
7%
6%
*
B
Excello Air com
Packard Motor com
By Crockett & Co., Boston:
235
3%
2%
70%
9%
com—1
(Del.) 5% first lien
77% A int.
$3,500 Herald Square Building (Herald Square Realty Corp. (N. Y.) 1st Mtge.
leasehold s. f. gold bond, due May 1, 1948
40%% flat
gold bond due July 1,1962
890
3%
24
1
Hall Lamp com
--*
Hoover Ball A Bearing. 10
Houd HershB
*
Hudson Motor Car
*
Detroit Paper Prod
Detroit Steel Prod com—*
Kresge SS Co com
$100 Consolidated Cities Light, Power A Traction Co.
3%
10
1
Detroit Mich Stove com—1
McAleer Mfg com
Per Cent
101
20
Federal Mot Truck com—*
*
Detroit Forging com
7%
19%
21
101
3%
2%
7%
10%
26%
6%
2%
19%
18%
11%
Detroit A Cleve Nav comlO
6%
14%
41%
1,200 Servel, Inc. (Del.) common, par $1
5,013 General Theatres Equipment, Inc. (Del.), $3 div. conv. pref. stock
(v. t. c.), no par
$1.05
707 General Teatres Equipment, Inc. (Del.) common stock (v. t. c.)—....
45c.
Bonds—
Diesel-Wem-Gil
16,607
24
__1
Contil Motors com
4,535
2%
12%
21%
3%
101
Low
Shares
High
1
Dolphin Paint A
80%
$100
The Procter A Gamble Co. (Ohio) common, no par
40
Low
Burroughs Adding Mach—
3%
Cap City Prod com
Stocks
20 The Cincinnati
Price
2%
12%
City Brew com
Baldwin Rubber com
Range Since Jan. 1 1936
Week
*
Chrysler Corp com——5
Consol Paper com
10
sold at auction
2,000 147-151 West 35th Street Realty Corp. (N. Y.) common, par $100...$500 lot
10 306-308 West 38th Street Inc. (N. Y.) common, no par
$100 lot
10 336-342 West 37th Street Inc. (N. Y.) common, no par
$100 lot
10 Commercial Alliance Life Insurance Co. (N. Y.)t par $100, and 41 Invest¬
ment Co. of New Jersey (N.
for
of Prices
1
Auto
By Adrian H. Muller & Son, New York:
Shares
Week's Range
Sale
2482
NOTICES
Inc., 120 Broadway,New York City, announces that
department has prepared a special report analyzing National
Safety Bank & Trust
York City banks.
Co. and comparing it with four other leading New
Financial
2484
General Corporation
RAILROAD—PUBLIC
Securities
The
Exchange Commission on April 9
of 58 additional registration statements
and
announced the filing
Securities Act of 1933.
The total involved is $325,153,329.43, 0f which $322,172,946.43 represents new issues.
The securities involved are
(Nos. 2019-2076 inclusive) under the
grouped
follows:
as
No. of
Issues
•
Total
5
1
4
1
The total includes the
have been
Pacific
—
-
$269,757.411.45
20,915,534.98
31,500,000.00
2,973,223.00
7,160.00
following issues for which releases
1, 1966.
Kingdom of Norway—$31,500,000
loan bonds, due April 1, 1965.
ternal
of refunding mtge.
(Docket No. 2-2020, Form A-2,
of 29-year 4lA% sinking fund ex¬
(Docket No. 2-2021, included in
Power Co., Ltd.—$30,000,000 of 1st mtge. 4% sinking
B, due April 1, 1966; $5,000,000 of 2K%-4%
maturing 1937 to 1946: and 50,000 shares of $100^par value
53^ % cumulative preferred stock (Docket No. 2-2045, Form A-2, included
in Release JSo. 719.)
Saguenay
bonds, series A and
notes,
Co.—$10,500,000 of 1st mtge. 3H% bonds,
(Docket No. 20-2066, Form A-2. included in Release
Wisconsin Gas & Electric
due April 1,
No. 722.)
1966.
Minneapolis
Gas Light Co.—$11,000,000 of 1st mtge. 4% bonds,
transferable receipts for $10,778,000 outstanding 4M%
series of 1950, and
mtge. gold bonds, series
included in Release No. 723.)
1st
due 1950.
(Docket No. 2-2073. Form
A-2,
Brooklyn-Manhattan Transit Corp.—$48,000,000
Rapid Transit coll.
1, 1951 and
due May 1,
No. 2-2076,
3H% serial bonds, due serially May 1, 1937, to May
$61,000,000 of Rapid Transit coll. trust bonds 4M% series,
1966.
[For further details see subsequent page.]
(Docket
Form A-2, included in Release No. 728, filed April 2, 1936.)
Other securities included in the
are as
total, the SEC announced
follows:
Filed March 26, 1936.
Dairyland, Inc.
(2-2022, Form A-l) of San
(The) St. Joseph Water Co. (2-2021. Form A-2) of St. Joseph, Mo.,
has filed a registration statement covering $2,600,000 of general mortgage
bonds, series A, 4% due April 1, 1966, in temporary and (or) definitive
form.
According to the registration statement, W. C. Langley & Co.,
of N. Y. City, is expected to be the principal underwriter.
W. D. Freer,
of N. Y. City, is President of the Company
Filed March 26, 1936.
Tacony-Palmyra Bridge Co.
(2-2024, Form A-2) of
Camden, N. J.,
has filed a registration statement covering $2,500,000 of 1st (closed) mtge.
sinking fund 4^ % bonds, due April 1, 1956; 9,500 shares of $100 par value
5% cum. conv. pref. stock, and $20,000 shares of class A no par value
participating stock.
The bonds are to be sold privately, and the class A
participating stock is reserved for conversion of the conv. pref.
The pref.
stock is to be offered to the common and class A stockholders of the com¬
Any part of the pref. stock not taken by the
Arthur Perry & Co., Inc.,
$100 a share.
Leo Niessen, of Philadelphia, is Presi¬
Filed March 26, 1936.
until April 25, 1936.
stockholders is to be sold to the underwriters,
of Boston, Mass., at
dent of the company.
Lafayette Atlantic Hotel Co. (2-2025, Form E-l) of Philadelphia, has
a registration statement convering $507,500 of 6% mtge. income bonds,
7,160 shares of $1 par value capital stock, and a $15,000
1st mtge. due Jan. 13. 1939.
The bonds are to be exchanged for the 1st
mtge. 6% bonds of the Hotel Lafayette Co., due April 15, 1941, on the
basis of $1,000 principal amount of the new bonds and 10 shares of $1
par value capital stock for each $1,000 bond of the Hotel Lafayette Co.
Filed March 26, 1936.
filed
due Jan. 1, 1956:
Lafayette Atlantic Hotel Co. (2-2026, Form F-l) of Philadelphia, Pa.,
filed a registration statement covering the issuance of voting trust
certificates for 7,160 shares of $1 par value common stock.
Filed March
26. 1936.
has
Associates, Inc. (2-2027, Form A-2) of N. Y. City, has
registration statement covering 31,208 shares of $10 par value capital
Rockwood
filed
a
Hamtramck,
-
Telephone Co., Ltd. (2-2035, Form A-2) of Long Beach,
Calif., has filed a registration statement covering 106,312 shares of no
par value $1.25 series cum. pref. stock.
The principal underwriters are
Bonbright & Co., Inc., and Paine, Webber & Co., both of N. Y. City,
and Mitchem, Tully & Co. and Blyth & Co., Inc., both of Los Angeles,
Calif.
C. F. Mason, of Long Beach, Calif., is President of the company.
stock, to be offered at a price per share equal to the net asset value of the.
outstanding stock plus 2%.
As of March 18, 1936, the "sale price" of the
shares would have been $28.81 a share.
David H. McAlpin, of N. Y. City,
is President of the Corporation.
Filed March 27, 1936.
Railway Equipment & Realty Co., Ltd. (2-2028, Form A-2) of Oak¬
land, Calir., has filed a registration statement covering $3,500,000 of 4A%
equipment mtge. bonds, due March 1, 1946.
It is stated that Blyth & Co.,
Inc., of N. Y. City, is expected to head the underwriting group.
Alfred
J. Lundberg, of Oakland, is President of the company. Filed March 27,1936.
(The) Hartford Times, Inc. (2-2029, Form A-2) of Hartford, Conn.,
a registration statement covering $3,000,000 of 15-year 4XA%
debentures, dye May 1, 1951, and 24,000 shares of $50 par value 53^%
cumulative preferred stock.
Company will offer the holders of its 15-year
6% sinking fund gold debs, and its pref. stockholders opportunity to ex¬
change the outstanding debs, and pref. stock on the following basis: For
each $500 of outstanding debs., either $500 of the new debs, or 10 shares
of the new stock, in each case together with $15 in cash; for each 10 shares
of outstanding pref. stock, $500 of the new debs.; or for each share of out¬
standing pref. stock, one share of the new stock.
All the debs, and pref.
stock not required for the exchange will be offered publicly by the under¬
writers.
The principal inderwriter is Hemphill, Noyes & Co., of N. Y.
City.
Frank E. Gannett, of Rochester, N. Y., is President of the com¬
pany.
Filed March 27, 1936.
Middle States Securities Corp. (2-2030, Form A-2) of Cleveland, Ohio
has filed a registration statement covering 4,000 shares of no par value
common capital stock, to be offered from time to time at the net liquidating
value per share at'the close of business on the date of sale plus a commission
of 25 cents a share with a minimum of $2.50 for any one transaction.
As of
March 19,1936, the liquidating value per share of the company's outstand¬
ing shares was $98.91.
H. L. Emerson & Co., Inc., of Cleveland, is the
principal underwriter, and Robert M. Boyd, of Cleveland, is President
of the corporation.
Filed March 27, 1936.
has filed
Filed March 28,
1936.
(The) McKay Machine Co. (2-2036, Form A-2) of Youngstown, Ohio,
a registration statement covering 9,000 shares of no par value
common stock.
W. J. Mericka & Co., Inc., of Cleveland, Ohio, is the
principal underwriter, and A. J. Wardle, of Youngstown, is President of
the company.
Filed March 28, 1936.
has filed
Service Co. (2-2037, Form A-l) of Madison, Wis., has
registration statement covering 1,000,000 shares of $2 par value
capital stock, to be offered for $5 a share.
B. E. Buckman & Co.,
of Madison, Wis., is the principal underwriter, and W. F. Stevens, of
Chicago, is President of the company.
Filed March 28, 1936.
Continental
filed
a
Bag & Paper Corp. (2-2038, Form A-2), of N. Y. City, has
registration statement covering 65,359 shares of no par value capital
Alexander Calder, of Montclair, N. J., is President of the corpora¬
Filed March 28, 1936.
Union
filed
a
stock.
tion.
Wilson Vegetable Oils, Ltd. (2-2039, Form A-l) of Montreal, Can.,
a registration statement covering 40,000 shares of $5 par value
common stock, to be offered at $6.25 a share.
W. A. Kissel Co.,
of N. Y. City, is the principal underwriter and Gordon Clarence Wilson,
of Montreal, is President of the corporation.
Filed March 28, 1936.
class A
Albuquerque Natural Gas Co. (2-2040, Form D-1A) of Chicago, 111.,
a registration statement covering the issuance of certificates of
deposit for $874,500 of 10-year conv. 6 A% gold debs. Filed March 28,1936.
has filed
Ferro Enamel Corp.
a
(2-2041, Form A-2) of Cleveland, Ohio, has filed
registration statement covering 15,67i shares of no par value common
Of the stock being registered, 15,250 shares are to be offered to
stock.
present stockholders at $23 a share on the basis of one share
Antonio, Tex., has filed a
registration statement covering $600,000 of 1st mtge. 5% bonds, due
March 1, 1946, to be offered at $960 for each $1,000 unit, $480 for each
$500 unit and $96 for each $100 unit.
B. E. Buckman & Co., of Madison,
Wis., is the principal underwriter and E. J, Crofoot, of Bay City, Tex.,
is President of the corporation.
Filed March *.6, 1936.
pany
Michigan Steel Tube Products Co. (2-2034, Form A-2) of
Mich., has filed a registration statement covering 20,214 shares of $2.50
value common stock, all of which is owned by stockholders.
F. Eberstadt & Co., Inc., of N. Y. City, is the principal underwriter, and Chas. E.
Miller, of Hamtramck, Mich., is President of the company.
Filed March
28,1936.
par
has filed
12-2019, Form A-2), of N. Y. City,
has filed a registration statement covering 75 644 shares of no par value
common stock and subscrip ion certificates evidencing
the right to sub¬
scribe for the common stock.
The subscription certificates are to be issued
to the common stockholders of the corporation and will entitle them to
subscribe to one share of the new stock tor each 3 1-3 shares of stock now
held.
The principal underwriters are Kidder. Peabody & Co; W. E.
Hutton & Co.; G..M.-P. Murphy & Co., and Field, Glore & Co., ail of
N. Y*. City.
Ralph H. Matthiessen, of N. Y. City, is President of the
General Time Instruments Corp.
corporation.
a
stock.
common
trust
April 9,
Inc. (2-2033, Form A-2) of N. Y. City,
registration statement covering 32,091 shares of no par value
Of the stock being registered, 8,391 shares to be offered
publicly through underwriters, 16,260 shares are to be issued subsequent
to the public offering as a stock dividend on the basis of one share for each
five shares held, and 7,440 shares are to be offered to the company's em¬
ployees.
King, Crandall & Latham, Inc., and Shields & Co., both of
N. Y. City, are the principal underwriters.
Philip Maslansky, of N. Y.
City, is President of the company.
Filed March 28, 1936.
has filed
common
Associated
Release No. 716.)
fund
Kid Co.
Washington Industrial Loan Co. (2-2032, Form-1) of Washington,
D. C., has filed a registration statement covering $250,000 of 15-year
5M % debenture bonds, to be offered at par and accrued int.
Southeastern
Investment Co., of Washington, D. C. is the principal underwriter and
Harry J. Donoghue, of Washington, D. C., is President of the company.
Filed March 28, 1936.
published:
Telephone & Telegraph Co.—$30,000,000
3M % bonds, series B, due April
included in Release No. 715.)
serial
(2-2031, Form A-l) of Salem, Mass., has filed a
covering 10,000 shares of $60 par value class A
value class B stock, to be offered in units
consisting of one share of each class at $50 a unit.
Franklin Haddock, of
Lynn, Mass.. is President of the company.
Filed March 37, 1936.
American
registration statement
stock and 10,000 shares of no par
New York Merchandise Co.,
m
Typo
Commercial and industrial
Investment trusts
Foreign government
Securities in reorganization
Voting trust certificates
47
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION STATEMENTS UNDER
SECURITIES ACT
U
OF
FILING
April 11, 1936
Chronicle
of each eight
The remaining 421 shares are to be offered to employees of
corporation at $23 a share.
R. A. Weaver, of Cleveladn, Ohio, is
President of the corporation.
Filed March 28, 1936.
shares held.
the
Lima
Locomotive
Works, Inc. (2-2042, Form A-2) of Lima, Ohio,
a registration statement covering 41,400 shares of no par value
capital stock.
S. G. Allen, of N. Y. City, is President of the
corporation.
Filed March 28, 1936.
has filed
common
(The) Standard Tube Co. (2-2043, Form A-2) of Detroit, Mich., has
a registration statement covering 159,967 shares of $1 par value class B
stock.
The stock is to be offered to the company's stockgolders
at $1.50 a share, and all shares not subscribed are to be offered publicly
at $1.50 a share.
Allison & Co., of Detroit, is the principal underwriter.
George B. Storer, of Detroit, is President of the company.
Filed March
28, 1936.
filed
common
Robot Hand Corp. (2-2044, Form A-l) of Detroit, Mich., has filed a
registration statement covering 250,000 shares of $5 par value pref. stock
and 250,000 shares of $1 par value class A common stock, to be offered
in units consisting of one share of each class of stock at $7.50 a unit.
Frank
Osuch Co., Inc., of Detroit, is the principal underwriter and Frank J.
Osuch, of Detroit, is President of the corporation.
Filed Marcn 28, 1936.
(The) H. A. Montgomery Co. (2-2046, Form A-2) of Detroit, Mich.,
a registration statement covering 45,000 shares of $5 par value
stock of wnich 27,000 shares have been exchanged with present
stockholders for previous issues, and 13,000 shares are to be offered publicly.
Link, Gorman & Co., Inc., of Chicago, is the principal underwriter. Harley
A. Montgomery, of Highland Park, Mich, is President of the company.
has filed
common
Filed March 30,
/
1936.
Consolidated Investment Trust (2-2047,
has fiied
Form A-l) of Boston, Mass.,
registration statement covering 440,066 shares of $1 par value
beneficial interest.
The shares are to be issued under bearer warrants now
a
outstanding or to be issued by the trust under a plan of consolidation of
Kidder Peabody Acceptance Corp., Kidder Participations, Inc.; Kidder
Participations, Inc. 2, and Kidder Participations, Inc. No. 3, adopted
by the stockholders of the consolidating companies on Sept. 27, 1933.
The
warrants issued to the stockholders of the consolidating companies entitle
them to purchase the shares at $30 a share on or before Aug. 1, 1938.
C. Kelley Anderson, of Boston, is Presdient of the association.
Filed
March 30, 1936.
United Shirt Distributors, Inc.
has filed
common
a
(2-2048, Form A-2) of Detroit, Mich,
registration statement covering 25,000 shares of no par value
Of the stock being registered, 10,000 shares were issued
stock.
the stockholders of Hoefeld,
Inc., in exchange for all the outstanding
(185 shares) of the company owned by them.
The remaining 15,000
are under option.
Harry A. Hyman, of Detroit, is Presidont of the
corporation.
Filed March 30, 1936.
to
stock
shares
(The) Hill Packing Co. (2-2049, Form A-2) of Topeka, Kan., has filed
registration statement covering 36,000 shares of $5 par value participating
7% cum. pref. stock and 36,000 shares of no par value common stock.
The common stock is reserved for conversion of the pref. on a share-for-share
a
conv.
basis.
Burton
Matthews-Lynch & Co., of Chicago, are the principal underwriters.
Hill, of Topeka, is President of the company.
Filed March 30,
N*
Tri-County Telephone Co. (2-2050, Form A-2) of Soutn Haven, Mich.,
a registration statement covering $1,500,000 of 1st mtge. sinking
4M%, due April 1, 1961.
O. M. Vaughan, of South
Haven, Mich., is President of the company.
Filed March 30, 1936.
has filed
fund bonds, series B,
(The) Master Electric Co.
(2-2051, Form A-2)
of Dayton, Ohio, has
a registration statement covering 60,000 shares of $1 par value common
stock, of which 50,000 shares are to be offered publicly at $15 a share,
5,000 shares are under option to E. P. Larsh at $13 a share, and 5,000 are
reserved for offering to certain officers and employees of the company at $13
a share. Mitchell, Herrick & Co., of Cleveland, Ohio, is the principal under¬
writer. E. P. Larsh, of Vandalia, Ohio, is President of the company.
filed
Filed March 30,1936.
Kalamazoo Stove Co.
filed
a
(2-2052, Form A-2) of Kalamazoo, Mich., has
registration statement covering 35,984 shares of no par value common
purchase warrants authorized
stock to be reserved for the exercise of stock
by the board of directors of the company on March 28, 1936, and to be
Financial
Volume 142
2485
Chronicle
Arthur L. Blakeslee, of Kalamazoo, is President
Filed March 30, 1936.
Issued to stockholders.
of the company.
Kalamazoo
Specialists
Vegetable Parchment Co. (2-2053, Form A-2) of Parch¬
filed a registration statement covering
in
ment, Kalamazoo County, Mich., has
68,624 shares of $10 par vaiue capital stock, and 68,624 stock subscription
warrants.
The warrants were issued to stockholders of record Jan. 28,
1936, entitling them to purchase the capital stock at $10 a share.
Hayward, of Parchment, Mich., is President of the company.
March 30, 1936.
(The)
filed
a
R. C. Mahon Co.
All
McDonnell & Co.
of Detroit, Mich., has
sinking fund
value common
R. C. Mahon
Filed March 30, 1936.
(2-2054, Form A-2)
registration statement covering $750,000 of 5% conv.
deb. notes, due April 1,1951, and 30,833 1-3 shares of $5 par
stock.
The stock is reserved for conversion of the notes.
of Detroit, is President of the company.
Van Dorn Iron Works Co. (2-2055, Form A-l) of Cleveland,
Ohio, has filed a registration statement covering 32,883 shares of no par
value common stock.
The stock will be offered for a period of 20 days to
the company's stockholders in proportion to their holdings at $6.50 a share.
Any stock not taken by the stockholders will be offered publicly at $6.50
a share.
Floyd G. Smith, of Cleveland Heights, Ohio, is President of the
company.
Filed March 30, 1936.
m
Santa Barbara
Telephone Co. (2-2056, Form A-2) of Santa Barbara,
Securities
Investment
Corp.
(2-2057,
1st mtge.
Barbara,
Form A-2) of Omaha, Neb.,
a registration statement covering $500,000 of 10-year 5%
conv.
debs., due April 1, 1946, and 53,175 shares of $4 par value common stock.
Of the stock being registered, 3,175 shares are to be issued to the under¬
writers in part consideration of the purchase of the debs, and these shares
will be offered publicly at $7.50 a share.
The remaining 50,000 shares
are reserved
for conversion of the debs.
Jackson & Curtis, of Boston,
120
The
stated.
NEW YORK
BROADWAY,
RECTOR
TEL.
2-7815
be used in settlement of various
of title to the property had
Filed March 30, 1936.
the units will
balance of
subordinated notes and bonds, and acquisition
right of redemption.
owners
(2-2074, Form A-2) of Philadelphia, Pa., has filed a regis¬
covering 25,000 shares of no par value common stock.
purchase plan for employees of
the Sun Oil Co.
J. Howard Pew, of Ardmore, Pa., is President of the
company.
Filed March 31, 1936.
Sun Oil Co.
tration statement
The stock is to be sold to trustees of stock
Columbia Syatem, Inc.
has filed
Francis P. Matthews, of Omaha,
Filed March 30, 1936.
/New York Stock Exchange
Curb Exchange
u
Members^NewYork
(The)
Calif., has filed a registration statement covering $1,460,000 of
3H% bonds series C, due Jan. 1, 1966.
R. E. Easton, of Santa
is President of the company.
Filed March 30, 1936.
Rights and Scrip
R. A.1
Filed
(2-2075, Form A-l) of Washington, D. C., has
registration statement covering 2,265 shares of $50 par value pre¬
1,335 shares of no par value common stock.
The stock
is to be offered in units consisting of two shares of ptef. and one share of
common at $110 a unit.
The stock may also be offered at $50 a share for
filed
a
ferred stock and
pref. and $10 a share for the common.
It is stated that 400 shares of
to be reserved for sale to the directors of the corporation at $3
remuneration.
H. L.
the
Mass., are the principal underwriters.
common are
is President of the corporation.
a
All-Penn
Oil
Gas Co.
&
(2-2058, Form A-l)
of Pittsburgh, has filed
registration statement covering 15,300 shares of $5 par value common
stock, to be offered publicly at $6.50 a share.
S. M. Vockel Co., Inc., of
Pittsburgh, is the principal underwriter.
H. E. Milliken, of Waynesburg,
Pa., is President of the company.
Filed March 30 1936.
a
(2-2059, Form A.2) of Providence, R. I., has filed
registration statement covering 38,000 shares of $25 par value common
stock and 80,000 shares of $25 pref. stock.
Bodell & Co., of Providence,
is the principal underwriter,
Joseph J. Bodell, of Providence, is President
of the company.
Filed March 30, 1936.
*
Investors Trust Co.
a
Iowa Electric Light & Power Co. (2-2060, Form A-2) of Cedar Rapids,
Iowa, has filed a registration statement covering $3,000,000 of 1st mtge.
20-year \ M% bonds, series D, due May 1, 1955.
It is stated that the
bonds being registered were sold privately during July and August of 1935
at 100% and accrued int. for investment purposes and not for public offering.
The contract of sale, it is stated, provides that if the holders of $1,000,000
or more of the bonds request the company to list the series D bonds on any
national securities exchange upon which the company's securities are listed
or to take any other reasonable action to preserve the marketability of the
bonds, including registraton under the Securities Act of 1933, the com¬
pany will use its best efforts to comply with any such request.
Isaac B.
Smith, of Cedar Rapids, is President of the company.
Filed March 30,
1936.
of Elizabeth, N. J., has filed a
10-year 5% 1st mtge. sinking
fund bonds due Nov. 1, 1946.
The bonds are to be offered at not more
than $98 for each $100 in par value, and accrued interest.
Clarence A.
Brown and George A. Biddle, of N. Y. City are the principal underwriters.
Edward Nugent, of Elizabeth, is President of the company.
Filed March
Seeber Brewing Co. (2-2061, Form A-l)
registration statement covering $500,000 of
30,1936.
Credit Co.
(2-2062,
Form E-l)
of Baltimore, Md., has
registration statement covering $500,000 of $10 par value common
stock and stock receipts for common stock issuable in respect of not more
than $500,000 of $10 par value capital stock of the American Credit In¬
a
demnity Co. of New York.
According to the registration statement it is
planned to exchange the stock being registered for shares of fully paid
and non-assessable capital stock of the American Credit Indemnity Co of
New York on a share for share basis.
The stock receipts are to be issued
in carrying out
the plan.
Filed March 30, 1936.
has filed a regis¬
div.
The
class A stock is convertible into common on a share-for-share basis.
Of
the stock being registered, 70,000 of class A and 101,458 shares of common
are
presently outstanding.
It is stated that the company proposes to
issue an additional 108,650 shares of class A stock and 101,458 shares of
common stock in exchange for the 500 shares of outstanding stock of the
Individual Drinking Cup Co., Inc., which company is to be merged with
the Vortex Cup Co. to form the Dixie-Vortex Co.
The remaining 178,650
shares of common stock are to bo reserved for conversion of the class A
stock.
R. C. Fenner, of Evanston, 111., is President of the company.
Dixie-Vortex Co.
Prospectuses
Filed March 30,
1936.
(The) Bridgeport Machine Co. (2-2065, Form A-2) of Wichita, Kan.,
a registration statement covering 110,000 shares of no par value
stock.
Charles A. Clements, of Montreal, Can., the principal
underwriter, has agreed to purchase 75,000 shares at $13 a share, it is
stated, and has been granted an option to purchase the remaining 35,000
shares on or before Nov. 20, 1936, at $17 a share subject to certain condi¬
tions.
A. A. Buschow, of Wichita, Kan., is President of the company.
common
Filed March
30, 1936.
Navarro Oil Co. (2-2067, Form
A-2) of Houston, Tex., has filed a regis¬
stock,
S. P.
Farish, of Houston, is President of the company.
Filed March 30, 1936.
III of
Smelting Co. (File 3-3-586), 29 Rust Bldg., Washing¬
Offering 100,000 shares of common capital stock of $1 par
Frank C. Bramwell, Rust Bldg., Washington, D. C., is
President of the corporation.
No underwriter is named.
C.
D.
value
at
par.
Ontario Clays,
(File 3-3-587), 64 Wellington St., West Toronto,
Ltd.
Offering 200,000 shares of capital stock at the stated value of 50c.
Can.
To underwriter is named.
Ser share. William Looser, Toronto, Ont., is President of the corporation.
Television & Projector Corp. (File 3-3-588), no address stated.
Offer¬
ing 80,000 shares class A stock at par value of $1, and 20,000 shares of
class B stock at par value of $1.
Elias T. Stone, 490 West End Ave.,
N. Y. City, is President of the corporation.
No underwriter is named.
Soy Bean Products Co. (File 3-3-589), 4900 W. Flournoy St., Chicago,
Offering to shareholders of the issuer 10,000 shares of common stock
Elmer J. Engel, 233 St. Charles Road,
Elmhurst, 111., is President of th^ corporation.
No underwriter is named.
111.
of no-par value at $3 per share.
National
Petroleum
Co.
(2-2068,
Form A-l)
Huntington
Corp. (2-2069, Form A-2) of WTest Orange, N. J., has
statement covering 165,000 shares of no par value
stock, all of which are presently outstanding and 45,000 shares of
which are to be sold to Distributors Group, Inc.. of Jersey City, the prin¬
Russell B. Kingman, of West
Filed March 30, 1936.
Orange, is
Chicago Rivet Machine Co. (2 2070, Form A-2) of Chicago, 111., has
a registration statement covering 1O.0OO shares of no par value common
capital stock, all of which presently owned by stockholders of the company.
J. A. Morrisey, of River Forest, 111., is President of the company.
Filed
1936.
Foster Wheeler Corp. (2-2071, Form A-2) of N. Y. City, has filed a
registration statement covering 14,328 shares of no par value common
stock, 300 shares of no par value $7 cum. pref. stock convertible until
July 1, 1937, into 2H shares of common, and "warrants evidencing the right
of common stockholders to subscribe to 7.982 shares of the common stock
being registered.
All of the common and the pref. stock is to be offered
•to the public and the stockholders at the market.
H. S. Brown, of N. Y.
City, is President of the corporation. Filed March 30, 1936.
Beverly Apartments Liquidation Trust (2-2072, Form E-l) of Chicago,
has filed a registration statement covering 110,532 units of $1 par
value beneficial interest to be exchanged on the basis of one unit for each
one dollar of unpaid principal and accrued and unpaid interest on $81,000
principal amount of 1st mtge. bonds executed by Agnes S. Hosford and
Harry P. Hosford and secured by 1st mtge. trust deed on the Beverly
Apartments.
The accrued and unpaid interest amounts to $16,488, it is
111.,
Huntington,
W.
Va.
Offering 5,000 shares
Peck Television
Corp
,
Inc
(File 3-3-593), no address given.
Offering
45,000 shares common stock of $1 par value at $1.50 per share.
William
Hoyt Peck, 15 Central Park West, N. Y. City, is President of the corpo¬
ration.
The offering is to made through the John Sachs Co., 710 General
Motors Bldg., N. Y. City, and others not yet determined.
Butte
East Slope Mining Co
(File 3-3-594), Butte, Mont.
Offering
75,000 shares common stock of $1 par value at par.
E. P. Lomas, Butte,
Mont., is President of the corporation.
No underwriter is named.
North
Pennsylvania Oil Co
(File 3-3-595), Oil City, Pa.
The pros¬
pectus states that 25,000 shares of common stock of no-par values will be
offered at $2 at this time, but this price may be advanced, as if and when
justified by developments on the properties, at the discretion of the duly
authorized officers and directors.
M. Martens, 17 East 42d St., N. Y.
City, is President of the corporation.
No underwriter is named.
(The) Argentine Gold Mining Co
(File 3-3-385), 6 Ferguson Bldg.,
Denver, Colo.
Offering 1,000,000 shares common stock of lc. par value
par.
Rex B. Yeager, 2900 South University St., Denver, Colo., is
President of the corporation.
No underwriter is named.
at
following registration statements also were filed with
regarding which will be found on subsequent
The
the SEC, details
pages
under the companies mentioned.
Youngstown
Sheet & Tube Co
bond issues aggregating $90,000,000.
(2-2079, Form A-2), covering two
Filed April 3, 1936.
& Foundry Co
(2-2080, Form A-2), covering
$5,000,000 10-year conv. debs.
Filed April 3, 1936.
United
States
Pipe
Kreuger & Toll Co
(2-2083,
Form D-A), covering certificates of de¬
of readjustment for
posit to be issued in connection with a proposed plan
the secured debenture holders.
Filed April 6, 1936.
In making
available the above list the Commission said:
In no case does the act
of filing with the Commission give to
its approval or indicate that the Commission has passed on
the issue or that the registration statement itself is correct.
The last
in
our
any security
the merits of
previous list of registration statements
was
given
issue of April 4, page 2236.
President
filed
30,
(File 3-3-591),
pref. stock at par value of $10 and 5,000 shares of class A common stock at
not less than $10 per share.
H. E. Kimble, Albuquerque, N. M., is
President of the corporation.
No underwriter is named.
registration
underwriter.
of the corporation.
Corp.
per share and 250 shares class A 6% cum. pref. stock at $100 per share.
J. Clyde Mitchell, 2952 Staunton Road, Huntington, W. Va., is President
of the corporation.
No underwriter is named.
common
cipal
Furniture
Offering 2,200 shares common stock without nominal or par value, at $25
of Titusville, Pa., has
a registration statement covering 4,140 shares of no par value common
stock, to be offered at $100 a share.
S. C. Fertig, of Monterey, Calif.,
is President of the company.
Filed March 30, 1936.
Textile
Mining Co., Inc. (File 3-3-590), Phoenix Bldg.,
Buttle, Mont.
Offering 400,000 shares of common stock at the par value
25c. per share.
J. R. Davenport, Phoenix Bldg., Butte, Mont., is
President of the corporation.
No underwriter is named.
of
filed
March
Part
Waldo Mining &
ton,
1
tration statement covering 120,000 shares of no par value common
to be offered to stockholders on a pro rata basis at $12 a share.
a
in
from registration
has filed
Metal
filed for 11 issues under the regulations
were
Release No. 182, which exempt
certain classes of offerings not exceeding
$100,000.
The act of filing does not indicate that the
exemption is available or that the Commission has made
any finding to that effect.
A brief description of these new
filings is given below:
contained
(2-2064, Form A-2) of Chicago, 111.
tration statement covering 178.650 shares of no par value $2.50 cum.
conv. class A stock and 381,566 shares of no par value common stock.
filed
President of the corporation.
1936.
Zuni Sales Co. (File 3-3-592), no address given.
(The) Pierce Governor Co. (2-2063, Form A-2) of Anderson, Ind., has
a registration statement covering 22,500 shares of no par value capital
stock.
Of the stock being registered, Arnold & Co., of New York City, the
principal underwriter, has agreed to purchase 1O.O0O shares at $10 a share
and in consideration of such purchase has been given a one-year option
to purchase an additional 12,500 shares at $10 a share.
The stock is to
be offered publicly at the market.
N. M. McCullough, of Anderson, is
President of the company.
Filed March 30. 1936.
filed
E. V. Wilcox,
Filed March 31,
Schuh, of Washington, D. C., is the principal underwriter and
of Chevy Chase, Md., is
Butte & Boulder Gold
Commercial
filed
share in consideration of services rendered without
Abbott
Laboratories—Earnings—
1935
Deprec. and amortizat'n
Selling, administration <fc
1934
1933
1932
$1,382,207
x79,893
$1,158,472
x90,830
$3,057,171
105,419
$2,608,263
114,430
2,280,402
4,273
Calendar Years—
Gross profits
2,154,449
research expenses
Interest
paid
Prov. for loss on closed
banks
---—
32,500
166,812
yl70,682
85,000
41,000
profit for year... $1,135,501
Divs. paid & provided for
z490,532
$896,959
362,500
$549,578
290,000
$298,384
308,127
$644,969
1,207,429
200,000
$5.67
$534,459
1,409,226
145.000
$6.18
$259,578
1,108,391
145,000
$3.79
def$9,743
862,119
145,000
$2.06
Federal tax provision.__
Net
Balance, surplus
Profit and loss surplus.
_
Shs.com.stk.out.(nopar)
Earnings per share
x
z
y Federal tax, including prior year adjustment,
In addition company paid $875,000 stock dividend, 50,000 shares at a
Depreciation only,
stated value of $17.50 per share.
I
Financial
2486
Comparative Balance Sheet Dec. 31
Assets—
1935
$429,460
627,474
Customers' accts
1,131,305
Inventories
2,178,611
Sundry rec. & lnv.
85,032
Marketable
-
Notes
rec.
-
Notes payable
Divs. payable
Due trustee of
18,952
Notes & accts.
186,000
2,698
4,440,000
1,207,429
Deferred income._
b
employees
50,504
Capital stock
Surplus
54,361
6,737
45,427
167,691
2,963
3,265,000
1,409,226
6,309
1,787.899
$840,300
220,313
$543,975
233,920
Other income.
$622,802
72,003
$749,460
67,483
$619,987
60,800
$310,055
68,201
$694,805
12,926
125,015
$816,943
23,706
144,284
$680,787
36,340
117,000
$378,256
38,129
57,300
$556,864
108,673
312,000
$648,953
116.434
273,000
$527,447
122,500
156,000
$282,827
122,500
312,000
$136,191
$259,519
$248,947 def$151,673
$2.87
$3.41
1,631,807
Preferred dividends
Common dividends
179,820
111,996
1
1
Goodwill
Balance..
Earns, per share
$6,522,166 $5,318,163
000
$6,522,166 $5,318,163
Total
After depreciation of $812,823 in 1935 and $789,613 in 1934.
b Repre¬
by 200,000 (including 274 shares reserved for redemption of scrip
certificates outstanding) shares no par in 1935 and 145,000 in 1934.—V,
142, p. 1274.
sented
Abraham
&
Straus,
Inc.,
Brooklyn,
N. Y.—Report—
Edward C. Blum, President, says in part:
Sales for the year amounted to $20,962,265, an increase of 3.63%.
On May 1, 1935 the company redeemed 10,000 shares of its outstanding
7% preferred stock at 110 and accrued dividends, which left outstanding
18,133 shares.
On Oct. 1,
1935 $4,370,000 of 5H% debentures of 1943 were redeemed
at 102 and int.
Unamortized discount, expenses and premiums paid on
the redeemed debentures amounting to $177,967 were deducted from earned
This redemption was financed by cash on hand, a bank loan of
$1,000,000, payable in three annual instalments in 1936, 1937 and 1938,
Sinking fund payments of
$150,000 a year are required commencing 1939 and each year thereafter
until 1950 when the remaining $1,200,000 matures.
As a reuslt of this
refinancing, there will be material savings in interest charges.
and the sale at par of $3,000,000 of 4% notes.
1936
1934
1935
Total
$1,133,232
112,217
$1,297,939
123,600
$1,107,341
117,898
$1,402,149
219,447
401,767
Total income
Interest paid.
Depreciation
Loss
17,916,053
$1,369,417
32,732
Net profit
Other income
,245,449
273,309
385,543
.,421,539
288,086
387,297
$1,225,239
297,660
487,057
75,000
60,000
80,000
18,913,211
sale of market'le
securities
on
prof7,632
Prov. for Federal taxesNet income
Preferred dividends
Common
$705,936
144,431
279,279
Balance, surplus
Shs.
com. outst.
<no
par)
com..
$526,596
196,931
279,279
$666,155
198,532
209,459
$408,155
236,338
197,823
$282,226
155,155
$3.62
dividends-...
Earns, per sh. on
$50,386
155,155
$258,163
155,155
$3.01
def$26,006
155,155
$1.10
Balance
1936
Assets—
1936
Liabilities—
equipment,
6,492,382
&c_
6,382,118
230,147
232,722
1
rec.
1
1,770,167
2,562,296
Cash
Marketable
$
1,813,300
Common stock.. 1,405,325
Long-term debt
in operations
Goodwill
Accts. & notes
y
2,259,382
2,365,030
1,646,552
527,730
94,040
securs.
Sundry debtors
78,460
Inventories
2,196,429
Misc.
investm'ts.
103,561
Prepaid expenses.
140,366
2,108,735
116,205
186,862
1935
$
Preferred stock
2,813,300
1,405,325
3,666,000
4,370*666
Gold debentures
Accounts payable-
540*263
Notes pay. to bk__
Accrued salaries &
332,306
42,368
expenses
Acer. int.
on
debs.
Federaltaxes
75,000
31.733
19.734
Pref. divs. payable
Sundry creditors..
Res. for cont., &c_
183,695
5,673,396
Surplus
321,057
80,117
60,000
49,233
18,811
176,135
5,669,137
14,117,118 15,376,068
After depreciation,
x
Total
14,117,118 15,376,068
Represented by 155,155
cludes demand deposits and time deposits.—V. 142,
y
shares,
1624.
no par
p.
z
Calendar Years—
Profit before deducting int., provs. for deprec.,
patent amortization & Federal income tax
Interest on long-term notes payable
—
Interest on bonds
Provision for depreciation
Amortization of patents
Provision for Federal income tax
Net
profit
Number of shares outstanding (less shs. in treas.).
Net earnings per share
$2,666,990
$l,82i,863
9,756
24,255
*62,540
577,988
566,151
2,958
2,041
170,597
291,067
$1,020,532
328,121
Earned Surplus Account Dec. 31,1935—Balance, Jan. 1, 1935, $1,593,816;
profit for 1935, $1,760,964; total, $3,354,781; dividends paid or provided
for, $861,295; appreciat'on of properties resulting from appraisal as of
Dec. 31, 1919 charged off, $1,168,236; balance, Dec. 31, 1935, $1,325,248.
taxes
1935
905,723
Ousts.'
notes
accts.
992,006
&
receivable
965,826
2,708,351
Inventories
781,788
2,289,706
Sink, fund 1st mtg.
1,055
Mutual ins. dep__
18,510
with
bank
&
7,860
empl.'
closed
6,636
17,133
36,518
216,081
216,081
Advances to mach.
manufac.,
5, 1936
1934
Accrued local taxes
97,103
868
_
& cap.
Long
1st
term
&c__
Land
5,312
Bldgs., mach. &
508,291
20,264
119,642
310,450
186,600
253,118
214*331
38,655
17,200
Net income
Previous earned surplusMiscellaneous credits
$829,754
1,880,157
Cash dividends paid....
develop,
5,525,908
5.583,957
193,575
notes
Miscell.
Prov. for inv. obsolesc..
Prov. for
395,698
.
975,500
8,576,150
71,221
treasury stock).
1,325,248
Z>r604,137
84,466
at
$1.11
share
per
After
before
x
n
$2,451,103
Nil
Nil
deducting all manufacturing, selling and general
expenses, but
b Includes
d Does not include
making provision for depreciation, amortization,
income,
amortization.
Includes
c
leasehold
amortization,
&c.
Consolidated Balance Sheet Dec. 31
1934
$
Notes
and
1935
Liabilities—
$
1,060,060
464,540
accts.
receiv., less res.
accruals.
debs
2,756,182
2,646,041
Serial
2,637,132
129,998
and empl.
stk.notes&accts.
92,198
264,442
Deferred Income..
11,856
Bank loans
z6,839
15,195
1,556,501
114,747
Supply contract ob¬
15,265
Miscell. securities.
15,194
101,373
100,164
&
acct.
in
taxes (est.)
to
credit
divs.
preferred
Minority
548,319
548,655
361,583
379,940
114,275
2,687,130
2,770,195
pur.
on
stock.
9,085
9,349
42,500
55,000
11,604
interest
agreements
Pur. mon. oblig'ns
Prov. for for. inc.
machines,
less
Plant &equip't._
7,293
taxes
57,069
53,464
237,573
188,461
y
stks. of subs., &c
516,295
Capital stock... 7,463,130
Paid-in surplus...
497,992
7,463,130
Earned surplus...
Patents, applic.for
patents, develop,
expense,
49,791
139,529
balance..
Accrued
356,910
ap-
parts,
104,143
Agents' & salesm's'
foreign cos
Non-oper.
props,
reduced
ligations
Fed. & for. income
connec¬
tion with acquis,
of cap. stks. of
incl.
Serial debs
67,873
243,349
comm.
policies
Rental
150,000
111,947
al,850,000
132,651
Agts.' adv.
on
due
Apr. 1, 1936
Jan. 10, 1936-.
Value of life insur.
dep.
179,110134,010
Div. declared pay.
274,000
Agents'
Pay.
$
227,745
166,173
_
2,656,957
Inventories..
1934
$
Accounts payable-
Sundry
Def. chgs. to oper.
497,992
1,880,157
Res.
for
conting.
&
insur., &c
Minority
Int.
trade¬
gd.-will 2,664,019
Patents,
&c.,
in
process of amort,
165,850
2,673.724
In
583,350
2,289,604
154,746
x
13,990,148 12,891,5531
After depreciation,
y
Total
13,990,148 12,891,553
Represented by 746,313 shares of $10
After deducting cash deposit in dollars of $192,061.
$150,000 matured April 1, 1936.—-V. 141, p. 3066.
z
a
par
value,
Does not include
99,788
Casualty & Surety Co.—Financial
Statement—
For financial statement for the period ended Dec. 31, 1935,
see
advertising
1454.
pages
of last week's "Chronicle."—V. 142,
,
Aetna
Life
advertising
1,168,236
Insurance
pages
Affiliated
amortization
Total
$0.62
$1,832,383
on
capital stock
p.
less
52,468
14,472
49,849
13,937
11,046,455
11,447,932
Prep'd ins. & taxes
Total
11,046,455 11,447,932
After allowance of $49,000 in 1935 and $46,000 in 1934.
ance
$1,880,157
Co.—Financial
Statement—For
financial statement for the
31, '35)
cost
60,216
$2,289,604
Aetna
1,593,816
Dr603,552
31,
1919
(charged to surp.
of Dec.
50,000
Other adjustments
(appro¬
priated to the ex¬
Dec.
as
368,055
inter-co. profit in for'n
inventories
Earn. surp.
Apprec. by appr'al
Pats,
12,301
50,000
100,000
**
contingencies.
Transfer to paid-in surp.
Add'l res. provided for
a
$2,698,427
187,108
rights
(net)
Construe. & exper.
work in process.
$2,324,326
329,643
patent
Total
Cap. stk. (par S25) 8,576,150
Paid in surplus
71,221
Treas. stk. at cost.
at cost
$2,298,211
exps.
written off
Earnings
19,631
$465,829 loss$322,496 loss$372,332
1.832,382
2,451,103
3,040,286
195,719
30,473
written off
400,000
204,494
Mill rolls, invent'd
$2,709,912
335,841
!
20-year
tent of the cost of
equipment
20.426
259,657
150,000
110,794
marks &
stock tax
mtge.
169,717
10,913
41,193
x
100,000
769,551
6% sinking fund
gold bonds
sundry
investments
y
due June
211,569
90,499
192", 963
$
Accounts payable.
Accrued interest.
dl82.027
109,115
reserves
payable to bank
accounts
Claim
16,725
6,684
&
$
Prov. for Fed. inc.
bonds at cost
Officers'
1935
Liabilities—
d202,975
by minority interests.
Note pay. to bank
deposit
x
$
on
$639,841
281,947
(est.)
prox. assess, vals.
1934
$
hand &
$449,287
317,769
cost of moving
(est.)
Special res. for receiv
Interst, &c., charges
Divs. on pref. stocks held
Consolidated Balance Sheet Dec. 31
on
$1,347,155
c317,030
Indirect
$3.11
net
Assets—
1932
$2,372,611
1,732,770
develop. & patent exp.
and amortization
Prov. for Fed. & foreign
"
Cash
1933
$1,771,563
1,322,277
1935
1934
$1,760,964
328,108
$5.37
1934
$2,687,414
1,340,259
$1,690,161
c314,l61
Depreciation
Cash
1935
1934.
Engineering, laboratory,
In¬
Subs.)—Earnings—
in
1935
Assets—
Acme Steel Co. (&
$4,722,620 $5,240,678
$3,176,870
1,486,709
other
Total
Total
$4,722,620 $5,240,678
Addressograph-Multigraph Corp. (& Subs.)- -Earnings
334,000
412,953
1934
depreciation of $1,449,173 in 1935 and $1,991,842
y Represented by 156,000 no par shares.—V. 142, p. 2142.
Deferred
Jan. 31
1935
$
Real est. not used
z
$2.12
Sheet
Land, buildings,
x
40,000
1935
After
x
$19,213,992 $20,020,553
19,095,450
Liabilities—
1934
equip....$2,034,063 $1,809,302 1st pref. stock
$1,750,000 $1,750,000
Cash
503,540 y Common stock..
868,763
614,004
614,004
Marketable secur.
2,048,755 Notes payable
912,065
600,000
Notes rec.for mach.
Accounts payable.
39", 262
52,015
sold
Acer, labor & tax.
1,325
192,676
206,038
Accts. receivable-_
253,489 Res. for conting..
363,246
59,000
59,000
Inventory
502,987
532,726 Earned surplus
2,067,679
1,959,620
Other assets
72,351
14,991
Deferred charges..
20,515
25,180
1933
19,592,848
$1.03
Consolidated Balance Sheet Dec. 31
Assets—
Cost of sales, sell., oper.
expenses..
$2.59
Plant &
Calendar Years—
1935
$20,962,266 $20,228,682
156,-■
on
shares
After deducting $179,212 provision for depreciation in 1935, $182,855
x
Income Account Years Ended Jan. 31
Net sales
common
in 1934, $202,120 in 1933, and $185,770 in 1932.
surplus.
&c.,
1932
$959,034
209,574
Net income
for¬
mulae, &c
Supp. def. research
prepd. eixps.,&c.
1933
1934
$828,812
206,010
Federal taxes, &c
equipment
a
1935
Expenses.
Trade marks,
Total...
Corp. (& Subs.)—Earnings-
Calendar Years—
Total income
Miscellaneous deducti'nsi
rec.
from officers
Land, building &
a
Adams-Millis
$333,605
94,250
34,660
Fed'l income tax..
21,149
33,611
26,369
rec.
481,597
149,782
April 11, 1936
Note—For l
have been ref lected in the balance sheet submitted in the 1934 report
stockholders.- -V. 142, p. 1624.
em¬
ployees fund
sold to employs.
Dep. In closed bk.
1934
$20,000
Accts. payable and
accrued expenses
for stock
Notes & accts.
from
$368,429
456,010
1,003,702
1,583,218
47,569
secure.
1935
Liabilities—
1934
Cash
Chronicle
for amortization and
1934.
y After allow¬
depreciation of $5,765,752 in 1935 and $5,242,265
period ended Dec. 31, 1935, see
of last week's "Chronicle."—V. 141, p. 4008
Fund, Inc.—Asset Value—
The report of the company at March 31, 1936, shows net assets value
equal to $1.93 per share, compared with $1.76 per share on Dec. 31, 1935,
and $1.13 per share on March 31, 1935.
Declares One Cent Extra Dividend—
The
directors
addition to
a
have declared
an
extra
dividend
of 1
cent
regular quarterly dividend of 2 cents per share
on
per
the
share in
common
Volume 142
Financial
stock, bothpayableApril 15 to holders of record
March 31.
Y. 141, p. 1760 for detailed
dividend record.—Y. 142, p. 292.
Air Reduction Co.—Stock
See also
Chronicle
it is uncertain when payment
Split-Up Approved—
The stockholders at their
annual meeting April 8 authorized an increase
3,000,000 shares from 1,000,000 to provide for a three-forsplit-up of the outstanding 841,288 shares.
C- E. Adams,
President, said the company owned 77,800 shares of
United States Industrial Alcohol
stock, carried on the books at $50.40 a
share, and had not changed its
holding during the year.—V. 142, p. 2142.
one
Alabama Fuel & Iron
Co.—$1.50 Dividend—
a dividend of $1.50 per share on the common stock,
^SPmpany paid
$100, on April 1 to holders of record March
21.
A similar payment
? S? Hec> £1. 1935, and compares with 75 cents paid on Oct. 1,
1935, and $1 50 paid on April
1, and Jan. 2, 1935, April 2, 1934, Jan. 2.
1933 and on Jan. 2 1932.—V.
par
Amalgamated Sugar Co. Pro-Forma Statement
to Recapitalization]
oper.
1936—3 Mos.—1935
$1,200,500
$1,158,000
income,
develop¬
exps.,
Federal taxes
215,900
241,000
Includes gold premium.
543,700
2306.
p.
Albert Frank-Guenther
Calendar Years—
Gross inc. from operat'ns
1934
$439,311
426,115
1933
$357,931
388,610
$265,205
282,699
11,806
11,684
20,243
12,231
prof $1,390
$42,364
$65,489
$29,726
Balance Sheet Dec. 31
1935
1934
$420,485
Liabilities—
Accounts payable.
328,002
218,537
Accrued expenses.
Reserve
for
rate
13,583
17,962
business, &c_
Mach.,equip.,<fcc.
$182,229
5,263
for
Fed.
26.326
24,339
&
State taxes
37,269
234,285
93,240
Goodwill
Res.
39,812
252,898
93,240
1934
$312,116
4,366
adjustments, &c
in
x
1935
$376,887
Prepd. exps. &def.
charges
Real est. not used
560
400
<
Annuity pays, due
within
connection
5,000
5,000
Frank
&
Co. in 1932
$1,126,864
133,000
133,000
133,000
133,000
180,838
182,228
$999,336
x After
reserve for depreciation
1934.—V. 140, p. 1471.
Total..
of $131,340
Industries, Inc.—Admitted
to
The New York Curb
...$1,126,864
in
1935
and
$999,336
$127,103
in
SEC to
142,
American Brake Shoe &
&
Listing and Registrafn
with
with the present issue.—Y. 142, p. 2306.
a
as
director to fill
an
existing vacancy.
in New York court seeking a permanent injunction restraining
the Commission from making public sales
figures filed in its permanent
registration application.
Allied's sales figures were filed with the Government last
year when it
applied for permanent registration of its securities on the New York Stock
Exchange.
At that time the company requested confidential handling of
its sales figures, holdings of marketable
securities, salary data, and certain
other schedules relating to its financial report.
A short time ago the Commission received a
communication from the
company withdrawing its objection to public disclosure of all this hereto¬
fore confidential data with exception of gross sale
figures.—Y. 142, p. 2142.
Corp.—New Director—
April 1 elected
770.
Chalmers
a
director of this company.—V. 142,
Manufacturing
Co.—New
Treasurer—
W. E. Hawkinson has been elected Treasurer, to succeed the late
R. Dill,
Secretary & Treasurer.—V. 142,
All-Penn Oil & Gas
stock.
p.
stock,
V. 142, P.
par
2266.
771.
European Securities Co.—Earnings-
Interest
1936
Divs.
in
rec.
1935
1934
1933
$78,932
32,277
$71,521
27,286
$71,897
24,960
$111,209
6,055
37,788
$98,807
3,594
37,788
$96,858
3,252
37,788
$136,028
3,218
38.176
$67,366
$57,425
$55,818
$94,632
prof20,692
138,140
644,994
120,629
$589,176
$22,723
accrued.
rec. or
$99,679
22,568
of
secur.
other companies
13,781
——
Exps., incl. miscell. taxes
Ded. int. paid or accrued
Net income
Net
from
loss
own
bonds retired
com-
prof$88,058
$80,715
Stock dividends are not treated as income but are entered on the books
of the company by recording only the number of shares received and
making
increase in the cost or book value of the securities involved.
No stock
dividends were received during the three months ending March 31, 1936.
no
Based
market values of March 30,
on
1936, investments securities cost
than their appraised value, and the appraised net assets
stock of the company, after allowing for all known
liabilities and the preferred stock at its liquidating value, including accumu¬
lated unpaid dividends, amounted to $4,856,346 or $13.70 per share on
354,500 shares of common stock outstanding.
Accumulated unpaid divi¬
dends on the preferred stock on March 31, 1936 amounted to $1,100,000
or $22 per share.
"
Comparative Balance Sheet March 31
$4,224,248
more
common
1935
1936
$
Liabilities—
19,539
50,000
61,457
securities:
Stocks
d
16,634,829 16,596,046
1,586,840
1,326,546
Bonds
Furniture and fix¬
706
706
21,360
19,012
(1) Sale by Amalgamated Sugar Co. to American Crystal Sugar Co. of
Amalgamated plants at Clarksburg, Calif., and Missoula, Mont.
(2)
Payment by American Crystal Sugar Co. to Amalgamated Sugar
Co. of $270,000 in cash and the transfer of 710,096 shares of
common stock
of Amalgamated Sugar Co. now owned
by the American Crystal Sugar Co.,
98% of all the outstanding
common
The readjustment of the stock structure of Amalgamated
Sugar Co.
so as to permit the
following:
(a) Retirement of all outstanding bonds and the issuance of a new cumul.
5% first preferred stock (par $10) and a new common stock (par
$1) with
equal voting rights in common and preferred stock.
(b) New pref. stock shall be entitled to dividends at rate of 5 % per annum
Aug. 1, 1936, and to be payable on Nov. 1, 1936, and quar¬
terly therafter.
(c) There shall be issued to each holder of company's present 8% pref.
stock in exchange for each share of such stock held
by him 20 shares of new
5% pref. stock and 20 shares of new common stock.
(d) There shall be issued to each present minority holder of common
stock in exchange for each share of such common stock
held by him threenew
5% pref. stock and
one
share of the
other names, such transfer will necessitate payment of transfer
fee.
The letter sent to stockholders further states:
While operations of company during recent
years have been profitable,
its capital structure has been such that it had been unable to
pay dividends
out cf its earnings. At the present time there are
unpaid and accumulated
dividends upon the pref. stock amounting to
approximately $70 per share,
aggregating the total of more than $2,500,000. Unless the stock structure
is readjusted so as to permit payment of dividends out of current
earnings
fd. debt
reserve
Subscriptions
Accrued taxes
pay.
615
615
3,023,000
50,338
3,023,000
600,000
50,000
9,344
559,531
50,337
600,000
~4~590
814,285
....18,313,275 18,003,7681
Total
18,313,275 18,003,768
b Represented by 354,500 shares of no par value,
c Represented by
50,000 shares of no par $6 cum. stock,
d There are issued and outstanding
option warrants entitling the holders to purchase at any time, 20,500 shs.
of common stock at a price of $12.50 per share.—V. 142, p. 941.
American
Gas
&
Electric
Co.
(& Subs.)—Earnings—
Subsidiary Companies Consolidated {Interco. Items Eliminated)
Period Ended Feb. 29—
1936—Month—1935
1936—12 Mos.—1935
Operating revenue
$5,964,925
$5,676,924 $65,507,280 $62,303,549
Operating expenses...—
3,626,047
3,402,008
41,720,508
39,314,396
$2,338,877
49,473
Operating income
Other income
Total income
...
Deductions
...
Balance
$2,274,916 $23,786,771 $22,989,15
59,321
711,567
736,84
$2,388,351
1,350,528
$2,334,238 $24,498,338 $23,725,997
1,347,794
16,159,200
16,194,503
$1,037,823
new
effecting the exchange stockholders should surrender their old certifi¬
cates signed in blank in order to eliminate the
necessity of paying a transfer
tax upon the new stock to be issued to them.
If old stock is transferred into
on
Total
$986,444
$8,339,137
$7,531,493
American Gas & Electric Co.
stock.
In
Option warrants
Int.
Deficit
(3)
to accrue from
$
5,000,000
5,000,000
.10,139,510 10,139,510
Funded debt
General
tures...--—---
Accr'd int. on bds.
1935
$
Preferred stock..
c
b Common stock.
a
date much earlier than could otherwise be expected.
The plan briefly, includes the following:
3,272
------
Total loss
Invest,
on
which stock represents approximately
stock of Amalgamated Sugar Co.
sold
sec.
Jafter taxes)
Profit
from
co.'s
Subscriptions
Sany on a basis which will permit the payment of dividends on pref. stock in
Tovember of this year and the payment of dividends
common stock at
p.
an extra dividend of five cents per share in
quarterly dividend of 25 cents per share on the
$5, both payable April 25 to holders of record April 15.—
1936
the
share of the
be
would
The directors have declared
common
Cash
Amalgamated Sugar Co.—Recapitalization Plan—•
one
dividend
Dividend—
Assets—
Co.—Registers with SEC—
A committee composed of Stephen L.
Richards, Edw. L. Burton, Sylvester
Q. Cannon, E. G. Bennett and Serge F. Ballif Jr., on March 11 submitted
to the stockholders a plan designed to effect a
recapitalization of
common
5H %
Equitable Assurance Co. of N. Y.—-Extra
1972.
See list given on first page of this department.
fourths of
The
Amalgamated Sugar Co., above.—V. 141,
American
available for the
Allis
common
Data—
James M. Landis, chairman of the Securities and
Exchange Commission,
served April 4 by the corporation in a suit instituted
by the Chemical
was on
the
Total
Dye Corp.—-New Director—
Withhold
Allied Products
Foundry Co.—To Issue New
cumulative,
3 Mos. End. Mar. 31—
company
G. W. Ansted
Approved-—
will offer to stockholders, at a special meeting on April 28
a
proposal to reclassify the preferred stock, introducing a conversion
privilege and reducing the annual dividend rate to 5 M % from 7 %.
The
new preferred stock would be convertible into two shares of common until
June 30, 1941s with provisions designed to protect such conversion rights
against dilutiort by issuance of additional common stock.
A majority of
both common and preferred shareholders is required to approve the plan.
Stockholders also will vote on a proposal to eliminate the provision in
the certificate of incorporation which empowers directors to sell certain
shares of common stock to employees.
Of a total of 40,000 shares originally
set aside for this purpose, only 5,150 have been sold to
employees.
The present preferred stock is callable at $125 on 90 days.
The new issue
would be callable at the same figure on 45 days' notice.
The voting rights
also would be changed.
At present, the preferred is entitled to elect 80%
of the directors, whereas the new preferred would be entitled to vote
only
Cash dividends received-
was
p.
$9,150,000
1802.
p.
American
Exchange has admitted to listing and registration
stock, $1 par.—V. 142, p. 1972.
George Murnane has been elected
Sues
Total
Preferred Stock—
Albuquerque Natural Gas Co.—Registers with SEC
Chemical
750,000
900,000
addition to the regular
See list given on first page of this
department.—V. 141, p. 736.
Allied
$7,500,000
5Ms% cumulative convertible preferred stock.
Holders of old 7% cumula¬
tive preferred stock, $10 par, are offered right to exchange their shares at
plus accrued dividends in arrears as of Feb. 3, 1936, i.e., at exchange
value of $10,875 a share, for equivalent in shares of new
33,333
665,000
665,000
Cl.Bstk. (par $5).
Earned deficit
common
pref. stock ($10 par)
par,
See
28,333
6% preferred stock
CI. Astk. (par S5).
the
cum.
Common stock ($1 par)
Capital surplus.
American Crystal Sugar Co.—To
Transfer Amalgamated
Sugar Holdings—
with
with Al¬
merger
Allen
5%
share-for-share
one year.
MIn. amt. pay. on
life
annuity
in
bert
Total
300,000
The company
1933)
Accts.& notes rec.,
less reserve
5,250,000
The stockholders have approved the plan to clear up dividend arrears on
the 7% preferred stock.
Stockholders also approved the issuance of new
1932
$345,056
390,302
for State franch.
(& Fed. capital stock
Cash
Liabilities—
i.','1'
514% preferred
prov.
Assets—
v
$9,150,000
stock.—V.
Law, Inc.- -Earning s-
1935
Expenses
Other deduc'ns, net, incl.
Net loss.
''t-s'i-■' 'r
American Box Board Co .—Dividend Plan
540,600
mined and trammed to mill
369,840 tons in March, against
332,170 in February and 373,710 in March last
year.
March gold recovery
totaled $12,514, ounces,
against 9,686 in the previous month and 12,988 in
taxes in
•
$3,600,000
Plants and plant facilities
Other properties
Total..
chgs. but before
deprec., depletion and
March, 1935.—V. 142,
•**'r
.
-V. 140, P. 3536.
ment
x
"
Net current assets....
-Earnings—
1936—Month—1935
$441,000
$453,500
[After Giving Effect
.
+\$SCtS
Alaska Juneau Gold
Mining Co.Period End. Mar. 31—
pref. stock may be made.
upon
If plan is consummated, it will leave company in possession of five
operating factories with a maximum capacity of 2,500,000 bags of sugar
per year and no funded debt.
Four of these factories operated during 1933,
one in 1934, three
in 1935, and from present prospects it is anticipated
the five factories will all be in operation in 1936.
American Crystal Sugar Co. in agreeing to accept the above proposal
has fixed Ap.'il 15 as the date upon which sale must take effect.
In order to insure achievement of the plan it is essential that all stock¬
holders give their written assent thereto before April 1,1936.
134, p. 2340.
Gross earnings
Profit after other
of dividends
The plan will permit a recapitalization on a basis which will allow payment
on new pref. stock beginning Nov.
1, 1936.
It is-further
hoped that such a recapitalization will permit payment of dividends on com¬
mon stock of a date much earlier than could otherwise be expected.
of dividends
in capital stock to
x
2487
*
Total income
—
Expense
Deductions
Balance
-V. 142, p.
._
$1,489,080
38,264
391,378
$1,427,225 $13,737,456 $12,949,709
32,648
491,626
453,873
391,378
4,696,539
4,696,539
$1,059,437
$1,003,198
$8549,289
$7,799,296
1802.
American
International
Corp.—Quarterly Report—
The company reports net assets as
of March 31, 1936, of $28,006,251,
equivalent to $2,027 per $1,000 principal amount of debentures outstanding
and indicating a liquidating value on common stock of $14.07
per share.
2488
Financial
Chronicle
This compares with net assets as of Dec. 31,1935 of
$25,961,313, equiva¬
lent to $1,878 per $1,000 principal amount of debentures
Asbestos
outstanding and
stock of $12.04 per share.
1936 on the same basis as in the
audited report of Dec. 31, 1935.
Those carried at a nominal valuation in
the report of Dec. 31, 1935 are still so carried.
Cash balances amounted to $2,710,941 as of March 31, 1936.
There were outstanding as of March 31, 1936, $13,817,000 principal
amount of debentures and 1,007,973 shares of common stock.
On April
24, 1936 the corporation will redeem $3,817,000 principal amount of its
debentures at 105 plus accrued interest, thus
reducing the amount outstand¬
ing to $10,000,000.—V. 142, P. 1625.
indicated asset value
Securities are valued
an
the
on
Associated Gas & Electric
Period Ended Feb. 29—
Subsidiaries—
floods
has been largely corrected and most
of current.
For the four weeks to
rev.
Other income (net).....
1936—12 Mos.—1935
For the
4,126,666
Dr3,352
1,625,933
1,527,153
$5,661,165
16,250,283
Cr5,982
6,070,850
which is
case
in recent months, due to curtailments in the
flooded
12 months ended
8.2% higher than
a year
ago.—V. 142, p. 2307.
Associated Telephone Co.,
5,704,795
Atchison Topeka & Santa Fe
Ry.—Action
1,792,646
1,791,823
7,169,794
7,166,314
25,175
22,261
88,799
75,662
$3,182,413 $11,423,021
$7,862,988
basis.—V. 142, p. 2307.
Net equity of Am. Pr.
& Lt. Co. in income
$3,843,344
Amer. Pr. «£ Lt. Co.—
Net equity of Am. Pr. &
Lt. Co. in income of
subs, (as shown above) $3,843,344
Other income
general
$3,182,413 $11,423,021
10,428
24,841
$7,862,988
51,505
$3,192,841 $11,447,862
42,059
305,685
mortgage
series,
due
$7,914,493
191,358
724,651
774,070
solidatedearnedsurp $3,039,721
3,104,021
$2,376,712
$8,166,425
$4,619,114
Associated Gas & Electric
(whether paid
proportion of earnings which accrued to common stocks held by American
Power & Light Co., less losses where income accounts of individual
sub¬
sidiaries have resulted in deficits for the respective
periods.—V. 142, p. 1625.
American Water Works & Electric
Co., Inc. (&
—Earnings—•
.
Electric
revenues:
1935
Residential
Commercial
1
_
Municipal
Electric corporations
Railways.
_
Total sales—Electric
Subs.)
-$85,491.453 $82,345,859 $73,190,931
Gas revenue:
Residential.
$9,608,094
1,726,916
1,190,119
Commercial
Industrial
$23,527,610 $22,263,555
8,875,560
8,811,670
5,714,385
5,713,539
Total sales—gas
Miscellaneous revenue...
All
figures subject to audit insofar
1936.
as
1,741,008
1,200,000
they contain earnings for the
169,398
Total operating revenues
Operating expenses
The company contemplates no new
public financing in connection with
the redemption, the
company having made very staisfactory arrangements
to borrow any amount which
may be required to redeem the bonds not
converted prior to the redemption
date, Mr. Porter said.
follows:
8,877.680
Mar. 14--.
Mar. 21___
44,172,000
36,228,000
Mar. 28--. 39,040,000
Apr.
4-.- 45,072,000
—V.
40,547,000
40,214,000
39,960,000
37.670,000
1934
36,293,000
36,673,000
36,466,000
32,857,000
142. p. 2306.
Boston
Stock
1932
26,745,000
27,161,000
27,484,000
27,314,000
29,498,000
28,629,000
29,108,000
29,494,000
Co.—Suspended—
Exchange has suspended the company's stock from
trading until further notice.
Under the plan of capital readjustment the
management of the company plans to have the shares listed
only on the
York Stock Exchange.—V.
142, p. 2307.
Amoskeag Mfg. Co.—Plan Under Advisement—•
At the continued
hearing before Federal Judge George C. Sweeney on the
reorganization plan of the company on April 6 a petition to intervene was
filed by Attorney Edward R.
Hale, representing Frederick H. Prince,
bondholder, who wished to object to the plan, and also wanted to raise the
question of constitutionality of Section 77-B of the Bankruptcy Act.
Objection to the plan was also raised by Attorney Lothrop
Withington,
who claimed the bonds held
by
not be considered as
Amoskeag Co., the holding company, should
outstanding bonds; by counsel for the United States
Trust Co. of Boston, and
by Attorney Allen M. Wilson, of Manchester,
N. H., who said a considerable group of his fellow townsmen
might object
to the plan.
Mr. Withington suggested that the question as to whether the
company was in
realty insolvent be referred to a special master, and Judge
Sweeney took this question, as well as the whole plan, under advisement,
giving bondholders who had not expressed an opinion on the
plan two
also
weeks
more to
file
an
objection
or an
assent.—Y. 142, p. 1806.
(The) Argentine Gold Mining Co.—Registers with SEC—
See list
given
on
first page of this department.
40,347,499
7,972,402
10,364,757
renewals
9.780,735
$41,644,435 $41,598,459 $35,115,081
9,202,052
Operating income
8,808,817
8,081.816
-$32,442,383 $32,789,643 $27,033,265
12 Mos. End.
„
,
Balance
forward—operating
Non-operating revenues and
non-utility subs
expenses:
$697,069
1,353,655
$699,368
1,123,074
$2,050,724
174,720
$1,822,442
$1,876,004
$1,690,742
Other interest, dividends, &c._._
Total..
expenses—
revenue
—.
(net)
Gross income.
Fixed charges & other deductions of subs.:
-
on
on
-
unfunded debt.
16,984,946
773,383
0115,853
1,528 540
4,151,715
Interest charged to construction.
Amortization of debt discount and expense
Dividends on pref. stocks paid or accrued
Balance.
131,700
--$34,318,388 $28,724,007
funded debt
Interest
Since
Acquis.
$32,442,383 $27,033,265
income
Net income of
Non-operating
Dec. 31 '35
Earn. PowerAn. Chge. Basis
.
Total
American Zinc Lead & Smelting
The
1933
42.691,348
8,695,540
..
m-
and replacements
Interest
1935
$7,918,432
11,123.531
Net operating revenue
Provision for retirements,
Non-operating
Weekly Power Output—
Output of electric energy for the week ended April 4th totaled
45,072,000
kwh., an increase of 1977% over the output of
37,670,000 kwh. for the
corresponding period of 1935.
Comparative table of weekly output of electric
energy for the last five
$8,778,984
45,259.296
.
(incl. Federal
cometaxes)
Mr. Porter also stated that under the terms of the
indenture, the right
of the bondholders to convert their bonds into
common stock will exist
up
to and incl., but not
after, the close of business on June 10, 1936.
The
conversion ratio up to and incl. that date is
33 1-3 shares of common stock
for each $1,000 bond.
162,134
$106,904,943$103,350,105 $93,215,717
Maintenance
He further stated that of the
$15,000,000 of such bonds originally issued,
$12,059,000 have been converted into common stock,
leaving $2,941,000
presently outstanding.
1936
82,640
"Water, transportation, heat & miscellaenousrevenues.$8,718,962
5% Bonds—
1,647,000
1,170,126
$12,694,528 $12,225,263 $12,106,354
H. Hobart
Porter, President, announced on April 7 that the
company
proposes to redeem all of its outstanding 10-year
5% convertible collateral
trust bonds on June
15,1936, at 102% of the principal amount plus accrued
interest.
$9,127,094
1.011,613
$12,525,130 $12,142,623 $11,944,220
Total gas revenue
Provision for taxes
Week Ended—
$9,460,401
1,670,608
$1,700,644
1,743,658
............
and surplus
Shares of common stock
1,499,948
3,337,701
$2,530,785
depletion.
1,514,795
3,692,083
1,200,000
1934 J-
Since. Acq.
12 Months
End. Dec.'61
1935
-$84,939,525 $81,958,966 $72,769,796
551,928
386,893
421,136
Total electric revenue
&c., of American
Water Works & Electric Co., Inc.
Reserved for renewals, retirements and
Voted
$33,071,730 $31,914,684 $28,036,047
23,590,680
22,918,843
20,042,073
17.026,552
16,431,002
14,367,962
6,362,678
6,021,613
5,855,769
4.185.823
3,982.241
3,768,926
702,062
690,582
699,018
Power..
Miscellaneous revenue......
*1936—Month—1935
*1936—12 Mos.—1935
$4,248,849
$4,009,263 $48,308,856 $46,475,250
2,233,867
2,091,008
24,781,245
24,211,695
Gross income
$2,014,982
$1,918,254
Interest and amortiz. of discount, &c., of subs__
Preferred dividends of subsidiaries
Interest and amortiz. of dsicount,
dates
142, p. 1974,
Corp.-—Preliminary Earnings
Earning Power
Annual Charge Basis
12 Mos. End. Dec. 31
'
or not
minority holdings by the public of common stock of subsidiaries.
The "net
equity of American Power & Light Co. in income of subsidiaries" includes
interest and preferred dividends paid or earned on securities
held, plus the
years
(interest
Preliminary Consolidated Statement of Earnings and Expenses
,
ijaid) on securities held by the public. the balance of income available for
nterests" is the calculated portion of The "portion applicable to minority
To Redeem 10-Fear
1955,
_
2,975,752
represent full requirements for the respective periods
year
listing and registration
Atlas Imperial Diesel Engine Co .—-Stock
Increase
Notation—All intercompany transactions have been eliminated from
the
above statement.
Interest and preferred dividend deductions of subsidiaries
*
1,
The
.
common stock
Sept.
stockholders on March 27 approved a plan to
authorize an increase
in the class A shares to provide for issuance of
6,599 shares as a stock divi¬
dend on basis of one class A share for each 30
shares class A or class B held.
—V. 142, P. 1278.
con-
Preferred dividends--
Listing & Registrat'n
The New York Curb Exchange has admitted to
M^S.) and *he 6% cumulative preferred stocky $100 par.—V.
4,389
deductions...—
Atlanta Gas Light Co.—Admitted to
the
Total income——-- $3,847,733
Expenses, incl. taxes—
83,361
Int. to public & other
Available for
Deferred—
The Interstate Commerce Commission has deferred
action on the applica¬
authority to abandon a line of road extending from
Havana to Cedar Vale, Kan.
approximately 38.73 miles.
The Com¬
mission said that while it was shown the line has been
operated at a loss,
there are indications evidenced by an
improved showing in 1935 that suffi¬
cient traffic may be developed to warrant
continued operation, especially
if the operation is performed on a more limited
tion of the company for
periods wheth'r
earned or unearned)..
Portion
applicable
to
minority interests....
expenses
Ltd.—Registers witht SEC—
See list given on first page of this
department.—V. 142, p. 2307.
res pec.
Operating
the previous
Gas sendout for the month was up
9.3% to 1,855,468,400 cubic feet.
Sendout for the 12 months period amounted to
20,636,748,400 cubic feet
16,520,438
Cr2,451
$4,996,497 $18,681,614 $15,104,964
Pref. divs. to public (full
div. require, applic. to
Period End. Feb. 29—
Gross earnings.
over
March 31, production totaled
3,866,106,634
units, or 8.6% above the previous year.
<
Gross output, including sales to other utilities was
349,447,120 units for
the month of March and 4,291,831,483 units for the
12 months ended
March 31, being respectively 6% and
10% above the previous comparable
periods.
it
40,100,342
'
3,984,038
Cr2,043
Prop, retirem't & deple¬
tion reserve approp'ns
Balance carried to
has been the
as
$77,021,487
income—-$11,269,093 $10,653,668 $40,996,765 $37,327,746
deductions
Int. chged. to construc'n
of subsidiaries
output increased 7.1%
consumption
Electric output of the Associated Gas & Electric
System for March was
7.8% above March, 1935.
Net production for the month was 327,420,229
units (kwh.).
The percentage increase over a year ago is not so favorable
$10,555,354 $40,690,853 $36,921,145
98,314
305,912
406,601
53,974
Interest to public & other
Balance
normal
7.8% Rise in March Electric Output—
$20,952,497 $83,771,382
10,397,143
43,080,529
from opera'n_$ll,215,119
Gross corp.
a
areas.
Operating re venues
$22,648,951
Oper. exp., incl. taxes__ 11,433,832
Net
date
back to
areas are
comparable period.
(& Subs.)—Earnings—
1936—3 Mos.—1935
Co.—Weekly Output—
For the week ended March 28, Associated Gas & Electric
System reports
75,245,059 units (kwh.), which is an increase of 8.2%
above the corresponding week a year
ago.
The effect of the recent
off this department.
American Power & Light Co.
Corp., Ltd.—New Director—
Det electric output of
American Kid Co,—Registers with SEC—
See list given on first page
1936
At a meeting of directors held on March
26, W. A. Arbuckle, C.A., was
elected to the board.—V. 142, p. 773.
•
common
March 31,
on
April 11,
13,501,379
851 406
0108 865
1 256 666
2)663',934
$23,322,731 $18,164,522
.
..
Interest, &c., of Associated Gas
8% bonds due 1940
Convertible debentures, due 1973
Income debentures, due 1978
$10,995,656 $10,559,486
..
& Elec.
Corp.
on:
730,998
^Balance
2',800',477
$4,553,657
65,199
$4,790,472
65,199
$4,488,459
-
2 317 830
3,435,624
Balance...
Amortization of debt discount and expense..
650,707
2.275 377
$4,725,273
Note—The above statement excludes all
income received or receivable
from Associated Gas & Electric Co. and all
deductions dependent thereon
Non-recurring expenses in connection with the
Wheeler-Rayburn Bill,
various investigations, legal cases,
&c., amounting to $1,810,246 on
"earning
power" and "since acquisition" bases for the 12 months
ended Dec. 31, 1935
not included above.
Similar items
amounting to $119,382 are not
included above in operating expenses for the 12
months ended Dec.
31,1934.
The total amount of such items for the
12 months ended Dec.
31, 1934
including amount charged to non-operating
expenses, was $216,022.
Amortization of debt discount and expense,
amounting to $1,593,738 on
"earning power—annual charge" basis and $1,321,864 on ' 'since
acquisition"
basis, which is included in fixed charges and other
deductions above, does
not involve a current cash
disbursement.
There are also
charges for
amortization of suspense, &c., included in
operating expenses above which
do not involve a current cash disbursement.
are
.
.
Financial
Volume 142
The consideration was an exchange
Balance Sheet Dec. 31
$
Assets—
7,398,000
622,602,189 634,489,659 Cap. stk. ($1 par) 7,398,000
737,949 Capital surplus. 161,334,490 278,839,620
121,364
Corp. surplus-—■ 1,947.629
812,990
Accrued Int. reCapital
surplus
ceiv. on bonds,
Investments
reserved
of
notes, &c.,
subs, cos
17,348
Midway Co.—V. 141, p. 2146.
contlngs.214,494,050 216,000,000
payable to
& Eleo. Co—
368,044
261,323
—
Due
85,707,630
145,779.260 125.410.760
stkhldr.
to
(Associated Gas
344,138
5,512
124,419
175,384
7,495
28,017
&Elec.Co.)—
Accounts
payable
Taxes accrued..
Interest & amortization.
1,352,964
funded debt
1,129,899
Res. for Federal
5,122,248
5,011,041
92,546
Atlantic
Refining
The 148.000 shares of 4%
on
the basis of
cumulative convertible preferred
stock offered
one
proceeds from the sale of the stock will be
April 29—
Co.—Financial Statement—For
period ended Dee. 31, 1935, see
last week's "Chronicle."—V. 141,
Insurance
financial statement for the
Aviation
of
Aviation
of General
North American Aviation, Inc.,
Corp.,
and Trans¬
Western Air, Inc., shares held by this company.
Stock¬
holders will be asked to authorize trustees to return the 38,600 shares of
General Aviation (which has divested itself of securities of air-mail con¬
tractors) to Aviation Corp. and to sell the 57,900 shares of North American
Aviation and 4,632 shares of TWA, and thereafter pay over to Aviation
&
Corp. net proceeds of such sale.—V. 141, p.
named Chairman of the Board.
SS£r
Birtman Electric Co.—Extra
Laughlin, Inc.—May Issue New
Bliss &
Earnings for Five Months Ended Feb. 29,
p.
1112.
Bloomingdale Bros., Inc.—Earnings—
21,435,379
21,099,877
19,271,155
1933
$19,202,933
18,641,044
$648,934
3,399
$748,183
3,104
$633,852
4,979
561,889
6,117
$652,333
283,234
6,117
45,000
$751,288
270,306
4,545
60,000
$638,831
276,595
3,120
40,000
$568,006
378,502
19,175
$317,983
202,419
120,000
$416,437
202,419
120,000
$319,116
214,837
def$4,436
2,784,657
Years End. Jan. 31—
Net sales
$94,018
y2,640,639
$104,279
1,808,564
675,000
def$50,725
2,521,394
675,000
52,795
38,843
1936
1935
1934
$22,084,314 $21,848,061 $19,905,007
Costs and expenses
Other income.
1936
Prov. for Fed. taxes
$45,223
$0.56
shares
v
Sold bonds, due May 1, 1940, by Judge Oliver B.semi-annual of the U. S.
lay 1, under an order signed will receive their
Dickinson, interest due
bonds held in the sinking fund.
The order does not apply to
.
•*-
first mortgage
Judge Dickinson authorized officials of the company to pay the interest
totaling $66,900 which is the third such order he has made since the com¬
pany filed its reorganization petition Feb. 25, 1935.
Admitted to Unlisted Trading—
The New York Curb Exchange has admitted to unlisted trading priv¬
ileges the five-year 6% consolidated mortgage bonds due March 1, 1938
(with and without warrants), stamped to indicate assent to the plan of re¬
organization.—V. 142, p. 2308.
& Aroostook RR.Disposed of Privately—
Bangor
Net income
Preferred dividends
Common dividends
Baldwin Locomotive Works—To Pay Interest—•
The holders of the $2,676,000 of first mortgage 5% sinking fund 30-year
District Court at Philadelphia.
-Securities Authorized—May
The Interstate Commerce Commission on
Preferred—
At special meeting April 20 stockholders will be asked to vote on a pro¬
posed charter amendment creating an issue of 25,000 shares of 5% cumu¬
lative $30 par preferred stock.
It would be convertible share-for-share into
common until Jan. 1 1942, to provide funds for retirement on July 1, 1936,
at $103 and accrued interest, of first mortgage 6% bonds due Jan. 1, 1949,
of which $779,500 are outstanding including $62,000 to be retired July 1,
1936, through sinking fund operation.
Walter R. Howell, President, said that among principal advantages to
result from retirement is that with removal of fixed debt and annual sink¬
Depreciation
Interest paid
Net income after all charges
Earnings per share on 81,479 capital
—V. 142, p. 774.
r
Dividend—
declared an extra dividend of 25 cents per share in
regular quarterly dividend of like amount on the common
stock, par $5, both payable May 1 to holders of record April 15. Previous
extra distributions were as follows:
10 cents on Aug. 1, 1935; 25 cents on
Feb. 15. 1935, and 10 cents on Feb. 1, 1935.—V. 142, p. 295.
The directors have
addition to the
4159.
Backstay Welt Co.—Earnings—
Be
was
ing fund requirements, the company should be in a position to distribute
to its common stockholders a greater percentage of its net income.—V. 142,
Corp.—Stock to Be Returned—
meeting on April 21, stockholders will be asked to rescind the
action taken at the meeting last year providing for the trusteeing and
eventual distribution, either of the stock or proceeds from the sale thereof,
At annual
continental
&c.—
resigned on March 27 as President of the company,
W. D. Anderson Jr., his son, was
elected President.
The Board also announced James H. Porter had re¬
signed as Executive Vice-President and was named Vice-Chairman of the
Board.—V. 139, p. 2988.
used for the retirement of
$14,000,000 15-year 5% gold debentures due July 1, 1937.
The company's offer to common stockholders will expire
V. 142, p. 2145.
pages
with SEC—
first page of this department.
Manufacturing Co.—New President,
Bibb
the 8%
$50, on April 1 to holders of
Beverly Apts. Liquidation Trust—Registers
See list given on
headed by Edward B. Smith &
Blyth & Co., Inc., Hayden, Stone & Co., Kidder, Peabody & Co., W. E.
Hutton & Co., Graham, Parsons & Co., E. W. Clark & Co., Cassatt & Co.,
Inc., W. II. Newbold's Son & Co., Biddle, Whelen & Co., Elkins, Morris &
Co. and Kuhn, Loeb & Co.
advertising
p. 4011.
par
W. D. Anderson
Co. and including Goldman, Sachs & Co., the Mellon Securities Co. (Inc.),
Brown Harrinian & Co., Inc., the Lee Higginson Corp., First Boston Corp.
Automobile
$94,046
initial dividend of 25 cents per share on
(to extent earned) pref. stock,
record March 31.—V. 136, p. 4272.
and
Co.—Stock Underwritten—Rights
held, have been underwritten by a group
The
$148,924
164.942
Corp.—Pays Initial Dividend—
Baxter Laundries
623,439,714 636,235,232
stock of record of April 9 for subscription at $100 a
share of preferred for each 18 shares of common
to holders of common
$250,467
119,166
37,254
2308.
The company paid an
1,158 851
adjusted creds
Total
623,439,714 636,235,232
—V. 141. P. 3851.
764.152
84,717
179,546
$326,178
140,000
37,254
Balance for common dividends and surplus
-V. 142, p.
Misc. res. & un¬
Total..
853.542
70,839
178,442
166,520
$36,188
$52,449
Appropriation for retirement reserve.
Preferred dividend requirements.
Balance
cumul.
Income & taxes.
1936—12 Mos.—1935
$1,595,523
$1,443,827
6,259
15,179
13,874
5,120
16,594
13 ,845
Taxes.
Interest accrued
on
1936—Month—1935
$140,718
$169,389
69,216
81,379
Period End. Feb. 29—
Gross earnings
Maintenance
.
Associated Gas
Funded debt...
share
^
Electric Co.—Earning
Baton Rouge
Operation
of
for
other
Notes
discount
expense)
&
debs.
debit
Item (unamort.
&
for
conversion
632,864
6,715
437,489
Accounts recelv.
debt
stock
__
Cash
Deferred
of 116,884 shares of Barnsdall
100,000 shares of outstanding stock of Midway Oil Co.
Officers
elected to succeed the officers and directors of the
the
of Barnsdall Oil Co. were
$
$
Liabilities—
for
1934
1935
1934
1935
2489
Chronicle
April 1 authorized the company
Previous surplus
Appropriated surplus
Disc,
on
$170,328
v
221,053
pref. stock pirn-
chased for redemption
out of excess in
Trans,
reserve
86,416
for conting
Excess in the reserve for
21,000
50,000
$2,801,220
piano installm't accts
$2,784,657
,
V
— ...
$3,270,929
$2,640,638
Losses incurred in conn.
156,364
631,000
with instai. accts
Store fixt. written down.
$2,801,220
Total surplus
$0.71
/
Including $777,000 representing the par
x
$2,640,638 x$2.483,564
$2,784,657
$0.38
Earns, per sh. on 300,000
shs. com. stk. (no par)
Nil
$0.35
value of preferred stock re¬
(1) to issue not exceeding $324,000 consol. ref. mtge. 4% bonds, and to sell
much of $537,000 of such bonds as are not required or may not be re¬
quired for use in the refinancing authorized Oct. 22, 1934; any or all of said
bonds to be sold at not less than 106 and int., exclusive of issue and transfer
stamp taxes, and the proceeds used to purchase outstanding bonds, and
(2) to issue not exceeding 6,156 shares of common stock (par $50), for the
purpose of converting all or any part of the $324,000 of bonds authorized
acquired. y Before deduction of $1,783,300 consisting of $675,000restricted
as of Jan. 31,
1926 as to common stock dividends and $1,108,300 repre¬
senting the par of preferred stock reacquired.
to be issued.
Bldgs., stores, fixts
& delivery equip 5,048,410
so
other arrangements have been made,
and none are proposed to be made at present, in connection with the sale
any of the consolidated refunding mortgage bonds.
It is expected, however,
that sales will be made either on the New York Stock Exchange or pri¬
vately, in such manner as will be most advantageous to the company,
but in each instance the net price to the company will be not less than 106,
exclusive of issue and transfer stamp taxes.
Ir sold on or about July 1,
1936, at 106, the annual cost of the proceeds to the company would be
approximately 3.483%.
The proceeds will be used to purchase at reason¬
able prices varying amounts of its outstanding 5% bonds maturing in 1939,
1943 and 1947, and the proposed sales will be made either in advance of
purchase or after making the purchase of these bonds.
All Washburn
extension 5% bonds and all St. John River extension 5% bonds so pur¬
chased will be turned over to the trustee of the consolidated refunding
mortgage, stamped "not negotiable
and held by the trustee pursuant to
Article 3 of that mortgage.
All other 5% bonds so purchased will be placed
in the treasury and will not be sold, pledged, repledged, or otherwise disposed
of unless specific authorization has been obtained from the ICG.—V. 142,
No
contracts, underwritings, or
2308.
p.
Bangor Hydro-Electric Co.-—Earnings—
Period End. Mar. 31—
Gross earnings
a
Operating expenses
Taxes accrued
Depreciation
Fixed charges
Dividend on pref. stock.
b Div. on
common
1936—Month—1935
$166,038
$167,891
58,112
64,073
25,300
25,300
10,307
10,266
26,771
25,482
31,988
Balance
14,481
25,483
14,481
$1,515
stock
$365
1936—12 Mos, —1935
$2,099,700
$2 ,046,274
739,429
285,450
150,513
350,635
305,792
707,632
286,600
148,264
350,185
173,772
305,796
251,608
$94,108
def$3,813
Figures reflect operations during the flood,
b May 1, 1936, dividend
stock has been declared payable out of capital surplus.—V. 142,
on common
p.
294.
Bank & Insurance Shares,
as
Inc.—New President—
]
the election of Samual C. Fipnell
elected to the board of directors
Finnell, J. A. O'Brien and Harry C. Thayer.—V. 140, p. 2175.
The company on April 1 announced
President.
The following have been
Mr.
Barnsdall Oil
Co.—Acquisition—
B. Reeser, President of the company has announced completion of
negotiations for the acquisition of Midway Oil Co. of Del. on an exchange
E.
of
stock
Custom's accts.
Miscell. invest
Prepaid
expenses-
60,121
2,424,290
196,592
94,947
1
Goodwill
expenses——_
Sundry creditors
__
Res. for Fed. tax,,
Acer,
taxes
Earned surplus
10,329,535 10,228,3721
x
Total
125,997
41,814
45,000
140,101
41,233
60,000
103,347
50,605
48,467
2,801,220
145,297
50,605
31,077
All of the
2,784,657
10,329,535 10,228,372
Represented by 300.000 shares of no par stock.—V. 140, p.
Boston
2,891,700
3,600,000
483,704
(other
than inc. taxes),
Divs. payable.___
Contingency res,,
Total
$
%
Accrued salaries &
2,000,253
64,714
2,273,884
222,977
131,671
1
Misc. accts. rec-—
1935
1936
2,891,700
5,147,934 x Common stock— 3,600,000
621,386
386,937 Accounts payablePreferred stock
&
receivable 2,227,003
Inventories
Jan. 31
Liabilities—
278,169
Cash,,
notes
Sheet
1935
$
2695.
Consolidated Gas Co.—Bonds Called—
been
Payment will
outstanding 20-year 5% gold bonds, due Feb. 1 1947 have
called for redemption on Aug. 1, next, at
105 and interest.
Street Trust Co., Boston, Mass.
Any bondholder who wishes to be paid before Aug. 1 1936, upon sur¬
render of his bonds, accompanied by Aug. 11936, and all subsequent coupons
to the trustee for immediate cancellation will be paid the amount of the
redemption price including interest on said bonds to Aug. 1 ,1936, less a
discount at the rate of X of 1% per annum from the date of payment to
the date of redemption.—V. 142, p. 1631.
be made at the State
a
a
Balance
1936
Assets—
basis.
Boston & Maine RR.—Equipment Trusts Authorized—
their annual meeting authorized the creation of an
The stockholders at
equipment trust up to $4,000,000 for the purpose of obtaining additional
rolling stock.
**
Another vote unanimously passed provided for the issuance'of $11,680,000
of bonds under the mortgage to reimburse the treasury for|,bonds! already
matured and paid off or for future maturities and for other}purposes.
Of
this amount $5,680,000 represents maturities already paid off, while $6,000,000 would provide for $5,000,000 Firchburg RR. 4s due Feb. 1, 1937,
$1,000,000 Portsmouth Great Falls & Conway RR. 4Xs, due June 1,
Incidentally, the latter is the only remaining underlying mortgage
* >■ M
As in the past year or two, stockholders granted blanket!authority to
directors for the issuance of $25,000,000 of bonds under the mortgage for
the purpose of refunding two distant maturities, viz., $7,5C0.000 series KK
5s, due March 1, 1952, and $17,500,000 series LL 6s, due June 1, 1962, in
case it should be found possible to refund these advantageously at a lower
coupon rate.—V. 142, p. 2309.
i
and
1937.
of the railroad.
2490
Financial
Chronicle
Bridgeport Machine Co.—Accumulation Dividend—
r
The directors have declared
a dividend of $1.75
per share on account
the 7% cum. pref. stock, par $100,
payable April 15,
April 25. This compares with $1.50 paid on March 30,
Feb. 28 and Jan. 30, last; $1 paid on Oct. 31,
Aug. 30, July 30, May 31
and April 30, 1935; $2 per share paid on March 25 and Feb.
25, 1935, and
$1 per share distributed on Jan. 25, 1935 and each month from Jan.
2,
1934 to Sept. 29, 1934, incl. In 1933 the company distributed
$1 per share
on Oct. 10 and $1.75 on Jan. 1.
In 1932 the company only paid two quar¬
terly dividends on the above issue, the Oct. 1 and July 1 payments having
"fo©0Dt pftS86(jt
'
'• V • :.r •;i■
-„'i
Accruals as of April 1 after payment of the April 15 dividend will amount
to $1.50 per share.—V. 142, p. 2146.
of accumulations
4% bonds and 40,000 shares
5% cumulative preferred stock.
The proceeds are to be applied
$2,486,230 to the redemption of $2,345,500 of secured sinking
fund 6% gold bonds, at 103 and
int.; $3,062,870 to the redemption of
$2,889,500 1st mtge. 6% gold bonds at 103 and int., and
$3,884,427 to
the redemption of
7% cumulative preferred stock at 110 and dividends.
of $100 par
on
as
to holders of record
,
bonds due from 1937 to
1941, $2,500,000, will not be redeemable.
The principal underwriters are
Blyth & Co., Inc.; William R. Staats Co.;
Dean Witter & Co.; Banks,
Huntley & Co.; Rateman, Eichler & Co.;
E. H. Rollins& Sons, Inc., and William Cavalier
& Co., all of Los Angeles.
The price to the public, the names of other
underwriters and the under¬
writing discounts or commissions are to be furnished by amendment.—
..
V., 142,
Registers with SEC—
the
an
depository receipts and on the ordinary bearer shares,
payable April 7 to holders of record Feb. 28.—V. 142, p. 618.
Period End. Feb. 29—
Net earnings
Bush Terminal Co.—Files Order
$526,871
1936—8 Mos.—1935
$9,265,133
4,989,963
$4,275,170
$516,266
$8,706,233
4,533,650
$4,172,583
—V. 142, P. 1976.
Broad River Power Co .—Refinancing
than
4%%.
!
The Commission's order said the sole purpose of the order was to "enable
the petitioner to secure a lower rate of interest on its existing bonded in¬
debtedness."—V.
142, p. 1280.
Brooklyn-Manhattan Transit Corp.—To Issue $109,000,000 Bonds—
Corporation on April 2 filed with Securities and Exchan0e Commission a
registration statement [No. 2-2076, Form A-2] covering $48,000,000 of
Rapid Transit collateral trust 3% % serial bonds, due serially May 1, 1937,
to May 1, 1951, and $61,000,000 of Rapid Transit collateral trust bonds,
4% % series, due May 1, 1966.
This is the largest amount of corporate
securities ever included in a single registration statement filed under the
Securities Act.
According to the registration statement, the proceeds from the sale of
the bonds, together with other funds of the corporation, are to be applied
as follows:
To the redemption on July 1, 1936, of $82,660,000 of Rapid
Transit secured 6% sinking fund gold bonds, series A, due July 1, 1968, at
105%; to the redemption on July 1,1936, of $10,000,000 of 15-year secured
6% sinking fund bonds, series A, due June 1, 1949, at 103%.
The balance of the proceeds is to be deposited with the trustee under the
new indenture and may be withdrawn by the corporation at any time sub¬
ject to terms and conditions of the indenture, for the purchase or redemption
of outstanding Rapid Transit 1st & ref. bonds of series A, or financing the
payment for equipment purchased by the Rapid Transit Co.
Interest on
the bonds to be redeemed, as well as the redemption premium and expenses
in connection with the redemption, will be paid out of the general funds of
the corporation, the interest to be charged against income, premium to be
charged to surplus, and expenses to be charged to unamortized debt expense.
The 3 % % bonds are redeemable at the option of the company as a whole
at any time, or in part on any interest payment date after 60 days' notice
in case of redemption of the entire amount, and 30 days' notice in case of
redemption of less than the entire amount, at the following prices plus
accrued interest: 105% for bonds due May 1, 1937 and 1938; 106%%
for bonds due May 1,1939,1940 and 1941; 105% for bonds due May 1,1942,
1943 and 1944; 104% for bonds due May 1, 1945 and 1946; and 102%%
for bonds due May 1, 1947, 1948, 1949, 1950 and 1951.
It is stated, however, that if the corporation shall participate directly
or indirectly in any plan for the unification of some or all of the rapid
transit railroads in the City of New York, the 3% % bonds shall be redeem¬
able in like manner as a whole at any time to and including July 1, 1937,
at the following prices:
103% for bonds due May 1, 1937.
105%
for bonds due May 1, 1938.
104%
103%
103%
102 %
102%
101%
101 %
100%
106%% for bonds due May 1, 1939.
106%% for bonds due May 1, 1940.
106%% for bonds due May 1, 1941.
105%
for bonds due May 1, 1942.
104 %% for bonds due May 1, 1943.
%
%
%
%
%
%
%
for
for
for
for
for
for
for
for
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
due
due
due
due
due
due
due
due
May
May
May
May
May
May
May
May
1,
1,
1,
1,
1,
1,
1,
1,
1944.
1945.
1946.
1947.
1948.
1949.
1950.
1951.
If, as a result of a unification program, the bonds are redeemed after
July 1, 1937, the redemption prices are to be the same as those for the
regular maturity.
The 4%% bonds are redeemable at the option of the corporation as a
whole at any time, or in part on any interest payment date after 60 days'
notice in case of redemption of all the bonds, and 30 days' notice in case
of redemption of part of the bonds, at the following prices plus accrued
interest: If redeemed on or before May 1, 1946, 105%; thereafter and incl.
May 1, 1951,104%; thereafter and incl. May 1,1956, 103%; thereafter and
incl. May 1, 1961,102%; thereafter and incl. May 1,1965,101%; thereafter
and incl. Nov. 1, 1965,100%%; and thereafter, 100%.
In the event of the unification as stated above, the 4%% bonds are sub¬
ject to redemption in like manner as a whole at any time to and including
Julyl, 1937,at 102%; thereafter and incl. May 1, 1956, at 103%; and there¬
after at the prices specified above for the periods subsequent to May 1,1956.
The price to the public, the names of the principal underwriters and the
underwriting discounts or commissions are to be furnished by amend¬
ment to the registration statement.—-V. 142, P. 2310.
Brush-Moore Newspapers,
Total
1935
revenue
1934
1933
$2,606,899
301,284
1,019,254
$2,017,588
218,845
820,175
414,342
91,805
384,721
357,838
94,842
$780,213
294,058
60,883
$692,615
230,157
64,394
$525,886
269,474
36,502
$425,270
Newsprint, ink and other materials._
Payroll and commissions.
1,354,216
262,556
920,029
$398,064
$219,908
Press association, v wire news, feature
service and departmental expenses.
Depreciation
Operating profit
Net other deductions
Provision for Federal income taxes
Net profit
94,293
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
$298,592
1934
$205,411
Cash surrender val.
of life insurance.
x
134,703
231,699
58,577
979,669
560,927
1,415,996
Inventories
Funded
Sinking fund assets
1,201,266
48,600
Permanent assets 1,233,678
Circulation,
good¬
will, &c_
Total
z
3,556,496
Deferred assets...
2,437,500
Reserves
220,739
3,556,496
65,075
$6,877,200 $7,208,557
cum.
cum.
$70,881
2,632,000
28,021
112,160
28,109
103,856
1,226,000
902,400
90,463
long term
Prepaid
subscrip¬
tions &advertis'g
7%
7%
1934
$155,530
104,638
debts
55,221
Other assets
1935
Accounts payable.
Accrued liabilities.
Notes and accts.
receivable
y
17,520
245,085
TAaMlltles—
lstpf.stk.
2dpf. stk.
Common
1,226,000
907,500
stock
(50,000 shares).
Surplus
Total....
802,994
818,230
1,102,855
1,336,616
$6,877,200 $7,208,557
After allowance for doubtful accounts of $146,465 in 1935 and $145,620
y After allowance for depreciation of $982,405 in 1935 and $790,669
in 1934. z Represented by 50,000 no-par shares.—V. 141, p. 3372.
x
in 1934.
Bullock's Inc.—Stock Increase Voted—
The
common
stockholders at
special meeting held April 7 approved
the proposal to amend the articles of incorporation to permit the issuance
of 40,000 shares of $100 par 5% cumulative
preferred stock.
a
common
for Discharge from Court
$3,639,058—
Judge Inch, in the U. S. District Court in Brooklyn,
signed an order
April 3 directing James C. Van Siclen and C. Walter
Randall, trustees,
to start suit on behalf of the creditors of the
corporation to recover $3,639058 paid in dividends by the
company in a period of 3% years.
An application for permission to
bring the suit was made by Root, Clark,
Buckner & Ballantine, counsel for the trustees.
It was unopposed.
In
papers
submitted/ to the Court counsel said the payments were made from
Nov. 22, 1928, to May 30, 1932.
The papers further declare it to be the
opinion of Touche, Niven & Co., public
accountants, that the payments
had impaired the capital of the
company.
The
papers
also
said
that
the
accountants, following a survey of the
properties of the company by engineers, found that
during the time the
payments were made the company had a deficit
ranging from $2,000,000 to
$4,000,000. The order of Judge Inch read:
•
"EP?n due deliberation it is
C. Walter Randall
are
a*id such other legal
ordered
that James
C.
Siclen and
plenary action
Van
instructed and directed to institute
a
proceedings in aid thereof, in such court
as
shall in their opinion deem advisable for
the recovery
such trustees
of the loss sustained
by the debtor herein, or by its creditors by reason of the
payment of the
dividends by the debtor during the
period of time from Nov.*22, 1928, to
May 30, 1932, in the amount of $3,639,058.06 and that said trustees shall
bring such action against such person or persons, and in each cas8 in
such
amount, as such trustees shall, in their opinion,
best interests of the estate herein and its
deem proper and in the
creditors."—V. 142, p. 2310.
(James) Butler Grocery Co.—Sale Weighed hy Court—
Judge Mortimer W. Byers, in the U.
S.
reserved
decision April 3 on an
application
organization of the company.
The main feature of the
plan provides for
the managers of the
stores, with a stipulation
the stores in the purchase of
merchandise,
The plan also provides that the
company
stores in the same manner.
District
to
Court
approve
in
Brooklyn,
the plans for
re¬
the sale of the retail stores to
that the company is to service
advertising and accountings.
service independently owned
During the hearing it was brought out that the proposed plan had the
more than 80% of the creditors and
stockholders.
M. J. Dix,
attorney representing a group of preferred stockholders, contended that
the proposed
change in ownership was not permissible under Section 77-B
of the Bankruptcy Laws.
approval of
an
Alfred J. L'Heureux of counsel for the
company told the Court that
265 of the store managers had
agreed to buy the stores and it was expected
that all but 25 of the
managers who had not signified their intention of
chasing their stores soon would do so.
Judge Byers directed counsel on both sides to submit briefs
tion or the legality of the sale.—V.
142, p. 1631.
Butte & Boulder Gold
Mining Co.,
SEC—
pur¬
on
the ques¬
Inc.—Registers with
See list given on first page of this
department.
Butte East
Slope Mining Co.—Registers with SEC—
See list given on first page of this
department.
Calaveras Cement Co.—Accumulated Dividend—
The
directors have declared a dividend of $1
per share on account of
on the 7%
cum. pref. stock, par $100, payable May 1 to
holders of record April 15.
A similar payment was made on March 2 and
Jan. 16 last, Nov. 15, and
accumulations
Aug. 12,
tribution made
on
1935, this latter being the first dis¬
15, 1934. when a regular quarterly
142, p. 1113.
this issue since Jan.
payment of $1.75 per share
was
made.—V.
Calgary Power Co., Ltd.—Common Dividend Passed—
The directors have decided to pass the dividend on the $100
par common
ordinarily due at this time. Previously, regular quarterly dividends of
$1.50 per share had been paid up to and including Jan. 2. 1936.—V.
140,
stock
P. 4228.
Central
Maine
Power
Co.—Exchange Aqent—
The Manufacturers Trust Co. is exchange
agent for the company to
exchange temporary for definitive bonds of the first and general mortgage
series G 4% bonds.—V. 142, p. 2310.
California Oregon Power Co.—Bonds
Inc.—Earnings—•
Calendar Years—
Trustees Plan Suit for
Plan—
The South Carolina Public Service Commission on April 1 granted the
petition of the company for authority to refinance bonds in the amount of
$11,350,400.
The company was authorized to refinance $8,359,900 5%
bonds, due Sept. 1, 1954; $1,046,500 5% bonds, due July 1, 1936, and
$1,944,000 5% bonds, due April 1, 1952, at a rate of interest of not more
All of the
An order for the discharge of the
company from the jurisdiction of the
U. S. District Court,
Brooklyn, has been filed by Lowell Birrel, attorney
for the company.
He informed Judge Inch, who recently indicated that he
would not discharge the
company until $350,000 of merchandising claims
and $1,000,000 of bond interest
arrears, were paid, that an agreement has
been made out of court
providing for those payments immediately after
the discharge is granted.
Judge Inch has set a date for a hearing as to the
form of order he should
sign.
Corp., Ltd.—Earnings—
1936—Month—1935
$1,179,897
$1,080,446
653,026
564,180
Building Co.-—Meeting Postponed—
The annual meeting has been
postponed until May 4.
American
Gross earnings
Operating expenses
2310.
and voting stock of the
company is owned by the Bush Terminal Co.—
V. 142, p. 1460.
interim dividend of 19 7/10 cents per share
British Columbia Power
p.
Bush Terminal
British-American Tobacco Co., Ltd.—Interim Dividend
on
follows:
The
See list given on first page of this department.—V. 142, p. 2146.
The directors have declared
April 11, 1936
The company has filed an
application with the Securities and Exchange
Commission for issuance of $5,000,000 secured
Offered—The First
Corp.; H. M. Byllesby & Co., Inc.; W. C. Langley
Co.;Edw. B. Smith & Co.; Blyth & Co., Inc.; A. C. Allyn &
Co., Inc.; Harris, Hall & Co. (Inc.); Emanuel & Co.; E. H.
Rollins & Sons, Inc.; Dean Witter & Co.;
Granbery, Safford
& Co.; and Wm. Cavalier & Co., on
April 6 offered at 971^
and int. $13,500,000 1st
mtge. bonds, 4% series due 1966.
The First Boston Corp. announced
April 7 that the selling
group operation in connection with the offering has been
successfully completed and that no further bonds were
Boston
&
available for allotment.
A prospectus dated April 6 affords the
following:
Dated
April 1, 1936; to mature April 1, 1966.
American Trust Co.,
Francisco, trustee.
Principal payable at office of the trustee or at
agencies of the company in New York or Chicago, and interest will be
payable on A. & O. 1 at office of the trustee in San Francisco, or at the
agencies of the company in New York or Chicago in lawful money of the
United States of America.
Denom. $1,000, registerable as to principal
only and interchangeable with fully registered bonds of $1,000, $5,000 and
$10,000, or such multiples of $10,000 as the company may determine to
issue.
Red. all or part on any date at option of
company on 30 days'
notice, at par and int. to date of redemption, plus a premium as follows:
7%% thereof if red. prior to April 1, 1941; premium thereafter decreasing
% of 1% per annum prior to April 1, 1947; premium thereafter decreasing
% of 1% per annum prior to April 1, 1961.
There shall be no premium
if redeemed on or after April 1, 1961.
The issuance of the bonds has been authorized by the Railroad Commis¬
sion of California and by the P. U. Commissioner of
Oregon.
Company will reimburse to any owner of bonds of the 4% series due 1966,
San
other than estate, succession, income and inheritance taxes that
be imposed and paid under the laws of Penn. upon such bonds
such owner as a resident of Penna., not exceeding, however, in
any year five mills upon each dollar of taxable value of such bonds.
Com¬
pany will also reimburse to any owner of bonds of the 4% series due 1966,
any taxes,
are
or
or may
upon
Financial
Volume 142
income or corporation taxes in respect of or measured by the interest
such bonds (or, in case of savings banks or trust companies having sav¬
ings departments, measured by the amount of deposit invested in such
bond or bonds), which such owner may lawfully pay under any present or
future law of Mass. on account of the ownership of such bonds or on account
of the interest thereon, not exceeding in the aggregate in any year 6% of
2491
Chronicle
Earnings for 12 Months Ended Jan. 31
any
on
the interest thereon.
$3,778,903
1,681,426
Netoper.rev. (before approp. forretirem'tres.). $2,273,854
$2,097,476
Other income
Security—Secured by a direct first mortgage on all fixed property and
franchises owned by the company at the time of their issue, on a part
of which are certain restrictions which do not impair its usefulness to the
and by a direct first mortgage on all fixed property thereafter
company in conformity with the terms of the indenture, in
company;
1936
Operating revenues
$4,043,636
x
Operating expenses, maintenance and all taxes.
1,769,782
1935
7,224
6,842
$2,281,079
300,000
$2,104,318
$1,981,079
239,092
1,028,813
157,003
$1,804,318
234,446
1,036,826
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
300,000
acquired by the
which the company will covenant that it will not suffer any lien to be
thereafter created or exist upon the mortgaged or pledged property or any
part thereof, whether then owned or thereafter acquired, or upon the
income therefrom, prior to the lien of the indenture, other than prepaid
liens, as defined in the indenture: the opinion and the covenant containing,
however, exceptions as to the prior lien of taxes, assessments and govern¬
mental charges at the time not delinquent.
Company & Business—Incorp. in California, Oct. 16, 1920.
Company
is an operating public utility company and is now engaged in the electric
and water businesses.
Company generates, transmits, distributes and sells
electric energy for light, power and heat service to domestic, commercial,
industrial, agricultural and municipal customers.
In addition, the com¬
pany supplies electric energy under long-term contracts to Pacific Gas &
Electric Co. and Mountain States Power Co.
Company's electric system is
interconnected with that of Pacific Gas & Electric Co. near Delta, Calif.,
and with the electric systems of Mountain States Power Co. at Springfield,
Ore., and at North Bend, Ore.
The territory now served by the company
has an estimated population of 110,000 and is located in Modoc, Shasta,
Siskiyou and Trinity counties in northern California and in Douglas,
Jackson, Josephine and Klamath counties in southern Oregon.
Appliances
for the utilization of electric energy are sold by the company throughout
its territory.
Company also develops the supply of and transmits, distributes and sells
water for general use and fire protection purposes to domestic, commercial,
industrial, irrigation and municipal customers in or near Dunsmuir and
Fort Jones, Calif., and Klamath Falls, Oakland and Roseburg, Ore.
For the year ended Dec. 31, 1935, approximately 54% of the gross
operating revenues of the company was derived from the retail sale of
electricity, approximately 40% from the sale at wholesale of electricity
and approximately 6% from the sale of water.
The generating stations owned by the company have a present installed
capacity of 100,430 kilowatts, over 99% of which is hydro-electric.
Com¬
pany also leases from Mountain States Power Co. and operates and maintains
the 15,000 kilowatt capacity Coos Bay steam plant located at North
Bend, Ore.
Purpose—Net proceeds, $12,691,149
(estimated without including that
part of the proceeds representing accrued interest and after allowance for
the extent necessary therefor, will be
used to redeem in lawful money of the United States of America all of the
mortgage debt of the company now outstanding and $1,500,000 5H%
gold debentures, series A, due 1942, and the balance of the net proceeds
$133,851
will
estimated expenses),
to
Gross income-
Rent for lease of electric properties
Interest charges
(net)..
—
Amortization of debt discount and expense
Amort, of preliminary costs of projects abandoned-
157,143
3,753
Other income deductions......................
15,600
11,464
$536,815
Net income
$364,437
x Including $183,334 for 1936 and $16,666 for
1935 for amortization of
extraordinary operating expenses deferred in 1931.—V. 142, p. 1976.
Calumet
&
Hecla
Consolidated
Copper
Co.—Votes
Dividend-—
The directors on April 9 declared a dividend of 25 cents per share on the
stock, par $25, payable June 1 to holders of record May 1.
common
This
will be the first dividend paid on the common stock since June 30, 1930,
when a dividend of 50 cents per share was distributed.
Vote
on
Capital Cut Postponed—
At their annual meeting April 9 the stockholders found the contemplated
corporate tax program sufficiently obscure to postpone a vote until May 19
on reduction of par value of the capital stock from $25 to $5, and on the
transformation of the balance sheet deficit into paid-in surplus. Corpora¬
tion Counsel Petermann urged the postponement.
"While it is inconceivable," he said, "that Congress would enact a law
to confiscate a surplus such as we would create—a paid-in or capital surplus
—still it would be wisdom for stockholders to mark time until
new law."
the
we see
Petermann stressed that there is nothing yet concrete in the bill
to measure tax liability of corporations, that the House draft will be subject
Mr.
change in the Senate, an<f that it would be inadvisable now to subject
such tax uncertainties.
par-value reduction affecting 2,005,502 shares outstanding
would cut capital stock account from $50,137,550 to $10,027,510.
The
$40,110,040 difference would eliminate the balance sheet deficit of $12,115,032 as of Dec. 31, 1935, and leave a net paid-in surplus of $27,995,008.
The plan makes no change in assets values or in the number of or equity
for individual share holdings.
The balance sheet deficit resulted largely
from distribution to shareholders from depletion to reserve.—Y. 142, p.2310.
to
the company to
The proposed
be used to reimburse the company's treasury for expenditures made
from
earnings
for additions and betterments to its plants and property
and for general corporate purposes.
The principal amount of the
issues and the respective redemption dates are set forth below;
respective
Camaguey Sugar Co.—Reorganization Plan—
See Vertientes Sugar Co. below.—Y. 140, p. 2697.
Principal
Redemption Date
ana
and Price
Issue
x
$4,160,067
103%
102%1
2,483,202
x4,200,000
105% I
the date fixed for redemption),
upon
surrender
of the bonds at the office of the trustee, with adjustment of accrued interest,
and the company has agreed upon such conversion to pay to the holder of
the surrendered bonds cash
at
1933
$
3,260,088
—
10,897,243
-
3,224,157
10,738,627
3,231,654
9,906,923
1,522,500
mortgage gold bonds, 6% series due 1962, at the option of the holders there¬
of, at any time on or before May 1, 1941 (or if prior to May 1, 1941, such
bonds be called for redemption on or before May 1, 1941, then on or before
to
'•>
$
the rate of $5 per $100 principal amount
The figure of $4,200,000 assumes the conversion of the entire
$4,000,000 of the 6M% series due 1942 and does not include the amount
1932
$
....
Mail
101K%
(Including Eastern Lines)
xl934
—--.133,744,771 126,118,275 112,319,218 120,715,008
16,644,700
16,331,229
15,032,432
17,258,919
8,637,700
8,490,214
8,029,515
9,051,421
Freight
Passenger
Express,
Other
Holders of refunding mortgage gold bonds, 6H% series due 1942, are
date ten days prior
1935
$
Revenue—
101.90%
Ry.—Earnings—
Years Ended Dec. 31
Income Account
entitled to convert the same into an equal principal amount of refunding
a
National
Canadian
Premium
$4,038,900 1st & ref. mtge., series B,
V
6s, 1942
*
Aug. I; 1936, at
2,436,900 1st & ref. mtge., series C,
5Hs, 1955
Aug.
1, 1936, at
4,000,000 Ref. mtge. gold bonds—
6Hs series due 1942—June
2, 1936, at
6% series due 1962
July 22, 1936, at
1,500,000 5H %
gold
debentures,
series A, 1942
May 18,1936,at
Total...............173,184,502
Expenses—•
164,902^502
Mainten. of way & struct 34,420,886
Maintenance of equip— 34,393,564
33,544,107
32,574,793
4,787,011
72,754,823
1,008,738
7,660,580
393,973
Traffic...
4,740,013
Transportation.
77,131,971
Miscellaneous operations
1,015,265
General
7,636,464
Transp. for invest.—Cr_
411,915
...—.
3,408,669
10,669,569
148,519,742 161,103,594
30,381,972
30,610,987
5,006,239
68,540,471
1,000,502
7,569,753
297,365
30,130,325
32,216,989
5,703,493
78,029,131
1,188,391
8,157,544
217,713
thereof.
of payment of $5 per $100 principal amount on conversion, which will be
made out of other funds to be advanced by Standard Gas & Electric Co. to
the company on open account without interest pursuant to an agreement)
requiring the repayment of such advance within one year.
At Dec. 31, 1935 Standard Gas & Electric Co., one of the parents of
the company,
series A, due
owned $3,000,000 of the outstanding 5H % gold debentures,
1942.
The $1,500,000 debentures to be redeemed will be
called by lot in the manner provided for in the trust indenture under which
they were issued.
Total
...158,926,249 151,936,079 142,812,560 155,208,161
12,966,423
5,707,183
5,895,433
5,241,858
5,270,248
5,204,948
46,813
106,271
141,062
Net
rev. from ry. opers__ 14,258,253
Railway tax accruals5,209,133
Uncollect, railway revs..
94,037
Railway oper. incomeRevs, from hotel opers..
Expenses of hotel opers.
Taxes on hotel property.
8,955,083
2,389,895
2,163,041
125,083
7,677,752
2,126,959
1,948,303
141,639
330,664
1,797,188
1,842,846
130,924
549,421
2,360,929
2,290,538
129,873
37,017
lossl76,583
1oss59,482
109,527
223,472
265
119,555
86,675
232,491
1,620
98,165
1,542,352
161,584
224,156
Net income from hotel
Capitalization (Giving Effect to Present Financing)
4% series due 1966
% gold debentures, series A, due 1942
Cumulative preferred stock: x
7% ($100 par).
6% ($100 par).
6%, series of 1927 ($100 par)_
Common—No par value.
-
Outstanding
$13,500,000
5,500,000
Not limited
Not limited
1st mtge. bonds,
2,900,000
---
_.
2,883,000
1,000,000
11,100,000
150,000 shs.
1,000,000
y5,866,300
z82,061 shs.
As of Dec. 31, 1935, dividends in arrears amounted to $8.75 per share
the 7 % cumulative preferred stock, $7.50 per share on the 6 % cumulative
x
on
preferred stock and $7.50 per share on the 6% cumulative preferred stock,
series of 1927, an aggregate amount of $767,235.
y As of Jan. 27, 1936, 1,631 shares of 6% cumulative preferred stock,
series of 1927 ($163,100) were reacquired by the company and subsequently
canceled
z
Conimon stock liability as per Dec. 31,1935 balance sheet, $6,847,100.
1935
1934
Joint facility rent income
Inc. from lease of road
Miscell. rent income
Miscell. non-transport'n
property
Dividend income
Inc. from funded secure.
Inc. from unfunded
reservefunds
$4,012,000
b2,019,860
$3,768,848
1,904,866
$3,605,473
1,771,214
$1,992,140
6,212
$1,863,982
6,668
$1,834,259
11,481
$1,998,352
Appropriation for retirement reserve.
300,000
$1,870,650
300,000
$1,845,740
174,842
_
—^—
Balance
Other income-
■
Total income
—
income charges..
$1,698,352
$1,570,650
$1,670,898
ferred in 1931.
\i
the $13,500,000 first mortgage bonds,
4% series due 1966, to be outstanding upon the retirement of the presently
outstanding mortgage debt of the company and the $1,500,000 of the
company's debentures, will be $540,000 and the annual interest charges on
the total funded debt to be then outstanding will be $842,500.
Underwriters—The name of each underwriter and the respective principal
amounts of the bonds severally to be purchased by each are as follows:
First Boston Corp., New York
$2,700,000
H. M. Byllesby & Co., Inc., Chicago-...
2,450,000
W. C. Langley & Co., New York
1,700,000
A. C. Allyn & Co., Inc., Chicago—
1,300,000
Edward B. Smith & Co., New York
1,200,000
Blyth & Co., Inc., San Francisco
1,200,000
Emanuel & Co., New York
850,000
Harris, Hall & Co. (Inc.), Chicago
600,000
E. H. Rollins & Sons, Inc., New York
500,000
Dean Witter & Co., San Francisco
500,000
Granbery, Safford & Co., New York300,000
Wm. Cavalier & Co., San Francisco
200,000
_
1,414,148
40,842
699,202
360
49,940
1,086,680
139,616
1,533,076
47,442
1,029,914
89,280
191,009
1,388,340
116,088
161,654
1,265,104
538,998
189,613
223,127
504,439
1,064,734
100,000
1,245,321
1,069,423
100,000
3,053,649
7,295,649
7,399,736
9,406,511
14,983,224
—
1,062,919
100,000
631,033
5,926,370
—
15,010,418
7,553,817
9,896,451
1,019,933
29,290
199,272
1,283
7,834
2,269,417
1,372,712
508,201
144,407
904,640
30,335
187,119
1,289
8,098
2,231,818
1,372,038
542,300
161,570
515,149
35,189
187,483
1,590
7,646
2,264,868
1,351,788
646,994
156,743
453,878
32,045
270,368
5,388
10,625
2,294,995
1,350,197
724,168
126,549
1,373,060
182,125
964,186
211,058
1,163,204
221,972
1,654,747
467,189
827,638
1,277,520
84,782
867,498
3,601,755
84,223
907,515
5,559,594
80,827
Contrib. from others—
Gross income
Hire
of
freight
222,447
cars—
debit balance
Rent for locomotives—
Rent for pass .-train cars.
Rent for floating equip.
Joint facility rents
Rent for leased roads-__
Miscellaneous rents
Miscell. tax accruals
Separately oper. props.,
—loss
The annual interest requirements of
42,091
549,704
1,422,568
75,110
—
_
a Including rent for lease of electric properties and all taxes but excluding
appropriation for retirement reserve,
b Operating expenses for 1935 in¬
clude $200,000 for amortization of extraordinary operating expenses de¬
1,027,910
1,557,407
53,033
1,094,631
& other
Rent for work equip
Net income before interest & other
106,062
220,596
4,557
116,961
1,547,892
51,474
sec.
& accounts
Inc. from sink.
1933
Operating revenues.
a Operating
expenses-
I
Rent from locomotives.
Rentfr. pass.-train cars.
Rent from floating equip
Rent from work equip
Miscellaneous income-..
Summary of Earnings for Calendar Years
Years Ended Dec. 31—
101,771
operations
Authorized
Int.
Int.
on
on
unfunded debt..
Govt, loans for
783,671
refunding-.Amortiz.
of discount
on
funded debt
Miscell. income charges.
Miscell. approp. of inc.
_
1,085,516
1,328,253
87,636
..
Net profit before int..
Int. due public on longterm debt
4,590,611
6,206,0271oss3,552,2861oss4041,640
53,4??^?£ 55,811,746
56,465,427
56,965,278
48,878,182
Dom. Govt, loans 35,949,677
49,605,719
35,994,578
60,017,713
36,034,141
61,006,919
35,525,540
84,827,859
85,600,297
96.051,854
96,532^459
Net def. before int. on
Govt.loans.______
Int.
on
—
Net deficit
x
Adjusted figures.
2492
Financial
Consolidated Balance Sheet Dec
Coupon
1935
1934
1933
Assets—-"'i,t '•
■ '•
^
$
$
Invest, in road & equip.—2,094,178,081 2,127,430,585 2
,134,556,443
Impr. on leased ry. prop..
3,879,078
3,807,674
3,684,472
i
Sinking funds
Depolsts in lieu of
*,
11,921,667
23,860,365
$
19,851,491
5,224,996
5,202,561
5,014,082
4,898,847
60,227,654
31,584,107
60,404,738
60,831,402
59,650,506
31,553,319
31,879,426
778,157
6,032,384
863,337
2,705.562
7,510,388
9,120,265
6,479,093
29,045,428
2,291,378
7,644,258
7,033,408
875,794
889,676
627,878
4,014,322
4,559,027
3,629,901
3.254,760
4,724,760
3,427,483
6,350,418
Loans and bills receivable
Traffic & car service bal¬
agents A conductors...
Miscell. acct's receivable.
Dom. Govt.—bol due on
deficit contributions...
Materials and supplies
12,214,530
27,392,171
Interest & div. receivable-
579,965
Bents receivable.
4,464,467
ment of, the ordinary stock of the
company, corresponding variation and
adjustment of the conversion privilege will be made.
The new issue of $38,000,000 3-and
5-year 2J^% collateral trust bonds
and convertible 93^-year 3% collateral trust bonds
will be a direct obliga¬
tion of the company and will be
specifically secured by pledge under a trust
agreement to Royal Trust Co. of consolidated debenture stock of Canadian
Pacific Ry., in currency of the Dominion of
Canada, in the ratio of not
less than $120 consolidated
time outstanding.
14,407,510
25,895,062
734,045
13,257,697
28,542,598
582,455
51,914
55,086
887,075
34,565,179
Wood, Gundy & Co. Ltd.
205,571
220,481
192,161
11,653,924
11,408,581
17,506
17,506
19,606
7,136,882
1,017,879
514,223
7,011,834
7,759,480
7,322,576
paid in advance
Discount on capital stock.
Discount on funded debt.
216,052
189,500
16,486,775
259,635
220,454
189,620
14,481,197
Other unadjusted debits..
Profit and loss deficit
6,838,595
856,274,487
189,500
13,891,932
4,365,327
789,040,675
McLeod,
Osier &
Cochran, Murray & Co. Ltd.
T. M. Bell & Co., Ltd.
Isard, Robertson & Co. Ltd.
R. O. Sweezey & Co. Ltd.
3,119,751,478
Liabilities—>
270,213,164
270,213,564
Dom. of Canada expense
for Cndn. Govt. rys...
405,062,275
Loans and bills payable..
Traffic & car service bal¬
payable
17,406,770
404,279,909
478,554
404,378,682
743,016
Nesbitt, Thomson & Co. Ltd.
Collier, Norris & Henderson Ltd.
Gairdner & Co., Ltd.
Mead & Co. Ltd.
Kerrigan, MacTier A Co.,
R. A. Daly & Co., Ltd.
2,026,993
2,561,446
9,544,898
2,105,418
6,871,490
3,692,832
3,142,434
11,683,362
1,984,635
Interest matured unpaid.
8,582,740
11,502,745
9,390,843
8,944,865
309,022
9,552,665
16,334
Dominion Securities Corp., Ltd.
Richardson & Sons
James
Royal Securities Corp., Ltd.
Gouinlock & Co., Ltd.
Corp., Ltd.
10,651,844
10,962,655
416,347
11,052,420
402.250
774,576
Midland Securities
7.884,301
Fund. debt. mat. unpaid.
Unmatured int. accrued..
Unmatured rents accrued
Other current liabilities..
398,482
1,061,437
1,057,950
Other deferred liabilities.
3,423,088
3,692,044
Tax liability
1,351,952
1,540,010
2,891,542
1,767,674
11,609,767
2,428,789
12,811,204
1,463,062
2.575.767
399,724
815,961
3,789,946
1,888,524
11,653,924
2,755,639
13,918,340
1,378,500
2,160,646
683,581
681,517
681,871
Insur, & casualty reserve.
Accrued deprec.—road...
Accrued
deprec.—equip..
Accrued
deprec.—Misc..
Other unadjusted credits.
11,609,767
2,491,586
13,041,626
thru
income and surplus....
24,097
4,587,819
2,147,191
11,408,581
2,717,264
12,984,206
1,297,284
587,465
587,465
reserve.....
1,164,161
1,075,077
1,102,758
587,466
1,079,379
2,743,574
587,465
Earnings of System for First Week of April
1936
Gross earnings
—V. 142, P. 2310.
—.......
1935
$3,358,934
$3,149,032
Increase
$209,902
Earnings of System for Fourth Week of March
1936
Gross earnings
1935
$4,562,584
...
