The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
!
ADM.
XAHY
TWO
COPYRIGHTED IN 1936 BY WILLIAM B.
DANA COMPANY, NEW YORK.
VOL. 142. lwuedW"6kl^^r,0opy_
SECTIONS—SECTION
ENTERED AS SECOND-CLASS MATTER JUNE 23,
1879, AT THE POST OFFICE AT NEW YORK, NEW YORK,
NEW YORK, APRIL 18, 1936.
NATIONAL
Kidder, Peadody & Go,
1866
.,"'
■
••
•
'*•
•'.
-''
■
•'=
.
•
BOSTON
NEW YORK
PHILADELPHIA
President
OF
THE
CITY
OF
BANK
NEW
YORK
••
•
George V. McLaughlin
The
BROOKLYN
tra-
bankers' bank.
a
many
served
is
chase
ditionally
For
YORK
NO. 3695
CHASE
THE
COMPANY
NU.
UNDER THE ACT OF MARCH 3, 1 179.
w^iiaroo^o^^N.ySv
TRUST
BROOKLYN
Chartered
AF>ft 20 1938
ONE
it
years
has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
COMMERCIAL BANKERS SINCE 1852
WfellsEirgoBank
and
UnionlrustCo.
SAN
FRANCISCO
Member Federal
FIRST BOSTON
CORPORATION
$200, iIiIiliTiIi
Deposit Insurance Corporation
The
Member Federal Deposit Insurance Corporation
RESOURCES OVER
reserve
Government
BOSTON
NEW YORK
SAN FRANCISCO
CHICAGO
AND OTHER
European
Hallgarten & Co.
United States
Securities
PRINCIPAL CITIES
Correspondent«
The First British American
Brown Harriman & Co.
Corporation, Ltd.
Established 1856
,
V
j
Incorporated
Lombard Street
63 Wall
Street, New York
LONDON
Telephone: BOwling Green 9-5000
NEW YORK
Boston
Argentine Representative
London
Chicago
Florida 99,
Philadelphia
San Francisco
Chicago
Representatives in other leading Cities
Buenos Aires
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
Amsterdam
London
Ne wTbrklrust
Company
CARL M. LOEB 8c CO.
61
BROADWAY
Capital Funds
NEW YORK
Berlin
Amsterdam
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
London
Municipal Bonds
IOO
ChUege
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(jth Ave.)
•
SECURITIES
New York
31 Nassau Street
BOSTON
•
Allentown
State
European Representative s Office:
London
•
United States Government
NEW YORK
8 KING
Easton
Railroad
-
-
Municipal
Public Utility
BONDS
WILLIAM STREET
LONDON, E. C. 4
*
Correspondent
R.W.Pressprieh&Co.
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis t
Member Federal Reserve System
and
MEMBERS NEW YORK STOCK EXCHANGE
New York
N.
Y.
Clearing House Association
Chicago
Philadelphia
San Francisco
Chronicle
Financial
n
April 18, 1936
BAKER, WEEKS
A. G. Becker & Co.
& HARDEN
J. & W. Seligman & Co
Investment Securities
Establi»hedll893
Members
New York Stock Exchange
No.
New York Curb Exchange "
Philadelphia Stock Exchange
Investment Securities
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
London
Graybar Building; New York
Chicago
New York
V
(
And
)
64 Wall Street
NEW YORK
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Correspondents
SELIGMAN BROTHERS
6
Lothbury, London, E. C. 2
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Other Cities
Bourse
NEWARK
New Jersey
State & Municipal Bonds
Newark Bank & Insurance
Stocks
German External Loan 1924 (Dawes Loan)
German Government International
J. S. RIPPEL &
CO.
5%% Loan 1930
Newark, N. J.
18 Clinton St.
(Young Loan)
(A.) DAWES LOAN—Referring to the
release given out by
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 German Consulate General in
LOUIS
ST.
press
New York and
the American Tranche of the Dawes Loan will be purchased on
and after that date by Messrs. J. P. Morgan & Co., New York
City,
St. Louis Securities
and
3ti>\ & G&,
GAINT LOU/3
at the option of the holder, by the undersigned Com¬
provided that the bonds from which such coupons were
or,
pany,
detached
that
were
domiciled in the United States
bonds
and
coupons
are
on October
1,1935,
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
OO9OUVK ST.
Members St. Louis Stock Exchange
Line North German Lloyd.
Holders who fail to avail themselves of the present offer may
obtain Reichsmarks for their coupons due
same
terms
as
those
on
which
April 15, 1936,
Reichsmarks
were
on
offered
the
in
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.
payment of the
Missouri and
Southwestern
Stocks and Bonds
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
DETROIT
MICHIGAN
MUNICIPALS
Bondholders who
desire to sell their April
15, 1936 coupon,
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
appurtenant coupons so presented will be identified by stamping
the following legend on the bonds and appurtenant coupons:
"U. S. A. domicile 1st October, 1935", and will then be returned
to the presenting person.
The purchase price for such April 15,
1936 coupon 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.
and
who
have
not
and
CORPORATION BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New York'Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
334 BUHL
BLDG.,
DETROIT
(B.) YOUNG LOAN—No official announcement has to date been
made by the German Government regarding 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.
domicile 1st October, 1935" and have their bonds together with
appurtenant coupons stamped to that effect, on or before April
14 next.
other appropriate agencies should for¬
be 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 Company in the
United States, on or before April 14 next.
Banking institutions
ward
PUBLIC UTILITY BONDS
the bonds and
HAMBURG-AMERICAN
Charles A. Parcel Is & Co.
Members Detroit Stock ^Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
or
coupons to
LINE
i
April 10,1936.
57 Broadway, New York City, N. Y.
r
inf
omntf trial f
Vol. 142
APRIL 18, 1936
No. 3695
CONTENTS
;
■
Editorials
;
page
Financial Situation
2553
President Roosevelt Opens His
The Return to Nationalism in
Campaign
....2566
Europe
2567
Comment and Review
Gross and Net Earnings of United States Railroads for
the Month of February
2569
Annual Report of Federal Reserve Bank of New York._2573
Week
on the
European Stock Exchanges
Foreign Political and Economic Situation
2557
2558
Foreign Exchange Rates and Comment
2562
&
2610
Course of the Bond Market
2574
Indications of Business
2575
Activity
Week
on
the
New York Stock
Week
on
the
New York Curb
Exchange
2556
Exchange
...
2609
News
Current Events
and
Bank and Trust
Discussions
2587
Company Items
2607
General Corporation and Investment News
2652
Dry Goods Trade
2702
State and
Municipal Department
...
2703
Stocks and Bonds
Foreign Stock Exchange Quotations
2610
Dividends Declared
2612
Auction Sales
2651
New York Stock Exchange—Stock Quotations
New York Stock Exchange—Bond Quotations
_
New York Curb
Exchange—Bond Quotations.
.2618 & 2628
Exchange—Stock Quotations
New York Curb
2619
Other
2634
_
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
2637
2640
..2644
Over-the-Counter Securities—Stock & Bond Quotations.2647
Reports
Foreign Bank Statements
2561
Course of Bank
Clearings
2610
Federal Reserve
Bank Statements
General Corporation and Investment News
2615
2652
Commodities
The
Commercial Markets and the Crops
Cotton
Breadstuffs
.2692
2694
2699
Published Every Saturday Morning by the William B. Dana
Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor: William Dana
Seibert, President and Treasurer; William D. Kiggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
(Telephone
State 0613).
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
per agate line.
Contract and card rates on request.
Financial
VI
This is not an
The offer of these Bonds is made only by means of the Offering Prospectus.
Offering Prospectus.
This issue, though
April 18, 1936
Chronicle
registered, is not approved or disapproved by the Securities and Exchange Commission,
which does not pass on the merits of any registered securities.
$30,000,000
Telephone and Telegraph Company
The Pacific
Bonds, Series B
Refunding Mortgage
Dated April 1, 1936
'
■'*
Due April 1, 1966
.
Interest payable
April 1 and October 1 in New York City or in San Francisco
THE BANK OF CALIFORNIA, NATIONAL
ASSOCIATION, CORPORATE TRUSTEE
in denominations of $1,000, $5,000 and $10,000.
Coupon Bonds in denominations of $1,000 and $500, registerable as to principal.
Registered Bonds
Coupon Bonds and registered Bonds, and the several denominations,
interchangeable.
notice, on any interest payment date, at the following prices with
1, 191+6, 105%; thereafter to and including April 1, 1951, lOJ+%;
including April 1, 1962,101 %; ana thereafter, 100%.
Redeemable, at the option of the Company, in whole or in part, upon at least 60 days'
accrued interest: to and including April 1, 191+1} 106%; thereafter to and including April
^thereafter to ana including April 1,1956,102)4 %,' thereafter to and
Legal investment, in the opinion of counsel for the Underwriters, for
Savings Banks in the States of New York, California and Connecticut.
is subject to the more detailed statements
also include important information not outlined or indicated herein.
The Offering
Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Bonds.
The following is merely a
brief outline of certain information contained in the Offering Prospectus and
Offering Prospectus and the Registration Statement, which
in the
THE COMPANY
The Pacific Telephone and Telegraph Company. 83.1+2% of the
voting securities of which are owned by the American Telephone
and Telegraph Company, is one of the associated telephone companies comprising the Bell System.
The Company, incorporated
California in 1906, is engaged directly ana through subsidiaries, the largest of which is Southern California Telephone Company, in the telephone
business in California, Nevada, Oregon, Washington and the northern portion of Idaho. The properties of the Company and its subsidiaries consist
principally of telephone instruments and facilities for their inter-connection, the latter consisting chiefly of central office switching equipment and
connecting lines.
The business of the Company and its subsidiaries is subject to regulation, within their respective jurisdictions, by the Federal
Communications Commission and by certain state authorities.
•
in
Outstanding
CAPITALIZATION (The Pacific
First
Thirty-Year Gold Bonds, due January 2, 1937
Bonds, Series A, due May 1,1952
The Home Telephone & Telegraph Com¬
Mortgage and Collateral Trust Five Per Cent Sinking Fund
Refunding Mortgage Thirty Year Five Per Cent. Gold
Five Per Cent. Sinking Fund Thirty Year Gold Bonds, of
pany of Spokane, due May 15, 1936
Notes sold to Trustee of Pension Fund (4% Demand Notes)
First Mortgage
*
and interest on $6,011,000 First and Refunding Mortgage Five Per
California Telephone Company, subsidiary.
The Company is guarantor for principal of
Note:
May 1, 194.7, of Southern
..
$21+,91+8,000.00
23,890,000.00
8,821+,91+7.59
Capital Stock—par value $100 per share
Common
,
•
2,999,900.00
value $100 per share
Preferred Capital Stock, six per cent, cumulative—par
as
of Dec.31,1935
Telephone and Telegraph Company only)
82,000,000.00
180,500,000.00
Cent. Bonds, due
The net proceeds to the Company from the sale of the $30,000,000 Series B Bonds, after deducting the estimated expenses of the
Company in connection with such sale, are expected to approximate $29,61+3,500, and are to be applied, (a) $23,890,000 toward
the retirement of the Company's Refunding Mortgage Series A Bonds, which the Company is calling for redemption on May 1,
1936, at 107)4% and accrued interest, (0) $4,984,000 as a loan to Southern California Telephone Company for use toward the retirement of
$6,011,000 of bonds, which that company is calling for redemption on May 1, 1936, at 105% and accrued interest, and (c) $769,500 toward the
payment at maturity of the bonds of The Home Telephone & Telegraph Company of Spokane.
The balance of funds required (exclusive of
accrued interest) to consummate these transactions will be made available approximately as follows: $38,000 from current cash of the Company;
$1,211,700 from current cash of Southern California Telephone Company; and $4,100,000 from the proceeds of temporary borrowings by the Company
from American Telephone ana Telegraph Company, its parent.
To the extent that Southern California Telephone Company requires funds for the
retirement of its bonds in addition to its current cash and the $4,984,000 loan referred to above, such funds (estimated at $116,000) will be loaned
to it by the Pacific Company.
PURPOSE
OF
1SSUF
mmmr
The Company's Income Statements in the Offering Prospectus show the following as Operating Revenues, Total Income
for Fixed Charges), Fixed Charges (all interest charges and amortization of discount on funded debt) and
Prospectus also contains Consolidated Income Statements.
Years Ended
Operating
Total
Fixed
Net
December 31
Revenues*
Incomet
Charges
Income
EARNINGS
amount available
(the
Net
The Offering
Income.
$4,041,075.42
$14,517,1+90.75
3.532.303.23
14,803,347.28
3,144.995.13
16,025,380.53
$409,100 for 1935 which the Company estimates would be refundable, in whole or in part, to telephone
1933
$51,686,487.34
$18,558,566.17
1934
53,798,405.31
18,335,650.51
1935
56,869,136.65
19,170,375.66
*Include $66,000 for
1934 and
subscribers in the State of Oregon
SERIES
pending rate case.
$7,882,760.33 for 1933, %7,670,170.80 for 1934 and $7,693,685.80 for 1935. Dividends
earned by them as a whole by approximately ?459,000 in 1933 and 1244,000 in 1934.
in the event of an adverse decision in a
tIncludes Dividend Income in the amounts of
received from subsidiaries were not currently
The Series B Bonds will be issued under the Company's Refunding Mortgage and will be secured, subject to
assessment liens, and the lien of the Mortgage and Deed of Trust dated January 2, 1907 securing the Company's
and Collateral Trust 5% Bonds due January 2,1937, and with respect to certain properties in Washington, the lien
B
uriMnQ
securing the First Mortgage Bonds of The Home
real estate, buildings and telephone plant (except
Telephone & Telegraph Company of Spokane, due
,
prior tar and
First Mortgage
of the indenture
May 15, 1936, by a lien on substantially all
motor vehicles) now owned by the Company in California, Idaho, Oregon and Washington and
appertaining to or useful in the transaction of its business in those States.
The Refunding Mortgage is also a lien on the Company's rights as
pledgor of the stock deposited by it with the Trustee under the Mortgage and Deed of Trust dated January 2, 1907.
Stock so deposited includes
all the capital stock of Southern California Telephone Company, subsidiary.
Series B Bonds are limited to the amount
of $30,000,000 now
authorized.
TheRcfunding Mortgage, however, permits the issuance of additional
Company, in certain instances,
for releases and substitutions of
substitution.
There is to be paid to a sinking fund agent, to be used as a sinking fund in purchasing Series B Bonds, but only if obtainable at not exceeding
their principal amount and accrued interest, the sum of $200,000, on October 1, f936, and semi-annually thereafter; provided, however, that any
unexpended balance in the fund on any semi-annual payment date is to be credited on account of the payment due on that date.
UNDERWRITING
Subject to certain terms and conditions, certain Underwriters named in the Offering Prospectus have severally agreed
series, which would rank pari passu with the Series B Bonds.
The Refunding Mortgage permits the
dispose of property covered by the Mortgage without a release from or notice to the Trustee, and also provides
such property.
No notice is required to be given to bondholders in connection with any such disposal, release or
bonds of other
to
to be
to purchase these Bonds from the Company at 99)4%, or a total of $29,850,000,
offered to the public at 101)4%, or a total of $30,450,000, plus accrued interest.
The underwriting
Price
Reed, counsel for the
temporary form
Interest
purchase these Bonds when, as and
Underwriters, and Messrs. Pillsbury,
will be made at
Further
Such Bonds are
if issued, and subject to the approval of Messrs. Davis Polk Wardwell Gardiner
Madison & Sutro, counsel for the Company. It is expected that delivery of Bonds in
the office of J. P. Morgan & Co. on or about April 21, 1936, against payment therefor in New York funds.
The Underwriters have agreed to
&
10114,% and Accrued
plus accrued interest.
discounts are 2% or a total of $600,000.
information, in particular financial statements, is contained in the Registration
Offering Prospectus which must be furnished to each purchaser and is
and in the
Statement on file with the Commission,
obtainable from the undersigned.
MORGAN STANLEY & CO.
Incorporated
KIDDER, PEABODY & CO.
KUHN,LOEB & CO.
LEE HIGGINSON
THE FIRST BOSTON CORPORATION
CORPORATION
EDWARD B. SMITH & CO.
BROWN HARRIMAN & CO.
Incorporated
DEAN WITTER & CO.
BLYTH & CO., Inc.
HARRIS, HALL
& COMPANY
(Incorporated)
Dated
April 16, 1936
.
The Financial Situation
deem such notions
THE week has been devoid of spectacular develop¬
ments, but not of events of significance to
thoughtful students of current trends.
York State
in New
court
was
existing,
now
appears
necessary
to discuss from time to time matters which in
general
self-evident.
are
Current
the
New
Misconceptions
recently enacted in this State in accordance with
Deal
Washington,
at
program
with which the
These
finding
a
Supreme Court of the United States
not find itself in agreement.
may
or
it
misconceptions
have
who
calm and realistic
Abroad
are
and to those
numerous
given such matters
relatively little
even
thought quite surprising (or would
the situation has continued
be if
anything
quently encountered).
but
reassuring,
and the so-called
Conservation
gold
develop
"As for myself, I am dedicated to this cause"
[conservation of natural resources].
a more reassur¬
ing prospect for
nite
continuance
present
does
the
to bear upon
No
the situation.
conducive
Shape
wasteful
to
utilization
cer¬
the
of the
nature
of
coming
in such
business
the
tions
deed it may be
all.
week, nowhere
like,
strik¬
more
and
ingly than in the Baltimore
the
of
address
early in the week. Political
the
are
opposition
are
We
far
so
as
some¬
candidates
of controlling
and
the output of
of
drawing issues sharply
servation of
our
which
some
glory,
de¬
measures
the
certain
effect
the
or
of im¬
smooth
organizations
effi¬
of im¬
and
peding the enlargement of
industrial
equipment of the
Nation
are
somehow
help¬
ful
the
average
man,
to
place "human rights "above
mineral resources?
is
(5) that
pairing,
a
Conservation
upon
ciency of large industrial
practical nature is being
done or being proposed that can really be
expected to be of great usefulness in the con¬
concerned, although it
"sur¬
hoards of
are
have
to
other
crops.
what
business,
corporate
signed to impair,
have
Just
hurt
that
such
to
distress.
must be said that the task
of
land
of
lately heard much about flood
damage to both natural and other resources,
but plans brought forward for controlling
this recurrent evil are for the most part ob¬
viously nothing more than hastily formulated
schemes calculated to appeal to people in
New Deal is begin¬
ning to clarify itself
what
that
kinds of
expressing
that
view
to the
diversion
crops, but it is hardly denied even in Wash¬
ington that the real purpose of this measure
President
is
observers
the
for
refrain
they
Midas sits in greedy
leguminous crops and ^ the
provision made for payments to
planting
farmers
for
corpora¬
distributing all their
"money"
said
was
that
thus
(4)
being planned
much
to enlarge
demand
"money out of circulation"
and
recently placed
was
the statute book in which
about
(3)
pluses"
A Soil Conservation Act
on
during the
appearance
are
cre¬
earnings in dividends take
at
munity must live has made
its
asked if they
be
can
way as
when
from
sincerely, intelligently and carefully
planned with real conservation in view?
In¬
com¬
a
goods;
Are
resources.
of
"pur¬
at least "spread"
or
the, effective
the steps that
proposed in the name
natural
of
conservation
or
desired
throughout the population
they
political campaign through
which
being taken
now
same
hours
chasing power"
The real question concerns
SOMEWHAT discon¬
certing evidence of
this
ated,
resources.
are
the
at
reducing
work
these
of
that industry
time
moment
a
A
enu¬
lag for lack of
and
wages
minded student of
serious
would for
(1)
trade
be
(2) that by raising hourly
as
our
history
deny that in the past we
as a Nation have often been
exceedingly heed¬
less 6f the necessity of care and economy in
the exploitation of our resources, or that
we
have permitted, even invited, conditions
pressure
The Campaign Begins to
Take
place
be conserved.
yet seemed
bring unusual
a
not so fre¬
were
"purchasing power;"
tainly not a politician—who would not read¬
ily agree that our natural resources ought to
it, although the Presi¬
as
prominent
as
breadth of the land—and for that matter
questions be¬
dent has not
to
of the
he can.
But is there really any such issue at stake?
It would, we believe, be difficult to find a
public-spirited
citizen in the length
and
headway with
various
fore
give
have
to
one
upon
merated:
and
Thurs¬
on
"issues" of the coming political campaign, an
"issue" that apparently he is determined to
Congress
appear
made great
day again declared himself
their
of
status.
not
With these words the President
indefi¬
an
they
few of them may
cur¬
rencies have not been able
to
so
Yet in the
clause) in the unemployment insurance
Act
may
most of them.
are
circumstances
The highest
unable to find any¬
thing unreasonable (and therefore in violation of the
due process
unworthy of serious attention,
obviously fallacious
"property
real
problem requiring
large vision and the highest sort of technical
thus
largely for the future.
skill
both planning and execution, not a
"cause" to be exploited in a race for votes.
rights,"
and
fare."
What in
and
sensibly remains
some
referred to
as a
quarters is
well
as
sense
as
a
a
wealth
of
saving
common
in
How
a
number of eminent
of
adherents
has
been
organized,
presumably to
national capital and elsewhere during the past
three
or
more
four years and, it is to be hoped, help frame
suitable
readers to
sented
on
a
President,
we
refer
special analysis of that utterance
another page of this issue.
our
pre¬
Suffice it to
here that it, along with the larger part of what
is being
said by the politicians and
ought to know better,
further
repetition
serviceable
as
of
some
others who
is to be characterized
age-worn
"vote-getters."
more
than
a
such ideas
demolish
balance
them?
elaborated and
ment
.fallacies
Ordinarily
as
considered
we
should
group
Let
sheet
is
turn
us
quite sufficient to
to
admirably
year
1935.
This
of companies produced and sold to others goods
prices received amounted to
was a
one
year
in question.
some
$1,156,-
In addition
relatively small income from investments
sort
or
corporations.
another
Whence
that enabled the general
this
the
explicit consolidated earnings state¬
000,000 during the
of
gain
hardly
published the other day by the General Motors
which at
there
even
when
be
casual inspection of an ordinary income
and
statement
Corporation relating to the calendar
policies.
As to the address of the
say
largely in the academic
the fallacies of what, has been occurring in
expose
our
life,
men
can
kept alive and
Republican
"brain-trust," consisting of
walks
promote "social wel¬
enormous
volume
in
came
the
securities
public to take and
of
of
other
the "purchasing power"
pay
for all
goods and services?
Did
Financial
2554
the
Chronicle
Depreciation and Surplus
absorption of these goods and services deduct
these amounts from
"fund of
some
of course, is
The
to establish the truth of the answer is to
volume of gross
tion.
answer,
in the negative, and all that is needed
"deductions," to
inspect the
accounting term, from this
use an
income
reported by the corpora¬
as
Study of these figures shows, of course, that
for each dollar of
others
"purchasing power" absorbed from
dollar of
one
"purchasing power" was placed
in the hands of others in the very process
this giant
of operating
organization during the year.
such statements
Lest
Our readers need not be
purchasing power" '
preexisting in the hands of the public?
consider
after the other
one
some
automobile knows of course
this
of corporations placed in the hands of others
group
expenses are
That is to
revealed.
say,
$915,000,000 of purchasing power by buying mate¬
rials and
paying
wages,
whether all of this
consumer
It all reached the ultimate
later,
or
will be clear
as
$915,000,000 from gross
power" absorbed by this
have something over
Of this, taxes
for.
State and local,
of
were,
that
course,
received
group
con¬
proceed
Sub¬
"purchasing
of corporations' net,
$240,000,000 left to account
paid to governments, national,
amounted to
took
alone
taxes
as we
analysis of the corporate operations.
our
tracting this
we
It does
paid directly to the individual
was
not.
or
sumer sooner
with
salaries and the like.
many
millions. Income
nearly $30,000,000.
These taxes
paid out by the governmental agencies
office
them to
holders, to relief
re¬
cipients, to meet debt charges and in other ways.
They contributed or will contribute to what is popu¬
larly known as "purchasing power" in the full amount
paid.
Dividends
Proceeding further, we find that nearly $106,000,000
paid to stockholders in dividends. That, as
was
is well
known, another corporation is a large owner
of stock in the General Motors
received
substantial
a
Corporation and thus
part of this contribution to
"purchasing power" is of no consequence here, for
what
we
saying about the disposition of the
are
receipts of the General Motors Corporation would
apply in the
to this second corporation
same way
and to the others to which it may pay some
of the
funds thus received in dividends from the General
Motors
Corporation. The funds will sooner or later
all reach the ultimate
lays have
now
eral Motors
gross
receipts of the Gen¬
Corporation, that is, the amount of "pur¬
chasing power" absorbed net from the general pub¬
lic, down to relatively small proportions.
We must
now
turn to
a
number of somewhat tech¬
most
are
quite unwarrantably, al¬
inexcusably, misunderstood by all too many,
particularly public officials.
known
gross
as
been to
of
was
used to make
"provision for depreciation of real estate, plants and
hardly need detain
000
carried
was
000,000
in
were a
a
us
on
number of other relatively
highly technical nature which
here.
Finally, nearly $62,000,-
forward to
addition
the dividends
to
common
the
surplus—that is, $62,-
income
stock.
the technicalities of the case,
used
to pay
Now let us forget
and come to realistic
grips with the meaning of these bookkeeping entries
so
far
as
of it in other ways.
care
cannot be
they Relate to "purchasing power" in the
hands of the
public.
The
wear
and tear that
prevented and that has brought the end
one
is what is known
year nearer
This loss of value is fully as much
depreciation.
part of the cost of operating the car for the year
the money
as
paid for gasoline,
or
for
garage space.
Naturally, therefore, the General Motors Corpora¬
tion included this item of
$62,000,000 in the cost of
production despite the fact that it may or may not
have any
Now
counterpart in cash outlay.
to
as
"surplus." As used in
this term of
is
course
a
balance sheet
purely technical one.
a
It
merely denotes the amount by which the assets of
a
corporation at stated values exceed all liabilities,
including such items as capital stock
(at par or
stated
value, more often than not arbitrarily fixed).
It has
no
tion
our
other
owns can
legislators
therefore,
meaning.
is
even
if
some
of
When,
corporation reports its surplus larger at
a
fiscal period than at its beginning,
meaning (apart from accounting technicalities)
simply that its assets have increased during the
period in question
more
Additional assets of
or
"surplus,"
to suppose the contrary.
seem
the end of any
the
Nothing that the corpora¬
be labeled
In
purchased.
known
rapidly than its liabilities.
course
either
have either to be created
what is popularly
case
"purchasing power" is distributed to the
as
Apart from revaluations of
public in the process.
items, reduction in liabilities means a payment to
enterprise other than the
some one or some
tion
so
corpora¬
reducing its liabilities.
From what has been said it is clear that
in the income account reveals what
nothing
happened to the
moneys
"retained" to provide for depreciation
carried
to
surplus net
information
consult
or
For this
changes in the bal¬
sheet, not expecting to find any particular as¬
ance
sets labeled
increased
now
must
one
after dividends.
"surplus," but to determine which assets
during the
year
and which did not. Let
us
turn to the balance sheet of the General Motors
Corporation at December 31, 1935.
serve
We at
once
ob¬
that not all the increase in assets is to be
ac¬
counted for
carried to
by funds "retained" for depreciation
surplus, for apart from transactions
or
prop¬
erly carried in the income account certain assets
This is particularly true of hold¬
disposed of.
ings of United States Government securities and to a
lesser extent of
holdings of certain other securities.
The first is what is
income of the corporation
equipment." There
than it had when he
keep it in good condition, to have defective
What the Balance Sheet Reveals
depreciation. More than $35,000,000 of the
minor deductions of
year
parts and accessories replaced, and to take the best
were
nical deductions which
less, has less service in it
a
These various out¬
consumer.
whittled the
an
purchased it, quite regardless of how careful he has
"Purchasing Power"
as
of
owner
after he has used it for
materially for the purposes here in hand
not matter
Every
that his machine is worth
a
operating
that the rank
us
of it.
as
First of all, some $915,000,000 of ordinary
reported.
feel certain, what
and often fallacious notions
of its usefulness
of the details
we
and file have such vague
unduly abstract, let
seem
told,
"depreciation" is. It is strange to
as
us
April 18, 1936
Doubtless
would at
the
once
$37,000,000
exponent of New Deal philosophy
point to
as
an
evidence of
increase in cash of
money
circulation, but few would accept
some
withdrawn from
any
such inter¬
pretation of the figures when it is realized that the
corporation
on
a
consolidated basis increased its
volume of business
by
with the
year.
previous
some
$293,000,000
as
compared
More working cash
was re¬
quired, and working cash is not idle cash. The really
important increases in assets
as a
are
found in such items
$58,000,000 enlargement of inventories (also in¬
cident
to
more
active
operations)
which could be
Financial
Volume 142
acquired only by purchases from others and the
goods and services usually termed the necessaries
payment of wages and salaries; a $28,000,000 growth
of life.
in accounts receivable and trade
clear to
of
represent extension
course
acceptances, which
of credit to others
(contributions to "purchasing power");
in real
$40,000,000
a
(which could not be
ac¬
$10,000,000 increase in investments in subsidi¬
aries and affiliates not consolidated which naturally
had to be
paid for. But it is hardly
to go
necessary
further to show that all the funds necessary
for the
purchase of all its products produced during the
placed in the hands of the public in the
year were
of producing these goods—as of course
very process
inevitable unless
was
to reduce bank
profits
were
The
analyses just made ought to make it
the
even
worse
hoarded,
used
or
loans, neither of which actually
oc¬
curred.
wayfaring
These
simple facts would
demolish
to
notion
the
must somehow be "created"
wheels of business
onstrated in the
and the patience of our readers permitted,
it would be
quite possible to carry on this type of
analysis further with profit.
poration with
course
of the
quite adequately
"purchasing power"
arbitrarily to keep the
case
of this
enterprise is equally
one
general. Let
turn next to the
us
misconceptions listed in
previous
a
paragraph, namely, that by raising hourly wages and
reducing the hours of work "purchasing power" can
be created
spread in such
or
fective demand for
in
a
the result that
this
the
goods. Such changes could result
increase in the tempo
mere
no
more
the effect
case
to enlarge ef¬
a way as
corporation and
men
of operations with
need be
employed.
the financial
on
upon
happens when
tributed to the
to
take
found of
though, that it would increase the cost of production
Let
that costs would be increased to the
us assume
point where
no
profit at all is reported—a consummation appar¬
ently desired by
What
many
would
then
be
in public life today.
men
the
effect upon
"purchasing
power"? As to the volume of it, the answer is evi¬
dent
effect at
no
:
As to its
to
all, assuming
no
distribution, obviously
change in prices.
would be paid
more
employees and less (or none) to those who pro¬
vided the
capital for the business and assumed the
risks incident to its
operations.
The persistent be¬
lief that funds in the hands of laborers result in
those in the hands of
vest
it
in
a
for goods dollar for dollar than
greater demand
capitalists who habitually in¬
enterprises that give employment is
a
strange misconception that seems to us to need no
refutation.
As
a
matter of fact such
suggested in hours and
almost
until
wages
changes
as are
would in actual life
certainly entail higher prices which, at least
countless
adjustments
were
made, would in¬
evitably curtail effective demand for goods and thus
reduce
purchasing power—which after all is really
created
public
only when goods
are
services wanted by the
course
that increases in
been self-evident
proceeded
as we
"surpluses" do not take
money
circulation, and that such "surpluses"
hoarded cash.
Just how measures,
a
course
concrete way
we
just
"purchasing power" is dis¬
public than is
necessary
the goods produced.
up
earn¬
good many),
that in effect
to enable it
We should have
goods of
type or
some
production of
goods required and demanded by the public were
be
should have had
we
living
ness
allowed to fall into disrepair
or
out without
worn
replacement. That is to say,
concrete instance of
a
people
its accumulated savings of the past.
on
Busi¬
in
men
a
event will have no difficulty in
any
visualizing the showing that would then have been
It
made.
ought not to be necessary to go to great
lengths to persuade them to view current proposals
and
policies in the light of such everyday facts as
The
these.
difficulty
seems
to be that of convincing
legislators, public officials and
should
hardly be threatened with
the sort
now
other "leaders"
many
Were this not the
and file.
of the rank
a
we
case
tax measure of
being formulated in Washington.
Federal Reserve Bank Statement
CHANGES in the accordance with expectations.
entirely in banking statistics this week
were
The
which
are
are
out
banks
over
of member
reserves
excess
legal requirements showed
the week to
increase for
an
Wednesday night of $130,000,000, to
an
aggregate of $2,550,000,000, and much of the decline
incident to the March financing
been
has
of the Treasury thus
Treasury disbursements
regained.
on
a
large scale from its general account with the Federal
Reserve
banks
the chief
were
of member bank
and
reserves
return of currency
of the increase
cause
excess
reserves,
decrease of the Treasury
amounted
credit
to
summary
$29,000,000 in
balances
on
deposits
than
less
no
but
a
from circulation after the Easter
period also contributed to the development.
indicated
reserve
on
The
general account
$134,659,000, while the
an
aggregate
decline of
in circulation.
Member bank
account advanced
$171,731,000,
money
in these circumstances.
monetary gold stocks
It is interesting to note that
continue to mount
to ever
higher levels, the increase for the week covered by the
latest
Gains
banking statistics being $10,000,000.
have been small but
metallic
steady in recent weeks, but the
acquisitions have failed for
some
time to
find their due reflection in increased Federal Reserve
of
gold
certificates.
doubtless will be made
The
abruptly during
adjustment
some
future
period.
Gold certificate holdings
not
likely
of
official estimate
holdings
brought into existence.
It has of
of
or
more
are a
in
a cor¬
statements of
It is more likely,
by enlarging the outlays for labor.
see
chosen
with net
we
one
other that had been laid aside for the
In
the distribution of "pur¬
chasing power" would be nil.
there
should have been able to
what
Had
deficit instead of
a
ings (of which of
or
turning, for what has been dem¬
true of business in
second
seem
that
that such a notion
Consider the Deficits!
If space
being dissipated,
Misconceptions Exposed
man
than foolish.
increase
an
quired except by outlays of "purchasing power");
and
is
estate, plants and equipment amounting to
far from
not
2555
Chronicle
banks
of the 12 Federal Reserve
actually declined slightly in the weekly period
April 15, from $7,665,346,000
to
$7,664,835,000
produce the good things of life more cheaply in terms
on
April 8, but
of human labor and
gain in total reserves to $8,020,315,000 from $8,-
to render it
interests of
more
difficult for such enterprises to
more
abundantly,
can
"humanity" has always been
a
be in the
mystery
to us—unless indeed it be assumed that the average
human
being is better off living the life of a savage
doing little work and having less of the ordinary
015,436,000.
was
on
an
increase of "other cash" caused a
The decline of currency in circulation
reflected to the extent of $19,277,000 by Federal
Reserve
notes,
$3,781,039,000.
which fell to
$3,761,762,000 from
Member bank balances^on
reserve
Financial
2556
account
from
deposits
from
to
marked up to
were
$5,161,317,000
$5,333,048,000
April
on
on
but
8,
April 15
Treasury-
general account dropped to $829,731,000
on
Foreign bank deposits were off
$964,390,000.
$53,826,000 from $71,622,000, presumably because
the
Norwegian Government repaid
issue of
an
$16,455,000 dollar bonds called for redemp¬
tion and
refunded
deposits
were
increased
to
decline of
Non-member bank
previously.
slightly,
up
that total deposits
so
$6,471,277,000.
balanced by the
from
$6,497,363,000
The increase of
much
April 15
on
deposit liabilities was
circulation, and
Chronicle
toward
changed, the ratio of reserves to liabilities was
in
orderly, if
price of
several
were
metal stimulated the market for a
copper
awaited, and trading
dwindled.
2,000,000 shares
Fresh
short-lived.
were
indications of economic and
volume had
declines
An increase in the
pronounced.
more
Exchange
while
sessions,
while, but such influences
were
Small general gains
liquidation developed.
occurred
political trends plainly
the New York Stock
on
almost
totaled
Turnover
Tuesday, but by Thursday the
on
dropped to hardly
than 1,000,000
more
shares.
Small gains were registered in
total reserves were not
as
April 18, 1936
the brief session last
Saturday, but the quieter tone of the market was
*
Other aspects of the banking
unchanged at 78.2%.
Discounts by the system
statistics remain colorless.
increased $691,000
for the week, to $6,193,000, while
industrial advances
Open
were
bills advanced
bankers'
holdings of
market
$56,000 to $30,313,000.
up
$2,000 to $4,690,000, but holdings of United States
Government
securities
off
were
$3,000
$2,-
to
already in evidence.
a
and
railway
The
groups.
would advance to
firm
much
on
trial
news
the
THE Government report of crops at April 1wheat
winter finds
conditions
that date indicate
on
a
of only 493,166,000 bushels, somewhat larger
crop
1935 harvest of
than the small
but
not
higher in
433,447,000 bushels
the increase in
proportion to
planted acreage this year over last.
April 1, 1935,
was
for
a crop
The forecast at
of 435,499,000 bushels.
The condition of the crop at April 1 was
of normal
and
an
which compares
average
but 68.5%
with 69.8% a year ago
of 78.9% for the ten
year
period,
rubber
that
assurance
9J^ cents caused
was
copper
good deal of
a
the
ground.
same
lower, while utility issues
unemployment
dent's
address
somewhat
A
problem
late
of 2 to 3 points
market
high-priced shares fell
of issues receded
rally developed
previous losses
even more.
A.
good pari of
a
regained in this movement.
was
in fair
were
various commodity issues also
uncertain.
were
was
Losses
moderately.
more
Wednesday and
on
Steel and motor stocks
issues
Presi¬
into the
crept
Monday, and the
appeared in various leading industrial
some
Other groups
dull
were
plaintive note regarding
depressed thereby the next day.
issues, while
the
Although indus¬
favorable, prices of the leading shares
and almost motionless.
The Winter Wheat Crop
Monday reflected
on
inquiry for related shares, and rubber issues were
tended to drift
430,249,000.
Trading
selective demand for stocks in the copper,
market
The
demand, while
improved, but railway
listless
was
on
1923 to 1932.
While crop prospects were
at
admittedly not bright
April 1, the report points out that the outlook on
that date in the three
previous years
less
was even
Thursday and quotations drifted slowly downward.
Movements
of the
1
to
excessively wet while in the West extremely arid
have
conditions
prevailed
over
much of the Great
leaving prospects for
area
ment of
21%
as
compared with
made of the fact that the
allowance for
Special mention is
the
tions
1935
possible diversion of winter wheat
are
as
well
as
in Texas and Colorado, indica¬
for increases of
approximately 100%
harvests; these States
by drought conditions last
Stocks of wheat
000 bushels
with the
were
on
small
were
seriously affected
as
of
than
April 1, of 97,053,-
in
any
other year,
exception of 1935, since the spring of 1928.
The condition of rye on
April 1
was
72.4% of normal, compared with 76.4%
stocks
with few
bond
United
showed
dealings
States
almost all
the
in
lower
consonance
European
issues
Americans
were
animated
by
a
The
a
obvious
last twelve
were
some
a
European markets
was
an
profits in various high
political
general uncertainty, but it
noteworthy that nothing like
a
On
material advance
and there
and the hesitant attitude of
High-
the
stock
trend.
variable, most of the
drop,
to
while
Latin
Commodity price
stimulation from the movements.
of
Easter
were
The
significant.
dull, partly because
closed early in the week in
were
holidays.
The French franc
point of interest, but that unit
managed to hold its
national
is
a
little change.
The crowding difficulties of the inter¬
leaders contributed to the
with
in copper metal was especially
Foreign exchange dealings
priced issues.
scene
in
generally favorable and the stock market
good deal of liquidation.
months
inclination to take
same
almost motionless, but
were
tending
spirit of great caution,
market, after all, has enjoyed
during the
engaged
isolated instance.
in better favor.
observance
were
issues
were
Foreign dollar securities
remained the focal
which at times resulted in
gains than
marked lower
affected by the
were
move was an
THE New York stock with the settled price atrend
market chief into dull
week,
alike
more
were
speculative and semi-speculative issues tended to
gained
Investors and traders
Changes
Wednesday which carried levels of
grade corporate bonds
trends
this
buying.
slightly
Government
toward
slightly lower levels.
few gains where
a
long-term bonds to best figures since issu¬
but this
ance,
advance
routine
few
spirit of caution that afflicted the stock market.
as
The New York Stock Market
a
ranging from
exceptions.
Listed
a year ago.
reported
also
were
prompted
losses, but rail and utility issues
drift
year.
farms
smaller
over
instances, but
yesterday, with the market again sluggish.
sudden spurt on
Kansas, the largest wheat producing State in
Union,
There
developments
Industrial
figures in the report make
of the AAA.
program
small in most
abandon¬
to other uses because of the soil conservation
acreage
In
a crop
ten year average
a
(1923-32) percentage of 12.6%.
no
points.
special
were
Plains
4
Weather conditions in the East have been
luminous.
were
volatile issues showed losses
more
sweeping
move
the
New
touched
new
touched
new
own,
York
while sterling also showed
Stock
low levels.
On
Exchange 41 stocks touched
stocks touched
New
at
York
%%.
Exchange
high levels for the
new
Stock
86
stocks
and 93 stocks
the New
new
low levels.
Exchange
year
York
Curb
high levels and 59
Call loans
remained
on
the
unchanged
Financial
Volume 142
On the New York Stock
session
half-day
shares;
Monday they
on
Exchange the sales at the
Saturday
on
shares;
on
shares;
on
367,110 shares;
Tuesday, 480,300
on
week
than
Prices in the main reflected
trend, and at the close yesterday
Friday of the previous week.
on
tric closed
yesterday at 40
as
greatly
on a
a
down¬
were
64.5%
General Elec¬
on
Institute at
week
a
67.9% of capacity, against
60.0% a month ago, and 44.0% at
year.
Electric power production for
ago,
this time last
the week ended
April 11 was reported by the Edison
Electric Institute at
1,933,610,000 kilowatt hours
preceding week and 1,725,352,000 kilowatt hours in
the
of
freight for the week ended April 11 were
at
Thurs¬
622,138
increase of 8,271 cars over the
cars, an
preceding week and of 35,570 cars over the same
week of 1935.
As
indicating the
yesterday at 100c.
yesterday at 62c.
against 21; Public Service of N. J. at 41
against 42%; J. I. Case Threshing Machine at 166
168%;
International
Harvester
at
87%
The
ical &
against 167%.
Allied Chem¬
Dye closed yesterday at 197% against 202
on
close!
yesterday
on
National
per ounce on
34%
against 35%;
Continental
Can
at
78%
against 79; Eastman Kodak at 165% against 167%
Standard
Brands
house Elec. &
at 22
at
15% against 16%; Westing-
Mfg. at 118% against 119; Lorillard
against 22%; United States Industrial Alco¬
hol at
52% against 58; Canada Dry at 13 against
13%; Schenley Distillers at 44 against 44, and Na¬
tional Distillers at
20%
the close
In
the
at
68% against 71
lehem Steel at
Thursday of last week; Beth¬
on
59% against 62%; Republic Steel at
23% against 25%, and Youngstown Sheet & Tube at
59% against 60%.
Auto closed
of last
In the motor
group,
yesterday at 44 against 49
on
Auburn
Thursday
week; General Motors at 67% against 69%;
copper
of
the
foreign
London closed
on
transfers
cable
6.59%c.
pence
yesterday at 45c. against 44%c.
changed from the close
and
against 20 1/16
Thursday of last week,, and spot silver
matter
transfers
on
exchanges,
cable
yesterday at $4.94%,
un¬
Friday of last week,
on
Paris
closed yesterday at
against 6.59c. the close
as
on
Friday of
last week.
30% against 31%.
United States Steel closed yesterday
Domestic
Thursday of last week.
on
European Stock Markets
The steel stocks show recessions for the week and
closed lower.
The spot price for
against 16.00c. the
as
price of bar silver closed yesterday
pence per ounce as
in New York closed
;
York
Thursday of last week.
In London the
at
against 35; Texas Gulf Sulphur
16.10c.
was
New
against 11.69c. the
yesterday at 9%c. as against 9%c. the close
27%; International Nickel at 48% against 49%;
tional Biscuit at 34
the close on
here in
as
Thursday of last week.
on
against 129%; E. I. du Pont de Nemours at 147%
against 151%; National Cash Register at 26 against
cotton
Thursday of last week.
on
close
price for
spot
closed
at
on
May oats at Chicago closed
yesterday at 11.74c.
rubber
Thursday of last week; Columbian Carbon at 127
Dairy Products at 23% against 23; Na¬
against 60%c. the close
as
on
at Chicago closed
Thursday of last week.
closed
47% ex-div. against 49%, and Amer¬
corn
yesterday at 27c. as against 25%c.
against 87%; Sears, Roebuck & Co. at 66% against
ican Tel. & Tel. at 165
May
Thursday of last week.
67%; Montgomery Ward & Co. at 43% against 44%;
Woolworth at
mar¬
against 94%c. the close
as
at
32% against 34%; Columbia Gas & Elec. at 19%
of the commodity
course
kets, the May option for wheat in Chicago closed
Thursday of last week.
against
Car loadings
corresponding week of last year.
revenue
day of last week; Consolidated Edison Co. of N. Y.
ex-div.
as
compared with 1,916,486,000 kilowatt hours in the
lower
against 39%
Steel
and
reported by the Association of American Railroads
dull and
was
lacking in color, with trading volume
ward
Thursday,
Friday, 356,925 shares.
on
The stock market the present
reduced scale.
Fri¬
230,355 shares;
were
on
Wednesday, 418,950 shares;
398,420 shares, and
on
On the New York Curb Ex¬
change the sales last Saturday
Monday,
on
Wednesday, 1,318,460
Thursday, 1,146,560 shares, and
on
day, 1,164,330 shares.
on
798,280
were
1,448,380 shares;
were
Tuesday, 1,936,660 shares;
last
2557
Chronicle
SECURITIES markets in the principal week,
European
financial centers remained dull this
ow¬
Easter holidays and
diplomatic and financial uncer¬
partly to: the extended
ing
partly to the many
tainties
was
a
evidence.
in
now
protracted
dealings
and
traditions,
The
Easter
suspension
in accordance with European
one,
were
not
resumed
until
Chrysler at 99% against 101%, and Hupp Motors
Tuesday at London, Paris and Berlin. A cautious at¬
at 2
titude then
&
against 2.
Rubber
In the rubber group, Goodyear Tire
closed
yesterday at 30% against 29
on
was
manifested in all markets and net
changes were small for the week.
Britain
of
and
France
Thursday of last week; United States Rubber at
views
32% against 33%, and B. F. Goodrich at 22 against
Rhineland situation and the
20%.
casioned
The railroad
week.
the
33% against 35%
son
on
Thursday of last week; Atchi¬
Topeka & Santa Fe at 80% against 82%; New
York
at
shares also record losses for
Pennsylvania RR. closed yesterday at
Central at
132
38% against 40%; Union Pacific
against 131%;
Southern Pacific
at 35%
a
The conflicting
with
regard to the
Italo-Ethiopian
war oc¬
good deal of uneasiness. At least equally
important were the various rumors regarding the
French election and the fears that the
be followed
balloting
may
by devaluation of the franc. The French
circulating unit was under modest pressure through¬
out the week and the Bank of France now
reports
aggregate gold loss for the last three weeks of
against 37%; Southern Railway at 16% against 18,
an
and Northern Pacific at
approximately $180,000,000. European trade and in¬
the oil
at
64% against 66
Union Oil at 17
at
on
Among
on
Thursday of last week; Shell
against 17%, and Atlantic Refining
32% against 32%.
conda
32% against 34%.
stocks, Standard Oil of N. J. closed yesterday
In the copper
group,
Ana¬
dustrial
reports, on the other hand, remain fairly
favorable.
is
Recent reports show that unemployment
declining
British
Copper closed yesterday at 38% against 38%
The
Germany and Belgium, while the
in this respect is highly encour¬
aging.
Thursday of last week; Kenneeott Copper at 41%
in
situation
London
Stock
Exchange reflected
a
fairly
against 40%; American Smelting & Refining at 78%
good tone in the initial trading session of the week,
against 84%, and Phelps Dodge at 38% against 39%.
Trade and industrial reports were quite encourag¬
on
ing this week.
Steel ingot production for the week
ending today was estimated by the American Iron
Tuesday.
while various
British funds
were
quiet but steady,
specialties in the industrial section
advance.
International securities
tended
to
marked
slightly higher, in conformity with week-end
were
L2558
Financial
advices from New York.
Reports of political diffi¬
culties revived the interest in aircraft stocks.
investment
British funds
demand for
Quiet
in
was
evi¬
dence, Wednesday, while other sections also had a
Most of the industrial issues closed with
good tone.
small
gains, and advances also were recorded in rub¬
ber and oil stocks.
ites
funds
on
marked
were
a
Anglo-American trading favor¬
extended
were
The
little lower.
gains in British
bit in another quiet session
a
Thursday, but home rails were soft.
than losses
were
registered in the industrial list, and
international issues also
an
More gains
Noteworthy
improved.
session
dull
British funds wefe steady in
yesterday, while small gains
a
were re¬
corded in most industrial and international issues.
Trading
the Paris Bourse reflected,
on
on
April 18, 1936
evident also that
The
they disliked intensely the British
for further League sanctions against Italy.
pressure
interesting and faintly amusing spectacle devel¬
oped of
concerted attack by French statesmen and
a
the French press
policy.
In
the
the endeavor
all
meanwhile,
receive
attended
France, Belgium and Italy.
the
at
the
of
close
was
Rentes drifted lower and recovered
losses in
final
a
only part of the
rally, while French equities and in¬
ternational securities also declined.
settlement
had
than
Wednesday
on
been
The mid-month
effected
was
anticipated, with
easily
more
at 5%%,
money
ticular
gains appeared in French bank, industrial and util¬
Most international issues also
ity issues.
ter.
bet¬
were
Although the Bank of France statement
on
treaties
In
steady
the Bourse in that session.
on
The im¬
pression prevailed that the outflow of gold has been
checked,
and
rentes
Small advances
but
improved in
issues
in
consequence'.
unchanged.
were
Rentes
quiet session yesterday, and equities
a
slightly higher,
Price
firm
registered in French equities,
were
international
were
were
movements
as
irregular
the Berlin
on
treaties.
new
Of par¬
by the German Government to the bilateral
prevent fortification of the Ger¬
Rhineland zone,
the French Government "made
reserves" in that connection.
finally,
would
start
on
that
again
illustrated by
was
French dissatisfaction with the
was
demonstrated in
week-end.
One
in
engaged
a
lively
hysterical
somewhat
France withdraw from the
complaints
for Great Britain
occasions
manner over
about
equally
numerous
Conditions
sion.
same,
Small
inactive basis.
while
drifted lower in listless
Losses of
industrial
point
This is, of
France
or more
course, one
unable
was
of the few
to
groups
at
a
on
Berlin.
number of
unchanged.
Fixed-interest
neglected and motionless.
done
on
the Boerse
issues
Little business was
yesterday, and changes were of
as
Crisis Wanes
for all,
very
generous
There
are
many
by
unfortunate aspects of the
affair, for anything resembling
far
a
solution remains
distant, but the immediate alarm now has been
dispelled.
Four of the Locarno countries met at
Geneva, late last week, and decided
that further
diplomatic efforts would be entrusted to the British
much
for
peace
for
our¬
former adver¬
our
purpose,
whose altruism is the
General staff conversations among
the military
perts of Great Britain, France and Belgium
started at
us
League of Nations."
ex¬
were
London, Wednesday, with the aim of elab¬
orating plans for defensive tactics in the event of
German attack.
The incident attracted
attention, mainly because these
a
are
a
a
good deal
the first
con¬
like nature held since the World War
Ethiopian War
ITALY made swift strides this week toward com¬
plete domination of Ethiopia, and
as a conse¬
European statesmen
quence
critical
situation.
The Italian
faced by another
successes
are
indis¬
Pietro
for the
northern
armies under Marshal
Badoglio
putable,
captured
Dessye,
military headquarters,
dition
were
on
the
Ethiopian
Wednesday, and
an expe¬
departed promptly toward Addis Ababa, the
were
capital.
It is evident that Ethiopian resistance is
entirely content with this arrangement, and it is
broken.
The
Government.
not
so
even
faithful to the Covenant of the
to
military occupation of the Rhineland.
still
delicate
ended.
of statements and counter statements occasioned
the German
a more
mark of the genius of France, that keeps
DIPLOMATIC fair displace entirely the series
discussions among the Locarno
Powers bid
Wednesday at Paris,
on
"It is still and always has
saries," he declared.
versations of
Locarno
Premier
emphatically that France is
"We seek not
peace
been this
of
moment.
the
sway
strong enough to protect her interests by force, if
selves
more
speech
a
He declared
still
The tendency
appeared in
Sarraut, in
necessary.
other
downward
were
no
a
The
•:
that the League works
was
repeated the French complaints in
manner.
that
League of Nations.
against Italy, but not for France
where
much the
stocks, but utility and shipping issues
virtually
were
on
most
trading.
definitely
was
a
were
Heavy industrial issues tended to
fractionally,
Thursday
were
at the end of the dull ses¬
Wednesday
on
only that trading was
save
improve,
gains and losses
press
demand
Albert
affairs.
the last
important section of the Paris
a
burden of the
of events
course
In company
ternational
ap¬
proval" of the findings.
League to do the precise bidding of Paris.
exchange reflected much uncertainty regarding in¬
final
a
that Italy "reserves
effect
the
conversations
The aloofness of the
Wednesday.
Italian Government
paragraph to
The governments
staff
general
Boerse, in the initial session of the week, Tuesday.
with other markets, the chief German
But
suggested in Herr Hitler's communications.
against Germany.
well.
were
negotiation of
endeavor to
an
man
Thursday reflected another large gold loss, prices
were
noted that
interest, the statement said, is the meaning
attached
gained some encouragement from that circumstance.
slightly higher, while larger
was
desired contribution
the
admitted, and Great Britain was'appointed to
agreed,
marked
statement issued
a
conference, it
conduct the conversations with the Reich.
all
were
was
Britain,
Great
advisability of exploring the situation further
against 5%% at the end of March, and the market
Rentes
In
April 10,
on
of
toward that reestablishment of confidence which is
situation.
done and prices
long.
representatives
by
the
was
conformity with
meeting at Geneva,
regard to election prospects and the international
Very little business
before
consideration
The Locarno
essential for the
marked lower in almost all sections of the list.
to
League requirements, this matter doubtless will
day, the uncertainty felt in the French capital with
were
made in strict
was
Germany had not made
Tues¬
continued
Turkey
for permission to fortify the Dardanelles, and
press
as
against the League, which for 15
has been the cornerstone of French foreign
years
was
advance in DeBeers diamond shares to the best
level of recent years.
Chronicle
French
authorities
apparently
course
of the
war
places the League
Volume 142
Financial
of Nations in
position, owing to the deterby Geneva against Italy as the
aggressor in the conflict.
Japan—China—Russia
rVtPLOMATIC, military and commercial develop-
The British Government
equally embarrassed, for it
ments in the Far East reflect the strains and
largely at
was
stresses that many observers believe will result in
the insistence of London that
the League took up
cudgels in behalf of Ethiopia. France remains
friendly toward Italy and anxious to terminate the
eventual warfare.
the
sanctions against
to
Rome
is
of
The
differences
France occasioned by
spective views of the German Rhineland
their
peror
forces
over
ficult to penetrate,
difficulty, and the
tory before the
of
that
the personal army of Em-
rains set in.
No resistance
whatever appears to have been encountered
Italians, who made
only
five
days.
They
entered
Dessye
Wednesday, still without encountering
sition.
A
small
croachments of
be
•
by the
mobile
brigade
early
any
on
oppo-
dispatched
was
Even if such statements
is not desired.
war
of military and diplomatic incidents, and new en¬
forced march of 120 miles in
a
and it is possible that some
quite sincere, continual additions to the series
are
conquering all possible terri-
summer
The
the other.
on
comfort may be gained from continual protestations
Haile Selassie, just two weeks ago, the Italian
pushed on rapidly toward the south, with
the obvious intent
hand, and Japan and China
one
highly confused.
victory
matter
are a
while charges and
occurrence,
real intent of Far Eastern diplomacy always is dif-
re-
occupation
enhanced by the
Ethiopian
whole situation now is
were
Alarming incidents
daily
tion of feelings between Japan and Russia on the
between
and
virtually
counter-charges also indicate the steady exacerba-
Rome, but the British antagonism
unrelaxed.
Great Britain
After their
2559
difficult
a
mined stand taken
is at least
Chronicle
territorial nature, are hardly to
a
considered
The virtual alliance
soothing.
tween Russia and Outer
Mongolia
is
now
be-
matter
a
of record, and some additional clashes were reported
this
week
between
Mongolian
and mixed
troops
forces of Japan and Manchukuo.
With apparent
reference to the fight that occurred some weeks ago
at
point
a
miles within the border of Outer
many
along the highway toward Addis Ababa, only 170
miles away, and the Italians are
counting confi-
Mongolia, Japanese officials claimed late last week
dently upin
Russian trespassers at
occupation
jTlie Italian flag
means
conflict
Great
with
of the Blue
an
inevitable deepening of the
Britain, since the lake is the
Nile.
In
the southern
Ethiopia, General Graziani increased
the
on
Ethiopians,
so as to
Ethiopian chieftains
ering in
European
their
Italy would set
the
up
pressure
Haile
to
expectation
in Ethiopia
Some of the
war.
reported to be
were
allegiance
circles
the
part of
prevent any diversion of
troops to the northern theater of
native
capital.
was raised on the shores of Lake
Tsana, which
source
of the Ethiopian
wav-
Selassie.
In
prevailed
that
puppet-State, much
along the lines of the Japanese method in Mana
churia.
The
Council minus
Mussolini sent
one
of
his most
skilled
diplomats,
Pompeo Aloisi, to attend these conversations.
Even before the
dent that the
meeting began, however, it
League would face
problem.
a
The British Cabinet met
military
no
against Italy.
or
evi-
was
difficult and dan-
day to consider the situation, and it
that
was
Mon-
on
reported
naval sanctions would be urged
In France it
was
rumored
the
over
last week-end that the Paris Government would
sup-
port Italy
against England, if forced to make the
diplomatic choice.
These reports were followed,
Wednesday, by intimations that Italy would make
an
as
alliance with
France, if the latter country would
put an end to the League sanctions. On the same
day official statistics were made available at Geneva
to indicate that
Italy is suffering genuine hardships
because of the sanctions voted last Nov. 18.
Britain
was
said to demand
negotiations before
sanctions.
Thirteen
On
was
a
Great
start of actual peace%
consenting
to
termination
of
Thursday the League Committee of
informed
by Baron
Pompeo
Aloisi,
according to Geneva dispatches, that Italy would
consider peace
sue
for peace,
negotiations only if Ethiopia would
and it
was
stipulated that the
versations must take place without League
progress
made.
Ethiopian
delegates
completely inacceptable, it
was
con-
participa-
tion, although Geneva would be informed
terms
officers
was
killed by
point four miles within the
a
Notwithstanding such devel-
opments, high Japanese military authorities are said
to believe that
between Russia and
war
impossibility.
In notes
Japan is
exchanged between
an
Man-
chukuo and Outer Mongolia, Wednesday, these vasStates of Japan and Russia reached an agree-
sal
ment
for
conference
a
Russian army,
peak of its
problems.
The
however, is being maintained at the,
power
matic circles
border
on
are
in the East,1 while London diplosaid to view
military alliance
a
between Japan and Germany as inevitable.
of
alliance,
an
Such
directed
would be
course,
solely
against Soviet Russia.
Italy, met at Geneva,
Tuesday, to discuss proposals for terminating the
conflict
between
Italy and Ethiopia.
Premier
gerous
of their military
one
border of Manchukuo.
League of Nations Committee of Thirteen,
which is the
Baron
that
held
of the
these
reported.
.
The pact of mutual assistance signed by Russia
and Outer Mongolia was protested by the Nanking
Nationalist Government of China, on April 7, and
Russia
reminded of pledges to
was
Mongolia
Government
the
on
The Soviet
promptly rejected the Chinese protest
alleged ground that the mutual assistance
treaty does not in
Chinese
was
consider Outer
integral part of China.
an
any way
sovereignty
infringe
the
over
area.
on
the admitted
But Nanking
not content with the Soviet reply, and it may
be that the matter will be placed before the League
of Nations.
Even
more
significant than the incident
involving Outer Mongolia is
a new
encroachment by
Japan in the northern Provinces of China
The
areas
of Eastern Hopei. which were
"autonomous"
some
months ago at
proper,
declared
the instance of
the Japanese military authorities probably will be
bound to Manchukuo in
reported
on
a
military alliance, it
Monday from Tokio.
was
All of Hopei and'
Chahar Provinces probably will be subjected to such
arrangements, as
a
reply to the Soviet
respect to Outer Mongolia.
ments
were
made in
move
with
Just before such state-
Tokio, Japanese military lead-
in Northern China indicated that the "autono-
ers
mous"
and
area
will
will take
cut
over
control of its
own
import duties drastically.
customs
It
seems
fairly clear, of course, that such steps will lead to
the addition of
Hopei and Chahar to the Japanese
vassal State of Manchukuo.
on
Tuesday that Japanese
the "autonomous"
been renewed.
area
Chinese officials stated
pressure
for extension of
in Northern China
now
has
Financial
2560
Chronicle
April 18, 1936
of the 21 American
Japanese Naval Policy
Republics
may
unanimously sup¬
for¬
His
own reciprocal trade treaty program was described
by Mr. Hull as one of the essentials to peace, since
port the efforts of their governments to banish
RECENT likely to from Tokio suggest that Japan
reports endanger the three-Power naval
is
not
treaty which was signed at London
last month by
representatives of Great Britain, the United States
and France.
The London agreement called princi¬
pally for exchanges of building information among
the
continuance of qualitative
already in effect under the Washington
and
participants,
limitations
After Japan withdrew from the London con¬
pact.
entertained of
obtaining the adherence of Tokio, but some rumors,
nevertheless, were current that Japan might sign.
In a Tokio dispatch1 of last Saturday to the New
ference, in January, no hopes were
York "Times" it was
gain
it
pointed out that Japan would
real advantage from signing the treaty, but
no
also
indicated
was
that
intention
exists of
The non-treaty status de¬
contravening its terms.
sired by
no
Japanese naval men has been attained with¬
alarming consequences, and domestic reasons for
out
doing nothing further at present are stronger than
foreign arguments for signing, the dispatch stated.
"With obvious sincerity, based on equally obvious
Japan
authorities here
naval
self-interest,
that
will start a naval race," the report
never
continued.
"It would
interest
do
to
declare
so,
they
say,
and the
new
will not be started
After
by others."
a
suit¬
interval, the Japanese Government probably
will
signify its adherence to the submarine clauses
London
the
that
agreement, it was suggested, since
portion of the treaty is regarded in Tokio as
acceptable.
SUBSTANTIAL progress already has been made
toward formulating the agenda for the PanAmerican
on
problems of interest to all
which
Republics
Buenos Aires later this year.
at
is to be
held at
The State Department
Washington made public, last Monday, replies
from the heads of 17 Latin American countries
the
to
personal suggestions for such a gathering sent
In three instances, it was
by President Roosevelt.
revealed, suggestions were made for the formation
of
American League
an
in the Western
of Nations, to
Hemisphere.
preserve peace
These sweeping aims
proposed by Presidents Alfonso Lopez of Co¬
were
lombia, Rafael L. Trujillo of Dominica, and Jorge
of
Ubico
Guatemala.
countries
other
also
Replies from
contained
a
long list of adjustments of disputes by
a
significant that
some
Mr. Hull pointed out.
means,
sized the contrast between the
the New World and
He empha¬
peaceful conditions in
the atmosphere
of insecurity,
"The goal
uncertainty and fear prevalent elsewhere.
which
we
are
which the
mine
seeking," lie said, "is an America in
spirit of mutual helpfulness shall deter¬
international
relations;
in
which
fear
of
aggression shall disappear, and in which the great
of
purpose
security shall have been
supposed, the Secretary
national
achieved."
be
Let it not
added, that difficult and delicate questions have not
arisen between the American
Republics and will not
The difference is in the atmos¬
arise in the future.
phere in which they are treated, the spirit in which
they
approached, and the deeply-rooted desire
are
of the nations of the Americas to preserve
of the
the peace
Continent, he declared.
Calles Exiled from Mexico
ONLY a brief flurry of excitement was of General
Mexico,
April 10, caused by
the exile from
Plutarco Elias
on
Calles, former dictator of the coun¬
try and for a long time a leading figure
in the revo¬
for a
lutionary movement that has agitated Mexico
The event demonstrated, however,
quarter-century.
Cardenas
Lazaro
President
now
is the
real
number of
suggestions regard¬
of the largest
coun¬
The conflict between General
in progress
of the Labor groups.
Calles and President Cardenas has been
for
some
time, and it centered mainly around the
strikes
numerous
and
labor
disputes
have
that
hampered Mexican development in late years.
statements
made last June,
In
these differences were
aired, for General Calles then called upon Labor
in Mexico to cease their obstructionist tac¬
Cardenas, on the other hand, de¬
groups
President
tics.
difficulties reflected what he con¬
clared that the
sidered
a
between
justified attempt to gain a fairer balance
capital
and
labor.
It is hardly
doubted that Senor Cardenas had the
to be
support of the
majority of Mexicans in these views, for his popu¬
increased
larity
steadily,
while
that of General
Calles waned.
The
ing matters that might be included in 'the agenda,
and it is
the Americas
"strong man" of Mexico, and it is significant that
Senor Cardenas leans far to the Left in his support
Pan-American Conference
the
pacific
The
well-being of nations.
international relations in
of
contains
that
American conference
from this hemisphere."
war
London
able
of
of
it fosters the economic
record
be entirely against Japan's
treaty to some extent is a guarantee that a naval
race
the scourge
ever
precise circumstances leading up to the actual
expulsion of General Calles from his native country
somewhat obscure, for the brief statement issued
tries, such as Argentina and Chile, called for the
of commercial
and
economic subjects.
are
inclusion
by the
Brazil
Soldiers surrounded the home of the former dictator
simply accepted the invitation of the Presi¬
and
dent
Latin
made
no
American
suggestions, and various other
States
adopted
a
like procedure.
late
be
on
Mexican authorities was not informative.
April 9, and they informed him that he would
placed
on an
airplane the next day and sent to
General Calles merely declared
States.
Only Paraguay has failed to reply favorably, but
the United
the
that he considered the
delay is due to the recent governmental overturn
in that
cion
country, and an acceptance from the Asun¬
regime is assured.
cate
that
July
or
the
Washington dispatches indi¬
will be held in
conference probably
his
of
is
Several former political leaders were
passing.
placed
on
the
same
airplane
with Senor Calles.
They included Luis L. Leon, Luis N. Morones, Gen¬
August.
Secretary of State Cordell Hull gave some indi¬
cations
government, and not himself,
responsible for the conditions through which Mexico
views
on
the
proposed conference,
eral Rafael Melchor
Tapia.
Tuesday, in the course of an address before the Pan-
ernment said
American
consequence
Union, in Washington.
He expressed the
Ortega, and General Jose Maria
The official statement of the Mexican Gov¬
merely that the exile
was
ordered "in
of threats to the public welfare which
the Federal Executive to take this action."
hope that the conference "may carry the standard
forced
of
step farther toward realization of
General Calles and his associates arrived in Browns¬
perpetual peace, and that the peoples
ville, Texas, without incident, and they declared in
goodwill
the ideal
one
of
Financial
Volume 142
interviews
Mexico
conditions in
that
Gold
chaotic.
are
2561
Chronicle
a
before 74,978,196,828 francs. A decrease
government is helping it to spread," General
also appears
in credit balances abroad of 2,000,000
"Communism
and the
But in Mexico
Calles said.
City, last Sunday, 20,000
members of the Confederation of Mexican Workers
marched
the National
to
gratitude
over
Palace
to
their
express
the action of President Cardenas.
Discount Rates of
francs, in advances against securities of 65,000,000
francs and in creditor current accounts of 118,000,000
The Bank's
francs.
previous
Foreign Central Banks
THERE have been no of of the foreign central
changes during the week
in the discount rates
any
Present rates at the leading centers are shown
banks.
in the table which follows:
Notes in circulation reveal a contrac¬
year.
740,000,000 francs, bringing the total of notes
lation
a
Rate
Country
Effect
Apr.17
4
Aug. 28 1935
Nov. 29 1935
3H
Ireland
3
June 30 1932
Italy
5
9 1935
6 1936
June
2 1935
3H
Jugoslavia.
5
Feb.
1 1935
6H
Aug. 15 1935
Canada
2H
Mar. 11 1935
—
Japan
Chile
4
Jan.
24 1935
4k
Java
4
July
18 1933
5
Jan.
1 1936
7
Jan.
6H
May 28 1935
6
21 1935
Norway
3H
May 23 1933
Changes
Oct.
25 1933
6
5
Dec.
13 1934
5K
4H
Dec.
7 1934
6
4
Oct.
Aug. 21 1935
2M
Poland
June 30 1932
Portugal
Estonia
5
Sept. 25 1934
Finland
4
Dec.
4 1934
2^
5X
4^
.
_
.
...
Rumania
.
.
South Africa
3^
May 15 1933
5
Mar. 28 1936
3X
Spain
5
July
10 1935
4
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
7 +
Oct.
13 1933
7H
Switzerland
2H
May
2 1935
2H
Feb.
31936
France
Germany
.
.
bills
discounted.,
bought abr'd.
Francs
+ 20,000,000
1,310,322,539 1,093,720,263 1,055,286,401
—65,000,000 3,410,562,792 3,155,333,147 3,060,225,666
83,841,694,630 82,817,165,795 81,630,950,240
—740,000,000
—118,000,000 10,105,341,699 18,616,911,813 15,081,972,516
Note circulation
Credit current accts.
Propor'n of gold on
hand to sight liab.
3
a
77.53%
80.23%
67.03%
—0.39%
b Includes bills discounted abroad.
Includes bills purchased in France,
Foreign Money Rates
5,313,038,075
3,922,418,773
+ 236,000,000 13,573,502,778
Adv. against secure.
5H
Apr. 13 1934
Francs
French commercial
b Bills
2
Holland
a
Apr. 12 1935
Francs
—945,106,672 62,972,019,569 81,384,649,514 74,978,196,828
13,536,365
10,153,302
5,569,376
—2,000,000
holdings
Credit bals. abroad,
3
Greece
Gold
Apr. 10 1936
Francs
4
5
5
.
—
STATEMENT
for Week
4^
—
2
.
BANK OF FRANCE'S COMPARATIVE
7
6
Morocco
3H
England.
2 1934
Lithuania..
3H
Czechoslo¬
Denmark
below:
3.65
4H
May 15 1935
6
Danzig
of 236,000,000
bought abroad of 20,000,000 francs.
3H
4J4
3.29
Sept.
Apr.
July
2
3
increase
4^
3
Bulgaria—
vakia
an
comparison of the different items for three years
appears
India.
Belgium
.
record
discounted
Rate
Hungary...
4
1 1935
A
vious
4H
3H
Batavla....
.
Dale
Established
4
10 1935
Austria
July
Pre¬
Rate in
vious
French commercial
81,630,950,240 francs.
years ago
CENTRAL BANKS
Pre¬
Date
Established
Effect
Apr.17
Circu¬
82,817,165,795 francs and two
year ago was
francs and bills
Rale in
ratio stands at 67.03%,
outstanding down to 83,841,694,630 francs.
bills
DISCOUNT RATES OF FOREIGN
Country
reserve
compared with 80.23% last year and 77.53% the
tion of
Colombia
aggregated 81,384,649,514 francs
ago
year
rapidly is spreading in the country,
and the year
Bank of Germany Statement
IN bills
LONDON open market discount rates for short THE statement for the second quarter of April
Thursday
9-16@Y^%,
against
shows
decline in gold and
bullion of 2,000
on
as
were
a
9-16@^g%
Friday of last week, and 9-16% for
on
three-months' bills,
last
was
week.
as
against 9-16%
on
Friday of
on
Money
call in London
on
Thursday
At Paris the
}/2%.
5/4%, and in Switzerland at 2J4%*
Bank of
Gold
a
aggregated 81,013,000 marks and
ago
year
the year
before 226,390,000 marks.
appears
market rate remains at
open
marks, bringing the total down to 66,807,000 marks.
in
reserve
in foreign
A decrease also
currency
of 42,000
marks, in bills of exchange and checks of 1,083,619,-
England Statement
000
in
marks,
of
advances
12,997,000 marks,
in
investments of
THE statement of another gain in gold holdings,
April 15 shows the Bank for the week ended
£429,955 and bringing the total to
amounting to
another
high of £202,379,419 as compared with
new
£193,044,858
of
culation
year
a
£475,000
deposits
rose
than offset the gain in
more
bullion and resulted in
Public
Expansion of note cir¬
ago.
a
loss of £45,000 to reserves.
£299,000
other deposits
and
£10,897,932. The latter consists of bankers' accounts
which
increased
which fell off
lower this
previous;
on
week to
The
other
and
£11,471,385
£573,453.
reserve
accounts
ratio dropped
26.74% from 28.91% the week
the ratio
a year ago
40.71%.
was
Loans
17,994,000 marks and in other assets
of
marks.
94,313,000
stands
and
now
on
securities
other
decreased
The
1.77%,
6.8% the previous
show
a
down
contraction of
to
as
and
rate
latter amount
advances
of
and
discount
comparison
£1,017,692
discounts
£529,232, from securities.
remains
2%.
Below
we
with
different items
of the
The
show
a
preceding
3,488,322,000 marks
ago
at 3,428,671,000 marks.
in silver and other coin of
BANK
OF ENGLAND'S COMPARATIVE
furnish
April 17
April 18
April 19
April 20
1936
1935
1934
1933
1932
of
14,534,000 marks.
REICHSBANK'S COMPARATIVE
421,890,000 392,449,184 373,893,653
9,147,332 14,383,801
9,903,000
Other deposits
141,480,223 139,687,225 142,197,025
Bankers' accounts. 104,911,379 100,294,413 103,388,348
Other accounts
36,568,844 39,392,812 38,808,677
Govt, securities
106,671,996 89,986,044 79,499,371
Other securities
21,918,248 15,924,634 16,570,564
Dlsct. <fc advances.
5,375,078
5,923,044
8,755,790
Securities
13,162,458 10,001,590 11,195,486
Reserve notes <fc coin
40,488,000 60,595,674 78,182,604
Coin and bullion—
202,379,419 193,044,858 192,076,257
Proportion of reserve
26.74%
49.92%
to liabilities..
40,71%
deposits
2%
Bank rate
2%
2%
376,122,995 354,271,157
9,912,351
9,149,015
139.989,369 107,424,864
103,975,618
72,839,657
36,013,751
34,585,207
76,201,127 57,605,906
23,661,762 34,480,345
11,829,667 11,197,846
11,832,205 23,282,500
68,711,952 42,158,359
184,834,947 121,429,516
45.83%
2%
36,16%
3%
STATEMENT
Gold and bullion
Reserve In foreign curr.
Bills of exch. and checks
Silver and other coin
Notes
on
Reichsmarks
—2,000
Ol which depos. abroad
other Ger.bks.
No change
—42,000
THE statement for the week ended April 10francs,
shows
in gold holdings of 945,106,672
a
loss
bringing the total down to 62,972,019,569 francs.
Reichsmarks
Reichsmarks
66,807,000
81,013,000
20,264,000
5,453,000
21,818,000
4,320,000
-1,083,619,000 3,097,424,000 3,594,035,000
200,450,000
+ 33,785,000
151,165,000
*
1,532,000
12,373,000
37,445,000
40,225,000
—12,997,000
628,678,000
721,404,000
—17,994,000
—94,313,000
427,387,000
610,593,000
226,390,000
36,282,000
5,707,000
2,913,248,000
254,274,000
12,120,000
63,002,000
669,378,000
514,648,000
-
Liabilities—
Notes In circulation
—78,123,000 4,070,832,000 3,488,322,000 3,428,671,000
+ 77,033,000
775,999,000
898,314,000
460,036,000
+ 14,534,000
171,883,000
147,263,000
207,308,000
Propor. of gold & for'n
curr.
*
to note clrcul'n.
+0.03%
2.44%
1.77%
6.8%
Validity of notes on other banks expired March 31, 1936.
New York Money
Market
DEALINGS little Newthan nominal market re¬
in the
York money this week,
mained
more
with rates
unchanged in all departments.
ers' loan total shows a mild tendency
Bank of France Statement
we
Apr. 15, 1936 Apr. 15, 1935 Apr. 14, 1934
Reichsmarks
Assets—
Other liabilities.
Public
Below
Changes
Other dally matur. oblig.
Circulation
An increase appears
33,785,000 marks, in other
years:
Other assets
April 15
year
comparison of the various items for three
a
Investments
STATEMENT
a
and two years
daily maturing obligations of 77,033,000 marks and
in other liabilities
Advances
"
years:
Circulation
4,070,832,000 marks.
£1,546,924; of
from
was
Notes in circulation
year.
stood
at
ratio
reserve
78,123,000, bringing the total
for Week
the
Bank's
against 2.44% last year
ago
government securities increased £12,810,000, while
those
at
The brok¬
toward
expan¬
sion, but the requirements are easily met. Call loans
on the New York Stock Exchange held to %% for
all
transactions, whether renewals or new loans, and
time loans were offered
freely at 1% for all datings
Financial
2562
to six months.
up
ers' bill
sold last
There
Monday
bills due in 273
The Treasury
rates.
issue of $50,000,000 discount
an
days, and awards
of 0.10%,
average
changes in bank¬
were no
commercial paper
or
computed
were
on
made at
annual
an
an
bank
discount basis.
Chronicle
slightly firmer and
volume of transactions
the
active
was
indicative
of any
EALING in detail with call loan
Stock
rates
the
on
Exchange from day to day, % of 1%
remained the
ruling quotation all through the week
for both
loans and renewals.
new
time money
shows
been reported
change,
no
mercial paper has
market for
are
quoted at
now
The market for prime
1% for all maturities.
the
Rates
this week.
The
transactions having
no
com¬
been quite active this week though
supply of high-class
outlook, but
is still short of the
paper
bankers here and
now
has been between
and
$4.95% last week.
has been
with
a
between
of
range
The
$4.93% and $4.94%, compared
from
Paris
coming out and comparatively
been
have
reported.
Eates
are
Quotations of the American Acceptance
unchanged.
Council for bills up to and
Monday, April 13.
Tuesday, April 14
.Holiday
Saturday, April 11.
Monday, April 13
Tuesday, April 14
including 90 days
PAID
The bill-buying rate of the
5-16% asked.
Bank is
Eeserve
from 1 to 90
%% for bills running
days, %% for 91- to 120-day bills, and
all
Thursday,
April 16__140s. 10
April 17._ 140s. lOd.
that
acceptances
nominal in
are
so
far
The nominal rates
for open
market acceptances
Prime eligible bills
X
„
Asked
516
%
516
with
event
are
not be
adopted
of the
X
316
30.
ays——
Bid
Asked
Bid
Asked
X
3J6
X
316
X
DELIVERY WITHIN THIRTY
FOR
following is the schedule of rates
paper
at
now
the
in effect
different
Previous
Established
April 17
Rate
Feb.
2
81934
successful
Feb.
2 1934
Philadelphia
Jan.
17 1935
measures
may
be taken
greatly change the status of the
be further jeopardized by other
While
before
rate
and
2X
May
11 1935
it
the
measures.
generally believed in London just
was
Rhineland
that the sterling-dollar
move
remain for
would
some
time at around
even
$5.00,
at present rates
as
Whatever weakness sterling shows
Dutch—to
2
continued
New- York
the
security
markets.
Figures recently published by the Interstate Com¬
2
May
Atlanta
2
Jan.
14 1935
2X
Chicago
2
Jan'.
19 1935
St. Louis
2
Jan.
3 1935
2X
2X
Minneapolis
Kansas City
2
May 14 1935
May 10 1935
2X
9 1935
Commission
merce
2 X
Richmond
2
the
2
IX
2
IX
in
heavy flow of foreign funds—British, French, Swiss,
2X
New York.
:
be
in terms of the dollar is due at present to a
Date
Effect on
Boston
France—Communists,
Radicals—will
and
relatively firm.
RESERVE BANKS
Rate in
Federal Reserve Bank
generally feared abroad
in
sterling must be considered
DISCOUNT RATES OF FEDERAL
impor¬
Bank of France and that the situation of the franc
Reserve banks:
Cleveland
It is
parties
in Paris which may
may
of
Leftist
and that extreme financial
rediscount rates of
classes
The most
uncertainty regarding the position
French franc.
the
Socialists
THERE have been nothe Federal Reserve banks.
changes this week in the
various
.It should
forthcoming elections to the Chamber of Deputies
% % bid
H % bid
Discount Rates of the Federal Reserve Banks
the
attitude of caution.
DAYS
...
Eligible non-member banks.
for
limited scale
assumed, however, that the Rhineland action
is the chief factor in this attitude.
that
Asked
Eligible member banks
on a
respect to foreign exchange
banking and security business has
3j6
.....
foreign exchange
the
respects
an
Bid
Prime eligible bills
35.00
Asked
Bid
60 Days
90 Days
April 17
likewise
120 Days
-150 Days
150
Bid
Friday,
Operations have been
SPOT DELIVERY
Asked
35.00
35.00
tant factor is the
Bid
April 16
are
follows:
—180 Days—
Thursday,
transactions and
they continue to fix their own rates.
as
$35.00
35.00
for
rates
the dealers
as
Wednesday, April 15
$35.00
movement in the Rhineland
since
market
(FEDERAL
when the German troop
holdings of acceptances increased from $4,-
Open
STATES
BY THE UNITED
developments since March 7,
place.
$4,690,000.
PRICE
Wednesday, April 15.. 140s. lOd.
Friday,
important
took
to
MARKET GOLD
market presents no new
The Federal Eeserve
1% for 121- to 180-day bills.
April 17
RESERVE BANK)
V
In
74.942
74.959
74.960
April 16
140s. lOd.
Tuesday, April 14
%%
3-16% asked; for five and six months,
Thursday,
Holiday
FOR GOLD
are
PARIS
April 17,
Holiday
Saturday, April 11__
Monday, April 13
The
London check
Wednesday, April 15
74.952
3-16% bid and %% asked; for four months, %% bid
as
mean
CHECK RATE ON
LONDON
and
concerned,
a
gold price, and the price paid for gold by the
.Holiday
PRICE
688,000
$4.95%
day to day, the London open
LONDON OPEN
slow in
transactions
banks'
$4.94% and
between
following tables give the
on
MEAN
week for
York
for cable transfers
range
United States:
THEEE has primea bankers' acceptances but bills
been keen demand throughout the
New
of between $4.94
a range
The
Saturday, April II
bid and
rahge for sterling this week
week ago.
Bankers' Acceptances
few
the
may con¬
$4.93% and $4.94% for bankers'
sight bills, compared with
market
been
uncertainty
on
Frenchplections scheduled for
names
have
to the
as
The
running from four to six months and 1% for
less known.
thought
was
clue
April 26 and May 3.
rate
are
a
tinue until after the
names
Eates
It
change in trend.
pre-Easter trading might give
%% for extra choice
requirements.
The
Tuesday were not
on
other side feel that the current
k
Tuesday when a
on
small, however, that
so
slightly firmer quotations
immediate
Rates
more
small commercial demand entered the market.
that
New York Money
April 18, 1936
have
during the past
their stock
2X
Dallas
2
May
8 1935
2
Feb.
16 1934
2 X
year
European investors
substatially
increased
holdings in the chief American railroad
It is well known that the great gold
systems.
2 X
San Francisco
that
show
i
acces¬
sions of the United States in the past two years have
Course of Sterling
Exchange
been
due
to
the
American market
STERLING and the entire foreign exchange market
dull,
markets have been since the
continue
as
beginning of Holy Week.
markets
were
closed, not only
Saturday last and
exchange
on
these
on
The London and Paris
on
Good Friday, but
on
Monday of this week. However,
these centers
days.
on
The
was
quoted in New York
foreign
exchanges
became
here
are
flow
on
European
way
funds
There is
a
is
even
the
greater than for the
superabundance of foreign
offer in the New York security market.
it may
to
of London. Bankers
satisfied that the foreign demand for Amer¬
ican industrial shares
rails.
of
chiefly by
be
seen
of funds to
money
Hence
that these extraordinary movements
New York must be to
some
extent
an
Financial
Volume 142
element
making for weakness in the pound in terms
As
a
of
advisory committee to help him to decide
or not to permit issuance of foreign securities
an
whether
of the dollar.
seasonal matter
and the
2563
Chronicle
commercial account sterling
on
foreign exchanges should be firm against the
dollar, but the commercial factor has been of slight
The committee will be guided
Great Britain.
in
recommendations
in its
primarily by the general
economic situation of Great Britain, the principal
importance since 1931 because of the great reduction
object of the present restrictions being to protect
in international trade
sterling against sudden dislocating strains.
restrictions
and
resulting from various import
proach of the tourist
With the
controls.
exchange
the European currencies,
season
particularly sterling, should experience
which should greatly offset the
ations
As
be
ap-
demand
a
curtailment of oper-
regarded
even
at current figures sterling must
If there is
relatively firm.
as
large
a
demand from other countries for dollar investment
by
of London, the fact must not be lost sight of
is also a heavy movement of funds to
way
that
there
London from all parts
and
of the world for investment
Sterling is firm against virtually all
safety.
The movement of money
currencies.
temporary domicile is reflected in
into London for
the steady sales
gold in the London open market, which is taken
of
from
day
of foreign
for account
chiefly
day
to
The flow of foreign
hoarders.
funds is also reflected
high deposits in the London banks and
ease of rates in the London/money
in the record
in the extreme
L
market.
Financial London
difficulties
the
The
major
complicated international political sitattention of London seems to be centered
maintaining the steady upward curve of domestic
on
unemploy-
industry. There is a consistent decrease in
ment in Great Britain.
as
no
will arise from
threatening to business
present
uation.
confident that
seems
are
the upgrade,
on
The housing
capital goods.
in
words,
program,
shows
Rail traffic is
operations in steel and the engineering trades,
other
in
which has been under way for a few years,
hardly
For the first
signs of diminution.
any
quarter production of steel amounted to
2,831,100
output for the
corresponding quarter of 1935. Pig iron production
in March was 633,600 tons, compared with 584,700
tons, which was 19% more than the
tons
and with 554,200 tons in March,
in February
doubt that the
overseas
trade.
such a possibility. There are certain finance houses
in London which would doubtless welcome a loan to
Germany in order to safeguard their frozen credits
in that country. It is thought in responsible quarters
that such a loan or credit could only b§ authorized
. by the British Treasury as a part of general currency
devaluation and stabilization, coupled with limitation
of armament programs to be agreed upon within the
framework of the League of Nations,
All the gold on offer in the London open market
continues to be taken for unknown destination
generally believed to be for account of foreign
hoarders. On Saturday last and on Easter Monday
there wras no gold on offer. On Tuesday there was
taken £276,000, on Wednesday £633,000, on Thursday £386,000, and
on
Friday £290,000.
changed. Day-to-day money is at J^%. Two- and
three-months' bills are 9-16%, four-months' bills
■%%, and six-months' bills %% to 11-16%.
At the Port of New York the gold movement for
the week ended April 15, as reported by the Federal
Reserve Bank of New York, was as follows:
gold movement at new york, april 9-april is, incl.
|
Imports
458,000 from Peru
continue 'on
a
marked
public.
making
British cities are selling new loans or
version offerings
Only
were
field and Bradford.
Britain
under
6,000 from Guatemala
$5,044,000 total
conversion offers to replace existing high'
interest securities.
for
the
last
few days
a
ago
such
Shipbuilding returns in Great
quarter showred 842,000 tons
construction, compared with 565,800 tons a
year ago,
the highest since 1930.
Owing to the expansion of trade and the improved
employment levels, the circulation of the Bank
has, it is believed, been buying gold in the
that its note circulation
record circulation of
time in 1935.
of
The Bank of England
England is steadily rising.
figures will
Net Change in Gold Held Earmarked for Foreign Account
Decrease: $236,000
con-
made by Birmingham, Shef-
expectation
soon surpass
the
424,500,000 reached at Christ-
On Tuesday the Bank of England
None
428,000 from Russia
by
upward scale and are enthusiastically received
Exports
$i|s27noofrom France
923,000 from England
offerings
On Tuesday
the Bank of England bought £179,814 in gold bars,
and on Thursday, at close of the day, £514,000.
Money rates in Lombard Street continue Un¬
.
.
industrial
New
mas
no
The formation of this committee may have given
rise to rumors of a London credit to Germany,
Authoritative circles in London entirely discredit
iQOK
^
the
be
British
commercial account.
on
just noted,
There
"Foreign Investments
Advisory Committee", which is under the chairmanship of Lord Kennet, the former Sir E. Hilton
Young, will shape a policy calculated to promote
can
The above figures are for the week ended on
Wednesday. On Thursday $1,920,000 of gold was
received from India. There were no exports of the
metal, or change in gold held earmarked for foreign
account. On Friday $2,679,400 of gold was received
of which $2,673,200 came from Canada and $6,200
from Guatemala. There were no exports of the metal
but gold held earmarked for foreign account increased
$6,200.
Canadian exchange during the week was quoted at a
discount of %% to a discount of 7-16%.
Referring to day-to-day rates sterling exchange
April 8 Chancellor of the
Saturday last was extremely dull as markets in
London and Paris were closed. In New York sterling
was quoted $4,94@$4.94J/g for bankers' sight and
$4.94 1-16@$4.94J^ for cable transfers. On Monday,
Easter Monday, there "was no market in London,
In New York sterling was quoted $4.94^@$4.9434
for bankers' sight and $4.94^@$4.94^g for cable
Exchequer Chamberlain announced the appointment
transfers. On Tuesday the foreign exchanges became
bought
£276,000 in gold
bars, and
on
Thursday
£514,000, bringing the Bank's total gold purchases
since the
beginning of the
year
to £1,889,000.
It is believed in London that the
ities
will
soon
restrictions
effect
since
on
relax to
1931.
an
foreign loans
On
financial author-
important
degree
the
which have been in
on
2564
Financial
more
active
was
$4.94
$4.94
on
slight commercial demand.
1-16@$4.9434
bankers'
for
dull and steady.
was
$4.94@$4.94%
for
bankers'
$4.94% for cable transfers.
continued
range
and
The
paratively little support from either the Bank
British Exchange
was
$4.94%@
cable
for
transfers.
On
Friday sterling
and
.
range
was
tations
Friday
on
at
Commercial sight
no
con-
could shake
reserves
However, it would
somewhat fictitious gold value.
seem
official
and
statements
his
reflected in the present activity
bills finished
not assured by
that the German investor is
such
quo-
$4.94 for demand and $4.94%
were
for cable transfers.
Closing
affirm that
to
the policy of maintaining the mark at its present
The
$4.93%@$4.94% for bankers' sight and
$4.93%@$4.94% for cable transfers.
continue
quarters
ceivable depletion of the gold
the
foreign exchange market continued quiet.
the
was
The German mark situation continues unpromising,
Official
@$4.9454$ for bankers' sight and $4.94 3-16@$4.94%
entire
or
but this condition
Control,
due entirely to the extreme inactivity of the season.
$4.94 1-16
range was
The franc has been exception-
ally steady in the past two weeks, requiring com-
On Thursday the pound
dull, but steady.
1936
April is,
100,000,000 guilders.
and
On Wednes-
The
sight
Sterling
sight
3-16@$4.94% for cable transfers.
day sterling
Chronicle
there
is
a
the bourse, where
on
for
demand
heavy
of faith is
lack
industrial
shares,
$4.93%, sixty-day bills at $4.93, ninety-day bills
particularly in capital goods.
$4.92%,
at
able movement of investment funds into real estate
Cot-
especially into apartment dwellings in Berlin and
at
documents for payment
(60 days)
$4.92%, and seven-day grain bills at $4.93%.
ton and
grain for payment closed at $4.93%.
o
1
^
r\M. 1
j
Continental and Other
tr
'
notice-
a
other large cities. These trends indicate at this time
a
widespread fear of ultimate devaluation of the mark.
i_
r?
There is also
Foreign Exchange
•
m,
Those
*
m
possession
^
1
,
i
,
of funds want tangible property
THE Frenchoffranc continues under pressuretraders and notGold of dollbtful value,
notes
anxiety to foreign exchange and is
cause
a
Fbe
It
in all centers.
the
rate
this
of
Bank
effect
from
thought highly probable that
was
France
week from the
March
on
3%%.
of the
its
February shows
rediscount
hand
5% level which went into
28, when the rate
on
April 10.
^ba^
The Council
takes
activity
Tuesday,
place
until
that bankers still expect
so
rate with the
after
Dec>
an
of
advance in
gold from Paris.
in
The current statement shows
gold
of
holdings
($62,653,000), which follows
945,106,672
upon
loss
a
a
which
0f
now
point since Oct. 16, 1931, although the
of gold
liabilities
sight
to
reserves
arrest the efflux of
into the hands of
of francs
French
authorities, it would
heroic
to take
measures
amounting
ings
if
majority
of the
political views,
of the franc.
of
are
Hardly
French
people,
In
the
anyone
would
oppose an
as
took
place only
past few weeks
a
improvement.
matter how low the rate
citizenry
are
term
until
The
French
French
result,
in
embargo
by
or
a
few weeks
ago.
sprung up.
high central bank rediscount rate is not conducive
business
On the other hand,
to making loans
except
can
at
even
Arrangements
a
not
borrow
on
was
are
short
made safe,
from
prohibitive rates.
£40,000,000 credit
immediately for
no
might be placed, the French
position of the franc is
Treasury
people
a
London.
eluded
averse
the
the
has
unit
the
As
a
negotiated recently
expected to be
con-
Dutch banking credit of
on
some
the import surplus
shown since
is
one
currencies,
business
the
holdings.
qqq
of
the
was
belga
de-
of
the
steadiest
the
moving in close sympathy
sterling exchange.
of
The statement
Belgium for April 8 shows
Czechoslovakia.
The ratio
The
exceptionally steady for
'
Czech
National
a
gold.
has
Bank
Czech
long time.
Never-
large
gold
In April its total gold stood at 2,693,100,-
koruny.
other
The ratio of gold to circulation and
sight liabilities stands at 43.5%.
The
following table
leading currencies still
shows
on
the
relation
of
the
gold to the United States
dollar:
Old Dollar
New Dollar
Range
s.wiiTe W
France (franc).
fta\yU(iilri)>eIga)""""""
*5 2°
*8 91
Switzerland (franc).
19.30
32.67
Holland ^llder)
40-20
widespread movement of
organization for defense of the franc has
A
of
regardless
lowering of the gold point by the Bank
of France such
it
The
strongly opposed to devaluation
gold exports either by outright declaration
the further
to
temporary,
as
Fbe koruna is not stabilized in terms of
The
The overwhelm-
gold held in
gold stocks of 3,363,600,000 belgas.
theieSS
their gold hold-
only
abandonment of the gold standard.
ing
can
must be compelled
seem,
to preserve
liquidated
were
more
Reports from Prague indicate steady improvement
the movement
hoarders.
nervous
practical,
to
or
•vyhich
There is still
koruna has been
increase in the barik rate
gold from Paris
corresponding
a
gold to notes stands at 79.31%, while the ratio of
in
with legal requirement of 35%.
It is doubtful if any
over
gold to total sight iiabiiities is at 68.60%.
is
sufficiently satisfactory, standing at 67.03%, which
compares
of issue,
0f ^be National Bank of
total
percentage
taken
has
^yith the action of
holdings during the week ended April 3 of 1,669,at the lowest
on
gold previously held by Germany's three
Continental
gold
are
Bank
74,140,000 marks
spectacular rise is due to the fact
gold in 1935 amounted to approximately 75,000,000
701,751 francs.
The Banks gold holdings
November to
banks
valued.
francs
in
of
31> 1935#
ment
Radical steps must be taken to arrest the outflow
of
on
Belgian business continues the consistent improve-
April 17.
decrease
cash
marks.
of
as
sudden increase in its
a
negligible amount of 31,000 marks
disguised form in Germany,
Easter
publication of the next statement
£be
private
No normal resumption
there
end
amount of
Regents refused to increase the rate at this
during the Easter holidays.
the
Feb> 29,1936. This
juncture owing to the closing of business in France
of
from
^he
a^
increased
was
The current statement of the Bank is
of the close of business
as
increase
would
Diskontbank's statement for the end of
The London check rate
at 74.96, against 74.97
In New York sight bills
on
91
32.59
to.32.62
67-87
68-06
on
on
on
to
•
to 67.95
Paris closed
on
Friday
Thursday of last week.
the French center finished
Friday at 6.58%, against 6.58
on
Friday of last
week; cable transfers at 6.59%, against 6.59; and
commercial sight bills at 6.56%, against 6.56. Antwerp
belgas closed at 16.91% for bankers' sight bills
and at 16.92 for cable transfers, against 16.92 and
16.93.
Final quotations for Berlin marks
were
40.25
for bankers' sight bills and 40.26 for cable transfers,
in comparison with 40.24 and 40.25.
Italian
lire
closed at 7.89 for bankers' sight bills and at 7.90 for
Financial
Volume 142
cable
against
transfers,
7.90
and
Austrian
7.91.
schillings closed at 18.75, against 18.75; exchange on
Czechoslovakia at
at
4.14)<£, against 4.14;
against 0.76;
0.76,
18.85; and
Bucharest
on
Poland at 18.85, against
on
Greek
Finland at 2.19, against 2.19.
on
2565
Chronicle,
E
thef South
XCHANGEFon
trends
follows
rencies,
American countries
These
long in evidence.
cur-
in close sympathylwith sterling.
move
For
past few weeks foreign exchange operations of
the South Americans have been on a limited scale
the
exchange closed at 0.93% for bankers' sight bills and
owing to the
at
Easter holidays
of the
interruption
and the
0.94)4 for cable transfers,
against 0.93% and
general dulness of all the foreign exchanges.
the internal and external business
of the
Both
0.94%.
republics is progressively upward and there
southern
is noticeable
EXCHANGE on the countries neutral during the
presents
features from those of
war
new
no
weeks.
recent
the
In
few weeks the
past
Dutch
a
tendency to free the exchanges from
However, it is unlikely that control
official control.
fixed stabilization
guilder and the Swiss franc, while ruling below new
time
dollar
between sterling,
been
have
parity,
of
weakness
Holland
the
both the dollar and
ward movement of
York
of
employment
in
guilder with respect
the
the
vast
mean
on
this
although
score
strong element in Holland
a
of the
unchanged
practically
the
during
Bertil
discusses the relative
that
the
about
of
countries
bloc
gold
20%
their costs into
or a
must
this
difficult
choice
suitable devaluation to bring
Professor Ohlin said
The
as
Spanish peseta is
to the French
early rise in
practically
the
blocked
exchange
The market for pesetas
thin and has always been
Spanish gold stocks
are
on
so.
this
While
exceptionally strong, standing
No foreign
11 at 2,472,000,000 pesetas.
are
a
Spanish
not stabilized in terms of gold, the
peseta is
note and
an
The ratio of gold to combined
reported.
sight liabilities stands at 38.4%.
overthrow of the
monarchy
a
sight
on
Amsterdam finished
67.90, against 67.93
transfers
at
67.91,
on
32.95
closed
on
Friday, official
Friday of last week; cable transfers at 33.00,
on
against 33.00.
The unofficial or free market close
Brazilian milreis,
27.50@27.55, against 27.55.
was
official rates, are
for cable
official
8% for bankers' sight bills and 8.44
transfers, against 8% and 8.44.
or
free market close
Chilean exchange is
was
on
Friday at
67.94; and commercial
sight bills at 67.88, against 67.91.
against 24.85.
—♦
EXCHANGE on [the Far Eastern countries to
strongly inclined to
in close relation is
move
The Japanese business situation shows some
sterling.
which have clouded the Tokio outlook
President
former
and
now
Ivoki
Hypothec Bank of Japan
Minister under the
of the
men
of Tokio exactly
what the policies
government will be, but satisfies himself
new
he
repeating that
sudden
"will not countenance
interests
in
industry.
on
Japan look for further heavy increases
the extension of state control
Japanese business expects to
yen
see
checks
fers
at
on
added to the supplementary
extraordinary session at the end of this month.
Closing quotations for yen checks yesterday were
28.92, against 28.90
on
Friday of last week.
against 22.05 and
Sweden closed at 25.48 and cable
Norway finished at 24.83 and cable trans¬
against
24.83
and
24.84.
Spanish
pesetas closed at 13.65% for bankers' sight bills and
at
13.66% for cable transfers, against 13.65 and 13.66.
Hong¬
kong closed at 32%@32 13-16, against 32.85@32%;
Shanghai at 30@30%, against 30@30%; Manila at
50.20, against 50%; Singapore at 58%, against 58.15;
Bombay at 37.35 against 37.36; and Calcutta at 37.35,
against 37.36.
Gold Bullion in European Banks
THE following table indicates the amount of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
April 16 1936, together with comparisons
corresponding dates in the previous four
Banks of—
1936
1935
1934
as
as
of
of the
years:
1933
£
£
£
England
202,379,419
193,044,858
192,076,257
France
25.49, against 25.47 and 25.48; while
24.84,
over
approxi¬
budget which the Imperial Diet is expected to pass in
503,776,166
2,327,250
89,107,000
651,077,196
2,959,750
90,773,000
62,992,000
599,825,574
7,741,650
90,487.000
a
Germany b_
Spain
Italy
Netherlands
transfers'at
any
Business
change in the economic set-up."
in taxation and
transfers,
Copenhagen checks finished
at 22.06 and cable transfers at 22.07
Checks
Premier,
new
Hirota, refuses to reveal clearly to the bankers
and business
by
of the
Finance
since the
ever
Dr. Elichi Baba,
political assassinations of Feb. 26.
£
22.06.
un¬
Swiss francs closed
at 32.60 for checks and at 32.61 for cable
against 32.60 and 32.61.
The
5.60, against 5.55.
nominally quoted at 5.19, against
Peru is nominal at 24.80,
5.19.
Since the
Friday of last week; cable
against
pesos
paper
quotations, at 32.93 for bankers' sight bills, against
great deal of Spanish
gold has moved into Switzerland and London.
Bankers'
-
Argentine
keep the peseta in close relation
franc..
side is extremely
April
of
guilder.
be brought about
can
the dollar, the French franc, and
mately 500,000,000
now
Nevertheless
control endeavors to
balances
result
justified.
prove
currency.
on
a
in the sterling countries and America
wages
unlikely to
the
either
hope within the gold bloc of being able to avoid
prices and
is
choose
equilibrium with conditions in Great
Britain and the United States.
that
Stockholm, asserts
down their entire level of
radical remedies to force
costs
who
position of the gold and sterling
Handelsbanken
a
improvement, but is still harrassed by uncertainties
"The Index," the quarterly publication of
in
Svenska
the
month,
past
Swedish economist,
Ohlin,
as
The gold
gold to total sight liabilities was 78.7%.
Professor
blocs
ad¬
On April 13 the
standing at 713,600,000 guilders.
ratio of
or
Bank have remained
Netherlands
of the
holdings
•
guilder
of the unit to the sterling bloc.
herence
as
accumulation of Dutch
that there is in any sense
devaluation
either
advocates
security markets,
the
to
out¬
There is little uneasiness
flight from the guilder.
a
an
opportunity at home for the
This does not
money.
The relative
guilders to both London and New
not sufficient
there is
season.
sterling is due in part to
investment
for
though
firm,
relatively
extremely dull due to the Easter
completely abandoned until such
restrictions will be
Nat. Belg..
Switzerland
Sweden
Denmark
.
_
Norway
42,575,000
59,469,000
95,412,000
48,182,000
23,891,000
6,554,000
6,603,000
64,963,000
74,271,000
54,033,000
15,971,000
7,394,000
6,585,000
76,593,000
65,534,000
77,135,000
63,805,000
14,800,000
7,398,000
6,576.000
•
184,834,947
648,639,862
17,865,700
90,363,000
67,331,000
79,061,000
76,308,000
88,727,000
12,116,000
7,397,000
8,380,000
1932
£
121,429.516
616,521,648
38,966,050
89,997,000
60,858,000
74,324,000
72,001,000
66,030,000
11,440,000
8,032,000
6,561,000
Total week. 1,080,275,825 1,224,063,804 1,201,971,481 1,281,023,509 1,166,160,214
Prev. week.
1,086,103,724 1,225,851,511 1,201,278,257 1,282,095,109 1,161,951,964
These are the gold holdings of the Bank of France as reported In the new form
of statement,
b Gold holdings of the Bank of Germany are exclusive of gold held
^
a
abroad, the amount of which the present year is £1,011.000.
Financial
2566
President Roosevelt Opens His Campaign
When it
announced that President Roosevelt
was
would address the
Baltimore last
Young Democrats of America at
Monday, the country
understand that the
of Mr. Roosevelt's
gun
campaign for renomination and
After the
re-election.
given to
was
speech would be the opening
speech
was
delivered, the
coun¬
Chronicle
that the
after
not really a campaign speech at all, and
was
campaign speeches would not begin until
Under other circum¬
Congress had adjourned.
stances, such a change of emphasis would be gener¬
with the
speech, and there is
that
suppose
indication of disappointment
as an
other explanation need be sought.
any
Disappointing
not, however, the whole tone and
or
of the address stamp
manner
apparent reason to
no
it
as
exactly what it
originally expected to be—a defense of what the
was
Administration has
its failures
or
for the Democratic
it is to be
done,
plea for indulgence for
appeal for support
an
party and its leader, and as such
To pretend that Mr. Roosevelt,
judged.
with his Administration
sional
a
mistakes, and
business in
a
heavily under fire, Congres¬
muddle, and State primaries
for Republican
rapidly registering preferences
Democratic
candidates, should address
conclave of his admirers with
the
bearing of his remarks
no
or
cheering
a
special thought of
upon
the coming
cam¬
drawn from this
practical politics which he assuredly does not
possess.
recognition of the restlessness of
youth and its desire for better things was phrased
in his best rhetorical
youth
honest
living;
a
condition in life
surance
He
manner.
saw
the objective
embracing "an opportunity to make an
as
reasonable chance to improve your
as
you grow
older;
a
practical
as¬
against want and suffering in your old age;
and with it all the
right to participate in the finer
gold, free private ownership of
upon
extravagant spending, do not appear to Mr. Roose¬
velt to be of any
time, and
special importance at the present
not to be looked for in any immediate
are
continues.
future if his Administration
What
was
said about
unemployment
Roosevelt
addition
in
and
tion of America is about back to the
fore the
equally
was
disquieting. Mr.
pointed out that "while the total produc¬
disappointing,
high point be¬
depression, only a little over 80% as many
beings
engaged in turning out that pro¬
are
He declined to admit that if prosperity
were completely restored "there will be a vast per¬
manent army of unemployed."
In common with
duction."
"most business men" he
agreed that increased pur¬
chasing power, "far more widely distributed," would
increased
mean
consumption of industrial and farm
products, and "to work in unity toward this end," lie
attack."
form of
He
declared,
"constitutes
raised the
question, however, "whether it is not pos¬
sible and
right to limit the active working ages at
both
one
ends," and asked his hearers to think of the
number of
jobs that would be created if the school
were
prolonged to the age of at least 18 years,
and "if the
great majority of people who are now
period
65—to take
over
figure at random—were in a po¬
a
sition to retire in
days
security for the balance of their
earth."
on
This
was
>
The
not. all.
was
case
cited of
a manu¬
facturing industry in which the number of hours in
the work week
■
Mr. Roosevelt's
of
based
currency
light dismissal is that a stabilized
gold, and a balanced Federal budget with an end to
paign, would be to credit him with an indifference
to
The only inference to be
get up to face tomorrow ?"
human
ally regarded
1936
out of the problems that you had today and will
way
try was told through newspaper channels that the
speech
April 18,
but in
"greatly curtailed under the op¬
was
National Industrial
of the
eration
number of hours has been
a
weekly
and
men
either lost their
gradually increased from
of 36.4 to 39.9, with the result that
average
10% of the
are
Recovery Act,"
which, since the Act ceased to operate, the
jobs
in the industry have
women
or,
because of the longer hours,
preventing other people from working. "It seems
reasonable," Mr. Roosevelt concluded, "that industry
contribute in
great measure to the increase of
things of life—good health, clean amusement, and a
can
part in the satisfactions of the arts, the sciences and
employment if industry as a whole will undertake
religion." He dwelt
had taken in
the part which young men
upon
achieving American independence and
as
a
history
comes
comparatively
young
our
...
of work
keep the
week,
per
average
indi¬
largely from the fact that,
Because the
practices of employment definitely af¬
nation,
we
have gone fear¬
Americans think¬
fect the
must
jects
problem of unemployment, the government
the length of the working week, the stability
of
endowed in
of at least
body, mind and spirit, still has need of
certain that
of its chief
many
things. But I
needs
today is the releasing and the enlistment of
one
sub^-
give and will give consideration to such
as
ing about the future of America. Our country, richly
the
time they
envelope at least as large as it is today.
There cannot be too many
am
same
vidual's pay
lessly ahead doing things that were never done be¬
fore.
while at the
declared that "the
framing the Constitution, and
vigor of
reasonable reductions of hours
employment
on an
annual basis, and the payment
adequate minimum wages."
>
i
It is clear from this that Mr. Roosevelt still ad¬
heres to
some
of the economic fallacies about
unem¬
ployment with which his Administration began.
spirit of youth."
When, however, Mr. Roosevelt passed from these
In
spite of the experience of the past three
he
years,
hopeful generalities to practical matters, there was
still thinks that
much in his
withstanding the maintenance of high production
speech that might well have made his
listeners pause.
work of
all
an
author,"
a
the
costs.
"four-point
for
week, but without
cure
ills" which called for the establishment of "a
our
wages,
up
to
power,
change only by Congress," restoration of the "con¬
money
into gold coin and private own¬
ership of gold," acceptance of "responsibility as the
world's
would
ence,
greatest creditor nation," and steps which
"put Federal finances in order."
His audi¬
he hoped, would be "as thrilled and excited"
by these proposals
"what do panacea
as
he
was.
"I ask you," he said,
planks like these offer1 to you as a
enough
more
any
can
be increased not¬
by shortening the working
proportionate decrease in
people will be employed to take
the unemployment slack, and that purchasing
monetary unit with a definite gold content, subject
vertibility of
He still thinks that
a newspaper, as
He cited from
"eminent
consumption
in
consequence,
that such additional
about,
would
mean
will expand notwithstanding
employment, if it actually
came
only the production of more
goods at the same level of costs as at present. He
seems
to
ignore the elementary fact that consump¬
tion does not
depend primarily
upon
the volume of
goods displayed in the markets, but upon the ability
of would-be
consumers
to
buy, and that only as pro-
Volume 142
duction
Financial
costs
lowered
are
will
there
come
production.
too
high
Whether
today
wages
in¬
an
creased demand which in turn will stimulate
will not be enhanced merely by paying
vailing
large,
wages
to
American industry is
every
workers
many
as
pre¬
greater number of people. By and
a
employing
now
the market for its products justi¬
30-hour week
a
it
as
now
for
pays
longer
a
week.
Not
only does Mr. Roosevelt adhere to
continues to retard
fallacy
a
but he would
recovery,
like, apparently, to take out of industry all
under 18 and
to do
65
over
that, barring
a
thereabouts.
or
The
more
erally required, and pension ail
who have
over
no
other
means
therefore, he urged
ence,
and the
it
that
mean
War had
By infer¬
support.
interests
bodied.
be continued,
might
equally divided between youth and
supported in whole
As far
pense.
cerned the
education for
millions of
some
from
not
spoke of
persons,
age, are
un¬
strengthen
or
a
ex¬
one
to
dependence.
duty and
purpose
of the government to concern itself with minimum
maximum hours and "the stability of employ¬
wages,
ment
to
on
an
annual basis"
return of
a
points clearly,
we
out
take first the
of
contem¬
doglio has reached
of
few
a
in
a
was
in the
this
reports of the Berry committees.
point
more
ing."
ago
Neither at
at any other, indeed, does the Balti¬
nor
speech suggest that Mr. Roosevelt has aban¬
doned any
still,
few weeks
of the essentials of his New Deal.
He is
he then said, committed to "social pioneer¬
as
He dismisses
stabilized currency,
budget. He has
no
as
unimportant the need of
free
use
of gold and
a
a
balanced
remedy for unemployment except
government supervision of industry, and holds out
no
hope of
a recovery
he intends any
gram
of American foreign trade.
modification of the agricultural
with its policy of scarcity,
any
ment
or
any
asked, in effect,
inkling of his thoughts. What
was a
vote of confidence which
weeks.
more
exactly
as
the condition of
the peace
Ethiopia
an
campaign speeches
are
time in
may
be better, but unless
it will not be worth while to spend much
elaborating
-convention at
a
platform for the Democratic
Philadelphia, since personal rule will
<obviously be the only issue.
\
Germany Whs
as
com¬
After that,
Switzerland,
Ouchy,
at
but
while
the
League would be kept informed of the progress of the
negotiations it would not be allowed to participate
in
them, and the approval of
not be
made.
The
League, in other words, would be wholly
disregarded
save as
done would be
the
one
reasons
dence
are
ain is
a
information of what
so
to
rebuff from
a
State
indepen¬
He knows that Great Brit¬
the
over
presence
in force at Lake Tana, the main
are
precipitate
a
for Mussolini's assertion of
of
source
waters, uniting with those
the lifeblood of Egypt, but he also
that British
the Nile
sharp
good deal concerned
Nile,
being
of its members.
not far to seek.
Italian troops
was
given to it. Never in its history has
League received
which is still
The
the League would
sought for the arrangements that might be
knows
they
On Thursday
terms would be discussed beteen Italy and
^government, the spirit of dictatorship in the trap¬
later
settlement or to take
a
armistice in 1918.
of the Blue Nile whose
pursuit of social justice. Mr. Roosevelt's
stoutly than before the
it must make its submission to
peace
Badoglio,
of the
a
complete victory
representative of the League, that if Ethi¬
This is personal
pings of
With
League to force
would overlook mistakes and demonstrated failures
go on.
Ba-
to be at most only a
seems
-and enable
experiments to
The
General
under
pelled to submit to the military head of the Allies
enterprise of unemploy¬
insurance, he did not give the Young Demo¬
crats of America any
he
pro¬
lessening of
government favoritism for organized labor,
withdrawal from the fatuous
If
forces
reported to have told Salvador de Madariaga,
General
a
of Italy, though with¬
case
part in a settlement when it is made.
the
forecast
on
conse¬
point where the collapse of
a
position to resist
efforts of the
opia wanted
was
far
was
with
and
apparently in sight, Premier Mussolini finds himself
plated, notwithstanding the definitive opposition of
Supreme Court,
Italian
the
Ethiopian resistance
the peace
is
return
being restored,
portant factor in the kaleidoscopic situation.
Administration.
a
was
significant indications dur¬
implying that Italy is necessarily the most im¬
he
such
one
which all Europe views with apprehension.
We may
principles and methods of the National Recovery
That
since the League
has had
toward
way
think,
something substantially similar to the
When, before the war,
ing the past week that the old meaning
matter
Mr. Roosevelt's allusion to the
opinions of the so-called "con¬
Powers, it did so from expediency and
There have been
con¬
desire for in¬
to its own safety, and if it took
or
meaning than it
to be
are
prospect that is held out is not
ambition
encourage
League of Nations em¬
European Power may have
right to such independent action as
obligation.
advance
people, at least,
as young
a
a
"sovereign" State, the term had a different
a
formed.
is not to be
in part at government
or
of
by agreements with others, it never sur¬
its
seem necessary
quences
expected, but that
"back" to
say
of those agreements contem¬
none
the idea
as
rendered
industry will suffice to insure
age
We
thickly crossed with alliances and
However much
the
proper
escape.
because, while Europe before the World
been
understandings,
tions under which the normal rewards of labor and
youth and reasonable security in old
of
way
cert" of the
or
return of economic condi¬
a
sure
of 65
old-age security legislation. If those activi¬
only
can
a
nationalism
note of the wishes
his Baltimore audi¬
ties of the Federal government are to
dangers internationalism has seemed to many
offer
to
now gen¬
are
support of the Federal Youth Administration
ence
whose
bound itself
three
or
persons
of
upon
European politics, and back to the nationalism from
way
quick return of high and stable
of school attendance than
years
from the international¬
past fifteen years has hovered over
persons
only
prosperity, is to subsidize youth for two
ism which for the
plated any such subordination of national to general
^
which
past week appear to have accen¬
tuated the movement away
as
fies, and it cannot increase its market, which means
increasing consumption, if it must pay in wages as
much for
The events of the
in general
are
troversy, but it should be clear that their purchasing
power
The Return to Nationalism in Europe
more
too low, is, of course, a matter of con¬
or
2567
Chronicle
a war
opinipn will be
with Italy
very
reluctant
the control of
an amicable ar¬
over
waters, and counts upon
rangement which will leave both Great Britain and
Egypt free of apprehension. Were there no other de¬
terrent to an
Anglo-Italian war
over
Lake Tana, the
precarious hold of Great Britain upon Egypt, joined
Financial
2568
to the
dependencies in Africa, would supply it.
'
Mussolini also knows that he
can
count upon sup-
that the peace machinery of the Covenant is un¬
workable. To add to the difficulty, the inspired
French press has opened fire on the League, and
raised without reserve the question whether France
would not be better off if it withdrew from membership in a body from which it obviously is receiving
no help.
The attack is especially significant because
it follows close upon the publication of a French
peace plan for the Continent in which the League
was to play a dominating role,
Nothing in all this, of course, makes for peace, and
no signs of peace are to be discerned save those
which attach to an eventual triumph 6f force. The
denial by the Ethiopian representative at Geneva
that the Italian demand for submission will be accepted is only what was to be looked for under the
circumstances, but unless the Italian advance upon
port from France, not because France is indifferent
to the
prestige which Italy has gained in its contest
with the
League and
likely to increase by the
seems
conquest of Ethiopia, but rather because it needs
Mus-
friendly relations with Italy for other reasons.
solini has let it be known
have
Germany for its military occupation of the
Ehineland
ued
point blank that he will
nothing to do with applying sanctions of any
kind to
long as League sanctions are contin-
so
against Italy. The chaotic condition which that
declaration
has
produced redounds to Italy's ad-
ambitious
The
vantage.
impetuous
and
Captain
Eden, British Foreign Secretary, appears anxious
to have the
League
go on
with sanctions under the
Covenant, and add oil to the commodities in which
trade with
Italian
France is opposed to
Italy is banned.
sanctions
Italian
further
jeopardizing Franco-
as
April is, 1936
The Ehineland situation, moreover, cannot be dealt
with unless sanctions against Italy are abandoned,
and to abandon sanctions will be to admit openly
ever-present danger of a revolt of the blacks
in British
Chronicle
the Ethiopian
relations, but it is also anxious for British
capital
is
checked,
Ethiopia
can
If London reports
hardly have much more time in which to refuse,
Every day of diplomatic backing and filling makes
believed, however, the British Cabinet is
it less probable that anything will be done to force
Opposed to any commitment calling for military aid
German troops out of the Ehineland or prevent the
erection of fortifications there, and a defensive war
support in disciplining Germany, since in that matter it would be rash to act alone.
to be
are
France is attacked.
to France unless
sanctions against Italy,
League
Any further
accordingly,
On the part of Germany, such as would follow any
invasion of the Ehineland, is not one which even
France would care to provoke. The burden of sanctions has unquestionably fallen heavily upon Italy,
and war expenditures are mounting ominously, but
the pressure of sanctions is lessening as other coun-
im-
posed in the face of French opposition, would not
but
only bring France and Italy nearer together,
would also go
far toward wrecking what is left of
the entente which
France
between
theoretically is assumed to exist
Britain and France
of
sharply divided
sanctions, Mussolini
has
Britain.
Great
and
may
With
Great
tries realize their own losses in trade.
the question
on
opposition which their policies have aroused, they
with some confidence expect to have their way.
only to stand his ground in order to obtain all
that he wants.
If Germany
and Italy can hold their own in the face of the wide
well conclude that he
may
(
this impasse continues, the inability
Unfortunately, there is little ground for hoping
Powers to agree will also work to the
that the revival of political nationalism which is now
advantage of Germany. The report from Paris that
in evidence will make either the attainment or the
Chancellor Hitler is
maintenance of peace any easier.
As
long
as
of the great
planning
thrust toward the
a
a
superficial plausibility in that Hitler, if he makes
with
a
neighboring State lying directly in his path,
and that President
Czechoslovakia, is
pansion. It
bitter opponent of German ex-
seems more
strengthening
precarious French influence in Eastern Europe,
The conference of the
British, French and Belgian
Some of these occasions of irritation
back historically many years before the World
War, others are the direct consequences of the peace
arrangements of 1919-20, still others are due to incidents and policies of the subsequent years. Witli
go
likely, however, that the re-
Great Britain to the French side and
chiefs of staff at
into action.
Benes, long Foreign Minister of
a
port has been put forward in the hope of drawing
the
onsies, deeply colored by national resentments,
which await only a favorable opportunity to burst
advance eastward, can hardly avoid collision
any
Underneath the
idea of internationalism which the League represents are long-pent-up national ambitions and jeal-
east, with Czechoslovakia as the first objective, has
•
all the efforts which the League has made to improve
international relations in Europe, it has become in-
London, early in the week, does
creasingly clear that the League could not be di-
to have agreed upon any measures re-
vorced from the peace treaties, and that in major
garding Germany unless Germany takes the of fen-
controversies its activities were bound to the purof maintaining the status quo. The internationalism of the League, in other words, implies a kind
of political stratification under which national ambitions find no place. Now that Italy has broken
not
appear
sive, and
as
Hitler has stated that the Eeicli has
aggressive
no
designs
toward
either
Belgium
France, the united air operations which
have been talked about will await events.
like
Italy, has taken
a
not withdraw without
next
ers
or
said to
Germany,
position from which it can-
by forcibly seeking territorial expansion in
Africa, and Nazi Germany has thrown off one treaty
step seems to depend upon what the other Pow-
restriction after another and also withdrawn from
decide to
critical.
the League, the need
do.
There is
belief that the
League,
on
the other hand, is
but for the
pean
for
some
other basis of Euro-
accord has received its demonstration. Neither
concealment of the
the German nor the French proposals recently put
League, having failed to stop the war
forward offers a practical way out, the former because of general lack of confidence in Germany's
good faith, and the latter because it is tied to the
no
longer
any
Ethiopia, will be equally unable to dictate
League to find itself shunted to
a peace,
one
side
by Italy, allowed only an observer's status in peace
negotiations, and given only the opportunity of formal
approval of whatever peace treaty is made, will
be
blow from which it
a
away
great loss of prestige, and its
The situation of the
in
are
pose
can
hardly expect to recover,
League. Until some more satisfactory solution is
offered, Europe will continue to show the disordered
political conditions under which a restless and not
very scrupulous nationalism will thrive.
Financial
Volume 142
Gross and Net
Modest but
net
Railroads for the Month of
Earnings of the United States
February
steady improvement in the gross and
States
earnings of United
railroads
be
In
can
reported for February, as for previous months.
the
2569
Chronicle
comprehensive tabulations which we now pre¬
Here
find
we
a
decrease, and quite a marked one at
that, from February a year ago, the output of motor
vehicles in the whole of the United States in Febru¬
1936, according to the Bureau of the Census,
ary,
only 290,964
against
sent, and which coyer the entire country, it is made
having
aggregated
plain that the business improvement at length is
335,667
the same month of 1935.
The
output the present year of 290,964 cars com¬
finding
of the
satisfactory reflection in the gross receipts
a
Unfortunately,
only a relatively small part of the gain is being
carried to net earnings.
Operating expenses have
increased during recent months at a rate that
principal carrying systems.
absorbed
partly
of
most
the
of
because
in
increase
regulations under
struggle, and partly because of
official
the
which the railroads
Some years ago
highly adverse weather conditions.
it
freely predicted that the railroads would be
was
able
earnings,
gross
to
expected increase in
have not borne
considered
operations,
better than
Actual developments
gross.
these
out
of the
earnings almost all
to net
carry
hopes, for net results of
whole,
a
as
but little
are
during the worst years of the depression.
Highly indicative is
increase in gross earnings
an
during February of $45,494,779, as compared with
the
of
month
same
last
Notwithstanding
year.
great efforts to keep operating expenses down, the
carriers
into
able
were
the
sum
find
that
from
to
translate
increase of net
an
Thus
we
improved to $300,049,784
revenues
gross
only $9,199,020 of
earnings.
$254,555,005, while net revenues increased to
$64,601,551 from $55,402,531, the comparison in each
We have alluded
being with February, 1935.
case
frequent occasions to the high wage rates that
on
the
railroads
remains
prominent
a
to
forced
are
pay,
and that factor
An enormous additional
one.
was
the
cold which affected the whole
the
country and
hampering snowstorms which almost paralyzed
traffic
times
at
certain
in
States
Northwestern
affected
were
Some
areas.
to
of
our
especial
an
degree by such developments, and the resultant cur¬
tailment of
are
earnings is apparent when the returns
considered
Month of
by districts and regions.
The general
of results is shown in the following table:
summary
1935
1936
February—
Inc.
(+)
or
(—)
Dec.
237,051
238,280
—1,229
0.52%
$300,049,784
$254,555,005
+$45,494,779
17.87%
235,448,233
199,152,474
+36,295,759
and
78.47%
78.24%
+0.23%
$55,402,531
+$9,199,020
...
Gross earnings.
Operating expenses
Ratio of expenses to earnings.
Net earnings
It is necessary
to note that the railroads met still
obstacle
during March, when flood waters
swept a dozen Eastern States.
in February, 1933; 117,418 cars in 1932,
cars
219,940
in the corresponding month of 1931.
February, 1930, however, automobile pro¬
Back in
duction
cars
was
less than
330,414 cars, and in February, 1929, no
improvement was manifested in the iron and steel
According to the statistics compiled by
industry.
Age," the production of pig iron in the
States in February the present year was
the "Iron
United
compared with 1,608,552
1935; 1,263,673 tons in
February, 1934; 554,330 tons in February, 1933;
964,280 tons in February, 1932, and 1,706,621 tons in
February, 1931, but with 2,838,920 tons in February,
1930, and 3,206,185 tons in February, 1929. In the
case of steel, the American Iron and Steel Institute
reports that the production of steel ingots in the
country during February the current year aggre¬
1,827,972 gross tons
gross
gated 2,967,803 gross tons as against but 2,777,765
gross
tons in the corresponding period of 1935 and
2,183,160
gross
tons in the same month of 1934.
Comparisons with preceding years back to and in¬
cluding 1929
are:
But it is to be hoped
February, 1931; 4,078,327 tons in February, 1930,
and
4,326,000 tons in February, 1929.
Coming
a
now
to the production of coal, here we find
large increase both in the bituminous and anthra¬
cite
output; in fact, in both cases production was the
largest for the month since February, 1929.
tity of bituminous coal mined in the United States
in
February the present year was 41,290,000 net tons
as
against but 34,834,000 net tons in February, 1935;
32,606,000 tons in February, 1934; 27,953,000 tons in
February, 1933; 28,383,000 tons in February, 1932;
31,737,000 tons in February, 1931, and 40,060,000
tons
in
February, 1930, but
sylvania
anthracite
1934; 4,287,000 net tons in February, 1933 ;• 4,061,000
6,120,000 I tons in
winter.
shows
If
business
continues
promise of doing, the
sufficient
to
provide
Another grave
a
question
a
gross
improve,
now
a
mile.
ing reduction, and
moment
is
a
Commerce
well.
Commission
fares to
a
gen¬
Most of the large Eastern
sweep¬
with
1932; 5,400,000 tons in February, 1931, and
As it
happens, too, activity in the building indus¬
try was very pronounced.
37 States east of the
050,200 (the largest since February, 1931) as com¬
pared with an expenditure of only $75,047,100 in
is
February, 1935; $96,716,300 in February, 1934; but
$52,712,300 in February, 1933, and $89,045,800 in
now
question whether the freight
sur¬
awarded in
as
as
the
is
our
measure
custom, the leading trade
of
business
activity,
one
naturally turns first to the automobile industry.
t
Extending the comparisons still
find that building contracts
February, 1931, had a money value of
February, 1932.
will be extended.
taking,
Bocky Mountains in February,
1936, involved a money outlay of no less than $142,-
further
indices
The F. W. Dodge Corp.
reports that construction contracts awarded in the
charges permitted for one year to June 30, 1936,
In
February, 1930, but comparing
6,670,000 tons in February, 1929.
Also of great
good deal of discussion
regarding this matter.
the
be
as
passenger-carrying roads are opposed to the
in progress
it
impends, however, in
reduction of passenger
eral level of 2c.
as
may
earnings
larger net return
the form of the Interstate
order for
to
Production of Penn¬
February, 1936, reached
against only 4,505,000 net tons
in
6,466,000 net tons, as
February, 1935; 5,952,000 net tons in February,
tons in
last
comparing with 47,-
in
which
plentifully
Accord¬
ing to the United States Bureau of Mines, the quan¬
ties
too
1,086,867 tons in February, 1933;
1,457,710 tons in February, 1932; 2,502,386 tons in
subsequent returns will be free of the adversi¬
provided
as
tons in February,
that
nature
On the other hand, decided
466,418 cars.
271,000 tons in February, 1929.
16.60%
as
with only 230,256 cars in February, 1934;
105,447
18.23%
$64,601,551
Mileage of 139 roads
another
pares
encountered last February, owing to
difficulty
severe
month's
cars
in
cars
back,
we
$235,405,100; in 1930, of $317,053,000, and in Febru¬
ary,
1929, of no less than $361,273,900.
As might be
expected, in view of the marked improvement in the
2570
Financial
building trade, lumber production likewise showed
large increase. According to the figures compiled
by the National Lumber Manufacturers Association,
a
an
547
of
average
weeks ended Feb.
mills
identical
29,
for
1936, showed
781,000 feet of lumber
four
the
February, 1935, and is 25% above the
four
mills
comparable
weeks
911,000 feet
as
in
Feb.
the
a
gain of
corresponding
29, 1936, aggregated 792,-
against 684,720,000 feet in the similar
period of 1935, while orders
increased
This is
Shipments of lumber during the
ended
also
were
on a
greatly
scale, aggregating 774,530,000 feet in the
four weeks ended Feb.
29, 1936,
against but 691,-
as
030,000 feet in the corresponding period of 1935, or
6% greater than those of a year ago and 39% above
those in the similar weeks
As to the
while very
grain traffic
of 1934.
month
Western roads, this,
over
years),
by
was
back to and including 1929.
Western
further
only
say
a year ago
the smallest recorded for
was
in all recent
equal to the February movement in
year
with
$971,903 gain in
crease
of
increase in
earnings, reports
gross
$842,528 in the
an
in¬
of the net; the Chicago
case
grain movement in
a
gross,
with
$1,414,071 gain in
in
crease
net,
$3,952,306 gain in
These
figures
gross,
no
means
previous
any
We deal with the
separate paragraph
along in this article, and will, therefore,
here that for the five weeks ended Feb. 29,
shows $575,373 in¬
gross,
and the
New
York
the operations of the New York
cover
Central and its leased lines.
Including the Pitts¬
burgh & Lake Erie, the result is
$4,211,853 in the
in the
of the
case
of the net.
case
showing increases in
found the
increase
an
of
and of $439,636
gross
Among the roads which, while
earnings,
gross
are
obliged to
of the net
case
$1,044,470 and
a
to
are
Chicago & North Western, with
increase of
the
Central, with
reports $382,314 gain in net.
report decreases in the
much larger than in February
(when the movement
the
an
shows a gain in net of $816,483; the Missouri
Pacific, reporting $1,515,280 increase in gross, has
a
gain in net of $811,284; the Louisville & Nashville,
period last year.
period of 1934.
$2,580,967 and
earnings of $1,664,672; the Norfolk & Western,
Burlington & Quincy, with $1,848,508 increase in
22%
of
increase in gross of
an
net
1936
18,
cut of 726,-
a
same
over
April
compared with 597,643,000
as
feet in the
record
Chronicle
a
be
gross
loss in net of $850,899;
Chicago Rock Island & Pacific, with $629,487
gross and a loss in net of $223,387; the
gain in
Chicago
Milwaukee
$1,326,174
increase
St.
in
Paul
gross
&
Pacific
and
showing
decrease
a
of
$163,564 in net, and the Chicago St. Paul & Minne¬
apolis & Omaha, which reveals $234,391 gain in
and
a
loss in net of
$160,879.
gross
In the following
we
1936, the receipts at the Western primary markets
show all
changes for the separate roads for amounts
of
in
of
wheat,
barley and
oats,
corn,
aggregated
35,870,000
bushels
20,202,000 bushels in the
but
same
combined,
rye,
against,
as
only
five weeks of 1935,
comparing with 39,023,000 bushels in the
corre¬
1931; 86,783,000 bushels in 1930, and with 92,139,000
The
said
period of 1929.
composite result, however, of all that has been
above
is
seen
most
showing the loading of
railroads of the United
tions of the
clearly in
the statistics
freight
revenue
States.
on
From the
$100,000, whether increases
all the
compila¬
Car Service Division of the American
Seaboard Air Line.
New York Central
Minn. St. P. & S. S. M._
Chic. Ind. & Louisville._
$5,623,463
a3,952,306
Chesapeake & Ohio
2,580,967
Baltimore & Ohio
2,219,014
Southern Pacific (2rds,)_
2,195,737
Chicago Burl & Quincy._
1,848,508
Union Pacific.
1,618,534
Missouri Pacific
1,515,280
Louisville & NashviUe
1,414,071
Illinois Central
1,349,577
Chic. Milw. St. P. & Pac.
1,326,174
Chicago & North West'n
1,044,470
Atch. Top. & Santa Fe._
998,829
Erie (2 roads).
987,324
Norfolk & Western
971,903
Southern
963,798
Reading
•
888,478
Del. Lack. & Western
811,403
Lehigh Valley
707,061
681,554
ended
freight
the
3,135,118
on
the railroads of the United States
cars as
against only 2,927,453
period of 1935; 2,920,192
same
sponding period of 1934; 1,970,566
1933; 2,243,221
1931,
cars
cars
In all the
in the
cars
in February,
same
foregoing
we
cars
separate roads the
compilations
in
creases
excess
the
of
earnings
In the
showing
a year
the
increases
A
and
de¬
a
loss in
and but 12 roads (despite net
been
heavily
operating expenses)
of the net.
of
is that in
ago
$100,000, only two roads report
having
case
a
diminished
by
decrease in the
in¬
_
Hudson
Alton
Northern Pacific
Texas & Pacific
Cine. N. O. & Tex. Pac.
striking example of the large part
RR., which, while heading the list of increases in
earnings in amount of $5,625,463, reports only
trifling gain ($17,334) in net earnings. To name
gross
St. Louis Southwestern._
Yazoo & Miss. Valley._.
Chic. St.P. Minn. &Om.
Chic. & Eastern Illinois.
Pere
Marquette
Denver & Salt Lake
Grand Trunk Western..
Monongahela
Long Island
180,109
166,819
164,214
161,043
145,058
136,403
130,032
118,413
112,223
Western Maryland
Colo. Southern (2rds.)__
Elgin Joliet & Eastern
Virginian
Lehigh & New England.
a These figures cover the operations
of the New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $4,211,853.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
FEBRUARY, 1936
Increase
Chesapeake & Ohio
Norfolk & Western
Chic. Burl. & Quincy
Missouri Pacific
Louisville & Nashville
Erie (2 roads)
Southern Pacific (2 rds.)
New York Central
_
Baltimore & Ohio
Del. Lack. & Western
Atch. Top. & Santa Fe__
Delaware & Hudson
Reading
Illinois Central
played by increased operating expenses in decreas¬
ing net results, is furnished by the Pennsylvania
a
Missouri-Kansas-Texas
Denv. & Rio Gr. Western
Atlantic Coast Line
Central of New Jersey
case
_
537,544 Bessemer & Lake Erie
519,305 Gulf Mobile & Northern.
107,840
423,527 Rich. Fred.&Potomac
107,122
417,680
Total (66 roads)
403,848
$44,081,682
389,556
npcrpfiip
372,921
318,443 Det. Tol. & Ironton.
$321,172
315,060 Bangor & Aroostook
133,769
308,543
Total (2roads)
303,833
$454,941
N. Y. Chic. & St. Louis.
Wabash....
Delaware &
Pittsburgh & Lake Erie.
N. O. Tex.&Mex.(3 rds.)
Kansas City Southern._
$302,235
274,539
264,289
259,547
247,900
246,209
242,617
242,225
234,391
233,568
221,815
203,124
194,715
187,697
629,487 Clinchfield
559,347 Alabama Great Southern
Central of New Jersey
St. L. San Fran. (3 rds.).
outstanding feature in the
and net earnings for amounts in
of the gross
case
creased
gross
in 1930, and
have been dealing with the
comparisons with February
our
corre¬
five weeks of 1929.
railroads of the country as a whole.
the
in
in the
in 1932, and 2,834,119 cars in
but comparing with 3,506,899
3,797,183
cars
cars
Increase
Pennsylvania
N. Y.N. H.& Hartford.
Chic. R. I. & Pac.(2 rds.)
Association, we find that for the five weeks
Feb. 29,1936, the number of cars loaded with
revenue
decreases,
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF FEBRUARY 1936
Railroad
was
or
and net:
Increase
sponding period of 1934; 36,525,000 bushels in 1933;
53,831,000 bushels in 1932; 76,652,000 bushels in
bushels in the similar
excess
and in both gross
Southern
N. Y. Chic. & St. Louis.
Missouri-Kansas-Texas
_
St. L. San Fran. (3 rds.)_
Kansas City Southern
Cine. N. O. & Tex. Pac__
Atlantic Coast Line
Yazoo & Miss. Valley
Texas & Pacific
Florida East Coast
$1,664,672
842,528
816,483
811,284
575,373
437,208
428,450
a382,314
379,647
368,657
365,867
360,078
345,241
299,241
297,725
217,458
207,373
198,607
192,245
187,917
181,725
169,673
164,555
160,502
149,329
Increase
Monongahela.
N. O. Tex. & Pac.(3 rds.)
Chic. Ind. & Louisville._
$148,051
131,089
127,103
118,359
107,327
104,506
101,118
100,774
Denver & Salt Lake
St. Louis
Southwestern._
Alton
Western Maryland
Colo. & Southern (2 rds.)
Total (40 roads)
$11,142,479
Decrease
Chicago & North Western
$850,899
Great Northern
820,141
Chicago Great Western._
258,828
240,777
223,387
201,655
163,564
160,879
136,704
136,467
122,023
Detroit Toledo & Ironton
Chic. R.I. & Pac. (2 rds.)
Boston & Maine
Chic. Milw. St. P. & Pac.
Chic. St. P. Minn.&Om.
Northern Pacific
Bangor & Aroostook
Pere Marquette
Total
(12roads)
$3,315,324
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis,
a
separately, with their increases,
even
the
more
con¬
spicuous of the large number of roads showing gains
in both gross
Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $439,636.
When the roads
and net earnings alike would involve
needless loss of time and
space, so we
fore only mention a few.
The
a
shall there¬
Chesapeake & Ohio
(which heads the list of gains in the net) reports
are
arranged in
groups
or
geo¬
graphical divisions, according to their location, as
is our custom, the favorable character of the
showing
as
compared with February last year is brought out
Financial
Volume 142
2571
Chronicle
it is found that all the eight regions
receipts of corn, 16,002,000 bushels as against but
comprising the three great districts—the Eastern
8,068,000 bushels, and of oats, 5,601,000 bushels as
clearly,
very
district,
as
Southern
the
district
both gross
that two
and net earnings alike, with the exception
regions (the New England region in the
Eastern district and the Northwestern
Western
$2,487,053,
region
108.83%.
or
below.
As
of the
case
to state, however, that the decrease
in the Northwestern
as
region in the
district) show decreases in the
It is proper
net.
of
case
was very
Our
large, namely,
by
summary
previously explained,
is
groups
the
group
we
roads to conform to the classification of the Inter¬
Commission.
Commerce
state
the different groups
boundaries
The
and regions
are
of
indicated in the
footnote to the table:
-Gross Earnings
1935
1936
Inc. (+) or Dec.
but
(•
)
and
1,428,000 bushels, respectively, against
2,813,000 bushels and 496,000 bushels, respec¬
tively—the receipts at the Western primary mar¬
1119993335665
kets of the five
rye,
weeks of
the
35,870,000
aggregated
bushels
as
only 20,202,000 bushels in the same five
against
in
cereals, wheat, corn, oats, barley and
combined,
1935, but comparing with 39,023,000 bushels
same
period of 1934; 36,525,000 bushels in
1933; 53,831,000 bushels in 1932; 76,652,000 bushels
11993356
in
1931; 86,783,000 bushels in 1930, and no less than
92,139,000 bushels in the corresponding period of
1929.
The details of the Wefetern grain movement,
our
usual
form,
are
set out in the table we now
introduce:
WESTERN FLOUR AND
GRAIN RECEIPTS
+ 771,102
0.22
+ 9,101,681
17.30
5 Wks. End.
Flour
Wheat
Corn
Oats
Barley
+ 10,299,124
12,405,482
52,598,028
55,072,481
13,176,584
61,699,709
65,371,605
roads)
Great Lakes region (24 roads)
Central Eastern region (18 roads)--
bushels
%
$
Eastern District
New England region (10
ley and rye—the receipts of which were 5,666,000
in
SUMMARY BY GROUPS
District and Region
Month of February—
Adding bar¬
compared with only 3,563,000 bushels.
the Western
and
district—show substantial increases in the
18.70
Feb. 29—
(Bbls.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
4,772,000
1,308,000
1,580,000
265,000
1,047,000
619,000
125,000
59,000
504,000
1,083,000
216,000
2,058,000
776,000
495,000
75,000
308,000
5,000
343,000
293,000
5,000
63,000
1,000
72,000
136,000
1,606,000
912,000
37,000
10,000
528,000
378,000
363,000
368,000
280,000
7,000
380,000
83,000
1,078,000
3,000
5,000
3,000
105,000
20,000
80,000
33,000
53,000
62,000
120,000
61,000
355,000
3,379,000
Rye
(Bush.)
Chicago—
Total (52 roads)
.140,247,898
16.80
+20,171,907
120,075,991
33,795,921
16,753,169
+ 5,877,849
17.39
+3,805,050
50,549,090
+ 9,682,899
19.16
27,455,924
48,923,265
24,146,572
40,731,234
+ 3,309,352
13.71
19,052,118
+8,192,031
+ 4,138,590
20.11
23,190,708
-
99,569,897
83,929,924
+ 15,639,973
18.63
-
-
.
—
310,000
842,000
705,000
Minneapolis—
22.71
_
(4 roads)
39,673,770
20,5.58,219
60,231,989
Southern region (28 roads)
Pocahontas region
905,000
1936
Southern District—
2,420,000
1,570,000
1935
201,000
133,000
1936
Western District—
_
_
84,000
72,000
ane
-Net
Month of Febru ary
1936
1935
3,000
Detroit—
Earnings
1935
1936
Mileage—-
Eastern District—
New England region,
17.87
+ 45,494,779
254,555,005
Region
4,000
Toledo—
1936
District
1,000
Milwaukee—
21.72
1935-----
Total all districts (139 roads)——300,049,784
116,000
Duluth—
Inc. (+) or Dec. (•
)
%
S
10.30
56,000
23,000
Indianapolis and Omaha-
7,131
26,828
25,064
3,012,030
14,390,360
15,297,922
3,358,039
—346,009
12,177,318 +2,213,042
14,024,997 +1,272,925
18.17
58,639
59,023
32,700,312
29,560,354
+3,139,958
10.62
39,939
39,240
+2,146,059
+ 2,659,746
30.61
38.79
Peoria—
+4,805,805
34.66
Kansas City-
7,083
Great Lakes region— 26,641
Central Eastern reg'n 24,915
9.08
139,000
48,000
314,000
1,769,000
839,000
421,000
3,083,000
634,000
192,000
46,000
644,000
814,000
561,000
873,000
964,000
155,000
28,000
183,000
202,000
85,000
58,000
271,000
224,000
253,000
79,000
75,000
1,928,000
St. Louis—
Total
Southern District—
'
Southern region—.
:
1
6.010
6,020
9,516,609
7,010,462
6,856,863
44,949
Pocahontas
45,260
18,673,130
13,867,325
46,333
56,817
30,313
46,517
56,997
30,483
de!201,725
8,166,839
region..
Total
1935----.
Y
9,156,521
1936
Western District—
Northwestern region.
Central West, region
Southwestern region.
5,262,995
2,285,328 —2,487,053 108.83
6,459,568 +1,707,271
26.43
3,229,956 +2,033,039
62.94
13,228,109
11,974,852
+1,253,257
10.47
64,601,551
133,463 133,997
238,280
55,402,531
+9,199,020
16.60
and regions:
groups
133,000
89,000
1935
Great Lakes
Region—Comprises the section
on
the Canadian boundary between
Chicago, and north of
New England and the westerly shore of Lake Michigan to
line from Chicago via
Pittsburgh to New York.
Central Eastern flexion—Comprises the section south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
SOUTHERN
Southern
Region—Comprises the section east of the Mississippi River and south of
a point near Kenova, W. Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and
of a line from Parkersburg to the southwestern corner of Maryland and
south
315,000
40,000
22,000
175,000
335,000
9,000
13,000
120,000
55,000
134,000
98,000
19,000
1,847,000
7,173,000 16,002,000
1,835,000
1936
-
1935
5,262,000
8,068,000
Feb. 29—
,
Flour
Wheat
(Bbls.)
(Bush.)
2,000
22,000
13,000
1,000
5,601,000
5,666,000
1,428,000
3,563,000
2,813,000
496,000
Oats
Barley
Rye
(Bush.)
(Btish.)
(Bush.)
(Bush.)
19,000
Corn
Chicago—
242,000
1936.
1,513,000
672,000
8,415,000
2,787,000
2,075,000
1935
1,449,000
1,089,000
2,468,000
571,000
1,185,000
61,000
5,293,000
1,278,000
2,237,000
4,387,000
989,000
1935------
3,411,000
319,000
439,000
1,502,000
139,000
474,000
3,000
599,000
832,000
605,000
Duluth—
1936
165,000
1935
and by the Columbia River to the Pacific.
1,000
3,258,000
73,000
131,000
45,000
624,000
260,000
1,543,000
6,000
1,016,000
631,000
614,000
15,000
13,000
560,000
191,000
1,678,000
3,000
5,000
211,000
1936
1935------
_
-
1936
62,000
121,000
233,000
105,000
119,000
River
Paso,
and by the Rio Grande to the Gulf of Mexico.
have
already pointed out, the grain traffic
Western
roads
in
February the present year,
greatly increased scale
a
the very
as
48,000
118,000
6,582,000
1,449,000
286,000
34,000
684,000
2,715,000
665,000
154,000
992,000
1,753,000
4,390,000
1,087,000
1,050,000
.1,419,000
1,326,000
1,302,000
255,000
53,000
1936
350,000
491,000
2,751,000
426,000
538,000
432,000
1935
475,000
435,000
61,000
25,000
1935
compared
small movement in February, 1935,
44,000
Indianapolis and Omaha—
1936
Southwestern Region—Comprises the section lying between the Mississippi
a line from St. Louis to Kansas City and thence tp El
south of St. Louis and
166,000
1935
boundary
1,159,000
1936
from St. Louis to Kansas City and thence to El Paso and by the Mexican
to the Pacific.
on
63,000
212,000
Detroit—
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
though
152,000
984,000
Toledo—
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
we
143,000
1935
WESTERN DISTRICT
6,000
28,000
Milwaukee—
1936
thence by the Potomac River to its mouth.
with
318,000
153,000
Minneapolis—
DISTRICT
the Ohio River to
over
174,000
1936
River to its mouth.
As
142,000
452,000
2 Mos. End.
east of a line from
eastern
1,154,000
1,824,000
219,000
Total all—
New England Region—Comprises the New England States.
a
58,000
Sioux City—
1935
EASTERN DISTRICT
204,000
Wichita—
1936
Total all districts.237,051
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
855,000
1,732,000
1,415,000
St. Joseph—
r.
Total--.
596,000
__
1935
St. Louis—
353,000
87,000
Peoria—
371,000
98,000
2,627,000
124,000
1936
128,000
4,014,000
2,888,000
264,000
1935
133,000
Kansas City—
1,478,000
2,901,000
290,000
1936
325,000
616,000
543,000
1935
331,000
267,000
368,000
994,000
30,000
40,000
841,000
22,000
52,000
1936
221,000
373,000
47,000
1935
159,000
160,000
24,000
St. Joseph—
was
still
and
1933, and
considerably below that of February, 1934
on a
greatly reduced scale when
com¬
Wichita—
1936
pared with the February grain traffic in other previ¬
ous
years
ferent
to the
rye
back to, and including, 1929.
staples, in greater
or
less degree, contributed
gain, the increase in the case of
having
been
All the dif¬
particularly
corn
and of
pronounced.
The
receipts of wheat at the Western primary markets
for
the
five
weeks
ended
Feb.
29,
1936, reached
7,173,000 bushels as compared with only 5,262,000
bushels
in
the
same
five
weeks of last year;
the
.
1935
2,000
Sioux City—
1,000
Total all—
1936
3,126,000 16,651,000 29,003,000
1935------
3,205,000 10,077,000 13,767,000
On the other
ment appears
2,857,000
901,000
hand, the Western livestock move¬
to have been much smaller than in
February a year ago.
braced
10,665,000 11,752,000
6,043,000
5,145,000
At Chicago the receipts
em¬
only 6,054 carloads in February the present
Financial
2572
year as
against 6,814 carloads in February, 1935; at
Kansas
City they were only 2,553 carloads
against
3,057 carloads, and at Omaha but 2,270 cars
against
2,001
Southern roads, here
much larger
find that the movement was very
February, 1935, both as regards the over¬
in
than
the
Southern
outports.
Gross shipments overland
reached 94,484 bales in February, 1936, as against
only 65,614 bales in February last year; only 52,989
bales in February, 1934; but 29,390 bales in Febru¬
ary, 1933; 52,121 bales in February, 1932; 89,520
bales in February, 1931, and only 56,530 bales in
February, 1930, but comparing with 122,064 bales in
February, 1929.
At the Southern outports the
receipts of cotton aggregated 261,262 bales in
February the present year as against but 165,512
bales in February, 1935, but comparing with 317,719
shipments of the staple and the receipts at
land
bales in February,
1934; 473,819 bales in February,
1933; 804,338 bales in February, 1932, and 440,451
bales in
the
Back in February, 1930,
February, 1931.
receipts
only 250,109 bales, but in February,
were
In the following
give the port movement of cotton for the
1929, they reached 386,096 bales.
table
we
past three years:
of the country from snow or ice
MONTH OF
Since Jan. 1
February
1936
65,810
82,114
Galveston
Houston,
&c_
'39,170
Corpus Christ!
Beaumont
6,891
3,521
'
-
«.
—
4,997
6,629
165
1,248
Lake Charles
Wilmington
1,721
251
Norfolk
2,969
2,462
131
140,640
15,701
4,008
16,133
7,900
9,430
18,504
548
1,988
10,871
6,508
11,577
7,845
3,383
801
5,245
24
75
605
148
355
165,512
317,719
672,178
402,798
796,647
in
recorded
February—namely,
net—came after
a
Years.
for Earlier
Results
increases
railroad
$45,494,779 in
all directions.
during
earnings in
gross
of
$5,030,495.
In February of the preceding year (1934) there
was an increase
of $36,231,471 in gross and of $19,009,701
by
a
decrease
in
net
cumulative
The falling off in
but these gains, in turn, followed heavy
in net,
in
losses
the
four
preceding.
years
$69,289,775 in gross and
net; that for February, 1932, was
$8,702,988 in net; that for February,
1931, $91,327,690 in
1930,
On the other
and $32,904,121 in net, and- that for February,
$48,034,122 in gross and $28,128,967 in
these
hand,
strikingly
results in 1929
as
poor
net.
results came after
compared with 1928.
improved
Our tabulations for
February, 1929, showed $18,292,585 gain in gross, or 4.02%,
and
$17,381,393
then
were
gain
really
more
which was
of 28.
instead
or
poor
ceding.
net,
or
15.95%, and the results
favorable than appeared by the face
contained
that the month
year,
in
figures, since these gains occurred despite the fact
of the
a
one
less
day than the previous
leap year, when February had 29 days
Contrariwise, in 1929 comparison was with
indifferent results in the years immediately
Our compilation for February,
pre¬
1928, showed $12,-
850,859 loss in gross* notwithstanding the month contained
one
more
working
In
($541,678).
day,
1927
with
and
a
very
1926 there
small
gain
only
was
in
net
moderate
improvement, while in 1925 there were heavy losses in both
gross
and net.
In
February, 1927, our tabulation showed
extremely satisfactory statement of earnings, both gross and
material decreases in both
In February,
gross
and net—
$24,441,938 in the former and $4,981,506 in the latter.
On
the other hand, however, it should be pointed out that com¬
parison then
was
with strikingly favorable results in 1924,
partly due to the extra day contained in the month
then,
$33,-
1924, having shown $31,939,712 increase in gross and
These gains, however, in February, 1924, in
387,370 in net.
turn
after
came
poor
indifferent returns in February,
or
1923, due to the severe winter weather conditions to which
It must not be supposed that
allusion has just been made.
there
was
any
loss in the gross earnings in February, 1923.
falling off was entirely in the net earn¬
On the contrary, the
ings and, as just stated,
due to the severity of the
was
In the gross there was then an increase
weather.
in amount
$44,745,531, but it was attended by an augmentation in
of
of
expenses
the net of
no
less than $50,988,243, leaving, hence, a loss in
$6,242,712.
though, losses in the gross both in 1922 and
There were,
the
in
in
expenses
ment
reason
earlier years,
these
of sharp cuts
which
cuts
were
imperative requirement, following the tremendous
an
in
during
expenses
period
the
of
govern¬
In February, 1922, our com¬
operation of the roads.
pilations showed $4,772,834 decrease in the gross, but $54,-
882,820 increase in
in
decrease
in
the
the country
still
at
the time was
of business, except that
by the Commerce Com¬
mission at the end of the previous July—an advance
time
the
the
enjoying the benefits accruing from the
great advance in rates authorized
which
computed would on the same volume of business add
month, $1,500,000,000 per
a
The reduction
the carriers.
of
enues
in
$19,171,075
followed
$11,536,799 increase in the net
intense prostration
were
of a reduction
result
this
The loss in the gross in 1921 would have
much larger, as
very
suffering
roads
And
and
gross
February, 1921.
been
the net, the
$59,655,654.
of
expenses
year—to the rev¬
in
expenses
at that
also smaller than it would have been because of
was
Labor Board
the Railroad
award made by
wage
the
previous July, and which on the volume of traffic then being
done it was
month
a
computed would add an average of $50,000,000
to
the
payrolls of
decrease in expenses
1920
In
and
previous years
at a frightful rate.
up
the
Nevertheless,
roads.
showed
(1920)
on
on
at that time.
1920,
and it was all the
severity,
exceptional
was
still in the throes of
February, 1918, but the fall of snow
interference
with
railroad
so
with
weather
panied by
of
operations
snow
correspond¬
of
1918
of
exceptional
severity,
just
were
In February of the
bad.
as
$25,148,451
gain
an
increase
of
basis
heavily
for
years
a
gross
but
$28,944,820
It
was
gross
our
but
a
loss
preceding,
In other words, February,
in
$2,655,684 in
$21,367,362 in the net.
in expenses,
the
so
gain of $61,656,597 in gross was converted into
$1,191,014 in net.
tered
accom¬
blockades, railroad embargoes and freight
net, while the year before (February, 1917)
of
in
immensely heavier,
was
congestion of great intensity, expenses increased
a
war.
as
extremely mild, as already stated, and comparison
was
that
low
In February, 1919, notwithstanding the win¬
ingly greater.
ter
noteworthy
more
Temperatures in 1920 were perhaps not quite
was
The
indeed of
preceding and comparable only with the weather
1918, when the country
the
was
sharp contrast with the extremely mild weather
of the year
and
gross.
swollen in
were
conditions under which rail¬
winter weather encountered in February,
because in
compilations
$72,431,089 gain in
to be carried
operations had
been running
our
the February expenses
unusual degree by the adverse
road
had
expenses
In February, 1920,
$16,428,891 loss in net
In that year
of
the
then reached, as we have already seen,
$30,707,874.
was
showed
1.11%), and $38,008 decrease in net.
for February,
net, in the month of that year, our statement
results
February, 1926, it showed $5,029,255 increase in gross
were
normal, and this circumstance, along
which the month contained, gave us an
with the extra day
$8,733,567 increase in gross and $7,748,287 increase in net,
1925, there
possible to bring expenses down again
to somewhere near the
and in
(only
occasional interferences in
at least only
isolated cases, it was
$14,727,011 in
February, 1933, was $52,380,018 in gross and
gross
1924, with no such interference
In February,
weather,
the
$125,000,000
earnings
and $9,199,020 in
gross
gain of $6,444,483 in
accompanied
1935,
February,
operation, expenses then having increased in
cost of
to the
it was
The
conditions, which added greatly
unfavorable meteorological
3,228
4,431
261,262
Total
in part because of the cumulative effect of the
in January,
202,176
14,526
5,310
1,687
Jacksonville
I
71
4,648
3,662
4,842
3,922
1,748
2,678
68,626
Brunswick
Charleston
9,229
14,218
—
Savannah
272,244
234,007
5,247
11,623
82,767
5,770
2,612
6,887
Pensacola
114,779
88,734
29,125
1,915
3,904
792
New Orleans
Mobile
1934
155,164
236,672
7,919
6,783
205,037
95,219
93,736
32,174
1,853
5,886
6,783
79,371
13,743
1935
it had been
the situation then was worse in February than
augmentation
1936
1934
1935
and
parts of the northern half of the United States,
many
then
Ports
On the
1923 the winter was of unusual severity in
1936, 1935 AND 1934
FEBRUARY AND SINCE JAN. 1 TO FEB. 29
in any part
extreme cold.
or
1921, but large gains in the net by
COTTON AT SOUTHERN PORTS FOR THE
RECEIPTS OF
extremely propitious in February, 1924, with
virtually no obstructions to railroad operation
by
Weather
1932.
having been a leap year, like 1928 and
it
conditions were
other hand, in
cars.
As to the cotton traffic over
we
April 18, 1936
Chronicle
1918,
in
loss
tables regis¬
contraction
this long-continued
rise
with resulting losses in net, that furnished, the
the
following
subsequent
we
reductions in
the
expenses.
give the February totals back to 1909:
In
"
1"
■
.
.
.
111999013245
/
V
Financial
Volume 142
111999223065487
6
Mileage
Gross Earnings
Month of
Year
119932084
Year
Given
of
February
Preceding
(+)
inc.
Per
Cent
Decrease
16.18
1927...
1.71
336,137,679
266,892,520
213,851,168
248,104,297
87,783
88,333
92,300
86,159
10.52
6.59
10.22
0.61
86,054
90,921
86,985
244,809
,
87,973
245,541
27.68
0.99
248,738
249,795
66,381
232,957
9.65
21.31
66.041
233,266
—4,772,834
1.18
235,625
11.18
235,399
+ 31,939,712
7.16
—24,441,938
5.11
236,642
231,017
234,510
234,880
235.528
235,876
236,031
+ 5,029,255
1.11
236,839
236.529
20.77
231,304
4.52
235,653
235,506
236,870
+ 8,723,567
1.90
—12,850,859
+ 18,292,585
2.74
—48,034,122
10.11
237,970
239,584
242,884
242,348
—91,327,690
—69,289,775
—52,380,018
21.37
242,660
336,182,295
266,231,186
248,122,284
300,049,784
4.01
20.61
254,555,005
238,731
242,668
242,113
242,726
240,943
242,312
241,189
19.67
241,467
2.60
239,389
238,162
241,263
239,433
17.87
237,051
238,280
17.10
+ 36,221,471
+ 6,444,483
+ 45,494,779
211.882,826
254,566,767
...
86.351
427,465,369
474,780,516
427,231,361
1935.
88,651
468.532,117
456,487,931
475.265,483
467,808,478
455.681.258
1936
82,149
80,308
80,622
+ 44,745,531
405.200,414
400,146,341
445,870,232
478,451,607
454,198,055
459,084,911
459,227.310
Preced'g
81,871
—19.171.075
424,172,348
454,009,669
Given
8.28
$174,423,831 $161,085,493 + $13,338,338
+ 28,250,418
174.574.962
202,825,380
—3,456,863
199.035.257 202,492,120
+ 20,752,155
197,278,939
218,031,094
218,336,929
+ 14,389,312
232,726,241
209,233,005 233,056,143 —23,823,138
—1,303,286
212,173,967
210,860,681
+ 58,005,851
209.573.963
267,579,814
+ 2,655,684
269,272,382
271,928,066
+ 25,148,451
285,776,203 260,627,752
+ 61,656,597
351,048,747 289,392,150
+ 72,431.089
348,749,787
421,180,876
405,001,273
400,430,580
444,891,872
477,809,944
Year
Year
or
111999014235
2573
Chronicle
11199922304587—66
Decrease (—)
increase (+) or
Net Earnings
Month
of
February
Year
Year
Per Cent
Amount
Given
11992338720645
Preceding
$49,194,760
$37,311,587
49,241,904
+ $11,883,713
56,920,786
—7,032,202
12.35
49,135,958
57,458,572
59,553,012
39,274,776
51,043,120
80,331,661
56,250,628
28,814,420
27,117,462
9,234,932
21,824,020
76,630,334
70,729,908
104,441,895
99,518,658
99,399,962
+ 8,275,149
16.84
+2,002,769
—19,895,047
+ 11,982,277
30.51
56,976,253
...
49,888,584
57.411,107
59,461,341
39,657,965
51,257,053
79,929,463
58,904,299
-
27,305,808.
27,623,406
10,688,571
20,771,731
76,706,840
70,387,622
104,117,278
...
99,460,389
99,480,650
107,148,249
108,120,729
126,368,848
97,448,899
64,618,641
1931.
15.71
3.49
33.41
+ 28,886,343
56.59
—21,367,362
—28,944,820
—1,194,014
26.67
—16,428,891
+ 11,536,799
+ 54,882,820
—6,242,712
60.58
51.46
4.13
124.93
251.48
8.15
+ 33,387,370
47.21
—4,981,506
—38,008
4.77
0.04
7.80
+ 7,748,287
+ 541,678
0.50
+ 17,381,393
15.95
22.40
56,187,604
—28,128,967
—32,904,121
—8,702,988
—14,727,011
40,914,074
+ 19,009,701
46.36
59,927,200
55,402,531
—5,030,495
+ 9,199.020
16.60
107,579,051
108,987,445
125,577,866
97,522,762
66,078,525
57,375,537
41,460,593
59,923,775
54,896,705
64,601,551
...
31.85
+ 7,734,299
33.74
13.17
26.21
8.39
of Federal Reserve Bank of New York—Deposits and Bank Holdings of
Continued to Expand in 1935—Increase in Country's
Annual Report
Government Securities
of Predominantly High
Analyzed—Industrial Loans
Monetary Gold Stock—Survey Finds Bank Investments
of Member
Position
Quality—Reserve
Banks
—Bank9s Foreign Relations
principal expansion in member bank credit during
again in holdings of government securities" it is
"The
1935
was
,
.
noted
®
,,
.p.
t>
.
twentj-first annual report Of the
the
m
e e
'
public yesterday (April 1')*
Bank of New Yoik, made
serve
pointed out, however, that the increase in such holdings
much less than in 1934, partly due to a materially
Smaller increase in the interest-bearing government debt,
It is
was
this
1935
in
increase
amounting
$1,052,000,000
to
Ill dis-
pared with an advance of $4,494,000,000 in 1934.
cussing the government debt, the report states :
There
debt
several
were
during the past
and
The principal gains and losses of funds to the New York
inward movement of other funds, presumably for commercial accounts
for investment.
market during 1935 are summarized! in the following table:
mo"ey
Net loss through other transactions
considerably ahead of expenditures during 1934, so that government balances
balances
and
in
depositary
retirement in 1935 of $675,000,000 of
previously had been used largely
National bank note circulation.
These bonds were not replaced
Another factor
000,000.
consols
to
1935 government expenditures exceeded new borrowings,
banks were reducedi by approximately $800,-
whereas in
year,
secure
the
was
Canal
and Panama
bonds,
which
by other government securities, but for the most part were retired, directly
indirectly,
or
out
of
of
part
a
such
lending agencies
_
A third factor was the considerably
than in 1934 to finance government
Finance Corporation.
the Reconstruction
as
.
.
.
n.
j.
of the
proceeds of the revaluation
the
stock of the country.
smaller amount of borrowing in 1935
monetary gold
,,
.
,
financing last' year, the report
notes that these operations included the retirement of a
large volume Of callable bonds, especially the remainder Of
the Fourth Liberty Loan and the outstanding First Liberty
Reviewing
government
New government bonds Of fairly long
Loan bonds.
maturity
purchased largely by investors, the Bank states, while
were
continued
banks
chiefly
invest
to
in
shorter-term
sovern-
ment secunnes, esneciallv Trensnrv notes of one- to five-veir
menu securities
especially lxeasury notes or one- to n\e jeai
1 he report continues:
maturity.
New
their
in
York
securities
guaranteed
remained
Reserve
direct
increase
an
1935
in
government
in
smaller
was
Chicago
In
substantially, but in
than
1935
45^%.
at
fully-guaranteed obligations
increase
in
1934,
government-
proportion of their
loans and invest-
The
1934.
of
and
localities—"country" banks—showed
a
in
Member
1934.
reduction
net
this
also
case
banks
in
direct
government-guaranteed
holdings
securities,
and
loans
their
change,
showed comparatively little
total
their
total
and
other
that
and
loans
increased
forms
of
increase in holdings of government and government-
investments
member
of
under 29%
remained
guaranteed securities by member banks resulted in
total
pur-
security
government
investments.
The relatively small
moderately
in
bank
credit
showed
the
following
much smaller increase
a
in 1934, despite the fact
during 1935 than
1935,
greater
declines
stability
of
even
or
several
preced-
ing years.
•
~
.0
$1,887,000,000 in
IDarket Of 193o, gold stockhuge the country
and the of increase Of
the monetary
during 1935,
discussed in the report, in part,
007 aaa Ann
The
•
are
follows:
as
supply of funds in the New York money market, which previously
risen
had
increased
to
volume
a
greatly
the
effective
The principal
in
cause, as
excess
further during 1935.
much
of
demand,
was
in the preced-
ing year, was a heavy inflow of gold! from abroad, which raised the dollar
of
value
two
to
and
in
the
gold
monetary
one-half
Net
1933.
about
times
receipts
$1,690,000,000,
stock of
the
gold
of
as
average
amount
New
at
compared
United
the
York
with
a
of
States
the
to
approximately
decade
during
1935
little
over
other
parts
from
1924
amounted
to
$1,000,000,000
1934.
Movements of
funds between
during 1935 were
withdrawal
outward
0f
of
movement
large, and
very
funds
of
New York
from
the
funds
of
the country
in the aggregate resulted in
New
was
and
York
through
^ian
]ess
money
market.
Treasury
The
transactions.
some
net
principal
A
sub-
$2,400,000,000 in
about
requirements of
1928 and
1929,
and with current reserve
The reserves of the principal New
about $2,450,000,000 at the end' of 1935, an
$2,700,000,000.
York City banks alone were
113%, in excess of reserve
For the country as a whole, total member bank reserves
were about $2>850,ooo,ooo, or 104%, in excess of current requirements.
amount which was about $1,300,000,000, or
requirements.
h.«h, P°jDt°' 'J16 yea.r ,0.r, exS*8
«°re
the nuddle of December, when the New York City banks had more than
$1,500,000,000 and the total for the country as a whole was $3,300,000,000.
December
the
cag^ payments
£0
tax
period
reduction
a
of
$600,000,000
occurred,
into Treasury account at the Reserve banks for new
that time, as well as to tax payments.
balance
the year, however, excess reserves showed a
renewed increase, due largely to the seasonal retirement of currency that
securities
government
sold
at
Treasury balances in the Reserve banks remained large through the
0f the
At the end of
year.
began immediately after Christmas.
,
__
■
,
.
..
,
Under the heading Of
.
*
*
-r,
,
,,
t,
Member Bank Deposits,
„
tile report
states, ill part:
The volume of deposits in member banks showed
a
further large increase
during 1935, although, reflecting primarily the smaller increase in govern-
security holdings, the increase was not as large as in 1934.
The
again occurred chiefly in demand deposits, and although interbank deposits continued to be a substantial element, there was also a large
increase in other demand deposits (adjusted demand deposits) amounting
ment
increase
to 22% for New York
City banks, 20% for other Reserve city banks, and
18% for "country" banks. The two largest factors in this rapid expansion
demand deposits were the heavy inflow of funds from abroad and
government expenditures.
Government expenditures in excess of current
receipts were reflected in a substantial reduction in government deposits,
of
as
-mo-
rrv.~
«m
hand, the amount of currency of all kinds in circulation increased nearly
$350,000,000. The net effect of all changes in factors affecting the basic
supply and demand was an increase of about $1,500,000,000 in
member bank reserves to a volume far above existing requirements.
At
the end of 1935 the reserve balances of all member banks in the Federal
Reserve banks were close to $5,600,000,000, as compared with an average
other
obligations of the government, and although they continued to
chase
+$998,000,000
money
other
their holdings of
in
; ~
Net gain tbrougb all transactions-
increased their holdings of government
cities, member banks again
and
holdings
securities to total
unchanged
practically
$900,000,000
nearly
—84,000,000
T
~~
-
.
For the country as a whole, the increase in the monetary gold stock,
in
of the United States Government
of
in their
in
than
in
investments
aggregate
ments
with
considerably smaller increase
a
$200,000,000
+$1,692,000,000
including newly-mined gold and recoveries of scrap gold as well as gold
imports, amounted to $1,887,00ft,000 during 1935.
In connection with
Treasury purchases of silver about $315,000,000 of additional silver coin
and silver certificates was issued in the course of the year.
On the other
During
'
less than
of
increase
an
of direct obligations
compared!
as
had
the
City banks showed
total holdings
1935,
and
in
.
depositary banks showed an increase of nearly $700,000,000 during that
in
——
andlmancSl'+l',238;ooo;ooo
national
In the first place, government borrowing went
year.
drawals of funds from this district were somewhat in excess of the inflow
of gold from abroad.
On the other hand, there was a large return flow
of funds to New York from other parts of the country, which represented
part the transfer of idle funds of banks in other districts to their balances with New York City correspondent banks, and in part a substantial
Gain through gold movement at New York
for the much smaller increase in the
reasons
com-
as
stantial part of the excess of government expenditures over receipts eontinued-to be financed through the New York market, and! Treasury wit -
well
banks.
as in the further increase in government securities held by the
The inflow of funds from abroad was reflected only partly in the
increase in foreign bank deposits, a considerable amount going into other
deposit
accounts,
either
directly,
or
indirectly
through
the
purchase
of
securities in this country.
Total demand deposits for all member banks, adjusted to exclude interbank deposits and'
items
duplication of deposits represented by checks and other
in process of callection, rose during 1935 to new high levels, well
above the highest points reached in 1928 and 1929.
The total increase
since June, 1933, has amounted to 42% in New York City, 62% in other
cities, and 65% in "country" banks.
Although the percentage
increase was largest for the banks outside New York City and other
Reserve
Reserve cities, including Chicago, the volume of deposits in such banks
remained below the 1928-29 levels, as the preceding shrinkage in deposits
also
had been greatest outside of the principal
cities.
Furthermore, the
volume of deposits in non-member banks is far below the levels of six or
seven years ago, due partly to the closing of a large percentage of such
banks and partly to conversions of non-member into member banks.
Financial
2574
about 70% of the total increase in adjusted demand
dollar volume,
In
deposits of all member banks since June 1933 has been in member banks in
New York City and other Reserve cities.
Bank investments
gregate amount equivalent to $4,656,000, inclusive of the Hungarian credit
referred
report finds.
the remainder were in municipal and
of
high-
grade corporation bonds,
The
Federal
New
of
Bank
Reserve
excess
York
made
also
amounting to less than 25%
reserves
by Col. Leonard P. Ayres
Further
described
It
surplus
followed
funds
the
same
survey
are
banks, especially in the smaller
city
In order to obtain
adequate view of the
reserve
position of member banks, therefore, balances due from other banks in this
deposit in the Reserve
^•)."C'■
The inclusion of deposits with other banks completely altered the indi¬
cated position of member banks in this district with respect to surplus
funds.
Only 22 banks out of a total of 793 had reserve balances and de¬
posits with correspondents amounting to less than 25% in excess of their
requirements; only 51 banks had such funds amounting to less than 50%
in excess of their requirements, and only 133 banks, or about one-sixth of
listed
were
well
as
?,
Bank.
as reserve
with
on
had funds
deposit in the Reserve Bank
on
domestic banks amounting to less than
other
double their reserve
It is true, however, that a part of the funds
deposit with
other banks should be regarded as normal working balances, and should
not be regarded altogether as surplus funds.
requirements.
The
distribution
banks
Colonel
Ayres,
Reserve
in
City
(New York City—Manhattan)
district
this
on
with
respect
their
to
reserve
issued April 15, goes on to
ment have included the
In
Quarter by unusually
and
February,
Due from Domestic Banks
It
Central
All Other
Central
[business]
Member
Reserve
Member
Banks
City Banks
of
the
first
18
128
.
4
5
143
9
the current
vigorously
277
20
of
38
38
755
It adds
sources.
755
about the
number
.
:
j',
i.
•.
of
in
loans
approvedi,
In
1934.
received in the latter half
Was
as
1935,
were
however, was proportionately
37% of the applications passed
definitely approved, and
an
additional
were given conditional approval, as compared with
30% of definite approvals and an additional 5% of conditional approvals
The
dollar
of
1935
to
of
amount
amount
amounted
actually
about
to
advanced
in
1935 showed
compared
as
with
dollar
1935,
however,
amount,
approved loans
on
an
additional
not
were
$11,900,000.
Repayments
and
availed! of by the applicants up to the
reduced the
total
advances
and commitments
out¬
made through, hanks and
were
Bank to rediscount the
involved
loans and to
assume
by
commitments
given
are
following extract from the report:
During 1935 accounts
of
Governors
opened at this bank,
were
of
the Federal
Reserve
with
System,
the approval
of
the Bank of
for
Canada, the Central Bank of the Argentine Republic, and the National Bank
of
Nicaragua.
the
number
York
The account of the Bank of Java
of
accounts
behalf of
on
all
12
maintained
38 at
the
end
with this bank
at the
In
of
end of 1934,
the spring
extended
by
1935.
Balances
of 1935, and again
this
the seasonal
closed.
for
As
result,
a
of New
Bank
from 36 at the end of 1934
rose
maintained
by foreign
at the close of 1933
correspondents
Bank
of
bank,
on
against
behalf
a
in the autumn, short term loans were
of
all
deposit of
requirements for
At
Hungary, described in the
to
the
Federal
gold
as
dollar exchange
Reserve
banks,
collateral,
in
to
order
of
our
newspapers
operating
are
to, but there are at least
than
less
are
fully
reassuring.
the continuing large volume of unemployment.
work
are
and but slowly
distressingly large,
in
[this
the
the
1933,
the time
at
the
going
period.
The
of the
the index illustrated in
In the first quarter of 1934 the average
advance of 17 points in
or an
that
longer
no
recovery
measured by
as
are
the
first quarter of
normal
omit.—Ed.]
we
in
is
recovery
production
earlier
Were
of
progress
industrial
of
they
as
57% of
was
about
fact
volume
quarter of
continues
In the first
one year.
1935 the average
is 84.5%,
advance of only
or an
year.
greatest
in
aid
to the
the volume of
levels
of
be
to
true
that
the
general business
new
but
are,
development
situation
that
be
would
be
would
a
of
the
large increase
It is difficult to estimate what normal
construction.
construction
is
it
probably true
that construction
was
going forward at about one-quarter of normal volume in the first quarter
of
last year,
and that it is now at about one-half of normal.
The Course of the Bond Market
close
of
1935
of the country
of
a
the
19th Annual Report of this bank, was
this bank
maintained
balances
abroad
in
its
own
behalf, and in behalf of the other Federal Reserve banks, in an aggregate
amount equivalent to $665,000, of which $541,000 was repayable in dollars.
commercial
Bond, prices have fluctuated within a narrow range this
week, in
New
bills
denominated
in
was
notable
for
foreign currencies in
an
ag¬
any
No group
rating
or
outstanding movement.
highs for United States government
corded,
of
downward trend.
slightly
a
classification
bonds
were
re¬
making a new average low yield for eight issues
2.33%.
High-grade railroad bonds have been virtually unchanged
Northern
Central
Pacific
Pacific 4s,
Pacific 4s,
4s,
1997,
1947, at 113%
1949, declined % to 108%;
advanced
were
%
off %.
to
110%;
Union
Lower-grade issues
appeared quite listless, and fractional losses have been the
Erie 5s, 1967, declined 1% to 77%;
general rule.
City Southern 5s, 1950, lost %, closing at 84%
Kansas
Boston &
;
Maine 5s, 1967, at 83 were off 1%.
The performance of utility bonds has been unimpressive,
for
price movements have been ragged and volume relatively
small.
Prime investment issues
much
tended
better
toward
nominal in
than
the
weakness,
most cases.
to
$2,522,270 by the repayment of $617,815 during the past year.
It also held
sobering
points in the
did
principal amount of the credit outstanding in favor of the National
reduced
that
and $19,394,000
borrowing bank, pending the marketing of its principal crop.
The balance
of such loans outstanding at the close of the year was $350,000.
The
situation
of
out
production
of
the first
It
foreign banks of issue
to $28,935,000 at the end of 1935.
foreign central bank,
meet
Settlements
from $4,233,000
rose
was
by the Federal Reserve
Federal Reserve Banks
and the Bank for International
to
those
this week.
lations of the Federal Reserve Bank of New York
Board
In
substantial pro¬
a
Previously unpublished information regarding foreign re¬
the
pages
quarter of 1935 the average was 81%, or a further advance of only 7 points.
to the end
up
portion of the risk involved.
in the
Retail
consid¬
a
standing at the end of 1935 to about $17,700,000.
More than half of the loans in number, and three-fourths of the total in
the Reserve
pay¬
Residential building
do not know, but all careful estimates agree that
we
rapidly
crisis,
$11,000,000
$8,700,000, and commitments had been made
that time to advance
of
loans approved
$20,420,000
aggregating
expired commitments that
end
employment and
.
..
total
up
Both
declines.
..
8% of the applications
increase,
coal.
appearing in the business
course,
74% of normal,
3.5
number
same
by the Board of Directors
erable
showing
production
also quote :
we
general
of
the
in
as
the diagram
was
formal applications received during the year was approxi¬
greater in 1935 than
in 1934.
the
The
one.
Perhaps the natural forces of recovery
it is
of
other
average
:
,
The
demand for
the
it is reasonable to expect them
the
is,
numbers
increases
continued to receive a
number of applications for loans of working
"
1934.
circumstances
better than that of manufactured articles, for the
comment
in
them
The
640
capital, under Federal legislation of June, 1934, from busi¬
ness organizations unable to obtain the credit desired from
in
the
markets continue to reflect prevailing confidence, and most
as
factors
bank
upon
Under
reasonably favorable
a
diminishing.
report states that the bank
The
floods
relatively good.
73
12
Total
1934.
been
up
optimistic in tone.
as
forward
of
destructive
well, but other building has declined rather sharply.
up
trade has been
24
V'K 8
-
or more
or
models.
new
manufacturing have suffered) minor
held:
has
of
held
stimulated
cold weather
rolls in
the
6
25 to 49
mately 500,
weather during January
closing months of last year by the change of dates
quarter has
has
Just how large
Banks
City Banks
207
12
Less than 25
.
"These,"
the factors of
as
part of the automobile business which
has felt the loss of
the introduction
for
of minerals
One
All Other
Reserve
usual
severe
by widespread and
and
transferred to the
was
two
of Reserve Retirements
The number of
Congress."
the
summarized
during March," it is further noted by Colonel Ayres:
Reserves and Balances
Federal
with
Reserve Bank only
Per Cent Reserves in Excess
the
Europe,
stating that "business has been handicapped during the
first
is
considerable
rapid improve¬
winter weather,
weather, water, war and uncertainty."
of
Distribution of Banks Based on
50 to 99
severe
legislating and investigat¬
by
forward
Colonel Ayres adds, "may be
From his comments
Reserves
The
exceptionally
floods, the disquieting news from
carried
being
ing
Bulletin,"
that "the unfavorable con¬
say
Africa and Asia, and some of the
The security
100
prevailed."
"Business
ditions that have combined to prevent more
other banks, was as follows:
;
company's
the
in
1935, before and after inclusion of balances due from
Nov. 1,
on
Central
of
member
other
and
position
of the adverse circumstances that have
V,V.-::/■:
all member banks in the district,
or
balances
having "made a
as
to warrant the comment that it has done well in view
year
the destructive
a
more
a
Uncertainty
Colonel Leonard P. Ayres, Vice-
Cleveland Trust Co.,
the
com¬
substantial part of their
correspondents rather than in
keeping
of
with their
deposit
on
many
practice
the
the Reserve Bank.
country
of
follows:
as
known, however, that
was
munities,
in
revealed
data
and
by Congress
Business is described by
President
Reasonably Favorable
as
Floods,
Destructive
Winter,
Created
of their
requirements, and only about 36% of the banks had
reserves amounting to 100% or more of their require¬
ments.
■
Conditions, Including Severe
View of Adverse
in
a
reserve
excess
,.'vv
/
sufficiently good showing during the first quarter of this
System-wide study of the reserve position of member banks.
More than one-fourth of the member banks in the district
had
amount, $4,532,000 was repayable in
Showing of Business in First Quarter of Year Regarded
end of 1935 had 75%
about 70%
Of this aggregate
to above.
dollars.'
of predominantly high quality,
are now
New York City member banks near the
of their investments in United States
Government securities, while of the remaining investments
nearly three-quarters were municipal securities and corpora¬
tion bonds rated Aaa to A.
For other banks in the district
covered in the same survey, more than half of total in¬
vestments were in United States government securities and
the
April 18, 1936
Chronicle
have been quite
remainder
of
although losses
Indianapolis
the
firm and
list,
have
which
been
Pow. & Lt.
only
5s, 1957,
gained % point/ closing at 105%; Indiana Electric 5s, 1951,
declined %
68%
were
to 87%; New England Gas & Elec. 5s, 1947, at
off 1; International Hydro-Electric 6s, 1944, ad¬
vanced % to
&
41%.
Offering of $30,000,000 Pacific Telephone
Telegraph 3%, 1966, constituted the entire
new
financing
for the week.
Industrial
many
of the
bonds
sharp
have
been
losses
generally
sustained
reactionary,
earlier
in
the
but
week
Financial
Volume 142
by the
volatile issues were partially erased at the close.
more
advances this
declines have been evident among the liquor and
the latter group,
the
to
of 1%
ply companies resulted in a loss
%
occurred in the Paris
to 37%
point
Schulco
6%s,
an
B
(stpd.),
suffered
severe
a
S'hinyetsu
upward
the
Moody's computed bond prices and
MOODY'S BOND
U. S.
120
Govt.
Domes¬
by Ratings
Bonds
YIELD AVERAGESt
tic
Corporate* by Croups |
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Croups
Domes¬
Indus J
109.96
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
Apr. 17—
4.17
3.60
3.79
4.25
16—
109.95
110.23
121.38
117.43
108.57
95.93
106.07
108.21
116.62
16-
4.16
3.60
3.79
15—
109.92
110.23
121.60
117.43
108.39
95.93
106.07
108.21
116.42
15—
4.16
3.59
3.79
14„
4.16
3.60
3.79
13-
4.16
3.61
3.79
11-
4.16
3.60
3.79
Apr. 17—
Baa
A
Aa
Aaa
RR.
P.
U.
14-
109.77
110.23
121.38
11
108.57
96.08
106.25
108.39
116.42
13—
109.74
110.23
121.17
117.43
108.57
96.08
106.42
108.39
116.22
11„
109.75
110.23
121.38
117.43
108.57
96.23
106.42
108.39
116.42
10-
Stock
.43
«
Excha nge Clo sed.
10- StockE xchang e
4.27
3.83
t
4.39
4.27
3.84
t
4.25
5.00
4.38
4.26
3.84
t
4.25
5.00
4.37
4.26
3.85
t
4.25
4.99
4.37
4.26
3.84
4.25
4.99
4.37
4.26
3.83
5.83
t
Close d.
5.83
4.15
3.58
3.78
4.24
4.98
4.36
4.25
3.83
7—
4.15
3.58
3.78
4.24
4.99
4.36
4.26
3.83
t
6
4.15
3.58
3.78
4.24
4.99
4.36
4.26
3.83
t-
4-
4.15
3.59
3.78
4.25
4.99
4.36
4.26
3.83
108.39
116.62
121.81
4.39
5.01
8—
108.57
106.60
121.81
110.42
5.01
4.26
116.62
106.60
96.23
110.42
109.75
4.25
116.62
96.39
108.75
109.75
7—
eigne
3.83
116.62
108.75
117.63
8„
Indus
3.78
117.63
117.63
U..
4.27
3.59
108.39
121.60
P.
4.40
4.15
106.42
110.42
RR.
5.02
9-
96.23
109.75
Baa
A
Aa
Aaa
tic
116.62
108.57
9—
30
For-
Daily
Averages
Corp.*
tt
All
1936
120 Domestic
120 Domestic Corporate*
1936
«»
bond yield averages
(Based on Individual Closing Prices)
Average Yields)
Dally
Averages
of a
predomi¬
movement
given in the following tables:
BOND PRICESt
on
with
nature,
nating.
decline,
are
MOODY'S
There has been
government and Brazilian bonds.
Changes in the remainder of the list have been mostly
dropping 10 points to 50.
(Based
weakness in German
fractional
advance of
Universal Pipe & Radiator 6s, 1936.
by
1946,
1952, to 83.
6%s,
in
some
points for Inter¬
135%, and
the
cline
(ctfs.), which rallied 2 points
national Cement con v. 4s, 1945, at
On the downward side, a 6%-point drop to 123%
Orleans 5%s, 1968, and a 2-point de¬
points.
Mixed movements in the obligations of building sup¬
to 43.
Works 5%s, 1945, ad-
Japanese government bonds advanced from 1' to 2
2.
up
There has been an excep¬
generally lower trend of the oils in the specu¬
lative Richfield Oil 6s, 1944
Public
Cuban
week.
vanced~4% points to 52%, and Panama 5s, 1963, at 73 were
steel issues.
Republic Steel 4%s, 1950, sold sharply
lower, declining 3% points to 114.
tion
bond market has witnessed a few noticeable
The foreign
showed some advances, but
The amusement and food groups
In
2575
Chronicle
6—
109.69
110.42
121.81
117.63
108.75
96.23
106.60
108.39
4—
109.64
110.42
121.60
117.63
108.57
96.23
106.60
108.39
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—
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
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
5.03
4.39
4.28
3.84
110.23
121.38
95.48
4.26
t
3.83
Weekly
t
t
Weekly
M
Mar. 27..
109.66
20-
109.51
5.85
109.46
5.80
117.84
108.94
106.07
108.39
116.62
20-
4.16
3.60
3.77
4.23
5.04
4.39
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
110.98
13— 109.11
6-
t
5.83
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6-
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
4.23
4.93
4.30
4.26
3.87
6.00
*
Feb. 29.. 108.98
110.61
120.54
108.39
115.81
Feb. 29..
4.14
3.64
3.77
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
5.92
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
117.84
108.94
97.16
107.67
1—
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
6.15
31..
4.19
3.63
3.82
4.28
6.03
4.43
4.25
3.89
6.13
115.41
24-
4.19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
115.02
17-
4.21
3.83
4.29
3.91
6.17
114.04
10-
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
112.69
3—
4.32
3.70
3.93
4.39
5.24
4.63
4.29
4.03
6.23
4.87
4.25
4.24
3.82
5.80
1-
107.96
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
Jan. 31..
108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
24..
107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
17—
108.34
109.31
120.11
116.62
107.85
108.39
10-
108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
106.07
92.53
101.97
107.85
'
95.18
104.68
Jan.
3.66
5.06
4.47
4.26
3.. 407.94
High 1936 109.96
107.31
119.27
114.63
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
Low
107.14
119.07
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
4.41
5.30
4.67
4.30
4.06
6.78
1936
107.77
High 1935 109.20
106.96
119.69
114.43
105.72
91.67
101.31
107 67
99.20
116.82
108.57
98.73
77.88
90.69
94.14
Low 1935
106.78
I
1 Yr. Ago
100.65
2 Yrs. Ago
119.07
109.86
100.00
80.37
93.99
101.31
98.25
Apr.17'35 108.37
111.92
105.37
96.70
82.62
99.84
91.39
107.49
3.68
3.94
4.80
3.82
4.25
4.83
6.40
6.37
6.13
4.35
6.97
4.71
3.71
4.18
4.75
6.18
5.14
4.67
4.31
5.94
4.86
4.07
4.43
4.96
5.99
4.76
5.32
4.52
7.21
1 Yr. Ago
Apr.17'35
«
2 Yrs. Ago
103.82'
Apr.17'34
4
Apr.17'34 104.14
4.34
Hign 1935
112.11
Low 1935 105.66
These prices are computed from average yields on the basis of one "Ideal" bond (4 H % coupon, maturing In 31 years) and do not purport to show either the average
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 months back to 1928, see the issue of Feb. 6, 1932, page 907.
level
••Actual average price
t The latest complete list of bonds used in computing these indexes was published in the issue of May 18, 1935,
comparable basis with previous averages of 40 foreign bonds, t Daily averages discontinued, except Friday
of 8 long-term Treasury Issues,
ttAverage of 30 foreign bonds but adjusted to a
page 3291.
of each week.
STATE
THE
TRADE—COMMERCIAL
OF
EPITOME
In fact, figures are now at a six-year peak,
highest since June, 1930.
The healthy expansion in the
sharp gain.
the
steel
industry and the marked strides forward in the auto¬
field are largely responsible for this rise.
Electric
motive
output shows further gains, the figures registering an ad¬
vance of 12.1% in
output over the corresponding week of
last
automobile
Retail
year.
and
truck sales this month
expected to register an increase of 20% over the 1935
level.
This would bring deliveries close to the April 1929
are
Sales
volume.
planning for
bile production
an
of several
manufacturers
are
greater increase.
According to re¬
by some motor company officials, automo¬
an
vised estimates
ter
departments
even
during the current year is expected to regis¬
over the 1935 level.
Approximately
increase of 20%
5,000,000
and
cars
trucks
would
be
assembled
in
United
States and Canadian plants if these forecasts are
realized.
The striking gains in retail deliveries in the past six weeks
are responsible for the strong optimistic feeling
prevailing
in the automobile trade.
The steel industry
continues at
a
highly active pace.
Steel operations for this week are esti¬
mated at 67.9% of capacity.
This is a further increase of
3.4 points over the previous week, and compares with a
rate of 44% of capacity during the corresponding week of
last year.
This is the highest operating rate since May,
1930.
The trade expects the seasonal peak in steel activity
to be reached within the next fortnight.
Reversing the trend
of
the
now
past two years, department stores
leading
the
up-turn
in
in the
retail trade.
outlook
these
for
Reports
crops.
early in
the week
Mississippi overflowing its banks and spreading
flood waters over more than 2,000,000 acres of rich farm
activity during the past week showed a further
Business
the
showed the
Friday 'Night, April 17, 1936.
East are
Stores in this
over
the 1935
Fifty-five miles of west
3 to 10 feet of water, and
traffic was paralyzed in a score of places.
At Memphis
the Mississippi rose another half foot, standing at 38.7.
Although no levees were in immediate danger, engineers
lands
along
a
1,000-mile front.
Tennessee highways were under
feared
the fact the river will remain for weeks at or
near
predicted crests and levees will be called to withstand the
terrific strain much longer than usual.
Hundreds of fam¬
ilies in Missouri, Arkansas and
from
their
homes
to
higher
Tennessee have been forced
In this section the
ground.
weather has been cloudy and exceptionally
week.
New
York
cool most of the
City had rather low temperatures
and
Today it was cloudy and
cold here, with temperatures ranging from 38 to 47 degrees.
The forecast was for fair tonight and Saturday, slightly
cooler tonight.
Overnight at Boston at was 38 to 52; Balti¬
rainy weather most of the week.
more,
42
to 58;
Pittsburgh, 32 to 46; Portland, Me., 36
Cincinnati, 34 to 54; Cleveland,
50; Chicago, 34 to 46;
to
34 to
40; Detroit, 32 to 44; Charleston, 60 to 90; Milwaukee,
34 to
44; Savannah, 62 to 90; Dallas, 56 to 78; Kansas City,
36
to
68;
64; Springfield, Mo., 40 to 60; Oklahoma City, 52 to
Seattle, 52 to 74; Montreal,
Winnipeg, 26 to 44.
Salt Lake City, 50 to 84;
34 to 40, and
Moody's Daily Commodity
Index Rises Sharply
substantial increase in the average price
of basic commodities during the week. Moody's Daily Index
There has been
of Staple
a
Commodity Prices
rose
from 169.8
on
Thursday
There was quite a
as compared with
the tornadoes, torrential rains and river overflows of last
week.
However, drought in important sections of the cotton
Friday of this week. This is close
to the Feb. 14 high of 171.8 for the current year.
The advance was mainly due to sharp rises in the prices
of wheat and corn. There were also gains for copper, cotton,
rubber and silk; moderate declines in the prices of steel and
cocoa; while coffee, hides, hogs, lead, silver, sugar and wool
remained unchanged.
The movement of the Index during the week, with com¬
and wheat belts have been causing some apprehension as to
parisons, is
section
have
volume
of
weeks.
Department store sales for the country
shown
any
group
the
largest
increases
in the country
during the
as
last
a
six
whole
during the first 10 days of April scored an increase of more
than
20%
over
the like period in 1935.
marked contrast in the weather this week
of last week to
as
171.7
on
follows:
Financial
2576
169.8 2 weeks ago, Apr. 3
Holiday Month ago, Mar.17
Apr. 17
170.4 Year ago,
170.6 1936 High—Oct. 7 & 9
Low—Mar. 18
171.0
171.1 1936 High—Feb. 14
Low— Jan.
4
171.7
Apr.
9
Apr. 11
Thurs.,
Sat.,
Mon.,
Tues.,
Wed.,
Apr.
Apr.
Ap
Thurs*., Apr.
Fri.,
Apr.
13——
14
16
16
17
.
Retail
Costs
Ended
Food
of
March
Down
24
169.2
171.2
156.8
176.3
148.4
171.8
167.2
0.7% During Two Weeks
According to United States De¬
partment of Labor
The index of retail food costs declined 0.7% during
two weeks ended March 24, Commissioner Lubin of
the
the
Bureau of Labor Statistics of the United States Department
of Labor announced April 8.
"Four of the eight commodity
showed lower costs, three remained unchanged, and
advanced,'* Mr. Lubin said.
"Lower prices were re¬
ported for 42 of the 84 foods included in the index; 26 foods
rose in price and
16 remained unchanged.
The decrease
in the general level was the result of lower costs in 39 of
the 51 reporting cities."
Continuing, Mr. Lubin also stated:
groups
one
The
composit index stands
costs are
59.8.
index
1923-25 average.
of the
higher than on March
When
converted to
Loaded
March
price reporting period this year and is
sponding period in
1935.
items in the group,
four showed
White bread showed
Lower
decrease of
a
declined 0.1% during the two
0.6%
declined at every
lower than for
the
corre¬
prices were reported for five of the 13
no
change, and four advanced in price.
0.1% the result of lower prices in five
of 1.4%
important
L3^h# co§tof the beef items
advances^of 0.9% in the
There were, however,
for lamb.
13 of the 21 items in the group.
most
Chi. Milw. St. Paul & Pac. Ry
18,458
14,172
Chicago & North Western Ry
3,417
1,934
4,314
13,662
_______
International Great Northern RR.
Missouri Pacific RR
The average cost of meat remained unchanged.
pork items and
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Gulf Coast Lines._
Lower prices
reported for
were
Six rose in price and two showed
relative
changes
change.
no
for pork
increases of 3.1%
were
cost of
New York Central Lines...
40,449
4,718
19,054
57,040
6,307
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie
chops, 2.6% for pork loin roast, 3.4% for leg of lamb, and decreases of
2.1% for veal cutlets, 1.0% for sliced bacon, 1.1% for salt pork, and 1.1%
5,779
24,667
5,415
Southern Pacific Lines.
Wabash Ry
for
breast
of lamb.
18,488
27,333
18,220
14,480
18,060
14,006
2,884
2,066
4,516
14,184
40,459
4,685
17,040
56,517
6,245
6,331
23,751
5,428
19,133
28,737
20,963
14,222
Baltimore & Ohio RR
Total
Apr. 13 Apr. 11
1936
1935
Apr. 4
1936
1936
Missouri-Kansas-Texas RR
widely scattered cities.
0.2%.
Apr. 11
base, the current index is
The index for this group has
24.
Received from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
Atch. Topeka & Santa Fe Ry
The cost of cereals and bakery products
weeks ended
The
(Number of Cars)
The
125.1.
the
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
15, 1929, when the index
1913
a
1936
5,407
14,678
8,340
7,405
6,963
9,486
1,638
2,033
2,851
5,136
18,611
25,360
18,202
12,631
16,089
13,038
2,931
2,027
4,026
12,811
36,956
15,167
8,858
7.595
7,171
9,827
1,464
1,993
2,921
8,714
37,024
9,222
4,074
38,473
4,241
17,346
54,518
5,890
4,945
21,534
5,124
Mar.
Commodity Groups
8,330
34,880
8,927
3,956
37,445
4,708
4,536
x7,081
8,539
5,335
5,066
x7,497
8,415
(Number of Cars)
4 Weeks
Ago
Mar.
and Texas &
Co.- -Pacific Lines
S. P.
<
Corresponding Period in
Weeks
24
X
6,832
8,154
1,145
1,968
2,637
7,352
32,748
7,725
3,597
34,767
4,586
2,945
x5,958
8,201
LOADINGS AND RECEIPTS FROM CONNECTIONS
TOTAL
2
interchanged between
cars
New Orleans RR. Co.
1936
4,392
12,312
8,141
6,580
.
302,441 294,693 276,280 183,952 177,203 166,046
Excludes
x
(3-Year Average 1923-25=100)
Apr. 13
1935
Apr. 4
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Current
Week
Loadings of revenue freight for the week ended April 11,
1936, totaled 622,138 cars.
This is a gain of 8,271 cars, or
1.3%, from the preceding week, a jump of 35,570 cars, or
6.1%, from the total for the like week of 1935, and an in¬
crease of 42,157 cars, or 7.3%, from the total loadings for
the corresponding.week of 1934.
For the week ended April 4
loadings were 12.5% above those for the like week of 1936,
and 9.8% over those for the corresponding week of 1934.
Loadings for the week ended March 28 showed a drop of
2.6% when compared with 1935 and a loss of 1.6% when
comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
April 11, 1936, loaded a total of 302,441 cars of revenue
freight on their own lines, compared with 294,693 cars in
the preceding week and 276,280 cars in the seven days ended
April 13, 1935. A comparative table follows:
It is 22.2% lower than the average for March 15, 1929, when the
101.4.
was
declined
April 18, 1936
Revenue Freight Car Loadings Gain 8,271 Cars in
Food
1.0% below the level of the corresponding period in 1935.
present index is 32.1%
was
79.0%
at
Chronicle
Mar.
26 Mar.
Weeks Ended—
1929
1933
1935
Ago
Feb. 25
10
,
15
15 Mar.
Apr. 11,1936
All foods
79.0
79.5
81.3
79.8
91.6
91.7
92.1
92.2
69.3
§8.2
93.2
93.3
94.9
93.9
64.2
118.6
Dairy products
78.5
79.5
81.8
77.9
59.8
105.2
Eggs
59.5
66.9
78.0
58.8
42.7
62.4
61.7
62.4
63.8
52.1
Cereals &
bakery prods.
Meats
_
_
_
Fresh
59.8
22,018
Illinois Central System
St. Louis-San Francisco Ry
29,004
21,806
29,487
12,347
20,769
26,232
12,483
63,505
63,640
58,522
61.2
60.5
78.3
78.5
78.6
84.4
65.3
58.0
57.9
58.1
62.8
47.3
101.3
67.6
67.6
67.4
72.1
68.5
110.9
Fats and oils
75.3
75.7
76.2
80.1
45.0
93.8
Sugar and sweets.
63.7
63.7
63.9
62.4
57.4
73.5
x
_
51.4
Total
97.1
Dried
Beverages & chocolate.
62.1
101.4
Canned
price of butter declined 3.5%.
than for
price of fresh milk
cent
quart.
a
Loading of
1930.
The only
The
change in the
Seattle where all dairies reported
in
was
in price.
group rose
The price of cheese declined 0.3%.
ated milk showed
a
evapor¬
Loading of
in
0.2%.
Orange prices decreased 3.8%.
the fresh
fruits.
Apples decreased
This was the largest change
Lemon prices
1.1%.
rose
1.9%.
An advance of 5.4% in potato prices was the most important price change
for the fresh vegetables.
increase of
an
vegetable
ward.
peas.
Thirty-five cities reported higher prices for po¬
Such and advance is
tatoes.
with
was
this
Green
season.
change in the price of canned tomatoes
no
beans,
or
canned
Four of the six dried products rose in price.
The cost of
leverages
5,697
The cost of fats
and oils
Cocoa and chocolate decreased 0.3% each.
declined 0.5%.
0.9%, the smallest decrease reported for
decline
last
October.
butter prices fell off
Lard
0.9%.
The price of lard decreased
any
compound
period since lard prices began
decreased
and
1.0%
peanut
Other price changes in the group were unim¬
cars,
cars,
4 totaled 613,867
ended April
12.5% above the correspond¬
or
9.8%
or
above
freight for the week of April
corresponding
the
4
increase of
an
was
the
cars
Coal
below
less than
5,450
the
269,653
29,838
cars,
carload
totaled 162,612
fgreight
lot
above the preceding week, but
cars
corresponding
week
loading amounted' to 98,994
and
grain
above
cars
products
the
cars
cars,
below
increase of
an
2,315
cars
above
districts
alone,
grain
4 totaled
Live
stock
and
preceding
1,493
cars
below
week,
the
loading
of
live stock for
of
398
below the
the
in
1934.
the
April
1935.
643
cars
1935,
district
totaled
year
of
in
Western
4
preceding week this
week in
week
same
ended
week
the preceding
week in
same
decrease
a
the
In
ended
week
the
cars,
below
cars
week
below
same
11,557
In the Western
above
above the
cars
corresponding
the
for
cars
1935.
in
increase of
an
the
1934.
loading
593
week
cars,
above
week in
products
to
839
same
decrease
cars
same
29,968
cars
increase of
an
amounted'
520
cars
grain
cars,
loading
the
4,364
increase of 2,297
an
below
week,
above the
cars
18,281
and
loading totaled
preceding
week in 1935 and 4.047
April
reduction
4,482
preceding week, 29,768 cars above the corresponding
and 9,168 cars above the same week in 1934.
Grain
a
and
1935
in
the
292
of
increase
an
above the corresponding
cars
in 1934.
week
same
totaled
above the corresponding week in 1934.
cars
merchandise
of
increase of
an
89
loading
1935, and 41,095
Loading
of
freight
above the preceding week,
cars
week this year
and chocolate remained unchanged with slightly
higher prices for coffee and tea.
to
at
The general movement of the canned products was down¬
group.
There
not unusual
14.7%, showed the greatest relative change in the fresh
68,411
54,797
and
revenue
Miscellaneous
cars,
The canned items decreased 0.2% and the dried
1935,
of
1934.
week in
The composite index for fruits and vegetables rose 1.1%. The cost of fresh
increase
an
in reviewing the
follows:
as
freight for the week
revenue
was
in
of American Railroads,
April 4, reported
13,380 cars, or 2.2% above the preceding week.
Egg prices declined 11.0% and are following their usual seasonal trend.
products increased 1.3%.
week
week in
decrease of
Cream and
price change.
no
Lower prices were reported from all but two of the 51 reporting cities.
rose
This
cars.
Despite this decrease butter is still higher
period since
corresponding
any
The Association
week ended
ing
No item in the
11,521
84.7
Preliminary.
Dairy products fell off 1.3%.
1
Chicago Rock Island & Pacific Ry
86.9
61.2
Apr. 13,1935-
87.4
Fruits and begetables
Apr. 4, 1936
8.912
and
a
and
alone,
cars,
a
decrease of
1935.
portant.
Forest
The index for sugar and sweets was unchanged.
for
the group was a
The decrease of
decrease of 0.4%
The only price change
for corn sirup.
0.7% in the composite index reflects lower costs in each
of the nine geographical areas.
Decreases
were
Central States and least in the Middle Atlantic
greatest in cities in the
below
week in
Ore
the
week
(3-Year Average 1923-25=100)
1936
Regional Areas
Current
Mar.
24
X
United States
2
Ago
10
Feb. 25
1935.
amounted
but
week,
It
was,
the
1929
1933
1935
26 Mar.
15 Mar.
79.0
79.5
81.3
79.8
59.8
77.9
78.4
80.3
77.7
59.8
100.7
80.0
80.1
82.2
80.0
61.0
15
101.4
New England-
Middle Atlantic
101.3
East North Central
79.1
80.1
81.7
80.9
58.4
81.4
82.2
83.7
83.4
58.9
78.3
79.0
81.0
78.5
58.4
to
a
5,953
an
79
of
a
864
1,358
cars
same
1934.
of
below
cars
of
above the
cars
increase
increase of
an
decrease
4,236
week in
same
cars,
decrease
however,
same
week
1,209
the
above
ears
corresponding
above the
cars
corre¬
cars,
an
same
increase of
418
cars
week in 1935, and 604
above the
cars
above
in 1934.
increases in the number of
cars
loaded with
freight compared with the corresponding week in 1935.
All
revenue
districts also
reported increases compared with the corresponding week in 1934.
i
Loading of revenue freight in 1936 compared with the two previous
years follow:
103.4
South Atlantic
above the
cars
cars,
103.1
West North Central
increase of
an.
loading amounted to 6,541
All districts reported
Mar.
28,589
but
sponding week in 1934.
Coke
Weelcs
Ago
Mar.
1935, and 4,994
loading
in
totaled
preceding week, 1,212 cars above the
Corresponding Period in
Weeks A
loading
preceding week,
preceding
area.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
products
the
99.7
1936
73.4
74.1
76.0
75.5
55.8
100.4
West South Central
77.0
77.3
79.0
78.4
58.6
101.6
Mountain
81.9
82.5
83.9
84.6
60.1
98.0
Four weeks in March
99.0
Week of April 4_
Pacific
x
__
76.4
77.1
78.0
62.0
78.1
Preliminary.
Five
weeks in February
1935
2,353,111
3,135,118
2,418,985
613,867
2,169,146
2,927,453
2,408,319
545,456
2,183,081
2,920,192
2,461,895
559,070
8,521,081
Four weeks in January
East South Central
8,050,374
8,124,238
•
Total
1934
Decreases in food costs reported from 39 of the 51 cities included in the
index ranged from
mond, Virginia.
with
0.2% in Providence, Rhode Island, to 2.2%
In
advances of not
Pittsburgh
more
than
food costs
advanced
1.5%
as
in Rich¬
compared
0.2% in other individual cities.
In the
following table
we
undertake to show also the load¬
ings for separate roads and
April
4,
1936.
During
this
systems
period
a
for
the
total
week
ended
105
roads
of
Financial
Volume 142
showed increases when compared with
the
same
week last
of these roads which showed
the Atchison Topeka & Santa Fe System,
The most important
year.
increases
were
2577
Chronicle
the New York Central Lines, the
CARS)—WEEK ENDED APRIL 4
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Total Revenue
1936
1935
1936
1935
Group B (Concluded)—
540
583
537
Bangor & Aroostook
1,464
Boston & M aine
6,913
1,407
2,470
7,901
1,050
1,841
7,630
25
1,060
3,607
7,474
Ann Arbor
Chicago Indianapolis & Loulsv
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna A West
1,157
1,079
1,159
22
24
53
54
1,029
4,407
8,204
9»6
1,416
7,593
7,013
1,829
6,795
6,335
250
175
111
85
1,999
292
299
11,563
11,675
4,628
12,433
4,540
1,225
2,730
13,843
4,908
Erie
1,768
2,475
13,012
6,941
1,847
1,450
Grand Trunk Western
7,352
1,945
1,283
8,119
2,772
201
221
189
994
1,062
987
6,219
2,694
4,081
2,081
6,490
2,577
1,957
6,248
2,619
40,459
10,651
1,499
4,685
6,301
6,245
35,505
5,618
1,290
3,849
4,197
5,552
227
227
212
27
29
359
317
307
311
181
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
Maine Central
Monongahela.....
...
Montour
b New York Central Lines
A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis...
Pittsburgh A Lake Erie..
Pere Marquette.
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.
Pittsburgh A West Virginia...
378
475
472
1,585
16,773
1,007
10,572
4,536
8,096
Mississippi Central
3,444
10,092
1,663
4,131
4,429
2,952
191
52
34,880
12,613
29,975
11,977
1,947
7,997
2,623
4,736
1,860
8,927
4,566
4,708
Central,System
Louisville A Nashville
15,128
171
122
204
779
3,990
501
602
172
138
156
356
323
1,978
3,085
1,814
2,660
1,931
3,171
1,794
1,373
2,326
369
289
341
652
467
Total.
53,733
44,708
48,516
29,170
25,339
Grand total Southern District
96,364
84,964
90,180
60,766
55,005
1,009
13,552
1,934
9,486
2,091
2,828
6,963
1,579
8,748
2,581
6,887
2,561
Mobile A Ohio...
Nashville Chattanooga A St L.
Tennessee Central
2,454
Northwestern District—
6,850
227
1,574
1,156
37,590
10,826
807
1,443
330
1,358
16,705
13,531
Macon Dublin A Savannah
4,806
8.452
399
Detroit & Toledo Shore Line..
1.384
286
1,709
19,755
17,757
Gulf Mobile A Northern
Illinois
905
820
815
...
242
10,525
1,647
252
Detroit Toledo & Ironton
Georgia
Georgia A Florida
279
10,823
2,160
3,113
Detroit & Mackinac..
H.
from Connections
1934
1935
1936
1935
1936
Eastern District—
N. Y. N
Freight Loaded
Railroads
from Connections
1934
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
Baltimore & Ohio RE., the
Pennsylvania System, the Southern System, and the Union
Pacific System.
840
731
A North Western
14,049
Great Western
Mllw. St. P. A Pacific-
2,250
18,060
3,572
13,327
2,040
16,253
2,965
15,457
3,298
Duluth Missabe A Northern
568
474
438
Duluth South Shore A Atlantic-
558
399
554
380
365
Elgin Joliet A Eastern
6,455
5,330
4,751
6,019
5,163
Ft. Dodge Des Moines A South.
Great Northern
337
314
266
192
107
8,551
8,907
7,952
2,686
2,687
524
596
444
605
497
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
St. P. Minn. A Omaha
Green Bay A Western
Lake Superior A Ishpemlng
3,145
243
122
1,280
1,031
221
359
275
69
93
Rutland
603
631
574
1,057
1,740
1,601
4,817
2,910
8,539
Minn. St. Paul A S. S. M
4,534
3,675
2,895
Northern Pacific
7,842
3,757
8,044
2,243
3,214
4,971
2,699
1,437
4,282
7,992
1,536
5,428
1,061
8,107
Minneapolis A St. Louis
Wabash;
140,101
129,943
131,023
152,397
138,688
480
630
543
582
531
27,333
2,741
23.044
24,077
2,273
14,678
1,554
1,908
12,997
1,268
307
255
235
8
6
1,435
Wheeling A Lake Erie.......
591
1,155
3,176
1,521
2,085
2,845
116
109
1,378
1,686
1,103
266
1,114
834
71,595
67,201
64,645
42,950
38,837
18,488
3,011
18,354
2,487
17,138
2,421
5,407
4,882
1,820
281
188
156
63
32
Burlington A Quincy..
14,480
12,718
13,036
7,405
6,693
A Illinois Midland
1,283
10,838
992
816
889
627
10,314
1,936
9,961
2,224
791
859
6,465
2,017
1,017
1,800
1,629
7,703
2,250
1,025
2,450
Spokane International
TotjU
Spokane Portland A Seattle
Total.
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
Bessemer A Lake Erie..
Buffalo Creek A Gauley.
118
.
162
•4
Central Western District—
Atch. Top. A Santa Fe System
Alton
1,971
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
1,006
545
890
16
17
5,169
5,695
5,688
11,317
10,355
506
512
378
67
67
Cumberland A Pennsylvania..
261
278
266
Llgonier Valley
Long Island..
64
26
96
29
31
894
869
761
2,903
2,853
1,030
56,517
12,144
10,980
1,145
1,055
52,787
12,593
1,183
37,445
1,132
32,136
Denver A Rio Grande Western.
50,999
11,948
Denver A Salt Lake
426
235
160
21
963
803
860
817
7,071
2,370
Fort Worth A Denver City..
Illinois Terminal.....
j
969
6,496
14,182
2,048
1,956
1,492
1,749
1,342
1,171
Penn Reading Seashore Lines.
Pennsylvania System
Reading Co
Union
(Pittsburgh)
...
14
28
18,539
56
27
13
2
0
3,353
West Virginia Northern*
Western Maryland......
2,416
2,336
6,230
4,782
122,841
Total.
111,062
106.439
97,291
82,433
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Rock Island A Pacific
.
...
Virginian...
...
Total.
13,984
40,364
Norfolk A Western.
Norfolk A Portsmouth Belt Line
18,220
17,040
1,993
3,111
29,927
16,386
16,783
8,340
3,956
7,374
3,133
1,658
12,394
1,895
1,654
1,306
6
44
805
70
55
North Western Pacific
673
717
653
292
227
112
69
121
150
57
17,321
15,458
3,617
in U. P.
14,146
System
4,308
Included
a
357
304
241
1,272
911
12,110
11,229
11,176
7,198
6,395
370
340
201
6
3
1,245
1,031
1,160
1,588
1,350
90,016
Union Pacific System
Chesapeake A Ohio
2,010
Peoria A Pekin Union......
Southern Pacific (Pacific)
Nevada Northern
St. Joseph A Grand Island
Toledo Peoria A Western
Pocahontas District—
2,798
1,020
2,234
A Eastern Illinois....
Colorado A Southern
82,223
78,651
46,260
40,172
3,899
Utah
1,243
2,781
1,004
733
37,608
14,606
Western Pacific
12,483
Total.
Southwestern
District—
172
144
177
4,162
Southern District-
Burlington-Rock Island
156
127
149
256
Group A—
Fort Smith A Western
100
126
92
241
180
2,884
2,066
2,240
2,004
2,459
1,638
2,033
1,117
1,758
Alton A Southern*
Atlantic Coast Line......
Clinchfield.
10,134
10,012
9.723
999
917
1,224
4,977
1,553
449
417
431
1,054
4,532
1,444
1,117
146
164
113
363
302
41
44
44
98
124
1,086
1,115
1,092
1,445
1,354
497
439
499
970
849
355
339
348
4,030
8,591
20,171
8,545
8,283
3,866
18,114
19,783
12,574
3,791
3,951
11,556
162
150
124
666
646
42,631
40,256
41,664
31,596
29,666
Charleston A Western Carolina
Durham A Southern
.....
Gainesville Midland*
Norfolk Southern
Piedmont A Northern
......
Richmond Fred. A Potomac...
Seaboard Air Line...
Southern System
....
Winston-Salem Southbound...
........
Gulf Coast Lines
International-Great Northern..
146
...
933
890
1,829
1,011
1,366
1,030
1,521
1,116
882
Louisiana Arkansas A Texas...
174
106
137
446
296
Litchfield A Madison
267
259
305
939
871
Midland Valley
Missouri A Arkansas
531
468
397
228
266
201
Missouri-Kansas-Texas
Missouri
115
73
220
188
4,486
14,184
Lines..
Pacific..
4,031
12,147
4,335
12,243
2,851
2,541
7,068
8,330
41
32
59
Natchez A Southern
Total.
114
1,579
112
1,999
1,646
Kansas Oklahoma A Gulf
Kansas City Southern
Louisiana A Arkansas
2,776
275
20
25
Quanah Acme A Pacific
115
95
103
102
129
St. Louis-San Francisco
7,130
3,959
2,374
2,773
3,992
17,732
3,308
St. Louis Southwestern
6,961
1,895
5,398
15,362
89
139
Texas A Pacific..
2,437
6,430
4,502
Terminal RR. Ass'nofSt. Louis.
2,611
6,387
1,951
5,275
3,812
2,467
218
200
210
44
72
24
22
36
35
52,586
44,759
45,901
56,149
48,869
Group B—
Texas A New Orleans
Alabama Tennessee A Northern
Atlanta Birmingham A Coast.
277
168
662
153
751
147
927
781
815
907
806
859
4,202
4,419
4,293
1,123
2,595
1,108
2,608
406
188
262
208
1,149
1,609
1,483
585
499
...
Florida East Coast
1,484
2,198
2,421
3,705
299
Ati. A W. P.—W. RR. of Ala.
Central of Georgia
Columbus A Greenville
3,921
Note—Figures for 1934 revised. * Previous figures.
a
Not available,
Wichita Falls A Southern
Weatherford M. W. A N. W._.
Total.
b Includes figures for the Boston A Albany
RR., the O. C. C. A St. Louis RR., and the Michigan
Central RR.
Fuel
Increase of
0.4% in Wholesale Commodity Prices Dur¬
ing Week of April 11 Reported by United States
Department of Labor
Wholesale commodity prices
during the week ending April 11, according to
ment made
Labor
of
Mr.
April 16 by Commissioner Lubin of the Bureau
Statistics, United States Department of Labor.
Lubin stated:
The advance
an
increase of
sale
an announce¬
over
prices is also 0.4%
month.
Six of the
average,
The current level of whole¬
higher than for the corresponding week
building materials, housefurnishing goods and miscel¬
commodities—advanced
during the
week.
Textile
products
and
The hides and leather products and
group
of finished
manufactured articles,
materials
and
products,
increased 0.4%
which includes
during the week.
non-agricultural commodities
than farm products) advanced 0.1%.
at the level
more
than
Industrial
500
com¬
(all commodities other
Semi-manufactured articles remained
of the preceding week.
group
during
were
higher.
hogs and lambs.
Average prices of calves and live poultry
Additional farm product items increased in price were eggs, fresh
apples at New York, oranges, alfalfa hay, hops, peanuts, clover seed, tim¬
Lower prices
othy seed and potatoes.
farm
present
were
reported for barley,
corn, wheat,
index—76.9—is
products
0.7%
above
a
month
ago,
The
but
compared with a year ago shows a decrease of more than 5%.
Wholesale food prices increased
0.6%, the result of
a
3.7% rise in the sub¬
group
of fruits and vegetables, 1.1% in dairy products, 0.4% in the sub¬
of other foods, and 0.3% in meats.
Cereal products declined 0-8%.
Advancing prices were reported for butter,
dressed poultry,
raisins, lamb,
primes,
cottonseed
oil and vinegar.
New York market, flour,
corn
meal, canned apricots,
Rio coffee,
copra,
edible tallow,
Falling prices were shown for cheese in the
dried peaches, bananas, cured and fresh pork,
wholesale food index—80.2—is
April 16 by Commissioner
Lubin the following is also taken:
The current
0.6% above the corresponding week of last
month, but is 5.1% below the index of a year ago.
The building
common
wood
materials group advanced slightly due to firmer prices for
building brick,
screws.
paint, materials,
plate glass, sand,
gravel, and
Average prices of cement, lumber and structural steel were
steady.
The index for the
From the announcement issued
recorded by the farm products
sub-group of livestock and poultry rose slightly due to higher prices
declined.
modities (all commodities other than farm products and foods) rose 0.3%.
Raw
was
veal, Santos coffee, lard, oleo oil, corn oil and soybean oil.
the metals and metal products groups remained unchanged.
large
0.8%
Grains declined although prices of oats and rye
week.
for cows, steers,
of last
however, the
10 major commodity groups—farm products, foods, fuel and
chemicals and drugs averaged lower.
The
of
An advance
The
group
year,
0.5% lower.
lighting materials,
laneous
the preceding week.
Compared with the corresponding week of last
current index is
because of rising prices for
1%
Bituminous coal averaged lower, but prices of anthra¬
cotton, lemons, fresh milk at Chicago, dried beans, onions and wool.
brought the general index to 79.5% of the 1926
0.4%
lighting materials advanced
cite coal and coke remained firm.
the
turned moderately upward
and
petroleum products.
of
the
shared
housefurnishing goods group advanced 0.1% to 82.8%
1926 average.
in
the
The sub-groups
advance.
of both furniture and furnishings
Financial
2578
Cattle feed prices rose 4.9% during
'
TABLE
the week, and crude rubber advanced
II.
April 18, 1936
silk and silk yarns and smaller
decreases in woolen yarns, cotton sheeting, shirting and raw jute caused
the textile products group to decrease 0.3%.
The index for the group as a
Sharp declines in wholesale prices of raw
whole—69.9—is
below the level of the corresponding week of last
0.7%
Despite
3.6% advance in prices of glycerine, weakening prices of fats
a
was
products group an 0.4% decrease in hides and
counterbalanced by an 0.4%
1933
91.3 i
83.6
73.1
60.3
1931
1932
70.1
January
81.4
February
X87.8
83.3
76.7
61.6
68.1
83.1
March.
*88.2
81.5
78.9
58.4
66.7
85.1
80.6
80.0
64.0
63.2
86.4
79.3
80.2
April
85.1
72.4
60.9
79.5
77.2
83.3
60.4
82.6
July
80.7
73.2
89.3
59.7
83.1
May
increase in leather, with the result
82.7
71.2
83.5
61.3
78.9
83.6
66.5
65.4
65.2
76.3
87.4
70.5
72.3
65.4
72.6
November
90.5
71.5
68.4
64.7
72.2
December
94.8
77.4
69.5
64.8
72.1
August
m
_____
whole remained
that the index for the hides and leather products group as a
_
September
Fertilizer materials and mixed fertilizers remained unchanged.
In the hides and leather
1934
October
chemicals and drugs group to decline 0.1 %.
and oils caused the index for the
1935
June
1.6% above a year ago.
It is, however,
month.
1936
week.
level of the preceding
at the
1931
COMBINED INDEX SINCE JANUARY,
THE
Automobile tires and tubes and paper and pulp remained unchanged
0.9%.
skins
Chronicle
*
mmm
xRevised.
Preliminary.
unchanged at 95.1% of the 1926 average.
index
The
and metal products
metals
the
for
although lower prices were reported for
remained stable,
group
agricultural implements and scrap
Motor vehicles and plumb¬
Pig tin and fencing wire averaged higher.
steel.
Retail Prices During March Show First
Last July,
According to Fairchild
Retail Price Index
ing and heating fixtures remained unchanged.
The
of the
index
Statistics includes 784 price series
of Labor
Bureau
markets
weighted according to their relatiye importance in the country's
and is based
on
the average for the year
1926 as 100.
following table shows index numbers for the main groups of com¬
The
modities for
and April
April 13, 1935, April 14, 1934,
past five weeks and for
the
Retail prices during March
the previous month
child
Publications
April
March March March
April
April
April
April
,11
4
28
21
14
13
14
15
1936
1936
1936
1936
1936
1935
1934
1933
79.5
79.2
79.3
79.3
79.2
79.9
73.3
Prices on April 1
compared with
1,' and were the lowest since Dec. 1, 1935.
Quota¬
tions, however, still remain 2% above the corresponding
period a year ago, and are also 26.9% above the 1933 low.
Under date of April 15, the announcement by the Fairchild
registered
Publications
All commodities
76.9
76.3
76.8
76.7
76,4
81.0
60.5
44.5
80.2
79.7
79.7
79.9
79.7
84.5
65.8
55.7
month
price index.
3/10 of 1%
of
95.1
95.3
95.3
95.5
85.9
89.8
68.3
69.9
70.1
70.4
70.4
70.4
68.8
75.5
50.9
77.6
76.8
76.7
76.7
77.2
74.0
72.9
62.6
remained'
Metals & metal products.
85.9
85.9
85.7
85.9
85.9
85.0
86.9
76.9
with
Building materials.
85.4
85.3
85.2
85.1
85.1
84.5
86.5
70.4
Chemicals and drugs
79.0
79.1
79.1
79.0
79.0
80.5
75.4
71.2
Housefurnishlng goods...
82.8
82.7
82.7
82.6
82.6
81.9
82.8
72 2
Miscell. commodities
68.3
68.2
68.2
68.2
68.2
68.4
69.6
57.9
-
_
All commodities other than
79.0
78.8
78.8
78.8
79.0
77.2
78.9
65.6
80.0
79.9
79.8
79.9
79.8
79.6
76.1
63.8
Raw materials
77.0
76.9
77.2
77.4
77.2
X
X
X
Seml-manuf. articles
74.5
74.5
'74.5
74.5
74.6
X
X
X
Finished products
81.6
81.3
81.2
81.2
81.2
X
X
X
products and foods
farm products
in
men's
a
clothing
averaging fractionally higher.
wear
both
The
advance
recent
wool
for
floor
coverings and
is
Wholesale
of
Index
Commodity
as
well
two items
raw
to the Government report,
prices for all the grains
in response
and to gains in butter and eggs, although beef,
Most of the textiles,
potatoes, copper, rubber and cotton also contributed.
however, were lower, as were hides and leather.
women's
averaged
W.
to A.
men's
quota¬
sharply,
although
no
in
higher,
The
fur
blankets and
in
gains
decline
a
raw
fur
However,
retail.
at
the
of
silk piece
in
Adjustments in
one
or
responsible for the slight easing.
were
economist,
easing
latest
comfortables,
strength
consistent
items
has influenced
full-fashioned hosiery.
Zelomek,
the
quotations
As compared
while
in higher
furnishings
constructed,
Despite the gain
apparel
prices and its resultant higher
wool
silk prices
women's
as
in
whose supervision
under
retail
prices is
the
reflection
a
of
He does not expect retail prices to decline
pronounced' advance is indicated.
THE FAIRCHILD
PUBLICATIONS RETAIL PRICE INDEX
JANUARY,
A
Most of the advance was due to higher
prices
clothing.
men's
raw
home
in
is
During Week of April 14
gain of 0.4 point in the "Annalist" Weekly Index of
Wholesale Commodity Prices during the week ended April 14
reversed the trend of the three previous weeks, sending the
index up to 124.4 on April 14 from 124.0 (revised) on April 7.
In noting this, the "Annalist" added:
and
/■;
reflected
reflected
also
tendency in
goods,
in
is
items
easier
index
Weekly
men's
apparel
women's
tions
the previous
compared with the previous month.
as
the lower wholesale quotations.
Prices Increase 0.4 Point
compared with
as
apparel remained unchanged.
According
Not computed.
month
quotations for piece goods and home furnishings
prices,
ago,
year
during the
lower
to
unchanged
quotations
All commodities other than
"Annalist"
as
states:
prices
mostly, with infants'
95.1
Textile products
;.
in
due
was
Hides & leather products.
Fuel & lighting materials.
also
decline
The
Farm products
Foods
x
retail
decline
a
60.3
Commodity Groups
farm
showed the first decline under
since last July, according to the Fair-
March
1933:
15,
Decline Since
Publications
1931=100
Copyright 1936, Fairchild News Service
May 1
Apr. 1
Jan. 2
Feb. 1
Mar. 1
Apr. 1
1933
1935
1935
1936
1936
1936
Composite Index
69.4
86.3
88.2
88.3
88.3
88.1
Piece goods
65.1
85.1
84.7
84.7
84.6
Men's apparel
70.7
87.3
87.3
87.3
87.3
Women's apparel
71.8
87.7
89.4
89.5
89.5
Infants'
76.4
93.6
92.7
92.7
92.7
92.9
70.2
87.9
89.2
89.2
89.3
89.2
wear
Home furnishings
84.5
87.3
'
89.5
Piece goods:
WHOLESALE COMMODITY PRICES
(1913=100)
Silks
THE ANNALIST WEEKLY INDEX OF
65.5
57.4
64.3
64.2
64.5
64.3
Apr. 7, 1936
Farm products
Food products
82.6
82.6
106.7
106.7
Sheets
65.0
96.9
99.9
99.8
100.5
99.5
72.9
96.6
96.9
96.9
97.4
98.3
Women's apparel:
124.4
-
123.4
132.9
Hosiery
59.2
75.2
75.2
75.3
75.5
75.4
X107.4
104.6
Aprons & house dresses-
75.5
102.3
103.9
104.1
103.9
103.9
173.3
—
-
82.7
107.1
*106.6
1
-
Textile products
Fuels.
123.1
82.6
107.3
Cotton wash goods
Domestics:
Apr. 16,1935
X117.1
117.8
82.2
107.7
Blankets & comfortables
Apr. 14,1936
69.2
68.6
Woolens
173.3
161.5
Corsets and brassieres.-
83.6
92.2
92.1
92.1
92.1
92.1
110.7
109.8
Furs
66.8
89.5
97.1
97.2
97.3
97.4
111.8
111.8
Underwear
69.2
84.8
86.4
86.2
86.3
86.3
98.2
-
110.4
111.8
Metals
Building materials
98.2
98.6
Shoes
,76.5
82.3
81.8
81.8
81.8
81.8
86.9
87.0
Chemicals
85.1
85.6
79.4
124.4
X124.0
1x73.4
Men's apparel:
126.6
73.8
75.3
Miscellaneous
All commodities on old dollar basis
Hosiery
Revised,
x
86.9
87.0
91.9
91.5
91.4
91.2
74.3
86.2
86.2
86.2
86.2
86.0
69.7
81.9
81.5
81.5
81.5
81.5
Clothing lncl. overalls.-
y
86.9
69.6
Hats and caps
Based on exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to March, 1935.
♦Preliminary,
64.9
70.1
86.9
87.1
87.0
87.1
Shoes
y
UnderwearShirts and neckwear
All commodities
76.3
90.0
90.5
90.8
90.8
74.0
96.8
94.7
94.7
94.8
95.3
Infants'
Business activity improved
slightly last month despite the
temporarily depressing influence of the floods, according to
the monthly business index of the "Annalist" (New York),
appearing in the Second Quarter Review and Forecast Num¬
ber of April 17.
The index for March stood at 88.2 (pre¬
liminary) against 87.8 in February, 91.3 in January, and
the
1935 high
A marked increase in
of 94.9 in December.
activity appears to have occurred in the first half of April,
the
A
in
"Annalist"
substantial
the
mill
were
and
ings
rise
the
of
activity
states, adding:
gain in automobile output
in
the most
seasonally
a
adjusted
basis)
addition for zinc, lumber,
also
contributed.
electric
power,
component
decline
of
the
index
reflecting
a
was
sharp
the
only
drop
one
in
Advances
boot and
shoe,
The freight car load¬
pig iron production, and for silk mill activity.
seasonal
important factor
index, while increased steel ingot production and cotton
(on
reported
was
to
coal
decrease,
shipments
its
eXtra-
from
the
February high level.
TABLE I.
THE
ANNALIST
INDEX
COMPONENT
OF
74.3
92.8
92.8
92.8
92.8
92.8
Shoes
80.9
91.1
90.6
90.6
90.6
90.6
Furniture-
69.4
92.8
94.3
94.4
94.4
93.6
Floor coverings
79.9
101.2
102.3
102.2
102.2
102.4
Musical instruments
50.6
59.4
58.6
58.7
58.8
Luggage
60.1
76.2
75.2
75.2
75.2
74.8
Elec. household appliances
China.
72.5
78,4
78.8
79.0
79.1
79.1
81.5
90.4
93.2
93.2
93.2
93.2
*
There was a slight rise in the general level of wholesale
commodity prices in the week ended April 11, according to
the index
compiled by the National Fertilizer Association.
This index advanced to 76.9%
76.7 in
at
March
Cotton consumption
Wool
65.6
76.7, and
70.3
January
Automobile production
Lumber production.,
Cement production
Zinc production
Combined index
67.0
69.8
69.6
61.2
x60.8
68.8
*110.4
xllO.l
X109.7
95.2
92.9
101.4
117.3
consumption
Silk consumption
Boot and show production
70.7
47.8
52.9
115.0
X135.6
*98.6
x89.8
108.0
77.6
73.8
82.0
42.7
42.3
year
ago
that
moderate advance in
in
the
The
the
index had
been
foods
advances
index
is
average;
below
index
of the
largely responsible for the
was
45
4.4% lower than it
higher quotations for finished steel products
in
steel
point
scrap
reached
Southern
materials
pine
and tin.
the
in
price series included
was
a
index,
recovery
A
of
trends
were
74*. 1
68.1
76.0
the
*88.2
x87.8
91.3
last
same
higher prices
mixed'
level
summer.
period
as
The
the
in
the
hides
and
the week,
preceding
was
brought about by
than offsetting declines
index
result
increase
at this time.
year ago
rose
of
occurred
to
cattle
with
week,
in
highest
prices for
the
fertilizer
The
index
moved upward
feeds.
the
the
rising
for cottonseed meal.
miscellaneous commodities
for
during
in
the
as
fractional
reflecting higher prices
representing the prices of
result
more
The building materials
and lime.
level
the
the Asso¬
year,
registered last week by 11 and declines by five.
were
now
foods
the
all-commodity
slight rise in the index representing metals prices
124.0
52~6
*117.0
a
corresponding week of the preceding
ciation stated on April 13.
It added:
A
from
average
A month ago the index stood
at 77.5; last week was the second
of the
rise
February
of the 1926-28
the preceding week.
consecutive time
A
loadings
Steel ingot production
Pig iron production
Electric power production.
car
58.8
Commodity Price Average Slightly Higher During Week
April 11, According to National Fertilizer Assn.
foods group,
Freight
90.8
Underwear
BUSINESS ACTIVITY AND
GROUPS
87.4
■».
wear:
Socks..
Slight Improvement in Business in March According
to "Annalist" Monthly Index
91.2
group
Farm
index
as
product
the
price
remaining at
the lowest point reached
grains price average moved downward, however,
since
to the
Financial
Volume 142
lowest point
of
wool
resulted
silk
and
price
Twenty-four
and
week
An insignificant drop in the price
recorded since July, 1934.
lower
combined with
cotton
20
in
a
moderate decline in
included
series
well
the textiles price index.
goods
prices for several cotton
in
the
declined; in the preceding week there were 22
■
.
•
■
■■
usual
tising,
the
life
new
daily
average
Department store sales throughout
sales.
insurance
chain store trade, and! the volume of check transactions, how¬
country,
ever,
also in
shown
were
and
registered virtually
change other than seasonal, and bulk freight
no
shipments increased sharply as a result of a sizable increase in
WEEKLY WHOLESALE COMMODITY PRICE INDEX
coal
1926-28=100
Compiled by the National Fertilizer Association.
miscellaneous freight car
Smaller gains
mail order house sales, adver¬
the daily rate of merchandise and
and
weather,
loadings for the month as a whole rose less than seasonally.
than
during the
advances and
advanced
index
declined.
24
as
as
2579
Chronicle
Per Cent
Latest
Preced'o
Month
Year
Each Group
Week
Week
A oo
during the
demand for
weather.
severe
Adjusted for seasonal variations, for usual year-to-year
sary for price changes)
growth, and where neces¬
A oo
Bears to the
Apr.
Apr. 11
Group
1936
Total Index
4
Mar.
14
Apr.13
Feb.
77.3
77.1
75.0
74.0
72.9
Feb.
84.2
90.7
90.7
90.7
101.2
Fats and oils
Cottonseed oil
Jan.
Dec
81.5
77.9
Foods
28.6
1936
1935
1935
1936
1936
Primary Distribution—
67
64
73.5
73.9
76.9
61
66
69
76
64.9
65.0
63.6
67.0
Car loadings, merchandise
Car loadings, other
64
73.5
Cotton
47
58
50
50p
Grains
69.5
70.3
73.8
83.5
Exports
79
73
75.8
75.8
77.3
7Bp
76.3
Imports-..---
67
80.6
80.6
80.7
76.3
75
72.1
71.9
71.9
68.7
68.6
68.2
66.5
82.5
82.5
82.1
Farm products
22.3
Livestock
16.4
Fuels
10.3
Miscellaneous commodities
__
7.7
Textiles
67.8
6.7
Metals..
82.7
5.8
Building materials
79.0
1.3
Chemicals and drugs
94.2
94.2
94.2
94.4
0.3
Fertilizer materials
65.2
65.1
65.3
65.2
0.3
Mixed fertilizers
71.4
71.4
71.9
76.1
0.3
Farm machinery
92.8
92.8r
92.5 r
91.9r
76.9
76.7
76.7
77.5
All groups
100.0
78.8
77.9
77.7
—
-
-
62
Distribution to Consumer—
Department store sales, United States
71
79
73
Department store sales, Second District
Chain grocery sales
67
75
73
61
57
63
62
82
85
81
83
Mail order house sales
75
79
72
70
Advertising
58
69
63
59
New passenger car registrations.
67
81
72 v
57 V
Gasoline consumption
81
86
91
Other chain store sales.
.
69
General Business Activity—
combined
Bank debits, outside New York
Bank debits, New York City
62r
63r
63 V
44
43r
44 p
66
-
68r
43
Clty.r
Velocity of demand deposits, outside N. Y. City_
Revised.
t
and miscellaneous
70r
69
69
44
43
42
42
New life Insurance sales
63
55
57
49
Factory employment. United States
83
87
86
40
37
32
32
24r
71 r
57p
42 p
58
58
58
54
142
149
150P
151p
183
189
190
190p
140
142r
142r
142p
Velocify of demand deposits. New York City
Ago
dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
April 11, 1936, totaled 1,933,610,000 kwh. Total output
for the latest week indicated a gain 12.1% over the corre¬
sponding week of 1935, when output totaled 1,725,352,000
Weekly
Electric
12.1%
Output
Above
a
Year
The Edison Electric Institute in its weekly statement
kwh.
Business failrues
-
Building contracts_r
New corporations formed in New York
General price level.*
...-—
State—
—
Composite index of wages*
Cost of living*..
p
Preliminary.
The Institute's statement follows:
1935.
*
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Week Ended
Week Ended
Mar. 211936
Apr. 4 1936
Mar. 28 1936
New England
Middle Atlantic
11.2
7.2
1.4
2.8
9.8
13.0
10.4
Central Industrial
13.2
13.6
6.7
7.3
8.1
10.0
11.2
12.7
12.0
10.0
the corresponding month of 1935—room sales, 12 %;
sales, 10%. The occupancy," the firm continued,
"rose 5 points to 65%; the average room rate was up 2%."
restaurant
10.1
Southern States
Ago
of the trend of business in hotels during
March, Horwath & Horwath state that "total sales increased
12.7
West Central
Rocky Mountain
18.2
16.9
16.2
12.2
13.6
16.5
The firm also had the following to say:
The
in
DATA
City
York
continued to show
offset by increases in
1934
1936
1__.
Feb.
8...
Feb.
15...
Feb.
22...
Feb.
29...
7...
Mar. 14...
Mar. 21...
Mar. 28...
Apr.
4...
Apr.
11...
18...
months
show
up
months of 1929 considered as 100, the last three
follows:
as
Ch'oe
Week of-
Feb.
considerable resistance to increase.
in business in some hotels were
others and consequently the total effect was negligible.
With the corresponding
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
P. C.
Average rates were up quite sharply
Detroit, and the Pacific Coast but
while
In the flooded sections of the East the losses
FOR RECENT WEEKS
(In Thousands of
Kilowatt-Hours)
sales is smaller than usual.
February was slightly less
from
took place in Philadelphia and Washington,
decreases
New
8.0
9.0
occupancy
sections, notably Cleveland,
some
substantial
12.7
in
decline
seasonal
pronounced than for several years.
13.6
12.1
practically the same as in recent
The rate of increase in room sales is
months, but the percentage of grain in restaurant
13.9
Pacific Coast
Total United States.
1,762,671
1,763,696
1,760,562
1,728,293
1,734,338
1.724,131
1,728,323
1,724,763
1,712,863
1.700,334
1,725,352
+ 11.4
+ 10.7
+ 10.8
+ 12.3
+9.7
+ 9.8
+ 10.0
+8.0
+9.0
+ 12.7
+ 12.1
1933
1932
1931
1930
1929
1,636
1,652
1.641
1.646
1,658
1.647
1,650
1,658
1,666
1,617
1.642
1,673
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
1,933,610
1,455
1,483
1,470
1,426
1,423
1,391
1,375
1,410
1,402
1,399
1,410
1,589
1,579
1,545
1,512
1,520
1,538
1,538
1,515
1.480
1,465
1.481
1.679
1,684
1.680
1,633
1,664
1,676
1,682
1,689
1,680
1,647
1,431
1,470
1,809
1,782
1,770
1,746
1,744
1,750
1,736
1.722
1.723
1,708
1,715
1,733
1,728
1,726
1,718
1,699
1,707
1,703
1,687
1,683
1,680
1,663
1,697
1,709
1,701,945
1,641
1,676
DATA FOR RECENT
Room
Restaurant
Occu¬
Sales
Sales
Sales
pancy
100
100
100
January, 1936
74
67
82
93
71
February, 1936
73
68
82
92
72
March, 1936
70
66
78
94
73
Same months,
1929..
Decreases in total sales
Oct.
Dec.
Nov.
Month
1935
1936
of
Jan
8,664,110
Feb
March
May
July...
August.
Sept
Oct
Nov
Dec
1932
1933
1934
Ch'oe
29%
18
21
35
52
51
57
25
17
24
43
40
40
—
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,762,513 + 11.6
7.048,495
7,309,575
6,832,260
7,384,922
7,160,756
7.538.337
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
All others
Avge,
28%
29%
29%
28
28
36
41
45
52
50
9
9
35
20
45
39
39
41
28
20
15
32
25
23
17
33
22
30
31
26
20
21
25
24
29
23
23
Total
The following
20
27
26
27
30
26
27
analysis by cities was also issued by Horwath
& Horwath:
TREND OF BUSINESS IN
HOTELS IN MARCH 1936, COMPARED WITH
MARCH
1935
Room
Sales
85,564,124 80,009,501 77.442.112 86,063,969
93,420,266
Mar.
Feb.
32%
19
20
-
Percentaoe of Increase
Total.
Jan.
20
Detroit
1931
Pacific Coast
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
June
20%
New York
Cleveland
7,500,566
.
April...
28%
Philadelphia
P. C.
Rale
100
100
during the last six months from seven years ago:
Chicago
MONTHS (THOUSANDS OF KWH.)
Room
Total
All Groups—
Washington
Apr.
Horwath &
11%
Above
In their survey
11.6
1936
Apr. 11,
Regions
March
in
11 % over
Week Ended
Week Ended
Major Geographic
Sales
Horwath —Total
Year
85 p
*1913 average=100.
Revised.
r
Trend of Business in Hotels According to
April 4 totaled
1,916,486,000 kwh.
This was a gain of 12.7% over the
1,700,334,000 kwh. produced during the week ended April 6,
output during the week ended
Electric
Mar.
-
—
or Decrease
•
(+)
Occupancy
Rate
Percent¬
(—)
aoe of
reports covering approxi¬
and the weekly figures are
Note—The monthly figures shown above are based on
mately 92% of the electric light and power Industry
based on about 70%.
Index of Business Activity of Federal
New York
Same
Total
the presentation
Reserve Bank of
New York
—
of its index of business activity,
"Monthly Review," April 1, the Federal Reserve Bank
of New York states that "during the first half of March
expansion was indicated in the distribution of goods,
weather conditions."
The
Bank observes that "department store sales in the New York
metropolitan area increased considerably more than sea¬
sonally, and the railroad movement of merchandise and
miscellaneous freight was well maintained following a sharp
reflecting in part the improved
increase
in
the
last
week
of
February."
Continuing, the
Bank says:
In
the
third week
of
March,
however,
adversely affected by flood conditions,
tion of operations on some
railroad freight shipments were
which caused a temporary interrup¬
railroads.
^
general business activity com¬
pared unfavorably with the preceding month.
A considerable reduction
occurred in the number of new passenger car registrations
due to bad
In
February the distribution of goods and
Month
This
+10
+7
+ 13
Inc.
63
59
(+)
or
Last Year Dec.
(—•)
+1
+9
+ 14
+5
64
58
+ 10
+ 12
+9
|' 46
37
—8
—7
Chicago
Philadelphia
in its
some
Restaur't
Month
Washington
With
Rooms
—5
—10
70
72
—2
+3
....
+6
+8
+5
66
63
+4
+9
+ 14
+4
68
64
+7
—
+ 17
+24
+ 10
70
60
+7
Texas
+ 12
+ 15
+ 10
71
63
+3
All others
+ 11
+ 10
+ 12
64
60
+2
+ 11
+ 12
+ 10
65
60
+2
+ 13
+ 11
+ 14
66
62
+2
Cleveland
Detroit
Pacific Coast
Total
—
Year to date
;
(Corporate) Profits During 1935—In Case of
48% Higher Than in 1934 and Largest
Since
1930, According to Federal Reserve Bank
Business
700 Concerns
of New York
"Total
concerns
profits
whose
of 700 leading industrial and mercantile
are now
available were 48%
statements
larger for the year 1935 than for 1934, and were the largest
since 1930, but were still only one-half as large as in 1929,"
Financial
2580
New York, which,
according to the Federal Reserve Bank of
in
The increase
and,
of
profits accompanied further recovery in
in
business activity,
usual, profits showed a greater percentage change than
as
the volume
the inflexibility of overhead costs.
business, owing to
fully
railroads
Class I
The
earned almost enough in 1935 to cover
group
about
although
charges,
one-half
of the
deficits.
The aggregate deficit
railroads for 1935, after payment of fixed charges, amounted
I
continued
roadB
individual
Class
a
fixed
other
and
interest
as
to
of
to
show
only $288,000 as compared with a deficit of $150,600,000 in 1932, and net
income of $896,800,000 in 1929.
Net income of public utility companies,
increased 8% between 1934 and 1935, the
in utility company profits since before the depression.
the telephone group,
other than
first increase
(Net profits in millions of
July,
same
dollars)
1934
1933
1930
1929
60.9
35.6
—14.0
—1.2
Output
164.8
84.9
94.8
199.9
43
(excl. tires)
73.7
29.4
4.7
21.3
7
3.7
—8.5
—0.8
0.1
L7
Bakery products
8
47.9
43.8
23.3
18.2
16.7
5
17.7
17.4
17.6
26.0
23.2
31
55.6
22.2
—4.7
7.7
14.5
36
231.0
178.2
112.8
136.2
8
10.9
4.5
2.4
2.0
3.7
—3.3
Beverages
Building equipm't & supplies
Chemicals and drugs
Clothing
the
166.8
Coal and coke
12
—8.2
4.0
Confectionery..
10
26.7
25.4
14.8
16.6
89%
93.9
22.5
—1.1
12.0
24.8
29
174.3
105.3
—10.3
21.7
172.2
155.3
101.8
98.5
9.2
5.3
—1.1
0.7
72.0
45.4
25.7
29.5
33.4
3.6
7.0
Heating and plumbing
Household equip't & supplies
Leather and shoes
11
3.7
—2.4
6.2
Machinery and tools
46
71.5
40.1
—11.6
8.9
3.6
2.5
2.4
3.5
2.5
23
105.8
63.6
84.9
.
.
.
lumber
of
movement
Intercoastal
traffic
largely because
expansion.
the customary
show
did not
by rail
the Panama Canal
through
sharply as a result of
rose
lumber shipments.
increased
growth of crops and of forage on livestock ranges
for
Favorable weather
Present condition of crops and
followed
heavy rains throughout February.
livestock
generally is good, and the outlook for irrigation water and
range
Quotations for farm
excellent.
is
the spring and summer
during
forage
moderately lower in mid-March than in mid-February.
were
Conditions
Federal
Cleveland
in
Reserve
District—Damage by Floods in Western Pennsyl¬
vania and Along Ohio River Estimated at Hundreds
HP*
of Millions of Dollars
"Monthly Review," issued April 2, the Federal Re¬
In its
district "apparently
just recovering from the slump of
when floods in the Eastern and
was
February
and
January
general business in its
of Cleveland states that
Bank
serve
Southern sections and severe storms and snow in the North
counties caused
Central
of
sharp curtailment in many lines
a
activity."
The Bank, in part, went on to say:
The
effect
of
Pennsylvania
storms
only temporary, but damage done in
was
along
and
the
Ohio
tributaries
and1
River
western
estimated at
is
24.6
4
slightly lower than in January.
was
Pro¬
voluntary curtailment.
of
loadings did not increase by the usual seasonal amount,
the
5.2
25
oils
result
a
daily average sales of department, apparel and furniture stores
this district was about the same in February as in January.
Freight
car
93.4
9
Electrical equipment
Food products—miscell
2.8
6.0
volume.
January
large
unusually
sharply from 103% of the 1923-25 average in
February,
in
Value of
58.1
36
Copper.
in
than
February
in
larger
was
the
from
declined
cement
16.5
8
production
increase was
of refined mineral
duction
50.7
Aviation
.
lumber
output decreased
to
January
Automobile parts and acces¬
sories
of
Petroleum
26.1
308.0
from larger permits for
smaller than the average of other recent
years.
The adjusted index, however, at 71% of the 1923-25 average,
remained close to the highest point recorded 6ince the summer of 1930.
but
January,
1935
U
Agricultural Implements
Automobiles
and
average
Business
Of
since
figure
highest
the
to
non-residential
alternation and repair work; residential permits were the
in January.
as
Daily
permits
whole, value of building
February
in
rose
The increase resulted
1931.
buildings
district
this
of
cities
products
No.
Cos.
Corporation, Group
in
in
in 1934.
in 1935 than
earnings
employed by industry was the same in
contrast with the United States as a
In
between 1934 and 1935 were
reported by the automobile and automobile parts, copper, electrical equip¬
ment, heating and plumbing, machinery and tool, aviation, and silk and
hosiery groups of concerns.
Several groups, including agricultural imple¬
ment, railroad equipment, chain restaurant, steel and miscellaneous textile
companies reported net profits in 1935 as against group deficits for 1934.
Of the 36 groups of companies listed in the table, only three
showed
deficits for 1935; one group—the coal
and coke companies—showed a
deficit in the aggregate following a profit in 1934, and in the case of the
two other groups there was an increase
in deficits from 1934 to 1935.
Among the 700 companies, 15% had deficits from 1935 operations as com¬
pared with 23% in 1934.
Seventy-two per cent, of the companies improved
their earnings from 1934 to 1935, while the remaining 28% had poorer
percentage increases in profits
The largest
Number of
mid-February
as in
mid-January, although a small rise ordinarily takes
place."
Under date of March 27 the Bank continued:
declined, after allowance for seasonal factors.
workers
"Monthly Review" dated April 1, added:
its
April 18, 1936
Chronicle
Meat packing.
Metals and mining (excl. cop¬
of
hundreds
of
millions
dollars.
curtailment
The
retail
in
wholesale
and
and many other
lines was severe, but it would appear that the chief effect of the shutdown
on
business of the companies in the flooded sections was to defer buying
steel-mill
trade,
operations
54.8
48.5
3
3.6
1.1
0.7
2.7
11
45.2
29.0
7.9
17.3
23.0
and shipments to a
Office equipment
Oil and petroleum
34
104.3
33.7
12.3
24.4
46.4
Large expenditures for repairs
Paper and paper products
15
7.5
1.3
4.7
5.7
Printing and publishing
14
37.6
29.8
2.4
9.8
12.3
Railroad equipment
17
49.4
38.4
—7.9
—1.1
0.7
Wheeling,
Pittsburgh and
at
coal and coke)
per,
Motion pictures
Restaurants—chain
—1.0
4.2
—0.6
—0.4
0.3
—16.0
8.0
7.1
10.9
10.3
5
Shipping
—0.1
7.0
4.9
6
Rubber and tires
25.4
4.0
0.6
—0.1
7
?•:
•
Steel-mill
to
operations
2.0
plants.
other
17
14.1
3.6
0.7
0.3
32
383.1
176.0
—61.6
—13.2
53.5
in
32
115.8
73.3
73.7
92.1
98.2
that
Textiles—miscellaneous
20
9.4
—6.4
20.7
—0.6
21
109.2
120.9
67.2
85.2
83.6
94
176.5
107.3
69.8
99.7
129.2
late
reported
early
and
largest single
seasonal
a
roads,
the rehabilitation
following
were
700
Total 36 groups...
2,653.9
1,551.6
588.3
895.6
1,327.1
149
896.8
523.9
—13.8
—29.4
—0.3
first
Public
utilities,
tele-
except
375.1
60
f • phone cos., net income
•
241.6
224.3
247.1
368.9
two
and
in
Buying of capital
February.
in
Boston
trict—Level of Activity in
Federal
Reserve
Dis¬
February Below January
New England
Bank,
"declined slightly from the level of January after customary
seasonal changes had been made.
In both January and
February of the current year, however," the Bank said, "the
levels were moderately higher than in the corresponding
months a year ago."
In its April 1 "Monthly Review" the
of
level
The
general
business
in
activity
states the Boston Federal Reserve
during February,
Bank also had the
there
was
number
a
of
February
as
represented by
decrease between
bales
consumed,
department
these months of
and
the
average
6.1% in
daily
.
the average daily
during
consumption
.
Industries, an
increase of 1.4% occurred
in the number of wage-earners employed in
representative manufacturing concerns in Massachusetts between January
and February and the amount of aggregate weekly payrolls increased by
No change took place in average weekly earnings per person
Both
ployed.
on
the
The
average
sales
February
increases, however, were less than have
during the 11-vear period 1925-35, inclusive.
of these
volume
was
of
which
847
$17,590,731,
retail
an
establishments
amount
8.9%
stock
most sections with
While
1935.
the
in
occurred
Massachusetts
larger than
em¬
in the
during
corre¬
sponding month a year ago.
of
seasonable weather
more
the
the
caused
sales
store
same
22.5% larger in February
were
an
the
of
9%
of
increase
time retail trade was dull
at which
year,
3%
sales
in
tax
late January,
In the first two months of
anticipate their needs.
to
however,
year,
last
imposition
the
many
district
this
in
of
month
following
All
from
1935
experienced,
was
reporting lines of
February
as
Decline
wholesale trade in
compared with last
and
of
this section
showed
increases in
year.
0.4% in Cost offLiving offWage Earners
March Reported^byj|National Industrial
During
Because of
of
living
of
a
substantial reduction in food prices, the cost
wage
the
in
earners
United
States
Conditions in San Francisco Federal
2.1% higher than in March, 1935,
April, 1933, the low point of the
depression, although still 15.3% below living costs in March,
1929.
On April 17 the Board reported further as follows:
March,
however,
were
and 17.6% higher than in
Food
prices in March
1.6% lower than
were
in February,
than in
March, 1935, 36.2% higher than in April, 1933,
than
March,
in
the
beginning of 1934.
made
them
10.0%
January, 1934.
of
that
March,
Reserve District
Industrial
Francisco
the .volume of industrial production in the Twelfth
(San
Francisco) District was slightly lower in February than in
January, whereas little change is usual.
"Retail trade in¬
creased," the Bank said, "while railway freight traffic
According to the Federal Reserve Bank of San
1.2% higher
and 19.5% lower
1929.
Rents continued their
steady upward trend which has been manifest since
They
higher
rose
than
a
0.8% from February to
year
ago
and
19.1%
March, which
higher
than
in
however, was 18.8% below
The rent level of March, 1936,
1929.
While women's clothing prices fell
clothing prices
—Slight Decrease Noted in Volume of
Production from January to February
declined
again, dropping 0.4% from February to March, according to
the National Industrial Conference Board.
Living costs in
rose
slightly,
0.4% from February to March, men's
0.1%.
Clothing prices as
a
0.1% lower in March than in February, 2.6% lower than
some
retail sales have
purposes,
preliminary reports pointed to additional gains in the first half of March.
sales in New
According to the Massachusetts Department of Labor and
1.4%.
of
Conference Board
store
12.5% less than in February, 1935.
was
in
Ohio
following to say:
England
during the first two months of 1936, was more than 10% higher than
in that period last year, the January sales volume exceeding the previous
January by 8.4% and the February volume being 13.7% larger.
The amount of raw
cotton consumed by New England mills
usually
changes but little between January and February.
This year, however,
Distribution,
than
in
the December peak,
from
gain of 4.7% was shown in the
corresponding period
reported to be for
was
considerably in
Department
Conditions
the
opera¬
production schedules increased in the first three weeks of March.
and
Business
production
the bad weather, a
from
goods for rail¬
at least maintained
specifications were limited.
purposes
automobile
in
slump
despite the fact
consumer—the automobile industry—failed to
miscellaneous
part to
months
February's output
improved
Deficit.
the
attributed in
sharp, and at
So far this year
occurred
this
February, and
steel
increase
structural
Despite
IK
Class I railroads, net income.
exceed
to
were
the latest week.
in
tions for several weeks when automobile
k
again be resumed.
can
production has been generally upward, barring two weeks
January
the
show
gains
of steel
9.4
Miscellaneous
until full operation
naturally are to be expected.
the entire country were scheduled
for
Increases
centers
the trend
Stores
Tobacco
or
because of the cessation at most Wheeling and Pitts¬
50%
estimated
an
burgh
Steel
Silk and hoisery
later date,
60% of capacity in the week the floods occurred, but instead they dropped
—0.5
9.3
4
Realty._
2.1
2.1
whole averaged
year ago, and'
a
24.2% lower than in March, 1929, but 21.9% higher than in April, 1933.
Coal
They
0.8%
but
averaged the
were,
The
cost
same
in March
of
sundries
above that of
advanced
March,
in February and as in March, 1935.
The purchasing value
0.2%
1935,
6.0% below that of March,
and
from
4.9%
1929.
February to March.
It was
above that of April,
1933,
1929.
of the dollar
pared with 118.5c. in February,
in 1923.
as
however, 7.9% lower than in March,
was
1936,
118.9c. in March,
121.4c.
1936, as com¬
in March, 1935, and
100c.
I
Financial
Volume 142
2581
Chronicle
conditions in manufacturing indus¬
attributable to improved
Per
Indexes of the
tries, the Board announced on March 20, adding:
Unemployment in non-manufacturing industries in the first month of
1934
Inc.
Cost of Living
1923=100
Importance
in
City
Cent
(+) or
Dec. (—)
from Feb.
Relative
Family
March
February
1936 to
Budget
1936
1936
Food*
33
84.3
85.7
—1.6
Housing
20
74.7
74.1
+0.8
Clothing
12
74.0
74.1
78.3
78.2
+0.1
constituted
66.6%
k
69.7
87.9
87.9
0.0
93.7
93.5
+0.2
100
84.1
84.4
—0.4
118.9
Weighted avge. of all items
118.5
+0.3
Purchasing value of dollar...
*
Based
field.
about
absorbed
industry
255,000
decline of 20% in the number of unemployed in
re-employed
Mining
26,000,
slightly over 5% of its pro¬
or
communication,
and
from 2,743,000 to 2,802,000 during the two-year
two groups accounted for 25.4% of the total volume of
unemployment increased
States Bureau of Labor Statistics, as
11, 1936, and average of March 10, 1936, and March 24, 1936.
♦
Board's estimates,
to the
portion of unemployed workers.
In the combined fields of trade and transportation
period.
food price indexes of the United
on
become worse
have
to
appears
according
construction
The
workers, representing a
that
mining
manufacturing,
in
22%.
approximately
0.0
Two years
outside of
The situation
total.
the
3,597,000 in January 1934 to 2,824,000 in January 1936, or
declined from
0.0
86.7
30
Gas and electricity
of Feb.
70.0
87.1
86.7
5
Coal
of
and
construction
Unemployment
—0.1
71.2%
to
increased
better.
rather than
—0.4
87.1
F Women's
Sundries
had
it
manufacturing,
Men's
Fuel and light
later
estimated unemployment.
the total
of
Mar., 1936
These
unemployment in January 1934 and 28.5% in January 1936.
.
Change in World Business During February
According to National Industrial Conference Board
Little
During February Below
National Industrial Con¬
and Payrolls
January, According to
Employment
employ¬
ment and payrolls declined again during February, contrary
to the usual seasonal tendencies, according to the regular
monthly survey of 25 manufacturing industries by the
date
Under
Board.
Conference
Industrial
National
of
Average weekly earnings
for all wage earners in February were
$22.89,
per week
from 38.5 to 38.3; the index of employment changed from 85.8 in
declined
$23.09
with
compared
January;
in
average
January to 85.5 in February, and the index of
hours
of
payrolls was 73.5 in February
months,
average
at
60c.,
hourly earnings remained the same during the two
the declines in employment and hours worked were
responsible for the lower payrolls.
weekly earnings in 11 of the 25
manufacturing industries were higher in February than in January; in 13
of them, employment was greater, and in eight, total payrolls disbursed!
were
larger in February than in January.
In the furniture, hosiery and
knit goods, paint and varnish, paper products, machines and machine tools,
and heavy equipment industries, average weekly earnings, average hours of
work per week, employment, and payrolls were all higher in February than
the general decline,
Despite
1935, average hourly earnings in the 25 manu¬
February of this year were 0.8% higher; the
average
work week was 3.0% longer, and average weekly earnings were
3.4% above those of a year ago.
While part of the increase in weekly
earnings was offset by a rise in living costs, real weekly earnings in
February, 1936, were still 0.9% higher than a year ago.
During the year,
employment rose 5.6%; total man-hours worked increased' 8.7%, and
payroll disbursements were 9.1% more than in February, 1935.
The cost of living of wage earners declined 0.5%
from January to
Compared with February,
in
industries
facturing
February, the first drop in total living costs since
was due
to reductions in food a!nd clothing prices,
and
cost of
the
sundries
rose
The decrease
last July.
since rents, coal prices
from January to February.
Living costs in
higher than in February, 1935, but were 15.5% lower
February were 2.4%
1929.
than in February,
Unemployed Workers in February Above
January but Below February 1935, National Indus¬
trial Conference Board Reports
total number of unemployed
The
1936,
was
mate
of
workers in February
9,848,000, according to the regular monthly esti¬
Industrial Conference Board, made
the National
public March 28. This is an increase of 48,000, or
0.5%, from the preceding month, and a decrease of 324,000
or 3.2% below February 1935, the Board says, adding:
From
February 1936. the increase in unemployment, by
January to
industrial groups, were:
and trade,
land.
Some
American
and
Manufacturing and mechanical industries, 57,000,
in
and
United
the
service, and 7,000 in extraction
Demand
tries.
continued
Building
consumers'
to
France, which
the number
unemployed workers in the various industrial groups in February 1935;
of
table prepared by the Conference Board shows
month.
In
April 26 showed
on
Germany
activity in
peak month of
no
for
Business conditions
the outcome of the
improvement over the preceding
machinery and
the
Demand
month.
trades, which
allied
engaged in filling armament orders, was maintained at a high level;
activity in the
consumers' goods industries continued depressed.
The
were
curtailment
in
in
activity
industries dependent
all Italian
materials, except those producing
raw
war
materials,
imported
upon
still in evidence,
was
Uncertainty over future policies following the military outbreak and forma¬
tion of the
government resulted' in curtailed business activity in Japan
new
during the latter part of February and early March.
The gold
bined
value of world trade declined during January, 1936.
The com¬
of 75 countries, excluding Italy, stood at 35.7% of the 1929
index
compared
average,
amounted
of trade
to
prices
in
The
2.1%
figure
general
in
1935
the volume
and
materials
raw
>
in
slightly
declined
sugar,'
tea, and coffee were
The combined
(revised index, excluding copper) was 1.2%
was 8.4% above the
price
wholesale
level
declined
slightly
Great
in
Japan during February; showed substantially
no
Britain,
change in the
States, Germany and Sweden, and advanced in France, Belgium and
Preliminary reports for the month
Norway.
the
United
March
of
Berlin;
decline
a
France.
Security prices moved irregularly during March.
index of
stock prices on
common
month ago.
indicate
States; little change in Great Britain, Canada and Germany,
further rise in
On April 4 the combined
11 important exchanges was the same as a
Substantial increases in stock prices occurred in New York and
prices remained' substantially unchanged from the level
London
month
a
33.7%
and
above
February than in the preceding month, but
Canada and1
of
month
preceding
a
for February, 1935.
average
a
the
level,
by declines in wheat, cotton and silk prices.
for eight commodities
average
and
in
1929
foodstuffs
of
than offset
lower
the
of
Advances in prices of rubber, tin,
February.
in
78.9%
during 1934, and the highest for the recovery period'.
World
more
37.9%
with
The estimated physical volume of trade for the year
January, 1935.
prices
and
ago,
in
Paris
and
Amsterdam
declined
to
1935
the dollar during March.
The
year-end levels.
Foreign
French
continued
that
declined in terms of
currencies
franc
weak
was
during the greater part of
uncertainty regarding
the maintenance of
March
of
gold standard
the
result
in
as
a
country.
*
Lumber
Movement
Substantially
Above
a
Year
Ago
Tlie lumber
industry during the week ended April 4, 1936,
59% of the 1929 weekly average of production and
stood at
67% of 1929 shipments.
Reported production by 6% fewer
mills than the preceding week was 6%
business were,
new
less; shipments and
respectively, 4% and 3%
less than the
previous week, according to reports to the National Lumber
Association
ering the operations
NUMBER OF UNEMPLOYED
the
is gradually improving.
influenced' by uncertainty as to
are
Manufacturers
1936.
January 1936 and February
Great Britain
in
for
average
during
slightly
rose
England
in
above the
well
was
activity
goods
elections to be held
Compared with February
creased 0.5% in trade.
Central
and
South
activity
the year 1935.
expand in the iron and steel and engineering indus¬
it
of minerals.
1935, unemployment in February 1936, de¬
creased
11.4% in manufacturing and mechanical industries, 9.8% in
domestic and personal service, 9.7% in transportation, 3.2% in extraction
of minerals, and 3.9% in miscellaneous industries.
Unemployment in¬
the
of
most
Business
Kingdom activity did not recover to the
although
December,
Unemployment showed a decrease of 49,000 in trans¬
37,000.
portation, 20,000 in domestic and personal
The following
in
Australia.
Production in France, Germany, The Netherlands,
Belgium remained at about the same level as in the preceding month.
In
in
occurred
improvement
countries
during the month.
United
of
Number
Output declined in the United States, Canada, Italy, Japan and Switzer¬
average
in January.
The Board likewise says:
Board, made available April 16.
work
compared with 74.5 in January.
Because
tively little change over the preceding month, according to
the monthly report of the National Industrial Conference
rose
April 3 the Board also announced:
production during February showed rela¬
World industrial
Board
ference
Average weekly earnings, hours of work per week,
from
regional associations
of important hardwood
cov¬
and softwood
Revised figures will nearly equal the high levels of
preceding three weeks.
Reported new business during
the week ended April 4 was 14% above output; shipments
were
10% above production.
During the preceding week
mills.
Feb. 1935
Industrial Group
c
418,000
Extraction of minerals
3,623,000
1,400,000
1,132,000
1,070,000
Manufacturing and mechanical
Transportation
Jan.1936
c
the
3,211,000
1,137,000
965,000
475,000
296,000
7,753,000
Other industries, a
296,000
All industries _b
8,433,000
7,736,000
-
Domestic and
-
personal service
495,000
Industry not specified
Allowance
for
new
workers
since
405,000
412,000
3,154,000
1,313,000
1,100,000
986,000
475,000
296,000
Trade
Feb. 1936
1,264,000
1930
1,739,000
2,065,000
2,095,000
10,172,000
9,801,000
-
---
reporting softwood mills in excess of similar week of 1935,
production at these mills being 29% above last year's week;
shipments, 35% above; new business, 45% above.
The Asso¬
ciation further reported :
9,848,000
Census
Total unemployed
shipments were 8% above production and orders 11% above
output.
All items in the current week were shown by
This group
factory data being
unavailable from which later changes in unemployment can be
3,188,000 listed as unemployed in
computed,
b Industrial classification includes
Census of April 1930.
c Revised.
week ended'
During the
hardwoods
of
feet
includes agriculture, forestry and fishing, public service and pro¬
fessional service.
The numbers given are the unemployed workers in 1930, satis¬
a
booked orders of
Mills,
were:
All
Manufacturing
has
absorbed
during the past two years
more
unemployed
than any other branch of indus¬
to an analysis by the National In¬
dustrial Conference Board.
Of the total reduction in unem¬
1934 and January 1936 80.3% is
softwood
all
and
of
workers
trial activity, according
ployment between January
All
lent
24
of 34
Forest
California
mills produced
shipped
209,018,000
230,287,000
feet;
Revised figures for the preceding week
221,636,000
redwood,
feet;
Northern
orders above production
but redwood
regions
shipments,
hemlock
240,443,000
Northern
during the week ended April
and
Northern hemlock
mills
reported unfilled orders
on
reported
4.
output.
orders,
week
April 4 the equiva¬
days' average production and stocks of 131 days'
compared with
128 days' a year ago.
products
4, 1936.
and
pine reported shipments above corresponding
Northern hemlock reported production above.
softwood1
days' and
April
546
and the Northern group reported shipments above
all but
Identical
1936,
combined;
Northern
but
1935;
production,
but
but redwood
All
4,
245,417,000 feet.
regions
hardwood reported
Unemployment in Manufacturing Industries Dropped
22% in Two Years, According to Analysis of
National Industrial Conference Board
April
softwoods
237,939,000 feet.
583;
orders,
feet;
and
car
This
loadings totaled
was
1,358
cars
28,589 cars during the week ended
less than the preceding week; 4,236
2582
Financial
above
cars
week
of
corresponding
week
of
and
1935,
1934.
Lumber
4,994
above
cars
the
same
mills.
10%
or
Shipments
above
Reports
reported for the
as
production.
from
81
Production
hardwood mills
22% above production.
or
10,058,000 feet,
give
Shipments
business
Agricultural Adjustment issued
April 9 its monthly sugar statistical statement for January
and February, 1936, obtained from cane refiners, beet
sugar
processors and importers.
The data, which cover the first
on
10,608,000
as
reported for the
Production
feet,
week
were
same
was
8,673,000 feet.
1936, give
unfilled orders
two months of the calendar year, were obtained in the
administration of the Jones-Costigan Act, which requires the
Secretary of Agriculture to determine consumption require¬
Unfilled Orders and Stocks
478
Reports from
of
878,443,000
identical
softwood
April 4, 1936,
with
or
date
feet,
a
feet, and
216,437,000
feet
and
3,395,192,000
orders
feet.
The
872,492,000
as
457
ments
on
areas.
feet
days' average production, compared
equivalent of 24 days' average production
the
or
•].
-
and
and
establish
quotas for
various
A. Identical Mill Reports
of 461
identical
■
of
the
Sugar Section said, presenting
TABLE
'
160,741,000
feet,
and
orders
1—RAW
AND
softwood mills
154,535,000 feet.
was
\4kre,
FOR
as
follows its report:
224,266,000
STOCKS,
DIRECT
RECEIPTS,
CONSUMPTION
"
1936
(IN
SHORT
TONS,
RAW
SUGAR
Stocks
Source of Supply
?
-
Financing During February 1936
Cuba.
A total of 232,106 automobiles were financed in
February,
on which $91,671,545 was
advanced, compared with
242,444, on which $93,315,211 was advanced in January, the
Department of Commerce reported last week.
Volume of wholesale financing in February was
117,133,986 as compared with $123,195,888 in January.
on
automobile financing, based
the Bureau of the Census by 456 identical
the table below for
and
well
for
282
on
data reported to
organizations,
are
presented in
January and February, 1936, and also for 1935 and 1934,
organizations for January and February, 1936, as
identical
for the
as
same
months in 1935 and 1934.
Figures for months prior to
those shown below were reported in the "Chronicle" of March
21,
page
1897.
1936*
V-AUTOMOBILE
Financing
Month
on
Fire,
sumption
<fcc.
Feb. 29,
1936
91,039
413,245
381,107
334
0
Hawaii--
28,900
105,669
0
3
0
Philippines
Continental-a
108,530
80,226
39,271
118,189
119,964
348
45,873
3,194
67,308
54,601
89,262
382
0
Virgin Islands
0
0
0
0
0
0
19,583
5,406
9,276
0
0
15,713
36
177
211
0
0
2
255,933
752,524
772,610
1,258
0
234,589
Other countries
Miscell.
(sweepings, &c.)__
Total
191
0
16,935
*
Sugar Refinery; Savannah Sugar Refining Corp.; Sterling Sugars, Inc., and Western
Sugar Refinery.
TABLE
2—STOCKS, PRODUCTION AND DISTRIBUTION OF CANE AND
BEET
Total
New Cars
Number
Volume
Number
in Dollars
of Cars
SUGAR BY UNITED
STATES REFINERS AND
PROCESSORS,
JANUARY-FEBRUARY, 1936 (IN TERMS OF SHORT TONS REFINED
SUGAR AS PRODUCED)
Volume
of Cars
in Dollars
Domestic
Summary for 456
122,843
16,032
34,436
28,628
Compiled in the AAA Sugar Section, from reports submitted on form SS-15A
by 16 companies representing 22 refineries.
The companies are: American Sugar
Refining Co.; Arbuckle Brothers: J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
son; Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
Sugar Refining Co. of N. J.; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
Volume
in Dollars
Slocks
by
Con¬
Puerto Rico.
Wholesale
and
-i-i
Lost
Meltings for Direct
1,
a Includes sugars received at refineries in Louisiana
from their own sugar mills
and not chargeable to continental quota until marketed as refined
sugar.
FINANCING
Retail Financing
Year
JANUARY-
VALUE)*
Deliveries
Receipts
on
1936
Monthly statistics
MELTINGS
FOR
respectively,
received,
'
FEBRUARY,
196,529,000
SUGAR: REFINERS'
DELIVERIES
Jan.
Automobile
producing
sugar
Total deliveries of sugar during the first two months
1936 amounted to 908,856 short tons raw sugar value,
,
it was 152,343,000 feet; shipments
ago
feet
unfilled
report
production
a year
of
ago.
year
"
week's
April 4,
on
stocks'
gross
the equivalent of 34
;V-:.
Last
andi
mills
618,560,000
similar
on
softwood mills
feet
1936
18,
The Sugar Section of the
220,229,000 feet,
were
200,345,000 feet.
new
as
16% above production.
or
week
same
was
April
Monthly Statement of Sugar Statistics of AAA for
January and February—Total Deliveries in Amount
of 908,856 Short Tons
-
orders
reported for the week ended' April 4, 1936, by 484 soft¬
wood mills totaled 227,331,000 feet, or 13% above the
production of the
same
Chronicle
Identical Orga nizatlons
Beet
Refiners and
Factories
Refiners
a
Beet Factories
1936—
January *
February
$123,195,888
242,444
117,133,986 b232,106
Total (2 months)
$93,315,211
91,671,545
103,170
$58,199,684
57,038,172
98,953
$240,329,874
474,550
184,986,756
202,123
115,237,856
$96,059,710
159,094
68,464
1935—
January.
*108,656,597
187,566
82,570
346,660
$128,979,032
151,034
109,997
132,485
$36,533,359
47,623,890
35,691
54,455
$19,841,711
30,223,621
$99,128,848
242,482
$84,157,248
90,146
$50,065,332
Identical Org anizations
Summary for 282
cl29,646
751,252
1,109,941
739,670
753,745
1,095,866
21,122
February, 1936.
b Revised,
c Larger than actual deliveries by
representing losses in transit, through reprocessing, &c.
3—STOCKS,
SUMPTION
Total (2 months).
b859,776
Compiled by the AAA Sugar Section, from reports submitted by refiners,
a Deliveries
include sugar delivered against sales for export.
Department of
Commerce reports of exports of refined sugar amounted to 7,573 tons during January-
TABLE
February
'
Final stocks of refined
1934—
January
250,165
718,548
a624,099
344,614
Deliveries__
$81,605,541
$36,577,358
62,551,490
Total (2 months)„
37,194,801
44,410,740
$204,716,307
February
59,105,614
69,873,418
Initial stocks of refined..
Production
ARY,
1936
RECEIPTS
AND
OF
small amount
DIRECT-CON¬
SUGAR FROM SPECIFIED AREAS, JANUARY-FEBRU¬
(IN TERMS OF SHORT TONS OF REFINED SUGAR)
Stocks
Source of
c
DELIVERIES
a
Supply
Deliveries
on
Jan. 1,1936
Receipts
or
Usage
Stocks
Feb.
on
29, '36
1936—
January *
$118,872,106
228,094
113,830,495 b218,520
February
Total (2
months)
$232,702,601
_
$88,648,793
87,169,493
446,614
$175,818,286
Cuba
99,880
95,848
195,728
$56,283,637
55,232,441
al22,748
Puerto Rico
Philippines
$111,516,078
53,989
1,300
62,539
1,300
all4,198
0
1,908
6,817
.....
16,037
3,547
13,887
6,199
4,058
4,165
Hawaii
England
509
0
o
259
250
China & Hongkong.
1935—
January
$93,830,358
106,054,455
149,583
176,585
$56,151,891
66,418,983
66,193
79,608
$35,936,838
42,779,415
$199,884,813
326,168
$122,570,874
145,801
$78,716,253
January..
February.
$35,879,064
61,513,896
101,700
124,349
$34,437,380
34,426
45,377,552
52,772
$97,392,960
36
36
0
a2,239
219
2,278
al80
75,128
86,498
122,851
$19,189,736
29,290,038
Total (2
0
Other foreign areas.
„
February
Total (2
months)
1934—
.
226,049
$79,814,932
87,198
Includes sugar in bond and in customs custody and control.
23,910
Used Cars
in
tons
terms
of refined
sugar,
deliveries
during the months
of
January and February, 1936.
Year
and
TABLE 4
Deliveries of direct-consumption sugar from Louisiana
sugar mills.
Deliveries of direct-consumption sugar by Louisiana mills amounted to
$48,479,774
Retail Financing
1
134,221
Compiled in the AAA Sugar Section, from reports and Information submitted on
forms SS-15B and SS-3 by importers and distributors of
direct-consumption sugar,
a
months)
1
Total
Unclassified
Month
Number
Volume
Number
Volume
of Cars
in Dollars
of Cars
in Dollars
Summary for 456 Identic al Organizat
lions
a
1936—
January *
137,780
131,666
February
Total (2
months)
$34,617,964
34,128,106
1,494
$497,563
1,487
505,267
269,446
$68,746,070
2,981
$1,002,830
January..
87,177
$20,650,382
3,453
$1,260,431
February.
101,294
24,107,645
3,702
1,355,033
188,471
$44,758,027
7,155
Output of Rayon Yarn Reported Affected by Floods—
"Rayon Organon" Estimates
Damage
will
Re¬
duce Shipments by 6,000,000 Pounds
Operations in the textile industry, although at present
showing signs of slowing up, were on a better than average
during the first quarter of the current year, as indicated
by the current issue of the "Rayon Organon," published
by the Textile Economics Bureau, Inc.
In an announce¬
ment issued April 10 by the Bureau it was also stated:
scale
$2,615,464
1935—
Total (2 months).....
The
failure
of the
industry to record
conclusion, according to the
1934—
January..
71,607
$15,864,436
February.
75,283
16,510,453
Total (2
months).
Summary for 282
146,890
$32,374,889
ldeni cal Organiza tions
paper, that
seasonal
a
coupled with the inability to force through
2,699
2,747
$827,212
889,816
5,446
$1,717,028
means
a
continuing extra-seasonal decline
money may
Avell
126,720
$31,867,593
1,494
121,185
31,431,785
1,487
above
the
to higher levels by this time,
on
into
the summer."
well provide the stage for advances in the textile
the present
$497,563
February
to
"By that time, the normal pick-up in Autumn business, the reduction
of inventories, and the benefits of Government relief and
soldiers' bonus
c
1936—
January *
increase leads
"this relatively high level of activity
505,267
curve to
levels
one."
Producers' Rayon Stocks Unchanged on March 31
Producers' stocks of rayon yarn on March 31
Total (2 months)
247,905
$63,299,378
2,981
$1,002,830
ruary,
ments
1935—
January..
79,937
$18,954,622
22,284,535
3,453
93,275
February.
3,702
1,355,033
173,212
$41,239,157
7,155
$2,615,464
$1,260,431
January..
64,575
Total (2 months)
Of these
$14,420,432
2,699
68,830
February.
a
tie-dps, stocks of
extent,
and,
of
most
damaged to such
1934—
15,197,698
2,747
$827,212
889,816
133.405
S29.618.130
5.446
$1,717,028
organizations, 37 have discontinued automobile financing,
b Of this
number, 42.6%
c
were unchanged from Feb¬
1.1 month's supply despite reduced production and ship¬
"Organon."
Commenting upon the effect of the March floods, these, it is pointed
out, were threfold, namely shipments were delayed because of
transporta¬
tion
Total (2 months)
totaling
because of the floods, according to the
were new cars, 56.7% were
used cars, and
0.7% unclassified,
Of the 282 organizations, 24 have discontinued automobile
financing,
d Of this
number, 43.9% were new cars, 55.4% used cars, and 0.7% unclassified.
* Revlsedi
for
a
a
yarn
available for delivery were damaged to some
importance,
degree that
period of months.
The
over
sizeable
amount
of
machinery
on
was
production from it will be impossible
"Organon" estimates that the
damage and loss of production
floods will amount to
a
yarn
installed equipment
current stock
due to
the March
6,000,000 pounds of rayon yarn.
Large Increase in Imports of Japanese Rayon Products
of Great Concern
The rapid increase in imports of
Japanese rayon waste, staple and braid
continue to
to
the
concern
"Rayon
the American producers to
Organon."
Figures
are
no
small extent according
presented showing
that
January
Financial
Volume 142
and
February imports of
staple from Japan almost equaled the total
rayon
of such imports for the full year 1935.
in
January and February each
full
1934.
year
Inmports of Japanese rayon waste
exceeded the total of such imports for the
Imports of Japanese rayon braid has also recorded
In
view
of
these
increases
the
ex¬
'
ceptionally large gains in recent months.
"Organon" states that
"some kind of
tariff relief to protect the American Rayon Industry against these Japanese
items
surely is indicated."
Petroleum and Its Products—Grand
Jury Probe Opens
May 4—Administrator Ickes Sees Federal Oil Board
Rodessa
in
Unnecessary—Texas
May
Allowable
Special Grand Jury would lie con¬
vened in Madison, Wis., on May 4 to investigate charges of
price-fixing and unfair trade practices on the part of the
major oil companies was made by Attorney General Cu tu¬
rnings in Washington this week.
The investigation is the
outcome of charges filed with the Department of Justice
last year by the National Oil Marketeers' Association and
a special legislative committee of Michigan.
Disclosure that the preliminary investigation warranted
a
grand jury probe came last week when the Attorney
General
announced
a
that
Anti-trust
the
Division
of
the
Department of Justice had found sufficient evidence to
justify further probing.
At that time, however, he pointed
out that the calling of the special grand jury did not mean
that indictments would follow.
Rather, he said, it would
mean that investigation would be easier and more complete.
In commenting upon the Attorney General's action, P. E.
Hadlickr Secretary of the Association, said that "Attorney
General Cummings, by his action in obtaining a Grand Jury
probe of oil marketing practices, has earned the gratitude of
thousands of indepen ent oil marketers who are being
sqeezed out of existence by the oil monopoly.
"The Special Grand Jury investigation, which will begin
at Madison on May 4," he continued, "will be the first real
effort by the Department of Justice to enforce the anti¬
trust laws against the major oil companies since the Standard
Oil dissolution decree was confirmed by the United States
Supreme Court in 1911.
We, the independent oil marketers
of America, as distinguished from those which are agents or
subsidiaries of major oil refiners, are hopeful that it will
mark a turning point in ending monopolistic control of
American marketing, one that may be far-reaching in
beneficial effect for other industries and businesses
as
our
as
well
own."
The probe is the direct result
of the fight the Association
making for several years "to preserve the status of
its members as independent American businessmen," he
said, adding that the objective of the Association is "to
restore the open market for petroleum products—to have a
competitive market from the well to the consumers."
"For many years," he said, "in fact, since the oil trust was
formed in 1882, except for a brief period following the
abortive dissolution decree of 1911, the so-called Standard
Oil group has dominated and controlled the marketing of
petroleum products in the United States.
"During recent years, this powerful group, which virtually
controls the production of crude oil, has been tightening its
grip upon marketing right on down to the ultimate con¬
sumer.
It has been steadily driving the independent dealer
out of business by fixing the prices at which he must buy
petroleum products and maintaining, through subsidiaries
in the marketing field, retail prices which do not leave the
independent marketer sufficient margin of profit.
"Marketing losses sustained by the monopoly's subsidiaries
in this war upon the independent marketers are absorbed
by its huge profit in producing, refining and transportation;
while the independent marketer must stand or fall according
to whether or not he can operate profitably as a marketer."
Louisiana State officials jiave the situation in the Rodessa
has been
field under control and there is
ment
of
a
no
justification for establish¬
Federal Tender Board in the
new
field
at
this
time, according to a report to Secretary of the Interior Ickes
by George W. Holland, Chief of the Petroleum Conservation
Division.
Mr. Holland made a personal tour of inspection
in the field under orders of Mr.
investigation came as a result of complaints from
producers and independent groups that "hot" oil
from the Rodessa field was filtering into the Texas markets
and harming the crude oil price structure.
The field "is
not the potential source of contraband oil that it appeared
to be a short time ago," Mr. Holland found.
He added
that while the establishment of
was
not necessary
Federal officials to the
and
an
9,900 barrels.
There
no
were
crude oil
Prices of
price-changes.
Typical Crudes per Barrel at Wells
I. degrees are not shown)
(All gravities where A. P
1
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
$2.45
1.25
l.«42
Eldorado, Ark., 40
Rusk, Texas, 40 and
$1.10
1.15
over
Darst Creek
.97
Midland District, Mich
1.23
Illinois
1.02
1.23
.
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolia, Canada
1.23
Mld-Cont't., Okla., 40 and above.. 1.18
Winkler, Texas
.85
Smackover, Ark., 24 and over
75-.80
Western Kentucky
.95
1.43
1.10
REFINED PRODUCTS—WEST COAST GAS PRICES RESTORED IN
WIDE
ADVANCE—CHICAGO
RETAIL
GAS PRICE LIFTED—
MOTOR FUEL STOCKS RISE TO NEW YEAR'S HIGH
Restoration of gasoline
West Coast markets
prices to "normal" levels through¬
accomplished this week when
the Standard Oil Co. of California led in a general increase
of 2 cents a gallon throughout the entire area, followed im¬
mediately by other major companies.
At San Francisco, the new schedule posted regular gas at
18 cents, premium at 20 cents with third-grade at 16.5 cents
a gallon, taxes included.
In Los Angeles, prices were y cent
a gallon under the San Francisco levels.
Prices in Oregon,
Washington, Arizona and Nevada also were affected by the
change.
Shell Petroleum led in a general advance of
cent a
gallon in service station prices of regular and premium grades
of motor fuel in the Chicago area on Wednesday.
Schedule
lists regular at 17 cents a gallon at the "pump," taxes in¬
cluded, which is still 1 cent under "normal" levels.
The
advance also took in tank-wagon regular gasoline but
inasmuch as the tank-wagon price for premium was "normal,"
there was no change in the latter.
Other companies met the
advance within a day or so.
The local market showed little change.
Bulk and retail
motor fuel prices held steady with the exception of minor
Fuel oils continued soft
price-cutting activity in Brooklyn.
under
seasonal
pressure.
Socony-Vacuum cut Boston
gasoline H cent for tank-wagon and retail prices.
Firm¬
ness
in the Pennsylvania lubricant market was mirrored
in an advance of y cent.
Increased refinery operations offset an estimated gain of
around 8% in gasoline demand during early April, and
gasoline stocks of finished motor fuel rose to new 1936 highs
during the week of April 11, according to the American
Petroleum Institute.
A gain of 480,000 barrels lifted
finished stocks to a new peak at 66,044,000 barrels.
Stocks
of unfinished gasoline dipped 136,000 barrels during the
out
was
week.
Refinery operations moved up 1.9
capacity, against 72% a week earlier.
of crude
to
stills
point to 73.9% of
Daily average runs
65,000 barrels to 2,755,000 barrels.
rose 554,000 barrels to 96,508,000
rose
Gas and fuel oil stocks
barrels
on April 11.
Representative price changes follow:
•
April 13—Standard Oil Co. of California led in a general increase of 2
cents
a
gallon in retail gasoline prices on the West Coast.
Other major
units followed.
April 14—Socony-Vacuum cut tank wagon and service station prices of
gasoline A cent a gallon at Boston.
April 15—Shell Petroleum increased service station prices of regular and
premium grades of gasoline, and tank-wagon prices of the former,
cent
a
gallon in the Chicago area.
by A
Other major units follow.
April 15—An advance of A cent was posted in Pennsylvania lubricants
a
Brooklyn
An increase in the Texas allowable for
Cleveland
.168
Denver.
Camden
.168
Detroit
.145
quota compares with actual production of 1,175,677 barrels
The
new
allowable for the East
set at 440,000 barrels
daily in accordance
with the commission's chief engineer's finding.
The in¬
creases were allocated among several fields with the com¬
mission retaining the acreage and per-well basis in setting
was
Minneapolis
Boston
-
$.184
New Orleans..
.21
175
.23
.16
Philadelphia
Pittsburgh
.17
195
Jacksonville
.20
San Francisco
.16
.19
St. Louis
Buffalo
165
Houston
Chicago
17
Los
177
175
Angeles..
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas.$.03H--03Ji . New Orleans.$.03%-.04
$.04% 1 Los Angeles.. .04^-.05
J Tulsa
.04%-.04 A
New York
(Bayonne)
Fuel Oil,
F.O.B. Refinery or Terminal
Gas Oil, F.O.B.
Refinery or Terminal
I Chicago,
N. Y. (Bayonne)
.04 A
$.04
I Tulsa..
I
I
32-36 GO--$.02H->.02%
U. S. Gasoline (Above 65
Standard Oil N. J..$.07>*
Chicago
Socony-Vacuum....
Tide Water Oil Co—
Texas
.07A
.07A
Richfield Oil (Calif.) .07A
Warner-Quinaln Co. .07A
$.02A-.02%
Octane), Tank Car Lots, F.O.B. Refinery
New York—
Colonial Beacon..$.07.
Gulf
-—
—
Republic OU
Shell East
?Not Including
1.05
1.65
Diesel 28-30 D
27 plus
$.90
Phila., bunker C
$1.15-1.25
—$1.05
Bunker C
New Orleans C
California 27 plus D
N.'Y. (Bayonne)
May to 1,165,955
barrels from the current allowable of 1,145,690 barrels was
ordered by the Texas Railroad Commission.
The new
April.
$.175
.192
Newark
to "foster
"Rodessa situation will receive continued attention."
in the first half of
Cincinnati
$.192
New York..
z
Federal Tender Board in
at this time, he favored sending
cooperation with State
developments." Mr. Ickes, in com¬
the repprt which he approved, said that the
area
z
observe
upon
Texas field
Oklahoma showed
areas.
increase of 22,300 barrels, Texas was up 11,700 barrels while
in California producers lifted their daily average output by
Gasoline, Service Station, Tax Included
The
menting
were:
,
Texas
officials
Quotas for the fields other than East
Rodessa, 1,750; East Central, 52,761; South¬
west Texas, 149,963; Gulf Coast, 185.312; West Central,
53,806; West Texas, 158,563; North Texas, 60,000; Pan¬
handle, 60,800; Moore County, 1,500; Osborne area, 1,000. * |
Daily average crude production in the United States for
the week ended April 11 rose 16,150 barrels to 2,890,050
barrels, according to the American Petroleum Institute.
The total compared with April market demand estimated by
the Bureau of Mines at 2,797,300 barrels, and actual produc¬
tion a year ago for the same period of 2,582,000 barrels.
Substantial increases in the three major oil producing
allowables.
new
Texas
Ickes to determine ^condi¬
tions there.
'Rodessa
the
States offset declines in other
Lifted—Crude Output Increases in Week
Announcement that
2583
Chronicle
2% city sales tax.
New
Orleans.
.07$*
Los
07 X
.07>4
Gulf ports
Tulsa
07
Ang., ex.
$.06
".06A
.06
-.06^
.05A--04H
.06
-.06%
.06
-.00A
Financial
2584
Daily
Average
16,150
Gains
Production
Oil
Crude
Barrels in Week
daily
The American Petroleum Institute estimates that the
crude oil production for the week ended
April 11, 1936 was 2,890,050 barrels.
This was a gain of
16,150 barrels from the output of the previous week.
The
current week's figure was, also, 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 11, 1936 is estimated at 2,869,000 barrels.
The daily average output for the week
ended April 13, 1935 totaled 2,582,000 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
average
♦
gross
a
1,406,000 barrels,
week ended April 11 totaled
United States ports for the
of 114,429
daily average of 200,857 barrels, compared with a daily average
barrels for the week ended April 4,
and 145,000 barrels daily for the four
weeks ended April 11.
ary.
Daily
for the week
of 11,000 barrels,
compared with a daily average of 10,429 barrels for the week ended April 4,
and 23,143 barrels daily for the four weeks ended April 11.
Reports received from refining companies owning 89.6% of the 3,869,000
barrel estimated daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 2,755,000 barrels of crude oil daily during the week ,and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 73,654.000 barrels of finished and
unfinished gasoline and 96,508,000 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 605,000 barrels
April 11 totaled 77,000 barrels, a daily average
daily during the week.
OIL PRODUCTION
DAILY AVERAGE CRUDE
(Figures In barrels)
B. of
Average
Actual Production
M.
4
Week Ended
Dept. of
Week
Weeks
Ended
Ended
April 11
April 13
Int. Cal¬
culations
Arpil 4
April 11
1936
Kansas
146,000
1936
1935
527,400
151,800
537,300
529,850
152,750
144,050
57,200
58,850
25,150
179,500
525,000
1936
549,70C
148,550
(.April)
Oklahoma
60,650
23,300
55,650
48,100
60,950
57,950
25,100
177,100
49,200
443,750
443,100
74,850
74,600
61,400
236,200
235,100
178,900
1,135,600
1,123,900
1,123,100
1,018,150
61,600
66,000
22,950
140,600
72,000
140,450
138,800
increased, the total on
being 177,156,000 gallons, compared with 165,312,000 gallons on hand Jan. 31. The major portion of the
increase in stocks in February was at refineries.
Feb.
29
PRODUCTION AND
160,900
202,200
212,450
204,800
30,150
29,950
Feb. 29,
Jan.-
;
West Texas
49,000
445,050
76,250
244,600
East Central Texas
East Texas
Southwest Texas
Coastal Texas.:
1,122,800
Total Texas
Northern Louisiana
Coastal Louisiana
Total Louisiana
58,100
25,050
177,200
4,100
5,850
4,850
63,200
63,800
63,750
2,316,350
2,310,100
152,150
49,800
438,900
29,850
102,950
36,100
35,000
13,300
4,800
62,300
2,244,700
68,050
2,302,250
Arkansas
104,100
101,050
Michigan
41,000
32,750
108,850
38,950
Wyoming
34,800
33,100
35,350
Eastern
Bew Mexico
12,850
13,600
12,300
Montana
Colorado
Feb.
Feb.
Refin¬
Plants
Refinr
Plants
1936
1935
eries
& Terms
er.es
&Terms
978
30,230
2,691
37,313
Oklahoma
Kansas
34,936
3,146
44,331
5,173
Louisiana
5,159
3,163
84
2,578
387
2,394
3,486
9,884
5,380
126
82,933
7,758
1,942
8,803
83,145
8,274
42
563,800
566,750
2,869,000
51,105
4,340
"210
134
798
71,610
1,054
2,987
134,232 153,426 287,658 262,007 100,170
4,440
4,794
4,629
4,949
76,986
92,106
73,206
2,385
1,833
2,193
1,743
52,066
3,196
3,653
6,849
79,002
6,238
110
Production
118
114
106
Increased in Latest Week-
Coal
of Soft
Declines
Anthracite
I
The
weekly coal report of the United States Bureau of
Mines stated that production of soft coal increased during
the week ended April 4, in spite of a partial holiday observ¬
ance of Eight Hour Day, April 1.
The total output is esti¬
mated at 6,372,000 net tons, a gain of 72,000 tons over the
preceding week. Production in the corresponding week of
1935 amounted to 3,782,000 tons.
Anthracite production in Pennsylvania during the week
ended April 4 is estimated at 394,000 net tons. Since Eight
Hour Day is universally observed in the anthracite fields,
this represents the output of five active days. The average
daily rate, compared with that for the preceding week,
a decline of 11.0%.
During the calendar year to April 4, 1936, a total of 115,214,000 tons of bituminous coal and 14,635,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 112*450,000 tons of soft coal and 13,835,000 tons of
hard coal produced in the same period of 1935. The Bureau's
indicates
statement follows:
OF COAL AND BEEHIVE
ESTIMATED UNITED STATES PRODUCTION
COKE
(IN NET TONS)
Calendar Year to Date
Week Ended
Apr. 4,
1936
Bitum coal:
c
Mar.
Apr. 6,
28,
| 1936 d |
1935
1936
1935
1929
e
Total for period
e
•
1
a
6,372,000 6,300,0003,782,000 115,214,000112,450,000 146,479,000
1,808,000
1,437,000
1,402,000
727.000
Daily average- fl225,000 1,050,000
1
Pa. anthracite: b
394,000
Daily average.
495,000
2,873,900
870
7,812
179
(1,000's of
barrels)
2,087,000
573,700
254
126
1,361
2,882
Daily average
5,050
2,890,050
13,464
1,013
48,589
5,948
Total
10,600
552,600
78,800
531,000
88,500
25.0001
703,000
140,600
15,500
2,583
13,835,000
174,000
419,500
184,100.
19,497,000
245,200
295,200
3,600
14,635,000
1,650,000
20,122
2,582,000
California
which
4,167
5,116
Includes lignite,
Sullivan County, washery and
by truck from authorized operations,
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND
average.
coal made Into coke, local sales and colliery fuel,
b Includes
dredge coal, local sales, colliery fuel and coal shipped
c Subject to revision,
d Revised, e Minus
one day's production first week in January to equalize number of days in the three
years,
f Average based on 5.2 working days.
a
Indicated above do not Include any estimate of any oil
24,100
4,017
Total for period
Daily
Note—The figures
84
2,100
3,822
420
935
45,953
Daily average...
5,837
81,644
10,332
1,789
9,487
98,019
5,041
Rocky Mountain
Total
65,166
12,962
1,733
57,351
462
854
4,446
Arkansas
California
13,513
1,871
6,820
893
37,850
2,797.300
5,586
5,838
6,693
Appalachian
111., Mich., Ky..
Beehive coke:
Total United States
At
Jan.
East coast
105,150
46,650
31, 1936
At
1936
*
36,200
Jan.
At
At
Feb.
Total for period
Total east of California-
Jan.-
1936
1936
30,400
..
West Central Texas
Stocks
Production
123,050
30,500
North Texas
STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
100,100
Panhandle Texas
declined 21%
output in the Panhandle
average
between January and February.
Stocks of natural gasoline again
Texas
Receipts of California oil at Atlantic and Gulf Coast ports
ended
April 18, 1936
Chronicle
STOCKS OF FINISHED AND UNFINISHED
ENDED APRIL 11, 1936
GASOLINE AND GAS AND FUEL OIL, WEEK
(Figures in thousands of barrels, 42 gals,
ESTIMATED
each)
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
WEEKLY PRODUCTION OF COAL,
THOUSANDS OF NET TONS)
STATES
BY
(IN
(The current estimates are based on railroad carloadings and river shipments and
are subject to revision on receipt of monthly tonnage reports from district and State
Unfinished Gasoline
Stocks
sources, or of
final annual returns from the operators.)
of
Unfin'd
Finished
District
Poten¬
Rate
Total
612 100.0
612
East Coast..
P. C.
P.
Aver¬
Oper¬
At Re¬
age
ated
fineries
426
69.6
7,531
Terms, Nap'tha
&c.
Distil.
1,154
6,438
517
2,850
154
146
94.8
102
69.9
1,588
970
296
424
95.9
390
92.0
7,983
2,662
1,052
764
Inland Texas
330
160
48.5
108
67.5
1,437
78
218
Texas Gulf..
680
658
96.8
587
89.2
2,119
169
163
96.4
124
76.1
6,214
1,229
270
La. Gulf
384
291
50
96
294
-
384
453
84.8
265
69.0
4,850
2,091
March
State
Oil
2,432
1,493
6,744
2,080
Missouri._
Week Ended
Fuel
11,357
442
Appalachian.
Ind.,111., Ky.
Okla., Kan.,
Gas
and
in
C.
Daily
Reporting
tate
1
Mar.28 Mar. 21 Mar. 30 Mar. 31 Mar. 30
1936 p
Alaska
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
1936 p
1935
r
1934
Avge.
1929
1923
8
8
2
2
1
2
204
189
238
238
305
16
19
27
24
34
109
85
112
111
140
1
1
1
1
s
423
77
195
s
80
72
90.0
35
48.6
Rocky Mt_
97
60
61.9
47
78.3
852
789
92.6
478
60.6
1,578
9,674
3,468
89.6
2,562
73.9
42,329
.
California
Reported
2,573
193
401
Estd.unrep'd
101
728
2*174
1,072
71,025
20,036
1,106
7,163
94,601
447
1,907
xEst.tot.U.S.
11'36
3,869
Apr. 4 '36
3,869
44,902
3,869
21,142
45,168
2,755
2,690
3,869
Apr.
21,130
7,610
7,573
96,508
96,228
758
1,236
1,231
890
1,684
279
315
504
413
303
575
Iowa
50
55
106
75
53
Kansas and Missouri
98
94
157
136
103
144
510
491
704
727
543
560
106
139
215
208
205
215
27
21
48
44
45
8
10
16
7
11
32
Montana
54
52
57
45
46
68
New Mexico
No. La.-Ark.
245
25
24
27
20
38
Illinois
679
Indiana
Kentucky—Eastern
Western.
Maryland
Michigan.
North and South Dakota
Ohio
122
52
53
24
23
28
29
s21
s34
357
274
606
547
327
740
1,522
U.S. B. of M.
April
x
1935
....
....
Bureau of Mines basis
....
y37,867 y20,351
2,502
currently estimated,
y
y6,175 y97,727
As of April 30, 1935.
998
2,570
2,423
2,504
3,249
Tennessee
78
79
105
103
67
118
Texas
14
14
14
13
18
Utah
52
38
68
36
84
68
189
156
230
224
204
230
Pennsylvania bituminous
Virginia.
28
30
32
24
41
74
1,292
1,276
1,690
1,751
1,420
1,172
482
417
740
687
586
717
92
74
97
79
99
136
2
1
1
1
3
7
Total bituminous coal
6,300
5,635
9,630
Pennsylvania anthracite
531
456
596
9,199
1,022
8,090
1,071
10,764
2,040
6,831
6,091
10,226
10,221
9,161
12,804
Washington
West Virginia—Southern a
Natural
Gasoline
Production
Declined
During
February
production of natural gasoline showed a material
according to a report prepared by
the Bureau of Mines for Harold L. Ickes, Secretary of the
Interior.
The daily average in February was 4,629,000
gallons, compared with an average of 4,949,000 gallons for
January and 4,483,000 gallons for September, 1935, the last
month in which the output was lower.
Most of the major
fields and districts showed a decline in production in Febru¬
Northern b
Wyoming
Other Western States.c
The
decline in February, 1936,
19
Grand total
W., C. & O., Virginian, K. & M., B. C. & G.,
and on the B. & O. in Kanawha, Mason and Clay counties,
b Rest of State, In¬
cluding Panhandle District and Grant, Mineral and Tucker counties,
c Includes
Arizona,
California,
Idaho,
Nevada and Oregon,
p Preliminary,
r Revised,
a
s
Includes operations on the N. &
Alaska, Georgia, North Carolina and South Dakota
States."
Included in "other Western
Financial
Volume 142
Anthracite Shipments During March 4.93% Under
Like
enthused
Though few operators in copper were
general business situation.
which all
sold on this move
that certain producers had been holding since early in the depression.
In
other words, the technical position of the market has certainly improved.
Fabricators of copper products reported a good volume of business,
practically all of which was booked prior to the advance in prices. Effective
April 14, leading fabricators announced an advance of one-quarter of a
cent per pound on most of the common forms of copper and brass products.
Wire prices also were marked up on the same day to conform with the
buying wave, there was one point on
the magnitude of the
over
Month Last Year
2585
Chronicle
agreed, and that was the extent to which copper was
Shipments of anthracite for the month of March, 1936, as
reported to the Anthracite Institute, amounted to 2,429,194
This
tons.
net
is
decrease,
a
during the preceding month
tons,
59.06%,
or
shows
when
and
compared with shipments
as
February, of 3,504,529 net
of
compared
decrease of 126,066 net tons, or
a
(in net tons)
by originating carriers
Shipments
follows:
1935,
March,
with
4.93%.
as
are
higher copper market.
'
The
March
February
March
February
1936
1936
1935
1935
Reading Company..
Lehigh Valley RR
to Easter.
467,385
188,646
280,336
210,044
293,762
180,397
201,027
56,090
1,239,265
999,814
530,673
799,316
623,962
768,662
458,567
227,100
286,364
517,311
427,578
224,082
442,145
252,283
301,718
192,116
127,272
70,755
811,899
770,125
287,119
468,157
394,783
509,660
305,911
255,143
142,745
2,429,194
5,933,723
2,555,260
Central RR. of New Jersey
Del. Lackwanna & Western RR..
Delaware & Hudson RR. Corp..
Pennsylvania RR.
Erie RR
N. Y. Ontario & Western Ry
Lehigh & New England RR.
Total
months, in short tons, compare as
July
April
May
33,165
78,653
32,300
35,948
26,500 al49,717
27,500
June
20,500
December
..
March
27,000
29,450
..
.
August
September
/
Lead
Sales
8%
During January
Gas
The American
of
gas
week amounted to about 5,000
factured
and
January,
an
natural
that revenues of
stated
utilities
gas
manu¬
$78,867,200
totaled
in
increase of 8.0% from the figure of $73,031,300
reported for January, 1935.
The Association, in its monthly
needs. The requirements
for April are estimated to be about 95% covered, whereas the buying for
May has covered only about 30% of estimated requirements.
The trade
believes that buying will increase in the near future and that the price
structure continues firm.
Most of the lead sold last week went to storage-
Revenues
month,
of
enues
January,
increase of
for
13.0%
were
for
reported
above
an
month
were
123,777,700,000 cubic
sales
increase of
manufactured
of
continued
&c.,
the
rev¬
figures
about the
run
registered
the preceding year.
sharp
a
Manufactured
also above those of
a year
feet,
amounted
natural
for
gas
smaller lead-consuming interests.
St.
Sales by St. Joseph
Louis.
reported at
were
unchanged
remained
basis of the American
settling
brands
gain,
as
a
sales
ago,
year
amounting
15.9%
to
sales for industrial-commercial
gas
chiefly in May-June delivery metal.
Lead
World
Production
Lower
situation if the London market would show some
in
those
London,
January, 1936
32,221
14,349
34,088
Italy
....
Spain
12,261
b3,736
4,435
16,900
18,527
17,900
18,657
6,726
1,653
1,700
Other Europe.*:.
Australia, d
Burma
Tunis
Elsewhere, e
domestic
only,
material
,
b Partly
c
Includes
London meeting,
scheduled for
the quotas for
the next quarter.
The apparent difficulty of Bolivia to maintain her tinproduction quota may also be considered.
Stocks of tin in London continue
at very low levels, which fact was called to the attention of Parliament
recently.
Russia has been an important buyer of tin lately through
•
April 9th, 46.400c.;
46.375c.; 11th, 46.375c.; 13th, 46.625c.; 14th, 46.625c.; 15th, 46.500c.
99%, was quoted nominally as follows:
Expanding Steel Demand Lifts Ingot Rate to 68%
—All Major Outlets Represented in Broad Buying
152,445
estimated,
the next
April 22, of the International Tin Committee, to pass on
5,400
139,393
in
centered
interest
Abroad
10th,
3.307
6,900
slight rise in price to
47.125c., but the market eased yesterday to 47c.
Chinese tin,
6,754
551
quiet during the last week.
market was
Following the Easter holidays abroad, there was a
London.
19,770
6,754
131,968
Total
1935
37,958
14,527
20,647
15,028
3,802
8,452
16,800
14,058
21,183
18,461
11,575
b3,490
5,236
Mexico
December,
the domestic tin
in
Business
February, 1936
the foreign situation believe
Tin Easier
Preceding Month
Germany
strength.
meeting of foreign pro¬
that an
than likely before the end of summer.
close to
Than
following table, which was recently released by the
American Bureau of Metal Statistics, gives in short tons
lead production of the world allocated so far as possible to
country of origin of the ore:
Canada
Unfilled orders have been reduced
slightly less than 39,000 tons.
The undertone continues firm at 4.90c.,
St. Louis.
Producers of zinc would feel more bullish over the immediate
Though little was accomplished at the recent
The
United States.®
3,400 tons, which tonnage
Galvanizers were interested
larger than in recent weeks.
to
by 18.3%.
ago
somewnat
was
water-heating,
cooking,
same
Zinc Sales Larger
agreement on the Cartel is more
February
From
New York, the contract
4.60c.,
Lead Company involving its own
week totaled about
for the last
sales
Zinc
sales
ducers
a
at
Smelting & Refining Co., and at 4.45c.,
premium.
a
35,959,-
to
utility
increase of 16.5%.
an
domestic
for
gas
to
January
7.0%, while
feet,
were
for
utilities reported
gas
pipe manufacturers, and to
battery makers, miscellaneous sheet lead and
v
gas
house-heating purposes
over
The natural
cubic
While
uses
industry aggregated $34,555,300
gas
2.2%.
which
manufactured
refrigeration,
prompt delivery to cover current
Quotations
manufactured
$44,311,900,
of
900,000
the
the
1935.
Sales
for
of
an
for
numerous
report, further stated:
the
week, when only 3,500
number of small
A feature of the business was the
changed hands.
lots sold
Association, in its monthly summary
statistics,
company
r.
the sales of the previous
tons, a fair increase over
tons
66,646
32,000
40,343
Improve
The volume of lead sold during the last
Revenues of Manufactured and Natural Gas Rose
--
October
April 1 to April 14, inclusive.
a
1936
71,366
118,812
84,066
November
January
February
follows:
1935
1936
1935
.
closed.
on-Friday and Monday, owing
,
Domestic sales of copper, by
3,945,542
551,507
character of the week that just
Metal Exchange was closed
London
The
higher, and a fair tonnage was
market was moderately
foreign
booked abroad in spite of the holiday
Movement
April 16 issue of the "Iron Age" stated that expanding
finished steel products is noticeable this week
The
Belgium,
demand for
Russia, Great Britain, Poland, France, Austria, Czechoslovakia, and Yugoslavia,
d Includes Australian lead refined in Great Britain,
e Includes Argentina, Peru,
from
Japan, and the pioduct of foreign ore smelted in the United States; partly estimated.
dustry is pushing for deliveries on
Total
Sales
Copper
134,921
Tons
in
to 93^c., Valley
Week—Price
Advanced
"Metal and Mineral Markets,"
stated
that
as
soon
as
in its issue of April 16,
it became certain that the price of
would be raised to 93^c., Valley, the market experi¬
of the most active weeks in the history of the
industry.
Consumers virtually had four days' notice of
the intention to advance the quotation, which, in the
opinion of producers, was a factor in bringing the domestic
sales for the seven-day period up to 134,921 tons.
The
foreign quotation scored a moderate gain.
The activity in
copper brought in a little more business in lead and zinc,
copper
enced
one
but both of these items remained quotably unchanged.
Tin
quiet.
Quicksilver appeared to be easier abroad.
Secretary of the Treasury Morgenthau and Chinese bankers
held conversations in Washington last week, which silver
operators believe might have some bearing on the silver
situation.
The publication further added—
was
April
came
The very large
14.
as
for copper
a
was
advanced to 9J^c., VaUey.
Sales data of the United
_
during the last week
1930, when
a
total of 136,707 tons
The market had not touched 93^c. since April,
Unless
consumption
of
copper
improves
few months, leading consumers, in the
was the
larly
are
a
rather early test of second-quarter quotations, particu¬
are
also
Mills are steadily resisting this pressure and are
of the quantity differential system to other
specifications.
and
considering the extension
steel
products.
week's
railroad
finished
The
of
was
disposed
considerably
As had been anticipated, buyers
150-ton orders if shipments may be extended over - a period,
suggesting the placing of aggregate tonnages involving several
offering
and
and the
on
The Baltimore &
Chicago & Eastern Illinois has awarded 6,000 tons.
Miscel¬
at Chicago total 25,000 tons, and an equal tonnage
business has reached mills in that district.
800 freight cars and the Missouri Pacific is asking
has ordered
2,000.
pending,
5,000
impressive.
releases
rail
accessory
still
purchases have been
25,000 tons of rails; the Rock Island has completed' the
of 40,000 tons, of which 26,000 tons was ordered in the previous
placed
has
for bids
Three thousand cars for the Pacific Fruit Express are
and the Chesapeake & Ohio is expected to inquire soon for
to 6,000 units.
The New York Central has ordered seven diesellocomotives, and1 the Louisiana & Arkansas has placed five steam
electric
over
the
next
opinion of traders, have contracted
The buying of the
week indicates that consumers must feel pretty optimistic over the
to
they involve quantity differentials.
as
laneous
1931.
for sufficient metal to carry them to next September.
last
to clean up shipments against low-priced first-quarter
led
has
This
week,
largest since
least another
for May and June assemblies.
commitments
allocation
134,921
the week ending May 14,
at
apparently
orders
sooner than they
had anticipated.
In some instances consumers are placing
new orders for urgent shipment and the
automotive industry is making new
The Erie
of.
for
heavy production of light finished steel products is
The recent
Ohio
7,050
63,054
63,389
1,428
__
Total
The quantity of copper sold
production
enabling mills
States
Tons
reaction in the
month.
Ingot output this
week is at 68% of capacity, a rise of two points.
While a leveling-off at
around 70% would not be surprising, the strong and diversified character
of current demand would seem to preclude any tendency to decline.
steel
even
Copper Association for the week beginning April 8 follow:
April 8
April 9, 10 and 11
April 13
April 14
current picture offers little indication of a
fact, the
of
on
volume of business booked during the week
surprise to most producers.
In
rate
sizes
Copper at Higher Level
The domestic quotation
The automobile in¬
May schedules. Railroad
buying has been accelerated.
Shipments to farm implement
makers are well sustained and general agricultural demand
is stronger.
Heavy construction activity is dragging, but
the building industry is taking large tonnages of steel on
old contracts.
Tin plate buying is at an improved rate and
sheet and
strip steel is moving to miscellaneous manu¬
facturers in greater volume.
The "Age" further said:
practically all consuming outlets.
locomotives.
Automobile
and
assemblies
are
March sales figures were
to continue
well into May.
rapidly approaching the 120,000-a-week level
so
encouraging that rising output seems likely
Stamping plants are busy on automotive parts,
2586
and
Financial
makers
of
the
In
household
refrigerators,
barrels and drums
steel
stepping
are
field
construction
the
Large public-financed projects
ments
to
those
reflected in
since
of
Scrap
the
first
metropolitan
reflect
freely,
so
York
than
district
double
mixed.
although
approaching the
is
5c.
trend.
last week's
No.
highest rate
building
new
three
heavy
and
melting
the "Iron
steel
Age"
The finished steel composite
scrap
is
un¬
a
year'ago
85% of the United States output.
High
2.130c.
Jan.
7
2.084c
.
1935
2.130c.
Oct.
1
2.124c
.
1934
2.199c.
Apr. 24
2.008c
.
1933
2.015c.
Oct.
3
1.867c
.
1932
.—1.977c.
Oct.
4
1.926c
.
1931
2.037c.
Jan.
13
1.945c
.
1930
2.273c.
Jan.
7
2.018c
1929
2.317c.
Apr.
2
2.273c
1928
2.286c.
Dec.
11
2.217c
2,402c.
Jan,
4
2.212c
1927
One month ago
18.841
17.90L
18,507 tons.
have
been
spent
far
so
have
been
allocated1,
will
year
]
and public
the
open
followed
have
allow
than
more
,
has
work
Strong
the
March
$52.20, while the
in steel
recovery
ingot output
month, and
any
point at
steel price composite is off 2c. to
a
time"—to
one
of
980,100
$33.11; the finished
composite is down 13c. to $14.37.
scrap
to be in this country,
appears
impressive in Great Britain.
more
considering
Some are
one
Scrap shows further weakness at Chicago.
iron and
as
price plan.
shipment to
Not all
test.
point of shipment to be specified, and delivery to be
one
10 days.
over
only moderate
put to
it is
even
"Steel's" London editor cables that the
gross
established
tons
that blast furnaces
well
as
all-time
an
steelworks
as
record'
operating
are
practical capacity.
8
Jan.
2
Apr.
18
Feb.
2
Steel
ingot production
placed at
Street
about
Journal"
Dec. 29
9
Dec.
.
Oct.
29
.
July
17
.
NOV.
the
.
for the week ended April 13 is
66% of capacity, according to the "Wall
of April 15.
This compares with 63% in
previous week and 59% two weeks
U.
1
Valley
and
Birmingham..
The "Journal"
ago.
further stated:
S.
Steel
is estimated at
62% against 59% the week before andi 54%
weeks
with
Buffalo,
rolling
for
Most of last year's Public Works
or
two
Philadelpjia,
total
orders this
66% in the preceding week and 63% two weeks
The
following table gives
the
with
independents
Leading
ago.
nearest
credited
are
comparison of
a
corresponding week
of
with
69%
the percentage of
previous
compared
ago.
production
the
together with
years,
approximate changes, in points, from the week immediately preceding:
HighLow
1936,,.
i
$18.84
Jan.
7
$18.84
18.84
Nov.
5
17.83
May 14
17.90
May
1
16.90
Jan.
7
Jan.
2
16.90
Dec.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec. 15
18.21
Jan.
7
15.90
Dec.
16
18.71
1930
May 14
18.21
Dec.
17
18.59
Nov. 27
17.04
July
19.71
Jan.
17.54
Nov.
4
24
1
(Based
$14.58]
One week ago
One month ago
No.
on
heavy
1
melting
steel.
[
10.42
"""
High
$14.75
Low
Feb.
25
$13.33
Dec.
10
10.33
13.42
Jan.
7
Apr.
23
13.00
Mar. 13
9.50
12.25
Aug.
8
6.75
Jan.
12
6.43
July
8.50
Dec. 29
8.50
Jan.
11.33
1931...
Jan.
6
Sept. 25
3
5
15.00
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
16.50
Dec. 31
13.08
July
2
15.25
1927.
Feb.
17.58
Jan.
11
13.08
Nov. 22
American
The
Iron and Steel Institute on April 13 an¬
telegraphic reports which it had received indi¬
nounced that
cated
that
the
operating
rate
of steel companies having
of the industry will be 67.9%
the capacity for the current week, compared with 64.5%
last week, 60.0% one month ago, and 44.0% one year ago.
98.0% of the steel capacity
of
This represents an increase of 3.4 points, or 5.3% from the
estimate for the week of April 6.
Weekly indicated rates
of steel
1935—
25
Mar.
1935—
47.9% June 10..
48.2% June 17
4
Sept. 23
48.9% Jan.
Sept. 30.—.50.8% Jan.
Oct.
14
Oct.
21
Oct.
28
22
32.8%
35.3%
39.9%
42.2%
29
44.0%
Nov. 11
5
46.0%
48.1%
Nov. 18
June 24
July
1
Mar. 25
46.1%
July
8
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
39.5%
July
15
July
July
Apr.
1
Apr.
8
Apr.
Apr.
22
Apr.
29
15
May
6
May 13
May 20
May 27
3
June
Aug.
Aug. 12
Oct.
7
Nov.
5
Nov. 25
Dec.
2.
Dec.
9
2
9
49.7%
Dec. 23
49.5%
Sept. 16
48.3%
Dec. 30
Sept.
Sept.
—
6
While
steelworks
mitments
for
are
in
acquired
close
to
levels
current
and strong pressure
may
by
May
when these
even
Steelworks
up
At
month
last
average
tons
June,
was
of June,
in
equal
for
the
96
84
1927
86^
96
89
Yt
—
—2
93
—2
96
+2
80
Yi
-
—2
—2
80
Foundry Operations in Philadelphia Federal Reserve
District According to University of Pennsylvania—
Activity Declined During February
Production of gray iron castings declined 16.1% during
February according to reports received by the Industrial
Research Department of the University of Pennsylvania
from foundries operating in the Philadelphia Federal Reserve
District.
This decrease in activity was widely distributed,
the Bureau said, affecting most of the plants operating in
Philadelphia as well as those located in the balance of the
district.
The steel foundries reported a slight increase
although, like the iron foundries, most of them suffered a
decline in activity.
The Bureau further reported:
The tonnage
of iron
and steel castings shipped
smaller than that delivered the previous month.
shipments since last November.
during February
decline in their volume of unfilled orders during
malleable iron foundries
had
an
was
This is the first decline in
The steel foundries also had
noticeable
a
February, but the
increase of more
than
gray
80%
in
No. of
Iron
Foundries—
Per Cent
Per Cent
Firms
February
Change
Report¬
1936
from
from
ing
Short Tons
Jan. 1936
Feb. 1935
28
10,992
0.0
2,306
—16.1
+ 17.5
1,906
—21.7
+ 20.8
Capacity (gray iron only)
Production (incomplete)
Gray iron
-
...
-
•
28
...
Jobbing.
-
-
Change
0.0
-
-
—
-
-
+4.2
46.7% Apr.
13
67.9%
Unfilled orders
17
1,144
+80.7
+ 95.7
25
2,102
1,126
—2.8
+ 11.7
24
—14.2
—23.3
24
368
+ 20.5
—18.5
Capacity..
8
8,630
0.0
0.0
Production
8
2,924
2,710
+ 1.3
+ 23.3
+ 0.1
+ 23.9
214
+ 18.9
+ 16.3
new
For further manufacture.
Malleable iron (incomplete)
Raw
to
support
low,
are
anticipate
stock—Pig iron
'
«...
«.
Jobbing
M
M
For further manufacture
Shipments
8
2,635
—3.7
Unfilled orders
7
3,073
—7.3
+ 3.1
Raw stock—Pig iron
+ 55.7
6
316
—19.4
—23.9
Scrap
6
7,415
—2.7
—pO.3
Coke
abrupt change,
any
•
Steel Foundries—
activities
mill
.
...
Scrap..
Coke...
com¬
suggesting
points
6
275
+ 13.9
+ 11.3
to
cross
two
One
60.
weeks
is
for
reason
that
United
of the independents, and
Pittsburgh,
At
active being
now
highest
Pittsburgh made the principal
many
average.
in, the 29
66Y2%,
to
also,
two
are
more
the largest number
rate
Chicago,
42;
%
was
up
point
2
to
points
to 76
first month
the
in the
that
with
136,000.
The
in
the
first
first
three
for the full
was
March
]the fourth quarter last
year,
year,
year
5
to
average
was
new
Secretary Wallace Approves Program for Purchase of
2,500,000 Bushels of Northwest Wheat
It was made known on April 2 that
Secretary of Agriculture
Henry A. Wallace has approved a recommendation of the
Commodities Purchase Committee for the purchase prior to
July 1, 1936, of not to exceed 2,500,000 bushels of No. 2
or better Western White and
Western Red wheat in the
States of Washington, Oregon and Idaho.
The announce¬
ment said:
daily
128,711
gross
any
month since
8.4%
9.9%
better
than
by 12.7%.
The purchase is to
74th
tons
automobile models
to
were
Congress
which
be made under the terms of Section 32,
empowers
the
Secretary
1929,
and
comparing
with
the
all-time
record
of
140,000
Public 320
Agriculture
to
make
....
and commerce."
The wheat is to be ground into flour which will be turned
Federal
States
Surplus
east
Commodities
of the
Corporation
Rocky Mountains.
for
over
relief distribution
to the
in
the
In order to effect the distribution
outside the ordinary channels of trade and
Automobile assemblies last week increased 4,400 units to 112,800, highest
of
expenditures "to encourage the domestic consumption of such commodities
products by diverting them
from the normal channels of trade
or
larger than
it failed by 17,769
but
when the
was
New
which
exceeded February's
tons,
86;
unchanged.
1930,
the largest for
9,363,731
months last
were
eastern Pennsyl¬
whole recovery period in
It
quarter,
;
Cleveland,
68;
introduced.
August,
1929
Yi
+ 22.3
the past
February's, while the total, 3,346,489 tons,
that
+4
—4.9
1930, at 68.
general
blown
ingot output exceeded
Production
74
+28.3
three
rose
comparing with 127,500 tons.
1930,
—1
400
England, 6 to 78; Cincinnati, 21 to 76, while others
March
78
2,947
However, consumers' stocks
do not
week
at Pittsburgh
rise
were
to
+ l
28
sufficient
are
Steelmakers
1.
Youngstown the steel
1
76
Shipments
six years.
vania,
1930
+3
—
obligations have been completed.
industry's
blast furnaces
—2
21
64.5%
advanced sharply last week,
Corp. units have overtaken
the
49
6
lighter volume than in March,
through April.
operations
11V2 -point
to
21
—1
—
Apr.
5 to 57, and this week is expected
States Steel
close
+2
53
22
Mar. 30
for deliveries, especially from automobile manufacturers,
since the second week
gain,
+ 2^j
Yi
~1Y2
18^
233^
50^
—... .
—
53.7%
62.0%
the steel rate still higher, in the effort to complete first quarter
carry
contracts
last
+3
Mar. 23
that production may soon begin to level off.
Backlogs
+3
57
16.-54.6%
Dec.
operations again
finished steel
20
69
1931
1932.
April 13 stated:
on
41
55.7%
"Steel" of Cleveland, in its summary of the iron and steel
markets,
42Y
+2
49.2%
13.....49.4%
49.7% Jan. 20
49.9%
50.4% Jan. 27.—49.4%
3
51.8% Feb.
50.0%
51.9% Feb. 10
52.0%
50.9% Feb. 17
51.7%
52.6% Feb. 24_—52.9%
53.7% Mar. 2.-53.5%
55.4% Mar. 9
55.8%
.56.4% Mar. 16
60.0%
48.8%
47.9%
45.8%
Aug. 19
Aug. 26
+ 1
Independents
+3
their backlog.
1936—
39.0%
38.3%
37.7%
Mar. 11.....47.1%
Mar. 18
46.8%
1933..
iron and
operations since Feb. 25, 1935, follow:
1935—
Feb.
45^
-
1934
Steel
.
62
50
1935..
+3
quotations at Pittsburgh, Philadelphia
and Chicago.
14.75
One year ago
U.
Industry
66
1936
1928
Steel Scrap
April 14, 1936, $14.63 a Gross Ton
since
bringing the
rails,
than produced in 1935.
more
to
rose
funds
prices
new
steelmakers
(Based on average of basic iron at Valley
$18.84] furnace and foundry irons at Chicago
One week ago
of
Mar. 10
Jan.
April 14, 1936, $18.84 a Gross Ton
One year ago
tons
change in price conditions—"for
at
Pig Iron
.
500,000-car month, and that May
a
tapering off, while industrial construction has increased moderately.
The
for
Low
40%
1,000,000 tons,
steel index remains
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products
make
31,000
Structural awards
Based
:,2.097c.
2.084c.
2.124c.
that April will be
1936
shipment next month.
awarded
Administration
COMPOSITE PRICES
April 14, 1936, 2.097c. a Lb.
for
"Steel's"
1936
in
total
spread
Finished Steel
One week ago
One month ago
It appears
far
so
Railroads
at
,
"IRON AGE"
April 18,
this year to 542,534 tons, Railroads estimate their rail
plans
first
pound, and the pig iron index is holding at $18.84
a
THE
the
made
ship¬
picture is
those of the
1
decline,
$14.63.
ton to
a
ton.
1928
1929.
output will equal this, although only moderate purchases of steel have been
is somewhat
The bright side of the
New
definite
no
has reacted from
changed at 2.097c.
One
heavier.
quarter were more
and
equipment
in
been
composite is up
gross
not appearing
are
are
office
demand
1935.
prices
Chicago
11199933264587452
0
In
the
in
months
way
steel
of
light building activity, which
1930.
filed
under
appliances,
production.
up
trend
Chronicle
commerce,
it is contemplated
that the wheat will be milled in the States of
consumption or as near thereto
as
possible.
Financial
Volume 142
Purchases
are
to be made by the Commodities Purchase
tion from the domestic price basis
Section and the
Grain Marketing Section of the Western Division.
The
program,
believed,
it is
Chronicle
from the Pacific
maladjustment of wheat supplies growing out of the drought of 1934 and
1935 which left supplies of milling wheat for the country as a whole below
in the program
domestic requirements,
from going on an export
whereas stocks for the Pacific Northwest remain
an
The
with
Week
that the effect
It is important, therefore, that the transi¬
the
Federal
Reserve
Banks
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended April 15, as reported by
the Federal Reserve banks, was $2,486,000,000, an increase
of $6,000,000 compared with the preceding week and of
$10,000,000 compared with the corresponding week in 1935.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
On
April 15 total Reserve Bank credit amounted to $2,477,000,000, a
decrease of $2,000,000 for the
creases
cash
Federal Reserve banks and $9,000,000 in non-member
and deposits with
deposits and other Federal Reserve accounts, and an increase of $10,000,000
in monetary
gold stock, offset in part by an increase of $172,000,000 in
reserve balances and a decrease of $3,000,000 in Treasury
member bank
were
estimated
to
be
approximately
$2,550,000,000
in
of legal
excess
Relatively small changes were reported in holdings of discounted and
The statement in full for the week ended
Increase
April 15,1936
com¬
(+)
or Decrease
Since
April 8, 1936
(—)
April 17.1935
S
$
6,000,000
—1,000,000
5,000,000
2,430,000,000
-
U. S. Government securities
advances
—1,000", 000
including
(not
$26,000,000 commitm'ta—Apr.
15)
+4,000,000
30,000,000
5,000,000
-3,000,000
+4,000,000
2,477,000,000
Monetary gold stock
10200,000,000
Treasury & National bank currency._2,502,000,000
—2,000,000
+10,000,000
—3,000,000
+7,000,000
+1,528,000,000
—47,000,000
5,877,000,000 —29,000,000
balances.-—..5,333,000,000 +172,000,000
+ 365,000,000
Other Reserve bank credit--
,
—
Total Reser.e bank credit
Money in circulation
Member bank
reserve
Treasury cash and deposits with Fed¬
eral Reserve banks
3,374,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
condition
in
on
+832,000,000
—128,000,000
Returns of Member Banks in
securities to
others
all reporting member
Holdings
in
Federal Reserve System for
the New York City member
Chicago member banks, for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
$11,000,000 in
the
Apr. 17 Apr. 15
Apr. 8
1936
1935
1936
1936
$
$
$
$
8,556
8,514
7,741
980
944
1,884
692
in
Minneapolis
the
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended April 8, 1936, follows:
Increase
,
c£k>
Loans
Apr. 8, 1936
^
'
21,731,000,000
on
securities
(except banks)
to
(+) or Decrease
Since
(—)
Apr. 10, 1935
§
Apr. 1, 1936
^
+110,000,000 +1,909,000,000
984,000,000
213,000,000
Loans
on
—-
real estate
fully
+232,000,000
+42,000,000
2,098,000,000
353,000,000
1,143,000,000
—5,000,000
+1,000,000
—1,000,000
—74,000,000
—78,000,000
+22,000,000
—50,000,000
+ 210,000,000
70,000,000
guaranteed
+13,000,000
+148,000,000
1,267,000,000
3,304,000,000
+2,000,000
Apr. 17
1935
——
4,052,000,000
375,000,000
2,234,000,000
Demand
13,890,000,000
4,956,000,000
760,000,000
deposits—adjusted
United States govt,
deposits
67
54
36
34
28
763
754
148
154
Foreign banks
163
165
212
18
18
31
Loans on real estate
131
134
130
15
15
17
31
35
64
6
6
7
Borrowings
+312,000,000 +2,060,000,000
+47,000,000
+47,000,000
—14,000,000
—335,000,000
-
—3,000,000
362,000,000
6,000,000
—12,000,000
—16,000,000
+826,000,000
+174,000,000
+ 6,000,000
170
Accepts, and com'l paper bought
+723,000,000
+61,000,000
+332,000,000
5,427,000,000
Domestic banks...
67
+ 238,000,000
+186,000,000
+19,000,000
+36,000,000
1
Inter-bank deposits:
17
727
+478,000,000
—17,000,000
Liabilities—
Time deposits
1,572
+889,000,000
by
United States government
Other securities
—18,000,000
3,508,000,000
8,791,000,000
Loans to banks
Other loans
U. S. govt, direct obligations
Obligations
—6,000,000
—7,000,000
others
Accpts. and com'l paper bought._
Loans to brokers and dealers:
Outside New York City
obligations increased
reporting member banks.
Balances with domestic banks
$
1,902
direct
$12,000,000
New York district and
Cash in vault
Chicago
Apr. 8
In New York City
district,
$148,000,000 at all
reporting member banks, and declined $11,000,000 in the San Francisco
district.
Holdings of obligations fully guaranteed by the United States
Government increased $2,000,000.
Holdings of "other securities" declined
$27,000,000 in the New York district and $17,000,000 at all reporting
member banks, and increased $8,000,000 in the Chicago district.
Demand deposits-adjusted increased $275,000,000 in the Chicago district
and $312,000,000 at all reporting member banks.
Time deposits increased
$47,000,000 in the Chicago district, $12,000,000 in the San Francisco
district and $47,000,000 at all reporting member banks, and declined $11,000,000 in the New York district.
Deposit balances of other domestic
banks declined $17,000,000 in the Chicago district and $3,000,000 at all
district,
Reserve with Fed. Reserve banks.
(In Millions of Dollars)
Loans and Investments—total—
Government
States
Chicago
the
Outside New York City
$
"other
$13,000,000 at
banks declined $18,000,000, and
in the New York district and
In New York City
Apr. 15
1936
Holdings of
$1,000,000, real estate
Loans to brokers and dealers:
Below is the statement of the Board of Governors of the
A,SS€tSmmm
$6,000,000, loans
loans
declined $5,000,000.
banks.
United
of
$130,000,000
Chicago—Brokers' Loans
New York City
101
York declined $7,000,000, and
(except banks)
acceptances and commercial paper bought increased
+ 67,000,000
New York City and
banks in
member
balances with Federal Reserve banks.
reserve
+225,000,000
—9,000,000
595,000,000
reporting
Loans to brokers and dealers in New York City declined
to brokers and dealers outside of New
Loans and investments—total
IN
weekly
of
statement
April 8 shows an increase for the week
loans" increased $19,000,000
April 15, in
parison with the preceding week and with the corresponding
date last year, will be found on pages 2616 and 2617.
Changes in the amount of Reserve bank credit outstand-'
ing and in related items during the week and the year ended
April 15, 1936, were as follows:
Bills bought
prices
loans declined $1,000,000. loans to
purchased bills and industrial advances.
Bills discounted
on
of $148,000,000 in
holdings of United States Government direct obligations, a net decrease of
$38,000,000 in other loans and investments, and increases of $312,000,000
in demand deposits-adjusted, $47,000,000 in time deposits, and $186,000,000
on
requirements.
Industrial
The
leading cities
Member bank reserve balances on April 15
and national bank currency.
It is believed that
of domestic wheat, and
will be felt throughout the 1936-37 crop year.
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:
This decrease corresponds with de¬
week.
of $29,000,000 in money in circulation, $128,000 in Treasury
purchases in the Pacific Northwest at prices
price position in the area.
will result in increased consumption
the program
Pacific Northwestern wheat prices will trend toward
export level during 1936-37.
basis.
out of line with the average
Considering the present relative strength of the world wheat market, it
the Pacific Northwest
is not considered sufficient to prevent
It is proposed to make no
above normal, forecast at approximately 14,000,000 bushels as of July 1, '36.
is to be expected that
smoothly
facilitate such transition.
to some extent the amount of wheat to be exported
Northwest in the 1936-37 season, but the amount involved
The program will reduce
of the
will contribute to the correction
of the last few years be made as
possible, and it is believed this program may
as
Loans
on
securities
to
others
(except banks)
Loans to banks
1,193
1,184
1,185
264
266
250
3,499
3,319
1,031
1,047
741
559
-
3,506
549
272
89
89
78
1,199
Other loans
U. S. Govt, direct obligations—
1,174
1,059
277
273
233
1,972
1,910
1,631
553
481
468
Capture of Dessye Seen as Forecasting Early End of
Italo-Ethiopian War—Column Moves Toward Addis
Ababa—Premier Mussolini Plans to Dictate Own
Peace Terms—Refuses to
United States government
Other securities
Reserve with F. R. Bank
Cash in vault
—
50
36
36
34
83
77
68
179
-162
184
472
467
569
74
73
82
50
-
Balances with domestic banks.
_
Other assets—net
51
Liabilities—
Demand deposits—adjusted
5,921
5,944
Time deposits
532
533
United States govt, deposits
198
198
5,039
618
527
1,329
460
101
1,280
460
101
1,140
408
41
2,376
322
2,240
332
1,960
177
567
4
554
4
488
3
.
Inter-bank deposits:
Domestic banks
Foreign banks
318
301
274
1
34
31
1
37
1,466
1,465
1,464
230
224
222
6
Borrowings
Other liabilities
Capital account
——
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,
Negotiate Under League—
Effect of Sanctions Against Italy
Obligations fully guaranteed by
Analyzed.
An early
conclusion of the Italo-Ethiopian war was pre¬
dicted in European political circles late this week, following
the Italian occupation on April 15 of Dessye, former head¬
quarters of Emperor Haile Selassie and one of the most
important cities in northern Ethopia.
The Eritrean Army
Corps which occupied Dessye encountered no resistance, after
it had covered 120 miles in five days.
It was reported in
Rome on April 16 that a motorized Italian column was en
route to Addis Ababa,
the Ethopian capital, which it
expected to reach within three days.
Meanwhile it was
expected that another column would move southeast and
overtake Ras Nasibu's troops at Harrar, second largest city
in Ethiopia.
Our most recent previous reference to the Italo-Ethiopian
war was contained in the "Chronicle" of April 11, page 2416.
Members of the League of Nations Committee of Thirteen
met in Geneva this week, and sought to induce Italian repre¬
,
sentatives to agree to peace
however,
negotiations.
It
was
reported,
that Premier Mussolini had refused to conduct
Financial
2588
such negotiations under League auspices,
that the Ethiopian Emperor might, if he
and had replied
wishes, sue for
peace directly with Marshal Badoglio, commander of the
Italian army in Ethiopia.
Ethiopia on April 14 protested to the League against
Italian poison-gas bombings of 13 towns.
On the same day
Premier Mussolini informed the League that he was freeing
slaves in all conquered Ethiopian territory.
The League on April 15 made public first official figures
showing the effect of sanctions on Italian trade and that of
other countries during their first four months.
A Geneva
dispatch of Aptfl 15 to the New York "Times" discussed
these statistics
follows:
as
Augusto de Vasconcellos of Portugal, chairman of the sanctions Com¬
mittee
and
of Eighteen,
to
the
in sending today's sanctions figures to its members
Conciliation
meet on short order.
Committee, warned the
be ready to
former to
Chronicle
sterling bonds of the State of San Paulo 7 % coffee realization
1930 have been
loan
original issues of $35,000,000 dollar bonds and
Out of the
there remain outstanding
bonds,
sterling
£12,808,000
$20,637,000 dollar bonds* and
£7,551,800 sterling bonds.
for the loan 1,783,150 bags of Government coffee
There remain pledged
and
8,024,173 bags of Planters coffee.
Comparative Figures of Condition of Canadian Banks
In the following we compare
banks for Feb. 29, 1936, with
and Feb. 28,
the condition of the Canadian
the figures for Jan. 31, 1936,
1935.
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA
There is little doubt that the figures were timed to
Feb. 29,
Assets
The figures show that sanctions really began to bite
total
purchased and canceled, completing
redemption requirements for the last half of the year ended
March 31, 1936.
The announcement of April 17 continued:
help rally sanctionist sentiment for further action.
the
April 18, 1936
1936 Jan. 31
1936 Feb. 28,
1935
in January, when
imports of thirty-nine countries normally taking 88% of Italy's
exports dropped to $9,505,000 in gold dollars of the pre-devaluation rate—
$
$
Current gold and subsidiary coinIn Canada,
$
6,224,603
10,257,400
39.463,300
9,823,286
15,698,318
Elsewhere
16,482,003
51,113,778
30,880,491
186,934,473
34,579,212
178,739,566
5,875,032
-
11,650,477
all figures in the report being computed on that basis—against $17,600,000
for
January the
By
Total.
previous.
year
February Italy's exports to the
figures
available
are
countries for which
twenty-three
almost
fallen
had
one-half from
February,
1935,
dropping from $10,775,000 to $5,666,000.
These
figures
include
such
Deposits with Bank of Canada
non-sanctionist
countries
in January,
and
in February,
showing that the ban
Deducting
sanctionist countries included in the report
fell from $8,497,000
from $4,239,000
United
the
as
States, Germany, Austria, Hungary, Switzerland and Albania.
for these, Italy's exports to the
1935, to $2,334,000 in January,
Sales
to
United
States
United States & other foreign currencies-
23,112,885
6,683,253
23,796,444
20,894,117
Cheques on other banks
78,511,020
106,684,609
78,069,808
Loans to other banks In
in
with
made
Canada, secured,
and
balance
due
5,605,274
5,367,785
5,170,855
44,161,770
from other banks In Canada.--
Due from banks and banking
25,378,920
30,535,202
correspond¬
ents in the United Kingdom
Increase
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
Italian goods each month, the last
more
and
American figures being for Jan¬
80,195,298
100,885,791
61,821,425
government securities
1,041,284,465
Canadian municipal securities and Brit¬
993,550,755
807,092,730
151,125,490
72,707,740
152,323,332
60,832,160
137,356,078
78,259,633
741,591,724
145,623,539
77,490,042
69,401,596
756,418,932
144,609,643
85,577,211
90.354,375
815,362,236
2"2~,3~8~0~562
18,084,003
"31,220,896
105,079,620
99,736,366
110,385,445
13,566,599
8,614,445
5,308,677
13,555,593
8,644,593
5.305,872
14,318,730
real estate sold by bank..
premises at not more than cost,
lees amounts (If any) written off
helping Italy finance her violation of the covenant by buying
76,130,983
76,075,904
77,730,389
58,008,873
58,661,251
54,519,930
6,879,684
6,879,684
6,717,349
11,781,732
"10,676,314
"lO",765",520
12,752,469
1,896.742
1,937,881
2,363,340
United Kingdom
Dominion
-
government
and
Provincial
-
Australia and the Irish Free State also have been doing this, and,
uary.
less
ish, foreign and colonial public securi¬
steadily, New Zealand, South Africa, Argentina and Chile.
Germany remains
Italy's
chief market,
but her
have
purchases
been
falling since December.
The United States also
Ethiopian
seems
to be the country
by increased exports to Italy.
war
of sanctions
the
United
period of the previous
States
profiting most from the
United
than
more
in that
on
Kingdom seems to have been the heaviest loser in trade.
Italy is
as
February
before.
year
Britain's
been
year
Loans
to
cities,
1935, but her exports had only
136,343,831
municipalities
towns,
and school districts
loans,
—
estimated loss pro¬
vided for...
Real estate other than bank premises—
Mortgages
on
7,858,561
5,499,071
Bank
Premier Albert Sarraut of France, in a speech on April 15,
declared that France is strong enough to protect her interests
Liabilities of customers under letters of
credit
He implied that France might be forced to with¬
draw from the League unless those interests were safe¬
guarded. A Paris dispatch of April 15 to the "Times"
quoted in part from that address as follows:
did not need
a
system of collective security for herself; it
was
as per
obliged to
If that
was
Deposit In the central gold
reserves
Shares of and loans to controlled
cos-
Other assets not included under the fore¬
going heads
3,072,858,310 3,041,770,832 2,880,023,732
Total assets.
her
rejected
the Minister of Finance
for the security of note circulation-
desire for peace—for other nations not so well able to defend themselves—
that made France put forward her plan, he asserted.
contra
Deposits with
by force.
and France
62,130.021
Elsewheie
ago.
halved.
She
to
Loans to Provincial governments
Non-current
a
France, in the latest figures she gives, had cut her imports from Italy
$159,000 from $1,395,000 in January,
value
Loans to the Government of Canada—-
complete, her purchases from that country having
dropped in February to $82,000, against $1,842,000
to
marketable
Elsewhere than In Canada
Other current loans & dlsc'ts In Canada.
$226,000, against $2,742,000 in February of the
import ban
sufficient
cover
whereas Austria's comparable sales increased
year,
39,466,620
tures, bonds and other securities of
In the first three months
Italy $2,347,000
Italy cut her imports from Britain first and reduced them for
to
ties other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
a
sold
only $1,737,000 and Germany's only $941,000.
The
7,279,337
Including bills redlscounted
Deposits
The United States appears in the report as one of the leading countries
more
6,493,543
Notes of other banks
1936,
1935, to $310,000 in February, 1936,
then almost complete.
was
178,448,108
Dominion notes
Notes of Bank of Canada
Liabilities
Notes In circulation
124,385,537
125,977,687
22,759.842
25,080,441
34,840,000
35,726,594
ducting adv. for credits, pay-lists, &c.
117,378,498
45,762,028
33,726,241
576,299,739
516,238,111
Balanoe due to Dominion govt, after de¬
of Nations and for international peace, she had the means with which to
65,214,342
533,784,608
momentarily her hopes for the League
was
maintain her
renounce
Bars Further
In
Advances under the Finance Act
rights, the Premier said.
other words,
he remarked,
Balanoe due to Provincial governments.
Deposits by the public, payable on de¬
Concessions
mand In Canada
France had made
the sake of preserving peace—the peace
concessions for
many
of her adversaries
as
well
cessions.
matic
In
to
ever
been known," France's leaders should receive
hand to take decisions at Geneva
the form of
a
"Out
But to allay any fear on that score, he
military instruments—our
our
defied
and
our
aviation—•
I would not make such
assertions
unless
I
were
certain
they
the
principle of collective security
recently placed before the
as
The
powers.
a
review of France's struggle
embodied
plan, he
in
said,
the
gave
peace
all
payable after
otber
from
banks
In
1,517,261,281 1,498,797,270 1,428,323,176
396,281,436
381,054,806
321,873,170
Canada,
secured, including bills redlscounted..
Deposits made by and balances due to
plan
nations
equality rights and pledged them to mutual assistance and to work for
12,013,689
13,081,077
8,514,066
8,280,762
6,922,342
26,823,057
1,198,881
58,008,873
2.908,938
2,948,654
132,750,000
145,500,000
27,248,090
1,227,572
58,661,251
3,066,091
2,540,993
132,750,000
145,500,000
26,371,132
11,319,007
banks and banking correspond¬
ents In the United
Elsewhere
than
in
Kingdom
Canada
^....
and
the
United Kingdom
Bills payable
Letters of credit outstanding.,
Liabilities not incl. under foregoing heads
Dividends declared and unpaid.
-
Rest
contradiction.''
One section of his speech was devoted to
for
navy
present, I can assure you, equal to the missions that may be entrusted
them.
to
army,
Loans
Due to
declared:
are at
public,
the
other banks In Canada
in the interests of the nation.
question Mr. Sarraut hinted that France might have
drop her faith in the League.
by
notice or on a fixed day in Canada-
Deposits elsewhere than in Canada
con¬
And he asked that, "in the presence of the most difficult diplo¬
imbroglio that has
free
a
Deposits
her
as
own—but he made it clear that France had reached the end of these
or reserve
Capital paid
fund
—
up
—
Total liabilities
674,737
54,519,930
2,532,572
2,945,979
132,750,000
145,500,000
3,063,320,009 3,034,398,068 2,869,594,575
Note—Owing to the omission of the cents In the official reports, the footings in
the above do not exactly agree with the totals given.
reduction of armaments.
For this ideal, he asserted, France had been willing to make many sacri¬
fices, and it
was
in that spirit that she had clung
so
Chilean
fast to the League.
C.
Discussions
Greek
on
External
Expected
to
Speyer & Co. announced April 14 that it has received from
the League Loans Committee
(London), through Eliot
Wadsworth, the American member, the following announce¬
ment:
League
Loans
Foreign Bondholders
for
a
Committee
announce
(London)
that the
and
the
British
Council
of
Greek Government has arranged
delegation to proceed to London for further discussions regarding the
service
of the
commence
on
Greek external
May 4,
debt.
It is hoped that
the discussions will
Portions of Dollar and
(Brazil)
Sterling Bonds of State of San
7% Coffee Realization Loan 1930
Purchased and Canceled
Speyer & Co. and J. Henry Schroder Banking Corp. an¬
nounced April 16 that, in accordance with the terms of
Decree No. 23,829, issued by the Federal Government of
Brazil on Feb. 5, 1934, $875,000 dollar bonds and
£320,200
Protective
Named
Committees
Chairman
of
Unite—
Joint
Com¬
The Foreign Bondholders' Protective
nounced
on
Council, Inc., an¬
April 15 that, "in view of the economy which
would be effected," the three committees for the protection
of Chilean bondholders have agreed to the formation of one
committee, "which will carry on the work of the separate
committees and will deal with the bonds of the Republic of
Chile, the Mortgage Bank of Chile and the Chilean Munici¬
palities."
The new committee, which will cooperate with
the Foreign Bondholders' Protective Council, will be known
the Committee of Holders of Chilean Bonds.
Cesar J. Bertheau, who has been elected Chairman of the
new committee, issued the
following announcement on April
as
1936.
+
Paulo
Bertheau
mittee
Debt
Begin May 4
The
Bondholders'
J.
15:
The committee of bondholders for the Republic of Chile bonds and the
committee of bondholders
have
been
for
the
Mortgage Bank of Chile bonds, which
functioning since last June,
together with
certain
holders
of
Chilean municipal bonds, have agreed
upon the appointment of a joint com¬
mittee, to be known
as
the Committee of Holders of Chilean Bonds, con¬
sisting of the following named gentlemen:
Financial
Volume 142
2589
Chronicle
Shares
Shares
of
the Marine Midland Trust Co.
J. Bertheau, Vice-President,
Cesar
Previously
New York.
P. W. Leamy,
Vice-President, the Delaware & Hudson Co., New
York,
N. Y.
Howard A.
Lewis, Treasurer, the Kelvinator Corp., Detroit, Mich.
Bentley G. McCloud, Vice-President, First National Bank of Chicago,
Chicago, 111.
Dr. Dana G. Munro, Professor of Latin American History, Princeton
University, Princeton, N. J.
The Committee of Holders of Chilean Bonds is not set up
for profit, but
holders of
Republic of Chile bonds, Mortgage Bank of Chile bonds and Chilean munici¬
pal bonds, in continuation of the work of the above-named previous separate
solely for the purpose of trying to safeguard the interests of the
bonds to join
The committee will later ask holders of these
committees.
with those bondholders who appointed
the committee in meeting the modest
Aside from the
Secretary of the committee, who receives a very modest salary, no salary,
fee, honorarium or other compensation is to be received by any member of
fixed pro rata basis.
actual expenses of the committee on a
the committee.
The committee will,
belief that bondholders should not lose custody or
some
in the
control of bonds until
for the present, not call for deposit of bonds
The committee will take over the lists of
bonds already registered by the
Republic of Chile Bonds and those regis¬
of Bondholders for
Committee
tered with the Committee of Bondholders for the
Holders of bonds who have not already registered with
Bonds.
holders of Chilean municipal bonds, are
those com¬
committee, as well as all
mittees, which are now merged in the present
invited and urged to register their
of bonds owned; the com¬
with the committee, stating the par value
names
Mortgage Bank of Chile
be
glad to furnish known owners such information as may
mittee will be
available from time to time.
office at 90 Broad Street, New
an
(common)
x American Hide & Leather Co.
(6% preferred)
American Home Products Corp.
(common)
American Zinc, Lead & Smelting Co. ($6 preferred)
x
Rules on 7% Gold Bonds
(Dawes) Loan 1924
York Stock Exchange
German External
Incident to the announcement last week regarding
April 15,
(common)
Creamery Co. (preferred)
Beatrice
Century Ribbon Mills, Inc.
Childs Co. (common)
Shoe Co.
Florsheim
coupons on
(common)
♦Keystone Wire & Cable Co. (common)
Kresge Department Stores, Inc. (8% preferred)
Lehigh Portland Cement Co. (preferred)
Corp. (capital)
Maytag Co. (first preferred)
Natomis Co.
Phelps Dodge Corp. (capital)
Safeway Stores Inc. (common)
1936, from
A.
Domicile Oct. 1, 1935," will be purchased on and after that date, upon
presentation at the office of J. P. Morgan & Co. or at American offices of
Hamburg-American Line, at the rate of $25 for each $35 face amount of
coupons; that Dawes Marks may be acquired for coupons from "plain"
bonds at the customary rate of exchange as heretofore, according to the
regulations in
been received that the coupons due April 15,
7% gold bonds, due 1949, stamped "U. S.
Safeway Stores Inc. (6% preferred)
The Committee on Securities
That
the
rules that the "stamped" bonds be
quoted
1936, coupon on
Wednesday, April 15, 1936; and
"flat" and to be a delivery
That the bonds shall continue to be dealt in
made beginning April 15,
1936, must carry
15, 1936, and subsequent coupons.
the Oct.
730,522
3,502
12,876
None
None
21,700
20,000
3.710
15,522
2,900
379,001
21,058
260
2,751
88,485
956
None
15,000
4,450
12,022
2,200
372,464
_
21,060
510
340.747
1,667,065
11,712
13,030
(capital)
(v. t. c. for preference)
(class A)
Weston Electrical Instrument Corp. (class A)
Transamerica Corp.
Utilities Power & Light Corp.
3,203
85,022
327,532
None
To'Sln
3,024
1,415
13,100
None
1.396
None
Company also holds 1,513 shares of 7% preferred (old) which
are exchangeable for a total of 1,513 shares of new 6% preferred stock and 6,052
shares of common stock, $1 par value.
This amount is in addition to those shown
x
above.
4-
Amendment
D-1A Adopted
Form
to
by SEC to Avoid
by Issuers Calling Own Securities
and Registering New Securities * in
Duplications
for
Deposit
Exchange
by the Securities and
to Form D-1A,
duplication of
certain information required to be furnished by an issuer
which is calling its own securities for deposit and at the
same time is
registering new securities to be issued^ in ex¬
change for the securities so deposited.
The Commission's
Commission
under
is
the
situation.
a
1933, to avoid
of
continued:
announcement
D-1A
amendment
an
Securities Act
the
Form
of
deposited securities
registering- certificates
for
form
The
securities
new
be
to
issued
of deposit issued in
in exchange for the
registered on Form E-l or A-2.
The statement
filed either at the time Form D-1A is filed
are
covering the new securities is
$1,000 bond on April 15, 1936;
"plain" bonds be quoted ex the April 15,
in settlement of transactions
100
38,107
160,143
59
2,161
^
A. (common)
Standard Oil Co. (Indiana) (capital)
Tide Water Associated Oil Co. (common)
Sheaffer Pen Co., W.
such
effect:
ex-interest $25 per
—
Announcement was made on April 7
April 9, 1936.
Notice having
(common)
(common)
Exchange
Committee on Securities
None
17,598
1°0
None
Ind. (common)
Maracaibo Oil Exploration
Mesta Machine Co.
None
680
520
7,600
4,994
27,387
(common)
Lehn & Fink Products Co.
41,589
$421,600
»
—
International Printing Ink Corp.
YORK STOCK EXCHANGE
German External Loan 1924
(common)
Motors Corp.
General
Latest
Report
620,107
3,677
None
($5 preferred)—
(common)
(class A)
Consolidated Oil Corp.
Detroit Edison Co.
$469,600
5,000
876
469
7,300
5,328
30,134
None
per
161,393
57
2,250
(common)
Corp.
Investment Trust
Commercial
Reported,
51,189
12,891
1.235
38,097
(common)
(preferred)
Bigelow-Sanford Carpet Co., Inc.
External Loan 1924 (Dawes Loan),
NEW
—
Barnsdall Corp.
the pay¬
the 7% gold bonds German
referred to in our issue of
April 11, page 2417, the New York Stock Exchange on April 9
made the following rulings on the bonds:
ment of
Leather Co.
American Hide &
♦Initial report,
New
(common)
American Chicle Co.
Wheeling Steel Corp. (preferred)
Yale & Towne Manufacturing Co. (capital)
A. H. Wylie is Secretary of the new group.
City.
American Beet
United States Leather Co.
The committee will have
York
(common)
Sugar Co. (conv. deb. extended to 1940)..—
Co.
Allls-Chalmers Manufacturing
Mack Trucks,
requires it.
procedure incident to the actual service of the bonds
Name—
GREEN,
ASHBEL
Secretary.
proposed exchange.
that an issuer registering the
certificates of deposit and the new securities at the same time may omit
from Form D-1A all information required by designated items.
The informa¬
tion
so
omitted
is secured through the concurrent filing for the new
or
depending upon the terms of the
The amendment to Form D-1A provides
later,
securities.
4.
Decline in Short Interest
on
New York Stock Exchange
the opening of busi¬
ness on March 31, as compiled from information secured by
the New York Stock Exchange from its members, was 1,175,351 shares, it was announced on the Exchange on April 13.
This compares with 1,246,715, as of Feb. 28.
shows the short interest existing
the beginning of 1935:
at the close of each month since
764,854
741,513
760,678
772,230
768,199
840,537
Feb. 28
Mar. 29
Apr. 30
May 31
June 28
870,813
998.872
913,620
reports of insur¬
Exchange Act of
1934 to provide that financial statements of subsidiaries not
engaged in the insurance business need not be certified by
independent public accountants. In an announcement issued
April 7 the Commission also said:
Oct. 31
Aug. 30
Sept.30
Feb. 28
Jan.
927,028
1,246,715
1,175,351
31
Mar. 31
1,032,788
Nov. 29.
certification
insurance
of
annual
1936—
Reports Relating to
and Underlying Se¬
curities
form
Securities
for
and
Exchange Act
nounced
This
tered
is
of 1934.
:
form
is
Form
on
the Securities
The Commission, on April 3, an¬
Exchange Commission under
designated
16.
16-K andl relates to securities
for
registration,
and
in
As in the case of
relates
to
the
general
follows
form for initial
the
principles
Form 16, Form 16-K is divided into two parts.
voting trust and the voting trust certificates,
Part I
and is to be
signed by the voting trustees.
Part II relates to the underlying securities
and their issuer, and is to be signed by such issuer.
If the underlying
securities
are
separately
registered
and
an
annual
report
is
filed
subsidiaries,
17 the
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock. A
previous list was given in the "Chronicle" of March 21,
page
The
1905.
The list made available April 17 follows:
following companies have reported
changes in the amount of re¬
acquired stock held as heretofore reported by the
Committee on Stock List:
Commission's
decision on the general
Under
New Rule
Requires Verification of Certain Applica¬
tions—New Forms Also Adopted
Securities
The
and
Exchange
Commission
announced,
April 10, that it has amended its rule (Rule 2) dealing with
the filing of documents under the Public Utility Holding
Company Act
mission
The
In making this known, \ the
of 1935.
Com¬
said:
principal amendments to the rule require that all applications other
for which specific forms and instructions are prescribed, and
those
formal
statements
of
fact filed
with the
Commission, be verified, and
authority
of the person filing and
signing such applications.
The Commission has also adopted three forms.
One form is to be used
that
New York Stock Exchange issued on April
the
pending
Amends Rules Governing Filing of Documents
Public Utility
Holding
Company Act—
SEC
all
The
non-insurance subsidiaries are generally
question of independent certification.
than
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock Exchange
of
accounts
insurance
with
respect to them, Part II need not be filed.
the
insurance
reporting
of
as
the same State supervision as that exercised over the parent
company, the Commission's present amendment places the nonsubsidiaries in the same position as
the registrant and the
originally regis¬
registration.
audits when it published require¬
reports of insurance companies,
that it would study the advisability of requiring such audits
much
as
subject to
Like the forms of this series already adopted, this form
indicated in the Commission's
in the
future.
the
In
designed to keep up to date the information filed in the original applica¬
tion
financial statements
for registration or
In view of existing supervision of insur¬
the Commission reserved its decision
report for the past year.
insurance
annual reports relating
to voting trust cer¬
tificates and underlying securities has been adopted by the
A
in original applications
regarding the requirement of independent
ments for initial registration and annual
in
Adopts Form of Annual
Voting Trust Certificates
is not at present required for the
companies
companies by State authorities,
ance
announcing
SEC
Eased by SEC
Commission has modified
companies filed under the Securities
ance
Such
927,028
Dec. 31
930,219
July 31
Exchange
of Form 13-K for annual
the requirements
1935—
1935—
1935—
and
Securities
The
The total short interest existing as of
Jan. 31
13-K for Annual Reports of
Insurance Companies
During March
The following tabulation
Form
of
Requirements
a
statement
be
given
as
to the
by registered holding companies for declarations concerning
actions, and the other two are to
of
The
security trans¬
be used in making application for approval
in business.
U-10-2 and
acquisition of securities, utility assets or an interest
forms are respectively designated as U-7,
U-10-1 and!
the
replace temporary forms
Rearing the same numbers which were previously
provided for the same purposes.
The new forms follow the general lines of the temporary forms,
that they incorporate
except
changes similar to those prescribed by the amended
2590
Financial
Rule 2 and that
evidence.
An
applicants
opinion of
Chronicle
required to present certain additional factual
are
counsel
is also
required
to
as
the legality of
the
City
The
amendment
be
not
forms
new
City of Leipzig
to
Rule
until
used
takes
2
after
April
effect
30,
immediately.
1936.
Until
the present temporary forms may
or
The
that
new
forms
be used.
Grants
Permanent
(Wash.) Stock Exchange, which has hereto¬
registration, has been
granted exemption from registration as a National securities
exchange under Section 5 of the Securities Exchange Act
of 1934, effective May 1, 1936, the Securities and
Exchange
Commission announced April 10.
The Commission said
that the exemption was made subject to the same conditions
as were
imposed when the Honolulu Stock Exchange, Mil¬
Stock
Grain and Stock Exchange,
Exchange, Richmond Stock
Minneapolis-St. Paul
Exchange, Wheeling
Exchange and the Colorado Springs Stock Exchange
granted exemption.
were
It
announced on April 11 that the Denver
(Colo.)
Exchange has made a request to the SEC for permis¬
sion to withdraw its registration as a national
securities
exchange.
"The Exchange has reserved the right, subject
to certain conditions
stipulated by the Commission, to ask
was
time in the
mission
as
a
future,"
national securities
exchange at some
by the Com¬
an announcement issued
said.
Regarding this request of the Denver Ex¬
change, Washington advices, April 11, to the New York
"Times" of April 12, had the
following to say:
With the withdrawal of the
dozen
issues
listed,
are
reduced to 21.
the
Denver Exchange,
number
of
on
national
No further information
which only about
securities
exchanges
to the reasons for the
as
a
Most
are
295.
on
There
the
bonds listed
are no
nor
low-priced issues,
where any traded
Exchange in the two months.
The Denver
Exchange is the fifth
Securities Exchange Act became law.
the Boston
.
.
on
an
Hansestadt
Korn
Deutsche
Rentenbank-Kreditanstalt
Central
farm
loan
farm
Bank
$16,500,000
series
of
fund
bonds, due Sept. 15,
unlisted basis
the N ew York
are
Stock
Mining,
Exchanges.
of
1927, due Oct.
issued.
J-:
Land Niederoesterreich
ince
of
1950,
Lower Austria
sinking fund 7%% gold bonds, due Dec. 1,
issued.
Institute
Venetian
fund
di
Credito
Fondiario
Provinces)—$2,165,000
Delle
of
the New York Stock and New York Curb
have been sent to the Chicago Regional Office
on
the first step towards the establishment of
public reference
for the inspection of Commission data
outside of
Washington, it was announced in Washington, April 9,
by the Securities and Exchange Commission, which said:
shipment to Cnicago comprises
a
part of a file of about 1,200
statements to be made available in the
Chicago office in the near future.
In addition, about 200 statements
covering securities listed and registered
on the Chicago Stock
as
Exchange, the Chicago Curb Exchange and the Chicago
to be sent to the New York
Regional Office of the
a
part of a permanent reference
Fifty-three of these statements
in
are
room
gold bonds, series A, due Oct.
Under the
new
be
opened there.
program, information as to all New
York and Chicago listed securities will be
available to the public in both
cities, either at the exchanges, where it must by law be
open to inspection
at reasonable
The
hours,
or
at the
Regional Offices.
Commission, it is stated, is making plans to extend
this program to other
regional offices as soon as it can dis¬
extra copies of the registration
statements for examination
purposes in Washington.
pense
with the
use
of the
Governments
Permanent
and
Municipalities
Registration
York Stock
of
Apply
Securities
on
for
permanent registra¬
tion of foreign issues on national
securities exchanges as
required under the Securities Exchange Act of 1934, several
foreign governments and municipalities have filed
applica¬
tion with the Commission for the
registration of their securi¬
ties on the New York Stock
Exchange.
The action of the
SEC in extending the deadline for the
applications
was
referred to in
our issue of March
28, page 2077.
The following are the
foreign issues for which permanent
registration on the New York Stock Exchange has been
applied for during the past several weeks:
The Dominion of
Canada
Canada—$48,000,000 of the
25-year 3*4% bonds,
dated
issued.
Free
gold
Jan.
Government of the Dominion
15,
1936, due Jan.
15.
1961,
bonds,
of
Prussia
external
loan
(Germany)—$19,743,000
of
1926,
of
6%%
sinking
State
City
of Hamburg
of
Free
and
Hanseatic
20-year 6% gold bonds,
Dresden
City
of Hamburg
due Oct.,1,
1946,
(Germany)—
issued.
(Germany)—$5,000,000 of 20-year 7%
gold bonds, external loan of 1925, due Nov, 1, 1945, issued,
the
1952, issued.
tion
Works
and Development of
Agriculture, S. A., 35-year 4%% sinking
bonds, due Nov. 1, 1943, issued; 263,891,790 francs of Republic
4% external gold loan of 1910, due 1945, issued, and £6,000,000
Republic of Mexico 6% 10-year treasury notes of 1913, maturity post¬
fund gold
of
poned to January,
issued.
1933,
by
New
York
Paper Outstanding
Federal
Reserve
Reported
as
Bank—Total
of
$180^200,000 March 31 Compares with $175,600,000
Feb.
29
The Federal Reserve Bank of New York on
April 13 issued
the following announcement
showing the total value of com¬
Reports
total of
received
by this
$180,200,000 of
Bank
sinking
from
market
open
commercial
paper
dealers
paper
outstanding
on
show
a
March 31, 1936.
compares
a
with $175,600,000 outstanding
on March 31, 1935.
Below
$181,900,000
record of the
Bank
figures since they
Oct. 31, 1931:
on
1934—
.$180,200,000
.$175,600,000
Aug. 31..
31
177,721 250
Dec. 31
.
171,500,000
Nov. 30
.
1935—
Oct.
Tuly
31
192.000.000
Feb.
28-.
Jan.
31..
Sept. 30
.
168.400.000
.
151,300.000
178,400,000
Mar. 31..
.
Feb.
28..
.
117.300.000
176.800.000
.
May 31..
Apr. 30..
183,100.000
.
Aug. 31
July 31
31..
180,400,000
.
furnish
reported by the
.$188,100,000
.
June 30..
.
Feb. 29
we
1933—
Sept. 30..
Feb. 29
Jan.
were first
on
Jan.
31..
.
108.400.000
.
.
141.500.000
139.400.000
132,800.000
1933—
$84,200,000
84,600,000
1932—
Dec. 31-.
Nov. 30-.
Oct.
81,100.000
109,500.000
31..
113.200.000
Rept. 30-.
Aug 31..
July 31..
108.100.000
110.100.000
100.400.000
.
.
May 31
Apr. 30
159,300.000
Dec. 31..
.
108,700.000
May 31-.
111.100.000
.
June 30
163,600.000
173.000.000
Nov. 30-.
.
133.400.000
Apr. 30..
107.800.000
173.000.000
Oct.
Sept. 30_.
129,700.000
122,900.000
Mar. 31-.
181.900.000
Feb.
29..
105.606.000
102,818.000
176,700.000
170.900.000
Aug. 31-.
107,400,000
Jan.
31-.
.
Mar. 31
.
Feb.
28
.
Jan.
31....
.
1934—
July
June 30-.
31..
.
.
.
31-.
.
June 30-.
Dec. 31
.
Nov. 30
.
.
31
166,200.000
177.900.000
Apr. 30-.
187.700.000
.
Mar. 31..
May 31..
96.900.000
103.300.000
107,902,000
1931—
72.700.000
Dec.
31-.
117,714,784
.
60.100.000
Nov. 30-.
173.684.384
.
64,000.000
Oct.
210.000.000
.
71,900.000
31..
$718,300 of 4p£% Bonds Called for Redemption May 1 by
Fletcher Joint Stock Land Bank,
Indianapolis
The
directors
of
the Fletcher Joint Stock Land
Bank,
Indianapolis, Ind., have called for redemption on May 1,
$718,300 of the 4p£% bonds, due May 1, 1953, of the institu¬
tion, it was announced on April 14 by William B. Schiltges,
President.
Holders of the called bonds, Mr.
Schiltges said,
into cash or transfer their holdings into
issues of the bank's securities,
may convert them
bearing lower interest
yields in keeping with present trends in the investment field.
He continued:
The big total of bonds just called adds to a similar
amount called during
the middle of March, the two calls
representing approximately $1,500,000
of the bank's 4 H % issues which have been added
to the
refunding
tions
opera¬
during the past 30 days.
With this newest call by directors only
$2,630,800 of the
4y,% bonds will be outstanding subject to call and
will have been involved in retirement
a
joint stock bank's
total of
$6,498,300
conversion during the past
eighteen
call also adds measurably to the total of
Fletcher Joint
Stock Land Bank bonds of several issues which are to
be retired on May 1
months.
The
or
new
of this year and now includes
$2,667,300 of 5 and 4)4% (psues.
Holders of the most recently called bonds have the
privilege of exchanging
their holdings at par into new 3J4 %
bonds, dated Nov. 1, 1935, due Nov. 1,
1945, callable Nov. 1, 1940.
in the investment market
Such bonds as are not exchanged wiU be sold
through the Bond Department of Fletcher Trust
Co. at 101 and interest, to yield
3%, according to announcement from H.
Foster Clippinger, Vice-President of Fletcher Trust
Co.
Reference to the last previous call made
by the Fletcher
Joint Stock Land Bank was made in our issue of March
21,
1908.
I
,
fund
due
Sept. 15, 1951, issued, and $26,918,000 of 6% sinking fund gold bonds, external loan of
1927, due Oct. 16,
1952, issued.
$10,000,000 of
of
sinking
of Mexico
page
•
State
Bank
secured
New
Exchange
Since the action of the Securities and
Exchange Commis¬
sion in extending from March 31 to
May 15 the time within
which application may be made for the
of
external
of the United States of Mexico—£9,957,260 of Republic
5% consolidated external gold loan of 1899, due January, 1945,
issued; $37,037,500 of United States of Mexico 4% gold bonds of 1904,
due 1954, issued; $21,877,100 of Institution of
Encouragement of Irriga¬
new
+.
Foreign
1,
(Mortgage
7%
Mexico
Oct.
to
being sent today.
In the past, it has been
possible to examine registration statements
only
Washington or at the exchange or exchanges on which the securities are
registered and listed.
Venezie
25-year
Government
of
This
rooms
Commission
il,':
(Province of Lower Austria—$1,608,000 of Prov¬
secured
1936—
are
7% gold
$10,700,000 of
6% gold sinking fund bonds, due July 15, 1960, issued;
farm loan secured 6% gold sinking fund bonds, second
Mar. 31
Board of Trade
Zentralbank)
lien
The
Copies of 200 registration statements for securities regis¬
current
first
mercial paper outstanding as of March 31:
The others
Establishing Reference Rooms in New York and
Chicago—Data Being Made Available for Public
xiio
of
1950, issued;
15, 1960, issued, and $10,200,000 of farm loan
6% gold sinking fund bonds, series A of 1928, due April 15, 1938,
secured
has decided to close since the
Inspection
as
(Landwirtschaftliche
of Agriculture)—$9,100,000
loan secured
sinking
and with
Exchanges
gold
25-year
(German
as
.
which
Curb, the Hartford and the Buffalo
tered and listed
fund
(City of Cologne, Germany)—$10,000,000 of City of
6V2% sinking fund gold bonds, municipal external loan
due March 15, 1950, issued.
Cologne
of 1925,
New York Produce Exchange also closed its
securities section.
SEC
sinking
is
same month.
In January
$29,189 and the share turnover 526,-
was
6%
of Frankfort-on-Main (Germany)—$5,588,000 of 25-year sinking
6gold bonds, municipal external loan of 1928, due May 1, 1953,
evidenced by a turnover of 355,928 shares in the
the dollar value of the stock sales
of
1953, issued.
Value of Commercial
of the securities
1952, issued.
1,
(Germany)—$2,974,000
issued.
Some
only $21,682.
7%%
25-year
City
fund
indication of the limited securities
trading recently on the Denver
Exchange is shown by the fact that in February the dollar value of stock
was
foreign
Denver
request were available here today.
sales
of
issued.
(Germany)—$3,513,815 of external 25-year 6% sink¬
of Saarbrucken
bonds, due Jan. 1,
Stock
for reinstatement
1950,
1,
(Germany)—$3,742,000 of 7% sinking fund gold bonds,
Feb. 1, 1947, issued.
City of Nuremberg
The Seattle
fore been temporarily exempted from
Stock
due July
ing fund gold bonds, due Aug.
Exemption from Registration
to Seattle Stock
Exchange—Denver Stock Exchange
Asks to Withdraw Registration
waukee
(Germany)—$1,500,000
1936
of 1926, due
external loan
date, either the
City
SEC
Heidelberg
sinking fund gold bonds,
proposed transactions.
need
of
April 18,
fund
Board
of
Governors
of
Federal
Reserve System Will
Pay Interest After Matur¬
ity on Time Certificate of Deposit Renewed Within
10 Days
Permit Member Banks to
The
Federal
it will offer
no
Reserve Board
on April 13
announced that
objections if member banks pay interest on
Volume 142
time
a
Financial
deposit for the period between the maturity date of
the certificate representing that deposit
and the date of its
renewal, provided the certificate is renewed within ten days
after maturity and the renewal certificate is dated back to
the date of maturity
of the original certificate. The Board
warned, however, that such interest must not exceed the ap¬
plicable
maximum
rate
prescribed
in
Regulation
Q.
The
circular to member
Federal Reserve Bank of New York, in a
banks on April 16, quoted from the Board's letter
A
question
has
arisen
regarding the difference
between
follows:
as
section
3(f)
of
Regulation Q of the Board andi section 3(e) of Regulation IV of the Federal
Deposit Insurance Corporation, relating to the payment of interest after
maturity on deposits which are renewed within ten days after maturity.
The
by
a
of
of
terms
the
Regulation Q do not contain
member bank of interest
such
on
certificate representing
certificate
date of the
such
of
that
it
interest
maximum
renewal
will
on
rate
maturity
offer
time
a
prescribed
of the attendant circumstances, the Board
objection
no
deposit at
in
to
the payment by
rate not
Q
the
deposit and the date of
certificate is renewed within ten
is
member
a
exceeding the applicable
period between the
for
date of the certificate representing such
thereof, provided such
the
a
Regulation
to $32,702,150, Secretary of the Treasury
Henry Morgenthau, Jr., announced April 16.
During the
previous month, as noted in our issue of March 21, page
1909, the Treasury purchased $4,500,600 of the securities.
The following tabulation shows the Treasury's transac¬
1936, amounted
tions in government securities by months since the beginning
of 1935:
OSS-
1935—
55,420,800 purchased
1,300,000 purchased
41,049,000 purchased
21,990,000 sold
23,326,525 purchased
January
February
March
April
May
June
_____
July
August
September
8,765,500 purchased
33,426,000 purchased
35,439,100 purchased
January
February
18,546,850 purchased
4,500,600 purchased
March
32,702,150 purchased
dated back
to the
date
days after
of
maturity
original certificate.
December
—
Secondary
$150,325.83
238,400.00
33,530.72
San Francisco
Denver
offering of $50,000,000, or there¬
abouts, of 273-day Treasury bills was made on April 16 by
Secretary of the Treasury Henry Morgenthau Jr.
Bids
a
at
Federal
the
Reserve
banks,
the
or
Total for week end. April 10'36.
on
amount
of
issue
of
mature
(maturity
the
be
securities
payable
in
a
without
amount
interest.
An
of
$50,015,000 will
his announcement of the offering
will be issued in bearer form only, and
of
$1,000,
$10,000,
$100,000,
$500,000,
in
amounts
and
or
$1,000,000
in
basis
amount less
an
than
multiples of $1,000.
of
100,
Tenders
with
will
banks and
not
The price
more
offered
must
Each tender
be expressed
than three decimal places, e.
g.,
on
99.125.
trust
be
accepted
without
and
companies
from
cash
deposit
responsible
from
incorporated
and recognized
dealers
in
Tenders from others must be accompanied by a
deposit
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
of
company.
Immediately after the closing hour for receipt of tenders
all
tenders
received
the
at
Federal
Reserve
banks
or
on
April 20, 1936,
branches
thereof
closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to reject
all tenders
parts of tenders, and to allot less than the amount ap¬
or
plied for, and his action in
any
tenders
the acceptance
the
will
be advised
price offered
Reserve
banks
of
such respect shall be final.
for Treasury
in
cash
or
Those submitting
rejection thereof.
or
Payment at
bills allotted must be made at the Federal
other
immediately available funds
April
on
22,
1936.
The
Treasury bills will be exempt,
gain from the sale
taxation,
except
to principal and interest, and any
as
other disposition thereof will also be exempt, from
or
estate
and
inheritance
taxes.
(Attention
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
shall
of
be
any
No loss from the sale
allowed
tax
as
now
a
deduction,
hereafter
or
or
or
are
invited
is
ail
to
not exempt from the
other
disposition of the Treasury bills
otherwise recognized, for the purposes
imposed by the United States
or
of
any
its
possessions.
Treasury
Department
Week ended April
8
Gold Coin
$15,773.06
31,289,231.17
-
Circular
No.
418,
as
prescribe the terms of the Treasury bills and
amended,
govern
and
this
Total to April 8
Received by Treasurer's Office:
Week ended April 8
105,830,720.00
$106,078,790.00
$267,756.00
$5,000.00
2,416,220.00
$267,756.00
$2,421,220.00
Total to April 8
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 11, page 2422.
hoarded gold
was
tion
Order During Week of
April 10 Amounted to
11,891.25 Fine Ounces
The Treasury Department made known on April 13 that
11,891.25 fine ounces of silver were transferred to the United
States under the Executive Order of Aug. 9,1934, nationaliz¬
ing the metal.
Since the Order was issued, the Treasury
revealed, 112,728,521.25 fine ounces of the metal have been
transferred to the United States Government.
The order of
given in our issue of Aug. 11, 1934, page 858.
The following tabulation was issued by the Treasury De¬
partment on April 13:
Aug. 9
was
Silver Transferred to United States
notice
(Under Executive Proclamation of Aug. 9, 1934)
Fine Ounces
Week Ended April 10,1936:
5,810.00
1,897.05
2,192.00
Philadelphia
New York
$150,991,000 Received to Offering of $50,000,000 of 273Day Treasury Bills Dated April 15—$50,008,000
Accepted at Average Rate of 0.100%
A
total of $150,991,000 was
tendered to the offering
$50,000,000, or thereabouts, of 273-day Treasury bills,
dated April 15, 1936 and maturing Jan. 13,
1937, Henry
Morgenthau, Jr., Secretary of the Treasury, announced
April 13. The tenders were received at the Federal Reserve
of
banks and the branches thereof up to 2 p. m., Eastern Stand¬
ard Time, April 13.
Of the tenders received, the
Secretary
said, $50,008,000
The accepted
about
0.090%
were
accepted.
bids ranged in
He continued:
price from
99.932,
a
rate
of
to 99.920, equivalent to a rate of about 0.105%
per annum, on a bank discount basis.
Only part of the amount bid for at the
per annum
latter price was
is
99.924
discount
and
accepted.
the
average
rate
is
price of Treasury bills to be issued
about
0.100%
per
annum
on
a
bank
offering of Treasury bills
was
made in
issue of April 11, page 2422.
$32,702,150
of
Government Securities Purchased
Treasury During March
Net market purchases
ury
average
basis.
Reference to the
our
The
by
of Government securities for Treas¬
investment accounts for the calendar month of March,
San Francisco
Denver
1,992.20
New Orleans
—
Seattle
Total for week ended April 10,
Total receipts
1936
through April 10, 1936
In the "Chronicle" of
silver
the
made
to
ended
11,891.25
112,728,521.25
April 11, page 2422, reference was
during the previous week
transferred
April 3.
Receipts
of
Offices
equivalent to
made
Silver Transferred to United States Under Nationaliza¬
the conditions of their
issue.
Gold Certificates
$248,070.00
$31,305,004.23
Received previously
up
to the
any or
(Under Secretary's Order of Dec. 28, 1933)
Received by Federal Reserve Banks:
Received previously
investment securities.
trust
gold returned since the order was issued, and up to
8, totaled $140,072,770.23, it was made known.
The Treasury revealed that $15,773.06 of the amount re¬
ceived during the week of April 8 was gold coin, and $253,070
gold certificates. The data made available by the Treasury
on April 13 are as follows:
Gold Received by Federal Reserve Banks and the Treasurer's Office
$1,000 will be considered.
Fractions must not be used.
or
hoarded
April
value).
No tender for
be
be returned to the Treasury, were in amount of $268,843.06,
the Treasury announced on April 13.
The amount of
will
bills
(the bills)
denominations
must
be dated April 22, 1936 and will
On the maturity date the face
on
April 22. In
Morgenthau said:
on
Secretary
They
the
Receipts during the week of April 8 of gold coin and
certificates by the Federal Reserve banks and the Treasurer's
office under the order of Dec. 28, 1933, requiring all gold to
1937.
20,
similar
$5,151,876.58
discount basis to
bidders, will
Jan.
104.92
57,661.03
$268,843 of Hoarded Gold Received During Week of
April 8—$15,773 Coin and $253,070 Certificates
day, April 20, but will not be received at the Treasury De¬
partment, Washington.
The new bills, which will be sold
highest
$2,280,131.64
$333.20
202,000.00
1,462,041.20
new
branches thereof, up to 2 p. m., Eastern Standard Time, Mon¬
the
557,991.29
$493,324.86
Seattle
New Domestic
23,435.25
31,130.13
16,502.93
Imports
$8,551.94
4,552,400.00
567,588.63
23,336.01
New Orleans
mature
purchased
1936—
•
22, 1936
received
purchased
purchased
sold
during the
April 10 a total of $7,925,333.08 of gold, it was^
announced by the Treasury on April 13.
Of this amount,
the Treasury made known, $5,151,876.58 was imports,
$493,324.86 secondary and $2,280,131.64 new domestic. The
gold was received as follows during the week of April 10
by the various mints and assay offices:
New York
be
560,085,000
17,385,000
18,419,000
5,275,200
The various mints and assay offices received
Philadelphia
will
_
week of
Offering of 273-Day Treasury Bills in Amount of
$50,000,000, or Thereabouts—To Be Dated April
Announcement of
_
November
Gold Receipts by Mints and Assay Offices During Week
of April 10—$5,151,877 Imports
♦
New
_
October
between the date of maturity
deposit and the date of the renewal of
maturity and the renewal certificate
of
payment
maturity of the original certificate.
decided
bank
the
for
though such renewal certificate is dated back to the
even
However, after considering all
has
provision
a
time deposit
a
2591
Chronicle
Newly-Mined
from
Silver by Mints and Assay
Treasury
Purchases
Totaled
377.39 Fine Ounces During Week of
1,141,-
April 10
According to a tabulation issued by the Treasury on
April 13, a total of 1,141,377.39 fine ounces of silver was
turned over by the Treasury Department to the various
mints and assay offices during the week of April 10.
The
silver was from purchases made by the Treasury in accord¬
ance
with the President's proclamation of Dec. 21, 1933,
which authorized the Department to absorb at least 24,421,410 fine ounces of newly mined silver annually. Total
receipts since the issuance of the proclamation, which was
referred to in the "Chronicle" of Dec. 31, 1933, page 4441,
were in amount of 76,807,689.90 fine ounces.
The tabulation
issued by the Treasury follows:
2592
Financial
Chronicle
Receipts of Silver by the Mints and Assay Offices
before
(Under Executive Proclamation of Dec. 21, 1933 as Amended)
Week Ended
April 10, 1936:
547,096.28
575,943.63
San Francisco
Denver..
for
platform
was
April 18, 1936
to
was
reception
Fine Ounces
Philadelphia
he
go
the
the
on
platform,
party leaders
the signal
for
in
President
the
held
Ilis
anteroom.
an
informal
an
appearance
the
on
demonstration.
a
The President
was
introduced by Frank Wickhem,
President of the
Young Democratic Clubs of the United States, who throughout the country
listening at radios in homes and assembly halls.
Mr. Wickhem was
18,337.48
were
Total for week ended April 10, 1936
Total receipts through April
1,141,377.39
76,807,689.90
10,1936
presented
Club of
The receipts of newly mined silver ^during thefcweek of
April 3 were noted in these columns of April 11, page 2422.
Roosevelt
Limit
Would
Working
Ages
James
Maryland, at Baltimore,
unemployment,
the
problem
and
wages,"
because
and
more
particularly
more
women
are
by
be
tonight.
working for
of
that industry can
employment if industry as
the length of the
annual
Washington.
contribute
a
in
great
measure
the stability
of
this
of
The
the
what
the
who
Common
"Do
it
say
government
proposes
to
do
of
I
world
to
hurts
is
gold,
cer¬
the
or
send
&c.,
dismissing its consideration
era
of the
pioneer is at
The
occasion
marked
the
the
land's junior
This
with
was
C.
supporter
reunion
the
Ritchie,
of
the
dinner
nature
into
and
subjection
vision
will
that
be
were
make
life
upon
which
file
there
was
party leaders
of
President
Roosevelt
spoke
the
a
rousing torchlight procession
reception and dinner
a
to
the
given by Mary¬
uncompromising foe of the New Deal and a
Liberty League.
Others who sat down
White House by
have
Why
in this generation
have
and
facts
than
needs
in the
You
measuring the present state
are
You
hand
never
more
become
we
restless,
serious, the
more
flaming
a
critical,
more
to do about
propose
more
and'
question,
youth
society that
a
questions.
No
in
patronizing
they
not
smiles and
call
their
the young
pat
worldly-wise 6ort of
a
blessing.
blessing; it is
a
with enthusiasm
But—as
cold
a
every
shower.
What
is:
you
Enjoy your enthusiasms and your ideals while you
and' get out in the world you will know better."
is that
tragedy
ideals.
so
many
they
up,
That
a
seeks to
fact that
mere
them
on
the shoulder, and in
what
is
have
You
who
man
confidence.
is
one
people do just
young
grow
away
from their
that:
can.
they do
enthusiasms
and
why the world into which they
reason
go
slowly.
so
living;
cider;
grow
you
I take it, this:
An opportunity to
reasonable chance to improve your condition in
practical assurance against want and suffering
a
a
old age; and with it all the right to participate in the finer things
clean amusement, and a part in the satisfactions of
life—good health,
the
not
unless
it
that
right
it is
carries
religion.
objective, it is clear that many of the old
No
answers.
framed
in
terms
definite
some
answer,
of
new
what
prospect
practical
a
is
fit
for
face and1 what
you
of
old,
or
answers
are
thought
your
desire—unless
you
down-to-earth solution
of
problems.
For
the
called
next
is
hope
they
1.
months you
I picked
one
two
are
out
or
going to be thoroughly bored by
are
three
random
at
new
from
The eminent author suggests
newspaper.
I
few
There
answers.
Here
will
you
be
as
thrilled
and
three
the
on
four-point
a
excited
so-
in every day's paper.
panaceas
same
page
for
cure
by them
all
I
as
of
one
ills.
our
Here
was.
are:
Establish
a
monetary
unit with
a
definite gold content, subject to change
only by Congress.
Restore convertibility of money into gold coin and private
ownership of gold.
3. Accept responsibility as the world's greatest creditor Nation.
4. Put Federal finances in order.
(
Vice-President
John
I
of
not
attend
N.
Garner
and
several
staunch
at
the
members
automobile
Greet President
the
so
as
ask you
the
what do
dinner.
this
of
all, is there
to arrive at
departure
the armory
a
from
half hour
had today
the practical,
even
definite
a
You
my
have
within
far
as
ravages
and
will
get
friends,
you
are
a
right
to
expect
to
help
more
up
you
to
as
face
panacea
way out
for tomorrow,
assurance
looking for?
a
tomorrow?
Most important
of the fact that
problems at all ?
have
power
a
their
you
answer
recognition in that type of
the youth of America has any
right to expect something better than that.
that
restore
than
those
in
authority
conditions
that,
that
that
you
is
humanly possible, from the physical
of economic and social maladjustment.
will
make
everything
be protected,
will
and
do
employment and
mental
and
in
so
spiritual
Some counsellors say "confidence and normal
prosperity will cure every¬
thing—give everybody jobs."
They generally mean by that the confidence
and prosperity of 1928.
But, my friends, 1928 was no millennium.
You
I
profits
Timing his
you
opportunity, is there work today, is there
is
No,
planks like these offer to
panacea
problems that
Is there
and
did
the
take unmerited pride in the
on
knows—that
opportunity possible;
Millard E. Tydings, who made his peace
only recently, after the death of former Governor
Cabinet.
President
has
their most
on
with
the arts, the sciences and
even
by Senator
Leaders
The
is not
age
certainties
questioned.
are
physical hardship and,
come
to
woman
out
honest
an
as
in your
required
required—in
American
were
of
come
Quotes One Panacea Offered for Today's Problems
Senator, George L. Radcliffe.
attended
greatly
have
yesterday's
2.
the Administration
Albert
of
and
for the
Union,
so-called
Views Objectives of Youth
anniversary of the birth of Thomas Jefferson.
rank
the
are
the
every
Your objective in the widest sense is,
your
quote:
and
of
to
end,"
an
that "the setting provided
by the Maryland Democrats gave
it plenty of political
significance."
From the same Balti¬
more account to the
paper indicated we also
the
You
1929.
State
Because
experiences.
own
seem
and, growing
up,
gets better
with
Noting that "if the speech itself was not exactly the opening
broadside of a campaign," the staff
correspondent of the
New York "Herald Tribune"
(John C. O'Brien) observed
For
of millions
justify the inquiring attitude of youth.
put
young
you grow up
their
from
since
who
you
certainties
deserves your
"You're young.
grow
.
every
When youth comes crashing
them
person
•And
you
qualities of heroism and faith
of
speech
■
belonging
Some of
questions—praqtical
avoid
ideals, they
When
remarks, making the statement that "I for
forces
his
cross-section
a
in
questioned?
more
youth
they have really said to
greater measure—to bring under proper control the forces of
modern society.
There is a task which—for
importance and for magnitude—calls for the best
that you and I
havje to offer.
armory,
to
adults.
are
young
era for
pioneering has changed.
The period if
pioneering is largely finished.
But, my friends, the period
pioneering is only at its beginning.
And make no mistake about
same
than
of them.
much
to
man
believe that the
bring the
what may turn out
the annual Jefferson Day dinner
youth has become
Many older people
geographical
it—the
time,
York.
and
of
wanting to know what
many
or
and
been
your
to ask these
they
coun¬
the President continued:
to
speaking
us.
our
evade
avoidance
an
do not believe that the
social
Byrne,
W.
have felt the rough
You have walked the streets looking for jobs that
of
Faced with
of
A.
Com¬
immediately thereafter
campaign
maturity
that point to you.
right
ask you
only
Joseph
scheduled
his
living
fathers.
changed
Flaming
us
so
There
what do panacea planks like these offer to
you as a way out
of the problems that
you had today and will get up to face tomorrow ?
I
and
of
Corporation;
disillusionment.
of
challenging.
the remark:
one
of
party
millions
Out of this has
up.
comes
to
yesterday's
out of
The temper
to
the
many
have
depression.
scars
one of the
pan¬
which had come to his attention for the
solution of
the present problems—this
proposing the establishment of a
monetary unit with a definite gold content, the restoration
of the
convertibility of money into gold coin and private
Later in his
Henry
Secretary
.
departed
tonight represent
women
your
of
and
need not press
turned
aceas
I
Interior;
Finance
President will make
come
and
President took occasion to mention
ownership of
He
speech
political
of
many
the world
of the
of both extremes.
I say to
you
have done that something, if it works, do
more; and if it does not work, do something else.
The
the
25,
have
men
century that preceded
"Do everything," declaring:
something," and when
some
the
Roper,
his
over
m.
p.
armory
which
in
old
civilization
of
about
"Do nothing," and to other
say
dictates
sense
of
0.
Reconstruction
minutes
opening
every
vanished
some
employ¬
depression, the President referred to
tain counsellors who
sellors
late
to find
in 1912
society.
world
set
vanished;
basis, and the payment of at least adequate minimum
of
the
who
young
with
way
Turning to
the
...
April
great
people
young
whole will undertake reasonable
working week,
in
wages.
the casualties
through
which
Presidency
Secretary
Daniel
the
of
three
ran
nearly
stratum of
work per week, while, at the same
time, they keep
individual's pay envelope at least as large as it is
today.
Because the practices of
employment definitely affect the problem of
unemployment, the government must give and will give consideration to
an
in
Chairman, and You, My Friends, Young and Old, Democrats of Maryland
and Many Other States:
■
'
affiliated
average
on
Ickes,
Agriculture;
head
On that night he will speak at
symbol
reductions of hours of
ment
the
hall
.
a
as
of
National Democratic Club in New
You
were
reasonable
subjects
for
the
The President's Baltimore address follows in full:
Mr.
larger number of employers began lengthen¬
ing the work week."
In part, he added:
such
Harold L.
night,
more
of the
Recovery Act, stating that while a great majority of em¬
ployers in a particular industry continued the old National
Recovery Administration scale of hours, "gradually, first a
the
for
Saturday
to
to retire in security for the balance of their
days on earth."
The President also undertook to
point out the effect of the
termination of the operation of the National Industrial
seems
entered
nominated
was
Jones,
President
auto
in
people now
kept in school until they were 18
years old.
"In the same way," he said, "how many jobs
would be created if the great
majority of people who are
now over 65—to take a
figure at random—were in a position
It
Democratic
route
we
working in industry
the increase of
Farley;
Secretary
Jesse
;
The
age in every State in the Union," and he asked that his
hearers vision how many jobs would be given to the
young
graduates from high school and college if young
few and then
He
finishing his address at 11:03
government," he said, "are seeking to extend the school
your
Young
President began speaking promptly at 10:35 p. m., and adhered
strictly to his manuscript.
The crowd, after the first outburst, was only
upon by the President, who went
face your problems, these increases
raise the question as to whether it is not
possible and right
to limit the active working ages at
both ends."
"We in
"When
the
circuitous
a
mildly responsive.
were commented
to say:
on
first
by
The
behalf of the youth of the Nation.
The increases every year
in our working population "both because of
population in¬
crease
streets.
on
of
President of
armory
Harry Hopkins, Works Progress Administrator,
Speaker of the House of Representatives. ' *
.
April 13, early in the course
objectives of the government in
attacking
A*
merce
.
of his remarks spoke of the
Wilson
Wallace,
Declaring that one of the chief needs of the country today
"is the releasing and the enlistment of the spirit of
youth,"
President Roosevelt, addressing the Young Democratic Club
of
back
the
nearly all of official Washington already on the platform.
Right and left
of
him, among others,
sat Vice-President
Garner, Postmaster General
of
Minimum Wages—Period of Social Pioneering Only
Beginning
Fenneman,
approached
deserted
President
Young and Old to Combat Unemployment—Before
Young Democrats in Baltimore Says Government
also Seeks Shorter Working Week and Adequate
at
President
almost
»
President
by Lawrence B.
Maryland.
The
know
the
simple
fact
that
while
production
was
increasing
and
increasing in 1928 and 1929, unemployment was growing at an
astounding rate.
Return to the 1928 kind of prosperity is no sufficient
answer.
were
The
best
that
the
captains
of
the
country
could
do
for
you
Volume 142
before
the
Financial
depression
Chronicle
Social Pioneering
today.
I, for
And
80%
It
and I
you
about
is
back
as
not
matter
a
can
could.
But
Some
there
No
We
vast
not
Most
ment.
the
on
fact requires
would;
a
from
greater
a
if
we
we
answer.
an
completely
a
human values dares to
that
restored
That is why
prosperity.
of
believe
men
purchasing
people;
more
they
in
us
know
far
power,
there
unity toward
others which
are
this end
must not
we
the
forces
a
There
need
and
is
should
it
as
the
because
question
working
We
in
State
But
is the
dom
Union
out
the girls of
and
for
form
one
of
be
will
attack,
and
How
many
have
been
better
jobs would
In
that
the
same
in
earth.
And
for
the school
in
age
boys and girls
how
until
they
school
and
completion
from
to
are
retire
are
every
to stay
in
much
importance and
forces
of
greater
even
modern
society.
magnitude—calls
for
thinking about the
Americans
piany
But I
for
the
that
certain
am
future of
mind and spirit, still has
its chief needs today
of
one
figure at random—
a
spirit
of
independence
and the
outbreak
was
a
Tories
who
men
youth
enough,
words
who
you
are
ought to
enough
young
that
enough
the
dream
about
Be
wise
people
38,
The
44.
The
welcome
1776.
enough
in
have
I
and
tolerant
that millions
of older
regardless of
dreams
and
your
years,
is
to
be;
if
can
be
greatly
can
be
wiped
with; that
are
and
you
are
lessened;
out;
at home and
peace
you
visions—dreams
see
that
poverty
be done away
can
At
Henry
involuntary unemployment
of
the
on
order.
minds.
young
was
self-satisfied
finer America
a
believe that
to
of
remember
to
tonight if,
to
and
in spirit
disgrace
class hatreds
God
spirit
greater
a
Age was
Patrick
to keep these qualities of youth.
propose
thank
in
about
years,
it.
18.
Constitution
that
the
revitalized
43,
the
youth."
His
through
side of the old
was
Lord,
and at
and,
people welcomed them in
of
in
young
people have kept and
You
the
on
creation
sort
a
qualities
has
the
wrote
of
not
are
"the
youth
Our
of
age,
man's crusade.
young
was
1936, any more than self-satisfied
the
with
George Washington
likewise,
of
years
repeatedly
were
Yesterday Christen¬
,
resurrection
30
was
began
youth
spirit.
the
of
32, and Alexander Hamilton
of the
age
qualities of
Christianity
the
Jefferson
average
anniversary
that
abroad
can
be maintained; and that one
would be created' if the
the balance
greater happiness would
they
for
Constitution,
young
if
33.
the Tories,
Our
old.
at work
Easter—the
Revolution's
Who
And how much
now
65—to take
security for
required—in
the
country, richly endowed in body,
years,
war
of the Nation
education?
their
now over
in
too
things.
only
2,000
Our
visions
college?
who
of
be
beginning of His ministry
was
18 years
at least
were
ask yourselves how many jobs
way,
position
a
extend1
easier
be these youngsters
great majority of people who
were
right to limit the active
give to the young people
school to the
in
it
school
graduated from high
stay
problems these increases raise
yourselves what would happen if all the boys and
16 and 17 who are now working in industry
stay in
equipped would
could
That
wages.
14 and 15 and
it possible to
found
seeking to
make
the
at
used
are
Our
many
Thomas
working for
are
it is not possible and
to
be
will
control
proper
and I have to offer.
celebrated
death
businesses
ends.
government
the
Work
of social
Spirit of Youth
both because of population
year,
face your
we
period
releasing and the enlistment of the spirit of youth.
side of
women
The period of geographi¬
friends, the
my
Do not underestimate the significance of that
who
constitutes
every
more
when
to whether
at both
your
in
school.
all
be.
as
ages
and
more
But,
subjection
under
which—for
cannot
of
into
nature
bring
task
a
America.
their
overlook.
working population increases
is
There
greater purchasing power
that
Would Limit Active Working Ages
Our
of
measure—to
the
increase
finished.
pioneering is only at its beginning.
And make no mistake about it—the
same qualities of heroism and faith and vision that were required to bring
last
in
work
of the pioneer is at an end; I only
era
pioneering has changed.
largely
widely
more
helped thereby.
To
at Beginning
conceivable angle.
every
with
for
area
pioneering is
best that you
I do not accept that.
accept it.
cal
prosperity
the consumption of more goods—industrial products
The production of these goods will mean more employ¬
business
part
be
it may
do not believe that the
one,
believe that the
mean
farm products.
and
production.
It may
machinery;
new
tools—nor
new
with
even
the problem
admit
distributed, will
is.
merely to restore what is sometimes called
attack
readily
of this
permanent army of unemployed.
is sensitive to
to
little over
a
turning out that
cause
of
use
And that
that
you
content
propose
We
a
who
are
we
be
will
the
remains.
tell
only
We cannot legislate against greater efficiency,
against
the fact
people
man
depression,
engaged in
are
greatly what the
causes.
legislate
we
the
it may be the development of
variety of other
nor
point before
beings
very
greater efficiency;
be
that, while the total production of America
now
high
human
many
does
know
the
to
2593
not good enough then and1 it is not good enough
was
their
of
such security
days
on
beyond anything
that
make
then I
day a generation may possess this land, blessed
know, with those things—material and spiritual—
we now
man's
life
abundant.
"Hold fast to
say:
If
that
is
dream.
your
the
fashion
of
your
dreaming,
America needs it."
give to their
old age?
President
Roosevelt Pledges Continued Conservation
Policy—Speaks at Ceremonies Dedicating Depart¬
Lengthening of Work Week in Certain Industry When NRA Ended
And there is another angle
of
youth
is
worth
certain
manufacturing
greatly
curtailed
Act,
and
will
the
industry
under the
curtailed,
I
point
an
illustration.
of
weekly
the National
of
with
by
hours
average
operation
incidentally,
it
the
work
Industrial
complete support
In
of
a
When this Act
week.
Since
industry
hours.
end
an
the average hours of work
great
36.4
were
the
few, and then
a
week.
The
larger number of employers,
a
result
today is that the
average
employment in this industry is 39.9 hours per week.
a serious
difference, you say.
And yet if you figure it out
Not
assumption that there
16,650
or
records
It
take
the
to
they
it
is
by working longer hours,
getting
employment.
Actually,
the
that
industry
of
hours
of
work
individual's
average
contribute
can
employment if industry
as
week, while,
per
envelope
pay
in
great
whole will under¬
a
at
at the
least
same
large
as
on
the
wages.
Working Week Sought by Government
practices
the
of
employment
government
the length
as
must
definitely
give
and
the working week,
of
affect
will
the
problem
of
consideration
give
to
the
stability of employ¬
basis, and the payment of at least adequate minimum
A government doing that is a government that is working actively
annual
an
to your
answers
We do not yet
that
like
steps
know enough in
these
greatly cushion
which
mad
peak
descent
into
another
which
for
of
the
false
sink
taken
and
suffering
three
and
and
the
prevent
prosperity
of
last
a
have
we
depressions—and
violent,
from
from
up-curve
disillusionment
half
years
violent,
like
have
we
at least
rushing to
another
prevent
and
a
taking will
are
the
been
a
mad
one
surely
emerging.
And
is
there
expect from
sion?
They
are a
another
1929
charge
those
upon
have recognized
I
sought to
aspect
What do
us.
Since
casualties in
us as
if it
And
America
And,
does
The
these
it
were
is
vigor
be
to
of
are
into
the
millions.
from
means,
have
we
the physical suffer¬
counsellors
these
days who
"Do everything.''
Common
I say to you "Do
it works,
if
something";
do it
some
more;
something else.
be
to
done,
did
We
history
nation
we
before.
could
carried forward with renewed vigor if future
generations are
to receive the full benefits that are their
due," President
Roosevelt declared on April 16, in laying the corner stone
of the new $12,000,000 Department of Interior
building in
Washington.
Pointing out that the new structure is "the
first large monumental building that was started under this
administration and completed under this
administration,"
the President asserted that he was laying "the corner stone
of a conservation policy that will guarantee to future Ameri¬
cans the richness of their
heritage."
Mr. Roosevelt used the trowel that
George Washington
had employed in laying the corner stone of the
Capitol
building in 1793.
Secretary of the Interior Ickes, who also
spoke at the ceremonies, said that President Roosevelt had
done
for the
more
of conservation in three years than
cause
other President or than all previous administrations
together.
He urged that Congress change the name of his
Department to the "Conservation Department," thus
reversing "the policy of exploitation that has existed
believe,
be
largely
comes
have
We
done.
subdued
survive.
from
fearlessly
gone
We established
not
we
were
a
a
I believe,
as
And
the
how
that the
significantly
wilderness
Between
fact that
ahead
civilization
getting
1776
that
and
as
a
com¬
doing things that
where
men
said
others
1789
we
could
insisted
built
The very air was exhilarating.
things—worthwhile
of the spirit of America to believe that
equally well in getting things
before."
Mr.
cation
President
Roosevelt's
speech
Secretary, Mr. Chairman and to all of
of
first
the
large
monumental
follows—
gathered at this dedi¬
you
building that
behalf of the
In
I want
government
who have built this building; my old
old friend Admiral Peoples,
my
those
in
to
started
was
in
this
appreciation to those
express
friend, Waddy Wood, the architect;
charge of procurement, and also to
in
charge of procuring material, in making the contracts, and in
executing the architecture, and especially to the workmen who have done
the job.
Every sensible
American who loves his
the earnest plea of the
national
policy of conservation.
And
cause.
the
country should
Secretary of the Interior for
As for
myself,
a
I
done.
take
heart
to
vigorous, continuing
am
dedicated
in
this
Department
alive to the imperative
of Interior, as now constituted, is fully
necessity of protecting and preserving our national
bountifully endowed than
without
ours
of conservation would have ceased to exist long ago.
was
that the people
of the United States
in the face of exploitation, waste and
were
a
now,
in
things—done.
our
day,
we can
a
no
It
do
policy
mismanagement,
yes, even
so
long
larceny,
of the natural wealth that belonged to all the people.
Not all of the people remained insensible to what
occasion
there
came
as
from
cries
ravaging of our forests, the waste of
velt, when
of our
I
was
oil
a
reserves
very
and
young
squandering of our patrimony.
the
our
wilderness
mineral
man,
was
happening.
warnings against
On
the
top soil and water supplies and the
rose
deposits.
up
Theodore
and battled
Roose¬
against
He, for the first time, made the
this
people
resources
of the
country were the property of the nation itself and not that of any class,
regardless of its privileged status.
Supported by
an
awakened country which by
now
is beginning to realize
the truth of the old warnings, we of this administration have devoted our
thoughts
and
Employing
we
We
national
The remarkable thing
complacent for
so
conscious that the vast national domain and the natural
all these things with zest.
young—and
is part
of
The Administration's program of conservation of national
will continue despite opposition, and "must be
dissipation
You
can
government for which, in the extent of its democracy, there was
precedent—a government which Royalists declared could not endure.
were
Department
to
resources
A nation less
reasonable
believe that.
conquered.
civilization
say:
something,
people want action.
our
done
run
from the mental suffering of a loss of morale.
done that
needs
young
never
have
every
problems there
not work, do
which
paratively
never
have
you young
American
Department
Conservation—Text of President's Speech
resources.
by
avoidance of both extremes.
an
you
something
a
do
people.
a
that fact.
all
to
dictates
when
and'
which you have a right to
about the casualties of depres¬
answer
"Do nothing"; other counsellors who
say
sense
and
the
for those casualties—to keep them
care
regard
to
propose to
we
ing of hunger; to keep them
In
Building—Secretary Ickes would
of
Administration and completed in this administration.
problem.
changing economic order to guarantee
nation permanently against times of depression.
We believe, however,
any
Name
any
subjects
the
from
the
on
industry, 10%,
today.
unemployment,
at
of
reductions
Shorter
such
people
therefore,
increase
keep
Because
ment
lost their jobs or,
other
in this
women
1,400 people lost their jobs and 15,250 other people
getting work.
reasonable
time,
have either
and
men
that
reasonable,
seems
measure
166,500
were
16,650
show
kept from
were
as
people,
preventing
are
the
per
great majority of employers in this particular
old National Recovery Administration scale of
gradually, first
Change
Recovery
the
the
lengthening the work
began
of
time
continued
But
to
came
that
I
were
majority of employers within the industry.
of Interior
ment
of reemployment which from the point of view
pursuing.
energies
every agency
to
the
conservation
of
our
earlier-day conservationists.
But
the battle
other battles, it is a battle because it is
must
be
God-given
of government at hand to protect
have in the past several years made advances far
a
case
carried forward with renewed vigor
receive the full benefits that
are
due.
goes
of
a
our
wealth.
birthright,
beyond the hopes of
on—as
in the
case
of
lot of opposition—and
if future generations
are
to
2594
Financial
Originally Known
r
The
was
and
ago,
"Home Department"
as
Department of Interior, first known
and it
a
pretty good
since
that
its
activities
have
internal development of the nation
itself.
the
House
gives
us
the
as
Work will
Home
Department—
established fourscore and
name—was
time
been
seven
intertwined
years
with
the
The report of the committee of
of
Representatives which favored creation of the department
interesting picture of the times.
This report said:
an
"The
general fact remains unaffected, that war and
preparations for
have been practically
regarded as the chief duty and end of this
Government, while the arts of peace and production,
whereby nations are
subsisted, civilization advanced, and happiness secured have been
esteemed
unworthy the attention, or foreign to the objects of this Government.
It
war
to
seems
Chronicle
that this should not
always continue, but that we should, as a
wise people, reorganize the Government
so far as to fulfill these duties
also,
which are suggested by the nature,
aspirations and wants of our race as
physical, moral and intellectual beings; that it should do
us
something toward
protecting the people against those internal enemies—ignorance,
destitu-,
tion and vice, as well as against those
foreign foes who may invade or who
Congress
And so, the Department of the Interior
the
President's
Cabinet
with
into being with a Secretary
came
jurisdiction
the
over
Commissioner
of
the General
Land Office, the Commissioner of
Patents, the Commissioner of
Affairs and the Commissioner of Pensions.
Indian
Only one clerk was provided for, a chief clerk at $2,000.
Mr. Secretary, we have grown
up since 1849.
As the country expanded and the needs of the
people grew, the activities
of the Interior Department broadened to new
fields of endeavor.
I like to think of this building as
speaking for the progress we are making
In the design for this building, the cornerstone of which
every year.
laying
are
to-day,
architects
have
we
been
guided by sound principles of
Without sacrificing any of the dignity
deserving of
a
great department of the Federal Government
they have conceived a
useful building of practical simplicity.
They have been sparing in the
application of rich ornament, but convenience,
comfort, and sunlight have
utility and economy.
been
not
"We
acted
wisely, I believe, in erecting this
We have incorporated it in
time.
established
as
of
means
a
building rising above
is
in
factors
Other
is but
us
influenced
State
every
in
recommend
priations, he said only that studies
modification of plans for the two
The
unit of
a
our
great publ'c works program,
of schoolhouses,
of the
until
the
addition
to
hospitals
and
other
public
the
problem
of
relieving
unemployment
probl:m.
We
have
grown
over
The
own
long period of years
been taxed to capacity and
every
governmental buildings have
a
available square foot of space put to
necessary use.
Government
departments have been
forced
other than those owned by the Federal
several
million
feet
square
of
ing in order to reduce the
office
seek space
to
Government.
in
space
We
in buildings
are
now
leasing
privately
100
over
owned
workers
bill.
rent
will
be
When this
gathered
back
building is in
under
use
roof owned
a
many
by the
Government.
As I view this serviceable
of the nation's
that
I
new
structure I like to think of it
vast resources that
about
am
to
lay,
we
are
you
first
of the
the
the cornerstone of
as
United
States in
I think it's
a
1793 in
Interior
was
as
in
created
the
I
understand
as an
final end
by the
means
the
means
of
our
resources
is
answer
plain.
exploitation and
natural
prudent
of
use
resources
of
those
declaring this change of policy
so
Let
the
announce
mere
United
passage
which,
as
States
of this bill would be declaratory of the intention of the
Government
our
henceforth
to
natural resources.
consciously and deliberately, with
go
forward
It stands
our eyes on
with
to reason
a
policy
that until
the future, make
of
we
some such
affirmative declaration, the stupid waste of those
resources will continue...
Years ago I joined the ranks of the
conservationists.
That was during
the administration of President Theodore
Roosevelt.
When the present
President of that name did me the honor to
invite
head of the Department of the Interior I
believer in the proposition that
came as a
me
to
Washington
interest, not only of
be carefully
every American
of this generation, but of every American of the
generations to come.
opportunity to advance the
Interior
of
a
are
touched with
building represents much
office
space;
crowded conditions in
day;
a
it
our
more
means
to
us
a
conservation
than
something
longer be tolerated.
at
a
Let
us
we
us
relieving
a
the
symbol of
more
over¬
a
new
have traveled since the time when
hope that
a
great new adventure lies ahead
significant time in the internal affairs of the United States; that
definite and final reversal of
national assets is at hand,
prudent
welfare of children,
on this day (May 1) to
study the plans for
Federal, State, and local cooperation in promoting the health
security of children."
The President's proclamation
and
CHILD
HEALTH
DAY
By the President of the United States of America
A PROCLAMATION
Whereas the Congress by joint resolution of
May 18, 1928 (45 Stat. 617),
has authorized and requested the
President of the United States to proclaim
annually May 1
as Child Health Day; and
Whereas the health and security of its children
are
essential to the well-
being of the Nation; and
Whereas it is advisable this year
launch the social security
program
to encourage by every possible means the
development of plans to promote
maternal and child health and to ectend
child-welfare services:
as we
Now, therefore, I, Franklin D. Roosevelt, President of the United
States
of America, do hereby proclaim and
designate the first day of May of this
Child Health Day, and do urge all
agencies, public and private,
concerned with the health and welfare of
children, on this day to study the
plans for Federal, State and local cooperation in
promoting the heaith and
security of children, to note the extent to which those plans have so far been
put into effect, and to make arrangements for
carrying their benefits to the
children in every county in the United States.
In witness whereof,
I have hereunto
set my
hand and caused the seal of
the United States of America to be affixed.
Done at the City of
Washington this 13th day of April, in the year of
Our Lord 1936, and of the
Independence of the United States of
America the 160th.
FRANKLIN
D.
ROOSEVELT.
By the President,
Cordell Hull, The Secretary of State.
Roosevelt
Signs Bill Increasing Capital of
Commodity Credit Corporation
The signing by President Roosevelt of the bill
increasing
the capital of the
Commodity Credit Corporation from
S3,000,000 to $100,000,000 was announced on April 11.
Congressional action on the bill was noted in our April 11
issue, page 2424.
House
Passes
Powers
Bill
of
Extending for Two Years Loaning
FDIC—Measure
to
Continue
Aid
to
use
of those
President
same
our
course
of heedless
exploitation of
to be followed by the adoption of
a
our
policy of
assets, which is true conservation.
Roosevelt
Passamaquoddy
_
That
Federal
assets
of
uneconomic
insured banks
so
as
to bring about
strong institutions.
Without a
record vote, the House, on April 16,
approved the legislation
which previously passed the Senate on March
26.
The
their
consolidation
measure
with
extends the
Corporation's
no
further
funds
for
moneys will be supplied from present
the Passamanquoddy
power project in
Maine and the Florida
ship canal
indicated by President
Roosevelt on April 15.
In part advises on that date to the
New York "Times" said:
power to make the loans
for two years from
July 1, 1936.
The House Banking and
Currency Committee had recommended to the House the
passage of the resolution.
Reference to the Senate action
on
the
measure
appeared in
our
issue of March 28, page 2083.
Congressional
$50,000,000
and House
Action
in
Completed
RFC
Flood
on
Bill
Relief
Authorizing
Loans—Senate
Adopt Conference Report
Congressional action
on
the bill
authorizing the Recon¬
lend
$50,000,000 for
flood-swept areas was completed
on April 14 when the
House, by a vote of 85 to 11, approved
the conference report on the bill.
The Senate adopted the
report on April 13.
Agreement on the bill was reached by
the conferees on April 10.
Previous reference to the measure
appeared in our April 11 issue, page 2423.
struction
Finance
Corporation
to
rehabilitation work in the
Decides
Against Further Funds
Power Project and
Florida
Ship Canal—Further Moneys Must Come From
Specific Congressional Appropriations
for
Previously Passed by Senate
The House on April 16 completed
Congressional action on
the joint resclution
extending the power of the Federal
Deposit Insurance Corporation to make loans and purchase
This
merely better and
besides
present building; it is to
turning in the long road that
interest.
Treasury Department, with its blessing, sent us forth to do a work
was already
cluttering up that Department in a manner that could
us
Cooperation in Child Welfare
proclaiming May 1 as Child Health Day, President
Roosevelt, in a proclamation signed April 13, urges "all
agencies, public and private, concerned with the health and
known, most of the major activities of the Department of the
this moment
at
desirable
no
No
of conservation has been overlooked
by
this Administration.
Department of the Interior under
As is well
that
cause
as
convinced and steadfast
natural resources should
our
conserved and prudently used in the
the
for
Closed Banks
conservation of
new
recently.
resources.
that all may
vation.
the
generally
In
President
clearly understand it, let the Congress enact the bill that is now
pending,
changing the name of this Department to that of Department of Conser¬
The
was
new expenses were noted
President Roosevelt Designates
May 1 Child Health Day
—Urges All Agencies Concerned to Study Plans
cornerstone of
be taken to put an end
can
to the era of reckless
conservation,
effective
laying the
I think
used
was
beginning to exploit the
adherence to the policy of conservation of
And
working basis until possible
,
heritage.
follows:—
America, what is the most effective step that
a
policy that has become suicidal?
The
a
While cost esti¬
$125,000,000
as a
A total of $5,400,000 has been
allocated for work there.
policy that
the record clearly establishes, that the
Department
as
to
Congress decree
The Florida canal work is still in
preliminary stages.
on it have varied
greatly, the figure of
good augury.
Secretary Ickes spoke
Accepting the fact,
of the
Passamaquoddy
mates
symbolical
as
conservation
a
to know that this is the trowel that
Capitol Building.
In part
appro¬
possible
$7,000,000 of
accepted
to protect and this stone
sworn
will guarantee to future Americans the richness of
their
it will interest
President
to
year as
office buildings and have been obliged, in a few
cases, to find quarters in
residences and apartment buildings.
We are eager to complete this build¬
Government
being made relative
were
orks.
were
Union.
our
housing
w
project was estimated, to cost about
$36,000,000,
relief funds has
already been allocated to it.
Plans
recently altered to include the construction of mechanical
supplements
to the tidal-power
apparatus.
and
was
decision to erect this
building without further delay.
great Federal family in Washington, like other
large families, has its
serious
cur¬
are exhausted.
followed recent reports of
findings by army engineers indicating a
probability that each of these pro¬
jects would cost considerably more than had been
originally estimated.
The President is
apparently inclined to leave entirely to Congress the
fate of these
projects, on which work to date has absorbed several millions
of dollars; in response to
questions whether he would
providing
erecting thousands
buildings
fit to appropriate money for that
specific purpose after
The President made this statement at
the first press conference he had
held at the White House since
March 10.
It
building at this
new
public works program, which
our
sorely needed employment in the
building trades and the industries supplying them and which has
already
been successful in aiding the return of the nation
to better times.
This
which
1936
18,
these two major projects, he
added, only if
follows:
sacrificed.
have
sees
on
rent allotments of relief
money
it is apprehended may assail us."
in
April
be continued
was
House Passes Kerr Tobacco Bill
Enter Into Agreements to
Authorizing States to
Regulate Production—
Opponents View Proposal Unconstitutional
On
April 8 the House, by a vote of 190 to 116, passed the
authorizing tobacco growing States to enter into
compacts and agreements to provide "for the control of
production of, or commerce in tobacco in such States etc."
The bill, said advices from
Washington April 8 to the New
Kerr bill
Volume 142
Financial
York "Journal of Commerce" is similar to that approved
some weeks ago by the Senate Agriculture Committee and
now'pending
the Senate calendar.
on
In these advices it
also stated:
was
Approval
given to the bill by the House
was
Republicans who viewed the legislation
tion of the farmers and
the bitter protests of
over
another step toward regimenta¬
as
"subterfuge "to circumvent the Supreme Court
a
decision.
Sees Regimentation Move
"This goes farther than the Agricultural
tive Short
It is
atte >.pt
to regiment the American
farmer"
Purpose of the bill is to enable States producing
to enter into
down
to
a
receive
growers to
a
fair price for such
law
Virginia Legislature already has passed what is termed
regulating production of flue-cured tobacco
later to
be entered
there have
into
with North
been several
when
the
"model"
a
Carolina and
similar law,
a
Legislature might meet
no
Carolina.
South
While
indicated in the Washington account to the "Times"
April 11 from Washington from which
on
Sixteenth
taken
"If
;V
do
they
Vinson of
r'
■/..
was
believe
estimate as
no
that
its
It is the
view of opponents
constitutional
numerous
it is
and
Unconstitutional
as
treated
be so
various States,
between
"The
right to raise tobacco is
(Rep.
the AAA
Iowa),
"The
in
decision
State
Washington dispatch April 8 to the New York
"Times" said in part:
House
The
:v;•
authorized
measure
the
Agricultural
Other
An
a
production and to advance funds to defray
to
expenses.
if two-
or
States
association, the Secretary of Agriculture could regulate that type
Puerto
in
Rico.
measure
presented
was
as
substitute
a
cultural Adjustment Act, and it was supported solidly by
from the tobacco States of North and South Carolina,
House
Agri¬
invalidated
for the
tucky and Georgia.
House members
Virginia, and Ken¬
•
Rejects
Resolution
Committee
Permit
to
Senate
Lobby
to
Employ Counsel Incident to
Proceedings Over Seizure of Telegrams
Legal
By a vote of 153 nays to 137 ayes, the House on April 15
rejected a joint resolution to permit the Senate Lobby Com¬
mittee to employ counsel to the amount of $10,000 a year.
Stating that the resolution would have permitted the Lobby
Committee to pay counsel, in its litigation with William
Randolph Hearst over the seizure of telegrams, at a rate far
above that allowed by existing law.
A Washington despatch
April 15 to the New York "Times" also said:
Senator Black and other advocates of the
that it
counsel
was
joint resolution
fees claimed
on
because of the existing law restricting payment to
necessary
by investigating committees to $3,600
a
Hearst,
to
to
present
courts
year.
The resolution set
Senate's
contigent
question
of hoAv far
Mr.
Con¬
a
can go.
on
the payments, appropriating $10,000 from
as
a
beginning.
dis¬
a
The
sources
Even when
Mr. Bankhead
proposed an amendment to limiting payments to $10,000 and also limiting
them to legal services, the House Avould not change its position
Avithin the United States.
taxed
States.
United
the
and
States
10%
on
income derived from
sources
foreign
cor¬
United States.
within the
B.
Samuel
probably
report to the full committee,
on
follow the outline of the subcommittee's
with a refund to payers of processing taxes
commodities exported or sold to charitable institutions.
The "Avindfall"
the subcommittee recommendations probably,
follow
will
also
Repre¬
Hill of Washington, chairman of the subcommittee,
levy would
this
of floor stocks was also discussed.
of taxation
question
said
Mr.
Hill said.
According to Washington advices April 14 a legal inter¬
pretation of the operation of the Administration's proposal
to tax corporations on the basis of undistributed earnings,
designed to counteract a generally accepted theory that
stock dividends would offer a major loophole for tax avoid¬
given by Representative B.Hill.
was
ance,
In part these
advices also said:
Hill
Mr.
in
interview said in effect that a Supreme Court decision
an
of 1921 ruling that a
serve
stock dividend was not income to the recipient would
proof that a company, which sought to avoid the undistributed
as
income
by issuance of
tax
additional shares of stock,
Avas
witholding its
earnings.
dividends
Stock
have been
perplexing problem to the Democrats of
a
and Means Committee evolving a neAv tax bill.
the House Ways
to avoid all taxation,
enable companies
During
that they thought stock dividends
hearings some members indicated
the
would
and it
was
reported that
notwithstanding the Supreme Court decision the committee would try to
w
Nowr the reasoning of Mr. Hill
dividends.
tax stock
subcommittee and
as
as
chairman of the
constitutional laAvyer has been revealed to offset
a
idely publicized contention of possible avoidance.
Accepted legal theory, Mr. Hill explained, holds that a true stock divi¬
dend
does
This
is
not
represent
the view
It
Macomber.
limit
fund
no
corporations and non-resident aliens.
sentative
the
committee's litigation Avith
the
involving the entire constitutional
gressional investigation
the
the
of foreign
AAras
All these taxes are to be withheld at the source.
This law, it Avas contended, makes it impossible to hire counsel adequately
equipped
On
devoted in the main to
session
porations doing 75 per cent or more of their business within the United
States, the tax to be leAied on so much of the income as is derived from
taxes
State Legislatures must approve the Act before it becomes operative.
The
Sections Agreed
afternoon
Alien non-residents are to be taxed 10% on income derived from
within
The
becomes effective,
thirds of the cigar-filler and cigar binder tobacco producers in those
production
potential
corporations without an establishment in the United States
15% on dividends from domestic corporations.
Foreign
corporations with an establishment here will bear this tax on dividends
(in so far as their income can be traced to business done within the United
States) as well as on rents, royalties and interests received from within
be
to
sources
If any compact entered into among three or more of the States of Penn¬
an
biggest
Foreign
operation is authorized.
of tobacco
plug the
the payment of dividends in stock instead
Foreign corporations doing business in the United States (that is. having
or establishment here) are to be taxed 22 M % on income
co¬
important features of the bill voted today were:
sylvania, Ohio, Wisconsin and Connecticut
the yield of the contemplated tax,
will help
branch office
derived from
appropriation of $300,000 to be expended for State administration
form
of taxation
cussion
the United
Department
operate with and advise the States in setting up State associations to regu¬
late tobacco
committee's
The
are
Avithout due process of law."
In part a
dividends,"
folio ving levies were agreed on:
Court
Supreme
State does not have the right to take away property
even a
cor¬
V :
'■/
Representative
'W
Representative Gil¬
property right,"
a
House.
the
established the rule that agricultural production is a
case
problem, but
told
Other
%
Although
by the courts.
other compacts have been entered into
charged, this the first involving the rights of a citizen.
christ
"
of cash.
Kerr proposal that the plan is un¬
of the
probably will
to
enactment
"leak" in the new tax program;
Hit
i''v'
today.
there
experts
the relative interest of the payee in the
■■■/•'
they are not true stock
not,
but members of the sub¬
Kentucky told reporters after an executive meeting of the sub¬
committee
While
being income,
not
position that this holds only when the dividend
a
does not change
poration.
also
held that stock dividends are not taxable under
Amendment,
committee have
we
<■„v&V'...','
j
The Supreme Court has
the
indication has yet been given
the bill.
on
the hearings
conclusion of
quote—
compact
the basis for
as
meetings of tobacco growers in North Caro¬
mass
lina demanding enactments of
a
the
its advices
payment
tobacco.
The
with
the Democratic
changes in the
measure; subsequently the bill was turned back to the Hill
sub-committee of the Ways and Means Committee.
On April 11 the Sub-Committee reached a tentative
agreement to tax stock dividends where those dividends
are paid in such a way that the payment changes the relative
interest of the stockholders in the corporation concerned; this
given type of tobacco
a
compact or compacts for the purpose of holding production
figure that will enable
a
that
2595
members of the Committee met to consider
was
Adjustment Act," Representa¬
(Rep. Mo.) charged, "because it makes compliance compulsory.
clever
a
Chronicle
a
distribution of corporate assets
taken by the Supreme Court in
to contend that the
be impossible,
therefore
Avould
he
the
case
said,
or
earnings.
of Eisner
for
a
vs
company
stock dividend as such represented distribution of
earn¬
apply to undistributed income, com¬
a form of dividend that is
taxable, he concluded, would be liable to Federal levying on the withheld
Since the proposed tax wrould
ings.
panies which do not give their stockholders
funds.
Action
Tax
on
Bill
House
By
Committee—Reported
as
Ways
of
Called
Taxes
Produce
to
Means Sub-
Favoring Stock Dividend
Tax—President Roosevelt Said
ration
and
Insist
to
on
Original
Resto¬
Revenue
For
taxes in
full to
its
the
status
was
invalidated
veto
Congress provide
pending tax bill to restore his budget in
before the Agricultural Adjustment Act
was
and
the veterans'
bonus enacted
over
his
predicted by Speaker Byrns on April 13, according
to a dispatch from Washington on that date to the New York
"Times" which in part added:—
This would
three
years
mean
and
a
bill
to
produce $792,000,000 annually for the first
$620,000,000
Ways and Means experts
carries
are
a
year
now
thereafter.
The
trying to reduce
program
which
legislative form
to
estimated $799,000,000 for the first year and only $591,000,000
an
Speaker Byrns and other leaders were holding themselves in readiness
to be called to the White House any moment
for
a
conference
on
Drafting experts are busy trying to whip the 25 recommendations of
until
a
The
Means sub-committee,
bill.
they have been lately modified,
as
The sub-committee has decided not to
rough draft has been prepared.
.
.
convene
again
speaker said that the House probably would pass the bill in sub¬
mittee because few in the House outside of
Ways and Means members had
a
view to rushing the measure to
Under
the plan,
completion of hearings
April 11,
page
2427; it
the House floor next week.
specified amounts of their earnings over a period of not less than five years,
for payment
Roosevelt
of debts existing on or before March 3, 1936, the day President
Congress.
sent his revenue message to
On the yearly
of
to
"instalments" so set aside, the bill Avould levy
a
flat tax
22H%. but the rest of the yearly corporate net income would be subject
graduated rates provided in the general sections of the bill if
the high
not
paid out in dividends.
The tax-bill framers wrote another
change into the tentative
measure,
seeking to plug up further the possible leaks which might result should
future
distribute
earnings
in
non-taxable
stock
dividends
instead of in cash.
Full
In
essence,
the language
stock
Tax
made
rate
a
on
Rates
Would Apply
inserted today read that if any corporation
dividends or stock rights which are not taxable in the
hands of the stockholder, the
distribution.
corporation would be treated as if it has not
In other words, it would be assessed the graduated
undistributed
earnings
the same as
if it had never
distributed
correspondent of the New York "Journal
April 16 in a reference to the bill said:
The Washington
of Commerce" on
means,
on
the tax bill
by the House Ways and Means Committee was made in
columns
undistributed corporate
debtor corporations would be encouraged to set aside
The proposed new tax
appreciable knowledge of the bill.
Reference to the
these
on
anything to its shareholders.
.
stantially the form in which it is reported by the Ways and Means Com¬
any
tax
Ways and Means Democratic subcommittee again took charge Avith
distributes
President has asked to continue work relief for another year.
into a formal
the
as
the fiscal
including taxes and the $1,500,000,000 appropriation which the
the Ways and
of concessions on an "instalment" basis for debt-
corporations under the proposed
corporations
thereafter.
program,
A plan for a a grant
ridden
profits AA-as Avritten into the tentative draft of the new Revenue Bill today
That President Roosevelt will insist that
new
From Washington April 16 a dispatch to the "Times"
reported further developments on the pending legislation—
was
noted therein
bill is expected to run upward of 220 pages, which
roughly, perhaps as many as 55,000 words.
substitute for the present tax
latter will
It Avill be
a complete
law and, if finally adopted by Congress, the
be junked in its favor.
glimpse of the bill perhaps Monday.
The House bill will be given its first
•.
Financial Chronicle
2596
Under
same
(April 10) the correspondent of the
earlier date
an
in part stated—
paper
corporation tax law
expected
first year's operation of the law today threatened to defeat
Loopholes
during the
collection of the full amount of revenue
Administration efforts to balance the budget
of the Federal Government
by the close of the fiscal year 1937.
Planned
yield $799,000,000 annually, more than enough
of the new farm program and payment of the soldiers'
originally to
to meet the costs
bonus, it is
House Ways and Means
"lag" in collections during the first year of the program
conceded by members of the
now
Committee that
will result in
a
March
On
dividends
of 1937.
subject to the normal as well as surtax rates
will not then become taxable
/
William
the situation
program was
(Dem., N. C.) said that he was not "alarmed" by
insisted that the amount of revenue expected from the
and
structure so that the burdens
partnerships and individuals.
between corporations,
"There
of the Administration—to revise
of taxation will be equalized
secondary to other objectives
the corporate tax
"The first is the reformation of the
the second is
In order that the program be
revenue.
enacted into law we
Patents
members of the House sub¬
committee had received word that President Roosevelt has
the effect that
Advices to
have temporary process¬
ing taxes, suggested in the Presidential tax message but dis¬
carded by the committee, placed in the House bill were
contained in a Washington dispatch April 15 to the "Herald
Tribune."
Under date of April 15 a dispatch to that paper
intention of exerting pressure to
said—
Committee, pre¬
sumably with the sanction of the Republican Congressional leadership,
have tentatively agreed on a fiscal program to be offered as a substitute for
the Administration's proposal of a tax on undistributed corporate earnings.
While the proposals of the minority have not been announced, it has
been learned that
resulted in preliminary approval
series of meetings has
a
President's request
extensive curtail¬
ment of expenditures.
However, for the first time since 1932, it appears
that the Republicans are preparing to present a tax program of their own.
The House Committee Republicans have declared themselves in favor
of an excise tax on foreign commodities coming into this country and
depressing the price of domestic commodities.
Through such a recom¬
mendation, the Republicans hope to attract a great deal of Democratic
support, particularly from representatives of the dairy states.
The propo¬
It is proposed to stress that the
plan of strategy.
$1,137,000,000 of additional revenue can be met by
pointed out, to large groups of farmers,
sition would also be attractive, it was
believe can be particul-rly
smarting under lower farm prices, which they
traced
Administration's reciprocal
the
to
The
Sirovich bill to force
Copyright Union."
the International
into
Paine, Chairman of the Board of the Music Publishers Protective
John G.
Association, New York, declared the rights of composers would be materially
curbed by the
Before
bills.
the
committee,
From Washington
The first formal
plan for
formulated by Represetatives
April 13 Associated Press reported:—
House committee's
graduated according to percentages
from a Senate finance subcommittee.
expression of Senate sentiment on the
tax on corporation income
a
of undistributed income came today
Considering legislation
idea
for
in appropriate form the House corporate
Under the bill
tax schedules.
income
corporation
present
profits from war, the Senate group
to remove
voted unanimously to substitute
Walker,
Forrest
opposition to the Vandenberg amendment to the Duffy copy¬
right bill, said, in part:
period of
a
Numerous public hearings have been held at
years.
many
interested'
all
which
been
opportunity to present their views.
had
parties have
exhaustively debated that any participant in these
so
hearings would find it difficult, and perhaps impossible, to contribute any
Probably no useful purpose would be served by any lengthy
copyright problem, but it may be helpful to restate
arguments.
new
statement
the design
on
of our objections to this amendment.
clearly understood that neither R. H. Macy & Co.,
broad basis
the
briefly
At the outset it must be
Inc.,
nor
House
principle to
opposed in
retailer is
other reputable
any
design
protection when, in fact, the design is novel, original, and a true contribu¬
tion
to
applied
possibility
is practically an im¬
which adequately protects the interest of
The main difficulty is that it
art.
draft legislation
to
difficulties
trade
In attempting to cure
consumer.
by
magnitude
unknown
of
legislative
there
means,
is
be more harmful than the disease.
Our objections, therefore, relate primarily to the methods of effectuating
design protection.
.
.
.
Under
our
existing law, we provide adequate protection to creative
may
the distinctive merits of
The patent office makes
Under
based on
character.
patents
inventive
and
prior registration to ensure reasonable protection.
of
search
careful
design
originality
novelty,
this
granting
by
genius
remedy
that the
danger
always
the prime
however,
amendment,
test
of
merit
simple priority
is
the development of meritorious design.
amendment would place an intolerable burden
ages
This
there
Since
of
We believe that such a standard neither protects nor encour¬
registration.
is
retailer.
the
upon
of any provision to relieve the retailer
complete absence
a
it would be impossible for the merchant
of
liability in
to
buy with safety, except at prohibitive expense.
infringement suits,
It is not always realized
design copyright of the type here under discussion may be applied to
that
.
When it is realized
be as many as 300,000
separate and distinct items of merchandise which may be subject to
copyright, some idea is obtained of the magnitude of the problem.
All
buying and selling activities would be disastrously disturbed.
All too often
design copyright would become design blackmail.
Unlike previous bills, this amendment does not limit a retailer's liability
to purchases made after a preliminary injunction. has been granted against
that
everything
the
in
suitable
copies
vision
furnishes
This
due
denied.
or
If
the
of
,
.
may
alleged to be infringed.
designs
Such
a
pro¬
protection to the retailer, but not sufficient protec¬
some
is
sells.
there
store
and the retailer has been furnished proper notice together
the manufacturer
with
merchant
the
department
large
character and the
Opposition to Duffy Copyright Bill Voiced Before
Committee on
Patents—Constitutionality
congressional committees
Design copyright bills ha^e been considered by
over
tion.
drsatically.
the latter would have been moved up
Q.
April 9,
on
R. H. Macy & Co., Inc., testifying in
economist representing
practically
trade agreements.
Republicans are being
of the
ideas
Frank Crowther, of New York.
tax
in
cunningly devised than the
more
States
invites
result
would
could be
United
bill
Daly
and
others,
Nothing
the
or not, takes sides with the big
retaliation from Great Britain, France
complete isolation of American interests.
whether consciously
Duffy bill,
The
1
the manufacturer, the distributor and the
Republican members of the House Ways and Means
a
Association,
Publishing
Committee:
The subject has
the revenue."
will have to be patient about
for
Music
Boston
the
.
drafted by the committee,"
corporation tax law and
in the bill now being
two purposes
are
he declared.
of
Music Publishers Asso¬
told the House
Fisher, representing the National
Arms
and
Chairman Doughton
no
publishers opposed
music
for
spokesmen
1938.
until
as
26
ciation
and
be corrected, it was
of corporations in issuing
to their stockholders until the first two and one-half months
The income thus received by the stockholders which is to be made
by reason of the probable delay
occur
has almost
designs
leather
to' say:
"The
"lag" in collections, which admittedly cannot
The
said, will
registration of
provisions of the three pending bills to revise and
modernize the copyright laws of 1009, it was stated in Asso¬
ciated Press accounts from Washington, which went on
interests.
"Lap" in Collections
the
codes
major
substantial cut in expected revenues.
a
April is, 1936
the
of
entirely ceased.
the proposed new
concessipns in
and
that will make impossible
invalidation
to
fact
the
selling
that
many
designs
are
of
ephemeral
an
before the injunction is granted
may pass
season
preliminary injunction is ultimately reversed, the retailer
a
Ques¬
is
seriously injured because he has lost sales on the article in controversy.
by Railroad and Tanners' Interests—Vandenberg Amendment to Bill Opposed by R. H.
If
protection is to be given tp persons who register designs and they wrong¬
tioned
Methods for
Macy & Co.—Objections Relating to
Design Protection
as
to the
constitutionality of the bill and racketeering
design registration provisions of the
measure were expressed by Melvin H. Coulston, representing
the Eastern Railroad Association, and Edward A. Brand of
possibilities
in
the
advices to the
the Tanners Council of America, Washington
York "Journal of Commerce" added:
New
was
by the Senate
passed
No
last
and would permit
session,
.
.
burden
the
the
the
thousands
design
could
that
secure
a
a
validity of
from
definition of
under the
/asserted,
asserted
least
at
the
manufacturer of
monopoly
that
it would
unpatented machinery
his goods simply
on
might be attacked
legislation
in
include "authors"
the
by
or
other products
embellishing it with
a
design.
Mr.
embossers,
design
and
while
the
piracy,
the
measure
the
would
Tanners
bill
Duffy
particularly
Council
would
not
is
in
prove
the tanners
affect
favor
of
practical
Finally,
in the
the
answer
to
shall
eradication
part
Lack
of Demand
is not afforded, those members
of the leather
designs will find it more
profitable to abandon the field and' concentrate on some other type of
leather, and the demand for fancy leather will die because of lack of nourish¬
industry who aid and promote the use of
by
new
in
the
leather
new
problem of protecting designs
code
under
National
unwarranted
would
analysis
and
greatly
many
all
of
of
By
ex¬
this
design
everyday
make possible
It
use.
lower
these savings woHld
is
frequently
prices
a
then
because
given
article
be passed on
plausible but specious argument.
a
the maximum price.
secure
are
The
When the
removed, the uniform result is higher
fully demonstrated
that entrenched monopoly docs
pocketbook with philanthropic intent.
believe that this amendment is objectionable from the view¬
small
It is certain that it would
manufacturers
and
individual
mean
designers
as
continual
well
as
wholesale distributors.
United States Supreme Court to Hear Arguments
of
Municipal
Bankruptcy
Relief
on
Act of
1934
On
April 13th, the United States Supreme Court agreed
the question of the constitutionality
of the Municipal Bankruptcy Pelief Act of 1934, one of the
New Deal measures.
The text of the Act was given in these
columns June 23, 1934, page 4188.
From Washington,
April 13, the New York "Times" noting that the Court will
pass on a Texas suit involving the validity of the Act, added:
and stimulating patterns and the entire trade will suffer."
He said that the
it
require
to hear arguments on
fancy leather industry," he asserted.
•
wholly
that
would
of
in meeting the
play any
it
and
the problem of registration and promoting a par¬
developments of stylized quality merchandise
"For, if such promotion
ment
of
that
This is
point of broad public policy.
design rests the question of whether or not fair competition stability
the
know
in the last
and
would
competition
family
Validity
"Upon
and
we
harassment
problem.
ticular
We
because
articles
monopoly is to
Experience has
regard the
retail
said
Brand
copyright
consuming public.
objective of
prices.
not
The legislation is so loosely written, he
designer.
a
the
standpoint
of their monopoly
use
a
monopolistic rights to the manufacture and
of
is assumed
It
costs.
leavening forces of
Coulston
court,
law suits,
establish
would
we
that
at lower
to
distribution
impose
design owner would then produce greater quantities of
whole
Mr.
of
would
public.
consuming
expenses
countless
of
Court Attack Hinted
the
amendment
this
is borne by the customer in the form of higher prices.
expense
copyright
for the
should be given the advantages of this proposed
persons
pensive investigations and
sale
adequate damages
assumption of liability for wrongful
that
upon
increase
pay
.
believe
We
compelled to
There is no provision of that kind in this bill, and it properly
Act without any
rights.
should be
persons
injury done.
argued
the
registration of designs by the simple process of filing photographs or other
representations of the material to be protected', without investigation.
bill
The
such
then
belongs there.
Opposition to the Duffy copyright bill has been expressed
by various interests at recent hearings in Washington before
the House Committee on Patents.
On April 7, reporting that
doubt
fully impose their monopoly upon a retailer who ultimately wins in court,
Recovery
was
dealt with adequately
Administration,
but
since
A request for a review of a decision
by the Fifth Circuit Court of Appeals,
upholding validity of the Act, was granted; the issue involved is whether
a
municipality can
go
into bankruptcy.
Financial
Volume 142
The suit
arose
when bondholders of the Cameron County Water
District No.
ment
1 of Texas challenged the right of the
advantage of the terms of the law which authorized cities,
other political subdivisions to refund
Improve¬
district to take
counties and
debts in the Federal bankruptcy courts.
Arguments were set for April 28, but there is some doubt that a
decision
2597
Chronicle
We do not think that
constitutional provision.
People
ployees instead of including all and any employer.
this
view
narrow
required
is
by
any
When able-bodied, willing men
look after them.
their particular calling or trade.
generally, not from any
be treated as a class, irrespective of
may
themselves some one has to
cannot find work they
live, and when they cannot support
have to
The
peril to the State arises from unemployment
any
before the court adjourns for the summer recess.
come
can
particular class of workers.
unrelated
so
Decision
on
Guffey Coal Conservation Act
United States Supreme Court
Deferred by
Supreme Court recessed for two weeks
April 13 without making known its conclusions as to the
constitutionality of the Guffey Coal Conservation Act.
The United States
to the
the Court
was
conclusion of arguments on the Act before
our issue of March 14, page 1738.
made in
together.
Supreme Court to Review Question
Extradiction of Neidecker Brothers
States
ployed trust
fund, created under
obligations of the unem¬
fund of the United States Government.
This is merely a form
of security,
the moneys never leaving the power or
of
Court agreed on April 13 to
review the case involving the extradiction of Bertrand Coles
Neidecker and his brothers, George W. and Aubrey; the
case was referred to in our March 21 issue, page 1914.
The United States Supreme
Validity of New York State Unemployment Insurance
Law Upheld in 5 to 2 Decision of State Court of
Appeals—Dissenting Views of Judge Hubbs
the New York State Unemploy¬
upheld at Albany on April 15 in a
The constitutionality of
Appeals.
Chief Justice
Frederick E. Crane wrote the prevailing opinion, in which
5-2 decision of the State Court of
joined by four other Judges; a dissenting opinion was
Irving G. Hubbs, whose views were <?oncurred in by Judge John F. O'Brien.
It was stated in an
Albany dispatch to the New York "Herald Tribune" that
Judge Hubbs was inclined to concur with Justice Pierce H.
Russell, of the Supreme Court of Troy, who recently de¬
clared the statute unconstitutional.
Judge Hubbs (to quote
from the dispatch), felt that the law did nothing toward
relieving unemployment, benefited a certain select group
at the expense of the public at large and exceeded the police
power of the State, since "the benefit to the general public,
if any, would be indirect, incidental.'*
The ruling on March 16 of Justice Russell of the State
Supreme Court was referred to in these columns March 21,
page 1915.
Judge Crane, in the prevailing opinion, up¬
holding the validity of the law, said, "I can
.
.
#.
see
nothing unreasonable or unconstitutional in the legislative
act which seeks to meet the evils and dangers of unemploy¬
ment in the future by raising a fund through taxation of
employers generally."
In Judge Crane's conclusions it was
also stated that "we can find nothing in the Act itself which is
so arbitrary or unreasonable as to show that it deprives any
employer of his property without due process of law or
denies to him the equal protection of the laws."
From the
Albany advices to the "Herald Tribune" the following is
he
was
written by Judge
taken:
three
The
H.
actions
covered
Power
H.
the
Associated
today's
Industries
of
William F.
of the law.
the Associated Industries case,
Concurring with Judge
were
of the Court
John T. Loughran and
Crane in the prevailing opinion
Judges Irving Lehman, Leonard C. Crouch.
and it can only
all arbitrary to confine the tax
principally arises.
It is said that this is taxation for the benefit of a special class, not the
public at large, and thus the purpose is essentially private.
The Legisla¬
ture, after investigation, has found the facts to be that those who are to
receive benefits under the act are the ones most likely to be out of employ¬
ment in times of depression.
The courts cannot investigate these facts,
and should not attempt to do so.
The briefs submitted show that the
classification or selection made by the Legislature has followed investigation
and has sought to reach the weakest spot.
Experience may show this to
be a mistake.
No law can act with certainty; it measures reasonable
employment out of which the difficulty
to a business and
probabilities.
...
with the benefit
who have been dis¬
charged or left because of strikes.
Here again the Legislature must exercise
its judgment, and a full scheme or plan cannot be condemned because
Fault
also
is
allowed, after
perhaps with some justification,
found,
a
period of 10 weeks' idleness, to those
the courts may not approve
of certain details.
So, too, the right to refuse other work of a certain
kind when offered
There may be a diversity
of views as to the
has
criticism.
in for
come
wisdom of these provisions, but again,
unless they
consider
to
Whether
or
become
courts
arbitrary.
these are not matters for the
extreme as to become
so
the Legislature should
not
pass
such a law or whether
remedy or the relief predicted for it is a matter
of the laws.
equal protection
dissenting views of Judge Hubbs, we quote from
the Albany account to the "Herald Tribune":
As to the
the majority ruling,
Dissenting from
based
not
on
its spread."
that the law applies
The principal
discharged, quitting jobs or out because of strikes ana
domestics if four
to
even
making no
He also pointed out that benefits
need of financial assistance, allows payments to those
effort to "prevent or limit
are
Judge Hubbs described the act
entirely with the effect of unemployment,
and found it deals
or
more
home.
hired in a
are
opposition to the'law, he continued, is that it
clause of the Constitution and the Court must
violates the due-process
decide if this is so.
Puts Cojistitution First
"If
statute,"
the
he
either respect, it cannot
"violates
said,
the
constitutional provisions in
be sustained no matter how
persuasive the argu¬
and is, therefore, within
'First the Constitution and then the police power' is
be that it promotes the public welfare,
ments may
power.
the courts are required to apply."
Although the State has declared that its
policy is to prevent economic
unemployment is a
insecurity due to unemployment and that involuntary
pointed out that the law does
involuntarily unemployed.
The law provides
subject of general concern, Judge Hubbs
limit
not
benefits to those
employees," he added.
only "for a limited class of unemployed
benefits
Likewise, he went on, it is liable to result in greater
unemployment, since
employing four persons now may try to get on
persons
tributions
fund.
the
to
with three to evade
will cut down payrolls to decrease their con¬
Continuing, the Judge declared that wage earners not
covered by the
through increased cost
fund, are not cer¬
From the
opinion of Judge Crane we quote in part as
those who will have to pay for it,
of commodities.
follows:
Even employers, contributing to the
tain their moneys
will be used for their own unemployed, since
is
increased enormously in every
Is there any means
possible to provide against unemployment, the loss of work with its serious
consequences to the family, to the children and to the public at large?
When such a matter becomes general and affects the whole body politic,
a situation has arisen which requires the exercise of the reserve power of the
State, if there be a practical solution.
.
.
.
The fact is that in the last
pooled, he said, and the minor benefits to the
In view of these facts, Judge
Unemployment, from whatever cause, has
part
of the country, if not
few years enormous sums
throughout the world.
employment.
of those out of work who could not get
would be a strange
government at all, which could not give
Such help was absolutely necessary and it
kind of government,
in fact, no
tax law and if it is to
as
a
is
deemed
to
That is what this law does, he felt.
"The benefit," he said, "to
the general puvlic, if any, would be indirect,
benefit does not make the statute one for the
Such
incidental.
Judge Hubbs agreed with Justice Russell and
In conclusion
States
United
through
taxation
of employers
This act in brief taxes a certain
This
class
persons
of employer
generally.
/
class of employers 3% on their
includes those who have employed at
within each of 13 or more calendar weeks
payrolls.
least four
in the year 1935, or any
The employment of farm labor, of one's spouse
employment in certain charities are excluded.
subsequent calendar year.
or
minor
children, or
charged
against this Act, because employers who have had no unemployment are
obliged to contribute to a fund to help those who have lost positions in
failing or bankrupt businesses; also because the line is drawn at four em¬
Unequal protection
of the laws and unfair classification are
State's
reliance
without
Co., covered this situation.
analysis he found
the Workmen's Compensation Act
application.
on
found that
in the case of
The
Supreme Court's decision, particularly
the
railroad retirement board vs. Alton Ry.
fund
general
welfare."
investigation and study and
the report of experts, has proposed what seems to be a better plan.
In¬
stead of solely taxing all the people directly it has passed a law whereby
employers are taxed for the help of the unemployed, the sums thus paid
being cast upon the public generally through the natural increase in the
prices of commodities.
Whether relief be under this new law of the Legis¬
lature or under the dole system, the public at large pays the bill.
We may concede that much of unemployment is due to other factors
than business depression.
Just what does cause slumps in business, panics
and unemployment has never been satisfactorily explained, but a
very
large percentage of those who are out of work have lost their jobs or positions
by reason of poor business conditions and hard times.
I can see, therefore,
nothing unreasonable or inconstitutional in the Legislative Act which seeks
to meet the evils and dangers of unemployment in the future by raising a
Legislature of the State, acting after
However, this
State."
the Legislature could not,
"under the guise of the police power, enact a valid law the effect of which
would be to take the property of one class and give it to another class."
help in such trouble.
The
"be because it
be found constitutional it must
within the police power of the
be
the money
general public are "indirect."
Hubbs said, the law cannot be sustained
is limited and it has always been held that
power
of State and Federal money have been spent to
keep housed and alive the families
it
for fair argu¬
ment but not for argument in a court of law.
Here we are dealing simply
with the power of the Legislature to meet a growing danger and peril to a
large number of our fellow citizens, and we can find nothing in the act itself
which is so arbitrary or unreasonable as to show that it deprives any em¬
ployer of his property without due process of law or denies to him the
will afford the
act will be among
Edward R. Finch.
Money
unemployment period.
be obtained and it does not seem at
the law, while other employers
ing payments to strikers and discharged employees.
to be immaterial.
exist to meet such situations,
State must
the
by raising funds to tide over the
be met
were
Justice Russell found
while Justice
Dowling of Utica, pronounced two features of the statute in¬
other cases.
Justice Dowling declared void the sections allow¬
law unconstitutional in
valid in the
decision
C. Stearns & Co., of Syracuse,
judgments as to the constitutionality
the
in
control of the State
legislation as we have here a tax
exercise of the police power seems to me
an
or
the test
brought by the
and
New York State, which sought declaratory
by
Chamberlain Co., and E.
W.
be deposited in or invested in the
Whether we consider such
authorities.
the police
Three Actions Are Covered
the unemployment insurance
The fund, known as
must
ment Insurance Law was
As stated before, unem¬
large extent linked
arbitrary.
...
this law, is to
measure
United
the
to
their pay rolls unreasonable or
upon
ployment and business conditions generally are to a
on
reference
So likewise employers generally are not
unemployment problem as to make a moderate tax
,
employers." Judge
Hubbs concluded.
"It is against a certain class of individuals and corpora¬
tions who are enagaged in employing wage earners.
The term 'industry'
is a mere concept.
The burden is placed not upon industry but ©n those of
a certain class who are engaged in industry and upon others not so engaged.
"The tax or
It
is
placed
contribution is not against industry or
not
alone upon those who have unemployed
but also upon those
the
who have
no
obligation and duty of the
The question
upon a
State.
wage earners
No one questions
unemployed workers.
That question is not involved.
here involved is whether the State may
place that burden
certain class of individuals aDd corporations for the benefit
in no way responsible.
of another
class for whose condition they are
"If the statute is
act
can
unconstitutional in its main features, no part of the
We cannot rewrite the statute."
be sustained.
The following
.
.
is from United Press advices from
.
Albany
April 15:
The
law
tribute to a
was
passed
by the
1935
Legislature.
State employers con¬
"pool" subsequently to benefit employees in time of unem¬
ployment.
Asserting compulsory contributions
vasion of property rights, attorneys
from employers represented an in¬
for the firms charged powers of Indus-
Financial
2598
trial Commissioner Elmer F. Andrews, under the law, were "illegal grants
of
Chronicle
Bonus
powers."
legislative
Associated
the
was
Industries,
assurance
no
Federal law
a
composed of indus¬
membership corporation
Court
the
remedy,
In the
that it would be continued.
ference With
injunction
At
made because the law permitted no
was
told.
was
Associated Industries
counsel cited lack of
case
refund of contributions
provide for
or
provision to
a
The law did not permit
permit payment of contributions under protest.
action to obtain refunds.
an
In this case the sole remaining alternative was for the concern to
the law, and depend on a court order to restrain its enforcement,
said.
Instead
Ignore
counsel
conference in
Washington on April 14 held by Secre¬
and other Treasury officials with repre¬
sentatives of World War Veterans, Mr. Morgenthau an¬
nounced that 2,000,000 of the 3,500,000 ex-soldiers eligible
for payment of the Veterans bonus will receive checks and
3% bonds on June 15.
In a despatch April 14 from Wash¬
ington to the New York "Herald Tribune" it was stated:
a
tary Morganthau
Provisions of the law calling for criminal and civil penalties were
cited.
The elaborate procedure established
emphasized that if there had been provisions for refunds
there would be nothing to repay the concern for the expense
the data necessary to accompany the
Solicitor General
of compiling
contributions.
of law, passed during this Congressional session over the President's veto,
used "strained reasoning" to arrive at his result.
port of the bonus bill
York
Appeals
Law—Three
Commission
the certificates from
Decisions
Unanimous
to
Find That Commission May Reorganize Certificate
Issues and Approve Borrowing to Pay Taxes
The New York State Court of
Appeals in three unanimous
April 14 upheld the constitutionality of the State
Mortgage Commission Law.
One ruling sustained the right
of /the Commission to reorganize mortgage issues in the
absence of dissent by certificate holders.
Another held that
the Commission may borrow money to pay taxes in arrears
and other taxes not immediately due, and for foreclosure
expenses.
The third was similar to the second case. The
Court also approved the serving of notices of proposed plans
of reorganization by registered mail and by publication.
In
two of the cases there were written opinions by Judge Irving
G. Hubbs.
An Albany dispatch of April 14 to the New
York "Times" summarized some of the most important
parts of the ruling as follows:
decisions
on
have
available
The
veterans.
with the
the
Bond
&
Mortgage Guarantee Co. held
1,175 Evergreen Ave.,
property at
certificates aggregating $98,000.
since Aug.. 2.
the Bronx,
$100,000 mortgage
a
The company has been in rehabilitation
1933, and the State Commission took
reorganization.
the mortgage for
over
The reorganization plan was held fair and equitable by
Schwartz,
William
of Frieda Hennick, John H.
on
the
stitutional
in
an
that
ground
because
Lauro
Jennie
and
issue n.ay
it
Schwartz
as
executors
Ropke and Annie Ropke, certificate holders,
the
provided
that
Commission
two-thirds
Act
of the
was
uncon¬
certificateholders
bind the remaining third to a plan of reorganization; that
The
and
that the original
court had
not acquired jurisdiction.
Mortgage Commission mailed to certificate holders registered letters
presented to the court for its approval
dissents
were
on
enough
2,000,000
remaining bonds and checks -will be distributed gradually
on
that the bonds will be mailed out June 15,
has
been
made
from
the
Veterans'
where the proper
Administration
the
to
Treasury Department.
I will ask the various veterans' representatives to urge the veterans to
holcUtheir bonds for the simple reason that they are a good investment.
1 hope for their cooperation in this regard.
On the other hand, if the veterans desire to cash their bonds the money
will be available.
The Treasury is prepared to pay the maximum amount
that will be demanded.
The
following from Washington April 14 is from the New
York "Times":
Relief Rules to Be Broad
Veterans
relief who receive the bonus may be
on
rolls, but each
officials.
will be handled
case
on
Varying standards have
taken off the relief
its individual merits, according to
been set
in different localities
up
govern the amount of money a man must have in order not to be
to
eligible
for relief.
the relief rolls.
one
State to be ineli¬
he would go off
or more
Officials emphasized that there was not nor would there
be any blanket rule covering all veterans on relief.
At the meeting today Secretary
Director,
explained to
the
Morgenthau and Daniel W. Bell, Budget
veterans'
expeditious payment of the bonus.
the
Veterans
Thomas
Administration;
M.
leaders
the
government's plans
for
Brig. Gen. Frank T. Hines, Director of
A.-Harlan,
National
Commander,
and
Kirby, Legislative Chairman of the Disabled American Veterans
of the World War; Joe
Commander
of
the
Chittenden, Personal Representative of the National
of
Veterans
Foreign
Ray
Wars;
Murphy,
National
Commander, and Colonel John Thomas Taylor, Director of the National
The notice stated
Nov. 4, 1935.
to
was
be effective if approved by the Court and if written
1-3% of the
Administrator of the Veterans'
tant
Administration, and Roy M. North,
Deputy Third Assistant Postmaster General, also
certificate holders.
were present.
The enanctment of the
Fairness of Plan Not Questioned
"Baby Bond" Soldier Bonus Bill
noted in these columns Feb. 1, pages 707-709.
was
"The fairness and feasibility of the plan in general are not
questioned,"
Hubbs wrote in the Appellate opinion, in which all the
judges concurred.
"The responsibility of the Bond & Mortgage Guarantee
Co. is not affected
by the plan as approved by the Court.
to successfully urge in this Court that the provision
stitutional which pern .its
binding upon all
as
due
Legislative Committee of the American Legion; Harold W. Breining, Assisfc-
filed with the clerk of the Court by less than 33
Judge Irving G.
be speedy
be
giving notice of the reorganization and outlined the plan which
that the plan would
ill
checks
We have the plan for the distribution of the 3% bonus bonds worked out.
It appears
They objected to the reorgani¬
Mortgage
certificate holders who do not actively dissent from the plan are deemed to
have assented,
w
and
If, for example, a man with $500 is considered in
appealed from the Supreme Court ruling.
zation
bonds
gible, then if the veterans' bonus amounts to $500
Validity of Law Attacked
Martin
the
hope that by the end of July all applications will have been satisfied
certification
Court.
Supreme
15
In making known on April 13 plans for the conference
April 14 Secretary Morgenthau said :
on
which it had issued 54
on
June
The Treasury expects that
Administration
Veterans'
around
.
The
This leaves 800,000 veterans who have yet
which will be due them in June.
Mortgage
State
sup¬
Approximately 2,700,000 veterans have made application for their bonus
to seek money
Upholds
Court
Legion, Veterans of
major factor in insuring its passage.
w as a
payments, the Treasury said.
♦
New
to representatives of the American
explanined
was
Foreign Wars and Disabled Veterans of the World War, whose active
Henry Epstein, who argued the case, assailed Justice
Busseirs decision in the Associated Industries case, asserting the Justice
the
by the Treasury, the Post Office
Department and the Veterans' Administration for meteing the requirements
Counsel also
*
VJeterans Urges That Bonds Be Held
Cashing Them At This Time
of
Congress could repeal
creating the "pool" at will, it was asserted.
The appeal for the
Payments to 2,000,000 World War Veterans To
Ready June 15—Secretary Morganthau At Con¬
Be
trialists and businessmen, contended with the "pool" under Federal direction
there
April 18, 1936
a
It is too late
of the act is uncon¬
plan of reorganization to become operative and
certificate holders
of
a
particular issue when approved
Report of Operations of RFC Feb. 2, 1932 to March 31,
1936—Loans of $10,745,272,476 Authorized During
Period—$1,095,946,947 Canceled—$6,022,228,068 Ex¬
pended for Activities of Corporation
fair and equitable by the Supreme Court, after notice and hearing, and
Authorizations
approved by two-thirds in amount of the certificate holders."
Referring to the mortgage certificate situation which caused the creation
of the State Commission,
"The
State,
in
Judge Hubbs said in the decision:
view of the situation, acts to
holders] interest by creating
a new
$10,000,000
missed
Against
Suit
New
in
their
protect
[certificate
remedy, not to deprive them of their
interest but to protect the interest of all,
including the general public."
Chase
York
Attacks Modern Trust
National
Supreme
Bank
Dis¬
Court—Opinion
Indentures
and
of
commitments
the
Reconstruction
Finance Corporation in the recovery program
to March 31,
1936, including disbursements of $753,982,358 to other gov¬
ernmental agencies and $1,799,976,400 for relief, have been
$10,745,272,476, it is shown in a report issued April 6 by
Jesse H. Jones, Chairman of the
according
Corporation.
Of this
sum,
the
to
report, $1,095,946,947 has been canceled
and $879,324,529 remains available to the borrowers and to
banks in the purchase of preferred stock and capital notes.
relief
disbursements
include
$299,984,999 advanced
The
A
$10,000,000 suit against the Chase National Bank of
New York by holders of securities of a former Insull company
was dismissed on April 14 by Justice Samuel I. Rosenman of
the New York Supreme
Court.
Although Justice Rosenman,
lengthy decision, said that the bank was not liable at
law, he added that modern trust indentures, covering in¬
directly to States
by the Corporation,
$499,991,401 to the
of the Federal Emergency Relief
Administrator, $500,000,000 to the FER Administrator under
States
certification
upon
vestments of billions of
provisions of the Emergency Appropriation Act, 1935, and
$500,000,000 under the provisions of the Emergency Relief
Appropriation Act, 1935.
Of the total disbursements, $6,022,-
investing
than
in
a
dollars, were "utterly unjust to the
public" and possessed all the potentialities of
fraud upon innocent investors."
The bank was sued by
125 persons who held $250,000 worth of debentures of the
defunct
National Electric Power Co..
The indenture was
executed on Jan. 1, 1928, by the company, and the Chase
National
Bank
became
trustee
when
it
succeeded
the
Equitable Trust Co., with which it merged.
The "Wall
Street Journal" of April 15 quoted from the Court's opinion
as
follows:
The
Court said:
"While there exist
many
suspicious
circumstances to
and
the
National Public Service Corp. and other Insull topholding companies were
acting in good faith in
many
of the transactions testified to at the
trial, there is nothing to show that the bank had any knowledge of any
insincerity in alleged expansion and realignment policies of the Insull units."
"I
"that
am
the
reluctantly
defendant
constrained
has
this sad picture of high
ture,
was
to
conclude,"
successfully
finance.
the trustee cannot
negligible duty which
more,
of
he
held
imposed
exempted
Justice
Rosenman
himself from liability in
this
$3,513,352,982, or approximately 58%, has been
The following is also from the report:
Loans
authorized
464,934.
Of this
$79,910,594
disbursed.
remains
Authorizations
and
it by the indenture.
It did nothing
available
to
borrowers
the
and
were
made
of
for
the
6,719
purchase
banks
and
or
of
$1,944,754,755
preferred
trust
was
85%, has been repaid.
stock,
companies
capital
aggregating
and
1,121 loans were authorized in the amount of $25,777,455 to be secured by preferred stock, a total authorization for preferrec
capital notes and debentures in 6,844 banks and trust companies of
$1,295,833,169.
$109,675,886 of this was canceled or withdrawn and
stock,
$129,389,230 remains available to the hanks when conditions of authoriza¬
tions
have
Loans
banks
been met.
have been
or
Loans
tion
authorized
for
distribution to
$1,206,052,456.
aggregating
$890,479,471
upon
7,464 banks and trust companies aggregate $2,451,$426,799,585 was withdrawn or canceled and'
latter amount, $1,655,094,476,
debentures
$1,270,055,714
accountable.
performed in full the
to
amount,
Of this
For the inexcusable terms of the inden¬
It
expended for activities of the Corporation other
to governmental agencies and for
relief, and
sum
celed
but. having done that, it is absolved under the law."
said,
was
advances
repaid.
notes
indicate that the chief executive officers of the National Electric
not
228,068
$245,997,788
withdrawn
was
$69,575,197
disbursed and
have been
districts
and
authorized
aggregating
to
remains
$727,781,054
refinance
$122,851,569,
of
depositors of 2,675 closed
of this
available
has
586
drainage,
which
amount
to
the
was
can¬
borrowers.
been repaid.
levee and irriga¬
$4,490,943
was
with-
Volume 142
drawn
canceled
or
$53,552,628
One
and
and
Under
this
has
287
aggregating
has
been
Section
borrowers.
$16,347,275,
to,
businesses,
Act,
industry
borrowers.
been
have
business and industry
canceled,
or
$10,-
program.
$5,626,835
June
19,
1934,
aggregating
the
the
to
and
has
$22,360,484
$33,458,964
remains
addition,
the
Corporation
has
participations
aggregating
$14,544,211
of
which
withdrawn
was
or
authorized,
canceled
of
and
The
a
to
purchase
the
premium
a
still
are
at
close
of
of
Federal
securities
but $500,000
business
March
31,
not
were
actually paid
1936.
Securities
for
having
$27,197,450
of
at
$151,093,200
be
to
par,
purchased from the PWA were subsequently
$25,556.25, and securities having par value of
held.
In addition, the Corporation has
agreed to
of
held
part of securities having
position
an
listed
were
and
as
collected
aggregate
to deliver from
Disbursements and
to
at
a
later
date,
as
such
the PWA
time.
repayments
follows
sold
value of $53,809,200
par
time
or
to
Mr.
in
March 31 for all pur¬
Jones's report:
Loans under Section 5:
Disbursements
Banks and trust companies (lnol.
Repayments
receivers)..$1,932,913,985.29 $1,644,448,937.72
488.816,824.11
99,577,327.79
Federal La id b inks
387.236,000.00
352,512,730.52
Mortgage loan companies
314.842,112.98
190,075,087.75
Regional Agricultural credit corporations
173,243.640.72
173,243.640.72
Building & loan associations (incl. receivers).
116.506.180.02
110,874,731.55
Insurance companies
89.519,494.76
83,769,165.23
Joint Stoc
Land banks
15,809,372.29
13,863,929.30
Livestock Credit corporations
13,101,598.69
12,142,922.22
Railroads
(including recovers)
.
State
funds
for
Insurance
of
deposits
of
public moneys
Federal Intermediate Credit banks
13,064,631.18
or
599.119.77
distributors for payment of pro¬
cessing tax
14,718.06
Total loans under Section 5
Loans to Secretary of Agriculture to
purchase
3,300,000.00
Loans for refinancing
634,757
Ashley Drew & Northern Ry. Co
400,000
$9,828,365.90 and
576.95
22,300,000.00
on loan
for
repayments
of
$730,-
tornado)
208,070,329.88
Loans to aid in financing the sale of
agricultural
surpluses in foreign markets
Loans to industrial and commercial
47,118,959.13
20.224,586.66
13,200
535",800
9,077
3,124,319
500,000
3.124,319
230,028
35", 702
464,298
464,298
5,916,500
155,632
"i",666
46,588,133
4,338,000
1,289,000
838
500,000
11,500,000
538
1,150,000
Chicago Rock Island & Pacific Ry.Co 13,718,700
Cincinnati Union Terminal Co
10,398,925 2,098.925
Colorado & Southern Ry Co
28,978,900
53,600
1,150,000
13,718,700
8,300,000
28,925,300
8,300,000
1,000,000
mar-
10,645,538.66
livestock:
on
Loans
on
cotton
452.075,180.30
127.890,564.09
turpentine
Other
162,872,917.38
125,100,362.31
6,925,985.16
J
-
1,639,653.13
9,107,404.10
17.395.652.60
Total
loans,
exclusive
of
loans
secured
Milwaukee St.
by
preferred stock
$4,538,149,759.17 $3,098,674,085.06
Purchase of preferred stock, capital n tes
and
debentures of banks and trust companies
(In-
'
eluding $20,524,430.00 disbursed and $3,786,512.52 repaid on loans secured by
preferred
stock)
$1,056,768,053.23
10,000,000.00
Purchase of stock of the RFC Mortgage Co
Loans secured by preferred stock or
-T"
$179,044,341.77
12,000,000
Chicago North Shore &
Milwaukee
I
RR. Co
Columbus & Greenville Ry. Co
Copper Range RR. Co
60,000
-
Eureka-Nevada Ry. Co
Florida East Coast
Ry.Co.(receivers)
Western Ry. Co.
30,375.000.00
Total
Emergency
$1,097,143,053.23
Administration
of
Houston
&
386,935,255.46
to
governmental
agencies
Gulf Mobile & Northern RR. Co
Illinois Central RR Co
520,000
17,863,000
9,500,000
800,000
Co
Litchfield & Madison Ry. Co
Maine Central RR. Co
Meridian & Bigbee River
Ry.
22,667
1,000,000
Sault
2,550,000
100,000
744,252
2,550,000
894,252
6.843,082
571,391
100,000
100.000
2.300,000
50.000
2,300,000
23,134,800
99,200
785,000
Mobile & Ohio RR. Co. (receivers)__
Murfreesboro-Nashville RR. Co.
New York Central RR. Co
1,070,599
25,000
27,499.000
Missouri Pacific RR. Co
Chicago & St. Louis
99,200
&
""260
785,000
785.000
1,070,599
25,000
27,49 >.000
15,600,000
18,200,000
18,200,000
Haven
5,851
23,134,800
2,688,413
193,000
RR.
Co
New
8oo"666
6,843,082
Missouri-Kansas-Texas RR. Co
York
85,000
8,500,000
Ste
Marie Ry. Co
New
7.915
520,000
17.840.333
800.000
100,000
1,729,252
&
6,000,000
520,000
Co.
(trustee)
Paul
1,061,000
354,721
6,000,000
13,915
2,550,000
Maryland & Pennsylvania RR. Co._
Hartford
RR. Co
7,700,000
29,500,000
Pennsylvania RR. Co.
I__
221
600,000
3,000,000
10,000
4,475,207
300,000
St. Louis-San Francisco Ry. Co
Salt Lake & Utah RR. Co.
(receiver)
7,995,175
162,600
23,200,000 1,200,000
Southern Ry. Co..
14,751,000
Sumpter Valley Ry. Co
100,000
Tennessee Central Ry. Co.
147,700
Texas Oklahoma & Eastern RR. Co.
108,740
108,740
Texas & Pacific Ry. Co
700,000
Southern Pacific Co
Texas South-Eastern RR. Co
Tuckerton RR. Co
7,699,779
34,200
28,900,000 28,900,000
3.000.000
1,500.000
10,000
3,000
4,475,207
300.000
7,995,175
200,000
200,000
Sand Springs Ry. Co
162,600
22,000.000
14,751,000
100,000
147,700
2,805,175
5,000,000
264,336
55,020
706",000
30,000
700,000
30.000
30.000
45,000
6,000
39,000
39,000
18,790,000
15,731,583
St. Louis-Southwestern Ry. Co
Wabash Ry. Co. (receivers)..
$179,336,841.77
235,342,055.46
in
117,750
18,672,250
790,000
15,731,583
4,366,000
i,4b3~,666
4,366,000
400,000
22,525
.
400.000
50,000
22,525
22,525
598,798,128 6,968,156 488,816,824 99,577,328
In addition to the above loans
authorized, the Corporation has approved
principle, loans in the amount of $53,425,667 upon the
performance
Note—Loans to the Baltimore & Ohio RR. Co.
outstanding amounting to $66,-'
459,923 are evidenqed by collateral notes of the railroad in the total face amount of
$66,594,823.
Part of the outstanding loans was refunded by
acceptance of the
railroad's five-year 4^% secured note due
Aug. 1, 1939, in the amount of
490,000 at
Loan
$200,000,000.00
98,542,000.00
a
California Prune Association Files
Pomerene
145,000,000.00
Joint Stock Land banks.
Farm
Mortgage
Federal Housing Administrator:
To create mutual mortgage Insurance
for
55,000,000.00
purpose
fund
10,000,000.00
29,000,000.00
For other purposes
of
Agriculture
for
crop
loans
115,000,000.00
Officers of the Association
Grady, Secretary.
44,500,000.00
Expenses *
Prior to May 27, 1933
$753,982,358.26
To States directly by Corporation
To States on certification of the Federal Re¬
lief Administrator
$299,984,999.00
$3,517,028.00
Bert
Katz,
President, and Dwight K.
California Packing Corp., San Francisco;
Jose; Guggenhime & Co.,
enhance
500,000,000.00
Emergency Relief Appropriation Act—
1935
United States, or re¬
straint of the export trade of any domestic
competitor, and with the further
prohibition of
499,991,400.82
Under Emergency Appropriation Act—1935.
or
any
agreement, understanding, conspiracy or act which shall
depress prices or substantially lessen competition within the
United States
or
otherwise restrain trade therein.
500,000,000.00
Total for relief
$1,799,976,399.82
$3,517,028.00
Interest on notes Issued for funds for allocations
are:
are:
association entered into and solely
engaged in export trade, with the pro¬
vision that there be no restraint of trade within the
For relief:
Grand total
April
Libby, San Francisco; Richmond-Chase.
Co., San Jose, and Rosenberg Bros. & Co., San Francisco.
The Export Trade Act grants
exemption from the antitrust laws to an
10,731,960.63
Total allocations to governmental agencies
Members
California Prune & Apricot Growers
Assoc., San
San Francisco; Libby, McNeill &
3,108,397.63
Since May 26, 1933
exporting
The Association is formed to meet special conditions
in the export trade,
and is therefore organized for a limited
period.
Offices will be maintained
at No. 1 Drumm Street, San Francisco.
40,500,000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock
(including $15,000,000 held In revolving fund)...
of
California prunes.
The Commission's announcement
13 reporting this, said:
to
farmers (net)
Governor of the Farm Credit
Administration
for revolving fund to provide
capital for
Pro iuctlon Credit corporations.
and.relief advances
Papers Under Webb
Export Trade Act
The California Prune Export Association has filed
papers
under the Export Trade Act (Webb-Pomerene
law) with the
Federal Trade Commission, for the
2,600,000.00
Corporation
loans to farmers
$13,-
discount of 1% equivalent to $134,900.
for loans to:
Farmers
Under
10,539
292,500.00
under
Corporation
Capital stock of Federal Home Loan banks
Farm Loan (now Land Bank)
Commissioner
Secretary
,15,000
Henderson
Western Pacific RR. Co
$6,022,228,067.86 $3,513,352,982.29
provisions or existing statutes:
Secretary of the Treasury to purchase:
Capital stock
of
Home
Owners'
Federal
227,434
15,000
1,061,000
Georgia & Florida RR. Co.(receivers)
354,721
Great Northern Ry. Co.
105,422,400
Greene County RR. Co
13,915
St.
4,690
627,075
of specified conditions.
Total
Allocations
90,000
RR. Co.
Lehigh Valley RR
71.300
(re¬
ceivers)
Galveston
500,000
3.182,150
16,582,000
10,539
Ry. Co.
53,500
8,081,000
3,000
227,434
Gainesville Midland
Public
Works security transactions
53,566
219,000
(re¬
ceivers)
Fredericksburg & Northern Ry. Co__
Totals
Federal
8,300,000
3,182,150
16,582,000
3,000
717,075
Denver & Salt Lake Western RR. Co.
Erie RR. Co
Fort Smith &
60,000
53,500
Denver & Rio Grande Western RR.
Co
Wichita Falls & Southern RR. Co.
Wrightsvllle & Tennille RR
insurance
companies (including $100,000 disbursed for
the purchase of preferred stock)..
7,569.437
Paul & Pa¬
cific RR. Co
Pittsburgh & West Virginia RR. Co.
Puget Sound & Cascade Ry. Co
\
on corn-..
Loans
& Eastern Illinois RR. Co..
5,916,500
& North Western RR. Co
46,589,133
Great Western RR. Co
1,289,000
Pere Marquette Ry. Co
Pioneer & Fayette RR._
1
and
Commodity Credit Corporation for:
Loans
Chicago
Chicago
Chicago
Chicago
95,000 00
11,840,769.36
5e).__
4,135,969.67
1,070,000.00
Loans to finance the carrying and
orderly
keting
of agricultural
commodities
Central of Georgia Ry.Co
6,640.302.88
52,423,398.95
75.000
12,150,477
12,800
53,960
New York
businesses.
Loans to mining businesses (Section 14)
Loans on assets of closed banks (Section
41,300
605,367
134.757
549,000
MLssouri Southern RR. Co
Mobile & Ohio RR. Co
earthquake, fire and
14.600
0,000
78.610.400
7,569,437
53,960
Carlton & Coast RR. Co
Mississippi Export RR. Co
repair and reconstruction
of property damaged by
275,000
Baltimore & Ohio RR. Co. (note)— 82,125,000
Birmingham & Southeastern RR. Co.
41,300
132,397.56
22,300,000.00
in
■
18,000
4
Minneapolis
...
financing self-liquidating con¬
projects (Including disbursements
struction
of
2,500,000
634,757
3,300,000.00
53,552,627.57
drainage, levee and Irri¬
gation districts
Loans to public school authorities for
payment
of teachers' salaries
aid
14,718,06
$3,561,080,664.60 $2,705,585,580.24
cotton.
to
4,802,954.02
287,210.63
9,333.32
600.095.79
Fishing Industry
Processors
9,250,000.00
5,562,891.94
Credit unions
10,712,891.41
9,250.000.00
Agricultural Credit corporations
Loans
275,000
2,500,000
were
value
collected
poses
Corp
Ann Arbor RR. Co. (receivers)
Alton RR. Co
premium of $6,027,272,
at
delivered
issues
$
127,000
Alabama Tennessee & Northern RR.
Boston & Maine RR..
purchased from the
1,113
Repaid
$
127,000
Central RR. Co. of New Jersey
sold
a
Aberdeen &RockflshRR. Co
value of $207,550,472
Works
or
WUhdraum Disbursed
$
Of this amount, securities having par
and
is in
Authorizations
Buffa'o Union-Carolina RR
Public
841,122.
par
railroad, together with the amount dis¬
repaid by each are shown in the following
table (as of March 31,1936) contained in the
report:
Emergency Administra¬
having par value of $385,-
Corporation has
of
with¬
or
each
anil
Recon¬
Corporation
$103,450,201.
canceled1
or
ad led
was
$6,146,292 remains available.
tion
to
Canceled
which
of
$3,605,273
for
bursed
dis¬
was
In
purchases
2599
The loans authorized and authorizations canceled
Au-horized
5(d),
withdrawn
was
the
agreed
the
repaid.
Corporation
amount
to
to
Recovery Administration
withdrawn
was
1,597 loans to
available
or
loans,
National
provisions- of
Finance
authorized
the
amount
$913,234
the
struction
of
available
remains
Chronicle
drawn
sixty-two
with
this
of
bursed,
$64,807,998
through mortgage loan companies to assist
cooperation
720,440
and
disbursed.
was
hundred
authorized
in
Financial
-
-
17,410,245.40
.$8,593,597,071.34 $3,516,870,010.29
Increase
in
Applications for Loans During March
Reported by FCA
to
Purchase Farms
A statement from the Farm Credit
available for
Administration made
publication today (April 18) says that in March
2600
Financial
prospective farm owners, some of them spurred on by the
prospects of bonus payments, applied for more than $3,400,000 to purchase farms.
This was $1,000,000 more than
the amount of applications applied for in
February, the
Administration states, adding:
Nearly
of getting it,
prospect
Land bank
ticularly
thousand farmers,
a
with
the
down
payment in hand
made applications during the month
for
the
or
Federal
apd Land Bank Commissioner loans for farm purchases.
Par¬
nun|erous
were applications from States where farm income gains
last year showed that farming is again
becoming a profitable occupation.
Interest in farm purchasing has also been stimulated since the
Federal
Land banks dropped the rate on new loans to
4%
giving farm buyers
a year,
chance to pay out over a long period at an interest
charge a fuU one-third
lower than the customary rate.
a
Chronicle
6,434,088 short tons, raw value, to 6,609,625 tons. In
1935, sugar consumption was 6,632,516 tons. The AAA also
announced April 10 that the continental beet
sugar industry,
as
the result of two short
crops
to
market
and
in succession, was expected
207,821 tons less than its quota of 1,550,000 tons,
that
this
other
the Administration's announcement of
April 10:
The
revised
General
(April
9)
vides
that
ciency in any
With
favorable
more
peak of
farm
terms,
purchase
$8,000,000 last October and
over
loan
applications reached
after
now,
a
decline during the
it
$66,000,000 in the first quarter of 1936, the largest amount in
any similar period since the organizations were started,
S. M. Garwood, Production Credit Commissioner of the
Farm Credit Administration, said April 12.
The dollar
volume of loans increased 20% and the number
16% as com¬
pared with the first quarter of 1935, the Commissioner's
statement shows.
He said:
steady increase in cash financing
a
of crop and livestock production and farm
tions
made
supply purchasing.
103,000 loans during the first quarter,
over
set
are
1,
signed
Wallace.
forth
in
yesterday
The
revisions
under the authority of the
Jones-Costigan Act, which pro¬
Secretary of Agriculture shall revise the estimate of sugar
the
upward
downward
or
consumer
basic
during
requirements,
producing
area
and
to the
the
in
year
re-allocate
may
other
accordance
quotas
with
indicated
an
defi¬
areas.
was
made Dec. 28,
on
has become
this later information.
for
sugar produced in the continental United States
by the Jones-Costigan Act at 1,550,000 short tons, raw
value, for
and 260,000 tons for cane sugar. Under the revised
regulations
change is made in the quota of the continental beets sugar area Bince
sugar,
is
unable
cane
sugar
While
to
market
increase and
net
the
full
but the quota
quota,
increased
addition
to
reallocation of the
181,788 tons will
for the
is
175,537
indicated
tons, the effect of the
deficiency in beet
will
sugar
totaling 383,358 tons.
to the continental
go
continental
319,304 tons.
the quotas
to
increased sugar marketings by other areas
Of this increase,
the
its
has been
area
the
be to allow
cane
sugar
industry,
Virgin Islands, Puerto Rico, and the Territory of
Hawaii; 69,947 tons
Philippine Islands; 129,826 tons will go to Cuba; and 1,797
will go to the
tons
will go to
foreign countries other than Cuba.
following table shows the fitst 1936 quotas
The
Reports from the associations reflect
changes
Revision
fixed
beet
no
over
3,
Henry A.
consumption
are
ing First Quarter 1936
Agriculture
available andi the revised estimate is based
The
Production credit associations loaned farmers
quota
The first estimate of consumption
requirements for 1936
1935.
Since that time additional information on
winter months, have again headed upward this
spring.
Record Loans by Production Credit Associations Dur¬
of
and
Series
have been made
75% of the appraised value.
a
estimate
Regulations,
Secretary
consumption
limited by law to 50% of the value.
Quota
by
changes in
was
consumption
Sugar
Bank Commissioner loans available for farm
purchasing in amounts up to
FCA facilities
indicated
deficiency has been reallocated
producing areas, in accordance with the
provisions of the Jones-Costigan Act. The following is from
the
among
Among the recent applicants are young farmers and tenants to whom
Congress gave a better chance of farm ownership last year by making Land
The previous limit for such loans through
April 18, 1936
from
tons
raw
for each
area
in
short
value, and the quotas after the revisions and re-allocations:
The associa¬
(In short tons, raw value)
half of them in
March.
The improvement in
agricultural conditions last
year and the
Original
availability
to finance their
operations
Continental U. S. beet
cash basis this year.
on a
producing
sugar
Revised
1936 Quotas
1936 Quotas
1,550,000
260,000
941,199
801,297
998,110
5,264
1,852,575
25,643
Area
of short-term money at reasonable rates has encouraged thousands of farmers
xl,550,000
319,304
1,007,158
857,452
1,068,057
5,634
area
Louisiana and Florida
The Commissioner said the associations in 10 of the 12
districts made large gains in business during the first quarter;
and
commented
particularly
the work of farmers'
associations in the Louisville district, where the volume of
business was doubled the first quarter of 1935.
The district
includes Ohio, Indiana, Kentucky, and Tennessee.
Mr.
upon
Territory of Hawaii
Puerto Rico
Philippines
Virgin Islands
Cuba
Foreign countries, other than Cuba
x
Of
Garwood also stated:
be
This spring many merchants and farm supply dealers are
doing busines8
on a cash basis with thousands of farmers who had not
bought for cash since
before the depression.
benefited
or
conditions
cash
Probably
a
good
many
by cash discounts before.
an
had
never
bought for cash
With the improvement in farm
increasing amount of costly time purchases will be shifted
basis at
raw
a
revised
1936
into
the
quotas, the following amounts
United
States
Area—
;
The revised
pounds
1936 quotas
in
the
following
The Automobile Manufacturers
Association, representing
every important automobile manufacturer except
Henry
Ford, has resigned from the Chamber of Commerce of the
United States, it was revealed on April 14.
No official
explanation of the withdrawal was issued, but it was reported
that the manufacturers
were
Area—
may
in short
Quantity
Puerto Rico
Hawaii
Country—
Haiti, Republic of
14,577
204
Brazil
British Malaya
Japan
Mexico..
564,205
288,114
China and Hongkong.
Colombia
Netherlands
Nicaragua
267
Peru...
20,597
263,302
6,668,480
211,384
Dominican Republic..
Dutch East Indies
shown
Dutch West Indies
Salvador
United Kingdom
Venezuela
6
France
Sub-total
175
Germany
Guatemala
921,614
3,432,568
1,751
4,009
6,031,877
217,865
10,221,004
11,114,100
8,208,542
350,667
290,002
Italy
26
Canada
Costa Rica
are
Quotas in Lbs.
Honduras
294,308
1,197
Czechoslovakia
126,033
29,616
__
table:
Quotas in Lbs
Belgium
Manufacturers Association Relinquishes
Membership in Chamber of Commerce of United
States—Motor Makers Opposed Chamber's Backing
of Bus and Truck Regulation
\
area
sugar,
for foreign countries other than Cuba
Australia
Automobile
direct-consumption
80,214' Territory of
Argentina.
,
from each
as
Quantity
436,128
Cuba.
Philippines
in
27,440
value:
busi¬
on a
1,982,401
deficiency of 207,821 tons has been reallocated.
Country—
reasonable cost.
a
the
brought
tons,
to
financing through production credit associations, banks, and other
institutions equipped to handle farmers' short-term credit needs
ness
Of which
49,455,860
117
Unallotted reserve
334,902
not satisfied with the Chamber's
Details
5,424,140
Total
54,880,000
of the Revisions
support of Federal bus and truck regulation.
Late this
week, it was said unofficially, that the Chamber would seek
to induce the Association to renew its membership.
Several
individual manufacturers retained their membership in the
The revisions which have been made in the
regulations are in three parts.
These are:
(1) a pro rata allocation of the 17,912 tons difference between
the original 1936
consumption estimate of 6,434,088 tons and 6,452,000
tons,
the figure established in the
Jones-Costigan Act as the
Chamber.
increases
discussed
as
Associated Press Washington advices of April 14
differences between the two organizations
the
The
dispute
began at the Chamber's
passed
was
calling
"for
convention
establishment
a
of
year
ago
Federal
of all forms of interstate transportation without further
when
a
regulation
delay," and saying
"co-ordination of these different forms of transportation is essential."
The automobile group was said to feel this resolution
railroad
interests,
and assertions
were
made
the
at
was
time
dictated
that
the
Every effort
the fold
as
was
an
of
ployed.
return
The auto group's resignation marks the second time within recent months
government
a
referendum
legislation,
some
among
local
indicating business
today,
was so
resigned
that
its
records
showed
as
on
from
trends
the
of
central
to produce a vote
Officials of the Chamber
a
substantial
increase
in
membership and contributions.
Sugar
Quotas Under Jones-Costigan Act for 1936
Upward—Secretary of Agriculture Wallace
Revised
Increases Estimate of United States
Consumption
for Year
Act,
announced
Administration.
The
entire
the
on
April 10 by the Agricultural Adjustment
The increase
was
the
result
in the estimate of United States consumption
of
a
30% to the continental producers
an
allocation
of the
167,626 tons
the
of 207,821
30%
beet sugar
were
of
the
tons.
increase
cane
for
the
sugar quota
industry is not expected to
noted in
our
continental
United
States
was
for Louisiana and Florida, since
reach its quota.
1936
as originally announced
issue of Jan. 18, page 374.
on
Dec.
28
Brookings Institution Critizes AAA Cotton
Program—
Survey Finds Production
Limitation
Increased
Foreign Output and Lowered World Consumption
of American Cotton
The cotton-control
program followed by the Agricultural
Administration for the past three
years has
stimulated foreign production of cotton and
reduced world
Adjustment
consumption of American cotton, according to an
analysis
on April 13
by the Brookings Institution of Wash¬
ington. The survey said that the control
plans had increased
the farmers' income
through price advances, but asserted
that this gain will
probably be more than offset by losses
from foreign expansion of
output and lower consumption
of the American staple.
The Institution also said that
crop
issued
reductions
An increase of 175,537 tons in the 1936 sugar
quotas, fixed
under the Jones-Costigan Sugar Control and Allotment
was
deficiency
sugar
When the organiza¬
recently
phrased
hostile to the New Deal.
was
however,
members
chambers
body, protesting that the referendum
said
its
(2)
state¬
policy and action with regard to absorbing the unem¬
Because of the huge size of the automobile industry Chamber
that the Chamber has encountered internal dissent.
the basis of
♦
a
business
conducted
between
organized body prior to the Chamber's convention the
At that time the Chamber will strive for
on
consumption estimate of 6,609,625 tons and the
statutory figure of 6,452,000 tons, 30% of which must be allocated) to the
continental United States; and
(3) a re-allocation of the indicated beet
com¬
officials deem its voice of the highest importance.
tion
be divided
The quotas for
being made to persuade the manufacturers to
latter part of this month.
ment
to
allotted to the continental
by
mittee which put forth the declaration was "packed" by railroaders.
to
point above which any
are
70% to the offshore producers;
difference
follows:
resolution
and
revision
during the
year
case,
were
greater than would otherwise have been the
due to government loans in
excess of the market
price.
By the fall of 1935, the analysis pointed out, the AAA
was
financing the holding of nearly twice as much cotton
as
the Federal Farm Board had financed
at the peak.
There
has
been
little
reduction in
the
status
of
or
displacement
2601
Chronicle
Financial
Volume 142
tution said, and added that cotton farmers' income increased
that although difficult and delicate questions will
to arise between the countries of this hemisphere,
about $276,000,000 by crop reduction and about
continue
difference between such
of tenant farmers
and
share-croppers, the Brookings Insti¬
the real
problems and those on other con¬
tinents is "in the atmosphere in which they are treated,
the spirit in which they are approached and the deeply
rooted desire of the Nations of America to preserve the
$418,000,000
by benefit payments.
Other portions of the report were
the Washington "Post" of April 14:
The report,
tution,
of
John D.
Research
sixth and last of
as
follows in
of commodity studies by
series
a
prepared by Henry I.
was
quoted
Richards, under
the
points made in the study appeared to be that
Hemisphere union to preserve peace and exert an influence
on
world affairs.
President Alfonso Lopez of Colombia
Edwin
G.
Nourse,
of
director
the
concerning the displacement of the share-croppers and tenant farmers
the AAA.
Members of
Union
the Southern
have
disputed
Tenant Farmers
such
findings
brought about by
and
Union
before
while countering with numerous case-histories of
evictions
under
Share¬
the
suggested that the American Republics "might evolve a
joint policy for the purpose of endeavoring to cause peace
to prevail in world councils and assemblies in which, much
to our regret, we have been playing a role subordinated to
the interests of great European Nations."
On April 10 it
"whitewashing,"
as
"appalling suffering under
reduction under the AAA."
crop
Provides Political Fireworks
side of
This
the picture
which is devoted first to
the AAA,
the
Political
to
constructions
able
to
attack
sion
is
true
to
The
be
a
activities
Federal
that
report
as
relief
some
as
was
inconclusive
able
income, and Republicans
farmers'
the
lured
non-American power.
Our most recent reference to the
croppers
boondoggling.
extent
result of the AAA cotton operations,
conclu¬
if the report's
unnecessary
comfort of
to
as
forthcoming conference a program of moral, economic
and military "disarmament."
It was also announced that
Guatemala suggested dhe formation of a league of American
Nations, pledged to mutual aid in case of an attack by a
the
seemed likely with Democrats
Emergency Relief Administration
labor for the relative
desert cotton
markets
the report
on
huge increase in cotton
point to the
the
of
loss
of
projected conference was
1903-04. A Wash¬
ington-dispatch of April 12 to the New York "Times" dis¬
cussed the replies to President Roosevelt's proposal in part
foreign
in the "Chronicle" of March 21, pages
stating that this could not
accurately measured', but that conclusive evidence was available that the
stimulated
had
program
foreign
production
cotton
during
three
the past
as
expediency" likely to operate to raise the price by restrictions on marketing
of economic and social
and
held
conclusion
had been
South
number of
reached
was
that
although
the
aggregate
income
of
the
the economic welfare of a large
increased by the program,
persons
the
"may have been" adversely affected.
Preliminary List of Individual Benefit Payments Under
AAA Made Public by Secretary Wallace
In
our
issue of April 11, page
2428, reference was made
April 6 by the Senate Committee
on Agriculture on a resolution sponsored by Senator Vandenberg, directing Secretary of Agriculture Wallace to furnish
a list of benefit payments of more than $10,000 under the
Agricultural Adjustment Act.
Mr. Wallace on April 5 made public a preliminary list of
large individual benefit payments under the AAA.
His
statement was summarized in part as follows in a Washington
dispatch of April 5 to the New York "Herald Tribune":
to the favorable
report
cane-sugar-producing cor¬
poration has received the largest amount for co-operating
with the AAA,
Hawaiian sugar-producing corporation
single check and will get $1,022,037.87 in all.
A
$1,067,665 in three checks.
received $470,313 in a
and plans for discussion
questions and of disarmament, most of them with¬
suggestions
a
$961,064.
A high percentage of the benefit payments
under the sugar-control
program were large because such a large part of sugar production is in the
Secretary Wallace pointed out.
conciliation,
and
arbitration
proposal for
covering perfection of
offered suggestions
governments
for
concrete
A
later.
until
made by
League of Nations for the Americas was
Republic and several States
expressed hope that the peace effort would be complementary to the
Geneva League.
All are expected to make detailed agenda observations
when the commission of Latin-American diplomats that was organized
Gautemala
Colombia,
week
last
the
as
agenda
a
Dominican
and the
committee in the procedure of
clearing house
begins its
preparing
held
Its first business meeting is to be
duties.
Wednesday.
Three
The replies made
Replies Lacking
public today numbered 17.
The first two have not yet given
They included responses
Bolivia, Ecuador and Paraguay.
from all the Latin-American States except
permission for publication of their notes,
been delayed
of the new Franco govern-
Paraguay, while it is to be favorable, has
and the reply from
by circumstances incident to the organization
ment.
All
to President Roosevelt's
replies were favorable
the
accepted the suggestion that the conference
the agenda can be
as
soon
the cessation of the Chaco war
Many agreed that with
far-reaching
the time was propitious for a
effort.
peace
The most elaborate
former
the
Republic,
suggested as a gesture of friend¬
that the conference meet in Washington.
ship
views and all
be held in Buenos Aires, as
prepared, although the Dominican
holding Buenos Aires acceptable,
while
One
large Puerto Rican sugar producer has been paid
hands of corporations.
agencies
on
Wallace's report showed that a Florida
Mr.
several
While
production.
A
_
follows:
American cotton price was forced up, the report says,
foreign mills heretofore using American cotton turned to foreign cotton.
The cotton loan policy was classed as a "serious mistake," with "political
While the
years.
proposed for consideration at
revealed that Chile had
was
the results achieved.
and its application, and
program
in the Brookings study,
is somewhat neglected
study of the cotton situation economically before
a
President
Roosevelt's Pan-American peace conference proposal. Many
of those countries advocated the formation of a Western
with
the Institution.
for
Most controversial of
April 12 made public replies
on
the
associated
Institute of Economics
of the continent."
State Department
from the heads of 17 Latin-American Nations to
Black, of Harvard University, and Joseph S. Davis, of the Food
Institute,
croppers
peace
The
the Insti¬
supervision
general
latter
urging
disarmament
and
economic
formation
the
and Guatemala,
discussions, and the
inter-American court of justice and
agenda proposals were made by Chile
proposing
of an
Doctrine.
multilateral application of the Monroe
Views
on
the Agenda
Large Payments Listed
46 payments in the
1933 cotton program exceeded $10,000, the largest
be incorporated in
7 wheat payments, covering the second
1934 and first 1935 instalments,
The largest was $29,398.32 to a California farming con¬
possible to extend the
investigation of social, commercial and
discussions to include an
peace
economic subjects.
.
Chile—Urged the preservation of existing
cern.
19 large hog producers
largest payment was more than $150,000 to a
feeds
5
hogs
garbage.
on
tobacco
The
California corporation which
received in excess of $10,000 each in 1934.
producers received payments in excess of $15,000 in
The largest payment was
$41,454 to
a
1934.
Florida concern operating 49 farms
19 rice producers received more than
$25,000 each in 1935, the largest
Louisiana company.
large sugar payments include: 28 of more than $10,000 dach to
Rican producers in advance payments with the indication that total
payment being $59,285.01 to a
The
Puerto
will far exceed that number; 25 of more
$10,000 each to large domestic sugar-beet growers; 73 of more than
payments of more than $10,000
than
each
$10,000
to
Louisiana
cane-sugar
producers; 39 large
Hawaii plantation owners.
payments
to
.
Secretary Wallace's Data Is Incomplete
Mr. Wallace's preliminary list did not
for in the
since
was
to
came
from the various
To obtain a full report would
running more than 20,000,000 punch cards through sorting machines,
He estimated that a complete report on the recipients of amounts
he said.
of
more
than
include names, which are called
incomplete in other respects,
commodity sections of the AAA, he said.
mean
than $10,000 could be completed in six weeks without using more
100 employees, provided a
cross-check over county and State lines
show total amounts paid to the pame
counties
were
not required.
individual operating in different
An immediate check would greatly delay the
mailing out of final AAA checks, he said.
As
an
alternative,
checks have been
to
Mr.
Wallace
mailed, his
all payments of more than
suggested that
agencies of peace but with neces¬
amendments, possibly in the form of a new
when the final AAA
Department should make a compilation of
$1,000 and the names of their recipients to be
and independent agreement,
a system of regional armament
exemptions on reciprocal trade, and
easing the flow of international commerce.
advocated
give full vitality to them;
limitation; declared for increased tariff
other measures for
Colombia—Suggested
a
regional peace pact, which would
of the present peace system in the
constitution of
a
new agency
extend the
Western Hemisphere through the
collaborate with the
for peace, which might
League of Nations.
Cuba—Declared for the perfection
system in the
tion in terms
and
with
the
and extension of the existing peace
Americas.
Guatemala—Proposed
a
,
mutual coopera¬
Monroe Doctrine,
American international court of justice
general treaty of solidarity and
providing for multilateral application of the
erection of a
permanent
jurisdiction for settling conflicts.
Dominican
Republic—Urged the taking of measures to found an
League of Nations, and suggested that the
The data, which did not cover cotton
Vandenberg resolution.
1933 and
sary
scope
totaling 29,158 acres.
might
the agenda follow:
Argentina—Expressed the hope that it might be
payment being $84,000 to an Arkansas corporation.
exceeded $10,000.
that suggested subjects that
The views of the nine governments
The salient statistics in the report today were these:
American
conference be held in Wash¬
ington.
El
Salvador—Advocated the perfecting of existing agreements
mental to efforts for peace of the
Haiti—Declared for the completion or perfection of
peace, or any
supple¬
League of Nations.
existing agencies for
others of the same nature of simpler and easier application.
no recommendations but in general urged measures for
Mexico—Made
supplementing activities of the League of Nations
and other agencies for,
peace.
The
eight governments that made no agenda
Costa Rica, Honduras,
suggestions were Brazil,
Nicaragua, Panama, Peru, Uruguay and
Venezuela.
Washington, April 16, advices to the New
"Times" said in part:
From
Argentine
York
suggestions for discussion at the projected Pan-American
contained in the form of a draft treaty sent to President
Peace Conference,
published in the final AAA report.
Roosevelt by Foreign Minister
Carlos Saavedra Lamas, on the
whole were
well received here.
Secretary of State Hull Urges Peoples
of Western Hem¬
isphere to Unite to Banish War—Speaks at PanAmerican Day Celebration—17 Republics Accept
President
Roosevelt's
Proposal
for
Conference
This Summer—Many Suggest Formation of League.
Cordell Hull, Secretary of State, in a speech on April 14
celebrating Pan-American Day, urged the peoples of the 21
American Republics to support the efforts of their Govern¬
ments to "banish forever the scourge of war."
He said
Secretary
Hull made haste to
explain in his press conference
today,
received and turned over
to the agenda committee for consideration.
Coincidently, it was learned
that the United States intended to submit its own plan to the committee.
The Secretary of State refused to discuss the Argentine draft in detail,
but pointed out that the Senate already had approved the convention of
the Montevideo conference of 1933, which declared that "no State has the
right to intervene in the internal or external affairs of another."
A sug¬
gestion that all nations adhere to such a policy was expressed in the Argen¬
however, that many
tine draft.
such documents are being
2602
With
Financial
regard to the
Argentine
proposal that diplomatic protection be
refused to nationals living in some other American
country, it was pointed
out that the Montevideo convention had
gone so far as to declare that
"nationals and
national
foreigners
authorities
are
and
under the
figures
protection of the law, and the
same
claim
not
may
rights
other
and
more
Chronicle
the
at
April is, i9se
present rate of expenditure, but because I believe that some day
and in
some manner we
this is
brought home to
for
The sooner
our present extravagance.
our citizens by the unpleasant road of taxation, the
budget will be balanced, the less the bill will be to pay, and the
will be the danger of inflation.
the
sooner
less
must pay
extensive than those of the nationr
A
Washington dispatch of April 14 to the New York
Tribune" quoted in part from Secretary Hull's
"Herald
address
follows:
as
In contrast to the
so
which
"insecurity, uncertainty and fear"
sections of the
many
republics "is
one
world,
the
that may well fill
effort," he said.
picture
presented
by the
with pride and inspire
us
prevalent in
now
American
further
us to
He cited the settlement of the dispute between Colombia
and Peru
over
Paraguay
as recent
Leticia and that of the Chaco conflict between Bolivia and
examples of the Pan-American desire for general peace.
In the last 60 years, he said, not less than
thirty-two boundary disputes
have been settled by peaceful means.
"When
we
questions
consider how
to
stop
and
were
how
deeply
difficult
and
delicate
they affected the
vital
of these
many
interests
of the
countries concerned, the magnitudeof the achievement becomes
apparent,"
he said.
"Important as the achievement is, however, 1 cannot
that it is but the
help but feel
introductory chapter to the larger role that America is to
play in giving to the world
example of international solidarity."
an
Roosevelt's
held this
suggestion
summer
as
that
indication
an
special inter-American conference be
a
of the determination
of the
American
republics to settle their disputes "by the orderly processes of conciliation,
meditation and arbitration."
Interests Centers
<
Parley
on
y
.
of the State Department and Latin-American
envoys here centered on the
special Inter-American Conference
be held late this
to
in
summer
J'
are
keenly
a
to
Not the objectives of the Federal laws but the methods that
may be
obtain them cause the differences of
visions of the laws with
as little interference and dislocation as
possible to
complicated machinery of the investment banking business, Mr. Wood
the
said nevertheless that
American
some
of
thought here.
The question of disarmament raised by Chile, holds the
possibilities of
Another less auspicious side of the Latin-American situ¬
embarrassment.
emphasized today in
was
a report on
"dictatorship in the Dominican
Republic," issued by the Foreign Policy Association.
Charles A. Thomson
is author of the report.
The report
finds that the dictatorship of General Trujillo—one of the
proponents of an American League of Nations—has initiated a reign of
terror and
a
repression resulting "in the death
or
mysterious disappearance of
»
^
Balancing of Federal Budget Urged Anew by Orrin G.
Wood, President of I. B. A.—Declares that Fear of
Inflation
Rests
in
Unwillingness
Decrease
to
Expenses
mind the most immediate fear of
my
inflation comes from the unbalanced Federal
budget—the
unwillingness to levy taxes and to decrease expenses, so as
to balance the budget," Orrin G.
Wood, President of the
Investment Bankers Association of America, on
April 14
added:
"I believe the investment bankers of the
country
should do their share to educate the public to the
necessity
of an immediate balancing of the Federal
budget, and the
dangers of inflation if it is not done." Mr. Wood further said:
think
should
we
turn
so-called "inflation hedges."
without
to
be
bound
by laws,
impossible to transact a
inadvertently overstepping the
difference, Mr. Wood added, provides
out
in
interview
an
that
a
corporations is to be done.
he said.
a
wide field for dis¬
large amount of refunding advantageous to
The
heavy accumulation of funds seeking invest¬
Business activity may reach
good,
level high enough to stimulate de¬
a
mand by corporations for new
capital, in the opinion of Mr. Wood.
♦
Fiscal Policies to Study Broader
Ques¬
tions of Finance and Taxation Created
by New
York State Chamber of
on
Commerce—Study Urged
Include Position of Gold
to
States
and
Silver in
United
Monetary System
The creation of a special committee on Fiscal Policies to
'study the broader questions of finance and taxation which
involve general fiscal problems of the
country and to aid in
promoting of economic stability, was announced on Sunday,
April 5, by Richard W. Lawrence, Chairman of the Executive
Committee
of
New York.
the Chamber of Commerce of the State of
Thomas I. Parkinson, President of the
Chamber,
is Chairman of the committee.
The Chamber announces that its action in
setting up the
was the outgrowth of a
special meeting
last August at which the President was authorized—
"to
take
steps
attention
entirely
For if inflation
away
comes
from
there
a
search for
is, in my judg¬
to
coordinate
the
efforts
of
and
owners
administrators
enterprises, stockholders, policyholders, savings bank depositors,
employees pnd other citizens whose economic interests are associated with
the
future welfare
and
of
wise
the taxpayers of the
this
country
solution
United
of
in order to
the
serious
the
secure
fiscal
intelligent
problems
now
It is Stated that
earnest consideration has been given to
continuously since then by the officers of the
Chamber, who consulted with business and financial leaders
the problem
both
within
the organization
Committee reported
reach
to
a
sound
and without.
that "until
solution
The
concerted
a
of the
Nation's
Executive
effort
fiscal
is
made
problems,
private enterprise cannot be expected to function in such
ther
promote economic stability."
said:
tration may come into
be
service not
office, the budget must be balanced,
only to the investor but to
we
wiU have
every household
in
this
Mr. Wood spoke at a luncheon at the Bankers'
Club, New
York City, of the New York
of the Association, of
Ward, of Clark, Dodge & Co. is Chairman.
group
which Francis T.
In
a
recent
issue of
our
paper
we
have taken occasion to
refer to similar warnings
item quoting him having
by Mr. Wood against inflation, an
appearing in these columns, April 11,
page
2420.
Another guest at this week's luncheon in New York
City
was Alden H.
Little, of Chicago, Executive Vice-President
of the Association.
expansion road
Wood went
The first
is
on
Stating in his address that the "credit
has
several
lanes
leading into it,"
Mr.
to say: '
demand
a
increased activity.
by industry for credit disproportionate to its
With the large excess of productive capacity in industry,
I do not believe the road to credit inflation will be down this lane.
A second lane is speculation.
or
in real estate.
That may come in stocks, in commodities
As to this lane, I am greatly
encouraged, and I think you
should be, by the recent action of the Federal Reserve Board in
raising the
margin requirements for those who wish to borrow to carry stocks.
that the Federal
It
And I believe it
believe it is notice that it intends
to
means more
a
than that.
I
attempt to control inflation coming
fiscal
on
a
more
permanent
basis,
a
the
may
thorough-going study
problems must explore:
(а) The position of gold and silver in our monetary system; the establishment of
free market for gold and silver and the
convertibility of the currency; the executive
purchase and to change the price of gold and silver; the
power to
relationship of the
International
Treasury and the Federal Reserve banks to the Nation's gold
stocks;
stabilization and the termination of the stabilization fund.
(б) Public indebtedness and deficit financing, including consideration of those
measures best calculated to
safeguard the national credit, to stabilize prices and to
promote the resumption Of private investment on a sound
basis; the retention or
elimination of the tax-exempt feature in public securities; the
obstacles to permanent
recovery of continued reliance upon government expenditures to
promote the func¬
tioning of the national economy.
"(c) The costs of government and taxation; the distribution of the tax
burden;
direct and Indirect taxation; the taxable capacity of the
Nation, taking into account
demographic trends: simplification of the taxing system and the coordination of
Federal, State and local taxation.
"(d) Banking and the various problems which involve the promotion of sound
credit policies."
The new committee has 15
members, and for the present
comprises the 14 members of the Committee on Finance and
Currency and on Taxation and Mr. Parkinson, the Chair¬
man, who is authorized to appoint additional members to
the committee from time to time.
On the committee
are:
Thomas I.
Eustis
L.
seems
Reserve Board does not intend that inflation shall enter
by the lane of stock speculation.
clearly formulated
of current
country.
a
The committee fur¬
Business must first have confidence in the ultimate
dependability of
Nation's monetary measure of value and to the end that
public policy
a
con¬
facing
States."
ment, no real hedge for the average investor or the average citizen.
If we
can assist the American
public in a demand that, no matter what adminis¬
done
of
business
way as a
our
want
Expecting the investment banking business to experience this year a
period as satisfactory as in 1935, and possibly more so, Mr. Wood
pointed
sideration
Declaring that "to
I
This
not
extent that it is
special committee
great number of his opponents."
.
an
cussion and cooperation.
sounding
League of Nations will not be accepted with great enthusiasm by
ation
business does
relatively simple piece of business
The suggestion of three of the smaller Latin-American republics—
Colombia, Guatemala and the Dominican Republic—that the United States
the other Latin-American nations, it is
the
rules and regulations to such
peace.
an
used
viewpoint between the Securities
Exchange Act and the investment bankers, Mr. Wood pointed out.
While commending the SEC on its
apparent desire to carry out the pro¬
and
consolidate
and the twenty Latin-American republics bind themselves into
stood for
trade practices among dealers.
that the
aware
board for Latin-American difficulties rather than
agency to
Association had
These, he stated, were full disclosure and proper presentation of facts to
investors, honorable practices and fair dealings with all investors and fair
Committee
conference will require delicate handling if it is not to become
an
Bankers
Buenos
...
Beneath the surface, however, diplomats here
Investment
ment would indicate that demand for securities should
continue to be
The sixth annual celebration of Pan-American Day found the attention
Aires.
the
the New York "Times" said:
years,
bounds.
He cited the "enthusiastic response" of the American republics to Presi¬
dent
Pointing out that Mr. Wood emphasized that the ob¬
jectives of the Securities Act of 1933 and the Securities
Exchange Act of 1934 were virtually identical with those for
Roy
E.
Condit,
Parkinson, Chairman; Walter H. Bennett, John C. Traphagen,
Hopkins, James P. Warburg, John W.. Prentiss, James G. Blaine,
Tomlinson, James T. Lee, William R. K. Taylor, Frederick P.
Edwin G.
Merrill, John Sloane, Jesse
S.
Phillips and
Charles K.
Etherington.
from any form.
We then come to the third and last lane
leading to the road to inflation
and that is governmental borrowings due to
large unbalanced budgets.
inflation comes, I am certain that it will march down this lane.
In
Substitute Tax
ciation
fact, I
think it is slowly marching down
deficits have
toward
a
passed, and each
balanced budget.
this lane today.
year
we
have
Four years of heavy
hoped for
a
definite trend
the Federal deficit bids fair to be the
stantial figures.
largest of the depression by
very
sub¬
Personally, I should be heartened by the levying of
new
taxes, provided that those taxes were
so
distributed
as
to make our average
citizen realize the heavy cost of our present governmental
expenditures—
not
because I like taxes any more
than any one else, and not because I
believe that any taxes which can be levied will balance the Federal
budget
of
New
Proposed
York
to
by
House
The Merchants' Association of New York has submitted
Each year we have been disappointed.
This
coming year, due to a large increase in the ordinary expenses of the Govern¬
ment, due to the invalidation of the processing taxes, and to the bonus,
Plan
Merchants' Asso¬
Ways and Means
Committee—Opposition by Association to Bill
Now Under Consideration by Committee
If
to the House
Ways and Means Committee, at Washington,
report embodying a substitute tax plan, prepared by the
Association's Committee on Taxation and Public Revenue
and unanimously approved by the Board of Directors at a
a
April 9: the report which condemns the proposed
now under consideration
by the Ways
and Means Committee, declares that one of the effects of
meeting
on
Revenue bill of 1936
Financial
Volume 142
presenting the proposed bill at this time has been to distract
attention from the real problem which faces the government
of imposing economies by which the national budget may
be lowered to a point where taxation may keep up with it
and effect
balance.
a
Your Committee has reached the conclusion that this proposed measure,
outlined in the report of the
as
Subcommittee, would
and repress the development
of fruitful enterprises.
For these and other
the .Committee recommends that any bill along lines indicated in
the report of the Subcommittee be vigorously opposed.
Summing
measure
policies
up,
.
.
Committee feels that this bill is
your
the part of corporate enterprises.
which should
the basis of taxation.
on
of the directors
carrying
were
merger
Alliance
Liebermann
David
the rate
or
on
the
for
a
result of the vote
fund
a
300,000
of
the
for
The
members
new
any emergency
this bill at this
time has been to distract attention from theVeal problem which faces this
the
point where taxation may catch up with it and thus effect a
balance.
yield
As
with
of the net yield of the
Your Committee feels that the budget should be balanced, first,
curtailed,
expenses were
additional
revenues
as
it believes it would be pssoible to curb them,
country should, like
this
definite and stable tax plan not subject to frequent
though it
The
by cur¬
England, have
alterations
as
a
to method,
be, from time to time, altered as to rate.
may
groups.
17 places going
Unemployment
Councils
t
Warning Is Read
leaders,
union
be set up consisting" of some 50
churchmen and other persons sympathetic
a
the American Federation of
William Green last year praising
against possibility of
of
Secretary-Treasurer
letter written by President
the
jobless
organize,
to
said the Federation was extending
result of the letter Mr. Morrison
hand
in
many
'/V/v
contracts.
•
^
\
describing the "improvement since 1893" in society's attitude toward
said that many States
have now
old-age pension laws, while unemployment insurance laws have been passed
by various State Legislatures, and he predicted that "the time will come
Nels
Mr.
unemployed,
Morrison
workers will be cared for from the cradle to the grave."
the
when
Your
be raised by taxation would be necessary.
to
Committee further feels that
members, with
27
the National
committee will
advisory
of
destitute
the
Your Committee recognizes, however, that even if
tailing expenditures.
have
to
places to the organized jobless.
He told the
delegates that the Federation was supporting legislation /for the 30-hour
week and the Walsh-Healey bill providing fair labor standards on govern¬
In
probable deficit for the coming year of several times that figure.
a
a
ment
be considered
seven
independent
Morrison,
helping
a
in connection
This amount is to
board will
but warning
Communist influence in such organization.
The figure used by the President as a possible
$620,000,000.
was
with.
to finance a general organizer and nine
publication of an eight-page weekly newspaper
as
movement.
efforts
the
country today of imposing economies by which its national budget may be
The subcommittee's report contains no estimate
Liebermann,
Mr.
to
order
in
Alliance,
trade
Labor, read
A Substitute Plan
corporation tax changes.
men
national membership drive will begin on May 15
William Green's
national
A
Frank
a
Alliance, replying
of the
a
well
executive
Workers
to
lowered to
national
unemployed.
new
the
measure.
of the presentation of
the
on
leadership will comprise
Efforts will be made to form 300 new locals
$5,000.
district organizers as
and more careful consideration than it is
effects
dissention
political
political differences would have "to be checked at the door," as
executive board would not be a battleground for differing political
"liberals,"
unfortunate
against
President
Lasser,
complications and consequences to everybody that it should have far longer
One of the
of
philosophies.
attempt to change the whole basis of taxation of corporations and has such
possible to give to
League
This is an
particular commodity.
some
Citizens
that
and three to the
of the income tax
warned
change in the brackets
a mere
familiar
Workers
groups.
said
To put forward a bill of such far-
is involved than
more
United
the
of
the Wisconsin
of
closely affiliated with the Left-wing Socialist, Communist and "Trotskyite"
to
Something
Peters
executive board to be elected tomorrow, whose
business corporations, as an emergency measure, seems to the Committee
folly.
Milton
Liebermann
Robert
and
reaching consequences, involving as it does a wholly new plan for taxing
to be
convention along the lines made
a
on
opposed by
was
Pittsburgh.
As
Questions of business policy
be decided according to the best judgment
will be decided
The
.
thoroughly bad
a
which will tend to encourage the development of unsound financial
on
they
by the established political parties.
be destructive in
character, would operate to decrease social security, endanger employment,
reasons
if
as
Mr.
In its report to the Association, made public April 13,. its
Committee on Taxation and Public Revenue says:
2603
Chronicle
Director
Anderson,
of
Section
WPA's
the
Relations,
Labor
on
addressing the delegates, said that WPA workers have a right to organize
long
as
of the
their collective
as
activities
do
April
not interfere with the efficiency
9,
project.
Committee, therefore, recommends to your Board that The Mer¬
From
chants' Association sponsor the following program:
1.
Opposition to the corporation tax proposals as uneconomic and pre¬
judicial to the continuity and development of industry.
Such a plan of
taxation would at best add so little revenue compared to the total amount
needed that the risks which it inevitably involves should not be incurred.
2. That, recognizing the necessity for more taxes.
The Merchants'
Association advocate the lowering of the income tax brackets.
3. If the lowering of the income tax brackets does not produce sufficient
revenue, that Congress then resort to further selective excise taxes in addi¬
tion to those which are now imposed.
4. That our tax system be subjected to a careful study to be made by
such agency as Congress may determine with a view to devising a permanent
tax system which shall be free from those defects which exist in the present
law and of a nature to end further ill-considered tax experimentation.
5. That, as previously recommended by the Association, non-resident
alien income should be subjected to a flat withholding tax, the rates to be
consistent with the principle of procuring the greatest revenue return over
a long period of time.
the Association's
Laurence Arnold Tanzer is Chairman of
Committee
on
Washington,
Tribune"
that
reported
New York "Herald
eleventh-hour legislative
the
when an
effort of interested members of the House and Senate failed
provide money to feed and finance the stranded
to
group,
problem was left to Works Progress Administrator Hop¬
kins in the form of a protest by Representatives Gerald
the
Progressive of Wisconsin, and Vito Marcantonio,
of New York.
Boileau,
Republican
The account from which we quote also
Both
Democratic
and
Republican leadership
prevent Representative Boileau
tion
of
$1,000
send
to
the
said:
combined in
the
House
to
from introducing his bill for an appropria¬
delegates
200-odd
home.
The
House
was
adjourned' until Monday immediately after the passage of the rural electri¬
fication
bill, with the Wisconsin Progressive clamoring for the floor.
Senator
Frazier
met the 6ame fate
with his effort in the Senate.
Taxation and Public Revenue.
Young and Old Both Essential to Progress of Humanity
Members of Unemployed Organizations Vote to
into
National
Federation—Said
to
Plan
Pressure
on
Government
Issues—Stranded
At
on
Mass
In
Capital
on
meeting in Washington, representatives of more than
150,000 dues-paying members of unemployed organizations,
a
April 8
to merge their groups into a national federation.
We quote
from Washington advices to the Baltimore "Sun," which
of Labor, voted
on
also had the following to say, in part:
The
chief purpose of the
ployed
with
a
the Federal
more
amalgamation is *to provide the Nation's unem¬
effective
Government
on
for bringing mass
instrument
Club in Baltimore
Relief and Employment
Delegates March
in convention at the Department
Says Walter W. Price Commenting on Remarks of
President
Roosevelt Before Young Democratsic
Merge
pressure
upon
an
are essential to the progress of humanity," his com¬
having reference to the remarks of President Roosevelt
on April 13 before the Young Democratic Club of Maryland,
which we give elsewhere in this issue today.
In indicating
what Mr. Price had to say further, a dispatch from Schenec¬
tady to the New York "Times" continued:
"both
ments
of "We
The
"unity"
motion—adopted at
21,413, cast by delegates
it
resolution
a
have
now,
for
the
divided
of
5:45
by
ni.
p.
a
of
vote
1929, principally
differences
to
chiefly of the Leftist variety.
The organiza¬
formed since
those
They
have been
further by factional
divided
together in the Workers Alliance of America, which
was
In
WPA
rates in
wage
Washington
a
many
dispatch,
sections of the country.
April
8,
to
the
for
York
was stated that before opening the meeting on
day the delegates marched to the White House to ask
help for
food and shelter.
They
left
assistant
to
200 of their number who
some
their
were
without
In part, this dispatch went on to say:
petition
and
then
conferred
with
ing and
defending."
was
at
requested.
was
Secretary Paul Rasmussen,
by
sent
President
telegram
made
once
to
to the convention
in the
Roosevelt
who
Federal
and
asked
an
that
appeal
"Natural law is
thing that has not changed is human
fact.
a
It
was
proved
nature.