$4,452,342
—V. 142, p. 2310.
Norsworthy
A. H. Smith & Co.
Increase
$110,242
Co.—Earnings—
Earnings of System for Fourth Week of March
■V'i;;
Rent for leased property
(net)
17,077
3,431
17,077
2,189
205,629
33,499
204,411
34,730
$413,355
196,603
$355,457
$4,940,063
196,907
2,359,612
$4,758,421
2,365,429
Other income (net)
1935
Increas
$3,264,000
Gross earnings
1936
$2,935,000
$329,000
—V. 142, p. 2310.
Chesapeake & Potomac Telephone Co. (Bait.)—Earns.
Calendar Years—
Local service revenues
1935
Miscellaneous revenues............
Total
1934
1933
$9,999,401
2,815,310
480,541
$9,795,237
2,667,960
423,325
$9,502,630
2,509,669
413,200
...$13,295,252 $12,886,523 $12,425,499
Uncollectible operating revenues
45,278
41,510
127,968
Total operating revenues
Current maintenance
$13,249,974 $12,845,012 $12,297,531
2,227,898
2,230,332
2,072,209
Depreciation expense
2,146,390
2,155,619
2,201,853
Traffic expenses
2,018,531
1,918,058
1,706.543
Commercial expenses
1,139,885
1,060.491
1,022,320
Operating rents
tr
184,903
179,361
199.549
General and miscellaneous expenses.,
xl,272,502
1,057,842
1,058,294
Taxes
1,633,085
1,598.872
1,609,120
Net operating income
$2,626,779
$2,427,642
1,388
$2,645,163
142,489
$2,429,031
220,894
$2,541,042
210,000
2,100,000
Balance available for dividends
Dividends on preferred stock (7%)..
Dividends on common stock
726
$2,630,574
89,532
Income available for fixed charges.
Fixed charges
$2,644,437
3,794
Net non-operating income
[National Power & Light Co. Subsidiary]
Period End. Feb. 29—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$855,322
$812,832
$9,985,673
$9,668,849
Operating expenses
428,321
442,487
4,873,480
4,740,747
Ltd.
'
-
Carolina Power & Light
Gross corp. income...
Int. & other deductions.
The Western City Co., Ltd.
Henri Turgeon Limitee
Ltd.
997,626
2,666,379
3,181,424,323 3,146,082,339 3,114,425,507 3,119,751,478
—
&
Flemming & Co.
Houston, Willoughby & Co. Ltd.
Ltd.
Holt. Rankin & Child
Griff Is,
Fairclough &
Toll service revenues
income and surplus....
Appropriated surplus
682,428
Ramsay & Co.
J. L. Graham & Co.
2,543,993
prop,
Funded debt retired thru
W.'C. Pitfield & Co. Ltd.
Ernest Savard Limitee
Harris,
Birks
Matthews & Co.
Fry & Co.
Eastern Securities Co.,, Ltd.
Brawley, Cathers & Co.
Wills, Bickle & Robertson
Irving, Brennan & Co. Ltd.
Aird, Macleod & Co.
Rene-T. Leclerc Inc.
Lawson Williams & Co. Ltd.
Bell,
3,473,223
Ltd.
McTaggart,
Hannaford,
Gordon, Ltd.
John Graham & Co.
405,170,074
820,673
2,533,780
8.156.766
356,408
Aud. accts. & wages pay.
Miscell. accounts payable
Total
A. E. Ames & Co. Ltd.
'
Ross, Ltd.
D. M. Duggan Investments, Ltd.
Melady, Sellers & Co., Ltd.
Wright, Henderson & Co. Ltd.
1,264,517,167
1,084,653,588
Sinking fund
Vaughan & Co., Ltd.
W. H. Watson & Co.
270,213,564
to
Hammond
Burns Bros.! Ltd.
17,713,538
17,615,928
17,536,948
Fund, debt held by publicl.154,779,001
1,246,330,439 1,255,302,155
Dominion of Canada acct. 1,249,631,047
1,132,067,130 1,086,171,004
Additions
National de Placement
Limitee
Canadian Alliance Corp. Ltd.
Pemberton & Son Vancouver Ltd.
Credit Anglo-Francais Limitee
A. T.
Grants in aid construction
ances
Comptoir
Corp. of Canada
Harrison & Co. Ltd,
Mills, Spence & Co., Ltd.
189,620
Total.. .......—.....3 ,181,424,323 3,146,082,339
3,114,425,507
H. C. Monk & Co. Ltd.
Greenshields & Co. Inc.
L. G. Beaubien & Cie. Limitee
Iselin
235,915
3,918,918
748.412,636
270,212,564
$100 of bonds from time to
Bartlett, Cayley & Co. Ltd.
C. H. Burgess & Co. Ltd.
Dyment, Anderson & Co.
Young.
Weir & Co., Ltd
Societe de Placements Incorporee
15,396,007
4,018,989
763,765,143
Capital stock
to
Milross Securities Corp. Ltd.
Hanson Bros. Inc.
Aldred & Co. Ltd.
825,495
53,974
543.092
11,609,767
Other deferred assets
Rents & insur. premium
debenture stock
Bankers Making Offering
51,141
729,468
197,612
11,609,767
Other funds
}
of any bond, interest accrued on such bond
after the last preceding
interest date shall not be payable.
In the event of change in, or replace¬
6,298,655
18,006
Other current assets
Working fund advanced._
Insurance, Ac., funds
sion
210,000
receivable
balance receiv. from
April 11, 1936
and
Convertible Bonds—The convertible bonds will be convertible at the
op¬
tion of the holder at any time
during the period beginning April 1, 1937,
and terminating April 1, 1944
(inclusive of both days) into shares of the ordi¬
nary stock of the company, in the ratio of 4 shares of the
par value of $25
each to each $100 principal amount of the
bonds. In the event of conver¬
3,532,070
990,762
Special deposits...
ance
1932
2,136,895,346
18,224,180
cos...
Other investments at cost
Cash
Net
21,686,193
bonds
fully registered bonds interchangeable.
Bonds will
bear interest as from April 1, 1936.
Callable on any interest date on 30
days' notice at 102 and interest.
Royal Trust Co., Montreal, trustee.
raort
gaged property sold
Miscell. physical property
Invest, in affiliated
Chronicle
31
$2,502,674
210,000
2,100,000
$2,208,137
210,000
2,100,000
Balance transferred to surplus
$231,042
$192,674 def$101,863
Includes engineering costs amounting to
$53,415 due to adoption of a
distributing such costs; in 1934 similar costs were dis¬
tributed principally to maintenance and construction
accounts.
x
revised method of
Balance..
y$216,752
y$158,550
reserve appropriations
applicable to preferred stocks for
period, whether paid or unpaid
Property retirement
z
$2,580,451
960,000
$2,392,992
960,000
1,255,237
1,255,237
Dividends
Balance.
$365,214
$177,755
y Before
property retirement reserve appropriations and
dividends,
Dividends accumulated and unpaid to Jan.
31, 1936, amounted to $1,150,266. Latest dividends, amounting to $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, were
paid on Jan. 2, 1936.
Dividends
on these stocks are cumulative.—V.
142, p. 1810.
z
Central Power &
Light Co.—Dissolution of Subsidiaries
During 1935 final dissolution of Laredo Electric & Ry. was effected.
The physical properties of the Aransas
Pass-Rockport Light, Ice & Power
Co., a former subsidiary company, were taken over by the company subject
to the outstanding bonds, and the
subsidiary company was dissolved.
On
Dec. 31, 1935, there remained but two small
operating subsidiary com¬
panies, both of which operate
across
Comparative Balance Sheet Dec. 31
1935
1934
1935
Telephone plant..50,037,385 50,092,094
Other investm'ts-39,433
39,443
Miscell. phys. prop
16,696
16,678
Cash
164,623
173,009
Working funds...
16,179 X:/ 13,482
Mat'l & supplies..
308,135
285,539
Accts.
recev.
and
other curr. assets
1,310,382
154,434
82,084
Prepayments
Other defd' debits*.
1,238,321
140,031
273,254
Prem.
on cap. stk.
from Amer.
15,419
15,419
Tel. & Tel. Co..
Notes sold trustee
575,000
1,300,000
of pension fund.
1,606,545
Customers' depos.
1,450,644
Adv.
& adv.
billing &
payments
309,408
299,967
647,740
579,163
730,857
Deprec. reserve...12,603,029
Surplus reserved
707,684
4,668
12,493,25
923,290
Unapprop. surplus 2,637,837
1,497,763
Accts. payable and
other curr. liab.
Acer, liabilities not
due
the border in Mexico.
Deferred credits..
Preferred Dividends—
F"
The directors have declared a dividend of 43
% cents per share on the
7% cum. pref. stock, par $100, and 37^ cents per share on the 6% cum.
pref. stock, par $100, both payable May 1 to holders of record April 15.
Similar distributions were made in each of the seven
preceding quarters.
No payments were made in May or
February of 1934.
The company on Nov. 1, 1933, paid a dividend of 43 % cents
per share on
the 7% pref. stock, as against 87
cents per share on May 1 and Aug. 1,
1933, and $1.75 per share perviously each quarter. On the 6% pref. stock
a dividend of
37>3 cents per share was paid on Nov. 1, 1933, as compared
with 75 cents per share on May 1 and
Aug. 1, 1933, and $1.50 per share in
preceding quarters.—V. 142, p. 1977.
Canadian
Pacific
Ry.—$38,000,000 of Bonds Offered in
Canadian Market—During the last week of March three
bond
issues, aggregating $38,000,000, were successfully
placed on the Canadian market by a syndicate headed by
Wood, Gundy & Co., Ltd.
The issues and the offering
prices were as follows: (a) $15,000,000 convertible 92^-year
3% collateral trust bonds, placed at 94.44 and int., to yield
3.70%; (b) $8,900,000 3-year 2)^% collateral trust bonds,
placed at 100 and int.; and (c) $15,000,000 5-year 23^%
collateral trust bonds, placed at 96.56 and int., to yield
3.25%.
Bonds are dated April 1, 1936.
Principal and semi-annual interest
(A. & O.) payable in lawful money of Canada in principal Canadian cities.
Coupon bonds in denoms. of $1,000 and $500 registerable as to principal
only.
Fully registered bonds in denoms. of $1,000, $5,000 and $10,000.
1934
Liabilities—
$
$
Common stock...30,000,000
30,000,000
x Preferred stock.
3,000,000
3,000,000
Total
x
52,129,353 52,271,852
Called for retirement
on
April 15,
Total..
1936 at
p. 777.
3,517
52,129,353 52,271,852
$110 per share.' —V.
142,
Chicago Milwaukee St. Paul & Pacific
RR.—Equipment
Trust
Certificates—
The Interstate Commerce Commission
on April 1 authorized the
company
obligation and liability in respect of not exceeding
$3,840,000
equipment-trust certificates, series O, to be issued by the New
York Trust
Co., as trustee, and sold at par and dividends to the
Reconstruction Finance
Corporation in connection with the procurement of certain
equipment.
—V. 142, p.2311.
to
assume
Chrysler Corp.—Overseas Sales Up—
Overseas shipments
of cars and trucks by Chrysler Corp. in
February
17.83% greater than for the corresponding period last
year, according
Ledyard Mitchell, Vice-President in Charge of
Exports.
For
January and February export shipments were
7.43% above a year
were
to
W.
ago.
"One out of
every three motor cars shipped overseas
by member com¬
panies of the Automotile Manufacturers Association
during February was
a Chrysler
product," Mr. Mitchell said.
"Our
that month were
trucks showed
an
15.33% ahead of last
30.89%.
increase of
"These sales performances
the overseas market for motor
are
a
year,
passenger car exports in
while Chrysler-built motor
continuation of
the renewed vigor of
cars that was so
strongly in evidence through¬
of 1935 when our Canadian and overseas sales totaled
75,514 units, and point to an even larger total and record for
1936."—V.
142, p. 947.
out the entire year
2493
Chronicle
Financial
Volume 142
Balance Sheet Dec. 31
Chesapeake & Potomac Telephone Co. of Virginia—
revenues-—-$5,681,412
Local ser\ice
2,017,990
401,444
Toll service revenues
Miscellaneous revenues
Telephone plant..24,752,281 24,819,091
Misc.
phys.
Other
28,622
98,772
Investments
prop.
2,025,000
2,700,000
730,917
648,178
546,989
fd.
Cust. depos. & adv.
170,117
billing &paym'ts
176,512
170,329
62,946
14,155
Accts. pay. & other
$7,652,717
Working funds—
8,930
132,761
10,210
32,596
29,129
Accts. receivable..
589,926
Material & suppl
142,581
58,377
17,400
Uncollectible operating revenues.—
$8,068,250
1,311,101
1,381,328
1,017,411
Total operating revenues
Current maintenance
—_
-
Depreciation expense
Traffic expenses
-
651,323
176,938
Commercial expenses
Operating rents
miscellaneous expenses.
General and
Taxes
x675,819
844,647
_
-
—
_
$7,623,588
1,358,879
1,355,202
1,002,982
615,249
165,877
589,643
300,229
430,729
26,045
392,062
4,358,528
4,051,461
Unapprop. surplus
Total
—V.
770
$1,354,609
1,440,000
$137,925
372,498
Deprec. reserve
215,439
261,582
10,529
$1,577,926
1,440,000
liabilities
1,470,266
1,298,127
current
credits—
Deferred
$1,842,931
732'
Notes sold to trus¬
Acer. liab. not due
Other def. debits..
$1,760,032
82,898
214,545
259,147
10,474i
_.
.
Prepayments
775,722
$2,009,681
53,143
$2,062,825
Net operating income
Net non-operating income
_
def$85,391
—
138,
.
..—25,790,496 25,790,102
Total
.25,790,496 25,790,102
—
__
.—
Other interest
__
Amortization of discount
on
funded debt
Other fixed charges
Income available for dividends
Dividends
on
common
—
—
stock
Balance, surplus
x
Authorized—
Chicago Union Station Co.—Bonds
authorized the company,
exceeding $44,000,000 of first mortgage 3%%, series E; such
bonds to be sold at 102% and int. to date of delivery, and the proceeds
to issue not
$53,882 due to adoption of a
Includes engineering costs amounting to
such costs; in 1934 similar costs were
tributed principally to maintenance and construction accounts.
revised method
of distributing
dis¬
Assets—
1935
Liabilities—
Telephone plant.-33 ,541,144 32,121,847
Misc. phys. prop—
58,818
58,818
Adv.
trolled
Other
3,900,000
4,150,000
852,993
754,432
251,102
230,330
due
539,872
398,967
credits—
7,657
419,709
354,462
13,836
5,752,438
1,702,523
5,240,190
1,559,235
Notes sold to trus¬
funds
310,552
143,757
160,647
15,073
4,500
888,861
funds
Notes receivable—
Accts. receivable—
tee of
& advance
12,184
10,000
Material & suppl—
271,990
billing
& other
Acer, liab., not
204,932
current liabil
Deferred
Deprec. reserve
Unapprop. surplus
Total
35,491,256 35,029,297
Total
35,491,256 35,029,297
—V. 140, p. 2349.
1934
$7,534,668
837,891
450,602
1935
$8,691,927
876,762
502,781
Calendar Years-—
Local service revenues
revenues
Miscellaneous
revenues
$8,823,161
$9,239,841
4,948
39,459
109,000
.
$8,783,702
1,776,841
1,529,935
1,777,213
1,001,464
$9,130,841
1,524,218
1,493,822
1,649,307
V
889,032
735,234
33,050
748,148
608,075
40,739
696,473
757,098
$2,177,804
2,065
$1,308,976
1,082
$2,080,150
5,424
$2,179,870
267,041
$1,310,058
329,418
$2,085,574
305,824
$10,066,522
Total operating revenues
maintenance
Current
1,767,378
Depreciation expense
1,609,206
1,847,888
1,064,616
34,031
x830,364
Traffic expenses
...
expenses
Operating rents
General and miscellaneous expenses..
Taxes
Net operating income
Net
1933
$8,011,281
766,634
461,925
$10,071,470
Total
Uncollectible operating revenues
Commercial
non-operating income
-
Income available for fixed charges.
Interest
Balance available for dividends
Dividends
on common
stock.
$980,640
1,440,000
$1,912,829
1,480,000
$1,779,750
1,440,000
$339,750
x Includes engineering costs amounting to $41,834 due to adoption of a
revised method of distributing such costs; in 1934 similar costs were disdistributed principally to maintenance
and construction accounts.
investments
36,365,106
16,575 Adv.
16,575
28,444
124,450
10,130
466,389
481,375
1,214,505
1,192,051
143,762
32,644
136,946
Miscell. phys. prop
Working funds
Mat'I & supplies..
Common
28,444
335,682
10,177
Accts. receivable &
$
from
Amer.
1,770,000
3,570,000
pension fd 1,867,249
Cust. deposits and
237,959
adv. bill & pay't
1,694,574
Tel. & Tel. Co..
Notes sold to trus¬
tee of
Accts. pay.
232,000
Oth. def'd debits—
985,852
1,924,067
44,712 Acer. liab. not due
330,770
credits..
1,108
169,457
1,096
jt,679,884
4,728,436
8,715,131
4,304,743
current liabilities
Deferred
Deprec.
Unapprop. surplus
—V.
140,
p.
—
4%% gold bonds series A and 1st mtge.
5% gold bonds series B due July 1, 1963 have been called for redemption on
July 1 at 105 and interest.
Payment will be made at the Continental
Illinois National Bank & Trust Co., Chicago, 111., or at the office of the
See list given on
-39,601,259 38,611,069
39,601,259 38,611,069
Total
& Potomac
Virginia—Earnings—
Telephone
Co.
of
West
Toll service revenues
—
Miscellaneous revenues
Total
—
Uncollectible operating revenues
Total operating revenues
1934
$3,421,148
1,529,625
240,813
$5,399,588
$5,191,587
22,215
20,405
$5,171,182
Current, maintenance
1,000,741
983,203
Depreciation expense
1,011,800
849,791
442,728
147,200
x515,904
586,721
1,015,722
818,788
$822,486
$825,482
$822,008
159,782
$825,519
208,202
$662,226
486,000
$617,317
162,000
$176,226
$455,317
of a
dis¬
Traffic expenses
Commercial expenses
-
rents
General and miscellaneous expenses
Taxes
operating income
Net non-operating
Dr477
income
Income available for fixed charges
Interest
-
1935
1934
$12,673,921 $12,074,448
Years Ended Nov. 30—
4,535,858
426,692
129,422
448,566
523,305
37
Net operating revenue
Dividends on common
dividends
stock
Balance, surplus
x
amounting to $41,415 due to adoption
such costs; in 1934 similar costs were
principally to maintenance and construction accounts.
Includes engineering costs
revised method of distributing
tributed
$7,529,702
40,571
13,494
-j-
Rentals, interest & sundry receipts
Profit from former subs. co. (disposed of during
35,608
yr.)
Excess of par over book value of Cities Service Gas
Co. and Cities Service Gas Pipeline Co. bonds
82,655
504,057
$8,274,783
3,136,043
8,179
182,100
2,125,593
$8,069,367
2,754,944
$2,822,868
9,181,269
purchased for retirement through sinking
$2,850 701
9,607,372
funds.
Total
operating revenue.
Interest charges
_
Federal & State taxes on interest coupons
Provision for Federal & State income tax
Depletion & deprec. as appropriated
by companies.
Net income for year
Previous surplus
Total
relating to prior yrs.
-
$9,531,437
Surplus, Nov. 30
30
Balance Sheet Nov.
1935
S
Liabilities—
x
Lcasehds., gas pro¬
Adv.
acct.
1st
of
Co.
Pipe¬
under
3,030,706
lease & agreem't
Misc.
investments
Cash....
Marketable
Affil.
cos.
3
1,622
2,360
532,201
3,077
397,841
15,858
securs
818,692
888,441
pipeline
Gas
Serv.
6,846,928
Indebt. Cities Serv
991,000
Co
1,000,000
1,000,000
901,012
Notes pay. (banks)
Accts.
payable &
1,022,868
136,092
106,276
accrued exp
filiated
cos.)
—
350,198
441.512
438,355
421,130
19,177
458,035
35,615
39,566
3,568
other expenses ..
19,031
current)
10,000
&
line
extension deps—
Reserves
receivable
(non-current)—-
26,840
Accts. payable (not
Customers'
Prepd. Ins., Int. &
236,940
Prov. for Federal &
State inc. taxes.
Oth. notes & accts.
159,926
346,302
funded debt
unbilled
revenue
M.
Interest accrued on
customers'
accts. &
$
25,000,000
Accts. payable (af¬
current
accounts..
Other
Cities
Pipeline Co. 1st
M. pipeline 6%
gold bonds
7,870,700
Indebt .Empire G.
& Fuel Co.(Del) 6,393,445
of
of
Cities
Gas
Serv.
line
1934
5% % gold bds..33,475,800 34,893,000
purch.
props,
$
Common stock..25,000,000
Cities Serv.GasCo.
props.,
on
ult.
$9,181,269
...
1935
1934
S
Assets—
256.140
2,207,581
-.$12,004,137 $12,458,074
Cr27,300 Dr276 805
2,500,000
3,000,000
surplus
Sundry credits & chges. (net)
Dividends paid
Surplus
14,731
15,488
11,071,299 11,581,674
9,531,437
9,181,269
Unamort. bond dis¬
2,698,914
2,533,247
cbges
234,679
count & expense
Oth .deferred
248,003
97,101,806 90,070,452
Total..
Represented by 250,000 no par shares.—V.
Total
x
City Ice & Fuel
.97,101,806 90,070,452
140, p. 3382.
Co.—Capital Cut Approved—New Officials
meeting held April 2 approved a reduction in
$32,875,200 from $48,220,340.
Of the $15,345,140
difference, approximately $3,400,000 is to be used to scale down subsidiary
investments and eliminate the goodwill item.
Balance will be used to
adjust downward, reappraisal of the company's property.
Walter B. Muckerman, and Richard O'Hara were elected directors,
taking the places of Joseph E. Muckerman, deceased, and E.J. Fleming,
resigned.
William J. Sinek was elected Chairman of the Executive Com¬
mittee, which was reduced from 12 to 7 members.
Other changes were:
William A. Schmid, Vice-President, was named Senior Vice-President;
William A. Schmid Jr. was made Assistant to the President; Roy R. Smith
elected a Vice-President; H. W. Dunkle, Secretary, made Treasurer also;
E. F. Rosfelder; formerly General Auditor, made Comptroller; H. S.
Stockholders at a special
the stated capital to
Humason, made Assistant
Income available for
4,544,746
$8,138,062
Operating expenses
Notes
„
1935
$3,557,388
1,580,121
262,079
$5,377,372
Calendar Years—•
Local service revenues
142, p. 947.
(& Subs.)—Earnings—
Gross operating revenue--
receivable
2528.
Chesapeake
Net
with SEC—•
first page of this department.—V.
Cities Service Gas Co.
Mat'ls & supplies.
Operating
City.—V. 142, p. 1634.
Pennsylvania RR. Co., 380 7th Ave., N. Y.
Special cash deps.
& oth.
ucyicu. reserve.
icsci vc...
Prepayments
.
Bonds Called—
(incl.intangibles)92,010,585 81,889,069
stock—.20 ,000,000 18,000,000
$9,000,000 of
the Station
All of the outstanding 1st mtge.
pipe lines & com¬
pressor
stations
1934
$
Liabilities
$
Cash.
1935
1934
Telephone plant.-37,564,359
Total
sufficient by maturity to retire at least
a
requirement would eventually benefit
the proprietary lines, and especially the public."
ducing
Comparatve Balance Sheet
1935
other curr. assets
company,
$432,829 def$459,360
Balance to surplus
Other
these
Chicago Rivet Machine Co,—Registers
Chesapeake & Potomac Telephone Co., Washington,
D. C.—Earnings—
Toll service
years, and be
bonds.
Such
more
& payments
Accts. pay.
785,978
283,107
209,687
depos.
Customers'
146,975
Deferred debits
pension fd.
Co. is top-heavy
its capitalization is much above the single
1. The $2,100,000 of 4% guaranteed bonds
authorized in 207 I.C.C. 155 will be retired in another six years, and the
$600,000 of promissory notes here to be issued will be paid in two years.
The total net saving under the refinancing here proposed will be about
$9,000,000.
Certainly that much should be set aside as a sinking fund
before maturity of the $44,000,000 series E bonds here to be issued.
Pay¬
ments into such a fund should commence in two years, increase in four
with interest-bearing debt, and
sum value as found by Division
Amer,
Tel & Tel. Co..
190,681
196,775
Cash & spec, depos.
Working
from
904.220
Investments
Sinking
Bonds
con¬
cos
$
18,000,000 18,000,000
4,085,700 4,307,100
Common stock
Investment In
Commissioner Porter, dissenting in part, said:
"The capital set-up of the Chicago Union Station
1934
S
1934
$
together with other funds, used to redeem outstanding bonds.
Authority was granted to Chicago Burlington & Quincy RR., Henry A.
Scandrett, Walter J. Cummings and George I. Haight, trustees of Chicago
Milwaukee, St. Paul & Pacific RR., Pittsburgh Cincinnati Chicago &
St. Louis RR. and Pennsylvania RR., to assume obligation and liability,
as guarantors, by endorsement, in respect of the above bonds, and of not
exceeding $600,000 of promissory notes to be issued by the Station company.
The series E bonds have been sold (V. 142, p. 1634) to a group of bankers,
consisting of Kuhn, Loeb & Co., Lee Higginson Corp., Brown Harriman &
Co., Inc., and six associated firms, at 102% and int. to date of delivery,
which would make the annual cost of the proceeds to the Station company
approximately 3.62%.
Balance Sheet Dec. 31
1935
29,715
2080.
p.
The Interstate Commerce Commission on April 1
Income available for fixed charges
Bond interest.
$
Amer.
from
Tel. & Tel. Co..
5,210
$8,100,847
Total
Adv.
16,200,000 16,200,000
stock
Common
tee of pension
5,210
117,017
Cash
1934
$
Liabilities—
«8>
A. cocts'11
$5,392,549
1,904,133
356,034
1935
1934
1935
1934
1935
Calendar Years
Comptroller.—V. 142, p. 2149.
Columbia Gas & Electric
Corp.—20-Cent Common Div.
20 cents per share
value, payable May 15 to holders of record
April 20. A similar payment was made on Nov. 15, 1935; 12% cents was
paid in 5% conv. preference stock on May 15 and Feb. 15, 1934, and on
Nov. 15, 1933; 20 cents per share was paid in preference stock on Aug. 15
The directors on
on
April 2 declared a cash dividend of
the common stock, no par
2494
Financial
Chronicle
April 11, 1936
and May 15, 1933, and dividends of 25 cents per share were paid in the
same class of stock in each of the four preceding three-months periods.
In connection with the declaration or the current dividend
on
the
stock at this time the directors are mindful of the desirability of
continuity in the payment of dividends upon the common stock; share¬
holders, however, cannot fail to appreciate the uncertainties which beset
business at present, and particularly the uncertainties surrounding the
public utility industry.
These uncertainties make it impossible to de¬
termine a stable dividend policy at this time and the directors will consider
the question of declaring a semi-annual dividend on the common stock
six months hence, at which time their decision as to the declaration of the
dividend must be predicated upon conditions as they then exist and upon
developments in the interim which may affect the status of the corpora¬
common
tion and its subsidiaries."
Committee, and Thomas B. Gregory
tempor'y invest.
Interest receivable
Inventories
Prepaid expenses.
Funds depos. with
corporation, and re-elected the other officers and executive
serve for the ensuing year.
Mr. Gossler has been Chairman of the Board or President of Columbia
Gas & Electric Co. (West Virginia) from 1912 until transfer of its
business,
in 1926, to the present
corporation, of which he has been the President
ever since.
expense
will continue in charge
of its financial affairs.
Beckjord since joining the organization in 1934 has been Viceand General Manager and will continue in general charge of
operations.—V. 142, p. 1812.
Mr.
President
Colgate-Palmolive-Peet Co. (& Subs.)—Earnings—
1935
Total
1934
1933
1932
66,216,500
1,416,416
Other income (net)
$5,200,178
Dr85,523
$4,335,696
224,409
Total income
$5,114,655
Prov. for State, Federal
& foreign taxes
972,934
Provision for special sales
$4,560,105
59,787,676
1,441,367
66,277,005
1,369,314
$1,084,617
231,065
$94,984
318,815
$1,315,682
$413,799
542,293
1
360,497
815,999
allowances
400,000
54,141,721
1,481,305
1,462,413
Balance, surplus
81,198,003
83,744,107
1,486,078
990,746
8373,389
1,513,650
497,645
853,301
1,528,157
3,480,035
81,267,285df81,637,906df84,954,891
com¬
81.36
81.16
Nil
Nil
Consolidated Surplus Account Year Ended Dec. 31
1.935
Earned surplus, Jan. l._ 87,027,480
Net profit for year (as
above)
4,141,721
Credit arising from sale
of treas.
stock.-
com.
Credit arising from
1934
1933
5,171,850
1932
88,203,636 815,820,469
3,744,107
373,389
53,301
12,500
con¬
capital of foreign subs,
to U. S. dollars
30,981
811.181,701
1,302,906
89,946,938
89,879,932 815,873,771
Deduct:
Preferred divi¬
dends (86 per share)
Common dividends—
1,481,305
1,462,413
1,486,078
990,746
0.75
0.50
1,513,650
497,644
0.25
Res. for market decline
in investment & coll.
to advances
1,528,157
3,480,035
1.75
422.159
Rate
Capital adjust'mt for
2,000,000
re¬
duction of book value
of real estate, &c
442,634
1
1,034,869
239,758
661,942
87,027,480
86,171.850
88,203,636
77,153
Earnedsurpl., Dec. 31 88,160,831
Consolidated Balance Sheet Dec. 31
1935
1934
1935
«*.dL sscts
Gold
with
ceivable
—
2,032,139
2,573,389
767,849
G'dwill, pats., &c_
723,985
482,084
2,764,091
66,000
1,040,458
7,027,480
Dr752,049
723,069
1st mtge. bonds on
Minority interest.
1,063,506
8,160,831
Treasury stock _Dr696,829
Earned surplus
c
20,699,995
1
1
66,552,469 63,809,327
After
2,230,110
1,433,904
56,000
Defd liabil. & res.
property of sub.
deferred charges
a
2,221,345
2,866,136
1,783,096
& other taxes
7,751,104
6,038,893
22,591,664 20,977,388
Invest. & advances
303,284
Palmollve Bldg... 2,682,494
alPlant and equip.20,131,297
Total
872,654
2,628,064
Miscell. accruals..
Prepaid expenses &
►
stk.24,819,700 24,819,700
Common stock.24,999,310 24,999,310
Prov. for Fed. inc.
re-
net.
Inventories
$
cum. pref.
Accounts payable.
1,003,220
1,549,378
securities
Accts. & notes
!
b
foreign funds...
Market,
7,517,363 6%
abroad
purchased
r
1934
Liabilities—
9,772,176
held
Total
depreciation of 817,863,186 in
66,552,469 63,809,327
1935 and 816,949,800 in
1934.
b Represented by 1,999,970 shares
(no par).
c 1,487 shares preferred stock
at cost in 1935 (860 shares in 1934) and
43,884 shares of common stock
at
812.50 per share in 1935
Columbia System,
(53,347 shares in 1934).—V. 142, p. 1812.
Inc.—Registers with SEC—
See list given on first page of this department.
Columbus Ry., Power & Light Co. (&
Calendar Years—
Subs.)—Earnings
1935
Gross operating revenues
General operating expenses
1934
89,914,196
3,551,282
1,199,613
589,174
943,747
x98,673
61,710
89,327,406
3,538,875
1,197,122
608,225
935,531
202,800
45,595
83,469,995
116,220
82,799,257
119,896
83,586,215
1,290,412
3,912
122,901
CV15.168
82,919,152
1,175,028
3,934
120,439
Cr4,918
Common^dividend
82,184,159
500,365
325,942
1,050,952
81,624,669
500,342
325,942
600.544
Balance, surplus
8306,900
8197,840
Provision for retirement
Maintenance
General
taxes
Federal income tax (estimated)
Management fees
_
Operating income
Non-operating income
Total income
Interest paid and accrued
Pref. stock divs. paid and accrued by sub. cos
Amortization of bond discount and stock expense.
Interest during construction, capitalized
Balance transferred to surplus
First preferred dividend.
Series B preferred dividend
_
.
After income tax reduction resulting from deduction of bond
refunding
costs for tax
purposes, which costs have not been charged against income
herein.
x
Accounts payable.
1,
1936
(contra)
16,701,628
302,674
178,728
248,113
461,016
780,770
226,572
576,393
161,243
8,317,973
3,759,845
Dividends
179,252
Fed. inc. tax (est.)
138,486
General taxes
569,867
Deferred liabilities
139,296
Reserves
8,670,343
Surplus
3,251,187
501,024
1,892,631
144,118
84,499,278 67,124,140
Total
Commercial Credit
Co., Baltimore—Registers with SEC
Commercial
this department.—V. 142,
Investment Trust
p.
1979.
Corp.—Options—
The company
status of options
has notified the New York Stock Exchange that the
presently outstanding for its common stock are as follows:
Price Per Sh.
Expiration Date
$24.00
Dec. 31, 1936
125
32.00
Dec. 31. 1936
7,700
35.00
Dec. 31, 1937
—Y. 142, p. 1115.
No. of Shs.
125
Connecticut Coke
Co.—Bonds Called—
outstanding 1st mtge. 5% gold bonds, series A have been called
for redemption on Sept. 1, next, at 103 and interest.
Payment will be
made at the Union Trust Co. of Pittsburgh, Pittsburgh, Pa.—V. 140,
p.
967.
r
Consolidated
Edison
Co.
of
New
York,
Inc.—Two
Issues of Bonds, Aggregating $70,000,000, Sold—Two bond
issues, aggregating $70,000,000, were offered April 9 by a
syndicate headed by Morgan Stanley & Co., Inc.
The
financing consists of $35,000,000 10-year 3^t% debentures,
series due 1946, which were offered at 101 and int., and
$35,000,000 20-year 3%% debentures, series due 1956,
which were priced at 99)^ and int.
Both issues have been
oversubscribed.
19354
With Morgan Stanley & Co., Inc., in the offering are:
Kuhn, Loeb & Co.; Blyth & Co., Inc.; Brown Harriman
& Co., Inc.; Lazard Freres & Co., Inc.; the First Boston
Corp.; Edward B. Smith & Co.; Bonbright & Co., Inc.;
Lehman Brothers, and Clark, Dodge & Co.
The $35,000,000 10-year 3X% series, due 1946 are dated
and are due April 1, 1946.
The $35,000,000 20-year 3j^% series, due 1956 are dated
and are due April 1, 1956.
April 1, 1936
April 1, 1936
1) in N. Y. City.
City Bank Farmers Trust
Co., New York, trustee.
Coupon debentures in denom. of $1,000, registerable as to principal.
Registered debentures in denoms. of $1,000, $5,000
and $10,000.
Within each series coupon debentures and registered deben¬
tures and the several denominations interchangeable.
The 10-year 3H% debentures, series due 1946, are redeemable, at the
option of the company, as a whole at any time or in part on any semi¬
annual interest date on at least 30 days' published notice, to and including
April 1, 1937 at 103%; thereafter at successively decreasing prices to and
including April 1, 1944; and thereafter at 100%; in each case with accrued
interest.
Other charges
Cash...
150,619
called for red. on
Jan.
Interest payable (A. & O.
version of net working
Total
5,014,500
15,013,600
65,500
26,000,000 24,159,500
Bonds & pref. stk.
84,499,278 67.124,140
All of the
freight,
Earns, per share on
mon stock
Funded debt
See list given on first page of
$81,683,630 $71,968,613 $62,313,660 $67,741,303
75,106,594
1,376,858
pref. stk.
x Represented
by 150,136 no par shares,
y Represented by shares of
$100 par.
z Includes other assets.—V. 141, p. 3856.
Cost of sales, advertis'g,
on
Depreciati<
co.
Interest
2,100,877
853,358
-
Items In suspense.
8,339,113
6y2% cum
5,014,500
Common stock..15,013,600
Sub.
trustees
Mr. Reynolds, who has been an officer in Columbia System since 1922,
has been the Executive Vice-President of the
corporation since 1930 and
Net profit
Preferred dividends
Common dividends
x
52,579
888,869
11,040
908,243
(contra) 16,701,628
Special funds
6,972
$
$
Honorary Vice-Presi¬
as
committee to
exps.,
shipping
_
1934
1935
Liabilities—
xlstpref.6%cum._ 8,339,713
y Series
B
pref.
636,480
118,334
5,229
983,576
2,431
811,273
146,662
Notes receivable-.
Accts. receivable-
of the
selling
$
discount & stock
The directors on April 2 elected Philip G. Gossler Chairman of the Board;
Edward Reynolds Jr., President; Walter C. Beckjord, Chairman of the
Calendar Years—
1934
$
Assets—
Properties, franch.,
organiz'n, &c.-.61,799,713 60,720,686
Investments
zl53,524
108,938
Cash
815,696
1,108,911
Secur.
purch. for
Unamortized bond
Changes in Personnel—
dent
1935
com¬
stock, the directors maintain and repeat the policy announced last
autumn, as set forth in the letter to shareholders (No. 91) dated Nov. 15,
1935, which stated: "In declaring a dividend in cash on the no par value
mon
Executive
Consolidated Balance Sheet Dec. 31
The 20-year 3H% debentures, series due 1956, are redeemable, at the
option of the company, as a whole at any time or in part on any semi¬
annual interest date on at least 30 days' published notice, to and including
April 1, 1939 at 103%; thereafter at succeesively decreasing prices to and
incl. April 1, 1954; and thereafter at 100%; in each case with accrued int.
A brief outline of certain information contained in the prospectus dated
April 9 follows:
Company—Company (formerly Consolidated Gas Co. of New York),
incorporated in New York in 1884, is engaged in the business of manufactur¬
ing and supplying gas in portions of the City of New York.
It is also a
holding company which controls certain public utility companies supplying
gas, electricity and steam in various parts of the City of New York and of
Westchester County and which also controls several non-utility companies.
The properties of the
company include gas manufacturing plants, holder
stations and transfer mains (which are operated in conjunction with those
of its subsidiaries engaged in the gas business), a gas transmission and
distribution system, office and service buildings and other facilities, all
located in the the Boroughs of Manhattan and The Bronx.
The properties
of the company's subsidiaries include electric generating stations
and
substations, gas manufacturing plants, holder stations and transfer mains,
steam manufacturing plants,
electric, gas and steam transmission and
distribution systems, and office and service buildings and other facilities.
Capitalization Outstanding
as
of Dec. 31, 1935
20-year 5H% gold debenture bonds, due Feb. 1, 1945
$50,000,000.00
20-year 4gold debenture bonds, due June 1, 1951
60,000,000.00
25-year 5% gold debenture bonds, due July 15, 1957*30,000,000.00
$5 cumulative preferred stock (outstanding 2,099,249 shs.
v
of no par or stated value)
191,031,659.00
Common stock (outstanding 11,476,527 shs. of no par or
stated value)
392,095,819.69
*
$10,000,000 called for redemption Jan. 15, 1936.
Securities Guaranteed—Pursuant to the terms of an agreement dated
July 12, 1904, the companyassumed and agreed to pay the principal and
interest of certain bonds of Westchester Lighting Co., one of its subsidiaries
of which $21,575,000 are outstanding.
Long-term debt of subsidiary companies outstanding as of Dec. 31.
1935, aggregated $281,015,590 principal amount
(excl. $66,223,293.80
reacquired of which $59,223,000 is pledged in connection with funded debt).
Stocks of subsidiary companies held by minority stockholders and out¬
standing as of Dec. 31,1935, amounted to $14,229,890 par or stated value.
Earnings Year Ended December 31
TlPthirlinr)
Total
x
Non-
Gross
?
Operating
Operating
Operating
Corporate
from Gross
Corporate
Revenues
Income
Income
Income
Income
Net
Income
$
$
$
■ $
$
$
1933—21,985,069 5,968,384 48,725,784 54,694,169 7,886,988 46,807,180
1934—22,012,121 4,326,587 43,474,015 47,800,602 7,381,264 40,419,338
1935.-20,892,659 3,059,245 35,695,340 38,754,586 7,458,735 31,295,850
x Non-operating
income consists principally of divs. from subsidiaries;
in the years 1933 and 1935 the equity of the company in the aggregate
earnings of the subsidiaries for each such year exceeded the aggregate
dividends received from subsidiaries; in 1934 the dividends received exceeded
the equity of the company in the earnings of the subsidiaries for the year by
$5,073,036.98.
The consolidated profit and loss statements of the
company and its sub¬
sidiaries show the following:
Total
Operating
Gross
Corporate
Total Deduct's
Net Income
from Gross
Applic. to the
Corp. Income
Company
$222,935,353
$71,555,143
$22,984,514
$48,570,629
227,503,439
58.312,260
22,826,149
35,486,111
232,294,875
56.632,469
23,139,438
33,493,031
Purpose—Proceeds from the sale of the debentures to the underwriters
will aggregate $68,862,500 (exclusive of accrued interest), and will be applied
Cal. Years—
Revenues
Income
Financial
Volume 142
redemption on May 15, 1936, of the above $50,000,000 20-year 5H %
gold debenture bonds at 103
($51,750,000) and accrued int., and to
redemption on July 15, 1936, of the remaining $20,000,000 of the above
25-year 5% gold debenture bonds at 103% ($20,600,000).
The balance
required for such redemptions plus the company's estimated expenses in
connection with the sale of the debentures, together aggregating approxi¬
2495
Chronicle
Consolidated Balance Sheet Dec. 31
to the
Amounts
3M%
3M %
Debentures
Names
Morgan Stanley & Co., Inc., New York
Kuhn, Loeb & Co., New York
Blyth & Co., Inc., New York
Brown Harriman & Co., Inc., New York
Lazard Freres & Co., Inc., New York
First Boston Corp., New York
Edward B. Smith & Co., New York
Bonbright & Co., Inc., New York
Lehman Brothers, New York
Clark, Dodge &Co
Bancamerica-Blair Corp., New York
Dominick & Dominick, New York
Goldman, Sachs & Co., New York
Harris, Hall & Co. (Inc.), Chicago
Hayden, Stone & Co., New York
Hemphill, Noyes & Co., New York
W. E. Hutton & Co., New York
Kean, Taylor & Co., New York
Kidder, Peabody & Co., New York
Ladenburg, Thalmann & Co., New York
Lee Higginson Corp., New York
Mellon Securities Co. (Inc.), Pittsburgh
F. S. Moseley & Co., New York
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
J. & W. Seligman & Co., New York
Stone & Webster and Blodget, Inc., New York
Spencer Trask & Co., New York
White, Weld & Co., New York
Dillon, Read & Co., New York
—V. 142, p. 2150.
Investment
Consolidated
See list given on first page
1,500,000
1,500,000
1,131,576
1,140,293
Miscell. receiv'les.
15,288
33,621
2,896,060
charges433,644
2,489,422
487,155
1
1
Fund. dt. sink. fd.
90,563
136,840
require. & mats,
Other assets
750,000
500,000
750,000
750,000
500,000
750,000
500,000
500,000
500,000
750,000
500,000
750,000
750,000
1,000,000
500,000
1,000,000
500,000
500,000
500,000
500,000
1,000,000
1,000,000
500,000
1,000,000
500,000
500,000
500,000
500,000
1,000,000
Trust—Registers with SEC—
Corp.—Note
in 1935 in excess
of bonds held in
proposal to amend the charter of the corporation, whereby the present
stock without par value would be changed to common stock of
142, p. 2150.
$5 par value, was also approved.—V.
Capital surplus
Earned surplus
Treasury stock
Total
23,327,643 22,683,832
Continental
Can
Approved—To Offer
per Share—•
1935
$517,572
527,142
1934
$494,434
515,089
835,828
759,365
849,202
March.
Suit to Prevent Stockholders' Meeting—
O.
Wolcott,
Dei., on April 8 directed the
Wilmington,
Chancery Court why an order should not be
it and its officers from meeting on April 13 and from
proposing and voting for reorganization.
Herbert G. McNerny of Millburn, N. J., filed suit in the Wilmington,
(Del.) Chancery Court against this company, seeking to have meeting of
stockholders scheduled for April 13 stopped.
McNerny claims he holds
210 shares of 8% cumulative preferred stock of the company and claims the
meeting intends to effect reorganization and amend by-laws whereby
rights of 8% stockholders would be materially affected.
Removed from
The
New
Unlisted Trading—
Exchange
Curb
York
has
removed
from
unlisted
trading
privileges the common stock purchase warrants.—V. 142, p. 2150.
Consumers
Co.
Power
Pursuant to a plan recently announced, the directors on April 8 approved
to be filed with the Securities and Exchange Commission
covering registration prior to issuance of 252,679 shares of common stock
the statement
under the Securities Act.
Of the
common
rights at $60 per share and, subject to
meeting to be held on April 20, 75,000
shares are to be issued at the discretion of the board to employees at a price
of not less than $60 per share. Following registration of these shares, war¬
rants will be mailed to shareholders on or about May 5, 1936.
Goldman,
Sachs & Co. are expected to head the syndicate underwriting the offering
to stockholders, it was stated.
Continental Motors Corp.
(& Subs.)—Earnings—
Earnings for Three Months Ended Jan. 31, 1936
and depreciation of $75,711
The depreciation charge was
Increase in
Stockholders—
.
x
a
recent
philanthropic institutions, insurance companies, colleges, and many of the
company's employees, it was stated.
M
To Expand Houston Plant—Because of the rapid growth of its business in
the Southwest, another substantial increase in the size of the Houston,
Texas, plant, to cost $250,000, has just been authorized, it was officially
announced on April 6.
The plant was built in 1933 and an extension to it
was completed last year.—V. 142, p. 2313.
Continental Paper & Bag
preceding year were $134,000.
The company sold its entire interest as of Feb. 15, 1936 in the Continental
Divco Co., a wholly owned subsidiary.—V. 142, p. 2151.
America (& Subs.)—-Earnings—
1935
Consolidated net sales (incl. brokerage
sales of subsidiary)
±
$20,181,777
1
15,356,939
1934
12,819,457
Selling, administrative & gen. exps_.
1,575,614
1,375,624
1,096,807
Net profit from operations.
Provision for bad debts, less recoveries
$3,249,224
$2,804,477
$1,503,495
Rental expense, &c
Loss on capital assets
Rental income
74,434
100,211
81,275
51,712
60,626
26,841
$2,983,741
92,704
29,170
Profit
Interest and discounts earned, &c
35,153
122,818
107,512
retired
$2,597,056
107,638
29,236
$1,315,817
102,659
29,551
Continental Securities
The
company
estimates
net
Net profit before depreciation,
terest and Federal taxes
Interest on first mortgage
which
compares
Coty, Inc. (& Subs.)—Earnings—
[Including Domestic Subsidiaries]
1935
1934
1933
1932
Gross profit
General administration,
$2,916,973
$3,272,261
$2,951,765
$3,047,011
selling expenses, &c__
2,831,871
2,612,083
2,838,001
2.498,297
$85,102
81,529
$660,178
96,878
$113,764
$548,714
113,207
$166,631
28.543
347,396
27,377
$757,056
31,902
495,291
140,101
$321,585
Calendar Years—
Other interest, &c
Provisions for Federal income taxes..
ProvisioiLfor depreciation
Amortization of bond discount.
Other income.
Depreciation
Miscell. deductions.
Federal taxes
carried to surplus
43,012
$1,238,009
$1,112,711
Per share
$140,921
49,000
earnings on
without reference to dividend requirements on the
formerly outstanding, but as of Dec. 16, 1935, retired preferred stock.
A major step in simplifying the capital structure and balance sheet of the
corporation was accomplished on Dec. 16 when the stockholders, at a
special meeting, voted to authorize a new $20 par value capital stock.
The entire small series of 322 shares of second series preferred stock and
42 shares of original series preferred stock were purchased for $38,220 cash,
and the balance of 11,702 shares of outstanding original series .preferred
stock was exchanged for 58,510 shares of the new capital stock in the ratio
of five shares of new capital stock for one of preferred.
To retire the
367,930 shares of previously outstanding class A common stock, 367,930
shares of new capital stock were issued in the ratio of share for share.
Simultaneously, 567,750 shares of previously outstanding class B common
stock were retired by the issuance of 227,100 shares of new capital stock
in the ratio of two shares of new capital stock for five shares of class B.
The 5,625 shares of class A and 14,639 shares of class B stock held in the
treasury were also retired.
stock
were
$1.89,
37" 787
93",377
Liabilities—
$
70,424
72,711
Guarantee deps—
20,354
Inv.Coty,Ltd.,Eng 5,245,152
63,955
20,354
5,244,507
Accts. rec. cr. bal_
Advances
7.282,405
Due officers &
z
Building impts__
Mach.,equip.,&c.
Com pen.
7,431,875
3,280
ins. cl'ms
Goodwill,
1,236,994
Due
from
1,260,376
441,276
1,051,502
3,619
946,401
3,997
30,960
6,426,870
18,254
and
13,737
.foreign
em¬
53,149
31,295
67,711
1,489,174
878,854
20,359
ployees, &c
Accrued expenses,
Reserved for Fed¬
Reserve
for
for¬
44
18,477
8,623,919
9,223,674
eign exchange._
Profit
officers
and employees
affil.
eral taxes
697,783
838,935
Inventories
to
assoc.cos
a
1
Cash
Due
3,000
formu¬
lae, &c
Accts. receivable
x
$
$
6,426,870
Capital stock
82,667
y
1934
1935
1934
?
Assets—
—...
791,007
815,887
1,112,711
140,921
the 653,540 shares of new $20 par value capital
Surplus
$661,922
47,158
income
Marketable securs.
Net profit
Preferred dividends
61,022
.
Consolidated Balance Sheet Dec. 31
$1,448,027
220,245
228.569
18,285
1,152,590
207,821
loss$236,685
$89,762
$222,776
$521,386
Shares capital stock out¬
standing (no par)
1,537,435
1,537.435
1.537,435
1,537,435
Earnings per share
Nil
$0.06
$0.14
$0.34
x Exclusive of proportions of profits and losses of foreign subsidiary and
associated companies applicable to Coty, Inc., amounting to net profit of
$503,897 in 1935, net loss of $1,006,706 in 1934, net loss of $136,954 in
1933 and net loss of $151,585 in 1932.
Net
x
1935
$2,783,199
214,502
215,939
15,124
195,000
984,162
45,761
422,122
bonds
Interest on debenturesJ.
(taking investments at market or
be $4,240,-
with $3,881,726 as indicated in the audited report
as of Dec. 31, 1935.
Such net assets as of March 31, 1936, are equivalent
to $1,526.44 per each $1,000 debenture outstanding and to $102.85 per
each preferred share outstanding.
There are unpaid dividend arrears on
the cumulative $5 preferred stock amounting to $23.75 per share.—V. 142,
p. 949.
440,
in¬
$3,105,615
208,426
213,482
32,596
217,500
Corp.—Asset Value—■
assets
estimated fair value in absence thereof) as of March 31, 1936, to
49,269
Adjustments of prior years prop, taxes
5% bonds, due May 1,
1960, will be ready for distribution in definitive form within a few weeks.
The corporation, until further notice, will continue to accept assents to
the plan and the surrender of Marinette & Menominee Paper Co., first
mortgage 7H% bonds and Continental Paper & Bag Mills Corp., 1st &
ref. mtge. 6^j% bonds for exchange for the new first (collateral) mortgage
5% bonds as set forth in the plan.
See also V. 141, p. 110.
1933
$18,316,508 $15,419,759
14.136,407
of readjustment of funded
The corporation's new first (collateral) mortgage
Balance
Calendar Years—
Corp.—Plan of Readjustment
The directors have declared operative the plan
as of May 1, 1935.
debt dated
$48,000
of
number of stockholders is 111 shares
analysis showed that over 60% of them, or approximately
14,400 holders, owned 50 shares each, or less. Among the holders are various
and
estimated pending completion of studies
being on revaluation of plant and equipment which will result in
reduction of depreciation charges.
Depreciation charges for the first quarter
Cost of sales
a
in its ,
history at the end of last month, when 23,928 holders were recorded on its
books, it was officially stated on April 6. Previous to 1935, the high record
was 22,431
holders in August, 1932.
The company has over six times as many stockholders now as it had 10
years ago, the total holders of record at the end of March, 1926, having
been 3,778.
The largest growth in its stockholder's list occurred in the
period beginning with 1929, in which year the total mounted to 13,987
now
Container Corp. of
on
approval of the stockholders at
(Me.)—Definitive Bonds Ready—
(Michigan) announced that its first mortgage bonds, 3%%
3H% series of 1935 due 1965, were ready on
and after Monday, April 6, 1936 in definitive form at the principal office
of the trustee, City Bank Farmers Trust Co., 22 William St., New York,
N. Y., in exchange for outstanding temporary bonds.—V. 142, p. 2313.
x
177,679 shares
shares to be registered under the plan,
will be offered to shareholders
The company
series of 1935 due 1965 and
Net loss after charges taxes
Inc.—Registration
Statement
Shares to Stockholders at $60
Co.,
177,679
The average holding of the present
1936
$556,759
644,800
-
J.
.23,327,643 22,683,832
Total
x After
depreciation of $6,760,214 in 1935 and $5,789,049 in 1934.
Consisted of $1,174,400 7% preferred stock (original series), $32,200
7% preferred stock (2d series), $7,471,100 class A common stock and $2,890,945 (582,389 shares) class B stock exchanged (or retired) for new
stock during 1935 (see above),
z Treasury stock (5,625 class A shares and
14,637 class B shares).—V. 142, p. 1980.
y
holders.
to show cause in
81,623
1,922,499
547,745 def268,142
z93,750
417,615
Res've for contlng.
Consolidated Retail Stores, Inc.—Sales-
issued restraining
250,000
due in 1936
The number of stockholders of this company reached the highest
1936.
Chancellor
201,500
treasury
Sink, fund paym'ts
and
Extension
195,000
217,500
taxes
1,500,000
750,000
500,000
750,000
750,000
500.000
750,000
500,000
500,000
500,000
750.000
500,000
$
Prov.for Fed.Inc.
Deferred
1,112,478
Inventories
1,250,000
common
company
820,912
Accts.& notes rec.
1,500,000
1,500,000
1,500,000
Stockholders at their annual meeting on April 1 gave unanimous approva
to the plan for extension of the corporation's convertible notes, due April 15,
Month of—
January
February....
17,603,403
1,750,000
1,250,000
1934
$
Liabilities—
Cap. stk. (par $20)13,070,800 yll,568,645
Funded debt
7,783,500
7,736,360
662,192
Accounts payable.
758,558
Due plant lmprov.
326,164
304,602
Accruals, &c
329,065
$7,500,000
2,500,000
3,000,000
Change in Par Value Voted—
The
$
Debentures
$7,500,000
2,500,000
3,000,000
1,750,000
1,500,000
1,500,000
of this department.—V. 142, p. 621.
Laundries
Consolidated
Cash
1935
1934
$
Goodwill
mately $3,983,300 (exclusive of accrued interest on the bonds redeemed)
will be obtained from the company's current cash.
Undet writers—The names of the several principal underwriters and the
several amounts underwritten by them respectively, are as follows:
-V-
1935
Assets—
Land, bldgs. and
equipment
17,620,219
x
and
loss,
surplus
1,177,105
Due from affil. and
assoc.cos.foreign
7,776
11,423
Deferred charges __
69,169
36,305
16,644,475 16,678,872
Total
a
Includes
State's taxes,
x
16,644,475 16,678,872
Total
Represented
by
1,537,435 no par shares,
AJfter depreciation of $138,907 in 1935 and $126,665 in
depreciation of $541,705 in 1935 and $577,793 in 1934.—Y.
y
Cresson
Consolidated
1934.
z After
141, p. 1434.
Gold Mining & Milling Co.—
Dividend Reduced—
The
directors
have declared a dividend of two cents per share
capital stock, par $1, payable May 15 to holders of
on
record April 30.
the
Pre-
Financial
2496
Chronicle
viously regular dividends of three cents per share were paid each three
months up to and including Feb. 15, 1936.
In addition, extra dividends
of two cents were paid in each of the four quarters of 1935 and an extra of
one cent was paid on Nov. 15.1934.—V. 141, p. 2273.
Continental Service
Dividends
1936
$1,997,389
Note—The above figures include the 86 stores operated
Kansas and Oklahoma for both periods.—V. 142, p. 1117.
1935
Cash
Accts. receivable.
Misc. accts.
1932
$2,418,390
330,468
564,761
$3,058,467
Sell., ship'g & delivery..
499,523
Gen'l & administrative
627,964
Special provision for bad
debts, &c
190,000
Deprec., repairs, &c
792,714
$2,855,191
$2,856,577
429,793
611,714
427,988
560,671
777,090
827,480
$1,036,593
190,105
$1,040,437
158,826
$634,653
116,253
$1,076,510
59,935
1,315
148.000
$1,226,698
79,689
2,070
137,000
$1,199,264
115,459
18,758
136,500
259,830
141,142
112,992
Net profits
Preferred dividends
Common dividends
$840,345
138.128
256,050
$748,108
141,750
204,840
$787,404
147,102
204.840
Balance, surplus.
$446,167
$401,518
$435,462 def$lll,519
170,000
$4.11
170,700
$3.55
stock
com.
$466,994
151,765
426,748
out¬
standing (no par)
per share
170,700
$3.75
170,700
$1.84
1935
Cash
1934
Invest,
in
A
$743,775
Accounts payable.
1,773,432
659,803
Def'd
869,445
997,763
life Insurance.
125,228
Rec. from parent A
affiliated cos...
114,779
32,025
32,025
255,975
2,125,000
1,725,000
279,218
stock
8,917
officers
Total
$9,510,817
Paid-in
3,980,677
132,673
_
Treasury
holds, &c
19,015
69,889
zDr86,171
Dixie-Vortex
&c.—
On Oct. 23, 1935, the bondholders at a meeting in Dayton, Ohio, decided
On Dec. 31, 1935, a plea for abandonment was before the
but connecting interurban lines of Cincinnati
& Lake Erie RR. and Indiana RR. have shown interest to work out some
plan to operate further, as this line is a physical connection and hearing has
set
forward.
For the year 1935 the receiver (P. A. Hommel) reports gross operating
revenues of $75,529 and gross income before interest and other
charges
of $1,430, with interest of $300 on equip, trust certificates,
leaving
income balance of $1,130.—V. 132, p. 4408.
an
Dominion Coal
given
Delaware
Trust
Lackawanna
&
Certificates—
Western
RR.—Equipment
r
The Interstate Commerce
Commission
on
April 2 authorized the
company to sell equipment trust certificates of 1934,
series A, in the
principal amount of $3,619,000 at 106.097, and series B in the principal
amount of $1,033,000 at 105.625, with accrued dividends in both cases.
The certificates were offered for sale through competitive bidding.
Two
bids were received for the series A certificates, the highest, 106.097 and
accrued dividends, being made by Brown, Harriman & Co., and one bid
was received for the series B
certificates, it being 105.625 and accrued divi¬
dends, and was made by the Marine Midland Trust Co.
These bids have
been accepted. It appears that the applicant will realize a profit of
nearly
$93,000 from this transaction.—V. 142, p. 2151.
►
*
■
[Including the Derby Oil
Period End. Feb. 29—
Operating profit before
deprec., deple. & nonproductive develop...
Non-prod, develop., de¬
preciation & deplet'n.
Co.]T
1936—Month—1935
~
...
43,525
on
bonds, &c
Net profit.
$5,605
loss$18,021
$27,901
Feb. 29'36
Due banks
|
1
Current assets
Current liabilities
_______
Working capital
_____
Profit & loss surplus._
revenues
Net ry. oper. income
Available for interest
Interest
Net deficit
,831
86,047
$314,572
81,000
1,259,840
614,385
645,455
loss$ll,690
Feb. 28'35
$300,256
.
.
.
1,163,041
409,247
653,793
1936—2 Mos.—1935
$3,512,651
700,134
317,007
309,720
948,724
$2,819,157
625,328
239,582
233,100
952,827
$398,324
$639,004
$719,727
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
Sales, less freight and allowances (excl. special allowances)
$31,393,588
Profit after depreciation, interest income and profits taxes and
other deductions
x$2,822,625
...
per
share
on
1,742,645 shs. of capital stock (no par)
$1.62
Company charged special price allowances and adjustments for import
The allowances covered
in customers hands Jan. 2.
The duty adjustments covered the
reduction in the United States duty under the trade agreement between the
United States and Canada.—V. 141, p. 3688.|
x
duties to surplus in the amount of $1,724,987.
stocks
Dividend
Shares, Inc.—Larger Dividend—
The directors
$404,256 def$351,266
Invest.
75,040
Accts.
2,144,882
Trade accts. rec._ 1,676,310
Other accts. receiv.
188,714
Investments
15,100
Cash
325,613
b Balance receiv..
301,814
Deferred charges..
180,657
2,614,685
1,218,873
145,247
12,804
532,380
302,740
175,535
pay.
$
12,000,000 15,000,000
3,000,000
6,000,000
5,987,500
5,597,500
Funded debt
1
Dominion
Roll. Stk. Co. Ltd
Inventories
1934
$
Liabilities—
Common stock
& ac¬
have declared a dividend of 2H cents per share on the
stock, payable May 1 to holders of record April 15. This compares
2H cents paid on Feb. 1, last, and 2 cents per share paid each three
months from Nov. 1,1934, to and
including Nov. 1, 1935.—V. 142, p. 781.
119,629
98,059
119,379
Taxes
Reserves..
114J03
3,142,633
3,637,002
547,350
Accrued interest..
404,257
Surplus
28,250,211 28,858,236
Coal
492,410
681,050
166,976
crued liabs
Wages payable
28,250,211 28,858,236
Total—
in 1934.
Output Higher—
The company reports March production at 244,475 tons, an increase of
30,000 over February and comparing with 189,649 tons in March 1935.
—V. 141, p. 746.
Dominion Steel & Coal Corp., Ltd.
Calendar Year—
1935
Combined profits—... $1,295,633
Prov. for deprec. and de¬
x
pletion of minerals
Int.
on
(& Subs.)—Earns.
1933
1932
$1,008,179
$468,046
$112,987
947,275
114,114
y605,066
1934
945.900
deb. stock in the
hands of the public-&
on
loans secured
by
z204,385
735,840
762,434
681,603
prof$145,348
$674,936
$408,503
$1,173,681
deposit of deb. stock..
From operations and returns from investments after
Interest
z
on
expenses,
bank loans.
y
deducting manu¬
Includes provision for
1935
x
sec.
Cash
of
in
s
Liabilities—
2,263,880
5,681,125
of
on
3,717
104,150
5,924,845
48,579
123,227
4,589,894
2,132,180
138,430
42,626
275,741
478,297
3,468,265
212,444
45,950
277,225
270,807
Trade accts. & bills
600,000
.
151,878
1,324,524
70,565
98,200
2,400
1,124,963
3,440
on
debenture stock.
Int.
on
equip, bds.
Bal. pay. to assoc.
299,177
cos.
Oper. Acont.
res..
41,177,196 45,240,266
1 ,318,756
269,421
930,325
Com. cl. B stk..21 ,044,000 21,044,000
6 ,789,633
Capital surplus
y
820,223
accrued liabils..
Wages accrued
Surplus from
After
3,614,113
Taxes pay. & accr.
y
x
650.000
3 ,275,613
,
Interest accrued
Cash.
1934.
9,351,525
Accounts pay. and
holders'.
Bonds purchased..
Inventories
Total
1934
$
6 ,790,000
property
Bank loans
trustees for bond¬
Deferred charges.
,
$
Funded debt.
Deferred payments
assoc. cos.
hands
1935
1934
$
Props. & plant-.29,813,332 30,522,749
8,983,298
85,517df2,224,110
oper.
Total
41 ,177,196 45,240,266
reserve for depreciation of $4,589,228 in 1935 and $3,563,328 in
Represented by 841,760 class B common shares.
V.141,p.1593.
Eastern Michigan Rys.—Bondholders
Group Formed—■
A bondholders
committee, consisting of Albert O. Lord (Chairman),
Thomas L. Flynn and John L. Guinter, to represent the interests of holders
of adjustment
mortgage 6;% bonds, due 1958, has been formed.
F. N.
Goepel, 31 Nassau St., N. Y. City has been appointed Secretary and
Coudert Bros., 2 Rector St., N. Y. City, are counsel.
There are $4,915,000 outstanding at the present time, but deposits of
the bonds
are
Eastern
not
requested at the present time.—Y. 137,
Period End. Feb. 29—
Operating
Operating
p.
4012.
Steamship Lines, Inc. (& Subs.)—Earnings—
1936—Month—1935
$587,428
661,243
expense
1935—2 Mos —1915
Other income
Other expense
$1,165,872
1,288,357
1,621
111,089
$1,084,108
1,306,542
2,152
55,329
$557,237
678,756
1,064
55,132
$128,333
revenue
$175,587
$231,953
$333,021
811
common
with
def$571,597
1935
1934
Pref. stock
Investments
Earnings for Six Months Ended Jan. 31, 1936
Earnings
$220,331 loss$418,027
571,597
153,570
$755,522
351,266
Consolidated Balance Sheet Dec. 31
—V. 142, p. 2151.
Distillers
121,096
508,126
$
$74^357
$1,295,618
260,176
78,018
75,941
474,265
.
64,939
476,909
facturing, selling and administration
RR.—Earnings—
1936—Month—1935
$1,699,467
292,987
105,665
103,096
472,928
125,698
450,451
$547,350
„
1935
receivable
Period End. Feb. 29—
Operating
$941,195
730,000
Properties-.—.23,303,253 23,823,881
Cash (trustees)
38,829
32,093
Other accts. rec
Net revenue
730.000
Balance Sheet Dec. 31
sinking lund.
—V. 141, p. 3533.
Denver & Rio Grande Western
1932
1933
'
$1,492,178
$503,093
sur404,256
360,000
pref. stock
on
Invest, in stocks &
Net profit.....
Assets and Liabilities—
Cash in bank.
1934
$2,840,348
1,503,678
436,439
Previous deficit
-
66,741
\
1981.
30,000
Assets—
33,853
590.578
$8,439,328 $7,745,974
Total.
berland Ry. & Coal Co
Int. & disc,
x
~
$94,642j
$25,503
913,650
2,408,818
transf. to Cumberland
Net loss for year
1936—2 Mos.—1935
i
$39,458
1,100.000
Common stock._
Paid-in 6 cap. surp.
Half net profit of Springhill div. tran. to Cum¬
Derby Oil & Refining Corp. (& Subs.)—Earnings—
►
540,750
1,660,000
1,100,000
913,650
589,873
2,062,732
a After
depreciation of $18,294,337 in 1935 and $17,677,711
b In liquidation of accounts with associated companies.
first page of this department.
on
(par $100)
6% cum. 2d pf.stk.
Co., Ltd.—Earnings—
1935
YearsEnd. Dec. 31Operating profit
$1,699,532
Sinking fund & deprec.
730,000
Rent .of Springhill props,
Total
Dairyland, Inc.—Registers with SEC—
See list
540,750
pref.
cum.
Co.—Registers with SEC—
a
to sell the road.
been
2,983
1,619,500
payable
6)4%
$8,439,328 $7,745,974v
Assets—
Commission of Ohio,
3,575
x Authorized,
300,000 shares, no par value; issued and outstanding,
209,640 shares, after deducting 2,860 shares in the treasury; 199,950 shares
at a stated value of $3 per share and the balance at amounts paid therefor.
—V. 141, p. 1767.
$9,510,817 $9,026,622
Dayton & Western Traction Co.—Sale,
U.
3,120
._
Earned surplus
x Represented
by 170,700 shares (no par value),
y After reserve for
depreciation of $5,391,141 in 1935 and $5,354,035 in 1934.
z Represented
by 1,800 shares common stock.—V. 142, p. 124.
P.
and sub-leases
x
Goodwill.
3,822,459
stock...
Total
18,532
93,700
Total
24,649
leases
on
stock
surance
,
26,135
2,196
dep
Real estate mtges.
Prepaidrentals, in¬
Divs.
$9,026,622
2,926,291
123,720
Ry.&CoalCo
Common stock..
x
2,842,548
101,629
lease¬
on
196,602
16,959
Due to assoc. co._
10,215
Real prop., mach.,
6%
pref.
cum.
9,379
fixtures, Ac
25,000
144,776
one year-
Res. for taxes
Deposits
stock
Deposits
91,421
due
Rents rec. in adv.
Leaseholds at cost-
2,125,000
1,707,000
279,218
surplus...
Earned surplus... 4,200,455
fund
stalments
Managers' security
scriptions to com.
mon
111,727
Real est. mtge. in¬
24,400
sub¬
_
223,725
101,887
employees._
2,239
yBldgs.,
mach.,
Ac., equipment- 4,040,576
Deferred charges.
150,672
from
485,347
51,210
debentures
6H%
and
390,542
1
of the co
Sinking
__
21,493
em¬
ployees & others
Employees'
$387,769
& Federal taxes.
value
surr.
$501,643
Dividends payable
Sink, fund on debs.
927,272
572,955
139,679
rec. A misc.
Cash
Loans payable-
$586,563
1934
Accr'd exps., local
■
adv.
to associated cos.
Rec.
1935
1,685,219
716,394
rec.
Inventories...
from
651
$759,293
150,000
Dividends payable
within
20,472
1934
1935
pay. & accr.
expenses
See list given on first page of this department.—V. 142, p.
Liabilities—
$794,050
Notes & accts.
236,765
25,284
3,527,863
137,562
23,279
19,533
investments
Due
Consolidated Balance Sheet Dec. 31
Assets—
cos.
of life insurance.
$750,906
100,789
14,130
56,000
26,913
209.850
$0.40
209,660
$1.41
Liabilities—
2,919
Cash surrender val.
Misc.
$948,265
128,244
_
rec...
Adv. to assoc.
1934
$620,926 Accts.
$502,309
3,113
303,019
15,084
4,484,135
1,574
Inventories
888,508
Net profit from oper..
Other income
__
Shares
$170,812 def$105,226
209,640
$2.61
Consolidated Balance Sheet Dec. 31
Assets—
in Missouri,
1933
1934
1935
Earnings
$421,534
209,640
$2.45
1935
$1,759,932
Press, Inc. (& Subs.)—Earnings—
& prior year's local tax
1932
$259,411
364,637
stk. outstand¬
com.
Scrip
Total
1933
$470,802
299,990
ing (no par)
Earnings per share
Co.—Sales—
Interest..
Bond amort. & mo v. exp.
Prov. for Federal taxes
Res. for extraord. losses
1934
$721,363
299,829
$346,086
Balance, surplus
Shs.
Sales
Cuneo
1935
$686,918
340,832
paid
"41
Co.—Registers with SEC—
Quarter Ended March 31—
Calendar Years—
Gross profit on sales
Corp.—Earnings-
Calendar Years—
Net'prof. after Fed. taxes
See list given on first page of this department.
Crown Drug
April 11, 1936
Diamond Shoe
Net deficit
—V.
142,
p.
1638.
112,73?
Duluth South
Ebasco Services,
Shore'&'Atlantic^Ry.—Earnings-
Income Account
556
557.03
562.56
1932
559.62
$2,016,694
$1,840,825
$1,654,053
$1,220,085
134,122
.
.
121,954
72.539
158,454
76,572
31,444
74,050
$1,634,036
_
1933
1934
Revenue—
Freight
Iron
106,101
27,440
113,779
122,363
73,755
22,416
90,519
5,360,044
$2,176,537
$1,963,106
73.022
Mail
30,104
Express
Miscellaneous...
Total
Expenses—
Traffic
expenses
Transportation
expenses
49,389
Cr4,932
$1,835,246
57,121
327,670
216,918
1,360
$1,808,781
367,756
121,764
267
Total
524,798
_
Uncollected ry. revenue.
$467,410
51,183
-
_
Corp.—Par Value Changed—New Director
held on April 7, the certificate of
amended changing the 400,000 shares of common capital
Eisler Electric
At the annual meeting of stockholders
def202,169
320,893
265
Net operating revenue-Taxes accrued
Co...79,828,000
—V. 142, p. 2316.
$1,836,205
86,504
Cr7,903
Transp. for investment.
Operating income
Non-operating income.
Dr 103
$1,635,436
3
Miscellaneous operations
General expenses
National Power & Light
incorporation
was
no par value to a par value of $1 per share.
New directors elected at the meeting were Francis
stock from
Gross income
Electric Auto-Lite Co.
$268,426
1,095,570
$559,821
..
Interest
$827,144
Net
Net deficit
—
$991,489
$1,493,525
1933
1932
$1,214,736
$1,924,773
679,499
8.597
525,506
4,858
541,956
18,758
164~522
See
See
964,735
12,756
225,604
452,814
65,566
...
expenses
Minority
yl934
$2,073,567
$4,630,272
Gross income
Other
(& Subs.)—Earnings
1935
Calendar, Years—
521
$127,167 def$433,040
1,118,656
1,060,485
$518,593
1,078.414
..
be approximately 20%
Sales for the first quarter of 1936 were reported to
ahead of the similar 1935 period.—V. 142, p. 2316.
Prov. for Fed'l inc. tax.
Interest, rentals, &c_.
A.
A.
Fox.
$109,393 def$523,583
17,774
90,543
22,699
C. Williams, and G.
Wheeler.
The following directors were re-elected:
Clemens
Laise, Jacob Kurtz, Charles H. Kraft, George W. Dewey and Michael
Charles
Depreciation
~~$245,727
Pet.
11.1
16.5
16.6
Amount
9,696,000
5,587,000
11,372,000
1935
86,993,000
33,781,000
68,456,000
1936
American Power & Light Co
96,689,000
Electric Power & Light Corp..39,368,000
378,175
395,033
79,199
869,334
15,102
100,685
Cr 1,323
334,511
376,019
60,848
792,611
1,165
70,179
354,596
425,252
53,731
896,603
404,274
406,180
52,050
928,285
Maint. of way & struc..
Maint. of equipment
Itictcqsc
/.
Operating Subsidiaries of—
73,431
ore
Passenger.
Inc.—Weekly "Input—
For the week ended April 2, 1936, the kilowatt-hour syatem input of the i
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as com¬
pared with the corresponding week during 1935, was as follows:
for Calendar Years
1935
Average mileage oper
2497
Chronicle
Financial
Volume 142
interest
$2,908,797
313,410
707,222
dividends
Common dividends
$684,372
293,191
$1,212,135
298,454
$1,888,165
income
Preferred
x
x
8,813
$913,681
1,170,654
$0.78
$1,364,059
293,839
1.693.417
General Balance Sheet Dec. 31
Liabilities—
S
$
&
42,679,209 42,955,795
2,957,613
2,770,554
5,125
10,296
Equipment
Sinking
funds
aid
in
Grants
Fund, debt
Special deposits...
24,484
Loans & bills rec..
16
681
Cash
231,840
950,232
was
1,000
1935
5,690
Misc. accts. .pay—
balances
49,035
51,521
247,952
168,557
able securities..
1,834,693
unpaid21,125,040 20,520,300
Accts. & notes rec.
5,381,938
6,327,562
792,087
payable
vouchers
Audited
102,235
Mat'd
int.
Cash
inc. ctfs.
Matured
Due from agents &
'
conductors.....
unpaid
33,390
44,152
3,000,000
3,000,000
...
84,844
117,230
297,142
1,194
1,626
246,402
bonds unpaid—
on
Profit
510
1,403
137,475
25,809
284,425
unadj. debits
174,902
and loss
21,831,011 21,133,431
21,738
Other def'd liabil..
1,080
1,341,505
73,760
Oth. unadj. credits
Additions
148.353
East Kootenay
517
foreign
Unearned
58,883
Total
Dec. 28 '35
Period—
1936—11 Mos.—1935,
Gross earnings
Interest and
52 Weeks
Dec. 29*34
6,022,174
6,397,823
53 Weeks
Dec. 31'32
52 Weeks
Dec. 30 *33
$12,178,865
1,618,044
$20,146,743 $13,796,909
5,818,051
5,757,626
15,904
28,835
35,899
Federal & foreign tax..
750,065
1,230,470
2,605,632
Net profit
dividends
Preferred
$9,659,498
bl ,459,546
$6,058,748
$15,913,251 $14,503,247 $11,119,044
369,492
369.942
369,942
10,129,145 ' 6,752,763
zl2,380,066
Profit
For'n exch. gain, &c
$6,058,748
y$15,913,251x$14,503,247
369.942
9,008,478
_
Common dividends
Surplus
$3,163,693
Profit .& loss surplus..... 83,763,345
Earned per share
$6.90
b Other than amounts credited to general
■
91,306
12,639
27,153
36,009
1935
1936—12 Mos.
$2,840,859
$2,703,461
1,152,075
1,252,453
$50,268
$57,460
Appropriations for retirement reserve
Preferred dividend requirements of subsidiary co_
Preferred div. requirements of El Paso Electric Co.
(Del.)
Balance for common dividends and surplus
-V. 142, p.
$4.76
^
and contingent reserves.
$2.52
~ x Ex¬
cluding net gain of $1,550,046 on delivery of silver bullion to the United
States Mint, carried to general and contingent reserve,
y Exclusive of
profits and losses on silver bullion adjusted through general and contingent
reserves,
z Includes extra dividend of $0.50
per
share amounting to
J
$1,125,461.
^
1
<
169,766
312,873
433,272
154,134
315,131
435,370
$672.,494
$646,748
272,500
46,710
335,000
46,710
183,530
194,041
$107,253
$133,497
2317.
Group Associates—Extra Dividend—
dividend of 10 cents per share in
quarterly dividend of 15 cents per share on the capital stock,
no par value, both payable April 30 to holders of record April 16.
A similar
extra was paid on Jan. 31, last, at which time the regular quarterly dividend
was increased from 12 M cents to 15 cents per share.
An extra dividend of
12 Yi cents was paid on Oct. 31, 1935.—V. 142, p. 125.
The directors have declared an extra
addition to
a
Equity Corp.—Payment of Dividend—
The
had
$3,996,339def$3319,672
76,590,941
72,599,601
$4,004,161
80,600.101
$6.28
amortiz
Employers
750,000
1,313.562
878,328
3.173,930
676,382
3,007,554
'net).
$217,378
Balance
Provision for obsoles'nce
of plant
Other charges
(Del.) (& Subs.)—Earning
$234,426
96,325
Operation
Subsidiaries)
$25,995,010 $24,577,679
Total income
Depreciation
230,563
115,677
reserve
1936—Month—1935
Period End. Feb. 29—
$261,063
$266,936
b After
El Paso Electric Co.
$387,404
126,341
$404,827
137,891
$24,859,239 $22,668,650 $18,576,984
1,135,770
1,909,029
1,569,759
Other income
40,000
for depreciation of $9,488,504
($7,694,855 in 1934) and reserve for valuation of certain properties of
$1,829,392 '$2,125,968 in 1934).
c Shares of $5 par value,
d Represents
43,350 (48,425 in 1934) shares of common and 180 (170 in 1934) shares of
preferred stock.—V. 142, p. 1464.
(& Subs.)—Earnings—
tIncluding All Wholly-Owned
Operating profit
146,851
Total .........26,525,309 20,783,369
.26,525,309 20,783,3691
Notes payable only,
Taxes
Weeks
taxes—
income.
Surplus
Maintenance
52
5,723,601
payable
Federal, State and
106,057
-V. 142, p. 1815.
Eastman Kodak Co.
440,449
40,030
7,543,533
Mortgage
1,482,889
59,286
$23,964
$17,564
Net earnings
624,845
not current
272,481
Accrued accounts.
70.087,311 69.784,898
Total
1936—Month—1935
$35,223
$34,686
17,659
10,722
Operating expenses
alOO.OOO
236,000
1,056,682
pay'le,
Accrued taxes
Power Co., Ltd.—Earnings—
Period End. Feb. 29—
8~6~852
pay.
purchase
through inc. and
70.087,311 69,784,898
2316.
Gross earnings
164,352
&
contracts
200,002
a
—V. 142, p.
Purch.contr.
to prop,
surplus
Total
438,809
Notes
228,372
3,005,027
Divs. declared
1
Other assets
1,649,704
1,501,071
acquis.of sub.cos 2,278,960
Accounts payable.
889,602
Deferred charges..
270,996
110,036
257,051
270,608
75,496
funded debt.
Acer, depre.-equip
South Sh.
Dock Co. bonds
Other
Unmat. Interest on
Tax liability
Other current liab.
prem.
paid in advance.
Disc,
227
1,947
14,213
20,917
Surp. arising out of
2,393,941
3,056,836
3,480,187
—1
&c
4,500,000
6,095,395
68,808
4,500,000
8,990,737 c Common stock._ 6,105,015
616,452
1,499,581 Minority stock int.
Patents, good-will,
5,000
s
S
Liabilities—
Preferred stock—
market¬
d Inv. in own stk_
Matured Dock Co.
Material & supplies
curr. assets.
and
Inventories
Misc. accts. rec...
Working fund adv.
Other def'd assets.
$
buildings,
equipment, &c._U,553,333
Investments
258,970
1934
1935
1934
S
Assets—
b Land,
Traffic & car-serv.
•
154.602
1,000
31,851
South Shore Dk.
& wages unpaid.
receiv.
Consolidated Balance Sheet Dec. 31
920.238
Co.
car-serv.
Rent & ins.
not
Meter
unmat.20,744,000 20.805,000
Can Pac. Ry—
157,783
1,511,469
2,112
207,216
26,414
Other
Federal income tax by reason of deduc¬
affecting the above statement,
y Includes operations of Moto
Gauge & Equipment Corp. of entire year, the acquisition of which
completed during 1935 and the corporation dissolved.
tions
150
$391,181 def$623,197
884.909
929.834
$0.44
$1.21
No provision was required for
x
of
construction
869
869
Misc. phys. prop-.
213,662
Inv. In affil. cos... 1,518,220
Other investments
4,626
mtgd. prop, sold
balances
Shs.cap.stk.outst. 'par $5) 1,177,653
Earns, per sh. on cap.stk.
$2.20
Non.nego. debt to:
Deposit in lieu of
Traffic &
Surplus
$
S
12,000,000 12,000,000
Preferred stock—10,000,000 10,000,000
Common stock
equipment:
Road
1934
1935
1934
1935
Assete—
Investment in road
corporation announced April 6 that the Chancery Court of Delaware
afternoon released its restraining order in the injunction pro¬
that
ceeding instituted by R. Emmett O'Malley, Commissioner of Insurance of
the State of Missouri, to prevent the payment of dividends on the preferred
stock of the corporation.
Dividend checks in payment of dividends ac¬
cumulated on the corporation's preferred stock through Feb. 29 last were
mailed forthwith.—Y. 142, p. 2155.
Empire Gas & Fuel Co. (&
Years End. Nov. 30—
Gross earnings-..
Subs.)—Annual Report—
1935
1934
1933
1932
$68,457,272 $63,079,980 $52,822,730 $61,572,125
42,776,047 -39,874,739
Oper., maint. and tax...
35,944,546
41,853,816
Comparative Consolidated Balance Sheet
[Company and Wholly-Owned Subsidiaries]
Dec. 28 '35
Dec. 29
65,412,547
&c.__ 39,758,981
39,076,080
Accounts & bills
receiv. (net)..
Int.
&
16,586,837
adv8.:
Affiliated
Kodak
2,112,431
2,926,072
17,855,828
Cash
20,975,502
994,563
Prepd. items,&c.
Association
Other
invest.
sec.
2,349,622
3,772.661
19,617,729
14,683,443
Includes real estate,
at
22,509,210
Preferred stock.
6,165,700
Accts. pay.,incl.
provision' for
Federal taxes. 11,464,836
Bills discounted.
2,378,473
Fed. & State inc. tax
11,078,273
92~485
92,485
3,376,381
3,939,112
9,978,733
28,617,861
83,763,345
12,627,560
28,617,862
80,600,102
serve
c
..
Surplus
168,347,027 165,630,304
capital invest¬
Total
of $56,046,195 in 1935 and $51,-
2,500,000 shares of no par value authorized, 2,263,150
value of $10 per share, less 12,229 shares in treasury.
shares issued, at stated
—V.
,142, P.
Brothers Stores,
Edison
Month of—
January
February
1119.
>
.
Inc.—Sales—
*
1936
....
.
March..
—V. 142, P. 1816.
.....
—
•
State
taxes
on
12,584
Deprec. and depletion._ 12,196,667
Proportion of net income
of subs. cos. applicable
to minority interests
Dr568,143
12,039,406
8',598,263
D/-925.091
$2,461,190
on
Balance, surplus
Previous surplus
Surplus adjustments
$592,670
$3,504,269
3,852,561
pref. stock
3,852,538
$5,269,748
$2,461,190 def$3259,891 def$348,269
82.316,779 b80,130,457
77.243,677
86,224,592
153,949
367,837
4,700,475
Total surplus
-$87,740,475 $82,591,647 $74,351,623
Surplus adjust, applic.
to prior years
274,866
Amount applic. to mino¬
$90,576,798
13,333,121
rity stockholders
•
8,293,709
Cr290,215
$5,269,748
Net avail, for divs
Divs.
buildings, plant, machinery and
cost, less depreciation reserve
483,591 in 1934.
re¬
Paid-in surplus.
&
Fed.
$29,611,466 $27,304,559 $20,952,854 $24,199,353
10,363,423
10,793,510
11,376,613
10,236,871
1,172,112
1,242,586
1,024.762
1,029,501
343,340
16,040
—
297,951
interest coupons
v.
Pref. div. Jan. 1
Contingent
Total earnings
Interest charges
Amort, of bond discount
1,064,569
168,347,027 165,630,304
Total
b
1,508,032
$25,681,225 $23,205,241 $16,878,184 $19,718,308
Non-operating income..
3,930,241
4.099,319
4,074,670
4,481,044
Net earnings
S
22,509,210
6,165,700
Common stock
Com. div. Jan. 1
1,305,804
cos.
Em pi.
Other mkt.
ments
18,145,621
Dec. 29 *34
S
Liabilities—
c
buildings, &c. 65,831,009
Supplies,
Dec. 28 '35
34
$
$
Assets—
b Real estate,
—
_
1935
^
$874,140
1,051,674
$733,092
867,050
1,603,565
1,368,964
Balance applic. to ma¬
jority
stockholders.$87,740,475 $82,316,779 $74,351,623 $77,243,677
b Includes reserve of $5,778,834
heretofore provided for accrued unde¬
clared dividends on preferred stocks.
2498
Financial
Chronicle
Consolidated Balance Sheet Nov. 30
1935
$
Plant & Invest.-416,206,332 408,758,252
x
Pref. stock
pipeline
Spec, cash depos
3,030,706
24,701
16,918
Sees, of pipeline
cos.
& other
invests
8,757,096
hand
10,727,787
4,578,388
3,205,979
17,860
secure.
Invent, of crude
& refined oils.
Accts.
1,410,815
1,126,012
281,195
1,108,887
3,913,334
cos.
Accept's receiv.
Mat'ls & suppl's
Prepd. ins., int.,
royalties, rent¬
als, taxes, &c.
228,835
1,076,096
3,616,863
&
accts. payable
15,535,877
8,542,231
63,838^117
64,515,978
5,206,817
125,013
1,359,716
4,552,660
112,091
1,271,772
int. in sub.cos. 27,333,181
26,862,757
82,316,779
4,557
price ch'ge res
Other
reserves..
Min. stockhldre'
536,331
87,740,475
548,948
&
6,016
11,539
165,606
Unamort.
5,987,963
295,751
6,695,030
337,186
Total
Pioneer-Flintkote
462,765,184 458,308,799
Represented by 750,000
no par
Co.
has
two
inactive
subsidiaries.
through subsidiaries, is engaged in and in¬
manufacture and sale, of various asphalt
andT siding products, asphalt emulsions, mastic products, and
Company, either directly
or
tends to engage in the sale,
or
roofing
allied products.
Activities in foreign countries at present comprise, less than 10% of the
business of the company and its subsidiaries.
The company holds, in most cases, opinions of counsel respecting title
to the real estate of the company and its subsidiaries. With respect to some
of the properties there are defects or encumbrances, none of which, in the
opinion of the company, is material with relation to the business of the
company or its subsidiaries.
Capitalization—The capitalization as of Dec. 31, 1935, was, and as of the
date of this prospectus is, as follows:
Authorized
Outstanding
Class A
common
Class B
common
N.
debt
Oth. def. charges
dated April 8 affords the following:
Company—Organized in Massachusetts July 12, 1917. Company has five
wholly owned subsidiaries:
Beckman-Dawson Roofing Co., Patent &
Licensing Corp., Pioneer-Flintkote Co., Colas Road Ltd. (a Canadian
company), and Industrial Asphalts Co., Ltd. (an English company).
142,863
accts.
disct. & exp..
1936
stock (no par)
stock (no par)
337,432 shs.
330,614 shs.
1,250,000 shs.
1,250,000 shs.
Upon conversion of all the outstanding class B common stock into class A
common stock, which is to take place before delivery of the common stock
offered, the capitalization will be as follows:
Authorized
Outstanding
Common stock (no par)
2,500,000 shs.
668,046 shs.
closed
rec., not curr.
x
notes
Surplus
banks.
Notes
Other
Injuries? & dam.
rec—
in
5,097,707
6,338,709
1,435,075
Due to parent co 68,132,681
Cust's' deposits.
67,420
37,405,357
54,424,737
83,934,800
9,221,883
5,366,068
958,192
78,756,674
62,263
Crude & ret. oil
Oth.notes,accts.
Bals.
37,405,357
54,424,737
88,724,300
Notes payable. .
Accts. payable.
(non-current)
Current accts. of
affiliated
Common stock
Bonded debt
15,669,347 Drilling charges
3,090,795 Depr. & deplet.
15,773,483
3,727,066
rec. cust.
$
Acer.int.,tax,&c
Cash In banks &
Mktable
1934
$
Liabilities—
Adv. repurchase
on
A prospectus
1935
1934
$
Assets""""
April u,
V.
de
Bataafsche
Petroleum
Maatschappij is the record holder of
182,288 shares (55.13 + %) and Shell Union Oil Corp. is the record holder
148,326 shares (44.86 + %) of class B common stock of the company.
Underwriters—Company is informed that the respective name of each
principal underwriter and the respective amount underwritten are as follows:
of
Total
462,765,184 458,308,799
Number of Shares
Underwritten
shares.—V. 141, p. 593.
Under
Under
Shell
Bataafsche
Erie RR.—Bonds Authorized—
The Interstate Commerce Commission has authorized the company to
issue at par not exceeding $1,100,000 of 4% registered serial collateral notes,
the proceeds to be used for maintenance, and to pledge, as collateral security
for the notes,
$750,000 of refunding and improvement mortgage 6% bonds,
series of 1932 and the company's equity in $38,708,800, of bonds and stock
now
pledged with the Reconstruction Finance Corporation.—V. 142,p.2155.
Fairbanks Co.
(& Subs.)—Earnings—
Calendar Years—
1934
1935
Operating loss
1933
1932
$3,012
$32,935
$83,963
24,661
$167,626
28,872
$3,012
47,120
24,408
$32,935
46,399
33,515
$59,302
131,751
47,500
$138,754
131,507
53,500
$74,540
$112,849
$238,552
$323,761
Other income
Net loss
Depreciation
Interest, reserves, &c
Total loss
For the quarter ended Dec. 31, 1935, company reported gross profit from
operations of $96,884, and a profit before depreciation, interest, &c., of
$21,152. After deducting depreciation, interest, &c., of $19,236 there was
a net profit of $1,916.
Assets—
1935
Plant & equip...
Cash
Notes & accts.
1934
rec.
Inventories
ing fund..
.
165,135
400,000
Prepaid expenses. ."
11,406
.
...
Total
x
V.
$2,002,517 $2,102,649
Total...
After depreciation of $1,534,833 in
141, p. 3073.
1935 and
2,692
3,308
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,757
2,757
2,757
2,757
Allyn & Co., Inc., New York
Bacon, Whipple & Co., Chicago
Robert Benson &
Co., Ltd., London, E.C. 2, Eng
Birge, Wood & Trubee, Buffalo
Halle & Stieglitz, New York
A. M. Kidder & Co., New York
_
M. & T. Securities Corp., Buffalo..
National Bond & Share Corp., Jersey City
Niagara Share Corp., Buffalo
Parker Corp., Boston
Randolph Securities Corp., New York
L. F. Rothschild & Co., New York
I. M. Simon & Co., St. Louis, Mo..
Toerge & Schiffer, New York
Wertheim & Co., New York
1935
$6,692,134
4.694,780
$3,400,242
454,838
$2,511,564
328,220
$1,997,355
330,373
$3,855,080
$2,839,784
$2,327,727
276,217
2,276,074
38,844
238,880
2.023,017
78,113
227,912
1,775,696
$1,263,944
416,734
$499,774
253,437
$211,879
279,485
$1,680,679
$753,211
166,277
$491,363
206,905
$1,473,774
Provision for Federal income tax
156,624
Provision for foreign income taxes—
7,370
$586,934
46,211
8.289
$341,326
$1,309,779
$532,433
$314,821
1934
$46,257
$49,958
Royalties received (net).
Maintenance,
deprec., taxes
(other
foreign inc. taxes), &c_
Selling, licensing, adm. & gen. exp—
Provision for doubtful accounts
Corp.—Registers with SEC—
than Fed. &
April 8 declared an extra dividend of 25 cents per share
quarterly dividend of 50 cents per share on the
capital stock, par $20, both payable April 25 to holders of record April 15.
—V. 142, p. 1119.
112,239
on
in addition to the regular
Other income.
Total
income
Income deductions.
Fidelity Fund, Inc.—Regular Dividend—
Directors have declared
regular quarterly dividend of 25 cents per share
payable May 1 to stockholders of record April 20. This dividend after giving
effect to the 100% stock dividend paid on Feb. 15, last, is equivalent to the
rate that was established in January of this year when a dividend of 50 cents
a share was established.
Se also V. 142, p. 459.—V. 142, p. 622.
a
Net income
(M. H.) Fishman Co., Inc.- -Sales—
Monthof—
1936
$184,107
212,166
212,259
January
February
March.
1934
1933
$154,799
161,205
226,586
$101,306
123,869
126,196
Co.—Stock
Offered—Controlling interest in
American producer of asphalt shingles
and emulsions, passed from foreign
ownership to the American investment market April 8 with
the public offering by a banking group headed by Lehman
Brothers of common stock of the company in the amount of
281,914 shares.
A total of 330,614 shares are embraced in
the registration statement, but of these 48,700 shares are
being reserved from the initial public offering by the several
underwriters, Atlas Corp. and the Lehman Corp. so reserv¬
ing all shares purchased by them, namely, 15,000 shares and
10,000 shares, respectively.
The offering price of the stock
the company, leading
and sidings, roofings
has been set at $47.25
a
share.
Associated with Lehman
Brothers in the offering group are Hallgarten
Weld & Co., Dominick & Dominick, Chas.
& Co., White,
D. Barney &
Co., Ladenburg, Thalmann & Co., Shields & Co., Hemphill,
Noyes & Co., Cassatt & Co., Inc., and Laurence M. Marks
& Co., and others.
offering does not constitute new
financing but represents the shares which will result from the conversion
into common stock of the same number of shares of class B common stock
now owned by N. V. de Bataafsche Petroleum Maatschappij and
Shell
Union Oil Corp., companies affiliated with the Royal Dutch-Shell group.
The right to elect a majority of the board of directors has been vested in
the class B common stock which, except for this right and the right of con¬
version, was otherwise substantially identical as to rights with the class A
common stock, the shares of which are traded in on the New York Curb
Exchange. Immediately prior to the delivery date (on or about April 14)
for the common stock now being publicly offered, all class B common stock
will be converted into class A common stock, whereupon all the outstanding
stock of the company becomes common stock without any designation as
stock embraced
in the
150.037
26,505
Consolidated Balance Sheet Dec. 31 1935
1935
$165,027
192,684
214,193
—V. 142, p. 1640.
1933
1934
$8,477,521
5,965,957
.
to class.
2,757
2,757
2,757
2,757
2,757
2,757
2.757
2,757
2,757
(& Subs.)—Earns.
Fidelity & Deposit Co.—Extra Dividend—
common
2,757
Consolidated Income Account Years Ended Dec. 31
,496,299 in 1934.—
See list given on first page of this department.—V. 142, p. 2318.
The
2,757
2,757
[Including United States and Canadian Subsidiaries]
$2,002,517 $2,102,649
1935
Net income after Fed. taxes, int. & other charges..
—V. 142, p. 622.
Flintkote
...
2,757
$11,145,044
7,744,802
Feltman & Curme Shoe Stores Co.
The directors
._
.
6 Months Ended Dec. 31—
Ferro Enamel
1934
.
1st pref. stock sink¬
Goodwill
1935
Liabilities—
$657,834 8% 1st pref. stock. $1,000,000 $1,000,000
353,791 8% pref.stock.... 2,000,000 2,000,000
81,343 Common stock... 1,500,000
1,500,000
57,934
42,782
436,751 Accts. pay., '&c_.
Accrued interest1,594
2,592
165,135 Gold notes (curr.).
79,746
40,246
400,000 Prov. for State tax.
3,500
3,000
438,608
7,797 Gold notes
437,860
Deficit
3,038,619 2,964,079
$629,569
230,471
104,104
461,830
Speyer & Co., New York
A. C.
W. W. Lanahan & Co., Baltimore
Loew & Co., New York.
Consolidated Balance Sheet Dec 31
x
Agreement Agreement
Lehman Brothers, New York
17,776
21,838
Hallgarten & Co., New York
13,459
16,541
Chas. D. Barney & Co., New York
8,973
11.027
Ladenburg, Thalmann & Co., New York
8.973
11,027
Shields & Co., New York
8,973
11,027
White, Weld & Co., New York
8.973
11,027
Atlas Corp., Jersey City
6,730
8,270
Dominick & Dominick, New York
6,730
8,270
Balfour, Boardman & Co., Ltd., London, E.C. 3, Eng.
4,486
5,514
Cassatt & Co., Inc., New York
4,486
5,514
Hemphill, Noyes & Co., New York
4,486
5,514
Lehman Corp., New York
«,
4,486
5,514
Laurence M. Marks & Co., New York
4,486
5,514
Reybarn Co., Inc., Jersey City
4,486
5,514
[Including United States and Canadian Subsidiaries]
Liabilities—
$963,069 Accounts payable
$341,327
1,805,914 Royalty partlc. & accruals
49,452
Notes & accts. rec., trade (net) 1,048,664 Accrued Items
120,298
Inventories
1,696,750 Provision for freight equaliza¬
Due from officers & emoloyees
24,713
tion, disc., allowances, &c..
160,318
Accounts receivable, other
68,472 Provision for estimated Fed¬
Inv. in sub., not consolidated.
3,663
eral, State & foreign taxes..
402,711
Other security invest'ts (net).
31,814 Capital stock (class A and class
Property, plant & equipment.a3,486,737
B, 668,046 shares, no par).. 6,346,437
Patents, royalty contracts, &c.
1 Capital surplus
104,358
Prepaid exp. & def'd charges.
87,515 Earned surplus
1,692,411
Cash and cash Items
—
U. S. Govt, securities
...
_
$9,217,313 I
Total
a
Total
$9,217,313
After deducting depreciation of $4,129,383.—V. 142, p. 2318.
Ford Motor Co.
(Detroit)—All Models Raised $2—
Delivered
$2.
This
series
prices on all Ford automobile models have been increased
the first change in prices on any major line since the 1936
announced last fall.—V. 142, p. 1120.
was
was
Ford Motor
Co., Ltd.—Dividend Date—
The Guaranty Trust Co. of New York, as depositary, has announced that
April 14, 1936, has been set as the record date, and May 6, 1936, as the
payment date, for the disbursement of the dividend for the year ended
Dec. 31, 1935, of 5%, less British Income tax, on American depositary
receipts representing the ordinary registered stock.—V. 141, p. 275.
Foreign
Bond
Associates,
Inc.—Proposes
Capital Re¬
adjustment—
A
with
plan
for capital readjustment whereby holders of 5% debentures,
receipts representing common stock attached, would exchange
escrow
their holdings for common stock on the basis of eight shares of common
for each $50 debenture unit, is being presented to the company's security
holders
through
letter mailed last night.
company's financial statement as of March 31, 1936,
principal amount of $100 with escrow receipt repre¬
senting two shares of common stock had an asset value of $163.96, which
represents an increase of 15% over the Dec. 31, 1935, figure of $143.28
per unit.
The proposed plan, if adopted, will eliminate the funded indebtedness
of the company and leave it with only common stock outstanding.
The
plan provides for the declaration of a stock dividend calling for the issuance
Based
on
a
the
each debenture of the
Financial
Volume 142
of two additional shares of
and the
exchange of all debentures at the rate of five shares of common stock for
each $50 principal amount of debentures.
The meeting of the stock¬
holders to vote on the plan is scheduled for May 6.
"An advantage to be gained by simplification of the
present capital
structure," according to a letter of Robert S. Byfield, President, "is that
the elimination of the present debentures would justify the disbursement
of a larger proportion of the company's total profits in the form of dividends.
Such action may becor.e highly advisable if the presently pending cor¬
poration tax legislation in Washington should become law.
Furthermore,
it is believed that, by enhancing the flexibility of the company's operations,
the plan may well result in increased earnings power."—V. 141, p. 919.
Foster Wheeler
See list given on
first
Corp.—Registers with SEC-—
of this department.—V. 142, p. 2318.
page
Fourth National Investors
Corp.— Earnings—
1934
1933
$192,192
165,689
$288
153,215
$17,664
123,607
$192,192
16,522
$166,138
13,682
1,321
1,340
$153,503
29,647
1,688
1,253
$141,272
21,952
2,476
2,490
5,229
3,275
5,180
6,390
5.418
1,500
$109,345
$107,436
3 Mos. End. Mar. 31—
Interest
1936
Cash dividends
Total income
Management fee
Stock transfer expenses
Custodian's services..-.
1935
$449
1,679
-
1,352
,
Special fees in connectioni
with
information
ren¬
dered to SEC
837
Legal fees, auditing fees,
stkholders' reports, &c:
11,936
New York State tax
Fed.
4,775
stk. tax and[
N. Y. City excise tax.
cap.
x8,350
$137,919
x
The New
$15,181
sale of securities based on average cost
Y. State franchise tax applicable to security
on
$14,806
4,767,285
$912,033
Total
Net assets, as reported at Dec. 31,1935
on common
Per Share
$21,875,892
$43.75
.29
146,739
14,806
.03
1.83
912,033
$2.15
.75
$698,579
$1.40
.$22,574,472
Net assets, as reported at March 31, 1936
$45.15
Assets—
Cash
609,211
Liabilities—
Accrued
Accept.
Corp. & Univer¬
sal Credit Corp.
Part
400,000
corp.
to
$
3.100
liqui¬
date closed bank
15,750
7,750
56,895
79,764
for
Fed.
banks
28,899
Prepaid insurance-
621
Deferred charges..
28,782
com.
profit on
stocks
1,109,000
44
500,000
500,000
a
Common stock..
b
Capital surplus.26,444,757 26,444,757
9,137,571
8,743,098
Deficit
Excess of cost over
market value of
investment
15,163;7131
23,742,773
Cr4,767,286Dr3,059,916
value of capital stock, after
have declared
an
extra dividend
of 5 cents per share in
quarterly dividend of 25 cents per share on the
common stock, par $5, both payable May 1 to holders of record April 20.
Similar payments have been made in each of the seven preceding quarters.
—V. 142, p. 460.
to
the regular
General American Investors Co.,
181,782 in March compared with 126,691 in March a year ago.
Sales in
February were 96,134.
Sales for the first three months of 1936 totaled
379,950 compared with 258,093 for the same three months of 1935.
Sales of General Motors cars to dealers in the United States totaled
United States and Canada Plus Overseas Shipments
Total Sales to Dealers in
Balance
1935
$180,704
1934
$201,280
143,327
129,372
1934
98,268
121.146
62,506
100.848
196,721
169,302
153,250
58,018
184,059
134,597
153,954
132,837
86,967
98,205
181,188
146,881
113,701
July.
August
September
167,790
124,680
39,152
134,324
109,278
71,888
106,918
97,614
81,148
127,054
182,754
185,698
72,050
61,037
41,594
53,054
10,384
21,295
1,715,688
1,240,447
869,035
—
-
-
October
November
December
-
Total
-
$51,332
$74,450
Syndicate compensation in respect of
14,186
loan
$86,657
120,000
Net income
Dividends
on
preferred stock
$51,332
120,000
$88,637
120,000
Notes—(a) Net profit from sale of securities, $1,367,544; less, provision
for taxes thereon, $264,645; net profit credited to special account under
surplus, $1,102,898.
(b) Aggregate unrealized appreciation in value of securities as compared
with cost (March 31. 1936, $7,927,174; Dec. 31 1935, $6,230,745) increase,
$1,696,428; deduction for taxes at present rates on appreciation, if realized
(March 31,1936, $2,253,000; Dec. 31, 1935, $1,730,000) increase, $523,000;
increase in appreciation after deduction for taxes, $1,173,428.
102,034
96,134
$
$
Liabilities—
$
—
181,782
April
4,000,000
1,330,220
6,600,000
Pref.
Com
f
1
Cash
563,880
844,034
receiv.
and
accrued
Deferred^charges. _
Total
92,554
125,400
369,000
120,000
55,000
47,000
120,000
Capital surplus...14,654,247
Loss on sees. sold.
c212,651
23,000
In dispute
Interest
Reserve for taxes.
Pref. divs. payable
Special dep. for tax
85,920
14,654,247
8,889
1,216,841
47,436
71,599
85,969
101.827
October
-
-
Total
-
69,090
62,752
41,530
63,518
35,417
11,951
1,278,996
.
112,847
101,243
86,258
71,648
68,566
136,589
122,198
...
November----
927.493
755,778
87,298,
86,372
71,458
Sales to Dealers in United States
1933
1934^
1935
1936
132,622
119,858
72,274
50,212
45,098
121,964
103,844
74,242
85,980
118,789
99,956
139,121
103,098
22,986
107,554
87,429
53,738
92,546
84,504
67,733
97,746
147,849
150,010
50,514
39,048
28,344
41,982
3,483
11,191
1,370,934
March
46,190
82,222
152,946
105,159
-
-
75,727
92,907
150.863
February
131,134
116.762
162,418
January--.
959,494
729,201
April
May
-
June
July
August
-
September-..
October
November
-
December
Total
Unit sales of Chevrolet, Pontiac.
Oldsmobile, Buick, LaSalle and Cadillac
and commercial cars are included in the above figures.
Chevrolet Sales—
Chevrolet sales in March
totaled'126,119 units, the highest for
any
month
in the history of the company.
A new record also was set for first quarter
sales which totaled 272,149, a gain of 97,839 over the same period last year.
The previous high record for a single month was registered in May ,1928,
122,437 units.
The largest previous first quarter record was 248,875
1929.
Sales of used cars by Chevrolet dealers were 165,170 in
at
units in
March and 481,834 in the first quarter, a new
—V.
142,
p.
record for the latter period.
2319.
General
133,320
27,320,008 25,678,153
98,174
106,349
95,253
137,782
July
August
September
118,527
Undistributed Inc.
126,691
108,645
127,346
66,547
June
$
4,000,000
6% pref. stock
1
Bonds..
1933
*50,653
42,280
23,438
58,911
54,105
77.297
143,909
109,051
March.
1935
b958,941 a Common stock.. 1,300,220
stocks...Id26515173| bl650,588 25-yr. 5% debs... 6.600,000
55,000
stock—
[b22005350 Int. accr. on debs.
Sees, owned at cost:
Divs.
1936
1935
1936
'
1934
1935
1936
January-..February
passenger
Comparative Balance Sheet March 31
Assets—
82,117
59,614
Sales to Consumers in United States
126,830
$86,657
Interest, amortization, taxes, &c
1933
1935
158,572
144.874
January
February
Inc.—Earnings—
1936
$229,984
3 Mos. Ended March 31—
com¬
388,716 for the same three months of 1935.
Sales of General Motors cars to consumers in the United States totaled
December
Total income
Sales—The
sales of General Motors cars to dealers in the United States
together with shipments overseas, totaled 196,721 compared
$169,302 in March a year ago.
Sales in February were 144,874.
Sales for the first three months of 1936 totaled 500,167 compared with
May
Franklin Fire Insurance Co.—Extra Dividend—
The directors
addition
Car
and Canada
23,742,773 15,163,713
Total
excess of paid-in capital over the par
deducting organization expenses,
c At market
value, cost $17,530,450 in 1936 and $17,076,350 in 1935.—V. 142, p. 1641.
b Representing the
$1.
Corp.—March
April 8 made the following announcement:
pany on
April
May
inc.
Unearned interest-
Deposits in closed
Par
paid on April 30, 1935.—V. 141, p. 2737.
Motors
March..
1,850
tax on
28,899
a
declared a final dividend of $3.30 per share on the
payable April 20 to holders of record April 13. A dividend
of $3.85 per share was
June
11,075
& State franchise
Dividends receiv..
Total....
American shares
1936
36,075
taxes
tax
Res.
in
.
5,625
Fed.cap.stk. tax
N. Y. City excise
23,406,736 14,016,434
ctf.
formed
$
expenses.
State
Investments
said.
Final Dividend—
Provision for N. Y.
General
Motors
I
$
$
of
1935
1936
1935
250,243
.
Notes
was
162,418 in March compared with 132,622 in March a year ago.
Sales in
February were 116,762.
Sales for the first three months of 1936 totaled
410,314 compared with 301,256 for the same three months of 1935.
Balance Sheet March 31
1936
it
with
$1,073,579
375,000
Increase for period—after dividend
suspend from
dealings American shares representing 200-lire par value capital stock of
the corporation.
Only about 9.400 shares are outstanding in this country,
March
stocks
stock.
Stock
General Italian Edison Electric Corp.— To Remove
from Exchange List—
General
Increase for period—before dividend:
Net income per income account
for the first quarter of 1936 amounted
$59,569,879, compared with $49,379,932 for the corresponding quarter
of 1935, an increase of 21 %, President Gerard Swope announced on April 7.
This was the largest quarter since the third quarter of 1931.—V. 142,
p. 2156.
The directors have
Change in Net Assets 3 Months Ended March 31, 1936
Dividend
Co.—First Quarter Orders—
Orders received by the company
The New York Stock Exchange has announced that it will
$3,855,252
Increase in unrealized profit after reserve for taxes.
Profit per security profits account
Increase in unrealized profit on common
after reserve for taxes
common
to
cost of common stocks, less reserve
over
for taxes on unrealized profit:
As reported at Dec. 31,1935 (after reserve of $834,000)
As reported at March 31,1936 (after reserve of $1,109,000)—
Corp.—Listing—
Exchange has authorized the listing of 169,600
stock (par $5) on official notice of issuance,
Stock
making the total amounts applied for to date 1,018,233 shares.
This issue of 169,600 shares was authorized by the directors March 22,
1936. The shares will be offered for subscription to stockholders of record
April 2 in the ratio of ohe share for each five shares held, at $44 per share.
Subscription rights will expire at 3 p. m. Eastern Standard Time, April 22,
1936.
(See V. 142, p. 2321.)
Manufacturers Trust Co., 55 Broad St.,
New York, will act as agent of the corporation for the issue, transfer, ex¬
change and exercise of warrants.
An agreement has been entered into between the corporation and various
underwriters whereby such underwriters have severally agreed on the terms,
to purchase severally from the corporation at $44 per share such shares as
are not so subscribed for by the stockholders.
As compensation for such
agreement, the underwriters are to receive $1.50 per share on the total
169,000 shares offered to stockholders, plus an additional $1.00 for each
share purchased by the underwriters.
The net proceeds, after deducting estimated expenses, are estimated
to be within a maximum of $7,170,264 and a minimum of $7,000,664.
No allocation to specific purposes has been made of the net proceeds received
from the sale of such stock except that approximately $1,167,000 of such
net proceeds may be used for the acquisition of 233,334 shares of the 5%
cumulative convertible first preferred stock of a new corporation to be
organized to acquire the assets of the Pressed Steel Car Co. under a plan of
reorganization dated Dec. 23, 1935 (as amended and modified), if such plan
becomes effective and the corporation becomes obligated thereunder. It is
the present intention of the corporation to use substantially all of the
balance of such proceeds in expansion of its rolling stock facilities through
acquisition of fleets of cars and construction of cars, if and when such
acquisitions can be made on favorable terms.—V. 142, p. 2321, 2156.
375
profits account
Excess of market value
York
additional shares of
General Electric
Security Profits Account 3 Months Ended March 31, 1936
Profit realized
Provision for N.
c
General American Transportation
3,371
$146,740
Federal capital stock tax only.
Net income.
2499
Chronicle
stock for each share outstanding
common
Printing Ink Corp.—Directorate Reduced—
12 at the annual meeting
No successor was elected to Thomas A. Lenci, Chairman of
the board, who died during the past year.—V. 142, p. 1816.
The board of directors was reduced to 11 from
Total
27,320,008 25,678,153
Represented by 1,300,220 no par shares,
b The aggregate value as of
1935 of securities owned at bid prices was less than the above
value by $4,299,969, as compared with $26,478 in 1934. c Profit on securi¬
ties sold,
d The value of securities owned, at bid prices (except for $154,162
the fair value, in the opinion of the directors, of securities not currently
quoted) was, as of March 31, 1936, as follows:
Bonds, $1,838,780; pref.
stock, $3,125,162 and common stocks of $29,478,405.
If the appreciation
of $7,927,174 over cost were realized, the taxes thereon, at present rates,
would amount to approximately $2,253,000.—V. 142, p. 299.
April 1.
on
a
March 31,
General Shoe
Corp.—Larger Dividend—
The directors have declared a dividend of 40 cents per
share
on
the no
class A and B common shares payable April 15 to holders of record
March 31.
This compares with 35 cents paid on Jan. 15, last; 25 cents paid
on Oct. 15, 1935; 15 cents on July 15 and April 15 1935, and 10 cents per
share distributed each three months from April 16, 1934 to and including
Jan. 15, 1935.—V. 142, p. 624.
par
Financial
2500
General Sugar Corp.—To
Coincident
with
Funded Debt—There
Reorganize—
the
promulgation of a joint reorganization plan for
Vertientes Sugar Co. (see below) and Camaguey Sugar Co. by the bond¬
holders' protective committees headed respectively, by Thomas L. Chadbourne and Arthur W. Loasby, the General Sugar Corp., the parent
company, filed on April 6 in the U. S. District Court for the District of
Delaware a petition for permission to reorganize under the provisions of
Section 77B of the Bankruptcy Act.
The plan or reorganization proposed
for Vertientes and Camaguey affects the obligations of these two companies
held by the General Sugar Corp. and its stock interest in them, with the
result that a reorganization of the parent company is necessitated and in th
77B proceeding, that company has suggested a plan for its own reorganiza¬
tion.
Vertientes and Camaguey have intervened in the court proceedings
and the fairness of both plans, therefore, will be subjected to judicial review.
fhe plan of reorganization of General Sugar Corp., attached to its
petition for reorganization under Section 77B, establishes a basis for
adjustment of inter-company indebtedness among the subsidiaries of
General Sugar other than Vertientes and Camaguey and also the indebted¬
ness of the parent company.
The 1,890,000 shares of existing common
stock of the company, all owned by the City Company of New York, Inc.
mow in liquidation) and written down on the books of that company in
1931 to a valuation of $1, are to be surrendered and canceled. 10,000 of
new common stock are to be delivered to the National City Bank of New
York in full satisfaction of notes held by the bank together with interest
thereon.
Except for the outstanding mortgage debt of the subsidiaries, the
bank is substantially the only creditor of General Sugar and its subsidiaries
and has some time ago set up adequate reserves.
Gemeral Theatres
Arthur
W.
Loasby,
Equipment, Inc.—Hearing April 28
Chairman
of
the
reorganization committee, has
approved the action
announced that the Chancery Court of Delaware has
taken
by the reorganization committee in declaring operative the plan of
reorganization of Aug. 31, 1935, and has directed that there be a hearing
on
the committee's application for a decree of sale of the assets of the
company at the Chancery Court in Wilmington, Del., on April 28, 1936.
Mr.
Laosby further announced that if the application for a decree of sale
is
granted the committee proposes to bid for the properties at the sale in
order that the plan of reorganization may be finally consummated.
At the time the application was made to the court, the committee an¬
nounced that the debentures and claims irrevocably bound by the plan
and agreement, together with the claims held by Chase National Bank,
has agreed to participate in the plan and agreement as provided
therein, constituted over 89% of all claims against the company.
Since
which
that
substantial
time
deposits
mittee believes that there will
of debentures
been
have
made
the com¬
be few creditors who will fail to avail them¬
selves of their
right to participate in the benefits of the plan by depositing
thereunder.—V. 142, p. 2157.
General
Time
Instruments
Registers with SEC—
Corp.
of
New
York—
.
See list given on first page of this department.—V. 142, p.
2321.
Genesee River RR. Co.—Tenders—
The Guaranty Trust Co. of New York, will untill 10 a. m., April 29,
bids for the sale to it of sufficient 1st mtge. 6% 50-year sinking fund
receive
gold bonds, due July 1 1957, to exhaust the
exceeding 115 and interest.—V. 140, p. 3897.
sum
of $63,166 at prices not
\
Georgia & Florida RR.—Earnings—
_
.
-Fourth Week of March-
,
Period—
1936
Gross earnings
—V
.
1935
$24,400
_
$21,400
—Jan. 1 to March 31—
1936
$269,380
1935
$255,623
142, p. 2321.
Georgia RR. & Banking Co.—Larger Dividend—
The directors have declared a dividend of $2.50 per share on the capital
stock, par $100, payable April 15 to holders of record April 1.
This com¬
pares with $2.2o per share paid in each of the four preceding quarters and
1935
Zy i4(jh ^2535 0nthS fr°m April 15' 1932 to and including Jan- 15«
Glidden Co.—-To Increase Stock—
Company plans to increase its authorized common stock from 800,000
(no par) shares to 1,000,000 shares and to create 200,000 shares ($50 par)
4M% convertible preferred shares.
Stockholders will be asked at a special meeting on April 24 to authorize
the proposal with a view to selling the additional common and the new
preferred, proceeds to be used to retire the presently outstanding 65,000
shares of 7% cumulative preference stock, and also to provide funds for
retirement of company s indebtedness, which already has been approved
by directors.—V. 142, p. 2321.
(Adolf) Gobel, Inc.—Payment Authorized—
United States Court, Brooklyn, has authorized the
General American Tank Car Corp. $105,000 which the
latter has agreed to accept in settlement of its breach of contract suit for
$540,000 pending in United States Court, Chicago. The General American
held a 10-year contract that would have expired in 1941 to supply tank and
refrigeration cars for Jacob E. Decker & Sons, the Iowa subsidiary which
Gobel sold last year to Armour & Co. of Del.—V. 142, p. 2321.
Judge
Byers
company to
April 11, 1936
Chronicle
in
pay
was
a
decrease of $5,564,000 in the
in the funded debt.
In addition,
the company paid off its note of
petition for review of the "cease and desist" order of the Federal Trade
Commission, directed at the company on March 5, is being filed in the
U. S. Circuit Court of Appeals in Cincinnati.
The Commission has ordered Goodyear to "cease and desist" from
selling tires to Sears, Roebuck & Co. at alleged discriminatory prices.—V.
142, p. 1642.
Graham-Paige Motors Corp.—To Vote on Stock Increase
Joseph B. Graham, President of the company announced that at the
annual meeting to be held on April 20, stockholders will be asked to approve
a
recommendation of the directors for
an
increase in the authorized common
stock of $1 par value, from 2,500,000 to 3,500,000 shares,
and to approve
offering to the stockholders of 600,000 shares of this stock at $3 per
share, at the rate of one new share for each four shares held.
The notice
for the annual meeting states that 400,000 of the 600,000 shares to be
offered stockholders will be underwritten by the Graham
brothers and
their associates, if not subscribed by the stockholders.
"The purpose of this financing is to liquidate present loans and provide
working capital so that your company can take advantage of opportunities
presented at this time, because of the enlarged automobile market in which
we are now in position to compete, with our new cars in the lower and
medium price fields," said Mr. Graham.
"As our factories are equipped and our tools and dies for present models
already provided for, it is not contemplated that any substanital portion
of the new financing will be required for capital expenditures."
Mr. Graham said that the 1936 line has had better public acceptance than
the 1935 models, as indicated by retail deliveries, which in the first two
months of 1936 increased more than 50% over the corresponding period
last year.
The introduction of the new six-cylinder supercharger model
is accounting for a greater percentage of total production than the company
anticipated, and prices are more in line with competition than they were
last year when the company manufactured and sold 22,704 cars, as com¬
pared with 15,877 in 1934.
Sales in 1935 totaled $14,621,785, compared
with $11,594,998 in 1934.—V. 142, p. 2322.
an
(W. T.) Grant Co.—Sales—
Month
1936
$5,753,923
of—
February
March
_
—V. 142, p.
Great
6,475.347
1935
$5,578,375
6,953,195
1934
$4,550,096
6,774,303
1933
$4,492,044
5,136,563
$8,883,340.
Refinancing of General Mortgage 7% Bonds, Series A—The refinancing or
the 7% bonds due July 1 1936 has been actively in hand throughout the
,
past year.
At the beginning of the year 1935 we had a total of $105,859,000 of these
bonds outstanding.
During the year purchases amounting to $5,093 J)00
were made at favorable prices, reducing the balance outstanding on Dec.
31, 1935, to $100,766,000.
These purchases have all been paid for out of
income, and it is expected to redeem additional bonds to the extent of
$1,343,600 out of income, which will reduce the balance to $99,422,400,
for which amount it is proposed to issue 4% convertible bonds.
This will
make an annual saving in interest of $3,433,234, and should, in due time,
bring about a further reduction in interest as well as in the bonded debt,
when the conversion privilege is exercised and stock issued in lieu of bonds.
On
Nov.
conclusion to recommend to the
issued, secured by the general gold
1935 directors reached the
1
stockholders that convertible bonds be
and that
stock
bond mortgage of the company, to meet the July 1 maturity;
in order to provide stock for such conversion the authorized capital
be increased from 2,500,000 shares to 5,000.000 shares.
In order to avoid any possible question as to the company's power to issue
bonds convertible into stock at prices below $100 per share, the directors
further recommended that the stockholders elect to place the company
of the
company
under the provisions of the Minnesota
Business Corporation Act,
without
par
W. P. Kenney, President, in his remarks to stockholders, said in part:
There has been no change during the year in the authorized capital stock,
which remained at $250,000,000, and of which there had been issued to
Dec. 31 1935 $249,748,350.
Of this latter amount there was held in the
$1,189,600, the amount actually outstanding in the hands of the
public being $248,558,750, a decrease of $105,800 during the year.
This
decrease represents the return to the treasury of the remainder of the
capital stock formerly held by the Great Northern Employees' Investment
Co., Ltd., dissolved Dec. 27, 1935.
treasury
...
„
After considerable
negotiation, the
Reconstruction Finance Corporation
bonds were issued to meet
an offer to the company that if 10-year
this maturity, bearing interest at the rate of 4%
into stock, one-half at the price of $40 per share
made
and convertible
per annum,
and one-half at the price of
offered to the stockholders, the present
holders of the 7% bonds and to the public at par and accrued interest, the
RFC, subject to the approval of the Interstate Commerce Commission,
would acquire on that basis on July 1, 1936, any bonds not previously sold
and without any underwriting charge.
The offer further provided that the
bonds might be subject to call at 105 through July 1, 1941, 103 for the next
three years, 101 for the next one year, and at the principal amount for the
last year, together with accrued interest in each case; and that in lieu of a
sinking fund the company should agree that its presently existing funded
debt, plus any additional funded debt created with ICC approval, will have
been reduced $20,000,000 upon or prior to the date of maturity of said bonds
'including within such $20,000,000 any reduction which may have occurred
by the exercise of conversion privileges).
,
The directors on Jan. 21, 1936, authorized the issue, subject to approval
by the ICC, of $99,422,400 general mortgage 4% convertible bonds in
two series of equal amounts, to be designated respectively series G and
series H; series G to be convertible into stock of the company a,t the price
of $40 per share and series H at the price of $75 per share, and otherwise
in accordance with the offer of the RFC.
$75
per
share, such bonds to be
,
The
provided that, upon
directors further
bonds be offered to the stockholders for
.
approval by the ICC, said
cash, or in exchange for the com¬
pany's 7% bonds, at par, in aggregate principal amounts of $100 or multi¬
ples thereof, one-half in bonds of series G and one-half in bonds of series H,
fractional scrip to be offered for amounts less than $100.
lne directors
further provided that any bonds not purchased by stockholders should be
offered to holders of the company 's 7 % bonds in exchange, in equal amounts,
of series G and series H bonds, for the 7% bonds, with proper interest
Any bonds not accepted by the 7% bondholders may be
public.
1936, the ICC issued its orders approving the applica¬
tions of the company to issue such bonds, and to issue stock without par
value, and authorizing the acquisition of bonds by the RFC.
adjustments.
offered to the
Feb.
On
29,
Railroad Retirement Act—It is
the Railroad Retirement tax, if
estimated that the cost to the company or
held constitutional, will be approximately
$850,000 for the period March 1 to Dec. 31, 1936.
Social Security Legislation—On Aug. 14, 1935, the
President of the United
Railroads are subject to this
things, for retirement and unemployment
will not apply to railroads if the Railroad
Retirement Act of 1935 is held valid.
For the year 1936, if the Act is held constitutional, the Great Northern
Ry. will be required to pay an unemployment tax of 1% on its entire Payroll, less a credit not to exceed 90% for payments made to any approved
State unemployment funds.
'
-.i
It is estimated that the tax under the Federal Act for the year 1936 will
amount to approximately $290,000.
The contribution rate is increased to
2% in the year 1937 and to 3 % in the year 1938.
States
approved the Social Security Act.
Act and it provides, among other
benefits.
The retirement benefit
Statistics for
.
.
Calendar Years
8,278.28
1,244,819
260,145,967 246,897,409
1.686 cts.
1.702 cts.
29,394,382
21,690,396
7372079484 6137693978
0.951 cts.
0.983 cts.
Rev. per pass, per mile._
Revenue tons carried—
Tons carried 1 mile
Rev. per ton per mile
Net rev. from ry. oper.
pertrainmile
$1,856
.
The income account and
was
1933
8,445.12
8,344.39
1,301,366
Aver, miles of road oper_
No. pf pass, carried
Pass, carried 1 mile
^
.
1934
1935
Bond
The
$0,651
$1,354
$1,349
balance sheet for calendar years
1G42.
Redemption—
has been authorized by the Interstate Commerce
redemption privilege on $4,935,000 of 4% serial
Reconstruction Finance Corporation.—V. 142, p. 2322.
company
mission to waive the
held by the
1932
8,408.70
188,831,804 164,220,516
1.991 cts.
2.400 cts.
17,781,455 11,744,694
5431602,934 4324700394
0.970 cts.
1.063 cts.
given in "Chronicle" of March 7, page
Waives
Com¬
bonds
(H. L.) Green Co., Inc.—Sales—
1936
$1,867,874
Month of—
February
1935
$1,609,115
2,043,153
1,981,446
The company had 130 stores in operation during March as compared
with 129 stores in March 1935.—V. 142, p. 1817.
March..
-
Greenfield (Mass.) Gas
The directors decided to
Light Co.—-Com. Div. Passed—
take no action on the payment of a
dividend on
of 50 cents per share
1934 to and including
Dec. 24, 1935; 75 cents per share were paid on July 2 and April 2, 1934;
$1 on Dec. 26, and on Oct. 2, 1933, and 75 cents per share was paid on
July 1 and April 1, 1933.—V. 139, p. 2205.
the $50 par common stock at this time.
Dividends
had been distributed each three months from Oct. 1,
Group Securities,
Ry.—Annual Report—
and to
with a par value of $100 per share to
value.
At a special meeting of the stockholders Dec. 20, 1935, at which approxi¬
mately 77
% of the total outstanding shares were represented, the stock¬
holders adopted the foregoing recommendations.
change the capital stock from shares
shares
2322.
Northern
$3,000,000
covering funds borrowed in 1933 from the First National Bank of New York,
and also reduced its obligation to the Railroad Credit Corp. $319.340KJnaking a total reduction in funded debt and notes payable during the year of
„
Goodyear Tire & Rubber Co.—Asks Review—
A
funded debt,
follows: St. P. M. & M. Ry. consol. mtge. gold bonds redeemed,
$7,000; Gt. N. Ry. gen. mtge. 7% gold bonds, series A, redeemed, $5,093,000; notes maturing and paid during 1935, under the various equipment
trust agreements, $1,159,000; total, $6,259,000; less issue of 4% collateral
trust bonds, maturing serially to 1944, $695,000; net decrease, $5,564,000.
The sale of the $695,000 of 4% collateral trust bonds was made at par to
the Federal Emergency Administration of Public Works, completing a total
issue of $5,785,000.
[On Feb. 14 1936 this was reduced to $4,935,000 by
a payment of $850,000.]