That remains
emotionalisms, exactly the same thing that existed in the days of Israelitish
history; in the days of intellectual Athens and in the days of victorious Rome.
"Do not be gulled by those things which cannot be made realities.
doctrines of Nietsche and the doctrines of Marx in reality differ very
their
outlines from
centuries of the past.
the
doctrines
of
the
dissatisfied
I have often thought that the
The
little
throughout
'insanity
the
which closed
Nietsche's early career resulted from his appreciation of the fact that things
which had appeared plausible in his speculative thought could not
become
practical realities.
"Do not be misled
by the vision that equality in mankind can be accom¬
The evidence of the past is against
Mr. Price particularly
world with
funds
the "vast
today, in its hatreds, in its meannesses, in its fine aspirations and in its
older people with
be sent
He said:
plished or that permanent changes in his environment
Aubrey
Williams,
Harry L. Hopkins, Relief Administrator, who said that it was
as
overcome
Mr. Price said, in part:
delegates,
a
The
stronger than any of man's ingenious devices to overcome it."
illegal for government funds to be placed at the disposal of the convention
Later
quickly.
inequalities in mentality, in physical development and the power of attack¬
in
New
"Times," it
that
be accomplished or
and animal," from the time of early Greeks until the present
day, Mr. Price said that man has not been able to
"The only
groups
formed
March, 1935, largely under Socialist party and League for Industrial
Democracy stimulus.
It organized the demonstration by 300,000 Works
Progress Administration workers last August which was followed by an
in
can
permanent changes in his environment can be made
Tracing the "law of nature" which has made "inequalities in all phases
Left-wing parties.
adopted today, after hours of debate, all these
in
increase
that
evidence of the past is against it."
,
under Socialist, Communist, American Workers party and
leadership.
within
Recovered Before," advised the students and faculty "not
by the vision that equality in mankind
of life, human
them.
Under the motion
to join
129,958
to bury the political differences which, until
groups
the Union College Honorary Fellow in Business, the author
to be misled
/
unemployed represented at the convention have been
Farmer-Laborite
are
Differences
from 25 States, including Maryland—carried with
Those differences have been
tions
End
as
Have
Speaking
questions of relief and employment.
Would
address in Schenectady on April 15, Walter W. Price,
financier and author, declared that "it is idle for either young
or old to assume a tribal hostility one to the other," because
a
a
can
be made quickly.
it."
objected to President Roosevelt's statement that
"patronizing smile" send
young
people out into the
"cold-shower" blessing upon their enthusiasms and ideals.
for
donations
Labor
Urged by President Green of A. F. of L. to Sup¬
at
Coming Presidential Campaign Those
Pledged to Social Welfare Legislation
Auditorium.
port
Unity Debate Is
The
the
debate
delegates,
on
who
unity
was
vigorous.
sat around
standards
Vigorous
In
of
their
their
parliamentary procedure
various
States, behaved
In
a
message
bearing
issued at Washington
on this year's Presidential election,
April 11 to union leaders throughout
Financial
2604
the
country, William Green, President of the American
Federation of Labor declared it to be 4'of the greatest im¬
portance that candidates be nominated and elected in the
pledged to the responsibility of finding
be made the law of the land
unchallenged by the judiciary."
Mr. Green added: "Con¬
gress must be able to legislate in the national interests."
In part he also said:
coming campaign
how social welfare legislation can
There is
crucial battle
a
between those who rally to defense of property
on
is protection of property,
and hold that the main function of government
organized society is the assurance of
and those who hold that the goal of
opportunities for the best living possible for all, and that the main fmiction
of government
At
present
high places
is the promotion of national well-being.
many
things
judiciary and legislative and administrative
the
Mr.
June
Green's message, it was
noted in Associated Press
"to get the A. F. of L. on the record
The Associated Press also stated:
for President Roosevelt."
Regulation of Over-the-Counter Markets
the
for
instance of State authorities
filed Owens
on
...
enjoined by courts of competent
was
continuing certain
Our rules
provide that a supplemental registration statement on Form 2-M shall be
filed setting forth material events which occur subsequent to the filing
jurisdiction
of
both New
in
Jersey from
New
York and
the sale of securities.
involving
connected with and
practices
registration statement, but Owens failed to file such a form.
a
hearing on November
denied or post¬
poned! in accordance with the Commission's rules.
Due notice was person¬
ally served upon Owens who was thereby fully informed of the nature of
the proceedings.
He failed to appear, however, at the time and place sched¬
uled for taking testimony and the hearing was held in his absence.
Since the filing of his registration statement frequent attempts have
Upon learning of these injunctions we authorized a
1935,
8,
been
and
Markets
do
essential
all
have
been
decide the
not
Rules
Commission's
the
to
for
proper
returned.
addressed to
of Over-theadministration of these rules.
Letters
Owens.
the
to
letters
We
with
communicate
to
relative
These
whether the registration should be
determine
to
made
him
the
have been
Regulation
...
effect, under our Rules of Practice,
of the notice
by registered mail since because of the lack of personal service we
sent
accounts, followed by two weeks the formation of "Labor's
Non-Partisan League," organized by three federation leaders
Rules
Soon after this registration statement was
28, 1936.
at, the
policy to follow to achieve economic and social purposes,
powerless to act.
are
its
pursuant to
Counter
processes.
confronted with situations where we know what is the wise
are now
we
and carrying on productive
creative labor
as
We
and constructive
but
in
promoting the welfare of the vested interests as opposed
are
rights and interests of those whose investments are such intangible
to the
April 18, 1936
Chronicle
registration should be permanently revoked.
do not feel that Owens's
So in this matter
in
disposition
final
pending
order the temporary suspension
we
registration, and
the
matter
of
heard
personal service
or
.
.
permanent
revocation
of
his
will give consideration to the lifting of this order of
we
suspension or of making the order permanent if and when Owens
to be
.
of Owens's registration
comes
in
be effected.
can
George L. Berry, President of the Printing Pressmen's Union, announced
the League's creed after
United
the
it
was
Workers
Mine
and
Workers,
gamated Clothing
union
had
voted
Lewis
to
contribute
Hpover in
He said
that
of them wanted
most
to
work for
Mr.
Socialist members.
Roosevelt
without
lining up with the Democratic Party, and that the League would furnish
the
From the Director of the Division of the Federal
by the Division of the Federal Register, The National Archives,
exclusively to the printing of official documents having general
devoted
General Hagood Restored to Active Duty—Assigned to
Command 6th Corps Area
Major-General Johnson Hagood, who was recently relieved
of his command for criticizing Works Progress Administra¬
tion expenditures at hearings before a House Committee,
was restored to active duty on April 13, and was assigned to
command the 6th Corps Area with headquarters in Chicago.
He replaces Major-General Frank R. McCoy, who in turn
will replace Major-General Dennis E. Nolan, retiring com¬
mander of the 2d Corps Area with headquarters at Governors
Island, N. Y.
The transfers will occur during the first week
in May.
General Hagood's restoration to active duty followed
several conferences with President Roosevelt, as described
in the "Chronicle" of April 11, pages 2432-33.
A Washing¬
ton dispatch of April 13 to the New York "Herald Tribune"
War
The
it
was
assumed,
acted
President Roosevelt, who intervened in General
General Hagood
and
on
admission
on
the
on
instructions
Hagood's behalf.
from
He saw
his special train en route to Florida three weeks ago
of General
"a
part of the Administration that the disciplining of the
political mistake."
Although the President expressly approved the disciplinary order issued
predicting
were
on
Hill,
Capitol
apparently after
consultation
orders,
of the "Federal Register" is to make available,
items, all Presidential proclamations, Executive
or news
regulations,
rules,
notices, instructions,
their becoming effective.
upon
The first direct intimation that the White House was disposed to
the announcement just before the President departed for a
The General boarded the train at Charleston,
inter¬
fish¬
S. C., around midnight on
March 22, and next day had a half-hour chat with
quired to comply.
|
Register Act provides that no document required to
Federal
The
knowledge thereof until the duplicate originals or
certified copies of the document shall have
a
Federal J,udge
Final Article
stated in United Press advices from Washington
(April 17) that the Senate yesterday, after acquit¬
ting Federal Judge Halsted L. Ritter, of Florida, on six
consecutive counts voted by the House, convicted him on
the seventh and final article of impeachment, thus auto¬
matically removing him from office.
The vote on the final article which it is stated as charged
that the Judge by actions complained of, brought his court
"into scandal and disrepute," was 56 to 28, exactly the twothirds majority required.
The impeachment charges voted
by the House were referred to in our issue of March 14, page
ment
Printing Office,
Register."
The standing Committee on
Commerce of the American Bar Association
of
every
or
rule, regulation or order made or entered into by any executive
administrative board of the United States which is binding and
enforceable against any person not an officer or employee of the United
States as provided in H. R. 7594.
The Committee recommends that the
Association endorse and take active steps to have enacted as a statute of the
United States H. R. 7594.
The substance of this resolution formed the basis of the Federal
The
Securities and
April 13
that
it had
Gerald
of
Registration
Over-the-Counter Dealer
The daily issue of
the "Federal Register" will be furnished to subscribers
Superintendent of Documents, Government Printing
Office, Washington, D. C., for five cents a copy, one dollar a month, or
$10
a year.
+
Chinese Bankers and Government Officials Guests
temporarily suspended
the over-the-
registration of Gerald Owens, doing business
A. J. Ferris & Co. of 295 Madison Avenue, New York City.
At the
same
of
Secretary Morgenthau at Dinner in Washington—
Conversations
on
on
Silver
silver which Secretary of the Treasury
Morgenthau held in Washington last week, with representa¬
were continued this week,
Sunday April 12 Mr. Morgenthau entertained at
dinner the delegation of Chinese bankers and Government
officials in this country.
Regarding this we quote the follow¬
ing from Washington April 12 to the New York "Journal of
and
on
Commerce":
The occasion was
represented
time the SEC made
public
a
statement of the
as
purely
social one, with opportunity
a
given the visitors to meet officials of the United States Government in a
more
or
less informal manner.
The dinner
was
in honor of K.
P. Chen,
managing director of the Shanghai Commercial & Savings Bank, member
of the standing Committee of
and
head of the
Five of the Currency Reserve Board of China,
delegation now here.
Others at Dinner
of
the
delegation, also guests at the dinner, were P.
"W. Kuo,
Foreign Trade Bureau of the Ministry of Industry, and
president of the Southeastern University at Nanking, and Y. C. Koo, submanager
Exchange Commission announced on
counter dealer
as
Register
Act.
director
Suspends
as
following resolution:
Resolved That the American Bar Association approve the report of its
Committee on Commerce urging that Congress enact a statute requiring
that there shall be filed with the Secretary of State of the United States ana
be available for inspection as a public record and be published by him a
Others of the
+
Owens
distributed by the Govern¬
thereby enabling the general public to keep itself
all new rules and regulatins by reading the "Federal
informed concerning
1735.
Temporarily
The Act provides also that
these documents shall be forthwith printed and
tives of the Chinese Government
Impeachment
last night
SEC
been filed with the Division and
made available for public inspection."
copy
Further Conservations
was
be
published in the "Federal Register" "shall be valid as against any person
who has not had actual
the President.
Senate Acting on House Charges Against
H. L. Ritter of Florida Convicts on
It
orders immediately
concerning new documents with which they or their clients might be re¬
ing cruise in the Caribbean that he would see General Hagood on the train.
of
and
Its aim is to fill the long-felt need for an
which all interested persons may refer for information
official publication to
free of postage by the
with the President, that the order would be modified.
vene was
purpose
...
by General Malin Craig, Chief of Staff, within a week friends of General
Hagood
The
without comment
officer
Hagood to duty was construed here as an
blunt-spoken officer for speaking his mind before a Senate committee had
been
inclusive.
copy
Saturday.
again at the White House last
The restoration
applicability and legal effect, for distribution Tuesday through Saturday,
for 1934 recommended adoption of the
follows:
Department,
Register,
States Government serial publication,
"The Federal Register" is a United
edited
as
of
Washington, B. R. Kennedy, we have received the
following with reference to the origin and purposes of the
"Federal Register," the new Federal publication:
means.
discussed the order
Printing
to
Documents
at
1932.
Mr. Hillman, a Socialist, leads a union which has many
Exclusively
Register"—Devoted
Official
Roosevelt, and his
Democratic campaign.
financially to the
Herbert
for
campaigned
New Federal Publication Issued Under Title of "Federal
President of the Amal¬
Sidney Hillman,
Lewis already had pledged his support to Mr.
Mr.
Mr.
approved by John L. Lewis, President of
co-founders.
of the Chung Foo Union Bank and counselor of the executive
Yuan.
The guest
list also included:
Ambassador Sze, Speaker Joseph
the Chinese Embassy;
Senator King
Hamilton Fish, Jr. (Rep.,
P.
W. Byrns; Shiu Lao, first secretary of
Ling Tsui, second secretary of the Chinese Embassy;
(Dem., Utah); Senator George (Dem., Ga.); Representative
Broderick,
N. Y.); Representative Sol Bloom (Dem., N. Y.);
acting
chairman of the
Federal
Reserve
procedure it followed in employing the authority granted by
Joseph
the Securities Exchange Act of 1934 to
Stanley K. Hornbeck, Chief of the Division of Far Eastern Affairs, State
counter market.
gave
This
was
control the over-thethe first case in which the SEC
in such great detail its reasons for acting.
In part the
Commission said:
A.
J.
Ferris
conducting
with
this
a
Department; Maxwell M. Hamilton, assistant chief, Division of Far Eastern
Affairs; Warren Lee Pierson, president, Export-Import Bank.
Also Robert V. Fleming, president, American Bankers'
tin
Company is the
security
Commission
name
business.
as
a
broker
He
or
has been
registration
under which Gerald Owens
filed
dealer
an
application
in the
for
over-the-counter market
System;
eral
R.
Association; Mar¬
Nicholson, Treasury attache at Shanghai; Herman Oliphant, gen¬
counsel
of
the
Treasury Department;
Wayne
C.
Taylor,
Assistant
Secretary of Treasury; Henry Morgenthau, Sr.; Archie Lochhead, technical
assistant to the Secretary of Treasury.
Volume 142
The
banks
Financial
been
have
discussing with
Secretary Morgenthau and his
2605
Chronicle
of the Edison Electric Institute, to prepare a
legal opinion on the Tennessee
advisers the currency aims of their Government and the
setting up in New
Valley Authority and similar projects in the Administration's power program.
York City of a branch of the Chinese Government-controlled bank of China.
The opinion held that the TVA Act was
From the
same
over possible transfer of United
States gold to China for
purchase of additional Oriental silver.
In part these advices
continued.
and that the
Publication
what
"distinctly mone¬
are
conferences which have been in progress here for ten days.
that any definite statement in that
of the
the exact objective
was
regard would eventually
the United States Supreme Court, but the
come
colleagues did not prevail.
He
was more
of the
States had launched
help the Chinese in their currency stabilization efforts
a
in
in which the Supreme Court last
a
case
came
coincidentally
$32,500,000, of which $10,000,000 in gold
Secretary Morgenthau's announcement
Chinese
bankers
relate
to
monetary
The Supreme Court decision in the Jones case was
our issue of April 11, page 2428.
Death of Albert F. Bemis, Housing
Albert Farwell Bemis,
earmarked in New York
was
The Secretary
that
affairs
whether both monetary and commercial
conferences with
the
in reply
was
to
a
the
question
matters are under consideration.
said the negotiations probably would continue for another
He
longer, explaining the problems are complicated and intricate.
added that the matters under discussion
are
being given careful considera¬
are
headed by Ambassador
and K. P. Chen of Shanghai, director of the Bank of China.
Sze
Their talks
Morganthau and other Treasury officials have been believed to relate
to
He
touched upon the setting up in New York of a branch of the Chinese
Gov¬
ernment controlled Bank of China.
previous item
sentatives appeared in our issue of
tion from the Massachusetts Institute of Technology in
Bemis Industries.
April 11,
page
Lawyer
Was
Noted
••
of governmental housing projects in
Deal
Opponent
James M. Beck, former Solicitor General of the United
States and well known as an authoritative constitutional
lawyer, died suddenly of a heart attack at his home in
Washington on April 12.
He was 74 years old.
The House
of Representatives on April 13 paid a brief tribute to Mr.
Beck, who was a member of the House from Philadelphia
for several years until he retired at the conclusion of the
seventy-third Congress.
Funeral services were held at the
Washington Cathedral on April 15.
Mr. Beck was noted as a defender of States' rights, and
was an outstanding opponent of the Roosevelt Administra¬
tion.
He was one of the founders of the American Liberty
League, and had recently argued before the United States
Supreme Court several cases in which he assailed important
New Deal legislation.
A brief outline of his career, as
contained in a Washington dispatch of April 12 to the New
York "Herald Tribune," is given below:
Government
of American
Mr.
American
Beck
Leopold
von
Hoesch, German Ambassador
London
to
Hoesch, German Ambassador to Great
Britain since November, 1932, died suddenly of heart di¬
sease in London on April 10.
He was 54 years old.
Dr.
von Hoesch had recently been active in negotiations between
Germany and Great Britain, following the German remili¬
tarization of the Rhineland.
He started his diplomatic
career in the German Legation at Peiping in 1907 and served
in the Embassy at London for several years before the World
War.
In 1924 he was appointed German Ambassador to
France.
A brief biography is given below, as contained in
United Press London advices of April 10:
Dr.
Leopold
von
The Ambassador was
A native of Dresden, he was edu¬
54 years old.
He served in
He was an attache at
Peiping in 1907 and afterward served in Paris, at the Foreign Office and
in London—where he was stationed at the outbreak of the world war.
cated
the
there,
army,
at
Leipzig,
then entered
Munich, Heidleberg and Genoa.
the diplomatic service.
In 1915 he went to Sofia and next year
He became private secretary to the
to Constantinople.
Foreign Minsiter in 1917.
dangers
grave
American
to
was
in
1921, first as counsellor, then as charge
d'affaires and finally as am¬
•'
bassador.
\
He dramatized those dangers on the floor
radio addresses, speeches, newspaper statements
of Congress, in
career as
a
constitutional lawyer was shaped in the '80s and
the great metal, coal, oil and railroad
dynasties.
It was an era when in¬
and to the rising young Pennsylvania
dimensions,
new
lawyer it brought opportunity and responsibility.
He lived to
see
the old
order challenged by the New Deal, the business growth, which, he contended,
was
achieved in constitutional bounds, attacked because
dustrial power.
of its size and in¬
To the end he fought for initiative and individual liberty,
characterizing the New Deal
"the discarded rags of an industrial feudal¬
as
ism" and charging the Roosevelt Administration with attempting to buUd
courts for his
At that time
attorney
.
.
.
early distinguished himself in the Pennsylvania
knowledge of law, the forcefulness and clarity of his pleading.
a
Democrat, his talent
was
ical comment:
District of Pennsylvania.
university there he continued
German
to
recognized by President Cleveland
in 1888 by appointment as Assistant United States
Attorney for the Eastern
Four years later he resigned to resume private
practice.
cities.
He practiced
seat
in Parliament as
reporter
on
was
appointed United States Attorney, serving with distinc¬
he did not approve,
the Zaimis cabinet.
and taught civil
In the
time the nomination of William Jennings Bryan by
mean
raged the young attorney that he changed his party affiliation and became
Republican.
member of the Venizelist party.
He acted as
In
Cabinet.
he broke with Venizelos, whose foreign policy
and in 1927 be came Minister for War and Marine in
Within a year, however, he retired from public life,
Attorney General Mr. Beck gained national stature through
prosecution
of the
great combinations of capital.
re-enter private practice,
Government
suits
against
the leader of the united
.
.
the
practice
for
to its
service.
For
four
years,
Harding and Coolidge administrations, Mr. Beck represented
the United States Government before the United States Supreme Court.
1927
Mr.
Beck
was
elected to
fill
a
vacancy in
.
.
.
Congress from the
Second Congressional District in Pennsylvania, and subsequently was re¬
elected three times.
.
.
.
Mr. Beck and Newton D. Baker, Secretary of War in President Wilson's
were
jointly commissioned by Thomas N. McCarter, President
In 1929, he became
progressive parties.
Board of Directors is reported in thfe Montreal "Gaz¬
ette" of April 14,
.
Government
unsuccessful.
That the Bank of England has elected three new members
In 1921 President Harding appointed him Solicitor General, and again he
private
was
Three New Directors Elected to Bank of England
In 1903 he left the Government service to
joining the law firm of Shearman & Sterling in
Beck, Crawford & Harris.
Al¬
though he had the endorsement of all political parties against the dictator,
the so-called
New York, a connection which lasted until 1917, when he formed the firm
abandoned
law at the University of Athens.
1926, he returned to politics as candidate for the presidency.
General Pangalos, his candidacy
As Assistant
vigorous
In
Sugar Trust, the Paper Trust, the Northern Securities Corp. and other
Cabinet,
a
During the World War,
the Democratic Party for the presidency on a free silver platform so out¬
In
1910
1913, he became Minister of Marine in the Venizelos
In 1896 he
under
attorney in Athens and from
public receipts and published a work on state finance.
States.
of
an
University of Athens.
with moderate views, he entered politics in 1910, gaining
tion until 1900, when he became Assistant Attorney General of the United
the
After graduating from the
his legal studies in Munich and in other
as
1914 he was Professor of Common Law at the
A monarchist
a
Changed Party Over Bryan
a
Greece—
Heads New Cabinet
Constantine Demerdjis of
Constantine Demerdjis was born in Athens.
James Montgomery Beck was born in Philadelphia on July 9, 1861.
The youthful
Constantine Demerdjis of
Premier
Greece died suddenly
April 13 at the age of 59. He
was succeeded as Premier by George Metaxas, Vice-Premier
and War Minister, who also assumed the posts of Foreign
Minister, Navy Minister and Air Minister.
Since King
George of Greece returned to the throne last November,
Premier Demerdjis, who was a university professor, had
agreed to head the Cabinet in the absence of a professional
politician who would take the office.
The New York
"Herald Tribune" of April 14 gave the following biograph¬
"unitary. Socialistic State."
a
of
War Minister George Metaxas
Premier
'90s, when the Nation, recovering from the Civil War period, saw the rise of
on
Death
of heart disease in Athens on
Championed Liberty of Individual
dustry took
+
and arguments before the
United States Supreme Court,
Mr. Beck's
he was transferred to London.
From Paris
and
of life in the "brain trust" policies of the Roosevelt Ad¬
ways
ministration.
tradition
In 1918
He went on to Madrid and then to Paris,
made counsellor at Oslo.
he
history and a loyal advocate of constitutional
saw
of "The
Economics of Shelter."
_
student
this
denouned the participation of the Federal
in then projected housing enterprises.
The survey was later
2417.
New
as
gradua¬
He was a
country and abroad in which he
Death of Dr.
government,
1893.
Co., President of the Housing Co. and
director of the Bemis Brothers Bag
Death of James M. Beck—Former Solicitor General and
Constitutional
for a vacation trip through the
engaged in business mainly in Boston since his
published in book form by the Technology Press under the title
the conversations with Chinese repre¬
one
was
In 1934 he completed a survey
the negotiations have
it is understood
aims,
currency
former director of the Federal
a
Bemis left Boston two weeks ago
Mr.
plan which will further stabilize the currency of China.
addition
Expert—Was Former
an authority on housing, died
April 12 in a Phoenix, Ariz., hospital of injuries suffered on
April 4 when he fell three floors from a hotel room at Grand
Canyon.
He wat 65 years of age.
Mr. Bemis, who lived
in Chestnut Hill, Mass., had been on a vacation trip.
The following advices from Boston, April 12, are from the
New York "Times" of April 13:
Southwest.
Conferences for the Chinese Government
A
referred
Reserve Bank of Boston and
tion.
A
He
week upheld the dealer's refusal
Director of Boston Federal Reserve Bank
for China.
In
authority
1933.
oil securities,
to file information with the Commission.
Previous Purchase Given
a
Exchange Commission under the Act of
counsel for J. Edward Jones, New York dealer in
definite plan to
The Treasury has purchased 50,000,000 ounces of silver from China for
to
successful, however, in challenging the power and
Securities and
as
from the
with resumption of Oriental silver buying abroad.
with
its investments.
contentions of Mr. Beck and his
to in
The suggestion that the United
or
inflicting "wanton destruc¬
followed by vigorous argument before
was
It was expected
Chinese.
week
of this opinion
appeared
Beyond stating that the matters under discussion
say
President's power program was
tion" upon the private power industry and jeopardizing
•, ,
tary," Morgenthau declined to
policies of the TVA exceeded the authority granted in the Act,
acts and
source,—Washington advices to the
same
paper April 16, it is learned that as Secretary Morgenthau
and Treasury experts continued their conferences with
repre¬
sentatives of the Chinese Government speculation was rife
unconstitutional; that the program,
which said:
English exchanges of April 2nd which arrived yesterday announced the
election of three new directors to the Bank of England, D. G. M. Bernard,
L.
J.
Cadbury
and
J.
C.
Hanbury-Williams.
The
vacancies occurred
through the retirement of Sir Ernest Harvey and R. L. Newman, and
through the death last year of Sir Basil Blackett.
In
our
issue of April 11, page 2433, we referred to the re¬
election of Montagu Norman as
England.
Governor of the Bank of
2606
Financial
Charles R. Gay Renominated as President of New York
Stock Exchange—Three New Members Named for
Governing Committee—Election to Be Held May 11
Chronicle
Association for the Blind, succeeds the late Thomas Williams
who had headed the committee since the establishment of
the Trust in 1923.
John H. Finley, associate editor of the New York "Times",
named by the Trustees' Committee to fill the vacancy
The Nominating committee of the New York Stock Ex¬
change, it was announced April 13, has renominated Charles
R. Gay for a second term as President of the Exchange, and
has again nominated Benjamin H. Brinton for the office of
Treasurer.
Mr.
became
Brinton
Exchange a year ago.
held on May 11.
Treasurer
of
The annual election this
the
Stock
will be
year
was
committee, the announcement of March 20 said.
August Belmont, Homer Folks, Ernest Iselin and
Felix M. Warburg were re-elected members.
Bailey B.
Burritt and David M. Milton were renamed on the West¬
the
on
Mrs.
chester committee of the Trust.
Blair S. Williams and Richard
Whitney
were
nominated
by the Nominating committee to succeed themselves as
trustees of the Gratuity Fund for terms of five years and two
years, respectively.
The committee nominated seven of
the ten members of the Governing committee whose terms
expire this year; they are: Frank Altschul, William McC.
Martin Jr., A. Heyward McAlpin, Herbert L. Mills, R. Law¬
rence
Oakley, Raymond Sprague and Blair S. Williams.
The following three were nominated to the Governing com¬
mittee to succeed Allen L. Lindley, Edward Roesler and
George P. Smith; William P. O'Connor, a member of McDon¬
nell & Co.; Richard Pigeon, of Boston, a partner of Estabrook & Co., and H. Allen Wardle, a partner of Hubbard
Bros. & Co.
April is, me
The nominees
were
named'for terms of four
Nelson I. Asiel and Paul H. Davis were renominated
for four-year terms, as Govening members of the Governing
years.
committee.
'■
Conference of National Association of Mutual Savings
Banks
Held
Be
to
Atlantic
at
The outlook for continued
City May 13-15
savings will be discussed dur¬
ing the forthcoming conference of the National Association
of Mutual Savings Banks in the Hotel Traymore, Atlantic
City, May 13-14-15.
The members of the Association, it is
stated, are custodians of $10,000,000,000 deposits belonging
to 14,000,000 depositors.
Deposits, it is noted, are close
the peak.
to
The program includes a survey of service and
problems.
Robert C.
Glazier, President of the Association and of the
M. A. Linton, President of
Society for Savings, Hartford.
the
investment
session will be called to order by
The May 13
Provident
will follow.
Life
Mutual
Mr.
Co.
Insurance
of
Philadelphia,
Linton is to discuss social security plans;
he
Meeting
Executive
Council
American Bankers
Association to be Held in Hot Springs, Va., April
27-29—Reports of Committees to be Received
of
of
The executive Council of the American Bankers Associa¬
tion will meet at The
Homestead, Hot Springs, Va., April
27-29 inclusive to receive reports from standing and special
committees on a number of important questions of associa¬
tion and banking policy, economic conditions and financial
practices, it is announced.
Robert V. Fleming, of Wash¬
ington, D. C., President of the Association, will preside at
the general council meetings.
On April 27 various standing and special committees of the
American Bankers Association will hold meetings to complete
the preparation of reports on various topics to be submitted
to the considerations of the Council.
The meetings of the
Executive Council to receive the reports and recommenda¬
tions will be held the morning and evening of April 28 and
the morning of April 29.
Mr. Fleming will report to the
Council
President
as
of
the
Association
and
also
for
the
Administrative Committee.
from
Reports will also be received
Manager F. N. Shepherd and Treasurer
Executive
Arthur B. Taylor. The session of the Council in the evening
of April 28 will be addressed by Leonard P. Ayres, Chairman
Economic Policy Commission, on the topic, "Inflation and
Problems of Bank Management During Inflation."
Mr.
Ayres is Vice-President of the Cleveland Trust Co., Cleve¬
land, Ohio.
Chamber of Commerce of United States to Hold Annual
Meeting in Washington, April 27-30
The
necessity for furtherance of sound fundamental
national policies, it is stated, will be emphasized at the forth¬
coming annual meeting of the Chamber of Commerce of the
United States.
The meeting will be held in Washington,
D. C., April 27 to 30.
Explaining the purposes of the meet¬
ing, Harper Sibley, President of the Chamber recently said:
American business enterprise has had
our
a
major part in the development of
country under a system permitting the full exercise of private initiative
and judgment.
'
Private business, not government, had directed the course of our indus¬
tries, of our distributive system, of our banks, of our transportation system,
of
our
insurance and other services.
Business, therefore, must have
voice in formulation of national economic
a
policies.
Representatives
Chamber who will
of
the
come
1,600
member
organizations
of
the
National
together for their 24th annual meeting this
year
will meet under conditions that present to American enterprise and manage¬
ment
problems
so
far-reaching
as
to involve fundamental national principles.
was
on
Economic Security which drafted the Social Security Act.
the
of
one
actuarial
consultants to
Committee
the
Wilson G. Wing, President of the Providence Institution for
Savings, Providence, R. I., Chairman of the Committee on
Legislation, then will present the report of that
Federal
group.
Ralph H.
Chairman
Snow,
of
Committee
the
Small
on
Savings Banks and Treasurer of the Cape Cod Five Cents
Savings Bank, Harwich, Mass., will preside at a luncheon
session
the
on
opening day, when Charles A. Miller, Presi¬
dent of the Savings Banks Trust
a
Co., New York, will present
review of investments.
At the afternoon session, which will be given over to the
the mortgage situation, A. George Gilman,
examination of
Chairman
of
the
committee
and
President
tlie
of
Maiden
(Mass.)
Savings Bank, will preside.
A report will be sub¬
mitted by R. LaMotte Russell, Treasurer of the
Savings
Bank of Manchester, South Manchester, Conn., and Peter
Grimm, real estate authority of New York, will deliver an
address.
There will also
be a report of the Committee on
Savings Bank System, of which Harold
J. Staples, Treasurer of the York County Savings Bank,
Biddeford, Maine, is Chairman.
the Extension of the
On May 14 the discussions will
bear
on
the railroads and
the utilities.
Henry Bruere, President of the Bowery Sav¬
ings Bank, New York, and Chairman of the Rail Committee,
will
preside
over
the rail session, when addresses
to be
are
delivered by
Myron F. Converse, President of the Worcester
(Mass.) Five Cents Savings Bank, on the New Haven; J.
Hamilton Cheston, Vice-President of the Philadelphia Sav¬
ing Fund Society, on the Rock Island and C. M. & St. P., and
Philip A. Benson, President of the Dime Savings Bank,
Brooklyn, on the Missouri Pacific and the St. Louis-San
Francisco.<
•*
Edward K. Woodworth, President of the New Hampshire
Savings Bank, Concord, is Chairman of the Committee
Utilities, and will lead the discussion on that topic.
At
the
banquet
in the
evening
the
toastmaster
will
on
be
Rutherford E. Smith, President of the Savings Banks Asso¬
ciation of Massachusetts and of the Dorchester
(Mass.)
Savings
Bank.
On May 15 there will be reports of the
Insurance, Robert B. McGraw, Chairman and
President of the Hampden Savings Bank, Sprinsrfield, Mass.,
and of Stacy B. Lloyd, as Chairman of the Committee on
Municipals; Mr. Lloyd is President of the Philadelphia Sav¬
ing Fund Society. Carl P. Dennett, Chairman of the Execu¬
Committee
tive
on
Committee
deliver
of
National
the
Economy
League,
is
to
address.
an
New developments in the relationships between government and business
present questions so important as to demand the ablest and most unselfish
efforts of American business leadership in attempting to
Mortgage
find their proper
The gathering of the
National Chamber's membership will offer
a
forum
for the expression of the views of those engaged in all types of business,
and little.
Out of it will come the considered expression of business
big
opinion.
Bankers
Association
of
America
Hold
to
Annual Convention in Memphis Oct. 7 to 9
solution.
Immediate withdrawal
phase of business
every
of
the
Federal
not strictly
Government from
governmental
the central objective of members of the
will
be
Mortgage Bankers
Association of America
New York State Bankers Association
Convention in Bolton
to
Hold Annual
Landing, N. Y., June 20-22
The 43rd annual convention of the New York State Bank¬
ers
Association will again this year be held at The Segamore,
Bolton Landing, Lake George, N. Y., June 20 to 22.
Busi¬
ness sessions will be held in the morning and evening of the
20th and in the morning of the 22nd.
The convention will
close
with
the
annual
banquet and dance the evening of
this year, according to a statement
by L. A. McLean, President, in announcing that the twenty-
third annual convention
was
was
Debevoise
Chairman
of
Distribution
of New York Community
Announcement
made
Committee
Trust
March 20 by the
New York
Community Trust, 111 Broadway, of the election of Thomas
Debevoise, New York attorney, as Chairman of its
Distribution Committee.
Mr. Debevoise, who is a director
of the Charity Organization Society and the New York
M.
was
on
held
at
McLean said, at which a resolution
passed demanding that the Federal Government "with¬
draw
from
all
mental at the
way
M.
be
session in Chicago, Mr.
year
lending
T.
Association will
Peabody in Memphis, Oct. 7, 8 and 9.
The site
picked at a meeting of the Board of Governors in a
Last
June 22.
of the
the Hotel
as
farther
concentrated
our
We
should
More
George
than
H.
on
that
bending
American
entry
remain
800
into
not
essentially
govern¬
Mr. McLean
every
This
in
stated:
effort
year
we
to
are
promote
opinion
the
will
framers
not
of
private
going the whole
upon
private
tolerate
the
much
constitution
private hands.
members
Patterson,
public
fields that
are
expected at the convention,
Secretary and
Treasurer, said, and
it to be the most important meet¬
held by the Association.
added that officers expect
ing ever
are
best to stop further government encroachment
feel
government
intended
that
against government lending.
and do
business.
we
activities
earliest possible date."
Volume 142
FTC
Financial
Issues
Complaint
Against
Retail
Furniture
Dealers of St. Louis Alleging Violation of Federal
Act
Chronicle
other
to
Total
April 13
by
the
Federal Trade Commission, the Retail Furniture Dealers
Association of St. Louis, its officers and 42 merchant mem¬
bers have been named respondents in a
complaint issued
March
Commission
"alleging violation
of
Federal
the
Trade
March
The
respondents
also
charged with combining to unreasonably sup¬
competition and deprive the public of advantages in price and service
press
Among
which
practices
receive.
alleged
the
in
complaint
the
are
fixing
of
St. Louis area; discrimination
against small business enterprises;
competing
companies
out
of
business,
facturers, producers, dealers,
or
do not
to
do
and
distributors,
injuring
the
The respondents
in
do
but
at
the
manu¬
not
conform
compelled
are
furniture
Under
the
in
instalments.
However,
represented
according to
the public
to
month,
or
6%
charge
on
the entire principal
other
than
and'
a
year,
interest,
the
expenses,
other
similar
so-called
advance,
%
of
such
an
1%
items
and
accounting
of default,
as
the
for
except
hotels,
and
second
policy
from selling directly
the
required
to the
latter's
ultimate consumers'
other
than
personal
consumer,
use,
or
to
or
con¬
large industrial plants.
or
distributors
requests to
"regular"
consignment
also
are
said
have
to
been
barred
from
buy merchandise billed through retail deal¬
from donating or placing merchandise
dealers;
for
except
other similar
from
short time for
a
practices.
.
.
Respondent members of the
window
floor
or
display, and
.
Association
Manne
are:
Brothers
Furniture
Co.; Union-May-Stern
Co.; Goldman Bros., Inc.; Lammert Furniture Co.;
Hellrung & Grimm House Furnishing Co.; M. Stein Furniture Co.; Amer¬
ican
Furniture Co.;
ture
Co.;
Dickman
Co.;
Dau,
Ithodes-Burford House Furnishing Co. ; Gregson Furni¬
House Furnisher, Inc.; Ideal Furniture Co.; Hess-
The
Furniture Co.;
Furniture Co.; Bly-Moss Furniture
Co.; Buettner Furniture Co.; J. D. Carson, Inc.; Dyer Bros.; Eagle Furni¬
ture Co.; Gausmann-Parker House Furnishing Co.; Geitz House
Furnishing
Co.; J. C. Geitz Sewing Machine & Furniture Co.;
Furnishing Co.;
Hub
Furniture
Co.;
General Furniture Co.;
Igoe
House
Furnishing
Quality Furniture
;
Co.;
Co.; Steiner-Schwarz Furniture Co.;
Furniture
Co.,
and
Friday,
May 15,
which
on
desist from
Gain
has
been
L.
Schaab
Stove
Furniture
&
The Warring Furniture Co.;
Co.,
all
of
St.
Wellston
Louis, and
National
Louis, 111.
designated
by
the respondents may show
the
in
Frank
Westhus Furniture
House Furnishing Co., East St.
date
the Commission
why
cause
the
as
order to
an
final
and
cease
practices alleged should not be issued.
Resources of
Figures
Ohio
Banks Shown
Compared
March
in
4
with
Figures at Close of
Year and Those of Year Ago—Analysis Issued by
State Superintendent of Banks Samuel H. Squire,
as
also Shows Increase in
Combined Deposits During
(Real
estate
4,
Bank
making public, on April 8,
State-supervised banks,
analysis of the reports of
an
Ohio's
submitted
pursuant
his
to
call for
a report of condition as of March 4, 1936.
Samuel
Squire, Superintendent of Banks of Ohio, states that
"between
the calls of
period of exactly
March 4, 1935,
and March 4, 1936,
a
(Combined resources of the 468
reporting banks increased $150,466,221 and combined de¬
posits increased $150,967,123, a significant record, to which
reference
loans
dates
1935,
as
on
$189,397,303
and
$64,407,945,
was
$64,206,995
$15,902,634
of
$214,001,344
on
and
Federal
and
on
United
States
Reserve
bank stock
profits
on
$8,795,394, respectively.'
an
increase of
since March
on
1935
4,
and
Holdings
March
on
dates
these
4,
of
1936,
4,
county
and
with
1935.
$2,427,950,
was
$248,-
Dec. 31, 1935,
compared)
as
March
on
totaled
on
State,
$2,457,850
as
compared with $120,941,397
on
Dec. 31,
March 4, 1935.
these
on
estate
Holdings of other bonds and securities totaled
March 4, 1936,
1935, and $105,052,379
securities
government
1935.
4,
Dec. 31, 1935, and $45,379,888
on
March
compared with $251,152,749
as
March
on
$2,570,300, respectively.
.$125,993,511
between
these
on
Real
respectively.
'
municipal bonds totaled $57,145,066
$53,870,144
respectively.
$240,266,263,
and
,"
March 4, 1936,
on
$1,132,979,
and
$259,022,079
increased
1936.)
holdings
572,201
All
dates
reserves
$10,566,241,
were
totaled $8,305,545
$861,253 since Dec. 31,
1935, and
an
$9,577,114
and
March 4, 1936,
on
increase of $311,932
4, 1935.
The analysis of the figures submitted to the State Super¬
intendent under the call of Dec. 31, 1935, was referred to in
these columns Feb. 1, 1936, page 702.
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Guaranty Trust Co. of New York announced on April 16
the appointment of William R. Parvin as Second Vice-Presi¬
dent.
Mr. Parvin was formerly an Assistant Treasurer.
William K.
Hoagland, President of the investment banking
Hoagland & Allum Co., Inc., of Chicago and New
York, died April 16 at the La Salle Hotel in Chicago. Mr.
Hoagland, who lived in Pelham Manor, N. Y., had been in
Chicago on business. He was 52 .years old. He had been
President of the Hoagland & Allum Co. for the past 25 years.
Prior to entering the investment banking business in 1909,
Mr. Hoagland had been associated with the First National
Bank of Chicago and the Northern Trust Co. of Chicago.
In 1909 he became affiliated with the investment banking
firm of Alierton, Greene & King, in Chicago.
He later be¬
came a partner in King,
Hoagland & Co., which firm is now
the Hoagland & Allum Co.
firm of
Robert D. Goddard, Vice-President of the Bridgeport City
of Bridgeport, Conn., and a former President of
Trust Co.
the
Connecticut
the
Bridgeport Hospital.
Bankers'
Association, died
He
was
fifty-five
April 14 at
on
years.
Following their conviction last week of the making of
alleged false reports to the New Jersey State Banking Depart¬
ment, Henry C. Steneck and his brother George W. Steneck,
former President and Vice-President, respectively, of the
Steneck Trust Co. of Hoboken, N. J., were sentenced by
Judge Kinkead in the Jersey City Court of Common Pleas
on April 16.
Henry C. Steneck was sentenced to serve three
to seven years in the State prison and to pay a fine of $2,000,000, while his younger brother received a sentence of one to
three years and was fined $1,000.
Later, Judge Kinkead denied the motion of Alexander G.
Simpson, defense attorney, for an arrest of judgments, but
granted a certificate of reasonable doubt, which enabled the
lawyer to file an appeal. We quote the "Times":
Mr.
was
H.
31,
bills payable and bonds borrowed
$401,239
$256,168,897,
were
Simpson said the appeal would be based
during the trial and
Year
In
these
on
$309,748,
were
Co.;
Kassing Goo6en House Furnishing Co.; Knost Bockwinkel Furniture Home,
Inc.; Kobusch & Cornwall Home Furnishers, Inc.; Kroemeke Furniture Co.;
Lauer Furniture Co.;
Luxemburg Furniture Co.; Prossers Furniture &
Storage Co.
$466,130,240
and
Mosley-Thuner Furniture Co.; John Alt Furniture
Arnold Furniture Co.; Biederman
Home
$485,883,106,
were
1935,
manufacturers
ultimate
taking orders from dealers at points other than St. Louis and East St. Louis,
where delivery was to be made in those two cities ; from complying with
ers
Dec.
on
1936,
4, 1936, totaled $234,136,398,
a
interest
included
or
«ase
complaint,
tractors, institutions,
on
March
on
carrying
of
in fact either
was
for the full period,
sum
in
the
charge
expenses.
the
Manufacturers
interest
office
employees
own
complaint,
an
incident to repossession of chattels in
jobbers to refrain
their
the
as
deferred payments,
on
estimated
expense
According to
and
to
$142,385,060,
and
first
policy, the respondents are alleged to have required
retailers to charge the resale price set by the
manufacturers, and to demand
from
ultimate consumers making deferred payments a
separate uniform
carrying charge for extension of credit and the privilege of paying on
charge,
capital
Undivided
are
dealers
$232,086,123
4,
31,
Dec.
reserve
bills rediscounted,
March
action.
concerted
alleged to have enforced two policies affecting (1)
the St. Louis area, and (2) manufacturers, dis¬
tributors, jobbers and the public in that area.
retail
dates
loans
"freezing"
public,
and others who
desire to conform to the respondents' program,
by the respondents'
so
prices
be retailed
to
are
with
Combined
and
furniture, electric refrigerators and radios
on
Cash and
March
1935.
Notes and
are
which it would otherwise
4,
on
$487,651,518
1935.
discounts
$64,039,295, respectively.
Commission
Act through combination and
conspiracy to
monopolize the sale and distribution of furniture and alKed
products in the St. Louis, Mo., and East St. Louis, 111., trade
area.?
In part, the Commission's announcement says:
$148,773,595
$148,901,285,
were
and
with
4,
compared
as
by
the
loans
compared
issued
announcement
an
deposits"
respectively.
Trade Commission
According
2607
on
on
charges of jury fixing
the ground the judge's questioning of three jurors
prejudicial to the defense.
The writ of
error
filed by the defense is
returnable in Supreme Court, May 2.
The Steneck Trust Co., with resources of approximately
$21,000,000, closed its doors on June 27, 1931. Subsequently
it was reorganized under the title of the Seaboard Trust Co.
one year,
be made with
After being closed
more
than three
years,
the Chelsea-
Second National Bank & Trust Co. of Atlantic
City, N. J.,
people of the State."
has $406,265 cash on hand and $47,823.29 returnable from
the Reconstruction Finance Corporation, we learn from
Atlantic City advices on April 13 to the New York "Herald
Superintendent Squire also has the following to say re¬
garding the condition of the banks under his supervision;
I* The figures
may
pride, indicating
progress
on
the part of the banks and a more prosperous condition of the
Between
resources
increases
During
to
the
of
in
calls
of
this
Dec.
items
1935,
combined
profits,
deposits
material extent, to withdrawals of
a
March
and
4,
$1,376,116,
increased
undivided
as
period,
31,
banks
reporting
such
and
reserves
declined
1936,
due
combined
principally
to
ascribable,
purchase of necessities, seasonal
poses,
and also by private corporations for dividend disbursements.
Combined
and
$1,155,933,222
were
with
Total
$353,505,570
March
on
Dec.
on
1935.
4,
31,
banks
Combined
March
on
$1,305,023,327
on
deposits
departments
on
on
Dec.
Time
were
4,
1935,
1936,
and
on
these
respectively.
were
on
$557,233,316,
certificates
$49,302,982,
March
31,
1935, andi $270,600,225
these dates
respectively.
$48,300,871 and
$37,267,576
State-supervised
compared with
investment
Dec.
on
pur¬
4,
1936,
31,
1935,
these
dates
$1,139,516,792 and $987,474,533, respectively.
on March 4, 1936,
were $347,027,023, as compared
savings deposits
943,418,
business promotion,
deposits
$501,230,833,
trust
as
on
1,138,441,656,
Individual
all
of
resources
$1,306,399,443,
on
March
4,
1935.
$551,669,180 and
dates
Funds
$36,336,614
$23,955,433
are
1936 by Charles A.
needed before
a
on
to say:
shown in the report for the end of the first quarter of
Faircloth, Federal receiver.
first 5%
Another $50,000 still is
dividend could be paid to depositors.
capital stock.
$1,075,136,
funds by depositors for payment of
taxes,
were
Tribune," which went
as
March
on
were
$48,-
deposit by
compared
with
4,
"All
1935.
John D. Bainer, who was recently elected Cashier of the
Merchants' National Bank & Trust Co. of Meadville, Pa.,
has assumed his new duties.
Heretofore, Mr. Bainer was
Secretary-Treasurer of the Cleveland Clearing House Asso¬
John Guernsey, who has been serving as Cashier of
the institution for the past several months, has been advanced
ciation.
to Executive
the
Vice-President.
He has been connected with
institution for the past 43 years.
Bainer's
career.
In regard to Mr.
"Money & Commerce" of Apr. 11 had the
following to
sav.
IfrMr. Bainer
graduated from
Illinois.
as an
Oberlin Academy
and
the
University of
In 1918 he became connected with the Cleveland National Bank
Auditor, and remained with that institution when it merged with the
Guardian
Trust Co.
named
elected Cashier.
Executive?Vice-President; George H. Gearhart was
1919 he accepted a position with the Cleveland
In
April IS, 1936
Chronicle
Financial
2608
Clearing House Association, advancing steadily until he was made Secretary^
aJVice-President, and A. G. Mainouse was
Treasurer in 1934.
In 1919, Mr. Bainer was appointed a
member of a commission appointed
regular quarterly meeting of the directors of the
held at Winston-Salem,-N. C.,
on April 14, Leroy B. Martin and George P. Geoghegan, Jr.,
were elected Vice-Presidents of the institution and assigned
At the
by the then Secretary of War, Newton D. Baker, to examine the condition
of the
Wachovia Bank & Trust Co.,
Philippine National Bank, a task that required nine months.
0
'Ira H.
Yohe
has
resigned
Vice-President and Trust
as
Cashier of the Raleigh office for a
join the local office of the Boyertown Burial Casket Co.,
according to advices from that city, printed in "Money^ &
Commerce" of Apr. 11. Mr. Yohe has been connected with
the trust company since 1922, the dispatch stated.
to
directors
of
Bank
National
First
the
promoted Roy F. Ebbs to the position of Assistant ViceCashier; and John W. Spicer to the position
of Assistant Cashier.
The Raleigh "News & Observer" of
Chicago,
of
President and
Chicago, 111., at their meeting on April 10 voted to call a
stockholders' meeting to be held May 26 for the purpose of
authorizing
April 15, from which the above-ibformation is
went on to say in part:
increase in the common capital stock of the
an
'bank from
$25,000,000, consisting of 250,000 shares of $100
par value, to $30,000,000, consisting of 300,000 shares of
$100 par value. The additional stock, when authorized, will
be offered to present stockholders at a price of $200 a share.
Transfer
books
will
be
closed
business
of
close
the
from
It
•
transferable subscription rights will be issued to
of record on May 26, evidencing their right to
stockholders
subscribe for
one new share, at $200 a share, for each five
held, the payment to be made for the new stock
The announcement by the bank went on to say:
Shares then
July 2.
on
The
not
felt to be in
to
also voted
directors
which do
special
a
account
of the amount
excess
which
reserve,
the additional
upon
from
transfer
to
will retire the
bank
This
will
$5,000,000
$25,000,000 surplus,
which
is
be
will
the
bank,
be
will
transferred
new
stock has been issued,
common
$15,000,000 of preferred stock
or a
with
$30,000,000
surplus
to
for.
now
outstanding.
all
capital,
Vice .President and
department. Mr.
Maguire will continue his work in the banking department, giving a major
portion of his time to credits and loans.
total of $55,000,000 combined capital and surplus,
combined
of
amount
same
and
capital
which
surplus
now
outstanding, including the present $15,000,000 of preferred stock.
The
new
will
stock
carry" double liability, the National Bank Act
not
having been amended in 1933 to provide that stock issued thereafter by a
National bank does
1935
1937,
July
1,
until
July 1,
not carry
bank
National
a
double
the
double liability.
liability
its
on
that the bank
will be of
While
the
action
no
was
that
the directors have
as
give the requisite public notice,
now
of
taken
if
on
dividends at the meeting, it is
earnings
maintained
are
the opinion
the
approximately
at
present rate the stock of the bank should be placed on a $6 a share annual
basis, beginning with the quarterly dividend normally payable Oct.
Edward
full
E.
the
since
period
entirely free
to
directors and
the preferred
settled
that
at
as
its
the
bank,
Finance
policy
own
feel
stated
the bank
of
without
that
that
Corporation
management
bank
any
has
time
1, 1936.
during
the
had been
left
interference.
proved
It
present.
have
was
made
at a
ago
very
time when
low-cost insurance.
possible
it
conditions
to
They
The
the wisdom,
replace
now
were
are
not as
gratified
with
private
made available in 1934 by the RFC.
money
depositors, the checks for same to be distributed in
Deland advices on April 9 to the Florida
to the
about two weeks.
The
is learned,
from which the foregoing
"Times-Union,"
also
details:
supplied the following
/will total approximately $20,000, Lockhart said, and Will
dividend
bring the amount paid since the bank closed in 1929 to 17%%. There will
be another distribution between $25,000 and $30,000 later, the liquidator
explained, depending
what the remaining assets of the bank will
upon
bring.
0
Depositors of the defunct First National Bank of Decatur,
Ala., were paid a 10% dividend, amounting to $51,000, on
Apr. 13. A dispatch from that city on the date named,
appearing in the Birmingham "Age-Herald", from which
this is learned, supplied further details as follows:.
It
bank suspended
the fifth dividend that has been paid since the
was
business Jan. 18, 1932, and makes a
total of 61 1-3% paid back to unsecured
depositors, or $316,000.
bank from the federal government or other
All money borrowed by the
He added every dollar
agencies has been paid, E. B. Soper, receiver, said.
representing $521,000, had been paid.
of secured depositors,
,
♦
We learn from the San Francisco "Chronicle" of
April 10
Bradley, tax expert of the Crocker First
National Bank of San Francisco, was appointed an Assistant
Cashier of the institution by the directors on April 9. Mr.
Bradley has been connected with the institution since 1912.
that
Charles J.
acquired
had
public viewpoint and the bank's private interest, of issuing
stock two years
developments
capital the
of
the
the
of
Reconstruction
out
carry
officers
the
President
the bank,
preferred stock in
both from
the
Brown,
April 9 by R. L. Lockhart,
on
agent
all stock
.
without double liability.
class,
same
directors
the
should
one
of $5,000,000 without double
After July 1, 1937, under the existing law,
liability.
of
one
on
Consequently,
1937, there will be two classes of stock outstanding,
$25,000,000 bearing double liability, and
voted
stock.
existing
made
was
of the defunct Volusia County Bank &
Trust Co. of Deland, Fla., that J. M. Lee, State Comptroller
of Florida, had authorized the payment of a 2% dividend
Under the Banking Act of
by six months prior published notice cancel
can
Announcement
liquidating
and
common,
vice-president, will head the
Officer, will be in charge of the trust
Assistant Trust
of $5,000,000
sum
subscribed' and paid
stock being
bank
the
leave
the
of
reserves
reasonably required, the
Immediately after July 2, when the.
the
internal
in its published balance sheet and which reserves are
appear
announced that Mr. Geoghegan, as
was
obtained,
banking department at Raleigh, while Mr. Martin, as
May 21 until May 27 for the purpose of the meeting. When
the requisite action has been taken at the stockholders'
meeting,
who has been
number of years, was
given the additional title of Assistant Vice-President.
Other
changes made by the directors were the addition of Gerald
P. Cowan to the official staff of the Asheville, N. C., branch
of the institution with the title of Assistant Vice-President;
4
The
Raleigh office, while T. F. Maguire, Jr.,
to the
Officer of the Market Street Trust Co. of Harrisburg, Pa.,
■
♦
—
At
special meeting to be held May 19, stockholders of the
Bank of California, with head office in San Francisco, and
a
Seattle and Tacoma, will be asked to
branches in Portland,
approve
proposal
a
reduce the bank's capital, a corre¬
to
sponding increase in the* surplus account being made at the
same time to bring about the balance made necessary by the
Banking Act of 1935.
The Act includes a provision that be¬
national banks
retirement of the
$15,000,000 preferred stock of the First National Bank of
Chicago purchased by the RFC in last week's issue of the
fore dividends, one-tenth of the net profits of
"Chronicle,"
The San Francisco "Chronicle" of April
Reference
made
was
to
the
proposed
2435.
page
for the preceding
half year shall be transferred to surplus
accounts until the account
foregoing, continuing
4
Lake City, Minn., advices, on April 10, appearing in the
Minneapolis "Journal," stated that checks totaling $22,900
and representing a 5% dividend, had been mailed to de¬
In the letter
Mcintosh
to
said
stockholders
to
said
directors
the
are
in
8, authority for the
part:
calling the special meeting, President C. K.
"it would
considered
be unjust
to stockholders
the bank's earnings still further
compel them to add from
surplus, which funds
equals the amount of the capital.
funds to its
not needed nor economically usable in the business
positors of the defunct Citizens Bank of Lake City, accord¬
ing to word received from I. A. Johnson, State examiner in
charge of the institution.
The payment completes a 70%
of the bank."
return to the
being $8,500,000 and the surplus standing at $5,500,000, this change would
depositors, the dispatch added.
Hence, the directors have recommended that the par value of the 85,000
shares
be
reduced
from
result in transfer of
0
$100 to $80
a
share.
Present capital
of the bank
$1,700,000 to surplus, bringing it to $7,200,000, against
capital of $6,800,000, but leaving total capital surplus at the present figure
^Liquidation of the Republic National Bank of St. Louis,
Mo., which closed its doors in July, 1924, was to be com¬
pleted on April 15, according to announcement on April 13
by J. A. Lewis, liquidating agent and former President of
the institution.
The St. Louis "Globe-Democrat" of April
14, authority for the foregoing, also gave the following
details.
was
.
in bad financial
Trust Co. took
.
after circulation of exaggerated rumors that
straits, Mr. Lewis said.
or
final
$4.60
Locust
dividend to
per
share.
among
shareholders
holders of 10,000 shares of stock.
Wednesday will aggregate $46,000
It will bring the total dividend to $326,000
The original cost of the stock
per share.
of the
was
major items in the remaining assets
Street,
$100,000.
which
bank
The
$1,000,000 and
a
cost
was
$325,000 and
started
by
$32.60
One
sold
William
by the liquidator for
Sacks
with
a
capital
of
surplus of $200,000.
—
0
on
April 9 elected Thomas C. Bradley President of the
we
learn from Lexington advices
Louisville "Courier-Journal."
L.
assets
same
affected
and
emphasizes that
number
in
excess
of
shares
it.
behind
any
way,
earnings
stockholders
to
Snyder, heretofore Cashier,
No.
in
333, of $2.50
The
as
the
under the proposal
as
form
At the
was
a
present and
on
that date to the
meeting, Frank
promoted to the office of
same
capacity
earning
same
not needed
the
at
stockholders
each, share
of
the
bank
funds would be available
the bank's business
in
of dividends instead
of
would
have
would have the
would
not be
for investment
could
be
returned!
being added to surplus.
(April 7), declared the regular dividend,
share, payable April 15 to holders of record April 10.
0
The
North
National
Bend
Bank, North
placed in voluntary liquidation
tion, which
was
on
Bend, Ore.,
March 19.
capitalized at $50,000,
was
was
This institu¬
absorbed by the
First National Bank of Portland, Ore.
♦
,
A condensed balance sheet of the Mitsui
Bank, Ltd. (head
office Tokio, Japan), as of Dec. 31, 1935, shows net profits
for the six months ending that date of 13,123,827 yen (in¬
cluding
institution to succeed Frank P. Drake, who resigned because
of ill health, but will continue with the bank as a Vice-Presi¬
dent,
same
the bank building at 716
was
was
or
$120 for each share.
Directors of the Citizens' Bank & Trust Co. of Lexington,
Ky.,
The letter
the
At the time the American
deposits, assets and liabilities of $2,000,000 and left
over
remaining assets to be distributed
The
$14,000,000.
The directors, meeting yesterday
The bank closed,
it
of
balance
from
last
transfer from pension fund
cated
as
follows:
2,400,000
account
of
8,614,885
yen
and
of 60,047 yen), which was allo¬
yen
to take care of dividend to
shareholders; 1,000,000 yen added to reserve fund; 100,000
yen contributed to pension fund, and 280,000 yen to pay
bonus, leaving a balance of 9,343,827 yen to be carried for¬
ward
to
the
current
Total resources
are
half-year's
shown in
profit
and
the statement
as
loss
account.
1,009,062,408
v,
Volume 142
yen,
Financial
Chronicle
of which loans and discounts amount to 451,766,280 yen;
cline.
Trading in Public Service of Northern Illinois 7%
pref. was resumed for the first time this year, transfers at
11724 being 42 points above the last transaction on the
Curb.
The day's sales were approximately 398,820 shares
against 419,475 on the preceding day.
Prices moved irregularly lower on Friday as trading again
slowed up.
The turnover for the day slipped down to
357,000 shares as compared with 398,000 shares on Thursday.
Specialties which had been fairly strong during the early
trading turned sharply downward, American Hard Rubber
dipping 334 points to 31, Chesebr-ough Manufacturing Co.
declined 2 points to 113 and Sherwin Williams dropped 334
points to 137.
As compared with the closing quotations on
Thursday of last week, the range of prices was lower, Alumi¬
num Co. of America closing last night at 136 against
13834
on Thursday a week
ago, American
Cyanamid B at 36
agianst 37, American Gas & Electric at 37% against 3824.
American Light & Traction at 22 against 23, Carrier Corp.
at 934 against 1024, Cord Corp. at 624 against 734, Creole
Petroleum at 2834 against 2924, Electric Bond & Share at
21% against 2324, Ford of Canada A at 24 against 2534,
Gulf Oil -of Pennsylvania at 93 against 9634, Hudson Bay
Mining & Smelting at 2634 against 2734, Humble Oil (new)
at 69 against 71, International Petroleum at 3724
against
3934, Lake Shore Mines at 5224 against 5334, New Jersey
Zinc at 8324 against 86, Niagara Hudson Power at 924
against 1034 and Pioneer Gold Mines of B. C. at 9% against
1024-
government bonds to 165,740,308 yen;
bonds
municipal and other
bills purchased to 63,-
to
540,862
151,256,920 yen; foreign
cash in hand and at the Bank
of Japan, &e., to
and money at call and short notice tQ $29,630,000 yen.
On the debit side of the statement deposits
are
given as 796,293,049 yen.
The bank's paid-up capital
is 60,000,000 yen, and its reserve funds and undivided
profits
yen;
55,985,859
yen,
to 68,143,827 yen.
The New York
Bank, Ltd., is at 61 Broadway.
amount
Mitsui
of
agency
the
The sixty-eighth report of The Industrial Bank of
Japan
(head office Tokio) covering the half-year ending Dec. 31,
1935, and presented to the shareholders at their general
meeting
Feb.
on
5, has just
profits of 2,084,986
the balance from
for distribution.
been
yen, which
received.
It
shows
net
when added to 1,348,866 yen,
last account, made
This amount it
3,433,853
yen
available
proposed to allocate as
dividend at the rate of 6%
was
follows:
1,500,000 yen to pay a
80,000 yen to take care of bonuses to officials;
400,000 yen to be added to reserve against losses and 100,000
yen to be added to dividend equalization reserve, leaving a
per annum;
balance of 1,353,853 yen to be carried forward to the current
six months' profit and loss account. Total resources of the
institution are given in the statement as 519,940,480
yen,
of which
items
are:
Fixed loans, 210,156,197
bills
discounted, 124,254,563 yen; stocks
50,684,312 yen; special loans, 47,350,887
yen;
tures,
in
the principal
agencies
for
and
deben¬
yen;
funds
DAILY
of
payment
2609
debentures, coupons, etc., 29,yen and Government bonds, 16,970,076 yen.
Cash
hand is shown at 2,265,412.
On the debit side of the
TRANSACTIONS
572,245
on
statement
debentures
yen and total
outstanding
deposits
of the bank is
as
50,000,000
69,035,812
are
given
yen.
as
Week Ended
week,
transfers
was
though
apparent
of
Saturday
were
improvement
in
the
daily
$16,000
2,383,000
29,000
39,000
3,314,000
2,478,000
36,000
38,000
33,000
2,919,000
2,550,000
54,000
46,000
43,000
110,000
$217,000
of the
There
moderate amount of buying in the
oil stocks and utilities, but the changes were small.
The curb market was a dull affair on Monday as the trans¬
actions
dwindled
was
a
down
to
approximately 367,000 shares.
Public utilities were down fractionally, and while there were
occasional stocks scattered through the list that showed small
advances, the trend averaged downward.
The most active
stocks
on
the side of the advance included Perfect
Stocks—No. of shares.
1
movements
were
generally
heavy
though trading showed an increase in volume
ceding day.
The trend of the market was
levels and
stantial
a
number of the
losses.
Aluminum
on
Co.
of
America
had
a
sharp
sinking spell and fell off 8 points to 136, Consolidated Mining
534 points to 276; Thermoid Co.
pref. went back 4 points to 59; Gray Telephone Pay Stations,
2 points to 2234; Babcock &
Wilcox, 1 % points to 8334. and
Cuneo Press, 2% points to 40.
The transfers for the day
were approximately
480,595 against 369,360 shares on the
preceding day.
Oil shares and public utility stocks were somewhat firmer
on
Wednesday, but the trading dropped off to some extent
as
compared with the previous session.
Specialties were
also in good demand at
slightly higher prices, but there was
little interest apparent in the
mining and metal shares.
Electric Bond & Share attracted some
buying and moved
ahead 1 point and Pennsylvania Gas & Electric A broke
into new high ground for 1936.
Other gains of the day
were Aluminum Co. of
America, which made up some of its
previous day's loss as it closed 3% points up at 13924;
Babcock & Wilcox, which improved
234 points to 86,
Commonwealth Edison, which gained 2 points at 105, and
Driver-Harris, 2 points to 36.
Miscellaneous issues held up fairly well during the
quiet
trading on Thursday, but many of the market leaders fol¬
lowed an irregular course with most of the
changes within a
comparatively narrow channel.
Some of the specialties
were able to show modest
gains, but public utilities, oils and
mining and metals were conspicuous on the side of the de¬
& Smelting slipped back
1936
1935
764,577
60,737,947
12,176,250
$15,333,000
$19,277,000
$333,495,000
6,748,000
4,077,000
$352,322,000
213,000
$19,741,000
$344,320,000
$362,642,000
217,000
279,000
$15,829,000
THE ENGLISH
251,000
■
6,406,000
3,914,000
GOLD AND SILVER MARKETS
We
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
April 1 1936:
Samuel
GOLD
The
Bank of England gold reserve against
614,855
on
March 25
compared
as
with
notes
amounted to
£200,613,184
on
the
£200,-
previous
Wednesday.
Purchases of bar gold announced by the Bank during the week amounted
to
£235.025.
In the open market about £1,650,000 of bar gold was disposed of at the
daily fixing.
the
Business has been active and owing to the general uncertainty
price of gold has been kept at
parities; however,
as
the
a good premium over gold exchange
dollar appreciated in terms of other gold cur¬
rencies, the premium over dollar parity lessened considerably and varied
during the week from about 3d.
(the lowest since January last) to 9d.;
the premium over franc parity varied from about 9d. to Is.
Nervousness regarding the franc
has abated somewhat following
a
assuring statement made by the French Finance Minister, but there
re¬
were
heavy withdrawals of gold from the Bank of France for Belgium and else¬
where.
Quotations during the week:
Per Fine
over
trading favorites recorded sub¬
Jar.. 1 to Apr. 17
1935
Bonds
Domestic
Tuesday,
the pre¬
toward lower
2,706,000
$279,000 $15,829,000
2,252,060
Foreign government
Foreign corporate
Circle,
4% points to 36, Dow Chemical, 3 points to 115%, Alabama
Power pref. (7), 2 points to 63, and Stroock &
Co., 2%
points to 25%.
•
Price
1936
Total
outstanding
stiymg stocks as it forged ahead 5% points to 144.
Royal
Typewriter also was in active demand and closed at 68 with
a net gain of 4 points.
Wayne Pump moved up 2% points
to 30% and Standard Oil of Ohio advanced 3
points to 35%.
Singer Manufacturing Co. was'the feature of the session as
it surged upward 15 points to 360.
The transactions for the
day were approximately 230,000 shares with 334 issues
traded in.
Week Ended Apr. 17
Exchange
Trading was fairly active during the abbreviated session on
Saturday, and while the changes were generally small, there
were a number of points of
strength scattered through the
was one
20,000
$1,737,000
2,451,000
3,372,000
2,547,000
3,016,000
New York Curb
Mining and metal shares and alcohol stocks
Aluminum Co. of America
Total
Corporate
$32,000
Sales at
week
weak.
list.
Foreign
Government
2,252.060 $15,333,000
Total
progressed.
Public
utilities have attracted some buying and the oil shares were
also in demand, though the advances and declines in these
stocks were about evenly balanced.
Specialties were gener¬
ally quiet and the movements in this group were usually in
small fractions.
EXCHANGE
$1,689,000
Wednesday
Thursday
Friday..
EXCHANGE
the
CURB
Foreign
Domestic
230,355
367,110
480,300
418,950
398,420
356,925
Monday
some
as
YORK
Bonds (Par Value)
Shares)
Price movements on the New York Curb
Exchange have
been somewhat mixed and the volume of
trading below the
previous
NEW
The paid-up capital
yen.
CURB
THE
{.Number
Apr. 17 1936
279,658,988
Tuesday
THE
AT
Stocks
Equivalent Value
of £ Sterling
12s. 0.73d.
Ounce
Mar. 26
Mar. 27
140s. 10Kd.
_140s. 10Md.
Mar. 28
Mar. 30
Mar. 31
12s. 0.73d.
12s. 0.56d.
12s. 0.82d.
12s. 0.95d.
12s. 0.95d.
12s ,0.79d.
141s. 3^d.
140s. 9Kd.
140s. 8d.
-
Apr.
1
Average
--140s. 8d.
140s. 9.83d.
The following were
the
United Kingdom imports and exports
registered from mid-day on March 23 to mid-day
on
Imports
of gold
*
Exports
British South Africa
£1,187,746
79,473
Australia
197,538
New Zealand
8,652
Canada
125,000
United States of America.
37,686
British India
Venezuela
March 30:
25,521
—
British India
Netherlands
France-
£3,375
1,001,846
217,505
11,300
Norway.
Belgium
1,125
2,000
802
Morocco
Other countries.
8,941
30,256
20,306
Nicaragua
Netherlands
Belgium
France
482,167
11,293
14,830
Switzerland
Other countries
£2,229,409
£1.237,953
The SS. Mooltan which sailed from Bombay on March 28 carries
gold
to the value of about £380,000 consigned to London.
The
Southern Rhodesian
gold output for February 1936 amounted
62,838 fine ounces,/as compared with 66,178 fine
ounces
for
to
January, 1936,
and 54,785 fine ounces for February, 1935.
SILVER
The level of 20 3-16d. and 20Md. for the respective deliveries to which
prices advanced on March 25 was not maintained
as
buyers did
the rise, and, during the week under review, there was
19 13-16d. for both deliveries being quoted yesterday.
a
recovery
of Kd. to 19 15-16d. today.
a
not follow
gradual decline,
There was, however,
Financial
2610
Sales
April 18, 1936
Chronicle
China account were less in evidence but there was little selling
on
BOURSE
PARIS
THE
from the continent and the Indian Bazaars made resales; the latter quarter
made
purchases for prompt shipment and speculators have also
further
Quotations of representative stocks as received
each
bought and sold.
Apr. 13 Apr. 14 Apr. 15 Apr. 16
Francs
Francs
Francs
Francs
Apr. 11
obscure-, the tendency may be steadier at, or slightly below, the present
Francs
remained
have
and
quiet
although
the
Apr. 17
The following were the
United Kingdom importsfand exports'of silver
8,000
registered from mid-day on March 23 to mid-day on MarchJJO:
x...
11,345
11,672
France
Other countries
Canada
11,732
2,252
Germany
Belgium
£144,554
1,060
1,700
2,570
1,505
1,950
France
Sweden
Portugal
Egypt
Liberia
Cle Distr. d'Electricitie
CieGenerale
'
d'Electricitie
Cie Generale Transatlantique...
Citroen B
1,607
Credit Lyonnaise
IN LONDON
-Bar Silver Per Oz.
Mar. 31
1
—
{Oer Ounce .999 Fine)
-
♦
Capital
Pechiney..
■
Rentes, Perpetual 3%
Rentes
Rentes
4%, 1917
4%, 1918
from March 26 to
of exchange on New York recorded during the period
April 1
was
$4.9634 and the lowest $4.9434.
5%, 1920.
Royal Dutch
Bar Gold
—Bar Silver Per Oz. Std.—
The London bullion market will
141s. l%d.
20%d.
18 15-16d.
19.5697d.
19 l-16d.
19.6635d.
Average
Per Oz. Fine
2 Mos.
Cash
1—20 3-16d.
Highest price
Lowest price
140s. 8d.
140s. 11.81d.
be closed at Easter from Friday, April 10,
Schneider & Cie
Societe Francaise Ford
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Apr. 11
Apr. 13
Apr. 14
Apr. 15
Apr. 16
Apr. 17
2034d.
Holiday
20 l-16d
Holiday
140s. lOd.
234% Holiday
Holiday
140s. lOd.
8534
85%
85%
Holiday
107^4
10734
10734
Consols,
British
.
140s.
Holiday
1,620
Holiday
Holiday
117?4
117%
The price of silver per ounce (in
States on the same days has been
THE
BERLIN
50.01
50.01
50.01
U. S. Treasury.
cents) in the United
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
RATES
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
FOREIGN
a
BANKS TO
APRIL
RATES
CERTIFIED
BY
FEDERAL
1936, TO APRIL 17,
1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Apr. 13
j
Apr. 14 | Apr. 15
S
$
Europe—
Apr. 16 ( Apr. 17
S
$
187266* .187266* .187350* .187266* .187300* .187283*
.169169
.169180
.169180
.169165
.169092
169153
.012875*
Bulgaria, lev
.012625* .012875* .012750* .012825* .012875*
.041375
.041371
.041371
.041353
.041353
Czecjoslo'kla, koruna .041353
.220575
.220637
.220579
.220577
.220520
Denmark, krone
.220529
4.941333
England, pound sterl'g 4.940416 4.940500 4.941750 4.942000 4.941375
"
~
.021756
.021812
.021806
.065924
.021793
.065921
Gesfuerel
received by cable
Apr,
Apr.
16
17
35
35
35
111
112
112
112
145
145
145
92
91
92
91
132
131
130
89
89
89
89
117
145
119
119
118
Holi- 125
125
125
93
93
93
93
165
165
164
163
135
134
133
131
138
137
137
136
day
125
15
15
15
15
90
90
88
87
16
16
16
16
184
185
184
183
230
230
230
229
188
189
188
188
187
185
185
184
this week will again show an increase com¬
Preliminary figures compiled by us
telegraphic advices from the chief cities
of the
for the week ended today (Saturday)
.021806
.065925
.021800
$5,317,079,206 for the same week in 1935. At this center
Our
there is a gain for the week ended Friday of 15.1%.
comparative summary for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending April 18
1936
1935
$3,522,503,499
$3,060,212,716
199,284,141
207,000,000
Cent
.065918
.402550
.402471
.402414
.402428
.009396
.009403
.009396
Chicago-
.678842
.679192
.679185
.678721
.678828
Philadelphia-.
New York
.294675*
.294800*
.294800*
.078983
.078966
.078900
.078816
i .248179
.248200
.248325
.248254
.248309
.188350
.188375
.188375
.188450
.188350
.188375
San Francisco.
Portugal, escudo
.044960
.044965
.044817
.044915
.044940
.044937
Pittsburgh
Rumania, leu
.007350
.136535
.254675
.007316
Sweden, krona
Switzerland, franc.
Yugoslavia, dinar..
248,386,571
306,000,000
216,310,000
77,069,864
78,800,000
118,470,000
121,265,096
St. Louis
!
Boston
Kansas City..
.007532
.007325
.007325
.007316
.136521
.136560
.136582
.136600
.136592.
.254766
.254768
.254745
.254729
.326032
.325971
.325975
.325946
.022875
.022891
.022883
.022900
.297500
.297500
.297083
.297083
.297916
.297916
.297500
.297500
.297500
.297083
+ 7.9
$4,944,392,588
685,985,820
+ 19.5
$5,630,378,408
926,075,682
$4,743,811,875
573,267,331
+ 18.7
$6,556,454,090
$5,317,079,206
+23.3
+ 80.7
+21.5
.297083
.297916
+ 3.6
.022900
.297500
+ 45.2
+ 12.6
$4,136,850,105
606,961,770
New Orleans..
.022906
+ 47.8
92,479,983
70,830,660
60,585,915
31,691,000
Baltimore-...
.325853
149,000,000
74,384,436
70,000,000
+ 15.1
+ 24.6
109,747,000
67,122,638
76,122,187
54,912,732
38,764,255
30,300,000
Cleveland
.254662
.325853
Spain, peseta
52
23.3% above those for the corresponding week last year.
Our preliminary total stands at $6,556,454,090, against
.294700*
krone
■j
52
132
pared with a year ago.
.248287
Poland, zloty
71
485
COURSE OF BANK CLEARINGS
.079033
Norway,
70
15
Salzdetfurth (7%%)
Siemens & Halske (7%)
.009400
.294850*
529
529
481
——
.065878
.678957
55
Apr.
Mannesmann Roehren
.009387
,
56
52
14
(6%)
.402435
I .294725*
\ .079033
2,600
Apr.
Holi-
.402400
Holland, guilder
2,580
1,627
1,590
13
Disconto-Gesellschaft..
.065883
Hungary, pengo
Italy, lira
2,580
1,615
1,578
Apr.
Deutsche Erdoel (4%)
.009418
Germany, relchsmarkGreece, drachma...
97.70
from which it is
Belgium, belga
~
*96.10
April 18, bank exchanges for all cities of the United States
possible to obtain weekly returns will be
New York
Austria, schilling
Finland, markka
France, franc
73.90
99.30
-
country indicate that
UnU
Apr. 11
74.90
74.40
*73.25
36
(7%)
based upon
TREASURY UNDER TARIFF ACT OF 1922
11,
Country and Monetary
RESERVE
69.80
74.40
75.40
11
Bank clearings
record for the week just passed:
EXCHANGE
68.10
70.00
69.00
Apr.
Rheinische Braunkohle (8%)
Pursuant to the
67.25
69.80
68.70
40
Reichsbank (8%)
EXCHANGE
67.25
69.60
1,595
Norddeutscher Lloyd
FOREIGN
18
1,340
day of the past week:
Hapag
(newly mined)
19
39
Hamburg Electric Werke (8%)
S. Treasury
"378
377
375
1,598
Farbenindustrle IG (7%)
4454
825
1,092
1,345
Closing prices of representative stocks as
each
day
45
990
830
1,105
STOCK EXCHANGE
Deutsche Bank und
H734
710
735
52
Dessauer Gas
4454
U%
44%
BarN.Y.(for'n) Holiday
H734
"705
990
Commerz'und Privat-Bank A. G—
1960-90.....
472
625
Allgemeine Elektrizitaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
Berliner Kraft u. Licht (8%)
10734
1,640
1,630
1,590
980
85 3-16
British 4%
U.
1,630
1,600
120
Ex-coupon.
1034d 140s. lOd.
334 %
War Loan...
553
530
70
477
pref
20%&.
20 7-16d.
Holiday
Gold, p. fine oz. Holiday
Silver, per oz__
120
222
555
1.600
Lyonnaise;
The
as
120
39
Soclete Marseillaise
Tubize Artificial Silk,
*
18
918
217
Wagon-Lits
FINANCIAL MARKET—PER CABLE
ENGLISH
l",350
18
82
921
Soclete Generale Fonclere
Societe
1,310
19
81
1,611
1,600
52
Saint Gobain C & C
Union d'Eelectricitie
Monday, April 13, inclusive.
to
4^%, 1932 A
Rentes 4%%, 1932 B
Rentes
Statistics for the month of March:
199
18,800
940
1,310
68.10
73.70
74.70
98.90
2,550
Rentes
The highest rate
199
18,700
930
990
830
1,107
375
18
1,350
66,40
69.00
HOLIDAY
NordRy
Pathe
;
.
19 15-16d.
19.885d.
Average—19.917d.
HOLIDAY
Lyon(PLM)
45 cents
Orleans Ry
V..
19%d.
19 13-16d.
19 15-16d.
19 13-16d.
.19 15-16d.
Mar. 30
L'Air Liquide
Mar. 25-31, inclusive
19 15-I6d.
19Kd.
19 %d.
20d.
Mar.27.__19 15-16d.
Mar.28—19%d.
Apr.
Std.-
201
18,700
628
Kuhlmann
IN NEW YORK
2 Mos.
Cash
Mar. 26
Eaux Lyonnaise
Energie Electrique du Nord
Energie Electrique du Littoral..
Quotations during the week:
428
1,620
1,600
468
706
Credit Commercial de France—
£155,946
£51,501
422
919
120
Coty S A
Courrieres
Other countries.
950
218
554
Comptoir Natlonale d'Escompte
1,000
___
8,000
926
202
18,700
933
1,290
18
81
Canal de Suez
British India
£14,500
Banque de l'Union Parlsienne..
7,700
920
424
Banque de Paris et Des Pays Bas
Canadian Pacific
Exports
ports
British India
Francs
7,760
Bank of France
level.
by cable
day of the past week:
outlook remains
Conditions
Detroit
Twelve cities, five
Asia—
days.
Other cities, five days
China—
dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
.297500
.297500
.297500
.297083
Tientsin (yuan)
.297916
.297916
.297916
.297500
.297500
.325156
.325000
.324687
.324687
.324687
.373150
.288780
.579375
+4.6
+ 13.0
.297500
.325156
+29.0
+ 56.3
Chefoo
(yuan)
dol'r
Hongkong, dollar.
_
India, rupee
.373065
.373090
.373025
.373045
.373150
Japan, yen
.288670
.288555
.288595
.288615
.288720
.579062
.579062
.579062
.579187
.579375
Singapore (S. S.)
dol'rj
.297083
Australasia—
,3.934250* 3.935937*
Australia, pound
New Zealand,
SouthAfrjca,
pound.j3.966250*3.966875*
pound.
3.934750* 3.936875* 3.936500*
3.965250* 3.967500*3.967000*
3.936750*
3.967750*
.'4.888437* 4.890208* 4.886041* 4.884250 * 4.887395* 4.885750*
North America—
.994882
.994583
.994531
.993684
.993567
.993528
Canada, dollar
.999000
.999200
.999000
.999000
.999250
.999000
Cuba, peso
.277925
.277675
.277675
.277800
.277625
.277800
.992281
.992062
.991875
.991218
.991125
.991156
.329500*
.329375*
.329262*
.329400*
.329362*
.329362*
Argentina, peso
.085525*
.085525*
.085550*
.085575*
.085575*
.085575*
Brazil, milrels
.050950*
.050950*
.050950
.050950*
.050950*
.050950*
Chile, peso..
.571500*
.571500*
.571500*
.570600*
.569800*
Uruguay, peso
.571500*
.797500*
.797500*
.797500*
.797500*
.797500*
Mexico, peso
Newfoundland,
dollar
South America—
Colombia,
*
peso
.797500
Nominal rates; firm rates not
available.
Total all cities, five
All cities, one
days.
day
Total all cities for week.
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish
them
today,
inasmuch
as
+ 61.5
by the
cannot
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 cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
the week previous—the week ended April 11.
For that week there is a decrease of 7.1%, the aggregate of
results for
clearings for the whole country being $4,998,900,830, against
$5,378,884,820 in the same week in 1935.
This loss is due
mainly to the fact that Good Friday, a holiday in many parts
Volume 142
Financial
Chronicle
of this country, fell in this week this
year, while last year it
fell in the following week.
Outside of this city there is an
increase of 6.9%, the bank
clearings at this center having
recorded a loss of 15.2%.
We group the cities according to
the Federal Reserve districts in which
they
located, and
from this it appears that in the New York
Reserve District,
including this city, the totals record a loss of 14.7% and in
the Philadelphia Reserve District of
13.5%, but in the Boston
Reserve District there is a gain of
5.4%.
In the Cleveland
Reserve District there is an increase of
40.9%, in the Rich¬
mond Reserve District of
6.6% and in the Atlanta Reserve
District of 1.7%.
The Chicago Reserve District has man¬
aged to enlarge its totals by 13.1% and the St. Louis Re¬
serve
District by 2.1%, but in the
Minneapolis Reserve
District the totals are smaller
by 4.8%.
The Kansas City
Reserve District suffers a loss of
0.4% but the Dallas Re¬
serve District
enjoys a gain of 18.1% and the San Francisco
Reserve District of 8.6%.
In the following we furnish a
summary by Federal Reserve
2611
Week Ended April 11
Clearings at—
Inc.
or
1936
1935
Dec.
1934
$
$
%
$
are
Seventh Feder al Reserve D istrict
Mich.-Ann Arbor
Detroit
Grand Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend
Terre Haute
..
Wis.—Milwaukee
Iowa—Ced. Raps.
Des Moines
Sioux City....
111.—Bloomington
Chicago
299,968
—1.6
+ 17.2
+35.7
+7.9
+64.9
+ 12.0
+6.6
912,678
+ 13.5
7,156,853
—0.3
3,032,130
374,322
+22.4
—27.9
235,545,779
689,700
+ 18.5
+ 1.8
+54.8
450,485
8,203,181
803,135
158,820
324,438
8,388,000
471,443
3,006,888
9,910,503
584,928
11,363,000
954,176
3,945,284
16,898,959
299,211
b
5,642,257
2,299,294
338,180
224,763,493
500,857
2,471,849
3,375,000
1,547,244
191,234
154,200,000
414,984
4,125,382
978,471
1,098,345
Rockford
Springfield
districts:
364,985
71,463,884
1,644,647
844,192
+29.9
17,426,318
702,067
Peoria
—25.1
725,377
13,132,000
734,131
4,057,806
279,207,844
Decatur
S
Chi cago—
400,268
80,302,687
1,910,521
1,020,707
79,034,253
2,481,143
1,195,948
977,757
14,173,000
1,210,579
4,545,662
18,570,360
1,035,910
7,135,269
3,710,464
269,849
1933
Total (18 cities)
2,664,141
773,504
1,027,736
+26.5
—6.9
637,574
782,614
420,752,271
371,886,658
+ 13.1
345,799,384
194,388,306
66,700,000
24,110,418
13,794,605
50,600,000
17,464,576
8,076,337
1,822,752
410,442
709,757
SUMMARY OF BANK CLEARINGS
.
,,
Eitfht Federal
Inc.or
Week Ended Apr. 11 1936
1930
1935
Dec.
1934
1933
Mo.—St. Louis..
Ky.—Louisville
Federal
1st
Reserve
Boston
Dlsts.
12 cities
2nd
New York. .12
"
3rd
"
4th
Philadelphia 9
Cleveland.. 5
5th
Richmond .6
"
6th
Atlanta
$
$
212,111,784
%
+ 5.4
229,103,382
163,697,303
3,489,851,336
—14.7
3,827,678,970
—13.5
312,304,919
201,422,056
129,920,777
73,700,000
27,606,500
Lo uis—
71,500,000
25,919,196
13,394,587
+3.1
+6.5
.
176,299,167
283,939,544
298,980,866
106,330,502
"
.
Tenn.—Memphis
2,188,681,222
328,433,234
223,645,792
2,976,061,697
^. ..
Reserve Dist rict—St.
S
¥
10
"
113,660,016
7th
+40.9
+6.6
99,771,909
+1.7
111,745,336
Chicago ...18
"
100,571,397
St. Louis...
4
"
420,752,271
113,608,075
345,799,384
Minneapolis 7
"
104,976,023
—4,8
10th
KansasClty 10
72,923,055
"
55,238,386
118,629,116
—0.4
97,720,676
72,623,910
41,899,119
+ 18.1
41,941,978
29,926,979
Total
76,140,913
82,102,174
Quincy
194,388,306
9th
371,886,658 + 13.1
+2.1
111,303,783
b
—12.1
b
b
.
b
532,000
490,000
—8.6
113,608,075
111,303, 83
+2.1
b
371,000
104,976,023
b
69,866,495
8th
11,769,575
111.—J ackson vi 11 e
11th Dallas
5
"
Total
110 cities
Outside N. Y. City
Canada
We
32 cities
add
98,718,699
198,911,868
+8.6
174,965,679
136,958,571
4,998,900,830
2,116,084,644
5,378,884,820
—7.1
5,608,126,218
3,361,110,042
1,980,173,255
+6.9
1,870,923,421
321,113,592
279,268,515
+ 15.0
305,409,356
Ninth Federal Reserve Dist rict—Minne apolis-
Minn.—Duluth..
Minneapolis...
Dak.-Aberdeen
Mont.—Billings.
626,468
1,623,967
530,146
411,564
+8.6
+ 12.7
+52.2
2,140,163
2,294,836
—6.7
78,171,403
82,102,174
—4.8
72,923,055
St. Paul
N.
200,092,210
S.
Dak.—Fargo.
Helena
Total (7
cities).
Tenth Federal
Neb.—FremontHastings
Lincoln
Inc.
1936
1935
Omaha
or
Dec.
1934
1933
Kan.—Topeka
._
Wichita
$
Reserve Dist rict
1,919,961
Mass.—Boston.
194,045,259
.
Fall River
579,819
Lowell
374,163
__
New Bedford..
546,995
1,479,858
183,067,561
773,555
316,040
640,992
3,086,783
1,775,543
8,300,578
Springfield
Worcester
Conn.—Hartford
New Haven
600,354
2,560,870
1,273,257
9,646,698
2,752,255
3,243,311
R. I.—Providence
N.H.—Manches'r
Total (12 cities)
8,123,600
960,023
223,645,792
%
Boston
595,760
....
Portland
+8.9
+29.7
+6.0
1,619,160
201,338,589
338,213
641,628
2,633,833
1,207,599
8,424,013
3,198,411
8,108,100
394,940
356,473
834,805
+20.5
+39.4
—14.0
+ 17.8
8,198,000
—0.9
896,341
+7.1
+ 5.4
Mo.—Kan. City.
St. Joseph
Colo.-Colo. Spgs.
7,814,964
808,369
Total (10 cities)
474,337
2,617,797
847,401
5,970,612
2,220,562
5,671,600
298,829
229,103,382
Reserve Dis trict—Kans
132,830
120,661
2,652,014
31,238,811
i
1,607,873
37,922,749
11,573,889
1,522,349
477,106
285,038
1,849,382
55,238,386
City
as
+30.9
+29.4
+24.7
+21.7
101,450
93,246
1
2,126,273
25,670,675
1,877,021
2,380,589
82,513,988
2,765,726
1,959,740
2,334,844
75,729,229
2,821,780
574,338
70,903
64,301
+ 4.4
2,109,095
25,954,707
1,563,069
—1.9
2,094,955
—8.2
62,054,012
2,849,960
+2.0
42,432
b
1,504,739
16,834,936
1,338,223
1,507,316
48,352,448
2,112,437
584,008
516,140
+22.0
474,429
485,245
483,701
447,618
118,194,123
118,629,116
—0.4
97,720,676
72,623,910
655,581
22,432,904
3,875.418
Eleventh Fede ral Reserve
Texas—Austin
—1.7
District—Da ilas—
1,210,225
38,610,640
1,541,704
32,159,408
—21.5
940,543
5,272,860
1,139,000
a628,499
+20.1
+ 10.2
+39.0
+8.8
32,811,052
Galveston
Wichita Falls..
5,809,773
1,583,000
a683,942
La.—Shreveport.
2,267,783
1,786,147
+27.0
2,018,075
1,612,076
49,481,421
41,899,119
+ 18.1
41,941,978
29,926,979
Dallas
Ft. Worth
163,697,303
+23.2
1.2
678,000
706,415
7.6
27,709,478
450,250
423,697
22,763,317
569,129
26,900,000
818,062
25,000,000
Elmira..
621,743
615,845
476,009
i!
520,396
—8.5
2.882,816,186 3,398,711,565
6,579,778
6,057,731
3,299,546
3,176,715
Conn.—Stamford
3,055,351
2,266,445
N. J.—Montclair
*400,000
350,000
Newark
14,679,452
19,656,730
Northern N. J.
28,610,299
26,332,080
—15.2
Buffalo
York..,.
Rochester
Syracuse
1.0
+8.6
+38.6
+34.8
+ 14.3
—25.3
+8.7
7,035,532
7,087,417
331,025
3,737,202,797 2,117,501,835
5,979,460
2,787,800
2,319,003
278,742
17,469,387
25,344,824
4,782,733
2,640,271
2,069,402
Total
(5cities).
Twelfth Feder al Reserve D istrict—San
W ash.—Seattle
28,674,028
24,807,106
4,305,308
1,867,000
b
1,351,000
b
Third Federal
Pa.—Altoona
Bethlehem
2,976.061,697 3,489,851,336
7,178,000
Chester
409,386
a568,917
236,816
+9.8
b
257,188
—7*9
Philadelphia
.
Reading
Scran ton
Wilkes-Barre..
York
N. J.—Trenton..
cities).
957,488
+ 11.5
242,434
845,374
207,185
1,067,367
Lancaster
275,000,000
319 000,000
—13.8
302,000,000
198,911,868
+8.6
174,965,679
136,958,571
4,998,900,830 5,378,884,820
Outside N.Y.City 2,116,084,644 1,980,173,255
—7.1
.
Cincinnati...
Cleveland
Columbus
Mansfield
Youngstown
_.
Pa.—Pittsburgh.
cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
...
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
...
Augusta.
Macon
Fla.—Jacks'ville
Ala.—Birm'gh'm.
Mobile
Miss.—Jackson..
Vicksburg
La.—N. Orleans
.
Total (10 cities)
Stockton
Grand total
216,075,120
1,857,286
1,198,352
1,420,506
436,451
20,929,332
9,755,652
(110
cities)
5,608,126,218 3,361,110,042
+ 6.9 1,870,923,421 1,243,608,207
169,000,000
905,048
2.114,060
823,861
1,091,685
2,251,000
283,939,544
328,433,234
1
245,171
527,956
—27.3
946,099
655,849
2 ,004,596
+5.5
916,868
—10.1
—9.2
—7.7
2,136,378
1,324,900
1,240,188
3,225,000
1,595,494
1,261,711
,202,537
2 ,440,000
760,048
2,084.000
-13.5
312,304,919
176,299,167
1
b
48,649,451
70,221,059
11,079,400
1,427,836
b
45,231,700
61,494,615
10,501,400
1,321,959
b
167,603,120
298,980,866
b
93,688,829
212,238,503
Reserve Dist rict
220,330
2,249,000
27,043,131
894,768
53,686,539
22,236,734
106,330,502
b
+7.6
+ 14.2
+5.5
+8.0
b
+78.9
+40.9
27,973,393
1,037,762
49,573,085
18,978,828
99,771,909
b
42,151,226
61,925,421
8,373,700
1,093,702
b
87,878,007
201,422,056
b
31,943.177
36,087,536
6,849,500
819,010
b
54,221,554
b
2,675,364
13,403,859
39,600,000
940,336
776,634
13,115,000
12,860,706
132,530
1,962,000
957,594
b
—3.3
26,265,666
—13.8
945,149
+8.3
54,046,955
15,366.399
493,224
30,669.880
%
$
109,232,301
Vancouver
17,140,378
Ottawa.
20,596,549
90,366,551
70,487,741
51,615,874
12,824,503
17,693,406
4,222,292
3,340,678
Winnipeg
.
Quebec
83,491,813
48,858,303
+20.9
+ 18.4
113,049,878
—5.3
32,774,083
15,612,235
4,194,787
3,759,451
-33.7
-16.4
-26.4
100,756,915
Halifax
2,168,986
1,901,092
-14.1
Hamilton
4,008,099
3,334,248
-20.2
5,096,383
5,768,513
1,616,735
4,766,935
-21.0
4,010,082
1,395,244
1,528,579
2,030,097
-15.9
Calgary
..
St. John
1,837,461
London
2,415,102
4,049,086
2,990,837
Brandon
Lethbridge...
Saskatoon
Moose Jaw...
441,143
1,332,251
1,558,634
2,582,013
-12.4
3,571,187
+6.0
2,950,755
260,561
379,815
1,132,357
414,343
745,807
614,795
+2.0
+ 11.9
+ 12.6
+ 9.9
1,183,203
423,792
465,715
1,635,058
-20.2
-19.0
3,603,880
2,820,794
253,144
394,103
258,265
2,193,311
+6.6
98,718,699
+ 1.0
2,622,294
—6.5
+0.8
11,542,252
37,100,000
+0.9
1,121.744
—6.2
563,821
4.687,346
7,851,840
26,800,000
816,917
391,613
+ 14.4
+ 29.5
12,122,000
11,744,871
7,494,668
7,766,634
+ 17.2
957,345
703,913
b
b
108,224
100.084
b
27,315,319
—12.3
22,688,846
13,253,480
111,745,336
+ 1.7
100,571,397
69,866,495
+4.4
773,622
786,826
—1.7
598,056
508,859
+ 17.5
604,483
605,997
—0.2
505,430
Medicine Hat
232,826
607,613
192,248
+21.1
+ 9.4
220,818
555,331
Sherbrooke
63,368,013
Brantford
New Westminster
9,252,073
Fort William
Peterborough
+ 17.2
113,660,016
$
Regina
111,453
2,003,000
20,838,383
104,906
23,955,358
100,524
1934
$
Toronto
Dec.
Edmonton
+73.7
+8.0
or
1935
Victoria
129,920.777
Reserve Dist rict—Atlant
2,701,198
12,539,040
39,900,000
949,075
728,828
*15,000,000
16,659,084
1,122,527
Inc.
1936
Montreal
Richm ond—
126,841
2,082,000
Week Ended April 9
Clearings at-
Canada—
Feder al Reserve D
Istrict-—Clev eland—
Ohio—Canton..
17,709,192
3,311,000
232,463
14,515,219
7,006,399
2,827,088
2,525,075
2,742,853
1,289,231
940,581
990,051
^
San Francisco.
San Jose.
Santa Barbara
11,922,412
17,856,991
b
22,205,808
6,080,000
82,869,419
.
Pasadena
Sacramento.
450,275
206,924
—10.0
1,639,853
1,103,661
1,093,288
_
Total (12 cities)
b
+ 15.6
7,972,000
593,601
21,472,490
12,696,329
3,414,468
2,952,205
4,246,020
116,281,505
2,998,356
2,876,015
6,870,658
98,976,605
Ore.—Portland
Utah—S. L City.
Calif.—L. Beach.
3,827,678,970 2,188,681,222
344,546
801,649
25,469,603
13,107,089
3,793,514
3,341,173
6,364,358
120,719,000
2,543,520
1,334,686
2,748,500
+35.0
+ 18.6
+3.2
+28.5
+ 13.2
+49.9
+3.8
+36.9
+ 11.4
+93.5
Reserve Dls trict- -Phila
delphi
449,707
—
—14.7
Franc i8CO
..
Spokane
Yakima
.
Total (12 cities)
Total (5
—7.2
*
251,095
414,571
6,345,767
Jamestown
Fourth
—6.4
York-
Y.—Albany..
Blnghamton...
Total (9
+42.5
629,876
Pueblo
143,739,221
703,315
+ 18.4
+6.8
212,111,784
N.
New
495,581
—25.0
Feder at Reserve D istrict—New
Second
+ :• +
2,005,062
47,791,984
18,519,841
1,856,459
432,068
380,316
1,937,325
1,882,714
54,334,106
21,024,841
our
Clearings at-
First Federal
.
2,682,768
50,846,628
19,513,609
1,764,114
597,653
1,243,608,207
Week Ended April 11
Me.—Bangor
76,140,913
63,368,013
detailed statement showing last week's
figure for each city separately for the four years:
now
(4cities).
*
78,171,403
118,194,123
49,481,421
216,075,120
••
Fran..12
12th San
212,238,503
636,627
563,000
Kitchener
966,974
840,387
2,268,559
Windsor
2,582,616
.
Prince Albert
331,098
307,490
Moncton
634,884
Kingston
551,767
522,599
Sarnia
504,408
Sudbury
672,190
506,814
499,767
468,208
470,277
730,888
321,113,592
279,268,515
Chatham
Total (32 cities)
a
*
Not included in totals.
Estimated.
"
-13.1
571,329
645,462
-
-15.1
1,077,603
+ 13.8
+ 7.7
2,091,637
246,565
-25.3
-
-
563,863
-10.4
523,105
-11.6
1933
$
66,768,939
61,394,965
27,020,085
10,649,266
3,358,268
2,997,855
1,675,045
2,826,628
4,157,677
1,220,798
1,202,058
1,766,390
3,040,048
2,822,824
236,577
303,859
960,355
423,081
603,805
429,614
396,026
136,185
459,970
476,123
740,083
1,854,853
206,402
472,220
396,048
352,299
+7.3
475,579
431,607
—8.0
763,908
318,210
425,654
+ 15.0
305,409,356
200,092,210
b No clearings available.
Financial
2612
CURRENT
—David Finkle, formerly head
of Salomon Bros. & Hutzler,
bond trading
NOTICES
Per
of the corporate
has been appointed manager
of offices at 120
underwriting and to conduct a
Inc., announces the opening
New York City, to engage in
general investment securities
—Gertler & Co., Inc., have
business.
prepared a statistical analysis of the Federal
Land Banks as compiled
from official releases of the Farm
tration and other source
Credit Adminis¬
material.
David H. Smith have become
in their Pittsburgh
Share
of Company
National Power & Light (quarterly)
Nation-Wide Securities Co. (Colo.),
that James D. McMaster and
associated with them as retail representatives
office.
Newberry (J. J.) new 5% pref. A (quar.)
New York Telephone Co., 634 % cum. pref.
North American Oil Consol
Northern N. Y. Utilities, 7% pref. (quar.)
Oahu Sugar Co. (monthly)
Ontario & Quebec Ry. (semi-ann.)
D ebenture (semi-ann.).
Owens-Illinois Glass (quarterly)..Pacific Gas & Electric, 6% pref. (quar.)..
534 preferred (quar.)
Pacific Power & Light, 7% preferred
$6 preferred
Passaic & Delaware Extension RR
Peerless Weighing & Vending
Preferred (special)-
DIVIDENDS
(qu.)
Dividends
are
In the
grouped in two separate tables.
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
we
yet been paid.
have not
The dividends
Name of
Alaska Packers
Share
Company
Accociation (quar.)-_
Albany & Vermont RR. (quarterly)
Allegheny & Western Ry. (semi-ann.)
Allied Kid, common and class A (quar.)
(quarterly)
Aloe (A. S.) Co. (quarterly)
American Bus Shares, Inc
—
-American Investment Co. of 111., class A (quar.)
American Motorists Insurance Co. (quar.)
Preferred
7i50c
25c
$154
$134
5c
$134
50c
(quarterly)
$154
»
.
pref. (quar.)
RR. (semi-ann.)
Empire & Bay StateTeleg. Co., 4%
Fair (The), 7% preferred (quar.)
guar,
(quar.)
-
(quarterly).--------Federal Service Finance Corp. (Wash., D. C.)_.
7% preferred (quarterly)
Felin (J. J.) & Co., Inc., pref. (quar.)
Fire Assoc. of Philadelphia
(s.-a.)
First Management Foundation (quar.)
Federal Emitting Mills
Extra.
preferred (quarterly)
Shoe Co. (quar.)
Idaho Power, 7% preferred (quar.)__
$6 preferred (quarterly)
$6
*
L
ctfs.
participating certificates
Kalamazoo Stove (quar.)
---Kendall Co., cumul. partic. pref. ser. A (quar.)_
Cumul. partic. pref. ser. A (partic.)
—
-
Emil) (quarterly)
Apr. 25 Apr. 15
Apr. 16
May
May
Apr. 20
May
Apr. 20
June
May 20
May
Apr. 30
July 15
_
June
1
May" 15"
May
Maj
May
$134
June
15 June
wi-
June
June
June
May
Apr.
7i55c
50c
$154
6234c
50c
$154
$154
$1
5c
5c
1 May
5
21
May
1 Apr. 20
May
1 Apr. 15
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Apr. 10
May 15 Apr. 24
Apr. 15 Apr. 13
Apr. 15 Apr. 13
1 May
Mar. 31 Mar. 28
May
Apr.
Apr.
May
May
Apr.
Apr.
1234c
40c
25c
$154
20c
$154
h$234
75c
May
Apr.
15c
$134
May
May
10c
June
25c
May
May
May
July
July
May
May
May
May
May
$134
$134
6234c
3734c
$154
$134
$154
$134
$154
$3.26
May
$134
June
10c
June
Pn
2c
June
25c
May
July
May
/i50c
50c
& Co. iquar.)
pref. (quar.)
McGraw Electric Co., common (quar.)
Mclntyre Porcupine Mines (quar.)
McLennan, McFeeley & Prior, Ltd., A & B
634% preferred (quarterly)
McNeel Marble Co., 6% 1st pref. (quar.)
Maytag Co., $6, 1st
Metal & Thermit Corp. (quar.)
Metropolitan Industries Co., 6% preferred
Metropolitan Storage & Warehouse (quar.)
Minneapolis Honeywell Regulator, new
Extra
Mississippi Power & Light, $6 preferredMohawk Hudson Power, $7 preferred
Muskogee Co., 6% cumulative pref. (quar.)__
Nanaimo-Duncan Utilities
Nashua & Lowell RR. (semi-ann.)
National Lead, preferred A (quarterly)
$134
$134
25c
$154
29
1 Apr. 21
1 May 11a
1 May 11a
Apr. 20
15
Apr. 23
15 May
1 June 20
1 Apr.
Apr. 25 Apr.
May 10 May
May
1 Apr.
May 11 Apr.
Aug.
1 July
Oct.
1 Sept.
May
1 Apr.
May 15 May
May 15 Apr.
30
15
10
20
30
17
18
18
5a
24
8
50c
June
1 May
$134
50c
Aug.
May
50c
June
1 July 15
1 Apr. 20
1 May
1
1234c
$154
Mar. 31 Mar. 23
Apr.
1 Mar. 23
25c
Apr. 15 Apr. 10
May
1 Apr. 20
May
1 Apr. 20
50c
May
,M
3734c
1234c
$134
h$l
$134
25c
$3 34
$154
1 Apr. 10
4
May 15 May
4
May 15 May
Apr. 15
May
May
Api. 16
June
May 15
Apr.
Mar. 20
Apr. 15
June 15 May 29
May
May
June
May
1
May
1
Apr. 29
Apr. 30
Apr. 30
June
$1._
37)4c
3434c
$134
May
May
May
May
May
May
18
18
Apr. 22
May
Apr. 20
May
1
May
1
May
1
Apr.
Mar. 21
May
June
June
May
Apr. 20
Apr. 20
June
June
June
June
1
July
May
June
15
3734c
Apr.
3734c
(qu.)_.
May
25c
Scotten-Dillon
May
25c
May
May
May
May
May
May
Apr.
Apr.
$134
50c
15c
50c
$134
$2
$3
$134
$134
30c
pref. (quar.)__
$7 preferred (quar.)
Shawinigan Water & Power (quarterly)
Shenango Valley Water, 6% pref. (quar.)
Simpson (R.) Co., preferred (s--a.)
Simpson's, Ltd., 634 % preferred
Smith Agricultural Chemical (quar.)
Preferred
(quarterly)
Stein (A.) & Co
Preferred (quarterly)
Strawbridge & Clothier Co—
6 % prior preferred series A (quar.)
Sun Oil (quar.)
Preferred (quar.)
Superior Portland Cement, class A
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quar.)
Telluride Power Co., 7% pref. (quar.)
May
May
May
1
20
Apr. 24
Mar. 28
Apr. 24
Apr. 24
Apr. 24
Apr. 25
Apr. 15
Apr.
Apr. 20
Apr. 15
Apr. 20
Apr. 20
Apr. 15
Apr. 15
May
6
30
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15c
May
Apr.
$1)4
June
May
$3
May
May
May
May
May
July
Apr.
Apr.
Apr.
Apr.
June
May
May
May
Apr.
May
234%
5c
5c
Extra
Securities Corp. General, $6
Apr.
Apr.
6
$134
75c
Quebec Power Co. (quarterly)
Railway & Light Security (Del.), pref. A (qu.)_
Randall Co., class A (quarterly)
Republic Investors Fund, pref. A & B (quar.) —
Rich's, Inc. (quarterly)
Riverside Cement, $6 preferred (quar.)__
St. Louis Refrigerator & Cold Storage Co
6% preferred (semi-ann.)
Savannah Sugar Refining, (quar.)
Preferred (quarterly)
$1)4
$134
$134
$1
1234 c
$134
25c
$l5/s
25c
$134
May
Apr.
Apr.
May
May
June
June
13
13
May
22
22
14
24
20
15
22
20
20
1
June
15
15
15
11
23
20
May 20
h55 c
May
$2
$134
9L-X
June
15c
June
Mayll"
Tide Water Oil
50c
May
May
Tung-Sol Lamp, preferred (quar.)
Union Bag & Paper (quarterly).
20c
May
50c
May
Apr. 20
Apr. 27
May
May
Apr. 25
Apr. 25
Tide Water Assoc. Oil
(quar.)
Union Tobacco, class A
Common
(liquidating)
(liquidating)
United States Intnat'l Secure., 1st pref
$1)4
Walker & Co.,A_
fi50c
(C.) & Co., 8% pref. (quar.)
Western Cartridge, 6% preferred (quar.)
Wheeling & Lake Erie, prior lien
W J R, The Goodwill Station (capital stock)
Yellow Cab (quar.)
Zelleis, Ltd., 6% preferred
Zion's Co-operative Merchantile Institution
Walton
Below
we
1
8d.
2%
$2
$1)4
ft $2 54
3734c
50c
$134
50c
Apr. 25 Apr. 15
May
1 Apr. 15
May 20 Apr. 30
May
1 Apr. 24
Apr. 30 Apr. 20
1 May 20
May 16 Apr. 30
5
Apr. 15 Apr.
June
weeks
This list does not include dividends an
week, these being given in the preceding table.
paid.
nounced this
Per
Name o' Company
Abraham & Straus,
preferred (quar.)
(quarterly)
Adams (J. D.) Mfg.
Adams-Millis Corp
(quar.)
Juneau
Apr.
give the dividends announced in previous
and not yet
Preferred
June
25c
1234c
h75c
Securities, 1st pref. (qu.).
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary (final)
United States Foreign
Alaska
25c
May
$3
$1)4
Pullman, Inc. (quarterly)
June 20
29
20c
234?
37 )4c
12 He
Administered Fund Second
Alabama Power Co., $6 pref. (quar.)
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 15
May
5
Mar. 20
Apr. 25
Apr. 10
8c
J.), (quar.)
(quarterly)
June 20
38c
$134
-
June
16 Apr. 27
30 Apr. 20
20 Apr. 14
4
15 May
1
15 May
30 Apr. 24
30 Apr. 24
1 May
9
1
15 May
30 Apr. 20
15 Apr. 25
1 Apr. 15
1 May 12
2
15 May
2
15 May
Apr. 24
Mar. 31 Feb.
Mar. 31 Feb.
25c
Lexington Utilities, preferred
Loose-Wiles Biscuit Co., common
June
25c
$154
1234c
Preferred (quarterly)
Knickerbocker Insurance of N. Y
Lansing Co. (quarterly)
Lawbeck Corp., preferred (quarterly)
5% preferred (quarterly)
Louisiana Power & Light, pref. (quar.)_
Ludlum Steel Co., common
Lumbermen's Insurance (Phila.) (s.-a.)
_
15
1 May 15
1 Apr. 11
14 Apr. 14
20 May 18
1 Apr. 21
1 Apr. 14
50c
Dumber stone
Keystone Steel & Wire Co
King Oil (initial)
Kings County Trust (quarterly)
4354c
$134
$154
$154
$134
$154
June 20
July
5
May 15 May
June 29
June 29
Apr.
May
May
$1*4
Prudential Trading Trust Shares
Seaboard Surety Co., capital stock
Second Management Foundation Shares
May
1
Apr. 15
May 16
1734c
Sedalia Water Co., pref. (quar.)
18c
Republic Insurance of America
Goshen & Deckertown Ry
—
Great Lakes Dredge & Dock (quar.)Gurd (Charles) preferred (quarterly)
Halle Bros. Co
6)4% preferred (quarterly)
Hamilton Waich, 6% preferred
Hartford Times Inc., $3 pref. (quar.)
Hawaiian Pineapple.
Hecla Mining (quarterly)
--■
----Hinde & Dauch Paper Co., 6% pref. (quar.)
Holt (Henry) & Co., participation A
Hormel (G. A.) (quarterly)
Preferred
(quarterly)
Horne (Joseph), preferred (quar.)
Houdaille Hershey, class A (quar.)
Class B (quarterly)...
Houston Lignt & Power, 7% pref. (quar.)
International Harvester, preferred (quar.)
Jones (J. E.) Royalty Trust, ser. D partic.
75c
15 Apr.
Apr.
15 Apr,
15 Apr.
15 May
May
Apr.
45c
70c. preferred---.,
(quarterly)
Gachin Gold, Ltd.,
Globe &
June
Api. 15
Apr. 17
May 15
$1.20
(quarterly)
Macy (R. H.)
May
May
50c
Co. (quar.)
—
Commercial Acceptance Co., pref. (quar.)__.
Comos Imperial Mills (quarterly).
Connecticut Light & Power, 6)4% pref. (quar.)
5)4% preferred (quarterly) ...
Consolidated Oil Corp., $5 pref. (quar.)..--.
Coon (W. B.) Co., 7% preferrod (quarterly)..
Davis Coal & Coke Co.
—Delaware & Bound Brook RR. Co. (quar.) —
Klein (D.
15 May 29
534 %
3734c
Chestnut Hill RR.
Series F
June
6c
6% preferred
Central Tube Co. (monthly)
Chain Store Investment, preferred
General Foods
30
20
25
15
1
15
—
DeMets, Inc., $2.20preferred...
Domestic Finance Corp., $2 cumul.
_
May
May
May
Apr.
May
25c
Cayuga & Susquehanna RR. (semi-ann.)
Central Cold Storage (quarterly).
Central Illinois Light, 7% preferred
East Mahanoy
75c
1234c
(semi-ann.)
Corp. (quarterly).
Preferred
60c
50c
Camden Fire Insurance
Cherry-Buirell Corp.
2c
50c
25c
Bottle
Best & Co. (quarterlj)
Brookmire Investment, Inc. (quar.)
Buck Hill Falls Co. (quar.)
Bullock Fund, Ltd
--- —
Cableo & Wireless Holding, pref. (final)----.
California Packing (quarterly).--American Thermos
Investors
Carman & Co., class A
25c
May
Apr. 20
May 15 May
1
June 20
July
May
Apr. 23
May
Apr. 23
Apr. 21
May
June
May 15
May
Apr. 23
Mar. 28
Apr.
rlOc
American Re-Insurance
Canadian
$2
$134
$3
1234c
$154
Payable of Record
Holders
25c
May
Pitney-Bowes Postage Meter (quar.)
Pneumatic Scale Corp., pref. (quar.)
Potomac Edison Co., 7% pref. (quar.)__.
6% preferred (quarterly)
Powdrell & Alexander (quar.)
Procter & Gamble
Holders
When
June
25c
Preferied (quarterly)
Princeton Water Co. (N.
Per
May
25c
Extra
Extra.
announced this week are:
June
5c
$1*4
$1/4
Machine—
Phillips Petroleum (quarterly)
first
When
Payable of Record
15c
series B—
—
Watson & Co., Inc. announce
—EU T.
Name
of the railroad bond trading department
department of Lobdell & Co.
—Russell Maguire & Co.,
Broadway,
April 18, 1936
Chronicle
Gold Mining (quarterly)
Extra
Allied Chemical & Dye
Corp., common (quar.)_
Allied Laboratories (quar )
$334 convertible preferred (quar.)
Aloha Portland Cement
Aluminum Manufacturing,
Inc. (quarterly)
Quarterly
Quarterly L
7% preferred (quarterly)
7 % preferred (quarterly)
7 % preferred (quarterly)
Share
When
Holders
Payable of Record
May
May
May
May
Apr.
May
May
May
May
July
July
Apr.
Apr.
Apr.
Apr.
Apr.
June
June 15
Sept.
Sept. 15
Mar. 31
Apr.
Apr.
Apr.
Apr.
Amerada Corp. (quar.)
Baking Co., 7% pref. (semi-ann.)
American Can Co., common (quar.)
American Cities Power & Lighting, conv. A (qu.)
American Coal Co. of Allegany Co. (quar.)
American Credit Indemnity Co. of New York-American Envelope Co., 7% pref. A (quar.)_
7% preferred (quar.)
7% preferred (quar.)
American Equity Assurance (N. Y.) (quar.)
Extra
pref. (quar.)
American Hardware Corp. (quar.)
Quarterly
Quarterly
American Home Products (monthly)
American Ice. Co., preferred
American Light & Traction (quar.)
Preferred (quar.)
American Machine & Foundry Co., common
American News N. Y. Corp.(bi.-mo.)
American Paper Goods 7% pref. (quar.)
7% preferred (quar.)
7 % preferred (quar.)
x
American Ship Building (quar.)
American Smelting & Refining
1st preferred (quar.)
2d preferred (quar.)...
Amoskeag Co., common
Preferred (semi-annual)
Amsterdam City National Bank, N. Y. (quar.)_
Anaconda Copper Mining Co
American Gas & Electric Co.,
15
10
10
10
June 27
June 27
Apr.
1
Dec.
Dec.
15
June
June
15
Sept.
Sept. 15
Dec.
Dec.
Apr.
July
June
15
Apr.
Apr.
Apr.
Apr.
May
Aug.
24a
11
10
25
25
25
.
American
15
15
17
17
May
May
May
May
June
Sept.
Apr.
15
15a
Dec.
Nov. 25
Apr.
Apr.
Apr.
Apr.
Apr.
15
15
8
June
13
May
July
Oct.
Sept. 12
Jan.
Dec.
May
Apr.
May
May
May
May
Apr. 20a
Apr.
6
Apr. 13
Apr. 13
Apr. 18
May
5
June
12
June
6
Sept.
Sept.
5
Dec.
Dec.
5
May
May
Apr.
Apr.
July
July
Apr.
Apr.
Apr. 15
May
1
Apr. 10
Apr. 10
June 20
June 20
Apr.
15
Mar. 14
Volume 142
Financial
Per
Name of Company
Share
Anglo-Canadian Telephone Co., 7% pref. (quar.)
87 He
Archer-Daniels-Midland, pref. (quar.)
Argo Oil Co
10c
Asbestos Mfg. preferred (quar.)
35c
Preferred (quar.)
35c
Preferred (quar.)
35c
Preferred (quar.)
35c
Associated Telep. Co., Calif., $1H pref.
(quar.).
Atlantic City Electric (quarterly)
Atlantic Coast Line RR. pref.
(semi-annual)
Atlantic Macaroni, Inc
Atlas Imperial Diesel Engine, class A & B
e3.3<
Atlas Powder, preferred
(quar.)
Austin Nichols, prior A
Automatic Voting Machine (quar.)
Baldwin-Duckworth Chain (quar.)
Bandini Petroleum Co. (monthly)
Barnsdall Corp. (quarterly)..
_
Extra
Beatty Bros., Ltd., 6% 1st pref. (quar.).
Belding-Heminway (quar.)
Quarterly
Beneficial Industrial Loan Corp.
Preferred series A (quarterly).
25c
25c
.
Bendix Aviation
Birtman Electric
Extra
Preferred
37Hc
87 He
25c
25c
25c
(quarterly)
(quarterly)
(quarterly)
UVt
Blaw-Knox Co.
Bloch Bros. Tobacco (quar.)
10c
37 He
37 He
quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros., preferred (quar.)..
Blue Ridge Corp., $3 conv. pref. (quar.)
Bon Ami Co., class A (quarterly)
Bourjois, Inc., $2% pref. (quar.)
37Hc
I1H
11H
IIH
$1X
o75c
Bower Roller Bearing (quar.)
Bridgeport Machine Co., preferred (quar.)
Briggs Mfg. Co. (quarterly)
British Celanese, first preferred
:
British Columbia Telep., 6% pref. (quar.)
Broadway Dept. Stores, 7% 1st pref. (quar.)
Buffalo Niagara & Eastern Power—
1st preferred (quar.)
$5 preferred (quar.)
Bullock's, Inc., preferred (quar.)
Bunte Bros. 5% preferred, initial (quar.).
Burroughs Adding Machine Co
Byron Jackson Co
Calamba Sugar Estate (quarterly)
7% preferred (quar.).
Calaveras Cement, 7% preferred
Calgary Power Co., 6% pref. (quar.)
Calumet & Hecla Consolidated Copper
Canada Iron Foundries Ltd., 6% non-cumulative
preferred (semi-annually)
Canada Northern Power Corp. (quar.)
Canadian Bronze Co., Ltd., common
Preferred (quar.)
Canadian Exploration
Canadian Industries, preferred
68??c
25c
SI H
50c
7%
$1H
SIM
r30c
25c
20c
ll'i
Carolina Clinchfield & Ohio (quar.)
iig
13 H
20c
15c
Central Miss. Valley El. Prop. 6% pref. (quar.)_
Central Power & Light, 7% pref. (quar.)
6% pre erred (quarterly)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Century Ribbon Mills, preferred (quarterly)
Cerro de Pasco Copper Corp
Chesapeake & Ohio Ry., pref. (semi-annual)
May
May
Apr.
July
Apr.
Apr.
June 12
10
Mar. 31
Apr. 10
Apr. 10
Apr. 15
Apr.
3
July
3
Apr. 15
Apr. 15
May 20
Apr. 15
Apr. 15
Apr. 15
Sept. 30 Sept.25
Dec. 31 Dec. 24
May
1 Apr.
June
1
May
16
5
Apr. 30 Apr. 15
May 15 May
1
Apr. 25 Apr.
1
Apr. 25 Apr. 15
Apr. 25 Apr. 10
Apr. 30
May
May
Apr~." 17
Apr.
Apr.
Apr.
May
May
May
Oct.
15
15
11
25
2
5
June
15
15
June
Apr. 15
Apr. 15
May
1
Apr. 30
Apr. 25
May
1
May
1
May
1
Apr. 30
May
1
May
1
July
1
Apr.
15
June 20
1 Sept. 20
Nov. 16 Nov.
5
June
I3M
May
July
May 18
1 Apr. 16
8
1 June
Aug.
1 July
IIH
May
1 Apr. 15
1
•
Commercial National Bank & Trust (quar.)
Commonwealth Edison (quar.)
Commonwealth Investment Co., Dela.
(quar.)
(Ky.)
6#% pref. O (quar.)
Confederation Life Association
(quar.)
1 June 20
1 Sept. 19
1'37 Dec. 19
May
1 Apr. 27
July
1 June 20
July
Oct.
Jan
Apr. 30 Apr. 20
June
1 May
9
Sept. 1 Aug. 10
Dec.
1 Nov. 10
20
10
20
20
20
20
June 10 May 25
June 24
July
Apr. 15
May
May
Apr. 14
Mar. 28
Apr.
June
May 15
May
1
Apr. 20
May 15
May 15
May 15
May 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
1
Quarterly
Quarterly
Dome Mines, Ltd. (quar.)
Dow Drug (quarterly)
Driver-Harris (quarterly)
Du Pont de Nemours (E. I.) & Co.—
Debenture (quar.)
Duquesne Brewing Co. (quarterly)
Eastern Gas & Fuel Assoc., prior pref. (quar.)..
6% preferred (quar.)
Eaton Mfg. Co. (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.)
Sept.
1
Dec.
1
Apr. 20 Mar. 31
May 15 May
4
Apr. 20 Apr. 10
Apr. 25 Apr.
May
1 Apr.
1 June
1 June
15 May
20 Apr.
20 Apr.
1 Apr.
1 Apr.
1 Apr.
25 Apr.
Oct.
1 Sept.
Oct.
1 Sept.
1 Apr.
May
July
July
May
Apr.
Apr.
May
May
May
Apr.
Electric Household Utilities
Elizabeth & Trenton RR. Co. (semi-ann.)
Sept.
June 30 June
July
Extra
new
(initial)
Firestone Tire & Rubber (quar.)
First National Bank (N. Y.) (quar.)
Ford Motor Co., Ltd., ordinary...
Insurance
common
(quarterly)
stk (s
Freeport Texas, preferred (quarterly),
Froedtert Grain & Malt, pref. (quar.)
Fuller Brush Co. 7% pref. (quar.)
7% preferred (quar.)..
Gardner-Denver Co., common (quar.)
Preferred (quar.)
General Baking Co., common (quar.).
General Cigar (quarterly)
-a
).___
(quarterly)
(quar.)
General Investors Trust
May
Apr.
May
May
May
May
May
May
Apr.
May
Apr.
July
General Italian Edison Electric, Amer. shares
General Metals (quar.)
...
General Motors Corp., $5 preferred (quar.)
General Public Utilities, Inc., $6 pf. (quar.)
General Stockyards
Preferred (quarterly)
General Telephone Corp., common (quarterly)..
Gillette Safety Razor, conv. pref. (auar.)
(quarterly)
Globe Wernecke Co., pref. (quar.)
Preferred (quarterly)
Oct.
Preferred
Janl
(quarterly)
(quar.)
Gotham Silk Hosiery preferred
Preferred (quar.)
Great Lakes Engineering Works (quar.)
Gold Dust
May
May
May
May
May
May
May
Extra
Electro-Chemical
Green (H.
L.) Co., Inc
Guelph Carpet & Worsted Spinning Mills, 6H %
preferred (quarterly)
Hannibal Bridge Co. (quar.)
Harbison-Walker Refractories Co., pref. (qu.)
Hartford Electric Light Co. (quar.)
Hat Corp. of America, preferred (quar.).
Mar. 27
Homestake Mining (monthly)
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 Can Co. (quarterly)
Continental Oil
Copperweld Steel (quar.)
Quarterly
—
15
Apr. 15
May 15
June
July
May
June
June
May 15
July
May
Apr.
June
15
Apr. 15
15
Aug.
Apr. 25
Apr.
6
May 15
Aug. 15
Nov.
Nov. 15
May
i
Quarterly
Corn Exchange Bank Trust
(quar.)
Corn Products Refining Co. (quar.)
Crandall, McKenzie & Henderson, Inc.
Crum & Forster, preferred (quarterly).
June
May
Apr. 23
Apr. 20 Apr.
6
1 Apr. 15
May
_
June 30 June 20
1 Apr
1 Apr.
1 Apr.
1 June 24
15c
Horn & Hardart of N. Y.
40c
(quar.)
13
20
1 Mar. 31
20 Apr. 13
15 Apr. 30
1 Apr. 10
6
1 Apr.
1 Apr. 15
1 Apr. 15
1 Apr. 15
4a
20 Apr.
1 Apr.
1
6
20 Apr.
1 June 20
1 Sept. 20
'37 Dec. 20
1 Apr. 10
1 Apr. 13
1 Apr. 13
1 Apr. 24
1 Apr. 24
5
15 May
1 Apr. 10
17
10
6
15
16
16
4
25
25
May
19
16
29
Apr. 21 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Horder's,
Interstate Dept. Stores preferred (quar.)
17
22
Apr. 24 Apr. 14
May
Extra
Inc. (quarterly)
(quar.)...
Hussman-Ligonier Co. conv. pref. (quar.)
Conv. preferred (quar.)
Illinois Northern Utilities, 6% pref. (quar.)
7% junior preferred (quar.)
Imperial Chemical Industries, Ltd., Amer. dep.
res. for ord. reg. (final)
xw
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Incorporated Investors (semi-annually)._
Indiana Pipe Line Co
International Cigar Machinery Co., common
International Nickel of Canada, pref. (quar.)...
International Printing Ink (quar.).
25
10
20
18
June 26 June
Extra
Preferred
1 Apr.
1 Apr.
_
May 20
Apr. 15
15
June 15
June 15
15
14
8
20
20
15
15
15
_
(quar.j__.I__
June
June
1 June
6 Apr.
20 Apr.
May
Apr.
Apr. 20 Apr.
Apr. 20 Apr.
May
Apr.
Apr.
May
May
Apr.
May 15 May
May 15 Apr.
May 15 Apr.
PrcfGirod
Apr.
July
July
July
July
May
Consolidated Edison Co. of N. Y., Inc.—
Apr. 15
Apr. 15
Apr. 15
Apr. 20
3
Apr.
~~
General Hosiery Co., 7% pref.
Western
1
25
25
1
20
Oct.1 1 Sept.
Apr. 20 Apr.
1 Apr.
May
1 Apr.
May
May
l'Apr.
June
liMay
Apr. 25 Mar.
May
1 Apr.
General Electric Co
Glen A1 den Coal
1 Sept. 10
May
Apr.
Apr.
May
Apr.
July
May
Apr.
May
May
May
May
May
July
Fidelity Deposit (Baltimore) (quarterly)
Fidelity Fund, Inc.,
1 June 10
Oct.
Quarterly
Consolidated Royalty Oil (quar.)
Consumers Power Co., $5 pref. (quar.)
June
15
15
15
15
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
(quar.)
Mar. 27
Apr.
Apr.
Apr.
May
20
14
20
23
Oct.
_.
(quar.)
May
May
7% preferred (quar.)
May
May
May
Nov. 30
Apr.
Sept.
Apr.
May
Apr. 31 Apr.
May
$5 preferred (quarterly)..
Consolidated Gas (N. Y.), preferred (quar.)
Consolidated Paper (quar.)
(qu.)_
Consolidated Cigar 6H % pref. (quar.)
May 29
Aug. 31
Dec.
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.).
Monthly
Monthly
Hollinger Consolidated Gold Mines, Ltd.
Holly Sugar, initial (quarterly)
Preferred (quarterly)_
Home Insurance (quarterly)!
Consolidated Chemical Industries, class A
OldiSS B
10 Nov. 30
June
Bearing Co. (quar.)
Metallurgical Corp. $5 pref. (quar.)
Hercules Powder preferred
Dec. 25
16
16
5 'Sept. 26
10 May 29
Sept. 10 Aug. 31
(quar.)...
(quar.)...
Sept. 30 Sept. 25
Dec. 31
6
10
Dec.
Fansteel
Great
10
6
June
(quar.)...
European & North American Ry. (semi-ann.)
Faber, Coe & Gregg, Inc., pref. (quar.)
Preferred
6
1 Nov. 21
Oct.
Guaranteed betterment
Eureka Pipe Line Co., (quar.)
$5 preferred
$5 preferred
1
6
Sept.
Apr. 30 Apr.
Apr. 30 Apr.
Emporium Capwell (semi-ann.)
Erie & Pittsburgh RR. Co. 7% gtd. (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Fafnir
15
15
20
20 ]
20
1 May 21
1 Aug. 21
June
Extra
Guaranteed betterment
Guaranteed betterment
10
21
Dec.
5% preferred (semi-ann J
(s.-a.)
Empire & Bay State Teleg. 4% gtd. (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
Employers Group Assoc. (quar.)
Elmira & Williamsport RR.
June 30 June 25
Quarterly
Quarterly
1 May 15
1 Apr. 15
May
General Mills, Inc., common (quar.)
5% preferred (quar.)
5% preferred (quar.)
U /O preferred (quar
5% piDAOllUU \C[UCtl /
City Baking Co., 7% pref. (quar.)
Clearfield & Mahoning RR. (s.-a.)
Cleveland 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.)
Coca-Cola Bottling Co. of St. Louis, (quar.)
Columbia Gas & Electric Corp. (quar.)
5% cum. preferred (quar.)
5% conv. cum. preferred (quar.)
6% preferred, series A (quar.)
Columbus & Xenia RR. Co
Commonwealth Life Insurance Co.
Commonwealth Utilities,
20
1 Mar. 16
1 May 15
1 May 15
June
Franklin Teleg. Co., 2H% gtd
$1
1st guaranteed preferred (s.-a.)__
Dec. 31
May
June
June
Franklin Fire
Extra.
Cincinnati Inter-Terminal RR—
Cincinnati Sandusky & Cleveland RR. Co—
6% preferred (semi-ann.)
Cincinnati Union Terminal Co.—
Sept. 30
Preferred (extra)
16
16
1
Sept. 30 Sept. 19
Dec. 21 Dec. 11
Dividend Shares, Inc
Doctor Pepper Co. (quar.)
10
10
1 Mar. 31
1 Apr. 20
1 May 15
1 Apr. 15
1 Apr. 15
5
15 May
15 Aug.
5
2g
15 June
June 30
Farmers & Traders Life Insurance (quar.)
Apr. 15
Apr. 20
Apr.
Apr. 2<
Apr. 20
June 30 June 20
Fibreboard Products. Inc., 6% pref. (quar.).
Mar. 31
Holders
Apr. 30,Apr. 15
1 Apr. 20
May
1 June 15
July
1 Apr. 20
May
;
Apr. 20 Apr.
Apr. 20 Apr.
July
1 June
June 30 June
June
June
—
Extra
When
Payable of Record
May
May
May
-
Mar. 31
IIM
_
Cudahy Packing Co., 6% preferred (s.-a.)
7% preferred (s.-a.)
Cuneo Press, Inc., common (quarterly)
6H% preferred (quarterly)
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.)
Quarterly
Quarterly.
7% preferred (quar.)
7% preferred (quar.).
7% preferred (quar.)
Deposited Insurance Shares, series A
Diamond Match Co., interim
Foreign Bond Associates, Inc.,
May
May
Share
Apr. 20
Apr. 20
Apr. 15
12
_
Per
Name of Company
Jan2 '37 Dec. 20
May
May
May
Aug.
10c
Apr.
Nov. 15 Nov. 11
I1H
10c
June 20
June 31 June 25
43 Mc
37 He
10c
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
May
1
May
1
May
1
Apr. 30 Apr. 11a
May 15 May 11
Aug. 14 Aug. 11
June
r3Hc
Central Hudson Gas & Electric (quar.)
Central Illinois Securities, cum. pref
20
25
9
24
15
13
20
15
30
1
11
15
19
1
1
1
1
20
1
1
1
30
31
30
30
May
July
July'
May
May
$1M
1
20
20
20
Febl'37 Jan.
June
IIH
15
20
Apr.
May
May
May
May
May
May
July
May
Apr.
June
10c
>»«, Stamped certificates (quar.)
Celanese Corp. of Amer., 7% cumul. prior pref
7% cumul. 1st preferred
May
Apr.
May
Apr.
May 15 May
May
1 Apr.
Aug.
1 July
Nov.
2 Oct,
May
2613
Holders
Payable of Record
May
May
May
1H%
Canadian Investment Fund, Ltd
Capital Management
Carnation Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
When
Chronicle
el%$1H
*1H
6
15
15
15
15
Apr. 25 Apr. 20
Apr. 25 Apr. 20
May
Apr. 20
Apr. 11
May
Apr. 20
May
Apr. 20
May
May
Apr. 15
Apr. 15
May
June
Apr.
Oct.
17
June 30
July
l Sept. 30
Jan2 *37 Dec. 31
v
Apr. 30 Mar.
May 15 Apr.
May
Apr.
May
Apr.
Apr.
May
Apr.
May
Mar.
May
20
24
18
1
13
13
30
2614
Financial
Per
Share
Name of Company
International Utilities Corp. $7 prior pref. (qu.)
Ohio Brass
Apr.
Apr.
7i75c
6K % preferred B
6% preferred C
Apr.
SIX
May
10c
May
6
Mar. 31
Mar. 31
Mar. 31
June
Jantzen Knitting Mills
Preferred (quarterly)
—
(quarterly)
Johnson Publishing, 8% preferred
Apr. 10
Apr. 10
May 25
July
July
Quarterly
Quarterly.
Sept. 20
Dec. 21
6% preferred guaranteed (quar.)
Kaufmann Dept. Stores, Inc
Kelvinator of Canada, Ltd., 7% pref.
Keokuk Electric 6% pref. (quar.)—
Kirkland Lake Gold
Klein (Emil D.)
Kleinert (I. B.)
(quar.)
May
Apr.
May
May
Apr.
July
Apr.
Apr.
May
May
—
Mining
(extra)
Rubber (semi-annually)
Special
Kress (S. H.)
Common
(quarterly)
-—-2
1
28
15
15
30
1
30
30
1
1
Apr. 20
Apr. 10
May
5
May
9
Apr.
9
June 20
Apr.
Apr.
Apr.
Apr.
15
15
14
14
Kroehler Mfg. Co., class A preferred (quar.)
June 30 June 24
Class A preferred (quar.)
Class A preferred (quar.)
Kroger Grocery & Bafidng (quarterly)
6% preferred (quarterly).,
7% preferred (quarterly)
7% preferred (quarterly)
Landers, Frary & Clark (quarterly)
Quarterly..
Quarterly
(
Landis Machine Co. (quar.)
Quarterly
Quarterly
Sept. 30 Sept. 24
Preferred
Dec. 31 Dec.
1 May
8
July
1 June 19
May
1 Apr. 20
July 31 July
7
July
1
Oct.
Nov. 16 Nov.
June 15 June
(quarterly)
Dec.
7% pref. (quar.)
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp., 6X% pref. (quar.)
Lexington Utilities preferred (quar.)
Libbey-Owens-Ford Glass (quarterly)
Lincoln National Life Insurance (quar.)....
(quar.)
May
May
May
July
May
May
May
Apr.
Apr.
May
July
Extra
Ludlum Steel Corp. $6H preferred
Lunkenheimer Co., preferred (quar.)
—
Oct.
(quar.).
(quar.),
McGlatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
Co., preferred (quarterly)
June 18a
Apr. 15
Apr. 17
15 Apr. 30
20 Apr. 10
20 Apr. 10
4
June 20
1 Sept. 21
75c
87 He
preferred
2nd preferred (quar.)
i.
Mercantile Stores 7% preferred
(quar.)
Michigan Public Service 7% preferred
6% preferred
Mid-Continent Petroleum Corp
Milwaukee El. Ry. & Lt. Co. 6% pref. (quar.)__
Modine Manufacturing
Montana Power, $6 preferred (quarterly)
Montgomery & Erie RR. (semi-annual)
Montreal Light, Heat & Power (quar.)
Montreal Tramways (quar.)
Moore (Wm. R.) Dry Goods (quar.)
__
Quarterly
SIX
7Hc
SIX
h$ IX
hSIX
40c
$1H
50c
SIX
YJXe
r37c
S2X
SIX
SIX
M
Society (quar.)
$1
$1
Quarterly
Motors Products, new stock (quar.)
50c
Mutual Chemical Co. of Amer., 6% pref. (qu.)_
6% preferred (quarterly)
6% preferred (quarterly
Nash Motors (quar.)
National Automotive Fibres, class A
Extra,.
National Bearing Metals Corp., 7% pref
—
Common
(increased)
National Casket Co. (semi-ann.)
National Distillers Products (quar.)
National Lead, preferred B (quarterly)
National Oats Co. (quar.)
National Power & Light Co. $6 pref. (quar.)
National Steel Corp. (quarterly)
National Tea Co., preferred (quarterly)
Neisner Bros., Inc., 7% conv. pref. (quar.)
Nevada-Calif. Electric, preferred.
Oil
New York & Honduras Rosario
_
Extra
New York Merchandise (quarterly)
Nineteen Hundred Corp., class A (quar.)
(quar.).
(quar.).
5X% preferred
North Canada Mining Corp
Northern RR. of New Hampshire
Northern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
4% guarantee** (quarterly)..
....
...
June
15
9
25
31
15
30
31
May
1
Apr. 30 Apr. 15
May
1 Apr. 30
May
1 Apr. 10
May 10 Anr. 30
Apr. 30 Mar. 31
Apr. 25 Apr.
3
July
1 July
1
Oct.
1 Oct.
25c
June
1 May 27
Sept.
1
Aug. 27
Dec.
1 Nov. 26
June 30 June 20
SIX
25c
June
50c
18
Sept. 28 Sept.17
May
May
May
May
SIX
1
Jn.2'37 Jn.2'37
!1H
c25c
12 J^c
17
Apr. 20
Apr. 10
Apr. 10
Apr.
May
May 15 Apr.
May
1 Apr.
20
20
30
15a
SIX
May
1
25c
June
1 May 21
SIX
37^c
May
Apr.
May
May
May
May
May
Apr.
Apr.
May
May
Aug.
25c
50c
50c
50c
SI
h
h$ 1.83 1-3
2c
1
30
1
1
1
15
9
18
18
1
15
15
Apr. 17
Apr.
4
Apr. 20
Apr. 13
Apr. 15
Mar. 30
Apr.
Apr.
Apr.
Apr.
Apr.
Apr
July
Nov. 14 Oct.
15
20
8
8
20
30
31
31
May 19 Apr. 30
June
1 May 15
Apr. 20 Mar. 31
Apr. 20
Mar. 31
SI
$1
May
1 Apr.
Apr. 30 Apr.
June
1 May
Sept, 1 Aug.
$1
Dec.
SIX
(quarterly)
20c
16 He
17Xe
60c
25c
25c
25c
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May 15 Apr. 20
May
Apr. 15
May
Apr. 20
Apr. 20
May
June
May 15
Aug. 15
Sept.
May
Apr. 22
5
May 15 May
5
Aug. 15 Aug.
Nov. 16 Nov.
Feb.
15 Feb.
5
5
May 15 May
5
May
1 Apr. 21
June
1 May 20
May
1 Apr. 20
June
1 May 20
Apr. 25 Apr.
1
1
May
1 Apr.
9
May
1 Apr.
May
1 Apr. 20
July 10 June 30
Oct. 10 Sept. 30
....
Jan.10'37 Dec. 31
l.
May
Apr.
21
13
15
15
June
Pittsburgh Bessemer & Lake Erie (semi-ann.)..
6% preferred (semi-annually)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly.
Quarterly
Apr.
Apr.
Sept.
May
July
Pirelli Co. of Italy, American shares__
June 10
Oct.
Oct.
Sept. 10
Jan2'37 Dec. 10
July
Oct.
7 June 10
6 Sept. 10
Jan5'37 Dec. 10
Pittsburgh Youngs town & Ashtabula Ry. Co.—
7 % preferred (quarterly)
7% preferred (quarterly).
7% preferred (quarterly).
Plymouth Cordage (quarterly)
Public National Bank & Trust (quar.).....
Public Service Co. of Colorado 7% pref. (mo.)..
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J. 6% pref.
(mtnly)..
Public Service of Northern Illinois
7% preferred (quar.).
6%preferred (quar.).
Pure Oil Co., 5X% cum.
jreferred.
6% cumulative preferred
8% cumulative preferred
Quaker Oats, preferred (quar.)
Quarterly Income Shares (quarterly)
Railroad Employees Corp., A & B (quar.)
8% preferred (quarterly)
Reading Co. (quar.)
Reliable Stores, first preferred
Reliance Mfg., Illinois (quar.)
Rhode Island Public Service Co., pref.
(quar.)__
Richmond, Fredericksburg & Potomac—
7% guarantee
(semi-annually)
6% guaranteed (semi-annually)
SIX
June
SIX
SIX
SIX
Sept.
May 20
Aug. 20
Nov. 20
Apr.
4
Dec.
Apr.
37 He
July
58 l-3c May
50c
May
June 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
41 2-3c May
50c
Apr.
50c
SIX
SIX
h$ 16 X
ft$19.125
h$25X
SIX
May
May
May
Apr.
Apr.
Apr.
20c
May
May
Apr.
Apr.
50c
May
15C
July
May
May
3c
5c
50c
15
15
15
1
15
15
15
7
7
7
1
Apr. 15
Mar. 31
Mar. 31
Apr.
July
Apr.
Apr.
16
15
20
15
1
11
15
15
1
June 27 June
50c
50c
Norfolk & Western Ry. adj. pref. (quar.)
North American Edison Co. pref. (quar.)
North American Investment Corp. 6% pref
1
May
Apr. 10
May
Apr. 15
May
Apr. 17
May
May
Apr. 17
May 15 Apr. 30
May
Apr. 15
May
Apr. 15
Dec. 28 Dec.
50c
Mining Co
Nov.
SIX
10c
Jersey Zinc (quar.)
1
1
Nov. 30 Nov. 30
McLellan Stores
Meadville Telep. Co., pref. B (s.-a.)
Melville Shoe (quar.)
Apr. 25
Apr. 29
Apr. 17a
May
Apr.
Apr. 25 Apr.
May 5 Apr.
Apr. 20 Mar.
May 1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May 30 May
Aug. 31 Aug.
Mayflower Associates, Inc., extra
Maytag Co., $3 pref. (quar.)
$6 preferred (quarterly)
McCall Corp. (quarterly)—
Class A
1
15
1
1
1
Nov. 15
Mahoning Coal RR. (quarterly)
Class A
Apr. 16
July
1
May 15 May
Aug. 15 Aug.
Marconi International Marine (final)
Massachusetts Bonding & Insurance Co. (quar )
Massachus tts Investors Trust (quar.)
Bradford
June 15
Jan.2'37 Dec. 21
preferred (quar.).
6 preferred (quar.)
t6 preferred (quar.)
New
8% preferred A (quar.)
6H% preferred O (quar.)
7% preferred D (quar.)
Pacific Lighting Corp. (quar.)
Pacific Public Service Co., $1.30 1st pref. (qu.)_
Pacific Tin, special stock (quar.)
Pan American Airways
Parker Pen (quar.)
Quarterly
Passaic & Delaware Extension RR. (s.-a.)
Peninsular Telep. Co. 7% pref. (quar.)
7 % preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Penman's, Ltd. (quar.)..
i_
Preferred (quar.)
Pennsylvania Power Co., 6% pref. (qu.).
6.60% preferred (monthly)
6.60% preferred (monthly)
Philadelphia Co., common (quarterly)
6% cumul. pref. (semi-ann.)
Philadelphia Electric Co., $5 div. pref. (quar.).
Phillips-Jones, preferred (quar.)
Phoenix Finance Corp.. 8% pref. (qu.)
Preferred (quarterly)
Pioneer Mill Co. (monthly)
20
.
Apr. 20
May 15
29
25
25
Oct.
1
Jan2 '37 Dec. 31
5% preferred (quarterly)
Lone Star Gas, 6M% preferred (quar.)
Lord & Taylor, 2ndjpreferred (quar.)__
Los Angeles Gas & Electric Corp., pref. (quar.).
Lucky Tiger Combination Gold Mining Co
New
15
11
20
Oct.
Loew's, Inc., $6^ cumul. pref. (quar.)
Loose-Wiles Biscuit Co., common
Morris Plan Insurance
First preferred (quarterly)
Second preferred (quarterly)
Paauhau Sugar Plantation Co. (monthly)
Pacific Finance Corp. of Calif. (Del.)—
27
July
May
July
8% preferred (quar.).
8% preferred (quar
\).
1st
Oct.
June
...
Preferred
30
May
SI;
Apr.
Apr.
Apr.
Apr.
June 15 May
May
Apr.
Aug.
July
1 Apr.
1 Apr. 15
May
I Apr. 20
May
1 Apr. 20
May
Apr. 20 Apr. 10
1 Apr. 20
May
1 Apr. 20
May
1 Apr. 20
May
1 Apr. 20
May
5 Apr. 30
May
Extra
Preferred
15 Dec.
May
1
Apr. 22
May 1
May 11
Nov.
—
Quarterly
Quarterly
Lincoln Printing Co., preferred (quarterly)
Link Belt (quar.)
Preferred (quar.)
Liquid Carbonic Corp. (quar.)
Lock-Joint Pipe Co. 8% preferred (quar.)...
Preferred
7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Colony Insurance Co. (Boston)
Oliver United Filters, class A (quar.)
Onomea Sugar Co. (monthly)
Outlet Co. (quarterly)
Old
Sept. 15 Sept.
Lane Bryant, Inc.,
Magnin (I.) & Co.,
1
Janl'37
May 15 May
Aug. 15 Aug.
Preferred (quarterly)
Preferred (quarterly)..
Loew's Boston Theatres
23
June
Apr. 25 Mar. 31
Apr. 25 Mar. 31
1 Apr. 15
May
1 Apr. 15
May
Ohio Public Service Co.
\
Kansas City St. Louis & Chicago RR.—
(quar.).
6% preferred (quar.)
June 20
Dec.
(quar.)
July
June
Sept.
Julian & Kokenge (semi-ann.)
Kalamazoo Vegetable Parchment Co.
May
Nov.
7% pref. A__ 7i87Mc
h81Xc
Jamaica Water Supply 7^% pref. (s.-an.)
6% preferred (quarterly)
Noyes (Chas. F.) Co., Inc., preferred (quar.)..
Sept.
June
25c
Iowa Electric Light & Power Co.,
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr. 25 Mar. 31
Dec.
25c
25c
Holders
When
Payable of Record
North Ontario Power Co
Northern States Power (Del.) 7% pref.
May
_
Per
Share
Name of Company
Apr. 20a
Apr. 20a
May
1
May
7
Aug.
6
May
May
60c
SZX prior pref. series 1931 (qua*.)
April 18, 1936
Holders
Payable of Record
^75c
1
Interstate Hosiery Mills (quar.)
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly
When
Chronicle
11
13
19
22
1 Nov. 21
Richmond Insurance Co. of N. Y. (quar.)..
10c
Extra
Rochester & Genesee Valley RR.
(s.-a.)
Rolls-Royce Ltd., ordinary (final)
Bonus
Roos Bros. Inc. $6X% preferred
vquar.)
Rose's 5,10 & 25c Stores (quar.)
7%preferred (quar.)
Ruud Mfg.
(quarterly)
St. Lawrence Flour
June 15 June
Mills (quar.)
May
May
July
July
Preferred (quar.)
St. Louis Bridge Co., 6% 1st pf.
(s.-a.)
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co.,
pref
Preferred
5
Apr. 20
Apr. 20
June 15
June 15
Sept. 30
Preferred
Dec. 31
Scott Paper Co.,
7% cumul. pref. (quar.)
(quar.)
May
May
May
July
Extra
Servel, Inc., 7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Sharp & Dohme preferred A (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Quarterly
Solvay American Investment Corp., pref.
Soundview Pulp Co
.
Oct.
(qu,)"
(quar.).
Spiegel May Stern (quar.)
6X% preferred (quar.)____
Preferred
(quar.j.III
Standard Fire Insurance Co. of N. J.
(qu.)
Standard Silver-Lead Mining
Stanley Works, 6% preferred (quarterly)
Steel Co. of Canada, Ltd. (quar.)
Preferred (quarterly)
2
Suburban Electric Securities 6% 1st pref__
Syracuse Binghamton & New York (quar.)
Syracuse Lighting Co., Inc., 6% pref. (quar.)__
Tacony-Palmyra Bridge, preferred (quar.)_
Telautograph Corp. common (quar.)
Telephone Investment (monthly)
Tennessee Electric Power Co.—
5% preferred (quarterly)
(quarterly)
(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)
Texas Power & Light 7% pref. (quar.)
$6 preferred (quar.)
Thatcher Mfg., convertible
pref. (quar.)
Third Twin Bell Syndicate
(bi-monthly)
Apr. 16
Apr. 15
Apr. 15
June 20
1 Sept. 19
May
May
Aug.
_
Squibb (E. R.) & Sons, $6,1st pref.
Standard Cap & Seal (quarterly)
1
1
1
1
Jan 2'37 Dec. 19
Southern California Edison Co., Ltd.
(quar.)
Southern Canada Power Co., Ltd., com.
6% preferred
1
1
1
1
June 30
Seeman Bros., Inc., common
7 % preferred
May
Apr. 30
May
Apr. 30
May
Apr. 10
5c
May
Apr. 10
June 15
S3
July
xwl5% May 19 Apr.
9
xw2 X % May 19 Apr.
9
May
1 Apr. 15
May
1 Apr. 20
May
1 Apr. 20
$3$3
1 Apr. 17
1 May
1
1 Aug.
1
Nov.
1 Nov.
1
May 15 Apr. 15
June
1 May 15
May 15 Apr. 20
May 15 Apr. 30
May
1 Apr. 15
May
1 Apr. 15
Aug.
1 July 15
May
1 Apr. 15
May
1 Apr.
4
Apr. 23 Apr. 16
Apr. 25 Mar. 31
May 15 May
2
May
1 Apr.
7
May
1 Apr.
7
May
1 Apr. 15
May
1 Apr. 22
May 15 Apr. 20
May
1 Apr. 10
May
1 Apr, 15
May
1 Apr. 20
July
July
July
July
May
June
July
May
June
June 15
June 15
Tune 15
June 15
Apr. 15
May 15
June 15
Apr. 15
May 15
June 15
July
May
Apr. 11
May
Apr. 11
May 15 Apr. 30
Apr. 30 Apr. 18
Volume 142
Financial
When
Per
Name of Company
Toburn Gold Mines
Toledo Edison Co. 7% pref.
Share
2c
(monthly)" _I III"
6% preferred (monthly)
5% preferred (monthly)
Troy & Greenbush RR. Assn. (s.-a.)
Trustee Standard Utility Shares
(bearer)._
Tubize Chatillon Corp., 7% pref.
(quar.)
Twin Bell Oil Syndicate
(monthly)
Union Oil of California (quar.)
United Biscuit Co. of Amer.. pref.
United Light & Rys. 7% preferred
_
_.
(quar.).
(monthly) __I
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)........
6% preferred (monthly)
I
6% preferred (monthly)
6% preferred (monthly)
United New Jersey RR. & Canal
(quar.)IIZIH.
United Profit Sharing, preferred
(semi-annual)
United Standard Oilfund of
America, extra
United States Fire Ins. Co.
(quar.)
United States Pipe & Foundry
United Verde Extension Mining Co. (ouar.)
Quarterly
May
June
May
June 15
Apr.
June
(quarterly) IIIIIIIII11
10
30
20
15
15
15
15
15
15
Apr. 15
May 15
June
July
July
Apr. 30
May 15
MayJ 1
Apr. 20
May
1
Aug.
1
May
1
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred
6% preferred
Apr.
Apr.
Apr.
Apr.
Apr.
July
May
.....
15
June 20
Mar. 31
1 Apr. 25
1 July 26
Nov.
1 Oct.
10 June
June
1
6% preferred (quar.)
(interim)
Winstead Hosiery Co.
Extra.
10 Dec.
(quar.)
Oct.
20 Oct.
10
Apr. 15
Apr. 15
Apr. 15
May
May
May
.
June
May
June
Apr.
May
Aug.
Apr.
July
May
May 15
24 Apr. 10
29 May 15
31 Aug. 15
30 Mar. 31
1 June 15
15 Apr. 30
June
15
May
weekly statement issued by the
Clearing House is given in full below:
OF
MEMBERS
OF
THE
NEW
*
1
30
CLEARING
HOUSE
The
following corrections have been made:
National Automotive Fibres, Inc., v. t. c. for A com. ser 1, 25c regular
and 123^c extra,
class B stk.
or
/ Payable in common stock,
g Payable in scrip,
j Payable In preferred stock.
Bank
Chemical Bk. & Tr. Co..
Average
S
$
Advance-Rumely, liquidating stock div. of X sh. of Allis-Chalmera
stock on each share of Advance-Rumely capital stock held.
m
Lincoln Printing pref. div. of 1-5 sh. of pref. stock for each share held
n
Blue Ridge
o
stk.
or
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
5,646,000
32,426,000
156,271,000
13,663,000
38,010,000
83,823,000
14,413,000
21,586,000
739.938,700
for each share held.
Mayflower Assoc., Inc., extra div. of 12-lOOths share of Fohs Oil Co.,
Inc., stk. to each sh. of the present outstanding shs. of cap. stk. of May¬
q
flower Assoc.
Payable in Canadian funds, and In the case of non-residents of Canada
a tax of 5% of the anlount of such dividend will be made.
r
a
reduction of
Kress (S. H.) stk. div. equal to 50c., or l-20th
for each 50c. of the amount of such div.
s
t
Payable in
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
Bankers Trust Co
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'l Nat. Bk. &Tr.Co.
Public N. B. & Tr. Co..
Total.
sh. of
spec.
pref. stk.
specfal preferred stock.
Payable in U. S. funds,
u
x
Less tax.
to
Less depositary expenses.
Per 100 shares.
y
A deduction has been made for expenses.
York
<
The following shows
Bank of New York at
the condition of the Federal Reserve
thejelose of business April 15 1936,
in comparison with the previous week and the corresponding
date last year:
Apr. 15, 1936 Apr.
Assets—
517,425,000
90j000,000
Manufacturers Trust Co.
com.
Steel & Wire Co., three additional shares of common stock
Keystone
p
Corp., opt. $3 conv. pref. ser. 1929, l-32d of one sh. of
of the holder 75c in cash.
at the opt.
9,245,879,000
3,600,000
8
1936 Apr. 17, 1935
?
on
hand due due from
3,009,478,000 3,042,033,000 2,180,318,000
United States Treasury.x
10,758,100
138,960,000
25,431,700
350,935,000
40,707,000 al,363,131,000
49,888,300
445,876,000
177,398,400 61,293,989,000
461,204,000
11,548,900
62,597,400
700,259,000
16,325,100
240,610,000
482,885,000
91,781,400
58,959,800
527,193,000
3,791,200
48,427,000
67,625,800 Cl,813,640,000
3,443,700
46,352,000
68,386,000
<1779,959,000
16,366,000
5,416,100
8,069,300
81,837,000
298,451,000
21,727,300
7,907,000
75,572,000
80,233,000
8,176,200
Guaranty Trust Co
h On account of accu¬
mulated dividends,
Deposits,
Average
and
612,480,000
National City
Corp., conv. A opt. div. ser., l-32d of one sh. of
of the holder 75c in cash.
Payable in stock.
e
Gold certificates
Bank of Manhattan Co..
previously reported as 37 Kc regular.
at the opt.
Time
Deposits,
$
6,000,000
20,000,000
127,500,000
20 000,000
25c
New
City
Net Demand
Surplus
Members
Bank of N. Y. & Tr. Co.
25c
62^c
Condition of the Federal Reserve Bank of
Undivided
Capital
25c
Transfer books not closed for this dividend.
t
May
Profits
*
20
20
20
20
June
1 May 20
July
1 June 20
Apr. 30 Apr. 20
25c
c
1
Apr. 30 Apr.
June
1 Apr.
May
1 Apr.
May
1 Apr.
60c
a
15
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 11, 1936
Clearing House
50c
SIX
Wrigley (Wm.) Jr. (monthly)
Special
Monthly
Monthly
York Rys., 5% preferred (quar.)
1
Nov.
50c
SIX
Wisconsin Telephone 7% pref. (quar.).
Woolworth (F. W.) (quar.)
1 Apr.
3
1 Apr.
3
1 May 15
1 Apr. 15
1 Apr. 24
1
1
1
1
Nov.
50c
Extra
_
New York
YORK
May
May
May
May
Aug.
Aug.
SIX
Quarterly.
Weekly Return of the New York City
Clearing House
The
May
May
June
SIX
Extra
1
May
1 Apr. 17
Apr. 20 Apr. 10
July 20 July 10
Preferred (quar.)..
Walgreen Co. (quarterly)
Warren Foundry & Pipe
Washington Gas Light (quar.)
Washington Ry. & Electric, 5% pref. (semi-ann.)
6% preferred (quar.)
Wayne Screw Products (initial)
Welch Grape Juice Co., preferred (quar.)..
Preferred (quar.)
Westinghouse Air Brake Co
West Jersey & Seashore RR. (s.-a.)
Westland Oil Royalty Co., class A (monthly)..
Class A (monthly)
Weston (Geo.) Ltd.. 7% preferred
STATEMENT
...
(quarterly)
Quarterly.
1
Sept. 10 Sept.
Dec.
UX
*15*
12Hc
UX
Wilson-Jones
26
May
1 Apr. 16
1
May 15 May
(quarterly)
May 15 Apr. 20
May 15 Apr. 20
%IH
Co.—
Power
6% preferred (quar.)
7% preferred (quar.)
26
Feb 1'37 Jan.
Virginian Railway, preferred (quarterly)
Vulcan Detinning, preferred
(quarterly)
Preferred
Penn
d Amer. Cities P. & L.
Semi-annually
Utica Gas & Electric, 7% pref. (quar.)
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
$1X
6% pref. (quar.).
7% preferred (quar.)
West
Holders
Payao.e of Record
Mar. 31
Apr.
3a
July
3a
Apr. 20
Utica Chenango & Susquehanna
Valley RR—
Preferred
West Penn Electric,
Apr. 30
Apr. 17
May
Aug.
(quar.)
(quar.)
(quar.)
Share
Wilson & Co
May
May
May
May
May
Ween
Per
Name of Company
1
June
,
6% preferred
June
July
May
5f%
_
Universal Leaf Tobacco
May 21 Apr. 21
Apr. 15
Apr. 15
Apr. 15
June
25c
2615
Holders
Payable of Record
58 l-3c May
1
50c
May
1
41 2-3c May
1
June 16
SI H
6.8c
May
h% 3
Chronicle
1,017,000
96,381,000
Redemption fund—F. R. notes..
Other cash t
1,113,000
1,368,000
96,000,000
65,335,000
3,106,876,000 3,139,146,000 2,247,021,000
Total reserves.
Bills discounted:
Secured by
U. S.
Govt, obligations,
1,570,000
direct and (or) fully guaranteed
1,467,000
1,915,000
Other bills discounted
1,450,000
2,036,000
2,493,000
422,000
1,926,000
44,951,000
34,518~666
421,000
2,497,000
19,555,000
1,730,000
41,967,000
3,485,000
3,486,000
3,960,000
Bills bought in open market-
1,755,000
2,027,000
Industrial advances
7,681.000
1,753,000
7,671,000
68,473,000
482,760,000
178,150,000
68,473,000
482,760,000
178,150,000
445,460,000
729,383,000
729,383.000
739,318,000
742,304,000
742,293,000
751,422,000
241,000
6,431,000
201,310,000
10,843,000
243,000
4,809,000
118,579.000
10,843.000
27,618,000
Total bills discounted.
6,117,000
United States Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities.
.
131,045,000
162,813,000
*
As per official reports:
National, March 4, 1936: State, Dec. 31, 1935, trust
companies, Dec. 31, 1935.
Includes deposits in foreign branches as follows:
a $229,207,000: 6 579,607,000:
C$78,649,000; d $28,166,000.
The New York
Other securities
Foreign loans on gold.
Total bills and securities.
"Times"
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended April 10:
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected items
Bank premises
26,260,000
All other assets
INSTITUTIONS NOT IN THE CLEARINGS HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL 10, 1936
NATIONAL AND
282,000
3,461,000
139,074,000
11,724,000
25,449,000
4,094,265,000 4,043,531,000 3,178,433,000
Total assets.
STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc, and
Investments
Manhattan—
$
Grace National
25,976,100
Sterling National
20,062,000
Trade Bank of N. Y.
4,515,798
Other
Cash,
Including
Bank
Notes
Res.
Dep.,
Dep. Other
Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
S
$
N.
$
100,600
492,000
220,919
5,111,300
3,689,000
1,000,656
2,143,400
1,183,000
169,718
$
29,639,700
22,528,000
4,980,897
Brooklyn—
People's National—
3,730,000
97,000
1,051,000
436,000
circulation
795,416,000
800,738,000
665,445,000
Deposits—Member bank reserve acc't.. 2,351,342,000 2,303,767,000 1,923,301,000
U. S. Treasurer—General account...
384,111,000
460,924,000
142,530,000
25,491,000
8,294,000
19,649,000
Foreign bank
Other deposits
223,034,000
217,311,000
177,582,000
1
F. R. notes in actual
4,778,000
TRUST COMPANIES—AVERAGE FIGURES
Total deposits...
-
Deferred availability items..
Capital paid in......—....
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
——
.....
Loans
Res. Dep.
Cash
Invest.
N.
Y. and
Elsewhere
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
Total
F.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers
United States
Brooklyn—
Brooklyn
Kings County
*
$
-
56,864,400
8,448,563
11,859,820
18,817,000
29,723,600
68,810,051
91,286,000
32,923,275
$
*7,293,100
150,152
*1,334,194
*3,516,400
*9,013,500
12,632,547
3,071,000
2,565,740
S
8,325,400
748,972
1,179,375
842,100
2,629,800
19,008,921
33,827,000
9,651,124
Includes amount with Federal Reserve as follows:
$
3,236,000
2,036,349
1,060"206
S
65,115,800
9,568,996
12,079,820
49,964,000
7,744,000
8,849,000
3,555,000
4,084,000
1,778,000
7,501,000
reserves
R. note liabilities
vances
82.3%
82.4%
77.0%
10,051,000
10,094,000
6,255,000
15,000
19.722.900
39,018,400
71,167,202
241,000 121,218,000
39,729,815
Empire, $5,833,200; Fidu¬
ciary, $1,007,442; Fulton, $3,303,600; Lawyers. $8,213,300.
of total
50,825,000
4,094,265,000 4,043,531,000 3,178,433,000
liabilities
to deposit and
combined
Contingent liability on bills purchased
for foreign correspondents
Commitments to make industrial ad¬
Ratio
50,825,000
7,744,000
8,849,000
3,654,000
All other liabilities
Disc, and
2,978,136,000 3,007,493,000 2,251,707,000
198,725,000
113,413,000
138,376,000
50,914,000
50,916,000
59,578,000
t "Other cash" does not
include Federal Reserve notes or a bank's
own Federal
Reserve bank notes.
given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
These are certificates
APril 18'> 1936
Chronicle
Financial
2616
System
Weekly Return of the Board of Governors of the Federal Reserve
'
following is issued by the Board of Governors of the Federal Reserve System on
The
Thursday afternoon, April
16,
The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year. The second table shows the resources and liabilities separately for each of the twelve banks. - The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
RESERVE BANKS AT THE CLOSE OF
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
Redemption fund (F. R. notes)..........
Total
1936 Mar. 25 1936 Mar. 18 1936 Mar. 11 1936
1936 Apr. 17 1935
26
Feb.
$
$
$
S
$
$
Afar. 4 1936
7,670,230,000 5,682,857,000
7,664,835,000 7,665,346,000 7,665,345,000 7,665,840,000 7,667,338,000 7,667,830,000 7,669.328.000
16,881,000
13,736,000
341,744,000
Other cash *
Bills
1
$
$
$
ASSETS
Gold ctfs. on hand & due from U.S.Treas.x
1936 Apr.
8
Apr. 15 1936 Apr.
BUSINESS APRIL 15 1936
13,732.000
336,358,000
14,873,000
353,632,000
14,864,000
350,037,000
15,019,000
346,078,000
15.253,000
344,928,000
14,902,000
338.513,000
14,402,000
348,259,000
228,205,000
8,032,891,000 5,927,943,000
8,020,315,000 8,015,436,000 8,030,246,000 8,034,345,000 8,028,435.000 8,028,011,000 8.022,743,000
reserves...
discounted:
Secured by U. S. Govt, obligations
advances
securities—Bonds
Treasury notes..
Treasury bills....
Total U. S. Government securities..
4,489,000
2,765,000
3,338,000
2,727,000
2,857,000
2,773,000
t2,308,000
t2,612,000
2,996,000
2,716,000
4,099,000
2,833,000
5,502,000
7,254,000
6,065,000
5,630,000
4,920.000
5,712,000
6,932,000
6,661,000
4,679,000
4,676,000
4,673,000
30,321,000
30,195,000
31,454,000
4,673,000
31,773,000
5,302,000
26,163,000
4,688,000
30,257,000
4,690,000
30,313,000
Bills bought In open market....
U. S. Government
2,886,000
2,616,000
6,193,000
...
Total bills discounted....
Industrial
3,332,000
3,329,000
3,713,000
2,480,000
fully guaranteed.....
direct and(or)
Other bills discounted......
4,674,000
4,674,000
30,501,000
30,363,000
383,461,000
215,690.000
215,726.000
216,069,000
265,687,000
265,756,000
265,711,000
265,691,000
265,687,000
1,487,332,000
1,554,895,000 1,554,894,000 1,554,889,000 1,554,893,000 1,554,896,000 1.594,648,000 1,602,759.000 1,622,544.000
560,060,000
592,011,000
619,913,000
612,011.000
609,667,000
609,667,000
609,667,000
609,667,000
609,667,000
2.430,853,000
2,430,249,000 2,430,252.000 2,430,243,000 2,430.271.000 2,430,319,000 2,430,287,000 2.430,839.000 2,430,245,000
181,000
Other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold
2,468,979,000
2,471,626,000 2,470,880,000 2,472,715,000 2,471,692,000 2,471.130,000 2,470.259.000 2,472,859.000 2,473,804,000
Total bills and securities
abroad
banks
Gold held
*
633~000
Due from foreign
Federal Reserve notes of other
banks
Items
Uncollected
Bank premises
All other assets
Total
....
634"000
~"65b~,666
~~~650~666
"~644~666
"'"647:666
""649,666
""64-9,666
""""7o"5:66o
22,125,000
696,196,000
48,006,000
36,286,000
16,762,000
501,570,000
48,004,000
37,396,000
17,690,000
19,311,000
17,670,000
636,336,000
47,864,000
35,549,000
18,334,000
509.419.000
18,999,000
17,693,000
547,021,000
47,813.000
39,717.000
549,846,000
49,617,000
527,356,000
47,865,000
35,973,000
558,332,000
47,885,000
36,868,000
47,865,000
42,006,000
623,547,000
47,863.000
41,076,000
16,057,000
39,685,000
9,052,832,000
11,295,187,000 11.090,682,000 11,164,386,000 11,137,192,000 11,237,628,000 11.116,541,000 U, 127,736,000 U, 159,588.000
assets.
LIABILITIES
F. R. notes In
actual circulation
3,178,871,000
3,761,762,000 3,781.039,000 3,772,016,000 3,732,333,000 3,730,979,000 3,731,534,000 3,735,066,000 3.677.076.000
5,786,173,000 5,813,244,000 5,838,708,000 4,501,203,000
Deposits—Member banks' reserve account 5,333,048,000 5,161,317,000 5,077,088,000 5,059,147,000 5,143,768,000
205,419,000
391,113.000
433,118,000
379,299,000
964,390,000 1,085,687,000 1,146,565,000 1,067,364,000
829,731,000
U. 8. Treasurer—General account
22,319,000
64,391,000
52,747,000
49,275,000
64,576,000
66,016,000
63,441,000
71.622,000
53,826,000
Foreign banks.
248,596,000
272,512,000
269,757.000
272,189,000
267,161,000
261,980,000
275,801,000
273,948,000
280,758,000
Other deposits
Total
4,977,537,000
6,497,363,000 6,471,277,000 6,493,377,000 6,546,089,000 6,539,128,000 6,514,189,000 6.514,007,000 6,594,330,000
deposits
691,750,000
130,707,000
145,501,000
26,513,000
34,102,000
7,489,000
Deferred availability items
•
Capital paid In.—
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
of
total
reserves
554,751,000
130,715,000
145,501,000
26,513,000
514,646,000
130,724,000
145,501,000
26,513,000
34,105.000
7,281,000
34,105,000
7,408,000
622,988,000
130,741,000
145,501,000
26,513,000
34,100,000
7,678,000
507,067,000
130,638,000
145,501,000
26,513,000
34,107,000
26,992,000
521,660,000
130,656,000
145,501,000
26,519,000
34,123,000
20,204,000
546,418.000
130,708.000
145.501.000
26,419,000
34,110.000
549,980,000
5,026,000
8,863,000
146,957,000
144,893,000
14.924,000
30,807.000
9,952,832,000
11,295,187,000 11,090,682,000 11,164,386,000 U,137,192,000 11,237,628,000 11,116,541,000 11,127,736,000 11.159,588,000
liabilities..
Total
Ratio
494,186,000
130,699,000
145,501,000
26,513,000
34,107,000
7,360,000
to
deposits and
F. R. note liabilities combined
78.2%
78.2%
78.2%
78.2%
78,4%
78.2%
72.7%
78.2%
78.3%
Contingent liability on bills purchased for
40,000
foreign correspondents
Commitments to make industrial advances
Maturity
25,670,000
25,664,000
25,048,000
25,421.000
25,537,000
25,709,000
25.537.000
16,687,000
25,866,000
Distribution of Bills and
$
$
$
$
Securities—
Short-term
$
$
4,586,000
113,000
101,000
4,793,000
1,204,000
541,000
121,000
93,000
4,920,000
5,712,000
6,932,000
6,661,000
2,071,000
706,000
3,703,000
635,000
714,000
727,000
2,083,000
354,000
869,000
1,382,000
1,760,000
2,150,000
428,000
1,630,000
840,000
1,452,000
2,004.000
1,572,000
503,000
607,000
4,674,000
4,674,000
4,679,000
4,676,000
4,673,000
4.673,000
1,764,000
149,000
452,000
1,562,000
1,537,000
455,000
352,000
609,000
1,833,000
250,000
340,000
626,000
394,000
23,508,000
26,163,000
4,530,000
3,714,000
5.181,000
4,099,000
4,263,000
402,000
4,225,000
128,000
403,000
125,000
985,000
286,000
761,000
469,000
512,000
560,000
252,000
253,000
915,000
546,000
129,000
485,000
568,000
221,000
59,000
925,000
583,000
633,000
120,000
55,000
84,000
6,193.000
5,502,000
7,254,000
6,065,000
5.630,000
bought in open market...
3,062,000
639.000
575,000
364,000
1,781,000
16-30 days bills bought In open market...
368,000
777,000
483,000
2,798,000
697,000
554,000
1,567,000
449,000
750,000
1,410,000
4,688,000
31-60 days bills discounted
47,000
61-90 days bills discounted
920,000
Over 90 days bills
discounted—
Total hills discounted
1-15 days bills
31-60 days bills bought In open market...
61-90 days bills bought in open market...
.
$
$
S
1-15 days bills discounted
16-30 days bills discounted
238,000
718,000
1,014,000
105,000
265,000
Over 90 days bills bought In open market-
Total bills bought In open market
4,690,000
1-15 days Industrial advances
1,580,000
16-30 days industrial advances
343,000
1,580,000
354,000
438,000
61-90 days industrial advances
Over 90 days industrial advances
Total Industrial advances
1-16 days U. S. Government securities..
405,000
407,000
27,474,000
27,421.000
28,561,000
459,000
28,605,000
30,321,000
30,195,000
31,454,000
31,773,000
27,615,000
486,000
27,699,000
30,257,000
30,363,000
30,501,000
21,010,000
19,200,000
21,710,000
25,806,000
47,506,000
44,080,000
103,576,000
119,037,000
Over 90 days U. S. Government securities 2,220,316,000 2,238,260,000
16-30 days U. S. Government securities..
Government
482,000
582,000
27,303,000
31-60 days U. S. Government securities..
S.
499,000
161,000
479,000
372,000
537,000
27,481,000
61-90 days U. 8. Government securities._
U.
1,676,000
30,313,000
31-60 days Industrial advances
Total
1,609,000
329,000
311,000
securities
.
5,302,000
.
1,527,000
374,000
360,000
41,078,000
39,295.000
45,730,000
43,850,000
7,164,000
22,674,000
9,200,000
48,765,000
22,674,000
43,850,000
7,164,000
19,200,000
9,200,000
21,010,000
264,351,000
116,410,000
170,017,000
128,062,000
46,816,000
49,806,000
48,816,000
109,325,000
49,806,000
48.816,000
47,506,000
87,663,000
93,133,000
94,376,000
2,255,851,000 2,267,428,000 2,258.496,000 2,215.357,000 2,184,567,000 2,128.267,000 1,967,334,000
2,430,853,000
2,430,249,000 2,430,252,000 2,430.243,000 2,430,271,000 2,430,319.000 2.430,287,000 2,430,839,000 2,430,245.000
ther securities
16-30 days other securities
61-60 days other securities..
61-90 days other securities
Over 90 days other
""
i8i~666
Total other securities
"~1~81~66O
183.1666
Tsi~665
"181",000
181:666
i8i:666
181:666
181,000
securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R
Agent
Held by Federal Reserve Bank
In actual circul
tlon
3,997,381,000 3,966,457,000 3,442,878,000
4,041,109,000 4,050,111,COO 4,029,102,000 4,009,450,000 4,004,698,000 4,008,275.000
289,381,000
264,007,000
262,315,000
276,741,000
277,117,000
273,719,000
257,086,000
269,072,000
279,347,000
3,735,066,000 3,677,076,000 3,178,871,000
3,761,762,000 3,781,039,000 3,772,016,000 3,732,333,000 3,730,979,000 3,731,534,000
Collateral Held by Agent as Security for
Notes Issuea to Bank—
Gold ctfs.
on
hand & due from U.S. Treas..
By eligible paper
U. S. Government securities
Total
collateral
3.885,843.000 3,292,979,000
4,045,343,000 4,024,343,000 3,990,843,000 3,996,843,000 3,966,843,000 3,931,843.000 3,915,343,000
5,224,000
4,974,000
3,999,000
3,211,000
3,681,000
4,190,000
5,298.000
3,859,000
4,575,000
212,100,000
127,000,000
131,000,000
123,000.000
59,000,000
88,000,000
67,000,000
68,000,000
69,000,000
4,058,054.000 4,050,342,000 4,018,067,000 3,510,053,000
4,118,918,000 4,096,202,000 4,063,141,000 4,060,033,000 4,058,524,000
♦
"Other cash" does not Include Federal Reserve notes,
x
These
are
t Revised figure.
certificates given by the U. S. Treasury for the
-
Jan. 31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been
of the Gold Reserve Act of 1934
the dollar was devalued from 100 cents to 59.06 cents on
appropriated a3 profits by the Treasury under the provisions
gold taken over from the Reserve banks when
:
Volume 142
Financial
2617
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (
)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 15 1936
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Total
1
RESOURCES
Boston
New York
Phila.
9
9
9
9
Cleveland Richmond
Atlanta
Chicago
9
9
9
9
St.
Louis Minneap. Kan. City
9
Dallas
San Fran,
9
9
9
9
Gold certificates
on hand and due
from U. 8. Treasury
7,664,835,0 570,464,0
Redemption fund—F. R. notes13,736,0
2,499,0
Other cash
341,744,0 35,208,0
Total reserves..
Bills
3,009,478,0 409,168,0 606,985,0 257,280,0 206,911,0 1,402,308,0 210,215,0 148,862,0 205,150,0 142,900,0 495,114,0
826,0
525,0
1,143,0
538,0
359,0
406,0
765,0
2,173,0
1,094,0
2,391,0
1,017,0
46,273,0
7,392,0
19,258,0
4,772,0 12,806,0
96,381,0 42,439,0
33,878,0 18,093,0
14,940,0
10,304,0
8,020,315,0 608,171,0 3,106,876,0 452,013,0 641,628,0 276,199,0 219,388,0 1,449,119,0 226,249,0 156,613,0 225,551,0 148,197,0 510,311,0
discounted:
1
Seo. by U. 8. Govt,
obligations,
direct & (or) fully guaranteed
3,713,0
2,480,0
Bills bought In open market
Industrial advances
U. 8. Government securities:
Bonds
I
Treasury notes
Treasury bills
..
1,570,0
448,0
27,0
171,0
50,0
32,0
16,0
16,0
8,0
6,0
20,0
13,0
60,0
70,0
90,0
1,915,0
112,0
255,0
1,215,0
3,485,0
464,0
43,0
179,0
56,0
20,0
15,0
130,0
202,0
287,0
97,0
4,690,0
30,313,0
Total bills discounted
1,178,0
37,0
6,193,0
Other bills discounted
349,0
1,755,0
472,0
440,0
190,0
5,309,0
1,575,0
3,817,0
580,0
2,149,0
512,0
61,0
1,468,0
133,0
7,681,0
163,0
840,0
87,0
2,905,0
1,222,0
133,0
1,740,0
1,095,0
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
11,019,0
66,320,0
28,415,0
171,029,0
22,870,0
121,720,0
13,492,0
81,704,0
28,004,0
14,492,0
45,557,0
15,531,0
21,918,0
77,244,0
26,638,0
'•*
265,687,0
17,956,0
1,554,895,0 103,893,0
609,667,0
35,828,0
Total U. 8. Govt, securities, 2,430,249,0 157,677,0
Other securities181,0
Total bills and securities--
Uncollected
Bank
All
633,0
22,125,0
696,196,0
48,006,0
36,286,0
Items
premises
other
Total
resources
resources
85,0
1
12,0
327,0
13,013,0
19,347,0
77,206,0
56,254,0 131,921,0
26,625,0
19,399,0
45,492,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
321,164,0 123,200,0
75,580,0 116,844,0
181,0
95,000,0 199,331,0
742,304,0 183,365,0 220,083,0 120,902,0 101,268,0
2,471,626,0 162,146,0
Due from foreign banks
Fed. Res. notes of other banks
2,0
323,913,0 123,814,0
77,239,0 118,582,0
97,160,0 200,850,0
50,0
241,0
369,0
6,431,0
201,310,0
70,793,0
3,113,0
1,810,0
26,260,0
1,640,0
1,652,0
78,0
2,588,0
65,753,0
56,046,0
6,525,0
2,919,0
1,504,0
51,899,0
5,044,0
3,583.0
10,843,0
233,0
28,0
1,025,0
23,253,0
2,284,0
1,351,0
96,180,0
4,830,0
363,0
60,0
63,0
903,0
23,0
19,0
422,0
24,749,0
2,452,0
1,038,0
15,721,0
1,531,0
19,0
1,638,0
34,704,0
3,360,0
198,0
424,0
304,0
758,0
4,0
1,919,0
25,943,0
3,0
1,525,0
45,0
1,715,0
29,845,0
3,580,0
283,0
11,295,187,0 844,875,0 4,094,265,0 696,870,0 937,363,0 458,759,0 349,219,0 1,877,071,0 380,579,0 252,569,0 384,158,0 272,830,0 746,629,0
....
LIABILITIES
F. R. notes In actual circulation.
3,761,762,0 341,901,0
795,416,0 280,526,0 361,006,0 174,638,0 160,867,0
867,517,0 162,290,0 113,264,0 144,445,0
"4,525,0 285,367,0
Deposits:
Member bank reserve account. 5,333,048,0 308,192,0 2,351,342,0
292,025,0 386,887,0 177,505,0 114,490,0
U. 8. Treasurer— Gen'l acc't—
829,731,0 92,064,0
Foreign
Other
bank
53,826,0
280,758,0
deposits
Total
deposits
384,111,0
19,649,0
35,265,0
5,005,0
223,034,0
.
85,863,0
4,952,0
2,080,0
2,445,0
31,770,0
2,368,0
3,957,0
829,533,0 139,877,0
27,649,0
28,046,0
6,243,0
1,614,0
30,301,0
1,884,0
6,178,0
5,086,0
6,497,363,0 409,674,0 2,978,136,0 334,740,0 479,782,0 215,600,0 152,853,0
Deferred availability Items—
Capital paid in
8urplus (Section
Surplus (Section
3,983,0
5,435,0
691,750,0
69,464,0
130,707,0
145,501,0
7).._
9,394,0
9,902,0
2,874,0
1,413,0
1'3-B)
26,513,0
34,102,0
7,489,0
Reserve for contingencies
All other liabilities
Total liabilities
198,725,0
48,235,0
65,111,0
50,916,0
8,849,0
12,323,0
13,406,0
4,231,0
3,000,0
3,654,0
409,0
12,557,0
14,371,0
1,007,0
3,111,0
418,0
50,825,0
7,744,0
253,0
53,895,0
4,586,0
868,511,0 178,062,0 115,305,0 195,613,0 160,486,0 408,601,0
22,231,0
4,229,0
5,616,0
754,0
2,509,0
1 7,573,0
160,0
5,186,0
3,448,0
1,263,0
143,0
8,525,0
81,348,0 166,936,0 127,583,0 357,330,0
26,015,0 29,518,0
30,858,0
1,561,0
3,714,0
1,561,0
1,292,0
1,101,0
4,394,0
1,824,0
16,699,0
28,271,0
1,389,0
97,325,0
12,015,0
21,350,0
1,391,0
34,319,0
3,951,0
3,613,0
1,142,0
27,545,0
1,470,0
844,0
198,0
231,0
1,328,0
116,0
30,108,0
3,766,0
4,655,0
15,157,0
3,023,0
3,149,0
546,0
1,003,0
893,0
259,0
3,795,0
3,783,0
1,252,0
29,635,0
10,152,0
9,645,0
1,121,0
1,849,0
259,0
11,295,187,0 844,875,0 4,094,265,0 696,870,0 937,363,0 458,759,0 349,219,0 1,877,071,0 380,579,0 252,569,0 384,158,0 272,830,0 746,629,0
Ratio of total res. to dep. & F. R.
note liabilities combined
78.2
80.9
82.3
73.5
76.3
70.8
69.9
83.5
66.5
68.5
66.3
63.1
73.5
25,670,0
2,959,0
10,051,0
384,0
1,657,0
2,385,0
379,0
80,0
1,966,0
103,0
590,0
584,0
4,532,0
Commitments to make Industrial
advances
•
....
"Other Cash" does not Include Federal Reserve notes.
FEDERAL
RESERVE NOTE
STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
New York
Boston
Phila.
9
9
Federal Reserve notes:
9
9
Issued to F. R.Bk.by F.R.Agt. 4,041,109,0 362,086,0
Held.by Fed'l Reserve Bank..
279,347,0 20,185,0
Cleveland Richmond
9
Atlanta
Da'las
9
9
9
9
San Fran.
9
St. Louis Minneap. Kan. City
Chicago
9
9
9
900,085,0 169,107,0 117,216,0 153,578,0
9,133,0
3,952,0
32,568,0
6,817,0
81,433,0 323,473,0
6,908,0 38,106,0
3,761,762,0 341,901,0
795,416,0 280,526,0 361,006,0 174,638,0 160,867,0
867,517,0 162,290,0 113,264,0 144,445,0
74,525,0 285,367,0
4,045,343,0 376,617,0
4,575,0
1,202,0
69,000,0
920,706,0 295,000,0 378,440,0 189,000,0 151,685,0
2,015,0
448,0
27,0
171,0
50,0
32,000,0
915,000,0 149,632,0 113,000,0 144,000,0
83,000,0 329,263,0
259,0
85,0
4,118,918,0 377,819,0
In actual circulation
897,828,0 294,420,0 376,561,0 184,530,0 180.792,0
102,412,0 13,894,0
15,555,0
9,892,0
19,925,0
922.721,0 295,448,0 378,467.0 189,171,0 183,735,0
915,000,0 169,642,0 118,126,0 156,182,0
Collateral
held by Agent as se¬
curity for notes Issued to bks.
Gold certificates on hand and
due from U. 8. Treasury
Eligible
paper
U. 8. Government securities-
Total collateral
10,0
126,0
20,000,0
5,000,0
182,0
12,000,0
83,259,0 329,348,0
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 Fedeial Reserve System upon the figures for the latest week
appears 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.
The statement 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 cities, and has
so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
The Item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of
Individuals, partnerships, corporations,
also been revised further
In "Other loans."
associations. States, counties, municipalities, Ac., 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
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand
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
assets—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
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON APRIL 8 1936 (In Millions of Dollars
)
Federal Reserve District—
Total
Boston
New York
Cleveland Richmond
Phila.
Atlanta
St.Louis
Chicago
Minneap. Kan. City
Dallas
San Fran.
ASSETS
Loans
and
Investments—total
21,731
1,782
573
536
2,854
21
14
3
7
215
67
1,210
9,387
984
10
955
11
213
26
69
2,098
150
1,165
631
384
40
7
2
3
626
446
2,137
2
19
Loans to brokers and dealers:
In New York City.
—
_
Outside New York City
on securities to others
Loans
ou
real
2
Loans to banks
910
145
49
216
62
29
44
353
43
173
21
3
7
5
33
11
8
24
2
23
85
249
65
186
22
21
66
39
6
16
21
367
70
estate
Other loans
2
1,143
banks)-Acceptances and com'l paper bought.
Loans
4
(except
4
35
3
4
1
10
7
4
1
1
3,508
-
U. S. Govt, direct obligations
1
------
------
41
170
309
1,324
177
207
106
135
413
106
122
125
123
361
398
,
3,737
323
827
252
201
1,542
246
155
245
173
692
Obligations fully guar, by U. S. Govt-
8,791
1,267
17
577
98
69
40
39
146
51
15
42
35
138
Other
3,304
168
1,358
301
257
76
78
384
102
47
121
48
364
4,052
237
1,983
208
277
123
61
607
92
55
103
78
228
375
121
65
15
33
17
10
58
11
5
12
10
18
2,234
119
171
158
212
175
146
374
125
81
270
169
234
1,335
80
536
86
111
39
40
106
24
18
25
27
243
13,890
959
6,426
759
995
372
291
1,924
370
240
432
330
792
4,956
300
932
273
693
194
169
810
174
120
145
118
1,028
760
16
43
138
9
3
19
27
118
5,427
196
747
237
119
349
175
252
1
5
------
-----
------
------
------
------
------
securities
Reserve with Federal Reserve Bank-
Cashl
n
-
vault
Balance with domestlo banks
Other assets—net
—
,
|
LIABILITIES
Demand deposits—adjusted..
—
Time deposits
United States Govt, deposits
Inter-bank
deposits:
Domestic
banks
Foreign banks
Capital
liabilities
account
6
-
803
3,523
57
58
228
2,303
297
320
204
8
362
Borrowings
Other
231
41
333
------
.
6
3
1
------
—
——————
— -
-
-
-
1
10
------
25
314
19
14
28
7
36
10
4
2
4
340
231
1,597
224
334
88
86
339
83
56
89
76
320
Financial
2618
April 18, 1936
Chronicle
Bills—Friday, April 17
for discount at purchase.
United States Treasury
0Tfa>
J[tnanrtai
h
,
Hates
quoted
are
PUBLISHED WEEKLY
WILLIAM
Apr. 22 1936
DANA COMPANY,
B.
William Street, Corner
Securities
on
13 1936
0.20%
0.20%
0.20%
0.20%
Oct.
14 1936
0.20%
0.20%
Oct.
21
1936
0.20%
Oct.
28 1936
0.20%
June 17 1936
0.20%
020%
Nov.
4 1936
0.20%
June 24 1936
0.20%
Nov.
10 1936
0.20%
1
1936
Nov.
18 1936
0.20%
8
1936
0.20%
0.20%
0 20%
....
the
....
....
June
New
3 1936
June 10 1936
York
furnish a daily record
of the transactions in Home Owners' Loan, Federal Farm
Mortgage Corporation's bonds and Treasury certificates on
Stock
Exchange—Below
we
the New York Stock Exchange.
July
July
1 High
1 Low.
118.4
118.1
118.4
118.8
118.8
118
118.1
118.4
118.3
118.4
Close
4Xb. 1947-52
118.4
118.1
118.4
118.8
118.4
Oct.
0.20%
0.20%
Nov, 25 1936
0.20%
Dec.
2 1936
0.20%
0.20%
0.20%
July
July 22 1936....
July 29 1936
5 1936
Aug
,
Dec.
9 1936
0.20%
1936
0.20%
Deo
16
0.20%
Dec.
23 1936...-.
Aug. 12 1936
Aug. 19 1936
0.20%
Dec.
30 1936
0.20%
Jan.
6 1937
Aug. 26 1936
0.20%
Jan.
...
Daily Record of U. S. Bond Prices Apr. 11 Apr. 13 Apr. 14 Apr. 15 Apr. 16 Apr. 17
Treasury
....
15 1936
Quotations after decimal point represent one or more 32ds
a point.
of
0.20%
0.20%
6 1936
May
Spruce, New York.
Government
7 1936
0.20%
0.20%
Apr. 29 1936
May 27 1936
States
0.20%
May
Publishers,
May 20 1936
United
Sept. 2 1936
Sept. 9 1936
Sept. 16 1936
Sept. 28 1936
Sept. 30 1936
0.20%
....
Asked
Bid
AiM
Bid
0.20%
15 1936...
Apr.
mm m
0.20%
0
1937....
13
0.20%
m
20%
0
mmmmmmm
20%
118.3
118.3
Transactions at the New York Stock Exchange,
118.3
5
5
Total sales in $1,000 units...
78
5
1
438
High
107.25
107.24
107.25
107.29
108
107.28
Low.
107.22
107.24
107.24
107.24
107.28
107.28
Close
107.25
107.24
107.25
107.28
107.30
107.28
1943-45
3
Daily, Weekly and Yearly
7
5
55
High
112.27
112.25
112.25
113
113.5
113.4
Low.
112.25
112.22
112.23
112.26
113
113.4
Close
112.25
112.25
112.25
113
113.4
113.4
4a, 1944-54
1
High
J
111.2
Low.
6
111.13
m'JLm.
111.4
111.13
111.10
111.3
High
3 Jia.
108.7
108.4
108.4
108.7
108.4
108.4
108.8
108.7
108.4
108.4
108.12
108.9
■ Low.
1943-47
108.9
Close
1
Total sales in $1,020 units.*.
1
2
108.8
mm,mm
9,278,000
11,132,000
2,486,000
1,936,000
671,000
11,984,000
10,765,000
8,852,000
7,812,670
$45,991,000
$6,490,000
$58,306,000
;
28
3
Jan. 1 to Apr.
Week Ended Apr. 17
High
104.6
104.7
104.8
104.12
104.16
104.18
Sales at
■ Low.
104.5
104.5
104.6
104.9
104.12
104.13
104.6
104.7
104.8
104.12
104.13
104.18
Exchange
17
New York Stock
Close
8a. 1951-55
690,000
482,000
1,088,000
1,013,000
$5,825,000
1,146,560
1,164,330
Total
108.8
1,007,000
1,219,000
912,000
Thursday
Friday..
2
$6,295,000
$586,000
1,318,460
....
Salts
$225,000
$5,484,000
7,581,000
9,431,000
8,410,000
7,816,000
7,269,000
Wednesday
Bond
Bonds
1,448,380
1,936,660
Tuesday
Total
States
For'n Bonds
Bonds
798,280
Monday
111.13
4
6
5
Total sales in $1,000 units...
United
State,
Mis cell. Municipal &
and
Number of
Shares
Ended
Saturday
4
111.10
27
''mmmm
111.2
Close
186
111.3
12
111.2
Week
Apr. 17 1936
111.3
6
Total sales in $1,000 units...
9'Ab, 1946-56
48
Railroad
Stocks,
2
41
Total sales in $1,000 units...
173
104.28
104.30
105.2
104.29
mm
104.27
104.27
104.31
104.29
104.27
104.30
104.31
104.29
36
[High
104.27
Low.
104.24
Close
104.27
'.mm
3
mmmm
Total sales in $1,000 units...
6
■
mm
mm
mm
<m mm
mm
108.14
----
Low.
108.14
mm mm
Close
108.14
Total sales in $1,000 units...
1
3^8. 1940-43
.mm
mm
7
321
108.17
12
mm
mm
mm
mm
mmmm
m.
mm
108~28
mm
m
m,
109.4
108.28
108.27
108.31
109.1
109
108.28
108.27
109.3
109.1
7
1
13
109
1
Total sales in $1,000 units...
Close
.
105.20
mmmmm
105.16
105.14
Low.
105.16
105.13
Close
105.16
105.13
Total sales in $1,000 units...
3
10
3Hb, 1949-52
State and foreign.*...
5,825,000
45,991,000
5,488,000
33,071,000
$58,306,000
$47,722,000
$1,269,493,000
$1,028,995,000
Railroad and industrial
Stocks and Bond
109
1
105.26
106.2
115.29
105.23
105.26
121,639,000
612,498,000
105.26
105.26
the daily closing
on the
compiled by Dow, Jones & Co.:
Averages—Below
are
of representative stocks and bonds listed
averages
New York Stock Exchange as
115.29
105.21
115.29
Stocks
2
58
4
m
mm mm
105.21
105.25
mm
105.20
105.21
105.22
mm
mmmmm.
105.21
105.23
105.24
21
73
75
Bonds
105.24
mm
3
High
81,757,314
$294,858,000
109
5
46
Total sales in $1,000 units...
200,282,753
$108,318,000
113,740,000
1,047,435,000
Total
105.21
105.18
Low.
a.-.--.
905.21
105.20
High
8Kb, 1946-49
4,221,650
$9,163,000
109
109.5
108.27
109
Close
3«s. 1941-43
7,812,670
$6,490,000
Bonds
3
mmmmm.
m.
Low.
High
.
Stocks—No. of shares.
Government
108.19
mm'm.
1935
108.19
^mmmm
100
256
108.22
108.17
mm
mm
mm
384
108.17
m.
High
1936
1935
90
7
mmmm mm
Total sales in $1,000 units...
38, 1946-48
1936
mm
m
mm
mm*,
m.
Ten
Ten
Total
Ten
First
Second
Ten
Indus¬
Rail¬
Utili¬
Seventy
Indus¬
Grade
Grade
Utili¬
Forty
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Date
Twenty Twenty
Thirty
Total
108.29
108.29
108.31
109.2
109.4
Low.
108.29
108.29
108.30
109
109.2
Close
108.29
108.29
108.31
109.2
109.2
157.78
48.32
32.11
57.01
106.00
110.95
85.04
106.08
Total sales in $1,000 units...
2
3
111
276
61
Apr. 16.
158.49
48.71
32.51
57.39
105.90
111.03
85.29
106.38
102.15
High
107.12
107.14
107.13
107.18
107.20
107.17
Apr. 15.
159.61
49.08
32.60
57.76
105.91
110.91
85.49
106.30
102.15
Low.
107.12
107.12
107.13
107.15
107.17
107.16
158.41
49.01
32.37
57.42
105.96
111.04
85.58
106.48
102.27
Close
107.12
107.13
107.13
107.18
107.18
107.17
Apr. 14.
Apr. 13.
160.76
50.41
32.90
58.48
106.11
111.08
86.19
106.33
102.43
Total sales in $1,000 units...
4
144
64
9
Apr. 11.
160.48
50.05
33.15
58.39
106.19
110.94
86.19
106.35
102.42
[H.gh
3tfs, 1941
3^8, 1944-46...
•
-
-
-
Apr. 17.
mmmmmrn
168
5
High
101.29
101.31
101.30
102.3
102.5
102.3
Low.
101.27
101.28
101.28
101.30
102.2
101.31
Close
101.29
101.28
101.30
102.2
102.2
102.3
Total sales in $1,000 units...
32
53
65
102.02
2 Ha. 1955-60
•
84
»
•»
mm
m mm mm
tm
—
Low.
Close
Total sales in $1,000 units...
CURRENT
103.1
103.3
103.10
103.12
103.4
103.10
103.8
103.1
103.10
103.10
—The second annual Field Day of the Corporation Bond Traders Club of
103.11
103.1
103
103.11
364
.
NOTICES
52
103
High
8%a. 1945-47
188
17
8
New York will be held at the Winged Foot Golf Club,
16
352
Friday, June
on
12,
Mamaroneck, N. Y.#
D. Stitzer, President, announced.
Raymond
High
102
102
102.6
102.8
102.3
scheduled events will include
Low.
101.28
101.29
101.31
102
102.5
102
handicap golf match for the Brown Harriman Cup won last
Close
2X8, 1948-51
101.31
101.30
101.29
102
102.6
102.6
102.2
Block of Speyer & Co.; a
243
51
90
High
104.4
104.5
104.12
104.15
104.11
Low.
104.4
104.5
104.6
104.10
104.8
and
Close
104.4
104.5
104.12
104.10
104.11
Claude
31
76
3tfs. 1944-64
Total sales in $1,000 units...
Federal Farm Mortgage
High
8
12
9
...
.
1
2
103" ~
103
102.31
sports,
Leaman
is
by dinner and entertainment.
of the arrangements
103.10
103.7
103.3
Ajpthur Block, chairman of golf committee; James
Low.
102.29
102.29
102.29
102.30
103.5
103
103
103
102.31
103.7
103.6
103.2
a
by Arthur
Trophy, bond trading, baseball
to be followed
chairman
committees; Walter F.
Close
3s. 1944-49
F.
year
Tri-Cities golf match between Boston, Philadelphia
and New York for the Dominion Securities
other outdoor
The
golf tournament for members and guests,
10
Total sales in $1,000 units
Federal Farm Mortgage
a
and
bond
trading
Saunders, chairman of entertainment committee;
McGivney, chairman of
'
Total sales in $1,000 units...
Federal Farm Mortgage
High
sports committee,
4
11
55
66
63
103.17
103.18
103.18
103.24
103.26
103.23
and James Coltrup, chairman, reception
—Formation of
a
new
investment securities firm—Charles H. Newton
Low.
103.17
103.18
103.18
103.19
103.25
103.23
&
Close
103.17
103.18
103.18
103.24
103.25
103.23
and James N. Hynson.
Total sales in $1,000 units...
Federal Farm Mortgage
High
2
3
1
2
20
7
102.10
102.13
102.16
102 12
102.9
102.11
102.14
102.12
Abbe & Co. and before that
[Close
102.10
102.13
102.16
102.12
and with the Guaranty Co. of New
Total sales in $1,000 units...
Home Owners' Loan
High
35
105
6
35
3s, 1942-47
2^8, 1942-47
mm
Low.
mm mm
mm
'mm
mm mm
mm
mm
m
m^m.
102.23
102.27
102.25
102.30
,103.1
102.30
Co., Inc.,
York.
was
announced on Tuesday of this week by Charles H. Newton
Offices have been opened at 14 Wall Street, New
Mr. Newton for the past five years has been a partner In Newton,
with the paper
was
Low.
102.23
102.23
102.24
102.24
102.28
102.27
of the Lebanon Paper Box Co.
Close
102.23
102.25
102.25
102.30
102.31
102.30
directors of the
2
11
8
29
75
35
-
.
101.22
101.21
101.23
101.26
101.29
101.26
Low.
101.19
101.19
101.20
101.20
101.25
101.23
Close
2tfs. series B. 1939-49..
101.19
101.21
101.22
101.26
101.27
101.26
Total sales in $1,000 units...
9
33
77
231
75
101.24
101.22
101.22
101.26
101.29
101.25
Low.
101.19
101.19
101.19
101.24
101.24
101.22
Close
101.24
101.22
101.22
101.26
101.26
101.24
Total sales in $1,000 units...
4
10
27
67
14
Home Owners' Loan
4^8, 1942-44
Note—The
bonds.
2
[High
above
18
table
includes
only sales
Transactions in registered bonds were:
Treasury
3Xs,
of
York.
Mr. Hynson has been associated
In addition to Messrs. Newton and Hynson,
corporation include Wallace B. Rogers, Chairman of the
Board of the Eastman, Gardiner Co., and formerly Chairman of the First
National Bank, of Laurel, Miss.
'
—Gill & Co., an outgrowth of the dissolved firm of Moloughney & Gill,
has been formed to conduct a general investment securities business with
the
same
offices and facilities
as
heretofore at 41 Broad St., New York City.
Edward M. Moloughney and Archie Paterson have organized the firm
of Moloughney
& Co. at 29 Broadway, this city.
Both of these firms
—Newman
Bros.
that
announce
&
Bernard
Worms,
J.
members
New
Goldstein, Abbott L.
Buechler have become general partners
a
point.
their newly
arranges
Int.
Rate
June 15 1936
Dec.
15 1939...
Mar. 15 1939...
Mar.
15 1941...
June 15 1940...
Sept. 15 1936.
Deo.
Mar. 15 1940.
June
..
15 1940...
..
15 1939
Sept. 15 1938...
Bid
Asked
100.27
Maturity
IX %
IX %
100.25
Feb.
1 1938...
101.13
101.15
Deo.
15 1936...
1X%
1X%
1X%
1X%
1X%
1 H%
2 X%
2H%
101.28
101.30
June
15 1938
101.12
101.14
Feb.
15 1937...
101.16
101.18
101.3
101.5
101.13
101.15
Aug.
102.3
102.1
103.25
103.27
104.21
104.23
Rate
Bid
104.14
Asked
Mar. 15 1938...
105.11
105.13
1 1936...
3X%
101.14
101.16
Sept. 15 1937...
3 X%
104.22
104.24
Apr.
15 1937...
102.6
The firm also
by prices leading common stocks listed on the New York Stock
Issues selling below $5 per share, between $5 and $10, &c.,
separately.
The
1934 and
1935 earnings,
and the industry to which each company
belongs
present
are
102.24
103.4
103.6
FOOTNOTES
105.16
102.22
•
FOR
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-rlghts.
are
dividend rates
also given.
J 02.8
105.14
announces
established bond department.
104.16
2X%
2 H%
2X%
3%
3%
3%
Exchange,
—Fenner & Beane have prepared a booklet called "Price Groups" which
Exchange.
Maturity
Stock
Baum and Richard K.
that Mr. Buechler, who was formerly with Henry Hentz & Co., will direct
shown
Int.
York
in the firm and that the Estate of
G. K. Worms, deceased, has ceased to be a partner.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, April 17
Figures after decimal point represent one or more 32ds of
are
outgrowth of the dissolved co-partnership of Moloughney & Gill.
an
coupon
109.00 to 109.00
1941-43
with Stone & Webster and Blodget, Inc.
industry for a number of years and has been Vice-President
Total sales in $1,000 units...
Home Owners* Loan
High
3s, series A, 1944-52
committee.
37
Volume
2619
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages—Page One
to
comDuUng^^^genfordthe^yeardellVtfy 8aleS are dlsre8arded ln the day's range, unless they
HIGH
AND
LOW
SALE PRICES—PER
Monday
Apr. 11
S per share
*47%
*112
50
Friday
the
Apr. 15
Apr. 16
Apr. 17
$ per share
$ per share
$ per share
$ per share
$ per share
2578
*47i2
50
*112i2 113
50
*48
50
48
*112
113
*112
113
113
11314
50
71
70
70
7038
703S
69*3
70%
800
1234
135s
1284
13%
1278
1318
123a
1278
24,300
2578
2578
26
2512
278
234
734
778
18934 191
2578
*2534
234
734
25%
26
2534
2578
3
3
734
8
734
190
*90
*91
94
190
434
143s
*196
3%
514
3~12
*90
3%
5
5
*91
14
143a
334
I4I4
*3l2
4i8
*196
"
3%
25i4
190
95
478
95
14l4
334
414
*196
*47i2
113
70
26
188i2 190
434
434
50
*111
13l2
3
14%
*334
*47i2
14
4l8
3%
2484
3%
23U
26
Z2534
2534
25%
25l2
900
26
26%
26
263s
2,700
278
*278
3
734
778
8
191
1891s 191
5
478
5i8
96
*9112
14
14%
4%
"3%
25
25i2
25%
*23
26
*23
243s
*22
25i2
*23
25
*23
25
*22
24
*35
39
*35
35
35
*33
3%
23%
243g
*23
3512
33
103
20l"
2634
3714
33
34l2
*
3334
*101
8%
*71%
49%
25®4
49%
4
40
*110% 11384
55%
55%
*53%
*67%
4784
5384
6984
4778
125% 126
120
12034
*163% 165
26
4778
27%
25%
39
71%
*2134
23
8%
*71%
378
33
*101
204
200
201
197
'"~3%
2414
243g
"318
3
2234
23
24
34
33
5,200
101
30
199
1965s 197ig
26l2
73
8%
71%
71%
71%
71%
400
48
8%
71%
49%
71%
48%
48%
26
48%
24%
*3%
38%
4878
24%
7,800
2584
49%
2534
4
1,100
838
26
334
38
3%
*37
2534
3%
8%
334
38
*37
27
275s
8%
28
8%
384
38
8%
3812
580
123% 12534
9.200
165
165
165
165
165% 165%
800
165
164% 164%
3778
36%
50»4
51%
51%
6934
48%
51
52%
50%
51
69
70
6934
6934
47%
47%
4734
4778
126% 126%
165
37%
36%
6434
6484
*62%
64
06
5884
56
124% 12434
125
5778
126%
90
90
r38%
17%
33
17%
13
7
3634
16%
32%
17%
678
17%
7%
*89
78
13
8%
33
17%
7%
90
34
9%
39%
17%
40
I684
7
8934
7$
14
34
16%
90
34
*13
878
39%
17%
33%
17%
7%
%
♦1278
8%
3634
16%
*33%
17%
684
90
*3%
19
19%
*18%
12%
13%
31
82
24%
12%
80%
2334
12%
33%
19
29%
33
*81
24
12%
34
34
*125
129
*81
81%
24%
12%
*40%
12%
58%
50%
2378
*161
12%
33%
*125
42
1234
51
42
109
85%
*23%
*143% 14478 *144
*133
*24%
2434
167
167
92
14478
91
91
9134
92%
92%
92%
*14378 146%
♦14378 148
6%
*578
6%
6%
2834
24%
9%
6234
28%
24%
25
110
*101
24
19
12%
2884
*79%
23%
12%
*100
9%
110
9%
63
*6234
1
1
%
*534
6
5%
4%
4%
28%
2478
33
*121
19
18%
187s
*18
1878
600
12%
12%
38,300
28
80%
80%
80%
80%
300
24
23%
23%
12%
12
12
3,400
2,500
33
33
5,200
128
128
300
41
100
81
2334
12%
£233*
12
33%
127
32%
129
33%
129
41
4034
*40%
12%
57%
11%
12%
1134
12%
57
57%
5678
57%
105
*40%
23%
30%
81%
145
23
24%
*100
110
978
9%
61
63%
1
62%
1
%
5%
4%
5%
4%
5%
23%
*100
106%
61%
101
••
53%
133
53%
*132
90%
9134
144
*578
28
*27
24%
110
23%
*100
10
1
—
53%
24
24%
167
91
7,500
1,500
92
5 500
*140% 145
200
6%
578
28
*27
24%
9%
6334
62%
1
900
38%
3934
44%
44%
22%
23%
*107
115
60%
1178
*
538
5%
41
*120
121
*108
5%
6
75
*100
114
5%
76
"6034
61%
"60%
61%
60
60
1178
11%
11%
11
11%
11%
11%
38%
*43
22%
75
*
preferred 6% cum.. 00
American Snuff
25
73%
23%
10%
27%
124
Jan 2
Apr 17
Jan 18
Jan 7
Apr
2
z35% Jan 3
7% Feb 20
43
Feb 20
36% Feb 20
20% Mar 13
157
Jan
7
"59%
11478
60%
11%
11%
25
Preferred
100
4,800
42
700
121
87
2
Mar 13
88% Mar 13
136
Jan
60
7
Jan 28
Mar
Mar
Dec
Dec
Mar
Deo
32
125
Dec
Dec
173
22% Dec
Sept
24% Deo
9
3% Mar
/49
June
12
Mar
14
Mar
2% Mar
26
Nov
75% Oct
3778 Oct
2234 Nov
4% Dec
June
48%
40
Dec
Jan
80
Deo
41% June
13% Jan
47% Nov
43
Jan
70
5734
Feb
Nov
21
Mar
119
Jan
129
Nov
110
Jan
149%
15134
Jan
168
Oct
May
10
Mar
25% Mar
42% Deo
3378 Dec
65
Deo
8
Jan
38
Jan
115
Nov
96
June
2% Mar
33% Dec
34t4 Aug
9%
Dec
3
Aug
84 May
284 Apr
2
14
Mar
Mar
378 Mar
12
Mar
8% Apr
19% Dec
Dec
Dec
Dec
Aug
42
Aug
17
Aug
38% Aug
6
3
Oct
15% Oct
678 Nov
Jan 27
28
Oct
40
7
Jan 14
297S Jan 14
Feb 13
3578 Mar 20
Feb
/29% Apr
178 Oct
14% Oct
4% Mar
9
Mar
32
Mar
18% Mar
4% Apr
13% Mar
6
72
Jan
42% Mar 13
13% Mar 26
6078 Apr 7
£24
Jan
5278 Apr
7
27% Jan
4
8%
10%
134%
1534
Apr
6
Feb 19
116% Mar
5
Mar
5
8
1% Mar
10% Mar
66
Mar
Mar
Mar
Mar
Mar
4% Mar
20
Mar
Mar 23
Feb
31% Apr
63
Feb
Nov
38% Nov
478 Jan
3734
11%
2734
75%
33%
12%
32%
130%
36%
Feb
Nov
Nov
Dec
Nov
Dec
Dec
Nov
Nov
9% Nov
49% Aug
41% Aug
25% Dec
159
Sept
32% Nov
9584 July
2178 Deo
26% Jan
64% Dec
144
May
117% Aug
Jan
76
June
143
July
2
Mar 13
4
125
Feb
12
Mar
88
Feb
113
Dec
36
32% Dec
43
Jan
Jan 29
60% Mar 3
14178 Jan 29
26®8 Jan 28
178
Feb 14
102% Feb
6
104
6
150
Feb
Mar 17
8% Jan
35
Apr
Feb
8
2
8
1
10
Apr
44
2
Jan 10
25%
102%
11%
70%
Apr
1
9
50%
124
Dec
Dec
18% Jan
9878 Mar
72% Apr
7434 Mar
129% Jan
2% Mar
9
Mar
7% Mar
Apr 17
48
Feb
1
Feb
1
478
35%
%
2%
Mar
5
Jan 10
Mar
31
Mar
8
Mar
73% Mar
2
1
31
28
Jan 20
35
Jan
8
46
15% Jan
10434 Jan
11% Jan
2
3
2634 Mar
111
Jan 30
7
15
Feb 17
50
Jan
Nov
141
Nov
10% Deo
38% Deo
2234 Dec
2% Dec
II34 Dec
578
Dec
2
Anaconda
107
94% Nov
Mar
2
160% Nov
104% Nov
1034 Sept
6834 Nov
3
Jan
70% Feb
140% May
277s Nov
Mar
2
28% Apr
25% Nov
Mar
Mar
734 Mar
25
Anaconda Copper Mlnlng__50
Anchor
25
W & Cable.A0 par
Cap
$6.50 conv
No par
preferred-No par
Andes Copper Mining... ...10
Archer Daniels Mldl'd.No par
7% preferred
100
(Del) pref.. 100
Armour of Illinois new
$6 conv pref
Preferred
1,600
6
20% Mar 21
15584 Jan
14%
14%
14%
33%
9234
378
9%
9%
13% April
27
Dec
Apr
3% Dec
72
36% Feb 28
95% Feb 27
34
4
187
3
5% Jan 14
78 Apr
1,500
11%
Mar
41% Mar
165
Nov
2% Dec
Sept
z20% Jan
74
3534 Nov
Feb 17
133
8% Feb
173
22% Mar
6% Feb
Apr
15
24% Dec
20% Dec
6
2
18%
37%
18%
8%
4
45,100
11%
32% Mar
2478 Mar
24
100% Dec
37% Nov
Jan
Feb
46
Oct
7484 Nov
1178 Dec
21
Mar
5
5%
~4"O6O
6% Apr
30
No par
74%
5934
Mar
184 Mar
66
Lead & Smelt—1
5%
"59%
Jan
2
Armour & Co
115
Mar 17
Mar 27
3
""906
*
2
52% Nov
116
33% Feb 19
Apr 14
9% Jan
97,600
1,200
1% June
Apr
84 Mar
2% Mar
186
3
117
92®4 Jan
38%
Apr
Sept
13% Oct
74
6
Jan
13«4 Feb 13
143
No par
Preferred
Mar
Sept
Mar
34
Jan
Jan
No par
J Am Writing Paper
4%
6%
104%
84
101% Dec
1st preferred
Amer Zinc
Feb 21
73% Jan 22
American Woolen
100
Jan
108
Jan
24% Mar 18
20% Mar 13
Preferred
June
8
95% Mar
Mar
Jan
100
Am Water Wks & Elec.No par
28
104
5% Mar 20
Preferred
4% Mar
84% Jan
121
{Am Type Founders—.No par
74%
6
25
Common class B
108%
108
76%
100
Preferred
400
*41%
Amer Telep & Teleg
$5 prior pref
14
*120
Am Sumatra Tobacco..No par
American Tobacco
100
210
*13
Preferred
Jan
136% Jan
129
No par
5078 Mar 2
132% Jan 25
134% Jan 2
166% Jan 14
33% Apr
2
Apr
June
91% Mar 20
15284 Mar 11
100
100
200
22%
20% Jan
100
Preferred
30%
45
28% Mar 28
89% Jan 21
57%
133%
23a4
107«4
2934
51%
Amer Steel Foundries..No par
Preferred
100
57%
108% 109
108%
6034
For footnotes see page
30%
41
121
110
115
*53
108% 109
13%
*13%
10734 108
74
3,400
8,600
39%
44%
23%
74
78
5%
438
39%
74
4,200
5%
43%
74
300
3,700
4%
43
5%
63
61,400
5%
38%
74
934
4%
23%
5%
2378
78
700
60
102% 102%
10%
39%
*73
578
28
23%
105
44
42%
110
400
167%
90%
9134
92%
144
24
165
9084
23%
*41
10
5,300
2nd
100
200
38%
*120
1,100
Preferred
133% *13278 133%
44
13%
1,100
Smelting & Refg.No par
Amer Sugar Refining
23%
108
800
1,700
3878
43
No par
2,700
44
121
$5 preferred
Am Rad & Stand San'y.No par
Preferred
100
53%
53%
38%
*42%
43
....No par
American Stores
31
10778 10778
23
*136%
138% 138%
29
28% 29%
28%
29%
115
*113% 118
*113% 118
30
*30
3034
30%
30%
55
*120
103%
145
55
43
$6 preferred
17% Mar 12
10% Jan 2
25«4 Feb 5
800
145
31
121
2
*14278 145%
10578 10684
10578 10578
62
61%
*6084
61%
145
4%
43
2
Jan
25% Jan
57%
108% 108%
5%
5%
Jan 20
56®4 Jan
5%
*119
13
5«4 Jan 7
38% Jan 22
Amer
32%
43%
Jan
Jan
Amer News, N Y Corp.No par
Amer Power & Light..No par
Feb 28
43
2934 Jan
12% Jan
26
Amer Shipbuilding Co.No par
*30
108%
Jan
3
100
72
Jan 29
3% Feb 24
14% Feb 17
934 Mar 26
37
conv preferred
Mar 11
Feb 15
Apr 4
95
Apr
440
*55
121
9
9*4 Jan
600
4%
13%
89
19,300
57%
13
16% Jan
80%
3278
13
2
2
Jan 31
27
31%
*55
13
8% Jan
78%
78
5%
4%
108
Jan
33% Mar 30
23
*30
108% 108%
88
1
Amer Mach <fc Fdry Co.No par
5% Jan 29
47%
125%
63%
55%
126% Apr 17
No par
Amer Mach & Metals..No par
Amer Metal Co Ltd...No par
6
11434 Jan 14
*30%
3378
107% 107%
50
6% non-cum pref
100
Amer Internet Corp...No par
American Locomotive. No par
Preferred
100
6%
9% Mar 5
74% Feb 27
73% Feb 19
58% Apr 16
83%
6484
44
1
6% conv pref
Apr 2
28% Mar 26
41
51
Feb 14
3
31%
934
62%
78
5%
38%
32% Jan 22
23%
9%
6178
2278
Feb 14
163
78%
60
23%
22%
108% 108%
I384
1334
3
42% Jan 18
125% Apr 11
11584 Feb 24
31%
*55
4%
Jan
23%
166
10
65
83
*24
*27
3l" 200
6
42% Feb 18
3134
*30
*43
5,700
31,800
Jan
5034 Apr 17
23%
103% 105%
33%
*119
32,100
2,500
75
American Rolling Mill
25
Amer
Safety Razor. .No par
American Seating v t c-No par
105
60
*108
4,900
40*4
*30
13
Amer Hide & Leather
28
4%
*56%
23
1,800
8,100
12%
24%
2734
No par
678
29
7
Jan 31
7
No par
16%
12%
6% Jan
Amer & For'n Power
No par
$6 preferred
No par
Amer Hawaiian S S Co
10
28
208
.
23% Mar 12
Vh Apr
2nd preferred
1234
90S4
*27
100
Preferred
29
Jan
157
Amer Encaustic Tiling .No par
Amer European See's. .No par
American Ice
166%
91%
*90%
92
91%
92%
91%
14378 14378 *140% 145%
6%
6%
*578
6%
90%
No par
(Alleg Co) .25
Amer Home Products
12
107%
100
2,300
3%
103
28% Mar 24
Amer Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
..10
1,000
800
Feb
Jan
4,100
678
Jan
98
4578 Feb 6
39% Feb 11
Jan 21
2,300
Mar 25
3034 Feb 18
29% Feb 18
29% Feb 18
Jan
Jan
Jan
31
4,200
Jan 11
Mar 25
17% Jan 23
5% Jan 27
195
12%
12%
27%
30%
62
14,400
91
4% Jan 31
2>4 Jan
12% Jan
100
16%
*33
Mar 25
No par
34
16
1634
34
1334 Apr 17
3% Jan
195
Mar
6% Apr
No par
37%
37
38%
194
Jan
Mar 25
American Car <fc Fdy
Preferred
384
106% 10634
106% 106%
106%
61
61
61%
61%
6134
*136%
*13638
*136%
29%
30%
28%
29%
28%
116
116
116
117
*113%
3084
3034
3034
3034
30%
54
53
53
5384
53%
133
133
*133
133
133%
25
*24
24%
24%
24%
16534 166%
16434 166%
165%
92
27
16%
*33
168% Jan
American Chain
8%
21% Jan
9
2
Feb 28
20% Jan 2
3% Apr 15
377S Jan 2
100
6% 1st pref
28
32
110
100% Jan 10
3584 Feb 14
7% Jan
91
Feb
7484 Feb 10
1378 Feb 21
par
25
American Chicle
4978 Jan 25
118
50% Apr
Am Brake Shoe & Fdy.No par
Preferred
100
7% preferred
$ per share
35% Jan 21
50
Preferred
$ per share
69
..1
American Can
Highest
$ per share
par
..50
Preferred
40%
.___
133%
37
,
par
1078 Jan
100% Jan
Lowest
100
Amerada Corp
No par
Am Agric Chem (Del) .No par
American Bank Note
10
£40
57%
30%
£30%
8434
83%
14478 14478
32
84%
54
34
100
No par
Amalgam Leather Co..
7% preferred
3%
12%
*23
31
3034
38%
I684
Allied Chemical <fe Dye. No par
40%
6778
*105
8434
*30%
53%
49,400
13
8%
prior conv pt.No par
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd.100
3%
11%
24
31%
30
300
84
8%
100
2
3934
5734
109
24%
II484 115%
9178
5078
49%
49
48%
48% 49%
47% 4878
48%
23
2378
24%
23%
23%
23%
23%
2234
23%
165% *161
165% *161
165% *161
165% *161
165%
30
2934
30%
2878
30
29%
29%
29%
29%
29%
84%
*136%
29%
42
*90%
2334
31
61%
12%
3378
129
*40%
1278
58%
24%
61%
24
90%
*161
30%
*10684 107
*125
80%
90
50%
24%
109
*105
129
*40%
12%
58%
58%
165
30
24
13%
3084
16,600
8%
100
100
3%
40
1278
3,200
24%
884
warr
3%
3934
30%
2778
23%
84
10
Pref A with $40 warr
Pref A without warr
39%
40
*19
27%
24
*12
Pref A with $30
39
3%
13%
"V, 166
27»4
78
Alaska Juneau Gold Mln
A P W Paper Co
No par
Albany & Susque RR Co..100
J Allegheny Corp
No par
16%
3934
19
600
2734
1378
No par
Appliance.No par
Vicksburg RR Co .100
*38%
4
31
12,000
1,100
6,900
23%
h
Air Reduction Inc
Air Way EI
Am Coal of N J
10%
*12%
25% Apr 17
22% Jan 21
ili8 Jan 14
100
1634
7%
39
12%
1,600
700
10%
78
No par
Address Multigr Corp
10
Advance Rumely
..No par
Affiliated Products Inc.iVo par
39%
39
30
490
57
11%
1378
Adams Millis
1634
*38%
384
91
11
90
No par
678
39%
39
3%
91
*32
1,900
2,700
3,700
Marl6
68
Adams Express
Preferred
17%
39
334
90
57
llli2 Mar 18
25
7%
39%
3978
40
40
40
36%
*32
....
*38%
400
126% 126%
55%
36%
1684
3,600
126
110
51%
126
100
Preferred
Acme Steel Co
Allied Stores Corp..
No
5% pref
Allls-Chalmers Mfg
No
Alpha Portland Cem..No
124
48%
126
108
No par
Abraham & Straus
12,200
121% 125%
69
107% 108
56
Year 1935
Highest
$ per share
42
Mar 31
Allied Mills Co Inc
108% 109
*55%
60%
Par
11,000
110% 110% £109% 109%
56
56
55%
*55%
51
53
53%
53%
70
68%
68%
*68%
4778
4834
*47%
48%
126
126
125% 126%
120% 122
121% 122
37%
38%
36%
37%
65
66%
66%
65
6434
66%
56
54%
56%
5334
55%
56%
*122% 124% *122% 124% *122% 12434 *122% 124%
*89
91
90
91
*87%
89%
89%
89%
*32
*32
57
*32%
57
*32%
*9
10
10
10
9%
9%
*984
11%
28
28
28
2734
28%
27% 2784
2784
21
21
21%
21
23
2034
I984
2034
3234
4,300
26%
53
38%
100
33
67
878
lb" 800
101
38
78
1434
9%
200
10312
52
34
7~400
""206
3312
Lowest
Ala &
243g
65%
*13
1,800
10,000
~
2,400
*2134
*2134
*32l2
36
*89
1,600
3,209
26
334
38
3
284
778
778
188% 1885s
478
478
*91%
1334 "l4"
*334
414
*196
3512
33
105
3278
414
23
*31
*101
26l2
39
26
4
199%
49
8%
33
24
104
8%
71%
48%
26%
334
72%
*37
32l2
I
104
203% *20178 203l2
2634
26%
27i8
8%
243g
"1414
*3l2
*196
*23
2412
10
26
*196
33g
48
Range for Previous
100-share Lots
EXCHANGE
71
*70
127S
734
Range Since Jan. 1
On Basis of
STOCK
Shares
13%
3
YORK
Week
2612
*26
STOCKS
NEW
Thursday
7078
12%
Sales
Tuesday
Apr. 14
Wednesday
Apr. 13
113
*70
SHARE, NOT PER CENT
for
Saturday
are the only transactions of the day. No account Is taken of such sales
Armstrong Cork Co
Arnold Constable Corp
39«4 Mar 27
120
Mar 27
par
105% Jan
434 Jan
66% Jan
100
109
5
No
No par
5
2618.
\
3
2
2
Jan 14
47% Feb 24
7% Jan 9
Apr
39% Apr 16
Feb 15
5
30
1 Dec
37
i
1078 Sept
17%
96%
Oct
3% Mar
7
36
Jan 13
117
97
Jan
84
Jan 28
Aug
Apr
3% Apr
55% May
125
Jan 28
85
62% Mar 23
15
Mar
4
Aug
16% Apr
110% Jan 20
7% Jan 25
122
49
Jan
25% July
4
Mar
109
Dec
Jan
Apr
12% Dec
52
Aug
122% July
109
6%
703s
110
Dec
Jan
jan
Jan
5034 Dec
9% Dec
New York Stock Record—Continued—Page 2
2620
HIGH
AND
LOW
SALE PRICES—PER
NEW
for
YORK
On Basis of
STOCK
Saturday
Apr. 11
Monday
Tuesday
Apr. 14
Wednesday
Thursday
Friday
Apr. 13
Apr. 15
Apr. 16
Apr. 17
Week
% per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
19%
19%
116
16%
18%
*105
19
116
16
16%
19
19
19
19
19
116
*105
116
*105
116
18i2
*105
16%
16
I6I4
1534
16%
16%
*1834
*105
16
16%
Artloom Corp
Preferred
5~66o
Associated Dry
200
110
109
109
*107
110
*107
110
*107
110
107% 107%
*105
...
*105
120
105
105
*100
120
*105
120
105
42
42
42
42
*42
*42
29
30
4212 42l2
8434
86%
10234 103%
29U
303s
*12
14
*12
14
*13
14
*13
14
*13
14
*15l4
17%
*13%
3138
18
3238
18
32%
*13
17%
*13
3278
17%
33
*13%
32%
*15U
32%
,332
32%
1S32
32
17i
32
63%
62
83
46
86
103% 10312
11
h
'16
*61
64l2
125% 12514
'16
60
*124
129
*124
22
48
48%
4518
8
385S
8%
3912
39
6%
6%
3%
21,
32
64
23l2
*734
6l2
23
4434
7%
8I4
3914
634
46
734
39%
6%
139%
6%
314
358
3%
3%
4134
3934
40%
21% 22%
21% 22%
29
29
29U
30i8
30%
*110'®32 HI 1101932110'932 *1101932 111
*44
45%
*44l2 45% *4412 45i8
114
114
114
114i8 114i8
114%
*18
19
1834
1834
1734
19
32
60%
*125
101
1011
100
6%
638
*109
*109
*37
88
3%
38i2
88
*8778
89
1434
1434
88%
14%
89i8
3038
...
*87%
29%
*37
2914
1434
*8758
2938
2278
2278
22%
2278
#22%
56
56
56i4
55
63
63
17U
1734
5934
17%
*115
1734
*109
*37
*117% 119
*46
47
19l8
*19i4
1938
20
*llll2 114
*89
92i2
21% 2178
*5534 57
100
100
41%
41i8
45
8012
834
46%
*45%
8%
*40%
49%
8%
8%
17U
56%
57i2
65
63
41
4214
49U
1012
1214
17
*108
110
88
14%
88%
3134
22%
14%
*88
32
334
28%
2834
88
88
14%
14%
5934
6134
59%
60
17%
17
17%
17
41
1634
55%
*5734
IOI4
12%
60
10%
130
1278
17
17
.109
109
1358
14
10718
414
4i2
1314
*95
*95
4%
*103
1378
106%
30,400
1,900
Baldwin Loco Works..No par
34,900
3,500
Baltimore & Ohio
150
1,600
220
28,900
700
20
12
11%
12%
12%
12%
12%
*16
*16
17
16%
*16%
17%
*105
108
108
10734 10734 *105
13%
14
1234 .14%
14%
13%
110
13%
*95
10%
107
7-334
4%
105
234
105
*100
"2% "2%
3
100
Preferred
100
100
Preferred
Bamberger (L) & Co pref_-100
Bangor & Aroostook
50
100
Preferred
No par
Barker Brothers
6M% conv preferred
100
5
BarnsdalJ Oil Co
No par
100
Bayuk Cigars Inc
1st preferred
1078
11
22%
22%
*27%
2712
29%
7%
*15
2934
712
15%
18
18%
7%
14%
*18%
6
6
534
2938
11%
23
10%
21%
26%
29%
7%
15%
20
6%
11
22%
27
2834
6%
2734
29%
7%
14%
18%
*14
18
534
21%
1034
21%
10%
2134
27
26%
28%
2834
6%
14%
2938
7%
14%
19
19
534
6
*2212
23%
2234
21%
22%
*66%
67
67
67
66
66
2478
3314
2434
25
24
2434
21%
*65%
24%
3234
33%
32%
3234
13s
1%
13%
3634
13%
2434
33%
Us
IH4
12
37
37
I3I4
*56i4
13%
41
*15
*48
*
7814
28
140
78i2
28i4
i>
18
35
Feb 28
Beech-Nut Packing Co
20
85
Feb
Belding Heminway Co.No par
Belgian Nat Rys part pref
Bendix Aviation
5
4,900
1,400
500
Beth
Steel Corp (Del) -No par
20
5% preferred.
50
Blumenthal & Co pref
100
Boeing Airplane Co...
5
20% Apr 14
5,500
Bohn Aluminum & Br
5
52
50
480
360
10,500
5,600
900
Bloomingdale Brothers.No par
100
Preferred
45
15
25% Jan
2
10
64
30%
83%
11%
3%
18%
64%
Corp
100
4% Jan
4
7
2
4
700
300
1,500
100
3,000
2,500
100
30
71.900
100
44,600
27,700
No par
33% Jan
Bklyn Manh Transit
No par
$6 preferred series A .No par
Brooklyn Union Gas..-No par
40% Jan
97% Feb
Brown Shoe Co
57% Mar 25
8% Jan 29
8% Jan 2
Preferred
No par
Bruns-Balke-Collender.No par
10
Bucyrus-Erie Co
5
7% preferred
7% preferred
100
No par
100
100
*784
103i2 103l2
54% 5512
56
56%
*98% 105
56%
58
*834
1612
*52i4
*2
5%
3%
10
1678
54
3%
334
3%
334
9%
9%
*8%
9%
16%
52%
16%
16%
52%
2%
51%
214
*2
514
*5
5
5
4%
29
29
28%
*26%
27
26
5%
5
28%
26
For footnotes see page
4%
*26%
26%
2618.
26%
90
Jan
14
May
July
Dec
Dec
Dec
Nov
Oct
55
Oct
42
Dec
5%
38
Deo
Dec
71% Aug
6384
11%
8%
17%
Mar 23
3% July
14% Feb 14
20% Feb 14
113% Feb 24
4% Mar
8% Mar
62% Mar
15
Mar
5
Apr
2
5% Mar
5
3% Mar
23
Mar
% Sept
4634 Aug
Aug
100
100
Aug
Dec
Dec
Dec
Dec
9% Nov
97% Dec
3
Nov
*14%
Nov
2% Apr 15
14
23
Mar
5
Apr 13
31% Feb 4
3% Feb 7
33% Feb 13
2%
334
8%
%
13%
9
Mar 23
1
100
8% Jan
2
19
Mar 24
5%
Bush Term B1 gu pref ctfs.100
16% Jan
2% Jan
6
2
No par
100
Mar
13
6
10
Mar
May
Mar
July
Mar
Apr
Apr
Mar
Jan
6
24% Mar 23
6% Mar 20
3% Jan 30
19% Jan
2
25% Feb 13
11% Mar
74
32
1
Dec
22% Dec
59% Jan
Mar
2
5
Deo
90
53
6
No par
Nov
43
36% Mar
Mar
tButterick Co
Byers Co (A M)
17
23% Aug
114
65% Jan 15
8,500
1%
146,800
13
13
49%
*
12%
*56
*41
42
*15
16%
50
97%
99%
8%
50
>
"12%
172
141
140
77%
27%
77%
28
26%
62
32%
47%
7%
105
57
140
4%
26%
3,600
165
167
12,100
180
*140
5,800
26%
26%
2,900
62
60
6034
400
61
34
33
3334
*33
*46%
49%
*46%
49%
7%
7%
*98% 105
734
*7%
*98% 105
5634
55%
5534
/
57
No par
1
1,700
2
Jan
6
14
30
Jan
6
13
Apr 14
100
54
Jan
40% Apr 2
16% Jan 2
57% Mar 24
10% Jan 20
No par
Cannon Mills
337% Mar 17
1% Mar
s8 June
1434 Nov
24% Nov
2% Jan
28
Nov
3% Jan
10% Jan
22% Jan
3% Nov
1% Jan
20% Jan
—
Central RR of New Jersey. 100
Century Ribbon Mills.No par
Preferred
100
28,600
Cerro de Pasco Copper.No par
17
17%
8,000
Certain-Teed Products.No par
96%
700
10
7% preferred
100
Champ Pap & Fib Co 6% pflOO
4%
1%
6
*8%
*28%
*2
14,600
58
2%
4%
1%
6%
1134
29
2%
4%
"
i"200
500
2,000
Checker Cab
5
Chesapeake Corp
No par
Chesapeake & Ohio
25
JChic & East 111 Ry Co
100
6% preferred
100
Chicago Great Western... 100
Preferred
100
200
JChic Ind & Louisv pref.. 100
700
Chicago Mail Order Co
5
JChic Mllw St P & Pao.No par
Feb
88
Aug
85
Mar
95
July
7
Dec
92% Jan
6
Jan
7
54% Jan 16
26% Mar 13
19% Jan
6
58
Jan
7
25% Jan
6
47
Jan 21
7% Mar 20
102
Mar 12
47% Jan 21
13% Jan
80% Feb
101
6
4
Mar 13
126% Nov
35%
31% Feb 19
71% Feb 18
35% Mar 13
16% Nov
21% Nov
55
6234 Nov
57
34
Feb 21
9% Jan 17
107
Mar
~
Mar 24
Apr 13
23
Feb 19
1% Jan
2% Jan
3% Jan 13
6% Jan 15
1% Jan
2% Feb
6
8% Feb
7
4
Jan
7
Jan
12
27% Mar 13
1% Jan 2
Jan 31
31% Jan 6
2% Feb 11
5% Feb 11
Feb
6
3
Feb
8
Jan 11
4%
26%
25%
434
26
1,300
3,700
700
Chickasha Cotton Oil
10
21
Dec
53% Dec
2% Jan
3% Dec
2% Jan
5% Dec
8
30
438 Mar
61% Nov
56
438
Dec
Dec
Mar
50
*4
15%
88%
36
Conv preferred
No par
JChic Rock Isl & Pacific.. 100
7% preferred
100
6% preferred
100
Chicago Yellow Cab...No par
30
Dec
37% Mar
50%
434
31%
26%
Jan
65%
Apr 17
74% Feb 4
15% Apr 16
434
Jan
109%
61
2
Chicago Pneumat Tool.No par
4%
1238
Jan
1,600
30
May
62% Aug
Jan
15%
1,900
Mar
Jan
51
15%
1,300
2,000
3% Mar
29
Nov
59
22% Jan
16%
2
Jan
60
7
15%
50
Feb
Mar
6% July
96% Mar
19%
99%
104%
69%
12% Feb 21
20% Jan 2
2
22%
38%
Mar
Jan
Nov
Apr 14
300
50
36%
58
9%
5
82%
19% Apr
*8%
2%
Nov
83% Apr
9
52%
Nov
4534 Mar
Chicago & North Western. 100
Preferred
.100
2
14
48
172% Apr 16
Apr 3
78% Apr 15
32% Jan 6
141
3%
100
438 Mar
32% Feb
8% Dec
111% Nov
3%
Preferred
Oct
9% Feb 19
13
2,500
5,200
4,500
4
Oct
Jan
100% Feb 21
116
No par
Celanese Corp of Am..No par
tCelotex Co
No par
5% preferred
..100
Central Aguirre Asso. .No par
56%
13%
40%
Oct
June
3
100
Preferred certificates
8%
1% Jan
6% Oct
33% Nov
17% Dec
4
Jan
91
Caterpillar Tractor
50
30
July
Mar
Mar
Sept
Apr
%
2%
7%
8%
4
87
100
1
100
Stpd
Dec
Jan
2
8
Carriers & General Corp
Case (J I) Co
Feb 19
66
42% Feb
7% Jan
Jan
1
10
Preferred A
16
Mar
30% Aug
43% Jan 11
18% Feb 24
51% Apr 17
96
Apr
1
45% Jan
Capital Adminis clA
96%
*2
6
25
Canadian Pacific
300
3,400
2,000
1% Feb 10
Apr 13
% Jan
6
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
5
200
50
Jan 10
Calumet & Hecla Cons Cop.25
Callahan Zinc-Lead
102% 102%
68
69%
65%
65%
57%
Jan
Carolina Clinch & Ohio Ry 100
27%
27%
9
29%
10
8%
9834
2634
934
434
4%
29%
*26%
98%
8%
180
11,600
334
5
98%
1,000
26%
3%
2
15%
51%
300
78%
27
334
2
15
*
Preferred
Canada Southern
41
77%
27
4,200
32~700
1234
78
77%
13
...
51%
16%
141
7,800
41
50
168
290
66
12%
4134
9834
*98% 100
8%
8%
169
17234
*98%
8%
13
13%
*56
12%
51%
4%
103% Jan
28% Mar
6% Mar
39% Ju y
Jan
3534
51%
2934
27% Sept
9% Mar
16% June
90
1%
12%
5238
2%
14% Mar
15% Mar
34
2% Jan
Butte Copper & Zinc
Sept
14% Nov
Jan
11% Mar
25% Jan
Debenture
95
117% Mar
24% Oct
22% Dec
57% Nov
Burroughs Add Mach..No par
JBush Term
No par
1
20% Nov
108% June
33% Sept
5
50% Mar 25
Apr 7
56% Jan 31
35%
16%
5%
51% Mar
104
1%
16%
5
5
13%
3%
*8%
16%
2
12% Mar
3634
18
1734
1734
17%
18%
17%
18%
17%
1778
17%
97
96%
96%
9512 96i4
99%
97%
96%
*102
*10134 103
*10134 103
*10H4 103
*101% 103
10234
62
62
61
65
62
62
68%
60%
62%
65%
66
66
65%
65%
65%
66%
66i2 66i2
65% 67%
58
58
58 I4
58%
58%
58%
5734
57%
57%
58%
*2
*2
*2
*2
*2
2%
2%
2%
2i2
2%
4
*4
4%
4%
4%
438
458
4%
*4%
4%
2
2
2
134
134
*134
*134
134
*178
134
*6
6
6
6%
6%
6%
6l2
6%
6%
612
11
*10
*9
10
1134
10%
1034
1134
*8i2 10
*28
30
2834
2834
*2834 29
28% 29%
2834
*2884
2%
2%
2i4
2%
2%
2%
2%
2%
2%
2i8
4
4
4
4%
4%
438
4%
4%
4%
4l2
3%
4
1%
*47%
*7%
*98% 105
Apr
48% Mar 11
114
11% Jan 10
22% Jan 7
Sept
Dec
Dec
May
55%
6
12%
35%
48%
734
75
No par
11% Mar
79
14%
66%
115
24% Feb
23% Jan
30% May
1% Apr
Feb 13
Mar
1%
13%
3634
13%
33
33
No par
Feb
72
Nov
70%
8%
2%
17%
37% Jan 13
48%
734
48%
No par
Bullard Co
Jan
Nov
Dec
15% Nov
88
28% Jan
3% Mar
% June
8% Apr
2
2% Apr 15
10% Apr 14
Oct
33
116
4
Jan 30
Feb 14
Apr 17
*61%
32%
47%
7%
*98%
*56%
32%
Bulova Watch
14
100%
25% Dec
110% Dec
49% Aug
47% July
32
62%
5034
No par
5% Mar
37% Mar
107% Jan
Sept
2734 Nov
8
2% Jan 20
Rights
1st paid rts
Budd Wheel
June
Jan
Dec
18
Dec
California Packing
61
3384
5,000
7
32
6%
40
Mar
4,500
26%
33%
240
14,000
Jan
36% Mar
106% Mar
3% Feb
Dec
21
33
27%
62%
800
Mar
9% Jan
85
1% Feb
7% Apr
7% Mar
9% Mar
100% Feb
Jan
5%
38
32
27
62
3,300
MarlO
16
Preferred
Budd (E G) Mfg
Mar 13
50
69
Feb
Mar
32%
27%
61
8
167
8,100
600
Jan 17
Jan
6
Jan 15
32%
2734
62%
3334
2734
27%
*49
165
28%
7%
15
19
5%
4,800
Jan
41
Feb 28
33
28
28i4
*27%
15%
49%
*136% 141
77
78%
11,500
4
48
Oct
14
63
25% Mar 17
49%
7834
28%
Jan 21
7% Jan 3
1% Jan 9
15% Mar 27
51% Jan 7
6
100% Apr 13
8
Boston & Maine
Jan
26% Jan 29
63% Mar 7
3
Brooklyn & Queens Tr.No par
7,200
99
39% Jan
5,300
1,100
113
93% Feb
300
li'Boo
Apr 6
20% Feb 19
21% Feb 11
..No par
Class B
Borden Co (The)
tBotany Cons Mills class A.50
Bridgeport Brass Co.—No par
Briggs Manufacturing.No par
Briggs & Stratton
No par
Bristol-Myers Co
5
31,900
48
No par
Bon Ami class A
Borg-Warner
Jan 24
Sept
19% Dec
45%
120% Mar 26
Mar 28
*41%
1534
140
3
23
4034
171%
Jan
115
Mar
Feb 28
64
4034
78
23
8,100
90
11%
21%
2634
14%
18%
5%
Feb 27
112
Blaw-Knox Co
15% Jan 6
19% Apr 14
109% Jan 24
89
Apr 13
4,900
19
100
41%
140
11%
62% Mar 13
16% Mar 13
7% preferred
100
Bigelow-Sanf Carp Inc.No par
No par
7
Mar 11
Byron Jackson Co...-No par
1234
168
8
13% Jan 2
85% Jan 9
21% Jan 20
26
108% Mar 25
36% Mar 25
90% Jan 28
16% Mar 4
88% Apr 15
31% Apr 15
24% Mar 5
67% Apr 2
63% Apr 8
4,500
*56
9884
*98% 100%
8%
8%
8
24%
1334
8%
2
Jan
Apr
76% Apr
114% Jan 16
21%
"13%
8%
Jan
320
2138
65%
24%
13
97%
*98% 100%
6
Mar 17
Mar
Apr
2134
*56%
12%
49%
63% Jan
111
102
65%
25%
1334
*14%
3
13% Jan 6
82% Jan 10
14% Jan 6
21
19
17
28
3
19
11
8
8
24%
"l3%
*
112% Apr
24
28
1%
12%
35%
13%
14
37
16%
3
May
Mar
5% May
35% May
2% Ju y
65%
*48
17l2
4912
2
41% Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
28
48% Nov
4
21%
*40%
*15%
41
Jan
Jan 22
109
6%
64%
24%
34%
110%
49%
117%
20%
Jan
Jan
17% Dec
19% Dec
15
33
1%
1%
13
35%
*56
99
140
1%
14
3634
18%
534
5%
6
Oct
106%
22
67%
24%
13%
1338
"l338
*98% 10012
8%
8i2
167i4 168
•
22%
*14
9
Jan
107
28%
6%
28%
6%
14%
19%
6
7
Apr 11
Apr
50
11%
21%
*25%
26%
10%
3%
37%
16%
22%
25
31,100
106
"2% "2%
2134
27
46% Jan 24
7% Mar 18
100
Beatrice Creamery
Burns Bros class A
1034
22
*26%
Dec
32% Apr
38% Mar 24
3
Apr 9
1,200
5934
10%
4%
2%
3%
4%
*57%
*934
92%
37%
20%
Feb 18
125% Mar 23
30% Feb 14
54% Mar 5
10% Jan 15
3,100
59%
45%
9%
*58
109
Jan 17
Beech Creek RR Co
8,000
8%
9%
9%
42
42
*41
43%
43%
42%
49
48%
4834
49%
49%
48%
102% 102% *101% 10234 *101% 102
50
50%
50%
50%
50%
50%
10
Prior A
Avlat Corp of Del (The) new
1638
53%
12%
16%
12%
*95
16%
52%
5734
Dec
66% Mar
19% Apr
18% Jan 6
40% Jan 6
7% Apr 14
5534
9
10%
No par
No par
Austin Nichols
73
2
Jan
59
10
No par
Corp
Auburn Automobile—No par
16,600
500
Jan
100 zll2
Preferred
Atlas Tack
48
Jan 18
*43
5734
.No par
48
60
60
25
Rights
Atlas Powder
20
46
Dec
60
Mar
No par
59%
Deo
44
6
Best & Co
46
Sept
100
6
1
8
Beneficial Indus Loan_.No par
59%
109
18% Feb
36% Apr
% Apr
Atlantic Refining
Oct
Nov
18% Nov
Mar
14% Jan 27
27% Jan 2
,332 Apr 15
100
9%
90
29% Feb
35% Mar
Mar
1.600
60
10%
*5734
10%
12%
*16%
2
6,000
46
40
40
90% Jan
100
81,100
59%
7%
86% Apr
21%
46
8%
7%
2
31%
59
*46
8%
16%
53%
Jan
30%
21%
55%
4634
59
63%
47
16%
55%
Santa Fe.-lOO
59
48
3
1,200
46
16%
51% Feb
6
30
18%
*19%
54%
105
16% Feb
500
118% 118%
17%
109% Apr
Feb 21
Apr 15
Jan 22
17,400
17%
56%
1634
54%
17%
58
Feb 17
98
42
Apr
Apr
7% Mar
80% Apr
12
100
*55%
46
106
17% Mar
At G & W I SS Lines..No par
800
*88
17%
18%
19%
18%
3% Mar
70
25
Preferred
55%
61%
21%
22% Feb 27
105% Mar 24
3
Jan 20
13% Jan 29
Mar 13
471,700
38%
88%
14%
60%
30%
8% Jan
95
..100
100
6% 1st preferred
7% 2d preferred
Preferred
62
39%
2034
*37
$ per share
27
19* 500
33
20%
38%
$ per share
10
89%
3134
22%
5534
2134
55%
49% 49%
48%
49%
10234 10234 *101% 10234
*51
51%
51%
50%
103l2 103i2
*5012 51%
IOI4
1214
*1612
*37
38%
88
29%
45
19%
7912
834
*2i4
1738
5578
*62%
4658
60
3%
*38
$ per share
6
2
14
10
13
6
21
Goods......1
Associated Oil—
Atch Topeka &
Preferred
Highest
$ per share
Atlantic Coast Line RR...100
17%
16
100
Lowest
104% Apr
35% Feb
*109
*109
..
14%
88%
118
*44
46
18i2
2734
*57
117
»32
No par
Highest
7,500
13
118
118
116% 117%
44
44
45%
45%
18
17%
18%
18%
17%
*19
20
19%
*19i4
19%
19%
19%
19%
*112
113
xlll
*112
113
113
11334 *112
111% *112
*
*
89
89
*80
92%
92% *_
92%
92%
22
21%
21%
2034
21%
20%
"20% 21% "20% 21
52
5534
54%
53%
53%
5414
53%
54%
53%
55%
98
100
*99
*99
99
100
100
100
100% *100
41%
4H4
4H4
41%
*41%
41%
41%
41%
41%
41%
27%
2714
27%
27%
27%
27%
27%
27%
27%
27%
76
77
78
78%
78%
75%
79% 8OI4
76%
7634
8
834
8%
8%
*7%
834
*8%
2%
7%
8%
*2
*2
*2
*2
*2
2%
2%
2%
2%
92%
117i2 H8I4
27%
234
17%
'
28,500
1,100
28%
44
44
*43
4434
43%
115%
115% 115%
114% 115
17
1734
17%
17%
17%
*88
100
100
100
100
1834
1834
1834
18%
18%
70
70
70
70
72%
11178 *111% 111% *111% 111%
22
23%
2134
23%
22%
8734
6234
17%
17%
8234
103%
13
21%
28%
40
50
55
62
56%
62%
1738
200
47%
28
3%
40
2034
28%
2834
88%
14%
88%
30%
22%
8918
3%
39
21%
2834
*44
38%
1434
*87%
2878
3%
40
101
*109
...
*37
103
105
129
125% 125% *125
23
23
23%
23%
43%
45%
45%
46
8
8
7%
7%
39
39
38%
38%
6%
6%
6%
638
21
.
3812
3134
,332
*61
80%
84%
40
*97%
17%
19
18%
70%
70%
*7Q34
111% 111% *111%
21%
21%
22
18l2
1938
1938
72
72
731s
*110U 11178 *11H4 11178
22
23
2278
2314
1918
73
129
23%
46%
8
40
41
102
1532
60%
*21%
45%
734
39%
2238
2912
101
-
103% 103%
28%
28%
61%
128
*21%
23l2
48
82
82%
84
10334 10384
28% 29%
3i8
4034
2H2
8214
85
10358 103%
2812 30%
*61
*22
39%
46l2
Par
2,000
~
*109
*42l2
Lowest
16%
19
116
Year 1935
100-share Lots
EXCHANGE
the
*105
1936
Range for Previous
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
April 18,
3
Jan
2
3% Jan
2
2
7% Jan
Apr 17
1% Jan
4% Jan
3% Jan
19% Jan
2
2
2
2
25% Feb 19
4% Feb 21
7% Jan 10
31% Apr
30% Jan
1
6
1
Apr
% June
% Feb
1% Feb
Mar
9
Dec
19% June
1
X35
Nov
% Mar
3
Jan
4%
Jan
5%
10%
Jan
34 Mar
138 June
3% July
4% Mar
20
Mar
34 July
1% Mar
1% July
9% July
25
Sept
Jan
20% Dec
54% Dec
2% Jan
4% Dec
4
Jan
19% Dec
31% Deo
New York Stock Recc
Volume 142
HIGH
AND
26211c
Apr. 11
Apr
$ per share
834
*32
834
Range Since Jan. 1
102
*45
*5l2
I8I4
82i2
60
*168
350
6
9
834
8%
2,500
884
*32
34%
100% 101%
18%
18%
83
83%
100
101%
17%
18%
17%
83
84
84%
*45
60
*45
5i2
5%
350
5%
42
*168
60
5%
41%
40%
*168
350
6%
*168
350
2,900
580
60
*5%
39%
41%
*168
34%
99% 100% 114,400
6%
39%
*32
6
800
40
4,800
Par
Chllds Co
No par
350
25
5
Chrysler Corp
...
.
..
.
.
-
-
....
*126
8934
*126
5634
1734
177«
*10434 107
4834
5038
111
23
4914
*110
32
32
33
31
*30
130
3214
34%
325s
*30
134
38is
46
57s
3214
3114
325s
.
.
m
123
39
373s
*45U
1934
46
*93
*14
403s
2U2
1434
*2414
25
10i2
2414
*10i2
74
*70
89
5
Clark
No
Equipment
C C C & St Louis
par
100
34
10514
5%
141s
10538
*8's
34
22*8
16%
2
70'4
78%
20i2
41l2
3
357s
44%
*6338
7214
165
35
1035s
9U
*37%
*104i2
2
*1218
10l2
93
3934
2258
102l2
634
17
*.—
32
*5%
*30%
3034
*29
30
30
*29
33
*30
32
30
30
46
19%
20%
102
101%
*93
97
101%
92%
55%
II384
71%
112%
*104%
19%
2%
*20
21%
23
23%
10%
13%
24%
10%
13%
23%
*10%
74
*68
74
*69
*68
z82%
..
.
--
-
-
-
41%
33s
35%
42
44i2
43
44l2
41l4
42%
6312
7284
631*
72%
6338
63
63
....
53s
*165
.
—
5
5i2
7
1714
83i2
7
678
*48"
"6d"
60
58
58
9
58%
9%
9
9
8534
29%
2234
47
50%
83%
29%
22%
47%
19%
*684
84%
29%
23%
48%
19%
23l2
2912
24is
50is
20
205*
*714
1912
784
14612
*144
*5
7%
146
7
20%
7%
14684
6
18
8%
37%
11%
9534
97
39
39
634
16%
58,300
20,400
30
"60"
60
180
56%
500
84
8434
29%
*834
83%
*29%
23%
22%
22%
48
46
47
1934
7%
19
9%
1,100
84
4,500
1,700
2,300
20,300
2934
18
19%
7%
17,000
18
*10%
18
5534
*55
55%
18
36
40
40
2378
4534
22%
23%
23
23%
45
44%
44%
23%
45%
884
45
9%
61%
6134
65
22%
44%
884
63%
66%
63%
33%
33%
17%
1%
1%
*33%
34%
*33%
35
*16
17%
1%
1»4
6%
1534
*16
17
*1518
3614
17l2
1U
1S4
612
1534
....
3414
*16
*78
*u2
6%
15%
*115
34%
17%
1%
1%
6%
15%
—
--
-
130
1303*
131
130
130
115
11434 115
*11434 115
*23
*23
25%
25%
8
*8iS
8l2
8%
258*
85g
167
I66I4 167
165
*
131
167
165
166
*
~36~
36
3612
*7
714
7is
4H4
4034 4H4
11U2 *11H4 llll2
125s 13
13
634
65s
65s
14
1414
141*
6214 6212
63
58
56l2 68%
For footnotes
7
36
7
40%
11112 11U2
12%
1234
see page
167
39
65s
13%
6H4
55%
2618
8%
preferred
Cutler-Hammer
6%
pref. .100
No par
9
9
*16
*%
*1%
*6%
*15%
*115
634
1534
.
-
-
-
147% 150%
129% 130
*11434 115
*23
24
8
8%
165
165%
*%
*1%
6
*15%
*115
—
—
149
150
130
130
36
*3884
22%
*%
*1%
*5%
15
,
1%
6%
15
24
8%
8%
165% I6684
*23
24
7%
734
165% 166
35%
3584
6%
684
39% 40%
111% 111%
12%
12%
6%
6%
35
35%
6%
6%
40%
39%
111% 111%
12%
12%
6%
6%
15%
1484
35
6
3834
35%
6%
39%
111% 111%
12%
12%
6%
6%
14%
15%
1584
63
64
66
64
64%
14%
63%
64
58
59
60%
58%
59
58
59
15
7,100
1,900
15,700
250
11,000
3,800
88,000
5,700
5,300
8
4
Feb
9
Oct
Jan
3
Nov
71
Oct
11
Dec
4534 Nov
2112 Nov
Mar
69
Nov
82
Feb
72i2
Oct
80
Mar
17
Apr 15
3058 Jan
102
2
6?8
84
193s
lOSg
Jan
Jan
6
15s Jan
2
3934 Apr
Jan
7i8 Feb 13
20*8 Feb 13
383s Feb 17
314 May
1414 May
1578 Feb
72is Feb
li2 Mar
8i2 Mar
100i2 Dec
2i2 Jan
26% Mar
19i8 Mar
% Aug
1
46
Feb 11
2878 Mar
4
Mar 20
34 Jan
15ls Mar
2
Jan
Jan
Mar
46I4
6234
46
Apr
Mar 13
69
Jan 14
162
3
35
9
Mar 27
155s Mar 16
4358 Jan 7
45i2 Jan 14
102
Jan 27
7% Jan 17
35
4I84 Mar
73s Mar 6
3778 Jan 10
2538 Apr 15
6334 Apr 15
4714 Jan 7
105
Jan 25
41
3
115
Jan
1% Jan
Jan
6*8 Jan
6312 Jan
2
2
7
7
38 >8 Feb 25
18 >8 Mar 9
9912 Mar 13
14814 Oct
418 Mar
3578 Jan
II84 Sept
23i2 Mar
4312 Jan
7412 Mar
3i2 Mar
Jan 30
1084 Mar
Oct
60
78i2 Feb 20
168 is Apr 15
434 Apr
Jan
4
14
Feb 18
Mar
4712 Apr
Mar
6
27s Feb
18i2 Feb
1414 Mar
4
1
Jan
4
5
Jan
9
518 July
102
Mar
6
40i2
Feb
Jan
37
4
Dec
15
44i2 Jan 14
24U Apr 13
104
Mar
8912 Mar
Mar
9% Mar 11
2
IOI2 Jan
6
80
9
2 Us Mar 9
90
Jan 21
73
Mar
Apr 15
4
Jan 15
Mar
74
7i2
July
Jan
Jan
22is Feb
3434 Nov
1051s Nov
63s
Dec
12U
10118
'8I4
Deo
Dec
Dec
1% Nov
2318 Deo
1178 Dec
l7s Dec
69
Dec
99% Nov
2012 Deo
4478 Dec
234 Nov
35
Dec
8
Jan 14
z68% Jan
Jan
Jan
7
38i2 Feb U
4012 Apr 17
60
Dec
412 Mar
% Apr
6
Mar 13
Feb
22
9
3
21
11
13
5
234
7734
87U
24^8
67i4 Jan 3
7312 Jan 30
Jan
3312 Jan
15s Jan 16
Jan
Jan 30
Jan
18
Jan 10
108i2Mar 11
6% Feb 10
15U Mar 6
105i2 Mar 11
1U2 Feb 5
Jan
45s Jan
11% Jan
101
20
6I4 Mar
6934 Deo
783s July
May
758 Dec
397s Mar
19% Deo
487s Nov
165
48
100
9i8
38
Nov
Dec
Dec
Dec
10514 Dec
218
14
Dec
Dec
8% May
8034 May
4712 Jan
2434 NOV
105U June
45s Dec
1214 Dec
z95
Nov
Nov
Deo
8is Feb
3
6
6
June
10% Deo
6
2234 Mar
5834 Nov
28
Sept
24i2 Deo
43>2 Jan
19iS Jan
60
Jan
7
934 Mar
8914 Apr
27
Jan
2
31
Feb
7
19
22
Feb 13
26
Mar
6
36'4 Jan 20
52
1878 Dec
23i2 Mar
52
100
Delaware Lack & Western..50
1584 Jan 20
43s Jan
4
100
12834 Jan
6
153
9
10
Ry
Co. 100
6
Jan
15
Apr
42
7
Jan 10
11534 Feb
4
-No par
36
Apr 15
Participating pref erred.-.25
38
Jan
8
Corp-Seagr's Ltd No par
No par
Dome Mines Ltd..
Jan
6
Convertible class B—No par
512 Jan 10
100
100
78 Mar 11
Us Jan 6
Duluth S S & Atlantic
—
1
No par
6
Feb 17
1412 Jan
7
100
114
Feb
DuP de Nemours (EI) A
8
Co 20
138
Jan 31
100
129
Duquesne Light 1st pref—100
Durham Hosiery Mills pf.100
112
Mar 23
18
Mar 11
Eastern Rolling Mills
714 Jan
1561s Jan
6% non-voting deb
5
J) -No par
100
No par
Eltingon Schild
No par
Elec Auto-Lite (The)
5
Preferred
100
Electric Boat
—3
Eastman Kodak (N
6% cum preferred
Eaton Mfg Co
.
Elec & Mus Ind Am shares
Electric Power & Light.No par
$7
preferred
No par
$6
preferred
No par
158
Feb
7
2
2
Jan 27
2812 Jan
6
Apr
3612 Jan
llOU Jan
12U Apr
6iz Jan
6
17
21
23
14
2
63s Jan 2
32'4 Jan 2
2912 Jan 2
Feb 20
Feb
5
Deo
Mar
130
Dec
Aug
5i8 Oct
35i2 Aug
11412 Mar
26is Jan
3438 Jan
6
Jan
19
Deo
65
3
2
Jan
33
25
37
1
Apr
114
Feb
6
163s Mar 17
69U Mar 26
643s Mar 26
Jan
32
1
2
June
1284 May
103
Mar
Nov
17i2 Dec
Deo
13s Dec
8U Deo
19
Aug
116
Nov
865s Mar
l'267a Feb
14612 Nov
132
Oct
104
Feb
115
Aug
12
Nov
384 Mar
1101s Jan
141
1658
6
17% Feb 4
7«4 Feb 21
1258
% June
14 June
Mar 13
9U Jan 30
4438 Feb 19
Nov
13i2 Mar
638 Mar
Jan 13
978 Feb 11
41
41is May
38i2 Deo
445s Dec
5338 Deo
Jan 15
17012 Apr
166
503s Jan
12012 July
17% Mar
Mat 26
814 Mar 9
18U Jan 17
115is Jan 31
153
Apr 8
1331s Apr 1
11534 Feb 14
Dec
3418 Jan
684 May
1878 Mar 26
134 Jan 15
3
Mar
H2
Feb 17
213s Jan 31
58
Apr 8
1191s Jan 11
40is Jan 25
42
Mar 6
345g Jan 2
5238 Jan 24
1178 Jan 23
7534 Jan 30
37
Jan
11
23is Feb 20
93s Feb 7
pref—100
Duplan Silk.
2,400
Mar
Jan
235s
62
-.20
700
"1,800
2918 Jan
578 Mar
27
115i2
105
Jan 15
Corp. 10
400
130
Feb 17
Aug
75
Dunhill international
■
6is Feb 17
Oct
72
Mar 24
29
1,400
16i2 Oct
84 Mar
1214 Feb 27
44i2 Jan
2534 Mar
Dec
9778 July
Deo
Mar 25
Dresser(RR)Mfg convANo par
11434 11434 *114% 115
*23
Feb
58
85
600
i~o~2o6
5614
llOU
83
119i2 Aug
47
Preferred
147% 150
*129% 130
Oct
Jan
78
Douglas Aire Co Inc..No par
*115
Mar
3912
Mar
Preferred
Preferred
31
110
Apr 15
5734 Apr 16
Apr 17
7278 Apr 14
11534 Mar
106U Apr 17
245s Feb 21
Dec
85
Dominion Stores Ltd..No par
100
93
115
50
1884 Oct
90is Dec
2
Jan
500
......
Dec
Dec
Mar
Mar
7214 Jan 27
73i2 Feb 13
Sis Apr 16
67
56,600
......
40U
48i2
3%
35i2
2451s Jan 22
5114 Jan 23
215s Apr
102
Apr 13
Deo
1712 Dec
IOH4 Nov
4978 Dec
5812 Sept
IH4 Nov
2
2212 Apr 7
4112 Jan 2
858 Apr 13
505s Jan 6
•
Jan
June
Diamond Match
1%
6% Mar
April
Dec
16
700
4,700
21
61
1,500
8%
65%
22i2 Deo
Feb
6
40
45
8%
2
Mar
Feb
7
82
29
Mar
7
Mar
Delaware & Hudson^
Distil
i2 Mar
5
1034
Jan 11
65
1,200
14,500
Dec
Dec
97s Nov
5is* Jan
70l2 Jan 27
55%
22%
50
109
Jan
5
DIesel-Wemmer-Gilb
Mackinac
Mar
684
49
No par
Deere & Co
&
9
69*4 Mar
3
Jan 15
IO7I4 Deo
6
Davega Stores Corp
Det
Jan
Jan
2434 Mar 24
93s Feb 19
49
Dec
101
43U Jan
5% non-cum preferred.. 100
Devoe & Raynolds A ..No par
1st preferred
100
......
5158 Feb
21
No par
Inc
36
*10%
55%
165
"35"
1
1
Class A
Cushman's Sons 7%
80
36
*78
134
612
Cur tiss-Wright
9
36
*16
100
Preferred
*4
40
*3414
Preferred
6
39%
36U
1712
II4
2ig
67*
15i2
Cream of Wheat ctfs...No par
6
36
5984
No par
7
3634
4434
*834
25
100
Preferred
Coty Ine
Denv & Rio Gr West
41
8%
643s
2.50
Detroit Edison
3614
5534
20
-.5
Continental Steel Corp No par
Corn Exch Bank Trust Co .20
700
40
61
Continental Can Inc
Cont'l Diamond Fibre
400
42
4412
85S
100
147
7%
373*
45
9U
6434
No par
Preferred
*144
36%
*40l2
23
Class B
147
*10%
55%
par
{Consolidated Textile.-No par
147
7%
par
No par
147
37l2
42
24
Corp.No
No
147
56i2
55l2
Consol Oil Corp
Preferred new
2,400 Cudahy Packing
50
26,400 Curtis Pub Co (The)...No par
Preferred
No par
2,700
6%
16%
Dec
585s Deo
Mar
11
84
May
93
7
103
450
22% 2234
10334 104
*
Mar 13
914 Jan
2,200 Cuba Co (The)
No par
100 Cuba RR 6% pref
100
12,000 Cuban-American Sugar
10
12
126
Nov
100
100
*56
29%
22%
46%
19%
*634
Consol Laundries
22,900 Crosley Radio Corp...No par
20,100 Crown Cork & Seal—..No par
700
$2.70 preferred
No par
70 Cr W'mette Pap 1st pf No par
3,400 Crown Zellerbach v t c No par
2,500 Crucible Steel of America.. 100
58%
9%
No par
31,200 Corn Products Refining
46%
Aug
72i2 Nov
5338 Apr
1518 June
5234 Dec
1458 Nov
320
6,400
1,600
110
'
24
72
5%
July
3
133s Jan 22
42
56
*10l4
15134
58
9,500
4,900
62
*60"
1
Preferred
Consol Ed Co of N Y.No par
$5 preferred
...No par
16
2%
*10%
147
658
*36%
7
284 Apr 16
8% Apr 14
33i 2
18
5612
15134 152l2
14ig
*6134
37
17%
Consol Film Indus
*6
6
1521*
1234
884
84
100
Container Corp of America.20
Continental Bak cl A-No par
800
102
9
634
Preferred
Consol RR of Cuba pref.-.100
58%
*834
60
58l2
*812
82l2
*293s
2234
48
46%
23
*48
60
Apr 14
6,800
7,700
35
*101
39
5912
23*8
47
102
39
60
$6 preferred series...No par
Conde Nast Pub Inc..-No par
1,000
5,600
24%
I684
Apr 14
6,400
61
*.
Jan 10
19
1
59
22%
16%
9
97
23
200
5%
103% 104
84
1105a Jan
Solvents.-No par
Commonw'lth & Sou..-No par
S4.25conv pf ser of *35No par
Commercial
5
23%
95
6%
6%
16%
*
9
Mar 24
100
*165
1134
96%
40%
23%
Jan
Insurance
35
10%
104
55
Motors..
25%
62%
94
39%
22%
103
Comm'l Invest Trust—No par
Conv preferred
No par
Continental
35
8%
59U
49
203s
-.
10%
10%
93
8
13
61,700
7734
36
37%
9
Jan
3512 Mar 16
7,600
1,700
27.100
2,900
2,300
107% *105
107%
107% 107% *105
134
1%
1%
1%
1%
134
12
12%
1234
13%
12%
*12%
17
80
151
*11H8'
8%
Jan
110
Continental Oil of Del
76
102
44
100
Continental
40%
61%
6
....10
Credit
preferred
5M%
4,900
43
6034
*46%
9
36
7
634
16%
80
173S
83%
16%
*
6334
46«4 46s4
*99% 102
100
preferred
Commercial
16,600
3,300
24
25%
5%
Jan
9012 Jan
8084 Jan
16,800
35
35
60
100
Preferred series A
Mar 25
Congoleum-Nalrn Inc..No par
......
June
20
35
14
June
Dec
48
Col Pict Corp v t c...iVo par
$2.75 conv pref
No par
Columbia Gas & Elec..No par
4412 Mar 26
Oct
48
80
7
1271s Feb 26
9714 Feb 17
5712 Jan 15
2012 Jan 6
IO6I2 Feb 28
36
3%
63%
77%
Jan
87
2
3614 Feb 20
37% Mar 11
Jan
Aug
48i2 Dec
Feb 20
50
7012 Feb
134
40%
63
Mar 16
Mar 20
Nov
86I2 Apr
112
Jan
Congress Cigar
No par
Connecting Ry & Ltg
100
120
....
3
Mar 13
Feb 10
27% JuJy
Jan
Prior preferred
100
Prior pref ex-warrants.. 100
5%
42
Oct
Feb 20
2
Jan
180
-
1714 Mar 13
37
Oct
Mar
46
16
82
.
55% Jan 16
90
94
74
40%
6
100
*6734
3%
Jan
188
35
11034 Feb 14
100
v
*77%
42
Mar 30
53
73s Mar
t c No par
Columbian Carbon
*69
42
7434 76%
7534
168% 168% *165
5%
5%
5%
..
5%
100
4% 1st preferred
4% 2d preferred
74
-
Feb 26
48
7,200
35
43
24%
*115
714
300
1,900
13
34%
63
35
*115
41
300
1,900
52,900
53,200
37%
21%
35
63
35
684
36
17,400
100
Consolidated Cigar....No par
Preferred
100
3
42%
35
35
35%
25%
2414
24l4
2314
59
58i4
5934
60%
463*
*46l2 47
4634 4634
102
103*8 103i2 103l2 102
9U
914
834
9is
9%
37L
36
38
37l2
36%
115
*104i2 109
*104i2 107L
2
2
2
2
1%
137*
12U
12U
12l8
12%
10»4
1034
1058 1078
IOI4
94
9412 *96
97i2
96%
3984
3914 39i2
3914 39%
2378
2334 2414
2212 2334
102%
IO284 10312 10314 10312
*71S
8
*144i2 14612
8i2
700
100
300
-
82
3*8
24%
2112
19%
Preferred
10%
.
0
Feb 10
4
3784 Apr 16
tColorado Fuel & lion.No par
40
13
89
90
8I4
24%
*19%
80
15612 Jan
107U Jan
No par
82
34%
58s4
293*
*
60
33,700
57%
115
37
....
41
3%
35
2314
293g
*23
56%
115
6I2 Nov
275s Deo
Jan 31
*23%
10%
•
42%
334
7584
7234
73i8
*166
514
3
85
*114
*6734
90
z90
314 Apr
12U May
Jan 15
Colorado & Southern.
Oct
6
84
3834
21%
13%
23%
1034
82
82%
rnm mm
34
4138
33s
85
*134
*6*8
151*
82
82%
53,300
1,900
7O84 72%
*112% 113
113
106
106%
106
19
19%
19%
3
2%
284
68
65% 65%
9
8%
8%
*20%
13%
*23%
*10%
74
38
500
19%
z99% 100%
92
38
14
9i2
*78
8%
20
8434
*3414
*1614
*65%
39%
*834
*8*8
63l2
234
69
13i2
8412
2914
23l2
4712
*403*
23i4
4414
19
20
9
*37
47
37
10i2
100
4,200
1,700
38
3
37%
30
127
38
5734
56%
114% 11484
71%
7234
8%
100
30
*45%
319%
112% *112%
10434 10434
834
29
127
20%
101% 102
1934
1,600
12
Dec
Nov
9378 Dec
2478 May
100
May
4618 Mar 24
124
No par
Feb
Mar
434 Jan 7
2334 Jan 21
100
Class A
9
31
6984 Sept
Coca-Cola Co (The)..-No par
Preferred
9
26
3i2 Mar
Mar 25
35
86i2 Feb 19
4514 Apr 8
107U Jan
130
46
2
2
U34 Jan 24
10378 Apr 13
1978 Feb 14
Mar 14
Colonial Bfeacon Oil
310
39
3
8
Collins & Aikman.j—.No par
Preferred
100
29
19%
Jan
Jan
100
28,800
29
46
7
25
85*2 Jan 21
10212 Mar 16
700
29
38
$ per share
Colgate-Palmolive-Peet No par
6% preferred
100
6,700
29
29
$ per share
410
1784
107
30
91%
72
300
32
126% 127%
93
56%
114
69
36
60%
*55
125% 127
3784 3784
46
*45%
127%
3734
1,100
58
49%
48%
*10934 ill
22
22%
5%
5%
30
42
60
*1014
5%
21%
5%
*29
4U2
3I8
351*
*59l2
*6
112
21%
*30%
42
31*
36
*48
20
5%
51
48%
112
23
mmtmrn
35
22%
58i4
4638
21
89%
*80i2
*6734
534
5*8
512
558
5%
5%
5%
5%
534
5%
5%
17
17
17
17
17
18
17*4
173s
17%
171* 1714
32%
32%
3458
3234
32% 33%
33%
33*8 34%
3234 3334
106
105% 10534 105% 10534
10512 10514 10534 10514 105i2 106
5
5
5
434
514
434
434
478
4%
4%
5%
14
13%
14%
14%
14%
14i8
1334
13% 13%
1334
14%
*105
*105
*105
*105
1053# ♦105
*8
*8
*8
8
8
8
8%
914
884
8%
"8*I2
s4
%
■*
7,
%
34
%
%
34
34
34
%
22
22
221*
20% 2134
22%
21% 22%
2218 2214
2134
16
16
16
16%
16U
1584
16%
15%
16%
16U 1658
2
2
2
2
2
21*
2%
2%
2%
2%
2l8
72
72
71
70
70
71
70
70i4
70%
*6884 70
78
7914
7834
773s
77%
78%
7834
7734
78%
79%
7834
18
19
2O84
1912 20%
18%
1934
20i2 21
19% 20
165
5U
48%
50%
111% 11134
....
......
8834
*5634
17%
....
$ per share
151* Jan
727s Jan
......
*126
"
90
*89%
*56%
17%
17%
1734
*104
107
104% *104
21
83i2
8312
*80
534
*17U
57
2O84
14l2
2414
1034
39U
*83i2
17%
104
88%
40
*14
*68
*126
88%
*56%
102
97
*20
10l2
*80
*126
mm mm
_
32
5514
56%
55is
56%
113
113
113% 113l2
7134
7078
70i2
72%
113i2 113l2 *1125s 11338 *1125S 113
104
104
104l2 10458 104% 10484
19
2014
20l2
20%
20l2
203s
3
3
27s
3
278
278
703s
68s4
6884
*68i2 70i2 *69
9
93s
*93S
912
8%
93s
*19
mm
3084
31%
*30
2118
100i8 102
*92i2 97
5412 557s
*112l2 113l2
70i4
70i2
40
mm
..
49%
111%
22%
534
31
13334
3778
4534
20*8
2078 21U
100i2 100i2
21l2
514
30%
30is
33
128
38iS
46
47%
*111
23
578
6
32
*32
32i4
*126
5034
11U2
23
23l2
578
.
.
89
89l2 89i2
8812
*5612 5634
5634 5684
18
1734
17i2
1734
105
10434 10434 *104
8984
*56l2
111
...
.
Highest
$ per share
45
______
•.
Lowest
100
No par
Preferred
Highest
100
City Ice & Fuel
City Investing Co
City Stores
*95
*95
*95
Preferred
100
*95
99% *95
Clev El Ilium Co pf—No par
108i2 *10778 1091S *108
10812 *107
109% *108
109%
109% *108
38
39
39
39i2 3912 *3834 39i2
3834
3734
3734
3784 3734
1,100 Clev Graph Bronze Co(rhe).l
*84
*85
*85
Cleveland & Pittsburgh
*84i2
*84l2
50
*85%
50 "
50
"mmmmrnrn
*47l2 50
*4712 50
Spec guar 4% bet'm't stk 50
*47i2 50
*47%
*47%
*47% 50
*57
58
*55
57
57
56
56
57
800 Cluett Peabody & Co.-No par
6634
58
5634
57%
*105
Year 1935
Lots
Lowest
Chile Copper Co
18
83
*45
40
350
*168
*95
35
Shares
60
*45
42
834
*32
$ per share
$ per share
On Basis of 100 -share
Week
18%
83%
18
82i2
60
4134
8%
35
9914 10388
18l2
8212
6
612
42
*32
10378
Apr. 17
16
Apr
Range for Previous
EXCHANGE
Friday
Thursday
15
Apr
834
834
35
*32
*45
$ per share
884
834
35
42
$ per share
13
$ per share
10H8 102*4
18i2 1812
8H2 8H2
Wednesday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Tuesday
Apr. 14
STOCKS
TfYP
SALE PRICES—PER
Monday
Sales
JOT
LOW
Saturday
/.
'
Jan
Jan
314 Mar
193s June
107
Jan
37b Mar
55s Sept
lis Mar
27i2 Dec
8
Jan
172U Nov
164
July
305s
838
3834
11312
1434
8%
7%
Oct
Nov
Oct
Sept
Dec
Feb
Mar
Aug
34% Deo
2is Mar
3184 Deo
3
New York Stock Record—Continued—Page 4
2622
HIGH AND
LOW SALE PRICES—PER
STOCKS
Sales
SHARE, NOT PER CENT
Range Since Jan. 1
On Basis of
NEW YORK STOCK
Saturday
8 per share
49% 49%
1
!7«
2%
*61
2%
67
125% 125%
*14% 14%
*69
72
73%
74%
7784
6%
6%
15%
15%
22% .23%
15% 15%
*74
*67
•
*14%
35%
T4S4
*6
684
3%
13%
52%
3%
*12%
5184
155
36
37
2334
2334
93
93
*75
IO84
*4%
*3%
23%
43%
24%
*111
Wednesday
Thursday
Friday
the
Apr. 15
Apr. 16
Apr. 17
Week
$ per share
49% 49%
%
%
$ per share
$ per share
49
49
$ per share
49
49%
$ per share
Shares
2%
2%
*65
66%
125% 125%
15
1484
71% 71%
74% 75
7784 77«4
6
15%
23%
16
6%
15%
24
16
*67
49*4
1
*76
80
5%
14%
22%
*14%
684
3%
684
2%
*76
6
2334
5%
14%
22%
15%
*1484
14%
35%
80
*14
1534
*6
3%
12%
5234
51
12%
52
160
36%
23%
37
14%
34%
7
3%
12%
35%
*22
15
3%
12S4
5234
34%
*6%
3%
12%
50%
14%
35
6S4
3%
14%
33%
14%
34%
6%
3%
13
13%
49%
51
165
36%
22%
151
36
37
23
23
37%
22%
*140
151
37%
22
22%
*93%
94
*93%
94
10
50
*44
50
*44
50
100
*71
83%
*71
100
11
10%
4%
3%
11%
484
3%
IO84
23
23
23
83%
1034
484
3%
23%
423s
5
3%
24
44
24%
112
8%
41
35
4384 4334
*24% 26
111% 111%
30% 31%
104
104
35%
*112
115
*66
4%
3%
4234
*24%
111
26
30%
104
44%
*26%
6%
3984
*68
4%
3%
16
101%
49%
42%
*24%
71
70
6
6%
31%
12%
10
10
10
57%
40%
36%
36%
2%
67%
140
145
39%
12%
29%
*89
90
2%
113
111
35
3384
34%
*68
5%
16
1584
11
11
1
40%
3684
31%
12%
150
%
31
12%
147%
10
10%
1234
29%
28
91
89%
57%
140
40%
37%
2%
2%
12%
57
140
70
4034
39%
36%
2%
37%
2%
40
*141
41%
378s
2%
37
2%
*141
145
40
41%
37%
373s
2%
2%
*25
29
*32%
49
*32%
49
*32%
49
*32%
49
*32%
*35
55
*35
55
*35
55
*35
53
*35
63
*61%
*119% 120
69%
70%
119% 119%
*28
30%
7%
7%
*48%
*106
-
5"
5
43%
*42
•»
—
-
49
-
284
34%
42%
48%
16%
86%
10%
83
54%
106
6
8%
19
*115
*11784
2%
33
43
—
_
284
33
—
5
43%
*117%
2%
32%
234
32%
42%
106
106%
5
4«4
40%
42%
117% 117% *117%
234
2%
2%
484
*484
42
41
........
234
33
33
33
40%
41%
33
40
40%
8684
85
85
84
84
84
984
*81%
84
9%
8134
80%
9%
80%
847g
9%
79
53%
106
5%
8%
18%
934
54%
106%
6
8%
19%
9%
8I84
5134
106
5%
7%
1834
48
53%
106
6
8
19
*91
93
93
23
52% 52%
106% 106%
578
6%
8
8%
18% 19%
41
4,000
48%
I684
83%
9,400
9%
8,000
10
1,100
79
1,000
52%
5,000
3084
31%
17%
18
30%
17%
37%
39
3784
284
34%
2%
34
17%
38%
2%
-
34%
*140
*140
68"
-
68"
24%
25
25
25
24%
25
24
78%
71
71
66
70
*69
61%
60
6O84
2%
3834
*27
234
59%
234
38
*27
97
18%
19
*117
2134
•.•.•MM
..
22% 120,300
97
5,100
30% 86,100
76
61%
234
95
29%
*95%
97
400
10%
10%
10%
1,600
92
92%
92%
284
92%
2%
3%
4%
140
234
278
3%
3%
3
4
4
4%
18,800
31%
3084
31
17%
18
38
38%
2%
1784
36%
37%
4,300
2,600
20,300
2%
84,200
3384
34%
*52
23%
*69
60
234
37
*27
2%
33%
1784
34
4.600
68"
*52
2384
24
76
61%
284
*69
59%
2%
38
35
68
24%
76
6O84
3%
3784
100
18
16%
16%
*16%
17
*16%
17
*16
17
45
45
*45%
47
*45%
47
*453g
46
200
41
40
40
39
40
40
40
40
41
1,400
*114
117
*114
117
*16
116
10%
1784
116
*105
40%
*124
*14%
*109
7%
10
*16
116
105
40%
135
15
110
7%
40
*124
1434
110
7%
3234
36
10%
1734
116
105%
40%
135
15%
110
7%
32
*35%
10
*15%
*115
105
38%
*124
15%
110
634
For footnotes see page 2618
32
36
IO84
1734
116
105
39%
135
*31%
*35%
10%
*16%
116
114% 114% *11*4
115%
30
*32
3234
200
35
35%
3584
10%
1034
11%
17% *1684 17
*16%
116
115% 115% *112
40
32%
32
3584
11%
32
*35%
10%
18%
116
10434 10434 *104% 105
39
39% 40%
3984
*125
135
*126
135
104
39
*126
12,800
7
Jan
4
19
Feb 15
69
7
Jan 15
15% Mar 4
40% Jan 8
8% Mar 19
5% Mar 25
18% Mar 25
53% Apr 8
42
General Cigar Inc.
.
...No par
7% preferred
—100
No par
Conv pref series A— .No par
pref class A......No par
No par
Gen Ital Edison Elec Corp
General Mills
No par
Preferred
...100
General Motors Corp..
10
55 preferred
..No par
Gen Outdoor Adv A
No par
Common
..No par
General Printing Ink..No par
56 preferred
No par
Gen Public Service..—No par
Gen Railway Signal
No par
Preferred
100
Gen Realty & Utilities
.
56 preferred
General Refractories
1
No par
No par
Gen Steel Castings pf.No par
Gillette Safety Razor..No par
Conv preferred
No par
Gimbel Brothers
No par
Preferred
.....100
Glldden Co (The)
No
Prior preferred
par
100
.1
1
Preferred
Graham-Paige Motors—
1
Gr'by Con M Sm & Pr stpd 100
Grand Union Co tr ctfs—
Conv pref series
Granite City Steel
Part paid rets
No
1
par
..No par
...No par
Grant (WT)
No par
Gt Nor Iron Ore Prop..No par
Great Northern pref—
100
Rights w 1——
Great Western Sugar. .No par
........
100
5
No par
....100
Gulf Mobile & Northern... 100
Preferred
Water.
Feb 28
Jan 18
83% Feb 11
104% Feb 6
48% Jan 11
29% Jan 9
11% Mar 2
47% Mar 5
111
38
63% Feb
6% Jan
18% Jan
12% Feb
103% Mar
150
106
Jan
Feb
50
19
Feb
2% Mar
20% Jan
Mar
434 Mar
% May
7
Mar
5% Mar
84% Jan
32% Mar
11% Mar
7% Mar
115
Jan
5% Mar
2
Mar
4
Mar
19
Mar
46% Nov
127% Jan
20%
Jan
30
Sept
% Feb
Oct
11
Feb
8% Dec
4% Jan
3% Aug
Aug
45% Deo
25
Sept
25
114
25%
102%
68%
30%
6%
July
Deo
Deo
Aug
Deo
Jan
79% Dec
Mar
30
Deo
111
Dec
36% Nov
70
Nov
30% Nov
125
Nov
55
Dec
47% Dec
5% Nov
13% Dec
10% Deo
100% Sept
48% Deo
22% Nov
*13%
146
Oct
Aug
10% Nov
6% Nov
18% Nov
76
64%
145%
40%
37%
1%
Nov
July
Oot
Nov
July
Aug
15% Aug
Apr
18
Aug
15%
47% Mar 21
70% Jan
120% Jan
71
15
8
Feb
50
Jan
18
Apr
32
Oct
6134
Feb
5978 Feb
72% Oct
116
Jan *120% Dec
26% Mar
59% Nov
Jan
120
Nov
Mar
5
10
Mar
21
Dec
8% Mar
6
3
Aug
120% Apr 15
33
50
Mar 21
108
Mar 14
6% Feb
50
Feb
5
4
118% Mar 14
3% Jan 21
43
6
45% Mar
105% Apr
3% Jan
7% apr
18% Feb
116
Feb
13% Jan
Jan 10
4% Feb
48
Jan 30
Apr 14
Apr 17
Jan 6
69
Feb 13
41% Feb 17
37% Apr 17
2% Apr 14
32%
33%
42
16%
83%
6%
13
4
2
9
20
10
21
Apr 14
Feb 3
Feb 21
*107%
17% Feb
93% Jan
1% Mar
15% Mar
80
Jan
% Aj)r
14% Mar
16% Jan
44% Apr 8
60% Feb 7
18% Jan 16
14
Apr
12
Mar
90
70%
Jan 24
11% Mar 12
86% Mar 6
55%
114%
7%
10%
21%
Jan
Jan
Feb
Feb
116
Feb 10
Jan
Jan
6
23% Apr
98% Apr
31% Apr
99% Feb
12% Mar
Jan
6
95
2% Apr
9
3 Mar
3% Jan
17
Apr
30% Mar
30% Jan
28% Jan
16
Jan
32% Jan
2 Mar
31
Jan
27
4% Feb
11% Mar
6% Jan
23% Jan
35% Apr
33% Mar
6
2
17
13
29
16
2
6
30
7
Apr
14
27
28
17
6
15
15
15
17
11
4
19
20
15
16
2
25
33% Mar 9
20% Feb 19
44
Feb 21
3
Jan
2% Mar
18
Mar
23% Feb
104% Jan
1% Apr
14% May
104
Dec
7% Mar
40
Mar
15% Mar
70
Apr
2% Apr
20
Apr
1% June
5%
2%
14%
18%
Mar
Mar
May
Mar
22% Oct
6% Dec
42% Nov
109
Oct
4% Nov
41% Deo
109
Oct
3% Dec
39% Deo
33% Dec
51
Nov
19% Aug
Aug
93
884
Dec
7534 Deo
49% Dec
111
434
Oct
Jan
22
Nov
105
Dec
14% Deo
82
Dec
26%
Jan
92
Jan
10% Deo
85
4%
Dec
Oct
13% Nov
5
Jan
Mar
2984 Jan
35% Nov
33% Nov
38% Sept
9% Mar
9% Mar
35% Deo
26
16
Dec
Marl6
39
Jan
Mar
9
26%
Jan
34% May
119
Jan
60% Mar
55
Feb
9
21
Apr
23% Apr 16
96% Apr 14
5812 Apr 7
1% Jan
26% Jan
9% Jan
28% Mar
2
25% Nov
28% Deo
34
95
140% Mar 16
105
Jan 24
4
2
Jan
9
Jan
2
No par
14
110
Jan 11
Mar 30
Hanna (M A) Co $5 pf .No par
103
120
30% Jan
12
Jan
46% July
7
1
Feb
Mar 19
19
Feb
3% Feb
39
Feb
4
Mar
19% Mar
55 Mar
4
3
6
Apr
48
Mar
6
12
Mar
118
Mar
6
48
Mar
32% Mar 25
36% Jan 16
11% Apr 6
21% Feb 4
IIP
Feb
8
21%
30
Jan
Jan
4
Mar
6% Apr
63
7
Jan
9
9
Mar
5
81
Nov
May
May
Dec
Deo
Nov
Dec
3034 Dec
35
8
Dec
Oct
14% Nov
Nov
9984 Jan
5% Feb
16% Mar 25
108
Dec
Dec
105
100% Sept
124% Feb 14
115
74%
284
43%
11%
34%
33%
May
Dec
105% Mar 18
41% Apr 1
Jan 20
50
112
3
16
140
Jan
3
104% Feb 17
4% Jan
Jan 23
80% Jan 27
;
Jan
6
95
«
Jan
2
Mar 10
58% Jan 14
143
Jan 10
Jan
5
11% Jan 11
Feb 17
Jan 17
Jan 4
Jan 4
30
1
Feb
29
23
27
19
20
l%Mar 31
34% Feb 6
14% Jan 6
3
35
100
Feb 17
Feb
77% Feb
85% Feb
3
3
3
...—..100
6M% preferred
Hayes Body Corp....
July
% Feb
16% Mar
28% Mar
16
Apr
106% Mar
13% May
84% Apr
44% Nov
Aug
Apr 15
38% Feb 17
127
21
21
21
18
2
25
Hat Corp of America cl A
2
15 % Feb 11
25
10
384 Mar
25
95
88
105
3%
39%
Dec
21% NOV
Apr
39 Mar
59% Mar 17
117% Jan 13
53% Jan 6
118
Jan 27
18% Jan 2
5% Jan
125
May
33% Feo 10
28% Jan
7% preferred class A
Hall Printing
Preferred
Jan
19
Jan
19% Jan
Deo
72
Jan
Jan
14
3% Dec
15
39% Deo
95
63
30% Jan
100
Dec
5% Mar
Feb 20
100
Preferred
115
75
No par
Gulf States Steel
Jan
*85
47% Jan
136
Mar
Aug
Dec
Nov
Jan
21% Jan 21
87
Jan 2
.
% Mar
4
17
Deo
Nov
Apr
Apr
112
Jan
9
77
6
Jan
Deo
54
12% Mar
5% Mar
Jan 17
Jan 29
Jan
Jan
Jan 13
par
Gotham Silk Hose— ...No par
Preferred
....
...100
Apr
30% Apr
17% Mar
112% June
78
par
2
8
4
Apr 14
100
Goodyear Tire & Rubb.No
1st preferred
...No
15
19%
13%
8584
14%
40%
Mar 16 *135
Jan
Feb
Jan
36% Jan
33% Feb
% Jan
14
Mar
Mar
Mar
Feb
Mar
May
40
64
Jan 20
28% Jan
5%
17
70%
54%
140
7% Dec
48
Mar 14
100
55% Nov
Aug
9% Mar
60% Mar
1984 Mar
97
Nov
Mar
1
47%
35
3%
12
10%
Nov
Feb
Jan
9
No par
No par
Feb
Dec
8% Nov
50
55
Mar
Jan
Feb 18
Jan 23
7% cum preferred
14%
15%
4%
7%
8%
8'4
6912
10%
134
Mar
4% Feb
5
Class A
Mar
92
25% Mar
49% Feb 14
22
12
141
...
3
14
6884.Nov
% Jan
1% Aug
66
Sept
97
20% Jan 27
110
Jan 4
*24% Jan 2
100% Feb 26
40% Mar 23
25% Mar 21
4% Jan 6
37% Feb 7
111
Apr 15
27
Jan 21
111
Jan 7
32% Mar 30
125
Apr
% Mar
% Apr
52% Jan
12534 Jan
1% Mar
101
9
5
No par
General Baking
Hackensack
Apr 9
41% Mar 25
4% Jan
2% Jan
20% Jan
Harbison-Walk Refrac.No par
Preferred
100
6,100
Feb
15% Apr 17
71% Apr 13
75
Apr 13
77% Apr 13
7% Feb 21
17% Feb 21
27% Feb 21
Jan 3
Jan 10
Jan 6
Jan 7
7% Jan
110
40
6
69
Feb 25
4,800
2,400
5
134
21
3
10
Jan
7
1% Feb
3% Feb
21
12
39%
135
65% Jan
% Apr 14
Hamilton Watch Co
110
31
2
4
81
17
3
14
6
4
7
31%
4%
2%
11%
34%
104%
15«4
15%
15%
15%
15%
15%
110
*107
110
*10633 1063s *106
684
6%
7%
678
7%
684
7%
15%
110
Corp.—...5
Greyhound Corp (The)
49
48% Mar
% Jan
1% Jan
62% Jan
2125%Mar
7% Jan
45% Jan
48
Jan
65
Jan
5% Apr
11% Jan
16% Jan
11% Jan
68
Jan
Rights
General Asphalt.......... 10
Guantanamo Sugar
Preferred
720
*40
*31%
*35%
Gen Amer Trans
7,300
*1784
32%
Preferred
7,200
*47
36
—No par
No par
Gen Amer Investors
Greene Cananea Copper... 100
18
*31%
*35%
10%
No par
Gabriel Co (The) cl A—No par
Gamewell Co (The)
mNo par
80
40
114% 114% *114% 115%
par
$6 2d pref
Green Bay & West RR Co. 100
Green (H L) Co Inc
l
_
49%
*48
Fuller (G A) prior prefNo
2,400
•
40
*17%
100
Preferred
Preferred
*140%
*140%
*52
FkinSlmon&CoInc7% pflOO
..10
Freeport Texas Co
Gold Dust Corp v t o
No par
Gold & Stock Tel'ph Co...100
Goodrich Co (B F)
No par
-
23%
97%
31%
10%
2%
1
w w
10,200
19%
*
■31
32
18%
39%
234
3434
..No par
No par
Preferred
Fourth Nat Invest
8%
31
31%
18%
38%
2%
34%
Foster-Wheeler
8%
1,200
3I84
I884
39%
100
pref
8%
18
18%
*32
conv
Gobel (Adolf)
Goebel Brewing Co....
32%
18%
31%
4
No par
720
17
32
t Follansbee Bros
7,300
18,200
32%
31%
First National Stores.
6
18%
34
3
100
106
32
4
Preferred series A
6
18%
3
4%
18%
31%
Firestone Tire & Rubber... 10
106
32
3%
234
600
35
3
4
6O84
2%
33
2,700
1,500
1,200
2%
3
*27
-
3%
4%
18%
90%
Co .No par
..100
preferred
$8 pref class A
10%
92%
30%
*94%
Fidel Phen Fire Ins N Y2..50
Filene's (Wm) Sons
§7
10%
92%
234
95
Federal Water Serv A .No par
Federated Dept Stores.No par
6%
1878
22%
Federal Motor Truck..No par
Federal Screw Works. .No par
No par
11
3
*52
51%
..100
No par
97
4%
I884
68"
53
106
57b
8%
*117
9%
.........
General Foods
97
3%
*52
-
16%
83%
Preferred
Gen'l Gas & Elec A
-
$ per share
25
10,100
-
$ per share
39
Mar
19% Feb 25
84
Jan 3
43 Mar 27
69% Mar 30
2%
10
$ per share
122% Jan 7
31% Feb 24
General Cable
800
Highest
$ per share
6% conv preferred
100
Fajardo Bug Co of Po Rico.20
3,900
700
Lowest
Federal Light & Trao.
15
Preferred
..No par
Federal Min & Smelt Co..100
4,000
1,300
Highest
155
58 preferred..—
General Bronze
97
29%
4%
I884
*140
-
30
30%
97%
2%
34%
-
3,500
23%
98%
31%
3%
4%
19%
3
•
39%
100
3784
.
79
79
52%
106
11,700
97,400
5,300
62% 63%
2,900
170
120% 120%
67% 68% 148,500
119% 119%
3,500
*28
600
30%
7%
7%
1,100
47
800
46%
20
*106%
484
1,000
434
40
40»4
1,800
10
*117%
2%
2%
9,600
*44
47
9%
100
23%
97%
30%
21%
95%
10%
90%
*43
49
9%
*115
*115
*95
*43
620
3,300
110
37%
2%
32%
17
11
2%
48
16%
IO84
*90%
2%
61
48%
*47
106
48
1634
11
3884
7?s
16%
*10S4
68"
77s
16%
97
*140
78s
30
16 38
96
284
34%
30
30
7%
120%
6778 69%
119% 119%
41
28%
60%
2%
—
*119
68% 693s
119% 120%
3,600
55
*44
*96
*27
~
120
130
49
17
9784
30%
*71
7%
48%
*
119
Preferred.
Fairbanks Morse & Co .No par
General Electric
*32%
63
....25
Fairbanks Co
76,800
27,900
*35
43
96
25
4%
63
20
40%
55
49
95%
29%
9684
*52
7%
48%
63
62%
*28
30
*28
43
40
39%
49
16%
*85%
22"
2%
34%
50
2,200
29
*42
*115
3
3,500
145
*25%
*42
20
I884
61%
119% 11934
67% 69%
11978 120
*106
"5"
20%
3184
61
Exchange Buffet Corp. No par
Food Machinery Corp new. 10
230
141
—.5
200
*66
69
71
69
70
7084
42
42
40
40
40
40
41%
6
6
6
6
6%
5%
5%
15
15%
14%
14%
15%
15% 15%
10%
IO84
IO84
10%
10%
11%
1034
*101% 110
103
*101% 110
*101% 110
48
49%
47% 48%
47%
47% 47%
84
%
%
%
%
84
«4
31%
3084 31%
31% 3178
31% 3134
12%
12%
12%
12%
12% 1234 *12%
150
*148
150
150
*148
147% *147
934
97g
9%
984
10%
9% 10
12
12
12
12%
1284
12% 12%
28
28
*27% 2834 *27% 28
2934
89
91
89
89
89%
90%
89%
57%
56%
57% *57
57% *56% 56%
141
Eureka Vacuum Cleaner....5
Evans Products Co
7,200
1,100
5,800
140
....100
100
.....50
Second preferred
Erie & Pittsburgh..
No par
Florsheim Shoe class A .No par
2,000
69
32
•
800
100
68%
*26
*4%
8,700
*1111* 114
70
*68%
32
49
10
100
First preferred.
70
34%
*25
*48%
2,500
25%
34%
27
69%
70%
119% 119%
29% 29%
*7%
7%
1,600
113
34%
34%
27
120
1,100
2,700
34
3434
33% 33%
*115% 116% *113
116%
115
34%
30
62
42
*24%
*112
*11119 114
*27
61%
*4%
3%
23%
31
30%
3084
31%
30% 31%
*131% 135
*131% 135
*131% 135
30%
30%
101% 101% *100%
47%
48% 49%
149
12%
30%
*112
4%
3%
2334
4234
25%
10,900
70
40
149
57%
70
42
*41%
*145
90
112
2334
4212
*24%
10«4
3084
115
34%
135
%
31«4
12%
12%
*29%
115
34%
*66
1
%
3184
12%
3434
33«4
♦111
2135
15%
10%
11
10%
3434
4%
3%
23%
42%
25%
23
11
1034
4%
3%
31%
31% 3134
3084 30%
104
*104
104% *104
104% *104
104%
44 /
45%
44% 44%
44%
4434 4434
27
26% 26%
*26% 27
*26% 27
784
6%
7%
7%
784
7%
7%
3934
*38%
3934
38% 3934 *3984 40
31%
70
71
70
16
35%
119
34%
11
11
112
111
3084 31
*131% 135
41%
5%
41%
5%
3 884
3,500
1,200
83%
70
3
200
3634
22%
94
*68
2%
155
38
*71
30% 31
*131% 135
*4%
*18%
*31%
500
*45%
34%
28%
1,000
*93
3434
*94
5,600
83%
11%
4%
3%
23%
43%
*34%
20%
3%
1334
49%
48
111
6%
8%
I884
500
94
784
4034
54%
3%
13%
48%
7%
*71
27
106
*6
*93%
*44%
7%
4084
*81%
3,000
400
75
27
42%
48%
I684
86%
9%
6,700
6,900
21%
1434
200
94
27
*33
15%
34
1578
700
77
48
8
*11784
284
14%
33%
14
22%
13
....100
Erie
1484
22
*14%
51
Preferred—
6,600
6
6%
3%
Storage Battery..No par
t Elk Horn Coal Corp..No par
6% part preferred.......50
Endlcott-Johnson Corp .... 50
2,500
*75
6
500
75
41
*43
150
2,100
48
*26%
*106
300
Elec
6%
14%
2I84
14»4
75
6
14%
2284
15%
900
*93%
45
120
2,700
1,400
%
2%
65%
Engineers Public Serv—No par
$5 conv preferred
No par
55 H preferredNo par
$6 preferred
No par
Equitable Office Bldg. .No par
75
6%
160% *151
*151
2384
45
*140
49%
84
2
Par
*69
36%
45
49
49
7g
2%
2%
65
*65
65
66%
66%
66%
125% 125% *125% 126% *125% 126% *125% 126%
14
14%
14% 14%
14%
1484
14%
14%
70
70
69
70
*6884 70
6884 6884
75
75
*74
75
75
*73
7434 7434
*14%
45
*100
%
2%
*63%
Year 1935
Lowest
45%
83%
30% 31%
*103% 104
*111
%
%
2%
*2%
14%
3584
*152
155
3684
*44
Tuesday
Apr. 14
48»4
%
Range for Previous
100share Lots
EXCHANGE
Monday
Apr. 13
Apr. 11
April *18, 1936
Mar
Feb
1% Mar
3088 Dec
121
Deo
14% Dec
113% Dec
6% Oct
New York Stock Record—Continued—Page 5
Volume 142
HIGH
AND
SALE PRICES—PER
LOW
SHARE,
NOT PER
Monday
Tuesday
Apr. 11
Apr. 13
Apr
$ per share
$ per share
*125
130
*122
.
Wednesday
14
Apr
8 per share
*126
128
125
*126
*126% 130
124% 124% *12284 125
*12234
163% 163% *14984 164
163%
31
31%
31%
31%
31%
30%
3084
*98
102
*100
104
101% 101% *9978
134
134
*134%
*134%
*134%
*76
77
77
*114
117
*114
40%
11%
31%
*110
*430
42
27%
74%
NEW
11%
28
74%
28%
75
10%
*74%
10%
53%
10%
4%
4%
*12
13%
26
18%
2
h
17%
40
41
64
40
64%
*138
110% 111
13
13%
6%
*14%
6%
4%
*5%
*4%
32%
32
4
4
13%
13%
4%
48%
4%
1234
434
35
*180
48%
87
3%
3
5%
5%
5%
48
49% 49%
128% 128% *125%
5%
534
5%
3%
2%
30
30
3%
*3
2%
2%
28%
30%
42
42
42
42
110
*109
110
25%
*50%
*17%
56%
25%
16
12%
48
46%
85%
160
3
110
87
160
3%
5%
49%
128%
5%
3%
2%
30%
42
4134
♦109
"87%
*24
91
91
25%
22
23
23
23%
*90%
40%
180
1,100
110
*109
110
10,100
10,300
800
13,100
18,600
1,000
110
100
1,400
International Salt
No par
900
International Shoe
No par
100
International 811ver
*55%
15%
12%
56
55%
55%
I584
16%
*55%
15%
56
16
15%
32,900
12%
8734
12%
8734
12%
12%
2,400
87%
12%
*87%
88
22%
22%
*21%
21%
2,200
Intertype Corp
29
*27
27%
1,000
Island Creek Coal
"85%
88%
120
23%
36%
19%
29%
*90
74
74
74
74
*
153
"87~
87
*120
*
2234
35%
19%
*2884
*
153
"86%
*120
86%
»»
—
-
73%
73%
112
113
114%
111% 112%
*124
*122% 125
*122% 125
•
700
114
4,100
125
30
153
"84"
♦120
T266
86
«
-
-
%0
ser B No par
21,400
70
46.900
90%
25%
90%
25%
90
90
90
400
25%
*4%
25%
500| Kimberly-Clark
35%
35
35
22%
22
*25«4
26%
22%
*72
75
"""266
23%
24
25
24
*25
*37
38
22%
110
*80
110
*72
76%
*72
75%
73%
73%
24
24%
24
23%
24
*25%
29
*25
27
24%
26%
25%
26
25
38
38
*37
38
38
38
38
*37
22
22%
22
22%
22%
22%
12
*9%
12
*9%
12
15%
15%
15%
15%
15%
16
20%
20
2O84
1484
18%
20
19
19%
*101
102%
102
12
12%
2%
12
12%
*99% 101
1284
12%
58% 58%
9%
9%
*28% 28%
*100% 102
102
12%
12%
2%
234
12%
1234
99% 100
12%
*1112
99%
9734
13
58
13%
56%
87S
9
149
103
103
103% 10384
4034
39
4612
22%
149
22%
149
*145
1484
*76
•30
164
%
39%
*128%
43%
13%
35%
43%
1384
38%
39
3934
35%
12%
13%
2178
76
31
*145
149
13%
2178
77%
31
42
42%
42%
76
149
14%
2I84
*73
30
29
164
*140
2884
*135
*145
.
14%
2I84
75%
29%
164
*145
14%
*2184
*73
28%
*135
149
36% May
49% Nov
16
July
28
67
Jan 30
56%
Dec
78
Oct
19%
14%
88%
2234
2»34
Feb 17
5% Mar
8% May
14
Dec
123
Mar 2
Jan 18
2
Feb 19
Apr
Feb 24
77% Feb
129
6
Feb 21
126% Feb 24
90% Feb 21
121
Apr
6
16% Sept
90
Aug
70% June
16
6% Mar
Oct
36
24%
110
Jan
49
Mar
38% Mar
117% Mar
Feb
50
7
Mar 20
89
18% Jan
7
4% Mar 23
Apr
3
Feb 25
Mar 10
Jan 2
Jan 2
Mar 20
Feb 11
41% Apr 14
37
130
Feb
93
Nov
120%
Dec
14% Dec
22
20% Nov
Jan
30
Oct
90%
Oct
34
Mar
6
Jan
10% Aug
31% Nov
28% Nov
18% Jan
84
96
3% Mar
Mar
30%
10
21
43
23
8
Deo
Feb
13% Mar
Jan
Jan
Aug
99% Nov
126% Dec
97% Feb 25
26i2 Mar 20
7% Jan 8
25% Jan 2
110% Feb 10
6% Mar 3
Nov
120% Apr
Apr
7%
15%
Jan
2%
Mar
6%
Oct
41
Mar
Dec
Nov
Dec
Dec
27% Nov
19% Mar
103% Apr
July
113
Apr
Feb
Mar 17
23
Mar 24
100
5% preferred
100
Lane Bryant
7% Jan 2
13% Jan 21
1534 Jan 2
No par
5
2,500
7,300
Llbbey Owens Ford Gl. No par
8%
14,700
Libby McNeill A Libby No par
27%
1,000
102
500
103
104
3,400
200
Jan 31
22
10,000
102
Mar 16
Lambert Co (The)--..No par
14%
50
Preferred
Lehman Corp (The)..
No par
Lehn A Fink Prod Co
5
Life Savers Corp
5
Liggett A Myers Tobacco. .25
Series B
25
...
100
Preferred
100
14% Mar
11% Mar 27
94
Jan
6
12
Jan
2
100%
14%
63%
11%
31%
97
115
Mar 16
9734 Mar 13
16212 Feb
7
Jan
3
25% Jan
2
1,000
Link Belt Co
500
No par
Liquid Carbonlo
..No par
No par
Preferred
No par
7,000
Loft Ino
3,800
Long Bell Lumber A .—No par
Loose-Wiles Biscuit
25
1,000
100
12,600
90
14
14%
390
22
900
—100
5% preferred
Lorlllard (P) Co
10
Feb 28
Jan
2
Jan 2
Mar 13
Jan 30
Apr 14
Jan
7
13
Jan
3
par
20% Feb 20
A..No
1,500
Louisville A Nashville....100
6,400
Ludlum Steel
1
preferred..
No par
57% Jan
24% Jan
129
Jan
2
2
4
% Apr 17
6% preferred
10
100
~8", 000
Mack Trucks Ino
10,000
Macy (R H) Co Inc.—No par
Gard
7,400
Madison Sq
Magma Copper
Apr
Feb
Mar
Jan
45
5
Mar
1%
5%
67%
10%
21%
6%
Mar
May
Mar
Oct
Mar
Sept
Jan 29
21
94% Apr
93% Apr
Feb 28
Feb 19
Apr
Jan
6
8
Jan 15
Feb 11
Mar 24
Jan 17
112% Apr 11
26% Jan 27
151
8% Mar
10% Mar
Jan 16
23% Feb 6
39% Feb 21
50%
44%
54%
108%
3%
8%
.No par
v t
May
Jan 30
Ma-
151% Jan
15% Oct
13% Mar
17% Mar
24% Mar
31% Feb
102
Feb
1
Mar
1% Mar
33
Apr
107% Nov
39
127%
Jan
4
Jan
9
27% Jan 30
17% Jan 13
23% Jan 28
77% Apr
35
9
Feb 19
164% Feb 28
1% Apr
42
Apr
Aug
28%
Jan
9
Jan
14% Deo
17% Jan
11% Jan
3% Aug
1584 Nov
9584 Nov
17% Jan
49% Oct
10% Nov
29% Nov
120
122
Aug
Aug
167% May
28% Nov
27% Nov
43
37%
Oct
Dec
55% Nov
108% Oct
2% Oct
4% Dec
41% July
112
Dec
26% Nov
18% Mar
Apr *149% Dec
4% June
10% Mar
1%
Jan
15
Dec
23
Aug
Mar
64
Dec
12% Mar
90% Jan
26
Sept
135
Sept
34
6
Jan 21
130%Mar 16
37
46
/
124
% July
Rights
MacAndrews A Forbes
5,900
9
6
6
116% Jan 15
165
32% Aug
27% Deo
Mar
5
No par
Preferred..
76
600
Apr 17
142
100
Louisville Gas A El
Conv
36% Feb 26
44%
104%
2%
3%
40%
109%
21%
100
7% preferred
t Louisiana Oil
28%
164
Mar 13
39
Feb
6
7
16% Feb
2
8% Apr 14
27% Mar 31
20
Loew's Inc.....—
4
47% Jan
Lima Locomot Works..No par
5,900
Apr
102% Apr
2
Lily Tulip Cup Corp...No par
17,000
12
6% Nov
19% Mar
21% Oct
2
700
—...No par
Jan 31
Jan 31
Apr 16
8% Jan
23g Jan
1,800
57,200
42% Mar
33%
47%
26%
10%
16%
%
2618.
29% Feb 27
63% Feb 21
23% Jan 30
Laclede Gas Lt Co St Louis 100
39%
For footnotes see page
Dec
Deo
Dec
Deo
50
20
3,400
57%
%
%
%
%
%
%
%
%
40
39
39%
39
39% *39%
39%
39%
135
*128% 135
*128% 135
*128% 135
*128% 135
35
36
34l2
35%
34%
34%
35%
34%
34%
44
44%
44
43%
44%
43%
44%
4334
44%
13
13
13%
12%
13%
*12%
12%
13%
13%
41
40
41
40%
41
39%
4034
40%
40%
4284
Oct
98%
76
25
28%
110
Nov
57
28
4% Mar
21% Jan
98% Jan
8
1,000
*135
Feb 10
Jan
22
76
Mar 26
28
14%
29%
44
111
23% Mar 13
22% Jan 3
37% Feb 20
22%
164
Deo
Dec
Kroger Groo A Bak—No par
12%
149
3%
2%
6,600
*11%
97%
14%
*145
Deo
% July
% May
1% Mar
80
3,200
42%
5
Mar 18
3% Feb 10
363g Feb 8
4
80
2%
42%
38%
44%
22% Jan
123% July
Jan
*2%
x39
3984
39
3984
39%
39%
46
45%
4634
45%
46%
45%
45%
107% 107% *107% 107%
107% 107% *107% 107%
2%
2%
284
2%
2%
284
2%
2%
7
7
6%
7
6%
634
6%
6%
42
42
42
42
*41% 43
*41%
42%
*111% 114
*111% 114
*111% 114
*111% 114
22
2178
22%
22%
22%
22%
22%
21%
22
164
42
54% Feb 19
129% Mar 2
7% Feb 8
6% Oct
47% Dec
130% Nov
May
4,700
164% 16484 *160% 16484 *160% 164%
20%
*2084
20%
20%
21%
20%
33
33
32%
33%
33%
*31%
484 Aug
1% June
56% Apr
22% May
11%
27%
28% Jan
Deo
1% Mar
Feb 21
8
3
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley CoalNo par
28
154
77% Jan
200
102
Jan
66
100
28
36% Nov
65% Nov
22% Mar
34% Mar
135
Jan
Kress (S H) A Co—..No par
100
102
Nov
2
100
884
8
42
100
9
Jan
Dec
4
Lehigh Portland Cement...25
8%
149% Jan
3% Mar
Dec
5
42%
190%
2% July
June
Jan
13%
4% Mar
26
Jan
Dec
3
Mar
2,700
58
5
20%
81
-
19
98%
14%
49% Mar 24
89% Apr 7
Apr 3
5% Jan 8
160
Oct
74% Feb 26
Preferred
19
1384
185% April
Oct
1%
100
100
19
98%
Mar 23
2
9% May
1% May
103% Mar 16
4% Jan 3
19
57%
41
834 Mar
7% preferred
100
Kresge Dept Stores..—No tar
Lee Rubber A Tire
12%
Feb 28
87
Apr 14
7,100
*11%
Jan
22% Mar 12
20% Mar 12
1434 Jan 2
Mar 20
14%
2%
6%
36%
14
5%
14
15%
4
5% Mar 11
Oct
7% Deo
23% Sept
4% Jan
6% Mar
22
14%
11
11
14
14
2
35
15%
11%
Jan
Feb
Feb
Feb
Feb
Mar
Mar 24
Jan 27
10
14%
11%
2%
Nov
8%
Mar
Mar
13
No par
Preferred
10
103
41%
Kinney Co
Kresge (S S) Co
10
*28
28%
No par
...No par
12
*10
*101
46%
14
%
98%
1384
58%
9%
ser
22%
28
40
22
%
12
220
No par
A-No par
No par
Keystone Steel & W Co No par
pf
Kennecott Copper
22
101
41%
13%
*39% 40
*128% 135
2%
38
1,000
Kelvlnator Corp
Kendall Co pt
22%
22%
28
43
22%
77
1134
*37
101
43
*107% 107% *107% 10734
2%
284
284
278
7
7
7%
7%
42
42
42
42%
112% 112% *111% 114
22%
11%
2%
11%
102
102
102
102
102% IO284
*160% 164% *163% 16484 *163% 164%
21
21
21%
21%
2O84
2OS4
34% 34%
3484
3484
33% 35%
43%
42%
46%
10078 102
12%
56%
8%
9%
28
28%
*101% 102%
12
98%
58%
9
*10
11%
12%
58
102% 102%
11%
12%
2%
2%
*25
5
1
108
4
26
7
Class B
46% Mar
2% Feb
21%
33%
91%
28%
24%
25%
91%
80
Keith-Albee-Orpheum
pf.100
Kelsey Hayes Wheel conv cl A1
Feb 20
Apr 13
Jan 18
Oct
July
39
9
5
114%
1334
7%
18%
8%
Deo
130
2
2734 Jan
30
Dec
Jan
2
Kayser (J) & Co
95
15
Oct
Nov
Jan
1,500
*88
Jan
Dec
Deo
Dec
121
60% Mar
19% Jan
28%
95
Feb 14
115% Mar
3% Mar
28%
.100
91%
24%
28%
Jan 11
2834
Preferred
23%
24
78% Jan 15
118
28%
*88
147
Jan
17%
3%
% Apr
9% Mar
130
17
77%
24%
35%
43%
pf
Kansas City Southern....100
41%
*77%
77
....100
58% Jan 18
94% Jan 3
12134 Feb 5
Kaufmann Dept Stores $12.50
40%
*87%
77%
6
1,100
*90
*80
2
2,400
90%
110
2
Jan
5,000
41%
*80
Jan
15
27% Feb
19%
23%
110
82
22
90%
*80
12% Feb 17
34%
22%
5
2
19%
28%
4034
25%
47g
Jan
34%
23%
90%
40%
*25%
434
13
21
40%
90%
17% Apr 17
55% Apr 14
19%
3,800
90%
25
Apr 16
47% Jan 2
35%
21%
91%
25%
3
22"%
21
91%
25%
Feb
108
19%
22%
23
2% Jan 6
1% Jan 9
23% Jan 6
37% Jan 30
22
21%
*74
30%
Kan City P & L
22%
*90
6
6
4
No par
.
Preferred—
22%
2334
6
115% Feb
Joliet & Ch RR Co 7% gtd 100
Jones A Laugh Steel pref..100
23
90%
41%
Jan
34%
110
*145
Johns-Manvllle.
22%
22%
4
2
1
—No par
7,600
90%
4% Jan
44% Jan
125% Feb
19%
*80
13%
22%
No par
Jewel Tea Inc
24%
40%
Jan 20
3% Jan
1
24»4
110
149
100
25%
24%
91%
41%
Jan
35%
*80
22%
100
Preferred
25
23%
3
19% Jan
2% Jan
23
20
46%
7% preferred
Inter Telep & Teleg
No par
Interstate Dept Stores-No par
25%
4034
100
Preferred
*121%
103% 103%
*4%
5%
*41%
42%
100
90
*90%
par
17%
6,300
2%
..100
Corp.No
Preferred
25
22%
20%
Preferred
Int Printing Ink
51%
5
5
5
5
*4%
*4%
35
35
35
*35
*35% 37
36%
35%
22
22
22
22%
22%
22%
22%
22%
104% 104% *103% 10484 ♦103% 10484 *103% 10434 *10334 10434
*5
*5
6
6
6
*5
6
*434
5%
6%
*9%
*14%
No par
25%
25
22%
ClassC...
90
24%
91%
41%
25
Inter Pap & Pow cl A ..No par
Class B.....
..No par
95
25
.
Int Hydro-El Sys cl A
26%
92
35%
22%
100
17%
*121%
_
35% Jan 2
56% Jan 8
148% Jan 23
3
Apr 13
Preferred
51%
270
6% Apr
14% M;ir 20
334 Jan
International Cement. .No par
Internat Harvester
No par
25
*27
6% Jan
Feb 21
19%
28
98% Jan
173
51%
21
Dec
6% Mar
109
Int Business Machines.No par
Internat Carriers Ltd
——1
25%
300
2
MarlO
Int Nickel of Canada..No par
Preferred
...100
1,400
Jan
11
26,500
2,800
117
33
Int Mercantile Marine. No par
400
4% Jan 2
28% Jan 31
100
Prior preferred
900
1,600
19% Jan 22
—No par
..No par
Internat Agricul
25
*90
5
180
Interlake Iron...
5134
153
26%
2384
180
No par
25
51%
74%
19%
2834
25%
800
180
110
110
*121%
22%
95
4,100
33
4%
48
47%
4784
47%
46%
48%
86
86
87%
86%
87%
87%
158
158
159
159
158% 159
3%
3%
3%
3%
3%
3%
5%
57„
5%
*5%
5%
5%
49
4934
4834
48%
4884
49%
*125
128%
128% *125
128% *125
5%
5%
5%
5%
51.1
5%
*3
3%
3%
3%
*3%
3%
2%
2%
2%
2%
212
2%
29
29
30%
29%
29%
28%
*40
42
42%
42%
42%
41%
8734
35%
25
13,600
4%
33
12%
4%
1
*17%
123
*91
12%
34
12%
Intercont'l Rubber.
20
18%
114%
29
No par
25%
51%
123
29
Inland Steel
Inspiration Cons Copper
*25%
112
*29
12%
4%
33
4%
5%
13%
1934 Mar 6
3% Feb 19
28% Feb 19
--..—-100
par
182% 18334
12%
73%
19%
No par
100
13
Dee
Feb
6% Mar
5%
36%
Preferred
35
2%
6
Apr
Certificates.—.——No
1278
4%
*34%
Nov
Mar
Internat Rys of Cent Am .100
4,700
Nov
7
60%
4% Mar
2% Mar
23% May
100
4%
73
Jan
18% Feb 24
13% Apr 17
34% Apr 7
770
4%
Jan
1% Mar
43
15
430
4
49
40
5%
4
5% Jan 23
17% Feb
July
Dec
31%
Feb 19
4%
4
Apr 17
12% Jan 15
57% Feb 19
Dec
42
Feb 18
31%
4
75
Dec
495
45
Ingersoll Rand-—-
July
Feb
6% Mar
70
10
Jan
30% Mar
338
6
31
6%
4%
4
4
*5%
32
8
Jan 22
31%
*4%
Mar
Jan
--No par
Preferred
"5" 100
33
Jan
*18
*121%
36%
Industrial Rayon
IOS84 109
109%
Feb
44% Feb 20
Dec
12
Indian Refining..—
17,300
*138
2
544
19%
33
32
*5%
4%
3178
8734
1978
24%
23,000
1,800
Jan 25
35% Mar 26
112
Apr 1
58
tlnterboro Rap Tr v t c._ 100
28
24
12334 12434
118
Jan
100
RR Sec ctfs series
13%
9%
31%
30%
120% 123
9%
2
3
6
Apr
100
Leased lines
14%
*13%
104
81%
A.-.100
6% pref series A
250
1,500
19
36%
19%
90
73% Apr
Dec
Jan
7
Jan
Jan
Dec
36%
Dec
Jan
1
Oct
131
22%
10«4 Jan
15
90
Feb
11
26% Apr 17
65% Jan 14
6% Jan 7
48^4 Jan 21
4
Jan
Mar
22%
38%
59%
14%
28
36%
19%
29%
19%
800
10
--—100
14%
5%
4%
19
25
36%
No par
14%
27%
120
Hudson Motor Car
6%
20%
88%
100
14%
28
87%
41
32
100
15%
6%
4%
86%
*120
Hudson & Manhattan
Hupp Motor Car Corp
65
25
5
Illinois Central
65
14%
50
c new
Insuranshares Ctfs Ino
86%
88%
partic pf
1,500
28
*120
Fin
22,500
20
*
600
Household
Houston Oil of Tex v t
Howe Sound Co.
11
71
122
30%
Mar 30
6%
20%
153
25,600
Deo
5% Mar
19% Jan 13
41
June
6% Mar
485
par
No par
June
162
12
-_100
Class B
5
141
44% Feb 19
Feb 17
Houdallle-Hershey cl A No
Feb
120
Jan
Jan
2
Jan
108
Homestake Mining
1,100
13,300
9
Jan 13
Jan
127
142%
2
30% Jan
No par
100
18%
56%
16%
51
115
Holly Sugar Corp
7% pref
2534
51%
*28%
122% 122%
119
13%
28%
114
115% Apr 16
5
6%
123s
*
No par
No par
12%
13%
87%
153
Conv preferred
Holland Furnace
Hollander & Sons (A)
85
Jan 27
80
6%
16
113% 114%
*122% 123%
75% Feb 27
19,900
41
109
400
2,500
2,600
9,100
29% Mar 28
141
163% Mar 24
3534 Jan 2
105% Feb 17
135
Apr 17
par
Hershey Chocolate-.--No
15,100
65%
6%
31%
200
Preferred
25
41
*13%
Jan 30
2%
2
24%
41
"
Jan 23
128
20,800
25
*65
84
100
17%
17%
2%
No par
No par
57 cum preferred
15
110
*17%
55%
15%
12%
86%
74%
2
Hercules Motors
7,800
4%
Jan
Hercules Powder
60
13
24%
$ per share
300
300
10%
4%
18
17%
26%
*12
$ per share
2,300
13%
56%
74%
18%
2%
25%
434
13%
$ per share
133
Mar
124% Apr 13
156% Jan 27
12%
18%
56%
16%
13%
*121%
52
*4%
Highest
$ per share
120
100
6%
2584
51
52
75
*12%
484
65%
14%
5%
3278
75
10%
Lowest
25
Preferred
13%
2534
*5084
18
75
♦
77%
53
9%
52
109"%
♦1784
56%
51
*121%
75
*7634
Year 1935
Highest
25
Helme (G W)
1234
6%
16%
20%
28%
135
26%
74%
9%
*138
109
184
4%
*158% 160
3%
3%
*5%
5%
49% 49%
128% 128%
5%
5%
*3%
3%
2%
2%
*84
135
27
*74
10%
5%
31%
125% 127
35
13%
86
*13
13%
*5%
4%
35%
47%
87%
160
28
*100% 107
*.
77%
26%
40
40
*64%
1T1"
32
4%
184
2
6%
15%
6%
434
32%
4%
13%
478
5
2678
*138
15
6%
4%
17%
128
1234
6%
33
35%
185% *182
87
109
15%
35
48%
128
6%
13%
*159
14%
5%
30%
110% 110%
13%
1334
6%
35
184
<•
-
~30~"
30
30%
M.
Par
Hazel-Atlas Glass Co
"""ioo
20
*149%
Range for Previous
of 100-iftarc Lot
Lowest
Shares
129
*122% 125
102
77%
13
25
6434
14%
5%
32%
*138
15%
*3%
30%
102
53
*4%
40
*64
14% 15
*5%
5%
*5%
5%
33%
34%
33%
34%
125
126
*126% 129
978
18%
2%
26%
2
15
*138
*12
2434
42
65
15
52
4%
13%
4%
2%
40
6%
*126
128%
*134%
75
*74
10%
533s
*12
18%
*64
0412
31
103
77%
26%
75
9%
5234
26%
32
*76
28
*74%
13%
25%
*15
*126
*12284 125
163% *14934 164
Range Since Jan. 1
On Basis
STOCK
Week
17
.
$ per share
share
125
-
773«
27%
53%
4%
18%
2%
26%
*6%
128
per
Apr
11%
28
53
2
$
1
16
.
H584
41%
41
11%
10%
18
*76
-
Apr
YORK
EXCHANGE
the
Friday
115% 11534 *114% 115% 115% 115%
115% 115%
40
40%
40
41%
40% 40%
39%
40%
11
10%
IOS4
11%
1034
1034
11%
11%
31%
32
31% 31% z30% 31%
30%
32%
3134
32%
32%
115
111% 115
108% 115
*108% 115
*108% 115
*108% 115
499
*440
498
489
*440
*440
*450% 495
*440
490
490
42
42
42
*41
42% 42%
42%
41%
41%
41%
41%
40%
53
*4%
*13%
77
-
15
$ per share
*149% 164
-
.
Thursday
STOCKS
Sales
CENT
for
Saturday
2623
37% Nov
113
Feb
46
Feb
130
May
6
18% June
30*4
57% Nov
11% Dec
37«4 Dec
42% Apr
8% Jan
8
49% Mar
2
4
13% Anr 17
30% Apr
0.No par
10
34% Jan
6
42
5%
18%
Feb 17
Jan
Jan
Dec
New York Stock Record—Continued—Page 6
2624
April 18, 1936
Apr. 11
Tuesday
Apr. 14
Monday
Range for Previous
Apr. 13
$ per share
*25s
12
278
12
*8l4
*41i2
18*4
*19i2
9i2
45l2
I884
21
6
5
9*4
2i4
97a
214
9
9
297b
*35s
*46
17*4
*93s
32i2
*153
30
4
46*4
177B
9i2
327a
159
49
4914
19
1914
5314
5314
8 per share
2%
2i2
*10*4
12
9%
10
*1
2*2
10*4
10*4
934
45%
10
*44
19
*41l2
18*4
*1912
*18*4
2078
45*2
1878
20*4
20
$ per share
*2
18*4
20
20
45
45s
5
9*4
2*8
984
484
934
9%
2*8
2
2
35s
46
1738
*9
33
32l2
45
45
16*4
17*4
35a
*9
19*2
53
3234
159
48*4
19*4
47*2
1878
53
*50
9
29*2
3l2
4484
173g
*3
Week
$ per share
Shares
*1
12%
*9%
20*2
9*2
*43
*43
18*4
19%
5
484
95g
4%
9%
984
2%
884
28*2
3*2
*65g
27
*3
*2
*6%
*26%
*3
17
100
2%
13
700
9%
45%
18%
lv300
20
1,300
5*4
9%
2%
30
1,400
Lowest
Par
tManati Sugar
100
.
100
Preferred
Mandel Bros
..No par
t Manhattan Ry 7% guar. 100
100
Mod 5% guar
Manhattan Shirt..
25
1
4,700 Maracalbo Oil Explor
8,200 Marine Midland Corp (Del).5
450 Market Street Ry
..100
884
10
29%
3%
580
4484 46
*44% 4534
17
17
16*4
1738
9
9
834
834
9*8
9*8
32%
31*4 32%
3218 32i2
32*8
15834 15834 *157*2 15884 *157% 15834
4738 47*2 *47*4 48
*47% 48
*18
18*4
18*4
1834 19
18%
50
50
*51'4 52
5134 5134
4434
938
32*8
48*4
47l2
19*8
5234
28
*155
159
*7
275s
3*2
12*2
*2
*2714
9
*7
9
29i2
358
46*8
17*2
9*4
5
*18
13%
9*2
45*2
1834
20
5
*28
the
Apr. 17
$ per share
3
*23g
3
1134
9*2
4512
1814
10*4
*918
978
2*4
5
9*4
214
*7%
*155
3 per share
Year 1935
EXCHANGE
Friday
Thursday
Apr. 16
Apr. 15
Range Since Jan. 1
On Basis of 100-share Lots
Sales
SHARE, NOT PER CENT
Wednesday
STOCKS
NEW YORK STOCK
HIGH AND LOW SALE PRICES—PER
Saturday
60
900
8,100
500
4,200
10
2,300
2,000
500
Preferred
100
Prior preferred....
2d preferred
100
.100
No par
Marlia-Rockwell
Marshall Field & Co ...No par
Martin-Parry Corp
..
No par
Mathelson Alkali WksWo par
Highest
Lowest
Highest
$ per share
3 per share
3 per share
$ per share
1% Jan
7*4 Jan
2
2
8i2 Jan 31
42
Mar 19
171s Mar 19
175s Feb 26
2U Jan 3
9U Feb 26
li* Jan 7
7
Jan
3
I8S4 Jan 10
6
4U2 Jan 6
llig Jan 22
21! Jan
Feb 29
8
80
Jan
2
100
1537s Jan 17
May Department Stores... 10
Maytag Co..
No par
465g Mar 26
16*4 Jan 4
49ia Jan 17
Preferred.
No par
Preferred
3%
17i2
10i2
57U
2314
23
Feb 7
Feb 7
Jan 3
Jan 10
Feb 3
Mar 17
6*4 Mar
10*4 Jan
3% Mar
10i2Mar
30*4 Apr
4i2 Mar
50*4 Mar
J 918 Mar
12
Mar
17
14
19
18
6
18
5
5
6
36ia Feb 19
160
Feb 28
53ia Jan 3
2U2 Feb 28
55
Feb 28
Apr
29
Apr
1314 Mar
2U May
May
1214 Deo
66is Oct
30
Sept
10
Mar
1912 Nov
1
Feb
7s
4
Feb
Jan
3
10
3
*8 June
2ia Oct
3*4 Mar
1
Mar
20
Mar
6*4 Mar
4
June
23*4 Mar
136
Jan
May
97b Deo
17s Dec
5I4 Apr
10
Deo
23*4 Dec
378 Dec
45U Deo
14U Nov
11
Deo
3378 Nov
156
Nov
357s Mar
5i2 Jan
57*4 Nov
33
Jan
54
3218
84%
Jan
55
Oot
Jan
103
June
20
Nov
Oct
'
.
109"
109% 10912 *108
*3038
3078 31
3114
3U4
13
13
12%
13
*1212
13
12
12
*21
40%
*10818
103g
4312
13%
*104%
17%
*103
7234
878
*60ig
*36i2
50
11
22
465s
1287b 129
*93
96
67
69%
*72
858
578
*94
70
8*4
*3%
578
15
27
1914
20
47
20l2
20*4
27
27
1514
15l2
13%
3514
*13
35
"27%
159%
27i8
23L
23i2
11012 110%
*108
109i2
13*4
135s
3H4 315s
*37
37%
305
305
*160
168
142
37
37
*4612
47*4
*110*4 111
*104i4
912
113s
14
1334
*126% 132
13
97
2
P*ns
230
230
*108
—
129
*
5414
95s
W
*103
..
13s
*97
378
10*8
5*8
*33s
*3
13
*6658
*85
96
4
4
22
22
22
9*2
257S
3*4
6*4
884
24*8
9*2
26*8
3
3
43s
28*4
102
44*2
46*2
69i2
178
35
75
75
29*8
5458
934
115s
55
314
30
145s
4012
75
4*2
2134
9*8
24*2
27s
25is
6
6
3
27
100
42%
45i2
69%
15g
3234
19
*14*8
145g
*75i8
2
*3
3%
4%
21%
*384
21*2
834
24*4
*27g
57g
9
25
3
6%
4334
4578
27
20,200
25,500
700
3,200
99%
44%
47%
98
9884
42%
*45%
4384
47%
3,100
1,500
48,300
3,200
69%
*68
69%
240
69*2
1*2
32*4
'
*143g
*1412
*75*8
1434
76
27
19*8
48*2
203g
27*2
15*2
1278
35ig
159
1
!5
14%
1%
31%
19
*14%
14%
*26%
20
20%
2634
15ig
27%
15%
13
13
34l2
35%
159
*158
23*2
23
27%
23%
500
400
18*2
48%
29,800
*19%
25%
20
24,600
14%
1234
15
34
159
26*4
13*4
3434
159
26
26%
23
23%
111
112
108
108
108*4
13
13%
13
13
3034
31%
30*2
30%
34
36%
*33
700
760
4,200
*110*4 111
108
......
80
27
18
142
t Missouri Pacific
Conv preferred
Mohawk Carpet Mills
Monsanto Chem Co
10
Mont Ward & Co Inc..No par
Morrel (J) & Co. 1 ...No par
Morris & Essex.-.1
50
35%
I5I4 Mar 26
107i2 Apr
19
Mar 24
104ia Feb
74i2 Apr
10*8 Mar
68*4 Mar 17
37*4 Apr 3
50*4 Apr 11
12i4 Apr 13
47i2 Apr
Feb 21
57% Jan 17
*8 Jan 7
Hi Jan 2
2*4 Mar 27
2*4 Jan 2
17i2 Jan
5i| Jan
14% Jan
2*s Jan
37a Jan
20i* Jan
89U Jan
36% Jan
44
Jan
13 U2 Mar 30
97
Feb 20
4
Feb
7
7*4 Feb 11
g28*8 Apr
8
55
Feb 25
No par
74
Jan 20
84
4
Munslngwear Inc
Murray Corp of Amer
Mj^rs F & E Bros
No par
10
No par
21
Jan
7
28
914 Aug
9i2 Aug
62
Sept
1314 Mar
43
Jan
Nash Motors Co
No par
17*8
22*8
135s
12*8
Jan 21
...1
Nashv Chatt & St Louis..100
1
National Acme
2,000 Nat Aviation Corp...No par
...10
25,400 National Biscuit
200
7% cum pref
100
9,500 Nat Cash Register
No par
...No par
20,400 Nat Dairy Prod
100
7% pref class A
100
230
7% pref class B
100
4,100 t Nat Depart Stores..No par
..No par
21,150 Nat Distil Prod
1,300 Nat Enam & Stamping.No par
171* Jan 21
Jan 9
Jan 21
Jan
3212 Feb
153
2
Jan
7
3
9
21% Jan 6
2114 Jan 21
1081s Jan 4
107ia Jan 6
1078 Mar 4
2818 Jan 16
28*4 Jan 2
Jan
Mar 27
22*4 Mar 0
5B4 Mar 11
2178 Feb 19
30i2
17i2
15*8
38*4
162U
Apr 6
Feb 19
Mar 9
Jan 9
Jan 24
30
Feb 11
2514 Mar
112*4 Mar
111
6
2
Feb 28
1514 Mar 11
33*8 Mar 6
3778 Apr 14
100
204
2
305
Mar 19
100
Mar 17
*141
*139*2 142
164% Apr 14
137*4 Jan 21
168
100
143
Mar
National Pow & Lt....No par
9*4 Feb 19
34
*34
6684
65l2
34
65
34
65*2
3634
lli2
11*4
37ifi
37*2
*102
*102*2 107
10
9*2
97g
11%
11*2
11*4 113g
38
36
36
108
10
37*2
105
38*4
108
93s
978
£64%
36%
6 684
12,200
1®4
102
934
84
37
102
1,600
9,100
2,600
*35
38
*35
11%
37
11*4
*35
National Lead
Nat Rys of Mex 1st
2d preferred
4% pf 100
100
National Steel Corp
25
National Supply of Del
25
100
Preferred
984
1,000
4,100
National Tea Co
Natomas Co
3878
42*4
2934
5784
534
13*4
132
138
98
4
10*2
5%
378
434
13
71*4
86*2
96
_
2984
545s
10
30
145s
45*2
43
33*4
115s
395b
123s
3878
4178
2934
30
58
58
37*2
*5
5*4
12
*127
13g
97*8
384
13
103s
5*8
38s
*278
11%
5*8
33s
434
1234
40
H84
12%
41*8
28*2
58*2
6
5
12*4
39
13
38*2
3934
28
6684
*5
*12%
934
*53s
978
6*4
39
4034
28%
6884
5%
13
*33s
35g
210
12
11,300
Newport Industries.... ....1
2,000
3834
3834 -39% 147,800
28
28
1,200
N Y Air Brake—......No par
1218
*665g
68
85
85
85
95
95
*3
*9384
*U2
178
232I2 *230
434
1234
95
178
231
95
*ll2
*230
38
56%
57
5%
10
*12
12%
300
128
1%
*97
3%
128
1%
99
3%
10
85
85
85
3%
434
12%
95
1%
232
94%
*1%
*228
5%
3*4
484
94%
1%
230
108%
108% 108
108*2 *108
28
29
28
2834
28%
29l2
28*4 29*4
56
55*4
55%
55*4
5534 5534
*5534 56*2
10
934
9%
97a
934
9%
95s
9i2
105
*104
*103
105
*104
105
*104% 105
*8
11
*9
*8
*9
10
10%
1034
*98
100
*97% 100
*97*2
*97*2 100
33
32% 33%
3334
33%
3212. 345s
327g
*55
55
55
65
58
55
5234 5234
3
3
3
3%
314
3*8
338
3*2
30
*24*4 27*2 *24*4
*24% 29% *24% 29%
14
14
14%
14%
14%
1334 1438
14*8
45
44% 45
44*8
4412 455g
45*2 4534
108
108
*108
2,400
*5
12%
66%
5%
5%
3*4
*2%
12*4
*605g
11%
68
10%
No par
37
*30
934
5%
3*4
*2%
12%
66%
934
85
85
10
4,500
10
4,100
..100
New York Dock..........100
104i2 Apr
lOU Feb
97b Jan
32ia Jan
7
5
Jan
60
119
Jan
6
|NY Investors Inc...No par
N Y Lacka & Western....100
1
Jan
2
90
N Y & Harlem
t N Y H & Hartford
No
100
Northwestern
Ohio Oil Co..
3% Apr 17
85s Jan
5>8 Apr
2% Jan
225s Jan
ll7s Apr
2
13
7
17
14
3
434 Mar
30
Jan
11
Apr
14
Mar
4i2 Mar
6*4
22i4
14H2
13i2
127b
Feb
Apr
Mar
Mar
Mar
108
Sept
xl06
Sept
U2 Mar
2318 May
21
May
40
Apr
6
Apr 13
117b Jan 17
13% Jan 24
387b Mar 6
59% Jan
3
ll3ia Jan 15
105
Apr 1
43
Apr
13*4 Feb
4214 Mar
42% Apr
35i2 Feb
63% Mar
6i2Mar
1714 Feb
135
6
4
13
21
6
Oct
20i2
21*8
47i2
19i2
27i2
14*8
1414
36*8
15818
23i2
22i8
113U
Dec
Nov
Oct
108
Aug
4%
Jan
Jan
Dec
Dec
Nov
Dec
Deo
Dec
Nov
Jan
34i2 Nov
32i2 July
162i2 May
140i2 July
14*5 Aug
478 Mar
9
Mar
36
Mar
£814 Mar
7i2
Jan
2114 June
43i2 Jan
109
Jan
3*8 July
4*8 Mar
18% Mar
12i4 Mar
Dec
li2 Nov
*4 Nov
Nov
83*4
2078
77*8
1138
13is
41*4
6U4
118i2
Aug
Aug
Jan
Deo
Oct
Dec
Apr
lli2
107a
36i2
29*4
Deo
Deo
Nov
Deo
Mar
19
Deo
97b Mar
39
Deo
2
Mar
4
Mar
6U Deo
167s Dec
6
112
Mar
U May
5
96
4
5*8 Feb
6
25s
Oct
7
5*8
Oct
24
24
24
13
I6I4
15*4 Nov
8134 Nov
206
Feb 28
Feb
Feb
Feb
Feb
Mar
Feb
May
May
Dec
Deo
Jan
Mar
14i2
7i2
5*8
5%
16*8
73i2
Feb
65i2
1*8
3318
15*8
Jan
4
17
2U Feb
98
14
66
Jan
i2 July
108
94*4 Nov
407s Dec
145
14 Mar
40*8 Mar
2
Jan
Dec
Nov
150
Feb 11
Jan
4%
121*8
1% Feb 11
75
Dec
6*8 Nov
I6I4 Dec
Nov
2*8 Mar
is Mar
i4 May
618 Mar
65
Feb 19
5
51
Oct
83
Mar 17
96
Feb 17
69
June
947b Apr 17
1% Jan 2
107
Jan 31
79
May
*4 Aug
27a Jan 14
139
June
1U Deo
May
8i2 Jan
99
165|
6i2
3*4
2is
16is
87
Aug
Nov
Deo
Nov
Jan
Jan
92i2 July
102is Deo
2i2 Deo
210
Jan
2
235
5
158
Mar
218
Dec
106
Jan
4
IO8I4 Apr 8
30% Jan 8
56
Apr 16
10*4 Mar 19
105i2 Apr 7
12i2 Feb 21
99
Jan
108
June
9
Mar
28
Nov
par
60
1
60
100
Telegraph ...60
Norwalk Tire & Rub..No par
Preferred
Jan 10
147b Feb 17
7i8 Mar
July
Dec
100
No German Lloyd Amer shs._
Northern Pacific
Apr 14
5
4
4i2
17*4
..100
Amjbr Edison pref ..No par
Northern Central
22,300
3,200
110i2 Mar 25
12
42,300 North American Co...No
Preferred
1,800
27,300 North Amer Aviation..
70
14
29
Apr 15
100
Preferred
Adjus 4% pref
6,500
6
9
27% Jan
Norfolk & Western
200
41
8
10
13
2
17*14 Jan
36ia Jan
150
41,700
7b Jan
is Jan
6414 Mar
1978 Jan
74ia Jan
918 Apr
Ills Mar
34i2 Feb
No par
Preferred series A
400
.......
Jan
N Y Chic & St Louis Co—'. 100
New York Central
Conv preferred
100
3,500
1,500 N Y Ontario & Western...100
400 N Y Railways pref
No par
Preferred stamped
4,200 N Y Shipbldg Corp partstk—1
100
7% preferred
......100
90 N Y Steam $6 pref....No par
130
$7 1st preferred... ..No par
t Norfolk Southern
...100
«...
For footnotes see page 2618.
36
1214
68
*6658
*ll2
41
1178
38*2
403s
27*2
5734
*128
132
132
131*2 *128
1%
1%
13s
1%
1*8
*97
99
99
97*8 *97
4
334
334
37s
334
10
230
*32
..No par
..No par
Newberry Co (J J)....Nopar
71% preferred
100
6% preferred series A...100
t New Orl Tex & Mex.. 100
30
Dec
60
4
4
Preferred B
11%
Feb
17*4 Mar
177sMar
Preferred
Nov
34 Nov
3
13*8 Jan 31
131S Feb 1
A...7.50
Oct
2*8 Dec
23
28*4 Jan 21
15% Jan 2
6
Oct;
7*8 Nov
68
July
1
i4 Apr
31*4 Dec
*4 Jan
1161s
li2 Mar
10*4 Mar
21*4 Mar
4178 Dec
Preferred A
11
Mar
H4 Mar
6
7
50
*1*4
s4
1
10*8 Apr
2i2 July
578 May
6
200
1»4
84
66%
37%
106%
9%
is Mar
*4 Apr
Mar
400
11%
Mar
178 Feb 10
3778Mar 4
22i2 Mar 3
Mother Lode Coalition Wo par
Motor Products Corp. Wo par
6*4
20i2 Deo
247b Sept
Jan £11114 June
378 Mar
31
45U Apr
59*4 Feb
103
142
*1*4
60% Mar
33i2 Deo
42*8 Deo.
105
165
11*8
Mar1
Jan
Dec
Dec
Dec
Nov
Nov
60*4 Oct
1097b Mar 16
12% Mar 23
7618 Mar 24
1*8 Feb 10
2*4 Feb
514 Feb 10
6i2 Feb
2618 Apr 14
958 Feb 21
26i8 Apr 14
300
1«4
78
6534
Jan
3
20*4 Mar
22
Apr
24>8 Jan
2i2 Mar
9i2 Mar
8I4 Mar
Deo
15*8
115*8
1484
97i2
65U
8*8
Dec
300
113s
41
Nov
10*4 Dec
40
Nov
*140
*1*4
97i2 Dec
131
85
*161
11*8
Dec
li2 Dec
19*4 Deo
4518 Sept
150
165
134
Apr
Mar
11
Jan
303
11*2
11
Feb
Mar
Nov
Jan
May
Dec
35i2 June
1478 Deo
14*8 Deo
Nov
303
142
Apr
Apr
58
*161
11
Mar
7U
6i2
57U
7%
33*4
90i2
57s
38%
8i2
85i2
85
142
*1*4
28
Apr 13
75
71
60i| Jan
Apr
165
84
67i2
38*2
...
143g
45l2
100
....100
20
Feb 17
304
142
*1033s 105
97s
978
*975b
343g 35*4
*5234 55
3%
338
*25
No par
100
Preferred series A
Mulllns Mfg Co class
Class B
76
48%
.No par
Mo-Kan-Texas RR
1434
14%
75
19%
....100
100
Motor Wheel
76
49
t Minneapolis & St Louis.. 100
1% 124,900
33
8,000
19*4
6,000
27
27
18*2
*48*2
26*2
111
33%
1984
19*2
27*8
109*4
13*2
313s
3678
134
No par
100
7% preferred
20
4% leased line ctfs
1,400 Mission Corp
27
*45
Preferred
Minn St Paul & S3 Marie. 100
99*4
427g
69*2
134
33*4
19*2
15
26
1,100
27
27
99
34
18,600
1,100
11*4 Feb 14
46
164*4 164*4 *160
165
*15s
178
232i2 232i2
978
9834
3434
1434
1484
*334
2134
87g
*5g
*134
IO884 109*2
10
10%
68% 69
%
%
2
*134
3*
3%
4%
*334
2134 2134
884
9%
23% 2434
3
*2%
584
534
118i2 Jan
23
9
2
6
69
Jan 31
18% Mar 13
107% Jan
6>i Jan
69
11514 Apr 16
21*8 Jan
6% pref series A .....No par
Minn Mollne Pow Imp Wo par
*108
293s
54%
105
115s
*9758
337B
*52i2
*3i8
♦2712
1412
46i2
*127
9
6
3
50
109*2 10912
10*4
10%
700
*5
5*4 Jan
9
44
44
44
41
46
45
46
*43*4
46*2
111*4 *11034 111*4 *11034 111*4 *11034 lllU *11034 111*4
*104%
*104i2
*104*4
*104*4
*104*2
6
3112 Jan
40*8 Jan
8
46*2
*5
Jan 25
Apr
230
111
40*2
2934
5784
fe96%
8% cum 1st pref
Milw El Ry & Lt 6%
65
Mar
127*8 12714
Neisner Bros
4034
2934
58%
10
No par
200
*5714
5
Midland Steel Prod
2,600
3878
1*85
Miami Copper
Mid-Continent Petrol
11*4
39
4
Merch & Min Trans Co No par
Mesta Machine Co
5
55U Jan 31
7*8 Jan 6
88
1258
10l2
534
378
434
13i8
71%
86i2
7% preferred
3734
*36
.......1
..100
110
34
""334
11,500
9,000
...No par
Mengel Co (The)
£65
I2I4
Da
100
7,800
28,100
Melville Shoe
No par
No par
100
pf.100
30
98
20
400
4,000
100
Minn-Honeywell ReguWo par
12%
1%
4,600
6% conv pref..
Mead Corp
$6 pref series A
9
Jan 3
Jan 9
Jan 7
Jan 2
97i| Jan 10
9U Jan
37*4
12i8
97*8
12*4
10
17
.
300
103% Mar 27
5,200
1214
39*4
2934
11*4
21%
44%
32U Jan 8
10i4Mar 11
1578 Mar 11
24
74
17
*37
37%
48
9
49*8 Jan 24
220
58
6
8
18i2 Jan 23
■
8%
Jan
Mar
395g Mar 25
93
134
38*4
72
108
127
1158
106
13
108
I684
105
12% Apr 14
12
Apr 13
73
*1*4
84
914
113s
10*4
43%
preferred.........100
Feb 24
29
50i2 Apr
110
McGraw-Hill Pub Co ..No par
800
110
Conv
2
*93
11*8
107
100
Jan
4,100 Molntyre Porcupine Mines..5
2,300 MoKeesport Tin Plate Wo par
5
8,300 McKesson & Robbing
$3 conv pref.
1,800
No par
...1
5,300 MoLellan Stores...
21
41%
No par
Feb 13
45
103
126
134
9U
1138
Class B
No par
1,500 MoCail Corp
No par
3.500 JMcCrory Stores cl A .No par
75
115s
67
200
preferred
92
27
27*4 *26*4 27
183s
19*4
185g
1938 1958
48*4 .48*4
48*2
48% 48*2
20
20
2078
20i2 21
27
2834
26*2
2784 28*2
15
147g
15*8
15i8 153s
1234
12*2 1234
1234 13
3438
3458 35*8
34*4 34%
*158
159
159l2 159i2 *158
27
27
26
27*4
2618
23
23
23
23*2
2338
1103s *110
110% 11074 110
109i2 109*2 109*2 109*2 *108
13
13*4
13*4
13*2 1334
30*2
3138 3178 £30*2 3078
37
3678
3778
37*2
*35*2
*301
307
302*2 302*2 *297
142
29%
12%
12%
119%
Prior
74
*26
165
29%
12%
12% *12%
II514 115U *109
21
21
*20%
4034 4134
41%
109*2 llOU *109
10
10*4
10%
43%
437g
43%
13
13
1234
105
105
*10384
17%
16%
16*4
103*2 103*2 *103%
72
*72
73%
8%
8%
8*2
59
57
59%
*3612
3734
*36%
48*4
49%
47%
H84
11*8
11%
21*2 2134
21*4
45
44*8
46*4
12%
140
92
*H4
78
67i2
*38
I684
127*2 128
127l2 128
95
*92*4 95
*92*4
72
73
75
74*2
10978 *109*2 10978 *109*2 10978
11
10*8
10*2
105g
IOI4
69
69
68*8 69*4
70*4
*4
84
*$8
84
34
2
2
.2
*184
*134
358
3*4
3*4
*3*4
35s
lll2
78
6784
3812
13
105
31
12%
*12*g
Preferred ex-warrs_Wo par
"
109
75
*14*8
1434
*1418
*1414
7478
109
96
15%
145s
69i2
*3
48
*1412
1458
*74*4
6984
1*8
13i8
*66i2
*37
1978
46
10i2
55s
*33s
60
19%
46'8
*
*72*8
83s
1934
4334
*50
30
12%
1314
1145g
21*4
41*4
H034
1012
4334
1634
104
*103*2 104i2
74
72% 7234
834
8*2
834
60
*59*4 60
37
37
3784
4984
48% 49
12*4
115s
11*2
2234
21% 22i2
47
45*8 4578
35
28
100
44%
106
104
17*2
1S4
33%
28
47
127g
31
*127i2 128*4
102
15
4338
105
578
6*4
265s 2734
99*2 101
42*4 44*4
*4578 4778
68*2 69*2
158
178
32*2 3358
1878 1934
75
109*2
10*4
*50
109*2 109l2
lio""
•
165s
45
43*4
46ls
*68i2
H4
3412
19*4
142
105
105
47
28
*
107% 109
10*4 103s
43*4 43*2
1284 13*4
22*2
102
27
41
46%
24
3
21*4
42
22
8*4
2412
578
*109
21*8
11*4
2H2
22
3
31
12l2
*12l2
42
7334
884
60*4
3734
50*8
12*4
22
24
1234
12*4
110
21*8
8i2
60%
*3258
4934
H84
*109% 10978 *109l2
11
11
lOU
70
*70is 71
84
*4
«4
2
*1*4
*134
*3
35s
*314
*4
438
438
22
3078
115
*109
40%
40*4 4234
10984 10878 10878
1012
10*8 10*2
4334
43% 433s
1338
13%
13%
106
*104i2 10512
17*8
173S 1778
*103
104
104
7234
878
6178
3734
5034
1138
22%
47%
lio"
12*4
12*4
117
1195s *109
22
21*4 22
*109
*50
*50
*50
*50
109
50
No par
Oliver Farm Eq new..No par
251s Mar 13
62*4 Feb 6
65s Jan
98
Jan
6
2
414 Jan 17
97i2 Apr 7
24i8 Jan 2
5H4 Jan 16
2
23
Jan
6
Jan 16
13l2 Jan
2418 jan
101
Mar
Mar
3
36*4 Feb 20
57
Mar 24
4i2 Mar
30
6
Jan 22
6
17i2 Jan 15
6
48i2 Mar 23
35% Mar
55
2
Mar
57
Jan
102
314 Nov
86i2 Mar
13ia Mar
Dec
99
3578
Jan
Us July
£20
Mar
9U Mar
I6I4 Oct
7*8 Dec
Nov
10'g Nov
Aug
2514 Deo
52i2 Deo
214
Jan
32i2 Jan
14U Deo
27U
Dec
New York Stock Record—Continued—Page 7
volume 142
HIGH
LOW
AND
SALE PRICES—PER
SHARE, NOT PER CENT
STOCKS
Sales
NEW YORK
J Ul
Saturday
Monday
Apr. 13
11
Apr
$ per share
Tuesday
Apr
Wednesday
14
Apr
$ per share
% per share
.
Thursday
15
Apr. 16
$ per share
Apr
9 per share
17
S per share
23
2212 23*8
21*8 22i2
22I4
217g 22%
22%
21% 22
113i8 *110*2 113*8 *110
114
113*8 *110
113% *110
113% *110
12*8
1134
1134
11
11%
1134
11*4
11%
11*4
10%
1034
2934
29
30%
2934 30*2
29*8
2934
29%
2884 29
2778 28%
*133
'mm
*132%
*133ls
*133*8
*133%
*133%
19
1934
19i2
19*2
18*8
19%
18*2 "1884
18*4 T878
16%
18%
90
91
90
91
*80
90
*90*2 917g
87
90*4
87
90%
*46
*46
48l2 *46
48*2
48*2
4812 48*2 *45
48% x48% 48*2
22i2
1
the
Friday
12
mm mm
mm
mm
m
*116
*116
11,000
15934 I6OI4
*15%
1612
*7
712
14l2
*13%
*784
38*8
8
3914
53%
*53
*116
162
163i2
1534
16*8
7*2
7*2
162
14
emmmmmmrn
*1284
*784
8
39
53*2
164
7
8*2
3912
16
7*2
53
7
14%
8*2
387g
38
54%
162
16
157g
14
*116
*13
*784
\mmm
160
162*2
167g
16%
7
*7%
*13
14%
8*4
37
*784
37*4
53%
*15%
377g
53
54
*116
m,
5,100
53%
"
16%
7%
14%
39
784
3778
54
x52%
Corp(The) vtoNo
par
—..100
Otis Elevator
.500
30
16%
7%
14%
8%
387g
52%
16
16
16%
16
16*4
16
1534
16*4
1584
1534
I684
♦12634 12712
127*2 127*2
127
127*2 127*2 *125*2 127% 127
*125% 130
*14514 149l2 *145*4 149i2 *145*4 149*2 *145*4 149l2 *145*4 149% *145% 149%
*1384
1414
14*4
14*4
14*4
14*2
1478
147g
1484
147s
1434 15
"2,100
3,000
190
par
No par
100
Otis Steel
......No par
Highest
% Per share
$ per share
9 per share
9 per share
7
18*4 Jan
107
Jan
2
8
Jan
2
24% Jan 21
123
Jan
2
15% Jan 20
87
Jan 15
47
Jan
7
14
3i2 July
75
2
128
Pacific Amer Fisheries Inc.—5
14
Pacific Coast
2
9ti Jan 4
414 Jan 3
30*4 Jan 11
10
70
2d preferred
No par
No par
6,400
2,800
Pacific Gas & Electric
1,000
Pacific Mills
25
Corp
No Par
No par
Pacific Telep & Teleg.-l_.100
6% preferred
100
Pac Western OH
Corp..No Par
Jan
Mat 25
4*4 Apr
32*4 Feb 24
1U8 Apr
133
Mar 17
106
Jan
Jan
Jan 20
3*2 Jan
Mar 14
49
92
53
38
55
Feb
8
Mar
164t2Mar 4
1778 Mar 25
9*4 Feb 10
39*8 Apr 6
5678 Feb 4
Aug
1
Feb 11
Mar
14
9*4 Feb 11
17
Mar
3l2 Apr
1
,
17*8 Sept
Deo
Deo
115i2 Mar
129
Nov
1734 Nov
378 Deo
10
Dec
Mar
538 Deo
13is Mar
31*8 Deo
19
Mar
6
12
June
21
Jan
Feb 27
70
Jan
123
Deo
19
Jan
3
130
Jan
8
148t2 Apr
140
80
Nov
11*8 Nov
26*8 Deo
125
July
4U Mar
22*4 Jan
15U Feb 19
118
20*4 Deo
107
20*4 Mar 2
95% Feb 19
114i2 Mar
25
Owens-Illinois Glass Co
Pacific Ltg
25ig Mar 30
116i2 Feb 24
100
1st preferred
2,500
Year 1935
Lowest
No par
Outlet Co
20
80
•
Highest
100
Prior preferred
Preferred
158% 158%
1678
7%
14%
8*4
Omnibus
Oppenheim Coll & Co—No
Preferred...
23,200
*116
161
Par
Preferred A
~1~306
Range for Previous
100share Lois
Lowest
Shares
m.
----
Range Since Jan. 1
On Basis of
STOCK
EXCHANGE
Week
*110
2625
Jan
7
13% Jan 18
18
Feb 10
2
13
Feb 19
11U2 Jan
6*4 July
56
Nov
142i2 Dec
14
Dec
>
11*8
II84
*14
17
11*2
*14
11»4
11*8
11%
IU4
17
*14
17
*14
3
3
3
3
3
3
3
65
65
65
66
63
66
*88(4
884
6978
89
86*4
8*2
86*4
83s
86*4
8%
67
67
43g
4i2
43s
88*4
87S
69*2
934
2534
4*8
44l2
8*8
44l2
8*8
443g
44*8
7*8
8*8
11
11
1334
2%
1334
103g
13*8
107g
1378
87«
697g
'9*8
978
25
25
2*s
♦68
*67*8
9*8
25*2
2
9
4178
*
5*2
4378
7%
10%
13*2
2
6884
68*2
69*2
693g
77*2
77
78*4
5%
7%
7634
5*4
4334
6*4
32
*76
79
*67i2
21*8
16>2
17%
3934
68
*4714
4734
*9U4
*884
9234
9*4
*11 s4
12
*5
7*2
8*2
9*4
9%
5,900
25*2
4%
10,600
44
44
40
40
33*4
38
40*4
40*2
34%
41%
500
10
9*2
117g
284
13
2*2
7512
*11*4
80
*12i2
2>s
*3312
13*2
2*8
34i2
•1234
1334
2*8
33*2
33*2
*49
75*8
938
*49l8
♦81
47
2
3312
*9
75*8
9*8
♦36*8
CO OO CO*
*179
2l2
33g
2678
4614
46i4
118
8*4
75
*178
*1334
9*4
9034
3884
*2*8
15*2
23*4
1678
*8*4
2i2
878
3*4
26*8
455s
118
47
45l2
*8
87g
80
1284
65
66
*63
66
400
21
21
21
21
800
16
157g
17
39*4
17%
3978
4734
4784
4734
92
92
834
17%
3934
39%
4734
16%
3834
*47*2
48
700
92
*89
9284
300
13
86*2
*80
46%
46%
4634
46*2
8*4
*7%
8%
*7%
*79%
1284
2%
80
*79%
10%
12%
2%
12%
*80
86 %
85
13
*1234
34
*33%
34
*48*4
*9%
3734
75*8
*48*4
9%
38%
75%
9%
38%
75
2
884
75
2*8
18
8*8
*9%
12%
2%
81%
11%
84
♦33*2
87g
*178
*1334
9*2
17
3878
13%
1234
2
2
934
3734
♦179
74
18
16%
75*8
912
3884
8*s
75i2
238
16%
*80
8*4
*178
*1334
93g
884
3,300
6,100
30,000
16%
10*4
12%
2%
8IS4
♦11*4
80
*179
100
21
1334
2*8
*48*4
9*2
♦36*8
11,500
534
67*2
34
2
1
46
13*2
86*2
*80
6%
16
*11*4
9*4
1134
2*2
7334
♦11*4
46%
21
82
884
50
76
77
9
115
*113
76
80
884
3,800
76
80
884
314
*2614
41
76
85
2%
4078
76
77
2378
19*8
4134
76
*80
158i
*2212
18*4
400
28,100
76
10%
2*4
1584
4,700
33 78
41
13
9%
778
40
33%
76
12%
2%
3938
♦38*2
80
10
91
77g
41X2
1,200
92
914
90'4
38«4
79
31
1034
13*2
2%
17
73
Mar 13
45%
*65
87g
7514
*17g
♦1334
7584
2%
18
9
9%
17%
47%
8%
«...
25,800
100
60
85
1,800
*48%
75*8
...
-
9%
400
38*2
400
4,800
*179
8%
834
7434
7434
2%
*17g
2%
560
** mm mm
—mm
mm
18
100
9
15,900
8934
90
90%
90%
89
8984
780
37
37%
37
36
36
610
*184
2*4
1534
36%
*134
15%
2234
2%
15%
23
167g
8*4
16%
1634
2%
1534
22%
I6S4
234
8*2
3%
*2%
8%
*134
15%
22%
16%
*734
*2%
8%
23
17*2
8*8
163s
8*4
2i2
*2*8
8*2
2%
878
3
3*4
3
9
3*4
26*8
46
118
23*4
17*4
8*4
23
8
3
*25l2 26
*25*2 26
467g
46*4
46*4
46*2
118*2 119*2 *118% 119%
25
46%
8%
234
884
3
3
8
__
10,900
600
7,100
900
2%
400
8%
2,200
3
6,500
2478
25
1,500
4584
25%
46%
56
Jan
16
Jan 13
25*8 Jan
7% preferred
50
No par
No par
100
No par
5
Preferred
100
Pierce Oil Corp pref
100
Pierce Petroleum
a...No par
Plllsbury Flour Mills..
25
Pirelli Co of Italy Am shares..
Pittsburgh Coal of Pa
100
Preferred
100
46
5,100
Bolt..No
par
Pitts Steel 7% cum pref
Pitts Term Coal Corp
100
100
6% preferred
Pittsburgh United
100
25
No par
Porto-Rio-Am Tob cl A-No par
Class B
...No par
t Postal Tel & Cable 7% pf 100
t Pressed Stee Car
No par
Preferred
100
Procter & Gamble
No par
Pub Ser Corp m N J.—No par
*113
*113
„
4412
2212
45
2278
45
22
*131
133
*117
117*4 *117
*132
*11614 11834 *11034
131
131
*13134
*13134
*13134
1312 "l3*2
13*4
125s
127g
12*8
5523j2 552*12 552*32
100
100*2
100*8
9984100
100*8
6i2
36i2
7
684
37*8
44
373g
44*4
*43%
*38*2
44l2
39l2
*43*2
15l2
*8138
15l2
*15
*2l2
*13
22U
9712
24i2
*110
83
284
17*2
2212
97*2
2412
114
14
7*4
2578
96*8
87l2
14*8
32*4
33
7*8
253s
95*4
87
*103
107
29*8
2978
111
111
52U
53
5212
5314
44
39
133
II734
11884
mmm
652*32
100*2
100*2
7
38ig
44i2
44*2
39
81»8
2i2
17*4
22i2
*81*2
2%
7*8
♦14
22
98
99
97*2
24*4
24*8
114
*112
78g
24*4
114
15
15
81
81
2*4
*14
22
98*2
24%
114
2%
17*4
22%
9984
24%
114
2534
678
2334
93l2
7*4
253s
24%
7%
24%
96*8
93*2
93
93
87
87
87
87
143a
3278
1484
1484
1434
33
33
33
*30
105
*103
105
*102
29
53
148
6% preferred
7% preferred
8% preferred
200
Pub Ser El & Gas
*113%
45%
44% 45"
21%
21%
21% 22
21% 22%
*130
134
*13134 133«4
I3I84 13384
117
117
117% 117% *116% 118
117
117
*11634 118s4
*116% II884
25
*110
100
200
113% *113%
44*2
4478
44%
*95*4
*102
116
131
*
132
1,300
29
2978
111
110
29%
110
7
*85*8
1484
2834
*107
14%
*81
2%
*14
•
22%
98*2
24
*112
7
23%
*9284
14%
*14%
15
83
*81
83
2%
*2%
2%
17%
*14
22
22%
*99%
24
24
99%
24
116% *112 ill6%
7
7%
684
24%
94%
23%
*93
24
87*2
1484
87
87
1434
1434
*14
94%
867g
1484
32*2
*30
32
*30
32
102
102
104
29*2
110
29%
*105
8678
102% 102%
29
29%
110
29%
*107% 110
52l2
5478
53*8
61
61
•60
61
*60
61
60
60
14
*13lg
14
*13%
14
*13%
14
*13%
No par
50,100
Pure Oil (The)
No par
230
400
300
60
500
40
1,000
*33
34
*33
34
33
33
*32
33
*32
33
*3778
38
38
38
38*4
38%
65
14
*1212
*33
34
3784
For footnotes see page
2618.
55*4
523g
52
52%
5234
52%
51%
52*8
53%
38%
52%
38%
1
'
51
51%
5178
52%
61
61
38*2
Jan
Jan
900
3,000
500
40
4,300
38*2
Nov
Feb 17
12
Mar 13
167g Mar 13
3*8 Jan 13
Mar 13
Jan 31
Jan
Dec
88
53i2 Apr
13*4 Mar
Mar
6
49*8 Apr 2
97s dan 10
84
Feb 21
Jan 15
17
2i2 Feb
37% Jan
Jan
4
61
Feb 21
9
Apr
4
12
Feb
6
40i2 Feb
5
Feb
3 xl79
49
Jan
2
1*4 Feb 24
16
Apr 6
3
Jan
155
11*8
Mar
21
6
9
Jan 31
5
Jan 17
Jan
8
9i2 Apr 11
Apr 8
Jan
1*8 Jan
1178 Jan
12
Jan
2
4% Jan
2
2
114
Jan
8I4 Apr 17
3
Apr 14
23i2 Jan 6
44*8 Mar 13
1i7*4 Apr 7
40
Mar 21
Apr 14
112
Jan
7
16*8 Jan
Jan
129i2 Mar 11
No par
No par
97i2Mar 21
100
Preferred
Co
No par
100
—
Reo Motor Car
5
Republic Steel Corp—No par
6% conv preferred
..100
6% conv prior pref ser A. 100
Revere Copper & Brass
Class A
Preferred
10
100
Reynolds Metals Co...No par
400
5M% conv pref
..100
1
6,000 Reynolds Spring
8,900 Reynolds (R J) Tob class B_ 10
2
"""166
2*8 Nov
10% Apr
U4 Mar
16i2 Deo
3i2 Sept
Mar
6t2 Mar
13
6% Mar
1*8 Mar
12*4 Nov
% Feb
43$ June
*8 May
6t2 May
423s Jan
115
Jan
5
73
6
132
17*8
14i4
56i8
104*4
104
Apr
Jan
Mar
6
9
Apr
June
8*4
Mar
17*4 Oot
133g Dec
62i2
Jan
92
Deo
6
Oct
Feb
II4 Mar
10t2 Mar
2978 Mar
Jan 13
Feb 17
Apr
Apr
3i8 Apr
20i8 Apr
3014 Dec
43% Jan
43i8 Nov
38
Deo
11
Aug
72
Nov
1
Mar
3
Oot
Jan 14
8
Mar
18
Nov
Jan 15
7
June
99*4 Apr 15
69
Aug
24*4
21t8
3*4 Jan 14
22
23*4
Jan 23
114
Oct
478 Jan 2
18U Jan 21
86
2
99
Feb 19
8078 Apr 17
13i4 Jan 7
95
Jan 13
28*s Mar
7812 Oct
I6t2 Feb 17
12
36
Jan 10
Apr 16
27i2 Mar 17
109
Apr 1
120
Jan 23
34
117
Feb
5
Jan 13
2
3
13*8 Jan
RItter Dental Mfg
19i2 Feb
2
35
32
3
38t2 Feb 17
Jan
Dec
Mar
98t2 June
60
Deo
4
Apr 15
8U Mar 25
26*4 Feb 19
x51% Mar 17
Jan
17
50
33
88
5278
Apr
16*4 Jan 30
Feb 17
Deo
6
Jan 17
36
27
Dec
103
40
2 812 Mar
132
65
44i8 Mar 31
102
117
Apr 16
Apr 2
7
Jan
10412 Deo
11978 Deo
4
Feb 20
No
46*4 Nov
Dec
Jan
110
53*4 July
121
29t2 Oct
578 Mar
49*8 Mar
Jan
Jan
Deo
July
39
2% Jan
15i2 Jan
1978 Jan
85i2 Jan
22*8 Mar 12
Jan
414
26i2 Dec
113
37
97g Jan
578 Nov
2i8 Nov
16*8
Jan
3
2
Deo
99
3514 Mar
Jan
70
Mar
8
8
9U Feb 19
3814 Apr 14
48*s Feb 24
287g Jan
3512 Jan
2*8 Aug
Apr 1
48t2 Mar 3
247$ Mar 20
Jan
No par
500 Roan Antelope Copper Mines.
Oct
Mar
148
10*4 Jan
10
Deo
55
1
Mar
5514 Apr 14
58*8 Feb 28
65*8 Feb 10
Class A
Aug
10
100
Rhine Westphalia El & Pow_.
60
180
Feb 27
133*4 Apr 17
117i2 Mar 27
1027S Jan
76i2 Jan
1278 Aug
4484 Aug
Nov
114
3678 Jan
Deo
Nov
Jan
156
Nov
Nov
Feb
85i8 Mar
4
I84
5% Mar
2218 Mar
136i2 Jan 27
Apr
8
38
62
49
146
Preferred B rets
Reis (Robt) &
172
128
Preferred B
10
Mar
203s Mar
62% Feb
50
—..50
50
7
26% June
48*4 Jan It
106i2 Jan 13
11978 Feb 15
Preferred..
preferred
preferred
65*8 Aug
103i2 Feb 21
113i8 Apr 3
12*8 Apr 15
11*4 Feb 10
54i2 Feb 3
83i2 Jan 2
1st
Apr
25
122i2 Feb 26
117
2d
*8 July
1
Jan 16
132
Real Silk Hosiery
2*4 July
31
Deo
IOI4 Deo
78i2 Nov
678 June
5*8 Jan 16
Feb
X Radlo-Kelth-Orph...No par
July
Dec
40
24i2 Apr
36
Mar
Raybestos Manhattan.No par
-.50
50
85
6
9*4 Mar 4
3*8 Jan 11
12U Feb 6
107
Reading
Mar
4
16i2 Apr 2
26% Mar 3
19*4 Feb 19
128
6% pref rets
3
1434 Dec
Mar 25
85i2 Mar
3
5i2 Mar
5
50
Mar 25
3812 Mar
1*8 July
3i2 July
Deo
438
2
8*8 Mar 21
Feb
Deo
*68*8
2
176
23
14
1*4 Mar
Jan
155
Oct
12*4 Mar
Nov
3514 Mar
33i2 Mar 23
36i2 Jan 21
Mar
4
34i2 Nov
6434 Deo
85t2 Apr 17
15i2 Feb 7
8% pref rets plan B
8% pref rets plan A
Purity Bakeries
No par
Radio Corp of Amer—.No par
Remington-Rand
$6 preferred
25
4,900
Prior preferred
..25
2,000
20 Rensselaer & Sar'ga RR Co 100
1,100
10
93
Jan
Jan
Jan
115
17" 500
31,500
52,400
Dec
Dec
July
Nov
Nov
100
..100
8% conv preferred
6% preferred
1st preferred
14
*61
5178
6218
pf 95.No par
Pullman Ino
17%
22%
99%
100
100
100
17,500
131
131
150
*131%
131% 131%
13*4
12%
12%
12% "l284
9,700
12% 12%
1234
12%
12*4
12% 12%
12% 105,300
12%
55^32 552332 *552*32 5584 5523J, 5523„ *552332 5584
4,200
99*4 100*4
100*2
99% 100*2 100
5,500
9834 99%
993s 100*2
99
99% 100%
100% 1007«
4,200
99%
6*8
67g
6%
634
6%
19,200
6%
6%
6%
36
36*4 38*4
36
36% 37%
37%
7,800
35%
44
44
x44
44
4312 44
1,000
43% 43%
43*4 4334
43*2 43*2 *427g 44%
1,200
*4278 44*2
40
40
40
40
400
*38% 40%
*38% 40%
15l2
82i2
2i2
17*4
2212
No par
131
113
132
$5 preferred
116
*145
1212
1238
813s
97*2
24*2
148
*131
13*8
13
2i2
*1412
*112
mm
148
148
♦
*15
22
mm
44*8
457g
2O84 22*4
13084 132
117
117*2
II684 II684
15*8
*1234
3784
*113
4578
22*8
*145
1914
28i8
45i8
85i4
43s
2214 Apr 17
Pocahon. .No par
11,300
146
11
6
1918 Mar 4
4014 Apr 11
49i2 Jan 11
Pond Creek
Poor & Co class B
41
4134
106% 106%
146
Jan
4114 Apr
3*4 Feb
43
42
423s
42
4234
41%
4114
4178
41% 423s
*10478 105*4 *105
10534
10584 106
1057g 106*2
106*2 106%
*115
II684
115*8 116
11534 11534 11578 11578 115% 116
♦129
1307g *128
1307g *128*2 1307g *129
1307g *12934 13078
148
193s May
Feb
91 *2
5% pf (ser of Feb 1 *29). 100
♦145
54
13i2 Oct
7*8 Mar
Mar 28
5818 Jan
100
200
148
13
18
li2 Jan
8
32i2 Deo
39*8 Apr
11684 Mar
24
21
Preferred.
119% 119%
*144
6
Feb 19
Pittsburgh & West Va
100
Plttston Co (The)
No par
Plymouth Oil Co
5
119% 119%
900
72
Oct
72*4 Feb 27
100
45i2
81%
314
8i8
2i2
Feb
1083s
July
6i2.Aug
5i2 Aug
3084 Nov
43i2 Aug
88
64i2 Jan
16
30
81
1734 Mar
2i8 Feb
914 Mar
16% Mar
7% Feb 19
No par
&
Mar
Mar 27
35*4 Feb 19
Phelps-Dodge Corp
25
Philadelphia Co 6% pref
50
$6 preferred
No par
t Phila Rapid Tran Co
50
Deo
May
84*4 Sept
43
Jan
13*8 Jan
8I4
15
64t2 Feb
5714 Apr
214 Mar
Mar
9
Apr
4% Deo
134 Nov
3
Jan
Preferred
Oct
Feb
6
Deo
Sept
34 July
1714 Mar
4
Petroleum Corp of Am
5
Pfeiffer Brewing Co
No par
478
814
18
49i2 Feb 17
40% Apr
100
Pet Milk
34 Apr
Feb 21
29
Prior preferred
Pittsb Screw
2
100
Pitts Ft Wayne & Chic pf 100
Common
100
87g
7534
Jan
Jan 28
..100
Pere Marquette
ID4 Apr 17
78i4 Jan 29
38is Jan 6
8I4 Apr 15
90*4
15%
Peoria & Eastern
Feb 21
114% Jan
Phillips Jones Corp
7% preferred
Phillips Petroleum
Phoenix Hosiery
38
15
People s G L & C (Chic)...100
Mar
100
37
15*4
23*4
110
Preferred
60
8934
2*4
100
Feb 19
30
67*
214 Mar
39
Phillip Morris & Co Ltd....10
39
*184
15%
*22%
16%
*8*8
*2%
8%
/Vo par
Peoples Drug Stores
11
10t2 Mar 24
48t4 Mar 24
4i2 Jan
28*4 Jan
3U4 Jan
Phila & Read C & I
91
2*4
4*8 Mar 27
3,500
15,500
900
9%
50
Jan
2*2
85%
11%
86*2
4,300
*1334
834
Pennsylvania
li.
560
13%
2%
18
3
770
3378
*9
par
12%
2
*37%
Enterpr No
Peerless Motor Car
10*2
33%
2%
*179
9
1414 Sept
21*8 Nov
3
Apr
514 Jan 23
4714 Mar 10
10
Apr 1
ll7s Apr 2
17*4 Jan 24
27a Mar 17
69
31
1534
914 Aug
May
28
64i2Mar 13
4434
584
21
10134 Sept
No par
32
*65
Nov
No par
32
16*8
7*8 Jan
12*8 Jan
67
Penn Coal & Coke Corp
10
Penn-Dixie Cement
No par
Preferred series A
100
44
67*2
21l2
Jan
Nov
87*4 Feb
12*4 Jan
Penney (J C)_.
44%
6*2
32%
16*2
No par
Apr 15
20
12
Penick & Ford
32
67*2
Pathe Film Corp
Jan 13
Jan
Oct
Deo
178 Dec
8078
1,600
33
♦21
Parke Davis & Co...—No par
Parmelee Transporta'n.No par
17i2
414
4378
418
21
Dec
6,600
*5*8
*76
—....1
Jan
June
Mar
7i2
Aug
3,200
34
*534
..10
Park-Tilford Inc
Park Utah C M
Mar
8
5%
3184
427g
*5%
65*4 Apr
9
Apr 14
3i2
10*4
t2
6t2
7U8
Feb
12
70*2
6%
6*4
100
First preferred
Second preferred
8I4 Apr 15
77%
5*4
7%
32t2
43*2
18% Jan
7814 Jan
1
20*8 Jan
414 Apr
74i2 Apr
97i2 Feb 13
Patino Mines &
44*4
43*4
1*8 Jan
77
5%
112% 113
100
No par
Paramount Pictures Ino
Mar 24
14
3,600
1,100
*5l2
32*4
92
7534
2*8
20,300
8% conv preferred
Paraffine Co Inc
678 Jan
2
2
2%
33%
*112% 112%
*91
*17a
700
10,600
44
♦8
*2
*38*2
8%
N o par
Pan-Amer Petr & Trans
5
70%
78
92
17
13%
70%
92
7512
11
13%
5%
77g
4734
878
10%
14
77
17
87«
11%
*2
2,000
45
10%
*13%
69%
38*2
*47*4
3834
8
8%
5%
77g
3514
9
93s
*36i8
*43%
500
67
8*4
2%
69%
77*2
17*2
*179
800
14,500
4%
40*8
86*2
477$
8%
25*2
39
*8
47i2
780
69
84
4%
17-%
13
Panhandle Prod & Ref.No par
9%
2584
34
76*2
13*2
86*2
4712
8*2
*80
3%
9%
25%
4*4
3912
47*8
234
"4",000
17
9%
25%
4%
4378
8*4
11*4
1334
17*8
74
Packard Motor Car
67
38
111
8%
72,100
67
40*4
1634
2*8
8%
11%
68
67*2
21*2
16*8
17*4
39%
4784
21*8
73i2
*1H4
118
43g
5*4
77s
*31
68%
*82*4
8%
*66%
83
77*4
111
3%
70*8
*66*8
8
712
77fi
42
*40*2 43
3478
35-88
35*4
3534
39i2
3912
39*2 40*4
*110*4 11H4 *11034 111
*14
3%
68
5l2
*40 i2
17
82%
9*4
25*4
2*8
1034
3
85
44%
8*g
107g
13%
478
7*2
*14
3%
68
8*4
*66*2
6978
7784
77*2
5l2
17
11%
63
4%
2
2*8
11%
*83
9%
25*4
25*4
4*4
44*8
7*2
10*4
1312
11%
9
MarlO
2% Mar
9
Mar
5t2 Apr
13
Apr
75
Apr
17l2 Apr
101
June
1214 Mar
4318
55U
1U2
514
2178
Mar
20*4 Deo
88
Nov
2514 Nov
110
Mar
5*8 Deo
2084 Nov
97
Nov
95t2 Nov
16
Deo
37*g Deo
115
Nov
32
Deo
11314 Dec
31*4 Dec
58*8 Nov
Apr
67
Dec
13i2 Mar
20t2 Dec
Mar
Feb
33
Nov
Deo
AND
NOT PER CENT
SALE PRICES—PER SHARE,
LOW
STOCKS
NEW YORK STOCK
the
EXCHANGE
J vl
Monday
Tuesday
Apr. 11
Apr. 13
Apr
$ per share
$ per share
*55
56
55
*91
97
*91
7%
*27i2
2*4
514
*10*4
*18
32*8
7i8
28
318
16*8
1
2i2
38*s
*5
67
4U
69i2
2U8
15*4
29*8
55%
*93
$ per share
Shares
55%
55%
95
12
*10*4
12
*1084
12
23
*7%
27
93%
6%
26%
2%
4%
*10%
*18
23
*18
23
*18
6*4
26%
*2%
6*4
27%
2*4
*18
327s
32% 33%
33%
32% 33%
32*4
*111% 112
*111% 112
110i2 112
im2 into 111% 111% 111% 112
14
14
14
13%
13%
*13%
47%
44% 45%
4314
44*4 46%
1414
44
99%
99%
5
5
99%
99%
3l8
16%
3%
16%
15%
16%
14
73
71
71
72
72
39
38
5*4
6778
1
*2l2
*5%
67
3
1
1%
2*4
38*4
414
*4%
70i2
207s
16
15*4
29
7
*41
4412
1712
30l4
1712
115
*1X1
12
678
*41
17%
115
*113
12%
12%
3078
3078
3034
31%
5
5
5
4%
69%
20
16
15%
29*4
28
7
6*4
49%
6*4
29%
131.
132
129
131%
*128
*67
70
70
70%
5
5
5
29%
28
129
129
69%
83%
69%
*68%
83%
5
2,400
93
300
7
800
*6%
26%
2%
4%
10%
26%
2%
4,800
4,600
4%
3,900
60
7,500
1
*2%
37
37
5
5%
66%
66%
*4%
69%
19%
4%
69%
20%
157g
28%
15%
27%
6%
6*4
49%
31%
2%
56
93
IO84
23
72
1%
2*4
49%
33%
30%
*43
44%
44% *43
17
17
17%
17%
114% 114% *114% 116
12
12
12%
12%
29*4 30*4
29*4 31%
49%
31%
28
29%
66
4%
69*4
20*4
28
5
30
*5%
15%
6%
49%
30%
44%
17%
67%
1
2*4
36%
20
70%
49t2
3014
5%
*5%
65%
4%
69*4
29
48i2
38
37
21%
16%
29i2
1%
2%
2%
6%
67%
4%
69i2
21*8
3%
26%
56
32% 327g
33%
111% 111%
111% 111%
112% 112% *112% 114
14
13%
13%
*13%
44
44%
44% 44%
100% 100%
*99% 100%
2%
278
278
3%
14% *12% 14%
14%
15
73
55'8
93%
6%
12
23
*18
33
100% 100%
3
2%
9978
3ig
16*8
73%
Us
2i2
7
297s
$ per share
On Basis
Week
$ per share
23
514
481*
*3018
12
$ per share
55
54*4 54%
96
95% 95%
7%
7%
7%
27
27%
27%
2%
2%
2*4
5
5%
5%
2*4
514
*1034
2*4
110l8 noi8
*70
14
Thursday
12
*11112 H2L
14i4
43*8
*9918
Apr. 16
Friday
Apr. 17
Wednesday
Apr. 15
Saturday
z49
32%
*43
17
115
72%
•1
2%
37%
100
Safeway Stores
No par
6% preferred..
..100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
6H% preferred—
100
Schulte Retail Stores
Preferred
1
100
.......
400
6,200
Seaboard Oil Co of Del.No par
400
5%
67%
20,200
4%
1,000
19%
1984
15%
2784
14,700
15%
2,500
480
6,900
3,600
Seagrave Corp
..No par
Sears, Roebuck & Co..No par
Second Natl investors
Preferred
...1
4484
17%
150
7,300
Shell Union Oil—....No par
131
74%
5
27%
130
5%
28%
130%
74%
75
19,600
1,800
5,100
5,100
680
Conv
100
preferred..,
Silver King Coalition Mines.6
Simmons Co
No par
Slmms Petroleum
....10
Skelly Oil Co
26
100
Preferred
53%
48%
50
26i2
26%
26*4
26
27
26*4
27%
26
27%
7,400
14*8
15
14%
14%
14%
15
14%
1*5
25%
14%
25%
15
15%
92,000
So cony Vacuum Oil Co
16,400
2,700
South Am Gold & Platinum.. 1
5%
5%
31%
31%
*38
•
159
159
*159
26*4
36*8
17*4
28*8
IOI4
72*4
*103
*110%
*111%
~6%
27%
37*8
18
2918
43
1078
73
109
8%
26*4
38
18
18%
29%
28*4
43
*38
10
107
8
8i8
*10*8
11
*10*8
*32
321*
*32
201s
2012
2U2
2U2
16*4
27%
197B
21%
8%
10%
33%
20%
22%
-
43
9%
9%
68
*103
-
38%
18%
29%
*39
10%
107
-
27%
26%
36%
70
*68
5%
31%
*159
27
37
_____
5
30%
68
108
8
7%
10%
10%
*31%
19%
32%
19%
22
22
5
30%
*111
*111
*110%
5%
5%
30%
30*4
*159
159
5%
31*8
159
12
12
7S4
13*8
7*4
758
13*8
13*4
*30%
*3014
35i2
31
35t2
35
*3is
3%
3%
*11212 113
*112%
44
43*8 44*8
38%
387S
*2684
29*4
65
6618
*29%
30
6912
*3*8
*10%
69*4
38
*26%
63%
*29%
69%
31
35%
3%
113
44*4
38%
29*4
65%
*31%
19%
21%
10%
32%
20%
21%
*31%
19%
21%
7%
10%
32%
20%
21%
50%
22%
20
137b
*84
85
85
al21
121
14
36%
36i8
*48
8i2
884
38is
35is
11*4
11*8
*381*
38l2
358s
103
11
10312
10*4
*712
*28
*1014
30i2
11
8I4
28*4
10*4
30*8
*1%
*8%
7%
8%
38
*29
10%
*10
*47
35%
5%
5
22%
30%
1*4
8*4
7%
8*4
38*4
35%
*1%
8%
*7%
8%
7*4
8%
38*4
35%
7%
8%
12
11%
11%
39%
37%
42
39
40
61
61
10%
7%
61%
9%
*99
9%
101*4
10%
28
10%
30*4
37
37
10*4
28
12
*60
10%
102
*97
11%
12
11%
*30%
34%
10%
7%
7%
7%
28
10%
10
31
28
30
10*4
31%
30
*29
30
*29
4105
i*50*8
16*8
68l2
13l2
253s
13U
978
7*8
34*4
177s
105
59
167b
68*4
13*8
25i2
133s
1018
107
*105
6
|K*584
a log
026*8
27%
*34
34
F 97g
*6818
978
69i2
6%
6*8
10
95
*
«
7%
'
33
33%
17%
17%
105% 105%
59
*50%
17
16%
68%
68%
13%
13%
25%
25%
*13%
13%
9%
10%
22
30%
1%
8%
7%
8%
37%
34%
11%
11%
*40%
10%
*7
*10%
30%
5%
10%
27%
34%
10
69%
*634
93%
106
7%
32%
7%
31*4
17
17%
17
105
105
59
*50%
69%
3%
6978
3%
2,200
3%
*10%
1,900
24%
20%
23%
10%
50%
24%
19
1984
*49
13
12%
13%
12%
26%
8%
27
27%
8%
*7%
9
22%
22%
22%
22%
31
31
31
31
105
*50%
8
8
38
8%
3884
35
34%
11%
11%
12
11%
3478
12%
11%
40%
36%
40
41
35%
36
61%
*60%
10%
*7
27%
*10%
10%
31
59
16%
66%
67%
67
68*4
13%
22%
13%
9%
13%
24%
13%
10%
13%
23%
6
10%
27%
34%
10%
70
105
5*4
5%
10
10
26%
33%
9%
27
34%
9%
69%
6%
69%
93
7
94
6%
13%
24%
13%
13%
10%
9%
104% 104%
6
57S
10
*9%
27%
26%
33% 34%
9*4
11*4
69% 76%
*6%
6%
31
7
*31
17
100
10%
7%
27%
10%
31%
For footnotes
see page
2618.
7%
31%
17%
67%
13%
68
10%
3,400
7
7%
27%
1,500
30%
7,000
6%
678
11,300
11
30
31
17%
18%
34%
75
6%
92
12
85%
Mar
110
Mar
5
Apr 14
265a Jan 2
Standard Brands
par
16% Jan 20
133a Jan 2
par
44
Jan 22
par
63
Mar 13
100
99
Mar 12
1
par
No par
Preferred
.No par
Stand Comm Tobacco
1
t Stand Gas & El Co..No par
Preferred
...
.
.
500
600
24,200
700
78
.No par
$6 cum prior
pref.. -No par
prior rref---No par
$7 cum
Stand Investing Corp. .No par
Standard Oil Export pref.-100
28% Apr 17
153a Jan 2
1207s Jan 10
10is Jan
6ia Jan
9is Jan
3
2
3
25
Jan
2
27
Jan
3
2
Feb 26
112
Mar 13
Standard Oil of Calif..No par
Standard Oil of Indiana...26
897s Jan
823s Jan
10
25
Standard Oil of New Jersey.25
Starrett Co (The) L 8..No par
28
6
2
Mat 27
6U* Jan
6
Stone & Webster
91* Jan
Swift & Co
25
Swift Internet Ltd....No par
..No par
t Symington Co
..No par
Class A
Telautograph Corp
...—5
..5
25
Texas Gulf Sulphur...No par
Tennessee Corp
Texas Corp (The)
6*8 Jan
21% Apr
80
Apr
li* Jan
57s Jan
718 Apr 15
71* Jan 22
287* Jan 6
29
....100
Third Avenue
Third Nat Investors....
Tidewater Assoc Oil
1
No par
100
Preferred
No par
47* Jan 21
Jan 31
1434 Jan
lOO** Jan
52
6
3
Jan 20
No par
10
47b
71*
22*8
31is
914
6514
43*
Jan
86
Jan
46
84%
35%
11%
72%
6%
92
13284
46
85
380
1,500
2,200
......
1,200
12,600
10
Bearing.No par
Transamerica Corp
No par
Transue & Williams St'l No par
Tri-Continental Corp. .No par
Truscon Steel
FilmjCorpNo par
Twin City Rap
Preferred
Ulen & Co..
.No par
Trans.No par
100
...No par
Under Elliott Fisher Co No par
Preferred
100
Union Bag & Pap Corp .No par
Union Carbide 4c Carb.No par
25
Jan
6
Jan 15
Thompson (J R)
i
25
Thompson Prods Inc. .No par
1
Thermold Co
401* Mar 18
63s Mar 12
Jan
Thompson-Starrett Co.No par
$3.50 cum pref
No par
......100
Preferred
12
Jan 21
2
127* Mar 13
71* Jan 3
1414 Mar
110
8
5
Feb 28
12*s Mar 5
91* Feb 18
29is Feb 13
12U Feb 14
321* Mar
6
8% Mar 23
39*4 Feb 25
19is Feb 4
1061* Mar 3
60
Mar 11
17*4
72i2
14*4
2758
16is
Feb 19
Feb 18
Feb 25
Apr
Jan
4
2
12
Feb
4
10718 Mar 11
7
Jan
Jan
Jan
Jan 21
Jan 22
Jan 2
Nov
25t2 Dec
7
July
15
July
Mar
Apr
318 Mar
314 June
31
Nov
Feb 29
107S Feb 18
323s Mar 2
41
Mar
2
12*4 Jan 31
83
2is Mar
U2 Mar
20
62
914 Apr 13
98*s Jan 15
8*s Jan 18
3% Jan 2
271* Jan 7
8I4 Jan 8
24*8 Jan 2
Dec
27
6
44
No par
$3.60 conv pref...—No par
No par
Thatcher Mfg
The Fair
152
Feb
Mar 19
Feb 25
28
Truax Traer Coal
11%
72%
6%
70
Mar 25
100
20th Cen Fox
Preferred
30
59
Texas 4c Pacific Ry Co
Feb
27*4 Mar
84
Jan
Mar
6
8*s Jan 20
1*4 Mar
4*4 Mar
6
Mar
7s July
111
23
Jan
Mar
Oct
Dec
Dec
Oct
36li May
18i8 Dec
151* Oct
48
Nov
84
Oct
19t8
Jan
Apr
121* Deo
914 Aug
11*8 Aug
2618 Dec
287* Dec
2l2 Nov
116
Apr
407b Dec
33*8 Dec
32
Feb
52*8 Dec
4
Dec
Dec
36
Mar
50
Dec
6*8 Mar
2i2 Mar
Apr
60i2 Mar
115*2 Jan
ill
Apr
214
1*8
5
Jan
Mar
177* Oct
314 Mar
15
Sept
82t2 Dec
14 Apr
D4 Apr
6I4 Sept
4
Mar
161* Mar
28*4 Apr
3% Jan
8i2 Jan
14
Apr
1318 May
321* Nov
68
Nov
187* Deo
15i8 Dec
10*8 Nov
77
Nov
121
Mar
30*8 Dec
3i2 Dec
12*4 Aug
25
Dec
9
Sept
2234 Deo
33t* Deo
U2 Nov
6U
Dec
97s
Jan
Dec
8*4
3014 Dec
36*4 Feb
914
Oct
12t* May
28i2 Dee
44*8 Deo
May
61
514 Apr
Oils Jan
2i2 Mar
100
50
12*8
Nov
Oot
Oct
10i2 Dec
2
June
5
Jan
16
Mar
29
Nov
6i8 Jan
13*8 Mar
1*8 Mar
17
Apr
7*8 Mar
84
Jan
26*4 Mar
4*8 Mar
28*8
47s
7%
518
17s
Mar
Mar
69
Apr
3*8
Mar
Mar
Mar
Oct
3i2 Mar
Aug
24*8 Oct
21* June
13
18
Mar
lis June
53*4 Mar
133
Jan 17
125
Deo
52*4 Feb 19
88*8 Apr 8
29
May
44
Jan
8
8I4
8l2
10
131*4 Feb 18
8
8*4 Nov
701* Nov
107
Mar
Jan 13
Apr
Jan
Mar
Mar
Jan
Mar
99
71*8 Jan
16i2
21*8 Dec
33*4 Dec
35*4
12i2
58*4
Us
Sis
3
45
Oct
28% May
12*4 Mar
5i2 July
8
5
Jan
33
71* Jan
10i* Jan
10
112
10*8 Mar
17
30
27
17
17
24
357s Jan 30
23s Feb 11
11*4 Feb 19
9% Jan 8
IOI4 Mar 11
3912 Apr 7
38*4 Feb 3
1514 Feb 29
143a Mar 6
42
Apr 13
Texas Pacific Land Trust....1
Texas Pacific Coal & Oil
132
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
14*s Feb 19
293s Mar 6
9*a Feb 14
2,700
300
97*
17%
361*
3970
334
U3i*
47*a
40%
Feb 29
Tide Water Oil
2,900
5,300
9,400
Feb 24
122
Jan
Jan
130
Feb 24
1334 Mar 17
2
103* Jan
Jan
20
Dec
Nov
12i2 Sept
122*8 June
18
129
Jan
23
107i2
30
31*a Apr 13
Mar 12
2
65i2 Dec
70% Nov
105i8 Nov
91
Jan
Mar
7U Mar
2
3
Mar
8i2 Mar
33*4 Feb
4378 Mar
101*4 July
Jan
Jan 11
Jan
13
24
2378 Jan 2''
72
Preferred
60
18*4 Jan
20is Dec
II6I4 Dec
24i2 Mar 20
53*4 Mar 20
77*4 Apr 13
103*8 Jan 9
...No par
Sun Oil
Jan
578
9*4 Mar
12*8 Apr
36*4 Jan 25
6
2
6
1
Doc
59i2 Apr
14*8 Jan
t Studebaker Corp (The)
Apr
5
Feb
17% Jan
50
Nov
19*8
20%
42
Feb 20
6
Convertible preferred
Stewart-Warner
49
93
10
Mar 26
7
Jan
234 Mar 19
91* Mar 14
111
Feb
Mar
8*8
6
15*4 May
7
65
Dec
Dec
16i2 Deo
08%
Mar
No par
July
39
10*8 Aug
No par
Preferred
5*4 Nov
50
34U
4
71*4 Mar 19
4is Jan 28
12*4 Jan 8
53is Jan 28
24i2 Apr 16
21U Apr 8
14*8 Mar 4
Sterling Products Inc
10
Sterling Securities cl A .No par
25*4 Nov
6
33*4 Feb 10
No par
27%
Feb
Nov
463s Nov
1514 Apr
Mar 18
6% preferred
584
Mar
1121* Feb 14
7i2 Feb 29
34*4 Mar 3
160
Jan
Feb 20
23i| Jan
137s Jan
1,800
75%
6%
*91
92%
132% *125
47
58
10%
*9%
26%
34%
Mar 13
Nov
Dec
Jan
Mar
Mar
Jan
106% 106%
97g
Jan
14i2 Jan 25
32*4 Apr
147* Jan
13
Mar
120
Jan
Transcon 4c Western Air Inc.5
13%
314
40i2
29*8
20*8
5i2
6318
Mar
1914 Feb 20
121* Jan 6
65*4 Jan 21
23%
Mar
45
Timken Roller
13%
Dec
9
Jan
Jan
Jan
Timken Detroit Axle
67
Dec
127g
34
4,700
12,500
15,000
1,200
9,500
66
17
Apr
15,500
13
34%
11%
600
27%
*10%
30%
23
27
2,700
10%
13%
27
100
180
23%
13%
24%
13%
10
10%
105% 107
6
5%
10
*9%
7,400
17,800
8,500
1,100
2,400
IOI84
*93
105% 105% *105% 105%
59
59
*50%
*50%
16%
16%
16%
16%
94l2
93%
*92% 92%
113284 *125
132% *125
132*4 *125
132*4 *125
47
46
47
46% 47
46% 46%
46%
87*4 88
85
87%
88%
84% 87%
85%
86%
*46
12,500
3,900
8
100
7%
105
500
7%
8%
38%
10
70
6i2
Superior Steel...........100
Sutherland Paper Co
...10
Sweets Co of Amer (The)...50
700
9%
Apr
7U Mar
31*4 Mar 30
132
Apr 11
112
47g Jan
697* Nov
4t8 NOV
7*8 Mar
19is Jan
2,400
1,700
1,300
1,600
7,900
38,900
9%
S perry
Mar
1% May
Oct
27
1%
9%
40
Jan 16
4*4
118
8%
61%
31
73
6*14 Jan 16
100
1%
40%
36%
*60%
69U Apr
4*s Feb
Oct
Jan
5
Superheater Co (The)—No par
Superior Oil....
90
8
34%
11%
11%
..No par
27g
Nov
82
18% Jan
1,600
22,500
1%
38
10%
16%
700
8%
8%
28
16%
100
16,700
32,200
49,400
8%
7%
101
7%
31*4
17%
127g
27%
800
*1%
42
16
104
100
23%
19%
61%
9%
28
67,500
*49%
37%
*98
18,600
10%
50%
70
Spear & Co
1*4
22ts Mar 26
16*4 Apr
Mar 21
Standard Oil of Kansas
16,700
29%
26%
8%
2278
31%
1%
8%
7%
8%
38%
34*4
11*4
11%
37
200
3%
69%
3%
10%
60%
23%
20%
1378
*60%
9%
7%
32%
7%
106
500
10%
70
'
7i8
.*3258
? 171*
32
14%
14%
13%
13%
*82
88
8412 84%
84%
84%
120
120
*120% 123
*120% 123
35
35
34% 36
35% 35%
5%
5
5
5%
5%
5%
12%
26%
12
9%
50%
22%
19%
13%
9
30%
38%
69%
3%
26
37%
34%
10%
35%
11%
11%
34%
29%
69%
3%
22%
30%
1*4
30%
1012
36%
22
31
61
35%
13%
22
36
35%
3%
12*4
25%
*7%
22l8
*60
31
121
2178
*30*8
1*2
8I4
778
12
31
*30%
10%
8
11*4
39*4
3618
4,100
31
34%
8
8
3,900
8,200
69%
3%
26%
U2
8l2
7%
13%
12
2,000
13
*7*8
160
7%
121
26%
12
41,100
12%
35%
5%
2678
8I4
16
7%
*120% 123
*2614
15%
123% 123%
13%
85
5%
29
7%
85
13
28%
...100
Railway
Preferred......
Corp (The) vto
Splcer Mfg Co
...No
Conv preferred A ....No
7,200 Spiegel-May Stern Co ..No
400
6i4% preferred
2,500 Square D Co
No
13%
85
514
73%
11
25
170
7%
14
13i2
73
102% 10212
22,700
1,000
13%
13%
5
51
19
8OI4
3812
15%
UOis
150
..100
Spencer Kellogg & Sons No par
7%
50%
23%
20%
*13
*50
900
12%
22%
19%
*34
*20
32%
1978
20%
16,400
3
3
3
*3
3%
3%
3%
113
*112% 112% *112% 112%
112% 112% *112
44
43% 44%
44%
43%
43%
43% 44%
38
38%
37%
38%
37% 37*4
37% 38%
*26
29%
29%
29*4 *26
*26% 29*4 *26
63
64% 6584
64%
62% 64%
62% 63%
69*4
23
221*
20*8
*31%
80
4,200
29%
207s
1414
*49
lOSg
SOU
3%
10%
7%
IO84
360
35%
30
3%
10%
50%
23%
20*4
14%
3*4
12
6%
10%
Jan 17
101% Mar 18
67* Apr 17
67b Jan 4
32 >4 Feb 26
70
7%
Dec
7
11*4 Feb
10%
69
10
3678
109% Feb
*9%
7*4
Dec
20*4 Mar
3
10
69
7%
10%
Dec
43*s Mar 12
77s Jan
64»4 Jan
*9%
67%
107
U4
3
Spalding (A G) 4s Bros.No par
1st preferred
....100
Spang Chalfant & Co Inc pf 100
Sparks Withlngton
No par
42
107
% June
*8 Aug
1,400
42
108
91
7
7
1*4 Feb
41* Feb
49
14,900
11,800
Southern
27%
*103
4t8 Nov
20is Jan
Jan
3
17%
28%
42%
108
Apr
Apr
Jan 21
17
*103
8
55
Jan
17*4
28%
42%
10%
70
3*8 Apr 17
June
Mar 31
76
19
17%
27%
*9%
3>4 Jan 9
59^ Jan 21
25
Southern Pacific Co
*67%
2% Apr 15
Apr 16
Jan
Jan
Jan
Jan 20
14
531s
7s
21*
8314
34
61,100
16%
13*8 Dec
SOU Nov
Oct
7
7
7
100
6,000
26%
17%
2812
28
Mar
52
101*4 Mar
414 Feb
20% Feb
Mobile <fc Ohio stk tr otfs 100
27%
35%
*38
Jan
22
971* Feb
100
226%
37
*38
6
Feb 29
12is Jan
43% Apr 13
..100
Calif Edison
27%
36
7*4
35
100
No par
Jan
i 14*2
28*4 Feb 17
387S Feb l«t
20 >8 Feb 21
327S Feb 20
Southern
27%
37%
13%
30%
12
11%
7%
13%
30%
3434
7%
13%
30
*159
So Porto Rico Sugar
Preferred
27%
51
51
*50
51
51
50% 51
51*8
76
72% 74
73% 74
73*4
7512
77*4 *72% 75%
102
102
101% lOUa *10178 102% *100% 101*4 101*4 101*4
29
29
29%
29%
29% 30%
30*4 31%
30*4 31%
16
16
16
16%
16
16%
15%
16%
16%
16is
125
*123
*123% 127
123% *123% 127
123% 123% 123
12
5%
Inc..15
Solvay Am Invt Tr pref
mm-L
31
......100
27%
36%
51
12
5
*30%
7% preferred
46
11314 June
17
49
23i2 Nov
Dec
109
281* Jan
89%
53
Mar
104*4 Mat
Mar 30
90
53
Jan
12
31*8
113
14
85
51*4
Jan
Nov
14
It
1141* Mar 11
163a Jan 13
Jan3>
83%
49%
85%
59
2
Apt
Apt
3
6
Jan
72
85
48
Dec
Jan
Smith (A O) Corp
No par
Snider Packing Corp.. .No par
83
59
Deo
10
25*4 Dec
111
Apr 17
Apr 17
81
31*4
Jan 20
IOI4 Mai
*4 June
48i2 Dec
102
109
75
59
•llUs
6I4
31*4
Apr
95
7934
*251*
14*8
No\
3
Jan 16
.100
29% Mat
82
657s Jan
48
Apr 13
22ts Feb 18
Sloss-Sheff Steel 4c Iron.
95
1,960
6,800
3
8*8 Feb
44%
29%
Feb
10i2 Feb 19
2934 Feb 28
3*a Mar 4
0%Mar 4
1234 Feb 11
22i2 Feb 6
35>s Jan 8
50is Feb
Conv preferred serA .No par
Sheaffer (W A) Pen Co.No par
Shell Transport & Trading. £2
800
57
117*8 Feb 19
Jan
800
600
6,000
483s Jan 2
Apr 17
6% Apr 16
23% Jan 2
Ds Jan 2
23a Jan 2
7% Jan 2
18
Jan 24
30
Mar 25
93
43i* Jan
678
128s
30%
$ per share
Hi* Jan
20% Jan
33
115
$ per share
155a Jan
49%
11%
$ per share
1
...
6%
115
Highest
$ per share
Shattuck (F G)
No par
Sharon Steel Corp....No par
Sharpe & Dohme
No par
Servel Inc.....
48%
32%
17
Lowest
67
7
33%
44%
17%
115%
Highest
1
....
49
5%
27%
69%
...
11,600
15%
28%
27%
1st preferred
100
t St Louis Southwestern... 100
1%
20
3%
Royal Dutch Co (NY shs)
Ruber'dCo(The)cap stkiVo par
Rutland RR 7% pre!
100
St Joseph Lead
10
t St Louis-San Francisco.. 100
2%
38%
180
69
12%
130
69*4
2,400
69
*5
129
*4t2
Par
Scott Paper Co
No par
t Seaboard Air Line...No par
Preferred
.......100
73
66%
31
27%
37
700
11,600
1,000
7,600
69%
30%
28%
1
*2%
90
100
Year 1935
of 100-*Aare Lots
Lowest
Preferred
5%
67%
4%
12
5
72%
Range for Previous
Range Since Jan. 1
Sales
for
HIGH
April 18, 1936
New York Stock Record—Continued—Page 8
2626
87b Nov
26*4 Nov
5
Dec
28
Deo
157b Deo
104i2 Nov
48
Dec
13i8 Deo
72i2 Nov
14
Deo
15U Nov
16
Dec
8I4 Nov
97% Nov
67s May
814 Nov
247* Deo
331* Dec
12*8 Nov
73
Dec
Sis Nov
8714 Deo
133
Apr
501* Jan
75*4 Nov
f
New York Stock Record—Concluded—Page 9
Volume 142
HIGH
AND
SALE PRICES—PER
LOW
NEW
for
Monday
Tuesday
Wednesday
Thursday
Friday
the
Apr. 11
Apr. 13
Apr. 14
Apr. 15
Apr. 16
Apr. 17
9 per share
$ per share
9 per share
$ per share
$ per share
YORK
On Basis
STOCK
Week
$ per share
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
Saturday
Shares
25%
26
133% 133%
94i4
94%
25
133
26
13384
9414
27
26l4
25%
25%
131
133
94
94
26%
24%
26%
25
25%
132% 13234
26%
265S
9414
*2634
2478
26%
25%
17g
2i8
19%
19
19%
18%
19%
18%
19%
24
23
23
23
23
23
23
2514
25%
25%
1834
*23
25%
*11514
76
*115
7634
29i2
7%
44%
1358
29
714
2434
44i2
1378
25
7%
44%
13%
2434
98
98
98
63s
714
7314
16i8
7314
I6I4
25%
*11134
79
7684
29%
28%
7%
6%
*72
6i2
7778
6178
*60
*15312 155
*107
Ill's
H4
1%
*14i2
15i2
3734 38
*1®4
4
*14
1514
32
32i4
17
17
*96i2
97i2
1023s 103%
*165
166i2
II84
lis4
57i2 58l4
24%
7234
16%
*26
25
26%
74
13%
23%
13%
2434
13%
2338
99
99
99
7%
6%
6%
73%
7284
16%
16
73%
16%
6%
74
10784
*14
15
4
3284
10984 10984
8%
8%
6%
6%
62
*60%
8%
99
37
165%
11%
52%
8%
15%
*83%
9%
*112
*44%
23%
23
45%
*75
*54%
25
121% 121%
18%
*162%
5%
"5%
5%
"534
1%
1%
1%
1%
*79
*22
25
122% 122%
*22
25
122
122
3%
3%
3%
87„
7%
8%
8%
8%
*5%
1434
23I84
*11534
7%
*5%
1478
15
32%
*115% 117
8%
18
28%
18%
14%
278
14%
278
61%
1078
61%
11%
7%
*5%
15%
1434
32%
32%
11634 117
8%
8%
28% 28%
*18
18%
*13%
2%
*61%
11
28
11%
*1734
*13%
234
*61%
10%
15
3
64
♦47
52
*47
52
2
2
2
2
10
9%
10
24%
2534
*23
27%
2734
27
25%
27%
*27
27%
27
9
*834
9
"2
39
81%
9934
104
94%
121
1%
"is4
38% 38%
*81% 81%
*97% 100
104
94
120
106
9434
120
113
*113%
'1034
19
*2%
234
784
87
784
88%
4334
44
119% 12034
113%
10%
10%
*18
*2%
7%
87
19
25%
1434
4%
*2134
4%
8%
90%
*73%
*162%
5%
1%
138
*130
*162%
5%
1%
1%
138
85"
34
101
*70
33%
*95
8~5~
33%
26%
27%
1434
14%
4%
1434
23
23
434
4%
8%
4%
8%
4%
434
8!
7634
*76
38%
37%
38
81
99%
105% 109
3,400
130
4,600
2,100
*184
38
80%
99%
108
*82%
135
122
84%
135
*5%
7%
14%
14%
31%
31%
11534 11584
8
884
38
81
99%
108
38%
23%
85"
33
33%
100
25%
14%
4%
22
4
8%
x75
66%
58
85
*81
27%
14%
434
22
4%
8%
75%
4884
32%
66%
58%
82%
76«4
77
77
38%
38
38
19
500
580
20
*38
23%
2934
39
*70
88
44%
119% 121%
142
143%
28% 28%
*38
3834
250
10
3,200
130
25,800
300
2,400
400
37,200
24%
25%
24%
8%
85"
2,100
3,900
1,900
32%
99
99
2534
14%
4%
2134
2684
14%
26
14%
*4%
*2134
438
8%
75%
47%
30%
2638
1484
4%
2284
4%
9%
77
48%
3138
4%
884
76%
47%
30%
4%
2134
434
9%
77
48%
31%
67%
6784
6634 68
*57%
61
85
86
82%
77
77
7634
*37
37
37
37%
17%
18%
18%
19%
*117% 120
*117% 119
51%
5234
50%
51%
58
5984
60%
61%
*57
61
82%
7634
114
18%
7%
114
18%
8
31%
*95
25%
14%
4%
2134
4%
8%
7584
£47%
30%
Jan 23
109
Mar 24
Virginia Iron Coal <fc Coke. 100
Preferred
10%
19
234
7%
130
100
19%
11%
11%
Apr
Apr
Sept
Deo
Jan
Dec
Apr
July
Nov
Nov
May
Aug
4% Aug
2
Nov
56% Nov
2134 Jan
Feb
33
Nov
114
Nov
44%
Dec
100
Preferred A
5
4% Jan
9% Jan
100
Waldorf System..
...No par
Walgreen Co
31%
115%
5%
26%
No par
6 34% preferred
100
t Walworth Co
No par
(H) Good & W Ltd No
Preferred
par
Mar 13
5
6% preferred
2,400
78
2d preferred
Western Pacific
Preferred
100
100
100
100
Western Union Telegraph. 100
Westingh'se Air Brake.No par
Westlnghouse El <fc Mfg
50
1st preferred
50
Feb 25
116% Jan
111% Jan
8% Jan
16*4 Jan
100
Preferred
100
White Motor
50
White Rk Min Spr ctf-No par
White Sewing Mach.-No par
Conv preferred
Wilcox Oil & Gas....
Wilson & Co Inc
$6 preferred
(FW) Co
Worthington P & W
No par
5
No par
100
10
100
540
Preferred A
100
600
Preferred B
-.100
88
7734
37
190
18%
1934
117% 120
50%
51%
500
300
67,800
300
4;700
20,900
Wright Aeronautical
No par
Wrigley (Wm) Jr (Del) .No par
25
Yale & Towne Mfg Co
Yellow Truck & Coach cl B.10
Preferred
100
200
Young Spring & Wire._No par
Youngstown S & T
No par
534 preferred
100
1734
18%
6,500
Zenith Radio Corp....No par
7%
7%
6,100
Zonite Products Corp
60%
113
Mar
Dec
.......100
Western Maryland
Woolworth
5
1% Feb
28% Jan
2% Mar
14% Mar
8
1
% Mar
»
2%
5%
72%
3434
94%
123%
26%
36%
2% Jan 13
46% Jan 2
4
Mar
85
Apr
1
Jan
30%
Jan
7
72
Jan
100% Apr 8
Apr 15
34
Mar
82% Feb
109
98
3978 Mar
Apr 16
36
121
Feb 21
104%
Jan
116
6
Mar 23
95
Jan
33%
120
Dec
Dec
Apr
6% Nov
Mar
Mar 87
18
Jan
50
Jan
4
90
Mar 24
25
Mar
31
Jan
2
37% Jan
Jan
2
8% Arp 14
Apr 14
23% Jan
2
6
5% Jan 13
24% Jan 10
5% Mar 30
Jan 14
Jan 15
58
Apr
51
Jan
Mar 23
66
Mar 23
Mar 11
79
Feb 10
45
Jan 23
7% Feb 20
Mar
11
75
6
Jan
1
56% Feb 6
35% Mar 23
106
6
1% Mar
6
87
2
Jan
Jan
Jan
Nov
Deo
Nov
Deo
33%
38%
25%
35%
Sept
50
Nov
Deo
Dec
Nov
102% Nov
19% Deo
24% Jan
Mar
4
11% Jan 28
Deo
46% Jan
6% Mar
12% Oct
17
Jan
4134 Jan
Dec
109% Feb 19
28% Mar 4
Jan
105
Dec
32% Nov
47
2
Jan 3
Jan 6
Jan 21
Dec
14% Mar
67
Jan
Nov
0
62% Jan 6
75% Mar 27
34%
884
83%
44%
92
Jan
3
60
47% Apr 17
Nov
29
Jan
Jan 14
£75
Feb
3
55% Nov
84% Oct
91% Dec
99% Nov
39
Mar
1634 Mar
7
784 Nov
90
126
145
18
Jan
Sept
30% Deo
Feb
48% Mar 3
122% Feb 10
Dec
Aug
32
Mar
20% Mar
28% Jan 10
234 Jan
6%
17
10
Feb 13
95
4% Jan 10
17% Jan 6
Dec
Deo
1%
32% Mar
7
Jan
18% Feb 3
14% Jan 28
Dec
52
90
7
9% Feb
2
Deo
10%
Apr 17
Feb
5% Mar
7% Mar
1% July
2% Feb
4
Jan 6
Jan 7
Mar 27
Jan 14
Deo
3
3334 Jan 25
12% Feb 21
20% Feb 24
Jan 13
11
47
120%
11434
10%
1934
3%
778
77%
3584
9834
Jan
Jan
98
1,600
Jan 24
25%
6% non-cum preferred..100
Wheeling Steel Corp...No par
26,000
Feb
2
34
8:
Jan
1%
6
Jan
Wheeling & L Erie Ry Co. 100
48%
30%
4% Mar
26% June
114
11% Feb
7
Jan
7584
584 Dec
438 Dec
978 Nov
29% Jan
23% Jan
23
400
3% Jan 24
2% Feb 29
10% Mar 31
Jan
Westvaco Chlor Prod..No par
1,100
1*4 Mar
1
May
28% Feb 19
100
pref
May
3% Nov
24
100
83
11734
Feb
Apr
34% Feb 21
100
Preferred
Nov
1
2% Mar
7% Mar
20% Aug
800
11,200
46,500
3
Mar 6
Feb 11
Jan 8
Mar
63% Mar
2534 Apr 11
Waukesha Motor Co..
5
Webster Eisenlohr
No par
33
109%
1% Jan
4% Jan
15% Jan
23%
5
5
No par
20
38,700
2,500
Feb
57% Feb
Jan
Feb 20
26%
14%
458
2I84
Feb 19
Mar 11
4%
10%
734
15%
3434
50
87
100
86
No par
conv
7
1,900
Feb
14% Feb 19
934 Jan
3834
31%
15
Jan 24
2
85
7
734 Nov
Apr 15
70
Weston Elec Instrum't.No par
Class A
No par
100
30% Feb
123
47% Jan
Jan
19,300
June
Feb 25
96
12,900
9,700
2
19
91% Jan
1,000
8
18
West Penn El class A..No par
400
Dec
72%
Feb 2<
50
100
112%
6
10
700
7,400
Jan
Jan
3
Aor 17
1% Jan 2
35% Feb 19
770
Oct
114
Jan 16
Wells Fargo & Co
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
300
120%
118
Jan
Dec
Jan
2
Apr
Dec
85
17% Apr 17
10% Jan 4
2% Jan
No par
Ward Baking class A..No par
Class B
..No par
Preferred
100
Warner Bros Pictures
Jan
4%
133% April
135
Apr
2% Jan
58%
59%
24% Jan 31
100
67
113
165
Mar
% Mar
9% Feb
100 £114% Jan 16
100
70% Feb 3
t Wabash
Walk
Jan
4% Apr
100
Virginia Ry Co pref
Vulcan Detinning
58%
*36%
Feb
1
3
8% Mar 16
48% M.-rf 19
4% Jan
105
66%
*81%
Z7784
Jan 18
27% Feb 19
36% Mar
Jan
Feb
No par
Preferred
120
*70
32
50
119%
14934
Jan
May
No par
800
85
32
100
27% Mar
73% Mar
34
No par
No par
28
*70
32
62%
9
91
Convertible pref
Warren Fdy & Pipe
*55
*98
9
13234 Apr 11
143% Jan 21
48
124%
7334
50%
119%
14084
6
Warren Bros.
900
145
67
75% Apr
72% Apr
9
2
"Teoo
28
23%
96% Jan 24
Feb
pref
t Warner Quinlan
145
23
17%
Mar
17,800
2%
87
85%
43
4184
118% 11934
23
11%
46
100
Va El & Pow $6 pf
$3.85
81
*55
23%
Mar
9% Mar
24% Mar
9184 Dec
114
32
Preferred B
~2~, 500
81
*38
3
Jan 10
42
100
5% preferred
400
53
*98
100%
*105% 108
7%
4
Jan
Apr 15
73
Dec
1,300
734
Jan
37
38%
7%
86%
4284
53
100 xllO% Feb 17
5
9% Sept
16% Sept
Mar 12
13
Deo
10% Nov
50% Nov
2% Mar
17%June
38
7%
7%
86% 87
44%
44%
11734 122
141% 141%
7% Mar
165
No par
180
*2%
Feb
6% preferred
7% preferred
134
234
Apr 17
20% Jan 6
28*4 Jan 16
Jan
5
35% Mar
3% Mar
Va-Carolina Chem
700
*17
9% Jan 27
143
6,200
3,200
234
18%
18%
17%
1834
18%
18%
119% 120% *118% 120% 117% 117%
52%
53%
54%
53% 54%
*54%
61%
60%
5934
6078
57%
61%
*110
114
*111
114
*110
114
*108% 114
18
19
18%
18%
18%
18%
18%
18%
8
8
*8
8
8%
8%
8%
8%
For footnotes see page 2618.
*17
2
4,100
18
14%
234
62
10%
2%
*55
*60%
*90
19
Apr
Oct
73% Nov
133% Feb £159% Dec
29
73
Nov
Aug
% Oct
2% Jan
938 Oct
19% Mar
1434 Mar
22% Dec
% Juue
3% Oct
5
July
20% Oct
11
Mar
39% Dec
15
Nov
4% Mar
96
Nov
65% Mar
87
Nov
4%
Mar
Aug
2734
10%
35
5
Vlck Chemical Inc
6% preferred
To
3% Jan
1% Jan
100
West Penn Power
10
5
163% Mar 20
6% Mar 2
238 Jan 18
160*4 Feb
1
....No par
Vanadium Corp of Am.No par
60
To%
59
8034 Apr
Jan
100
60
*113
47
13584 Mar 30
Preferred
Feb 17
Mar
35
.No par
Van Raalte Co Inc
99
18% Jan 28
100
Vadsco Sales
20
110% Feb 16
169% Feb 18
14% Feb 21
85
84% Feb 25
68% Jan "
46% Jan 21
115% Jan 7
Utilities Pow & Lt A
Jan 23
19% Jan 23
39% Jan 2
7
16% Jan
1st preferred
100
U S Smelting Ref & Mln__.50
Preferred
50
U S Steel Corp
100
U S Tobacco
7
8
9% Apr 14
No par
.......No par
Preferred....
Apr
13% Jan
Jan
Jan
78
63
17%
1%
Apr 16
Dec
7%
Mar
Feb
71
100
Nov
11%
Dec
*80
2
8
3
110
63
26%
24%
8%
161% Mar 25
8% Jan 2
No par
c
51
Jan
100
1,700
2%
8%
*22%
25%
2
Feb
69% Jan 10
150% Jan 24
Dec
70
7%
*47
4
Jan
39
Apr
7%
92«4 May
18% Nov
Dec
7%
10%
Jan
85
5
46
96
68
500
*60%
01
87% Mar
2% Jan
3% Apr
8
5
Jan
1234 Apr 14
28% Mar 12
13% Jan 20
No par
80
3% Mar 24
22s4 Mar 23
38% Apr 6
1% Apr
2
7
7% Mar 26
115
Jan
Feb 10
12% Feb
Mar
3% July
Oct
9% Mar
60%
pf.100
3%
234
Mar 23
13% Apr
21% Jan
20
t c
U S Rubber
1
113
4% Mar
65
Vicks Shr <fc Pac Ry Co
Common
3%
*13%
59% Apr
par
l
7% 1st pref
""400
Jan 25
70
No par
Prior preferred v t
U S Realty & impt
98
61
*80
*121
No
Corp
113
*37%
23%
7
8% Jan 13
5% Jan 9
U S Industrial Alcohol-No par
U S Leather v t c
No par
120
29
Jan
109
....100
113
30
8
20
120
*29
19% Jan
....No par
*97
117% 120
140% 140%
6
...No par
.
Preferred...
98
2%
15% Apr
Preferred
1%
1
No par
U S
U S Hoff Mach
500
6
7% Apr
4
No par
1,200
74,600
19,800
8,800
4
2
Mar
Feb
100
90
13,200
16% Feb
25% Apr
101
79
Corp
121
2%
7%
Jan
Jan 15
PJpe & Foundry
v
9
15
93
Preferred
97
3034
39%
2
*17
24% Dec
784 Nov
4584 Nov
1384 Deo
20% Deo
50
*120
33%
69%
81
*184
19
Oct
1% Feb
20% Mar
834 June
100
97
*18
17%
9% Feb 17
47% Feb 17
Preferred
121
32%
*38
8%
10%
29% Apr 13
t Universal Pipe & Rad
96
32%
*76
8%
10%
6
6% Feb 19
4284 Mar 13
12% Jan 21
22% Jan
Universal Pictures 1st pref. 100
*113
10%
Nov
153
*120
4734
87
8%
99%
Aug
78
100
96
77
61
26%
8%
*80
118
Jan
Preferred
113
49%
69
26%
2534
2434
9954
Oct
46
3
2
Leaf Tob
120
77
69
263s
81%
.
95
48%
*85
9
24%
26%
2584
*80
Preferred
Class A
Jan
111
117
4% Jan
66% Jan
Gypsum
7% preferred
100
Dec
Nov
Jan 11
No par
USA Foreign Secur
400
26%
79% Apr 14
100
United Gas Improve
2,400
2,400
Mar
Jan 21
...10
U S Freight
32,300
20
...No par
United Fruit
1,100
100
1334
7
20% May
2884 Mar
28% Jan
Jan 18
United Electric Coal
U S Distrib
1,400
4% Mar
6
6
21% Apr
68
United Dyewood Corp
Preferred
U S
Dec
113
....
113
77
*58
2%
24%
105%
5,700
""266
24
111% Jan
90% July
26% July
30% Dec
100
120
49%
32%
*6834
*58%
8434
984
53
24%
*55
101
123%'
9%
24%
263s
45
26%
23
2
44
*140% 145
29% 29%
39
38%
38%
24
23%
24%
*121%
2
87%
45%
4484
11934 12034
123
2
7%
85%
88%
123
38%
9984
610
"5% TI~5O6
7
6%
6%
634
684
7%
41%
4134
42%
43%
42% 43
133% 133% *133% 133% *133% 133%
112
112
112
112
112%
112%
*4%
*4%
5%
*4%
6%
6%
25
25
*21%
*21%
25
*21%
2"
81
150
18,700
*70
884
37%
105
*70
934
2
900
*72
*47
"
600
8,100
400
75%
69% 116,100
68%
3,800
130% 131
5%
24%
27%
2634
x26%
25%
8%
9,300
6,700
30,300
*74
*72
2%
8%
*22%
49%
*75
89
53
7%
*55
33%
92
*47
53
2%
29%
*52
*98
89
84
84%
84% 85
*132% 135
*128% 135
3%
3%
*3%
3%
*8
8
8
8%
*5%
7
7%
*5%
738
15
14% 14%
14%
14%
32
32%
32%
31%
3134
117
11534 11584
*11534 117
8
8
8
8%
8%
28
28
28
28%
28%
*18
183s
18%
18% *18
14%
*13%
14%
*13%
14%
234
234
234
234
234
63
62
61
*61%
61%
11%
10%
11%
1034
11
2%
145
*60%
77%
77
33%
77%
3%
834
*80
*80
*80
*37%
*23%
1%
17
32%
84%
2
*28%
105
34%
7934
33%
135
*47
*140
1%
17
*79
*
334
32%
19
*95
1%
17%
*80
*75
84
10%
100
134
17
37%
23%
*130
94%
138
1%
84
*120
35
6
135
81%
9934
*99
138
*80
104
6%
156% 156%
138
♦130
39
6
156
138
84
*1®4
*8%
156
138
135
9
6%
75%
69%
70%
130% 131
84
*26%
9%
70
70%
130% 130%
85
12,800
Feb
2% Mar 23
4
2
Jan
14%
82% Mar
79% Mar
20% Oct
9% Mar
No par
220
156
9%
6%
132
*130
9
6%
75%
16%
75
"~7
7
7
7
7%
684
42
44% 44%
44%
44% 45
133% 133% *133% 133% *133%
112% 112% 112% 112% 112% 112%
5%
4%
*4%
6%
4%
*4%
8%
*2778
180
131
*80
*3%
*8%
5,100
98
33
33%
11334 *112
*57%
*22
23
*35
38
*35
35
*35
37
35%
37%
22%
23%
22%
2134
21%
22%
22% 22%
33
33
3334
32%
3334
33%
33%
33%
33%
11334 ♦11234 11384 *11234 11334 *11234 11384 *11234 11384
44
44
*44
44%
44%
*44%
45% *44%
44%
44%
37
No par
Universal
74
38
1234
98
28% Feb 7
138% Mar 6
9734 Feb 26
31% Feb 7
32% Feb 18
17% Jan 22
24% Mar 18
13
par
700
74
23%
Bosch..No
United-Carr Fast Corp No par
United Corp..
No par
Preferred
...No par
United Drug Inc
5
5,200
23
74%
*162%
Amer
1,300
53,000
13%
72%
13234
13834
71%
United
Transp v t C..6
61%
92%
75
Air Lines
*61
803s
69%
Un
62%
91
33
5
Rights
Preferred
99
37
3734
37%
37%
36% 37%
334
*234
384
*2%
334
*2%
338
14
13
*13
14
13%
13%
14,
30%
*30% 31%
30%
31%
*30% 30%
17
*16%
16%
17%
I6S4
16%
17%
98
96%
96%
97% *96% 97% *96
100
100
10034 10034
103% 10034 101
*165% 166
*165% 166
165% *165% 166
11%
11%
11%
11%
11%
11%
11%
5334
55
53%
54%
51%
54%
52%
*8
8
8
8%
8%
8%
8%
1434
1434
1484
15%
15%
15%
15%
85%
*83%
*8234
86
58%
83% 83%
934
9%
10
9%
10%
9%
10%
34%
No par
United Aircraft Corp
United Carbon
24
38
*2%
1234
31%
16%
Union Tank Car
7~906
~
13
9
90% Jan
22% Jan
United Biscuit
23%
110
7
7
2
2
24% Apr 14
1% Mar 27
23% Jan
1,200
44%
13
*98
$ per share
108% Jan
*60%
77
*33%
28%
6%
$ per share
25
62%
79
"
634
43%
$ per share
100
200
93%
*35%
7
Highest
$ per share
100
74
91%
534
1%
*28
44%
Lowest
Preferred
*72
9434
♦162%
28%
78
400
Highest
Union Pacific
74
80%
134
28%
6%
44%
....
14,500
Union Oil California
*72
79
"5%
500
57,300
Par
74
93%
1%
78
I884
23
25%
Year 1935
Lowest
t United Paperboard
100
United 8tores class A ..No par
Preferred class A
No par
77
578
79"
110
32%
♦13S
*112
78
10934 10934
34%
74%
7034
25
16
10
132
25%
16%
100% 100%
138
2
15%
18%
*21%
16
101
1%
15%
*21%
25%
19%
23%
74%
33
*162%
2534
15,500
2,200
1,700
26
25
74%
IOI4
138
26
74%
16%
34%
7934
94%
138
90
6%
74%
10
72
132
95
6%
3384
75
26
131
6%
1534
85
10%
131% 13234
x25%
6%
100
101
15%
*83%
23%
156
*96
9i4
7
44%
13%
156%
17%
11%
28%
155
1%
*14%
18%
*112
109% 109%
8%
9
6%
6%
*60%
97%
57
16
74
103% 103%
11%
73
75
*96
166
6%
*74
*17
16
8434
6%
13%
1%
15
38%
165
78%
99
1%
*14%
3734
*134
32%
77%
28%
25
61% 62
*154% 155
107
79%
29%
7%
44%
6%
*8i4
*74%
71%
25%
131
2534
25%
45
6
*15%
*83i4
93%
94%
26%
25%
*11134
44
55%
*8%
7914
25%
131
95
26%
25%
44%
*10934 110
*10984 110
<1
Q
*9
93s
6I4
*26
95
Range for Previous
of 100 -share Lots
EXCHANGE
21,300
76
*29
25%
95
2627
20% Mar 26
121% Mar 26
55
Apr
6
61% Apr 11
116
Feb 19
19% Apr
9% Jan
3
4
378 Apr
II84 Mar
25% Mar
20
Apr
35% Mar
7334 Mar
1734 Apr
2% June
31% May
18
Mar
13
Mar
38% Apr
1% May
2% June
434
Dec
20% Dec
3% Dec
9% Nov
79
Nov
65% June
25% Nov
61
Nov
51% NOV
68
Dec
82*4
Apr
35% Nov
9%
96
Deo
Nov
53% Dec
4678 Deo
105
Deo
1434 Nov
734 Deo
t
Brokerage Service
Bond
Complete
RICHARD WHITNEY &, CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
Exchange
Exchange
NEW YORK
STREET,
A. T. a T. Teletype
Telephone BOwllng.Green 9-4600
New York Stock Exchange " Bond Record, Friday, Weekly
2628
On Jan. 1
1909 the Exchange method of quoting
TWX, N. V. 1-1793
and Yearly
APriI 18>1936
except for income and defaulted bonds.
bonds was changed and prices are now "and interesr
transactions of the week, and when selling
No account Is taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only
regular weekly
shown In a footnote In the week In whloh they occur.
range are
Friday
Friday
Range or
Friday's
Sale
e]5
Price
Bid
1947-1952 A O
1943-1945 A O
118.3
118
D
113.4
Week Ended Apr. 17
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
4s
Dec
3%s.__Mar
15
15
15
15
Mar
.
111
113.5
111
D
S
104.29 104.24
108.14
108.22
16
108.28
109"
109.5
28
107 19109
109 8
108
J
D
105.29 105.18
106.2
113
103 24 106.2
J
D
105.24 105.13
105.25
182
103 19105 25
109.6
453
108 5
107.20
394
105 12107 20
102.5
474
100
F
A
108.29
A
O
107.17 107.12
M
8
102.3
101.27
103.11 103
103.12
757
100 31103 12
102.8
413
101 7
101.28
104.15
120
102.20104 15
102.29
103.10
236
100.26103 10
♦7s May 1 1936 coupon on
103.26
35
102.16
181
100.15102,16
102.30 102.23
103.1
160
100.17103 1
101.26 101.19
f 7s 1st series
101.29
443
101.29
129
*19%
9%
9%
9%
4
9
9
2
99 %
9%
9
Argentine Govt Pub Wks 6s_—1960 A
Argentine 6s of June 1925.. ...1959 J
1959 A
100
s
f 6s (State
Public Works extl 5%s
Australia 30-year 5s
3
7%
17
8%
10
1
8%
97
External 5s of 1927
External g 4 Ha of 1928
.1967 J
.1945 F
J
External 30-year s f 7s
Stabilization loan 7s
.1955 J
.1956 M N
Bergen (Norway) ext s f 5s... .1960 M S
♦Berlin (Germany) s f 6%s
.1950 A o
.1958 J
7s
43
100%
77
94%
95
26%
104%
25
27%
94
107
16
108
105
104%
11
14
112
110
112
14
108%
108%
101%
24%
23%
14%
10%
108%
50
101%
25%
11
-
—
------
23%
15
10%
J
31%
D
s
""99%
A
99%
D
D
7%
31%
7%
32%
19
24%
25
50
27%
22%
26%
47
22
27
30
21%
26%
24%
25%
99
J
Buenos Aires (City) 6%s B-2_ .1955 J
External s f 6s ser C-2
.1960 A O
A 0
External s f 6s ser C-3
98%
97%
97
97
♦Buenos Aires (Prov) extl 6s— .1961 M
76%
s
6
65
9
35%
99%
23
99%
9
103%
5
31%
98%
97%
97%
76%
1
95
100
95
100
101% 104
31
99%
77
1
64
18
F
A
60%
60%
M
8
59
61%
60%
80
11
65%
64%
46
69
"ii %
O
107%
F
112%
A
J
61
61
61
1
41%
6
99
14%
15%
16
11
107%
112%
98%
11%
107%
113%
99
40%
43
8
13
16
1
13
16%
14
55
56
25
10%
13%
105% 109
111% 115
96%
99
J
J
32
♦Farm Loan s f 6s. .Oct
15 1960 A
o
32%
32%
100%
43%
10%
35%
33%
32
32%
13
♦Farm Loan 6s ser A Apr
15 1938
A
o
36
34%
14%
14%
14%
14%
14%
14%
14%
12%
12%
12%
12%
36
33
94% 100%
38% 45
12%
9%
31% 37%
27% 36
27
34%
28% 37
14%
24
14
16
14%
14%
14%
37
13%
18
14
15%
15%
100%
♦Guar
s
f 6s
♦Guar
8
f 6s
O
"Io%
M
s
34
34
J
14%
14%
14%
14%
14%
J
M S
M
s
M N
—
—i
14%
J
D
13
J
D
13%
A
.........
O
.1962 M N
For footnotes see page 2633.
*38%
10%
J
A
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s— .1960 A 0
♦Ext sinking fund 6s
Feb 1961 F A
♦Ry ret ext s f 6s
Jan 1961
♦Ext sinking fund 6s
Sept 1961
♦External sinking fund 6s
.1962
♦External sinking fund 6s— .1963
♦Chile Mtge Bank 6%s
.1957
♦Sink fund 6%8 Of 1926
.1961
99%
J
.1942 M N
8
88%
97
59%
54
63%
47
45%
68
65%
55%
70
56
56
60
78
73
80%
35
50
33
34%
......
A
100
\
100
94%
J
n
19
52%
100%
48%
11
o
104
100
65
92
8
100
434
11%
12
105
5
6
105
105
105
105%
100%
105%
101%
39
98%
91
g
4%s
Apr 15 1962
Deutsche Bk Am part ctf 6s... 1932
M S
{♦Stamped extd to Sept 1 1935..
Dominican Rep Cust Ad 5%s.. 1942 M S
.1940
\
0
1910
—
\
98%
97%
34
54%
10
13%
100% 105%
100% 105%
104% 106%
100% 102%
99
93%
o
43%
44
70
70%
67%
67
66%
67
96
100%
37%
*38
70%
67%
34%
103
99% 100%
2
94%
100%
53%
105%
101
23
99%
*100
A
External
1st ser 5 %s of 1926
2d series sink fund 5%s
50
48%
71
63
68
63
68%
30%
57
~~7
54
40
47
13%
14
14%
14%
33
14%
36
14
22
6
13%
4
12%
12%
13
22
12%
12%
21
12
13
13%
♦Dresden (City) external 78-.-1945 M N
*24%
♦El Salvador (Republic) 8s A.-1948 J
%
26%
*65%
J
♦Certificates of deposit
'
J
Estonia (Republic of) 7s
1967 '
J
Finland (Republic) ext 6s
1945 M S
External sink fund 6%s
195'* M S
♦Frankfort (City of) s f 6%s...l953 M N
French Republic 7%s stamped. 1941 •» D
7%h unstamped
1941
External 7s stamped
7s unstamped
German Govt International—
61%
41%
04%
106
106
106
102
102
102%
27
24%
14
70%
96%
105% 108%
102
104%
27
22%
39
172
*50
93
23%
176%
1949 J
64%
93%
174%
170%
176%
177
3
5
171%
3
178
7
93
183
165% 172%
176% 182%
174% 177%
174%
174%
1
D
24%
24%
24%
168
24%
29%
4
♦German Rep extl 7s stamped.. 1949 A O
♦7s unstamped
1949 —
German Prov & Communal Bks
"32%
32%
28%
26%
25%
35%
32%
64
24%
32%
6
28%
29
39%
34
♦5%s of 1930 stamped
1965 J
♦5%s unstamped
^
1965
♦(Cons Agrlc Loan) 6%s
Graz
1949
1958 J
D
36
36
37
*104
40
110
32
45%
(Municipality of)—
♦8s unmatured coupons on.-1951
M N
GrBrltA Ire(UKof) 5%s—1937 F A
+4% fund loan £opt I960...1990 M N
♦Greek Governments f
ser
105%
116%
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
1961
A
27
1968
Haiti
(Republic) s f 6s ser A—.1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7%s *50
Helslngfors (City) ext 6%s
1960
A
A
105% 108
114% 118%
28%
34%
25%
33%
26
29%
23%
28%
105%
116%
34%
33%
28%
27
96
93%
97
24
24%
22%
26%
25
22
*16
106
23%
J
J
N
N
A
N
D
S
S
195- J
J
1954 F A
1965 M N
28%
26%
106
95
O
O
J
J
A O
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on...1945 J
♦7s unmatured coupon on
1946 J
♦Hungarian Land M Inst 7%s.l961 M
♦Sinking fuDd 7%s ser B
1961 M
Hungary (Kingdom of)—
♦7%s February coupon on
1944 F
Irish Free State extl s f 5s
1960 M
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7s A—1937 M
External sec s f 7s ser B
1947 M
116
33
—
1968 F
—
105%
34%
78—1964 M N
99
*23
24%
104% 110
106%
23%
23
30
35
23
27
25%
24%
32%
25%
26
♦23
*23
43%
"73%
41
113%
72%
*84
"67%
67%
44%
113%
74
92%
67%
39
4
149
~~7
61
60
61
10
94%
93
94%
69
79%
81%
38
A O
32%
32%
42
F A
29%
29%
1
81
38
44%
113% 115
60%
75
83%
97
53
67%
51% 64%
91% 100
78
89%
62
40%
16
14%
J
J
95%
1952
64%
71
55%
57%
61
M N
5s
58
94%
1942
Japanese Govt 30-yr s f 6 %s
Extl sinking fund 5%s
Jugoslavia State Mtge Bank—
■
10-year 2%s
-Aug 15 1945
25-year 3Us
♦Carlsbad (City) sf8s
.1954
♦CaucaVal (Dept) Colom7%8.1946
♦Cent Agrlc Bank (Ger) 7s
.1950
♦Farm Loan s f 6s—July 15 1960
98
20%
99%
77%
S
..1955
55
69
77
63%
J
♦Sink fund 7s July coup off. -1967 J
♦Sink fund 7 %s May coup off 1968 M N
1951
Italian Public Utility extl 7s
70
61%
♦Caldas Dept of (Colombia) 7%s '46 J
A
Canada (Domof) 30-yr 4s
20
17%
92%
46%
*64%
-.1959 M N
79
10
"63%
"40%
38%
100%
98%
s
J
35%
92%
A
A O
29%
30%
93
A
.1984 J
30
95
F
59
35%
5
M
—
9%
2
.1961 F
62%
7%
6
76%
61%
♦6s stamped
♦External s f 6%s
109
118%
105% 109%
100% 102%
28%
23%
27%
23%
13
21%
16%
8%
7
9%
5
99%
103%
__
10
15
32
7%
35
F
4
25
97
26%
11%
7
0
.
92%
105% 110
101% 109%
33
31%
98%
97%
♦6% 8 stamped
Refunding s f 4%-4%s
Extl s f 4%-4%s
Extl re-adj 4%-4%s
3% external s f $ bonds.
Bulgaria (Kingdom of)—
41
105%
J
J
31
98%
105%
M S
M
18
101
24%
24%
25%
♦{Bremen (State of) extl 7s
.1935
Brisbane (City) sf5s
Sinking fund gold 5s
20-year 8 f 6s
Budapest (City of)—
♦68 July 1 1935 coupon on.. .1962
29
105%
O
f 6%s of 1926— .1957 A
♦External s f 6%s of 1927— .1957 A
♦78 (Central Ry)
.1952 J
73
100
105
"T%
s
100
100
107
♦External sinking fund 7s.. .1969 M s
♦Brazil (U S of) external 8s
.1941 J D
♦External
97% 100%
97% 100%
97% 100%
97% 100%
97% 100%
94%
99%
104% 106
104% 106
98% 101
100
"108""
♦External sinking fund 6s
.1958 J D
♦Bogota (City) extl s f 8s
.1945 A O
♦Bolivia (Republic of) extl 8s. .1947 M N
♦External secured
97% 100%
97%
100%
D
.1949 M S
97% 100%
96
10514
J
f 7s
25
40
100
99%
A
s
95% 101%
97% 100%
97% 100%
100%
99%
99%
99%
99%
105 *4
J
♦Bavaria (Free State) 6%s
Belgium 25-yr extl 6%s
External sf6s.
(Govt)
11
23
99 %
1956 MN
Austrian
9
100%
98 %
A
J
1955 J
1957 M S
17%
3
10
99%
99%
A
1
20
*50
33
1944 M
Sinking fuDd 8s ser B
Denmark 20-year extl 6s
External gold 5%s
10
8%
8%
100%
1961 M N
...1962 F
5
21%
98
100%
10%
7%
8
10%
10%
8%
7%
10%
8%
99%
99 %
Ry).._ 1960 M S
1961 F
14
100
1960 M N
f 6s of May 1926
15
21
18%
8%
100
s
2
8%
8%
96%
99%
8%
2d serles.1957 A
t 7a 3d serles.1957 A
Antwerp (City) externa) 6s
1958 J
Extl 6s Sanitary Works
Extl 6s pub wks May 1927
17%
20%
19%
100%
9%
9%
19%
1957 M
1958 J
94%
A
1951
♦Cundlnamarca 6%s
Czechoslovakia (Rep of) 8s
J
97%
19%
19%
96%
56
F
1949 F
External loan 4%s
1949 F
Sinking fund 5%s...JaD 15 1953 J
♦Public wks 5%s.._June 30 1945 i
99.17101.29
sec s
Extl
19%
21%
21%
19%
19%
21%
19%
1951 M N
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
99.16101 29
101.24 101.19
sec s f 7s
External
25%
25%
17
21
101 20103 26
102.12 102.9
8
1957 A
f 6s series A
20
1
21%
21%
j")
103.2
1946 J
s
20
38
24%
0
1937
Cordoba (Prov) Argentina 7s. .1942
103.23 103.17
J
12%
20
24
MN
Costa Rica (Republic of)—
♦7s Nov 1 1932 coupon on
Hioh
52
.1937
♦External sink fund 7s
♦7s stamped
11%
27%
24
-.1957
104.11 104.4
S
M N
r 7s series C
f 6sof Oct 1925...
102.8
1957
♦7s stamped
102.5
102.2
M S
f 7s series D
a
109 12
Low
23%
1947
♦Sinking fund 7s of 1926.—>1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
->1952 J D
25-year gold 4%s
-.1953 M N
♦Cordoba (City) extl s f 7s
77
43
105.2
J
M
No
12
51
♦Colombia Mtge Bank 6%s
\
High
11%
102 29105.2
D
Since
*50%
687
J
Range
Jan. 1
Asked
S
102. 20104 18
13
&
D
109
a
External 6s series B
J
106 17108 12
8
Ext)
1951
17
♦External
External
I960 M
♦Chinese (Hukuang Ry) 5s
35
♦External
a
241
♦Chilean Cons Munlc 7s
696
.1945 J
f 7s series B
♦External
113.5
Bid
Low
Foreign Govt. & Mun. (Con.)
High
118.8
104.18
1942-1944
♦External
105 24108
108.12
1945 J
1945 J
♦External
115 3
158
111.13
Foreign Govt. & Municipals
Agricultural Mtge Bank (C olombia)
♦Sink fund 6s Feb coupon on. 1947 F A
♦Sink fund 6s Apr coup on—_ 1948 A O
Akersnus (Dept) ext 5s
1963 MN
s
Low
532
High
108.4
S
2%s
Mar
1
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 MN
2%s series B__Aug
1 1939-1949 F A
♦External
No
108
Price
17
111.2
1942-1947 M
♦ArtloUula (Dept) coll 7s A
Week Ended Apr.
Jan. 1
GQOS
104.18 104.5
15 1942-1947 J
2Ms series G
u
D
J
15 1944-1964 M
May 15 1944-1949
Jan
Range or
Friday's
118.8
107.28 107.22
Treasury 2%i___8ept 15 1948-1951 M S
Federal Farm Mortgage Corp—
3s
Sale
M S
1946-1956 M
8s
Last
N. Y. STOCK EXCHANGE
♦Cologne (City) Germany 6%s.l950 M S
Colombia (Republic of)—
♦6s Apr 1 1935 eoup on..Oct 1961 \ O
J
♦6s July 1 1935 coup on.Jan 1961 J
1944-1954 J
15 1943-1947
15 1951-1955
15 1946-1948
15 1940-1943
16 1941-1943
3%s—LJune 15 1946-1949
Treasury 3)48..-Dec 15 1949-1952
Treasury 3%s
Aug
1 1941
Treasury 3%s.—Apr 15 1944-1946
Treasury 2%s—Mar 15 1955-1960
Treasury 2Ha.-.Sept 15 1945-1947
3)48
Asked
&
Low
3%s.—June
3s
Sept
3s
June
3%8— .June
3%s...Mar
BONDS
Since
112.22
U. S. Government
Treasury 4Ms
Oct
Treasury 3)48— -Oct
Week's
Range
Week's
Last
BONDS
STOCK EXCHANGE
N. Y.
outside of the
15%
15%
15%
15%
13%
13%
13%
13%
♦7s with all unmat coup—1957
♦Leipzig (Germany) s f 7s
1947
Lower Austria (Province of)—
♦7%s June 1 1935 coup on—.1950
♦Medellln (Colombia) 6%s
1954
♦Mexican Irrlg assenting 4 %s—1943
♦Mexico (US) extl 5s of 1899 £.1945
♦Assenting 5s of 1899—...1945
♦Assenting 5s large—
♦Assenting 5s small
J
J
M
Q
D
D
N
J
Q
J
9%
5%
♦4s of 1904
1954 J
5
4%
♦STreas 6s of '13 assent (large) *33 J
J
J
J
Milan (City, Italy) extl 6%s
1952 A O
Mlnas Geraes (State of, Brazil)—
...-
1952 J
A
O
5%
5%
5%
6%
5
12
1
4%
48
5
6:
7%
7%
7%
9%
6%
15
6
9
59%
61%
50
50
63
18
18
1
15%
18
D
1959 M N
5%
4%
6%
18
4
14%
19%
19%
47
53
6
60
..1958 M S
1959 M S
New So Wales (State) extl 5s—1957 F
External s f 5s.Apr 1958 A
31%
5
D
♦Montevideo (City of) 7s
♦External a f 6s series A
10
6
D
1954 J
♦6%s Sept coupon off
♦6 %s Sept coupon off—
5%
12
*5%
♦Assenting 4s of 1904...
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦{Small
9%
'4
32%
100% 101
7%
10%
5%
7%
10%
10%
9%
12%
9%
12%
104%
9%
25
29%
47%
161%
5
50%
46%
101%
50%
47%
102
20
43
48%
100% 103
101
102
23
101
7
103
New York Bond Record-Continued - Page 2
Volume 142
Friday
BONDS
F
A
D
M
.
s~f~6~s"Ii97o
106%
106%
A
O
J
Municipal Bank
F
J
Oslo (City) 30-year
s
f 6a.
"1955
.
D
F
A
M
(C ltv) extl 68....1952
S
79%
73%
Extl s f 6s ser A
1047
f. IgsisffsntEug
73
M
M
J
S
S
D
O
12%
12%
A
O
76
A
O
103
J
J
19«l J
D
J
'on
J
I'd IL2.". Kri9^
PoSsT'0^^'S;:::-:»9i
Porto Alegre
(City of)—
8fi1 June
eoupon oft
A
90%
MN
M
•
: 194?
1047
p?! !fle"TMaln-Danube 7s A
1950
♦fisVa?,e,ro (c,ty of)-■—1950
88 April
coupon off
1946
(iWe
♦7a
.....
100%
....
113
101% ..44
....
"24%
High
99,5i6
100%
100%
102%
10-year 5s codv coll trust
t♦ Am Writing Paper 1st g 6s.. 194 7 J
♦
Certificates of deposit....Anaconda Cop Min s f deb 4 %s 1950 A
♦
Anglo-Chilean Nitrate 7s
1945 IVI
}♦ Ann Arbor lst g 4s
1995 Q
22%
79%
11
73
86%
82%
19
102
104
106
4
104
106
84
9
67
90%
74
89
58
-
27
37
81
102%
105%
102%
10
12%
6
15%
12%
12%
29
12
76%
16
74
21
102
111%
91%
21
88%
S
mm ~
m m
m
24%
O
A
O
111%
F
A
110
M S
28
18%
♦16%
18
3
16
15
*100
103
24%
....
2
112%
111%
109%
13
24
2
9
110
28
29%
Atl Coast Line let
109
29%
28%
112%
109
111
28
38
LAN coll gold 4s
1936
A
J
26%
3
26%
*20
22%
20%
4
17%
23
16%
17%
16
14%
19%
22%
23%
23%
20%
20
20%
6
16%
19%
15%
86%
19%
2
15%
29%
23%
21%
Bangor A Aroostook 1st 5s
J
S
Batavlar Petr guar deb
4%s._.1942
Battle Crk A Stur
lstgu 3s
1989
J
O
M
S
A
16%
......
J
2
26%
27
32%
*25
30
mmjmm
35
*25
32
29%
32%
29%
D
a,.......*
68%
25%
14
24%
68%
24%
12
70
17
5
33
92
2
102
8
100%
158
J94«
F
A
"162"
J
J
mmmrnmm
M
S
A
O
101%
75
75%
6
73%
mm-mmm
68%
68%
20
75%
74%
76
31
68%
73%
M N
mmmmmm
M N
......
11
1
11
101%
101%
3
46%
46%
4
Von'-?e BaW ~7*:: 1952
46
23
AND
♦JMbitlbl Po»
O
*92%
99
45%
45%
A
jpjl,,.
tou Ti if... ?48
.£P''trU8t 4s of 1907
1947
~iqr9
(in?2 «£
ser
aIK1
o
I"
6s'
warr tented..
"1948
k
conv
"'"i960
6s
*
68 stamped
egh1 A West 1st gu 48.
A
"66%
66
67
~8
80
79
80%
15
D
~""{q50
":"'1998
* ®"eo ^Uftr 8 4s _ _
1942
4 ^Stores Corp deb 4 Vis" 11950
♦ a i^i
«.mera Mfg C0PV deb 4s 1945
♦Alplne-Montan Steel 7s_.
1966
45%
S
J
D
"166%
A
O
66%
D
D
O
F
A
J
D
A
93%
O
•
---
A
O
M
S
88%
"48%
Am
8llgar 68 ext to Feb 1~ 1940
^ F°rc'Kn sPow deb 6s
2030
f deb 5s..___
1963
Am
American Ice
Amer I G Chem
Am
Am
A
O
MN
M
F
M
J
S
A
S
Telep A Teleg coll tr
35-year s f deb 6s
J*Am Type Founders 6s
see
100%
97
66%
5
53
.
.....
.
...
106
....
1
109
1
71
2
55
101
103%
93%
103%
18
94%
97
"28%
"21
27
26%
24%
27%
6
8
27%
105%
135
104%
27
26%
"24%
105%
24%
27%
105
7
*109
25%
24%
32%
30
|
29
33
106%
109% 110
*42
'45""
83
83
84%
82
84
84
84%
79%
126
80
94
95
75
89%
31%
*79%
93%
26%
26%
100%
106%
38
sec
6s A
sec
6s, series A
con
-
SI
*13
J
99%
106
J
104%
J
105%
103%
gtd 58.1941 M N
——1941 J
A
IVI
103%
80
J
F
105%
104%
105%
7
18
100%
105% 108%
20
105%
104% 108
106
106
54
80
1
69
75
95
~~5
109
115
99
*95%
113%
114%
120%
N
114%
88
24
104
121
105% 107%
103% 106
85
127
127%
4
104
104
104%
29
119% 122
124% 127%
104
105%
109%
109%
no
23
108
106
106
1
103
103
103
1
103
108%
104%
79%
109%
104%
80%
9
161%
108% 111
104% 104%
65%
84%
30%
21%
1947 IVI N
1950 J
87%
89%
70
131
....
76
Consol 4%s
----1957
Jt*Burl C R A Nor lst A coll 5s 1934
97%
78
95%
48%
36%
81
50%
100%
74
100
109%
110%
19
100%
34
140%
98%
♦Certificates of deposit
{♦Bush Terminal lst 4s
1952
♦Consol 5s
1955
Bush Term Bldgs 6s gu tax ex.. 1960
By-Prod Coke lst 5 V£s A..
1945
Cal G A E Corp unf A ref 5s
.1937
—-
99% 101 %
169
48%
*96
10
....
102%
2
76%
219
12
60
90
100%
108% 110%
-
*20
20
-
A
O
J
J
A
Ol
*85%
63
62%
M N
M N
"l4"
Canada Sou
1962
118
102
Canadian Nat guar
104
66%
117
D
108
107%
109%
78
1960 J
J
112%
112
112%
59
113
112%
111%
113%
47
134%
107% 110%
112
113%
112% 115
112%
62
111% 119%
113%
71
112
J
104
4)^8-—---1957
14
117%
110%
Tll6%
116%
118%
117%
117%
Guaranteed gold 4^8------1950
Guaranteed gold 43^8.-Sept 1951 M
79
J
5s A
62
106%
Guaranteed gold 5s
July 1969
Guaranteed gold 5s
Oct 1969
Guaranteed gold 5s
---1970
Guar, gold 4«s—June 15 1955
83%
70
cons gu
61%
99
"106%
194/
112% 117%
101% 106%
13
79%
♦Camaguey Sugar 7s ctfs
112
95
O
118% 143%
91%
97
258
95
N
A
1940 J
121%
112%
IVI
-
Cal Pack conv deb 5s
117
63
D
"113%
S\
113%
J
J
Canadian Northern deb 6 Ms—1946 J
Pac Ry 4% deb stk perpet J
Canadian
6
114%
Coll trust gold 5s
Collateral trust 4 Vis
"85
63%
12
QQ
106%
104%
15%
118%
111%
116%
118%
—
Member*
—
Telephone HAnover 2-7900
—
Private Wires to Chicago.
A.
T.
&
Teletype
Dec 1 1954 J
J
118
14
53
112%
113%
113%
125
125
125%
92%
103%
91%
93
164
103%
104
69
16
53
17
*115%
103
29
90
80%
68%
48%
67
58%
92% 101%
106% 107%
104
105%
17%
9%
111% 118%
108% 112%
113% 116%
115
118%
115% 118%
112% 117
110% 114%
110% 114
122% 126%
94%
87%
102% 105
113% 115
107
103%
NEW YORK
Indianapolis and St. Louis
58
25
27
115%
D
1960 J
NY 1-911
15
112%
New York Curb Exchange
T.
9
11
117%
Vilas A Hickey
....
5
11
.
110
105% 106%
20
91
66%
107%
"33
103
103%
120
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
114
....
20
BOND BROKERS
New York Stock Exchange
2
115%
Coll trust 4 Via
1946 M S
5s equip trust ctfs.————1944 J
J
90% 101%
22%
pane 2633.
100
121%
129%
Brims A West 1st gu g 4s
J
1938 J
Buffalo Gen Elec 4%s ser B—.1981 F A
Buff Rocb A Pitts gen g 6s
1937 M S
104%
87%
112%
112%
125
1957 IVI N
Brown Shoe s f deb 3 Vis—-—1950 F A
73
105%
O
119
7
19%
lst Hen A ref 5s series B
110
53
112%
A
5
127%
*101%
"27%
-
Debenture gold 5s
103% 106%
71%
105%
119%
ctfsIIIl94o
121%
127%
66%
74
112
98%
121
1
lst 5s stamped:
49
S
6s..11946
100%
*100%
12%
19%
Bklyn Qu Co A Sub
100%
64%
101% 120
75
68%
100% 101%
101 % 101 %
74%
101%
19%
15 year
98% 102
M
20-year sinking fund 5^3." 1943 M N
Convertible debenture 4%s__l939 J
J
Debenture 6s
1965 F A
For footnotes
89
22
109
19
Gen mtge 5s series E
71%
40%
102%
75%
76
74
104%
*72%
*100%
113% 115
103% 109
109% 118
23
D
78
2
3
19.52 J
1968 J
1949 J
66
113%
90
25
—
94%
74%
113%
106%
5%s
Internat Corp conv 5%s"l949
Rolling Mill conv deb 4%s.l945
Am
mmmmrnm
D
1949 M N
J
J
conv
138
90
27
•Certificates of deposit
61%
99%
137%
100%
rn+mmmm
74
20
J
13
*64
a 1
184
19
J
58
71%
......
83%
81%
113%
27
IVI
46%
71
A
80%
O
Bklyn Edison Inc ger 5s A..—1949
100%
100%
45%
100%
*110
"106"
O
74%
61%
! 77%
lst lien A ref 6s series A
J
98
247
A
Bklyn Union El lst g 5s
1950
Bklyn Un Gas lst cons g 5s....1945
1943 J
1948 A
^ln4 usq lst ^,ar 3«S...:::i946
fnM *Dy C°cP 00,1 tr 5a
1944
(oil A conv 6s
1040
♦Coil a
A
M
88
151
74
O
50
92%
33
N
II.....—...1955
49%
50
53%
...
D
M3 J
B_.
♦Albany Perfor Wrap Pap
J
5t*Rowman-Bllt Hotels 1st 7s. 1934
Stmp as to pay of $435 pt red
Brooklyn City RR 1st 5s
1941
INDUSTRIAL
Adriatic Elec Co. ext 7s
Ala Ct Son 1st
1st cons 4s
46%
45%
103
103
92
113%
84% 100%
100% 105
99% 105
IVI
Bklyn-Manh R T
Ss.V.V.'iX J
,
Adams Express
11%
37%
37%
46%
M N
F
RAILROAD
82%
39%
24
45%
*62%
A
M N
}S
f 6s...
102
75
108%
1st g 4% a ser JJ
1961 A
$♦ Boston A N Y Air Line lst 4sl955 F
}t*Botany Cons Mills 6 Ma
1934 A
101%
M N
fEKa'uTt'l'exu
176
83%
O
M 4 % s ser D..1960
lst 4s
..1944 J
Big Sandy
D
Blng A Blng deb 6%s
1950 M SI
Boston A Maine 1st 6s A C
M S
—1967
76%
9%
100
97
71%
A
Underg 6 %s. 1956
103%
83
86
81%
o
cons
lst M 5s series
243
71%
J
Beth Steel
93%
102% 106%
84%
111%
"~82~"
J
166
92
121
106
82
113
24
... —
92
103% 107%
100
81
O
O
70
96
J
D
61
105% 106%
104
J
3%s_.19l3
cons
95% 100%
81
88%
81%
89%
96%
99%
40%
57%
33%
47%
94%
D
75
66%
38
*158%
Belvldere Delaware
118
118%
103% 106%
105% 110
100% 104%
13
♦Berlin City Elec Co deb 6
Vis.. 1951
♦Deb sinking fund
6%s
1959
♦
Debentures 6s
1955
♦Berlin Elec El A
114
105% 107%
110% 113%
2
20
...I960
109
41
116%
J
108%
102% 106%
44
108
1951
105
104%
116
1936
104% 113%
106% 109
107%
104%
107%
1948
98%
106%
4
110
94%
101%
105%
107%
...1936
1st A ref 5s series C
29
20
116%
Beech Creek ext Istg
3%s
Bell Telep of Pa 5s series B
32%
23%
23%
53
68
1951
51%
25%
38
25%
A
F
18
102%
103%
50
45
—1951
Beecb Creek lst
gu g 4s
2d guar g 5s
69%
33%
4
A
TrondTjem^^MTsHV""-^1^?
57
60
28
F
im?
75
28%
MN
Tokyo f'lty .5s loan of 1912~~"~iqk9
Externa, s f 5%s guar
90%
26%
105%
82
.---1943
Con ref 4s
4s stamped
20%
27%
i<hr
J9?0
14
81%
67
26%
D
F
f gu
12
....
28
D
M N
5H"~
75
59
M N
7s Feb
coupon off
6
16%
88
*65
105%
82
1996
J
J
ext?7s°Q °Q~"
F
ser
M
A
104%
103%
94%
4
J
D
105
104"
116%
23%
--
O
43%
67%
105%
105
Ref A gen 6s scries C
D
.1995 J
P L E A W Va
Sys ref 4s.. .1941 M N
Southwest Dlv 1st 3%-5s
J
1950 J
Tol A Cln Dlv lst ref 4s
J
A... 1959 J
Ref A gen 5s sertes D
2000 IVI S
Conv 4 Vjs
I960
27
20
"17%
J
67%
105 Vi
O
July. 1948
28%
25
45
Bait A Ohio lst
g 4s
July.. 1948 A
Refund A gen 5s series A
1995 J
lst gold 5s
A
J
J
Yokohama (City) extl
J
Auburn Auto conv deb
J
4%s—1939
Austin A N W 1st
J
gu g 5s
1941
t Baldwin Loco Works 1st 5s... 1940 IVI N
F
vf™ i!m<
1959 J
1937 J
17%
M N
s
53
50%
43
21
19%
♦stamwdPr°V Arg ReW 7»--1942
♦External
99%
97%
48%
J
25%
.♦Se™re086f'7a"OOUDOD°"-!ffi
s
97%
48%
J
14%
^ coupon off. 1950
Taiwan Elec P0w
56
14
m?'0001,00 off-1956
, ,
86
16
J
7'T,"
Sydney (city)
85%
9
Ref A gen M 5s
Silesia (Pros of)
86
IP
M N
7a Q
35
39
M N
fia
6
98
84
1945 IVI N
94%
110% 112%
97%
16
F
111%
120%
loo"
21
J
I
81
23
67
122%
27
"22
95%
1948 J
1948 J
96
103% 105%
110% 115%
104% 113%
82
May 1
49
48%
99% 104%
24
30%
71%
84%
105
6
97
109
118%
40
77
S
1964 J
39%
High
111
22
D
1944 J
4s July. 1952 M
cons
General unified 4%s A
22%
15%
19%
19%
15
215
*106%
O
Fto«7,»nA°!g,OTl°g',om of Monopolies)
♦ExtS
111
*118
D
pwbSaarsas
♦E«e?S!
1962 M
J
54%
5
111
Oct.-.1952 M N
10-yr coll tr 5a
Atl A Dan lst g 4s
2d 4s
112
110
♦106%
1944 J
A
3
97%
1946 J
Atlantic Refining deb 5s
4
3
105
5
19%
43
20
77
101%
106%
14
19%
268
106%
22
64%
104%
26%
1
♦112%
15%
115
103
30
J
-1965|
14%
62
129
40%
40%
1958 J
—
15%
115
104
18
A
64
97
111%
F
O
Low
85
105%
Atl Gulf A W T SS col tr 5s
D
No
111%
1948 J
21
A
High
111
'lull
llOVi
1960 J
15
J
Since
106%
1955 J
6
M N
98
D
18%
1966
Range
Jan. 1
106 Vi
1955 J
184^
7s June coupon off
77
106
18
"13%
25
77
113%
110%
18%
M N
25%
114 Vi
O
SSSffiS^VSiF-if
*Ettwnl
J
106 Vi
Atl Knox A Nor lst
g 5a
Atl A Charl A L lst
4^8 A
lst 30-year 5s series B
99% 101%
23%
23%
N
104 Vi
39%
40%
104%
O
Trans-Con Short L lst 4s
19%
24%
24%
24
O
—1995 Nov
199.) IVI N
Conv g 48 Issue of 1910
Conv deb 4%s
Rocky Mtn Dlv lst 4s.-.
22
....
39 Vi
J
Conv gold 4s of 1909
Conv 4s of 1905 V
96
19%
or
Asked
98%
106%
114%
110%
110%
107%
107%
105%
1950 J
1995 A
Cal-Arlz lst A ref 4%s A
_mmmm•
103 Vi
101 Vi *101 %
104 Vi
104%
Adjustment gold 4s
Stamped 4s
16%
16%
80%
106
90
J
•
109%
103%
Armstrong Cork deb 4s
Atch Top A 8 Fe—Gen g 4s
19
53
15%
.
110
Ark A Mem Bridge A Ter 5s.-.1964 IVI S
Armour A Co (111) 1st 4%s
1939 J D
lst M s f 4s ser B (Del)
1955 F A
17%
17
13
14%
16%
12%
12%
75%
102%
1975 M N
1944 IVI S
Deb g 6s series A
105%
103%
104%
102%
74
....
A
Amer Water Works A Electric—
80
79%
73%
Range
Friday's
Rid
Low
107%
105% 108
106
A
~"~1968
couP°D off
coupon off
40
Sale
Price
195?
p,*6^s Aug eoupon off..
*8?Anri? coupon (State
8s April d° SU|
off....
♦7o
26
107
Low
Last
EXCHANGE
Week Ended Apr. 17
*
A
2^"^'® s,,e>««•" f
dkT ,r exteraal 6s
No
107
100%
*102%
N. Y. STOCK
71
D
1963
v£pt coupon off..
*o
Since
Jan. 1
106%
100%
BONDS
Range
Is
81
102%
iqrq M N
♦Stamped
Peraambuco (State'of)—
■3
03
106%
*22
M N
J
High
.....
100%
101%
S
M N
2
extl
or
Asked
&
Low
A
.
Bid
Week's
Friday\
Friday's
-
ISi3
Week's
Range
Sale
Price
no.
Foreign Govt. & Munic. (Concl)
External sink fund 6s
Last
fcS
cte
N. Y. STOCK EXCHANGE
Week Ended Apr. 17
v
2629
*NI
.
105% 108
100% 104%
Week's
Friday I
Last
BONDS
n. y. stole
Johnson
Spr A Col Dlv 1st
g
4s
%A1LRQAD ''BONDS
M h
1965 J
j
B.1942 A O
Series B 334a guar
^ew York,
120
Chicago, III.
Y.
WHitehall 4-3939
Friday
H ttk's
Last
Range or
N. Y. STOCK
Sale
EXCHANGE
Bid
4
Low
{♦Car Cent 1st
*52
guar g 4s
1949
Caro Clinch A O 1st 5s.-
1938
10734
1st A cons g 68 ser A..Dec 15 1952
Carriers A Gen Corp deb 5s w w 1950
10634
10634 10834
10834 110
10634 10734
1948
1943
3034
10534
6734
3134
*14
1959
10234
A
J
66
3634
15J4
1634
20
23
24
15
23
30
24
28
102
6434
10734
10234
67
92 34
10834
"9934
102
103
9234
10834
110
10634
10234
J
10634
98
8434
12534
9334
9934
85
10534 10734
99 34 10334
4334 7734
98
10334
87
9334
10334 HO
102
10634
89
9934
67
88
12534
9734
12134 12634
105
10534
102 34
13934
11734
11134
D
1939 M N
1992 IVI 8
132
123
*112
1993 A
1995 J
O
Craig Valley 1st 5s..May...1940 J
Potts Creek Branch 1st 4s... 1946 J
J
*10634
*11034
10934
J
J
con g
1989 J
4s
2d consol gold 4s
Warm Spring V
1989 J
1st g 5s--..1941 M
Chic 4 Alton RR ref g 5s
Chic Burl 4 Q—111 Dlv
1949 A
3)4s.._1949 J
Illinois Division 4s
General 4s
19491 J
11134
J
11634
10634
J
J
1958 IVI
F
1st 4 ref 434s ser B._
1st 4 ref 5s ser A
11234
11977
1971
{{Chicago 4 East 111 1st 6s
1634
t#C 4 E III Ry (new Co) gen 5s.1951 IVI N
1534
♦Certificates of deposit..Chicago 4 Erie 1st gold 5s
1982 IVI n
Ch G L 4 Coke 1st gu
g 5s
{♦Chicago Great West 1st 4a
1937
19591
------
10434
3134
2534
1989
10434
105
10434 10534
2634 3934
2834 49
29
4834
2834 4634
31
34
46
25
Jan. 1.2000. A
♦4J4s stamped
{♦Secured g 634s
.....
5834
5934
59
5334
58~~
58
5934
A
2034
2034
2234
734
4034
O
4834
*42
4934
5034
*40
4734
g
44
5754
56
2134
20
20
1234
1334
27
20
2534
20
2554
1154
17
80
36
*31
3934
3734
16
1634
16
7634
1934 AO
1952
7634
3834
73
37
1434
1734
1534
m"s'
9
I960 M N
D
*90
D
94
1434
1634
1634
15
2054
934
734
105
1134
*8634
D
1534
1834
4634
4334
2034
1934
2234
*10834
D
4s
1951
1st 5s series B
1963 J
Guaranteed g 5s
Guaranteed 4s
1943 A
Chile Copper Co deb 5s
8034
cons
434s
5s
10634 108
106
108
73
8654
10034 103
107
»
O
107
—
Ol
"10354
10734
107
107
82
—
"82
10134
83
101)4
*4634
10254
103 34
104
*___--
1st mtge 5s series B
2020 J
1st guar 5s series C
1957 IVI N
--
J
194?
J
J
D
"ii034
10634
10634 10634
108
109
10734 11034
108
111
11034
11134
*80
-
M
...
"lOl34
J
D
1941
J
J
"10434
196?
J
J
98
.1977 J
J
91
J
J
For footnotes see page 2633.
90
11034 113
83
85
*7534
*9934
10134
*96 34
199?
Ref & lmpt 6s ser C
Ref & lmpt 5s ser D
D.
Ref A lmpt 434s ser E.¬
193?
10134 102
10834
J
.199?
39
10634
J
1940 J
35
10134 106
10234 103
10754
J
1940 J
60
10234
*166"
General 5s serial B
Cairo Dlv 1st gold 4s
84
9934 10554
■
Series B (small)
Clearfield & Mah 1st gu 4s.
Cleve Cin Chi & St L gen 4s
61
10554 108 34
10S"16 108
10554 109
10534 10834
10854 112
10434
CI St L 4 C 1st g 4s
Cln Leb 4 Nor 1st con gu 4s... 1942 m N
J
Cin Union Term 1st 4)4s A
.
9534
104
1937 J
Aug 2 1936 Q
Clearfield Bit Coal 1st 4s_
74
104
1952 IVI N
1968? A
8134
1052532
94
10513,6 105*732
10834
10834
106
105)4
11034
109)4
105,3i6
"16554
1947 J
Cln G 4 E 1st M 4s A
9434
110
8334
10934
j
1st mtge 4s series D
Chic 4 West Indiana con 4s...1952 J
1st ref 534s series A
1962 m
1st 4 ref 534s series C
1962 m
Chllds Co deb 5s
9134
10534
S|
1944 J
1944 J
1963 J
56
6134
D1
Chlo T H 4 So East 1st 5s
1960 J
lnc gu 5s
Dec 1 1960 IVI
Chlo Un Sta'n 1st gu 434s A...1963 J
{♦Choc Okla 4 Gulf
44
4234
D
June 15 1951
Memphis Dlv 1st
28
1634
29
9254 10234
11134 11154
4634 6534
43
6834
4734 68
68
4754
4934
6954
25
1954
954
734
3834 4834
4134 5434
4134 5534
4754
2134
5134
2234
2234
2334
June 15 1951
Ch St L 4 N O 5s
Gold 3348
48
1534
23
56
49
{{♦Chicago Railways 1st 5s stpd
F A
Aug 1 1933 25% part pd
{♦Chlo RI 4 P Ry gen 4s
J
1988 J
♦Certificates of deposit
♦Conv g 4 34s
8
4134
*42
1949 m N
{♦Secured 434s series A
734
4034
D
C—May 1 20371
♦Certificates of deposit
{♦Refunding gold 4s
♦Certificates of deposit
2534
2534
"5534
1987 M N
1936 IVI N
♦1st ref g 5s
May 1 2037
♦1st 4 ref 4)48
8tpd__May 1 2037
♦1st 4 ref 4J4s ser
♦Conv 434 s series A
4634
50
53
Stpd 4s non-p Fed inc'tax" 1987 m N
♦Gen 4J4s stpd Fed lnc tax.. 1987 m N
♦Gen 5s stpd Fed lnc tax
1987 m N
Cin H 4 D 2d gold
2114
58
{♦Chic 4 No West gen g 3)4s._1987 m N
♦General 4s
1987 m N
96
11834
J
{♦Cbio Mllw St P 4 Pac 5s A-1975'F
11754
14
5834
J
82
16
J
J
112
116
5334
J
10834 113
10734 11334
10634 11334
17J4
1734
10234
D
5534
10434 10734
11834
1534
2434
10034
*11134
2534
10134
J
C_.May 1.. 1989
E..May 1—1989
F__May 1..1989
*£onvadJ 5s
112
110
41
118
*42
1947
♦Gen g 354s ser B May 1
11234
11734
9434
4634
1947
♦1st 4 gen 6s series A
1966
♦1st 4 gen 6s series
B.May.. 1966
Chic Ird 4 Sou 50-year 4s
1956
Chic L 8 4 East 1st
4)4s
1969
♦Chic M 4 St P gen 4s ser
A...1980
♦Gen 454s series
♦Gen 454s series
♦Gen 4^a series
112
1634
11334
11234 11654
10834 10934
110
46
{♦Chic Ind 4 Loulsv ref 6s.—1947
♦Refunding g 5s ser B
♦Refunding 4s series C
11634
5334
10734
11134
94
19341 A
104
98
9054
10634
Comm'l Invest Tr deb 534s
Conn A Passum Rlv 1st 4s
Conn Ry A List A ref 434s
10254
11834
9654 10434
11134 116)4
10434
9854
9134
10334 105
10654
105
89
7854
10134
9454
10634
7334
10334
6634
7034
103
10334
102 34
*11134
6734
70 34
10334
10334
103
*106
*25
f 4s
9934 104
103341
104
9834 10434
112
110
11134
11134 HI V4
111
11234
50
112
10734 10834
108341
10534 10734
34
116
49
81
10334
10334
10434
2434
l::E
3534
3534
60
*10234
60
2834
30
10334 106
107
10934
10354 106
20
32
2034
31
3434
24
30
20
3034
3134
3634
31)4
39
-
—
3634
31)4
38«
60
62
103
62
10234 10234
10834
107
109
10534
104
10734
10434
103
100^
10134
10034 10334
101
10134
106
10634
10334 10634
10434
10434
104
10634
103
10534
109
1°4^
109
103
102
10334
6534
61
*104
10134
A1
.1950 M N
j
w—1940 M
w
8034
99
29
Sinking fund 5s
1960 j'
Consumers Gas of Chic gu 5s.. 1936 j
Consumers Power 35is._May 1 1965 m N
1st mtge 334a
May 1 1965 M
Container Corp 1st 6s
1946 j
15-year deb 5s with warr
1943 j d
s
5934
*2234
{♦Cons Coal of Md 1st A ref 5s 1950 j
♦Certificates of deposit..
Crown Willamette Paper 6s —1951 j
74
104
104
107 34
1956 j
f
9834 10434
4834
70
10334
10734
—.1955 j
1955 a
Copenhagen Telep 5s Feb 15—1954
75_"
68341
104
1957 j
.....
"6534
103341
10334
10734
non-conv deb 4s..1954 j
♦Debenture 4s
♦Debenture 4s
"75'
110
107
*10834
..1951 j
♦Debenture 4s
102341
*10434
1943 a
1951 j
1951 j
Debenture 434s.....
Debenture 5s
{♦Consol Ry
111
106
10534 11034
10534 110
10034 10734
95
10234
*111
..
1949 f
Stamped guar 434s
♦Consolidated Hydro-Elec Works
of Upper Wuer tern
berg 7a..-1956 j
Consol Gas (N Y) deb 534®
1945 f
11034 11334
111
10634
10134
*11134
p
11234
5334
10634
11134
11134
11734
F
Colo & South 434s ser A
1980 m n
Columbia G A E deb 5s—.May 1952
M n
Debenture 5s
Apr 15 1952 * o
Debenture 5s
Jan 15 1961 j
Col A H V 1st ext g 4s
—.1948 a
Col A Tol 1st ext 4s
1955
Cuba RR 1st 5s g
1st ref 7 34s series A
1st lien A ref 6s ser B
108)4 111
110
10634
10234
75
{♦Colo Fuel A lr Co gen s f 58—1943 p
{{♦Col Indus 1st & coll 5s gu-. 1934 p
11834 12434
*110
5334
1st s f 434s series C
...1977 a.
Coal River Ry 1st gu 4s...
1945 j
{♦Colon Oil conv deb 6s
1938 j
124
11234
11134 11134
*107
106
...1973 \
Crown Zellerbach deb 5s
Cuba Nor Ry 1st 534s
*110
J
series B guar
Crown Cork A Seal
*106
R 4 A Dlv 1st
9534 100
s f 5s
11034 12034
11134 11254
11134
112
*110
.1950 A
1977 f
106
11534 137
119
*111
454s
Ref 4 lmpt 4 )4s ser B
.
26 34
29
107
Certaln-teed Prod 554s A
1948 M
Champion Pap 4 Fibre deb 4)4 si 950 m
Chesap Corp conv 5s..1947 IVI N
Ref 4 lmpt
3134
20
*24
J
General 4s
1987 J
A
Cent Pac 1st ref gu g 4s
1949
O
Through Short L 1st gu 4s—1954
A
Guaranteed g 5s
1960
Cent RR4 Bkgof Gacoll 5s. —1937 IVI Nj
M N
Central Steel 1st g s f 8s
1941
General gold 4 54a
68
1434
8]
1944
52
23
J
1961
1987 J
29
3634
10534 10834
68
1434
1534
J
1951
90
2534
30 J4
1534
*20
J
334s.l965|
3034
10534
73
1434
D
1946
87
*2434
Ol
1959
♦Ohatt Dlv pur money g 4s.. 1951
♦Mac & Nor Dlv 1st g 5s..—1946
♦Mid Oa A Atl Dlv pur m 5s. 1947
Ches 4 Ohio 1st con g 5s
5434
10734
{♦Central of Ga lstg 5s.—Novl945
♦Consol gold 58
..1946
conv coll 5s
4934
High
110
♦Cent Branch U P 1st g 4s
10-year
Low
10734
Cent DIstTel 1st 30-yr5s
{♦Cent New Engl lstgu 4s
Central N J gen g 5s
60
10634
8634
♦Mobile Dlv 1st g 5s
Cent Hud G 4 E 1st 4 ref
Cent HI Elec 4 Gas 1st 5s
High
Jan. 1
110
1981
Ref A gen 6 34 a series B
♦Ref & gen 5sseries C
Since
Asked
107
cart A Ad 1st gu g 4s
♦
Range
Friday's
Price
Week Ended Apr. 17
*111
.....1*104
j
—1*10434
1st
BONDS
9434 10134
10134 107
10834 H034
110
M N
*
Series D 3 34 s guar
Gen 434s ser A
Cgo. 543
*5^. Y. 1-761 -<• 'Bell System Teletype
9334 10034
96
10434
107
110
High
Low
99
10134
*10334
*10034
-.1 10634
Gen & ref mtg 434s ser B.._. 1981 J
Cleve Short Line 1st gu .
\
Cleve Unlop Term gu 534s
1972 A q
135 So. La Salle St.
Randolph 7711
/Private Wire
Connections
Wall Street
1942 A O
Series A 434s guar
....1942
Series C 334s guar.........1948
Jan. 1
Asked]
High]
99
10034
10034
W W Val Dlv 1st g 4s
Cleve-Cliffs Iron 1st mtge 4548.1950
Cleve Elec Ilium 1st M 354 s
Cleve A Pgh gen gu 4 34s ser
a
Low
1
99
J
1990 M N
1940
1940
St L Dlv 1st coll tr g 48
Since
Friday's
Bid
Price
Clev Cin Chic & St L (Concluded) Cln Wabash A M Dlv 1st 4s 1991 J
S "Kew York Stock Exchange
cM embers
j
York Curb Exchange
L
ga,f
Range
Range or
Sale
exchange
Week Ended Apr. 17
Bennett tyros. &
1936
April
New York Bond Record-Continued-Page 3
5834
5334
1942 j
1952 j
60
1936 J
1936 j
*54
96
5934
5534
54
4934
60
4934
6534
4634
105
10134
7534
7034
10434
103
103
103
10534
10634
10434 10634
7834
9034
Cumb TAT 1st A gen 5s
Dayton PowALt 1st A ref 334s
Del A Hudson 1st a ref 4s
Gold 5343
1960 A
1943 IM N
86
8634
101
10134
1937 M N
98
10234
Del Power A Light 1st 4 34a
105
105
1971 J
105
10334
10534
10634
10734
10334
10534
10334
10434
10534
10634
10634
10534
1st A ref
434s
1937 j
—.1969 j
1st mortgage 434s
Den Gas A El 1st A ref
1969 j
f 5s...1951 m N
a
Stamped as to Penna tax
1951
{♦Den A R G 1st cons g 4s.....1936
{♦Consol gold 4348
1936
{♦Den A R G West gen 5s. _Augl955
A
{♦Des Plalnea Val 1st gu 434s.. 1947 m
Detroit Edison gen A ref 5s ser C '62 F
1734
cons g
conv
11034
*3034
111
1953
1941
ivi
n|
1965! A
O
64
6434
1634
20
19
20
1st lien 6s stamped
30-year deb 6s series B
Fiat deb s f g 7s
{♦Fla Cent A Penln 5s
11034
10734
2834
29
1967
"7734
1975
7634
4s 4s prior.. 1996
1996
1951
f 5s stamped
110
1953
1965
1940
.1940
1953
1953
7734
7634
1955
"2834"
29
11334
107
10434
8634
"8534
8534
8434
7934
7934
118
11834
11834
*11034
19381
55
119
11234
*101
1954
Federal Light A Tr 1st 5s
6s International series
8
6434
1634
*11134
10634
*10634
*10634
*10634
10334
104
84
8334
*10634
8534
"8534
8534
8534
8434
Genessee River 1st s f 6s
1957
N Y A Erie RR ext 1st 4s...1947
1st lien
10334
10534
S
3d mtge 4 34a
Ernesto Breda 7s
11534
ib3"j2]1 103i732
Ol
Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
40
10734
A
"56
1942
10234
1942
101
10134
10234
10334
10234
...1942
1942
1954
...1946
100
10334
10034
6734
*60
{♦Florida East Coast 1st 434a.. 1959
♦1st A ref 5s series A
1974
♦Certificates of deposit
Fonda Johns A Glov 434s
103
6734
*5434
19431
68
60
934
1034
9
1034
*934
35"
1534
1534
11234 116
1031732 105
10534 107
5234
7234
12)4
2334
20
21
10434 104)4
103)4 H034
107
108
128)4
131
33
28)4
27)4
110
33
112
101)4 107
100)4 10234
10534 106
10534 107
9934 105)4
77)4
8934
10534 10634
7434
8934
75
8934
74
88
70
69)4
117
86
85)4
119
11634 11934
10434 104)4
4234
69
98
103
99
101)4
9734 103
101)4 104
95
10034
6034
52 34
6634
8
7
71
57
66)4
1134
10 %
534
*4)4
1982
{ {♦Proof of claim filed by owner Mb
1734
534
(Amended) 1st cons 2-4s
♦Certificates of deposit
1941 J
1961 J
1942 J
{♦Francisco Sug 1st s f 734a.—1942 IVI
Galv Hous A Hend 1st 534a A..1938 A
Gas A El of Berg Co cons g 5s. .1949 I
♦{Gelsenklrchen Mining 6s
19341 IVI
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s 1534 A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 1
♦Sinking fund deb 634a
1940 J
♦20-year s>f deb 6s
.....1948 IVI
Gen Pub Serv deb 534a
1939 J
Framerican Ind Dev 20-yr 7 34a
5034
1952
{{♦Proof of claim filed by owner.. MIS
Fort St U D Co 1st g 434a
Ft W A Deo C 1st g 534a
50
35
*20
11534
116
59
*130
ivi
4s series D
7
71
10834 HO
113
lio"
634s.l950l
Series B
Gen
66
10834 11034
10834 HI
10934
*103
Ed El 111 Bklyn 1st cons 4s....1939
Ed Elec (N Y) 1st cons g 5s
19951
1st corsol gen lien g 4s
Penn coll trust gold 4s
Corv 4s series A
434
—
11534
1934
East Ry Minn Nor Dlv 1st 4s.. 1948
East T Va A Ga Dlv 1st 5s
1956
Erie RR 1st
3134
434
10534
1
Erie A Pitts g gu 334a ser B
Series C 334s
23
75
*
*20
1734s. 1937 M S
El Paso A S W 1st 5s
5s stamped
13
1834
109
D
1937 j
Elgip Jollet A East 1st g 5s
1934
*3234
1937 A
♦El Pow Corp (Germany)
♦1st sinking fund 634a
2834,
H534
10834
.1995
s
1
3834
2034
2034
111
Detroit Term A Tunnel 434s.. 1961 ivi N
Donner Steel 1st ref 7s
1942 J
♦{East Cuba Sug 15-yr
♦Ctfs of deposit..
1334
wsk
_
Dul A Iron Range 1st 5s
Dul Sou Shore A Atl g 5s
3534
*4
1995
♦2d 4s assented
38
3134
11534
10934
ser F
..1965 A
♦Detroit A Mao 1st lier g 4s... 1995 j
2..1995 j
10834
30
:::::
Gen A ref M 4s
♦Second gold 4s
10734
HO
10834
18*
1 634
2734
18341
2734
_
Gen A ref 434s series D
1961 f
Gen A ref 5s series E....... 1952 A
1st 4s assented
107 34
35
3334 '
j
F
.1*10534
32 K
107 34
3434
—
j
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B
Apr *78 A O
{♦Des M A Ft Dodge 4s ctfa... 1935 j
♦
10634
M N
534
*104)4
105
.
ISI
<)
6154
——
T)
3
105
107
C
107
5954
*86
4
334
634
634
I65"
10534
106
11034
6134
89)4
3534
7534
62
52
62
61)4
9034
*120
62
62
i
102
10254
J
104)4
105
101)4 104)4
101
10534
J
33
3334
29
34
3
33
33
30
33
T ST
33
33
3034
J
103)4
10334
10334
103
33
104
New York Bond Record—Continued—Page 4
Volume 142
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Apr. 17
Range or
Sale
-a.
Price
82
{{♦Gen Theatres Equip deb 6s. 1940
26 H
♦Certificates of deposit
A
Conv deb 6s
High
Jan. 1
No
Low
74
81k
27
78
19
30 k
24 H
27
179
19
30
16
20 k
20
32
*12
J
*20 H
33
O
15k
30k
34 k
32 k
108
104
103k 106
100
105
Goodyear Tire & Rub 1st 5s... 1957
M N
104
104
105 k
105
100',6
100',6
D
"75 H
f 6s
1940
A
Gouv & Oswegatchie 1st 5s
Gr R & I ext 1st gu g 4 Ha
1942
D
*104
J
1941
6s..1936 M S
*110
Grand Trunk Ry of Can g
Grays Point Term 1st gu 5s... 1947
Gt Cons El Pow (Japan) 7s... 1944
72
101k
101X
I
D
*
A
"90
89 H
t
J
86
85 H
J
J
101H
I
J
111H
1952
I
J
111H
1973
I
J
108 k
1st & gen s f 6 Ha
1950
Great Northern gen 7s ser A..1936
1st & ref 4 Ha series A
1961
General 5Hs series B
General 6s series C
1976
1
1977
r
J
Gen mtge. 4s ser G
1946
r
J
..1946
f
J
Units (equal amts of G & H).1946
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
r
J
108 k
101
100H
106 k
ser
H.
Greenbrier Ry 1st gu 4s
101H
101k
Stamped
10
"ol"
"21
96
O
109
101k
101k
•
30
102
38
35
66
72
114
1018
100 k
703
107 k
60
308
10 k
O
90
86
114
107
10k
107
8
1
7H
94 k
104
102 k
110
110
107k 110
*34 k
J
69
59 H
cons g 6s
1937 M N
1st g 5s Int guar
J
1937
Houston Belt A Term 1st 5s... 1937 J
J
Houston OH sink fund 5H8 A..1940 M N
Hudson Coal 1st s f 5s ser A... 1962 J D
Hudson Co Gas 1st g 5s
1949 M N
1957 F
♦Adjustment Income Ss.Feb 1957
Illinois Bell Telep 3Hs ser B..1970
Illinois Central 1st gold 4s....1951
A
*103H
104 k
o
"85 H
85
104 k
104 k
104
4
21
86 k
51
~47
32 k
78
24
J
*106
*103H
1951
o
86 k
22
*77
1953 M N
79 H
79
80 k
"29
1955 M N
97
96 k
97k
100 k
17
15-year secured 6Hs g
1936 J
40-year 4^8
..Aug 1 1966
J
J
100«
100 k
76
76H
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s...1951
Loulsv Dlv A Term g 3 Ha—1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s...1951
Gold 3Hs
1951
98 k
83
83
*
"7
96 k
84
81k
84
80
1940
107 k
♦Ilseder Steel Corp mtge 6s ...1948
Ind Bloom A West 1st ext 4s..1940
Ind 111 A Iowa 1st g 4s
.1950
*27 k
♦100 k
38
{♦Ind A Louisville 1st gu 4s...1956
Ind Union Ry gen 5s ser A....1965
Gen A ref 58 series B
1965
Inland Steel 3ks series D.._:.1961
94 h
O
2
83
1
90 k
"l6
82
107 k
30
28k
11
104 k
138
94 k
136
89k
94k
93 k
56
18
87 k
93 k
4
54k
65 H
93 k
94 k
"26
53 k
90
60 k
94 k
93 k
93 k
93 k
33
87 k
94 k
55 k
55
13
151
39 H
39 k
J
A.-July 1952 A
12k
1956 J
1956 J
1944 A
*35k
11
41
30
13 k
20
86 k
97 H
99
102k
115k 141k
38
47 H
10k
14 k
36
38
46 k
45
37 k
37k
""5
36 k
42 k
817
70 k
72
30
"93""
92 k
93 k
45
78 H
76 k
79 k
93
88
86
88
10
93 k
93 k
93 k
7
88 k
96
91k
91k
6
81k
91k
91k
99 k
41k
1941 A
Internat Paper 5s ser A A B..1947 J
Ref s f 6s series A
1955 M S
Int Rys Cent Amer 1st 5s B..1972 IVI N
1st coll trust 6% g notes
1941 IVI N
A
36
36k
65k
91k
75 k
80
J
"80k
79 k
82
282
75
J
94 H
93 k
84 k
95 k
86
260
85
101
86 k
79
2k
2k
17
lk
39
84k
A
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
James Frank A Clear 1st 4s—1959 J
Kan AM 1st gu g 4s.
1990 A
2k
95
♦Certificates of deposit
A
K C Pow A Lt 1st mtge 4 Ha.-1961 F
Kan City Sou 1st gold 3s
1950 A
Ref A lmpt 5s
Apr 1950 J
95
96
102
*104
4s... 1936 A
Kansas City Term 1st 4s
Kansas Gas A Electric 4 Ha
103 k 104k
94
94 H
g
108
94
100 k
138
{♦K C Ft S A M Ry ref
39k
106 H
104
93 k
1955 F
2lk
103
106k
133 k
Debenture 6s
33k
106 k
....
100 k
1st Hen A ref 6 Ha
1947 F
Int Telep A Teleg deb g 4
Ha. .1952 J
Conv deb 4 Ha
1939 J
97
99 k 101k
38
94 H
Internat Hydro EI deb 6s
Int Merc Marine s f 6s
91k
92k
67 k
88
106 k 108 H
135k
ser
82
45
44k
112
82 H
44
45k
112
112k
84 k
82 k
84
1960 J
107 H
107 k
1980 J
104 H
104 k
♦Karstadt (Rudolph) 1st 6s
1943 MN
♦Ctfs w w stmp (par $645)..1943
"46
59
96H
105 k
40 k
18
15
57k
37 k
53 k
111k 113 k
83
19
74 k
85
86
140
67
40
107
109 k
106 k
79
44
42
42
*28
35
37 k
39
stmp (par $925)..1943
36
36
33
(par $925)..1943
Keith (B F) Corp 1st 6s
1946
Kendall Co 5 Ha
1948
Kentucky Central gold 4s
1987
30
30
29
38 k
32
♦Ctfs
w w
♦Ctfs with
warr
94 k
103 k
Kentucky A Ind Term 4Ha..-1961
Stamped
1961
Plain
94 k
103 k
a99
*104 k
1937
105k
Purchase money 6s
1997
Kings County Elev 1st g 4s...1949
Kings Co Lighting 1st 5s
1954
First and ref 6 Ha
1954
Kinney (G R) A Co 7 H % notes 1936
Kresge Foundation coll tr 4s..1945
107
*156
107
106 k
114k
98
a99
89
98
103 k
106
102
103k
105k
157
107
27
*114k
103 k 108 k
121
119
100
100
107
106 k
107k
48
{♦Kreuger A Toll cl A 5s ctfs.. 1959
35H
35k
36k
119
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5 Ha series C
1953
Coll A ref 5Hs series D
1960
99 k
67k
67 H
99k
101
38
67k
70
49
66 k
69 k
22
74
Coll tr 6s series A
1942
74
Coll tr 6s series B
1942
♦71
102 k
106 k 112
27 k
36k
99k 102 k
80 k
67k
66 k
80k
74
69
5
10
A
61k
61k
63
A
61
8
60 k
99 k
60 H
99 k
61k
J
99 k
3
98
1954 F
A
95 k
95 k
93 k
96 k
94 k
55
47k
47k
50 k
138
52 k
52k
56 k
68
General
cons
General
cons
J
1940 J
2003 IVI N
2003 IVI N
4s
4 Ha
5s
"
«... •» ~
2003 IVI N
Leh Val Term Ry 1st gu g 5s...1941 A
Lex A East 1st 50-yr 5s gu
1965 A
Liggett A Myers Tobacco 7s
1944 A
-
6 2k
O
135
135
A
125
125k
"59"
103k 106k
119k
133k 137
121k 126
*109
20
6s
1951
Long Island
1938 J
S
59
56
103
1949 M
m
6s
F
A
J
J
1951
102 k
36
131k
5
120
102
122
93 k
122
11
95
131
93
H
112k
M
108 H
104 k
108 k
104 k
IVI N
108k
109
2003 A
O
103 k
110
104 k
110 k
1st A ref 4ka series C
2003 A
O
108
Gold 5s.
1941 A
2003 A
1946 F
108 k
106 k
O
O
*105
A
108 k
S
S
101k
*.«...«» mm.
108 k
87 k
«.<» .
J
m
m.
87k
95 k
94
112
A
O
"~65
1st ext 4a.
61
88
99
109
100
A
H
103 k
58 k
58 k
O
13
9
27
60
68
1
41
50k
94 k 100
74
83
79 k
103
20
102
105
46 k
108
17
13
8
3k
3k
36 k
29k
103 k
**
103 k
109"
6
104
105
*93
a*
104
H
1940 A
O
90k
90 k
1961 J
D
1971 J
J
103 k
103 k
103 k
103 k
*
D
92
-
12
91
104
67 k
24
47
1939
*79"
90
1939
*78H
83
M St P A S3 M con g
1st cons 5s
4s Int gu.1938 J
J
1938 J
J
J
J
1st A ref 6s series A
1946 J
J
1st ref 5Hs series B
1978 J
IVI
s
J
1st Chicago Term s f 4s
1941 MN
J
{♦Mo-Ill RR 1st 5s series A....1959 J
Mo Kan A Tex 1st gold 4s
1990 J D
Mo-K-T RR pr lien 5s ser A
"70k
*70
3
3
39
^
~
5k
4k
40k
35
*
43
26 k
92 k
26
Prior lien 4 Hs series D
9
lk
6
2k
32k
4
10
49
35
k
27
k
92
3
29
44
k
30 k
27k
92 k
51
38
6
9
*86
83
36
87
87
87 k
155
76
49 k
89 k
76 k
163
59k
49 k
52 k
64
64
66
65
66
66
69
33
75
75
A
O
50 k
50
53
F
A
31
30k
33
188
30 k
S
14
M
S
"~14~
30
"14k
30
MN
9
31k
30
30
IVI N
33
30 H
33
*
♦Certificates of deposit.
30 H
A
see page
2633.
55
177
10
30 k
28
33
27k
7k
27H
~~84
30 H
32k
44
32k
5
30 k
33
30k
30 k
16k
35 H
33 k
35 k
32k
27
20
32k
9
36
33 k
10k
27k
173
12k
35k
30
32 H
73
27k
12
27
35k
33 H
77
1
For footnotes
70
27 k
29
32 H
----
F
78 k
69
27
♦Certificates of deposit
♦Certificates of deposit.
k
----
O
93k
83
2
J
A
39
30 H
~42k
J
1981
42 k
52
41
IVI
♦Certificates of deposit
46 k
41
J
Jan
♦1st A ref g 5s series H
23k
18 k
81k
19
1962 J
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
79
5
5
2
5k
3k
44 k
27
88
49k
70
74 k
95"
60k
35k
~~~5
40
1962 J
1978 J
40-year 4s series B
♦Cum adjust 5s ser A
40
40
95
101k 104 k
101k 105
yo
1st ext 4 Ha
Con ext 4 Ha
{♦Mil Spar A N W 1st gu 4s... 1947 IVI S
J
{♦Mllw A State Line 1st 3ka—1941 J
{♦Minn A St Louis 5s ctfs
1934 M N
♦1st A refunding gold 4s
1949 IVI S
♦Ref A ext 50-yr 5s ser A
1962 Q F
94
104 k 109
98 k 106
86
104 k
18k
3H
29k
102 k 103k
1
109
m
64
110k
100k 102
♦lk
♦29k
J
92
100
8
14 k
100
13
44
60
36 k
98
7
17
102
72 k
36
85
102 k
103 k
109 k
k
13
S
D
99
118k
102 k 104 k
23
41H
22
41H
63k
71H
65
99
109
100 k
1957 A O
1968 IVI s
96 k
61
99
Meridionale Elec 1st 7s A
Metrop Ed 1st 4 Ha ser D
88
115
1
35 k
65
108k
108k 113
"■44""
82
J
86
*74
102
{{♦MUw&Nor lstext4Ha(1880) 1934
53
82k
*
82 H
Mid of N J 1st ext 5s
Mllw El Ry & Lt 1st 5s B
1st mtge 5s
81
111k 112
....
62 k
41
*82
D
J
105
11
49
102 k
103 H
1979 J
10
103 k
Marlon Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser A.April... 1940 Q J
Mead Corp 1st 6s with warr
1945 IVI N
lmpt 4 Ha series C
103 k 110H
106 H 107 k
101k 102
1
41
J
...1951 M S
1952 IW N
21
<+mpmrn.
.
36
107
109 k
106
107k 111k
12
*90
1959 IVI N
Metrop Wat Sew A D 5H8
1950 A
{{♦Met West Side El (Chic) 4a. 1938 F
♦Mex Internat 1st 4s asstd
1977 M
♦Mlag MUI Mach 1st s f 7s
1956 J
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
103 k
118k
63H
61
...
♦2d 4s
2013 J D
Manila Elec RR A Lt s f 5s
1953 IVI S
Manila RR (South
Lines) 4s...1939 IVI N
{♦Man G B A N W 1st 3Ha...l941 J
Mfrs Tr Co ctfs of partlo in
A I Namm A Son 1st 6s
1943 J
104 k
108
103 k
36
"l'03'k
O
95
8
118H
35
♦Manhat Ry (N Y) cons g 4s.. 1990 A
♦Certificates of deposit
2
1
112
*99
122
84
111k H3
107k 108H
114k
M N
IVI N
108 k
88
*112
1955 IVI N
F A
1944
{♦ {McCrory Stores deb 5Ha—1941
Proof of claim filed by owner
McKesson A Robblns deb
5H3-1950
{{♦Manatl Sugar 1st s f 7ks..l942
♦Certificates of deposit
118
3
102
94
—
102 H
133k
38
J
J
102
99 k
131
5
S
105 H
103k
98
16
O
Atl Knoxv A Cln Dlv 4s
♦Lower Austria Hydro El
6k8
5
112
2003 A
D
----
M N
1st refund 5 Ha series A
1st A ref 5s series B
ser
104 k
101
14
101k
A
O
Louisiana A Ark 1st 5s ser A...1969
Louisville Gas A El (Ky) 5s—.1952
Louis A Jeff Bdge Co
gu 5 4s... 1945
Louisville A Nashville 5s
1937
Unified gold 4s
...1940
101k
131k
S
1944 A
104 k
103
101k
mm
108
45k
60H
104H 106
4
105
*104H
*
1937 M N
Guar ref gold 4s
LortHard (P) Co deb 7s
32
108
k
105
D
M
1949 M
gen gold 4s
Unified gold 4s
20-year p m deb 5s
,
F
70H
97
58 H
115
14
Little Miami gen 4s series A... 1962 M N
Lombard Elec 7s ser A
D
1952 J
Long Dock Co 3Ha ext to
1950 A O
64 k
40
7
119k
135k
96k
34
12
57
68
100
82k
81k
33k
27
106 k
118k
118k
64 H
9
105 k
57
O
O
104H
105 H
80k
101k
72k
61k
69k
1974 F
1938 J
cons g
High
104
97
87
77
99
66
f 6s
100
121
98
""66
A
s
112k 114k
121
100
74 k
1st A ref
105 k 106 k
155
160
*103k
1961
Kings County El L A P 5s
92 k
96 k
102k 104 k
95 k
104 k
*113
73
A
104 k 106 k
*38
98
104 k
57
"""3
74
F
88k
108 k
48
1964 F
Ref A
4
17
102 k
105
1954
86 k
95
S
85
f 5s
Jack Lans A Sag 3 Ha
1st gold 3ka
88k
*104
25k
103
f 5s
98 k
79H
J
O
17
105
H
102
100H 104
99k 105k
21
27k
98
104k
s
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 38
1980 M
Mob A Montg 1st g
4Hs
1945 M
South Ry joint Monon 4s—.1952 J
98 k
85
90 k
23
102 H
102
Low
4
s
1st A ref 4s
71k
85k
100 k
♦1st 5s series B
84 H
15
1st A ref
94
72 k
91k
87
1951 M N
♦1st g 5s series C
87
100 k 101
"96k
Int Agrlc Corp 5s stamped 1942
IVI N
Internat Cement conv deb 4s. .1945 M N
♦Adjustment 6s
64 k
104 k
*51 k
7% notes
1932 MS
♦Certificates of deposit...
conv
1952 J
100
85 k
100 H
102 k
92 k
104
♦Certificates of deposit
A
68 k
90
106 k
...
ser
81k
91k
69 k -86
♦103 k
{Interboro Rap Tran 1st 6s... 1966
♦Certificates of deposit
{♦Int-Grt Nor 1st 6s
89
75
98 k
*100k
111 Cent and Chic St L A N O—
Joint 1st ref 6s series A
1963
1st A ref 4 Ha series C
..1963
Interlake Iron 1st 6s B.
165
89
80
103k 104k
"94
86 k
"90 k
Springfield Dlv 1st g 3Hs.. .1951
Western Lines 1st g 4s
1951
..1932 A
77 k
14
*105
92 k
112
87H
87
87 k
82 k
1952 J
89 k
39 k
No.
102 k
104
Since
Jan. 1
1st A ref
107k
102 k
102 k
101 H
3
84 k
1955 M N
80 k
30 k
104
123
105 k
*89 k
84 H
105
102 k
107"
*100
s
O
102 H
122
105 k
100k 103
38 H
48k
High
k
104
23 H
J
104
119 k
106 k
J
.1952 A
104
J
Lehigh Val (Pa)
89""
31k
1951
..1951
D
64k
106 k
106 H
1997 J
♦Lautaro Nitrate Co Ltd 6s... 1964 J
Lehigh C A Navsf 4Hs A
1954 J
Cons sink fund 4ks ser C
1954 J
37 k
44k
Asked
104
37
*64k
122 k
O
102
104
31
k
116
*120
41H
102 k
Lehigh A New Eng RR 4s A... 1965 A
Lehigh ANY 1st gu g 4s
1945 M
Lehigh Val Coal 1st A ref s f 5s. 1944 F
Range
&
J
49
121 k
60
41
101k
l!
Bid
J
36
102 k
42 k
101k
■3
Friday's
J
Secured 6% gold notes
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 4 Ha
M N
^♦Housatonlp Ry
Range or
Sale
Price
1941
39
"42"
Week's
Last
1937 J
104 H
'82k
O
H A T C
{♦10-year
98k
*74 k
103 H
*33 k
121
Friday
Low
Lake Erie A West 1st g 5s
2d gold 5s
Lake 8h A Mich 80 g 3 Ha
77 H
72
J
{♦10-year 6s
14k
107
77 k
*42 k
Illinois Steel deb 4H8
70
81 H
O
Collateral trust gold 4s
Refunding 5s
101k
24
J
Collateral trust gold 4s
Refunding 4s
Purchased lines 3Hs
60
90 k
D
1st gold 3 Ha
Extended 1st gold 3Ha
1st gold 88 sterling.
99 k
105k 107 k
1
1952
Hud A Manhat 1st 5s ser A
96 k 105
110k 115
1
*74 k
a*.
to TS
5j r
BONDS
N.Y. STOCK EXCHANGE
Week Ended Apr. 17
103k 112k
96 k 106
96 k
1942
A
91
101*32 102 k
107 k 113
107 H 116
106 k
90
♦Hansas 88 L 6s (Oct 1 '33 coup) '39
♦6s (Apr *36 coupon on)
1939
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4k8—.1999
♦Hoe (R) & Co 1st mtge
1944
♦Holland-Amer Line 6s (flat)..1947
99
85k
90 k
90 H
J
YORK
Telephone Whitehall 4-2900
90
87
96 H
H
NEW
100
102""
63 Wall St.
108 k 110
101 k 103k
99 k
J
Gulf States 8teel deb 8Mb
Hackensack Water 1st 4s
100
106 k
60
Feb
Gulf Mob & Nor 1st 5 Ha B...1950 A
1st mtge 5s series C
1950
Gulf & S I 1st ref & ter Ss.Feb 1952
105 k
100 H
1940 M N
Members New York Stock Exchange
102 k
88
112
Feb
105 k
.56
IOF32 101"32
111k
112k
114
111k
112H
Gen mtge 4s
76
*90
General 4 Ma series D
General 4 Ms series E
J
D. H. SlLBERBERG & Co.
107k 108 k
105
8
FOR BANKS AND DEALERS
35 k
107 H
D
{{♦Gould Coupler 1st
98
107 H
1945
Gotham Silk Hosiery deb 6s... 1936
BROKERS IN BONDS
High
85
81H
J
J
Since
Asked
25
27
{♦Ga & Ala Ry 1st cons 5s
1946
{{♦Ga Caro & Nor 1st ext 6s..1934
♦Good Hope Steel & Ir sec 7s.. 1945
Goodrich (B F) Co 1st 6 Ha— 1947
Range
Friday's
Bid
Low
Gen Steel Cast 5Hs with warr.1949
2631
Week's
Friday
New York Bond Record—Continued—Page 5
2632
Friday
BONDS
Week's
Last
Range or
Sale
Friday's
SI
N. Y. STOCK EXCHANGE
K
Week Ended Apr. 17
Price
NO,
Bid
A
gen
gold 4s.
M
.
F
S
S
M
—
S
104%
D
J
J
J
------
101%
J
25""
9
9%
14%
15%
93
49
85 H
96
108
38
17
31
107
32
105%
104%
103%
106%
109
105%
104%
101%
26
97%
66%
103
101%
85%
------
O
O
s
f 4 %s series C__.
A
O
s
f 5s series D
A
O
------
J
105%
165"
94%
98%
94%
98%
M N
90%
90
------
*113%
109%
109%
----
82%
----
86
*-----
D
IVI N
3
86
86
M N
M N
9
101%
------
Gen & ref
3
87
------
Gen & ref
----
{♦North Ohio 1st
♦Ex
20
105%
94%
98%
90%
96
42
63
-----
110
16
90
3
4%s
105%
94%
98%
84
92%
109% 113
108% 110%
90
90
A
F
A
J
J
90
104%
70
70
J
D
F
A
103%
103%
103%
IVI N
104%
104%
J
------
J
104%
3
71%
103%
36
103%
287
92%
103
104%
57%
73%
102
103%
103% 104%
105
162
103
*3
3%
____
3%
*2%
4%
6
—
—
"
""4%
-
4%
4%
3%
6%
"~~5
2%
3%
2%
4%
6%
♦Assent cash
war
4%
/5
ret No 4 on.
♦4s Apr 1914 coupon off
195
Assent cash war ret No 4 on.
Nat Steel 1st coll
s
f 4s
196
4%
5
*2%
3%
3%
8
------
J
D
106%
106%
138
IVI N
106
*66%
70
J
D
J
79%
*120%
79%
122
J
80%
17
J
J
68%
67%
69
31
J
D
------
------
A
O
J
J
J
A
O
95%
J
D
95%
J
J
91%
81
A
A
.1.
—
O
J
------
A
J
39
124%
9
120%
6
124%
119% 122
1Q2
2
100
106
46
21
84%
61%
*59%
95%
95%
91%
90
89
97
92%
32%
36
40
24%
42
15
32%
104%
"•30
105%
34
105
107%
108%
57
20
106% 107%
107% 109
102%
"7
25
33%
1961
1964 M
N
106%
108%
41
39
30
41
*107
113%
97%
A
113%
102
J
30
1943 M
S
1938 Q
170
43
97%
85%
683
193
89
88
264
74%
94%
32S
80%
85%
O
J
92%
100%
J
104%
O
86
86
88%
276
F
A
95
94
49
A
94%
94%
95%
95%
A
O
103%
A
O
93%
M
S
82%
103%
93%
82%
A
O
F
A
F
A
1961 F
O
A
D
F
A
------
O
J
106%
A
A
------
------
100
90
1946 A
O
1947 F
1937 A
1943 F
A
Oregon RR & Nav
com g
4s..
1946 J
cons g
5s._
1946
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
Oslo Gas A El Wks extl 5s...
Otis Steel 1st mtge 6s ser A..
1946
98
100
1945 IVI N
J
D
108
J
24
84%
285
91%
15
106%
11
106
107%
3
47
103%
92
95
106% 108%
26
66%
77%
69
37
58
75
19
107% 109%
124%
5
115%
13
122% 125%
113% 116%
92% 100%
107%
107%
107%
124%
"115%
115%
100
100
N Y & Erie—See Erie RR.
IVI N
IVI N
N Y & Harlem gold 3%s.
------
M N
IVI N
100%
------
IVI N
J
*102%
*105%
*105%
*99%
J
1941 M S
N Y A Long Branch gen 4s
*103%
100%
106%
-
-
4
-
»
....
100%
47
106%
14
A
O
S
*28
35
IVI
s
*30%
....
33
------
30
-
-
-
-
19
30%
"29%
J
J
33
A
O
38%
37%
13
34
30
37%
29%
16
28%
37%
34
32
41
51%
26%
40%
44%
19%
20
29
42%
16%
33
28
31
101
79
89
53
42%
56%
29
35%
49%
S
47
46%
39%
39%
*103%
89%
105%
105%
42%
43%
42%
J
D
A
O
O
------
M N
Apr
i~~j
------
------
103%
N Y & Rlehm Gas 1st 6s A
1951 MN
-
M N
-
-
2d gold 4%s
General gold 5s
Terminal 1st gold 5s
107%
44
43%
107%
2
110
106%
106%
12
106%
106%
4
*75
77
60
61
J
{♦N Y Westch A B 1st ser 14%s_'46 J
Nlag Lock & O Pow 1st 5s A
1955 A O
Niagara Share (Mo) deb 5 Ha. .1950 M N
4-6%
1947
M N
1950 A
5 {♦Norfolk South 1st & ref 5s—1961 F
O
A
78
*101%
110%
-
North Amer Co deb 5s
110%
6
....
84
*83%
87
88%
89
5
19
86
-
18
107
------
18
106%
107
102
102%
95%
------
135
------
49%
135
16%
*16%
M N
-----
9
....
—
-
♦Certificates of deposit
{{♦Norfolk A South lstg 5s.._1941
48
1996
Pocah C & C joint 4s
1941
79%
88%
-
♦Norddeutsche Lloyd 20-yr s f 6s '47 M N
Nord Ry ext sink Bunf 6%s
3
110
106%
------
96
"82%
93%
104% 106%
31%
48%
31%
47%
99% 103%
8
J
----
35
45
A
1946
30
106%
1943 M N
6s stamped
1
25
.
103%
A
101
....
89%
105%
J
N Y Telep 1st A gen s f 4%s.__1939 M N
D
N Y Trap Rock 1st 6s
1946 J
....
5
67
8
99% 104
107% 108%
108% 111
106
107%
106
107
A
O
1949 IVI
s
♦Paullsta Ry 1st ref 8 f 7s...
Penn Co gu 3%s coll tr A
Guar 3%s coll trust ser B_.
1942 IVI
S
70
S
*102
A
D
*102%
103%
1963 F
A
Pa Ohio & Det 1st A ref 4
%s A
1977 A
4%8 series B..JC
Pennsylvania PAL 1st 4%s.
Pennsylvania RR cons g 4s...
Consol gold 4s
4s sterl stpd dollar
May
Consol sinking fund
I
4%s_._
General 4%s series A
General 5s series B........
Secured gold 5s
Debenture g 4%s
General 4%s series D
Gen mtge
4%s
I
Peop Gas L A C 1st
6s..
cons
S
O
94
103%
4s.
J
1981
A
O
1943 IVI
N
N
1948 IVI
N
*112
35
16
22%
15%
21%
----
6
104
104
105%
16
101% 106%
60
33
42
33
5
69
44
49%
72
1
119%
122
121%
70
3
60
102%
103%
70
102%
104% 106
Reading C A I
ref
5sl
Pirelll Co (Italy) conv 7s
Pitts C C A St L 4 %s A
Series B 4%s guar
39
31
106
107*
111%
1
113%
5
117
114
121
"l2
110% 112%
111% 114
111% 113%
118% 121%
33
109
120
22
105*32
IO5I3?
105532
35
115% 120%
105*32 106%
99% 104%
105% 111%
105% 111%
115% 117%
106% 111%
1964
M N
1970 A
O
102%
103
128
A
O
107%
108
108%
142
J
107%
107%
117%
108%
59
110%
110%
1943 A O
1947 M S
1940 A
O
Apr
1974 F
J
12
102
117%
12
2
IS
23
88%
13%
9
*109%
A
1956 J
110%
88%
103%
102%
103%
"36
114
76
92
9
17
108% 111%
98% 104
95
1956 J
J
1980 IVI
R
"96""
111%
A
95%
32
96
97%
111%
121%
49
89
98
111%
121%
12
111
113
6
120
124
113
110
115%
115%
103%
106
89
95%
J
J
D
1967 J
D
105%
*115%
*112%
105%
105%
1967 M N
106%
106%
106%
105%
107%
7
105
109
106%
35
104
108%
51
50%
54%
127
43%
55
27%
27%
29%
144
24
32%
30%
29%
30%
108%
15
1981
108
*72
1952 IVI N
9
85
25%
34
106% 109
70
70
111% 112%
111
114
111
113%
*110
112"
110-
110
A
*105%
106%
D
*110%
*113%
1945 M N
1949 F
1953 J
Series E 3%s guar gold
Series F 4s guar gold
141
112
111%
*113%
O
1942 A
II
113%
114%
O
1942 M N
1940 A
Series C 4%s guar..
Series D 4s guar
111
111
1957 M N
*108
109
109
1960 F
A
*110
108% 108%
1963 F
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
guar
96%
104%
loi"
106%
101% 104%
99
90%
103% 107%
108% 108%
106
107%
102%
1977 J
Conv deb 6s
cons
87
112%
1974 F
Phillippine Ry 1st 8 f 4s..."
Pillsbury Flour Mills 20-yr 6s.
Series J
104"
16
103%
103%
119
A
118%
1964 IVI N
4%s
General M 5s series A
Gen mtge 5s ser B
1970 J
D
118%
*118%
119%
118%
115%
119
118%
115% 121
118
119%
119%
108%
116
120
107
110
"73"
1975 A
O
Gen 4%s series C
Pitts Va A Char 1st 4s guar..
♦Pitts A W Va 1st 4%s ser A.
1977 J
J
108
1943 M N
*106
88
88
"96"
1st M 4%s series B
1st M 4%8 series C
Pitts Y A Ash 1st 4s ser A...
1st gen 5s series B
1958
88
88
1960
86
86
89%
89%
...
D
Car
1948
1962
*119
91%
1953
77%
79%
98%
123"
1977
"98""
98
72%
4%a without warrants
deb 5s
6%s without warrants
72%
*105%
75
"26
43
"13""
12%
*89%
*106%
106%
J
124
121
J
103%
103%
95
94
13
5
*65
12%
21%
92%
695
110% 131%
102% 103%
49
37
91% 103
158
67%
5
107%
19
107
107
107%
105%
32
27
104»32 1042«32
109
92
95%
107%
"l09%
41%
80
79
50
104%
82
64%
31%
103% 109%
100
104%
80%
107% 108
""21
99%
107%
1947 MN
98
71
107%
126%
103%
*105
D
S
2
267
1950 J
IVI N
~76~
11
232
91%
1950 J
..1948 J
M
73%
33%
O
4%s with warrants....1956
Saratoga 6s gu
1941
98
31%
1971 A
J
98%
91%
conv g
..
Deb
91%
74
*113%
........
Pub Serv El A G 1st & ref 4si
Pure Oil Co s f 4% s w w
Rensselaer A
92%
75
*110
5s. 1933
{♦Providence Sec guar deb 4s
1957 IVI N
{♦Providence Term 1st 4s
1956 M S
s f
119%
1974
...
1st gen 5s series C
1st 4 %s series D
1958 J
119%
Gen & ref 4%s series A
J
1997 J
Gen & ref 4%s series B
J
1997 J
Rem Rand deb 5%s with warr.1947 M N
..Nov 15 1969 M N
55
97%
86%
123% 151%
120%
111%
65
,
61%
59%
120
100
103% 106
48
112
O
102% 105
"50"
A
D
25
101
D
Reading Co Jersey Cent coll 4s. 1951 A
24
93
102% 104%
107% 110%
D
115
45
7
73
104%
106% 108%
99% 101%
1965 J
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s & com stk(65% pd)
J
{♦Debenture gold 6s
1941 J
51
104
1968 J
1943 M N
I
Phlla Bait A Wash 1st
g 4s
General 5s series B
Purity Bakeries
105%
22
83
189
113
113
31%
155
88%
213
111%
166%
""75%
135
55
102%
1960 F
April 1990
Peoria A Pekln Un 1st
5%s..
Pere Marquette 1st ser A 5s..
1st 4s series B
1st g 4%8 series C
94
103%
*108%
J
1984 J
cons
Peoria A Eastern 1st
♦
Income 4s
M
103
1981
1981
E
ser
1941
103%
1948 IVI
_
{{♦Pressed Steel
2
101
*103
D
{♦Postal Teleg A Cable coll 6s. 1953
31
16%
63%
119%
107%
66
121%
N
1942 J
96
104%
*67%
1952 IVI
93
104%
For footnotes see page 2633.
F
J
1944 J
81
50
2
*106
1937 M
1941
84
104
------
1944
101
103%
A
1953 J
100
105
F
1957 M
Aug 15 1963 F
Deb 5%s series B
107%
33
{♦Park-Lexington 6 %s ctfs...
Parmelee Trans deb 6s
Pat A Passaic G A E cons 5s
Port Arthur Can & Dk 6s A_.
104
D
60
119%
57
129
1st mtge 6s series B
1953
Port Gen Elec 1st 4 %s ser C
1960
1st 5s 1935 extended to 1950
Porto Rican Am Tob conv 6s.. 1942
103%
J
-
"119%
55%
72
15
22%
106% 108
96% 102%
96%
88%
48%
67%
51
86%
123%
S 0126
83
110% 111%
32
"51" "*8
87
1968 IVI
89%
137
17
48%
57
1955
46
S
A
1955
45
A
1961
No Am Edison deb 6s ser A
O
50%
49%
54
63%
119%
106% 107%
103% 106%
N & W Ry 1st cons g
Deb 5s series C
103
--
1937 F
1940 F
N Y Susq A West 1st ref 5s
New
*42%
41%
110
1951 M N
...1956 M N
1st mortgage 5s
1st mortgage 5s
48%
------
A
♦1st M 8 f g 3s loan ctfs
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
107'
101% 103%
*105
J
D
108%
32%
100%
M
s f g 4%s
1955 J
{{♦Pan-Am Pet Co(Cal)conv 6s *40 J
♦Certificates of deposit
Paramount Broadway Corp—
O
43%
------
Paducah A Ills 1st
1943 A
37
15
1
J
19%
♦Harlem R A Pt Ches 1st 4s. 1954 IVI N
130
107%
S
31
28
107%
107,r«
1937 J
32%
------
93
1952 IVI N
1949 M
D
J
♦1st A ref 4%s ser of 1927.