Proceeds of this sale were used in the mainte¬
nance and improvement of the property.
The increase in revenue traffic and income made possible this reduction
made up as
Inc.—Assets Rise—
Securities, Inc., an investing company whose
as many businesses and industries, are reported
of March 31, 1936, compared with $5,119,605 as of Dec. 31,
1935.
Unrealized profits, after provision for Federal income taxes, totaled
$1,467,795, compared with $1,018,890 at the end of last year.***^
4
Building shares lead the 18 classes of stock in the matter of popularity,
total outstanding shares having increased more than 125% during the first
quarter of 1936.
Of the total net assets building shares]represent approxi¬
mately 18%. Other substantial increases were shown in railroad equipment
shares, electrical equipment shares and investing company shares.—V.
142, p. 955.
Total net assets of Group
18 classes of
at
stock represent
$6,990,964
as
Financial
Volume 142
Gulf States Utilities
,
Period End. Fed. 29—
Gross earnings
Operation
.
Maintenance-
—-
Taxes,..
Interest and amortiz
Balance
$100, both payable April 25 to holders of record
butions were made in each of the 21 preceding
Co.—Earnings—
1936—Mont'*—1935
BT1936—12RAfos.—1935„
$417,851
$405,796L$5,682,713 A $5,709,056
203,372
il96,841
22,430,965 j. 2,370,310
17,689
21,017
230,980 j
*226,531
47,066
45,483
530,696 * 1545,079
89,808
89,931
1,078,284
1,082,118
$1,411,786
$1,485,015
750,000
567,183
636,833
567,182
$94,602
$52,522
$59,913
_
$280,999
Appropriations for retirement reserve
Preferred dividend requirements
.
Balance for
common
dividends and surplus
—V. 142, p. 2322.
Hamburg-American Line—April 15 Coupons—
Line is notifying holders of bonds of the German
Loan of 1924 (Dawes Loan) that the April 15, 1936, coupon
appertaining to bonds of the American Tranche of this loan will be purchased
on and after that date by J. P. Morgan & Co. or, at the option of the holder,
by the Hamburg-American Line, at a purchase price of $25 per $35 face
anount of the coupon, the same price paid for the Oct. 15,1935, coupons.
"In accordance, however, with the recent announcement of the German
Consulate General, coupons and bonds from which they were detached must
be stamped to show that they were domiciled in the United States on
Oct. 1, 1935," states the notice to holders.
"Bondholders desiring to sell
their April 15 coupons, who have not had their securities so stamped, should
present not later than on April 14, 1936, their Dawes Loan bonds together
Hamburg-American
External
appurtenant coupons, together with a signed declaration regarding
the domicile in the United States on Oct. 1, 1935, at the offices of J. P.
with
Morgan & Co., New York, or at any offices of Hamburg-American Line
The purchase price for such April 15, 1936, coupons will
their surrender.
"Holders who fail to avail themselves of the present offer may obtain
Reichsmarks for their April 15, 1936, coupons on the same terms as those
on which Reichsmarks were offered in payment of the April 15, 1935, and
unstamped Oct. 15, 1935, coupons. The present offer will have no effect
upon the possibility of acquiring Dawes marks at the customary rate of
exchange as heretofore."—-V. 142, p. 2162.
in this country.
be paid against
"Hansa" Steamship
Line—Interest—
1933, and subsequent coupons," option (a), unless otherwise
Hartford Times,
Inc.—Registers with SEC—
See list given on first page of this
Havana
Electric
department.—V. 142, p. 2322.
Ry. Co.—Earnings—
1936
1935
$558,665
$531,103
Quarter Ended March—
Gross
revenue-
—V. 142, p. 2162.
Hudson Motor Car Co.—Sales
t
W Retail sales of Hudsons and Terraplanes
Contir^ue Higher—
in the United States are con¬
tinuing to shatter all marks since 1930.
According to figures released on
April 4 by William R. Tracy, Vice-President in Charge of Sales, sales for
the two weeks ended March 28 totaled 4,373 cars, which betters all records
for the corresponding period for six years.
Commenting on current sales, Mr. Tracy states, "Our predictions for an
outstanding spring volume are being verified.
The week ended March 28
is only exceeded by two weeks in the past five years and we have hardly
entered the spring selling season.
Reports from our dealers all over the
country, where special showings of new body types and colors are now being
held, till of unprecedented interest which will be reflected in our April
sales figures."—V. 142, p. 2323.
Corp.—Registers with SEC—
Huntington Furniture
See list
given on first page of this department.
Hutchins Investing
Corp.—Accumulated Dividend—
The directors have declared a
account of
dividend of $1 per share on
accumulations on the $7 curnul. pref. stock, no par value, payable April 15
to holders of record April 10.
A like payment was made in each of the five
preceding quarters and compares with 75 cents per share paid each quarter
from July 15, 1932 to Oct. 15, 1934, incl., $1 per share on Jan. 15 and
April 15,1932, and regular quarterly dividends of $1.75 per share previously.
Accruals on the preferred stock after the April 15 payment will amount to
$16 per share.—V. 142, p. 301.
Illinois Bell Telephone
.
Operating revenues
Uncollectible oper. rev.-
8,967,530
4,329,295
1,028,798
4,354,062
8,883,891
789.217
2,077,515
1,578,637
operating income. $1,141,391
$722,784
$2,117,804
$1,573,489
Operating expenses
Operating taxes
-V.
Co. —Earnings—
1935
1936—2 Mos.—1935
1936—Month
$6,516,186 $5,875,632 $13,112,066 $12,138,133
9,569
32,856
18,477
16,702
Period End. Feb. 29—
142,
p.
1818.
Imperial Paper & Color Corp.—Plans Merger—
According to a letter under date of March 31, sent to the stockholders, the
directors have called a special meeting of stockholders to be held May 1,
to consider and vote upon a plan to reorganize the corporation by the
of its subsidiaries.
all of the outstanding shares
consolidation of the corporation and four
The corporate is the sole owner of
stock of the following corporations:
of capital
Imperial Wallpaper Co., outstanding capital stock, $945,000.
Plattsburg Wallpaper Co., Inc., outstanding capital stock, $266,500.
Underwood Paper Mills, Inc., outstanding capital stock, $449,500.
Imperial Color Works, Inc., outstanding capital stock. $433,152.
These
corporations are known as the manufacturing
subsidiaries.
The corporation also owns all the outstanding stock of the following
corporations, known as the selling subsidiaries:
Albany Wallpaper and Paints, Inc., outstanding capital stock, $20,000.
Mohawk Wallpaper and Paint Co., Inc., outstanding capital stock,
$25,000.
Onondaga Wallpaper and Paint Co., Inc., outstanding capital stock
$25,000.
Springfield Wallpaper and Paint Co., Inc.,
outstanding capital stock.
$12,000.
The directors believe an increase
in efficiency and a saving
in operation
The
with
40,000 shares of $100 value.
this company for the first quarter
against $6,219,476 for the
Incorporated Investors—Portfolio Changes—
ended March 31, 1936 amounted to $7,284,000 as
period last year, an increase of $1,064,524, according to Walter E.
Heller, President.
Receivables outstanding at the end of the period
amounted to $9,212,776 as against $6,218,386 in the first quarter last year,
a gain of $2,994,390.
These gains, Mr. Heller stated, directly reflect the
continued advance in production and sales of the corporation's varied
same
clients.
.
During the first quarter of 1936, Incorporated Investors added heavily
its holdings in stocks of motor, motor equipment, railroad, building
materials and electrical equipment companies.
The following were the purchases and sales during the first quarter of 1936:
to
Shares
Shares
6,385 Bankers Trust Co.
3,000 Bethlehem Steel
6,000 Briggs Manufacturing Co.*
10,000 General Cable "A" x
8,000 Chrysler Corp.
11,500 Youngstown Sheet & Tube Co.
13,500 Electric Auto-Lite x
10,000 North American Co.
3,300 Greyhound Corp.
1,000 Pacific Gas & Electric Corp.
7,000 Libbey-Owens-Ford Glass Co.
3,500 International Harvester Co.
7,000 Timken Roller Bearing Co.
Sales—
5,000 Holland Furnace x
y7,500 Dow Chemical Co.
1,000 Johns-Manville Corp.
yl9,400 U. S. Industrial Alcohol Co.
5,800 Pittsburgh Plate Glass x
8,000 Caterpillar Tractor
11,400 Amerada Corp. x
yl7,000 J. C. Penney Co.
1,000 Allis-Chalmers Mfg. Co.
12,000 Chesapeake & Ohio
$59,000 Allis-Chalmers Mfg. Co. 4s, 1945
5,200 United Fruit Co.
6,000 General Electric
y4,000 Guaranty Trust Co.
4,000 Westinghouse
3,200 National Steel Corp.
15,000 Consolidated Aircraft x
y5,000 Bklyn. Manhattan Transit Corp.
16,000 United Aircraft
5,000 United Gas Improvement Co.
500 Sears, Roebuck
y4,000 American Tobacco Co. "B"
3,000 Great Northern, preferred
y6.000 Liggett & Myers Tobacco Co. "B"
11,000 New York Central
yl3,000 Continental Can Co., Inc.
4,000 Pennsylvania RR.
y5,200 Owens-Illinois Glass Co.
.
4,500 Pullman, Inc.
5,000 Southern Pacific
Purchases—
Earnings for 3 Months Ended March
31
1936
Net inc. after all chgs.incl. prov. for
$77,575
Fed. inc. tax.
1935
$55,490
share on 234,568 shares
of regular dividends on the preferred stock.
The earnings of $77,575 are equal to 20 cents per
of common stock after payment
—V. 142, p. 625.
Hickok Oil
*
Corp .—To Redeem Debentures—
The company has called for redemption on May 1 its $1,022,100 6%
debentures, issued in 1928.
The debentures are redeemable at a premium
of 1M% and accrued interest to May 1 at the City National Bank &
Trust Co., Chicago.
/
A. S. Hickock, President, said in the fiscal year ending June 30 will set a
record in amount of sales.—V. 141, p. 2890.
Hill Packing
See list
In addition
paid on Dec. 5, last.—V.
will regult from a consolidation with the manufacturing subsidiaries.
The Imperial Paper and Color Corp. is capitalized at $4,000,000,
(Walter E.j Heller & Co .—Volume of Purchases—
Total volume of purchases made by
special extra dividend of $20 per share was
142, p. 1818.
a
specified at
contimie to be dealt in
April 20. Similar distri¬
months. The company
$1 per share
paid extra dividends of $1 per share and regular dividends of
each month from Jan. 25,1934, to and Including June 25,1934
Net
The New York Stock Exchange having received notice that "Hansa"
Steamship Line has offered to purchase coupons due April 1, 1936 on the
10-year 6% gold bonds, due 1939, with warrants, at 75% of their face value,
upon presentation to Marine Midland Trust Co., New York on or before
Aug. 16, 1936, unless extended by the company, the committee on securi¬
ties rules that the bonds dealt in "with April 1,1936, and subsequent coupons
attached," referred to as option (b) in circular S-1580, dated Feb. 21,1935,
be quoted ex-interest $22.50 per $1,000 bond on April 6, 1936; that begin¬
ning April 6, 1936, the bonds may be dealt in as follows:
(a) "with Oct. 1,
1933, and subsequent coupons attached;" (b) "with Oct. 1, 1936, and sub¬
sequent coupons attached."
That bids and offers shall be considered as being for bonds "with Oct. 1,
the time of transaction; and that the bonds shall
"flat."—V. 140, p. 1487.
2501
Chronicle
Co.—Registers with SEC—
given on first page of this department.
Holland Furnace Co.—To Eliminate Preferred Stock—
will consider amending
the company's capital
all of which has been
exchanged or called for redemption.—V. 142, p. 2322.
The stockholders, at their annual meeting April 14
the articles of incorporation so as to eliminate from
structure its now authorized 7% preferred stock,
xNew company,
Holly Sugar Corp.—Tenders—
The company announced that the amount of funds in its sinking fund is
$300,100 and that it will use and apply such funds on May 1, 1936 in the
purchase of shares of its preferred stock at a price not to exceed $115 and
accrued dividends.
The corporation invites sealed offerings to be made to it
at the office of its transfer agent, The Chase National Bank, on or before
April 19, 1936.—V. 142, p. 2322.
All of the
1936—Month—1935
$769,039
$700,321
340,126
317,610
Illuminating
Territory
Oil Co.
Years End. Nov. 30—
1935
1934
Gross earnings
$14,755,581 $15,960,876
Operat'n & maintenance
4,947,591
4,696,624
$9,807,989 $11,264,252
Net earnings from oper
Profit
[National Power & Light Co. Subsidiary]
Period End. Jan. 31—
on
(& Subs.)—
1933
1932
$9,855,393 $10,132,899
3,151,298
3,416,306
5,704,095
55,881
$6,716,593
140,560
sale of royalty
87,121
interest
1936—12 Mos.—1935
$8,814,408 $8,374,879
4,065,685
4,041,686
A,
Earnings—
Profit on drilling contr._
Lighting & Power Co.—Earnings—
Operating revenues
Operating expenses
outstanding general and ref. mtge. 5% gold bonds, series
1, 1965, and all the outstanding ref. and improv. mtge. 4M%
gold bonds, series A, due July 1, 1980, have been called for redemption
on July 1, next.
The 5% bonds will be redeemed at 103 and int. and the
4Ms at 105 and int.
Payment on both issues will be made at the com¬
pany's offices, 380 Seventh Ave., New York City.—V. 142, p. 2323.
Indian
extra dividend of 5 cents per share In
addition to the regular quarterly dividend of 25 cents per share on the capital
stock, par $5, both payable May 1 to holders of record April 15.
Similar
payments were made in each of the eight preceding quarters.
In addition
an extra dividend of $1 per share was paid to stockholders of record May 9,
1935.—V. 142, p. 461.
Houston
Holdings eliminated.—V. 142, p. 1819.
due Jan.
Home Insurance Co.—Five-Cent Extra Dividend—
The directors have declared an
y
Indianapolis Union Ry.—Bonds Called—
Rentals, int. and sundry
receipts
90,924
32,900
77,288
$9,928,277 $11,355,176
3,999,564
4,360,633
$6,792,876
4,613,888
$6,934,440
4,558,072
33,166
Total net earnings--Interest charges
$382,711
$4,748,723
$4,333,193
972
15,359
16,007
Amort, of note discount
$383,683
115,459
$4,764,082
1,392,245
$4,349,200
1,389,314
Loss on former sub. cos.
y$314,354
y$268,224
Property retirement reserve appropriations
z Dividends applicable to pref. stocks for period,
$3,371,837
$2,959,886
648,743
Net rev. from oper__-
$428,913
983
Other income
.
and expense
Gross corp. income.-.
Interest and other deduc.
$429,896
115,542
Balance
1,035,706
315,078
Balance
315,058
$2,021,053
whether paid or unpaid
$1,996,085
y Before
property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 pref. stocks were paid on Nov. 1, 1935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Feb. 1, 1936.—V. 142, p. 956.
Previous surplus
Total——us
Co.—$2 Extra Dividend—
$2 per share In addition
monthly dividend of $1 per share on the capital stock, par
The directors have declared an extra dividend of
to the regular
-
y
4,860
y52,551
4,644,855
91,683
16.040
36,800
4,847,490
2,902,934
64,691
36,308
52.045,562 loss$776,294 x$2,376,369
10,074.244 31,030,909
31,028,693
$33,310,202 $32,119,806 $30,254,614 $33,405,062
Sundry charges applic.
to prior period
Total
2,000
$1,132,762
32,177,440
Net Income
z
Homestake Mining
'
—
disposed of
Prov. for Fed. inc. tax..
Prov.fordeplet.&deprec
Proportion of net income
or sub. co. applic. to
minority interest
93.258
Cr57,633
180,370
Cr6,400
$33,216,944 $32,177,440 $30,074,244 $33,411,463
x Before provision for depletion and depreciation and minority interests
Includes State income tax.
Financial
2502
April 11, 1936
Chronicle
Consolidated Balance Sheet Dec. 31
Consolidated Balance Sheet Nov. 30
1935
$
Leasehds., oil &
prod. prop. &
storage facil.. 123,554,686 123,736,496
Mlscell. Invests.
136,788
120,297
5,096
Spec cash depos
10,985
Cash In banks &
Indebtedness
on
528,859
485,316
503.750
hand.
486,749
accounts
& unbilled rev
572,675
461,097
136,597
86,371
5,259,431
1,245,158
5,272,126
1,109.015
88,654
87,552
receivable
1,048,356
oils
Mat'ls & suppi's
Prepaid Ins. and
closed
917
922
55,791
115,849
97,657
52,723
banks
(not curr)
Deferred charges
rec.
47,487,656
1,775,000
1,100
405,934
464,467
4,665
6,283
for Fed. &
73,698
X42.176
6,128,409
22,497
22,299,142
19,423,116
compen¬
officers & em¬
Indebtedness
7,444
20,505,506
Due from empl's
49,413
Deferred charges
2,645,023
subs, not
14,517,378
45,808
3,492,704
39,671
to
con¬
82,686
194,822
205,282
25,209,307
20,506,869
solidated
Deferred liabils.
Capital surplus.
Earned surplus.
deplet. and
Res. for crude &
ref'd
oil
price
2,134,368
changes
Res.
eral taxes
sation payable
within 1 year-
from
26,703
23,296
accts.
(not curr)
Customers* dep.
569,007
Reserve for Fed¬
Accld't
362,887
Inventories
taxes
1,652,189
-
Accruals
386,605
855,768
ployees
Income
2,607,994
1,317,194
437,682
1,068,004
tingent res'ves
Accts. payable.
3,809,050
6,246,385
Other assets
due
3,695,290
2,816,468
709,359
1,130,881
Operating & con¬
4,250"663
market'le
Amt.
companies
Res.
receivable
Other
$
35,800,000
debt
Current payrolls
securities....
affll
depreciation..
Notes and accts
35,494,982
&
pay.
4,248,303
d Notes & accts.
accrued exps.
State
8,720,036
Invests. & advs.
1934
35,000,000
39,600,000
Capital stock. 47,000,000
Funded
70.561,522
Cash
Note payable
Note and
other expenses
1,015,166
to
Empire Gas &
Prov
Crude & refined
75,214,775
1
3,723,432
Goodwill
of subs, co
pay'le
a
Land, plants &
mines
stk. & surplus
Accts. pay.,
Other notes and
In
b
In capital
int.
Co.]
$
Liabilities—
$
$
Assets—
1935
1934
1935
29,274,037
Min. stkholders'
Accts.
Other cast, accts
Bal.
29,274,037
Fuel Co.(Del)
Aff'l. cos.' curr't
$
$
Liabilities—
Com. stock.__
y
[Not including Inland Tar Co. and Inland Steamship
1934
1935
9134
$
Assets—
2,129,549
72,644
56,957
61,691
32,177,440
for iniuries
and damages.
Other
reserves..
Surplus
71,245
33,216,944
118,330,671 101,312,032
Total
118,330,671 101,312,032
Total
a Represented by 1,200,000 no par shares,
b After reserves for deprecia
tion and depletion of $49,771,337 in 1935 and $42,356,233 in 1934.
c Trans¬
ferred to earned surplus,
d After reserves for doubtful balances claims
and allowances of $302,379 in 1935 and $365,021 in 1934.—V. 142, p. 1988-
Intercontinental Rubber Co.—New Director—
D. O. Brown has been elected a director succeeding the late C.
132,082,074 132,129,4881
Total
132,082,074 132,129,488
Total
Common stock is represented by the
following no par shares: 1,304,600 shares of non-voting class A stock and
7,090,036 shares of class B, stock, less shares in treasury.—V. 141,p. 116.
x
Federal
income
only,
tax
y
Industrial Acceptance Corp.,
Ltd.—Pref. Stock Issued—
Stockholders have authorized an issue of $3,000,000 5% cumulative pre¬
ferred stock, and the company has issued and sold $500,000 of this stock
to
Greenshields &
Co.,
The issue has been placed privately by the
Proceeds will be used
Inc.
investment firm, and there will be no public offering.
replace funds involved in recent reduction of the 6% convertible deben¬
ture issue to $750,000, and to provide additional capital to meet the needs
of expansion of the business.—V. 141, p. 116.
to
Inland Steel Co.—Annual Report—
L. E. Block, Chairman and P. D. Block, President, state in part:
1935 include the net earnings for the last three months
The results for
T. Ryerson & Son, Inc., which company was acquired
by Inland Steel Co. on Sept. 30, 1935.
The rate of operations for the year averaged 72.6% of capacity as com¬
pared with 53.1% in 1934.
The rate of operations for the first half of
the year was 66.8% and for the second half 78.3%, indicating that opera¬
tions were on a comparatively steady basis during the entire year.
The business and property of Joseph T. Ryerson & Son, Inc., were
acquired pursuant to a plan adopted by directors and approved by stock¬
holders at a special
stockholders' meeting held on Sept. 20, 1935.
In
accordance with the resolutions adopted, the authorized capital stock of
company was increased from 1,200,000 shares to 1,600,000 shares.
Of
this increase, 240,000 shares of capital stock were issued to Joesph T.
Ryerson & Son, Inc., on Sept. 30, 1935.
The acquisition of Joseph T. Ryerson & Son, Inc., permits company
to expand its outlets to the steel consuming trade, through the distribution
from warehouse stocks located in ten important industrial centers, of a
complete line of steel products, including those products which company
manufactures, to a large list of customers who depend upon immediate
delivery of steel products from warehouses.
A plan for refunding the bonds of the company at lower rates of interest
has been carried out, effecting a saving in interest charges to the company
and providing approximately $3,841,800 additional capital for general
of the year of Joseph
corporate purposes.
Before the close of the year, $10,000,000 first mortgage
due serially from 1937 to 1946 were sold.
Proceeds of
sheet
as
On
of Dec. 31 1935.
Feb.
4
International
Answering a stockholder's query as to the possible effects of the proposed
corporation tax bill, Mr. Watson said that the bill as proposed by President
Roosevelt, if applied to the company's 1935 earnings and dividends, would
have increased its tax bill by only $31,000.—V. 142, p. 1819.
International Mining
Corp.—Earnings—
Dividends
on
stocks
Interest
Miscellaneous
Int.
to sub.
chgs.
co.
132,558
Net loss realized
on
x
)
30,962,100
$16,365,584
>,442,209
$4,573,949
452,098
344,645
268,260
356,563
$16,817,682
Net earnings
$9,786,855
3,541,469
$4,842,208
2,687,683
1,974,775
7,465
51,167,745
2,557,314
1,883,250
48,139
Other income
Total income
Deprec. and depletion..
Bond interest
3,824,993
1,952,526
4,531
Other interest
Res. for contingencies, &c
Federal tax
1,931,578
11,803
67,814
572", 114
$3,729,890
2,880,000
Surplus for year
Previous surplus
Restored from reserve..
1,550,000
600,000
$6,537,818
20,506 870
$3,129,890
18 398 163
49,001
164,917
8,429
bonds purch..
Total surplus
--$27,093,689
Loss on aband. property
X1934
1935
Assets—•
hand
-
Special
...
$1,177,283
23,710
cash
20,424
4,150,615
&
228,585
equip., &c
Excess
149,161
capital'd.
of
$811,183
5~,59l
$166,693 a$3,320,958
300,000
$166,693def$3620,958
24,137,761
28,637,621
284,303
152,244
121,098
on
1,000,000
Patents
written
prop.retirem'ts
and
goodwill
284,303
64,903
off
Transfer to cap. acct.
1,009
prem.applic.
f.4H%
gold bds. ser. B called
ror paym't Feb. 1 1936
Propor n of loss sustained
by affil. co. on disposi¬
tion of property, &c._
Adj. of prop, accts., &c.
Loss.
14,306
1,440,000
$6.54
68,131
65,000
400,055
4,312,369
15,000
500,000
4,826,562
cap.
Min.
Corp
1
$5,341,219 $5,131,0911
1934
464,990
186,533
Dr600,000
stock.__
$5,341,219 $5,131,091
Total
Colorado International Mining Corp. properties
sold during 1935 and subsidiary was dissolved.—V. 141, p. 3230.
Includes subsidiary
International Printing Ink Corp.
1935
Calendar Years—
Scilos
loss
returns
(.& Subs.)—Earnings
1933
1934
1932
cLudl
$14,339,208 $12,426,683 $10,304,857
Cost of goods sold, sell¬
ing, admins. & gen. exp 12,985,192
11,430,197
10,084,155
$9,218,407
9,456,532
79,609
$996,487
186,290
$220,703 loss$238,125
146,751
20,126
.,433,625
195,500
$1,182,777
130,100
$367,454 loss$217,999
106,404
50,964
148,822
42,700
$1,354,016
Net earnings
Other income
Total income
:
of un¬
occupied premises, int.
paid, &c
Divs. on pref. stk.of sub.
b Adjustment of foreign
exchange losses
Adj. of marketable secur.
Combined profit for yr !
14,000
161,807
5,896,728
$18,398,163 $24,137,761
1,200,000
1,200,000
$0.14
Nil
149.584
Cr62,815
.,080,757
650,958
$861,155
86,419
.,731,716
$1,944,323
64,762
101,281
,
$266,685 loss$181,480
1,214
defl80,266
sale of
assets and business of
Prof, realized
on
Total surplus
Writedown of invest, in
996,749
Argentine
$86,419 def$180,266
'
/
net
realiz. val. of assets, &c
to
-
;
Y
548,783
Adj. of bk. val. of certain
land & bldgs. to values
as appraised Dec. 17,
455.825
surplus..____
a419,547
e395,384
dl55,579
133,178
$916,784
$2.74
$650,958
$2.04
*
$86,419 def$180,266
Nil
Nil
1, 1936.
b Adjustments
for loss in exchange arising from conversion of statements of foreign sub¬
sidiaries to basis of TJ.iS. currency,
c Dividends of $351,878 were paid
during the year and charged against surplus resulting from retirement of
preferred shares Dec. 31, 1932.
d Dividends of $155,579 were paid during
the year 1934 and $246,886 in 1933 and charged against capital surplus,
e Includes $96,429 payable Feb. 1, 1936.
Note—Depreciation provision (incl. in cost of goods sold and other ex¬
penses) for 1935 amounted to $341,879, 1934 to $280,958, 1933 to $287,720
and for 1932^10 $329,028.
a
1,200,000
$3.10
in
Com. stk. ($1 par)
Jan.
Earn, per sh. on com...
1,111,651
Profit & loss surplus,.$25,209,307 $20,506,870
Shs. cap. stock (no par).
Int.
Earned surp. since
Earned
to 1st mtge. s.
Earned per share
1.500
65,000
ture
Treasury
Common dividends
104,676
pay.—On
Capital surplus
Preferred dividends.
374,144
retirem'ts
a
Corp. over par-
1934
in
connection with acquis
Bond disct. and exp. and
36,804
9,359
year
Subsscr.
Internat.
15,000
Deferred charges
the
164,917
81,465
..
of
taxes
stk. of Colorado
In¬
Mining
_Au]t & Wiborg, Ltd..
140,000
193,685
for taxes.
sub.dlssol'd dur¬
Min.
Previous earned surplus.
$21,701,398 $24,741,001 $25,137,761
924,936
Add'l prov. for poss. loss
on miscell. investm'ts.
and for contingencies.
7,370
Rent & oper. exp.
Prov.for unrealized depr.
in marketable securs.
Losses
Colorado
$25,689
4,675
Res. for contings.
of
cost
xl934
stk. of min. ven¬
&
costs
$1,803
--
purchased.
for
Res.
ing
Min'g prop. mach.
Develop,
1935
payroll
Due to brokers for
Prov.
9,359
4,12~9~855
advs
&
Accrued
sees,
Inventories
Invs.
$350,533
202,467
of
deposit
Liabilities—
Accounts payable.
Cash in banks & on
Prov. for Federal inc. tax
and for contingencies.
Mining Corp.
Balance Sheet Dec. 31
allowances
"
$9,417,818
Net profit
Common dividends
on
22,980,6961
46,179,288
operating expenses—
Disct.
Not
reported
$236,242 loss$532.156
$317,228
Includes subsidiary Colorado International
x
1932
1933
463,017
sales of securs
Net profit
Total
1934
3,280
13,000
Corp
Provision for Federal income taxes
ternal
1935
13,000
$81,043
150,182
Loss of Colorado International Mining
of
$62,544,872 $40,404,309 $27,554,644]
$340,835
88,313
$462,786
Total income
Expenses
deposited with the corporate trustee on that date to redeem on April 1,
at 102)4% all the outstanding $25,800,000 first mortgage sinking
4)4% gold bonds, series A, due April 1, 1978.
Funds from the
treasury of the company were deposited to provide for interest on series A
bonds, due on April 1, 1936.
Commencing on Jan. 1, 1936, it is the intention of the company to
provide depreciation of depreciable manufacturing properties on a basis
more in keeping with the rate of operations and it is anticipated that the
provisions to be so made will not be less than the provisions made in prior
Cost of goods sold, incl.
sell. gen. adm. and all
n
& capitalized
784
1936
Net sales..
936
2,622
were
Consolidated Income Account for Calendar Years
[Not including Inland Tar Co. and Inland Steamship Co.]
$76,055
1,231
2,973
$335,464
4,434
by latter
Other income
Inv. In cap. stk.
years.
xl933
xl934
1935
$446,833
5,653
7,678
Years Ended Dec. 31
series D due in 1961 was sold.
fund
Corp.—Earnings—
Machines
Net profits after taxes of this company in January and February were the
largest for any January and February in its history, Thomas J. Watson,
President, informed stockholders at their annual meeting on April 7.
Stockholders approved an increase in the authorized capital stock from
750,000 shares to 1,000,000 shares of no par value.
All directors were
exps.,
1936, an issue of $35,000,000 first mortgage 3H% bonds,
From the proceeds of this sale, $26,445,000
Business
Voted—
Stock Increase
Receivables
3 % bonds, series O
this sale, together
with funds from the Treasury of the company were
deposited with the
corporate trustee on Dec. 30 1935 for the redemption at 102)4% of all
the outstanding $13,800,000 first mortgage sinking fund 4H% gold bonds,
series B.
The issue of $10,000,000 series C bonds and the redemption of
the $13,800,000 series B bonds are reflected in the consolidated balance
A. Corliss.
—V. 141. p. 1275.
Includes dividends of $94,314 payable Feb.
Financial
Volume 142
number
Consolidated Balance Sheet Dec. 31
Cash
recelv.-
4.651
Mdse. Inventories.
3,592,421
Acer. Int.
Adv.
pay.
or
Accrued liabilities.
3,021,763
Payable on
raw
contra--
301,547
-
tories & receiv.
Misc.
712,627
investments
Due from officers
287,873
639,218
130,388
_
48,644
.
&c
155,093
3,903,058
—
d Fixed assets
4,394,670
&c__
-
Unamort.
Pref. stock of subs.
Subs. pref.
152,550
174,655
253,857
1,220,000
21,350
dlv. pay
1,661,856
1,684,964
916,784
650,958
portion
of recent pur. of
formulae, patents
and goodwill
148,940
214,040
Prepaid exp., &c..
175,987
1935
$
Liabilities—
Liabilities—
A,
6% cumulative. 2,830,900
equip.&gen.exp.16,630,782 16,523,457
Pref. stock, ser. B,
Improvements
on
281,400
,6% non-cumul.
leased prop, and
Pref. stock, ser. C,
miscell. physical
6% non-cumul. 5,732,700
61,106
56,477
property
Other investments
913,773 Preferred stock— 2,586,300
907,665
Cash
713,311 Stock liability for
783,440
165,434
conversion
Other curr. assets.
206,750
245,028
First mtge. bonds. 4,252,000
Deferred assets &
Pref. stock, ser.
Current
a
Represented by 275,513 no par shares in 1935, 268,893 shares in 1934.
b Inventories and receivables in the Argentine, in process of liquidation, at
S. funds,
c Plant and fixed property in
Res.
liabilities.
for taxes
45,044
201,057
38,986
2,177,126
Other deferred llab.
&
Corp.—Admitted to Listing
Month of—
$1,244,602
1,661,644
Investors Trust
$1,113,812
1.833,160
$902,342
1,125,924
Co.—Registers with SEC—
Light & Power Co.- -Registers with SEC-
Iowa Electric
first page of this department.- -V.142,
on
Coal Co.
Island Creek
2324.
1932
1934
1933
$1,997,131
$2,568,539
248,228
234,751
509,974
127,295
,120,599
206,780
570,378
70,137
125,000
Exps., int. & sundry tax.
Deprec. & depletion
540,136
111,128
Gross sales taxas, &c--._
on
shares
160,000
250,000
$1,153,269
Preferred divs. (6%)-151,614
Common dividends.....
1.187,729
$1,667,083
154,831
1,484,662
$1,097,680
157,251
1,187,729
$934,650
160,530
1,336,195
$186,073
593,865
$1.69
sur$27,590
$247,300
$562,075
593,865
593,865
$2.54
$1.58
593,865
$1.30
Reserve for Fed. taxes..
Deficit.
Com.shs.outst'g (par$l)
Earnings per share
Co?isolidated Balance Sheet Dec. 31
10,888,201
Preferred stock
25,269
25,282
stock
593,865
593,865
Common
11 ,124,721 11,126,073
297,907
361,390
143,952
191,074
Federal taxes.....
254,367
163,935
Dividends
37,944
37,904
pay...
Reserves
344,084
372,226
Paid-in surplus
Coals, Inc., pref.
13,525
16,378
1,137,147
6,000,000
902,582
578,995
93,969
10,101
16,378
Cash
1,001,757
Liberty bonds
5,500,000
1,669,722
618,579
Inventories
Deferred charges.
$
S
Liabilities—
$
S
Property accts.. 10,569,669
Invest, in
Appal.
x
1934
1935
1934
1935
Accts. & notes rec.
.
a
share.
been asked to delist the present
The directors have declared initial
105,430
Accts. pay., &C-..
Acer, tax.,
pay.,&c
Profit & loss surp.
Inc.—Initial Dividends—
dividends of 79 and 21 cents per share,
stock, payable April 15 to
6,807,324
6 621,251
Total
the charter of the company authoriz¬
shares of common stock required to make
voted to approve an am endment to
ing the issuance of the additional
the proposed split-up effective.
The stockholders also voted to
cancel all the shares of preferred stock
15, 1936, so that the company will
M. A. Sommer was elected a direc¬
tor to fill an existing vacancy on the board.
Following the stockholders' meeting, the board of directors met and
authorized the issuance of three additional shares of common stock for each
share held of record April 20.
W. H. Sommer, President of the company, stated that the net income of
the company for the calendar year 1935, after all charges and taxes, and
after deduction of preferred dividends, amounted to $8.90 per share on
189,408 shares of stock outstanding at the end of the year, compared with
$3.71 a share for toe calendar year 1934 on the same number of shares.
The company's fiscal year ends June 30.
"The current good volume of business reflects the general improvement
in business conditions," Mr. Sommer said.—V. 142, p. 1991.
which
nave
were
called for retirement Jan.
outstanding only common shares.
Key West Electric Co.—Earnings—
1936—Month—1935
$12,175
$12,203
4,328
5,350
Maintenance
579
1,575
Taxes..
JL
1,399
1,314
Int. & amortization-2.569
1,960
Period End. Feb. 29—•
Gross earnings
19,491,636 19,630,798
Total
.19,491,636 19,630,798
and depletion of $10,444,822 in 1935 and
After depreciation
x
$9,916,425
142, p. 1990.
(Byron) Jackson Co.—Dividend Again Increased—
dividend of 25 cents per share on the no-par
stock, payable May 15 to holders of record May 5. This compares
with 20 cents paid on Feb. 15, last, and 12^ cents paid each three months
from May 15, 1934, to and including Nov. 15, 1935.
The May 15, 1934,
dividend was the first paid since March 1, 1931, when 12 H cents was dis¬
tributed; prior to then regular quarterly dividends of 25 cents per share
were paid.
In addition, an extra dividend of 25 cents was paid on Nov. 15,
1935.—V. 142, p. 1990.
The directors have declared
a
common
Jewel Tea Co.,
25
Feb.
22
Mar.
1935
$1,395,225
1,450,684
1,439,369
1936
$1,470,582
1,522,355
1,534,026
Weeks Ended—
4
Jan.
21
1934
$1,214,762
1,276,473
1,335,685
1933
$1,095,551
1,061,842
1,052,312
—V. 142, p. 1820.
Kalamazoo Stove
See list
Kansas Oklahoma
Transportation expenses
All other oper. exps
Net rev. from ry. oper.
,
Ry. tax accrualsOther oper. incl. chgs__
Net oper. income....
Inc. from investm'ts, &c.
Int. lstmtge.
Dividends
224,248
134,745
$1,793,186
210,663
192,302
90,027
476,290
23,085
81,409
415,673
83,664
108,186
448,153
96,840
$932,875
181,520
200,318
$876,022
158,684
195,514
$836,098
205,044
177,826
$737,042
157,236
169,530
$551,037
34,884
$521,824
43,914
$453,228
47,452
$410,276
53,395
$585,921
199,014
$565,738
197,550
$500,680
197,550
$463,671
197,550
$368,188
329,986
$303,130
272,611
$266,121
272,606
292,818
194,983
Traffic expenses
Total income
$1,775,837
$2,010,079
Ry. oper. revenue....
Maint. of way & structMaint. of equipment
a
$1,875,510
228,678
179,642
86,813
440,336
64,018
$386,907
All other oper. revenues-
....
bonds
1934
326
$1,836,621
4,728
5,564
32,815
34,161
330,030
paid.
Co .—New Name—
Co. below.
,
A consolidation
4
of this company and the Dixon
has been consummated, effective
:
Name—
Creek Oil & Refining Co.
April 1, the stockholders of both companies
having held their meetings and voted unanimously for the consolidation,
there being present at the meetings or represented by proxies more than
80% of the outstanding stock, it was announced on March 21.
The consolidation was made by
changing the name of Dixon Creek
Delaware corporation, to King Oil Co., and increas¬
stock from 350,000 to 800,000 shares of $1.00 par value.
Royalty Co. will be conveyed to King Oil Co.
outstanding stock in the consolidated company (King Oil Co.) will be
of the assets of King
The
1932
326
$1,755,047
5,160
32,979
326
$1,971,699
Avge. miles of road oper.
Freight revenues
Passenger revenues
King Oil
See King Royalty
All
1933
326
$1,740,116
3,835
31,886
/
$25,189
2327.
ing the capital
& Gulf Ry.—Earnings—
1935
Deficit for common dividends, and surplus.
-V. 142, P.
$19,310
20,000
24,500
$15,391
Appropriations for retirement reserve.
Preferred dividend requirements
Oil & Refining Co., a
Co.—Registers with SEC—
given on first page of this department.—V. 142, p. 1990.
Calendar Years—
$28,982
20,000
24,374
$2,003
$3,299
Balance
1936—12 Mos.—1935
$150,386
$150,679
70,846
64,030
17,981
16,061
17,999
16,517
24,540
24,794
King Royalty Co.—Merges and Changes
Inc.—Sales—
Split Voted—
At a special meeting of stockholders held on April 6, to take action on the
split-up of the company's common stock on a four-for-one basis, stockhold¬
Operation
in 1934.—V.
stock
York and Chicago exchanges.
respectively, on the series S-l and series S-3
holders of record March 31.—V. 142, p. 1820.
ers
Net income
& com. stock
$3
provide for a more regular trade on the New
—V. 141, p. 2119.
Keystone Steel & Wire Co.—4 for 1 Stock
25,622
150,000
Other Investments
of the
23.
company
Keystone Custodian Funds,
,825,048
224,731
540,668
closed
banks
Assets—
a split-up in the common stock of the company and listing
the New York Stock Exchange were announced on March
on
reported 1935 net income of $418,539, equal to about
$2.62 a share on 132,000 shares of common stock, against $525,896, equal
to $4.75 a common share, computed on the monthly average number of
shares outstanding, in 1934.
Application has been made to list the present common stock on the
New York Stock Exchange, and a three-for-one exchange will be asked
ot stockholders to bring the outstanding shares to 396,000.
Dividends
of $1 a share will be paid on the new stock as compared with the present
The
177,023
$2,789,105
959.
Co.—To Split Shares—
$1,943,576
220,566
_
Total income.
first page of this department.—V. 142, p.
The New York Curb Exchange has
1935
_
on
to
$2,212,763
Other income
given
annual rate of
(& Subs.)—Earnings-
215.632
Calendar Years—
Income from operation.
Reserve for loss
p.
Parchment Co.—Registers with
Vegetable
■
Plans for
1933
1934
$1,101,383
1,586,462.
given on first page of this department.
given
2327.
Katz Drug
—V. 142. p. 1820.
See list
p.
See list
Inc.—Sales—
1935
1936
February
March
SEC—
142, p. 2324.
Interstate Department Stores,
See list
142,
.
18,659,146 18,469,096
Total
18,659,146 18,469,096
Total..
—V.
Kalamazoo
and registration
The New York Curb Exchange has admitted to listing
depreciation
Corporate surplus
Registration—
stock, $1 par.—V.
.
254,000
155,267
94.925
2,215,972
Acer,
Argentine held for sale, at estimated realizable values in U. S. funds,
d Land, buildings, machinery and equipment, after deducting reserve for
depreciation of $2,691,964 in 1935 and $2,449,560 in 1934.
e Under stock
purchase plan.—V. 142, p. 2163.
the
the capital
167,234
3,951,000
181,864
168,750
198,782
estimated realizable values in U.
International Vitamin
281,400
5,730,900
2,586,300
•
regist'd serial
4%
50,696
35,753
2,830,900
.-13,338,696 12,500,246
Total
13,338,696 12,500,246
—
1934
$
1935
S
1934
$
Assets•—
Investments: Road
unadjust. debits
Total
of the company.
General Balance Sheet Dec. 31
Capital surplus
Earned surplus
Patents, goowwlll,
to 1930.
serial notes
30 miles of 70-pound rail with
paid off during the past year.
Continuing this policy of laying heavier rail, the company this spring
plans to replace 33 y* miles of 70-pound rail on its line south of Muskogee,
in continuation of that laid previously, with 30 miles of 110-pound and SH
miles of 90-pound rail.
This project, which will cost approximate y $485,000, "will be financed by the sale of $285,000 serial notes to the Government
defray in part the expense of relaying
110-pound rail. These $254,000 notes were
and the balance from cash in the treasury
190,744
212,351
142,651
228,367
41,400
Employees dep..
e
having been au¬
to
Fed., &c.,
taxes
Reserves
Argentine plant,
c
Res. for
112,547
125,000
Feb. 1, 1936
b Argentine Inven¬
397.344
contr.
projectsDivs. declared, pay
material purchase
the treasury of the company,
of
2,688,930
5,166,200
137,296
of years held in
thorized for additions and betterments made to the property prior
The company in 1934 sold to the Government $254,000
its
5
$
2,589,382 Common stock a-. 2,755,130
1,593,174 Preferred stock-.. 6,287,600
616,409
4,307 Accounts payable.
1,958,416
1,962,741
Notes & accts. rcc.
Liabilities—
$
$
1934
1935
1934
1935
Assets—
2503
Chronicle
515 714 sh&rcs
All stocknolders in Dixon Creek Oil
to send their stock to the
& Refining Co. have been notified
office of King Oil Co., 500 First National
Bank
Bldg., Wichita Falls, Texas, to exchange for stock bearing the name as
changed, there being no change otherwise.
The new certificates win be
registered by the First National Bank of Wichita Falls and future transfers
will be made through the First National Bank, Wichita Falls, transfer
Later the Colorado National Bank of
agent and registrar.
Denver, Colo.,
probably will be made co-transfer agent and co-registrar.
The directors of the King Oil Co. elected at the annual meeting on March 9
are R. A. King,
S. D. Mcllroy, Edmund Simmons, R. K. Marsh, S. G.
Pierson, Raymond Sargeant, Ralph B. Mayo, W. H. Leonard and Edwin
Morrison.
The officers elected by the directors are R. A. King, President;
Edmund Simmons, Vice-President; W. B. Davis, Secretary and Treasurer;
Prudence M. Foster and Jessie Poyner, Assistant Secretaries.
E. E. Clair
and J. C. Reynolds will retain their important positions with the consoli¬
dated company, as
panies.—V.
139,
will all the former officers and employees
1873.
of both com¬
p.
(S. S.) Kresge Co.—Sales—
1936
$8,597,317
9,570,689
of—
March
On March 31,
1935
$8,488,424
8,975,051
1934
$8,824,821
8,797,055
1933
$7,706,388
8,053,868
10,043,390
Month
January
February
10,328,161
12,320,725
8,491,512
1936, the company had 739 stores in operation, including
Canada, against 687 American stores
47 Canadian stores at the end of February, 1935.—V. 142, p. 1645,
691 in the United States and 48 in
$56,877
Balance..
a
After
deducting
transportation for
$38,201
$30,520
investment credit of
def$6,485
and
66,010 in
1935, $46,139 in 1934, $8,844 in 1933 and $5,370 in 1932.
The company during the year sold $301,000 of its first mtge 5% bonds
due in 1978 at 99^ net. Since Jan. 1, 1936, $100,000 additional bonds have
been sold at the same price. This total of $401,000 bonds have been for a
(I. B.) Kleinert Rubber Co.—10-Cent Special Dividend—
The
on April 4 declared a special dividend of 10 cents per
of 10 cents per share on the common stock,
both payable April 30 to holders of record April 15.
A
directors
share in addition to a dividend
no
par
value,
Financial
2504
dividend of 10 cents
paid on Oct. 31, 1935, this latter being the first
payment made since Dec. 1, 1930, when a dividend of 25 cents per share
was paid.
Forty cents was paid on Sept. 1, 1930, and dividends of 62H
cents per share were distributed each three months previously.—V. 141,
P. 2281.
was
1936
$5,204,273
January
February
5,459.343
March
6,314,178
for payment of
been deposited
applied toward
payment of the purchase price of the collateral may receive in cash their
pro rata share of the net proceeds, amounting to $195.8454 per $1,000
principal amount.
Bonds are to be presented to the corporate trust depart¬
the Chemical Bank & Trust Co. as trustee announced plans
pro rata amounts due.
Holders of bonds which have not
with the bondholders protective committee or otherwise
Chemical Bank,
ment of the
(S. H.) Kress & Co.—Sales—
Month of—
April 11, 1936
Chronicle
165 Broadway, New York, and must carry
.
1935
$4,761,726
4,968,306
5,472,265
1934
$5,106,517
5,083,475
6,330,794
1933
$3,912,983
3,895,802
4,086,768
—V. 142, p. 2327.
the June 1, 1932 and subsequent coupons.
Holders of these bonds are also given the option, at any
June 4,
time on or before
1936 of receiving from the purchaser of the collateral, in lieu of
sale, shares of 5% Pre^efe®®®
their pro rata share of the net proceeds of the
stock of Algoma Steel Corp., Ltd., at the rate
principal amount of their bonds.
of five shares for each $1,000
This exchange is to be made through
the Chartered Trust and Executor Co.. Toronto, Can.—V. 142, P.
Kreuger & Toll Co.—Readjustment Plan—
The two protective committees for Kreuger & Toll secured debentures
filed April 6 with the Securities and Exchange Commission, a joint definitive
plan of readjustment for the secured debenture holders.
This constitutes
Lane
Month of—
January
February.
1936
$902,131
831,043
the first formal step looking toward the creation of a reorganized enterprise
out of the various Kreuger bankruptcies which followed the suicide of
March
Ivar Kreuger in March 1932.
1935
$906,500
727,534
1,210,170
1933
1934
$952,055
773,387
1,321,870
$804,217
670,308
836,810
—V. 142, p. 1821.
The plan contemplates the formation of a new company to conserve
the interests of holders of $47,541,500 outstanding principal amount of the
secured debentures.
The primary purposes of the proposed new company
would be to acquire at the foreclosure sale the bond collateral behind the
secured debentures, or that part of it for which adequate bids might not
be made by others, and thereupon administer it in the best interests of
depositors who will become the stockholders.
The committees would continue to act in behalf of the debenture holders
who had deposited with them to protect their interests as general creditors
against the Kreuger & Toll bankrupt estates for the amount of their de¬
ficiency claims.
The collateral is held at present by Marine Midland Trust Co. of New
York, the debenture trustee, but legal steps looking toward a foreclosure
sale are under way.
The committees deem it obvious from the character
of the collateral that prices obtainable at a forced sale might be quite
inadequate and that debenture holders consequently must be organized
to prevent the collateral being disposed of to others at sacrifice prices.
The prospectuses announce that three of the American houses which
issued the secured debentures have agreed to provide an aggregate con¬
tribution of $675,000 for defraying the larger part of the costs or the four
years of efforts to salvage assets out of what at one time appeared to be
the almost hopelessly tangled affairs of Kreuger & Toll. This contribution
would be made by the three issue houses to the new company which would
assume the liabilities of the protective committees.
This sum, moreover,
would be in addition to substantial sums heretofore provided by them to
assist in straightening out the disordered affairs of the entire Kreuger
group of companies without undue cost to the security holders.
Shares of the new company, if the proposed plan becomes effective, will
be issued initially to the two protective committees in proportion to the
secured debentures deposited with them, pending ultimate distribution
to the depositors.
The proposed members of the board of directors of the new company
are Grayson M.-P. Murphy and Bainbridge
Colby, the chairmen of the
two committees, Pemberton Berman of New York, Petrus Brundell of
Stockholm, Walter Carter of London, Hugh Kindersley of London, Jean
Monnet of New York, Eugene Regard of Paris, Lindsay Rogers of New
York, James R. Sheffield of New York, Rodolphe Speich of Zurich and
Jacob Wallenberg of Stockholm.
All these gentlemen have in varying
capacities been heretofore identified with the working out of the problems
created by the collapse of the Kreuger enterprises.
The collateral held by the debenture trustee as of March 27, 1936, con¬
sisted of the following:
Hungarian land reform mortgage 5K % bonds
$23,800,000
Kingdom of Serbs, Croats and Slovenes monopolies loan 6H%
bonds
$22,000,000
Republic of Latvia 6% bonds
$5,886,500
Kingdom of Rumania monopolies institute 7H % bonds ^French
francs)...
74,605,000
Kingdom of Rumania4% consolidation loan bonds.
£380,691
German Government 5K % loan bonds of 1930 fSw. kronor)
55,000
United States of America Tteasury bills
$450,000
Cash....
$472,657
59 gold bars Tine ounces, 23,728)
$830,483
Pengoes realized from sale of Hungarian land reform mortgage
bond coupons
P. 824,791
...
—
anything, originally forecast by the Swedish
Government committee in 1932, the protective committee of which Grayson
M.-P. Murphy is chairman announced recently that assets held by the
Swedish and American bankruptcies in behalf of general creditors of Kreuger
& Toll had a present value, on the basis of current eschange rates, which
could be approximated at $20,000,000.
How much of this may accrue to
secured debenture holders depends upon the amount of their deficiency
claim after giving proper value to the specific collateral and upon what other
claims finally are allowed to rank with the deficiency claims of the secured
debenture holders. The committee has stated, however, that if settlement of
intercompany claims is reached on the basis tentatively formulated,
present prospects are that the larger part of the general assets ultimately
wiil go to the secured debenture holders.
In working out the program which has enabled them to afford the de¬
benture holders their present opportunity of realizing as much as possible
on both the collateral and the deficiency claims, the protective committees
have collaborated with each other and with the Swedish liquidators, with
the debenture trustee, with the American trustee in bankruptcy and with
other interested parties. The committees thus have been able to carry out
their desire to avoid litigation which, in a tangled situation involving
approximately 160 companies scattered throughout the world, would have
meant the absorption of large amounts of the available assets in legal
In contrast to the Jittle, if
expenses.
Files with SEC—Committee's Propose
Plan—
Two protective committees for the 5% secured sinking fund gold deben¬
& Toll Co., known as the "Colby committee" and the
"Murphy committee," on April 6 filed registration statements [2-2083 and
2-2084, Forms D-l] under the Securities Act of 1933 covering certificates
of deposit to be issued in connection with a proposed plan of readjustment
tures of Kreuger
for
the secured
The
debenture holders.
certificates
of deposit
amount of the debentures, of
*
1821.
Bryant, Inc.—Sales—
are to be issued for $47,541,500 principal
which as of March 25, 1936, $879,000 were
represented by certificates of deposit issued by the Colby committee and
$28,962,000 were represented by certificates of deposit issued by the
Murphy committee.
The Murphy committee, constituted under a debenture holders' protective
agreement dated April 8, 1932, is composed of Grayson M.-P. Murphy,
Frederic C. Dumaine, Eugene Regard and James R. Sheffield.
The Colby committee, constituted under a deposit agreement dated
May 11, 1932, is composed of Bainbridge Colby, Max Winkler, Thomas H.
Healy, Ernest Minor Patterson and Lindsay Rogers.
According to the prospectus, the plan of readjustment has been jointly
prepared by the two committees and was adopted April 2, 1936. The plan
calls for the organization of a new company, the principal purpose of which
is to acquire an or any part of the bond collateral for the secured debentures
at a sale by the debenture trustee.
The new company may also, in special
hold claims against the Kreuger & Toll bankrupt
deposited debentures, and manage any assets
thus acquired with the view to securing the maximum realization thereon.
June 15, 1936, has been set by the committees as the last day on which
holders of undeposited seemed debentures may join in the plan. Holders of
the certificates of deposit who do not wish to participate in the p:an may
withdraw their debentures on or before June 6, 1936, by paying their pro
rata share of the committees expenses, amounting to $5 per $1,000 deben¬
ture in the case of the Colby committee and $7.50 per $1,000 debenture
cases,
purchase and
estates, acquire and hold the
in the
case
of the Murphy committee.
It is expected that the
members of the board of directors of the new com¬
pany intiahy wili be as foi.ows: Grayson
Pemberton Berman, Petrus Brundell,
M.-P. Murphy, Bainbridge Co.by,
Walter Carter, Hugh Kindersley,
Jean Monnet, Eugene Regard, Lindsay Rogers, James R. Sheffield, Ro¬
dolphe Speich and Jacob Wallenberg.—V. 142, p. 1991.
1,395,583
Libbey-Owens-Ford Glass Co.—Earnings—
profit
$1,996,967
Shares outst'g (no par)-.
2,503,505
Earnings per share
$0.79
—Y. 142, P. 1475.
Lehigh
President,
See list
given
on
Atlantic Hotel Co.—Registers with SEC—
first page of this department.
Corp.—Bond Payment—
public auction of collateral securing the first
mortgage and collateral trust 40-year 5% gold bonds, due June 1, 1944,
Pursuant
to
the sale
at
$1,370,998
2,655.292
$0.54
1933
Valley RR.—Annual
in part:
Report—E.
E.
$623,103
2,331,522
$0.26
Loomis,
says
Satisfactory results in 1935 were made difficult by conditions beyond the
control of the management. While gross revenues increased 2% over 1934
and were the largest since 1931, increased costs af approximately $2,500,000
Employee payrolls were $1,409,000 greater, because
mandatory restoration of the remaining 7^% of the 10% wage
Higher prices for fuel and other materials,
and flood losses amounted to more than $1,000,000. Despite these extraor¬
could not be avoided.
of the
reduction made on Feb. 1, 1932.
dinary items, substantial reductions in normal expenses in all departments
possible the best showing since the beginning of the business de¬
pression in 1930.
On the evening of July 7, 1935, a sudden storm of great violence swept
over the central part of New York StateWith 8.5 inches of rainfall in the
ensuing 24 hours. The resultant floods caused great damage to company's
tracks and property in that territory.
In 287 places tracks were washed out
and 69 landslides coverod the right of way.
Twenty bridges and culverts
were partly or wholly destroyed.
The cost of restoring the damaged tracks
and structures alone was more than $500,000.
Reconstruction Finance Corporation loans amounting to $5,500,000,
which became due during the year, were extended.
At the close of the year the Railroad Credit Corporation loan had been
reduced to $915,963. At the same time company had $726,056 on deposit
with the Corporation, under the Marshalling and Distributing Plan.
Outstanding equipment trust obligations were reduced during 1935 by
$469,000, while payments amounting to $223,000 were made on Public
made
.
,
Works Administration notes.
The first mortgage
4>4% bonds of the Easton & Northern RR., a sub¬
sidiary, in the amount of $300,000, matured Nov, 1, 1935. Arrangements
were made with the trustee of the mortgage and holders of bonds to extend
them to Nov. 1, 1937.
Only $45,500 of this issue are outstanding in the
hands of the public.
The ICC authorized the abandonment of 23 miles of single track branch
line between East Ithaca and Spencer, N. Y., operation of which had proved
to be unprofitable.
An agreement was made with the Erie RR. giving it the right to joint use
of the Lehigh Valley passenger terminal at Buffalo, N. Y.
The demand for elimination of grade crossings continues to be of grave
Under programs sponsored by States through which the Lehigh
Valley operates, involving the use of Federal Emergency Relief funds,
company was obliged to commit itself to an expenditure of over $500,000.
Recently enacted Federal legislation providing for pensions through an
excise tax on railroads and an income tax on all their employees, effective
concern.
1, 1936, will cost company about $700,000 per year. In addition,
employee earning as much as $300 per month must pay $10.50 a
in this special income tax.
Those earning lesser amounts pay in
proportion. Suit has been instituted to test the constitutionality or these
March
every
month
acts.
Furthermore, the Social Security Act, if held constitutional, will mean
additional cost to company of about $200,000 for 1936 for unemploy¬
being 1 % of its entire payroll. The tax rate increases
to 2% in 1937 and to 3% in 1938.
an
ment insurance taxes,
Traffic Statistics for Calendar Years
1934
1935
1933
1932
17,881,789
17,667,660
16,209,269
15,627,158
3,436,603,834 3385571,303 3084003,088 2967463,463
Freight revenue
-$35,411,494 $34,462,892 $32,837,093 $32,474,361
Avge. revenue per ton._
$1.98031
$1.95062
$2.02582
$2.07807
A v. rev. per ton per mile
1.069 cts.
1.060 cts.
1.108 cts.
1.133 cts.
Passengers carried
878,409
965,450
969,171
1,115,599
Pass, carried one mile..102,636,172 116,366,035 111,475,045 117,893,000
Passenger revenue
$2,345,197
$2,468,176 $2,413,546
$2,823,744
Avge. rev. per passenger
$2.66982
$2.55650
$2.49032
$2.53115
Av. rev. per pass per mile
2.285cts.
2.121 cts.
2.165cts.
2.395cts.
Net oper. rev. per mile
of road
$6,432
$6,607
$5,848
$5,178
Tons rev. freight
Tonsfrt. 1 mile
Comparative Income Account for Calendar Years
1935
1934
1933
1932
Average miles operated1,348
1,354
1,359
1,362
Operating Revenues—
Anthracite coal freight--$12,514,980 $12,607,370 $11,720,018 $11,651,562
Bituminous coal freight1,231,520
1,146,078
1,102,194
1,034,329
Merchandise freight
21,664,993
20,709,444 20,014,880
19,788,470
Passenger
2,345,197
2,468,176
2,413,546
2,823,744
Mall
315,191
313,810
322,613
341,588
Express
362,780
397,370
340,049
357,485
Other transp. revenue.,
1,653,504
1,670,661
1,744,284
2,119,592
Incidental revenue
553,390
553,617
519,866
622,368
-
Total qper. revenue.-$40,641,557
Operating ffixppmsps—■
Mamt. of way <x struct-- $3,196,055
Maint. of equipment-7,284,075
Traffic expenses
1,329,522
Transportation expenses 18,261,012
Miscell. operations
203,370
General expenses
I
1,694,291
Transp. for invest.—Cr.
917
Total operating
$39,866,526 $38,177,450 $38,739,138
$2,960,674
7,232,181
1,307,943
17,606,844
204,480
1,611,228
1,546
$2,925,096
8,192,684
1,265,849
16,200,397
195,991
1,455,901
3,851
$3,166,566
8,612,862
1,400,664
16,811,737
195,592
1,509,840
11,080
exp.-$31,967,409 $30,921,804 $30,232,067 $31,686,181
8,674,147
8,944,722
7,945,383
7,052,957
2,134,095
2,010,151
2,350,482
2,675,751
Net operating revenue._
Total tax accruals, &c—
$6,540,052
184,161
844,634
Operating income
Dividend income
Miscellaneous income
Total other income--
Total income
Income Charges—
Hire of equipment
Joint facility rents
Rent for leased roads--
Miscellaneous rents
Miscell. tax accruals
Int.
on
on
funded debt-
unfunded debt-_
Miscell. income charges
-
$6,934,571
407,438
452,025
$5,594,901
698,888
942,422
$4,377,206
657,066
436,966
$1,028,796
7,568,848
$859,463
7,794,034
$1,641,310
7,236,211
$1,094,032
5,471,238
1,286,233
271,072
2,669,069
304,753
1,280,281
315,299
2,363,527
321,848
417,585
4,353,398
233,331
232,285
167,621
1,079,651
272,355
795,853
370,986
2,342,682
394,771
484,198
4,186,093
277,460
376,564
175,674
$9,685,175 $10,012,044
1,891,141
2,775,833
$9,404,281
3,933,043
0115,097
4,500,908
209,986
285,538
Separately oper. prop--
Lake Superior
1934
$2,219,767
2,526,553
$0.88
depre¬
ciation & Fed. taxes..
Interest
La Fayette
after
1935
1936
3 Mos. End. Mar. 31—
Net
186
Total deduc. from inc.
$9,412,548
1,843,801
Net loss
407,681
2,342,832
365,978
510,062
4,429,059
276,761
327,665
Financial
Volume 142
Inv.
$
Liabilities—
Common
&
road
in
1935
1934
$
on
prop.
2,303,480
123,909
91,233,769
Misc. phys. prop.
Stocks
92,248,567
20,856,130
Traffic &
10,146,502
3,643,948
Audited accts. &
3,149,053
Misc. accts. pay.
637,036
Int. m8t'dunpd.
3,439
Divs. mat. unpd.
20,860,630
Advances
10,009,342
Other Investm'ts
3,650,018
Cash
3,721,904
Special deposits.
192,237
Loans & bills rec.
4,293
432,661
2,510,135
305,786
391,107
28,800
2,017,554
tured unpaid.
1,000
695,208
1,000
693,289
payable
Funded debt
965,669
1,111,461
rec_.
Unmat'd
from agents &
conductors
rec.
Mat'l & supplies
Int. & divs. rec.
Rents receivable
Oth. curr. assets
904,586
2,342,161
503,791
193,576
572,477
174,184
35,899,579
91,595
Unadj. credits-. 32,541,059
Add'ns to
prop.
through inc.&
269,448
464,410
368,277
34.159,410
36,314.836
surplus
Profit
and
243,160,137 246,183,8591
243,160,137 246,183,859
Total
in road represents only road property of
(Phillipsburg, N. J., to Wilkes-Barre, Pa.).
The total road and equipment investment of the system, including trans¬
portation subsidiaries owned by company, is $259,511,683.—V. 142,
p. 2163.
Note—The item
investment
RR.
Valley
proper
Lehigh Valley Transit Co .—Plan Refused by Commission
Plans for reorganization of the company and its subdiaiary, the Easton
Transit Co. under Section 77-B of the Bankruptcy Act were turned down
Aprii 7 by the Public Service Commission of Pennsylvania.—V.
Lehman
142, p. 1645.
16,950,650
1,122,031
&c—...
$2,042,089
4,259,159
242,961
Transportation
11,175,593
Miscell. operations
2,851
General
709,113
Transp. for invest.—Cr.
409
Traffic
expenses
Recovery
on
$6,323,815
454,242
1,638,915
$7,236,012
460,655
1,729,432
$540,686
374.026
$2,522,159
505,220
$4,230,658
553,619
$5,045,925
554,367
$914,712
$3,027,379
$4,784,277
$5,600,292
60,000
171,342
54,301
2,026,030
1,893
60,000
158,149
51,282
2,165,767
61,321
44,500
60,000
201,600
45,499
2,172,905
77,217
8,986
60,000
164,596
62,282
2,060,386
192,714
9,640
loss $1,407,841
$477,760
$2,243,258
1,099,827
$2,999,648
x3,299,481
920
$477,760
$1,142,522 def$300,753
Rents for leased roads..
Gross income
■.
Miscellaneous
(computed
41,764
232,324
49,540
295,078
rents
Int.
on
funded debt
Int.
on
unfunded debt..
charges..
income
Net
1,481,062
25,138
7,343,828
2,042
62,298
transactions
;"
Dividend appropriation.
Approp. for ins. fdl, &c.
Balance
Provision
$3,052,812
120,000
$8,875,470
908,216
Provision for Federal and State income taxes
compensation accrued under man¬
for
agement agreement
306,837
909
def$l,407,841 '
Dividends for 1932 charged to surplus,
y For the purpose of compari¬
the amounts charged to operating expenses, beginning August, 1934,
x
son
Railroad Retirement Act, later declared
of the
account
-
the period.
$7,660,418
...
$2,932,811
depreciation of the corporation's assets on March 31,
1936, based on market quotations or, in the absence of market quotations,
on fair value in the opinion of the directors, was $17,587,079, compared
with an unrealized appreciation on June 30 1935 of $5,120,000.
The
unrealized
Statement of Surplus 9 Months
Balance, March 31
Profit and Loss Account—
Balance (loss) June 30
Profit for 9 inos. end. March 31
-- —
— .
--.$81,338,740 $81,294,066
$25,528,217 $26,850,515
(per statement
7,660,418
above)
2,932,811
$17,867,799 $23,917,703
Dividends
Balance (loss)
x
1,434,420
declared
Of which $155,436
of 3,200 (5,200 in 1935)
— -
Balance Sheet
Sheet
March
Inv. in real eat-
1
1
104,974
23,675
equities
Receivable
$
expenses
188,903
139,182
314,098
Cash
.
Accts. & wages.
55,282
428,380
610,679
Traf., &c., bals.
598
607
105,590
790,543
Mat'ls & suppl's
819,986
87,523
788,689
878,129
Int., divs
.
debt
Fund,
x
67,329,224
At cost,
y
60,266.5911
& taxes
44,484
1,218,883
840,860
1,816,205
Misc. accts. rec.
debits—
Deferred assets.
67.329,224 60,266,591
Total
Represented by 683,700 (681,700 in 1935) no par shares,
of $155,436
142, p. 1645.
($252,581 in 1935).—V.
Corp.—Sales—
1936
$1,862,543
2,048,109
1935
$1,789,622
1,837,678
1934
$1,581,368
1,587,856
1933
$1,174,761
1,240,948
2,604,126
Month of—
January
February..-
2,371.983
2,584,812
1,736
509,362
692,489
3,990,497
238,873
Ins., &c., res've
1,250,285
Accr. deprec'n.. 14,643,305
Oth. unadj .accts
1,184,403
Deferred Uabil.
87,258
3,928,591
Accrued interest
and
rents
fd.
Retire,
con¬
tributions.
23,931
1,354,893
1,004,772
1,776,203
Tax
have
declared
a
dividend of $2.1214 Per share on the
6preferred stock, par $100, payable May 11 to holders of record
April 30.
Similar payment was made on Feb. 10 last and compares with
$1.62^ paid on Nov. 14 and Aug. 10, 1935, prior to which the last dividend
disbursement on the company's preferred stock was made on Dec. 15, 1933.
V. 142, P. 463.
Lima Locomotive
See list
223,917
---
233,501
liability—
P. & L.
to
1,210,237
14,182,825
1,104,478
50,814
prop,
1,127,404
balance- 16,497,433
Total
148,439,820 148,408,785)
Total
142,
p.
1,120,517
The
—
—
17,856,468
148,439,820 148,408,785
2328.
Louisiana & Northwest
company
has filed with
Ry.—Files Plan—
the
Interstate Commerce Commission a
plan of recapitalization under w hich fixed charges would be reduced
$108,450 to $30,862 a year, plus $5,172 for a sinking fund on a new
of
from
issue
general mortgage bonds.—V. 140, p. 3720.
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
1936
1935
$10,485,059 $10,027,625
5,332,258
4,884,457
Operating revenues
Oper. exps., maintenance
Net oper. rev.
Other
income
and all taxes
(before approp. for retire, res've). $5,152,801
383,671
Net oper. rev. & other income
tion for retirement reserve)
$5,143,168
394,696
(before appropria¬
142, p. 2327.
Balance-
Divs. on pref.
$5,537,864
1,025,000
142,
p.
37,000
37,000
$4,474,473
1,469,792
134,059
13.891
$4,475,864
1,525,201
$2,796,857
141,971
11,833
1,354,920
1,354,920
$1,501,809
stock of Lou. G. & El. Co. (Ky.)
Net income
Lucky
1,025,000
$2,856,729
income
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
—V.
Works—Registers with SEC—
given on first page of this department.—V.
$5,536,473
Appropriation for retirement reserve
amortization of contractual capital expenditures..
Gross
Lexington Utilities Co .—Preferred Dividend—
directors
25,197
ma¬
unpaid
1,391.889
March.
—V. 142, p. 1821.
The
1,500,000
1,069,224
1,171,695
1,182,971
26,861
thru.inc.&sur.
476.807
1,179,826
Res. for accr. man-
excluding 3,200 (5,200 in 1935) shares held in treasury, at cost
Lerner Stores
2,658,609
6,736
tured,
12 Months Ended Jan. 31-—
Total
3,272,239
4,500,000
876,705
Misc. accts. pay.
&c.,
receivable
UnadJ.
Mat" d interest..
253,652
Traf., &c., bals.
Agts. & cond'rs.
Loans & bills rec.
—V.
279,014
Divs. receivable &
accrued
55,282
608,653
453,050
77,765
Other investm'ts
Special deposits
2
2
Advances
47,443
306,837
Capital surplus—.81,338,740 81,294,066
Profit & loss def-19,302,219 25,313,089
for se¬
interest
advances
S
3,181,919
579,445
agem't compen.
curities sold
N. Y. State-
Due Pa. RR. for
Inv. In affil.cos.:
Notes—.—
54,991,386
41,402,100
4,985,000
from
Advances
Misc. phys. prop
Reserve for accru'd
Real estate loans &
Loans & advances.
18,099
101,207
1,166,711
$
54,991,386
Funded debt— 39,801,100
Eq. trust obllg.
4,253,000
_
3,279,065
49,741,970 y Capital stock.
512,775
3 ,190,398
1,292,801 Dividends payable
Payable for securi¬
3 ,524,122
6,280,912
ties purchased..
14,200
,509.036
2,509,036
U.S.Govt, secur.
54,282
101,207
1,181,593
lease¬
property
1934
S
Capital stock
Add'ns
Liabilities—
$
x
on
hold
1935
1936
1935
1936
Assets—
x
Depos. in lieu of
31
Secur. owned...57 ,497,691
Cash
equip—140,270,837 139,860,026
mtg.prop.sold
: :
1935
Liabilities—
S
$
ASS6tS~~~"
Road &
31
Dec.
1934
shares of treasury stock.
Balance
x
1,395,385
$19,302,219 $25,313,08S
($252,581 in 1935) has been applied to the purchase
March 31
1935
Impt.
Ended March 31
Capital Surplus—
1936
1935
Balance, June 30
$81,294,066 $81,256,887
Excess of proceeds over cost of shares of treasury
stock delivered upon exercise of options thereon.
44,674
37,179
x
unconstitutional,
have been omitted.
1
General
Balance profit for
43,424
$1,546,611
on
real estate loans written off in prior yr.
■'
Miscell. tax accruals
:
$1,467,301
Net realized profit on commodity
$4,625,018
486,844
1,616,015
_
Miscellaneous
Net realized profit on investments
$2,612,008
474,456
1,596.866
Operating income
$1,916,805
96,105
•'
997
Operating expenses...$18,431,359 $16,997,345 $15,385,988 $18,497,385
earnings
5,375,052
7,230,136
8,682,593
9,722,690
11,585
9,570
8,624
7,568
Railway tax accruals
2,751,458
2,595,547
2,350,155
2,479,110
Net ry. oper. income.
Non-oper. income.
.<
$2,073,391
3,866,903
160,896
11,724,214
2,205
670,773
Net
Deduct—
stock taxes
Registration, transfer, custody of securities, legal
and auditing expenses
Other operating expenses
1,574,477
Uncollectible revenues..
$1,932,438
120,519
Provision for franchise and capital
19,951,035
$1,683,285
3,299,329
153,893
9,606,256
2,347
640,925
48
$2,013,387
3,734,513
172,054
10,412,005
3,637
662,578
829
Mamt. of way & struc—
Maint. of equipment
1,597,309
2,987
248.274
income
1932
$6,694,563
$24,227,481 $24,068,582 $28,220,076
Total oper. revenues..$23,806,411
$152,650
288,395
1,465,974
9,785
$83,869
On other bonds, loans, advances
Cash dividends..
Miscellaneous
$5,733,730
Passenger
Mail, express,
1933
$5,709,175
17,145,203
1,214,204
yl934
$5,750,729
17,230,719
1,246,033
1935
Freight..
1935
1936
Interest earned—On U.S. Govt, securities
__
91,713,868
79,947,258
1304203606 1488603081
21.8 cts.
21.4 cts.
1.340 cts.
1.315 cts.
5,043,217
4,499,684
96,622,478 113,611,430
$1.33
$1.27
5.893 cts.
5.908 cts.
Operating Results for Calendar Years
Revenues—
Joint facil. rents (net)..
and bank bals__
364
Mileage oper. (pass.ser.).
360
363
No. of pass, carried
77,671,201
79,134,435
No. of pass. carr. 1 mile. 1276963243
1293325006
Av. rev. from each pass.
21.8 cts.
21.8 cts.
Av. rev. p. pass. p. mile.
1.327 cts.
1.322 cts.
Rev. tons carried
4,742,151
4,847,940
Rev. tons carr. 1 mile.. 88,971,326 101,580,802
Av. rev. per ton
$1.21
$1.19
Av. rev. per ton p. mile.
6.444 cts.
5.661 cts,
Hire of equipment
Corp.—Earnings—
9 Months Ended March 31—
1932
363
1933
1934
1935
Operating Expanses—
loss
...
Years Ended Dec. 31
Traffic Statistics-
503,825
Deferred Habil—
2,457,826
Long Island RR.—Annual Report—
rents
surplus
Total
388,050
28,800
ma¬
accrued
2,566,755
70,317
41,251
6,213
debits—
357,446
Other curr. liab.
533,657
761,107
680,126
1,806,059
2,695,281
71,186
41,418
13,123
Deferred assets.
Lehigh
gold bonds have
Payment will
Pa.—V. 142,
1821.
-
562,307
wages
Net balance rec.
UnadJ.
$683,000 15-year 5% sinking fund debenture
car ser¬
vice bal. pay.
car ser.
Misc. accts.
.
Unmat.lnt.accr.
Bonds
balances
p.
•
111,668
120,166
Long-term debt.104,655,289 103,150,271
5,111,174
Loans&blllspay.
4,915,963
construction..
2,304,528
123,780
Inv. in affll. cos.:
Traffic &
60,501,700
37,950
A total of
been called for redemption on May 1 at 102% and interest.
be made at the Union Trust Co. of Pittsburgh, Pittsburgh,
Grants In aid of
leased
railway
$
60,501,700
37,950
Preferred stock.
101,394,232 105,399,551
equipment
Impt.
1934
.
$
stock.
Corp.—Bonds Called—
Lone Star Gas
Comparative Balance Sheet Dec. 31
1935
Assets—
2505
Chronicle
$1,441,937
1646.
Tiger
__
Combination
Gold Mining Co.—Extra
Dividend—
Lincoln
company,
Printing Co.—New Officer—
The directors
and Treasurer of the
succeeding Miss L. A. Schmid, resigned.—V. 142, p. 1821.
Frank D.
McManus, has been elected Secretary
in addition to
the
An extra of one
Oil Refining Co.—Rights—
has notified the New York Curb Exchange that stock¬
holders of record April 9 will be offered the right to subscribe at $12 a
share for additional shares in ratio of 57 shares for each 100 shares held.
The right to subscribe is subject to effective registration under the Securities
Act of the additional shares.—V. 141, p. 3231.
Lion
The
company
per
share were distributed on Oct. 19 and July 20,1935.—V.
Ludlum
The stockholders have
adopted the proposal to increase the
capital stock from 500,000 to
Increased—
authorized
1,000,000 shares of $1 par.—V. 142, p. 1645.
Steel
The company
^.42, p. 628.
Co.—Rights—
has notified the New York Stock Exchange that the basis
of Lot A rights to subscribe for additional common stock at $22 a share has
been set at 979-10,000 share for each share held on April 2. This includes
of preferred stock who converted their holdings into common shares
by that day.
All but 4,296 preferred shares were converted, it was announced on
April 3, and the holders of those may convert them into common stock
owners
Lockheed Aircraft Corp.—Capital
cents per share
share on
both payable April 20 to holders of record April 10.
cent was paid on Jan. 20, last, and extras of three cents
have declared an extra dividend of two
the regular quarterly dividend of three cents per
capital stock,
Financial
2506
until May 4, on
which date the preferred issue is to be redeemed.—V. 142,
2164.
p.
McCrory Stores Corp.—New Officer—
Harry S. Bandler has been appointed Secretary and Treasurer of the
company.—V. 142, p. 2328.
McKay Machine Co.—Registers with SEC—
See list
given on first page of this department.
McKesson
& Robbins,
Inc.—To Buy Distillery—-
The company has entered into a contract for the
of the Hunter Baltimore Rye Distillery,
assets
purchase of the principal
Inc., the holder of the
majority stock of which had been Phoenix Securities Corp. Assets consist
in the main of the distillery located at Gwynnbrook, Maryland, the blend¬
ing plant in Baltimore, together with the bulk and bottled inventory,
trade names, trade marks and goodwill.—V. 142, p. 2328.
McLellan Stores
Corp.—Sales—
1936
*
...
.
-
-
-
March.
-
—
$1,056,813
1,068,570
1,346,646
operation on March 31, 1936 as against
The company had 227 stores in
229 a year ago.—V. 142, p. 1646.
1934, a reserve of $750,000 was set up by the corporation out of earned
surplus to provide for such decline, which reserve at the time was more
than sufficient to provide for the decline over the reserves maintained by
the partnership.
As at the beginning of the current fiscal year, Feb. 2,
1935, the aggregate market prices of securities held by the partnership
were $540,850 below cost, less adjusted reserves of the partnership; as at
Feb. 1, 1936 the corresponding figure had been reduced to $100,079.
The
increase of $440,771 in security prices during the year ended Feb. 1, 1936,
in conformity with the practice adopted by the corporation, has not been
taken into net profit for the year.
(2) The operating loss of a property not used for business purposes has
been excluded as a deduction since May 1, 1935, as of which date it was de¬
cided
to
abandon it,
although title did not pass to the mortgagee
after Feb. 1, 1936.
The loss of
deduction from earned surplus.
Comparative Consolidated Balance Sheet
Feb. 1 '36
$5,082,030
Marketable securities
24,389
Notes and accounts receivable, customers, of subs.:
Feb. 2 '35
$5,203,788
16,096
4,316,149
3,781,741
Assets—
a
Regular terms
532,890
with July.
The fall season
sales and profits.
In
of this
view
operations, ending
showed an improvement over last year both in
improvement,
the directors have deemed it wise and
to pay the same dividend as for some years past.
Improvement
last year In sales and profits continued during February and March.
proper
over
During 1935 the remaining 30% of the stock of Lasalle & Koch Co.
of Toledo, Ohio has been purchased, so that the corporation now owns all
of the common stock of the three alfiliated stores, L. Bamberger & Co. of
Newark, N. J., Lasalle & Koch Co. of Toledo, Ohio, and Davison-Paxon
Co. of Atlanta, Ga.
The remaining 816 shares of the 7 % preferred stock of
Lasalle & Koch Co. have been called for redemption on May 15 1936 at
$110 per share plus dividends.
indebtedness of Lasalle & Koch Co. has been reduced by
$107,008 during the year.
The mortgage on the L. Bamberger & Co.
property has been reduced by $150,000.
All the 6preferred stock of L. Bamberger & Co. outstanding has
been called for redemption on April 15, at $110 per share plus dividends.
The amount outstanding over and above that held in the treasury is 75,222
shares.
This financing has been arranged through the issuance by R. H.
Macy & Co., Inc. of its serial notes in the amount of $6,500,000 in 10 series
maturing annually, at the rate of $500,000 per year for the first nine years,
and $2,000,000 in the tenth year, at an average rate of interest slightly
under 314%, and by increasing the mortgage on property of L. Bamberger
& Co. by $1,800,000, and extending the date of maturity to 1948.
This
additional amount is borrowed at 4%.
-"ft
The building at 132 West 36th Street, held in the name of a wholly-owned
subsidiary company, which has been operated at a loss in recent years,
has been surrendered to the holder of the first mortgage at a capital loss
The mortgage
of
$386,000.
approximately
$900,000.
building carried a first mortgage of
This
The sales of the four stores for
52 weeks in 1935 as against 53 weeks
in 1934 were:
1934
1935
$78,759,625
28,032,103
11,049,425
R. H. Macy & Co., Inc.
L. Bamberger & Co
Lasalle & Koch Co., and
Davison-Paxon Co
$78,703,914
28,324,569
11,182,594
——$117,841,155 $118,211,078
Total.
Comparative Consolidated Profit and Loss Statement
52 Weeks
Feb. 1 '36
53 Weeks
Feb. 2 '35
$
u-
R. H. Macy & Co.,Inc 78,759,626
L. Bamberger & Co.. 28,032,104
Lasalle & Koch Co. &
Davison-Paxon
Co.
11,049,426
78,703,915
28,324.569
11,182,594
'34 Jan. 28 '33
$
Jan. 27
$
76,195,687
27,050,763
80,464,596
29,066,455
9,425,320 " 9,348,201
..117,841,155 118.211,078 112,671,770 118,879,252
and
110,621,874 105,180,348 110,891,367
Interest paid
289,724
410,571
424,255
524,079
Depreciation
2,903,405
3,0^1,676
3,094,649
3,253,066
Provision for Federal tax
540,000
610,000
665,000
722,000
selling
oper.
administrative exps_.111,102,607
3,005,419
344,151
3,307,517
262,486
Dr29,187
Dr39,116
3,580,719
3,540,817
3,779,545
495,329
510,221
533,556
556,707
DrlOO.340
Drl43,793
Cr27,361
CV64.313
2,753,901
2,926,705
3,034,622
383,033
3,287,151
2,753,901
15,820,452
381,762
2,926,705
16,951,290
46,612
3,417,655
16,281,046
466,834
3,287,151
19,400,613
Drl01,220
18,956,115
3,002,420
Other income
3,526,957
53,762
3,349,570
Operating profit
x
19,924,607
3,000,526
20,165,536
3,019,112
22,586,545
3,018,663
3,488,740
329,920
Provision for decrease or
increase
values
in
market
of securities:
Owned by co. & subs
Net
profit
Dividends
on
preferred
stocks of subsidiaries-
Int. of min.
holders
in
com.
stock¬
profits and
losses of subsidiaries-.
Net applic. to common
stock of R. II. Macy
& Co., Inc
Ins., parent co.'spropor
—
-
Total
Previous balance
Adjustments
Miscellaneous assets
e
38,487
298,078
2,129,541
117,737
123,560
34,244
3,557,131
118,999
127,089
47,402
414,613
land owned and leased— 48,081,112
5,814,510
49,669,014
6,644,021
g
Stock div.
(5%) paid in
71,883.60 shares
in sub.
cos. over
val.
of their net tangible
7,000,000
$90,526,552 $93,009,675
Total
Liabilities—
Notes payable to banks—
Accounts payable—Trade creditors
411,492
195,134
—
1,103,630
170,220
Mortgage instalments to be paid within year
discounted by sub. cos.
Miscellaneous credit balances
Accrued salaries and expenses
On
15,820.452
16,951,290
16,281,046
1,501,735
$1.83
1,501,613
$1.95
1,499,813
$2.02
1,497,413
$2.20
Income from securities, from radio broadcasting and from miscellaneous
non-trading sources (net).
y Includes excess of net tangible assets of the Lasalle & Koch Co. ap¬
plicable to its remaining common shares acquired during the year over the
cost of the investment (in previous years, when purchases of this company's
stock were made, amounts aggregating $569,160 were deduced from earned
surplus, representing the excess of the cost of the investment over the net
tangible assets) of $742,289: credit arising from repurchase of L. Bamberger
& Co. preferred stock and from other capital stock transactions of $25,917
total $768,207, less loss resulting from the abandonment of a property not
used in store operations of $386,445 balance (as above) $381,761.
z Before
deduction of $2,887,065, of which $272,207 represents the
average stated amount of R. H. Macy & Co., Inc. common stock repur¬
chased, and $2,614,858 represents the par value of the preferred stocks of
subsidiary companies repurchased.
Notes—(1) The contract between R. H. Macy & Co. Inc. and R. H.
Macy & Co., private bankers, depositors' account department (a partner¬
ship)
provides in substance for the reimbursement by the corporation for
the decline in prices of securities held by the partnership.
As at Jan. 27,
281,114
1,955,325
2,395,360
750,867
750,807
59,080
preferred stock of L. Bamberger & Co
198,147
123,663
124,614
540,000
610,000
15,892,000
6,887,000
750,000
750,000
626,593
558,253
50,000
Reserve for Federal income tax
50,000
....
Mortgages payable
of securities held by
Co...
possible additional assessments of
for prior years
Reserve for decline of prices
R. H. Macy &
Reserves
taxes
for
Reserve for insurance
Minority interests in subsidiary companies:
Preferred stock outstanding and maximum preJ
miums payable on retirementm8,510,240
8,579,404
Com. stk. outstanding & surplus applic. thereto.
585,904
i Common capital stock
52,539,547
52,539,547
Earned surplus
■„#
kl5,953,695 jl5,820,452
d Treasury stock
Dr272,207
Dr276,453
Total
$90,526,552 $93,009,675
-
aAfter
After
reserves
reserves
of $232,975 in 1936 and $268,250 in 1935.
of $177,826 in 1936 and $160,200 in 1935.
depreciation of $394,303 in 1936 and $545,287 in 1935.
1935.
$13,938,988 in 1936 and $12,237,746 in
d $7,821 in 1936 and $7,943 in
After depreciation charges of
e
1935.
f Less depreciation of $7,184,014 in 1936 and $6,764,935 in 1935.
e After depreciation of $307,651 in 1936 and $404,195 in 1935.
h At the rate paid for one-half interest in 1914.
i Represented by 1,509,556 no par shares.
j Before deduction of $2,708,755, of which $276,453 represents the stated
value of R. H. Macy & Co., Inc. common stock repurchased, and $2,432,302
represents the proportionate share of R. H. Macy & Co., Inc. in the par
value of preferred stock of subsidiary companies repurchased.
k Before deduction of $2,887,065, of which $272,207 represents the
average stated amount of R. H. Macy & Co., Inc. common stock repur¬
chased, and $2,614,858 represents the par value of preferred stock of
subsidiary companies repurchased
1 Mortgages payable: On main store land and buildings, L. Bamberger &
Co., of which $150,000 is due annually on Nov. 1, balance on Nov. 1, 19:4,
interest at 4$4,450,000; on land and buildings of other subsidiary
companies: mortgage due within year, $326,000; other mortgages due
1937-1948 (exclusive of $84,500 due within one year and included in current
liabilities), $1,116,000.
The mortgage on the mam store land and build¬
ings of L. Bamberger & Co. in the amount of $4,450,000 will be increased
to $6,250,000 on April 14, 1936.
Interest on the new mortgage wi.l be at
the rate of 4M% on $4,450,000 and 4% on the balance of $1,800,000 with
provision for reduction of principal by $150,000 on Feb. 6 of each year from
1937 to 1946 and $400,000 on Feb. 6, 1947.
The mortgage will mature on
Feb. 6, 1948.
m On Feb. 15,
1936, the entire issue of 6J4 % preferred stock of L. Bam¬
berger & Co. was called for redemption on April 15, 1936 at $110 per share,
plus dividends.
The funds necessary to complete the retirement will be
obtained from the increase of $1,800,000 in the mortgage on the main store
land and buildings of L. Bamberger & Co. and from the sale through
Lehman Brothers of $6,500,000 serial notes of R. H. Macy & Co., Inc.
On March 6, 1936, the entire issue of 7% preferred stock of Lasalle &
Koch Co. was called for redemption on May 15, 1936 at $110 per share,
plus dividends.—V. 142, p. 1294.
See list
Co.—Registers ivith SEC—
given on first page of this department.—V. 141, p. 281.
Corp.—Earnings—
[Including Constituent Bank and Trust Companies and other Affiliates]
3 Mos. End. Mar. 31—
xl936
xl935
xl934
1933
x
$983,782
taxes
$912,792
$981,500
$1,132,231
Adjusted to March 31 minority interests.—V. 142, p. 1294.
Market Street Ry. )&
Balance, surplus —_2l5.953.695
com.
stock out¬
,
284,008
Dividends payable:
On common stock of R. H. Macy & Co., Inc—
Subs.)—Earnings—
_r
Shares
x
198,950
84,500
Notes and accts. receivable
1936
$7,340,274
6,245,460
Net oper. rev.
)before approp. for retire, res.)
Other income
Net
oper.
rev.
$928,341
10,072
$1,103,463
Operating revenues
Oper. exps., mainten. & all taxes
$7,261,143
6,332,802
$1,094,813
8,649
12 Months Ended Jan. 31—
standing (no par)
Earnings per share
500,000
2,394,602
2,570,992
Trade creditors for merchandise in transit
after
•
current year
Miscell. deductions—
7,000,000
Combined net earnings,
'
'
assets:
Acquisitions in pr. yrs.
Acquisitions dur'g the
322,130
267,582
Delivery equipment
h Goodwill
Marine Midland
2,875,344
Excess of cost of invest'ts
23,993
-
Land and buildings on
f Store fixtures
(R. C.) Mahon
Total surplus
Cash dividends
593,306
7,497
291,273
...
Inventory of supplies
c Land, buildings and equipment acquired for busi¬
ness purposes, but not used in store operations. _
Loans to employees
Deposits with mutual insurance companies
Investments in foreign subs., not consolidated
c
-52 Weeks Ended
Total
Costs,
13,970,532
198,950
703,917
Merchandise in transit
b After
JSTofc sales *
526,528
14,411,991
170,220
Merchandise on hand
Unexpired insurance, &c
Percy S. Straus, President, says in part:
The smaller earnings were due to the spring season
872,391
1,003,297
b Instalment terms
Sundry debtors
Unamortized bond discount and expenses
(R. H.) Macy & Co., Inc.—Annual Report—
until
$386,446 from abandonment is shown as a
Cash
1935
$1,094,442
1,154.648
1.312,992
Month of—
January..--.
February
April 11, 1936
Chronicle
499,595
$938,413
373,884
$603,867
498,209
26,263
4,864
$564,529
522,427
28,231
8,077
$74,529
$5,792
1935
& other income (before approp.
for retirement reserve)
'
Approp. for retirement reserve
Gross income...
Interest charges
Amortization of debt discount and expense
Other income deductions.
Net income
-
...
—Y. 142, p. 2329.
Massachusetts Gas Companies—Bonds Called—
of the outstanding 5H% 20-year sinking fund gold bonds,
All
due
Jan. 1, 1946 have been called for redemption on July 1 at 105 and interest.
Payment will be made at the old Colony Trust Co., Boston, Mass.—V.
142, p. 1126.
Financial
Volume 142
Massachusetts Investors
6,000
10,000
7,000
5,000
5,000
5,000
5.000
5,000
5,000
5,000
3,000
2,000
14,000
12,000
30,000
10,000
40,000
10,000
15,000
40,000
35,000
30,000
15,000
35,000
15,000
5,000
.
-
-
Now Owned
5,000
10,000
0
Shares
Air Reduction
1,500
American Cyan amid "B"
Gillette Safety Razor
United Drug.
10,000
2,500
-
American Agricultural Chemical
142, p. 2165.
f
—V.
Master Electric
See list
'
0
0
Balance Sheet Dec. 31
Net Asset Value—
A regular quarterly
March 14, last.
value as of the close of business on April 7,
I
Meadville
(Pa.) Telephone Co.—Smaller Pref. Div.—
have declared a semi-annual dividend of 75 cents per
preferred class B stock, payable May 1 to holders of record
April 15.
Previously, regular dividends of 87H cents per share were
paid each six months up to and including Nov. 1, 1935.—V. 138, p. 861.
The
directors
on
the
Melville Shoe
Corp.—Rights to Subscribe to New Pref. Stk.
April 6 are being offered the right to
$100 par 4J^% convertible preferred
stock at $104 a share to the extent of 6% of their holdings.
Warrants will
be mailed April 27.
The new preferred is convertible into common on the
basis pf 114 shares for leach share of preferred.
The lH-«hare conversion feature is operative to Jan. 1, 1938; to Jan. 1,
1940, at the rate of 1H shares; to Jan. 1, 1945, on a share for share basis.
Holders of the present $2,500,000 6% first preferred stock, which is
being retired at 110 and accrued dividend of $1.50 on May 1, have the
right to subscribe to the new preferred at 104, to the full extent of their
holdings for any stock not taken by the common shareholders.—V. 142,
p. 2166.
Common stockholders of record of
subscribe to the 22,287 shares of new
Mengel Co, (& Subs.)—Earnings—
1935
1934
__x$6,656,4S2 z$5.854,043
6,139,156
5,283,371
y378,05l
y340,134
Calendar Years—
Net
sales
Cost of sales
Depreciation...
Interest (net)
1932
$3,74.3,239
3,997,356
376,386
190,645
19,497
368,021
250,343
196,058
21,977
16,676
46,778
171,010
45,862
1.795
41,844
Reduct. in book value of
cap. stk. in affil. cos..
Amort. of bond extension
Acer,
payable
taxes—(gen.)
Fed.
&
Cash
x
After
$98,825
$471,237
$1,250,510
of investments of $31,815, profit on joint ventures
income of $9,048.
y Includes depletion,
z Includes
$13,735, profit on joint ventures of $3,692 and miscellaneous
income of $2,807.
s
Statement of Consolidated Earned Surplus (Deficit) for Year Ended Dec. 311935
Deficit at Dec. 31, 1934, $2,672,175; loss for the year ended Dec. 31,
1935, $84,814; direct charges, including adjustments applicable to pri«r
years:
Write-down of land, buildings and equipment not used in operations
to realizable values,
and provision of $350,000 for loss on contemplated
disposition of properties (including adjustment of leases), $633^267; adjust¬
ment of prior years' depreciation, $218,624; provision for loss on inventories
of foreign lumber in excess of normal, based on estimated realizable values,
$356,698; reduction of book value of cut-over timberlands and timber
tracts held for resale to estimated realizable values, $272,677; adjustment
to defer profit on sales of cut-over timberland pending collection of instal¬
ment receivables, $34,755; bond-extension expense and discount applicable
to bonds acquired and retired during the year, $15,538; miscellaneous charges
applicable to prior years, $27,157.
Recovery on account receivable applic¬
able to prior years, Cr$32,500.
Deficit at Dec. 31, 1935, $4,283,208.
Note—The published report of the company as at Dec. 31, 1934, showed
surplus arising from appreciation of properties of $702,483; such apprecia¬
tion has been eliminated from the accounts during the year.
There was
Includes profit on sale
S
5,120,440
6,609,807
585,774
1,033,181
27.361
Treas. investments
1
859,086
633,553
2,673,077
Invest, in subsld..
27.007
Deferred charges..
223,338
Other assets
307,284
41,398
389,168
2,847,407
505,450
203,193
287,405
...
in
hands
320,041
2,436,900
55L475
320,041
2,672,500
1,324
330,233
442,529
286,100
121,601
.
debt
Minority
interest.
Current liabilities.
bonds not
dep.for extension
Reserves
of
trustee..
c
b Common stock.
gold
460,799
449,876
Cash
Accts.& notes rec
Inventories
575
6,887
$645,539
$611,458
Dr 8,242
cost
6,901
at
common
$611,458
$645,539
Total
1935 and $100,000
for doubtful accounts of $10,500 in
reserve
y
$71,563
a
Due
Michigan Central RR.—Bonds Offered—Coffin & Burr,
This does not represent new
financing in behalf of the com¬
pany.
Callable as a whole on any interest interest date prior to 1974 at 105
Payment of principal and interest provided for under lease
by New York Central RR.
Listed on New York Stock Exchange.
Listed
as legal for savings banks in New York.—V. 140, p. 3219.
r
Deferred income.
directors
have
declared dividends of $1.75
7,680(472
7.680,472
praisal of prop..
Operatlng deficit.. 4,283,209
Z>r27,361
702,483
2,672,176
Capital surplus.
..
per
share on the 7%
pref. stock, par $100, and $1.50 per share on the 6% cum. pref.
stock, par $100. Both dividends are payable on account of accumulations,
of May 1 to holders of record April 15.
Dividends of $1.31 H and $1.12 H
per share, respectively, were paid on Feb. 1 last, and on Nov. 1, 1935,
while in each of the six preceding quarters dividends of 87 H and 75^ cents
per share, respectively, were paid. Prior to then regular quarterly dividends
of $1.75 per share on the 7% preferred stock, and $1.50 per share on the
6% pref. stock were distributed.—Y. 142, p. 132.
Michigan Steel Tube Products Co.—Registers
See list
given
on
first page of this department.—V. 142, p.
Middle States Securities
See list given on first page
with SEC
2329.
Corp.—Registers with SEC—
of this department.
Middle States Telephone
Co. of Illinois—Pays Accumu¬
lated Dividend—
dividend of $1.75 per share, on account of accumula¬
cumulative preferred stock, par $100, on April 1 to
21.
This was the first dividend paid by the
company since July 1, 1933, when a regular quarterly payment of $1.75
per share was made.—-V. 137, p, 2976.
The company paid a
tions,
on
holders
the 7%
of record
March
RR.—Earnings1932
1934
363
1933
363
$1,271,436
3,947
44,598
$1,303,006
5,183
50,119
$1,465,254
8,460
44,765
$1,319,981
174,106
26,964
343,510
81,363
16,319
$1,358,308
194,179
106,093
27,092
346,968
78,113
5,762
$1,518,478
219,043
157,983
41,169
372,458
88,057
$601,162
85,702
1,597
$582,567
80,413
$611,625
108,961
478
913
$643,908
117,110
1,783
Total oper. income—
Total other oper. income1
$513,863
73,037
$501,676
69,913
$501,750
68,325
$525,015
64,821
Gross oper. income
deductions
from
$586,900
$571,589
$570,076
$589,836
165,148
164,237
155,973
$421,752
107,091
$407,352
105,401
$414,103
108,918
$528,843
335,750
121,575
1,840
5,203
$512,754
335,750
108,390
3,838
5,157
$523,021
335,750
121,575
2,342
5,815
$491,924
335,750
121,575
1,992
5,682
$64,474
$59,619
$57,538
$26,924
1935
Calendar Years—
Aver, miles of road oper.
361
Freight revenues—
$1,306,339
Passenger revenues—__
117
23,310
Miscell. revenues
$1,329,766
Total oper. revenues._
Maint of ways & struc..
.
Maintenance of equipm't
Traffic
rev.
from operat'n
171,300
127,451
27,998
341,483
64,500
4,129
127,790
363
4,141
Total
gross
income
Net oper. income
Total non-oper. income.
Gross income
Int.
on
1st mtge. bonds.
Int.
on
adj..mtge. bonds
Int.
on
unfunded debt..
Miscell. income charges
.
Net income.
157,778
'
$432,058
59,866
General Balance Sheet Dec. 31
1935
1935
1934
$
Assets—
$
1934
$
S
Liabilities—
4,006,500
3,999,250
6,715,000
1,552,500
879,000
327,907
14,512
25,944
4,006,500
3,999,250
6,715,000
1,552,500
879,000
304,897
15,652
Accrued
ing Co. stk.
226,028
Other unad]. creds.
37,549
Corporate surplus. 4,756,700
276,790
Common
road
Investments,
Apprec. due to ap¬
Pref. treas. stock.
stock
& gen.
expenditures .19,597,808 19,870,902
Misc. phys. prop
76,604
90,049
Preferred stock
Other investm'ts
Adj.mtge.
equip.
stock.
1,084,408
Deferred liabilities
bonds-
483,900
34,331
1,026,797
Materail & supplies
124,499
Other curr. assets.
57,097
483,900
39,738
910,158
120,772
58,227
17.544
deprec.—
Equipment
Cash
39,602
4,878,989
un¬
adjusted debits.
42,000
41,016
..22,540,891 22,685,725
—V. 142, p. 2329.
Total
Total
22,540,891 22,685,725
Pipe
Line
Co.—Columbia
Proposal Found not Acceptable—
Missouri-Kansas
Gasoline
bds.
5sser. B
Reserve for taxes..
Miscellaneous
and
1st mtge. 5%
Adj. mtge. 5sser.A
Current liabilities.
1,084,408
Co.
Sebastian
Def. assets and
576
-
Dividends—
Michigan Public Service Co.—Preferred
The
cum.
3,360,300
1st mtge. 7% serial
Properties not used
Cash
62,772
Inc., are offering $250,000 ref. & impt. mtge. series C 4V£%
bonds, due Jan. 1 1979, at market, yielding about 4.20%.
$
3,360,300
Funded
and
..
$
Liabilities—
1934
Preferred stock...
Land, bldgs.,ma¬
in operations.
1935
1934
S
&c
207,100
261,310
50,161
After reserve for depreciation of $36,236 in 1935 and
in 1934.
z Represented by 38,666 (38,678 in 1934) no par shares,
by employees only.—V. 141, p. 2440.
in 1934.
com.
timber
3,626
261,310
_
Surplus
Applied in acquisi¬
Muskogee Co.
Consolidated Balance Sheet Dec. 31
1935
chinery,
13,166
200,000
Common stock.
Coal & Min¬
change during the year in the capital surplus in the amount of $7,680,471.
Timberlands
2,765
.
Cr2,464
rent received of
a
pref.
pay.,
tion of treas. stk.
Railway tax accruals
Uncoil, railway revenues
030,000
Cr90
$84,815
Assets—
876
17,961
70,914
1,043
7% cum. pref .stock
z
Fixed assets..__
Net
of $7,199, and interest
no
2,210
—
stock
employees
Due by Menasha
Transport'n for inv.—Cr
-
ins
Proport. of loss applic. to
minority i n terest
x
Div.
11,896
Due by officer and
6,638
prof667
Reduct. in res. for work.
loss
15,739
a2,121
life insurance
■'
inc.
State
taxes—(est.)
value of
General
28,583
32,463
Mengel Mahogany
Logging Co
Net
surr.
Transportation
Loss
compensation
14,300
Bonus
4,644
178,659
Midland Valley
1933
$4,997,404
4,853,283
192,219
191.626
Miscell. deductions
Adjust, of inventory-...
Notes & accounts written
off (net)...
expenses
11,850
267,925
6,130
-
2,672
and interest.
■
applied to the Interstate Commerce Commission for
authority to extend to May 1, 1941, the maturity date of $200,000 of first
mortgage 5s, due May 1, 1936.
The Maryland & Pennsylvania RR. owner of ail the capital stock of the
Terminal company has applied for an Reconstruction Finance Construction
loan of $100,000 to acquire half of the first mortgage bonds and retire
them.—V. 82, p. 1041.
The company has
share
12,480
272,580
v
Maryland & Pennsylvania Terminal Ry.—Would Extend
.
73,243
206,864
Due by customers
Total..
1936, was approximately $68 per share, after deduction of $1.06 per share,
which represents cost per share to Mayflower of Fohs Oil Co. stock dis¬
tributed.
On Dec. 31, 1935, net asset value was $64.63 a share.—V. 142,
Maturity—
1,290
3,741
1,178
Accounts
Creditors' debit bal
x
premises
Deferred charges.
May 1 to holders of record April 11.
cash dividend of 75 cents per share was paid on
1126.
$58,766
18,203
Cust. credit bal—
$46,564
46,134
interest
1934
$80,269
Liabilities—
1934
$15,406
accrued
1935
payable-
Bank overdraft—
1935
Assets—
Cash
Notes receivable &
Mayflower Associates, Inc.—Stock Dividend—
p.
$1.53
par)-
share.-
per
Wooden wre Corp
Co.—Registers with SEC—
The company reports net asset
stock outstanding (no
common
$15,174
$1.23
Balance, surplus
Shares
$73,766
46,989
11,603
def$419
Common dividends
Earnings
1934
1??5
$61,994
14,058
48,355
Preferred dividends
Improve, to leased
The directors on April 1 declared a stock dividend of 12-100 share of
Fohs Oil Co. stock for each share of this company's stock held.
Payment
on
department.—V. 142, p. 961.
Co.—Earnings—
Net income
y
given on first page of this department.
will be made
first page of this
Merch. inventories
Sold
5,000
17,000
on
Calendar Years—
Now Owned
■
Eastern
Utilities Associated.
Engineers Public Service, preferred
Climax Molybdenum
Atchison Topeka & Santa Fe
Pennsylvania RR
Union Pacific RR
Standard Oil, Indiana
Continental Oil
Kennecott Copper
Noranda Mines
Phelps-Dodge
Texas Corp
Caterpillar Tractor
L
Philip Morris
3,000
2,000
given
Meyer-Blanke
I
Shares
.
See list
reported
Bought
Corp.—Registers with SEC—
Metal Textile
Trust—Changes in Portfolio—
Purchases and sales of stocks during the month of March are
as follows:
2507
Chronicle
Oil
&
being advised in a letter sent by the
Robert W. Woolley, that the recent
The stockholders of the company are
Total
10,481,147 12,803,455
Total
10,481,147 12,803,455
b Represented by shares of $1 par value,
c After
reserve for doubtful accounts of $53,938 in
1935 and $57,675 in 1934.
—V. 142, p. 961.
a
After depreciation,
protective
committee,
headed by
settlement offer of Columbia Oil & Gasoline
committee.
Corp. is not acceptable to the
The committee states that it does not believe that the present
offer of Columbia is adequate, nor that it
affords proper safeguards.
Financial
2508
The letter states that the committee does not favor the approval of any
to "Mokan" of 50% interest
Line now subject to reduction by other condi¬
tions; payment of sufficient cash to cover the claims of creditors filed against
"Mokan," and the expenses of the "Mokan" receivership, estimated at
$2,000,000 and $2,500,000 for working capital, and "Mokan" rights under
Sept. 17, 1930, contract to remain unaffected. * It was stated that these
are valuable rights and should be highly profitable to "Mokan."
Discussing the offer made by Columbia Oil & Gasoline,
Mr. Wooley
stated that Columbia retains the right to convert its $11,000,000 preferred
into Panhandle Eastern common at the rate of four for one, or into 440.000
shares; and Columbia immediately purchased 80,000 new Panhandle
Eastern shares, but denies the same right to "Mokan."
On this basis
Mr. Woolley figures that Columbia will have 76% of control, leaving
"Mokan" with only 24%, as compared with the offer of 50% interest.
Mr. Woolley estimates that on the basis of the offer there will be net
interest to receivers of $8,150,775 in Panhandle Eastern, equivalent to
about $5.50 a share for "Mokan."
It is also estimated that Pahnandle
Eastern at the and of the fifth year will be $1,140,000, or 30 cents a share
offer which
does
not
Mountain States Power
include the restoration
in Panhandle Eastern Pipe
the like.
A group of "Mokan" stockholders have filed petition in the Delaware
Chancery Court asking that the "Mokan" receivers be directed to accept
the Columbia offer.
Mr. Woolley and its committee expect to oppose the
petition when it comes up April 15.—V. 142, p. 2166.
Mineral Range
1932
45.15
47.59
56.59
$53,411
43.71
$60,406
2
_
1933
1934
1935
Calendar Years—
Avg. mileage operated.
Freight
Passenger
$55,189
$48,897
2
12
3,354
4,500
5,286
2,687
4,704
2,540
4,398
5,534
$65,305
$65,946
$61,398
2,624
__
Express
Miscellaneous
_
„
T/
(before approp. for retire, res.) $1,068,178
$884,235
247,803
Net oper. revenue
241,011
1,315,981
1,125,246
215,148
Net oper. rev. and other income
for retirement reserve).
Expenses—
Maint. of way & struc..
Maint. of equipment
9,918
1,701
36,767
5,198
expenses
13,030
2,307
2,435
48,170
7,243
34,364
6,260
Cr30
6,000
Dr7
$78,784
5,965
5,863
$82,620
17,315
8,417
$83,310
17,363
7,355
Transp. for investment.
Total
__
33,547
15,785
DrS
General expenses
Net operating deficit.
Taxes accrued
24,847
27,894
12,509
1,983
34,003
25,191
Traffic expenses
$11,829
11,117
$60,571
14,551
95,677
$13,495
97,627
$9,594
96,586
$46,020
98,592
$96,389
..
$24,718
15,124
$712
Other income
$25,732
12,237
Gross
Other interest
$111,123
$106,180
$144,613
deficit
Interest, rentals, &c
(net)
—V.
—V. 142, p. 1822.
Munson Steamship
Mohawk Hudson Power
Corp.—New Directors—
$1,803,350
$1,554,500 $1,129,575
1,890,864
1,584,436
1,222,990
2,320,436
2,266,253
2,246,132
1,313,762
had 190 stores in operation on March 3i, as against 186
March
The company
a
year
ago.—Y. 142, p. 1823.
1935
All other.
Net
income
dividends....
Preferred
Common dividends
$3,784,584
$3,554,775
7,995
21,926
5,601,251
10,817
22,045
$3,820,584
730,529
780,594
60,152
$3,584,698
557,258
699,889
75,578
[,634,115
624,605
755,564
101,376
$2,249,308
229,411
$2,251,971
224,246
5,152,569
187,238
141
511
642
$3,844,803
685,132
812,997
All other oper. expenses.
46,482
Net rev. from ry. oper.
$2,300,191
Railway tax accruals
Uncollect, ry. revenues.
192,970
5
9,564
26,436
1932
oper.
5,107,216
13,956
$2,019,756
12,617
5,027,213
50,243
$1,964,688
89,081
Gross income
$2,121,172
961,041
31,804
554,176
$2,032,373
923,478
29,735
673,954
$2,077,456
826,655
34,557
676,716
$2,053,769
792,913
29,326
679,713
income.
income
Hire of equip,—Dr
facility rents—Dr.
on
funded debt
deductions
from
174,464
Net income
res.
fds.
Dividends
172,003
221,197
240,189
$399,688
121,371
312,250
gross income
Sinking & other
$233,203
32,899
250,000
$318,331
54,948
300,000
$311,629
60,711
250,000
General Balance Sheet Dec. 31
1935
1934
1935
Assets—
Liabilities-—
Inv. in road &eq__25 ,605,207
5,000,000
255,354
943,915
945,368
Inv. in affil. cos.:
Advances
56,919
investments
67,984
Equip tr. oblig
Non-negot. debt to
32,900
7,411,594
bal. payable
350
350
Cash
420,774
518,018
Audited
150,000
150,000
wages
212
212
232,601
282,382
.
Net abl. rec. from
9,327
agts. & conduct.
prem.
5,831
16,696
28,923
207,618
246,748
64
318
Other def. assets..
Insur.
Railroad
64,684
67,178
143,918
_
in advance
392
Other unadj. debits
Other
2,747
7,535
16,479
22,753
unpaid..
1,880
112,500
curr.
80,000
2,398
2.394
599
$
1,151
deprec.—eq.
1 ,360,379
145,367
1,269,792
Other unadj. credit
15,645
110,499
154,366
Tax liability
Additions to
prop,
inc.
1,780,289
inc.
Sinking fund
27,965,297 28,264,067
2330.
1,746,579
574,533
120,000
574,533
,270,768
5,490,169
debt retired
($100
res..
38,805
27,965,297 28,264,067
Total
fH. A.) Montgomery Co.—Registers with SEC—
given on first page of this department.
Montgomery Ward & Co., Inc.—Sales—
of—
February
March
—V.
10,408,105
owned, at cost..10 440,401
142, p. 2166.
x
33,600
33,600
cost—.....
98,997
° 480,000
98,997
480,000
15,000
15,000
11,120,050
S
2.906,400
Com. stk.
(202,shs.) 6,941,500
payable to
affiliated cos...
385,000
Accrued deprec
6,941,500
385,000
2,250
3,000
Reserve for taxes.
6,000
11,105,364
x
2,906,400
par)
Notes
Real estate owned,
Adv. to affil. cos..
1934
$
182 no-par
securities
owned, at cost..
Surplus....—878,150
870~2H
11,120,050 11,105,364
Total
38,250 shares Muskogee Co. common stock owned by its
subsdiairy
132.
Co.—Earnings—
Quarter Ended—
Feb. 29 '36 Feb. 28 '35
after deprecia¬
tion, Fed. taxes, &c__prof$72,372
$405,906
Feb. 28 '34 Feb. 28 '33
Net loss
as
$123,720
of Feb. 29 showed current assets of
$134,136
$27,386,685 against
$1,954,199.
The board has declared a dividend of 25 cents a share
payable May 1 to
stockholders of record at the close of business April 20.
board by C. W. Nash, Chairman,
and was accompanied by his report showing sharp sales increases in Nash
lines to date and giving a highly optoinistic analysis of the company's
present position.
;
"In spite of the fact that our first quarter covered December, January and
February, which brought the worst sales weather in automobile history,
registrations of all cars in the Nash lines to March 1, latest official figures
available, show an increase of 34.49% over those to the same date last year
as compared with an increase of 27.73% for the industry as a whole in the
same period," Mr. Nash reported.
"These same figures show that in February, Nash registrations gained
14% over February, 1935, while registrations of the industry gained only
3.5%.
March shipments exceeded those of any previous month since
June, 1934 and represented the greatest volume in any March since 1930.
Production facilities in our factories have already been geared to meet
increased volume.
'
'
"In view of this record, made under the most adverse sales conditions and
with the best selling months of the year still ahead, I feel confident that
Nash sales in 1936 will reach a new high level for recent years."—V.142,
The statement was transmitted to the
p.
792.
National
Aviation
Corp.-
-Liquidating Value Up—
the quarter ended March 31, 1936, an indicated
liquidating value at close of the period of $16.94 per share, before providing
for taxes of 47 cents a share on unrealized depreciation of securities held
and based on market value of listed securities in portfolio and estimated
value of securities not having an active market. This compares with $15.28
a share on Dec. 31, 1935, before deducting 43 cents per share for taxes on
unrealized depreciation of securities held.—V. 142, p. 1648.
The company reports for
National
Broadcasting Co.— Vice-President Resigns—
has resigned as Executive Vice-President and
it was announced on March 27.
Patterson Jr.
C.
director of this company,
National Oats
Co.—Earnings—
[Formerly Corno Mills Co.]
Net profit after deprec., Federal taxes, &c
Earnings per share on 100,000 shares capital stock.
—V. 142, P. 963.
1936
1935
$17,854,609 $17,904,886
24,844,596
22,783,089
National Rys. of
1936
$41,822
$0.41
1935
$20,138
$0.20
Mexico—Earnings—
[Mexican Currency]
Month
1934
1933
$15,421,893 $10,131,891
18,312,477
11,263,374
1935
1936
10,122,408
8,621,934
of January—
Railway oper. revenues...
Railway operating expenses
9,785,654
7,194,672
115,681
447,050
21", 570
220,427
$1,169,105
11,289.017
$2,392,125
11,287.417
Tax accruals and uncollectible revenue
Dedvictions
—
Net operating income
&
Profit and loss
Month
69,662
52,051
Other income
&
surplus
See list
Liabilities—
6% cum. pref. stk.
Secur's of affil. cos.
707
435
accr_.
Other def. liabil
through
.
1935
1934
8,211
accr.
liabil--
surplus
p.
def$34,632
$22,095
3 Months Ended March 31—
85,224
Unmat. rents
Fund,
142,
$15,216
$
239,402
91,155
through
-V.
136,484
123,928
pay..
Unmat. int.
Accr.
paid
Total
$240,843
174,384
101,091
1935
Assets—
&
retirem't
Misc. accts.
Int. mat.
Misc. accts. rec
Material &suppl__
Other curr. assets.
accts.
payable.
fund contrib
car-serv.
receivable.
$240,146
174,384
50,545
$7,935
Richard
Traffic & car-serv.
Time drafts & dep.
Loans & bills rec__
bal
$287,461174,384
90,982
5,835,000
affil. companies.
248,999
ry. property
Misc.physical prop
Traffic &
1934
$
•$
Cap.stock (par $50) 6 ,245,000
Fund, debt unmat.12 ,000,000
25,676,172
Improve, on leased
Other
$298,806
57,963
Balance Sheet Dec. 31
Balance sheet
1933
Total
Int.
1932
$297,927
57,781
Surplus
current liabilities of
1934
Maintenance
Misc.
1933
$343,668
56,206
$273,301
174,384
90,982
Gen. exp., taxes & int._
for Calendar Years
Transportation
Joint
1934
$334,970
61,669
Divs. & miscell. income.
Nash Motors
$3,810,952
8,924
24,926
Freight revenues
Passenger revenues
Non oper.
'
Muskogee Co.—Earnings—
Monongahela Ry.—Bonds Called—
1935
1933
1934
1935
1936
$2,003,071
2,310,918
of—
A total of
Income Account
will be sus¬
filing proofs
(G. C.) Murphy Co. —Sales—
January
February
Midland Valley RR.—V. 142, p.
$116,000 first mtge. bonds series A, due May 1, 1960, have
May 1 at 103 and interest.
Payment will be
the Union Trust Co. of Pittsburgh, Pittsburgh, Pa.
York in connection
with reorganization proceedings.
Dealings in the debentures
pended at the opening of business April 28 unless final date for
of claims is extended.—V. 142, P. 1296.
Total..
held on April 1.—V. 142, p. 2329.
been called for redemption on
Railway
New York Curb Exchange that April 30
6V* % debentures, due Jan. 1, 1937,
file proof of claim with Guaranty Trust Co. of New
may
A. V. Morris and Thomas H. Guy were elected directors of the company
at the annual meeting
made at
Line—Filing of Claims—
Notice has been received by the
is the final date within which holders of
Notes receivable..
141, p. 281.
"5",541
$23,753
$112,438
Net income
at
Net deficit- J.
12,000
497,831
385,364
•2,850
5,497
....
deductions
Other income
$910,097
12,000
505,365
363,936
1,015,981
income
Amortization of debt discount and expense.
Miscell.
Gross
300,000
Rent for lease of electric property
on funded debt
Cash
Operating deficit
...
Interest
Cr28
$104,397
42,999
17,572
(before approp.
Appropriation for retirement reserve.;
Calendar Years—
Total
Transportation
1935^
$2,976,902
2,092,667
193 6
Other income
29
3,028
3,939
4,925
$72,819
Mail
$3,284,022
2,215,843
Operating revenues
Operating exps., maintenance and all taxes
Month
RR.—Earnings-
Co.—Earnings—
12 Months Ended Jan. 31—
for "Mokan" stock.
The cash offer of $300,000 made by Columbia was considered grossly
inadequate by Mr. Woolley to compensate "Mokan" stockholders for the
damage done to them.
"If the offer can be put through, Columbia will not
only be relieved of any liability to "Mokan" but, in addition, will profit to
the extent of about $3,000,000 through other conditions, which it imposes
in the offer," he said.
The other conditions relate to the sinking fund and
April 11, 1936
Chronicle
Kilometers operated
—V. 142, p.
1824.
National Dairy Products Corp.—$62,545,500 Debentures
Offered—A new issue of $62,545,500 3%% debentures, due
May 1,1951, with common stock purchase warrants attached,
was
offered April 6 at 100]^ to security holders of the
corporation by the corporation and a nation-wide banking
group*headed by Goldman, Sachs & Co. and including the
First Boston Corp., Brown Harriman & Co., Inc., J. & W.
Seligman & Co., Lee Higginson Corp., Mellon Securities Co.,
Inc., and Edward B. Smith & Co.
Financial
Volume 142
The offering is being made in the first instance by the
corporation to the holders of its common stock and by the
underwriters to holders of the corporation's 5%% gold
debentures due 1948.
Common stockholders of record April
3 are being offered the right to purchase on or before April 23
debentures at the rate of $500 for each 50 shares held,
at the price of 100 3^.
Debenture holders are being given
new
an opportunity prior to that of the public
generally, but ex¬
piring April 23, to purchase at 100%j and int. such of the new
debentures as are not purchased under the corporation's
offer to the holders of
common
stock.
It is
expected that
the 5%% debentures will be called for redemption about
June 4 at 102% and int. and that the
corporation will
purchase these debentures for retirement at the redemption
price discounted at the rate of % of 1% per annum, thus
making the proceeds available so that they may be utilized
in payment of the new debentures.
A prospectus, dated April 3, affords the
following:
Dated May 1 1936; due May 1 1951.
Coupon debentures in denoms of
$1,000 and $500, registerable as to principal only.
Principal and interest
payable at office of Goldman. Sachs & Co., New York or
fiscal agents. Penn. personal
property tax not exceeding
<.M.
& N.)
their
successors as
five mills in
income
1936
taxes
or
1937 and four mills per annum thereafter and
Mass
not
exceeding 6% per annum of interest, refundable upon
proper application.
Redeemable in whole or in part at any time upon at
least 30 days' notice, otherwise than through operation of
purchase fund at
105% prior to May 1, 1941, with successive reductions in the redemption
price of ^ of 1% on May 1, 1941, and on each May 1 thereafter prior to
maturity, and through operation of purchase fund at 100 }4% prior to
May 1, 1950, and at 100% on and after such date, together, in each case
with interest accrued to redemption date.
Semi-annual purchase fund
provided to retire each half year, beginning May 1, 1937. through deposit
of cash or debentures, 1H % of the total principal
amount of debentures
theretofore issued, and in addition to retire a
principal amount of de¬
bentures, at the purchase fund redemption price, equivalent to
any funds
received upon exercise of common stock purchase warrants.
Chase National
Bank, New York, trustee.
Warrants—Each debenture, as initially issued, will
carry a common
stock purchase warrant, exercisable only as an
entirety, entitling holder to
purchase at any time on or before May 1, 1940, a number of shares of
common stock equal to one share in respect of each
$100 principal amount
upon payment at the rate of $25 per share, if exercised on or before Mav l
1938. and $28 per share if exercised thereafter.
Warrants non-detachable
but returnable to owner upon redemption of debenture to
which attached
Listing—Corporation has agreed to make application, at such time as the
underwriters request, for the listing of the debentures on
the New York
Stodc Exchange and their registration under the Securities
Exchange Act
History and Business—Corporation was incorporated Dec
8
1923
in
Delaware.
Since organization, corporation has expanded'
its busies
through the acquisition of a large number of established milk ice cream
and dairy product businesses in many sections of the
United States chiefiv
east of the Mississippi River.
In 1930 the corporation acauired KraftvPhenix Cheese Corp., thereby extending its activities in the
manufacturing
processing, and distributing of cheese and cheese products
The corporation is mainly a holding company
controlling a large number
of companies (in most cases through 100% stock
ownership), which oDerato
substantially as independent units. A considerable portion of the business
of the subsidiaries consists of processing, and
distributing at wholesale and
retail, fluid milk and cream, as well as fluid milk specialties
The sub
sidiaries carrying on this type of business operate in a
large number of
cities and towns, principally east of the Mississippi River
Another important activity of the subsidiaries, a
considerable narf of
which is carried on by Kraft-Phenix Chease Corp., is the
manufacturing
processing, and purchasing of cheese and cheese products in the United
States and in a number of foreign countries.
These cheese products are
distributed in this country through a store-door delivery
service as well as
through wholesalers
A considerable amount of cheese and cheese products
is manufactured and sold abroad.
v vuuuws
A further important part of the business of the
corporation's subsidiaries
is the manufacture of ice cream in
number
of plants
principally east of the
Mississippi River, and the distribution, largely at wholesale, of this product
in localities within shipping distance of the plants.
a
The
purchasing, manufacturing, and distributing of butter is a princinal
business of five of the subsidiaries, and a number of the other
subsidiary companies produce and sell butter in conjunction with their
part of the
other
One
businesses.
of the subsidiary
companies
performs
laboratory
and
research
services for the entire group.
In addition to the more important activities described above
subsidiaries
of the corporation produce and deal in frozen eggs and
egg products
mayonnaise and salad dressing, dried buttermilk, milk powder condensed
evaporated milks, casein, milk sugar, whey powder, malted milk
bread, sausages and meat products, candy, and soft drinks and operate
cold storage warehouses and a group of retail grocery stores
and
Because
of the nature of the businesses conducted
by the corporation
and its subsidiaries, numerous relatively small plants in
widely-scattered
locations are operated, and none of these plants is so
important relative to
the enterprise as a whole that it can be regarded as a
principal plant.
Capitalization (Giving Effect to Present Financing)
[After giving effect to the proposed redemption of of the outstanding
$67,070,500 h\i% gold debentures due 1948, the authorization and issuance
of the new debentures, and the borrowing of
$7,000,000 from banks in
connection with the present financing.].
Authorized
Bank loans
(maturing semi-annually from
Additional
amount will
,
Underwriters—The principal
underwritten by each
,
,
.
.
Ames, Emerich & Co., Inc.,
Chicago
Brown Harriman &
Eastman, Dillon & Co., N.Y.
Co., Inc.,
J. & W. Sellgman & Co., N. Y.
Lee Higginson Corp., N. Y—
Mellon
Securities
$250,000
250,000
250,000
3,500,000 Gillet & Co., Inc., Balto
3,000,000 Klein wort, Sons & Co., Lon¬
don, E. C. 3, England
2,250,000
Piper, Jaffray & Hopwood,
Minneapolis
2,250,000
2,250,000 Reynolds & Co., N. Y
2,000,000 Riter & Co., N. Y
Lawrence Stern&Co.,Chicago
2,000,000 Spencer Trask & Co., N. Y—
2,000,000 Wertheim & Co., N. Y
2,000,000 J. G.White & Co., Inc., N.Y
2,000,000 Blair, Bonner & Co., Chicago
1,500,000 First Clevlland Corp.,Cleve.
Leonard & Lynch,
1,500,000 Moore,
Pittsburgh
1,500,000
1,500,000 Otis & Co., Cleveland
1,000,000 Baker, Weeks & Harden,N.Y.
1,000,000 Bond & Goodwin, Inc., N.Y_
E. W.Clark & Co., Phila
N.Y
Co., Inc.,
Pittsburgh
Edward B. Smith & C.. N. Y.
Blyth & Co., Inc., N. Y
Halsey, Stuart & Co., Inc.,
Chicago
Hay den, Stone & Co., N. Y —
Hemphill, Noyes& Co., N.Y.
Kidder, Peabody& Co., N.Y.
Bancamerica-Blair
Corp.,N.Y
Field, Glore & Co., N. Y
W. E. Hutton & Co., N. Y—
White, Weld & Co., N. Y
Chas. D. Barney & Co., N.Y.
Estabrook & Co., Boston
Harris, Hall & Co., Inc., Chi¬
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
200,000
200,000
150,000
150,000
150,000
150,000
150,000
150,000
' 100,000
100,000
100,000
100,000
_
land
Natl Co. of Omaha, Omaha._
Arthur Perry & Co., Inc.,
500,000
Hornblower & Weeks, N. Y—
Jackson & Curtis, N. Y
500,000
500,000
500,000
500,000
500,000
Co., Boston.
Shields & Co., N. Y
Speyer & Co., N. Y
Frederic H. Hatch &
100,000
100,000
Minneapolis
Hayden, Miller & Co., Cleve¬
—
.
200,000
200,000
150,000
150,000
150,000
cago
1,000,000 Emanuel & Co., N.Y
Sunstein
& Co.,
LazardFreres&Co., Inc.,N.Y. 1,000,000 Gerstley,
G.M.-P. Murphy & Co.,N.Y.
Philadelphia
1,000,000
E. H. Rollins & Sons, Inc.,
Mitchell, Hutchins & Co.,
N. Y
Chicago
1,000,000
Hallgarten & Co., N. Y
750,000 L.F. Rothschild & Co., N.Y.
Stein Bros. & Boyce, Balto-Ladenburg, Thalmann & Co.,
N.Y
750,000 Strother, Brogden & Co.Balto
A. G.Becker & Co., N.Y_—
500,000 Babcock, Rushton & Co.,N.Y
Alex. Brown & Sons, Balto-500,000 Frank B. Cahn & Co., Balto
Cassatt & Co., Inc., N. Y
500,000 First of Michigan, Detroit
Dominick & Dominick, N. Y500,000 Illinois Co. of Chicago, Chic.
Graham, Parsons & Co., N.Y.
500,000 Justus F. Lowe Co., Inc.,
F. S. Moseley &
A
underwriters and the amount of debentures
follows:
are as
Goldman, Sachs & Co., N. Y. $7,905,500
First Boston Corp., N. Y
4,000,000
100,000
Boston
100,000
100,000
3,000,000
Tobey& Kirk, New York...
Yarnall& Co.,
Philadelphia—
Kuhn,Loeb&Co.,NewYork
Co., Inc.,
N.Y
400,000
-
Purchased Fund—The supplemental indenture will
provide for
a
purchase
corporation will be required to retire, by purchase
redemption, semi-annually, on or before May 1 and Nov. 1 of each
year in which the debentures are outstanding, commencing May 1, 1937,
1 Yi % of the total principal amount of debentures theretofore authenticated
and delivered by the trustee.
Moneys received by the corporatiln upon
the exercise of the common stock purchase warrants to be attached to the
debentures will constitute additional purchase fund moneys to be applied
to the retirement of debentures on or before the next succeeding May 1
fund under which the
or
or
In lieu of any cash payments the corporation
surrender debentures and receive credit at the purchase fund redemp¬
including accrued interest to the next May 1
Nov. 1. as the case may be.—rV. 142, p. 1823.
Nov. 1, as the case may be.
may
tion price of such debentures,
or
National Petroleum
See list given on
first
page
National Surety
Co.—Registers with SEC—
of this department.
Corp.—C. I. T. May Contest Sale—
The Commercial Investment Trust
Corp., it is understood, is preparing
to contest the sale of the stock to Bancamerica Blair
The bid of C. I.
233°.
Corp.
T., one of seven, was the highest received.—V. 142, p.
'
National Tea
Co.—Sales—
1936
1935
1934
$5,135,421
4,662,014
4,773,906
$4,387,876
4,929,167
4,898,378
$4,344,288
4,735,402
4,747,235
Weeks Ended—
Four
1933 '
^
Feb.
1
Feb.
29
Mar.
28
-
$4,928,125
4.650,848
5,062,463
—V. 142, p. 2167.
Naumkeag Steam Cotton Co.—New Treasurer—
Rudolph C. Dick, has been elected Treasurer and General Manager, and
May 1.
He succeeds the late Dexter Stevens.
—V. 142, p. 1649.
is to assume his new duties
Navarro Oil
See list
Co.—Registers with SEC—
given on first page of this department
Neisner
.
Brothers, Inc.—Sales—
Month of—
February-....
1,207,599
1936
1935
$993,887
1,053,897
March.
1,334,294
1,335,358
$1,086,449
January
—V.
1933
1934
$984,596
988,901
1,562,651
$793,048
831,719
924,977
1934
$2,360,766
2,294,272
3,329,179
1933
$1,883,121
1,976,225
2,117,309
142, p. 2167.
(J. J.) Newberry Co., Inc.—Sales—
Month of—
1936
$2,446,502
2,752,292
January..
February
2,968,868
March
1935
$2,345,084
2,528,594
3,021,004
—V. 142, p. 1824.
The
$7,000,000
$7,000,000
2%% debentures due 1951 (with common
stock purchase w arrants attached)
62,545,500.00
Minority stock interests
bl ,095,623.81
Preferred stock class A ($100 par) 7% cum.
69,244 shs.
57,339 shs.
Preferred stock class B ($100 par) 7% cum.
50,000 shs.
41,370 shs.
Common stock (no par)
c 7,000,000 shs! d
6,254!532 shs!.
a
1936, to the redemption, or prior thereto to the acquisition for retirement,
of the $65,839,500 5 M% gold debentures due 1948 which were outstanding
on April 1, 1936, the redemption price thereof, exclusive of accrued interest,
amounting to $67,650,086.
New Bradford Oil Co.—10 Cent Dividend—
Outstanding
Aug. 1,1936, through Feb. 1,1941)
in
2509
Chronicle
debentures
of this series or of other series without limit
be issuable, but only under restrictions to be
set forth in
b Including preferred stock (no par), of Western
Maryland
Dairy Corp., preferred over common stock on liquidation up to $2,012,500,
but included in minority stock interest at the stated
capital value of $546,695.
c 625,455 shares
of authorized but unissued common stock have
directors
common
have
a dividend of 10 cents per share onTthe
May 15 to holders of record April 15.
Similar
declared
stock, payable
payments were made each six months from March 15, 1934 to Sept. 15,
1935, inclusive.
The March 15, 1934 dividend was the first paid since
April 15, 1931, when 7 cents was distributed.
A dividend of 10 cents per
paid on Jan. 15, 1931 and 12H cents per share were distributed
each three months previously.—V. 142, p. 792.
share was
New
York & Honduras
Rosario Mining
Co.—50-Cent
Extra Dividend—
the indenture,
authorized
been
and reserved by directors for issuance
upon exercise of
stock purchase warrants to be attached to 3
% % debentures due
respect to consideration received in excess of $8
per share
common stock to
be issued upon exercise of the common stock
common
1951.
of the
With
purchase warrants, a credit will be made to capital surplus,
d Excluding
8,633 shares held in treasury of the corporation.
Profits—The consolidated net profits of the corporation before interest
upon the corporation's funded debt, butjafter other interest and all other
charges, including depreciation, adjustments for minority interests, and
provisions for Federal income taxes, for the three years ended Dec. 31,
1935, were as follows:
1933
$10,815,882
1934
$10,178,510
1935
$12,872,482
The
maximum
annual
interest
charges on the $62,545,500 debentures
outstanding will amount to $2,520,456.
proposed financing, such debentures and bank
loans will constitute the corporation's sole
outstanding funded indebtedness
and $7,000,000 of bank loans to be
Upon
and
completion
indebtedness
of the
to
banks.
in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock. par $10, both payable April 18 to holders of record April 8.
A similar extra was paid on Jan. 31, last and an extra dividend of 75 cents
was paid on Oct. 26, 1935, while in each of the six preceding quarters extra
dividends of 50 cents were distributed; 75 cents extra was paid on Jan. 30,
1934 and on Oct. 30, 1933.
In addition special dividends were disbursed as follows:
$1 on Dec. 28,
1935 and on Dec. 29,1934, and 50 cents on Dec. 29, 1933.—V. 142, p. 466./
New York Central RR.—$40,000,000 Bonds Offered—
Morgan Stanley & Co., Inc., Brown Harriman & Co., Inc.,
Edward B. Smith & Co., the First Boston Corp., Kidder,
Peabody & Co. and Lee Higginson Corp. offered on April 6,
$40,000,000 10-year 3%% secured sinking fund bonds at
98 and interest.
Dated April 1, 1936; due April 1, 1946.
Interest payable A. & O. 1 in
Coupon bonds in denom. of $1,000, registerable as to principal.
Fully registered bonds in denoms. of $1,000, $5,000, $10,000, $50,000 and
authorized multiples of $10,000.
Coupon and registered bonds inter¬
changeable. Redeemable, in any part, for the sinking fund or from deposits
arising from the release of pledged securities or from principal or capital
payments thereon, upon 30 days' notice on any int. date at 100 and int.
Also redeemable, at the option of the company, on or after Oct. 1, 1936,
in whole or in any part, on any interest payment date on 30 days' notice,
and on any other date on 60 days' notice, at the following prices with
accrued interest: to and incl. April 1, 1938 at 103%; thereafter to and incl.
N. Y. City.
[The annual report in detail was published in "Chronicle" March 14
page 1823.1
Purpose—'The estimated net proceeds from the sale of these debentures
will amount to a maximum of $61,553,961 and a minimum of
$60,693,960,
depending upon the principal amount of debentures purchased by holders
of the subscription certificates issued to holders of common stock.
Such
estimated net proceeds and the proceeds of the bank loans in the amount of
$7,000,000 to be incurred in connection with the present financing, together
with any treasury funds required, are to be applied on or about June
The directors have declared an extra dividend of 50 cents per share
4.
Financial
2510
April 1, 1940 at 102%; thereafter to and incl. April 1, 1942 at 101 j
thereafter to an incl. April 1, 1944 at 101%; and thereafter at lGu-/o.
First National Bank, New York, trustee.
Issue and sale of these bonds authorized by the Interstate Commerce
Commission.
Data from Letter of F. E.
Williamson, Pres.,
Dated April 6
Purpose—Net proceeds from the sale of the bonds and from the sale of
$15,000,000 of one to five year serial secured notes, issue of 1936, together
with a $7,900,000 collaterally secured 5-year note or its proceeds will be
used, together with funds from the company's current cash, to discharge
$62,900,000 of demand loans, being all of the company's outstanding de¬
mand loans except a $2,179,168 loan from the Railroad Credit Corp.
Morgan Stanley & Co., Inc. and certain associates have agreed to purchase
from the company of the above-mentioned one to five year serial secured
notes, and the Securties Corp. of the the New York Central RR. has agreed
to take the $7,900,000 collaterally secured five year note or its proceeds in
discharge of an equal amount of its present demand loan, in both instances,
however, subject to the necessary authorizations by the ICO and to ap¬
proval by counsel of legaFproceedings in connection therewith.
Security—Bonds will be the direct obligation of the company and will
be secured by pledge of the following collateral:
Computed Valuation*
*
•
$40,000,000 New York Central RR. ref. & impt. mtge. 5%
bonds, series C, due Oct. 1, 2013
$36,600,000
315,600 shares (par $50) Pittsburgh & Lake Erie RR. cap. stock 22,723,200
9,200 shares (par $50) New York & Harlem RR. common stock.
1,191,400
13,440 shares (par $50) Mahoning Coal RR. common stock
7,526,400
7,600 shares (par $50) Mahoning Coal RR. preferred stock
395,200
99,200 shares (par $50) Reading Co. 1st pref. stock
4,315,200
218,400 shares (par $50) Reading Co. 2nd preferred stock
8,299,200
Total
$81,050,600
-
computed at closing bid quotations
unit April 2, 1936, for stocks and bonds of the issues pledged.
The
total of such computed valuations was slightly in excess of 200% of the
*
Valuations of the pledged securities
per
principal amount of the bonds.
The cash dividends declared and paid
'
in respect of the year 1935 on the
pledged shares of capital stock aggregated $2,140,800, all of which were
more than earned in the year.
New York Central System—Company was incorp. in 1914 pursuant to the
laws of the States of New York, Pennsylvania, Ohio, Indiana, Illinois and
Michigan, by the consolidation of New York Central & Hudson River RR.
(of 1913) with Lake Shore & Michigan Southern Ry. and certain other
railroad companies.
The company, in addition to
its owned railroad properties, operates under
agreement other railroad properties owned or held under
lease or operating agreement by its lessor companies.
The more important
of such lessor companies and the percentage of stock ownership of the
company therein are as follows:
Cleveland Cincinnati Chicago & St. Louis Ry. (Bg Four) (stock interest
lease or operating
85% of preferred and 98% of the common),
Michigan Central RR. (stock interest 99.4%),
Boston & Albany RR. (no stock interest),
West Shore RR. (stock interest 100%),
•,
Toledo & Ohio Central Ry. (stock interest 100%),
New York & Harlem RR. (stock interest 86% of the preferred and 66%
of the common),
Mahoning Coal RR.
the
(stock interest 79% of the preferred and 61% of
common).
of the properties of no one of the seven lessor
companies mentioned above expires prior to July 1, 1999, although that of
Toledo & Ohio Central Ry. may be terminated by the company (but not
by the lessor) on 90
and (or) its lessor companies also control, through owner¬
ship of a majority of the capital stock, certain separately operated but
associated railroad companies, the more important of which are: Pittsburgh
& Lake Erie RR., Indiana Harbor Belt RR., Chicago River & Indiana RR.
Toronto Hamilton & Buffalo Ry.
The company's owned and leased lines of railroad extend from New York
and Boston to Chicago, Cincinnati and St. Louis.
Company operates in
the States of New York, New Jersey, Massachusetts, Pennsylvania, Ohio,
Indiana, Illinois, Michigan and West Virginia, and in the Provinces of
Ontario and Quebec.
In the aggregate it operates about 11,215 miles of
road of which 3,811 miles are owned, 6,597 miles are operated under lease
or agreement and 807 miles are operated under trackage rights.
In addition
there are about 515 miles separately operated by companies controlled
through ownership of a majority of the capital stock.
Company serves a highly industrialized territory, carries a widely di¬
versified traffic, enjoys relatively easy grades and light curvature over the
greater part of its trunk line mileage, possesses excellent terminal facilities
and is well established throughout the territory served.
The property as a whole is in good condition to handle the volume of
traffic currently moving over it.
The classification of the company's freight traffic in 1935 and the gross
revenues (before deductions for switching charges absorbed, overcharges,
&c.) received therefrom were as follows:
Gross
Freight
Tonnage
Freight
Revenue
—% of Total—
Tonnage Revenue
6.81
7.54
70,030,461
5,032,734
98,501,912
2.16
58.88
2.19
27.98
7.29
30.93
2.22
43.51
19,260,463
1.98
8.51
104,482,468 $226,391,490
Products of agriculture
100.00
Products of mines.
Total
Capitalization—Giving effect to the present financing:
Outstanding
Mortgage bonds (less mortgage bonds held in the company's
treasury or pledged to secure other indebtedness of the com¬
139,104,100
Secured bonds and notes
Equipment trust obligations
40,500,000
-
—N. Y. Central and Lessor Cos.-
Equipment
Capital stock, 4,992,597 shares of no par value stated on
books of the company at
1937
1938
1939---—
119923764085
-
Finance Corporation
This amount represents
bonds and notes."
,the unpaid balance of a former indebtedness to that corporation of $27,499,000 after repayment of $15,600,000 in cash on Dec. 1, 1935.
The in¬
debtedness of $2,179,168 to the Railroad Credit Corporation is carried in
current liabilities and is not included in the tabulation above.
In addition to the above, there was as of Jan. 31, 1936, an amount of
$16,617,925 payable over a period of years to the State of New York for a
proportion of the cost of certain grade crossing eliminations.
As of March 31, 1936, there were outstanding in the hands of the public
funded debt and notes payable of the company and its lessor companies
in the amount of $1,073,965,793 (including the above mentioned amount
payable to the State of New York), which compares with a total of $1,108,807,952 on Dec. 31, 1932, the reduction having been $8,197,838 during
1933, $6,946,071 during 1934, $19,517,188 during 1935, and $181,062
during the first three months of 1936.
As of the same date there were out¬
standing in the hands of the public funded debt and notes payable of wholly
owned subsidiaries of the company or its lessor companies, viz., Merchants
Despatch, Inc., Louisville & Jeffersonville Bridge & RR., Clearfield
Bituminous Coal Corp., New York State Realty & Terminal Co., and
Securities Corp. of the New York Central RR. in the amount of $23,645,400
31, 1932, to March 31,
1936, showed an aggregate re¬
Owned
Total
—
$22,076,768
$10,761,000 a$ll,315,768
8,520,000
8,772,529
7,364,000
11,500,419
4,297,000
15,588,370
2,797,000 b26,552,304
2,797,000
16,582,328
2,797,000
14,929,080
2,797,000
c65,876,641
952,000
4,269,912
dl8,435,384
17,292,529
18,864,419
19,885,370
29,349,304
19,379,328
17,726,080
68,673,641
5,221,912
18,435,384
1,232,963
1,282,818
1,335,044
6,239,732
8,544,006
1,232,963
1,282,818
1,335,044
6,239,732
8,544,006
— —
-----
1949.-j
1950------
1951
Subsidiaries
$870,500
1,940,500
690,500
1,163,400
8,590,500
2,302.000
484,000
373,000
5,143,000
125,000
$43,082,000 $212,457,298 $255,539,298 $21,682,400
$2,420,263 due June 4, 1937 to the RFC, the extension of
1941, has been agreed to by that corporation subject to
approval by the ICC.
b Includes a $7,900,000 secured note payable to
Securities Corp. of the New York Central RR., which in turn has a maturity
of a like amount included in the $8,590,500 shown as the 1941 maturities
of wholly owned subsidiaries.
Also includes $9,478,737 due July 1, 1941
to the RFC. having been extended from various maturity dates in 1936.
c
Includes $59,911400 principal amount of the company's 10-year 6%
convertible secured bonds maturing on May 10, 1944.
d Includes $17.250,000 as the maximum amount of bonds remaining after operation of the
sinking fund.
Income Account for Calendar Years
a
Includes
which to July 1,
Railway
Operating
*
-
-
1933-
-
Deductions
from Gross
Gross
Net
Income
Income
$597,564,113 $137,644,690 $60,635,769 $77,008,921
572.030,510
123,235,535 60,121,396
63,114,139
570,169,610
128,635,100
61,195,446
67,439,654
590,008,623
136,392,388
59,211,452
77,180,936
478,918,347
96,998,633
61,016,841
35,981,792
382,190,183
63,891,871
61,461,770
2,430,101
293,636,140
44,497,022
62,753,422defl8,256,400
283,341,102 , 54,791,301
60,203,814 def5.412,513
295,084,881
52,577.534
60,259,869 def7,682,335
310,192,980
59,441,181
59,326,135
115,046
Income
Revenues
Operations for the first two months of 1936, which were affectedb y severe
conditions, showed the following results as compared with the
results for the same months of 1935:
weather
1935
1936
$56,192,221 $49,533,067
5,377,669
4,511,840
8,592,284
7,957,912
1.092,117
1.904,985
Railway operating revenues
Net railway operating income
Gross income
Net deficit
2331.
New York Merchandise
See list
Co., Inc.—Registers with SEC—
given on first page of this department.—V.
New York Rys.
142, p. 2331
•
on 23rd Street—
Cross-town bus service on 23rd Street, replacing the present trolley line,
was started at noon April 9, with city officials and civic workers participat¬
ing in the celebration.
The new bus line is part of the New York City
Omnibus Corp. system.—V. 142, p. 2333.
Corp.—Buses
New York Title &
Mortgage Co,—Three Trustees Named
for the Series C-2
Supreme Court Justice Alfred Frankenthaler on April 6 appointed three
lawyers familiar with real estate problems as trustees for the reorganization
of the $24,300,000 issue of guaranteed mortgage certificates known as
Series C-2, the second largest issue sold by the company.
The trustees
named are Frank L. Weil, William E. Russell and Raymond J. Scully.
—V. 142, p. 1650.
New York
Transportation Co. (& Subs.)—Earnings—
[Except New York Railways Corp. and
1934
1933
1932
$4,377,076
1,033,954
$4,149,854
1,048,457
$4,822,419
1,025,116
2,210,180
482,005
2,336,118
467,795
2,112,630
452,980
2,282,519
564,241
$562,506
89,030
$539,209
93,300
$535,788
139,715
$950,543
170.886
$651,537
626,998
86,222
$632,509
547,607
58,869
$675,503
465,539
298.297
$1,121,429
loss$61,683
470,000
$26,034
470,000
loss$88,332
470,000
$627,908
470.000
$531,683
8,140,492
$443,966
8,584,458
$7,608,809
$8,140,492
597,559
405,198
Depreciation
Traffic
Subsidiaries]
1935
$4,257,449
Calendar Years—
Gross operating revenue
Maint. of plant & equip.
and
transporta¬
tion expenses
Gen.exps.,incl.misc.exp.
Net oper. revenue
Other income
Net inc. before taxes-
-
City, State & Fed. taxes
Profit & loss adjust'ts
Dividends.
Previous surplus Dec.
31
Surplus at Dec. 31-.
487.428
6,092
$558,332 sur$157,90S
9,142,791
8,984,883
$9,142,791
$8,584,459
Consolidated Balance Sheet Dec. 31
Assets—
$
Land, buildings <fc
equipment
7,687,128
Cash
547,110
Special deposits
-
Accts. & notes rec.
Other
accounts
notes
148,323
Liabilities—
b
290,273
176,772
778,000
Materials & suppls
140,803
in
469,830
906,914
241,225
6,567
Work in process..
Invests,
2,350,000
223,701
184,583
51,993
2,936
55,737
3,662
Suspense credits
Reserve for depre¬
-
lb",442
dation of build¬
Marketable securs.
Inv. in affil.
$
$
2,350,000
accrued
8,312,208
2,186,157 Accounts payable.
1,250 Taxes accrued
97,729 Oth. current llabils
Spec, deposits noncurrent-.
Capital stock
Insurance
&
receivable
1934
1935
1934
t
the
Indebtedness of $11,899,000 to the Reconstruction
is included in the item "secured
and
1935
504,139,930
Wholly
Bonds, Notes
Trust
Obligations Miscellaneous
5,500,000
Debenture bonds
Dec.
a
Balance, deficit
$520,901,000
which other indebtedness is included in this table)
from
and
100.00
7,110,593 $17,067,671
16,498,249
2,261,413
61,524,169
Products of forests
2,290,581
Manufactures & miscellaneous. 29,230,457
L. C. L. freight-------2,065,255
Animals and animal products--
which
owned subsidiaries above mentioned outstanding in the hands
public as of March 31,1936, after giving effect to the present financing
proposed PWA serial loan of not more than $2,593,000 for purchase
and installation of rail, are:
the wholly
days' notice.
The company
pany,
1199944413206785
1936
of the
—V. 142, p.
The lease to the company
April 11,
Chronicle
cos--.a3,945,253
1
ings,
Reserve
3,625,438
&c
for
Reserve for claims
Surplus
4,094,350
78,486
81,153
495,299
8,140,492
com¬
pensation
472,570
7,608,809
New
York Rys. Corp.
Other investments
406,945
Deferred charges--
583,596
Total
14,413,934
2,284,017
105,000
514.549
15,415,7191
Totai..
14,413,934 15,415,719
a Under the plan
of readjustment and motorization of New York Rys,
Corp., Fifth Avenue Coach Co. (a subsidiary company consolidated herein)
as holder of income bonds of New York Rys. Corp. will receive common
purchase warrants of New York City Omnibus Corp.
In
this connection, Fifth Avenue Coach Co. has agreed to exercise the stock
purchase warrants so obtained (the income bonds owned at Dec. 31, 1935,
would call for a purchase of $1,326,000 of stock) and in addition has agreed
to underwrite the stock so offered to other holders of income bonds, which
commitment would amount to $1,120,000 at Dec. 31 1935.
The cash
commitment in this connection will be offset in substantial part by ad¬
vances already made and by amounts which are to be received by Fifth
Avenue Coach Co. under the plan on the transfer to New York City Omnibus
duction of
stock and stock
obligations $10,769,500 principal amount have been provided for either by
acquisition thereof prior to maturity or by placing cash on special deposit,
and in addition $949,000 principal amount of these maturing obligations
are held by wholly owned subisidiaries. The company expects the remainder of
these maturing obligations to be paid without the need of additional financing.
Maturities (including sinking fund instalments) during the 15-year period
following 1936, upon obligations of the company, its lessor companies and
Corp. of its investments in stocks and advances to Madison Avenue Coach
Co., Inc., and Eighth Avenue Coach Corp.
Fifth Avenue Coach Co. is
also a party to certain indemnity and other agreements in connection with
the plan referred to; however, in the opinion of the management, the
liabilities, if any, will not be material.
The plan was found to be fair and
equitable by an order dated Jan. 10, 1936, of the United States District
$3,668,834.
There was also outstanding as of March 31, 1936,
capital stock of lessor companies not owned by the company or by other
lessor companies in the aggregate par amount of $55,651,329.
Maturing Obligations—The maturing obligations, including sinking fund
instalments, of the company and its lessor companies, from April 1, 1936
to Dec. 31, 1936, giving effect to the present financing, amount to $22,769,500, and for the same period such maturities of the wholly owned
subsidiaries above mentioned amount to $1,070,500.
Of these maturing
2511
Chronicle
Financial
Volume 142
1935,
235,000 shares of $10 par value.—V. 142, p.
1935
lOSf"' v
$10,573,838 $10,518,122
2,531,296
2,461,511
.
799,656
795,972
2,208,073
1,936,939
Operating revenues
Operating expense
Retirement
*
expense
Taxes
cos...
588,697
Working funds.
447,355
Accts. receivable
Material&suppl
Deferred debits.
$5,420,894
134,204
$5,240,022
1,736,950
93,935
$5,489,035
1,769,420
101,056
$5,587,162
1,803,128
129,457
$3,618,559
2,968,964
$3,654,576
2,968,964
on
funded debt.
Shs.com.stk.out.(nopar)
Earned per share
107,170
115,547
2,437,128
1,384,294
368,148
1935
In
660,766
1,224,239
291,498
673,913
Notes & accts.
ree.xl,244,363
277,561
Prepaid taxes. In¬
494,197
surance, <fcc
Materials & suppls
Unamortized
490,489
discount &exp..
1,277,393
1,401,101
Other defd. charges
10,939
2,570
for retire,
Res.
•
Northern States Power Co.,
Operating expenses
Operating exp., maint.
264,845
648,145
173,213
42,743
9.552,987
taxesl
201,042
318,205
5,722,968
5,722,957
Capital surplus
Earned surplus—10,493,058 10,532,688
95,966,129 96,016,254
Represented by 742,241 no par shares
Total
Accounts receivable only,
142,
y
1650.
P.
(& Subs.)—
Niagara Lockport & Ontario Power Co.
1935
1934
1923
Net oper. rev. & other
inc.
(before
approp.
for retirement reserve)
$9,345,171
x4,740,002
$9,032,528
328,074
1,021,800
433,608
761,800
715,266
$8,687,626
3,670,653
475,329
Operating expenses
-
Maintenance expenses.Retirement provision—
Taxes
878,222
$2,694,495
11,746
Operating income---. $2,622,858
Non-oper. income''net).
17,029
4,204,311
469,447
715,380
768,816
213,333
$3,363,799
75,394
$2,874,574
19,609
$2,706,241
$2,894,183
$3,439,194
1,578,586
1,700,910
1,692,857
$1,005,331
229,250
$1,061,302
Common dividends
$1,755,963
1,965,000
$1,201,326
1,034,900
$776,081
$166,426 def$209,037
x Operating expenses for the year
1934 included $114,058 for amortiza¬
tion of expenditures
incurred in connection with changing customers*
electric equipment to standard frequency.
Operating expenses for the year
1935 do not include any comparable amount, the unamortized balance of
these expenditures having been charged to surplus during that year.
54,325,904 53,655,596
283,568
&
x894,775
393,743
18,480
Mat'ls & supplies-
Prepaid Insurance.
Unamortized
Operating
■
1936—12 Mos.—1935
$3,916,015
$3,590,228
182,933
16,968
2,495,828
2,294,091
17,141
$140,806
$127,287
$1,215,516
$1,093,198
Dr 1,720
221,443
Operating expenses
Rent for leased property
Balance
204,671
202,939
Dr329
Dr 184
266
$140,477
47,541
$127,103
50,342
$1,215,782
594,044
$1,091,478
627,443
y$92,936
y$76,761
$621,738
260,000
$464,035
260,000
334,181
334,168
Other income (net)
Gross corp. income
Interest and other deduc.
Balance
Property retirement reserve appropriations
z Dividends applicable to prefe. stocks for period,
whether paid or
2,885,465
reserves--
506,517
203,738
504,399
88,966
3,511,663
88,966
3,433,060
Res.
for
-57,882,260 57,932,5191
Accounts receivable only,
y
unpaid
$27,557 def$130,133
con ting.
57,882,260 57,932,519
Total
y Before property retirement reserve
Dividends accumulated and unpaid to Feb.
Jan. 3
29, 1936, amounted to $1,pref. stock was 88 cents a share paid
Latest dividend on 6% pref. stock was $1.50 a share paid
Dividends on these stocks are cumulative.—V. 142, p. 2168.
Latest dividend on 7%
100,327.
1933.
Oct. 1 1932.
Represented by 327.500 no par shares.
Bell Telephone Co.—Earnings—
1935
1934
1933
$20,688,685 $19,952,906 $19,827,620
8,006,857
7,399,829
6,682,244
1,575,643
1,513,830
1,544,345
Calendar Years—
Local service revenues
Toll service revenues
revenues
Total
Uncollectible operating revenues
$30,271,186 $28,866,565 $28,054,209
129,404
134.565
335,822
$30,141,782 $28,732,000 $27,718,387
5,914,452
5,059,355
6,100,775
5,184,292
5,190,579
5,232,375
4,234,764
4,333,145
4,642,840
2,315,953
2,397,100
2,499,568
Total operating revenues
maintenance
Current
Depreciation expense
Traffic expenses
Commercial expenses
-
480,269
489,665
511,006
406,077
1,112,107
368,103
406,642
1,049,211
375,247
431,656
1,040,012
361,111
188,070
166,503
449.842
128,095
118.843
2,679,338
157,108
439,866
211,694
109,892
1,769,369
$5,271,024
8,198
$6,112,093
338,509
$5,279,222
453,525
$6,646,617
1,747,660
H %).
$5,283,398
312,052
3,800,000
$4,825,697
312,052
3,800,000
$4,898,957
312,052
5,625,000
Income balance carried to surplus.-
$1,171,346
Operating rents
on
Debenture Sale—
and Exchange
Securities Act
and 36,000 shares of common
certain shareholder, will
Philip H. Schaff, as agent for a
proceeds from the sale of 2,350 shares.
it now owns, while
receive the
The offering price for the debentures will be filed by an amendment.
The offering is scheduled to take place April 13.—V. 142, p. 2168.
Oklahoma
City-Ada-Atoka Ry.—Earnings—
1933
132
1935
$106,803
34,181
$102,674
45.445
151
206
$148,654
-
$315,093
212,419
305
Railway tax accruals
Uncollectible railway revenues-
132
$341,625
234,821
$173,502
24,543
Average miles of road operated
Railway operating revenues
Railway operating expenses
1934
132
$435,090
261,587
Calendar Years—
Northwestern
Filed
The company has filed an amendment with the Securities
to its registration statement filed under the
Commission
According to the amended statement, the underwriter. First Cleveland
Corp., will offer to the public 3,350 shares of common (exclusive of the
36,000 shares which are to be reserved for conversion) at an initial price
of $25 a share and thereafter at market price.
Common shares are not
listed on any exchange.
Proceeds of the 3,350 shares of common will not go to the company.
The
underwriter will receive the proceeds from the sale of 1,000 shares which
—V. 141, p. 3080.
Miscellaneous
Subsidiary]
355,997
48,217
3,474,250
of fixed assets--
1,142,013
724,394
1,061,722
129,396
Miscell.
x
revenues
1936—Month—1935
$379,390
$327,188
covering $900,000 5% convertible debentures
stock to be used for conversion purposes.
Res. for retirement
liabilities
Total
Co.—Earnings—
[American Power & Light Co.
135,797
83,908
Capital surplus
Earned surplus—
discount &exp—
34,176
$5,201,125
Ohio Leather Co.—Amendment
cos
Accounts payable-
debt
Other defd. charges
63,176
$5,311,054
Northwestern Electric
Period End. Feb. 29—
z
4,764,000
480,469
3,959,000
761,279
Consumers' deps—
134,353
160,603
894,589 Taxes accrued
354,543
262,814 Interest accrued-584
14,408 Other liabilities-—
off.
&
35,387
709,701
accounts
receivable
8,579
$740,593
appropriations and dividends,
$
<fc East. P. Corp.
210,047
206,596
37,929
813,712
-
Sinking fund.....
-
—V. 142, p. 1825.
1934
S
Liabilities—
Common stock. .20,593,000 20,593,000
Funded debt-....24,337,500 24,355,500
Advs. from Buff. N.
y
affil.
Investments
Notes
1935
S
company
Cash..—
9,176
Net income
Balance
1934
$
in
233,518
58,469
$694,028
income of sub
Consolidated Balance Sheet Dec. 31
1935
Assets—
Invests,
258,505
49,479
21,505
4,125
21,595
4,200
count and expense
$1,061,302
Balance, surplus
Fixed assets
494,594
Other income deductions
Divs. & min. int. in net
1,683,231
Deducts, from gross inc.
Net income
$1,271,020 $11,616,324 $11,313,500
496,218
5,934,109
5,786,209
$1,223,594
Interest charges (net)
Amortization of debt dis¬
406,800
771,044
$2,639,887
Gross income—?
$1,484,354 $14,516,324 $14,213,500
213,333
2,900,000
2,900,000
$1,436,928
Approp. for retirem't res.
1932
$9,276,373
x4,425,418
Calendar Years—
Total operating,revenues
$1,478,049 $14,415,027 $14,110,821
6,304
101,296
102,678
6,275
Gross income
-V.
18,065,087
18,579,831
1,555,600
1,690,666
(before
approp. for retir. res.) $1,430,652
380,479
._
"x
^
Net oper. rev.
liabilities
--95,966,129 96,016,254
Del. (& Subs.)—Earnings
1936—12 Mos.—1935
$32,994,859 $32,175,908
1936—Month—1935
$3,121,318 $3,033,649
Other income
Miscell. reserves-
Total
with SEC—
9,241,098
and all
con ting.
for
2168.
1,979,886
152,258,598 149,879,157
Total—
North Pennsylvania Oil Co.—Registers
See list given on first page of this department.
of
of fixed assets--
64 670
35,156,026
152,258,598 149,879,157
—V. 142, p.
$
430,184
735,137
168,761
11,500
_
Other liabilities—
Res.
123 749
37,674,169
Surplus reserved
900,000
Unapprop. surp.
2,131,161
936,000
Taxes accrued--.*.
Interest accrued.
debt
2,602,297
credits
Deprec'n reserve
on
1936
Accounts payable-
2,516,068
ties not due-
Deferred
Period End. Jan. 31—
June 1,
736,889
2,019,946
liabili¬
Accrued
bonds called for
redemption
772,905
1,707,639
payable &
current llabils.
Fixed assets
88,222,551 88,603,420 y Commonstock--35,575,565 35,576,565
31,959,500 33,295,750
Investments
848,215 Funded debt
789,818
3,953 Prin. of Niagara
Sinking fund
5,393
Gorge coll. trust
Advs. to affil. cos, 2,970,000
2,490,000
Cash
purchase of
ing & paym'ts
"
$
Liabilities—
243,000
Serial notes given
Accts.
1934
1935
$
168,000
fund
& advance bill¬
Total
1934
$
4,948,163
to
trustee of pen¬
sion
property
Customers' dep.
Consolidated Balance Sheet Dec. 31
Assets—
2,399,695
5,413.865
sold
Notes
742,241
$4.83
742,241
$4.92
742,241
$4.88
14,011
950,000
Tel. & Tel. Co
$685,612 def$866,143
$649,595
$440,173
742,241
$4.59
Balance
14,011
Adv. from Amer.
$3,587,303
4,453,446
Gross income
Interest
Miscell. deductions
capital
stock
$5,555,098
1,582,014
385,780
Net corporate income- $3,409,137
Dividends
2,968,964
Prem. on
132,536
576,358
107,484
472
2,724,845
1,474,599
430,374
.
Notes receivable
2,209,572
$5,451,774
135,387
stock
12.852,024
con¬
Cash
$9,619,853
1,542,033
490,944
1,966,457
$5,323,701
165,335
$5,034,812
205,210
Operating income
Non-oper. income fnet)_
1932
5*1933,
$9,394,675
1,485,499
*
4,800,800
6M% cum. pref.
13,480,430
Other investm'ts
97,772
(&£Suifsarnings
Niagara Falls Powef Co.
Calendar Years—•
4,800,800
131,414,648
Common stock.
491,301
trolled
$
95,000,000
Liabilities—
543,986
property
Investm'tln
95,000,000
$
$
Telephone plant.132,809,938
305.
1934
1935
1934
:
S
Miscell. physical
for its agreements.
b Represented by
31
Balance Sheet Dec.
York, which order was af¬
States Circuit Court of
Appeals, Second Circuit, with the direction that there be reconsidered by
the Court below the amount of compensation to Fifth Avenue Coach Co.
Court, Southern District of the State of New
firmed under date of March 27,1936, by the United
$72,469
$57,022
645
476
$149,119
88,140
$73,114
83,491
$57,498
79,163
prof .$60,979
$10,376
3,165
$21,665
2,594
..prof .$65,167
5,403
$7,211
$19,070
11,635
192
236
180
8,000
72,000
28,838
72,000
29,024
465
Other operating income.
-
4,188
Non-operating income.
General and miscellaneous expenses—
Executive and
legal departments._
Accounting & treasury departments
Provision for empl's service
pensions
Employees' sickness & accident dis¬
ability, death & other benefits—
Services rec. under license contract-
Expenses charged construc'n—Cr_.
Taxes
Net operating
75,129
Income avail, for fixed charges
a
Balance available for dividends
Dividends on preferred stock (6
Dividends on common stock
x
Due to the adoption of a
114,445
$5,546,779
income
Net non-operating income
Interest
471,916
2,893,460
-
-
$5,621,907
534,524
$713,645df$l ,038,095
revised method of distributing engineering
costs, 1935 figure includes such costs in the amount of $205,626; in 1934
similar costs were distributed principally to maintenance and construction
accounts.
Gross
deficit
Rent for leased road—creditMiscellaneous rents
Interest on first mortgage
x313,886
Other general expenses
'
4
-
' 1
Interest
on
Miscellaneous income
Net
bonds..
34
unfunded debt
40
charges
19,711
75
$88,649
deficit--:
$108,640
of the obligations of the company was
and as of Dec. 31,1935, of the $1,100,000
outstanding bonds, $1,004,000 have been deposited under the plan.
General Balance Sheet Dec. 31
The plan for the readjustment
declared operative during the year,
1935
Assets—
1934
Liabilities—
1935
1934
Common stock...$1,600,000 $1,600,000
Road,
equip.
&
'
1,200,000
general expend.$2,988,378 $3,008,916 Long-term debt.. 1,100,000
Misc. physical prop
20,327 Non-negot. debt to
20,327
9,248
Other investments
15,881
affiliated cos.—
480,000
480,000
Cash
12,928
65,695 Other current lia¬
bilities
127,996
563,826
Oth. current assets
53,899
35,306
24,470
22,745
Deferref assets, &c
9,486 Def. liabilities, &c.
7,827
Debit balance
233,226
717,591
Total..
-Y.
142,
p.
$3,099,241 $3,148,979
2334.
Total
$3,099,241 $3,148,979
2512
Financial
Oklahoma Gas & Electric
i* Net
(before
approp.
1935:
1935
for retire, res've)
$5,406,303
2,480
_
income
Net oper. rev. & other income (before appropriation for retirement reserve)
$5,408,784
Appropriation for retirement reserve
1,025,000
tion engines
...
Gross income
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
Depreciation.
19,744
Gross profit
142,
Old
$1,701,141
in val. of investments
Loss
directors
new
are:
1935
1934
1933
$354,849
15,832
$346,142
33,697
"""266
Interest
Commissions
on
sale of bonds-
$370,881
43,620
1,780
37,858
Oper. salaries & exps
Trustees fees
Interest paid
Premium
$392,671
57,611
1,740
39,759
municipal note
Provision for taxes
branches and subsid--
1932
$578,246
17,246
5,000
33",216
.
.
$256,139
30,048
$255,772
418,266
$260,344
379,118
.$286,187
225,724
$674,038
225,725
$639,462
225,725
Total surplus........
Dividends paid
261,470
in¬
137,883
—--
—$14,929,758
Shs.com.stk.out.(nopar) 15,000,000
Earns .per sh .on com.stk.
$0.22
783
In accordance with
resolution
$1,614,136
15,000,000
$60,461
$448,314
Balance Sheet Dec. 31,
Assets—
1934
1935
Invest, in shares of
124,477
Nil
of stockholders
;
V
1934
$
//'■:
V
Bal.
$8 ,294,211 $7,887,287
Investment
Demand
920,000
at
the
560,000
of
note
quoted
on
309,548
33,400
35,019
of
agent for paymt.
of dividend
b
Jan.
30,370
2,063,479
1,400,000
22,093
Munic. sec., &c
Govt, securities—
56,431
56,431
60,461
profits
—from Dec. 31,
1933
Deferred charges.
30,048
15,114
a
$9,364,900 $8,990,317
$125,194
Ontario Clays,
taxes of subs
13,844
286,982
_
Res. for misc.items
1,279,891
162,218
Res. for gen. pur...
Reserve for cash in
1,250,000
1,250,000
603,755
14,929,758
1,614,136
641,545
directors
George Bartol, Vice-President and director, died
2334.
on
April 3.—V.
142,
Net operating revenue.$14,965,446 $12,070,303 $13,039,573
Other income (net)
Total
& expense
interest
276,686
29,419
Cr39,863
277,679
37,959
277,680
Crl00,125
0115,814
Net income before divs
Divs. of subsidiaries:
$9,699,399
$7,098,504
$7,953,552
$7,635,373
Preferred stock
Common stock—Min-
1,514,023
1,535,502
1,615,498
ority interest-
Securities and Exchange Commission
registration statement for an additional issue of
on
March
Pacific Public Service Co.—Accumulated Dividend—
The directors have declared a dividend ofS2J4 cents per share on account
Of accumulations on the $1.30 cumulative first
preferred stock, no par
value, payable May 1 to holders of record April 15.
This compares with
20 cents paid on Feb. 1 last, and on Nov. 1 and Aug. 1, 1935, this latter
being the first payment made since May 1, 1932 when a regular quarterly
dividend of 32K cents per share was paid.—V. 142, p. 2334.
'
517
220
Remainder, applicable
to Pacific Ltg. Corp. $8,185,156
Divs. on prof, stock
1,179,990
$5,562,485
1,179,990
$6,337,834
1,061,423
$5,793,100
920,733
$4,382,495
4,825,893
$5,276,411
4,825,893
$4,872,367
4,825,893
$3,144,452 def$443,398
$450,518
$46,474
.....
to common stock
Divs.
on common
$7,005,166
3,860,714
stock.
Remainder to su,rplus.
1935
Assets—
Plant,
Unamort.
paid in February, 1936.
these earnings are gratifying and the
subsequent dividend was
by stockholders, the greatst accomplishment of the company
during the past year was that it brought out an entirely new line of cars,
While
having such virtues of performance and appearance
that they were an immediate success.
It was months before the company
could catch up with its orders.
The company feels that it is now firmly
entrenched with its new cars "in the $1,000 price class."
More Packard cars were produced and shipped during the year ending
Dec. 31, 1935, than in any previous year in the company's history.
The
substantial increase in operations is evident from a comparison of our
1934 production of 6,071 cars with our 1935 output of 52,256 cars.
Discount
and Canadian p.ants increased 373.4%.
Capital stock was reduced from $40,000,000 to $30,000,000, $10,000,000
being returned to surplus in accordance with the resolution of stockholders,
April 15, 1935, this being the remainder of the amount transferred from
surplus to capital in 1929.
We look with confidence to the
year ahead of us for we have greatly
broadened our market and now appeal to classes of
buyers never heretofore
available to Packard.
We feel that we are in a splendid
position to share
7,117,715
Miscellaneous
4,116,393
1,736,871
408,404
259,656
--
1,736,871
Cons.
dep.
361
x
adv.forconstr
359~721
reserve.
Ins., &c.,
261,009,317 254,284,639'
Represented by 1,608,631
no
par
reserve
Total
shares,
S
19,666,500
29,937,924
25,247,950
1,558
96,099,000
1,936,321
12,823,144
66,736,914
2,894,264
12,289,109
2,143,985
8,667,243
60,804,289
2,572,822
9,143,368
261,009,317 234,284,639
y
Represented by 196,665
Telephone & Telegraph Co.—Earnings—
Period End. Feb. 29—
Gross earningsNet operating income—
—V. 142, p. 2169.
1
1934
$
Current llablls-
Deprec.
shares (no par).—V. 142, p. 965.
Pacific
1935
and
Surplus
Total
-
19,666,500
x Common stock
29,937,924
Sub. cos. pref-- 25,223,450
Mln. Int. of subs
v 1,690
Funded debt.— 89,500,000
on cap.
stock
Prepd. bond Int-
1936—Month—1935
$4,846,691
$4,413,043
849,937
853,938
1936—2 Mos.—1935^
$9,815,169
1,757,178
$8,942,490
1,676,734
Paris, Lyons & Mediterranean Ry. Co.—Larger Div.—
The company has declared a dividend of 75 francs
per share for 1935,
with 70 francs in 1934.
The company decided to raise the
dividend by drawing 20 francs per share from revenue derived from
compared
private
property.—V. 138,
Our deliveries of new cars to owners in 1935 increased 474.6%, according
to the official figures supplied by R. L. Polk & Co.
This was the largest
percentage of i ncr ease shown by any motor car manufacturer in this country.
Export shipments of Packard cars to foreign countries from our Detroit
V
Liabilities—
yPref. stock...
bond
disct. & exps.
was
welcomed
$
&
229,850,137 227,728,686
Inv. insecurities
7,838,814
7,945,984
Current assets.. 13,797,718
12,396,983
Report—Allan Macauley,
Net earnings for 1935 were $3,315,622 after all
charges including deprecia¬
tion and provision for Federal taxes.
A dividend amounting to $1,500,000
1934
$
.1
props.
franchises
President, states:
1,841,912
.
220
The company has filed with the
in any improvement in general
prosperity.
73,858
Consolidated Balance Sheet Dec. 31
$30,000,000 series H 1st & ref. 3% % bonds, due 1961.
Company
24 consummated $90,000,000 financing.
See V. 142, p. 2168.
120,
$12,711,523
598,499
469,971
26,937
Cr2,053
3%s—
Packard Motor Car Co.—Annual
418,079
Remainder, applicable
outstanding 1st and ref. mtge. 4H % gold bonds, series E
F, have been called for redemption on June 1 at 105 and interest.
Payment will be made at the City Bank Farmers Trust Co., 22 William St.,
New York City.—Y. 142, p. 2168.
a
304,218
Amortization of discount
of the
office at San Francisco
216,332
.—$15,181,778 $12,374,521 $13,457,652 $13,310,022
4,987,524
5,009,775
5,288,587
5,438,925
Bond interest..
Pacific Gas & Electric Co.—Bonds Called—
and series
Files for $30,000,000
Lighting Corp, (& Subs.)-—Earnings-
Years—
1935
1934
1933
1932
operating revenue.$49,459,232 $43,549,689 $44,864,160 $44,043,353
Operating expenses-.-.- 21,030,377
19,157,913
18,973,022
18,849,900
Taxes
6,550,678
5,848,655
5,905,410
5,448,765
Provision for retirements
6,912,731
6,472,818
6,946,155
7,033,165
have declared a dividend of 10 cents per share on the
stock, payable May 1 to holders of record April 25.
This com¬
pares with 20 cents paid on Feb. 1 last and 10 cents per share each three
months previously.—Y. 142. p. 1999.
Co.—Obituary—-
53,337,928 48,200,950
Calendar
Int.charged to construc'n
Orange & Rockland Electric Co.—Dividend Halved—
Total
Gross
common
the
& Canadian Inc.
509,460
9,139,119
2,747,102
403,949
Other
Ltd.—Registers with SEC—
See list given on first page of this department.
as
1,198,734
—
570,733
Res. for U. 8. Fed.
reserve for depreciation of $18,141,343 in 1935 and
$17,220,155
b Represented by 15,000,000 no par shares.—V. 142, p. 632.
Pacific
Total
Earns, per sh. on 496,100 shares capital stock (par $1)
$0.25
Current assets as of Feb. 29, 1936, including $208,271 cash, amounted
to $5,161,719, and current liabilities
.including $1,792,790 bank notes and
other notes payable, were $2,424,937.
Inventories totaled $3,755,218.—
V. 142, p. 2334.
known
of
Prov. for Inc. taxes
53,337,928 48,200,950
After
1934.
198463
Earnings for Two Months Ended Feb. 29, 1936
All
tool
120
Surplus
Total
Oldetyme Distillers Corp. (& Subs.)—Earnings—-
-
666,679
7,477,057
4,842,501
for
commitments
Model
*418,266
Net profit after interest, depreciation, idle plant
expesnes. Fed¬
eral taxes and other charges
p.
656,732
976,719
641,545
4,777,389
506,644
•:
370,810
56,431
$9,364,900 $8,990,317
Otis Steel
I
closed banks...
Cash
2,
other pin-poses..
-V. 141, p. 3390.
The
Reserve
587,751
Def'd install, notes 2,053,946
Cash in closed bks.
603,755
Inventories
8,108,638
Accts. receivable.. 1,702,331
1934
$
Capital stock
30,000,000 40,000,000
Accts. pay., &c-__ 4,078,775
2,787,123
Misce.. liabilities625,016
533,349
1
contracts
n
Cash in bank
Total.
pay.
900,000
1935, from
y Loss.
Undivided
and investments
hands
capital shares-.. 2,946,826
Reserve for divs. &
45,743
Other demand note
in
of
1936
Dec.
31, 1935
Cash
from
restatement
Div.
value of the coll.
security
$5,000,000 $5,000,000
Notes pay.—demd
Prov. for taxes
Co.
Everett Tr.
arising
1934
15
1935
Liabilities—
$
Property acct...27,008,288 27,842,292
Rights, privilegss,
franchises, &c
Mtges. and land
1935
April
Consolidated Balance Sheet Dec. 31
1935
-/'".A
Asscts*mmm
$379,118
1935
Liabilities—
Capital shares
capital stocks of
banks
$413,737
$8,904,685
$8,398,251
15,000,000
15.000,000
Nil
$0.01/
amount transferred from surplus to capital stock in uear 1929.
a
Undiv'd prof. Dec. 31-
5,222,563
10,000,000
for gen¬
res.
Total surplus
$642,927
263,810
Previous balance..——
834,187
y $6,824,312
tax for 1930
come
$518,450
_.....
189,920
$107,081
8,398,251
eral purposes
Refund of Federal
x
Net income.
438,828
$3,315,622df$7,290,549
1,614,136
8,904,685
surp-.xl0,000,000
Amt. returned to
147
■22,092
0390,170
$297,001 y$5,990,125
Net profit.
Previous surplus.-----.
$600,492
64,225
2,120
14,766
31", 485
mar¬
194,242
Trans, from
$380,159
57,990
1,720
42,583
9,327
480,000
Profit from fac.oper'ns $2,925,453df$6,851,721
Loss from operation of
matured
on
250,000
.,000,000
disposal
or
values of secur. to
'"320
$369,914
22,757
sale
on
ket value
Colony Trust Associates—Earnings—
Years Ended Ded. 31
Divs. from bank stocks
Profit
0546,003
018,234
1,198,734
of capital assets
Prov. for Fed .income tax
Prov. to reduce carrying
F. Murray Forbes, Eben F. Dewing,
William W. Meyer, General Counsel of the New Haven RR., and
Harry
W. Dorrigan, Assistant to President Howard S. Palmer of the New Haven.
—V. 142, p. 306.
Old
Cr59,443
Crl70,991
.
ments of Model 120-Reserve for miscell. items
At the annual stockholders' meeting four new directors were added to
the board, increasing the membership from nine, where it has been for some
The
$2,110,118df$2 ,779,123
1,618,874
1 ,961,000
Reserve for gen. purposes
Colony RR .—New Directors—Directorate Increased—
time, to 13.
& adm. exps_.
for deprec.
res.
Profit on sale of inv., &c.
Reserve for tool commit¬
26,270
1651.
p.
gen.
Red. in
$1,708,025df$3,318,723
402,093
539,600
$5,944,573 df$4,122,350
2,760,227
2,094,875
Gross income
Sell.,
$4,157,480
2,230,068
200,000
$1,928,520
Net income
—V.
$5,512,152 df$4,536,994
432,421
414,644
Other income
$5,182,480
1,025,000
$4,383,784
2,226,558
200,000
28,704
1932
$49,966,420 $14,618,743 $19,229,790 $15,515,695
42,562,169
17.315,065
15,643,454
16,757,787
1,892,099
1,840,672
1,878,311
2,076,632
Cost of sales.
$5,162,735
*
!
1933
1934
Sales—Carriages, trucks,
parts, marine & avia¬
$11,433,304 $10,963,007
6,027,001
5,800,271
expenses, maintenance arid all taxes
oper. rev.
Other
1936
revenues___
April 11, 1936
Consolidated Income Account for Calendar Years
Co.—Earnings—
12 Months Ended Jan. 31—
Operating
Operating
Chronicle
p.
3449.
Page & Shaw, Inc.—Court Asked
Otis Emerson
Dunham
on
April 3 filed
to Dismiss Trustee—
a
petition in the bankruptcy
division of Federal District Court, Boston, asking the dismissal of Bartholo¬
mew A. Brickley as trustee.
Mr. Dunham also sought an
accounting and
His bill alleged that Mr. Brickley entered into a "wrongful
Judge Arthur P. Stone and other purchasers to dispose of the
Page & Shaw assets at an "inadequate " figure.
The sale price of the company, $160,000, was described in the
petition
damages.
scheme" with
"unconscionable" and the charge made that there was collusion between
the trustee and the purchasers.
The bill charged that at the time the assets were described as
as
only $200,000, when in reality the company was really worth more than $1,000,000.
Financial
Volume 142
charged, the debits were given as $300,000 when
half that amount.
(Boston "News Bureau.")—
At the same time, it was
they were really only
V. 132, p. 1239.
Mines Co.—V. 141, p. 2596.
Pathe Film Corp.—To Form New Company—
The company announced on April 1 that it had formed a new subsidiary
to take over its motion picture activities.
Officials state the new company
is entering into negotiations to acquire an experienced and agressive manage¬
ment to handle the production and distribution of motion pictures.—V. 141,
p. 4174.
15, 1936, on the 1st & ref. mtge. 7%
bonds, series A, due 1942, is now being paid.—V. 141, p.
Peck Television
See list given on
first
2287.
page
$8,689,376
8,455.073
10,234,073
(Pennsylvania
Operating
The reorganization committee for the first mortgage fee 6% sinking fund
15-year bonds (Edwin H. Bigelow, Chairman), has submitted to the bond¬
a modified plan for the reorganization of the Pennsylvania Building.
The modified plan is the result of negotiations with J. Scheuer & Co. and
their associates, who together hold in excess of $320,000 of bonds (or
certificates of deposit therefor) and who have formed Pennsylvania Investors
Inc. for the performance of certain obligations referred to in the modified
plan.
If the modified plan is not consummated on or before June 1, 1936,
Pennsylvania Investors, Inc. may at its option be relieved of such obli¬
gations.
Holders of certificates of deposit issued by Dillon, Read & Co. who
wTish to assent to the modified plan need take no further action.
Holders of bonds, or certificates of deposit issued by Colonial Trust Co.,
holders
the modified plan by depositing their bonds or certificates of
deposit with Dillon, Read & Co., depositary, 28 Nassau St., N. Y. City,
together with properly executed letter of transmittal before April 22 or
such later date as may be fixed by the committee or the referee.
may assent to
the committee submitted to the holders of the above
bonds a plan of reorganization, dated Oct. 25, 1934 (revised to March 29,
1935), and asked bondholders to assent to the original plan by depositing
their bonds with the committee.
The original plan contemplated the
acquisition of the mortgaged property by a new corporation and the issue
co bondholders of new income bonds and capital stock of such new corpora¬
tion.
All of the securities of the new corporation were to be issued to
bondholders, subject only to the lien of a new first mortgage in such amount,
not exceeding $500,000, as might be required to pay tax arrears and fore¬
closure, receivership and reorganization expenses and to furnish the new
corporation with sufficient working capital.
Up to the present time,
$1,670,000, representing about 51% of the $3,220,000 of outstanding bonds,
has been deposited with the committee.
The amount of bonds deposited
under the original plan is wholly insifficient to warrant proceeding with
year ago,
Mail
months, the committee has carried on extensive
and individuals with a view to the prepara¬
bondholders of a modified plan. As a result of these
negotiations, the committee has adopted the modified plan and has agreed
with Pennsylvania Investors, Inc. to submit the modified plan to bond¬
During the past several
negotiations with various groups
tion and submission to
holders.
Summary of Modified
Bondholders who assent to the
Plan
modified plan will be entitled to receive
upon consummation thereof,
Cash at the rate of $300 for
each $1,000 bond; and shares of capital
stock (represented by voting trust certificates) of a new company at the
rate of 10 shares for each $1,000 bond.
It is contemplated that such new company, upon consummation of the
modified plan, will own the land and building and have outstanding mort¬
gage
and unsecured note indebtedness aggregating not in excess of
$1,165,000.
Pennsylvania Investors, Inc. will receive 50% (or more, if the holders
of less than all outstanding bonds assent to the modified plan) of the voting
trust certificates and has agreed to purchase, at $10 per share, within the
period specified in the modified plan (namely, at any time within three
months from the date of the foreclusure sale or within two months after
the transfer of title of the mortgaged property to such new company,
whichever time expires first) any voting trust certificates which bond¬
holders assenting to the modified plan may wish to sell.
Consequently,
bondholders who elect so to sell their voting trust certificates will be entitled
to receive in cash a total of 40% of the principal amount of their bonds.
Bondholders not assenting to the modified plan will receive, in the event
the modified plan is consummated, their net distributive shares in the
proceeds of the foreclosure sale.
A hearing will be held before John F. Keating, referee at 295 Madison
Ave., N. Y. City, on April 22, 1936, for consideration of the original plan,
the modified plan and all suggestions or alternate plans which may be
proposed and for final approval of a
plan of reorganization.—V. 141, p. 444.
1936
$1,612,984
1,651,507
1935
$1,466,958
1,428,088
1.587,299
—>
1934
$1,322,136
1,558,292
March
1.250.116
1,450,922
1933
$1,310,613
1,185,279
1,268,006
1827.
Pere Marquette
Ry.—Annual Report—
in favor of the Railroad
balances due Jan. 1
dated Dec. 22, 1932,
31, 1934, was retired
during the year by further application of $57,480 representing company's
distributive share for 1935 of amounts deposited under the Marshalling and
Distributing Plan, 1931, and by cash payments aggregating $735,334.
The balance of $139,538 due on the other note dated May 31, 1933, original
amount $855,000, was paid in full dining the year by further application of
$70,459 of Chesapeake & Ohio Ry.'s distributive share for the year 1935 of
amounts deposited by it under the Marshalling and Distributing Plan, 1931,
and cash payment of $69,079 on May 29,1935, the maturity date of that
note.
By reason of application to company's notes of distributive shares
due Chesapeake & Ohio Ry. there became due that company a total amount
of $785,921.
A cash payment of $5,921 was made during the year, leavings
a balance of $780,000 due Chesapeake & Ohio Ry. as of Dec. 31 1935.
On
Dec. 31,1935, the amount on deposit with the R. C. C. under the Marshal¬
ing and Distributing Plan, 1931, was $431,104.
Company's three-year promissory note for $3,000,000, dated July 19,
1932, issued to the Reconstruction Finance Corporation, due July 19 ,1935,
was extended to July 19, 1938 by a new note in like amount dated July 19,
1935.
This extension was approved by the Interstate Commerce Commis¬
sion.
Company on Dec. 6, 1935, made a cash payment of $1,000,000 to
apply on this note, reducing
to $2,000,000.
the principal outstanding as of Dec. 31, 1935,
NlOn Dec. 31,1935, there were
i
™
4,025 registered holders of company's capital
decrease of 228 compared with Dec. 31, 1934.
P+The funded debt in the hands of the public decreased $2,194,000
a
during
the year.
Remarks—Daring 1935, company's gross revenues increased
$3 880,892, or 15.78% over the preceding year.
For the same period
operating expenses increased $1,711,327, or 8.81%. The ratio of operating
General
expenses
year
8,387,749
8,576,430
1,102,851
1,105.295
1,267,508
1,632
1,766
3,456
1,807
to revenues was
74.22% in 1935, compared with 78.98% for the
ratio of 4.76%.
1934, or a decrease in
$19,425,960 $17,892,720 $18,189,896
1,271,381
$5,171,230 $4,054,575
1,573,636
1,208,306
1,172,167
1,071,231
26,250
8,076
6,330
13,614
754,269
772,131
849,430
677,616
591,753
524,085
524,935
567,659
Total oper. expenses.,$21,137,287
Net oper. revenue
$7,340,795
Railway tax accruals
Uncollect, railway revs.
Equipment rents (net)-Joint facility rents (net)
_
Net ry. oper.
Other income
income. $4,828,197
366,719
$5,194,916
3,394,272
72,894
94,451
Interest on debt
Rent for leased roads
Miscell. deductions
Income applic. to
$2,618,368
$1,724,456
420,490
441,698
$3,038,858
3,465,057
86,322
99,606
$2,166,153
3,574,062
97,036
94,526
$325,472
477,8 45
$803,319
3,629,625
97.606
120,698
sink'g
5,049
3,498
2,606
2,058
sur.$1,628,249
$615,625
$1,602,077
$3,046,668
fund, &c., reserve
Net deficit—
Comparative General Balance Sheet Dec. 31
1935
1935
1934
$
Road &
$
Liabilities—
154,314,321
Prior pref. stock
equip—153,256,668
Special deposit-
2,342,069
Oth. curr. assets
1,058,445
Mat'l & supplies
1,352,819
2,072,533
14,895,091
15,315
2,086,962
1,075,784
1,129,761
1,179,324
Deferred assets-
580,807
debits—
729,379
482,433
2,183,939
14,716,519
Other investm'ts
27,075
impts.,
&c
$
71,905,000
5,965,558
70,335
11,200,000
12,429,000
45,046,000
74,034,461
5,678,734
118,900
11,200,000
12,429,000
Common stock. 45,046,000
581,841
Inv. inaffil. cos.
Cash
2,493,476
Long-term debt.
Current liablls—
Deferred liabils.
x
1934
S
Preferred stock.
Leased property,
Unad]usted
credits.
-.-178,741,199
Total
25,527,077
23.799,783
through
inc.
and surplus..
237,441
Profit & loss bal.
UnadJ.
6,360,788
225,748
5,300,738
Add'ns
177,833,3661
to
prop,
Total
178,741,199 177,833,366
($1,183,539 in 1934); accrued
depreciation of equipment. $23,382,188 in 1935 ($21,731,033 in 1934);
other unadjusted credits, $949,698 in 1935 ($885,212 in 1934).—V. 142.
Comprises tax liability, $1,195,191 in 1935
p.
2169.
Phelps Dodge Corp.—Option Price Changed—
The company has
advised the New York Stock Exchange that the option
price with respect to the 12,500 shares of common stock heretofore optioned
at $40 per share has been changed to $21.50 per share.
The company
further advised the Exchange that the optionee has taken up 6,537 shares
under this option, leaving a balance of 5,963 shares on which the option
has not been exercised.—V. 142, p. 1999.
Philadelphia Rapid Transit Co.—$42,000,000 Bid Re¬
jected—
/
Representatives of companies underlying the Philadelphia Rapid Transit
rejected April 7 an offer of $42,000,000 for their properties and fran¬
chises, made by Mayor S. Davis Wilson on behalf of the city.
Mayor Wilson on April 3 offered the underliers the price of $42,000,000
for their interest in the city's transit system.
He made the offer at the
sixth of the conferences being held in chambers of Federal Judge Welsh in
an effort to negotiate friendly purchase of the underliers
by the city.—
142, p. 2000.
Co.
Philadelphia Record Co.—To Eliminate Pref. Accruals—
Stockholders approved
a
plan whereby accumulated dividends on the
pref. stock will be eliminated.
Under the plan pref. stockholders of record
April 1 will waive 75% of the $46.50 due on stock and accept common stock
on April 20 at $25 a share in payment for remaining 25 % of arrears.—V. 130,
p. 3179.
Philippine Ry.—Earnings—•
Period End. Jan. 31—
Gross oper. revenue
1936—Month—1935
$65,044
$63,779
Oper. exp. and taxes
35,922
40,343
28,496
30,341
1936—12 Mos.—1935
$514,772
395,823
362,478
$541,290
412,234
343,805
$625
def$6,905 def$243,529 def$214,749
appropriated for investment in physical
Net income
Income
-
190
3,371
$243,720
property
—V. 142, p.
Credit Corporation was paid in full
during the year.
One note originally for $1,000,000,
of which there remained $792,814 outstanding at Dec.
stock,
9,347,758
1,126,894
Miscellaneous
Net deficit
J. Harrahan, President, says in part:
Financial—The amount of $932,353, representing
two notes
10,186,769
Transportation
$218,120
1827.
Phillips Jones Corp.—$1.75 Preferred Dividend—
W.
on
1932
$24,597,190 $21,947,295 $21,461,277
2,909,363
2,704,843
2,781,046
5,368,256
5,025,937
4,831,296
699,496
672,352
735,422
Deductions
Inc.—Sales—
Peoples Drug Stores,
Month of—
—V. 142. P.
3,108,949
5,968,570
747,734
& struct.
Maint. of equipment—
Traffic
x
plan.
January..
February
—
A.8scts
Recent Developments
that
Passenger
1933
1934
$26,084,334 $22,473,175 $20,024,253 $19,258,067
750,556
746,381
691,598
871,898
407,762
409,250
432,380
453,511
256,387
262,836
214,543
252,379
979,041
705,548
584,522
625,423
Transp. for invest.—Cr.
Building
Corp.)—Modified Plan—
a
Years
Income Account for Calendar
,
Freight revenue
Total oper. revenue..$28,478,082
2169.
Pennsylvania
About
Freight revenue
Maint. of way
1933
$13,964,419 $12,924,114 $12,440,233
13,692.430
12,040,899
11,741,901
16,282,456
15.511,314
16.484,080
February
29,879,480
30,345,366
28,368,678 32,284,098
2.545 cts.
2.459 cts.
2.438 cts.
2.701 cts.
$26,084,334 $22,473,175 $20,024,253 $19,258,067
Revenue tons carried— 14,259,768
12,810,807
11,225,925
10,355,829
Rev. tons carried 1 mile.2449258,350 2264045,628 2053095,531 1839216,759
Earns, per rev. ton per m
1.065 cts
0.993 cts.
0.975 cts.
1.047 cts.
Earns, per pass, per mile
Miscellaneous
:
1934
1935
1936
March..
2,314
$871,898
290,658
of this department.
(J. C.) Penney Co.—Sales—*
January
1932
1933
2,296
$691,598
231,454
2,145
$746,381
254,135
2,127
$750,557
251,589
Passenger revenue
Passengers carried
Pass, carried one mile
Express.
Corp., Inc.—Registers with SEC—
Month of—
—V. 142, p.
sinking
maintained
Years
1934
1935
Average miles operated-
1935
Ry.—Interest—
The interest due March
fund gold
Company's equipment, roadway, track and structures were
condition throughout the year.
in good
General Statistics for Calendar
Park Utah Consolidated Mines Co.—To Vote on Merger
The stockholders at their annual meeting May 25 will consider a pro¬
posed merger of Ontario Silver Mining Co. into Park Utah Consolidated
Paulista
2513
Chronicle
A dividend of
$1.75
per
share has been declared on the 7% cum. pref.
stock, par $100, payable May 1 to holders of record April 20.
A like
amount was paid on this issue in each of the 10 preceding quarters, while
on March 14, 1933 a payment of $3.50 per share was made.
Accumulations on the pref. stock, following the May 1 payment, will
amount to $3.50 per share.—V. 142, p. 1653.
Phillips Packing Co., Inc.—Stocks Offered—Lehman
Brothers, New York, on April 7 offered 10,000 shares 5^%
cumulative preferred stock at par ($100) and divs. and
75,000 shares of common stock (no par) at $15 per share.
A prospectus dated April 6, affords the following:
Warrants—Warrants to purchase an aggregate of 15,000 shares of common
Lehman Brothers for a total of
of common stock).
No offering
price to the public has been fixed for the warrants inasmuch as the com¬
stock are to be sold by the company to
$18,750 (or $1.25 per warrant for one share
understands that it is not the present intention of Lehman Brothers
for sale immediately.
If the warrants are
the common stock issuable
under the warrants are to be $240,000, which amount is not included under
"proceeds to company."
In addition, the holder of each warrant covenants
to pay the company one-half of the amount, if any, in excess of the equiva¬
lent of $21 per share of common stock initially issuable under the warrants
received on the first disposition of all of the securities delivered on all of
the warrants exercised by such holder on or before April 15, 1938, after
having deducted from such excess all customary expenses and all transfer
taxes in connection with such disposition.
The company is not to receive any amount with respect to the now out¬
standing 400,000 shares of common stock registered concurrently with the
shares hereby offered, inasmuch as any disposition thereof will be made by
the holders of such shares rather than by the company.
pany
to
offer any of such warrants
exercised in full, the proceeds to the company for
Financial
2514
Company—Incorporated in Maryland June 29, 1929.
It has four wholly
which has a wholly owned subsidiary.
Company
subsidiaries prepare, pack and sell canned foods, and the company
also manufactures tin cans not only for its own use but also for sale.
The plants are located in a territory which produces a large portion of the
vegetables packed, such locally produced vegetables bein£ principally peas,
tomatoes, beans and corn.
The production and sales activities are greatest
during the months in which these crops are available.
There is an adequate
supply of labor in this territory.
The products are sold at popular prices
which appeal to economical buyers.
The canned foods include a variety
owned subsidiaries, one of
and
of soups, vegetables, and other products.
The company manufactures substantially
all its own requirements of tin
purchasing its tin plate from McKeesport Tin Plate Co.
It also
cans to others; about 15% of the cans manufactured by the com¬
pany in 1935 was sold to such other users, some of whom also rented from
the company machines for the closing of cans.
cans,
as
of Dec. 31, 1935
Authorized
Outstanding
Common stock (no par).
150,000 shs.
148,890 shs.
By charter amendment effective March 14, 1936, the capital stock was
changed to the following:
Authorized
Outstanding
b%% cumulative preferred stock (par $100)__ 10,000 shs.
x
Common stock (no par)
500,000 shs.
x400,000 shs.
revocations of acceptances.
but unissued shares of common stock are to be issued.
Description of Preferred Stocks—Holders shall be entitled to receive cash
dividends, cumulative from April 1, 1936, at the rate of 5H % Per annum,
and no more, payable Q.-J.
Preferred stock shall have no voting power,
except when eight quarter-yearly dividends shall be unpaid, in whole or in
part, the voting power for the election of one-third of the board of directors
shall be vested in the preferred stock, until all arrears shall have been paid
and the dividends thereon for the current quarter shall have been declared
and funds for the payment thereof set aside.
Preferred stock shall be
entitled to $105 per share in the event of any voluntary liquidation, dis¬
solution or winding up of the affairs of the company and $100 per share
in the event of any involuntary liquidation, dissolution or winding up.
The preferred stock does not have any preemptive rights.
Preferred stock
is redeemable at any time in whole or in part at 105 and divs. upon 30 days'
Directors—Albanus Phillips
(Pres.), Levi B. Phillips (V.-Pres.), W.
Grason Winterbottom (V.-Pres.), Albanus Phillips Jr. (V.-Pres.), Theodore
Phillips (V.-Pres. & Sec.), Levi B. Phillips Jr. (Asst. Treas.), W. Grason
Jr. (Asst. Sec.), J. Lockwood Shepherd (Treas.), W. P.
Winterling, Warrington Harris, George N. Jones, J. Emory Parks (Asst.
Treas.), Fletcher Williamson, Robin Kirwan, E. C. Hopkins, Jr.
Proceeds-—Net proceeds after deducting estimated expenses to be received
by the company from the sale of the 10,000 shares of 5H% cumulative
preferred stock, 75,000 shares of common stock and warrants to purchase
15,000 shares of common stock are $1,882,127.
If the warrants are exer¬
cised in full, the company is to receive an additional amount of $240,000.
Further, the holder of each warrant covenants to pay the company one-half
of the amount, if any, in excess of the equivalent of $21 per share of com¬
mon stock initially issuable under the warrants received on the first dis¬
Winterbottom
the securities delivered on all of the warrants exercised by
April 15, 1938, after having deducted from sucn
customary expenses and the transfer taxes in connection with
position of all of
such
holder on or before
excess
all
such disposition.
The net proceeds are to be used as follows:
common
stock in the event the warrants to purchase same are exercised are
such corporate purposes as may at the time appear desirable.
to be used for
Consolidated Income Statement for Calendar
1935
1933
$7,649,010
5,604,252
$5,887,662
4,271,183
$2,534,978
1,559,222
Cost of sales
$2,044,758
1,219,504
102,095
144,603
79,574
100,477
1,616,479
808,415
88,398
122,145
$729,059
$645,204
$597,521
profit
Gross
Administrative and selling
Other deductions (net).
Federal income & excess profits taxes.
Net profit
for period.
...
Consolidated Balance Sheet Dec. 31, 1935
l
$122,788
1,900
Marketable securities
Notes receivable—customers..
32,506
467,873
2,936,609
6,470
283,746
receivable
Inventory
Other security investments
Other assets
Property, plant & equipment.al,599,424
Deferred charges
8,572
Notes payable—To banks
To officer.
For
aAfter deducting
first
Accrued
accounts
Income &
excess
profits taxes.
149,103
297,780
992,600
2,293,172
Res. for undeclared dividend..
Capital stock
Consolidated
surplus
Total
$5,459,889
p.
2000
Co.—Registers with SEC—
page
Gold
Pioneer
115,000
492,560
333,824
46,850
payable
depreciation amounting to $1,107,636.—V. 142,
Pierce Governor
See list given on
$739,000
purchases
Accounts
$5,459.8891
Total..
of this department.—V. 136,
Mines
of
British
p.
2988.
Columbia,
Ltd.—
Earnings—
Month
of March—
1936
$220,000
Gross
1935
$292,206
Net after expenses
150,000
225,200
x Before depreciation, depletion and taxes.—V. 142, p. 2001.
1934
$260,000
190,000
Prudential
directors have
declared
a
final dividend of $3.13 per share on the
April 13, 1934; $2.57 on April 4, 1933; $2.58 on April 15, 1932; $3.13
April 10, 1931; $3.14 on April 8, 1930, and $2.88 per share paid on
March 19,1929.
In addition a stock dividend of l-24th of a share of series A
stock was paid on April 13, 1934.—V. 140, p. 4246.
Ponce Electric
Co.—Earnings—
Period End. Feb. 29—
Gross earnings
Operation
Maintenance
Taxes.
1936—Month—1935
$28,093
13,467
1,442
2,767
Interest charges
Balance
$10,415
Appropriations for retirement reserve.
Preferred dividend requirements
Balance for
common
-V. 142, p. 2337.
$22,921
10,705
1,296
2,981
143
$7,794
dividends and surplus
Inc.—Condensed
Investors,
1936—12 Mos.—1935
$319,312
$326,167
214,067
176,790
22,568
17,682
28,439
30,786
796
1,749
$88,370
30,000
25,249
$64,229
38,333
25,506
$33,121
$388
Comparative
Balance Sheet—
Liabilities—
il/ar.31,'36 Drc.31,'35
Assets—
x
Pref.
Investments—
$1,468,559 $1,357,506
Preferred stocks
123,587
229,121
Common stocks. 6,880,143
6,322,537
Cash
in
877,286
3,457
49,500
22,577
Int. receiv'le
x
■
3,439,290
3,096,409
& capi¬
tal surplus
900
5,062
22,263
,$9,530,646 $9,185,222
Market value
$69,444
19,369
6,000,000
1
Furniture & flxt
Total.
,'36 Dec. 31 ,'35
$69,444
21,912
6,000,000
Capital stock
1,353,364
1
Due for secur. sold
Mar. 31
div.
Reserve for taxes.
Operating
banks—
demand deposits
Accts. receivable—
Acer.
stock
payable
Bonds
as
$9,530,646 $9,185,222
Dec. 31,
Total
of March 31, 1936, was $10,478,539; as of
1935, $9,191,555.
y
Represented by 46,296 shares preferred stock, no par, and 510,540
stock, no par.
market quota¬
respective dates, amounted to $11,340,005 as of March 31,
1936, against $10,484,333 as of Dec. 31, 1935, which was equivalent to
$244.95 per share on 46,296 shares of $6 preferred stock outstanding as of
March 31, 1936, against $226.46 per share on the same number of shares
outstanding as of Dec. 31, 1935.
The balance remaining for the 510,540
shares of common stock outstanding as of March 31, 1936, and Dec. 31,
1935, after deducting $100 per share for the $6 preferred stock, was$13.14
and $11.47 respectively.—V. 142, p. 470.
common
The net assets of the corporation, taking investments at
tions
at the
Puget Sound Power & Light Co. (& Subs.)—Earnings
$1,237,231
474,181
Operation
$1,147,164 $13,988,787 $13,336,019
441,185
5,427,032
5,095,308
62,315
170,653
Taxes
.
Inc. from other sources.
Balance
Interest and amortiz
I..
Balance..
71,702
162,179
772,873
1,767,048
758,994
1,916,464
$530,081
35,161
$472,097
34,733
$6,021,834
417,316
$5,565,251
416.800
$565,243
317,746
Maintenance
$506,831
$6,439,150
3,851,694
$5,982,051
3,919,378
$247,496
$185,138
$2,587,456
1,369,411
550,000
1,583,970
$2,062,672
1,355,527
550,000
1,583,970
$915,925
$1,426,825
321.692
Appropriations for retirement reserve
Prior preference dividend requirements
Preferred dividend requirements
Deficit for common dividends and surplus
—V. 142,
p.
1936—12 Mos.—1935
1936—Month—1935
Period End. Feb. 29—
Gross earnings
2338.
\..y 4. J. ■,
^
Radio Corp. of America—Recapitalization Plan Approved
The
recapitalization plan was approved by stockholders at the special
meeting of stockholders April 7 by a vote well above a majority and is now
effective, David Sarnoff, President, has announced.
The number of votes in favor of the plan was more than 9% above the
required majority on the common stock, more than 13% above the required
majority on the "A" preferred stock, and more than 12% above on the
"B" preferred stock.
Directors met in advance of the meeting and voted unanimously that the
amount of "B"
preferred stock already deposited was sufficient to justify
plan. 57.7% of the "B" stock had been deposited
the special meeting was called, and holders of an
the carrying out of the
under the plan before
additional
12.7%
had written the corporation stating that they would
deposit their "B" shares promptly after the plan had been declared effective.
This makes a total of actual and committed deposits of "B" shares of a
little
more
than 70%.
"The approval of the plan by such a large vote is a great satisfaction to
the officials of RCA," David Sarnoff, President of the corporation, said
after the meeting.
"It reflects whole-hearted endorsement of the corpora¬
tion's new capital structure, under which we can move forward confidently
industry."
the date up to which "B"
preferred stock not deposited under the plan may be exchanged for the new
first preferred stock and common stock under the terms of the plan.
Interest aroused among the stockholders by consideration of the re¬
capitalization plan was reflected in the special meeting as well as the annual
meeting which immediately preceded it today.
The number of proxies
received for these meetings ran far ahead of the number received last year.
Proxies totaling 149,575 were received this year, an increase of approxi¬
mately 52% in the number of stockholders represented at the meeting.
Approximately 60% of the total votes of all classes of stock, or 10% more
than the majority required, were present or represented at the meeting.
The total number of stockholders in the corporation this year is approxi¬
mately 270,250, which is 900 less than a year ago. Every State and Terri¬
tory of the United States and practically every sizable city in the country
are represented among RCA stockholders.
,
The recapitalization plan provides for the redemption of all the outstand¬
ing 7% "A" preferred stock of RCA at the redemption value of $55 a share,
plus accrued dividends.
Cash in the treasury and $10,000,000 borrowed
from banks at an interest rate of 2}4% a year is to be used for this.
The
bank loans are for five years with the right of prepayment at any time.
Redemption of the "A" preferred stock will eliminate annual dividend
requirements of $1,734,600.
The interest on the $10,000,000 bank loan
amounts to only $250,000 a year.
The second principal provision of the recapitalization plan is for the ex¬
change of "B" preferred shares at the rate of 1 1-5 shares of a new $3.50
cumulative convertible first preferred and one share of common for each
share of "B"
Pirelli Co. of Italy—Final Dividend—
The
American shares payable April 20 to holders of record April 13.
A dividend
of $3.84 per share was paid on May 1, 1935; $8.45 on Oct. 6, 1934; $4.25
on
required amount of $2,258,500, 55,654 shares of preferred stock of a re¬
quired 68,007 shares and 137,345 shares of common of a required amount of
205,602 shares.—V. 142, p. 2337.
'
in the further development of the radio art and
The board of directors fixed May 1, 1936, as
Liabilities—
Assets—
Cash
Accounts
Years
1934
.$9,046,578
6,511,600
Total sales income
on
ruptcy. The time for deposit of assents to the plan will expire on April 27.
The proportion of securities deposited to the amount required for rati¬
follows: $1,838,500 of debentures of a
Balance
Indebtedness to be paid off,
approximately $425,000 to Peoples Loan, Savings & Deposit Bank, Cam¬
bridge, Md.; First National Bank at Duquesne, Pa.; Corn Exchange
National Bank & Trust Co., Philadelphia, and Philadelphia National Bank,
Philadelphia, the indebtedness to the banks having been incurred more
than one year ago but renewal notes were given therefor periodically;
approximately $667,000 to McKeesport Tin Plate Co., such indebtedness
having been incurred within one year for tin plate purchased; approximately
$115,000 to Levi B. Phillips, Cambridge, Md. (a Vice-President and a
director), such indebtedness having been incurred more than one year ago.
The remainder of the net proceeds will be added to the general funds, of
which it is contemplated not more than $350,000 are to be used during
1936 for additions, extensions and improvements to the plants and equip¬
ment of the company and its subsidiaries and to provide for expansion in
the development of new lines, and at least $325,000 are to be used for
working capital to purchase materials, supplies, pay for labor, taxes and
other general operating expenses.
The net proceeds to be derived from the sale of the 15,000 shares of
public on April 8, a
fication of the plan were set forth as
shares
notice.
x
Kuhn, Loeb & Co., reorganization managers made
letter to holders of the company's securities showing the amount of support
received for the plan of reorganization proposed by the trustees in bank¬
The authorized 10,000 shares of
5%% cumulative preferred stock and
75,000 of the authorized but unissued shares of common stock are offered
hereunder.
Warrants to purchase an aggregate of 15,000 of the authorized
x
April 27—
Pressed Steel Car Co .— Time Extended to
At the hearing in Pittsburgh, April 6, before Judge Gibson, on the re¬
organization plan of the company, sponsored by the General American
Transportation Co., and the plan of the Gilchrist committee, it was found
that the company did not have sufficient representation of securities to put
through its plan, so the time was again extended by the judge to April 27,
for the purpose of securing consents.
The Gilchrist committee made a most formidable showing, which proved
that a large percentage of all types of security holders were in favor of its
plan, and showed that it had sufficient support to justify the Court in allow¬
ing its plan to be formally filed, which was done.
The Court authorized each committee, if it felt so inclined, to seek
sells tin
Capitalization
1936
11
April
Chronicle
preferred. The new first preferred will bear dividends from
April 1, 1936. It will rank ahead of all other classes of stock, will have one
vote per share, and will be callable at $100.
For a period of five years it
will be convertible at the rate of five shares of common stock for each share
of first preferred.
The plan is regarded as benefiting the holders of common stock by elimi¬
nating all dividend arrears on the "B" preferred and reducing the annual
charges ahead of the common stock by more than $2,000,000, assuming the
exchange of all "B" preferred stock. To accomplish this the plan calls for
an immediate increase of less than 6% in the number of outstanding com¬
mon shares, and upon conversion of all the first preferred stock, a further
increase of approximately 35 %.
This conversion when fully consummated
will eliminate the first preferred stock and make the common stockholders
the sole owners of the assets and earnings of the Radio Corp.
The certificate of incorporation of the Radio Corp. provides for the
redemption of "A" preferred stock on any dividend date after at least 60
days' notice. Official notice of such redemption was given April 8, 1936,
and the "A" stock will be redeemed July 1, at which time the call price of
$55 a share plus 87M cents a share, representing the accrued dividend to
that date, will be paid.
It is expected that certificates for the new first preferred stock will be
available about April 15 for issuance under the provisions of the plan.
Until that time deposit receipts will be issued in respect of all "B" preferred
stock deposited under the plan.
Volume 142
Financial
Chronicle
2515
i
,
'
:
.
■
,
Directors Reelected—
At the annual meeting of stockholders held April 7, the following directors
were reelected for a term of three years: Newton D.
Baker, Cornelius N.
The company has made large rate reductions during this and prior years
of the depression,
1929 to 1935, inclusive, * r ' for all departments, of
approximately $1,500,000.
Bliss, Bertram Cutler and James G. Harbord.
The other directors of the corporation are: Arthur E. Braun, John Hays
Hammond Jr., Edward W. Harden, De Witt Millhauser, Edward J. Nally,
David Sarnoff, James R. Sheffield and Frederick Strauss.
R. C. A.'s
Development of Television—
David Sarnoff, President, at the annual
meeting of the stockholders
April 7, said in part:
"At our annual meeting last year I announced that the board of directors
had approved a plan for a field test in television.
that in 12 to
At that time it
was
stated
3,5 months the project would be taken from the laboratory
and subjected to field tests. I am pleased to inform
you that our construc¬
tion work has proceeded on schedule with the
building of a new television
transmitter located on the Empire State
Building in New York, and with
an
experimental television studio in the
RCA Building as a
National Broadcasting Co.'s operations.
Tests will
part of the
start June 29, 1936.
A number of experimental receivers are
to be placed at observation points in the hands of our technical
personnel
so
that we may determine the
requirements and further development
necessary to the establishment of a public television service.
"This corporation is second to none in the scientific and technical
ment of
develop¬
We have gone much beyond the standards fixed else¬
television.
where for experimental
equipment. But this is a far cry from the expecta¬
service aroused by pure speculation on the subject.
There
is a long and difficult road ahead for those who would
pioneer in the develop¬
ment and establishment of a public television service."—V.
tions of such
a
142. p. 2001.
Railway Equipment & Realty Co., Ltd.— Registers with
SEC—
1935
1934
Manufacturing profit
$11,891,487
Selling and adminis. exp. 11,249,265
Operating profit
Depreciation
$642,221
See b
Balance
Other income
$642,221
50,559
Total income
Interest
$692,780
48,692
166,561
102,696
Special charges
Federal taxes, &c
Net profit
$4,624,514
3,875,830
$4,637,758
3,782,508
$624,028
475,048
.$748,684
523,992
$855,250
545,445
$224,692
$309,805
68,004
43,990
$191,322
83,748
458,335
4,971
$377,809
113,475
167,539
$268,682
72,107
21,628
$174,947
a4,350
$96,795
$374,830 def$357,802
Balance, surplus
a
$170,597
$92,025
a4.770
On Noble Street
Realty Co. pref. stock only,
b The 1935 statement
charge of $473,274 for depreciation computed on the same basis
The question of allowable depreciation for Federal income
tax purposes has been raised,
although not finally determined, by the
Treasury Department, in connection with its review of prio years' tax
returns, and the company, in computing its provision for Federal income
taxes for the year 1935, in the interest or conservatism has
given considera¬
tion to the possibility that the
Treasury Department might raise the same
question in connection with the allowable depreciation for the year 1935.
a
in prior years.
1935
1934
Liabilities—
$642,936
$442,861
944
331
Cash dep. with silk
brokers
dep. in
on
stricted
9,235
acc'ts
232,032
333,403
cur¬
22,110
debt
1,416
1,324,660
2,797
1,119,785
67,722
61,420
136,019
144,554
904
904
Cash surren. value
149,203
70,621
1,741
2,008
240,800
9,957
Total oper.revenues._$14,117,800 $13,624,672 $13,173,151 $13,839,603
Operating expenses
6,935,209
6,430,250
5,772,379
6,100.088
987,965
950.153
915,547
960,036
1,923,920
1,914,968
1,916,692
1,862.195
Operating income
$4,270,705
43,413
$4,329,301
62,246
$4,568,533
37,410
$4,917,283
73,869
$4,314,117
1,507,566
$4,391,547
1,489,720
$4,605,942
1,504,006
$4,991,152
1,580,708
$2,806,551
2,501,463
$2,901,826
4.578.830
$3,101,936
4,081,038
$3,410,444
2.907,700
$5,308,014
$7,480,656
$7,182,974
$6,318,144
30
1,065
1,473,226
853,505
Dr276,348
0131482
$4,578,830
$4,081,038
Other income
Gross income
._
Income deductions
..
Net corporate incomePrevious surplus
Total surplus
Disc. & exp. on 5% gen.
mortgage bonds
Prem. & disct. on bonds
redeemed
Divs.
on
Divs.
on common
pref. stocks
1,473,226
Prepaid exps. and
deferred charges
931,097
1,008,688
Net deduc.from surplus. Dr312,443 Dr2,497,249
Treasury stock
60,651
2.284",074
Fixed assets
2.729,195
Goodwill, tr. mks.,
posits, &c__
8,470
7,815
227,005
182,135
323,000
710,975
on
con¬
dition. sales
con¬
707
tracts, <fcc
b Common stock.
2.050.000
1,780,440
2,095,000
460,845
.
Preferred stock...
Deficit
&c_.........
2,095,000
1,093,140
1
Total
$4,712,817 $4,905,1401
1935
Total
Assets
$4,712,817 $4,905,140
a
After deduction of depreciation reserves
totaling $4,192,473 in 1935
and $3,724,955 in 1934.
b Represented by 178,044 shares of $10 par value
in 1935 (205,000 shares in 1934).
§
Liabilities—
Special deposits for
interest
&
divs.
(contra)
280,501
redempt.
4,146,220
224,802
1,058,329
Notes receivable..
4,806
Accts. receivable..
1,523,548
supplies.
872,451
receivable
3,320
Loans to employ's.
200
Prepaid expenses..
86,138
Unamortized
items
have
473,211
a
dividend of $1.25
Resources
The directors
accumulations
have
652,108
suspense
a
dividend
of $1
per
per
share
on
account
of
the $6 cumulative preferred stock, no par value, payable
April 15 to holders of record April 10. Similar payments were made in pre¬
ceding quarters.—V. 142, p. 309.
See list given on
Rockwood
1936- 4,110,947
&
281,143
526,308
333,945
2,199,015
728,287
718,751
4,673,941
5,625,424
943,303
413,883
122,769
926.953
25,126
31,552
2,591,248
Taxes accrued
exten.
11,542
50,694
2,501,463
*
& line
deposits.
Renewals, replace&
retirement
of
fixed capital
Contribs.for exten.
Fed. income tax..
122",769
Injuries & damages
Miscell.
reserves..
Surplus
83,051,000 80,726,815
280,501
665,184
311,306
525,644
Interest accruals..
Consumers'
-
divs.
reserves
Total
83,051,000 80,726,815
142. P. 2338.
Co.—Registers with SEC—
See list given on first page of this department.—V. 142, p. 2171
Santa Barbara Telephone
Co.—Registers with SEC-
See list given on first page of this department.—V. 132, p. 4590.
Report—
Traffic Statistics for Calendar Years
1935
Tons
1933
1934
1932
rev.'freight carried
1,289,338
1,371,934
1,337,918
1,448,940
fr't carr. 1 mi.152,182,753 168,776,164 167,719,939 167,037,576
Tons
rev.
Tons rev.
freight carried
1 mile per mile of road
373,647
Total freight revenue— $2,137,054
Average amount received
for each ton of freight.
$1.66
Aver.
rev. per ton perm.
Rev. passengers carried.
1.404 cts.
227,144
414,388
$2,156,976
406,072
$2,174,542
404,420
$2,413,541
$1.57
$1.62
$1.66
1.278 cts.
1.297 cts.
1.445 cts.
234,832
13,584,190
294,232
15,263,286
Rev. pass, carried 1 mile
Rev. passengers carried 1
13,757,417
238,056
12,939,656
mile per mile of road.
Total passenger revenue
33,778
$384,420
31,770
$389,909
33,357
$390,575
37,480
$470,853
$1.69
2.79 cts.
$1.64
3.01 cts.
$1.66
2.87 cts.
$1.60
3.08 cts.
"
.
"
Average amount received
rev. per
-
pass. per mi.
Corporate Income Account Calendar Years
1935
Total ry. oper. rev—
1933
1934
$2,137,054
384,420
Mail, express, &c
673,839
Incid. and joint facility.
17,999
1932
$2,156,976
389,909
681,170
20,351
$2,174,542
390,575
801,038
20.651
$2,413,541
470,853
965,236
20,476
$3,213,312
$3,248,406
$3,386,806
$3,870,106
534,294
662,648
128,553
1,625,681
550,098
676,666
125,255
565,563
668,039
119,736
1,511,682
679,219
778,080
128,859
1,638,223
__
Operating Expenses—
Maint. of way & struc—
on
Robot-Hand
719,662
Passenger revenue
Corp.—Accumulated Dividend—
declared
March 1,
Dividends accrued
Freight revenue
share on account
of accumulations on the $7 cum. pref. stock, no
par value, payable April 15
to holders of record April 10.
A like payment was made on Jan. 15, last
and on Oct. 15, 1935.
Accumulations after the payment of the current
dividend will amount to $11.25 per share.—V. 142, p. 309.
Reserve
527,902
in
from each passenger.
Corp.—SI.25 Dividend—
declared
bonds,
5K %
—not refundable
Ferrel, Vice-President and General Sales Manager, has been elected
A. Kiefer Mayer, resigned.—V. 142, p. 2001.
directors
666
2,007,389
11,048
1,440,959
908,127
6,985
7,068
105,212
debt
disc. & expense.
Miscell.
C
payable (contra)
Accounts payable.
bonds, «fcc
Mat'ls &
Gen. mtge.
Bond int.
director succeeding
The
281,143
of
Other spec, depos.
Cash
Interest
$
38,270,308 38,270,308
Long-term debt—.29,357.000 29,158,500
due 1948, called
for
redemption
Special deposit for
the
1934
$
Capital stock
series
payment of bond
Av.
New Director—
Reserve Investing
11,530
1,473,226
1935
73,492,726 73,453,586
Investments
187,780
357,839
Due from affil. cos.
44,858
899,229
.
a
$2,501,463
1934
Fixed capital
de¬
Funded debt
Liability
Investments..
1,473,226
stock.
261,824
117,001
Reserves
life insurance
P. O.
883,532
Rutland RR.—Annual
due
Miscellaneous
1932
$8,931,026.
4,193,894
714,683
Retirement expense
Taxes
St. Joseph Water
18,470
221,315
to officers
Funded
1933
$8,632,390
3,859,139
681,622
232,281
.
Accruals
(ITS
iv
$8,91 ,9-0
3,925,106
770,531
$46,404
12,242
90,604
in curent year..
loans & adv., &c
Inventories
1
$216,920
to
Accept's payable..
Cast, deposits
Due
rent accts. rec__
Miscell. accts. rec.,
a
payable
banks
Accounts payable
re¬
receivable
Claims & other
dept. re venue
Steam dept. revenue
—V.
1934
1935
Reserve for taxes.
Notes
account
Customers'
Gas
Total
Condensed Consolidated Balance Sheet Dec. 31
Assets—
Cash
Cash
'1935
$9,403,094
3.911,597
803,109
Balance Sheet Dec. 31
$4,849,598
4,225.570
$148,980
42,342
Cat
■'
■
1932
1933
$374,830 def$355,732
a2,070
Preferred dividends
as
'■
Hosiery Mills, Inc. (& Subs.)-—Earnings
Calendar Years—
includes
■■/'
Total surplus at close
of year
$2,591,248
See list given on first page of this department.—V.
142, p. 2338.
Real Silk
Income Account for
'
Electric dept revenue
Maintenance of equip—
Traffic expenses
Transportation
expenses
1,558,257
164
23
6
550
178,244
1,705
165,872
4,493
164,073
2,845
171,745
33,177
$3,127,879
85,433
235,865
47
$3,071,677
176,729
235,405
$3363,500
506,606
248,067
586
$3,026,254
360,552
237,470
307
Railway oper. income.def$150,480
Dr. 14,329
26,328
def$59,263
15,787
29,665
$122,775
35,729
128,245
$257,754
19,068
29,889
Net ry. oper. income.def$138,481
def$13,810
$286,749
$306,711
22,884
25,596
26,443
Miscellaneous operations
General expenses
Transp. for invest.—Cr.
Corp.—Registers with SEC—
first
page
Total ry. oper. exps..
Net railway oper. rev—
of this department.
Railway tax accruals—
Associates, Inc.—Registers with SEC,—
See list given on first page of this department
/
.
Safeway Stores, Inc.—To Dissolve Subsidiaries—
The stockholders at their annual meeting April 14 will take action on a
proposition that the directors be authorized in their discretion to cause
subsidiary corporations to be dissolved and to qualify this corporation or
other subsidiary corporations to conduct the business of the
subsidiary
corporations so dissolved.—V. 142. p. 2339.
Rochester Gas & Electric Corp.—Annual
authorized an issue of $15,000,000 of
The new issue is designated series F,
maturing Sept. 1, 1960, and has an interest rate of 4%.
Contracts for the
sale of $4,152,000 were entered into.
The proceeds from the sale of $3,952,000 were used in redeeming a like principal amount of series O 5H%
bonds called for redemption March 1, 1936.
The proceeds from $200,000
are to be used in paying in part for rural line extensions in Monroe and
Wayne counties.
$10,803,000 were reserved for the redemption of a like
principal amount of underlying consolidated mortgage 5% bonds, due
in 1954, and $45,000 to retire a like principal amount of series C bonds
held in the treasury.
The sale of $10,803,000 reserved for the redemption
of consolidated mortgage bonds has been completed and the bonds under the
consolidated mortgage will be called for redemption July 1, 1936.
On the
completion of our refunding program, all underlying mortgages, with
the exception of Genesee Valley Power Co. mortgage, under which $79,000
is outstanding, will be retired and the various issues under the general
mortgage will become practically a first lien on the property of the company.
A material saving in interest charges will also be effected.
Equipment rents—Cr—
Joint facil. rents, net Cr.
784
Non-operating Income—
Miscell. rent income
19,352
Misc. non-oper. physical
Report—
Herman Russell, President, says in part:
The directors on Oct. 23, 1935,
bonds under the general mortgage.
Uncollectible ry. revs...
—
224
40,120
13,498
15,157
21,018
15,025
19,832
~15~,666
Inc. from funded secur..
securities & accounts-
77
394
5,970
8,053
Income from sinking and
other reserve funds—
801
893
893
893
Miscellaneous income—
1,020
1,011
1,043
1,027
def$63,388
15,000
$47,547
15,000
$355,108
19,000
$393,212
150
156
175
428
398,241
400,991
403,741
406,491
87
300
276
6,455
property
Dividend income
Income
from
Gross income
Rent for leased roads—
Miscellaneous rents
Interest on funded debt.
unfunded debt..
Amort,
of discount
on
funded debt
Int.
35,085
unfunded
on
Maint. of inv. organiza'n
Miscell. 1 income
charges.
411
504
19,000
26
597
25
690
5
5,700
5,672
1,623
1,582
$482,982
$375,102
$70,328
$41,460
25
2516
Financial
Chronicle
April 11, 1936
General Balance Sheet Dec. 31
1935
Assets—
1934
1935
Liabilities—
-
Inv. in rd. <fc equip26 ,516,495
26,691,956
Impt.
Common
29,416
26,877
7,125
7,233
7,125
6,667
Stocks
567,200
567,200
Bonds
100,000
100,000
86,000
144,716
410,875
308,069
42,679
Dep. in lieu of mtg.
k property sold...
Misc. phys. prop.
Traffic
Notes
77,000
140,045
Other investm'ts-.,
Cash
4,000
378,343
30,733
Special deposits
}
vice balances—
Agts. & cond. bals.
58,413
22,880
123,352
325,193
_
5,987
curr. assets.
536
383
20,542
Other
74
713
a
the
sur¬
715
Savannah Electric & Power
4.731,648
5.221.082
Period End. Feb. 29—
Total
Maintenance-
28,475,396 29,073.591
Taxes
Interest & amortization.
Southwestern
Ry.—-Lower Court Is
Balance
Upheld
According
to
Washington
(April
6)
dispatches
.
$43,018
—
the
Balance for
—V. 142, p.
-Fourth
common
Gross
earnings
1935
$564,100
.
$472,953
3 Mos. End. Mar. 31—
1936
Interest..............
$60,198
10,514
836
$59,671
9,110
1,118
500
500
575
1,050
1,640
2,860
2,403
1,600
1,175
1,086
772
x2,925
1,370
$48,511
$49,380
$44,326
344,460
information
dered to SEC
Robert E. Wood, President, says in part:
Sales for fiscal year ended Jan. 29, 1936. were
$417,080,465, an increase
23.2% over last year and 44.2% over two years ago.
After all deduc¬
tions, our net profits from operations were $21,519,218, or $4.45 per share,
Other corp. exps. (stk.
hldrs.' meeting, div.
disbursements, &c)
These
concluded.
As part of this transaction, the estate reconveyed the
Chicago plant and properties to the company at a figure of $12,000,000.
a special building depreciation of $1,600,000 had been
accumulated,
these properties were added to our fixed assets at a net figure of $10,400,000.
On Aug. 1,1935, the mortgages on certain of our retail stores,
amounting
to $4,195,000, were paid up in advance of maturities, and this amount was
was
As
fixed
assets.
3,515
N. Y.
757
City excise tax.
Net income
x
Federal
f
J
New York State tax
Fed. cap. stock tax and
The reserve for collection and doubt¬
ful accounts is considered to be ample in the light of our
satisfactory ex¬
our
837
stockholders' rep
accounts are in excellent condition.
to
ren¬
Legal fees, auditing fees
increase of
will not be needed for this purpose.
In December of 1935, the agreement with the Julius Rosenwald Estate
$59,643
capital stock tax only.
Security Profits Account 3 Mos. Ended March 31 1936
No securities were sold
by the corporation druing the three months ended
March 31, 1936.
Adjustment of Fed. income
tax chargeable against security
profits realized in 1935
Excess of market value over cost of common
stocks, less reserve
for taxes on unrealized profit;
As reported at Dec. 31, 1935 (after reserve of
$304,000)
As reported at March 31,1936 (after reserve of
$395,000)
Increase in unrealized profit after
reserve
for txes
^
Total
$7,752,783
„
Net assets, as reported at Dec. 31,1935
-
Increase for period—before dividend:
Net income per income account
Loss per security profits account
Increase
in unrealized profit
after reserve for taxes
1930, covering the purchase
Shreveport, was completed during the year.
A reserve of $1,500,000 had been set up for the final settlement of this
transaction.
This reserve was in excess of the amount required by $414,696,
contingent
preferred stock
on
„
on
Net assets, as reported at
Assets—
Cash
excise taxes
Note of Universal
Consolidated Income Account for Fiscal
1936
$
Gross
sales
Net retail and mail order sales
to
outside
1935
jjjj
1934
<j£
417,080,465 338,603,705 289,289,546
32,029,146
25,391,001
19,912,040
Returns, allowances, &c
Sales
/ •;
sources
by
1936
385,051,319 313,212,704 269,377,505
——
-
.
.
4,847,858
8,100,977
100,000
5,135,527
Part.
ctf. in corp.
formed to liqui¬
date closed bank
Divs.
receivable.-.
1936
Fed.
cap. stk. tax
Res. for Fed. Inc. &
1935
$3,325
$1,400
12,525
5,525
4,075
2,700
franchise
tax on pref. and
Dep.in closed bank
26,902
12,522
Prepaid insurance.
223
Deferred charges_.
10,226
common
N.
3,871,987
Y.
stocks.
650
Unearned interest,
11
1557666
$5 conv.pref.stk.
Pref. treas.
100,000
stockDr866,795 Dr866,795
stock
($1
par)
Capital surplus
Deficit
251,090,191
2,141,826
1,219,601
5,459,056
5,007,606
395,000
City excise
tax
c
392,097,720 318,060,563 273,249,493
1,927,066
6,287,644
$2.64
$96.48
State taxes
State
12,522
17,936
Cost of sales, advertising, selling, ad¬
ministrative and genral expenses—356,020,728 290,920,596
Repairs and maintenanceDepreciation
.19
$218,142
Accrd. expenses...
Prov. for N.
Y.
bCom.
Total
.55
Liabilities—
$187,181
I
a
7,046,401
3.60
$7,970,926
... .....
March31,1936
wholly-
owned subsidiaries
297,739
$346,198
128,056
...
1935
$256,517
Credit Corp
Investments
Years Ended Jan. 39
.59
51
Balance Sheet March 31
1936, was $6,535,704, the
(Excluding wholly-owned insurance companies not consolidated)
$93.84
$48,510
reserve.
processing taxes.
.
Pref. Stock
Outstandg.
stocks
common
Increase for period—after dividend....
largest in our history except for the war year 1918, and $2,000,000 greater
than for the year ended Jan. 29, 1935.
This does not include sales taxes,
or
$297,739
,
The Feibleman agreement, entered into in
Our tax bill for the fiscal year ended Jan. 29,
$1,528,417
1,826,156
Per Share
of stores at New Orleans and
our
$51
Change in Net Assets 3 Months Ended March 31,1936
Dividend
which amount was credited to
$6,618
53,053
4,955
623
.
with
of
added
$64,541
5,858
1933
$60,198
794
Sears, Roebuck & Co.—Annual Report—
perience for the past ten years, including the period of the depression.
On Jan. 29,1933, our total mortgages receivalbe account was
$41,544,132,
of which $29,465,483 was he d by the Metropo.itan Life Insurance
Co.,
and there were $3,539,721 in repossessed properties.
On Jan. 29, 1936,
mortgages receivable account stood at $16,135,634, of which $8,870,977
is held by the Metropolitan Life Insurance Co. under a repurchase
contract,
and repossessed properties at $3,760,100—a liquidation of
$25,188,119 in
three years.
Losses and expense in connection with the liquidation of
mortgage loans and repossessed properties, amounting to $1,641,505, were
charged to surplus account.
The less desirable properties have been re¬
possessed and a large number of the delinquent mortgages have been taken
over by the Home Owners' Loan Corporation at a substantial
discount, and
the remaining mortgages are the better ones.
Repossessed properties are
selling freely and at prces very little beiow our book value.
During the year 1935 the company sold to the Metropolitan Life Insur¬
ance Co. mortgages amounting to $5,000,000, with the
understanding that
if .there were any losses in the collection of these mortgages, our
responsi¬
bility would be limited to t le $500,000 now in reserve.
As practically all
of t lese mortgages have never defaulted on payment of interest or princi¬
pal. even during the depression, it is anticipated that this particular reserve
1934
$111
59,532
keeping of securities).
Special fees in connection
$3,846,396
42.2% over last year.
Working capital increased by $18,566,979 during the year.
Customers' instalment accounts have increased
$10,168,594.
$39,773
1935
....
$64,541
Total income
—V. 142, p. 2339.
an
$36,617
Stock transfer expenses.
Custodian's
fee
("safe¬
Management fee
-—Jan. 1 to March 31
1936
1935
$4,510,753
$398,888
150,000
149,114
60,000
dividends and surplus
Cash dividends
European State.
Week of March-
1936
$404,065
158,333
149,114
60,000
$38,033
2339.
Treuhand, incor¬
Period—
$1,773,112
661,945
108,466
206,812
396,999
Second National Investors
Corp.-r- -Earnings—
The Federal District Court for Southern New York had ruled likewise.
The decisions were in favor of the Anglo-Continentale
a
1936—12 Mos.—1935
$1,846,669
718,164
115,482
200,300
408,656
Appropriation for retirement reserve..
Debenture dividend requirements.
Preferred dividend requirements
Supreme Court
refused to interfere with a lower court decision that the
congressional
resolution barring payment of obligations in
gold does not prohibit collec¬
tion of the equivalent value of foreign
currency, if that alternative method
of payment is specified.
This left in effect a ruling by the Seond Circuit Court of
Appeals that the
St. Louis Southwestern Ry. had to pay $42 on a $25
coupon payable in gold
or the equivalent value of Dutch guilders.
porated under the laws of Liechtenstein,
Co.—Earnings—
1936—Month—193 5
$158,048
$149,749
57,551
53,670
8,543
8,892
17,516
16,611
31,418
32,541
earnings
Operation
Gold—
on
accounts of $4,786,456 in 1936 and
$3,041,880 in 1935.
depreciation of $40,726,030 in 1936 and $33,552,719 in
Represented by 4,832,447 sharas of no par value in 1936 and 4,794,par shares in 1935.—V. 142, p. 2340.
reserve for
z
Gross
28,475,396 29,073,591
Louis
no
2,045,696
—V. 142, p. 2339.
St.
234,023,637 217,090,981
doubtful
1935.
55,667
Total...
1,716,167
18,877,000
Total
234,023,637 217,090,98
188,235 shares of capital stock at $21.25 per share, subject to call at
price on or before Dec. 31, 1936.
x After reserve for collection
yiAfter
loss,
balance
2,257,532
18,160,000
same
and
1,124
51,194
on
1
Total
107,779
2,050,066
and
Goodwill
5,180,397
2,318
82,165
plus
7,045,008
4,000,000 Res. for taxes,
incl. Fed. inc.
12,000,000
tax for current
12,838,198
year
3,495,853
5,957,537
3,778,675
63,752,521 Other accruals..
3,189,358
2,336,858
9,715,791 Reserves
4,047,132
4,558,030
1,523,740 z Capital stock. 120,811,175 119,867,875
1 Earned surplus. 72,555,894
60,775,977
11,447,250
Deferred charges
4,724,416
y Fixed assets.. 75,307,857
Equity in prop.
9,446,801
Plates, draw.,&c
1,240,854
25,825
48,741
30,700
2,565,911
(equip.) 2,528,701
unadjusted
Appropriated
222
fund. dt.
cas. res..
trade creditors
payable
mon. mtge.
Inv. & advances
1,146
5,750
9,034
13,263
49,737
34,827
credits
Profit
Stk. pur. acct.
Rosenwald est.
$
$
payable,
Due cust'ra, re¬
funds and un¬
24,399,255
filled orders..
63,669,632
10,312,489 Notes & accept.
Pur.
1,000
916
3,750
liability
Insur. &
4,985
paid in advance.
Disct.
8,635
1,000
Accr. depr.
Rents & ins. prem.
Oth. unadj. debits
8,490
Other def'd liabils.
20,353
8,534
.
Other def. assets..
188,331
3,747
196,603
Other current liab.
383
otlier funds
185,893
1,524
198,275
Unmat. int. accr'd
Unmat. rents accr.
Tax
and
33,474,558
77,906,711
receiv..
9,116,755
Mtges.
49,028
Liabilities—
3,592,564
receiv-.
notes
a
tured unpaid-._
277
Working fund adV.
Ins. &
275,000
1935
1936
$
7,790,934 Accts.
3,675,168
secure,
Accounts
9,216,000
59,802
Dlvs. mat'd unpd.
Funded debt ma¬
386,516
9,637
Int. & divs. receiv.
Other
Market,
x
1935
■
7,683,266
Inventories
Int. mat'd unpaid.
70,268
23,305
108,688
Misc. accts. rec
$
Cash
ser¬
wages payable-.
Misc. accts. pay..
ser-
Mat'l & supplies.
car
1936
Assets-
$
117,800
8,962,500
Audited accts. and
Advances
car
&
vice balances
Inv. in ami. cos :
&
1934
$
stock
117,800
Preferred stock
8,962,500
Equip, obligations
220,000
Mortgage bonds.. 9,216,000
on leased ry.
property..
Traffic
Consolidated Balance Sheet Jan. 29
Excess of cost
market
300,000
300,000
10,200,000 10,200,000
3,588.435
3,385,845
over
value.._Crl826,157Dr882,960
Total
Profit from operations
27,862,282
876,958
Other income—
19,539,083
565,659
15,932,094
790,858
$8,387,951 $5,472,581
Total
$8,387,951 $5,472,581
100,000 shares of $ 1 par value.
Convertible into two shares of common
or before Jan.
1,1944; dividends cumulative and payable quarterly;
liquidation and redemption value, $100
per share,
b Of the authorized
750,000 shares, 200,000 shares of common stock are
reserved for conver¬
sion of pref. stock and
200,000 additional shares are reserved for exercise
of purchase warrants at
$25 per share until Jan. 1, 1944.
c 17,383 shares
of preferred stock at cost.—V.
142, p. 1134.
a
stock on
Gross income
—
Interest
Net
profit for the
year
Shares of capital stock
Earnings
28,739,240
467,458
800,000
20,104,742
868,721
800,000
16,722,952
1,661,733
1,200,000
1,291,514
4,661,050
861,682
2,553,787
1,040,693
1,571,230
21,519,219
4,832,447
$4.45
15,020,550
4,794,715
$3.13
11,249,295
4,780,111
,
Special charges and reserves
Contribution to employees savings and
profit-sharing pension fund
Federal income tax—currentyear
per
share
—
Securities Investment
Seeber
$2.35
Dec. 31 1935, $303,523 for the year ended Dec. 31 1934 and
for the year ended Dec. 311933.
Consolidated Earned
■
Surplus Account Jan. 29, 1936—Balance Jan. 29,
profit, year ended Jan. 29, 1936, $21,519,218; deduct
1935, $60,775,977; net
loss and expense incurred in liquidation and collection of mortgage loans,
$2,452,348; less amountfcharged to "reserve for collection and unrealized
losses," $810,842; balance, SI,641,505; dividends paid, $8,097,796; balance,
Jan. 29, 1936, $72,555,893.
Brewing Co.—Registers with SEC—
See list given on first
page of this
WBNole—Net profits lof unconsolidated wholly-owned insurance companies
not included in consolidated income account amounted to $6,592 for the
year ended
to $160,581
Corp.-—Registers with SEC—
See list given on first
page of this department.—Y. 138, p. 1761.
Sieloff
department.
Packing Co.—Exchange Plan Voted—
Following the special
stockholders' meeting on March 27, E. L. Mucker-
mann, Vice-President of the
company, announced that the plan to authorize
new issue of
5% $100 par preferred in the amount or
$200,000 to be
the present outstanding 7
% $100 par preferred in the amount
a
°£ f^OO.OOO had been ratified by common stockholders, and that holders
°f the entire
outstanding issue of the preferred have agreed to exchange
their shares for the new stock with
the 5% dividend rate.
The preferred,
he said, would be called as of
March 31.—V. 137, p. 2649.
Financial
Volume 142
(Frank G.) Shattuck Co. (& Subs.)
Calendar
1935
Years—
1932
1933
Net sales
S17.712.001 $16,586,894 $15,081,035 $17,082,544
Gross trading profit
3,291,194
2,950,641
2,708,611
3,491,666
Other income—rents, in¬
terest and discount—
165,899
63,003
143,306
182,382
all fees and expenses, the sum of $393.30 for each $1,000
debenture.
Upon surrender of the debentures at the principal office of the
Bank of New York & Trust Co., 48 Wall Street, New York City, this
final distribution will be paid, whereupon the debentures will be canceled.—
V. 142,p. 1485.
Southern New
All
Depreciation
Federal income taxes
$3,457,093
1,761,760
938,366
58,287
$3,093,947
1,679,285
946,477
56,419
$2,890,993
1,554,403
970,526
41,858
$3,554,669
1.767,497
$698,680
634,585
Gen. & admin, expenses.
$411,766
317,293
$324,206
317,292
$692,805
795,555
Net profit
Common dividends
Balance, surplus
x
$64,095
1,290,000
$0.32
x
1,290,000
$0.54
1,290,000
$0.25
3,126,089
2,336,770
891,227
2, 306,847
sec
Other market, sec.
829,367
510,123
Receivables
Inventory
Dep. with
Liabilities—
Dividends
1,472,835
8,398
Leaseholds
378.013
3 Mos. End. Jan. 31—
other
exper.
Dr244,228
6,154,254
Dr244,228
352,174
25,010
e5,894,024
26,510
&
companies
Goodwill,
15,125,600 15,125,000
Capital stock
Surplus
d Treas. stock....
patents,
chgs., &c.
Total
...22,079,133 22,699,8411
j.
Total
22,079,133 22,699,841
a After reserves of
$9,857,521 in 1935 and $9,049,440 in 1934.
b After
depreciation,
c Represented by 1,290,000 no par shares,
d Represented
by 20,830 shares,
e After deduction of $326,280 investments
in discon¬
1935
1936
Sales, net of discounts, returns & allowances
$2,354,012
__JJ
1,562,264
Selling, advertising & administrative expenses
980,948
Depreciation & amortization, plant & equipment..
116,191
Loss from operations.
$363,363
2,619
3,368
$292,902
3,691
Interest
Cost & expense of business reorganization
Net loss
$2,132,439
1,403,198
972,517
120,086
$305,391
4,873
7,615
_
Other income
Profit due to increases in foreign exchange rates._
980,000
407,627
354,435
b Utensils
9,453
725,000
c
department.
Cost of goods sold
105,682
12,064
real
on
GStfttB
168,183
7,766
curr.)
8,650
Land, bldgs., machin'y, imp., &C.13 229,290 13,376,938
affil.
159,983
State taxes
Mortgages
called
gold debentures have been
Total loss
88,842
Deferred income-_
34,991
co
Receiv. (not
in
141,162
payable
7,991
34,991
153,829
mutual
sec. on
Invest,
339,675
69,015
.
interest
Accrued Federal &
dep.
Ins., taxes,rent,&c.
a
338,275
Accounts payable
Accrued payroll &
489,447
S
•S
1, 565,679
insurance
1934
1935
S
2 675,790
Cash
IT. S. Govt,
Govt.
1934
s
5%
Soy Bean Products Co.—Registers with SEC—
See list given on first page of this
Consolidated Balance Sheet Bee. 31
1935
England Telephone Co.—Bonds Called—
outstanding 40-year
(A. G.) Spalding & Bros.—Earnings—
Includes shares held in treasury.
Assets—
of the
for redemption on June 1 at 110 and interest.
Payment will be made at
the First National Bank & Trust Co. of New Haven, New Haven, Conn.
—V. 142, p. 2342.
>,914 def$102,750
$94,473
1,290,000
$0.55
984,490
109,877
Shares of capital stock
outstanding (no par).
Earns.per sh.on cap. stk.
2517
payment of
-Earnings-
1934
Chronicle
$357,374
1,179
/
2,311
$358,554
$298,905
_
—V. 142, p. 636.
Spear & Co.—Listing of Stocks—
The New Yrork Stock Exchange has authorized the listing of 19,500 shares
of $5.50 cumulative preferred stock
(no par value) on official notice of
issuance in exchange for present outstanding 7% preferred stock, and
225,000 shares of common stock (par $1) on official notice of issuance in
exchange for outstanding no par common stock, share for share.
The 19,500 shares of $5.50 cum. pref. stock (no par)
are to be issued
and exchanged for the
outstanding 15,600 shares of 7% cum. pref. stock
(par $100), together with all dividend arrearages thereon (amounting to
$464,100) and all rights and claims in respect thereto, at the rate of IK
shares of $5.50 cum. pref. stock, plus $5 in cash, in respect of each share of
such 7% cum. pref. stock.
The shares of common stock (par $1) are to be exchanged share for share
for common stock without par value.
Income Account for Calendar Years (Including Subsidiaries)
tinued stores written off.—V. 142, p. 1134.
1932
1935
(Franklin) Simon & Co., Inc. (& Subs.)—Earnings—
,•
x
Years End. Jan. 31Gross loss...
Depreciation.
.
$64,920
135,733
.
sales
$235,936
_
of U.
$384,469
84,899
$617,133
90,359
$1,542,041
134,889
$299,570
$526,774
$1,407,152
S.
Government bonds
Provision
taxes
for
Fed.
$147,753
120,718
(7%)
Spec, charge to profit
and
Deficit
x
$526,774
$709,789
$1,568,206
After deducting from sales the cost of merchandise sold and selling and
ance
ance
y
6,143,568
5,032,003 fy5,379,646
15,446
$367,684
9,558
$244,035 def.*>978,076
64,427
48,141
$494,789
123,899
24,082
$377,242
108,j07
24,005
$308,462 def$929,935
97,294
y173,352
25,564
22,500
117,998
157,443
6,029
10,029
Total income
amort._
Interest
&
doubtful
Reserve for lien on cash surrender value of life insur¬
1933
accts.
disposition
on
55,000
2,811
20.000
$272,759
$104,321
169,467
_
Net profit
20,460
$18,134 loss$1841052
4,872
1,066,020
pref. stk. parch.
on
y715,262
of
capital assets
Prov. for income taxes.
Disc,
22,058
$321,582
$268,471
$1,407,152
161,054
160,958
Cr22,05S
general expenses,
6,542,806
receivable.
$263,161
80,479
loss
$5,276,038Iy$4,40! ,570
.
Deprec. & lease
Loss
1,136
Net loss
$6,511,252
13,020
Balance
Other income.
Bad
36,409
1934
$7,022,149
*479,343
...
Cost of mdse., sell., gen.,
adm. exp. & local tax.
inc.
(subsid. cos.)
Pref. dividends
y
$1,358,791
183,250
$456,140
160,992
148,533
$200,653
54,036
Operating loss
on
1933
1934
$146,617
Miscellaneous earnings.
Profit
1935
1936
Net sales
635,676
Previous balance
Port .of res .prov.in prior
yrs. restored to surp__
Collection of accts. of
def620,159
150,000
mail order deot. previ¬
policies
per reinsurance agreement between the National Life Insur¬
Co. in bankruptcy and the Hercules Life Insurance Co.
ously charged-off, less
&c
31,786
83,336
$474,012
expense,
$208,117
Consolidated Balance Sheet Jan. 31
Assets—
1936
1935
Bldgs., impt. &c_$3 043,051 S3.152.503
395,552
269,284
U. S. Govt, secur.
277,990
627,762
Prepay, tor mdae.
1,081
13,247
Accts. receivable.. 1, 412,632
1,371,077
Inventories.
750,241
706,905
Due from officers.
27,300
24,684
x
Cash
Cash applicable to
N. Y. City sales
accts.
N.
Y.
City
sales
tax payable
Mortgages
Taxes
reserved
wages,
receivable
8,927
2, 500,000
4,369
57.498
Investments
Deferred charges..
...
taxes
x
1,265,000
24,248
100,000
406,181
44,460
4,202,223
,
x
456*821
Profit & loss surplus._
Earnsipersh.
x
on
y
$8,488,669 $8,733,051
Represented by $1
par
on
x
in
.
4,839,266
777,248
4,184,015
769,409
Accrued payrolls-.
Accrued taxes
30,547
69,757
23,918
23,362
Accrued interest--
3,250
Instalment accts.
22,247
10,407
employees, &c..
Georgia Ry.—Operation—r
The Interstate Commerce Commission
on
a
certificate
Southern
12 Months
Colorado Power
y
z
232,173
1,809,544
& contingencies.
7% cum. pref. stk.
340,000
260,000
390,858
59,155
(par $100).....
1,800,000
1,800,000
7% cum. 2d. pref.
stk. (convertible)
(par $100)
1,500,000
Common stock..
225,000
1,500,000
225,000
2,775,000
2,775,000
459,011
169,467
Dad
Leasehold impts.,
at
cost
Deferred charges..
Operating revenues
Operating expenses, maintenance and all taxes
373,293
39,172
1935
$1,923,600
ffYP TTAH
1,102,172
$1,842,846
1,037,512
$821,427
$805,334
555
aris¬
ing from reduc'n
939
$806,273
204,522
in stated value of
common
Surplus
reserve
$601,734
427,567
$601,751
427,806
4,103
Interest charges (net)
Other income deductions.
3,815
Net income
$170,064
$170,128
Southern
Ry.—Earnings—
—Fourth Week
1936
$8,258,145 $7,763,589
Total
x
Gross earnings..
$3,074,261
Jan.
1935
1
to
Mar.
1936
31—
1935
$2,872,225 $29,379,429 $25,599,171
Kraft
Corp.—Price Advances
of
193 in 1934.
doubtful accounts, returns, allowances and collection
y After reserve for depreciation of $438,717 in 1935
z After amortization of $111,518 in 1935 and $54,Represented by 225,000 no par shares.—Y. 142, p. 2004.
a
1934.
National
15-year 6%
Corp.—Final Distribution—
gold debentures were notified
on
April 7 that
the liquidation of the company by the receiver has now been completed and
there is available for final distribution to the debenture holders, after
1936
$1,457,489
1,945.122
January
February
4,044,554
March
At
a wholly-owned subsidiary of International Paper, an¬
April 1 that it has advanced the price of its kraft liner board
to $60 per ton, an increase of approximately $5 a ton, or 10%, over the
previous price.
The corporation has a production of kraft liner board of about 250,000
tons a year.—V. 141, p. 3703.
on
Southern
$8,258,145 $7,763,589
Total
of $350,000.
Director
This company,
Holders
since
After reserve for
exnenses
Month of—
of March
—V. 142, p. 2341.
nounced
on
1925)
Spiegel, May, Stern & Co., Inc.— -Sales—
Period—
Southern
dis¬
$1,088,pref. stk.
purchased
and $419 375 in
—V. 142, p. 1658.
stock..
(incl.
count of
302
Appropriation for retirement
450,000
tflYPQ
Paid-in surp.
$821,983
220,248
Net oper. rev. (before approp. for retire, res.)..
Other income
5%
mtge. payable
450,000
248,721
policies
a
1936
3,250
10,000
tax__.........
Co.—Earnings—
Ended Jan. 31—
97,280
Land, bldgs., fix¬
tures & equipm't 1,773,055
of life ins.
March 27 issued
226,310
Accrued Fed. inc.
Cash surrender val.
authorizing the company to operate, under trackage rights, over a line of
railroad of the WeaVer-Loughridge Lumber Co. from a point known as
Wood's Turpentine Still to a connection with the Live Oak Perry & Gulf
RR., 5,867 feet, all in Taylor County, Fla.—Y. 132, p. 1027.
1934
Accts. pay., trade.
Customers' depos's
$100,000
317,533
188,045
$200,000
$296,189
Note pay. to bank
hand
Due from officers &
2003.
p.
1935
Liabilities—
1934
$196,979
&
Inventories
Arthur T. Doremus, Assistant Secretary, has retired after having com¬
South
Ni
Nil
portion of reserve for doubtful accounts
and collection expenses applied to mail order liquidation
1935
banks
receivable
Socony-Vacuum Oil Co., Inc.—Secretary Retires—
142,
bul
After deducting $200,000 as
Cash
value
shares.—V. 142, p. 969..
of service.—V.
$20,460 def$620,159
$169,467
$0.18
Consolidated Balance Sheet Dec. 31
Total
After depreciation and amortizetion.
years
$459,012
225,000
shares
common
returns, allowances
$8,488,669 $8,733,0511
pleted 40
13,191
38,650
Assets—
Total
15,000
.
liquid, of mail
store fixtures
4,471,380
8,451
2,500,000
4,369
54,768
in rate of tax..
on
order dept. (net)
Prov. for obsolescense of
48,028
55,291
Loss
$33,651 def$620,159
income
arising from in¬
crease
.
&
&c..
Total surplus
Add'l prov. for
137,130
10,027
1,265,000
accrued
Surplus...
Goodwill
$2,299,400
_
Acer,
&
1935
Preferred stock...$2,299,400
y Common stock.
137,130
Notes payable
10,027
loans
1936
Accounts payable-
tax
Sundry
Liabilities—
the
1935
$1,260,469
1,617,261
3,108,329
1934
1933
$927,917
1,421,846
2,732,512
$320,710
663,633
948,452
Resigns—Employees' Bonus Voted—
recent
annual
meeting
retiring
directors
were
reelected
with
exception of J. W. Cheshire, who resigned.
An employees bonus plan for 1936 was approved.
This provides that
the bonus will not be more than 10% of the amount by which earnings for
1936 exceed those for 1935.
The fund so distributed4will be)used to make
employees stockholders through purchase of shares in theTopen)market, or
from unissued shares at a price which is not less than thekbook value of the
shares at Dec. 31, 1936.—V. 142, P- 2341.
<
Springfield (O.) Ry.—Dissolved.—
The
receivership of this company has been terminated and the company
dissolved.
2518
Financial
The Land Title Bank & Trust Co., Philadelphia, in reply to an inquiry,
states:
"Practically all of the assets of the Springfield Ry. have been liquidated
and the proceeds thereof awarded by the Ohio courts to the City of Spring¬
on account of certain
municipal claims.
"The decision was contested by the Real Estate-Land Title & Trust Co.
field
trustee for
as
bondholders, and the case was carried to the United States
Supreme Court by counsel for the trustee.
The decision of the Supreme
Court was in favor of the City of Springfield.
"We are advised by counsel that there was little or no salvage for bond¬
holders.
Accordingly, it would appear that the bonds can be considered
of little or no value."—V. 126, p. 716.
Chronicle
advertising
pages
of
"Chronicle."—V.
week's
last
Standard Gas & Electric
(Including Principal Subsidiary Companies]
Co.—Weekly Output—
Co.—Pays Larger Dividend—
The company paid a dividend of $1.25 per share on the common stock,
options
and
stock
63,664
deposit.
Sight drafts outstanding
x
Accts. & notes ree., trade..
$4,642,876
4,336,862
4.398,052
$337,652
274,171
$244,823
131,250
$63,481
292,600
$113,573
x292,600
Prepaid
$0.21
$0.39
rights
in
'.
per share
...
port sight drafts
Accounts
454,224
&
335,563
advs.
to subs.
&
Balance Sheet
1936
14,862,361
1,067,511
567,596
charges.
10-yr.
$581,738
course
of
1935
pay¬
for discount
484,588
484,394
1,862,505
1,879,959
2,844,389
1,790,121
1,799,573
2,618,259
improve¬
fixtures
821,763
for
doubtful
24,455
55,743
See list given on first page of this department
76,372
43,537
Co.—Registers with SEC—
&
State
taxes
140,712
Television & Projector
131,300
1,875,000
1,875,000
cum. preferred
stock
(par $25).
$10)
Surplus
Corp.—Registers with SEC—•
See list given on first page of this department.
Tennessee
2,926,000 y6,096,645
3,238,147
Electric
Power
$8,553,804 $8,446,055
Represented by 292,600
no
par shares.—V.
142. p. 1659.
Int.
expenses and taxes
The company paid an initial quarterly dividend' of 43
% cents per share
the 7% cumulative convertible preferred
stock, par $25, on April 1
Net income
on
preferred stock
this report.
Since the introduction of the new
models, however, sales of both passenger
cars and trucks have been on
higher levels than in the corresponding period
of the previous year. From Nov.
1, 1935, to Feb. 29, 1936, factory sales of
23,873, compared with 16,096 for the same period
a year ago.