2
103%
63
16
J
IVI N
♦Collateral trust 6s
64%
102%
107%
103%
1973 J
30%
158
108%
100%
Phila A
105%
100% 100%
39
29%
29%
105
8
101%
A
30%
30%
45
22
101
F
32
J
108%
102%
102%
102%
1971
29%
121%
100%
101
100% 101
104% 105
108
•
120%
119
"i03""
General 4%s series D
Phlla Co sec 58 series A
Phlla Elec Co 1st A ref
4%s..
1st & ref 4s
30
112
118
1937
General g 4%s series C
104
94% 100%
103
30
30%
J
1938
105%
103%
IVI
♦Non-conv debenture 3%s_.1954 A O
J
J
♦Non-conv debenture 4s
♦Non-conv debenture 4s
1956 IVI N
102
108
102%
1938
Refunding gold 6s
109
70
68%
67%
5
102%
♦2d extended gold 5s
Pacific Tel A Tel 1st 5s
Ref mtge 5s series A
114%
35
"i02%
107%
111% 114%
113% 115
26
S
1964
103%
3
121%
S
64%
101%
102
112%
119%
1941 M
103%
'
96%
86%
101% 104%
82
97%
70%
87%
88% 94%
112% 113%
111
113%
113%
111%
111%
1961
1963 IVI
"120%
1942
90
98
39%
108
119%
120%
107%
102%
1946
106%
74%
90
99% 102%
30
101%
*103%
112%
*111%
Pacific Coast Co 1st g 5s....
Pacific Gas A El gen A ref 6s A
1st A ref 4s series G
101%
29
105
113%
111
O
Ontario Power N F 1st 5s
Ontario Transmission 1st 5s..
113%
A
D
95%
77
101
90
106%
107%
43
107
J
28-year 4s
Penn-Dixie Cement 1st 6s A..
119"'
98
O
92%
100%
104%
32%
109"
11
31
108
104% 106
*108%
1936 J
Guar 3%s trust ctfs C
Guar 3%s trust ctfs D
Guar 4s ser E trust ctfs
-----
115%
106%
107%
*106%
1948 J
Ohio River RR 1st g 5s
General gold 5s.
42
109%
99% 109
108
Ohlo Indiana A West 5s..Apr ;
Ohio Public Service 7%s A...
42
42
51
104%
J
1944 J
1957 M N
36
39
F
1st gold 48
96%
80%
A
N Y Dock
88%
70
J
Oct 1
74
41
A
3-year 6s
105% 107%
75
88%
92%
A
Lake Shore coll gold 3%s__.
102
96
J
Ref & Impt 6s series C
122
52
96%
39
------
MN
F
105% 107
66
77%
120% 121
58
83%
45%
77%
39%
36%
O
F
6%
123%
81
------
O
A
3%
105%
106
A
A
4%
102
102
J
F
6%
120%
------
M N
F
4%
4%
*
111%
109%
109
105
Pac RR of Mo 1st ext
g 4s._.
'
■
103%
100
105
1941
Northwestern Teleg 4%s ext.
Norweg Hydro-El Nit 6%s..
Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s_._
105
33
5%
93
107
24
1938
A......1941
Ore Short Line 1st
86
110
297
104%
2047
1st A ref 7s series B
F
132
110%
108%
108%
81%
102
2047
ser B
73
104% 112%
85%
74%
50
82%
102%
111%
111%
108%
108%
2047
ser
65
70
110%
110
2047
Ref mtge
69
110%
81%
1997
Ref mtge 5s
104
*60
2047
1st A ref 6s ser B
83
High
121%
112% 115
65%
70%
cpns
Ref A impt 58 series C
Ref A impt 58 series D
Nor Ry of Calif guar g 5s
---.
Low
120
Reg & impt 6s series B
Nor States Pow 5s
No.
*113%
*67%
Gen lien ry A id g 3s Jan
Ref A impt 4 %s series A
88
High
*120%
S
Oct 1933 A
♦Apr 1934 coupons
North Pacific prior lien 4s
105%
104%
107%
Since
S
guar g 5s... 1946
as to sale
Range
Jan. 1
Asked
1974 M
Apr'33-Oct'33-Apr'34
♦Stmpd
101% 104%
87
85%
88
86%
82%
A
1974 M
North Cent gen A ref 5s A
Gen A ref 4%s series A
92
Bid
Low
High
"UH
86
A
)J
Low
3
101%
a86
A
>J
Price
104%
104%
106%
"l05~"
J
J
Week Ended Apr. 17
3
12%
11%
92%
11%
92%
J
J
Friday's
82
ill"
mmmmmm
------
J
IJ
No.
97%
20%
12%
12%
—
IVI N
J
Range or
Sale
107
A
M
—
-
Last
N. Y. STOCK EXCHANGE
Jan. 1
High
*
--
Week's
BONDS
Since
*93
S
M
♦Montgomery Dlv 1st g 6s.
Friday
Range
is
Asked
Low
MN
{♦Mobile & Ohio
April 18, 1936
110
132
70
158
82%
96% 100%
106% 108%
105% 107%
104
113%
104% 113%
107
110
New York Bond Record—Concluded—Page 6
Volume 142
Friday
BONDS
Last
N. Y. STOCK
EXCHANGE
Week Ended Apr. 17
Sale
Price
Friday's
Is
Asked
§3
High
A
No.
Republic Steel Corp 4 Hs ser A-1950 M S
Gen mtge 4Hs series B
1961 F A
114
118
153
109
109
995*
1095*
152
Purch money 1st M conv
5Hs '64 M N
Revere Cop A Br 1st mtge
J
104H
1045*
104H
39
45*8.1956
\
♦Rhelnelbe Union s f 7s
J
1946 3
♦Rhine-Ruhr Water series 6S...1953 3
J
♦Rhelne-Westphalla El Pr 78—1950 M N
]*- N
♦Dlrect mtge 6s
--4
♦Cons mtge 6s of 1928
♦Cons M 6s of 1930 with
A
O
*55
1944 M N
30
2
26 H
26 H
32
1
28
33 5*
33 H
29H
45H
J
1955
A
*33 H
D
*91
♦
1st
Roch
con
Sc. coll trust 4s A
GAE4H9
J
Rutland RR 1st con 4Hs
St Joe & Grand Island 1st 4s
St Jos Ry Lt Ht & Pr 1st 5s
St Lawr A Adr 1st g 5s
o
'I04H
J
1996 A
O
St Louis Iron Mt & Southern—
♦
{Riv Sc. G DIV 1st g 4s
1933 IVI N
♦Prior lien 5s series B
j"j
1950
deposit
♦Con M 4 Ha series A
"83"
77
"44 H
86
26
23 H
23H
155*
14H
175*
20
20
141
103
J
63
395*
59
28 H
41H
102 H
102 H
19H
121H
13
99H
193
89
16
108
985*
975*
110
*
109H
*1125*
585*
"59
^
47
,
47
*95*
155*
X
M 5
1933 **
1935
♦95*
45*
1948
f deb 5s
1952
f deb 5s
16
4
35*
8
65*
6
10
55*
8H
8H
9
97
7H
8
43
85*
75*
*165*
19
4
1951
^ ®
1952
3
1935
®
3
^
®
1949 *1
A
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s
Socony-Vacuum Oil 3Hs
1950 A
45*
45*
103'32
103'16
1025*
1022,6
10129J2 1012932
96 H
955*
"30
955*
83
83
"16
300
86
*76
"•46 5*
465*
"465*
111H
26H
1115*
1115*
26 H
28
1941 *
83 H
835*
85
1951
98 5*
98
985*
1946
Sou A Nor Ala cons
gu g 5s
1936
Gen cons guar
50-year 5s
1963
South Bell Tel A Tel 1st s f
5s.. 1941
Southern Colo Power 6s A
1947
So Pac coll 4s (Cent
Pac coll)..1949
1st 4Hs (Oregon
Lines) A—1977
Gold 4Hs
1968
Gold 4H3
1969
1981
{!
-J
104 H
St Louis Div 1st g 4s
1951
East Tenn
965*
73
1045*
101
101
1165*
107 5*
14
1065*
106
106
15
102 5*
105
805*
875*
1145*
90
98 5*
™
WN
** £
97 H
895*
935*
985*
318
90 5*
91H
144
90 H
90 5*
91
220
895*
905*
230
1105*
113H
85
XT
89 5*
*106H
99
93
915*
765* 91H
1065* 117H
1065* 106 H
1045*
1055*
171
995* 106H
103
104
132
925*
104"
53
16
45*
*3H
14 H
1075*
87
69
955*
81
"33
1075*
18
O
|M
N
A
70
905*
1105*
20
1025*
3
81
92 H
110H 1115*
1025* 104 H
102 H
93
102 H
94
40
98 H 1045*
5
845*
96 H
67H
675*
1005* 1005*
29
84
1954
1941
"SO 5*
1
72
71
3
60
77
95H
3
89
95
33 H
32 H
10
305*
28H
38
....
33
825*
H
31
36 H
5
28
30 H
29
30
30 H
1976
1978
12
29
32 H
35 H
295*
♦Ref A gen 5s series D
33 H
32
1980
of deposit
-
Wdeb 45* s 1945
1955
1045*
1955
*81H
Walworth Co 1st M 4s
debentures
Warner Bros Pict deb 6s
76
29
"IB
106
""90
77
79
89
29 H
29
325*
365*
31
104 H 1085*
70
84
71
925*
95
96 H
203
86
335*
46
30
*65*
625*
37 H
67
63
41H
67
63 5*
66
63
415*
66
79 H
995*
108H
100
1939
Co deb 6s—1939
♦Warner Bros Co deb 6s
1941
....
Warren RR 1st ref gu
g 3 Hs-l—2000
Washington Cent 1st gold 4s...1948
Wash Term 1st gu
3Ha—
1945
1st 40-year guar 4s
1945
100
79 H
5
16
*108
1939
1115*
1245*
1225*
1225*
ser
E—1963
*108
1961
Western Maryland 1st 4s
1st A ref 5 Ha series A
110
1952
1005*
100
100 H
1977
108
108
108
1937
103
1943
West N Y A Pa 1st g 5s
Gen gold 4s
Western Union coll trust 5s
35H
1938
"l07 k
Funding A real
1045*
110
38
47
34
1065*
4
106
107
108
44
425*
59
103
102
10
101H 1035*
106
30
1035* 1065*
104
1075*
107 H
1065*
107 H
122
28 H
28 H
6
275*
33 H
92
935*
130
85
96
865*
2361
875*
30
81
92
104
105
1015*
131
*105
D... 1966
RR 1st consol 4s
103
106
35H
1075*
""925*
2361
Registered...
109
36
1065*
101H
1055*
101H
110
965* 1015*
106
38
106
est g 4 Ha
1950
15-year 6Ha
1936
25-year gold 5s
1951
30-year 5s
1960
♦Westphalia Un El Power 6s—1953
West Shore 1st 4s guar
24
1095*
365*
355*
106 H
108
138
103 H
1095*
365*
1946
♦5s assented
103
1095*
1946 IVI
A
82
100
1215* 1245*
119
1225*
105H 106 H
*1057,6 ,1055*
.1956
94 H
109H 109H
110H 112
1115*
1245*
f 5s
77
98 H
105 H 108 H
Westchester Ltg 5s stpd gtd._.1950
ser
1065* 108
1005*
deposit—
Wheeling A L E Ry 4s
6H
20 H
105
deposit
ser
11
65
1939 F
♦Ref A gen 4 Ha series C
West Penn Power 1st 5s
1st sec 5s series G
1st mtge 48 ser H
3H
4
165*
104
1962
♦Ref A gen 5s series B
♦Deposit receipts
45*
107 H
*1045*
895*
1105*
110H
1025*
deposit
{♦Western Pac 1st 5s
60
100
*1115*
1949
Wheeling Steel 4Hs series A—.1966
White Sew Mach deb 6s
101
35
715*
88
9
85
98 H
107H lHH
1005* 1015*
88
13
1065*
18
68
1065*
22
83
29
78
895*
975* 1025*
575*
76H
104 5* 107 H
145*
34
"235*
1075*
114
19H
126
'i055*
"losk
985*
1065*
"■45
95
96 5*
121H- 121H
1035*
1045*
21
105H
97 H
1105*
1944 F
985*
1105*
50
1
63
10
*1185*
1953 J
109
1085*
109
100
100
1944 A
103H
1025*
Tex A N O con gold 5s
Texas A Pac 1st gold 5s
1943 J
2000 J
1005*
1035*
103 5*
1235*
1977 A
103
103H
42
180
1
94
102
99 H 103 H
1175* 124H
31
50
48
102
103
5S
97
108 5*
1
105
67
345*
~92H
345*
1025*
915*
79 H
785*
685*
50
36 5*
1035*
107
925*
12
80
55
4
98
104
97
104 H
104H
5* 1095*
675*
715*
22 5*
1035*
103
1035*
100 H
100 H
40
315*
45
67
17
1st mtge s f 5s ser B
102
18 H
10
11
*95*
10 H
1065* 1075*
995* 102
107
*13
18
"II
15H
15H
9
9
110
255*
25 5*
15 5*
14 5*
*10
1055*
1055*
1065*
.1970
75
111H
*16
...
1065*
1045* 1065*
104
1065*
77 H
99 5*
e
865*
1045*
965* 101
Cash Sales transacted during
the'current week and not included in the yearly
range.
No sales.
r
Cash sale only transaction during current week,
transaction
during current week,
current week.
at
n
a Deferred delivery sale
Under-the-rule sale only
{ Negotiability impaired by maturity.
only
transaction during
I Accrued Interest payable
exchange rate of $4 8665.
{ Companies reported
as
being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
♦
43
1005* 1035*
96
91H
Tokyo Elec Light Co Ltd—
100H
21H
57 H
|*1095*
.1960
♦Sup A Dul div A term 1st 4s 1936|Mi N
♦Certificates of deposit
♦Wor A Conn East 1st 4 Ha— .1943
Youngstown Sheet A Tube 5s..
.1978
1035* 105
1105* 111
116
118H
105 H 111H
87 H 1025*
1025* 105
124
102H
31
255*
81 H 117
108H
1025*
102
22 5*
235*
56 H
*106H
1015*
{♦Wis Cer 150-yr 1st gen 4s
.1949
♦Certificates of deposit—
285*
101H
25 H
1005* 1005*
105
1075*
74 H
98
120
1215*
1035*
1035*
1225*
1025*
Winston-Salem S B 1st 4s
90
255*
Wilson A Co 1st M 4s series A—
.1955
-----
101H
1940 MN
{♦Wickwire Spencer St't 1st 7s.l935|
♦Ctf dep Chase Nat Bank.
97
1950 F
94
115
J
2003
83
Texarkana A Ft S gu 5 Hs A
Texas Corp conv deb 5s
1st 6s dollar series
1953
Tol A Ohio Cent ref A imp 35*s I960
Tol St LA W 1st 4s
1950
15
♦Ctfs for col A ref conv 7s A .1935
Wilk A East 1st gu g 5s
.1942
Will A 8 F 1st gold 5s
.1938
95H
S
158
68 H
92
68
85
A
•AdJ inc 5s tax-ex N Y_.Jan 1960 A
Third Ave RR 1st g 5s
1937 J
Toho Elec Power 1st 7s A
.1955 IVI
1005*
72 H
100
68
~23H
Gen A ref 5s series D
1980 J
Tex Pac-Mo Pac Ter 5Hs A... 1964 M S
Third Ave Ry 1st ref 4s.
1960 J
72
*65
68 5*
1075*
...1979 A
995*
H
33
99 H
955*
975* 1015*
64
72 H
100
53
18
D
73
1936
64
J
J
99
1949
121
1065*
IVI
985*
107 H
80 H
85
68
s
4
*108
63 H
875*
A
42
28
29 H
27
107 H 108
79
1936 J
IVI
33 H
50
g 4s
1939
Omaha Div 1st g
35*3
1941
Toledo A Chic Div g 4s
1941
{♦Wabash Ry ref A gen 5 Ha A. 1975
s
33
39
*108H
1939 IVI N
Wash Water Power
33H
365*
H
1955
♦2d gold 5s
1st lien g term 4s
Det A Chic Ext 1st 5s
Des Moines Dlv 1st
{♦Warner-Quinland
29
31
285*
90
...1958
(Hiram) GA
383
20
90
{Wabash RR 1st gold 5s
6s
"_5
107 H
30
68
1962 IVI N
Walker
111
"335*
31
72
...1942
1st cons 5s
♦Certificates
102
30
68
Virginia Ry 1st 5s series A
1st mtge
4Hs series B__.
of
118
10
1025* 1045*
1065* 1095*
98
1035*
111
1125*
25
35 5*
103 H 107H
100 H 1025*
27
Hs.—1934|J
ctfs
Virginia Midland gen 5s
Va A Southwest
1st gu gs
♦Certificates
108H
109
1955..
ser A
Va Iron Coal A
Coke 1st g 5s
of
103
3
1957 M N
P 1st gu 4
♦Certificates
123
29
37 H
coupon off
of
114
71
108
29H
105
1075*
1045* 1065*
21
175*
1195* 122
1115* 114H
107H 111H
40
*295*
"36"
98 H
79
104
*1005*
"36"
58.1941
4s series A
♦Certificates
50
102
100
605*
*1025*
J
1065*
1065*
1947 J
79H
J,
-J
1964 J
33
1959 "
conv
109H
"84
*112
33
1944 F
97
7
1095*
1025*
107 H
100 H
"985*
615*
1943 J
4Hs...19391
Gen A ref 5s series B._
Gen A ref 5b series C
76 5*
77
90
985*
1065*
102H
1165*
108
106H
935*
1005*
1944 A
f 4a series B
♦{July
1135*
1085*
1035*
87 H
895*
*100
1938 M
Swift A Co 1st M 35*s
1950
Tenn Cent 1st 6s A or B
1947
Tenn Coal Iron A RR gen 5s.. 1951
Tenn Cop A Chem deb 6s B...1944
Tenn Elec Pow 1st 6s ser A
1947
4s
104
108
{♦Universal Pipe A Rad deb 6s. 1936 J
♦Unterelbe Power A LHtht 6s ..1953 A
83
X
0
6s_1945|
f g
95*
13H
115*
24H
75*
65*
103M
{{♦Stevens Hotels 6s series A.. 1945 J
J
♦Studebaker Corp conv deb
s
85*
10H
1045*
1938
1955,
75
188
92 H
J
™|
1994 J
1956
4?
103
21
102 5* 104H
1012932 103 5*
955*
96 H
88 H
83
695* 80
425* 515*
111
1125*
265*
31H
107
San Fran Term law 4s
...1950
X
So Pac of Cal 1st con gu
g 5s... 1937 M N
So Pac Coast 1st gu
g 4s
1937 3
So Pac RR 1st ref guar 4s
1955 3
1st 4s stamped
1955
....1996
4
1165*
106
«;
1956 7
1956 A
105
101
*
A
3
1045*
165*
4
♦4H
M-N
1951
Sunbury A Lewlston 1st 4s
17H
155*
17H
4H
65*
65*
1947 ™ «
S'weet Bell Tel 3Hs ser B
{♦Spokane Internat 1st g 5s
Staten Island Ry 1st 4Hs
"l6
5H
»
a
reor lien g 5s
Mobile A Ohio coll tr 4s
114H 117H
19
205*
16
195*
155* 21
'163""
5
9
1205*
115
103
1035*
1967
s f 65*s series C
1951 J
♦Sink fund deb
65*s ser A—1947 J
♦{Vera Cruz A
4
114
♦Sec,
s
106
106
1135*
108 H
108 J*
(Del.) 5s
1953._
1944 IVI
{{♦United Rys St L 1stg 4s
1934 J
U 8 Rubber 1st A ref
5s ser A. .1947 J
United S S Co 15-year 6s
1937 M
♦Un Steel Works
Corp 6Hs A—1951 J
Cons
31
91
825*
90
185*
995*
84 H
95
H
185*
*118H
June 2008
Debenture 5s
Vanadium Corp of Am
90 5*
106
U N J RR A Can
gen 4s
cons g
101H 103
91
106
1st lien A ref 5s
...June 2008
Gold 4s
1968
United Biscuit of Am deb 5s...1950
United Drug Co.
Vandalla
975*
1025*
92
114H
1135*
Utah Lt A Trac 1st A
re t5s
Utah Power A
Light 1st 6s
Util Power A
Light 6 Ha
1
High
1015* 1055*
120H 122
117H 130
*83
4s—1947
1st lien A ref 4s
Gold 4Hs
Low
136"
95
1945
Union Oil of Calif 6s series A—1942
12-year 4s conv deb..
.1947
Union Pac RR 1st A id
gr
104
*89
1952
f 7s
s
No.
975*
*101'32
1940
f 7s
High
104
5Hs A... 1954
{♦{Union Elev Ry (Chic) 5s...1945
66
;
sec s
Since
Jan.
1215*
Union Elec Lt A Pr (Mo) 5s—-1957
Un E L A P (111) 1st g
66
55*
jl *
f A
♦Guar
Uljlgawa Elec Power
66
585*
60
555*
65*
A °
s
Mem Dlv 1st g 5s
47
525*
*13
.
A ctfs...1935
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
Devel A gen 6Hs
14
99 H
1105*
1085* 112
585* 625*
8
1945
-
"2
♦1185*
„
A
13
65
50""
..
Sierra A San Fran Power
5s
♦Silesia Elec Corp s f
6Hs
Gen refund
106H
1
3
deposit
Term Assn of St L 1st g
1st cons gold 5s
51
106H
109H
^
M *
4s._1950lA 0
15-year deb 3Hs
Shlnyetau El Pow 1st 6H8
♦{Siemens A Halske s f 7s
♦Debenture s f 6 Ha
55
31
27
105
1075*
1035* 1045*
1045* 106H
117H 121H
205*
17H
121
106H
1989
5H8
4
H
1035*
106
1035*
_
Gold 4 Ha
19H
105
—
Shell Pipe Line
Shell Union Oil
1005* 102 H
101H 102 H
*1035*
22 H
21
f 6s
s
Range
Asked
*115
♦Tyrol Hydro-Elec Pow 7 Ha—1955
Virginia El A Pow 4s
63
60
22
Trumbull Steel 1st
70H
545*
39
A
*1085*
104
1949
Trl-Cont Corp 5s conv deb A--1953
Truax-Traer Coal conv 6 Ha—1943
♦Vertlentes Sugar 7s
54
*1025*
1942
Toronto Ham A Buff 1st g 4s -.1946
Trenton G A El 1st g 5s
91
37 H
102 H
Bid
Tol W V A Ohio 4s ser C__
205*
37 H
19461A 0
♦Series B certificates
Sharon Steel Hoop a f
8
145*
13 5*
76 H
50
"54"
♦Certlfs of deposit stamped
* Y
♦Adjustment 6s
Oct 1949 *
A
{♦Refunding 4s
1959 A 0
♦Certificates of deposit
{♦Seaboard All Fla 6s
26
J
"50"
of
175*
15
235*
27 H
24H
22 H
J
.
♦Certificates
2
18
Stamped
1950
14
19H
...1946 J
Stamped
43
88 H
65
1943-J
{♦Atl A BIrm 1st g 4s
61H
75
175*
S A A Ar Pass 1st
gu g 4s
San Antonio Pub Serv
1st 6s...1952 ■*
Santa Fe Pree A Phen
1st 5s...1942 A1
♦1st A cons 6s series A.
385*
12
1972
♦Certificates of deposit
{♦Gold 4s stamped
78
92
88
1940
Scioto V A N E 1st
gu 4s
I {♦Seaboard Air Line 1st
g
81
235*
205*
245*
1943
Guars! 6 Ho series B
"445*
44
67H
71
77
755*
Range or
Friday's
Sale
Price
Low
87
86
.1937
6Hs
77
35
43
43
315*
1075* 1095*
103 H 105H
92
875*
80
175*
{♦St Paul Sc K C Sh Lgu
4HS--1941
guar
83
159
22>*
18H
Hs—1947
Schulco Co
83
32 H
27
85H
Guaranteed 5s
1937
St Paul A Duluth 1st con
J
g 4s..l968
{♦St Paul E Gr Trk 1st 4
J
{Pacific ext gu 4s
(large)
St Paul Un
Dep 5s guar..
"l3
875*
114
85H
215*
18H
J
Mont ext 1st gold 4s
1045*
18
1937 J
St Paul Minn A Man 5s
1045*
88
1990
5s
13
M~N
...
1989
♦28 g 4s inc bond ctfs
Novl989 J
♦1st terminal &
unifying 5s. .1952 J
♦Gen & ref g 5s ser A
J
cons
325*
109
M~S
1978
♦Ctfs of deposit
stamped
{♦St L S W 1st 4s bond ctfs
St Paul City Cable
14
475*
104
1075*
41M 525*
90
94 H
90
79 H
54
37 H
1125* 1125*
107 H 109
13
215*
20
of deposit
of
26
*70
{♦St L Peor A N W 1st gu 5s...1948 j""j
St L Rocky Mt & P 5s
J
stpd
1955 |J
{♦St L-San Fran pr lien 4s A
J
1950 J
♦Certificates
156H
*80
♦Certificates of deposit
♦Certificates
7
"29 k
27
315*
*107H
J
1996 J
185*
*25
275*
J
1937 M N
2d gold 6s
107 H
156
o
1941 J
1947 J
46
107 H
17
s
J
85
*113
3
Royal Dutch 4s with warrants. 1945
♦Ruhr Chemical s f 6s
1948
RutrCanadan 1st gu g 4s
1949 J
49
37
95
42 H
1977 M S
335*
38
202
"40H
84 H
O
1949
series D
Gen mtge 5s series
E—
1962
{{*R I Ark Sc. Louis 1st 4 Hs—1934
29
124
45
42
1952
f 7s
1125* 126
97 H 1005*
107 H 109 H
1025* 105
295* 34
26
285*
29 H
34
29
405*
*1035*
Last
STOCK EXCHANGE
Week Ended Apr. 17
High
30
♦Rio Grande June 1st gu 5s
1939
{♦Rio Grande West 1st gold 4s. 1939
s
Low
29
♦Rlma Steel 1st
43
N. Y.
Since
28
*28
*43H
BONDS
Range
Jan. 1
*28
28
♦Certificates of deposit
Rlchm Term Ry 1st gu 5s
IVI N
29
30
warr
{{♦Richfield Oil of Calif 6a
98H
*25
1952 M
1953
113
Week's
Friday |
Range or
Bid
Low
98H
2633
Week's
»
Friday's bid and asked price.
♦ Bonds Belling flat.
Deferred Delivery Sales transacted during the current week and not Included
in the yearly range.
No sales.
2634
New York Curb
Exchange—Weekly, and Yearly Record
ap"> i8>1936
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.
In the following extensive
the week
from the
list
we
furnish
No account Is taken of such sales in computing the
complete record of the transactions
daily reports of the Curb Exchange itself, and is intended to include
Week's Range
for
Sale
Par
of Prices
Low
High
Agfa Ansco Corp com
Price
*
Conv preferred
Warrants
Shares
75
Jan
113%
18%
4%
15%
62%
4%
Mar
""166
1,000
30
100
43%
43%
Ala Power $7 pre!
75
73
75
290
66%
63
67
170
1
"22 %
"22% "23%
1,000
75
060
Aluminum Co common.
22 %
*
136
136
6% preference......100
119
119
16
16
..
Aluminum
Goods Mfg..*
Aluminum Ind com......*
Aluminum Ltd com......*
6% preferred.......100
American Beverage com. 1
American Book Co
American Capital-
3%
22%
144
121%
16%
61
62
75
75
79
3
3
3
Jan
600
15
Feb
121%
16%
13%
45
87
3%
74%
10
89
61
Bunker Hill A Sullivan..10
Burco Inc com
109
900
1%
35%
Bulova Watch $3% pref._
Feb
Mar
400
89
Apr
23%
152
1,500
1%
35%
Buckeye Pipe Line
50
Buff Niag A East Pr
pref 25
$51st preferred
Jan
98
89
Jan
87
68
35%
Feb
115
2,950
1,650
96%
3%
74%
10c
76
Jan
Jan
Class A oom........10c
$3 preferred-.........*
35.60 prior pref
*
Feb
21
63
300
600
50
9%
Jan
1
4%
25%
Feb
9%
Mar
Cable Elec Prod
IX
73
75
Mar
101
Mar
Mar
4%
*i«
Jan
Jan
27
Jan
86%
Jan
4%
77%
9
Jan
Jan
Feb
2
Feb
86%
91%
25
OI&88 B
5
Cynamld"class A1110
n-v
10
_
Amer Dist Tel
46 %
6%
"36"
N*J "comI.*
Amer Equities Co com
l
Amer Fork A Hoe Co com*
Amer Foreign Pow warr.
Amer Gas A Elec com. ..*
»
.
American General Corp 10c
$2 preferred
l
$2.50 preferred...
Amer Hard Rubber com. 50
Amer
Laundry Mach
37%
112%
Mar
Feb
6% preferred.
Amer Potash & Chemical. *
Am Superpower Corp com*
"♦
Amer Thread Co
pref.IIIs
4,400
6%
37%
"9^900
Jan
Jan
Jan
35%
115
Arcturus Radio Tube
1
Arkansas Nat Gas com. _.*
Common class a
*
Preferred
io
Arkansas P A L $7 prefl.*
Art Metal Works com.
5
Associated Elec Industries
Amer
deposit
rets
25
116
Jan
124%
Mar
Jan
7
Feb
Jan
24%
Feb
Mar
Jan
5
Feb
100
HIi
Ill I*
19
500
8%
37%
6,000
550
V t
c
.
Atlas Corp common.....*
$3 preference
Feb
12
Feb
Jan
Jan
Jan
350
31
100
19%
27%
Mar
5,700
Apr
Jan
Jan
25
Mar
Feb
80%
Jan
Jan
24%
1%
39%
Mar
26%
22
23%
27
27
100
17%
25%
20%
1X
22%
300
14
1%
1%
33%
24,800
2%
300
Jan
41%
43%
46
2%
2%
2%
40
40
4%
4%
4%
Jan
Feb
Jan
29
34J00
2%
Apr
Jan
900
2%
43
18
1%
23%
39%
4%
Jan
Jan
4%
99%
63%
4%
1,500
300
20%
108%
2%
7
11%
1%
5%
20%
108
108%
1%
2%
6%
7%
7
6%
8%
8%
91% 91%
11%
12%
1%
5%
15%
600
800
6,600
70
4,400
7,100
29,900
2,800
18%
1%
4%
Jan
Jan
Jan
2%
18%
2%
6
20%
108%
Jan
Jan
Jan
4
7%
Jan
87%
1,500
9%
Mar
Jan
12%
Apr
11%
1%
1%
1%
IX
8%
11%
1%
IX
8%
3,100
1,600
6,400
1,600
2,000
35
2
2
*92"
500
36
2%
400
92
93
40
11%
12
2,200
Jan
12%
Feb
1
Jan
1
Jan
2%
3%
Feb
Feb
5%
'jj
Jan
Jan
Feb
14%
Feb
%
Feb
Feb
Feb
10%
%
%
26%
1%
25%
%
%
Jan
Jan
36
Jan
Jan
3%
26%
Feb
93
Apr
10%
Apr
Apr
Jan
Feb
Jan
92
34
13%
"13% "13%
54
54%
Jan
lb",700
13
Jan
16%
88%
16%
900
51
Jan
55
4%
$2.60
conv
.___*
16
16
16%
200
37%
37%
100
24
25%
1,000
4,100
4,400
19%
Blumenthal (S) A Co
*
Bohack (H C) Co com...*
7% 1st preferred
100
Botany Consol Mills com.*
Bourjols Inc
...
19%
3%
47%
19%
Q
45
4
♦
125
5
24%
Brazilian Tr Lt A Pow
»
12
12
Bridgeport Machine
*
Class A.
preferred
Convertible class A
17%
4
13%
25
12%
♦
Carolina P A L $7
$6 preferred....
50
""566
prefII*
..•
7% 1st partle pref...100
7% prior preferred..100
Celluloid Corp oom
.15
Feb
14%
Feb
Jan
Jan
50
Jan
3%
12%
Apr
Apr
23
Feb
9%
13%
Jan
Jan
Mar
1%
Jan
3
Jan
5
200
29
100
7%
26%
16%
20%
Jan
Jan
Mar
Jan
Jan
1%
6%
18
Mar
Jan
Feb
Feb
Feb
29%
15%
Mar
20%
Apr
97
Feb
Mar
4%
8%
53%
8%
Feb
29%
25%
Apr
Apr
27%
Feb
5%
14%
Feb
Jan
32
Mar
"~4% "4%
Ma
Feb
2
Jan
Mar
4,000
591400
2%
Jan
22
Jan
Feb
Mar
4%
Feb
92%
91%
92%
81
81
81
9%
10%
1,000
40
81
Jan
Apr
Mar
9%
Apr
Jan
105
104% 109%
1,050
104%
Apr
116%
Jan
108%
108
400
107%
12%
Feb
116
Jan
109
37~
"39"
""75
Jan
16%
16%
Jan
1,500
15%
14%
70%
53%
15%
70%
58
5,200
10
550
37
Mar
55
Jan
92
5%
Jan
102
Jan
14%
Apr
17%
Jan
Mar
69
42%
74
Feb
Feb
59
Mar
25
22
22
22
1,700
8,500
850
25
18%
200
115%
18%
113"
2%
400
1%
Jan
3%
Feb
1%
18%
31%
Jan
Jan
3%
31%
Feb
Jan
Jan
54
Feb
20
1%
Jan
44
Feb
19%
Jan
31
5%
18%
17%
Apr
6%
Feb
Feb
25%
Mar
Jan
Jan
22
113
Apr
38
113
Jan
Jan
38
124%
48
34
"l~,206
24
Jan
34 %
50
100
34%
Jan
59
100
%
5% 112,300
53%
3,800
41%
%
"5%
4%
50
53
4%
400
Mar
Jan
30%
48
"30%
4
Apr
Mar
4
1
Feb
Jan
%
3
7%
Feb
Jan
59%
6%
Feb
Jan
Jan
Feb
III~»
prefl*
43
43
200
41%
Mar
54
Feb
51%
51%
50
42%
Jan
58
Mar
.._._*
Prefer!ed BB..
Cities Serv P A L
$7
48
48
50
45
Jan
Mar
16%
18%
9,800
11
City Auto Stamping..
*
City A Suburban Homes fo
Claude Neon Lights
Inc_.l
Cleve Eleo Ilium
16%
"13"
Club Alum Utensil
Co.. •
Cockshutt Plow Co com.. *
Cohn A Rosen berger.
I" *
Colon Oil Corp
com.."!"*
.
14"
5% preferred.. 100
Columbia Oil A Gas vtc
Columbia Pictures new. I
2
"600
Jan
Apr
Mar
Mar
Jan
4
73
Jan
*104% 110%
4%
4%
4%
1,700
14,900
93
Jan
114
Feb
3
*106
4,200
1%
%
Jan
5%
Mar
36
103
St6
105
S16
28%
2%
2%
%
15
%
32
2%
1
15%
49
18%
6
92
49
18%
5%
91%
20%
6%
92
115
115
276
280%
4%
4%
4%
"2%
96%
2%
97
2%
1,200
19,800
600
1,000
18,700
2,300
50
Mar
45
Jan
97
Jan
112
Jan
at«
%
Feb
3%
Mar
Jan
13
Jan
1%
%
11%
Jan
Mar
32
1%
Apr
Jan
16
Feb
Apr
49
Jan
49
Apr
Jan
23%
Jan
5
Mar
6%
Apr
84
Jan
50
6,100
45,000
3,000
15%
92
113
Jan
116
Apr
Mar
70
226
Jan
290
Mar
200
4
Jan
90
Jan
6%
105
Mar
140
Jan
3%
300
2%
Mar
Jan
Jan
98
Feb
%
Jan
2
Feb
6%
9%
Jan
88
15%
8%
6%
6%
16
700
44
44%
9
7
400
7%
6%
6%
6%
3,300
18,400
700
10
Apr
Jan
19
Mar
Jan
34
49%
Mar
6%
4%
Jan
9
Jan
8
Apr
Mar
5%
Jan
8
Feb
Jan
77%
3%
5,700
1%
Jan
4%
13%
2%
13%
13%
600
6%
Jan
17
12%
Mar
15
X
Feb
30
29%
30%
8,400
Mar
31
Feb
Apr
Jan
130
Mar
$6 preferred A.......
74
"3
......100
3%
8%
12
Apr
2%
54%
7% prior pf 100
Cosden Oil com
Apr
Feb
50
*
Corroon A Reynolds—
Common
Mar
Jan
Feb
2,000
28
$3 preferred A
I*
Copper Range Co...... *
Cord Corp
.......Is
1%
6
Apr
57%
2%
56%
*
10
Jan
Feb
7%
103
Secur $3 pref
Feb
12%
8%
1%
Commonwealth Edison 100
Commonwealth A Southern
Warrants...
_
Jan
Feb
52%
16%
3%
800
_
Colt's Patent Fire
Arms. 25
Columbia Gas A Eleo—
1%
Feb
48
com...I*
Jan
Jan
"1% "lleoo
1
66%
19%
3%
Jan
3%
.....
Cleveland Tractor com...*
Cllnchfield Coal Corp. .100
Preferred
43
6,400
5%
Conv
Feb
12%
14%
5%
--..I*
Feb
90
13%
100
Centrifugal Pipe..
*
Chapman Valve Mfg...25
Charts Corporation
10
Chesebrough Mfg
25
Preferred
Preferred B
98
Mar
43
225
Chi Ids Co pref
100
Chief Consol Mining Co__l
Cities Service com..
•
40
Feb
Jan
43
27%
Chicago Flexible Shaft Co f
Chicago Rivet A Mach...*
9%
Mar
22%
Jan
86
10
1,800
Feb
5
Jan
Apr
18%
21
Feb
16%
Continental Oil of Mex. ..1
Continental Securities...*
Cooper Bessemer com....*
Jan
•i«
Jan
Jan
5%
12%
11%
2%
24%
Feb
Feb
Jan
Jan
,
15%
"42%
Consol Copper Mines...Is
Consol G E L P Bait com*
Mar
1%
Feb
Mar
Apr
100
Conv preferred
100
Conv pref op ser *29.100
7% preferred
27
4%
Mar
Apr
250
Jan
25%
9%
10%
2%
Mar
2%
13%
8%
44%
16%
53
Jan
Jan
7%
26%
46%
Cont G & E
Jan
Feb
Apr
3
9
25
2%
Feb
Jan
Apr
X
900
24%
42%
Consolidated Aircraft... I
Jan
Jan
40
500
"2%
2% Pro' without warr 100
Jan
121
7%
2%
Cent A South West
Utll.l
Cent States Elec com_..Il
Feb
Jan
14%
9%
"58"
80
36
200
4%
3,700
2,600
Cent Hud G A E v t c.. "*
Cent Maine Pow 7% pf 100
Cent P A L 7% pref...100
74
100
65
Feb
Feb
Feb
Courtauld's Ltd
Am dep rets ord reg_.£l
Cramp Shp A Engine ..100
Feb
Crane Co com..
Preferred
Feb
Creole Petroleum........5
Mar
Crocker Wheeler Eleo...
Croft Brewing Co
1
...25
100
Crowley Mliner a Co
12
1%
"2%
2%
25
25%
120%
29%
12%
9,400
19%
Jan
34%
1,600
1%
6%
9,900
Jan
Jan
16
1%
6%
100
9%
%
6%
Apr
7
2%
2%
35,800
1%
Jan
2%
128
"28%
*
Crown Cent Petroleum..!
1%
IX
22
$7 dlv preferred.......*
1st preferred
*
Jan
5
For footnotes see page 2639
Mar
21%
"13%
21%
35
Registered...
4%
Catalln Corp of Amer
1
Celanese Corp of America
Consol Royalty Oil.
100
25%
2%
7%
%
2
2
9%
Feb
97
25
200
7%
Carrier Corporation.....*
Castle (A M) A Co
.10
39
200
Oil coup.....*
2%
10
3
5% preferred A
.100
Consolidated Min A Smelt
Consol Retail Stores
5
8% preferred
,100
7
19%
7%
Feb
Jan
43
"2% "2%
7%
2%
9%
1%
22
Jan
4%
Jan
14%
19% Mar
50
100
2%
3%
Jan
•
com...."
Feb
Mar
Jan
Jan
150
4,300
1,800
3,300
17%
%
Class B
Carnation Co
3%
11%
13%
35%
*
Brillo Mfg Co com._.._.*
Class A..
*
Brit Amer
700
1,000
100
Brill Corp class B
7%
O
45%
Feb
148
%
13%
23%
Preferred
20%
3%
48%
20%
Feb
Jan
121
300
3%
47%
Borne-Scymser Co
Bower Roller Bearing
Apr
12%
Ridge Corp com.___l
♦
Apr
Jan
2%
12%
pref.......*
conv pref
%
55%
Jan
100
%
50
Mar
Jan
X
9
15%
1,400
Mar
1%
20
14%
...1
1,000
%
62
85
51%
Carman A Co-
Como Ml'ie?
12%
"24"
$3 opt
Canadian Indus Alcohol A*
B non-voting
......
Canadian Marconi
1
Capital city Products....*
Carib Syndicate
25c
Compo Shoe Machinery_.l
Connecticut Gas & Coke—
3
Mar
Jan
48
175
24%
Jan
Mar
144
Black A Decker Mfg Co..*
Bliss (E W) A Co com...*
Blue
2%
25%
Jan
100
100
55%
64
%
64
"2%
Jan
50
Feb
100
100
Community PAL $6 pref *
Community Water Serv..*
70
%
Baumann(L)ACo7%pfdl00
Mar
107
Jan
200
Jan
103
Jan
103
X
Jan
Jan
39%
Jan
Mar
Jan
24%
150
400
IX
Mar
Apr
6%
15%
1,700
5%
11
70
Mar
IX
X
11
49%
Mar
10%
16%
5%
12%
425
31
dep rets A ord shs.£l
Am dep rets B ord shs £1
Apr
Jan
Feb
Amer dep rets pref shs £1
Calamba Sugar Estate. .20
Canadian Car A Fdy Ltd—
Preferred
....25
9%
310
com
Am
30Q
50
86%
83
Apr
.*
1,100
49%
Babcock A Wilcox Co
»
Baldwin Locomotive warr
BIckfords Ino
v t 0
Jan
Axton-Fisher Tobacco— "
Class A common
.10
9%
28
3,300
X
3%
7%
Apr
Convertible pref......*
Apr
Feb
Jan
9%
Bell Tel of Canada
100
Bell Tel of Pa
6%% pf.100
Benson A Hedges com....*
Jan
Jan
96
400
1
Feb
Feb
Automatic-Voting Maohl*
com
Jan
Mar
Mar
4,000
Aircraft
Feb
Feb
Mar
3%
8%
10%
9%
Bellanca
Jan
7%
3%
8%
9%
9%
Is
Feb
7%
9%
9%
43%
......
$6 preferred.
8%
..
Feb
Feb
Jan
20
Mar
Feb
Mar
13
104%
%
3%
3%
Mar
Jan
82
30
30
"3%
Atlas Plywood Corp.
Automatic Products
Feb
38
"22*
A....".I*
Warrants
43%
114
7%
80%
common........*
Atlanta Gas Light pref! 100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Jan
125
Laundries of Amer.*
Associates Investment Co *
Associated Rayon com
*
Assoc Telep $1.50 pref
*
108
450
31
$5 preferred
Option warrants.......
Assoc
3%
250
Feb
2,600
31
£1
l
Mar
FCb
118
10
Assoc Gas A Eleo—
Common
Class A
86%
40%
Feb
38
42%
35%
26%
..*
Angostura Wupperman..l
Apex Elec Mfg Co com..*
Appalachian El Pow pref.*
Feb
115
Amsterdam TradingAmerican 8 hares.
Anchor Post Fence
81%
29%
9
Jan
25
123% 123%
4%
4%
21% 22%
4%
4%
37% 39
111% 112%
1st preferred.......___*
Preferred
7%
48%
9%
25
Amer Mfg Co com.....100
Amer Maracaibo Co..
1
Amer Meter Co...
*
Amer Pneumatic Service.*
Mar
37%
42%
20
Amer L A Tr com......25
44%
47
115
preferred...100
450
46%
6%
3%
15%
34%
Mar
Cables A Wireless Ltd—
Jan
Mar
Jan
Jan
Mar
Jan
24% 24%
104% 105
42%
Mar
Feb
Mar
28
350
33%
Apr
Mar
Feb
Jan
2%
43%
24%
105
$3 convertible pref....
Warrants
Buima Corp Am dep rets..
Butler Brothers
10
Am Cities Pow & Lt—
Class A
29
8%
2%
9%
32%
30%
200
28%
Class A preferred
*
Brown Forman Distillery. 1
Brack Silk Mills Ltd
*
12
33%
Feb
Mar
1,500
100
3
11%
32
32
Feb
Feb
Feb
400
50
3
dep rets ord reg._10s
6% pref
100
Brown Co
Brown Fence A Wire B„__*
Jan
28%
1%
48%
82%
Apr
Jan
Jan
12
Am
28
35
22%
%
2%
12
100
Common class B
58
Mar
Mar
Feb
Mar
100
.
3%
22%
27%
"i«
87%
67%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
115
»
1%
45
Alliance Investment com.*
Allied Produots el A com 25
43%
High
Low
Am dep rets ord reg..£l
British Celanese Ltd—
4%
30
for
Am dep rots ord bearer /I
Jan
Jan
"55"
4
Price
British Amer Tobacco-
Jan
1%
Allied Internatl Invest
Par
2%
11%
44%
2%
TI06
"~I%
Allen Industries com
High
15
"3% "3%
.*
*
Week
of Prices
Low
High Shares
30 *110
110%
"55"
Range Since Jan. 1 1936
Week's Range
Sale
Jan
Alabama Gt Southern. —60
<6 preferred
*
Allegheny Steel 7% pref 100
Low
Last
46%
"~3%
4
Sales
Friday
Apr
43% 43%
110% 110%
1
10
AInsworth Mfg Corp
Air Investors com
Preferred
It is compiled entirely
security, whether stock or bond, in
stocks
Week
20
v t c com
Adams MUlis 7% 1st pf 100
Aero Supply Mfg cl A
*
Class B
.»
conv
for the year.
{.Continued)
Range Since Jan. 1 1936
Last
7%
every
Sales
Friday
Class B
range
the New York Curb Exchange for
dealings occurred during the week covered:
STOCKS
Amer
on
beginning on Saturday last (April 11,1936) and ending the present Friday (April 17,1936).
which any
Acme Wire
a
28%
12
128
1%
Jan
Feb
Feb
Feb
Mar
Jan
Volume 142
New York Curb Exchange—Continued—Page 2
Friday
STOCKS
Crown Cork Internatl A__*
Crown Drug Co coin
Preferred
Week's Range
for
Sale
Par
Cuban Tobacco
Sales
Last
{.Continued)
of Prices
14 %
25c
Low
High
14%
14%
5%
5%
5%
25
Cuneo Press com...
6%% preferred
Low
11%
4%
40
40
300
100
Jan
25
4%
Jan
11%
37%
Feb
42%
106
Cusl Mexican Mlnlng..50c
1%
Darby Petroleum com...*
15%
6%
"Ik "l% "5", 700
Mar
%
11%
11%
200
*9
16
16%
14
300
12
109
1%
Mar
P"T
Mar
Feb
Feb
Feb
Mar
Dayton Rubber Mfg com.*
Class A
13%
1,300
35
7% pref.100
Detroit Gray Iron Fdy
5
62
11
Derby Oil A Ref Corp eom*
3%
10%
3%
63%
12%
4
120
Products
2
Distilled Liquors Corp
Distillers Co Ltd—
5
9%
9%
19
"10%
li
9%
11
£1
..*
Dominion Steel A Coal B 25
7% preferred
10%
100
10%
Apr
Grocery Sts Prod
Apr
»
11
1,000
24%
31
32
5%
Duval Texas Sulphur.
5%
106%
200
1,200
Hall Lamp Co
19%
Mar
60
Feb
70
Mar
70%
8%
1%
Jan
Jan
Mar
Mar
8%
Mar
14%
4%
49%
10%
Apr
Hazeltine Corp
Hecla Mining Co
Apr
Mar
19
Apr
Helena Rubensteln
10%
Apr
Heyden Chemical
Jan
12%
Jan
Hires (C E) Co cl A
19
5%
11
23%
Apr
Apr
4%
Mar
25%
Jan
28
35%
Feb
Mar
Jan
7%
Feb
36
107
Jan
1,300
95%
20
66%
70%
33
107
1,200
Jan
124%
73%
Mar
106
39
Jan
33
10
Jan
25
Jan
Mar
Jan
Jan
3%
74%
•
8%
8%
12%
12%
4%
75
8%
13%
110
Feb
Jan
6
Mar
66
Feb
80
Jan
1
4
75
Common...
*
7%
60 %
72%
Eastern Malleable Iron-.25
Eastern 8tates Corp.....*
Easy Washing Mach -B".*
Economy Grocery Stores.*
"I %
Jan
Jan
1,500
7
Mar
1%
10%
3,700
7%
Jan
16%
Mar
%
1,800
275
8
2,600
74%
425
66%
1,750
32%
1%
50
3%
2m
81%
74%
11
1
Jan
6% preferred
.100
6%% preferred.....100
7% preferred..
100
8% preferred
100
•
4
Jan
11%
Mar
6% preferred
100
Illuminating Shares cl A..*
85
Jan
83
Mar
80
Apr
Jan
42%
3%
Feb
Jan
Imperial Oil (Can) coup..*
4%
Britain and Ireland
£1
Indiana Pipe Line......10
Indiana 8ervlce 6% pref 100
2%
Registered
..*
Imperial Tob of Canada.5
Imperial Tobacco of Great
23% 117,100
16%
Mar
1,300
66
Jan
79
Mar
74%
Jan
87
Mar
12
Mar
9%
Jan
25%
Jan
Mar
10%
Feb
3%
Mai
1%
Feb
Mar
Apr
Jan
Jan
98
Jan
91
Jan
Jan
84%
Jan
6%
Jan
8%
Apr
7%
68%
1%
3%
10%
11%
Mar
Jan
2,100
6%
Feb
9%
Jan
18%
Jan
51%
Mar
V t c common..
Jan
8%
Mar
2
7%
3,800
5%
Jan
Feb
75
91%
Jan
98
Jan
29%
Feb
9%
15
Jan
19%
Apr
30 %
42
Jan
37
Feb
Jan
62
Feb
...._*
62
43
Jan
Jan
57%
Feb
International Petroleum.
Registered
Jan
65%
Feb
International Products
200
47
Jan
Feb
100
21
Jan
67%
23%
20%
2,600
15
Jan
21%
2%
8,600
Apr
Feb
22
19%
2%
52
2
Jan
39
Jan
Feb
3%
44
Feb
Feb
Am dep rets ord reg_.£l
Ford Motor of Can cl A..*
Feb
Feb
International
Jan
21
Feb
8~400
17%
Apr
Jan
Jan
Interestste Hos Mills
•
Interstate Power $7 pref.*
13
13
14
36%
38%
19%
1,500
200
4%
13%
Jan
Jan
23%
10%
7%
16%
13
Apr
17
Jan
7
Feb
Feb
1,300
%
82
113% 113%
6%
7
60
44%
46%
44
Jan
31%
Jan
Jan
40%
Mar
Feb
45
7%
23%
27%
8%
25%
Jan
%
Jan
1%
Feb
200
%
Feb
1%
Feb
30
77%
Mar
10
7,000
175
89
Feb
9,100
550
117
Jan
Apr
9
Feb
57
Apr
70
Feb
37%
Jan
60%
44
Apr
60
112%
6%
Feb
Mar
Feb
9%
Jonas A Naumburg
2 50
Jones A Laughlin Steel. 100
Kansas City Pub ServiceCommon v t c
*
V t c preferred A
7%
Apr
23%
Apr
28%
Feb
27%
Jan
32
Feb
7% preferred B
5% preferred D
Klrby Petroleum..
Feb
Ktrkland Lake G M Ltd.l
Klein (Emil)
»
Feb
19
1,050
3%
2,900
16
Jan
2%
Jan
4%
80
Jan
19
Mar
4%
Feb
Feb
Mar
%
1%
900
28
23%
25%
1,000
19%
1,700
18%
17%
18
1,400
12%
Jan
Jan
20%
18%
Feb
Jan
...»
13
Jan
49
Feb
1
1
Jan
1%
1,100
41%
*
"""% ""%
Jan
'""560
2%
49
Jan
Feb
Mar
%
Feb
25
73
Jan
85
Jan
130
67
Jan
81%
Feb
1%
200
1
Jan
Jan
17%
3,600
2%
18%
Mar
62%
Mar
75%
75%
75
80
12%
47
Jan
Jan
51
700
84
85%
500
73
Feb
93
Jan
95
95
96
160
95
Mar
102
Jan
83%
83%
84
300
83
Feb
90%
Jan
73
$5 preferred
71
(A C) com
6%
5%
"41%
.2
Godchaux Sugars class A.*
01&8S 18
"37%
18%
Goldfield Consol Mines. 10
Gorham Inc class A com.*
Jan
8%
—....-*
21
Grand Rapids Varnish...*
Gray Telep Pay Station..*
17
Kolster
9%
500
Feb
30
6
Jan
Apr
Feb
2%
9%
7%
Jan
Feb
Jan
34
Apr
40
Jau
36%
Jan
63%
Feb
Feb
38%
Jan
55
Feb
53%
Feb
9%
Jan
9%
Apr
20
Jan
24%
1,800
20%
Jan
24%
Feb
500
13%
Mar
14%
Mar
38%
100
37
Mar
7%
400
12,800
22%
24
23
23%
14
13%
14
38%
20
20
20
30
93
94
7
5%
89%
9%
Jan
Feb
10
20
97
100
92%
Jan
4%
4%
100
Jan
4
4%
600
3%
3%
1%
freb
Jan
Feb
Apr
1%
1,450
Jan
6%
Jan
Jan
3%
20%
Jan
Feb
Jan
72
Mar
84
Mar
34
3%
Feb
Jan
Jan
Feb
7
Apr
50
6%
Feb
14%
7%
Jan
6%
13%
600
11%
Jan
14%
Feb
4%
3,800
11,800
3%
33%
Jan
Jan
5%
Feb
39%
38%
7%
Arp
Apr
Jan
64
9%
6%
12%
3%
37%
38%
4%
38%
3,300
38%
500
4%
1,200
"l% ""!% ""166
11%
1%
8
7%
30%
30
27%
27%
88
Jan
4%
1%
Jan
2%
4
Jan
Feb
Jan
Jan
Jan
Jan
14%
Feb
*t«
Jan
2%
Feb
Jan
Jan
Feb
Apr
9%
Apr
600
•1*
7%
27%
*t«
%
Feb
82
80
20%
Jan
33%
Mar
Feb
200
12
1%
2,600
'16
900
6,400
8
30%
27%
Jan
Jan
"27%
2~200
2,000
15
Jan
31%
Feb
Jan
25
23%
1%
Apr
%
26~
23
1
1
26%
1%
Mar
Feb
.1
90%
30
3%
44
1,700
%
1%
2,500
3%
4%
2,600
3%
38%
38%
1
4%
all2
all2
950
10
...1
La kawanna RE of NJ 101s
Lake Shore Mines Ltd._.l
Lakey Foundry A Mach._l
Lane Bryant 7% pref.. 100
20%
3%
4%
20%
21%
*10% £10%
8,700
Jan
Jan
113
Jan
3%
Feb
Mar
Feb
Feb
Apr
Mar
Mar
Apr
Mar
Jan
4%
Jan
2%
Jan
Jan
5%
*i«
Jan
Jan
1,600
Jan
24
Jan
18%
11%
Apr
Mar
6
Mar
%
Mar
1
96%
Apr
107
20%
96% 104%
11%
12%
19% 20%
400
1,200
"52%
"52% "53%
"5",166
Mar
Feb
400
Feb
11%
Jan
12%
Mar
14
Jan
21
Apr
Mar
74%
7%
6%
7%
1,900
Jan
78
61
Jan
69%
Jan
8%
Mar
5%
70
Class A
Jan
Mar
75
Jan
15%
Jan
......*
Lehigh Coal A Nav—..*
Leonard
Oil
Develop
Lerner Stores
6% %
12%
Jan
400
2%
Apr
200
19%
Apr
25
Jan
9,700
6%
Jan
11%
Jan
._.....*
Realty com—..1
Preferred
25
19%
9%
1%
2%
19%
9%
1%
2%
19%
10
600
37%
Feb
50
107%
Feb
111
13
14
4,800
13
3%
Jan
Mar
500
8
Jan
18%
Apr
Common
%
5,300
%
Jan
7%
3%
21%
2%
Jan
sie
4%
Feb
100
Feb
Preferred class B
Apr
25%
Feb
Loudon
.*
"7%
14%
21%
Jan
Louisiana Land A Explor.J
Louisiana L P A L Co—
46
Class B
Long
4%
600
......*
Lockheed Air Corp
Lone Star Gas Corp..
1
*
7%
13%
7%
13%
Jan
15,400
44
111
*
com
%
1%
45%
*
100
preferred
24
Jan
1%
6%
Mar
200
450
Apr
44
%
%
2%
16
%
1%
111%
1%
4%
Jan
Jan
8
600
32%
1%
30
3%
2%
37%
18%
Jan
98
5C0
2%
36%
18%
316
3%
Jan
91
Jan
600
Feb
10
Jan
88
5%
5
Loblaw Groceterias cl A..*
20%
83%
Langendorf United Bak—
Lefcourt
Lit Brothere
1,800
1,500
%
Jan
Feb
%
preferred.......100
Kreuger Brewing
Lion Oil Development...*
16%
Jan
74
4%
Kress (S. H.) A Co pref.100
Jan
1,000
Jan
Koppers Gas A Coke Co—
Feb
Feb
%
1,900
76
90
Feb
Mar
1
H
18%
3%
39%
21
22%
70%
45
24%
73%
64
Feb
17
15%
72%
7
Apr
Jan
16%
15%
Jan
31
14%
450
6%
11
73
Feb
300
Brandes Ltd.._£l
8%
3,200
14%
4,800
4%
1,300
7%
3
18%
18%
7%
9%
4%
2
46%
111
Jan
Feb
Mar
Apr
15
Mar
4%
20%
Mar
Jan
Feb
18%
Jan
10%
Jan
Jan
14%
Mar
Jan
Mar
Feb
Feb
Island Ltg—
—_..—..*
preferred....
Packing
$6 preferred
100
4%
84
100
w w
Feb
Jan
88
Mar
71%
7%
72%
150
64
Jan
76
Mar
7%
500
13%
14%
14,800
45%
48
7%
9%
95
*
...100
5%
240
4%
72%
Jan
86
4%
84
Jan
8%
Feb
Jan
15%
Mar
Jan
95
Jan
2%
Lucky Tiger Comb G M 10
6%% pref
2639.
200
25
100
Lynch Corp common——5
Mangel Stores Corp..
*
page
43
12,900
23%
2,800
22
15%
41
35%
23%
14%
21
2,000
7%
6%
40%
Apr
100
Feb
Mfg Co—
V t c agreement extended
43
9%
45
14%
100
7%
4%
35%
40%
Jan
Apr
52%
41
14%
....
*
2%
%
23%
30
Klelnert Rubber....
10
Knott Corp common.....1
6%
19%
17%
6% preferred A
100
Georgia Power $6 pref...*
Jan
76%
7% pref.100
Kingsbury Breweries
1
Kings County Lighting
5,100
19%
$3 convertible pref
*
General Tire A Rubber..25
*
4,700
Jan
"17%
Apr
28%
Kansas G A E
175
29
Jan
1%
16%
50%
110
Jan
5%% preferred—.100
6% preferred.......100
7% preferred
....100
8
%
Jan
Jan
105
Jersey Central Pow A Lt—
20
80
75
35
Jan
Iron Cap Copper com.-.10
Iron Fireman Mfg v t c.10
Feb
American dep rets...100
General Telephone com.20
1
28%
Fort Worth Stk Yds Co..
Froedtert Grain A Malt—
Conv preferred
—.15
•
60
Feb
62%
'6
Vitamin
Irving Air Chute
1
Italian Superpower A....*
Warrants...
5,400
1
%
6% pflOO
Feb
30%
22%
New warrants
20
Warrants
108% 110
175
.......
%
1,000
1%
32%
22%
%
1%
Ford Motor of Franoe—
Am dep rets ord reg__£l
Gen Flreproofing com....*
Gen Gas A Elec—
Feb
Jan
7,200
.......*
Class B..........
1
Jan
1,000
2%
10
10
Jan
Mar
4,100
Class A
J&d
9%
£18
Jan
71
Internatl Safety Razor B. *
Internat'l Utility—
%
6%
14
18%
2%
31%
..100
•m
13%
7%
Feb
17%
28
37%
1,400
5
24
23
Mar
69
*
3,300
%
13,«
17%
8%
6%
13%
...»
General Alloys Co......
Gen Electric Co Ltd—
6% preferred
Warrants
44%
Feb
13%
26%
4
43%
62
57
Jan
21%
100
1,300
Feb
69
1
44
61
7
Jan
3
55
1%
Corp
50
62
57
108%
26%
.50
IntI Metal Indus A......*
Internat Mining
Warrants
200
350
82
32%
Internat Hydro Elec—
Pref $3.50 series..
56
82
Jan
Jan
Feb
Apr
46
Internat Holding A Inv.
Jan
51%
%
Mar
6%
•
95%
52
"m
6%
14%
17%
Jan
Apr
1%
200
200
.....1
7% preferred
....100
Insurance Co of N Amer. 10
International Cigar Mach •
1,300
8
50%
51%
17%
Feb
Mar
9%
Industrial Finance—
800
51%
%
5,300
8%
72%
2%
18
A...*
Class B
700
8%
53 %
2%
1%
Jan
Apr
1%
Non-voting class
11%
550
1
«ee
900
Jan
31%
Indian Ter Ilium Oil—
2,600
1,100
51
'14%
Ind'polls P A L6%% pflOO
75
83
19%
....100
footnote*
5,500
12%
5
12%
Chem Industries
Amer deoosit rets
£1
Jan
Feb
35%
Florida P 4c L |7 pref...,*
Ford Motor Co Ltd—
For
128
Imperial
Apr
18%
7% 1st preferred....100
S3 preferred
•
Jan
27
Fire Association (Phlia).lO
Gorham
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Jan
First National Stores—
Gen Pub Serv $6 pref
Gen Rayon Co A stock.
200
..._._1
Apr
Mar
35
Inspection Mach...*
Underwriters
Common
7% pref stamped....100
7% pref unstamped-.100
Mar
Feddere Mfg Co com....
Ferro Enamel Corp com.
Globe
...»
48%
8%
Fiat Amer dep rcets—..
Fldelio Brewery.........1
Preferred
Humble Oil A Ref
13%
37%
.1
$6 conv pref class B
130%
Huylers of Delaware Inc—
42%
preferred.......100
Glen Alden Coal
preferred
....100
Hud Bay Mln A Smelt
♦
23%
1,800
%
Ex-cell O Air A Tool.....3
Gilbert
7%
Jan
18%
•
Falrchlld Aviation.......1
Falstaff Brewing
.....1
Gen Outdoor Adv
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co—.*
Horn A Hard art
.....*
Jan
3%
...
com
1%
5%
14%
Jan
35%
"l9%
10c
$6 conv pref B
2%
%
Jan
Jan
72
4,500
22
36
Eureka Pipe Line
50
European Electric Corp—
Gen Investment
8%
14%
Jan
22
Emsco Derrick A Equip.
Class B
7%
22
Jan
3%
21%
73%
81%
6%
93%
Empire Power Part Stk.
Flintkote Co cl A
6,200
*
43%
Empire District El 6%.100
Empire Gas 4c Fuel Co—
preferred
96%
5%
Hollinger Consol G M...6
Holophane Co com
*
10
Electrographlc Corp com.I
Elgin Nat Watch Co
15
$6
91
15
43
200
11
*
Flak Rubber Corp....
7%
47
Jan
10,400
7%
$6 conv pref w w
Film
1,500
200
Mar
Feb
25%
13%
1%
Jan
13%
warrants
Metallurgical
124
100
46
1%
42%
44
Common
Faneteel
110%
50
29%
8%
2%
10
.25
69%
41%
Shareholding—
Fanny Farmer Candy
290
127%
1%
...»
24%
6%
Elec 8hovel Coal *4 pref
7%
High
76
•
100
11%
8%
Elec P A L 2d pref A—
Lead
116
127
7%
Hartman Tobacco Co—.*
Harvard Brewing Co._.__l
800
1
35
41%
*6 referred
........
Elec Power Assoc com
1
Wallower
Low
82%
93
*
18
13%
Elec Bond A Share com..5
$5 preferred
......*
Option warrants
113
»
23
1%
35
Edison Bros Stores com..*
Elsler Electric Corp
....
7%
72%
60%
32
16 preferred series B
•
$7 preferred series A. ..♦
Evans
$5.60 preferred...
Illinois P A L $6 pref..
4%% prior preferred. 100
6% preferred
100
com..
Range Since Jan. 1 1936
for
Week
Shares
Am dep rets pref.-.8 sh
Hartford Electric Llght.25
100
5%
106% 115%
10
Class A.
High
28%
7%
2%
..25c
Mar
Mar
Feb
East Gas A Fuel Assoc—
Equity Corp
com
...1
Gulf Oil Corp of Penna. .25
Gulf 8tates Utll $6 pref..*
Mar
22
100
Dublller Condenser Corp. 1
Duke Power Co
10
Durham Hosiery class B_.*
Eagle Richer Lead
Low
Guardian Investors
25
Jan
12%
23%
5,400
24%
31%
Draper Corp
*
Driver Harris Co.......10
preferred..
115%
127%
Greenfield Tap A Die
Apr
2,600
19
100
Dow Chemical
Option
*
16%
14%
Mar
Douglas (W L) Shoe Co—.
Electric
Btock
Apr
2,100
2,500
Preferred
Detroit Paper Prod
1
Diamond Shoe Corp com.*
Amer deposit rets
Doehler Die Casting
Price
Handley Page Ltd—
Am Dep Rec ord Reg £1
Dennison Mfg
7%
com
12
..
De HavllI Aircraft Ltd—
Dictograph
Non-vot
7% 1st preferred..-.100
Gt Northern Paper
25
19% Mar
16
of Prices
Great Atl A Pac Tea—
25%
Davenport Hosiery Mills. 5
Week's Range
Sale
High
Jan
Mar
23
*
Last
W
(1Continued) ».#
"8% ~~8H """300
com vtc__*
STOCKSlj
Range Since Jan. 1 1936
Shares
1,400
14,900
Sales
Friday
Week
Price
2635
5%
"48"
48
5%
49
Apr
2Ji
Mar
84%
Jan
Feb
Feb
100
5
Apr
55%
9%
100
48
Apr
66
1,400
Jan
New York Curb Exchange—Continued—Page 3
2636
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Low
Shares
Jan
2754
Feb
754
Apr
9X
2254
Jan
Margav Oil Corp
Marlon Steam Shovel
£1
"~354
92 54
1
254
2%
Associates
Hosiery Mills—
6
6
Massey-Harrla common—*
May
57
*
14
400
7
Jan
Mar
Jan
5*4
Jan
1,500
6254
IX
Jan
10054
Mar
Jan
4
Feb
3,900
554
Jan
Apr
64
57
100
42
1154
754
Jan
Apr
8054
8054
85
1,900
89
Apr
$1.30 1st preferred
Pacific Tin spec stk
76
76
28
30
Mar
Apr
Pan Amer Airways
Pantepec Oil of Venez..
106
2854
Mar
Paramount Motor
Mar
Parker Pen Co
654
5%
3054
90
Apr
4,200
100
58
58
Jan
Feb
Mar
'"800
954
Scott*
054% A preferred—.100
Messabl Iron Co
*
Apr
3H
Parker Rust-Proof
854
Jan
Patchogue
3154
Mar
5
Jan
1054
Apr
Jan
40
62
Apr
Plymouth
*
554
1
1
454
2154
2054
154
154
1,800
IS.
16
Jan
154
Feb
554
554
554
500
5X
Jan
654
Jan
Pa Pr & Lt $7 pref
*
154
1,400
4,500
454
454
454
154
154
"i«
Jan
Jan
6
254
Feb
1154
12
100
26
26 X
300
45
*
*
*
*
45
25
500
IX
154
Mining Corp of Can
Minnesota Mining & Mfg *
pf 100
pfd 100
Voehrlnger.*
Hud Pow 1st pref.*
32
200
Minn Pow & Lt 7%
Apr
44 X
Jan
52
Feb
Philadelphia Co
IX
Mar
Jan
Phila Elec Co $5 pref
Phlla El Pow 8% pref...25
Feb
Common
$3
1
654
com
*
100
41X
Jan
70
Jan
4,800
954
Mar
1354
Feb
14914
400
Jan
Pines Winterfront Co
54
58
148
54
142
Jan
152
6
654
354
20
Jan
17
Feb
112
Apr
Jan
Mar
854
554
2254
Jan
111
103
Jan
10754
11454
Jan
130
Mar
44
Jan
10654
300
61
Feb
150
3154
Apr
41
Apr
117
60
35
34
654
754
4,800
200
38
10
1054
100
10 X
Piedmont & Nor Ry
Pierce Governor com
54
60
37
Jan
""560
38
Pie Bakeries Inc
83
Feb
Mar
115
Jan
Mar
34
Feb
9354
7054
18
11654
36
Phoenix Securities-^
Feb
81
'
1354
93
83
2854
3354
11354
Jan
Moh &
14854
Jan
Feb
754
25
63
3754
11554
34
275
400
9
114
70
325
com
Apr
2754
9 54
Jan
Mar
Feb
Mar
25
665*
654
"93"
6254
3654
115
2954
2654
*
1
*
6254
Pet Milk Co 7% pref... 100
Jan
2654
preferred
2854
154
3354
9154
Jan
•>
87
"92"
15 X
81
Mock Judson
Molybdenum Corp
Montgomery Ward A
Jan
109
Miss River Pow 6%
130
*
100
Jan
Jan
Jan
5154
Jan
354
44
10754
130
Perfect Circle Co
22
300
13,600
6,600
111
105
130
Feb
88 X
31
4554
110
Pennsylvania Sugar Co..20
Pa Water & Power Co
Apr
5
240
110
10754"
13
10 X
19
654
454
22 54
654
._.*
Pepperell Mfg Co
Midland oil Corp—
754
2354
38
10
111
111
Penn Salt Mfg Co......50
Jan
50
*
100
..»
$6 preferred
Apr
Apr
100
554
454
*
-.-10
83
654
2354
1754
Pennroad Corp v t c
Pa Gas & Elec class A
102
Petrol—
—*
35
Penn Mex Fuel Co...
Mar
107
Jan
35
*
Feb
1,600
5,300
*
Pender D Grocery A
Class B
Mar
454
3
2754
35
2554
2554
Mar
354
3,000
47,900
29
Jan
78
2454
2.50
454
*
*
-
new
454
400
-
554
Jan
54
354
-
6154
554
554
Jan
716
16
100
654
5854
£60
Peninsular Telep com
Preferred
354
354
1X
IX
10454
10
5
10
Feb
7,6
101
125
"4054 """366
54
Jan
500
Metrop Edison $6 pref—*
Mexico-Ohio Oil
500
78
50
Feb
854
654
8154
Jan
Jan
1
8254
Jan
Apr
29
10654
"38~
Jan
454
1,500
1,100
654
11
2954
2654
454
3154
78
1
20 X
1,500
100
1
Mid vale Co
354
1754
300
16
454
*
10554
854
31 X
"28"
25
Participating preferred.*
$2 conv pref
Jan
*
Jan
89 X
76
Memphis P & L 7% pref..*
Mercantile Stores com...*
Midland Steel Prod
154
10654
Pacific Pub Serv
Feb
500
754
Class B v t c
400
31
'""654
Jan
Apr
79X
554
94 54
Class A v t c_._.
155*
254
454
3154
25
1354
Jan
754
2d
554% 1st pref
47
59
93 54
Preferred
106
Jan
16
Pacific Ltg $6 pref.......*
Jan
840
*
Middle States
conv
Feb
8X
3,700
1354
*
Michigan Sugar Co
11254
Jan
1354
110
6
Pacific G & E 6% 1st pf.25
1,900
Memphis Nat Gas com..5
-
Feb
"166
254
pref......*
Overseas Securities
.*
Pacific Eastern Corp
1
Mead Johnson & Co
Michigan Gas & OH
Class A
854
McWilliams Dredging
7% preferred
50
10154
Outboard Motors B com..*
Apr
13
McCord Rad & Mfg B—*
Merrltt Chapman &
Mar
High
Low
"is"
"is" "is"
Pacific P & L 7% pref..100
Merchants & Mfg cl A
Week
11154 U154
11154
5
com..
3K
—*
$4 pref w w
(
Oilstocks Ltd
3,400
8
354
9254
Mayflower
Price
Ohio Power 6% pref... 100
654
57 54
Maryland Casualty
1
Masonlte Corp common-.*
Mass Utll Assoc v t c
Shares
354
9654
254
754
*
300
20 54
19
19
»
_
for
of Prices
Low
High
Ohio P S 7% 1st pref...100
Marcon' Internat Marine—
American dep receipts.
Week's Range
Sale
Par
1 1936
Range Since Jan.
Last
High
24 X
-*
Mapes Conaol Mfg
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1 1936
STOCKS
(Continued)
Par
April 18, 1936
conv
pref ser A
10
454
36
Jan
Mar
754
40
Apr
Feb
Montreal Lt Ht & Pow—*
32H
3254
200
31X
Jan
34
Feb
40
150
35
Feb
40
Apr
100
Jan
50
Jan
Jan
1854
Feb
Jan
Mar
Jan
354
Mar
1254
Jan
Jan
1054
Jan
Jan
3854
145t
Mar
Feb
354
100
954
1054
9,400
254
954
954
954
3,600
754
1154
1154
7354
700
680
69
13154 13854
600
9854
Jan
254
200
154
Mar
554
33
2,900
354
Jan
654
2,200
2354
Jan
3454
Jan
1154
Jan
1854
Feb
1,200
4,100
3254
Mar
154
Jan
254
Mar
2,800
6.600
1954
Jan
Jan
3054
Apr
Pltney-Bowes Postage
28
Jan
354
Pioneer Gold Mines Ltd.-l
39
1354
954
50
5
Moody's Invest Service—*
Moore Corp Ltd com
*
1,300
Jan
754
'1054
33
33
33
150
MtgeBk of Col Am Shs__*
Mountain Producers
Mountain Sts Tel & Tel
Mueller Brass Co com
10
100
1
Murphy (G C) com
*
Nachman-Sprinfllled Corp*
— -
5
Jan
20
29
2854
31
48
138
Apr
4954
------
—
-
300
854
Feb
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie. 50
7354
Feb
Pittsburgh Plate Glass..25
13154
150
Jan
3554
Feb
Pleasant Valley Wine Co.l
6ft H
Feb
Potrero Sugar com
Mar
Mar
15
300
1154
Jan
44 54
500
42
Apr
47
454
500
254
254
12,500
454
"""554
554
3254
2954
Apr
Pratt & Lambert Co
36
Premier Gold Mining
Pressed Metals of Amer..*
28
154
154
Feb
Jan
254
Jan
Jan
Mar
13
300
Jan
4954
1354
2854
300
24 X
Jan
31
Feb
2154
1,700
19J4
Jan
23
Jan
Jan
Prod
_
*
Nat Mfg & Stores com...*
National P & L $6 pref...*
National Refining com. .25
Nat Rubber Mach
*
Nat Service common
1
Conv part preferred
*
-
Refining..*
10
12.50
Nat Union Radio Corp—1
Nebel (Oscar) Co com
*
Nebraska Power 7% pf.100
-
82
-
Nat Tea Co 5 54% Pf
------
Jan
8654
Feb
5X
Jan
854
Mar
Apr
Jan
854
54
Feb
Feb
600
154
------
30
2,300
-----
-----
------
12
1254
1,300
1
154
2,200
-
1454
—
-
—
100
7% preferred
100
25
xS3 H
30
------
900
454
25
123
123
Newmont Mining Corp.
115
Apr
19
Feb
1054
254
Apr
Jan
16
Feb
454
Feb
11
Jan
Mar
2154
7554
454
Apr
74
254
123
*
Jan
Apr
Feb
2
Feb
354
Jan
Apr
554
128
Feb
Feb
Feb
Mar
Jan
9254
Mar
654
Feb
Mar
954
Jan
-
1
Pub Utll Secur $7 pref....*
Puget Sound P & L—
50
— —
—
—
—
-
—
—
—
-
Class B
Common
$3 convertible preferred*
Bank
Oil
t c___50c
38
Jan
Feb
Reiter-Foster OH
.__.*
New wl
*
Jan
Jan
5
Feb
N Y Wat Serv 6% pfd..100
6554
Apr
7554
Feb
Mar
16
Common
954
Class A opt warr
54
1054
16,800
716
954
54
1,400
854
54
10
154
Class B opt warrants
1
25
5
11
11
12
1,200
*
43 54
4154
44 54
3,100
Nlpissing Mines
6
254
254
254
2,400
Noma Electric
1
6
554
654
2,600
Feb
6% preferred
1154
Jan
54
Feb
254
Feb
Roosevelt Field, Inc
Root Petroleum Co
$1.20 conv pref.......20
Rossla International
*
Mar
754
3254
254
354
1
1354
Feb
4454
Mar
354
Jan
Royal Typewriter
754
Mar
Russeks Fifth Ave
Apr
11754
Apr
Jan
97
Feb
Jan
92
110
Feb
Apr
62
2754
1,250
5054
Jan
67
22
Jan
Jan
3454
1454
754
5954
2554
500
475
654
Jan
654
Feb
9
128
40
128
Apr
137 54
148
60
141
Jan
148
18
750
1454
Jan
1854
2154
125
17
54
54
Jan
2154
54
Jan
254
54
54
Jan
154
400
54
3,100
15
Jan
54
554
954
200
34
354
854
554
1054
74
2454
154
1954
25
Feb
36
254
Jan
4,400
3
Jan
554
1554
200
3954
Jan
75
600
25
154
Jan
2,000
75
"2454
4
100
1654
33
34
2334
Apr
2654
854
654
1754
*654
Jan
*16
Jan
154
400
Jan
2054
6
3,100
Jan
7,500
154
18
654
7
354
354
354
854
5,200
154
Jan
7 854
100
854
Apr
"154"
154
154
100
154
Jan
454
554
300
454
Jan
654
10554
Feb
10554
Feb
2
Jan
Jan
454
1954
Apr
Jan
23
Apr
,354
'
*
1
454
454
454
7,800
Feb
554
Feb
4054
43 54
950
38
Mar
4954
Feb
43
46
43 54
175
35
Feb
No Amer Utility Securities*
454
454
100
Nor Cent Texas Oil Co
7
754
700
354
354
*i«
9854
Jan
Jan
Jan
Jan
5
Nor European Oil com
1
Nor Pennsy RR
516
16,700
54
S16
-
71
73
7954
100
79 54
-
—
-
-
160
10
Jan
654
Jan
St Regis Paper com
854
Jan
54
454
2,500
10,500
100
6554
63
716
8
9854
Jan
Savoy Oil
454
8
Apr
79
Jan
Schiff Co com
Apr
8754
Feb
Schulte Real Estate com. .*
35
Jan
10854
954
Mar
Feb
2854
Manufacturing.25
Scranton-Sprlng Brook
11
254
2154
Jan
38
Engineering..*
Novadel-Agene Corp
*
2554
25
26 54
1,600
15 H
Jan
2654
Apr
4254
40
42 54
3554
Jan
48
Feb
Ohio Brass Co cl B com.
30
30
30
Jan
35
Jan
.
30
Segal Lock <fc Hardware..*
Selberllng Rubber com...*
Ohio Edison $6 pref
Ohio OH
% pref
£105
£105
100
10854 109 i
2,000
50
854
554
4,200
4
Securities Corp General..*
Seeman Bros Inc
100
10154
Jan
10654
Feb
Selby Shoe Co
700
10454
Jan
10954
Feb
44
154
3954
Feb
Mar
Feb
Jan
70
Apr
8
Jan
19
Mar
354
Jan
154
Jan
72
Jan
*16
354
654
Feb
454
Apr
92
Feb
Jan
7i6
Mar
554
Feb
Jan
200
63
Feb
7354
Jan
2,100
2,900
7
Jan
10
Feb
154
2854
Jan
654
Apr
3454
Feb
100
716
Jan
154
Feb
400
3254
Jan
41X
Feb
Jan
65
Jan
654
4654
Feb
454
454
Mar
2854
54
3654
400
454
200
44
Jan
Mar
*16
3854
42
300
2,400
Mar
66
100
Water Co $6 pref
754
109
16
16
Salt Creek Producers... 10
33 54
*
150
4
754
*
7854
454
3154
.
2,500
6
3254
Northwest
1854
5
454
7954
Jan
1,200
1854
454
354
71
7
1,700
70
454
2854
54
103
100
10
class A100
1454
7854
354
Jan
Northern N Y Utilities
100
35
Safety Car Heat & LlghtlOO
8t Anthony Gold Mines.. 1
7% preferred
1
21,800
454
6454
Scoville
50
Nor Ind Pub Ser 6% pfd 100
"i
300
...
...
Ryan Consol Petrol
4054
North American Match. _*
2054
*
*
854
1754
16
354
1754
2054
154
354
5
Royalite Oil
Common
com
11754
1754
5
Jan
Jan
Jan
56 preferred
1st preferred
Feb
Apr
254
ser D..100
Jan
Nor Amer Lt & Pr—
7%
60
114
21
18
1
Rustless Iron & Steel
Class B common
Nlles-Bement Pond
Northern Pipe Line
Feb
Feb
144
*
Richfield Oil pref
Richmond Rad com
Jan
Niagara Share—
Nor Sts Pow
0054
Rochester Gas <fe Elec Corp
Niagara Hud Pow—
7% preferred
Feb
Jan
128
148
*
Reynolds Investing
Rice Stix Dry Goods
654
121
Feb
2754
""75
~~2X "354
*
...»
Reybarn Co Inc
Jan
Apr
Jan
14
»
Reeves (Daniel) com
Jan
Apr
Jan
20
94
7
*
104
454
Jan
53
Apr
98
254
•
110
1454
103
10354
Jan
Raymond Concrete Pile—
Jan
11654
1454
,
120
94
Rainbow Luminous Prod—
Class A
*
Jan
1154
2054
25
11754 11754
Ry & Light Secur com....*
Ry & Utll Invest cl A....1
Apr
Mar
Mar
6754
....
6% preferred.
100
Quebec Power Co.......*
3054
954
—-
1054
114
2554
Reliable Stores com
-
370
*
Jan
9654
Jan
10354
3754
1454
5454
2654
$6 preferred
36
105
Apr
Feb
Mar
2554
..5
Pyrene Manufacturing__10
Quaker Oats com
Reed Roller Bit Co
130
1154
10254
Pyle-National Co
Jan
650
Jan
Apr
100
6054
Feb
34 54
Apr
180
...»
v
33 54
954
954
9854
100
4454
$5 preferred
Co
354
1054
4354
100
Red
200
NY Transit
preferred
Raytheon Mfg
52
50
400
10
Feb
Feb
Feb
4354
6% prior lien pref... 100
7% prior lien pref
100
Jan
400
*
100
7%
Jan
Feb
•is
9 54
54
Pub Service of Okla—
2554
254
Jan
37
154
100
9654
16
N Y Telep 654% pref..
preferred
Jan
11854 120
N Y Steam Corp com
6%
Jan
300
Jan
Jan
_
24 54
------
Jan
Apr
Public Serv Nor 111 com.
Common
60
7454
N Y Shipbuilding Corp—
Founders shares
$6 preferred
100
-
Feb
Apr
354
54
2554
Pub Serv of Indiana$7 pref*
1,000
9454
25
50
3354
pref...100
$6 preferred
113
Jan
Jan
Jan
1554
Jan
10954 HO
101
10154
N Y & Honduras RosarlolO
Jan
Mar
Jan
Jan
Jan
154
4954
£50
9
4 54
11054
12 54
Feb
6954
—
*
N Y Merchandise
Jan
200
9154
_*
N Y Auction Co com
Feb
Apr
1,450
25
*
254
1754
30
8X
1054
X
X
11154
8
10
New Process com
Jan
454
454
*
New Haven Clock Co
Jan
Mar
8554
83
New Mex & Ariz Land—1
— -
— -
354
__
200
3
2154
—
------
100
New Jersey Zinc
1,000
1054
2154
5
New England T&TCo
1554
3
3
100
New Bradford OH
50
1054
15
Neptune Meter class A—*
Nestle Le Mur Co cl A...*
Nev Calif Elec com
115
£114
•is
15X
23
7754
140
954
100
77 X
X
Jan
100
100
100
7% 1st preferred
Jan
Feb
554
$0 preferred..
Jan
100
954
100
6
1,600
954
1054
6% 1st preferred
254
2,200
"~954
*
254
3054
516
54
754
Pub Serv of Colo—
Jan
54
954
Mar
2
654
154
Feb
254
54
54
Feb
154
100
7
28
454
89
Jan
Jan
54
-----
Nelson (Herman* Corp—5
Jan
554
12
Nelsner Bros 7% pref. .100
Jan
"i«
IX
270
*
Nehl Corp com
N Y Pr & Lt 7%
-
-----
--
-----
Transit
-
-
8354
-
2854
National Sugar
—
7
154
-
1,500
154
—
82
554
--
1,000
-----
------
National Steel Car Ltd—*
National
—
-
2,200
154
154
154
Nat Leather com
3
154
2
80
254
254
Warrants
Gas
3654
28
Prudential Investors.....*
13
------
Providence
*
National Investors com._l
$5 50 preferred..
1
National Fuel Gas
36
254
cers Royalty
...1
Propper McCallum Hos'y *
Prosperity Co class B
*
2054
——————
2
6
43 X
13
-----
-----
72
Powdrell & Alexander^...*
Power Corp of Can com.
2854
------
37
Pitts Bessemer & Le RR.50
Apr
Mar
2654
46
954
Apr
14
454
Mar
954
*
454
42
254
Natl Bellas Hess com
3,100
3554
150
1554
454
National Baking Co
Apr
3,900
14054 141
48
-
com.l
1
Corp..*
National Candy Co com..*
National Container Corp—
Common
_*
— -
654
6
654
m
Nat Auto Fibre A v t c
Nat Bond & Share
Apr
454
Meter
200
354
354
354
3
3
3
3,700
2,000
36
36
50
4
1,400
2J4
42
Mar
154
Jan
2
Jan
3054
Jan
254
Jan
40
Apr
Mar
Jan
Feb
Mar
Selected Industries Inc—
*
1
Common
$5.50 prior stock
Allotment certificates
354
354
'8954
8954
8954
25
..
90
9054
454
Feb
200
81
Jan
90
Mar
1,200
78
Jan
95
Mar
4
For footnote*
see
nacre
2639
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Week
Par
Sellridge Pi^v Stores—
Amer dep rec
£1
Sentry Safety Control
1
Price
Low
2*
2*
"l2*
*
12*
Shattuck Denn Mining...6
7*
7*
Shawlnlgan Wat A Pow_.*
21*
2%
51*
Shenandoah Corp com.._l
S3 conv pref
26
Sherwin-Williams com..25
5% cum preferred
100
Sherwin-Williams of Can.*
Singer Mfg Co
Singer Mfg Co Ltd—
v
t
*
700
2,500
13,200
1,000
137
115
113
18*
Feb
Feb
Jan
Jan
Jan
15
Apr
4*
19*
Feb
Apr
Members New York Stock Exchange
Feb
Members New York Curb Exchange
Jan
8*
23*
2
Jan
4*
47*
118*
110*
Jan
Jan
52*
Mar
144*
Mar
Mar
Apr
25
17*
Apr
333*
Jan
200
1,360
80
18*
365
116
20*
365
l
100
5
5
27*
c com...
Sonotone Corp
5% original preferred.26
6% preferred B
25
5*% pref series C
26
27
2*
3
1,300
27*
Southern Pipe Line
Southern Union Gas
27*
26*
27
Jan
19
Jan
5*
34*
Mar
preferred....
*
Par
U S Int'l Securities
37*
81*
2*
U S Lines pref
U S Playing Card
28
300
Mar
28*
Jan
U S Radiator Corp com..*
27
200
25*
Jan
27
Apr
Jan
Feb
5*
100
5*
149
Feb
1st pref with warr
*
10
"2,200
2,300
40
""§50
1*
3*
916
39*
200
5*
Conv preferred
Stand Investing 15.50 pf_*
Standard Oil (Ry)
io
Standard Oil (Neb)
26
6
Mar
Mar
Universal
Jan
Jan
58
*
Feb
*
Jan
Jan
29
Jan
90*
33*
Feb
* Feb
Standard Oil (Ohio) com 25
5% preferred.......100
Standard PAL com
..*
Common class B
Feb
Utah Radio Prod
Jan
Steel Co of Can Ltd..
Stein (A) A Co common
6*
3*
Mar
Jan
18*
Apr
Apr
Jan
49*
Feb
18
Apr
23*
Jan
Conv
preferred
7%
preferred
100
18*
3,200
13*
36*
200
11*
Jan
14*
Feb
4,700
21*
Jan
36*
Apr
Jan
104*
Feb
4*
4*
Jan
3*
2*
25*
Waco Aircraft Co
Feb
Wahl (The) Co common..
Waitt A Bond class A____
102
2*
2*
104
625
3
800
34*
150
*
*16
4*
4*
97
2*
2*
28
6,200
""*
—
—
18
5*
32*
"6*
Jan
Jan
7*
Apr
41*
Jan
4*
25,200
12*
400
1*
66
350
Sullivan Machinery....
20*
*
Jan
,2
24*
3*
Mar
4
2*
26
500
5,000
1,000
6*
6*
Jan
3
40
81*
Apr
87
Jan
27
900
Jan
8
Jan
9*
"""166
2*
300
2*
1,000
28*
32*
41,800
Feb
8*
8*
9*
900
18*
400
13*
Jan
18*
Apr
5*
600
3*
32*
Jan
7*
Feb
Apr
4*
Jan
6*
Mar
Jan
25*
Jan
1*
Apr
1*
5*
10*
Jan
8
2*
Jan
2*
Jan
32*
4*
Jan
10*
37*
Jan
1*
19
Western Maryland Ry-
27
Apr
3*
Jan
Apr
20*
1,700
15*
Feb
3*
22*
Feb
West Va Coal & Coke
*
JaD
9*
Feb
Williams (R C) & Co
•
2*
18*
Jan
Mar
5
Apr
Williams Oil-O-Mat Ht__»
24*
Jan
Wll-low Cafeterias Inc
6*
65*
Jan
8,300
19*
~63* """166
52
Mar
Jan
9,300
7
1,000
5*
4*
102
Jan
6
Mar
5*
102
Jan
Feb
150
7%
preferred
20*
73
30
66
Apr
100
101
270
100
Apr
20
21
700
15*
125
101*
Conv
102* 103*
4*
9*
4
8
4*
10
3*
Jan
Mar
10
Mar
Apr
Mar
13*
700
1
1
1*
1,500
9*
400
34
70
104*
5*
7*
10*
13*
9*
Jan
78
105*
23*
1,400
12
34
Mar
46
101*
5,000
13
»
preferred
Wilson Jones Co
Jan
64
100
1
Jan
70
100
West Texas U'll $6 pref._»
Westvaco Chlorine Prod-
Feb
1*
104",800
40
100
100
Western Power 7% pref 100
Western Tab A Sta v 10..*
9,200
5
40
10*
Feb
Mar
5*
B
7% 1st preferred
3*
8,300
Mar
Apr
3
2*
2*
34
6*
32*
3*
"30*
5*
37
Jan
82*
**9*
6*
....l
Jan
2*
2
1
Jan
63*
1*
18
5*
83
82
"2*
1
18
63*
Jan
Jan
1*
1*
Wayne Pump
"2", 950
Swiss Am Elec pref
Swiss Oil Corp....
*
3*
66
400
Walker Mining Co
27
19*
4
101
Jan
79
Feb
50
2*
Apr
46
19
Western Air Express
1
Western Auto Supply A..*
Western Cartridge pref. 100
34
12*
32
Jan
350
Feb
21*
19*
Mar
*
80*
1
18
Sunshine Mining Co___10c
Swan Finch Oil Corp
16
11
22*
Jan
Jan
6
275
4*
Jan
Feb
4*
Jan
63
common.
5
6*
4
Jan
5,200
19*
Jan
95
2*
6*
2*
3
3*
7*
100
8*
common
1*
4*
6,900
100
Jan
1*
Jan
5*
400
Class
Jan
Jan
*
97*
2*
2*
1
26""
Feb
*
3
1,100
Jan
19*
6*
41
1
200
6,400
*
*
18
5
Stroock (S) A Co
*
Stutz Motor Car........*
Syracuse Ltg 6% pref.. 100
Taggart Corp common __.*
Tampa Electric Co com.
Apr
Vogt Manufacturing.....
Apr
4*
80
Va Pub Serv 7% pref..100
*
.100
1*
64*
97
4*
»
Utll Pow A Lt common..1
18*
50
Stetson (J B) Co com
Stlnnee (Hugo) Corp
4*
26*
*
35*
84
3*
35*
3*
64*
*
13*
32*
6*% preferred..... 100
Sterchl Bros Stores......*
Sterling Brewers Inc
Feb
13*
59
*
41*
13*
34
1
...10
*
Jan
Utility Equities Corp
Priority stock
Apr
25
1*
Utica Gas & Elec 7% pf 100
Feb
Venezuela Mex Oil Co.. 10
Venezuelan Petrol new...l
34
Lead.I.. 1
Jan
1*
50
*
Starrett Corporation
4*
Jan
1*
275
»
Jan
77*
32
3*
1,300
...»
Apr
Jan
Jan
18
11
1
com
Universal Products
"18 *
I
Preferred
900
Insurance.....8
Utah Apex Mining Co
5
Utah Pow & Lt $7 pref._.»
200
16*
43
600
200
High
Low
1*
2,200
5*
Mar
1
2,000
2,100
5*
11*
40*
.....
*
v t c
Shares
4*
United Wall Paper..
*
Universal Consol Oil....10
Jan
200
6
16
43
16
30
916
1 *
4*
6*
32*
33
81*
2*
32*
4*
4
United Verde Exten
Utility A Ind Corp
39 *
2*
4*
United Stores
Feb
*
High
50c
Feb
2*
200
4*
26*
7*
3
1*
39*
2*
4*
Jan
40*
"32*
79
32
26*
preferred
Jan
1,900
2*
100
7%
Universal Pictures
*
Low
U S Rubber Reclaiming..»
U S Stores Corp com
_.»
4*
*
"32"
*
Feb
Apr
®16
32 H
2H
3*
54
37 H
Price
...»
41*
"_9* "15"
Standard Dredging Co—
Common
Investing
Sunray Oil
Week
Jan
com...
Standard Brewing Co
Standard Cap A Seal com.5
1st preferred
for
of Prices
1
Spanish & Gen Corp—
Am dep rets ord bear.£l
Am dep rets ord reg__£l
Square D class B com....
8un
Range Since Jan. 1 1936
Week's Range
Sale
Feb
*
Penn Oil
25
So'west Pa Pipe Line...50
preferred
Sales
Last
1*
Jan
YORK
NEW
-
Friday
34*
27*
149
5*
10
South
6%
-
STOCKS
Feb
Jan
3*
3
Southland Royalty Co...5
Standard Silver
-
DIgby 4-7140
9,900
3
Southern Colo Pow cl A.25
Southern N E Telep...l00
Stahl-Meyer Inc
BROADWAY
39
Feb
Southern Calif Edison—
A
Peter P. McDermott & Co.
Jan
100.
115
349
2*
1*
i
f
•
2*
*u
7*
270
137
1
Specialists in Curb Bonds
High
Low
(Concluded)
100
Amer dep rec ord reg.£l
Smith (L C) A Corona
Typewriter
100
2*
13*
8*
21*
2*
51*
142*
"353~~
Range Since Jan. 1 1936
Shares
High
*
Seton Leather com
Class
2637
New York Curb Exchange—Continued—Page 4
Volume 142
100
1
9*
80
3
15*
Jan
31
40
Feb
83
Mar
Wise Pr & Lt 7% pref..100
Mar
8*
39*
Wolverine Portl Cement 10
4*
4*
500
3*
Jan
7
Mar
Wood ley
9
9*
1,300
5*
Jan
11
Jan
31
Jan
Petroleum
Woolworth (F W) Ltd-
1,300
35*
Jan
4
3*
30
29*
30*
7,500
12,000
Teck-Hughes Mines
'4*
4*
4*
2,000
2*
17*
4*
Feb
Technicolor Inc common.*
74*
*
74*
25
*
400
5
5*
8,000
4*
Jan
100*
Apr
Feb
Abbot's Dairy 6s
6*
7
2,800
6
Jan
9*
Feb
50
67
Jan
68*
Mar
Jan
66
Mar
4
,
Alabama Power Co—
59
.1
37*
1
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Texas Gulf
37*
4
4*
32*
5*
Mar
Producing...
*
5*
Texas P A L 7% pref.. 100
Texon Oil A Land Co
»
Thermold 7% pref
Tobacco Allied Stocks
"6*
l6o
59
70
Am
dep rets ord reg..£l
Am dep rets def reg..£l
•
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
39
105
250
41
105
......
Mar
Jan
*
65
"9" 700
Tobacco Prod Exports..,
Tobacco Securities Trust
Jan
2*
19*
5*
32*
Jan
Mar
Mar
Jan
7*
7*
6,500
7*
Mar
2*
2H
4,900
1*
Jan
1942
105* 105*
1,000
105*
Mar
1st A ref 5s
1946
103*
Jan
1st A ref 5s
1951
100
Jan
1st & ref 5s
1956
1968
1st A ref 4*8
1967
99*
88*
83*
106*
65,000
102* 104
100
100*
48,000
29,000
99* 100
88*
90* 101,000
102*
Jan
79
7*
2*
Mar
Jan
1
10
1*
7*
Feb
104
21*
5*
Feb
48*
Feb
Jan
3*
3*
3*
Aluminum Ltd deb 5s 1948
24*
Jan
*
Feb
*
Jan
1*
Feb
Amer G & El deb 5s..2028
107*
98*
Amer Radiator 4*8—1947
Am Roll MU1 deb 5s..1948
"104*
4,500
8*
Jan
5*
Jan
4*
2,200
1*
Jan
5*
Feb
1
80c dlv pref new
*
Twin Coach Co
7*
Union Gas of Canada..
7*
32
8
800
800
11
33*
11*
14
14*
800
13*
14*
4,700
2*
11
Xl4*
13*
Unexcelled Mfg Co
10
Union American Inv'g...*
22*
11*
13
Jan
Mar
($17.50 paid in)
2*
200
10
10
10*
3,800
500
105
com
68 8tamped__ext to 1946
Appalachian El Pr 58.1956
Appalachian Power 5s. 1941
A part pref
United Gas Corp com
Pref non voting
*
Option warrants
United G A E 7 % pref. 100
United Lt A Pow com A.
105*
105* 105*
116"
116
101*
10*
Jan
14*
13*
Apr
13*. Mar
Associated Elec 4*8—1953
Associated Gas A El Go—
Jan
16*
16*
4*
30*
Feb
Feb
101* 102
57
58*
JaD
12*
Mar
Mar
7*
Mar
2*
26*
8*
Mar
Conv deb 5*s
1938
Feb
Conv deb 4*a C
1948
Feb
Conv deb 4*s__...1949
Conv deb 5s
...1950
Mar
1*
1*
7*
97
99
2*
2
"6*
"51
For footnotes
see
102*
103*
Jan
105*
Jan
105
Feb
101*
Jan
Feb
107*
Feb
105
Jan
106*
Feb
1950
100
35*
Feb
Jan
Atlas
5*8—1943
3,000
1*
Jan
Jan
*
Jan
Mar
9* 141,000
100*
2,100
81*
Jan
*
Jan
Jan
Feb
108*
Feb
117
Feb
102*
Apr
Mar
Feb
*
2*
8
52*
5*
1*
86
87*
41
*
'32
"16
4*
100
20
page 2639,
19*
Jan
Feb
38*
Feb
Feb
38
267.000
30
Jan
37* 224,000
39*
21,000
21,000
78*
29
Mar
39*
40*
40*
33
Mar
45*
86
87
92,000
49
75
Jan
4
14,400
42*
2*
2*
10*
9*
104*
2*
13", 200
3*
Jan
91*
7*
200
5*
Jan
9*
3,600
29*
6*
Jan
54
Jan
14
Jan
48*
Apr
Assoc T A T deb 5 *8 A '55
Plywood
6s with warrants... 1938
Mar
6s without warrants 1938
Jan
79
Feb
Mar
Mar
Feb
Mar
Mar
6s stamped x w
17,000
3,000
90
"87*
Feb
Jan
91*
Mar
Mar
101*
Apr
96*
Jar
101
Apr
88
92
29,000
80
Jan
108
Mar
90
2,000
90
Apr
85*
88* 136,000
88*
44,000
74*
85*
Jan
99* ioi
86
1938
5,000
Apr
90
100*
93
1st M 5s series A
1955
1st M 6s series B...1957
series C
1960
Mar
Bethlehem Steel 6s
123
115* 116
119* 120
122* 123
20,000
114*
Jan
117
50,000
116
Jan
121
116*
Jan
3,000
1998
Mar
5s
Apr
6*
Jan
6*
Jan
Boston Consol Gas 58.1947
400
1 *
Apr
1*
Jan
Broad River Pow 5s_. 1954
102
Jan
10
Feb
Buffalo Gen Elec 5s.. 1939
106
83
Jan
90
Jan
Gen A ref 5s
123
134
91*
90*
82*
92*
83*
83,000
12,000
Jan
145
105*
400
140
*
'32
17,300
Feb
89*
Jan
106*
94*
87*
76
Jan
Mar
Jan
109
106
Mar
109
104
Apr
108
Mar
104
106*
98* 102
106
106
23,000
3,000
1956
89*
102
Jan
41*
Feb
103* 103*
13,000
102*
Apr
2*
Feb
Canadian Pac Ry 6s_. 1942
110*
110
110*
45,000
110
Jan
1*
Feb
Carolina Pr A Lt 6s
101*
101
101*
52,000
98*
Jan
*
Jan
»3,«
Feb
Cedar Rapids M A P 6s *53
113
113
113
4,000
111*
Jan
116*
101*
113*
105*
105* 106
3,000
105*
Jan
107*
28*
Apr
33*
38*
Jan
23,100
1
300
,S16
5
100
4*
Apr
Apr
12,100
17*
Mar
21*
Apr
Mar
Apr
Bell Telep of Canada—
Blnghamton L H A P 6s '46
Birmingham Elec 4*s 196«
"875
100*
90
'"99*
6s stamped w w._1938
Mar
101* 101*
78
Feb
Feb
Baldwin Locom Works—
5,100
"86"
4*s._ 1955
1*
98
Mar
37
2
107*
113*
Mar
33*
33*
37*
5,000
1-.000
81,000
52*
38
Atlanta Gas Lt
116
23,000
Jan
Mar
65*
35*
35*
Jan
Feb
Feb
Jan
1977
Mar
99
12,000
36,000
Jan
*
*
Mar
Jan
92*
Apr
1968
Conv deb 5*s
Assoc Rayon 5s
10
1
Warrants
1
28*
108*
13*
106
263,000
35*
28*
27*
31
22
40
86*
25
U S Foil Co class B
Jan
8,000
Jan
56
31*
8
1*
*
U S Dairy Prod class A...*
Class B
.»
U S Elec Pow with warr..l
U S Finishing common
Preferred
Apr
Feb
Feb
29,000
34*
39,000
34* 337,000
44*
Birmingham Gas 5s...1959
5*
£1
.25
10*
Feb
Mar
78*
57*
46
33*
Jan
"~6* "7*
51
107* 107*
33
Mar
10
com.
Debenture 6s
7*
preferred
Preferred
105*
Jan
Apr
104
102* 104
104* 104*
2024
Feb
United Molasses Co—
Preferred
Feb
96*
100
99
Arkansas Pr & Lt 5s. .1956
43
Unltea Profit Sharing
105*
103*
3*
Apr
Jan
24*
Mar
14*
Products
reg
37,000
106*
91*
108*
105*
24*
Mar
86 *
8*
17*
7*
»
Mar
107* 108* L 96,000
9*
9*
1*
2
Common class B
1st pref
80*
18,000
37*
400
17*
7*
37*
*
..1
95
10,000
Jan
200
7*
17*
1
Corp warrants
United Dry Docks com..*
United Elastic Corp
*
100
9*
Jan
Debenture 5s
United
100*
Feb
105*
97
Mar
Feb
8*
Jan
7
50
United Aircraft Transport
Warrants
United Shoe Mach
8*
6*
23*
Union Traction Co (Pa)
dep rets ord
106* 107
Feb
Mar
Mar
83* 127,000
10
Tung-Sol Lamp Works
Am
83
107
105*
84
Amer Seating conv 6s. 1936
Trans Pork Stores
Tublze Chatillon Corp...l
Class A
l
$3
105
Amer Com'lty Pow 5*s '53
Am El Pow Corp deb 6s '57
4
6% pref 10
Feb
96
1952
Jan
Mar
Milk
called
Apr
Mar
conv
f deb 5s '52
106
11*
$6
6s
a
110
21*
United
Aluminum Co
Jan
Tri-State T A T
Feb
S
Am Pow A Lt deb 68—2016
3*
cum
BONDS—
Mar
Triplex Safety Glass Co—
Am dep rets for ord reg—
Feb
Feb
'it
Tri Continental warrants
9*
4*
Feb
103
100
Trans Lux Pict Screen—
Common
$3
5
107
7% preferred A
.100
Tonopah Belmont Devel.l
Tonopah Mining of Nev._l
United Chemicals
29
Amer deposit rets
5s
WrJght-Hargreaves Ltd..*
Yukon Gold Co
1st A ref 5s
Tastyeast Inc class A
Canada Northern Pr 5s '53
1956
Jan
Cent Ariz Lt A Pr 5s 1960
1 *
Jan
Central German Power
6*
24*
Mar
Jan
Jan
6s partlc ctfs
1934
Mar
New York Curb Exchange—Continued—Page 5
2638
Sales
Friday
Last
Week's Range
Sale
Week
(Continued)
Price
of Prices
Low
High
Friday
for
BONDS
BONDS
Low
$
series
E
1958
1981
Cent Maine Pr 4 Ha E 1957
Cent Ohio Lt A Pr 58.1950
Cent Power £s ser D..1957
Cent Pow St Lt 1st 58.1956
Cent States Elec 5s...1948
5?*s ex-warrants. .1954
Cent States P St L 53*s *53
.
103 3*
993*
102 3*
102
Line 6s
1943
Cities Serv P & L 5?*s 1952
53*s
1949
993*
933*
Jan
Jan
16,000
102J*
Apr
Jan
7s series A
s
...1951
series C
Consol Gas
1043*
Jan
101
Feb
Jan
5 f deb 53*s ..May 1957
683*
Jan
753*
Feb
71
71
64
Jan
Jan
70
Mar
783*
803*
Indiana Electric Corp—
6s series A.........1947
Feb
63*s series B
Apr
1063*
Jan
5s series C
Apr
Mar
111
4,000
1093*
Jan
1113*
102
Feb
1033*
72
Jan
80
863*
Jan
963*
Mar
93
Jan
983*
Apr
1013*
1033*
733*
18,000
1033* 1033*
204,000
713*
74
102
~76~~
933*
"79"
793*
Jan
Crucible Steel 5s
1940
Cuban Telephone 7 3*s 1941
Cuban Tobacco 5s
1944
Cumberld Co P & L 43*8*56
Dallas Pow St Lt 6s A. 1949
58 series C___
72
1103*
74
Delaware El Pow 5?*s 1959
45
1103* 1103*
1103* 111
111
1033*
73
28,000
20,000
111
4,000
3,000
1113* 1113*
106
1063* 103,000
1043* 1053*
25,000
1033* 104
25,000
723*
733* 104,000
Feb
Indianapolis Gas 5s A. 1952
Feb
Ind'polis St P L 5s
Jan
1013*
Mar
Mar
1043*
763*
763*
Feb
653*
663*
Jan
34
Feb
Jan
1033*
Apr
993*
80,000
95
Jan
1003*
Mar
95?*
97.000
86
Jan
95?*
Apr
*
26",066
Jan
102
Jan
Jan
104
Feb
863*
Jan
97
Feb
1073*
44,000
Jan
91
1053*
1103*
Jan
Jan
Jan
Feb
107?*
1013*
Feb
107
Feb
1113*
Feb
66
69
34,000
65
Jan
753*
Feb
663*
68?*
18,000
63
Jan
74
Feb
14,000
90
Mar
953*
105
96
1053*
93*
103*
96?*
1063*
15,000
1043*
Jan
2,000
43*
Jan
17
Jan
Feb
Feb
45
50
Jan
76
Mar
1957
673*
673*
1,000
54
Feb
75
Mar
1952
64
673*
9,000
633*
Feb
76
Mar
Apr
International Salt 5s__1951
International Sec 5S..1947
6,000
1113* 1113*
Mar
1073*
Jan
Jan
1023*
633*
Apr
105
Feb
Jan
77
Feb
Mar
Jan
Interstate
1253*
1273*
Jan
109
Jan
111H
Jan
112
Without
Jan
warrants
Iowa-Neb LAP 5s... 1957
5s series B
Iowa Pow A Lt 43*s
Iowa Pub Serv 5s
1958
1957
Jan
Isarco Hydro Elec 78.1952
Isotta Fraschlnl 7s...1942
Italian Superpower 6s. 1963
96
973*
22,000
88
Jan
41
42
17,000
293*
Jan
993* 100
7.000
96
Jan
1003*
Mar
1073*
5,000
1053* 1053*
923* 567,000
903*
15,000
1023* 1023*
1053*
103
102
1003*
48
Mar
37,000
97
4,000
883*
70
6s series B
93
Feb
Apr
104
Jan
104
Apr
Jones A Laughlln Stl 5s '39
Kansas Gas A Elec 6s.2022
Jan
98
Feb
Kansas Power 5s
835*
Apr
Jan
43*8 series C
1961
107
Feb
110
Jan
107
7,000
106
Mar
1073*
Feb
1st mtge 5s ser H..1961
1043* 105
13,000
103
Jan
1053*
Apr
63*s series D
Jan
109
Feb
63*8 series F
Jan
103
1053* 106
18,000
105
1053*
59,000
1053*
1023*
Jan
105
1073*
1053*
73*
5,000
43*
Jan
Jan
2
5,000
43*
3*
Jan
3
Jan
2
47,000
3*
3,000
1013*
Jan
Jan
23*
1033*
Jan
883*
Jan
Feb
Mar
105
105
2,000
99 J*
17,000
1023*
Mar
Jan
Feb
Mar
5s series B
5s series I
1969
Kimberly-Clark 5s
Lone Star Gas 5s
1942
Long Island Ltg 6s
1945
Los Angeles Gas A Elec—
105
Mar
105
Feb
Louisiana Pow A Lt 5s 1957
53*8 series E
10834
Feb
109
Apr
Mansfield
Jan
102
Feb
Jan
92
Jan
86
863*
993*
87
Mar
Mar
Mln
A
53*s
1946
McCallum Hosiery 63*s '41
McCord Rad A Mfg 6s 1943
753*
Jan
90
Apr
'1043*
1013*
105?*
Mar
41,000
"493*
2l",066
54
28,000
513*
Apr
393*
Jan
Metropolitan Ed 4s E.1971
9,000
Apr
Apr
1,000
23*
Jan
1043*
53*
50,000
753*
Jan
89
5s series F
Middle States Pet 63*8 *45
Jan
Midland Valley 5s
1943
Mllw Gas Light 43*s.. 1967
Feb
1003*
Jan
Mar
1053*
Feb
1063*
Feb
Mar
993*
1043*
11,000
1043*
16,000
993*
1033*
1033*
91
Jan
953*
Jan
1023* 1043*
14,000
100
Jan
1053*
Mar
102?*
39,000
71,000
2,000
2,000
4,000
953*
38,000
105
1053*
1023* 1023*
943*
94?*
4,000
94?*
44
Jan
58
Jan
90
393*
Jan
533*
Jan
Mar
Feb
Mar
513*
Apr
61
Jan
108
Jan
1033*
Apr
Jan
106
Mar
106?*
Mar
Apr
Jan
107
1153*
1183*
Mar
1003*
Feb
103?*
Apr
106?*
Apr
Jan
Apr
106?*
Jan
913*
Feb
Apr
Jan
973*
1073*
1023*
97?*
1063*
Mar
1043*
Mar
1033*
105
3,000
101
953*
20,000
913*
4,000
1033*
5,000
103
104?* 104?*
5,000
1103* 1113*
1033* 104
53,000
1043*
1083*
1023*
23,000
104 3*
1043* 1043*
105
1053*
1053* 1053*
Jan
Jan
106
13,000
3,000
35,000
Feb
Feb
Feb
Jan
Jan
Jan
Jan
106
Jan
Feb
1113*
Apr
Jan
104?*
Apr
Jan
Mar
Apr
1033*
1023*
Feb
105
Apr
105?*
104?*
1073*
Feb
Apr
107
"79?* "78k ~80"
Feb
1073*
Jan
42,000
103?*
Jan
Jan
1053*
107?*
Feb
14",000
1053*
753*
Jan
83?*
Mar
Jan
40
40
103k
33",000
923*""Jan
1053*
1053* 1063*
19,000
96
Jan
69
Mar
98?*
98?*
993*
103?* 104
7,000
17,000
1053* 106
22,000
"103" "103"
106
Jan
1043*
Mar
Feb
Mar
105
1073*
1063*
1023*
53,000
913*
88
89?*
18,000
78
Jan
9,000
104
103?*
1053* 1053*
103?* 104 ?*
49,000
1053*
1033*
Jan
Feb
Feb
933*
106?*
1053*
Jan
101?*
Apr
101?*
100?* 101?*
62,000
983*
Apr
Jan
1043*
23,000
102?*
Mar
Mississippi Pow 58... 1955
873*
103?* 1043*
85
873*
Miss Pow A Lt 58
92?*
5s
Jan
103
1955
Minneap Gas Lt 43*8.1950
Minn P A L 43*s
1978
Mar
Feb
1033*
100
893*
Mar
Mar
101
Apr
Jan
101
62
Jan
Mar
1013*
105
8,000
1033*
1063*
Jan
943*
105
1962
Feb
104
1183* 1183*
105.
Memphis P A L 5s A.. 1948
353*
102 3*
2,000
Feb
Smelt—
8,000
104
993*
104
1063*
15,000
Apr
Jan
7s with warrants... 1941
7s without warr
.1941
Mass Gas deb 5s.—..1955
_
Jan
104?* 105
104?* 105?*
53
563*
2,000
1947
-
Jan
1023* 103
23*
23*
106
104?* 104?*
1033* 1033*
103?*
Mar
90
1063*
104
*94?*
1103*
1063*
90
94?*
104?*
51
Feb
101
Jan
Jan
1053*
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
1073*
Apr
Apr
102
Sink fund deb 53*8.1950
Lehigh Pow Secur 68..2026
1053*
983*
803*
Jan
Jan
100?*
1053*
1183*
Feb
9,000
403*
1053*
Mar
99
1053*
Feb
6,000
17,000
1,000
Jan
100
1043*
104?*
105
103*
19,000
51
873*
105
105
11
109
50
Jan
6,000
105
1943
108
1063* 1063*
Feb
793*
13,000
105
Koppers G A C deb 5s 1947
107
60,000
92
44,000
1053*
Jan
1003* 101
893*
Jan
42,000
23,000
1957
Louisville GAE 43*8 C '61
Manitoba Power 53*8.1951
873*
85
37,000
Kentucky Utilities Co—
108
873*
793*
Jan
1053* 1053*
1053* 106
1033* 104
...1955
Jan
Jan
693*
1063*
...1948
1073*
993*
74
1,000
Jan
Feb
Apr
78
55
1947
Mar
Apr
1033* 1033*
Jan
88
78
Kansas Pow A Lt 6s A 1955
Jan
106
258,000
873*
82 3*
"49" "48"
...194i
1053*
86
i3o"666
Jersey Centra Pow A Light
106
1033*
'104?*
633*
Apr
Jan
10,000
85
80?*
72?*
78
Jamaica Wat Sup 53*8 '55
10,000
853*
1013*
1013*
1942
Stamped
Jan
Mar
853*
1023*
104
105?*
1961
Feb
13*
13*
101?*
1003* 100?*
993* 100
79
1947
w w
122
1023* 1023*
Jan
82
110
73*
103
823*
Jan
73*
Apr
1958
Mar
7,000
2,000
43*8 series F
120
1023* 1023*
Feb
1013* 1013*
Invest Co of Amer—
106
973*
1043*
Feb
103
863*
1,000
107
1093*
Jan
71
2,000
1063* 1063*
106
1063*
Jan
99
713*
Mar
109
42
1063*
107
873*
109
963*
9,000
71,000
100
1956
121
97
7,000
1013*
1073* 1073*
1003*
58 series D
109
913*
64 3*
Interstate Public Service—
1063*
113
Feb
121
'1033*
64
Interstate Ira St Stl 43*s*46
Interstate Nat Gas 6s. 1936
Jan
Apr
Fairbanks Morse 6s..1942
Federat Sugar Ref 6s. 1933
105
Mar
1023*
Jan
Florida Power St Lt 6s 1954
943*
903*
943* 395,000
903*
Apr
98
Feb
Gary Electric & Gas—
5s ex-warr stamped. 1944
923*
953*
96
80,000
96
110,000
883*
923*
Jan
Jan
963*
96
99
Mar
Deb gold 6s June 16 1941
883*
88
883*
45,000
833*
Jan
903*
Mar
Deb 6s series B....1941
General Bronze 6s
1940
82
Jan
89
Mar
1003*
973*
Jan
1023*
General Pub Serv 5S..1953
Gen Pub Utll 63*8 A. 1956
"87 3*
1023*
893*
Gatineau Power 1st 5s 1956
94
25,000
1003*
100
101
8,000
2,000
863*
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stmp..l950
Great Western Pow 5s 1946
Feb
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A—.2026
Apr
Nat Pub Serv
94
Feb
Nebraska Power 43*s.l981
86
31,000
813*
Jan
93
323*
Jan
873*
82,000
85
Apr
383*
903*
99
99
1,000
99
90
Apr
Apr
Jan
Deb 5s series B
2030
5s ctfs. 1978
6s Beries A
Apr
103
Mar
N E Gas A El A sen 58.1947
Mar
1003*
Jan
1023*
107
3,000
1063*
Jan
108
1063*
Apr
1083*
Jan
Apr
823*
Mar
67
Mar
73
553*
713*
713*
.1053* 1053*
1043* 105
.
2,000
3,000
1,000
72
44
563*
903*
303*
913*
303*
Jan
75
Feb
105
Apr
1073*
35,000
104 3*
Apr
Jan
107
Mar
1035*
Mar
Jan
10234
1093* 1093*
1053* 1053*
Jan
13,000
1961
1,000
1,000
72,000
4,000
103
Feb
Jan
109 3*
1073*
933*
303*
Apr
433*
89
21
109?*
29
Hood Rubber 7s
1936
Houston Gulf Gas 6s. .1943
Mar
323*
104J*
1033* 1033*
5,000
1033*
1043* 1043*
983*
2,000
1033*
Jan
107
993*
6,000
973*
Jan
1013*
983*
Apr
1948
New Eng Pow Assn 5s. 1948
Debenture 53*s
New Orl Pub Serv—
20,000
102?*
Apr
1073*
Jan
104
Jan
106
Feb
Jan
1023*
933*
Feb
3,000
903*
46,000
21?* 167,000
109?*
10,000
973*
873*
18
11?*
106
Jan
233*
Jan
Feb
Jan
Feb
Jan
1083*
1173*
Feb
110
Jan
Jan
1193*
Apr
109
3,000
138,000
1053*
863*
Feb
95
113
3,000
1093*
Jan
953*
Jan
113
Feb
Feb
Mar
58 stamped
68
693*
98,000
68
Apr
793*
673*
673*
69
34,000
67
Apr
793*
Feb
67
68?* 152,000
66
Apr
96?*
96?*
973* 162,000
85
Jan
79?*
993*
Mar
883*
Jan
1023*
Mar
883*
Feb
1954
100
1942
86
Income 6s series A..1949
99?* 1003* 252,000
83?*
763*
102
106
102?*
863*
79
1033*
1083* 1083*
1053* 106?*
102?* 103
53,000
69
Jan
81
Jan
101
Feb
104
Feb
1073*
1053*
1023*
105?*
1013*
111?*
Jan
Mar
1103*
1073*
1033*
1083*
Mar
1053*
Feb
Jan
Mar
2,000
49,000
36,000
3,000
1023* 1033*
22,000
105?*
86
Jan
Jan
Mar
Mar
Jan
Jan
106?*
18",000
106
Mar
1123*
1083*
105?* 105?*
10,000
105?*
Mar
109
Jan
3,000
843*
Mar
90
Feb
97
Mar
"106"
Jan
Feb
Jan
Feb
18,000
1073* 1073*
Mar
743*
Feb
22,000
Jan
1043*
Mar
108
Mar
1033*
12.000
103
Mar
1073*
Mar
1053* 1053*
2,000
104
Mar
1063*
Mar
1123* 1123*
5,000
1123*
1063*
1053* 1053*
1st 43*8 series D...1978
1st 43*s series E...1981
103
For footnotes see page 2639
Apr
86
86
93 3*
95
22,000
Jan
No Amer Lt A Pow—
1st 5s series A.....1953
...1951
Apr
25,000
933*
Jan
6
101
203*
100
Jan
Jan
1023*
105
88?*
Jan
Feb
8,000
12,000
100
109
Jan
963*
683*
N Y Central Elec 53*
New York Penn A Ol
Feb
Houston Light A Power—
1950
102?* 103 3*
113
1023*
1938
6?*
104
1083* 108?*
933*
Jan
Jan
•
95?*
Apr
Mar
673*
Conv deb 5s
Apr
Jan
72
1083*
1053*
6
59,000
28,000
105
1003*
New Amsterdam Gas 5s '48
Feb
4,000
983* 100
103
Nelsner Bros Realty 6s *48
Nevada-Calif Elec 5s. 1956
100
39,000
6
92
2022
Feb
1063* 107
Hamburg Elec 7s
1935
Hamburg El Underground
1957
Mar
Jan
107
91
5s series B
27
993*
99?*
Narragansett Eleo 5s A '57
27
863*
55
63*s with warrants. 1943
Mar
Mar
Jan
873*
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
58 series A
.1977
Hall Print 6s stmp...l947
Feb
Mar
843*
Hackensack Water 5s. 1938
Jan
683*
Mar
Mar
105
108?*
22
953*
1053*
Mar
"653* "64 3* ~67"
Mont-Dakota Pow 53*8 *44
Munson SS 6 3*s w w. 1937
223*
983* 116,000
72
Gulf States Utll 5s... 1956
Missouri Pow A Lt 5 3*s '55
Missouri Pub Serv 5s. 1947
5,000
863*
Grocery Store Prod 6s 1945
1947
Feb
3,000
33,000
„
1083*
60
91
"1663*
Feb
Mar
Jan
27
(Adolf) 4V*8...1941
107
1063*
106?*
573*
933*
Jan
Gesfurel 6s
1953
Glen Alden Coal 4s... 1965
105
2,000
Jan
27
983*
9,000
1073* 1073*
79
253*
893*
973*
843*
Georgia Power ref 5s.. 1967
Georgia Pow A Lt 5s.. 1978
106?* 106?*
30
26
893*
Mississippi Rlv Fuel 6s *44
99
60
_
893*
3,000
873*
58
Gen Wat Wks A El 5s. 1943
85
68,000
1957
45,000
853*
General Rayon 6s A.. 1948
Gen Vending Corp 6s. 1937
Certificates of deposits.
873*
100
873*
Feb
70,000
92 3*
Miss River Pow 1st 5s 1951
First Bohemian Glass 7s '57
Fla Power Corp 53*8.1979
Jan
7s series F
1033*
Jan
Mar
European Mtge Inv 7s C'67
Ref A Impr 5s
99
78 series E
Power 5s__1957
Debenture 6s
1952
106 3*
1967
Banks 6s 5s stmpd.1961
40,000
'953* "953* "963*
...1955
1133*
1065*
1953
Firestone Cot Mills 5s 1948
Firestone Tire & Rub 5s '42
Apr
Feb
6 3*9 series C
Jan
Jan
Jan
2,
European Elec Corp Ltd—
63*8
1965
Federal Water Serv 53*s'54
Finland Residential Mtge
Apr
100
Pow 6s '48
Arp
Mar
1,000
6)4 with warrants..1943
Hydraulic Pow 6s
A *57
1103*
1103*
1103*
1103*
1053*
1,000
Elmlra Wat Lt St RR 5s *56
6 3* s series A
Erie Lighting 5s
Feb
1053*
Mar
El Paso Natural Gas—
A St Ry 53*s
Intercontlnents
ser
1123*
1133*
1263* 1263*
Aug 1 1952
Deb 63*8
1938
Empire Dlst El 5s
1952
Empire Oil «fc Ref 53*8 1942
Ercole Marelli Elec Mfg—
109
Jan
823*
8,000
87 J*
66?*
803*
1063* 1063*
1263*
Certificates of deposit.
El Paso Elec 5s A....I960
Jan
Jan
1013*
96
663*
953*
105?*
80
Detroit Internat Bridge—
Dixie Gulf Gas 63*s._1937
Elec Power & Light 5s.2030
106
99,000
30,000
1963
Jan
5s series A
Derby Gas & Elec 6s..1946
63*8
...Aug 1 1952
Certificates of deposit-
2,000
17,000
1,000
993*
101
1013*
873*
89
1950
Jan
973*
1,000
Denver Gas St Elec 5s. 1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Feb
Feb
1957
5s
1st lien St ref 5s
693*
60,000
45
74
1952
43*s series B
5s
Indiana Service
Jacksonville Gas 5s
Consumers Pow 43*s_.1958
Cont'l Gas & El 5s
1958
Crane Co 6s
Aug 11940
813*
1093*
973*
Indiana St Mich Eleo 5s '55
693*
Consol Gas Utll Co—
Gulf Oil of Pa 5s
Indiana Hydro-EIec 5s '68
Feb
Jan
Mar
International Power Seo—
1981
1st & coll 68 ser A..1943
1043* 105
993* 1023*
983*
...1953
1951
82
Jan
107
Indiana Gen Serv 5s__1948
111
1,000
1033* 1033*
76
773* 117,000
96
13,000
933*
1,000
963* 963*
77
793* 120,000
79
725,000
773*
74,000
1003* 1013*
Gen mtge 43*s._I"l954
Consol Gas El Lt & P (Bait)
Gohel
943*
Feb
1043*
97
99
943*
95
893*
1Q<tQ
Deb 7s
993*
Jan
Jan
16,000
963*
102 3*
90
69,000
107
1073* 1073*
1st St ref 53*8 ser B.195'4
1st & ref 5s ser C...1956
823*
623*
-
Conv deb 6?*s w w.1943
Consol Pub 7?*sstmp.l939
963*
'1643*
ser
High
Low
563*
68
A *53
111 Pow St L 1st 6s
14,000
923*
883* 170,000
53,000
693*
78,000
723*
71
713*
1043* 105
$
753* 120,000
107
1957
68
713*
High
743*
1947
111 Northern Utll 5s
883*
(Bait City)—
1st ref s f 4s
Illinois Central RR 6s 1937
91
..1962
58
Feb
Mar
883*
1956
5s series D
Mar
1003*
Range Since Jan. 1 1936
Week
Low
1949
913*
105
4
6s series B
Idaho Power 5s
963*
1113*
1063*
Community Pr & Lt 5s *57
Connecticut Light & Power
Mar
17,000
8$*s series H
Com'wealth Subsld 63*s *48
1053*
1003*
1033*
983*
lBt 43*s series C...1956
1st 43*b series D...1957
1st M 48 series F...1981
1965
Jan
17,000
Commerz & Privat 53*s '37
Commonwealth Edison—
1st M 5s series A...1953
1st M 5s series B
1954
993* 151,000
1023*
58,000
Jan
64
97
111
Cities Service Gas 53*s '42
Cities
Service
Gas
Pipe
1003*
1023* 1033*
Yards 5s
.1940
Chic Pneu Tools 53*8.1942
Chic Rys 5s ctfs
1927
1950
36,000
993*
983*
983*
1043*
Cincinnati St Ry 6?*s A '52
6s series B
1955
Cities Service 5a
..1966
1023* 104
99
Chic Dlst Elec Oen 4 3*s *70
Chic Jet Ry St Union Stock
Conv deb 5s...
Price
for
of Prices
Sale
(Continued)
High
Hygrade Food 6s A...1949
1st St ref 4 3*s serF. 1967
5s series Q
1968
4?*% series H
Week's Range
Last
Range Since Jan. 11936
Central III Pub Service—
6a
April 18, 1936
Sales
4,000
Apr
114
Jan
Mar
108
Jan
933*
55?*
573*
106?* 107
903*
Jan
9,000
533*
Jan
9,000
1063*
Mar
v
64?*
108
Jan
Jan
New York Curb Exchange—Concluded—Page 6
Volume 142
Sales
Friday
Week's Range
of Prices
Last
BONDS
Sale
(Continued)
Price
104 H
1969
...
4%sserlesE..—.1970
No States Pow 5%s___1940
N'western Elee 6s
104%
101
-
«
-
-
-
-
m
m
m
m
m
m
1946
N'western Power 6s A.1960
High
$
Sales
Friday
Certificates of deposit...
64 H
N'western Pub Serv 6s 195?
100 H
Ogden Oas 6a
1946
107%
Ohio Edison 1st 6s;
1960
103% 104%
103% 104%
100% 101%
20,000
26,000
88,000
17,000
Low
Week'slRange
for
Sale
Price
of Prices
Low
High
Week
(Concluded)
High
102%
Jan
Jan
104 H
42,000
51
Jan
20,000
50%
98H
Jan
Jan
104H
101%
104 H
104H
65%
65H
102%
103 H
Jan
108
105%
103% 104
101% 102%
63%
65%
63
65%
100% 101
107
107%
105% 106
23,000
28,000
48,000
16,000
102 H
98
Jan
103%
Feb
100%
Mar
Feb
Mar
Feb
Mar
Feb
Jan
76%
Jan
59
Feb
61
55
58%
104% 104%
104% 104%
105% 106%
19,000
10,000
13,000
11,000
49
Feb
Mar
108
5,000
38,000
16,000
23,000
57,000
61%
60%
106%
106%
110%
109%
J 98
Standard Telep 5HB..1943
58%
61
58%
Sttnnes (Hugo) Corp—
1936
7-4% stamped
1946
Super Power of 111 4Hs '68
1st 4 Ha
.1970
Syracuse Ltg 5H8-...1954
7-4% stamped
Apr
Apr
Feb
Apr
Tennessee Eleo Pow 5s 1956
Jan
58%
104%
1957
6s series B
"105%
......
108
93%
81%
"82"
104
105
14,000
104
Mar
Apr
Tenn Public Service 5s 1970
104
107 H
Mar
Tern! Hydro Eleo 6Hs 1953
104
104
105%
7,000
104
Apr
107
Mar
Texas Eleo Service 68.1960
Texas Gas Util 6s.
1945
53%
103%
109% 109%
105% 105%
2,000
6,000
11,000
54,000
109
Jan
112
Feb
Texas Power A Lt 5s..1956
"l05"
Jan
106
Apr
106
Apr
107H
Jan
107
Feb
Thermoid Co 6s stpd.1937
TldeWater Power 5s. .1979
Feb
Tietz
Jan
Toledo Edison 5s
Twin City
Ulen Co¬
3,000
104% 105%
105
1963
6s series D........1954
mmmmmm
1961
6s series A
106
106
1950
5%s series E
Okla Oas & Elec 5s
104 H
104% 104%
1940
102
1,000
102
7,000
87
99
99%
106% 106%
7,000
87%
99
1947
104%
87%
Okla Power & Water 5s '48
Oswego Falls 6s...
106%
102
Pacific Coast Power 5s 1940
3,000
93H
106
Jan
Mar
105
94 %
Apr
Jan
100
Jan
Jan
107H
Jan
1st 6s series B
.1941
lst&ref4%s E
1st & ref 4%s F
Paclfle Invest 5s
ser
105H
1957
1960
105 %
A.1948
-
-
-
Pacific Ltg A Pow 5s..1942
Pacific Pow A Ltg 5s..1955
116H
Palmer Corp 6s......1938
Park A Tllford 6s
1936
102 %
Penn Cent LAP 4%s 1977
6s
j
1979
Penn Electric 44 F
1971
~103 %
84 %
«.
—
-
-
100 H
120% 120%
8,000
105% 105% 12,000
105% 105% 40,000
99% 101
20,000
116% 116%
4,000
83%
85% 138,000
102
6,000
102%
103% 103%
106% 106%
100% 101
119H
Jan
121%
105 H
105 H
Mar
Mar
98H
Jan
107%
107 H
102 H
Jan
116%
114
Mar
94%
101H
99H
Apr
Feb
103$
100
Jan
105
9,000
104 H
69,000
97%
Jan
Jan
107H
101H
4i"66o
80
100H
1950
103
Deb 5%s series B...1959
100
xw
%
38,000
49,000
Pennsylvania Power 5s '50
6s series D
Penn Water Pow 6s
..1954
107% 108
112%
T,66o
106%
5,000
98%
98%
105% 105%
13%
14
112% 112%
110% 110%
93
94%
94,000
60,000
47,000
"112%
1940
106
4%s series B
1968
Peoples Gas L A Coke—
B
1981
98 %
6s series C
..1957
105 H
1979
13%
4s series
Peoples Lt&Pr 6s
Phlla Electric Co 5S..1966
Phlla Elec Pow 5%s..l972
Phlla Rapid Transit 6s 1962
110%
107
'
Phil Sub Co O A E 4 He '57
Piedm't Hydro-El 6Hs '60
75
Feb
Jan
Union Amer Inv 5s A.1948
102
Jan
Mar
5e series A
5s series B
United Lt A Pow 6s...1975
"87%
1974
Apr 1 1959
Un Lt A Rys (Del) 5%S '52
United Lt A Rys (Me)—
92
Pomeranian Eleo 6s..1953
1939
«...
Potomao Edison 5s... 1956
78%
79
106
4%s series F
1961
106
108
11,000
26,000
12,000
Feb
108
Apr
6a series A
106 H
Jan
6s series A
Feb
114H
Jan
108
Jan
Jan
100
Mar
Jan
106 %
Feb
6
Jan
112H
110%
86H
105 H
41H
Jan
15%
113H
112%
94%
108%
Mar
Mar
Apr
Jan
103
Jan
4,000
106
106%
96 H
Mar
Jan
96 H
99
Prussian Electric 6s..1964
Jan
Ward Baking 6s
1937
Wash Oas Light 5s...1968
105%
1,000
139
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—_
139
139%
111
35,000
107
3,000
13,000
Apr
27%
106
83%
107
Jan
Feb
106%
Jan
108H
Mar
102 H
Jan
66 %
Jan
Jan
91H
Mar
96 H
Apr
90%
97%
26
132%
Jan
Apr
Jan
100H
32
140 H
Mar
1st & ret 5s
1956
110%
5s series C
1966
106 H
106
4% series D
1978
4Hs series E
1980
-
-
103% 104
-
2,000
103
103% 33,000
103% 103% 38,000
104% 105% 28,000
103% 103%
8,000
91%
93% 209,000
87%
89% 68,000
84
86% 119,000
103
103% 11,000
105
2,000
105%
105% 105%
3,000
103
1st A ref 4Hs ser F.1981
103 H
4%s series I....
I960
104 H
Pub Serv Subsld 5H8.1949
Puget Sound P A L 5Hs '49
103%
92 H
1st A ref 6s series G.1950
87%
1st A ret 4Hs ser D.1950
85 H
6 Hs series A
1952
ReUanoe Managemt 5s 1954
Rochester Cent Pow 5s 1953
105 H
88
91
14,000
111H
Feb
107
Jan
101H
Jan
102
Jan
102
Jan
103H
Jan
101
Feb
104H
104%
104%
105%
103 H
86H
83H
78%
2030
Jan
96H
Apr
Mar
Jan
5s series F
1955
28
102
102%
Scrlpp (EW)Co SHs-1943
Seattle Lighting 6s
1949
64 H
Second Int'l Sec 58—1948
•
64%
99
99
Jan
103
Jan
Apr
Jan
104
Jan
Jan
95
Feb
Apr
112
Jan
Baden 7s........
33
Feb
27
Feb
Mar
Mar
Mar
Apr
109
Jan
28
Apr
33
Jan
14
18%
Jan
0 Of 01
1
18
Jan
103
18,000
102
Apr
65
10,000
100
15,000
1st 4Hs series D
1970
Sheridan Wyo Coal 6s. 1947
102%
...
«
Sou Carolina Pow 5s. 1957
99 %
2025
104%
39,000
103%
105% 106%
13,000
14,000
102% 103%
13,000
64H
68H
Apr
Jan
Mar
30 H
30
Feb
Jan
Mar
1st A ref mtge 4s...1900
107%
104%
Sou Indiana O A E 5%s
*57
1951
Sou Indiana Ry 4s
Southern Nat Oas 6s. 1944
102%
S'western Assoc Tel 5s.'61
98 H
S'western Lt A Pr 5s..1957
S'western Nat Oas 6s. 1945
77%
-
—
-
-
103 %
Mar
Mar
100H
Jan
Mar
Maranho 7s.........1958
Medellin 7s series E..1951
Mar
Mendoza 7 Ha
Mar
Jan
Stand Oas A Eleo 6s..1935
103 H
101
Mar
Mar
Lima (City) Peru 6Hs..'58
Certificates of deposits..
73
73
73%
Certificates of deposit.
1935
72%
72
73
73
73
74
Certificates of deposit.
Debenture 6s
1951
71%
71%
70%
72%
72
68%
70
Debenture 6s-Dec 11966
70%
69%
Standard Investg 5Hsl 939
101%
105
104 H
101% 101%
105
105%
20
33,000
20,000
105
105
106
106%
19,000
m
106
_
mmm
m
"92%
60%
101
106%
102%
107
m
"161"
m
107
92
m
m
m
m
m
10,000
72,000
3,000
92% 98,000
66
104,000
25,000
45%
Jan
Jan
Feb
Apr
Feb
86%
Feb
Jan
102%
Mar
105%
106%
100%
Feb
Jan
Mar
98
Feb
Feb
Jan
18%
Jan
Apr
Jan
100
Feb
Mar
103%
Apr
Jan
101%
Mar
Jan
97%
Mar
Jan
94
Jan
Apr
27
Jan
Apr
107
Mar
107%
Jan
Feb
106
Jan
107
Mar
105
Feb
Jan
107%
103%
Mar
Jan
108%
Mar
94%
Mar
99
103%
88%
33%
Jan
Jan
66
Feb
Apr
Mar
105
Mar
106%
107
Feb
107%
Feb
17,000
20,000
106
Jan
107
Feb
101%
Jan
105
Feb
54,000
5,000
101
Jan
Jan
Mar
103%
107%
107%
Feb
105%
Apr
104%
Jan
105% 106%
106
106%
103%
102%
105%
107
104%
103%
105%
107
107
12,000
106
103
103%
20,000
102%
23%
23%
5,000
22%
Mar
62%
64%
63%
14,000
55%
57%
Jan
66
Mar
"64%
Jan
66%
Mar
8%
8%
9%
Jan
11
Jan
33%
106%
104%
103%
mm
18%
17
65
6,000
6,000
8
31%
"21
Feb
Jan
28
30
23%
Jan
21%
Jan
Jan
21%
26%
Feb
34
Jan
Feb
Mar
Jan
2,000
28
5,000
1,000
95%
89%
Jan
2,000
1,000
11,000
4,000
69%
23%
Mar
Apr
28
Apr
32%
22%
Mar
26%
Jan
10%
8%
13%
Jan
12%
Feb
Jan
12
Jan
17%
9%
Jan
14
71%
Feb
81%
Jan
63
Feb
76
Apr
Jan
20
Mar
22
Apr
Apr
33
100%
21
23%
2,000
Santa Fe 7s
Jan
99
Feb
Mar
105 %
Apr
107
Jan
Feb
107
Jan
Feb
108
Jan
Jan
82H
92 H
99
Jan
10254
92H
Jan
91
Jan
103 H
99
Jan
105 H
Mar
Mar
m
m
m
m
m
10%
10%
1,000
mmmm-mm
'"10% "10%
m
mmmm
"75
mmmmm
mmmmm
70
21
76
5,000
mmmrnmm
38,000
18
-
Jan
107H
Feb
m
May 1927......
Feb
Jan
104%
108
Mar
Mar
mmmmm
mmmmmm
Issue of Oct 1927...
Feb
104
Mar
101H
1951
4a stamped
Jao
Jan
106%
56%
1951
-
Mtge Bk of Chile 6s...1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6H8..1959
Russian Govt 6%s...1919
6 Ha certificates.—1919
5Hs
1921
5Hs certificates.... 1921
Jan
100 H
101
Convertible 6s
Feb
Mar
Mar
100%
Apr
Jan
97%
Mar
Jan
72
Jan
28%
Feb
28%
Feb
Jan
Mtge Bk of Bogota 78.1947
65.000
104% 104%
23,000
24%
24%
108
102% 103
97%
105%
96%
102%
95%
91%
83%
98% 100
95%
96%
91%
93
24%
105H
105 H
107 H
104%
104% 104%
105% 105%
72
Jan
2,000
18,000
S'west Pub Serv 6b...1945
111%
Jan
72
Jan
107% 108
77%
79%
102% 103%
96
97%
Jan
1953
Jan
104%
101% 102
104%
75%
98%
Darnslg Port A Waterways
External 6Hs
...1952
105
100 H
So'West Pow A Lt 6s.2022
23,000
27,000
4,000
106
Hanover (City) 7s.... 1939
Hanover (Prov) 6 Hs—1949
Feb
37,000
15,000
13,000
16,000
1,000
3,000
9,000
18,000
19,000
43,000
79,000
4,000
Jan
110% 110%
83%
86
102% 102%
Feb
Mar
Feb
Feb
98%
80
Apr
Apr
Jan
28,000
97
Feb
97K
97%
89%
Jan
97
103
108
Jan
100%
81%
91
32
108
101
14,000
76
175,000
90
100
10354
99% 100
19,000
103% 104% 110,000
105% 105%
32%
33%
Jan
28%
Apr
Apr
93%
105%
91%
1955
100 H
100H
106 H
"l05%
36.000
105
Secured 6s.——1947
Jan
Refunding 4hs-...1965
Sou Calif Gas Co 4Hs 1961
Sou Counties Oas 4Hs.'68
93%
33,000
24,000
German Cons Munio 7s '47
58
104% 104% 21,000
103% 103% 106,000
103% 103% 48,000
107% 108
11,000
88%
28%
1952
6s series A
Danish 5 Ha
Issue of
103 H
103 H
28%
18%
.1951
7Hs stamped
...1947
Cauca Valley 7s
1948
Cent Bk of German State A
Prov Banks 6S B...1951
Jan
Sou Calif Edison Ltd—
Debenture 3%s
1945
Ref M 3%s May 1 1960
Ref M3%sB July 11960
58
AND MUNICIPALITIES—
Jan
72%
3,000
67%
Jan
FOREIGN GOVERNMENT
Feb
104
105 H
70
67%
45%
3,000
Buenos Aires (Province)—
7s stamped——1952
74
5,000
103
mmmmm
28%
Agricultural Mtge Bk (Col)
20 year 7s....1934-1946
20-year 7s
1947
127
110
102% 103%
103
116%
1
106 H
105 %
106 H
Shawlnlgan WAP 4Hs '67
4Hs series B.
1968
1st 6s series C
.1970
Jan
99%
103
105
Jan
Inc 6s........1948
Apr
Jan
124
*
Feb
104%
113%
107%
99
"107
Mar
105
1
Feb
106%
21,000
1937
106H
6,000
•
"24% "24%
Jan
HO
96%
1941
5s
1935
Jan
Jan
Mar
105
94%
York Rys Co 5s
Apr
Apr
103
Schulte Reai Estate—
.1935
Apr
84%
Feb
3,000
28%
102
Jan
Yadkin Rlv Pow 5s
Feb
Jan
109% 109%
Saxon Pub Wks 6s...1937
Apr
Mar
Apr
20
1958
93H
Apr
109%
Sauda Falls 6s
73
100
Apr
101%
127
San Joaquin L A P 6s B '52
85
105%
90%
92%
Feb
108%
19%
12,000
87%
104
"91%
Wise Pow A Lt 5s E..1956
89 H
105 H
17,000
Feb
Jan
Jan
11,000
14,000
Wise Pub Serv 6s A...1952
Jan
15,000
14%
104% 104%
126% 127
104 H
Southeast PAL 6s
West Penn Eleo 5s
West Penn Traction 5s '60
West Texas Util 6s A.1957
Jan
110H
27H
14
28%
28%
86%
Wheeling Eleo Co 5S..1941
Jan
25
14
Feb
74
24.000
Wash Ry A Elect 4s..1951
Wash Water Power 5s. i960
Mar
Feb
106% 106%
San Antonio P S 5s B..'68
Serve!
1946
West Newspaper Un 6s *44
West United G A E 5%s'6«
Jan
104
2,000
2,000
...
Safe Harbor Water 4 Hs '79
St. Louis Gas A Coke 6a *47
6s with warrants
6s
Feb
108H
110% 110%
28% 28%
Rochester Ry. A Lt 6s 1964
Ruhr Oas Corp 6H8..1953
Mar
99
1950
100
Quebec Power 6a
1968
Queens Boro O A E 4%s *58
6s ex-warrants
1st ref 5s sot B
Wlso-Minn Lt A Pow 5s '44
110
108
106%
76%
98
..
......
Waldorf-Astoria Corp—
7s with warrants
1954
21,000
26
Vamma Water Pow 5Hs'57
Va Public Serv 5Hs A.1946
Apr
Mar
Feb
96%
99
1937
100%
Power Securities 6s...1949
Mar
Mar
1952
Valvoline OU 5s
Mar
Apr
Mar
95%
98%
5s Series E
Apr
Jan
Mar
108
76H
26
Mar
105
25%
3,000
34
A~Eleo5sD_1956
Jan
103 H
10,000
4,000
26,000
Utlca Oas
Jan
1,000
90
•
Mar
101%
Jan
99%
..........1944
Mar
5,000
108
56
4%s._
106 H
52,000
89
——
Potrero Sug 7s stmp__1947
Power Corp(Can)4 %s B '59
100
Jan
96%
Utah Pow A Lt 6s A..2022
6,000
79
Feb
99
104%
105%
6H% serial notes...1939
6% % serial notes
1940
103 H
2,000
28,000
94
U S Rubber Co—
86%
Jan
82
56
104% 105%
USA Brit Interaat 5s 1948
Feb
40
98%
2,000
1,000
17,000
3,000
1,000
75,000
110%
83%
.....1973
112H
105H
Mar
50,000
«««.—«
75
105%
90%
1952
Jan
79,000
Potomac Eleo Pow 58.1936
Ruhr Housing 6HS...1958
107H
Feb
53
106
106%
103% 104%
25% 25%
105
105%
106 H
103H
Portland Oas A Coke 5s '40
6Hs
5Hs
106%
Feb
Feb
Mar
Mar
92
Feb
Mar
Mar
90
105
Mar
54
56
Apr
102%
Jan
Jan
110
1,000
7,000
3,000
105% 105%
115% 115%
United El Serv 7s ex-w 1956
105
29
106%
1949
Jan
Jan
Jan
Feb
106%
"l05% 106"" "JLOOO
United Industrial 6Hs 1941
1st a f 6s
1945
Mar
78%
41%
99%
Jan
Feb
4
—.1957
Mar
106
106
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s...1948
4%s
United Eleo N J 4s
Jan
Jan
Jan
101% 102
.1967
Jan
Jan
89
105%
Mar
Apr
75
73
73
1Q8
Apr
Apr
Apr
104
106% 108
82,000
82%
85% 262,000
75
Jan
Apr
104
104%
1954
Apr
Feb
mmmm
45
104%
9,000
5,000
7,000
95%
m
Union Elec Lt A Power—
Mar
101H
98H
107
50%
52 H
Piedmont A Nor 5s...1954
Poor & Co. 6s
12,000
mmmrnmm
"I67"
3,000
101% 101%
•
84
104 H
102% 103
100% 100%
105
Penn Pub Serv 6s C..1947
(Leonard) 7H8.1946
1962
31
109
95%
95%
101%
Rap Tr 5Hs '52
Penn Ohio Edison—
68 series A
31
108
108
2022
6s
ds 2nd stamped
1944
6s 3d stamped....^1944
Pacific Gas A El Co—
Feb
64%
46%
1st A ret. 4%s ser D1966
Ohio Public Service Co—
68 series C...
High
41,000
13.000
68%
57%
Ohio Power 1st 6s B..1952
107
Low
$
70
58%
69%
94%
82
51% 53%
103
103%
105H
Range Since Jan. 11936
Last
BONDS
Range Since Jan. 11936
Week
Standard Pow A Lt 6s.1957
Northern Indiana P 8—
6a series C
1966
6s series D
Low
for
2639
.....1945
-
"13
96
22
1%
20%
15%
1%
1%
1%
1%
mmmmm
-
17%
-
13
"
97%
22
15%
1%
1%
1%
1%
mmmmm
1945
7s
60
11%
12
1961
Santiago 7s
60
1949
7s Stamped
11%
11%
Mar
Jan
Mar
3" 666
12
Jan
14%
Jan
3,000
92%
Jan
10%
12%
1%
1%
Jan
98%
23%
17%
2%
2%
2%
2%
Mar
63,000
4,000
4,000
11,000
6,000
Ma
10,000
•»
—
mm
3,000
4,000
1,000
1%
1%
Jan
Mar
Apr
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Jan
68
Feb
71
60
Feb
60
Apr
11%
11%
Jan
12%
12%
Jan
Jan
Jan
Feb
69
Jan
83H
Feb
Feb
69
Jan
81
Feb
69H
Jan
84H
Feb
69
Jan
81
Feb
65H
Jan
80
Feb
66
Jan
76
Feb
97
Jan
102 H
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
*
Ex-dlvidend.
Cash sale transacted during the ourrent week and not Included In the weekly
yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit: "cons," consolidated
"cum," cumulative: "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t o," voting trust certificates; "w 1," when Issued; "w w," with warrants; "xw,"
without warrants.
Financial
2640
Other Stock
Chronicle
April 18, 1936
Exchanges
Sales
Friday
New York Real Estate Securities
Range Since Jan. 1 i«3b
Last
Stocks (.Concluded)
Closing )bid and asked quotations, Friday, Apr. 17
Par
Week's Range
for
Sale
Exchange
of Prices
Low
High
Week
Price
Shares
High
Low
Maine Central-
Unlisted Bonds
Ask
Bid
Alden 6s
1941
Unlisted Bonis 0Concluded)
Bid
Pennsylvania Bldg 6s. 1939
45%
33
Ask
Prudence Bonds Corp—
Berkshire
3
(The) 6s... 1941
Dorset ctfs of deposit
5 Kb.
5
1934, 3d series
5Kb, 1940,15th series..
32
36
43
47
31
5Kb, 1940, 17th series..
46 K
(The) 6s......1939
36
39
61 Bway Bldg 5>4s—1950
Unlisted Stocks—•
City & Suburban Homes..
62
65
Lincoln Bldg
5
72
75
10%
Natl Tower Bldg 6 %s. 1944
Oliver Cromwell ctfs
Corp
39 Bway Inc units
11
44
Place
Dodge
%
4%
12
Old Colony
RR
47
47
100
Northern RR (N H).
Pennsylvania RR
.
100
50
.
25
—
—
—
—
—
-
111
—
—
-
Reece Folding Mach
1%
2
13%
12%
*
19 K
19%
2
100
Baltimore
and
*
5
25%
86%
Preferred
Utah Apex
100
Mining
5
Utah Metal & Tunnel
39 Broadway
NEW YORK
1
Venezuela Holding Corp.*
Venezuela Mexican Oil.. 10
Vermont & Mass Ry.._100
Waldorf System Inc
*
York, Pa
Stock Exchanges
Warren Bros Co
Chicago Board of Trade and Commodity Exchange, Inc.
3K
4%
Warren
*
(SD) Co
*
1,039
2,150
440
100
2
*
1
15
35%
1%
18
18
10
90
90c
111
3354
1%
372
60
85C
25
United Gas Corp
..1
United Shoe Mach Corp.25
Baltimore Stock Exchange
Louisville, Ky.
York
New
Mar
175
9,972
Shawmut Assn tr ctfs
STEIN BROS. &> BOYCE
Hagarstown, Md.
130
K
48c
Union Twist Drill Co
Members
Mar
3
40c
Torrington Co
Established 1853
117%
123
3%
41c
Qulncy Mining
11
BALTIMORE, MD.
306
120
3%
Suburban El Secure com..*
6. S. Calvert St.
Feb
120
*
Texla Oil Corp
on
51
42
75
N Y N H & Hartford-100
...
Orders Executed
Jan
41
Stone & Webster
11
Income with vtc
8
316
42
Reece Butt'n Hole Mach 10
9th Unit Ino units
Corp
45
680
2%
Mergenthaler
Old Dominion
8
4th Unit Inc units
Park
48
Tudor City—
v t o...
18
Jan
25
2%
*
Linotype..*
New Eng Tel & Tel
100
Jan
12%
32%
100
Feb
7%
18%
1%
38*4
12
32%
2%
100
.......
Mass Utilities vtc
North Butte
3%
5th Ave&29tb St Corp 6s '48
Drake
Common.
Preferred
35%
Jan
3..
Apr
Mar
35c
Jan
Feb
394
Feb
5*4
Jan
58o
42
Jan
70*4
Mar
560
Jan
90o
Apr
Feb
Jan
112
31*4
Jan
39
Feb
70c
Jan
Feb
15*4
Jan
1%
18%
110
1*1
Jan
Apr
Jan
2
1354
20%
2%
1,926
11
Jan
13*4
Feb
1,577
Feb
21*4
Apr
275
14*4
1%
4%
3,845
3%
Apr
90*4
22*4
Jan
102
377
Jan
Apr
3
Feb
554
104
Mar
25%
25%
50
Jan
28*4
Mar
8%
86%
40%
1%
9%
87%
228
4
Jan
83
Jan
9*4
90*4
Mar
1,624
123
39
Jan
42
41
1%
41
1%
94
390
Jan
Feb
Feb
Feb
2*4
—
-
74c
2,080
900
Jan
30c
65c
469
30c
Apr
1
Feb
3%
3%
65
2*4
Apr
3*4
Apr
64c
66c
------
128
128
-
18
15
22
75
25
124
Jan
Feb
130
Feb
75%
9*4
Jan
16
1,158
494
Jan
10*6
Mar
29%
Jan
76
Apr
25
9%
Jan
105
1451
8%
1454
*4
10%
75
21
Mar
$9,000
70
Jan
Bonds—
Baltimore Stock
Eastern Mass St Railway-
Exchange
Series A 4%S
1948
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Arundel Corp
*
Atlantic Cst Line (Conn) 50
Bait Trans t Co com vtc.*
1st preferred v t e
Black & Decker
19%
32%
------
*
25
Commercial Credit com..*
6% % preferred
*
56 %
preferred
100
Eastern Sugar Assoc com.l
Preferred
1
Fidelity & Denoslt.
20
10
Fid & Guar Fire Corp
Finance Co of Am cl A
Houston Oil
*
pref....—100
Mfrs Finance com
v t
25
25
1
—
-
—
2nd preferred
Mar Tex Oil
Mercantile Trust Co
—
—
101
41 %
10%
18%
10
1%
------
------
Merch & Miners Trans p..*
36*4
Monon W Penn
25
PS7% pf25
296
9
5694
7
92
106
115
172
13
13 K
24%
24%
99% 102%
39%
10%
17%
%
Jan
92
Apr
New York Curb (Associate)
114
Jan
116
Feb
17%
28%
105%
50
11%
20%
Jan
%
Feb
1%
11%
Mar
14
78
8
50
9
Apr
Apr
1%
1%
Feb
16
248
Mar
37
61
31
Jan
457
25%
40
92
92
21
10
10
10
41
9
1,517
Mar
Mar
Feb
Jan
Friday
2%
Feb
Last
Week's Range
for
Jan
Sale
of Prices
Low
High
Week
37%
25%
Mar
Feb
40
55
11%
Apr
Apr
95
Jan
100
Feb
87
Jan
92
Apr
8%
14%
Feb
10
15*4
14%
15 K
3,014
36%
36%
53
34
1962
$100
118
------
118
118
Stocks—
Par
Abbott Laboratories com.*
Jan
Adams (J D) Mfg com...*
Adams Royalty Co com..*
16 %
Apr
17%
Feb
Jan
36%
Apr
118
Apr
Advance Alum Castings. .5
Allied Products Corp cl A. *
Common
Asbestos Mfg Co com
1
Associates Invest Co com. *
24
24%
22,000
15%
Jan
27*4
Feb
Automatic Products
A 6s flat-—..—...1975
27
28
Jan
Bastlan-Blesslng Co com.*
84
Jan
32%
100
Feb
99% 100
18,750
9,000
17
B 5s flat
Apr
Bendlx Aviation com....*
Jan
8%
Jan
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Bliss & Laughlin Inc cap.5
Borg Warner Corp com. 10
Wash B & A 5s flat—1941
8%
8%
Boston Stock
2,000
8%
Exchange
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1 1936
Shares
com. 6
7% preferred
Low
High
6%
2%
non-cum pref
50
1st preferred
50
Amer Tel & Tel
------
------
100
165%
Blgelow-Sanford Carpet
Boston & Albany
100
138 %
Boston Elevated
100
2%
2%
5%
5K
23%
24%
164 K 167*4
430
85
1%
Jan
4%
Mar
20
Mar
2%
Apr
5%
Apr
25
Jan
Feb
100
100
25
Cl A 1st pref stpd
C1B 1st pref stk
100
8
8%
Feb
319
15
52
14
30
8%
12
Jan
14*4
Copper Range
.25
8%
7%
8,501
6%
Jan
9*4
Apr
Apr
1%
1%
20
%
Jan
1%
Feb
*
East Gas & Fuel AssnCommon..
7
Apr
Jan
8
396
U%
Mar
339
Jan
83
Mar
73%
74%
310
60
Jan
84
Mar
6% prior pref A
7 % cumul pref.
7%
1st preferred
100
3
100
52%
6
Eastern S S Lines com..
*
6
12
30
53%
14 K
6%
,
(
200
185
1%
33
Jan
3%
-
-
Jan
53%
Apr
8%
Feb
Apr
210
3
Feb
uli
8%
Jan
11
—
-
Apr
110
12%
54
*
_
Economy Grocery Stores. *
50
14%
Adjustment...
54
120
52
Mar
18%
18%
15
18
Jan
1,365
6%
14*4
60
23*4
Apr
Feb
64
Jan
Mar
30% Mar
107 K
Feb
83*4
111%
Mar
10
300
26 K
Jan
34%
Mar
13
Mar
Mar
32 %
16%
150
Jan
18 %
6,050
7%
Jan
10% Mar
650
38%
Jan
42 %
Jan
1,780
57
Jan
66
Feb
550
1
Jan
49
Jan
21
Jan
40
Feb
720
35
Jan
30
40%
Jan
54 %
46
9,100
4K
Jan
5K
61K
IK
5
2%
46
5K
49
400
44
Jan
52
22
22*4
120
22
Apr
25
29
29 X
350
28
Jan
31
3%
400
3
Jan
pf *
1
1
103
100
20
1
103
103
5K
28
59
60
5%
3,450
32,500
IK
150
36 K
60
31K
4%
1%
36
102K 105
58K
Feb
%
100
Mar
Jan
19 H
Jan
2K
Mar
194
Mar
32
Mar
4K
1%
105
31 %
7%
3%
38
Apr
Apr
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Apr
Feb
Jan
Feb
1,400
96%
Jan
110%
Jan
59%
650
58%
Apr
59*4
Apr
%
2,055
K
Feb
134
Feb
7
8K
120
5K
Jan
12 %
Feb
4
4
40
2%
Jan
7%
Feb
41
44
800
36%
Mar
9,200
4,000
25%
K
....5
.....
50
3K
7K
100
Mar
165% 168%
743
15594
Jan
169
165
167%
615
150
Jan
157*4
Apr
155
Apr
27*4
Feb
Jan
40*4
21%
21%
21%
23%
General Capital
Gilchrist Co
*
41
40%
41
20
5%
Jan
*
16%
7%
16%
7%
Gillette Safety Razor..
17%
741
16%
Apr
*
80
37
8
19*4
41
Cord Corp cap stock
5
Crane Co common......25
30
Preferred
100
6 K
128
Apr
Cum class A
*
Preferred
31
*
1%
23
Intl Button Hole Mach. .10
-25
2%
page
1%
11
-25
2643
32%
1%
23
2%
11
25
30
Jan
100
1H
Mar
25
16%
Jan
4,595
%
9%
Jan
10
Jan
35
2*4
23
2*4
11
Apr
Jan
8
Apr
Mar
30 %
131 %
Apr
280
120
Jan
180
106 %
2,250
10 %
100
19K
Api
Jan
Jan
110
14 K
24%
24
25
100
21H
Jan
25
7
9
1,130
4%
Jan
15
DeMets Inc pref
108
5
13
15
Mar
Jan
14%
Mar
25*4
Mar
Apr
Decker & Cohn—
Common
Deep Rock Oil
10
conv
8K
pref.. *
Econ Cunnghm Drug com *
Jan
Eleo Household Util cap.5
Jan
Apr
FitzSlms & Con DAD com*
Apr
Gardner Denver Co
General Candy A
'l5%
13
18
19%
25
is %
Elgin Nat Watch Co... 15
Feb
100
13
Dexter Co (The) com....5
Feb
Eddy Paper C (The) com. *
Hathaway Bakeries cl B
7
30K
126K 129
47
24K
pref.....35
Mar
Hathaway Bakeries—
6%
K
29 K
108
Cudahy Packing pref..l00
165
Employers Group
._.*
Common.
Dayton Rubber Mfg com. *
166
*
25
Apr
Mar
650
Jan
100
For footnotes see
35C
7
670
Feb
Mar
stk.
Edison Eleo Ilium
Isle Royal Copper
Loew's Theatres..
12%
Continental Steel—
3
100
Preferred B
new
conv
Common
66
3%
41%
Jan
63
*
Jan
lHJan
59K
Compressed Ind Gases cap*
Consumers Co-
100
Eastern Mass St Ry—
Common
Recpts $150 pd
156*4
32
*
Preferred
100
.........
6% cum pref
4% % prior pref
2d Dreferred
Jan
Feb
12% Mar
Jan
29
102K
Jan
5%
11
Jan
54K
Commonwealth Edison. 100
3%
Feb
52 K
46
IK
10
4,874
1,050
78
7K
6K
21%
Jan
Jan
28
*
Club Aluminum Uten Co.*
Coleman Lamp & St com.*
119
3%
156^
28 K
Apr
350
76
36%
Jan
58%
._.*
com
29 K
14%
9%
East Boston Co
Prior lien preferred
Preferred
Chic Yellow Cab Inc cap.*
Cities Service Co com....*
3%
6%
Jan
64
IK
Chicago Towel Co
11%
154
12 K
2,100
24,550
6,450
Apr
68 %
28
63
Feb
12%
1,500
11%
UK
5%
26%
42
Feb
------
10*4
32
4K
27 K
9%
Feb
Jan
9%
4,350
2,150
2,200
16 K
18
17
K
32
15
Apr
4
108% 108 %
20%
11%
13
------
76
Jan
52
.25
100
.
27%
Jan
11%
9%
Calumet & Hecla
Brown-Durrell com
694
Apr
Feb
12
13
12 X
Chicago Eleo Mfg cl A-—*
Chicago Mall Order com. .5
Chic & N W Ry com
100
Chic. Rys part ctfs 4,1"_100
Feb
14%
9%
144%
100
10%
28%
Cherry-Burrell Corp com. *
Chicago Corp common...*
9
ClC 1st pref stpd)
100
Class D 1st pref stpd. 100
Cl D 1st pref
Boston & Providence.
10 %
10%
30%
6
36
Feb
Feb
Jan
Feb
41
5%
4K
34
Feb
15%
32%
7%
5%
Feb
Feb
70
Jan
Jan
3%
68%
Jan
Jan
25%
4K
18
65%
Apr
Jan
590
Jan
241
7%
13 K
29
Feb
Mar
Api
Chain Belt Co
3%
250
28
Jan
IK
Apr
23
Jan
H
13J*
Feb
60
21
200
143
50
5
300
5,550
178
265
1,250
2K
105*4
11%
100
5%
4%
8%
Apr
Mar
IK
Jan
5%
Jan
14%
Jan
8%
Feb
6
IK
Jan
28
15 K
120%
18*4
7%
8%
25%
*
Common
117%
5%
150
450
22 K
14 K
22%
34
Convertible preferred..*
155%
97%
7%
8
Jan
Central S W—
15
25
High
97 K
1
*
288
2,514
Low
180
9K
42K
64K
IK
14K
105%
Boston & Maine—
Preferred stamped
Prior preferred
"28"
Bruce Co (E L) com
*
Butler Brothers
...10
Castle & Co (A M) com.. 10
137% 138%
67
66%
105
66%
1,040
117% 120 K
17 %
47%
7
7%
14
8%
22 %
*
Cent 111 Pub Serv pref
Common
Range Since Jan. 1 1936
Shares
Brown Fence & Wire—
Cent 111 Secur common...1
Amer Pneumatic Serv Co—
......
100
Class B
Sales
Friday
117 %
10
.
Amer Pub Serv Co pref.100
Armour & Co common...6
Bait Transit Co 4s flat 1975
1976
Price
Apr
Feb
Mar
Apr
Sales
2
255
23%
------
Chicago Stock Exchange
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Jan
Bonds—
Baltimore City—
4s Conduit....
10 So. La Salle St., CHICAGO
Apr
Jan
Ch'cago Stock Exchange
Chicago Curb Exchange
Jan
Jan
------
2
84
Apr
108
U S Fid & Guar
New York Stock Exchange
9%
15
1%
1%
25
Members;
Feb
253
40
VmY H.Davis &
Apr
114
39%
%
36%
56%
Jan
168
890
13%
Western National Bank. 20
Apr
Feb
597
99
*
56%
110%
30
Jan
11%
A10
Jan
Jan
97%
com.
Feb
Jan
12%
com
Feb
7%
17
99
Seaboard Comm'l
22
SECURITIES
Listed and Unlisted
Feb
5
Jan
11
Northern Central Ry
Penna Water & Pow
39
Jan
H
2%
88
Mt Ver-Woodb Mills pf 100
New Amsterdam Cas
5
50
Jan
Jan
22%
140
10
1%
1%
252
CHICAGO
High
Feb
246
1,264
42%
11%
18%
9%
50
32
114
90%
%
*
Mfrs Finance 1st pre!
13%
—
100
360
258
26
115
115
5%
18%
5
56%
Low
374
32%
2%
4%
114
------
Range Since Jan. 1 1936
Shares
19%
19%
32%
25
114
*
Consol G E L & Pow
High
2
*
com
Low
26
130
10
1,150
9%
Mar
10
Feb
15
9%
16%
Jan
13%
Jan
20
25
Feb
30
Jan
Jan
18%
37%
Feb
Apr
Apr
Mar
"l2 K
5,600
950
21%
450
15%
27%
16%
Jan
23
45
5
16
36
21
com..
15 K
35
45
120
39
Jan
46 %
Apr
11*6
12 K
850
11%
Jan
14%
Mar
Mar
Jan
Apr
Volume 142
Financial
Friday
Par
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Week
Price
Gen Household Utll com. *
Range Since Jan. 1 1936
Shares
TVs
7%
8
36 %
18
38
1,800
1,450
2,150
2,350
2,100
Low
4,900
3
High
Class A
*
Class B
*
37%
18%
8%
Apr
Jan
Mar
*
6
Jan
Jan
17
Apr
4,300
9%
8%
Jan
13%
Apr
27
250
25%
Mar
29
Jan
25 %
25
Great Lakes D & D com..*
30
29%
Hall Printing Co com
10%
10
16
17
11%
13%
26%
*
Harnlschfeger Corp com. 10
Helleman Brew Co G
cap.l
I
*12%
Heller (W E) pre! w w—.25
Without warrants
Horders Inc
24%
20%
Feb
26J
Mar
131
Feb
26%
2,350
11%
100
108% *107% 108%
190
100
32%
12%
109%
Mar
11%
11%
26%
8%
26%
Apr
Jan
Feb
10
63
Jan
68
1,050
25
Mar
31
Feb
21%
22%
3,700
18%
Feb
24
67%
70
2,070
43
Jan
70
Mar
39 %
37%
40
1,500
32
Feb
40
Apr
85
11
11
37%
'78%
77
3
2%
87%
11%
38
79%
3
90
Mar
14
Jan
Feb
43
Jan
120
77
Apr
90
1,300
2
320
31
20
4%
240
21%
21%
8%
9%
3,250
—*
11%
10%
7,500
*
10
44%
4%
41%
11%
44%
5%
Llbby McNeil <fc Libby—10
100
Lincoln Printing Co—
10
Lion Oil Refining Co com.*
Loudon Packing com
*
McCord Rad & Mfg A—.*
4%
10%
.....
13
13
.....
7%
......
41%
Mar
10%
2
22
115
34%
31
3%
Jan
200
Lawbeck Corp 6% pfd .100
com
....*
Leath & Co
54
1,350
LaSalle Ext Univ com—.5
Preferred
1%
2
Jan
Mar
28%
3%
21%
8%
7
Feb
3%
3%
Feb
Jan
32
Apr
35%
11%
Apr
Mar
Jan
Feb
Feb
7
Jan
11%
Jan
Jan
470
35%
Jan
44%
Apr
Apr
2,700
4%
Apr
6%
Jan
10%
13%
700
7%
550
230
Feb
10
7%
10%
Jan
15
Jan
Feb
Mar
8%
Feb
42
280
36
Jan
43
Apr
Electric com...5
31
31
31%
650
27
Jan
33
Mar
McQuay-Norrls Mfg com.*
61
61
61
.....
84%
84%
100
.....
2%
2%
70
McGraw
McWilliams Dredg com..*
Manhatt-Dearborn com.
*
.
Mapes Cons Mfg cap
*
27
27
20
55
Jan
61
Apr
62%
1%
Jan
84%
Apr
Jan
3%
Jan
27
110
25
Jan
27%
Mar
16%
17%
500
11%
Jan
19
Mar
95
95
50
62%
Jan
100
Mar
6%
6
7
3,050
6
Apr
8
Jan
1
2%
1,550
2%
Jan
8%
2%
8%
2%
Middle West Corp cap...5
Stock purchase warrants
8%
4%
13,950
7%
2,400
3%
Marshall Field common—*
Masonlte Corp com
*
Mer & Mfrs Sec cl A com.l
......
.....
4
>
3%
Midland United Co-
Common
*
%
%
*
3%
%
3%
100
100
100
100
3%
3%
3%
3%
4
1%
2
1%
1%
8
7%
8
Conv preferred A
9,120
40
Mar
7%
Feb
prior lien
Prior lien
preferred A
preferred A
Miller & Hart conv pref—*
Modine Mfg Co com
*
47%
180
1
1%
1
110
Feb
Jan
%
Mar
%
450
Feb
Mar
4%
10%
3%
Jan
Jan
4%
Mar
5
Mar
Midland Util—
6%
7%
6%
7%
Mar
Feb
30
%
%
Feb
3%
2%
130
3%
Jan
11%
Jan
38%
Jan
55
Feb
Jan
Apr
Jan
47%
48%
150
7%
50%
7%
51%
50
7%
Jan
10%
Jan
30
49%
Apr
52
Jan
Muskegon Motor Spec A.*
20
20%
250
17
Jan
25%
Jan
Nachman Springfield com *
14
15%
850
11
Jan
120
28
Apr
Monroe Chem Co com...*
Preferred
Exchange
......
—*
National Battery Co pref.*
30
30
30
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Sales
Fridav
s^Last" Weefc's Range
Sale
Stocks-
Price
Airway Elec Appl pref/. 100
Allen
Industries
Injo^'.
20
100
"18"
*
Cleve-Cliffs Iron pref
*
Clev El 111 $4.50 pref
Cleveland Ry
*
100
109%
100
"63%
Ctfs of deposit
68
23%
14%
21
3,707
105
262
23
*
65
15%
31%
Mar
65
Feb
Jan
Natl Gypaum cl A com..5
58%
58%
1%
1%
60%
1%
1,250
National Leather com...10
650
38%
1%
Jan
Jan
Natl Pressure Cooker com 2
15%
14%
15%
800
14
Apr
National Rep Invest Trust
Cumul conv pref
*
15%
Feb
7%
7%
7%
10
5%
32%
Jan
10
253
19
190
1,010
157
20
500
22%
23%
112% 112%
High
11%
Mar
Mar
Jan
24
Mar
21
Apr
Jan
105
Apr
90
Jan
15%
54
107%
61%
59%
40
Jan
Feb
19%
71%
Jan
Feb
Mar
110
Feb
Jan
66
Mar
69
Feb
Jan
Jan
100
Feb
24%
112%
Feb
15
1,635
20%
Apr
100
112
112
29
110
Apr
123
Feb
Elec Control & Mfg
Faultless Rubber
*
56
56
55
56
Apr
70
Jan
*
32
32
10
Fostoria Pressed
*
9%
48%
24
31%
9%
20
36
Steel
Grelf Bros Coop A
Halle Bros pref
*
100
Harbauer
Inter lake
107%
107
9%
48%
107%
20
Jan
10%
48%
Apr
Feb
107%
104%
Jan
Apr
23
23
25
18
Jan
26
53
55
182
34%
Jan
55
Apr
14%
23%
14%
375
10
Jan
14%
Apr
23%
30
22
Jan
26
Feb
4%
1,755
*
14%
*
Lamson & Sessions
*
23%
4%
Leland
*
10
Electric
3%
10
11
132
McKee A G class B
*
25%
25%
*
Midland Steel Prod
*
4%
46%
46%
11
11
Wholesale
Drug..*
Murray Ohio Mfg
*
National Refining
Preferred
100
19%
4%
Jan
12%
Feb
21%
Jan
27%
Mar
136
4%
100
46%
Apr
Apr
15
19%
Jan
26
562
100
*
14%
7
Apr
18%
7
60
5
Jan
67
55
55
Jan
7
630
30
14%
64
3%
15%
16
5%
Feb
Apr
Mar
Feb
8%
Mar
77
Mar
12
Apr
30
Jan
Feb
30%
Jan
Jan
35
Jan
Jan
29%
104%
30
24
62%
40
130
14%
24
Jan
46%
11
65
30%
30%
104% 104%
*
Corp
Mar
3%
7
6%
30%
Cp A..*
cum pref.
25
Mar
10
67
*
Nineteen Hundred
Ohio Brass B__
5
19%
7
25
National Tile...
Packer
Jan
Feb
*
Kelley Isld L & Trans
6%
35%
*
Steamship
Jaeger Machine
Miller
Mar
106
Jan
Mar
Jan
15
Feb
27
Jan
68
9%
Patterson-Sargent
*
Richman
*
"62%
*
3
3
17
30
8%
14%
Jan
17
Jan
19%
Feb
35
35
35
64
32
Jan
35
Apr
85
85
22
83
Jan
85
Apr
11%
510
10
Jan
12
Mar
18
294
17
Jan
18
Feb
82
100
70
Jan
83
Feb
Bros
Seiberling Rubber
8%
pref erred.-.100
cum
S M A
Corp
15%
1
Stouffer class A
Truscon Steel
*
7% pref. 100
*
"11%
Weinberger Drug Inc
*
W Res Inv Cp 6 % pref. 100
17%
Vlchek Tool
55
789
23
56%
2
270
5
Jan
Jan
Feb
Feb
4%
25
Feb
Feb
42
25
66
63
Low
30
18
18%
68
69%
108% 109%
66
*
Preferred
38
100
City Ice & Fuel
Cliffs Corp vtc
Dow Chemical
Range Since Jan. 1 1936
Shares
22%
*
Pr. Preferred
High
\
38
1
Apex Electric Mf£---
Low
for
Week
of Prices
Metropolitan Pav Brk
Mickelberry's Food Prod—
Common
595
Mar
68
Cumulatve preferred..*
A. T. & T. CLEV.
Cleveland Stock
Feb
27%
Ky Util jr cum pref--.—50
$3% preferred
Lindsay Light com
Jan
65
26
22
Ken-Rad T <fe Lamp com A*
Telephone CHerry 5050
Jan
65
"~26~~
...100
Common
Union Trust Building/ Cleveland
Feb
150
Drug Co com—... 1
6% preferred
100
Kingsbury Brew cap.——1
GILLISL°*JWOODco
Apr
100
Kellogg Switchbd—
Preferred
Apr
12
Jarvis (W B) Co cap
1
Kalamazoo Stove com—.*
Katz
Apr
24%
Indep Pneum Tool v t c—*
Iron Fireman Mfg vto..*
Jan
Mar
Apr
28
Houdaille-Hershey cl B—*
Illinois Brick Co..
25
111 North Util Co pref—100
770
Jan
12
*
com
Members Cleveland Stock Exchange
22%
8%
22%
28%
39%
18%
25%
33%
11%
18%
25%
32%
11%
com..
Ohio Listed and Unlisted Securities
Jan
Godchaux Sugars Ino—
Goldblatt Bros Inc
2641
Sales
Last
Stocks
Chronicle
Mar
National Standard com..*
......
Nat'l Union Radio com..1
....
Noblittr-Sparks Ind com..*
North Amer Car com
31
*
Northern Paper Mills com *
42
1
30%
4%
......
4%
12
42
50
1
700
32
900
4%
12
650
10
%
30
3%
10
Jan
Jan
Mar
Jan
Jan
2%
1%
35
6%
12
Jan
Feb
Feb
H. S. EDWARDS & CO.
Jan
■MoTYihara
Members
Apr
Northwest Bancorp com..*
11%
11
11%
2,350
14
Jan
25
25
26%
2,450
9%
15%
Mar
Northwest Eng Co com..*
Northwest Util—
Jan
26%
Apr
100
12
12
14
30
7%
Jan
20
Feb
Feb
23%
11%
Apr
Apr
29
Feb
7% preferred
Ontario Mfg Co com
*
Convertible pref
Parker Pen Co
.....
i.
*
.10
com
28
21
Peabody Coal cl B com..*
Penn Gas «fc Elec com
Potter Co (The) com
60
11%
800
9
Jan
28
10
27
Mar
150
21
21
22%
1%
20%
22%
37
37%
.....
2%
2%
2
2,140
12
1%
3,750
17
250
32
3
1,500
2%
Apr
27%
3%
Jan
Apr
Mar
3%
5
4%
5%
1,400
2%
Jan
5%
4
4%
700
2%
Jan
6
1%
1%
100
1%
Feb
2%
*
Jan
6% preferred
Quaker Oats Co—
Common.
—100
55
Last
Week's Range
for
Sale
of Prices
Low
High
Week
55
150
109% 114
80
103
Jan
115
Mar
Jan
61%
126
129%
520
126
Apr
140
Jan
144
147
150
142
Jan
147
Apr
50c
5%
3%
5%
9,900
2%
Jan
5
Mfg Co com..10
3%
2%
3%
3,000
1%
Jan
......
12%
13
400
15%
52%
12%
13%
Mar
15%
Raytheon Mfg—
6% preferred
Relianc
<
Rollins Hos Mills conv pf_*
Sangamo Electric Co
*
.....
100
50%
125
125
70
Jan
5%
3%
15%
Common
Preferred.
32%
17%
11
Armstrong Cork Co com—*
*
Carnegie Metals Co
1
Feb
Clark (D L) Candy Co...*
Jan
Columbia Gas & Elec Co. *
Jan
710
35
Jan
55
Mar
40
125
Apr
125
Apr
11
12
28%
28%
50
26
26%
150
99
99
100%
40
16%
16
17%
89
30
eom *
28%
.....
Sou'west G & E 7% pfd 100
Standard Dredge—
Common
5%
Convertible preferred
St Louis Natl Stkyds cap.*
.
6
110
800
1,100
Consol Ice Co pref
Jan
14%
Mar
Jan
Mar
Harb-Walk Refrac com..*
Apr
Kopper G & Coke pref. 100
99
Feb
32%
28%
103%
Jan
Lone Star Gas Co
*
Mar
7
Apr
Mesta Machine Co
5
3%
13%
Jan
18%
Jan
91
Apr
Apr
Apr
18%
35%
Apr
25
8%
Jan
2%
Mar
89
90
17%
18%
30%
Swift & Co.
25
22%
30%
21%
Thompson (J R) com...25
10%
10%
10%
750
3%
1,500
1%
1%
1,250
1
Jan
3%
4%
750
400
79%
17%
31%
1,550
30%
23
4,500
21%
Feb
Mountain Fuel Supply Co.
Util & Ind Corp
1%
*
*
3
97%
13%
'48%
6
Ruud Mfg Co
5
19
19%
19%
38%
4%
*31%
20
350
17%
Jan
Shamrock Oil & Gas
*
33%
Feb
Standard Steel Spring
*
Apr
20%
38%
6%
Feb
50
Jan
United Engine & Fdry
4%
22%
37%
Mar
34%
Jan
United States Glass Co..25
Wieboldt Stores Ino com.*
Wisconsin Bankshares com*
16%
12%
5%
Zenith Radio Corp com..*
18
WUliams-Oil-O-Matic com*
148
148
10
142
16%
17%
12
13
5%
17%
5%
650
18%
2.750
300
1,350
16%
10
5%
11
Jan
Jan
152
Feb
Vanadium Alloy Steel
Victor Brewing Co
1
Waverly Oil cl A
*
Jan
Westinghse Air Brake
*
Apr
Westinghse Elec & Mfg.50
22%
13%
Mar
Jan
8%
Jan
19%
Bonds—
For footnotes see
Feb
500
1%
41%
262
445
106%
3,373
1,510
108
1%
41
Jan
Jan
14%
2%
50%
7%
Feb
Jan
Mar
Feb
Mar
Mar
Apr
Feb
5%
2,250
4%
1,025
1%
Jan
1
Apr
1
Apr
2%
Jan
4
Feb
Jan
26
4
15%
1
1
18
19
4%
22%
36%
5%
22%
37%
"70c
2
2
34
2
34
70c
75c
1%
2
43
45%
117% 120%
20
371
571
25
Apr
100
7%
98%
8%
Jan
36
665
161
122
3
13%
Jan
Apr
Jan
5%
26% Mar
14%
140
11%
5
100
1
Jan
16%
1%
35
15
Jan
20
9,400
3%
Jan
Jan
Feb
5%
Feb
Apr
Jan
Feb
Apr
Jan
Mar
Jan
125
22
Jan
26
Jan
1,488
30
Jan
40
Mar
513
100
1%
31
Jan
Jan
2%
35
Feb
Feb
60c
Jan
90c
Jan
1
Jan
2
Apr
34%
Jan
Mar
80
97
Jan
47%
122%
50
101
Jan
106%
Mar
Jan
5%
Feb
2,630
280
436
Apr
Unlisted—
Chic. City Rys. 5s ctfs 1927
Chicago Ry 5s ctfs
2
Jan
Jan
Apr
Mar
3%
15%
*
Jan
Mar
Apr
21%
40
9
—*
4%
6
250
Jan
1
31
Feb
4%
Mar
25
Renner Co.....
200
Apr
20
11%
11%
11%
133% 138
Pittsburgh Steel & Fdry—*
Plymouth Oil Co
5
1,050
Apr
Mar
62%
20
2
*
Jan
5
Mar
135
Pittsburgh Forging Co
1
Pittsburgh Plate Glass-.25
Pittsburgh Screw & Bolt—*
Feb
32%
Feb
10
9
572
Feb
24
38%
90c
1%
19%
11%
26
29%
1%
1%
39% 40%
97
104%
13%
14
1%
1%
48% 50%
6
6%
Mar
38%
7%
11%
Feb
Jan
31%
Jan
4%
3%
.....
14
12%
15%
*
1,019
1
160
*
21
3%
Vortex Cup Co—
common
Jan
1
21
Wahl Co com
519
Jan
Feb
Feb
Jan
5
3%
20%
Walgreen Co
75
600
160
Pittsburgh Brew Co com.*
20%
Ward (Montg) & Co cl A. *
High
Apr
4,532
Jan
5%
Low
32%
3%
7%
47%
15%
2%
19%
3%
5%
Jan
Jan
Class A
230
5
—*
Common
61
Natl Fireproofg pref—100
Penn Federal Corp com
Viking Pump Co—
Common.
345
Mar
Preferred
3
1
*
33%
6%
8%
1%
26
Jan
8%
Range Since Jan. 11936
Shares
19
11%
15%
3
20
10
100
8%
60%
17%
5%
Duquesne Brew Co com .5
28
18%
Utah Radio Product com.*
17%
3%
50
Devonian Oil Co
Follansbee Bros pref
Fort Pitts burgh Brew
Stein & Co (A) com
Swift International..... 15
20
6
...100
McKinney Mfg Co
*
Preferred
Convertible pref
Price
*
com
Apr
Slgnode Steel Strap Co—
SIvyer Steel Castings
Allegheny Steel
Blaw-Knox Co
v t c
Preferred
Par
Feb
127
v t c
Sales
Friday
146%
Common
Pittsburgh Stock Exchange
Apr. 11 to Apr. 17, both inclusive, comp,led from official sales lists
Ark Nat Gas Corp com...*
....*
NEW YORK
Apr
100
....
Preferred
BROADWAY,
Feb
109%
54%
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Stocks—
*
BLDG.,
Oourt-6800
Mar
Public Service of Nor 111—
Common
^ew York Curb Exchange (Associate)
120
Apr
41
j
Feb
22%
/ Pittsburgh Stock Exchange
BANK
Jan
Jan
Mar
4%
*
..*
com
Process Corp com
23%
11
2
Pines Winterfront com...5
Prima Co
18
28
21
*
Perfect Circle (The) Co..*
UNION
Tel
Oshkosh Overall Co com..*
82
1927
page
75
76
2643.
75
76
76
$1,000
1,000
70%
Mar
76%
Jan
Lone Star Gas 6%
75
Mar
79
Jan
Pennroad Corp vtc
pref. 100
*
106
4%
106
4%
264
3%
Financial
2642
April 18, 1936
Chronicle
Sales
Friday
Watling, Lerchen & Hayes
Buhl
3834
2094
2334
3134
Feb
1,100
1834
Mar
2134
Feb
100
2034
Jan
2334
Mar
1794
Feb
634
Apr
Par
Baldwin Rubber com
12 %
2%
12%
*
Burroughs Add Mach....*
Chrysler .Corp com
5
57
57
2834
28%
2%
1
Auto City Brew com
Brlggs Mfg com
11
68%
7%
2%
834
13%
69%
8%
2%
8%
13%
*
28
28
28
10
Lakey Fdry & Mach com.l
22
22
2234
7%
_*
24 34
10
Detroit Forging com
*
Det-Mlch Stove com
1
Det Paper
Prod com
Det Steel Prod com
2%
15 34
1794
*
B
Federal-Mogul com
*
Federal Motor Truck com *
10
General Mtors com
1
Goebel Brew com
1
Grahan-Palge com
Hall Lamp com
—
Hoover Ball & Bearing.. 10
Houdaille-Hershey
B
Kresge (SS) Co com
Michigan Sugar com
*
Mid-West Abrasive com50c
*
5
Motor Wheel com
10
Murray Corp com
Apr
63
Mar
Pfeiffer Brew com
*
Reo Motor com
5
...2
*
10
Tlmken-Det Axle com... 10
1
*
1834
1%
4%
33%
19%
18%
5%
27%
16%
10%
9
9
9
Universal Cooler A——*
3%
30%
3%
30%
--*
_*
50
Union Bank & Tr Co
1394
2634
Apr
500
24
Jan
3894
Feb
3934
Jan
47
Feb
12
Jan
120
Jan
50
4,400
Jan
1,400
1494
2334
734
Jan
2134
310
594
Feb
2134
1094
Mar
5,500
434
Jan
934
Apr
14
Apr
1794
46c
534c
10
20
19
1%
12
750
Apr
Apr
Mar
54%
6%
2%
5%
Jan
Jan
Apr
Jan
7034
10J4
434
Mining—
8%
265
11
Jan
27
Jan
1554
31%
22
Apr
25
6
Jan
360
250
3,486
2,550
1,540
1.05
1.10
134c
234c
1
34c
34c
1
7c
7c
Jan
1294
32
Feb
370
15%
17%
Jan
2,274
151
1,133
3,005
1,005
6%
43%
26%
16%
4%
5%
5%
20
Jan
345
605
834
634
St.,
Mar
Apr
Jan
Jan
Jan
Members Cincinnati
UNION TRUST
2634
1834
834
734
Apr
Mar
Mar
Feb
Mar
7
Par
Price
25
Jan
29
Feb
12%
5%
7%
6%
2%
2334
Jan
1734
Jan
Jan
1194
1234
994
334
3034
Apr
7,350
625
650
250
480
3,750
413
Jan
Jan
Jan
Mar
Apr
Apr
Apr
Mar
3
's16
Jan
9%
Apr
Jan
1134
Jan
20
ii16
15
134
Mar
Mar
Apr
for
of Prices
Sale
of Prices
Low
Price
Par
Stocks—
6
2534
634
*
100
Champion Coated.....100
First preferred
100
6
6
280
30
30
5
20
2034
634
Burger Brewing
Carthage Mills pref
'"2094
*
100
334
10434
50
Cinn Ball Crank pref
Cinn Gas & Elec pref..
734
90
..50
Telephone
334
Jan
5
2,200
6
Jan
98
1,000
Jan
Jan
834
10434
Apr
2,000
6c
Jan
16c
Feb
1
7e
7c
2,200
7c
Apr
2,300
14
Jan
17c
30
Mar
27
Feb
8
Jan
334
Jan
694
Apr
35
FeD
Mar
25
Feb
Mar
105
30
Mar
1994
Jan
148
1394
1534
291
1234
Apr
1734
Feb
334
394
150
194
Jan
494
Feb
10434 10494
794
734
333
10094
Jan
671
534
Jan
8934
7
50
7
102
105
834
Feb
Jan
173
•
85
Jan
92
Mar
25
90
7
Mar
7
Mar
6
20
Mar
23
Feb
345
16
Mar
25
Apr
12 94
50
8
Jan
15
23
23
25
1734
Jan
25
Feb
2134
29 34
60
28
Feb
30
Mar
834
834
12
7
Jan
22 34
22 34
*
2334
25
1294
14
20
*
"2934
*
*
1734
6
4394
184
24
*
17 34
43
100
pref
Mar
Jan
6
83
1,498
1334
10294 10294
1334
Churngold
24
49
534
534
1
1
4
10
834
Apr
17 34
Apr
Feb
45
Jan
Mar
2734
Jan
Jan
434
Feb
2
110
4
534
._.*
334
Feb
Apr
1734
40
23 34
925
334
2.50
494
94
Feb
534
Mar
Mar
134
Mar
334
83
Feb
5
Mar
National Pumps
*
Proctor & Gamble._...._*
46
38
45
Mar
48 34
Jan
100
118
118
1
118
Apr
12094
Feb
*
18
19
70
16
Jan
5% preferred
*
B
High
1994
25
Magnavox
Moores Coney A
Moores Coney B
Low
12
High
Jan
934
8
Baldwin
Randall A
Shares
125
Amer Laundry Mach...20
Hobart A
1 1936
Low
Shares
High
12
Hatfield part
9c
18c
official sales lists
Range Since Jan. 1 1936
1134
11%
*
Industries
Aluminum
Gibson Art
8c
16c
Corporation
for
Week
Week's Range
Last
Early & Daniel
Buckeye Union Oil com_.l
Preferred
Jan
Sales
Friday
Goldsmith
5
334
7%
104
104
15c
Cincinnati Stock Exchange
Crosley Radio
Week
694
10
Jan
Stock Exchange
Cinn Union Stock Yard..*
Range Since Jan.
Week's Range
334
Bandlni Petroleum Co—1
Broadway Dept St pref.100
6c
Apr. 11 to Apr. 17, both inclusive, compiled from
Cinn Tobacco Ware
LOS ANGELES
High
Feb
Feb
Sales
Low
Apr
44c
Stocks and Bonds
Jan
350
inclusive, compiled from official sales lists
Sale
Jan
234c
Jan
Feb
Angeles Stock Exchange
Last
1.40
Jan
BLDG., CINCINNATI
Wire System—First Boston
Feb
50
946
30%
Friday
Feb
lc
34c
1
Specialists in Ohio Listed and Unlisted
Kroger
Apr. 11 to Apr. 17, both
Feb
Mar
BALLINGER & CO.
Mar
Angeles Stock Exchange
626 So. Spring
63c
734c
1,500
Mar
Feb
Apr
Feb
Jan
Mar
Feb
Dobbs-Crowe-Wagenseller & Durst
Member Los
Jan
Feb
1,600
39,000
1,000
Feb
1%
5%
3734
21%
2234
Mar
4,840
20
3%
Jan
17% Mar
13i6
Jan
4
9%
3%
10%
1%
Co.l
Tom Reed Gold Mines
Jan
22c
3 34c
12,500
8,000
Imperial Development.25c
Cardinal Gold Mining
Mar
Feb
Mar
1,022
2,345
14
100
14
Apr
Feb
Feb
2,196
10,527
4,540
20
1%
4%
33%
19%
19
12
300
51c
5c
1834
Apr
Apr
934
Calumet Gold Mines.__ 10c
1534
Mar
9
Blk Mammoth Cons M.lOc
586
Feb
Feb
2894
1534
994
Alaska Juneau Gd Min..10
1,310
Feb
1434
150
934
Apr
Apr
Listed ar»d Unlisted '
U. S. Playing Card
U. S. Printing pref
734
46 34
715
734
494
Jan
Jan
21
Jan
9
32
33
55
32
Apr
3594
Feb
6
10
50
6
11
6
Apr
834
Feb
Jan
Philadelphia Stock
Exchange—See page 2651.
Feb
Feb
_.--l
14c
17c
3,000
13c
Jan
30c
Feb
*
24%
300
16 34
Jan
2594
Mar
25
44%
2734
24%
44%
2734
434
50
3194
Jan
4434
22
Jan
28
ByrOn Jackson Co
Chapman's Ice Cream..
Chrysler Corp
5
394
9994
Jan
434
99%
100
Citizens Natl T & S Bk.20
2794
13
14%
150
2734
Apr
3234
Jan
500
1294
Apr
1634
Feb
Consolidated Oil Corp—*
27%
1234
1434
600
12
Jan
1534
Mar
Consolidated Steel com __*
434
9,400
Jan
534
Apr
18
534
1894
200
15
Jan
1994
Feb
5934
6034
200
53%
Jan
7134
Feb
14%
Feb
2094
Feb
20c
Feb
6734c
Apr
Feb
440
ST. LOUIS MARKETS
Apr
Apr
Apr
Jan
California Bank
...100
Claude Neon Elec Prod..*
*
Preferred—
Douglas Aircraft Inc
1994
Equip..5
-.1
BklOO
General Motors Corp...10
Globe Grain & Mill Co..25
Emsco Derrick &
Exeter Oil Co A
52 34c
Farmers & Mer Natl
430
900
334
500
65c
11,600
20
430
68
200
7034
1,800
834
Jan
1394
2334
Jan
3094
2,000
1894
Jan
2434
134
Apr
Jan
134
12,600
36c
14c
6,600
4,300
9c
Jan
16c
Feb
6234c
Jan
95c
Louis
Stock
10c
Apr
He
Feb
29
Feb
Jan
734
St. Louis Stock Exchange
1,257
Week's Range
Last
page
500
38
734
111
Stocks—
1194
11634
Jan
A S Aloe Co common
27
20
7,200
234
Jan
4
Feb
Amer Credit Indemnity. 10
400
5
Jan
694
Jan
Amer Inv B
10,498
65
Feb
2,400
294
Jan
694
Mar
Brown Shoe common
*
35c
500
17c
Jan
35c
Apr
Apr
Apr
Burkart Mfg common
*
35c
60
18
75c
2643.
of Prices
Low
Price
75
22
75c
100
1,800
32
Jan
82 34
24,900
15
Jan
22
804
50c
High
Range Since Jan. 1 1936
for
Week
Shares
Low
High
Jan
Mar
Par
394
334
1
see
834
23,600
s
Sales
Friday
694
594
7234c 100
534
634
5
Oceanic Oil Co
13
113
Los Ang G &
Nordon Corp
St. Louis, Mo.
Apr. 11 to Apr. 17, both inclusive, compiled from official sales list
Sale
E 6% pref 100
Los Ang Industries Inc—2
Los Ang Investment Co .10
Mascot Oil Co
1
Menasco Manufacturing .1
Merchants Petroleum Co.l
Mt Diablo Oil Min & Dev 1
(Associate)
of
Trade
Telephone Central 3350
Apr
8
12
.1
Lockheed Aircraft Corp._l
York Curb
Chicago
Board
New
Exchange
315 North Fourth St.,
Feb
65c 6734c
lie
10c
Lincoln Petroleum Corp
all
MEMBERS
St.
Apr
Jan
on
Feb
23
54%
13c
Kinner-Warts
Enquiries Invited
Mid-Western and Southern Securities
Feb
100
1.35
1
Business Established 1874
Apr
13
2994
22
Holly Development Co _.l
10c
I. M. SIMON & CO.
New York Stock Exchange
2094
430
1
1234
6794
Jade Oil Co
Motor
261
2994
Goodyear Tire & Rubber.*
Hancock Oil A com
*
Jan
1
Eagle-Picher Lead
For footnotes
26
Apr
los angeles securities
Kinner Airpl &
Jan
1,400
2634
20
10
Wellington Oil Co
Cinn
Central Investmct
2734
2834
700
25
Feb
2894
6,800
Bakeries..*
Cinn Street Ry
Preferred v t c
Apr
Jan
Mar
4434
Mar
5,906
10%
1%
*
Common vtc
25
2534
1394
1334
13894 140
Weber Showcse & Fix pref *
315
2
1
Wayne Screw Prod com..4
Wolverine Brew com
1
Bolsa Chica Oil A
Mar
15
2,300
1,200
44
*
*
Mar
352
Stocks—
Apr
3534
100
4
677
Los
26
37 34
12
11%
|0
Jan
2834
2634
250
28%
16%
7%
6%
5%
27%
16%
11
1034
Wolverine Tube com
Jan
1134
100
650
44
Warner Air com
1534
25
2734
520
10%
B
100
1,700
7%
10%
2634
26%
16%
6%
6%
Walker & Co Units
Jan
Mar
19
2734
2694
25
Union Oil of California..25
1,571
3,255
44
United Shirt Dist com
Feb
491
10%
Tlvoli Brew com
60
26 94
25
Van de Kamps
2634
16 94
6%
m
5 94
27%
1694
10%
10%
Scotten-Dlllon com
Jan
25
*
Universal Cons Oil Co
44
*
River Raisin Paper
54
5494
25
525
Paker-Rust-Proof com. 2.50
Rickel (H W) com
Jan
5034
1734
Standard Oil of Calif
Jan
45
26
Southern Pacific Co
Feb
113
450
1734
Transamerica Corp
394
56
2334
885
Parke-Davis & Co com—*
Packard Motor com
32%
1,945
6
6
6
1934
1 34
4%
3334
19%
18 34
Mich StTube Prod com2.50
Motor Product com...
7%
7
*
McAleer Mfg com
Feb
14
887
134
Apr
40
Jan
Apr
54
Zenda Gold Mining Co
5
Eureka Vacuum
3%
3%
2%
7%
9%
24:%
7
*
Dolphin Paint A
3%
2,500
3,620
450
294
Jan
10
9,900
3934
Jan
234
7,400
634
Jan
13
200
15
Shell Union Oil Corp
6% preferred
534% preferred
650
6894
834
2:H
8 34
13%
1
3%
3%
2%
794
9%
Det & Cleve Nav com...
High
362
20
20 H
Continental Motors com__l
Low
Shares
200
53
Security-First Natl Bank20
B common.
8
100
40
234
pfd annlO
Sou Calif Edison Co
29
20%
3%
3%
2%
7%
10
25%
7
7%
2Ht
2%
15
15%
17% 18%
11
11%
Consolidated Paper com. 10
594
25
Signal Oil&GasAcom.._*
Range Since Jan. 1 1936
100
100
100
2%
12%
57%
14%
*
1
Security Co unit of ben int*
Week
Price
2334
*
Rice Ranch Oil Co
for
of Prices
Low
High
Apr
2034
Republic Petroleum Co._l
Sales
Week's Range
Mar
3834
Pacific Western Oil
compiled from official sales lists
Sale
14
23
__25
Samson Corp 6%
Laht
Jan
Jan
3,600
Pac Pub Serv 1st pref
Exchange
Friday
Feb
Jan
1394
23
Pacific Indemnity Co.__10
DETROIT
Apr. 11 to Apr. 17, both inclusive,
31C
8c
18V4
3,000
13c
1394
22 34
Pacific Gas & Elec
Telephone, Randolph 5530
Detroit Stock
13c
High
Low
Shares
*
10
Pacific Finance Corp
Chicago Stock Exchange
Building
Week
1
Olinda Land Co
New York Curb Associate
Detroit Stock Exchange
for
of Prices
Low
High
Price
Par
Pacific Clay Products
Members
New York Stock Exchange
Week's Range
Sale
Stocks (Concluded)
1 1936
Range Since Jan.
Last
Jan
85c
Apr
Feb
Elder Mfg A.
Common
10
27
Apr
155
39
Feb
55
1334
Jan
2834
27
Feb
30
52
*
100
*
•
I
I
1
1
CO CO
1
I
l
1
•
55
2394
30
60
60
25
63
"23%
23
2934
*
"A"
Dr Pepper common
27
63
45
44
44%
65%
13%
75
65%
13%
1,059
352
5734
48%
3034
Mar
7
64
Mar
7
1394
27%
6434
Apr
Apr
Mar
Apr
-J Feb
Jan
77
Feb
Feb
4434
6594
1394
Apr
Apr
Apr
Apr
Volume 142
Financial
Friday
Last
Par
Price
Low
Ely & Walk D G 1st pf.100
2d
preferred
Globe-Democrat pref.
Hussman-Ligonier
Preferred
_
*
*
com
Internat Shoe common
*
Laclede
Steel
Landls Machine com
Feb
98
Feb
5
74
Mar
80
Apr
665
UK
4%
104
107
Shell Union Oil
com
*
Apr
5
11%
Sound view Pulp Co
Southern Pacific Co
Jan
Mar
7%
53%
14%
30%
Jan
Jan
Mar
Apr
So Pac Golden Gate A
Mar
*
B
Spring Valley Water Co..*
Feb
Standard Oil Co of Calif..*
25
25
25
21
Feb
28
Mar
14
Signal Oil A
*
13%
Apr
17
Feb
Telephone Invest Corp
*
10
Jan
Feb
13
Tide Water Assd Oil com.*
13 %
928
14
Jan
16%
350
9%
13%
Feb
16
Jan
17
Feb
Transamerlca Corp
Apr
102
Jan
Union Oil Co of Calif
Rice-Stix D G 2d pref.. 100
Common
100
*
100
m
St Louis Pub Serv pref A. *
Scruggs-V-B D Gcom
25
Scullin Steel pref
*
8%
2
Wagner Electric
"33%
15
com
8%
4
9%
33%
8%
5
124%
9%
33%
10%
Apr
Apr
5
Feb
Union Sugar Co
Jan
127%
Mar
10%
34%
Feb
107%
Mar
1,330
Jan
145
15%
Jan
19
Feb
42
Jan
2,716
23%
Jan
58%
38%
Apr
Feb
250
2%
1%
6%
Apr
Jan
3%
2%
Jan
9
38
2%
1%
8%
44%
120
Feb
8
Apr
Feb
Jan
Jan
Mar
2,319
3,220
40
Jan
47%
Feb
26
23%
Apr
26
Apr
10
40
Jan
41
17%
*
25%
18
415
105
105%
13% 13%
24%
25
15
15
28%
28%
13%
120
120
326%
33
38
12
Jan
Jan
28%
Feb
16%
28%
15%
Mar
Mar
Apr
Apr
455
10
Jan
100
23
Jan
1,222
7%
20
120
Jan
Apr
301
Jan
Mar
Feb
120
5
326
1,568
38
Feb
106%
14%
23%
4,024
120
38
Jan
Jan
19
Jan
101
31,334
326% 326%
32% 33%
14
14%
85
26
15%
28%
14%
25
Western Pipe & Steel Co. 10
Yellow Checker Cab A. 50
3
325
1%
Jan
40
10
Weill & Co (R) 8% pref 100
Wells Fargo Bk & U Tr. 100
Mar
9%
29%
Feb
355
2%
1%
L%
105%
13%
Universal Consol OH
Apr
112
%
40
25
com
Jan
Jan
17%
157%
,8%
43%
23%
18
100
7% preferred
Mar
3%
43
Feb
123
6% preferred
Jan
30c
Mar
1%
38%
125
Bonds-
Apr
4
50
156
13%
Mar
25c
41
42
124
100
39
2%
42
124
15
85
30c
4
*
com..
100
30c
S'western Bell Tel pref. 100
Stlx Baer & Fuller com...*
50
104
119
1,300
35%
40
225
45
High
Mar
%
506
26
13%
11
14
11%
195
11%
13 %
113
108
57
2%
1%
8%
44%
*
Feb
Low
105
17%
17%
57%
35%
100
117
%
3^
100
Apr
10
Jan
47%
7%
24%
100
Preferred
115
4
300
260
Feb
7%
107
Range Since Jan. 1 1936
Shares
High
115
Schleslnger & S (B F)com *
Jan
Low
116
100
Apr
6%
9%
5
7%
51%
13 %
26%
Jan
114
Week
Price
pr pref—100
6% prior pref
for
of Prices
26
National Oats common
Nat
97
SJL&P7%
Par
Week's Range
100
Meyer Blanke pref
Mo Portland Cem com—*
National Candy com
*
Securities Inv
Apr
10
26%
_26%
118
353
13
common..20
Apr
10
7%
50%
51%
Key Boiler Equip com—*
Stocks (Concluded)
116
115
9%
11%
High
25
6%
115
10
Low
28
80
6%
100
com..*
_•
Huttlg S & D
80
Sales
Last
Sale
Shares
97%
1
Friday
Range Since Jan. 11936
118
97%
100
for
Week
High
116
100
Emerson Elec pref
Falstaff Brew common
2643
Sales
Week's Range
of Prices
Sale
Stocks (Concluded)
Chronicle
26%
23%
45
Feb
Jan
Jan
Apr
34%
42%
Apr
Mar
S
Bearing Metals 6s 1947
108
108
tScullin Steel 6s
5,000
1941
30
30
t United Rys 4s
1934
33%
33%
2,000
1,000
108
Apr
22
Jan
37
Mar
28%
Jan
35%
STRASSBURGER & CO.
Jan
133
MONTGOMERY STREET
SAN
Members
Dean Witters Co.
Neto
Chicago
Chicago
Portland
Beverly Hills
Honolulu
Sacramento
Stockton
Members: New York Stock Exchange—San Francisco
Stook
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb
of
Stock
Exchange (Associate)
Trade
Direct Private Wire
Exchange
New York Curb Ex.
(Asso.)
Cotton Exchange
Coffee t Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Los Angeles
Oakland
Exchange
CurbExchange
Board
FRANCISCO
(Since 1880)
San Francisco StockExchange
WIRES
San Francisco
New York
Stock
San Francisco
Municipal and Corporation Bond»
PRIVATE LEASED
York
New
York
New York
Seattle
Taooma
Fresno
San Francisco Curb
Exchange
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Friday
San Francisco Stock
Apr. 11
to
Stocks—
Last
Sale
Stocks—
Par
Alaska Juneau Gold
Price
Sales
Week's Range
of Prices
Low
High
Alaska-Mexican
for
Range Since Jan. 1 1936
200
14%
545
17
Byron Jackson Co
7% pref
Calaveras Cement
California Engels
Calif Cotton Mills
Calif Ink Co A
200
874
190
*
Calamba Sugar com
5
24%
1,646
29
...20
682
21%
20
215
*
com.
5
100
com
Consol Aircraft Corp
167%
1
4%
20%
180%
15%
23%
21%
4}
13
100
25
279
1,849
Jan
Jan
5
Ark Nat'l Gas A__
Jan
z
._*
Atlas Imp Diesel B
5
Baldwin Locomotive
Bolsa-Chica Oil A
Mar
Bunker Hill & Sullivan..10
74%
7
1%
Mar
Cal-Ore Pw 6% pref '27..*
Cardinal Gold
.1
81
81
Mar
*
8%
*
10
Jan
51
Feb
Cities Service
*
32%
Apr
Jan
Claude Neon Lights
Consolidated Oil
1
Jan
6
101
Mar
Apr
z
Jan
Jan
Apr
Apr
Apr
38
106%
23%
;or4
31%
109
.
Feb
Jan
Feb
Feb
14
2
Apr
Holly Oil Co
103%
330
99
Jan
112
Feb
Honokaa Sugar
37%
Feb
120
—
Golden State Co Ltd
Hale Bros Stores Inc
*
*
Hancock Oil Co
*
Hawaiian Pineapple
6
Home F & M Ins Co
10
Honolulu Oil Corp Ltd...*
Hunt Bros A
10
*
*
*
com
Hutch Sugar Plant
Island PiDe Ltd com
120
563
9%
9%
17%
38%
10%
11%
1,943
1.065
169
400
•22
18
Feb
Hawaiian Sugar
29%
13
11
13
B
4
Lockheed Aircraft.
1
Los Ang G & E pref
100
Lyons-Magnus Inc A
7%
114
6%
2%
*
Magna vox Co Ltd
2%
(I) Magnin & Co com—_*
Marchant Calif Mch com 10
Natl Automotive Fibres..*
3%
4
7%
8%
113%, 114
6%
2%
18
17
20
18%
7\
3}
17%
20%
522
2,831
116
453
2,587
Apr
11
Apr
3%
7*A
111
6%
2%
Mar
Jan
Feb
Mar
Apr
29
Jan
Mar
15
16
100
12%
Jan
25
38
2,046
31
Feb
6% 1st pref
25
1,581
25
304
29%
26%
Jan
5%% Pref
31%
28%
210
50
6% preferred
—*
106%
Pac Pub Ser (non-vot)com*
6%
(Non-voting) pref
*
Pacific Tel & Tel com.. 100
6% preferred
100
com
*
Ry Equip & Rlty com—*
5%
*
6%
Rainier Pulp & Pap A
100
*
100
22
126
148
87%
6%
21%
90
38
107%
Jan
Mar
250
6%
6%
22%
23%
126% 127%
146% 148
87%
88
5
6%
20
21%
104%
Jan
492
4%
18%
Jan
*
210
100
534
495
119
Apr
13
Jan
17%
Jan
17
39%
31%
28%
56%
107%
Feb
Mar
26c
Jan
75c
Feb
Jan
3.90
Feb
63c
Feb
95c
9c
Apr
10c
Apr
10c
Mar
20c
Apr
Jan
35c
Feb
2.65
Jan
6.50
Mar
22
2%
Apr
2%
Apr
465
6%
36%
Apr
Jan
44%
Apr
4.10
Jan
6.75
100
Apr
Apr
35
20%
28%
27%
Jan
28c
20%
28%
35%
Apr
Feb
Apr
4,600
21c
Jan
44c
Feb
110
6%
Jan
14
20
43%
Jan
50
Apr
40
6%
Jan
12%
Feb
12
12%
50
50
11
13%
4%
22%
11%
13%
4%
22%
45
45
13%
*
Pacific Finance
10
Pacific Ptld Cement pf.100
2 Pacific Western Oil
*
Park Utah Mines
1
'22%
Pioneer Mill
100
210
1,314
700
35
14%
4%
14%
4%
33
33
12%
6%
6%
12%
18%
32%
26%
26%
28
12%
6%
6%
13%
18%
33%
27%
27
28%
37
37
16
20
Radio Corp
Radio-Keith-Orpheum
*
1
Jan
Riverside Cement A
*
Jan
Mar
Apr
Feb
Apr
Feb
Jan
7%
Feb
23%
5%
Schumacher Wallbr pref..*
Shasta Water
*
33
Southern Calif Edison...25
25
"26%
25
5% % pref
6% pref
So Pac Golden Gate pref.
Standard Brands
28%
.
*
*
100
25
45
100
87
7
11
Jan
14
4%
19%
Apr
Feb
6%
22%
41
Feb
50
13%
4%
Jan
27
Jan
11%
10%
15%
15%
40 J
100
Feb
Jan
148%
97%
7%
Jan
Jan
24
8U ft
Jan
91
B
Apr
Taylor Milling..
United Corp
*
Feb
United States Pete
*
Feb
United States Steel
Feb
Warner Brothers
91
300
38
38
188
34%
Jan
41
104%
Jan
110
Feb
Apr
Western Air Express
*
No par value,
c
Mar
Feb
Apr
Mar
18
5%
33
Feb
Mar
Apr
Jan
Jan
Jan
15
75
959
605
796
24%
25%
27%
Feb
Feb
Mar
37
Jan
16%
40%
10%
Apr
Apr
15%
6%
Feb
15%
8%
3,300
25c
Jan
55c
Feb
10
80
Apr
Apr
Apr
Feb
40c
70%
'16%
7
38c
70%
100
48%
Jan
10%
11%
365
10
70%
Apr
Jan
Feb
5
Jan
14%
9%
Feb
5
Feb
7
38c
10
*
6
400
Feb
130
Apr
200
*
*
40%
686
Jan
Feb
Jan
1,725
10
16%
40%
11
*
Feb
10,830
*
Republic Pete.
86
107% 107%
Jan
22c
1.60
137
7
44%
6%
20%
28%
35%
20
Feb
Jan
Jan
14
Apr
139%
79%
4%
710
26c
Occidental Pete
Super Port Cement A
2,290
35%
Mar
476
54
13c
230
20
47%
30
*
8,780
6%
2%
Nash Motors
Apr
Oliver Utd Filters A
Pacific Lighting com
29c
North American
Feb
82
10
28c
6%
3%
17%
20%
19%
33%
32%
14%
1.066
15c
*
Jan
Jan
10
12c
*
Jan
*
10c
*
Montgomery Ward
Mountain City Copper
Onomea Sugar
Jan
B
67c
9c
2%
6%
43%
5%
20%
28%
35%
O'Gonnor-Moffatt
65%
15%
Paauhau Sugar
Pacific G & E com
63c
3,123
3,271
3,591
2,190
11,200
6
Jan
28
*
Feb
25
46c
3.10
*
Jan
170
60
Feb
19
15%
13c
*
Jan
Mar
2.95
Jan
575
9
4.00
Mar
42c
*
Preferred
Pacific Clay Products
Pacific Eastern Corp
Jan
Jan
1.45
3.00
Menasco Mfg
Packard Motors
Mar
3.15
2,930
29c
16%
5%
11%
17%
32%
125
33%
11%
Mar
4,150
1.85
16%
M J&M&MOI1
Jan
Jan
10%
4.00
1.60
42c
.1
Feb
Jan
4%
3.85
1.65
10c
10
13
28
9
63c
116
16
1,055
1,153
75
Apr
Warrants
2
5%% Pref
.100
North Amer Oil Cons—10
Occidental Insur Co
10
—
Apr
1.05
Kinner Air & Motor..
Apr
41%
11%
17%
*
Apr
1.55
Apr
Jan
9
3.05
29%
No Amer Invest com—100
Natomas Co
43%
Feb
1.05
Apr
990
Mar
50c
50
Mar
5,643
Apr
515
1
31%
10%
24%
9%
27%
Feb
22%
Jan
Mar
Apr
67
Jan
22,030
1
Lincoln Petroleum
Feb
Mar
Apr
Apr
Mar
1.05
Monolith Port Cement
3,306
1,004
26%
19%
22%
1.50
_
Oahu Sugar
27%.
Jan
Apr
Mar
40
43%
Preferred
2
Jan
1.05
Italo Petroluem
2
Mar
1.30
Idaho-Maryland
746
27%
25%
17
43%
International Cinema...1
International Tel & Tel.
*
2
415
Jan
25
Jan
1.45
2
Apr
9
1.10
Mar
Mar
Apr
43%
20
Apr
20
Jan
1
5
Feb
5
80c
Feb
20
Holly Develop
54
310
22%
64%
..20
23%
30%
1,318
24
Langendorf Utd Bak A—*
Roos Bros pref
Preferred
130
29%
50%
30%
8%
15
Letourneau
Paraffine Co's
*
20
.
Jan
100
41
Apr
21
Apr
Apr
Mar
9%
1.10
21%
Feb
48%
80%
Jan
180
14%
87
4%
22%
646
195
Jan
Apr
345
22%
3,073
447
12%
80
60
6%
11%
22%
HP.
Jan
Jan
Jan
7%
1%
15%
Feb
65c
730
1.35
Jan
63
(B F) Goodrich Co
Feb
Feb
1.10
5
Mar
3
6%
Great West El-Chem
Jan
Mar
14%
80
1.00
160
Eldorado Oil Works
47%
4%
1.00
700
1,237
1,300
200
Emporium Capwell Corp.*
Emaco Derrick & Equip..5
Jan
5
200
Mar
Feb
Jan
1.15
64%
96%
47%
30%
18%
Mar
85
4%
10
Feb
Apr
Apr
Jan
85
64
Feb
6
Jan
17%
22%
92%
32%
23%
com
Mar
9%
30%
7%
Jan
98c
Gladding-M cBean
185
Jan
63
17
135
Apr
10
39%
41%
26%
Preferred
Jan
81
135
Jan
B common
Mar
Feb
391
Mar
General Paint A
Jan
7%
33%
52
23%
10%
69
Jan
14%
Feb
7%
130
25%
17%
22%
96%
44%
20
Apr
40
Jan
140
38%
Jan
30%
25
Feb
Jan
50
23%
93
434
Apr
Mar
175
1.10
5
75
1,890
40
140
4
10,075
General Metals
93
39
100
General Electric.
z
8%
93%
10
150
77
80
Dumbarton Bridge
Electric Bond & Share
Preferred B
Galland Merc Laundry..
General Motors com
10
1.15
Curtlss-Wright
Preferred A
14
450
Mar
35
10
38%
15%
10%
5%
18%
3%
6%
Jan
Jan
395
Food Mach Corp com
Foster & Kleiser com
10
Jan
103%
25
38%
17%
12%
6%
31%
3%
8%
30%
7%
Apr
Apr
3%
8%
30%
6%
74%
Jan
Fireman's Fud Insur
Feb
71c
Bendix..
Jan
242
177%
Jan
30
Crown-Will 2d pref
Di Giorgio Fruit $3 pref 100
Jan
39c
Bancamerica-Blalr
Feb
47%
7%
Feb
157%
Mar
Feb
4,264
20c
241
Mar
Feb
45
16%
29%
Feb
12,934
25%
-32%
22%
Jan
100
High
9c
64c
190
55
120
Low
200
167%
Jan
87%
810
10c
Range Since Jan. 1 1936
Shares
58c
Jan
987
1,139
165
Jan
396
19%
31%
10c
34
38
102
High
38%
17%
12%
6%
__*
Argonaut Mining
Feb
37%
78%
103
Low
60c
*
Jan
17%
22%
5%
99%
1
Cons Chemical Indus A..*
Crown Willamette pref
*
Crown Zellerbach v t c
*
100
Anaconda Copper
High
Apr
78
5
Clorox Chemical Co
Cst Cos G & E 6% IstpflOO
1,319
36%
48%
32%
California Packing Corp..*
Caterpillar Tractor
*
Chrysler Corp
155
1
com
Price
10c
Anglo Nat'l Corp
14 %
21 %
4%
30%
Week
American Toll Bridge
Low
10
Atlas Imp Diesel Eng A. .5
Bank of California N A. 100
for
of Prices
5
Amer Tel & Tel
Week
Shares
Anglo Cal Nat Bnk of S F20
Assoc Insur Fund Inc...10
Par
Week's Range
Sale
Apr. 17, both inclusive, compiled from official sales lists
Friday
Sales
Last
Exchange
1
Cash sale,
8%
s
9
Ex-dlvidend.
330
y
Ex-rights,
z
Listed,
Feb
t In default.
April 18, 1936
Financial Chronicle
2644
Canadian Markets
LISTED AND UNLISTED
Bid
Province of Alberta—
89
91
5s
3 1937
1 1942
Sept 15 1943
May
11959
88
90
4s
June
4%s
Jan
1 1948
79
81
5%s
Jan
Oct
1 1956
Prov of British Columbia—
6s.
July 12 1949
4%s
Oct
1 1963
Province of Manitoba—
4%s
Aug
1 1941
6s
June 16 1964
6s
Dec
2 1969
78
81
5s
Oct
Jan
6s
4%s
6s-
Prov of New
4%s
4%s
4%s
Province
53
747
Consolidated Smelters -.25
275
275
280%
1,092
100
*
204
203
205%
347
20%
299
Consumers Gas
1 1958
109% 110%
May
1 1961
Saskatchewan—
1
June 15
Nov 15
Oct
1
May
5s
109% 110%
4%s
5%s
Sept 15 1952
Mar
1 1960
4%s
17%
107% 109
114%
113
114%
22%
Dominion Steel & Coal B 25
5%
5%
Cosmos Imperial
Distillers-Seagrams
95
1943
1946
95
97
Eastern Theatres
1951
92
93%
Fanny Farmer
Eastern Steel
Goodyear Tire
Wood,
14 Wall St.
&
New York
Private wires to Toronto
CO.,
Canadian Pacific Ry—
4s
6s
Ask
Bid
4%s
Deo
15 1944
July
1 1944
1 1946
103 & 104
Deo
1 1954
4%s
100% 101%
5s
Sept
53
110%
110
July
11960
106 % 107%
102% 103 %
114% 115%
Dominion
4%s
434s
434s
5s
•
5s
5s
Ask
Bid
Canadian Northern Ry—
112% 113%
115% 115%
Sept
1 1951
June 15 1955
Feb
1 1956
July
1 1957
July
1 1969
Oct
1 1969
Feb
1 1970
4 Hs.
Bonds
Ask
Canadian National Ry—
113
4a..--
1 1962
1 1962
Jan
3s
111%
116% 116%
117% 118%
1 1946
July
6%s
124% 125%
123
53%
Mar
59
Mar
4
110
3%
Apr
5%
Jan
1%
25
1
Jan
3
Feb
25%
30
13
Jan
30
Feb
Jan
108
106
99%
98
Grand Trunk Ry—
1 1936
101% 102
117% 118%
12%
Mar
15%
Feb
13%
Mar
14%
Mar
20
103%
Feb
105%
Feb
10,191
44%
Jan
54
Feb
50
3%
Jan
14%
Feb
1.20
205
40c
Jan
2.25
Feb
7%
25
6%
Jan
9
12
35
17
Jan
22
Feb
67%
19%
17%
67%
75
65
Jan
69
Mar
Mar
3%
3%
1.10
3%
1.10
Members Toronto
New York
250
1.10
Apr
2.25
'''
Apr
5%
5%
Feb
7%
525
40
17%
3,426
34%
12%
Apr
Jan
17%
97
Jan
105
Jan
27%
Jan
39
Mar
Jan
165
Mar
255
1,837
35%
9
146
106
175
Jan
Mar
Feb
208
Jan
230
Mar
18
30
16%
Jan
20
Mar
5%
6
250
6%
Apr
7%
7%
5
5%
Jan
10
Jan
•
Feb
7%
45
89
45
50
40
Apr
45
Apr
88%
""45"
90
170
79
Jan
95
Feb
Apr
m
*
25
W «•
im
»
Mar
27
Jan
85
Jan
97
Mar
14%
m _
m m
Jan
23%
11
15%
16
11%
Jan
18%
29%
1,764
19
Jan
29%
Apr
29%
14%
28
_
3%
70
90%
29%
20
29
Jan
31
Mar
Jan
10
Apr
57
Jan
67
49%
Jan
60%
27
Apr
29
8%
Mar
11
Jan
5%
5%
—
*.
25
90%
28
_
1,050
23%
5%
Steel of Canada
125
10
8
•»
66%
66%
67%
59%
60%
875
27
27
10
*
*
9
9
50
9
11
6%
1,557
60
_*
6%
Feb
Apr
Apr
Mar
222
9
Apr
12%
Feb
10%
2,345
9
Jan
12%
Feb
3%
28%
165
2%
Jan
18%
4%
18%
779
Mar
19
Feb
4%
9
26%
17%
4%
4%
34%
Feb
2,523
Apr
10
Jan
48
48
48%
48
Apr
65
14%
14%
15
2,020
13%
Apr
17%
100% 101
410
Apr
102
111% 111%
105
Jan
3%
10
99%
109%
2%
111%
4%
51%
Jan
10
10
........*
*
3%
3%
*
26%
26%
18%
*
*
-
100
*
100
100
111%
100
Preferred..
Jan
3%
18
5%
.*
3%
._*
Winnipeg Electric
Jan
36
800
152
18
Standard Chemical
New preferred
Feb
Feb
4
198
198""
*
Preferred
Stock Exchange
Exchange, Inc.
18%
Mar
152
*
Westons (Geo) com
Canadian Commodity
20%
Mar
2%
6%
35%
33
33%
Jan
17%
15
104
103
104
18%
644
4
34%
16%
16%
2,255
18
6
Walker (Hiram) com
STOCK BROKERS
20
4
Pressed Metals
Preferred
Jan
19
19
United Steel com
Duncanson, White & Co.
10
1.00
18
*
Western Canada Flour
Mar
400
19%
Equitable
..100
Orange Crush 2d pref
*
Page-Hersey
*
Pantepeo Oil
1
Photo Engravers .'
*
Porto Rico pref
100
Power Corp
*
Twin City
00
13%
67%
*
Tip Top Tailors
Feb
4
Jan
13
19
100
Standard Steel pref
Jan
8%
Apr
13%
100
Union Gas
75c
7%
B
Preferred
Sept
6s
9
104% 104%
48% 50
""T26
*
National Grocers
6%
2%
Apr
'260
75c
12
100
National Sewer Pipe A
950
3%
'
"48%
*
Preferred
7%
75c
13
Riverside Silk A
Grand Trunk Pacific Ry—
113%
111
55
Ontario
Government Guaranteed
Bid
Mar
13%
A
4%s
93
92%
perpetual debentures.
Sept 15 1942
72%
*
100 34%
.
Moore Corp com
Canadian Pacific Ry—
Jan
6
M cColl-Frontenac
Ask
Bid
Feb
64%
75c
*
Preferred
Railway Bonds
16%
28%
137
7
_•
Massey-Harris com
Feb
Jan
Apr
71
3%
Maple Leaf Gardens pref 10
Maple Leaf Mill..*
Preferred
100
and Montreal
Feb
13%
25%
*
*
B
Apr
85
23%
7
*
Loblaw Groc A
Mar
1,541
6,402
•
Laura Secord
Inc.
101
1%
*
*
Lake of the Woods
Jan
11%
Feb
54%
Internatl Milling pref—100
B
20
80
Mar
17%
Jan
8%
Feb
8
Jan
14%
80
14%
*
Kelvlnator
Jan
3%
5
Internatl Utilities A
Jan
4%
200
25%
55
Imperial Tobacco
Internatl Nickel com
34%
86
69%
Hinde & Dauch
Gundy
Jan
22%
Apr
5
14
Gypsum
*
Harding Carpets
*
Hamilton Utd Theatres. 25
Bonds
22%
355
23%
100
Great West Saddlery pf
Apr
205%
Jan
189
9
80
Mar
Jan
15%
14
*
*
Great West Saddlery
292
796
24%
50
Preferred
Gen Steel Wares com
Jan
97
8%
"80"
pref..100
*
*
*
Mar
17%
6
97
Mar
18%
16
"200%
2,850
23%
14%
"~8%
*
Prod pref 100
Ford A
Canadian
20%
25
Dominion Stores
93
116
115
*
20%
22%
Dominion Coal pref
100
1936
16%
16%
*
High
Low
Consolidated Bakeries
Feb
108% 109%
Par
Week
116% 117%
103% 104%
2 1950
4%s
111
110
Shares
Mar
Prov of
100%
•100
Price
113
4%s
Brunswick—
June 16 1936
Apr 15 1960
Apr 15 1961
of Nova Scotia—
for
116% 117%
of Prices
Low
High
4s
103% 105%
.
15 1965
Week's Range
Stocks (Concluded)
1 1936
Range Since Jan.
Last
Sale
4%s
105
103
1 1962
Sales
Friday
103% 103%
111
111%
Province of Quebec—
103
101
Ask
Bid
Province of Ontario—
Ask
Exchange
Toronto Stock
Provincial and Municipal Issues
52
Apr
Jan
Jan
j an
Jan
Mar
Apr
Mar
Curb (Associate)
Banks—
King Street West,
15
WA. 3401-8
Toronto.
100
Nova Scotia..
Toronto Stock Exchange
both inclusive, compiled from
Apr. 11 to Apr. 17,
Sales
Friday
of Prices
High
Sale
Low
1.75
Abltlbl
920
1.85
1.25
3
Jan
12%
Preferred
Jan
6%
4%
200
3
Jan
6
30%
50
25
Jan
39
12
12
25
11%
Jan
15
101
10
93
Jan
105
Mar
*
pref.50
Brantford Cord 1st pref.25
-
_
~
2%
Mar
141%
3%
Jan
150
5
..
31
Apr
190
27
Jan
30%
50
30
12%
30%
30%
12
Mar
31%
Feb
9%
Jan
15%
Jan
85c
Mar
1.40
Jan
16%
Jan
27%
Apr
1.05
1.05
1.10
24%
25%
30%
24%
30%
30%
178
28%
Jan
32%
Mar
42
42
44
355
37%
Jan
47%
Mar
12%
25
.
*
Canada Bread
4%
4%
4%
92%
100
preferred
38
..50
preferred
39
4%
■
90
Jan
95
Mar
85
38
Mar
44
Jan
7
7
7%
270
6
Jan
8
Feb
68
68%
70
58
Jan
75
Feb
86%
Preferred..
*
Canada Packers
86%
86%
65
82%
Jan
93
Feb
Canada Steamships pf
2
*
Canada Steamships—
.ioo
8%
*
Can Wire & Cable A—
25
2
100
8
9%
605
26%
55
25
12
104
3
3
50
48
48
20
12
♦
*
-
Canadian Bakeries pref
a.
—
—
100
*
Canadian Canners
4%
4%
4%
35
Jan
15
Feb
Jan
27
Mar
9
2
Apr
43%
4
88%
95
94%
95
184
7
6%
7
650
6
6%
6%
6%
145
6%
..25
14%
14%
15
*
46%
46%
47%
Canadian Car
Canadian Dredge
Electric ..50
.*
Cndn Industrial Alcohol B*
Canadian Northern Power*
165
Cndn General
Canadian Ind Alcohol A
Canadian Oil
Preferred
-
Canadian Pacific
Canadian Wineries
Cockshutt Plow
12%
Feb
*
*
25
*
*
9%
8
24
24%
15
♦
100
165
8%
8
8%
126
12%
3
8
15
126
126
12%
3
8
30
530
13
3,061
20
25
60
Feb
Apr
8
.100
Conv
Preferred
3%
2
20%
_
Canadian Bakeries
preferred
preferred
Apr
Feb
10
92%
38
50
-
6
68
♦
Canada Cement
Jan
221
Feb
189
46
185
Apr
213
Feb
278
285
26
271
Jan
300
Feb
Feb
170
175
86
164
Jan
182
Feb
235
20
225
Jan
235
Mar
155
155
22
137%
Jan
160
Feb
12%
Mar
12%
196
100
3
12%
196
1
4
196
Apr
Jan
14%
201
Feb
14
37%
Jan
4
Feb
57
Jan
Feb
5%
Jan
Jan
95%
Apr
Mar
8%
Feb
8
Feb
Mar
Apr
1
Mar
17%
Feb
Jan
49%
Apr
8%
Apr
12%
Apr
Feb
8
Apr
11
Jan
24%
Apr
150
23%
14%
Jan
Mar
Apr
165
18
Jan
Jan
126%
Mar
13%
1,856
10%
Jan
15%
Feb
3%
160
2%
Jan
3%
Feb
8%
Feb
8%
10
571
123
7%
Jan
Exchange—Curb Section
Toronto Stock
Apr. 11 to Apr. 17,
both inclusive, compiled from official sales list
Jan
3%
*
Burt (F N)_
200
235
170
*
Feb
Jan
*
B C Power A
-»•
.100
pref
Jan
5
40
♦
Brewers & Distillers..
58
and Trust-
National Trust.
Jan
5,622
2,195
10,621
*
British American Oil..
209
Jan
441
2%
30%
Blue Ribbon 6%%
Cana Wire & Cable B
10
4
4
4
128
144% 146
2%
144%
*
Brazilian
Feb
222%
Jan
101
9%
4%
.100
Blue Ribbon com
Loan
170
Jan
185
185
««. -
Mar
Jan
190
Feb
100
Bell Telephone
100
100
Huron & Erie 20 %
*
Beauharnois Power.__
100
Royal
Toronto
Canada Permanent
High
Low
30
9%
*
Beatty Brothers
1st
Week
Shares
100
Preferred
1st
1 1936
Jan
.100
6% preferred
Alberta Pacific Grain-
B
1.75
Range Since Jan.
for
Week's Range
Last
Price
Par
Stocks—
official sales lists
100
58
149
45
206
100
Montreal
72
263
56
-
Imperial..
58
151% 155
152
.100
Dominion
209% 210
57
50
Canada
Commerce
Sales
Friday
Last
Par
Stocks—
._*
*
Beath & Son (W D)
Brewing Corp.
*
Preferred
*
Canada Bud....
Canada
*
.*
Malting
Canada Vinegars..
Week's Range
Sale
of Prices
Price
2%
3
17
High
Low
2%
3
16%
9
10
3%
477
17
Mar
Jan
4%
Mar
Jan
18%
Mar
6%
Mar
9%
Apr
30%
Apr
13
Apr
31
30%
9%
31%
6,830
1,365
21%
150
20
Mar
22%
35
21
10
*
22%
*
7
7
80
80
35
Feb
27%
Jan
Jan
23
Feb
5
Mar
9
Jan
15
77
Apr
90
Jan
*
4%
4%
4%
60
2
Jan
7
Mar
—*
*
10 %
10%
10%
100
8%
Feb
11%
Mar
37 %
36%
38
353
Jan
40%
Feb
Corrugated Box pref.__l00
DeHavlland Aircraft
Disher Steel pref
Dominion Bridge
32
290
4
Jan
...100
79
79
79
50
56
Jan
79
*
21
21
21
85
10%
Jan
23
Feb
4%
Mar
37
Feb
8%
24%
Apr
7%
Apr
Dom Tar & Chemical
Preferred
English Electric A
Hamilton Bridge
Preferred
Honey Dew pref
Imperial Oil
Int Metal Indust
Preferred
*
*
100
6%
4%
»
*
.100
23%
5%
38%
6%
4%
"32"
4%
8%
60
7
Mar
23%
13,535
6%
1,000
4
Jan
39%
250
30
Jan
42
33%
Jan
39%
Apr
Jan
13%
Mar
34%
6%
Feb
7,651
32
32%
5
115% 115%
"22"
21
2%
Jan
Jan
12
4%
Feb
Apr
30
11%
*
100
130
7%
5
35
37%
*
Standard Paving
5%
37
*
*
*
22%
37
Montreal Power
Shawlnigan
4%
8
Mercury Mills pref
Rogers-Majestic
Simpson (R) pref
6%
35
*
International Petroleum..*
22
2%
20
140
20%
9
Jan
31%
Mar
451
4%
Mar
5
111%
Jan
170
19%
Jan
315
1.15
Jan
Apr
Jan
Jan
117%
23%
Mar
3.00
Mar
Apr
100
Preferred
Supersilk pref
No par
240
High
3%
2%
2%
20%
9%
Consolidated
*
Low
2%
Canadian Wire Box A
Press
Range Since Jan. 1 1936
for
Week
Shares
value,
15
15
20
11
Jan
22
Feb
100
70
70
35
69
Feb
72
Mar
f Flat price.
2645
Chronicle
Financial
Volume 142
Canadian Markets—Listed and Unlisted
Toronto Stock
Par
Week's Range
for
Sale
of Prices
Shares
Low
Stocks 0Concluded)
High
1%
45
32
Jan
34
Mar
112
27
110
Apr
114
Mar
3
10
Jan
5
Feb
Towagamac
Vftnturra
113
10
112
Mar
119
25
184
23
Mar
29
Par
Toburn Gold
24
24
100
*
36
113
3
*
Toronto Elevators pref. 100
36
3
...
Thayers
United Fuel pref
Waterloo Mfg A.
High
1%
1%
120
1%
1%
Apr
1
for
of Prices
Low
High
Week
Price
„
26c
30c
2.J0
2.20
1.20
1.37
Jan
Waite-Amulet
..*
1.34
Wayside Consolidated .60c
White Eagle.
*
16c
Mar
Exchange—Mining Section
1.45
27c
Feb
2%
1.40
1.42
2.10
Exploration. 1
Wiltsey-Coghlan
Wrlght-Harg reaves
Toronto Stock
Range Since Jan. 1 1936
Week's Range
Sale
Range Since Jan. 1 1936
112
*
10Q
Superteet Pete com
Tamblyns (G, pref
Low
Sales
Last
Week
Price
Exchange—Mining Section
Friday
Sales
Last
Stocks (Concluded)
Toronto Stock
Exchange—Curb Section
Friday
1
.._*
Ymlr Yankee Girl
*
15%c 16%c
3%c
7%c
3%c
6%c
3%c
6%c
7.90
7.65
7.90
45%c
45c
45% c
Low
Shares
2,130
12,042
13,270
21,7.84
59,450
7,050
4,000
4,895
1,500
High
1.20
Feb
1.60
Jan
20o
37o
Feb
Jan
2.50
Feb
Jan
1.37
15%o
Feb
30
Jan
20% 0
5%c
3o
.
Jan
1,60
1.00
Jan
9%o
Feb
Feb
7.55
Mar
9.00
Feb
38c
Mar
71c
Jan
Apr
Feb
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Friday
Par
Week's Range
for
Sale
Stocks—
Toronto Stock
Sales
Last
of Prices
Week
Price
Low
High
Shares
Range Since Jan. 1 1936
Low
Exchange—Mining CUrb Section
Apr. 11 to Apr. 17, both inclusive, compiled from official sales
Last
*
Afton Gold
15c
14c
16c
13,450
14c
1
Oil
Acme Gas A
69c
67c
81c
54c
Apr
Stocks—
Par
55c
65c
50c
Jan
l%c
2%c
Jan
3%c
Feb
Aldermao Mines
*•
l%c
8%c
9%c
23.30C
3%c
Jan
10%c
Feb
Brett-Trethewey
1
4 70
4 70
845
4.10
Jan
4.95
Feb
Central
1.15
1.25
9,925
1.25
Apr
Churchill Mining
1
90c
l.}5
Apr
88c
7,379
13c
34,000
6%C 115,850
7%C 20,200
4%C 20,850
25 %c
9,325
65c
Apr
97c
Jan
Coast Copper.
5
Feb
Cobalt Contact...
_
1
Argosy Gold Mines—
1.16
88
Arutfleld
%c
10C
Ashley Gold
1
Astorla-Rouyn
*
17 %c
10%c 11 %c
4%c
4%C
17%c 20c
26,900
15,500
21,900
9c 105,100
7%c
8%c
$3.00
710
2%c
2%c
53c
53c
59c
$2.75
7c
Jan
16c
Feb
2C
Jan
6o
Apr
11%C
Jan
25c
Feb
3%c
Jan
9c
2.75
Apr
4.50
Feb
1%C
Jan
3% o
Mar
40c
Jan
78o
Apr
50o
Jan
Klrkland Townslte
1
16c
16c
16c
14%c
Jan
22o
Feb
1.84
Feb
Lake Maron...
*
4%C
4%c
5c
37,700
3%c
Jan
9%c
Feb
64c
9,984
60c
Mar
76c
Jan
14c 15 %c
15,584
13o
Apr
230
Jan
Malroblo Mines
..,.1
3%c
3%c
3%C
1%C
Jan
7o
Feb
1,630
1,500
2,225
5.55
Jan
7.85
Apr
Mandy Mines
9c
Jan
25%o
Mar
3.80
Jan
6.50
Feb
Nor don Corp..
Oil Selections
»
24c
22 %c
40C
1.32
1.38
63c
63c
14c
Big Missouri
11c
4%c
Manitoba
Mar
4c
1.38
-
Feb
Mar
7c
1
.
High
28tf
4%c
1
Seattle Gold Mines.
Low
,1.30
6%C
*
Bear Exploration
Shares
10,100
1,665
7%c
7c
Base Metals
High
10,550
3,250
1,300
1,855
1,295
1,100
4%c
Bagamac Rouyn
Barry-Hollinger
70o
1 1936
Range Since Jan.
Week
of Prices
Low
1
#
_
Price
for
Week's Range
Sale
Feb
8%C
63c
*
Algoma Mining
40c 44 %c
7%c
Apr
25c
Jan
6%o
Feb
DalhousieOll
*
5%c
Jan
Feb
East Crest Oil
*
11%C
8%c
8%c
8%c
Mar
70
Jan
Home Oil
*
3%c
1.10
1.07
1.16
21o
Feb
40o
Jan
Hudson Bay..
*
26%
26%
27%
2%c
Feb
6%o
Jan
13 %o
Feb
72 %o
Jan
1.430
Feb
22%
Jan
28%
Feb
9%C
9%c
11c
65,900
2o
Jan
ll%c
Apr
6%C
35,500
5,200
15,000
36,850
18,400
——*
12 %c
lie
13 %c
21,800
6c
Jan
18c
Feb
Parkhlll Gold
1
22c
22c
23c
5,400
18 %o
Jan
31 %o
»
1.25
1.25
1.35
1,377
73c
Jan
1.39
Feb
Pawnee-Kirkland
1
4c
3%c
4c
2%c
Jan
10 Uic
10 Wc
900
5c
Jan
14c
Feb
Pend-Orellle
1
92c
92c
95c
35,500
1,700
92c
Apr
5%c
1.20
Feb
1.08
1.19
11,820
95%c
Mar
1.40
Feb
Porcupine-Crown
ll%c
9c
12c
4c
Jan
15C
Mar
1.44
1.44
100
1.15
Jan
1.60
Mar
8%c
6%c
lc
Jan
8%c
1.37
1.53
1.24
Jan
1.69
Jan
103,900
8%c 313,300
4%c 84,300
7c
90,500
4c
Apr
9o
Feb
3 %o
Jau
7%o
Mar
4.000
2o
Jan
4%c
Feb
Bobjo Mines
*
7.55
4.90
Buffalo Ankerite
*
Buffalo Canadian..—
Bunker Hill
Calgary & Edmonton
_
l
Calmont Oils
♦
Canadlan-M alarttc
Cariboo Gold
1
Castle Trethewey
1
1.11
1.53
7.85
17c
Bralorne M Ines
B R X Gold Mines
17c
4.90
5.05
...1
Central-Patricia
3.40
3.24
3.55
30,895
65,540
*
1.14
1.09
1.14
645
*
1.40
1.25
8c
6%c
Chemical Research—
Chibougamau Pros—
rierlcy Consolidated
..
5
Conlagas
*
3
1.58
55,630
8%C 624,834
Dome Mines
3
400
1
2,667
45%
792
5%C
4%C
5%c
1.01
1.10
2.35
«
Dom
2.45
45
1.10
Conlaurum
Explorers
Eldorado
2.35
2.41
90c
*
God's Lake
Gold Belt
3,000
4%c
Jan
7c
Apr
1.38
96c
200 21 %c
42c
10,100
1,000
102,875
44,950
93,902
3%c
18 %c
20c
15c
22c
4%c
6%c
22c
*
19c 25 %C
6.90
52
Greene-Stabell
Gunnar Gold.
1
...
Jan
9.50
Jan
10c
Feb
Mar
11c
.
—
Mar
1.45
Jan
14%c
Jan
280
Feb
32c
Jan
420
Apr
Jan
26%o
Feb
Jan
7%c
Harker Gold
30c
Jan
12c
Hollnger Consolidated ...6
9%c
5,500
5%c
Jan
53c
66c
Jan
66c
90c
95c
421,171
12,325
21c
95c
75c
Jan
1.03
3%C
3%c
3,000
2c
Jan
5c
Jan
68c
75c
47,600
30c
Jan
77o
11%C
13c
299,939
16c 18%c
1,500
14%
14%
2,550
44c 139,250
35 %c
7c
Jan
13C
13c
Jan
61c
65C
J M Consolidated
51c
47c 52 %c
50c
46c
1
Kirkland-Lake
Lake Shore Mines
45c
53%
.
19c
Lebel Oro
39,420
6,200
11,150
3,510
9c
45c
8c
18 %c 20 %C
*
Manitoba A Eastern..
—.1
Maple Leaf Mines
Mclntyre Porcupine.
.
McKenzle Red Lake--
...5
—
.1
...1
McKinley Mines
McMillan Gold
3c
3%c
6.95
6.75
7.15
3.76
♦
Little Long Lac
Macassa Mines
3.72
3.90
McWatters Gold
Mlnto Gold
77c
14c
13%o
15c
Morris-Klrkland
—.1
64c
62 %c
64c
Murphy Mines
..
1
3%c
3c
3%c
3%C
3c
3%C
17c
—
Olga Oil A Gas New..
Omega Gold
Pamour-Porcuplne
17c
1.18
1.21
93c
2.46
2.60
54%
55%
37c
36C
38c
46c
45%c
54c
2.50
•
Noranda
55
*
------
8%c
9%c
55c
♦
...
55C
57c
4.25
4.25
4.45
84c
74c
85C
Perron Gold
—.1
1.55
1.40
1.59
Peterson-Cobalt
—.1
3c
2%c
3c
Paymaster Consolidated.. 1
...1
6.70
6.45
6.95
Pioneer Gold
10
10
10%
Premier Gold
2.34
2.30
2.35
25c
25o
27c
2.60
2.70
Pickle Crow..
—
Prospectors Airways..
Preston (new)
Quebec Gold Mines..
*
*
-
1.10
.
Read-Authler
...1
Reno Gold..
—
...1
1.10
1.22
2.12
2.05
2.16
1.16
1.16
1.22
1.18
Read Lake-Gold Shore
1.16
1.22
8c
Roche-Long Lao.....
*
Royalite Oil
San Antonio
1
Gold
Sherritt-Gordon
22 %c
6%C
8%0
31
32
2.28
2.55
Slscoe Gold
23c
1.26
1.40
3.45
_
22 %c
66c
1.27
,50c
Sheep Creek
32
2.50
.....
3.23
3.50
------
74c
South Tlblemont
*
5%C
5%c
5%c
Stadacona-Rouyn
*
35c
30o
35c
Shawkey Gold Mines. ...1
»
Sudbury Basin
85c
78c
90c
4.10
4.05
4.20
15c
15c
16c
Sudbury Contact
Sullivan Consolidated^ ...1
96c
92c
98c
...1
2.43
2.38
2.43
Sylvanite Gold
Tasbota Goldflelds
Texas-Canadian
*
38c
37 %c
40c
4.65
...1
Teck-Hughes Gold
Feb
4.50
4.75
2.25
2.20
2.50
*
Agnew-Surpass Shoe
Preferred
42o
Apr
58c
Jan
61%
Jan
69%
Feb
6c
Jan
190
Feb
Associated
Amal Eleo
105
*
*
Alberta Pac Grain A
4%
19
50
Corp pref
*
Breweries
10%
12%
Brazilian Tr, Lt A Pr
*
12
Feb
British Col Power Corp A."
B
-*
30
*
13
12%
35%
35%
5%c
5%C
Jan
19%c
Mar
Bruck Silk Mills
Jan
200
Apr
Mar
49%
Jan
Building Products A.....*
1.22
Mar
1.67
55c
Feb
65c
Apr
Apr
Canada Cement
113,900
2%o
JaD
15o
Feb
6,500
21c
Jan
420
Jan
1,000
1,000
6,380
13,500
6,500
83,700
43,500
1,565
6,034
4,400
13,750
4,100
9,069
40
1.19
Apr
1.65
Jan
Mar
Feb
Canadian Bronze
%c
Jan
4%o
Feb
Jan
40
Feo
8%c Mar
14%o Mar
9,411
Mar
187,451
41,700
50% e
Jan
850
Apr
1.12
Jab
1.74
Feb
15,500
46,655
2,625
9,100
12,700
2%C
Jan
4%«
Feb
3.95
9,775
13,100
13,615
30,145
24
Canadian Bronze pref.-100
20
Jan
79c
4.86
Feb
Jan
Mar
6.95
9.60
Jan
12.00
Jan
1.80
Jan
2.48
Mar
Apr
3.25
Jan
Apr
2.45
21c
Mar
28o
Mar
90o
Mar
1.34
Jan
1.44
Jan
2.20
1.00
Mar
1.25
50c
Jan
1.21
Apr
Apr
Apr
6%0
29%
Mar
Jan
9%C
39%
Feb
2.15
Mar
3.45
Jan
Feb
18o
Jan
36c
Feb
56o
Jan
74c
Apr
1.00
Jan
1.40
2.87
Jan
3.50
Apr
Apr
3%C Mar
18% o Jan
8%o
Feb
38% e
Feb
75o
Apr
90c
Apr
3.00
Jan
4.95
Feb
6o
Jan
18 %0
Feb
Canada
Preferred..
7%
220
215
70
58
Jan
8
Jan
74
Jan
Jan
Feb
Feb
25
5
Jan
7
Feb
20
6%
41
Mar
41
Mar
8
Jan
Apr
25%
3%
Feb
Jau
15%
Feb
12%
Jan
Jan
41
Apr
Mar
116
Canadian Car <fc Foundry.*
Preferred
—25
Canadian Celanese..
Preferred 7%—
Rights
-
*
100
*
6
14%
28%
120
*
Hydro-Eleo pref 100
Candn Industrial Alcohol.*
Class B
*
Canadian Locomotive
Cons Mining A
*31""
9
7%
"12%
*
8
Smelting.25
275
Cockshutt Plow
*
Crown Cork
15%
*
Dominion Coal pref..
100
Domlnon Glass
-.100
Dominion Steel A Coal B 25
Textile
Dryden
*
Paper..
..*
Electrolux Corp
—...
East Kootenay Power
Eastern Dairies.
*
Charles
Nc par.
value
Mar
23j%
Jan
30
99
Jan
105
Jan
23%
Jau
84
Mar
Mar
5
37
154
Jan
165
30
591
9%
3,330
782
Jan
Apr
48
Jan
8%
7%
Apr
12%
11%
Feb
Jan
Jan
Jan
15%
Feb
9%
Feb
293%
Mar
3%
34
2%
13%
2,183
8%
254
10%
7%
Apr
4
Jan
Jan
920
£01
Jan
15%
90
15
Mar
775
22%
Apr
84%
32
Jan
40%
Feb
14%
Jan
17%
Feb
280
22%
23%
37%
38%
407
14%
15%
1,420
17
Feb
Jan
112
5%
73
112
25
106
Jan
115
Feb
95
95
10
95
Apr
95
Apr
Jan
8
Feb
5%
73
144
"5%
5%
2%
2
6%
73%
144
5%
2%
2
1,255
4%
79
Jan
177
70
Jan
10
144
Apr
146%
Jan
75
5
Jan
7
Feb
60
15
19%
1
Jan
Feb
28%
2%
Feb
Feb
Feb
25%
670
2
Jan
17%
250
13
Mar
3%
18%
*
4
505
Apr
5%
Jan
*
8%
8%
7%
110
Jan
8%
Mar
655
Jan
8%
Jan
4%
160
3%
6%
6%
4%
25%
6%
Jan
35
*
Jan
21
24%
17%
3%
—...*
Foundation Co of Can...*
-.
General Steel Wares.
Feb
128
34%
15%
81%
Feb
9
273
Jan
Feb
Feb
Feb
30
7%
3%
12%
8%
8
17%
18
55
8
Apr
Mar
Mar
120
155
165
13%
26%
11
32%
31%
6
Jan
120
14%
—100
Preferred
2,615
38
Dominion Rubber pref. 100
Dominion
415
22%
Dlst
.Corp Seagrams
Dominion Bridge....
25
165
*
Canadian Pacific Ry—.25
18%
475
9
"
100% 100%
32
Cndn General Electric..50
Candn
120
25
100
Candn Foreign investm't
120
18%
Canadian Converters.. 100
Cndn Cottons pref
111% 111%
6
6%
14%
15%
29%
26%
Hamilton Bridge........*
Preferred
100
Apr
37%
31
7
2.50
Jan
110
Gypsum, Lime A Alabast.*
Apr
Apr
33
5
Gurd,
2.20
12%
305
30
Feb
Jan
13%
35%
150
Feb
Feb
Feb
16
Feb
12
1.15
62o
Feb
5%
41
2.90
5.40
15%
32%
Jan
12
Mar
Jan
Jan
Jan
470
6%
Jan
Feb
Feb
40
Mar
Mar
150
*
83o
28o
4%
17%
Cndn Wire A Cable class B*
2.25
4.30
9%
28
1.60
Mar
70c
105
950
150
Jan
292
Mar
290
800
340
4,283
141
9%
1.00
Jan
355
2%
Jan
Apr
Apr
Feb
15
Mar
1%
Jan
44o
23
Jan
10%
8
Corp...*
Steamship
—100
Jan
3.05
Jan
10
23%
Can North Power
580
65%
14
Jan
7%0
6%c
Jan
20
2,630
22%
Jan
Jan
Jan
370
Feb
Jan
Mar
6
24%
24c
2.45
107
Jan
41
1.50
44%
Jan
4
245
19
100
6
Jan
28 %o
68%
Jan
128
4%
41
Apr
Mar
74,875
3,030
11,900
29,050
68%
7
10
*
13c
40c
14,350
7,400
50,065
21,150
1,902
11,034
13,550
8,200
121,021
72,620
37,144
57,500
—100
Preferred
7
Apr
Can Iron Foundries....100
Canada Forglngs ol A
1.18
3.50
1,500
6,400
-*
4%
7
100
105
10%
14
12%
144% 145%
12
12%
30
30%
4%
4%
Feb
145
15
8%
High
Low
Shares
10
4 73
6c
♦
NI pissing
Feb
62o
7.75
1.53 106,500
•
Northern Canada Mining *
...1
O'Brien Gold
57o
Jan
6%c
25c
4%0
♦
*
Jan
30c
8%
Jan
800
Mining Corp
Newbec Mines
Jan
Mar
65c
74c
75c
Range Since Jan. 1 1936
for
Price
3.12
1.59
Merlanri oil
Moneta-Porcupine
Mar
Par
Stocks—
6.05
65c
1.20
65 %c
290
Jan
Bathurst Power <fc Paper A*
Bell Telephone
100
1.46
1.38
Apr
Week
Feb
19c
23c
440
of Prices
Low
High
Mar
42%
1.30
Jan
Sales
Week's Range
Sale
29%c
41%
25c
♦
Mar
11c
lift
Last
Jan
17 %c
4%c
M c Vittle-Graham
Apr
compiled from official sales lists
Friday
Mar
17%c
1.53
Feb
Montreal Stock Exchange
Apr. 11 to Apr. 17, both inclusive,
12o
16c
------
Feb
W., MONTREAL
2%c
16%c
17c
Jan
Montreal Curb Market
Exchange Inc.
PHONE HARBOUR
42,984
21,000
16,230
24,482
36,000
19,950
2,376
35,175
42
13%
18%c
17%
9,900
50c
3%c
Lee Gold Mines
10.700
53%
42c
53
8%C
_
360 ST. JAMES ST.
Apr
14%
Apr
7c
Members
Canadian Commodity
Apr
Kirk Hudson Bay
Lamaque-Contact..
3c
Feb
61c
Howey Gold
2%c
Montreal Stock Exchange
Apr
Apr
42 %C
Homestead Oil
23c
Jan
Mar
9c
*
Highwood Sarcee
3c
1
.
Feb
Mar
6c
9%c
...1
4c
5%C
Feb
75c
12%c
.
Hard Rock
Mar
Drury & Thompson
Mar
3c
4% c
75c
Halcrow-Swayze.
Jan
14c
4%c
CANADIAN SECURITIES
Jan
55c
Grandoro
Mar
4%c
Mar
81c
5%c
34c
Jau
Feb
1.01
9.05
...1
Jan
Jan
Jan
5%C
—.1
Granada Gold
4%C
5%C
1
Mining.
Feb
1.80
6%C
Graham-Bousquet
23c
6c
Jan
Feb
2.80
42
8.80
Goodflsh Mining
Temlskamlng
2.64
20c
6c
12o
l%c
Apr
4%C
42C
Feb
3.45
2 %C
Apr
4%C
------
1.60
1.67
6c
20c
Goidale
Jan
8%o
8.95
92c
Ritchie Gold.
Sudbury Mines
Jan
2c
20c.
_
Robb Montbray
Apr
Apr
27c 28 %c
28c
2%c
.
3 55
3c
21,810
4,830
43,606
342,650
54,218
—1
Federal-Kir kland
*
Night Hawk Pen.....
Mar
1.25
5%C
»
Falconbrldge
Franklin Gold
St Anthony
©
820
v-4 OO
2%c
1
AJax Oil & Gas
Alexandria Gold
Apglo-Hiirnnlftn
Apr
Feb
59,637
11,170
32,600
lists
Sales
Friday
High
4%
35
145
Jan
Feb
36
Apr
Jan
2646
Financial
Chronicle
April 18, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Stocks (Concluded)
Par
Int Nickel of Canada
*
Lake of the Woods
Preferred
100
11%
93
13%
48%
------
19
Massey-Harris
*
4%
17
135
6
*
48%
19
......
Mc Coll-Fro ntenac Oil
7
80
81
----*
r
2,205
------
100
Preferred
5
15
11
13%
*
International Power
15
14%
93
100
100
Montreal Cottons
236
94
14
2,550
7%
25
49%
4,161
4%
45
81
6%
17%
35
Jan
3%
54
6
57
Shares
Price
High
Low
Feb
26%
28%
240
26 %
Apr
34%
18%
18
18%
146
17%
Jan
19
9%
5
8%
Jan
9%
Mar
31c 32 %c
7,000
2,000
5,700
30o
Mar
45c
Mar
60o
Mar
75o
Jan
20o
Mar
60o
Mar
490
31%
Mar
9%
Feb
Mines—
Gold..
Feb
Beaurort
Feb
Big Missouri Mines
32c
1
Feb
Bulolo Gold Dredging
6
22
Feb
Cartler-Malartlc Gold
1
Apr
Castle-Trethewey Mines. 1
88%
62c
66c
20%c
28c
64C
.1
Diamond. _1
.
—
—
-
32%
------
34
37
Jan
4c
3c
4c
20,500
2o
Jan
5c
Jan
------
1.32
1,32
200
1.27
Jan
1.69
Jan
25,205
1.10
Apr
2.30
Mar
1.26
1.57
Jan
Jan
45%
45%
260
Jan
52
Jan
7%
17%
Consol Chib Gold Fields..1
Dome Mines
*
1.45
5%
12%
Feb
Falconbrldge
*
8.90
8.75
9.00
1,470
6.90
Jan
9.50
Feb
55
26
Jan
35
Jan
Francoeur Gold
*
20c
19c
20c
190
Apr
44o
Feb
50
86
Jan
100
Feb
Greene-Stabell Mines
J-M Consol Gold
1
55c
23c
Jan
68c
Apr
1
51 %c
5,500
17,200
25,000
28%o
Jan
58c
Feb
Lake Shore Mines
1
1,240
2,003
35
95
Nickel..
95
32%
31%
Mar
34
Jan
26
26
10
26
Apr
28
Mar
55%
66
91
65%
60
Jan
85
94
324
1
43%
43
43%
43
145
15
160
39%
14%
53%
150
52c
Lamaque Contact Gold..*
85
Apr
Apr
------
1936
Week
26%
*
138
Jan
for
of Prices
Low
High
1
Feb
Jan
123
Preferred
Whittall Can Co Ltd
Brazil Gold &
Jan
16%
35
Walker-Good & Worts...*
32%
---
Range Since Jan. 1
Week's Range
Mar
Mar
14%
7%
Jan
44%
40
19%
135
14%
Apr
7
280
Jan
Mar
119
Jan
Mar
13%
Jan
17%
Jan
Par
32%
Mont Loan & Mortgage. 25
40
94
16
Apr
Mar
11
Stocks (Concluded)
High
95
Montreal L. H & Pr Cons.*
Montreal Telegraph
6
15
13.60
417
16%
"
100
Preferred..