Factory sales of new trucks for January and February of 1936
totaled 1,187, compared with 440 for the same months of the
preceding
passenger cars totaled
1935
Assets—
intangibles.._ 99,043,753
Inv. in
secur.
various
of
173,430
71,967
Debt disc. &exp.
process
charges
Accts. recelv..
cos
Mat. & supplies.
compensation to certain executives and other employees of the cor¬
poration. Under this plan there were allotted to 14 executives and employees
an aggregate of
13,250 shares in respect of the period of one year from
March 8, 1935, and as of the date of this report all of such shares have been
issued and delivered. On Feb. 28, 1936, the directors allotted an
aggregate
of 12,200 shares to 18 executives and
employees in respect of the period of
one year from March 8. 1936.
Such allotments have been made as part
compensation for services.
On April 26, 1935, the directors, as
permitted by the certificate of in¬
corporation, reserved an aditional 50,000 shares of common stock for sale
1,633,580
106,442
447,297
2,584,104
6,342
645,603
139,660
489,282
1,910,270
7,522
614,206
adopted.
Pursuant to the plan of reorganization, the corporation entered into
providing for their
employment by the corporation.
Such agreements cover the employment
of Messrs. Hoffman and Vance for the
period from March 8, 1935, to
Feb. 28, 1938, and provide that, as
compensation for their services to the
corporation, Messrs. Hoffman and Vance are each given, in addition to
salary, an option to purchase up to 30,000 shares of common stock on or
before Aug. 31, 1938, 5,000 of such shares becoming purchasable after
Aug. 31, 1935, and 5,000 shares becoming purchasable after the expiration
of each six months thereafter.
The option price under the agreements is
$5 a share.
The agreements also contain provisions whereby, in lieu of
agreements with Paul G. Hoffman and Harold S. Vance
exercising the options,
an amount of stock equal in market value to 90%
of the excess of market value over
option price may be deliverable without
As at Dec. 31, 1935, an aggregate of 5,000 shares had
purchased undergone of such options.
The plan of reorganization
payment.
contemplated
and provided that
a reserve
been
of $750,000 to cover
reorganization expenses
all such expenses allowed or
approved by the court after consummation of the plan should be paid by
the corporation.
All such reorganization expenses so allowed or approved
47,213,800
336,962
1 ,898,300
Corp........
Accounts payable
Due to affill. cos.
Accrued taxes..
500,000
206,779
104,861
1 ,105,858
1,036,041
165,780
45,756
Accrued interest
&
pref.
divs.
payable
Misc.
207,948
curr.
liab.
Retirement
res.
210,480
32,256
34,378
5
Conting.res
,102,584
5,108,331
26,023
25,579
Casualty and In¬
surance res
Other
113,982
reserves..
95,636
181,474
200,810
Contributions for
extensions, &c
Acquired surplus
Total
a
104,594,998
1 ,250,220
Earned surplus.
5 ,390,466
103,310,219
Total
163,893
no
shares.—V.
par
Texas Power &
142,
p.
139,469
1,250,221
5,039,589
104,594,998 103,310,219
After reserve of $274,252 in 1935 and $163,185 in 1934.
by 425,000
b Represented
2173.
Light Co.—Earnings—•
[American Power
Period End. Feb. 29—
Operating revenues
Operating expenses
&
Light Co.
Subsidiary]
1936—Month-—1935
$758,727
$740,591
345,790
356,076
1936—12 Mos.—1935
$9,111,376
$9,116,428
4.420,426
4,383,881
Rent for leased prop.
Balance
CY2.500
$412,937
648
$384,515
1,054
$4,690,950
8,534
$4,735,047
10,187
$413,585
202,350
$385,569
206,055
$4,699,484
2,444,622
$4,745,234
2,457,227
Balance
y$211.235
y$179,514
Property retirement reserve appropriations
z
Dividends applicable to preferred stocks for
~
period, whether paid or unpaid
$2,254,862
470,564
$2,288,007
450,000
865,050
865,050
as
compensation to officers and employees of the corporation
terms and conditions as the board should from time to time
No plan for the issue of these additional shares has as yet been
330,936
Def. liabilities-.
wealth & Sou.
1,447,501
Cash
Due fr. affil.
46 ,534,800
debt
24,134,400
17,794,000
Due to Common¬
&
prepaid accts.
a
17 ,794,000
Funded
of
amortization
Def.
$
b Common stock
167,731
146,223
cos
Special deposits.
in
1934
$
pref.
stock,
cum.($100par) 24 ,129,600
98,270,300
and
as
$1,944,168
1935
Liabilities—
1st
J.)
8, 1935, the plan of reorganization
corporation acquired all of the assets of the pre¬
decessor corporations, except stock of White Motor Co.
Operations were
commenced on March 9, 1935, and the
reorganization proceedings were
terminated and the case closed during 1935.
Pursuant to the plan of
reorganization, the directors, on March 8, 1935,
adopted a compensation plan (which was amended on Aug. 23, 1935) with
respect to the reservation and issue of up to 40,000 shares of common stock
determine.
$441,572
1934
The corporation was organized on Jan.
26, 1935, in Delaware, as the new
company under the plan of reorganization of the Studebaker Corp. (N.
and Rockne Motors Corp.
On March
under such
$124,870
S
Fixed cap., incl.
year.
use
1,552.596
Not avail.
Consolidated Balance Sheet Dec. 31
charges.
Management believed that the neces¬
production.
Accordingly, designs were made and tools were ordered for a complete new
line of passenger cars and trucks.
It was not possible, however, to get the
new
passenger cars into normal production until November, and the new
trucks until December.
Consequently, the effect of the new 1936 models
on volume was not felt to
any great extent during the period covered by
or
$1,889,156
1,551,786
212,500
Balance
Corporation—Annual Report—
sary volume could not be obtained with the 1935 models then in
to
$5,869,407
2,568,950
41,079
75,027
019,816
1,260,000
Cr41,773
•
Dividends
$5,800,473
2,538,882
59,055
77,806
Cr24,425
1,260,000
_
Common dividends
to cover expenses and fixed
$5,988,504
2,557,060
71,818
85,379
$335,140
Int. charged to construction
Provision for retirement reserve
on
H. S. Vance, Chairman and Paul G. Hoffman,
President, state in part:
During the period March 9 to Dec. 31, 1935, the corporation sold 45,068
passenger cars and trucks, and net sales, including parts and accessories
and miscellaneous sales, amounted to
$33,837,891.
The major problem
confronting corporation when it began operations
on March 9,
1935, was how to obtain the larger volume of business necessary
1933
$2,056,020
1,550,880
170,000
on
to holders of record March 18.—V.
142. P. 311.
1934
1,260,000
unfunded debt and miscel. chrg
Amort, of debt discount and expense.
Stokely Bros. & Co.—Pays Initial Preferred Dividend—
(& Subs.)—Earnings—
1935
$13,409,824 $12,409,568 $11,416,192
7,421,320
6,609,094
5.546,784
Net earnings
on funded debt..
58,296
Total
Co.
Calendar Years—
Gross earnings
After reserve for depreciation of $1,361,972 in 1936 and
$1,804,881 in
consummated
-V. 142, p. 1487.
.-
Tacony-Palmyra Bridge Co.— Registers with SEC—
income
Interest
was
142.
See list given on first page of this department —V. 142, p. 2342.
Sun Oil
Operating
48,273
Studebaker
of $14,083.—V.
notes
$243,829
25,966
$8,553,804 $8,446,0551
y
$30,259,592
and
68,603
Inventory of work¬
ing supplies on
x
Total.
accounts
p. 2342.
Common stock (par
1
insurance
hand
After reserve
|
$228,968
accrued expenses
value.
premiums
$30,259,592
167,351
2,151,729
16,297,637
1,975,622
Provision for Fed.
7%
827,892
Goodwill, at book
1935.
6,841,045
Sundry liabilities &
equipment, at
Total
198,943
179,717
due
payment def'd
by provisions of indenture.
Common stock (par $1)
1
Total
Accrued salaries &
wages
cost
Prepaid
debs.,
Earned deficit
1936
ment not yet due
pal bonds.
Customers*
accts.
Store
6%
conv.
Jan. 1 1945
Jan. 31
x
$847,681
ficates & munifi-
Investments
con¬
Accrued int.,
Trade name, goodwill & pat.
Current invoices in
IT. S. Treas. certi¬
ments,
as at
Liabilities—
1935
&
Inventory
leased
opera.205,053
sales
Capital surplus
Assets—
receivable
on
Other current liabilities
133,459
debs
exps. & def.
deps.
tracts
receivs., less res. for losses.
Prop., plant & equipment...
on
Dealers'
92,624
investments
on
props, not used in
not consolidated
$185,841
4,856,271
1,151,622
payable, trade
Accrued expenses
Res. for net loss
6,405,233
Other current assets
Invests,
Advs. from banks against ex¬
$5,160,352
1,180,664
on
Inventories
incl. int. &
stock outstanding (par $10)
hand
10-year con¬
$16,297,638
No par shares.
on
of
conversion
Liabilities—
hand and
on
Unamort. disc't
<fc
upon
Assets—
$4,674,514
exps.
Surplus.
x
issued
Capital surplus, Dec. 31, 1935—-
1935
Dividends paid
bank
—$16,233,973
vertible 6 % debentures
Non-current
in
..$16,102,543.
*131,430
at March 9,1935
Adjusted capital surplus, March 9, 1935
1936
Operating profit
Cash
as
Paid-in surplus arising in connection with stock issued under the
stock compensation plan, stock sold upon the exercise of
Cash
Stix, Baer & Fuller Co.—Earnings—
x
-
Consolidated Balance Sheet Dec. 31, 1935
Years End. Jan. 31—
Gross profit on sales
Adm. buying, sell., publicity, &c.,
depreciation charges
Earnings
-
$1,975,622
--
Net adjustments to assets and liabilities
Co.—Registers with SEC—
See list given on first page of this department.—V. 142, p. 2341.
common
t
334,739
96,449
;
Capital surplus, March 9, 1935
1934 inclusive.—V. 140, p. 4250.
Shares
-
Net loss for period
on March 31 to holders of record March
23.
This compares with $1 per
share paid each three months from Dec. 31 ,1934 to and including Dec. 31,
1935 and 50 cents per share paid each quarter from April 1, 1932 to Oct.
1,
Standard Tube
909,771
634,662
debentures—
on
on property, plant and equipment
Interest at 6% per annum on debentures
Amortization of discount on debentures.
Capital Surplus Dec. 31, 1935
Electric output for the week ended April 4, 1936, totaled 90,020,583
hours, an increase of 11.9% compared with the corresponding
week last year.—V. 142, p. 2341.
•
but before deprec. & int. & discount
Depreciation
140,
kilowatt
Standard Screw
1936
Net sales, domestic and foreign
$33,837,891
Net loss from sales, after deducting manufacturing cost, incl.
amortiz. of special tools, dies, &c., & selling & general ex¬
1501.
p.
11,
possible further expense and the sum of $76,136 was restored to capital
surplus.
Earnings for Period March 9, 1935, to Dec. 31, 1935
penses,
Standard Fire Insurance Co.—Financial Statement—For
financial statement for the period ended Dec. 31, 1935, see
April
have been paid, and the reserve for those expenses carried on the corpora¬
tion's earlier balance sheets was eliminated as at Dec. 31, 1935, at which
time the balance in such reserve was $101,136.
Of such balance, the sum
of $25,000 was transferred to miscellaneous current liabilities to meet
Other income (net)
_
_.
Gross corp. income
Int. & other deductions.
Balance
y
Before property retirement
reserve
,
$919,248
$972,957
appropriations and dividends,
Regular dividends
on 7% and $6 preferred stocks were paid on Nov. 1,
After the payment of these dividends, there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Feb. 1, 1936.—V. 142, p. 971.
z
1935.
(James) Talcott, Inc.—Listed
on
Curb Exchange—■
The Board of Governors of the New York Curb Exchange has
approved
the listing of 30,000 shares of 5
The first public
% participating preference stock.
financing for the
F. Eberstadt & Co., Inc.
company was
recently carried out by
Financial
Volume 142
Chronicle
2519
Sale
The company reported a sales total of $7,509,084 for the month of
increase of 25% over the figures for the corresponding month
March,
of last
$19,597,716 for the first quarter of 1936, an increase of
16% over the first quater of 1935. This is the largest volume of business
for any month or for any quarter done by the Talcott concern in the 82
years of its history.—V. 142, p. 2005.
an
year; and a total of
Thermoid
Telephone Bond & Share Co.
Debenture 5s June 1958
Co.—May Refinance—
BOUGHT
The directors have, it is said, had preliminary discoussions on the
Third
MEMBERS NEW YORK
15
Investors Corp.
1936
Cash
$50,645
-Earnings1933
$5,366
1934
1935
$56
dividends
49,241
$50,645
4,474
Management fee
$49,297
3,806
$51,908
$48,880
8,185
384
500
Stock transfer expenses.
476
264
Custodian's services
400
425
7,856
1935
v.;
--
Accts.
$338,359
241,246
82,597
310,210
93,948
1,470
77,318
receivable:
U. S. Governm't
Traffic & agents
3,689
Sundry
837
3,286
1,225
1~,449
"2",719
"2" 974
975
1,481
980
x2.525
1,123
$37,421
$41,254
Legal & auditing fees, &c
New York State tax
Fed. cap. stock tax and
N. Y. City excise tax-
55,134
Note receivable
'
100
Due from U.S.Post
x
Office Dept
192,536
282,026
Inventories
income
$38,458
15,929
232~039
Property
Accrued accounts.
Ites. for crash ins.
Deferred
$317,186
32,225
wages.
credlts--
9L134
55,976
49,639
64,418
39,104
Capital stock...
Capital surplus.
Earned surplus
3,115,675'
3,115,675
1,326,453 yl,359,024
12,271
def7,133
251,710
3,264,557
3,006,257
ization exp
Security Profits Account, 3 Months Ended March 31, 1936
on
x
Unclalmed
Unamort. reorgan¬
Federal capital stock tax only.
Profit realized
231,241
Dep. agst. purch's
$35,609
Traffic bal. pay...
$59,538
265,836
8,057
1,031
153,327
Net worth:
Investments
Net
1934
Notes pay., Marsh
& McLennan,Inc
Accounts payable.
740
900
Employees
SEC
1935
Liabilities—
1934
$547,746
99,568
......
Marketable secure,
Special fees in connection
with information rend¬
ered
STOCK EXCHANGE
Street, New York
Balance Sheet Dec. 31
Assets—;
46,543
$48,880
Cash
Total income
Broad
A. T. & T. Teletype N. Y. 1-752
•
National
QUOTED
Eastman, Dillon 8 Co.
last year the latter amounted to $35 a share, and some thought has been
given to the possiblity of paying the dividends with common stock.
This, it is stated, might also entail the reduction of the present 7% annual
dividend rate and the redemption price of the shares.—V. 142, p. 1137.
3 Mos. End. Mar. 31
Interest
SOLD
subject
of refunding $2,581,000 extended 6% notes due next year, and a recapitaliza¬
tion plan to eliminate accumulated preferred dividends.
At the end of
sale of securities, based on average cost
$9,093
Provision for taxes applicable to security profits account:
New York State franchise tax
Federal income tax
84,942
Unamort. organiz¬
ation & develop.
156,021
197.509
23,333
78,366
expense
250
43,333
148,251
Unamort. engineer¬
ing exps. in con¬
425
nection with de¬
velop, of new fly¬
$8,418
Excess of market value
for taxes
of
over cost
stocks, less
common
ing equipment.
reserve
Deferred charges
unrealized profit:
As reported at Dec. 31, 1935 (after reserve of $117,000)
As reported at March 31, 1936 (after reserve of $185,000)
$585,196
839,588
Increase in unrealized profit after reserve for taxes.:.
$254,392
on
Per Share
Total
$6,066,761
.
Total
$5,000,558 $5,058,883
and $2,154,186
New
$36.27
Official—
E.G. Peet has been elected Assistant Secretary of the company.—Y. 142,
Increase for period—before dividend:
Net income per income account
37,421
8,418
2005.
p.
.22
254,392
Profit per security profits account
Increase in unrealized profit on common stocks
after reserve for taxes
1.52
.05
Tri-County Telephone Co.—Registers with SEC—
See list
given
on
Tri-State
Deduct—Dividend
on common
$300,232
100,365
stock.
Increase for period—after dividend
■i'Al
$1.79
1936
Note of
1935
Operating revenues
$1.19
$6,266,628
$37.46
Operating expenses___
Operating taxes
Net operating income.
$110,409
$59,175
to
6,338,758
4,012,894
liquld'te clos'd
in
$1,275
9,850
3,175
4,725
6,872
Prepaid lnsuranoe.
172
Deferred charges..
7,480
prof, on com.
185,000
Common
6
220,000
220,000
3,783,462
3,613,278
Excess of cost over
mkt.
a
Of
$6,470,179 $4,162,3 45
the
authorized
400,000
value—
Total
shares,
$6,470,179 $4,162,345
130,000
shares
are
for
reserved
share per annum until March 1, 1939, when the warrants
expire,
b Repre¬
the par value of capital stock,
At market cost, $5,314,169 in
senting the excess of paid-in capital over
after deducting organization expenses,
c
1936 and $5,454,528 in 1935.
d 52,724 shares
—V. 142, p. 1137.
common
stock
at
cost.
Inc.—Annual Meeting—
aTcontest for proxies for the annual meeting with the two retiring directors
understood tojbe opposing each other for a place on the board.—V. 142,
P. 2343.
taxes
& other changes
revenues
1935
$33,515
$54,623
18,137
Taxes
$5,233,822
1,084,198
990,145
815,172
386,879
162,017
496,350
y269,670
$4,962,414
1.053.173
975,442
756,801
343,355
154,649
453,584
302,672
Net non-operating income.
$1,029,390
48,592
$922,735
30,007
$1,077,982
450,000
20,723
17,646
4,372
$952,742
$585,240
380,807
$467,927
380,807
$204,433
$87,120
expense
Traffic expenses
Commercial expenses
x
General and miscellaneous expenses
Bond interest
Other interest..
Amortization of discount on funded debt.
Other fixed charges
Net income—available for dividends
Dividends
on
pref. stock
Income transferred to surplus
1934
adoption of a revised method of distributing engineering
1935 figure includes cuch costs in the amount of $31,639; in 1934
similar costs were distributed principally to maintenance and construction
accounts,
y Taxes for 1935 include an adjustment of an over accrual in
prior years of approximately $73,000.
Balance Sheet Dec. 31
1935
1934
1935
Liabilities—
1933
Telephone plant--23,915,762 23,273,150
Misc. phys. prop-6,981
6,981
Invest .in controlled
loss$16,541
$0.26
$0.42
loss$49,790
Nil
Nil
Inc.—Earnings—
Years—
1935
$1,499,756
Total transportation expenses
Other—Net
3,867,477
'
38,865
1934
Maintenance.
Depreciation.
advertising
General and administrative.
123,646
Gross profit from operations for the year
of pension fund.
28,125
4,784
458,286
18,384
64,863
funds—
Accounts receiv.-t
Material & supplies
277,185
208,054
Deferred debits—
925,638
297,931
236,605
Customers'
assignable to operations (other than Federal
income)
1
charges
Federal income tax, estimated
88,097
129.723
15,000
46,948
74,801
$12,534
Total income
$545,046
25,153
348,108
288,399
deps.
& advance billg.
and payments -.
Accts.
other
Accrd.
curr.
410,120
464,465
50,510
6,319,100
50,835
5,908,250
820,964
672,390
not
credits
&
reserves
Depreciation
133,015
362,552
&
liabs.
liabs.
143,615
440,286
payable
due
Defd.
596,070
565,601
$220,286 loss$423,296
7,000,000
6,346,780
37,409
8,500,000
Notes sold to trust.
150,558
$2,867,440
Taxes
$
8,500,000
Bonds
4,713,907
36,424
230,869
investments
$939,116
1,893,080
35,242
1,516,772
370,310
241,981
7,000,000
6% cum. pref. stk. 6,346,780
Prem. on cap. stk.
37,409
miscell.
$5,406,098
899,088
905,898
2,408,909
645,032
326,884
1934
$
Common stock
5,202,855
companies
Cash
Working
Transcontinental & Western Air,
450,000
13,561
17,023
4,230
Due to the
Other
Total mail revenues
Traffic and
144,987
$4,976,693
14,278
Notes receivable--
Calendar
-
Total
$
Forging Corp.—Earnings—
1936
Earns, per sh. on 128,000
shs. capital stock
—Y. 142, p. 1305.
1934
$3,820,409
1,011,296
costs,
At the recent annual stockholders' meeting all directors\vere reelected
with the exception of W. E. Ditmars and O. A. Krieger. There had been
3 Afos. End. Mar. 31—
Net profit after deprec.,
$138,944
1935
revenues
Miscellaneous
x
Transue & Williams Steel
$172,175
$3,981,185
1,092,528
178,247
Cr839,589Drl,441,634
exercise of purchase warrants, entitling the holders to purchase common
stock at $66 per share until March 1, 1937, and thereafter at $2 more per
Thompson Products,
$69,222
Capital surplus. 10,148,502 10,148,502
Deficit
Total
$90,612
revenues
Operating rents
stock
par)
dCom. treas. stkDrl,158,000Drl,158,000
b
Toll service
Depreciation
stocks
($1
319,788
24,256
Total operating re venues
Current maintenance
Unearned interest.
a
329,571
33,491
Uncollectible operating revenues
State franch.tax
on
179
925
Res.for Fed. inc. &
closed
bank
668
$5,251,960
Local service
2,300
City excise tax._
25,751
1936—2 Mos—1935
$899,798
$842,898
2,100
2,687
661,701
652,233
63.822
49,034
1936—Month—1935
$454,342
$413,445
Federal
Fed. inc. & N. Y.
6,871
14,140
receivable--
Deposit
tax
for
capital stock tax
bank
Dlvs.
Prov.
ctf. in corp.
of this department.—V. 133, p. 2268.
Calendar Years—
1935
$3,050
expenses.
State
50,000
Investments
Part.
Accrued
1936
Provision forN. Y.
Credit Corp
c
Liabilities—
Universal
page
Uncoil, oper. revenue
Balance Sheet March 31
Assets—
first
Telephone & Telegraph Co.—Earnings—
Period End. Feb. 29—
.60
$199,866
Net assets, as reported at March 31, 1936
Cash..A........
$5,000,558 $5,058,883
Total
After
depreciation and for retirement of engines of $2,308,421 in 1935
in 1934.
y Created through reduction of value at which
outstanding capital stock of predecessor company was originally issued to
par value of $5 per share, $3,018,572, less deficit of predecessor companies
from date of commencement of business to Dec. 26, 1934, $1,659,548.
x
Change in Net Assets, 3 Months Ended March 31, 1936
.
_
res--
Unappropriated
surplus
Total.
30.369,326 29,811,666
Total....
30,369,326 29,811,666
-V. 142, P. 1659.
Tung-Sol Lamp Works, Inc.—To Offer Stock—
In
an
amendment filed with the
Securities and Exchange Commission,
the company, states that its 19,400 shares of convertible preference stock
will be offered at $16 per share.
The 5,000 shares of common stock will be
offered at $13 per share.—V. 142, p. 2174.
Gross deficit for the year..,
Total other income credits
.'
....
Profit
Profit
on
$19,404 loss$519,892
112,190
equipment sold- -Net.
Net
profit...
Earns, per sh. on 623,135 shs.
cap.
31.939
stk. (par $5)-.
$19,404 loss$407,702
$0.03
Nil
Twentieth
Century Fox-Film Corp.—Earnings—
Sidney R. Kent, President, says in part:
Corporation owns 42% of the outstanding capital stock of the National
Theatres Corp. which has acquired the various theatre chains formerly
comprising the Wesco Corp. group of theatres.
This corporation continues
to show satisfactory progress and is in sound financial condition.
Consoli¬
dated net income of National Theatres Corp. and its voting controlled
2520
Financial
Chronicle
domestic subsidiaries in accordance with information furnished
by them was
$2,192,194 for the entire year ended Dec. 28 1935, irrespective of the dates
within the year when some of the subsidiaries
acquired.
were
liens),
five-year 6% debentures issued in 1931.
The inventory aggregating $15,701,643 represents an increase of $2,013,292 and is due principally to the
fact that corporation has extended its production to 54
pictures for the
1935-4936 season as compared with 42 pictures for the previous season.
The method of amortizing picture costs has been maintained
during the
year 1935 on the same basis as the previous year.
At a special meeting of the stockholders held Aug. 15 1935 an
agreement
and plan of reorganization was
approved whereby corporation acquired the
property, assets and business of Twentieth Century Pictures, Inc.
In
accordance with the plan the class A and class B capital stocks of the
corporation were reclassified into preferred and common stocks and the
name of the corporation was
changed to Twentieth Century-Fox Film Corp.
As a result of this transaction,
corporation was strengthened by the addi¬
tion of an executive management of
production and a studio personnel of
high standing and proven ability.
mon
291,143
$36,253,617
360,397
320,744
883,183
932,572
Dividends.
Proportion of profits of controlled subsidiaries (not
consolidated).
,.
Other income.
Total income
Operating
Weeks
Ended
Dec. 29'34
$43,942,678 $37,546,586
of
expenses
exchanges,
head
offices,
administration expenses, &c
10,594,457
22,065,898
6,482,658
199,132
Interest expense
289,723
Amortization of discount and expenses of fund, debt
58,491
a Depreciation of fixed assets
289,190
Provision for Federal income taxes
400,041
10,091,401
19,372,093
6,074,410
Net operating profit
on foreign
exchange
Reorganization expenses
Previous
surplus
$3,563,088
02,50.3
475,456
3,006,812
$1,27$,069
Balance, Dec. 31
Earnings per share
$6,096,947
c$1.24
$3,006,812
d$0.52
Amortization of production costs
Participation in film rentals
Proportion of losses of controlled subs, (not consol.)
Profit
d Not
including
292,871
62,603
280,139
100,000
059,389
1,674,354
depreciation
of studio buildings and equipment of
$533,563 in 1935 absorbed in production costs ($609,645 in 1934).
b As
reported by Fox Film Corp. and wholly-owned subsidiaries,
c Earnings
per share on 1,226,530 no par shares common stock,
d Earnings per share
on 2,436,409 shares class A and B common stocks.
Consolidated Balance Sheet
[Including Wholly-Owned Subsidiaries]
Dec. 28 '35. eDec.29'34.
Assets—
$
Cash
a
Notes payable
1,840,968
receivable
1,382,233
Accts. payable and
accrd. expenses.
(unamort.
in <fc
adv.
S
423,444
863,120
3,348,750
3,384,827
Fund, debt of subs.
product'n costs) 17,343,727 13,688,351
,688,351
Prepaid expenses.
349,874
451,832
to
due in
one year.
159,000
dl6,721,446
I,and, bldgs., &
16,340,537
94,300
632,728
are
Sundry
liab.
10,179,300 10,130,022
502,858
147,720
Other assets
Unamortized disct.
<fc exp. on funded
debt
444,118
230,282
1,696,600
1,696,600
2,194,200
6%
conv.
Funded debt of sub
Deferred
123,741
182,232
debs...
credits..
878,020
886,935
668,936
1,072,099
f15,910,933 cl2182,045
Paid-in surplus...21,671,242 21,329,170
Reserves
Capital stock
Earned surp. since
April 1 1933
Total..
54,171,917 46,822,3901
Total
6,096,947
3,006,812
54,171,917 46,822,390
a After
reserves,
b After depreciation of $4,765,066 in 1935 and $4816,888 in 1934.
c Represented by 2,419,759 shares of class A stock and
16,650 shares of class B stock, all having a stated value of $5 per share,
of the company in the financial statements),
those
$71,141,000 is guaranteed by the
Statement—The
company.
consolidated
income of the company and the
subsidiaries named above for the year ended Dec. 31, 1935, applicable to
the payment of interest on funded debt and other charges, amounted to
$33,868,237, while such charges amounted to $15,332,707.
The! properties of the subsidiaries named above and of St. Joseph <fc
Grand Island Ry. have been leased to the company (effective Jan. 1, 1936)
for a period of one year and thereafter from year to year until terminated
by either party on three months' notice.
The rental payable includes
interest on funded debt, depreciation and other items as set out in the
leases and, in the case of St. Joseph & Grand Island Ry., dividends (amount¬
ing to about $3,200 per annum) on stock now outstanding in the hands of
the public.
Interest on present outstanding funded debt of St. Joseph &
Grand Island Ry. aggregates $151,480 per annum.
The company's expenses were increased in 1935, and will be further
increased in 1936, by the restoration of the 10% wage deduction made
Feb. 1, 1932, such restoration having become effective one-fourth on
July 1, 1934, one-fourth on Jan. 1, 1935, and the balance on April 1, 1935.
Emergency freight charges, increasing certain rates, which went into effect
on April 18, 1935, will terminate on June 30, 1936, unless extended.
Appli¬
cation has been made for such extension.
The taxes imposed upon carriers
in connection with the Railroad Retirement Act of 1935, the Social Security
Act and various State unemployment insurance Acts, will, if constitutional,
also result in increases in operating expenses of railroads.
Sinking Fund—The indenture will provide for the creation of a sinking
fund by annual payments to the trustee of $134,175 (one-half of 1% of the
principal amount of the bonds) or an amount equal to the net income of
the company for the next preceding calendar year determined in accordance
with the regulations of the Interstate Commerce Commission, whichever
amount is the smaller.
Cash in the sinking fund will be applicable to the
retirement of bonds when due, or prior thereto by purchase, at not more
than their principal amount; or at any time to the purchase at not more
than their principal amount, and the retirement of other bonds or obliga¬
tions of the company equal or prior in rank; or may from time to time be
invested in obligations of or guaranteed by the Government of the United
States or in mortgage bonds of the company s subsidiaries, the proceeds
of which upon sale or payment will again constitute cash in the sinking fund.
All accrued interest on bonds purchased for the sinking fund will be paid
by the company and all income from cash and investments in the sinking
fund will be payable to the company. Payments to the sinking fund may be
made in cash
or in bonds of this issue or other bonds of the company equal
or prior in rank at their principal amount, or in obligations of or guaranteed
by the Government of the United States or mortgage bonds of the above
named subsidiaries at market, or partly in cash and partly in such bonds
or other obligations at such prices.
The aforesaid terms may be modified
so far as necessary to comply with any requirements of the ICO.
Sinking
funds payable out of net income hereafter created in connection with other
issues, may rank pari passu with this sinking fund.—V. 142, p. 2175.
United
due
after one year..
realty companies 2,023,200
equipment
consolidated with
of which
100,000
Reserve for Federal
income tax
affil. cos
b
S
4,499,462
Accts. and notes
Invent,
Inv.
Dec. 28'35. eDec. 29'34.
Liabilities—
7,110,003
never been indebted to the Reconstruction Finance
the Railroad Credit Corporation and has no outstanding
There was also outstanding in the hands of the public
Dec. 31, 1935,
$107,121,500 principal amount of funded debt of the company's subsidi¬
aries, Oregon Short Line RR. and Oregon-Washington RR. & Navigation
Co. (whose accounts, together with those of Los Angeles & Salt Lake RR.,
Income
b 52
has
or to
bank loans.
[Including Wholly-Owned Subsidiary Companies]
Gross income from sales and rentals of film and
literature
.$42,447,609
stock.
The company
Corporation
Consolidated Income Account—for Stated Periods
Ended
owned by it (not including lines
or in the instrument
creating such lien that the bonds shall be secured by
mortgage or other lien ratably with the other indebtedness secured
thereby, all as will be provided in the indenture.
Purpose—Proceeds will be used, together with treasury funds to the
extent required, to redeem on July 1, 1936, at. 102)^% and int., the com¬
pany's 40-year 4M% bonds due July 1, 1967, now outstanding in the
principal amount of $26,835,000.
Capitalization—Company had outstanding in the hands of the public on
Dec. 31, 1935, $236,587,175 principal amount of funded debt (not including
$11,137,867 principal amount of non-negotiable debt to affiliated com¬
panies), $99,543,100 4% preferred stock and $222,291,000 common stock.
Company has paid dividends on its preferred stock uninterruptedly since
1898 and on its common stock since 1900. Dividends paid on the common
stock for the years 1926 to 1935 were as follows: For each of the years 1926
to 1931, inclusive, 10%; for 1932, 7%; and for each of the years 1933 to
1935, inclusive, 6%. On April 1, 1936, a semi-annual dividend of 2% was
paid on the preferred stock and a dividend of \ lA% was paid on the com¬
In the consolidated balance sheet as at Dec. 28
1935 current assets
amounted to $26,644,572, including $7,110,003 in cash, as
against current
liabilities of $6,260,522
including $1,696,600 representing the balance of
52 Weeks
now
such
of $2,192,194
would be .$920,721.
If this amount were added to the net earnings of
corporation aggregating $3,563,087 for the fiscal year, the resulting figure
of $4,483,808 would be equivalent to $3.30 for each share of
preferred stock
of corporation outstanding and after
deducting the annual dividend require¬
ment on the preferred stock, the
remaining figure would be equivalent to
$1.99 per share of the present outstanding common stock of corporation.
year
Dec. 28 '35.
April 11, 1936
of the lines of railroad
of railroad leased to the company or lines of railroad owned
by a subsidiary
of the company), unless effective provision be made in such new mortgage
If the portion
of net income applicable to periods prior to ownership of such subsidiaries
were eliminated, the net income would be reduced
by .$408,136 to $1,784,058.
The 42% interest of corporation in earnings for the entire
Period—
upon any
Cigar Stores of America—94 Claims Disallowed
The Circuit Court of Appeals on April 6 upheld a District Court order
disallowing 94 claims by the Joseph E. Otis Estate Land Trust for future
rents on leases given to the United Cigar Stores Co. of America, which is
being reorganized under Section 77-B of the Bankruptcy Act.
The Court found the land trust had no valid claims against the company
and its trustee, the Irving Trust Co., because none of the claims arose from
the rejection of leases "and all the original leases upon which they are based
were terminated by agreement of the parties before these proceedings wrere
instituted, and, indeed before Section 77-B was passed, and the leased real
estate surrendered to and accepted by the landlords without any reserva¬
tion of rights under the leases against the lessee."
Judges Martin T. Manton and Harris B. Chase concurred in the decision,
written by the latter, but Judge Augustus N. Hand dissented in part,
saying there were nine claims which did not waive any rights.—V. 142,
p. 2344.
d
Metropolis & Bradford Trust Co., Ltd. (holding company for investment
Ltd.) at cost less proceeds from capital
distributions, $17,087,618; Hoyts Theatres, Ltd. (advances only), $377,000;
National
Threatres Corp., $8,859,887; Movietonews,
Inc., and sundry
other companies, at cost adjusted by results of
operations to date, $4,
896,941; total, $31,221,446; less reserve for revaluation of investments,
$14,500,000.
e Fox Film Corp. and wholly-owned subsidiaries,
f Repressented by 1,359,041 no par shares of $1.50 cumulative convertible
preferred
stock and 1,226,530 no par shares of common.—V.
142, p. 2005.
I
United
in Gaumont-British Picture Corp..
Ulen
&
composition
140, p. 3914.
Union
and
trustees
Co.—Weekly Output—
April 4. '36 Mar. 28/36
80,770,879
80,229,061
United
Milk Crate
$221,124
164,657
$53,140
27,710
$56,467
52.769
35,589
Net loss from ordinary operations..
on manufacture and sale, new products
$27,173
19,221
$31,891
45,623
Total net loss from operations.
$46,393
Cr5,818
2,501
$77,514
Cr9,915
Gross profit from operations
expenses
Dated May 1, 1936; due May 1, 1971.
Coupon bonds in $1,000 denom.,
registerable as to principal, exchangeable for fully registered bonds and reexchangeable under conditions provided in the indenture. Interest payable
52.602
Other deductions
on
Other income
Net loss for the year.
$43,076
May 1 and Nov. 1.
Redeemable as a whole but not in part at the option
of the company, upon not less than 45 days'
published notice on May 1,
int. date thereafter up to and incl. May 1, 1946, at 103%;
thereafter up to and incl. May 1, 1951, at
102K%; thereafter up to and
incl. May 1, 1956, at 102%; thereafter up to and incl.
May 1, 1961, at
101
thereafter up to and incl. May 1, 1966, at 101%, and thereafter
at 100%
in each case with accrued interest. City Bank Farmers Trust
Co., corporate trustee.
or on any
Issuance and sale of these bonds
are
subject to the approval of the Inter¬
Legal Investments—In the opinion of counsel, these bonds are legal in¬
savings banks under the laws of New York and other States.
Listing—The company has agreed to make application in due course to
vestments for
the New York Stock Exchange
Securities Exchange Act of 1934.
on
and for their registration
Data from Letter of F. W. Charske, Chairman Executive
Dated April 7
long
as
any of the bonds are
create any new
mortgage
or
$68,142
1935
z
1934
$2,664
Accts.
&
Liabilities—
$7,491
receivable
17,750
87,914
142,904
75,167
125,407
Investments
Other accts. receiv.
Res.
789
Patents
Deferred charges
1
1
8,123
$361,946
2,645
27,128
240,236
101,507
52,960
240,236
101,507
35,188
$346,104
$361,946
50,701
5,794
$346,104
3,892
investments
over cost
98,193
$2,044
reduction
Capital stock
Capital surplus
x
97,118
1934
$11,300
15,000
market value
of
1,896
estate,
machry., equip..
_.
for
in
Real
&c_
payable bk.
Accrd. taxes, wages
and expenses
and
agents
y
Notes
1935
payable,
creditors & othrs
36,834
Inventory
employees
Accounts
notes
Deficit
Committee,
„
Security—These bonds are to be the direct obligation of the company,
issued under an indenture to be dated
May 1, 1936, to City Bank Farmers
Trust Co., trustee.
This indenture will provide among other things that,
so
544
'
Balance Sheet Dec. 31
Assets—
Cash.
state Commerce Commission.
under the
1934
1935
$258,800
205,660
Cost of sales.
Net loss
list these bonds
April 6 '35
71.876,957
Corp.—Earnings—
Calendar Years—■
RR.—Debentures Offered—Kuhn, Loeb &
April 8 at 99 and int. to yield 3.55%, $26,835,000 35-year 33^% debenture bonds.
1941,
order confirming
company.—V.
the
United Gas Improvement
Selling
Pacific
Co. offered
an
of
Administrative and general expenses.
See list given on first page of this department.—V.
142, p. 2343.
Union
creditors
Week Ended—
Co.—Recapitalization Plan Approved—New Di¬
Bag & Paper Corp.—Register with SEC—•
between
Electric output of system
—V. 142, p. 2344.
rector—
Stockholders at a meeting held April 2 approved the reclassification of
the capital stock by the votes of 97 % of the preferred stock and
70% of the
common stock.
Mark H. Cassidy, Treasurer, was elected a director to
succeed the late Thomas S. Sheppard.—V.
142, p. 2005.
Dry Dock, Inc.-—Composition Confirmed—
Judge Knox of the U. S. District Court has signed
the
outstanding, the railroad company will not
other lien (except to extend or refund existing
Total
Total
x Represented
by 29,784 shares of class A stock, no par, after deducting
216 shares held in treasury, and 30,275 shares of class B stock after deduct¬
ing 2,725 shares of treasury stock,
y After reserve for depreciation of
$118,680 in 1935 and $111,776 in 1934.
z After provisions for losses and
allowances.—V. 142, p. 2006.
Financial
Volume 142
United Shirt Distributors, Inc.—Registers
See list given on first page
United
Insurance
Fire
States
with SEC—
Co.,
N.
Y.—Dividend
Increased Again—
The
directors
have
declared
dividend of 45 cents per
a
share on the
stock, par $4, payable May 1 to holders of record April 17. This
with 40 cents paid on Feb. 1, last, and 30 cents per share dis¬
tributed previously each three months.
In addition, extra dividends were
paid as follows: 10 cents on Feb. 1, last, and on Nov. 1, Aug. 1 and May 1
of 1935 and 1934, and 20 cents per share paid on Feb. 1, 1935 and 1934.
—V. 142, p. 638.
common
compares
United States
Cash in banks
Notes receivable.-
147,441
268,801
46,401
Furn.,lixt.& equip.
Stationery & suppl
Real estate
mtge.
20,599
-
Capital surplus
secure,
1,159,717
629,686
225,000 Earned surplus
1,209,785
50,158
109,348
7,491,000
1,159,717
279,025
1,500,000
3,959,000
1,558,986
3,161
voting trustees for a period of ten years being: George
Paul G. Brown, J. Cheever Cowdin, Garrettson Dulin, Dr. A.
J. Arthur Rank and Charles R. Rogers.
the
llab.
acct.,
en¬
dorsed note (Uni¬
Terminal
Co.)
Represented by 299,566
no par
11,041,448 10,299,034
shares in 1935 (434 shares in treasury)
U. S. Pipe & Foundry Co.—Files
1139.
the Securities and Exchange Com¬
registration statement [No. 2-2080, Form A-2] under the Securi¬
1933 covering $5,000,000 of 10-year convertible debentures,
due May 1, 1946, and shares of $20 par value common stock, including scrip
certificates for fractions of shares, to be reserved for conversion of the
of
The interest rate
of
stock
common
are
to
on
Co., Inc., the operating subsidiary, plans to increase its
of
of
schedule of productions, it was stated, and has arranged for the signing
a number of stars
and featured players to augment their own roster
talent in carrying out this new program.
Following the meeting of Universal Corp. directors, the board of Universal
Co., Inc., met and elected a new board consisting of Messrs.
Cochrane, Charles R. Rogers, Budd Rogers, Brown, Freiday,
Simon Klee and Meyer Schine, the last two representing the first preferred
stockholders.
Mr. Cowdin was elected Chairman, Mr. Cochrane President,
and Charles R. Rogers, Executive Vice-President of Universal Pictures
Co., the other officers of the company remaining as heretofore.
Registrar and Transfer Agent—
the debentures and the number of shares
be supplied
Pictures
Cowdin,
a
debentures.
versal
Pictures
With SEC—
The company on April 3 filed with
Act
had been made in the company.
substantial additional investment
Total
N. Armsby,
H. Giannini,
Cowdin and Cochrane disclosed that a
Uni¬
The announcement by Messrs.
109,348
99,348
11,041,448 10,299,034
and 299,640 shares in 1934 (74 shares in treasury).
The earnings for the calendar year were published in V. 142, p.
ties
Universal Pictures Co.—
Corp .—Acquires
Farrow, representing the British group; Adolph Ramish, banker, Los
Angeles; and Budd Rogers.
All of the stock of tne new company has been placed in a voting trust,
1,568,986
8,382
Contra-contingent
mission
Universal
completion by the Universal Corp. of the purchase of the stock of Universal
Pictures Co., Inc., from Carl Laemmle and associates, in accordance with
the option originally given by Mr. Laemmle to Standard Capital Co. and
Charles R. Rogers.
More than 90% of the common stock of Universal
Pictures Co., Inc., changed hands in the transaction, the consideration
being $5,500,000.
At a meeting of the board of directors of Universal Corp., Mr. Cowdin
was elected Chairman, Mr. Cochrane, President, and Mr. Rogers, Executive
Vice-President.
In addition to Messrs. Cowdin, Cochrane and Rogers,
the board of directors, as announced following the meeting, consists of
Co.; William Freiday, New York banker; J. Arthur Rank and Leslie W.
book value
Treasury stock
x
Corp.—To Pay Deferred Pref. Divs.
Apr. 1 paid a dividend of $5 per share on the $5 cumu¬
This dividend had been declared on
Aug. 22, 1934 (see V. 139, p. 1420) but the directors at a meeting held
Dec. 19, 1934 decided to defer payment of this dividend.—V. 141, p. 4178.
Paul G. Brown, Philadelphia capitalist; Garrettson Dulin of Dulin & Co.,
Los Angeles; Lawrence W. Fox Jr., Vice-President of Standard Capital
of
Total
United States Sugar
J. Cheever Cowdin and Robert H. Cochrane announced on April 2 the
$
subs, in excess of
versal
soon
The company on
1934
$
751,905 Accounts payable- 1,533,528
1,743,184 Reserve for taxes122,949
153,192 Reserve for con¬
tingent liability
213,195
on note
51,416
99,348
20,646 x Capital stock
7,496,220
marine-
equip. bonds.
225,000
Mtge. notes receiv. 1,500,000
Invest, in other cos 4,003,048
Cost of
1935
Liabilities—
$
1,124,533
2,038,909
Accts. receivable-_
1st
1934
<t
oft/rfn
now or very
lative preferred stock, no par value.
Freight Co.—Consol. Balance Sheet Dec. 31
1935
.
A
.
in the future, these needs must be satisfied, else al®
commerce and all industry in the nation will suffer very great injury."
Referring to simplification of the corporate organization of the corpora¬
tion Mr. Taylor said:
"We are continuing along that road and further developments in that
respect will undoubtedly be announced in the near future."—V.
142,
p. 2345.
either
of this department.—V. 141, p. 3876.
2521
Chronicle
by amendment to the registration
statement.
The debentures are to be offered to stockholders of the company of record
May 1, 1936, in the ratio of $500 principal amount for each 60 shares held,
principal amount plus accrued interest.
Transferable warrants ex¬
piring May 21, 1936, and exercisable only in amounts calling for $500 prin¬
cipal amount of debentures, are to be issued to the stockholders. Deben¬
tures not subscribed for by stockholders are to be offered to the public by
The City Bank Farmers Trust Co. has been appinted registrar for the
1,500,000 shares of $1 par common stock voting trust certificates, and the
Chase National Bank has been appointed transfer agent of warrants to
purchase the common stock voting trust certificates.
,
at the
Universal
According to the registration statement the net proceeds from the sale of
are to be applied to the payment on June 29, 1936, of the
following bank loans obtained by the company to provide a portion of the
funds for the redemption on Feb. 29, 1936, or all its outstanding first pre-
Utah
interest
at
1M% to 3%.
by borrowing
or
as
The debentures
or
in
redeemable at the option of the company as a whole
notice at the following prices plus
If redeemed before May 1, 1938, 102^%; if redeemed
accrued interest:
$1,002,460
915,151
263
$140,017
485,920
2,259
$87,309
545,483
2,959
$52,252
52,581
$628,196
632,138
$635,751
639,701
Other income (net)
$52,216
52,544
Gross corp. income—
Int. & other deductions.
y
y
$3,950
$329
$3,942
$328
Deficit
Before property retirement reserve appropriations and dviidends.-
V. 142, p. 2346.
of America—To Reduce Stated Capital
Deficit—
Vanadium Corp.
stated above.
are
part at any time after 30 days'
1936—12 Mos—1935
$1,070,960
930,943
$10,464
41,752
Rent from leased prop..
Any part of the outstanding bank loans
which shall not be paid out of the net proceeds from the sale of the con¬
vertible debentures will be paid either out of the company's treasury funds
-1935
$77,210
74,153
$3,057
48,932
1936—Month$93,870
83,406
Net rev. from oper—
$4,000,000
1,000,000
Pennsylvania Co. for Insurance on Lives and Granting Annuities
1,000,000
The company has arranged a credit with the above banks, it is stated,
under which they have agreed to lend the company at its election up to
$4,000,000 for the payment of the bank loans on June 29, 1936. Any sums
borrowed by the company will be payable in four equal annual instalments
with
Light & Traction Co.- •Earnings—
Period End. Feb. 29—
Operating revenues..
Operating expenses..
ferred stock*
National City Bank of New York
Central Hanover Bank & Trust Co
Inc.—New Control—
Co.,
See Universal Corp. above.—V. 142, p. 1660.
the underwriters.
the debentures
Pictures
and Eliminate
contemplates a reduction in capital in an amount sufficient
wipe out its consolidated deficit, E. D. Bransome, President, announced
April 1.
The proposal will be submitted to stockholders of the company
at the annual meeting on Sept. 14.
As of Dec. 31 1935 the company's consolidated deficit amounted to
The company
May 1, 1938, but before May 1, 1940, 102%; if redeemed on May 1,
1940, but before May 1, 1942, 101M%; if redeemed on May 1, 1942, but
before May 1, 1944, 101%; if redeemed on May 1,1944, but before Nov. 1,
1945, 100&%, and thereafter, 100%.
The conversion provisions, the public offering price, the names of the
to
underwriters
V.
on
and
the
underwriting discounts
or
commissions
are
to
be
on
$4,214,811.
141,
furnished by amendment to the registration statement.
preceding page.
Unifies Sheet and Tin Plate Unit—
The company announced on April 7 that in continuation of the policy
referred to in the annual report, of more closely coordinating the activities
of the subsidiary companies, the corporation has approved the unification
of the properties and operations of the American Sheet & Tin Plate Co.
with the Carnegie-Illinois Steel Corp.
The plan contemplates that the properties and entire activities of AmeriSheet & Tin Plate Co. be merged as an integral part and under the manage¬
Carnegie-Illinois Steel Corp., of which Benjamin F. Fairless is
President.
Obituary—
William A.
after
a
Forbes,
a
Vice-President
of this company, died on April 7
brief illness.
Company Has No Dividend Plan—Taylor Defends Salaries—
The management of the corporation has no plan as yet for paying arrears
on the preferred stock, Myron O. Taylor, Chairman of the
«n dividends
Board, said at the 35th annual meeting, held April 6, in response to a
stockholder's inquiry.
"We felt at our last discussion of this subject that we should see a little
further into the future before committing ourselves to any plan," he said.
The stockholder had asked whether any new issue of securities was likely
to liquidate those arrears.
In answer to another stockholder Mr. Taylor defended the salaries paid
to officers of the corporation.
Homer Wakefield, a holder of preferred
shares, made a lengthy statement in which he said that the preferred stock¬
holders should unite and protest the large salaries and legal fees paid and
should ask Congress for protection through petition.
Replying, Mr. Taylor pointed out that the salaries are filed with the
Securities and Exchange Commission.
Admitting that a stockholder may
protest what he considers high salaries, he said they do not know all the
conditions.
He contended that a competitive situation exists and that it
is necessary to pay liberal salaries when bidding for such services.
"I think too many of us take too narrow a view of the whole salary
question," Mr. Taylor said.
"I do not like
this compen¬
I resent it."
Mr. Taylor also commented that a substantial portion of an official's
salary is returned to the Government in the form of taxes.
The corporation operated at better than 60% of capacity during the
past week and for the first two months of the year it operated at an average
of 46.7%, despite inconveniences caused by the recent floods, Mr. Taylor
said. That compared, he said, with an average operating rate in 1935 of
40.7%.
"While our operating schedules have been gradually gaining, they are
still far from satisfactory and that is due directly to the fact that there is
as yet a restricted movement in the field of heavy rolled products," said
Mr. Taylor.
"The rate of operations at the present time is at the highest level it has
been since 1930.
We are hopeful that this improvement will continue
and that the present operating basis may gradually expand until we reach
a normal rate of production.
"If one considers the accumulated need of the country for steel for re¬
placement purposes due to ordinary wear and tear as well as to obsolescence
in all of the capital goods industries, the conclusion is inescapable that
any one to attack
sation question without knowing what they are doing.
See list given on
surplus
on
the same
date
was
$2,634,288.—
Works—Registers with SEC—
first page of this department.—V. 140, p. 488.
Sugar
Vertientes
Shipments—
See under "Indications of Business Activity" on a
ment of the
The capital
2753.
Van Dorn Iron
[According to press reports, the $5,000,000 convertible debentures will
be underwritten by a syndicate in which Kuhn, Loeb & Co. and Edward
B. Smith & Co. will participate.]—V. 142, p. 2176.
United States Steel Corp.—March
P.
and
Co.
Camaguey
Sugar
Co.—
Reorganization Plan Adopted—
reorganization has been adopted and is being promulgated by
for Vertientes Sugar Co. first mortgage
7% gold bonds (Thomas L. Chadbourne, Chairman) and
bondholders* protective committee for Camaguey Sugar Co. first mortgage
sinking fund 7% gold bonds (Arthur W. Loasby, Chairman).
The plan has been adopted and is being promulgated by the two com¬
mittees jointly, who have united for such purpose as the reorganization
committee (constituted under this reorganization agreement dated as of
April 3, 1936) as follows:
Thomas L. Chadbourne (Chairman), Edgar S.
Bloom, A. J. Brosseau, Arthur W. Loasby, George N. Lindsay and Charles
G. Meyer with James B. Guaraglia, Sec., 7 Hanover St.. N. Y. City, and
Chadbourne, Stanchfield & Levy, 25 Broadway, and Armstrong & Keith,
A plan of
bondholders' protective committee
sinking fund
7 Hanover St., counsel.
The depositaries are Manufacturers Trust Co., 55 Broad St., New York
for first mortgage sinking fund 7% gold bonds of Vertientes Sugar Co., and
Chemical Bank & Trust Co., 165 Broadway, New York, for first mortgage
sinking fund 7% gold bonds of Camaguey Sugar Co.
An introductory statement to the plan states in substance:
The Vertientes Sugar Co. (Compania Azucarera Vertientes), a Cuban
corporation, owns two sugar estates in the Province of Camaguey, Cuba,
known respectively as Centrals "Vertientes" and "Agramonte," together
with their appurtenant factories, lands, railroad and equipment.
The Camaguey
a
Sugar Co. (Compania Azucarera de Camaguey S. A.),
three sugar estates situated in the Province of
Cuban corporation, owns
Camaguey, Cuba, known as "Estrella," "Pilar" and "Camaguey," together
railroad and equipment.
the payment of the interest due
April 15, 1932 on its outstanding first mortgage sinking fund 7% gold
bonds.
The Vertientes company defaulted in the payment of the interest
due on June 1, 1932 on its first mortgage sinking fund 7% gold bonds.
Both companies have defaulted in the payment of both interest and sinking
fund payments due subsequently on their respective bonds.
A committee was formed to represent depositing holders of the Vertientes
bonds, consisting of Thomas L. Chadbourne, Edgar S. Bloom and A. J.
with their appurtenant factories, lands,
The Camaguey company defaulted in
on
Brosseau.
committee
A
was
formed
to
represent
the depositing
holders of the
Camaguey bonds, consisting of Arthur W. Loasby, George N. Lindsay and
Charles G. Meyer.
At the time of the defaults in the Camaguey and Vertientes bonds, the
situation of the Cuban sugar industry appeared desperate.
Cuban sugar
was
then
selling for about 6-10 of a cent a pound.
If the cultivation of the
Elantations and operation of the properties had been they would they would
disintegrated and deteriorated to a point where abandoned have little,
ave
Although National City Bank, New York, was already a
companies in excess of the value
it advanced moneys for the continued cultivation
of crops, planting of cane and for the maintenance and preservation of the
properties as going concerns, enabling them to survive those years in which
no large Cuban sugar producer could market its crops for the cost of pro¬
duction. As security for its loans all the working capital and working assets
of both the Camaguey company and the Vertientes company and their
subsidiaries have been pledged to the bank.
None of these assets were
covered by the mortgage securing the Vertientes bonds or the Camaguey
Bonds, nor would they pass to the purchaser upon foreclosure of the re¬
if any, value.
substantial creditor, having loans to these
of the collateral therefor,
spective mortgages.
I
'
..
r
252
.
Financial
The properties of the two companies are neighboring and both have since
their inception in effect been managed and operated as a unit by their
parent, the General Sugar Corp. After careful consideration, the committees
are of the opinion that the
companies should be reorganized pursuant to a
common plan which if consummated would result in their integration into a
single new company.
To that end, the committees, after considerable
negotiations, have joined to form the reorganization committee to endeavor
to consummate this joint plan.
In order to effect a reorganization of these two companies, it is requisite
that working capital and working assets be provided, and also cash to meet
the expenses of foreclosure and reorganization, including Cuban taxes.
In view of the unprofitbale recent history of the sugar industry in Cuba
it is clear that new money for such purposes could not be obtained by
the sale of new securities, nor from outside sources on any basis which would
not mean the practical elimination of the interests of the bondholders.
The
reorganization committee believes that the only available solution of this
problem is to refund the lien of the bank on the unmortgaged assets with
securities of the new company, thus enabling it to acquire the same free and
clear and to pay the expenses incident to the reorganization, and to have
sufficient working capital and working assets to permit it to continue to
operate.
The indebtedness of the two companies to the bank is
greatly in
excess of the present value of the
working capital and other working assets
securing the same. The bank has agreed to accept new securities as provided
in this plan, on the basis of the value of these assets as of Sept. 30, 1935,
to the extent that payment, on that basis, is not made in cash.
To maintain and operate the properties judicial administrators were
appointed at the suit of the bank as a creditor.
The trustee under the
respective mortgages, at the request of the respective committees, has
instituted in the Republic of Cuba actions to foreclose the same.
It is proposed to include in the reorganization General Sugar Estates,
Inc. (Compania General de Haciendas Azucareras, S. A.), now an affiliate
of Camaguey Company and Vertientes company, and the agency through
which their sales have been handled for many years. This corporation has an
established reputation as a sales agency and the committee deems it advis¬
able that the new company should acquire all of its stock. It is contemplated
that the bank will cause this stock to be conveyed to the new company, or
its nominee.
It is also proposed that approximately 90% of the first mort¬
bonds of Ceballos Sugar Co. (Compania Azucarera Ceballos) now
pledged as additional security for the Camaguey bonds, will be included
in the reorgani zation.
gage
Digest of Plan of Reorganization
fNew Company—The new company is to be organized under the laws of
the Republic or Cuba, or under the laws of such other jurisdiction as the
committee may determine, having such name, &c., as the reorganization
committee shall determine.
The new company is to acquire the mortgaged
properties of both the Vertientes company and the Camaguey company
through foreclosure of the respective mortgages thereon or other judicial
process, pursuant to proceedings now pending in the Republic of Cuba.
The mortgage bonds of the Ceballos Sugar Co. to the extent now pledged
under the Camaguey mortgage, will be acquired through foreclosure of the
liens thereon by public or private sale, or otherwise, as determined by the
committee.
I*» To provide the new company with working capital and other working
assets, the cash, accounts receivable, sugar, molasses,
materials and
supplies,
assets,
Sugar Stabilization bonds of the Republic of Cuba and other
will be acquired free of all present liens or claims thereon, all of
which liens or claims will be paid and discharged.
All of the outstanding
stock of General Sugar Estates, Inc. will be
conveyed to the new company
or its nominee free and clear of all liens.
■
It is contemplated that the assets will be acquired as of Sept. 30,
1936,
with the adjustment made to reflect the liquidation of the current crop.
K The plan makes no provision for the stocks of either the Vertientes or
Camaguey company, or for any unsecured indebtedness of the companies
except indebtedness of the judicial administrators incurred in the operation
and maintenance of the properties.
Chronicle
§any will either (a) pay 1st the bank in cash the sum of $3,600,000, or (b)
eliver to the bank its to mtge. (coll. )5% conv. bonds in the principal
amount of $4,000,000, to be taken in lieu of cash at 90% of the par value
thereof flat, or (c) pay partly in cash, and the balance by the delivery of its
bonds to the bank at 90 flat.
For the remainder of the appraised value of
the assets so acquired up to the sum of $1,010,000, the new company will
deliver to the bank 204,375 shares of its
Any profit from this crop will be adjusted as follows:
The profits derived from cane grown upon leased lands and from cane on
lands of independent colonos, covered by crop lien credit, will be for the
account of the crop lien creditor.
The profits realized from crops grown on
owned lands of both companies or from outside cane purchased will be
applied, to the extent of $188,478, to the liquidation of the remaining value
of the appraised assets which, after deducting the
$4,610,000 refunded
amounts, together with interest to accrue to Sept. 30, 1936, taken at the
sum of $40,000, to a total of $188,478.
No further adjustment is to be
made in the event that there are no profits from such owned lands and
outside cane or that profits from such sources are less than $188,478, but,
in the event that the profits exceed the said sum, the excess will accrue to
the
new
company.
Distribution
of Common Stock to Bondholders—Holders of the bonds
plan, will be entitled on completion of the reorganization and surrender of
their securities, or certificates of deposit therefor, to receive common stock
of the new company as follows:
(a) The holders of the outstanding $10,200,000 1st mtge. sink, fund 7%
gold bonds of the Vertientes Sugar Co. will be entitled to receive, under the
plan, for each $1,000 of such bonds, 50 shares of the common stock of the
new company.
Holders of such bonds in the denoms. of $500 will be en¬
titled to receive for each $500 of such bonds, 25 shares of common stock of
of the
(b)
new company.
Holders of the outstanding $6,150,000 1st mtge. sink
of such bonds, 25 shares of the common stock of the new
company.
Subscription Rights—Holders of the Vertientes and Camaguey bonds (or
of certificates of deposit) who shall be entitled to the benefits of this plan
and who shall have complied with the terms and conditions hereof, will be
entitled to subscribe for the 1st mtge. (coll.) 5% conv. bonds of the new com¬
pany, on a
when,
and if issued basis,
as
subscription rights calling for $125 of such new bonds upon payment of
$112.50 flat.
The subscription rights will become available only to registered holders of
certificates of deposit becoming subject to the plan, of record on the books
of the respective depositaries at the close of business on July 31, 1936, or at
such later date as the reorganization committee may fix as a record date.
Registered holders of certificates of deposit as of such record date, will be
entitled to exercise such subscription rights to the extent provided under
the plan, at the office of the Manufacturers Trust Co., 55 Broad St., New
York (agent for the committee) for such purpose, before the close of business
on Aug. 31, 1936, or such later date as the reorganization committee
may
fix, and, after such date, all subscription rights not so exercised shall be void.
Consolidated Balance Sheet
Vertientes
of not exceeding $4,087,500, to be secured
by a trust agreement made with
a
trustee to be selected by the reorganization committee, under which
for
current
New company will also pledge under
outstanding shares (except directors'
shares) of General Sugar Estates. Inc. and approximately 90% of the
outstanding mortgage bonds of the Ceballos Sugar Co.
The bonds shall be known as "first mortgage (collateral) 5% convertible
bonds" to be dated Oct.
1, 1936 and to mature Oct. 1, 1951, and to be
issued as coupon
bonds, registerable as to principal only, in denoms. of
$1,000, $250 and $125.
New bonds will be entitled to interest at the rate
of 5% per annum from Oct.
1, 1936, payable annually on Jan. 2 in each
trust
crop
agreement
all
expenses.
issued
and
of the
years 1938, 1939 and 1940, and thereafter payable semi-annually
April 1 and Oct. 1 in each year, such interest payable after Jan. 2, 1940
charge, whether earned or not.
The interest payable on the
next succeeding Jan. 2 for each of the fiscal
years ending on Sept. 30 in the
years 1937, 1938 and 1939 shall be payable from, and only to the extent
that, "net earnings available for interest" may have been realized by the
new company in each of such
respective next preceding fiscal years.
To
the extent that payments of interest at the rate of 5% per annum shall not
have been made on Jan. 2, 1940, the
deficiency shall be payable, but without
interest thereon, on April 1, in each of the years beginning with 1941 and
thereafter, to the extent that net earnings available for deficiency interest
after provision for current interest and
sinking fund charges may have
been realized by the new
company in the next preceding fiscal year ending
Sept. 30.
on
to be a fixed
In the event that any accumulation of interest, at the rate of 5% per an¬
from the date of the new bonds to Oct. 1, 1939, shall not theretofore
have been paid, the same shall be
payable, but without intrerest thereon, at
the maturity of the new bonds.
The new bonds will be redeemable in whole
or in part upon 60
days' notice on any interest date at par and interest.
New bonds will be convertible at the
option of holders at any time prior to
W
num
maturity or, if called for redemption, five days prior to the redemption
date, into common stock of the new company at the rate of 152 shares of
common stock for each
$1,000 of new bonds.
I
The trust agreement will also provide for a sinking fund for the retirement
of bonds.
Payments for the sinking fund will be required to be made by the
new
company to the trustee on Jan. 2 in each of the years 1938, 1939 and
1940, to the extent that "net earnings available for sinking fund after
payment of interest." may be realized by the new company in the respective
fiscal years ending on the
Sept. 30 next preceding such Jan. 2. provided that,
in no event shall
any such payment exceed the sum of $100,000 and that
no deficiency shall accumulate.
On and after Jan. 2, 1941, payments for
the sinking fund will be
required to be made by the new company to the
trustee on Jan. 2 in each year in the fixed sum of $100,000, whether earned
or not.
The trust agreement will also provide for contingent sinking fund
payments to be made by the new company to the trustee on Jan. 2, 1941,
and on each Jan. 2 thereafter,
equivalent to 20% of any net earnings
realized by the new company in the fiscal year ending on the next preceding
Sept. 30, after provision for any accrued and unpaid interest on the out¬
standing bonds to the interest date next succeding such payment, and after
provision for all fixed sinking fund charges.
The trust agreement will
provide for the trustee applying all sums so paid on account of the sinking
fund to the purchase of bonds in the
open market or at private sale at a
price not over par and interest, and, to the extent that such bonds cannot
then be purchased at such
price, by calling by lot outstanding bonds for
redemption at par and interest.
Common Stock—Common stock of the new company shall be an authorized
issue of shares (par
$5), not exceeding 1,643,175 shares.
1,021,875 shares
of the stock will be
presently issued and delivered under the plan, in ex¬
change for the outstanding Vertientes bonds and the outstanding Camaguey
bonds and in partial satisfaction of secured indebtedness.
621,300 shares
are to
be
reserved for conversion of
the new bonds.
Common
shall have full and equal
voting rights, share for share.
The amounts of the new bonds and common stock proposed to be
are
stock
issued
the appraisal of the value of the items to be
estimates and are based upon
acquired and upon the amount of the Vertientes bonds and the Camaguey
bonds now
outstanding, and on the basis that the holders of all such out¬
standing bonds assent to the plan and exercise the rights granted to them
thereunder
w
Secured Indebtedness to Be Refunded—The loans and advances heretofore
made by National City
Bank, New York, and secured on properties not
covered by the mortgages, are several
million^dollars in excess of the ap¬
Sept. 30, 1935
Liabilities—
Camaguey
Vertientes
growing
$
cane:
hand
Bank
%
28,658
115.613
Dead season loan,
crop
1935-36
payments
(less reserve).—
165,850
89,543
Spec.
1st mtge.
Indenture
similar bonds or
313,160
eral Sugar
8,401
01,978
Notes
27.264
&
440.338
1
accounts
payable
54,811
General accts. pay.
Res. for sugar and
i
26,119,294
9,980,352
Accrd. rents, taxes,
»
insur.
& wages
l
65,013
Accrd. & past due
5
molasses shlppinj
g
plant &
(less de¬
expenses
Real estate mtges.
& censos & accrd.
132,848
.
payable
70,963
31,201
4,049,374
.
2,440,491
0,150,000
10,200,000
cap.
Com-
Purchase
•.
money
mtges. & censos-
panla Azucarera
Cabellos
1,277,500
455,775
250,955
Accrued deficit-—15,386,266 11,020,866
8%
Deferred charges--
cumul.
25,040
pref.
stock
7%
cumul.
150,000
pref.
stock
3,338,400
Common stook_-.19,000,000
45,792,580 24,557,643 I
69.564
113,640
(In
Total
..
17,915
1.190,503
&
28,224
617,829
Corp.
228,153
833,115
269,518
cane
of
bond
Other loans—Gen
319.049
from
colonos (less res)
default)
28,000
under
—trustee
cash receivable,
639,340
Sugar In llquldat'n 1,070,779
Molasses in liquld'n
44,929
Matl.s & supplies.
63,664
Interest, &o
Mtge.
bonds
250,000
52,000
comm
Spec, tax advances
public of Cuba,
par, & addi.
at
preciation)
......
loan—bond¬
holders'
bonds of the Re¬
stock
crop—
General Sugar Es¬
tates. Inc
Aadv
Sugar stabilization
equip,
1 ian & other
assets
Accts. & loans rec.
Property,
4,545,916
stabilization bds.
248,488
crop
Admin,
8,146,655
67,212
-
rec.
$
loans—partly
secured by sugar
on
ciary for 1935-36
Accts.
Camaguey
5
Cash held by fidu¬
the
follows:
as
Holders of bonds in the denom. of $1,000 will be entitled to receive for
each $1,000 of such bonds, subscription rights calling for $250 of new bonds
of the new company upon payment of $225 flat.
Holders of bonds in the
denom. of $500 will be entitled to receive for each $500 of such bonds,
Cash In banks &
and purchase money mortgages and subject to the right of the new company
to enter into contracts of
agricultural financing and to pledge growing
fund 7% gold
bonds of the Camaguey Sugar Co. will be entitled to receive for each $1,000
of such bonds, 50 shares of the common stock of the new company.
Holders
of such bonds in the denoms. of $500 will be entitled to receive, for each $500
Current assets &
trust agreement will be
pledged a 1st mtge. constituting a 1st lien on all of
the real property acquired by the new company, subject to existing censos
or
certificates of deposit therefor, who shall be entitled to the benefits of this
Is* Mtge. (Coll.) 5% Convertible Bonds—New company is to create an issue
of 1st mtge. (coll.) 5% con v. bonds in a total authorized principal amount
crops
stock.
common
Adjustments for Liquidation of Current Crop—The working capital and
other working assets will be acquired by the new company as of Sept. 30,
1936, after the completion of the current crop now being manufactured.
Assets—
Securities to Be Issued by the New Company
April 11, 1936
prised value of the working capital and other working assets and prior
claims including the net worth of General Sugar Estates, Inc., to be ac¬
quired.
Partially to reimburse the bank for said loans and advances to the
extent of the appraised value of the assets'and prior claims, the new com-
Total
Note—Contingent liability (Vertientes Sugar Co.)
$1,411,435.
io,4ob"66o
45,792,580 24,557,643
under guarantee for
Colonos' loans and interest,
Pro Forma Estimated
Balance Sheet
as
of Sept. 30, 1935 of New Company
[Including net worth of General Sugar Estates, Inc. and adjusted to give
effect to the plan, and to a tentative revaluation of the assets of the two
reorganized companies, and the refunding of all secured loans
the
as
provided in
plan.]
Assets—
Current assets
(at appraised values) after giving effect to the
liquidation of current liabilities incurred by the judicial ad¬
ministrator, &c., and the liquidation of current dead season
loans (including therein materials and supplies,
$345,780,
and sugar stabilization bonds, $952,613)
Investments, &c. (including colonos' advances, $286,446 and in¬
vestment in Compania Azucarera Ceballos, $244,481)
Fixed assets and growing cane: property, plant & equipment
Administration, cane
Total-
Represented by: 1st mtge. bonds to be issued
Common stock equity—before provision for reorganization
expenses, but after deduction of bond discount
Total.
—V.
140,
3,360,327
572,215
5,000.000
856,000
$9,788,542
4,087,500
5,701,042
$9,788,542
p.
2555.
Virginian Ry.—Annual Report—
Carl Bucholtz, President, says in part:
Under
the
call
financing arrangements recently completed, and approved by
Interstate Commerce Commission on March 24, 1936, company will
for redemption on May 1, 1936, all its bonds issued and outstanding
under
mortgage of May 1, 1912.
A new mortgage has been executed
securing a proposed new issue of sinking fund bonds in the principal amount
of $69,888,000, of which $60,344,000 have been sold and $9,544,000 will be
held in company's treasury.
The premium of $5,659,400 on the redemption
of bonds above referred to will be charged to profit and loss during 1936,
and the following additional securities are pledged under the new mortgage
indenture, viz.: 470 shares capital stock and $2,852,000 1st mtge. bonds of
Financial
Volume 142
2523
Chronicle
the Virginian
& Western Ry.; also a note payable by that company to
company in the amount of $5,136,144.
Company has received, as of Dec. 31, 1935, distribution of 40% of its net
contribution to the Railroad Credit Corporation, which corporation was
1932
$41,492,890 $38,235,813 $37,785,634
30,684,901
28,523,481
31,246,552
1935
Total railway operating revenues
Total railway operating expenses 1
created for the purpose of collecting, receiving and administering the
fund
growing out of the increase in freight rates and charges.
Prior to May 29, 1925, company's 6% cum. pref. stock was redeemable
at the option of company at $105 and accrued dividends.
On that date,
by an amendment to the 5th clause of company's charter, the redemption
provision was stricken out.
Company filed an application with the ICC on
Dec. 3, 1935, for authority to issue shares of its 6% cum. pref. stock in
accordance with this amendment to its charter, in exchange, share for share,
for its outstanding pref. stock.
The ICO approved the application on
Dec
26
1935
1932
608
8.041.509
1,824,287
0.666 cts.
114.230
2,651,614
2.73 cts.
$21,079
619
9.422,662
0.672 cts.
80.787
1,846,576
Pass, carried 1 mile
1933
614
8,596,191
1.943.137
1934
619
9,778,327
2,252,784
Passengers carried
2,117,632
0-652 cts.
0.661 cts.
117.977
2,293.330
111,322
2.961.713
2.27 cts.
2.49 cts.
2.07 cts.
Oper.
$25,485
$23,321
$21,874
revenue per
Account
mile.
-
Calendar
for
&
Years
Western Ry.
Co.
Incl.
Co.,
Virginian Terminal Ry.
Creek Colliery Co.
Total
$15,783,580 $14,443,351 $13,433,773 $12,818,969
3,964,707
3,555.531
3,664.643
3,608,640
2,735,041
2,539,896
2,446,811
2,547.562
expensesx479,160
x554,368
519,258
557,672
revenues
All other oper.
1,333,891
2,408,336
$8,720,187
Total for
hire of freight
cars,
$8,378,441
$4,692,397
other
Total expenses
3,506,288
4,023,168
4,167,728
$5,213,900
381,259
$4,355,273
369.232
$524,669
845,382
Deductions.
$5,595,158
449,860
$4,724,505
452,816
$1,370,051
427,618
$5,145,298
7,413,766
$4,271,689
7,379,310
$942,433
7,616,128
$2,268,468
$3,107,621
$6,673,695
i
.
,
Deficit
-
——
Restating the results to exclude interest on the ref. & gen. mtge. bonds,
is not being paid currently, the actual results for the year 1935
indicate a net income of $748,047, as compared with deficits of $91,106
in 1934, $1,806,543 in 1933. and $3,657,180 in 1932.
During the first three months of 1936 there has been an increase In
railway operating revenues of $1,039,250, or 10.27%, as compared with
the corresponding period in 1935, detail of which is as follows:
Increase
1936
$7,178,908
$6,702,904
$6,521,600
$6,769,877
$8,604,672
1,936,300
30
$7,740,447
1,779.400
$6,912,173
1,664,400
$6,049,092
1,680,528
349
785
134
Railway oper. income- $6,668,342
Equipment rents (net)
511,537
Joint facility rents (net)
43,275
$5,960,698
689,208
$5,246,988
775,595
48,586
$4,368,430
77,222
$7,223,154
$6,727,128
$6,071,169
155,316
88,945
632,002
$11,163,014
$10,123,763
$1,039,250
•
Express
16,473
1,697
25,849
1,697
25,494
15,340
6,430
20,886
15,689
70,008
67,882
1,340
24,671
84.598
1,787
$7,295,001
Miscell. tax accruals
3,600
Miseell. income charges29,441
Fixed int. on funded debt
3,115,205
$6,784,285
$6,237,945
3,600
26,760
$5,308,947
312
807
Total
Net
rev.
from ry. opers—
Railway tax accruals
Uncoil, railway revs..
-
-
-
Netry. oper • income.
_
760.790
40.481
22,886
property
Dividend income
1,697
Net profit of Loup Creek
his
income—
Total income:
Int. on unfunded debtAmortization of discount
3,600
26,664
3,151,527
3,187.849
18,158
5.177
28,580
3,224.171
9,580
3,106
83,443
86,919
90,410
$4,143,337
$2,914,659
1,677,300
1,250,860
$3,518,244
2,096.625
625,430
$1,951,029
1,677,300
938,145
$1,215,177
312,715
$7.89
$796,189
312,715
$5.89
funded debt
on
2,412
Consolidated net inc.
Preferred dividends
-
1,677,300
Common dividends
Balance, surplus
8hs.com.out. (par $100)
Earns, per sh. on com
$1,237,359 def$664,416
312.715
312,715
$3.99
$0 91
for 1934 were debited with $63,372 for carriers
proposed Railroad Retirement Fund which was sub¬
sequently held Invalid by U. S. Supreme Court.
This amount was credited
to operating expenses for 1935.
Operating
x
contribution
expenses
to
tne
Consolidated Balance Sheet Dec. 31
(Including Virginian Terminal Ry. Co.,
Virginian & Western Ry. Co. and Loup Creek Colliery Co.)
1934
1935
Assets—
Common
A
equipment-155,084.384 154,935,085
Other property3,401,547
3,408,006
Deps. in lieu of
mtged.
25,755
29,501
Invests. In affil.
25,000
13,808
208,726
13,808
244,878
36,000
500,107
4,783,871
36,000
Secure, pledged
unpldged
Cash
Traffic & car
89
Ilabs
com.
Jan.
on
stk., pay
2, 1935
625.430
liabilities-
Accrd.
1,196,184
1,023,872
13,755,021
828,727
18,200
942,561
credits
14,867,678
858,551
48,110
deprec—
941,260
24,946,298
Additions to prop
ser¬
vice bals. rec.
502,804
450,579
through
A
rec.
surplus
ino.
265,437
conductors
rec.
169,599
131,359
1,479,222
3,591
147,317
Materials A sups
Int. A divs. rec.
1,555,754
1,315
Deferred assets.
433,186
167,020,072 165,909,630
Total
167,020,072 165,909,630
and interest and the 4^s at 102H and interest.
Payment
on
both issues
will be made at the City Bank Farmers Trust Co., N. Y. City.—V. 142,
2346.
Waldo Mining &
first
Smelting Co.—Registers with SEC—
page
Total railway operating expenses
Decrees©
14,492,651
9.24
164,690
1,798,961
xl.39
is
103,679
$31,246,552
14.93
118,011 xl2.14
$28,523,481
-
9.55
as
com¬
•
included in operating expenses for
1935 $1,534,116,
pared with $209,935 in 1934, covering restoration of pay to employees
of 2H% effective July 1, 1934, 2H% on Jan. 1, 1935, and 5% on April 1,
1935, which was granted pursuant to agreement entered into between the
Conference Committee of Managers and the Railway Labor Executives
Association on April 26, 1934, the detail of such items being as follows:
1934
1935
Increase
$217,083
$31,577
Maintenance of way and structures$185,506
243,730
30,658
Maintenance of equipment
213,072
876,797
121,450
755,347
Transportation expenses
196,506
26,250
Other operating expenses—
170,256
$1,534,116
Total
$209,935
$1,324,181
required by the Railroad Retirement Act of 1934, contributions in the
$271,910 were made by the receivers from Aug. 1, 1934, to the
end of that year for pensions, and when this act was declared to be invalid
by the U. S. Supreme Court, this amount was not adjusted in the operating
expenses account, but was credited to profit and loss.
Similar accruals
in the amount of $165,402 for the first three months of 1935 were credited
to operating expenses in May, 1935, so that operating expenses for the
year 1935 do not include any amount representing an adjustment of the
As
amount of
1934 accruals.
in maintenance of equipment during 1935 over 1934 of
18.09%, was due in part to the restoration of pay to employees
of $213,072, and a substantial part of the balance was occa¬
sioned by an increase in general repairs to locomotives, freight train cars
and passenger train cars required to maintain the equipment in serviceable
condition.
The program for improvements and repairs to freight and pass¬
enger cars during 1935 included fitting up 712 cars for automobile loading,
equipping 100 automobile cars with Evans type auto loading devices,
equipping 259 cars with non-harmonic truck springs, applying panel type
side sheets to 150 hopper cars, air conditioning 20 passenger cars and
making alterations in the air conditioning equipment on 7 passenger cars.
On Jan. 1, 1936, there were 659 freight cars in disrepair, or 3.78% of the
cars owned, compared with 690 bad order cars on Jan. 1, 1935, or 3.82% of
the cars owned.
174 locomotives were given classified repairs in 1935 at a
cost of $1,237,488, compared with 168 in 1934 at a cost of $1,015,394.
12 locomotives were in white lead on Jan. 1, 1936, compared with 17 on
Jan. 1, 1935.
There was also an increase of $405,346 covering depreciation
on equipment due to changes in rates of depreciation effective Jan. 1, 1935,
pursuant to an order of the ICO.
The operating ratios ©f the Wabash for the years 1924 to 1935, inclusive,
The
increase
$1,081,423,
or
in the amount
as
1935
1934
1933
follows:
75.31
74.60
—76.17
81.21
Work In connection with
Bonds Called—
See list given on
Transportation for investment—Credit—
There
5.40
1,773.951
General
x
18.09
1,585.433
189,279
Transportation _
Miscellaneous operations
4.38
5,978,723
1.671.078
15,832,458
-
—
19311930
1929
1928
85.48
76.25
73.43
73.74
1927
1926
1925
1924
completing construction of the birdge
76.56
73.18
-—73.07
76.46
across
the
Charles, Mo., which work is being performed
Wabash-St. Charles Bridge Co., went forward throughout the year,
and as of Dec. 31, 1935, approximately 87% of the grading and 75% of the
substructure for approaches was completed and work ha<f been started on
the superstructure.
Approximately 67% of the grading was completed
on the railway tributary to the bridge.
It is anticipated that this project
will be completed during the year 1936.
Receivers certificates of various series which maturedTduring?1935 in
the aggregate face amount of $20,222,994 were extended to Jan. 1, 1936,
and arrangements were subsequently made with the holders of such receivers,
certificates whereby they have agreed to withhold presentation of their
certificates for payment until April 15, 1936, pending a determination of
what arrangements can be effected for an extension thereof on a basis
mutually satisfactory to all concerned, or otherwise for the refinancing of
by the
All of the outstanding 1st mtge. 5% bonds series A, due May 1, 1962
and the 1st mtge. 4H% bonds, series B, due May 1, 1962, have been
called for redemption on May 1.
The 5% bonds will be redeemed at 110
p.
Traffic
inc.
1934
$4,621,032
7,060,146
Maintenance of equipment—
1932
36,241
349,260
31,299
Unadjusted debs
1935
$4,823,317
Missouri River at or near St.
833
12
assets
,
were
Profit and loss- 25,857,123
from agents &
Total
36,489
452,215
98,807
514,356
2,112
27,642
4,222
curr.
1,000,513 Accrd. depletion
3,599,809 Other unadjusted
Special deposits.
curr.
27,885
591,100
payable
508,200
176,653
31,301
Other
Tax
Other Investmts.
Other
car ser¬
Div. declared
Advances.-
31,271,500
27,955,000
63,412,700
Audited accts. A
Deferred liabils.
un¬
pledged:
Stocks
Misc. accta.
Traffic A
62,684,000
Misc. accts. pay
25,000
Securities
bals.
Long-term debt.
Unmatd.lnt.accr
cos.:
—stocks
Net
31,271,500
6% cum pref.stk 27,955,000
wages
Secure, pledged
Sees.
$
s
stock.
vice bals. pay.
prop.
sold
1934
1935
Liabilities—
$
S
Investment In rd.
10.27
Interstate
18, 1935.
to June 30, 1936, produced additional revenue during the year 1935 or
$986,040.
While these increases expire on June 30, 1936, there is an
application now pending before the ICC to continue these surcharges.
The increase in freight revenues resulted from an increased movement of
traffic, consisting principally of automobiles, coal, iron and steel articles,
petroleum and its products, lumber and building materials.
Movement of
grain, grain products, livestock, meat and packing house products, dairy
products, and fruits and vegetables declined.
During the first three months of 1936 the Wabash loaded locally 68,531
carloads of freight as compared with 61,913 carloads during corresponding
period in 1935, an increase of 10.69%, and received from connections
during the first three months of 1936 110,885 carloads of freight, against
107,050 carloads during corresponding period of 1935, an increase of 3.58%.
Operating expenses for the year 1935 amounted to $31,246,552, compared
with $28,523,481 in 1934, an increase of 9.55%, the general classification
of such expenses being as follows:
_
Colliery Co
Interest income
2,614
6,446
217,500
The emergency increases in freight charges authorized by the
Commerce Commisssion March 26, 1935, for the period April
Maintenance of way and structures
Income from non-transp.
%
8.18
15.57
1.71
7.81
52.47
Amount
$733,972
78,716
$9,702,437
584,312
$5,169,702
26,492
1,697
1935
$8,968,464
505,595
152,702
82,499
414,502
Freight
Passenger
Miscellaneous-
and Loup
1935
1934
1933
1932
Freight—coal & coke—-$12,979,585 $11,897,523 $11,315,879 $10,896,489
Freight—other
2,1671281
1,916,572
1,247.216
1,534.466
149,761
Passenger. mail & express
124,092
107,653
125,508
Allother
525,503
529.061
505,164
457.920
Maintenance
$9,712,332
1,626,150
Mail
Rate per pass, per mile—
Transportation
$7,100,732
$10,246,337
.
which
Traffic Statistics for Calendar Years
Average mileage
Tons (revenue) carried
1,000 tons carried 1 mileRate per ton per mile
Virginian
,
Non-operating income.
1935.
Company's application for listing, on the New York Stock Exchange,
279\550 shares of its pref. stock was approved by the Board of Governors
of the New York Stock Exchange on Jan. 8,1936, and by the Securities and
Exchange Commission on Jan. 19, 1936.
)
Company has undertaken a program of repairing 1,500 hopper coal cars
at an approximate cost of $1,200,000, and with the approval of the ICC
is charging, in equal monthly instalments, such cost to operating expenses
of the next five years.
Work under this program was commenced during
November, 1935.
Income
1934
of this department.
Buch obligations.
Pursuant to deferment agreements
dated June 1,1933, entered into with
obligations, the receivers paid all installment
principal which matured throughout the year 1935, aggregating $1,433,000, and, in keeping with the program of the receivers of leveling out the
annual principal installments, the receivers were authorized by the U. S.
District Court for the Eastern Division of the Eastern District of Missouri
to enter into agreements under date of Feb. 1, 1936, with the holders of all
Wabash Ry. equipment trust obligations, except equipment trust notes of
1920 due in 1934 and 1935, the payment of which was previously deferred
to 1937 and 1938, respectively, whereby the installments of principal
the holders of, equipment trust
Wabash Ry.—Report
for 1935—
The stockholders' protective committee, in a report for 1936, states:
The operating results for the year 1935 were more satisfactory than for
since the properties of company have been operated by receivers.
earnings, after providing for all charges, including interest on the
& gen. mtge. bonds in the amount of $3,016,515, accrued but not
any year
The
ref.
paid during the year, reflected a net deficit of $2,268,468, compared with
adeficit of $3,107.620in 1934, $4,823,058in 1933, and $6,673.695in 1932.
Condensed income accounts for the years 1935, 1934 and also for the year
1932f which was the first full year or operations by the receivers, follow:
of
maturing in 1936 and 1937 are deferred for a period of three years rect vely from the due dates thereof, so that under such agreements the
11994432
Financial
2524
equipment trust principal payments, by years, aggregating $10,946,800,
were readjusted to the following:
$400,000
1936
$1,208,000
1939
$2,283,000
225,000
1937
2,188,400
1940
2,112,000
225,000
1938
1,905,400
1941
400,000
Almost unanimous consent has been secured to the plan, as reflected by
the following tabulation:
Prin. Outstdg.
to Plan
Assenting
Amount
Per Cent
Feb. 1, '36
$1,132,000
Series G
Series H
1,953,000
1,511,000
100.00
2,250,000^
Series P
99.55
96.51
2,221,000
94.44
95.94
98.71
98.07
$9,254,000
$9,436,000
Total
April 11, 1936
Consolidated Income Account
for Calendar Years
1935
Costs,
1933
1Q89
$3,956,312
$2,294,729
$4,100,210
4,194,465
3,797,650
191,541
2,124,172
4,156,615
284,707
146,255
166,202
$169,208
329,892
&
exp.
1934
$4,648,380
loss$32,879
662,607
$499,100
Gross income
$629,728
486,120
521,747
10,706
47,412
25,732
ordinary
taxes
Depreciation
Profit....
Other credits
$24,302 loss$222,507
al,097,180
al,489,811
100.00
667,000
801,000
969,000
1,953,000
1,575,000
Series E
$1,132,000
670,000
830,000
1,026,000
Trust Series—
Series of 1922
Series C
Series D
Chronicle
various interests in Wabash Ry. Co. have exchanged
reorganization, and a number of studies
prepared, but the matter has not yet reached the stage of definite
Total income
Exp.ofnon-oper.cos.,&c
Interest, &c
367,051
499,525
3,709
Income tax provision...
Minority interest, &c...
Foreign exch. losses,&c.
Losses on sale of capital
assets
(net)
Miscell. loss, &c., net—-
50,833
...
57,301
60.047
$1,121,482
$1,267,304
490,828
551,245
5,179
585,909
171,946
29,402
191,466
41,463
Since August, 1935,
views
as to
have been
the possible terms of a
Loss
Prop.
Chairman; J. Leonard Replogle, Henry
Operation
89,390
169,052
Maintenance
Taxes
.
152,951
154,480
1,616,517
499,514
$6,664,250
13,333
on
Republic of Cuba 5H % gold notes payable
accrued interest receivable on Republic of Cuba 5M%
on
Argentine tax liens, charged against surplus.
Consolidated Balance Sheet Dec. 31
$6,430,101
1935
$545,325
6,666
Balance
Inc. from other sources.
$551,992
147,456
$555,812
158,393
$6,677,583
1,952,359
$6,430,101
1,899,897
$404,535
Balance
$
Liabilities—
$397,419
$4,725,224
1,800,000
1,171,631
$4,530,204
$1,753,593
$1,558,593
440,886
900,298
140,069
362,113
667,172
139,765
Accts. & notes rec.
Inventories
Govt. & municipal
Balance
Appropriations for retirement reserve
Preferred dividend requirements
1,800,000
Funded
—
Balance for common dividends and surplus
—Y.
142,
1,171,611
2346.
p.
Mln.
a
&c. (not current)
1935
1934
1933
1932
$13,342,848 $12,978,614 $12,711,275 $13,884,281
12,481,837
12,405,973
12,084,025
12,764,448
Calendar Years—
Total sales
Cost of sales
.
$861,010
44,726
Income credits
Gross income
$572,642
33,673
$627,251
36,523
$1,119,833
$905,736
Income from operation;
$606,315
$663,774
Total
452,872
438,562
91,520
717,947
$438,720
106,529
$153,443
85,703
$133,692
109,529
$444,250
602,475
$332,191
2,212,919
426,419
$1.02
$67,740
1,883,185
428,619
$0.35
e
31,413
284,200
287,700
$1 cumulative 1st
1,533,144
310,718
2d
lative
pref.
78,850
$3
cumul.
78,850
2,034,200
7,564,519
189,565
stock
2,030,700
7.564,519
853,523
con¬
vertible pref.stk.
d Common stock-
Surplus
21,386,023 22,987,949
(40,614
467,017
and State taxes. &c__
24,837
21,386,023 22,987,949
Total
b Represented by 4,731
Represented by 40,684 no par shares in 1935
Represented by 17,052 shares of no par value,
a
shares of
Other charges
com.
preferred stock,
c
Land, bldgs.,mach'y, equip., &c 1,375,578
Deferred charges..
241,025
Pat's, license agree¬
ments & g'dwiil1
42,3(64
139,147
in
b $1.16 2-3 cumu¬
e
$1,162,197
Depreciation, amortiz'n
of leaseholds, Federal
46,992
3,463,759
on
Investments
int.
stock of subs
498,065
30,892
3,393,994
dep.
532,905
contracts
Inc.—Earnings—
debt
venture...
obligations & un¬
pledged tax Hens11,734,126 11,431,096
Pledged Gov.obllgs 2,908,455
4,222,922
Guaranty
Waldorf System,
768,081
7,031,802
3,721,288
480,926
798,335
6,882,878
Reserves
3.137,096
Loan pay.of sub.co
391,544
Obllg. under Joint
Accts. & notes rec.,
-
$
$
Current liabilities.
Cash In banks and
hand
1934
1935
1934
$
Assets—
on
Interest & amortization.
b$661,207prof$317,983
b Does not include $1,200,000 reserve provided for possible losses
gold notes and
in 1933.
1,877,318
$555,812
$800,321
....
Includes accrued interest
a
$1,234,612 $15,419,743 $15,202,202
444,844
6,115,635
5,921,040
79,474
1,023,339'
973,742
206,521
296,871
Argentine
Net loss
1936—12 Mos.—1935
1936—Month—1935
$1,291,908
488,139
for
tax lien loss
Virginia Electric & Power Co.—Earnings—
Period End. Feb. 29—
Gross earnings
losses
$692,317
cos.
Provision
Atkinson,
Rogers Winthrop, Allen P. Green and Tom K. Smith, with A. K.
Sec., 15 Broad St., New York.—V. 142, P. 2346.
of controlled
sh.
license
Winslow S. Pierce,
$503,450 prof$44,828prof$317,983
$539,366
no
in
par
value,
1934).
c
d Represented
by
472,923
shares
of no par value,
1934.
After depreciation of $2,125,580 in 1935 and $2,063,285 in
Bond Plan Extension—
Net income
Common dividends
Balance, surplus
Profit and loss surplus..
Com. shs. outst. (no par)
Earns, per share on com.
$24,163 def$158,225
1,915,384
3,086,626
433,719
438,219
$0.30
$1.01
Consolidated Balance Sheet Dec. 31
1935
2,299,628
Equip. & furniture 3,749,652
Bldgs.
erected
Accts. & notes rec.
Inventories
Liabilities—
$
3,108,300
368,212
106,394
94,647
99,547
30,315
4,108
808,000
77,683
6,922
840,500
61,872
30,000
Res. for deprec'n.. 2,261,671
Surplus
2,212,919
45,000
2,051,415
1,883,185
Common stock..
Accounts payable.
328,035
1,043,118
47,003
429,455
328,035
835,310
40,920
and taxes
Fed. & State taxes
Construction
tracts
485,178
in treasury
Suspense
275,533
Mtge. notes pay..
49,207
87,577
98,947
540,532
Deferred charges._
Goodwill
540,532
....
9,169,732
on
Total
9,169,732
8,495,269
Represented by 461,610 (no par) shares, including 35,191 shares held
of
in treasury in 1935 and 32,991 in 1934.
y Represented by 35,191 shares
common stock in .1935 and 32,991 in 1934.—V. 142, p. 2346.
1936
$4,744,590
5,059,467
5,105,705
January
February
March
1935
$4,698,604
4,637,407
5,032.075
7 S—
The resignation
$180,422
$177,137
Oper.
expenses,
taxes,
depreciation & deplt—
129,584
132,996
127,983
135,341
$51,776
65,137
$47,427
136,195
$49,155
11,843
$13,177
47,372
def$13,361
23,686
$2.18
def$88,768
23,686
$2.00
$37,312
def$34,195
23.686
23,686
$0.55
Net income.-.Dividends paid
Net earns, for year
.stk .out. (par$25)
Earned per share
$4,303,469
4,079,749
4,618,455
$3,664,964
4,248,372
3,412,705
executive
manager
of the John
Mr. Appel has been associated with the New York store for 25 years
a member of the Wanamaker organization for 36 years.—V
and has been
135,
p.
1509.
Ward Baking Corp.
real est. & bldgs.
79,949
86,550
Other equip., &c._
2,028
58,000
depreciation & taxes._
Afar. 23'35
54,945
Warren Foundry &
Afar. 24'34
Afar. 25'33
Willys.—V. 142.
p.
$0.37
Nil
Nil
Pipe Corp.—New Director—
Rush W. Judson has been elected
a
director to succeed the late John N.
804.
Warren Brothers Co.—Annual
Report—
Charles R. Gow, President, says in part:
It became necessary on Sept. 1, 1935, to default on the payment of
interest on the company's domestic debentures and gold notes due on that
date.
A voluntary plan for the temporary deferment of interest and sink¬
ing fund on these obligations dated Sept. 23, 1935, was submitted to all
known holders asking their consent to and the deposit under the plan of
their holdings with State Street Trust Co., Boston, depositary, or Bankers
Trust Co., New York, agent of the depositary.
Briefly, the plan permits
the consolidated companies to accumulate and maintain a cash working
capital fund of $600,000 in addition to bank loans for normal operations
made subsequent to Sept. 1,
thereafter requires collections
under the
1935, before resuming interest payments and
from all sources to be paid to the depositary
plan for distribution to holders of notes and debentures until all
corrected.
The deposit of two-thirds each of outstanding notes and debentures is
required before the plan can be declared effective.
As of March 25, 1936,
326 holders of 5^% notes have deposited $1,086,500 or 73.0% of notes
outstanding; and 820 holders of 6% debentures have deposited $2,583,000
which is 57.9% of the debentures outstanding.
Included in the deposits
are the holdings of 92 National and State banking institutions of $704,500
and 100 trust estates holding $439,500.
At March 25 sufficient of the
5Yi% notes had been deposited but $389,000 additional deposits of 6%
debentures were still required, of which the deposit of a substantial amount
has^beenjndicated.
Additional deposits are being received daily.
defaults in interest and sinking fund are
23,909
30.447,
128,529
141,889
Total
$744,588
$764,486
payable
secur.
35,397
39,658
Bills <fc accts. receiv
1,719
1,537
Suspense account.
117
757
$744,588
$764,486
Cash
500
account-
-V. 142, p. 313.
(D.
Washington
C.)
Gas
Light
Co.—Valuation
and
Rate Cases—
President in his remarks to stockholders for 1935,
At the date of this report
$95,479 loss$168,417 loss$101,359
$0.96
$592,150
58,000
were
ton
[Feb. 12] all valuation and rate
cases
which
pending against the company or any of its subsidiaries have been
settled.
$244,818
7% pref. stock.
—V. 142, P.1661.
1934
1935
$592,150
accounts
Surplus
Com pres. stations,
Marcy L. Sperry.
in part:
Earns, persh. on 256,008
shs. of
and
1,305
60,241
Bills
says
(& Subs.)—Earnings—
12 Weeks Ended—
Mar. 21 '36
Net profit after interest,
Capital stock
$521,233
Total
Wanamaker store in New York, and his election as a member of the board
of the company, was announced on March 27 by William L. Nevin, Presi¬
dent.
$2.07
Liabilities—
1934
$508,136
property
oil stock, &c
1933
-Appel Resigns—
as
$148,518
Condensed Balance Sheet Dec. 31
1935
Assets—
Prod. & non-prod.
Deferred
of Joseph H. Appel,.
1932
1933
1934
$181,361
Materials, merch.,
1934
.
—V. 142, P. 1838.
(John) Wanamaker & Co.
Washington,
this department.
1935
Calendar Years—
Investment
Walgreen Co. (& Subs.)—Sales—
Month of—
of
Gross income for year...
Shs. cap
notes rec. cr.
conting. liab
8,495,269
Co.
1
Res. for def.in coll.
56,777
70,677
Loan
com¬
Res. for contlng..
278,750
50,571
Due from employs.
Mis cell, assets
x
263,717
account:
Agawam
Total
not
con¬
pleted
Com. stock held
Washington Industrial
C.—Registers with SEC—
See list given on first page of
$
3,108,300
466,008
x
Wages, accr., exp.
on
leased prop
Cash
y
2,299,271
3,466,573
1934
1935
$
$
Assets—
D.
1934
Land and buildings
time for deposit of convertible 6% sinking fund debentures due
1941, and 10-year 5H% sinking fund gold notes due March 1,
1937, under the deposit agreement between the company and the State
Street Trust Co., depositary, has been extended to April 30. 1936.—V. 142,
p. 1661.
The
March 1,
The investigation of the rates, tolls, charges, &c., of the Washing¬
Gas Light Co.
and Georgetown Gaslight Co. by the Public Utilities
Commission of the District of Columbia, ordered on Jan. 9 1935, has not
been technically dismissed, but the cases were settled in December 1935, by
the adoption of an immediate rate reduction and a sliding scale arrange¬
ment for the fixing of rates in the future, further hearings being "suspended
indefinitely."
The investigation of the valuation of the property and rates of the Wash¬
ington Gas Light Co. of Montgomery County, Md.. and Georgetown Gas
Light Co. of Montgomery County, Md., ordered by the Public Service
Commission of Maryland, was dismissed on Jan. 24 1936, following an
agreement with the Commission on new schedules of rates to become
effective Feb. 1 1936.
On March 19 1935, the P. U. Commission of the District of Columbia
issued an order with respect to the valuation of the properties of the two
companies in the District of Columbia finding the valuation of the two
companies combined for rate making purposes at approximately $17,000,000
as of June 30 1932.
This was much less than the companies' claims of value
on appraisals and testimony of independent engineers and real estate
appraisers.
The companies filed an appeal from the Commission's order in
based
the Supreqae Court of the District of Columbia, claiming that the findings of
the Commission were erroneous, were not supported by the evidence, and
were insufficient in many respects.
The People's Counsel of the District of Columbia also filed an appeal
alleging that the findings allowed excessive values.
While these appeals
pending, proceedings were in progress, pursuant to the orders or the
P. U. Commission of Jan. 9 1935, to bring its findings of value up to date
and also to investigate the rates and other affairs of the companies.
Hear¬
ings in these proceedings commenced in June and, with interruptions, con¬
tinued through October.
During this interval, however, the People's Counsel of the District of
Columbia had suggested that an effort be made to settle the cases without
further litigation on a basis fair both to the public and to the companies,
and as a result of subsequent conferences, participated in by counsel to the
P. U. Commission, the People's Counsel, and representatives of the comwere
Financial
Volume 142
panies, a plan of settlement as a means of terminating the long and expen¬
sive litigation was produced.
This plan was in two parts.
First, it provided for an immediate reduc¬
tion in rates of approximately $305,000 In addition to making permanent
the temporary discount of 8H % which had been in effect since the summer
of 1932.
Secondly, it provided for the institution of a sliding scale arrangment for the determination of future rates predicated on an initial "rate
base" as of June 30 1935, of $21,000,000 (this figure was in no sense adopted
by the companies or the Commission as the indication of the value or the
companies' properties, but was merely accepted as a means of settlement of
the cases), together with working capital (to be determined annually on the
basis of a formula which would have produced approximately $750,000 as
of June 30 1935), and on a basic rate of return of 6H %.
Under the plan, rates will be adjusted hereafter once a year, the amount
of the adjustment to be determined by the relation of the actual earnings
(after operating expenses, taxes, and provision for retirements of property)
to the rate base, which will change as new property is added and old
property retired.
If the net earnings are found to be in excess of the basic
return, the gas rates for the ensuing year are to be reduced in accordance
with a formula which introduces a gradual rather than an abrupt reduction.
Similarly, it provides for a gradual increase in rates following years in which
the amount of earnings is less than the basic return.
On Dec. 13 1935, the Commission, after holding public hearings, issued
an order approving the plan for
settlement, with some slight modifications
not affecting the substance, and also
approving a new rate schedule sub¬
ig
n
mitted by the companies to be effective Dec. 16 1935, making the prescribed
reduction.—V. 142, p. 1491.
Chronicle
2525
Consolidated Balance Sheet Feb. 28
1936
^Lssctc
1935
Invest.
9.745,369
& adv. af¬
filiated
175,643
150,962
25,800,164 28,780,628
cos
Inventories
Accts. & bills rec—
Loans & advances
.
Cash
Government bonds
Other
marketable
Insur. reserve, &c_
securities
Pref. stock owned.
40,000
202,375
Miscell. Investm't.
202,375
307,045
Prepaid
322,836
479,959
209,193
969,087
Other
reserves
Paid-in surplus..,
827,232
1,637,480
53,411
757,476
240,000
3,200,000
5,886,868
6,416,168
500,582
515,944
762~985
3,20b"666
527,315
301,775
148,805
293,494
$
$
Capital stock...20,571,786 20.571,786
Accts. payable, ac¬
2,842,169
crued, &c
2,537,153
Bank loans
3,600,000 10,930,000
Dividends payable
688,362
588,362
y
3,731,884
498,864 Oil mill exp. res.
4,816,561 Federal taxes
144,000 Due affiliated cos.
3,239,573
606,522
4,143,071
1935
1936
Liabilities—
$
$
Land, bldgs.,&c. 9,830,227
x
306,971
258,777
Loans
expenses.
to
against
Deposits
mtges..
In
Revenue surplus..
5,886,868
4,370.481
banks
in liquidation...
Empl. stk. account
Insur. fund Invest.
Total
•x
Capital surplus...
ginners
251,633
46,315,936 50,169,1771
After
depreciation,
y
Represented
Total
by
46,315,936 50,169,177
300,000
no-par
shares
of
$4
convertible preferred and 600,000 no-par shares of common stock.—V. 142,
p.
1491.
Washington Ry. & Electric Co.—Earnings—
Years Ended Dec. 31
Interest
1934
$2,400,000
245,804
Miscellaneous
865
Total income
General
Western
1935
$2,684,750
270,403
Income—Dividends
expenses
$2,955,153
23,730
68,190
236,709
Interest
Balance for dividends and surplus
Previous surplus
Other credits to surplus
-
$2,646,669
24,388
24,584
239,418
$2,626,523
11,984,578
13,183
....
Taxes
$2,358,278
12,632,957
11,619
~
Total
surplus
$14,624,284 $15,002,855
425,000
425,000
1,998.750
2,470,000
Operating loss of subs. ry. cos. prior to Dec. 1 1933
473,933
Transfers to sundry reserves representing items in
dispute concerning operations of prior years
111,544
Loss on sale of marketable securities
5,027
Miscellaneous debits
4,022
Preferred dividends
Common dividends
j—
Balance, surplus, Dec. 31
$11,729,284 $11,984,578
Balance Sheet Dec. 31
by Cap. Transit
under
demnity
in¬
agreem.
of Dec. 1 1933..
4,434,000
Dep. with trustees
4,452,000
642
642
1934
$
S
Liabilities—
$
$
a32,021,918 26,408,138
Fund. dt. assumed
Co.
1935
1934
1935
Assets—
Investments
Funded
debt
10.361,100 10,379,150
Accounts payable.
4,810
Mat'd funded debt
15,011
33,576
Sundry curr. llab.
31,775
Taxes accrued
169,668
80,512
Interest accrued..
19,307
19,297
Matured interest..
15,797
Ad vs. to sub. cos..
See
4,345,438
Reserves
Cash
248,823
1,735,463
d
b340,625
684,272
15,432
cl,637
40,874
79,070
80,613
176",296
14,252
17,268
40,874
84,039
U. 8. Gov.
secure.
a
Dep. for paym. of
5%
cum.
25,760
rec-.
Bals. in closed bks.
Dist.&exp.onsec.
Suspense account.
8,500,000
6,500,000
11.729.284 11,984,578
pf.stk. 8,500,000
Common stock..
Surplus
matured interest
Accts. & int.
e
6,500,000
Maryland Ry.—Earnings—
-Fourth Week of March—
1936
1935
Period—
Gross earnings (est.)
—V. 142, P. 2346.
Western
$511,143
$445,294
—Jan.
to
March 31—
1936
1935
$4,065,883
1
$3,905,355
Newspaper Union Inc.—New Plan Proposed—
A
plan of reorganization under Section 77B of the Bankruptcy Act,
proposed by the security holders' protective committee in opposition to a
reorganization plan sponsored by the present management (see digest in
V. 142, p. 975) and offered by two other committees, was sent Wednesday
to security holders of the company for their consideration and
approval.
The committee is comprised of Allison L. Bayles, of
Bayles, Softye & Co.,
Robert S. Byfield, of Kay, Byfield & Co., and Bruce R. Tuttle, of Smyth &
Tuttle.
D. W. Evans, 141 Broadway, New York, is Secretary.
This plan, according to the committee, is intended to insure survival of
the company under efficient management and offers security holders either
identical or improved treatment in every factor comprehended within the
so-called Fish-Brinker plan sponsored by the management.
It proposes to
establish new management through John H. Perry, a successful newspaper
publisher and the individual owner of 90% of the capital stock of American
Press Association, and to effect a reduction of executive salaries of 33 1-3%
of the present schedule, or approximately $35,000 annually.
With this new management in effect, the committee's letter states that
security holders would be assured of close cooperation between the company
and American Press Association instead of either competition or the con¬
tinuance of large annual payments which have been made to American
Press Association under a 20-year agreement which expires on
Sept. 1,1937,
whereby the Association retired from the plate service and ready print
business in the country newspaper field for that period.
A summary of the two plans set forth in the committee's letter further
shows that whereas no provision for working capital is made under the
Fish-Brinker plan although the need for its definitely indicated, the com¬
mittee's plan provides for $100,000 of working capital through the sale of
class B stock, which may be further increased through an attempt to recover
$190,000 of the company's funds allegedly diverted to purchase of common
stock; that the committee's plan provides an increased interest rate of
debentures over that in the company plan; and also that the Fish-Brinker
plan provides no compensation to senior security holders for contributions
to be made in the form of waiver of past interest and dividends and scaled
interest and dividends in the future, while the committee's plan proposes
the issuance to debenture holders of four shares of class A stock for each
$1,000 principal amount of debentures held, and one share of class A stock
for each share of preferred.
Total
a
37,263,537 37,782,386
Total
37.263,537 37,782,386
Includes advances to subsidiaries of $5,738,379.
b Includes municipal
c Interest receivable only,
d Represented by shares of $100
securities,
par.
e
Represented by 65,000 shares, $100 par.—V. 141, p. 3396.
Securities Outstanding to Be Dealt with Under the Plan
15-year 6% convertible gold debentures, due Aug. 1, 1944-.-7% cumulative preferred stock (par $100)
Common stock (no par)
Washington Water Power Co. (& Subs.4)—Earnings—
Indebtedness and Capitalization Upon Consummation of the Plan
[American Power & Light Co. Subsidiary]
Period End. Jan. 31—
1936—Month—1935
$3,650,000
1,500,000
90,000 shs.
1936—12 Afos.—1935
$8,755,950
$7,808,116
4,592,877
4,316,461
15-year sinking fund debentures, due Jan. 1, 1951
4% preferred stock (par $80)
Class A stock (par $1)
Class B stock (par $1)
$3,650,000
1,200,000'
38,600 shs.
77,200 shs.
$834,359
436,894
$711,758
410,314
$397,465
2,056
$301,444
Other income (net)
2,515
$4,163,073
34,006
$3,491,655
31,476
Description of Securities to Be Presently Issued
Gross corp. income
Int. & other deductions.
$399,521
88,760
$303,959
102,442
$4,197,079
1,089,405
$3,523,131
1,119,315
Balance
y$310,761
y$201,517
Property retirement reserve appropriations
Dividends applicable to preferred stock
for
period, whether paid or unpaid
$3,107,674
651,950
$2,403,816
618,903
Sinking Fund Debentures due Feb. 1,1951—The provisions of the indenture
agreement dated as of Aug. 1, 1929, will be modified and revised, and will
provide for modification of certain provisions of the original indenture
agreement.
'
Interest—Interest will be reduced from the flat rate of 6% per annum to
621,962
620,307
$1,833,762
$1,164,606
Operating revenues
Operating expenses
Net
rev.
from oper
z
Balance
-
property retirement reserve appropriations and dividends,
z Regular
dividend on $6 pref. stock was paid on Dec. 14 1935.
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.—V. 142, p. 975.
y
Before
Western Auto
Supply Co.—Sales—
Month of—
1936
$1,116,000
1,085,000
1,272,000
January
February
March....
—V. 142, P.
1935
$1,116,000
995,000
1,376,000
1934
$870,000
882,000
1,114,000
1933
$666,862
651,000
670,000
1838.
Western
Grocers, Ltd.—Proposed, Set-Up Disapproved-
Holding that the proposed compromise arrangement between the cornid and passed at a shareholders meeting
an. 8, was one that sacrifit
lecd P referred shareholders and benefited only
holders of common stock. Chief Justice D. A. Macdonald in a judgment at
"Winnipeg recently, refused to sanction the proposed new set-up.
At the January meeting 8,953 of 11,943 preferred shares were represented.
Of these 7,184 voted in favor of the arrangement to call in this class of share
Sany and its shareholders planne
and redeem them at $110.
The 1,769 minority holders
contended a three-fourths majority of the
total preferred shares was necessary to make the resolution binding, a view
held by Chief Justice Macdonald.—V. 141, p. 4029.
Wesson Oil & Snowdrift Co., Inc.
§ Months Ended—
sales
Cost of sales....
Depreciation
Operating
Federal taxes
Net profit
dividends.
..
Common dividends
of the debentures into common stock will be eliminated.
In addition to retaining their debentures as modified as hereinbefore set
forth, debenture holders will also receive four shares of class A stock for
each $1,000 of debentures, or two shares for each $500 principal amount
of debentures.
4%
,
Preferred Stock
($80 par)—The former 7% cumulative preferred
be known as the 4% preferred stock, and will have a par value of
$80 a share instead of $100 per share.
k
Holders of the preferred stock will be entitled to dividends at 4% per
annum, which shall accrue and be cumulative from the date of court order
approving the plan before the payment of any dividends on the class A
stock will
stock or class B stock.
Holders of 4% preferred
stock shall be entitled to vote
as a
class for two
directors of the corporation.
Holders of the 4 % preferred
All past and accumulated dividends upon the present outstanding 7%
cumulative preferred stock and any amounts which shall accrue thereon up
to the date of the court order approving the plan, will be waived and
$1,862,291
$1,544,572
591,310
585,414
$1,503,365
591,310
585,414
$776,921 loss$320,254
591,310
596,647
148,966
225,000
$367,848
$326,641
$36,645def$1141,901
63,464
295,462
1944 to Feb. 1, 1951.
Provisions will be made in the supplemental indenture for establishing a
sinking fund, the proceeds of which shall be used for the purpose of purchas¬
ing, retiring or redeeming outstanding debentures prior to maturity.
The
sinking fund provision will not be effective until July 1, 1938, and will
provide that within 30 days after the close of the fiscal year ending June 30,
1939, and annually each year thereafter, the company will cause to be
used cash equal to 30% of the annual net earnings of the company for the
preceding fiscal year to retire, purchase or redeem outstanding debentures.
The debentures may be called, in whole or in part on any interest date on
30 days notice, at 100.
The provisions of the present indenture agreement relative to converion
$948,168 loss$302,116TJ
16,938
18,138
154,309
'
131,131
$1,910,008
15,336
350,100
Total income
2% per annum, payable s.-a. for period commencing Feb. 1,
1935, and ending as of date of the court order approving the plan of re¬
organization; 3% per annum, payable s.-a. for period commencing with
day after approval of plan by court, and ending Feb. 1, 1938; 5% per
annum, payable s.-a., for period commencing Feb. 1, 1938, and ending
Aug. 1, 1940; 5% per annum, payable s.-a. for period commencing Aug. 1,
1940, and ending Feb. 1, 1951.
During this period a minimum fixed rate
of 5% annually will be paid, with up to an additional 1%
per annum to be
payable if earned, from the net earnings of the preceding fiscal year.
The maturity date of the present debentures will be extended from Aug. 1,
$867,760 loss$403,318
80,408
101,202
$1,731,160
102,015
Interest
the following:
stock shall be entitled to receive upon redemp¬
tion or voluntary or involuntary dissolution or liquidation of the company's
affairs, the sum of $80 per share, for each share of stock held, together with
all unpaid earned dividends accrued thereon, prior to any distribution on
$1,807,993
profit
nther income
Preferred
(& Subs.)—Earnings
'36 Feb. 28, '35 Feb. 28, '34 Feb. 28, '33
$32,061,024 $29,555,051 $15,725,412 $12,305,139
29,857,681
27,480,568
14,516,336
12,361,356
395,350
343,323
341,316
347.101
Feb. 29,
Net
,
the class A and class B stocks.
canceled by the issuance of the new 4% preferred stock.
The new preferred stock will be issued share for share
for the presentlyoutstanding preferred stock, and in addition the preferred stockholders will
be entitled to receive one share of class A stock for each of preferred stock
presently held by them.
Surplus
standing (no par)
Earnings per share
Class A Stock—Class A stock shall be authorized in the amount of 38,600
shares (par
Shares of com. stock out¬
585,414
$1.63
585,414
$1.56
579,879
$0.32
584,163
Nil
$1).
Callable at any time or from time to time, in whole
or
in
part, by lot or pro rata, at $20 per share.
In the event of liquidation or
dissolution it shall share equally, share for share, with the class B stock
2526
Financial
after
the payment of the preferential amounts payable to the preferred
stock, to the extent of S20 per share on the class A stock and thereafter all
distribution shall be made on the class B stock exclusively.
It shall share
equally with the class B stock, share for share, in all dividends declared or
paid after payment of full cumulative dividends on the preferred stock.
The 38,600 shares of class A stock are to be issued as follows:
14,600 shs.
thereof to debenture holders on the basis of 4 shares of class A stock for
each $1,000 of debentures; 15,000 shares thereof to the holders of the
presently outstanding preferred stock, share for share; 9,000 shares thereof
to the holders of the presently outstanding common stock on the basis of
1 share of class A for each 10 shares of common stock.
Class B Stock—-Class B stock shall be authorized in the amount of 77,200
shares (par $1).
Class B stock shall share equally with the class A stock,
share for share, in all dividends after the payment of full cumulative divi¬
dends on the preferred stock.
Class B stock shall share equally, share for
share, with the class A stock in liquidation or dissolution, up to $20 per
share on the class A stock, and thereafter shall be entitled exclusively to all
assets remaining in the company.
Full voting power shall vest with the
class B stock.
*
The 77,200 shares of class B stock will be sold for $100,000 cash to furnish
new and additional
Western
working capital for the company.—V. 142, p. 975.
Oil
&
Refining
Los Angeles, Calif.—
Co.,
Liquidation—
The company In a letter dated March 24 to stockholders and genera
creditors of the company states:
On March 7 at a hearing in the U. S. District Court for the Southern
District of California, Central Division, the receiver was ordered to liquidate
the receivership estate.
The Court came to this decision after considera¬
tion of all of the factors affecting the operation of the receivership estate.
The receiver reported to the Court that operations had been carried on
at
April 11, 1936
(George) Weston, Ltd.—Pref. Stock Offered—Gairdner
Co., Ltd.; R. A. Daly & Co., Ltd.; McLeod, Young, Weir
&
Co.,Ltd. and W. C. Pittfield & Co., Ltd., recently
offered at 100 and div. $1,500,000 5% cum., redeemable,
convertible, preferred stock (par $100)—
&
The offering is subject to the
approval of the creation of the issue by
stockholders at a meeting scheduled for March 20.
The new authorized capital will consist of 17,500
shares of new 5%
shares of $100 each and an additional 100,000 no
convertible preferred
par value common shares.
The proceeds will be used not only to pay off the old 9,000 shares of
preferred on May 1, but additional amount will also be used to retire
$289,500 in mortgages; $90,500 in 10-year 7% notes Issued by Weston
Biscuit Co., United States subsidiary, for $92,763: and $200,000 in 15-year
6% 1st mtge. bonds issued by George Weston Bread & Cakes, Ltd., or
$580,000 in all.
The company does not intend to issue the 100,000 new common shares
except for conversion of preferred and possible expansion at some future
date.
Dividends on the new stock are cumulative at 5% per annum, accruing
from Feb. 1 1936; first payment to be made Mav 1 1936 to shareholders
of record April 20.
No dividends may be paid on the common shares
unless net Current assets are at least $500,000 and net tangible assets at
least 150% of the outstanding preferred.
Redeemable at 105 on 30 days'
notice.
Convertible into common shares at the rate of five common for
each preferred share up to May 1 1938; four common for each preferred
share up
to May 1 1940; three common for each preferred share up to
May 1 1942.
Rate of conversion to be adjusted for any change in the
present common shares.—V. 141, p. 1953.
substantial loss for
some time, anticipating an increase in the price of
of March 7 1936, there had been no such increase and he
bow long conditions then existent would continue.
It
was brought to the attention of the Court that the reorganization committee
had received 1,105 letters of consent out of approximately 4,634, represent¬
ing 4,300 stockholders and 334 general creditors.
Letters of consent re¬
ceived included subscriptions to the 5% mortgage sinking fund income
bonds in the amount of $55,298, being an increase of approximately $2,000
since the circular letter dated Jan. 31 1936, was mailed.
In addition, the
letters of consent represented 47% of the class A common stock, 32% of
the series A preferred stock, 47% of the series B preferred stock and only
25% of general creditors' claims.
Counsel for the reorganization committee
reported to the Court that the support from stockholders and general
creditors had been very disappointing.
Although recent increases in the posted prices of crude oil by the Standard
Oil Co. of California would encourage one to believe that a.i increase In gaso¬
line prices would be realized before long, yet considering the lack of support
from the stockholders and genera] creditors even with respect to consents
to the the plan, the attorneys representing the preferred creditors (State of
California, Credit Alliance Corp. of New York and the Jenkins Petroleum
Process Co. of Chicago) stated that they were not warranted In agreeing to
an extension of the receivership as an operating receivership at their expense
because of the daily losses accruing under present gasoline marketing con¬
a
Chronicle
gasoline, but
Wickwire
as
could not foretell
ditions.
The company and the reorganization committee extend appreciation to
those who have filed letters of consent with or without subscriptions to the
5% mortgage sinking fund income bonds.
The necessary steps are being
taken to have the Metropolitan Trust Co. of California mail to those
who have subscribed and paid subscriptions in cash, a remittance covering
cash payment.
Those who have subscribed to the 5% mortgage sinking
fund income bonds, but have not paid all or any part of the subscription
may regard their subscription contract as canceled and of no further effect.
Although the salvage from liquidating the receivership estate cannot
now be definitely forecast, yet the general impression prevails that there
may not be sufficient to pay even the preferred creditors the full amount
of their claims.
Therefore, it is believed that there will be no recovery
for general creditors and stockholders.—V. 141, p. 3553.
attorney for Hamilton Pell of 40 Wall St.. New York.—V. 142, P. 1839.
Wilson Vegetable Oils,
See list given on first page
Period End. Feb. 29—
Gross earnings
Subs.)—Earnings—
1936—Month—1935
Wisconsin Public Service
Operation
Maintenance
Taxes
Interest & amortization.
Balance for
common
$2,063,536
1,082,959
114,809
183,685
346,668
$2,020,759
1,045,315
97,204
189,833
362,296
$335,414
212,583
119,451
$326,108
204,500
119,452
$3,379
$2,156
dividends and surplus
—V. 142, p. 2346.
Westinghouse Air Brake Co. (& Subs.)—Earnings—
Calendar Years—
1935
1934
Net profits, all sourcesca$1,095,215 a$l,413.934
Depreciation
See b
682,129
Fed. taxes (estimated)—
Net income
Divs. paid m cash
Deficit.
Previous surplus..
$2,314,166
892,919
$656,398 loss$659.560
1,942,118
3,106,731
$1,421,247
3,111,751
$3,766,291
8,404,409
$1,690,504
10,329,587
Drl76,007
Dr234,676
$4,462,111
$8,404,409
$1,285(720
Profit and loss surplus $2,096,677
$3,348,036
Sundry
adjustments
Extraordinary charges..
Shares
4,462,111
304,550
Drl32,906
3,106,816
$0.30
3,106,889
$0.21
3,107,105
Nil
3,172,111
$0.45
Includes other income of $1,649,147 in 1935, $1,865,827 In 1934 and
$1.652,270 in 1933. b Depreciation in the amount of $676,654 on buildings
and equipment has been charged against earnings of the year,
c Income
a
statement
(in detail) follows:
Gross sales, less discounts, returns and
allowances, $11,739,328; cost of sales (including distribution, administra¬
tion, and general expenses, but before income taxes), $12,293,260; net loss
from operations (before extraordinary charges and provision for income
taxes), $553,932; other income, net, $1,649,146; net profit (before extra¬
ordinary charges and provision for income taxes) as above, $1,095,214
Consolidated Balance Sheet Dec. 31
1935
Assets—
$
Property
1935
1934
Uabilities—
$
10,914,035 12,242,445
Patents.
x
$
1934
$
Capital stock...34,893,218 47,581,661
Stocks of subsidia¬
Equity in uncom¬
pleted contracts
945,603
y Treasury stock. 1,588,847
ries not
held..1,399
a711,276
273,860
1,586,609
Accounts payable.
Amt. to be distrib.
895,054
7.984,460
1,265,014
8,006,232
Advances billings
Accrued liabilities.
2,889,918
3,553,410
3,335,319
Res.
1,682,468
1,458,247
Dividends payable
388,321
mktable. secure. 14,427,331
Off. & employees'
16,579,960
notes & accts. reo 1,072,820
7,517,855
1,109,186
7,294,968
514,552
278,204
2,103
526,499
334,926
231,348
Notes & accts.
from paid in
rec.
(not current)...
Investments
Cash..
Accts. & notes rec.
U. S. Govt. & other
Inventories
surpc6,344,221
9,641
331,380
.
for
3,066
274,581
companies
Total
gencies, &c.,
1,813,315
388.329
Interest charges
Income.
52,582,090 63,942,3381
627.475
$2,156,196
$2,161,982
1,352,469
1,348,790
67,057
23,175
104.428
$713,494
Gross income
$693,563
(net)
Amortization of debt discount and expense
Other income deductions
j
Net income
-V. 142, P. 1662.
WJR—The Goodwill
15,200
Station—Earnings—
1935
$246,735
92,041
$0.70
1936
3 Months Ended March 31—
Sales
Net profit applicable to surplus
$345,171
128,824
$0.99
Earnings per share
regular quarterly dividend of 37J4C. on the $5 par capital stock has
April 30 to holders of record April 30.—V. 142, P.977.
(F. W.) Woolworth Co.—Sales—
Month of—
January..
February
1936
1935
1934
1933
$16,983,089 $17,147,967 $18,137,412 $15,844,684
19,015.779
18,218,915
17.860,960
16,244,993
19,676,695
March....
20.482,640
24,035,139
17,509,833
1839.
(William) Wrigley Jr. Co.—25-Cent Special Dividend—
special dividend of 25 cents per share and
monthly dividends of like amount on the common stock, no
value. The special dividend and one regular monthly dividend will be
paid on May 1 to holders of record April 20. The other two regular dividends
will be paid on June 1 and July 1 to holders of record May 20 and June 20
respectively.
A special dividend of 50 cents per share was paid on Jan. 2 last, and an
extra dividend of 50 cents was paid on Jan. 16 1935.—V. 142, p. 314.
The directors have declared a
three regular
par
for Calendar Years Unci. Subs.)
1935
Net profit from
1934
<
1932
1933
oper...$20,l 17.716 $19,454,981 $17,595,183 $16,864,575
Sell., gen. & adm. exps. 10,640,720
of foreign exch.
loss chrgd. to inc. 1932
Depreciation
611,624
Federal taxes
1,140,755
9,653,894
8,475,633
8,106,598
688,115
1,258,686
Cr231.646
669,195
1,153,323
701.594
960,716
$7,724,616
y6,850,698
$7,854,285
x6,824.747
$7,528,678
5,966,951
$7,095,667
6.845.713
$873,918
$3.86
$1,029,538
$3.93
$1,561,726
$3.76
$249,954
$3.55
Recov.
Net income
.
Common dividends—.
..
Surplus
Earned per share
including special dividend of $974,220 paid March 1934 and
charged against earned surplus,
y Includes special dividend of $979,732
declared out of 1935 profits and paid on Jan. 2 1936.
x
Not
Consolidated Balance Sheet Dec. 31
1935
a
1934
$
Assets—
$
1935
1934
$
$
Liabilities—
b Common stock..19,200,000 19.200.000
Accounts payable708,038
915,573
Real est., bldgs.,
equip.-10,303,143 10,643,754
6.065,722 Notes payable
G'd-will, pats., <fco. 6,063,639
Cash
13,009,382 12,290,057 Dividend payable. 1,469,598
Accts. & notes rec. 2,254,008
1,890,487 Minority interest.
maoh. &
Res.
Invest, in co.'s own
2,252,076
1,925,992
9,147,487 10,300,684
Stocks and bonds.17,573,286 17,298,361
Other Investments 2,130,909
2,739,028
52,259
Deferred charges..
53,623
stock
c
—
Inventories
-
62,461,471
Total
63,532,4271
430,000
1.464.028
1,160,849
for general &
Federal taxes...
Other reserves....
1,665,485
2,170,329
Paid-in surplus... 2,137,398
Earned surplus...34,903,087
Total
1,739.900
2,728,648
1,904,406
34,196,557
62,461,471 63,532,427
After deducting $9,217,399 reserve for depreciation in 1935 and $8,840.
in 1934.
b 2,000,000 shares of no par value,
c 40,533 shares at
cost in 1935 and 47.959 in 1934.—V. 142, p. 314.
181
Deferred credits to
Surplus
3,487
b8,440,898
4,747
3,348,036
(J. S.) Young Co., Baltimore, Md.—Earnings—
Years Ended Dec. 31—
Divs.
Total
52,682,090 53,942.338
on common
1935
1933
1934
stock.
Surplus
Previous surplus
117,529
88,227
88,716
$45,653
758,078
$19,869
863,208
def$l 1.882
1,125.091
$169,315
50,813
$160,936
52,351
$185,601
51,721
Transferred
to
reserve
for deprec. of invest.
Transferred to res. for
Dr250,000
.
125,000
contingencies
$804,704
Surplus, Dec. 31
Shs.
com.
1932
$178,086
70.000
119,968
$974
803,731
Net prof, (after Fed. tax)
Divs. on pref. stock.