Low
Shares
15
Imperial Tobacco of Can.5
£1
High
Range Since Jan. 1 1936
14%
11%
*
Preferred
Week
Low
Sales
Last
Sale
for
of Prices
Price
Hlllcrest Collieries pref.100
Hollinger Gold Mines
6
Howard Smith Paper
Preferred
Week's Range
Sale
Market
Friday
Sales
Last
■
Curb
Montreal
Exchange
Friday
4,442
47c
66c
53c
43
52
Jan
Jan
59
Jan
1,072
8c
53%
8%c
800
6c
Jan
180
19c
20C
700
13c
Jan
29o Mar
53
53
I9C
Feb
National Breweries
*
-.25
Preferred
National Steel Car Corp..*
14%
41%
14%
Niagara Wire Weaving
53
53
------
*
Preferred
*
Ogllvie Flour Mills
65
*
Ottawa L H & P pref-..100
Penmans
*
Power Corp of Canada
160
160
------
35c
Jan
70c
22c
23c
8,755
18% o
Jan
31%
Feb
1.60
1.40
1.60
9,850
1.12
Jan
1 75
Feb
Jan
55
1
6.80
6.50
6.95
2,920
3.95
Mar
6.95
Apr
56
.....1
Read Authler Mine.*
1
1.10
1.15
90c
Mar
1 82
Jan
2.14
2.08
2.17
5,462
1 43
Jan
2 20
3.45
3.25
3.50
23,530
2.88
Mar
3 50
Apr
Apr
1
Feb
.
Mar
Jan
60
Feb
Jan
55%
Apr
Quebec Gold.
.1
500
15
199%
15
Jan
240
Mar
Sullivan Consol
1
97c
91c
98c
4,300
83c
Mar
152
32
100
Jan
160
Apr
Teck-Eughea Gold...
1
4.55
4.55
4.70
1,540
4.30
Mar
5.35
Jan
2 50
Feb
Jan
110
Jan
Mar
101%
Ventures Ltd
67
Jan
1,150
50c
16c
16c
1,000
15c
Mar
21c
Feb
<___*
Wrlght-H argreaves
2.20
7.75
7.75
100
7.65
Jan
8.90
Feb
Wayside Cons Gold
Feb
Jan
2.10
1.60
2.14
»
.
15
130
287
5
26
4%
Apr
14
55
12%
Feb
15
Mar
Arno Mines
*
9c
7%c
12c
82,690
2c
Jan
12c
Apr
55
97
Jan
104
Mar
Ashley Gold
1
9%c
9%c
9%c
1,000
9%c
Apr
24%c
Feb
1.13
1.13
200
98c
Mar
1 42
Feb
2.43
Mar
3 52
Apr
6%c
Mar
I0%c
Jan
------
10%
------
101
2
52
20
102%
606
10%
2%
11%
50
50
29%
31
1,083
21
22
2,287
18
80
Shawlnlgan W & Power..*
29%
21%
Sherwln Williams of Can.*
17%
17%
1,770
20
77
48
Jan
18%
Jan
11%
14%
18
Feb
'
Feb
6%
Unlisted Mines—
P
Jan
2%
Feb
Cndn Malartlc Gold
Jan
11%
Central Patricia Gold
1
3.46
3.25
3.52
40
Jan
50
Duparquet Mining
1
7c
7c
7%C
8,450
6,300
20%
19%
17%
Jar
32
Apr
Apr
Apr
Eldorado Gold..
1
1.03
1.03
1,000
1.03
Apr
1.38
Mar
Jan
23%
Howey Gold..
1
63c
63c
200
55c
Mar
71c
Jan
Jan
20
Feb
1.85
8
Mar
1
Jan
Macassa Mines Ltd
1
San Antonio Gold M Ltd. 1
3.80
3.78
3.80
2,025
3.18
Jan
4.73
2.50
2.50
100
2.20
Mar
3/40
Sberrltt-Gordon Mines
1
1.25
1.20
1.40
15,690
1.00
Jan
1.32
Feb
Stadaconna-Rouyn Mines *
Sylvanite Gold... Z
1
34c
30%c
35c
25,300
18% 0
Jan
39c
Feb
2.40
2.40
200
2.38
Mar
2.89
Feb
77
77
25
78
Apr
80
Jan
*
13%
13%
13%
779
12
Jan
14
Mar
--*
66%
66
57
Jan
49%
Jan
67%
60%
10%
22
Apr
155
Jan
Apr
Jan
100
Southern Can Power
Steel Co of Canada
Gold
Jan
18
5
14
St Lawrence Paper pref. 100
Simpsons pref
Pickle-Crow
50c
17%
—
50
St Lawrence Flour Mills 100
100
22c
1
14%
*
A preferred
50c
1
Perron Gold.
14%
100
*
1
Feb
52
------
Preferred
Gold
Parkblll Gold
17%
103
17%
*
Rolland Paper pref
St Lawrence Corp..
O'Brien
Apr
44%
no
104% 105
Feb
Feb
34
4,713
160
44
43
39
52
*
Quebec Power
Regent Knitting
58
55%
Jan
Mar
85
1,612
239% 239%
.
-.100
Preferred
57%
54
------
Noranda Mines
Jan
Lebel Oro Mines Ltd
Slscoe Gold
Montreal Tram ways.-.100
67%
1,088
25
60
60
60%
554
Tooke Bros pref
*
Tuckett Tobacco pref-.100
Vlau Biscuit
*
22
22
22
Preferred.
151%
151% 151%
2*A
Western Grocers pref..100
110%
Winnipeg Electric.
*
Winnipeg Electric pref.100
Wnnds
Mfg pref...
., 100
3%
5
10
150
Jan
175
2 M
2
Jan
110% 110%
3%
15
260
3%
107
14
14
5
11%
Jan
51
6
51
Apr
1.70
1.60
1.80
1,163
1.35
Jan
2.50
9%
9%
10%
87
6%
Jan
13
Feb
9%
9%
12
6%
Jan
12%
Feb
1.05
1.10
350
80c
Mar
1.40
Jan
265
2%
13%
Jan
Jan
Apr
4%
18%
Feb
Mar
100
Apr
Ctfofdep6% pref... 100
Brewers A Dlst of Van...*
Mar
18
'
Cum 6% pref
Mar
110%
4%
Jan
51
Feb
Unlisted Stocks—
Abltlbi Pow & Paper Co..*
Feb
3%
Jan
2%
Apr
Brewing Corp of Can
67%
Jan
1.05
3
3%
17
17%
80
*
Preferred
80
3%
*
17
i
375
'
Calgary Power pref
80
Feb
86%
Feb
Mar
9%
Jan
58
Max
Can & Dom Sugar..
...»
60
60
60
120
57
Apr
61%
Apr
Feb
Jan
140
Feb
Canada Malting Co Ltd.. *
31
31
31%
178
31%
Apr
35
Jan
170
Feb
99%
20
98%
Jan
99%
Mar
214
Feb
Can Wire & Cable pref.100
Canadian Marconi Co
1
99%
Mar
Feb
2%
Feb
Jan
300
Feb
Claude Neon Gen Ad Ltd. *
Jan
181
Feb
Consol Bakeries of Can
Consolidated Paper Ltd
Donnaconna Paper A
*
Donnaconna Paper B
'
100
Canada Bud Breweries __.*
*
Banks—
Canada
60
56
Canadlenne
100
137
Commerce
100
Montreal
100
Nova Scotia
100
Royal
100
56
57
6
27
133
152%
136% 137
151% 156
260
149
189
185
190
251
185
280
283%
14
271
170
174
97
164
------
170
HANSON BROS
51%
Canadian Government
Municipa
INCORPORATED
56
Sparks St., Ottawa
5%
5
5
Industrial Bunds
General 8teel Wares pf 100
Loblaw Groceterias A
*
No par value
—"
^
^
60c
Jan
18%
Feb
Jan
397
4%
Feb
202
2%
12%
23%
Apr
Jan
3%
9%
14
14
24%
55%
23%
24%.
528
55
55%
55
19%
19%
20
35
35
31
100
104
Feb
Apr
7%
16%
28%
Jan
222
103%
10
55
Feb
65
95
103
40c
145
Feb
Feb
Feb
Jan
20%
Mar
40
Mar
104%
Jan
6%
Mar
5
1,005
29
28
32
735
32%
30%
32%
1,460
29
Jan
39%
Feb
19%
19%
19%
100
15
Jan
20
Apr
100
Royalite Oil Ltd
.»
United Amusement Co A. *
•
Jan
Mar
2
5
Eastern Dairies pref... 100
Ford Motor of Can A
*
Feb
16
6
5
2
2,654
3%
*
6%
67
20
40c
17
3
McColl-Frontenac OllpflOO
330 Bay St., Taronti
40c
17
3
*
Price Bros Co Ltd
Preferred.
100
2
2
------
5
145
9%
*
Massey-Harris Ltd preflOO
Public Utility and
ESTABLISHED 111)
255 St. James St., Montreal
9
3%
3%
22%
Jan
40
Feb
1 Flat Price.
-
Montreal Curb Market
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
Last
Stocks—
Par
Beauharnois Power
*
Cndn Dredge & Dk Ltd..*
Canadian Vlckers Ltd
Cum preferred
Catelli Macaroni Prod B.
.
Dom Eng
24%
25%
Mar
5%
Feb
Mar
3%
16%
Jan
27%
47
47
55%
58%
3,643
5,850
60
Jan
13
Jan
118
107%
Feb
1.11
Apr
Apr
Mar
27%
Jan
9
21
60
37
Jan
48%
160
35
Feb
65
175
1.75
Jan
4
20
10
25
3
100
11%
2%
Jan
3
Jan
3%
*
2
2
2
113
Apr
4
21
20
22
182
1.80
*
------
------
6%
76
1.75
31%
9
6%
76
1.80
32
9
6%
79%
2
Apr
Mar
Industrial and Public
Bid
Abltlbi P & Pap ctfs 5s '53
Alberta Pao Grain 6s. 1946
_
Feb
Asbestos
Feb
Feb
BeauharnolsLH&P 5%s '73
Beauharnois Pr Corp 5s '73
Mar
Bell Tel Co ot Can 5S.1955
Corp ol Can 5s '42
2
18%
Feb
24%
Jan
British-Amer Oil Co 5s '45
1.75
Jan
3.00
Feb
Jan
36
Feb
Brit Col Power 5%s..l960
6s
Mar 1 1960
140
140
9
Jan
Feb
4%
Mar
50
12
7%
80
Jan
Brit Columbia Tel 5s. 1960
105
Feb
Burns A Co 5 %s-3 %s_ 1948
Feb
Calgary Power Co 5s.. 1960
85%
99% 100%
108%
105% 106%
104% 106
85c
Jan
2.75
106
1941
_.*
"13"
13
14
62
9
Jan
19%
Feb
Voting trust ctfs
*
13
13
13
50
8
Jan
19
Feb
Canadian Con Rubb 6s '46
*
1.10
1.05
70c
Jan
1.46
Feb
Apr
10%
Feb
Canadian Inter Pap 6s '49
'Can North Power 5S..1953
Jan
24%
Apr
Can Lt & Pow Co 5s. .1949
Home Oil Co Ltd
Hydro-Electric Seo Corp.*
Imperial Oil Ltd
*
Inter City Baking Ltd. .100
Int Petroleum Co Ltd
------
22%
23%
29
29
30
38
*
37%
------
Inter Utll Corp class A.._*
------
1.15
class B ..1
B
""9%
Mitchell & Co Ltd (Robt)*
665
15
3,709
7
20%
19
Apr
Jan
30
Apr
Canadian Vickera Co 6s '47
38%
1,515
33%
Jan
Apr
50
14%
Apr
Mar
Cedar Rapids M A P 5s '53
Consol Pap Corp 5%s.l961
12
12
15
Feb
Dominion Canners 6s. 1940
1.15
1.30
Feb
Dominion Coal 5s
9%
4
_._*
200
14% .14%
4
Manitoba Power Co Ltd..*
Melchere Dlst Ltd A.....*
7.
23%
Inter-State Royalty A. ... *
Inter Utll Corp
7
1.15
6%
88%
4
75
1,190
14
10
85
4
220
•6%
75
89%
55
4
Jan
39%
15%
14%
50o
Jan
2.25
4
Mar
9%
Mar
4
Mar
Jan
5%
4
13%
5%
8
Mar
Feb
Feb
Jan
Dom Gas A Elec 6%s.l945
Dominion Tar 6s
1949
Donnaconna Paper 5 %s '48
Duke Price Power 6s. .1966
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
79
Jan
100
100
5
99%
Jan
100
Apr
Fam Play Can Corp 6s '48
Power of Can cum pref.lOU
99
99
5
97%
Mar
101
Feb
88%
Reliance Grain Co Ltd_-__*
Sarnia Bridge Ltd A..
*
Sou Can P Co Ltd pref. 100
Walkervllle Brewery Ltd.*
——————
------
99%
-
3
94%
Feb
1940
100
Page-Hereey Tubes Ltd..*
Paton Mfg Co pref
7
7
10
6%
Jan
10
Jan
Fraser Co 6s unstpd._1950
6s stamped
1950
11
11
25
7
Feb
11
Apr
Gatlneau Power 5s... 1956
99%
99%
12
98
Jan
100
Mar
General Steelwares 6s. 1952
Feb
G t Lakes Pap Co 1st 6s '50
3
3
27
26%
Fraser Cos Ltd....
2%
26
35
Canada Cement Co 5 %s *47
Cana Canners Ltd 68.1950
♦
HAnover 2*6363
300
2H
•
Jan
3%
106
83
---
107
83%
84%
103% 104
100%
90
90%
112% 113%
/32%
109%
94%
33
--
-
95%
88%
89%
103
104%
71
Utility Bonds
Bid
45%
/44%
97%
96%
99% 100
81%
82%
185
250
•
Ask
115% 115%
102% 103%
104% 105%
103% 104%
Canada Bread 6s
Foreign Pow Seo Corp
•
Bell System Tele. NY 1-208
Jan
105
20
2%
New York
Apr
3
100
Corporation
Royal Securities Corporation
30 Broad Street
Jan
10
2%
Apr
3%
2%
21
11
High
28
17
283
10
Low
17% |Jan
162
111
"26"
*
1
3%
2%
1,100
116%
58%
Dom Tar A Chemical Ltd *
Cum pref
3%
2%
Shares
*
Works Ltd....*
Dominion Stores Ltd..
27
116
~~47~~
Catelli Mao Prods pref A 30
City Gas A Elec Ltd
High
109%
*
100
.
26
21
pref..100
Canadian Wineries Ltd..
Low
111
Canada Vinegars Ltd....*
Can Int Inv cum
•
Private wire connection between New York, Montreal and Toronto
Range Since Jan. 11936
24%
10%
116%
Canada Paper Co pref- .100
Can Nor P Corp Ltd pf 100
SECURITIES
Municipal
•
Week,
26%
3%
2%
*
Brit Col Packers (new)..
for
of Prices
Price
Corp.*
Brit Amer Oil Co Ltd
Week's Range
Sale
Asbestos Corp voting tr_.*
Batburst Pow & Pap cl B. *
CANADIAN
Government
Sales
Friday
72
105% 105%
95%
97%
84%
85%
102% 103%
108
109%
101%
96
95%
---
100% 101%
51
/50%
Smith H Pa Mills 5%s *53
Int Pr A Pap of Nfld 5s '68
Ask
104% 105
102% 103%
Lake St John Pr A Pap Co
6%s
Feb
1 1942
6%s
Feb
1 1947
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s.l951
Maple Leaf Milling—
2%s to '38—5%s to '49
Massey-Harris Co 5s.. 1947
McColl Frontenao Oil 6s *49
Minn A Ont Paper 6s. 1945
Montreal Island Pr 5 %s '57
/50
/93%
84%
79%
51
94%
85%
80
49% 52
91% *92%
104% 105
/30% 31%
Montreal L H A P (150
par value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
Northwestern Pow 6s. 1960
50
50%
101% 101%
91%
64%
64%
92%
65%
65%
104%
Certificates of deposit
Nova Scotia LAP 5s. 1958
103
Ottawa Lt Ht A Pr 58.1957
105% 106%
Ottawa Traction 5 %s. 1955
Ottawa Valley Pow 5 %s '70
81
Power
Corp of Can 4%s '59
95%
5s
Dec
11957
Price Bros A Co 6s.... 1943
Certificates of deposit...
Provincial Pap Ltd 5%s '47
Quebec Power 5s
1968
Shawlnlgan W & P 4%s *67
Simpsons Ltd 6s
1949
Southern Can Pow 5s. 1955
Steel of Canada Ltd 6s '40
United Grain Grow 6s. 1948
United Secure Ltd 5 %s '52
Winnipeg Elec 6s.Oct 2 *54
99
100
82%
96%
100
123%
123%
101%
103%
102%
103%
104%
124%
124%
102%
104%
103%
104%
111% 112%
103% 104%
84%
83%
82%
81%
Volume 142
Financial
2647
Chronicle
Over-eht
Counter
Trading^ Markets:
STOCKS & BONDS
Coastland Oil
HonRgsE STroster
Bought—Sold
Established 1914
74
Trinity PL, N. Y.
Members
•
-
New
Whitehall 4-3700
Open-end telephone wires to Baltimore, Boston; Newark and Philadelphia.
Quotations
on
New York
Bid
a3%s
<13)40
a3%a
«3%s
a3%8
a3%s
July 11975—
May 1 1954
Nov 1 1954
Mar
a4s
—-
July
Nov
1
a4fl
May
1 1959
a 4s
May 1 1977
a 4a
Oct
1958
...
1 1980
%s Sept
a4%s Mar
a4%s Mar
1 1960
1 1962.
1 1964
Ask
Bid
114% 116 %
a4%s April 1 1966.
a4%s Apr 15 1972
105 % 105% fl4%s June 1 1974
104% 104% a4%s Feb 15 1976.
10314 104% a4%s Jan
1/1977
106 % 107% a4%s NOV151978-.
110% 111% 04%sMar^l 1981
110% 111% o4%a May 1 & Nov 11957
110% 111% o4%s Mar 1 1963
111% 112% o4%s June 1 1965..
112
112% a4 %s July 1 1967
114% 115% o4 %s Deo 15 1971
114% 115% o4%8 Deo 1 1979
Jan 25 1937—
114% 115% o6s
1 1975
May 1 1957
a4s
Request
Private wires to principal cities in United States and Canada.
•
— ...
Bank and Insurance Stocks
116% 116%
116% 116%
116
116%
Bought, Sold and Quoted
116% 116%
116% 117%
117% 117%
MUNDS, WINSLOW & POTTER
Wall Street, New York
116% 117%
117% 118
118
118%
116% 119%
119% 120%
Whitehall 4-5500
Members New York, Chicago and other
104% 104%
New York Bank Stocks
New York State Bonds
Canal & Highway—
5s Jan & Mar 1946 to *71 b
Bid
Ask
Ask
Par
—
4%s April 1940 to 1949..
Highway Improvement—
4s Mar & Sept 1958 to'67
Canal Imp 4s J&J '60 to '67
Barge C T 4s Jan 42 to '46
Barge CT4%s Jan 11945.
26%
27%
Merchants Bank
Bank of Yorktown__66 2-3
2.10
b
Bidm
Bank of Manhattan Co. 10
World War Bonus—
2.90
Stock and Commodity Exchanges
122
121
——.
Bid
•
City Bonds
Ask
105% 105%
1 1960——
on
Over-the-Connter Securities—Friday April 17
102 % 102%
.
Jan 15 1976
a4
Prospectus
York Security Dealers Association
50
60
Par
Bid
100
75
85
National Bronx Bank—.50
20
25
Ask
132%
132%
...
16
18
Exchange
Peoples National
10
9
10
50
52
130
...
188
Public National
25
41
1000
Sterling Nat Bank & Tr.25
Port of New York-
106% 107
104% 105
3%s '65
ser
Penn
36
182
100
975
2005
Trade
Fifth
Avenue
100
30
Kingsboro National...100
32%
12%
Bank
18
100
75
-
«.
-
43
-
-
-
20
60
...
Yorkvllle
Bank
»
— m
Ask
George Washington Bridge
Gen &ref 4s Mar 1 1975.
Gen & ref 2d
National Safety Bank-12%
40
National..50
Chase
Flatbush National
Bid
Ask
85
38
34
Bensonhurst
125%
125%
114%
117%
Port of New York Authority Bonds
Bid
50
—13.55
City CNational)
12%
Commercial National.. 100
First National of N Y..I00 1965
Highway Imp 4%s Sept '63
Canal Imp 4 %s Jan 1964..
Can & Imp High 4%b '65—
Ask
4s
ser
1936-50.-J&D
B
4%s ser B 1939-53-M&N
102 %
—-
-
113% 114%
New York Trust
Inland Terminal 4 %s ser D
1936-60
Bayonne Bridge 4s series C
1938-53
J&J 3
104% 105%
M&S
Holland Tunnel 4%s ser E
1936-60
M&S
109
107%
Par
113% 114%
Bancs Comm Itallana.100
Bk of New York & Tr. .100
Bid
Bank of Sicilly
Bronx
A st
Bid
Ask
..
20
7
County
100
Brooklyn
Par
Ask
Bid
Ask
105
115
Empire
498
505
Fulton
210
220
Guaranty
289
294
58%
Bankers
United States Insular Bonds
Philippine Government—
Bid
Companies
60%
12
10
8%
112
9%
117
23%
10
Irving
15%
100 1690
County
Kings
47
Lawyers
101%
Honolulu 5s
4 %8 Oct
1959
105
106
U S Panama 3s June 11961
4%s July
1952
105
106
Govt of Puerto Rico—
5s
Aprl
1955
101% 103%
4%s July 1958
112
115
Chemical Bank & Trust. 10
55
57
New
5s
Feb
1952
107
108%
5s July 1948
110
112%
Clinton Trust
„50
75
80
Title Guarantee & Tr. -.20
110
112
113
114
Colonial Trust
—25
14%
114
Continental Bank & Tr.10
Corn Exch Bk & Tr.. —20
18%
19%
Underwriters
61
62
United States
16%
1740
50
16%
113
24%
4s 1946
100
5 %8 Aug
1941
Hawaii 4%s Oct 1956
118% 119%
20
Central Hanover
U S conversion 3a 1946
114% 116%
3.00
3.50
Conversion 3s 1947
111% 114%
20
York
49
51
—25
Manufacturers
116
119
8%
70
100 2015
9%
80
2065
Federal Land Bank Bonds
I
3s
1955 opt 1945
3s
1946
1956 opt
3a 1956 opt
1946
3%s 1955 opt 1945
1946 opt 1944
4s 1957 opt 1937
4s
J&J
J&J
M&N
M&N
J&J
M&N
Bid
Bid
Ask
Ask
100
100 %
4s 1958 opt 1938
M&N
106
106 %
100
100%
4%s 1956 opt 1936
J&J
4%s 1957 opt 1937...J&J
101
4%s 1957 opt 1937..M&N
4%s 1958 opt 1938..M&N
4%s 1942 opt 1935..M&N
103%
105%
101%
102%
104%
108%
10D,6
99% 100
102% 102%
109% 110%
105% 105%
102%
101',6
Chicago Bank Stocks
Par
Bid
Flrst'Natlonal
100
215
235
Continental Illinois Bank &
Trust.
-33 1-3
154
Bid
Ask
100
265
275
Harris Trust & Savings. 100
Northern Trust Co
100
355
380
815
865
159
Trust
JOINT STOCK LAND BANK BONDS & STOCKS
Par
Ask
American National Bank &
-
-
MUNICIPAL BONDS
Bought—Sold—Quoted
Insurance
VP
MUNICIPAL BOND DEALERS-COUNSELORS
Par
,
Aetna Casualty &
120 So- La Salle
Teletype CGO. 437
State 0540
St., Chicago
Surety 10
Companies
Par
Ask
Bid
102% 106%
54%
51%
Home Fire Security
Homestead Fire
10
10
Bid
6%
25
As*
7%
26%
Aetna Life
Joint Stock Land
Bid
Atlantio 5s...
Burlington 58.
100
California
Maryland-Virginia 5s..
Mississippi-Tennessee 5s..
...
101
......
Louisville 5a
....
—
*
-
100
100
5s.
100
Chicago 5s._.
/12
13
Dallas 5a
100
101
North Carolina 5s........
99% 100%
73
75
Ohio-Pennsylvania 5s...__
99
100
Oregon-Washington 5s
97
99
Denver 6s
94
First Carolines 6s
First of Fort
Wayne
100
5s.
First of Montgomery 5s...
87
First of New Orleans 5s
92%
First Texas of Houston 5s.
99
First Trust of
Chicago 5s..
Greenbrier 5a
...
100
~
95
100
5s
«.
-
90
100
97
-
79
100
100
99% 100%
99% 100%
35
/32
........
San Antonio 5s....
Southwest
5s
-
98
.......
38
Lincoln
28
34
North
Ask
63
67
1
5
100
Bid
8
12
100
26
29
San Antonio
6
Virginia
8
Virginia-Carolina
2650
Ask
54
78
79%
62%
6.6%
28%
52%
30%
Mercb & Mfrs Fire New'k 5
11
13
54%
National Casualty
10
18%
20%
38
40
National Fire
10
72
75
Eagle Fire
2%
Employers Re-Insurance 10
Excess
6
Federal
—10
30
%
35
8%
9%
National Union Fire
New Amsterdam Cas
2
20
5
3%
9%
141
11%
4%
3%
■
10%
145%
23
25
New Brunswick Fire
10
33%
12%
35%
29%
31%
27%
52%
New Hampshire Fire
New Jersey
10
20
45%
45%
48
5
220%
27%
4%
Northern
26%
50%
25%
4%
New York Fire
North
12.50
2.50
River
National.25
130% 138
42
Northwestern
11
12%
Pacific Fire
25
127
52
Phoenix..
10
99% 102
Preferred
80
.
82
132
87
91
5
19%
Pro vldence-W ashlngton .10
38%
21%
40%
26%
Accident
10
25
10
31
10%
12%
Republic
230%
32%
Rochester American
24
Rossia
28
30
St Paul Fire & Marine..25
220
40%
42%
Seaboard Fire & Marine..5
11
*16
18
Seaboard Surety
10
223%
49
51
Security New Haven...10
Southern Fire
.10
39%
22
47%
23%
104% 109%
26%
27%
48
40
(Dallas)
5
12%
33
14%
225
13%
25%
41%
27
29
Springfield Fire & Mar__25
Stuyvesant
5
138
141
12
21%
22%
Sun Life Assurance
100
513
543
20
30
Travelers
100
621
631
36
38
U S Fidelity & Guar
26%
28%
75%
U S Fire
72%
80
83
Westchester
37%
39%
73%
29%
9
...
National Liberty
103
720
68%
-
Casualty
99
28
preferred—....15
__5
710
.1
Halifax Fire—
-.10
Hamilton Fire.........10
Hanover Fire..———10
Harmonia
10
Hartford Fire
10
Hartford Steam Boiler..10
Home
5
2d
Great Amer Indemnity
57
%
..
51
35
Great American...—5
28
80
48
........5
Alliance.....—1
Georgia Home
-10
Glens Falls Fire
..5
Globe-& Republic
..5
Globe & Rutgers Fire... 15
24
2
3
25
Merob Fire Assur com .2%
100
99
24
4
I
Mass Bonding & Ins
General
20
75
M aryland
16%
Franklin Fire
Potomac
100
5
16
10
.2 %
American Re-Insurance .10
American Reserve
-10
American Surety
25
Automobile
—10
Baltimore Amor
2%
Bankers & Shippers....25
Boston
100
Camden Fire—
5
Carolina.
10
City of New York
10
Connecticut Gen Life... 10
Continental Casualty
5
.
101
Pennsylvania
100
Lincoln Fire
14%
14%
5
Equitable
American of Newark
100
Par
Carolina
16
100
33
Bank Stocks
32
74
14
99
5s
Virginia-Carolina 5s....
Virginian 6s
Bid
72
Knickerbocker
Fidelity & Dep of Md—.20
Fire Assn of Philadelphia 10
Firemen's of Newark..—5
100
100
100
75
/30
100
Ins Co of North Amer.. 10
25%
36%
—
—
73
Southern Minnesota 5s
Par
100
109
100
Tennessee
Joint Stock Land
For footnoted see page
-
107
Union of Detroit 5s
100
96
......
~
Phoenix 5s........
St Louis 5s
■*«.
101
75
La Fayette 5s.
5s
-
100
Potomac 5s
98
1C0
100
Pennsylvania
...
Illinois of Montloello 5s..
Kentucky of Lexington...
100
100
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
Pao Coast of San Fran 5s..
95
Illinois Midwest 5s.
Iowa of Sioux City 5s
99
Pacific Coast of Portland 6s
96
100
Fremont 6s.......
Greensboro
100
....
Fletcher 5s
New York 5s
9
87
24%
33%
American Home
99
100
8
84
10
American
Ask
98
Importers & Exporters.. 10
25
American Alliance
Bid
Ask
Lincoln 5s
5s.
37
Agricultural-
Bank Bonds
99% 100%
100% 101%
Atlanta
10
10
Aetna Fire
Co..2
6%
7%
Fire.
15%
16%
4
U S Guarantee
55%
...10
57%
57%
61%
.2.50
35%
37%
Financial
2648
Quotations
Chronicle
April IS, 1936
Over-the-Counter Securities—Friday April 17—Continued
on
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
Offerings Wanted
3o$epb Walkers Sons
DUNNE&CO.
Members T^rw York Steck Exchange
A
Dealers in
120 Broadway
Tel* REctor
Members New York Security Dealers Ass'n,
GUARANTEED!
NEW YORK
20
2-6600
STOCKS
Pine
Street, New York
JOhn 4-13S0
Stnc0l853]
RAILROAD
Guaranteed Railroad Stocks
BONDS
Bought — Sold
Quoted
—
(Guarantor In Parenthesis)
Earnings and Special Studies
Dividend
Par in Dollars
91
95
10.60
195
100
Request
E. SLOANE
JOHN
200
6.00
105
6.00
100
100
100
50
100
100
100
Carolina CUnchlleld A Ohio (L A N-A C L) 4%
100
Common 5% stamped...
100
Chicago Cleve Clno A St Louis pre! (N Y Central).-100
Cleveland A Pittsburgh (Pennsylvania)
50
Alabama A Vleksburg (Illinois Central)
Albany A Susquehanna (Delaware & Hudson)
Allegheny A Western (Bull Rooh & Pitts)——
Beech Creek (New York Central)
Boston & Albany (New York Central)....
Boston & Providence (New Haven)
Canada Southern (New York Central)
on
Asked
Bid
2.00
37
39
8.75
137
155
56
HAnover 2-2455
Bell System Teletype NY 1-424
160
3.00
41 Broad St., New York
& CO.
Torf( Security Dealers Association
140
8.60
Members J^ew
•
95
98
6.00
98
Bonds
Railroad
59
4.00
•
101
Bid
5.00
95
86
88
Akron Canton A Youngs town
50
2.00
48
51
25
Fort Wayne A Jackson pre! (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)..
100
Morris A Essex (Del Lack A Western)
.50
New York Lackawanna A Western (D L A W)..—100
Northern Central (Pennsylvania)..
.......50
Old Colony (N Y N H A Hartford)
100
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
2.00
45
47
Asked
100
3.50
55*s, 1945
75
......
—50
3.00
76
86
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred.
-.100
7.00
162
167
7.00
179
182
Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
....100
Second preferred
—100
6.90
113
116
Goshen A Decker town 1st
6.00
146
150
3.00
73
75
.100
(Pennsylvania)
100
L A W)
100
Valley (Delaware Lackawanna A Western)........100
Vleksburg Shreveport/dc Pacific (Illinois Central)...100
3.00
146
150
Hoboken Ferry 1st 5s, 1946
Kanawha A West Virginia 1st 5s,
Kansas Oklahoma A Gulf 1st 5s,
10.00
254
258
Delaware (Pennsylvania)
Preferred.
5.50
88
92
10.00
187
193
4.00
76
50.00
950
68
"71
6.00
96
100
4.00
97
100
7.00
57
60
4.50
68
72
1.60
38
40
Rensselaer A Saratoga (Delaware A
Tunnel RR St Louis (Terminal RR)
55*s, 1978....
s-
(Del Lack A Western)—
West Jersey A Sea Shore (Pennsylvania)
80
83
82
86
Meridian Terminal 1st 4s,
3.50
52
56
3.00
65
68
84
Quotationa—Appraiaala Upon Request
Railroad
Bid
Atlantlo Coast Line 45£s..
Baltimore A Ohio 45$s
60
Ask
Bid
b 1.75
1.25
53.20
2.00
2.00
53.90
4Mb
2.75
New Orl Tex A Mex
New York Central
5s
53.90
2.75
35*s Dec 1 1936-1944..
53.60
2.00
53.10
2.00
63.10
2.00
Missouri Pacific
90
101
102
103M
104
...
t42
103
5s
4J^s_.
_•
Canadian Pacific
69
60
65.00
45*8..
45*8---
1.00
0.50
4s series E
52.00
1.00
65.50
4.40
65.50
4.40
66.76
6.00
66.75
6.00
72
78
72
78
4>*s
Pennsylvania RR 4 >*8
65.50
4.50
6s
65.50
4.50
65*8
65.60
4.50
63.00
2.50
Erie RR
45*s..
5Ms
6S
62.25
1.50
45*8
63.25
2.75
6s
63.00
2.50
3.75
3.75
62.75
2.00
2.00
2)*s series G
non-call Deo 1 1930-50
Pere Marquette
45*s
Reading Co 4>*a
62.75
5a
2%
62.75
St Louis-San Fran 4a
2%
78
78
84
78
-
6s
St Louis Southwestern 5s.
84
84
Southern Pacific
4.50
65.50
5Ms
65.50
4.50
62.75
4Ms
1.75
2.50
63.75
5s
1.75
2.50
63.75
...
62.75
63.75
5s
Southern Ry 4bis
2.50
1.25
1.25
63.00
2.00
1.25
4Mb
63.00
2.00
Illinois Central
63.10
2.00
5s
63.00
2.00
2.00
5Ms
-
Texas Pacific 4s..
Union Pacific
Offerings Wanted
robinson, miller & co.
INC.
....
Public
62.00
4Mb
1.00
•
Par
Alabama Power $7 pref..*
Arkansas Pr A Lt $7 pref.*
Assoc Gas A El orig
pref..*
36.50 preferred
*
$7 preferred
.*
Atlantlo City El 56 pref..*
BangorHydro-El 7 % pf 100
Birmingham Eleo 57 pref.*
Buff Nlag A E pr pref...25
Carolina Pr A Lt 57 pref..*
6% preferred
*
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
37 preferred
100
Cent Pr A Lt 7% pref..100
Columbus Ry Pr A Lt—
1st 56 preferred A...100
56.50 preferred B...100
Consol Traction (N J).100
Consumers Pow 35 pref..*
6% preferred..
100
6.60% preferred
100
Utility Stocks
Ask
Bid
73 M
90 M
3M
5
7
8
7
8
110 % 1115*
New Eng G A E 5M% pf-*
N E Pow Assn 6% pf--100
25
91
93
81
83 M
$7 prior lien pref
.*
New Jersey Pr A Lt $6 pf.*
New Orl Pub Serv $7 pf_.»
95
...
64
67
68
71
56
M
N Y Pow A Lt 16 cum pf.*
7%
106
45M
108
47 M
99
102
1.00
5s
100
102
1.00
5Ma
100 M
101
102 M
63.00
2.00
Derby Gas A Eleo 37 pref. *
63.00
2.00
Essex-Hudson
65.50
4.50
Foreign Lt A Pow units—*
95
65.50
4.50
Gas A Eleo of Bergen.. 100
122
Hudson County Gas...100
Idaho Power 56 pref
*
Maine Central 5s.
2.00
61.75
4Mb
5s
192
198
103
104 M
64.00
55*8—
3.25
64.00
*5*8
3.25
65.25
4.00
65.25
Minn St P & S S M 4s.—.
4.00
Wabash Ry 4Mb
......
6a
Western Maryland
45*s___
58
Western Pacific 5s.
5Ms
1.00
-
103
100
Gas
100
100
Illinois Pr A Lt 1st pref..*
120
BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
For footnotes
see page
2650
105M 106 M
106 M 107 M
96 M
43
41
112M 114)*
121
125
57
198
715*
40
41
103 M 105
50 M
103 M
86 M
Ohio Edison $6 pref
$7 preferred
105
*
*
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf.,100
7% preferred
100
99 bi 100 x
105
103
Okla G A E 7% pref... 100
Pacific Pow A Lt 7% pf 100
103 M 106 M
Penn Pow A Lt $7 pref.—*
uo)< 111M
82 M
84 M
105
7% pf 100
78
6%
-
109 bi 111
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
80 M
815*
104
105
88
27 X
192
41
42
23
24 M
27
54
27 M
56
90
92
6% pref 1Q0
100
7% pf.100
Toledo;Edlson 7% pf A 100
United G A E (Conn) 7% pf
96
71M
73
Utlca Gas A El 7% pf-100
96
83 M
85 M
Virginia
111M
111M
75 M
72
112
...
77 M
...
114
90 H
28 M
198
67
94
United G A E (N J) pf.100
Utah Pow A Lt $7 pref...*
7% pf..l00
7% pf—100
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G A E 6% pf—100
Memphis Pr A Lt $7 pref
Mississippi P A L 56 pf—
Miss Rlv Pow 6% pref.100
Tenn Eleo Pow
83
107
Interstate Power 37 pref
Jamaica Water Sup pref .50
Kan Gas A El
88 H
107
109 M 111M
110 M 111 M
Interstate Natural Gas..*
Jer Cent P A L
51H
100 M 102
109
110M
Queens Borough G A E—
...
.
70 M
Pub Serv of Colo
M
60
192
cum preferred...100
24 M
23
Philadelphia Co 55 pref..*
98
Dallas Pr A Lt 7% pref.100
111M
113
Dayton PrA Lt 6% pf.100 arlll
7% preferred
ABBOTT, PROCTOR & PAINE
104 M 105 M
Continental Gas A El—
7% preferred
14 M
5
37
N Y A Queens E L P pf 100
Nor States Pr $7 pref.. 100
58
109 % 1115*
61.75
Louisv A Nashv
62.00
5s
3M
New Eng Pub Serv Co—
2.00
1.00
Nebraska Pow 7% pf-.lOO
Newark Consol Gas...100
63
63.25
5s
1.00
62.00
Ask
34
24 M
1.00
62.00
Bid
12 M
61
114M
4%
5s
Par
Mo Pub Serv $7 pref... 100
Mountain States Pr com_*
7% preferred..
100
Nassau A Suff Ltg pf.,100
75 M
92
55.00
Virginian Ry 4Mb
JtXZs
HADeov?rh2-Die282 62 William Street, N.Y.
63.25
Long Island 4)48
70
Bonds and Preferred Stock
62.00
45*s.
103
68
NORTHERN NEW YORK UTILITIES, INC.
2.00
62.00
62.75
•
1.00
63.00
63.00
Jan A July 1936-49
62.00
55*s
99M
102 H
1.00
62.00
62.00
5s
95
1.25
Hocking Valley 5s
Internet Great Nor
1115*
110M
...
99
2.25
Great Northern 4Mb
4)*s
93
due
4 Ms
Denver A R G West
2.25
64.50
62.00
5s
2.00
5s
Northern Pacific
63.10
62.00
4^8—
2.00
64.50
N Y N H A Hartf
62.75
6s
90
71
92
M
2.00
63.10
45*s..._
5s
63.10
63.10
5s
61.00
6s
90
68
4.00
61.50
Chicago RIA Pac 45*8—.
91
88
...
73 bi
90
45*s, 1957—
3.50
65.00
Chesapeake A Ohio SMs..
6^s
4^s
45*s.
100 H
72
86
Ask
5Ms
1.75
Chlo Mllw A St Paul
—
-
92
3.50
2.00
6s
77
Virginian Railway 1st lien A ref 35*s, series A, 1966.
Washington County Ry 1st 3bis, 1954..
65.00
62.50
Chicago A Nor West 45*8.
•
98 bi
80
100M
...
Toledo Terminal RR 45*8. 1957
Toronto Hamilton A Buffalo 4bin, 1966
5s
63.00
6s
—
95
98
3.50
Cent RR New Jer 4Ms...
4Mb
104 M
72
80
Union Pacific debenture 3Ms, 1971
65.00
4)^8
N Y Chic A St L
Canadian National
62
102
Equipment Bonds
53.20
5s
Boston A Maine
99
97M
Shreveport Bridge A Terminal 1st 5s, 1955.........
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951—..
Philadelphia, Pa.
New York
70
98
St Clair Madison A St Louis 1st 4s. 1951
Stroud & Company Inc.
Private Wires to
105 H
96
1955
Consolidated 5s, 1945
Rook Island-Frisco Terminal
87
105 M
/68
....
EQUIPMENT TRUST CERTIFICATES
98
101
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949...
Montgomery A Erie 1st 6s, 1956
New York Central secured 3J£s, 1946
New York A Hoboken Ferry general 5s, 1946.......
Pennsylvania RE 3 Ms, series C, 1970
Portland RR 1st 35<s, 1951
108
92
88
88
5.00
96
102
91
90
...
5.00
92
5.00
103M
89
......
50
50
6.00
....
100
65
....
100
....
United New Jersey RR A Canal
Warren RR of N J
91M
99 H
102 X
1955..
1978
Little Rook A Hot Springs Western 1st 4a. 1939
Louisville A Nashville 1st & ref 4s, series D, 2003...
Macon Terminal 1st 5s, 1965
Maryland A Pennsylvania 1st 4s, 1951
Utlca Chenango & Susquehanna (D
Preferred
79
3.875
76 M
81
77
6s. 1945
Augusta Union Station 1st 4s. 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 45*s. April 1 1943..
......
Boston A Maine 3s, 1950
........
Prior lien 4s. 1942
Prior lien 45*s, 1944
Convertible 6s, 1940-45—
Buffalo Creek 1st ref 6s, 1961..
,
Chateaugay Ore A Iron, 1st ref 4s, 1942
Chicago Union Station 3 lis, series E, 1963
Choctaw A Memphis, 1st 5s, 1952
...
Cincinnati Indianapolis 4c Western 1st 5s, 1965
Cleveland Terminal A Valley 1st 4s, 1995
......
Georgia Southern A Florida 1st 5s, 1945
Betterman stock...
615*
62
M
preferred
72
74
Texas Pow A Lt
100
102
109
HOM
7%
Ry
100
92
94
.
64
.
.
65
bi
98
108
111
110
112
Washington Ry A Elec—
100
Western Power $7 pref.100
5%
preferred
104 M 106 M
Volume 142
Financial
Quotations
on
Securities of
2649
Chronicle
Over-the-Counter Securities—Friday April 17—Continued
the
Specialists in—
Associated Gas & Electric
Water Works Securities
System
S. A. O'BRIEN
Complete Statistical Information—Inquiries Invited
CO.
sSwart.Brent&Go.
Members New York Curb Exchange
75 FEDERAL ST., BOSTON
ISO BROADWAY, NEW YORK
COrtlandt
Hancock 8920
7-1868
incorporated
40
Direct Private
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074 ■» •
:
Public
Bid
Albany Ry Co con 6s. 1930
General
Amer States P 8
Water Bonds
Bid
Ask
Keystone Telep 5Ms_1955
Lehigh Vail Trans ref 6s '60
/SO
100 M
55
Ask
102
Alton Water Co 5s
SMs-1948
106
107
Amer Wat Wka A El 5a '76
100
1970
105
105 M
1948
89
92
Metrop Edison 4s ser G '65
107
107 M
69
70 M
Monongahela W P Pub Ser
*.1960
104 M
104 M
102
Edison 1st 5s
1st 6s series A
1945
Ark Missouri Pow 1st 6s *53
101M
69
Long Island Ltg 6s.-.1955
101M
---
Los Angeles G A E 4s.
1st A gen
4Mb
Associated Electric 5s. 1961
64
65
Mtn States Pow 1st 6s 1938
99 M
Assoc Gas A El Co
32 M
33 M
Nassau EI RR 1st 5s..1944
102 M
105 M
107
28 H
Income deb
New Eng G A E 58—1962
67
70
29M
30
New York Cent Eleo 6s '52
100
103
31M
32 M
N Y Edison 3Ms
D...1965
101 Ys
101M
34
35 M
4Mb—1978
1973
57
Conv deb 4Ms
1973
58 M
6ff
Conv deb 5s
1973
63
68
64 M
71
97 M
99
102 M
104
Conv deb
5Ms
1973
Participating 8s
1940
Bellows Falls Hy El 5s 1968
...
Northern N Y Util 58.1955
102 M
Ohio Ed 1st A cons 4s. 1965
104 M
105M
103
104 M
1948
102
102 M
75
5s
series
B
...
Old Dom Pow 5s May 15*51
Pacific Gas A El 3**s H '61
103 M
103 M
Pacific Tel A Tel 3 Ms B *66
Parr Shoals Power 6s. 1952
101 %
101M
101 M
102M
Pennsylvania Elec 58.1962
104 M
105 M
106 M
73
*39
92 M
95 M
Blackstone V G A E 4a *65
108M
Cent Ark Pub Serv 6s 1948
108 Vs
97 M
Telep Corp 1st 4s '65
Peoples L A P 5Ms ...1941
105 M
72 M
98 M
73 M
Penn
Central G A E 6Ms—1946
1st Hen coll tr 6s
1946
75 M
77
Public Serv of Colo 68.1961
105 M
106 M
Cent 111 Light 3^8.-1966
105 M
Pub Serv of N H 3Ms C '60
105
105M
Cent Ind Pow 1st 6s A 1947
86 M
87 M
102 M 102M
Pub Serv of Okla 4s A.1966
102M
102 M
82
Bklyn C A Newt
con 5s
Cent Maine Pr 4»
ser
G *60
Colorado Power 5s... 1953
Columbus Ry P A L 4s '66
105 M
105
78
Coney Isld A Bklyn 4s 1948
105 M
Pub Util Cons 5 Ms
1948
Rochester Ry 1st 5s..1930
/72
81
75
37
82
San Diego Cons GAE 4s '65
/35
108M 108M
Schenectady RyCo 1st 5s'46
105 M
no
13
1961
104 M
104 M
Scranton Electric 5s.. 1937
104M
105
Consol Edison Nal 3Ms'46
Debenture 3 Ms
1956
102 M
102 M
107
108M
100 H
104M 104 M
Conn River Pr 3
A
3M8- 1970
100M
49M
50 M
Sou Calif Gas 1st 4s..1965
103 M
103 M
Sou Cities Util 5s A..1958
55 M
55 M
Dayton Ltg Co 5s
1937
S'western Gas A El 4s. 1960
102 M
102M
86 M
92
103
...
78
Duke Price Power 6s.. 1966
105 M
105 M
Tel Bond A Share 5s-.1958
84 M
Duquesne Light 3>4s.l966
Edison El 111 (Bos) 3Ms '65
106 M
106M
88
105 M
105M
Union Ry Co N Y 5S..1942
Un Trac Albany 4MS.2004
Federal Pub Serv 1st 6s '47
/46
6M«--1957
72
42d St Man A St N 5s. 1940
...
85
Federated Util
74
Utlca Gas A El Co 6s. 1957
1942
Virginia Power 5s
WashA Suburban 5 Ms 1941
no
92
Green Mountain Pow 6s '48
103
104
Iowa Sod Util
5*4s—1950
100
101 M
Western Mass Cos 4s. 1939
CitrRu^
Serv 3s. 1951
41
42 M
Western Pub Serv 5 Ms '60
105 M 105M
108 M 108M
West Penn Pr 3 Ms ser I *66
105M
Wisconsin Pub Ser 5 Ms *59
105 M
Kan
Kansas Elecrnw 1st 6s *37
Kan Pow A Lilat
4Ms '65
Westchester El RR 5s. 1943
Yonkers RR Co gtd 5s 1946
78
102 M
92
75
6s series C
1957
5s series B
1954
104 M
101
-
-
-
103 M
108 M
99
1950
101
101M
Muncle Water Works 5s '65
102 M
104 M
New Jersey Water 5s.,950
102
...
...
...
---
-.1954
104
New Rochelle Wat 5s B '51
88
92
105
5 Ms
.1951
New York Wat Serv 6s '51
89
94
105 M
Chester Wat Serv 4Mb '58
103 M
Citizens Water Co
106 M
105
6s
1951
102
5 Ma series A
1951
103
City W (Chat) 5sB_._1954
...
1957
105
Clinton W Wks Co 5s. 1939
101
Penna Water Co 5s... 1940
...
101
6 Ms series A
1947
102 M 104
6s series A
83 M
85
1946
1946
Connellsville Water 58.1939
86
88
99
1958
Davenport Water Co 6s '61
101
101M 103 M
106
...
14
103 M
1942
104
5s series
1960
103
D
5s series B
1952
82
•
...
■
m
94
.
Scranton Spring Brook
Water Serv 5s___1961
1977
100
102
100
1967
102
Sou Pittsburgh Wat 6s '55
102
108
102
...
...
1954
102 M 105
5s
1962
104 M
...
102
Indianapolis Water 4 Ms '40
104 M 106
'
...
106 M
1st lien A ref 6s
1970
106
1st lien A ref 6Ms.. 1953
1st lien A ref 5 Ms. .1954
105 M
104
105M
104
105 M
...
...
...
83
81
'5s series A
1960
1960
105 M
101
103 M
102
5s series B
Terre Haute Water 5s B '56
105 M
6s series A.
...
...
104
1949
103
Texarkana Wat 1st 5s. 1958
102
Union Water Serv 5 Ms '51
Water Serv Cos lnc 58.1942
101
West Virginia Water 5s *61
101M 103 M
—
...
...
103
93
.
-
Western N Y Water Co—
96 M
102 M
Jamaica Water Sup 5 Ms '65
107
Jopiin W W Co 5s
1957
Kokomo W W Co 5S..1958
104 M
Lexington Wat Co 5 Ms '40
102
...
;
...
.
.
.
.
..
105
.
104
1950
1951
99
1st mtge 5 Ms
98
5s series B
1st mtge 5s
1958
Interstate Water 6s A. 1940
Estate Securities
100 M
102 M 104 M
.1958
107 M
1960
Reports—Markets
100
1941
...
101M
6s
5s
St Joseph Water 5s
...
100 M
Sedalla Water Co 6 Ms '47
South Bay Cons Wat 5s '50
1st lien A ref 5s
79
Roch A L Ont Wat 5s. 1938
...
95 M
93 M
100
Illinois Water Serv 5s A *52
103 M
.
97 M
105
Huntington Water 5s B '54
5 Ms series B
...
106 M
94
1950
1st Aref 5s A
98
1952
Hackensack Wat Co 5s '77
104 M
107
105 M
4Ms
Greenwich Water A Gas—
5s serels A..
...
Scranton Gas A Water Co
1942
5s series A
103
Plalnfleld Union Wat 5s '61
Roanoke W W 5s
M
101
104
Pittsburgh Sub Wat 5s '68
...
102
103
107 M 109
100
98
Richmond W W Co 5s. 1957
100
.1958
1st mtge 5s
1948
99 M
101
Pinellas Water Co 5 Ms '59
Consol Water of Utica—
4MB...
1948
Phlla Suburb Wat 4S..1965
Community Water Service
5 M« series B
101
1950
1948
1st consol 5s
Prior lien 5s
...
1st A ref 5s
1st consol 4s
...
105 M
89M
Peoria Water Works Co—
"
Commonwealth Wat (N J)
..1967
99
102 M 104 M
106
Penna State Water 5 Ms '52
...
102
5s series C
97
87 M
Ore-Wash Wat Serv 5s 1957
1941
1st 58 series C
107
Ohio Water Service 5s. 1958
105
City of New Castle Water
5s
100 M 102 M
104 M 106
92
94
Newport Water Co 5s. 1953
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s. 1954
(Wash)
Indianapolis W W Secure—
Real
105 M
107
Morgan town Water 5b 1965
Birmingham Water Works
Ask
104 M
Monongahela Valley Water
5Ms
6s series B
83
124
105 M
..
.
E St L A Interurb Water—
Sioux City Gas A El 6s '47
Sou Blvd RR 1st 5s..1945
Consol E A G 5-6s A.. 1962
Consumers Pow
Long Island Wat 5Ms. 1955
Middlesex Wat Co 5 Ms' 67
Monmouth Consol W 6s '56
102 M
California Wat Serv 5s '58
Okla Nat Gas 6s A—1946
Conv deb 4s
Bid
Ask
100
103 M
Atlantic County Wat 5s '68
5 Ms series A
1978
29M
98
105
Butler Water Co 5s...1957
3*is._.1978
Income deb
Income deb 4s
1956
Ashtabula Wat Wks 5s '68
105
Newport N A Ham 5s. 1944
4M» '58
Assoc Gas A Elec Corp—
Income deb 3Ms
1978
Bid
Alabama Water Serv 5s '57
56
67
Ariz
NEW YORK
Teletype: New York 1-1073
Tel.: HAnover 2-0510
Utility Bonds
m
1947
be
EXCHANGE PLACE,
1950
101
99
Westmoreland Water 5s '62
102
Wichita Water Co 5s B_ '56
102
...
...
...
...
104
5s series C
1960
104 M
...
6s series A
1949
103
...
1952
103 M 105
W'msport Water 5s
M
Public Utilities—Industrials—Railroads
AMOTT,
BAKER & CO.
Surety Guaranteed Mortgage Bonds and Debentures
INCORPORATED
BArclay 7
150 Broadway, N.
2360
Bell System Tel.
N Y 1-588
Y.
Bid
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Alden 1st 6s
Jan 1 1941
/45M
Broadmoor (The) 1st 6s '41
/51M
54
B'way Barclay 1st 6s. 1941
/32M
35
Certificates of deposit
/32
---
34
/37M
1948
Chanln Bldg Ino 4s...1945
Cheeebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s. .1948
Dorset (The) 1st 6s... 1941
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
..
50 Bway Bldg 1st 3s lnc '46
/31M
33M
64 M
67 M
N Y Athletic Club—
70 h
1st mtge 2s stmp A
39 M
39 M
40 M
'69
93 M
95 M
/51M
/31M
54
33 M
73 M
73
75
48 M
50 H
Oct 1 1941
Fuller Bldg deb 6s
1944
5*4s unstamped
1949
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel
Lexington 1st 6s '43
1950
Kelth-Albee Bldg (New
Hotel St George 4s
Rochelle) 1st 6s
/34
...
749 M
„
78 M
80 M
74 M
80 M
1936
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
/45M
46 M
70
72
748
50
72 M
74 M
57 M
59 H
93 M
96
46 M
75
43
45"
...
77
Bondholders part ctfs
(Central Funding series)
/37
39
/36
38
....
Nat
Nat Bondholders part ctfs
(Mtge Guarantee series).
Corp
...
77
1954
(all
1953
75
Potomac Cons Deb Corp—
2-6s
1953
...
43
45
43
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
2-6s
...
45
1
43
1953
45
Potomac Maryland Deben¬
1953
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
/29
Nat Deben Corp 2-68-1953
ture Corp
67
1953
Potomac
Realty Atlantic
Debenture Corp 2-6s '53
Realty Bond A Mortgage
2-6s
...
43
45
.1963
43
45
Union Mtge Co 5 Ms A 6s'37
Universal Mtg Co 6s '34-'39
/54
...
/54
—
deb
Nat Bondholders part ctfs
2-6s
42
/38
...
# u
•
1
46
34 M
1 Park Ave 6s__Nov 6 1939
/9M
/81M
83 M
Preferred
65M
68 M
Bell Telep of
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
Telephone and Telegraph Stocks
Co
,
'51
52 M
54
~
/60
61M
1943
/49M
51
6M8.1940
7*34 M
36 M
5 Ms double stpd—1961
Realty Assoc Sec Corp—
income
Roxy Theatre—
Savoy Plaza Corp—
Reaity ext 1st 5 Ms. 1945
...1945
6s.
Am Dist
Bid
As*
7*23
25
7*23
Bid
Par
Teleg (N J) com.*
116
119
123
125
Canada. .100
Bell Telep of Pa prof
100
Clncin A Sub BeU Telep.50
Cuban Telep 7% pref-.lOO
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
Lincoln Tel A Telegraph._*
143 M 146
N'west Bell Tel pf 6 M % 100
Pao A Atl Telegraph
25
121
123
Peninsular Telephone com*
89
91
139
New England Tel A
Ask
25
New York Mutual Tel. 100
100
Mtn States Tel A Tel.. 100
165 Bway Bldg 1st 5Ms
Prudence
Par
11M
29
120M 122 M
Tel 100
44
62
42
Preferred A
...
.
..
47
...
142
21
19
22
19 M
111
100
Roch Telep $6.50 1st pf.100
113
111M
...
21
So A Atl Telegraph
25
100
S'western Bell Tel pref.100
25
143M
145 M
123 M
Sou New Engl Telep
92 M
94 M
98
104
115
117M
125M
Trl States Tel A Tel—
10
11
pf.100
113
Preferred
Wisconsin Telep 7%
UH
115
25
Sherry Netherland Hotel—
1st 5Ms
May 15 1948
7*24 M
27
60 Park PI (Newark) 6s
'37
/54M
616 Madison Av 1st 6Ms'38
21M
79 M
87 M
61 Bway Bldg 1st 5 Ms 1950
General 7s
1945
/19M
746
no
12
69 M
71M
756 M
/47
49
Federal Intermediate Credit Bank Debentures
48
Bid
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
Textile Bldg 1st 6s
749 M
London Terrace Apts 6s '40
741M
1958
Trinity Bldgs Corp—
64 M
1st 5Ms
..1939
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
Westinghouse Bldg—
2 Park Ave
95
...
Ludwig Bauman—
44M
/54
lnc 2-5s
Bond
issues) 2-5s
1953
1934-43
/32
1st 6s
58 M
51M
93 M
1942
1936
2-6s
Cont'l Inv Bd Corp 2-5s '53
Cont'l InvDebCorp 2-68 '53
Home Mtge Co 5 Ms A
19th A Walnut Sts (Phlla)
54
/56M
1947
1st 6Ms (L I).
Associated Mtge Cos lnc—
Series B 2-5s
Potomac
52 M
50 M
12
62 M
1st 6s (Bklyn)
...
Nat Union Mtge Corp—
Series A 2-6s
1954
34
/49M
1st fee A l'hold
10 M
Lincoln Bldg lnc 5 Ms. 1963
Loew's Theatre Realt Corp
1st 6s
/42
/33
5s
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
...
103 E 57th St 1st 68..1941
Fox Theatre A Off Bldg—
1st 6 Ms
44
5 Ms series BK
5 Ms series Q
74 M
52d A Madison Off Bldg—
1947
101
5 Ms series F-l
8
....
'43
1958
1939
1400 Broadway Bldg—
1st 6*4s stamped... 1948
41M
6 Ms sereies C-2
/6 M
41M
N >v
reg'55
1st A gen 6s
1946
NY Eve Journal 6 Ms. 1937
76
N Y Title A Mtge Co—
33 M
6s
.
74 H
39 M
40 Wall St Corp 6s
42 Bway 1st 6s
.
1945
S f deb 5s
78
55
Mortgage Bond Co of Md
—
Munson Bldg 1st 6 Ms. 1939
1949
Film Center Bldg 1st 6s
91
Metropol Playhouses Ino—
502 Park Ave 1st 6s.. 1941
unstamped
1947
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
6s
58 M
500 Fifth Avenue—
6 Ms
90
41M
East Ambassador Hotels—
1st Aref 5 Ms
88 M
31
56
Court A Remsen St Off Bid
Apr 28 1940
/29
...
Debenture
Ask
Metropolitan Corp (Can)—
Broadway Motors Bldg—
1st 6s
1948
6s
1st leasehold 6MS—1944
stamped
Majestic Apts 1st 6s__1948
Metropolitan Chain Prop—
6s
B'way A 41st Street—
6s
Rid
Ask
76
Ask
Bid
Ask
Allied Mtge Cos Ino—
All series
2-5s
1953
69 M
72 M
71M
75 M
1st fee A leasehold 6s '39
15 1936 b .30%
FIC 1M3. ..May 15 1936 b .30%
FIC lMs.
64 M
101
...
/28M
31M
/72
FIC 1M3- ..June
15 1936 b .30%
FIC 1M3- —July
FIC 1M3- ..Aug
100
15 1936 b .30%
15 1936 b .30%
F I C 1M3- ..Sept
15 1936 b .35%
74 M
For footnotes
see page
2650.
Bid
Ask
F I C
Apr
IMS. —Oct
Ask
15 1936 b .35%
FIC 1M3- ..Nov
15 1936 b .40%
...
FIC1MS- —Dec
15 1936 b .40%
...
F I C IMS. ..Jan
15 1937 b .50%
...
FIC IMS. -Feb
15
mmm,
mm
1937/
5
.60%
...
...
•
...
...
Financial
2650
Quotations
April 18
Chronicle
Over-the-Counter Securities—Friday April 17—Continued
on
Specialists in all
SYLVANIA INDUSTRIAL CORP.
Investment
Bought, Sold & Quoted
Members New York Curb Exchange
63 Wall
NEW YORK
PINE STREET
Company Securities
GROUP,
DISTRIBUTORS
QUAW & FOLEY
30
1936
y
Kneeland & Co.—Western Trading
Telephone ANdrews 3-5740
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Investing Companies
Molybdenum Co.
Climax
Ask
16.74
17.81
1.95
2.14
7% preferred
Corp—*
Business Shares._.l
23%
24%
Investors Fund C
1.17
1.27
Continental.Corp.
Inc
Am Insurance Stock Corp*
Assoc Stand Oil Shares
2
13%
14%
1.10
1.22
6%
4%
7%
shs50c
*
*
British Type Invest A
1
.50
.75
Pw
Amerex Holding
Amer
C. E. UNTERBERG & CO.
Amer &
Amer General Equities
/New York Security Dealers Association
-
Members | commodity
Exchange, Inc.
21
BOwllng Green 9-3565
New York
61 Broadway,
4
Bancshares Ltd part
Teletype N. Y. 1-1666
4.67
Basic Industry Shares
in the
2%
19.39
20.97
Mass Investors Trust
1
25.64
27.87
Mutual
1
1.57
1.72
Wide Securities.. 1
4.30
4.40
Voting trust certificates.
1.79
Nation
4 50
Invest Trust
41
44
N Y Bank Trust Shares...
7
No Amer Bond Trust ctfs.
73%
26.83
28.85
No Amer Tr Shares 1953—
1.83
3%
5
2.56
ol A—*
waia
Series 1955
—
2.62
-
-
m
-
3.37
Securities... 100
55
62
Pacific Southern Inv pref.*
43
44%
16%
Northern
3.31
---
3.33
Series 1958
--
—
2.62
mod
---
77%
3.37
Series 1956
%
2.74
Accumulative series
AA
7%
*
Maryland Fund Inc com..
-
19%
Series
52%
6%
Major Shares Corp
-
.62
Series AA
1920
8%
50%
Boston Corp
Pomeroy Ino com
31 53
Corporate Trust Shares.
York Security Dealers Association
---
7%
i.
-
.42
Century Trust Shares—*
Commercial Nat'l Corp—
Bristol & Willett
Established
First
4.10
Class B
6%
*
Corp
Schoellkopf, Hutton &
18%
Central Nat Corp
Over-the-Counter Market
Members New
Bancamerica-Blalr
1
Ltd
Fund
98.92 100.92
Investment Tr of N Y
Canadian Inv Fund Ltd.l
Bullock
COMPREHENSIVE SERVICE
A
_*
45
42%
42%
Investm't Banking Corps
29.48
Broad St Invest Co Inc—
10
Invest Co of Amer com
4%
4%
Bankers Nat Invest Corp
Ask
Bid
Par
Bid
Fund
*
Affiliated Fund Inc com..
Administered
Sylvania Industrial Corp.
-
'
Tel. BArciay 7-0700
N. Y.
115 Broadway,
Bell System
100
10
39
7% preferred
Industrial Stocks
Bid
Par
Amer Air Lines Inc
11%
29
1st 6%
77
2d
33 %
34%
22
24
20 %
22
'
74
4%
48
x51 %
Beneficial Indus Loan pf_*
'
100
2
1
18
6%
...100
preferred
Coal
53%
*
*
125
preferred
5%
71
Norwich
53%
55%
Ohio
53%
55%
Oldetyme Distillers
..
-...
*
...
54
52
107
55
58
-*
58
61
100
119
Crucible-..100
Doehler Die Casting pref.*
48
Preferred
Dixon (Joe)
53
72
109
America...*
1
6%
7%
5%
7o
*
v
u
shares
7%
34%
*
Galr (Robert) Co com
*
Preferred
Selected American Shares.
3.68
9.55
Selected Income Shares
4.97
Selected Industries conv pf
25c
1.66
1.78
Equit Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Inc
*
Fixed Trust Shares A
*
29.93
32.16
Dividend Shares
8%
-
44%
103
5%
36
347
353
24%
*
Trico Products Corp
Unexcelled Mfg Co
U S Finishing
pf.10
Automobile
6.95
6.57
2.27
Supervised Shares new
11.54
1,67
2,13
Trustee Standard Invest C
1.97
Trustee Standard Oil Shs A
C
1.55
1.12
Investing shares.—
1.52
1.65
1.18
1.58
shares
14.57
13.40
_.
2.56
2.51
7.42
—-
6.65
B
.
...
shares.-
1.04
1.16
1.29
Trusteed Industry Shares.
1.41
1.56
1.66
Trusteed N Y Bank Shares
1.50
1.71
1.51
United Gold Equltios(Can)
1.12
shares
Trusteed Amer Bank Shs B
1.39
shares
Mining shares
RR Equipment
...
6.95
.
D
1,22
1.22
1
2.73
3.03
U S El Lt & Pr Shares A__
1.66
19%
2.87
2.97
1.11
1.19
Un N Y Bank Trust C 3__
.75
22.36
24,04
1.07
4%
3%
Un N Y Tr Shs so rF
24
.60
2
2%
1.17
Huron Holding Corp
Investors..*
18%
Voting trust ctfs.
2%
22
Shares
B
1.34
1%
Standard
1.86
1.23
shares
Tobacco shares.
101
-
Wellington
20.01
18.24
Fund
—
3%
100
3%
pref
BURR & COMPANY INC.
5
Chicago
Warren Northam—
36%
100
100
102
Preferred
White (S S)
27%
28%
Wilcox-Gibbs
-
-
Boston
—
White Rock Min Spring—
19%
NEW YORK
-
57 William St.
44
preferred
*
pref. 100
Pulp & Pap com. *
$3 conv
Paper..25
52
West Va
34
Safe. .100
$7
18%
common.
19%
Bid
American Meter 6s.1946
13%
99% 101
.50
24
31
Chain Store Stocks
32%
Worcester Salt
100
60
67
100
100
122
126
21%
Young (J S) Co com
7% preferred
128
preferred
$2.50 conv pref
/93
/93
95
193!)
95
2s
Wire Fabrics 7s. .1942
96
98
15 1936
Aug 15 1937
Aug
15 1938
June 15 1939
1%S
1%S
Founders 68.1937
«*
-
1953
River Bridge 7s
l%s
100
Nat Dairy Prod deb
104
3%s
1955
1937
104%
102
102%
/77%
79%
101.8 101.10
Sept 1 1939
GUdden Co 5%s
--
„
/16%
1941
Otis Steel 6s ctfs
102.3
102
102 30
101%
18%
98%
Loew's Inc deb 3%b__ 1946
96%
98%
70
«.
100
'
value. « Interchangeable
is i
16
*
37%
Melville Shoe pref
100
111
38%
Miller
*
100
100
100
-
(I) & Sons com
6%% preferred
9%
50
109
Diamond Shoe pref
100
106
Edison Bros Stores pref
100
12%
11%
Z108
17
8%
Ask
Bid
10
100
m mm
•»
44
100
Murphy (G C) $5 pf
Neisner
118
101% 101%
37%
/35%
97
Bros
pref
111
6
7%
38
36
103% 106%
90
111% 114
/14
Wlllys-Overl'd 1st 6%s *33
b Basis price
When issued
x
e
100
7%
Stores
preferred
*
Schlff Co
-
_
85
Bid
-
preferred
5
105
92
100
109%
pf. 100
26%
28%
26%
28%
—
-
-
„
United Cigar Sts 6 %
105
8
100
Par
Kobacker
-
-
103
103%
-
6% pref ctfs
~
U S Stores
...
preferred—-100
4
11
Sugar Stocks
89
87
106%
16
---
64
65
Par
Ask
Cache La Poudre Co
84
1952
pref. .100
*
Rose 5-10-25C Stores
16%
101% 103%
/60
/22
/63
6s '44
99
pref...100
93
105%
Sherman
14%
*
100
Preferred
Green (H L) 7%
Reeves (Daniel)
99
102%
Woodward Iron 5s
Fishman (M H) Stores
Katz Drug preferred
Reynolds Investing 5s 1948
SCOvllle Mfg 5%s
1945
Std Tex Prod 1st 6%s as '42
Wltherbee
-
96%
103.1
101.8 101.10
Struth Wells Titus 6%s '43
1961
of Comm 6%s.l937
/ Flat price
1946
Shipbuilding 53—1946
No Amer Retrac 6%s.l944
N Y
100.14 100.17
Penn-Mary Steel 5s... 1937
Federal Farm Mtge Corp—
1939
Haytlan Corp 8s
1938
Jones & Laughlln Steel—
3 %s* 51
Nat Radiator 5s
101%
Cudahy Pack conv 4s. 1950
Deep Rock Oil 7s
Aug
Merchants Refrig 6s__ 1937
Bear Mountain-Hudson
Chicago Stock Yds 5s. 1961
*
Kress (S H) 6% pref
Lerner Stores pref
mm
Home Owners' Loan Corp
109%
Debenture 6s
Ask
8
88
(H C) common..*
preferred..
Par
Ask
*
100
Berland Shoe Stores
Bid
Bid
Par
Bohack
Ask
104%
American Tobacco 4s. 1951
Store Securities
Chain
104
12%
100
preferred
-
19
17%
45
38
_
1st
WJR The Goodwill Station
3
2%
1
Dental Mfg.20
--
7%
par
2.49
-
9%
48%
Miscellaneous Bonds
•No
-
D
shares...
Blckfords Inc.....
d Coupon.
*
Food shares
7%
Journal
BB
6.63
1.68
UVs
6
Lawrence Portl Cement 100
4%s
...
B
3.77
18
8
46%
2%
51
King Royalty common.
1 Mb
...
2.49
5.98
Investors Fund of Amer
10%
5
Klldun Mining Corp
1st
3.57
AA
-
2.10
Agricultural shares
Incorporated
135
10
pf__100
Welch Grape Juice
48
Jacobs (F L) Co.
Am
-
Group Securities—
Preferred
41
39%
1.13
98.02
24.87
5.97
Guardian Inv Trust com.*
25%
130
1.05
*
Inc
10%
49
Preferred
Am Type
•
5.71
Steel
4%
4.30
*
Utilities
State Street Inv Corp
22.77
-
35
20.92
4 05
Standard
12.06
10.02
Petroleum
41%
19.67
Super Corp of Am Tr Shs A
28.56
26.52
22%
21
*
Standard Am Trust Shares
Spencer Trask Fund
45
41
B
y8
8%
1.70
28%
$7 pf.100
10
*
Graton <fc Knight com
Herr-Hall-Marv
23
8%
9%
100
Golden Cycle Corp
Great Northern
21
100
15
100
Gen Fireproofing
36%
27%
Un Piece Dye Wks
Foreign shares
Selected Amer Shares Ino
Merchandise
35%
*
Tublze Chattllon cum
1%
Foundation Co—
4.10
Selected Cumulative Shs__
Chemical
*
Taylor Whar I & S com..*
.
.65
1.56
-
7.50
Building shares
Sylvania Indus Corp
70
4.90
5
.40
4.90
...»
Taylor Milling Corp
24
107
*
1
*
Publication Corp com
*
$7 1st preferred..
100
Remington Arms com
*
Scovill Mfg
25
Singer Manufacturing. .100
«...
'
Stromberg-Carlson Tel Mfg
50
21
100
Draper Corp..
Driver-Harris pref
*
Leather
Sparta Foundry common..
Standard Cap & Seal.
5
Standard Screw
100
100
50
Preferred
Douglas Shoe preferred. 100
5
Pathe Film 7 % pref
_
100
Pharmacal
13.10
4.60
6.75
General Investors Trust
74
22
12.60
Royalties Management
—
46
11
1.74
4.55
B
-
43
t
com—
Dictaphone Corp
-
90
100
Corp.*
Northwestern Yeast
1,00
1.12
1.58
D
Fundamental Tr Shares A.
5%
24%
North Amer Match
Dentists* Supply Co of N Y
Amerloan
4%
22%
New Haven Clock pf
....
Flour Mllleof
110%
100
Casket
Preferred
Nat Paper <fc Type com
3.86
Fundamental Investors Inc
100% 105
55
52%
100
Preferred
51
Preferred
preferred
116
44%
A *
*
Crowell Pub Co com
114
Mock Judson & Voehringer
.
20
Class B
7
42%
9%
Columbia Broadcasting
$7
4%
34%
5
47
pref.
Consolidation
3%
32%
3%
120
Columbia Baking com
cum
%
Merck & Co Inc com
30
27
com..*
Preferred
100
Carrier Corp 7% pref-.100
Climax Molybdenum
*
Canadian Celanese
$1
6%
50%
%
National
Bowman-Blltmore Hotels
preferred
5%
100
10%
2.65
3.69
-
48%
Maytag warrants
2.38
—
.
*
Preferred....
—.
-
-
Inc com.*
78
1.01
C
-
Macfadden Publica com..*
Preferred
5
200
4%
Plymouth Fund Inc A.10c
Quarterly Inc Shares..25c
-
5.91
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B_
Ask
-
41%
Diversified Trustee Shs B.
Bid
112
100
100 Z118
preferred
8% preferred
Mallinson (H R)
50
16 %
100
Lord & Taylor com
10%
74
*
100
25
*
100
Preferred
100
American Republics com.*
Andlan National Corp—.*
Art Metal Construction. 10
American
1st
Par
26
vto..
Arch
Book
American Hardware
Amer Maize Products
American Mfg
American
-
Cumulative Trust Shares.*
Ask
*
-
110
Common B shares
*
Class B.
Representative Trust Shs.
114
100
8% preferred
-
-
35%
33%
Crum & Forster Ins com 10
Class A...
Republic Investors Fund.5
3.31
Series ACC mod
Teletype NY 1-1493
15%
20
21%
1
14%
1
13%
23%
*
%
Savannah Sugar Ref
22%
Eastern Sugar Assoc
Preferred
Haytian Corp Amer
7%
preferred
117
Ask
115
West Indies Sugar Corp.. 1
25
Bid
*
100
.
.
mm mm
3%
4
1%
Registered coupon (serial);
Ex-dlvtdend.
y
Now selling on New
Realty, Surety and Mortgage Companies
York Curb Exchange.
Bid
Par
t Now listed
on
New York
Stock
Exchange
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure
Bond & Mortgage Guar.20
gold.
Empire Title & Guar—100
Ask
7
12
Par
|
Lawyers Mortgage
%
%
,
1
Bid
%
20
Lawyers Title & Guar.. 100
1
Ask
1%
2
Volume 142
Financial
Quotations on Over-the-Counter Securities—
Friday April 17—Concluded
German and
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to..
Antioquia
.1946
8%
/24
1946
%. 1947
Bank of Colombia 7
%. 1948
Bar rang uilla 8s'35-40-46-48
CIt 7% to
19%
19%
Coupons
Koholyt 6%s
/20%
/15%
/ 9
/24
22%
17%
Land M
Cons
1962
Ind
(Peru) 71944
Ceara (Brazil) 8%
1947
City Savings Bank, Buda¬
pest. 7s
1953
Columbia scrip issue of '33
bank 6^%
1948
German defaulted
coupons
July to Dec 1933
/26
Dawes
/38
/25
/8
..
I
12-1-34
Haiti
9%
19
/12%
/23
26
/40
50
12%
15%
46
/30
1933
35
/38%
Westphalia 6s '36
Westph Elec 7% '36
41%
16%
/15%
/23
'46
25
/24
/33
/33
Bk 6s '47
Fe scrip
25
1953
Wks
in
the
on
common
of
stock
Standard
/28
31
/38
39
1940
/25
/ 66
28
/67
1951
96
98
96%
27%
Tucuman
Prov 7s
.1950
95
29%
Vesten Elec Ry 7s
1947
Wurtern berg 7s to
1945
a
/26
/27
and
the
announces
a
change of
They
For footnotes
see
page
Chicago Curb Association.
associated with them in their trading department.
—Coincident
as a
more
P. McCole is
Mr. McCole
was
with Joseph
recently,
with
the
of the
announcement
retirement
of
George
S.
general partner, the stock exchange firm of Struthers & Dean
that
Henri
F.
Boissevain
been
has
admitted
to
general
partnership.
—Tobey & Kirk, brokerage firm of this city, which has been continuously
under the
same
since
name
1873,
announces
the removal of its offices to
—C. G. Novotny & Co., Inc., 30 Broad St., New York, are distributing
their current list of State and municipal bonds yielding from 2% to 6%.
28%
for distribution its
fortnightly circular
—Lazard Freres & Co., Inc.,
pared
a
on
City, has prepared
high-grade railroad bonds.
15 Nassau St., New York City, has pre¬
financial study of the Commonwealth of Massachusetts.
Bid
DeHaven Si Townsend
Ask
Union of Soviet Soo Repub
10% gold rouble... 1942
87.61
Members
New York Stock Exchange
2650
AUCTION
following securities
were
Philadelphia Stock Exchange
•
,
The
T.
South
Established 1874
Ask
91.35
10
members of the Chicago Stock Exchange
are
—John E. Sloane & Co. of this city announce that Joseph
now
to A.
name
proprietorship, and the removal of offices to
a
^Soviet Government Bonds
87.61
has
medium for speculation
—Homer & Co., Inc., 40 Exchange Place, New York
City 7s
/25 %
/21
Union of Soviet Soc Repub
7% gold rouble
1943
Inc.
52 Wall St.
/44
Stettin Pub Utll 7s... 1946
Rodger, Chicago,
La Salle St., Room 346.
announces
Serbian 5s
1956
T.
Rodger & Co.,
Starbuck
16
25
Bid
Utilities,
the public utility industry.
19
12"
/22
Hungarian Cent Mut 7s '37
prospectus
P. McCole & Co.
15
Tucuman
6%
1957
Housing & Real Imp 7s '46
Chicago office in the
34
/15
Stinnes 7s unstamped. 1936
78 unstamped
1946
93
—A
formerly with the Guaranty Trust Co. and,
f 72
/II
Santander (Colom) 78.1948
Sao Paulo (Brazil) 68.1943
7s
a
H. E. Blanchett has been moved
for the benefit of dealers and investors interested in
—Arthur
...
/40
Water
16%
Serbian coupons
/44 55
Siem & Halske deb 6s .2930 /260
/14%
6%
80
/15%
/23
Santa
135 South La Salle St.
been prepared by John Nickerson & Co., 15 Exchange Place, Jersey City,
Saxon State Mtge 6S..1947
1935
Harz
8%
/9
/18%
Guatemala 8s 1948
Hanover
26
7%
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
/10
Santa
Catharina
(Brazil)
8%
1947
n8
Coupons
stamped
1
/24
R C Church Welfare 7s '46
26%
Director,
Otherwise,
lines:
Corp., with headquarters in California, has opened
26
Saarbruecken M
/25 45
T. H. Saunders, who has been Vice-President and
Field Building,
/ 79
6%
NOTICES
from California to take charge of the new office.
1945
Rom Cath Church 6 %s
29
104
—Associated American Distributors, Inc., a subsidiary of Transamerica
/23
Westphalia 6s '33
Rio de Janeiro
/46
38%
par $20
changes have been made and the firm's business continues along the
no
/23
Salvador
Dec 1934 stamped
April 15 1935
German
Young Coupons
June
Bk
Rhine
30
16%
—W. H. Cool has resigned from Cool, Stiver & Co. as President, Treasurer
30%
/23
1968
(Ger¬
1946
Church
many) 7s
151 ~
German
1962
i...
Prov
27
7
_____
and Director.
same
Mtge 7%
1948
Oberpfals Eleo 7%.-.1946
Oldenburg-Free State 7%
26
147
called bonds
7%s
26
/27
July 1934 to Mar 1936
German scrip
/27%
/84
Panama 5% scrip.'.
Porto Alegre 7%
German Atl Cable7s.. 1945
German Building & Laud-
Jan to June 1934
31
6%S (A & B)__ 1946-1947
Protestant
/27%
/25
par $10
25 Philadelphia National Bank, Philadelphia, Pa.,
/67
28
158
German
/27
1948-1949
Prov Bk
1966
1945
$ per Share
•
has been elected President and Treasurer in Mr. Cool's place.
Landbank 6%s '38
Panama 6%%
26
French Govt 5 lis
1937
French Nat Mall SS 6s '52
10%
17 Central-Penn National Bank, Philadelphia, Pa., par $10
$35
20 Pennsylvania Company for Insurances on Lives and Granting Annuities,
27%
Bank
CC&D7
to
Mortgage & In¬
7%s
.1945
/24
Dulsburg 7% to..
1945
East Prussian Pow 6s. 1953
vestment
27
27
54
Stocks
CURRENT
Hessen 7s to "45
/25%
m
/24
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
Frankfurt 7s to
/25%
/24
7s to
Bk
Hungary
56
13
112
By Barnes & Lofland, Philadelphia:
29
National Hungarian & Ind
/24
/53
34
29
/27
Nat Central Savings Bk of
64"
30
43 Package Machinery Co., common
5 First National Stores, Inc., 1st pref., par $100
53 Providence Gas Co
31
r
/54
..1949
/28
/26
Natl
46
$ per Share
37~"
Nassau
/44%
6a
81
/34
11%
11%
f 60
Issue of 1934 4%
/26
Warsaw 8s *41
Munic
42
f21
Costa Rica funding
5% '51
Costa Rica Pac Ry 7 %s '49
1943
55
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 78.1953
Municipal Gas & Elec Corp
Recklinghausen 7s.. 1947
/10%
/10%
12 y
Callao
/44
Munich
28
/23
Stocks
10 North Broad National Bank, Philadelphia, Pa., par $10—
15 Irving Trust Co., New York, N. Y., par $10
Mannheim & Palat 7s. 1941
68
Corp—
7%.. 1947
Bk
By Crockett & Co., Boston:
Shares
Shares
Luneberg Power Light &
Water 7%
1948
12
26
6^s...
1953
/28%
Buenoa Aires scrip
/40
Burmelster <fc Wain 68.1940 /109
Call (Colombia)
Euroi>ean
29"
28%
Bolivia 6%
1940
Brandenburg Elec 6s.. 1953
Brazil funding 5%. 1931-51
/67
Brazil funding
scrip
•i/69
British
Hungarian
Bank
Coal
40
16%
/26%
1945
1945
7%s
change Bank 7s
1963
/21
Hungarian defaulted coups /20 40
Hungarian Ital Bk 7%s '32
/21
Jugoslavia 6s
1956
39
2651
10 Pelzer Manufacturing Co., voting trust certificates, par $5
50 Farr Alpaca Co., par $50
Ask
Hungarian Discount & Ex¬
f 15
Bogota (Colombia) 6 %s '47
Brown
Bid
26
/30%
/is%
nsh
Bank of Colombia 7
Bavaria 6%s to
Bavarian
Palatinate
Ask
Chronicle
PHILADELPHIA
SALES
NEW
1415 Walnut Street
sold at auction
on
YORK
30 Broad Street
Wednesday
of the current week:
Philadelphia Stock Exchange
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
10 Firemen's Insurance Company of Newark, New
Jersey
27 New Jersey National Bank & Trust Co. of Newark
5 Kloman Motor Co. (Del.), par S50
50
Appalachian
Gas
Corp.
(Del.),
§39 lot
stamped, no par; 50 Bonner(Del.), common, no par; 1,665 Central States Edison Corp.
(Md.), common, voting trust certificates, no par; 86 Chalis Realty Corp.
(N. Y.), common, voting trust certificates and 90-100th
scrip,
no par;
common,
Corp.
Registered
(N.
Y.),
20-year 6%
income bonds.
Due
Aug.
1,
% per Share
Manufacturing Co., preferred,
par $100
16
pref., par $100
28
Rerigerating Machine Co., common, par $100; 5 Audiffren Refriegerating Machine Co., pref., par $100; 2 Egremont Marble Co., par $100;
2 Globe Phone Manuf'g Corp.,
common; 2 Old Colony Road, par $100__$110 lot
5 Geo. E. Keith Co., 1st preferred, par 100
48
9 W. L. Douglas Shoe, pref., par $100
19%
5 Massachusetts Bonding & Insurance
Co., par $12.50
46
100 Concord Building Co., Framingham,
Mass, par $100
100
8 Saco Lowell Shops, 1st pref., par $100
36
*
.
11 Lynn Gas & Electric Co., par $25
94
10 New England Power Co., pref., par $100
Note of Butler F. Perry, due May
1, 1930 dated at Boston May 1,
$3,250 and interest
123%
1929 for
29%
14%
20 National Electric Power Co., 7% pref, par $100
5 United States Envelope Co., pref., par $100
$4 lot
122%
10 units Reed Prentice Co
5
Bonds—
Per Cent
$2,000 Dallas Railway & Terminal, 1st 6s, July 1951
$1,000 Iowa Southern Utilities, deb. 6s, May 1950.
81% & int.
93 & int.
Certificate of
proof of claim S-10007 Medford Trust Co., Medford, Mass.
Deposit in Savings Department for $1,897.08 on which 50% has been paid
in dividends
$40
Medford
Trust
Co.,
Medford, Mass.
10% has been
Deposit in Commercial Department for $2,333.84 on which
paid in dividends
Stock
Elec
High
for
Range Since Jan. 1 1936
Shares
451
164%
3%
26%
121%
12%
3%
10%
100%
560
222
136
251
1,943
7,488
472
1,543
...
Jan
Jan
Apr
86
Jan
546
19
Mar
542
48%
22%
Mar
25
68
1,954
*
20
32
100
109%
I
50
15
2,105
Mitten Bank Sec Corp. .25
Preferred
25
303
123
4%
1,83?
Natl Power & Light
*
Pennroad Corp vtc
*
"~4%
3,956
50
35%
127%
1,614
25
"34%
50
1,035
1,698
__
Pennsylvania RR
Penna Salt Mfg__
50
Puila. Elec of Pa $5 pref.
*
675
462
342
.
Phila Elec Pow pref
Phila Rapid Transit
50
9%
12%
Voting trust ctfs
50
Phila & Rd Coal & Iron..*
""2%
134
Philadelphia Traction.__50
18%
660
7% preferred
880
110
115
5
Salt Dome Oil Corp
1
"29%
5,983
54
6%
Jan
Jan
Jan
30% Mar
105%
Jan
6%
Jan
8%
Jan
1%
Jan
1%
Jan
9%
Feb
3%
Jan
31%
Jan
113%
Feb
112% Mar
33%
Jan
2%
Jan
8%
Jan
2%
Jan
2%
Jan
10%
Jan
7%
Apr
17%
Jan
36
177%
6%
27
34
Mar
8
Feb
Feb
130%
116%
35%
12%
16%
9
3%
18%
7%
30%
57
Jan
75
Jan
122
700
'16
Jan
Jan
Jan
...1
3,770
%
Jan
50
760
3%
6%
43%
15%
108%
Feb
1,456
*
*
United Gas Improv com..*
Preferred
*
145
43%
16%
109%
2,838
443
Feb
Jan
Mar
Jan
Mar
39
*117%
71%
29%
29
Jan
Feb
14%
5%
50
169
Jan
Apr
11%
14%
8%
40
36
Apr
109%
*
*
Jan
Feb
Feb
125% Mar
15% Mar
5% Mai
14% Mar
103% Apr
24% Apr
55%
Jan
34% Mar
70% Apr
10% Mar
100
Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel.l
United Corp com
Preferred
Jan
Jan
10
Preferred
Union Traction
Jan
Apr
30%
Horn & Haid (N Y) com.*
Tonopah Mining
High
Mar
"48%
*
com
Scott Paper
Series A 7% pref
Sun Oil Co
Low
29%
155%
3%
21%
119%
9%
2%
10%
10
com
Storage Battery..100
General Asphalt
General Motors
Gimbel Bros
Low
Week
90%
38%
1
1%
8%
9%
47%
19%
113
Feb
Apr
Jan
Mar
Mar
Mar
Apr
Jan
Apr
Apr
Apr
Mar
Feb
Mar
Mar
Jan
Feb
Apr
Feb
Mar
Feb
Feb
US Dairy cl A
$8
*
100
1
Jan
1
Jan
Westmoreland Inc
By A. J. Wright & Co., Buffalo:
Shares
4 Buffalo Wills St. Clair, common
Curtis Pub Co
Reo Motor Car Co
.$100
20 Central & South West Utilities Co., $7 pref
25 New England Public Service Co., $7 pref
C-2291
5
Corp
Range
of Prices
Lehigh Coal & Navigation *
Lehigh Valley
50
17 Merrimack Manufacturing Coi,
proof of claim
13%
Rights
Chrysler
5 Audiffren
of
*
Budd Wheel Co
1951.
Theatre
Stocks
Certificate
I23"
.
Week's
30
165%
3%
Budd (E G) Mfg Co
By R. L. Day & Co., Boston:
Shares
*
Price
Bankers Securities pref.-50
Bell Tel Co of Pa pref.
100
Co., Inc., 6% real estate cumulative income bonds.
Registered, due May 1948
.$50 lot
$5,000 Broadway Temple Building Corp.,
5% second mtge. gold bonds.
Registered, due Jan. 1, 1975
....$25 lot
20 Nashua
Par
American Tel & Tel...100
Baldwin Locomotive
*
per Cent
Guild
Sale
American Stores
_$50 lot
Bonds—
$200
Last
Stocks—
Warrant to purchase five shares Commonwealth" Gas Corp.
(Del.), common,
voting trust certificates.
Expires July 1, 1938; 110 Corporation Securities
Co. of Chicago (111.), common and 163-200th
scrip, no par; 100 Corporation
Securities Co. of Chicago (III.), $3 optional pref. 1929
series, no par; 50
Imperial Royalties Co. (Okla.), class A common, stamped, no
par; 500
American Certificates Kreuger & Toll Co., partic.
debs., par 20 Swedish
Crown; 1 Orchard Lake Club (N. Y.) membership share; 33,300 Chalis
Sales
Friday
$2 lot
SI lot
Charter Corp.
Realty
Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists
*
106
Apr
15
Feb
Westmoreland Coal
*
155
9%
7%
Jan
8%
Apr
Bonds—
Per Lot
$0.50
Elec & Peoples tr ctfs 4s '45
Phila Elec Pow Co
5%s '72
19
19%
110% 110%
24,000
2,000
10
110%
Jan
Jan
20
110%
Mar
Apr
Financial
2652
General Corporation
RAILROAD—PUBLIC
FILING OF
REGISTRATION STATEMENTS UNDER
Securities
The
and Exchange Commission on
of
Total
$165,970,369.71
1
Type
Issues
Commercial and industrial
13
4
2
4,050,000.00
21,747,167.00
Investment trusts
Certificates of deposit
The total includes the following issues for
have been
which releases
published:
Youngstown Sheet & Tube Co.—$60,000,000 1st mtge. sinking fund
bonds, series C, due May 1, 1961, and $30,000,000 of conv. debs., due
Feb. 1, 1951.
[See details in V. 142, p. 2527.]
(Docket No. 2-2079,
Form A-2, included in Release No. 731.)
Foundry Co.—$5,000,000 of 10-year conv. debs.,
$20 par value common stock for conversion
in V. 142, p. 2521.]
(Docket No. 2-2080,
A-2, included in Release No. 730.)
Form
Kreuger
Co.—The
Toll
&
"Colby
Committee" for the 5% secured sinking
Committee" and
the "Murphy
fund gold debentures—Certificates
of deposit for $47,541,500 principal amount of
in V. 142, p. 2504.]
(Dockets Nos. 2-2083
the debentures.
[See details
and 2-2084, Forms D-l, in¬
Comet
1st and refunding
[See subsequent page of
Release
Pacific Gas & Electric Co.—$30,000,000 of additional
mtge. bonds, series H, 3%%, due
Dec. 1, 1961.
Bullock's, Inc.—$5,000,000 of 4% secured bonds and 40,000 shares of
cum. pref. stock.
[See subsequent page for further
details.]
(Docket No. 2-2092, Form A-2, included in Release No. 743.)
$100 par value 5%
Inc.—252,679 shares of $20 par value common
(Docket No. 2-2094,
[See subsequent page for further details.]
Form A-2, included in Release No. 742.)
Other securities included in the total,
April 16,
are as
the SEC announced
follows:
City, has
common
stock, of which 26,200 shares are presently owned by stockholders.
All of
the stock is to be offered at the market.
The proceeds to the company
be applied to partial payment of a
of N. Y. City, is the principal under¬
from the sale of 32,000 shares are to
F.
bank note.
Eberstadt & Co.,
Malcolm Muir, of N. Y. City, is President.
.
Calway Corp. (File 3-3-593). 925-929 Market St., Wilmington, Del.
Offering 30,000 shares of common stock ($1 par) at par.
Chas. H. Voiers,
2515 Wichita St., Houston, Tex., is President.
No underwriter is named.
Sequoia Mining & Milling Co. (File3-3-599), 900 Market St., Wilming¬
ton, Del.
Offering to brokers and security dealers 80,000 shares of Class A
share of Class B, at $5 per unit.
13th St., San Jose, Calif., is President,
No
,,V; .s';..;;
5v
Powers, 498 South
writer is named.
registration statements also were filed with
The following
the
SEC, details regarding which will be
pages
Sugar Co. (2-12081, Form A-l) of N. Y. City, has filed a regis¬
($5 par) common stock, of which
53,360 shares are to be offered to the company's stockholders and the
public, 16,560 shares are to be given to officers and employees of the com¬
pany, and the remaining 50 shares are to be held in the treasury.
The
stock will be offered to the public at the market.
The proceeds from the
sale of the stock are to be applied to the reduction of indebtedness and to
working capital.
Wilson, Ebert & Co., Inc., of N. Y. City, is the principal
underwriter.
Ellsworth Bunker, of N. Y. City, is President.
Filed
April 3, 1936.
Potrero
Ashland Home Telephone
Filed April
11,1936.
Gas Co. (No. 2-2098, Form
In making
no case
available the above list the Commission said:
does the act of filing with the
Commission give to any security
The last
in
our
the merits of
previous list of registration statements was
given
2484.
issue of April 11, page
Monthly Gross Earnings of Railroads—The following
comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
.
Length of Road
Gross Earnings
Month
inc.
1935
$
Dec.
1934
S
(+)
Per
or
1935
+2.39
1934
Miles
Cent
(—)
$
'
Miles
238,245
239,506
239,433
239,246
239,129
263,877,395
254,566,767
257,728.677
248,122,284
+6,148,718
+6,444.483
-r2.60
238,162
March
280,492,018
238,011
274,185,053
+3.45
May.......
—0.88
237,995
237,951
—0.51
237,800
—646,683
—0.23
237,700
+ 11,281,900
238,62't
238,955
275,158,450
292,495,988
256,637,723
257,201,455
+31.408,547
+48,095,489
+44,278,559
+38,679,418
+4.00
+ 11.41
+ 16.44
237,431
238,819
238,791
+ 17.25
237,306
December
279,153,707
280,975,503
274,963,381
293,606,520
306,566,997
340,591,477
300,916,282
295,880,873
—12,306,728
+ 9,147,757
—2,489,273
—1,431,003
—4.20
April—
292,798,746
265,037,296
281,642,980
282,406,506
275,610,064
282,324,620
+ 15.04
237,074
January:.._
298,704,814
263,862,336
+34,842,478
+ 13.20
237,078
238,393
300,049,784
254,555.005
+45,494,779
+ 17.87
237 051
238,280
January
February..
.
June
July.
August
September
October
November
Co. (2-2082, Form A-l) of Ashland, Ky.,
_.
....
_.
238.980
239,020
239,000
237,385
238,668
238,436
a
February
Minerals
Inc.
(2-2086,
General
Gold
April
May........
Filed April 6, 1936.
Insurance Investors Co. (2-2089, Form A-l) of Seattle, Wash., has
filed a registration statement covering $1,800,000 of 4^% preferential
participation certificates, to be offered at $1,800 a unit for cash or instal¬
ments at the rate of $120 a year for 15 years.
It is stated that the proceeds
are to be used to purchase stocks of insurance companies.
E. F. Dougherty,
of Seattle, is President.
Filed April 7, 1936.
Bankers Income Shares Ltd. (2-2090, Form A-l) of St. John's, New¬
foundland, has filed a registration statement covering 999,990 shares of
10-cent par value common stock, to be offered at the liquidating value of
the outstanding shares, plus a premium of 10%.
The proceeds from the
sale of the stock are to be
used for investment purposes.
Bankers Income
underwriter, and John Finger,
1936.
Central Illinois Light Co. (2-2093, Form A-2) of Peoria, 111., has
filed a registration statement covering ill,464 shares ($100 par) 5% cum.
pref. stock.
The stock is to be offered to the 6% and 7% pref. stock'
holders until June 15, 1936, at not less than $100 a share or more than
$105 a share.
Any balance not taken by the stockholders will be sold
to underwriters who will offer the shares to the public on or about June 22,
1936, at not less than $100 a share or more than $105 a share.
The proceeds
from the sale of the stock together with other treasury funds will be applied
to the redemption of the 6% and 7% pref. stock.
R. S. Wallace, of Peoria,
Corp., of Jersey City, N. J., is the principal
of N. Y. City, is President.
Filed April 8,
is President.
—510,907,615
—5,030,495
65,252,005
72,083,220
74,529,254
(—)
70,416,370
..
64,920,431
July
57,478,685
August
67,586,762
71,686,657
72,390,908
72,794,807
September
88,955,493
November
December
—8.3
—19.40
+0.08
—1,666,850
—2.31
—12.89
—10,108,077
—14.96
+ 1,108,150
+ 16,564,585
+27,512,645
+22,685,802
+7,658,607
+ 1.55
+22.88
+33.95
+37.77
+ 12.20
+ 15,478,511
+ 9.199.020
+29.82
1935
51,905,000
55,402,531
67,383,511
64,601,551
Abraham & Straus,
—17.5
—9,608,823
60,061,636
62,786,896
1936
January
February.
—16,283,565
81,039,275
108,551,920
82,747,438
70,445,503
October
Per Cent
+53,730
June..
Equities, Inc. (2-2088, Form A-l) of Minneapolis, Minn.,
class A
W. S.
Douglas is President.
$62,258,639
59,927,200
83,942,886
65,305,735
March
registration statement covering 88,549 shares ($1 par)
stock and 9,938 shares ($1 par) class B common stock.
a
or Dec.
1934
551,351,024
54,896,705
67,659,321
February
President.
Mines,
(+)
Amount
1935
Form A-l) of New
to exceed
Ltd. (2-2087, Form A-l) of Toronto, Ont.,
Can., has filed a registration statement covering 2,000,000 shares ($1 par)
common stock to be offered at the prevailing market price on the Toronto
Unlisted Exchange.
Prospectors' Investments, Ltd., and John C, Elder,
both of Toronto, are the orincipal underwriters.
Lieut .-Col. G. B. S.
Cousens, of Georgetown, Ont., is President.
Filed April 6, 1936.
Skookum
Inc.
Net Earnings
Month
January
Development,
La., has filed a registration statement covering not
$250,000 of oil payments.
Myron Turfitt, of New Orleans, is
Filed April 6, 1936.
Orleans,
1935
1936
1935
1936
Filed April 6, 1936.
Coastal
+ 16.60
on Stock Reduction—
The stockholders at their annual meeting on April 21 will consider a
proposed reduction in the authorized preferred stock from 28,438 shares to
18,133 shares.—V. 142, p. 2486.
Adams Express
<
Inc.—To Vote
Co.—Earnings—
Earnings for Three Months Ended March 31, 1936
Net income after interest, taxes, &c—
x
to
Exclusive of $1,967,669 net
.
x$58,892
realized loss on securities which was charged
capital surplus account.
The company reports net asset value of its common stock at close of
on March 31, 1936, based on market values, was $16.44 a share,
business
against $13.04 Dec. 31. 1935, and $3.73 March 30, 1935.
Investments carried in balance sheet as of March 31, 1936, at cost of
$52,644,507 had market value of $38,443,500.
This compares with in¬
vestments^ can-ied at cost of $57,459,921 with market value of $35,484,800
Balance sheet
as
of March 31, 1936, shows total assets, incl. $4,056,633
cash, amounted to $56,755,367, against cash of $2,324,205 and total assets
of $o9,870,091 Dec. 31, 1935.—V. 142, p. 1454.
Filed April 9, 1936.
W. Wallace Alexander
Inc. (2-2095, Form A-l) of
Philadelphia, Pa.,
registration statement covering $1,000,000 of units of participa¬
tion in an unincorporated fund known as the Alexadner Fund.
W. Wallace
Alexander, of Philadelphia, is President.
Filed April 9, 1936.
.
A-l), covering $20,-
its approval or indicate that the Commission has passed on
the issue or that i,he registration statement itself is correct.
A-l) of Ypsilanti, Mich., has filed
a registration statement covering 500,000 shares
($1 par) class A common
stock to be offered at par.
The proceeds from the sale of the stock are
to be used for working capital.
Clyde F. Renwick, of Ypsilanti, is Presi¬
has filed
shares (par $50)
stock (no par).
due 1951, $10,000,000 conv. debs., due
of the debs.
Filed April 13, 1936.
1946 and stock for conversion
Cascade Mining Corp. (2-2085, Form
common
subsequent
on
i
Oklahoma Natural
registration statement covering $743,000 of 1st mtge. sinking
fund
bonds, series A, due April 1, 1961.
The proceeds from the
sale of the bonds are to be applied to the redemption of the company's
outstanding 1st mtge. 5J^% gold bonds.
Rupert E. Shotts, of Columbus,
Ohio, is President.
Filed April 4, 1936.
has filed
found
under the companies mentioned.
Glidden Co* (No. 2-2097, Form A-2), covering 200.000
4Vi% conv. pref. stock and 200,000 shares of common
Filed April 2, 1936.
tration statement covering 69,970 shares
dent.
under¬
(File 3-3-600), Wilmington, Del.
Offering to certain
of its employees 2,000 shares of common stock at $50 per share.
Leland
Fogg, Wilmington, Del., is President.
No underwriter is named.
Atlas Power Co.
(2-2078, Form A-l) of Tacoma,
Wash., has filed a registration statement covering 299,700 shares of 10-cent
par value common stock.
Pohlman Investment Co. of Spokane and Kressley & Campbell, of Seattle, are the principal underwriters.
William
Anderson is President.
Filed April 2, 1936.
.
20,000 shares of class B stock ($1 par)
F. W.
7% cum. pref. stock ($1 par) and
in units of 4 shares of class A and 1
Alabama-California Gold Mines Co.
has filed
3-3-597), Deming, N. M. Offer¬
at par.
J. Howard Hell (no
to made through Gibbs & Co.,
are
McGraw-Hill Publishing Co. (2-2077, Form A-2) of N. Y.
filed a registration statement covering 58,200 shares (no par)
writer.
& Silver Co. (File
Southwest Lead
ing $49,000 shares of capital stock ($1 par)
address given), is President.
The offering is
N. Y. City.
In
No. 741.)
Continental Can Co.,
An-
underwriter is named.
(Docket No. 2-2091, Form A-2, included in
stock.
(File 3-3-596), 210 West Seventh St., Los
Trailer Corp.
i.
000,000 1st mtge. series A, 4>£s,
cluded in Release No. 736.)
this issue for details.]
these
W. Phillips, 3649 Fairway Blvd., Los
Seles, Calif. Offering 100,000 shares ofAngeles, Calif., is($1 par) at par.
common stock President. No
United States Pipe &
due May 1, 1946, and shares of
of the debentures.
[See details
made
exemption is available or that the Commission has
finding to that effect. A brief description, of
new filings is given below:
any
April 16
additional registration statements
(Nos. 2-2077-2095 inclusive) under the Securities Act of
1933.
The total involved is $191,767,536.71, of which
$170,020,369.71 represents new issues.
The securities in¬
volved are grouped as follows:
announced the filing of 19
No.
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
SECURITIES ACT
I
April 18, 1936
Chronicle
a
Prospectuses were filed for five issues under
contained in Part III of Release No. 182,
the regulations
which exempt
from registration certain classes of offerings not exceeding
$100,000.
The act of filing does not indicate that the
Affiliated Products,
The stockholders
on
Inc.—Merger Approved—
April 9 approved the sale of the company to American
Home Products Corp. (which see)
and authorized the dissolution of the com¬
pany.—V. 142, p. 1972.
Air Reduction
The
New
York
Co., Inc.—Listing—
authorized the listing of 2,523,without par value, upon official
841,288 3-5th shares ( no par) now out¬
the basis of three new shares for each one of the old
Stock
Exchange has
865 4-5ths shares of common stock (new)
notice of issuance, in exchange for
standing and listed, on
Volume 142
Financial
Chronicle
2653
and 26,658 shares of common
stock (new), upon official notice of
issuance,
in substitution for
8,886 shares (of which a maximum of
6,400 are subject
to options held
by officers), the listing of which has been
previously author¬
ized, making the total amount
applied for 2,550,523 4-5ths shares of
(new),
See also V. 142, p. 2487.
stock
Specialists
common
All
Air-Way Electric Appliance
Corp.—Earnings—
3 Months Ended—
Operating loss
Depreciation
_
_
_
_
Mar. 21 '36 Mar. 23 '35 Mar. 24
*34
—
$19,697
12,441
—
Federal taxes
p.
$51,522
prof$9,549
Nil
$0.55
MCHonnell & Co.
$55,403
Nil
per sh. on 17,321
shs. 7% pref. stock—
142,
11,931
$32,138
.
Earns,
—V.
$43,472
5,593
..
Rights and Scrip
Mar. 25 '33
$38,438 prof$27,584
13,084
12,442
__
Net loss
Nil
mm
1972.
Alabama-California
Gold
Co.—Registers
/Now York Stock Exchange
York Curb Exchange
,
Member8|New
120
Mines
SEC—
in
BROADWAY,
with
TEL.
NEW YORK
RECTOR
9-7815
.
See list given oil first
page of this department.
Allen Industries, Inc.
(j&
3 Months Ended March
31—
Net profit after
int., deprec. & Fed.
taxes
Shares common stock
Earnings
(no par)
per share
Alpha Portland Cement Co .-^Earnings—
12 Mos.End.Mar. 31—
Subs.)—Earnings--'
1936
1935
$162,415
246,000
1934
$122,285
66,000
$0.92
Allied Stores
Corp. (&
Costs,
exps. & bad
Depreciation..
1935
1,014,481
$2,405,623
163,183
.
Assets—
,
a
Other
T}
$1,127,331
$24,745 df $3,747,255
$1,127,331
$24,745df$3,747,255
1,357,489
1,357,489
1,357,489
Nil
Nil
Nil
Common
288,937
Special div" declared" oil" May
preferred stock...
'
........
1,218,721
Balance—May 31,
1935
profit, fiscal year end. Jan. 31,1936—$1,581,759
mos. end.
May 31, 1935 (incl. above).
Dr66,645
Elimination of charges in
prior year since acquisi¬
tion of
Pomeroy's, Inc. for accrued divs. on pref.
stocks of that co. purchased
by corp. during yr__
4,289
Discount on
Consol.
net
3,010,792
$8,238,904
Net profit 4
170,905
60,647
91,378
T?fc$"iV-Y--'rs---------------------
$1,519,404
524,580
Cash dividends
paid on 5% preferred stock—
731,345
91,784
72,759
of
$995,055
excess of stated value over cost of
66,400 shares
stock retired and after charging the account with
deposition of fixed property (net) and $65,000 provision
for additional taxes—prior years.—V.
142, p. 1274.
common
on
American Chicle
Co.—Earnings—
Quar. End. Mar. 31—
1936
Net profit after int., deprec'n & Fed'l taxes..
Shs .com .stk .out. (no par)
Earnings per snare
142, p. 1802.
1935
1934
1933
$667,319
445,000
$614,821
445,000
$439,680
445,000
$1.50
$1.38
$0.98
—V.
Calendar Years—
$361,375
470,000
$0.77
,
American Commercial Alcohol
;
Corp. (& Subs.)- —Earns
1935
;
Gross sales
Selling, general & administration
1934
__x$30,781,767 $29,377,000
4,447,190
3,627,500
Gross prof it on sales..;
Res. for inven. valuations & inv. adj
315,018
expenses
2,567,889
1,908,871
$1,564,283
$1,718,620
175,277 /
89,598
—
$1,739,560
134,060
110,409
182,344
$1,808,227
73,698
119,186
148,637
1,312,747
$1,466,706
133,059
295", 804
193,531
264,710
138,000
$823,412
Provision for doubtful accounts.
Other reductions
$930,937
Profit
$8,351,839
Balance—Jan. 31, 1936.
b$994,824
$8,351,838
» Paid on June 17, 1935 in:
15-year 4J^% debenture bonds,
$3,154,980;
420,664r shs. common stock
capitalized at $1 per sh., $420,664; cash
$3 per
sh.
$630,996; accrued interest on 15-year
4H% debenture bonds from
April 1, 1935 to May 29, 1935,
$22,874; total, $4,229,514.
Special dividend
applied as shown,
b Upon the basis of
treating $100,000 par value
5%
preferred stock in the
treasury as though retired.
B. Earl Puckett,
President, says in part:
Subsequent to the date of the attached balance
sheet, a subsidiary,
Jordan Marsh Co. of
Boston, has arranged to refund real estate
mortgages
totaling $5,975,000 bearing an average interest rate
of 5.04%
by issuing
$6,000,000 first mortgage and first lien
4%% 15-year sinking fund bonds
due Feb.
Inventory adjustment, &c.
Depreciation
Federal taxes
.
15, 1951.
Profit
-
—
Provision for estimated unrealized profit
subject to deferred delivery
Net profit
x
-
-
-
on
sales
—
620,000
—
$203,412
-
Of which amount approximately 57%
1936
$
Cash
State,
local
2,501,628
county
1936
Liabilities—
4,941,174
&
Capital Surplus—
Balance
as at
>
Jan. 1,1935
i
&c
68,666
65,953
(net)zl3,227,221
customers
302,998
277,811
Dep.
with trustee
for bond int., &c
Merch.
39,391
inventoriesl2,996,541 12,163,339
563,097
463,404
Other assets
x
Permanent assets
(at cost)..
24,001,155
Deferred assets...
Goodwill, &c
accts., incl.
Fed., &c., taxes 1,660,770
Install.on mtgs.,&c
137,500
Notes payable to
11,017,457
Accts .receivable—
Other accts. rec...
663,668
Ah
■
.
1
closed banks
$
3,111,144
1,270,190
262,500
77,424
13,689,140
1,234,446
172,800
173,857
135,108
100,816
stks.
77,424,
v
95,020
Common stock.
_
Balance
Surplus
as
as at
at Dec.
1,508,352
25,982
$1,482,369
203,412
31,1935, of earned surplus since Jan. 1, '32 $1,685,781
Dec. 31,1935
$4,033,449
Consolidated Balance Sheet Dec. 31
1,442,600
88,879
1935
Assets—
Cash
21,356", 900
1,778,153
Capital surplus... 8,351,839
Earned surplus._.
994,824
1,357,489
11,134,596
1,152,077
Total..
54,364,367 53,599,153*
Total.....""....54,364,367 53,599,153
x After
deducting depreciation of $6,089,990 in 1936 and
$5,951,032 in
1935.
y Represented by 1,778,153 shares no
par value in 1936 and 1,357,489 no par shares in 1935.
z Includes
notes.—V.
142, p.
Allis-Chalmers Mfg. Co.—To Give Bonus
406
$2,347,667
(And Wholly-Owned Subsidiaries)
1,246,800
6pref.stock..
1454.
on
1934
1935
$
Liabilities—
hand and
in banks
720,989
935,800
3,152,011
Merch. inventory. 3,704,756
Margin
dep.
on
1,994,168
3,023,361
Due
25,000
Res.
a
Notes, trade ac¬
cept.
&
grain futures—
Pay
less reserve.
Total
to
261,343
39,752
55,302
*1
138,000
5,217,563
2,347,667
5,217,965
2,347,261
1,685,782
1,508,352
13,918,722
12,082,644
partiallyFed.
cos.
inc.
117,532
27,382
Common stock (S20
par)
Capital surplus...
275,957
Deferred charges..
Good-will—•
530,470
237,985
&
taxes..
partially-owned
affil. companies,
b Fixed assets—_
23,940
198,921
liabil.
owned affil.
rec.,
_—
34,701
656,351
accrued expenses
for
5,714,745
232,731
331,168
5,588,242
157.522
1
$
2,000,000
Drafts pay.—banks
Sundry
1934
3,500,000
Accounts payable-
accts.
receivable
Sundry accts.
S
Notes pay.—banks
Inv. in & advs. to
Vacation
9 the inauguration of vacation with
10,000 employees and a $500,000 Christmas-bonus
program for
shop workers.
Max Babb, President, said
approximately 8,000 shop
workers would share in the bonus, which will be
3% of the wages earned
between March 1 and Dec. 1, 1936.
Pay cut for office workers will be partly restored.
Mr. Babb said that
salary reductions had ranged from 5 to 15% and that the
restoration
would amount to 5%,
eliminating the decrease in full for those in the
ower salary brackets.—V.
142, p. 2487.
Net balance from consolidated statement of income
Pomeroy's, Inc.,
5% pref. stock....20,933,200
The company announced on
April
_
of
in hands of pub.
1
31,1935
Earned Surplus—
>
Balance as at Jan. 1,1935, of earned surplus since Jan.
1,1932.
Adjustment of book value of investment in stock of partiallyowned affiliated company, due to the write-down of its fixed
assets to appraised sound value per Coverdale &
Colpitts—
10,844,850
1,264,582
Preferred
at Dec.
—
tions of subs
Res. for cont., &c.
res.
as
Balance
Accrued divs
pay for its
Balance
1935
litigation)
Long-term obliga¬
Miscellaneous
$2,347,261
—
(in
Unearned income.
24,071,859
598,156
of common stock, represented
by
scrip certificates which became void July 5, 1935
S
Accts.pay.for mdse 3,818,594
Acer,
warrants,
excise
Consolidated Surplus Account Dec. 31 1935
Sheets Jan. 31
1935
$
Assets—
$930,937
($17,113,287) represented
Cancellation of 20.3 shares
Comparative Consolidated Balance
|
''
,
Interest.
30,000
82,934
$
.16,759,600 18,486,000
Accounts payable.
154,454
253,502
Wages payable
42,581
50,400
Accrued taxes
138,573
74,403
Com. div. payable
161,150 V 161,150
Reserves
628,150
033,922
Minority int....50,473
53,363
Surplus..
._c2,887,777
3,157,683
Total income
repurchase of:
1935
S
b Common stock.
Profit..
Other income-
5% preferred stock of Allied Stores
Corp
Preferred stocks of
Pomeroy's, Inc
n
with
treasury
$331,573 loss
115,101
,2^8,*'1,249.697
29~,~i935~on"5%
$1,782,167
20,822,758 22,870,439
Total
20,822,758 22,870,439
depreciation and depletion,
b Represented by 644,600 no par
1936 and 711,000 no par shares in 1935.
c After crediting tho
After
account
pref. stk. repurchased & retired.
$664,507
349,565
977,179
items...
shares in
_
Discounton6^%
a
691,116
386,192
865,253
stock
Total.
Statement of Earned and
Capital Surplus for the Fiscal Year
Ended Jan. 31, 1936
Earned
Capital
.
140,000
--
Liabilities—
168,744
A. P. C.Co——
Deferred
Balance—Jan. 31,1935--.
$1,152,077 $11,134,596
Consolidated
ne^irofit 4 months end. May 31, '35
66,645
12,789
1936
S
Account and notes
$421,2261oss$3458317
stock
/
1935
S
578,116
vances, &c
Investments
outstanding (no par).
per share
$611,284
marketable
$1,774,631
155,000
460,908
31,392
Earnings
322,300
1,203,562
1,949,563
Inventories
524,580
128,334
.
securities
1,038,940
396,481
'
644,600
Working funds, ad¬
of
common
$1,642,167
1,497,724
2,070,037
...
1,778,153
$0.30
dividends
Surplus
Shares
.vy
$1,581,759
...
$524,507
140,000
Property accountl5,104,667 16,632,661
$1,057,179
Preferred
.
$160,650
$223,793
$868,393
Cash
a
Net profit
$1,654,956
1936
$312,688 loss$3751094
108,538
292,777
164,580
$535,677
11,170
Consolidated Balance Sheet March 31
•
Total income
Federal taxes...
Interest
Subsidiaries pref. divs__
$168,669
8,0.19
Deficit..
260,000
652,143
74,904
Other income
(net)
$226,683
2,890
....
1933
1,012,939
$1,610,051
$2,568,806
-
$1,744,175
89,219
Net loss
Preferred dividends
Common dividends.
U. S. Govt, secur.
1934
998,144
$656,856
121,179
Total loss.
$89,935,583 $82,075,720 $70,828,130
$70,865,243
debts 86,515,479
79,467,525
69,502,503
73,577,397
profit
$353,640
1 84,971
Minority interest......
receivable
Operating
1933
$3,873,012
4,208,141
1,409,046
Operating loss...
Subs.)—Earnings—
1936
1934
$4,186,566
3,422,322
1,421,100
Other income (net)
Allerton New York
Corp.—Plan Operative—
The reorganization
committee gave notice April 14 that it has
declared
operative the plan of
reorganization which was confirmed on Jan. 14
by
the United States
District Court jor the Soutnern
District of New York.
Holders of first
mortgage 5M % sinking fund gold loan certificates are to
surrender their bonds on
and after April 15 to Chase National
Bank, as
trustee, for appropriate
stamping and registration and in order that voting
trust certificates for the
class A common stock of .Allerton
New York Corp.
nl^r
issued in respect thereof as provided in the plan.
Holders of certificates
of
deposit for the bonds are
similarly re¬
quested to surrender their
certificates in exchange for bonds and
voting
trust certificates as
provided in the plan.—V. 141,
p. 4156.
Years End. Jan. 31—
Net sales
1935
$4,815,998
3,715,411
1,454,227
$306,177
79,494
Operating expenses
Depreciation..........
$68,565
66,000
$1.75
$0.66
.
—V. 142, p. 2487.
1936
$4,976,859
4,031,140
1,251,896
Net sales.....
1
13,918,722 12,082,644
Earned surpl. since
Jan.
1
1932
Total...
a Less reserve for allowances and
doubtful accounts of $172,060 in 1935
and $201,219 in 1934.
b After depreciation reserve of
$2,514,031 in 1935
and $2,218,673 in 1934.—V. 142,
p.
118.
7..,
Financial
2654
Alton
RR.—Earnings—
1936
1935
1934
1933
$1,217,560
$1,124,672
$1,020,694
March—
def35,702
Net after rents
30,305
$1,037,790
236,982
38,469
3,712,686
Gross from railway
Net from railway
3,137,178
2,887,534
2,888,327
17",476
614,303
15,405
673,952
28,549
280,881
67,383
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
10,746
_
Total income
Expenses, incl. taxes
Int. & other deductions.
American Colortype
Mar.''61—
P.
—...
2579.
American
carr. to earn, surp $5,208,883
$3,177,973
$3,424,111
$8,725,119
of American Power & Light Co. in income of subsidiaries
$10,841,444.
Co.—Sales—
—
141,
$6,701.419 $12,043,016
172,056
221,811
3,105,252
3,096,086
$6,475,064
192,999
3,104,092
$8,512,356
294,662
3,008,811
xNet equity
was
3 Mos. End.
—V.
1935
$1,968,618
1936
$2,211,916
j/V
&
Inc.—Bank Loans
Co.,
Power
Foreign
Reduced—
K-f-r'"--.
Summary of Earned Surplus 12 Months Ended Dec. 31
bank loans held by
a group of banks and Electric Bond & Share Co. were reduced April 10 by
payment of $2,383,810.
These loans were originally for $50,000,000 and
with this payment have now been reduced 25% to $37,500,000, of which
$30,000,000 is held by banks and $7,500,000 by Electric Bond & Share Co.
No change has been made in the maturity date of these notes which are
due Oct. 26, 1938, nor in that of the $35,000,000 note due Electric Bond &
1933
$7,954',920
$10,386,956
74,646
40,000
Divs .rec .from subs .from
1,919,361
prior to year '35
adjustments
earns,
Miscell.
.
Nov. 15,
on
35,861
& Foreign Power Co., Inc., and
of
April 10, 1936.—Y. 142, p. 1109.
business
on
-
American-Hawaiian Steamship Co.
$9,608,381
Loss in
with
connec.
subsidiaries
owned
Reduction of book value
1932
1933
$12,560,189 3510,257,104 :$10,834,355
9,153,215
9,694,089
12,035,859
.
Loss
on
sale of securities.
Acq, costs in prior years
of securities & proper¬
138,767
ties written off
$1,681,140
on
12
on
on
Divs.
on common
Earned surp.,
L
■
\ V
.
7'
stock.
67,230
23,671
_
>
$651,288
$1,704,811
$319,491
....
13,049
payable
Exps.
incident
to
SS.
Iowan layup
Losses arising from ad¬
justments of prior yrs.
(net)
i
Provision for deprec'n.
Net loss
on
89,878
Liabilities—
Cash
252,612,247
,947,551
9,377,550
256 ,973,131
...
U. S. Treas. bills
381,500
541,898
Time dep. in bks
Municipal short-
11,367
,000,000
9,519
680,101
S
17,767
885
631,598
Notes
667", 417
643,216
&
43,516
223,655
V•
520,315
'
Accts .rec.—oth.
6,314
291,741
19,497
36,442
38,320
Accrued
29,934
29,934
Mat. int. on
10,589,900
10,839,900
deposit.
agree._
1,000,000
1,000,000
Unexp. insur., &c.
119,454
106,099
Insur. fund cash..
924,422
455,175
100,503
189,846
vestment
633,608
556,264
58,227
Supplies
$
53,579
hand
1,302,565
627,446
1,014,547
__
38,320
10,839,900
7,294,898
10,589,900
10,700,432
Accounts payable
70,340
292,456
for collection
of mixed claim
awards
Res. for insurance.
906,981
1,841,470
924,421
645,022
138,000
878,536
Earned surplus
4,539",232
1,841,469
11,944,930 11,938,521
Total..
American General
--11,944,930
11,938,521
Corp.—To Refile with SEC—
The
corporation has asked permission of the Securities and Exchange
to
withdraw one of its recent
Securities Act registration
statements in order to refile on the proper form.
On Feb. 21, the corporation filed two registrations on Form A-l, the
statement used for new corporations.
One statement covered $22,000,000
4% debentures and 440,000 shares of common stock, while the other related
to several issues of preferred stock and an issue of common stock.
Later,
the corporation refiled one of these statements on the proper form and now
plans to similarly handle the other application.
Commission officials
explained the matter as a mere "technicality."—V. 142, p. 2143.
Light Co.—Annual Report—-
'
Years
Comparative Statement of Consolidated Income—Calendar
Subsidiary Cos.—
1935
1934
1933
1932
earnings.
$82,560,471 $75,965,880 $72,383,602 $74,331,189
Oper. exps., incl. taxes. 42,485,642
39,768,962
36,527,471
35,601,722
Gross
$40,074,829
earnings.-.
Other income
327,296
Total income
$38,729,467
861,983
i,196,918 $35,856,131
381,575
410.744
$40,402,125 $36,607,662 $36,237,706 $39,591,450
public
and
(deprec.) appropriate
Proportion applicable to
minority interests
16,344,610
7,169,262
16,528,887
7,165,404
16,560,583
7,164,313
16,622,072
7,129,455
6,012,337
5,634,580
5,314,484
4,891,858
88,645
other deductions
Preferred divs. to public
Renewal & replacement
75,545
79,581
106,621
$10,787,271
in sub.
cos.'
$7,203,246
$10,841,444
$7,118,745
•
r
.
•
'
$7,203,246
53,774
$7,118,745 $10,841,444
55,446
959,735
$10,815,949
$7,257,020
$7,174,191
$11,801,179
_
Expense of Amer. Power
& Light Co
$
Assets—
Cash in banks—on demand
Cash in banks—time deposits
munic. & oth. short-term secs__
Accounts rec.—customers & miscellaneous
Subscribers for pref. stocks of subs
Materials and supplies
U. S. Gov., State,
294,662
192,999
172,056
221,811
3,008,811
Balance.
3,104,092
3.105,252
3,096,086
$7,512,476
$3,959,929
$3,896,883
$8,483,282
»
2,413,438
2,413,518
2,413,455
8,441,384
pref. stocks of
Amer. Pow. & Lt. Co_
stock
386,155
Sinking funds & special deposits
Reacquired securities:
Amer. Pow. & Lt. Co., 5,301 shs.
Subsidiaries, preferred stocks
4,871,643
common
396,806
applicable to rents & tolls._
Other deferred charges
Contingent assets (see contra)_•
279,802
731,858
536,983
;
.*
-
29,933
1,573,716
15,722,653
*
Unamortized leasehold improvements
29,933
1,574,095
16,621,146
400,384
316,202
253,568
552,408
1935
$
1934
$
214,645,636 214.645,636
Capital stock
Subsidiaries—Preferred stocks
Common stocks
111 ,605,200
513,637
Capital stks. subscribed—Pref. stks. of subs
Long-term debt.
:
Contractual liabilities
27,100
353,652,200
Dividends
$
1,220,036
946,746
17,509,697
7,900,000
4.489.389
11,783.226
21,819
6,422,691
442,094
316,565
1,481,439
3,562,676
3,924,862
795.930,783 796,660,223
'
Liabilities—
x
declared
26,000
1,316,962
1,869,568
1,110
Accounts payable.
Contracts payable
Mortgage bonds of subs, maturing in 1935
12,452,383
Accrued accounts
3,792,429
Customers'deposits
60,257
Miscellaneous current liabilities
111,552,100
514,524
49,700
352,905,800
27,277
1,048,839
1,507.848
13,110
12,223.200
11,849,641
3,594,337
45,375
Matured & accr. int. on long-term debt & redemp.
4,230,430
in special deposits)
Contingent liabilities (see contra)
Sundry credits
Retirement and depletion reserves
account (cash
536,983
542,197
Uncollectible accounts reserves
42,883,155
3,701,565
Casualty & insurance reserve
Rate reduction in litigation
Inventory adjustment reserves
941,064
2,087,897
476,140
964,942
Other reserves
Non-current accounts payable, &c
cum.
divs.
on
pref. stock of subs..
Minority interest in surplus of subs
Earned surplus
130,688
6,727,070
245,512
32,500,654
3.704,924
552,408
540,728
39,135,473
4,663,195
894,018
1,231,277
382.017
2,500,242
128.760
4.982.390
214,852
27,752,548
795,930,783 796,660,223
Total
Represented by: $6 preferred, cumulative (entitled upon liquidation to
a share); pari passu with $5 preferred; authorized,
1,000,000 shs.;
issued and outstanding, 793,581 2-10 shs., inclusive of 37 2-10 (40 2-10
in ISMHdjs. of scrip; $5 preferred, cumulative (entitled upon liquidation
x
to $10y|a sRapei; pari passu with $6 preferred; authorized, 2,200,000 shs.;
iss»«?Fand outstanding. 978,444 shs.; common, authorized. 4.000,000 shs.;
Issued, 3,013,812 27-50 shs., inclusive of 3,057 27-50 (3,307 27-50 in 1934)
shs. of scrip.—V. 142, p. 2488.
1,501,962
American
Investment
3 Months Ended March 31—
Net income after all charges
6,663,157
402,346
2,243,353
:
of
Amer. Pow. & Lt. Co.
Balance..
17,623,745
3,800,000
3,977,446
13,111,043
13,236
1,602,101
U. S. Treasury notes.
Non-current receivable
Total...
1934
720,774,824 716,891,245
Plant, property, franchises, &c
Unamortized charges
shs.
40 2-10 shs.
$100
Int. & discounts of Amer.
Power & Light Co
978.444
3,010,755
shs. 3,010,505
shs.
3,057 27-50 shs.
3,30727-50shs<
stock
Undeclared
earns.
applic. to Am. P. & L.
Co. (as shown above) '$10,787,271
Other income
28,678
/
com.
Common
Unamortized debt discount & expense
Commission
Power &
Dec. 31, 1934
793,541 2-10 shs.
793,544 2-10 shs.
978,444
shs.
37 2-10 shs.
Miscellaneous current assets
a After
depreciation of $14,506,254 in 1935 and $13,859,669 in 1934.
b After depreciation of $275,313 in 1935 and $247,078 in 1934.
c Not
including 45,000 shares in treasury.—V. 142, p. 2143.
to
$6 pref. stock
fVal. inliq.l
$5 pref. stock, ser. A\$100 a sh./
Pref. stk. ($6) scrip equiv. to
Prepayments
receiv'le
American
285,794,524 285,915,605
—
Investments (ledger value)
505,319
Notes & loans receivable.—684,659
Claims
Total
Total-
Consolidated Balance Sheet Dec. 31 {Co. & Subs.)
1935
256,979
290,013
voyages...
1,301,303
1,906,981
(at cost)
on
576,073
deliver
Dec. 31,1935
Com. stock scrip equivalent to
Marketable securs.
Divs.
to
Represented by:
x
uncompleted
Res. for Fed. taxes
Cash in bank and
4,550,000
Cap. stk. par $10 4,550,000
Excess of rev. over
disbursem'ts on
c
Res.
Insurance fund in¬
Accts. receivable..
1934
Liabilities-
5,563,943
65,547
on
long
debt,&c.
Surplus
Total._.....285,794,524 285,915,605
1935
1934
4,922,103
46,979
93,389
comm.
Steamer equipm'tInv. in other cos__
Divs.
1,038,512
36,442
615,297
accts..
Securities..
576,073
3,823,052
$481,325
Consolidated Balance Sheet Dec .31
$
b Shore plant
Bal.
615,297
603,372
68,393
973,983
payable.
Deferred credit.
Liab.
,577,777
115,750
$533,481 prof$629,437
1935
Assets—
Interest
Accts.
term
contract'l rts.
88,961
Divs. declared..
Acer. int. rec. on
38,000
Comparative
Net
5,000,000
2,665,000
342,677
under
$105,697
awards
gold deb. bds.y
series A.4,155,000
603,371
6%
61,937
Prov. for Fed. inc. tax..
M ixed
45,810,500
Pr.
& Lt. Co.
loans
Deferred charges
on
43,385,500
Amer.6% ser.
Soutliwest'n
Reacq. cap. stk.
Contract'l rights
■■i'S
$ /
Gold deb .bonds,
,294,000
31,971
1
1934
$
stock
(no par value)214,645,636 214,645,636
200,392
rec.—subs
Special
ceedings
Vessels in
Capital
Accts .rec.—subs
sale of invest¬
ments and vessels
a
x
4,900,000
term securities
Expenses
incident
toy\,
longshoremen's strikeRetroactive wages paid
longshoremen
Expenses
incident
toi
Williams Steamship
$7,954,921
1935
1934
Assets—
Investments
V.-;
.
——
$9,040,224
31 (Company Only)
Balance Sheet Dec
68,947
$633,290
__
notes and bonds
on
8,725,119
$7,294,898
Dec. 31.$10,700,432
1935
Total income
Int.
3,424,112
$9,708,417 $11,453,679 $17,901,913
1,190,349
4,164,328
1,190,380
1,223.138
1,223,106
4,280,702
1,501,962
:•
42,880
sources
3,177,973
5,208,883
,
$13,113,870
1,190,342
$6 pref. stock-_
$5 pref. stock-_
3,223,096
Total
21,043
66,080
sale of securs..
$9,176,794
end.
mos.
(as above)
Divs.
5,289
$8,029,567
of
statement
for
Dec. 31
t
other
from
inc.
Divs.
justments & recoveries
in prior years
Profit
Bal.
$245,255
$563,015
$524,330
.
$6,530,444
$7,904,987
»
$9,556,780
9,311,525
Net profit from opers
Profits arising from ad¬
843,573
267,822
of investments
Earnings-
1934
1935
Calendar Years—
Operating expenses
2,545,641
li¬
quidation & reduc. in
val. of wholly-
ledger
.
Gross freight earnings..
$8,029,567 $10,426,956
$9,076,085
1,703,394
Total
1938.
After making this payment American
subsidiaries had cash in banks in New York of $14,686,000 at the close
1932
1934
$9,040,224
1935
Earned surplus, Jan. 1__ $7,294,898
Profit on debs, reacquir'd
394,121
C. E. Calder, President of the company, stated that
Share Co.
1936
Bal.
—V. 142, p. 2306,
Sales
April 18,
Chronicle
Comparative Statement of Income & Summary of Earned Surplus {Co. Only)
Years Ended Dec. 31—
1935
1 934
1933
1 932
Gross income from subs. $8,483,678
$6,421,290
$6,645,973x$ll,083,280
Other income
28,678
53,774
55,446
959,735
$5,099,038
$1,546,411
$1,483,428df$l,460,064
—V.
142, p. 1973.
Co. of
Illinois—Earnings—
1936
$103,420
1935
$54,953
Volume 142
Financial
American Home
Products
Chronicle
Corp.—Listing of Additional
Stock—Acquisition of Affiliated Products, Inc.—
[Consolidating
Exchange has authorized the listing of 76,560 addi¬
(par $1) upon official notice of issuance in connection
with the acquisition of
assets, property, business and goodwill of Affiliated
Inc.,
making the total amount applied for 641,060 shares.
[Included in the 76,560 shares applied for are
7,600 shares previously issued
and subsequently
reacquired by the corporation.]
The stockholders of Affiliated
Products, Inc. on April 9, 1936, author¬
ized the dissolution of the
company.
Stockholders of Affiliated Products,
Inc. will receive in liquidation shares
of capital stock of American Home
Products Corp. in the ratio of one share of
American Home Products Corp.
stock for each five shares of
Affiliated Products, Inc. stock.
Earnings Report
accounts of American Telephone & Telegraph Co. and its
23 Associated Telephone Companies]
The New York Stock
tional shares of stock
Products,
2655
Bell System
Feb. 29 '36
12
Months Ending—
Operating
Operating
i
expenses x__
Taxes..-.
—
American
elected
Radiator
director
a
&
to
succeed
Standard
Stanley
Sanitary
P.
Jadwin.
(&
Corp.
Subs.)—Earnings—
Calendar Years—
Gross sales
1935
1934
1933
1932
-
9-16,109,165 887,366,257
654,822,730 619,874,902
99,286,791
90,313,027
Operating earnings
Other earnings—Net y
191,999,644
13,750,000
—
Total net earnings.
Interest deductions
Net income----
177,178,328
5,718,000
—205,749,644 182,896,328
52,201,138
57,553,768
New Director—
Knox Ive has been
—V. 142, p. 1803.
Feb. 28 '35
$
$
revenues—
—
—
-
153,548,506
-.
125,342,560
Dividends
on preferred stock of associated com¬
panies held directly by public
6,425,085
Net income applicable to common stock of asso¬
ciated telephone cos. held directly by public.—~
8,477,692
Net income applicable to Amer. Tel. & Tel. Co.stk.138,645,729
Earnings of American Tel. & Tel. Co., per share.
$7.43
6,425,085
7,686,103
111,231,372
$5.96
S103.797.203 $81,737,999 $67,972,625 $61,295,561
Returns, allowances, discounts, freight
11,045,420
8,427,278
7,215,849
7,452,549
Inter-co. items elim..__
9,353,837
5,830,747
4,937,439
4,044,787
Cost of sales.
55,558,132
43,229,504
35,371,864
35,177,392
Sell. & admin, expense-16,219,141
15,194,500
13,718,074
14,334,371
Note—The figures in these columns reflect adjustments (increases or
decreases) in certain accounts made in connection with settlements of rate
litigation, as follows:
Operating profit—— $11,620,673
352,01)
Miscellaneous income...
x646,562
Taxes
—
Interest received—
Total income-
737,352
4 361,229
262,325
2, 387,304
_
Reserve for Govt, taxes-
Foreign exchange losses.
on
current
$6,729,399
430,836
348,437
$286,461
670,821
561,789
.$7,508,672
847,973
4,121,154
214,595
1,546,180
$1,519,071
941,776
1,782,901
275,377
1,192,105
296,359
xl,784,948
-$12 619,245 $11,137,278
Interest paid
Depreciation & depletion
Miscellaneous charges.
Reserve
$9,055,971
_
767,135
,4,291,545
l)
237,507
2,135,615
operations.
for
losses
321,558
in
closed banks
Res. for reval. of profits
375,000
in restricted countries-
800,000
493,391
778,784
Inventory price adjust—
Minority interest
Idle plant expense
Consol.
Pref.
net
profits-..
dividends
cos. not
Prefrred
of
318,275
1,431,974
$2,798,860
dividends
335,048
Earnings
$2,463,812
per
share
avge. amount
Incl.
x
$465,960
transferred
as
10,041,086
on
mated.
10,037,506
10,002,206
/
■
$0.11
1934)
Nil
profit realized
on
Output of electric
Liabilities—
18,066,396
20,002,247
bonds...
Notes and ac¬
660,739
847,158
counts receiv.
14,079,129
30,694,395
<fc
munic¬
—_
a
Inventories
Cash
in
d
13,046,202
26,026,256
closed
172,097
199,173
em¬
912,065
3,598,825
3,911,079
1,981,247
1,730,207
Pension &b' fits
580,675
American
Net
underlying
cos
400,000
b Common stock
Paid, in surplus-
88,556,889
After
90,700,653
8,393,227
90,700,143
8,391,913
Total
37,494,445
-.159,110,776 155,114,435
reserve of $38,862,482
($35,841,210 in 1934) and in
for revaluation of $6,855,961
($8,295,832 in 1934).
d Includ¬
ing 118,651 (117,219 in 1934) shares
9,365
y$180,161
10,807
$125,338
337,084
7,405
$475,341
325,696
36,224
$592,195
292,461
45,000
$190,968
280,933
Cr25,000
$113,420
1,495,862
$254,734
1,241,128
loss$64,966
1,306,094
$1,609,282
$1,495,862
common
a
dividend
selling and other expenses,
Assets—
1935
1934
Property acc't--$4,275,914 $4,460,378
Investments
300,086
325,157
a
Ore
stocks
inven¬
Due from
rec.
empl's—
Misc. accts.
rec
2,096,695
127,647
484,867
12,317
40,217
2,172,632
214,077
373,324
14,820
22,211
Freight & treatm't
of
75
cents
charges
432,616
396,695
dismantled
83,631
—V. 142, p. 2143.
American
Telephone
1935
&
1934
—
After
$8,072,910 $8,242,4751
reserves
1933
Telegraph
Co.—Quarterly
Walter S. Gifford, President, states:
In the first quarter of this
year the Bell System had a net gain of 201,000
telephones, compared with 113,000 in the corresponding period of
1935.
The average number of telephones in service
during the first quarter was
3.8% greater than during the first quarter of last year.
The total number of coll and
long-distance calls in the first quarter of
this year was approximately
13% greater than in the corresponding period
last year.
Telephone
A
Telegraph
Co.
xl936
Interest
97,725,731
79,992,584
including taxes
Operating earnings
Dividend
$
revenues
expenses,
_______
revenues...
revenues.
Miscellaneous non-operating revenues—Net
Total net earnings
Interest deductions
Net income y
Dividends, at $9 per share
1935
$
S8,995,866
75,168,592
17,733,146
13,827,274
125,323,744 113,355,205
9,727,913
14,903,395
740,986
866,402
153,525,792
23,368,696
142,952,278
24,036,046
.-.130,157,095 118,916,232
167,968,692 167,960,475
Charged against net income
130,157,095 118,916,232
Charged against surplus
37,811,597
49,044,242
Average number of shares of capital stock outst'g— 18,663,188
18,662,275
Earnings of Amer. Tel. & Tel. Co., per share
$6.97
$6.37
x Subject to minor
changes when final figures for March are available,
y Does not take into account the company's proportion of the
undivided
profits or deficits of subsidiary companies.
Fed'l
taxes
8,623
1,426,943
4,019,021
Capital surplus
37,500
1,609,282
4,033,239
Total
$8,072,910 $8,242,475
b Represented by 200,000 $1
$7,010,404 in 1935 and
par
value shares.—V.
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of March, 1936—
In
Companies—
Brakpan Mines Ltd
Daggafontein Mines Ltd
Springs Mines Ltd
West Springs Ltd
Milled
136,000
121,500
135,300
103,500
South
African
Currency-
Total
Revenue
£241,294
254,497
287,654
106,619
Costs
£135,519
134,366
125,570
73,610
Profit
£105,775
120,131
162,084
33,009
Note—Revenue has been calculated on the basis of £7.0 6d. per ounce fine,
x Each of which is incorporated in the Union of South
Africa.—V. 142,
1973.
Anglo-Chilean Nitrate Corp.—Plan Declared Operative—
The
plan,
dated Jan.
27,
1936, for the readjustment of the financial
of the corporation (incorporated under the laws of
Chile) has
been declared operative, according to an announcement made
by Medley
G. B. Whelpley, President of the company, to holders of certificates of
deposit for the 20-year 7% sinking fund debentures issued by the AngloChilean Consolidated Nitrate Corp.
structure
According to Mr. Whelpley, more than, 69 % in aggregate principal amount
having been deposited under the plan,
the company is
in a position to proceed with the necessary steps under the statutes
of the Republic of Chile to carry the plan into effect.
Upon satisfactory
completion of these proceedings, the new sinking fund income debentures
due Jan. 1, 1967, will be made available to holders of certificates of
deposit,
together with interest thereon, amounting to about $24 per $1,000 deben¬
ture in respect of earnings for the year ended Jpne 30, 1935.
The time
within which holders of the existing debenture bonds may deposit under
the plan has been extended to and including June 1, 1936.—V. 142, p. 2307.
of the debentures
now
12 Months Ended March 31—
Operating
Operating
for
income
for depreciation and depletion of
$7,274,552 in 1934.
142, p. 2488.
p.
Report—
Earnings of American
Reserve
178,408
x
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9.418,804
9,074,434
8,425,292
8,860.420
9,048,869
9,234,926
8.446.763
—
March
1934
_
84,772
218,917
operations
Tons
January.
February.
1935
$1,875,000 $1,905,013
200,000
200,000
Reserves
46,544
82,698
Accounts payable446,962
224,844
Drafts in transit-105,960
Taxes accrued
49~816
43,939
b Common stock.
Deferred charges to
a
per
Co.—Sales—
1936
Liabilities—
Preferred stock
Earned surplus..
.
Month of—
$1,241,128
Profits from
stock, at cost.—V. 140, p. 3537
share on the
capital stock, payable May 15 to holders of record
April 30.
A like pay¬
ment was made on Feb. 15
last, and compares with 62)^ cents per share
distributed each quarter from
Aug. 15 1934 to and including Nov. 15,
1935; 50 cents per share paid each three months from
Aug. 15, 1932 to
May 15, 1934 inclusive, and 75 cents per share
quarterly, previously.—
V. 142, p. 615.
American Stores
y
Plant & facil. to be
Total
directors have declared
36,811
$1,426,943
Includes administrative,
x
American Re-Insurance Co.—75-Cent Dividend—
The
y $582,830
years.
Total surplus..
Notes & accts.
60,671,160
for dountful accounts of $1,675,772 in 1935 and
$1,138,140
b Represented by 10,158,370 (10,158,305 in
1934) no par shares,
reserve
prior
tories, &c
After depreciation
1935
3,703,624
loss$219,150
1,609,282
Net profit
Cash
reserve
in 1934.
c
6,654,496
4,786,400
60,671,160
35,030,633
Deficit
a
1932
$3,883,785
5.969.669
Consolidated Balance Sheet Dec. 31
6,763,285
4,786,400
at date of
acquisition
155.114,435 <
Subs.)—
1933
$5,986,807
5,403,977
operations.
Earned surp. of
subs.
& affil.
--.159,110,776
(&
1934
$6,429,795
$460,126
15,214
Previous earned surplus.
Adj. of res. applic. to
11,200,000
in
88,881,662
Total
Co.
Smelting
$98,722
26,616
Federal income taxes
cap.& surp. of
cos.
&
1935
Deprec. and depletion..
3,475,669
.
res.
1,525,619
prop¬
erty, &c
Lead
$7,336,183
Cost of goods sold-..7,237,461
exch'ge
400,000
Plants,
Zinc,
sales
Gross profit on sales..
667,259
2,948,926
Long-term oblig. 10,900,000
Foreign
1,659,945
items,
—
357,167
3,130,683
_
Preferred stock.
vestments
for the week ended April 11 totaled 46,512,000
energy
April 11.
46,512,000 39,135,000 35,004,000 27,681,000 29.582,000
142, p. 2488.
843,783
4,732,886
Minority int.
585,334
Pension fund in¬
c
558,741
1,124,208
Accts. payable.-
valuation
ployees
Investments-
Deferred
S
Res.for Govt.tax
banks
Advances to
Accrued wages.-
Co., Inc.—Weekly
—V.
x
1934
$
Notes payable.
ipal
1804.
p.
Electric
Week Ended—
1936
1935
1934
1933
1932
March21
36,228,000 40,214,000 36,673,000 27,161,000 28,629,000
March 28.
39,040,000 39,960,000 36,466,000 27,484,000 29,108,000
April
4_
45,072,000 37.670,000 32,857,000 27,314,000 29,494,000
foreign funds
1935
$
&
kilowatt hours, an increase of 18.9% over the output of 39,135,000 kilowatt
hours for the corresponding period of 1935.
The figure 46,512,000 is the
Total gross income—
1934
S
142,
Works
Other income
1935
Govt.
Water
Output—
Nil
dividends.
Assets—
Decrease.—V.
a
American
Consolidated Balance Sheet Dec. 31
Cash
Increase.
z
Calendar Years—
$0.24
($1,432,037 in
—
current
maintenance,
depreciation,
traffic, commercial,
general and miscellaneous expenses and operating rents.
y Includes proportionate interest in earnings or
deficits of controlled
companies (including Western Electric Co.) not consolidated, partly esti¬
$l,120,851def$l,361,423def$7507969
10,039,719
outst'g-
Includes
x
stock
common
outstanding (no par)-_
expenses.
deductions
highest recorded in the history of the company.
Comparative table of weekly output of electric energy for the last five
174,209
334,152
1,008,622
-
Surplus.-
Interest
1,518,064
145,696
334,152
334,376
Feb. 28 '35
$
$
z516,178 al5,921,059
zl,225,178 al5,948,059
a103,000
a574,905
a491,635
z4,805,738
years follows:
$1,455,227 loss$881,5751's$5,990,986
owned
Feb. 29 '36
revenues
1,231,294
46,981
89,969
1,195,376
sub.
Common dividends
Shares of
200,000
500,000
12 Months Ended—
Operating
Operating
Armour
& Co.
(;I11.)—Packers Ordered by Secretary of
Agriculture Wallace to Desist from Price-Fixing, Apportioning
of Territory, &c.—See under "Current Events and Discus¬
sions" of "Chronicle," April 11, page 2430.—V. 142, p. 1627.
Ashland Home
See list
Telephone Co.—Registers with SEC—
given on first page of this department.—V. 131, p. 1891.
Associated Gas & Electric Co.—Dissolves
Kentucky Corp.
The Interstate Utilities Co., a Kentucky corporation, has been
recently
dissolved, it was announced by the Associated Gas & Electric System.
This brings, the number of companies dissolved, merged or otherwise disposed
of since 1921 to a total of 322.
April 18, 1936
Financial Chronicle
2656
1936.
Dec. 31,
Period
statement of Income for Period from Inception (June 26, 1935) to
1935 Combined with Accounts of Precedessor (Arizona Edison Co.) for
1, 1935 to June 26,1935 as Shown
Jan.
by the Books of that Company
Arizona
'
Arizona
Edison Co. Inc.
1,1935 June 26 1935
June 26'35 to Dec. 31'35 Combined
$1,224,076
$635,990
$588,086
714,069
343,405
370,664
72,581
31,908
Edison Co.
Jan.
to
Operating revenue
Operating expenses
-
Maintenance
40,673
.
(other than Federal and State
income)
Prov. for uncollectible accounts
Taxes
$87,516
27,384
on
funded debt.
...
—
$181,860
b68,994
4,047
79,499
2,400
4,750
$296,760
207,508
7,644
227,204
4,800
4,750
1,472
2,400
Prov. for Federal and State inc. taxes
— —
.
1,472
-
....def$178,788
$22,170 def$156,618
1st mtge. bonds of old company,
b Interest ac¬
Netincome
Interest accrued on
a
$260,047
36,713
147,705
Prov. for, (etirement of fixed assets
Amortization of rate case expense
Sundry income deductions .
$172,531
9,329
$114,900
a 138,513
3,597
Total income
Other interest
165,830
11,548
5,631
Net income from operations
Interest
82,228
5,917
83,601
Other income
on
is before determination
income bonds.
of interest, if any, on 2d mtge.
Balance Sheet Dec. 31, 1935
Liabilities—
Assets
,523,443
2,501
182,292
i
Fixed assets
Investments
Cash in banks and on hand.
_.
Due
River Valles'
Water Users Association:
from
equal amounts
delivered
by trustee in exchange for
securities of predecessor
Accounts
line,
mission
State income)
Associa¬
Int. on series A,
tion's revenues
14.273
10,475
Maint.,
105,937
Unamortized rate expense...
15,748
warrants, &
46,672
accounts.......
Uncoil, accts. of predecessor
2,143
Bund ry
re¬
bl, 827,165
Uncoil, notes,
31,078
Prepaid insurance & taxes.
&
renewals,
placements
38,242
Reorganization
expenses..
Contribs.
35,930
28,272
extensions,
for
4,750
Miscellaneous reserves
Pittsburgh
Issued
10.13%
Brown
New
Co.,
&
Harriman
W.
Inc.,
York-...—--.-—
3.38%
3.38%
2.70%
E. W. Clark & Co., Philadelphia. 2.70%
Cassatt & Co., Inc., New York.. 2.70%
Kidder, Peabody & Co., N. Y.._
W. E. Hutton & Co., New York.
Graham, Parsons & Co., Phila...
.10.13%
5.07%
_
Corp., N. Y
Lee Higglnson
— ,-.
York...
Blyth & Co., Inc., New York
Hayden, Stone & Co., New York.
First Boston Corp., New
5.07%
H.
Newbold's
Son
Co.,
&
2.70%
2.70%
2.03%
Kuhn, Loeb & Co., New York...10.13%
Philadelphia
_
5.07%
Biddle, Whelen & Co., Phila
5.07%
Elkins, Morris & Co., Phila
5.07%
Any series A preferred stock purchased by the
livered to them not later than May 12.
The price
underwriters will be de¬
to be paid by the under¬
share plus dividends accrued from May 1, 1936.
As compensation for the service of the underwriters, the company is to
pay to each underwriter its percentage, as set forth above, of an amount
equal to $2.50 per share on the total of 148,000 shares to be offered to stock¬
holders less $1 per share on the number of such shares subscribed for on
exercise of rights, evidenced by the subscription warrants.
Purpose—Company will reserve the net proceeds of the series A preferred
up to but not in excess of $14,000,000, to provide for the purchase
prior to and the payment at maturity of its outstanding $14,000,000 15-year
5% gold debentures, duo July 1, 1937.
Pending use for this purpose, the
reserved funds may be invested in obligations of the U. S. Government
maturing on or before July 1, 1937.
Any excess of the net proceeds above
$14,000,000 will be added in the first instance to working capital and will
thereafter be available for general corporate purposes.
Net proceeds are
estimated at a minimum of $14,234,220 and a maximum of $14,382,220.
stock,
Capitalization as of Dec. 31,
91,749 shares
To be issued, 13,467 shares
e
22,169
1,286,182
Earned surplus
f
being 2,696,642 shares.
treasury shares)
March 24, 1936, a total of 250,000 shares of preferred stock, issuable
series, was authorized by stockholders; and on March 30, 1936, the
directors established as the first series thereof the 148,000 shares of cumu¬
On
in
preferred stock, convertible 4% series A, now being offered, and
411,112 shares of common stock for the conversion thereof.—
p. 2489.
reserved
Y.
142,
The New York Curb
458,745
d67,335
Capital surplus
$14,000,000
4,000,000 shs. *2,664,901 shs.
*
Since Dec. 31, 1935, the company has acquired 901 shares, reducing the
outstanding stock to 2,664,000 shares.
Including the 901 shares so acquired
the company held in its treasury at March 30, 1936, a total of 32,642
shares of its common stock; the total amount of stock issued (including
Co.—Listing Approved—
Austin Silver Mining
outstanding,
Outstanding
$15,000,000
July 1, 1937
15-year 5% gold debs., due
($25 par)
stock:
capital
and
1935
Common stock
7,898
Common
Y_.-21.97%
Goldman, Sachs & Co., N. Y
Mellon Securities
Co. (Inc.),
lative
5,071
non-refundable
Federal & State income tax.
c
Exchange has approved the listing
standing shares of capital stock,
Aviation
of 723,419 out¬
$1 par.—V. 138, p. 3937.
Corp.—Annual Report—
L. B. Manning,
President, says in part:
of the company in aeronautical securities,
value of $726,236, include 67,597 shares of Pan
The investments
$9,291,2861
Total...
a
Bonds of the
former Arizona
Total
i
$9,291,286
Edison Co., which have not yet been
presented for exchange into securities of the new company, and for which
securities are reserved,
b "Fixed assets" and "maintenance, renewals and
replacements" have been carried over to Arizona Edison Co., Inc., at the
same amount
(with certain exceptions) as on the books of the former
Arizona Edison Co.
The "excess of book value of assets over liabilities
and capital stock at reorganization" is for the greater part available to
absorb extraordinary capital or other adjustments which may become
necessary,
c Voting trust certificates of no par value—authorized 118,385
shares to be issued pursuant to plan of reorganization of predecessor, in
accordance with the plan of reorganization, 13,169 shares of the authorized
common capital stock have been reserved for purchase by the pref. stock¬
holders of the predecessor company.
As at Dec. 31,1935, options had been
issued for the purchase of 2,252 of such shares at a price of $13 per share
(options expire July 31, 1940).
d Held for issue to the remaining security
holders of Arizona Edison Co. as they present their securities for exchange,
e Being net profit for period from June 26 to Dec. 31, 1935, before provision
for interest, if any, of income bonds.
f Being excess of book value of assets
over liabilities and capital stock at reorganization, as adjusted, see also note
b above.—V. 141, p. 1085.
Arkansas
Period
Power
& Light
Net
Kent-
Co.—Earnings—-
[Electric Power & Light Corp. Subsidiary]
Ended Jan. 31— 1936—Month—1935
1936—12 Mos.—1935
$571,313
334,543
from oper
$7,228,207
3,803,177
$7,437,609
4,161,015
$281,812
$3,425,030
$3,276,594
5,214
revs,
from leased
$599,675
317,863
$236,770
Operating revenues
Operating expenses
Dr 537
Dr7,028
14,084
prop.
1,115
1,037
45,526
16,916
$243,099
156,113
$282,312
157,496
$3,487,472
1,881,585
$3,283,650
1,891,937
y$86,986
y$124,816
$1,605,887
600,000
.,391,713
597,000
949,265
>949,269
(net)
Other income
(net)
Gross corp. income
Interest & other deducts.
Balance
Property retirement reserve appropriations
•x Divs. applic. to pref. stocks for period, whether
paid or unpaid
;
Balance.
y
Before
—
property
$56,622
-
retirement
reserve
unpaid to
appropriations
def$154,556
and dividends.
1936, amounted to
$1,265,687.
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. 1805.
a;
Dividends
114,111 *"
"
accumulated
and
31,
Jan.
1
II—
Arnold Constable
j
UJU— _:
xsammmmmmammmm-
Corp.—New Director—
the annual meeting oj
resigned.—V. 142, p.2307.
the books at
a
During the past year the stocks of American Airlines, Inc. and Canadian
Colonial Airways, Inc., previously owned, have been distributed to its
stockholders in compliance with the Air-Mail Act of 1934, but the trustees
still have on hand at this date 38,600 shares of General Aviation Corp..
57,900
shares of North
Inc., and 4,632 shares of
which they have not yet been
April 4, Associated Gas & Electric System reports
of 76,568,233 units (kwh.), which is an increase of 10.8%
above the comparable week a year ago.
Output has resumed the satis¬
factory improvement over last year which was interrupted because of cur¬
tailment in the flooded districts.
Gross output for the week was 80,915,265 units.—V. 142, p. 2488.
For the week ended
Associated Telephone Co., Ltd.—Files Amendment—
amendment filed with the Securities and Exchange
Commission, states that its 106,312 shares of preferred stock will be offered
The company in an
$25 per share.
Bonbright & Co., Inc.. will underwrite 42,525
Co., 31,894; Mitchum, Tully & Co., 21,262, and
shares.—V. 142, p. 2488.
at
shares; Paine, Webber &
Blyth & Co., Inc., 10,631
Atlantic Refining Co.—Offering of Preferred Stock—_
A prospectus dated April 3, issued in connection with the offering of
$14,800,000 cumulative preferred stock, convertible 4% series A, affords
following:
(
stock at basic rates expressed for
convenience in the following conversion prices per share of common stock:
Prior to and including Dec. 31, 1937, $36 per share; after that date to and
Including Dec. 31, 1939, $40 per share; and thereafter at $45 per share;
The stock is convertible into common
able
dispose of at a price deemed by the trustees to be satisfactory.
The
action taken by the stockholders at the annual meeting in 1935 authorized
the trustees to sell the securities referred to and distribute the proceeds to
the stockholders, but if unable to sell said securities at prices satisfactory
to the trustees, to make distribution of the securities themselves direct to
the stockholders.
Inasmuch as General Aviation Corp. has now divested
itself of all securities of air-mail contractors, there remains no legal reason
why the stock of General
Aviation Corp. should not be returned to
the
portfolio of Aviation Corp., and for this reasn it is recommended that the
rescind the action taken at the 1935 annual meeting and
authorize the trustees to return the 38,600 shares of stock of General
Aviation Corp. to Aviation Corp.
Furthermore, from a practical stand¬
point, it seems impossible to distribute 57,900 shares of stock of North
American Aviation, Inc. and 4,632 shares of stock of Transcontinental &
Western Air, Inc. among approximately 25,000 stockholders of the out¬
standing 2,777,750 shares of the capital stock of Aviation Corp. without
splitting the shares to be distributed into small fractions which stockholders
would find difficult and expensive to dispose of.
The trustees therefore
also recommend and directors concur, that the stockholders, at the annual
stockholders
meeting to be held April 21, 1936, rescind the action previously taken at the
annual meeting of 1935 relating to the stocks in question in so far as such
action authorized the distribution of same or the proceeds from the sale
thereof to the stockholders of Aviation Corp., and in lieu thereof, authorize
the trustees to sell at the best price obtainable and at the earliest practicable
date the shares of North American Aviation, Inc. and Transcontinental &
Western Air, Inc., and thereafter to pay over to Aviation Corp. the net
proceeds of such sale.
Since July 1, 1935 holders of the old $5 par (or no par) stock of Aviation
Corp. have been entitled to surrender the same and to receive in exchange
a like number of shares of the present $3 par value stock of Aviation Corp.
plus
one-tenth share of the
stock of American Airlines, Inc. and oneColonial Airways, Inc. for each
twentieth share of the stock of Canadian
value (or no par) stock of Aviation Corp. surrendered.
Numerous stockholders of Aviation Corp. have not as yet made this ex¬
change and secured the stock of American Airlines, Inc. and Canadian
Colonial Airways, Inc. which they are entitled to receive.
All stockholders
of Aviation Corp. who still retain the certificates representing the old $5
par value (or no par) stock are urged without further delay to deliver or
send their certificates by registered mail to the stock transfer office of the
corporation, 40 Wall Street, New York City.
share
of $5
par
Earnings for Year Ended Dec. 31,
1935
$1,782,372
12,329
Net sales of manufactured products
(net)
,
Output Increases 10.8%.—
net electric output
the
American Aviation,
Transcontinental & Western Air, Inc.,
to
Other operating income
Electric
carried on
American
Airways Corp., the present market value of which is $3,920,625, and 60,000
shares of Roosevelt Field, Inc., the present market value of which is $225,000.
John Block was elected a director of the company at
stockholders held April 7. replacing Phillip Bayer,
sub¬
Stock to Be Purchased
Authorized
9,719
5,032
Other interest
decessor) originating prior
Edward B. Smith & Co., N.
73,536
Reserves:
(pre¬
Co.
Edison
zona
to its rceivership.
shares of preferred stock as are not
Underwriters and Percentage of Unsubscribed
Name of
6% 1st mtge.
Other liabilities
of Ari¬
Uncollected accounts
_
bonds
253,252
On open account
percentage of such of the 148,000
for under the offering.
scribed
(other than Federal &
on
based
the
of
certain
Taxes
a476,300
35,995
payable__i__
Salaries and wages payable..
of trans¬
payable in
For construction
2,392,050
bonds to be authenticated in
Salt
installments
bonds......
income
1st mtge. & 2d mtge.
91,310
I n ventories
$2,392,050
1st mtge. bonds
2d mtge. income
135,710
1,293
Notes, warrants, & accts. rec..
Current indebtedness of subs.
has agreed to make application in due course for the listing
of this preferred stock on the New York Stock Exchange.
In the opinion
of counsel, this preferred stock is exempt from the present Pennsylvania
personal property tax.
The 148,000 shares of preferred stock are offered by the company for
subscription at $100 per share pro rata to holders of the 2,664,000 shares o
its common stock of record on April 9, the subscription right pertaining to »
each share of record on said date being for 1-18th of a share of preferred
stock.
Company's offer to its common stockholders will terminate, and
the subscription warrants will expire, at 3 o'clock p. m. (New York City
time) on April 29, 1936.
Each underwriter named has agreed with the company to purchase a
The company
writers will be $100 per
the 1st mtge. bonds of new company.
Note—Net income of Arizona Edison Co., Inc.,
crued
Dividends will accrue from May 1,
redemption.
unless called for previous
Inc.—Earnings-
Co.,
Edison
Arizona
Total income
$1,794,702
1,667,911
;
Cost of sales
$126,790
profit from manufactured products
Gross
179,554
Other income
Total
_
_
$306,344
_
Sell., advertising, gen. & adm.,
Parent company expenses
and engineering & experim. exps
State, local & Federal taxes, other than
income tax...
Loss for year
__
profit from liquidation of surplus property &
(before provision for depreciation)
Net
provision for depreciation
Provision for depreciation
Net loss
67,216
$578,026
92,906
$670,933
Consolidated net loss
to the extent
$645,242
equipment
Net loss before
Portion of above losses of subs,
782,182
135,257
34,148
applicable to minority interests
of their investment therein
applicable to Aviation Corp
238,511
$432,421
Volume 142
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1935
$
assets
Autocar
1934
$
Assets—
Fixed
x
1935
1934
S
$
Liabilities—
1,599,303
3,119,275
5,914,975
U.S.Govt.,&c.,bds
y25,200
678,181
Due
Notes &accts.rec.,
less res
304,208
261,118
311,710
311,711
Purch. money obllg
1,819
29,017
1,654
Accts.
from
rec.
on
purch.
224,314
49,488
152,355
66,494
Inventories
42,371
716,284
1,036,349
U. 8. Govt, bonds
35,168
42,600
42,600
654,967
agst. props.,
leases & conting.
Min. stockholders'
961,963
int. in subs
Paid-in
with annulled air
237,151
z8, 333,250al3,888,765
surplus.__ 4 139,884
122,643
Earned surp. (def.)
mail contract.__
2 035,483
1,603,060
260,000
from
rec.
Am. Airlines, Inc
Ser. notes due sub¬
sequent to
3,136,664
3,137,512
726,236
726,236
1 yr.
April 16
airline oper. cos.
106,150
28,659
to
724,429
as
Co.—New President
&
Director—
elected a member of the board of directors at the
meeting held Apri. 8.
Directors of the company,
after the stockholders' meeting, formally elected Bancroft Hill, President,
to fill the vacancy brought about by the resignation of Lucius S. Storrs.
—V. 142, p. 2146.
623,075
.
as
$7,128,704,
Baltimore Transit
1,644,411
33,940
Total..
$1,675,249,
as compared wPh $1,471,624 for March
1935.
for the first three months in the year
compared with $4,643,955 in the same period last year.
Consolidated
shipments,
including Midvale
in
March, aggregated
$1,428,073, as compared with $2,285,611 in March of last year.
Consoli¬
dated shipments for the first three months of 1936 were $3,948,929, as
compared with $6,166,904 for the first three months of 1935.
On March 31,
1936
consolidated unfilled orders
including Midvale,
amounted to $9,868,856, as compared with $6,689,081 on Jan. 1, 1936,
and with $7,939,V63 on March 31, 1935.
All figures are without intercompany eliminations.—V. 142, p. 2489.
on
annual
Deferred charges..
Subs.)—Bookings—
The dollar value of orders taken in March by the Baldwin Locomotive
Works and subsidiary companies including the Midvale Co., was announced
George C. Cutler
Invest, in stocks of
Development exp.,
patents, &c
again adjourned,
142, p. 2308.
Baldwin Locomotive Works (&
10,000
Capital investm'ts
was
These bookings brought the total
Capital stock
dep. in connec'n
has been set for the meeting.—V.
1,917,599
Res.
rec__
meeting scheduled for April 15
in order to give the stockholders additional time to prepare a reorganiza¬
tion plan for the company, Robert Page, President, said.
No date so far
of
&c__
Col. Airways,Inc
employees
Accrued int.
Notes
Accounts payable.
Accrued liabilities.
properties,
U. S. Govt
Due from officers
&
1,720,210
Co.—Meeting Further Adjourned—
The adjourned annual
Adv. from Canad'n
Cash
2657
Bankers
11,409,022 15,821,6811
Total.
11,409,022
,
r^erve for depreciation, $363,270: balance, $648,814; total (as above),
$1,599,303.
y At cost.
zPar $3.
a Par $5.—V. 142, p, 2489.
Income
Shares, Ltd.—Registers with SEC—■
See list given on first page of this department.
15,821,681
xLand, buildings, machinery and other equipment—manufacturing
(at cost), $1,137,432; less reserve for
depreciation, $278,951; balance,
$858,480; land, buildings and other equipment—in process of liquidation
(at cost) $728,949; lass reserve for depreciation,
$636,940; balance, $92,009;
idle property and
equipment, at value determined by directors, $1,012,084;
was
stockholders'
Bayway Terminal (New York Harbor)—Reorg. Plan—
An order, dated.Feb. 11 1936, has been made
which in substance,
among
other things, finds fair, equitable and feasible the plan of reorganization
dated Aug. 15 1935, proposed by the so-called Henneman and Roura
bondholders protective committees as modified.
The order determines that
the debtor is insolvent and that no acceptances by any stockholders of the
debtor are requisite to the confirmation of the modified plan, which makes
provision for such stockholders.
The members of the first mortgage
no
Atlantic Coast Line
Co.—Annual
Report-
bondholders' protective
committees
are:
Income Account Years Ended Dec. 31
Interest Received on—
U. S. Treasury securities
1935
unified mtge.
Internatl. Agricul. Corp.
Miscellaneous
Ctfs. of indebtedness
On bank balances
1932
$33,079
62,000
50,160
$62,555
135,360
78,375
54,690
135,360
78,375
54,690
135,360
78,375
54,694
1,137
4^%__
1933
$32,632
62,000
50,160
135,360
78,375
54,690
6,368
A. C. L.
RR.Co.cons.4%
A. C. L. RR. Co. gen.
1934
$32,382
62,000
50,160
A.C.L.RR.ofS.C.4%
14,378
6,364
Dividends on Stock—
A. C. L. RR. Co, com¬
switches.
mon and A stocks....
Charleston & No. Caro.
Ry. Co
Westinghouse Air Brake
Co.
Other dividends..
446,176
72,000
72,000
2,268
6,276
3,402
6,276
4,536
6,276
10,406
7,638
$511,665
18,676
245,354
18,058
$433,251
„
Atl. & No. Carol RR. Co
Prof, on retirem't of ctfs.
of indebtedness
38
$499,879
19,538
242,435
tax on inc.
sale of securities.
247,171
$853,127
20,451
247,718
69", 065
Prov. for Fed.
on
5,670
6,276
,
Total income
General expenses
Int. on ctfs. of indebted.
Loss
50,160
(a) Harry E. Henneman (Chairman), James Bruce and C. Prevost
Boyce, with LeRoy A. Wilbur, Sec., 6 So. Calvert St., Baltimore, Md.
(b) Paul B. Roura (Chairman), Charles C. Hood and William P. Aldrich,
with Charles B. Game, Sec., Room 901, 160 Broadway, New York, N. Y.
A statement respecting the debtor follows:
For several years prior to Jan. 29 1932, the date of the appointment of
the receiver in equity, the debtor owned and operated the Bayway plant
(N.J.) at which it loaded, unloaded and stored for hire various commodities.
Such plant consists of eight modern reinforced concrete warehouses of
various heights and dimensions.
In addition there are several warehouses
of an older type of construction, a boiler house, &c.
The plant is also
equipped with the appropriate docks, roads and railroad sidings, frogs and
78.465
18,615
Acer. int. purchased
3,178
16
$95,224
$506,476
235,200
The principal commodity stored at the Bayway plant, prior to the
appointment of the receiver, was cotton.
The New York Cotton Exchange executed a 20-year agreement dated
July 27 1926, which provided that the debtor should become the exclusive
licensed warehouse of the New York Cotton Exchange to store and handle
to the extent of the capacity of the Bayway plant all cotton shipped to the
port of New York against contracts for future delivery made on the New
York Cotton Exchange.
However, the New York Cotton Exchange has
since adopted a by-law permitting the delivery of cotton on contract at
delivery points designated by its board of managers in addition to New
York.
Since the adoption of the by-law other points of delivery have
come into use and a relatively small amount of cotton has been placed
ip
storage at the Bayway plant against such contracts.
At the time the receiver was first appointed, a large amount of cotton
was stored at the Bayway plant by the Cotton Stabilization Corp., which
has since been withdrawn.
As
Net income
$237,905
235,200
Dividends paid.
$229,577
235,200
plant
1934
1935
1934
S
$
,
S
Secur.
Polk
'
'
'
' Ǥ
v
Liabilities—
>•
(seebelow).33,072,335 33,409,834 Capital stock
Phosph.
Co.
Ctfs. of
(advances)—, u
Accts.
128,700
23,362
rec
Deposit
for
127,200
Ctfs. of
11,760,000 11,760,000
4,813,700
indeb.(5%) 4,813,700
indeb.(4%)
48,100
Other liabilities.—
48,100
6,271
22,350
P. & L. surplus...16,879,805
int.,
17,184,891
divs. & inc. tax.
withheld
Cash
on
4,061
Total
4,292
279,418
deposit...
287,714
33,507,876 33,829,0401
Total....
33,507.876 33,829,040
Securities Owned Dec. 31, 1935
Securities Deposited with
a
to Secure Class A
,
^
t
„
Safe Deposit &
Trust Co. of Baltimore
5% and Class B 4% Certificates of Indebtedness—
Par
„
Book Value
A. C. L. RR. Co. of S. C. gen.
mtge. 4% bonds,
due 1948
$1,550,000
A. C. L. RR. Co. 1st cons.
mtge. 4% bonds, due
1952
1,050,000
A. C. L, RR. Co. gen. unif.
mtge., ser. A
.
$1,395,000
945,000
..
4H%
bonds, duo 1964
3,008,000
Total securities dep. with trustee—book value._
b Securities in
Treasury—
(1) U.
S.
Treasury
Securities—
Treasury notes—Series B, 2% %. due Dec. 15 '36
Series B, 3%, due April 15 1937
Series A, 3H%, due Sept. 15, 1937
Series A, 2H%, due June 15. 1939
$145,700
100,000
650,000
200,000
100,812
648,875
200,000
Treasury securities..
$1,095,388
Bonds—
A. C. L. RR. conv. deb. 4% bd.
scrip, due 1939
A. C. L. RR. 1st cons, mrge 4%
bds, due 1952—
A. C. L. RR. L. & N. coll. 4%
bds, due 1952—
Col. Newb. & Lau RR.1st mtge, 3% bds, due '37
Charleston & W. Caro Ry. 1st cons. mtge. A
$20
204,000
140,000
318,000
$16
183,600
105,975
190,800
791,000
474,600
1,567,500
1,097,250
5% bonds, due 1964
Internatl Agri. Corp. 1st mtge. & coll. tr. 5%
bonds, due 1942
;
of the foregoing,
the receiver
has
been compelled to find
on
June 30 1935
was
approximately 25% of the total storage capacity
and that the volume of cotton stored at that date was approximately 3%
of the total storage capacity.
Assets—The aggregate book value of the assets is $5,374,184.
Of said
book value $5,203,211 is attributed to the fixed assets after a reserve for
depreciation.' Included in the book value of the fixed assets is at least
$1,285,504 representing appreciation through appraisals made in 1922
and 1926.
Such appreciation constitutes no part of the cost of the fixed
assets.
If such appreciation, less the depreciation thereon is deducted
from the book value of the fixed assets, the remaining book value would
be $4,084,707.
The fixed assets were appraised in the foreclosure pro¬
ceeding at or about the time that such proceeding was instituted, by Robert
Huntley, real estate broker and appraiser connected with the office of Joseph
P. Day, Inc. at $1,750,000.
The book value of the assets, exclusive of fixed assets, aggregate $170,973.
Of this $100,457 represents assets belonging to the receiver in the equity
proceeding and $70,515 represents assets belonging to the receiver in the
foreclosure proceeding.
The notes and accounts receivable of the debtor arising prior to Jan. 29
1932 and certain other assets of the debtor have been ascertained to
These include
Warehouses, Inc., the holder of
record of a majority of the outstanding capital stock of the debtor, aggre¬
gating $290,150 and notes receivable aggregating $31,250 for subscription
of former employees to the capital stock of the debtor.
Liabilities—Liabilities aggregate $9,290,641.
Of said liabilities $3,000,383 constitutes the indebtedness on account of the old bonds which has been
decree of foreclosure, filed Jan.
decree
covers
all the real and personal property of the
accounts and bills
receivable) owned by it
on
debtor (except cash,
the date of the mortgage or
which at any time thereafter was acquired by the debtor.
The general claims included in liabilities are as follows:
Notes payable, including interest to June 30 1935:
Elizabethport Banking Co
$107,696
2,731,745
Delta Finance Co
Oberaldo Finance Corp
919,321
Total
$3,758,762
$10,612
Accounts payable
Due to William J. MacMillan
171
Certificates of indebtedness—
A. C. L. RR. Co. 4% irredeemable
A. C. L. RR. Co. scrip 4% irredeemable
The A. C. L. Co., class A, 5%, irredeemable..
The A. C. L. Co. class B, 4% (called for redemp¬
)
Total—
$2001
20, 1936, at 105%)
The Columbia, Newb. & Lau RR. Co. 5% irre¬
deemable
certificates
3,800
3,850
8,900
9,150
1,272
>■
$14,563
Shares
A. C. L. RR. Co. class A
A. C. L. RR. Co.
common
Book Value
5,857
216,231
$585,700
22,883,522
11
1,100
960,000
43,605
348,442
88,750
42,063
Atl. & North Caro. RR. Co. capital
Charleston & W. Caro. Ry. Co. capital
Nashv., Chatt. & St. L. Ry. capital
Polk Phosphate Co. capital
South Caro. Pacific Ry. Co., preferred
Westinghouse Air Brake Co., capital..
12,000
768
5,000
1,046
4.536
Total stocks
$24,953,183
$28,115,375
Total securities in treasury- -book value.
—V. 141, p. 584.
Atlas
See list
Powder
given
on
Durant
Claim
arises
out
of the
purchase
of the
Durant plant
On Jan. 29 1932 the balance then owing on account of the purchase
of which $175,000 was then past due and unpaid.
price was $3,876,084,
The receiver subsequently
rejected the contract of purchase and sin-rendered
possession of the Durant plant.
As a result the Durant Motor Co. of N. J.
a claim in the equity proceeding in the sum of $2,480,084, which claim
the Henneman committee has recently acquired for the sum of $5,000 in
order to facilitate the consummation of the plan of reorganization.
Of the remaining liabilities $29,017 constitutes claims for taxes and
accrued local taxes and the balance of $11,612 are liabilities incurred by the
filed
receiver in the foreclosure proceeding, subject to which the trustee holds
the estate of the debtor.
The liabilities exceed the book value of the assets by $3,916,457.
If the
appreciation through appraisal is eliminated from the book value of the
fixed assets, the excess would be $5,034,961.
Earnings—The committees are informed that the books of the debtor
disclose that in the years 1928 and 1929 $300,000 and $250,000, respectively,
was included in income and charged as fees and bonuses by the debtor to
standing
p.
1974.
by the
debtor pursuant to a contract between the debtor and Durant Motor Co.
of N. J., dated Aug. 14 1930, under which the purchase price was
$4,176,-
Terminal Warehouses, Inc., the holder of record of a
Co.—Registers with SEC—
first page of this department.-—V. 142,
$6,249,629
084.
of indebtedness
Stocks—
$2,490,867
Grand total
$291
*
94 f
127,200
tion Jan.
Total
2,480,084
$2,052,241
(3)
(4)
15 1934 entered in
the foreclosure proceedings and directing that the property be sold to satisfy
No sale has been made under the foreclosure decree.
The lien of the mortgage securing the old bonds as determined by final
said indebtedness.
Durant claim
Total bonds..
be
worthless and, therefore, have been fully reserved against.
notes and accounts receivable of Terminal
established by a final
$145,700
—
(2)
2,616,960
$4,956,960
.
Total U. S.
result
receiver states that the volume of all commodities stored at the Bayway
Comparative Balance Sheet Dec. 31
1935
a
other commodities, in addition to cotton for storage at the Bayway plant
and the new company will be confronted by a similar problem.
The
capital stock of the debtor,
majority of the out¬
owes the debtor
$290,150,
income, the result of operations
which
and that if these items are excluded from
Financial
2658
for the years 1928 to
as follows:
r
1930, according to the books of the debtor, would
Loss
$291,000
__
1929
$235,000
A report of Lybrand, Ross Bros. & Montgomery for the
1931 to Jan. 29 1932, which includes the results of operations
$61,000
period Dec. 17
for the calendar
1931 and for the period Jan. 1 to Jan. 29 1932, states that the loss for
the calendar year 1931 was $392,796 and for the period Jan. 1 to Jan. 29
1932 was $37,478.
It further states states that the operations of the Bayway plant resulted in an income, exclusive of any apportionment thereto
of administrative and general expenses,
other income and interest, of
$93,142 for the calendar year 1931 and of $2,153 for the period from Jan. 1
to Jan. 29 1932.
The administrative and general expenses, and interest
referred to amounted to $427,392 for the calendar year 1931 and to $35,078
for the period from Jan. 1 to Jan. 29 1932.
The operations of the Durant
plant resulted in a loss, exclusive of any apportionment thereto of such
administrative and general expenses, other income and interest, of $77,594
for the calendar year 1931 and of $5,338 for the period from Jan. 1 to Jan. 29
1932.
The other income referred to amounted to $19,048 for the calendar
1931 and to $785 for the period from Jan. 1 to Jan.
29 1932.
$108,000
86,046
$19,964
$28,470
$21,954
59
2
144
83
$18,266
1,821
Net oper. revenues
1933
$97,279
68,809
$19,966
1,454
$28,614
1,702
8,199
$22,037
2,199
11,567
Other income
Gross income
Taxes
Hire of equipment
406
272
Joint
180
180
230
780
332
1,413
10,555
1,343
1,291
11,054
11,608
$5,427
6,068
$6,690
4,535
$4,795
3,763
def$6,352
3,404
def $641
$2,155
$1,033
def$9,756
78.41
77.34
70.73
facility rents.
Amortization of discount
Miscellaneous
Net
"""473
income.
;
Inc. applied to sink, fund
349
10,093
:
bonds.
on
1932
1934
$88,118
68,154
$18,207
Operating revenues
Operating expenses
Interest
Report—
1935
$84,326
66,118
Calendar Years—
year
year
Bellefonte Central RR.—Annual
be
1930
1928
April 18, 1936
Chronicle
822
Balance transferred to
of
Cash, Requirements—The receiver as such in the equity proceeding as
June 30 1935, held cash and certificates of deposit amounting to $100,458.
The receiver as such in the foreclosure proceeding as of that date held cash
amounting to $31,935.
For the corporate purposes of the new company,
including necessary working capital, and for the expenses of the administra¬
tion of the estate of the debtor and of the reorganization, it is estimated
profit and loss...._
% of exps. to revenues
Sheet
Balance
1935
Assets—
Inv. in road &
equip't.$906,985 $905,275
that, in addit ion, approximately $175,000 of new money should be provided.
Management—Tt is felt that new management will be required to operate
the business of the netv company and that such new management can be
best obtained by entering into a management contract with Lincoln.
fund
Invest, in affil.
Lincoln is engaged in the operation of terminal warehouses in Kearny, N. J.,
and at the Bay Iiidge and Jay St. terminal districts of Brooklyn, N. Y.,
278
682
Sinking
Cash
Dec.
3,416
4,099
500
advances._.
$445,450 $445,450
Capital stock.
Funded debt unmat'd.
500
Other invest.—stocks.
x
1934
1935
172,000
164,000
Loans and bills payable
cos.—
79.67
31
Liabilities—
1934
3,000
4,500
109,496
105,495
1,469
Traffic & car service
balances
Audited acc'ts & wages
ing terminal
10,656
11,487
Net bal. due from agts.
828
857
stock ownership with companies operat¬
Misc. accts. receivable
330
614
Misceli. accts. payable
Buffalo and Norfolk,
Material and supplies-
4,280
5,115
Unmat'd int. accrued-
4,100
operated as a chain, solicit ng business
Working fund advs...
75
75
Other def'd liabilities.
Other deferred assets.
1,083
1,083
10,593
1,032
29,830
5,944
9,588
1,332
1,109
4,300
23,593
880
29,937
6,108
9,764
Sinking fund reserve..
142,428
22,632
142,428
16,563
Profit & loss deficit—
and is associated through common
13,487
12,013
Philadelpnia,
warehouses in
all of such terminal warehouses being
Boston,
for each other and maintaining a joint traffic office
in Chicago.
Desirability of an Early Reorganization—It is believed that a prompt re¬
organization and the subsequent removal of the handicap of the receiver¬
ship will greatly increase the efficiency of the enterprise and result in in¬
creased operating earnings of the Bayway plant.
To that end, negotiations
have been carried on by the committees, the holders of the old notes and
others interested in the estate of the debtor.
Rents & insur.
payable
Tax liability
Acer, deprec.
prems.
585
849
6,654
21,213
paid in advance
Other unadjust. debits
(road)..
Acer-, deprec. (equip.)
Other unadj. credits..
Add'ns
to
property
through inc. &surp.
Brief Outline of the Plan of Reorganization
New Company—It is intended to vest the entire assets of the debtor,
including any balances of cash in the hands of the trustee, in a new corpora¬
tion to be formed for that purpose.
Treatment of Old Bonds—-Holders
.
of the old bonds will receive for each
$1,000 principal amount of old bonds with coupons dated Jan. 1 1932 and
subsequent coupons attached:
$500 of new income mortgage bonds,
$50 of non-interest bearing scrip representing $50 of new income mortgage
bonds exchangeable for new income mortgage bonds when presented
in proper
200 shares of
x
The proceedings instituted by the present management before the Inter¬
Commerce Commission and the Pennsylvania P. S. Commission for
state
situation for the future.—V. 140, p. 2855.
and in correcting this
& Lake Erie
Bessemer
stock.
reducing these claims
adequate divisions should result in still further
more
The new income mortgage bonds will be exchangeable (with
a proper
adjustment for interest) for new 6% 1st mtge. bonds whenever the new 1st
mtge, has been paid or funds adequate for such payment shall have been
RR.—Earnings—
Consolidated Comparative Income
Account Years Ended Dec. 31
[Including Leased Lines]
set aside therefor.
1935
1934
1933
1932
$9,828,107
6,501,024
$8,304,766
6,810,295
$6,742,869
4,808.866
$3,748,396
4,624,423
$3,327,083
727,608
10
$1,494,470
382,903
Uncollectible ry. revs...
17
$1,934,003 loss$876,027
331,851
272,795
27
2,174
Ry. oper. income
Non-operating income._
$2,599,464
400,160
$1,111,551
283,405
$1,602,124 loss$ 1150996
380,823
206,530
$2,999,624
574,126
$1,394,956
577,202
$1,982,947 loss$944,466
182,242
550,182
$2,425,498
$817,754
419,976
419.976
$1,800,705 df$l,494,648
419,976
419,976
Treatment of General Claims—Holders of general claims, except the Durant
claim, will receive pro rata 206,844 shares of new common stock.
The Durant claim will be extinguished upon payment to the Henneman
committee of $5,000 in cash with interest incurred from the date of pur¬
Ry. oper. revenues
Ry. oper. expenses
chase in reimbursement of the cost thereof to it.
Railway tax accruals—
Treatment of
They result from claims of the Pennsyl¬
These items are not admitted.
RR., based on that company's interpretation of alleged divisions
agreements with the prior management.
A partial check of these claims
indicates substantial reductions even on the basis of the alleged agreements.
vania
multiples,
new common
$936,075 $951,446
Total
$936,075 $951,446
Total
Stockholders-—-No provision is made for holders of preferred
Net
from ry. oper.
rev.
stock (if any) or common
stock.
Provision for New Money—It is expected that new money in the sum of
$175,000 will be procured by the new company borrowing that_amount
upon its new
first mortgage.
Gross income
Capitalization of New Company
Deduct, from gross inc..
The capitalization of the new company to be outstanding upon the con¬
the arrangements for the
borrowing of $175,000 new money and with Lincoln are entered into and
after giving effect to the issuance of a total of 75.216 shares of new common
stock to Lincoln (the maximum number to be issued annually and pro rata
over the period ended Dec. 31 1940) will be as follows:
Div. approp. of income.
Inc. applied to sinking &
summation of the reorganization, assuming that
Net income
other
reserve
funds
Misceli. approp.
$175,000
1,292,775
New first mortgage-New income mortgage bonds
New common stock
bal.
Income
28.000
to
trans,
$2,007,822
$l,846,010df$l,942,624
$397,779
24,063,568
profit and loss
752,160shs.
CY442.280
CY23,000
:__
Cr2,300
of inc..
25,968,865
33,236
Credit balance at begin¬
ning of year
Distribution of New Securities
The
new
securities to be issued upon the consummation of the plan after
giving effect to the issuance of the maximum amount of new common stock
issuable in connection with the management contract, will be distributed
as
follows:
New Fit st
1st mtge
Holders of old bonds
new
New Common
Mortgage
$175,000 (100%)
Distributees—
Holder of
New Income
Bonds
Shares
75,216
$1,292,775
Holders of general claims.
_
62.5%
27.5%
10.0%
Lincoln
Total
$1,292,775
$175,000
Pro
Forma
Balance
June 30
Sheet,
752,160
Accrued int.
on
ctfs. of dep
Accts. rec'le, customers
Waste cotton
ket
:
(net).
(estimated
invest .in
physical
mar¬
value)
400
Fixed assets
2,500,000
Prepaid exps. & def. charges..
Public
6,724
Misceli. approp. of surp.
Miscellaneous debits
liability, &c
&c
150,000
First mortgage
175,000
1
154
Rent security deposit
in
Misceli.
Corn,
&
64,083,693 65,594,694
equipment
239,253
in
Dep.
mtge. prop, sold
15,000
15,000
299,644
322,082
Pref.—Pitts. Bess.
392,484
227,430
Tr. & car serv. bal.
184,483
105,274
Aud. accts.&c., pay
204,623
16,055
8,309
Misceli. accts. pay
204
168,238
90,644
receiv.
from
rec.
sales of securities
$10,508
prof 10,5/4
$2,146
33/,473
10,000
127,233
...
142,273
Int. matur'd
638,206
curr.
unpd.
Unmat. int. accr.
S10.118
Cash—
Securities at cost..
Mkt.
held
val.
of
$3,689
869,087
683,037
Other def. liabs
23,866
20,230
49,817
74,567
Unadjusted creditsl2 ,202,962
12,516,462
161,547
105,457
2,723
debits
Add.
to prop,
thru
inc. & surplus.
9 933,632
Res.
in so-called
joint account...
Furniture & equip.
for
40,879
2.500
24,
4,800
25
6,697
Notes payable
Suspense account.
Accounts payable.
x
CI. A partic.
y
6,697
157,531
6,890
100,000
6,890
6,927
Common stock._
stock
Deficit
Binks
653,182
Mfg.
Co.—Listing Application Approved—
list
Boston
The
Consolidated
$881,731
$691,551
Total
Gas Co.—Contracts—
a subsidiary of New England Gas &
Electric Co.) has signed
from this company, a subsidiary of Eastern
Cambridge Gas Light Co.,
Electric Association (an affiliate of Associated Gas &
499,000
1,000
496,628
499,000
1,000
672,330
$881,731
$691,551
Represented by 34,378 no par shares,
y Represented by 25,000 no par
shares,
z Represented
by 25,000 no par shares.—V. 142, p. 295.
x
68,922,053 70,373,919
Chicago Stock Exchange has approved the application of the company
96,637 shares of capital stock, $1 par, to be admitted to trading
upon notice of registration under the Securities Exchange Act of 1934.
—V. 141, p. 2270.
to
a
contract to
purchase all its gas
Gas & Fuel Associates.
Under another contract, this company
the physical assets in the Hyde Park area of the Dedham &
&' Electric Light Co.,
Total
Total..
1,472
653,182
CI. B partic. pref.
z
68,922,053 70,373,919
204,247
22,982,463 24,063,568
-V. 142, p. 2309.
pref.
stock
9,931,230
200,347
The
litigation
expense
inv.
Profit & loss.
$6,250
89,388
Reserve for losses.
coll.
90,509
_
Dec.31,'35
$6,250
US
46,175
95,455
assets.
Total...
Mar. 31, '36
Liabilities—
717
42,125
Approp. surp. not
Comparative Balance Sheet
Reserve for taxes.
177,2"
181,175
Other curr. liab
$66 def$349,620
Mar.31,'36 Dec.31,'35
_
13,238
1,631
6,157
specifically
Profit for year.
10,360,000
Divs. mat'd unpd.
receivableOther
2,000,000
10 270,000
debt
589,658
rec.
Mat'ls & supplies.
Int.
&
dividends
Unadjusted
2 000,000
& Lake Erie
Funded
car serv.
balances
Misceli. accts.
1934
$10,175
12,322
Assets—
100,000
1,531,031
1,053,675
412,307
Deferred assets
on
800
100,000
Conn'ut
398,850
;
Realized loss
Mead.,
1,018,084
$3,633
14,142
Reserved for litigation expenses
9,999,200
800
1,521,851
Ea r n ings-
Net loss.
_
for
conversion
investments
$2,812.69
1935
Expenses
liab.
Spec, cash deposits
Other
agents & conduc
-
9,999,200
Bess.
Lake Erie.
Cash—General...
2,634
Total
Inc.-
500,000
676.944
Net bal.
Beacon Participations,
$
500,000
E
Stock
of
lieu
L.
&
Lake & Line'le
-V. 141. p. 1267.
Years Ended Dec. 31—
Interest and dividend income
234,018
1934
$
stock—B.
Pitts.
physical
property
Traffic &
$2,812,695
road
1935
Liabilities—
506,913
(par $1)
Initial surplus
Total..
Sheet Dec. 31
1934
$
Inv. in affil. cos...
(unearned
income)..
Common stock
Invest,
1,292,775
6% income bonds
8,738
Good-will
$22,982,463 $24,063,568 $25,968,865 $25,334,509
to balance sheet
1935
Accrued ins., water, power,
7",8l6
Credit bslftxicG cstrried
Assets—
charges
27,455
22,246
9,896
9,460
58,284
171,793
44,398
32,611
35,009
Crl,600
Consolidated Comparative Balance
payable, vendors
Advance
2,402
prop
retired road and
on
equipment.
100.0%
$6,397
1,877
Accts.
2,060
Surplus appropriated for
1935
Res've for reorganization exps.
$274,017
98
22,717
27,296,349
66.820
$26,281,171
Div. approp. of surplus.
Liabilities—
Cash and time deposits
25,334,509
$26,399,879 $27,247,339 $25,355,786
4,000
2,254,000
1,004,000
3,253,000
Total...
[Giving effect to the plan of reorganization]
Assets—
209,781
Miscellaneous credits
Loss
470,100
206,844
_
a
will buy all
Hyde Park Gas
subsidiary of New England Gas & Electric Associa¬
tion.
Both these contracts
State
are subject to the approval of the Massachusetts
Department of Public Utilities.—V. 142, p. 2489.
Financial
Volume 142
Boston Elevated
Balance Sheet Dec. 31
Ry.~Earnings—
1936
$83,660
$76,167
_.
R ent for leased roads
Subway, tunnel and rapid transit line rentals.
Interest
on
bonds and notes....
Miscellaneous
*
items
$2,147,702
1,404,988
$25,398
$55,503
Excess of cost of service over receipts.
Includes removal of snow and ice
Plans to Issue
1935
1935
$2,243,986
1,532,062
132,483
103,363
234,528
316,527
8,625
Month of February—
Total receipts
Operating expenses *
Federal, State and municipal tax accruals
2659
Chronicle
134,258
103,363
233,404
288,122
8,963
'm
$3,815,000 Bonds—
The company has petitioned the Mass.
Department of Public Utilities
authority to issue $3,815,000 of bonds for the purpose of refunding two
issues, one of $815,000 which falls due on May 1, and the other of $3,000,000
1935
$
stk. (350,000 sh.
86,929,165
no par)
35,000,000 35,000,000
4,559,050
§1.60 cum. pf. stk.
4,644,000
6,774,000
(§25 par)
52,418,125 52,418,125
3,982
167,091
172,063 Class A stk. (501,493 shs., no par)
501,493
501,493
527,544
1,144,475
Advances
Other
investments
Furniture & fixt's.
Cash
Notes & accts.
Com. stk.
re¬
ceivable
Div.
subs,
from
39,992
32,828
98,325
26,382
company.
Deferred charges..
The
New
York
stock,
Curb
504,000
liabilities
reserves—
Earned surplus.
Total
103,811,867 99,872,990
Consolidated
Balance Sheet
Dec.
■
§
*5
Prop., plant, &c.230,418,357 229,393,065
Investments
1,006,157
1,442,506
39,341
Sinking funds._
43,323
Cash
3,177,244
2,519,948
x
y
Notes and acc'ts
z
...
receivable
2,990,710
Mat'ls & suppl's
1,608,839
828,561
3,317,040
kw;"
■■
2,850,146
1,248,322
821,562
7,642,520
§
35,000,000
(§25 par)
Class A stock.
52,418,125
Common stock
2,020,125
52,418,125
501,493
2,020,125
96,097,000
97,451,250
3,718,305
2,263,535
733*967
$1.60 pref. stock
Preferred
501,493
stock
of sub. cos
sub.
Advs.
6,650,000
debt
of
cos—
fr.
Niag.
Hud. Pr. Corp
Acc'ts payable.
Bonds called for
_
936,000
497,284
__
Consumers' dep.
Taxes accrued—
1,219,979
1,173,368
Interest accrued
Divs. accrued
Other
$21,371
1,030
$25,575
Res.
277
$22,918
3,864
$22,401
$25,853
$26,782
1,988
Registrar
16,850,758
1,042,654
7,301,460
7,301,460
19,245,492
22,328,373
for retire't
Miscell.
""~169
"'"185
"""384
412
188
168
173
267
~1,225
"""612
"""875
926
570
and
18,994,363
600
620
llab.
of prop., &c—
contin¬
gency tax reserve
Custodian fees
350,000
213,522
Capital surplus.
$21,707
to
12,084
291,666
Res. for conting.
liabilities
$21,707
Total income
credited
1933
curr.
528,566
1,348,456
1,192,962
on
pref. stock.!*—
1934
1935
Interest
Int.
-Earnings-
1934
1935
35,000,000
§5 1st pf. stk.
Funded
Prepaid
taxes,
insurance, &c.
Deferred charges
Exchange will list 110,000 additional shares of
notice of issuance.—V. 142, p. 2490.
1936
1,650,547
(Including Subsidiaries)
31
Liabilities—
redemption
Broad Street Investing Co., Inc.
7,3bl~460
103,811,867 99,872,990
1934
1935
1
no par, upon
3 Mos. End. Mar. 31—
Cash dividends on stocks
285,684
7,301,460
1,738,325
Accounts receivable only.
x
To Be Added to List—
common
291,667
47,483
291,667
liabil.
curr.
Miscell.
A. o sets
of accumula¬
$100 on April 25 to holders of record
published in last week's "Chronicle" were erroneous].
This compares with $1.50 paid on Marcn 30, Feb. 28 and Jan. 30, last, $1
paid on Oct. 31, Aug. 30, July 30, May 31 and April 30, 1935; $2 pet 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 quarterly dividends, the Oct. 1 and July 1
payments having been passed.
The current payment clears up all accumulations on the preferred stock.
30,397
Capital surplus.—
directorate, succeeding O.C. Buschow, deceased.
as
71,366
66,722
506,285
pref.
on
stock
Bridgeport Machine Co.—Stock Sale Voted—New Director
The company paid a dividend of $1.75 per share on account
3,718,305
Res. for contingent
The stockholders, at the annual meeting held April 6, approved the pro¬
common stock (See V. 142, p. 2146).
C. E. Buschow
April 15. [The dates
2,020,125
2,020,125
payable.—
accr.
Other
posal to sell additional
tions on.the 7% cum. pref. stock par
Accts.
Div.
Total
Pays Off All Accruals—
Advs. from Niagara
Hud. Pr. Corp.
Taxes accrued
The bonds of the district are for the term of not less than 15 nor
more than 25 years, as may be decided
by the trustees, subject to the
approval of the Department of Public Utilities.—V. 142, p. 1808.
the
(2,020,-
125 shs., no par)
x221,416
206,326
recelv.
purchase.
to
$
pref.
1st
cum.
Common stocks.86,929,165
Preferred stock.11,209,050
which falls due on June 1.
Under Chapter 451 of the Acts of 1935, the Boston Metropolitan District
has authority to purchase these bonds.
The Elevated bonds are to bear
interest 2% higher than the bonds of the district issued to provide for their
elected
1934
§
Liabilities—
§5
Investments:
for
was
(,Parent Company Only)
1934
$
Assets—
reserves
1,106,573
619,078
740
Earned surplus.
transfer
agent services
State franchise taxes
458
Legal and auditing
Directors' fees.
Miscellaneous
:
Total
5,752
4,219
5,695
$16,615
$18,104
$18,274
242,732,936 246,614,707
Total
Represented by 350,000 no par shares,
y Represented by 501,493
shares,
z Represented by 2,020,125 no par shares.—V. 141, p. 3069.
par
Bullock's, Inc., Los Angeles—Files with SEC—-
3,713
$13,803
______
x
no
-...—.242,732,936 246,614,707
The company on
Operating income..^.
Act of 1933
Balance Sheet March 31
1936
1935
3
Assets—
Invest, at cost
s
Cash in banks
1936
56,197
38,556
13,548
17,125
expenses,
dividends..
receivable «fc
interest
a
dll,865
30,751
336,230
14,900
&c
Common stock..
Surplus
accrued
§17,126
16,213
445,000
1,327,148
S
Dividends payable
Reserve for taxes,
Special deposits for
Divs.
1935
§13,548
Liabilities-
cl.319,099 bl,636,556
1,020,180
—
Cost of stock held
in treasury
Total
§1,400,710 §1,707,137
Represented
a
by 67,246
no
par
Dr98,349
Total
shares
§1,400,710 SI,707,137
in
April 9 filed a registration statement with the Securities
Exchange Commission (No. 2-092, Form A-2) under the Securities
covering $5,000,000 of secured 4% bonds and 40,000 shares of
$100 par value 5% cumulative preferred stock.
The bonds are to be issued in seiies as follows;
Series A, $500,000 due
May 1, 1937. Series B, $500,000 due May 1, 1938. Series C, $500,000 due
May 1, 1939. Series D, $500,000 due May 1, 1940. Series E, $500,000 due
May 1, 1941.
Series F, $2,500,000 due May 1, 1946.
According to the registration statement, the net proceeds from the sale of
the bonds and stock, together with other funds, are to be applied as follows;
(a) $2,486,230 to the redemption of $2,345,500 secured sinking fund 6%
gold bonds, at 103% and interest,
(b) $3,062,870 to the redemption of
$2,889,500 first mortgage 6% gold bonds, at 103% and interest,
(c) $3,884,427 to the redemption of outstanding 7% cumulative preferred stock,
at 110% and dividends.
and
1936
and
89,000
in
1935.
The bonds of series A to E
b Market value March
are
The series F bonds are
not redeemable.
redeemable
value
principal
31, 1935, was $24,030 less than cost,
c Market
March .31, 1936, was $604,500 in excess of cost,
d Dividends re¬
ceivable only.—V. 142, p. 2310.
Brompton Pulp & Paper Co., Ltd.—New Directors—*
D.J. Sails and S. P. Newton have been elected directors.—V. 141,
p. 586.
Brunswick-Balke-Collender
Co.—New
Director—
California.
Jules J. Hoffman has been elected a director to succeed B. E.
Bensinger,
deceased.
No one was elected to fill the position of Chairman of the Board,
formerly held by Mr. Bensinger.—V. 142,
p.
2146.
Bullock Fund, Ltd.—Increases Dividend
The
as a whole or in part on or after May 1, 1941, upon payment of
and accrued interest.
The preferred stock is redeemable as a
whole or in part at par plus accrued dividends and a premium of $5 if re¬
deemed on or before May 1, 194.1; $2.50 if redeemed thereafter and includ¬
ing May 1, 1946, and without premium thereafter.
The principal underwriters are Blyth & Co., Inc.; William R. Staats Co.;
Dean, Witter & Co.; Banks, Huntley & Co.; Bateman, Eichler & Co.;
E. H. Rollins & Sons, Inc.; and Wm. Cavalier & Co., all of Los Angeles,
Again—
The price to the public, the names of other underwriters, and the under¬
writing discounts or commission are to be furnished by amendment to the
registration statement.
P. G. Winnett, of Santa Monica, Calif., is President of the corporation.
—V. 142, p. 2490.
directors
have declared a dividend of 25 cents per share on the
stock, payable May 1 to holders of record April 15.
This compares
with 15 cents paid on Feb. 1 last, 8 cents paid on Nov. 1 and
Aug. 1, 1935;
10 cents on Feb. 1, 1935; 7.5 cents per share on Nov. 1, Aug. 1 and
common
May 1,
1934; 12 cents on Feb. 1, 1934; 10 cents on Nov. 1, 1933; 13 cents on Aug. 1,
1933; 15 cents paid on May 1, 1933; 18 cents per share on Feb. 1,1933, and
20 cents per share paid in each of the three preceding
quarters.—V. 142,
p.
775.
Burry Biscuit
common
Income
Niagara & Eastern Power Corp.—Earnings—•
Account for
Calcndai
Years
(Parent
Income—
1935
From subsidiary companies—Divs. on pref. stocks.
Dividends on common stocks
;
Interest
on
advances
Other interest
Total
Company
$386,179
4,768,260
348,203
570
income.
$5,503,212
54,585
117,435
81,688
Expenses
Taxes.
Interest
Linden,
N. J.—Stocks Offered—
stock
(par 50c.) at $8.75 per share.
following:
A prospectus,
dated March 24, affords the
The above
shares of
Buffalo
Corp.,
Alison & Co., Detroit, in March offered 4,000 shares 6%
convertible preferred stock at par Q350) and 20,000 shares
are
exclusive of 6,000 shs. of 6% conv. pref. stock and 80,000
stock already issued and outstanding and 20,000 shares of
common
stock reserved for conversion of the 6%
conv. pref. stock, all of
which, however, has also been included in the registration statement filed
common
with the Securities and Exchange Commission, under the Securities Act of
Only)
1933.
1934
$113,613
4,997,510
486,524
62,749
$5,660,396
82,891
91,487
4,124
Alison & Co. has option to purchase the offering of 4,000 shares of 6%
pref. stock for a period of 90 days from the date of this prospectus
(March 24).
Allison & Co. has .underwritten all of the offering of 20,000
conv.
shares of common stock.
Capitalization (Giving Effect to this Offering)
Authorized
6%
conv.
pref. stock (par $50)
10,000 shs.
xl20,000 shs.
Common stock (par 50c.)
x
Outstanding
10,000 shs.
100,000 shs.
Including 20,000 shares reserved for conversion of the 6%
conv.
pref.
stock.
Net income
First
$5,249,504
1,750,000
3,354,726
preferred dividends
Preferred dividends
Income
Account
for
Calendar
1935
Years
$5,481,893
1,750,000
3,354,258
(Including Subsidiaries)
1934
1933
1932
Operating revenues
$31,051,253 $30,405,734 $29,393,819 $30,185,408
Operating & retirement
expenses and taxes... 18,645,637
17,619,282
16,250,727
15,743,124
Operating income
Other income.
$12,405,616 $12,786,452
49,962
99,731
$13,143,093
108,452
$14,442,283
182,635
f-rrnRQ inpnTnA Jivsiliihlp
for interest
Interest
on
charges.$12,455,578 $12,886,183 $13,251,544 $14,624,918
4,844,177
4,885,516
4,924,753
4,704,125
203,771
476,337
589,950
589,950
307,434
280,77-7
295,721
517,689
funded debt.
Business—Company, incorp. in Del., Oct. 29, 1935, is engaged in the
manufacture, distribution and sale of English quality sweet biscuits in the
Eastern markets.
Its plant is located at Linden, N.J.
Its 81.25%-owned
subsidiary—Educator
Biscuit
Co.—manufactures
crackers
(including
"crax") and English quality sweet biscuits in Chicago.
Educator Biscuit
Co. markets its cracker products and Burry Biscuit Co. (Western), a 100%owned subsidiary of the company markets the sweet biscuits in the Midwest.
The companies have been specializing in high-grade low-price range products
for which they have found a capacity demand.
Since 1933 when the first
of the companies was organized in Chicago, expansion of markets and pro¬
duction has been rapid, necessitating several plant additions in Chicago.
Eastern demand for these products led to the opening of an Eastern plant
in Linden, N. J., in September, 1935 (operated until Jan. 11, 1936 as a
branch of the Western company), which in turn has found a growing market
for its products.
Earnings Since Organization
May 4 '33 to
Divs.on pref.stk.of subs.
Miscell. deductions
Net corp. income
1st pref. div. requirem'ts
$7,100,196
1,750,000
$7,243,553
1,750,000
$1.60 pref. dividends...
3,354,726
3,354,258
Class A dividends
Common dividends
$7,441,120
1,750,000
3,352,671
165,493
665,914
58,813,154
1,750,000
3,349,792
802,389
3,227,246
Jime30'34
July 1'34 to
June30'35
July 1'35 to
For the
Jan. 11'36
EntirePer'd
Educator Biscuit Co, net
$46,638
earnings
loss$18,068
Nov. 16'34 to
June 30.35
Burry Biscuit
earnings
Corp.
(Western)
$52,331
July 1 '35 to
Jan. 11 '36
$80,901
For the
EntirePer'd
net
$18,616 (note)$5,142
$23,758
Note—After deducting operating loss for first four months at Linden. N. J.,
Balance
$1,995,470
$2,139,295
$1,507,042 def$316,273
plant of $15,510.
Financial
2660
Chronicle
books of the three companies indicated net earnings of $18,192 for the four
weeks ended Feb. 8,1936, and net earnings of $16,630 for the four weeks
ended
March 7,
1936.
Current Position—Consolidated
current assets as of Jan.
11, 1936
amounted to $215,40x, including $29,923 of cash to which may be added
$30,000 in cash paid in on subscriptions to pref. stock on Jan. ]5, 1936, and
were in excess of two times current liabilities of $102,955.
6% Conv. Pref. Slock—Pref. over common stock with respect to dividends
to the extent of $3 per share per annum payable Q.-J. cumul. (from and after
Jan. 1, 1936) from dividend date next preceding date of issue (if issued on
dividend date, from date of issue); callable in whole or in part at any time
at $52 plus accrued dividends; entitled to preference on liquidation up to
$50 plus accrued dividends; presently convertible at any time into two shares
of common stock, subject to ratable adjustment from time to time in accord¬
ance with
charter provisions desgined to give suitable protection against
dilution; not entitled to vote except as provided by law or unless dividends
are in arrears for a period of three years.
No dividends have been paid as
yet on either the pref. or the common stocks, as the operations of the com¬
pany did not begin until Jan. 11, 1936.
Purpose—Company proposes to apply the proceeds of the sale of 4,000
shares of 6% conv. pref. stock and 20,000 shares of common stock;
(1) lor
the purchase of additional machinery and equipment; (2) for payment
of the purchase price of plant and equipment at Linden, including discharge
of liabilities assumed; and (3) for working capital to carry anticipated in¬
creases in accounts receivable and larger ninventories.
„
Listing—Company proposes to make application for the listing of its
common stock on the Detroit Stock Exchange.
Management—George W. Burry, President; George W. Fraser, VicePresident and Treasurer; Dwight H. Mahan, Vice-President in Charge of
Sales and Advertising; John Clark Jr.. Production Manager.
1936
18,
Canadian National Rys.—Earnings—
Linden, N. J.
Consolidated company figures as reflected on the
Burry Biscuit Corp. commenced operating
plant Jan. 11, 1936.
April
Earnings of System for Second Week of April
1936
earnings.
—V. 142, p. 2491.
Canadian Pacific
1935
Increase
$3,203,752
Gross
$3,159,326
$44,426
Ry.—Earnings—
Earnings of System for First Week of April
'
^
1936
Gross earnings.
—V.
1935
Increase
$2,515,000
—
$2,273,000
$242,000
142, p. 2492.
Co., Inc.—Accumulated Dividend—
Carman &
The directors have declared a dividena of 50 cents per share on account
of
accumulations on the $2 cum. conv. class A stock, par $100, payable June 1
to holders of record May 15.
A like payment was made on March 7, last,
and
dividend of $1 was paid on Dec. 1, 1935.—V. 142, p. 1282.
a
Carriers & General
Corp.—Earnings—•
*
[Formerly International Carriers, Ltd.]
i
1936
$56,480
14,298
3 Mos. End. March 31—
Cash dividends
Interest on bonds
1934
1935
$47,390
13,448
$42,280
23.005
_______
5
$70,778
54,360
Interest on bank balances..
$60,838
14,867
$65,290
14,780
$50,510
-.v--
...
Total income.
Total expenses.
—■
$16,418
$45,971
prof92,861
109,868
614,033
operating loss for the period-.prof$109,280
Capital surplus: Balance, Dec. 31
14,137,623
$563,523
8,154,005
$63,898
14,137,623
7,812,677
$6,092,898
27,967
$6,261,048
27,967
Net income
of investments (com¬
puted on basis of average cost)
Net loss on sales
(Holding), Ltd.—Final Dividend—
Cables & Wireless
dividend of 5M % on the
prefrence stock, this payment including a final dividend of 4H% for 1933
and a dividend of iy% % for 1934.
A dividend of 4% % was paid on May
27, 1935.—V. 141, p. 3529.
The directors have authorized the payment
of
a
Operating deficit, balance, Dec. 31-Total surplus
Calway Corp.—Registers with SEC—•
See list
Net
—
Dividends declared
—
Cambridge Gas Light Co.— To Buy Gas—
See Boston Consolidated Gas
Canadian
Charles
Brittain
.T.
Co., above.—V. 136, p. 2603.
Ltd.—New President—
Fairbanks-Morse,
has
elected
been
succeeding Thomas
141, p. 428.
President,
McMillan, who was elected Chairman of the Board.—V.
General Electric Co.,
Canadian
Calendar Years—
officials
of
142,136
_
1933
435.631
920,806
21,835
$1,596,025
532,291
566,535
$989,165
599,043
566,535
Preferred dividends
__
_.
$635,175
599,042
613,746
$1,165,661
599,043
755,380
$497,199 def$176,412 def$577,613 def$188,761
6,010,393
6,764,418
6,953,180
6,186,805
Previous surplus
Prem. on preference stk.
Total surplus.
Shs. com. stk. outstand¬
$5,382,957
Alabama Great Southern Ry
ing (par $50)
per share
$6,186,805
$6,764,418
188,845
$2.06
188,845
$3.00
188,845
$0.19
1934
$
$
Liabilities—
Inventory
xCommon
Accts. & notes rec.
Preference stock..
5,121,987
4,340,452
1,857,993
1,647,410
Goyernment bonds 6,841,229 11,444,074
stock..
9,442,250
9,442,250
8,557,750
stock.
858,113
1,976,357
5,307,067
contracts.._Cr3,750,250Cr2
Plant, &c
8,819,933
9
1,454,824
1
Patents, &c.
Taxes payable
Pref.
Investments
General reserve...
Surplus
1,050,870
on
3,253,469
x
1,883,177
cos
325,500
325,500
plan
33,120
expenses.
23,139
preferred
500
on
6,285,685
5,382,957
6,010,393
Union Carbide &
Interest
on
deposits
-Earnings-
1935
1934
1933
$49,517
34,758
$56,272
29,806
Total income
on
$69,519
5% gold debens.
$84,276
42,712
33,370
$86,078
42,712
$78,035
42,712
1.954
agement Corp..
"""917
Custodian fees
Trustees
tion
fees in
with
1,954
8,163
1,208
1,655
5,920
1,209
redemp.
of
3,104
..
„
678
652
847
1,021
4,477
3,746
2,463
'2,778
3,431
9,500
2,063
7,588
2,382
2,081
660
820
"""640
"""700
1,510
447
699
1,278
Service fee
Directors' fees
Miscellaneous
discount
and
38,480
...
.
$18,380
Assets—
1936
Cash
Preferred stock.
143,405
2,400
143,405
2,400
3,417,000
Accrued int.&dlv.
f33,127
90,230
Bank loans, secur.
Due for securities
b Class A stock.
3,122
41,073
.
.
Class B stock
Funded debt
Foreign
5%
debentures
52,448
23,714
for
taxes, &c
Surplus
Special deposits for
33,127
exchange
23,714
contracts
Res.
exchange
contra
46,895
2,981,061
19,707
2,541,295
1936
Dividends payable
§6,437,099 $5,608,748
730,155
724.556
419,636
1,325,162
1935
$27,967
$27,967
62,628
9,109
10,220
4,550
Accts. payable and
accrued expenses
Prov. for Fed. cap.
stk. & other taxes
—
27,967
27,967
21,390
15-year
26,780
Acer. int. on bonds
22,117
21,053
y
Prepaid expenses.
zl61,406
5,100
paying agent
5%
debs.
due Nov. 1,1950
2,000,000
Capital stock...
559,343
6,064,931
Surplus...
559,343
6,233,081
sharas.
.$8,725,089 $6,834,051
Total....
$8,725,089 $6,834,051
market value as of March 31. 1936, of securities owned
At March 31, 1935, it was $3,306,180.
y Represented
by shares of $1 par value,
z Deferred charges including
$155,443 un¬
amortized debenture discount and expense.—Y. 142. p. 2310.
The aggregate
$6,095,406.
Cascade Mining
See list given on
Corp.—Registers with SEC—•
first page of this department.
Central Illinois Light Co.—Registers with SEC—
given on first page of this department.—V. 142, p. 1976.
Period End. Mar. 31—
Net oper.
income.
Non-oper. inc. (net)
__
Total
_
Gross income
Deductions
_
income
...
Pref. div. requirements.
(& Subs.)—Earnings—
1936—Month—1935
$489,640
$481,398
1936—12 Mos.—1935
241,073
$6,100,068
3,055,980
$5,898,134
232,693
$256,947
1,120
$240,325
6,473
$3,044,088
54,029
$3,001,707
64,621
$258,067
148,760
$246,798
146,427
$3,098,117
1,782,305
$3,066,328
1,796,892
$109,307
108,099
$100,371
108,099
$1,315,812
1,297,180
$1,269,436
1,297,010
Note—Preferred dividends
since Oct.
2,896,427
1,
have been
paid at one-half of the full rate
1934.
Delays Offering—
In
an
amendment filed with the Securities
$6,140,889 $6,677,628
and Exchange Commission the
has postponed the offering date of its bonds to April 27.
Tne
offering was previously scheduled for April 13.
The hearing scheduled before the SEC, April 7, on application of com¬
pany for exemption under Utility Act of 1935 of the issue and sale of $9,000,000 of 4% first mortgage bonds from the requirement of filing a declara¬
tion under the Act has been adjourned indefinitely, subject to call by the
company
b Shares of $1 par value,
c Represented by
d Market value March 31, 1935 was $283,031
less than cost,
e Market value March 31
1935 was $1,560,636 in exces iof
cost,
f Dividends payable only.—V. 142. p. 945.
'
-
expenses,
33,280
$6,140,889 $6,677,628
Shares of $10 par value,
par
Bonds
Cash in bank
Net
5,877
purchased-
Unamortized disct.
no
—
1,500
2,000
mm'
2,500,000
c
currencies-
a
......
1935
$434,000
6,969
53,379
U. S. Govt, secur.
66,446
Invests, (at cost).e5,380,003 d5,923,998
Itec. for sees.sold.
26,375
Deposits in foreign
Divs.&int. receiv.
1936
$434,000
a
Total
—
mm
Liabilities—
1935
1936
Operating expenses
Liabilities—
1935
$491,018
$683,565
240,000
mm
-
1,900
Gross oper. revenues
Balance Sheet March 31
dividends
mm'mm
500
Central Maine Power Co.
$25,007
$22,641
loss$27,881
Foreign
m,
mm
See list
5% debs,
called
on
500
mm
Comparative Balance Sheet March 31
x
State franch. & other tax
and exp.
1,000
mm
Carbon
'
Assets—
was
Legal, auditing, stock¬
holders' reports. &c__
on
—400
500
"
2,000
mi:
—
Invest, at cost—
Total
debentures
expenses
-
connec¬
Registrar
and
transfer
agent services
Unamort.
«
Dividends receiv..
1,955
Comp. to Broad St.Man¬
<m'm
_
—
500
Cash dep. with div.
1,273
m
+2,000
2,000
Wright Hargreaves Mines
In the bond list the following were eliminated during the quarter: Mis¬
souri Pacific 5s of 1978 and 1980 (series G and H), Pere Marquette 5s of
1956 and 4Hs of 1980.
Only new addition to the bond list was Central
States Electric 5s of 1948.
On March 31, 1936, assets were invested in 50 stocks and 20 bonds,
compared with 36 stocks and 23 bonds on Dec. 31. 1935.
Stocks..
Int.
m
mm'mm
Sunshine Mining Co
x
Amortization of dsicount
and exp. on debentures
1,500
900
3,000
1,000
Standard Oil Co. (New Jersey)
$39,777
38,258
J
500
+900
+500
+2,000
+ 1,000
+ 500
+ 1-.500
+ 500
+ 500
+ 1,000
+2,000
+ 500
.400
Union Pacific RR
23,576,994 31,280,621
—200
+ 1,000
500
Standard Oil Co. (Calif.).
Total
300
1,600
705
1,000
149,761
141,634
6,202,322
+2,100
+ 1,200
+500
+ 1,000
+2,000
+500
1,000
.
—
-
130,950
1936
bonds
,500
500
8,125
$56,925
12,594
stocks
Interest
1,000
2,000
1,000
-»'m ■«£■
Co
141,634
Capital Administration Co., Ltd.
3 Mos. End. Mar. 31—
Montgomery Ward &
New York Air Brake
Pure Oil Co
158,229
23,576,994 31,280,621
on
i,"
—
Baking
dividends...
Represented $50 par shares.—V. 142, p. 1810.
Cash dividends
•4 ■
—500
1,000
—
Great Western Sugar
McKeesport Tin Plate Co.-
+400
—500
1,400
2.100
1.200
Electric Power & Light $7 preferred--
Common dividends
22,857
+ 600
+ 1,000
500
Sears Roebuck
493,034
Total
600
8% preferred
Republic Steel Corp. 6% preferred.-Safeway Stores
1,300,000
Accounts payable.
sav.
"
+ 1,000
1,900
Co
—500
600
1,000
1,000
1,000
.
645,562
Special employees'
Advance collections
Securs. of subs,
—
Louisville & Nashville
1935
1934
c
Cash and loans...
500
Chrysler Corp
Commercial /Investment Trust
Continental Can Co
Continetal Oil Co.
Glen Alden Coal
"
7,500
Cities Service Co. $6 preferred
Kroger Grocery &
Consolidated Balance Sheet Dec. 31
1935
mL
1,000
8,006
Electric Bond & Share $6 preferred._
$6,010,393
188,845
$5.63
A nr>Mn
^"mimmmm'rnm
Central States Electric 7% preferred
The Chesapeake Corp
+200
+ 1,500
—4,000
+ 500
+ 1,000
2,000
500
4,000
General Foods
Earnings
600
400
-
Delaware & Hudson
1,124,635
or
1, 1935 Afar. 31,1936 Dec. (—)
—175
2,000
2,175
Atchison Topeka & Santa Fe
Bethlehem Steel 5% preferred
21,626
Net income
Inc. (+)
Held
Held
-''jDi
American Gas & Electric
Directors fees
Common dividends.
Company (Stocks)—
American Can Co
137,009
Shares
Shares
$2,086,467
&
legal expenses
Prepaid
27,967.
$6,584,215
The period covered by this report represents the first full quarter during
which the corporation has been operating as a generally diversified manage¬
ment
company.
Investments of the company (formerly International
Carriers, Ltd.) were, prior to Nov. 19, 1935, confined primarily to securities
of railroads and affiliated industries as provided in its charter.
Although
railroad issues predominated on March 31, 1936, purchases during the first
quarter of the year were made primarily in other lines of industry as in¬
dicated in the following tabulation of changes in holdings of stocks:
$6,233,081
$6,064,931
1932
$1,070,807
.016,084
881,340
123,953
$2,629,574
732,568
Income taxes
Ltd.—Earnings-
1934
1935
Operating income
Depreciation
Employ,
$6,612,182
given on first page of this department.
Balance, March 31---
Salaries
14,137,623
6,961,919
trial examiner.
Volume 142
At
the
Financial
Chronicle
hearing J.
R. Greenwood, representing the Commission, read
into the record a petition of the
company for continuance of the hearing
from day to
day.
The Commission said that due to the
uncertainty in
market condtions existing at the
present time, it is possible the
price to be
obtained by the company for its
$9,000,000 4% bonds will be reduced from
101H % of the principal amount
thereof, plus accrued interest. If the price
is reduced, the petition
pointed out, it will be necessary to obtain approval
of the Maine P. U. Commission for the
new sale price.—V.
The New York Curb Exchange has approved the
listing of $15,000,000
1st mtge. gold bonds, series A, 4H%. due Sept. 1,
1970, and $2,250,000
1st mtge. gold bonds, series E, 6%, due Nov. 1, 1961.—V.
139, p. 2041.
Chicago & North Western Ry.—Annual Report—
142, p. 2490.
Century Shares Trust
3 Mos. End. Mar. 31
Cash dividends
The
1935
1934
$63,176
$23,419
$19,326
$18,460
1,009
$63,176
$23,419
240
120
7,637
1,264
2,876
""933
883
468
387
386
$54,035
552
$19,955
$18,028
$18,160
Operating expenses
Depository fee
income
Undistrib. inc. Dec. 31Net div. accr'd on purch.
and sales of partic. shs.
Undistributed income
$19,348
$19,468
40
828
10,773
687
$21,470
$18,150
$18,160
1934
1933
1936
1935
$468,605
6,207,252
1,010,024
$102,366
2,131,311
460,508
$67,957
1,698,087
368,868
985,443
300,478
858,504
Banking institutions:
N. Y. bks. & tr. cos.
Other bks. & tr.cos.
U.S. Treas. notes & ctfs.
474.634
125", 104
41,956
17,211
1,658
13,268
1,193,986
341,650
205,383
33,288
al5,151
$10,119,952
$4,122,422
$3,308,949
$3,718,846
300,604
"
__
.
Liabilities—
expenses
$3,757
Accounts payable..
Shares
outstanding..__f
$2,003
10,050,834
$449
3,437
e4,098,949
d3.289,860
c5,519,889
from
retirement of shares..
Balance of profit and loss
'
income..
Total
554,258
......
from sales of securities
Undistributed
65,361
21,470
....$10,119,952
$4,122,422
$3,308,949
$3,718,846
b Market value March 31 1936, $9,871,Represented by 115,100 participating shares and 115,100
ordinary
shares, both of no par value,
d Represented by 106,388 no par partici¬
pating shares and 106,388 no par ordinary shares,
e
Represented by
149,637 no par participating shares and 149.637
ordinary shares no par.
f Represented
by 378,917 no par participating shares and 378,917 ordinary
c
shares
no
par.—V.
142.
1.228 cts.
1.310 cts.
1.546 cts,
1.680 cts.
1.897 cts.
expenses.
_
1936—Month- -1935
$151,758
1936—12 Mos.—1935
$1,862,996
1,169,847
$1,823,826
1,115,503
$56,222
$51,549
C. St. P. M. & O.
35
41
$56,263
24,946
$696,327
317,321
$709,064
314,183
$25,187
Net income.
$31,317
18,930
$379,006
$394,881
227,160
Pref. divs. requirements
142, p. 2311.
18,930
Investment
The directors have declared a dividend of $1.25
per share
on the $6.50
preferred stock, no par value,
on
account of
payable May 1
April 16.
A like payment was made on Feb. 1, last;
in each of the four
preceding quarters dividends of $1 were distributed;
50 cents per share was paid on Nov. 1,
Aug. 1, and May 1, 1934, and
on Feb.
1, 1934 a distribution of 25 cents per share was made.—V. 142,
p. 946.
to holaers of record
Chesapeake
Corp.—Changes in Collateral—
The New York Stock
Exchange has been notified by the Guaranty Trust
Co. of New York as trustee for the
20-year convertible collateral trust
5%
gold bonds, due May 15, 1947, that during the period from March 7,
1936,
to April 3, 1936,
inclusive, bonds of said issue aggregating $1,899,000 were
converted, canceled and retired in accordance with the terms of the
inden¬
ture dated
May 15, 1927. and as a result thereof, 43,188 shares of the
Chesapeake & Ohio Ry. Co. common stock were withdrawn from the
collateral pledged with it, as trustee under the indenture.—V.
142, p. 2311.
Chicago Aurora & Elgin RR.
-Income Account-
Calendar Years—
1935
1934
$1,672,818
1,844,923
66,825
$1,615,696
1,802,518
$238,930
213,588
$238,706
218,011
$25,342
Taxes.
$20,695
28,579
Non-operating income.
deductions.
24,535
Net loss before deducting int. & exp. on
obliga'ns
not assumed by receivers and loss on
property
retirements
51,884
Net loss for the year
$49,877
x569,394
$49,275
572,991
$622,266
deducting cancellation and adjustment of charges applicable
&c., of $16,268.—V. 140, p. 2857.
c
Calendar Years—
Total income
to
Elgin Corp.—Earnings—
1935
1934
1933
1932
$637
on
expenses.
payable
deb. bonds.
$1,360
1,220
258,142
360,000
$1,360
1,214
258,142
360,000
$1,395
2,136
258,142
360,000
8,316
258,290
360,000
$618,001
Acer. int.
$617,996
$618,883
$625,970
#
Balance Sheet Dec. 31
1935
Assets—
1934
Co.
1935
Stocks:
gold bonds
(in receiver¬
ship)..
Accrued Interest
13,840,100
receiv..
13,840,100
5,298
57,071
56,931
217
217
5,298
6,000,000
payable
affiliated
6,000,000
on
debenture bonds 4,230,000
Notes
3,870,000
to
—;—
_—
4,290,000
payable..
1,049,755
791,613
225
225
3,749,025
5,416,319
3,749,025
4,798,317
Accrued
x
cos
int.
Capital stock
Deficit
Total.
on
Special deposits
2,852,928
16,000
—
Loans and bills receivable.
718
\
—
.
Traffic and
car service balances receivable
Net balance receiv. from agents and conductors.
390,150
1,611,300
131,749
1,575,593
2,775,388
3,479,888
250,566
1,306,069
3,166,695
7,221,078
103,098
37,636
250,566
1,211,427
2,775,634
8,001,832
260,994
35,449
8,967,752
769,767
352,229
6,658,452
769,767
4,950
56,845
1,136,879
45,598
1,738,913
Miscellaneous accounts receivable:
Duefroin C. St. P. M. & O. Ry. Co.:
Traffic and car service balances, &c.._
_
Bal. commission account C. & N. W.
Ry.
Co. 20-year convertible bonds sold
Interest on miscellaneous accounts
Other miscellaneous accounts receivable.
Material and supplies
_
—
Other current assets
Working fund advances.
Other deferred assets:
Due from C. St. P.M. & O.
Ry. Co.:
-
Other items
Unadjusted debits:
Rents and insurance premiums paid in advance
Other unadjusted de.its
—
Total
$664,467,260 $676,206,019
Liabilities—
1935
Capital stock and scrip outstanding
29,658257,912
345,769,100
27,302,933
3,496,095
27,302,933
1,656,802
5,000,000
513,961
2,252,927
3,903,319
71,647
976,573
10,382,890
Reconstruction Finance Corporation..
Railroad Credit Corp
29,658
339,168,200
Long term debt..
Loans and bills payable:
606,681
62,055
15,000
1,388,074
5,000,000
518,961
Bank loans.
Miscellaneous
Traffic and car-service balances payable.
2,562,837
Audited accounts and wages payable
Miscellaneous accounts payable
Interest ma timed unpaid
Dividends matured unpaid
I^unded debt matured unpaid
_
_
—
62,055
76,000
2,943,795
Unmatured interest accrued
Other current liabilities.
445,437
Other deferred liabilities.
Tax liability
Premium
on
1934
.$180,839,845 $180,839,845
Premium on capital stock
Grants in aid of construction
----
»
—
funded debt.—
Accrued depreciation (equipment)
Other unadjusted credits
.
Additions to property through inc. & surplus
Profit and loss (credit balance)
157,889
4,824,171
452,591
64,872,555
5,211,428
3,236,432
11,165,853
2,926,275
368,223
94,591
5,613,250
466,929
65,404,153
2,770,267
3,223,906
26,409,570
Total.-...-----
-$664,467,260 $676,206,019
Note—In conformity
with instructions of the Interstate Commerce
Commission, the unpaid interest on C. St. P. M. & O. Ry. Co. securities
owned by the C. & N. W. Ry. Co., heretofore carried in
"interest and
dividends receivable" and "other unadjusted debits," is now carried in
"other deferred assets."
For the purpose of
comparison, the accounts for
the year 1934 have been restated accordingly.
Contingent Liabilities—The C. & N. W. Ry. Co. guarantees, jointly and
severally with two other carriers, the payment, principal and interest, of
$5,000,000 general mortgage 50-year A%% bonds of the Indiana Harbor
RR. Co.
Also guarantees the payment, principal and
interest, of $45,636,000 1st
mortgage 5% bonds of the C. St. P. M. & O. Ry. Co., owned by the C. &
N. W. Ry. Co. and now pledged as
security for loans from
Chicago St. Paul Minneapolis & Omaha Ry.—Annual
Report—
Fred W. Sargent, President, says in part:
Operations during the year 1935 reflect very clearly the condition of the
territory it serves.
The opening of the year, as a result of the devastating
drought of 1934, found low reserves of agricultural products which might
move to markets as well as a marked depletion in livestock.
A further and
entirely natural consequence was the lack of purchasing power along the
line of your railroad which is more than ordinarliy dependent
upon a normal
crop condition for its
general traffic.
therefore, in each of the first eight months of 1935,
decrease, as compared with the preceding year, or barely
held its own, with a cumulative decrease for that period of
4.2%.
Sep¬
tember first, with the new crop in movement and proceeds therefrom
rapidly going into circulation, marked a turning point, the final four months
of the year showing healthy gains, and resulting in an increase of
3.4%
Freight
revenue,
either showed
a
The year's statistics reveal increased tonnage of grain and other products
Passenger
revenue,
after
of commodities
decline which had continued uninterruptedly
since 1923, produced the encouraging gain of 11.4% as compared with 1934.
a
While this
the
on
.13,902,686 13,902,546
Total..
13,902,686 13,902,546
Represented by 27,491 no-par shares after deducting nine shares held
treasury.—V. 140, p. 2700.
x
...
169,270
40,809
6,129,422
273,332
~
-
was in part due to the
well received innovation of fast dayChicago, which company, jointly with
Chicago & North Western Railway Co., inaugurated with its "400"
service between the Twin Cities and
4,290,000
notes
in
3,910,576
151,770
Misc. investments
Cash...
for the entire year.
Misc. current llab.
Acer. int.
177,748
1,842,979
-
•
of agriculture moved, as well as all other general groups
with the exception of "animals and products."
Debenture 50-year
Elgin RR.
MIscell. investm'ts
Cash......
..v
Union Pacific RR. Co. (41,715 shares)
—3,910,576
Other stocks
220
Bonds..
1934
Liabilities—•
$
Invest. In Chi. Au¬
rora &
V"
..
Reconstruction
years,
notes
...
Other investments:
Finance Corporation.—Y. 142, p. 2312.
$619,271
...
on
46,186,000
-------
C. St. P. M.&O.Ry. Co. 1st mortgage
Belt
Net loss
Int.
23,650,554
3,593,984
—
C. St. P. M. & O. Ry. Co. equip, trust cert.
Corp.—Accumulated Dividend
accumulations
Miscellaneous
23,650,554
3,593,984
46,186,000
162,935
—1,722,530
_
Advances...'
741
227,160
—V.
After
17,405
987,831
...
Ry. Co. (279,260 shs.)..
Other stocks
$708,323
$693,149
3,178
$51,584
26,397
Deductions..
x
987,345
on 1st mortgage bonds
(see note):
Matured and payable.
Unmatured accrued
$136,535
80,313
100,209
...
income
Chain Store
1934
$552,684,938 $562,121,469
402,024
163,106
Bonds:
Vermont/ Public Service Corp.- -Earnings-
Gross income.....
prior
1935
y
Interest
Non-oper. income (net).
Other
•
Investment in road and equipment
Improvements on leased railway property
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
Investments in affiliated companies:
776.
P.
Period End. Alar. 31—
Gross oper. revenues
Net oper.
1.178 cts.
...
Central
Operating
1.201 cts.
1.607 cts.
def2,378,230
18,630
19,044
Includes accounts receivable,
a
002.
1932
Revenue per ton per mile.
Rev. per pass, per mile..
$67,957
1,519,533
341,896
1,460,063
457,419
_
resulting
1933
Stocks:
Insurance companies:
Casualty insuranceFire insurance
Life insurance
Surplus
1934
8,422
8,441
8,441
8,443
29,647,629
27,070,450
23,582,107
Tons freight per ton mile.4,995,873,153 4,989,316,625
4,581,113,465 4,113,578,033
Passengers carried
15,298,225
15,446,391
15,428,850
17,451,665
Passenger miles
554,209,061
561,208,030
540,351,162
527,889,430
Assets—
Balance Sheet March 31
Assets—
Accrued
1935
30.931.196
122
$65,361
_
Total..
General Statistics for Calendar Years
C
Avge. miles of road oper.
Tons revenue freight
General Balance Sheet, Dec. 31
b Investments:
Cash with brokers
Accr'd divs. receivable.
pamphlet report for 1935 was released for publication this week.
comparative income statement and condensed balance sheet
given in our issue of Feb. 20, p. 1461.
usual
were
1933
22
Total income
Trustees' fees
Net
The
-Earnings—
1936
Interest
2661
Chicago District Electric Generating Corp.— Listing
Approved—
Jan.
2,
1935, it
was
also in spite
to the "World's Fair" business of 1934.
traffic
was
of the lack of traffic corresponding
That the improvement in passenger
general in character is revealed in the fact that
haul local to line business increased
Operating
more
increased $790,824,
even
the short
than 9%.
6.3% as compared with 1934.
Of this amount $628,729, or approximately 80%, was due to increased
wage rates which, by April 1, 1935 were, except as to supervisory forces,
back to the basic level in effect prior to February 1932.
Economies in
expenses
or
man-hours of employees were more than offset
by the increased prices of
Financial
2662
April 18, 1936
Chronicle
1935
factor in the
The
1936 should
movement with
and other
primary markets.
The heavy snowfall of the
present winter should go far to assist in producing another good crop.
This, with the gradual but noticeable improvement in general conditions,
bespeaks improved traffic and increased earnings during 1936.
available for movement to
1935
$12,754,182
$12,332,527
1,363,654
965,955
186,483
990,508
190,097
Incidental-.
12,762,599
equipm't. 12,754,022
272,459
272,459
256,930
1,017
256,930
facilities
_
Prepaid accts. and
43,826
19,922
deferred charges
Other assets.
Cash & wkg.
1,850,393
1,850,393
2,610,000
e Common stock._
4,650,000
Equip, trust ctfs.
in default
1,341,000
Due to parent co__ 4,259,819
2,610,000
pref.
d $6.50 cum.
class B stock—
owning ry.&bus
a
$6.50 cum. pref.
c
class A stock
Improv'ts to leased
property
Invest, in sub. cos.
Special deposits._
$
Liabilities—
8,136
—
••
109,453
b Receivables
m
„
m
^
485,648
112,285
84,351
736,799
funds
76,680
payable-
Accounts
Accrued taxes.—.
ass'ts
due prior to Jan.
1 1936
6,969
39,234
Misc. accr'ls, &c__
Deprec.
on
rolling
712,082
Total oper. re venues.
Maint. of
1,789,582
2,341,494
2,602,201
equipment —
402,909
Traffic
7,406,323
Transportation
Miscell. operations
156,339
776,695
General
6,534
invest.—Cr.
Total oper. expenses— $13,281,705
Deductions from
379,804
101,252
6,787,698
100,846
784,432
7,467
764,806
26,581
$3,321,088
$2,357,738
$1,791,897
959,252
861,556
895,772
936,848
1,135,450
859,982
846,696
843,537
$1,997,006
$1,755,753
$1,783,545
$1,802,789
$175,578
$601,985
79,166
$1,537,543
84,805
24,000
Total deductions-.
65,090
Non-oper. inc.—net.
$240,668
2,543,376
$1,622,348
2,682,573
$95,068
2,959,301
$2,302,708
Net deficit.
$681,151
2,604,362
$1,923,210
$1,060,225
$2,864,234
General Balance Sheet
1935
1935
S
Assets—
Liabilities—
Investment:
In road &
equip 88,432,523
Impts. on leased
^89,368,776
50,593
property
Dep. in lieu of
ry.
__
intged.
sold..
Misc.phys.prop-
135,558
683,858
3,600
448,613
140,539
In affiliated cos.
726,354
3,600
419,023
invest'ts.
Other
aid
38,920
construction.
1,500
47,316,000 47,809,800
Traffic & car serv.
599,398
578,923
payable..
1,289,595
715,799
Misc. accts. pay__
bals. payaole
Audited accts. and
wages
182,387
253,210
65,940
Due to C. & N. W.
44,594
25,138
Ry.—Gen. accts 4,332,023
Int. mat'dunpd. 8,967,752
Divs. mat'd unpd.
8,072
4,941,881
6,658,452
288,527
388,355
Cash
268,068
588,946
700,410
Special deposits
Traffic & car serv.
bals. receivableNet bal. rec. from
agents & cond'rs
Misc. accts. rec
1,104,795
8,965
6,699
64,033
201,252
Mat'ls & supplies.
Other curr. assets.
Work, fund advs__
Other def'd assets.
Unadjusted
Govt, grants in
of
11,156
S
Cap. stk & scrip. 29,816,066 29,816,067
Stock liability for
2,879
conversion
2,879
Long-term debt
prop.
1934
S
1934
S
Dec. 31
debits
500
47,003
8,219
11,577
266,390
1,368
245,789
2,650
9,199,879
190,504
Oth. curr. liacil
6,699
Tax liability
Prem. on fund. dt_
Accr. depr.,
equip.
193,024
1,209,697
1,222,912
balance
12,434,369
10,095,826
Total.
91,829,262 92,634,506
through surplus.
91,829,262 92,634,506
Shore & South Bend
The report for 1935 says in part:
On Sept. 30 1935 the Federal
RR.—Annual
Court at South Bend, Ind.,
appointed
The appointment having been confirmed by the
Commission, the trustees qualified on Nov. 1 1935,
since which date they have operated the railroad.
The amendments to Section 77, approved Aug. 27 1935, also modified
to some extent the prescribed procedure for effecting the reorganization
of the road.
The ICC is now required, after hearing, to issue a report
the road.
Interstate Commerce
reorganization plan, after which the parties in interest are
allowed 60 days within which to petition for modifications.
The Com¬
mission is then required to certify such plan as it approves to the Federal
Court at South Bend, Ind., where a hearing will be held after notice to
creditors and stockholders.
When the plan has been approved by the
Court, the Judge is required to forward to the Commission a certified copy
of his opinion.
The Commission is then required to submit the plan to
approving
a
the creditors and
stockholders for acceptance or
rejection within such time
be specified by the Commission.
A plan of reorganization was formulated by the railroad and presented
to the Commission in the fall of 1934.
A formal hearing was held by the
Commission on Nov. 22 1934, and the plan was taken under advisement.
In June 1935 the Bureau of Finance of the Commission filed a report
as
may
recommending
modifications
in the proposed plan.
5%
tion certificates.
(10)
pation
(11)
(12)
Chicago City & Connecting Rys. Collateral Trust,
certificates.
Chicago City Rys., minority capital stock.
Chicago Rys., capital stock.—V. 142, p. 2312.
Chilton
Co.—Reorganization Plan Voted—
The stockholders on
new common stock. .
Pursuant to the amendment so
standing
Account for
Calendar
Years
1933
Grossearnings
Oper. exps. (excl. of tax)
Provision
for
renewals
$1,690,481
$1,863,666
1,443,201
Net oper. earnings-..
Other income.--.
1,375,780
49,322
1,458,742
55,573
$382,637
6,425
10,814
$176,166 loss$127,332
7,273
Total income
$398,199
219,782
73,755
x2,994
6,483
$393,451
250,376
73,755
x3,794
9,026
$183,439 loss$127,332
288,114
73,755
79,584
168,751
237,391
11,573
14,026
Interest on funded debt.
interest
Amort, of disct. & exp—
income
$95,183
$56,499 loss$358,755
loss$458,332
$95,183
$56,499 def$358,755
def$489,988
31,656
dividends.
Balance, surplus
Interest of $201,375 on notes to
Note—Combined net lbss of subs, for year
2,039,184
$5,637,248
$4,79S,919
$5,312,000
25,182
131,403
$6,536,595
339,307
1,580,412
$4,930,322
1,648,376
$5,664,449
1,504,377
$4,082,018
—
Net income.
$3,281,945
$4,160,072
$5,377,930
2,000,000
2,000,000
2,000.000
2,000,000
$5,662,430
div.
requirements
$40,000,000
5%
cum. pref. stock
Pref.
352,449
2,181,936
$6,875,902
1,497,972
Fixed charges
on
After deducting interest
x
charged to construction.
Balance Sheet Dec.
(Property leased to Union
1935
S
Assets
from
3,276,777
40,000,000
Common stock
30,000,000
4,107,192
5,389,953
series A
35,000,000
4s
7,070
payable-
35,000,000
7,799
taxes..
313,344
350,000
478,212
350,000
ings
(net).—
318,359
Res.—retirem'ts 11,732,096
2,748,289
10,059,296
90,146
66,784
1,405,761
Accrued
Contingent earn¬
and
3,026,614
3,120,462
Contrib. for ext.
Surplus.
.124,621,744
Total
$
40,000,000
30,000,000
Accr. bond int..
23,399
debt
expense—..-
1st mtge.
Accts.
Special funds and
deposits
$
5% cum. pf. stk.
a
3,117,018
1934
1935
Liabilities—
$
affil.
companies
31
Gas & Electric Co.)
1934
115,201,334 114,853,722
Property
127,494,729
Total
6,743,943
7,445,370
124,621,744 127,494,729
a Authorized and outstanding, 750,000 shares,
no par.
Acquisition of Property—In January, 1936, the P. U. Commission of
Ohio approved the application of the company to purchase the property and
assets of Southwestern Ohio Power Co., an affiliated company, at a price
equivalent to its appraised value as determined by the Commission.
This
company supplies electricity to about 7,000 customers in territory lying east
and its lines are interconnected with those of the the Cim
Gas & Electric Electric Co.
The properties so acquired will be
operated by Union Gas & Electric Co. under the lease agreement.
of Cincinnati,
cinnati
New
parent company not accrued.
ended Dec. 31 1935, not incl.
above, amounted to $5,014 (after provision for $4,500 for depreciation as
determined by the companies).
x
2,203,441
70,030
$391,774
Rent of leased prop., &c.
2,048,230
2,068,151
Contingencies
Other income.-
operating income.
2,216,801
and
other income
x
1932
$21,587,454 $23,028,117
12,023,783 12,270,401
2,300,090
—
Total net earnings
Electric Co.,
Co. as lessee,
2,447,148
---------
1,920,968
37,905
Taxes
1934
.$1,807,739
$22,028,362 $20,743,180
11,643,875
11,659,309
and replacements
Taxes
discount
1932
1935
Class A pref.
Co.—Earnings—
(Consolidated with earnings statement of Union Gas &
the properties of Cincinnati Gas & Pllectric
payine as rental the entire net income of the property .)
Calendar Years—
1935
1934
1933
Unamort.
$1,872,880
for outstanding
which operates
Cash in banks,.
Net
adopted, the certificates
preferred stock (par $100) are now exchangeable for certificates
representing shares of common stock (par $10) at the rate of ten shares
of the new common stock for one share of the preferred stock.
In order to carry the above exchange into effect, stockholders should
forward all certificates for shares of preferred stock now held, to Corpora¬
tion Trust Co. (New Jersey), 15 Exchange Place, Jersey City, N. J.
See
also V. 142, p. 1810.
shares of
12 1936.
At this time, therefore, the
Commission not yet having given its approval,
Commission and the Federal Court at South Bend, after
hearing, to approve a plan before it will be ready for submission by the
Commission to creditors and stockholders for acceptance or rejection.
to the certificate
of
adopted
it remains for the
General
March 31 adopted the amendment
incorporation reclassifying and changing the outstanding sharas
preferred stock into ten shares of common stock (par $10), and also
the resolution reducing the capital to the aggregate amount of the out¬
Rec.
Income
common partici¬
of
Commission
Operating revenue
Oper. expenses (incl. re¬
tirement charges)-.-
Frank M. Gordon,
committee under the
reorganization plan (V. 141, p. 3855), dated Oct. 31, 1935, providing for the
reorganization and unification of Chicago Railways Co., Chicago City Ry.,
Calumet & South Chicago Ry., Southern Street Ry., and Chicago and
Western Railway Co., announced April 11 that in the opinion of reorganiza¬
tion committee a sufficient amount of securities affected by the reorganiza¬
tion plan have been deposited or have otherwise consented thereto to render
it advisable to declare the plan operative and to carry out the plan as an
entirety.
The committee therefore has declared the reorganization plan
operative as to all securities affected by the plan, viz.:
(1) Chicago Railways, 1st mtge. 20-year gold bonds.
(2) Chicago Rys., 5% consol. mtge. 20-year gold bonds, series A.
(3) Chicago Rys., 5% consol. mtge. 20-year gold bonds, series B.
(4) Chicago Rys., purchase money mortgage gold bonds.
(5) Chicago Rys., adjustment income bonds.
(6) Chicago City Ry., 5% 1st mtge. gold bonds.
(7) Calumet & South Chicago Ry., 5% 1st mtge. gold bonds.
(8) Chicago City & Connecting Rys., coll. trust sinking fund
gold bonds/
(9) Chicago City & Connecting Rys. Collateral Trust, preferred participa¬
Exceptions to the
report were filed by various parties and argued before the
in July 1935.
A second report was filed by the Bureau of Finance on Feb.
21 1936, revising the modifications recommended in the proposed plan,
to which exceptions may be filed by parties in interest on or before March
Net
Operative—
Chairman, M. H. MacLean,
Bernard E. Sunny, reorganization
Abbott,
Rufus
W.
Cincinnati Gas & Electric
South
Report—•
for
is expected to be the only bidder. Thomas J.
special master in chancery to conduct the sale.
Reorganization Plan Declared
2312.
Chicago
set for May
posed plan of reorganization
Peden, lawyer, was appointed
9,431,858
Other def'd liabil
Prof .& loss—Debit
trustees
Surface Lines, a step in the reorganization on April 11,
29 by Federal Judge James H. Wilkerson.
Judge Wilkerson said all questions "about fairness of the plan of re¬
organization will be heard when the master submits his sale for approval."
The Chicago Surface Lines, Inc., the new company set up by the pro¬
788,431
53,056
Unmat'd int. accr.
Add'ns to property
Total
Lines—Sale Set—
Chicago Surface
Sale of the Chicago
500
780,921
unpaid
Oth. unadj. creds.
-V. 142, p.
14,019,1171
Total
14,234,403 14,019,117
b After reserve of $57,294.
c Represented
d Represented by 29,000 no par shares, e Repre¬
shares.—V. 142, p. 1634.
of $8,399.
After reserves
a
Funded debt mat'd
6.313
15,000
255,834
8,072
2,450,744
14,234,403
Total
by 19,476 no par shares,
sented by 465,000 no par
John E. Blunt, and
available
24,000
2,536,783
donations
property
Deficit
def$l0,892
105,960
.
Income
of
was
Rev.
232,311
arising
surp.
from
396,104
6,268,811
Cap.
2,380,676
2,636,316
$12,490,880 $11,206,511 $13,039,864
$2,172,584
,
1,484,302
2,195,377
378,181
6,952,399
117,305
924,862
12,943
1,943,772
Transp. for
$14,527,600 $14,831,762
_$15,454,288 $14,848,618
Operating Expenses—
626,950
213,382
stock & equip't.
Res. for injuries &
damages
Maint. of way & struc_.
1,341,000
4,027,502
40,243
734,473
307,353
104,703
108,460
86,364
Accrued interest..
Public impt.
4,650,000
26,997
763,415
Deferred liabilities
1933
1932
$12,064,162 $11,852,866
1,375,948
1,647,601
902,574
L135.796
184,914
195,498
1934
1,519,500
Passenger
Other transportation
Road &
Mat'ls & supplies.
for Calendar Years
Comparative Income Account
Operating Revenues—
Freight--..
S
Assets—
1934
1935
1934
$
31
Dec.
Balance Sheet
and supplies, accounting for the remaining 20%
increased cost of operation.
,
,
,
Increased efficiency in transportation service in 1935 was marked, by
increased cars and tons per train, increased load per car, better directional
balance of traffic and decreased proportion of empty car movement.
anticipated increase in movement of all commodities during
give even better opportunity to control train and yard
resultant improvement in the transportation ratio.
The farms and country elevators along the lines of your property on Jan.
1, 1936, were holding a considerable quantity of corn, oats
grains
fuel and other materials
Director—
..Hugh P. Colville has been elected a
Merger—
The Union Gas &
director to fill a vacancy.
Electric Co. on April 17, was merged with this company.
subsidiaries of Columbia Gas & Electric Corp.
The
Both companies are
Volume 142
move
Financial
described in
was
letter to stockholders
a
simplification of corporate structure.
—V. 141, p. 3374.
Cincinnati Street Ry.
Period End. Mar. SI—
Net inc. after deprec.,
No
new
being in the interest of
financing will be involved.
as
Co.—Earnings—
1936-r-Mon^—1935
interest and taxes
Earns, per sh on475,239
$28,509
$73,995
cap.stk. (par $50)
—V. 142, p. 1461.
1935
1934
1933
1932
earnings....__._x$24,701,794 x$23508,977 $22,009,425 $24,121,861
Operating expenses
13,645,227
13,226,161
11,813,467
12,090,899
Net oper.revenue....$11,056,567 $10,282,816
Int. & amort, of dis. and
4,773,009
reserve..
Net income.
5,283,796
Includes.non-operating
B. Gregory, who resigned his directorates to become a
Columbia Vice-President; J. E. Parsons, who retired from Assistant Treas¬
urer's post of Ohio Fuel Gas, and C. W. Wallace, who retired from the Vice-
Presidency of Northwestern Ohio Natural Gas.—V. 142,
Comet
56,121,483
5,004,054
def$91,892
$1,117,429
of $105,502 in 1935 and $266,232 in
Cash
and
Period End. Feb. 29—
6%
on
166,153
219,998
298,986
345,251
in banks.....
1,795,953
3,430,815
Certif. of depos.
3,089,231
Time deposits._•
U. S. Govt. sec.
a
ment
of
......
Taxes accrued..
Interest accrued
3,793,690
Pref.
div.
(pay.
f
45,961
230,810
2,749,109
2,598", 209
885,555
584,019
decl.
Jan.
1936)
40,000,000
507,714
750,000
called
12,937
for
re¬
tirement
re-
tirem't of pref.
stock (contra.)
Dec.
Inventories....
on
1,
and
526,900
3,365,113
1935,
premium
thereon
2,556,786
Balances in banks
(see
contra)
closed of under
&
$98,775
25,507
70,474
$96,963
21,903
70,606
$1,347,463
286,787
851,390
$1,397,336
317,793
856,875
$2,793
$4,453
$209,285
$222,668
amortiza'n, &c__
Net
Divs.
526,900
accrued.
1,506,460
restruction...
522,813
564,440
Consumers' dep.
Deferred charges
275,932
878.265
Other current &
661,584
663,375
68,083
286,628
erty and plant 21,994,091
Other reserves..
300,867
Earned surplus. 11,434,556
liabil.
Reserves for de-
pre'atlon &
_
Consolidated Aircraft Corp.—To Issue New
Pref. Stock—■
A special meeting of stockholders has been called for
April 29 to authorize
the creation of 60,000 shares of no par value $3 convertible
preferred stock.
It is planned to issue only 24,000 shares at this time and
to reserve the re¬
maining 36,000 shares for issuance in the future when needed.
The 24,000 shares are to be designated "convertible
$3 preferred
the
re-
same
subscription price.
It is understood
has been made with Hammons &
Co.,
not subscribed by the shareholders.
20,039,162
accrued
income
non-cumulative, and convertible at option of holder at the rate of one share
of preferred to two shares of common stock, and will be callable at
$55 a sh.
It is expected that as soon as stockholders authorize the stock and
the
necessary registration made under the Securities Act, present stockholders
will be offered the right to subscribe for one share of the new
convertible
$3 preferred for each 25 shares of common held at $50 a share.
The company has outstanding 574,000 shares of
common, for which there
will be required reservation of 22,976 shares of the new
preferred.
The
remaining 1,024 shares would be reserved for sale to certain employees at
286,870
.......
1923,ser. 1923,
ma¬
$1,377,314
20,021
.
stock,"
1,
Pref. stock, auth.
tured int., &c.
for
15,281,700
3,438,102
notes receiv..
21,894
29,287
51,089,400
40,871,520
Funded debt
40,000,000
Accts.
payable.
485,149
Pay roll accrued
244,724
—
2,033,088
Deposit for pay¬
Deposit
stk. ($100 par)
stock
Common
450,000
receivable.._.
Other accts. and
$1,325,569
Balance
pref.
2,016,250
Accts. & notes
$95,599
1,363
__
Non-oper. inc.—net
Int.
(no par)
...
hand &
$97,523
1,251
_
Taxes
$284,354
144,614
14,852
Retirement accruals
25,499,580
cum.
1936—12 Mos.—1935
$3,781,729
$3,792,644
1,909,132
1,902,369
199,157
168,083
347,870
344,876
$304,602
163,656
13,034
30,386
S
(no par)
trustees
2493.
.
1936—Month—1935
revenues
Maintenance
Serial pref. stock
secur.
Investments
Cash
1934
Liabilities—
deposit with
on
1935
%
Property & plantl32,356,426 131,013,066
p.
Corp.—Reaisters with SEC—•
first page of this department
on
Net oper. revenues.
1934
$
given
Operating
Operation
Consolidated Balance Sheet, Dec. 31
1935
Trailer
Community Power & Light Co. (& Subs.)—Earnings—
54.912,162
5,004,054
revenues
exceptions of T.
5,909,479
55,271,329
6,022,609
1934.
Assets
CorpChanges in Personnel
Corp., all subsdiaries of Columbia Gas & Electric Corp., at
their annual meetings on April 7 reelected all officers and directors with the
See list
5,011,487
$6,283,558
5,909,357
stk
Balance
x
& Electric
Ohio Fuel Gas Co., Northwestern Ohio Natural Gas Co. and Indiana Gas
$10,195,958 $12,030,962
$374,201 def$751,280
com.
Gas
Distribution
Illuminating Co. (& Subs.)—Earns.
Calendar Years—
pref. &
Columbia
$0.06
Gross
on
Exchange Commission, the stock will be offered on a sliding scale of prices,
follows: 350,000 shared at $2; 250,000 shares at $2.50; 250,000 shares at
$3; 250,000 shares at $3.75, and 250,000 shares at $.5.
$29,129
$0.15
—
Cleveland Electric
Divs.
offering was made by a prospectus which states that the company
has an authorized capital of 2,500,000 ($1 par) shares, of which 1,350,000
shares will be offered to the public.
As registered with the Securities and
of Subsidiaries—
shs.
depreciation
2663
The
as
1936—3 Albs—1935
$17,488
Chronicle
an underwriting agreement
Inc., for the underwriting of shares
Stockholders
also have been asked to vote on the
proposal to deny all
preemptive rights to subscribe to any additional issues of stock other than
the 22,976 preferred shares now contemplated.—-V.
142, p. 2149.
tirem. of prop¬
Total
146,008,591
Note—In October,
148,168,380
1935,
an
Total
146,008,591
269,614
15,342,097
148,168,380
Consolidated Edison Co. of N. Y.—Bonds Called—
All of the outstanding 20-year
blA% gold debenture bonds due Feb. 1,
1945, have been called for redemption on May 15 at 1033^ and interest.
Payment will be made at the City Bank Farmers Trust Co., New York
City.—V. 142, p. 2494.
amendement to the articles of incorporation
adopted, as the result of which the 2,554,470 common shares then out¬
standing were changed into 2,324,567.7 shares of new common stock and
102,178.8 shares of new preferred stock, $4.50 series, the holder of each
Consolidated Laundries Corp.
was
share
common
receiving in exchange therefor 91-100ths of
share of
a
3 Months Ended—
Net
loss
after
interest and taxes
new
$11,726
com.stock and 4-100ths of
a share of new pref. stock, $4.50 series.
This
part of an initial series of serial preferred stock auth¬
orized by the amendment
In addition 152,817 shares of preferred stock,
$4.50 series, were sold through bankers, the net proceeds received there¬
from being $100.75 a share.
The proceeds from this sale, with
other
treasury funds, were used to redeem on Dec. 1, 1935, all of the outstanding
152,817 shares of 6% preferred stock, authorized 1923. at $110 per share.
preferred stock
Assets—
.
After
a
for doubtful accounts and
reserve
p.
notes
of
$330,332 in 1935 and
Cash..
a
U.
The company has notified the New York Stock
Exchange of the resigna¬
L. Mather as a director on March 30 and the recent election of
R.
Forrest
as
Assistant
Secretary.
notes
Union
Terminals
Calendar Years—
1935
Rent from locomotives..
Rent from work equip..
39
4,393,685
23,984
24,538
Joint facility rent inc
Miscell. rent income
Jnc. from lease of road..
Income
from
Total
1932
$158,695
reserve
46
26
b
4,234,729
20,963
4,626,943
25,430
36,809
1,346
Gross income
18,940
$4,470,261
507,146
$4,874,719
$4,135,334
$3,963,115
$4,212,432
662,287
Rent for work equipm't.
on unfunded debt..
rents. .1.
Cr50
19,251
20,070
4;036,540
4,067,133
20,235
4,097,563
47,637
13,910
48,154
8,825
48,714
9,899
49,291
9,198
$9,593
funded debt—
20,816
Net loss transferred to
profit and loss
Balance Sheet
1935
Dec.
$213,296 prof.$10,491
.83,813,481 83,768,987
94,373
35,345
1935
1934
Liabilities—
fo.ooo
Capital stock
Funded
debt
56
Loans & bills rec._
43,685
47,451
Special deposits
19,391
20,786
1,184,964
1,259,558
182,828
182,476
2,430,188
2,782,134
Misc. accts.
accts.
rec..
Materials & suppl's
Unadjusted
Deferred
debits 2,390,245
assets
2,963,859
Non-nego. debt
affiliated
388,700 57,017,200
to
cos...31 582,963
wages payable..
202,821
pay..
19,391
842,584
liabilities
500
Unadjusted credits 1 ,609,835
Addns. to property
thru.inc. & sur.
90,692,827 90,526,924
172,237
34,345
13,903
842,584
7,382
1,403,248
1,661
Profit & loss credits
Total
30,989,651
26
Int. matured unpd.
Unmat. int. accr..
Deferred
Total
70,717
90,692,827 90,526,924
-V. 140, p. 2858.
Coastal Minerals Development,
See list given on
Inc.—Registers with SEC
first page of this department.
Co-stl*nd Oil Corp.
(Del.)—Stock Offered—
Initial offering of shares of this corporation, organized chiefly to
acquire
producing oil propertias in Texas and Louisiana, was made April 13 by
J. Meyer Jr. & Co., Inc., New York, the underwriter.
Ray E. Kollar,
production engineer recently associated with the Carter Oil Co., operating
subsidiary of the New Jersey Standard, is President of the company.
75,000
74,000
274,615
year
159,651
199,000
"""669
Dividends payable
Fed'l income tax..
77,762
~4~2o6
deposits...
4,971,380
79,085
1st M.
51,665
52,424
6*4%
10gold notes
1,107,000
year
1,438,500
6%
ser.
gold
notes of sub. co.
224,000
296,000
mtges. payable.
Res. for workmen's
452,320
614,889
comp., ins., AcPreferred stock
ser¬
63,531
469,100
67,569
471,900
3,154,401
899,241
Purchase
vice
300,000
300,000
1
1
Earned
Total
$7,340,246 $7,584,015
money
stock.
surplus
Total
3,154,401
976,086
$7,340,246 $7,584,01 5
After
reserve for doubtful accounts of $79,190 in 1936 and
$83,099 in
b 7,832 shares of common stock,
c After reserve for
depreciation
of $4,725,955 in 1936 and $4,351,119 in 1935.
d Represented by 400,000
1935.
no-par
shares.-—V.