_
Represented by 3,172,111 shares of no par value,
y Representing
65,221 shares of capital stock in 1934 and 65,006 in 1933. z Less deprecia¬
tion.
a
Including $4,575 to subsidiary company not consolidated, b Con¬
sists of earned surplus (restricted in the amount of $251,361 which rep¬
resents the cost of 6,845 shares of the
parent company's capital stock
reacquired and held in its treasury), $2,096,677 and paid-in surplus of
$6,344,221.
c Consists
of $2,379,083 to be distributed from a paid-in
surplus in 1936 and $3,965,138 to be distributed from paid-in surplus
subsequent to 1936.—V. 142, p 1492.
x
910,833
a
conting-
Deposits with ins.
Deferred charges..
$2,789,457
(before approp. for
reserve
Income Account
of
capital stock
outstanding (no par).
Earns, per sh. on cap.stk.
$2,756,282
33,174
$3,067,030
Net oper. rev. & other inc.
retire, reserve)
75,407
$631,756
3,348,036
56,709
Dr676,312
,
1932
a$100,103
759,664
173,139
$922,076
1,553,832
.
1933
29.000
Appropriation for retirement
—V. 142, p.
$30,113
Appropriations for retirement reserve.
Preferred dividend requirements
1935
$6,988,384
4,232.101
res.)... $3,038,029
Net oper. rev. (before approp. for retire,
1936
$7,286,605
4,248,575
'
Other income
1936—12 Mos.—1935
$33,860
Balance
Corp. (& Sub.)—Earnings—
been declared payable
$168,379
83,311
6,201
15,362
29,642
$173,548
90,181
8,191
16,183
28,878
Ltd.—Registers with SEC—
of this department.
12 Months Ended Jan. 31—
Operating revenues
Operating expenses, maintenance and all taxes
The
Western Public Service Co. (&
Spencer Stel Co.—Decree Appealed—
Notice of appeal to the U. S. Circuit Court of Appeals from the decree
of Judge Knight approving the new reorganization plan for the company
was filed April 3 at Buffalo, N. Y., by Arnold M. Goldstein, New York,
$803,731
14,694
$8.06
14,696
$9.11
k
.
$758,078
$863,209
14,746
$7.36
15,000
stock outstand.
(par $100)
Earnings per share
.
$7.20
Financial
Volume 142
Condensed Balance Sheet Dec. 31
Assets—
$439,740
496,362
27,346
Investments
x
Accts. receivable
Foreign purch.adv.
Finished gds., ma¬
terials
&
mfg.
supplies—
y Plant & equip
$328,482
496,362
20,282
25,940
31,441
investments
1934
1935
payable
(trade creditors)
Divs. decl. & pay.
Accrued items
$4,109
$5,393
39,994
1,784
25,613
39,994
1,309
28,1,16
2VI
J5
Employees deps__
341,278
359,581
506,596
369,361
1,000,000
359,103
1,000,000
7,405
319,718
Prepaid insur. and
..$3,064,026
l64
1,164
1,000,000
1,500,000
803,731
stock... J5r314,700 Dr304,500
dividends
1,238
Preferred stock
1,000,000
Common stock—
1,500,000
804,704
Treasury
$3,074,1481
$3,064,026 $3,074,148
Total
After
x
reserve
reserve for discount of $109 in 1935 and $83 in 1934.
y After
for depreciation of $561,427 in 1935 and $551,647 in 1934.—Y. 142,
977.
p.
000 of first mortgage sinking fund bonds, series O, due May 1, 1961, and
$30,000,000 of convertible 'debentures, due Feb. 1,1951. The interest rate
on the
bonds and debentures is to be furnished by amendment to the
registration statement.
The company also registered shares of no par
value common stock which are to be reserved for conversion of the de¬
bentures.
According to the registration statement the net proceeds from the sale
and debentures together with additional funds of the com¬
if required, will be applied as follows: $65,759,400 to the redemption
on July 1, 1936, of $62,628,000 principal amount of outstanding series A
bonds at 105%; $23,450,700 to the redemption on Oct. 1, 1936, of $22,334,000 principal amount of outstanding series B bonds at 105%: the
balance, if any, of the proceeds will be added to the company's general
funds to increase working capital.
Accrued interest on the bonds to be
redeemed will be paid out of the general funds of the company.
The redemption provisions, the price to the public, the names of the
principal underwriters, and the underwriting discounts or commissions are
to be furnished by amendment to the registration statement.—V. 142, p.
2347.
of the bonds
pany,
Res. for unclaimed
Surplus
ground rent
Total
Liabilities—
Accounts
Federal income tax
9,175
Good-will
Other
1934
1935
Cash
2527
Chronicle
Youngstown Sheet & Tube Co.—Annual Report—
CURRENT
H. G. Dalton, Chairman, and Frank Purnell, President, state in part:
The results for the year are summarized below in comparison with 1934:
1935
1934
48.7%
36.3%
48.5
Operations: % of rated steelingot capacity:
YC
Toungstown
Steel industry.
Net
37.2
this
prof.$1,597,521 Ioss$2,665,119
Dec. 31, 1934, were reduced to
$3,000,000 as of Dec. 31, 1935. To the date of this report (March 21)
further payments have been made, reducing them to $1,500,000.
* The
company retired $2,000,000 first mortgage sinking fund 5% gold
bonds dining the year through the operation of the sinking funds.
No dividends were paid dining 1935 on either preferred or common shares.
However, the regular quarterly dividend due Jan. 1, 1936, on preferred
shares was paid on that date and the regular quarterly dividend on preferred
shares payable April 1, 1936, has been declared. The board is giving careful
consideration to the matter of liquidation of accumulated dividends on
preferred shares which amount to $2,887,500 or $19.25 per share.
Total expenditures during 1935 for plant improvements and betterments
amounted to $9,348,847.
Property account was reduced $(,302,198 during the year.
At the present time there are many small items of improvement authorized
for both the Youngstown and Chicago districts but the major improvement
at this time is an addition to the cold rolling equipment in the tin plate mill
at the Indiana Harbor plant to increase the capacity and diversity of tin
plate products. Directors have under consideration further improvements
in both districts which, if adopted, they believe will be important in the
June 5,
Sleepy Hollow Country Club on Friday,
at the
year
Presidentof the club.
announced Wednesday by Ralph T. Crane,
it
Bank loans amounting to $3,500,000 on
will be
annual Field Day of the Bond Club of New York
—The 16th
held
NOTICES
was
in
naming the committees to make arrangements for the
outingT"" James
He will be assisted
Executive Committee in general charge of the outing.
by three Vice-Chairmen, each of whom will supervise various divisions
entertainment and sports activity.
John M. Young of Morgan Stanley &
were
made at
a
of
They are Prescott S. Bush of Brown
Harriman & Co., Inc.; George J. Gillies of
outing
J.
Corp. has been appointed Chairman of the Field Day
Lee of Lee Higginson
Bancamerica-Blalr Corp., and
Preliminary plans for the
Co., Inc.
dinner at The Hangar Wednesday night, given by
Mr. Lee to the following committee chairmen:
'
-
Golf—Schuyler Van Vecbten, of Lee Higginson Corp.?
Stock Exchange—Nathaniel F. Glidden, of Glidden, Morris
Indoor Sports—Leslie
& Co.
L. Vivian, of Fenner & Beane.
Trophies—Enos W. Curtin of Hemphill, Noyes & Co.
Entertainment—John Witter, of Dean Witter & Co.
Bawl Street Journal—John A. Straley, of Lord,
Abbett & Co., Inc.
Publicity—William H. Long, Jr., of Doremus & Co.
Attendance—W. Harman Brown, Jr., of Brown Harriman & Co., Inc.
development of the company.
While most of the Improvement in 1935 came from an increasing demand
for consumers' goods, there are Indications that funds for capital invest¬
Racing Events—Eugene W. Scarborough, of L. M. Marks & Co.
Luncheon and Dinner—Walter F. Blaine, of Goldman, Sachs & Co.
ment are seeking outlets, which is indicative of a slow revival of business in
the heavier industries. However, before any revival can become important
and permanent, confidence of investors in the country's financial program
Transportation—Arvid E. Taube, of Lazard Freres & Co., Inc.
and governmental policies must be re-established.
In Feb., 1936, the directors authorized the granting to a number of officers
—The average price
and
employees, occupying important supervisory positions, options to pur¬
chase 18,840 common shares of the company which it previously had ac¬
quired and set aside for this purpose. These options extend over a period of
five years and not more than one-fifth of the number of shares under option
may be purchased in any one year beginning in 1936. The option price was
fixed at $25 per share, which is more than the original cost of these shares
to the company. Each year's proportion is to be paid for in cash during the
year and any quota not paid for during that year will be canceled.
The amendment to the articles of incorporation adopted at the annual
meeting of shareholders in 1935 provided that the preferred shares shall
have voting rights in the event that and whenever four consecutive divi¬
dends on such shares are in arrears and unpaid. As a result, the preferred
shareholders will be entitled to vote at the annual shareholders' meeting on
April 28, 1936.
1935
1934
1933
1932
$86,788,923 $63,138,122 $49,436,510 $31,798,673
75,370,927
55,799,075
44,801,824
31,149,232
Net profits
Other income
$11,417,997
1,467,606
Gross income
$4,634,686
1,150,498
$649,440
937,990
$12,885,603
5,683,843
4,412,682
Expense of idle prop—
778,716
Special expenses, &c
275,416
Prof, accrued to minority
subsidiaries
17,715
Fed. income tax of subs119,710
$8,828,202
5,674,114
4,388,970
910,305
476,369
$5,785,184
6,446,645
4,461,796
2,414,077
792,250
$1,587,429
6,368,052
3,763,900
2,758.650
1,971,715
9,461
34,100
13,317
Cr2,104
Net loss
Pref. divs.
$2,665,119
Deprec. and depletion-_
Int. & discount
on
bonds
-prof$l,597,521
($1.37H)—
206,250
Common dividends
$2,665,119
$8,342,901 $13,479,033
Nil
$
7,807,983
S.
Govt,
Nil
Nil
Ac—
11,748,774
rec.—less
employees
11,075,278
66,800
35,781,408
87,851 Accrued taxes—
general
37,561,030
chase contract
Other accr. liab.
Min.
443,661
158,025
1,186,230
ers'
535,186
3,500,000
3,921,252
397,408
144,125
287.500
293,750
1,355,018
1,292,063
1,203,744
968,526
equity
20,943
23,228
3,265.493
3,257,811
1,208,115
forrellning,
rebuilding fur¬
naces,
Ac
1.29
on
158,025
Res. for conting.
175,000
8,372,575 Funded debt.— 85,337,000
5M% cum. pref.
shares
1,701,655
15,000,000
Mining A affil.
companies
10,135,420
Pub. util., oil,
Ac., cos...
1,844,758
.
Bank stocks and
Common
(l,200,000shs) 75,000,000
853,440 Paid-in capital—
256,097
Co.*s shares held
Earned surplus. 18,405,729
in treasury385,347
385,347
Property accts—133,198,847 130,955,570
Def'd charges614,015
572,633
879,855
V.
15,6)0.000
a
net gain of .02.
&
by Herbert H. Blizzard, of Herbert H. Blizzard
Co., of Philadelphia, that the date of the 14th Annual Outing of the
Philadelphia Investment Traders Association is set for June 26th, 1936, at
t he Philmont
Country Club in Philadelphia.
Mr. Blizzard who has been
recommends "that every trader In
Frolic which is the most out¬
standing and best attended affair in the country."
Further details and
formation of various committees will be announced at a later date.
—David
were
U.
Page,
Theodore W. Baumfeld
Mortimer Landsberg and
elected directors to serve one year at the annual stockholders meeting
of the New York Curb Exchange Realty Associates, Inc., held Thursday.
Board
The
subsequently
organized
by
electing
Mr.
Page,
President,
Reginald E. Heard, Vice President, Mortimer Landsberg, Treasurer and
oward C. Sykes, Secretary.
The latter succeeds Edward J. Muller, re¬
E. B. Schryver was reappointed
for the ensuing year.
Assistant Secretary
week,
as
evidenced by the averages compiled by Distributors Group, In¬
corporated, 63 Wall St., New York City.
factor stood at 21.52 at the close of April 3
The
average
for the
common
27.
Total
on
March
The average of the mutual funds closed at 14.84 April 3 compared with
—Indexes point
toward
a
resumption of the main advance in general
business, according to the current "Review" of Estabrook & Co., 40 Wall St.,
New York
City, which adds that with the full effect of the seasonal increase
in the demand for
goods yet to be felt, the outlook is encouraging rather than
Flood conditions in the eastern part of the country tended to
retard business but it is pointed out that "there is no evidence as yet that
business is losing
ground."
—Frederic P. Robert and Paul A. Schmuck have formed the partnership
of Robert & Company to devote their activities
to dealing in securities,
secondary market operations and corporate financing.
and Underwriters Trust Company.
The
new
firm is
Mr. Robert and Mr. Schmuck
were
formerly with E. A. Pierce & Co.
prepared to deliver at its corporate trust window, 11 Broad St., definitive
New York Authority general
their
are
distributing
quarterly quotation book which lists closing bid and asked prices of
approximately 2,500 stocks and bonds most frequently traded in over the
counter as of March 31, 1936.
^
—Ira Haupt & Co., 39 Broadway, New York City, haveprepared Tor
distribution
--207.450,396 205,848,899
Note—Unpaid cumulative dividends at Jan. 1, 1936, of $19.25
and refunding bonds second series 3 H% due
1965.
Jersey
207,450,396 205,848,8991
influenced by the leverage
compared with 21.20
—Frank C. Masterson & Co., 25 Broad St., New York,
75,000,000
256,097
14,924,250
,
-
Total
March 27,
—Announcement is made
bonds in exchange for temporary bonds of the following issues: The Port of
86,148,000
shares
partio. ctfs. in
or
balue for these 18 stocks on April 3 was 1.31 compared with
—The Chase National Bank of the City of New York announces that it
Res. for insur.—
securs..
average
located at 149 Broadway, this city, and will clear through Watsou & White
In
Res.
Invest.—Stocks,
bonds, notes
bank
The
Average ratio
1.33 standing at 98.57 as against 97.24 in the previous week.
of price to book
otherwise.
sharehold¬
subsidiaries
& advances:
3,000,000
3,293,870
206,250
excess
of payments-.
Accrued int. on
bonds
insur.
fund
rec.
—
Bal.dueonempl.
dwelling pur¬
of
In
174,274
15.749,556
res.
Inventories
Inv.
Ore
112,570
Due from officers
and
payable.
Dlv, declared-
Accts. and notes
$
Loans payable to
639,054 Accts.
272,146
1934
$
banks
cash
balances
during the week from 1.22 on March 27 to 1.24 on April 3.
14.52 at the close of the previous week.
1935
Liabilities—
se¬
curities,
Average ratio of price to liquidating value for these 20 stocks gained .02
—The investment companies common stock price index advanced last
$8,342,901 $13,272,783
206,250
1934
$
Restricted
net increase of .63, accord¬
price for 18 bank and trust company stocks as of April 3 showed a gain of
signed, the other officers being reelected.
Consolidated Balance Sheet Dec. 31
U.
a
stocks of ten leading management companies
1935
Cash
of March 27, showing
ing to the weekly analysis of Allen & Co., 20 Broad St., New York City.
-
Deficit
sur$l,391,271
Earn, per share on com$0.64
Assets—
for 20 insurance company stocks on April 3 was 30.83.
as
the country set aside this date to attend the
Cost of sales
$7,339,048
1,489,155
compared with 30.20
made chairman of the outing committee
Consolidated Income Account for Calendar Years
Net sales.
R. Montgomery, of Bancamerica-Blair Corp.
Tennis—John
per
share
$2,887,500.
a
booklet supplementing thier statistical' hand'bood
for New
municipal bonds (third edition) entitled "Tax Collections of New
Jersey Municipalities."
—Albert Frank-Guenther Law, Inc. has been appointed to handle the ad¬
vertising of Lutherland, an all-year-round resort comprising three hotels in
Vice-President Retires—
W William
the Pocono Mountains.
The summer campaign will start in May.
News¬
O. Reilly, Vice-President of the company, retired on April 6
after being with the company since it was formed 54 years ago.
Frank
papers
Purnell, President of the company, said Mr. Reilly would continue In an
advisory capacity in connection with development of special processes. He
helped to develop the new wide strip mill and the electric tube welding
study of the immediate and long term effect of the Great Northern Railroad
processes.
_
To Issue
'♦
$90,000,000 Bonds—
The company on April 3
filed with the SEC a registration statement
(No. 2-2079, Form A-2) under the Securities Act of 1933 covering $60,000,-
will be used.
—Kidder, Peabody & Co., 17 Wall St., New York City, has prepared a
Company's Refunding Plan on the Company's debt structure.
—Lazard Freres & Co., Inc., announces that Willard A.
Snow7Jr.,
for-
merly with Stone & Webster and Blodget, Inc., will represent the company
in Connecticut with offices at 36 Pearl
Street, Hartford.
Financial
2528
4th inst. futures closed 4 to 5 points
higher for Santos contracts, with transactions totaling 2,500
bags.
Rio contracts closed 3 to 4 points higher, with trans¬
actions of 2,250 bags.
Rio de Janeiro futures were 25 to 50
reis lower.
Cost and freight offers from Brazil were un¬
changed, but limited in volume as is usual on Saturdays.
Havre futures were one-half franc lower.
On the 6th inst.
points higher for Santos contracts, with
transactions of 9,500 bags.
Rio contracts closed 2 to 6 points
higher, with sales of 14,500 bags.
Rio de Janeiro futures
were 50 reis higher.
Cost and freight offers from Brazil
were unchanged, with Santos 4s at from 8.20 to 8.40 cents,
generally.
Spot prices continued nominally unchanged.
Havre futures were y to
-franc lower.
On the 7th inst.
futures closed unchanged to 4 points lower for Santos con¬
tracts, with transactions totaling 11,500 bags.
Rio contracts
closed unchanged to 2 points higher, with sales of 6,000 bags.
Rio de Janeiro futures were unchanged to 50 reis lower.
futures closed 4 to 6
Improvement of 250 reis from the low point, March 30, was
attributed to the harvesting and sale of the southern Brazil
which naturally brought an increased demand
foreign buyers.
Cost and freight offers from
Brazil were unchanged to 10 points higher, with Santos 3-5s
at from 8.25 to 8.45c.
Although a better inquiry was re¬
cotton crop
for milreis from
nothing substantial was done.
Stocks of coffee,
milds, in warehouses in New York con¬
mount, apparently reflecting the preference of
importers to store rather than sell at a loss.
Havre futures
were l/i to 3^-franc higher.
ported,
both Brazilian and
tinue
to,
On the 8th inst.
futures closed 3 to 7 points lower for
contracts, with transactions totaling 14,000 bags.
Rio contracts closed 1 to 3 points lower with sales of 8,000
Santos
bags.
Rio
de Janeiro futures were irregular at
50 reis
Cost and freight offers from
Brazil were unchanged.
On Thursday futures closed un¬
changed to 4 points down for Santos contracts, with sales of
68 contracts.
Rio contracts closed 3 to 5 points down, with
sales of 7 contracts.
A holiday in Brazil restricted interest
advance to 50 reis
decline.
coffee, but additional liquidation of may in the Santos
weakened the whole list.
Few cost and freight
offers were received from Brazil owing to Easter observance.
in
contract
Santos 4s
were
quoted at 8.25 to 8.55c.
The open market
Havre futures
exchange rate was 100 reis weaker at 17.650.
were unchanged to 3^-franc higher.
.
Rio coffee
prices closed as follows:
May
July
September
Santos coffee
-_5.05
5.12
4.731 December
4.861 March
March
8.541 September
8.41
May
July
8.25 December
8.35|
8.47
the
On
7th
inst.
futures
closed steady and
unchanged
105 lots or 5,100 tons.
In
the market for raws there was no change from the previous
day.
Cubas were offered at 2.95c., Puerto Ricos at the
equivalent of 3.85c., and Philippines from 3.85 to 3.90c.,
depending on shipping position.
Refined withdrawals con¬
tinues light with refiners reported renewing 30-day contracts
expiring currently.
Sixty-nine Cuban mills are reported as
finished grinding of the 145 centrals in action this season*.
London futures were ly to yd. lower, while raws were
reported quiet and unchanged.
On the 8th inst. futures closed 3 points lower to 1 point
higher, with January showing the most strength.
Trans¬
actions totaled 113 lots or 5,650 tons.
In the market for raws
there were no sales, and little interest was shown, even in one
lot of hedged Cubas which were said to be available at 2.90c.
Other Cubas were held at 2.95c. and duty free sugars were
unchanged at 3.85 to 3.90c.
London futures were J4 to
yd. higher, while raws were unchanged.
On Thursday
futures closed unchanged to 3 points down.
Interest seemed
to center in the 1937 months, with both January and March
at new highs.
The former sold at 2.63c. and the latter at
2.60c., both up two points.
These gains were later lost as
the result of some rather heavy pressure.
In the market for
raws reports were current that refiners were contracting for
Cuban and duty free sugars, 1937 delivery, at around 2.50
to 2.60c. basis.
No sales of raws were reported and prices
were unchanged at
2.95c. asked for nearby Cubas, with
refiners ready to pay 2.88c.
to 2
points lower.
Prices
were as
Sales
were
follows:
2.78 January
2.56
September
2.58
2.81
2.78
May
higher.
trading, but these
offerings appeared to be quickly absorbed by the trade and
prices firmed up considerably the rest of the session.
Liver¬
pool lard futures on Saturday closed unchanged to 6d.
lower, and on the week prices were Is. 6d. to 2s. 6d. lower.
Export shipments of lard from the Port of New York were
Lard—On the 4th inst. futures closed 5 to 7 points
moderate pressure in the early
There
point lower to
unchanged.
Transactions totaled 25 lots or 335 tons.
It
was unofficially stated that the British interests controlling
the majority of' the unsold Accra crop balance had bought
up the holdings of smaller competitive African shippers.
In the local spot market sales were light, though prices held
firm.
Warehouse stocks were a shade over 2,000 bags
down for the week, standing at 773,109 bags on Saturday.
To date April cocoa bean imports have been well ahead of
the period last year.
All indications point to arrivals of
more than 200,000 bags above the approximate 260,000 for
April, 1935.
Local closing: May, 5.10; July, 5.16; Sept.,
6.21; Oct., 5.22; Dec., 5.29.
On the 6th inst. futures closed
2 points lower.
Trading dropped to a nominal level.
Trans¬
actions totaled only 4 lots or 50 tons.
There was virtually
no feature to the trading or news.
Cash prices in London
unchanged, but futures broke 43^d., with only 80 tons
changing hands.
Local closing: May, 5.08; July, 5.14;
Sept., 5.19; Oct., 5.20; Dec., 5.27.
On the 7th inst. futures
closed 3 points lower.
Sales for the day were 34 lots, or
456 tons.
No change was registered in the London spot
market, while futures there stood 13^d. on either side of the
previous closing.
Sales there were 150 tons in the market
for futures.
Local closing: May, 5.05; July, 5.11; Sept.,
5.16; Oct., 5.17; Dec., 5.24.
On the 8th inst. futures closed 2 to 3 points higher.
Trans¬
actions totaled 46 lots or 616 tons.
New York warehouse
total of 782,142 bags.
A
continued record consumption of cocoa beans in the United
States and throughout the world is anticipated for 1936.
Deliveries to manufacturers of 4,400,000 bags are
estimated
by leading spot interests, which figures would be 10 % ahead
of the record of 4,000,000, reached in 1935.
Local closing:
May, 5.08; Sept., 5.19, and Dec., 5.26.
On Thursday
futures closed 1 to 2 points up.
There were no new develop¬
ments of importance.
Sales totaled 98 contracts.
Closing:
May, 5.09; Sept., 5.21; Oct., 5.22; Dec., 5.28.
favorable factors.
as
March
prices closed as follows:
stocks increased 1,364 bags to a
1936
futures closed 2 to 6 points
In the early trading prices showed a maximum
advance of 5 to 8 points but later on profit-taking lost some
of the gains.
Transactions totaled 337 lots or 16,850 tons.
In the market for raws no sales were reported.
The Agri¬
cultural Adjustment Administration reported that "offshore''
areas had filled about 35% of tbeir quotas during the first
quarter of the year.
London futures were unchanged to
yd. lower.
On the 6th inst. futures closed 1 to 4 points higher with
sales of 258 lots, or 12,900 tons.
In the market for raws
an operator purchased 25,000 bags of Cubas on Saturday,
first half of June shipment, at 2.90c.
Offers Monday of
duty frees were limited at from 3.85 to 3.90c.
Cubas, while
not openly offered, were thought available at 2.95c., in
contrast to last week when seven or eight cargoes were
offered.
The proposed new sugar legislation and the firm
attitude of raw sellers were pointed out by trade observers
July
4.98)
Cocoa—On the 4th inst. futures closed 1
y
higher.
Friday Nighty April. 10, 1936.
the
April 11
Sugar—On the 4th inst.
COMMERCIAL EPITOME
Coffee—On
Chronicle
was
fairly
heavy and totaled 212,800 pounds, destined for Lon¬
Closing hog prices at Chicago were nominally steady.
Total receipts for the Western run were 12,300 against 14,300
for the same day last year.
On the 6th inst. futures closed
5 to 7 points higher.
Volume of trade was restricted, though
the market held steady throughout the session.
Closing hog
don.
prices were at the new highs for the current movement.
Chicago final values were 10 to 15c. higher, the top price
registering $11 and most of the sales ranging from $10.55
to $10.95.
Total receipts for the Western run were 57,800
against 50,500 for the same day last year.
Liverpool lard
futures closed irregular, unchanged on the spot position,
3d. lower on May, 9d. higher on July and 3d. higher on
Sept.
Export clearances of lard over the week-end from the
Port of New York totaled 36,960 pounds to Southampton.
On the 7th inst. futures closed 2 to 10 points lower, with
the exception of October, which closed 2 points up. Western
hog receipts were fairly heavy and totaled 54,600 against
55,400 for the same day last year.
Hog prices at Chicago
declined 5 to 15c., as the demand was reported to be rather
slow.
The top price was $10.90, and most of the sales
ranged from $10.45 to $10.80.
Liverpool prices were un¬
changed on the spot position, and 6d. to 9d. higher on the
deferred months.
Buying of lard by European countries
continues on a small scale.
Export clearances of lard from
the Port of New York as reported yesterday, were light and
totaled 30,520 pounds, destined for London and Rotterdam.
On the 8th inst. futures closed 5 to 10 points up.
Trading
was fairly active, with commission house buying and some
support by trade interests.
Liverpool lard futures held very
steady throughout the session and closed unchanged to 3a.
lower.
Closing hog prices at Chicago were mostly 10c
At
Financial
Volume 142
higher.
The top price was $10.25 and the bulk of sales
ranged from $10.50 to $10.85.
Western hog receipts totaled
45,700 against 45,900 for the same day last year.
Exports
of lard from the Port of New York were moderately heavy
and totaled 73,900 pounds destined for Glasgow.
On Thurs¬
day futures closed 3 points down.
Like most markets it was
a pre-holiday affair with comparatively little trading.
LARD FUTURES IN CHICAGO
DAILY CLOSING PRICES OF
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
May
July
10.97
10.97
11.02
11.00
11.00
10.95
11 05
11 05
11.02
11 02
Holi-
March
11.05
11.00
11.00
11.10
11.07
day
September.
10.77
10.85
10.87
10.95
10.87
Pork—Quiet.
Mess, $32.37 per barrel; family, $31.37,
nominal, per barrel; fat backs, $21.25 to $27.25 per barrel.
Beef, quiet.
Mess, nominal; packer, nominal; family, $18.50
to $19.50 per barrel, nominal; extra India mess, nominal.
Cut meats, steady.
Pickled hams, picnics, loose, c. a. f.,
4 to 6 lbs., 1524c.; 6 to 8 lbs., 1434c.; 8
to 10 lbs., 1434c.;
skinned, loose, c. a. f., 14 to 16 lbs., 20J4c.; 18 to 20 lbs.,
2034c.; 22 to 24 lbs., 1934c.
Bellies, clear, f. o. b., New
York: 6 to 8 lbs., 2334 c.; 8 to 10 lbs., 23c.; 10 to 12 lbs.,
2134c.
Bellies, clear, dry salted, boxed, N. Y.: 14 to 16
lbs., 16Kc.; 18 to 20 lbs., 1634c.; 20 to 25 lbs., 1634c.; 25
to 30 lbs., 1634c.
Butter, creamery, higher than extra and
premium marks, 3234 to 33c.
Cheese, State, whole milk,
held 1935, fancy, 21 to 22c.
Eggs, mixed colors, checks to
special packs, 17 to 2134c.
Oils—There appears to be nothing new in the local linseed
Deliveries are fair and the price structure un¬
oil market.
changed.
Quotations: China wood, tanks, forward, 18.8c.;
drums, spot, 19
Cocoanut, Manila, tanks, April-June,
434c.; Coast, 434 to 434c.
Corn, crude, tanks, West mills,
834c.; Olive, denatured, spot, Spanish, 71 to 72c.; shipment,
forward, 69 to 70c.; Soya Bean, tanks, mills, 634c to 7c.;
C. L. drms, 8.6c.; L. C. L., 9.4c.
Edible, 76 degrees,
1034c.
Lard, prime, 1334c.; extra strained winter, 13c.
Cod, crude, Newfoundland, nominal; Norwegian yellow,
37c.
Turpentine, 4334 to 4834c.
Rosins, $4.50 to $6.25.
Cottonseed
Oil
Crude, S. E., 8<H*c.
sales, including switches, 65 contracts.
Prices closed as follows:
April
May
August
9.50®
9 63® 9 64 Sep t ember
9.55®
9.57 @9.60
June
9.50®9 80 October
9.29 @9.32
July
9.66@9.68
Petroleum—The summary
—
9.10®
November
—
and tables of prices formerly
found
appearing here regarding petroleum will be
on
an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber—On the 4th inst. futures closed 3 points lower to
point higher.
There was very little activity, transactions
totaling 340 tons.
Spot ribbed smoked sheets in New York
remained unchanged at
15.81.
London and Singapore
closed steady and quiet, prices virtually unchanged.
Local
closing: July, 15.93; Sept., 16.04; April, 15.81; May, 15.85;
June, 15.89; Aug., 15.98; Oct., 16.07; Nov., 16.10; Dec.,
16.14; Jan., 16.17; Feb., 16.20; Mar., 16.23.
On the 6th
inst. futures closed 12 to 15 points above previous finals.
The outside market showed even greater strength at the close.
1
Spots and nearby deliveries in the outside market were quoted
again at 16c.
In the distant deliveries January-March were
quoted at 1634c., a purely nominal quotation.
Actual
business remained very quiet in the outside market.
Fac¬
tory interest was almost entirely absent.
Although the
market for futures held firm, trading was very light, with
transactions totaling only 390 tons.
London and Singapore
closed steady and quiet, with prices virtually unchanged.
Local closing: April, 15.93; May, 15.97; June, 16.01; July,
16.05; Aug., 16.10; Sept., 16.16; Oct., 16.19; Nov., 16.24;
Dec. 16.29.
On the 7th inst. futures closed unchanged to 4
Transactions totaled 340 tons.
Spot ribbed
unchanged at 15.93.
London and
Singapore closed steady.
Local closing:
May, 15.95;
July, 16.05; Sept., 16.13; Dec., 16.25.
:
On the 8th inst. futures closed 4 to 7 points higher.
Trans¬
actions totaled 950 tons.
Spot ribbed smoked sheets re¬
mained unchanged at 15.93.
London and Singapore closed
unchanged.
Local closing: May, 15.99; July, 16.10; Sept.,
16.19; Oct., 16.23; Dec., 16.32.
On Thursday futures closed
2 to 4 points up.
Trading was very light, sales totaling 83
contracts.
The
London and Singapore markets closed
steady with prices unchanged to l-16d. higher.
A decrease
of 3,000 tons was indicated in United Kingdom stocks.
Local closing: May, 16.02; July, 16.14; Sept., 16.22; Dec.,
points lower.
smoked sheets remained
16.34.
Hides—On
the
4th
inst.
futures
closed
3
to
5
points
Transactions totaled 400,000 pounds.
In the
domestic spot markets transactions totaled 37,200 hides
with light native cows at 1034c., up 34c.
Other grades
were unchanged.
Local closing: June, 11.94; Sept., 12.29;
Dec., 12.61; March, 12.91.
On the 6th inst. futures closed 2 to 4 points down.
Trad¬
higher.
moderate, transactions totaling only 160,000
Prices ruled within a very narrow range.
Stocks
of certificated hides in warehouses licensed by the Exchange
increased by 969 to a total of 867,451 hides.
Domestic spot
hide market was very quiet.
Local closing: June, 11.92;
Sept., 12.25; Dec., 12.59.
On the 7th inst. futures closed 4 to 7 points higher.
Trans¬
actions
totaled
720,000 pounds.
Domestic spot sales
ing was
pounds.
very
2529
Chronicle
amounted to 13,400 hides at unchanged prices.
In the
Argentine spot market 8,000 frigorifico steers sold at 1334cLocal closing: June, 11.98; Sept., 12.32; Dec., 12.63; March,
12.93.
On the 8th inst. futures closed 3 to 6
points higher.
Sales
1,360,000 pounds.
In the domestic spot markets
hides, with light native cows selling at
1034c. for March take-off, and 11 cents for April take-off.
Closing: June, 12.02; Sept., 12.35; Dec., 12.69; Mar., 12.99.
On Thursday futures closed 8 to 9 points down, with total
sales of 20 contracts.
In the domestic spot market sales of
25,000 hides were reported with light native cows, March
take-off, selling at 1034c., unchanged from yesterday.
In
the Argentine market 5,000 frigorifico steers sold at 1134®.
Certificated stocks of hides in warehouses increased by 1,000
to 869,048 hides.
Local closing; June, 11.93; Sept., 12.27;
Mar., 12.91.
totaled
sales totaled 37,500
Ocean
Freights—The market
was more
active this week,
with expectations of stjll greater activity as time goes on.
Demand for round trips was the feature.
Charters included: Scrap iron—Two ports Cuba, prompt, two ports,
Japan, 14s. 9d.
Grain booked—12 loads spot New York-Antwerp, 9c.
Trips—Prompt West Indies round, $1.25; same, $1.; same, 70c.
Sugar—
Cuba, April-May to United Kingdom-Continent, 13s. 9d.
Coal—Hampton
Roads, May to Rio, 9s. 3d.; Santos, 9s. 9d.
Coal—Sales volume this week
was slightly less than last
Buyers take a fortnight's heating supply.
Most of
them expect lower summer prices.
Bituminous dumpings
at New York on Tuesday totaled 470 cars.
The volume of
contracting is small.
Buyers depend on short renewals and
week.
take
on
that basis.
Copper—The red metal is beginning to show signs of
increasing activity in the domestic market.
Sales Monday
totaled 6,595 tons, the largest tonnage placed in one day
since February.
It was figured that Monday's volume ex¬
ceeded sales for the previous four business days of this month.
Total sales for April to date have been approximately 13,176
tons, or considerably in excess of the total registered for the
same period last year.
The belief is prevalent in not a few
quarters that if demand continues to broaden, many pro¬
ducers who are now at the lower figure of 934c-, will soon
lift prices to 934®. per pound, the level which has been ad¬
hered to since the middle of February by the Phelps-Dodge
and Anaconda companies.
European price levels gained
234 points recently, the market abroad being regarded as
9.0734c. to 9.10c. per pound, c. i. f. European ports.
An
active demand is reported in foreign markets. Copper pro¬
ducers here look for a quiet week in view of the coming
Easter holidays.
Tin—The feature of the week
the
sharp drop in prices
price levels consider¬
ably.
There was no explanation of the decline, but it was
reported that American consumers came into the market in a
rather substantial way at the lower prices, but demand was
not in sufficient volume to bring about any appreciable
recovery.
It was assumed that the coming holiday period
was in a way responsible for the decline.
The London Metal
Exchange will close up shop at noon Thursday, and will not
open up until the following Tuesday.
There are so many
uncertainties, especially of a political nature abroad, that
traders find it rather risky business to be committed for so
long a holiday; therefore, many in the trade evened up over
the holidays.
The domestic market will in turn be affected
by the holiday spirit and the absence of a London market.
Recently spot Straits have been selling in the domestic
market at 4734c., prompt at 47.45c., with some small lots
of 99% selling at 47c., with the supply of that description
scarce and concentrated in the hands of but one
importer.
Some inquiry for small lots in the May, June and August
positions was also reported lately.
Tin afloat to the United
States is 6,525 tons.
Tin arrivals so far this month have
been: Atlantic ports, 45 tons; Pacific ports, 80 tons.
Com¬
modity Exchange warehouse stocks are unchanged at 1,257
tons.
United Kingdom warehouse stocks fell 42 tons last
week to 369 tons.
Straits tin shipments this month through
Saturday have been 1,552 tons.
was
at London which forced down American
Lead—Lead
producers report a good steady demand, and
expected that sales for the week will come to at least
7,000 tons.
Prices are holding firm and demand is well
diversified.
The pigment makers are especially busy filling
orders and speeding production.
Recently, the purchasing
was about evenly
divided between the April and May de¬
liveries.
It is estimated that only 10 to 15% of April
requirements of consumers are yet to be purchased.
Sales
of lead last week were nearly three times in volume those of
each of the preceding iwo weeks.
It is expected that May
business will be coming in with a rush before long.
it is
Zinc—Ore production in the Tri-State district last week
to 10,900 tons, the largest in seven years.
Shipment
10,650 tons, and sales came to 6,000 tons, leaving stocks
in the district at the end of the week pf 24,580 tons.
The
came
were
price
was
ib $32
unchanged for the 26th consecutive week at $31
ton.
Though surplus stocks of slab zinc increased
4,324 tons last week, all the increase was in high grade stocks,
which the trade does not regard as so serious.
Weekly
statistics revealed that sales of prime Western slab zinc last
week were 1,432 tons, with sales of brass special 125 tons,
a total of
1,557 tons.
Unfilled orders for prime Western
slab zinc declined 3,386 tons to 39,410 tons, indicating ship¬
ments of 4,800 tons.
Total unfilled orders came to 40,827
per
Financial
2530
indicating shipment of over 5,000 tons.
All of the
based on the accepted price of 4.90c. per pound,
East St. Louis, for prime Western, and most of the purchases
were for nearby shipment.
tons,
sales
were
forging ahead.
Indica¬
further increase of 2.5% over last week's
production figures, or a rate of 64.5% of capacity.
This is
the highest rate since the spring of 1930.
The rate during
the corresponding week of last year was 43.8% of capacity.
From this it would seem that the earlier predictions of a
peak of 70% this spring are very likely to materialize.
Ac¬
cording to steel authorities, the current rate of production
reflects to a very large extent the current steel business, since
orders are being converted promptly into production.
The
United States Steel Corp. is working at Pittsburgh at 54%
of capacity, operating 62 of its blast furnaces, including those
in the Youngstown area—the highest in several years.
Iron
and steel scrap exporters report that 200,000 tons of scrap
have been shipped to Great Britain during the past two
months, a country which is now our nrincipal customer.
At
the same time Japan is a close second, buying the most
liberally in several months.
Sales to Italy have dropped
off.
With steel operations rising, the domestic iron and
steel scrap market is naturally very strong.
It is reported
that Carnegie-Illinois Steel Corp. recently bought 25,000
tons of scrap, partly to maintain the market and keep it
steady.
Orders for railroad equipment in March con¬
sisted of 13 locomotives, 627 freight cars and 61,300 tons of
rails, compared with 8 locomotives, no freight cars and
58,418 tons of rails in March, 1935.
The Denver & Rio
Grande has ordered 10,000 tons of rails from the Colorado
Fuel & Iron Co.
The Carnegie-Illinois Steel Corp. recently
booked 5,300 tons of rails from the Chicago & Eastern
Illinois, 1,400 tons from the Green Bay & Western and
1,000 tons from the Chicago Indianapolis & Louisville.
The
Erie is inquiring for 19,000 tons and the Seaboard Air Line is
inquiring for 15,000 tons.
Steel—The steel industry keeps
tions point to a
Pig Iron—This industry has been rather quiet.
Even
the Cleveland district, which usually sells the most iron
in
of
district in the United States, demand is comparatively
quiet.
However, a distinct feeling of optimism prevails in
view of the constantly rising steel operations, which are now
the highest since 1930.
It is felt quite generally that this is
eventually going to have a most wholesome effect on the pig
iron business.
Pig iron production continues to expand,
though the major increase in the output is at the steel makers'
plants rather than at the merchant furnaces.
any
April 11, 1936
Chronicle
loss of 5 to 10 yen.
Yokohama
7 to 12 yen lower, and Kobe was 4 to 17
yen lower.
Cash sales in the Japanese markets were 450
bales, and futures transactions amounted to 4,775 bales.
Local closing:
April, 1.65; May, 1.64; June, 1.61; July,
1.58H; Aug., 1.55; Sept., 1.53H;Oct., 1.53H; Nov., 1.53.
On Thursday futures closed unchanged to lc. lower.
The
price of crack double extra in the New York spot market
remained unchanged at $1.72.
The Yokohama Bourse
closed unchanged to 8 points lower.
The price of grade D
silk in the outside market was up 2H yen at 752H yen a bale.
Yen exchange was unchanged at 29 yen.
Local closing:
May, 1.63H; June, 1.60H; July, 1.59; Aug., 1.55; Sept.,
1.53; Oct., 1.52H; Nov., 1-51HSales were 52 contracts.
Grade D fell to 750 yen, a
Bourse prices were
COTTON
Friday Night, April 10, 1936.
The Movement of
indicated by our tele¬
the Crop, as
For the
reached
35,607 bales, against 35,770 bales last week and 48,797
bales the previous week, making the total receipts since
Aug. 1, 1935, 6,248,611 bales, against 3,801,403 bales for
the same period of 1934-35, showing an increase since
from the South tonight, is given below.
week ending this evening the total receipts have
grams
Aug. 1, 1935, of 2,447,208 bales.
1,735
906
811
3,255
1,829
3,697
261
778
Houston
Corpus Christi..
reasonable
basis
from
the
standpoint
High prices demanded for pulled
Mobile
wools have in large part
India wools for wool manufacture.
Silk—On the
Under
a
6th inst. futures closed 4 to 5 He. down.
moderate amount of pressure prices
broke sharply
Receipt of bearish cables from Japan was largely
responsible for the depression in the local market. How¬
ever, transactions were limited, totaling 1,060 bales.
There
were reports
of big slashes for outside silk prices, which
added to the bearishness that prevailed.
Japanese cables
2H to 4c.
reported Grade D 20 yen lower, or a price of 770 yen.
Yoko¬
hama futures lost 24 to 31 yen, while the Kobe Exchange
ended the day 16 to 23 yen lower.
Cash sales were 350
bales, and transactions in futures totaled 5,265 bales.
Local
closing: Apr., 1.65; May, 1.65H; June, 1.62H; July, 1.58;
Aug., 1.57; Sept., 1.55; Oct., 1.54H; Nov., 1.54.
On the
7th inst. futures closed 1 to 2c. lower, with the exception of
April, which was He. higher.' Transactions totaled 1,500 bales.
Spot declined lHc. to $1.74.
Weakness again developed
in cash silk in Japan, the decline registering 15 yen in Yoko¬
hama and 10 yen in Kobe, dropping the price to 755 and 760
yen for Grade D.
Futures in these centers were 2 yen
higher to 4 yen lower and 1 to 15 yen lower, respectively.
Sales on the primary spot markets were 475 bales and on the
bourses 4,275 bales.
Local closing: Apr., 1.65H; May,
1.63; June, 1.60H; July, 1.57H; Aug., 1.55; Sept., 1.54;
Oct., 1.52H Nov., 1.53.
On the 8th inst. futures closed H°. to 1 He. higher.
Sales
totaled 800 bales.
Spot declined 2c. to $1.72.
In Japan,
—
».
—
-
-
-
593
1,197
1,048
270
2
185
209
165
101
1,234
155
3,104
428
1,026
1,164
979
979
Pensacola, &c
Jacksonville
.•
Savannah
206
Charleston
161
239
32
410
Wilmington
15
185
72
177
Baltimore
m.
m.
m,
50
mm
1,041
1,055
7,711
35,607
.
-
2,876
3,625
6,386
9,477
5,532
m'mum
1,055
252
-
.
Totals this week.
m
6
13
355
16
•
Norfolk
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks tonight, compared with
last year:
This
Since Aug
1 1935
Since Aug
1 1934
This
Week
Galveston
Week
1936
575,912
4,706
424,325
43,451
30,334
450,197
436,890
14,099
726,277
56,257
124", 176
457
128,055
70,676
6,772
111,646
88,520
11,605
3,397
108,369
"652
138,895
13,349
3",692
363",967
"295
979
148,115
3,693
297,209
31
1,026
1,164
207",344
55,782
21,136
35,977
3
56,501
"50
Texas City
Houston
New Orleans
43
16,451
49,886
19
6,949
450
24
Gulfport
Mobile
Pensacola, &c.
2
Jacksonville
Savannah
1935
873,517
62,788
1,035,759
272,870
4,563
948,218
1,964
4,091 1,476,663
56
44,479
8,776 1,653,574
269,336
1,829
38,030
11",846 1,609,256
Corpus Christ!
13
854
537,880
12,406
3,790
182,778
459
Charles
Wilmington
Norfolk
1,041
838
N'port News, &c_
New York
43,303
17,915
21,577
31,605
44,702
20,573
"4",411
Charleston
Lake
Stock
1934-35
1935-36
Receipts to
April 10
20,039
3,836
2,738
22,660
23,280
243
Boston
Baltimore
442
24,050
1,055
1,775
24,347
Philadelphia
Totals
of the consumers.
disappeared.
Choice A A is now around 95c., fine A 85c.,
B super 75c. on ordinary, up to 79c. on choice wool.
Dealers
have very little wool to sell, not much new clip is arriving
and contracting for 1936 wool is surprisingly backward.
Foreign wools are furnishing the greater part of the activity
in Boston wool
district.
Additional large consignments
arrived here during the past day or two from the Buenos
Aires and Montevideo markets, approximately 7,500 bales,
or about 7,500,000 pounds.
Wools in bond here are also
meeting more active interest, especially some of the East
8,776
1,829
11,846
3,692
«.
Brunswick
on an
5,335
2
New Orleans
estimated shrinkage
of 63%, gives a scoured price of 87c.
For a good part of
this year delaine of the Ohio type has been selling on a grease
basis estimated to cost the consumer about 92c. scoured
basis. Three-eighths blood Ohio and similar is now quoted
40c. to 41c., quarter blood, 39c. to 40c., and low quarter
blood, 33c. to 35c.
Demand for woolen wools is showing
some improvement, now that prices have receded to a more
which,
56
140
Texas City
Beaumont
made at 32c. in the grease
4,091
784
632
952
38
56
655
238
641
Galveston
Wool—High asking prices in the local market are giving
to sales on a generally lower level.
Wools from the
great Western field seem less affected to date but fleece
wools are an average 2c. per grease pound below previous
nominal rates.
Recent sales of fine fleece wool have been
way
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
25,529 3.801,403 1,972,904 2,121,976
35.607 6.248,611
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Orleans
Brunswick
Charleston
13,033
20,441
16,333
295
2,146
2,004
2,442
457
""652
"2",207
43
291
210
838
486
220
401
'
Wilmington..
Norfolk
Newport News
All others
Total this wk_
Since
864
8,265
5,009
18,499
6,973
4,341
8,584
13,421
24,499
9,056
1,682
"""682
1,041
Savannah
23,732
7,031
31,068
50
Mobile
1,964
6,949
13,349
"l",164
_
1930-31
1931-32
1932-33
4,091
8,776
11,846
3,692
1,026
Houston.
New
1933-34
1934-35
1935-36
Receipts at—
Galveston
"2",587
282
.
239
485
547
1,565
"
"
"3",921
"'"982
1~983
"2",544
"3",083
4,641
35,607
25,529
70,948
56,769
62,040
52,119
Aug. 1__ 6,248,611 3,801,403 6,669,399 7,525,802 9,022,174 8,169,896
The exports for
the week ending this evening reach a total
103,281 bales, of which 24,419 were to Great Britain,
11,670 to France, 26,778 to Germany, 7,908 to Italy,
24,299 to Japan, 678 to China, and 7,529 to other destina¬
tions.
In the corresponding week last year total exports
were 70,174 bales.
For the season to date aggregate exports
have been 4,985,184 bales, against 3,706,929 bales in the
same period of the previous season.
Below are the exports
of
for the week:
Exported to—
Week Ended
Apr. 10 1936
Exports from—
Britain
Galveston
Houston
Ger¬
Great
France
many
Mobile
Norfolk
Japan
1,679
3,473
1,838
China
10,929
7,325
10J30
7", 150
3" 781
1,540
1,663
1,001
1~470
443
280
401
398
250
Gulfport
Los Angeles
1,943
San Francisco
"678
8
2,085
1,021
18,748
36,451
3,412
23,146
6,695
1,522
150
579
1,381
979
"76
6,893
5,435
3,550
1,400
2~762
1,222
----
24,419
11,670
26,7.78
7,908
24,299
678
Total 1935
16,624
5,199
8,184
8,717
5,475
9,840
15,925
1,696
50
Total 1934
7,804
2,677
Total
Total
Other
2,374
1,821
1,856
15,833
1,177
7,999
Corpus Chrlstl-.
New Orleans
Italy
888
733
7,529 103,281
16,388
70,174
9,968
38,373
Financial
Volume 142
10 i»oo
iu 1936
Apr.
apt,
i
Great
|
Exports from—
Britain
Galveeton
i
Geruer-
\ France
j
many
150,204135,109
240.736 133,825
Houston
Corpus Christi.
57,071
53,921
1
Texas City
72.012! 351,962
96,733
412,077
18,239
67.061
470
745
14
150
135,846
91,085
190*404
7,015
2,782
45,947
20,316
32,382
Mobile
.
8,754
25,665
1,550
9,612 207,021 1097,522
13,116271,649 1357,060
1,078 46,159 274,720
-...I
6,343
2,769
J ' 494
8,464
2,158
96,543
Charleston
36,810
36,562
4,051
8,006
1,726
1.276,
York..
Boston
1,668
1,224
1.123,
Gulf port
3,500
~884
1,420
55
39,313
13,233
25,900
255,181
50
2,897
1,700
3,985
1,656
6,881
792
2,459
4,351
13,616
250
1,086
179,871
300
8,800
2,361
137,544
155,337
1,130
16*024
4,393
3,040
9,039
6,694
2~343
29.470
143,707|
Wilmington.
Norfolk
—
8,724192,776 1112,797
761
77,169
&c_
Savannah
Total
Other
3,042
4,487
101,471
Jacksonville.;--
9,781
8,851
~"l4
Baltimore—
45
~~77
12,669
312
34,311
164,411
3,056
56,195
..
Los Angeles..
Francisco
finally closed at 11.16. The trade is now
on the proposed plan for disposition of
the 4,500,000 bales of loan cotton.
There is a wide diverg¬
ence of opinion as to what its effects will be should it become
operative.
Until the plan becomes thoroughly clarified,
the generality of traders are expected to hold aloof from
large commitments. A factor which had a rather wholesome
effect on sentiment in the trade, was the news that the pool
has not yet sold a bale of May futures, although it has
200,060 bales, and apparently does not think the price high
enough or rather closely enough in line with spots to do so.
Another item of interest was that the pool has rejected bids
so far received for 49,000 bales located in New York and New
England as too low. This is taken to mean that the Govern¬
focusing its attention
14
110
29,249
4,543
5",181
229
Seattle
ment does not intend
5,642
4,718
2,727
245,358
240
Philadelphia
San
2,109
836
Lake Charles—
New
| China
188,924
31,191
clined to 11.13 and
.
.
Japan
243,202250.760
Orleans—
Pensacola,
,
Italy
171,602
250
6,970
Beaumont
New
closed 4 points down to 6 points up.
The May option which closed at 11.20 cents Saturday, de¬
Exported to—
1935 to
1
240
and storms
belts,
66,833
Total
1162,361626,911
1934-35.
621,764 317,857
330,488 400,3601292,383
the following amounts of cotton
us
on
6162,512
tonight also
shipboard, not
cleared, at the ports named:
:
/
,j
On Shipboard Not Cleared for—
Leaving
April 10 at—
Great
Britain
Galveston.
Ger¬
France
Other
many
Foreign
wise
3.200
13.000
1,500
21,900
554.012
1,706
1,918
15,633
400
21,588
402.737
10,776
19,31V
430,878
182,778
"530
3", 131
121,045
31,605
140,608
Houston
New
1,220
1,784
5,399
2",501
"loo
9,592
Orleans..
Savannah
43.303
Charleston
Mobile
Norfolk
Other
ports
—
'
Total
1936..
1935-.
0.638
7t683
5,714
6,824
6,791
39.939
Total
Total
1934..
15.340
0,988
12 846
72,656
48.205
1,900
65,938 1.906.966
1.65i
6.4.00/ 2,052.969
4,620 112,461 2.808 001
Speculation in cotton for future delivery was moderately
generally upward, especially in the new
crop months.
Unfavorable weather reports played a con¬
siderable part in the firmness of prices during most of the
week.
On the 8th inst. prices closed 6 to 9 points higher.
The market was considerably more active today, especially
in the new crop months.
This was due largely to the un¬
favorable weather over the cotton belt, together with a
continued tightness in the spot position, which caused a
general upturn in values.
The close was steady, within a
few points of the high levels of the day.
May, which closed
at 11.24c. Tuesday, advanced to 11.32c., while July crossed
the 11c. mark for the first time since early in January.
October gained 11 points, selling at 10.41c.jand closing at
10.38c. The first weekly Weather Bureau report of the season
indicated conditions in the cotton belt were decidedly un¬
favorable.
Steady rains east of the Mississippi have kept
active, with the trend
the
ground
so
last year.
The official quotation for
New York market each day
April 4 to April 10—
Middling upland
Futures—The
saturated that little field work has been
awaken real interest.
certainties exist,
On the other hand the
same
old
un¬
especially as to what the Government will
finally do with its extensive holdings and the cotton it
controls.
There still exists considerable confusion regarding
the proposed new plan and its ultimate effects should it
become operative.
Week-end evening up and covering took
place in the closing minutes of trading.
May finished at
11.20 cents, off two points, while July closed at 10.89, off
three points.
At the close Liverpool was quiet at 3 to 4
points lower. Overseas reports: Liverpool cabled the follow¬
ing: Ralli Bros, estimate the Indian crop at 6,312,000 bales
against 4,981,000 last season; world consumption 5,800,000
bales against 5,750,000 bales.
Uganda crop estimated at
320,000 bales, which is a record. Manchester reports some
spinners forced to refuse yarn business, as required good
quality raw material is unobtainable.
Average price of
middling in the 10 designated domestic spot markets was
11.53 cents.
Mon.
Tues.
11.56
Sat.
11.60
highest,
Saturday
Monday
Apr. 6
Apr. 4
11.64
and
lowest
Wed. Thurs.
11.70
Fri.
11.69
closing
Hoi,
prices
at
Tuesday
Wednesday
Apr. 7
Thursday
Friday
Apr. 9
Apr. 8
Apr. 10
Apr. (1936)
Range..
Closing.
11.20«
11.16a
11.17-11.21
11.13-11.21 11.18-11.25 11.27-11.32 11.27-11.32
11.24a
11.30a
11.29a
May—
Range..
Closing. 11.20-11.21
11.16-11.17 11.24-11.25 11.30
11.29-11.30
11.01a
11.16a
June—
Range..
Closing. 11.05«
11.09a
11.17a
July—
Range..
10.87-10.91
Closing.
10.89-10.90 10.85-10.86 10.94
10.81-10.87 10.86-10.94 10.97-11.03 10.99-11.03
11.03
11.02-11.03
August—
10.65-10.66
Range..
Closing.
10.76»
10.70a
10.79a
10.88a
10.87»
10.61»
10.59a
10.65a
10.73a
10.72a
Sept.—
HOLI¬
Range..
Closing
.
DAY*
October—
Range.
.
Closing
Some
pre-holiday evening up took place as Wall Street, the trade,
New Orleans and locals supported the market.
Liverpool,
the Far East, spot houses and the South were represented
on the selling side.
On the 4th inst. prices closed 1 to 3 points down.
It was
one of the dullest sessions in a long time.
Trading appeared
to be in the doldrums.
There was nothing in the news to
middling upland cotton in the
for the past week has been:
New York for the past week have been as follows:
possible, and preparations in some sections are three weeks
late.
In southern Texas cotton is flourishing, but in many
places in that State the crop has been dry-seeded and rains
are needed for germination.
Spot demand was slow. Mills
are holding back,
due partly to the inactivity in textiles,
which are accumulating at the mills—and expectations that
prices will decline further when the new Government plan
begins to operate for actual sales of loan cotton, even though
the minimum has been set at 11 J4c.
The average price of
middling at the eight delivery points was 11.70c. On Thurs¬
day prices closed unchanged to 2 points down. The market
was a comparatively dull affair, with prices moving within
a narrow range.
There was a continued moderate demand
for new crop positions, and these were a shade steadier than
the nearby months.
A sale of approximately 2,000 bales
of October was attributed to Far Eastern interests.
j
points up. Trading
was comparatively
quiet with the range of prices somewhat
narrow
during the early part of the session, but later de¬
veloped considerable activity at advancing prices and closed
at the high of the day.
Trade interests were good buyers
of old crop months, influenced by the continued
tightness
of the spot situation.
The distant positions derived their
strength from unfavorable weather in the belt. May, which
closed at 11.16 cents Monday, advanced to 11.25
cents, while
October, after selling down 1 point to 10.23, advanced to
10.32, and closed at 10.30, or 6 points higher. There were
no new cotton loan
developments, and it was believed Wash¬
ington was awaiting the return of President Roosevelt.
He
is expected to sign the bill increasing the capital of the
Commodity Credit Corporation, which is necessary to put
the new cotton plan into active operation.
Southern spot
markets, as officially reported, were 8 to 10 points higher.
Middling quotations ranged from 11.14 cents to 11.95, com¬
pared with 11.24, the closing price for May here.
Sales at
leading spot markets were 5,313 bales compared with 1,550
Total
400
3.800
2.066
continued dry weather in the West, played a
On the 7th inst. prices closed 5 to 9
Slock
Coast¬
as
Heavy rains
new crop months.
trading was not on an extensive scale by any
means, and prices ruled within a very narrow range.
South¬
ern spot markets, as officially
reported, were 1 to 5 points
lower, with middling quotations ranging from 11.06 to 11.86,
compared with 11.16, the close of May here.
The New
York Cotton Exchange Service reports that sales of spots
by the producers' pool in the week ended Friday approxi¬
mated 82,000 running bales, bringing the remaining unsold
stock to 234,000 bales.
88,174 655,903 3706,929
In addition to above exports, our telegrams
give
well
to sacrifice its cotton.
the eastern and parts of the central cotton
However,
738,784 313,024 1306,167i 36,030801,907 4985,184
Total 1933-34. 1098,148 698,773 1251,324 566,062 1476,091 231,520 840,595
as
over
considerable part in the firmness of the
Id
Total
2531
On the 6th inst. prices
From
Aug.
Chronicle
.
10.19-10.22 10.18-10.26 10.23-10.32 10.35-10.41 10.36-10.40
10.24
10.21
10.30
10.38
10.37 —
Nov.—
Range..
10.26a
Closing. 10.20a
10.31a
10.38a
10.38a
Dec.—
Range..
„
10.19-10.23 10.20-10.27 10.26-10.33 10.36-10.41 10.37-10.42
Closing. 10.21
Jan.
10.27
—
10.32
—
10.39
10.39
(1937)
Range.. 10.23-10.23 10.23-10.29 10.33-10.35 10.40-10.44 10.42-10.46
10.30a
10.35a
10.42a
10.42a
Closing. 10.24a
Feb.—
Range..
10.32a
Closing. 10.26a
10.38a
10.45a
I
10.45a
March—
Range..
Closing. 10.29 a
a
10.25-10.35 10.34-10.42 10.45-10.51 10.44-10.51
10.35
10.41a
10.49
10.47a
Nominal.
Range for future prices at New York for week ending
April 10 1936 and since trading began on each option:
Rangefor Week
Option forApr.
May 1936— 11.13 Apr.
June
Range Since Beginning of Option
10.51
6 11.03 Apr.
8 1935
Sept. 30 1935 11.34 Oct.
8 10.33 Aug. 24 1935 12.07 May 17 1935
10.58 Sept. 30 1935 11.38 Oct.
8 1935
9 1936 11.97 May 25 1935
8 10.21 Jan.
6 10.66 Apr.
6 10.39
6 10.41 Apr.
8
1936—
6 11.32 Apr.
1936-
1936- 10.81 Apr.
Aug. 1936- 10.65 Apr.
July
10.42
Sept. 1936Oct.
1936—
10.18 Apr.
Nov. 1936-
9.80
10.12
Dec.
1936- 10.19
Apr.
Jan.
1937- 10.23
Feb.
Jan.
9 1936
11.55
Nov. 25 1935
Sept.
3 1935 11.40
July
Jan.
9 1936 11.45
Dec.
3 1935
Mar.
3 1936 10.19
Jan.
8 1936
9 1936 10.69
Jan.
2 1936
26 1935
1937—
Mar. 1937-
10.25
9
9.76
Jan.
Apr.
4 10.42 Apr.
4 10.46 Apr.
9
9.94
Feb.
25 1936 10.46 Apr.
9 1936
Apr.
6 10.51
8 10.20 Mar. 27 1936 10.51 Apr.
8 1930
Apr.
Financial
2532
Chronicle
Market and Sales at New York
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows.
Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for tonight
(Friday)
add the item of exports from the United States,
we
for Friday only.
10-^
April
Stock at
Liverpool
Stock at
1936
624,000
Manchester
bales.
1935
685,000
1934
933,000
71,000
112,000
100,000
756,000 1,045,000
264,000
604,000
143,000
294,000
23,000
23,000
76,000
83,000
21,000
73,000
8,000
8,000
4,000
8,000
830,000
526,000
259,000
23,000
80,000
137,000
108,000
732,000
217,000
189,000
18,000
79,000
76,000
9,000
4,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
:
Stock at BarcelonaStock at Genoa
Stock at Venice and Mestre
Stock at Trieste
1933
730,000
,
539,000 1,093,000 1.025,000
Total Continental stocks.592,000
1,324,000 1,295,000 2,138,000 1,855,000
223,000
165,000
156,000
70,000
249,000
197,000
246,000
243,000
Egypt, Brazil,&c.,afl't for Europe
79,000
116,000
89,000
48,000
Stock in Alexandria, Egypt
298,000
276,000
386,000
496,000
Stock in Bombay, India--777,000
801,000 1,118,000
848,000
Stock in U. S. ports__
1,972,904 2,121,976 2,980,462 4,244,834
Stock in U. S. interior towns
1,871,482 1,474,028 1,581,871 1,806,896
U. S. exports to-day
25,192
28,450
4,534
16,852
Total European stocks
India cotton afloat for Europe—
American cotton afloat for Europe
April 11, 1936
Spot Market
Closed
Steady, 2 pts. dec—
Quiet, 4 pts. dec
Steady, 8 pts. adv..
Steady, 6 pts. adv__
Steady, 1 pt. dec
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
-_
SALES
Futures
Market
Closed
Contr'ct
Spot
Total
Steady
Steady
"300
"300
Steady
Steady
Steady
—
HO LI DAY.
Total week.
Since Aug. 1
300
300
31"66O
50,124
81,121
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:
1935-36
1934-35-
Since
April 10—
Snipped—
Since
Week
3,783
9,513
12,245
140,154
460,322
875,343
-
4,316
1,182
-
4,055
9,262
Aug. 1
174,240
64,851
2,539
10,119
153,391
548,124
-.18,890
953,264
20,771
1,055
442
24,013
256
24,108
8,584
232
9,484
236,625
9,388
11,211
223,878
-.10,795
269,317
10,062
259,102
8,095
683,947
10,709
616,241
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
75
Via Virginia points
Via other routes, &c
Aug. 1
176,798
85,747
4,884
2,400
77
191
-
6,819,578 6,474,454 8,669,867 9,628,582
Total visible supply
and other descriptions are as follows:
Of the above, totals of American
Total gross
overland.
Deduct Shipments—
Overland to N. Y., Boston, &c_
--
Between interior towns
Liverpool stock
Manchester stock
292,000
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
...
239,000
445,000
423,000
49,000
168,000
165,000
118,000
249,000
bales.
-
42,000
204,000
123,000
72,000
197,000
56,000
60,000
988,000
246,000
965,000
243,000
Total to be deducted
U. S. ports stock
U. S. Interior stockU. S. exports to-day
1,972,904 2,121,97 6 2,980,462 4,244,834
Total American
4.910,578 4,501,454 6,299,867 7,759,582
Leaving total net overland *—
*
1,871,482 1,474,028 1,581,871 1,806,896
28,450
25,192
--
Inland, &c., from South
4,534
--
Including movement by rail to Canada.
1935-36-
16,852
In Sight and
East Indian,
Brazil, &c.—
.
■
Liverpool stock
332,000
446,000
488,000
307,000
Manchester stock
59,000
50,000
24,000
67,000
223,000
29,000
59,000
20,000
61,000
165,000
*56,000
40,000
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
298,000
777,000
—
60,000
70,000
116,000
89,000
276,000
386,000
801,000 1,118,000
79,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt.
Stock in Bombay. India
107,000
156,000
48,000
496,000
848,000
-1934-35Since
Since
Spinners'
Takings
Receipts at ports to April 10
Week
Week
Aug. 1
Excess
over
Southern
of
3,785,000
141,238
*18,766
7,782,644
324,294
6,248,611
683,947
April 10--115.000
April 10
South'n consumption to
Aug. 1
3,801,403
616,241
3,365,000
158,702 10,717,558
*30,990
751,144
Net overland to
25,529
10,709
105,000
35,607
8,095
— --
mill
i
takings
consumption to March 1_
612,611
16,081
127.712
122,472
8,123", 019
12,081,313
1,909,000 1,973,000 2,400,000 1,869,000
4,910,578 4,501,454 6,299,867 7,759,582
Total East India, &c._
Total American
Total visible
6,819,578 6,474,454 8,699,867 9,628,582
6.57d.
6.65d.
6.35d.
5.37d.
11.69c.
11.80c.
12.05c.
6.85c.
9.61d.
8.75d.
9.lid.
8.28d.
5.40d.
5.90d.
4.87d,
4.70d.
5.93d.
6.37d.
5.68d.
5.06d.
supply
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
Continental imports
At
the
Interior
for past week have been 92,000 bales.
the
Towns
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 period of the previous year—is set out in
North, spinn's' takings to April 10
*
4,074
25,633
905,416
825,560
Decrease.
Movement into sight in previous years:.
Bales
Week—
1934—April
1933—April
1932—April
Since Aug. 1—
Bales
,.143,295 1933
-134,471 1932
.--140,765 1931
13
14
15
-.11,324,303
12,000,187
14,437,249
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
other principal cotton markets for each day
Below
Southern and
of the week:
detail below:
Closing Quotations for Middling Cotton
on-
weeK nnaea
Movement to Apr. 12 1935
1936
Movement to Apr. 10
Ship¬
Receipts
Stocks
ments
Towns
Apr.
Week
10
Ship¬
Stocks
ments
Receipts
Apr.
Week
12
Saturday Monday
April 10
Tuesday
Wed'day Thursday
Friday
21
Ala., Birming'm
3
Eufaula
Montgomery.
67
Selma
74
44
Ark., Blythville
Forest City..
46
Helena
21
Hope
39
4
Jonesboro
Little Rock..
208
32
Newport
Pine Bluff.
500
Walnut Ridge
1
Ga., Albany...
Athens
Atlanta
Augusta
Columbus...
3,210
1,425
1,000
Season
Week
11
80,291
85,528
109,228
27,058
36,548
31,782
9,940
696
159,209
31,079
111,342
34,434
24,330
65,938
283,139
177,352
38,339
53,097
15,103
37,332
384
11,298
58,034
15,400
1
28
918
64,061
60,820
83,700
208
17,872
/ 57
95
149
264
13,68?
16,288
23
12
731
1
64,693
291
84,906
17,066
77,246
24,833
4,604
14,092
71,531
94,659
25,950
12,632
18,968
57,489
129,306
23,214
133,158
24,900
3,827
21,650
28,333
167,302
3,222
_
683
101
78
15,601
51,907
13,350
17,257
100
1,153
185
314
45
483
12
61,531
15
5,373 159,638
2,573
4,656 133,113
744
400
200
723
40,960
170,864
2,398
29,400
41,096
25,114
22,848
20,384
25,669
29,277
Jackson
11
56,011
465
17;037
78
Natchez
1
8,789
30,427
37,723
174,369
6,916
3,016
107
32
587
7,374
10,833
4,316
660
362
4,884
3,664
93
383,368
143,257
3,454 112,009
4,381 58,044
331
4,091
14,628 1,839,311
66
54,509
25,577592,357
16,265
Macon
28
Rome
100
"270
117,709
1,868
199
...
Greenwood..
Vicksburg
Yazoo City..
Mo., St. Louis.
N.C., Gr'nsboro
240
71,305
La., Shreveport
Miss.Clarksdale
Columbus
....
4,316
149
590
•
-
-
—
«.
-
35
32
344
1,904
76
1
4,346
13
28,049
2,319
88
20,543
8,137
23,492
43,895
121,953
27,556
46,666
29,062
5,450
20,714
36
536
854
S.C., Greenville
Tenn., Memphis
Texas, Abilene.
3,646
29
•
Austin
18,425
""41
Brenham
Dallas
245
Paris
245
Robs town
<
San Antonio.
19
221
-.
Waco
62
Total, 56 towng
11.62
11.61
11.70
11.64
11.61
Mobile
11.45
11.41
11.49
11.55
11.54
11.70
11.67
11.75
11.80
Norfolk
11.90
11.85
11.95
12.00
12.00
HOLI¬
Montgomery
Augusta
Memphis
11.50
11.46
11.54
11.60
11.59
DAY.
11.90
11.86
11.94
12.00
11.99
11.35
11.30
11.40
11.45
11.45
11.50
11.80
924
Houston
11.52
11.49
11.57
11.62
11.62
22.043
Little Rock
11.25
11.22
11.30
11.35
11.34
1,253
16,877
19,851
24,840
47,094
Dallas
11.10
11.06
11.14
11.20
11.19
Fort Worth
11.10
11.06
11.14
11.20
11.19
449
-
-
-
-
683
146
785
98
84
960
2,485
1,967
600
14,547
30,804
11,951
5,689
37,777
81,360
109,090
13,311
984
19,250
21,903
443
23,166
34,989
'
.
1,268
150
799
831
102
157
134
4,884
746
17,295
46,392
17,852
4,602
5,891
15,434
2,452
10,711
12,020
52,078
34,052
10,522
5,080
24,629
79,504
""58
670
/
93
22
1,537
2,311
3,933
10,014
10,999
1,353
240,007
111,437
1,301,222
23,989
20,978
14,969
46,432
35,677
6,725
16,537
26,788
56,410
1,225 110,632
2,773 57,306
23,529 426,461
3
8,101
5
2,384
33,9143,289,412
52,2891474028
9
31
36
154
18
.....
639
277
375
8
10,824
8,508
65
32,4224,818.999' 63.4121871482
59
4,542
752
7,902
12,919
1,405
3,569
16,036
9,282
176
60
462
567
New York
Quotations for 32 Years
The
quotations for middling upland at New York on
April 10 for each of the past 32 years have been as follows:
1931
New Orleans
11.55
1,073
Includes the combined totals of 15 towns in Oklahoma.
1936
1935
1934
1933
1932
11.50
New Orleans Contract Market—The
for
closing quotations
leading contracts in the New Orleans cotton market for
week have been as follows:
the past
Saturday
Monday
Apr. 4
Apr. 6
Wednesday
Thursday
Friday
Apr. 8
Tuesday
Apr. 7
Apr. 9
Apr. 10
Apr. (1936)
11.12
11.11
11.20
11.24
11.21
10.80
10.79
10.88
10.95
10.96
10.19
10.21
10.28
10.35
10.34-10.35
December. 10.18-10.19 10.22
10.28
10.37
10.34
May
June
July
August...
September
October
..
HOLI¬
DAY.
November
Jan.
10.25
(1937) 10.21
February
10.30
10.39
10.36
.
March
10.27
Bid.
10.29
Bid.
10.36
Bid.
10.44
Bid.
10.41
Bid.
Tone—
15 towns*
*
11.45
41,389
86,519
Oklahoma—
Texarkana
11.49
Savannah
Season
Week
Galveston
11.69c.
11.50c.
12.25c.
6.60c.
6.20c.
10.20c.
1930 --.-.16.65c.
1929
20.65c.
-20.10c. 11920
14.45c. 1919
19.40c. 1918
1917
1925
24.40c
1924
31.65c
1916
11923 ----29.70c. 1915
J1922
17.90c. 1914
1921
11.95c. 1913
1928
1927
1926
11.50c.
43.00c. 1912
15.75c.
28.50c. 1911
15.25c.
35.00c. 1910
10.25c.
21.05c. 1909
12.05c. 11908
-10.25c.
10.15c. 11907
11 00c.
13.35c. 1906
-11 80c.
12.50c. 11905---- 8.05c.
Steady.
Steady.
Spot
Options...
World
Quiet.
Steady.
Stocks
of
All
Qulert.
Very stdy.
Cottons
Quiet.
Quiet.
Steady.
Steady.
Close
of February
According to New York Cotton
Exchange—The world stock of American cotton Feb. 29
was
1,266,000 biales smaller than at the end of February
last year, while the world stock of foreign growths was
377,000 bales larger, according to the NhW York Cotton
Exchange Service. Stocks of all cottons in the world at the
end of February were 889,000 bales smaller than on the
corresponding date a year ago.
An announcement issued
April 6 by the Exchange Service continued:
Below
Year
at
Ago
Production of American cotton, with allowance for city crop items, is
only 10,427,000 bales, as compared with 14,389,000 in 1928-29, while
production of foreign growths aggregated 14,763,000 bales this season, as
against 11,056,000 in 1928-29.
World production of all cottons totaled
25,190,000 bales this season, as against 25,445,000 in 1928-29.
Consumption of American cotton during the first seven months of this
season, from Aug. 1 through Feb. 29, totaled 7,190,000 bales, as compared
with 8,878,000 in the corresponding portion of 1928-29, while consumption
of foreign cottons in the world aggregated 8,541,000 bales, as against
6,177,000 bales in the same periods.
The above figures show that world
consumption of American cotton during the first seven months of this
Financial
Volume
annual
rate of
something over 12,000,000 bales, while
around
annual rate of around 14,650,000
rover of American
consumption, the carryover of American
cotton on July 31 next would total approximately 7,o00,000 bales, and
the carryover of foreign cottons would be roughly 4,950,000 bales.
The world stock or American cotton on Feb. 29, including Governmentfinanced cotton, was 12,278,000 bales, as compared with 10,717,000 at the
season
was
at
an
-
consumption of foreign cottons
bales,
with such
end of
full
a
India Cotton Movement
-
-
2533
Chronicle
from All Ports
wsa at an
season
April 9
Week
was 11,085,000.
cottons, 23,363,000 as
against 9,490,000, and the world stock of all
against 20,207,000.
Week
Aug. 1
Since Aug. l
For the Week
Weather Reports
by Telegraph—Reports to us by tele¬
graph this evening indicate that it becomes more apparent
daily that rain is needed in the western part of the cotton
Exports
Great
From—
for
large areas, and preparations for planting have
been retarded by floods and storms.
the
section
eastern
Rain
Texas—Galveston
J
wet
too
are
Austin
1
Abilene.
Brownsville
1
Corpus Christi
1
....
1
Dallas
Del Rio
El Paso.....
Houston
2
Palestine
1
Paris
1
San Antonio
Oklahoma—Oklahoma City,.
Arkansas—Eldorado
3
Fort Smith
Little Rock
3
3
Pine Bluff
3
Louisiana—Alexandria
_
-2
..
Amite
4
New Orleans
4
Shreveport
Mississippi—-Greenwood-
3
2
Meridian
3
vie ksburg
2
Alabama—Mobile
4
Birmingham
4
Montgomery
Florida—Jacksonville
.5
1
...
Miami
Pensacola
5
Tampa
Georgia—Savannah
Atlanta
Ltlanta
3
0.6 8 in.
dry
day
0.64 in.
day
0.26 in.
day
0.01 in.
day
0.08 in.
dry
dry
dry
days
0".30 in.
day
0.18 in.
day
0.06 in.
dry
dry
days
1.26 in.
0.62 in.
days
1.15 in.
days
1.10 in.
days
1.30 in.
days
3.50 in.
days
4.52 in.
days
0.35 in.
days
0.82 in.
days
2.48 in.
days
1.80 in.
days
2.48 in.
days
2.13 in.
days
3.22 in.
days
0.04 in.
day
dry
day
2.49 in.
dry
days
0.17 in.
3 days
Augusta
Macon
3 days
4 days
Carolina—Charleston .4 days
Columbia
4 days
Conway
2 days
North Carolina—Asheville
4 days
Charlotte
4 days
Newborn
.3 days
Raleigh
4 days
Wei don
3 days
Wilmington
3 days
Tennessee—Memphis
2 days
Chattanooga—
3 days
Nashville..
4 days
South
6.30 in.
2.90 in.
2.94 in.
0.47 in.
4.06 in.
0.29 in.
2.15 in.
6.30 in.
1.23 in.
3.54 in.
2.46 in.
0.66 in.
0.48 in.
2.66 in.
3.09 in.
high 72
high 70
high 92
high 88
high 86
high 96
high 84
high 88
high 82
high 78
high 90
high 86
high 94
high 68
high 83
high 80
high 80
high 82
high 79
high 84
high 82
high 80
high 80
high 78
high 80
high 78
high 74
high 78
high 86
high 82
high 72
high 86
high 84
high 70
high 68
high 86
high 78
high 74
high 82
high 70
high 56
high 78
high 70
high 69
high 78
high 77
high 74
high 66
1935-30-
m.
on
the dates
1934-35—
30,000
7,000
1933-34—
12,000
66
mean 58
mean 67
mean 72
mean 59
mean 64
mean 57
zero
Memphis
Above
zero
Nashville
Above
zero
Shreveport
Vicksburg
Above
zero
of gauge.
Above zero of gauge.
seasons
from all
60
63
60
68
47
66
57
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
58
60
60
60
65
58
59
58
60
58
54
58
70
70
59
67
61
50
51
60
59
53
57
46
43
54
50
49
56
47
53
48
April 12 1935
Feet
35.8
16.5
41.7
4.3
sources
obtainable; also the takings
sight for the like period:
are
or
11.7
46.1
from which statistics
amounts gone out
■"
■■
201,000
842,000 1,204,000
899,000 1,195,000
784.000
471,000
250,000
275,000
434,000
709,000
102,000
193,000
410,000
404,000
572,000
057,000
347,000
202,000
245,000
000,000
725,000
7,000
30,000
39,000 103,000
42,000 85,000
1933-34..
12,000
24,000
32,000
1935-30—
Supply and Takings of Cotton—The follow¬
ing 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
290,000
52,000
49,000
19,000
20,000
12,000
1934-35—
mean
34.1
of gauge.
72,000
40,000
54,000
00,000
42,000
Total all—
mean
11.0
37.1
39.4
of gaugeof gauge-
■.1
•
.
of
' *
23,000
41,000
08,000*
Takings,
According to the foregoing, Bombay appears to show an
compared -with last year in the week's receipts of
78,000 bales. Exports from all India ports record an increase
of 18,000 bales during the week, and since Aug. 1 show an
,
increase of 146,000 bales.
Plantations—The following table
planta¬
tions.
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.
Receipts
the
from
indicates the actual movement each week from the
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
Ended
1936
1936
1934
1935
1935
|
1936
1934
3..
99,705
98,804
92,756
24.. 103,103
31..
86,523
10..
17..
Feb.
78.953 84.262
74,506 23,455
93,539
66,834
40,323
77,204
50,871
74,103
76.655
28,060
11,172 43,830
85,311 2.196,265
84,994 2,158,658
31,693 73,560 2,124,667
45.509 70.903 2,103,575
17,101 27,759 22,351
26,023
8,480 31,149
1,007 24,845
22,543
42.943
8,103 24,391
7..
70,572
54,614
14..
63,630
56,534
64,035
40.895
21..
28..
1,740,4571,964,746
1,708.0421,910,901
1,677,35611,861.686
1,639,9601,815,174
6..
48,205 28,622
38,439 24,287
47,370 30,138
48,797 24,491
13..
20-.
27..
63,824 2,057,037
80,965 2,012.824
76,297 1.967.167
64,579 1,944,895
1,603,937!1,759,566
Nil
NU
8,216
8.322
42,301
1,667
1,587,972j1,720,902
1,713
1,559,9371.687,665
1.535.48511.662,788 22.525
2,103 43,060
39
39,702
Nil
25,587
6,763
32,699
Apr.
3..
35,770
35,607
Nil
68,255 1,902,4721,492,794)1,620,120
25,529i 70,948 1,871,4821,474,02811,581,871
25,927
4,6171
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,971,013 bales;
in 1934-35 were 4,139,457 bales and in 1933-34 were 6,962,083
bales.
(2) That, although the receipts at the outports the
past week were 35,607 bales, the actual movement from
plantations was 4,617
bales, stock at interior
towns
having decreased 30,990 bales during the week.
Manchester Market—Our report received by cable to¬
night frpm Manchester scates that the market in yarns and
cloths is steady.
Merchants are not willing to pay present
prices. We give prices today below and leave those for pre¬
vious weeks of this and last year for comparison:
1935
32s Cop
Cotton
8)$ Lbs. Shirt¬
ings, Common
to Finest
8)4 Lbs. Shirt¬
32s Cop
Middl'b
Upl'ds
Twist
Cotton
ings, Common
to Finest
MiMVg
Upl'ds
6,633,835
6,879',719
4,295,259
127,712 12,081,313
130,000 2,083,000
709,000
49,000
20,000 1.547,600
381,000
14,000
122",472
52.000
19,000
21,000
7,000
8,123,019
1,780,000
572,000
1,376,200
423,000
d.
d.
s.
d.
s.
d.
d.
d.
d.
s.
d.
s.
d.
d.
Jan.—
10)* @11*
96
@10 o
6.44
10H@11H
@ 9 6
9 4
10
3
7.23
@11)4
9
6
@97
0.07
10 H@llH
9
4
@
9
6
8.18
9H@im
@11)4
UK
9
4
@90
6.13
4
@
9
6
7.15
4
@
0
6.17
9
4
@
9
0
7.08
9
4
@96
6.14
10H@11H
10K@11H
10)4 @11H
9
9
9
4
@
9
6
7.07
7—.
9H@11H
9 2
@94
6.07
10)4 @11)4
9
2
@
9
4
7.05
14—.
9«@11X
9
2
@94
6.21
2
@
9
4
7.00
9
2
@94
0.17
10)4 @11)4
10)4 @11H
9
9«@11H
9K@ll
9
2
@
9
4
7.10
92
@94
0.04
10H@ll£?
9 2
@
9 4
7.09
9H@11
9
1
@93
0.12
10K@11X
9
2
@ 9 4
2
@94
6.30
10
9
0
@
9
@93
0 34
0K@n
8 7
@
9 1
6.30
9X@U)4
9
0
@
9
2
6.36
9)4@11
9 0
@
9
2
6.35
9
@
9
2
6.65
10
17
24—.
31.
Total supply
Deduct—
7,165,690 21,097,172
Visible supply April 10
6,819,578
6.819,578
6,855,307 19,153,938
6,474,454
346,112 14,277,594
209,112 9,957,994
137,000 4,319,600
6,474,454
other
380,853 12,679,484
235,853 8,316,284
145,000 4,363,200
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,785,000 bales in 1935-36 and 3,365,000 bales in 1934-35—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 10,492,594 bales in 1935-36 and 9,314,484 bales in
1934-35, of which 6,172,994 bales and 4,951,284 bales American.
10
9
Feb.—
21
Total takings to April 10 a
Of which American
K
75,888*
Mar.
Season
Week
Season
6,824,978
Other supply to April 8 *
Of which
1934
i
62.871 101.016 2.361,605 1.883.029U.181.268
55,462 105,070 2.337.209 1,851,0222,152,086
65.908 103,831 2,311,287 1,825.437 2.122,362
52.473 114,611 2,285.388 1,801,0242.084,406
44,884 100,030 2,249,736 1,767,312;2.027.706
Twist
Visible supply April 3
1935
Jan.—
1934-35
1935-36
Visible supply since Aug. 1
American in sight to April 10.
Bombay receipts to April 9
Other India ship'ts to April 9.
Alexandria receipts to April 8
471,000 1,441,000
increase
Week and Season
Week
842,000 1,913,000
899,000 1,707,000
724,000
1936
Cotton
Total
China
mean
Feet
Above
...
39,000
42,000
32,000
14,000
given:
April 10 1936
New Orleans..
nent
j Total
13,000
60
mean
10..
a.
Britain
Japan dk
Conti¬
10,000
24,000
10,000
mean 44
48
18
40
28
48
48
34
40
34
42
36
34
42
26
38
34
36
low 38
low 41
low 35
low 48
low 35
low 37
low 38
low 40
low 39
low 34
low 38
low 54
low 58
low 46
low 48
low 38
low 30
low 34
low 34
low 38
low 32
low 31
low 22
low 30
low 29
low 30
low 29
low 34
low 29
low 32
low 30
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8
5,000
1933-34—
Other Indla-
Thermometer
Rainfall
3 days
Amarillo
r;
fields
the
over
Great
nent
1934-35—
In
plowing
Jap'n&\
China
1 Contir
Britain^
Bombay—
1935-30—
belt.
Aug. 1
Week
Aug. 1
52,000 1,780,000 129,000 1,059,000
130,000 2,083,000
Bombay.
Since
Since
Since
Receipts—
February, 1929, while the stock of foreign growths
as
1933-34
1934-35
1935-30
28—
Mar.—
6
13
9M@U)4
9
20—.
9
9 1
27
9M@11)4
9
2
@94
6.44
9)£@11)4
9
1
@93
6.50
9H
9
1
@93
6.57
@11H
7.10
2
6.59
April—
3---.
10....
11H
10
@11)4
0
b Estimated.
Alexandria
Receipts and
Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
Shipping News—Shipments in detail:
Bales
GALVESTON—To Ghent—April 2—Syros, 310-To Havre—April 2—Syros, 800
To
To
To
1934-35
1933-34
800
Koel, 5,572
April 6—West
Camack, 3,265—April 9—Riol, 1,933
10,770
Hamburg—April 2—Ditmar Koel, 24
April 9—Riol, 135
159
Rotterdam—April 2—Syros, 726
726
Venice—April 2—Ida, 676
676
-
To
1935-36
Alexandria, Egypt,
April 8
310
Bremen—April 2—Ditmar
To Trieste—April 2—Ida, 265
To Gdynia—April 2—Ditmar
265
Koel, 31
April 3—Topeka,
1,001
To Liverpool—April 3—Tripp, 314
To Manchester—April 3-—Tripp, 419.—-L_
1,032
-
Receipts {.cantars)—
This week
Since Aug. 1
100,000
7,786,573
This
Week
Exports {Bales)—
To Liverpool
To Manchester,
&c
To Continent and India
To America
Total exports
_
_
105,000
6,880,785
This
Since
Aug.
1
4,000 171,233
7,000 126,642
12,000 526,402
31,222
Week
90,000
7,748,581
Since
Aug.
This
1
3,000 110,658
7,000 118,136
$0,000 576,815
32,854
23,000 855,499 30,000 838,463
Week
16",6o5
To
314
419
377
-
To Genoa—Apnl 3—Montello, 617
To Naples—April 3—Montello, 121
Since
Aug.
Dunkirk—April 3—Topeka, 377
1
226,390
141,828
515,642
60,428
16,000 944,288
To
617
121
Oslo—April 3—Topeka, 155-
»_
To Gothenburg—April 3—Topeka, 151
To Japan—April 6—Dryden, 1,856
LOS ANGELES—To Liverpool—April
Pacific Reliance, 828
151
1—Chattanooga City, 1,017
1,845
-
To Manchester—April 1—Pacific Reliance, 98
To Japan—April 1—Naruto Maru, 2,100
April 4—Golden
Mountain, 1,000—April 6—President Monroe, 450
To Havre—April 8—San Antonio, 1,200
To Dunkirk—April 8—Antonio, 200-
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
155
1,856
98
3,550
1,200
200
2534
Chronicle
Financial
Bales
HOUSTON—To Bremen—April 8—Biol,
Camack. 3,200
To Hamburg—April 8—Biol, 1,514
To
On the 6th inst.
2,611—April 3—West
Liverpool—April 9—Rush pool, 7,999
The
7.999
-
To Beval—April 3—West Camack, 106
To Japan—April 6—Komaki Maru, 7,601—April 9—Tatsumo
Maru, 8,232
Liverpool—April 1—Governor, 5,273—
April 4—West Chatala, 580Manchester—April 1—Governor, 3,400
April 4—West
Chatala, 877
Antwerp—April 2—Bruxelles, 100
Havre—April 2—Bruxelles, 1,480; Youngstown, 4,157
Dunkirk—April 2—Bruxelles, 1,065; Youngstown, 448
15,833
5,853
4.277
100
5,637
1,513
-
To
To
To
To
Sydney—April 1—Wido, 200
:
Antwerp—April 2—Bruxelles, 100; Youngstown, 725
To
200
825
300
To Botterdam—April 2—Youngstown, 300-To Buena Ventura—March 41—Metapan, 200
206
To Havana—March
14—Metapan, 120—March 21—Santa
March 28—Sixaola,120
To Bremen—April 4—Isis, 2,813
To Hamburg—April 4—Isis, 968To Beval—April 4—Isis, 100
MOBILE—To Liverpool—April 3—Hastings, 1,042
To Manchester—April 3—Hastings, 498
To Ghent—April 2—Arizpa, 24
To Havre—March 28—City of Alma, 1,663
To Bremen—April 2—Arizpa, 1,001
To Venice—March 26—Ida, 870
Yo Naples—March 26—Ida, 600
To Gdynia—April 1—Toledo, 500-.-April 2—Arizpa, 300
To Warburg—April 1—Toledo, 147
To Salonica—April 2—Arizpa, 50
1
GULFPOBT—To Liverpool—March 31—Hastings, 50
To Manchester—March 31—Hastings, 200
To Antwerp—April 1—Arizpa, 150
To Bremen—April 1—Arizpa, 545
To Hamburg—April 1—Arizpa, 34—
SAN FBANCISCO—To Great Britain, (?) 1,381
To Germany— (?) 2,762
To Japan—(?) 1.222
To Canada—(?) 70— —;
NORFOLK—To Liverpool—April 9—Manchester Exporter, 443-To Havre—April 9—City of Hamburg, 280
To Bremen—April 9—City of Hamburg, 361
To Genoa—April 9—City of Hamburg—398---
360
2,813
968
100
1,042
498
24
1,663
1,001
870
600
800
147
50
50
200
150
545
Marta, 120
—
-
—
34
1,381
2,762
1,222
70
—
To
443
280
361
398
Hamburg—April 6—City of Baltimore, 40
40
880
8
8
1,838
678
CORPUS CHRISTI—To Venice—April 1—Ida, 880
To Trieste—April
1—Ida, 8
To Barcelona—April 1—West
'
To
Camack, 8
Japan—April 3—Kamaki Maru, 1,838
Maru, 678
To China—April 3—Kamaki
Total
-
103,281
——
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Mar. 20
Forwarded
Total
Mar.%7
Apr. 3
Apr.10
69,006
45,000
606.000
300.000
71.000
17.000
68,000
603,000
293,000
43,000
20,000
189.000
53.000
624.000
292.000
-
-
606,000
Total stocks
Of which American
303,600
18,000
imports
Of which American
11,000
Amount afloat
Of which American
207,060
186,000
70.000
75,000
79,000
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Thursday
Wednesday
Tuesday
Monday
Saturday
Friday
A fair
12:15
{
business
Good
business
Moderate
P.M.
I
doing.
Inquiry
doing.
demand.
demand.
6.54d.
6.57d.
6.47d.
6.42d.
Futures.
2
HOLI¬
to 3 pts. 1 to 3 pts. 2 to 4 pts. 1 to 3 pts. 1 to 2 pts.
advance.
advance.
advance.
decline.
decline.
3 to 4
4
P. M.
4
pts.
pts.
2
4
to
Quiet but
pts. 4 to 9 pts. stdy., 1 pt.
adv. to 1 pt
advance.
advance.
decline.
decline.
Steady,
Steady,
Quiet,
Quiet,
Market,
Steady,
Steady,
Steady,
Steady,
Steady,
■
opened
decline.
Prices of futures at
Apr. 4
Liverpool for each day are given below:
Mon.
Sat.
Wed.
Tues.
Fri.
Thurs.
to
Apr. 10
New Contract
Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d.
d.
d.
d.
d.
May (1936).
6.02
5.98
5.99
6.03
6.03
6.09
6.12
6.12
July
5.88
5.84
5.84
5.88
5.87
5.92
5.95
5.94
5.56
5.58
5.58
5.61
5.63
5.62
d.
1
d.
5.94
October
NoonjCloee
6.11
5.63
5.54
5.56
December.
5.50
5.57
HOLI¬
January (1937)..
5.50
5.48
5.50
5.53
5.52
5.56
5.57
5.57
5.57
DAY.
March
5.50
5.48
5.50
5.53
5.53
5.56
5.57
5.57
5.57
May..—
5.49
July
Oct9ber
5.36
5.50
5.50
5.47
_
«...
-
_
•
-
-
_
_
5.52
-
5.49
5.38
5.52
-
mm
_
_
-
-
-
„
_
5.58
-
5.57
...
5.52
5.41
-
5.56
5.45
-
-
DAILY
CLOSING
PRICES
house
OF WHEAT
Sit.
No. 2 red..
DAILY
Mon.
108*$
CLOSING
PRICES
OF
was
a
con¬
May
July
September
94
Wed.
108*$
109*$
FUTURES
Mon.
IN
Wed.
Tues.
94>$
84 X
83 X
84 X
83
NEW YORK
IN
Tues.
108*$
WHEAT
Sit.
DAILY
CLOSING
PRICES
OF
WHEAT
91 %
85
83 *$
94 X
85 *$
84 *$
5.57
Thurs.
109*$
Fri.
Hoi.
CHICAGO
Thnrs.
94 X
85 %
84
Fri.
Hollday
_
m
5.57
market.
-
-
5.45
of
80 X
81 "3
81*$
Fri.
H oilday
were
on
Com¬
both sides of the
Local traders bought early and then sold because
in wheat.
Shipping sales were 180,000
the
reaction
bushels.
Rotterdam
corn closed unchanged to Mo. lower.
prices closed A to
higher.
This
advance in corn was influenced largely by the strength in
wheat and an improved spot demand, which induced rather
substantial buying by local interests.
Shipping sales were
125,000 bushels, and receivers booked 7,000.
Rotterdam
corn
closed y8 to Ao. up.
May corn closed at 60%c.;
July corn, 59%c., and Sept., 59c. On Thursday prices closed
3^c. off to V8g. up.
Trading was very light and without
feature.
Open interest in corn figured at 25,998,000 bushels.
On
Wheat—On the 4th inst. prices closed J^c. down on the
May option and unchanged to J^c. up on July and September.
At one time the May delivery registered a decline of lc.
The weakness displayed in the spot market induced some
heavy liquidation of May and under this pressure the price
fell away.
The partial recovery was due largely to shorts
covering.
There was relative firmness in the Minneapolis
and Winnipeg markets.
The upturn in Winnipeg did not
hold, however, and prices dropped to new seasonal low levels.
It is claimed that about half the open interest in wheat is
lodged in the May contract, and the persistent liquidation
is causing no little uneasiness among longs in that delivery.
The new crop deliveries are largely under the influence of
the day-to-day weather reports.
WINNIPEG
Thurs.
prices closed unchanged to 3^e. lip.
mission houses and cash interests
-
Friday Night, April 10, 1936.
80*$
81*$
82*$
months and
in six years.
On the 7th inst.
_
strength of the grain markets had little or no
influence in the flour trade this week.
What slight demand
there was in the early part of the week, seemed to dry up as
grain prices advanced.
The Easter and Jewish holidays
played their part in the prevailing dullness.
IN
Wed.
79*$
805$
81*$
prices closed y%o. to Mo. up on
Mo. down on September.
There was
little in the way of news or developments to encourage any
activity in this grain.
Sales for shipment out of Chicago
were again large but spots remained steady to lower.
An¬
other increase in the visible supply is looked for despite
relatively light marketings.
On the 6th inst. prices closed Mo, to Mo. lower.
Sep¬
tember corn sold at a new low for the season.
Increasing
receipts and the lower cash market were bearish factors.
Country offerings to arrive were larger and receivers booked
60,000 bushels.
Rotterdam corn closed MG- to J^c. lower.
A leading grain house calls attention to the fact that the
heaviest movement of corn in six years has brought practi¬
cally no accumulation and visible stocks are the smallest
near
•
Flour—The
Tues.
79*$
80*$
81*$
Corn—On the 4th inst.
the
_
BREADSTUFFS
FUTURES
Mon.
78*$
79*$
80*$
December
Northwestern
October
DAY.
Market
A
Sit.
Moderate
6.47d.
influences.
spicuous buyer of May and local shorts bought July.
1 here
was heavy selling of July by an Eastern house, but all offer¬
ings were readily taken. There was a noticeable betterment
in milling demand for cash wheat, and shippers reported
sales of 73,000 bushels.
May wheat closed at 95@3^c.;
July, 85%c., and Sept., 84^@J^c.
On Thursday prices
closed unsettled, % to J^c. down.
Increasing reports of
rain and snow over Southwestern drought areas acted as a
weight on wheat prices today as trade drew to an end.
A
steadying influence, however, was some buying of May
against sales of new crop months, July and Sept.
Late
estimates were that Canadian export sales of wheat Thursday
totaled 750,000 bushels.
Open interest in wheat figured
at 99,462,000 bushels.
May--..
July
A fair
J
Mld.Upl'ds
bullish
1'
,
Spot
.
a
95.000
26.000
196,000
78,000
The tone of the
Market,
rally that took place.
Strength in the out¬
closing rally in Liverpool and reports of dust
storms in the Southwest contributed their part as influences
in the buying movement that developed.
May dropped to
the lowest level since mid-September early in the session
under liquidation, but as soon as pressure ceased the option
rallied with the rest of the list.
Liverpool wheat closed
yd. to Ad. higher following the rally in Winnipeg.
Rotter¬
dam wheat finished % to l%c. off, and Winnipeg %c. to
%o. higher.
On the 7th inst. prices closed unchanged to }4,0. higher.
Trading was largely confined to switching of contracts.
Responding to the better cables from Liverpool, prices here
started firm and held fairly well through the session.
The
dry weather in the Southwest was also regarded as a factor
sustaining prices.
Some spreaders bought May and sold
July, while others bought July and sold September.
There
was
buying of September against sales in Kansas City.
Cash houses were buyers of May.
The weather map showed
precipitation in the West and parts of the Northwest.
Mill¬
ing demand for wheat was moderate and shippers reported
sales of 12,000 bushels.
On the 8th inst. prices closed % to lc. higher.
The gains
were
due to substantial buying influenced by the strong
Liverpool and Winnipeg markets.
Dry weather in the
Southwest and dust storms in Kansas played their part as
side markets,
OBLEANS—To
To
oversold
an
the substantial
106
NEW
reflected
new crop months.
condition in its ready
to the slightest demand.
Shorts were quick to
discern this and their covering played an important part in
575
1,140
To Gdynia—April 3—Ivar, 1,140
market
The
Mo. higher.
response
2,146
1,327
To Copenhagen—April 3—Ivar, 575
prices closed 3^c. to
was the rally in the
feature of the session
5,811
1,514
To Venice—April 3—Ida, 2,146
To Trieste—April 3—Ida,
1,327--
April 11. 1936 '
the 8th inst.
DAILY
CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs.
No. 2 yellow
-
DAILY CLOSING PRICES
77*$
Sat.
60
May
July
September
59*$
58*2
Oats—On
77*$
77*$
78*$
OF CORN FUTURES
the 4th inst.
Mon.
59*$
58*$
58*$
Tues.
59*$
59
58*$
78*$
Fri.
Hoi.
IN CHICAGO
Wed.
60*$
59*$
59
Thurs.
60*$
59*$
58*$
Fri.
Holiday
prices closed unchanged to y8o.
virtually nothing to report, trade being
extremely dull and there being an entire absence of news on
this grain.
On the 6th inst. prices closed Ac. lower to y8o. higher.
Trading light.
May oats closed at 25^c., July, 26c. asked
and September, 26^c.
lower.
There
was
Financial
Volume 142
On the 7th inst. prices closed unchanged to He. higher.
May bats closed at 25M@25Mc., July, 26c. and September,
26He.
Trading light and without special feature.
On the 8th inst. prices closed % to %g. up.
Trading was
light and no news of special interest on this grain.
Improved
prices due largely to the strength in wheat and corn.
On
Thursday prices closed H to He. down.
Trading very dull,
with no news of importance.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mori.
Tues.
Wed.
Thurs.
No. 2 white
39%
DAILY CLOSING PRICES
OF
39^
OATS
25$$
—25%
26%
May
July
September
DAILY CLOSING PRICES
Sat.
31
31 %
Tues.
25%
26
26%
OF OATS
May
July-
39H
46%
FUTURES
Mon.
Sat.
39%
Wed.
25%
26
26%
Thurs.
statement:
Barley 1
Wheat
Corn
Flour
Oats
Rye
Bushels
Bushels
Barrels
Bushels
Bushels
Exports from—
New
New
Orleans..
"
"MOO
....
John West
267:666
.
LOOO
27,000
7,000
40,000
23,000
279,000
Halifax
Bushels
50,892
775.000
40,000
York
Philadelphia
Fri.
Total week 1936..
26X
day
116,892
71,334
"
"liooo
The destination of these exports
Holl-
26%
1,361,000
1,254,000
Same week 1935
25%
25%
26$$
26%
from the several seaboard ports for the week
April 4 1936, are shown in the annexed
Hoi.
CHICAGO
IN
The exports
ended Saturday,
St
Fri.
2535
Chronicle
July 1 1935 is
as
.
35,000
21,000
—
for the week and since
below:
FUTURES IN WINNIPEG
Mon. Tues.
Z1H-" 31%
31%
31%
Wed.
Fri.
Thurs.
Holiday
31%
3191
31*$
32
Rye—On the 4th inst. prices closed He. to %g. lower.
decline was attributed to a weaker spot rye and the
sharp drop in wheat, especially in spot wheat.
On the 6th inst. prices closed He. to lMc- up.
The
strength in this grain was attributed to an oversold condi¬
tion, prices turning upward on a moderate demand.
On the 7th inst. prices closed %g. to Me. up.
The firm¬
ness in this grain is ascribed to a better spot demand for
Flour
*
Corn
Wheat
,
Exports Jor Week
Week
Since
Week
Since
Week
Since
Apr. 4
July 1
Apr. 4
July 1
1936
1935
1936
1935
Apr. 4
1936
July 1
1935
Bushels
Bushels
Bushels
and Since
July 1 to—
The
both wheat and rye.
On the 8th inst.
% to %g. higher. The
demand for
spots and the strength displayed in wheat.
On Thursday
prices closed M to He. down.
There were no new develop¬
ments, prices easing off in sympathy with the other grains.
prices closed
PRICES
CLOSING
,
OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
DAILY CLOSING
May
July
52%
51%
52%
51%
51%
51%
May
July
September
PRICES
OF
52%
52%
52%
52%
52%
52%
53
53%
53%
So. & Cent. Am..
1,929,226
406,238
274,000
West Indies
33,000
Holiday
41 %
42%
43*$
42*$
_
42*$
439$
42
43
Holi-
42%
43%
day
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Mon.
Tues.
Wed.
40
Sat.
40
40
40
May
DAILY CLOSING PRICES
May
July
Hoi.
40
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
38
389$
-
Closing quotations
Fri.
Thurs.
38 %
389$
38
389$
Holiday
389$
39
39
399$
Other countries
Total 1936
Wheat, New York—
No. 2 red, c.i.f., domestic-—1099$
Manitoba No. 1. f.o.b. N.Y-
789$
2 yellow, all rail
57,588,000
88,000
27,000
1,666
GRAIN STOCKS
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
2,000
New York
2,000
254,000
57.000
Philadelphia———!—
Baltimore
...
4,000
399,000
1,185,000
779,000
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
1,258,000
578,000
8,828,000
3,151,000
234,000
1,071,000
1,035,000
25M06
Omaha
City
St. Louis
-
-
78l",556
177.000
490,000
71,000
846,000
1,350,000
57,000
2,166,000
4,194,000
345,000
456,000
384,000
2,297,000
6,487",555
791,000
Kansas City
26,000
142,000
394,000
220,000
afloat
—
afloat
Minneapolis
9,995,000
4,522,000
140,000
6,742,000
Duluth
Detroit..
Buffalo
-
"
77,000 10,670,000
8,525.000
7,000
8,000
947,000
816,000
588,000
50.000
afloat-
10,000
21,000
31,000
3,000
3,000
79,000
1.000
2,000
1,000
;
15,000
4,000
272! 56o
1,000
5,069,000
—
Indianapolis
22,000
339,000
41,000
48,000
23,000
50,000
4LOOO
24,000
41,000
10,000
286,000
3,000
418,000
273,000
New Orleans
Sioux
Corn
Bushels
United States—
399$
50$$
——50-89
90:666
Wheat
"
-
69,940,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, April 4, were as follows:
Milwaukee
Barley, New York—
479$ lbs. malting
Chicago, cash-..
1,361,000
1,254,000
at
"
Oat®, New York—
No. 2 white
3,260,224
2,857,074
10.000
72,000
2,000
4,000
37,469,000
31,883,000
496,000
2,000
visible
The
Chicago-
889$ Rye. No. 2. f.o.b. bond N. Y— 639$
New York—
No^
116,892
71,334
granary
GRAIN
Corn
5:575
...
Peoria
follows:
were as
Bushels
317,000
1,032,000
12,000
518,000
7,000
125,760
Brit. No. Am. Col.
Boston
RYE FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
Barries
49,000
13,317
16,000
Kingdom.
Continent
Total 1935
firmness of this grain was due to a better milling
DAILY
Barries
United
10,000
186,000
67,000
20,000
80,000
181,000
731.000
18,000
132,000
39,000
1,193,000
93,000
91,000
763,000
47,000
1,350,000
2,77A 000
1,999,000
10,000
775,000
5,457:666
2,528,000
50,000
1,439,000
243,000
FLOUR
Spring pats.,high protein $6.5506.75
Spring patents
6.1006.40
Clears, first spring
5.4505.75
Soft winter straights—. 4.7004.95
Hard winter straights-.. 5.700 5.95
Corn flour
2.00
Barley goods—
2.85
—
5.8506.10
Coarse
5.1005.30
Hard winter patents
Hard winter clears
Total Apr.
Rye flour patents
$3.9504.05
Seminola, bbl., Nos. 1-3- 7.450
Oats, good
2.40
Fancy pearl,Nos.2,4&7 4.0004.75
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
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
4 1936
Total Apr.
6 1935
in 1935,
Wheat
bbls.imbs. bush. 60
lbs.[bush.
56 lbs.
782,000
135,000
Rye
33,000
89,000
40,000
68:660
33,000
148,000
491,000
16,000,
128,000
46,000
4,000
75,000
1,000
63,000
703,000
3,000
"1:666
88,000
7,000
water
4,174,000
2,226,000
2,004,000
1,129,000
516,000
325.000
64,000
936,000
117,000
Louis
Peoria
—
Kansas City..
Joseph...
Wichita
Sioux
City
Buffalo
Total wk.1936
Same wk.1935
Same wk.1934
Since Aug. 1—
1935
1934
1933
373,000
335,000
356,000
362,000
343,000
487,000
505,000
496,000
2,819,000
2,522,000
238,000
632,000
6 1935—110,390,000
4,950,000
4,800,000
6,010,000
3,607,000
3,480,000
3,194,000
3,947,000
3,817,000
6,154,000
7,197,000 36,990,000
4,950,000
4 1936—111,033,000
1936—110,270,000
Summary—
American
730,000
647,000
Indianapolis..
88,000
86,000
99,000
3,170,000
45,532,000
111,033,000
Total Apr.
1,567,000
26,000'
419,000,
Detroit.
Bushels
points.——— 58,163,000
36,000
1,854,000
1,238,000
2,392,000
38,000
16,000
"9:660
Toledo
Barley
Bushels
376,000
2,052,000
7,473,000 12,969,000
3,607,000
3,947,000
"MOO
74,000
St.
106,666
143.000
4,0001
120,000,
27,000
17,000
117.0001
—
Milwaukee...
St.
92,000
674,000,
Rye
Bushels
—
Other Canadian & other
bush. 32 lbs. bush.56lbs. bushASlbs.
Omaha
Duluth
204,000
Oats
Bushels
8,025,000
Ft. William <fc Pt. Arthur 44,845,000
Barley
225,000
194,000
49,000
13,000
58,000
14,000
40,000
162,000
30,000
40,000
91,000
122,000
Chicago..
Minneapolis..
Corn
Bushels
Canadian—
Montreal
Total Mar. 28
Oats
Corn
7,473,000 1 2,969,000
7,432,000 13,001,000
9,684.000
8,694.000
Note—Bonded grain not Included above: Oats—New York, 9,000 bushels; Buffalo,
73,000; total. 82,000 bushels, against none in 1935.
Wheat—New York, 1,176,000
afloat, 38,000; Philadelphia, 303,000; Boston, 57,000; Buffalo,
6,216,000; Buffalo afloat, 2,132,000; Duluth. 568,000; Erie, 95.000; Chicago,
89,000; Albany, 4,420,000; total, 15,094,000 bushels, against 11,013,000 bushels
Total Apr.
Wheat
Flour
45,532,000
7,197,000 36,990,000
47,201,000
7,250,000 37,735,000
46,348,000 18,201.000 12,937.000
bushels: New York
of the last three years:
Receipts at—
—
Total Mar. 28 1936.—
80.000
15,000
2,000
14,000
11,000
268,000
574,000
83,000
352,000
Canadian
Total Apr.
4 1936—156,665,000
Total Mar. 28
4,000
Total Apr.
28,000
1936—157,471,000
7,197,000 41,940,000 10,980,000 16,916,000
7,250,000 42,535.000 10,912,000 16,818,000
6 1935—156,738,000 18,201,000 18,947,000 12,878,000 14,748,000
The world's
shipment of wheat and
corn, as furnished by
Exchange, for the week
ended April 3, and since July 1,1935 and July 2,1934, are
shown in the following:
Broomhall to the New York Produce
Wheat
Corn
Week
North Amer.
Week
Since
Since
July 1
July 2
April 3
July 1
July 2
1935
1934
1936
1935
1934
Bushels
13,137,000 267,879,000126,507,000 108,839,000 18,628,000 73,314,000
12,725,000 154,582,000141,290,000 38,672,000 10,287,000 48,587,000
12,382,000 168,362,000154,678,000 55,174,000 8,842,000 40,140,000
Since
1936
1
Since
April 3
Exports
Bushels
Bushels
Bushels
Bushels
Bushels
I
Black Sea-
3,222,000131,178,000125,864,000
| 35,266,000; 4,529,000
Argentina.
1,229,000,1 65,863,000145,746,000 4,319,000233,601,000154,220,000
94,000
43.C00
6,819*00
38,000
15,564,000
—
Australia
Total receipts of flour and grain at the seaboard ports for
the week ended
Total
Receipts at—
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.i&lbs.
New
York...
Philadelphia
.
Baltimore
New Orleans *
163,000
39,000
15,000
16,000
117,000
6,000
2,000
"8:666
Galveston——
4,000
19,000
20,000
19,000
1,000
4,000
12,000
10,000
"
'
LOGO
126,000
"2:660
5,000
10,000
St. John West
46:666
267,000
Halifax
276:666
35,000
7,000
352,000
4.134,000
679,000
16,442.000
205,000
3,330,000
998,000
9,719,000
Total wk.1936
Since Jan.1'36
Week 1935—
Since Jan.1*35
*
on
63,000
876,000
39,000)
4,077,000'
689,000
36.178,000 34,707,000
9,490,000352,389,000395,507,000 5,102,000 276,641,000204,529,000
Weather Report for the Week Ended April 8—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 8 follows:
depressions, quite similar in character, passed
over
the
country during the week, and both resulted in disastrous local storms in
the Southeast.
On the morning of April 1, a depression of wide extent,
but of irregular formation, with several local centers, occupied the South¬
105.000
960,000
127,000;
7,000
633,000;
274,000
272,000
280,0001
4,386,000 2,249,000'
west, and moved thence rapidly northeastward to the St. Lawrence Valley
by the morning of April 3.
It was attended by widespread precipitation—
in the North and rain in the South.
A severe tornado occurred at
snow
Cordele, Ga.. with heavy loss of life and property.
265,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
....
3.951,000 88,993,0001 86,520,000
256,000
328,000
1,088,000 30,833.000 32,520,000
Two energetic
27:600
56,000
23,000
—
India
Oth. countr's
Saturday, April 4 1936, follow:
Following this storm
"high," bringing abnormally cold weather, moved southward over the
interior States; the freezing line extending well into the northern Gulf area.
At 8 a. m. on the morning of April 3 there was charted on the
dally
a
■weather map
a
second depression
as
moving in from the Pacific coast.
2536
Financial
This storm covered
extensive
and continued in
easterly direction,
being central, with an irregular center, as in the other case, over the Plateaumiddle Rocky Mountain area on the morning of April 4; over the southern
Plains-southern Rocky Mountain section, on April 5, and thence, with
greatly increased speed and a more central organization, it moved to the
upper St. Lawrence Valley by the morning of April 6, though a trough
an
area
an
extended south west ward to east Gulf sections.
In the wake of this storm an extensive mass of
dense, cold, polar air
southeastward, following the trough of the receding "low,"
This
moved
resulted in favorable conditions for the formation of tornadoes to the west
of the trough line or cold front and some of the most destructive tornadoes
Chronicle
April 11, 1936
Tennessee—Nashville:
Progress and condition of winter wheat fair,
Farm work delayed by heavy rains and considerable
washing.
Preparation of land for cotton two weeks late and none planted.
Practically no corn planted.
Tobacco plants coming up.
Fruit damage
considerable, especially in east,
about six inches tall.
Kentucky—Louisville:
Cold; freezes damaged young lespedeza and clover
and caused moderate injury to blooming fruit in south and serious harm to
tobacco plants, but amount uncertain.
Heavy to excessive rains delaying
plowing, potato planting, and gardening.
Condition of wheat fair, but
and cloudy for much growth.
progress poor as too cool
of record occurred in parts of the Southeast, especially at Tupelo, Miss.,
and Athens, Ga.
As before stated preceding very similar pressure condi¬
tions had caused a few days previously, an equally destructive tornado at
THE DRY GOODS TRADE
Cordele, Ga.
The week
was
abnormally cold in nearly all sections of the country from
the Appalachian Mts. westward to the Great Basin, with the weekly mean
temperatures ranging from 9 degrees to as much as 28 degrees below normal,
making it one of the coldest April weeks of record in many sections.
In
fact, record-breaking temperatures were reported from many northwestern
areas.
The extreme Southeast and Northeast had a slightly warmer than
normal
week.
Freezing extended southward to central
the central portions of
South
Carolina,
Sub¬
the east Gulf States, and into northern Texas.
temperatures were reported from an extensive northwestern area, the
lowest for the week being 10 degrees below zero in central and northern
zero
Wyoming and parts of western Montana.
Precipitation was heavy to excessive nearly everywhere east of the
Mississippi River, the heaviest falls being in the Southeastern States, where
some stations reported weekly totals of rainfall running as high as 10 inches.
West of the Mississippi River, a few local areas had moderate amounts of
precipitation, especially the Great Basin and some northern Rocky Mountain
sections.
However, a large southwestern area, where moisture is urgently
needed, again had a rainless week.
Several combinations of weather conditions in different parts of the
country made the past week every unfavorable for agricultural interests.
In addition to the destructive southeastern storms which caused extremely
heavy loss of life and property and also local floods in that area, precipita¬
tion kept the soil generally too wet for working east of the Mississippi
River and very little spring planting, or preparation of soil, was possible.
In the Midwest and Northwest abnormal cold, unprecedented in many
places prevented the usual
outside operations.
In Central-Northern
States the soil is again frozen and little or no field work was possible.
In
addition, the low temperatures did more or less damage to early spring
crops that were up in south-central districts, and there were extended re¬
ports of damage to early fruit from the southern Appalachian Mountains
westward to the lower Great Plains.
There was some additional damage
from cold weather in the Pacific C.oast States, though snows in the Great'
Basin and some Rocky Mountain sections improved the outlook for irriga¬
tion water.
A large southwestern area remains extremely dry, and duststorms were
again frequent in some sections.
The storms were damaging in many
localities; practically all winter wheat has been blown out in the panhandle
of Oklahoma.
Moisture is now badly needed in Missouri and in a large
area
extending from southern Nebraska and southeastern Colorado south-
ward.
>v''•'
Small
Grains—Low temperatures retarded growth of winter
most parts
wheat in
of the belt, while in the Southwest continued dry soil was also
Condition remains about the same in the Ohio Valley and
detrimental.
Missouri, ranging from poor to good.
In eastern Kansas winter wheat
is in fair to very good condition, but in the western third it is very poor
and deteriorating, except in the northwest.
Wheat deteriorated in ex¬
treme
western
Oklahoma,
while advance
was
only
poor
elsewhere;
the
reported practically all blown out in the panhandle and in poor
condition elsewhere in the western part.
Moisture is still urgently needed
in Texas and the eastern portions of New Mexico and Colorado.
Cold
crop was
weather delayed growth in the Northwest, with some local damage,
j*Practically no farm work was possible in the spring wheat region, while
in the Pacific Northwest frozen soil delayed seeding.
Seasonal advance
of outside operations is now around 10 days late in this section.
I* Cotton and Corn—At the present time weather conditions in the cotton
belt are decidedly unfavorable.
Persistent rains in most sections east of
the Mississippi River have kept the ground so saturated that little field
work has been possible and preparation for seeding is now considerably
behind an average year, being three weeks late in some sections.
In the
western belt it is entirely too dry in most places.
In southern Texas cotton has come up to a good stand and chopping
has advanced northward to the San Antonio section.
However, in many
places in this State the crop has been dry seeded and good general rains
are needed
for germination: dry weather has delayed planting in many
places.
In Oklahoma no planting has been accomplished and very little
ground is prepared because of continued dryness.
In Arkansas much
ground is ready to plant, but the freezing weather was unfavorable: a
little cotton had come up in the south, but this has been killed by cold
weather.
Very good progress in planting is reported from Louisiana.
In the eastern portions of the corn belt preparation for corn planting
was practically at
a standstill, during the week, because of wet fields.
In the upper Mississippi Valley work is getting a late start, with the ground
again frozen.
In the southern Plains planting has been generally delayed.
In Iowa seed
corn
is in poor to very poor
condition.
The Weather Bureau furnished the following resume of
conditions in the different States:
Georgia.—Atlanta:
Extremely destructive tornado on April 2 at Cordele
and another equally serious at Gainesville on April 6; property damage in
millions and death list approaches 200; destructive wind at some other
places.
Some rivers in flood.
Heavy rains in south to excessive falls in
north.
Slight frost damage to fruit in northeast; peaches in middle section
generally safe.
Planting cotton slow advance in middle and south; too
cold and wet in north.
.
Planting cotton fair progress and condition fair.
Potatoes mostly good; harvesting in Hastings area
beginning soon.
Truck late, but improving.
Tobacco being set out;
condition good.
Citrus excellent.
Alabama—Montgomery:
Mostly heavy rains in middle and north and
moderate in south.
Some cotton planted in middle and south, but prog¬
ress slow; seasonal advance slow generally.
Considerable corn has been
planted and some up: cold weather unfavorable.
Truck, potatoes, pastures,
oats, and cover crops mostly fair to good.
Florida—Jacksonville:
Corn and oats good.
,
Mississippi—Vicksburg:
Preparations for planting cotton good advance,
but actual beginning slow account cool intervals and occasional wet soil.
Progress of corn very poor to poor.
Light to heavy frosts on April 3
throughout, affecting much truck and gardens and a small acreage of corn
Louisiana—New Orleans:
Excellent progress at beginning of week of
plowing and planting under continued favorable conditions, but freezing
m north and frost almost to coast on April 3 resulted in considerable damage
in extreme north and north-central to corn, potatoes, fruit, truck, and a
small amount of cotton already up.
Planting cotton good progress in
most areas and normally advanced for season.
Rice retarded by cold,
but condition good.
Texas—Houston:
,
w,,
,
.
except in extreme south.
Widely scattered
but of little benefit.
Due to cold and lack of
moisture, week unfavorable for farm work and all growing crops.
Winter
wheat bearing up fairly well, but making only slow growth due to dry
weather.
Corn, truck and oats in poor to only fair condition, considerable
showers
over
Cool,
northeast,
damage having been caused by freezing weather and drying winds, although
good condition in lower Rio Grande Valley where irriga¬
Cotton coming up to good stands in extreme south and has
healthy color, although considerable deterioration locally; chopping under
way in east; much of crop dry planted and general rain badly needed.
Oklahoma—Oklahoma City:
Cold, unfavorable week; very little plowing.
Fruit, gardens, and corn and potatoes that were up mostly killed; alfalfa
and pecans damaged.
Heavy duststorms on several days.
No cotton
planted and very little ground prepared account dryness.
Winter wheat
deteriorated in panhandle and scattered western localities and poor else¬
where; condition fair in central and east; crop practically all blown out in
panhandle and poor condition in remainder of west.
Oats made little
growth.
Rain badly needed over practically entire State.
•
Arkansas—Little Rock:
Cold in all portions; 18 to 26 degrees in north
and 22 to 30 degrees in south.
Cotton, where up, killed, but very little up;
much ground prepared in excellent condition, but planting slow.
Gorn
very poor; much frozen down where up and much up in south ana some
central portions; considerable expected to recover.
Wheat, oats, meadows,
and pastures
good.
Potatoes, truck, fruit, and strawberries seriously
truck continues in
tion heavy.
damaged in all portions.
New
York—Friday night, April 10, 1936
Retail trade
during the last week before Easter continued
its steedy gain over the corresponding period of last year.
Although snow and wintry temperatures hampered business
activity in the Middle West and North West, appreciable in¬
creases continued to be registered for the country as a whole.
In the metropolitan area, department store sales ran up to
15% higher than during last year's corresponding period.
Women's apparel and accessories again attracted most atten¬
tion, and leading stores were able to show gains of 20% to
25% in these departments. When comparing these figures,
it must, of course, be borne in mind that Easter this year
falls one week earlier than last year.
With the demand for
Spring goods, having been much delayed this year by ad¬
verse weather conditions, it is believed, however, that the
recent brisk consumers' interest will continue beyond Easter,
and many retailers, in accordance with this view, deferred
their post-Easter clearances until the end of the current
month.
Activity in the wholesale dry goods markets continued to
quickened flow of goods in retail channels. Re¬
orders for pre-Easter shipment as well as orders for end-ofApril promotions were freely placed by retailers.
With
wholesalers' stocks continuing at low levels, premiums for
immediate shipments were demanded in some instances.
A
particularly heavy volume of business was placed on women's
coats and suits.
Wholesalers, on their part, continued to
display a waiting attitude reflecting the lack of confidence in
the stability of the price structure, owing to still prevailing
uncertainties over processing taxes and crop control ques¬
tions.
Prices for overalls were marked down by 3734c. to
6234c- a dozen.
Business in silk goods showed sustained
activity, with chiffons moving in good volume. Trading in
greige goods was somewhat less active, although good in¬
terest prevailed for sheers and crepes for printing, and prices
of these goods showed a firming trend.
Business in rayon
yarns was featured by a sharp increase in the demand for
acetate yarns by both weavers and knitters.
The move¬
ment of pigment yarns in the viscose field continued brisk,
and shipments of cuprammonium fine numbers held up well.
reflect the
Domestic Cotton Goods—Except for some moderate
activity in such print cloths as were suitable for plisse finish¬
ing, as well as in some industrial numbers, trading in gray
cloths continued in its desultory fashion, and sales remained
far below production.
Although in some instances, buyers
extended their coverings of future requirements, the ex¬
isting lack of confidence in the present price structure due to
tax uncertainties, remained a deterrent factor to any real re¬
vival in forward business.
Little doubt prevailed, however,
that jobbers were in actual need of merchandise, and mills
were confident that the satisfactory movement of finished
goods in distributive channels must soon be reflected by
larger commitments on the part of wholesalers. Fine goods
continued in active demand for prompt delivery.
The tight
spot situation has grown more and more acute, and premiums
that heretofore met with determined resistance on the part of
buyers, are now frequently paid.
Closing prices in prini
cloths were as follows: 39-inch 80's, 7%e.; 39-inch 72-76's,
6Mc.; 39-inch 68-72's, 5J4c.; 3834-inch 64-60's, 5^c.;
3834-inch 60-48's, 4 34<JWoolen
Goods—Although trading in men's wear fabrics
quiet, the outlook for future business
seemed bright. Reports from retail clothing centers indicated
an increasing demand for suits and topcoats, and many stores
recorded the best business in years.
Clothing manufacturers
remained
rather
who started to introduce their new Fall lines were confident
on the part of the consuming public,
by the payment of the soldiers bonus,
will be reflected in increased buying on the part of retailers.
A good demand existed for tropical worsteds and garbadines.
that the brisk demand
soon
to be accelerated
Woolen mills continued active
cumulation
of older contracts.
fabrics lessened somewhat.
Summer wear,
on
their still substantial
Activity in women's
ac¬
wear
Demand for fabrics suitable for
however, continued good.
Foreign Dry Goods—Trading in linens, except for a
moderately increased demand for Summer dress goods, re¬
mained rather featureless, with the easier price structure
abroad exerting a dampening influence on business.
The
burlap market was moderately active. Prices were slightly
higher, despite the possible increase in production during
April, due to the termination of the production control agree¬
ment.
Although most transactions were still confined to
spot lots, a number of fair-sized orders were placed for July
to September shipment.
The lack of speculative interest,
however, kept trading light.
Calcutta cables were slightly
firmer.
Domestically lightweights were quoted at 3.95c.,
heavies at 5.40c.
Financial
Volume 142
2537
Chronicle
BONDS
MUNICIPAL
Specialists in
Dealer Markets
Illinois & Missouri
Bonds
WM. I.
MERICKA & CO.
INCORPORATED
Union Trust Bldg.
One Wall Street
135 S. La SalleSL
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
WIRE
Page
314 N. Broadway
CHICAGO
ST. LOUIS
Rate
Name
.
2195 Cook County S. D. No. 216,
2036 Coopersburg, Pa
Maturity
1940-1951
111- 4
2201
We
municipal
present herewith our detailed list of the
r68,000
5X
N. Y. (2 issues)
Cortland,
N. Y
1937-1956
1937-1942
790,5001
20,000/
1938-1941
61,000
100.31
75,000
crowded condition of
the month of March, which the
columns
our
prevented
our
publishing
1-10 yrs.
Cowley County, Kan
Crawford, Neb_
2X
4
2028
Crawford County, Iowa
2
1937-1944
2201
Croton-on-Hudson, N. Y
__4H
1936-1938
10,000
1966
100,000
1681
Cumberland, Md...
Cunningham, Kan
3X
2204
Curwensville S. D., Pa
2365
2203
Cuyahoga Falls, Ohio
3X
5X
The total of awards during
1862
Dallas County, Iowa
2194
The review of the month's sales
of the "Chronicle" of
the
month
stands
include Federal
Works
April 4.
at
was
$128,998,523.
given
on page
This total does not
Emergency Relief Administration or Public
Administration
loans
or
grants
actually made
promised to States and municipalities during March.
number of
municipalities issuing bonds in March was
or
The
370
IX
>—..3
3X
Danbury, Conn
1862 Danville, Md
1864 Danville, Ky
1689 Danville, Va
4.00
r653,000
100.52
1.88
100.17
4.36
120.129
2.98
20,000
1937-1956
d35,000
1937-1945
r1,026,000
315,000
Page
Rate
Name
1862 Adair County, Iowa
2204 Aiken, S. C-.
1X
3X
IX
2196 Allamakee County, Iowa
2205 Amelia S. D. No. 3, Texas
1679
2196
1872
1862
1864
2032
2036
2028
1867
2200
Anderson School Township,
Ind_.4
Appanoose County, Iowa
IX
Ashland County, Wise
3
Audubon County, Iowa.
IX
Augusta, Me
IX.
Axtell, Neb
3X
Baker County S. D. No. 16, Ore..4
Bannock County, Idaho
2X
Batavia, N. Y
1.90
Belleville S. D., N. J. (2 issues)
3X
2037 Bell Buckle, Tenn
1869 Bedford City S. D„ Ohio
1872 BellinghamS.D. No. 301.
1870 Bell wood,
Pa
4X
Wash._3>*
3
X
2198 Belmont, Mass........
1861 Bent and Brown Counties
8. D. No. 13, Colo
2033 Berlin
and
Petersburg
1937-1946
1937-1939
100.313
1 00
100.29
104.01
100.26
101.019
100.921
101.461
100
101
100.10
100.36
Basis
1.72
3.50
1.68
1.68
2.53
1.54
2.65
3.50
1.89
3.72
....