142, p. 2495.
Consolidated
Mining
&
Smelting
Co.
of
Canada,
Ltd.—Output—
3 Mos. End. Mar. 31—
Lead (tons)
1936
44.840
Zinc (tons)
27,902
39,991
27,192
21,409
2,416,248
1,692,775
Copper (tons)
Gold (ounces)
Silver (ounces)
—V. 142, p. 1980.
1935
;
V
235
9.992
Consolidated
Oil
Corp.—To Amend Plan—To
$50,000,000 Bonds in Lieu of $100,000,000—
10,000
Audited accts. and
Misc.
163,066
31
1934
$
Cash
c56.891
—
./l sscts
_
payable in 1
Conv.
Goodwill........
4,124,027
Miscell. income charges.
Investments
77,^62
livery equipment 4,585,246
146,387
223
$44,923
funded debt.
Amortization of discount
$191,705
Salesmen's & other
Deferred charges..
a
$4,659,700
524,365
Int.
on
Treasury
stock
(cost)
Land, buildings,
Purchase route
119
$4,605,242
532,007
$127,192
162,135
1st M. 6% ser. gold
notes of sub. co.
notes current
56,377
..
22,969
97
on
Accounts payableAccruals
:
d Common
3,800
$31,011
M ar. 21 '36 Mar. 23'35
Conv. 6*4% 10-yr.
with
Labor
40,084
$4,073,235
inc..
Railway tax accruals—
Interest
& municipal
of
Liabilities—
due in one year.
—......
142
4,435,992
20,609
39,102
funds
non-oper.
Miscellaneous
$159,032
$54,894
Pur. money mtges.
unfunded
securities & accounts,
Income from sinking and
other
229,943
machinery & de¬
1933
$160,151
S.
—cost.
Co.—Earnings1934
$161,648
250,475
and
receivable
Dept.
c
Cleveland
1,173,628
bonds dep.
The
company also advised the
Exchange that the vacancy in the board of directors caused by the death of
W. P. Belden on Dec. 24 has not been filled.—V. 141, p. 3856.
285,174
Mortgages & long-
tion of S.
D.
3410,150
188,868
1,155,637
Inventories
term
Co.—Changes in Personnel—
3579,493
__________
receivable
2312.
Cliffs Iron
Mar.21'36 Mar.23'35
Notes and accts.
accts.
Cleveland
$38,863
Consolidated Balance Sheet
was
$333,612 in 1934.—V. 142,
(& Subs.)—Earnings—
Afar.21,'36 Afar.23,'35 Afar.24,'34 Afar.25, *33
deprec.,
to
Issue
Notice of annual meeting advises the stockholders that
they will be asked
rescind authorization previously given for issuance of
secured bonds, and authorize not more than
securities
$100,000,000 of
$50,000,000 of bonds or other
In a letter accompanying the notice of the annual
meeting called for
May 20, H. F. Sinclair, Chairman of the executive committee, points out
that "the financial condition of the corporation has improved
during the
past year and the directors now recommend to the stockholders that they
rescind their authorization of $100,000,000 of secured bonds and in lieu
thereof consent to the mortgage or pledge by the corporation of such of its
properties and assets as the board of directors may determine, as security
for not exceeding $50,000,000 principal amount of bonds of the
corporation,
and also consent that the board of directors may make such secured bonds
convertible, or issue the same with stock purchase warrants; or, if the board,
of directors shall determine not to issue secured bonds, it
may issue similarly
convertible unsecured debentures or notes or preferred stock, or issue the
same with stock purchase warrants."
In explanation of the alternative proposals submitted, Mr. Sinclair
says:
"In view of present uncertainties with respect to tax and other
legislation
affecting corporations, and in order to place the corporation in a position to
meet changing conditions, it is deemed advisable that if the board of direc¬
tors determine to issue obligations of the corporation it be given sufficient
latitude to enable it to issue such form of obligations as shall in its
judgment
be desirable under the circumstances."
At the time the directors sought authorization of new bonds, it was con¬
templated that the proceeds would be used for the retirement of the 6 }4 %
and 7% bonds due in 1937 and 1938, of which there were then
outstanding
Financial
2664
$48,781,700 (including $6,536,500 held in the treasury). However, later
developments indicated that it would be more advantageous for the time
being to use bank loans at low rates of interest for the retirement of the old
bonds, and the authority to issue the new bonds has not been exercised.
With the use of bank loans of $40,000,000 and treasury funds, all of the old
bonds were redeemed arid paid on Aug. 12, 1935. The bank loans are repre¬
sented by promissory notes at an average rate of interest of 2.68%, and are
payable in yearly instalments of $10,000,000 each, beginning June 6, 1937.
When any amount (within the authorization of $50,000,000) of new
obligations or equivalent amount of preferred stock is issued, the net pro¬
ceeds thereof up to $40,000,000 will be applied to payment of bank loans.
To Eliminate 8% Preferred Stock—
v.<;
The stockholders will vote at their annual meeting on May 20 on reduc¬
ing the authorized capital stock by 141,294 shares 8% pref. stock (par
$100).
The 8% pref. stock outstanding was called for redemption Jan. 15,
1936.—V. 142, p. 1813.
j
Consolidated Retail Stores,
Inc.—New Vice-President—
Dividend Plan Approved—
13, Paul H.
Berwald was elected a Vice-President, succeeding James Neiger, resigned.
Mr. Neiger, however, continues as a director.
At a special stockholders' meeting following the annual meeting, the
proposed plan to eliminate preferred stock arrearages (as outlined in V. 142,
and directors' meeting held April
At annual stockholders'
6
shcirc
^2150) was approved. As of April 1, last, the dividend arrears totaled
el
will receive the following in ex¬
change for each share of the present 8% cumulative preferred stock; 1 1-3
shares of new $6 cumulative no-par stock, $4 cash, and a warrant entitling
the holder to purchase two shares of common stock at prices ranging from
$6 to $10 a share, according to when the warrant is exercised during period
Chronicle
Continental Can Co. of Can., Ltd., and the equipment of the
other plants with additional machinery and the rehabilitation
Continental Steel
—
Interest
def$42,715 def$334,285
Divs.
on
accr.
on
preferred stock
sub. cos. pref. stock.
Balance
$1,209,502
$207,810
$179,303
Previous
surplus
,1,895,069
Reversing provision heretofore made
in respect of accrued dividends
956
Adjustment of prov. for Fed. inc. tax
25,202
$1,208,830
$ 1.85
outstanding cap. stock
$ 1.57
Fibre Co.
(& Subs.)—Earnings
1933
1934
1935
$5,717,885
$4,584,303
53,712,731
4,300,299
3,465,164
2,774,422
421,524
783,810
435,716
706,060
459,491
710,145
20,000
Inventories
3,995,819
30,236
$203,467
29,632
prof.$203,586
$95,710
$173,835
Invest.
35,910
4,000
2,295
.prof.$167,677
918,641
$99,710
894,722
$176,130
651,594
$750,963
$994,432
$827,724
Cr~75~,792
128,953
Cr61,955
Foreign exch. fluctuation
Sundry pr. period adjust.
$1,331,519 $1,152,683
Accounts
1,698,837
1
79,321
13,484,377
12,308,321
6,050
2,773,500
pref.stk. 2,715,600
6,170,451
cum.
Common stock.
6,146,105
118,327
Total...
b After deducting
$5,554,891 in 1934.
V. 142, p. 2313.
Earned
.
1,828,108
surplus
1,306,790
Treas. stk. at cost. Dr83,468
13.484,377 12,308.321
Total
for depreciation of $6,149,883 in 1935 and
Represented by 175,648 shares no par value.—
reserve
c
Imperial Mills, Ltd.—Initial Preferred Dividend
have declared an initial quarterly dividend of $1.25 per
5% cum. red. sinking fund 1st preference stock, par $100,
payable July 15.—V. 142, p. 1814.
The directors
share
on
the
new
100,900
591,718
1,831,714
Cripple Creek Central Ry.—Dissolved—
Company
was
1935
Capital stock
Surplus
c
$433,570
2,179,673
4,422,853
dissolved in January, 1936.—V. 127, p. 104.
Crosley Radio Corp.—New Vice-President—
have
elected
Powell
Crosley,
3d,
a
Vice-President.
He
is
of Powell Crosley Jr., President of the company.
son
Sells Factory to
General Motors—
See General Motors Corp.
Crown
below.—V. 142,
p.
1981.
Drug Co.—Co-Transfer Agent!*—'
corporation
Trust
Co.,
Jersey City, N. J., has been appointed
7% convertible preferred and common
Cumberland County Power &
$306,006
2,239,052
Operating
$336,732
251,467
$4,134,131
2,921,977
$4,092,089
2,976,811
$95,832
4,303
$1,212,154
56,199
$1,115,278
60,553
$90,163
53,301
$100,135
$1,268,353
694,328
$1,175,831
670,583
$36,862
19,997
Gross income
Deductions
$332,511
236,679
$85,265
4,898
expenses
Net oper. income
Non-oper. income (net).
4,734,590
1936—12 Mos.—1935
1936—Month—1935
Period End. Mar. 31—
1934,
Light Co.—Earnings—
[Incl. Cumberland Securities Corp.]
Net income
49,714
49,799
$44,708
19,997
$574,025
$505,248
239,964
55,427
.
Pref. div. requirements.
11,874
116,597
13,979
124,870
18,528
13,196
3,078,471
3,400,872
1
1
&c
&C-.
b Ld.. water rights,
mach.
Dedham & Hyde
Park Gas & Electric Light Co.—-Sell
Assets—
See Boston Consolidated Gas Co. above.—V.
&
equipment
239,964
v
—V. 142, p. 2314.
em¬
taxes,
Crane Co.—Plans
Plans for
trade¬
marks
$7,036,096 $7,279,649
Total
$7,036,096 $7,279,649
After allowance for doubtful accounts of
b After
allowance
Continental Can
Stock
for
p.
284.
refunding operation by the company,
expected to effect
a
Co., Inc.;—Files with SEC—To Issue
Rights to Stockholders—-
shares ($20 par) common stock.
It is stated that 177,679 shares
of the stock are to be offered to stock¬
holders of record May 5, at $60 a share, at the rate of one new share for
each 15 shares held.
Company will issue transferable wan ants evidencing
rights to subscribe to the stock, which will expire May 25.
Any part of
the common stock not taken up by the warrant holders may be sold to the
underwriters at $60 a share and offered publicly at the market.
The
remaining 75,000 shares of common stock are to be offered from time to time
to officers and employees of the company at $60 a snare, payable in instal¬
ments over a five-year period.
The stock subscription plan under which
these shares are to be offered provides that not more than 30,000 shares will
be offered to officers and other key men in the company and that not more
than 45.000 shares will be reserved for allotment among the remaining
personnel of the company, including wage earners.
These 75,000 shares
not to be undet written.
that approximately $6,000,000
of the proceeds from the sale of the stock are to used daring the current
year in connection with a general program for the improvement and expan¬
sion of existing manufacturing facilities and the erection and equipment of
new plants, as well as to reimburse the company for expenditures recently
made or currently being made in this regard.
This program includes, it is
stated, additions oo present facilities of plants located in Memphis, Tenn.;
Syracuse, N. Y.; Houston, Texas; Seattle, Wash.; Chicago, III.; Baltimore,
Md.; Clearing, 111.; Wheeling, W. Va.; and Montreal, Que.; the erection
and equipment of a new plant at New Toronto, Ont., to be operated by
5%
standing $10,500,000
serial notes.
It is expected that these will be
called and redeemed through the issuance of a similar amount of debentures.
—V. 142, p. 2151.
De
Mets, Inc.—Accumulated Dividend—
The directors have declared a dividend of 55 cents per
share
of accumulations on the $2.20 cumulative preferred stock,
no
on account
par
value,
to holders of record April 21.
Similar distributions have
been made in each of the 10 preceding quarters.—V. 142, p. 621.
payable May 1
Dome Mines,
The company on April 9 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2094, Form A-2) covering 252,679
Month
Ltd.— Value of Production—
1936
....
March..
$567,255
568,435
1935
$545,789
551,054
1934
$641,637
634,307
614,521
of—
January...
February
609,694
621,195
—V. 142, p. 1815.
Domestic &
Foreign Investors Corp.—-Earnings—
Earnings from July 1, 1935 to April 3, 1936
$43,557
2,827
5,369
Dividends and interest received
General expenses
Interest paid on loans.
Net
Profit
securities sold
June 30,
_j.
1935
or
cost if subsequently acquired
Deficit June 30, 1935..
Balance, being deficit at April 3, 1936
Nole—No
charge has been
interest on the 20-year 5M%
April 3, 1936.
value
on
486,656
$720,445
1,690,466
Total
to
$35,360
198,429
profit
on
Increase in market value of securities over market
It is stated in the registration statement
a
133,
Financing—
saving of $100,000 to $150,000 in the company's annual interest charges,
are
under consideration, according to reports.
The company has out¬
$74,241 in 1935 and $64,615
depreciation of $6,761,779 in 1935 and
$6,396,137 in 1934.
c Represented by 505,000 shs.
(less 48,800 shs. in
treasury at Dec. 31, 1935, and less 41,400 shs. at Dec. 31, 1934).-—V
142, p. 1636.
are
7,744,797
1
Deferred charges
under¬
Additional
7%
c
bldg., ma¬
chinery & equip. 7,301,450
Gross oper. revenues.__
Companies]
payable,
vendors, &c
50,000
680,469
investm'ts
1934.
277.163
stocks.—V. 142, p. 2496.
Prepaid insurance,
a
1.144",600
stockholders
in¬
with
Total-.
32,744
13,135
companies, &c__
def$894,722 def$651,594
Liabilities—
1934
1935
writers.
in
957,600
481,907
int. in subs, cos.
b Land,
37,350
...
U. S. Liberty Loan
&
150,000
Funded debt
outside
in
119,000
co-transfer agent for the company's
Comparative Consolidated Balance Sheet Dec. 31
Patents
81,064
------
Min.
Invest,
179,096
182,000
35,071
Directors
[Incl. Co. and Wholly-owned Subsidiary
bldg.,
346,819
—
due
debt
(current)
Sundry receivables
The
Balance, end of yr..def$l,230,378 def$918,640
ployees,
209,345
Notes payable
of
sec.
208,833
147,184
int., gen.
taxes, &c—
73,969
$■
526,013
Operating reserves
the
479,415
paid
Loss of inventory, &c
Sundry
In
Accrued
13,370
$614,244
Total loss
to
-------
em pi.
$664,075
sur49,832
taxes.
Advances
•
3,007,769
72,842
parent company
Advances to
$664,075
Total loss
surance
•
payable.
Payrolls payable..
Funded
unsold land
$685,602
21,526
Allowance for foreign in¬
Deposits
895,058
1934
$
Accounts
35,000
$121,195
25,486
Operating loss
Other income (net).
Inventories
1935
Liabilities—
Land, contr. rec. &
Cosmos
prof .$173,350
vestment & advances.
aNotes&accts.rec.
750
$1,131,540
2,245,668
374,372
849,864
of
depreciation.
Deprec. of bldgs., ma¬
chinery & equipment.
Sell., admin. & gen. exps.
Res. provided against in¬
bonds
252
$1,306,790
$
Marketable secur.
1932
$2,729,702
Cost of sales, exclusive
Cash
______
354,593
510,769
1,461,401
1,200
[Company and Wholly-owned Subsidiaries]
Calendar Years—
Assets—
8,818
17,755
1934
$
Cash
Patent
■
Sales, less returns, allow¬
Dividends
1,112,080
1,614,249
$1,828,108
funded debt retired
on
Earned surplus Dec. 31
Notes & accts. rec.
Continental-Diamond
Net loss
"5H80
Consolidated Balance Sheet Dec. 31
I
Previous deficit
$18,709
5,413
65,360
Net profit
Dividends
1935
During the March quarter working capital increased $206,353.
There
were improvements to plant and equipment of $93,646; funded debt was
decreased by $82,188.
First quarter earnings for 1936 were interfered with by the extremely cold
weather, flood conditions in the East and labor difficulties at the Cincinnati
plant.
Operations at Cincinnati were resumed a week ago.
March earnings, though below those of a year ago, were better
than
earnings in January ana February of this year.
Various price advances
took place in late March and early April of this year.
Raw material prices,
which advanced early in the year, have declined.
Volume is reported as
fair and outlook for the second quarter good.—V. 142, p. 2495.
come
$23,889
-
Assets-
quate reserve
Earn, per sh. on present
&c_
$336,832 loss$240,922
379,547
93,363
29,902
loans
on
on
...
Federal inc.
and pro v. for ade¬
ances,
$350,385
242,980
46,226
2,074
30,216
5,000
dismantlement of properties..
Federal income tax
Loss
deprec.,
Eas. per share on present
1933
$26,954
218,996
45,244
1,900
1,736
$756,108
318,601
mfg., selling & adminis. expenses._
Depreciation
Int. & disct. on bonded indebtedness.
Net income after interest,
tax
1934
1935
Profit from operations after deducting
1936- -12 Mos.—1935
-1935
-Earnings-
Corp. (& Subs.)-
6 Months Ended Dec. 31—
Discount
1936—3 Mos
above and
and equip¬
company's Cragin plant at Chicago, 111.
Of the remaining
proceeds, $2,000,000 are to be used to retire an equivalent amount of the
company's commercial paper and the remaining amount will be used for
ordinary improvements to plant facilities or retained as working capital.
As the $4,b00,000, the net proceeds to be received by the company from
the sale of the stock to its officers and employees, will be received over a
period of years, it is stated that the use of these proceeds is not known.
Goldman, Sachs & Co. of New York City, is the principal underwriter as
to the stock being offered to stockholders.
O. C. Huffman of New York City, is President of the company.—V. 142
p. 2495.
Container Corp. of America- —Earnings—
Period End. Mar. 31—
1936
of the
ment
Under the plan, preferred stockholders
1937 to 1941.—V. 142, p. 2495.
April 18,
$970,021
made in the above statement for accrued
debentures for the period from Aug. 1, 1931
Financial
Volume 142
Balance Sheet April 3, 1936
Assets—
Cash
on
Investments
Prepaid
1
share
tosition to pay dividendsFebruary, 1936.common stock, and a dividend of
paid in on its class A
'
per
Liabilities-
deposit--------
$36,673
2,082,951
-
interest
354
coll—
$500,000
20-year 512% due Aug. X, 1947 2,490,000
$6 cumulative pref. stock
x25,000
Common stock
y75,000
Deficit
970,021
Loam pay., secured by
-
Total
x
$2,119,978
-
Represented by 5,000
950.
no par
$2,119,978
Total
shares,
y
Represented by 75,000 no par
shares.—V. 142, p.
(S. R.) Dresser Mfg. Co. (& Subs.)—Earnings—
12 Months Ended—
Mar. 31 '36
Net profit after taxes &
charges
Mar. 31 *35
Mar. 31 '34 Dec.
31
'33
$80,725
$32,994
$45,606
Nil
$0.95
$0.39
$0.54
The consolidated balance sheet
as of March 31, 1936 shows total current
$1,833,843, including cash of $702,985, against total current
liabilities of $199,214, a current ratio
of 9.2 to 1.—V. 142, p. 1118.
assets
of
Eastern Gas & Fuel
Associates—Corporate Organization
Halfdan Lee, President in a letter to the shareholders outlining the recent
issuance of $75,000,000 1st mtge. and coll. trust bonds, 4%, series A, due
March 1, 1956 and its principal purposes states:
"In connection with this financing, it became possible to make substantial
changes in the corporate organization, which should result in savings in
accounting and other expenses as well as simplifying the operations of your
Association. The number of active companies will be reduced from 29 to 15.
"Without entering into any of the details as to the intermediary steps,
the final corporate results are: Eastern Gas & Fuel Associates is now an
operating and holding company. It owns and operates the coke and blast
furnace plant at Everett and owns the coke distribution stations in Massa¬
chusetts.
All other principal companies are now direct subsidiaries of
Eastern Gas & Fuel Associates, with the exception of New England Coal &
Coke Co. and Castner, Curran & Bullitt, Inc., coal-selling companies wihich
are
subsidiaries of Koppers Coal Co.
The direct subsidiaries include:
New England Coke Co., Boston Consolidated Gas Co., Old Colony Gas
Co., Philadelphia Coke Co., Connecticut Coke Co., Koppers Connecticut
Coke Co., Koppers Coal Co., Mystic Iron Works, Mystic Steamship Co.,
and Boston Tow Boat Co.
The Koppers Coal Co. will conduct all operations
of coal production.
Mystic Steamship Co. will operate the colliers under
charter from Koppers Coal Co.—V. 142, p. 2152.
Ebasco Services,
1935
86,682,000
34,636,000
71,220,000
Corp.- -L isting
The New York Curb Exchang
common
stock
Amount
10,048,000
6,376,000
8,908,000
%
6% interest on the adjustment mortgage bonds and that, if and when
refunding of its present first mortgage bonds is accomplished, it should bo
a position to pay dividends on its class A stock, so that this corporation
may expect to receive an adequate return on its investment in this company.
The results of operation of Southern Natural Gas Corp. during the year
1935 were such as to establish sufficient earning capacity for the new com¬
pany to warrant a program for the refunding of its first mortgage 6%
bonds, of which there were $14,844,000 outstanding as of Jan. 1, 1936, and
plans are actively under way at the time of this writing [March 16, 1936J
for such refunding with a new issue of
bonds.
[Balance sheet and pro forma earnings statement of Southern Natural
Gas Co. may be found on a subsequent page.]
Resumption of Dividends by Subsidiary Companies—Two subsidiaries
resumed the payment of preferred dividends during the year. In January,
1935, West Virginia Water Service Co. resumed dividends at the rate of
$1 a quarter, or $4 a year, which it increased in October to the full dividend
rate of $1.50 a quarter, or $6 a year.
In September, 1935, Alabama Water
Service Co. resumed dividends at the full rate of $6 a year. However, both
of these companies have arrearages of dividends which must be disposed
of before earnings can flow through to the common stock.
Ohio Water
Service Co. paid an initial dividend on its new class A common stock in
February, 1936.
International Public Service Corp.—There has been no improvement in
the position of International Public Service Corp. during the past year.
The corporation has been extensively engaged in litigation to protect its
interests in Yugoslavia and has found the courts of that country quite un¬
sympathetic to the foreign investor, and the prohibition upon the export
of capita] continues in effect.
The corporation has made substantial reduc¬
tions in its rates both for electric current and for tramway service, and it
plans to use such earnings as it may have available for the purpose of ex¬
tending its system.
full
in
„
'"^0;,''
.■
386,072
28,473
Balance before interest charges.
of Common
on
funded debt
Miscellaneous interest
Net loss
share.
Balance Sheet Dec. 31, 1935
Co.
proved to be of advantage to the company both from an asset and from an
earning capacity viewpoint.
The Salem. Ore., property was sold to the city in August for $1,003,043.
The reinvestment of this money presented a problem of great difficulty.
The funds, when received, were deposited with the trustee of the first mort¬
gage bonds of the Oregon-Washington Water Service Co. and an examina¬
tion of the utility companies available for purchase throughout the United
States, which had been begun prior to the sale of the Salem property,
was continued in an effort to find a
property which could be purchased on a
sufficiently desirable basis to restore the asset value and earning capacity
lost through the sale of the Salem plant. After a most exhaustive examina¬
tion and after this money had lain idle and unproductive with the trustee
for a period of more than two months, a series of transactions was worked
out which resulted in the purchase in October and November, 1935, of two
groups of gas properties, one in Florida, serving Fort Lauderdale, Miami
Beach and the intervening territory, and the other in Mississippi, serving
the cities of Columbus and Meridian.
The purchase of these groups of properties
was made by the OregonWashington Water Service Co. by the assumption of $400,000 of underlying
bonds of Peoples Gas Co. and by the payment in cash of approximately
$1,000,000.
The cash, in the final analysis, went to the owners of the
Florida properties and the assumed bonds went to Federal Water Service
Corp., which was the owner of the Mississippi property. The final step in
the transaction was taken in February, 1936, when these 6% underlying
bonds were exchanged for 5% bonds of the Oregon-Washington Water
Service Co.
This series of transactions resulted in a gain in net asset value
.and earning capacity to the Oregon-Washington company. In view of the
fact that the majority of the income of that company is now from gas rather
than water and that the properties are no longer confined to the Pacific
Northwest, the name of the Oregon-Washington company was changed to
Peoples Water & Gas Co. to reflect the changed position.
The other property change which took place during the year was the
loss by this corporation of its equity in the William Street-Exchange Place
Corp. As outlined in the 1934 report, this corporation, which owned the
Lord's Court Building at 27 William St., N. Y. City, filed on Nov. 30,1934,
a petition under Section
77-B of the Bankruptcy Act, as amended, such
filing being made necessary by the great loss of rental revenue which had
taken place in the building. No plan of reorganization could be agreed upon
by the several bondholders' committees, and the plan currently proposed
does not offer to Federal Water Service Corp., as the principal unsecured
creditor, any payment other than its share of approximately $65,000 cash
available to the unsecured creditors.
The corporation is attempting, there¬
fore, to secure payment to it of its share of this cash and, together with its
subsidiaries having offices in N. Y. City, has moved out of the building and
established new offices at 90 Broad St., N. Y. City, as of January, 1936.
Ohio Water Service Co., of which this corporation owned 310 shares of
preferred stock and all of the common stock, being 58,746 shares, and against
which this corporation had an open account indebtedness of $1,332,500,
filed a petition for reorganization under Section 77-B of the Bankruptcy
Act. as amended. As a result of such reorganization, which was confirmed
in November, 1935, the preferred stock, the open account indebtedness and
the common stock were canceled and a new class A common stock was
issued.
This corporation received 26,960 shares of a total of 40,522 shares
of such new class A common stock, the balance going to the other preferred
stockholders.
This reorganization put the Ohio Water Service Co. in a
_
$287,823
(Company Only)
5^<s% gold debentures, 1954. $7,019,500
Inv. in com. & pref. stocks
Accounts payable3,744
book value
$26,227,919 Interest on funded debt
64,345
Inv. in bonds, notes & adv.
General taxes...
11,393
—non-interest bearing__
2,070,965 Miscellaneous accruals
16,969
Miscellaneous reserves
Oblig. on which int. has
99,712
,_
Cum. pref. stock, no par:
been subordinated to pay¬
$6
ment of pref. stock divs.
of
debtor
Int.-bearing
599,960
cos
bonds,
notes
and advances
a
2,463,856
Inv. insub. co.—not consol.
b Other investments
Cash in bank & working funds
Due from subsidiary cos
Misc. notes & accts. receiv..
$1,485,000, of which
_
Liabilities—
Assets—
Corp.—Report—
the amount of $700,000 was paid in cash and $785,000 by the issuance of a
like amount of bonds of Alabama Water Service Co. This transaction has
_
Inv. in & adv. tosubs.—consol.—
Christopher T. Chenery, President, says in part:
Purchase and Sale of Properties—Properties belonging to two subsidiaries,
that is, the Salem, Ore., property of Oregon-Washington Water Service
Co., and the Anniston, Ala., property of the Alabama Water Service Co.,
had been desired for several years past by the municipalities which they
serve.
Salem had instituted condemnation proceedings and Anniston had
exercised its right of purchase contained in the company's franchise.
The
Anniston property was sold in April to the city for $725,000. The proceeds
were used to pay in part for a group of electric properties owned by Ala¬
„
_
Note—Unamortized debt discount and expense aggregating $480,786
applicable to bonds now outstanding was charged to.capital surplus in 1929
by action of the board of directors, resulting in the elimination of subse¬
quent amortization charges, which, in the year 1935 would have amounted
to approximately $19,000.
In addition, debt discount and expense in the
amount of $1,0511,742 applicable to bonds retired was similarly charged
to capital surplus in 1927 and 1929.
F. H. Brownell, President, told stockholders the company's operating
profit in February was $27,628 and in January, $48,557.—V. 142, p. 1983.
The purchase price of this group of properties was
$275,959
386,072
177,714
$237,629
_.
General taxes
Interest
Value
$406,363
115,583
4,000
10,821
—
18.4
wiping out a surplus deficit of $197,996 and creating a surplus of
$4,241,523.
A majority of the 49,328 common shares are owned by the
Smelting & Refining Co.
Some holders of preferred stock who attended tne meeting opposed the
change.
On March 15 arrearages on the preferred stock amounted to $33.25
9,151
$284,655
120,120
1,588
$339,541
150,707
4,000
7,916
-
12.5
p provedhas approved the listing of 119,178 outSi par.—V. 141, p. 1436.
-Par
1934
" 1935
$310,269
20,120
$176,917
Miscellaneous other income
American
Utilities
Calendar Years (Company Only)
:
.
General and miscellaneous expenses.
Provision for depreciation.
result in
bama
■
Dividends and interest from subsidiary companies
Interest from Southern Natural Gas Corp
11.6
Holders of common stock at the annual meet ing on April 13 approved the
reduction in the par value of this stock to $10 a share from $100.
This will
Federal Water Service
confirmed by the U. S. District
Total income
A
Federal Mining & Smelting Co.Stock Reduced—
a
point that it became possible to lift the re¬
1, 1935.
A new company was
formed, known as Southern Natural Gas Co., and the new company took
possession of the property as of Dec. 31, 1935, and has been operating the
properties since thd/t dete
In the reorganization this corporation received approximately 5714 % of
the adjustment mortgage bonds which were issued, being $3,326,857
principal amount of such adjustment mortgage bonds, and also received
approximately 57^ % of the class A stock, being 319,378-260/1,030 shares.
It is believed that Southern Natural Gas Co. is now in a position to pay
Court
——Increase
standing shares of
which had been in receivership since 1931,
a
Income Account for
kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co..
Electric Power & Lignt Corp. and National Power & Light Co., as compared
with the corresponding week during 1935, was as follows:
Electrographic
sucn
a reorganization plan was
of Delaware by order dated Nov.
ceivership, and
Inc.—Weekly Input—•
For the week ended April 9, 1936, the
Operating Subsidiaries of—
1936
American Power & Light Co.96,730,000
Electric Power & Light Corp.41,012,000
National Power & Light Co. 80,128,000
—V. 142, p. 2497.
was
Southern Natural Gas Corp.,
increased its business to
a
Ioss$43.033
Earns, per sh. on 84,600
shs. cl. A stk. (no par)
2665
Chronicle
Commission
on
capital stock.
Organization expense
Def.chgs.& unadjusted debits
Investment in real estate
Office furniture & fixtures
Total
a
3,005,893
965,701
20,847
91,608
5,893
1,444,221
424,732
3,846
24,925
6,508
$37,356,878
6,812,070
6,699,282
1,529,600
series, 71,706 shares
$6.50 series, 69,888 shares.
S7 series, 15,296 shares
Minimum
liquidation
value
$62.50 per sh.—outst.—
$4 series, 2,379 shares
Common stock—no par:
Class
A
148,683
cumulative
Class B
__
Capital and paid in surplus..
Deficit
13,697,683
2,500,000
1,274,763
2,520,882
$37,356,878
Total._
Southern Natural Gas Co.
gold bonds, due July 1,
(at cost): first mortgage 6% sinking fund
1944, $2,000 principal amount; adjustment mort-
fage bonds, due Jan. 1, 1960, $3,326,856 principal B stock, class Ashares,
19,378-260/1,030 shares (57.6% interest); class amount; 3,507 stock,
b After reserve for
possible losses of $501,615.
dividends to Dec. 31, 1935, not
Note—Cumulative
declared and not
reflected in the above balance sheet amounted to $4,254,658 on preferred
stocks and $4,928,118 on class A common stock. Accumulations per share—
$7 preferred, $29.75; $6.50 preferred, $27.62 H; $6 preferred, $25.50; $4
preferred, $17.00; class A common stock, $8j66 2-3.
Results for Calendar Years (Incl. Sub. Companies)
[Earnings of cos. acquired during year incl. only since date of acquisition]
1935
al934
^
1933
1932
$15,880,834 $15,685,286 $15,884,185 $16,410,355
4,480,974
4,766,253
4,673,273
4,898,088
Cr 76,952
Gen. exp. chgd. to const.
Crl26,443
0138,668
6-73,722
Res. for uncoil. accounts
121,866
139,997
193,318
185,080
Amort, of rate case exp.
198,533
268,630
259,626
187,445
57,206
Spec, legal & other exps_
196,252
Maintenance
733,890
790", 044
622,724
673,791
Res. for retire. & replace.
1,055,750
1,061,999
952,827
993,203
General taxes
1,280,273
1,370,652
1.232,278
1,291,903
Reserved for conting—
170,000
170,000
170,000
170,000
Operating revenues
_____
Operation
$7,394,374
75,265
$7,500,704
175,836
$7,902,358
164,440
$8,113,123
226,423
Gross corporate inc__
Charges of sub. cos.:
$7,469,640
$7,676,540
$8,066,798
$8,339,550
Int. on funded debt._
4,797,675
4,702,786
4,939,637
5,051,399
144,285
156,735
267,990
284,168
Net
earnings.
...
Other income
of debt dis¬
int__-_
Int. on unfunded debt
Miscellaneous interest
Amortiz.
count miscell.
168,507
94,611
1,265,231
18,553
246,920
1,341,515
2,315
296,192
1,340,745
4,438
293,092
1,341,561
6,642
275,130
$902,364
$1,008,491
$1,220,890
$1,380,651
funded debt..
382,395
386.073
386,073
Miscell. interest, &c__
Int. on unfunded debt
28,473
386,073
260,218
177", 714
245,558
Divs.
on pref. stock.
Minority interest
Prov. for Fed. inc. tax
Balance.
Charges
of Fed.
Water
Service Cos.:
Int.
on
Net inc. carried to
sur.
$491,495
$444,704
$589,260
$734,360
William Street-Exchange Place Corp. on Nov. 30, 1934, filed petition
bankruptcy and operations for entire year 3934 have not been con¬
a
in
solidated herein.
Financial
2666
Chronicle
April 18, 1936
Balance Sheet March 31
Consolidated Balance Sheet Dec. 31
1935
equip.,
a
S
Liabilities—
Corp.
169,468,705
173,962,329
6,617,418
84,978
1,565,346
1,258,926
2,360,126
414,849
891,745
2,360,954
431,074
786,429
2,639,343
2,111,301
464,691
2,751,624
2,218,008
465,265
Cash & wkg. Ids.
1,725,340
revenue
Mat'ls& supplies
on
Interest accrued
Taxes accrued—
1,815,086
Organiz.
liab.
186,067
Cust. deps., &c.
1,422,954
490,105
71,467
exp___
curr.
Unearned
todian
rev—
Other def. liab—
charges &
unadj. debits.
.
Other oper. res.
1,268,233
1,916,147
179,272
1,391,049
_el5,184,130
Class A stock. 13,682,476
15,180,842
13,685,245
2,500,000
25,889,622
1,099,775
3,428,205
d Class B stock.
2,500,000
Subs. pref. stock
25,378,226
2,530,475
3,605,518
surplus
Earned surplus.
Cap.
Total
191,381,163 189,112,945
After
reserve
Total..
Edison Electric
Illuminating Co. of Boston—Stock Sold
The 4,766 shares of stock put up at auction by R. L. Day & Co. on
April 11 were sold to Wood, Struthers & Co. of New York at $166 a share.
The 4,766 shares sold consists of the unsubscribed portion of the 82,289
shares recently offered to shareholders at $150 a share.
Stock certificates
for these 4,766 shares will be dated May 2, 1936; consequently they will not
carry the dividend payable May 1.—'V. 142, p. 2154.
Ferro Enamel
stock,
Corp.— To Be Added to List—
Fidel
no par, upon
notice of issuance.—V. 142,
Association
New
of
.$3,999,790 $2,149,537
Total
Light Co.—Earnings—
1936—Month—1935
1936—12 Mos—1935
$1,196,816
586,117
from oper..
$610,699
8,857
$587,977
2,219
$5,044,501
393,035
$4,7/27,242
$619,556
354,352
$590,196
350,456
£5,437,536
4,140,390
$5,070,574
4,136,764
Balance..
y$265,204
y$239,740
Property retirement reserve appropriations...
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid..
$1,297,146
400,000
$933,810
400,000
1,153,008
1,153,008
$255,862
$619,198
— _
revs,
Other income (net)
Gross corporate inc—
Int. & other deductions.
p.
>
$1,101,119 $11,488,003 $10,751,968
513,142
6,443,502
6,024,726
—
Deficit
343,332
retirement
2498.
Before
property
reserve
Dividends accumulated and unpaid to Jan. 31,
Note—Income account includes full revenues without consideration of
in litigation for which a reserve has been provided by ap¬
propriations from surplus in amount of $863,324 for the 12 months ended
Jan. 31, 1936, and of $772,427 for the 12 months ended Jan. 31, 1935.
—V. 142, p. 953.
rate reduction
Fyr-Fyter Co.—-Earnings—
sales
.
$570,139
277,546
$467,586
1932
$307,703
$12,762
7,880
def $4 8,218
def$41,824
8,950
$20,641
4,660
3,641
def$39,859
2.524
def $32,874
$39,420
101,698
.
$12,339
132,862
def$42,383
119,754
def$35,472
160,826
230,218
224,605
245,294
Selling expenses, &c—.
_
1933
5,616
_
$314,057
171,017
191,257
$52,915
7,075
6,420
—
Cost of sales
Other income.
1934
1935
Calendar Years—
Net
$47,298
__
Total income
York, Inc.—Resources Show
appropriations
and dividends1936, amounted to $3,s
555,108.
Latest regular quarterly dividends paid Jan. 3, 1933.
Dividend,
on preferred stocks are cumulative.
y
z
Operating profit
The New York Curb Exchange will list 15,250 additional shares of com¬
mon
418
Operating revenues.....
Operating expenses.
191,381,163 189,112,945
$166 at Auction—
at
Earned surplus
[American Power & Light Co. Subsidiary]
for
possible losses,
b After reserve for uncollectible
notes and accounts of $320,079 in 1935 ($288,643 in 1934).
c Represented
by 569,404 shares of no par value in 1935 and 569,515 shares of no par value
in 1934.
d Represented by 542,450 shares of no par value,
e Repre¬
sented by 71,648 no-par shares of $6 series, 69,888 no-par shares of $6.50
series, 15,296 no-par shares of $7 series and 2,379 no-par shares of $4 series.
—V. 142, p. 125.
a
445,604
282,564
3,285,497 xl,808,611
233,585
49,567
Capital stock
stock
(corp.)
c
8,714
i
Paid-in surplus...
Floridk Power &
Net
77,423
66
33,850
Reserves
Including $578 profit on sales of shares which had been repurchased
from distributor.—V. 142, p. 1983.
101,914
1,271,161
stock &surp._
$79
Sundry accts. pay.
$3,999,790 $2,149,537
524,105
13,526,627
208,376
807,908
$1,188
x
Min. int. in cap.
Cum. pref.
116
Period End. Jan. 31—
14,689,430
309,218
Contr. for extens
883,042
replacements
1,104,217
776,319
4,990
500
rec...
$228,604
1,910,074
10,322
stock...—
Total
Res. for retire. &
Def.
S524.697
3,457,102
12,500
Subscribers to cap¬
159,559
334,415
$
(exps.
pay.
of transf. agent)
J. as cus¬
Securities owned._
ital
1935
$
Liabilities—
Accts.
Deferred charges..
132,787
307,164
1,317,947
obligations.—
payable-
Misc.
1936
1935
dep. with
Divs. & int.
_
Purchase money
cap.
stock
Debt disc. &exp.
749,000
5,680,027
subs
of
Notes payable.
b Notes & accts.
receivable
7,019,500
93,385,700
453,105
Accts.
4,205,635
84,965
1,744,517
Comm.
6,912,500
98,238,300
Short term notes
rec..
dep
Unbilled
of N.
5K%
gold deb
companies
Def. accts.
on
Comm'l Tr. Co.
Fd. debt of subs.
to afftl.& other
1936
Assess—
Funds
$
Fed. Water Serv.
Inv. in & loans
Special
1934
1935
1934
S
Assets—
Plant, property,
Miscell. deductions
Federal taxes
186,893
162,635
8,359
2,598
Gam-—
Consolidated
resources
of the
Fidelity Investment Association and the
Fidel Association of New York, Inc., amounted to $27,630,473 as of March
31,
1936,
increase of $2,832,856
March 31, 1935.
an
the $24,797,617 reported
over
as
previous
1934.
the corresponding period of the
The month of -March, 1936, was the best month since April,
year.
income.
Earnings for 3 Months Ended March 31
'
The Fidel Association reports an increase in new business for the first
quarter of 1936 of more than 23%
Net
Profit and loss surplus__
of
over
The two associations sell investment contracts designed to
income through setting aside small sums at regular intervals.
provide future
Carmi Thompson is President, and John Marshall is Chairman of the
Carroll D. Evans of Wheeling, W. Va. is Executive Vice-President
Net sales
1936
billed
1935
$13,453
Net profit on
Other income
$97,868
57,934
$12,273
1.179
Selling & admin, exps.._
sales
1933
1934
$126,471
73,783
40.414
Cost of sales
38,257
$104,956
52,081
55,807
$60,569
39,220
40,958
$1,676
1,293
loss$2,933
1,378
loss$19,610
2,113
loss$l ,195
loss$17,497
813
490
loss$2,008
loss$l7,987
Board.
and director of
on
The company paid a dividend of $1 per share on account of accumulations
the 7% cumulative preferred stock, par $100, on April 1 to holders of
record
March 21.
A similar payment
made on April 1, 1935, this
latter being the first dividend paid since July 1, 1931 when a regular quar¬
terly payment of $1.75 per share was made.—V. 140, p. 2183.
Flintkote
Profit
Miscell. deductions
agencies .•—V. 141, p. 3860.
Filing Equipment Bureau, Inc.—Pays Accumulated Div.
1,579
$2,970
1,396
Federal income tax
2,138
193
Profit for period.
$9,737
Mar. 31'36
Assets—
Cash
on
Co.—Listing—
standing shares of common stock, no par, and will list 12,500 additional
common stock, no par, upon notice of issuance.—V. 142, p. 2498.
shares of
hand
—
$108,310
37,280
—
1935
$1,673 lossx$51,484
After giving effect to depreciation adjustment made at end of the year.
—V. 142, p. 460.
$123,476
37,280
92,054
99,392
369,281
11,383
100,978
Inventories
124,346
370,574
Bldgs. & equip...
11,359
1
1
14,272
6,895
9,595
6,451
$774,017
$748,913
Goodwill
1936
Net income after taxes and charges
Notes & accts. rec.
Patents
(Oeorge A.) Fuller Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Dec. 31'35
deposit &
on
Securities at cost—
The New York Curb Exchange has approved the listing of 668,046 out¬
$1,381
Balance Sheet
was
Deferred charges..
Treas. stk., cl. A.
Liabilities—
Mar. 31*36 Dec. 31'35
Accounts payable.
Comm'n due when
830,466
$17,700
acc'ts are paid—
13,490
10,235
12,096
11,469
158,141
106,714
10,856
153,651
443,500
101,698
$774,017
$748,913
Accruals
Res.
for
accounts
Res. for deprec'n..
x
9,413
doubtful
Capital stock
443,500
Surplus..
x
Total
—
Total
Represented by 20,000 shares preference class A stock and 40,000 shares
class B stock, both no par value.—V. 141, p. 2588.
x
Fundamental
Investors,
Inc.—Earnings—
3 Months Ended March 31—
Income—Dividends.
1936
Total income
1935
$22,540
1,788
Interest
$16,566
902
Galveston
.
...
Net loss from sales of securities
x
profit
Shown in earned surplus.
1932
$1,618,564
1,013,108
$306,193
$372,993
$605,456
246,302
234,103
283,189
$70,372
111,704
$59,891
107,272
$138,890
131,698
$322,267
183,527
$182,076
Taxes
loss$10,659
$1,136,308
763,315
$167,163
$270,588
$505,794
$218,719
14,285
$13,267
23,926
$12,431
1933
$1,044,282
738,089
233,528
Operating expenses.
X
_
1934
$1,078,678
774,778
$303,900
$17,468
4,202
Net
Profit
Co.—Earnings—
1935
$24,327
11,897
$12,431
Expenses
Net
Wharf
$223,222
$231,853
13,647
$250,161
59,107
Calendar Years—•
revenue
uncollectible
and
railway
revenue
_
Operating income
Other income
Surplus Account for 3 Months Ended March 31, 1936
Capital surplus—Balance at beginning of period
$2,380,243
Excess of amounts received upon issuance of capital stock
over par value thereof
a905,253
Balance at end of periodA
$3,285,497
Earned surplus—Arising from sales of securities, computed on
basis of average cost:
Balance at beginning of period
Net profit on sales of securities, after provision of $24,000 for
►♦Federal income tax for 3 mos. end. Mar. 31, 1936.
Adjustment applicable to prior period—excess accrual for
Fe eral income tax (1935)
—
Other deductions.
Net loss
$50,928
Dividends paid.
107,561
$50,928
1935
$260,503
27,786
Sinking
$232,716
.
Special deposits
security profits & losses):
and equipment.
fund
13,919,970 13,936,423
Net income for the period
727,239
66,022
Other
113,390
5,624
224,330
99,048
175,184
curr. assets.
Accts. receivable-
_
Materials & suppl.
Cash
dividends
declared,
applicable thereto.
$15,830
14,962
Balance at end of period
Earned surplus at end of
$233,585
Total surplus on basis of carrying investments at average cost.. $3,519,082
a Includes $4,552 at March 31, 1936, relating to subscriptions received on
such
date for which settlement
April, 1936.
b During the period there
tion
of investments
as
was
was
a
received and capital stock issued in
change in the net unrealized apprecia¬
follows:
Net unrealized appreciation, less provision for Federal income
tax, but before provision for other costs of realization:
At beginning of period
At end of period
Improvement
Unadjusted
debits
Total
period—
sur$38,930
1935
1934
$
$
Capital stock
2,626,600
Outstanding bonds 3,987,000
2,626,600
4,088,000
Audited accts. and
and
Cash..
$3,399
12,431
$93,109
Liabilities—
other investm'ts
Balance at end of period
Undistributed net income (exclusive of
Balance at beginning of period
$108,468
1934
Assets—
Investment in road
Cash dividends declared applicable thereto
$69,069 prof$25,088prof$196,526
39,399
118,197
157,596
General Balance Sheet Dec. 31
bl52,765
176
13,010
wages payable..
829,876
29,077
interest
63,135 Unmat'd
accrued
183,887
16,163
6,879 Int. due Jan. 1
64,887
129,110 Tax liability
106,650
74,719 Accrued deprec'n. 2,194,464
4,435
178,658 Unadjusted credits.
Corporate surplus. 6,301,531
15,330,809 15,402,687
Total
25,682
17,095
63,135
114,639
.2,057,685
676
6,409,175
15,330,809 15,402,687
-Y. 140, p. 2863.
General Alliance Corp.—New Director—
At the recent annual meeting of stockholders Watts S. Humphrey was
a director.
Mr. Humphrey was also elected a director of General
elected
Reinsurance Corp. and of North
with General Alliance
General
Star Insurance Co J, which
Corp.—V. 142, p. 1983.
American
Transportation
are
affiliated
Corp.—Refunding
Plans—
$849,963
_1,108,234
$258,271
Earnings of the corporation in the first three months of 1936 were equal
to, or slightly better than, those of the first three months of 1935, Lester N.
Selig, President, said at the annual meeting April 14.
Financial
Volume 142
2667
Chronicle
Comparative Balance Sheet March 31
The company plans to refund $18,000,000 of long-term debt within about
month
Mr. Selig announced.
He described the company's proposed
purchase of the Pressed Steel Car Co. as a wise move.—V. 142 p. 2499.
a
Liabilities—
1935
1936
b Preferred
Investments—
Common stocks.i
General Bronze Co.—New Director—
Aaron L. Saphier has been elected a director in
Assets—
a
place of M. Fred Hirsch.
—Y. 140, p. 2705.
5,614,921 $5,988,866
Preferred stocks
413,935
594,714
Notes
52,765
54,340
Bonds
1,737,774
1,698,489
Other investm't
23,327
Cash
1,420,250
929,525
Int. & accts. rec..
49,269
39,127
c
Convertible
General Capital Corp.—Stock Increase
Voted—
of
April 11, $41.06 a share, compared with $39.77 on
March 31, and $37.05 a share on Dec. 31, 1935.
Stockholders at a special meeting held April 13 approved an increase
in the authorized capital stock from 200,000 to 500.000 shares.
On April
11, last, the^asset value of the stock was $41.06 a share, against $39.77 a
hare on March 31,
and_$37.05_a share on Dec. 31.—V. 142, p. 2321.
as
Marjorie Post Davies
She is the first
p.
elected to the board of directors on Aprii 8.
history of the company.—V. 142,
was
chosen in the
woman so
1984.
General Motors Acceptance Corp.—Balance
Sheet—-
Total
400,641,448 293,593,043 207,386,863 184,502,477
Capital stock
Surplus
50,000,000
20,000,000
13,148,231
25,000,000
334% notes-
50,000,000
20,000,000
22,870,553
50,000,000
14,360,288
50,000,000
20,000,000
9,490,138
9,063",000
Undivided profits
13,813",000
19,258",600
106,000
82,508,960
4,761,477
29,903,000
33,320,673
5,177.050
9,816,739
230,217
1,942,218
6,499,288
3,348,675
8,786,630
1,052,167
706,271
4,745,673
2,062,874
5% serial gold notes
(3 ^ debentures
Notes & bills payable I
Accounts payable
"227,811,260
151,147,340
29,666,736
10,094,972
20,000,000
11,114,619
180,104
3,430,394
13,355,117
6,934,985
Accrued int. payable
Accrued taxes payable._
Unearned income
Reserves
Total
x
141,
151,050
2,750,263
9,643,991
5,896,458
*
-400,641,448 293,593,043 207,386,863
—
General
11,975,416
Exchange Insurance
Corp.,
184,502,477
See list
on
were 76% greater than
February,
and 121% above March, 1935, according to Don E. Ahrens,
Sales Manager.
The month ended with a heavy rush of spring buying,
dealers doing 31% more business in the last 10-day period of March than
in the combined twro previous 10-day periods.
Deliveries for the last 10
year,
daysjwere exceeded only in_1928_and 1929.
Oldsmobile Schedule Up—*
Oldsmobile
production schedule'for April has been raised 20% above
April last year to the highest point in the company's history, following
attainment of a March retail sales peak greater than any previous month.
Retail sales in the lest 10 days of March were 26% greater than the com¬
pany's best previous 10-day period, and more than twice as many Oldsmobiles
were
sold at retail in March
as
in
February.
The company built 107,733 cars between introduction of the 1936 models
and the end of March.
First quarter production was 11% greater than
comparable period of 1935.
Overseas Sales—
Sales of General Motors
cars
and trucks to dealers in the
overseas
markets
during March totaled 32,798 units, and represented the highest sales volume
of any month since May, 1929.
This volume was 22.9% over tne volume
in the corresponding month of last
year, and 17.5% over the volume in
February of this year.
In the first quarter of 1936, sales totaled 86.291
units, representing an
iucrease of 24.5% over sales of 69,309 reported for the first
quarter of 1935.
These figures include the products of the corporation's
American,
Canadian, English, and German factories sold outside of the United States
and Canada.
American-source sales of Chevrolet, Pontiac,
Oldsmobile,
Buick, LaSalle and Cadillac vehicles reflected substantial gains in prac¬
tically all of the 104 countries comprising the overseas market
General
Time
Retail
Deliveries—
Domestic retail deliveries of Buick
cars
for
10 days of April,
totaled 5,568 units, best for this period since 1928, and more than a
3-to-l
gain
over
the corresponding period
This compared with 3,237
days of the preceding month, and with
1,676 in the first 10 days of April, 1935.
Buick retail sales from Jan. 1 to April 10, totaled 34,318
units, com¬
pared with 15.287 units in the like 1935 period.
Production is being main¬
tained at the highest rate since introduction of 1936 cars.
cars
a year ago.
sold at retail during the first 10
Acquires Kokomo Division of Crosley Radio—
Kokomo Division of the Crosley Radio
Kokomo, Ind., by General Motors, effective May 1, was an¬
April 16 by Alfred P. Sloan Jr., President of General Motors
Corporation.
The Kokomo plant will be known as the Delco Radio Division and will
operate as a subsidiary of the Delco-Remy Division.
It will manufacture
at
on
automobile radios for General Motors
however, to purchase
a
cars.
The corporation will continue,
considerable portion of its automobile radio require¬
ments from outside radio manufacturers.
1
Ray C. Ellis,
now a member of the engineering staff of General
Motors,
Manager of the new division.
Output of the new division will be sold to the various automobile manu¬
facturing divisions of General Motors for instalation as initial equipment of
new cars at the factory and to General Motors dealers
through the present
will be General
Service
3 Mos. End. Mar. 31—
Cash divs. on stocks
Int.
on
The
offering is being underwritten by Kidder, Peabody & Co.; W. E.
purchase any
stock not subscribed by stockholders.—V.
General Water Gas & Electric Co. ( &
Miscellaneous
.
1935
Taxes
Net operating revenuesincome—
—
1935
$59,450
20,945
11,138
$64,919
37,166
Taxes
(other
__
than
1934
Total income.
Provision for depreciation and depletion
Interest on funded debt—Subsidiaries
General Water
289,736
28,339
G^s & Electric Co
Other interest
expense of subsidiaries—
— —
Provision for amortization of deferred charges
Federal income tax
1,350
$103,435
17,401
$113,428
17,717
$115,885
16,881
823
83,357
629
64,822
82,759
1,633
84,348
$1,853
$12,324
mon
1936
Net income
as
tax
1935
beginn. of period-
above
1934
$71,744
8,188
$106,904
1,853
$79,932
$101,257
$110,925
490,901
285,583
1,000
110,138
47,670
114,190
18,450
Fed. stock transfer
applic. to prior years
195
Non-recurring deductions
yl 8,257
Net income--.--on cumulative preferred stock
Common dividends
Security profit surplus: Balance at be¬
ginning of period.
Net profit on sale of securities
Prem. & exps. on debentures called-_
-—
$499,770
343,750
x Includes dividends on common stock,
y Expenses incurred in defense
against plan submitted to the City of San Jose by Water Properties, Ltd.
Note—The operating revenues are stated after deducting ,*120,000 in
respect of estimated annual reduction which will result in the event that
case decisions of the
Public Service Commission and the Appellate
Division of the Supreme Court of the State of New York, adverse to Con¬
rate
solidated Water Co. of Utica, N. Y., a
subsidiary,
are
upheld
appeal
on
pending.
now
Consolidated Balance Sheet Dec. 31
1935
Assets—
al934
1935
Liabilities—
S
$
capital--.23,566,423 25,970,498
Miscell. invest'ts.
31,663
35,739
Special deposits.
352,401
500,313
Fund, debt of
Fund.
W. G.
—
hand.
Cash
on
deposit for
56,539
securities
Cash
on
&
Accts.
1,685,587
170,458
tax
273,360
66,880
—
72,248
90,769
142,299
114,836
called for red.
14,733
Div. pay. Jan. 2..
496,221
161,451
210,552
56,539
4,733
29,491
10,199
5,574
107,835
134,906
236,874
246,060
or
Divs.
on
pref. stks.
of subs,
79,519
_
Pur.
receivable
mon.
accrued
& prop¬
3,200
erty obligations.
Consumers' & oth.
3,998
4,152
—
deps. (re fund'le)
Cash in closed and
restricted
5,800,000
2,000
Funded debt mat'd
533,172
ma¬
(non current)
5,790,000
Other accr. taxes..
notes
Unbilled re venues
&E. Co.
Accr. int. payable-
10,000
receivable
Inventories of
General
for Fed. in¬
come
deposit for
redemp. of bonds
Accts.
29,491
9,891,100
pay. & accr.
Prov.
64,360
1934
$
subs.10,882,600
expenses
dividend payable
Market,
c
Accts
304,638
616,058
dt.
a
$
Notes payable
b Fixed
banks
Reserves
48,329
35,940
Prepaid ins. & tax.
Unamort. debt dis
9,691
for—
Conting's, contr.
for
count & exps. of
subsidiaries
extensions,
def. chgs., <fcc.
691,999
173,103
137,020
731,944
114,179
160,351
Rate case expense.
Rate
reductions
under appeal-
290,000
Subs. pref. stocks.
Other items.
1,314,950
389~950
12,339
13,035
6,043,892
218,067
Min.
int.
stks.
of
S3
&
in
com;
surplus
subs
cum.
pref. stk.
3,826,811
217.615
d Common stock..
Approp. from paidfor reacquis'n of
S3 cum. pf. stk.
$98,601
12,324
7,500
$855,418
Earned
3,020~406
337,313
26,590,625 28,532,634!
Total
62,287
3,133,057
404,755
26,590,625 28,532,634
Excluding Texas-Louisiana Power Co. (in bankruptcy) and its subsidi¬
b After reserve for depreciation and depletion of $4,544,828 in
1935 and $4,996,934 in 1934.
c After reserves of $70,396 in 1935 and $72,151 in 1934.
d Represented bj $1 par shares.—V. 141, p. 3861.
a
aries.
Georgia 8c Florida RR.—Earnings—
First
Week of April—
'
1935
1936
Gross earnings.:
—V. 142, p. 2500.
$21,500
$21,725
-Jan.
1
to
April
7—
1936
1935
$290,800
$277,348
Glidden Co.—Files with SEC—New 43^% Stock to Replace
Present'Preferred Stock Rights to Stockholders—
The company, on
April 11, filed with the Securities and Exchange Com¬
registration statement (No. 2-2097, Form A-2) under the Securi¬
covering 200,000 shares ($50 par) 4J^% conv. pref. stock,
subscription warrants evidencing the right to purchase the preferred stock,
and 200,000 shares (no par) common stock.
The common stock is reserved
a
ties Act of 1933
for
conversion
purposes.
The stock is to be offered to the
$259,066
cap. sur.
surplus...
| Paid-in &
$206,665
the basis of one-fourth of
common
stockholders at $52.50
a
share
a share for each share of common stock held.
Holders of the prior preference stock of the company will also be offered
on
$414,767
277,586
54,404
-
Dividends
mission
Total
Surplus (earned) end of period
75,413
stocks of subsidiaries
Period—
Surplus (earned):
Assessment for
29,315
28,850
72,248
x26,3S4
66,647
Dividends 011 preferred stocks of subsidiaries—__
Proportion applicable to minority interest in com¬
$13,023
16,505
Comparative Surplus Account March 31
Inc. surplus: Bal.
37,495
31,738
-
—
$64,862
51,023
2,017
Balance
$1,926,286
390,110
431,330
290,490
139,529
Amortization of debt discount and preferred stock
1933
$70,125
30,815
12,488
Fed.
taxes)
Int. and amortization
-
$1,889,255
37,031
$1,820,596
360,321
515,942
—
Provision for bad debts
$3,911,427
1,489,612
197,988
334,571
$1,709,253
111,343
Maintenance
1934
$3,489,270
1,319,922
137,730
307,229
15,136
Operating revenues
Operations
Total
Expenses
Subs.)—Earnings
in & cap. surplus
1936
$8,188
revenues
Total income
142,
Consolidated Income Account for Calendar Years
Corp.—Earnings-—
$91,532
bonds, notes, cash
to
Hutton & Co.; G. M.-P. Murphy & Co., and Field, Glore & Co., who have
agreed to
p. 2500.
Mr. Sloan said that a rapidly increasing number of the cars sold
by
General Motors dealers throughout the country are
being initially equipped
with radios.—V. 142, p. 2499.
Public
Rights
15 mailed to its stockholders rights to subscribe
established channels.
General
Corp.—Offers
to 75,644 shares of common stock on a basis of three shares for each ten
shares already held, at $23.50 per share.
Rights are being issued to stock¬
holders of record April 15 and will expire at 12 noon, April 25.
See also
V.
142, p. 2321.
terials, sup., &c.
Purchase of the factory of the
Corp.
nounced
above.—V. 142, p. 1641.
Instruments
Stockholders
on
the first
1273.
p.
Corp.—New Director—
Cash in banks and
.
Buick
.-$8,970,401 $9,646,902
Other
Cadillac-LaSalle retail sales in March
225
first page of this department.—Y. 141,
Reinsurance
See General Alliance Corp.
General Motors Corp.—Cadillac-La Salle Sales Increase—
this
259,066
Equities, Inc.—Registers with SEC—•
given
General
$11,365,217; other, $6,000.—V.
2276.
p.
Total
58,970,401 $9,646,902
Dealers' repossession loss
reserves
855,418
1, 1932).—
Investments carried on books at written-down values established Dec.
The company on April
Total
83,842
3,231
31, 1931, and subsequent costs.
The market or estimated fair value of
investments, March 31, 1936, was $8,617,354, and $6,259,067 in 1935.
b Represented by* 24,640 shares $6 (cum.) dividend preferred and 280
shares $5.50 (cum.) dividend preferred, of no par value (entitled in liquida¬
tion to $100 per share if involuntary, otherwise $110 per share),
c Repre¬
sented by 669,886 shares of no par value.—V. 142, p. 623.
__u
Liabilities—
12,393
20,156
Taxes accrued
Jan.
General
1935
1934
1933
1932 ^
$
$
$
$
39,814,797
38,352,022
30,031,079
43,949,507
Notes and bills rec
358,256,876 241,203,838 165,304,635 131,710,512
Accounts receivable
1,146,703
1,913,998
1,885,388
992,520
Furniture & equipment543,649
328,318
339,594
442,092
Investments
6,000 xll,371,217
9,545,814
6,736,039
Deferred charges
873,424
338,486
774,305
263,018
2,369,000
3,944,000
Earned surp. (from
Comparative Consolidated Balance Sheet Dec. 31
Assets—
Cash
debs.
1953
2,369,000
1939
2,631,000
Accounts payable.
53,894
Acer, debent. int..
65,788
5%,
Unadjusted credits
a
General Foods Corp .-—New Director—
1935
5 y2%,
-
Net asset value
1936
stock.82,305,258 $2,305,258
669,886
669,886
Common stock—
Financial
2668
the privilege of exchanging their stock pro rata and in the ratio of, but not
exceeding, two shares of con v. pref. stock for each share of preference stock
held.
This
offering is limited in the aggregate to the convertible stock not
by the common stockholders.
All shares not taken by the
purchased
Chronicle
April 18,
the auditors made such adjustments during this period
sary, in their opinion, to give effect to this change in policy.
years
1936
as were neces¬
Dividends—Since the subdivision of the common stock on the basis of
new shares for each old share, effective in February 1936, the directors
a dividend of 25c. per share payable April 1, to holders of record
on March 20.
The purchasers of the shares of common stock included in
three
company's stockholders will be offerd publicly.
The proceeds from the sale of the stock are to be applied to the redemption
declared
of the following: (a) $3,262,000 5-year
101 and int. after June
5M% gold notes, due June 1, 1939,
1, 1936; (b) $26,000 1st mtge. 6%
15, 1926, of Chemical & Pigment Co., Inc.,
currently redeemable at 102 and int.; (c) $38,200 1st mtge. 6% gold bonds,
dated Sept. 10, 1927, of Wisconsin Food Products Ohio Co., currently
this
redeemable at
underAvriters
redeemable at
serial gold bonds, dated Oct.
102 and int.
Of the remaining proceeds, a maximum
the redemption on June 1, 1936, at 105%,
ence stock as are not exchanged.
of $6,825,000 is to be applied to
of such shares of the prior prefer¬
offering will not be entitled to the dividend payable April 1.
Underwriters—The underwriters have agreed severally to purchase from
the company 40,000 shares of common stock at $18.25 per share, and to
purchase 15,000 shares of common stock from an individual stockholder at
$17.25 per share.
The amounts to be severally purchased by each of the
are as
of
thereafter and including March 1, 1941, into eighthof a share.
llornblower & Weeks, N. Y. City, and Hayden, Miller & Co., of Cleve¬
land, Ohio, are the principal underwriters.
The public offering price, the names of other underwriters, and the
underwriting discounts or commissions are to be furnished by amendment
to the registration statement.
Adrian D. Joyce, of Cleveland, is President of the company.—V. 142,
P.2500.
-/ ..r:
/
:.• -'•••/•.•• /:■ >
tenths of
a
Grand Rapids
18.500 shs.
(Prepared for filing as
share;
share: and thereafter into seven-tenths
a
36,500 shs.
Consolidated Balance Sheet
The preferred stock is convertible on or before March 1, 1937, into one
share of common stock; thereafter and including March 1, 1939, into ninetenths
follows:
Donoho, Moore & Co, New York
Mitchell, Herriek & Co., Cleveland
'
Assets—
$113,561
246,613
5,012
243,713
Notes and accts. rec., trade..
Other notes and accounts rec.
Inventories
Property plant and equipment
(less deprec.).
140, p. 641; V. 142, p. 624.
Prov.
for
Fed.
27,063
income,
&c.,
7% pref. stock
Common stock
26,204
46,700
350,000
•_
...
16,959
Deferred charges
$100,000
72,798
Accrued liabilities
477,065
(less amortization)
.
...
(33,750 shs.)
Surplus paid in
33,750
146,250
.
Surplus, appreciation
Surplus earned
77,734
-
,
274,831
Wt
Total.
Grant Building, Inc.—
part of Form A-2)
Notes payable, bank--......
Accounts payable, trade
taxes
Metalcraft Corp.—Exchange Offer—
See F. L. Jacobs Co. bolow.—V.
Dec. 31, 1935
Liabilities-
■
Cash
Patents
a
as at
Time Extended—
—V.
$1,129,1261
Total.
.$1,129,126
142, p. 1818. 2162.
The committee for the 1st mtge.
leasehold 7% sinking fund gold bonds
(Frank E. Gernon, Chairman), on April 15, announced that there have
been subjected to the mortgage agreement, i.e., the plan, 94.26% in prin¬
cipal amount of the above bonds issued and outstanding.
The time within which additional bonds and coupons may be subjected
to the mortgage agreement has been extended for a further period of 90 days
Bondholders who have not heretofore subjected their
the mortgage agreement may, within the time limit,
present them to the depositary, Commercial National Bank & Trust Co.,
56 Wall St., N. Y. City, for the printing or stamping thereon of appropriate
legends inuicating that they are subject to the terms of the mortgage agree¬
ment.—V. 142, p. 624.
lrom
April
16.
bonds and coupons to
Great Northern
Hearn Department Stores, Inc.Assets—
Inventories
Furniture, fixtures, equipment
and building improvements,
less depreciation
official
1934
Vote
on
Merger—■
The stockholders at their annual meeting on May
Hamilton Watch Co.— To Pay
on
on
the
capital stock,
payable June 1 to
regular quarterly dividend of $1.50 per share was paid.
Refund Preferred Stock—
v
Stockholders at their annual meeting on April 14 approved proposals of
directors which will permit refunding of accumulations on preferred
the
stock by the issuance of common stock.
The stockholders Avill hold a special meeting May
Co.—Stock
C. Tiesenga has been elected
Houston
to be purchased
writers from Gilbert E. Mosher,
of the company.
an
by the under¬
individual stockholder
A prospectus dated April 13 affords the
following:
Company has agreed to make aplicatiou for the listing of its common stock
on the New York Curb Exchange.
Purpose—Net proceeds of the sale of the common stock to be sold by
company, amounting to approximately $718,405, Avill be applied to the
following purposes:
Redemption of 3,500 shares of outstanding preferred stock at
$105 per share
$367,500
Repayment of loan from Rectigraph Co—
92,244
Repayment of loan from Union Trust Co. of Rochester, N. Y—
100,000
The residue of the net proceeds will be added to working capital
Company and Business—Company was organized in New York April 16,
1906, and for over 29 years has been in the business of sensitizing photo¬
graphic papers.
Since 1930, it has broadened its lines to include "Haloid
Record Papers," used for photocopy purposes, and "Lithaloid" paper and
film, used for photolithographic work.
In 1935, company acquired Recti¬
graph Co., which for 26 years has been in the business of manufacturing the
"Rectigraph" machine, a specially designed camera for making photo¬
copies.
As a result, the company and Rectigraph Co. became the first, and
stilj are the only group under one control in the United States which pro¬
duces both photocopy paper and photocopy machines.
.
The company's plant located at Rochester, N. Y.f has an aggregate
space of 41,000 square feet.
The plant of Rectigraph
floor
Co. is located at Rochester, N. Y., has an
aggregate floor space of more than 41,000 square feet.
Directors—Gilbert E. Mosher (Pres.), Joseph R. Wilson (Vice-Pres. &
Treas.), Edwin C. Yauck (Vice-Pres.), George C. Beidler, Fred W. Zoller,
Charles Van Voorhis, Rochester, N. Y.
Joseph C. Wilson is Secretary.
director, succeeding Thomas II. Marsilje.
[National Power & Light Co. Subsidiary]
Operating
Operating
Net
from oper
_
—
$8,898,908
4,102,254
$8,380,121
4,018,892
$346,770
1,303
$4,796,654
15,089
$4,361,229
16,227
$395,733
115,543
$348,073
$4,811,743
1,392,341
$4,377,456
1,389,388
$3,419,402
1,080,035
$2,988,068
675,380
115,448
315,078
315.077
$2,024,289
Balance.
z
1936—12 Mas.—1935
$648,639
301,869
$394,700
1,033
expenses
rev.
1936—Month—1935
$733,139
338,439
revenues
Balance
y$280,190
y$232,625
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,997,611
y Before
property retirement reserve appropriations
Regular dividends on 7% and $6 pref. stocks were paid
After the payment of these dividends there were
dividends at that date.—V. 142, p. 2501.
Hudson Motor Car
—
.
a
Lighting & Power Co.—Earnings—-
Period End. Feb. 29—
Gross corporate income.
Int. & other deductions.
are
Stock
The directors have declared a dividend of 10 cents per share on account
of accumulations on the $1.80 cum. partic. class A stock, no
par value,
payable June 1 to holders of record May 12.
A like payment Avas made
on March 2, last and on Dec. 2, 1935, this latter
being the first payment
made on the issue since June 1, 1933 when 15 cents was paid.
22H cents
per share were distributed each three months from June 1, 1932 to March
1, 1933, incl.
Prior to then regular quarterly dividends of 45 cents per
share were disbursed.—V. 142, p. 625.
Other income.
15,000
Director—Preferred
142, p. 2501.
Offered—Donoho, Moore & Co., New
York, and Mitchell, Herriek & Co., Cleveland, on April 13
offered,
-New
(Henry) Holt & Co., Inc.—Class A Dividend—
offered 55,000 shares of common stock (par $5) at $20 per
share.
The issue has been oversubscribed.
Of the 55,000
shares
Co.-
The company's articles of incorporation Avere amended on April 14 so as to
eliminate from the capital structure the entire authorized
7% pref. stock
all of Avhich iias been exchanged or called for redemption as of April 1, 1936.
16 to authorize the
of a new issue of convertible preference
stock Avhich may be used to refinance the present preferred stock.
See
also V. 142, p. 1987.—V. 142, p. 2161.
Haloid
128.
April 14 declared a dividend of 15 cents per share on the
25 cents, payable May 15 to holders of record April 25.
Furnace
issuance of additional common stock for refunding the preferred accumula¬
tions and also to approve issuance
.$3,619,409
p.
on
par
Holland
an
May 9. A similar payment was made on Feb. 29 last and
dividend of $2 per share was paid on Dec. 14 1935, this latter being the
first distribution made on the preferred stock since Dec. 1, 1931 when a
To
Total
This compares with 10 cents paid in eacn of the three
preceding quarters
and each three months from Dec. 15, 1933 to and including Dec.
15, 1934.
—V. 141, p. 3229.
Arrearages—
6% cumulative preferred stock par $100
holders of record
a
600,000
x5,000
1,360,935
Mining Co.—Larger Dividend—•
The directors
The directors have declared a dividend of $2.50 per share on account of
accruals
Surplus
$3,619,409
Hecla
108,137
1,400,000
Common stock
66,142
Represented by 500 no-par shares —V. 142,
—V.
$2.50
Taxes payable and accrued-..
Eliminated—
11 will consider
of merger and consolidation between this company and its
owned subsidiaries, Boiling Springs Water Co. and Rutherford
Water Co.—V. 142, p. 1643,
agreement
wholly
531,951
Total
x
Accounts payable....
$78,068
Miscell. liabilities & accruals67,269
$6cum.cl. Apf.stk, (par$100)
$6cum. cl. B pf. stk. (par $100)
Deferred charges
Ry.—Listing—
notice of issuance and distribution thereof from time to time;
$49,711,200 general mortgage 4% convertible bonds, series H, due July 1,
1946, upon official notice of issuance and distribution thereof from time to
tune; and 1,905,596 additional shares of preferred stock (no par), upon
official notice of issuance from time to time upon conversion of the general
mortgage 4% convertible bonds, series G and series H, in accordance with
the terms thereof; making the total amount of stock applied for 4,403,079
shares.-—V. 142, p. 2500.
$250,873
384,780
2,385,661
Miscell. accounts receivable..
authorized the listing of $49,711,200
convertible bonds, series G, due July 1, 1946, upon
Hackensack Water Co.— To
Liabilities—
Cash
The New York Stock Exchange has
general mortgage 4%
-Balance. Sheet Jan. 31,
1936—•
no
and
Co.—Profits Higher—
Earnings of the
company for the first quarter of 1936 will
first quarter since 1930, according to A. Edward
Gen. Mgr., and will be well in excess of net profits for the
1935, which amounted to $235,610 after all charges but
for
dividends
on Feb. 1, 1936.
accumulated tmpaid
any
be greater than
Baxit, Pres. &
first quarter of
before Federal
income taxes.
Mr. Barit stated that the increase in earnings was due not
only to increased shipments, but also to an increased profit margin resulting
improved operating methods.
"Production in April," stated Mr. Barit, "will exceed by
nearly 5,000
cars the output for any month of the 1935 season.
The April schedule calls
for 16,000 Hudson and Terraplane cars.
We now have roughly 11,000 men
on our payroll, which is about 2,000 more than at this time last
year.
Retail
sales of our cars in the United States during the first quater were 24
% ahead
of the first quarter of last year.
Retail sales show a larger gain than factory
shipments because the earlier announcement of 1936 models permitted us to
stcck dealers during the fourth quarter, instead of during the first
quarter.
"Canadian retail sales in the first quarter," said Mr. Barit, "were
44%
a
head of the first quarter of last year, and have made
necessary a sub¬
stantial increase in the operations of the company's plant at
Tilbury,
Ont.
Exports for the first quarter were 10% ahead of the corresponding
1935 period."—V. 142, p. 2501.
from
Capitalization After Completion of Financing
Title of Issue—
Authorized
Outstanding
a200,000shs. 141,250 shs.
a By
the certificate of amendment the authorized common stock was
changed and increased to 200,000 shares (par $5) from 35,000 shares
(no par) and the issued common stock was changed to 101,250 shares from
Common stock (par $5)
33.750 shares.
acquisition.
New Income After all Charges but
Before Dividends
Fiscal
Haloid
Rectigraph
Fiscal
Haloid
Years
Co.
Co.
Years
Co
$128,621
:
Rectigraph
Co.
$27,718
x$88,653
$82,337
145.530
20,740
126,571
x23,927
37,611
x31,200
1935.142,706
121,280
x Upon the acquisition by the company of Rectigraph Co., the company's
auditors, found it necessary to change the method, previously followed by
Rectigraph Co., of pricing inventory and setting up reserve for bad debts,
in order that its statements should conform to accepted principles of account¬
ing.
In preparing their report on the operations of Rectigraph Co. for thes
1930.
1931—
1932
________
Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Jan. 31—
Operating
re venues
Operating
expenses
1936—Month—1935
1936—12 Mos.—1935
$374,563
184,326
$337,553
170,454
$4,340,544
2,123,257
$4,135,266
2,038,617
$190,237
$167,099
:$2,217,287
Dr213
211
3,958
$2,096,649
Dr2,076
$190,024
59,390
$167,310
59,485
;$2,221,245
708,426
$2,094,573
715,571
Balance
Earnings—The folloAving table sets forth the net income of the company,
before deduction of preferred dividends, and the net income of Rectigraph
Co., for the fiscal years 1930 to 1935, inclusive.
The outstanding stock
of Rectigraph Co. was acquired by the company as of Aug. 31, 1935, so
( hat. the figures prior to that date indicate the results of operations prior to
such
Idaho Power
y$130,634
y$107,S25
Property retirement,eserve appripriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid
$1,512,819
421,000
$1,379,002
420,000
414,342
414,342
Balance
$677,477
$544,660
Net
revs,
_T...
from oper..
Other income (net)
Gross
cor.
income
Int. & other deducts
z
_
y Before
property retirement
reserve
appropriations
Regular dividends on 7% and $6 pref. stocks were paud
and dividends,
Nov. 1, 1935.
on
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. 957.
Volume 142
Illinois
Financial
Brick
Illinois Power &
Balance Sheet March 31
Light Corp.—-Earnings—
Calendar Years—
1935
1934
1
1932
.$11,282,462 $11,644,520 $11,150,368 $12,103,173
324,644
271,618
329,408
396,379
Other income
Total income
of subsidiaries
6,791,662
6,985,148
7,143,208
6,765,175
420,205
423,299
424,312
424,139
...
Approp. for deprec.,
tire., replace., &c
re¬
2,584,320
2,005,584
1,814,912
$1,995,468
$1,906,672
947,000
$3,495,328
2,901,000
600.000
$1,810,920
Surplus.
2,512,224
$1,810,920
Balance
Preferred dividends
Common dividends
$1,995,468
$959,672
def$5,672
Consolidated Balance Sheet Dec. 31
1935
1934
$
S
Assets—
1935
Prop ty & plant,
a
rts., fran., &C.197.924.620
Cash on deposit
with trustees.
Investments
202,024,509
127,228
7,524,401
2,039,315
4,649,293
2,730,796
40,632,200
4 000,000
stocks
4,000,000
30 000,000
Common stock
subsidiaries.
30,000,000
6 520,050
6.547,450
debt...104 ,267,900
105,982,300
receivable...
2,741,939
1,563,353
Mat'ls & suppl.
Balances in banks
Funded
2,433,614
debt
1,469,598
or under
1,478
3,775,641
Acer,
2,104
4,152,006
17 ,412,000
1 ,-291,263
2,021,787
1
,248.688
1,283,538
607.374
605,444
141,195
512,952
1 ,257,490
taxes..
interest..
Acer. divs. on
17,630,000
2 ,311,356
payable.
Accrued
restriction
of
subsidiaries..
Accts.
Deferred charges
_
pf.
stocks of subs.
1,442
Consumers' dep.
Sundry
curr.
&
def. liabilities
Contributions by
for
consumers
construction of
295,650
.
Surplus
Total
218,507,885 220,464,258
233,333
,633,630
property
Reserves
9,554,850
167,697
180,350
Total
218,507,885 220,464,258
a Represented
by 443,500 shares, no par.
Entitled to a preference on
nvoluntary liquidation of $100 per share and accrued dividends,
b Repre¬
sented by 40,000 shares, $100 par.
c Represented by 600,000 shares, no
par.—V. 142, p. 957.
Independent (Subway) System of N. Y. City—Earnings
1936
1935
$1,081,738
738,549
$6,601,154
4,626,342
$343,189
...
on
_
$343i884
-V. 142, p. 1988.
Period Ended Feb. 29—
reserve
cost of
.
Interborough
Drafted—
$1,355,071
885,877
92.186
72,829
Net ry. oper. income.
$72,812
2.258
$144,388
1,857
$203,080
4,538
Rapid
$146,245
$308,340
3,060
38,386
3,122
$207,618
6,509
76,662
Theodore S.
mittee
are
Watson of Watson
38,969
$33,624
Industrial Rayon Corp.
3 Mos. End. Mar. 31—
4,161
$104,154
(& Subs.)
1936
77,774
1935
$124,483
$224,422
-Earnings1934
1933
x$523,767
175,966
$940,857
165,550
$462,213
35,500
51,500
103,000
189,739
2,098
41,000
$198,616
$296,301
$672,307
$229,376
600,000
$0.49
200,000
$3.36
144,299
$1.59
Interest
Federal taxes
Net profit
Shares capital stock out¬
standing (no par)
Earnings per share
other
606,500
$0.32
income
of
I
(which includes
$50,009
I
Government securities) in
i936
and
$26,475 profit
directors; Grover Whalen, public director, and Nathan Amster, Manhattan
Ry. director, with Mr. Bloom chairman and Mr. Watson, Secretary.
The
plan calls for reorganizing the
Interborough 6% debentures, which, under the reorganization plan, are
care of through new 10-year secured notes and common stock in the
company," it is stated in a pamphlet issued by Watson & White.
"A reorganization of the two properties is
dependent upon the Inter¬
borough 5% bondholders reducing the preesnt sinking fund by a sufficient
amount so that the Interborough
5% bonds will only be retired by maturity
in 1966 through the operation of the
sinking fund," the pamphlet says.
"At the present time the sinking fund has been accelerated to such an extent
that the outstanding Interborough 5s will be retired at least
15-years before
maturity.
"However, representatives of the Interborough 5s up to the present
appear to be unwilling to reduce the Interborough sinking fund require¬
ments.
This would seem to be a serious error in judgment in
any of the
following events among others that can be mentioned:
"1. If the Manhattan Ry. should be taken out of receivership; or
"2. If Manhattan's formula for fixing the
earnings of the Manhattan
leased lines is accepted; or.
"3. If it is found that Manhattan is necessary to the
Interborough to
maintain its contract No. 3 with the city."
taken
new
2
% Wage Increase—
Thomas E.
Murray, Jr., receiver for this company, announced on April
2% increase in the pay of about 15,000 employees of the company
into effect beginning May 1.
About 99% of the company's em¬
ployees will receive the increase, only the high executives being excluded.
12 that
will
a
go
Workers included will be motormen, conductors, guards, station agents,
powerhouse staffs, maintenance men, porters, shop and inspection barn
forces and the clerical help.
They are now receiving from $27 to $32 a
142,
2323.
p.
International
Hydro-Electric System—Annual Report—
1935
rev.
on
bonds, &c.,
24 4 082
23,535
Total gross re venue ..'$63 334 847
$62 959 569
exps.
on
and taxes
26,537,394
3,662,255
3 Afos. End. Mar. 31—
Netrev.,incl.oth.inc.$33,135,198 $34,262,410 $35,211,166 $36,114,499
on
funded debt and
other interest-
1
14,515,670
14,935,687
905,797
5,185,317
1,992,620
15,296,957
906,038
5,082,193
1,507,902
15,708,307
921,839
5,182,659
1,817,911
8,561,132
8,549,084
8,497,570
8,510,238
1,004,728
1,260,800
1,502,050
1,477,014
Bal. added to surplus
$1,131,259
Earned surplus beginning
$1,433,104
$2,418,454
$2,827,799
8,491,389
351,617
10,485,530
913,413
8,558,427
6,636,063
$9,974,266 $12,832,047 $10,976,881
6,176,103
4,094,980
v9,463,862
Amortization of discount
Depreciation
Divs.
on
1936
pref. & class A
Increase in surplus.
Charges to surplus
Divs. pref. stock, conv.
$3.50 series
Divs. class A stock
245,678
491,352
491,756
413,679
Earn, persh. on aver.no.
of cl. Ashs. outst'g—
$8,491,389 $10,485,529
$8,558,427
$0.76
x$1.14
1935
1934
$33,253
7,585
$31,610
7,826
Consolidated Balance Sheet Dec. 31
1933
1
$34,414
10,615
1935
on
$
1935
Total surplus...
Dividends paid
$791,795
76,500
$713,543
59,500
$23,799
451,299
Drl98
Dr.130
$23,783
643,701
lDr\,907
62,540
62,540
1,838,673
Securs. & invest. 17,875,038
Cash
12,164,411
Market, securs.
148,350
1,797,107
18,163,170
_
$667,285
42,500
$473,191
....
on
$624,786
secur.
$473,191
$0.0391
$0.0301
$3,085,344
sold
$0.0371
$0.0279
$1,842,661
$0.0384
$0.0266
$1,792,027
during
year
below
adj. book value pre¬
in
Mar. 31.
2,626,724
7,041,841
exps.
Cr4,425
Serial
pay'le
notes
Crl06,651
Cr695,522
& susp. credits
Other reserves..
$2,538484
$858,954
307,498
2,605,988
302,411
Pref.&oth.stks.
of subsidiaries
incl. surp.
130,428,488 129,015,278
ap-
15,538,502
16,483,549
$3.50
series..
22,232,969
22,971,268
7,019,200
7,019,200
21,028,208
20,000,000
2,000,000
19,829,267
8,491,388
312,889
Class A stock... 21,128,983
Class B stock... 20,000,000
x Common stock
2,000,000
Paid-in surplus.
Earned surplus.
19,894,955
3,798,162
247,201
Dr822,832
$3,196,420
52,499,403
336,743
3,587,434
Res. for deprec.
Unallocated res.
Capital surplus.
Dr202,895
8,812,247
1,543,411
56,965,966
Pref. stk.—conv.
Drll0,241
$4,942,587
8,960,137
of
subs, payable.
plic. thereto..
applic.to
future oper—
Disc. & exp. on
Accounts
Minor, com.stks.
Prepaid and def.
Total
surp. at
57,603
2,681,508
employees.
securities
Crl ,803
market
value of portfolio
3,398,459
269,743
bonds & other
vious Dec. 31
Recovery
7,137,734
3,339,841
296,443
Due from officers
&
Total income
$0.0424
Net operating income.
$0.0347
Capital surplus—•
Bal., Jan. 1, adjusted, $5,143,679
Net loss
$654,043
148,350
42,655
Sink, funds, &c_
$715,295
on—
6,949,232
Accts. and notes
receivable
inc.,
oper.
March 31
Earnings per share
S
debt...276,131,456 280,378,567
payable-_
4,491,000
2,223,200
and accruals..
orders In prog.
Inventories
Undistrib.
a
1934
$
Liabilities—
Notes
escrow
Construc'n work
Balance at Jan. 1
Income charges (net)
equiv¬
Funded
in
for construe.
securities
$25,667
687,876
was
{Incl. Subs.)
1934
§
j\. ss cts
Cash
$29,538
762,387
$2.72
x The balance of consolidated
earnings applicable to the class A shares,
after all charges, including depreciation and dividends paid and
accrued on
the preferred stock of the system, amounted to
Prop., plant, &c.517,640,409 520,798,498
losses
$2.25
surplus in 1934, it is not precisely comparable with the balance of $2.25
share earned on the average number of class A shares
outst'g during 1933.
operating income
chgd. to cap. surp..
1,147,935
5,019,772
1,423,434
direct to
$36,055
6,516
Total deductions
of
393,183
145,574
$62,228,768 $63,640,767
23,944,062
24.069,151
3,073,540
3,457,117
25,186,270
3,510,889
$962,227, which
Certificates, Inc.—Earnings—
Total income.
of
303,388
alent to $1.14 a share on outstanding class A shares.
As this does not in¬
clude profit of $198,368 on bonds redeemed, which was credited
first page of this department.
Insuranshares
excl.
1932
$59,445,971 $58,657,313 $59,197,630
3,537,134
3,630,761
4,195,528
28,409
Oper.
(Incl. Suts.)p
1933
re¬
deemed
Loss on exchange
$3,798,162
Insurance Investors Co
.—Registers with SEC—
given
1934
Earned surplus end of
957.
Cap.
Interborough and Manhattan Ry.
companies "on the basis that has been reached with the City of New York
for the sale of the two properties, with the
exception of taking care of the
New Director—
sales
of the Manhattan Ry.
one
on
1.797 in 1935.
E. A. Norman has been elected a
director, succeeding J. Arthur House,
resigned.
The stockholders at the annual meeting authorized the directors
to extend the stock option to officers
for another threeyears.—V. 142,
Net
White,
Minor. int. in earnings of
subsidiaries
6,144
x$465,597
231,481
Operating profit
Depreciation, &c
See list
&
on the IRT's board.
Other members of the special com¬
Mortimer Buckner and Edgar S. Bloom, "Interborough stock"
stocks of subsidiaries-
Net income
—V. 142, p. 1988.
p.
Flan
representatives
Res. for Fed. inc. tax...
Includes
Co.—Tentative
A special committee of directors appointed by the full board of directors
of bringing the company out of receivership if the
proposed unification plan fails, has worked out a tentative plan, accordingly
Int.
Total income
Miscellaneous deductionsi
Fixed charges
x
Transit
1
$304,179
$75,070
Other income.
627.
p.
Steamship Co.—
to review the prospects
Profit
1936—2 Mos —1935
$4,938,984
Inland Steel owns more than two-thirds of the steamship
company stock.
The company operated three vessels on the Great Lakes.—V. 142, p. 2502.
from oper....$59,947,428
From other income
3,415,829
$1,509,144
1,064,974
90,492
150,598
654,043
...$6,715,068
$925,005), and $3,088,671 in 1935.—V. 142,
Maintenance
sale of U. S.
Total
for shrinkage of $590,938 in 1936 (after deducting
appre¬
$1,979,008
Earnings—
1936—Month—1935
$738,371
$651,731
538,028
426,535
40,614
44,511
86,917
36,297
Railway oper. revenue.
Railway oper. expenses.
Railway tax accruals
Equip. & joint fac. rents
879
17,642
20,000
850,000
3,196,420
The company has notified the New York Stock Exchange that at a
special
Gross
Indiana Harbor Belt RR. Co.
186
expenses.
Consolidated Income Account for Calendar Years
Net income
$200,000
on April 2, the stockholders of Inland Steamship Co. resolved
that the business of the corporation be discontinued and that the
surplus
property and assets of the corporation remaining after paying all the debts
and liabilities and expenses of
winding up its affairs be divided among the
stockholders according to their respective rights.
$1,974,812
4,196
694
Accrued
$207,000
meeting held
week.—V.
Income from operation
Non-operating income
Reserve for contin.
Inland Steel Co.—Dissolves
i
Month of January—
Operating revenues
Operating expenses
Due to brokers
27,134
$6,715,068 $4,938,984
.....
After
z
ciation
of
Funded
Accounts & notes
closed
40 632,200
stock..
c
Pref.
10,217
25,943
receivable..
1935
to
Cap. stk. (par $1).
850,000
Capital surplus
4,942,587
oper. inc..
715,295
to
$6 cumul.pref.
stock........
Cash on hand &
in banks
8
b 6% cum. pref.
5,812,246
...
1934
Liabilities—
1936
payable
banks (secured).
Undis.
$11,607,106 $11,916,138 $11,479,776 $12,499,552
Interest charges, &c_
\
Bond discount amortized [
Dividends on pref. stocks
Liabilities—
Notes
2,572
Divs.
Total
earnings..
1935
$4,885,783
15,850
Due from brokers.
1933
oper..$28,032,876 $2/,052,137 $26,233,396 $27,111,394
Operating expenses
12,059,336
11,342,500
11,274,611
11,314,939
Maintenance
2,302,899
2,045,097
2,063,429
2,132,097
Taxes
2,388,179
2,020,019
1,744,987
1,561.184
Net
Assets—
1936
Securities in port¬
folio
$6,686,553
z
Cash
from
earns,
2669
Co,—Removed from List—
The Chicago Stock Exchange has removed from the list the
capital stock,
$25 par, due to recapitalization.— V. 142, p. 1471.
Gross
Chronicle
x
578,766,107
577,796,8161
Total
Represented by shares of $0.05 par.
.578,766,107 577,796,816
Financial
2670
April 18,
Chronicle
Mfg. Co.—Removed Jrom Unlisted
Iron Fireman
The
International Railways of
privileges the rights of holders of common stock, represented by voting
trust certificates to subscribe for additional shares of common stock repre¬
Central America
voting trust certificates.—V. 142, p. 2325.
sented by
Central Division First Mortgage
Island Creek Coal Co.—Coal
Output-
Month ofJanuary...
February..
QUOTED
SOLD
BOUGHT
300,555
304,426
390,864
249,143
Ry. (& Subs.) Buffalo.—Earnings—
$5,543,928
$6,166,786
163.542
207,536
229,611
$5,779,011
$5,972,326
55,751,464
695,970
1,124,237
$6,396,397
776,960
1,131,149
519,789
Less: Amount representing return
SI ,128,516
1,128,516
companies
of investment
S496.827
3,145
companies
Interest from subsidiary
Interest from others.
•,
$499,972
101,366
Total income
General and administrative expenses,
1,447,593
General & miscellaneous.
780,959
478,947
1,117.215
447,932
1.451,729
793,521
469,549
$895,926
11,024
$906,950
Depreciation & renewals
for Year Ended Dec. 31, 1935 (Parent Co. Only)
Dividends received from subsidiary
u
29,817
(other than income taxes)
Canadian exchange
4,470
on
444,366
Power operation
Interest on conv. 6% debentures
Amortizatiion of debt discount and expense
$1,355,792
Net loss
Balance Sheet Dec. 31, 1935 (Parent
-\A-SSCtS
1,549,514
$786,098
$785,533
12,094
15,549
$902,236
23,491
55,070
$798,192
1,020,176
40,357
53,701
$801,082
1,058,327
34,258
51,905
$167,297
Taxes
$316,041
$343,407
__
Auxiliary oper.—deficit.
Operating income
Non-operating income..
Gross income
984,240
34,936
Interest
Rentals, &c._^
Liabilities—
-
to subs, cos
investment
Other
Convertible 6% debentures,
due April 1, 1944
826,568,000
6,308,710
10,373
285,000 Accounts payable
interest
398,520
a871,500 Acrued
Options, expiring Dec. 31 '42
Cash
Accrued interest receivable._
Due from subsidiary cos
,19,891
3,206,283 Accrued taxes
9,436 Other accrued items—
56,616 b Reserves
stock
Pref.
of investigation of
acquired by subs, in
Expenses
prop,
Deficit
982,598
516,773
17,377
$925,727
1,102.255
34,486
50,744
$261,757
Since the merger of
International Bus Corp. with International Ry. Co.
procedure has eliminated the item of
auxiliary operations.
Therefore, for comparative purposes, this item,
shown in the report to the stockholders for the year 1934, has been spread
over
the appropriate accounts for that year.
International Bus Corp.
x
June 1, 1935, a change in accounting
accounts are consolidated for 1934 and first five months of
1935.
subsidiaries___$91,313,078
of
Securities
Advances
Company Only)
*
442,083
1,380,977
847,482
458,231
16,951
Amortization of discount
$364,318
1,618,693
101,417
Gross income
'
906,280
702,559
1,028,660
Maintenance
Profit and Loss and Deficit
xl934
Conducting transport'n.
Income Account
Loss
1932
$5,808,784
184,543
1935
Other revenue..
1-752
Income:
Taxes
1933
$5,594,468
Passenger revenue
Operating revenue
Statement of
1932
285,245
274,145
327,707
1933
279,116
292,116
Calendar Years—
New York
A. T. & T. Teletype N. Y.
1934
296,427
302,235
International
EXCHANGE
NEW YORK STOCK
15 Broad Street
1935
308,920
315,007
Note—The above figures in net tons.—V. 142, p. 2503.
Eastman, Dillon & Co.
MEMBERS
1936
410,011
431,759
March....
Gold 5s due January 1, 1972
Purchase Money
Trading—
from unlisted trading
has removed
Exchange
Curb
York
New
1936
par)
(850
5,000
1,716,128
conv.
Organization expense
240,858
Class B stock ($20 par)
Unamort. debt disct. & exp__
740,974
Common stock ($.05 par)
Paid-in
surplus—
Capital
surplus
Deficit
Cash
x
bonds sold
count,
int.
Res.
1,230,933
1,848,121
1,749,588
466,924
835,698
647,682
673,816
202,638
255,809
4 ,466,634
3 ,278,707
4,401,726
3,275,254
...32,439,511
32,808,834
renewals
Surplus
.....
7,367,448
Total
....$103,179,828
Total
$103,179,828
Total
cur¬
accidents
adjusted credits
Res. for deprec. &
deficits)
of subs, since dates of acq.
for
Deferred liab., un¬
Undistributed net increase in
earned surplus (less
accrd.
other
and damages
1,245,818
Prepayments & un¬
adjusted debits.
2,194,851
19 ,203,600 19,930,753
rent liabilities..
on
$
1,609,700
2 ,194,851
Funded debt
557,688
dis¬
&c.,
1934
$
1 ,609,700
Common stock..
Accts. pay.,
494,773
accts. rec., &c__
Unamortized
21,567
3,569,286
—
Liabilities—
Preferred stock...
28,353,376 29,045,911
512,306
209,829
investment
2,000,000
20,084,277
Class A stock ($25 par)
$
Assets—
Road & equipment
21,417,958
20,000,000
147,371
1931—
$
1935
1934
Mat'ls & supplies,
7,139,950
83.50 series
Balance Sheet Dec. 31
1935
30,000 unissued common shares of New Eng¬
of whose present outstanding common shares
is owned by International Hydro-Electric System) at cost, less amortiza¬
tion of $249,000.
b Difference between cost and principal amount of
reacquired debentures, less discount and expense applicable thereto (in¬
creased $692,535 during 1935).—V. 142. P. 1645.
To acquire at $55 a share,
land Power Association (88%
x
.32,439,511
32,S08,834i
Total
Represented by 167,075 shares of no par value.—V. 141, p. 3230.
a
(& Subs.)—Earnings
International Paper & Power Co.
Consolidated Income Account for Calendar
Years
[Excluding International Hydro-Electric System and Subsidiaries]
1934
1935
sales, less returns, allowances & discounts..$95,426,318
Gross
920,685
Other income (net)
$96,347,003 $87,641,133
58,371,708 53,007,401
Total revenue
Cost of sales and expenses
$86,454,334
1,186,799
...
13,081,923
6,046,073
1,993,920
6,827,639
10,881,271
5,377,651
2,088,875
6,574,418
31 L0,025,739
3,915,004
19,711,517
4,055,576
932,799
373,447
4,968,627
Outward freight and delivery expenses.
Maintenance and repairs
(other than income taxes)
Selling, general and administrative expenses
Taxes
International Vitamin
The New York Curb
Exchange
Corp.—Listing—
on
March 25 approved the listing of 200,-
000 outstanding shares of capital stock (par $1) with authority to add to
the list; 25,000 shares, upon official notice of issuance for cash, upon ex¬
ercise of
option, making the total herein applied for 225,000.
Manufacturers
Trust Co.,
New
York.
Registrar,
agent,
Trust Co., New York.
Options—25,000 shares of capital stock are under option expiring Dec. 31,
1938 to Simon Lubarsky, the President and General Manager, at $5^
per share.
The option may be exercised for not more than 8,300 shares
during the first year; nor more than 16,500 shares during the first two years,
and the balance during the third year.
The option was granted to Mr.
Lubarsky as part of the employment contract.
an
Transfer
Central
Hanover Bank &
Income
Net salas. after
Account
7
Months
Ended
Jan.
31,
1936
deducting returns, allowances and discounts.
326,847
Expenses
119 052
$71,671
32,260
Operating profit.
Other income
Net
revenue
.
Interest on funded debt—
Interest
916,349
364,838
5,350,154
723,016
995,569
358,182
12,415
unfunded debt..
on
Amortization of debt discount and expense
—
Depreciation
Depletion
Provision for doubtful accounts
Provision for income taxes
Divs. being currently paid on pref. stock of subs..
Divs. accrued but not being currently paid on pre¬
713,643
ferred stocks of subsidiaries
748,531
1,049,626
186,864
12,500
$103,931
Total
Loss
on
76
sale of machinery
14,729
Provision for income tax
$89,125
Net income
Previous earned surplus.
145,117
Total surplus
Additional provision for
$234,243
2,140
Federal income tax
743,263
Balance at Jan. 31, 1936
$3,323,432
421,611
on
$2,763,867
9,554,830
bonds redeemed
$3,359,717
595,850
$2,901,821
Net loss
Profit
2,600,191
...
Balance Sheet
as
Net
deficit
Crl30,141 £>r4,190,773
adjustments
$12,326,510
-
Consolidated Balance
Sheet
Dec.
83,206
Indebted, to affil. co., current
Indebted, of affil. co., current
27,092
Accrued liabilities
1935
$
Plants, proper¬
ties, &c._
161,632,713 163,110,832
Cash on deposit
for eonstruc'n
98,788
Woodlands
31,070,469
32,163,383
y
Investments
...
z
5,197,064
3,206,108
Cash
receivable
(secured)
15,924,000
payable
303,659
(unsecured)_.
27,783,372
funds
rec.
<fc
13,874,733
25,851,510
290,370
Reserves
378,576
649,305
4,281,791
4,216,786
16,401,379
rently mat'g..
Pref. & com.stks.
107,273
571,517
1,264,145
1,188,029
pref. stock.
90,098,300
16,229,310
89,700,700
6% pref. stock.,
370,000
370,000
Common stock
56,404,470
56,402,377
of
107,279
648,953
7%
x
Deple. applic. to
pulpwood
in
subs
Class C com. stk.
subscriptions.
Deficit
Def. charges ap¬
plicable to fu¬
ture opera'ns.
460,292
1,806
12,326,510
9,554,830
disc.
Total
3,641,700
.249,424,466 251,027,883
Total
249,424,466 251,027,883
Represented by 832,293 shares in 1935 and 832,276 shares in 1934 of
common stock, no par; 821,502 in 1935 and 821,485 in 1934 of class B
stock, no par, and 2,122,086 in 1935 and 2,121,949 in 1934 of
class C common stock, no par.
y After reserve for depreciation of $60,402,248 in 1935 and $55,964,191 in 1934.
z After reserve for doubtful accounts.
—V. 142, p. 1123.
x
class A
common
Earned surplus
200,000
400,383
232,103
$624,829
Total....
$624,820
Simon Lubarsky, President
collected from E.
damages sustained because of
1,690,091, wholly owned and
Corp.—V. 142, p. 2503.
of the company, stated that on Feb. 20
R. Squibb & Sons $65,000 in settlement of
infringement of United States patent No.
controlled by the International Vitamin
(F. L.) Jacobs Co. (Mich.)—Stock Offered—Public offer¬
ing, by means of a prospectus, of 85,000 shares ($1 par)
common
stock was made April 14 by Hegarty, Conroy &
Co., Inc., New York, at $18 per share.
The issue has been
oversubscribed.
The shares offered do not constitute new
financing by the company, but are shares issued and out¬
standing and owned by individual stockholders, including
Rex C. Jacobs, President of the company, and Clare S.
Jacobs, Vice-President.
The following is from a prospectus
dated April 13:
History and Business—Company was incorp. in Michigan, Jan. 7, 1913.
Company, since incorporation, has been continuously in business and sub¬
stantially all of its business during this period has been in connection with
the automotive industry.
Company's business is essentially that of manu¬
756,338
3,299,526
606
debt
exp._
12,500
Serial oblig. cur¬
771,959
and taxes
&
915,263
395,397
and employees
Unamort.
3,091,434
950,288
payable._
1,165,612
Prepd. int., ins.
.
4,080,534
interest
Capital surplus—donated
3,750
Collects for Damages—
this company
334,719
other
expenses
Divs.
Due from officers
inventory.
4,300,918
&
Accrued
notes
(not curr.)
5,020,726
banks
_
and
special depos.
Accts.
14,893,900
rolls
13,172,185
Inventories
Total
Notes
5,557,895 Acc'ts payable.
3,064,900 Acer, taxes, pay¬
Capital stock (par $1)
80O
36,877
29,361
Prepaid exp. & def'd charges..
S
69,463,694
debt...
40,968
76,839
593
Deferred royalty income
$50,916
1934
67,536,646
Funded
Notes pay.
Accts. & notes
Sink,
Subsidiaries]
$
Liabilities—
Fixed assets (less deprec.)
Sundry advances and claims..
1935
1934
$
155,954
Patents (less amortization)...
[Excluding International Hydro-Electric System and
Assets—
$9,554,830
31
payable (trade)
$210,815
on
Inventories
Deficit, Dec. 31
Accounts
hand...
Notes and accounts receivable
Cash in banks and
$232,103
of Jan. 31. 1936
Liabilities—
Assets—
deficit...
Balance,
Previous
$517,571
Cost of sales
facturing and supplying metal parts to automobile manufacturers for use
in the bodies of automobiles and trucks.
Raw material in the form of
strips, rods and tubing is converted, through operations involving
stamping, forming, electric welding and enameling or electro-plating,
into the various parts and products.
Approximately 75% of the company's
present total production consists of frames and brackets for adjustable
sun visors or glare shields of the type that are generally placed above the
windshield in the interior of passenger cars, and channels which are used
steel
Volume 142
Financial
the supporting frame for movable window and door
glass in closed
bodies, which frame is connected with the operating device for the
as
Chronicle
car
Kansas
raising
and
lowering of the glass.
Other products include seat frames, devices for
the adjustment thereof, devices for adjustment of
windshields, bows and
slat-irons for open and convertible cars, and miscellaneous small
parts.
Certain of the company's products,
notably the sun visor frames, are
covered by patents held by the company.
Applications for patents on
adjustible seat frames have been filed.
Net revs, from oper__
Other income
$237,350
$240,875
$2,625,210
921
979
12,130
21,432
Gross corp. income..*
$238,271
Int. & other deduct'ns__
$241,844
82,246
$2,637,340
988,285
:$2,619,455
82,410
$1,649,055
600,000
$1,632,067
• 600,000
_____
on
shares.
1935, con¬
$10), since retired, and 3,000
shares of common stock (par $10)* all of which was
outstanding.
On
Feb. 13, 1936, the authorized capital stock was increased to
4,000 shares
of common stock (par $10).
On Feb. 14, 1936, company declared a stock
stock for each share of
common
common
number
plant
of
of their
Anderson
cars.
is
located
at
Cambridge, Mass., consists of
feet.
Capitalization—Company's capitalization as of Dec. 31, 1935, consisted
of 100,000 authorized shares of common
capital stock (par $1) all of which
were issued and
outstanding.
At that date capital surplus amounted to
$53,905, making a total of capital and paid in surplus of $153,905.
On Jan. 15, 1936, the authorized
capital stock was increased to 500,000
shares (par $1) and on Feb. 3, 1936 a
50% stock dividend was distributed
with a consequent increase of $50,000 in
capital resulting in a total of
150,000 shares of common stock, being outstanding Feb. 3.
On March 4,
company issued 80,000 shares of common stock in exchange
for the outstanding capital stock of Anderson
Manufacturing Co. to wit,
4,000 shares (par $10 per share) resulting in a total of 230,000 shares of
common stock being
outstanding, March 4, 1936 and a total capital stock
liability as of March 4, 1936, of $230,000.
Company has no funded debt.
At Dec. 31, 1935, company was in¬
debted under a land contract for the purchase of a portion of its
plant in
the amount of $28,227.
This balance is payable in monthly instalments
of $400 each, including interest.
Sales to Underwriters—Clare S. Jacobs and Rex C. Jacobs have
agreed
to sell, and John C. Grier & Co., Inc., Detroit, the
principal underwriter, has
approximately 40,000
1934
made
square
,
a
firm commitment to purchase, subject to effective
registration of
common stock of the company and conditions
expressed in
50,000 shares of
the
underwriting contract, 5,000 shares of the common stock of the com¬
share, payable within 10 days of effective registration.
Hegarty, Conroy & Co., Inc., New York, has contracted with John C.
Grier & Co., Inc.. for the purchase from it of the 5,000 shares of
F. L.
Jacobs Co. stock committed for by John C. Grier &
Co., Inc., and to pay
pany at $10.66 2-3 per
therefor the
sum
Balance
y$155,861
y$159,598
Property retirement reserve appropriations
z Dividends
applicable to pref. stocks for period,
whether paid or unpaid
stock out¬
standing Feb. 15, 1936, distributable on that date, resulting in a total
of 4,000 shares of common stock
(par $10) being outstanding.
Anderson Manufacturing Co. has been engaged in the
manufacture and
sale of covers for automobile springs and
parts therefor and certain allied
products.
For 1935 approximately 80% of the total sales of
company
were of products either
directly or indirectly to or for the use of the three
largest producers of automobile passenger cars who used the same on a
The
of $12 per share.
John C. Grier & Co., Inc., has made a firm commitment to
purchase
from Martin, Smith & Co., Inc., and Cray, McFawn &
Co., both of Detroit,
3,000 shares of the common stock owned or controlled by them at $15
Balance
purchase all or any part of 45,000 shares of common stock of the
company
upon the payment of $10.66 2-3 per share, provided that if effective
regis¬
tration is delayed beyond March 1, 1936, the
option shall be extended
an equal period.
Co., Inc., has further granted an option to Hegarty,
Conroy & Co., Inc., to ptirchase from it the 45,000 shares optioned to
John C. Grier & Co., Inc., under the
underwriting contract, exercisable
at any time on or before 15
days prior to the expiration of the option held
by John C. Grier & Co., Inc., at the price of $12 per share.
Martin, Smith & Co., Inc., and Cray, McFawn & Co. have granted to
the principal underwriter an option, exercisable on or before Oct.
1, 1936,
to purchase all or
any part of 27,000 shares of the common stock owned or
controlled by said parties, upon the payment of a
price per share which
shall be equal to the price at which said shares shall be
currently offered to
the public on the date said option is exercised, less a discount of
$2.50 per
share, but in no event less than $15 per share.
beyond July 1, 1936, for
John C. Grier &
z
520,784
520,784
$511,283
y Before
property retirement reserve appropriations
Regular dividends on 7% and $6 pref. stocks were paid
were
no
and
on
dividends,
Jan. 2, 1936.
accumulated unpaid
Keith-Albee-Orpheum Corp.—New Management—
Leo
Spitz,
President
of Radio-Keith-Orpheum Corp.,
will
become
of this company under a
program to effect closer relationship
between the two companies approved
by K. A. O. stockholders at the an¬
President
nual
R.
meeting held April 8.
K. O., which is in
receivership,
owns
a
controlling interest in this
company.
Recently 50% of the holdings of Radio Corp. of America in R. K. O.
were purchased by a
group headed by Lehman Brothers and Atlas
Corp.
for $5,000,000, with an option to
purchase the remaining 50% for $6,000,000
within two years.
At the time of the purchase, Mr.
been associated with theatrical matters as an
Spitz, who has long
attorney, was elected President
of R. K. O., and Merlin H.
Aylesworth was made Chairman.
Under the
plan approved April 8, the same management is to be extended to this
company.
Under the program, Herbert Bayard
Swope, Chairman, and six other
directors are retiring from the board of K. A. O.
They are David Sarnoff,
President of Radio Corp. of America; Frank
Altschul, W. G. Van
Schmus,
Jay Eddy, M.J. Meehan and Major L. E. Thompson, President of K. A. O.
The new directorate will be composed of Mr.
Spitz, Mr. Aylesworth,
L. P. Yandell, Malcolm
Kingsberg, P. J. Maloney, Monroe Goldwater
and Donald K. David.
Mr. Swope assumed
chairmanship of K. A. O. 20 months ago in an effort
to bring about a reconciliation between the
Meehan group and the R. C. A.
interests.
This was successful.
In
turning over the company to the new management, Mr. Swope ex¬
optimism regarding the outlook for the company's
earnings this
He predicted that 1936 would produce net
profits in the neighbor¬
hood of $1,000,000, or
approximately double dividend requirements on the
64,304 shares of 7% preferred outstanding.
Net in 1935 was $403,073,
equal to $6.27 a preferred share.
A dividend of $1.75 a share was paid
on
preferred April 1.
This was the first payment since 1931,
leaving a
substantial arrearage.—V. 142, p. 1645.
pressed
year.
Kendall
Co .-—Participating
Dividend—
The directors have declared a
regular quarterly
share and a participating dividend of 10 cents
dividend of $1.50 per
per share on the $6 cum. and
partic. preferred stock, series A, no par value, both payable June 1
to
holders of record May 11. A
participating dividend of 38 cents was paid on
June 1, 1935 and one of 92 cents was
paid on June 1, 1934.—V. 142, p. 2327.
Keystone Steel & Wire Co.—Listing—
The New York Stock
Exchange has authorized the listing of 568,224
shares of common stock (no
par) on official notice of issuance to present
stockholders on the basis of three additional shares for each share
now held,
making the total amount applied for 757,632 shares.
See also V.
p.
142,
2503.
Earnings for 6 Months Ended Dec. 31, 1935
Net sales
Costs,
expenses and
$4,591,426
3,803,866
depreciation
Operating profit
Other income
$787,560
57,244
Total profit
Interest and amortization
Federal taxes
$844,804
13,341
114,326
John
C. Grier & Co., Inc.,
principal underwriter, has further granted an
option to Hegarty, Conroy & Co., Inc., to purchase from it the 27,000
shares optioned to John C. Grier & Co., Inc., by
Martin, Smith & Co.,
Inc., and Cray, McFawn & Co., exercisable at any time on or before
15 days prior to the expiration of option to John C. Grier &
Co., inc.,
at the same price that John C. Grier & Co., Inc., is
required to pay under its
contract with Martin, Smith & Co., Inc., and Cray, McFawn &
Co., and
in addition thereto,
upon the same terms, the principal underwriter has
optioned to Hegarty, Conroy & Co., Inc., 5,000 shares of the common
stock owned by John C. Grier & Co., Inc.
-
-
1935-------
-
Sales and
——
$327,210
695,078
1,439,812
Net Income
loss $6,104
66,109
229.728
Net Sales
-
-
19351935 (4 months ended Dec. 31)
Similar information for the year
$305,351
572,367
727,664
432,244
ended Dec. 31, 1935, follows:
Surplus
Earnings
on
Year Ended Dec. 31,1935—
Co.
Co.
Year Ended Dec. 31,1935—
Gross sales, less discounts, returns and
allowances
Co.
x
Notes
&
on
Harris
933,243
920,453
1,168,101
1,787,406
928,778
partic. in profs
Prov.for employees
5,322,614
5,372,293
Acer. int.
Accrued
turn.
$1,439,812
$919,680
above, was equal to approximately $1.54 per share.
After excluding the
operations of the valve department of Anderson Manufacturing Co., such
combined net income for the calendar year 1935 would have been
equal to
approximately $1.59
per
share.
Offers to Exchange Stock for Grand Rapids Metalcraft—
The
company announced that it will offer one share of its capital stock in
exchange for five shares of Grand Rapids Metalcraft Co. capital stock.
Jones &
Laughlin Steel Corp.—Changes in Personnel—
The company announced the resignation of G. M.
Laughlin, Jr., Chair¬
of the Board, effective April 7.
It also announced the election of
man
H. E. Lewis
director, a member of the executive committee and Chair¬
man of the Board, effective
April 7.
The corporation also announced the
resignation of W. C. Moreland as a
Vice-President and a member of the executive committee.
Mr.
and
as a
Mr. Morland will continue
Laughlin also will continue
142, p. 2325.
as
V.
a
Laughlin
directors of the corporation, and Mr.
member of the executive committee.—
as
93,196
56,137
21,690
150,000
on notes
10,390
4,342
Res.
for compens.
due empl'ees for
&
injuries
592,389
105,030
19,971
36,000
18,000
215,233
104,410
Reserves
charges.
24,473
& cap.stk.taxes
Divs. payable
tire. of pf. stock
109,741
2,000,000
2,023,000
3,371,400
192,984
34,648
83,222
350,000
2,023,000
3,371,400
4,021,852
3,747,871
Acer,
17,529
real
est.
&
pers. prop, taxes
Res.
$2,359,492
51,220
60,911
.
re¬
Combined
Net income for the period
229,728
138,103
367,832
On the basis of 230,000 shares of common stock
($1 par value) of F. L.
Jacobs Co. now outstanding the combined net income of F. L.
Jacobs Co.
and Anderson Manufacturing Co. for the year ended Dec.
31,1935, as shown
&
Notes pay. to bks.
dep. with
Trust
wages
207,583
formanagem't
bonuses
&
Savs. Bk. for
Res.
$
295,084
commissions
2,304,319
fixtures, &c
Cash
s
543,806
33,355
accts.
receivable
Inventories
eqpt.,
Liabilities—
Accts. pay.—trade
&oth. creditors.
836,144
securs.
Invs., advs., &c._
y Land, buildings,
Combined
$3.45
Dec. 31 '35 June 30 '35
$
for
Fed.
inc.
Long-term debt...
Preferred stock
z
Common stock
__
Surp. & undivided
profits
Pref. stk. in treas.Dr
1531,555
Dr32,645
Com. stk. in treas
Z>rl34,050 Dr 134,050
Anderson
Co.
stock (no par).
June 30 *35
$
$1,439,812
$1,019,401
$2,459,213
Net income for the period229,728
126,265
355,993
Based upon a segregation of the operating results of the two
departments
of Anderson Manufacturing Co. and including
only the operations of the
Spring Cover Department (which department will constitute the business
of Andorson company after Feb. 7, 1936, at which date its
valve depart¬
ment was relinquished, but excluding the
operations of the valve depart¬
ment, appears as follows:
Jacobs
common
hand & in
U. S. Gov't
Anderson
Gross sales, less discounts, returns and
allowances.
189,408 shares
Dec.31'35
Assets—
Deferred
Jacobs
$273,981
„■
per share on
Balance Sheet
Net Income
$39,359
49,507
61,113
55,818
$717,137
64,340
378,816
Preferred dividends
Common dividends
banks
Earnings—Anderson Manufacturing Co.
Years Ended Aug. 31—
1933--.
Net income-
Cash
Sales and Earnings—F. L. Jacobs Co.
Net Sales
987,388
$528,271
—
After the payment of these dividends there
dividends at that date.—V. 142, p. 959.
per
share, payable within 10 days of effective registration.
Hegarty, Conroy & Co., Inc., has contracted with John C. Grier & Co.,
Inc., for the purchase from it of the 3,000 shares of stock committed for
by it to Martin, Smith & Co., Inc., and Cray, McFawn & Co., and to
pay therefor the sum of $15 per share.
Options—Clare S. Jacobs and Rex C. Jacobs have also granted to the
principal underwriter an option, exercisable on or before July 1, 1936, to
Calendar Years—
!$2,598,023
—i—
Anderson Manufacturing Co.'s capitalization, as of Dec.
31,
sisted of 2,750 shares of preferred stock (par
substantial
Co .-—Earnings—
[American Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$489,070
$472,489
$5,437,286
$5,153,468
Operating expenses
251,720
231,614
2,812,076
2,555,445
an approximate floor space of
32,00(1 sq. ft.
March 4, 1936, acquired 100% of the issued
capital stock (4,000 shares) of Anderson Manufacturing Co.
(Mass.),
by the issuance of 80,000 shares of its common stock in exchange for such
dividend of 1-3 share of
Electric
Period End. Jan. 31—
The plant is at Detroit, has
Subsidiaries—Company,
2671
Gas &
Total
__10,658,113 10,207,350
Total.
-.10,658,113 10,207,350
x After reserve for doubtful
balances and discounts of
$109,250 in Dec. 31,
1935 and $110,223 in June 30, 1935.
y After reserve for depreciation of
$3,871,466 in Dec. 31, 1935 and $3,706,165 in June 30, 1935. z
Represented
by 202,284 no par shares, including treasury stock.—V. 142, p. 2503.
King Oil
Co.—Initial Common Dividend—
The directors have declared
common
p.
2503.
stock,
an
initial dividend of 2 cents
per share on the
payable June 15 to holders of record May
15.—V.
142,
Kingsbury Breweries Co.—Transfer Agent—
The common stock of this company is now transferable
only at the office
of the Continental Illinois Bank & Trust
Co.,
Chicago, 111., all other transfer
agents for the company having been discontinued,
according to a notice
sent to the New York Curb
Exchange.—V. 142, p. 1472.
(S. H.) Kress & Co .—To Split Common Stock—
The stockholders at their annual
meeting May 12 will vote on a proposed
increase in the authorized common stock from
1,500,000 to 2,500,000 shares;
each present share to be exchanged for two new
shares.—V. 142, p. 2504.
(B.)
Tne
Kuppenheimer & Co., Inc.—Removed from List—
Chicago Stock Exchange has removed from the list the
common
stock, $5 par, due to expiration of registration under the
Securities Exchange
Act of 1934.—V. 142, p. 789.
*
Financial
2672
April 18, 1936
Chronicle
the shares of common stock ($5 par)
outstanding (exclusive of any shares
On the effective date of the merger
Inc.—New Director—•
Lane Bryant,
David Rosenblum has been
p.
elected
a
of Lehn
director to fill a
vacancy.—V. 142,
2504.
Lehigh Portland Cement
12 Mos.End. Mar. 31—
Co.—Earnings—
1933
1934
1935
1936
Net profit after deprec.,
Federal taxes, <fec
„
$62,701
$663,590loss$434,4071oss$2l64166
Earns, per sh. on com.
$0.28
$0.36
Nil in —^j^Nil
x Based on new capital set up.— V. 142, p. 1992.
x
&
Products Co.
Fink
then
and the outstanding minority interest in the pres¬
ent preferred and common stock of Lysol, Inc., will be converted into shares
of common stock of the surviving and continuing corporation.
Temporary certificates for the common stock ($5 par) of the surviving
and continuing corporation will be available, on the effective date of the
merger, to the stockholders entitled to receive the same upon the surrender
of the certificates representing shares of stock converted into shares of
common stock of the surviving and continuing corporation, pursuant to
the agreement of merger, and permanent certificates will be available
shortly thereafter.
Lysol, Inc., was organized Aug. 17, 1920, in Delaware.
On the effective
date of the merger Lysol, Inc., will succeed to and will thereafter carry on
the business now conducted by Lehn & Fink Products Co. and Lehn &
Fink, Inc.
On the effective date of the merger the corporate name of Lysol, Inc.,
will be changed to Lehn & Fink Products Corp.—V. 142, p. 1992. ,
then held in its treasury),
_
Corp.—Correction■—Unrealized Appreciation of
Corporation Assets on March 31, 1936, Was $17,587,079—
Lehman
In the report for the nine months ended March 31,1936 (V. 142, p.
the bottom of the earnings statement erroneously
the footnote at
2505),
states
"depreciation" of the company's assets March 31, 1936
was $17,587,079.
The footnote should have read as follows:
"The net unrealized appreciation (after an allowance for Federal and
State taxes based on income at present rates and management compensation
computed upon unrealized appreciation) 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 the net unrealized appreciation on June 30, 1935 of $5,120,unrealized
that
.
Libbey-Owens-Ford Glass Co.—Earnings—
1935
1934
1933
Mfg. prof, after deducting mat'ls used, labor
and mfg. expenses
$3,475,381
Less depreciation
677,182
$3,456,669
605,801
$2,462,609
541,964
$1,515,051
467,182
$2,798,199
$2,850,868
$1,920,645
$1,047,869
202,380
206,426
141,382
63,339
$3,000,580
$3,057,294
$2,062,027
$1,111,208
651,113
484,327
472,009
371,355
352,500
353,200
219,020
$2,219,767
$0.88
$1,370,998
$0.54
1936
3 Mos. End. Mar. 31—
000."
the stockholders, Philip Lehman stated:
stock of the corporation as of
In his report to
"The net asset value of the capital
Net manufac. profit.-
March
31, 1936, valuing assets at market quotations or, in the absence of market
quotations, at fair value in the opinion of the directors, and after deducting
all liabilitias as shown on the balance sheet as of that date (including the
per snare payable April 4), was approximately $128.46
after further deducting an allowance for Federal and State
income (at present rates) and management compensation
computed upon unrealized appreciation, was approximately $121.25 per
share, on.the 683,700 shares of capital stock outstanding in the hands of the
public on March 31. 1936."—V. 142, p. 2505.
of 75c.
dividend
per share, and,
taxes based on
Libby, McNeill & Libby (& Subs.)-—Earnings—
Other income.
Total income
Selling,
adv.,
admin.,
experimental & devel.
exp., prov. for doubt¬
ful accts., conting., &c
Interest
19324
Loss
Feb. 29, '36 Mar.
Years Ended—
Inc. from operations
fore deprec.
2, '35 Mar. 3, '34 Mar. 4, '33
& int
Provision for deprec'n__
x$4,079,416
1,033,145
$5,152,774
1,043,374
$3,897,233
1,069,734
$3,046,270
191,770
$4,109,401
209,715
$2,827,499
686,637
of gas prop.
$1,996,967
Net profit.
Earnings per share
The
x
be¬
91,134
25,616
expense
oper.
Federal taxes
y
Consolidated Income Account
,
on
in
increase
$0.79
$623,103
$0.26
the corresponding quarter in
item over
this
1931
is
entirely due to increases in advertising and development expenses,
y On
2,503,505 no-par shares in 1936, 2.526,553 no-par shares in 1935, 2,555,292
shares in 1934 and 2,331,522 shares in 1933.—V. 142, p. 2504.
Lily-Tulip Cup Corp.—Sale of Treasury Stock—
Balance
Other income
_
The stockholders at their annual meeting
April 23 will consider and vote
the ratification of the action of the board of directors effecting the
of treasury stock.—V. 141, p. 2741.
upon
sale of 3,401 shares
!,238,041
$4,319,115
,514,136
564,661
220,951
581,780
207,767
599,139
365,377
46,058
24 969
96,440
Exps recap, plan, &c__
Approp. to gen. reserve.
M iscellaneous ..1
9,360
55,803
250,000
41,644
5,514
22,977
Prov. for income taxes.
378,732
466,797
$1,670,832
:$3,032,288
Total income
Int
fund,
on
of
amort,
disc't
and expense
Other interest
Loss
property net
Net
Profit
Not
available
bonds red
on
!
profit
on
_
sale of
1,448,227
Balance to surplus
$3,119,059
Preferred dividend
Surplus for year
Previous surplus
J$3,032,28
S;$2,206,341def$6,248,478
$2,827,159
$3,032,288
$2,206,341 df$6,248,478
207,039def2,825,250def5,031,591
1,118,922
Total surplus
Earned
on com.
97.964
$207,039df$2,825,250df$5,031,591
$3,034,198
shares._
$2.66
$1.36
$1.34
Nil
(including service revenues), $59,875,794; cost of goods sold, &c.,
$55,134,604; balance, $4,741,189; taxes (other than income), $463,145;
provision for pensions, $156,000; provision for doubtful accounts of $42,233;
balance (as above), $4,079,416.
x
Sales
Consolidated Balance Sheet
2. '35 Mar. 3. '34 Mar. 4, '33
Land, bldgs. & equip..$17,406,883 $17,436,296 $17,681,432 $18,629,256
934,187
647,769
936,247
659,322
457,658
351,499
404,211
Bond ^isct. & expense..
300,333
299,532
716,884
465,186
Deferred charges.
459,120
1,331,724
Cash
1,857,890
1,958,725
L
2,130,028
4,105,838
3,999,624
4,776.032
Notes & accts. receivable
5,247,035
19,909,761
19.469,580
19,778,798
Inventories....
24,379,126
Feb. 29, '36 Mar.
Assets—
x
Investment
_____
Growing crops & other
exps. applic. to future
packs
Prepaid insur. & interest
Other assets
Goodwill
2,107,779
1,964,617
142,666
98,811
213,564
1,445,835
88,978
122,369
163,912
667
1,575
CY6.340
$168,245
$2,273,029
$2,119,883
774
1,518
30,520
28,016
$232,821
$169,763
$2,303,549
$2,147,899
76,837
76,725
y$93,038
Property retirement reserve appropriations
z Dividends applicable to preferred stock for the
period, whether paid or unpaid—
y$155,984
$54,223,942 $46,899,697 $46,123,000
$45,831,870
9,730,000
9.730,000
9,730,000
9 ,730,000
yl4 ,569", 520
Funded debt......
■_
10 ,000,000
Reserves
1 ,880,124
Notes & accts. pay., &c_ 11 ,879,619
Earned surplus
3 ,034,198
Capital surplus
3 .130,480
liabilities..
Lucky Tiger-Combination Gold Mining Co.—Listing—
The New York Curb Exchange on
April 8 authorized the listing of 715,337
(par $10) all of which shares are issued and out¬
standing.
Registrar, Commerce Trust Co., Commerce Building, Kansas City, Mo.
Transfer agent, office of company, 710 Commerce Building, Kansas City,
Mo.
The property
tons of ore with
has been in operation since 1903, and has produced 1,575,000
a gross value of $48,750,000 and has paid over $14,000,000
in dividends.
The ore has averaged approximately 0.21 ounces in gold
in silver per ton with a small amount of lead and copper.
the past four years has been as follows:
Tons
Gross
11,450,000
11,450,000
11,450,000
z6,250,000
z6,250,000
z6,250,000
10,937,000
10,625,000
10,312,000
1,427,837
1,464,769
1,551,779
11,068,624
9,428,480
7,398,879
207,039 def2,825,250 def5,031,591
$54,223,942 $46,899,697 $46,123,000
Lehn & Fink Products
$45,831,870
Corp.—Listing, &c.—-
approved the application of Lysol,
which is to be changed on the effective date of the
merger (see below) to Lehn & Fink Products Corp.) for the listing of certifi¬
cates for 400,000 shares of common stock (par $5), upon official notice of
issuance in exchange for certificates of common stock ($5 par) of Lehn &
Fink Products Co. which are now outstanding and listed, and in exchange
for certificates of the present preferred and common stock of Lysol, Inc.,
held by the minority interest, which shares of common stock of Lehn &
Fink Products Co. and shares of the present preferred and common stock
of Lysol, Inc., are to be converted into shares of common stock of Lehn &
Fink Products Corp. on the effective date of the merger.
Lysol, Inc., is indirectly a subsidiary of Lehn & Fink Products Co., as
1,946.56 shares of preferred stock of Lysol, Inc., out of 1,960 shares which
are outstanding
(exclusive of 1,620 shares which are held in the treasury
of Lysol, Inc.) and 99,582 shares of common stock of Lysol, Tnc., out of
100,000 shares which are outstanding, areowrned by Lehn & Fink, Inc., a
wholly owned subsidiary of Lehn & Fink Products Co.
On March 6, 1936, an agreement of merger was entered into between
Lehn & Fink Products Co., Lehn & Fink, Inc., and Lysol, Inc.
The agree¬
ment of merger, submitted to the stockholders of each of the corporations
at special meetings held on April 8, 1936, was approved and the three cor¬
porations will be merged into a single corporation., to wit, Lysol, Inc. (as
the "surviving and continuing corporation"), and the respective organiza¬
tions of Lehn & Fink Products Co. and Lehn & Fink, Inc., except in so far
as they respectively may be continued by statute, will cease.
It is contem¬
plated that, following favorable action, the agreement of merger wall be
filed in the office of the Secretary of State of Delaware and recorded in the
office of the Recorder of New Cascle County on or about April 15, 1936.
The date on which the agreement of merger shall be so filed and recorded is
The New York Stock Exchange has
the "effective date of the merger."
and 38 ounces
Production for
Net Smelter
Milled
$203,774
288,191
408,824
$145,865
230,981
369,466
13,852
•_
Value
12,618
13,384
16,451
Year—•
(est.) 418,501
351,988
Returns
RR.—Listing, &c.—
The New York Stock Exchange
has authorized the listing of $9,292,000
D, dated Aug. 1, 1921, due April 1,
1st & ref. mtge. 4% gold bonds, series
2003, which
issued and outstanding.
are
Income Account
for Calendar Years
Railway operating revs.:
1935
1934
1933
1932
Coal and coke
-$27,898,245 $24,484,946 $24,180,851 $23,003,828
Other freight
36,032,937
34,644,431
32,022,194
30,564,058
Passenger
5,772,546
5,306,214
4,531,424
5,176,918
Allother
5,991,003
5,527,077
4,922,489
5,175,220
Railway
$69,962,668 $65,656,958 $63,920,024
expenses:
oper.
Maintenance
After
Inc. (Del.) (the name of
356,520
$438,873
shares of capital stock
depreciation of $14,378,332 in 1936 and $14,354,903 in 1935,
$13,830,931 in 1934. and $13,460,180 in 1933.
y Represented by 2,081,360
nb par shares,
z Par $10.—V. 142, p. 1475.
x
356,532
Before property retirement reserve appropriations and dividends,
Total oper. revenues. .$75,694,731
Total
932,506
$1,215,393
420,000
z
Regular dividend on~$6 pref. stock was paid on Feb. 1, 1936.
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.—V. 142, p. 960, 2328.
1935 (10 months)
Liabilities—
6% preferred stock
921,242
$1,382,307
440,000
—V. 142, p. 2505.
7 % preferred stock
2d preferred stock
Common stock
'
$585,775
Balance
Louisville & Nashville
Total assets
$5,528,455
3,414,912
684
Gross corp. income—
Int. & other deductions.
y
Cap'l surp. arising from
retirement of cap. stk.
1936—12 Mos.—1935
$6,105,681
3,831.077
$232,047
Balance
291,900
$457,098
288,186
$601,768
369,037
Other income (net)
223.862J
capital
assets....
1936—Month—1935
Balance
$2,206,341 df$6,248,478
Light Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Feb. 29—
Operating revenues
Operating expenses
Rent for leased property
(net)-...-
disposal of fixed
on
Prem.
Louisiana Power &
debt, incl.
debt
25,453,83 1
26,660,846
5,681,193
Transportation
Allother..
22,941,818
24,649,911
5,739,059
Total oper. expenses..$57,795,870 $53,330,788
Net ry. oper. revenues..
Railway tax accruals
Uncoil, railway revenues
17,898,861
4,311,108
15,412
16,631,880
3,822,906
15,518
21,763,583
23,013,826
5,471,162
22,005,647
23,782,560
5,826,285
$50,248,571 $51,614,492
15,408,387
12,305,532
4,010,052
4,508,867
17,742
21,180
income_$13,572,341 $12,793,456 $11,380,593
Crl.428,206
1,199,023
1,211,089
1,025,182
733,994
$7,775,485
Net ry. oper. income. .$13,961,959 $12,967,297 $11,857,688
Non-operating income:
$8,278,090
Railway
oper.
Hire of equip,
Joint
.(net)
facility rents (net) Drl,038,588
Income
from
lease
1,129,988
627,383
of
road
227,668
52,677
544,778
Dividend income
Other income.
Grossincome..
$14,787,082
223,759
52,690
533,585
247,233
93,244
646,543
235,694
101,446
880,061
$13,777,331 $12,844,708
$9,495,291
Deductions from gross inc:
Interest
10,007,950
Separately
10,137,964
10,275,669
10,410,487
256,619
393,570
269,838
402,144
372,061
401,262
800,827
392,852
oper. props.
(loss)
Other deductions.....
Netincome...
Miscell.
$4,128,943
appropriation^,
,...I
18,539
of income.
$2,967,385 1oss$1795716 x$2,108,875
13,878
Income bSilEiicB trdfiis
to
profit and loss..$4,110,404
2,925,000
Dividends
X
LOSS
$2,953,507
3,510,000
;
$1,795,716def$2,108875
Volume 142
Financial
General Balance Sheet Dec. 31
935'
Assets—
1934
Liabilities—
Road
299,330,062 301,932,986
Equipment -.139,760,065 143,268,017
Imps, on leased
railway
2,324,638
2,414,922
2,121,355
390,245
prop.
Sinking fund
Deps. in lieu of
$
Capital stock...117,000,000
Prem. on capital
stock.
117,000,000
12,117
12,117
40,350
...
construction
_
39,311
debt—
76,259
29,485
Mlscell. physical
May Department Stores Co.
2,591,788
2,381,823
in
with
al936
al935
bl934
bl933
$89,277,765 $86,795,995 $76,469,967 $72,521,486
Cost of goods sold, &c_. 84,075,225
81,981,497
72,867,243
71,752,116
Deprec. & amortization.
720,250
677,016
287,754
287,939
Net profits
cos.:
debt
5,913,500
92,775
93,471
327,756
5,548,364
728,435
3,618,498
766,625
1,706,151
1,703,906
90,591
20,071,346
798,135
863,858
6,149,327
20,071,356
805,135
901,965
5,201,739
2,011,068
2,011,058
6,817,209
5,082,465
5,453,548
1,822,353
& wages pay..
Misc. accts. pay.
1,000
1,000
13,621,017
9,715,382
Bonds
.
Advances
Cash
Time drafts and
depositsSpecial deposits
95,955
4,118,954
7,116,210
323,181
163,832
__
11,927
and
15,359
car-
receivable
Net bal.
2,563,320
2,005,761
receiv¬
&
conductors
516,488
1,721,148
8,866,602
Accrued
45,841
property)
5
other
funds
Other
deferred
7,658,430
7,945,395
insur.
prems. paid in
3,700
5,176
surplus.
Approp.
to
39,004
Co.
50-year
2,500,000
2,500,000
5%
gold bonds
.
2,500,000
2,500,000
Union
Term.
1st
1st
mtge.
2,500,000
2,500,000
36,000,000
stock,
347,820
379,123
and accrued int.
2, 039,450
4,059,425
68,707
S.
a
1
1
1
1
have
36,000,000
36,000,000
Prepaid
570.567,997 569,026,612
McGraw-Hill
dividend
of
25
per
Publishing Co.—Stock Options—
been assigned to F.
Eberstadt & Co., Inc., New York City, under which
options to purchase 30,000 shares of common stock at prices ranging from
•120 to $24 per share were granted.
Tnese options expire on either Sept. 1
or
Dec. 31, 1936.
All of these options are subject to the registration of the stock under the
Securities Act of 1933, as amended.
As a part of the option agreement a firm commitment has been made by
Charles Green to purchase 2,000 shares at $20 per share from the company.
Registers with SEC—
given
on
McKesson
&
p.
Robbins, Inc.— To Reduce Directorate—
The stockholders at their annual meeting April 28 will vote on a proposed
amendment to the by-laws reducing the number of directors from 25 to 18.
—V. 142, p. 2506.
Madison
Square Garden Corp. (& Subs.)—Earnings—
Period End. Feb. 28—
Net
profit
after
1936—3 Mos.—1935
1936—9 Mos—1935
41,064
& all other charges—
common stock out¬
$214,129
$114,480
$131,079
286,900
$0.74
276,900
$0.52
286,900
$0.45
expenses.
59,597,377 60,136,5311
Calendar Years—
Total net income
—
—
Manhattan
1933
1932
2,971,759
$7,422,816
(474,931
(417,344
( 54,550
1,151,387
2,958,319
$7,822,182
483,731
460,003
59,234
1,205,729
3,416,665
328,738
125,000
777,655
416,872
899,363
382,988
930,465
400,170
$1,091,498
$912,856
8,725
10,342
$1 ,083,934
11,108
12,644
Taxes....
Net earnings
Other income—credits..
Gross income
$1,100,223
$923,198
on
funded debt.
423,456
453,074
Interest
on
other debt..
75,624
26,4 20
72,096
28,386
361,467
8.175
Discount
on
funded debt
500,000
5,213
Net income
$69,509
j £4,272,841
204,473
Previous surplus
Misc. adjust.:—credit
Gross surplus
33,220
262,531
10,197
$4,223,648
104,109
56,802
$4,116",084
;$4,233,810
:$4,223,648
charges._
1,089
$4,327,757
110,630
Profit and loss surplus
3£4,477,279
$4,272,841
$4,217,127
Miscellaneous
$878,828
572,880
8,984
$4,273,930
117,727
10,162
Consolidated Balance Sheet Dec. 31
Assets—
1934
1935
S
Liabilities—
Railroad prop, and
funds
x6%
46,248,768 46,928,791
and
309,202
26,578
191,161
28,935
Accts. & notes
rec.
195,490
Acer. int. and rents
received
x
x
3,391
3,818
Indebted, of affil..
145
117
Material & supplies
313,211
330,014
Insurance prems..
Other def. charges
7,231
215,097
16,848
203,488
cum. prin.
11,618,500 11,618,500
6%
cum. pf. stk. 4,986.850
6% 2nd pf. stock 4,673,700
4,673,700
1st mtge.
7% s. f.
gold bonds
5,857,000
Indebt to affil. (not
currency)
Equipment
notes.
Notes payable
Accts.
payable...
Accrued salaries
taxes
Other accrued liab.
Indebt. to affil...
Deferred
867,350
y81,194
175,000
502,126
liabilities
113,616
114,104
103,623
4,921
44
45,048
2,740,989
Other reserves
249,480
Earned surplus...
4,477,279.
Deprec.
reserve
6,318,000
782,936
"75:666
445,570
&
wages.
Accrued
the Court has reserved for future determination the question of what funds
4,986.850
Commonstock--10,647,400 10,647,400
Accrued interest-.
order for payment of the April 1, 1936 interest
In this order (as in prior orders for payment
the consolidated bonds and taxes on the Manhattan properties
1934
S
pf
stock
x
134,601
an
property shall eventually be charged with such payment, and whether
payment shall be4 made a charge on the earnings or properties of
Manhattan Ry. Co. prior to the lien of the consolidated mortgage.
As of
April 1, 1936, real estate and special franchise taxes in default on the
$4,217", 127
,184
1,095,042
482,732
74,817
30,238
498,271
$£4,546,823
69,544
the consolidated bonds.
of interest on
970,474
1,113,683
Interest
Ry.—April I Interest—
The Court has entered
Earnings—
1934
Note—Production cost is credited with the value of gold and silver pro¬
duced and includes all operating costs and depreciation but no allowance
for Federal income tax or mine depletion.'—V. 142, p. 2165.
on
60,136,531
$7,288,300
demand deposits
$346,876
Subs.)-
1935
Operating revenue
$7,338,741
Maint. of way & struct.!
Maint. of equipment
}■
837,452
Maint. of power plants.!
Power
1,079,972
Transportation & traffic
3,122,453
Management and service
contract fees
93,750
General & miscellaneous
784,877
other deposit
Cash on hand and
8,402,424 lbs.
9.025c. per lb.
5.346c. per lb.
$309,132
37,743
Total
reserves
franchise
—
59.597.377
242,778
depreciation of $6,962,768 in 1936 and $6,334,773 in 1935
of $915,558 in 1936 and $963,340 in
1935.
c Par value
$10 per share,
d Reserve for Federal income taxes payable within one
year.—V. 142, p. 2165.
Sink,
Copper produced
Average selling price
Average production cost
Income from mining operations
Other income (including railroad)..
530,000
13,085,397
146,959
752,173
780,491
6 647,508
6,295,977
1935
Earnings for 3 Months Ended March 31 1936
757,736
9,429,750
Earned surplus...24,303,648 23,116,719
Capital surplus... 10,038,574 10,038,574
After
$93,492
Magma Copper Co.—Earnings—
387,782
662,000
6,942,350
reserves
201,618
Shs.
276,900
$0.34
175,093
sub.,
13 902,359
deprec.
standing
Earnings per share
—V. 142, p. 1647.
247,421
211,583
58,761
Miscellaneous
2328.
214,947
1,197,913
278,824
Depreciation
first page of this department.—V. 142,
$
2,124,238
8,913,298
Market Street Ry. Co. (&
cents
The company has notified the New York Stock Exchange that it has
entered into an agreement with Charles Green of Laurel, Miss., which has
See list
71,921
227,674
_
Total...
b After
share on the
common stock, par SI, payable May 16 to holders of record
May 5.
A
similar payment was made on Feb. 15 last, this latter
being the first divi¬
dend paid on the $1 par stock.
Dividends of 50 cents per share were dis¬
tributed on the old no-par common shares each quarter from Jan. 2, 1924
to and including July 3, 1930.—V. 142, p. 2505.
a
of
&c
d Tax
138,476
9 496,111
employees
Notes receivable.
Inventories
notice of issuance.—V. 142, p. 2505.
declared
indebt.
1
,
Mtge. debt
108,384
Sundry debtors
Refining Co.— To Be Added, to List—
directors
for
trading
stamps, &c
Prin.&int.on mtge.
of
leased depts
•
Res.
1
equip.,
1935
$
stock..12,304,140 12,304,140
2,906,049
Sundry creditors..
228,587
Accrued expenses. 1,393,216
Res.for conting.&c
219,449
...25, 692,585 25,757,018
equipm't
Common
Accounts payable.
oolig.
Est. val. of leases.
Ludlum Steel Co.—25-Cent Dividend—
The
Govt,
c
Land, bldgs. and
a
no par, upon
1936
1
U.
31
Liabilities—
1
Cash
Total
S
Jan.
1935
$
Other assets
Co.
mtge.
The New York Curb Exchange will list 150,000 additional shares of com¬
mon
Consolidated Balance Sheet
Assets—
to
2,500,000
-V. 142, p. 2328.
Lion Oil
Feb. 1, 1935, $23,116,719; balance, transferred
profit and loss account, $3,463,153; total, $26,579,873.
Cash divi¬
dends, $2,276,224; balance, Jan. 31, 1936, $24,303,648.
Capital surplus—
b Accts. receivable
2,500,000
36,000,000
570,567,997 569,026,612
Consolidated Surplus Accounts for the Year Ended Jan.
31, 1936
Earned Surplus—balance,
Loans & advances.
Union
gold bonds.
gold bonds.
Total..
Cinci.
Term.
Co.
paid
Due from oper.
mtge.
gold bonds.
(incl. all subsidiary companies),,
b Parent company
Shares of $25 par vllue.
d Also incl. reserve for contingencies,
treasury,
f Includes extra dividend 25 cents per share
Dec. 2, 1935.
shares in
Delivery
Sta. Co. 1st
Co.
lstmtge.5%
$1,674,760 def$785,503
1,230,423^ cl,230,746
$2.36
$0.77
$2.68
c
Less
e
Furn. fix. &
50-year
4% gold bds
Memphis Un.
$1,332,984
1,230,414
$948,433
1,733,936
Consolidated
a
only,
leasehold
L. & N. Term.
L. & N. Term.
Cinci.
80,679,818
Contingent liabs
loss—
balance
4% gold bds
Memphis Un.
298,285
80,571,530
1,609,637
Contingent assets:
$1,186,929
1,230,414
"$2.81
Balance, surplus
39,004
res..
1,759,653
$2,905,365
1,230,605
Sales tax stamps &
tokens
3,156,690
287,340
&
$,301,614
1,968,630
1936
surplus
Profit
144,375
70,672
$3,463,154
f2,276,225
--
Cap .shs. out. (par $10)
Earned per share
4,202,958
Invested
debits
Station
4,549,126
3,216.414
1,140,112
Other unadjusted
Net profit
Common dividends
Investments
762,894
316,678
50,382
furn., fixtures, &c._
Miscellaneous charges._
Good-will.
_
584,751
443,171
30,615
to
balance Jan. 31,1936, $10,038,574; total surplus, Jan.
31,1936, $34,342,222.
not specifically
oper. expenses
436,374
Net cost of minor add'ns
94,572
inc.
Sink, fund
advance
Co.
57,871,318
93,817
Other unadjusted
credits
and
Prop.abandoned
chargeable
(equipment).. 59,146,320
Accrued
through
45,308
in¬
from
Addtns. to prop,
assets—
Rents' &
17,929,236
deprec.
(misc. physical
5
&
37,834
101,297
4,878,965
1,414,232
deprec.
19,011
68,835
107,469
on mtge.
exps.,
deprec.
226,831
Work, fund adv.
Insur.
50,791
84,886
17,929,236
liability
16,058
44,252
assets
curr.
1,760,092
5,285,224
1,492,253
liabs
223,905
74,855
Rents receivable
.
rents
(road)
Accrued
Mat'l & supplies
Int. & divs. rec..
Other
Tax
558,354
1,532,406
8,355,857
accounts
25,000
135,540
e
1,716,485
...
Defd. liabilities.
receivable
&
10,000
int.
curr.
d500,000
50,075
debtedness.
14,000
.
accrued
Other
able from agts.
Misc.
Unmatured
Unmatd.
510,000
53,222
ma¬
unpaid
accrued...
balances
625,000
492,002
Int. & amort, of discount
unpaid
Funded debt
$973,433
Prem. exps. & unamort.
discount incident to re¬
matured
tured
ceivable
serv.
unpaid
$3,863,421
demption of bonds
balances
serv.
Divs.
Loans & bills re¬
Traffic
car-
payable
Stocks
Notes
ac¬
counts)
Traffic and
1,813,502
charged off
Interest matured
Advances
Other investm'ts:
(open
$481,431
of sundry investments
Cost of sundry invest'ts
Audited accounts
Notes
cos.
1,314,970
548,451
$5,096,843
Total..
354,485
affil.
to
Stocks
$4,137,482
676,020
Prov. for decline in value
5,913,500
Non-negotiable
Bonds
$4,482,290
614,553
Other income
taxes
jointly
this Co..
(& Subs.)—Earnings—
Years End. Jan. 31—
Add'n to res.for Fed.inc.
Ry. for bonds
issued
2673
Net sales
Grants in aid of
Funded
Liab. of Southern
prop.
sold--....
affil.
$
unmatured.-.223,631,530 225,954,440
mtged.
property
Investments
1934
1935
$
Investment:
Chronicle
J
136,336
120,732
386,930
5,049
10,445
37,496
3,298,872
82,005
4,272,841
or
such
Manhattan
properties (including interest and penalties) aggregated ap¬
proximately $4,850,000.
Funds for the payment of the April 1, 1936 interest on the consolidated
bonds deposited with the committee are now in the hands of the depositary.
Holders of certificates of deposit may obtain payment of interest upon
presentation of their certificates to the depositary for appropriate stamping,
accompanied by ownership certificates in accordance with Federal income
tax law.—V. 142, p. 2165.
Total
47,258,224 47,898,662
Total
47,258,224 47,898,662
Represented by shares of $100 par. y Includes $17,285 maturing in 1936.
Note—Market Street
Railway had cumulative dividends in arrears on
prior preference stock from April 1, 1920, to Dec. 31, 1921, and from Jan.
1,
1924, to date, amounting to $82.50 per share, aggregating
x
$9,585,262, and
on first preferred stock from
April 1, 1921 to date, amounting to $88.50
share, aggregating $4,413,362.—V. 142, p. 2506.
per
Maytagr Co.—Preferred Stock Called—
The company has called for redemotion
and accrued dividend of 50 cents
a
on June
1, 1936. at $110 a share
share, 15,000 shares of its outstanding
Financial
2674
Yhe company will also
retire,
as
of June 1, 4,523 shares of cumulative
$6 first ^referred stock now held by the company in the treasury.—V. 142,
p.
1993.
Michigan Electric Power Co.—Bonds Called—
The Detroit Edison Co. has called for redemption on June 1, all of this
company's outstanding 1st & ref. mtge. 6% gold bonds, series A, due
Dec. 1, 1944, at 102 }/£ and int.
Payment will be made at the Detroit
Trust Co., Detroit, Mich.—V. 141, p. 1937.
Mickleberry's Food Products Co.—Listing Application
Approved—
The Chicago Stock Exchange has approved the application of the company
additional shares of common stock, $1 par, to be admitted to
trading upon notice of registration under tne Securities Exchange Act of
1934.—V. 141, p. 1600.
to list 37,000
Director—
Mid vale Co.—New
stockholders held April 5, Robert C. Shields
was elected a director to fill the vacancy caused by the death of Sidney F.
Tyler.—V. 142, p. 2166.
At the annual meeting of
Electric
Milwaukee
1.50
— — — — — ——
Maintenance
$27,081,244 $25,739,829 $24,221,582
13,568,512
13,103,407
12,313,669
2,107,588
3,238,100
521,899
2,056,739
3,218,916
339,084
1,874,198
2,889,773
518,227
$7,645,144
30,491
$7,021,683
20,121
>,625,716
76,146
$7,675,635
3,123,478
$7,041,804
3,149,600
149.475
151,007
90,455
0233,876
22,587
$6,701,862
3,173,037
152,540
30,714
0160,885
-
-
Taxes
—
Provision for income taxes
:
——
Net operating revenues.
Non-operating revenues.
income..-
Gross
Interest
on
funded debt,.
Amortization of bond discount & exp.
Other interest charges—
_
1933
1934
1935
Operating revenues—
Operating expenses
92,630
0254,377
23,759
—
Interest during construction.
Other deductions—
—•
Preferred Dividend
The directors have declared
the
on
to holders of record
Mohawk-Hudson Power
The
$1,801,895
1,374,938
$1,321,245
1,375,137
Net income.
deficit
Balance,
_
—
Monongahela
West
Subs.)—Earnings—
''
-1 *?*>/>/n
Liabilities—
132,731,023
216,560
216,560
2,432,740
2,564,930
Investments
a
758,000
721,500
550,032
427,178
403,303
402,726
$2,682,106
1,283,409
52,384,440
$2,324,235
1,255,508
270,351
29,429
21,661
$747,285
22,604
20,745
$811,340
$
'
'
S
Net income.
[For account of
new
42,293
financing, see West Penn Power Co. above.]
1934
$
S
59,561,465 59,971,851
104,527
73,776
61,710
549,705
Adv.
910,471
1,077,303
975,339
—
..
Receivables.-..
Inventories of
283,118
190,340
4,500,000
20,692,200
21,000,000
Accrued int. receiv
,288,500
62,757,500
Constr.
422,936
310,712
payable.
companies.
—
W.
P.
4,770,000
7,218
4,293
—
10,129
140~666
materials.
debt
due
declared
preferred
14,000
on
stocks
127,692
127,691
97,714
10,673
142,559
285,599
253,656
333,010
299,348
tees under mort¬
Due to affil. cos—_
1 292,383
934,613
gage
requirem'ts
Misc. curr't liabils.
accrued
657,287
653,915
130,352
130,352
Payroll accrued.
1,293,587
1,449,216
1,930,015
1,817,855
Interest
Acer,
of
rent
_.
affiliated co.
Dep. for paym't
of mat.int.,&c
459,995
488,061
786,018
239,810
_
Fuel.
920,462
1,093,467
Consum's depos.
Amount pay. to
Merchandise...
136,368
102,372
empl'ees under
Mat'l & supplies
1,490,826
803,892
1,786,532
Due from affil.co
143,537
122,067
Deferred charges
3,845,978
4,277,357
deposits
closed
banks.
sec.
332,865
313,851
38,231
gain shar. plans
accr.
in
Loans
& line construc'n
63,317
deposits
44,457
22,655
to
61,977
Res.
38,484
3,488,514
po'icies
Deferred charges..
1,256,588
of
Res.
liabilities
218,338
for
claims
66,280
54,710
7,297,050
7,297,050
6% cum. pref. stk.
($25 par)
257,520
251,660
500
500
25,779,453
Com .stk. ($25 par) 14,602,450
94,158
94,159
Capital surplus.
6,016,004
Surplus invested in
14,602,450
6,031,622
Surplus
7 762,914
7,793,176
Total
.148,254,202
—
146,842,208
fixed capital
146,842,208'
b After
$148,569 in 1935 and $118,132 in 1934.
—V. 142,p. 1647.
a
After
reserve
of $100,000.
for doubtful accounts of
Represented by $20 par shares.
reserve
c
Surplus
Total-...
a
After
65,570,621 63,264,6451
reserve
Minneapolis-Honeywell
Regulator
Co.—Extra Div.—
The directors have declared an extra dividend of 12 Y
cents per share in
regular Quarterly dividend of 3714 cents per share on the larger,
amount of no-par common stock now outstanding, both payable May 15 to
holders of record May 4.
The stock was recently split three-for-one.
Prior
to the split-up the company on Feb. 15,
1936 and in each of the three
preceding quarters paid an extra dividend of 75 cents and a regular quarterly
dividend of like amount.—V. 142, p. 2166.
Light Co.—Earnings—
Period End. Jan. 31—
Net
$509,713
216,842
Operating revennas
Operating expenses
Net
revs,
1936—Month—1935
from oper
$478,614
235,509
$292,871
$243,105
30
203
Other income!—
Gross corp. income.
$292,901
$243,308
143,462
_.
143,777
Balance
y$ 149,439
y$99,531
Property retirement reserve appropriations
Divs. applic. to pref. stock for period, whether
paid or unpaid.
63,264,645
$166,308 in 1935 and
1936—12 Mos—1935
$963,874 $11,319,181
461,274
5,653,767
$9,101,857
4,774,733
866
$502,600
7,470
$5,665,414
65,567
$4,327,124
123,581
$515,803
207,602
$510,070
211,075
$5,730,981
2,493,368
$4,450,705
2,540,675
y$308,201
y$298,995
1,237.613
636,667
$1,910,030
534,710
$514,937
...
Int. & other deductions-
1936—12 Mos —1935
$5,629,675
2,514,954
$3,114,721
1,227
$5,342,199
2,452,030
$2,890,169
2,599
Balance
...
Property retirement reserve appropriations
z Dividends applicable to preferred stock for the
period, whether paid or unpaid.
,
Balance
-Int. & other deducts
..65,570,621
Subsidiary]
1936—Month—1^5
from oper.__
rev.
.....
(& Subs.)—Earnings—
Operating revenues—$1,047,030
Operating expenses
532,093
Gross corp. income
[American Power & Light Co. Subsidiaryl
Period End. Jan. 31—
Total..
[American Power & Light Co.
Other income (net)
Minnesota Power &
146,997
1,233,560
142, p. 792.
Montana Power Co.
a
156,340
1,831,337
account..
for doubtful accounts and notes of
$165,524 in 1934.—V.
addition to
271,938
&
27 207,676
—
Prem.on pref.stk
148,254,202
3,713,563
264,886
7% cum. pref. stk.
($25 par)
233,813
construct,
property
Reserves
Total
22,684
3,325,953
for renewals,
other purposes—
&
Contrib.by cust.
for
25,919
retirem'ts & depl
Res. for conting.
by life insur¬
ance
Oth. def. liabilities
& deferred cred's
super¬
annuated employs,
Due to affil. cos.
Other current
231,585
Customers' secur'y
and other special
Cash
to
408,328
436,596
404,484
376,445
within one year.
Divs.
Deposits with trus¬
89,606
accrued..
Funded
233,891
204,634
Taxes accrued
Interest
Due from affiliated
4 ,500,000
from
Power Co
Payrolls accrued
ma¬
&c_..
terials,
500,000
Accounts payable.
with trustee.--.
—
Co.29,526,000 20,707,000
Open acct. indebt.
to W. P. Pr. Co.
deposit
on
2,816,900
340,000
Fund.debt of Mon.
W. P. P. S.
investments
$
$
Fund, debt of subs.
cost
1934
1935
Liabilities—
plant &
Property,
21 ,000,000
62
Dec}31
Consolidated balance Sheet
Assets-—
20 ,692,200
Funded debt
583,849
$945,525
Amort, of discount & exp
Miscellaneous
at
$7,548,919
3,516,607
V.
$2,518,986
1,254,791
264,708
31,268
22,692
1,252,822
266,311
33,223
222,059
Common stock
c
Taxes accrued
b Accts. & notes
receivable
$7,348,910
3,192,457
476,162
Dividends accr'd
192,767
199,588
cos
Cash on hand &
In banks.
58,014,012
3,536,392
563,002
1,103,000
$1,111,739
funded debt.
on
6% pref. stock,.
Accts.
Adv. to affil'd
1932
$7,525,312
23,607
620,043
1,051,520
Gross income
Preferred stock.
Prop. & plant—135,184,544
Prem.pd.for stk.
1933
$7,332,545
16,364
Interest—other
Cash
(&
Co.
1934
renewals,
retirement & depletion
Misc.
Service
•
for
Reserved
a
1934
1935
Sil
Si
of sub. co
31
Public
$7,984,304
29,709
Taxes.
Interest
Penn
$8,398,375
3,494,675
Gross earnings
Cash..!-
1934
account of
19,}5
Operating expenses
Maintenance
$30,897
$53,892
Consolidated Balance Sheet Dec
1935
$1,346,452
1,377,349
on
$8,363,639
34,736
Years—
Calendar
Operating revenue
Non-operating income-_
equipment
_sur$426,957
—
—
$3,482,458
2,136,006
share
per
quarterly dividends of $1.75 per share were paid.
Accruals after the payment of the May 1 dividend will amount to $4.50
per share.—V. 142. p. 2508.
23,998
$3,862,030
2,540,785
Corp.—$1 Preferred Dividend—
dividend of $1
a
the $7 cum. pref. stock, no par value, payable May 1
to holders of record April 16.
A similar payment was made on Feb. 1 last,
and on Nov. 1, Aug. 1, May 1 and Feb. 1, 1935, prior to which regular
on
Balance before
Preferred dividends
declared
have
directors
accumulations
1935
deducting appropri¬
ation for depreciation reserve— $4,540,668
Appropriation for deprec. reserve
2,738,773
accounfof
dividend of $1.50 per share on
a
$6 1st pref. stock, no par value, payable May 1
April 15.
This compares with $1 paid on Feb. 1, last;
50 cents paid on Nov. 30 1935, 75 cents paid on Nov. 1 and 50 cents paid
on Aug. 1, May 1 and Feb. 1 ,1935, Dec. 15, Nov. 1, Aug. 1, May 1, Feb. 1,
1934. Nov. 1, 1933 and Aug. 1, 1933, prior to which the regular quarterly
dividend of $1.50 per share was paid.—V. 142, p. 962.
accumulations
Ry. & Light Co.—Earnings—
Calendar Years—
April 18, 1936
Chronicle
cumulative $6 first preferred stock.
Stock to be redeemed will be deter¬
mined by lot from the stock of record at the close of business April 22.
$3 115,948
1.721,404
$2,892,768
1,732,530
$1,394,544
$1,160,238
308,750
405,000
y
z
956,016
/
955,202
$1,644,930
$420,118
Before property retirement reserve appropriations and dividends,
Regular dividend on $6 pref. stock was paid on Nov. 1, 1935.
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.
Feb.
1,
Regular dividend
1936.—V. 142, p. 962.
on
this stock
was
declared for payment on
z
990,630
990,514
$1,086
Deficit.
$139,026
appropriations and dividends
z Dividends
accumulated and unpaid to Jan. 31, 1936, amounted to
$887,998.
Latest dividends, amounting to $1.75 a share on 7% pref.
stock, $1.50 a share on 6% 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. 1822.
y
Before
property
retirement
reserve
Operating
Operating
$505,006
342,328
revenues
expenses
$445,621
328,012
1936—12 Mos.—1935
$5,097,841
3,481,898
1936
Net
after
$4,861,892
3,234,608
Net
revs,
from
from oper._
$162,678
leased
prop.
$117,609
$1,615,943
$1,627,284
516
Dr518
95
1,044
8,192
$158,781
73,715
$119,169
73,572
$1,632,617
884,991
$1,649,850
893,884
y$85,066
y$45,597
Property retirement reserve appropriations
z Divs. applic. to pref. stock for period, whether
paid or unpaid
$738,626
377,500
$755,966
350,000
403,608
403,608
def$42,482
$2,358
_
_
7,458
15,108
142,
p.
Balance
y
Before
property
retirement
appropriations and dividends,
1936 amounted to $622,229,
on $6 pref. stock declared for
this stock are cumulative.
reserve
z Divs.
accumulated and unpaid to Jan. 31,
after giving effect to a dividend of $1 a share
payment on
Feb.
1,
1936.
Divs.
on
$101,827
32,233
43,916
452,510
188,712
193,977
428,180
316,940
125,031
104,355
150,482
153,872
1994.
Gross earnings
Operation
Co.—Earnings—
1936—12 Mos.—1935
1936—Month—1935
$53,926
30,098
8,062
Taxes
6,248
648
a
Balance
$8,868
$53,020
27,671
6,731
7,101
921
$10,595
retirements (accrued)
Deficita
Balance.
$191,139
70,943
77,722
466,613
169,624
174,050
Period End. Mar. 31—
Reserve for
Gross corp. income
Int. & other deducts
1933
$177,472
82,513
79,174
rents
N et af ter rents
Interest,
Dr3,992
(net)
Other income )net)
1934
30,916
37,986
From Jan. 1—
Maintenance
Rent
1935
$121,650
Gross from railway
Net from railway
Motor Transit
(Electric Power & Light Corp. Subsidiary)
1936—Month—1935
RR.—Earnings—
Gross from railway
Net from railway
—V.
Mississippi Power & Light Co.—Earnings—
Period End. Jan. 31—
Montour
March—
$573,595
340,936
$587,605
340,395
90,155
67,078
9,272
85,148
74,103
9,287
$80,703
84,504
$64,119
89,508
$3,800
'
$25,389
Interest
on6^% secured income bonds is deducted from surplus when
Interest not declared or paid through March 31, 1936,
to $307,552 and is not included in this statement.—V. 142, p. 1822.
declared and paid.
amounts
Mount
Diablo
Oil,
Mining
&
Development
Co.—
Larger Dividend—
The directors have declared a dividend of 1 cent per share on the capital
This compares with regular dividends of
Yi cent and extra dividends of M cent per share paid in each of the seven
preceding quarters.—V. 142, p. 1128.
stock, par $1, payable June 1
Volume 142
Financial
Monroe Loan
Society—Listing Approved—
The New York Curb Exchange has approved the
listing of 321,157 out¬
standing shares of
Mullins
A stock,
common
no
p.
3386.
1936—3 Mos.—1935
$322,659
168,920
Expenses.
profit
Other income
Nebraska
$1,200,861
611,184
x
$145,613
$589,677
22,564
1,663
$334,882
6,439
$159,524
4,777
21,409
$147,276
1,832
19,341
$133,338
__
Profit.
$126,103
$474,605
$251,058
y Includes inventory adjustments.
Profit before Federal income taxes.
-V. 142, p. 2330.
x
National Automotive
Calendar
Net sales
$612,241
59,026
78,610
$341,321
1935
$4,006,836
2,799,132
148,978
149,952
Power
Period End. Jan. 31—
Operating
Operating
&
Light
Co.
Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$609,030
314,241
$572,591
287,328
$6,872,357
3,591,115
$6,492,537
3,391,220
$294,789
5,272
$285,26.3
6,397
$3,281,242
264,643
$3,101,317
267,626
$300,061
86,362
$291,660
86,445
$3,545,885
1,038,446
$3,368,943
y$213,699
y$205,215
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$2,507,439
450,000
$2,329,456
499,100
498,691
revenues
expenses
rev.
from oper
Other income
(net)
13,968
76,295
Fibres, Inc.- -Earnings-
Years—
Co.—Earnings—
[American
$922,207
587,325
Net
& epreciation & amort
Other expenses
Power
1936—12 Mos.—1935
$309,670
164,057
$153,739
5,785
2675
Edward J. Cornish, chairman, told stockholders that
tonnage and operat¬
ing profits are running a little ahead of last year.
He added, however, that
the net income is not larger for the reason that last
year the company
received some non-recurring profits.—V. 142, p. 1648.
Manufacturing Corp.—Earnings—
Period End. Mar. 31-
Operating
par.—V. 141,
Chronicle
Gross corp. income
Int. & other deductions.
Balance
expense.
_
1933
id ,474,157
1,030,432
93,962
55,534
$461,530
104,811
$294,228
43,408
$1,054,305
44,956
158,992
$566,341
48,354
68,999
$337,637
32,282
39,335
$448,988
$266,020
for the month will be materially ahead of a year
ago, he added.
$908,774
Other income.
462,500
the recent
$850,357
Selling and handling
General and administrative expense..
1934
$2,309,256
1,644,042
114,955
88,729
145.531
Cost of goods sold
1,039,487
Balance
$1,558,339
$1,368,265
y Before
property retirement reserve appropriations and dividends,
Regular dividends on 7% and 6% pref. stocks were paid on Dec. 2. 1935.
After the payment of these dividends there were no
accumulated unpaid
dividends at that date.—Y. 142, p. 963.
_______
z
Neisner Brothers, Inc.—Outlook—New Director—
Joseph M. Neisner, President of the company, informed stockholders
Deductions from income
Federal income & excess profits tax..
Mrs. Tina Hert, widow of the late Frank
Pratt, who was one of the
principal stockholders of the company, was elected to the board of di¬
142, p. 2509.
Balance Sheet, Dec. 31, 1935
Assets—
Liabilities—
Cash in banks &
on
hand
5207,152
708,001
920,611
Accounts & notes receivable..
Inventories
Investments (at cost)121,204
Fixed assets
(net)
1,722,037
Deferred items.
121,292
Other assets
852,887
Notes
rectors.—Y.
payable to banks
5150,000
Trade acceptances payable...
Accounts
payable
...
Payrolls accrued..
Sundry items accrued
Class A
(J. J.) Newberry Co.—Initial Preferred Dividend—
6,923
665,921
29,286
5,585
The directors
on
to holders of record
stock (no par) 2,163,055
Class B common stock (50,000
i
New
1
,
England Telephone & Telegraph Co.—Earnings—
Period End. Feb. 29—
519,021
1,113,393
Operating
54,653,186
Total
S4,653,186
National
Electric
Power
Co.-
-Suit
New Orleans Public
a lengthy decision
Supreme Court Justice Samuel I. Rosenman on
April 14, dismissed a $10,000,000 suit brought against the Chase National
Bank by 125 persons holding $250,000 worth of debentures of the defunct
alleged expansion and realignment policies of the Insull units."
"I am reluctantly constrained to conclude," Justice Rosenman
said,
"that the defendant has successfully exempted himself from
liability in
this sad picture of high finance. For the inexcusable terms of the
indenture,
the trustee cannot be held accountable.
It performed in full the negligible
duty which was imposed upon it by the indenture. It did nothing more, but,
having done that, it is absolved under the law."—V. 142, p. 1995.
National Fund, Inc.—New Investment
ates
Company Elimin¬
"Load"—Substitutes Warrants—
Registration under the Securities Act of 1933 as amended, with the
Securities and Exchange Commission, of 1,000,000 shares of common stock,
of its securities.
The capital structure of the new company is designed to employ intact the
of capital paid into the company by the investor.
entire amount
100%
of the stockholder's dollar invested in National Fund stock
goes to work for
the benefit of the investor
with nothing deducted for selling expenses, or
expenses of portfolio management.
National Fund, through its national distributor and local investment
dealers, will offer common stock to investors at asset value.
The bid and
asked prices of the stock are expected to be one cent apart, a closer
"spread"
than on almost any other type of security.
The investor will have the right
to cash in his stock with the company at any time he so desires.
The usual "9% load" which has been standard practice with investment
companies of the open end and self-liquidating type, has been entirely
eliminated.
In its place, the company has created option warrants which
the investor may or may not purchase as he so desires.
Warrants are issued
in the proportion of 300 warrants for each 1000 shares of stock.
They give
the investor the right to buy stock at any time within five years, at the next
highest multiple of ten cents above the price at which the investor bought
the stock when he made his investment.
These warrants are offered to the
on the basis of one warrant with each five shares, at a
price equal
investor
Operating
Operating
Net
revenues
expenses
revs,
from oper'n.
If, however, the investor does not wish to purchase
warrants, the distributing house and the dealer apportion all three warrants
between them and accept these warrants in lieu of any cash commission
on
the transaction.
Statistical analyses have been made showing how National Fund warrants
may acquire asset value.
These warrant values rise at a faster rate than
values
applicable to the stock,
as the assets of the corporation appreciate.
be managed under the supervision of Ander¬
Wall St., New York, investment counselors.
The
management contract is on such a basis that nothing is subtracted from the
The company's assets will
son,
Allen & Co., 49
investor's capital for the compensation of the management. The
arrange¬
ment is that the management receives 17% of the realized profits of the
.
Unrealized
losses
charged against realized profits and if
unrealized losses exceed realized profits, the management receives
no
compensation until the deficiency is made up at some later date.
The company is starting with an original paid in capital of
$25,000.
company.
are
Several New York State investment dealers have contributed to the
original
capital it is stated.
National
Gypsum Co.—Stock Sold Privately—
An issue of 20,300 shares
(par $5)
Class A stock was sold privately by
Proceeds used for working
the company during March at $57 per share.
capital.
Listing Approved—
The New York Curb Exchange has approved the listing of 299,595,517
outstanding shares of class A (non-voting) common stock, $5 par.—V. 142,
p.
1995.
National Lead Co.—Stock
$554,966
$5,357,219
43,164
$5,282,837
12,481
$555,724
231,469
$566,849
241,760
$5,400,383
2,879,593
$5,295,318
2.915,453
y$324,255
y$325,089
Property retirement reserve appropriations
Dividends applicable to pref. stock for period,
whether paid or unpaid
$2,520,790
2,124,000
$2,379,865
2,124,000
...
Gross corp. income
Int. & other deductions.
Balance.
—
z
Deficit
y
544,586
Before property retirement
reserve
544,586
$147,796
_
$288,721
appropriations and divs
z
Divs.
accumulated and unpaid to Feb. 29, 1936, amounted to
$1,656,449. Latest
share on $7 pref. stock was paid April 1,
this stock are cumulative.—V. 142,
p. 2331.
1933.
Dividends
on
a
New York Air Brake Co.Quarler End. Mar. 31—
no
par
capital shares,
-Earnings—
1936
Net prof, after all charges
Earns, per sh. on 259,120
1935
1934
1933
$10,836 loss$ 115,567 loss$125,835
$87,716
t
$0.34
$0.04
Nil
Nil
—V. 142, p. 1298.
New York Central RR.—Securities Authorized—
The Interstate
Commerce Commission on April 7 authorized the com¬
(1) to issue not exceeding $40,000,000 10-year 3%% secured sinking
bonds, $15,000,000 of serial secured notes, issue of 1936, and a
5-year 3% promissory note for $7,900,000; and (2) to pledge as part of the
collateral security for the bonds and notes not
exceeding $62,900,000 of
ref. & impt. mtge. 5% bonds, series C; the sinking-fund bonds to
be sold
at 96 K, and the serial secured notes to be sold at 99
% plus accrued interest
in each case from April 1, 1936, to date of
delivery, and the proceeds, with
other funds, used to pay a like face amount of
outstanding demand notes;
and the $7,900,000 note to be delivered to the Securities
Corporation of
pany
fund
the New York Central RR. in discharge of a like
principal amount of in¬
debtedness of $9,000,000 evidenced by the applicant's demand
note dated
July 29, 1932.
See also V. 142, p. 2509.
Earnings for Month of Februanj and Year to Date
[Including All Leased Lines]
1936—Month—1935
1936—2 Mos.— 1935
Railway oper. re venues. $27,986,471 $24,034,165 $56,192,221 $49,533,067
Railway oper. expenses. 22,115,299
18,545,306
43,913,705
38,060,037
Railway tax accruals—
1,783,104
2,084,524
4,008,056
4,221,573
Equip. & joint facil. rents
1,369,330
1,367,452
2,892,790
2,739,617
Net ry. oper. income.
$2,718,738
1,618,641
$2,036,883
1,747,846
$5,377,670
3,303,884
$4,511,840
3,543,591
$4,337,379
126,282
4,759,972
$3,784,729
141,167
4,870,885
$8,681,554
267,906
9.505,764
$8,055,431
Fixed charges
Net deficit
$548,875
$1,227,323
$1,092,116
$1,904,985
Other income
Total income.
Miscell. deductions
-V. 142. p. 2509.
157,291
9,803,125
New York
Rys. Corp.—Buses on 14:th Street—
Motorization of the street-car net-work of the corporation in
Manhattan
be completed on April 20 with the subsitutation of
buses for trolley
cars on the 14th
Street line.
Within the next few weeks, the company announced
April 15, its bus
network will be extended to include the crosstown routes on
which inde¬
pendent operators now run buses.
These are the Spring-Delancey St.,
79th Street, 86th Street and 96th Street lines.
will
With tnat extension of the present service will come full achievement of
the comprehensive bus program mapped out by the New York
Railways
Corp. when it first sought franchises for its subsidiary, the New York City
Omnibus Corp.—V. 142, p. 2510.
New
York
State
Electric
&
Gas
Corp.—Postpones
Offering—
The
Split-Up Voted—
The stockholders at a special meeting held April 16 voted to increase
the authorized number of common shares from 500,000 to 5,000,000 and to
reduce the par value from $100 to $10.
The change was made in order to
divide the outstanding 309,831 common shares on a 10-for-l basis.
To retain the balance of power between the common and preferred
stocks,
of both classes 10 votes
stockholders voted to give each preferred share
instead of one.
Service, Inc.—Earnings—
$563,777
3,072
rant Avould be offered to the investor at 45 cents.
each ten shares sold.
$2,027,382
758
Other income (net)
to 9% of the price of five shares of stock.
Thus with the stock selling at its
original offering price of $1, five shares of stock will sell for $5 and one war¬
While the entire proceeds from the sale of stock go to the
company, the
proceeds from the sale of the warrants go to the distributor and the dealer
Pas commission for having made the sale, together with a third warrant for
$2,000,271
1936—Month—1932
1936—12 Mos.—1935
$1,612,164
$1,369,624 $15,797,432 $15,110,104
1,057,198
805,847
10,440,213
9,827,267
dividend, amounting to 87 lA cents
and 244,230 warrants, effective April 6, has been announced by Wm. H.
Davis & Co., Jersey City, the sponsor of the Fund, and national distributor
$985,559
[Electric Power & Light Corp. Subsidiary]
Period Ended Feb. 29—
not'acting in good faith in
many of the transactions testified to at the trial,
there is nothing to show that the bank had any knowledge of
any insincerity
$1,043,257
—V. 142, p. 1824.
In
in
_
Net oper. income
Against Bank Dis-
indicate that the chief executive officers of the National Electric and the
National public Service Corp. and other Insull topholding companies were
rev.
Operating expenses
Operating taxes
missed-—
National Electric Power Co., one of the Insull units.
The indenture was
executed on Jan. 1, 1928, by National Electric, and the Chase Bank became
trustee when it succeeded the Equitable Trust Co., with which it
merged.
The Court said:
"While there exist many suspicious circumstances to
1936—Month—1935
1936—2 Mos.—1935
$5,604,343
$5,338,154 $11,298,112 $10,992,582
16,429
21,832
26,403
42,360
3,974,809
3,864,774
8,146,633
7,983,322
569,848
465,989
1,124,805
939,508
revenues
Uncollectible oper.
-V. 142, p. 2330.
April 14 declared an initial quarterly dividend of $1.25
5% preferred stock, par $100, payable June 1
May 16.—V. 142, p. 2509.
per share on the new series A
common
shares, no par)
Capital surplus
Earned surplus.:
Total
at
annual meeting that sales for 1936 would
approximate $21,000,000, representing a gain of $3,000,000 over 1935, and the highest in
the history of the company.
April business so far is running ahead of 1935 with prospects that sales
corporation has filed an amendment with the Securities and Ex¬
change Commission postponing the offering date of its $17,500,000 4%
first mortgage bonds from April 21 to May 11.—V. 142,
p. 2333.
Niagara Falls Power Co.—Proposes New 3^% Bonds—
The company in an application to tne New York P. S.
Commission, has
asked approval of an issue of $32,493,000
% bonds, due March 1, 1966.
Proceeds of the proposed issue would be used to refund the
company's out¬
standing debt amounting to $32,895,000.
Financial
2676
Company also asked permission to amortize the amount of difference
between proceeds realized on proposed sale and amount required to ac¬
complish the redemption over ,a 10-year period beginning Jan. 1, 1937.
—V. 142, p. 2511.
(& Subs.)—Earnings—
1935
1934
1933
$2,873,508
$2,866,767
$2,856,048
38,051
48,499
46,004
$2,911,559
1,361,366
$2,915,266
1,279,845
$2,902,051
1,166,624
Gross corporate income
$1,550,193
813,596
on funded debt and gold notes
Miscellaneous interest
11,472
Interest charged to construction
Crl,524
$1,635,422
849,728
6,816
Cr2,388
$1,735,427
877,924
11,337
Calendar Years—
Operating revenues
.
Other income
Gross
-
revenues—
Operating
expenses
Interest
20,404
39,235
Exp. in connection with debt refund'g
Amortiz. of debt discount & expense.
Provision for retire. & replacements_
41,406
41,164
154,250
65,546
224,250
47,252
Provision for Federal income tax
Cr499
179,750
68,882
Interest accrued during year on Fed.
7,287
15,526
8388,219
income taxes for
$504,779
prior years,
Net income
of the common stock and 71.6%
Liabilities—
Inv.
in
subs.
609,599
2,609,599
9,586
7,024
deposits
sub.
40,000
Accounts payable.
38.988
46,230
12.989
148,046
150",262
163,415
112,635
118,588
Taxes accured
101,828
Oth. deferred liabil
364,305
Miscell. accruals.
2,910
3,087
Unearned
1,686
1,468
Reserves
Due from affil. cos.
amount
revenue
provide that cash realized from such sales must be applied to the
purchase or redemption of outstanding debentures at or below the price
of par and accrued interest.
Accordingly, company in part purchasev.
and in part called for redemption at par and int. an aggregate of $1,370,000
5% debentures, series A, $3,570,000 of its 5K % debentures, series B,
5% debentures, series C.
In addition $78,000 of its
5% debentures, series A, were retired during the year through operation of
the sinking fund.
The privilege to convert the series A debentures into
preferred stock of the company expired on March 1, 1936.
The total
reduction in funded debt of company during theyear amounted to $9,481,000
and $4,463,000 of its
In
11,671
Cash & secur.
c
1,587,412
Cash....
2 ,889,495
2,888,245
Time
deposits..
2 ,549,529
2,071,297
U. S. Govt. sees.
&
paid-in
238,298
277,818
110,130
86,315
498,482
deposit
498,482
•
...31,882,886 31,954,771
x
Including unamortized debt discount and expense,
y Represented by
26,015 shares of $100 par value.- z After reserve for doubtful accounts and
notes receivable of $55,971 in 1935 and $52,353 in 1934.—Y. 141, p. 3080.
a
Dividends and interest.
.....
2,640
Gross income
$314,419
32,431
—
General expenses
—
Income before interest, taxes,
...
&c
Interest, taxes, reserves, &c
$111,027
income
Jan. 1, 1936-—.----------—-
Earned surplus,
on
class A preferred stock, &c—
Earned surplus,
9,262,862
170,435
9,013,021
136,781
Due to affil.
affil.
on
8,826,808
funded debt 11,671,475
Mar.31,'36 Dec.31,'35
x
U.
and
Liabilities—
S
$
Assets—
Cash
698,518
Accts.& notes rec
253,305
141,269
553,293
259,794
132,553
x.Int. &divs. rec..
y Invest'ts (bonds,
notes & stocks)_40,613,187 38,398,667
Unamort. bond dis¬
413,906
421,254
23,000
count & expense
27,000
Miscell. asset
Int. & divs.
pay..
45,480
151,976
debs., due 1950.11,500,000 11,500,000
38,445
32,684
1,500,000
1,500,000
Class A pref. stock 3,037,100
3,037,100
Reserves for taxes.
Res. for conting's.
Class B
com.
(par $5)
Capital surplus
7,532,696
16,720,509
1,261,288
7,532,696
14,796,600
1,196,021
42,143,186 39,792,559
Total
.42,143,186 39,792,559
equivalent to $3,446.75 for each $1,000 debenture outstanding in the
hands of the public, $926.46 for each share of class A preferred stock, and
were
$16.66 for each share of class B common stock.
x After reserves,
y Indicated present value.—V. 142, p. 964.
1935
Years—
$40,894,518
1934
$37,741,905
14,127,634
633.320
258,188
property & plant
Preferreu dividends of subsidiaries.__
0269,079
0243,772
5,068,217
Minority int. in net inc. of subsidiaries
Appropriations for deprec'n reserve.
_
1,026,933
11,797,579
4,931,658
845,767
11.423,513
0172,576
4,960,143
788,667
10,960,662
Balance for dividends & surplus...
$8,931,759
$5,752,468
2,205,967
5,831,000
4,067,000
$6,185,865
2,205,960
4,728 #500
prf$894,792
490,000
$520,492
490,000
$748,595
490,000
$13.73
$7.24
1,059,444
95,420,691
89,243,921
4,043,709
3,964,132
3,748,858
1,844,559
3,851,759
Deprec. & re¬
887,641
1,037,879
tirement...
charged
to
Common dividends
Deficit
—
;
stock outstanding (no par).
Earned per share
F. J. Fogarty,
2,205,960
President, says in part:
latter part of 1935, Cleveland Electric Illuminating Co.
stock, changing 2,554,470 shares of common stock
then outstanding into 2,324,567.7 shares of new common stock and 102,178.8 shares of preferred stock, $4.50 series, the latter being a part of the
initial series of a new class of serial preferred stock, and also redeemed
152,817 shares of its 6% preferred stock theretofore outstanding (the entire
issue), and to obtain funds therefor sold through bankers 152,817 shares
of preferred stock, $4.50 series.
As the result of this reclassification, this
company received, in respect of its holdings of 2,060,210 shares of old
common stock of the Cleveland company, 1,874,791.1 shares of new com¬
mon stock and 82,408.4 shares of preferred stock, $4.50 series, which latter
shares were sold through bankers with the 152,817 shares then sold by the
Cleveland company.
At the time of the reclassification this company
offered to acquire from the other common stockholders of the Cleveland
company the preferred stock which they were entitled to receive, and to
sell to them proportionately a specified number of shares of new common
stock of the Cleveland company.
Pursuant to the terms of this offer this
the
its capital
.
Undetermined
for
liability
add'l taxes.
Other
reserves
1,547,217
171,146
Capital surplus171,146
Surplus
34,583,259
Total
615,240,109
612,825,3931
39,988,998
615,240,109 612,825,393
Total
for doubtful accounts and notes receivable of $951,689
$970,360 in 1934.
b Represented by: 1935, 367,680 shares
1934, 367,660 shares,
c Represented by 490.000 shares.—V. 141. p. 3700
a
After
1935
reserve
and
North American Gas & Electric Co.—To
A
Reorganize—
petition to reorganize under Section 77B of the Bankruptcy Act was
Federal Court April 15 by the company, whose subsidiaries are in
Western Canada and the Northwestern United States.
The
reported to be $3,555,217 and the liabilities $694,117.
are securities, bonds notes and preferred and common
value of $3,508,342, of which $627,118 is pledged for
the Chase National Bank, A. C. Allyn & Co., Inc., and the Colonial
assets
were
Included in the assets
loans to
book
a
Co.
The petition is accompanied by a plan of reorganization which would
provide that all existing debts other tnan bank loans be exchanged par for
par for 6% income debentures of a new company.—V. 141, p. 762, 1939.
Lighting Properties—Earnings—
for Calendar Years (Company Only)
1934
$2,581,797
on
$2,789,394
4,200
28,126
5,400
10,713
$2,614,123
11,334
$2,805,508
12,684
$2,602,789
465,682
$2,792,824
534,813
$2,137,107
32,017
$1,468,678
268,232
$2,169,124
Cash dividends
$1,736,911
684,234
1,625,070
other shares
Interest from subsidiary companies.
Oper.
expenses
and taxes.
•i-
Net income before interest and other charges....
Interest and other charges
Deduct divs. incl. in the foregoing net
early in Jan., 1934 and accrued
as
1
inc. received
inc. in 1933
Earned surplus, Jan. 1, 1935-
Dividends
Preferred dividends
&
insurance.
$8.12
131,590,736
funded debt
Other interest charges
Interest dining construction,
During
1,120,370
of
property
Reserves:
1935
$37,484,292
13,921,479
607,249
245,929
reclassified
923,654
1933
578,329
170,043
income
Amortization of bond discount & exp.
com.
847,162
for
construc'n
2,215,741
1,758,201
..
Income Account
....$40,724,760 $37,128,375 $37,427,307
169,758
355,917
314,598
Net operating revenues
Non-operating revenues
Shs.
accrued liabils
customers
North Boston
Operating revenues
$87,719,142 $83,450,521 $80,055,433
Operating expenses, maint. & taxes.. 46,994,382
46,322,146
42,628,126
on
1,493,590
Casualties
North American Edison Co.—Annual Report—
Gross
726,120
1,481,109
Contributions by
other def. chgs
Trust
Note—Based upon the above balance sheet, the corporation's net assets
Interest
1,154,305
& organ¬
stock wit.i
Calendar
accrued..
Consumers' dep.
Other current &
filed in
stock
Earned surplus
Total....
6,346,113
3,392,510
Prepaid accts. &
in
20-yr. 53^% conv.
810,381
7,060,201
ization exp. of
$
242,833
310,314
2,122,829
1,345,335
3,940,488
pref.
Dec.31,'35
8
Accounts payable.
S.
Treasury bonds.
Nt
Payroll accrued.
12,864,950
Comm. & selling
stks.
11,878
1,488,527
892,309
payable.
Divs.
593,108
Consolidated Balance Sheet
Mar. 31,'36
cos.
current acct
Accts.
Interest accrued
531,423
on
596,000
3,554,543
Taxes accrued..
re¬
exp.
&
called for red.
9,373,610
$1,261,288
—
1
Pref.stk.of subs.
45,760
March 31,1936
Jan.
Jan. 15, 1936.
$1,307,048
Total surplus.
Dividends
52,754,000
223,576,700
6,068,174
striction.....
1,196,022
——_
43,273,000
(on curr't
subsidiaries
of
debs, called for
(trade)
under
debt
N. A.EdtCo.
red.
Disct. & expense
$281,988
170,961
— ...
of
X. A. Edison Co.
in banks closed
on
12,975,666
Funded
2,979,825
in
capital <fc simp,
Fund.dt.of subs.224,935,200
Mat'l & supplies
Bal.of oper.subs.
or
subs..J... 10,814,636
3,089,231
pref.
from
cos.
$311,779
...
Other income.
80,765,875
Minority int.
& notes
receiv.
Consolidated Income Account for the Quarter Ended March 31, 1936
88,490,155
627,201
1,397,337
7,115,035
700,000
account)
Niagara Share Corp. of Md. (& Subs.)—Earnings—
49,000.000
matured
Accts.
Due
49,000,000
2,938,525
interest, &C-.
Total..
Common stock
called for
red.,
$
36,766,000
stoc1'
5,498,521
of
pay.
stk.
31,882,886 31,954,771
Total
;
529,695
_
Dep. by subs, for
Commission on sale
—
with
1934
$
36,768,000
Pf. stks. of subs.
on
Investments....
surplus.
»
Prop. & plant..564,472,483 562,718,124
2,601,500
Capital
31
ec.
Liabilitiermm
trustees
'
annum.
per
1935
b Pref.
4,653,200
prepaid accts.
Net
1934
1935
4 ,653,200
Earned surplus...
3^%
Consolidated Balance Sheet
.
2 ,601,500
78,685
V/2% to
ranging from
bearing interest
Common stock._
31,836
5% bonds, series A, "of which $8,-
outstanding, and sold $7,500,000 of first mortgage 4% bonds,
series B, due serially $500,000 each year on Nov. 15, 1941 to Nov. 15.
1955, and $2,500,000 of series notes, due serially $500,000 each year on
Nov. 15. 1936 to Nov. 15, 1940, the notes of the respective maturities
was
Contrib. for exten.
Fire protec'n serv.
pref. stock
1936 all of its first mortgage
1,
018,000
316,041
327,878
1,771,400
316,641
1935 Wisconsin Electric Power Co. called for redemption
November,
Feb.
on
6% cum. pref. stk.
y
stocks of The Cleveland Electric
issued
8,907
84,867
revenue-
year.
company realized $9,404,984.
The terms of the
indenture under which the debentimes of North American Edison Co. were
107,078
Deferred charges
of
per
this
7,175
.
Award for land—
&
$500,000
to
From the sales of preferred and common
Illuminating Co.,
11,281
receivable.-
Unbilled
for redemption
bonds and
issued and
sold through bankers $40,000,000 new first mortgage 3H% bonds, due
July 1, 1965.
The reduction in interest to result from this refinancing will
1935 Cleveland Electric Illuminating Co. called
In July,
the entire amount outstanding, i.e., $40,000,000 first mortgage
its general mortgage bonds, each bearing interest at 5%, and
105" 564
Due from subs. cos.
Divs.
11,012
218,126
327,078
1 ,731,962
361,022
_
Prov. for Fed. tax.
.
included under current and accrued liabilities.
193,173
247,250
320,764
Notes & accts.rec
Mat'ls & supplies
14,112
5,000
Mtge. payable
90,288
Cash held by trust.
x
367,000
378,000
not consoidated-
for int. accrued
21,084
Interest accrued..
cos.
Cash
z
38,433
payable
During November, 1935 the 6M % preferred stock of Wisconsin Electric
Power Co., of which $2,840,600 was outstanding, was called for redemption
on Jan.
1, 1936.
The liability for redemption of the preferred stock is
$
16,419,400
Assessments
cos.
not consol.herein 2
to
Consumers' depos.
Notes
Misc. inv. in spec.
Adv.
S
Funded debt..!—15 ,647,500
27 421,429 27,523,915
ment, &c
1934
1935
1934
Plant,prop.,equip¬
of the voting stock of the Cleve¬
land company.
of its
$556,632
Consolidated Balance Sheet Dec. 31
1935
Assets—
1936
sold 26,883.09 shares of new common stock to such common
stockholders and acquired from them 11,948.04 sharos of new preferred
stock, which latter snares were also subsequently sold by this company.
As the result of these transactions this company's holdings now amount to
company
79.5%
New York Water Service Corp.
April 18,
Chronicle
on
789,333
684,234
preferred stock.
1,356,391
.
Divs. declared Jan. 4. 1934 which
accrued &
were
0604,410
charged to surplus in 1933
Earned surplus
$128,498
Dec. 31
Balance Sheet, Dec. 31,
1935
I 935
1934
Liabilities—
Assets—•
Cash
Div.
50,879
rec.(fr.
affil.
14,615 Notes
ent
non-
companies..
1,200
215,000
bank credit
cos.
Stks. of sub. cos..36,017,471
(not current)_..
36,005,809
Deferred charges..
Total..
2,425,000
180,000
65,181
180,021
127,565
226,188
(not subs.).
y
39,451
38,000
x
pref. stk.
($50 par)
11,404,012
Com. stk. shares 15,941,891
Earned surplus
39,286,579 36,770,3781
Represented by 433,354
1,699
no par
2,199
9,000,000
cum.
Total
Includes accounts and accrued interest payable to
also,
x352,258
Other accts. pay..
6,027
Seed, bank credit. 11. 500,000
$3
non-affil.
co
$
2 65,000
Accts. pay. to affil.
7,427
cos
1934
Accrued interest on
Notes rec. fr. subs.
x
$
par¬
600
Accts. rec. fr. sub.
Stock of
pay. to
540,000
co.)
Notes rec. fr. sub.
cos...
$32,017
(Company Only)
shares.
128,498
11,404,012
15,941,891
32,017
39,286,579 36,770,378
affiliated companies
Financial
Volume 142
Chronicle
Consolidated Income Account for Calendar Years (Incl. Subsidiaries)
1934
1935
Gross
a
Other
operating revenue
$10,177,506
246,614
$10,424,120
$10,598,002
3,391,396
587,559
775,043
611,409
1,900,050
3,471,533
expenses
Depreciation
610,487
776,866
601,302
1,898,717
—
b Taxes
income
Interest
$3,065,213
432,448
84,460
49,474
14,510
343,954
Amortization of debt discount and expenses
Other interest charges—
Loss
on
sale of stock of non-affiliated company
Minority interest in net earnings of subsidiary cos.
Consolidated net earnings for the year
After elimination of
a
taxes of
intercompany sales,
$372,537 in 1935 and $398,331 in 1934.
Consolidated
Balance
Sheet
1935
Assets—
x
Accts.rec.(other)
Dlvs. & Int. accrd.
Mat'Is & suppliesPrepaid charges
1,132,008
1,406,586
86,909
1,326
990,860
25,528
170,912
63,257
...
Securities owned..
105,452
Ohio Public Service
195,052
246,308
9,674
775,000
8,786
pay.
664,423
694,135
234,128
56,367,058 56,116,587'
credits
203,456
171,579
interests
stks.
com.
Approp.
$1,821,578
$1,885,333
2.257.427
3.481.500
4.036.207
$3,519,843
871,821
1,227,800
$4,079,004
871,806
1,227,800
$5,366,833
871,710
$6,559,822
871,634
1,227,800
525,000
424",731
424,731
424",731
9,054
9,054
9,054
037,790
19.301
$986,436
Net income
Total surplus
Preferred dividends
$1,545,612
$2,257,427
$3,481,500
Reserve for replacement.
Property amortization.
Amortization pref. stock
premium paid
Miscell. adjustments
Total surplus.
1935
pref. stock
cum.
56,367,058 56,116,587
no
pref.
on
stock
Other notes
&
shares.—V.
par
140,
909,134
814,081
817,640
Accounts
43,058
230,289
Due to Cities Serv.
New
$325,011
105,860
1 ,216,048
1934
1933
Total oper. rev. deducts.
$4,830,721
3,152,048
$5,456,748
3,665,475
Operating income....
Non-oper. income (net).
$1,607,060
8,662
$1,545,683
12,777
$1,678,674
$1,791,273
17,013
$1,615,722
857,682
121,910
$1,558,460
$1,693,479
866,026
875,119
180,966
$636,130
420,000
$549,448
420,000
Gross income
funded debt.
Miscell. deductions
Net corporate income.
Preferred dividends
Common dividends.
14.806
142,986
$1,808,286
883,949
187,397
$637,394
$736,941
420,000
420,000
75,000
Balance
$216,130
350,000
$142,o94
$129,448
def$33,059
Balance Sheet Dec. 31
1935
$
1935
Investments
18,123
432,853
451,549
Cash..
Accounts receiv
4,334
153,758
Prepaid insur., &c.
124,137
15,019
Deferred charges..
781,912
854,119
Long term liab.
re-
lat. to Stillwater
reservoir
393,631
404,140
247,264
170,588
71,506
Interest accrued..
74,202
92,460
75,115
Div.acc.onpf.stk.
70,000
Accounts payable.
Consumers' depos.
Taxes accrued
Other current liab.
Res.
for
retire,
1,772
11,998
1,936,308
1,572,236
Res. for conting...
Misc. reserves
31,662,446 31,345,985
Includes notes receivable,
y
53,205
Total
152*953
126,367
1,009,238
Earned surplus
Total
58,430
78,690
70,000
of
fixed assets
848,923
31,662,446 31,345,985
Represented by 200,000
shares.—
no par
Y. 142, p.631.
Northwestern
Ohio
Natural
Gas
Co.—Changes
in
Personnel—
See Columbia Gas & Electric
Corp. above.—V. 119,
Ohio Finance Co.—Initial
p.
703.
Preferred Dividend—
The company paid
an initial quarterly dividend of $1.50 per share on
cumulative preferred stock, par $100, on April 1 to holders of
5%
record March 20.—V. 142, p. 306.
Leather
Ohio
Co.
(.& Sub.)—Earnings—
209,925
Current accts. with
67,923
Current acct. with
accrued._
1,000
affil. companies.
1,850
1,269
9,242
2,260,449
rec.
Discount
on
on
48,657 shares
$120,435
$2.47
stock (no par)
common
Consolidated Balance Sheet Dec. 31. 1935
Liabilities—
Cash
on hand, in transit &
deposit
Customers'
notes,
accept.
$175,135
Accounts
&
and
x344,381
i
operations
y7,181
8%
1
77,400
6,657
1,318
Misc. notes & accounts receiv.
Land, buildings, machinery,
equipment, &c_
Prepaid expenses, &c
z926,008
13,303
-
of
cum.
1st pref. stock (par
426,600
cum. 2nd pref. stock
$100)
Earned surplus
$17,091.
t
y
After
107,059
178,445
694,682
.
1,119,414
amortiz.
shares.—V. 142, p. 2511.
-V.
56,275,337 56,579,818
13,651
agent
Replacements
18,441
2,698,517
res.
a677,609
97,560
491,629
damages
Contributions
94,673
96,529
466,781
Special surplus res 1,747,212
Earned surplus.._
986,436
459.310
for
extensions
Total
1,744,935
1,545,612
56,275,337 56,579,818
141, p. 3390.
Oklahoma
$30,000,000
Natural
Gas Co.—Files with SEC—To Issue
of Bonds—To
Change Name to Oklahoma Gas
Service Co.—
The company on April 13 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2098, Form A-l) under the Securities
Act of 1933
covering $20,000,000 1st mtge. bonds, series A, 4^%, due
May 1, 1951; $10,000,000 convertible debentures, due May 1, 1946: and an
undetermined number of shares ($15 par) of common stock for conversion
of the debentures.
The interest rate on the debentures and the number of
shares
tration
of common stock
are
to
be furnished
by amendment to the regis¬
statement.
It is stated that the common stockholders of the company
will consider
changing the name to Oklahoma Gas Service Co. at a meeting
April 18. If the change is made, the securities being registered
and vote upon
will be issued and sold in the name of Oklahoma Gas Service Co.
$6,818,346 to the redemption on or about July 15 of not more than
$6,571,900 first mortgage 6% gold bonds, series A, due July 1, 1946, of
Oklahoma Natural Gas Corp.. at 103%%.
$13,591,365 to the redemption on Oct. 1 of $13,195,500 first mortgage
5% gold bonds, series B, due Feb. 1, 1948, of Oklahoma Natural Gas Corp.,
at
103%.
$950,000 to the payment on or about May 15 of $950,000 general mort¬
gage extended 5% bond, due Nov. 1, 1941, of Oklahoma Natural Gas
Corp., at 100%.
$1,580,000 to the payment on or about May 15, 1936, of $1,580,000 5%
serial notes, series B, (due in equal annual instalments from Nov. 1, 1936,
to Nov. 1, 1941, at 100%.
The balance of the notes outstanding, amount¬
ing to $2,220,000, will be retired by the exchange therefor of 22,200 shares
of new convertiole ($100 par) 8% prior preference stock of the company
prior to or simultaneously with the issuance of new bonds and debentures.
$250,000 to the payment on or about May 15, 1936, of $250,000 of notes
payable—Exchange National Bank of Tulsa.
$_
to the payment on or about May 15, 1936, of $
prin¬
cipal amount of notes payable (Central Hanover Bank & Trust Co.), in¬
cluding $1,362,525 to be borrowed for the purpose of redeeming on May 1,
1936. a like principal amount of 5% serial notes, series A, at l60%.
$273,710 to loan to Oklahoma Natural Building Co. for the redemption
on Sept.
1. 1936, of $271,000 principal amount of first mortgage 53^%
serial gold notes, due serially from 1936 to 1943, at 101%.
$129,000 to loan to Gas Producers Co. for the redemption on Sept. 1,
1936, of not more than $129,000 first lien 6^% sinking fund bonds, due
March 1, 1940. at 100%.
$1,888,315 to loan to Southwestern Natural Gas Co. for the redemption
on or about July 1,
1936, of $1,807,000 first mortgage 6% sinking fund
gold bonds, due May 1, 1945, at 104H%.
The balance for other corporate purposes.
Interest on all of the above issues to be retired will be
paid out of general
time
or
in part from time to time on any interest payment date after
30 days' notice at the following prices plus accrued interest: If red. on or
before April 30. 1941, 105%; thereafter and incl. April 30, 1943, 104%;
thereafter and incl. April 30, 1945, 103%; thereafter and incl. April 30,
1947, 102%; thereafter and incl. April 30, 1949, 101%; and thereafter to
maturity, 100%.
The debentures are redeemable at the option of the company as a whole
at any time or in part from time to time on any interest payment date after
45 days' notice at the following prices plus accrued interest: If red. on or
before April 30, 1941, 110%; thereafter and incl. April 30, 1942, 105%;
thereafter and incl. April 30. 1943, 104%; thereafter and incl. April 30,
1944, 103%; thereafter and incl. April 30, 1945, 102%; and thereafter to
maturity, 100%.
The debentures will be convertible at the option of the holders at any time
on or before the tenth day prior to the date of maturity, into shares of
common stock.
The conversion price is to be furnished by amendment to
the registration statement.
Stone & Webster and Blodget, Inc., of New York City, is the principal
underwriter.
The price to the public of the bonds and debentures, the names of other
underwriters, and the underwriting discounts or commission are to be
$3,105,487
for depreciation of $11,642.
a
3,828
2,500,225
Res. for injuries &
furnished by amendment to the registration statement.
Robert W. Hendee of Tulsa, Okla., is President of
Total
reserve
for depreciation of $828,573.
(par
617,500
Common stock
$3,105,487'
reserve
167,747
19,338
1936
307,501
Capital surplus
....
reserve
$300,000
estimated
8100)
7%
employees
After
&
taxes
Reserves
Stock in other company.....
Due from officer, directors &
Total
pay.
Fed.
Div. pay. Jan. 2,
1,554,101
Land & dwellings not used in
.
Notes payable for money bor¬
rowed from banks
on
accounts receivable..
Inventory
fiscal
bonds 2 ,127,114
Other def. charges
any
Net earnings after all charges
Assets—
210,304
71,974
funds of the company or appropriate subsidiaries.
The bonds are redeemable at the option of the company as a whole at
Earnmgs for the Year Ended Dec. 31, 1935
Earnings per share
255,057
of the bonds and debentures are to be applied as follows;
6,000,000
5,480,000
15,599,900
685,000
800,000
Adv. from affil co.
x516,305
117,144
21,272
Materials & sup...
line
salaries
According to the registration statement, the net proceeds from the sale
1
7% cum. pref. stk.
($100) par
6, 000,000
yCom. stock
5, 480,000
Funded debt
_15 ,444,500
Sink, funds & spec.
deposits
1934
Liabilities—
29,478,277 29,318,223
360,573
360,827
&
42,917
to be held
1934
$
Assets—
&
extension depos.
Wages
14,798
20,125
payable
re¬
Total
1932
•
$5,026,654
3,480,971
Fixed assets
97,948
1,037,969
Accts. receiv. from
account
$5,012,093
3,405,033
on
Customers'
200
affil. company..
Int.
Utilities, Inc.—Earnings—
1935
15,952
Pow.& Light Co
Current acct. with
Corp., above.—V. 142, p. 1651.
York
payable
(non-current)
..
(not current)
Property
Years End. Dec. 31—
6,139,000
6,139,000
28,604,500 28,599,500
1,272
Accounts payable.
174,303
45,396
Int. & taxes accr'd 1,341,568
1,306,848
par)
Notes payable-*..
80,407
894,698
rec._
Cash
s
6,264,800
5,800,200
1,704,700
Common stk. ($100
46,062
accts.
Mdse. accts.
1934
$
7% preferred stock 6,264,800
6% preferred stock 5,800,200
5% preferred stock 1,704,700
Special cash depos.
Rayon Corp.—Earnings—
North Star Insurance Co.—New Director—
Operating revenues
9,251
Funded debt
ceiv.—personnel
Earnings for 12 Weeks Ended March 22, 1936
Northern
681,056
134,662
416,362
ac¬
parent company
See General Alliance
425,336
1935
Liabilities—
$
48,422,736
Notes & accts. rec.
.
Total
$2,523,615
1,841,700
1934
$
Plant & investm't.48 ,796,755
receivable, t
4,563,149
4,519,062
Net profit after provision for Federal income taxes
—V. 142 p. 1999.
par
480.000
as
Previous surplus
Notes & accts.
x
1.779,863
540,000
$1,974,231
1.545.612
for replace,
Customers'
&
4243.
After
$4,303,478
1,787,433
determined by co
counts receivable
sub.
of
Represented by 433,354
North American
z
$4,152,765
1,863,542
funded debt and
on
Prepayments
the
$4,225,120
540.000
Gross income
other obligations
672,002
146,219
11,404,012 11 ,404,012
y Commonstock_.15,941,891 15 ,941,891
Consolidated surp. 3,212,090
3 ,112,350
x
$4,239,134
64,343
470,674
sus¬
($50 par).....
Interest
$4,081,741
71,024
Sinking fund......
S3
p.
$4,167,976
57,144
Materials & suppl.
&
res.
companies
y
$4,344,799
35,968
1,866,536
revenue.
Other
in
reserves,
3,794,500
261,347
Discount
surplus
After
3,592,013
245,619
234,566
Funded debt
12,150,000 10 525,000
Res. for deprec.. 7,729,696
7 681,827
Minority
x
3,939,635
257,946
Consolidated Balance Sheet Dec. 31
accruals
pense
Total.
4,078,046
268,480
Net oper. revenue
Assets—
Consumers' deps..
302,976
$8,294,981
*■
505,852
accts.
1932
$7,919,373
_
475,786
..
& subs
Other
Unamort. debt dis¬
count & expenses
339,737
to bk.
pay.
1933
$8,365,557
and taxes.
Notes & accts. pay
to Mass. Assoc.
&
235,278
S
1934
$8,691,326
maint.
Federal taxes
Int.
140, p. 1319.
(& Subs.)—Earning
$4,380,767
Operating exps.,
Non-operating
Co.
1935
Gross operating revenue
Common dividends
1934
$
subs.)
Notes
Constr.work orders
Other assets.
Subsidiaries)
Notes & accts. pay.
to affil. cos. (not
props....51,674,163 51,744,386
in progress
(Incl.
1935
1,466,873
76,000
1,038
1,030,363
Accts.rec.(cust.)
31
Liabilities—
1,509,905
x
$2,246,269
399107 8
b Including Federal incoin
1934
S
Cash..
Plants &
Dec.
$3,332,545
594,396
57,254
35,547
$2,140,366
funded debt
on
Co.—Changes in Personnel—•
Gas & Electric Corp. above.—V.
Calendar Years—
Total income.
Purchased electric energy
Maintenance
Gross
2677
Fuel Gas
See Columbia
$10,303,565
294,437
income
Operating
Ohio
Represented by 48,657
no
Stockholders Vote
The stockholders
—V. 142, p. 2234.
on
for Proposed Financing—
the
company.
April 15 approved the proposed refinancing plan
Financial
2678
April 18, 1936
Chronicle
Consolidated Balance Sheet Dec. 31
Oldetyme Distillers Corp. (& Sub.) —Earnings-
1935
1935
Calendar Years—
Gross profit on sales
1934
Assets—
$1,043,589
1,457,418
$170,505
40,113
$356,245
35,127
Selling and administrative expenses
$18,955
189,460
$413,829
57,584
—
$130,392
21,134
«
3,000
2,858
a
on
operations
Other income--
Notes
18",722
Interest
•
Write off of def. preparatory & reconditioning ex¬
206,574
Loss
on
Loss
on
16,098
8,389
61,743
16,353
5,418
$512,677
sale of bottle supplies.
sale of investments
Miscellaneous
_
$162,802
*
____________
_,
338,804
2d
hand and
County
314,159
292,439
185,724
b385,414
371,194
178,865
city
warrants
on
13,017
13,012
Cash
a
Accts.
Note pay.
18,555
key
Inventory
tillers
hoi Co.,
Seagrams,
174,591
553,077
13,187
5,324
63,008
&
295,854
3,058
258,934
985,020
675,479
162,802
496,100
.
_.
95,007
operating
deficit
trade
marks
Deferred charges__
Total
$1,590,9291
..$5,817,067
After
,
1,310,000
476
78,588
Current
234,321
Miscell. assets.
Goodwill
Common stock.
Capital surplus.
mach. & equip..
a
c
bldgs.,
204,645
32,257
19,817
Ltd. due
Rents reed, in adv.
Ltd.,
at cost
b Land,
Alco-
reserve
.$5,817,067 $1,590,929
Total
of $132,094 in 1935 and $13,000 in 1934.
ciation of $51,672 in 1935 and $32,090 in 1934.
share.—V. 142, p. 2512.
c
b After depre¬
Represented by $1
per
Orange & Rockland Electric Co.— Earnings—
Period End. Feb. 29—
funded debt
$715,426
415,116
84,982
$721,839
418,510
81,263
$20,825
3,315
$215,328
36,440
$222,066
43,799
$14,138
3,950
Gross income
$58,975
31,500
6,650
$10,986
3,152
Operating income....
on
Mos—1935
$57,719
36,594
10,139
Other income
Int.
1936—12
1936—Month—1935
Operating revenues
Operating expenses
Depreciation
$24,140
5,208
$251,768
54,599
1,594
$265,S65
Other interest
86
Amortization deductions
Divs.
67
inc.
72
759
11,162
1,694
103,379
7,825
taxes
incl.
8,573
$10,287
$91,487
157",033
139,392
8 257,192
2,900
13,300
8,257,192
828,440
assets
828,440
1,057,843
Surplus
thru
apof limerock
deposits
1 259,651
10,687,477 10,981,826
Total
..10,687,477 10,981,826
Total-
a After reserve for depletion and depreciation of $3,865,417 in 1935 and
$3,751,615 in 1934 and reserve for revaluation of $7,295,268 in 1935 and
$7,348,242 in 1934.
(7,405,228 in 1933).
b Includes notes—V. 142,
p. 306.
Pacific Eastern
Corp.—Annual Report—
N. Peter Rathvon, President, says in part:
Net assets at Dec. 31, 1935 are shown in the
consolidated statement to be
$36,311,083 equivalent to $6.49 per share of capital stock outstanding at
that date, compared with $25,296,724 or $4.44 per share of capital stock
outstanding at Dec. 31, 1934.\
Negotiations for the sale of the interests of corporation in American
Trust Co. and its allied companies, Mercantile American Realty Co. and
Mercantile Mortgage Co. were concluded on Feb. 28 1936.
Under the terms
of the transaction ownership of Mercantile American Realty Co. and
Mercantile Mortgage Co. was passed to the American Trust Co. and twothirds of the holdings of your corporation in American Trust Co. were sold
to a group of investment bankers in San Francisco.
Corporation, through
its subsidiary, American company, will receive over $10,000,000 in cash and
it is believed that the remaining one-third interest which your corporation
retains will be benefited by local ownership of the American Trust Co. and
the re-establishment of a public market for the stock.
In the consolidated statement of financial condition the investment in
American Trust Co., Mercantile American Realty Co. and Mercantile
Mortgage Co. is carried at $16,000,000.
The price at wrhich the San Fran¬
cisco group of investment bankers sold the two-thirds interest to the public
was on the basis of $15,750,000
for this investment.
However, for such
two-thirds interest, corporation received 3% less than the price at which
the stock was resold.
The suits which had been filed in Delaware and New York attacking the
settlement by the corporation of claims against certain former officers and
directors, were all dismissed or withdrawn during the year, and the settle¬
ment as originally approved by the stockholders in September, 1933 was
32,400
consummated.
Consolidated Income Account for
in
operating expenses
—V. 142, p. 2512.
thru
valuation of cap.
prec.
$86,371
4,000
pref. stock
5,175
98,913
$2,210
accr. on
Balance
Fed.
62.500
■
Other deductions
11,272,500
surplus
Earned deficit
19,535
Nov. 15, 1945—
Corp.-
395,620
reduction of par
value of cap.stk.ll 272,500
Cap.
$250,000
to Can.
Industrial
728,954
3,649,707
Cap. stock of Dis¬
192,319
5,835,000
515,572
400,530
Capital deficit thru
1934
536,571
29,486
Res. for contings..
receipts tor whis¬
170,876
5 918,785
365,601
570
ac¬
Accrued taxes
warehouse
by
&
pay.
cruals
(sec.
rec.
1935
Notes pay. to bks.$l ,805,000
$21,711
330,546
$635,344
805,601
Receivables
Notes
Liabilities—
1934
Pac.
in
Coast Cem.Corp
Bonds
2,446
cash
deposit
Deferred charges._
Consolidated Balance Sheet Dec. 31
1935
Assets—
fund
int.
Min.
Accrued interest on
Sinking
700,000
Deferred liabilities
3,160
investments
Net loss—
400,000
700,000
(70,000 shs.
$10)
Current liabilities.
funds...
and
400,000
Com.
par
less reserves
Calendar Years
[Including American Co. and Pacific American Co., Ltd.]
carried as
(Before consolidation with controlled companies
investments)
1935
Oregon-Washington Water Service Co.—Salem Water
Property Sold—Purchase Gas Properties—Name Changed—
The annual report
to the
city for $1,003,042 and that the proceeds were used to purchase two
groups of gas properties, one in Florida, serving Fort Lauderdale, Miami
Beach and the intervening territory, and the other in Mississippi, serving
Columbus and Meridan.
The name of the company has been changed to
Peoples Water & Gas Co. (which see)—Y. 141, p. 2900.
Interest
y
Other
were
told
shares to subscribe for
at
new
stock
on
meeting held April
the basis of
one
share for each 20 now
of 63,380 additional shares and will give
Interest
on
44,250
12,800
20,721
36,254
x
notes payable
Federal
for
income
on
and
interest
investments
and
57,000
$235,345
ended Dec. 31,1934___
Before eliminating $3,012
the board of this company.
($2,857 in 1934)
y
before inclusion of profits and losses on sales of
and profits and losses of uncon¬
revaluations thereof
Including $42,000
($15,000 in 1934) management fees received from
companies.
Consolidated Surplus Account
Balance of capital surplus at Dec.
Dec. 31 1935
$19,597,936
31 1934
Net profit on sales of investments:
On book basis
incl. $919,646 profit on sale of 21,912 shares of
$1,950,870
Shenandoah Corp., $3 pref. stock
Less, adjustment to reflect net profit based on
at which investments
were
carried in Dec. 3.1, 1934 consolidated
statement of financial condition and costs of
averages
of
amounts
1,138,473
subsequent purchases
■
o
amounts
1936
share.
1935
$7,923,152
1,267,600
$6.25
Net profit after charges
Shares of common outstanding
16,427,074
1,200,000
$5.36
at
included
in
$11,838,422
Less, decrease in respect of investments in com¬
$586,960 f
954,1611
panies controlled but not consolidated (other
than Shenandoah Corp.)
received
settlement
of
by
Pacific
Corp. in
actions brought
Eastern
stockholders'
1,376,735
loss$96,267
45,817
100,000 shares of company's own capital stock
(at per share amount reflected in the annexed
statement of financial condition) and $127,500
$58,876
310,381
722,416
def $50,449
Less, legal fees and expenses (settled by delivery
$973,919
$734,593
52,974
56,986
222^901
$223,251
$916,933
$511,692
21,444
Other income
$8,085
50,791
140,879
operation.
$2,081,927
2,178,194
$276,225
&c
$2,034,623
2,026,537
164,386
21,741
Total..
16,767
36,728
for its benefit:
$776,632
in cash
$186,127
321,473
Total income
Interest
investment, &c
Loss—
Approp. from reserve for revaluation of
capital assets, applicable to retire. &
depreciation charged (credit)
Deficit for year based on
v
311,667
372,477
Final deficit for year
Operating deficit at beginning of year.
Deficit
from
oper.
transferred
to balance sheet...
$900,166
157,677
$474,964
sur317,287
$1,057,843
$157,677
1935,
as
208,450
$32,287,246
235,345
816,777
above
Amount provided for contingencies—
Excess of cost over par value of 25,000
shares of capital stock
purchased in 1935
68,750
Excess of per share amount ascribed to 80,000 shares of capital
stock received in settlement of stockholders' actions over par
value thereof
Portion of
to
$1,259,650
258,576
and accounts receivable during the
year to give effect to collections, additional write-offs, and
increases in management's valuations
Net adjustment of notes
Net loss for the year
$201,807
1,057,843
capital
Total
Minority interest in oper. of Pacific
Coast Cement Co
of 20,000 shares of the above mentioned
stock and cash payments of $128,749)
518,056
revalued
assets
688,017
11,150,406
Amounts
$1,541,121'
$4,263,624
7,574,797
Investment in Shenandoah Corp
Not available
Gross trading profit
Transport, rent, &c
i
giving effect to adjustment of net profit
of investments as above:
Portfolio
sales
1933
1934
$2,236,371 (
1,649,4111
Sales
Costs of goods sold
and end
holdings and other investments
(& Subs.)—Earnings
1935
which such investments were
consolidated statements of
of the year, incl. adjustments of book valua¬
tions of investments at Dec. 31, 1935, and
on
Calendar Years—
on
1^2 tOaO
the
financial condition at the beginning
after
—V. 142, p. 2169.
Loss
$334,421
net income applicable to
Net change during 1935 in the difference between
book
valuations
of
investments
and
the
Earnings for 12 Months Ended March 31
from
75,119
13,415
62,770
87,601
net in¬
1
Net loss for the year
minority
tax
of subsidiary
come
$208,843
304,357
and
other fees..
controlled but non-consolidated
inaugurate a threeyear building program to give its plants the finest equipment obtainable.
It will spend approximately $1,000,000 on the glass tumbler division of
the Libby Manufacturing Co. recently acquired, and also several millions
on its Streater, 111., and Pacific Coast glass container plants.
It is understood the expansion program, together with the improvement
of tin can plants, will exceed $9,000,000.
Mr. Levis said the company now has $7,500,000 cash on hand and that
the $6,300,000 obtained from sale of additional stock will replace the
$3,190,000 paid for the Tin Decorating Co. plant at Baltimore and the
Enterprise Can Co. plant of Pittsburgh which also was purchased recently.
C. J. Wilcox, a director of Libbey-Owens-Ford Glass Co. was added to
Pacific Coast Co.
directors'
solidated controlled companies.
building program.
President Levis told stockholders the company will
expenses,
1934
$128,754
64,397
15,691
243,174
auditing,
Transfer and registrar
State franchise, Federal capital stock, &c., taxes
x
annual
the
held at $100 a share.
The plan will result in issuance
the company $6,338,000 for a new
Income
76,536
$178,852
...
Expense—Operating.
Legal,
independent
for
15 that the
company will issue rights, effective about June 15, for holders of common
Operating
_
—
—
Total income-
Expansion—New Director—
per
■_.£■_
—
.
Provision
Owens-Illinois Glass Co.—To Issue Additional Stock
Earnings
$60,614
41,702
Income—Dividends.
of the Federal Water Service Corp. (see above) reveals
that during 1935 the Salem, Ore., property of the Oregon-WashingtonWater
Service Co., a Federal subsidiary, was sold in condemnation proceedings
Stockholders
152,500
152,500
stock
shs. no
par)
Mdse. inventory..
Working
par)
pref.
(40,000
receivable,
Supply inventories
&c
penses,
on
pref.
stock
(15,250 shs. no
136,680
in banks
Accts.
$
1st
614" 695
contracts
receivable
Cash
Total loss
Idle plant expenses
Provision for bad debts
&
8,926,829
81,744
Intangible assets..
1934
$
Liabilities—
$
8,710,389
268,412
328,751
Investments
Loss
1935
1934
$
Capital assets...
surplus changes applicable to minority interest
Balance of capital surplus at Dec. 31, 19w5
439,305
9,772
$30,717,295
Volume 142
Financial
Consolidated Balance Sheet Dec. 31
Before consolidation
with
controlled
companies
Cash in banks
_
__
Bonds and notes
_
_
56,488
repurchase agreement
carried
by management for purpose of
statement at repurchase price of
Notes and accounts receivable
a
1,342,506
1,118,113
18,113,944
11,089,721
18,811,586
3,949,078
558,529
xl4,978
585,604
16,366
and
this
176,500
______
Other assets carried by
management for purpose of
this statement at
____
Total
-
_
_
_
_
..
_
_
--,-$40,593,039 $30,002,255
-
Liabilities—Notes payable to New York banks.
Accounts payable and accrued
$800,000
79,215
$1,800,000
89,613
85,670
3,109,000
92,450
2,525,000
208,071
5,593,787
30,717.296
19.597.936
_____________
expenses.
Provision for State and Federal taxes for current
for current year
Provision for contingencies
applicable to minority
American Co
;
Amount
stockholders
in
Capital stock (par $1)___
Capital surplus
p.
1105.
Pacific Finance Corp. of California3 Months Ended March 31—
per
-Earnings—•
1936
Net prof, after int.. Fed. taxes & other
deductions.
141,
p.
1935
on
430,956
shares
$412,463
$249,446
1.79
share
1.41
2443.
Pacific Gas & Electric Co.— To Issue
$30,000,000 Bonds
The company on April 7 filed a
registration statement (No 2-2091,
Form A-2) at the San Francisco office of the Securities and
Exchange Com¬
mission covering an additional $30,000,000 of first and
refunding mortgage
bonds, series H, 3%%, due Dec. 1, 1961.
Company filed a statement
covering $90,000,000 of the series H bonds on March 3, 1936, which bonds
were offered on March
24, 1936, and are now outstanding.
According to the registration statement, the net proceeds from the sale
of the additional series H bonds, together with other
treasury funds, are to
be applied as follows:
(1) To redeem on July 1, 1936, $18,446,000 first
mortgage 5% sinking fund 40-year gold bonds, due July 1, 1946, of Great
Western Power Co., at 106% and interest;
(2) to, redeem on Aug. 1, 1936,
$11,555,000 first mortgage 5% 40-year gold bonds, due Aug. 1, 1949, of
Sierra & San Francisco Power Co., at
110% and interest. Accrued interest
on the bonds to be redeemed will be
charged to income on the company's
books.
The series H
bonds are redeemable at the option of the
company as a
in lots of not less than .$10,000,000 on the first
day of any calendar
in lesser amounts and for sinking fund
purposes on any June 1 or
Dec. 1 after 60 days' notice at the following prices
plus accrued interest:
If redeemed on or before Dec. 1, 1941, 110%; thereafter and on
Dec.
whole
or
month
or
1,
107M%; thereafter and on Dec. 1, 1951, 105%; thereafter and on
1, 1956, 1023^%; and thereafter the premium will decrease by ^ of
1% for each year until Dec. 1, 1960, after which no premium will be paid.
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.
James B. Black, of San Francisco, Calif., is President of the
company.—
V. 142, p. 2512.
1946,
Dec.
Pacific Power
&
Light Co.—Earnings—
from oper_
Rent fr. leased prop, (net)i
160,319
15,041
38,590
revs,
Other income
(net)
Gross corp. income
Int. & other deductions.
$213,950
102,974
$136,366
$1,914,284
14,868
16,989
179,471
370,142
$168,223
103,433
$2,463,897
1,261,511
Balance
y$l 10,976
y$64,790
$1,202,386
Property retirement reserve appropriations
600,000
Divs. applic. to pref. stocks for period, whether
paid or unpaid
458,478
$1,727,923
177,739
340,250
$2,245,912
1,269,239
$976,673
600,000
z
Balance
z
$143,908
458,478
def$81,805
y Before
property retirement reserve
appropriations and dividends,
Dividends accumulated and unpaid to Feb. 29, 1936, amounted to
$611.-
Latest dividends, amounting to $1.75 a share on the 7% pref. stock
and $1.50 a share on $6 pref. stock, were paid on Feb. 1, 1936.
Dividends
304.
on
these stocks
cumulative.
are
mtge.
as
of Dec. 31, 1935 (Company Only)
&
coll. trust 5% sinking fund 30-year gold bonds,
^
2, 1937
$24,948,000
Ref. mtge. 30-year 5% gold bonds, series A, due
May 1, 1952-_ 23,890,000
1st mtge. 5% sinking fund
30-year gold bonds of Home Tele-4
phone & Telegraph Co. of Spokane, due May 15, 1936
2,999,900
Notes sold to trustee of pension fund
(4% demand notes)
8,824,948
Preferred stock, 6% cumulative (par $100)___
82,000,000
Common stock (par $100)
-180,500,000
Jan.
19354
guarantor for principal of and interest on $6,011,000
bonds, due May 1. 1947, of Southern California Tele¬
phone Co., subsidiary.
Purpose of Issue—Net proceeds from the sale of the $30,000,000 series B
bonds, after deducting the estimated expenses of the company in connection
with such sale, are expected to approximate
$29,643,500, and are to be
applied (a) $23,890,000 toward the retirement of the company's
refunding
mortgage series A bonds, which the company is calling for redemption on
May 1, 1936. at 107K% an
int.; (b) $4,984,000 as a loan to Southern Cali¬
fornia Telephone Co. for use toward the retirement of
$6,011,000 of bonds,
which that company is calling for redemption on
May 1, 1936, at 105%
and int., and (c) $769,500 toward the
payment at maturity of the bonds of
Home Telephone & Telegraph Co. of
Spokane.
The balance of funds
required (exclusive of accrued interest) *o consummate these transactions
will be made available
approximately as follows: $38,000 from current cash
of the company; $1,211,700 from current cash of
Southern California Tele¬
phone Co., and $4,100,000 from the proceeds of temporary
borrowings by
the company from American
Telephone & Telegraph Co.
To the extent
that Southern California Telephone Co.
requires funds for the retirement
Note—Company is
1st & ref. mtge. 5%
of its bonds in addition to its current cash and the
$4,984,000 loan referred
to above, such funds
(estimated at $116,000) will be loaned to it by the
Pacific company.
Earnings—Company's income statements show the following as oper¬
ating revenues, total income (the amount available for fixed
charges),
charges (all interest charges and amortization of discount on funded
debt) and net income.
fixed
Years—
x
Oper. Rev.
$51,686,487
53,798,405
56,869,136
_*
y Total Inc.
$18,558,566
18,335,650
19,170,375
Preferred Dividends—
pending
y Includes dividend income in the amounts of
$7,882,760 for
$7,670,170 for 1934 and $7,693,685 for 1935.
Dividends received
were not
currently earned by them as a whole by approxi¬
mately $459,000 in 1933 and $244,000 in 1934.
rate
case,
1933,
from subsidiaries
Series B Bonds—The series B
bonds will
the
made Aug.
Pacific Telephone
& Telegraph
Co.—Bonds Offered—
Morgan Stanley & Co., Inc., Kuhn, Loeb & Co., Kidder,
Peabody & Co., Lee Higginson Corp., First Boston Corp.,
Brown Harriman &
Co., Inc., Edward B. Smith & Co.,
Blyth&Co. ,Inc., Dean Witter & Co. and Harris, Hall &
Co. (Inc). on April 16 offered at
101^, $30,000,000ref.
mtge. 3bonds, series B.
A prospectus
dated April 16 affords the following:
Dated April 1, 1936; due April 1, 1966.
Interest payable April & October
City or in San Francisco.
Bank of California, National As¬
Coupon bonds in denom. of $1,000 and $500,
registerable as to principal
Registered bonds in denom. of $1,000, $5,000
and $10,000. Coupon (bonds and registered bonds, and the several denomina¬
tions, interchangeable.
Redeemable, at the option of the company, in
whole or in part, upon at least 60 days' notice, on any interest
payment
date, at the following prices with accrued interest: to and incl. April 1,
1941, 106%; thereafter to and incl. April 1. 1946, 105%; thereafter to and
incl. April 1, 1951, 104%; thereafter to and incl. April 1, 1956,
102^%;
thereafter to and incl. April 1, 1962. 101%, and thereafter,
100%.
Legal investment, in the opinion of counsel for the underwriters, for sav¬
ings banks in the States of New York, California and Connecticut.
Company—Company, 83.42% of the voting securities of which are owned
by the American Telephone & Telegraph Co., is one of the associated
telephone companies comprising the Bell System. Company, incorporated
in California in 1906, is engaged directly and through subsidiaries, the
largest
of which is Southern California Telephone Co., m the telephone business
in California, Nevada, Oregon, Washington and tne northern
portion of
Idaho.
The properties of the company and its subsidiaries consist prin¬
cipally of telephone instruments and facilities for their inter-connection,
the latter consisting chiefly of central office switching equipment and con¬
necting lines. The business of the company ana its subsidiaries is subject
in New York
assessment
and appertaining to or useful in the transaction
of its business in those
States.
The refunding
mortgage is also a lien on the company's rights as
pledgor of the stock deposited by it with the trustee under the
mortgage
and deed of trust dated Jan. 2, 1907.
Stock so deposited includes all the
capital stock of Southern California Telephone Co.,
subsidiary.
Series B bonds are limited to tne amount of
$30,000,000 now authorized.
The refunding
mortgage, however, permits the issuance of additional bonds
of other series, which would rank
pari passu wdth the series B bonds. The
refunding mortgage permits the
company, in certain instances, to dispose
of property covered by the
mortgage without a release from or notice to the
trustee, and also provides for releases and substitutions of
such property.
No notice is required to be
given to bondholders in connection with any such
disposal, release or substitution.
Sinking Fund—There is to be paid to a sinking fund agent, to be used as
sinking fund in purchasing series B bonds, but only if obtainable at not
exceeding their principal amount and accrued interest, the sum of
$200,000,
on Oct. 1, 1936, and
semi-annually thereafter; provided, however, that any
unexpended balance in the fund on any semi-annual
payment date is to be
credited on account of the
payment due on that date.
Underwriters—The names of the several principal underwriters and the
several amounts underwritten
by them respectively are as follows:
Morgan Stanley & Co., Inc., New York
Kuhn, Loeb & Co., New York.
Kidder, Peaboay & Co., New York
Lee Higginson Corp., New York
First Boston Corp., New York
Brown Harriman & Co., Inc.. New York
Edward B. Smith & Co., New York
Blyth & Co.., Inc., New York
Dean Witter & Co., San Francisco
Harris, Hall & Co. (Inc.), Chicago
<
—V. 142, p. 2512.
Pan American Petroleum &
Calendar Years—
i
___
Cost of sales, selling & administrative
$9,000,000
4,500,000
3,000,000
1,500,000
2,300,000
2,300,000
2,300,000
2,300,000
2,300,000
500,000
Transport Co. (& Subs.)—
1935
Net sales.
1934
1933
$71,691,738 $68,635,737 $53,984,449
expenses, &c_
62,749,123
61,721,461
53,317,486
Operating income
$8,942,615
155,664
218,147
>,914,276
294,478
241,132
$666,963
607,367
4,916
$9,311,426
$7,449,886
$1,279,246
141,879
113,198
1,339,327
2,364,461
1,739,811
160,282
150,358
10,019
171,576
1,109,954
1,592,579
2.091,981
186,689
317,925
4,042
2,943,421
x2,815,893
2,395,894
Net operating loss for the year
pf$490,549
Consolidated previously earned surp_ 26,574,618
Proportionate share during the period
of affil. of the undistributed earns,
$840,754
27,996,556
$1,319,158
47,847,539
made in each of the six
preceding quarters.
7% pref. stock, payments of 873^ cents and 88 cents per share
1 and May 1, 19o3, respectively, prior to which regular
quarterly dividends of $1.75 per share were distributed.
On the $6 pref.
stock payments of 75 cents per share were made Aug. 1 and
May 1, 1933,
prior to which regular quarterly distributions of $1.50 per share were made.
The Feb. 1 payment will leave arrearages of $8.75 per share on the
7%
pref. stock and $7.50 per share on the $6 pref. stock.—V. 142, p. 2169.
On
under the company's
liens, and the lien of the mortgage and deed of trust dated Jan.
2, 1907,
securing the company's first mortgage and collateral trust
5% bonds due
Jan. 2, 1937, ana with
respect to certain properties in Washington, the
lien of the indenture
securing the first mortgage bonds of Home Telephone
& Telegraph Co. of
Spokane, due May 15, 1936, by a lien on substantially
all real estate, buildings and
telephone plant (except motor vehicles) now
owned by the company in
California, Idaho, Oregon and Washington
Miscellaneous income
were
be issued
refunding mortgage and will be secured, subject to prior tax and
Interest
value, both payable May 1 to holders of record April 18.
were
Net Income
$14,517,490
14,803,347
16,025,380
x Includes $66,000 for
1934 and $409,100 for 1935 which the
company
estimates would be
refundable, in whole or in part, to telephone subscribers
the State of Oregon in the event of an
adverse decision in a
pref. stock,
no par
Fixed Charges
$4,041,075
3,532,303
3,144,995
in
The directors have declared a dividend of $1.75 per share on the
7%
cumulative pref. stock, par $100, and $1.50 per share on the $6 cumulative
Similar distributions
Com¬
a
(American Power & Light Co. Subsisdiary]
Period End. Feb. 29—
1936—Month—1935
1936—12 Mas.—1935
Operating revenues
$370,485
$332,365
$4,371,038
$4,106,083
Operating expenses
210,166
195,999
2,456,754
2,378,160
Net
1st
Cat.
common
stock (par $10)
—V.
198,468
5,698,787
$4U,59<5,039 $30,002,255
_
Deferred charges only.—V. 141,
Capitalization Outstanding
-
Investments in and receivable from controlled but
non-consolidated companies.
Investment in Shenandoah Corp. a controlled co_
Earnings
55,325
417,284
4,082,827
within their respective jurisdictions, by the Federal
Commission and by certain State authorities.
munications
due
191,864
7,839,390
;___
___
Deferred charges and sundry receivables,
$789,570
2679
regulation,
1934
8,062
42,701
_
_____
__
Common stocks
Bonds held under
_
investments)
$1,334,858
_
Preferred stocks
x
as
1935
Dividends receivable and interest accrued,
Miscellaneous accounts receivable
Total_
to
carried
Assets—
Chronicle
Total income
Expenses of plan of reorganization
Bad debts written off
Taxes other than income
Maintenance and repairs.
Rents and royalties.
Miscellaneous charges
Federal income taxes
Loss on sale of securities—net
»
Interest charges
Prov. for deprec. and amortization—
of
50,784
9,847
companies which became wrholly
owned
as
of Jan. 1, 1933
9,326,699
Adjust, of val. of sec. to lower of cost
or quoted mark, prices at Dec. 31,
1934.
Miscellaneous
-
adjustments—net
118,670
228.029
71,773
12,500
sociation. corporate trustee.
Sub-total
Reserve for
loss
on
restricted
$27,183,838 $27,455,604 $55,867,580
banl^
400,000
balances, &c_
Def.adv.exps.at Dec.31, 1933 written
off
of Jan. 1, 1934_
Additional State gas. taxes for pr. yrs.
Amount of reserve necessary to reatice
as
U. S. Govt, secur's to cost
or
quoted
market prices, whichever are lowTer_
at book value of the capital
Distrib.
stk. of Pan-American South. Corp.
Amt. thereof chgd. to capital surp_
Cash dividends
Consol.
x
earn. surp.
at
*
444,372
436,613
228,(^9
*
42,172,298
015,612,507
683,204
Dec. 31,1933$27,183,838 $26,574,618 $27,996,556
Depreciation only.
Note—The foregoing statement for 1933 includes operating results for
the entire year 1933 of subsidiaries acquired on March 22, 1933 as of Jan. 1,
1933 and excludes operating results for the entire year 1933 of subsidiaries
sold
on
March 22, 1933 as of Jan. 1, 1933.
Financial
2680
Consolidated Balance Sheet Dec. 31
1935
Assets—
Govt.securs.
3,919,553
6,370,400
Accounts
Reserve
$
6,968,067
6,968,790
Fed¬
1,777,964
1,938,439
Mortgages payable
75,975
147,351
y Capital stock
23,514,723 23,514,723
Capital sruplus
4,602,262
4,602,262
Earned surplus
27,183,838 26,574,618
Customers' notes &
5,274,417
5,033,969
Other receiv., inch
accrued interest. 1,595,706
Inventories
12,592,197
1,282,829
12,680,182
accounts receiv.
um
x
547,941
Heat & P. Co
2,050,505
2,050,505
30,296,142 29,701,949
Fixed assets
A.
Total
Park
all
The Peoples Gas will also retire
Manager; Harris, Hall & Co.; Field, Glore & Co.; Lee
G. Becker & Co.; Brown, Harriman & Co.; Edward
& Co.—V. 142, p. 1131.
Higginson Corp.;
B. Smith & Co.;
Peoples Water & Gas Co.—Earnings—
|
Total
64,122,830 63,746,183
for
reserves
1937.
280,823
64,122,830 63,746,183
depreciation and amortization of $25,736,163 in 1935
and $23,503,089 in 1934.
y Shares of $5 par value.—V. 141, p. 3390.
x
5s maturing July 1,
Lazard Freres & Co., and Blyth
1,811,935
intangible assets 1,811,935
Deferred charges..
273,937
After
as
other
&
ing obligations.
George A. Ranney, Chairman, states that the bank loans
and refunding mortgage will be used to refund $18,659,000 series C 1st and
refunding 6s of 1957, callable at 105, and provide for redemption of an
underlying issue of bonds aggregating $9,904,000 of Chicago Gas Light &
bonds maturing in 1936, amounting to $5,839,000, without refunding.
The proposed new issue of 4s, it is understood, will run for 25 years and
will be offered by an underwriting group including Halsey, Stuart & Co.,
614,039
in Petrole¬
Good will
Peoples Gas Light & Coke Co.—Plans Financing—
The company, it is stated, is planning an offering of $22,000,000 of 4%
first and refunding bonds to retire, with the aid of $7,500,000 of six-year
serial loans arranged with Chicago banks, certain
of its present outstand¬
Coke Co.
Long-term notes &
Invest,
requested to surrender them for redemption on June 15 to the corporate
agency department of the Chase National Bank, 11 Broad St.
Dividends
will cease to accrue on the drawn shares after June 15.—V. 142, p. 2513.
payable
for
eral taxes..
259,189
accounts receiv.
1934
$
& accrd. liabils.
Short term comm'l
notes
1935
\
Liabilities—
$
5,928,897
3,491,965
Cash
U. 8.
1934
$
April 18, 1936
Chronicle
Corp.—No Interest—
Place-Dodge
The holders of 20-year general mtge.
gold bonds were notified on April 15,
by Paul W. Fisher, Treasurer, that the statement of operation of the com¬
pany for the six months' accounting period ended Feb. 29, 1936, prepared
in accordance with the provisions of the mortgage indenture securing the
bonds, showed a loss of $1,783.
No interest payment, therefore, is avail¬
able for this period on the above bonds.
The coupon dated May 1, 1936,
should not be presented for collection.—V. 141, p. 2900.
Parker Rust-Proof Co.
3 Mos.End. Mar. 31—
1935
Co.]
Failing to find suitable properties on the Pacific Coast or in the Mountain
was then extended to the Southeastern States, and
result it was decided to acquire the gas properties of Mississippi Service
Co., then owned by Federal Water Service Corp., located at Columbus and
Meridian, Miss., and of Peoples Gas Co., located at Miami Beach, Fla.,
States, the investigation
as a
(& Subs.)—Earnings—
1936
[Formerly Oregon-Washington Water Service
Christopher T. Chenery, President, says in part:
The company's Salem, Ore., water works plant was sold on Aug. 1, 1935,
to the City of Salem.
The officers of the company made efforts to find a
suitable operating property to replace the Salem property, to be acquired
with the money from such sale.
Study was made of all of the available
properties on the Pacific Coast, and also in the Mountain States; but after
investigating each of the properties this territory was eliminated, due to a
variety of causes, the principal one of which was that such properties as
were for sale could not be acquired by the company at a satisfactory price.
1934
1933
Net
profit after deprec.
&
other
charges but
owned by Baltimore interests.
In view of the changed nature
before Federal taxes._
$250,392
$317,507
$280,816
$64,796
The net profit of $250,393 is equal, after preferred dividend require¬
ments, to 58 cents a share on the 429,498 shares of new common stock and
compares with $2.32 a share on 118,049 no-par shares of common stock
outstanding in the first quarter of 1935.
of the company's operations, it was voted
at a meeting of stockholders held in San Francisco, on Oct. 18, 1935, to
change the name of the company to Peoples Water & Gas Co. from its
former name Oregon-Washington Water Service Co.
Income Account
for Calendar Years
1935
Listing—
The
New
•
York
.
Stock
Exchange has authorized the listing of 429,498
shares of common stock (par $2.50).
Of the 429,498 shares of common stock
286,332 shares were issued on March 10, 1936, and the remaining 143,166
shares are and have been issuable since March 10, 1936, in exchange share
for share for 143,166 shares of common stock no par.
J*On March 10, 1936,
a
stock dividend of 200%
was
disbursed
on
the 143,-
166 outstanding shares of common stock of no value payable in common
stock of $2.50 par value.
The shares of common stock of no par value are
exchangeable share for share for shares of
142, p. 1999.
common
stock of $2.50 par value.
—V.
Parker-Wolverine
preferred
wishing
before then can do so by mailing their
will receive par plus accrued dividends
on
Sept.
Parmelee
1.
Persons
Transportation
Water
——-
stockholders that their stock will be
dispose of their preferred stock
certificates to the company.
They
from March 1.—V. 140, p. 3561.
58,171
37,995
Natural gas
Total
Co.
(.& Subs.)—Earnings—
1934
1933
$94,314
$300,863
Weighing & Vending Machine Corp.—Special
President
clared
stock.
a
L.
K.
Larson
General taxes
$200,097
4,145
in
on
a
letter sent
April 13,
to
holders of preference stock
stated that
the directors have de¬
dividend of $1 per share on the outsanding shares of preference
This dividend should be considered striclty as a special dividend
be paid out of the initial surplus of the corporation.
The declaration
of this dividend should not be regarded as an indication of a regular divi¬
dend policy.
In declaring the dividend, the directors,
other things, gave con¬
sideration to the fact that no interest was paid to General Vending Corp.
bondholders since Aug. 15, 1931 and that earnings prior to reserves for
depreciation have built up a current asset position in excess of working
capital and other current requirements as estimated by the Board.
The dividend in respect of preference stock voting trust certificates
issued on or before April 20, will be paid on May 1, 1936 to holders of
record April 20, 1936.
The dividend in respect of preference stock voting trust certificates
issued under the plan of
reorganization subsequent to April 20, 1936
will be paid within a few days after issuance (but not earlier than Mav 1,
1936) to the initial record holders of such certificates.—V. 142, p. 1481.
among
Pennsylvania RR.—RFC to Receive Bids for
of $17,460,000 Equipment Trust Certificates—
The Reconstruction Finance
Corporation
on
$29,710
$27,949
909
823
.
Note—The operating results for the year
1935 are not comparable with
sold its Salem, Ore., water property
on Aug. 1, 1935, and acquired natural gas distributing properties in Missis¬
sippi on Oct. 29, 1935, and manufactured gas properties in Florida on Nov.
14, 1935.
Balance Sheet Dec
dates inclusive.
These trust certificates constitute the remainder
outstanding of an issue
amounting to $17,945,000, $485,000 having already matured
They will carry an odd dividend in the amount of $14.25
per $1,000 certificate, payable on July 15,
1936.
Thereafter, regular
dividends will be paid semi-annually on each Jan. 15 and July 15 at the
rate of 4% per annum.
The certificates are not subject to call prior to
originally
and been paid.
31, 1935
TAnhiUtdf<?
Assets—
$4,913,018
chises, &c.
5% gold bonds.-. $2,358,000
1st mtge.
Plant, property, rights, fran¬
76,613
Cash in banks & work, funds.
Coos Bay Water Co. 1st mort¬
gage 6s
Peoples Gas Co. 1st mtge. 6s.
Notes payable
Accounts payable...
5,897
Due to affil. cos.....
152,962
in progress._
Accrued unbilled
revenue
86,078
Materials & supplies
Deferred charges &
accounts
308,000
400,000
82,155
116,118
-
6,654
aAccounts & notes receivable
Merchandise & jobbing work
....
6,345
85,512
Accrued items.
Deferred liabilities.
prepaid
11,450
:.
104,414
Reserves
607,996
....
$6 cum. pref. stock
591,500
460,000
...
bCommon stock
39,881
92,753
Capital surplus
Earned surplus..
$5,252,6731
Total
a
After
42,500
April 15 announced that it
Washington, D. C. until 12 o'clock noon, Eastern Standard Time, on
April 23, 1936, for the purchase of all (but not less than all) of $17,460,000
Pennsylvania RR. 4% equipment trust, series F, certificates, due $485,000
on Jan. 15 and July 15 each year from July 15, 1936 to Jan. 15, 1954, both
Flood
$194,665
136,680
1,394
3,641
25,000
Prov. for retire. & replace, in lieu of deprec
Purchase
will receive sealed bids at the office of its treasurer, 1825 H Street, N. W.,
their maturity.
31,559
funded debt
on
Misc. interest (net)
Pro v. for Federal income tax
$193,755
$204,242
139,613
2,536
Other income.
Interest
"Cr652
21,421
64,432
Maintenance
to
-
7,166
24,176
18,260
68,728
case expenses
those for the year 1934, as the company
Preferred Dividend—
voting trust certificates
$465,084
153,650
6,464
22,728
expense
Net income
Peerless
$520,365
170,884
36,897
Cr2,560
revenue
Operation
Natural gas purchased
General expenses charged to construction
Provision for uncollectible accounts
to
1936
1935
Quar. End. Mar. 31—
Net
loss after deprec.,
interest, &c
xprof$85,070
$70,327
x Before Federal taxes.—V.
141, p. 3236.
$465,084
Manufactured gas
Amortization of rate
Co.—To Retire Preferred Stock—
The company has notified
retired
1934
$424,198
Operating revenues:
reserve
no par
...
....i...
$5,252,673
Total
for uncollectible accounts of $25,188.
b Represented by
shares.
Note—Cumulative dividends
on
Dec. 31,
preferred stock to
1935, not
declared and not reflected in the above balance sheet amounted to $108,500.
Petroleum Conversion
Chancellor
Josiah
O.
Corp.—To Issue Preferred Stock—
and stockholders of
Wolcott authorized directors
the company to take necessary steps to amend its charter to permit the
issuance of 6,000 shares of cumulative preferred stock of $100 par value.
The order was issued on the petition of John Biggs Jr., attorney for
Clarence A. Southerland and James C. Bennett, receivers for the corporation.
The receivers informed the court that the Alcorn Combustion Co. of
Philadelphia, contracted with C. F. Braun & Co., Inc., to purchase the
Braun claim against the Petroleum Corp. and was willing to accept the
129, p. 1458.
stock in settlement.—V.
,
Phillips-Jones Corp.—Earnings—
Damage Estimated at $12,500,000—Annual Meeting—
The cost of the recent floods in property damage to the Pennsylvania RR.
$8,500,000 exclusive of an additional loss of about $4,000,000
in traffic revenues, A. J. County, Vice-President of Finance, told stock¬
may amount to
holders at the annual meeting held April 14.
He said the company would
on means to deal with the flood costs when final figures were available.
Calendar
Net
Interstate Commerce Commission
suspending the tariffs for free collection and delivery of less-than-carload
freight which the railroads in the East were to have put into effect on April 1.
Commenting on recent refunding of Pennsylvania RR. bond issues at
lower interest rates, Mr. County said that a study was being made of the
opportunities for similar operations by companies in which the Pennsylvania
1934
1933
1932
$7,220,268
7,096,602
$5,903,084
5,671,589
$5,351,012
6,025,389
$116,266
11,087
$123,666
4,595
$231,494 loss$674,377
5,340
4,012
$127,353
23,046
$128,261
24,117
$236,834 loss$670,365
10,873
40,120
$104,307
82,145
$104,144
82,355
$225,961 loss$710,483
87,405
51,052
$22,162
Operating income.
decide
Mr. County deplored the action of the
1935
$7,271,464
7,155,198
$21,789
$138,556 def$761,535
85,000
$0.26
85,000
$0.26
Years—
sales
Cost of sales, exp., &c__
_.
Other income
in
was
interested.
The
stockholders
authorized
the
indebtedness by $75,000,000.
directors
to
increase
Peoples Drug Stores,
company's
has outstanding about
Inc.—Preferred Stock Called—
The company announced on April
14 that there has been drawn by lot
redemption on June 15, 1936, at $110 per share plus accrued dividends
to the redemption date, of $1.62^ per share, 10,000 shares of its 6*4%
cumulative convertible preferred stock.
Holders of drawn certificates are
Net income
Preferred
dividends
the
The company now
$1,120,000,000 of funded debt.
"The management does not
desire to make new issues of the com¬
pany's debt unless imperatively required, as they must earn enough to
pay the increased fixed charges, also any sinking fund, and ultimately
must provide for the payment of principal," Mr. County asserted.
Mr. County said that in the last year the company had replaced $60,000,000 of 15-year 63^% bonds with $50,000,000 of 4y2% and $50,000,000
of 40-year 5% bonds by $40,000,000 of 3M %, the difference between the old
and new issues being taken care of by treasury cash.
The road's VicePresident said that in the many sales, purchases and exchanges of securities,
a-large part of which were Government bonds, during the last year the
railroad had obtained the service and experience of 60 banking firms in
the transactions "on terms satisfactory to the company."
Mr. County pointed out that the company had $2.74 of assets for every
dollar of funded debt outstanding.—V. 142, p. 2335.
for
'
Total income
Interest
Surplus
Shares
...
of
common
out¬
standing (no par)
Earns, per share on com.
85,000
$1.63
85,000
Nil
Consolidated Balance Sheet Dec. 31
Assets—
a
Fixed
1935
assets
1934
$1,954,954 $1,929,543
will, &c
1
260,736
Cash
Accts. & notes rec.
Investments
Inventories
Sundry
notes
1,203,121
11,000
2,042,444
326,463
136,750
Total
a
stock.
Notes payable
750,000
Accts.
615,418
2,484
80,784
payable
Dep. on leases, &c.
Royalties pay., &c.
Accrued taxes
1934
$1,173,500 $1,176,500
2,000,000
2,000,000
750,000
433,796
3,914
52,250
19,160
26,450
20,536
1,273,586
1,256,190
Dividends payable
and
receiv.
Deferred charges..
accounts
1
290,185
1,006,335
c20,474
2,036,620
1935
Liabilities—
7% pref. stock
bCommon
Trade name, good¬
291,158
145,372
"...$5,935,469 $5,719,6901
on
pref. stock._
Surplus
Total
20,589
..$5,935,469 $5,719,690
After deducting depreciation of $1,121,307 in 1935 and $1,055,470 in
b Represented by 85,000 shares of no par value,
c Includes 1,000
1934.
shares of company's own common
stock valued at $9,474.—V. 142, p. 2513.
Financial
Volume 142
2681
Chronicle
Consolidated Balance Sheet Dec.31
Philadelphia Electric Co.—New Director—
1935
Samuel Lloyd Irving has been elected a director.—V. 142, p. 2000.
Phoenix
Securities
Corp.—Officers
Capital Reduced—New Director—
Contract
Voted—
Stockholders at their annual meeting held April 15 approved the proposed
contract of employment
for
of Wallace Groves, as President, and
The contracts provide for the pay¬
ment to each for the year beginning March 1, 1936, a salary of $25,000, and
of further compensation of an amount equal to 2)4% of any net profits
actually realized by the corporation during the year.
Reduction in capital of $22,231 by retirement of 22,231 shares of common
stock now held by the corporation also was approved.
John A. Stevenson,
Secretary, was elected a director to succeed Pierpont M. Hamilton, retired.
one year
Walter S. Mack Jr., Vice-President.
Interest
$107,246
7,865
2,282
marketable securities
Income from other investments and advances
__
Approx. mkt. val. of 20,000 shs. of com. stk. of South Coast
Corp., rec. as compensation for underwriting the reorgani¬
16,407,883
Mat'ls & suppl's
3,081,494
Advances, &c—
2,434,318
Deferred charges
1,282,217
rec.
rec.
on
13,633
1,594
previously written off (less collection fees)
from Caleph Corp. in excess of original
7,647
securities sold &, investments
liquidated
on
the basis
$875,630
..
warrants,
stock, retired
on
for the corporation's preferred &
-
_
999
14,141
48,507
_
bank loans
-
Operating expenses
Expenses in connection with acquisition of stock, solicitation of
proxies, & the annual stockholders' meeting of Standard
Investing Corp
Provision for Federal income tax for the six months ending
Feb. 29,1936
-
;
100,000
1936
Liabilities—
notes
rec.
Pittsburgh Coal Co. (& Subs.)—Earnings—
Calendar Years—
Payable for securs.
purchased..—__
1,387,436
63,782
prepd.,
80,893
11,378
&
13,858
int.
accrued
$7,004
60,899
9,399
Notes pay. to bks.
Prov. for Federal
974,757
Accounts
taxes
& otli. def. exps.
14,016
25,308
$5,129,764
366,116
$1,869,785
500,276
392,712
496.683
$4,504,525
154,228
$5,495,880
175,584
$2,262,497
57,520
1,177,005
x2,257,077
1,290,195
25,240
262",748
1.272.471
2.342,248
1.188,199
1,352,166
2,275,159
1,024,872
$2,266,956
149,763
47,302
C>9,481
1,451,260
2,450,465
1,060,506
$4,004,249
Other income
Total income
Prov. for bad debts
100,000
Loss
on
sale of cap. assets
263,600
263", 600
Interest
773,539
759,420
Depreciation
Depletion
stock
856,000
856,000
Capital surplus
5,429,296
3,943,593
$8,461,871
$5,839,017
and expense
88,461,871 85,839,017
Total
90,124
76,772
195,277
Crl2,222
81,608
212,955
86,402
51,271
39",267
Cr 273
$691,326
14,991,286
pf$146,304
14,175,952
$2,868,241
10.632,083
$2,882,579
5,936,578
Prov. for Fed. inc. tax__
Total
$1.770,273
Amortiz. of debt discount
83 convertible pref.
Common
1
/
1932
1933
Foreign exchange loss
income taxes
stock, series A__
_
1934
payable
Reserves
Furn. & fixtures, at
nominal value.
1935
$40,618,436 $36,587,698 $25,594,509 $24,729,143
36,614,187
31,457,934
23,724,725
22,958,870
Balance
83,780
& accrued liabils
«fe
receivable
accts.
Divs.
directors have declared a dividend of eight cents per share on the
stock, no par value, payable May 15 to holders, of record May 1.
Previously the company paid quarterly dividends of five cents per share.
In addition, an extra dividend of five cents was paid on
Nov. 1, 1935.
—V. 142, p. 1653.
1935
1936
8218,654
4,124,156
5,327,494
Invest. & advances
Ins.
1935
840,075
Mlscell.
Pitney-Bowes Postage Meter Co.—Larger Dividend—
common
Cost of sales & expense..
2,993,831
dividend of 25 cents per share in
142, p. 470.
Oper. income, &c_
Balance Sheet Feb. 28
_
extra
The New York Curb Exchange has approved the listing of 475,000 out¬
standing shares of common stock, no par, and will list 15,000 additional
shares of common stock, no par, upon notice of issuance.—Y. 142, p. 2513.
$566,688
Assets—
an
a
par
Phillips Packing Co., Inc.—Listing—
$682,717
116,029
_
Surplus
Securities owned.
to
no
The
29,265
-
Net profit
Dividends paid on preferred stock.
Cash
,
regular quarterly dividend of like amount on the capital
value, both payable June 1 to holders of record May 1.
Similar distributions were made on
Feb. 29 last and on Nov. 30, 1935.
715,361
TotalCost of purchase
common
;
The directors have declared
addition
stock,
—V.
of average cost
Interest
y
Extra Dividend—
cost of investment
Profit
174,487,773 169,454,990
Total
174,487,773 169,454,990
After depreciation and depletion
of $141,849,026 in 1935 and $136,624,Represented by 4,152,836 no par shares in 1935 and 4,153,235 in 1934.
2 Notes payable due July 1 1936, $5,000,000; serial notes due
Dec.
1
1936-43, $14,000,000; deferred purchase obligations due after
x
786 in 1934.
20,000
Amount received from P & W Creditors Corp. on account of
claim previously written off-
Recovery of acct,
Liquidation diVs.
5,774,118
oils
Dec. 31 1936. $1,945,221.
zation of South Coast Co
$
y
accts.
Total
marketable securities
on
on
&
receivable, &c.
Crude & refined
1934
$
Liabilities—
Capital stock. 119,955,533 119,955,563
26,393,309
136,992,626 Funded debt—z20,945,221
3,946,718
6,160,012 Accts. payable._
5,195,859
Notes payable..
75,000
2,522^669
4,149,444
5,259,153 Accrued items—
Insurance res've
999,425
1,000,000
509,189
108,184
14,506,680 Res. for conting.
3,097,141 Deferred purch.
354,107
oblig. (curr.).
642,047
2,099,434
598,917
1,339,944 Notes rec. dlsc'd
Deferred credits
454,640
462,448
Earned surplus. 21,954,036
13,721,113
Property, plant
& equipment. 137,258,621
Cash..
8,249,122
Earnings for the Six Months Ending Feb. 29,1936
Dividends
$
x
Notes
1935
1934
$
Assets—
Min. interest in subs
-V. 142, p. 2337.
Net loss
Phillips Petroleum Co.— Annual Report—
Earned deficit
Frank Phillips, President, says in part:
x
Includes amortization of patents.
Financial
Condition—'Company's financial position was substantially
improved.
Funded and long-term debt was reduced $5,448,088.
All of
the company's outstanding 5 H% gold debentures were called for redemp¬
tion; $5,991,000 on Juno 1 and $19,891,000 on Dec. 1, a total of $25,882,000.
Those retired on Dec. 1 were replaced by private loans in the amount of
$15,000,000 due over a period of approximately eight years, at interest
rates ranging from 1% to 3H%, and by $4,000,000 bank loans payable
during 1936.
Approximately $1,000,000 of treasury funds were also used.
The bank loans were reduced to $3,000,000 on Feb. 3 1936.
The increase in interest expense shown by the income statement was due
entirely to the redemption during the year of all outstanding debentures.
The call price premium of 1%, plus all unamortized discount applicable
thereto, was chargod to 1935 interest expense.
Interest charges for 1936,
based upon present indebtedness, will bo therefore approximately $1,200,000
less than for 1935—-a reduction equal to 29 cents per share.
In addition to the reduction of long-term debt and the increase of work¬
ing capital, expenditures for additions to properties, plants and equipment
amounted to $16,430,367.
These expenditures in effect replaced $10,940,132 of properties retired during the year and increased the company's
investment $5,490,234.
After deducting all retirements and losses, the investment in properties,
1934
1935
Assets—
$
Sk.fd.&reinv.fd.
Pension fund inv.
1935
Liabilities—
$
Coal lands
4,408,359
211,005
211,004
Workmen's
Miscell. liabil
608,155
430,672
677,089
1,723,062
6,558,271
5,616,195
1,721,737
8,521,394
5,277,332
153,744
2,620,670
1,492,659
Patents & patent
386,166
Deferred chrgs..
Market,
securs.
Inventory
Accts. & bills
rec
bills receivable
in whole or in part, oil and gas leases covering
1,219,258 acres which compared with 1,001,994 at the end of 1934.
Its
net interest in leases at the end of 1935 was 996,013 acres, of which approxi¬
mately 3)4% had been brought into oil production.
Refining—Company's three refineries are located at Borger, Texas,
Kansas City, Kan., and Okmulgee, Okla.
Crude runs to stills in 1935
totaled 13,178,853 barrels, an increase of 4.2% over 1934, yet gasoline
production increased 11%.
Total output of motor fuel, including natural
gasoline blended, was 11,779,267 barrels, compared with 10,778,380 bar¬
rels in 1934.
Lubricating oils showed a 14% increase in production for the
year.
The company's new chemical treating processes have effected reductions
cost and improvement in quality or motor fuels and lubricants.
The
expansion of polymerization operations has been notably successful in in¬
creasing the yield of high quality gasoline.
*
Consolidated Income Account for Calendar Years
1935
1934
1933
1932
Gross income---$92,748,873 $77,519,908 $62,782,542 $61,721,857
Oper. & gen. expenses.)