100.69
100
100.372
100.20
....
3.50
2.93
0.65
r22,700
1939-1959
1937-1946
120,000
70,000
[2
1937-1946
330,0001100.90
\2
2
2204
Bethlehem S. D., Pa
Black Hawk County, Iowa
1937-1956
925,000/
7-202,000 101.47
221,000 100.249
15,000
7*27,000 100
3X
IX
IX
2197
1937-1944
5
Bogalusa, La
2195 Bonners Ferry, Idaho
1941
-3
Ind.
8.
No. 1, Idaho
2028
Boone County, Iowa
Brandon Consol. 8. D., Miss.
2196 Bremer County, Iowa
2032
2205 Bristol, Tenn. (2 issues)
2199 Brookfield, Me
2375 Bryan,
1946
1936-1965
r$104,000
r78,000
r396,000
30,000
44,000
7223,000
52,000
r5S6,000
r65,000
14,500
3,000
65,000
60,000
138,000
37,000
r61,250
500,000
45,000
30,000
Price
Central
—
County
1938-1950
1937-1944
1938-1939
1937-1944
1937-1957
1936-1951
3X
8. D.No.l.N. Y
1679 Bonnerville
1937-1944
1937-1944
Amount
Joint
2198 Beverly, Mass
1867 Blnghamton, N. Y. (4 issues)
1862
Maturitv
Ohio
100.375
100.16
3.47
1.47
1.90
1.44
1938-1947
3.00
4
2
—-.4
IX
5
5X
4X
2204 Burnham S. D., Pa
2194 Burns Valley S. D., Calif
2034 Butler County, Ohio
-~3X
2028
4
2%
Cabot, Vt
3X
Campbell Co. Cons. S. D. No. 3,
Wyo
-.5
Camp Hill, Pa
2X
California (State of)
2X
Cambridge, Mass
2X
Camden County, N.J
4
Canton, N. C
4
Canton, N. C
4X
Carroll Ind. 8. D., Iowa
2X
Carroll County, Iowa
2
1867
2031
7*449,000
16,000
7-131,000
25,000
13,000
100.29
101.25
100.22
101.34
100
1.92
3.83
1.70
4.87
5.50
18,000
2205
2038
1870
1860
1939-1965
1,513,000
8,000
107.83"
3.39
1937-1951
1937-1943
751,000
100.43"
1~64
Deer Creek, Okla
IX
4
Delaware County, Iowa
IX
1937-1944
7465,000
133,000
Decatur County,
1870
1862
Ga
Iowa
17,500
1864
1866
2202
2202
1937-1944
100.971
2.06
1936-1955
r30,000
100.56
3.44
1680
4
Twps.
S.
1945-1955
2206
Cassville
1862
4
Mich
No. 1,N. Y
3X
1938-1965
4
1940-1944
Town
&
Village
S.
No. 1, Wis
2037 Celeste, Texas
2037 Center, Texas
2196 Chickasaw County, Iowa
1680 Chariton, Iowa
4
IX
2X
3
1.80
2030 Chicopee, Mass
1867 Chautauqua County, N. Y
1862 Chicago Sanitary Dist., Ill
4
2199 Chouteau County, Mont
2200 Clark Twp., N. J. (2 issues)
2377 Clackamas Co. S. D. No. 54,
3
4
Ore.3^
1951
8,000
39,000
42,000
1937-1938
r8,000
1937-1953
25,000
1937-1958
22,000
1943
rlOO.OOO
1937-1955r41,469,000
1937-1946
7100,000
1937-1955
200,000
1938-1956
8,000
[2
1937-1961
\2X
1869 Cincinnati, Ohio (3 issues)
1.95
1937-1941
rlO.OOO
1938-1942
1937-1961
2031
3.49
3.18
1.73
3.65
Clarlnda S. D., Iowa
3.61
100
101.20
101.18
100.339
101
100.302
100
1 00.18
1.50
2.62
2.90
1.75
2203
Dover,
2035 Dresden, Ohio
2195 Dublin, Ga
2196 Clay County, Iowa
2196
Clayton County,
2196 Climbing
Iowa
Iowa
Hill Com.
Ind.
S.
1937-1951
1937-1944
1937-1944
100
100.411
100.38
100.40
X
2X
1862
Clinton County, Iowa—.
2206
Columbia County, Wis
1867
1937-1938
1937-1948
rl3,000
3.25
1.65
1.65
100.12
102.59
.67
2.08
Colesville, Fenton, Windsor, San-
ford, Afton, Coventry & Greene
Central S. D. No. 1, N. Y
4
2203
1679
2199
1861
1861
Ore—4X
Columbia Sch. Twp., Ind
—4X
Columbus Sep. S.D., Miss
--3X
Commerce. Ga.
4
Copely Twp., Ill
---5
Columbia Co. S. D. No. 1,
1940-1941
6.000
1937-1940
7,600
157,900
\3X
1937-1950
1947-1951
1937-1946
1863 Eldora, Iowa
1870 Eldorado S. D., Okla
2X
2195
Elgin, 111
2195 Elgin, 111
1870 Elizabeth, Pa
2200 Elgin, Neb
2201
25,000/
"s'.oo
100"447
V.37
100.30"
~2~.il
100.30
2.11
100.875
2.12
100.158
50,000(
25,000
7.0001
4
3X
100.96
100.011
2,000/
3
100.10
2.99
1946-1956
2.91
6-10
100*21"
3~48
1939-1958
12,000
721,000
41,250
17,000
613,000
101.11
3X
3X
Ellen S. D. No. 4, N. Y
100,000
3
2206 Elkhart Lake, Wis
1686 Elm Ira, N. Y
1939-1957
yrs.
1939-1965
3
2
2200 Ely, Neb
2037 Emery Co. S. D., Utah
2028 Emmett Co., Iowa
1936-1953
1937-1942
30,000
2
1937-1944
7360,000
2200 Ericson, Neb
4
1686 Erie Co., N. Y. (2 issues)
2037 Essex Junction, Vt
2.20
3
1937-1945
2,600,000
719,000
101.33
100.67
1.94
I6O"25
3~43
36,000
3X
1678 Eureka, Calif
1937-1955
4
2095 Evansville, Ind
2196 Fayette Co., Iowa
65,000
1941-1955
4}|
425,000
79,000
20,000
7126,000
44,000
2037 Fort Worth, Texas
3X
2034 Frankfort U. F. S. D. No. 9, N.Y.4
2196 Franklin Co., Iowa
1%
27,500
340,000
10,000
7383,000
.4
-IX
1937-1939
2371
Fitch burg, Mass
2
1937-1946
2196
Floyd Co., Iowa
IX
1937-1945
2205 Fort Stockton, Tex
2205 Fort Worth, Texas
-
2205 Franklin Co., Tenn.
1870 Franklin S. D., Pa
2028
Fremont
1942-1966
1937-1939
1937-1944
1937-1956
4
Co., Iowa
101
1.73
100.05"
2.18
100.27
2.96
8,800
2X
IX
1, Wyo...3X
1937-1961
1937-1941
100,000
100,000
738,000
65,000
782,000
110.017
107.61
3.23
100.11
1.45
100.41
1.92
100.11
1.73
10b~.625
3.45
101.252
100.43
1.64
108.93
3.00
101.036
2.42
100.29
1.40
100
3.50
Fremont Co. S. D. No.
3X
1940-1951
60,000
lbb""""
3~50
3X
3X
1939-1953
3.03
1681
Garrison Indep. S. D., Iowa
15,000
23,500
48,000
16,500
17,000
104.20
2029
Fruita, Colo
Fulton, Mo.
Gales ville, Wis
Galva, 111
Galva, 111
Galva, Kan.
1865
2206
2195
2195
1941-1961
1943-1958
4
1937-1948
3X
3
1938-1954
2032
4
1940-1949
1867
2
1937-1945
2
1937-1951
Garwood, N. J
Geneva, N. Y
2198 Gloucester, Mass
Goodwell S. D., Okla
1867
Gaunerneur
No.
lbT817
2~78
lbb'ii"
V.93
100.78
1.89
1,
Gracemont S. D., Okla
Grand Island Com. S. D. No.
7135,000
25,000
50,000
1,
U.
F.
S.
13,000
1,000
3X
|4
D.
N. Y
2.90
1938-1964
100.26
2.88
6
1940-1946
100
6.00
3X
1937-1953
100.299
3.21
Agrlc. S. D., Mich
3X
1683 Grant Co. S. D. No. 3, Minn
3
2028 Greenville Twp., Ind
^..,...3^
1937-1947
734,000
100.31
3.44
1941-1955
30,000
100
3.00
1937-1952
10,800
N. Y__
2031
Grand
Blanc
Twp.
Unit
Consol.
2197
Green, Kan
1870 Gresham, Ore
3X
1,500
1937-1951
2037 Gruesbeck Indep. S.D., Tex
2028 Grundy Co., Iowa
1937-1938
16,500/ lbo'ii"
8,500\
40,000
34,000
7486,000
68,000
7810,000
ibo~.26"
3" 10
"l~38
2028
Grundy Co., Iowa
2032
Gulf port, Miss
4
1863
Guthrie Co., Iowa.Hamblen Co., Tenn
1%
3%
1937-1946
2028
Hamilton
2
1937-1944
Hammond Sch.
4
1943-1945
1%
IX
1-937-1944
7243,000
100.30
1.68
1937-1945
795,000
100
1.75
2~06
2036
Co., Iowa
City, Ind
Hancock Co., Iowa
Hardin Co., Iowa
Harmony S. D., Minn
Harrison Twp., Pa
1937-1944
Heppner, Ore
1862
2028
1863
-
1686 Hempstead S. D. No. 15, N.
2202 High Point, N. C
1937-1945
1866
T.64
40,000
98.40
4.05
7406,000
138,500
100.99
1.73
101.10
3.81
1939-1945
26,000
7,000
104.30"
100,000
lbb'ii"
1937-1955
140,000
100.01
1937-1955
52,000
100.01
ibb"2o"
2.60
1937-1950
22,000
25,000
61,000
3.20
1939-1961
2X
1939-1956
120,000
5,000
65,000
5
Holt Co., Neb
1.65
lbo'iin
1939-1963
3X
Y—3.20
3%
3X
Hillsborough S. D., Iowa
1863 Holstein Indep. S. D., Iowa
100.41
60,000
__
2196
101.15
750,000
180,000
loo""
18,000
23,000
Edgecombe Co., N. C
2203
2.10
D.,
-
7419,000
2.20
2.20
2X
2374 East Aurora, N. Y
2374 East Aurora, N. Y
1679 East Haven, Conn
2202 High Point, N. C
3X
1.40
1871
4.00
3.73
700,000/
r78,000
r60,000
rl80,000
r493,000
15,500
IX
Dubuque County, Iowa
1678 Eagle Co. S. D. No. 1, Colo
1868
1938-1953
1937-1944
5
4
;
1863
1683
3X
3
IX
IX
F. S. D. No. 2, Mich
Ohio
1952-1956
Clare City, Grant & Vernon Twps.
1862
105.80
1,000,0001100.01
100.29"
30,000
5,700
1868
D.
4
3.22
18,000
IX
1679
Des Moines County, Iowa
Dixon S. D., Ill
2036
105.70
100.22
1 00.102
102.60
1.60
100.33
1686 Denmark, Harrisburg, &c., S. D.
2036
D.
2034
2201
4.46
2.69
2.49
2.48
196,000
1937-1961
125,000
CarroltonS. D.No.l.N. Y
3.20 1938-1961
80,000
Cass County, Iowa
IX
1937-1945 rl,170,000
Cass Co. S. D. No. 56, N. Dak_._4
1940-1949
10,000
No. 1,
1 00.011
100.11
100.76
100.31
100.651
2027
100.75
103
100.88
102.217
1 00.277
2.89
26,000
2206
65,000
16,500
67,000
1938-1947
5,000
1941-1966
55,000
1938-1954 5,000,000
1937-1966
1 00,000
1949-1965 r2,500,000
1938-1957
21,000
1938-1957
79,000
35,000
1937-1944
r761,000
T.56
101.45
4
Darlen,
2028
Carmel and Putnam Valley Cent.
S. D.No.l.N. Y
Carmel and Eaton
71,000
1937-1944
1936-1951
1937-1944
1938-1971
1937-1946
1938-1946
1940-1965
100.76"
10,000
4
2028
....
D.
103.35 ~
107,900
1937-1944
1938-1969
2374 Depew, N. Y
475.
—' •'
100
2196
and the number of separate issues
1.90
r102,000
4
2197
at the usual time.
"2". 18
101.28
2
^
2029
2200
bond issues put out during
100.136
J2.20
\2.20
2033 Cortland,
IN MARCH
BOND SALES
Basis
Copiah County Supervisors Road
Dist. No. 1, Miss
MUNICIPAL
Price
310,000
r9,200J
13
2032
Amount
10,8001
/3
2X
3". 16
•
-
•
•
....
100.574
2.42
100.55
3.16
100.13"
2*74
1686 Hornellsville, Dansville, &c. S. D.
No. 1, N. Y
1963-1964
1938-1946
1937-1950,
1941-1960
1943-1962
1937-1946
20.000
105.25
100
103.36
100.25
113.79
3.70
4.75
3.99
3.47
2.94
22,000
102.84
3.52
7,000
45,600
19,290
r40,000
2037
Houston Co., Tenn
1083
Howell, Mich
1868
Hudson, N. Y. (2 Issues)
1.80
1938-1945
75,000
1865
Hudson S. D., Mich
4
1936-1955
2037
Humboldt, Tenn
5
1942-1959
25,000
7129,500
2197 Hutchinson, Kan
2
786,500
100
1.80
105.20
3.43
lbb'oi"
mi
Financial
2538
Name
Page
Rate
Amount
Maturity
Price
Basis
Chronicle
Page
■
2032
3)4
1)4
4)4
4
1)4
3
Imperial S. D., Neb
Iowa County, Iowa
2196 Jackson Twp Sch. Twp., Ind
1871 Jamestown, R. I
1863 Jasper Co., Iowa
1863
2026 Jefferson Co., Ala. (6 issues)
Jefferson Co., Iowa
1871
4
4
2)4
1%
...4
1 )4
3
2%
5
4
3)4
1%
Keokuk Co., Iowa
2032
Kenilworth, N. J
1678 Kern Co. U. H. S., Calif
2031
2196
2034
1679
1679
2029
2205
2204
1866
1871
2034
2032
2197
2033
1937-1943
1939-1949
rl2,000
r248,000
--
2035 Johnstown, Ohio
1862 Kankakee Sch. Twp., Ind..
1864 Kansas City, Kan.
2196
1937-1950
1937-1938
1
Johnston, R. I
16,500
rl58,000
16,500
175,000
105,000
r284,000
1937-1944
Kerkoven S. D., Minn
Keystone, Iowa—
Kins ton Graded S. D., N. C
KnightsvilJe Sch. City, Ind
Knoxville, 111
Kossarth Co., Iowa...
La Grange, Texas
Lakevlew, Ore
4
Lake Co. S. D. No. 23, Mont.....3%
Lancaster Indep. S. D., Texas
5
Larchmont, N. Y
2.70
Lathrop S. D., Mo
/
3H
Leavenworth Co., Kan.
—1)4
Las Vegas S. D., N. M
1
Lee Co., Iowa
1%
Lenora, Kan
1867
100.617
1.61
1689
104
3.91
2034
1864
100.334
"l~42
2195
99.10
3.15
2197
100.33
0.78
1684
1864
100
4"06
1681
3.08
1865
1937-1949
22,000
50,000
58,305
105.02
"
r282,000
100.72
1.56
100
4.00
1937-1940
200,000
100.07
32,000
3,500
16,000
r27,000
1938-1955
1936-1944
r2,300
1937-1949
10,000
102.50
1937-1948
1-5
D.
1860 Siskiyou County S. D.,
1937-1954
2027
2027
2027
2027
2026
1860
|3 %
1689
Louise S. D., Texas
2196
2196
2029
2035
1861
1872
1865
35,000
18,000
59,000
r721,000
1937-1965
7,300
1938-1956
270,000
2196 Marion Co., Ind
2032 Marshall, Mo
2.60
2031 Minneapolis, Minn.
(9 issues)
2.40
_.
of)
1869 Mohall S. D., N. Dak
1942-1943
1938-1941
.....2
1862
Moline, 111
2196
Monroe Co., Iowa
1937-1945
2)4
3
3)4
2
1685 Montclair, N. J. (2 issues)
1685 Montclair,N. J.:
2031
Montevideo, Minn
2029 Montgomery Co., Iowa
2032 Moare, Mont...
2201
2033
1937-1964
1937-1945
1939-1942
1937-1944
1937-1967
3
Morristown, N. J
Mountainair, N. M
Muscatine Co., Iowa
--
1%
2205 Nacogdoches S. D., Texas
4
2034 Nash Co., N. C
-—4
2203 New Boston, Ohio
5
2201 New Jersey, State of (Sinking fund
sale of Jersey
City, Delaware
2196
yrs.
1937-1945
1937-1945
1938-1942
100.316
3.72
and
100.60
102.16
3.92
2.62
1679
1686
1871
2195
1689
4)4
2
Northbridge, Mass
1 )i
Norton Co., Kan
2
North East S. D., Pa
3)4
North Plainfield, N. J
.2)4
North Woodbury Twp. S. D., Pa.
Oakland City S. D., Ind
4)4
Ogdensburg, N. Y
1.90
Oliver Twp. S. D., Pa
3)4
Orange Co. Tax Districts, Fla
4
Orangeburg County, S. C
3)4
1939-1966
2.56
3.84
1688 Vinita, Okla..
1869 Wapakoneta, Ohio
100.335
2.44
2036 Wapakoneta, Ohio
1863 Warren County, Iowa
75,900
21,550
""1966""
1937-1950
1946-1947
1940-1965
1940-1959
2)4
3)4
2200
Osceola, Iowa
Otoe, Neb
2196
Otter Creek Sch. Twp., Ind
1862
Paris, 111.
2038 Parkersburg, W. Va
1686 Pavilion, Bethany, &c.,
I, N. Y
2036 Penn Twp.. Pa
2373 Plainfield, N. J
2204 Pocono Twp. S. D., Pa
2038
3)4
1939
1)4
3)4
2029 Page County, Iowa
1937-1942
S. D. No.
3
2)4
2)4
3)4
Polk County, Wis
2032
Pondera County, Mont
1872
Port of Vancouver, Wash
Portsmouth, N. H
1688 Portsmouth, Ohio
2029 Pottawattamie County, Iowa
2200
2032
Potts Camp Cons. S. D., Miss
1871
Pulaski, Tenn
1684 Ramsey County, Minn..
2201 Rancocas Valley
Regional
Iowa
r300,000
1941-1949
r83,000
100.07
6,000
250,000
107.00
1937-1965
2~87
100.17
2.72
100.59
1.91
100.899
3.13
1937-1945
100"53"
1.93
100.05
3.17
100.80
44,000
1939
7,000
6,000
r306,000
r263,000
600,000
rl28,600
300,000
50.500
35,000
r418,000
1937-1945
1938-1950
1937-1945
1939-1963
285,000
3,500
1938-1947
1,500,000
1937-1942
r65,000
1938-1950
1937-1961
1938-1956
__
3
1)4
1937-1956
1938-1947
1)4
1)4
2
4)4
4
3)4
2)4
1678 Weld Co. S. D. No. 34, Colo
1937-1944
1937-1944
1.94
100.91
2.44
100
2.25
100.15
2.58
1.83
100.339
3.94
100.21
2.93
100.16"
100.16
100.671
3.10
100.03
100.42
T.94
100.10
2.23
100.62"
l".86
100.40
2.67
10L02"
100.145
1.96
100.01
8,000
44,000
102.48
101.06
2.90
392,000
r89,000
90,000
100.65
1.65
100.922
2.60
rll7,000
ibb"7o"
l".69
r68,000
100.35
1.66
1937-1945
rl ,238,000
100.79
1.83
1945-1957
120,000
100.62
2.70
10,500
r98,000
1939-1966
75,900
342,000
22,000
4)4
3)4
4)4
3%
1948-1954
1)4
1)4
2
2
1937-1944
70,000
58,000
r70,000
r60.000
r270,000
100
1.75
1937-1944
r207,000
100.45
1.64
1937-1946
250,000
100.83
1872 West Point, Va
2.96
3.64
1937-1943
1685 West Paterson, N. J
100.39
1.66
109.064
1-20 yrs.
1865 West Newbury, Mass
100.23
1.56
100.458
28,000
1937-1946
-2)4
2029 Webster County, Iowa
2033 Weehawken Twp., N. J
100.06
5,
—
1681 Weir Sch. Dist. No. 94, Kan
100.40
r495,000
1937-1948
2
2
2197 Washington County, Iowa
2197 Wayne County, Iowa
100.89
100.12
100.73
1937-1947
1937-1943
2.35
lbb"26~
18,290
110,000
r225,000
r540,000
270,000
1937-1941
1937-1944
N. Dak—
No. 1, Mich
109.27
1936-1960
(State of)
1)4
2031 Vevay Twp. & Mason City S. D.
1869 Warren, Ohio..
2037 Wartrace, Tenn
2202 Wilson County, N. C
2202 Wilson County, N. C,
2202 Wilson County, N. C
2202 Wilson County, N. C
-
2029 Winnebago County, Iowa
2197 Winneshiek County, Iowa..
100.60
2.32
2197 Wyandotte County, Kan__
100.04
1.99
1864 Wyandotte County, Kan—
100.10
1.98
1948-1954
1948-1954
1948-1954
60,000
100.51
100.51
100.61
100.51
100.398
Total bond sales for March (370 municipalities, cover¬
d
k
ing 475 separate Issues)
f128,998,523
Subject to call in and during the earlier years and to mature in the later year.
including $74,934,468 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
101.05
Not
101.05
100.75
3.32
100.46
1.89
lboil"
2.94
100.35"
1.68
102.777
3.40
The following items included in our totals for the previous
months should be eliminated from the same.
We give the
page
number of the issue of our paper in which reasons for
be found.
these eliminations may
Page
Name
2203 Canton, Ohio (February)—
1681 Paducah,
100.17
4.31
100.09
100.71
LOO
101.21
100.30
3*23
100.19
100
106.71
3.55
100.32
1.87
100.25
100
4.66
100.12
3.49
10i"l6"
Ky.
Maturity
Rate
(February)
lboTii"
2.19
100.26
1.42
100.548
100.38
2.96
101.137
2.64
100.19
2.18
1939
1937-1938
fdie.ooo
\<fr9,000
102.121
100.05
100.45
J 100.01
2.37
100.26
3.47
1938-1966
307,000
1938-1966
50,000
....
1936-1960
5,845,000
35,000
1.48
50,000
1678 Fairview Water Dist., Calif
1688 Gregg Twp. S. D., Pa
1679 Hammond,
(Jan.)
Ky
2204 Pawtucket, R. I
2037 Pierre S. D., S. Dak. (2 issues)---4
1862 Scottsburg, Ind
4
Amount
$100,000
150,000
Price
......
Basis
....
additional sales for
1863 Vinton,
1936-1942
Amount
$12,000
r37,000
20,000
6,600
20,000
7,500
Price
Basis
104.35
4.61
100.70
3.67
100.49"
100.10
100.20
2.92
100.64
2.16
1937-1966
6,600
21,400
175,000
r56.000
12,000
100.60
3.69
1937-1939
r25,000
104.48
2.15
1937-1950
13,000
rl4,000
140,000
r437,000
48,000
19,000
fob"""
3.75
101.05
3*88
1941-1944
1938-1950
1942-1946
1937-1957
1946-1955
1937-1954
1937-1956
4
1937-1956
1939-1944
<116,000
<138,000
103.12
101.03
2~62
All of the above sales (except as
indicated) are for Febru¬
These additional February issues will make the total
(not including temporary or RFC and PWA loans) for
that month $98,025,427.
Page
Name
2206 Brantford, Ont
2206 Brantford, Ont
2206 Brantford, Ont
1.95
2206 Brantford, Ont
2038 Canada (Dominion of)
2206 Kitchener, Ont
100.28
100.31
3.23
2206 Kitchener, Ont
1872 Montreal, Que
2038 Richmond Dist., B. C
2038 Sorel, Que__
CANADIAN MUNICIPALITIES IN MARCH
Rate
Maturity
3)4
3)4
3)4
4
3
3)4
5
—.4)4
5 yrs.
10 yrs.
20 yrs.
Amount
$52,500
52.500
50,000
10 yrs.
71.501
*20,000,000
90,000
60,000
r9,242,000
1955
15,000
10 yrs.
25,000
3.24
IIII
1937-1956
2)4
Iowa
3.52
100.18
1941-1956
Southampton Twp. S. D.,
100.23
lOLol*
3)4
4
4
3)4
3)4
Ind
1862 Luce Sch. Twp., Ind.
1688 Mount Angel, Ore...
104.36"
Total long-term Canadian debentures sold in
r22,000
1940-1951
1937-1951
__
1688 Coshocton, Ohio
.3
1687 Coshocton County, Ohio
2 )4
2195 DecaturH. S. D., 111. (2issues)...3
DEBENTURES SOLD BY
101.28
100.06
3)4
Maturity
1687 Clermont County, Ohio
2)4
1678 Cochise Co. S. D. No. 18, Ariz...5
sales
1.54
60,000
1944-1950
rl55,700
1937-1944 rl,040,000
7,500
1937-1956
22,000
1937-1946
200,000
1937-1956
1688 Centralia S. D., Pa
ary. i
100.05
Rate
5
5
1688 Clackamas Co. S. D. No. 30, Ore.
1689 Upper
Pa
100,000
45,000
1941-1956
Page
Name
1862 Adel, Iowa..
1678 Anniston, Ala
1681 Paducah,
150,000
i3
2)4
3)4
1)4
5
3)4
3)4
-.3)4
101.38
1939-1955
54,000
4
2
100.624
1938-1956
2-30 yrs
tion (50 issues).
Red Hook, N.Y
9,000
80,000
65,000
49,000
7-18,000
4,307
7-270,000
22,900
130,000
2-30 yrs
High
—3)4
Rayne Sewer Dist. No. 1, La
4)4
2024 Reconstruction Finance Corpora¬
1863 Reinbeck,
18,000
[3)4
S. D., N. J
1863 Reinbeck Cons. S. D., Iowa
,
110,000
r100,000
126,000
3
3
2370
1868
7-30,000
33,000
20,000
<155,000
45,000
12,500
22,500
65,000
1937-1965
2027 Ordway, Colo
2029
2202 Union (Town) Union S. D. No.
N. Y
101.52
20,000
2,000,000
14,600
100,000
r298,000
256,000
135,000
10,000
7-270,000
6,000
154,000
22,000
7-540,000
20,000
54,000
6,760
1937-1941
1867
2029 Union County, Iowa
118.95
4,737,000
—
2 )i
2198
1870
2035 Tuscarawas County, Ohio
1684 Tyler, Minn
2.65
170,000
840,000
1940-1948
1689
1937-1951
We have also learned of the following
2035 Newton Falls, Ohio
1861 Nez Perce Co., Idaho
1864
110,000
3.365
l"00".777
previous months:
Paterson issues)
Newbury port, Mass
1937-1951
2.70
1869 Trumbull County, Ohio
1687 Troy, N. Y. (3 issues)
River Joint Commission, Clifton
1682
1938-1949
3)4
3%
3)4
2)4
2
2)4
2035 Toledo City S. D., Ohio
100.82
4,468,000
1,530,000
1937-1953
1-14
6
2
-
1939-1966
5.99
1.69
rl90,000
450,000
1937-1946
(2
1684 Mina, Nev
1865 Missouri (State
1947-1956
100
30,000
20,000
35.000
2
100.12
100.22
1947-1952
1938-1941
d440,000
3-12 yrs.
1869 Vanguard S. D. No. 79,
60,000
25,000
110,000
1937-1944
5-20 yrs.
1938-1947
1872 Vermont
1938-1942
1.60
1.84
-..-4
2
4
3
1688 Toledo, Ohio
1.74
90,000
r28,000
17,000
11,000
18,874
1941-1951
1683 Minnesota (State of)
1863 Tama County, Iowa
2037 Tarrant County, Texas
1.42
840,000
—4
3
2
2)4
-2H
2.64
—
23,000
10 years
2.64
2.85
2)4
2)4
2-5
1)4
1)4
-
2194 Stockton, Calif
2029 Story County, Iowa
21,000
1937-1946
Mexico 8. D., Mo
101.07
3.91
2.67
1937-1946
2203 McClain Co. 9. D.
2029 Mills Co., Iowa
2206 Milwaukee Co., Wis
100.28"
100.04
1936-1965
100.633
103.32
2203 Steuben vllle, Ohio
2203 Steubenville, Ohio
100.402
100.30
4
2
100.55
1937-1946
1937-1946
41,710
100.79
r45,000
rl8,347
16,500
14,900
475,000
102.75
96.90
100.76
—-3
1688 Toledo, Ohio
1936-1946
1.74
96.90
14,000
3.99
3,647,000
80,000
rl67,000
r694,000
rl80,000
90,000
40,000
65,000
1866 Steinauer S. D., Neb
100.08
20,000
33,000
100,000
100.06
3.96
8,000
80,000/
1937-1944
612,000
,500,000
1,000,000
rl
3.18
1941-1956
1937-1953
1-10 yrs.
1937-1946
100.018
3)4
__
2196 Terre Haute, Ind
1688 Tishomingo, Okla
1942-1951
1942-1954
100.26
4.38
21,000
1938-1953
100.37
100.343
101.31
1938-1958
1940-1950
r316,000
75,000
10,000
4
3
2)4
2
Spartanburg County, S. C__
10,000
2037 Marshall Co., Tenn
1869 McDowell Co., N. C
2032
1937-1946
25.0001
115,000/
1937-1939
\2H
1)4
3)4
2035 Springfield, Ohio
1861 Springfield S. D., Ga
1871 State College, Pa
1946-1955
3)4
3
2)4
2203 Massillon, Ohio
2205 McCulloch Co., Tex
1860 Merced Co., Calif
6.00
No. 1,
2029 Taylor County, Iowa
2033 Teaneck Twp., N. J
1938-1946
2 )i
3
3H
No. 4, Okla-—39i
4)i
100
1.63
100.49
3.97
2)4
2029 Marshall Co., Kan
1861 Mattoon, 111
6,000
2037
100.14
-
1865 Mason, Mich
1.03
1936-1945
3H
Mass
11,000
1965
2%
3)4-4)4 1960-1970
1937-1956
Lowell, Mass
2%
1937-1943
Mahaska Co., Iowa...
1)4
1937-1945
Marion Co., Iowa
1%
1937-1944
Madison Co., Iowa
-.1M
1937-1951
Mahoning Co., Ohio
2%
1939-1953
Macon, Ga
4)4
1937-1959
Marshall, Va
4
Martin Co. Cons. A. D. No. 68,
2029 Mason Twp. S. D., Iowa
100.671
1868 Solvay.N. Y
2198 Somerset,
1936-1946
—
Minn
100,000
2036 Snowden Twp., Pa
902,000
1938-1941
2029 Louisville, Ky
2197 Louisville, Ky..
2030
1)4
1937-1941
Calif
Lincoln Co., Miss
4
Linn Co., Iowa
1)4
Little Rock, Ark
4
Los Angeles Co., Calif..
4
Los Angeles Co., Calif. (Beverly
Hills City H. S.D.)
2%
Los Angeles Co., Calif. (El Segundo
H. S. D.)
4
Los Angeles Co., Calif. (Arcadia
City S. D.)
4)4
Los Angeles Co., Calif. (Bassett
S. D.)
4
Los Angeles
Co. Water Works
Dist. 21, Calif
6
Los Angeles Co. S. D., Calif. (2
issues)
1937-1942
2.87
.
2)4
1684 Silver Bow County S.
Mont
42,600
145.000
yrs.
3.00
101.539
1689 Sherman, Texas
3.75
ibb~2o~
2.15
20.000
1863 Shelby County, Iowa
2027 Shelton, Conn
Too
6,000
5-72
100.53
55.000
3)4
2)4
2)4
1 )4
2
3)4
100
19,000
55,000
100.22
12,000
300.000
1937-1956
Seattle, Wash
100
*
yrs.
3.23
1937-1945
J5
6,000
1941-1945
100.19
Dist.
r65,000
1-20
3.47
30.000
39,500
.
103.46
100
2029 Sedgwick County, Kan
2204 Sharon, Pa
4,000
1863
W
Calif
4.00
1.70
r300,000
1678
1678 Santa Ana H. S. D.,
100
3.75
1937-1940
2194
W.
2379
100
1937-1944
2199
Co.
4.99
100.23
Basis
7,500
1939-1956
5)4
2)4
3
3
No. 1, Calif
100.055
r24,000
r329,000
1938-1944
1937 1966
Price
rl79,000
1936-1950
65.000
2202 Schenectady, N. Y. (3 issues)
2379 Seattle, Wash
10b"78"
Amount
6
2027 Santa Barbara
101.349
Maturity
1937-1948
3)4
1.22
1938
2196
1681 Lewis Indep. Cons. S. D., Iowa___3H
2035 Lima, Ohio
3 )4
2196
April 11, 1936
Rate
-'—4
4
3)4
Name
Ridgefield, N.J
Robertson County, Tenn—
Rocky Mount, N. C
Rumford, Me
Rushvllle, 111
St. Helena Parish, La
St. Louis County, Minn
St. Francis S. D., Kan__
Salisbury, Md
Salem, Mass.*
*
March...$9,658,501
Temporary loan; not included in total for month.
Price
Basis
100.12
99.19
3.45
3.62
98.27
101.73
3.70
3.65
0.999
2.48
2.48
103.01
103.01
—
101.54
101.61
3.11
4.87
Financial
Volume 142
PUBLIC
WORKS
ADMINISTRATION
necessitate
Report on Interest Collections and Bond Sales Profits—The
following is the text of a statement (Press Release No. 1853)
just made available by the above-named Federal body:
Public Works Administration interest collections and bond sales profits
total
113,886,000, it
Harold
L.
Ickes.
reported today
was
to
Public Works Administrator
'
This figure does not Include a large amount of interest collected by the
Reconstruction Finance Corporation on bonds purchased from PWA.
collections account for $8,252,000 of the total reported
Interest
while $5,634,000 represents the profit
Administrator,
on
to the
bond sales.
Interest collected is paid into the Treasury, but the profit from sales of
bonds goes into the PWA revolving fund and is available for making loans
to expand the PWA program of creating employment.
Under the terms of
the law
authorizing the revolving fund it is available only for loans.
Grants
be made from it.
PWA has sold $385,000,000 worth of bonds purchased in making loans, of
which $205,000,000 are municipals and $180,000,000 are railroad bonds
cannot
when making loans to create work for employees of railroad com¬
panies and equipment manufacturers.
PWA bond sales, except in a very few instances prior to passage of the
law authorizing the revolving fund, have been made to the RFC.
The
RFC in turn has sold $233,000,000 worth of the bonds in the private in¬
the
market.
RFC
The
has
collected
interest
on
all
PWA
bonds
during the time it held them.
Benjamin W. Thoron. PWA Director of Finance, in a recent report to
Administrator Ickes on progress being made in liquidating PWA bond
holdings and returning to the private investment market the function of
financing public improvements said:
"The securities sold consist, for the most part, of obligations purchased
by PWA during a period when market conditions made their sale through
private channels either impossible or prohibitively costly.
Recipients of
loan and grant allotments from the PWA have consistently been permitted
and encouraged to finance their loan requirements in the private invest¬
ment market if more attractive rates were obtainable.
The improvement
in security prices and the return of investor confidence is, therefore, strikongly demonstrated by the ability of the Government to turn over at a
profit securities which formerly went begging."
increase in that rate because bonds in about
an
amount
same
to be retired at the end of this year.
are
Defeats Bond Bills—In connection with the
above report it is stated by Charles M. Speicher, Chief
Deputy Treasurer, that although the Legislature approved
the above bond bill, it turned down bills providing for the
issuance of $3,200,000 in bonds for the State Road Com¬
mission to be used on winter damages, and $900,000 in county
road fund liquidation bonds.
Legislature
Special Session of Legislature Ends—The General As¬
sembly's special session of 1936 came to an end on April 3.
A dispatch from Annapolis to the Baltimore "Sun" of April 4
reported as follows on the results of the session:
Its major
taken
vestment
2539
Chronicle
accomplishments
were:
It provided a relief program for the next 12 months, its primary aim.
It provided completion of the Executive Mansion, its secondary aim.
It passed quantities of local ' necessary and remedial" legislation, its
tertiary
aim.
Depending upon the point of view, however, there were
the special session didn't do.
a
lot of things
'
Things They Didn't Do
It
It didn't pass the State Police Department's teletype bill, for instance.
didn't legalize dog racing, lotteries or bookmaking.
It didn't stop
members of the
Legislature from holding other State jobs.
provide permanent registration or voting machines for Baltimore
It didn't give the State Roads Commission the $3,200 000 in bonds
asked to start its program of new primary highways.
It didn't make over
It didn't
city.
the
motor-vehicle
committee
on
the
laws
accordance
in
with
the
views
of the
Governor's
subject.
The entire relief outlay in Maryland, under the approved program, will
amount to $7,150,000, including Federal aid.
Administrative costs will
take
a
portion.
Old-age pensions will consume $1,000,000 of the State's
$4,250,000 of the entire outlay, and $1,800,000 will go to direct
share of
relief.
Sixty Per Cent for City
Of this direct
News Items
Product of hours of labor, the
ernor's desk for
Colorado—Governor
Authoriza¬
tion Bill—We are informed from
Denver that a special
session of the Legislature passed a bill which was subsequently
signed by Governor Johnson authorizing the sale of $25,000,000 in highway anticipation warrants, to be paid from
gasoline tax revenue.
It is anticipated that immediate steps
Signs
Highway
Warrant
will be taken to obtain the loan and carry
through the huge
The warrants are to be State obligations,
to be sold at not less than par and accrued interest, either to
private capital or to the Federal Government, after not less
than 10 days' published notice calling for competitive offers.
This act corrects a previous act which had limited the sale
highway
program.
of such securities to the Government.
Bills
been
Signed by the Govzrnor—The following bills had
signed by Governor Johnson up to March 31, after
Legislature at its special session:
their approval by the
S. B. No. 1—Creating State and county welfare
boards to administer the
Social Security program and relief.
H. B. No. 1—Allocating and distributing
funds for welfare purposes.
H. B. No. 2—Providing for old-age pensions.
H. B. No. 3—Providing aid for dependent children.
H, B. No. 4—Providing aid for the blind.
H. B. No. 5—Diverting one million dollars in liquor receipts to class B
appropriations
H. B. No. 8—Changing the name of the Child Welfare Bureau to the
School Service.
Bureau of Home and
H. B. No. 9—Providing .$14,330 for the general expenses of the assembly.
H. B. No. 10—Permitting State universities to build dormitories and
refectories
H.
B.
No.
14—Authorizing issuance of highway
warrants in the sum of
revenue
anticipation
25 million dollars.
Detroit, Mich.—Prominent Municipal Bond Counsel Dies
—We have been informed of the death of Sidney T. Miller Jr.,
member of the law firm of Miller, Canfield, Paddock &
Stone, of Detroit, which has acted
the
on
as the approving attorneys
great number of Michigan municipal
Mr. Miller was 42 years old at the time of
legality of
bond flotations.
relief, Baltimore will get 60%, far under its request for
$4,500,000.
a
his death.
completed relief bill lies
now on
the Gov¬
signature.
The mansion situation
complicated by insistence of Democrats on
coupling the State Survey Commission with the repair of the mansion.
The legislation enacted would do away with
the investigating body—
bugaboo of Democrats—and rededicate its unexpended balance to finishing
the Governor s Annapolis home.
An added $10,000 for the mansion from the Hall of Records fund was rail¬
roaded through just before House members tossed their bill files in scraps
into the air to signify sine die adjournment shortly before 4 o'clock this
morning.
Many Bond Issues
was
Myriads of local bonds issues were passed.
Cumberland and Allegany
together were authorized to borrow $1,000,000 to take care of flood
damage.
The only bond issue the State Roads Commission managed to get
through was one for $1,500,000 to take care of damaged roads.
These three bond issues, the Governor said tonight, he will sign as soon as
possible.
H e also announced he will begin hearings on all other bills April 15
after a short vacation.
Hearings will begin at 10.30 a. m.
Besides the major bond issues, numerous issues authorizing municipalities
to raise money through bond flotations were authorized.
county
Minnesota—Financial
Analysis of Counties—The Justus
Minneapolis, has prepared a detailed tabular
chart on the financial ratings of the counties in the State,
which should prove an excellent ready reference guide for
F. Lowe Co. of
investors
and
dealers
in
securities
of
Minnesota counties.
The
figures given in the chart include net per capita debt
plus all overlapping debt for 1935, 1934, 1933 and 1932,
population, 1930 census, per capita county debt only, for the
said years, percentage of tax delinquency for a series of years,
and other pertinent data.
Mississippi—Legislature Terminates Regular Session—The
Legislature dissolved its regular 1936 session on
March 26, after a 79-day meeting.
Sine die adjournment,
coming a few hours after the time officially fixed, terminated
one of the most unusual legislative sessions in recent years.
Noteworthy were the shortness of the session and the close
cooperation between the two houses and Governor Hugh L.
White.
To show for the legislators' work were the following
pieces of important legislation:
State
$40,000,000 highway construction program envisioning the paving of
through Federal-marked highways.
Changing the highway commission set-up so as to provide for appoint¬
ment by the Governor of the three commissioners heretofore elected.
Creation of a new department to handle the collection of gasoline taxes
heretofore administered under the State Auditor's Department.
A
all
Kentucky—Senate Votes Liquor Tax Measure—The State
Senate on April 3 passed the Administration's liquor tax bill,
designed to raise between $2,500,000 and $3,000,000 in new
revenue, it is stated in a United Press dispatch from Frank¬
fort
on
that date.
The vote is said to have been 34 to 1.
An amendment to make
wholesalers, rather than manufac¬
turers, liable to the State for payments on the tax was
cepted,
we
are
ac¬
advised.
Maine—Social
Security Act Becomes Effective—The pro¬
visions of the Federal Social Security Act became effective
in the State on April 1, it was stated by Governor Louis J.,
Brann, according to Augusta advices:
Money to match Federal grants of $15 a month to needy persons 65 or
would come from "departmental economies" and the contingent
older
fund, he said.
The Governor told the departmental heads at a meeting with the Execu¬
tive Council that salary cuts would not be necessary if the departmental
heads make "an honest attempt to save money."
No additional help may be hired, he added, and there must be less
traveling.
He asserted he would cut down his trips "as I guess I travel more than
any
of you."
Maryland—Legislature Adopts Relief Revenue Program—
The General Assembly ended its special session early on
April 3 with the adoption of a relief revenue program, de¬
signed to provide $7,150,000 for the next year, according to
press advices from Annapolis.
After a month of considera¬
tion over various proposals, the Legislature is said to have
adopted a conference report to raise $2,925,000 by taxes on
whiskey, beer, corporate franchises, cosmetics and amuse¬
ments.
Bond Sale Planned—The
Legislature is also reported to have
approved a bill providing $1,500,000 in bonds to rebuild and
repair roads and bridges in the area stricken by recent floods.
The issue is to be financed by a direct real estate tax, it is
said.
State officials are reported as saying that it would not
Revise School Laws
%
Revision of the school laws designed to place the administration of the
schools ofthe State on a business basis.
common
Material increase in the common school appropriation as well as appropriar
tions for hospitalization and social welfare work.
Prompted by charges that the State had been "defrauded of millions of
dollars" through an alleged "gasoline tax racket," the two houses established
committees empowered to conduct any investigations of State departments
deemed advisable by the Governor.
A series of Tennessee Valley Authority bills enabling Northeast MissisEd to participate in the Federal rural elestrification program.
)ld-age assistance, with a $1,000,000 appropriation to be matched by a
like sum from the Federal Government for a two-year span.
Unemployment insurance,
patterned after Federal social security
legislation.
Enlargement of the State Auditor's office staff, providing 10 additional
auditors to audit the books of county governments.
Requiring merchants to "pass onT* the sales tax, and issuance of l-mili
sales tax tokens to enable them to do so.
Permitting counties in the Mississippi Delta to organize Into floodcontrol districts to cooperate with the Federal Government.
Increasing the personnel of the State land commission office, and clarify¬
ing existing land sale laws.
Extending the mortgage moratorium until 1938.
Appropriating $100,000 to advertise the resources of the State.
Tax Chain Stores
Placing
a
graduated privilege tax on chain stores.
Provide additional facilities of hospitalization of the indigent sick through
a $500,000 appropriation to be prorated to the counties on a per capita
basis (in addition to maintenance of the present, charity hospitals in their
present status).
Providing for gas and oil wells on State-owned property.
Reducing the amusement tax on theaters in cities or less than 10,000
population.
Revising certain procedure in the chancery courts.
Abolishing the agricultural service commission.
The last of the administration's "must" bills, providing for a number of
changes in the land commission office, were approved shortly after noon
today.
Large numbers of bills, a majority of which are of "local and private"
import, or of comparatively minor importance, were approved today.
The Senate placed its final stamp of approval on the five TVA bills this
morning by voting down a motion to reconsider the vote by which the bills
»
2540
Financial
-
The measures now go to the Governor for his
approved last night.
signature.
were
,
Mississippi communities to participate
authorize the establishment of
associations to negotiate with the TVA, and provide for the
establishment of a State electric authority, governed by a board of three
bills
The
northeast
authorize
TVA rural electrification program,
in the
private
power
Two new laws which seek to forbid the investment of trust funds in shares
or participating certificates of mortgages or mortgage bonds have been
enacted by Governor Lehman's signature,
The two proposals won legislative approval after having been recommended by the Strit legislative committee, which investigated mortgage
bondholders' committees, corporations, trustees and fiduciaries,
appointed by the Governor.
Mansell Bulloch, who sponsored the TVA bills in the Senate,
set up a legal entity empowered
negotiate and contract with the TVA for electric power distribution
Senator
to
systems."
shown that out of $283,000,000 invested by trust companies in mortgages
about 45% are in default. As a result, beneficiaries of many trusts have
siffered considerably.
,
"These two bills," the Governor added, "will in the future
record of the issues which failed of sale during
inadvertently omitted from the resume of the
results of the financing by States and municipalities in that
period and the first quarter of 1936, published in our issue of
April 4 on page 2365.
The issues referred to number 10
and represent offerings with an aggregate par value of
$690,150.
The page number of the "Chronicle" wherein
the failure Of each offering is reported is given in each instance:
f olio wing
March
was
^
Baker
1861
Spec. Tax
Fia._
Co.
Uu°r"i'^wn!oakia 111! III Illnot^xc.
2203
1872
Camas, Wash
2035
2035
x
4%
emor Lehman
Not sold
another
N?bid?ncTd
or
Offer, postp'd
Offer, postp'd
cSaegerstown s. D., Pa—i__not exc.
4§%
2197 dvan Buren Co., iowa__.._-
x
d April 3
Tax
New
Offer.postp'd
was set as new
sale
One
on
Beside
other than property taxes
appeal for dependence on taxes
for public school purposes in New Jersey had been
reduced 20% in the last three years, $1,720,000 of the savings had been
lost to taxpayers because of debt service increases made necessary by
property tax deiinquences.
7S?wVfh
734,433, as compared with
.
.
,
^
Legislature in special session on May 4, m order to deal
brchMiees%GEmottf comm1s£io?erft™faEdSraUo°nn * The'Tp^sho^d
that while expenditures
•
principally with the provision of funds for unemployment
Property—A special dispatch from Trenton on April 6 had
the following to say in regard to a proposal made that day
by Governor Hoffman that the Legislature levy new taxes
in order to overcome property tax delinquencies which he
claims have been mounting steadily:
*
A renewed
/.
S*
50,000
90,000
April 20.
Asks
Jersey—Governor
Albany news dispatch.
m an
May 4—Governor Earle has decided to convene the State
date.
New
stated
Offer, postp'd
optional with the bidder,
a Doubt as to legal
of call for bids
b Bonds reoffered on
Date of sale changed to
is
Pennsylvania—Special Legislative Session to Convene on
nS bids
of issue caused rescindment
c
able, it
Offer postp'd
14,000
4%
list foteio!Vrek?:°.hl?:::::::
April 6.
the emergency period during which instalments
amortization of principal on mortgagesshaU become pay-
eolooo
NrtifiWington:k"j:::::nOt0%C
2377
status
year
Signed—Gov-
Extension Bill
signed on April 7 the Pa«k bill, extending for
£8,900
23?i
Rate of interest was
N^'idl
lo.ooo
30,000
225,000
not exc. 6%
London, Ohio
aMahoning Co., Ohio
2369 bMontour Ind. S. D., lowa__
x
power consumers.
Mortgage Principal Payment
15,000
x
It is intended to aid the
public utilities for two years at a cost of $550,000.
No bids
6%
!§%
lire E^?TajiOTTw^trsfD.0Pa:
companies in which they set forth "present value" and
"reproduction cost new" of their properties, under a new law
enacted by Governor Lehman's signature.
The measure is perhaps the most important recommended in the final
report of the Dunnigan-Mack special legislative committee that investigated
4,500
6%
funds
bonds and mort-
gages' Both bills fully safeguard investments heretofore made."
Tax Report Bill on Utility Firms Signed—The Public Service
Commission is entitled to obtain from the State Tax Cornmission reports made to the latter State agency by utility
$19,000
School
District No. 2,
from investing such funds in shares or parts of shares of
,r'u„b"c ®S2£5„Commission in expediting rate cases for electric light an
Report
Amount
Int. Bale
Name
Page
SALE DURING MARCH
THAT FAILED OF
OF ISSUES
RECORD
...
prohibit any
admiinstrator, trustee or any other person holding trust
executor,
Municipal Issues Which Failed of Sale in March—The
"has
"The investigation of the committee," Governor Lehman wrote,
members
asserted that "in brief, these bills merely
April 11, 1936
Chronicle
.
.
32191^ th^samfftJrind
In the same period
$118,5^,016 in 1931 32.
expenditures for capital
costs of operating and maintaining the
iin^rovements were
schools
''Through economies in the school system,
JVc
qoq
79*T
were reduced $15,929,728.
in munidpal government and
relief needs until the end of 1936, estimated at $70,500,000,
and the problems of flood relief, according to Harrisburg
arlviPa<a
T10W(a
flnvprnnr
Tho
i<j
<sfrirl
rmllorl
lmvo
to
for
n
\ ne CrOVernor IS said 10 nave called lor a
ne^ s. &CIVices.
political moratorium during the special session m order that
Pennsylvania may meet "a serious crisis in a number of
vitally important matters.
Philadelphia, Pa.—Split Court Ruling on City Bonds
Seen—A split decision by the State Supreme Court in regard
to the legality of Mayor Wilson's proposed $5,000,000 bond
issue was indicated recently during argument of the case in
City Hall, although the decision is not expected for a few
The issue is proposed for the completion of work on
weeks.
subway and for refunding Current borrowings.
city's
the
txr
f0Unws from
jn
minfA
nrtipln
an
the sjubieet
on
VV© quote m part as IOiiOVS irom an article on ine SUDJGCt.
which appeared in the Philadelphia "Inquirer of March 31:
Clarence G. Myers opposed the bond issue as counsel for Russell Duane,
chairman o; the committee of 70, who brought suit against the city to
halt sale of the bonds.
issue as leeal
City Solicitor Joseph Sharfsin defended the bond
the Governor, in a statement commenting onreport,
have been saved an amount estimated to be> well in excess
Questions put to the two attorneys by members of the Supreme Court
indicated a division of opinion on the bench. Justice John W. Kepbart
appeared especially sympathetic with the city's argument; Justice Horace
stern, newest member or the Court, seemed favorable to the committee of
emergency
70-g
.
the State government,
in
and
mclu^ng (Aversionsi ofhighway funds, said
the taxpayers
ofthe cost of
relief borne by the State, and its political subdivisions.
But
the cost of government can be still
further reduced to enable the State and the municipalities to finance unemployment relief without increasing taxes.
.
there
are
sch^ec<St?k$r720f000rofasa^nSM^ School1 costs was^ost?o taxpayers
because of
our
dependence upon property taxes and temporary
high jincirai rates .v. the support
interest
for
at
au
iu6u
borrowings
of our public schools."
8nlf>* Tnr nn (Untnline Levi/ Ruled Tlleanl
City—babes lax on uasonne Levy nuiea iiiegai
Appellate Division ol the Supreme Court on April o
nTinnityini1 o|T7
DTJuitpfl oti flnnlieflitioTi of the fioconv—Vacuum
unanimously granted an application or tne ooeony vacuum
producers to torce the city
eliminate the State tax of four cents a gallon on gasoline
-nfc of view
'
Decision Due Soon
,
„
.
..
.
....
nier?^rw^of the States highest tribunal presided. A decision
T e
1 Mr.^yers declared the proposed
bond issue, intended to complete the
f- Broad and Locust Sts. subways and to (refund $1,000,000 borrowed from
the current fund, years below its outstanding debt.s borrowing capacity has
recent would be illegal because the city
shrunk
lM««r V«fL- ritv
New york
The
'
y
still those who insist that
in
The attorney said the city is now $88,000,000 over-borrowed.
half
debt Jg $555t000t000f or more fchan
a
billion dollars.
Its total
He admitted that the proposed bonds were legally authorized in 1929 by
the voters, but pointed out that reductions in the total real estate assess—
ments of the
city Bince that time have cut the city's debt-incurring capacity
Oil Co. and other large gasoline
proportionately.
to
of the total valuation of taxable property within its borders.
computing the city sales tax of 2% to be paid by wholeand retailers.
The effect of the decision, which is
expected to be appealed at once by Paul Wmdels, Corporation Counsel, would be to lower the price of gasoline in the
city, especially to operators of large fleets of trucks who buy
it in bulk and have to pay a commensurate tax.
The New York "Herald Tribune" of April 4 carried an
article on the ruling from which we quote in part as follows:
Under the constitution the city may borrow up to 10%
C^e\uU^f^lLeIs
when
salers
The sales tax, since it went
into effect in December,
1934, has been cai-
both the 1-cent Federal tax and the
successfully contended that while th0
Legislature has the right to authorize the city to impose a tax upon a tax
it must do so in specific language and not in terms which merely imply that a
double tax must oe paid.
Should the decision be affirmed by the Court of
Appeals, the city, in the future, would have to compute the sales tax on the
price of the gasoline plus the Federal tax but minus the state tax.
culated
on
the price of the fuel plus
Th© oil conipa.ni©s
4-cent Stato tax.
dJSisWeTcS1
wrong type
He
ruled
of suit to gain the desired objective.
that they should have contented themselves
with seeking a
EL&SrS&SZ ftEF&Z&f proceedinBS rather than for a
faced^ith'both ^viF^andtlCTfndna4<MUmisa^dtbey^fail^c^to
sales tax
or
willfully refused to charge it.
The companies did not attack
sales tax legislation, but they did attack Article 88
by the Comptroller for collecting the tax, the Court
the constitutionality of the
swently
?tatap^
.
Doubie Tax Not Authorized
the Legislature lacks
municipality power to impose,
the part of the Legislature
and distinctly expressed. It may not lie inferred, and every
against it.
The enabling act (passed bv the Legislature
"While it may not
be successfully contended that
the power to impose, or to delegate to a
what is called'double taxation,'such intention on
must be clearly
presumption is
relief funds)
authorizing the city to impose a sales tax to raise
imposing a special tax, is to be construed strictly against
"A clear case is to be made out for its application, and
by express language or manifest
the taxing power.
It does not, either
intention, authorize the imposition upon
thChari^apranfHeaiyfcou^e°°or
how much extra money the city
as a law
the
oil Companies, declined to estimate
has collected
by the double tax, but it is
accordJ^^to®tiienCOTbOTaMon<OOTLraer8 office^ MoS
the
said the amount was
collected only $50,000.
Emergency Tax Division,
which the city had
i\I
New
York
cfafa
btate
rnnorrnnr
Governor
around $350,000, of
Vinrxi Trust r una Bills—The
Fund
* rU81
DILLS
auw
Signs
of April O reported as IOllOWS
thp Governor which further
oy tne Governor wnion 1 ui uici
Albany "Knickerbocker Press
nn
on
twn
two
mnflcnrpd
measures
nrmrnvprl
approved
hv
limit the investment of trust funds in this btate:
^
An act of 1913 gave
whether the bonds actually have been issued or not.
thedtypower to charge contracts against authorized as well as issued loans,
.
.
Six Southern States Damaged by Tornadoes—The
tremendously damaging tornadoes of April 4 and 6, hit 30
counties in six Southern States, according to press reports
from various sections of the South. Conservative estimates
on the 7th, put the dead at a total of 425,
ini'iirfifl nnH ovpt® S 200 honip^ flp^trnvpH
with 1,725 seriously
nt*
haHlv
rlqmormri
injured ana over o,zuu nomes destroyed or oaaiv damaged.
The Cities most severely hurt by the tornadoes were Tupelo,
JVTiss
and
Gainesville
Ga
the deaths heincr lisfpd
«t
IQ^
j 11 ?•» aBQ viainesvilie, 4va., tne deatns Demg listed at iyo
tor the former, and 185 for the latter city, both of which
country.
bama,
J",thatTseetion of^
Other deaths were recorded in Tennessee, AlaSouth Carolina.
Arkansas and
(The tornado toll is treated in greater detail in our Depart^ DiSCmSi°nS< 0U a Pr^eding page
oi tins issue.;
<5rtiifrV»prr»
Mnnirinnl
?
of the rules formulated
continued.#
^
o
Aae^iof-S^n
^Association
ri..fo
Llects
Officers
Kack Clark, of Gertler & Co., New York, was elected Presi0f ^ southern Municipal Association at its organization meetinST beld
o
on
rv
Anril 3
P
i
e
Other officprs eleefprl
worp
elected were
A
hi. Uhler Of K. b. Dickson <X Co., Vice-President; A. C. Huff
Robertson
&
Georffeson
Treasurer
UnoeKant Ot Demorest <fc Co., oecretary.
_
.
and
William
M
William iVl.
_
1 ennessee—rranctlise 1 ax Stay riejusea by Supreme Court
Chief Justice Grafton Green recently refused to restrain
Finance Commissioner Dancey Fort from enforcing the
franchise tax law, the validity of which is being tested in
the Supreme Court in a suit sponsored by the Tennessee
Manufacturers Association. '
«.jt does not appear that the use of the funds of the State by the Com-
missioner 'in attempting to enforce' any (franchise tax) enactment," cornthe special burden upon these said
"will impose
Justice Green's order,
plainants as taxpayers—no burden not common to all taxpayers."
The franchise tax suit originated a rate of 15 cents per $100 of invested
in Chancery Court. The Chancellor
recently ruled that the tax act, with
capital, was valid as to corporations but invalid as to partnerships.
Financial
Volume 142
2541
Chronicle
ALABAMA
HUNTSVILLE, Ala.—REFUNDING PLAN OFFERED BY CITY—
Milhaus, Gaines & Mayers, Inc., Watkins, Morrow & Co., Inc., and King,
Mohr & Co., Inc., all of Birmingham, have been commissioned by the City
Council to assist in the refunding of $450,000 6% public improvement,
series P-l bonds, maturing April 1, 1936 and $224,000 6% improvement
Under authority of the 1935 Act which permits municipalities to refund
a
lower interest rate,
for the retirement of the new bonds,
bondholders:
1.
The
new
provided certain revenues are pledged
the city offers the following program to
i
refunding bonds be issued at date of maturity of each old
5% per annum, payable semi-annually,
issue to bear interest at the rate of
to mature from one to
2.
30 years.
The full faith and credit of the City of Huntsville is irrevocably pledged
for the payment
of principal and interest.
3. The city has pledged the proceeds from collection of all uncollected
special assessments levied in respect of the improvements for which the
indebtedness so refunded
was
created.
Total uncollected assets and
assessments behind series P-l bonds amount to approximately $97,000 and
behind series P-2
are approximately $112,000.
As additional security for the payment of principal and interest of the
issues, the city has pledged a sufficient amount of the license, privilege
and occupational taxes, as authorized by Act No. 195 of the Legislature of
Alabama passed July 17, 1935.
This pledge is to be binding and kept in
force so long as any of the refunding improvement bonds of the two issues
are outstanding.
5. The refunding bonds are callable as a whole, or in part by lot, on or
after two years from date of issuance at 101 and accrued interest.
6. The new refunding bonds are to mature as follows:
4.
two
1947-1948
incl. $13,000
14,000
15,000
incl.
17,000
18,000
20,000
1937-1939,
1940-1942,
1943-1946,
incl. $6,000
incl.
7,000
incl.
"
"
9,000
1937-1939,
1940-1941
1942
1943-1945.
1946
The approving legal
Bank
or
MANILA SPECIAL SCHOOL DISTRICT (P. O.
LEVY ELECTION—An
1947-1948
I $10,000
1949-1953, incl.
11,000
1954-1957,incl. | 12,000
1958-1959
1960
1961-66, incl.
opinion of Storey, Thorndike, Palmer & Dodge of
Birmingham, and exchanged for
new
refunding bonds.
Holders of bonds maturing July 15,1936 are requested to send in their bonds
by July 1, to the First National Bank of Birmingham.
will
Manila), Ark.—TAX
held on April 20, according to
the proposed levying of an 8-mill
be
pass on
CALIFORNIA
ANAHEIM
SCHOOL
CALIFORNIA,
State
State of— WARRANT CALD—Charles G. Johnson,
Treasurer, is said to be calling for payment at his office, all State
registered from May 1 to July 24, 1935.
warrants
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. O.
Los Angeles), Calif.—BOND SOLD—It is stated by Mame B. Beatty,
Chief Clerk of the Board of Supervisors that the $600,000 4)4% semi-ann.
flood control bonds authorized by the Board of Supervisors early in January,
as
noted here at that time—V. 142, p. 652—were purchased at par by the
County Treasurer.
LOS
MOBILE, Ala.—DEPOSIT OF BONDS URGED FOR CONSUMPTION
OF DEBT READJUSTMENT PLAN—The committee for bonds and ob¬
ligations of the above city, headed by Natt T. Wagner as Chairman, is
urging holders to deposit their securities at once to facilitate the consumma¬
tion of the plan of readjustment, which, in the opinion of the committee,
is an equitable and practicable solution of the city's financial difficulties.
In a letter to holders, the committee points out that substantial deposits
have already been received and that sentiment in Mobile at the present
time is decidedly more favorable towards the plan than at any time since
it was promulgated.
A summary included in the latter numbers, among
others, these developments which have brought about a greatly improved
situation as regards Mobile's securities:
"At an election held March 23 the City of Mobile was authorized to
issue bonds to refund under the readjustment plan the outstanding certifi¬
cates
election
DISTRICT, Calif.—BOND, ELECTION—The
District will hold an election on May 5 for the purpose of voting on the
question of issuing $325,000 school rehabilitation bonds.
Boston, will be furnished with the new refunding bonds.
Bonds maturing April 1, 1936 may be forwarded at once to the First
National
the bid.
1959
1960
1961-1962
1963-1966 incl.
$21,000
22,000
23.000
24,000
1949-1950
1951
1952-1953
1954-1955
1956-1957
1958
$224,000
$2,000
4.000
5.000
$286,000 issue of 5% school bonds. Dated July 1, 1936. Due on July 1 as
$7,000, 1937; $6,000, 1938 to 1940; $7,000, 1941; $8,000, 1942;
$9,000, 19*3 and 19*4; $10,000, 1945; $11,000, 1946 and 1947; $12,000,
1948; $13,000,1949 to 1951; $19,000,1953 and 1954; $20,000,1955; $21,000,
1956. and $22,000, 1957 to 1959,
Binds maturing on July 1, 1954 and
thereafter may be called for payment at par and accrued interest on July 1,
1953, or on any interest paying date thereafter.
The entire issue will be
offered at three optional rates of 4%, 4)4% and 4)4 % .and separate bids
for the entire issue will be received at the said rates.
The bonds will not
be sold for less than par on the basis of bonds bearing interest at the rate of
4)4%.
The purchaser, however, will have the privilege of converting the
bond issue as srld into an issue of bonds bearing a lower rate upon such
terms that the district will receive not less and pay no more than the amount
bid for the bonds upon the basis of 4)4 %.
The approving opinion of Rose,
Hemingway. Gantrell & Loughborough, of Little Rock, will be furnished.
Should opinion by other attorneys be desired, the cost thereof will be borne
by the purchaser.
No brokerage, agents fees, or commissions of any kind,
for securing any bid, can be paid.
These bonds are issued for the purpose
of calling in ana paying bonds in the sum of $286,000, of the 1915 bond issue,
which will remain outstanding, unpaid and unmatured on July 1, 1936.
A Certified check for $7,500, payable to the district, must accompany the
report, in order to have the voters
building fund tax.
$450,000
$5,000
8,000
9,000
10,000
11,000
12,000
Smith),
follows:
bonds, series P-2, maturing July 15. 1936.
their debts at
ARKANSAS
FORT SMITH SPECIAL SCHOOL DISTRICT (P. O. Fort
Ark.—BOND OFFERING—It is stated by J. W. Ramsey, Secretary of the
school board, that he will sell at public sale on April 21, at 10 a. m., a
of being levied and collected.
have voluntarily agreed, subject to a majority of
plan being deposited with the committee,
to an increased business license tax to insure against any deficit which may
result from a newly adopted basis for determining charges for sewer service.
The new basis was adopted as less burdensome on the small property owner."
In addition to Mr. Wagner, the committee includes William H. Coverdale,
Edward C. Del afield and Charles A. Miller.
W. D. Bradford, 115 Broad¬
way, New York, is Secretary of the committee and counsel are Chadbourne,
Hunt, Jaeckel & Brown and Mass.ich & Mitchell, both of New York, and
"Mobile merchants
Armbrecht & Twitty of Mobile.
(P.
Los
O.
Angeles),
Calif.—BOND
house bonds for approval by the voters at the election scheduled for May 5.
She also states that the amount of sanitarium bonds to be voted on at the
election is $1,815,000, not $2,200,000, as had been reported previously.
same
MENLO PARK SANITARY DISTRICT (P. O. Menlo Park), Calif.—
BOND ELECTION—A special election will be held in the District on April 20
to vote on a
proposal to issue $28,000
sewer
construction bonds.
OCEANSIDE, Calif.—BOND ELECTION—An election is to be held on
April 14 to vote on the question of issuing $30,000 water system bonds.
OXNARD
UNION
HIGH
SCHOOL
DISTRICT,
Calif.—BOND
ELECTION—A proposition to issue $69,t00 school building bonds will be
submitted to the voters at an election to be held on April 15.
process
the securities dealt with under the
COUNTY
CONFIRMATION—Mame B. Beatty, Chief Clerk of the
Board of Supervisors, confirms the report given in these columns recently,
that the Board of Supervisors authorized the $4,000,000 county court
of indebtedness warrants and notes.
"The additional taxes and charges provided in the plan for the servicing
of the refunding bonds became effective April il, 1936, and are now in the
ANGELES
ELECTION
PALOS VERDES SCHOOL DISTRICT (P. O. Los
BONDS SOLD—It is stated by Mame B.
of
Angeles), Calif.—
Beatty, Chief Clerk of the Board
Supervisors, that $16,500 school bonds have been sold.
SAN
BERNARDINO
COUNTY
(P. O. San Bernardino), Calif.—
4% bonds of Barstow Union High School
April 6—V. 142, p. 2368—were awarded to
the County of San Bernardino, the only bidder, at par.
Dated May 1,
1936.
Due May 1, 1951.
BOND
SALE—The
District which
$85,000
offered
were
on
STOCKTON, Calif.—LIST OF BIDS—The following is
an
official list
of the bids received for the $110,000 sewer and sewage disposal plant bonds,
on March 25, to the Stockton Savings & Loan Bank, as reported in
MONTGOMERY, Ala.—BONDS OFFERED FOR INVESTMENT—
Offering of a new issue of $843,000 funding 5% bonds dated Jan. 1, 1936,
and due Jan. 1. 1939 to 1966, is being made by McAlister, Smith & Pate,
sold
Inc., New York, and Stifel, Nicolaus & Co., Inc., Chicago, at prices to
yield from 3.75% to 4.80%. according to maturity.
These bonds are the
balance of an issue of $1,296,000 of bonds sold to fund a similar amount of
certificates of indebtedness, the sale of which bonds enabled the city to clear
up its entire unfunded debt.
The bonds are, in the opinion of counsel,
direct and general obligations of the city, payable from ad valorem taxes
levied against all the taxable property located therein, within the limits
imposed by law.
They are exempt from all present Federal income taxes.
American Trust Co., Stockton
these columns
recently—V. 142,
Firm—
*
ARIZONA,
State of—WARRANT CALL—'Mitt Simms, State Treas¬
reports that State general fund warrants registered on or before
31, 1936, will be payable on April 15, on which date interest shall
cease.
These warrants should
be
forwarded
at
once
to
the
said
State
Treasurer.
MESA, Ariz.—COURT FINDS PWA
BONDS VALID— The Supreme
by affirming the judgment of Judge G. A. Rodgers of Maricopa
County Superior Court in dismissing a complaint by L. Y. Guthrie that
ments
would have obstructed the action.
Guthrie sought to prevent the loan-grant on the basis that Mesa
already is bonded to the full extent allowed by law.
The court decided that the PWA impt. bonds, consisting of 55% loan
and 45% grant, are not bonded indebtedness as is defined in Arizona's
constitution.
The opinion was written by Justice A. G. McAlister and was concurred
in
by Justice Henry D. Ross.
Chief Justice Alfred C. Lockwood filed a
special concurring opinion, one paragraph in length, in which he explained
that he was concurring only because the majority of the court previously
had ruled on the principles involved, and not because he was '^satisfied"
with the "reasoning of the cases relied on."
Premium
2 )4 %
$141.00
/37-39-5% \
140-47-2 %
66.00
/37-38-5% t
\ 39-47-2%/
Shawbacher & Co., San Fancisco
Anglo Calif. National Bank, San Francisco
R. W. Pressprich & Co., San Francisco
t,',
T
.
,
Savings Bank, Los Angeles
Heller, Bruce & Co., San Francisco
Weeden & Co., San Francisco
^
Brown Harriman &
o
_
/37-5%
Co., San Francisco
1
2)4 %
2)4%
/37-41-2%
151.80
283.00
1,504.00
1
*
277.00
J
2)4%
2%%
137-5 %
2)4%
Bank of America (Bankamerica Co.) San Fran-137-39-5%)
dsco
10.00
727.00
1,389.00
1
138-47-2)4%]
_
230.68
38.00
140-47-2%]
Successful bid.
TEMPLE SCHOOL
DISTRICT, Calif.—BOND ELECTION—An
tion has been called for April 20 at which
building bonds will
305.80
138-47-2 H%l
47-2%
.
Dean Witter & Co
*
66.00
838.00
-
137-46-2)4 % 1
Shaw, Glover & Co., San Francisco
_
%
2)4%
_
142-47-2)4%]
R. H. Moulton & Co., San Francisco
,
2 )4
-
Wm. Cavalier & Co., San Francisco
Court recently cleared the way for the City of Mesa to obtain a Public
Works Administration loan-grant of $75,000 for water and sewer improve¬
Mr.
Int. Rate
_.
Stockton Savings & Loan Bank
Harris Trust &
urer,
Jan.
2194:
Brush, Slocumb & Co., San Francisco
„
ARIZONA
p.
•
be
a
59.00
elec¬
proposal to issue $25,000 school
voted upon.
COLORADO
COLORADO (State of)—OFFERING TO AWAIT LEGAL APPROVAL
—The Governor has stated that a preliminary
approving opinion will be
obtained before the State will offer any part of the
$25,(X)0,000 3% State
highway fund revenue anticipation warrants.
2542
Financial
GUNNISON, Colo.—BOND ISSUANCE CONTEMPLATED—A plan is
the City Council, to issue a total of
said to have been adopted recently by
$55,000 in 4%
light
and
water
MONTROSE,
Colo.—BOND SALE—The $30,000 city hall refunding
on April 1—V. 142, p. 2194—were purchased jointly
by Amos C, Sudler & Co., and Peters, Writer & Christensen, both of Denver,
as 2^s, according to report.
Dated June 1936.
Due $2,000 from 1937
to 1951 incl.
1
bonds offered for sale
f:
SILT,
r
HARTFORD,
Colo.—BONDS AUTHORIZED—An ordinance is regorted
to
have been passed providing for the issuance of $29,000 in refunding bonds,
to care for a like amount of bonds, dated Aug. 1 and Sept. 1, 1927.
CONNECTICUT
Conn.—REPORTS
DEFICIT
OF
JEROME
April 11, 1936
AND
INDEPENDENT
JOINT
COUNTIES
LINCOLN
SCHOOL DISTRICT, CLASS A, NO. 33 (P. O. Jerome), Idaho—BOND
an election to be held on April 18 a proposition to issue
ELECTION—At
bonds.
plant revenue
Chronicle
$400,000—The
$40,000 school
building bonds will be submitted to
vote.
a
McCAMMON, Idaho—BONDS TO BE SOLD— It is reported by the
Village Clerk that the $26,000 water supply line bonds approved by the
voters early in January—V. 142, p. 653—will be purchased by the Public
"Works Administration
as
4s.
NOTUS, Idaho—BONDS SOLD—It is reported by the City Clerk that
$6,800 6% semi-ann bonds have been sold on the condition that the Public
Works Administration makes availaole the grant for the project, which
has received Federal approval.
The bonds are divided: $4,700 water plant
system, and $2,100 sewer system bonds.
city
concluded the fiscal year 1935-1936 on April 1 with a deficit of about $400,-
ILLINOIS
000, according to report.
This sum. it is said, is equivalent to the proceeds
of a tax of more than 1 mill on the grand list.
Final figures for the year are
CHICAGO PARK DISTRICT, 111.—EARLY SUCCESS OF REFUND¬
ING PLAN ASSURED—Reporting on April 7 to the Commissioners of the
being checked by the office of City Treasurer George H. Gabb.
Operating expenditures of the city departments for the fiscal yaer total
$10,291,801.78, exclusive of funded debt retirement, sinking fund and
interest payments, according to
a computation made by
the office of
Controller Edwin E. Lamb.
Including these payments, as indicated in
the 1935-36 budget, total expenditures would be brought to $12,408,038.03.
now
NEW BRITAIN, Conn.-NOTE SALE—An issue of $200,000 tax antici¬
pation temporary loan notes offered on April 9 was awarded to the Bancamerica-Blair Corp. of New York, on a .25% discount basis.
R. L. Day
& Co. of Boston bid .28% discount.
Notes are to mature June 18, 1936.
TORRINGTON, Conn —NOTE SALE—Whaples, Viering & Co. of
have purchased an issue of $150,000 \\i% street improvement
Hartford
plus a premium of $400, equal to 100.266,
Due in five years.
and relief notes at par
of about 1.16%.
WEST
a
basis
Conn.—BONDS VOTED—Residents of the town on
$150,000
HAVEN,
March 26 voted 108 to 61 in approval of the proposed issuance of
debt funding bonds.
on the progress of the refunding operation, Robert J.
District, said that to date approximately 80%
park districts, superseded by Chicago Park District,
have been located by Halsey, Stuart & Co
Inc., refunding agent, and Had
either assented to the offer of exchange or are reported in the process of so
Chicago Park District
Dunham.
of
President of the
bonds
the
of
the
,
No dissents to the plan he remarked, had come to the attention
of the refunding agent or of the District.
"Considering the fact that this undertaking is the largest consolidating
and refunding operation of its kind ever attempted," said Mr, Dunham,
"involving as it does the bonds of 21 separate municipal corporations with
a total of 224 different issues, the accomplishment to date is most reassuring
and augurs well for the success of the refunding.
An additional 5% of
bonds of the superseded park districts is all that is now necessary to enable
us, with the refunding agent, to declare the plan effective.
The results
to date appear to warrant an early declaration of the effectiveness of the
plan.
"We are now advised that the County Clerk will shortly set in motion
the machinery to extend the 1935 levy.
In our case, tax abatements can
only be made to the extent that bonds of the superseded park districts have
been surrendered in exchange prior thereto.
A period of at least six weeks
is required to carefully compute the detailed sums necessary for tax abate¬
ments and to prepare the new refunding bonds.
We are anxious that all
bondholders may share in the advantages of the refunding offer, but those
doing
1923480
before the extension of the
bondholders who have not deoosited
1935 tax
levy should recognize that no incentive exists for the Chicago Park District
to extend the privilege of exchange to such bondholders during the remainder
of the ensuing year."
DUQUOIN,
voters of the
a
111.—BONDS
city approved
a
VOTED—At a recent special election the
proposition to issue $360,000 bonds to finance
water works and sewage treatment plant.
municipal
JACKSONVILLE,
111.—PWA
UTILITY
BLOCKED—The
LOAN
District of Columbia Supreme Court, acting on the request of the
Illinois
Light & Power Co., recently granted a temporary restraining order until
April 9, enjoining the Public Works Administration from allocating $420,000
to the town for the construction of a municipal power plant.
The company,
it is said, informed the court that its investment of $300,000 will be jeopard¬
ized if the PWA is permitted to finance a municipal plant in competition
with its
own
system.
KINMUNDY TOWNSHIP
Kinmundy), 111.—BOND SALE—
O
(P
The First National
Bank of Kinmundy purchased in February an issue of
$10,000 434 % road bonds at a price of par.
Due $1,000 annually.
111.—BOND SALE—1The Clay County State Bank of
LOUISVILLE,
Louisville has purchased an issue of $5,000 4% coupon water works system
bonds at a price of par.
Dated Sept. 1 1935.
Denom. $500.
Interest
payable M. & S.
LYONS TOWNSHIP
HIGH
SCHOOL DISTRICT
NO.
(P.
204
O.
LaGrange), 111.—BOND OFFERING DETAILS—More complete informa¬
FLORIDA
ALACHUA COUNTY SPECIAL TAX
SCHOOL DISTRICT NO. 10
(P. O. Gainesville), Fla.—BOND SALE—The
obligation school bonds offered for sale on April
purchased by the Public Works Administration,
bid was received for the bonds.
Dated Jan. 2,
$12,000 issue of general
7—V. 142, p. 1861—was
as 4s at par.
No other
1930.
Due from Jan. 2,
1938 to 1944.
SCHOOL DISTRICT No. 25
OFFERING—The County Board of Public
Instruction will receive bids until 10 a. m. April 14 for the purchase of
$3,000 6% general obligation bonds.
Denom. $150.
Dated May 1 1936.
Prin. and semi-ann. int. (M. & N. 1) payable at the office of the Superin¬
tendent of Public Instruction, at Marianna.
Due $150 yearly on May 1
JACKSON COUNTY SPECIAL TAX
(P. O. Marianna), Fla.—BOND
incl.
from 1937 to 1956,
now
Financial
JACKSONVILLE, Fla.—REFUNDING BOND VALIDATION ORDER
BY COURT—The City of Jacksonville can now legally sell the
$785,000 worth of refunding bonds, the proceeds from which will be used
to pay off that amount of bonds falling due in August, September. October
and November of this year.
Judge DeWitt T. Gray, Senior Judge of the
Fourth Judicial Circuit, recently signed the final validation order when no
taxpayer protested to the Circuit Court against the proceduMe. Of the
bonds, $200,000 worth will mature on July 15, 1950; $300,000 on July 15,
1951; $200,000 on Sept. 15, 1946, and $85,000 on Sept. 15. 1948.
Austin
Miller, City Attorney, represented the City of Jacksonville in asking that
Judge Gray sign the validation order.
MIAMI, Fla.—CERTIFICATES VALIDATED—Judge Paul D. Barnes
March 31, validated $330,000 of water revenue certifi¬
cates, according to report.
It is said that these certificates are to be used
to obtain Federal funds for improvements at the water plant of the city.
It had been asserted by G. A. Worley, State's Attorney, that the ordinance
authorizing their issuance was not properly drawn.
A decision of the State
Supreme Court is expected.
in Circuit Court on
DISTRICT (P. O. Tampa), Fla.—BOND
the sale of the $3,500 school building
Bank of Tampa, at par, as reported here—
V. 142, p. 2368—it is stated by the Chief Clerk of the Board of Public In¬
struction that the bonds sold as 6s, and mature $350 from Jan. 1, 1938 to
SCHOOL
SALE DETAILS—In connection with
bonds to the First National
$41,000,000
15,482,380
639,000
Population, 1935, estimated, 21.000.
Tax
Levy
Per Cent
County
Assessed
Tax Levy
Received
Tax
Valuation
Extended
Received
Average
13-16-36)
$22,606,482
23,397.611
23.581.984
21.459.862
16.525.264
$280,321
318,207
325,594
334,773
228,048
209,741
309,647
14-2-36)
$266,406
280.520
271,665
261,316
162,184
155,098
187.934
15,198,644
15.482.380
MADISON
SCHOOL
DISTRICT
No.
127,
95.03
88.15
83.43
78.05
71.11
89.46
83.40
77.22
75.14
68.30
73.94
60.72
67.78
60.20
111.—BONDS VOTED—
The voters of the district have authorized the issuance of $60,000 school
building bonds.
OAK
PARK, 111.—PRICE PAID—The $1,100,000 4%
revenue
bonds
purchased last February by the
H. C.
coupon sewerage
Speer &
Sons Co.
and C. W. McNear & Co., Inc., both of Chicago, were purchased by the
bankers at a price of 101, a basis of about 3.93%.
Dated Dec. 1 1935 and
due serially on Dec. 1 from 1938 to 1969, inclusive.
PECATONICA, 111.—BOND SALE—Robinson & Co., Inc., of Chicago
coupon sewer bonds at par plus
premium of $324, equal to 101.80. Dated May 1, 1936. Denoms. $500
and $100.
Due $900 annually.
Interest payable semi-annually.
have purchased an issue of $18,000 3M%
a
PREEMPTION,
111.—BOND SALE—An issue of $28,000 road bonds
Worley & Wood of Davenport.
has been sold to Vieth, Duncan,
INDIANA
GEORGIA
i
EARL
DECATUR, Ga.—BOND SALE—The Trust Co. of Georgia, of Atlanta,
$80,000 4% bonds, paying a
premium of $12,070, equal to 115.087. The bonds aA*e divided as follows;
>40,000 school, $30,000 water works, and $10,000 sewer system bonds.
These bonds were approved by the voters at an election held on Feb. 14
142, p. 1324.)
is said to have purchased on April 4, a total of
.
FULTON COUNTY (P. O. Atlanta), Ga .—TEMPORARY LOAN NOT
connection with the report given in these columns
COMPLETED—In
recently
I
Bonded debt--
1947. incl.
£
Statement
Value of taxable property, estimated
Assessed valuation, 1934
Year—
SIGNED
RIVER VIEW
available concerning the
offering of $45,000 bods on April 15—
V. 142, p. 2195.
G. W. Willett, District Secretary, will receive bids until
7:30 p. m., April 15 for the purchase of $45,000 coupon, registerable as to
principal, refunding bonds.
Denom. $1,000.
Dated May 1, 1936.
Prin¬
cipal and semi-annual interest 'May 1 and Nov. 1) payable at the Northern
Turst Co., in Chicago.
Due $5,000 yearly on Nov. 1 from 1941 to 1949.
Bidders are to name the rate of interest.
Cert, check for $1,000, payable
to the District Treasurer, required.
The district will furnish the blank
bonds and the approving opinion of Chapman & Cutler, of Chicago.
tion is
that
the
County
Commissioners
had
borrowed $2,050,000 for
operating expenses from the First National Bank, th3 Citizens & Southern
National Bank, the Philton National-Bank, and the Trust Co. of Georgia,
all of Atlanta, at a cost of 1M%, as reported in these columns—V. 142, p.
2368—it is stated by the County Clerk that the
as yet.
loan has not been completed
GAINESVILLE, Ga .—CITY STRUCK BY TORNADO—A tremendously
destructive tornado which struck half a dozen Southern States on April 6
inflicted a heavy toll in lives and property damage on this city.
The
Associated Press reported that all of the deaths in Georgia, numbering
185, took place in Gainesville, where an entire factory destroyed with 125
people being killed.
The damage to property was conservatively estimated
as being over $5,000,000, wiping out a large part of this textile
manufac¬
turing center in the footnills of the Blue Ridge Mountains.
IDAHO
& Co. of Spokane, as reported in these columns recently—V.
sold as 3s, for a premium of $40, equal to 100.14.
and Treasurer, will receive sealed bids until 7:30 p. m. on May 1 for the
purchase of $8,220 4% sewer bonds.
Dated May 1, 1936.
Denom. $274.
Due $274 on May 1 and Nov. 1 from 1938 to 1952, incl.
Principal and
interest (M. & N.) payable at the Fowler State Bank, Fowler.
Transcript
of proceedings will be furnished the successful bidder.
EAST CHICAGO, Ind .—BOND OFFERING—-M. A. McCormick, City
Controller, will receive sealed bids until 2 p. m. on April 16 for the purchase
of $450,000 not to exceed 3j^% interest second mortgage revenue water
works refunding bonds.
Dated May 1, 1936,
Denom. $1,000.
Due as
follows:
$10,000, Nov. 1, 1936; $10,000, May 1 and $11,000, Nov. 1,
1937; $11,000,
May
142,
p.
2195—
1
and
$12,000.
Nov.
1.
1938; $12,000,
May
1
and
Nov. 1, 1939; $12,000, May 1 and $13,000, Nov. 1, 1940; $13,000, May 1
Nov. 1, 1941; $13,000, May 1 and $14,000, Nov. 1, 1942; $14,000,
and
May 1 and $15,000, Nov. 1, 1943; $15,000, May 1 and $16,000, Nov. 1,
1944; $16,000, May 1 and $17,000, Nov. 1, 1945; $17,000, May 1 and
$18,000, Nov. 1, 1946; $18,000, May 1 and $19,000, Nov. 1, 1947; $19,000,
May 1 and $20,000, Nov. 1, 1948; $20,000, May 1 and $18,000, Nov. 1.
1949; $18,000, May 1 and $17,000, Nov. 1, 1950, and $17,000, May 1,
1951.
The bonds will be redeemable at a price of 101 at any time after
five years from date of issue and will be callable in their inverse numerical
order, upon 60 days' notice.
Bidder to name one rate of interest on the
issue, expressed in a multiple of H of 1%.
Interest payable M. & N.
Legal opinion of Matson, Ross, McCord & Clifford of Indianapolis, will
be furnished the successful bidder.
FRANKFORT,
BONNERS FERRY, Idaho—PRICE PAID—It is stated by the Village
Clerk that the $27,000 coupon refunding bonds purchased by Paine-Rice
were
PARK, Ind.—BOND OFFERING—J. E. Timothy, Town Clerk
Ind.—BOND OFFERING—Carl
Y.
Chittick,
Treasurer of the town, will receive sealed bids until 2 p. m.
on
Clerk-
April 17,
for the purchase of $45,000 not to exceed 4% interest
city garage construc¬
tion bonds.
Dated May 1, 1936.
Denom. $500.
Due $1,500 on Jan. 1
and July 1 from 1938 to 1952, incl.
Bidder to
name one rate
of interest on
Financial
Volume 142
bidder.
No conditional bids will be considered.
FRANKLIN
TOWNSHIP,
State Tax Board has
approved
Ind.—BOND
ISSUE APPROVED—The
issue of $54,000 school building bonds.
an
HAMMOND, Ind.—BOND OFFERING CONTEMPLATED— City Con¬
planning to offer for sale an issue of $450,000
troller M. A. McCormick is
water
department refunding bonds
as soon as
approval of the Puoiic Service
Commission is obtained.
Iowa—BOND SALE DETAILS—The Secretary of the
$15,000 park bonds purchased
CLARINDA,
the issue, expressed in a multiple
of M of 1%.
The bonds will be direct
obligations of the city, payable from ad valorem taxes within the limits
prescribed by law.
A certified check for $500, payable to the order of the
city, must accompany each proposal.
The approving opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished the successful
2543
Chronicle
Board of Park Commissioners reports that the
by Shaw, McDermott & Sparks, of Des Moines, as 3s, at a price of 101.58,
as reported in these columns—V.
142, p. 1506—are in the denomination
of $500 each, are dated Nov. 1,1935, and mature from Nov. 1,1940 to 1955.
CLAY COUNTY (P. O. Spencer), Iowa—BOND CALI^-G. O. Bender,
County Treasurer, announces that on May 1 the county will call for retire¬
,000 4M % primary road bonds, dated May 1,1931, and numbered
ment $180
from 21 to 200.
,
/
.
DES MOINES COUNTY
(P. O. Burlington), Iowa—BOND CALLthat on May 1 next $10,000
4M % primary road bonds, dated Nov. 1, 1930, numbered from 937 to 946,
Jos. P. Haffner, County Treasurer, announces
will be called for retirement.
HOWARD
COUNTY
(P. O. Kokomo), Ind.—BOND SALE—The
$353,000 4% court house construction bonds offered on April 3—V. 142, p.
2195—were awarded to a group composed of Brown Harriman & Co., Inc..
Bartlett, Knight & Co. and Lawrence Stern & Co., all of Chicago, at par plus
a premium of $26,334, equal to 107.46, a basis of about 3.09%. Dated April
1, 1936 and due as follows: $9,000 June 15 and $11,000 on Dec. 15 from 1937
1953 incl. and $6,000 June 15 and $7,000 Dec. 15, 1954.
Tbe((bankers
to
re-offered the issues at prices to
Other bids were
maturity.
yield from 1.25% to 3.20%, accordi
follows:
''
as
Bidder—
$25,874.90
24,815.90
Walter, Woody & Heimerdinger
A. S. Huyck & Co. and Robinson & Co.,
Inc., jointly
23,530.00
Stranahan, Harris & Co., E. H. Rollins & Sons and Otis & Co— 18,336.58
Marcus R. Warrender, Charles S. Rose and City Securities Corp. 18,123.50
Seasongood & Mayer
100.00
JACKSON SCHOOL TOWNSHIP (P. O.
Gentryville), Ind.—BOND
SALE—The $5,000 4% refunding bonds offered on March 31—V. 142, p.
1862—were awarded to the Fletcher Trust Co. of Indianapolis at par plus
premium of $62.62, equal to 101.25, a basis of about 3.59%.
Dated
April 1, 1936 and due as follows: $500 on. June 1 from 1937 to 1944, incl.
and $500 June 1 and Dec. 1,1945.
a
JOHNSON SCHOOL TOWNSHIP
(P. O.
Vineennes), Ind.—BOND
OFFERING—The Trustee and Advisory Board w.ll receive bids untJ 7:30
May 1 for the purchase of $4,739.18 refunding bonds.
MONTGOMERY
COUNTY
(P.
O.
Crawfordsville),
OFFERING—The County Auditor will receive bids until 10
Ind.—BOND
a. m. May 4
for the purchase of $100,000 Culver Union Hospital refunding bonds.
O West Union), Iowa—BOND CALL—F. G.
FLOYD COUNTY (P. O.
Charles City), Iowa—BOND CALL—C. E.
Laun, County Treasurer, announces that the following primary road bonds
be called for retirement on May 1:
Amount—
'
Numbered
Dated
Int. Rate
are to
SCHOOL DISTRICT,
GERMAN TOWNSHIP
_
July 1, 1930
Mar. 1 1934
934-978
988-1068
45,000
81,000
Premium
O. W. McNear & Co., Inc.
p. m..
FAYETTE COUNTY (P
Lee, County Treasurer, is calling for redemption as of May 1 $9,000 4M%
primary road bonds numbered from 1852 to 1860, dated May 1, 1931.
ON—The residents of the district will vote April
_
ance
4M%
4K%
Iowa—BOND ELEC-
25
on
the proposed issu¬
of $25,000 school building bonds.
HANCOCK COUNTY (P. O. Garner), Iowa—BOND CALL— Roy
McMillin, County Treasurer, states that Nos. 758 to 1,000, aggregating
$243,000, of 4M% primary road bonds, dated Aug. 1, 1930, are being
called for redemption as of May 1.
All bonds should be surrendered for
redemption at the place of payment designated thereon on date called,
interest to cease at that time.
DISTRICT.
SCHOOL
CITY
IOWA
Iowa—BOND
ELECTION—A
proposal to issue $600,000 high school building bonds will be placed before
the voters at an election to be held on May 26.
COUNTY
IOWA
O
(P
Marengo),
Iowa—BOND
CALL—County
May 1 $158,000 4M%
primary road bonds, numbered from 743 to 900, dated Sept. 1, 1930.
Treasurer J. A. Rouse is calling for retirement as of
COUNTY (P. O. Newton), Iowa—BOND CALL—F. H.
Treasurer, announces that on May 1 $105,000 4M%
696 to 800, dated Nov. 1 1930, will be called for
JASPER
McCarl,
County
bonds numbered from
retirement.
MUNCIE, Ind.—BOND SALE—The $305,000 bonds offered on April 10
awarded to the Wabash Valley Trust Co. of Peru
—V. 142, p. 2196—were
as follows:
from 1942 to 1959, inclusive.
125,000 street widening bonds sold as 3s at par plus a premium of $51,
equal to 100.04.
Due $5,000 Dec. 15, 1942, and $5,000 on June
15 and Dec. 15 from 1943 to 1954, inclusive.
issue is dated April 1, 1935.
The Merchants' National Bank of
second high bidder on the $180,000 issue, offering a premium
Each
Muncie
KEOKUK COUNTY
(P. O.
Sigpurney), Iowa—BOND CALL—It is
Richardson that primary road bonds
1 1930 and bearing interest at
4H% in the amount of $282,000 will be called for payment on May 1 next.
announced by County Treasurer L. F.
$180,000 White River Interceptor bonds sold as 3s, at par plus a premium
of $136, equal to 100.075.
Due $5,000 on June 15 and Dec. 15,
was
of $2,178 for 3 Ms, and Walter, Woody & Heimerdinger of Cincinnati was
second in the bidding for the $125,000 loan, naming an interest rate of 3%
and a $25 premium.
numbered from 1019 to 1300, dated Sept.
KEOKUK INDEPENDENT SCHOOL DISTRICT (P
O Keokuk),
Iowa—BOND OFFERING—It is stated by F. C. 8mith, District Secretary,
April 13, for the purchase of $15,000
school bonds.
that he will receive bids until 7 p. m. on
SCHOOL
INDEPENDENT
LADORA
DISTRICT,
Iowa—BOND
ELECTION—A special election will be held on April 30 for the purpose of
voting on the question of issuing $19,000 school building bonds.
Iowa—BOND SALE DETAILS
Auditor reports that the $90,000 2%% refunding bonds sold
as noted in these columns
in February—V. 142, p. 1325—were sold at par, and mature as follows:
$5,000, 1936; $20,000, 1937 to 1939, and $25,000 in 1940.
LINN COUNTY (P. O. Cedar Rapids),
—The County
NINEVEH TOWNSHIP (P
O Nineveh), Ind—BOND OFFERING—
Lester Snow, Trustee, will receive sealed bids until 2 p. m. on May 2 for
the purchase of $26,900 not to exceed 5% interest school building bonds.
Dated May 15, 1936.
Denom. $775.
Due $2,325 on Jan. 15 from 1938
to 1949, incl.
Rate of interest to be expressed by the bidder in a multiple
of M of 1 %.
The bonds will be direct obligations of the township, payable
from ad valorem taxes on all its taxable property.
to
Vieth,
Duncan, Worley & Wood, of Davenport,
LITTLE ROCK INDEPENDENT SCHOOL
Ind.—BOND OFFERING—The City Clerk-Treasurer,
April 13 for the purchase of $12,000 bonds.
SUGAR CREEK SCHOOL TOWNSHIP (P. O. West Terre Haute),
Ind.—BOND SALE—The $50,000 school building bonds offered on April
3—V. 142, p. 2028—were awarded to Marcus R. Warrender and the City
Securities Corp., both of Indianapolis, jointly, as 3 Ms, at par plus a premium
of $350.25, equal to 100.70, a basis of about 3.63%.
Dated as of the day
of sale and due $2,000 each six months from Jan. 15. 1937 to Jan. 15. 1949
a
pro¬
posal to issue $15,000 school building bonds will be voted upon.
MASON
RUSHVILLE,
will receive bids until 2 p. m.t
DISTRICT, Iowa—BOND
ELECTION—A special election has been called for April 23 at which
CITY SCHOOL DISTRICT
(P.
O. Mason
City), Iowa—
BOND OFFERING—Sealed bids will be received until 2 p. m. on April 15,
by R. L. James, Secretary of the Board of Directors, for the purchase of a
$40,000 issue of refunding bonds.
Bidders to name the rate of interest.
Dated May 1, 1936.
Due on May 1 as follows: $10,000, 1938, and $5,000
from 1939 to 1944, incl.
The approving opinion of Chapman & Cutler, of
Chicago, will be furnished.
MILLS COUNTY
(P. O. Glenwood), Iowa—BOND CALL—The pri¬
road bonds described below are to be called for retirement as of May 1
according to an announcement made by County Treasurer Maurice
Mayberry:
Numbered—
Dated
Amount
Int. Rate
586-755
Sept. 11930
$170,000
4M%
756-775
Mar. 11931
20,000
4 M%
mary
next,
VINCENNES, Ind.—BOND OFFERING—Joseph I. Muentzer, City
Clerk, will receive sealed bids until 2 p. m. on April 25, for the purchase of
$175,000 not to exceed 6% interest Memorial Park Cemetery revenue bonds.
Denom. $1,000 or $500, as requested by the successful bidder.
Due July 1,
1945 and callable prior to date at par plus a premium of 1%.
Bidder to
name one rate of interest on the issue, expressed in a multiple of
% of 1%.
The approving opinion of Matson, Ross, McCord & Clifford of Indianapolis
w ill be furnished the successful bidder.
Proceedings for the issuance of said
bonds have been had under the provisions of chapter 84 of the Acts of 1933,
as amended by chapter 242 of the Acts of 1935, and also the applicable
pro¬
visions of chapter 61 of the Acts of 1932, as amended.
Said bonds will not constitute
a
direct indebtedness of the
city within
the meaning of the constitutional limitation of indebtedness, but will be
obligations payable out of the "Memorial Park sinking fund" into
which fund there is to be set aside 65% of the gross sales price of all lots or
revenue
tracts of land
Memorial
46
constituting
a
part of
said Memorial Park Cemetery.
Park Cemetery is a new cemetery
containing approximately
of land which has been laid off into the equivalent of 8,000 fourgrave lots which will be sold at a minimum price of $100 per lot.
Consider¬
able development work has been and is now being done by means of a
acres
Works Progress Administration labor grant.
INDEPENDENT
MONTOUR
SCHOOL
DISTRICT,
Iowa—BOND
SALE—The $4,000 issue of school building bonds offered on March 31
awarded to Jackley & Co. of Des Moines at 3% interest for a premium
was
of $63, equal to
from
1945
to
101.575,
a
basis of about 2.82%.
Due $1,000
on
Dec. 1
1948.
INDEPENDENT SCHOOL DISTRICT (P. O. Nashua),
Iowa—BOND SALE—The $40,000 issue of coupon or registered school
bonds offered for sale on April 9—V. 142, p. 2369—was awarded to the
Carleton D. Beh Co. of Des Moines, as 2 Ms, paying a premium of $360,
equal to 100.90, a basis of about 2.65%.
Dated May 1, 1936.
Due
from May 1, 1938 to 1956 incl.
Prin. and semi-annual int. payable at
the office of the District Treasurer.
A Waterloo bond house was the
second best bidder for the bonds.
NASHUA
ONSLOW INDEPENDENT SCHOOL DISTRICT (P. O. Onslow),
Iowa—BOND% SALE—The $22,000 issue of school building bonds offered
6—V. 142, p. 2369—was awarded to the Onslow Savings
Bank, as 2 Ms, paying a premium of $225, equal to 101.02, a basis of about
2.63%.
Due from 1937 to 1951.
for sale on April
WALTON,
Ind.—BOND OFFERING—Wyane
Snell,
Clerk-Treasurer
of the town, will receive sealed bids until 4 p. m. on April 27, for the pur¬
chase of $6,000 not to exceed 4% interest storm-water sewer construction
bonds.
Dated May 4. 1936.
Denom. $500.
Due $500 each on Jan. 15
1949, incl.
Rate of interest to be expressed in a multiple of
The bonds will be direct obligations of the town, payable from
from 1938 to
H of 1%.
on all taxable property therein.
Legal opinion of Matson,
Roos, McCord & Clifford of Indianapolis will be furnished the successful
ad valorem taxes
bidder.
POLK COUNTY
(P. O. Des Moines), Iowa—BOND OFFERING
Dewey, Chairman of the Board of County
Supervisors, announces that preparations are being made for the ofering
of about $660,000 bonds, about $500,000 of which would be issued to refund
outstanding warrants on the pauper fund, and the remainder to pay judg¬
ments on warrants against road funds.
CONTEMPLATED—Ben B.
<
.
POTTAWATTAMIE COUNTY (P
WAYNE SCHOOL TOWNSHIP. Marion
BOND
ISSUE—Herbert H.
McClelland,
County, Ind.—PROPOSED
trustee, announces that
an
of $30,000 not to exceed 4M% interest bonds will be offered in the
future.
They will mature serially on July 1 from 1937 to 1950, incl.
issue
near
O
Council Bluffs), Iowa—BOND
CALL—James C. Jenson, County Treasurer, announces that the following
called for retirement as of
described 4)4% primary road bonds are to be
May 1:
Numbered
•
Dated
7-1-30
9-1-30
1496-1945
2011
IOWA
RIVERTON
ADAIR COUNTY
(P. O. Greenfield), Iowa—BOND CALL—Arthur
Louk, County Treasurer, announces that $104,000 4M% primary road
bonds, dated April 1, 1931, numbered from 697 to 800, will be called for
redemption on May i, next.
ANAMOSA
INDEPENDENT SCHOOL
DISTRICT, Iowa—BOND
OFFERING—Lloyd Soper, Secretary of the Board of School Directors, will
receive bids until 2 p. m. April 14 for the purchase of $55,000
3% coupon
school building bonds.
Interest payable semi-annually.
Due serially from
1937 to 1951.
Certified check for 1 % of amount of bid, required.
District
will furnish the bonds and the approving opinion of Chapman &
Cutler,
of Chicago.
BREMER COUNTY
(P. O. Waverly), Iowa—BOND CALL—Primary
road bonds numbered 1115 to 1245 aggregating $131,000,
bearing interest
at 4M %. and dated Aug. 1, 1930, are being called for retirement on
May 1,
County Treasurer W. C. Hoth announces.
CALHOUN
COUNTY
TION—A proposal to issue $1,000,000 road paving bonds will be submitted
CARLISLE,
Iowa—BOND
April 28.
CALL—W. D. Hall, Town Treasurer, is
calling for payment at the office of the Carleton D. Beh Co. of Des Moines,
on May 1, on which date interest shall cease, Nos. 8 to 27 of
4% water works
bonds dated May 1, 1928.
Denom $1,000.
SCHOOL
DISTRICT
(P.
O.
Spencer),
Iowa—BOND OFFERING— Sealed bids will be received until 8 p. m. on
purchase of a $7,000 issue of school bonds.
Bidders to name the rate of
Dated May 1, 1936.
Due $1,000 from May 1, 1937 to 1943, incl.
The approving opinion of Chapman & Cutler, of Chicago, will be furnished.
interest.
TAMA COUNTY (P. O. Toledo), Iowa—BOND
CALL—County Treas¬
C. E. Brandt announces that the primary road bonds described below
to be retired as of May 1 next:
Numbered—
Dated
Amount
Int. Rate
urer
are
735-1004
1035-1304
-
July 1 1930
Sept. 1 1930
$270,000
270,000
4M%
4M%
TAYLOR COUNTY (P. O.
Bedford), Iowa—BOND CALL—It is an¬
nounced by J. R. Henderson, County Treasurer, that on May 1 the
County
will call in for retirement the following primary road bonds:
Numbered—
231-500
(P. O. Rockwell City), Iowa—BOND ELEC¬
TOWNSHIP
Amount
$450,000
590,000
April 14, by Geo. W. Clark, Secretary of the Board of Directors, for the
526-750
to a vote of the electors at an election that will be held on
-
Dated
July
Sept.
Amount
1 1930
1 1930
Int. Rate
$270,000
225,000
4M%
4$%
WASHINGTON COUNTY (P. O. Washington), Iowa—BOND CALL
—County Treasurer Marion S. George announces that on May 1 $117 000
4M % primary road bonds, dated Aug. 1, 1930, mumbered from 884
will be called for payment.
WEBSTER COUNTY (P. O. Fort Dodge), Iowa—BOND
—-V. E. Hale, County Treasurer, will offer for sale at 10 a. in.
two issues,
aggregating $102,700, divided
as
follows:
to
1000,
OFFERING
on April 16
2544
Financial
Chronicle
April 11, 1936
$95,000 funding bonds.
Due on April 1 as follows: $5,000, 1942; $10,000,
1943: $15,000, 1944 and 1945; $18,000, 1946 and 1947, and $14,000
in
Immediate Firm Bids
1948.
7,700 bridge funding bonds.
Due on April 1 as follows.
$700, 1940;
$2,000, 1941 to 1943. and $1,000 in 1944.
Interest rate to be named by bidders.
Dated April 1, 1936.
Prin. and
int. (A. &
O.) payable at the office of the County Treasurer. Bonds and
attorney's opinion are to be furnished by the purchaser.
J.
on
LOUISIANA MUNICIPALS
Seller IT L Jones
WINNEBAGO COUNTY( P. O. Forest City), Iowa—BOND CALL—
G. Odden, County Treasurer, announces that $270,000 4primary
bonds, dated May 1, 1931, numbered from 31 to 300, will be called
INCORPORATED
road
for retirement
WINNESHIEK
COUNTY
Iowa—BOND CALD—
that $207,000 4M% primary
C. M. Anderson, County Treasurer, announces
road bonds, dated Sept. 1, 1930, numbered from 1429 to 1635, in
of $1,000 each, will be called for retirement as of May 1 next.
denoms.
CITV, Kan —BOND ISSUANCE CONTEMPLATED—
It is stated by James P. Clough, City Clerk, that the city will issue $60,000
refunding bonds in September.
It is said that this issue will cover bonds
for which no levy was made this year.
ARKANSAS CITY, Kan .—FINANCIAL STATEMENT—'The follow¬
ing statement is furnished in connection with the offering scheduled for
April 13, of the $20,000 2% coupon refunding bonds that were described
in these columns recently—V. 142, p. 2369:
Official Financial Statement
Assessed
valuation—tangible
Assessed
valuation—intangible
$10,834,647.00
1,598,305.00
Total valuation
$12,432,952.00
905,415.46
Total bonded debt, including this issue
Less:
<
...
Water works bonds
$161,000.00
1,060.00
(self-liquidating)
Sinking fund
Net bonded debt
$743,355.46
CONWAY SPRINGS SCHOOL DISTRICT (P. O.
Conway Springs),
Kan.—BONDS SOLD—The District Clerk states that $18,000 3 M% school
building bonds approved by the voters last August, were purchased by the
Fund Commission.
School
CUNNINGHAM, Kan.—BOND SALE DETAILS—It is now reported
City Clerk that the $20,000 3%% semi-annually water works
system bonds purchased by the School Fund Commission, as noted in these
by the
columns recently—Y.
142,
p.
1932
Due yearly on March 1 as follows: $500,
1939 to 1943; $1,000,
1944 to 1955; $1,500, 1956 and 1957; $2,000, 1958 to 1960; $3,000, 1961;
$3,500,1962 to 1964; and $4,000, 1965 and 1966.
JONESBORO
BOND
2197—were sold at par, and mature $1,000
from 1937 to 1956, inclusive.
DISTRICT
SCHOOL
DISTRICT
NO.
4
(P.
O.
Eureka),
Kan.—
January—V. 142, p. 655—have been purchased by the State
School Fund Commission, as 2Ms, according to report.
Due in from one,
early in
15
to
years.
SCHOOL
GARFIELD
DISTRICT
(P. O. Larned), Kan.—BOND
SALE—It is stated by W. A. Barger, Clerk of the Board of Education, that
$12,000 3% semi-ann. school improvement bonds were purchased by
Estates, Payne & Co. of Topeka, for a premium of $120, equal to
101.00,
a basis of about 2.83%.
Due $2,000 from Jan. 15, 1937 to 1942, inclusive.
JEFFERSON COUNTY (P. O.
La.—
KAPLAN, La.—BOND SALE—A $65,000 issue of 6 % gas utility revenue
Inc., of New Orleans. Denom.
Dated April 1,1936.
Due from April 1, 1937 to 1966 incl.
Prin. and
int. (A. & O.) payable at the Hibernia National Bank, trustee, New Orleans.
Payable in any coin or currency which is legal tender in the United States of
America.
Callable at 105 and interest in whole or part at any principal
date in inverse order.
Legality approved by B. A. Campbell, of New
Orleans, Dufour, St. Paul, Levy & Miceli, of New Orleans, and Charles &
Trauernicht, of St. Louis, the legal opinion to be furnished by the latter
firm.
i
Financial
(1935)
on
Statement
50% of actual..
$592,605.00
Total town debt
$93,000.00
65,000.00
Deduct this issue
$28,000.00
3,800.00
Less sinking funds.
Net debt
$24,200.00
Tax rate for city, 21 mills.
Population, 2,200.
i
Taxes Levied
(Information
as
of March 24, 1936)
Ami. Levied
1934
—
,
We Are
MAINE—-NEW
Collected
%
$11,682.36
10,839.96
10,472.44
10,747.62
Year—
$11,589.90
10,269.60
10,367,65
10,690.92
99
94
99
99
Specialists in
HAMPSHIRE-VERMONT
Issues
Municipal
Oskaloosa), Kan.'—BOND OFFERING
E. H. Rollins & Sons
Incorporated
Medina
Road, First Series, 1936.
Denom. $500.
Dated April 1, 1936.
payable April 1 and Oct. 1.
Due $2,500 yearly on April 1 from
1937 to 1946, incl.
Legality to be approved by Dean & Dean, of Topeka.
Certfiied check for 2% of amount of bid, required.
200
Devonshire
Interest
St.,
Boston,
Mass.
MAINE
MARSHALL COUNTY (P. O. Marysville), Kan.—BOND SALE—The
described below, which
Jonesboro),
bonds has been purchased by Well & Co.,
$500.
—W. I. Ferrell, County Clerk, will receive bids until 10 a. m., April 10 for
the purchase of $25,000 2M% county road improvement bonds, Ozawkie-
$44,900 2M% bonds,
O.
$10,000 in school bonds.
1933..
SCHOOL
EUREKA
BONDS SOLD—The $30,000 school bonds that were approved by the voters
(P.
ELECTION—It is reported that an election will be held on April 28
to vote on the issuance of
Assessed valuation
162,060.00
State
LOUISIANA
Orleans.
KANSAS
ARKANSAS
New Orleans
Decorah),
(P. O.
TELEPHONE RAYMOND 1189
A. T. T. TEL. N. O. 180
of May 1.
as
were offered on April 3, were
KITTERY, Me.—NOTE SALE—The issue of $60,000 tax anticipation
awarded to Stern Bros. & Co., of Kansas City, at a price of 100.27", a basis
of about 2.20%:
$14,900 WPA projects bonds.
Due on April 1 as follows: $1,400, 1937 and
$1,500, 1938 to 1946, incl.
30,000 public assistance bonds.
Due $3,000 from April 1, 1937 to 1946,
temporary loan notes offered on April 3 was awarded to Jackson & Curtis,
of Boston, on a .58% discount basis.
Faxon, Gade & Co. of Boston bid
.67% and the Merchants National Bank of Boston. 68%. Notes are dated
April
3, 1936,
and will mature Dec. 15, 1936.
incl.
The Dunne-Israel Investment Co., of Wichita, second high
MARYLAND
bidder, offered
price of 100.259.
a
NEOSHO
ALLEGANY COUNTY (P
COUNTY
(P O
Erie), Kan —BOND SALE—We are in¬
$20,000 issue of relief bonds was purchased recently by Stern
Bros. & Co. of Kansas City, Mo., at a price of 101.17.
Due from 1937 to
1940 incl.
It is said that there were seven other bids for this small issue.
formed that
a
RUSSELL, Kan —BOND ELECTION—At an election that will be held
April 21, the voters will pass on a proposal to issue $112,000 electric
plant improvement bonds.
<
on
O
Cumberland), Md —BOND OFFERING
—Thomas P. Richards, Clerk of the Board of County Commissioners, will
11 a. m., April 24, for the purchase at not less than par
receive bids until
of $60,000 2coupon
registerable as to principal road bonds.
Denom.
Dated May 1, 1936.
Interest payable May 1 and Nov. 1.
Due
Principal and interest payable at the County Treasurer's
office.
Cert, check for 5% of amount of bonds bid for, payable to the
County Treasurer, required.
$1,000.
May 1,
1941.
BALTIMORE, Md—OBTAINS $2,000,000 FROM PWA FOR AIRPORT
the Public Works Administration has agreed to finance
—It is reported that
the construction of
Federal
KENTUCKY
a
$2,000,000
Government would
make
airport.
Of the total, the
outright grant of $1,100,000, with
the city.
municipal
an
the balance of $900,000 constituting a loan to
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.—BOND
series JJ bonds offered on April 8—V. 142,
2370—were awarded to Robert C. Jones & Co. of Wasaington, on a bid
of 99.625, a basis of about 3.51%.
Phelps, Fenn & Co., and Auchincloss,
Parker & Redpath, both of New York, were second high, bidding 99.26.
Dated April 1, 1936.
Due in 50 years; redeemable in 30 years.
Municipal Bonds
SALE—The $350,000 3J^%
p.
EQUITABLE
Securities
.
New
Corporation
York
Birmingham
WICOMICO
Nashville
Chattanooga
Knoi*il!e
COUNTY
approve a
COUNTY
(P
O
MASSACHUSETTS
Louisa), Ky —BOND
SALE—The
Cincinnati branch of the Federal Reserve Bank of Cleveland recently pur¬
chased
mature
$26,000 county school building bonds at par for 4s.
serially over a 20-year period.
The bonds
April 14, by John R. Lindsay, Director of Finance, for the
purchase of 4% street improvement bonds, aggregating $10,510.74, divided
as
a. m. on
follows:
$7,269.99 Series C bonds.
Due on March 8 as follows:
$800, 1937 to
1944, and $869.99 in 1945.
Callable in whole or in part on any
interest date on or after March 8, 1940.
Denoms., $500, $100
and
one
for $169.99.
3,240.75 Series D bonds.
Due on March 22 as follows:
$300, 1937;
$400, 1938; $300, 1939; $400, 1940 and 1941; $300, 1942; $400,
1943; $300, 1944, and $440.75 in 1945.
Callable in whole or in
part on any interest date on or after March 22, 1940.
Denom.
$100,
bond for $140.75.
one
A certified check for $500 on each
BOSTON METROPOLITAN DISTRICT,
Mass.—BOND OFFERING
be received by the Board of Trustees until noon on
April 16 for the purchase of $3,815,000 2\i or 2%% bonds.
Bids will be
considered on either the entire $3,815,000, or on $3,600,000 or on a block of
—Sealed
bids
will
$815,000.
LOUISVILLE, Ky.—BOND OFFERING—Sealed bids will be received
until 10
issue, payable to the above Director
of Finance, is required with bids.
PUBLIC OWNERSHIP OF EL FAVORED—The legislative committee
metropolitan affairs in a report filed with the State Legislature on
April 2 recommended a plan to have the question of public ownership of the
Boston Elevated Ry. submitted for consideration of the voters served
by
the system. The committee urged that provision be made on the ballot for
a choice between direct purchase and seizure by eminent domain.
Although
not provided for in the report, a third question as to whether the
present
system of private ownership and public control should be retained will
probably be added by the Ways and Means Committee, which considers
the proposal next, if the House accepts the report.
on
BRAINTREE, Mass.—TEMPORARY LOAN— The National
Bank of Boston
at
was
0.28% discount.
Other bids
were as
awarded
on
April 6
SALE—The
offered for sale
Whiting, Weeks & Knowles
on
three
issues
April 7—V. 142,
of school
p.
bonds aggregating $65,000,
2370—were purchased by the Union
The issues are divided
Bank of Marksville, the only bidder, as 6s at par.
as follows:
$20,000 School District No. 1 bonds.
30,000 School District No. 9 bonds.
15,000 School District No. 14 bonds.
JEANERETTE,
Due serially from 1937 to 1950 incl.
Due serially from 1937 to 1956 incl.
Due serially from 1937 to 1956 incl.
La.—BONDS OFFERED
TO
INVESTORS— Dane
&
Weil, Inc. of New Orleans, are offering to investors at prices to yield 4M %
4M%. the issue of $45,000 water works bonds purchased by them in
February—V. 142, p. 1326. The bonds bear 5 M %, and are coupon in form
Denom. $500.
Dated March 1, 1936. Principal and semi-annual interest
(March 1 and Sept. 1) payable at the Hibernia National Bank in New
and
issue of $200,000
on
Shawmut
revenue notes
Nov. 9 and Nov. 23,
1936.
follows:
Merchants National Bank of Boston
LOUISIANA
AVOYELLES PARISH SCHOOL DISTRICT (P. O. Marksville), La.
an
Due $100,000 each
Bidder—
—BOND
Salisbury), Md.—BOND ELECTION
proposal to issue $450,000 school improvement bonds.
KENTUCKY
LAWRENCE
(P. O.
—At the primary election to be held on May 4 the voters will be asked to
Memphis
Jackson & Curtis
Newton, Abbe & Co
Faxon, Gade & Co
E. H. Rollins & Sons
First National Bank of Boston
Discount
0.29%
0.32%
0.34%
0.40%
0.43%
0.44%
0.46%
BRISTOL COUNTY
(P. O. Taunton), Mass.—NOTE SALE—The
$125,000 tuberculosis hospital maintenance notes and $12,000 industrial
notes, which were offered on April 7—V. 142, p. 2370—were
farm loan
awarded to the First National Bank of Attleboro, and the National Shaw¬
mut Bank of Boston, on a .32% discount basis.
Both issues are dated
April 9, 1936 and will mature April 9, 1937.
BROOKLINE, Mass.—BOND OFFERING—Albert P. Briggs, Town
Treasurer, will receive sealed bids until noon on April 13 for the purchase of
all but not a part of the $189,000 coupon bonds described herewith:
/
Financial
2544
April 11, 1936
Chronicle
$95,000 funding bonds.
Due on April 1 as follows: $5,000, 1942; $10,000.
1943: $15,000,1944 and 1945; $18,000, 1946 and 1947, and $14,000
in
Immediate Firm Bids
LOUISIANA MUNICIPALS
Sclmr IT L Jones
Iowa—BOND CALL—
$270,000 4primary
WINNEBAGO COUNTY( P. O. Forest City),
J.
G.
on
1948.
7,700 bridge funding bonds.
Due on April 1 as follows.
$700, 1940;
$2,000, 1941 to 1943. and $1,000 in 1944.
Interest rate to be named by bidders.
Dated April 1, 1936.
Prin. and
int. (A. & O.) payable at the office of the County Treasurer.
Bonds and
attorney's opinion are to be furnished by the purchaser.
County Treasurer, announces that
Odden,
road bonds, dated May 1, 1931,
for retirement as of May 1.
WINNESHIEK
COUNTY
INCORPORATED
numbered from 31 to 300, will be called
New Orleans
Decorah), Iowa—BOND CALL—
that $207,000 4primary
O.
(P.
TELEPHONE RAYMOND 1189
A. T. T. TEL. N. O. 180
C. M. Anderson, County Treasurer, announces
road bonds, dated Sept.
of $1,000 each, will be
1, 1930, numbered from 1429 to 1635, in denoms.
called for retirement as of May 1 next.
KANSAS
JONESBORO
SCHOOL
DISTRICT
(P.
O. Jonesboro),
La.—
ELECTION—It is reported that an election will be held on April 28
to vote on the issuance of
STATEMENT—'The follow¬
___$10,834,647.00
1,598,305.00
'•>.
$12,432,952.00
Total valuation
firm.
i-
.
Water
905,415.46
including this issue
Total bonded debt,
Less:
works bonds
$161,000.00
1,060.00
(self-liquidating)
Sinking fund
$743,355.46
15
January—V.
142,
655—have been purchased by the State
according to report.
Due in from one
p.
years.,
DISTRICT (P. O. Lamed), Kan.—BOND
SALE—It is stated by W. A. Barger, Clerk of the Board of Education, that
$12,000 3% semi-ann. school improvement bonds were purchased by
Estates, Payne & Co. of Topeka, for a premium of $120, equal to
101.00,
a basis of about 2.83%.
Due $2,000 from Jan. 15, 1937 to 1942, inclusive.
SCHOOL
GARFIELD
JEFFERSON COUNTY (P. O.
TVit/X? T.pmpfl
(Information as of March 24, 1936)
Amt. Levied
Year—
.
-
We Are
30,000 public assistance bonds.
Incorporated
Devonshire
200
KITTERY, Me.—NOTE SALE—The issue of $60,000 tax anticipation
temporary loan notes offered on April 3 was awarded to Jackson & Curtis,
of Boston, on a .58% discount basis.
Faxon, Gade & Co. of Boston bid
.67% and the Merchants National Bank of Boston. 68%. Notes are dated
April 3, 1936, and will mature Dec. 15, 1936.
Due $3,000 from April 1, 1937 to 1946,
incl.
The Dunne-Israel Investment Co.,
MARYLAND
of Wichita, second high bidder, offered
price of 100.259.
a
ALLEGANY COUNTY (P
O Erie), Kan —BOND SALE—We are in¬
of relief bonds was purchased recently by Stern
Bros. & Co. of Kansas City, Mo., at a price of 101.17.
Due from 1937 to
1940 incl.
It is said that there were seven other bids for this small issue.
NEOSHO
COUNTY
Boston, Mass.
St.,
MAINE
Marysville), Kan.—BOND SALE—The
April 1 as follows: $1,400, 1937 and
Specialists in
E. H. Rollins & Sons
Oskaloosa), Kan.—BOND OFFERING
2.20%:
$14,900 WPA projects bonds.
Due on
$1,500, 1938 to 1946, incl,
%
99
94
99
99
Municipal Issues
will receive bids until 10 a. m., April 10 for
purchase of $25,000 2M% county road improvement bonds, OzawkieMedina Road, First Series, 1936.
Denom. $500.
Dated April 1, 1936.
Interest payable April 1 and Oct. 1.
Due $2,500 yearly on April 1 from
1937 to 1946, incl.
Legality to be approved by Dean & Dean, of Topeka.
Certfiied check for 2% of amount of bid, required.
of about
Collected
$11,589.90
10,269.60
10,367,65
10,690.92
HAMPSHIRE-VERMONT
MAINE—NEW
the
MARSHALL COUNTY (P. O.
$11,682.36
10,839.96
10,472.44
10,747.62
1931.
—W. I. Ferrell, County Clerk,
$44,900 2M % bonds, described below, which were offered on April 3, were
awarded to Stern Bros. & Co., of Kansas City, at a price of 100.27", a basis
3,800.00
$24,200.00
-
Tax rate for city, 21 mills.
Population, 2,200.
August, were purchased by the
School Fund Commission, as 2j^s,
to
$28,000.00
—
Net debt
BONDS SOLD—The $30,000 school
early in
$592,605.00
—
—$93,000.00
65,000.00
Less sinking funds.
DISTRICT NO. 4 (P. O. Eureka), Kan.—
bonds that were approved by the voters
SCHOOL
(1935) on 50% of actual
Deduct this issue
CUNNINGHAM, Kan.—BOND SALE DETAILS—It is now reported
by the City Clerk that the $20,000 3%% semi-annually water works
system bonds purchased by the School Fund Commission, as noted in these
columns recently—V. 142, p. 2197—were sold at par, and mature $1,000
from 1937 to 1956, inclusive.
EUREKA
Statement
Total town debt
CONWAY SPRINGS SCHOOL DISTRICT (P. O. Conway Springs),
Kan.—BONDS SOLD—The District Clerk states that $18,000 3H % school
building bonds approved by the voters last
State School Fund Commission.
•
Financial
Assessed valuation
162,060.00
Net bonded debt
$10,000 in school bonds.
KAPLAN, La.—BOND SALE—A $65,000 issue of 6% gas utility revenue
Weil & Co., Inc., of New Orleans.
Denom.
$500.
Dated April 1,1936. Due from April 1, 1937 to 1966 incl. Prin. and
int. (A. & O.) payable at the Hibernia National Bank, trustee, New Orleans.
Payable in any coin or currency which is legal tender in the United States of
America.
Callable at 105 and interest in whole or part at any principal
date in inverse order.
Legality approved by B. A. Campbell, of New
Orleans, Dufour, St. Paul, Levy & Miceli, of New Orleans, and Charles &
Trauernicht, of St. Louis, the legal opinion to be furnished by the latter
bonds has been purchased by
recently—V. 142, p. 2369:
Official Financial Statement
Assessed valuation—tangible
Assessed valuation—intangible
$500, 1939 to 1943; $1,000,
1958 to 1960; $3,000, 1961;
and 1966.
BOND
ing statement is furnished in connection, with the offering scheduled for
April 13, of the $20,000 2% coupon refunding bonds that were described
in these columns
19342
$3,500, 1962 to 1964; and $4,000, 1965
CITY, Kan.—BOND ISSUANCE CONTEMPLATED—
It is stated by James F. Clough, City Clerk, that the city will issue $60,000
refunding bonds in September.
It is said that this issue will cover bonds
for which no levy was made this year.
ARKANSAS
ARKANSAS CITY, Kan .—FINANCIAL
LOUISIANA
Due yearly on March 1 as follows:
1944 to 1955; $1,500, 1956 and 1957; $2,000,
Orleans.
(P
formed that a $20,000 issue
RUSSELL, Kan —BOND ELECTION—At an election that will be held
proposal to issue $112,000 electric
on April 21, the voters will pass on a
plant improvement bonds.
Cumberland). Md —BOND OFFERING
Board of County Commissioners, will
O
—Thomas P. Richards, Clerk of the
receive bids until 11 a. m., April 24, for
the purchase at not less than par
$60,000 2>£% coupon registerable as to principal road bonds.
Denom.
$1,000.
Dated May 1, 1936.
Interest payable May 1 and Nov. 1.
Due
May 1, 1941.
Principal and interest payable at the County Treasurer's
office.
Cert, check for 5% of amount of bonds bid for, payable to the
of
County Treasurer, required.
BALTIMORE, Md— OBTAINS $2,000,000 FROM PWA FOR AIRPORT
reported that the Public Works Administration has agreed to finance
construction of a $2,000,000 municipal airport.
Of the total, the
Federal Government would make an outright grant of $1,100,000, with
the balance of $900,000 constituting a loan to the city.
—It is
the
KENTUCKY
SUBURBAN SANITARY DISTRICT, Md.—BOND
$350,000 3 H% series JJ bonds offered on April 8—V. 142,
2370—were awarded to Robert C. Jones & Co. of Wasaington, on a bid
of 99.625, a basis of about 3.51%.
Phelps, Fenn & Co., and Auchincloss,
Parker & Redpath, both of New York, were second high, bidding 99.26.
Dated Anril 1, 1936.
Due in 50 years; redeemable in 30 years.
WASHINGTON
Municipal Bonds
SALE—The
p.
EQUITABLE
Securities
New
.
Corporation
Chattanooga
Knowille
COUNTY (P. O. Salisbury), Md.—BOND ELECTION
be held on May 4 the voters will be asked to
proposal to issue $450,000 school improvement bonds.
WICOMICO
Nashville
York
Birmingham
Memphis
—At the primary election to
approve a
MASSACHUSETTS
KENTUCKY
LAWRENCE
COUNTY
O
Louisa), Ky —BOND SALE—The
Reserve Bank of Cleveland recently pur¬
building bonds at par for 4s.
The bonds
(P
Cincinnati branch of the Federal
chased $26,000
mature
serially
county school
over a
20-year period.
—Sealed
bids
be received
will
DISTRICT, Mass.—BOND OFFERING
by the Board of Trustees until noon on
April 16 for the purchase of $3,815,000 2^ or 2%% bonds.
considered on either the entire $3,815,000, or on $3,000,000 or
follows:
$7,269.99 Series C bonds.
Due on March 8 as follows:
$800, 1937 to
1944, and $869.99 in 1945.
Callable in whole or in part on any
interest date on or after March 8, 1940.
Denoms., $500, $100
and one for $169.99.
3,240.75 Series D bonds.
Due on March 22 as follows:
$300, 1937;
$400, 1938; $300, 1939; $400, 1940 and 1941; $300, 1942; $400,
1943; $300, 1944, and $440.75 in 1945.
Callable in whole or in
part on any interest date on or after March 22, 1940.
Denom.
$100, one bond for $140.75.
A certified check for $500 on each issue, payable to the above Director
of Finance, is required with bids.
PUBLIC
OWNERSHIP
OF
EL
block of
FAVORED—The legislative committee
on
metropolitan affairs in a report filed with the State Legislature on
April 2 recommended a plan to have the question of public ownership of the
Boston Elevated Ry. submitted for consideration of the voters served by
the system.
The committee urged that provision be made on the ballot for
a choice between direct purchase and seizure by eminent domain.
Although
not provided for in the report, a third question as to whether the present
system of private ownership and public control should be retained will
probably be added by the Ways and Means Committee, which considers
the proposal next, if the House accepts the report.
BRAINTREE, Mass.—TEMPORARY LOAN—The National Shawmut
Bank of Boston
at
0.28%
was
discount.
Other bids
were as
awarded
on
April 6
an
issue of $200,000
O. Marksville), La.
—BOND SALE—The three issues of school bonds aggregating $65,000,
offered for sale on April 7—V. 142, p. 2370—were purchased by the Union
Bank of Marksville, the only bidder, as 6s at par.
The issues are divided
AVOYELLES PARISH SCHOOL DISTRICT (P.
1936.
Discount
Bidder—
Whiting, Weeks & Knowles
Jackson & Curtis
Newton, Abbe & Co
Faxon,
revenue notes
Due $100,000 each on Nov, 9 and Nov. 23,
follows:
Merchants National Bank of Boston
LOUISIANA
as
Bids will be
on a
$815,000.
LOUISVILLE, Ky —BOND OFFERING—Sealed bids will be received
until 10 a. m. on April 14, by John R. Lindsay, Director of Finance, for the
purchase of 4% street improvement bonds, aggregating $10,510.74, divided
as
BOSTON METROPOLITAN
Gade & Co
0.29%
0.32%
0.34%
0.40%
__0.43%
E. H. Rollins & Sons
0.44%
First National Bank of Boston
0.46%
follows:
$20,000 School District No. 1 bonds.
30,000 School District No. 9 bonds.
15,000 School District No. 14 bonds.
JEANERETTE,
Due serially from 1937 to 1950 incl.
Due serially from 1937 to 1956 incl.
Due serially from 1937 to 1956 incl.
La.—BONDS OFFERED
TO INVESTORS—Dane &
Weil, Inc. of New Orleans, are offering to investors at prices to yield 4H %
and 4M%, the issue of $45,000 water works bonds purchased by them in
February—V. 142, p. 1326. The bonds bear 5H %, and are coupon in form
Denom. $500.
Dated March 1, 1936. Principal and semi-annual interest
{March 1
and Sept.
1)
IP
payable at the Hibernia National Bank in New
BRISTOL
COUNTY
(P. O. Taunton), Mass.—NOTE SALE—The
$125,000 tuberculosis hospital maintenance notes and $12,000 industrial
farm loan notes, which were offered on April 7—Y. 142, p. 2370—were
awarded to the First National Bank of Attleboro, and the National Shaw¬
mut Bank of Boston, on a .32% discount basis.
Both issues are dated
April 9, 1936 and will mature April 9, 1937.
BROOKLINE,
Mass.—BOND
OFFERING—Albert P.
Briggs,
Town
Treasurer, will receive sealed bids until noon on April 13 for the purchase of
all but not a part of the $189,000 coupon bonds described herewith:
Financial
Volume 142
$169,000 school bonds. Due April 1 as follows: $17,000 from 1937 to 1945,
incl. and $16,000 in 1946.
20,000 water bonds. Due $2,000 on April 1 from 1937 to 1946, incl.
Each issue is dated April 1, 1936.
Denom. $1,000.
Rate of interest to be
bidder in a multiple of Hot 1%.
Principal and interest
(A. & O.) payable at the First National Bank of Boston.
Bonds will be
valid general obligations of the town, exempt from taxation in Massachu¬
setts, and all taxable property in the town will be subject to the levy of un¬
limited ad valorem taxes to pay both principal and interest.
They will be
engraved under tbe supervision of and authenticated as to genuineness by
the First National Bank of Boston; their legality will be approved by
named by the
Ropes, Gray, Boyden & Perkins of Boston, whose opinion will be furnished
the purchaser.
The original opinion and complete transcript of proceed¬
ings covering all details required in the proper issuance of the bonds will be
filed with the First National Bank of Boston, where they may be inspected.
Bonds will be delivered to the purchaser on or about Wednesday, April 22,
1936, at the First National Bank of Boston, 17 Court St. office, Boston,
Mass.
'
Financial Statement, April 1, 1936
Assessed valuation 1935 (including motor
_
in total debt)
:
Population (1935): 50,319.
1934 tax levy, $3,554,097.60; uncollected to date,
1935 tax levy,
The First National Bank of Boston bid
anticipation
to
of
Notes are
0.39% discount.
Dec. 2, 1936.
Discount
0.45%
Bidder—
Merchants National Bank of Boston
--
Faxon, Gade & Co
0.48%
-----
LYNN, Mass.—NOTE SALE—The issue of $500,000 temporary loan
April 9 was awarded to the First National Bank of Boston
on a .335% discount basis.
Notes mature $300,000 Nov. 13 and $200,000
notes offered on
Other bidders were:
Premium
Discount
Name—
Leavitt & Co., New
York.
Day Trust Co., Boston.----.Security Trust Co., Lynn
Faxon, Gade & Co., Boston
Merchants National Bank of Boston
_
$3.00
.34%
.34%
.34%
.34 %
.36%
!—
.375%
100.01.
Due yearly
and $3,000, 1947 to
1951.
semi-annual
April 1, 1936.
Principal and
Merchants National Bank of Boston.
Dated
$1,000.
were as
follows:
Int. Rate
Bidder—
Shawmut
Bank,
National
Merchants
Trust Co
Account
Cray, McFawn 6k Company
A. T. T. Tel. DET347
Telephone CHerry 6828
MICHIGAN
DETROIT, Mich.—LOWER TAX RATE EXPECTED^-A tax budget
no higher than the current levy of $55,480,000, coupled with an expected
increase of $70,000,000 in property valuations, will produce a lower tax
The tax rate for the
assessed valuation. Increments
more through assessment on
responsible for the anticipated enlargement in the
1936-1937, which begins July 1.
rate for the fiscal year
present fiscal year is $24.47 per $1,000 of
in realty values, new construction and a
personal property are
tax rolls, it is said.
Y
•
SCHOOL DISTRICT (Formerly Royal Oak
Township School District No. 9), Mich.—REFUNDING PLAN OPERTIVE—C. E. Huyette, Secretary of the Municipal Investors Association,
1859 National Bank Building, Detroit, announces that as consents have
been received from the holders of about 80 % of the bonds to be refunded,
the plan of refinancing has been declared operative.
It is anticipated
that refunding bonds will be signed and available for delivery within the
next two weeks.
The exchange will not be made until 75% of the bonds
to be refunded are deposited with the depositary, the Detroit Trust Co.,
CITY
FERNDALE
Detroit.
COUNTY (P. O. Traverse City),
TOWNSHIP BONDS
Mich.—PARA¬
Clerk
CALLED—Harry Brinkmann, County
and accrued interest Paradise Improvement Bond Town¬
ship bonds, dated Nov. 1 1933, and numbered from 4 to 40 incl.
The bonds
will be redeemed at the County Clerk's office and no interest will be paid
after April 15, 1936.
SCHOOL
GREENVILLE
Bank and
Day
0.24%
-
Halsey. Stuart & Co., Inc., Ladenburg, Thalmann & Co., Hemphill,
Noyes & Co., G. M.-P. Murphy & Co., Washburn & Co. and
Battles & Co. (plus $40)
Salomon Bros. & Hutzler (plus $175)
-
0.24%
0.30%
METHUEN, Mass.—NOTE SALE—Tom Longworth, Town Treasurer,
us that the $100,000 notes offered on April 10 were awarded to the
discount.
Due $50,000 each on
Dec. 18, 1936 and April 8, 1937.
Whiting, Weeks & Knowles of Boston,
second-high bidder, named a rate of .46%, plus a premium of $1.
informs
First National Bank of Boston at 0.384%
Mich.—BOND SALE—Siler,
purchased the $102,000 4% school
Dec. 9 last—V. 141, p. 4194.
DISTRICT,
of Toledo, have
Roose,
Carpenter &
bonds which were offered without success on
DISTRICT
No.
RURAL AGRICULTURAL
SCHOOL
IP. O. Groose Pointe), Mich.—BOND SALE—The
school bonds offered unsuccessfully on Feb. 3—V. 142,
1
issue of $169,000
B,ated Nov. been sold to the Board as follows: $31,000, 1936; $32,000,
997—has 1, 1935. Due Nov. 1 of Education Sinking Fund at 4%.
1937; $33,000, 1938: $35,000, 1939,
$4,000,000
notes offered on April 6—V. 142, p. 2371—was awarded to the Bankers
Trust Co., of New York, on a .19% interest basis, plus a premium of $21.
The First Boston Corp. of New York bid .23% interest, plus a premium of
$12.50.
Dated April 15, 1936 and payable April 2, 1937.
MASSACHUSETTS (State of)—NOTE SALE—The issue of
National
Buy for Our Own
We
;
MICHIGAN MUNICIPALS
GROSSE POINTE TOWNSHIP
Due $4,000
1939, 1940
and 1941.
Other bids
—
Brown Harriman & Co
GRAND TRAVERSE
17,000 water mains loan notes as lHs at. a price of 100.23.
on April 1 in
1937 and 1938, and $3,000 on April 1,
interest payable at the
1
Rate Bid
100.50
100.02
101.12
101.023
100.09
101.229
will redeem at par
MANSFIELD, Mass.—NOTE SALE—The $72,000 coupon notes offered
on April 8 were awarded to Hornblower & Weeks of Boston as follows:
$55,000 water mains loan notes as 2^s, at a price of
on April 1 as follows;
$4,000, 1937 to 1946
_
Arthur Perry & Co
Estabrook & Co
DISE
.36%
Whiting, W eeks & Knowles, Boston
Jackson & Curtis, Boston
Denom.
Bank of Boston
Merchants National
2%
2H %
2£%
23-4 %
2H /0
;
DETROIT
temporary loan notes offered on April 8—V. 142, p. 2371—were awarded
Leavitt & Co., of New York, on a 0.35% discount basis, plus a premium
dated April 9, 1936 and will mature
Other bids were as follows;
In<. Rate
2%
Bidder—
Second National Bank of Boston
Hornblower & Weeks
$1,692.09.
Mass.—NOTE SALE—The $1,000,000 revenue anticipa¬
tion notes offered on April 10 were awarded to Halsey, Stuart & Co., Inc.,
of New York at 0.84% discount at par plus a premium of $20.
The $500,000
notes maturing Nov. 6, 1936, are being reoffered to yield 0.50% and the
$500,000 due March 16, 1937, are offered on an 0.65% basis.
The entire
issue is dated April 16, 1936.
The B. M. C. Durfee Trust Co. of Fall
River, second high bidder for the issue, named a rate of 0.96%.
Nov. 18, 1936.
/
$3,744,957.74; uncollected to date, $450,835-99.
HOLYOKE, Mass.—NOTE SALE—The $500,000 revenue
anticipation notes, maturing
WINTHROP, Mass.—NOTE SALE—Newton, Abbe & Co. of Boston
obtained the award on April 8 of $100,000 Shirley St. school notes, paying
100.52 for 2s.
Due serially on April 15 from 1937 to 1951, inclusive
Other bids were as follows:
*
FALL RIVER,
$2.25.
of $100,000 revenue
purchase at discount
Dec. 31, 1936.
$166,445,680
1,723,500
295,000
vehicle excise)
Total bonded debt, not including these issues
Water bonds (included
2545
Chronicle
LAKEVIEW SCHOOL
of Lakeview has
Bank
addition bonds
at
par.
optional after 3 years.
SALE—The
Denom. $1,000.
NORTH BRANCH TOWNSHIP
NO. 2 (P. O.
and $38,000 in 1940.
DISTRICT NO. 3, Mich.—BOND
purchased an issue of $15,000 4% coupon school
Dated April 1, 1936.
Due serially in 5 years;
FRACTIONAL SCHOOL DISTRICT
North Branch), Mich.-—BOND
OFFERING—Walter Marion,
receive sealed bids at his office
Branch, until 10 a. m. (Eastern
Standard Time) on April 11 for the purchase of $33,000 not to exceed 4%
int. coupon, registerable as to prin. only, general obligation school bonds.
Dated Dec. 15, 1935.
Due Dec. 15 as follows: $500, 1936 to 1940, incl.;
$1,000, 1941 to 1954, incl., and $1,500 from 1955 to 1965, incl.
Prin. and
int. (J. & D. 15) payable at the office of the Treasurer of the Board of
Education.
Proposals will be conditioned only on the approval as to
validity of F. C. Ballard, bond counsel.
These are the bonds for which no bids were received on Dec. 10, 1935.
Secretary of the Board of Education, will
at the North Branch Oil & Gas Co., North
SCHOOL DISTRICT NO. 3 (P.
Mich.—RATE OF INTEREST—The $32,000 general
PORTLAND TOWNSHIP
land),
O. Port¬
obligation
NEWBURYPORT,
Mass.—NOTE SALE— The
issue of $300,000
revenue anticipation temporary loan notes offered on April 9 was awarded
to Leavitt & Co.. of New York, on a .423 % discount basis.
The Merchants
National Bank of Boston bid .43% discount.
Notes will mature Nov. 4,
purchased on March 31 by the Maynard-Allen State Bank of Port¬
land at a price of 100.35—V. 142, p. 2371—were sold as 4s
Only one bid
was submitted for the issue.
The bonds are dated Nov. 1,1935, and mature
on Nov.
1 as follows: $1,000 from 1937 to 1962 incl., and $2,000 from
1936.
1963
(P. O. Dedham), Mass.—NOTE SALE—The
$75,000 tuberculosis hospital maintenance notes offered on April 7—V. 142,
p. 2198—were awarded to the Norfolk County Trust Co., on a .21%
discount basis, plus a premium of $6.
The New England Trust Co. bid
.22% discount, plus a premium of $2.
Dated April 7, 1936 and payable
April 7, 1937.
ROYAL OAK, Mich.—INTEREST HELD IN ESCROW—The first semi¬
annual interest payment under the Royal Oak city bond refunding program
was authorized by the city commission as it approved a formal contract
NORFOLK COUNTY
Other bids were as follows:
Discount
Bidder—
0.245%
.287%
First National Bank, Boston
Newton, Abbe & Co., Boston
Merchants National Bank, Boston
Whiting, Weeks & Knowles, Inc., Boston
Granite Trust Co., Quincy
.30%
.32%
.325%
QUINCY, Mass.—BOND OFFERING— Harold P. Newell, City Treas¬
will receive bids until 11 a. m., April 14 for the purchase at not less
par of $72,000 coupon water bonds.
Bidders are to name rate of
interest, in
a multiple of H%Denom. $l,o00.
Dated May 1, 1936.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
bonds
to
1965
incl.
The first interest,
of from 4^%
to 6%
April 1 for the six-month
under the
in Boston.
Due $18,000 on May 1
and authenticated
as to
genuineness by the National Shawmut Bank & Dodge, whose opinion will
approved by Storey, Thorndike. Palmer of Boston; their legality will
e
be furnished the purchaser.
All legal papers incident
be filed with said bank where they may be inspected.
to these issues will
Bonds will be delivered to the purchaser at the National Shawmut Bank
of Boston, 40 Water St., Boston,
Mass.
Financial Statement,
Net valuation for year 1935 (real estate
Total gross debt (including this issue)
Water bonds
*
capacity under Chapter 44, General Laws
Population (estimated), 78,000.
Borrowng
-$123,331,900
4,809,500
-
432,000
565,078
SOMERVILLE,
Mass.—BORROWS
$1,000,000
ON NOTES—City
G. Wessman has borrowed $1,000,000 on tax anticipation
through the Merchants National Bank of Boston, National Shawmut
Treasurer Irving
notes
Bank and the Bank of Manhattan Co., N. Y., at 0.55%.
This is the second
which the city has borrowed, the lowest being 0.48% on
$1,000,000 notes earlier in the year.
These notes are payable $250,000
respectively Dec. 15 and Dec. 30, $200,000, Feb. 1, 1937 and $300,000,
March 1. 1937.
lowest rate at
WALTHAM, Mass.—NOTE SALE—An issue of $200,000 revenue
anticipation temporary loan notes offered on April 7 was awarded to Newton,
Notes are dated April 8,
1936 and will mature $50,000 on each of the dates Nov. 10, Nov. 24,
Dec. 1 and Dec. 8, 1936.
Leavitt & Co., of New York, were second best
bidders, offering to take the notes on a .34% discount basis, plus a premium
of $2.25.
Abbe & Co.of Boston, on a .329% discount basis.
WATERTOWN, Mass .—NOTE OFFERING—H. W. Brigham, Town
will receive sealed bids until 3.30 p. m. on April 13 for the
Treasurer,
refunding plan, are now deposited
with the Detroit Trust Co.,
Supt. N. J. Quickstad has informed members of the Board of Education.
authorized the deposit of $26,065.50 to take care of the first
The board
on the refunding
Of the series A bonds of
coupons
series A bond of
bonds, which were due Wednesday.
$1,000 each, 2,492 have been deposited; also one
$750, one series A of $100, and
113 series B bonds of $1,000
'
63iCh
$273,000 in Royal Oak school district bonds, with total
delinquent interest in the amount of $57,081.73.
The delinquent interest,
the Superintendent said, can be refunded with $49,054.25 in certificates of
indebetedness.
This will require $8,027.48 in cash, which is part of the
escrow fund in the trust company.
The State owns
ST. CLAIR
April 4, 1936
and personal)--
DISTRICT, Mich.—$2,606,550 BONDS DE¬
REFUNDING PLAN—A total of $2,606,550 of bonds
ROYAL OAK SCHOOL
POSITED UNDER
Shawmut Bank of Boston,
refunding
been declared operative by the city and the
Bondholders Protective Committee and, consequently, the new refunding
have not been issued.
However, the first interest payment will be en¬
dorsed on the bonds or coupons and when the refunding bonds are issued,
the first coupon will be canceled.
The refunding plan has not
than
National
period from Oct. 1, 1935, the date of the
bonds.
urer,
in each of the years 1937, 1938, 1939 and 1940.
Bonds are engraved under the supervision of
Co. as escrow agent for the interest trust funds.
computed at the rate of 1% a year as compared to rates
on the original bonds, will total $30,000.
It is due
naming the Detroit Trust
—John
COUNTY (P. O. Port Huron), Mich.—BOND OFFERING
Chairman of the Board of Road Commissioners, will
bids until 11 a. m. (Eastern Standard Time) on April i3 for
Watson,
receive sealed
purchase of $279,700 road assessment district refunding bonds.
Dated
1, 1936.
Due serially on May 1 from 1937 to 1945, incl.
Blank
without cost.
Bidder asked to name the lowest
interest rate at which the bonds can be sold at not less than par and accrued
interest.
A certified check for $3,000 must accompany each proposal.
Successful bidder to finance the cost of a legal opinion by Miller, Canfield,
Paddock & Stone of Detroit.
the
May
bonds will be furnished
ST.
JOSEPH
SCHOOL
DISTRICT,
Mich.—BOND SALE—The
or registered school bonds offered on April 6—
issue of $154,000 coupon
V. 142, p. 2371— was awarded to Barcus, Kindred
Securities Co., of Chicago, at 33^% interest, for a
& Co. and the Channer
premium of $1,601.60,
equal to 101.04, a basis of about 3.34%. Robinson & Co., Inc., of Chicago,
were second high, offering a premium of $4,100 for 4s.
Dated May 1, 1936.
Due Feb. 1 as follows:
$9,000,1937; $10,000, 1938,1939 and 1940; $11,000,
1941 and 1942; $12,000, 1943 and 1944; $13,000, 1945 and 1946; $14,000,
1947 and 1948; and $15,000 in 1949.
SOUTH HAVEN, Mich.—BOND
SALE—The $21,000 4% special assess¬
paving bonds offered on April 7—V. 142, p. 2371—were awarded to
Bosworth & Co., of Toledo, for a premium of $958,000, equal to
104.56, a basis of about 3.05%.
Due on April 1 as follows:
$2,000 from
1937 to 1946, and $1,000 in 1947.
ment
Braun,
Financial
2546
Other bids
Chronicle
April 11,
NETTLETON
follows:
were as
Premium
Bidder—
Crouse & Co
$745.50
315.00
First State Bank, South Haven_
McDonald, Moore & Hayes
200.00
Stranahan, Harris & Co
92.50
Northwestern Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
(P.
1936
Nettleton),
O.
Miss.—
TUPELO, Miss.i—TORNADO INFLICTS SEVERE DAMAGES—The
of April 6 created havoc in the above textile center,
killing a total of 195 persons and wrecking property in the amount of over
$5,000,000, according to Associated Press dispatches on April 7.
Other
estimates place the damage wreaked by the smashing winds at much higher
figures.
It is stated that the gigantic task of rehabilitation got under way
almost at once, and word was received that the Congress in Washington
would take immediate steps to authorize the
Reconstruction Finance
Corporation to lend up to $50,000,000 to all sections affected by the torn¬
adoes, to aid them in the work of restoration.
violent windstorm
MISSOURI
WELLS-DICKEY COMPANY
COUNTY (P.
O. Kennett), Mo.—BOND ELECTION—A
special election will be held on April 28 for the purpose of voting on the
question of issuing $150,000 court house bonds.
DUNKLIN
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
DISTRICT
BONDS SOLD TO P WA—The President of the School Board reports that
$32,000 school construction bonds approved by the voters last November,
were purchased by the Public Works Administration, as 4s, at par.
211.00
Citizens State Bank of South Haven
SCHOOL
JOSEPH, Mo.—BOND SALE—An issue of $120,000 city bonds
purchased recently by the Harris Trust & Savings Bank of Chicago
of St. Joseph, jointly, as 2%&, at a price of 100.83,
Due from 1937 to 1960.
ST.
MINNESOTA
was
CHISAGO
CITY. Minn .—CERTIFICATE SALE—The $14,500 issue
indebtedness offered for sale on April 6—V. 142, p. 2198—
purchased by Kalman & Co. of St. Paul, as 3Hs at par.
and the Empire Trust Co.
a basis of about 2.67%.
of certificates of
was
LOUIS, Mo.—BONDS NOT SOLD—A $2,250,000 issue of 2M%
or registered semi-annual Jefferson National Expansion Memorial
offered for sale on April 9 but no bids were received for their
purchase.
We are advised by Louis Nolte, City Comptroller, that the
lack of tenders was due to threatened litigation on these bonds.
Denom.
$1,000.
Dated April 1, 1936.
Due $225,000 from April 1, 1947 to 1956,
incl.
Principal and interest (A. & O.) payable at the Guaranty Trust Co.,
New York City, in lawful money.
BOND OFFERING DETAILS—Maturities on the offering of $4,737,000
bonds which the City of St. Louis announced Tuesday would be offered
for sale on April 17 are as follows: The $3,100,000 building and improve¬
ment bonds will be payable May
1, 1951 to 1956, and the $1,647,000
refunding bonds will become payable May 1, 1952. Proceeds of the refund¬
ing issue will be used to redeem a like amount of bonds due May 1, 1936.
ST.
coupon
JF DULUTH,
Minn.—BOND SALE—The
$150,000
issue
of coupon
municipal unemployment project bonds offered for sale on April 6—V. 142,
p. 2371—was awarded to Phelps, Fenn & Co. of New York, as 2.60s, at a
price of 100.18, a basis of about 2.58%.
Dated May 1, 1936. Due from
May 1, 1937 to 1956, inclusive.
We were informed later that the Wells-Dickey Co. of Minneapolis, the
First and American National Bank, and the Northern National Bank,
both of Duluth, were associated with the above named in the purchase of
the said bonds.
The second highest bid, an offer of 100.32 for 2Ms, was
submitted jointly by Bigelow, Webb & Co., and the First National Bank
& Trust Co., both of Minneapolis.
HUTCHINSON. Minn.—BOND SALE—The $250,000 electric lightand
bonds described below, which were offered on March 18—V. 142,
1508—were disposed of as follows:
bonds
was
power
p.
MONTANA
^
$200,000 series A bonds to Bigelow7Webb & Co. and the^Allison-Williams
Co. of Minneapolis, as 3Ks, for a premium of $625, equal to
100.3125, a basis of about 3.22%
Due yearly on April 1 as fol¬
lows: $10,000, 1939 to 1943; $15,000, 1944 and 1945; $20,000,
1946 to 1951; bonds maturing after April 1, 1946 to be subject
to redemption in inverse order of serial numbers at par and accrued
interest, on and after April 1, 1946.
50,000 series B bonds to the Citizens Bank and the First National Bank
of St. Paul, as 3J^s.
Due $5,000 yearly on April 1 from 1942 to
1951; subject to call in inverse order of serial numbers on and
after Oct. 1, 1936 at par and interest.
Denom. $1,000.
Dated April 1, 1936.
.
OTTER TAIL COUNTY (P. O. Fergus Falls), Minn.—BOND ISSU¬
ANCE NOT CONTEMPLATED—In connection with the report given in
these columns recently, to the effect that the County Board had approved
the issuance of $140,000 in old-age pension and relief bonds—V. 142, p. 2199
—it is stated by the County Auditor that the Attorney General ruled the
County Commissioners had no authority to issue such bonds without a
vote of the people, so the proposal will have to come up for approval at some
future date.
RAMSEY COUNTY (P. O. St. Paul), Minn.—BOND SALE— The
$200,000 issue of public welfare, series F bonds offered for sale on April 6—
V. 142, p. 2199—was awarded jointly to the Harris Trust & Savings Bank
of Chicago, and Bigelow, Webb & Co. of Minneapolis, as 2Ks, at a price of
100.577, a basis of about 2.14%. Dated April 1, 1936. Due from April 1,
1937 to 1946.
The next highest bid was an offer of 100.467 for 2j^s,
tendered by Lazard Freres & Co., Inc., and the Allison-Williams Co. of
Minneapolis.
BAINVILLE, Mont.—BOND SALE— The $28,000 issue of water works
system construction bonds offered for sale on March 21—V. 142, p. 1866—
was purchased by the Public Works Administration, as 4s at par, according
to the Town Clerk.
ST. PAUL. Minn.—LIST OF BIDS—The following is an official list of
the
bids received for
the $100,000 issue of coupon public welfare bonds
April 1 to Phelps, Fenn & Co. of New York, as 2.20s, at 100.28,
a basis of about
2.15%, as reported in these columns recently—V. 142,
p. 2372:
awarded
on
If amortization bonds are sold the entire issue may
bond
Int. Rate
Salomon Bros.
Brown
Harold E. Wood & Co
Halsey, Stuart & Co_
*
(
537.00
271.00
286.00
110.00
2.20%
Co
January and July 1, and bonds which are for a term of 10 years or longer
be redeemable at the option of the city on July 1, 1946.
Certified
check for $1,000, payable to the City Clerk, required.
will
88.70
DISTRICT
(P. O. Truman), Minn.—BONDS
SOLD—A $15,000 issue of school construction bonds that was approved by
the voters last December, was purchased by the State of Minnesota, accord¬
ing to the Clerk of the Board of Education.
WACONIA SCHOOL DISTRICT (P. O. Waconia), Minn.—MATURITY-r-It is now reported by the District Clerk that the $52,000 school
bonds purchased by the State of Minnesota, as 3s, as noted here recently—
V. 142, p. 2372—are due on July 1 as follows: $3,000, 1941 to 1948, and
$4,000, 1949 to 1955.
MISSISSIPPI
CORINTH, Miss.—BOND SALE—We are informed by R. L. Young,
City Clerk, that of the $50,000 coupon refunding bonds offered for sale on
April 7—V. 142, p. 2199—a total of $45,000 bonds were awarded at auction
to the First National Bank of Memphis, as 41^8, paying a premium of $110,
plus all expenses, equal to 100.244, a basis of about 4.475%.
Dated
May 1, 1936.
Due $3,000 from May 1, 1941 to 1955 incl.
Prin. and int.
(M. & N.) payaWe at the office of the City Treasurer.
A number of other
bids were received, with Cady & Co. of Columbus, second highest bidder.
FORREST
______
Miss.—BOND EXCHANGE—It is stated by the Town
bonds, aggregating $209,500, have been exchanged with the
original bonds.
The new bonds are divided as follows:
$73,000 separate school district refunding; $59,000 street improvement
refunding; $55,000 refunding, and $22,500 refunding. Dated April 1, 1935.
HOUSTON,
that
holders
of
the
GREENVILLE, Miss.—The City Council recently passed an ordinance
authorizing the issuance of $30,000 street impt. bonds.
MADISON
COUNTY
(P. O. Canton), Miss.—BOND OFFERING—
A. C. Alsworth, Chancery Clerk, states that he will offer for sale at public
auction on April 20, at 10 a. m., a $275,000 issue of general refunding bonds.
Dated May 1, 1936.
Due as follows: $10,000, 1941 to 1945; $15,000, 1946
to 1950: $20,000, 1951 to 1955, and $25,000 in 1956 and 1957.
Sealed bids
will also be received after the auction is concluded.
name
the rate of interest which the bonds
are
to
Bidders
are
invited to
bear, and to bid both for
bonds callable after 10 years on 30 days' notice, and bonds which are not
callable.
The bonds will be general obligations of the county, will be
validated, and the approving opinion of Charles & Trauernicht, of St. Louis,
will be furnished the purchaser.
A certified check for $5,000 must accom¬
pany the bid.
MISSISSIPPI, State of—NOTE SALE CONTEMPLATED— Greek L.
Rice, Secretary of the State Bonding Commission, is said to be completing
details for the sale of $5,000,000 in short-term notes, to be used for the
initial work on the State's $42,500,000 highway building and repair pro¬
gram.
It is expected that the notes will be advertised for sale shortly.
NOTE
a
No.
(P. O. Kremlin),
bonds offered for sale
19
STILLWATER COUNTY (P. O.
The $80,000
awarded
to
Columbus), Mont.—BOND SALE—
refunding bonds offered on April 8—V. 142, p. 2032—were
Yellowstone Bank of Laurel, the Yellowstone Bank of
the
the Stillwater National Bank of Columbus and the Montana
being allotted $20,000 bonds.
The bonds will bear
and the county will receive a premium of $615, making a
price equivalent to 100.768.
The First Security Trust Co. and Edward
L. Burton & Co., both of Salt Lake City, were second high bidders, offering
Columbus,
State Land Board, each
interest at 3%,
premium of $610 for 3s.
NEBRASKA
CLAY
CENTER
DISTRICT, Neb.—
An
sold recently to the State Board
SCHOOL
issue of $6,000 4H% refunding bonds was
of Educational Lands and Funds.
State
Board
SCHOOL DISTRICT, Neb.—BOND SALES—The
Lands and Funds recently purchased $9,000
of Educational
3 H % school building bonds and
paid
par
The Board
$8,000 block.
$8,000 3 M % refunding bonds.
for the $9,000 issue and a premium of $51 for tne
HILDRETH, Neb.—BOND SALE—A $20,000 issue of refunding bonds
Schweser, Inc., of Lincoln, according to
has been purchased by Steinauer &
A. L Beck, Village Clerk.
FALLS CITY,
_
Neb.—BONDS AUTHORIZED—An ordinance has been
passed which authorizes the issuance of $61,000 refunding
bonds.
^
HEBRON, Neb.—BONDS SOLD— Roy A. Young. City Clerk, reports
that $12,000 3% swimming pool bonds were purchased on March 10, by
the Greenway-Raynor Co. of Omaha, for a premium of $98.00, equal to
100.80.
Denom. $1,000.
Dated Jan. 1, 1936.
Prin. and int. (J. & J.)
payable locally.
MORRILL
SCHOOL
DISTRICT, Neb.—BONDS REFUNDED—The
$83,000
district, through the First Trust Co. of Lincoln, has refunded
outstanding 4>£ % bonds into 3
% bonds.
RUSHVILLE,
Neb.—BONDS AUTHORIZED—The City Council re¬
cently passed an ordinance authorizing the issuance of
$23,000 refunding
bonds.
NEW
JERSEY
BAYONNE, N. J.—INCREASES TAX RATE— The City Commission
April 7 adopted the 1936 budget, totaling $6,279,332, of which $4,970,777
is to be raised by taxation.
The tax rate will be boosted from $41.58 a
$1,000 in 1935 to about $45.58 in 1936.
The school budget for this year is
on
$1,729,190.
DELAWARE
Hugh L. White, on April 2, is said to have
$250,000 in short-term notes at 1 H%. payable
month bebinning on July 1.
the
sale
of
•
_
RIVER
JOINT
COMMISSION
(P.
O.
Camden),
TOLL BRIDGE MEASURE—A bill authorizing
the commission to construct and operate a toll bridge across the Delaware
N.
J.—HOUSE PASSES
near Delaware River Gap was passed in the House of Representatives
April 6 and forwarded for approval in the Senate.
River
on
HADDON
HEIGHTS, N. J.—BONDS PURCHASED—C. C. Collings
$200,000 4 H% refunding bonds,
Laws of 1935.
Dated March 1,
1937 and 1938; $10,000, 1939 and
1940; $15,000, 1941 and 1942; and $20,000 from 1943 to 1949, incl.
Interest
payable M. & S.
Legality approved by Hawkins, Delafield & Longfellow
&
Co.
of Philadelphia have purchased
issued under Chapter 77, Section 6-A of
1936 and due March 1 as follows: $5,000,
of New
York City.
HIGHLANDS, N. J.—BONDS AUTHORIZED—'The Borough Council
on March 24 gave final reading to an ordinance authorizing the issuance
of $200,000 serial funding bonds.
MONMOUTH COUNTY (P. O. Freehold), N.
ISSUE—The Continental Bank & Trust
BOND
J .—PREPARATION OF
Co.
of New York will
supervise the preparation and certify to the genuineness of signatures and
seal of $174,000 4% bridge bonds, and will also act as fiscal agent for the
payment of principal and interest.
The bonds will be sold to the Public
Works Administration.
SALE—Governor
announced
$50,000
DISTRICT
SCHOOL
142, p. 2032—was purchased by the State of Montana.
No other bid was received, according to the District Clerk.
April 7—V.
COUNTY
(P. O. Hattiesburg), Miss.—BONDS SOLD—
It is stated by the Clerk of the Chancery Court that the $25,000 National
Guard cantonment bonds approved by the County Supervisors some time
ago, were sold privately on March 2.
Clerk
COUNTY
HILL
Mont.—BOND SALE—The $22,000 issue of school
on
CLEARWATER
SCHOOL
be put into one single
determine upon at
divided into several bonds, as the Council may
or
both principal and interest to be payable in semi-annual
instalments during a period of 15 years from the date of issue.
If serial bonds are issued, 136 thereof will be in the amount of $1,000
each, 45 thereof in the amount of $100 each and 1 in the amount of $70.61.
the sum of $9,300 shall become due on July 1, 1937. and a like amount on
the same day each year thereafter, except that the last instalment will be
in the amount of $10,370.61.
The bonds, whether amortization or serial, will bear date of July 1. 1936,
and will bear interest at a rate not exceeding 6%, payable semi-annually, on
Awarded bonds.
TRUMAN
City
$280.00
2.25%
2.40%
2.25%
2.50%
& Hutzler
Harriman &
Premium
2.20%
Harrison,
the time of sale,
a
Bidder—
Phelps, Fenn & Co*.
Harris Trust & Savings Bank
H.
Mont.—BOND OFFERING—W.
second choice of the Council.
ROCHESTER, Minn.—BOND ELECTION NOT HELD—It is stated
by Lillian R. Sveom, City Clerk, that the $75,000 library bonds were not
submitted to the voters on March 25, as had been scheduled—V. 142, p. 821.
FALLS.
GREAT
Clerk, will receive bids until 10 a.m. May 1 for the purchase at not less
than par of $140,570.61 refunding bonds.
Amortization bonds will be the first choice and serial bonds will be the
Mrxji
NEWARK, N. J.—BONDS APPROVED ON FIRST READING—The
reading an
Board of Commissioners of the city on March 25 passed on first
Financial
Volume 142
2547
Chronicle
Offerings— Wanted
H.IL Al uHSfc Company
County—City—Town—School District
!|p(pa/ Bonds
New Jersey
Gordon Graves & Co.
Telephobi^il Ifor 2-7333
A.T.&T.TS$gpe N. Y. 1-528
New York
100 Broadway
®
MEMBERB NEW
WALL ST.,
1
YORK STOCK EXCHANGE
Whitehall 4-5770
N. Y.
YORK
NEW
CANANDAIGUA, N. Y.—BONDS OFFERED—'Thomas D. Kennedy.
City Treasurer, received sealed bids until 3 p. m. (Eastern Standard Time)
on April 10 for the purchase of $8,500 not to exceed 5% interest coupon or
registered emergency bonds, issued to meet the cost of rehabilitation work
in connection with damages wrought by storms.
Dated April 15, 1936.
Denom. $1,700.
Due $1,700 on April 15 from 1937 to 1941 incl.
Principal
and interest (A. & O. 15) payable at the Canandaigua National Bank &
Trust Co., Canandaigua.
NEW JERSEY MUNICIPALS
Bought
Sold
-
-
Quoted
lobdell & co.
48 Wall
128 S. Broad St., Phi a.
St., Naw York
Municipals
New York State
KlngiUy 1080
HAnovcr 2-1720
193452
Financial Statement
Assessed valuation
A. T. A T.: NY 1-735
$8,977,604
192,520
15,500
'
(including this issue)
(included in above)
Population, 7,541.
Total bonded debt
Water debt
municipal bonds
New Jersey
^
87
WILLIAM STREET, N.
Uncollected end of fiscal
A. T.
& Co. Inc.
10,035.05
4,744.22
DEPEW,
8,230 86
x
N. Y.—PRICE PAID—The Manufacturers &
Traders Trust
of par for the $18,000 debt equalization bonds
was received at the sale.
Bonds are
1 as follows: $500 in 1940
and 1941; $1,000 in 1942 and $6,000 in 1943 and 1944.
purchased
Newark Tel.; Market 3-3124
&. T.: N. Y. 1-730
12,099.13 xl33.430.63
12,570.73
.
Co. of Buffalo paid a price
Telephone: John 4-8344
Y.
1934
Uncollected April 1. 1936
2,249.09
x Collected to April 1,
1936.
year...
B. J. Van Ingen
,
1935
1936
$164,174.72 $178,681.52 $155,961.65 $168,767.43
Levy
and General Market Issues
,
„
Tax Collections
1933
Fiscal Years—
as 4s on March 28.
Only one bid
dated April 1, 1936 and mature April
GLENS
FALLS, N. Y.—BOND OFFERING—Clifford B. Hall, City
receive sealed bids until 2 p. m. on April 22, for the
Chamberlain, will
purchase of $91,000 not to exceed 4% interest coupon or registered water
bonds of 1936.
Dated May 1. 1936.
Denom. $1,000.
Due May 1 as
follows:
$10,000 from 1937 to 1944, incl. and $11,000 in 1945.
Principal
and interest (M
& N.) payable at the First National Bank of Glens Falls
or a
the Chase National Bank, New York City.
Bidder to name the same
rate on all of the bonds, expressed in a multiple of M
or 1-10 of 1%.
A certified check for 2% of the issue must accompany each proposal.
The
MUNICIPALS
NEW JERSEY
C«lv«r, Robinson $ Compaq
INCORPORATED
1180
A. T. & T.
New Yor* Wire:
Teletype
NWRK
REctor 2 2058
Longfellow of New York will
approving opinion of Hawkins, Delafield &
be furnished the successful bidder.
MArket 3-1718
Raymond Blvd., Newark
24
Financial Statement
Assessed valuation
bonded debt (including present issue)
Population, 18,531.
i
Total
NEW
JERSEY
ordinance authorizing the issuance of $1,000,000 poor relief bonds.
The
measure will
come
before the Commissioners for final consideration on
April 8.
JERSEY—HYDRO-ELECTRIC CONCERN TAX HELD
UN¬
Hunziker Act imposing a 5% gross receipts
hydro-electric companies was declared invalid recently by the State
Supreme Court, according to Trenton advices.
The decision was handed down in an action by the City of Paterson to
collect taxes from the Society for Establishing Useful Manufacturers,
which was chartered in 1791 by Alexander Hamilton.
The city had sought for years to collect from the society, but it lost
virtually every court action.
In 1935 the Legislature enacted the Hunziker
measure, aimed, the defendant's lawyers claimed, solely at the society.
Supreme Court Justice Joseph Perskie cited five reasons why the law is
invalid.
First, he said, it imposes a tax on the society only; secondly, it
taxes a company producing electricity by water power, but does not affect
companies producing current by steam or other means; third, it taxes the
use of water
power for production of electricity, but not for any other
purpose; fourth, it taxes not only the company's receipts from sale of this
power, but from other sources, and last, imposes the tax solely because the
society's property is exempt from local taxation.
The law provided that the taxes collected should be paid to the State
Treasurer, but the amount was to be credited to the City of Paterson.
NEW
CONSTITUTIONAL—The
tax on
NORTH
MITTEE
BERGEN
TOWNSHIP,
BANKRUPTCY
APPROVES
N.
J .—BONDHOLDERS
PETITION—1The
COM¬
committee
for
bondholders of the Township of North Bergen, N. J., of which Edwin H.
Barker is chairman, has issued the following statement:
of the Township of North Bergen
bankruptcy petition by the Township of
ultimate solution of the financial problems
airing in the U. S. District Court of the
conflicting points of view of the township and of its various creditors.
The
committee has no objection to the interest rates provided by the plan for
the refunding bonds, but it does object to a number of features of the plan
which it considers grossly inequitable and not in the interests of creditors.
The principal objection is that, in the opinion of the committee's counsel,
under the existing laws of the State of New Jersey, those who accept refund¬
ing bonds have no effective way of enforcing payment of these obligations.
In view of the fact that the Township of North Bergen has defaulted three
times upon obligations since 1929, the committee feels that enforceability
of the obligations is of greater importance than the interest rates or other
"The
committee
believes
that
the
for
bondholders
filing of the
North Bergen will expedite the
of the township by a thorough
financial terms of the bonds.
The committee has instructed its attorneys
Other bids were as follows:
2.90%
2.90%
$411.40
991.00
953.70
George B. Gibbons & Co., Inc
2.90%
van Ingen & Co., Inc., and Minsch, Monell & Co. 4.25%
2,107.73
April 8 refunding bonds in amount of $678,000, paying a price of 93.299
The bonds are divided as follows:
for 4Ks, a basis of about 5.16%.
$550,000 bonds due March 1 as follows; $15,000 from 1940 to 1949 incl. and
$50,000 from 1950 to 1957 incl.
128,000 bonds due March 1 as follows: $5,000 from 1941 to 1960 incl. and
$28,000 in 1961.
All of the bonds are dated March 1,1936.
Legality approved by Caldwell
& Raymond of New York City.
NEW
MEXICO
525.00
(State of)—MAY BORROW ON NOTES—State Comp¬
troller Morris S. Tremaine may arrange for the sale of possibly $50,000.000
notes within the next two weeks, according to report.
If the usual practice
NEW
YORK
prevails in this instance, the sale will be made on an allotment basis in
accordance with subscriptions asked of various investment houses and
banking institutions throughout the State.
Mr. Comptroller will first
decide on the rate of interest to be carried on the instruments, following a
study of money rates and a discussion of the matter with New York invest¬
ment bankers.
It is not anticipated that the State will undertake any
long-term financing, at least during the prosent month
TAX YTELDS TABULATED—Gertier & Co., Inc., New York City,
have issued a new table covering the equivalent yields of non-taxable,
partly taxable and fully
taxable securities when held in this State.
PORTER (P. O. Youngstown), N. Y.—OFFERING OF RANSOMVILLE WATER DISTRICT BONDS—Nealand L. Shippy, Town Clerk, will
receive sealed bids until 1 p. m. (Eastern Standard Time) on April 14, for
(
the
purchase of $66,000 not to exceed 4% interest coupon or registered
district.
Dated Oct. 1, 1934.
Denom. $1,000.
1 as follows:
$2,000. 1936 to 1944, incl.; $3,000, 1945 to 1956,
bonds of the above-named
Due Oct.
incl.; $4,000 from 1957 to 1959, incl.
Bidder to name one rate of interest
on the issue, expressed in a multiple of M
or 1-10 of 1%.
Principal and
(A. & O.) payable at the Marine Midland Trust Co., New York
Interest
City.
on
i-.
B. J.
from
of B. J.
Premium
Int. Rate
2.80%
Bidder—
Adams, McEntee & Co., Inc
Bacon, Stevenson & Co
source
PERTH AMBOY, N. J.—BOND SALE—A syndicate composed
None
$7,140.86
25.423.25
56,132.23
$69,760.09
60,683.62
67.042.06
30.386 01
Roosevelt & Weigold, Inc
N.
Van Ingen <fc Co., Inc., Schlater, Noyes & Gardner, Inc., both of New York;
C. A. Preim & Co. and C. P. Dunning & Co., both of Newark, was awarded
March 1, 1936
Fiscal Year
End
The issue of $187,000 coupon or
HEMPSTEAD, N. Y.—BOND SALEregistered Uniondale Water District bonds offered on April 7—V. 142, p.
2202—was awarded to the Second National Bank of Hempstead and the
South Shore Trust Co. of Rockville Centre on a bid of 100 10 for 2.75s, a
basis of about 2.74%.
Roosevelt & Weigold, of New York, bid a premium
of $411.40 for 2.80s.
Dated Feb 1 1936.
Due Feb. 1 as follows: $7,000,
1938; $10,000, 1939 to 1946; and $5,000, 1947 to 1966.
objections to the plan at the proper time."
from 1942 to 1946 incl.
I^evy
$418.99-,. 84
330,477.13
422,393.98
415,423 28
to set forth its
SALE DETAILS—The $135,000 general
refunding bonds sold privately by the city—V. 142, p. 2373—bear 3 s4%
interest and were purchased by Campbell, Phelps & Co. of New York City.
They mature serially as follows; $13,000 from 1937 to 1941 incl. and $14,000
$31,216,021
616,000
Uncollected on
Uncollected
Tax Collections
Fiscal Year—
P- ORANGE,
J .—BOND
--
;
The bonds are general obligations of the town, payable primarily
Ransomville Water District, but if not paid from that
be subject to the levy of
the payment of both prin¬
taxes on the
all the taxable property in the town will
unlimited ad valorem taxes in order to provide for
cipal and interest.
A certified check for $1,320 payable to the order of the
town, must accompany each bid.
The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful bidder.
'
PORT OF NEW YORK
AUTHORITY, N. Y.—DEFINITIVE BONDS
READY FOR DELIVERY—The Chase National Bank of New York an¬
nounces that it is prepared to deliver at its corporate trust window, 11
Broad
general
definitive bonds in exchange for Port Authority temporary
and refunding bonds, second series 3%%, due 1965.
St.,
POUGHKEEPSIE,
N.
Y.—BOND
OFFERING—LeGrande
Crippen,
City Treasurer, will receive sealed bids until 11 a. m. on April 20 for the
purchase of the following described, not to exceed 6% interest, coupon or
registered bonds:
$55,000 infirmary bonds.
Due May 1 as follows: $5,000 from 1937 to
1941 incl. and $6,000 from 1942 to 1946 incl.
50,000 general bonds of 1936.
Due $5,000 on May 1 from 1937 to 1946 Incl.
50,000 work relief bonds.
Due $5,000 on May 1 from 1937 to 1946 incl.
1939 to 1949 and $1,500 from
Rate of interest, the same on
expressed by the bidder in a multiple of M or l-10th
interest (M. & N.) payable at the Fallkill National
Bank & Trust Co., Poughkeepsie or at the Chase National Bank, New York
City.
A certified check for $3,100 must accompany each proposal.
The
approving opinion of Hawkins, Delafield & Longfellow of New York will
Interest
be furnished the successful bidder.
COLFAX
N.
COUNTY
SCHOOL
M.—BOND OFFERING—Sealed
DISTRICT NO. 24 (P. O. Raton),
bids will be received until 10 a. m.
April 30, by F. A. Vigil, County Treasurer, for the purchase of a $20,000
issue of school bonds.
Interest rate is not to exceed 6%, payable J. & J.
on
$500.
Dated July 1, 1936.
Due on July 1 as folllows: $1,000,1950 to 1955, all inclusive.
Principal and
payable at the State Treasurer's office, or at such other place as
the bidder may elect.
A certified check for 5% of the amount bid. payable
to the County Treasurer, is required.
(This report corrects the offering
notice given in these columns recently, in which the maturities were differ¬
ent—V. 142, p. 2201.)
Denom.
•
All of the bonds will be dated May 1,1936.
all of the bonds, to be
of 1%.
Principal and
Financial Statement
Total bonded debt
YORK
AUTHORITY (P. O. Buffalo), N. Y.—BOND
$3,358,000 SH% sewer system bonds was
group headed by Blyth & Co. of New York.
BUFFALO
SEWER
1936
1935.
1934
1933
sold to
1932
Uncollected
End Fiscal
Collections
SALE—On April 7 an issue of
a
40,288
.
Tax
Fiscal Year—
NEW
5,223,771.47
(incl. present issues)
Population (1930 census)
GALLUP, N. M.—BOND ELECTION—An election is said to be scheduled
for April 17, in order to vote on the issuance of $60,000 in hospital construc¬
tion bonds.
$53,312,710.87
Assessed Valuation
Levy
$1,829,842.27
2,035,566.57
2,116,397.17
2,241,684.68
2,398,263.91
__
Year
$55,218.10
44,987.47
56,420.87
33,599.96
Uncollected
Mar. 31,
1936
$518,749.49
40,573.04
7,730.73
18,355.48
17,706.73
Financial
2548
RICHFIELD
Y.—BOND OFFERING—E. L. Winne,
Village Clerk, will receive sealed bids until 10 a. m. on April 20, for the
SPRINGS,
Chronicle
Surchase Dated May not 1936. Denom. $1,000. Due park improvement
of $20,000 1, to exceed 6% interest coupon $1,000 on May 1
onds.
from 1937 to 1956, incl.
Interest payable M. & N.
A certified check for
$400, payable to the order of the village, must accompany each proposal.
April
The following is an official statement of the
N.
Bidder—
R. S. Dickson & Co., Lewis & Hall, Oscar Burnett
& Co., Kirchofer & Arnold, McAiister Smith &
Pate, Interstate Securities Corp.:
For the 1st $206,000
FLEMING,
1962 and 1963.
Bidder to name one rate of interest on the issue, expressed
a multiple of
M or l-10th of 1%.
Principal and interest (M. & N.)
payable at the District Treasurer's office or at the Marine Midland Trust
Co., New York City.
A certified check for $3,300 must accompany each
proposal.
Legal opinion of Hawkins, Delafield & Longfellow of New York
in
will be furnished the successful bidder.
Financial Statement
!
$1,945,396.26
165,900.00
Population
3,000
Note—The district was organized in the latter part of 1935 and the first
tax levy will be made in the fall of 1935.
The bonded debt includes an item
of $900 incurred by the former school district No. 5 of the Town of Aurelius.
Assessed Valuation
Total bonded debt (incl. present issue)
4,%
3M%
4%
3 H%
For the 1st $108,000
For the remainder
*
N.
Y.—BOND OFFERING—Burton
R.
Francis,
UTICA, N.
Y.—CERTIFICATE SALE—The issue of $1,000,000 tax
anticipation certificates of indebtedness offered
193654
on
April 8—V. 142,
p.
2374
awarded to the Chemical Bank & Trust Co. of New York on 0.20%
interest basis, plus a premium of $18.
The First National Bank of New
—was
York, second high bidder, offered to take the notes on a 0.215% interest
basis, and the National City Bank of New York third high, bid 0.22%
interest, plus a $3 premium.
;
$226,248.60
I
'
226,265.05
'
Purchaser.
ASHEBORO,
C.—BONDS AUTHORIZED—The Board of Com¬
passed an ordinance authorizing the issuance
N.
missioners of the Town have
of $30,000 water bonds.
GOLDSBORO. N. C.—BOND OFFERING—It is stated by the City
Clerk-Treasurer tnat W. E. Easterling, Secretary of the Local Government
Commission, will receive sealed bids at his office in Raleigh, until 11 a. m.
April 21, for the purchase of a $50,000 issue of coupon refunding bonds.
Bidders to name the rate of interest.
Denom. $1,000.
Dated May 1 1936.
Due $5,000 from May 1,1938 to 1947 incl.
Principal and interest (M. &N.)
payable at the Central Hanover Bank & Trust Co. in New York.
Legality
to be approved by Reed, Hoyt & Washburn, of New York.
on
NORTH CAROLINA, State of—LOCAL BOND ISSUES APPROVED
a meeting held on March 31, the Local Government Commission is
—At
said
to have approved the issuance of the following notes and bonds;
$210,000 Polk County refunding; $30,000 Buncombe County tax anticipa¬
tion notes and $7,000 Iredell County tax anticipation notes.
BOND
TANNERSVILLE,
I
F. W. Craigie & Co.*, Equitable Securities Corp.:
„
Village Treasurer, will receive sealed bids until May 7, for the purchase of
$33,000 coupon or registered park development bonds.
Denom. $1,000.
Due serially on May 1 from 1938 to 1953, incl.
Principal and interest
(M. & N.) payable at the Catskill National Bank & Trust Co., Catskill.
Rate of interest to be named in the bid.
Legality to be approved by Clay,
Dillon & Vandewater of New York City.
Price
Rate
For the remainder
AURELIUS, LEDYARD and SCIPIO
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Union Springs), N. Y.—
BOND OFFERING—Stephen Lockwood, District Clerk, will receive sealed
bids until 2:30 p. m. on April 23 for the purchase of $165,000 not to exceed
6% interest coupon or registered school bonds of 1936.
Dated May 1,
1936.
Denom. $1,000.
Due May 1 as follows: $4,000, 1939 to 1941 incl.;
$5,000, 1942 to 1946 incl.; $6,000, 1947 to 1951 incl.; $7,000, 1952 to 1955
incl.; $8,000, 1956 to 1959 incl.; $9,000 in 1960 and 1961 and $10,000 in
SPRINGPORT,
1936
11,
bids received:
REFINANCING PLANS APPROVED—The
Local Government
Commission is said to have approved refinancing plans of the towns of
Apex and Burnsville. It is reported that the Apex plan provides for the
exchange of $156,000 bonds into refunding bonds and the funding of $10,732
interest. The Burnsville plan provides for the issuance of $310,000 in fund¬
ing and refunding bonds.
NORTH
CAROLINA, State of—$1,000,000 DIVERTED FROM ROAD
the
FUNDS—Orders diverting $1,000,000 from the State's highway fund to
general fund have been signed by Governor Ehringhaus, Revenue Commis¬
sioner A. J. Maxwell and Highway Chairman C. M. Waynick, acting in
accordance with the 1935 revenue act setting $1,000,000 as the minimum
amount of diversion.
The transfer of an additional amount during the
currnt fiscal year
the
as
ending June 30, seems improbable, according to report
payment of approximately $2,000,000 in inheritance taxes on the
Smith Reynolds estate is expected to obviate
it is said.
the need for further diversion,
WHITESTOWN, MARCY, DEERFIELD AND TRENTON CENTRAL
SCHOOL DISTRICT NO 2 (P. O. Whitesboro), N. Y.—PLANS ISSU¬
ANCE OF BONDS—James M. Burke, Clerk of the Board of Education,
REIDSVILLE, N. C.—NOTE SALE—A $10,000 issue of revenue anti¬
cipation notes was purchased by the First National Bank of Reidsville, at
states that the
3%, according to report.
$650,000 bond issues approved at the March 19 election will
The
be offered for sale shortly.
tered bonds described below, which were offered on April
to the Manufacturers & Traders Trust Co. of Buffalo on
coupon or
8, were awarded
a bid of par for
$29,000 debt equalization bonds.
Denom. $1,000.
Due April 1 as follows:
$2,000, 1940 and 1941; $3,000, 1942; $4,000, 1943, 1944 and 1945;
$9,000, 1946, and $1,000, 1947.
24,600 general bonds.
Denom. $1,000, except one for $600.
Due April 1
as follows: $6,000,1937, 1938 and 1939, and $6,600, 1940.
Principal and interest (A. & O.) payable
at the Manufacturers & Traders Trust Co. in Buffalo.
YONKERS,
N.
are
regis¬
4 Ms:
Each issue is dated April 1,1936.
states that the notes were sold as 2Mb, plus a
dated March 1, 1936, and mature on Aug. 1, 1936.
Treasurer
Town
premium of $3,
WILLIAMSVILLE, N. Y.—BOND SALE—The $53,600
Y.—BOND
OFFERING—James E. Hushion, City
Comptroller, will receive sealed bids until 11 a. m. on April 15 for the
purchase of the following described, not to exceed 4% int. coupon or regis¬
tered bonds:
SILER CITY, N.
C.—BOND EXCHANGE—It is stated by the Town
Clerk that the $93,000 refunding bonds approved by the Board of Com¬
missioners early in January, as noted here at that time—V. 142, p. 826—
have been exchanged with the holders of the original bonds.
The new
bonds
are
said to
be divided
as
bonds and $74,000
Interest payable J. & J.
$19,000 5%
follows:
Due from July 1, 1939 to 1955.
5M% bonds.
COUNTY
(P. O. Albemarle), N. C.—BOND SALE—The
two issues of coupon or registered bonds, aggregating $242,000, offered for
sale on April 7—V. 142, p. 2375—were awarded to a group composed of
R. S. Dickson & Co. of Charlotte, the First Cleveland Corp. of Cleveland,
and the Justus F. Lowe Co. of Minneapolis, paying a premium of $26,
equal to 100.01, on the bonds divided as follows:
$209,000 school bonds, of which $102,000 are 3Ms, maturing on April 1:
$6,000, 1939 to 1945, and $15,000, 1946 to 1949; the remaining
$107,000 as 3Ms, maturing on April 1: $15,000, 1950; $25,000,
1951; $10,000,1952 and 1953; $15,000,1954 and 1955, and $17,000
STANLY
...
$300,000 series No. 1 general bonds of 1936.
Dated April 1, 1936.
Due
$75,000 on April 1 from 1943 to 1946 incl.
230,000 series No. 1 water bonds of 1936.
Dated April 1, 1936
Due
April 1 as follows: $10,000 from 1938 to 1948, incl., and 15,000
in 1956.
k
from
The following is an
Bidder—
1949 to 1956 incl.
220,000 series No. 1 general bonds of 1936.
Dated April 1, 1936.
Due
April 1 as follows: $20,000 from 1938 to 1942, incl., and $30,000
from 1943 to 1946, incl.
175,000 series A local impt. bonds of 1936.
Dated April 1, 1936.
Due
April 1 as follows: $30,000,1938 and 1939; $35,000,1940 and 1941,
and $45,000 in 1942.
159,000 series A assessment bonds of 1936.
Dated Oct. 1, 1935.
Due
Oct. 1 as follows: $5,000, 1936 to 1950, incl.; $8,000 from 1951 to
1956 incl., and $9,000 from 1957 to 1960, incl.
144,000 school bonds.
Dated Oct. 1, 1935.
Due Oct. 1 as folows:
$5,000 from 1936 to 1963 incl. and $4,000 in 1964.
37,000 series B local impt. bonds.
Dated April 1 1936.
Due April 1
as follows: $2,000 from 1937 to 1954 incl., and $1,000 in 1955.
All of tne bonds will be issued in denoms. of $1,000.
Prin. and int.
(A. & O.) payable at the City Comptroller's office or at the Chase National
Bank, New York City.
Different int. rates may be bid on the respective
issues, but all of the bonds of each issue must bear the same rate.
Int.
rates to be expressed in a multiple of M or 1-10th of 1 %.
A certified check
for 2% of the bonds bid for, payable to the order of the City Comptroller,
must accompany each proposal.
Legal opinion of Hawkins, Delafield &
Longfellow of New York will be furnished the successful bidder.
Finanacial Statement
Assessed valuation
$321,840,467
35,687,150
...—
Total bonded debt (incl. current offering)
Population:
33,000 jail bonds as 3 Ms, due $3,000 from April 1, 1938 to 1948, incl.
134,646.
Tax Collection
3 M%
3M%
1 $209,000.00
j
Dickson &
Co.*, First
Cleveland Corp. and Justus
S.
3M%
F. Lowe Co
33,000.00
3M%
3M%
For the 1st $102,000
For the remainder
1 209,026.00
/
Kirchofer & Arnold and Branch
3M%
Banking & Trust Co-_
F. W. Craigi e & Co. and E quitable Securities Corp
33,043.82
3M%
209,277.48
3M%
33,000.00
3M%
209,429.42
McAiister Smith & Pate, John
Nuveen & Co. and Kalman
& Co.:
For the 1st $30,000
133,025.00
4%
3M%
For the remainder
f
*
—
4%
1 209,325.00
3M %
For the 1st $72,000
For the remainder
j
Successful bid.
WAKE FOREST, N. C.—NOTE SALE DETAILS—It is reported by the
Town Clerk that the $5,000 tax anticipation notes purchased by the Dur¬
ham Loan & Trust Co. of Durham, at 5%, as reported here recently—
dated April 1, 1936, and mature on July 1, 1936.
Uncollected
of Fiscal Year
$3,392,429.98
3,598,069.08
2,788,958.51
March 1, 1936
$654,701.82
1,291,246.82
2,323,589.86
7,006,042.66
$50,000
N. C. School 334s,
Oct. 1, 1951-55
at
R.
V. 142, p. 2375—are
Levy .
$10,982,188.35
12,595,302.53
11,074,997.89
10,803,966.52
ALAMANCE COUNTY,
$33,130.00
For the 1st $142,000
For the remainder
Report
Uncollected End
Year—
official tabulation of the bids received:
$33,000 Jail Bonds
$209,000 School Bonds
Interstate Securities Corp. and
Wells Dickey & Co
3M%
NORTH
DAKOTA
CHURCHS FERRY,
N. Dak.—BONDS SOLD TO PWA—The Village
that $7,500 4% semi-ann. community hall bonds have been
purchased by the Public Works Administration.
Clerk reports
NEKOMA, N. Dak.—BOND OFFERING—Sealed bids will be received
by T. R. Evenson, Village Clerk, at the County Auditor's office, Landgon
until 2 p. m. on April 25, for the purchase of a $3,000 issue of 5M % electric
system bonds.
Denom. $500. Due $500 in 1938, 1941, 1944, 1947, 1950
and 1952.
Interest payable F. & A. A certified check for 2% of the bid
is required.
PORTLAND
100 and interest.
SCHOOL
DISTRICT
(P.
O.
Portland),
N.
Dak.—
BOND OFFERING—C. S. Heskin, District Clerk,will receive both sealed and
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phono 3-9137
A. T. T. Tol. Rich. Va. 83
Hillsboro, until April 20,
at 2 p. m., for the purchase of a $33,000 issue of coupon school bonds.
Denom. $1,000. Dated Dec. 1, 1935.
Due on Dec. 1 as follows: $1,000,
1938 to 1940, and $2,000, 1941 to 1955 incl. Bidders to name the rate of
interest.
Payable at the County Treasurer's office.
The bonds may be
registerable as to principal only. A certified check for 2% of the bid is
required.
oral
bids at the office of the County Auditor,
RENVILLE COUNTY
(P.
O. Mohall),
N. Dak.—BOND SALE DE¬
TAILS—In connection with the sale of the $25,000 court house bonds to
Southern Municipal Bonds
Lands, reported in these columns
recently—V. 142, p. 2375—it is stated by the County Auditor that the
bonds were sold as 4s, at par, and mature from 1936 to 1945.
the State Board of University and School
OHIO
McALISTER, SMITH & PATE, Inc.
87 BROAD
NEW YORK
STREET
Telephone WHitehall 4-6765
GREENVILLE, S. C.
NORTH
CHARLESTON, S. C.
CAROLINA
ALAMANCE COUNTY 'P. O. Graham), N. C.—BOND SALE— The
$226,000 issue of coupon school building bonds offered for sale on April 7—
V. 142, p. 2375—was awarded jointly to the Equitable Securiies Corp. of
Nashville and F. "W. Craigie & Co. of Richmond, at a price of 100.117, a
net interest cost of about 3.80%, on the bonds divided as follows: $108,000
as
4s, maturing $9,000 from Oct. 1, 1937 to 1948 incl., the remaining
$118,000 as 3%s, maturing on Oct. 1: $9,000, 1949 and 1950, and $10,000,
1951 to 1960.
•
AKRON, Ohio—BOND SALE—The $493,000 coupon street widening
bonds offered on April 6—V. 142, p. 2202—were awarded to a group repre¬
sented by Fox. Einhorn & Co., of Cincinnati, on a bid of 100.57 for 4s, a
basis of about 3.95%.
Dated March 1, 1936. Due yearly on Oct. 1 as
follows: $24,000. 1941 to 1947; and $25,000, 1948 to 1960, incl.
Mitchell.
Herrick & Co. of Cleveland bid 101.07 for 4 Ms, and the Provident Savings
Bank & Trust Co. of Cincinnati 100.60 for 4Ms.
There
were no
other bids.
FINANCIAL CONSULTANT RETAINED—The City Council on April 7
ordinance providing for a new contract with Norman S. Taber.
New York financial consultant to municipalities. A previous contract had
been declared void in Common Pleas Court, because no certification for
Mr. Taber's salary had been made. Under the new agreement, the financial
consultant will be employed by the city until Sept. 1.
approved
an
AKRON, Ohio—WAGE INCREASE COSTS $1,708,000—Pay raises of
25% were granted city employees recently when the City Counci
rom 5 to
Financial
Volume 142
2549
Chronicle
PORT
on
CLINTON, Ohio—BONDS AUTHORIZED—The Village Council
authorizing the issuance of $30,000 water-
March 24 passed an ordinance
works improvement bonds.
MUNICIPALS
OHIO
TOLEDO, Ohio—PROPOSED BOND ISSUE—The city plans to issue
4% park refunding bonds.
Dated April 1, 1936. Denom.
Due April 1, as follows: $10,000, 1938; $11,000, 1939; $10,000.
1940; $11,000, 1941; $10,000, 1942; $11,000, 1943; $10,000o in 1944 and
$11,000 from 1945 to 1951, incl.
Principal and interest (A. & O.) payable
at the Chemical Bank & Trust Co., New York City.
$150,000
$1,000.
MITCHELL, HERRICK & CO.
700 CUYAHOGA
AKRON
CANTON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
TOLEDO, Ohio—BOND SALE—The Provident Savings Bank & Trust
following 4% refunding bonds, aggre-
Co. of Cincinnati has purchased the
SPRINGFIELD
fl00,000 offi2e°equipment
$8,000.
appropriation measure for the remainder of the year. The
ordinance, which totaled $1,708,000, provided 10% wage restorations.
approved
an
BEDFORD
CITY
SCHOOL
DISTRICT,
Ohio—BOND SALE DE¬
TAILS—Fox, Einhorn & Co. of Cincinnati and Grau & Co. of Cleveland
associated with Lawrence Cook & Co. of Cleveland in the recent
were
purchase of $61,250 refunding bonds as 4 Ms, at par plus a premium of
$349, equal to 100.57. Other bids were as follows:
Bidder—
Int. Rate
Rate Bid
First Cleveland Corporation, Cleveland-
Johnson, Kase & Co., Cleveland, O
Van Lahr, Doll & Isphording
4M%
100.11
4M%
*101.11
bonds. Due March 1 as follows;
1940; $8,000 in 1941 and
$7,000.
$7,000, 1938:
$7,000 from
5%
534%
100.25
100.30
[
Weil, Roth & Irving Co., Cincinnati, O
Seasongood & Mayer, Cincinnati, O
_
50,000 bridge repair bonds. Due Sept. 1 as follows: $4,000 from 1937 to
1947 incl. and $3,000 in 1948 and 1949.
Each issue is dated March 1, 1936.
Denom. $1,000. Principal and
interest (M. & S.) payable at the Chemical Bank & Trust Co., New York
City. Legality to be approved by Squire, Sanders & Dempsey of Cleveland.
TRUMBULL COUNTY (P. O. Warren), Ohio—BOND ELECTION—
election on May 12 the voters will be asked to approve a
proposal to issue $329,600 poor relief bonds.
At the primary
UHRICHSVILLE, Ohio—BOND SALE—The $15,000 coupon refunding
offered on April 7—V. 142, p. 2035—were awarded to Mitchell,
Co. of Cleveland as 2Mb, at par plus a premium of $13.75,
equal to 100.016, a basis of about 2.74%.
Dated May 1, 1936 and due
Oct. 1 as follows: $1,000 from 1938 to 1940 incl. and $2,000 from 1941
bonds
f
..J
Otis & Co., Cleveland, O-----*
1939;
1942 to 1951 incl.
OHIO
Herrick &
to 1946 incl.
Other bids were as follows:
Conditional bid.
_
„
_
Cool, Stiver & Co., Cleveland
Ryan, Sutherland & Co., Toledo
Fox, Einhorn & Co., Cincinnati
Johnson, Kase & Co., Cleveland
Middendorf & Co., Cincinnati
3%
3%
3%
3%
DRIVE ON TAX DELINQUENTS—The
city contemplates the institution of court action to collect the $1,383,346.44
due in delinquent special assessments and penalties. Officials met recently
to devise a program to clear up the delinquencies.
Seasongood & Mayer, Cincinnati
First Cleveland Corp., Cleveland
Union Bank, Urichsville, Ohio
3M%
CANTON,
Ohio—PLANS
CIRCLEVILLE, Ohio—BOND SALE DETAILS—The $13,000 street and
sewer improvement bonds awarded recently to Prudden & Co. of Toledo—
V. 142, p. 2376—were sold as 254s, at par plus a premium of $62, equal to
100.47, a basis of about 2.69%.
Dated Aug. 14 1935 and due $1,000 on
Other bids were as follows:
July 1 from 1938 to 1950 inci;
Int. Rate
Bidder—
Premium
2M%
$26.00
#
18.00
77.00
65.00
3%
3%
3%
3M%
3M%
G. Parr Ayres & Co.,
First National Bank,
26.39
Par
101.00
Prudden
&
.
Price Bid
JnL Rate
Name—
BETHESDA, Ohio—BOND OFFERING—R. C. Heskett, Village Clerk,
will receive bids until noon May 2, for the purchase at not less than par of
$3,177.50 434% refunding bonds.
Denom. $500, except one for $177.50.
Dated June 1, 1936.
Interest payable semi-annually.
Due $500 on June 1
and Dec. 1 in the years 1939, 1940 and 1941; and $177.50 June 1,1942.
$15,266.66
15,089.00
15,087.87
15,063.00
^%
15,049.85
15,042.00
3M%
3M%
3M%
5M%
Co., Toledo
Bliss, Bowman & Co., Toledo
15,037.50
15,028.50
15,017.50
VILLAGE SCHOOL DISTRICT, Ohio^-BOJVD
Kenworthy, Clerk of the Board of Education, will
receive bids until noon April 9 for the purchase at not less than par of $3,000
WEST
ELKTON
OFFERING— H.
I.
4% school building bonds.
Denom. $250. Dated Feb. 17, 1936.
payable semi-annually. Due $250 on April 1 and Oct. 1 in each of
from 1941 to 1946, incl.
Cert, check for $100, payable to the
Education, required.
Interest
the years
Board of
WILLOUGHBY, Ohio—BOND SALE—Refunding bonds in amount
of
$46,200, bearing 4M % interest and due serially from 1941 to 1950 incl.,
have been sold at par to the Brotherhood of Locomotive, Firemen and
Enginemen.
Dated Oct. 1, 1935.
One bond for $200, others $1,000 each.
Interest payable A. & O.
Issued in coupon form.
93.60
has sold the $70,600
bonds recently mentioned in these columns as follows:
$39,000 to the
sinking fund and $31,600 to a Cleveland utility in payment for past-due
electric bills.
All of the bonds bear 2M% interest, were sold at par and
mature serially on Oct. 1 from 1937 to 1945, incl.
One bond for $600,
others $1,000 each.
Interest payable M. & O.
Coupon bonds, approved
as to legality by Squire. Sanders & Dempsey of Cleveland.
—V. 142, p. 2203—the voters
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—BOND SALE—
The $1,050,000 emergency poor relief bonds offered on April 10—V. 142,
p. 2376—were awarded to Field, Rochards & Shepard, Inc., of Cincinnati
receive bids at the office of
2348, at par plus a premium of $3,255, equal to 100.31, a basis of about
2.08%. Dated April f, 1936, and due March 1 as follows: $106,000, 1937;
$113,000, 1938; $119,000, 1939; $126,000, 1940; $134,000, 1941; $142,000,
1942; $150,000 in 1943 and $160,000 in 1944. Mitchell, Herrick & Co. of
Cleveland, second high bidder, offered a premium of $1,637 for 2Ms.
of amount of bid,
CONNEAUT,
Ohio—BOND SALE—The city
as
FAIRVIEW, Ohio—BOND OFFERING—Karl A. Bohlken, Village Clerk,
OKLAHOMA
ALVA, Okla.—BONDS DEFEATED—At the election held on March 31
defeated the proposed issuance of the $255,000
in bonds, divided as follows: $240,000 municipal light and power plant, and
$15,000 water system improvement bonds.
CANADIAN COUNTY SCHOOL
Okla.—BOND
DISTRICT NO. 35 (P. O. EI Reno),
OFFERING—Mrs. Floyd Hofmann, District
J. N. Roberson, Attorney, El Reno,
Clerk, will
until 2 p.m.,
April 15 for the purchase at not less than par of $5,000 school building bonds,
which will bear interest at rate named in the successful bid.
Due $500
yearly beginning three years after date of issue.
required.
Certified check for 2%
CHANDLER, Okla.—BOND ELECTION—An election is said to be set
for April 27 in order to vote on 36,000 in sewage disposal iplant and outfall
sewer
bonds.
will receive bids until
noon April 23 for the purchase at not less than par of
the following 4% coupon refunding bonds:
$505,695 special assessment bonds. Due $51,195, Oct. 1,1941; and $50,500,
yearly on Oct. 1 from 1942 to 1950, incl.
24,000 general bonds.
Due yearly on Oct. 1 as follows: $2,000, 1941 to
1946: and $3,000. 1947 to 1950.
Dated Oct. 1, 1935.
Principal and semi-annual interest (April 1 and Oct.
1) payable at the First National Bank of Rocky River. Cert, check for 5%
of amount of bonds bid for, payable to the Village Treasurer, required.
Mr. Bohlken will receive bids at the same time for the purchase of an
issue of $8,750 4% general obligation refunding bonds.
This issue will be
dated Oct, 1, 1935 and mature Oct. 1 as follows: $500 in 1941 and 1942;
$700,1943; $750 in 1944; $1,000 from 1945 to 1949 incl. and $1,300 in 1950.
A certified check for 5% of the bonds bid for, payable to the order of the
Village Treasurer, must accompany each proposal.
HAMILTON COUNTY
(P. O. Cincinnati), Ohio—BOND ELEC¬
TION—At tne May 12 primary election the voters of the county will be
asked to approve a proposed bond issue of
LONDON,
Ohio—BOND
$300,000 for welfare purposes.
OFFERING—Evelyn
Fitzgibbons,
Village
Clerk, will receive bids until
noon April 25 for the purchase at not less than
of $30,000 sewerage disposal plant construction bonds. Bidders are to
name rate of interest, in a multiple of 34 %, but not to exceed 4%.
Denom.
$600.
Dated Dec. i, 1935.
Interest payable semi-annually.
Due $600
on March 1 and Sept. 1 in each of the years from 1937 to 1961, incl.
Cert,
check for $300, payable to the Village Treasurer, required.
(The above issue was originally scheduled for sale on March 14.—V. 142,
p. 2035.)
par
MARION
COUNTY
(P. O. Marion), Ohio—OTHER BIDS—The
$16,000 poor relief bonds recently awarded to Copl, Stiver & Co. of Cleve¬
land as 234s, at par plus a premium of $144.83, equal to 100.87, a basis of
about 2.06%—V. 142, p. 2376—were also bid for as follows:
Bidder—
Int. Rate
Seasongood & Mayer, Cincinnati
Provident Savings Bank & Trust Co., CincinnatiRyan, Sutherland & Co., Toledo
Grau & Co., Cincinnati
National City Bank & Trust Co., Marion
234%
234%
234%
294%
294%
Premium
$71.95
18.15
13.00
69.30
10.00
MIAMISBURG, Ohio—BOND OFFERING—Raymond M. Hetzel, City
Auditor, will receive bids until noon April 27 for the purchase at not less
% coupon municipal swimming pool bonds. Denom.
$500.
Dated Dec. 1, 1935.
Interest payable June 1 and Dec. 1.
Due
$2,500 yearly on Dec. 1 from 1937 to 1946, incl. Cert, check for $250, pay¬
able to the City, required.
than par of $25,000 434
NEWCOMERSTOWN,
Ohio—BOND OFFERING—Oval
Beiter,
Vill¬
HENRYETTA, Okla.—BONDS AUTHORIZED—"The City Council
has passed two ordinances which authorize the issuance of $53,247 judgment
funding bonds.
O. Poteau), Okla.—BONDS AUTHORIZED
authorized recently the issuance of $30,000 in
Dated Jan. 2, 1936.
Due $2,000 from Jan. 2,
LE FLORE COUNTY (P.
—The County Commissioners
5M% refunding bonds.
1941 to 1955 incl.
OKLAHOMA, State of—BOND HOLDINGS
REPORTED SOUND—With payment
OFSCIIOOLCOMMISSION
of $5,000 delinquent principal and
the City of Hartshorne, Okla., all bonds in the portfolio of the
Oklahoma School Land Commission are currently paid up, according to
Secretary of State Frank C. Carter, commission member.
Secretary Carter
referred to an investigation two years ago that disclosed that of all bonds in
the commission's portfolio, only the Hartshorne issue was in default.
interest by
WESTVILLE SCHOOL DISTRICT (P. O. Westville),
Okla.—BOND
semi-ann. school bonds that was approved
recently by the Attorney General, is reported to have been purchased at par
by the Piersol Bond Co. of Oklahoma City.
Due in 15 years.
SALE—A $10,000 issue of 6%
WOODWARD, Okla.—BOND OFFERING—It is stated by
Casby, City Clerk, that she will receive sealed bids until April
purchase of a $35,000 issue of park improvement bonds.
These
approved by the voters at an electiion held on March 25.
Justiria B.
13, for the
bonds were
OREGON
Ore.—SEWAGE DISPOSAL BONDS AUTHORIZED—
In a decision given recently by the State Supreme Court the city was auth¬
orized to proceed with the issuance of the $6,000,000 sewage disposal plant
bonds that have been involved in litigation for some time.
The high court
ruling reversed a decision of the Circuit Court of Multnomah County.
The
suit against these bonds was filed by a local taxpayer on technical grounds of
insufficiency as to plans and specifications.
PORTLAND,
Ore.—BOND SALE—The $50,000 refunding water bonds
to Baker, Fordyce &
of about 5%.
Dated
1, 1936.
Due $5,000 on Feb. 1 from 1938 to 1947.
TOLEDO,
offered on April 6—V. 142, p. 1870—were awarded
Co. of Portland, on a bid of 95.88 for 4Ms, a basis
Feb.
WASHINGTON
AND
CLACKAMAS
COUNTIES,
UNION HIGH
NO. 22-JT
SCHOOL DISTRICT NO. 9-JT AND SCHOOL DISTRICT
(P. O. Sherwood), Ore.—PRICE PAID—The $30,000 issue of 3% coupon
semi-annually school bonds that was purchased by the Citizens Bank, of
Sherwood, as noted here recently—V. 142, p. 2377—was sold for a price of
100.05, a basis of about 2.99%.
Due from April 1, 1939 to 1955, incl.
Clerk, will receive bids until noon April 25, for the purchase at not less
of $8,000 4% coupon fire engine bonds.
Denom. $800.
Dated
April 1, 1936.
Interest payable April 1 and Oct. 1.
Due $800 yearly on
April 1 from 1938 to 1947, incl.
Certified check for $200, payable to the
village, required.
age
than par
City of
PHILADELPHIA
NEWTON
FALLS, Ohio—BOND SALE—The $8,000 coupon refunding
bonds offered on April 6—V. 142, p. 2035—were awarded to Cool, Stiver
& Co of Cleveland as 434s, at par plus a premium of $62.22, equal to iOO.777
a basis of about 4.35%.
Due $1,000 each Oct. 1 from 1938 to 1945 incl.
Seasongood & Mayer of Cincinnati, the only other bidder, offered a premium
Moncure Biddle & Co.
of $42.85 for 5Ms.
of—AVERAGE YIELD OF 30 CITY BONDS SHOWS
DECLINE—With higher prices still in evidence in Ohio, municipal bonds
during the week ended April 9, the average yield of bonds of 30 Ohio cities
compiled by Wm. J. Mericka & Co., Inc., whose New York office is located
at 1 Wall St., again declined from 2.99 to 2.97. Average yield of 15 largest
Ohio cities was off from 2.98 to 2.97 and of 15 secondary cities from 3.00
to 2.99. Averages are weighted according to outstanding debt of each city.
OHIO,
State
TOWNSHIP SCHOOL DISTRICT (P. O. Fayetteville),
VOTED—Approval was given recently to a proposal to
issue $47,000 bonds to help finance erection of a school building.
The vote
was 482 "for" to 215 "against.
PERRY
Ohio—BONDS
1520 Locust
St., Philadelphia
PENNSYLVANIA
ALLENTOWN SCHOOL DISTRICT, Pa.—BOND
OFFERING—W. H.
Rodgers, Secretary of the School Board, will receive bids until 7 P. m.
April 27 for the purchase of $410,000 coupon, debt fundng bonds.
Bidders
are to name rate of interest, making choice from 1M %. 1M%.2%,2M%.
and 2M%.
Denom. $1,000.
Due serially for ten years.
Financial Chronicle
2550
BETHLEHEM
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
Clifford P. Frey, Secretary of the Board of School Directors, will receive
bids until 8 p. m., April 20 for the purchase at not less than par of $118,000
registerable as to principal operating revenue bonds.
Bidders are to name
single rate of interest on the entire issue, taking choice from the following
X%, \%%, 2%, 2H%, 2^%
2%% and 3%.
Denom. $1,000.
Dated May 1, 1936.
Interest payable semi-annually.
Prin. and int.
payable at the office of the District Treasurer, or at such depositary as the
directors may designate.
Due yearly on May 1 as follows: $26,000, 1937;
$23,000, 1938 to 1941.
Cert, check for $2,360,
payable to the District
required.
The District will proved and pay for the printing of the bonds,
and for the legal opinion of Townsend, Elliott & Munson of Philadelphia.
a
rates:
CANONSBURG
SCHOOL
Pa .—BOND SALE—The
DISTRICT,
bonds offered on April 6—V. 142, p. 1870—were
Philadelphia, for a premium of $882.50,
equal to 101.765, a basis of about 2.50%. Dated April 1, 1936.
Due yearly
on April 1 as follows:
$8,000, 1937, 1938 and 1939; $5,000, 1940, 1941 and
1942; $3,000, 1943; 1944 and 1945, and $2,000 in 1946.
$50,000
3%
coupon
awarded to E. H. Rollins & Sons, of
Other bids were as follows:
Name—
Premium Offered
S. K. Cuningham & Co., Pittsburgh, and Glover & McGregor,
.
$787.50
200.00
568.80
662.00
42.50
Pittsburgh.
W. H. Newbold's Son & Co., Philadelphia
R. W. Pressprice & Co., New York
Singer, Deane & Scribner, Pittsburgh
Halsey, Stuart & Co., New York
CLAIRT^ON
SCHOOL DISTRICT, Pa.— FINANCIAL
STATISTICS
—District Secretary J. W. McConneil supplies the following data relating
to the district's financial condition, in connection with the offering of
$155,000 bonds which is to take place on April 13—V. 142, p. 2377.
Financial Statement
as
of Jan. 31, 1936
f Estimated value of assessable property (based on assessment of about
55% of real value):
Assessed valuation for 1935:
Real property
$25,857,625
None
None
I Personal property
Other property or occupations
Total assessed valuation
$25,857,625
Bonded debt outstanding, incl. bonds now offeredCash held in sinking funds
Net indebtedness
$1,094,000
73,937
$1,020,063
Fiscal Yr.Begin'g July 1—
1932
Original levy before ex¬
onerations and penal¬
ties (tax duplicate)-..
$446,896
1933
1934
1935
$381,265
$378,696
$377,346
82.15%
393,169
318,479
82.67 %
334,063
315,084
82.35%
322.966
as
of Jan.31,'36
—-
86.71%
84.41%
84.26%
TOWNSHIP
CORNPLANTER
of the
Pa.—STATE
COURT
SUPREME
CONSIDERS
Court took under
the city can legally
issue the proposed $5,000,000 bonds out of the $50,000,000 authorized
by the voters in 1929.
Mayor Wilson contends that the financing can be
undertaken on the ground that the emission does not constitute a new
addition to the debt, as the proceeds would be used to fund obligations now
outstanding and which have already been charged against the city's bor¬
rowing capacity.
The issue is opposed by Russell Duane, Chairman of
the Committee of Seventy, whose counsel advised the court that the city
debt at present is $30,000,000 in excess of the constitutional limit.
BOND
advisement
on
ISSUANCE—The State Supreme
March 30 the question as to whether
PHILADELPHIA, Pa.—OFFERS $77,000,000 FOR P. R. T. SYSTEM—
$77,000,000 for the properties and other
The city has offered a top price of
assets of the Philadelphia
Rapid
The offer is
Transit System, according to report.
being considered by the interested parties.
The city would
finance the transaction through the issuance of 3 ^ % self-liquidating
bonds.
READING, Pa.—CITY OFFERS TO BUY BONDS—The purchase of
$100,000 in outstanding bonds of a $300,000 issue floated in April 1934,
was authorized by City Council recently.
After submitting two tentative schedules worked out by James A.
Miller, City Accountant, Councilman Frederick A. Muhlenberg, director
of accounts and finance, was instructed to offer a premium of 4% per
year for the bonds which were floated in $1,000 denoms.
The loan is backed by delinquent taxes.
They are retired In lots of
$30,000 over a 10-year period.
Mr. Miller's schedule showed that the present cost per $1,000 is $35
the
on
a State tax of approximately $3.75 or a total of
From funds which accumulated $100,000 was invested in United
This amounts to $28.75 per $1,000,
34% int. paid and
States Treasury bonds at 2%% int.
or a net cost of $10.
Premiums to be offered for bonds retired
each year will be: 1937, 4%i
1939, \4%\ 1940, 2%; 1911, 24%', 1942, 3%; 1943, 94%;
ROCKWOOD
SCHOOL
SCHOOL
COUNTY
(P. O. Leon), Pa.—BOND CALL—County
Sears is calling for payment as of May 1 $51,000 4H%
primary road bonds, numbered from 450 to 500, dated Sept. 1, 1930.
L.
DISTRICT,
Pa.—BOND
ELECTION—The
Directors has decided to submit
issue to the voters at
an
election to be held
election to be held
bonds will be voted upon.
DECATUR
PHILADELPHIA,
$5,000,000
on
submitted
DISTRICT,
Venango
County, Pa.—BOND ELECTION—The School Board has passed a resolu¬
tion to call a special election for April 28 at which a proposal to issue $70,000
Treasurer A.
BONDS\PROPOSED—
May 4 is the suggestion of State Treasurer
Charles A. Waters that immediate consideration be given to the possible
refunding of an outstanding balance of $11,200,000 4M % highway bonds
of 1921, maturing in 1951, and subject to redemption on Dec. 1, 1936.
The bonds are designated series D.
Mr. Waters, it is said, has estimated
that the State can effect a saving of over $4,500,000 in interest charges by
replacing the present 4%s with a new issue of possibly 2s.
convenes on
320.698
87.06%
370,969
Per cent
PENNSYLVANIA (State of)—REFUNDING OF
One of the matters likely to be considered during the special session
Legislature which
ROUSEVILLE SCHOOL
of levy
Per cent
b
each proposal.
Board of School
Collected at end of year
Collected
pany
1938, 1%;
1944,4%.
Tax Report
A
district, must accom¬
Interest payable M. & N.
1946 incl.
certified check for $500, payable to the order of the
$38.75.
(which is 3.4% of assessed valuation)
April 11, 1936
1938 and $2,000 from 1939 to
on
a proposed $20,000 bond
April 28.
DISTRICT, Pa —BOND ELECTION—At an
a proposition to issue $35,000 bonds will be
voters.
to
the
April 28
SALEM TOWNSHIP SCHOOL DISTRICT
(P. O.
BOND ELECTION—On April
28 the voters will
the issuance of $30,000 school improvement bonds.
WEST
Honesdale), Pa.—
be asked to approve
CHILLISQUAQUE TOWNSHIP SCHOOL DISTRICT, Pa.
—BOND SALE—The Lewisburg National Bank of Lewisburg purchased
in February an issue of $10,000 3% school bonds at a price of 101.
Due
March 2, 1956.
WILKES
BARRE, Pa.—BOND SALE—The $200,000
coupon
funding
and improvement
bonds offered on April 7—V. 142, p. 1689—were awarded
Co., of New York, on a bid of 100.89 for 2 lis, a basis of about
Dated March 1, 1936.
Due March 1 as follows: $15,000, 1937 to
2.10%.
1942; $25,000, 1943 to 1945; and $35,000 in 1946.
<
Gertler & Co., Inc. of New York are offering the bonds for investment,
at prices to yield from 0.60% to 2.20%, according to maturity.
to Gertler &
TOWNSHIP
HEIDELBERG
SCHOOL
DISTRICT
(P. O. Myerstown R. 2), Pa.—BOND SALE—The $68,500 coupon school bonds offered
on April 6—V. 142, p. 2204—were awarded to the Lebanon National Bank
and the Myerstown National Bank at a price of par for 2 )^s.
C. C. Collings
& Co. of Philadelphia, was next high, offering a premium of $870.64 for
2^s.
Dated April 1, 1936.
Due serially on April 1 from 1939 to 1963
optional April 1, 1946.
:
Other bids
were
as
follows:
Int. Rate
Name—
C. C. Col lings & Co., Philadelphia
R. W. Pressprich & Co
Halsey, Stuart & Co., New York
E. H. Rollins & Sons, Philadelphia-..
Dougherty, Corkran & Co., Philadelphia
Leach Bros., Inc., New York
Butcher & Sherrerd, Philadelphia
Palmyra Bank & Trust Co., Palmyra
First National
Bank,
-
;
Lebanon
Chandler & Co., Philadelphia
LEMOYNE
SCHOOL
DISTRICT,
Premium
$870 64
93.64
687.06
2% %
-23A%
3%
3%
3%
3%
3 4%
34%
.3 4%
34%
Pa .—BOND SALE
911.05
569.92
100.06
897.35
301.00
27.00
184.95
DETAILS—
The $30,000 3% school bonds sold to the Valley National Bank of Chambers-
burg at a price of 100.67—V. 142. p. 2377—mature March 1 as follows:
$1,000 from 1940 to 1959 incl. and $2,000 from I960 to 1964 incl.
LIGONIER
SCHOOL
DISTRICT,
Pa.—BOND
Other bids for the issue
SCHOOL DISTRICT,
Bancamerica-Blair Corp
Brown Harriman & Co. and Cassatt & Co
First Boston Corp
E. H. Rollins & Sons
Bioren & Co
-
R. W. Pressprich & Co. and C. C. Collings & Co
Leach Bros., Inc
Pa.—BOND OFFERING—
Oscar F. Skeath,
District Secretary, will receive sealed bids until 8 p. m.
April 20 for the purchase of $85,000 3, 34- 314. 3% or 4% coupon
school bonds.
Dated April 1, 1936.
Denom. $1,000.
Due Oct. 1 as
follows: $1,000 in 1937 and $3,000 from 1938 to 1965, incl.
Bidder to name
one rate of int. on the issue.
Int. payable A. & 0.
The bonds may be
registered as to prin. only.
Bonds and int. payable at the Union National
Bank, Mahanoy City.
A certified check for $1,000, payable to the order
of the District Treasurer, must accompany each proposal.
Legality of
the issue will be subject to approval of the Pennsylvania Department
of Internal Affairs and of Saul, Ewing, Remick & Saul of Philadelphia.
TOWNSHIP
SCHOOL
DISTRICT
24%
24%
2^%
24%
24%
2%%
24%
24%
24%
3%
Premium
$648.00
370.00
2,274.00
2,272.00
2,534.00
2,192.00
1,358.00
1,479.99
373.40
680.00
YORK SCHOOL DISTRICT, Pa.—TEMPORARY LOAN—1The School
Directors have arranged with C. C. Collings & Co., of Philadelphia, for a
temporary loan of $40,000.
ZELIENOPLE,
Pa.—BOND ELECTION—At the coming primary
on April 28 a proposal to issue $37,000 bonds will be submitted to
election
the voters for approval.
ELECTION—A
on
MIDDLETOWN
<
Yarnall & Co
PUERTO
PUERTO
CITY
follows:
Int. Rate
proposed bond issue of $20,000 will be submitted to the voters at an election
to be held on April 28.
MAHANOY
were as
Bidder—
Kidder, Peabody & Co
Halsey, Stuart & Co., Inc
(P.
O.
Lang-
horne), Pa.—BOND SALE—The $25,000 34%
coupon, registerable as
principal, refunding and improvement bonds offered on April 3—V. 142,
p. 2204—were awarded to the Peoples National Bank & Trust Co. of
Langhorne at a price of 108.05, a basis of about 2.85%.
Dated April 1,
1936 and due May 1 as follows:
$3,000, 1941 to 1945, incl.; $4,000, 1946;
$5,000, 1947; $6,000 in 1948.
Other bids were as follows:
to
Rate Bid
Bidder—
108.00
107.05
106.07
M. M. Freeman & Co., Inc
Halsey, Stuart & Co., Inc
R. W. Pressprich & Co
Dougherty, Corkran & Co
--104.76
102.65
Leach Bros.. Inc.
NEW
CASTLE, Pa.—BOND OFFERING—O. Edward Brown, City
Clerk, will receive bids until 10 a. m. May 4 for the purchase of 34%
funding bonds.
Denom. $1,000.
Dated May 1. 1936.
Principal and
interest payable at the City Treasurer's office.
Due Nov. 1 as follows:
$4,000 in 1941; $2,000, 1942, 1943 and 1944; $3,000, 1945, 1946 and 1947;
$5,000, 1948; $8,000, 1949; $10,000, 1950 to 1955, and $8,000 on Msly 1
in 1956.
Certified check for $2,500, required with bid on entire issue, or
$25 for each $1,000 bonds bid for.
Financial Statement
Estimated actual value of all taxable property in the city, from
will be received
RICO
Government
of—BOND OFFERING—Sealed bids
by Ernest Gruening, Director, Division of Territories and
Island Possessions, at 11 a. m. )Eastern Standard Time) on April 17, at
Room 7103, Department of Interior Building, Washington, D. C., for the
purchase of a $75,000 issue of Puerto Rico 3% loan of 1936, series B,
Isabela irrigation bonds.
Coupon bonds dated Jan. 1 1936.
Denom.
$1,000.
Due on Jan. 1, 1975. The right is reserved to redeem all or any
number of said refunding bonds at 5% above par, with accrued interest on
Jan. 1, 1946, or on any interest payment date thereafter, by giving six
months' notice in such manner as may be prescribed by the Treasurer of
Puerto Rico. Prin. and int. (J. & J.) payable at the Treasury of the United
States, at Washington, D. C.
Authority and Legality—By direction of the Secretary of the Interior and
under authority of the Government of Puerto Rico, the Division of Terri¬
tories and Island Possessions of the Department of the Interior invites bids
for $75,000 refunding bonds of The People of Puerto Rico, the proceeds of
which are to be used in the payment of the principal of bonds heretofore
issued and sold for the construction of the Isabela irrigation system.
The issuance of these bonds will be effected in accordance with authority
contained in Section 3 of an Act of Congress, approved March 2, 1917,
entitled "An Act to provide a civil government for Puerto Rico, and for
other purposes," as amended by an Act of Congress approved March 4,
1927, and in accordance with the authority of the Legislature of Puerto
Rico as specifically granted in Act No. 59, approved June 18, 1919, as
amended by Act No. 61, July 21, 1923, and Act. No. 31, July 20, 1935.
Under date of March 3l, 1936, the Attorney General of the United States
rendered an opinion in which he passed upon the legality of the proposed
issue of bonds, a copy of which will be furnished to the successful bidder.
Each bid must be accompanied by a bank draft or certified check for
2% of the par value of the bonds bid for, said bank draft or check to be
Tew York City funds.
Sayable to the Director, Division of Territories and Island Possessions, in
The subscription, or subscriptions, giving the Government the highest
acceptable price in the sale of the entire offering, will be accepted. Unless
otherwise stated in the bid, each bid will be understood as being for all or
any part of the bonds applied for.
$70,000,000
to
RICO,
$75,000,000
50,873,220
8,428,590
854,000
Assessed valuation of all property for 1936
Non-assessable property in city
1, 1936
Total valuation of all property owned by the city
Total bonded indebtedness Jan.
property)
-
(corporate
-
2,213,520
No floating debt except unredeemed improvement certificates, secured
by real estate liens.
Water works not owned by the city.
Tax rate for
1936, 114 mills, divided as follows: General revenue, 9 mills; sinking fund
and interest, 2 mills; library, 4 mill.
P
PATTON
Pa.—BOND OFFERING—Ellen O.
Dietrick, District Secretary, will receive sealed bids until 8 p. m. on May 5
for the purchase of $18,000 4% emergency real estate tax bonds.
Dated
May 1, 1936. Denom. $1,000. Due May 1 as follows: $1,000 in 1938 and
SCHOOL
DISTRICT,
RHODE
ISLAND
NEWPORT, R. I.—NOTE SALE—The $400,000
revenue
anticipation
temporary loan notes offered on April 7—V. 142, p. 2377—were awarded to
the First National Bank of Boston on a 0.19% discount basis, plus a
premium of $3.25.
The First Boston Corp. was the next best bidder, at
0.19%.
Notes are dated April 8, 1936 and will mature Sept. 4, 1936.
RHODE ISLAND (State of)—BOND
SALE—B. J. Van Ingen & Co. of
offered
100.456 for
York, were
New York,
1935.
Due
New York, were awarded the $500,000 unemployment relief bonds
April 7—V. 142, p. 2378.
The successful bidder offered
14&, a basis of about 1.15%.
Phelps Fenn & Co. of New
second, offering $501,100 for 1 4s, and Estabrook & Co. of
third with an offer of $501,000 for 14*.
Dated Sept. 15,
Sept. 15, 1940.
on
Financial
Volume 142
bankers made
The
were
as
Other bids
public offering at prices to yield 1%.
follows:
Rate Bid
Int. Rate
Estabrook & Co
Chase National Bank and Blyth & Co., Inc
Providence National Bank
Bankers Trust Co. and First Boston Corp
100.20
100.119
100.05
100.0502
1K%
IK %
IK %
1K %
100.056
Equitable Securities Corp
1K%
Darby & Co
.134 %
National City Bank of New York
1K%
Lazard Freres & Co. and First of Michigan Corp.--- 1K %
Brown Harriman & Co
1K%
Whiting, Weeks & Knowles
IK %
Edward B. Smith & Co. and R. L. Day & Co
IK %
Salomon Bros. & Hutzler
IK %
Newton, Abbe & Co--__
1K%
Halsey, Stuart & Co., Inc
IK %
Kidder, Peabody & Co
1K%
100.04
100.037
100.026
100.869
100.819
100.777
100.67
100.52
100.496
100.42
——
put the same tax on partnerships was denied. We quote in part as follows
"Appeal" or March 25, which carried an article on the
ruling:
"Acting in a suit sponsored by the Tennessee Manufacturers' Association
to test the validity of the new franchise tax law" Chancellor R. B. C.
Howell dissolved a temporary stay order against imposing the tax on cor¬
from the Memphis
.
Bidder—1
2551
Chronicle
porations and business trusts, but kept it in effect with regard to partner¬
ships.
"He said that a corporation 'is a creature of statute' and taxable as a
privilege, but that the right to engage in business as a partnership 'is not a
franchise privilege granted by the State'.
' ■„
"Both Statp^nd-complainants announced an appeal from the chancellor s
ruling to therSupreme^GoiiEt^TEemgh coqrt set May 4 as the date for a
hearing. /
,
„
I
Passed in 1931
"The franchise tax law, imposing a 15-cent levy on each $100 of capital
of both corporations and substitute corporations, was passed during the
extra session of the
1935 Legislature.
It was an administrative measure
put forward as one the principal proposals in Governor McAlister's plan
for balancing the biennial budget.
"It has been estimated to raise $1,750,000 annually, and J. E. Bates,
,
„
ARNOLD
&
.
„
„
franchise tax examiner, said that about 20% of this amount
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MONICIPALS
KIRCHOFER
,
would be paid
by partnership under the law as the Legislature enacted it.
He said that
about 40% of those taxed under the original law would be partnerships.
"The deadline for filing returns was fixed as March 1, 1936.
To-day,
explaining that confusion over the filing had arisen from litigation, Finance
Commissioner Dancey Fort granted a 30-day extension, setting the filing
time back to April 1.
The deadline for making tax payments is June 1.'
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
INCORPORATED
RALEIGH, N. O.
A.
T.
T.
TELETYPE
RLGH
80
TEXAS BONDS
Direct Private Wirt to Pask & Wal bridge our New York Correspondent
Bought
SOUTH
$19,000 yearly from Feb. 1, 1944 to 1953, inclusive.
FOR
INVESTMENT—The
offered for general subscription at
according to maturity.
prices to
above
bonds
were
re-
yield from 2.70 to 3.10%,
Associated with the above firm in the purchase were: C. W. Haynes & Co.
Columbia; James Conner & Co. and Kinbloch, Huger & Co., both of
Charleston, and A. M. Law & Co. of Spartanburg.
►
of
„
SPARTANBURG, S. C.—BOND REFUNDING CONTEMPLATED—
It is said that the City Council is planning to refund a total of $230,000
4% water works bonds at 3%.
YORK COUNTY (P.
O. York), S. C.—MATURITY—In connection
$50,000 tax anticipation notes to the Bank of York,
1K%, reported in these columns recently—V. 142, p. 2205—it is stated
by the Clerk of the Board of County Commissioners that the notes mature
on Feb. 1, 1937.
"
with the sale of the
at
SOUTH
DAKOTA
BURKE, S. Dak.—BOND OFFERING—H. L. Eveland. City Treasurer,
will receive bids
and after April 20 for the purchase of $7,500 4% city
Denom. $500.
Dated Oct. 1..1935.
Interest payable
on
auditorium bonds.
April 1 and Oct. 1.
Quoted
Incorporated
Due $500 yearly from 1937 to 1951. incl.
mi
A
PIERRE, S. Dak.—BONDS BEING SOLD LOCALLY—Over half of the
$100 000 3% funding bonds which the city is offering locally—V. 142, p.
1003—have been disposed of.
Houston, Texas
Sterling Building
ORANGEBURG
COUNTY
(P.
O.
Orangeburg), S. C.—BOND
SALE—The $190,000 issue of highway bonds offered for sale on April 7—
V. 142, p. 2378—was awarded to a group headed by Gertler & Co., Inc. of
New York, as 3Ks, at a price of 101.52, a basis of about 2.94%.
Due
OFFERED
—
H. C. BURT & COMPANY
AIKEN, S. C.—BOND SALE DETAILS—It is stated by the City
Treasurer that the 878,000 3 K % semi-ann. refunding bonds purchased by
Johnson, Lane, Space & Co. of Savannah, at par, as reported in these
columns recently—V. 142, p. 2204—are due on April 1 as follows:
$3,000,
1937 to 1948; $5,000, 1949 to 1955, and $7,000 in 1956.
BONDS
Sold
—
CAROLINA
TEXAS
DISTRICT
(P.
O.
Dublin), Texas—BOND
ELECTION CONTEMPLATED—It is said that an election will be held in
the near future in order to have the voters pass on the issuance of $40,000 in
DUBLIN
SCHOOL
grade school building bonds.
ENNIS, Ellis County, Texas—COURT IMPOUNDS CITY'S FUNDS
of
of a suit in which holders
distribution of available
money was approved in U. S. District Court in Dallas by Judge William H.
Atwell.
The suit was filed by W. J. Meredity and others against the City
of Ennis and the city officials, and asked impounding of $45,000 in the city's
interest and sinking fund and orders restraining the disposition of all
funds, now on hand or to be collected later, which are set aside for the
FOR BOND RETIREMENT—"An agreement under which the resources
the above city must be held intact pending hearing
of the city's delinquent bonds seek an equitable
retirement of bonds.
"The <nurt approved the stipulation that the city's resources should
held intact rather than granting the temporary restraining order."
be
^
O. Ennis), Texas
—BOND SALE DETAILS— It is stated by the Secretary of the Board of
Education that the $25,000 school bonds purchased by the State Board of
Education, as noted here last February—V. 142, p. 1515—were sold as 4s
at par and mature in 10 years.
ENNIS INDEPENDENT SCHOOL DISTRICT (P.
STOCKTON, Tex.—BONDS CALLED—It is reported that 6%
bonds, numbered 1 to 3, 9 to 13, 15, 17 and 18, 20 to 25, 27,
75, aggregating
$52,000, were cal.ed for payment at the Pecos County State Bank, Fort
Stockton, the Central Hanover Bank & Trust Co., New York, or the State
Treasurer's office, on April 10. Denom. $1,000.
Dated Nov. 1 1921.
FORT
water works
29 and 30. 33 and 34, 36 to 41, 44 to 50, 53 to 60, and 67 to
MOTLEY COUNTY
(P
Matador), Texas—BOND OFFERING—
that he will receive sealed
issue of road bonds.
Due
These bonds were approved by the voters at
O
It is stated by W. R. Cammack, County Judge,
bids until April 14 for the purchase of a $14,000
from
TENNESSEE
an
states
interest shall cease, Nos. 66 to 225 of 5% street and
Jan. 30, 1923.
Denom. $1,000. These bonds should
EQUITABLE
New
Securities
Stone Fort National
Corporation
York
Birmingham
Nashville
Chattanooga
1951, incl.
March 28.
NACOGDOCHES, Texas—BOND CALL—J. E. Reese, City Secretary,
that the city is calling for redemption on May 10, on which date
bridge bonds, dated
be forwarded to the
Municipal Bonds
*
1938 to
election held on
Knoxvllle
Memphis
OVERTON
TENNESSEE
GILES
COUNTY
election is to be held
(P. O. Pulaski), Tenn.—BOND ELECTION—An
April 23 to vote on the question of issuing $60,000
on
Morriatown), Tenn.—BONDS AUTHOR¬
IZED—The County Court recently adopted
a
resolution to authorize the
KINGSPORT, Tenn.—BOND SALE—The $300,000 elementary school
bonds offered on April 7—Y. 142, p. 2205—were awarded to Booker &
Davidson, Inc., of Knoxville, and Robinson, Webster & Gibson of Nash¬
ville as 4s for a premium of $3,852, equal to 101.284, a basis of about
3.87%.
C. H. Little & Co. of Jackson, Tenn., were second high with an offer of a
premium of $510 for 4s.
Dated March 1, 1936.
Due $15,000 yearly on
1 from 1937 to 1956. inclusive.
MASON, Tenn.—BONDS VOTED—Residents
36 at
a
recent
of the city voted 78 to
election in favor of the proposed issuance of $15,000 4%
water works bonds.
TENNESSEE, State of—LIST OF BIDS—The following is
an
official
Tenn., par and accrued interest plus a premium of $13,765.50.
Ward, Sterne & Co. and First National Bank, Birmingham, Ala.; First
National Bank, Montgomery, Ala., 101.45% of par value and accrued int.
Stone, Webster & Blodget, N. Y. City; First of Michigan Corp., Detroit,
Mich.; R. S. Dickson & Co., Charlotte, N. C., $460,395 and accrued int.
Halsey, Stuart & Co., Inc., N. Y. City; Gray, Shillinglaw & Co., Nashville,
Tenn.; J. W. Jakes & Co., Nashville, Tenn.; Hamilton National Bank,
Chattanooga, Tenn., par and accrued interest plus a premium of $8,802.
Edward B. Smith & Co., N. Y. City; R. W. Pressprich & Co., N. Y. City;
Robinson, Webster & Gibson'and Cumberland Securities Corp., Nashville,
Tenn., $464,710.50 and accrued interest.
Bancamerica-Blair Corp., N. Y. City; Phelps, Fenn & Co., N. Y. City;
Nashville Securities Co., Nashville, Tenn., $460,801 and accrued interest.
Harris Trust & Savings Bank, Chicago; American National Bank, Nashville,
Tenn.; Nunn, Shwab & Co., Nashville, Tenn., par and accrued interest
plus a premium of $8,717.
Chemical Bank & Trust Co., N. Y. City; The First National Bank of
Memphis, Memphis; Union Planters National Bank & Trust Co., Mem¬
phis; Equitable Securities Corp., Nashville, $460,170 plus accrued int.^
1
TENNESSEE—COURT GIVES DIVIDED RULING ON FRANCHISE
CORPORATIONS AND
PARTNERSHIPS—The
right of the
State to impose a franchise tax on both foreign and domestic corporations
was upheld in Chancery Court at Nashville on March 24, but its right to
ELECTION—The
WAXAHACHIE INDEPENDENT SCHOOL DISTRICT NO 12 (P O
Waxahachie), Tex —BOND SALE NOT CONSUMMATED—It is stated
Mayor Graham that the sale of the 42,000 4% semi-annual school
bonds to the
Brown-Crummer Co. of Wichita, reported in these columns
March—V.
legal technicality.
early
in
WICHITA
142,
FALLS,
p.
1689—was not consummated because of
a
Texas—BOND PAYMENT SUIT TO BE DIS¬
MISSED—Dismissal of the suit filed in Federal District Court by a group
Texas, municipal bonds will
special session to pay these
$300,000 now on deposit in various
city interest and sinking funds. This will be the first time in nearly two
years that the city has made a payment upon its bonded debt or interest.
Wichita Falls now owes a total of $409,063 in delinquent bonded debt, of
which $213,000 is past due bond payments.and $196,063 delinquent interest
of persons owning 117,500 in Wichita Falls,
follow an agreement of the City Council in
bondholders their pro rata share of the
payments.
;
...
'•
j
UTAH
list of the other bids received for the $450,000 3K% coupon semi-annual
building bonds that were awarded on April 2 to a group headed by
the Chase National Bank of New York, at 103.429, a basis of about 3.27%,
as described in these columns at that time—V.
142, p. 2378:
William R. Compton, Inc., N. Y. City; Thos. H. Temple Co., Nashville,
FOR
Texas—BOND
$60,000 school building bonds will be submitted to the voters.
j
court
TAX
to issue
by
issuance of $30,000 county jail construction bonds.
March
DISTRICT,
SCHOOL
Board of Education has called an election for April 11 at which a proposal
school building bonds.
HAMBLEN COUNTY (P. O.
Bank, of Nacogdoches.
NACOGDOCHES
INDEPENDENT SCHOOL DISTRICT (P. O.
Nacogdoches), Tex.—BOND SALE DETAILS—In connection with the
sale of the $20,000 4% semi-ann. school bonds, report of which was given
in these columns recently—V. 142, p. 2205—it is stated by the Superintend¬
ent of Schools that the bonds were sold to the Stone Fort National Bank, of
Nacogdoches, for a premium of $20.00, equal to 100.10.
NORTH
SANPETE
SCHOOL
DISTRICT
(P.
O.
Manti),
Utah—
BOND REDEMPTION REPORT—It is said that the Board of Education
will call for
redemptionjn the_near future
a
$30,000 issue of school bonds.
VERMONT
BURLINGTON, Vt.—BOND SALE—The Burlington Savings Bank has
purchased an issue of $12,000 3 % refunding bonds at a price of par.
Dated
April 1, 1936, and due $3,000 on April 1 from 1947 to 1950, incl.
WINDSOR
COUNTY
(P.
O.
Woodstock), Vt —BOND OFFERING
—Ernest A. Spear, Clerk of the County Jail Committee, will receive sealed
bids until 3 p. m. on April 29 for the purchase of $50,000 coupon jail-con¬
struction
bonds.
Dated Jan.
1,
1936.
Denom.
$1,000.
Due Ju.y 1
as
fo.lows: $3,000 from 1937 to 1946 incl. and $2,000 from 1947 to 1956 incl.
Bidder to name one rate of interest on the issue, expressed in a multiple of
K of 1 %. Principal and interest (J. & J.) payable at the First National Bank
of Boston.
These bonds will be valid general obligations of the county and all
taxaole property in the county will be subject to the levy of ad valorem taxes
within the limits prescribed bylaw to pay both principal and interest. They
will be engraved under the supervision of and authenticated as to genuineness
by the First National Bank of Boston, and their legality will be approved
by Storey, Thorndike, Palmer & Dodge of Boston, a copy of whose opinion
will accompany the bonds when delivered, without charge to the purchaser.
The original opinion and complete transcript of proceedings covering all
details required In the proper issuance of these bonds will be filed with the
First National Bank of Boston, where they may be inspected. Delivery of
the bonds will be made
National
about Tuesday, May 12, 1936. at the First
17 Court St. Office, Boston, Mass., against
on or
Bank of Boston,
payment in Boston funds.
Financial
2552
Financial Statement {April 1,1936)
Assessed valuation for 1935
Total bonded debt outstanding (not including present loan)
Temporary notes outstanding
—
—
$33,741,215
None
None
Population, 37,416.
April 11, 1936
"Complete unofficial returns were 7,469 to 1,345 against municipal owner¬
ship to be financed by a $1,200,000 bond issue."
STEVENS POINT, Wis.—BOND SALE DETAILS—It is now reported
City Clerk that the $10,500 refunding bonds purchased by the
National Bank of Stevens Point, as noted in these columns in
February—V. 142, p. 1516—were sold as 4s, for a premium of $252.00,
equal to 102.40, a basis of about 3.74%.
Due on Feb. 1 as follows: $1,000
in 1947, and $9,500 in 1948.
by the
Citizens
VIRGINIA
GATE
Chronicle
CITY, Va.—BONDS SOLD—A $15,000 issue of 4% % semi-ann.
WISCONSIN, State of—VOTERS DEFEAT NUMEROUS PROPOSALS
water system
bonds is said to have been purchased recently by the First &
Peoples National Bank, of Gate City, at par.
^
MUNICIPAL UTILITY PLANTS—The following is the text of a United
Press dispatch from Milwaukee on
WASHINGTON
BLAINE, Wash.—BONDS VOTED—The voters of the city at
election gave their approval, 533
boat haven construction bonds.
CAMAS,
to
18, to
a
a recent
proposal to issue $15,000
Wash.—BOND SALE—The $15,000 issue of water bonds
on April 7—V. 142, p. 2038—was awarded to Dean Witter
as 3s, according to the City Clerk.
offered for sale
& Co. of Seattle
TACOMA, Wash.-— TENTATIVE OFFERING DATE—It is
stated
by T. A. Sjvayze, City Comptroller, that the $297,000 water bonds origin¬
ally scheduled for sale on April 6, the offering of which was canceled be¬
cause of the necessity of amending the ordinance authorizing the bonds, as
reported in these columns—V. 142, p. 2379—will be offered for sale about
April 15 or 20.
bond issue.
The Tomahawk
now
WALLA
WALLA COUNTY (P. O. Walla Walla), Wash.—BOND
OFFERING—Sealed bids will be received until May 11, by the Clerk of thfe
Board of County Commissioners, for the purchase of an issue of $100,000
county bonds.
Interest rate is not to exceed 4%, payable semi-annually.
Dated June 15, 1936.
Due serially in 20 years, optional in 10 years.
It is
said that the proceeds will be used to retire emergency relief warrants and
sanatorium warrants for 1934 and part of 1935.
YAK.IMA,
April 8:
Municipal proposals were defeated in most Wisconsin communities voting
the issue, returns revealed today.
,
Milwaukee voters turned down a proposal to purchase the privately
owned electric utility, a burning issue in the mayoralty campaign here.
Its cost has been estimated from $33,000,000 to $88,000,000.
Sheboygan voted against acquisition of the plant of the Wisconsin Power
& Light Co. there.
Complete unofficial returns were 7,469 to 1,045 against
municipal ownership which would have been financed by a $1,200,000
on
$50,000 waterworks, special
fund, series C bonds offered on April 6—V. 142, p. 1872—-were
awarded to Paine, Rice & Co., of Spokane, as 3s, for a premium of $10,
equal to 100.02.
Dated March 1, 1936.
Due in 19 annual instalments
commencing the second year after date of bonds.
Blyth & Co., were
second high bidders, offering a premium of $210 for 3Ms.
WEST VIRGINIA
RALEIGH
COUNTY
(P.
O.
Beckl.y),
W.
Va.—BOND SALE
DETAILS—In connection with the sale of the $75,000 4% court house con¬
struction bonds, report of which was given here recently—V. 142, p. 2379—
it is stated by the Clerk of the County Court that the bonds were sold to the
ownership
was defeated 190 to 693.
Cameron voters defeated a proposal to purchase the Northern States'
Power Company's light plant there, 202 to 121.
Opposition to municipal ownership was indicated at Eau Claire where
Mayor Fred Stussy was elected to the council over Lamoine M.
Dowling who campaigned on a platform advocating municipal ownership.
However, Madison voters recommended that the city purchase the
privately owned bus system in the capital.
The Village of Elkhart Lake voted 171 to 77 against acquisition of the
electric plaint of the Wisconsin Gas & Electric Co. there.
former
WYOMING
GREYBULL HIGH SCHOOL
Wash.—BOND SALE—The
bond
District in Lincoln County, a public
Power
proposal,
DISTRICT, Wyo.—BOND ELECTION
—A special election will be held on April 23
for the purpose of voting on a
proposal to issue $100,000 high school building bonds.
>
WASHAKIE
Sleep),
COUNTY
Wyo —BOND
SCHOOL
,
DISTRICT
OFFERING—T.
NO
Field,
H.
3
District
(P
O
Ten
Clerk, will
receive bids until 8 p. m. May 5 for the purchase at not
less than par of
$11,000 coupon, registerable as to principal, school building bonds, to
bear interest at no more than 4%.
Denom. $500.
Dated Jan. 1, 1936.
Principal and semi-annual interest payable at the County Treasurer's
office at Worland.
Due $500 yearly on Jan. 1 from 1939 to 1960, incl.
Certified check for 5% of amount of bid, payable to the district, required.
Raleigh County Bank, the Bank of Raleigh, and the Becldey National
Exchange Bank, all of Beckley.
WEST
VIRGINIA, State of—BOND SALE—The
$l,200,000*issue
Canadian Municipals
of
coupon or registered road bonds offered for sale on April 8—V. 142, p. 2379
awarded to a syndicate composed of Phelps, Fenn & Co., F. S.
—was
Information and
Moseley & Co. and Kean, Taylor & Co., all of New York; the Mercantile
Commerce Bank & Trust Co. of St. Louis, the Equitable Securities Corp.
of Nashville, and Campbell, Phelps & Co., Inc., of New York, at a net
interest cost of 2.383%, on the bonds divided as follows: $432,000 as
3Ms, maturing $48,000 from Sept. 1 1936 to 1944 incl., the remaining
$768,000 as 2Mb. maturing $48,000 from Sept. 1 1945 to 1960 incl.
BONDS
re-offered
OFFERED
the
above
FOR
bonds
INVESTMENT—'The
successful
ST.
submitted by a syndicate headed
by Lehman Bros., which bid 100.08 for $720,000 2Ms and $480,000 2Ms,
interest cost basis of 2.42%.
Brown, Harriman & Co. syndicate bid 100.009 for $1,048,000 2Ms and
$152,000 2Ms, an interest cost basis of 2.44%.
Halsey, Stuart & Co. bid
100.011 for $288,000 2s and $912,000 2MJs, an interest cost basis of 2.47%.
Edward B. Smith & Co. headed a syndicate which bid 100.001 for $672,000
2%s and the remainder as 2Ms.
an
WISCONSIN
r
BROOKLYN, Wis.—BOND SALE—The $10,000 issue of electrical
distribution, general obligation bonds offered for sale on April 6—V. 142.
p. 2380—was awarded to the Milwaukee Co. of Milwaukee, at a basis of
about 3.00%, according to the Village Clerk.
Dated March 1,1936. Due
$1,000 from March 1, 1938 to 1947, inclusive.
"KENOSHA, Wis.—BOND
OFFERING—Sealed bids will be received
April 17, by A. E. Axtell, Director of Finance, for the
purchase of two issues of bonds aggregating $63,000, divided as follows:
$30,000 high school, first series of 1925, and $33,000 high school, series of
1926 bonds.
Int. rate is not to exceed 4%, payable M. & N.
Denom.
$1,000.
Dated May 1, 1936.
Due on May 1, 1948.
Prin. and int. pay¬
able at the office of the City Treasurer.
The bonds will not be sold for
less than par.
The city will furnish its own completed bonds.
Legal
approval by Chapman & Cutler, of Chicago.
A certified check for $500,
payable to the city, must accompany the bid.
CANADA
ALBERTA
upon
(P. O. Milwaukee), Wis —BOND CALL—
presentation and surrender thereof at his office.
The
1936 maturities of the following issues will be affected:
Outstanding
House of correction bonds of 1916..$19,000
Hospital for insane bonds of 1919-.60,000
Hospital for insane bonds of 1920
85,000
Court house bonds of 19291,340,000
Court house bonds of 1930
1,428,000
Court house bonds of 1930
1,913,000
Court house bonds of 1931
622,000
Hospital nurses'home bonds of 1931
319,000
Relief bonds of 1932—
i.
2,000,000
Relief bonds of 1932.
850,000
Corporate purpose bonds of June 1,1933778,0001
Corporate purpose bonds of Nov. 1,1933709,000/
Institution building bonds of May 1,1934
273,000
-
-• _-
-
*
^
-
Total..
$10,414,000
Maturing
in 1936
$19,000
15,000
17,000
100,000
100,000
130,000
32,000
30,000
500,000
50,000
311,000
$1,304,000
r
MINOCQUA COMMON SCHOOL DISTRICT No 1 (P O, Minocaua), Wis —BOND SALE—The $36,000 issue of 4% semi-annual school
bonds offered for sale on April 6—V. 142, p. 2206—was awarded to the
Security State Bank of Minocqua, paying a premium of $1,230, equal to
103.416, a basis of about 3.25%.
Dated Dec. 1, 1935.
Due $4,000 from
April 1, 1937 to 1945 incl.
i
RACINE, Wis —BOND OFFERING—It is stated by Frank jrBecker,
City Clerk, that he will receive both sealed and auction bids until April 27
for the purchase of an $80,000 issue of school building construc¬
tion bonds.
Interest rate is not to exceed 3 M %, payable F. & A.
Denom.
$1,000.
Dated Aug. 1, 1935.
Due $5,000 from Aug. 1, 1936 to 1951,
incl.
The successful bidder shall furnish printed bonds.
No bid shall be
received for less than par and accrued interest, plus furnishing of bonds.
The bonds are issued subject to the favorable opinion of Chapman & Cutler
of Chicago, which will be furnished to the successful bidder.
A certified
check for not less than 2% of the par value of said bonds, payable to the
City Treasurer, must accompany the bid.
at 2 p. m.
SHEBOYGAN, Wis —BONDS
DEFEATED—At the
general election
held on April 7—V. 142, p. 2038—the voters defeated the proposed issuance
of $1,200,000 in power distribution plant bonds by a wide margin.
A United Press dispatch from Milwaukee on April 7 had the following to
say:
"The first of several proposals of municipal ownership of electrical utilities
at issue in Wisconsin's election
to-day was overwhelmingly defeated when
Sheboygan voted against acquisition of the plant of Wisconsin Power &
Light Co. there.
OF
PUBLIC
DEBT
adding that the Treasury Department is now working on the program,
although no announcement is expected to be made for some time.
The
Premier declared that the Province would like to arrange for the refunding
of each issue on its interest date.
ALBERTA
(Province of)—DEBT CONVERSION BILL RECEIVES
s compulsory refunding bill, em¬
bracing all of the approximately $160,000,000 of debt held by the public,
received second reading in the Legislature on April 2.
One more reading is
required for the measure to become a law.
The program calls for the forced
exchange of existing obligations for new securities, bearing int. at not less
than 2M% and having a minimum maturity of 35 years.
SECOND READING—The Government
HALIFAX, N. S.—OTHER BIDS—In connection with the recent report
in these columns of the award of $200,000 3% 10-year serial relief bonds to
the Dominion Securities Corp. and the Bank of Nova Scotia, jointly, at a
price of 100.52 and the rejection of the bids submitted for the $353,000
3 M % 26-year bonds offered at the same time we give below a complete list
of the bids submitted for both the 3s and 3 Ms:
Bidder—
<
Dominion Securities Corp. & Bank of Nova Scotia
Nesbitt, Thomson & Co., Imperial Bank of Canada, and
J. C. Mackintosh & Co
McTaggart,
Hanson
Hannaford,
3%
100:52
99.03
Birks
Bros
Gordon,
&
Ltd.,
3M%
97.08
97.265
and
99.65
-
Royal Securities Corp., Ltd., and Midland Securities,
Royal
98.57
-
Bank
Canada,
of
Gundy
Wood,
&
Co.,
95.54
and
Eastern Securities Co
97.69
A. E. Ames & Co., Ltd., and T. M. Bell & Co., Ltd
98.78
96.75
McLeod, Young, Weir & Co., and Irving Brennan &
Co., Ltd.-
99.12
95.03
99.519
95.57
97.57
95.92
-
-
Cochran, Murray & Co., Ltd., R. A. Daly & Co., Ltd.,
Amount
Amount
Title of Issue—
-
of)—REFINANCING
(Province
LOOMS NEAR—Premier Aberhart stated on April 9 that the entire $160-
Ltd
MILWAUKEE COUNTY
It is stated by Frank Bittner, County Auditor, that he has been authorized
by the County Board of Supervisors to redeem all maturities of county
general bonds at face value plus all interest coupons due or becoming due
during 1936,
ELGIN 6438
WEST, TORONTO
000,000 of debt held by the public may be refunded within the next 90 days,
OTHER BIDS—Second high bid was
on
KING
bidders
banks and trust funds.
m.
BRAWLEY, GATHERS & CO.
28
for
general public subscription, the 3M%
bonds priced to yield from 0.25% to 2.10%; the 2M % bonds priced to yield
from 2.10% to 2.50%, all determined by maturity desired.
These bonds
are said to he general obligations of the State and are
legal investments in
New York,,Massachusetts, Connecticut and certain other States for savings
until 2 p.
Markets
Griffis, Fairclough, Norsworthy, Ltd., and Matthews
& Co., and Dyment, Anderson & Co
Bell, Gouinlock & Co., Ltd., Mead & Co., Ltd., Nova
Scotia Bond Corp., and Mills, Spence & Co., Ltd
KAMLOOPS,
bonds
C.—MATURITY—The $26,000 4% improvement
purchased recently by Wood, Gundy & Co. of Toronto at a price of
98 mature
on
B.
July 2, 1946.
TRAFALGAR
TOWNSHIP
(P. O. Trafalgar), Ont.—BOND SALE
—The issue of $15,000 4M% school bonds offered on April 6—V. 142, p.
2206—was awarded to C. H. Burgess & Co. of Toronto at a price of 104.23.
Dated April 1, 1936, and due serially in from one to 20 years.
WINDSOR, Ont —NEW REFUNDING PLAN DRAFTED—A new
plan to refund the $40,000,000 defaulted debt of the City of Windsor was
presented recently in Toronto at a meeting of the City's bondholders
with members of the Windsor Finance Commission who prepared the plan
with the assistance of C. W. McDiarmid, the Commission's fiscal agent.
It was indicated at the meeting that the plan would be given final approval
by the bondholders and the Ontario Municipal Board in the near future.
It provides for repayment in 60 years, and would keep intact the $34,932,712
which represents the outstanding bonded debt of the former municipalities
of Windsor, East Windsor, Sandwich and Walkerville, which were merged
by order of the Ontario Government on July 1, 1935.
«n|
Accrued interest on the defaulted obligations of $5,264,525, representing
the amount due on Dec. 31, 1935, would be wiped out by an immediate
cash payment of $2,500,000 now in the Windsor surplus fund for the benefit
of the city's creditors.
Distribution would be made, pro rata, to all
creditors, including the bondholders and banks which are holding the
notes of the former municipalities.
New debentures would be issued in amount of $34,932,712 for all debts
now outstanding.
Two per cent interest would be paid on the $6,594,093
debt of East. Windsor; 4M %on the $4,552,196 debt of Walkerville; 3M %
on the $19,360,164 debt of Windsor, and 1M% on the $4,426,260 debt of
Sandwich.
The bonds of Walkerville were never in default as to interest, the last
payment having been made in December, 1935, although no principal
payments were being made.
This was by agreement with some 70% of
the holders of Walkerville bonds.
The new plan supersedes a former refinancing plan announced in Decem¬
ber.
This contemplated issuing $26,000,000 in 40-year bonds at an average
of
a little more than 3% int. to cover the whole $40,000,000 indebtedness.
Cut in principal would have ranged from 10% in the case of Walkerville
to
65% in the
bondholders
case
and
City Council.
of Sandwich bonds.
The plan was rejected by the
regarded as "repudiation" by a majority of the
was
i
@FedFRASER