62,857,137
55,048,662
42,742,854
Intangible develop, cost2,367,340
Depletion & depreciation 12,938,702
Inventory adjustment--
2,243,322
12,980,606
3,193,154
16,522,030
Cr2,320,728
(39,678,614
I 1,242,089
2,287,086
15,549,733
621,192
$14,585,694
690,406
$7,247,318
81,576
$2,645,232
904,813
$2,343,143
1,017,159
$15,276,100
1,854,396
$7,328,894
1,571,586
$3,550,045
2,049,350
$3,360,302
2,584,536
Taxes
-1
Other income-
Total
144,218,8291
-..142,203,954
862,879
115,234
2,008,158
306,666
1,275,468
69,500
4,375
Total
1,496,528
53,482,819
14,175,952
Z>r319,767
142,203,954 144,218,829
Pittsburgh Screw & Bolt Corp.—Earnings—
1935
1934
$1,087,974
632,270
$1,349,279
617,196
$455,704
70,395
$732,083
48,486
$369,421 loss$313,893
66,235
86,849
$526,099
350,186
203,510
$780,569
306,634
210,238
35,000
$435,656 loss$227,044
310,286
308,949
212,015
215,086
Calendar Years—
Gross profit
Admin. & selling exps—
Operating income
Other income
Total income
$13,421,703
.
.
$5,757,308
4,153,008
$1,500,695
$775,766
5,188,780
Interest
Prov. for Federal taxes,_
$8,232,923
$1,604,300
$1,500,695
$775,766
standing (no par).
.
4,152,836
4,153,235
4,154,687
4,153,104
$3.23
$1.38
$0.37
$0.18
18", 406
Other deductions
1933
$951,115
581,694
1932
$298,213
612,106
57,055
48,601
$46,004
Net loss
pf$228,696
$143,700
$799,680
Nil
$0.16
Nil
Nil
Earnings per share on
capital stock (no par)
-
Balance Sheet Dec. 31
1935
Assets—
aLand, bldgs., ma¬
chinery & equip. 4,417,160
Cash
963,627
Accts. & notes
rec.
after reserves.._
Miscell. accts.
rec.
Due from empl's..
Marketable
secur.
Inventories
;
Patents
charges.
51,254
54,418
1,066,067
1,663,047
31,031
53,138
Liabilities—
1934
b
1935
1934
Capital stock
$1,500,000 $1,500,000
3,520,000
3,758,000
Accounts payable.
224,680
158,376
Accrued interest—
16,133
17,224
239,879 Accrued taxes
84,651
102,688
25,718 Accrued payrolls..
58,923
35,117
47,337 Misc. current liab.
35,262
19,310
1,019,610 Paid-in surplus
3,858,161
3,858,160
243,804
192,000 Earned surplus
408,090
1,445,169 Treasury stock
Dr826,914 Dt-826,914
48,265
50,927
4,647,791
1,149,069
Funded debt
$8,878,987 $8,865,766
Total
After
389,443
189,800
Investments
Total
$8,878,987 $8,865,766
depreciation of $2,890,995 in 1935 and $2,579,019
by 1,500,000 no par shares.—V. 141, p. 3082.
in
1934.
b Represented
Plaza
.
-
Depreciation
a
income
Bills payable
Bills
pay.
not
a After
depletion,
b After depreciation of $24,202,179 in 1935 and
$22,349,653 in 1934.
c Dividends have accumulated on pref. stock from
Jan. 25, 1926.
d Represented.by 529 shares of pref. and 2,668 shares of
common.-—V. 142, p. 1827.
Deferred
Net
Pension fund
recovery.
The company owned,
in
1,205,563
corn-
Mtg. due in 1936
Capital surplus- 53,482,814
Deficit
14,991,286
Treasury stock. Dr319,767
of
ultimate
1,157,423
523,553
904,014
107,609
1,993,334
payroll
Workmen's
current
are now
and
182,141
taxes
Accrued
670,559
155,410
666,327
&
Accts. payable._
Bds. due in 1936
been deducted from earnings, and retirements and losses have been charged
to expense on the basis of this cost.
Reserves for depreciation and depletion
tion
int.
pen. claims
143,412
i
$141,849,026, and are equivalent to approximately 51% of the total
the property investment.
Proposed expenditures for properties
are presented to the management for approval only after thorough analysis
of each proposition by an appropriately qualified committee, particular
attention being given to yield and rate of return of investment.
Oil Production— In 1935 proration of oil production by State conservation
authorities continued to rostrict the output of the company's most impor¬
tant properties, yet gross production for the year was 32,126,141 barrels,
compared with 27,779,365 barrels in 1934.
Net production was 20,058,704
barrels, equal to 54,955 barrels per day, compared with 18,353,192 barrels,
or 50,283 barrels per day, in 1934.
During the year 193 wells were com¬
pleted, of which 142 produced oil, 16 were gas wells and 35 dry holes.
At
the end of the year 3,162 oil wells were producing and 133 wells were being
used for intake purposes in repressuring old properties to increase produc¬
Accrued
Miscell. accts. &
Cash
$
35,000,000
40,000,000
21,315,000
243,286
2,159,113
com¬
pensation ad j.
development.
1934
$
95,630,710 c Pref. stock
35,000,000
23,271,591 Common stock- 40,000,000
1,953,190 Bonds
19,545,000
448,232 Insurance fund.
240,894
4,439,805 Min. int. in subs
2,055,889
94,391,407
b Plant & equip. 23,157,470
Inv.in stks.&bds
1,953,581
Mortgage rec.._
415,868
a
Slants and equipment, amounting to $279,107,646 at the end of the year,
reflected in the balance sheet at cost.
Depreciation and depletion have
cost
^
Consolidated Balance Sheet Dec. 31
Operating Co.—Earnings—
3 Months Ended March 31—
Net loss
x
Company and subsidiary.—V.
1936
$36,872
140,
p.
3905.
1935
x$138,766
Financial
2682
Pittsburgh & Lake Erie RR.—Earnings-—
1936—Month—1935
Railway oper. revenues. $1,528,297
$1,268,750
Railway oper. expenses.
1,214,693
1,012,468
Railway tax accruals—
127,515
105,325
1936—2 Mos.—1935
!,912,042
$2,451,566
2,470,999
2,007,596
233,875
203,864
Period End. Feb. 29—
.
Chronicle
177,596
Net oper. income-
Total income
Fixed charges
_
..
Net income*
-
$302,959
41,850
$554,944
31,345
$550,180
86,966
$344,809
54,461
43,857
$586,289
95,340
15,824
$637,146
105,320
91,789
$301,640
Miscell. deductions
308,074
$377,726
68,560
7,526
-
347,776
$363,685
14,041
_
__
Other income.-
152,002
$246,491
$475,125
$440,037
positors of bonds of this issue approximately $65 in cash for each $100 in
principal amount of deposited bonds of this issue.
Such distribution will be
5% distribution made to depositors pursuant to the com¬
mittee's notice dated June 11, 1935.—V. 142, p. 1828.
Pond
Calendar
& sub.
x
1934
1933
1932
$3,208,389
515,583,146
Amort,
of loan
423.366
425,930
66,066
2,097
exp.—
Cost of drilling non-prod.
and abandoned wells.
1,699,615
318,504
423,216
80,143
2,249,416
237,503
77,544
20,371
127,706
Int. &
141
6,914
74.156
13.689
8990,608
Net
earnings
applic. to minor.
stk.of Big Lake Oil Co.
Earnings applic. to Ply¬
$1,006,326
$251,321
$2,306,582
Earns,
336,065
254,552
203,722
670,261
736,056
639,574
47,598
1,667,008
$0.70
K
$0.64
1
$0.05
.1 1,794,500
990,608
$1.58
1933
$4,785,108
555,000
262,500
by Big Lake Oil Co
Divs. pd. by Ply. Oil
Stock dividend
Co.
Add'l
174,230
75,934
146,977
$402,990
338,305
$552,906
$231,381
$218,380
169,742
$2.37
141,950
$3.90
126.404
126,404
$1.73
stk. out¬
standing (no par)_
Earns. per share
Includes
reserve
sales
of
$1.83
for Federal income taxes of $50,000 in 1935 and $86,000
1933 and $30,000 in 1932.
in 1934. $33,500 in
y
After deducting cost of
$3,101,293.
Balance Sheet Dec. 31
Liabilities—
1934
1935
Coal lands, mines
develop.,
y
plant
debs,
Cash
hands
in
for
trustee
May
Accts. & drafts pay
of
Accrd.
7%
145
debs
Cash
payrolls
80,728
77,229
53,168
84,871
30,147
92,565
70,885
20,000
1,720,338
1,655,653
taxes.
income taxes
less re¬
Dividend payable.
for doubt¬
1,126,273
289,911
531,996
271,541
715
Res. for contings—
915
67,749
Inventories
471,300
161,551
131,841
&
Reserve for Federal
935,405
413,016
serve
due
1, 1935
$2,724,127 $2,807,221
equipment
1934
1935
Capital stock...$2,520,700 $2,057,500
7%
conv.
10-yr.
construction and
Deferred charges.
1932
$5,122,315
251,321
8,830
$4,470,304
$5,970,980
$5,382,465
$6,838,122
$4,937,715
1,006,326
_
Total surplus
Divs. paid to minor, int.
70,377
cap.
59,460
.
$4,621,794 $4,606,683
Total
Q-U
26,939
Years—
Divs. from treas. stock.
of
at estd. value.-_
Surplus Account
Calendar
61,620
175,208
Earned surplus
Miscell. investm'ts
1
Previous surplus.
Earns, for yr. (as above)
118,187
9,340
191,717
on gold debs
bk.dep.,&c.
Res. for deprec. & deple.
ful accounts--.-
Earns, per sh. on 1,050,000 shs. of Plymouth
Oil Co. st/ock
$559,478
126,264
chges.
Accts. rec.,
mouth Oil Co...
$602,252
240,109
less int.on
Assets—
259,415
34,044
121,528
2,256
_
$1,029,843
190,749
445,213
71 .386
sale cap. assets.
Federal income tax
on
y$794,796
—_
135,191
5,555
27,214
10,362
166,108
Leases surrendered
1,504,993
incl. sundry taxes
x
29,919
3,239
83,419
Intangible drilling costs.
Loss
1,741,238
401,876
424,267
71,650
1,712,939
Interest...
1,431,045
from coal &
co.
miscell. operations
<fc gen. exps.,
x
___
1932
1933
1934
1,563,084
1935
Net profit for the year
$3,945,276
Co.—Earnings-
1,552,346
Admin.
Shs.
1935
Royalty, oper., admin.
& general expenses
Depletion.
Depreciation
Pocahontas
Coal produced (tons)
Total earns, of the main.
Dividends
$ 1,811,225
Years—
Gross earnings.
Creek
Calendar Years—
Credit.—V. 142, p. 2337.
Plymouth Oil Co, (& Subs.)—Earnings—
1936
in addition to the
Uncoil, ry. revenues
Equip. & jt. facil. rents *
April 18,
475,000
787,500
2,306,582
61,234
175,000
262,500
650,000
1,050,000
x
—$4,621,794 S4,606,683
Total—
1934.
y Repre¬
shares in 1935 and 141,950 no par shares in 1934.
After reserves of $1,440,757 in 1935 and $1,249,0.39 in
sented by 169,742 no par
Coal
Output for Month—
-
100,721
-
116,772
110,812
141,264
140,532
122,975
118,586
158,677
March
1934
1935
1936
156,017
January..
February
tax
Fed.
prior
income
32,744
years
7,250
15,807
Additional royalties pd.,
prior
W.
S.
-
Postal
$3,928,539
$4,937,715
$5,122,315
Hallanan, President, says in part:
15, 1935, the company arranged for a loan of $2,500,000 at the
2170.
Earnings—
1936—2 Mos'.—1935
1936—Months-1935
15,000
41,667
def$66,622
def$67,3S2
225,357
$292,739
$3,406,232
3,348,016
30,000
83,333
15.000
234,896
_
$1,641,083
1,651,038
$250,292
_
$1,741,707
1,711,811
7,500
40,000
def$15,396
Teleg. & cable oper. exp.
Uncoil. oper. revenues
Taxes assign. to oper
$3,575,026
3,457,428
def$17,603
2,207
Teleg. & cable oper. rev.
$3,794,500
V. 142,p.
Telegraph Land Line System
Period End. Feb. 29—
6,325
periods
Balance.
-
Note—Above figures in net tons.
913,980
80,000
On Oct.
was
Oper. income.-.
made the company availed itself of $1,500,000, of which amount $1,000,000
was used to retire the then outstanding bank loans and private loans and
Nonoper. income.
Guaranty Trust Co. of New York.
At the time such arrangement
$500,000 was used in the development of the company's new field in San
Patricio County,"Tex.
The balance of the amount arranged for, or $1,000,000, is available until July 1, 1936, and will be used only in the event it is
needed for expansion of the company's development program.
During the
period Jan. 1, 1935, to Oct. 15, 1935, $100,000 of notes outstanding were
retired out of earnings.
Under the loan agreement dated Oct. 15, 1935, the notes are payable in
33 instalments aggregating $45,000 each maturing on the first day of
each month during the period Dec. 1, 1935, to Aug. 1, 1938, and one final
instalment aggregating $15,000 maturing Sept. 1, 1938.
Interest thereon
is payable monthly at the rate of 4H% Per annum.
In addition to the
special reserve fund of $7,500 held by the trustee at Jan. 1, 1936. 300,000
shares of the Big Lake Oil Co.'s capital stock were held as security by the
trustee in accordance with the terms of the loan agreement.
Ass
1935
Crude
Liabilities—
559,214
480,040
Gasoline
_
636,551
378,091
Notes
3,112
572
1,386
193,768
_
153,285
42,788
Other curr. assets.
Leases, develop.
equipment
6,626,095
&
42,982
Co.
stk.
Excess
carried
par val._
Other curr. liabils.
726,671
195,012
915,000
700,000
term
-
41,483
400,000
notes
payable
•—
Reserve
209,224
208,272
78,134
for
74,077
insur¬
1
1
2,250,000
2,250,000
co.
not
held
by
Plymouth Oil Co 1,000,000
Cap. stk. outst'g.. 5,250,000
payments in
addition thereto
458,080
458,080
Donated surplus..
Loring Oil Co. stk.
743,050
743,050
1,000,000
Earned surplus:
Loring
Oil
notes & accts.rec
155,154
137,470
287,500
287,500
San
Angelo
Bank
Cosden
3,500
3,500
bonds
company
due
621,718
3,617,036
3,172,781
Corp.
30,383
30,383
Deferred charges__
4,500
918,481
891,570
Spec, reserve fund
7,500
—
Mortgage receiv__
4,500
12.115,8471
Total-
12,729,545 12,115,847
Of Plymouth Oil Co.'s capital stock over the par value of the capital
stock of Big Lake Co. and oil and gas leases for which such Plymouth
x
was
issued,
y After reserves
for depletion and depreciation
$8,456,234 in 1935 and $7,690,460 in 1934.—V. 142, p. 1301.
stock
Ponce de Leon
of
Apartments, Miami, Fla.—Distribution—
The real estate bondholders protective committee (George E. Roosevelt,
Chairman) in a notice dated April 10 to depositors of 1st mtge. 6}4% serial
coupon gold bonds of Ponce de Leon Apartments, Inc., states in part:
"The committee, on March 3, 1936, requested depositors to indicate to
the committee their preference as between the acceptance of an offer for
tne purchase of the Oonce de Leon Hotel property for $240,000 in cash, free
of brokerage commission, or the rejection of such offer and, in lieu thereof,
the distribution to depositors of new securities.
Responses were received
from the holders of certificates of deposit representing approximately 79 %
in principal amount of the deposited bonds, and a majority of those who
responded expressed a preference for the acceptance of the offer to purchase
the property.
Accordingly, subject to the approval of Charles E. Hughes
Jr., arbiter, as provided in the deposit agreement, the committee caused
Ponce de Leon Hotel Corp., the corporatiion which holds title to the Ponce
de Leon Hotel property for the benefit of depositors, to enter into an agree¬
ment, dated March 24, 1936, with Florida de Leon Hotel Co., Inc., for the
sale of the property for $240,000 in cash, from which no real estate brokerage
commission will be payable.
"From the proceeds of the sale of the property and of the operation of the
property there will be paid the expenses and disbursements of the committee
with respect to this issue.
From such funds there will also be paid, subject
to the approval of tne arbiter after a hearing upon notice to depositors as
provided in the deposit agreement, the compensation of the committee and
the fees of its counsel.
The balance of such funds will be distributed to
depositors.
"In the event that the agreement is consummated it is expected that the
closing thereunder will take place on or about Aug. 15, 1936, and that the
committee will be in a position shortly thereafter to distribute to all de¬
$506,311
—V. 142, p. 2001.
Potrero
See list
Sugar Co.—Registers with SEC-—
given on first page of this department .—V. 142, p. 1301.
Powdrell & Alexander Co., Inc.—Extra Dividend—
The
directors have declared
a
regular quarterly dividend of 37
cents
share in addition to an extra dividend of 12)4 cents per share on the
stock, no par value, both payable June 15 to holders of record
June 1.
The regular quarterly dividend was increased from 25 cents to
per
common
See V. 142, p. 966
Co.—Refunding Proposed
The refunding of mortgage bonds of the company, when it can
be done to
advantage of the company, was recommended to the board of directors by
a
resolution offered to the annual stockholders' neeting by Howard S.
Cullman, a director.
James B. Taylor, senior partner in Taylor, Bates &
Co., members of the New York Stock Exchange, previously had recom¬
that the company write-down its investments in Congrass Cigar
Co., Waitt cSi Bond, goodwill, and capital investment.
He also suggested a
change in the present "onerous" sinking fund requirements on the mortage
bonds which now call for retirement of $585,000 par value of the bonds
Price Brothers &
Co., Ltd.—Payment of $1,253 for Each
$1,000 Bond to Be Made April 21—
Holders of first
mortgage 6%
bonds will be entitled to receive $1,253
by the bondholders' protective committee, of which W. Eugene
McGregor is Chairman.
The payment, which is scheduled to be made on April 21, will represent
the $1,000 principal amount of each bond and $253 in interest accrued since
Feb. 1, 1932 when the company defaulted on interest payments.
Holders
of undeposited bonds have been offered the opportunity to sell their holdings
for cash on the same basis provided for depositors with the committee.
Whiting, Weeks & Knowles, Inc., of 36 Federal St., Boston, are offering
their services in the collection of the bond payments.—V. 142, p. 1482.
Procter & Gamble
Total.--- —-.-12,729,545
$441,286
def409
ment
311,503
con¬
solidated COS..
Nat'l
stock
Oil
Amt.
468,627
def$55,526
450,785
(Canadian funds) for each $1,000 bond upon consummation of an agreement
for the sale of all deposited bonds to Pacona, Ltd., according to an announce¬
stockholders of
sub.
Republic Oil Ref'g
Co. stock 1
452,502
5,250,000
452,502
Amt. due minor,
Co.—
$27,341
annually.—V. 142, p. 2337.
Cap. stock of sub.
Cash
def$55.117
mended
Reserve for Federal
ance
at nominal value
x
169,476
Long
_
Net deficit
Porto Rican American Tobacco
payable.
payable
income tax
6,053,901
Reagan Co. Purch.
1935
$
Accounts
9,402
oil
Mat'ls & supplies.
y
1936
S
$
s—
Cash
Notes & accts. rec.
Deductions
_.
$22,598
4,743
37Yi cents per share with the March 16, 1936 payment.
for detailed dividend record.—V. 142, p. 1301.
Consolidated Balance Sheet Jan. 1
1936
Gross income-
def760
Co.—Acquisition—
The company has through its Dayton subsidiary the Hewitt Soap Co.,
Inc., acquired the major part of the business and assets of the Cincinnati
Soap Co., a privately owned manufacturer of bulk and private label soaps.
The purchase price is understood to be less than $500,000.
Cincinnati Soap Co., the plant of which is in Dayton, in addition to having
a large contract business with chain stores and other large outlets, manu¬
factures a soap competivitve with Lever Bros. Co.'s "Lifebuoy."
Officials
of the acquired company will continue in business as the Grandpa Soap Co.,
making a pine tar soap carrying that name.—V. 142, p. 1132.
Prudence Bonds Corp .—Committee to
A
the
Oppose Plan—
bondholders' reorganization committee has been organized to oppose
plan of reorganization for the first mortgage collateral bonds of the
Sixth
Series.
Judge Inch of the Federal Court in Brooklyn granted the committee's
application permitting the mailing of a communication to all bondholuers.
This letter was mailed with the Court's permission to request proxies
from
bondholders.
The committee consists of Adam Metz (Pres., Bakers' Mutual Insurance
Co.), New York; Charles S. Oakley (Cross & Brown Co.), and Edward W.
Smith (Vice-Pres., Clinton Trust Co.)
Counsel for the committee are
Rabenold & Scribner and Mark Hyman, with Tracy A. Williams, Sec.,
150 Broadway, New York.
The corporation recently proposed a plan reducing the interest rate from
514 % to 3 )4 % cumulative plus an additional 1 %, if earne
The plan
also places control in the hands of a new board of directors upon which all
Prudence bondholders will have only a minority representation.
The
Corporation also expects to receive an annual servicing charge of
of 1 %
of the principal outstanding for the next 10 or 15 years.
According to the committee there are $3,120,998 of the bonds out,
standing of which Prudence Co. owns $311,200.
Earnings for 1935, it
was brought out in court, were at the rate of 4^
% on the bonds outstand¬
ing in the hands of the public.
Funds on hand together with payments to be received should total,
on July
1, 1936 about $700,000 and may total up to $950,000.
These
_
.
Volume 142
funds
are
the public.
The committee
should
these
Financial
equivalent to from 25%
be
made
bonds
feels that
out
promptly.
be
should
to 35%
of these
of the bonds in the hands of
funds
a
substantial distribution
to
a
the pledged security for
separate corporation, controlled
has
been
elected
Dale, who resigned.—V. 140,
p.
director,
a
succeeding W,
3227.
Public Service Co. of New
Marshall
Hampshire—Earnings—
Operating
1936—Month—1935
$388,289
$386,244
258,827
250,029
expenses
Net operating income.
$129,462
2,262
Non-oper. income—net.
1936—12 Mos.—1935
$4,938,825
3,129,271
$5,030,514
3,189,707
$1,809,554
38,055
$136,215
1,674
Petroleum
Rose's
f
[Including Manchester Street Ry.]
Period End. Mar. 31—
Gross oper. revenue....
Root
Co.—Earnings—
3 Months Ended March 31—
Net profit after
1936
deprec., deple. & est. Fed. inc. tax
shs. common stock..
1936
$257,051
29.5,556
308,669
January.
February
March
Nil
1935
$213,387
241,914
295,556
"
The company had 89 units in operation in March
$1,840,807
loss$5,849
5, 10 & 25 Cent Stores, Inc.- -Sales-
Month of—
ago—V.
1935
$138,893
$0.38
Earns, per sh. on 336,045
—V. 142, p. 2002.
Public Service Co. of Indiana—New Director—
Stewart
2683
24, July 20 and May 20, 1933, prior to which no dividends had been dis¬
tributed on this issue since April 1, 1932, when a regular quarterly divi¬
dend of $2 per share was paid.—V. 141, p. 4023.
They believe that
transferred
solely by bondholders and that the servicing of the mortgages should be
done by the Trustee, The Central Hanover Bank & Trust Co.—V.
141,
P. 4023.
William
Chronicle
142,
1934
$186,008
199,429
237,261
against 77
as
a
year
1830.
p.
Russeks Fifth
Avenue, Inc.—Earnings—
42,331
Earnings for Year Ended Feb. 1, 1936
_
Gross income
$131,724
Deductions
Net
$137,889
$1,847,609
68,152
70,007
904,876
...
$1,883,138
836,581
Net sales.
...$4,343,730
operating, general & administrative
depreciation and bad debts
4,098,454
Cost of goods sold; selling,
expenses,
income.
$63,572
45,359
Pref. dxv. requirements.
$67,882
45,278
$942,733
$1,046,557
544,401
544,313
Definitive Bonds Ready—
The
Chase National Bank'of the
definitive first mortgage
City of New York announced that
3%% bonds, series "D," due Nov. 1, 1960, are
now available for
delivery in exchange for temporary bonds at its Corporate
Trust Division, 11 Broad
Street, or at the office of the Old Colony Trust
Co., Trustee, Boston, Mass.—V. 142, p. 2338.
Public Service Co. of Northern
Illinois—-Transfer Agent
The Utilities Stock Transfer
Co., 72 West Adams Street,
has been appointed transfer
agent for the 6% preferred stock.
stock, $60 par value common stock and common
effective April 1, 1936—V. 142, p. 2001.
Pullman
Car
$4,325,744
3,999,243
$259,440
39,388
14,164
Net profit
Balance Feb. 2, 1935
Balance. Feb.
Earns, per share
$220,051
1,095,149
1, 1936..
125,000 shs. cap. stock (par $5)
1936—2 Mos.—1935
$3,702,143
4,010,735
$9,361,075
8,060,030
$7,933,231
7,990,890
revenue-
Liabilities-
$405,394
doubtful accounts)
Miscellnaeous receivables
Inventory
566,754
10,203
346,768
....
Investment in affiliate (at book
$326,501 def$308,592
def$57,658
$174,197
142,547
Total expensesNet revenue
$290,679
242,920
285,664
$68,732
$47,759
def$9,899
272,888
$1,369,776
493,913
Others
&
store
fixtures
$134,737 def$372,088
assets
-V.
making
a
ferred shares.
total amount applied for 282,997 of 6% cumulative pre¬
1
$2,337,172
Director
F.
Resigns—
Burdell,
a
I
director
of this company for 22 years,
He was succeeded by John H.
McCoy.—V.
142, p. 2170.
Quebec Power Co.—Earnings—
3 Mos. End. Mar. 31—
1936
'
1935
Gross revenue.
1936—Month—1935
Raihvay oper. revenues
Railway oper. expenses
Railway tax accruals
$249,069
256,736
12,710
int.
1933
$918,452
$972,823
685,771
701,278
707,115
735,890
$265,108
$217,173
$265,707
$233,042
*
& inc. tax
Radio
The
.....
1483.
Corporation of America.—Listing—
New
York Stock Exchange has authorized the listing of
920,277
$3.50 cumulative convertible first preferred stock (no par) and
5,368,279 additional shares of common stock (no par), making the total
of shares of common stock authorized to be listed
18,498,591 shares.
See
also V. 142, p. 2514.
shares
.6,848
10,326
$13,790
3,733
$48,735
14,391
$52,025
8,417
$6,836
1,143
34,398
$10,057
1,047
34,615
$34,344
1,484
68,783
$43,608
1,446
69,232
$42,377
$45,719
$104,611
$114,286
of
Class A Stock Called for Redemption—
The company has purchased a controlling stock interest in Piggly
Wiggly
(Canadian), Ltd., which brings its chain of stores in Canada to 255, or
76 more than at this time a year ago. Last year, the company also purchased
53 stores in Oklahoma from Kroger Grocery & Baking and a considerable
number of outlets of the Public Food Stores of California, and after mis¬
cellaneous closings due to various normal reasons incident to the operation
of a major chain store system, ended the year with 3,405
stores, or 204
more
than at the end of 1934.
Income Account for
redemption on July 1 all its outstanding
and accrued dividends to the redemption
$55.87H a share.
The full redemption price of $27,689,000 has
deposited with the Bankers Trust Co.
Transfers of the stock will be
or
on
Operating expense
Depreciation
the company's books up to the close of business on June
30, but
Certificates for
class
new
first preferred stock and for
common
stock exchange¬
Railway Equipment & Realty Co., Ltd.—Underwriters
The
company has
the Securities
filed
amendment
to its registration statement
covering $3,500,000 4}4% equipment
mortgage bonds, due March 1, 1946. The price to the underwriters will be
97 and to the public 100, not including accrued int. from March 1.
Net
proceeds to the issuer will be $3,395,000.
Underwriters and allotments are given as follows:
Blyth & Co., Inc.,
$1,200,000; Dean Witter & Co., $900,000; Weeden & Co., $900,000; J.
Barth & Co., $250,000, and William Cavalier &
Co., $250,000.—V. 142,
p. 2515.
Reed
Roller
Act
Bit
an
of
Operating income
Co.—Listing—
The New York Curb Exchange has admitted to "when issued"
dealing
new common stock, no par, "when, as and if issued" on the basis of
stock for each share of the presently outstand¬
The Exchange will also list 630,000 shares of new com¬
mon stock, no par, in lieu of 210,000 shares of old common
stock, no par,
upon notice of issuance.—V. 142, p. 2001.
ing
new common
the
an
initial
6% preferred B stock
record April 15—V. 142, p. 1830.
par
quarterly dividend of 15 cents per
$10, payable May 1 to holders of
Republic Steel Corp.—Acquisition—
The company has acquired all the stocks and bonds of Niles Steel Products
of Niles,
Ohio, and will operate it as a wholly-owned subsidiary.
Republic for some time has owned a substantial interest in the concern. No
Co.
changes of personnel at the Niles plant are expected to be made as
of the deal. About 450 men are employed there.—V. 142, p. 2171.
a
result
Reynolds Spring Co.—New Director—
Arthur
B.
$4,777,464
4,465,690
340.147
Total income
Interest, &c
taxes, &c
;
Adjust, of assets of Can.
4,791,982
238,670
4,894,181
212,326
698,930
686,485
116.717
$4,965,987
126,055
Lawrence has been elected
a
director.—V.
142,
p.
5,092,042
200,138
574,671
Minority interest
Prov. for probable
493,817
0282,452
subsidiaires
Crl42,141
16,839
loss
due to closed banks
100,000
Net income
$3,409,775
Preferred dividends
956,869
Common divs. (cash)—
1,997,252
Prem. on pref. stock red.
.
Surplus
Previous surplus
Adjustments
$455,654
$3,866,827
982,274
2,396,545
150,000
$4,289,635
1,003,212
2,397,709
11,843
$4,390,227
1,016,261
3,597,571
8,937,278
$488,008
8,449,270
>,392,932
$8,937,278
$8,449,270
$7,570,952
$3.07
$3.61
[.11
$4.22
$876,872 def$223,605
7,570,952
7,794,557
Crl ,445
Profit & loss surplus.
Earns, per sh. on average
_
amount shs. outstand¬
ing during year.
Consolidated Balance Sheet Dec. 31
Republic Investors Fund, Inc.—Initial Pref. B Div.—
The directors have declared
on
$4,696,158
95,824
Prov. for Federal & Can.
common stock.
share
1932
$4,389,344
76,346
Other income
1933
the
three shares of
1933
$
B
preferred stock of the corporation under the plan of re¬
capitalization approved by stockholders and declared effective by directors
on April 7
(see last -week's "Chronicle," page 2514) will be available for
issuance about April lb, until which time deposit
receipts will be issued for
all B stock deposited under the
plan.
The time for deposits has been
extended to May 1.—V. 142, p. 2514.
under
flncl. Subs.)
1934
294,697,600 242,966,383 220,156,842 229,173,4k*
236,124,248 189,920,910 170,911,280 178,862,849
50,941,276
45,519,243
41,738,798
42,800,362
3,242,732
2,830,071
2,729,299
2.544,270
Cost of sales
not thereafter.
able for
Calendar Years
1935
Sales
The company has called for
class A preferred stock at 110
made
_
'
Credit—V. 142, p. 2515.
City of New York has been appointed
registrar for the $3.50 cumulative convertible first, preferred stock.
been
deductions.
charges
The Chase National Bank of the
date,
28,743
4",399
Safeway Stores, Inc.—Acquisition—
Surplus before deprec.
—V. 142, p.
514,064
$17,529
10,693
Net deficit
fixed charges
$490,456
~2~848
.Total deficit
$968,934
exch.
&
payments
$489,825
519,715
25,696
~
Net ry. oper. deficit
Other income
Fixed
1936—2 Mos. -1935
$238,490
237,129
19,550
Uncollect, ry. revenues
Miscellaneous
1934
$2,337,172
RR.—Earnings—
Period End. Feb. 29
_
$950,879
Oper. exp., taxes,
on
has resigned.
Total.
142, p. 968.
Equip. & joint facil. rents*
W.
625,000
1,315,200
5,952
12,001
_
Rutland
Co.—Listing—
The New York Stock Exchange has authorized the
listing of 112,997
additional 6% cumulative preferred shares ($100
par), upon official notice
of issuance, pursuant to the
plan of recapitalization dated Jan. 13, 1936,
which contained an exchange offer to the
preferred shareholders of the com¬
pany,
Capital stock ($5 par)-...—_
Surplus.—
518,401
2,073
...
Goodwill
$875,863 def$282,7S8
—V. 142, p. 2001.
Pure Oil
Res. for inc. & other taxes.
$312,024
8,335
22,791
53,821
&
Total
Operating income....
......
r
equip, (less res. for dprec.).
Supplies and postage
Prepaid insurance and taxes..
$135,764
" 116,319
$31,649
$19,445
$358,150 def$289,146
223,413
82,941
Total net revenue
Taxes accrued
payable
Customers' deposits & credits.
Accrued liabilities
Building addition, fur storage
$354,396
vaults
revenues
Accounts
469,622
$1,301,044
Auxiliary Oper.—
Total
—
Balance Sheet Feb. 1, 1936
hand.._
on
value)
Net
1,315,200
$1.76
-
on
Due from cust. (less reserve for
Oper.—
Total revenues
Total expenses
Total income for the year
Reserved for income taxes
Assets—
1936—Month—1935
—
$245,275
Cash in banks and
Co.—Earnings—
Period End. Feb. 29—
Sleeping
Chicago, 111.,
7% preferred
stock without par value,
-
Net operating income
Miscellaneous other income
1935
Assets—
1934
S
Real est., lease¬
holds, &c
21,649,555 20,417,655
Cash
4,486,923
4,429,264
Accts. ree'd
1,601,781
2,502,147
State, county, &c.,
warrants1,295,739
1,366,611
Sundry accts. rec.
307,263
464,592
Inventories
27,932,754 22,532,443
Prepd. exp. & chgs.
499,280
582,514
Invest. & advances
607,479
560,892
Bal. in closed bks.
56,332
54,037
y
1935
Liabilities-—
$
Res. for in. adjt__
Bank notes pay
Min. int. in sub..
Accounts
pay.
Fed. tax res., &c_.
Rock wood & Co.—$2 Accumulation Dividend—
S
Treasury
350,000
4,500,000
497,939
350,000
7,579,245
4,581,629
&
accr'd liabilities.
State sales tax
Divs. payable
1656.
1934
7% pref.stock.... 8,698,600
9,064,800
6% pref. stock
5,627,400
5,678,400
x Common stock..
9,795,648
9,795,648
Paid in surplus
11,388,601 11,622,245
Earned surplus
9,392,932
8,937,277
stock—
174,005
635,707
762,921
Dr31,174
365,017
843,006
740,303
Dr2,891
The company paid a dividend of $2 per share on account of accumula¬
tions
on
the
8%
cum.
pref. stock, par $100, on March 31
record March
to
holders of
20.
Similar distributions were made on Dec. 31, Sept. 30,
July 1 and Feb. 20, 1935, Oct. 20, April 20 and Feb. 20, 1934, and on Nov.
Total
59,371,824 51,975,436
Total
59,371,824 51,975,436
x Represented by 798,984 no par shares,
y After deducting depreciation
of $15,097,482 in 1935 and $13,065,185 in 1934.—Y. 142, p. 2515.
Financial
2684
St. Louis Southwestern
—First
Period—
1936
1935
$4,871,553
$4,168,489
1935
$322,093
$360,800
—V. 142, p. 2516.
Salt Lake & Utah
RR.—Earnings—
the sale of certain amounts of the preferred stock.
Options—Nat E. Heit and Harry Preston have reserved, out of their
upon
$482,353
316,099
.......
$420,576
309,976
$166,254
Total operating expenses.
Net operating income.
$110,599
5,487
1,221
$171,741
35,318
$111,820
$136,422
57,168
47,612
$79,254
29,993
350
Net before taxes.
Taxes.
$27,206
personal holdings, 50,000 shares of the common stock for the performance
of option agreements.
By the terms of these agreements, providing C. i>.
Ewart & Co., Inc., purchase the 35,000 shares of preferred stock at the times
and price specified in the underwriting agreement, C. B. Ewart & Co.,
Inc., is to receive options to purchase 40,000 shares of the common stock,
and Gustave S. Geiger is to receive options on 10,000 shares.
Hiese
options are to be available to nominees and are to be good for two years
after the effective date of the registration statement, the price during the
$74,819
-
37,001
first year to be $3 per share
Balance after taxes
Deductions for rents, track facilities & equipment.
Balance available for interest and depreciation.
_
Receiver's interest
Miscellaneous receiver's expenses
Balance
—V. 134, p. 1756.
(N. Y.)—Stocks Offered—
preferred stock and 17,500 shares of common stock was
made April 15 by C. B. Ewart & Co., Inc., New York. The
preferred stock is offered with 10,500 shares of the common
stock in units of 10 shares of preferred and 3 shares of com¬
mon at a price of $100 per unit.
The remaining 7,000 shares
of common stock are offered at an original offering price of
$1 per share to furnish additional remuneration to partici¬
pating dealers at the rate of 2 shares for each offering unit
sold.
A prospectus
Manufacturers
Schiff
on
Trust
Co.,
New York.
Registrar, Continental Bank
$7,500; (b) to acquire
paper manufacturing
machinery, the
$50,000; and (c) the balance,
amounting to $222,000, is proposed to be used for working capital.
In November, 1934. the
company's owners acquired control of, and in
December, 1935, acquired all of the outstanding capital stock of, Wneelwrignt Properties, Inc., a paper mill located at Wheelwright, Mass.
Wheelwight Properties, Inc., in 1934 and 1935 improved and reequipped the
plant to make the same suitable for the manufacture of facial tissue and
approximate
cost of which is estimated to be
cellulose wadding.
common stock of
Wheelwright Properties, Inc., now holds 50% of the
San-Nap-Pak Mfg. Co., Inc., and does no manufacturing.
Sales Development—The general development of the company's sales of
sanitary napkins and tissues through its own facilities and through Wheel-
wrignt Properties, Inc., before the acquisition by the company of the
plant, properties and assets of Wheelwright Properties, Inc., for the five
calendar yeais ended Dec. 31, 1935, is shown by the
following table:
rJf*ear
Napkins
Tissue*
a Sales
$605,467
$605,467
?g32__
703.411
19§3
$2,957
706,368
742,305
63,686
805,992
606,025
709,584
92,964
*257,536
Sales, less returns and allowances.
* Includes sales of Wheelwright
Properties, Inc., and excludes intercompany transactions of $50,986,
representing sales by Wheelwright Properties, Inc., to the company.
Earnings—For the year 1933 there was a deficit of $1,467; for 1934 there
was a profit of $3,101; for 1935 there was a net
profit of $33,293, represent¬
ing combined earnings of Wheelwright Properties, Inc., and the
company,
after provision for depreciation of the sum of
$14,752, and after provision
for Federal income and excess profits taxes of
$8,000.
However, included
in these combined earnings were the
operations of Wheelwright Properties,
in the manufacture of tissue for only 10 months
commencing in March,
1935, and in the manufacture of cellulose wadding for only four months
commencing in September, 1935.
The gross sales, less returns and
allowances, of the company's products,
and the net profit for the first two months of
1936, as shown by the com¬
pany's books (audited), are as follows:
Sanitary
Napkins
$65,462
1936—
January
February
Tissues
$41,068
40,754
Cellulose
&
$640
-
directors
declared
have
a
the
dividend of 30 cents per share on
stock, par $10, payable May 15 to holders of record May 6.
lhis
with 50 cents paid on Feb. 16, last; 30 cents per share in each of
$140,421
$81,823
$1,063
Provision for Fedeial & State income and franchise
"taxes
Scovill
Net profit for period.
Less returns
and
x
,
,
.
$4,788,170
84,169
168,800
158,029
$5,281,741
1,523,666
946,756
744,150
Contrib. to unempl. fund
76,766
Amortization of debs
45.100
Disc, on debs, purchased
642", 175
Taxes, &c
200,000
Increasing res. for contg.
Credited to invent, res..
45,842
$4,775,327
1.351,692
1,063,502
$2,295,332
1,030,125
940.274
47.322
$4,956,970
1,256,989
1,132,938
854,150
56,702
51,767
Cr28,889
737,621
72L676
676",920
38,039
577",059
$1,057,285
1,910,323
261,574
$730,576
2,256,019
116,729
Total income
Exp. for maint. & repairs
Provision for depreciat'n
Interest on debentures-.
Net income
Previous surplus
Adj. of sec. val. to mkt._
Adjust, of fixed assets &
as at Feb.
29, 1936
'
Authorized
50,000 shs.
250,000 shs.
Outstanding
None
250,000 shs.
By an amendment to the certificate of incorporation filed Feb. 26,1936,
capitalization was changed to authorize 50,000 shares of preferred stock
2o0,000 shares of common stock.
The 168 shares of common stock
(no par) issued and outstanding on Dec. 31, 1935, were exchanged into all
of the new common stock of $1
par value in the ratio of one share of the old
common stock for 1488.095238 shares of the new common
stock.
Underwriting Arrangements— Company has agreed to sell and C. B. Ewart
& Co., Inc., New York, has
agreed to purchase, under the underwriting
agreement between them and Nat E. Heit and Harry Preston, 35,000 shares
of the preferred stock at $8.50 per
share, 5,000 shares within one month
after the effective date of the
registration statement, and afeer the qualifi¬
cation under the blue sky laws of certain States
(not exceeding four) as
theunderwriter may desire, and 10,000 shares each month thereafter until
35,000 shares have been paid for.
Messrs. Heit and Preston have agreed
in the
underwriting agreement to give to the underwriter, out of their per¬
sonal holdings, one share of common stock for each share of
preferred stock
purchased by the underwriter in accordance with the terms of the under¬
writing agreement, which obligation is an express condition of the agree¬
ment of the underwriter to purchase the
preferred stock.
Part of this com¬
mon stock will be distributed to
purchasers in units in accordance with the
terms of the offering and part will be distributed to dealers who sell the
preferred stock as additional compensation.
Messrs. Heit and Preston
have also agreed to give to the underwriter options on other of their
personal
holdings of common stock.
x
the
cpn^ecti°n with the public offering,
who
excess
a selling group may be formed and
participates may receive, subject to certain conditions,
of $10 in cash and two shares of
common
854,150
65,030
51,767
$305,6891ossl ,322,933
2,418,185
4,664,795
165,220
744,517
17,825
-
3,375
59,686
$3,103,324
1,090,459
85.000
17,542
$2,910,294
654.275
$4,146,065
1,203,126
$2,356,815
$1,910,323
$2,256,019
$2,418,185
872,367
872.367
$0.84
872,617
$0.37
872,317
$3,229,182
872,367
Contingency reserve
Prior year adjust, (net)
_
61,008
192,118
271,628
Prov. for settle, of taxes.
Adj. of sec. val. to makt.
Profit & loss surplus..
Shares
capital stk. out.
(par $25)
$1.21
Earn, per sh. on cap. stk.
Nil
Consolidated Balance Sheet Dec. 31
1935
Cash
1935
$
Liabilities—
&
17,368,390 16,935,342
2,258,562
2,266,721
........
170,000
170,000
1,188,551
1,986,743
6,877,498
988,524
955,366
U. S. Govt, sees—
securities
Accts. & notes rec.
Mdse. inventories.
Other assets
re. new
1,723,930
6,394,791
942,329
1,128,935
of
cost
1,073,135
7,439,749
573,598
&c
Excess
pay.
.
& accr.
612,060
420,596
269,489.
218,091
262,766
218,091
239,484
2,356,815
1,910,323
expenses..
State,
and
prop,
other taxes accr.
Dividend
Acer,
proc.,
$
Capital stock
21,809,175 21,809,175
15-yr. 514% conv.
gold debs...
13,530,000 13,530,000
181,316
Reserves
953,595
Acc.
marketable
Other
1934
$
1934
$
Assets—
aLand,
bldgs.
machinery
declared
wages
& sal.
Surplus
182,876
7,439,749
621,937
-
of
invest, in stk. of
Schrader's
Son, Inc...
39,988,709 38,515,141
Total
a
p.
After deducting
stock for each unit
...39,988,709 38,515,141
Total
$22,987,797 in 1935 and $23,226,660 in 1934.—V. 140,
2368.
Seaboard
and
dealer
_
Total surplus.
Cash dividends
2!987
$15,463
,
780,511
54,951
depreciation—
adjustment
Adjustment to par value
of shares acquired
Prior year
6 215
allowances.
Capitalization
$2,137,303
$4,691,158
172,641
Other income
Deferred charges..
$24,500
.
1932
1933
1934
1935
$5,109,100
Operating profit.
$24,666
The annual dividend requirement on the
proposed 35,000 shares of pretened stock to be outstanding will amount to
Preferred stock (par $8.50 per share)
Common stock (par $1 per share)
share
Mfg. Co. (.& Subs.)—Earnings-
Calendar Years—
$223,307
I
50 cents on Feb. 15, 1935; 30 cents per
on Nov. 15, Aug. 15 and May 15, 1934; 40 cents on Feb. 15, 1934, and
30 cents per share in each quarter of 1933. In addition an extra dividend 01
30 cents per share was paid on Feb. 15, 1933.—V. 142, p. 798.
Gross Sales
$107,171
116! 136
422
Net profit after all charges, but before
prov. for deprec. & taxes.
Provision for depreciation.
in
1933
1934
1935
1936
-
_
paid
A.
not
A«
$3.06
$1.51
Scot ten Dillon Co.—Smaller Dividend—
The
common
Adv.
74,959
Total-----
each
01,0
„
_
.
698,990
*967,121
a
-
.
$3,214,338
$357,030
$486,507
$590,039
$656,620
441,916
515,158
592,019
611,867
March
March__
750,907
811,356
1,143,763
6b4,dgh
The company had 243 stores in operation on March 31 as against 166
a year ago.—V. 142, p. 1830.
January
February.
&
Dec. 31, 1935, amounted to $9,000, and which on Feb. 29, 1936,
amounted to
T,
...
_
_
$1,587,622
Co.—Sales—
Month of—
the three preceding quarters;
dated April 6 affords the following:
Luting—Company intends to make application for listing of its stock on
the New York Curb Exchange.
Company—Incorporated in New York Jan. 24, 1927, and is engaged in
the business of manufacturing and selling sanitary napkins and facial and
cleansing tissues, generally referred to as tissues.
Company intends to
develop similar products made out of cotton, gauze, tissue and paper, and
allied products, for personal hygienic and sanitary uses and purposes.
Plant at Wheelwright, Mass.
Purpose—Net proceeds ($279,500) are proposed to be used as follows:
(a) To pay off all or pare of the mortgage on its real and personal property,
a
1934
1935
1936
Federal &
profit taxes & other charges. $1,739,199
Earns, per share on 1,050,000 shares
capital stock (par $5)$1.46
—V. 142, p. 2340.
Trust Co., New York.
i
Stuyvesant
compares
The preferred stock is preferred as to assets and dividends.
Dividends
cumulative from date of issue, payable Q.-J.
Red. all or part at any div.
date upon 30 days' notice at $11 per share, with divs.
Transfer agent,
which
share.
Schenley Distillers Corp. (& Subs.)—Earnings
3 Mos. End. Mar. 31—
Net profit after interest,
excess
Public offering by means of a prospectus, of 35,000 shares of
19345
Fred F. Hickey1 has been elected a director, replacing R.
Pierrepont who retired.—V. 142, p. 2339.
162
def$3,368
and during the second year to be $4 per
Savage Arms Co.—New Director—
30,412
$48,911
San-Nap-Pak Mfg. Co., Inc.
sold by
their personal holdings of the common stock of the company (and options
as set forth below) to Gustave 8. Geiger as a finder's fee and for services
rendered by Mr. Geiger in assisting in the financial set-up of the company,
and in procuring the underwriting agreement.
This transfer is conditional
1934
1935
12 Months Ended Dec. 31—
Total operating revenues
Other income
three shares of common stock
such dealers.
G. B. Ewart & Co., Inc., has no affiliation with the company.
Nat E. Heit and Harry Preston have agreed to give 16,000 shares of
.Jan. 1 to April 7
April—■
1936
Gross earnings
of 10 shares of preferred stock and
Ry.—Earnings—
Week of
April 18, 1936
Chronicle
Commercial Corp.—Stock
Offered—H. A. El-
George G. Shriver & Co., Inc.,
and J. Harmanus Fisher & Sons, Baltimore, are offering
well Co. of New York and
50,000 shares §%% cum. pref. stock at par ($10 per
FSi-v—
Net
Earnings for
share).
Dividends on the pref.
Corporation is engaged in commercial financing.
stock outstanding on March 31 were
earned eight times for the first quarter.
Three*Months Ended Mar. 31, 1936
profit after all charges
on preferred &
class A common stocks
$40,503
— -
Divs.
21,419
—
Balance Sheet Mar. 31, 1936
Liabilities—
Asscts
$1,071,848
5,602,851
Cash on hand & in banks
Notes receivable secured
Miscell. accounts receivable
.
Repossessed automobiles
Invest. In subsid.
co
14,528
33,526
2,245
payable, unsecured.
28,471
23,178
ticipating res. of $114,906.
inc., unearned ser¬
194,319
207,626
232,230
800,000
200,000
402,831
95,377
Deferred
7% cumul. pref stk. (par $10)
Common cl. A stk. (par $10)
Common cl B stk. (par $10).
_
Capital surplus
Earned surplus
Total
Scott Paper
$4,575,000
69,266
Credit res., incl. dealers par¬
vice charges
Furniture, fixt. & equip., at
depreciated amounts
Prepaid int., taxes & exp
Notes
Accts. payable, includ. taxes.
$6,776,651
Total
-
-
$6,776,651
Co.—Registers with SEC—
The company has filed a registration statement with Securities and
Exchange Commission under the Securities Act of 1933, covering 31,669
shares of common stock and 253,357 warrants to purchase one-eighth share
of common stock.
The subscription warrants will be issued on May 15, to
common stockholders of record May 14, evidencing their right to subscribe
to the common stock at $50 per share, June 4, on the basis of one share
Volume 142
Financial
for each eight shares of the then
record date.
outstanding common stock held
on
the
Proceeds from the sale will be used toward the retirement of the out¬
of the company. Proceeds of the issue of com.
stock will be used to retire the
16,695 shares of 7% series A preferred stock
standing 7 % preferred stock
outstanding.
The preferred stock is callable
dividends.—V. 142, p. 2340.
at
115
and
accumulated
of the trade.
■
"A further favorable factor in the improved outlook is the addition
-3 Mos. End-
,,
Mar. 31 *36
several
-6 Mos.
Dec. 31 '35
Afar. 31 '36
Net profit after all
oper. expenses and
$48,546
$43,150
1935
1934
1933
$3,069,066
664,648
888,954
591,666
811,419
$3,023,827
88,768
$2,116,338
100,250
$1,665,982
61,866
$3,369,745
599,457
$3,112,595
785,026
$2,216,589
176,589
$1,727,847
261,333
332,861
267,503
280,353
511,813
58,500
160,000
439,119
50,000
130,000
379,932
42.000
75,000
291,829
36,162
$1,375,590
1,244,383
$1,275,565
360.118
$131,207
$353,366
$498,054
Amortiz.
■
of
int.
in
Kettleman No. Dome
deprec.,
prop,
Provision for Federal tax
Net profit for year
Dividends paid
.....
a Includes
service charge for use of facilities, representing this
pany's proportion of depreciation sustained by the association.
1935
Assets—•
S
1935
Liabilities—
$
1,781,020
Short-term
200,000
710,061
Stock of
419,000
476,123
32,368
Accounts
1,852,659
27,769
48,923
Invest.
Accts. receivable..
com¬
Reserves
for
sible
Mat'ls & supplies.
44,236
bint,
in
other
3,252,621
176,950
2,610,206
215,466
than
Exchange
by 1,244,383
Capital stock...
4,213,769
204,500
4,132,276
146,000
212,238
4,977,532
148,879
4,977,532
434,067
982,627
434,067
1,409,091
Total
1936
Puolished
Operating deficit.
$31,212
4,140
Other income..
Net loss
142,
Calendar Years—
1935
1934
1933
1932
$29,326,140 $24,616,568 $19,008,177 $17,963,370
Costs, exps., taxes, &c-- 21,055,464
18,952,085
14,103,977
13.483,066
$8,270,676
770,654
Interest
Deprec., depletion, &c_Provs. for Fed.
income
on
Selected
p.
Industries, Inc.
1934
1933
$123,064
138,134
2,754
$129,820
157,799
1,221
$17,824
5,582
$29,200
6,105
for
x$12,242
the
$23,095
amounting
to
State
&
284,100
$2,585,849
of
cum.
$96,857
313,600
$79,239
299,409
,
287,127
Net profit
Consolidated Balance Sheet Dec. 31
on
$410,457
24,498
40,315
6,092
$378,649
27,818
44,572
5,773
$272,315
20,607,681
$339,552
22,529,499
$300,484
24,527,254
28,521,619
Dr580,933
Property, plant A
equipment
33,260,799 31,527,488
Inv. in affil., &c.,
companies
2,261,124
2,217,549
Employees'
stock
96,049
11,725
341,400
2,893,150
1,961,271
4,757,697
Prepd. del. charges
471,895
stock..
notes
$407,452
28,839
33,196
-
rec_
$345,103
$24,246,809 $27,000,739
351,905
552,989
552,989
Balance, Mar. 31
$21,676,900 $21,503,351 $23,693,820 $26,447,750
unrealized appreciation of investments on March
31, 1936, after
deduction of the normal Federal income tax
thereon, was $2,494,969 more
than on Dec. 31, 1935.
The
Balance Sheet Mar. 31
1936
Assew—
2,871,134
Depos. in for. curr.
5,838
Accr.int.Adivs.rec.
215,304
Note receivable...
Rec. for
1935
sec.
sold..
Liabilities—»
1,895,465
15,920
282,690
163,894
55,214
91,238
1,061,157
358,644
cost.35,210,470 33,002,667
Spec. dep. fordivs.
a
1936
$
Cash
Invests, at
For. exch. contr'ts
60,735
1935
$
$
Dlvs. payable.
..fl,068,916
Due for sec. purch.
104,202
Bank loans secur..
3,776,149
Reserve for exps.,
taxes, &c
358,644
94,091
Cum. pr. pf. stk.
d Cum. conv. pref.
Total
...39,455,140 35,835,230
Louis
Segal, President, says:
"Although the usual detailed report and balance sheet together with the
shortly, stockholders
figures indicate that
the results for the past year point to an improvement over the
preceding
results of operations for the year 1935 will be mailed
will doubtless be gratified to learn that
preliminary
encouraging factor has been the substantial increase In construc¬
throughout the country.
This has been unquestionably due to
the Government's consistent policy to emphasize construction work
point of general business improvement.
on
399",301
surp.
13,291
345,526
1,092,237
3,122,252
y1,051,803 df5,868,194
10,812
reserves
for conting__
Total
450,000
405,856
cap.
_
_
530,117
1,592,237
8,283,753
46,055,111
43,296,280
depreciation and depletion of $61,964,010
y Earned surplus since Sept. 30, 1935.
in 1935
Preferred—
W. G. Skelly, President, stated in
The company's
as
the
back
log
a
letter to stockholders that directors
been
giving consideration to the possibility of replacing the 6%
preferred by new preferred bearing lower dividends.
Rate of payments and
other conditions of the new preferred are to be determined
by directors at
the time of the issuance of the stock.
Mr. Skelly asserts it is hoped that this plan can be carried out in time to
permit the redemption of the outstanding 6% preferred stock on Aug. 1,
1936.
"In that case," he continued, "it is expected that, in connection
with the sale of the
new preferred stock to provide funds for such
redemp¬
tion, arrangements will be made to afford the holders of the
outstanding
preferred stock the opportunity, if they so desire, to exchange their 6%
preferred stock for new stock on a basis which they may consider advan¬
tageous, in lieu of receiving the redemption price of $103 a share plus accrued
dividends.
The issuance of such amount of new preferred stock would also
provide the company with additional working capital.—V. 142, p. 969.
Gold
Mines, Ltd.—Registers with SEC—
See list given on first page of this department.
to
2,121,585
2,120,902
Segal Lock & Hardware Co., Inc.—Outlook—
focal
debs.
The stockholders at a meeting on May 1 will vote on an issue of
120,000
new preferred stock of no par value.
The company has at present
outstanding 66,300 shares of 6% cumulative preferred stock on which at
March 31, 1936, unpaid dividends amounted to $29.50 a share.
This 6%
preferred is redeemable on any dividend date at $103 a share plus accrued
9,475,000 10,761,975
c
a Investments owned on March
31, 1931, are carried at the lower of cost
market at that date.
Subsequent purchases are carried at cost, b 6,850
(14,900 in 1935) units allotment certificates and 6,000 (13,411 in 1935)
shares $5.50 cum. prior stock,
c Par value $25.
d Shares of $5 par value,
e Shares of $1 par value,
f Includes interest accrued.—V. 142, p. 1656.
tion work
stock
469,518
in
shares of
60,735
or
year.
"A most
for
To Issue New
129,193
2,124,585
e Common stock..
2,119,102
Surplus
21,676,900 21,503,350
bTreas. stk.Dr.. 1,119,076
1,316,446
39,455,140 35,835,2301
on
int.
and $58,312,133 in 1934.
Skookum
230,561
For exch. contr'ts.
stock.!
Total
Min.
46,055,111 43,296,280|
reserves
599,516
144,190
,
$22,730,595 $21,855,256
1
Sink, fund
Unadjusted credits
Earned surplus.
After
71,679
29,614
1,889,153
377,564
Capital surplus
x
56,859
dividends.
,013,837
pr.
,
taxes—.
Res.
have
1,053,69 5
77,620
2,371,094
389,167
Reserve for income
Inventories
313
42
cum.
58,838
A
Cash
$
Other defd. oblig'n
Notes payable
2,442,293
1,632,221
4,429,910
com.
1934
.<
Accounts payableAccrd. interest, Ac
319,345
Co.'s
Deferred
$
6% pref. stock
6,630,000
6,700,000
Common stock—15,128,229 25,213,715
Funded debt
8,700,000
9,544,000
199,119
Drl,865",982
stock
stock
1935
Liabilities—
$71,903
48,456
56,327
16,051
sale of securities. Crl ,850,600 Drl
Total surplus
D'vs. on $5.50
$
369,175
i
1934
$
331,836
3,712
stk into
conv.
common
$713,577 loss$820,534 loss$674,507
debs, purch. for
1933
Surp. arising from con v.
Loss
185,126
$713,5771oss$ll07661 loss$1043682
(def.) of sub—_
1934
$393,148
Net income
$4,738,088
723,596
5,058,174
652,207
5.777,162
sinking fund
Total
Balance surplus Dec. 31-
$5,321,708
Tax A ins.
1935
$42,650
350,498
Taxes
$6,132,543
617,712
4,616,128
$2,585,849
Notes A accts.
period
Miscellaneous
Total... j...J
$9,041,330
603,041
5,568,340
-Earnings—
1936
General expenses
Service fee.
$4,480,304
257,784
x
2904.
3 Mos. End. Mar. 31—
Income—Interest
Dividends
$4,904,200
417,508
taxes
Profit
Disc,
$5,664,483
468,060
1935
$10,847
burden
1830.
p.
Assets—
$15,943
5,096
$27,072
unabsorbed
$641,016
provision at rate of $120,000 per annum for additional Provincial corpora¬
accts. receivable
$11,465.—V. 141,
$722,686
figures for the three-month period for 1934 included deduc¬
account, Ac
include
$781,034
$1,675,313
,034,296
al
tion of $75,000 for interest on capital cost of work under construction, which
deduction was canceled as explained in the 1934 annual report, b Includes
11,857,527 11,173,150
1935
$194,852
206,395
4,400
$163,616
188,801
6,027
Costs and expenses
Interest & other charges.
not
$1,746,160
1,023,474
Surplus before deprec. & inc. tax^_
a
shares.—V. 142, p.1484.
3 Mos. End. Mar. 31—
Net sales
Does
$1,791,537
1,010,504
_
Total income
Seagrave Corp# (& Subs.)- -Earnings-
x
25,000
389,859
87,642
163,040
42,892
Net operating revenue
of $3,251,064 in
no par
1934
$2,916,779
558,032
fixed charges
on
Fixed charges
1935 and $2,888,602 in 1934.
b After
amortization of $1,355,739 in 1935 and $986,611 in 1934.
c Represented
reserves
1935
$3,118,975
653,113
399,910
97,230
bl97,560
25,000
Taxes and insxirance
in
come tax
..11,857,527 11,173,1501
After
1936
Gross oper. income
351,769
Res. for Federal in¬
c
share on account of
$100, payable May 1 to
per
par
$3,290,847
720,021
449,424
101,463
203,402
General oper. & maintenance expenses
Power purchased
Other income met)
Earned surplus...
a
pref. stock,
Shawinigan Water & Power Co.—Earnings—
on
Paid-in surplus...
Total
dividend of $1
pos¬
Res. for oth. cont.
5,523,004
Kettle.
Nor. Dome Assn
$
406,330
California
5,660,271
Deferred assets...
a
Skelly Oil Co. (& Subs.)—Earnings—
eventual liquida¬
tion of sub. cos.,
Props.,leasehds.,
concessions,
plant A equip
declared
the 6M% cum.
3 Months Ended March 31—
Gross revenue
^
1934
$
losses
1936.—V. 142,
terly dividend of $1,623-3 per share was paid.—Y. 142, p, 635.
tion tax.—V.
payable
and accruals
crude oil
and gasoline
a
1934
year
payment to be made on this issue since Feb. 1, 1932, when a regular quar¬
Consolidated Balance Sheet Dec. 31
Cash
have
on
Reserve for exchange
abandonment & lease
amortization
Provision for cont ings
Balance...
directors
Water rentals
Association
Deple.,
The
$858,172
922.199
$426,464
Total income
Intangible develop, costs
a
759,834
1,134,979
$3,324,288
45,458
..
for the
holders of record April 22.
Similar distributions were made in each of the
six preceding quarters and on Aug. 1, 1934, this latter being the first
$1,670,847
1,244,383
.
company
Simpson's, Ltd.—Accumulation Dividend—
369,128
Operating income.
Other income
unique form of smoking pipe filters.
Sequoia Mining & Milling Co.—Registers with SEC—
1932
$3,669,941
602,443
1,240,583
gen. expenses
a
1484.
p.
accumulations
plants v.
.
Oper.Vfc
f
usual channel
our
See list given on first page of this department.
$4,918,641
1,167,313
revenue
being offered through
improvement in the affairs of the
Seaboard Oil Co, (.& Subs.)—Earnings—
Sh. of products
accruing
to operators of Kettleman
Hills
absorpt'n
are
These lines consist of compacts and vanity cases, a patentee
"Stockholders may confidently look forward to a steady and continuing
$91,679
At March 31, 1936, the balance sheet shows current assets
of $1,496,553
and current liabilities of
$177,000.
Total assets amounted to $1,519,683.
—V. 142. p. 969.
Operating
important lines, which
of distribution.
line of roller skates and
reserves...
Calendar Years—
2685
calling for all products of manufacture was substantially larger than it has
been at any time during the preceding five years.
"Although prevailing prices for razor blades declined during 1935, the
razor blade division succeeded in widening its distribution
through the addi¬
tion of a number of contracts for the manufacture of blades under private
labels for leading distributors throughout the country.
Additional manu¬
facturing equipment is being added at this time to meet the increasinj
demands
Seaboard Finance Corp.- -Earnings—
Period—
Chronicle
(L. C.) Smith & Corona Typewriters, Inc.—Admitted
Unlisted Trading—
The New York Curb Exchange has admitced to unlisted
trading privileges
the voting trust certificates for common stock, no par, issued under
voting
trust agreement,
dated Jan. 2, 1926,
as
amended by extension
agreement,
dated Dec. 22, 1930, and as further amended by renewal
agreement dated
Nov. 18, 1935, which renewal agreement extends the
period of voting trust
from Jan. 1, 1936 to Jan. 1, 1941.—V. 142, p. 2340.
Socony-Vacuum Oil Co., Inc.—To Buy South American
Company—
This company, and The Texas Corp. are jointly
negotiating for the
purchase of the stock of the South American Gulf Oil Co., operating in
Colombia as a wholly-owned subsidiary of the Gulf Oil
Corp., according to
an
announcement made on April 15.
The purchase would include the
principal interest in the so-called Barco concession representing the oil
rights in about 500,000 acres in northeastern Colombia.
Socony-Vacuum
and The Texas Corp. will participate equally in this purchase and will
proceed at once with the exploration and development of the territory .'••d
The Barco concession, long famous in Colombia, was
acquired in I9l8"by
a subsidiary of the Colombian Petroleum Co. of
Delaware. Seventy-five
per cent of the stock of the latter company was purchased in 1925 by! South
American Gulf Oil Co.
Negotiations with the Colombian Government
relating to the validity of the concession resulted in a new agreement with
"
Financial
2686
April 18, 1936
Chronicle
Co.—Earnings, cfee.—
Southern Natural Gas
had been in receivership since 1931
receivership and a reorganization plan was confirmed by the
U. S. District Court, Nov. 1, 1935.
A new company. Southern Natural
Gas Co. was organized and acquired the properties of the old corporation
(see details under Federal Water Service Corp. above.).
The Southern Natural Gas Corp. which
lifted
Southern Natural Gas
Debenture 6s 1944
Adjustment 6s 1960
the
of Earnings, Based on Earnings for the
1935 and Giving Effect to Estimated Depreciation,
Forma Statement
Pro
Dec.
31,
Year Ended
Amortization
ciTid Interest
Class "A" Common
bond discount and ex¬
and interest on ordinary creditors' claims for the year
1935
- —
Interest accrued during year on 1st mtge. 6% sinking fund gold
bonds, series of 1944
-----
Net income before deprec., amortiz. of
pense
ended Dec. 31,
Bought—Sold—Quoted
Request
Statistical Information on
______
Net income before interest on funded debt and
$1,431,470
895,291
provision for
1935- $2,326,761
a879,300
650,227
35,283
Organization, franchise and other intangible capital expend—
3,306
depreciation and amortization—based on earnings for
on 1st mtge. 6% sink, fund gold bonds
Interest
Swart, Brent & Co.
INCORPORATED
40
Tel.: HAnover
EXCHANGE
PLACE,
2-0510
„
surveys on market possibilities
Discount and expense of 1st mtge. 6% sink,
3,443
Engineering
NEW YORK
Teletype: New York 1-1073
the Government in July, 1931, pursuant to
Co.
Provision for deprec. of transmission system propertiesProvision for amortization: Int. during construction capitalized.
fund gold bonds
(computed on the bonds outstanding basis)
Discount on adjustment mtge. bonds
bonds and
profit before interest on adjustment mtge.
on class A and class B capital stock.
Net
which the Colombian Petroleum
given the concession for the exploration and exploitation of oil
and South American Gulf was given the concession
to construct a pipe line to seaboard to transport the oil so produced.
At
the present time South American Gulf owns about 79% and Carib Syndicate,
172,892
12 ,955
_.
$569,352
dividends
was
346,584
adjustment mtge. bonds at 6% per annum
in the concession area,
Interest
Ltd. about
$222,768
a Based on $14,844,000 bonds outstanding after Jan. 1, 1936 sinking fund
payment and $14,466,000 bonds outstanding after July 1, 1936 sinking
21% of the outstanding stock of Colombian Petroleum Co.
agreement, calling for the payment of a royalty to the
Government, is for a term of 50 years from 1931.—Y. 142,
The concession
Colombian
p.
on
Balance
fund
payment.
2517.
Statement
South
Bay Consolidated Water Co., Inc.—Earnings—
Years—
Calendar
1934
1935
1933
$472,872
282,343
$469,483
245,189
Operating revenues
Operating expenses & general taxes
$488,375
239,458
of Assets and Liabilities at Dec. 31, 1935
[Giving effect to transfer to Southern Natural Gas Co. of assets of Southern
Natural Gas Corp. and its trustees and the assumption upon such transfer
of certain liabilities by Southern Natural Gas Co.]
u
Liabilities—
Assets—
Transmission system
Net earnings
Total stated value of cl. A and
proper¬
$224,294
$190,529
$248,917
499
306
269
$224,793
158,105
4,518
30,105
$190,835
158,105
2,620
32,602
$249,186
158,105
1,380
a$5,000,000
20,620,406
226,439
Accrued taxes
102,498
4,987
134,149 Aoc.'ued insurance
Miscell. accrued liabilities
114,646
100
139,729 Consumers' meter deposit—
3,092,247
500,842 Reserve for depreciation
202,440
590,109 Reserves for amortization._.
6,580
29,187 Reserve for oil and gas leases.
Crll2
35,194
CV258
12,175
19,000
12,175
7,250
12,175
23,750
Accounts
Funded debt
Cash in bank & on hand
Cr\56
Miscellaneous income
Int. during
construction cap¬
italized
1,431,661
Organization, franchise, &c.,
Gross income
Interest
funded debt
on
Miscellaneous
interest
Affiliated company interest
Interest charged to construction
Amortization of debt discount &.exp_
Provision for retirem'ts & replacem'ts
Interest
accrued
during
year
on
Federal income tax for prior years
_
163
135
ket possibilities
Accts. receiv.—consumers
receiv.—miscell—
3,220
109,639
Advances to officers & empls.
in affil.
Investments
$882
$18,839
def$21,941
Unpledged
Due from affil. companies.__
Balance Sheet Dec. 31
Assets—
1934
1935
Cash
y
>,611,145
11,130
54,862
revenue.
59,279
76,195
Accts. receivable
Unbilled
13,205
84,170
Materials and sup¬
1934
1935
Demand note pay.
Loan account
plies
27,538
278,000
245,750
5,518
140,992
Prepaid Insurance and taxes.
5,835
14,785
dividends,
&c__
75,214
1,416
690
1,266
Consumer's
dep..
2,984
4,132
Prov. for Fed. tax.
3,320
178,049
192,067
Reserves
9,054
403,900
419,671
1,044,400
750,000
1,044,400
Common stock..
516,265
187,088
of debentures
Lead
Southwest
See list given on
86,957,259 $6,995,0051
Total
$6,957,259 $6,995,005
Including unamortized debt discount and expense,
of $8,616 in 1935, $4,572 in 1934.
141. p. 3085.
doubtful accounts
y
z
After reserve for
Represented by
$100 par shares.—V.
Southern Canada Power Co., Ltd.Period End. Mar. 31—
Gross
earnings
Operating expenses
1936—Month—1935
$169,985
69,670
$1,080,505
433,111
$1,083,482
425,760
,613
$100,315
$647,394
$657,722
Ry.—RFC Loan of $4,859,000 Approved—-
The Interstate Commerce Commission, on April 14, found that the
Company, on the basis of present and prospective earnings, "reasonably
to be expected to meet its fixed charges without a reduction thereof through
judicial reorganization," and approved an additional loan of not exceeding
$4,859,000 by the Reconstruction Finance Corporation.
The report of
the Commission says in part:
The applicant requests a loan in the amount of $4,859,000 for a term of
five years, with the privilege of reducing or repaying such loan at any
time before maturity through the sale, subject to our approval, of any part
or all of the securities to be pledged with the RFC as collateral security
for the additional loan.
The applicant states that in the event of such
sale the entire proceeds would be paid to the RFC to be applied upon
the loan.
The purpose of the loan is to retire,
at maturity, May 1, 1936, a like
general-mortgage 5% bonds of the Virginia Midland Ry.
The
bonds, all of which are outstanding in the hands of the public, repre¬
sent a prior lien on approximately 368 miles of the applicant's lines in
Virginia.
The Virginia Midland no longer exists as a corporation.
The applicant's first consolidated mortgage, dated Oct. 2, 1894, reserves
a certain amount of bonds to be issued for the
acquisition and retirement of
prior-lien bonds, including those of the Virginia Midland.
With respect
to the proposed refunding, the applicant states that it has endeavored to
market its new first consolidated mortgage 5% bonds through banking
channels but has found such course unsatisfactory on what seemed to be a
reasonable basis, although such bonds are readily marketable on a basis
approximating 5%.
The RFC has agreed with the applicant that the rate of interest on the
loan, if granted, will be 4% per annum.
Security—As collateral security for the additional loan the applicant
offers $4,859,000 first consolidated mortgage 5% bonds, proposed to be
issued nominally (authorized by the Commission April 14, 1936).
During
the current year, bonds issued under this mortgage, bearing the same interest
rate, have sold on exchange at prices ranging from 92 Yi to 102, and on
April 3, 1936, sold at 101
As collateral security, applying ratably to all loans to the applicant now
outstanding, the following securities are pledged with the RFC in accord¬
ance with our reports and certificates in the previous proceedings:
$42,769,000 Southern Ry. develop. & gen. mtge. 4% bonds, due 1956, 4,584 shares
of common stock of Fruit Growers Express Co.. and $2,000,000 common
stock of the Virginia & Southwestern Ry.
Market prices for the above
stocks are not available.
The develop. & gen. mtge. 4% bonds have sold
during the current year at prices ranging between 53 and 68, and the closing
price on April 3, 1936, was 623^.
Including the additional loan sought, the total amount of the applicant's
indebtedness to the RFC will be $19,345,664.
Including the additional
amount of
latter
Gross earnings
—V.
142,
Week of April
1935
1936
p.
2517.
$2,230,557
$1,919,334
Square D Co.—Listing—
The
shares
New
York
B
class
of
Stock
Exchange has authorized the listing of 222,876
stock (no par) upon official notice of issuance
common
1936, authorized the issuance of 148,584
D class B common stock as a stock split-up,
stock for each share
of outstanding class B common stock.
The stockholders also amended
the articles of incorporation so as to provide for a restatement of the capital
attributable to each share of class B non-par common stock, reducing this
amount from $1 to 33 l-3d cents per share, and authorized and directed the
officers to exchange 3 shares of class B non-par common stock for each
share thereof presently outstanding and to accomplish such
exchange by
*■he issuance of 2 additional shares of said class B non-par value common
stock for each share of such stock presently outstanding.
•
the basis of 2 additional shares of class B common
on
To Receive New Stock—
F. W. Magin, President of the company,
Jan.
1936
1 to April 7
1935
announced on April 9 that under
plan voted recently (see V. 142, p. 2172) by stockholders two additional
stock for each share outstanding would be
mailed at once to holders of record of April 1.
the
shares of class B no-par common
Co-Transfer Agent—
The Guaranty Trust Co. of New York has been appointed Co-transfer
Agent for 250,000 shares of class B no par value common stock.—V. 142,
p. 2172
(A. E.) Staley Manufacturing Co.—Listing—
The New York Stock Exchange has authorized the listing of $4,000,000
due 1946, dated as of Feb. 1, 1936, due Feb. 1,
official notice of issuance and distribution.—V. 142, p. 1833.
first mortgage bonds, series
1946,
on
Standard Commercial Tobacco Co.—New Director—
Dortch
P.
William
He succeeds W. H.
head of
a
tor—V.
was
on
April 7
elected a director of the company.
A. C. Kehaya, who has been
re-elected a direc¬
O'Brien, who resigned.
committee opposing the management, was not
142,
p.
1304.
Standard Gas & Electric Co.—Weekly
Electric output for the week ended
kilowatt-hours, an increase of 13.4%
week last year.—V.
Output—
April 11, 1936, totaled 91,687,580
compared with the corresponding
142, p. 2518.
Standard Oil Co. of
Nebraska—Earnings—
1935
_
Cost of goods sold
1934
$5,924,321
Calendar Years—
Gross value of sales
$5,994,593
1933
$5,492,416
3.852,467
5,825,695
$81,112
60,193
income
Total deficit
Earned surplus beginning of year
Dividends
$624,314
1,167,662
$285,233
1,643,714
$543,t348
$1,358,481
190,818
$301,832
346,627
.
$364,809
79,576
95,418
Loss
Non-operating
$644,533
20,218
$20,920
447,929
Marketing expense.
Plant depreciation..
$1,448,366
1,903,162
189,737
$1,639,979
179", 738
profit
4,546,227
$98,626
$427,009
Gross
the securities would
approximate $34,120,000, if the two blocks of bonds be taken at current
market prices and the stock of the Fruit Growers Express and that of the
Virginia & Southwestern be taken at par.
The bonds alone have an
indicated market value in excess of $31,660,000.
—First
Co.—Registers with SEC—
first page of this department.
additional shares of Square
1936—6 Mos—1935
-V. 142, p. 2004.
Period—
& Silver
275.000
stock of
The stockholders on March 23,
-Earning£—
collateral to be pledged, the total market value of all
issuable
against Southern
pursuant to split-up.
$171,420
72,807
Net income
and claims filed and admitted
Natural Gas Corp., 554,535 shares.
Class B stock: Authorized,
shares without par value, issuable to holders of $7 cumul. pref.
Southern Natural Gas Corp., 274,939 shares.—V. 142, p. 137.
202,948
750,000
...$31,666,461
Total
Class A stock: Authorized, 555,000 shares without par value,
holders
to
516,265
Earned surplus.._
6% pref. stock
$31,666,461
Total
a
2,227
Capital surplus...
unadj. debts.
Southern
310,931
1,058,747
15,985
-
Miscellaneous
68,710
152,341
z
x
2,978
2,293,136
I
Disct. & exp. of 1st mtge. 6s_
136,340
3,526
accounts-
Total
adjust.
to
290,351
Notes & accts. pay
Due affiliated cos.
29,742
Deferred charges
&
applic.
mtge. bonds
378,000
Def. inc. & liabils.
for int.accr.,&c_
x
Equip. & main exten. install.
Discount
equip¬
Accrued int., taxes,
Cash held by tr'tee
Prepaid
Liabilities—
Long-term debt...$3,157,500 S3,157,500
on
15,954
36,792
Special deposits
Plant, prop., equip$6, 605,228
583
Special deposits
possible loss
ment, &c._—-...i-..-.--
350,000
452,968
7,785
cost: Pledged
Net income.
Res. for
Capital surplus....-.....--
at
cos.,
—
Accounts payable..
—
intangible cap. expenditures
Engineering surveys on mar¬
Materials & suplies at cost—
_
cl. B stocks..:
$26,469,707
ties, at cost
$447,929
261.299
$1,167,662
223,134
$648,459
$709,229
$1,.390,797
paid
Net adj. of marketable
Miscellaneous reserves
107,983
17,195
securities
Surplus
Capital surplus at end of
1,804,222
200,566
year_
$31,609,986 $27,518,505
Total surplus end of year
____
Volume 142
Financial
Balance
Sheet Dec.
Assets—
1935
1934
Plant (less deprec.)$3,022,873 $3,163,557
Merchandise
888,497
1,015,414
Cash
818,905
143,945
14,358
533,309
13,453
Accts. receivable..
Other
curr. assets.
Investments
Prepaid items
31
Liabilities—
1935
Capital stock
Accounts payable-
182,273
165,279
Surplus
1934
$4,570,075 $4,710,075
x216,805
309,280
648,459
709,230
Chronicle
Comparative Balance Sheet Dec. 31 (Company Proper)
1935
$
Stock of sub.cos.61,027,212
b Notes rec. from
a
1,187,078
14,984
subsidiary
$5,435,340 $5,728,5851
Total
..$5,435,340 $5,728,585
Includes accrued liabilities of $58,709.—V.
x
Standard
141,
p.
4026.
market
quotations
for its
State Street Investment Corp.—
Quar. End. Mar. 31—
Divs. & interast received
Reserve for taxes
1936
Earnings—
1935
1934
1933
$335,151
33,613
67,467
Net income
Dividends declared
38.655
10,752
38,591
$144,672
$130,104
174.238
143,001
$59,317
69,583
$4,386
Expenses
$191,618
8,291
$234,071
238,457
_
$29,566
529,352
$12,897
199,457
$10,267
loss226,590
Deficit
Net gain fr. sale of
1,420,926
sees..
$179,448
$70,929
2,439
9,173
Balance Sheet March 31
1936
**il sscts
Cash in banks
Accts. receivable.
_
Securities
a
1935
$
$
*
1936
1935
$
Mgt.
fee pay. to
State St. Res. &
Mgt.
Corp.,
stockholder
Res.
for
a
declared
647,502
97,552
238,457
Other accts. pay &
accrued expenses
5,517
Total
14,154
x
a
over
K,noxville, Tenn.-
5,168,403
1934
1933
$4,899,264
4,383.731
$4,362,556
3,956.963
83.339
62,165
242,871
42,191
.
as
A3S€tS"~~m
on
hand
330,914
57,919
2,500,104
Inventory.!
818,399
Value of life Insurance..
19,560
Investments & sundry assets.
16,609
Fixed assets, less depreciation.
81,405
Impt. to leased prop, (less
...
rec.
(net)
_
amortization)..
70,554
37,954
Deferred charges...;
$162,830
$100,557 loss$146,254
$1,404,235
1934
S
S
hand..
..
11
912,729
9,879,713
81,276
Notes
and
rants
Accts.
2 000,156
war¬
receiv'le
rec.
580,295
639,186
from
Total
1,016,131
1,949,508
2,530.772
3,722,309
2,196,240
782,556
858,195
Sundry liabilities
529.892
176,924
accr.
4,085,625
declared
51,432
54,439
Retirem'tres'ves 25,787,654
24,522,599
(subsidiaries).
sources.
8 507,652
Int. receivable..
251,374
7,611,096
316,132
2 707,706
2,556,263
585,408
250,117
Unadj. credits..
377,836
448,266
114,198,069
325,585
Pref.stks. (subs.) 114,025,771
Prem. & disct.on
Mat'ls & supplies
rental
341,64S
Sink, funds rep¬
by
Contribut'ns
1,229,200
1,590,076
reserves..
for
18,149
.
preferred stks.
'
78,679
49,519
12,994,117
(subsidiaries).
bond
8,497,220
Cum. pref. divs.
191,517
520,983
272,742
85,612
90,612
10 597,954
8,501,364
336,144
315,895
Special deposits.
568,672
Acct. rec'le from
not
declared
(subsidiaries).
Min.ints.in
officer
Unamort.
Other
extensions
on
....
debt
stks. &
com.
surplus
of subsidiaries
debits..
6,517,050
6,801,620
Capital stock:
2,104,391 shs. 50,000,000
50,000,000
Paid'in
disct. and exp.
Unadj.
21,856,898
surplus. 21,938,168
Earned
deficit
(since Jan.
298,108
925,720
-
(subsidiaries).
Divs.
customers and
misc.
(subsid iaries). 158,404,000 157,097,400
payable
Notes
Int.& taxes
(298,108 shs.,
par)
$
Customers' deps.
S.
Treasury
bills, at cost..
Reserve for contingencies
12,045
Istpref.stk. (350 par) 1,249,600
5% non-cum. 2d pref. stk.
(320 par)
499,840
.
notes
coupon
Accts. payable..
U.
22,500
cum.
$
.
x
on
trustees
3255,000
289,331
1934
1935
Liabilities—
Cash in banks &
held
expenses
Common stock
$331,410 in 1935; $680,137 in 1934
Bonds, mtges. &
x
..397,484,972 391,712,756
Total
1,
2,327,117
2,861,476
1932).
33,633,418
-V. 142, p. 2341.
...397,484,972 391,712,756
Includes $675,000 payable to banks.
Notes—There
ties
Sterling Inc.—Registers with SEC—•
The company has filed a registration statement with
the Securities and
Exchange Commission under the Securities Act covering 40,000 shares of
$1.50 cum. conv. pref. stock and 440,000 shares of common stock.
The
latter includes 160,000 shares reserved for conversion of the
pref. stock.
Of the 40,000 shares of pref. stock, 36,000 shares are being offered to
Hammons & Co., Inc., principal underwriter, by I. & I, Holding Corp. at
$21.25 per share and no proceed from the sale will be received by the
company.
The remaining 4,000 shares are being sold to the principal
underwriter by the company at $21.25 a share and the proceeds will be
added to the company's general funds.
Of the 280,000 shares of common stock being
offered I. & I. Holding
Corp. and E. A. Thomson are each selling 140,000 shares to the principal
underwriter at $2.80 a share and none of the proceeds will go to the company.
The pref. stock will be offered to the public at $25 per share and the
common stock at $3.50 a share.—V. 134, p. 1780.
Stix, Baer & Fuller Co.—Correction—
Net earnings
available for dividends for the year ended Jan. 31, 1935,
$337,. 52, equivalent after preferred dividends to 71 cents
share on the outstanding 292,600 common shares (par $10).
In our
issue of April 11, due to a typographical error, we reported earnings of
21 cents per share.
See V. 142, p. 2518.
sefunds, proposed by the Treasury Department against certain of the subcidiary companies, but the propriety of such taxes is being contested by the
companies involved.
The returns of subsequent years, which have not
been examined by the Treasury Department, are not believed to contain
any controversial issues of material amount not otherwise provided for.
There is litigation threatened or pending not provided for in the balance
as the ultimate liability, if any, is not
susceptible of present deter¬
sheet
mination
$485,426
$456,340
Superheater Co.-—Earnings—
386,711
Profit on sales of securities—
69,831
368,545
...
3 Months Ended March 31—
1936
1935
Profit from plant operation
Income from other sources
$151,817
143,756
$121,867
98,094
$295,574
79,879
$219,961
58,970
$215,695
$160,990
1933
$297,713
Other divs., int. and miscell. earnings
(in part from subsidiaries)
.
Engineers Public Service Co. has outstanding warrants, which were
originally issued attached to certificates for the $5.50 cum. pref. stock,
entitling holders to purchase 196,934 shares of common stock at $68 per
share on or before Nov. 1, 1938; and 158,080 shares of $5 cum. pref. stock
convertible at option of holders up to June 30, 1938 into one and one-half
shares of common stock for each share of preferred.—V. 141, p. 3551.
Total gross income.
Deprec. on plant & props., & prov. for Fed. tax.,&c
Webster, Inc.—-Earnings—
Dividends from subsidiaries
are contingent liabilities as follows: For purchase of securi¬
"when issued" basis aggregating $693,023 of which $614,154 is for
unsold balance of $334,000 in syndicate participations;
surety bonds aggregating $60,000; additional Federal income taxes for the
years 1927 to 1932, inclusive, aggregating approximately $600,000 plus
interest, in excess of provision made therefor, after deducting indicated
per
Comparative Income Statement (Company Proper)
Calendar Years—
1935
1934
on
account of customers;
amounted to
Stone &
$973,782
taxes of
1935
Total
33,633,418
867,022
resenting cash
Notes payable (banks)
Surplus.....
Total
1,109,441
Prop., plant and
equipment
341 043,127 340,914,825
Securities
17 ,822,664
19,470,549
Prepayments of
ins., taxes, &c
Accounts payable (trade)
Federal income taxes payable.
no
657,182
Comparative Consolidated Balance Sheet Dec. 31 {Including Subsidiaries)
Assets—
of Dec. 31, 1935
6%
$135,659 def$537,213
Note—The earnings as stated above do not take account of the difference
or estimated fair value of securities owned.
$100,557 loss$146,254
Accrued
$749,810
between book and market
Liabilities—
Demand deposits in banks....
Notes & accts.
240,052
$185,330
22,500
—
Balance Sheet
$140,266 def$611,862
4,607
74,649
__prof$92,628
above.
Including Federal income
Appliances
Net profit for year
$845,978
96,167
Loss applicable to Stone & Webster,
Inc. after allowing for loss, as
$3,664,155
3,528,167
246,864
Net profit
Provision for Federal income taxes
Cash
Earnings
1935
_
2,375,635
3,778,936
_..
measured by cum. pref. divs. not
earned within the year less minority
interests. Such amounts are not a
49,930,504 26,701,125
approv ed the application of the company
240,000 snares of common stock, no par, to be admitted to trading
upon notice of registration under the Securities Exchange Act of 1934.
—V. 141, p. 419.
_
3,303,032
subsidiaries, not declared..
Bal. applic. to Stone & Webster,Inc.
before allowing for loss, as below.
x
TheChicago Stock Exchange has
Income charges and credits (net)
55,311,613
3,547,840
and $524,385 in 1933.
to list
Net sales
$5,799,203
2,355,904
Allowing for loss in investment in com.
stk of Engineers Public Service Co.,
982,922 21,213,541
(A.) Stein & Co.—Listing Application Approved—
Cost of goods sold & operating exps.
General & administrative expenses..
9,182,742
4,985,303
claim against Stone & Webster,Inc.
or its other subsidiaries
treasury stock, 476,915 shares in 1936 and 435,595 in 1935.—V. 142, p. 637.
Years—
8,915,310
5,132,176
Balance
Amount applicable to minority ints._
assets
Total...
1933
1934
8,836,482
5,385,927
reserves
Balance
Securities at ledger amounts (cost) $33,444,196 in 1936 and $22,273,140
b Authorized
500,000 shares.
Outstanding after deducting
Sterchi Bros. Stores, Inc.,
or
$6,985,419
Appropriations for retirement
1935.
Calendar
of Jan.
...
of
71,700,782 71,906,309
Total
as
market
______$51,840,470 $49,752,544 $47,051,587
25,123,810
23,930,550
22,742,385
5,508,832
5,975,304
4,829,541
expenses
Taxes
2 229,864
prices..
quotations
In
quoted
Int. and current amortization of debt
discount and expense
were
liabil. & cap. stk22 466,116
26,701,1251
The
1935
Operating
priced at market
.....49,930,504
purchases.
(Including Subsidiaries)
quoted
less treas. stock. 23
Total
.....71,700,782 71,906,309
Gross earnings
b Com.stk. no par,
Surpl.
7,913
Comparative Consolidated Income Statement Calendar Years
Fed. inc. & State
at
1,551
1,301
826
liabilities.
1, 1932, and cost of subse¬
management's estimated fair
value of securities of other companies was on Dec. 31, 1935, $5,435,770
(1934, $3,879,042).
b Includes $3,551,000 income notes of Stone & Web¬
ster Building, Inc.
;>,-V:.;vV.
quent
excise taxes if the
market
1.434
Carried at written-down values
a
Prov. for est. add'l
held
90,612
59,395
47,445
Unadjusted debits
174,238
on
301,547
sees,
74,478
Sundry assets
35.385
32,748
taxes
Unadjusted credits
20,278
1,054
Capital stock:
2,104,391 shs...50,000,000 50,000,000
Paid-in surplus...21,592,927 21,363,159
Earned surplus...
25,557 defl74.948
from
officer
33,237
securs.
sold
Sundry
1,490,482
85,612
receiv.
8,961
.
Interest and
675,000
5,106
20,310
companies.
Accounts payable
4,601,000
4,647,939
_
stk. of this corp.
Accts. payable for
purch. of
sub.
31.619
Furniture & equip.
of
58,578
&
State tax liabils.
Div.
Acct.
to
accrued
2,143,231
S
$
payable
Divs. on pref. stocks of subs., declared
2,360,505
Amount applicable to cum. pref. divs.
....
Fed.
hand.
on
$
Liabilities—
2,100,088
5,759,530
39,244
47,830,415 20,902,350
4,598,500
3,764,902
cos.
Notes
Cash in banks and
accounts receiv.
Investing Corp.—Asset Value—
$2,012.50 per $1,000 debenture
holdings, and a similarly indicated
asset value of approximately $69.04
per share of preferred stock.
This
compares with net assets equal to approximately $1,495 per $1,000 deben¬
ture and about $52.88
per share of preferred stock on Doc. 31, 1935, and
with net assets equal to
approximately $1,128 per $1,000 debenture and
$14.50 per share of preferred stock on March 31, 1935.—V. 142,
p. 1658.
on
Sec. of other
1934
1935
Liabilities—
$
60,933,186
Other notes, int. &
The corporation reports that as of March
31, 1936, the treasurer's figures
indicated an asset coverage of approximately
based
1934
Assets
a
Total
2687
Note—The earnings as stated above do not take account of the difference
between book and market or estimated fair value of securities owned.
Net income
-V. 142, p.
1487.
502,544
Super-Power Co. of Illinois—Listing Approved—•
—
The New York Curb Exchange has approved the listing of $10,000,000
Total
x
earnings
Operating expenses
Taxes
Interest (all to subsidiaries).
Net income
_
$941,967
699,044
32,292
7,125
$824,886
702,640
18,088
13,813
$800,257
€25,441
42,979
17,742
$203,505
$90,343
loss$85,907
Expenses include $73,642 in 1935; $117,776 in 1934 and $130,683 in
1933 paid to Stone & Webster Realty Corp. under the terms of its net
lease of the Boston office building owned by that corporation.
x
1st mtge. gold bonds, 4)4%, series of 1928. due March 1,1968, and $9,858,500 1st mtge. gold bonds, 4)4 %, series of 1930, due Sept.. 1, 1970.—V. 142,
p.
2173.
Superior Portland Cement, Inc.—Accumulated Div.—
The directors have declared
a dividend of 55 cents per share on account
on the $3.30 cum. class A partic. stock, no
par value,
payable May 1 to holders of record April 23.
A like payment was made
on March 2 and Jan. 2 last and on Nov. 1,
1935, and compares with 27^
of accumulations
Financial
2688
cents
paid
on
and Jan. 2,
Chronicle
Consolidated Balance Sheet Dec. 31
Sept. 3, July 1 and May 1,1935 and 55 cents paid on March 1
1935, Nov. 1, Sept. 1, July 1 and May 1, 1934 and Dec, 1,
1933.—V. 142, p. 1304.
,
Superior Oil Corp. (& Sub.)—Earnings—
$618,917
472,010
$943,368
442,784
$698,085
12,391
$672,676
16,771
$146,906
5,680
$500,584
76,873
$710,476
35,156
$689,447
$152,586
59,265
353,741
327,109
287,759
64,505
12,450
35,321
5,600
132,906
3346761
Inventories....
283,121
83,614
$577,457
77,203
14,973
418,772
57,073
Net income
on notes
Accts. & notes rec.
1932
1934
$1,062,305
389,629
Net operating income.
Other income
Int.
Marketable secure.
1933
1935
$1,113,267
415,182
Expenses
& accts
47,398
'
Other non-oper. expenses
_
Prov. for depl. & deprec.
Loss
on
leases
surren¬
dered, &c
Prov. for inc. taxes
Net profit
_
_
Investments
hand
on
Crude oil
81,139
—at market
10,416
264,792
gas
5,469
4,683
Prov.
4,555
11,200
_
non-affll.
for
58,038
46,478
con¬
501
cerns—at cost..
501
12,450
5,600
secured,
209,170
Su-
of
oil
&
60,000
339,353
pro¬
339,293
966,979
Co.
ducing properties
& equipment
Intangible values
2,525,833
1,071,100
.
2,628,254
1,071,100
1st
mtge.
mtge. 6% notes.
Oblige,
purch.
on
of oil
Total..
After
$4,071,112 $4,157,747
reserve
$4,071,112 $4,157,747
Total
for
of
Sweets Co.
1933
$970,026
921,554
$1,213,761
1,143,868
Expenses, costs, &c
i
Gross income
$48,472
$72,909
Income charges ,&c
Loss on sale of treas. stk.
Federal taxes
Net profit.
$41,807
$62,884
Dividends...
1933
$1,718,507
55,195
122,105
109,994
99,523
$2,250,933
393,118
748,554
483,605
$2,106,812
340,419
706,710
507,868
$1,923,154
321,160
652,413
458,102
$1,873,225
293,315
688,843
473,004
$625,656
65,191
48
$551,815
51,690
$491,480
37,238
$418,063
51,337
148
345
129
Ry. oper. income
Non-operating income..
$560,417
10,743
$499,977
13,436
$453,897
11,641
$366,598
15,180
$571,160
$513,413
475,150
$465,538
503,090
$381,777
464,027
loss$37,552
loss$82,250
Total ry. oper. revenue
Maint. of way &struc
Transportation expenses
General & other expenses
Net
rev.
from ry. oper.
Railway tax accruals
Gross income-
Deduction from
-
gross
455,868
inc
$585,483
630,709
loss$15,187
loss$45,226
8,019
loss$37,207
91,903
$41,807
82,201
$0.51
$62,884
82,201
$0.76
Shs.cap.stk.out.(par$50)
Earnings per share
Comparative Balance Sheet Dec. 31
$5
827,987 $5,794,589
$500,000
4,595
$500,000
3,543
Long-term debt-—
3,680,000
3,872,700
Loans & bills pay.
208,289
204,924
7% pref. stock
Govt, (grants)
Deposits in lieu of
1,995
52,270
1,995
48,241
mtge. prop, sold
Traffic & car-serv¬
170,088
162,681
payable..
166,177
3,600
Miscell. accts. pay.
14,194
209,235
36,688
8,954
Int. matur. unpaid
Funded debt ma¬
2,790
3,600
tured unpaid-..
147,700
ice bals., pay...
498,927
58,367
237,142
Audited accts. and
2,790
8,390
16,188
25,263
62,965
Advances
Cash
498,927
64,171
183,388
Loans & bills rec_.
Traffic & car-serv¬
ice bals.,rec
Net balance receiv.
wages
Unmatured
Cash
$139,873
41,544
Accts. receivable..
Adv. empl's' acct.
Mdse. inventory..
765
75*637
Deferred charges.,
x
Land, bldgs.,
$78,587
41,510
38,363
8,195
4,490
325,949
337.783
2,500
Invest. In subs
Trade marks,
loss$86,522 loss$ 129,110
22,229
36,445
46,435
Other curr. liabs..
80
941
177,786
203,311
Unadjust. credits.
820,377
254
94
Deferred liabilities
500
730,241
2,603
Deferred assets...
1,339
155,047
1,319
141,630
Corporate surplus:
365,506
1,000,973
363,412
911,403
Unadjusted debits
Add'ns to
and
def$86,522 def$151,339
82,201
79,076
Nil
Profit & loss bal..
503,766
ents, &c
Total
$1,091,259
1659.
p.
$33,806
11,202
11,652
100,000
1,045*985
92,003
2,500
1,045,985
92,634
212,224
275,108
$154,869 in 1934.—V. 142,
1936—Month—1935
1936—12 Mos.—1935
$6,548,262
3,227,980
76,429
$6,856,090
3,612,811
5,000
$524,668
252,768
6,369
$271,696
$265,531
$3,173,303
654
621
1,159
$3,243,853
14,623
$272,350
142,764
$266,152
142,689
$3,174,462
1,712,779
$3,258,476
1,721,900
Balance
y$129,586
y$123,463
Prop, retire, res. appro.z Divs. applicable to pref. stk. for period, whether
paid or unpaid
$1,461,683
358,340
$1,536,576
300,000
$569,013
292,317
Operating revenues
Operating expenses
Other income (net)
69,976
Gross corp. income—
Interest & other deduct.
of
Syracuse Lighting Co., Inc.-—New Director—
Morris
Tracy,
4177.
—
-
Balance...
Treasurer of the company, was elected a director.—V.
z
(James) Talcott, Inc.—Listing Approved—Earnings—
The New York Curb Exchange has
approved the listing of 30,000 out¬
standing shares of 5H% participating preference shares, $50 par.
after all exps.
& taxss, but before res..
—
—
375,678
375,678
$727,665
$860,898
dividends,
After the
that date.—V. 142, p. 2005.
1935
$158*749
—
y Before
property retirement reserve appropriations and
Regular dividend on $6 pref. stock was paid on Jan. 2, 1936.
Texas Power &
1936
earns,
—
payment of this dividend there were no accumulated unpaid dividends at
Earnings for 3 Months Ended March 31
Net
Co.—Earnings—
[American Power & Light Co., Subsidiary]
Period End. Feb. 29—
.
total
p.
Co., Inc., above.—V. 142, p. 2342.
Texas Electric Service
.$1,091,259 $1,011,469
Total
$1,000,000 first mortgage sinking fund 3%% bonds, due
May 15, 1950, have been called for redemption on May 15 at par and
nterest.
Payment will be made at the First National Bank of Chicago,
Chicago, 111., or at the Irving Trust Co., New York City.—V. 142, p. 4026.
141,
Corp.—May Buy South American Company-
Rent for leased property
Swift & Co.—Bonds Called—
A
Texas
See Socony-Vacuum Oil
lbb'ooo
503,766
$1,011,4691
$7,140,128 $7,062,391
550
Mtges. payable—
After depreciation of $169,852 in 1935 and
x
$53,743
interest, &c
Unclaimed divs
Total...
-V. 142, p. 2342.
1934
Acer, items, wages,
Capital stock
Capital surplus
$7,140,128 $7,062,391
Total....
Accounts payable.
prop,
income
surplus
Nil
1935
Deficit....
pat¬
60,420
58,857
42,707
fr. agts. &cond.
Miscell. accts.
Due to subs, co—
ma-
chry., equip.,&c
inter¬
est accrued
rec.
Mat'l & supplies-.
Other curr. assets.
Liabilities—
1934
1934
1935
Liabilities—
1934
1935
Assets—
Investments
Comparative Balance Sheet Dec. 31
1935
Assets—
47,474
$38,263
$115,293
Net income
Notes.
$717,585
732,772
loss$15,187
41,599
29,736
i
1932
$1,765,686
through
Balance, surplus
142,
Ty
1934
1932
6,684
10,025
1,662,500
37,177
2,125,050
1,348,950
1,120,200
....$3,830,709 $4,278,744
Total
1935
Special deposits—
$48,472
$69,893
3,016
Operating profit
Other income
42,989
Ry.—Earnings—
Invest. In affil.cos.
1934
1935
Net sales
Central
Misc. phys. prop..
America—Earnings—
Calendar Years—
..$3,830,709 $4,278,744
1,727,907
274,018
depletion and depreciation of $9,249,805 in 1935 and
$9,360,971 in 1934—V. 141, p. 2906.
x
1,309,000
Capital stock...
$1,921,640
63,067
399,490
period Oil Corp.
Superior Oil & Gas
land,
gas
38,824
properties.
204,666
Capital stock
988,979
Capital surplus
1,749,908
Earned surplus
518,713
Property,
x
Funded debt
Freight revenue
$2,052,962
Passenger revenue
64,576
Mail, express, all other
transp., &c., incident.
133,395
Proportion of 1st
mtge. 6% notes.
Notes payable, un¬
of
12,075
....
...
Total
54.901
45,846
for
redemption
Uncollect, ry. revenues.
48,808
Federal
income taxes
Due from sale of oil
property
Inv. In stocks
$79,999
30,967
&
royalties....
201,297
expenses.
wages
taxes and oil and
supplies
Prepaid
1934
salaries, Interest,
Oil field materials*^
Int.
called
2,125,050
1,348,950
Capital surplus
Operating deficit.. 1,151,273
Tennessee
$129,214
Accounts payable.
11,557
for
bonds, &c...
Bonds
$9,435
1935
Notes payable
Accrued
hand
Provision
a
Calendar Years—
$78,836
86,821
$170,801
on
43.900
Represented by 83,832 (84,157 in 1934) shares no par value.—Y.
p. 2005.
v;v .;vy^,;vv7.,
/ /'
Liabilities—
Accts. receivable..
2,998,084
18,926
16,513
17,547
&c
eral tax, &c
Deferred credit-._
1934
Cash in banks and
mission,
on
891
12,075
Capital assets
2,828,848
Deferred charges..
9,421
$109,951
Provision for Fed¬
by
trustees
Consolidated Balance Sheet as at Dec. 31
1935
held
Cash
1934
$80,524
payable.
Accrd. wages, com¬
a
$274,019 loss$327,344
$244,624
Assets—
Accounts
$273,659
336,607
254,305
311,702
84,571
$278,868
hand..;
1935
Liabilities—
1934
1935
Assets-
Cash in banks and
"
on
Calendar Years—
Total income
April 18, 1936
Light Co.—Earnings—
[American Power & Light Co. Subsidiary]
$126,469
Total volume of business for the first three months of 1936 amounted to
$19,598,149, an increase of 16% over the first quarter of 1935.
The first quarter's earnings and volume of business were the largest for
any quarterly period in its history, the company announced after a meeting
of the board of directors April 15.—V. 142, p. 2518.
1936—Month—193 5
Period End. Feb. 29—
1936—12 Mos.—1935
$709,594
354,247
M35.066
4,407,992
$9,103,404
4,392,360
Cr5,000
$355,347
133
383
$4,727,074
8,283
$4,716,044
10,255
$391,603
199,390
$355,730
203,961
$4,735,357
2,440,051
$4,726,299
2,457,341
y$192,213
Balance
$733,284
341,814
$391,470
Operating revenues
Operat ing expenses
Rent for leased property
y$151,769
$2,295,306
479,094
$2,268,958
450,000
Other income (net)
Telluride Power Co.—Accumulated Dividend—
Gross corp. income—
The company paid a dividend of $1.75 per share on account of accumu¬
lations
on the 7%
cum. pref. stock, par
ments were made in preceding quarters.
ment amount to
$12.25 per
$100, on April 1.
Similar pay¬
Arrearages after the above pay¬
share.—Y. 141, p. 4027.
Interest & other deduct.
Balance
Prop, retire
Taylor-Wharton Iron & Steel Co. (& Subs.)—Earnings
z
Divs.
res. appro
applicable
pref.
to
Calendar Years—
y
1935
1934
1933
$94,185
14,960
$14,918
10,446
2,470
$25,495
9,775
stocks
for
period,
whether paid or unpaid
Operating profit
Balance
Income and profit from investments..
Miscellaneous income
Unapplied balance of
tomers'
account
reserve
and
notes
for
2,742
y
cus¬
z
receiv¬
able under extended terms
26,060
Total
$111,888
100,761
4,274
Bond interest and discount
Other interest and discount (net)
Expenses of capital readjustment
Expenses of leased plant
Other charges.
Miscell. expenses & income (net)
2,578
35,347
..
—
—
-
—
568
$31,073
reserve
$61,330
126,077
5,967
19,755
4,760
_
Loss.
Addition to
$27,834
118,613
12,448
32,408
3,990
376,105
$95,797
20,000
$515,730
for contingencies.
Before
property
Regular dividends
865,050
865,050
$951,162
$953,908
retirement reserve appropriations
7% and $6 pref. stocks were paid
on
and dividends,
Feb. 1, 1936.
on
After the payment of these dividends there were no accumulated unpaid
dividends at that date.—V. 142, p. 2518.
Tide Water Associated Oil Co.—1 b-Cent Dividend—
The directors
on April 16 declared a dividend of 15 cents per share on the
stock, no par value, payable June 1 to holders of record May 11.
dividend of 25 cents per share was paid on Jan. 15, last, this latter
being the first payment made since Feb. 16, 1931, when 30 cents per share
was distributed.—V.
141, p. 4177.
common
A special
Tide Water Oil Co.—50-Cent Dividend—
The
directors
have
declared
a
dividend
of 50
cents
per
share
on
the
stock, no par value, payable May 11 to holders of record May 1.
The current dividend compares with a special dividend of 85 cents and a
dividend of 50 cents (or a total of $1.35 per share) paid on Dec. 31, 1935;
common
Deficit for the year.
Previous deficit
Deficit at Dec. 31
$31,073
1,120,200
—
$1,151,273
Compares with a deficit for 1932 of $346,799
depreciation of plant and property.
x
on
$515,730
604,470
x$115,797
488,673
$1,120,200
$604,470
the same basis,
y
After
50 cents paid on Sept. 30: 30 cents on June 29; 35 cents on March 30, 1935;
on Oct. 8, 1934; 50 cents on March 31, 1934; $1 on Dec. 23, 1933,
share paid each quarter from March 31, 1932, to Dec. 31,
75 cents
and 25 cents per
1932, inclusive.—V. 141, p. 4177.
Volume 142
Financial
Timken-Detroit Axle Co. (& Subs.)
Calendar Years—
Gross income
1935
Expenses
Operating profit...
...
Other income
Total income.
$2,170,013
151,182
$2,321,195
a704,91O
1,462
Depreciation—
Interest expense
Special reserves
Fed. & State taxes
Provision for Canadian
227,000
$1,238,538
146,457
$395,844
130,316
$1,384,995
a714,731
27,568
1936
1932
$2,878,480
2,482,636
d Investments
214,621
33,931
1,124,630
163,894
6,116
sec..
Note receivable-
Special
deps.
for
int. and divs...
2,778,422
Secur.sold.receiv.
$998,155
980,000
$1.02
194,187
$0.24
194,292
Nil
$
xlLand, buildings,
)■ mach.,equlp.,&c 5,050,807
Cash
Certificates of dep.
► & accrued int.—
Nil
sec.
a
S
518,686
Notes, accts., &c.,
► receivable.!
3,147,853
Inventories
3,160,842
Dies, jigs, fixtures
& patterns
Goodwill, &c
Other assets
1,504,500
860,977
Deferred charges..
187,013
x
15,977,153
15,082,3871
par
Common stock
53,986,064 50,521,858
1936. was in
in 1935.—V.
Accounts payable.
Total
of cost
excess
Operating
by $7,857,270 and less than cost by $11,482,864
Net
$182,392
121,624
$2,306,562
1,693,412
$2,313,402
1,613,137
$44,253
$60,768
240
$613,150
2,893
$700,265
157
$44,410
24,762
$61,008
24,942
$616,043
299,886
$702,360
312,226
$19,648
20,790
$36,066
20,790
$316,157
249,475
$390,134
249.475
Transue & Williams Steel Forging
1936
Ulen & Co.
1934
$106,550
21,526
31,882
$32,561
Other income
954
$53,142
1,481
1936
After setting aside $475,000 as a general reserve.
During the quarter ended March 31, 1936, the comapny's indebtedness
reduced by $236,500.—V. 142, p. 2520.
x
loss$8,913
loss$17,4S2
loss$50,2.86
941
1935
$257,745
$330,682
$254,940
x$42,532
Loss after surplus adjustments
1933
$37,880
21,584
33,778
496
■*
(& Subs.)—Earnings—
12 Months Ended March 31—
Earnings before extraordinary credits to surplus..
Corp.—Earnings—
1935
$88,682
21,658
34,463
was
21.492
Underwood Elliott Fisher Co.
19,851
-
$33,515
$54,623
loss$16,541
$0.42
Nil
3 Mos. End. Mar. 31—
Combined inc. after de¬
(& Subs.)- -Earning
1935
1936
1934
1933
ducting mfg., sell, and
general expenses
loss$49,790
$0.26
Nil
11,130
$913,880
44,867
$918,944
22,218
$161,282
23,205
$1,057,185
118,738
109,786
$958,747
119,704
120,000
$941,162
116,381
$184,487
118.500
5,717
$828,661
666,448
$1.17
$719,043
666,448
$1.01
$706,281
666,448
$0.99
$132,383
666,448
$0.13
$1,046,055
Other net income
Total income
—V. 142, p. 2519.
Depreciation
Trenton Street Ry.
2.095
.
,
Net profit
income
Pref. div. requirements.
—V. 142, p. 2343.
company's charter, including a change in time of the annual
Insufficient number of shares were represented on April
14
Earns, per share on 128,000 shares cap. stock.
1936—12 Mos.—1935
$185,842
141,589
Gross income
15,977,153 15,082,387
to take this action.
Operating profit.
Co.—Earnings—
1936—Month—1935
expenses
Net operating income.
Non-oper. income—net-
Another meeting of stockholders will be held May 11 to consider amend¬
Depreciation
Expenses
53,986,064 50,521,858
142, p. 972.
Period End. Mar. 31—
Gross oper. revenues
ments to the
Quar. End. Mar. 31-
83,574
1,431,100
2,460,000
[Incl. Berwick & Salmon Falls Electric Co.]
After depreciation of $7,216,528 in 1935 and
$6,681,863 in 1934.
Gross profit
417,198
—...
Total
Twin State Gas & Electric
Meeting Adjourned—■
meeting.
682,010
exchange
Represented by 2,429,318 no par shares,
b Represented by 1,100
preferred stock in 1936 and 35,062 shares in 1935.
c 260,792 no
shares in 1936 and 295,854 shares in 1935.
d Market value March 31,
Deductions
Total
2,291,600
3,316,398
redemption
Reserve for expense
and tax
shares
2,965,500
30,000,000 30,000,000
348,956
464,212
Pay rolls,comm.,&c
136,798
150,648
55,685 Misc. accts. pay..
110,678
51,926
Accrued expenses.
80,863
103,581
1,227,350 State taxes, &c
227,000
74,000
Accr.dlv.onpf.stk.
14,539
16,018
1,785,103 Res. for contin.,&c
217,901
259,440
3,019,418 Deferred income..
174,263
50,200
Capital surplus
702,825
692,026
Earned surplus
1,670,829
672,674
1,564,129 Treasury stk Dr. .20,525,400 20,417.840
943,846
187,843
205,488
& accr. Int.
1934
$
Cum. 7% pref. stk 2,817,900
Govt. & corporate
B debs called for
1,413,350
Funded debt
7,586,900
Surplus
34,418,305 32,396,646
v Treasury stock..Drll3,625Drl,826183
1935
Liabilities—
5,517,357
781,655
1,340,986
74,138
Co., Inc., series
loan ag'st cash.
Total
1934
$
550,567
28,765
Due from securities
Consolidated Balance Sheet Dec. 31
1935
Assets—
522,392
purchased
Investors
Equity
contracts..
Including amortization.
a
payable
Foreign
$232,658def$1451,056def$l ,388.165
980,166
980,234
992,096
193,467
7,396,350
2,429,318
Due from securities
Bank loans secured
83,573
...
$426,1251oss$1256,8691oss$l 193,873
Surplus
Shs.com ,stk.out.(par$10)
Earnings per share
a
364,343
exchange
233,735
$1,173,202
175,047
$
6,519,800
Common stock.. 2,429,318
472,562
89,632
61,911
324,878
Int. & divs. receiv.
contracts
1935
$
Pref. stock
c
Int. accrued & div.
currencies
dU. S. Govt.
250
142,571
Liabilities—
Deposits In foreign
$64,852
765,819
58,921
200,000
2,100
375,776
S
46,115,050 44,905,764
4,699,687
3,283,529
Cash
loss$87,377
152.229
74",666
1936
1935
$
Assets—
$2,830,912
2,918,289
$526,160
a783,819
53,278
568,056
& State taxes
Netprofit
Preferred dividends
Balance Sheet March 31
1933
$4,123,800
2,885,262
Foreign
Other deductions
2689
—Earnings—
1934
$4,614,846
2,444,833
Chronicle
Res. for Fed. inc. taxes.
Consolidated—Status, &c.—-
Company was incorporated in 1935 to take over the assets of Trenton
Street Ry.; Trenton Pennington & Hopewell Street
Ry.; Mercer County
Traction Co., and Trenton Hamilton & Ewing Traction which were con¬
solidated into one company April 24, 1935.
All capital stock of the four
Combined net income
Shs. com. stk. outst'g..
Earnings
companies consolidated
Above
were cancelled.
All bonds of the four companies
cancelled and exchanged for stock excepting the
following bond issues:
Trenton Passenger Ry. 6s
share
per
46,387
earnings exclude equity in net income of non-consolidated affiliated
142, p. 1489.
and subsidiary companies.—V.
were
$840,000
Trenton Street Ry. consolidated 5s and 4s
1,159,000
!
Ten shares of common stock (no par) of the new
company was exchanged
for each $1,000 bond of the four bond issues which were
cancelled.
The
total number of shares of Trenton Street Ry. Co. Consolidated
common
stock to be issued in exchange for bonds (10 shares for each
Union Bag & Paper Co.—Stock Increase
company
bond) is 15,230
Only 14,630 of these shares have been actually issued to date due
to persons entitled to the balance of these shares not
having made the
exchange.
common
shares.
Par Value
Trenton Street Ry. gen. mtge. 6s
Mercer County Trac. Co. 1st mtge. 5s
Trenton, Penn. & Hope St. Ry 1st mtge. 5s
Trenton, Hamilton & Ewing Trac. Co., 1st mtge.
Exchanged
Therefor
$500,000
292,000
231,000
500,000
The United Power & Transportation Co. owns
shares outstanding.
Officers of Trenton
outstanding volume of shares 65,359, leaving 34,641
but unissued, it was announced after the meeting.
new shares authorized
The directors do not
contemplate issuance of these shares at present, it was said.
The proceeds of the financing, which are estimated at about $2,500,000
after underwriting expenses, will be used to retire in advance of their
maturity bank loans incurred for capital expense in connection with the
construction of a new pulp and paper mill and bag factory at Savannah, Ga,
In a statement to stockholders, Alexander Calder, President of the com¬
pany. said he was optimistic on future operations.
Charles R. McMillen resigned as a director.
Alexander Calder, President of the corporation, announced on April 15
that the banking group which has underwritten the offering to shareholders
of 65,359 shares of capital stock of the company, consists of Minsch, Monell
& Co., Inc., of New York, Laurence M. Marks & Co. of New York, Jackson
& Curtis of New York, Johnson, Lane, Space & Co. of Savannah,
Ga., the
R. L. Griggs Co. of Waterbury, Conn., Jackson & Curtis Securities Corp. of
Boston and E. R. Jones & Co. of Baltimore.
This information is contained
5,000
2,920
5,000
5s..
2,310
$1,523,000
15,230
12,870 out of the 14,630
i
Street Ry. Co. Consolidated are: Walter A.
Riggs,
President; Daniel Houseman, Vice-President; A. S. Hitchner, Secretary and
Asst. Treasurer; Daniel Houseman, Treasurer and Asst. Secretary.
Trusteed
Industry Shares—Asset Value—
The company for the three months ended March 31,
1936, reports net
value of underlying securitite, after provision for Federal and
capital stock
taxes^ of $1,761,329, equal to $1,409
standing.
Investments at cost
on
per share for 1,250,000 shares out¬
March 31, 1936. stood at $1,358,619,
an increase of $274,661 over Jan.
1, 1936.
The capital fund showed gross
profit of $475,116, excess of market value of securities owned over book
value (representing unrealized profit) based on market value of securities
as of March 31,
amounting to $452,318.
Net income from dividends re¬
ceived amounted to $9,624.
Total assets of the company are shown in the
March 31 balance sheet as $1,882,398.—V. 137, p. 4026.
Tri-Continental
Corp.—Earnings
3 Mos. End. Mar. 31—
Interest received
1936
1935
1934
stock
Prof,
on
$176,951
$141,500
$178,917
341,855
313,951
278,470
10,558
51,104
277,375
Fees for invest, service..
Miscellaneous income
Total income
Interest
124,057
$524,235
136.255
debentures.
Cost of issuance of com.
on
_
64",681
26,132
67,424
$555,584
102,071
14,982
94,836
$481,632
89,210
11,042
94,836
stock and debs
account
Surplus Dec. 31
Surplus
arising
Loss
on
91,595
7,003
common
an
amendment filed April
142,
$343,695
$286,543
$294,548
def912,235
33,661,323
def650,895
36,195,988
defl 92,281
33,840,667
39,191.051
from
stock
46,533
sale of sec., based
15 by the company to its application to the
Exchange Commission for the registration of the new shares.
2520.
Union Gas & Electric
Dr304,949
Dr909,442 Drl ,666,638
Union Oil Co. of
California—Earnings—
com.
$400,000
stock
Current
assets
$1,350,000
4,386,070
$0.09
4,386,070
$0.31
$500,000 df$l,100,000
out¬
standing (par $25)--Earnings per share
of
4,386.076
$0.11
Dr52,133
Union Tobacco Co.—Final Distribution—
consider and take action on a resolution adopted by
the company be dissolved, was adjourned to March 2.
the directors that
At the adjourned
meeting the holders of nearly 70% of the company's stock voted in favor
of the dissolution.
No stockholders voted against the dissolution.
"Accordingly, the company has now been dissolved and the Secretary
of State of Delaware has issued a certificate of dissolution.
In accordance
the
agreement
between
record of class A stock
are
the
now
preferred
entitled
to
stockholders, the holders of
receive 25c. per class A share
$4,882,757
j^c.
per common
more
certificates,
duly endorsed to the company for cancellation.
This distribution will be
made out of the assets of the company to which the holders of the
preferred
stock
are
"The
Surplus March 31
$34,418,305 $32,396,646 $34,478,873 $37,282,025
The unrealized appreciation on investments on March 31,
1936, after
4,386,070
loss$0.25
Walter B. Ryan Jr., President, in a letter to class A and common stock¬
holders under date of April 7, stated:
"The special meeting of the stock¬
holders of the company which was called to be held on Feb. 20, 1936, to
share net in cash, upon surrender for cancellation of their stock
$34,807,993 $32,787,834 $34,870,061 $37,673,213
Preferred divs. declared.
389,688
391,188
391,188
391,188
was
'
March 31.
1936, were approximately $42,000,000
and current liabilities were $6,500,000, comparing with $41,700,000 and
$5,300,000, respectively, on March 31. 1935.
Cash at end of March, 1936,
was about $11,500,000.—V.
142, p. 1489.
as
net in cash and the holders of record of common stock 12
reserve
deduction of the normal Federal income tax thereon
than on Dec. 31, 1935.
Co.—Merger—
Quar. End. Mar. 31—
1936
1935
1934
1933
Sales
__$13,000,000 $15,700,000 $12,850,000 $11,700,000
Profit after interest, Fed.
tax, &c
2,650.000
3,100,000
2,100,000
550.000
Deprec., depletion, &c_.
2,250,000
1,750,000
1,600,000
1,650,000
with
contingency
p.
See Cincinnati Gas & Electric Co., above.—Y. 139, p. 616.
89,836
$294,423
on average cost-.
Crl,710,256
Transferred to reserve for
Total
$495,574
defl ,037,354
Undistributed net income
issue of
37", 595
12,592
Net income....
n
Securities and
—V.
Shares
1,688
.
Taxes
i
Net income
held)
syndicate partic.
Expenses
1933
$58,322
Dividends (excl. divs. on
corporation's own pref.
from 200,000 shares to 300,000 shares and to issue rights to
shareholders for the purchase of additional shares in a ratio of one
share for each three held.
The price at which the new shares are to be
sold to stockholders is fixed at $40 per share.
Full exercise of the rights to be issued to shareholders will increase the
new
No. of Shares
of Bonds
Cancelled
Approved—
The shareholders at their annual meeting on April 14 approved the recom¬
of directors to increase the authorized capital shares of the
mendation
entitled
necessary
on
dissolution.
funds with which to make this distribution have
now
been delivered by the company, with the consent of the preferred stock¬
holders, to Chase National Bank, 11 Broad St., New York, as trustee,
and are now available to the class A and common stockholders."—V.
142.
p.
1836.
Financial
2690
United Corp.
purchase, during next four years, 50,000 shares of
company's stock at the average price for stock prevailing during five years
prior to purchase (four years and eight months prior to purchase in the case
of first 10,000 shares bought).
Former directors
Ralph B. Currier, former clerk, was elected Treasurer.
were reelected, and James J. Minot Jr. and Burton A. Howe were added
to the board.—Y. 142, p. 1838.
shall have the right to
(Del.)—Earningi
1934
1935
3 Mos. End. Mar. 31—
1936
Divs. & int.rec. in cashy$2,209,892
1933
y$2,324,470
$2,727,109
$3,487,038
33,964
65,105
37,333
57,021
92,706
120,058
59,763
78,164
Bal. applic. to divs
Div. paid on $3 cum.
$2,071,965
$2,225,400
$2,540,047
$3,265,064
pref. stock
Div. paid on common stk
1,866,781
1,866,515
1,866,512
1,452,947
def$54,395
x
Interest paid
Taxes
Current expenses.....
>
101,916
-
Balance for period.$205,184
$2,225,400
$673,532
12,729,320
11,145,550
8,590,761
8,087,479
Earn. surpl. at Mar.31$12,934,504
$13,370,951
$9,264,292
$8,033,084
14,529,491
$0.02
14,531,197
$0.04
14,529,465
$0.09
standing (no par)
Earnings per share_
14,529,491
$0.01
_
Exclusive of dividends received in stock,
Dividends received only.
Note—The securities in the corporation's portfolio, which at March 31,
1936, were carried on the books at a cost or declared value of $582,600,139,
had an indicated market value of $227,148,863 at such date based on
current published quotations, and no adjustment has been made for the
x
difference
market
between
the
value.—V.
United
total
142,
Fruit
cost
or
y
declared
and
value
indicated
the
474.
p.
1935
1934
1933
except Fed. taxes (est.) $2,650,000
Shs. common stock out¬
$2,250,000
$1,604,000
$1,033,000
x2,906,000
$0.91
x2,906,000
2,925,000
$0.54
2,925,000
$0.35
earns,
1936
after all chgs.
standing
Earnings
(no par)
share
per
United Gas Improvement
Week Ended—
Co.—Weekly Output—
Apr. 11'36. Apr. 4 '36.
81,484,964
80,770,879
Electric output of system
—V. 142, p. 2520.
United States Financial Holding
stock
on
Apr. 13'35.
74,377,822
Corp.—Liquidating Div.
The company paid a liquidating dividend of $1.20 per
par common
share on the $1
April 8.—V. 138, p. 1931.
United States
First Preferred
tion
under
the plan,
it is expected that with the satisfactory
of certain negotiations now under way some
holders of notes and debentures can be made in the near
disbursement to
future.
Make Interest Payments on Two Issues in Default—
An interest payment can be anticipated on the 5H% notes of 1937 and
the 6% debentures of 1941 from the proceeds of a partial liquidation of
Six Companias, Inc., whose Boulder Dam contract has been accepted
by the United States, it was announced April 15 by Ralph Warren,
Treasurer.
The definite date of payment or its amount cannot now be
Mr. Warren said.
Warren, in requesting holders of the securities to deposit them so
strengthen the company's position in its negotiations in connection
with the payment of its $13,000,000 claim against the Cuban goverment,
points out that deposits have been made by 92 national and state banking
institutions and 102 trust estates.
"Since the porposal of the plan," Mr*
Mr.
to
as
Warren said, "the price of the debentures has more than doubled, demon¬
strating the confidence of holders that the plan will work out beneficially.
Deposit certificates are currently selling within a fraction of a point of the
debentures and recently have sold higher.
Due to the dwindling supply
of undeposited bonds, trading in the certificates of deposit is becoming
relatively greater."
The company,
p.
There
been
no
opposition
to
obtain deposits of bonds or
he stated.—V. 142,
the plan,
2524.
Washington Water Power Co. (& Subs.)—Earnings—
[American Power & Light Co. Subsidiary]
dividend of 75 cents per share on account
1936—12 Mos—1935
1936—Month—1935
$7,868,773
4,363,281
$668,036
385,232
$8,918,234
431,639
$398,681
8,501
$282,804
2,478
$4,278,950
40,029
$3,505,492
31,325
$407,182
84,574
$285,282
$4,318,979
1,082,341
$3,5.36,817
1,120,678
$3,236,638
$2,416,139
620,587
$830,320
Operating revenues
Operating expenses
Other income (net)
Securities
securities nor
Mr. Warren said, has not traded in these
has
Period End. Feb. 29—
Dividend—
a
of interest
conclusion
Corp.—
International
The directors have declared
,
,
has it paid or offered commissions in order to
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering 25,000
of common stock.
According to the registration statement, the
company will not receive the proceeds from sale of the stock, as the shares
are being offered by certain stockholders.
&
be shared by owners who have
deposited.
While the $600,000 cash working capital fund provided for by the plan
has not yet been accumulated and no definite date can b° set for a resump¬
notes.
Graphite Co.—Registers—
States
'.
order that the advantages of the plan may
not yet
shares
United
notified.
stated,
$0.77
Excluding 19,000 shares held in treasury.—V. 142, p. 2175.
x
so
The directors have left the plan open and have instructed the depositary
and the agent of the depositary to continue to accept deposits of these notes
and debentures under the plan until further notice from the company in
To
Co.—Earnings—
3 Mos. End. Mar. 31—
Net
Operative—
R. Gow, President, in a notice dated April 15 to holders of
M% notes and 6% debentures states:
Through the co-operation of more than two-thirds of the holders of the
outstanding 5H% notes of 1937 and 6% debentures of 1941, the directors
at a meeting held on April 14, 1936, were able to delcare effective the
plan dated Sept. 23, 1935, for the deferment jof interest and sinking fund
on
the issues in question.
The depositary and, agent of the depositary
the 5
have been
stock out¬
common
Brothers Co.—Plan Declared
Warren
Charles
Bal. of earned surplus at
Dec. 31
Shs.
1936
April 18,
Chronicle
Net rev. from oper
4,639,284
of accumulations on the $5 cumulative first
preferred stock, no par value,
payable May 1 to holders of record April 25. A dividend of 50 cents per share
was paid on Feb. 1, last, Nov. 1 and Sept. 10,
1935, this latter being the
first dividend paid since Nov. 1, 1930, when a regular quarterly dividend
of $1.25 per share was distributed.
Accumulations after the payment of the May 1 dividend will amount to
$25.25 per share—V. 142, p. 1660.
United States Realty & Improvement
Gross corp. income
;
Int. and other deductions
Balance
y$322,608
y$193,643
Property retirement raserve appropriations
Dividends
applicable to preferred stock for
_
United States Rubber Co.—Plans to Refund Bonds—
It is stated that a plan to refund the $50,000 1st & ref. mtge. bonds due,
Jan. 1, 1947, will be placed before the stockholders at the annual meeting
April 21.—V. 142,
p.
1837.
Copper {Pounds)—
January......
February
x
1935
1,790,046
1,701,020
2,021,016
1936
x
193*4
1933
3,014,232
2,720,000
3,013,188
2,690,000
2,826,578
2,803,708
x March production was the first in 1936, the smelter being closed down
during January and February.—V. 142, p. 2175.
Trust
convertible debentures.—V.
is
Co.
142,
p.
Utah Power & Light Co.
for
trustee
$4,000,000
10-year
5%
2521.
Period End. Feb. 29—
Net
rev.
Other
from oper.
income
Gross corp
.
..
(net)
income...
Int. and other deduc'ns.
dividends,
After the
Wellington Fund, Inc .—Assets Gain—
period ending March 31, 1936, the com¬
shows asset value at that date of $18.26 per share compared with
$16.90 per share three months previous.
7
Number of shares outstanding on March 31 were 72,625, largest in the
history of the company, which compares with 64,296 on Dec. 31, 1935, an
increase of
slightly over 11%.
of the fund were
invested in com¬
17.54% in preferred stocks and 6.17% in
According to Walter L. Morgan, President, investments
divided among 102 separate issues, of which 43.52% was
mon
stocks, 32.77% in bonds,
cash and accruals.
1936—Month—1935
increased
18.2%
market value of the preferred stock holdings
51.5%, common stocks and bonds increased in market value
17.2% respectively—V. 142, p. 804.
and
West
(& Subs.)—Earnings—
Jersey & Seashore RR. Co.—To Pay Off Bonds—
New Director—
iElectric Power & Light Corp. Subsidiary]
Operating revenues.....
Operating expenses...__
y Before
property retirement reserve appropriations and
Regular dividend on $6 pref. stock was paid on Dec. 14, 1935.
payment of this dividend there were no accumulated unpaid dividends at
that date.
Regular dividend on this stock was declared for payment on
March 14, 1936.—V. 142, p. 2525.
For the three months' period
Universal Corp.—Trustee—
Manufacturers
620,319
$1,175,233
pany
Co.—Output—
2,095,366
The
z
_
In the quarterly report for the
United Verde Extension Mining
March
Balance
1935
$77,600
$100,367
622,140
$1,954,050
period, whether paid or unpaid
Co. (& Subs.)—
1936
3 Months Ended March 31—
660,448
z
[Exclusive of George A. Fuller Co. & Subs, and Plaza Operating Co. & Subs.]
Net loss after deprec., interest, Federal taxes, &c__
V. 142, p. 1306.
91,639
1936—12 Mos—1935
$10,o55,031 $10,095,717
6,286,333
5,971,412
$952,698
581,252
$849,989
501,465
$371,446
434
$348,524
3,609
$4,268,698
38,479
$4,124,305
41,691
$371,880
237,824
$352,133
242,730
$4,307,177
2,876,285
$4,165,996
2,921,443
The stockholders have authorized the directors to arrange with the
Pennsylvania-Reading Seashore Lines, lessee of the Wast Jersey, to pro¬
of $4,112,000 1st consolidated mtge.
3Hs and 4s, series A to F.
Details of the financing have not yet been
arranged.
:
8P
F. Morse Archer has been elected a director, succeeding the late General
W. W. Atterbury.—V. 141, p. 129.
vide for payment at maturity, July 1,
Walker & Co.—Accumulated Dividend—
a dividend of 50 cents per share on account
on the $2.50 cum. class A conv. stock,
no par value,
payable April 25 to holders of record April 15.
Similar payments were made
on Feb. 15 last, and on Dec. 20, Nov. 15, Aug. 15. May 15 and Feb. 5,1935.
—V.
142, p. 1140.
The directors have declared
Balance
y$134,056
y$109,403
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
___________
Before
747,299
$1,244,553
745,958
1,704,761
1,704,761
$1,021,168
___
Deficit
$1,430,892
$1,206,166
retirement reserve appropriations and dividends,
z Dividends accumulated and
unpaid to Feb. 29, 1936, amounted to $4,688,093, after giving effect to dividends of 58 1-3 cents a share on $7 pref.
stock and 50 cents a share on $6 pref. stock, declared for payment on
April 1, 1936. Dividends on these stocks are cumulative.—V. 142. p. 2346.
y
property
of accumulations
Western
Power
Corp.—Earnings—
$1,683,090
$1,683,090
$1,963,605
1932
$652
2,244,120
Calendar Years—
1934
1935
Interest received._
$1,683,090
$1,683,090
Salaries, taxes&misc.exps
47,104
49,205
$1,963,857
3,648
52,442
$2,244,772
310,760
101,866
Total expenses
Bal. for divs. & surplus.
$47,104
1,635,986
675,808
$50,089
1,633,001
675,808
$56,090
1,907,767
675,808
$412,626
1.8.32,146
675,808
939.5.36
1,214,918
1.132,423
Total income
Interest
Venezuelan Petroleum
Co.—Listing—
The New York Curb Exchange will list 2,000,000 shares of new common
stock, $1 par, in lieu of 2,000,000 shares of old common stock, $5 par.
142, p. 1306.
—V.
884
Preferred dividends
Vortex
Common dividends
Cup Co.—Listing Application Approved—
The Chicago Stock Exchange has approved the application of the com¬
108,650 additional shares of class A $2.50 con/, stock, no par,
pany to list
and 210,108
trading
additional shares of
upon
common
stock,
no par,
1935
notice of registration under the Securities Exchange Act of
Assets—
Inc.—Earnings—
3 Mos. End. Mar. 31—
1936
1935
Shares
com.
stock
1934
1933
1935
7%
$129,101
$26,997
$41,636
$22,926
32,504,893 32,504,893
out¬
standing (no par)
per share
426,419
$0.30
428,119
$0.06
433,719
$0.09
438,219
$0.05
Divs.
134,393
166,138
receivable.
_
(W.)
10,793
420,772
420,772
<fc com. stocks..
on
Walworth
The
Inc.—Registers with SEC—
first page of this department.
Divs.
Co.—Approves Stock Option—Personnel—
stockholders
their
adjourned annual meeting held on April 13
adopted a revised code of by-laws, and approved an option whereby W. B.
Holton Jr., so long as he shall continue as executive head of the company,
at
33,091,804 33,070,852|
To Be
1,619,890
460,532
460,532
8,632
8,322
890
unclaimed..
Undlstrfb. income.
Total
9,654,400
890
Res. for pref. stock
scrip
Capital surplus
quarter of 1936 totaled $3,456,637 against $3,237,572
Wallace Alexander,
given
$
($100 par)
9, 654,400
Com. stk. ($1 par) 1 619,890
in the first quarter of 1935.—V. 142, p. 2524.
See list
1934
pref. stk.
Divs. pay. on pref.
Co
Cash
cum.
$23,915
31
Liabilities—
stock
Co
Dec.
$17,041
1934
$
com.
Due from N. Amer.
Earnings
Sales for the first
in
of Pac. Gas & E.
profit after deprec.,
amortiz. and inc. taxes
$17,657
$20,642
Balance Sheet
Inv.
Net
939,536
Balance
to l>e admitted to
1934.—V. 142, p. 2007.
Waldorf System,
1933
$252
__
Dividends received
17 229,560 17,229,560
4 ,117,900
4,097,258
33,091,804 33,070,852
Total..
Completely Liquidated—To Retire Preferred Stock—
President F. W. Doolittle and Secretary F. H. Piske on April 10 sent'a
letter to the holders of preferred and common stocks which
as follows:
Since
read, in part,
exchanging, in June 1930, its investments in its former California
subsidiaries
for
common
stock
of
Pacific
Gas
&
Electric
Co..
Western
Financial
Volume 142
lower Corp.'s function has been that of receiving dividends on its sole
investment, which now consists of 1,122,060 shares of common stock of
Pacific Gas & Electric Co., and disbursing dividends to the holders of its
own pref. stock and com. stock.
Of the 96,544 shares of pref. stock and
1,619,890 shares of com. stock now ovitstanding, North American Co. owns
49,013 shares, of 50.77%, of the pref. stock and 1,617,930 shares, or
99.88%, of the com. stock.
In view of the status of the corporation directors, after careful considera¬
tion, recommend that the corporation be completely liquidated forthwith.
In order to effect the liquidation, it is necessary first to provide the
corporation with funds to pay off the preferred stock on dissolution.
It
is proposed to raise these funds by selling all or substantially all of 98,600
additional shares of com. stock, at $100 per share, to the holders of the
outstanding com. stock.
For the purpose of authorizing the additional
com. stock necessary for this sale, the directors recommend to the stock¬
holders that the authorized com. stock be increased to 1,718,490 shares.
When these funds have been received, it is recommended by the directors
that the corporation be dissolved,
and its assets distributed, in accordance
with the following plan for complete liquidation, viz:
The corporation will be dissolved and its business and affairs adjusted
and wound up pursuant to the provisions of the New York Stock Corpora¬
tion Law; and, after paying and adequately providing for the payment of
the liabilities and obligations of the corporation, cash in the amount of
par, or $100 per share, together with accrued dividends to the date fixed
for distribution, will be paid to the holders of the outstanding 7% cum.
pref. stock, and the remainder of the assets of the corporation will be dis¬
tributed in kind among the holders of the com. stock according to their
respective interests, all upon surrender of the respective stock certificates
for cancellation and in accordance with the provisions of the certificate
Power Corp. surrendered.
This figure is derived by the division of 1,122,060 Pacific Gas common shares by 1,718,490, the maximum number of
Western power common shares to be outstanding following the
com. stock and sale of additional shares.
proposed
increase of authorized
meeting of stockholders will be held April 30, for the purpose of
considering and voting upon the following proposals:
(a) To increase the authorized common stock from 1,625,000 shares to
1,718,490 shares: and (b) To dissolve the corporation and adjust and wind
up its business and affairs and distribute its assets in accordance with the
above plan of liquidation.—V. 141, p. 3397.
A special
Western
Telegraph Co., Inc.—Earnings—
Union
1936—Month—1935
Period End. Feb. 29—
Taxes assign, to oper..
-
_
Gas
1935
$2,383,132
3^6,444
98,605
-
Bus revenue
—
1933
$2,235,631
352,132
87,220
$2,674,982
853,704
115,045
425,665
58,776
368,822
77,154
$1,306,013
1,633
$1,308,166
3,768
$1,275,358
Drl,519
$1.307,646
475,000
13,395
— --.
$2,796,617
888,966
106,544
432,073
84,864
Total operating revenues
Operating expenses—
Maintenance
1934
$2,358,272
342,536
95,810
$2,808,181
878,687
.
revenue
$1,311,934
$1,273,838
475,000
13,392
2,537
—
Taxes
Provision for current income taxes—
Net operating revenues
Non-operating revenues
Gross income
Interest
on
funded debt-
Amortization of bond disct. & expense
Other interest charges—2
13,395
4,641
Cr 201
Cr245
46,679
411,677
5,519
411,795
$347,034
224,058
104,500
$360,744
224,058
117,562
Not avail.
$18,476
$19,124
$141,792
55,275
415,546
Appropriations for depreciation res ve
Net income.-—
Preferred dividends
Common dividnds
— —
Balance.
Liabilities—
$
$
Investments
175,600
194,501
Cash
149,594
6%
22,044,288
56,331
x
3,890,200
3,890,200
5,225,000 5,225,000
10,000,000 10,000,000
Oth. long-term debt
50,000
($100 par)
Funded debt
390,549
249,599
for
346,389
126,191
125,891
296,075
1,778
(trade)
rec.
35,373
Accounts
pay¬
&c
Inventories
Interest
deps.
tension advances
1,800
1,467
458,024
banks.________
_
$520,263
79,049
$1,481,426
259,655
$599,313
691,463
$1,741,081
1,381,261
39,964
42,641
Duetoaffil.cos.on
3,520
2,792
15,881
15,407
current account.
473,007
Other currant and
accr.
liabilities-
Contrlbut'n by cus¬
for
tomers
con¬
struction of prop¬
Res.,
$1,065,264
259,280
$868,764
687,054
56,382
Customers' line ex¬
in closed
Deferred charges.
181,319
124,007
18,671
122,917
18,671
55,989
accrued
Consumers'
current acct.
on
229,639
185,221
155,224
payable-
accrued-_
Dividends
Due from affil.cos.
Balances
—
Taxes accrued
ment of matured
interest,
$
preferred stock
Com.stk. ($20 par)
Accts. and notes
Deposits
1934
1935
1934
1935
Assets—
Property and plant21,744,856
1936—2 Mos.—1935
$777,804
90,960
$365,841
224,049
Balance Sheet Dec. 31
91,757
92,763
,985,226
2,057,174
158,487
142,696
317,232
272,777
56,415
973,277
56,415
erty
Oper. income-----Nonoperating income
99,945
475,000
2,312
Cr916
•
Interest during construction
Other deductions-
$6,570,969 $14,626,122 $13,559,686
5,721,375
12,384,709
11,832,837
45,997
102,383
94,918
283,334
657,605
566,667
$7,236,691
6,080,797
50,657
327,434
Teleg. & cable oper. rev.
Tel eg. & cable oper. exp.
Uncoil, oper. revenues-_
Wisconsin-Michigan Power Co.—Earnings—
Calendar Years—
Electric revenue
of
incorporation, as amended.
The liquidation will be completely effected
as promptly as practicable, and in any event within the taxable year 1936.
Upon the completion of the foregoing liquidation, it is anticipated that the
holders of the common stock will receive 0.65293 of one share of com. stock
of Pacific Gas & Electric Co., for each share of com. stock of Western
2691
Chronicle
$1,324,543
1,387,614
deprec.
and
retirement
Reserve, causalties
Gross income
Deductions
-
and insurance..
Res, undetermined
liability for addi¬
$181,710
Net income--.
—V.
142,
def$92,151
$359,820
tional
def$63,070
taxes
Premium
Westinghouse Electric & Mfg. Co. (& Subs.)—Earns.
1936
-$42,515,469
33,981,280
3 Mos. End.Mar. 31—
Orders received
Net sales billed.
inc.
Net
after
1 935
1934
1933
$30,762,901 $20,237,588 $12,847,801
26,212,802
17,994,045
13,161,721
3,732,454
y2,326,496
z
Sales billed
Net inc. after deprec., Fed. taxes, &c
Loss,
On
y
—
—
Nil
Nil
1936
1935
$135,381,901 $116,998,539
130,375,033
100,377,650
13,389,338
4,292,210
z$5.03
a$1.55
$900,000
non-recurring
income,
common shares under the participating
On common stock after preferred dividends
approximately
Includes
combined
x3,491,572
$0.87
Orders received
z
preferred
and
a
requirements.
Ranney were elected new directors of the Company.—V.
Wheeling & Lake Erie Ry.—Prior Lien Dividend—
The directors have declared a dividend of
$2,623^ per share on the 7%
prior lien stock, par $100, payable May 1 to holders of record April 24.
stated that this dividend is for the period Dec. 16, 1930 to
April 30, 1931; leaves the stock five years in arrears as to dividends, and a
allows the prior lien stock to elect a majority of the board of directors.
Previous distributions were as follows:
$2.62H on Feb. 1, last; $8,75 on
Sept. 27, 1935; $7 on Aug. 1, 1934, and on Sept. 27, 1933; $5.25 on Oct. 19,
1932 and $7 per share on Nov. 1 and June 2, 1931.—Y. 142, p. 2346.
The company
Wieboldt Stores,
Inc.—Expansion Program-—To Be Fin>Through Issuance of Preferred Stock—
expansion of the business of the company through
department store in the Oak Park business distrist, Chicago, were carried a step nearer April 10 when directors of the
company approved the issuance of 17,500 shares of $5 cumulative prior
preferred stock.
It is expected that the issue will be underwritten and
offered by A. G. Becker & Co., and Field, Glore & Co.
It is anticipated
that proceeds will reimburse the company for the cost of the land, building
and equipment, and in part for the additional inventory which will be needed
to stock the new store.
A meeting of stockholders has been called April
Plans for the projected
erection of another large
22 to authorize the issue.
Upon completion of the new unit, Wieboldt's, one of the old merchan¬
dising concerns of the city, will have six stores in operation in Chicago and
suburbs, of which five will be company-owned.
Only the Evanston unit
is in leased quarters.
The site for the new score, at the southwest corner
of Lake Street and Harlem Avenue, acquired recently through exercise of
an
Rev. fare pass,
Co.—Earnings—
Average fare
prof, after all chgs._
1933
5,191,684
9.6 cts.
$95,120
1934
1935
6,062,152
9.7 cts.
$158,340
1936
6,362,870
9.7 cts.
$138,593
carried..
6,262,984
9.7 cts.
$153,547
—V. 141, p. 2600.
York Ice Machinery
In
Corp.—Sales, cfee.—
letter sent on April 14 to stockholders, William S. Shipley,
a
President,
sales for the first six months of the fiscal year total $6-
announced
that
compared with $5,700,004 for the same period a year ago.
as
inquiries from
statements and the
cum.
anced
1935 and $8,479 in
141, p. 3242.
Quarter End.,Mar. 31-
Net
1,115,092
23,297,659 23,573,655
—
After reserve for doubtful accoimts of $14,704 in
1934 —V.
In answer to
—New Directors—
At the annual meeting of stockholders held April 8, Thomas I. Parkinson
George A.
142, p. 1839.
Total
283,138
provisions of the shares,
and
Surplus
23,297,659 23,573,655
Total
Worcester Street Ry.
shs. com.
z$1.40
12 Months Ended March 31—
& 2.582,181
Earnings per share
xl,776,152
pref.
on
stock
x
deprec.,
Fed taxes, &c
Earn, per sh. on com¬
bined 79,974 shs. pref.
x
3,353
Other reserves
2177.
p.
new
stockholders concerning interim operating
possibility of some capital readjustments, Mr. Shipley
explained that a large part of the company's business consists of contracts,
including instalation, which are not completely executed until late in the
summer, for which reason it is impractical to issue profit and loss statements
before the end of the fiscal year on Sept. 30.
He further added, "There has been no discussion of plans by the board
of directors looking to a readjustment of the capital structure, nor of any
plans for the payment of accumulated dividends on the preferred stock. As
and when, in their opinion, conditions justify the formulation of such plans,
stockholders will of course receive due notice from the company."—V.
142,
p.
2347.
Youngstown Sheet & Tube Co.—Registers—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933, covering 18,840
of common stock, heretofore held in the treasury.
The company
shares
Proceeds
plans to sell the shares to officers and employees at $25 per share.
from the sale of the issue will be added to the company's general funds.
18,840 shares have been allotted to 92 officers and
1936, exercisable over a period of five years.
The
employees since Jan. 1,
Consolidated Income Account Quar. Ended March 31
1936
Total income..
—
Deprec. and depletion..
Interest, &c
charges..
1935
$2,109,389
1,340,957
1,070,332
293,869
1933
1934
$4,586,432
1,436,639
1,080,018
$1,721,139
1,404,644
1,087,586
652,378
172,476
Miscellaneous
$425,262
1,618,192
954,499
1,325,941
$1,897,299 def$595,769 df$1423,469 df$3473|,370
Net profit
Earnings per share on 1,200,000 shares common
142, p. 2527
Nil
Nil
$1.40
—V.
option, is on the boundary between Oak Park and River Forest, and at
of the busiest intersections in Chicago suburban territory.
one
The letter to stockholders states that the proposed new issue of stock is
to bear cumulative dividends at the annual rate of $5, and will be redeemable
for the first three years at 110, thereafter at a premium gradually
declining
to a minimum of 103.
An annual sinking fund is to be provided, to be used
for purchase
of stock,
or
its redemption at 103.
The company closed its fiscal year on Jan. 25 with a net profit of $469,182,
equivalent to more than five times the annual dividend requirement on the
proposed new preferred stock.—Y. 142, p. 976.
CURRENT
New York, N. J.,
(H. F.) Wilcox Oil & Gas Co.—Changes in Personnel—
Wisconsin
During
V. 141,
Electric
1935—See
p. 3707.
Power
North
Co.—Financing Operations
American Edison Co. above—
142, p. 2526.
a
Vice-President of the
bond quotations.
Robbins, Inc., 115 Broadway, New York, has
prepared an
analysis of General Public Utilities Co.
—Bristol
&
Willett,
current offering list
115 Broadway,
New York,
Baltimore
are
distributing their
of baby bonds.
—Washburn & Co. announce the appointment
representative.
of Smith N. Bradford as
1
—Reichart, DeWitt & Co., Inc., have moved their offices to
way,
165 Broad¬
New York City.
—Wolff & Stanley of this city announce the removal of their
offices to
j
to 30 Broad St.
—Goodbody & Co. have been admitted to membership in the Chicago
Stock
(F. W.) Woolworth Co.—New Vice-President
E! Clark Mauchly has been elected
Mills, West
knitted fabrics.
—Royal Securities Corp. announces the removal of its New York offices
Adividend of 37>£c. on the $5 par capital stock has been declared payable
April 30. to stockholders of record April 20 [Not April 30 as previously
reported].—V. 142, p. 2526.
—V.
rayon
Corporation, 1 Wall St., New York, has prepared a
current list of corporate
50 Broad Street.
WJR the Goodwill Station—Dividend—
manufacturers of
—First of Michigan
—Howard &
George A. Dye, Executive Vice-President, Leslie J. Yarbrough, Secre¬
tary; B. C. Tucker and Rembrant Peale, Jr., have resigned as officers and
directors.
Frank Dunn was elected to succeed Mr. Dye and Carl LI
Miller
ro
succeed Mr.
Yarbrough.
Jack Clover, production superin¬
tendent, and Alvin Chapman, head land department, were elected directors
to succeed Messrs. Tucker and Peale.—V. 141, p. 3707.
NOTICES
—James Talcott, Inc., has been appointed factor for Raynit
company
Exchange.
—Fred T. Walker has become associated with Schlater,
Tnc.
Noyes & Gardner.
2692
Financial
Chronicle
April 18, 1936
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY
stocks ahead.
COMMERCIAL EPITOME
ing
Friday Night April 17, 1936.
Coffee—On the 13th inst. futures closed 3 to 4 points
lower for Santos contracts, with sales of 4,000 bags.
Rio
contracts closed 1 to 2 points lower, with transactions total¬
ing 250 bags.
Rio de Janeiro futures were 25 reis lower and
the open market exchange rate was 50 reis weaker at 17,700
milreis to the dollar.
Cost and freight offers from Brazil
were generally unchanged with Santos 4s in a
range of from
8.20 to 8.55 cents.
Local spot prices were nominally un¬
changed.
Manizales were at from 10Y to 10Y cents in
both shipment and spot market.
Havre market was closed.
On the 14th inst. futures closed 5 to 6 points lower for
Santos contracts, with transactions of 15,750 bags.
Rio
contracts closed 6 to 7 points lower, with transactions total¬
ing 5,000 bags.
Rio de Janeiro futures were unchanged to
25 reis lower.
Cost and freight offers from Brazil were
about unchanged, with Santos 4s at from 8.20 to 8.55 cents.
Havre futures were unchanged to Yi franc lower.
On the 15th inst. futures closed 3 to 4 points
higher for
Santos contracts, with sales of 30,750 bags, the
major por¬
tion representing switches from May into distant
positions.
Rio contracts ended unchanged to 3 points
higher, with
transactions totaling 5,500 bags.
Rio de Janeiro futures
were 50 reis lower to 25 reis higher.
Cost and freight offers
from Brazil were highly irregular with two
shippers 5 to 10
lower and one party 5 higher.
Santos 4s were quoted at
from 8.10 to 8.60 cents.
Local spot prices were nominally
unchanged, with Santos 4s at 8% cents.
Havre futures
were % franc lower at the 3
p. m. call there.
On the
Santos
16th inst.
futures closed
1
to
sugar quotas announced over the holidays by
Secretary Wallace, caused some unsettlement to prices. In
the early session prices dropped 6 points, but subsequently
recovered part of the loss, only to sag off again towards'the
close.
While the actual quota increase to allow for higher
1936 consumption was only 175,537 short tons, raw value,
a reallocation of 207,821 tons of the beet
industry's quota
of 1,550,000 tons to cane producing areas gives to cane
sugar refiners the call on 383,358 tons more sugar, and ob¬
viously relieves any immediate constriction of supplies.
It
was
pointed out that the total quotas of 6,609,625 tons
were still 22,891 tons beneath the 1935
consumption figure.
Also that some 112,000 tons of the Philippine quota would
have to come here with producers absorbing the full
duty
of
May
July
September
as
franc lower
on
303 lots
March
8.481 September
8.161 December
8.28]
May
July
8.32
8.40
Cocoa—On the 13th inst. futures closed 3 points lower.
was an absence of demand on the
part of manufactur¬
There
ers,
and
there being
other appreciable support in evi¬
Transactions totaled 13 lots or 174
no
dence, prices sagged.
tons.
Closing: May 5.06; July 5.13; Sept. 5.18.
On the 14th inst. futures closed 3
points lower under
pressure of May liquidation.
Demand for spots was moder¬
ate.
Total transactions in futures
were
59 lots
or
791 tons.
Closing: May 5.03; July 5.10; Sept. 5.15; Oct. 5.16; Dec.
5.22; Mar. 5.30.
On the 15th inst. futures closed
1 point down on all de¬
quite limited, totaling 72 lots
The major portion of this business was in the
form of liquidation of the
May contract.
Outside of this,
trading was very quiet.
London cables reported the out¬
side market lk£d lower to unchanged, and futures
unchanged
to 13^d lower.
Transactions in the latter market totaled
200 tons.
Local closing: May 5.02; July 5.09; Sept. 5.14;
Oct. 5.15; Dec. 5.21.
liveries.
or
Transactions
were
965 tons.
On the 16th inst. futures closed 5 to 6 points up.
These
reported to be largely due to dealers covering
hedges following sales of actuals to manufacturers in the
spot market.
Another stabilizing influence was the firm
gains
were
market in London.
Total transactions in the local market
83
lots, or 1,112 tons. World consumption is reported
rising constantly. Current Brazilian and African crops
have been virtually all marketed.
Surplus stocks, con¬
stantly being pared, are in strong hands. What cocoa is
around brings handsome premiums over futures.
In the
outside spot market yesterday, 35,000 bags of Bahias sold
for July-October new
crop
shipment at prices ranging
were
to be
5.25
to
5.33c.
Manufacturers
here
hold
about
90
days'
points higher, with
15,150 tons.
In the market for raws the first
days were reported, consisting of 2,400 tons of
Cubas, second half June shipment at 2.88 cents, and 5,200
tons of Puerto Ricos, second half of
May shipment at 3.75
cents, both to operators.
The Sugar Institute reported
meltings of 12 United States cane refiners from Jan. 1 to
April 4th at 1,185,000 long tons raw against 1,100,000 dur¬
ing the similar period in 1935.
Deliveries at 970,000 long
tons refined were exactly even with last
year, after showing
a loss on a
comparative basis from most of the period since
the first of the year.
London closed firm, with futures
Y to lYd higher.
-4.99
Santos coffee prices closed as follows:
whether they would
as to
or
sales in ten
sales
5.05
doubt
1937 positions selling at new highs, and 1936 deliveries at
or within a point ot two of the
previous tops.
Sales were
follows:
.4.631 December
4.771 March
--.4.911
some
On the 14th inst. futures closed 7 to 9
3 points lower for
unchanged with Santos
done at lower levels, it
Havre futures closed Y to
1.87^, which leaves
ship this quantity.
In the market for raws a total of 3,000
tons, seller's option, second half May shipment, were offered
at 2.85 cents and one lot of Cubas was
thought available
at that price.
In addition one cargo of Puerto Ricos, first
half May shipment, was an offer at 3.80 cents.
Buyers
were holding back.
with sales of 43 contracts.
Rio contracts were
unchanged
to 1 point up, with sales of 67 contracts.
Rio de Janeiro
futures were unchanged to 50 reis higher, while the
open
market exchange rate was 100 reis weaker at 17.750.
Cost
and freight offers from Brazil were
said.
New York
increase in
nominally unchanged, with Santos 4s at 8Y cents. Havre
were unchanged to
Y franc higher. Today futures
closed 2 points down to 2 points up for Santos
contracts,
4,000 bags.
Rio coffee prices closed
easier.
Sugar—On the 13th inst. futures closed 5 points lower
point higher.
Sales were 208 lots, or 10,400 tons.111The
futures
of
was
decreased
to 1
some instances with Santos 4s at the inside
price of
8 cents, or off about 10 points. Local spot
prices remained
was
stocks
2,800 bags.
Local closing:
May, 5.05; July, 5.13; Sept., 5.19; Dec., 5.25; Jan., 5.28;
March, 5.34.
lower in
was
The London market
manufacturers.
warehouse
totaling 13,000 bags.
Closing prices, however, were 3 to 4 points above the lows of
the afternoon. Rio contracts ended 2 points
lower, with sales
of 4,000 bags.
Rio de Janeiro futures were 75 to 100 reis
higher, and the open market Brazilian exchange rate im¬
proved a further 50 reis to 17.650 milreis to the dollar. Cost
and freight offers from Brazil,
nevertheless, were reported
8.25, but business
Today futures closed 1 to 2 points off. Trad¬
quiet and easier, -with a steady undertone. There
some
scattered trade selling which was absorbed by
was
was
contracts, with transactions
4s at 8.10 to
GOODS—WOOL—ETC.
I
On the 15th inst. futures closed
unchanged to 3 points
higher.
Sales were 397 lots, or 19,850 tons.
The influ¬
ences mainly
responsible for the firmness in futures were the
firm market in raws and the prevailing
opinion that refiners
will have to soon begin to acquire further raws to cover the
summer demand.
No sales were reported in the market for
raws.
Refined sugar continued to move
in
moderate
amounts.
There were reports that rumors were
circulating
in Cuba to the effect that the Sugar Institute might not allow
the shipment of the 129,826 tons increase in the Cuban
quota until the original quota amount was entirely sold.
London futures were unchanged to Yd.
higher, with sales
estimated at 8,000 tons.
Raws were reported firm, with
sales, according to Lamborn, at 5s. or about .95 cent f.o.b.
Cuba.
On
the
16th inst. futures closed unchanged to 1
point
Transactions totaled 125 lots, or 6,250 tons.
Noth¬
ing of interest in the market for raws. Reports from Cuba
indicated that the Sugar Institute, to meet the increase of
lower.
129,826 tons in the Cuban 1936 quota, would authorize the
release of that amount from 570,000 short tons
segregated
for shipment to the United States in
were
unchanged to Yd. higher,
while raws, according to Lamborn & Co., were offered
at 5s or about .943^ cent f. o. b.
Cuba, after sales Wed¬
nesday of about 25,000 tons at that price.
Today prices
closed 2 to 3 points down.
Trading was quiet during most
of the session, with an easing
tendency to prices.
It was
reported that some Puerto Rican hedging in the new crop
months would appear just above the current
price levels.
No sales of raws were reported.
Duty frees were offered
in limited quantities at 3.85 cents.
No Cubas were openly
out of the current crop
1937.
London
offered.
to
Y
The
pence
Prices
London futures market
was
steady, but Y
lower.
were as
July
futures
follows:
2.801 January
March
2.601 May
September
2.65
2.83
2.801
Lard—On the 11th inst. futures closed 5 to 10
points up.
These gains were largely a sympathetic move in line with
the strength in the grain markets..
However, the volume of
trade
very limited.
Hog prices were steady at Friday's
the top price at Chicago registering $il.
Most of
the sales ranged from $10.35 to $10.90.
Receipts at the
principal Western markets were very light and totaled 10,700
against 14,400 for the same day last year.
Liverpool lard
was
average,
Volume 142
Financial
futures market was'closed
There
were
no
on
account of the Easter
holidays.
export clearances of lard from the Port of
on this date,.
Newj|York reported
On the
13th inst.
futures closed
17 to 32 points
lower.
Injthe early trading the market firmed on the stronger hog
market, but later developed considerable weakness on rather
heavy liquidation, especially in the May option.
This selling
ascribed to weakness in cotton oil and
grain markets.
Prices at the close were about the low of the
day.
Hogs
opened firm, due to the continued light run in the
principal
Western markets.
Closing prices at Chicago were mostly
10c. higher, the top price
was
Total receipts
registering $11.
54,700, against 65,100 for the same
day last year.
Liverpool lard market closed for the Easter
holidays.
Export shipments of lard over the week end from,
the Port of New York were light, and totaled
16,800 pounds,
for the Western
run were
destined for London.
On the
14th
inst. futures closed 5 points
higher on the
nearby options, and 15 to 20 points higher on the deferred
months.
These gains were ascribed to the
pronounced
strength in the grain markets.
The trade is looking for an
increase of about 1,000,000 pounds in
Chicago lard stocks
for the first half of
April.
This report will be issued shortly.
Cold storage stocks of lard in the United States
decreased
1,623,000 pounds during the month of March.
Total on
hand April 1 was 77,102,000
pounds, against 78,725,000
pounds March 1.
Stocks in storage April 1, 1935, amounted
to
104,934,000 pounds.
Hog prices closed 10c. lower at
Chicago, the top price registering $10.90 and the bulk of
sales ranged from $10.35 to $10.80.
Total receipts for the
Western
run
were
47,100 for the
fairly heavy and figured 53,300, against
day last year.
same
On the 15th inst. futures closed 2 to 5
points
was rather
surprising that a more substantial
higher.
It
Chronicle
Rubber—On the
higher.
the stocks of lard.
Whereas, the trade in general had been
expecting an increase of about 1,000,000 pounds, lard stocks
for the first half of April showed a
decrease of 20,413 pounds.
Total stocks at Chicago now are
32,854,438 pounds, against
54,992,721 pounds on April 15, 1935.
Closing hog prices at
Chicago were mostly 5c. higher, theTtop price
registering
$10.85.
Total receipts for the Western run
were
42,000,
against 37,000 for the same day a year ago.
Hog weights
have been increasing
steadily and lard production per hog?
has
also
showed
a
moderate
increase.
Liverpool lard
higher.
inst. futures closed 5 to 7
points lower.
Traders practically ignored the
strength in hogs and the
steadiness in grains, and no
aggressive demand was in evi¬
dence.
However, on a moderate degree of pressure
futures closed
On
the
irregularly, 3d. lower
to 3d.
16th
prices
eased and closed at about the lows of
the day.
Hogs closed
5c. higher at Chicago, the
top price registering $11, and
most of the sales
ranging from $10.40 to $10.90.
Receipts
at the principal Western markets
were
moderately heavy and
totaled 46,900 against 35,200 for the
same day a
year ago.
No improvement in the
foreign demand for lard was reported,
and there were no
shipments for the second consecutive day
from the Port of New York.
Today futures closed 8 points
down on the May
contract, and 3 to 5 points down on July
and September.
There was no special news to
explain these
declines.
DAILY CLOSING PRICES OF
LARD
May
Sat.
11.10
FUTURES IN CHICAGO
Mon.
10.82
Tues.
10.97
11.00
11.00
10.80
{rty-r
March
11.12
10.80
11.12
September
30.95
10.95
10.82
Wed.
Thurs.
10.95
Fri.
10.92
10.79
11.00
10.92
11.05
10.92
10.82
10.77
10.70
11.02
11.05
Pork—Quiet.
Mess, $31.25 per bbl.; family,
$31.37,
nominal, per bbl.; fat backs, $21.25 to $26.25
per bbl.
Beef,
quiet; mess, nominal; packer, nominal;
family, $18.50 to
$19.50 per bbl., nominal; extra India
mess, nominal.
Cut
meats: steady;
picnics, loose, c.a.f., 4 to 6 lbs., 15Mc.; 6 to
8 lbs., 14%c.; 8 to 10
lbs., 1434c.
Skinned, loose, c.a.f.:
14 to 16 lbs.,
2034c.; 18 to 20 lbs., 2034c.; 22 to 24 lbs.,
19Mc.
Bellies, clear, f.o.b., New York: 6 to 8
lbs., 2334c.;
8 to 10 lbs., 23c.; 10 to 12
lbs., 2134c.
Bellies, clear, dry
salted, boxed, N. Y.: 14 to 16 lbs.,
1634c.; 18 to 20 lbs.,
1634c.; 20 to 25 lbs., 1634c.; 25 to 30
lbs., 1634c.
Butter,
creamery, first to higher than extra and
premium marks,
3234 to 33Kc.
Cheese, State, whole milk, held,
1935,
fancy, 21 to 22c.
Eggs, mixed colors, checks to special packs,
1834c. to 22c.
OHs—The linseed oil market has been
easier with deliveries
disappointing. With good weather a change for
the better is expected.
Quotations: China wood,
somewhat
tanks,
forward, 19c.; drums, spot, 1934c.
Cocoanut, Manila,
tanks, April-June, 434c.; Coast, 434c.
Corn, crude, tanks,
West mills, 834c.
Olive, denatured, spot, Spanish,
73c.;
shipment forward, 70 to 71c.
Soy bean: tanks, mills, 6^c.
to 634c.
Carload drums, 8.1c.; Less than
carload, 8.5c
Edible, 76 degrees,
1034c.
Lard,
prime,
13c.
Extra
stramed winter, 1134c.
Cod, crude, Newfoundland, nom¬
inal; Norwegian yellow, 36c.
Turpentine, 4234 to 4634c.
Rosins, $4.50 to $6.10.
Cottonseed Oil sales,
Crude, S. E., 834c.
April
May
June
July
including switches, 48
Prices closed
9.30®—I
9.37 @9.391
9.40® —I
9.43 @9.451
as
contracts.
follows:
August
September
October
November.
9.40<®
9.43 @
9.23(®
9.15@9~30
prices closed 5 to 7 points
Spot ribbed
totaled 2,130 tons.
sheets advanced to 16.06 from 16.
London
and
Singapore were closed.
Local closing: May, 16.08; July,
16.19; Sept., 16.28; Dec., 16.40. On the 14th inst. futures
closed unchanged to 3 points higher.
Transactions totaled
I,510 tons. Spot ribbed smoked sheets remained unchanged
at 16.06.
London closed steady and Singapore l-16d higher.
Local closing: April, 16.04; May, 16.08; June, 16.13;
July,
16.19; Aug., 16.24; Sept., 16.29; Oct., 16.33; Nov., 16.38;
Dec., 16.43; (1937) Jan., 16.46; Feb., 16.49; March, 16.53.
On the 15th inst. futures closed
unchanged to 3 points higher.
Transactions totaled 1,990 tons. Spot ribbed smoked sheets
advanced to 16.10 from 16.06.
London closed unchanged,
and Singapore advanced l-32d to l-16d.
Closing: May,
16.10; July, 16.20; Sept., 16.32; Oct., 16.35; Dec., 16.43;
March, 16.55.
On
the
16th
inst.
futures
closed 2 to 5 points lower.
Spot ribbed smoked sheets de¬
clined to 16.06 from 16.10.
London and Singapore closed
unchanged.
Local closing: May, 16.05; July, 16.17; Sept.,
16.28; Dec., 16.40; Mar., 16.51. Today futures closed 1 to
4 points up.
A firm undertone was maintained throughout
the session.
Trading, however, was moderate, totaling only
45 contracts.
London and Singapore markets were steady
but dull.
London closed l-16d. lower to l-16d. higher, while
Singapore was unchanged.
Closing: May, 16.09; July,
16.19; Sept., 16.29; Dec., 16.41; Mar., 16.53.
Sales
totaled
1,600 tons.
Hides—On the 13th inst. futures closed 2 to 5 points lower.
not
on
13th inst.
Transactions
smoked
demand did
develop and prices go considerably higher in view of the
strength in the wheat market and the rather bullish statistics
2693
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business
Indications,"
in the article entitled "Petroleum and Its Products."
Transactions totaled
160,000 pounds.
tively quiet, with prices ruling within a
Trading
compara¬
very narrow range.
Stocks of certificated hides in warehouses licensed
by the
exchange increased by 2,887 hides to a total of 871,935 hides.
No
developments in city packer hide market.
New
City calfskins are firm with 5-7s held at around $1.70.
closing: June, 11.88; Sept., 12.22; Dec., 12.56.
On the
new
York
14th
inst.
futures
closed
unchanged to 6 points higher.
440,000 pounds.
Domestic spot sales
amounted to 9,500 hides, with April light native cows at
11
cents, unchanged.
In the Argentine market
16,500
Transactions
totaled
frigorifico steers sold at 12 ll/16c. to 12%c., as compared
with the last
previous business at 1334c.
Closing: June,
II.92;
Sept. 12.26; Dec.,
closed
5
12.56.
points lower.
There
pounds.
the
11
to
On
inst.
futures
totaled
480,000
very little of interest in the trading or
was
Closing: June, 11.87;
news.
the 15th
Transactions
Sept., 12.21; Dec., 12.51;
March, 12.81.
On
the
16th
Transactions
cated
hides
mained
inst.
futures
totaled
in
warehouses
unchanged
market presented
a
closed
240,000
9
to
pounds.
licensed
11
points lower.
Stocks
of
certifi¬
by
the exchange re¬
The domestic hide
at 871,935 hides.
quiet appearance, with
no
sales.
Local
closing: June, 11.76; Sept., 12.10; Dec., 12.41. Today futures
closed practically unchanged.
Trading was extremely quiet,
with
transactions totaling
but one contract, or
60,000
pounds.
Sept. closed at 12.07, or 3 points below the previous
close.
Ocean
Freights—Reopening of Liverpool and world
shipping markets brought no real demand for charters.
Charters included—Sugar: April, Cuba to United
Kingdom, London,
15s.
Cuba, May 15-25, same 14s.
To United Kingdom,
Continent, fixed
London, Cuba, 14s.; Santos Domingo, 13s. Grain booked: This includes
3
loads Pennland Antwerp, 9c.
Trips: West Indies, round. $1: same,
$1.15; same, $1.10.
Prompt West Indies, round, $1; prompt Cana¬
dian round; 2 to 4 months West
Indies, $1.30.
Heavy grain: Montreal,
May 1-15, A. F. picked United Kingdom, is 10Kd. basis;
same, May, Is.
10Hd. basis.
Coal—Continued tightness in small
screenings is likely to
yield to the current rise in bituminous production, which
for the second week of
2,300,000 tons.
for
three
weeks
April increased at a six-day rate of
was 7,200,000, the total
19,915,000 tons, and the weekly average
Forecast output
6,638,000 tons.
If the Bituminous Coal Conservation Act
is made effective, the cost of coal to the consumer
will show
considerable advances because the
contemplated prices are
much higher than NRA prices, while the
present price of
coal is much lower.
This is particularly true of the
price
of Slack coals over the past
winter, but may not show such
difference if compared only with the
price on prepared
over the same
period.
Slack coal prices have
advanced, however, for delivery during April, due to the
a
sized coals
low demand for prepared sizes.
Copper—The feature of the week in copper
advance in price to 93^c. per'lb., which took
place
was
the
Tuesday.
However, it didn't appear to have much effect on the volume
of business, which continued
comparatively light.
This
price of 93^c. is the highest since April 28, 1931.
Sales of
copper in Europe were reported as high as 9.30c. per lb., the
top quotation since May 18, 1931, though actually a wide
range of quotations was reported, or from 9.20 to 9.30c.
per
lb.
The new price level for
castings copper is 9^ to 9j4c.
per lb.
Higher prices for wire and the various copper, brass
and bronze products were
where
various
reported, except in a few cases
unchanged to bring prices of
into proper
relationship with one another.
quotations
items
were
left
Financial
2694
Copper and brass scrap were also
domestic copper this month are
}4c. per lb. higher. Sales of
expected to figure consider¬
ably in excess of the monthly average for several months
back, and indications are that the increase will go con¬
siderably further during the coming months.
There is
much in the present outlook to encourage optimism on the
part of the
trade.
Tin—The situation in this metal
last week
from
remains very little changed
with market conditions
dull, the holiday
period not having helped matters much. As a result of the
dullness, prices have shown a tendency to sag, spot Straits
being quoted at 47c. per pound, with a little purchasing
reported in that position. Tin consumption is now increasing
rapidly. Tin plate production has been raised 5 points in a
week to 85% of capacity, a new high for the year, while auto¬
mobile production in April and May is expected to be 500,000
cars and trucks each month.
Despite some bickering, it is
believed that the tin restriction plan will be continued another
three years from its expiration date at the end of this year.
Tin afloat to the United States is 6,680 tons. Tin arrivals so
far this month have been: Atlantic ports, 1,774 tons; Pacific
105 tons. Five tons were taken
Exchange warehouses yesterday, leaving
ports,
Lead—Producers sales are
out of Commodity
1,252 tons.
exceedingly low, producers just
barely selling their daily production. / Business is
less routine, with the volume of sales about 4,000
more or
to 5,000
Mostly carload lots are wanted, and the
is for April shipment, needs for which
are 95 % covered.
It is estimated in some quarters that May
needs are probably not more than 25% covered, and there¬
fore a good potential demand is expected to materialize before
very long.
With private home building nearly at the level
of 1930, it is presumed that much lead is entering this outlet
in the form of paint, lead pipe, &c.
Prices are firm at 4.60c.
per pound, New York.
tons
per
week.
April 18, 1936
Chronicle
While dealers have very little wool to offer, yet there
to be very little interest on the part of mills in such
offerings.
Prices on territory wools are entirely nominal,
and it is believed that the few houses still having small
to sag.
appears
quantities of the old clip would be willing to sell out at
prices. Mill buying is altogether too small and sporadic
to establish a fully firm wool price.
In the West the situa¬
tion is very quiet, and the prevailing thought among Eastern
buyers naturally is lower prices.
Manufacturers and top
makers, in view of their fall requirements, are thinking of
lower prices, and in the main looking for the raw material
to settle nearer 80c. for fine territory than it is $t this time.
It would seem as though the bullish attitude of Western
lower
is not reflected by the multitude of small wool
in the fleece-producing States, which account for
approximately 20% of the total shorn wool production.
Country packed medium wools of the Ohio type, clothing and
combing combined, are now being offered in Boston at 34
to 35c., which is equivalent to 36 to 37c. for the threeeighths and quarter-blood graded combing wools.
Scoured
shorn and scoured pulled wools are. in routine call from the
woolen mills, though the volume leaves much to be desired.
Pulled wools after a slip of 5 to 7c. in the fine grades and 3
to 5c. in the medium, have firmed up and on the lower and
steadier basis mill buyers are showing increased interest.
Indications are that the percentage of foreign wools used
during the next month or two will be on an increasing scale,
but when the new clip comes along some reversal of this
trend is more than likely.
growers
growers
larger share of business
Zinc—The action of this
market the past week has been
disappointment to the trade, the spurt in demand
that looked so promising last week having faded out almost
completely. It was expected generally that the volume of
business by the middle of this month would reach substantial
proportions, and trade sentiment as a result of the disap¬
pointingly slow sales, is not so cheerful. However, statistics
of each week reveal that shipments are greater than sales,
which implies that stocks in the hands of consumers are
getting low. For the first time in several weeks producers
of zinc concentrates in the tri-State district are starting to
quite
a
curtail
production.
Steel—The steel operating rate
this week is expected to
67.9% of capacity, with ingot production figures at
150,000 tons a day. This week's high percentage reflects a
gain of 3.4 points in seven days, which will prove the high¬
est operating rate since May, 1930, when the average daily
reach
production for the month had been 148,675 tons. It is ex¬
pected that the seasonal peak in steel activity will be reached
within the next fortnight.
A material recession from the
peak levels is not looked for until some time around the
middle of next month.
Steel activity is expected to begin
production on orders received during the
completed, which is figured about the close
However, it is calculated that increased
automobile production in April and May, together with a
further gain in tin plate output, should maintain steel
operations for some time. Additional orders promise to
carry the year's total for this product up to 1,000,000 tons.
Structural steel demand is expected to continue at a high
rate through May.
According to revised estimates by some
motor company officials, the automobile production during
the current year is expected to register an increase of 20%
over the 1935 level.
This would mean an output of 5,000,000
cars and trucks for the United States and Canada if these
forecasts are realized.
Striking gains in retail deliveries of
cars the
past six weeks are responsible for these more op¬
timistic forecasts on the part of motor officials. This should
prove a wholesome factor in the steel trade.
to
taper off when
first quarter is
of this month.
"t
Pig Iron—Conditions have been very quiet, especially in
the New York district, where sales have been very slow.
However, it is claimed a
good potential demand is accumulat¬
trade quarters that by the end
will be very brisk.
Prices are
steady and to all appearances will remain stable for a long
time to come.
Consumption of pig iron in the automotive
industry promises to be very brisk before long.
Automobile
production for April and May is expected to be 500,000
units each, as against an estimated 400,000 cars and trucks
for March.
Automobile business helps chiefly the pig iron
trade in the Middle West, particularly in the Cleveland
district.
There have been many reasons given for the com¬
parative slowness of pig iron business, chief of which have
been the severe winter, the spring floods, and the fact that
consumers loaded up heavily in December just prior to the
advance in prices.
However, a strong feeling prevails in
not a few quarters that before long the trade will be enjoying
a brisk business,
its chief stimulus coming from the auto¬
ing.
It is expected in certain
of April the pig iron business
Wool—The trade appears to be at a standstill, and some
new outside stimulus is needed to bring about an appreciable
likely begin
closed y2c. higher to lc.
The market was
Transactions totaled 300 bales.
a
Japanese cables reported Grade D 20 yen lower
than last Thursday in Yokohama at 732^2 yen, and 5 yen
lower at Kobe to the level of 745 yen.
At Yokohama futures
dull affair.
Kobe 12 to 19 yen
1.63; June, 1.60;
July, 1.59; Aug., 1.55^; Sept., 1.53; Oct., 1.52; Nov., 1.503d>.
were
lower to 10 yen higher, and at
Local closing: Apr., 1.65; May,
1 yen
firmer.
On the 14th inst. futures closed 2Kc.
higher to J^c. lower.
day totaled 900 bales.
Spot remained un¬
for
Sales
the
changed at $1.72*^.
Japanese cables reported Yokohama
123^ yen higher for Grade D at 745 yen, and Kobe cash silk
unchanged.
Futures were 1 yen lower to 5 yen higher in
Yokohama, and unchanged to 11 weaker at Kobe.
Sales of
silk in the outside markets, 425 bales, while transactions on
the Bourses reached 3,425 bales.
Local closing; Apr., 1.67J^;
May, 1.64; June, 1.61; July, 1.59; Aug., 1.55.; Sept., 1.54;
Oct., 1.52; Nov., 1.51.
On the 15th inst. futures closed
3^c. to 23^c. higher.
Transactions totaled 540 bales. Spot
market remained unchanged at $1.72^2Japanese cables
reported the Yokohama futures market unchanged to 7 yen
lower, and Kobe 3 yen higher to 5 yen lower.
Grade D
held at 745 yen in both markets.
The yen stayed at 29c.
Local closing: Apr., 1.683^; May, 1.65; June, 1.63; July,
1.61; Aug., 1.563^; Sept., 1.54^; Oct., 1.54; Nov., 1.54^.
On the 16th inst. future closed iyc. lower to lc. higher.
bales.
New York spot advanced
$1,743^.
Japanese markets showed strength, grade D
10 to 123^ yen higher, and futures showing moderate gains.
Local closing:
April, 1.69; May, 1.66; June, 1.62; July,
1.593^; Aug., 1.563^; Sept., 1.55^; Oct., 1.65; Nov., 1.53^.
Today futures closed 1 point up on April and 1 to 3 points
down on the rest of the list.
Trading was fairly active,
Transactions totaled 1,060
2c. to
totaling 840 bales in the early afternoon, and at the close
total sales were 118 contracts.
The price of crack double
extra
silk in
the
New
York spot market
declined yc. to
points lower in Yokohama, while
the price of grade D silk in the outside market was off 5 yen
at 7523^ yen a bale.
Local closing: April, 1.70; May, 1.65;
June, 1.59; July, 1.57; Aug., 1.54; Sept., 1.53; Oct., 1.523^:
Prices
$1.74.
1 to 9
were
Nov., 1.52.
COTTON
Friday Night April 17, 1936.
The
of the
Movement
Crop,
as
indicated by
our
tele¬
For the
week ending this evening the total receipts have reached
34,922 bales, against 35,607 bales last week and 35,770
bales the previous week, making the total receipts since
Aug. 1, 1935, 6,284,001 bales, against 3,817,232 bales for
the same period of 1934-35, showing an increase since Aug.
grams
from the
South tonight, is given below.
1, 1935, of 2,466,769 bales.
Mon.
Sat.
Receipts at—
1,584
2,165
580
823
2,631
5,437
1,329
1,436
3,433
999
391
49
111
391
604
2,033
456
Corpus Christi
5,068
___
_
36
Savannah-__
•
55
619
143
739
349
7
Lake Charles
Wilmington.
16,373
2,394
138
9
211
__
5,783
7,305
605
605
New Orleans
__
Total
Fri.
485
650
Charleston
Thurs.
Wed.
692
Galveston
Mobile
Tues.
385
Houston
_
■
208
1
112
138
781
561
3,518
5,070
5,377
34,922
Baltimore
1.297
9,021
7
25
4
103
13
7
__
Norfolk
Totals this week—
motive industry.
change, otherwise many believe prices will very
Silk—On the 13th inst. futures
lower.
10,639
781
table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
The following
last year:
*
Financial
Volume 142
2695
Chronicle
Speculation
This
Week
Since Aug
This
Week
1 1935
Texas
Since Aug
1 1934
Corpus Christi
Beaumont..
New Orleans
2,594
416,692
13,345
706,124
54,131
562,116
4,349
398,283
41,106
30,334
442,978
2
16",373 1,626,096
854
366",361
"147
94
"739
148,115
3,693
297,948
249
349
207",693
"579
7
25
""io
561
55,790
21,161
36,538
540
139,474
56,501
16,461
50,426
781
24,831
89
24,436
84,881
11,423
125,693
12,406
3,783
128,202
70,770
6,792
111,895
20
Wilmington
3,343
103,267
42,754
41", 163
16,200
21i508
31,188
20,573
21,219
23,051
__
__
19,441
there
3,836
2,610
Boston.
Baltimore
Philadelphia.
1,775
34,922 6,284,001'
15,829 3,817,232 1,922,099 2,061,486
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1931-32
1930-31
526
12,286
8,320
37,423
7,311
2,070
2,138
2,913
223
253
363
311
143
1,633
119
1,327
5,783
7,305
16,373
2,394
249
""579
9,662
22,143
2,340
1,048
1,243
1,356
25
10
540
1,393
"'264
"¥,780
7",320
5,354
1,267
34,922
Mobile
4,122
7,324
561
Orleans-
31,356
"~349
_
2,594
739
.
Houston
New
1932-33
1933-34
1934-35
1935-36
Receipts atGalveston.
15,829
74,294
80,344
76,159
33,372
Savannah
147
Brunswick
Charleston...
Wilmington
.
_
Norfolk.
14,108
19,429
30,297
4,640
3,987
5,155
12,964
6,218
2,073
70
Newport News
All others
Total this wk_
Since Aug. l._ 6,284.001 3,817,232 6,743,693 7,607,378 9,098,333 8,203,280
The exports for the
week ending this evening reach
a
total
of
77,982 bales, of which 13,471 were to Great Britain,
3,288 to France, 8,295 to Germany, 3,580 to Italy, 36,983 to
Japan, 92 to China, and 12,273 to other destinations.
In
the
corresponding week last
hales.
For the
total exports
year
66,537
were
to elate aggregate exports
have been
5,064,753 bales, against 3,773,466 bales in the same period
of the previous season.
Below are the exports for the week:
season
Exported to—
Week Ended
Apr. 17 1936
Ger¬
Great
Exports from,—
France
Britain
Galveston
Houston
Corpus Christi-.
Italy
many
580
3,499
6,257
Japan
China
9,486
9,482
1,463
3,350
Other
Total
3,590
18,618
7,424
29,313
2,860
7,362
1,700
2,860
2,708
*188
Lake Charles
Mobile
2~,III
462
185
New Orleans
1,136
102
200
50
...
898
848
613
409
_.
898
14,027
13,471
1934
3,288
8,295
3,580
36,983
92
12,273
77,982
5,905
4,621
3,196
17,493
6,226
12,838
14,753
12,184
4,334
1,400
15,633
14,109
66,537
84,594
From
Exported to—
Exports from-
Britain
Houston
Corpus Christi
Texas City
France
Orleans..
Lake Charles.
72,012
96,733
18,239
361,448
421,559
250
470
745
2,109
67,061
836
14
150
243,387 250,760
136,034
7,477
46,624
93,529
3,918
20,316
193*992
2*343
16~024
4,393
9,200
Savannah..—
Charleston
8,754
143,707
Jacksonville
Japan
173,065
192,274
31,191
4,510
101,471
1,557
77,169
96,543
Mobile
Italy
many
153,703 135,689
246,993 136,533
59,931 53,921
"¥970
Beaumont
25,665
3,042
32,382
761
"¥,776
1,668
New York.
1,276
1,224
"884
36,810
36,562
30,368
4,051
8,854
2,459
1,420
Boston.
1,123
55
792
Pensacola, &c_
2J58
Wilmington
Norfolk
Gulf port
1,086
2^897
"""116
Other
9,612 210,611 1116,140
13,208 279,073 1386,373
1,078 46,159 277,580
2,769
6,343
494
8,464
8,724 195,297 1121,723
13,335
41,036
3~500 26,100 256,058
50
2,368
3,040 137,544
9,039 155,737
6,694 180,769
300
4,351
1,130
14,514
250
3,985
1,656
9,781
6,881
8,851
""45
""77
29,862
4,543
12,669
34,720
312
3,056
14
5" 181
229
Francisco.
2,727
178,438
56,195
5,642
260,407
66,833
240
4,718
Seattle..
Total
Total
Total
Total
240
Los Angeles
San
1,700
China
*14
Baltimore
Philadelphia
pro¬
closed 5 to 9 points higher.
limited, due to the fact that there
The
still
holiday abroad and there
a
The weather
developments.
were no new
was
news
Washington
continued unfavorable
of the cotton belt, but this did not appear to stir
up trading much.
The adverse weather is believed to have
created quite a long interest in the new crop months, but
was
no
direction in
real evidence of further accumulation in this
The New York Cotton Exchange
consumption of all cotton
during March at 560,000 bales, compared with 517,000 in
February, and 482,000 in March, 1935.
Daily rate in
March was placed at about 25,500 bales, against 25,900
in February, and 23,000 in March last year.
The Cotton
Exchange's weekly statistical figures had little effect marketwise, although they continued to show a strong statistical
position. Monday's weather map showed very light showers
in North Carolina and Tennessee; otherwise fair and warmer
over the belt.
Average price of middling, as reflected in the
ten designated spot markets Monday was 11.66 cents, com¬
pared with 11.61 cents Thursday.
On the 14th inst. prices
closed 8 to 12 points down, with the exception of May, which
closed 1 point off.
The decline was attributed to more
favorable weather in the Eastern belt, together with lower
Liverpool cables.
A declining stock market also had its
influence.
With the reopening of foreign markets after a
four-day holiday, selling from abroad increased.
The
offerings from abroad were credited to Bombay, the Conti¬
nent and Liverpool.
According to information from the
New York Cotton Exchange Service, the producers' pool
did not sell any futures during the week ended last Friday,
while sales of spot cotton for the week were placed at 15,000
bales.
This left holdings of 641,900 bales of futures and
219,000 bales of spot cotton by the pool. One of the features
of the day's trading in futures was the demand for May con¬
tracts on a scale down throughout most of the session, and
at the low level of the day that month had declined but 4
points, while the other deliveries, eased off to net losses of 9
to 12 points.
Average price of middling based on the ten
designated spot markets was 11.59 cents, compared with
11.66 cents the previous day.
On the 15th inst. prices
closed 3 to 9 points up.
The market was quiet most of the
day, prices moving within a narrow range. For apparently
no particular reason a moderate buying movement started
towards the close, as a result of which prices recovered all
the preceding session's losses and closed at the highs of the
day. There was no particular item in the news to warrant
the sudden demand and consequent upturn.
The only
influences that could be held responsible were the firmness
of southern markets, the continued dry weather in the
stricken southwestern areas, which is now becoming quite
serious from a crop standpoint.
Many in the trade appear
to be awaiting developments in connection with the release
tqday's session.
1175,855
630,199, 747,079 316,6041343,150
36,122 815,744 5064,753
considerable interest being shown in the May position.
The
Producers' Pool is long some 200,000 bales of this delivery,
and
yet there has been no indication as to when, or at
price, the pool may start its liquidation proceedings
The weekly weather report appeared to be
pretty well discounted, the unfavorable conditions in the
west failing to cause any great stir from a bullish standpoint.
There are so many uncertainties hanging over the market,
especially as concerns Washington developments, that
trading continues under great restraint.
Average price of
middling based on the ten designated spot markets Wednes¬
day, was 11.63 cents, compared with 11.59 cents Tuesday.
as
what
this
month.
On the 16tli inst.
was
due
to
showers in
prices closed 1
liquidation
some
up
to 4 off.
prompted by reports
The decline
of
parts of the Western cotton belt.
beneficial
However,
this beneficial moisture did not appear extensive enough to
effectively break the drought, and as a result there was 110
aggressive selling and further declines were checked.
The
hope prevailed that the showers might lead to further pre¬
323,762*
335,109 406,5861307,136 92,508671,5363773,466
1933-34.1121, 522 701,969 1268,695579 ,0221488,275232
"',920854,7036247,106
1934-35.1 636,829
There is
Ger¬
Great
Galveston..
being most
More favorable weather
of the Government controlled 12-cent loan cotton.
1935 to
Apr. 17 1936
New
15,049
15,065
23.374
Total..
1
400
"898
Total 1935
Aug.
7
"466
Angeles.
877
.....
Charleston..
Total
"957
7
Savannah
Norfolk
92
3,588
677
--
Jacksonville
Los
the weakness
deliveries.
Service estimated total domestic
__
Totals
we
bale,
in parts
Newport News &c
New York-
a
crop
volume of trading was
182,945
459
Norfolk---!
new
Tuesday's depression in prices.
270
Brunswick
Charleston
Lake Charles
fairly
was
conditions in the dry areas of the belt were held responsible
for
"4,411
Savannah
50c.
about
On the 13th inst. prices
2",394
Pensacola &c
Jacksonville
of
nounced in the
535,533
Gulfport
Mobile
delivery
future
During Tuesday's session, however, prices had a sharp set¬
1935
1936
876,111
62,790
4,122 1,039,881
59
272,929
4,563
7",324 955,542
5,783 1,482,446
44,479
7",305 1,660,879
605
269,941
38,030
City
Houston
for
cotton
active, with prices generally showing an advancing tendency.
back
Galveston
in
Stock
1934-35
1935-36
Receipts to
Apr. 17
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
cipitation in dry areas.
The decline in May and October
was limited to 2 to 3 points, as compared with 5 to 9 points
in the new crop deliveries.
At the close, October was at a
discount of 99 points under May, as compared with 94 on
the
Southern spot markets,
officially re¬
The average
price of middling in Southern spot markets was 11.70c.
Today cotton closed 1 to 6 points up. There was a steadier
undertone throughout the session today, based on the feeling
previous day.
as
ported, were 1 point higher to 12 points lower.
On
Shipboard Not Cleared for—
Leaving
Apr. 17 at—
Ger¬
Great
Britain
Galveston
Houston
_-
New OrleansSavannah
500
2,100
1,829
10,909
8,499
¥.676
16,514
9,354
14,247
9,757
6,294
5,737
Other
Coast-
many
Foreign
icise
3,000
1,015
3,006
1,500
"550
208
_
Charleston
Mobile
France
15,100
9,876
12,506
1,500
151
4,456
Slock
Total
22,200
13,079
39,376
1,500
__
-
7",972
5",746
Norfolk
Other ports-
Total 1936-_
Total 1935-Total 1934--
8,521
8,602
6,372
3,228
53,248
66,868
6,107
1,415
5,236
539,916
385,204
403,602
181,445
42,754
117,721
31,188
136,142
84,127 1,837,972
78,913 1,982,573
98,460 2,867,018
that the rains in the Southwest were insufficient to
relieve
conditions.
Bullish feeling was also strength¬
ened by the latest weather reports stating that there were
no further
showers in the cotton belt.
Liverpool and the
Continent were reported as good buyers of October and
December.
Wall Street was also a buyer of the new crop
the drought
months,
while
shorts
purchased
May.
The
South,
spot
houses, New Orleans and locals were sellers, while additional
buying
came
from the wire and commission houses.
Financial
2696
Staple
Supply of Cotton to-night, as made up
by cable and telegraph, is as follows.
Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
Premiums
Differences between
grades established
for deliveries on contract to Apr. 23 1936
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
of average of
six markets quoting
for deliveries-on
Apr. 23 1936
1-Inch &
Inch
longer
.24
57
.24
57
.24
.57
.24
.57
.23
.18
.17
.39
Strict Low Middling—
do
.33
Low Middling
do
do
do
♦Strict Good Ordinary...
♦Good Ordinary.......
.24
.57
Good Middling
.24
.57
Strict Middling
.23
.56
Middling
.39
Strict Low Middling.._
.17
.33
Low Middling
...
.21
.45
Good Middling
.44
do
do
Strict Middling
do
do
do
Spotted
do
♦Strict Low Middling
.18
Middling
Strict Good Middling..Yellow Tinged
.33
.15
....
do
Middling
.33
.15
.60
.45
.02
48
1.04
.25
06
.52
1 08
1.61
04
do
do
♦Low
.35
.16
...
do
.33
do
.32
do
do
67
'Strict Middling.
do
do
1 07
♦Middling
do
do
160
♦Strict Low Middling
do
do
2 11
♦Low Middling
do
Good Middling
Light Yellow Stained.
55
♦Strict Middling.
do
do
do
...104
♦Middling
do
do
do
...1 54
Good Middling
Yellow Stained
1 03
♦Strict Middling
do
do
152
♦Middling
do
do
2 03
Good Middling
..Gray
43
Strict Middling
do
.67
♦Middling
do
1 03
♦Good Middling
Blue Stained
1 03
♦Strict Middling
do
do
..1.51
♦Middling
L
do
do
.2.00
Good Middling
do
—
.16
.32
.15
.32
.15
.32
♦
Not deliverable
on
The official
bales-
Manchester
Stock at Bremen
Stock at Havre
do
Stock at Rotterdam
do
Stock at Barcelona
do
Stock at Genoa
do
Stock
do
Stock at Trieste
on
off
Venice and Mestre
at
—
549,000
1,041,000 1,036,000
do
do
American cotton afloat for Europe
do
Egypt, Brazil,&c., afl't for Europe
Stock in Alexandria, Egypt-Stock in Bombay, India
2,081,000 1,861,000
169,000
59,000
243,000
263,000
82,000
50,000
374.000
493.000
1,184,000
867,000
2,965,478 4,196.372
1,546.878 1,772.695
18,299
21,048
off
off
do
do
do
Stock in U. S. ports
Stock in U. S. interior towns
do
226.000
86,000
293,000
798,000
—1,922,099
U. S. exports to-day
do
1,833,913
25,487
do
off
do
Total visible supply
do
Of the
do
off
6,691,499 6,309,725 8.663,655 9,583,115
above, totals of American and other descriptions
Liverpool stock
do
Manchester stock
do
Bremen stock
do
Havre stock
do
do
Other Continental stock
American afloat for Europe
do
U
do
off
U. S. interior stock
off
Wed. Thurs.
11.72
11.73
Fri.
11.74
47,000
201,000
118,000
90,000
47,000
336,000
445,000
488,000
53,000
52,000
29,000
24,000
62,000
20,000
58,000
53,000
302,000
48,000
101,000
169,000
82.000
272,000
374,000
800,000 1,184,000
63,000
59,000
50,000
493.000
867,000
—
-
Bremen stock
-
Havre stock
11.80c.
Indian afloat for Europe.
1919
28.65c.
1911
14.85c.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
1934
1933
1932
1931
1930
1929
12.25c.
6.55c.
6.05c.
10.15c.
16.20c.
20.45c.
1927
1926
14.50c.
19.10c.
1925
1924
24.95c.
30.70c
1916
1923
1922
1921
28.75c.
18.05c.
12.45c.
1913
1918——31.50c.
1917
20.50c.
12 00c.
1915
—-10.35c.
1914
13.10c.
—
12.40c.
1910
1909
15.25c.
—10.75c.
9.90c.
1907
11.10c.
1906 —11.90c.
1905
7.85c.
—
Futures
Spot Market
__
Total
SALES
Closed
HOLI
Steady, 6 pts. adv
Steady. 1 pt. dec
Quiet, 2 pts. dec
Steady, 1 pt. adv.—
Steady, 1 pt. adv
...
Spot
Contr'ct
152.000
94.000
Total East
1,898.000 1,927,000 2,451,000 1,882.000
4,793,499 4,382,725 6,212,655 7.701,115
India, &c
Total American—
Total
Continental imports
The above figures
DAY.
Steady
steady
1
1
i
i
I
»
1
i
i
I
1
1
I
1
1
1
-
Firm
Steady
Steady
t
1
1
•
(til i ti i i
*
i
i
i
i
i
i
week.
500", 124
Since Aug. 1
Futures—The
86.000
293,000
798,000
Total visible supply
6.691,499 6,309,725 8,663,655 9,583,115
Middling uplands, Liverpool
6.58d.
6.63d.
6.18d.
5.30d.
Middling uplands, New York
11.74c.
11.90c.
11.80c.
7.50c.
Egypt, good Sakel, Liverpool-—
9.54d.
8.69d.
8.69d.
8.19d.
Broach, fine, Liverpool
5.43d.
5.89d.
4.83d.
4.64d.
Tinnevelly, good, Liverpool
5.96d.
6.36d.
5.64d.
5.02d.
Market
Closed
186,000
—
1908
Market and Sales at New York
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
65,000
Other Continental stock
1912
419,000
56,000
4,793,499 4,382,725 6,212,655 7,701,115
-
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock
452,000
940,000
973,000
226.000
172,000
243,000
263,000
1,922,099 2,061,486 2,965,478 4.196,372
1,833.913 1,451.845 1,546.878 1.772.695
25,487
8,394
18,299
21,048
-
Total American
233,000
53,000
182,000
154,000
115,000
S. ports stock
43.25c.
11.30c.
folio w«:
as
282,000
bales-
1920
11.74c
are
A.7YIQTXCCX 71—
do
20.35c.
1936
1935
825,000
561,000
251,000
24,000
79,000
121,000
1,298.000
152,000
172.000
94.000
272.000
800,000
2,061.486
1,451.845
8,394
do
Quotations for 32 Years
1928
749,000 1,040,000
263,000
571,000
138.000
291.000
23,000
21,000
72.000
83,000
39,000
63,000
10,000
5,000
4,000
7,000
do
-
New York
104,000
597,000
do
quotation for middling upland cotton in the
Tues.
11 74
721,000
Total European stocks
1,321,000
India cotton afloat for Europe—
186,000
on
off
off
Total Continental stocks
New York market each day for the past week has been:
Mon.
11.75
1933
1934
940,000
100,000
do
U. S. exports to-day
Sat.
..Hoi.
71,000
724.000
233.000
183.000
18,000
76.000
74.000
8,000
5,000
Total Great Britain
do
do
future contract.
April 11 to April 17—
Middling upland
1935
678,000
do
—
.32
Stock at
Mid.
—
.15
1936
618,000
106,000
Stock at Liverpool
do
.60
.45
Basis
51 off
107
164
...2.11
...Extra White
do
do
do
do
.18
.21
—
Apr. 17—
do
69
do
.66
Good Middling
Strict Middling
Middling
Mid.
on
we add the item of exports from the United States,
Friday only.
($<Yiday)
for
80
Middling Pair
White
Strict Good Middling.,
do
April 18, 1936
Visible
The
60%
16-16
Chronicle
highest, lowest and
week have been
New York for the past
81", 124
3L666
closing prices
follows:
at
as
for past week have been 136,000 bales.
for 1936 show a decrease from last
week of 128,079 bales, a gain of 381,774 bales over 1935, a
decrease of 1,972,156 bales from 1934, and a decrease^of
2,891,616 bales from 1933.
At the Interior Towns the movement—that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Saturday
Apr. 11
Monday
Apr. 13
Wednesday
Apr. 15
Tuesday
Apr. 14
Thursday
Apr. 16
Friday
Apr. 17
Movement to Apr. 19 1935
Movement to Apr. 17 1936
Apr.{1936)
11.35n
Closing.
11.3477
11.38/7
11.37/7
Ship¬
11.39/7
Week
May—
Range..
Closing.
Apr.
Week
17
Receipts
Ship¬
Stocks
ments
Season
Week
Apt.
Week
19
11.32-11.35 11.31-11.34 11.32-11.38 11.35-11.39 11.38-11.40
11.35
Season
Stocks
ments
Receipts
Towns
Range..
11.34
—
11.37-11.38 11.38
11.39-11.40
Range.
11.2 In
Closing.
11.17/7
11.22/7
11.23/7
15.400
100
11,198
28
80,291
85,535
602
63,459
356
109.295
1,068
1,170
57
122.010
963
24
59,759
82,597
17,665
198
67
Selma
11.25/7
Ark., Blythville
July—
Range.
Closing
Sept.—
11.10
23
66
27,579
46,732
1,085
13,570
16,289
691
62,425
36,550
120
5
31,787
4
31
9,971
Forest
City—
Jonesboro...
10.68-10.75
.
231
2
Hope
11.06
11.07-11.08 10.99-11.00 11.08
27,082
Helena
11.04-11.08 10.97-11.04 10.98-11.08 11.05-11.09 11.07-11.10
Range..
Closing.
Aug.—
Closing.
411
85,317
907
18,
31,097
328
15,291
3
14,1
2,020
803
9
50,570
13,025
17,254
210
Walnut Ridge
112,025
34,443
24,330
65,970
17,069
77,456
38
683
5
24,838
285
30,5
11, (
56,988
3,869158,009
"loo
2,957131,715
500 30,000
1
956 40,153
200 24,914
803
14,192
72,504
95,462
26,050
12,934
18.988
57,589
129,369
23,264
133,466
24,918
3,872
21,662
28,334
169,172
3,223
10.9777
10.70/7
10.88/7
10.78/7
10.91/7
10.74/7
735;
Little Rock..
10.95/7
10.77/7
Ga., Albany,.
10.44-10.46 10.32-10.43 10.33-10.43 10.34-10.46 10.41-10.45
"~32
Athens
10.44
Atlanta
10.35
10.43
10.39
10.42
10.33/7
—
10.40/7
10.37/7
10.41/7
2,240
1,559
1,100
Closing.
10.4377
.
285,379
178,911
39,439
53,110
15,103
71,405
120,057
41,115
171,997
12
Columbus.
Range..
Rome
Range—
10.44-10.47 10.35-10.43 10.33-10.43 10.37-10.47 10.43-10.47
La., Shreveport
"166
Closing.
10.46
Miss.Clarks dale
2,348
10.36
—
10.43
10.40-10.41 10.44
Columbus
Jan. (1937)
..
Closing.
155
—
10.48-10.50 10.39-10.46 10.36-10.45 10.41-10.50 10.48-10.50
Greenwood..
10.48
Jackson
10.39/7
—
10.46/7
10.42-10.45 10.48
Natchez
Feb.—
10.53-10.57 10.44-10.52 10.42-10.54 10.46-10.56 10.53-10.56
10.56-10.57 10.44
10.5277
10.41/7
10.49/7
10.46/7
10.50/7
March—
.
Closing.
10.53-10.54 10.51
10.53
15 towns*..
Nominal.
S.C., Greenville
Range for future prices at New York for week ending
Apr. 17 1936 and since trading began on each option:
Tenn. .Memphis
5
5,198
80
383,893
2,578
145,835
16,369 1,855,680
105
Texas, Abilene.
Range for Week
Range Since Beginning of Option
Austin
8
10.51 Sept. 30 1935 11.34 Oct.
April 1936—
May 1936- 11.31 April 14 11.40 April 17 10.33 Aug. 24 1935 12.07 May 17
8
June 1936—
10.58 Sept. 30 1935 11.38 Oct.
9 1936 11.97 May 25
July 1936- 10.97 April 4 11.10 April 17 10.21 Jan.
9 1936 11.55 Nov. 25
Aug. 1936.. 10.68 April 15 10.75 April 15 10.39 Jan.
10.42 Sept.
Sept. 1936..
3 1935 11.40 July 26
1936— 10.32 April 14 10.46 April 13
Nov. 1936-.
Feb.
9.80 Jan.
10.12
1936- 10.33 April 15 10.47 April 13
1937— 10.36 AprU 15 10.50 April 13
1937—
Mar. 1937—
3,
4,604
4,575!
3
884
69
1,652
16
17
458
973
100
302
20
100
22,945
21,848
25,755
28,758
63
50
308
18
17,033
2,999
45
7,067
10,646
12
4,800
760
1,870
85
3,659
1
4,698 107,836
2,948 57,674
33,874 574,852
181
79,
2
138
5.1
100
37,5
2,162 80,]
3,140 106,'
500
12,1
665 18,i
50
1,442
21,5
23,(
34,5
17,]
45,5
329
17.1
200
825
150
15.42 April" 15
10.57
April
13
Mar.
9.76 Jan.
9.94 Feb.
15.20
Robstown...
1935
San Antonio.
1935
Texarkana..
1935
Waco
59,
1935
1935
9 1936 11.45 Dec.
3 1935
3 1936 10.19 Jan.
10
262
2 1936
Total, 56 towns
5,080
24,634
79,563
35,716'4,854,715
240,188
114,327
347
1,870
274
1C
35,704
6,725
16,573
26,789
56,477
73,2851833913 24,277 3,313,689
46,4601451845
145
1,497
"72
2,311
3,870
9,569
718
2,890
14,680 1,315,902
23.989
"76
21,054
28
118
6
"11
92
10,701
1,349
27
639
377
"36
10,818
8,475
67
1
14,997
46,550
8 1936
9 1936 10.69
....
1
562110,151
3,630 56,566
22,731418,410
8,101
12
2,448
32
4,538
281
7,739
374 12,572
1
1,404
3,605
"352 15,685
8
9,341
10,534
273
1935
192
54,614
18,425
12,029
52,351
34,131
""9
Dallas
Paris
Dec.
8,789
30,578
37,728
179,567
6,996
525
Brenham—
Option for—
334!
Oklahoma—
Range..
Closing.
"151
Vicksburg...
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsboro
3,003
56,023
13
Macon
Dec.—
159,944
1,133
Augusta
Nov.—
Jan.
"76
Pine Bluff—
10.84/7
Range..
Oct.
556
2
29,078
28,051
20.4
41,(
85,<
20,1
16.5
19,5
24,1
46,1
Newport....
10.92n
Closing.
n
515
DAY.
Oct.—
Range.
711
16
44
597
4,5
5,^
HOLI¬
.
Range..
Range
144
7
Montgomery.
.
32
37,280
20,575
8,165
23,848
44,093
Eufaula
June—
57
58,039
Ala.,Birming'm
Jan.
25 1936 10.50 April 13 1936
Mar. 27 1936 19.57 April 13 1936
*
Includes the combined totals of 15 towns in Oklahoma.
The
above
decreased
totals
show
that
the
interior
stocks
have
during the week 37,569 bales and are to-night
382,068 bales more than at the same period last year. The
Volume 142
Financial
receipts at all the towns have been 11,439 bales
the
Chronicle
than
more
Overland Movement for the Week and Since Aug. 1—
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
Since
Week
Aug. 1
4.800
179,040
2,198
67,049
Apr. 17—
Shipped—
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
289
1,350
10,119
157,172
562,173
178.668
77
276
3.187
12.521
143.341
4,771
465.093
.25,117
978.381
11,454
886,797
781
179
24.889
8.763
89
277
24.102
4,647
241,272
7.568
11.488
231.446
5,607
274.924
7,934
267,036
3,520
619,761
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
.
.
.19,510
703,457
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
year
the
week
19,510 bales, against 3,520 bales for
year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 83,696 bales.
1935-36
Week
1934-35——
-
Receipts at ports to April 17
Since
Week
Aug. 1
34,922
1935-36
286.958
124,572
1,599,837
1,446,237
1,512,246
1934-35
1,261,349
309.460
1935-36
76,604
913,658
859.374
130,888
1934-35
30,958
696,055
1935-36
717.512
156,388
713,904
34,075
611.552
178.310
1935-36
71,292
75,958
1,332
821,236
802,608
34.330
1.077
1934-35
646
56,059
55,031
1,674
1935-36
5,966
12 324
3,970
41,891
32,577
35,533
1934-35
Cake and
meal,J
tons
Hulls, tons...
Linters, running
bRl6S
Hull
24 896
11.651
1934-35
fiber,
50(F
lb. bales
Grabbots, motes.
500-lb.
&c.,
:
Aug. 1
*
Includes 8,916,786 and 16,855,959 pounds held by refining and manufacturing
establishments and 8,589,280 and 15,885,912 pounds In transit to refiners and con¬
sumers
a
1935 and March 31,
Aug. 1,
1936, respectively.
Includes 5,175,698 and 14,697,091 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
7,214,525 and 5,486,461 pounds In transit to manufacturers of lard substitute,
oleomargerine, soap, &c., Aug.l, 1935 and March 31, 1936 respectively,
b Produced from 990,827,020 pounds of crude oil.
EXPORTS
AND
IMPORTS
OF
COTTONSEED
MONTHS
PRODUCTS
ENDED FEB.
FOR
SEVEN
29
1936
Item
1935
294,063
Exports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports—Oil. crude and refined, pounds..
Cake and meal, tons of 2,000 pounds
1,167,908
1,626,210
1,770,105
9.459
150.652
2,121
112.088
*71,898.317
30,005,660
1.451
35,100
10,887.458
109.349
7,891.993
713.575
*22,183
302.111
"entered directly Into warehouse."
*29,453
Census Report on Cotton Consumed and on Hand,
&c., in March—Under date of April 14, 1936 the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of March 1936
and 1935.
Cotton consumed amounted to 548,913 bales of
lint and 60,811 bales of linters, compared with 516,649 bales
of lint and 53,565 bales of linters in February 1936 and
482,373 bales of lint and 65,810 bales of linters in March
619.761
3,455.000
568.360
87,166
12,169.393
24,255
8,164,651
929.671
10,302
835,862
Decrease.
Movement into sight in previous years:
Week—
Bales
1934—April 20
1933—April 21
1932—April 22
Since Aug. 1—
156.565
155,771
153,709
Bales
1933
1931
1932
11,457,814
12 157,190
14.590,958
.
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each
day
of the week:
*
Amounts for March not included above are 60,000 pounds crude, and 11,460,946 refined, "entered directly for consumption" 3,003,260 crude and 1,237,652
refined "withdrawn
from
warehouse for consumption" and 3,960,030 refined
It will be
1935.
that there is
seen
an
increase in March 1936
when
compared with the previous year in the total lint and
linters combined of 61,541 bales, or 11.23%.
The following
is the statement:
MARCH
REPORT
AND
Closing Quotations for Middling Cotton
OF
COTTON
EXPORTED,
AND
CONSUMED, ON HAND, IMPORTED
ACTIVE COTTON SPINDLES
[Cotton In running bales, counting round as half bales, except foreign, which Is In
on—
Week Ended
500-pound bales]
Apr. 17
Saturday
Monday
Galveston
Tuesday
11.55
11.50
Wed'day Thursday
1155
Friday
11.53
11.53
Cotton Consumed
11.66
11.58
11.63
11.53
11.55
During—
Mobile
11.60
11.59
11.58
11.46
Savannah
11.85
11.84
11.87
11.88
Norfolk.
12.05
12.00
12.05
11.65
12.05
11.54
12.04
12.05
11.57
11.50
11.90
12.10
11.58
12.07
12.08
11.35
11.60
11.38
11.60
Orleans
—
HOLI¬
DAY.
_.
11.25
11.65
11.40
11.55
Rock
11.19
11.22
11.16
Worth
11.25
11.25
11.30
11.17
11.19
11.22
11.16
11
on
11.39
11.30
on
Hand
March 31—
Cotton
In Con¬
Ended
In
Public
suming
Storage
Establish¬ dk at Com¬
Spindles
Active
During
Mar.
Mar. 31
ments
presses
March
(bales)
11.35
11.62
11.26
Cotton
Eight
Months
Year
11.59
12.10
11.50
Dallas
Fort
156,139
mill
North, spinn's* takings to April 17
Little
96 656,782
1935-36
1934-35
8504,033,117
557,622.547
3,817,232
.131,863
Houst
*113.412,590
a444,833,215
656,804,830
198,367
15,829
3,520
90,000
takingi
consumption to April 1
Augusta.
Memphis
March 31
*37,569
excess
Southern
Montgomery
On Hand
March 31
169,432
Total marketed
New
Shipped Out
Aug. 1 to
Aug. 1 to
March 31
*28,262,543 1.070,424,607 1,000,510,365
34,400,287
988,473,976
965,604,824
b915.298,995
878,724.573
1934-35
OUT,
6,284,001
703,457
3,900,000
Net overland to April 17-,.
19,510
Southern consumption to April 17115,000
Interior stocks in
1
-
Since
Takings
*
1935-36
oil, lbs.
SHIPPED
HAND
last
In Sight and Spinners'
over
Crude oil, lbs...
Refined
has been
,
of
On Hand
Aug. 1
bales
Total to be deducted
this
Season
87.097
2.828
3,781
14,049
Via Virginia points
Via other routes, &c
Since
Aug. 1
1,870
ON
Produced
Item
1934-35——
Week
MANUFACTURED,
AND
We give below
Excess
PRODUCTS
week last year.
same
♦
2697
COTTONSEED
(bales)
(bales)
(bales)
(Number)
1936 548,913 4.072,759 1,334,394 6,570,182 23,175,502
United States.
1936 482,373 3.647,359 1.116,018 7,788,346 24,573,602
17
67,578
538,350
173,614
111,115
1935
74,148
575,552
1936
16,401
6,355
675,172
19,007
117,303
158,224
193,937
48,603
173,736
All other States...
47,864
25,941
676,934
Egyptian cotton—
1936
5,019
44,524
22,328
19,400
1935
6.904
60,646
5,261
36.543
25,476
10,054
23,143
1936
1935
cotton market for
the past
1936 464,934 3,417,106 1,112,177 6.452.712 17,053,028
1935 389.218 2,913,583
874,217 7,588,669 17,274,284
1936
Other foreign cotton....
leading contracts in the New Orleans
week have been as follows:
closing quotations
New England States
1935
New Orleans Contract Market—The
for
Cotton-growing States..
3,917
22,816
17,716
1936
1.777
15,216
7,631
5,447,302
6,622.384
Included Above—
Friday
Apr. 17
Apr.(1936)
May
Amer.-Egyptlan cotton.
June
1935
817
6,219
8,767
2,489
1936
60.811
471,168
65,810
462,954
257,632
260.847
65,128
1935
July
August
7,778
11,179
2,508
Not Included Above—
...
Linters...
September
October
.
........
.
52,670
November
Imports of Foreign Cotton (500-lb. Bales)
December.
Jan.(1937)
February
March
Country of Production
.
March
10.48
1936
Spot
Options...
Steady
Steady
Report
on
Cottonseed
Oil
Production—On
April 13 the Bureau of the Census issued the following state¬
ment
showing cottonseed treceived, crushed and on hand,
and cottonseed products manufactured, shipped
out, on hand
and exported for the eight months' period ended March 31.
1935
6,556
EfitVDt
6.824
End. Mar. 31
1936
1935
42,841
52,724
14
257
737
947
2,316
1,619
365
16,567
577
2.234
5,157
1,533
26.382
2,959
1,595
15,524
Peru
Census
8 Mos.
bid
Tone—
China
MeXiCO
•
British India
-
All other
Total
361
*
.
15,662
-
1936 mid 1935:
768
688
9,917
89,529
74,437
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
*
March
Country to Whtch Exported
Received at Mills*
Crushed
Aug. 1 to Mar. 31
March 31
1936
1935
1936
1935
1936
1935
1936
United Kingdom
3,645,546 3,321,479 3.534.771 3,184,776
Alabama
280,402
290,480
93,600
405.107
Arkansas
California
Georgia
Louisiana
172,382
507,902
218.108
Mississippi
North Carolina
Oklahoma
South Carolina
__
191,724
198,166
Texas.
230,374
953,243
All other States
104,057
Tennessee
♦
265,216
281,973
102,330
411,353
153,853
279,775
273,777
85,661
403,711
170,761
467,330
468,017
245,134
218,004
190,599
193,100
231,180
95,875
191,886
279,262
704,707
122,560
918,817
101,369
200,349
246,183
9,617
261,885
96,138
355,279
149,430
410,829
225,699
106,654
19,112
8,288
23,564
2,984
52,897
10,181
3,368
6,827
3,600
56,838
188,100
270,008
763,922
110,649
3,073
359,364
38,120
25,169
6,372
82,084
4.857
34,468
43,446
12,487
Includes seed destroyed at milla but not 89,575 tons and
222,761 tons on hand
Aug. 1 nor 45,420 tons and 109,993 tons reshipped for 1936 and 1935, respectively.
........
Italy
........
Other Europe—
—
55,185
17,013
34,332
63,005
20,784
21,856
7,563
18,287
7,479
25,173
105,762
japan
1935
23,892
76,170
Germany..
Spain.....
End. Mar. 31
500
43,363
51,632
5,200
1936
1,085,817
581,894
286,372
628,670
169,584
141,436
436,717
1,220,700
21,035
Total
20,266
32,127
192,711
38,332
404,741
Canada
All other
11,931
6,104
7,963
75,796
21,376
7,226
86,007
.
France.
United States—
8 Mos.
On Hand at Mills
Aug. 1 to Mar. 31
State
317,798
4,814,360
1935
562,117
291,995
371,185
254,000
181,202
59,083
341,272
1,209,140
90,868
157,124
54,644
3,572,630
Note—Linters exported, not Included above, were 15,175 hales during March In
1936 and 18,287 bales
In 1935; 165,827 bales for the eight months ending March 31 In
In 1935. The distribution for March 1936 follows: United
1936 and 130,375 bales
Kingdom, 1,166; Netherlands, 5,201; 3elgium, 102; France, 1,210; Germany, 3,624;
Canada, 523;Japan, 3,349.
2698
Financial
Weather Reports by
Telegraph—Reports to us by tele¬
this evening denote that the Eastern part of the
cotton belt is generally dry and much warmer allowing the
farmers to finish preparations for planting.
The western
section still needs a great deal of rain.
Rains are reported in
much of the western third of the cotton region, especially in
the more northern portions, except that western Oklahoma
has not yet received moisture of much consequence.
graph
Rain
1 day
Texas—Galveston
Rainfall
0.12 in.
2 days
;_1 day
Brownsville
1 day
1 day
1 day
Corpus Christi___
Dallas.
Del Rio-
—
El Paso
0.04 in.
0.24 in.
dry
1.04 in.
dry
0.64 in.
dry
0.04 in.
—
1 day
Houston.
Henrietta
1 day
Palestine
Paris
San
1 day
Antonio
Okla.—Oklahoma City
Ark.—Eldorado
Fort Smith
high 92
high 90
high 88
dry
0.01 in.
2.28 in.
0.06 in.
0.12 in.
1 day
Abilene
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
dry
dry
dry
L
Austin
r—Thermometer
78
low 59
mean 69
90
low 44
mean 67
0.02 in.
dry
0.12 in.
dry
dry
dry
dry
dry
Amarillo
1 day
1 day
Little Rock
Pine Bluff.
La.—Alexandria
Amite
New Orleans
Shreveport.Mississippi—Meridian
Vicksburg
90
94
84
84
92
92
90
88
96
92
92
90
94
92
90
86
90
88
88
88
dry
0.02 in.
0.38 in.
dry
dry
Birmingham
Montgpmery
1 day
1 day
Florida—Jacksonville
Miami
Pensacola
Tampa
Georgia—Savannah
1 day
0.30
—dry
Augusta.1 day
0.48
Macon
1 day
0.10
South Carolina—Charleston _1 day
0.44
Greenwood
1 day
0.31
Columbia
1 day
0.06
—
in.
North Carolina—Asheville—
Newborn
RaleighWeldon
0.23 in.
0.11 in.
_2 days
Wilmington
Tennessee—Memphis
Chattanooga
0.08 in.
dry
dry
O.02 in.
1 day
Nashville
in.
in.
in;
inr
dry
0.02 in.
0.35 in.
1 day
2 days
3 days
1 day
Charlotte--
in.
0.26 in.
1 day
mean
70
mean
58
54
54
50
58
44
52
50
58
mean
50
41
42
40
mean
The above statement shows:
(1) That the total receipts
plantations since Aug. 1 1935 are 6,971,013 bales;
in 1934-35 were 4,139,457 bales and in 1933-34 were 7,001,384
bales.
(2) That, although the receipts at the outports the
past week were 34,922 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 37,569 bales during the week.
India
Movement from All Ports—The
Cotton
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of
India cotton at
mean
71
72
71
73
73
mean
70
mean
73
mean
mean
70
72
72
74
mean
72
Exports
62
From—
mean
mean
mean
mean
1934-35
1935-36
1933-34
April 16
Since
Since
Receipts—
Week
Bombay
Week
Aug. 1
Since Aug. 1
Great
mean
66
mean
67
65
1934-35—
mean
72
1933-34—
mean
72
68
68
China
1935-36..
mean
56
nent
Great
Jap'n&
Conti-
Japan &
nent
|
1
Britain
Other India-
1933-34—
Total
China
Total
63
42
46
42
Conti¬
Britain
66
Aug. 1
56,000 1,836,000 119,000 1,778,000
109,000 2,192,000
mean
Since
Week
Aug. 1
For the Week
'
mean
mean
mean
low 53
mean
low 44
low 50
mean
low 58
low 60
low 54
3,000
1~666
1935-36—
70,000
7,000
6,000
28,000
14,000
32,000
5,000
18^666
53,000
276,OOo'
162,000
211,000
896,000 1,274,000
439,000
438,000
478,000
40,000
28,000
1,000
1934-35—
296,000
259,000
268,000
82,000
23,000
42,000
54,000
20,000
34,000
6,000
10,000
715,000
600,000
689,000
919,000 1,218,000
505,000
826,000
66
high 90
high 82
high 78
high 88
high 92
high 86
high 90
high 90
high 91
high 85
high 88
high 90
high 82
high 88
high 91
high 88
high 89
high 88
high 84
high 88
high 86
1
Bombay—
69
high 88
high 88
Atlanta.
Conway__
50
48
60
April 18, 1936
from the
low 52
low 46
low 48
high 86
dry
dry
Alabama—Mobile
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
Chronicle
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
mean 69
mean 74
1
Total all—
11,000
71
66
1933-34—
65
72
54,000
76,000
358,000
735,000
896,000 1,989,000
31,000
21,000
20,000
34,000
51,000
202,000
264,000
697,000
746,000
919,000 1,818,000
505,000 1,515,000
1934-35—
mean
11,000
i9~66o
1935-36—
mean
62
mean
53
46
mean
66
50
mean
70
mean
50
mean
70
53
mean
72
46
mean
66
48
mean
68
45
mean
mean
44
mean
43
mean
61
66
67
44
39
mean
50
44
46
44
mean
V1
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
53,000 bales. Exports from all India ports record an increase
of 25,000 bales during the week, and since Aug. 1 show an:
increase of 171,000 bales.
increase
68
40
74,000
mean
66
64
mean
64
63
67
mean
Alexandria
ceive
for
65
mean
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
past week and for the corresponding week of the
weekly
dria, Egypt.
the
a
previous two
years:
1935-36
1934-35
1933-34
60,000
7,847,727
80,000
6,958,478
90,000
7,731,431
Alexandria, Egypt,
Apr. 15
The following statement has
also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
April 17 1936
Feet
12.8
36.1
Nashville
Above zero of gauge,
19.8
13.3
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
3.6
38.8
This
16.3
39.2
46.7
9.2
To Liverpool
To Manchester, &c
To Continent and India.
,
Supply and Takings of Cotton—The follow¬
obtainable;
the takings
also
or
amounts
out
gone
of
sight for the like period:
Cotton
;
Takings,
1934-35
1935-36
Week and Season
Week
Season
-
131", 863
Bombay receipts to April 16- _
Other India ship'ts to April 16
109,000
6,000
12,000
11,000
American in sight to
1
April 15
Alexandria receipts to
Other supply to April 15 *6—
4,295", 259
12,169,393
2,192,000
715,000
1,559,600
392,000
7,089,441 21,323,252
Total supply
Deduct—•
•
Season
6,474,454
6,819,578
April 17-
Visible supply April 10
Visible supply since Aug.
Week
6,691,499
17
6,691,499
Total exports
Of which other--
—
_
_
Aug.
This
Since
Week
1
Aug.
110,858
118,120
9",666 585,340
1,000
33,454
6,000 232,852
7,000 149,064
15,000 520,032
3,000 63,473
15,000 871,086
10,000 847,772
31,000 965,421
Egyptian bales weigh about 750 lbs.
April 15 were
60,000 cantars and the foreign shipments 15,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for both yarn and cloth is improv¬
ing.
We give prices today below and leave those for pre¬
vious weeks of this and last year for comparison:
6,879",719
87,166
56,000
28,000
16,000
10,000
1936
8,164,651
1,836,000
600,000
1,392,200
433,000
1935
Cotton
32s Cop
Ws Lbs. Shirt¬
ings, Common
MlddVg
Twist
to Finest
8>£ Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Upl'ds
d.
6,671,620 19,305,570
6,309,725
6,309,725
361,895 12,995,845
205,895 8,476,645
156,000 4,519,200
Embraces receipts in Europe
This total embraces since Aug.
from Brazil, Smyrna, West Indies, &c.
1 the total estimated consumption by
Southern mills, 3,900,000 bales in 1935-36 and 3,455,000 bales in 1934-35
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 10,731,753 bales in 1935-36 and 9,540,845 bales in
1934-35, of which 6,263,153 bales and 5,021,645 bales American.
b Estimated.
d.
s.
d.
d.
s.
d.
d.
d.
s.
d.
s.
d.
the
Plantations—The following table
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
The
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Recetpts at Ports
Stocks at Interior Towns
Receipts from Plantations
5
@97
6.07
10^@11^
9
4
@98
9
4
@96
6.13
4
@96
4
@96
6.17
9
4
@96
7.08
4
@96
6.14
10H@UH
10^@11^
10M@11^
9
9
9
24
9
4
@96
7.07
9
2
@94
6.07
lOtf @11
9
2
@
7.05
9
2
@94
6.21
9
2
@94
7.06
9
2
@94
6.17
9
2
©
9 4
7.10
9 2
@94
7.09
9
2
@94
7.10
9 0
10
8.18
7.15
Feb.—
9X@nH
9'A@nH
14
1
1
•
9
4
28
9M@11
9 2
@94
6.04
10^@11H
10>i@llH
10^ @11 %
9H@11
<N
9
1
@93
6.12
10^@11^
9%@iiy&
9%@nx
9%@\\X
9
2
@94
6.30
10
@93
6.34
95^ @11
8 7
@92
@91
6.59
9 1
@94
6.44
9
9
@92
6.36
1
Mar.—
6
13
20
from
9
10
31.
9
2
9
1
@11^
Ji@ll Hi
0
6.30
April—
indicates the actual movement each week from the planta¬
3
9X@11X
@93
ux
9
1
@93
9M@11M
10
17
9
1
@93
9H
Shipping
News—As
6.50
.5
7
6.58
shown
9
6.35
0
@92
10
©11^
9
0
@92
6.65
10
@11^
9
0
©
6.63
9^@11
on
a
previous
9
2
page,
1935
1934
1936
1935
1934
1936
1935
1934
Jan.—
105,070 2,337,209 1,851,022
103,831 2,311,287 1,825,437
114,611 2,285.388 1,801,024
100,030 2,249,736 1.767,312
2,152,086
86,523
55,462
65,908
52.473
44,884
7..
70,572
54,614
14..
63,630
56,534
64,035
40,895
31,693
45,509
85,311 2,196,265 1,740,457
84,994 2,158,658 1,708.042
73,560 2,124,667 1,677,356
70,903 2,103,575 1.639,950
1,964,746
1.910.901
1,861,686
6-
48,205
28,622
13..
38,439
24,287
20-
47,370
30,138
17..
98,804
92,756
24.. 103,103
31..
2,122,362
2,084,406
2,027,706
74,506
66,834
23,455
75,888
40,323
74,103
77,204
50,871
28,060
76,655
11,172
43,330
Feb.
21..
28..
1,815,174
17,101
27,759
26.023
8,480
31,149
22,543
42,943
1,007
24,345
8,103
24,391
22,351
Mar.
Nil
Nil
8,322
1,713
2,103
22,525
39
1,667
8,216
48,797
24,491
63,824 2.057,0371.603,937 1,759,566
80,965 2,012,8241,587,972 1.720.902
76,297 1,967,1671,559,937 1,687,665
64,579 1,944,8951,535,485 1.662,788
35,770
35,607
25,927
'68,255 1,902,4721,492,794 1,620,120
Nil
Nil
10-
25,529
70,948 1,871,4821,474,028 1,581,871
4,617
6,763
25,587
32,699
17-
34,922
15,829
74,294 1,833,9131,451,845 1,546,878
Nil
Nil
39,301
27-
42,301
43,060
39,702
Apr.
3-
up
from mail and telegraphic reports,
are as
follows:
Bales
GALVESTON—To
Japan—April
9—Komaki
Maru,
6,013
April 11—Tatsumo Maru, 2,399: Santas Maru. 1,074-..
To Liverpool—April 11—Russpool, 3,499
To Ghent—April 15—Floride, 87.To Havre—April 15—Floride, 440
To Antwerp—April 15—Floride, 50
To Dunkirk—April 15—Floride, 140
To Oslo—April 15—Trolleholm, 55
To Gdynia—April 15—Trolleholm, 1,929; West Moreland, 298
To Gothenburg—April 15—Trolleholm, 236To Bremen—April 15—West Moreland, 1,263
To Hamburg—April 15—West Moreland, 200
To Barcelona—April 15—Mar Cantabrico, 935.
NEW ORLEANS—To Hull—March 21—Wadan, 185
To Bremen—April ll,Jobshaven___
To Hamburg—March 22—Ditmar Koel, 88
To Rotterdam—April 11—Jobshaven, 702
To Genoa—April 10—Ada O, 2,444To Japan—April
11—Awobasan Maru, 2,842
April
15—
Santos Maru, 746
To Gydnia—April 14—Gorm, 255
-
-
the
exports of cotton from the United States the past week have
reached
77,982 bales.
The shipments in detail, as made
Ended
10..
d.
@11^
9H@11X
@HX
10
27
1936
1
3,000 174,277
126,642
7",666 533,745
5,000 36,422
This statement shows that the receipts for the week ended
7
*
a
Week
_
Since
Week
1
Note—A cantar is 99 lbs.
17
397,942 14,631,753
248,942 10,163,153
149,000 4,468,600
17-a—
Total takings to April
Of which American
tions.
.
To America
This
Since
Aug.
Jan.—
Visible supply April
Receipts
Week
Exports (Bales)—
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 seasons from all sources from which statistics
are
Since Aug. 1
Feet
Above zero of gauge-
..Above zero of gauge.
World's
This week
April 19 1935
Memphis
New Orleans
Receipts (cantars)—
-
9,486
3,499
87
440
50
140
55
2,227
236
1,263
200
935
185
100
88
702
2,444
3,588
255
Bales
Antwerp—April 13—Flonde, 300
April 16—
—Jolee, 267
To Liverpool—April 15—Darian, 2,102
To Manchester—April 15—Darian
4 155
To Ghent—April 13—Floride
413
To Copenhagen—April 14—Trolleholm, 152
To Havre—April 13—Floride, 1,4S4___April 16—Jolee, 852__
To Dunkirk—April 13—Floride, 372.
To Bremen—April 14—West Moreland, 1,766
April 15—
—Sydland, 1,584
_•
To Oslo—April 14—Trolleholm, 45__.
To
Gdynia—April
14—West
Moreland,
102;
Trolleholm,
2,769...April 15—Sydland, 480—
To Barcelona—April 14—Mar Cantabrico, 1,818
To Rotterdam—April 16—Jolee. 330-_
To Gothenburg—April 14—Trolleholm, 748
To Japan—April 9—Santos Maru, 2,791-__April 15—Awodasan, 6,783
CORPUS CHRISTI—To Liverpool—April 10—Darian, 2,831-—
To Manchester—April 10—Darian. 29
CHARLESTON—To Bremen—April 13—Hindpool, 400
To Hamburg—April 13—Hindpool, 498
LAKE CHARLES—To Genoa—April 11-—Monfiore, 1,132
To Naples—April 11—Monfiore, 4
To Bremen—April 12—Riol, 462
To Gvdnia—April 12—Riol, 52—
To Ghent—April 13—Jolee, 50NORFOLK—To Liverpool—April 15—Gold Harbor, 50
To Hamburg—April 17—Osiris, 848--—
JACKSONVILLE—To Liverpool—April 13—Saccarappa, 2
To Manchester—April 13—Saccarappa, 5-MOBILE—To
Bremen—April 8—Jobshaven,
86
April 10—
Frankfurt, 240
To Hamburg—April 10—Frankfurt, 351
To Gydnia—April 10—Frankfurt, 200
SAVANNAH—To Japan—April 15—Gertrude Maersk, 400
LOS ANGELES—To Liverpool—April 10—Dinteldijk, 613..
To Japan—April 11—Seattle, 13,753
April 14—Taiko Maru,
567
2,102
4,155
413
152
2,336
372
-
3,350
45
—
3,351
1,818
330
748
9,574
2,831
29
400
498
1,132
4
462
52
50
50
848
2
5
—
326
351
200
400
613
14,027
274
409
Bremen—April 13—Tacoma, 409
Total
77,982
...
....
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Liverpool
High
Stand¬
High
Density
.30c.
ard
.45c.
Trieste
Manchester .30c.
.45c.
Flume
Antwerp
.30c.
,45c.
45c
,27c.
42c.
Japan
30c
30c.
*
1
85c.
Salonlca
Barcelona
Havre
85c
Piraeus
1.00
*
.55c
.40c.
.55c
,42c
.57c
,45c.
45c,
60c.
Shanghai
Genoa
50c
65c
Leghorn
.46c.
61c.
Bremen
30c
45c
Gothenb'g
Hamburg
32c
47c
Rotterdam
Stockholm
Bombay
57c.
,42c.
♦Rate la open.
z
z
Only small lots
Liverpool—By cable from Liverpool we have the follow¬
/
ing statement of the week's imports, stocks, &c., at that port:
45,000
606,000
300,000
Apr. 3
68,000
603,000
293,000
Apr. 10
53,000
624,000
292,000
Apr. 17
50,000
624,000
282,000
71,000
43,000
95,000
44,000
17,000
186,000
70,000
20,000
189,000
79,000
26,000
196,000
78,000
20,000
193,000
72,000
Mar. 27
Forwarded
Total stocks..
Of which American.
—
Total imports
Of which American
Amount afloat—
Of which American
„
the Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of
each
Monday
Saturday
Spot
Friday
Thursday
Wednesday
Tuesday
A fair
Market,
Good
Good
business
inquiry.
inquiry.
doing.
Quiet.
12:15
P. M.
HOLI¬
HOLI¬
DAY.
DAY.
Futures.
changed
opened
f
to 4 to 5 pts. unchanged
2
to 2 pts.
advance.
3 pts. dec.
advance.
2 pts.
adv.
Quiet, 1 pt.
'
"•
Market,
.
(
advance.
chgd.
un- 3
to
Very stdy..
pts. 2 to 4 pts.
Quiet,
Quiet but
dec. to 1 pt stdy.,
i
P. M.
to
Steady,
Steady,
Quiet but
Quiet but
steady, un¬ stdy.,
Market
4
6.59d.
6.59d.
6.50d.
6.57d.
Mid.Upl'ds
5
to
Fri.
Thurs.
Wed.
Tues.
prices closed 1 to l^c. up.
This further substantial
was due largely to disturbing crop news.
There is
now a noticeable broadening in demand, especially from the
speculative element.
There is also a marked improvement
in the milling demand for spot wheat, obviously induced
by the less promising outlook for the crop.
The substantial
advance in wheat the past few days has attracted consider-,
able attention, which may result in outside or public buying
on an increasing scale.
Short covering was a considerable
factor in the rise.
However, rain in the next few days
could
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
6.12
May (1936)
6.10
6.08
6.10
6.17
6.15
6.17
6.18
5.99
5.97
5.99
6.01
5.68
5.66
5.68
Holi¬
DAY.
5.92
5.63
5.61
5.62
5.58
HOLI¬
day.
December
5.93
5.64
October
5.93
-
5.56
March
5.58
5.58
5.55
5.58
4.55
5.58
5.57
5.54
October
5.45
-
-
5.59
-
-
„
-
.
5.57
5.46
-
-
5.62
5.61
5.62
-
-
-
This strength of
ping sales of wheat and
Northwest
and
Southwest
market at
of the
to
Buenos Aires was unchanged
Rotterdam closed % to %c. higher.
Winni¬
% to Yoc. off, due to the disappointing action
previous session here.
%c. lower.
closed
Liverpool.
peg
at
-
-
-
-
-
5.60
5.48
political situation abroad.
DAILY
CLOSING PRICES
DAILY
CLOSING
PRICES
-
102^
Apr.
97MI
July
983^
Aug.
ket
during the first few days did stir up the flour trade
Because of the substantial premiums asked for
somewhat.
spring wheat, some sellers have advanced their ideas on
spring patent flour 5c. per barrel.
No other changes were
reported.
closed 1%Q. to
up.
This sharp advance was due to the Government winter
wheat crop estimate, which proved to be considerably under
expectations.
It caused a heavy short interest to scurry to
cover, the bulk of this covering taking place at the opening
Wheat—On the 11th inst. prices
of
the
session.
The
result
was
a
maximum
advance of
Shortly after the opening the market quieted down
considerably, the volume of trading dwindling to modest
2 cents.
proportions.
The Government's forecast of winter wheat
production this year at 493,000,0000 bushels, proved sur¬
prisingly bullish.
It was 27,000,000 to 52,000,000 bushels
under the estimates compiled by the leading local crop ex¬
DAILY
Tues.
109-M
WHEAT
CLOSING PRICES
Wed.
110% 112
Thurs.
Fri.
1133^
112
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
OF WHEAT FUTURES IN WINNIPEG
Sat.
May
July---
Mon.
90%
95% 90%
98% 07% 100
—
87
87 % 89%
90% 89% 91%
85^ 85^ 87^
88% 87% 89%
Made
I
Season's Low and When Made
16, 19341 September
78^ July 6,1935
31, 19351 December
81
July
6,1935
1, 19351 May
88% Aug. 19,1935
that this week will prove the most
The substantial rise in the wheat mar¬
OF
Sat.
MayJuly.
May__
time.
OF WHEAT IN NEW YORK
Sat.
110%
No. 2 red
Season's High and When
some
Towards the end of the day
because of reports of
Export purchases of
estimated at 1,250,000 bushels.
Canadian wheat today were
December
Friday Night, April 17, 1930.
This was the
buying ardor was tempered a little
some
rains in western Oklahoma.
September
BREADSTUFFS
active in
1% to 2%c. up.
peak for wheat since last February.
This advance was due
directly to a broadening speculative demand influenced by
the drought in the wheat belt and an unfavorable turn in
September
are
generous flour sales reported by
mills.
Shipping sales of wheat
previous close totaled 142,000 bushels.
The wheat
Liverpool again failed to reflect fully the advance
since
5.62
-
-
_
Flour—Indications
declines in the more distant
May was attributed to big ship¬
May delivery in face of sharp
months.
5.63
-
5.61
5.60
5.42
December
5.60
5.60
5.56
July
-
5.62
5.56
May...
-
5.62
5.56
5.58
January (1937)
«
and the
level could easily attract importations from
Canada, an occurance that would effectively throw a damper
on any marked speculative tendencies.
On the 16th inst. prices closed Vs to l%c. lower.
The
weakness in wheat was in sharp contrast to recent sessions,
and was attributed largely to the weakness in Kansas City.
A feature of the decline was the relative strength of the
5.69
5.95
July
d.
d.
d.
d.
d.
d.
the effects of unfavorable crop news
reverse
domestic price
the
to
Apr. 17
of prices.
Dust storms are recurring, and may be¬
serious unless rain is received immediately. On the 15th
ment
Today prices closed firm,
Liverpool for each day are given below:
Mon.
Sat.
Apr. 11
crop
changed to % cent off.
On the 14th inst. prices closed lc. to l%c. up.
This
pronounced strength in wheat was due to extensive buying
by the speculative element, influenced by the continued hot
and dry weather over the western part of the Winter wheat
belt.
Following an early decline, prices moved up as much
as 2J^c. per bushel and closed at the highs of the day.
In
Kansas City gains equalled 3c. Reports from the Southwest
of spread of damage Deyond repair in spots along the border
of
western
Kansas, caused, by unusually hot and dry
weather, made shorts extremely apprehensive, and their
covering together with substantial buying from the specu¬
lative element were the prime factors in this upward move¬
decline.
1
Prices of futures at
higher.
month, ruled heavy throughout the ses¬
sion as a result of liquidation, there being no real incentive
for longs to hold on in view of the ample supplies to cover
needs pending movement of the new crop.
On the other
hand the new crop months were comparatively firm, this
being due largely to short covering, influenced by the con¬
tinued absence of moisture in the southwest and reports of
crop deterioration in that section.
Eastern houses were
the principal sellers of May.
There was also buying of
July against sales of September.
Milling demand for cash
wheat continued fairly active, and local shippers reported
sales of 40,000 bushels, mostly red winter.
Liverpool and
Rotterdam were closed for the Easter holidays.
Winnipeg
followed the action at Chicago and closing prices were un¬
May, the old
advance.
advance.
3
prices closed Ytft. lower to Ye.
advance
57c
Copenhag'n.42c.
Naples
40c.
Oslo
•
On the 13th inst.
inst.
65c
,50c
Venice
market.
come
00
of telling the reactions of the
no way.
foreign trade to this latest crop estimate, both Liverpool and
Buenos Aires being closed for the holidays.
The Winnipeg
market was little affected by the action of the domestic
ard
Density
ard
65c
,50c
Stand¬
High
Stand
Density
Traders had
perts.
HOUSTON—To
To
2699
Financial Chronicle
Volume 142
-
October
Mon.
Tues.
Wed.
81%
82%
81%
82
81%
82%'
81%
82%
82%
82^
83
83%
Thurs.
81%
82%
83%
Fri.
82%
83%
84%
closed Ye. to %e. higher.
This was regarded a very feeble response to the decidedly
bullish Government estimate on winter wheat and the eonCorn—On the 11th inst. prices
sequent strength in wheat prices.
steady with its moderate gains.
On the 13th inst. prices closed
However, corn held
to Y&. down.
From
the news was bearish, as official
Government figures indicate that there remains enough corn
to take care of normal requirements.
Further, Argentina
is beginning to offer corn to the United States from its new
crop at prices not much over a workable basis.
Indications
are that a domestic carry-over of 125,000,000 to 150,000,000
bushels will be registered next October.
Shipping sales of
corn on this date were 133,000 bushels-.
On the 14th inst. prices closed J^c. to Y%e. up.
The
strength in corn had as its causes the firmness of wheat and
a
statistical standpoint
Financial
2700
strong spot situation in corn.
Premiums for actual corn
advanced as much as 2c. per bushel.
The demand for corn
a
shipment continues brisk, and receipts are showing indi¬
cations of a material falling off as field work in the country
is getting under way.
An item of news that also played its
part as a stimulus was an estimate from the Government
placing the supply of cattle on feed at 28% over a year ago.
for
|}On the 15th inst. prices closed yc. to ^c. higher.
The
strength in wheat and the continued good demand for spot
corn were the apparent causes bf this firmness in corn.
Day
to day arrivals from the country are also diminishing.
The
more distant deliveries displayed greater strength than the
May option, for no discernable reason.
On the 16th inst. prices closed %c. up for the May de¬
livery, and y2 to %c. down for the more distant deliveries.
As in the wheat market, the feature was the relative strength
The firm spot situation and a Department of
of May corn.
Agriculture opinion that corn prices may work higher were
the stabilizing influences in the May corn contract.
Ship¬
again bought a fair quantity of the actual grain to be
pers
local
from
removed
The
stores.
failed to be affected
more
deliveries
distant
by the firmness of the spot situation.
To-day prices closed % to lVsc. up.
on
the weather reports
This advance was based
and, of course, in sympathy with the
Chronicle
April 18, 1936
DAILY CLOSING PRICES
May
July
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
Closing quotations
38%
39%
39
39%
-
-
38%
39%
38%
38%
38%
39%
38*
39
follows:
were as
GRAIN
Oats, New York—
Wheat, New York—
113 %
No. 2 red, c.i.f., domestic
Manitoba No. 1, f.o.b. N Y. 91%
No. 2 white
41%
Rye, No. 2, f.o.b. bond N. Y.. 63%
Barley, New York—
47% lbs. malting
52
Chicago, cash
—.50-89
80%
New York—
Corn
No^ 2 yellow, all rail.....
flour
65@6.85IRye flour patents
Spring pats.,high protein $6
Spring patents
6
Clears, first spring
5
Soft winter straights—- 4
Hard winter straights— 5
Hard winter patents
5
$4.00@4.10
,25@6.55[Seminola, bbl., Nos. 1-3- 7.45@ —.
.50@5.70lOats, good
2.40
.85@5.101 Corn flour
2.00
.60@5.85 Barley goods—
.75@6.00
Coarse2.85
5 ,00@5.25
Fancy pearl,Nos.2.4&7 4.00@4.75
Hard winter clears
, -
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the Mew York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Oats
Corn
Wheat
Flour
Receipts at—
Rye
Barley
gains in wheat.
DAILY CLOSING
PRICES OF CORN IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs.
No. 2 yellow
DAILY
78%
78%
78%
79
79%
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs bush.48lbs.
Fri.
80%
CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
May
July
September
—
65
May—
60%
60%
60
61
60%
59%
68%
higher.
The strength of wheat failed to have any appreciable effect
on this
grain, trading ruling very quiet and fluctuations
narrow.
On
13th inst.
the
was
no
news
prices closed ye. down to ye. up.
and trading reported very
of interest,
Omaha
St. Joseph.
Wichita
Sioux
City...
Buffalo
Total wk. 1936
closed }/ie. to %e. higher. This
grain appeared to derive its firmness entirely from the
strength displayed in the other grains.
On the 15th inst. prices closed %c. to ye. higher.
These
gains werfc attributed to the strength in wheat and the dis¬
turbing crop news.
On the 16th inst.
prices closed % to y2c. down.
Trading
limited, with market readily yielding on the slightest
Today prices closed %
moderate amount of buying
to %c. advance.
pressure.
a
on
There
the weather news and
DAILY CLOSING
PRIOESTOF OATS IN
1935
Sat,
No. 2 white
DAILY
40%
CLOSING PRICES
OF
Sat.
May
July
Mon.
40
OATS
Mon.
25%
26%
26%
-
September
Tues.
Wed.
40%
41%
FUTURES
25%
26%
26%
Tues.
26%
26%
27%
IN
Wed.
27
27%
28
Thurs.
40%
Fri.
41%
44%
35%
37
December
May
Jan.
June
Aug.
30,000
156,000
676,000
34,000
36,000
630,000
133,000
47,000
47,000
2,000
56,000
817,000
135,000
4,698,000
1,771,000
1,909,000,
1,161,000
687,000
868,000
119:666
"5:666
82,000
1,000
9,000
306,000
65,000
118,000
6,000
26,000
1,609,000
690,000
846,000
Total
receipts of flour and grain at the seaboard ports for
Saturday, April 11, 1936, follow:
the week ended
Flour
Receipts at—
Wheat
Corn
Oats
Barley
Rye
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs. bushASlbs.
New York
125,000
PhiladelphiaNew Orleans*
St. John, West
18,000
LOOO
1,000
40,000
416,000
"MOO
"MOO
6,000
15,000
19,000
"
St. John
4,000
5,000
317,000
31,000
12,000
17,000
Baltimore
10,000
28:666
2,000
15,000
26,000
39:666
Total wk. 1936
SlnceJan.1,'36
"MOO
"MOO
8,000
227,000
4,361,000
775,000
17,217,000
211,000
3,541,000
10,412,000
57,000
76,000
933,000
1,036,000
42,000
4,119,000
777,000
5,163,000
26,000
659,000
12,000
286,000
5,000
2,000
267,000
CHICAGO
Thurs.
26%
27
27%
Fri.
27
27%
28%
Season's High and When Made
September
357:600
354,000
525,000
74,000
383,000
3,000
24,000
13,431,000269,394,000131,205.000110,000,00018.934,00074,923,000
13,057,000155,910,000 143,061,000 39,359,OOOfO,352,000 49,277,000
12,703,000170,635,000 156,587,000 56,042,0001 8.960,00040,986.000
1933
Halifax
NEW YORK
1,328,000
2,273,000
55,000
11,000
180,000
712,000
Since Aug. 1—
Boston
the advance in wheat.
1,515,000
294,000
332,000
321,000
Samewk. 1935
1934
On the 14th inst. prices
was
City..
Same wk. 1934
light.
very
Kansas
18,000
73,000
21,000
20,000
104,000
11,000
409,000
84,000
18,000
39,000
4,000
102,000
90,0
25,000
9,000
Peoria.
61,000
5,000
3,000
15,000
19,000
16,000
34,000
12l"66o
Indianapolis..
Louis
41,000
102,000
35,000
57~666
Detroit
St.
254,000
298,000
193,000
12,000
...
61%
60%
Oats—On the 11th inst. prices closed 3^c. to
There
Milwaukee.
Toledo
761,000
53,000
499,000
94,000
158,000
Duluth
62
Season's Low and When Made
Jan.
5, 19351 September
67%
Mar. 25, 1935
June
6, 19351 December
60%
June
1, 1936
July 29, 19351 May—.
56
Aug. 13. 1935
84%
December
60%
60%
59%
I
Season's High and When Made
September
60%
59%
58%
60%
69%
59%
-
-
-
-
Chicago
Minneapolis..
I
Season's Low and When Made
7, 19351 September
31%
June 13,1935
4, 19351 December
33%
June 13, 1935
1, 19351May—
29%
Aug. 17, 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
Week 1935.
SinceJan.1,'35
693,000
<
2,254,000
*
on
Receipts do not Inolude grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports
ended
Saturday, April 11,1936,
for the week
shown in the annexed
are
statement:
Exports from—
31%
32
—
31%
32
31%
31%
32
32
31%
31%
31%
32%
Rye—On the 11th inst. prices closed ye. to ye. higher,
proved a slightly better showing than the corn or
oats markets.
However, trading in this department was
quiet, evidently reflecting the holiday feeling in
most
which
markets.
On the 13th inst. prices closed
y2e. to ye. lower.
There
nothing to attribute this heaviness to outside of the
sagging tendency of the other grains.
On the 14th inst. prices closed y2e. to lc. higher.
This
firmness of rye appeared to be due largely to the pronounced
strength in wheat.
On the 15th inst. prices closed l^c. to %e. higher. This
pronounced strength was due to the increasing spot demand
from mills, this in turn being stimulated by the substantial
rise in wheat and the disturbing crop news.
Wheat
New York
Corn
Flour
Oats
Rye
Barley
Bushels
May
July
Bushels
Barrels
Bushels
Bushels
Bushels
50,066
259,000
23,000
252,000
Boston
Philadelphia
~
Norfolk
i:60O
New Orleans
2,000
1,000
8,000
39:666
"MOO
"MOO
70,066
49,759
41,000
5,000
Galveston
416:060
St. John, West
St. John
—....
"MOO
40,000
Halifax
was
Total week 1936.Same week 1935
990,000
964,000
8,000
The destination of these exports for the week and since
July 1 1935 is
as
below:
,
On
inst. prices closed V2 to %c. lower.
This
largely in sympathy with the declines in all
other grains.
There was no special feature to the news or
To-day prices closed y2 to %c. up.
There was no special news on this particular grain, the
advance being almost entirely due to the advance in other
grains, especially wheat.
DAILY
CLOSING PRICES
OF
FUTURES
Sat. Mon.
.
*
May
July-.-September
RYE
52%
52%
53
52 %
53%
-
53
Tues.
52%
53%
54
IN
Wed.
53%
54%
54%
CHICAGO
Thurs.
53%
53%
54%
Fri.
53%
54%
54%
Season's High and When Made
76
53%
52%
September
December
May
Jan.
June
Aug.
CLOSING PRICES
1
May
July
I
Season's Low and When Made
5, 19351 September
45
June 13,1935
3, 19351 December
48%
June 13, 1935
1, 1935! May
46%
Aug. 19, 1935
OF
Sat.
43%
-
-
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
RYE
44
42%
43 %
42%
44%
43%
44%
42%
43%
43%
44%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
40
40
40
40
40
41
Wheat
Corn
Week
Week
Since
Week
Since
Apr. 11
July 1,
Apr. 11,
July 1,
Apr. 11,
July 1,
1936
1935
1936
1935
1936
1935
Barrels
July 1 to—
Since
Barrels
Bushels
Bushels
Bushels
Bushels
was
trading in this grain.
DAILY
and Since
16th
the
decline
Flour
Exports for Week
United Kingdom
*
.
.
Continent
So. & Cent. Amer.
West Indies—
9,046
13,020
15,000
31,000
393,000
582,000
13,000
2,000
2:606
1,938,272
419,258
289,000
549,000
7,000
127,760
70,066
49,759
3,330,290
2,906,833
990,000
964,000
Brit. No. Am. Col.
Other countries
Total 1936
Total 1935
The
visible
supply
37,862,000
32,465,000
|
of grain,
10,000
72,000
2,000
4,000
509,000
4,000
96:660
70,930,000
58,552,000
88,000
27,000
comprising the stocks in
at principal points of accumulation at lake
seaboard ports Saturday, April 11, were as follows:
granary
and
GRAIN STOCKS
Wheat
United States—
Boston
New York
"
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
2,000
98,000
afloat-----...
Philadelphia
Baltimore
New Orleans...
Galveston
Fort Worth
412,000
233,000
4,000
374,000
956,000
2,000
266,000
45,000
54,000
27,000
37,000
6,000
290,000
10,000
361,000
10,000
21,000
21,000
48,000
31,000
68,000
1,000
3,000
2,000
1,000
253:660
2,000
13,000
43:660
Volume 142
Financial
Wheat.
Rye,
Barley,
Bushels
Bushels
Bushels
Bushels
652,000
-
Hutchinson
1,082,000
672,000
8,891,000
2,956,000
201,000
985,000
970,000
1,000
4,828,000
767,000
St. Joseph
Kansas City
Omaha
Sioux
Oats,
Bushels
United States—
Wichita
Corn,
City..
St. Louis-.
Indianapolis
Peoria
Chicago
44
3,000
804,000
2,145,000
4,126,000
• *
£lfl08»t}
601,000
69,000
821,000
9,667,000
4,503,000
125,000
5,449,000
Detroit...
.
Buffalo
44
afloat
Total April 11, 1936—
Total April 4, 1936
Total April 13, 1935
81,000
179.000
694,000
10,000
181,000
66,000
20,000
355,000
20,000
35,000
443,000
355,000
131,000
2,440,000
6,544,000
142,000
1,145,000
3~4~666
372,000
220,000
92,000
75~666
10,327,000
8,555,000
7,000
774,000
821,000
588,000
2,74~6~656
5,3721666
45,000
5,000
2,064,000
8,000
2,579,000
710,000
1,560,000
1,286,000
56,000
«■»
Minneapolis
Duluth
826,000
43 000
43,828,000
7.629,000 36,497,000
45.532,000
7,197,000 36,990.000
44,068,000 16,109.000 12,273,000
1,3891666
45,000
7,328,000 12,820,000
7,473,000 12,969,000
9,466,000
8,638,000
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, 881,000
bushels: New York afloat, 18,000; Philadelphia, 89,000; Boston, 41,000; Buffalo,
6,646,000; Buffalo afloat, 888,000; Duluth, 564,000; Erie, 86,000; Chicago, 89,000;
Albany, 4,420,000; total, 13,722,000 bushels, against 10,381,000 bushels in 1935.
Wheat
Montreal.
L
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
8,113,000
372,000
99,000
486,000
Ft. William & Pt. Arthur 46,382,000
Other Canadian & other
2,131,000
3,184,000
2,917,000
234,000
652,000
water
...
points
1936—111,390,000
.111,033,000
110,209,000
5,005,000
4,950,000
3,517,000
3,507,000
4,055,000
3,947,000
5,867,000
3,195,000
6,090,000
43,828,000
111,390,000
7,629,000 36,497,000
5,005,000
Total April 4. 1936
Total April 13, 1935
Summary—
American
Canadian
...
7,328,000 12,820,000
3,517,000
4,055,000
Total April 11, 1936.-155,218,000
Total April 4, 1936
156,565,000
7,629,000 41,502.000 10,845,000 16,875,000
7,197,000 41,940,000 10,980,000 16,916,000
154,377,000 16,109,000 18,140,000 12,661,000 14,728,000
Total April 13, 1935
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended
The indicated disappearance of wheat from
Peaches—The April 1 condition of the peach crop in the 10 Southern
peach States averaged 76.6%, or 3.4 points above the 73.2% condition
reported as of April 1, 1935, and 10 points above the 66.6% condition for
the nine-year period 1924-32.
Early
Potatoes—The condition of the early potato crop in the 10
as of April 1, averaged 76.3% of normal or about the same
76.2% reported on April 1, 1935, and 1.2 points below the 9-year
(1924-1932) average of 77.5% on the same date.
Condition of the crop on April 1 in North Carolina and Florida was
unusually low, due to continued rains and wet weather. In Alabama,
Mississippi, Louisiana, and Texas, however, the condition on April 1 was
higher than the April 1 condition in the two previous seasons and the 9-year
(1924-1932) average condition on the same date.
In those areas which had
freezing temperatures the first few days of April there probably was little
damage to the early potato crop as most of the acreage in those areas was
Southern States
2,502.000 ;
56,895,000
Total April 11,
they stood at 181,781,000 bushels, while the five-year (1928-32)
holdings at that date have sCveraged about 127,000,000 bushels.
farm stocks since Jan. 1 was
62,337,000 bushels, compared with an average of 44,048,000 bushels in the
same period last year and with an average of about 121,000,000 bushels in
the five years 1928-1932, being the smallest except for last year during the
years 1927 to date.
Farm stocks of corn on April 1 were estimated at 776,112,000 bushels,
which was about 19,000,000 bushels greater than the average April 1 hold¬
ings of the five years 1928-1932, which period included the short crop year
1930, and nearly 340,000,000 bushels greater than the record small holdings
of 436,337,000 bushels in 1935.
By contrast, April 1 holdings in. 1933 were
1,128,122,000 bushels.
The disappearance of farm stocks from Jan. 1 to
April 1 this year amounted to 566,796,000 bushels, compared with the
five-year average disappearance of 632,000,000 bushels and with 374,142,000
bushels for the same period in 1935.
Estimated farm stocks of 494,666,000 bushels of oats on April 1 were the
largest since 1926, and well above the five-year April 1 average of about
389,000,000 bushels. Stocks were particularly large when contrasted with
the very short stocks of 206,541,000 bushels in 1935 and 275,425,000 bushels
in 1934.
Disappearance of farm stocks of oats since Jan. 1 amounted to
276,786,000 bushels, compared with a five-year average disappearance of
about 300,000,000 bushels and of 137,238,000 bushels in 1935.
April 1 farm holdings of wheat by classes amounted to approximately
22,000,000 bushels of hard red winter, 24,208,000 bushels of soft red winter,
5,768,000 bushels of white winter, 31,707,000 bushels of hard red spring,
3,823,000 bushels of white spring and 9,547,000 bushels of durum.
average
afloat
Milwaukee
last year, the smallest since the spring of 1928, when they stood at 86,477,000
bushels.
The largest April 1 holdings in the intervening years were in 1933
when
4,000
372,000
274,000
2701
Chronicle
April 10, and since July 1, 1935 and July 2, 1934,
following:
are
shown in the
as
the
not up at that time.
Pasture—Farm pastures were favored by warm weather during much
of March but about the last of the month they were set back
by cold weather
in the western half of the country. On April 1 the condition of
pastures, as
reported by crop correspondents, averaged 74.6% of normal,
slightly higher than at the same season in any of the last four
below the corresponding average in any of the previous
eight
which
years
years
is
but
for
which records are available.
In a large section of the Great Plains area, extending from Texas north
to
western South Dakota, ranges and pastures have not fully recovered from
recent
Wheat
Corn
Week
Since
Since
Week
Since
Since
April 10,
July 1,
July 2,
April 10,
July 1,
July 2,
1936
1935
1934
1936
1935
1934
Bushels
Bushels
Bushels
Bushels
Exports
North Amer.
Black Sea
Argentina.
droughts and there is still a rather general lack of soil moisture. In
most other parts of the country, soil moisture conditions are
fairly favorable
and the rather low condition of pastures indicates chiefly a late start that
could be largely offset by normal weather during the remainder of
__
Australia
India..
Oth. countr's
3,027,000 134,205,000 128,139,000
200,000 35,466,000
4,529,000
1,292,000 67,155,000 149,255,000
2,389,000 91.382,000 89,087,000
256.000
328,000
968,000 31,801,000 33,376,000
|
Bushels
43,000
272~O6O
WINTER
Bushels
38,000
7,091,000
the
season.
WHEAT
15,717,000
Condition
Production
Han ested
3,630,000 237,231,000158,166,000
Stale
Avge.
1923-
1932
298:666 36,476:000 35,150:666
New York
Average
1935
1936
7,876,000 360,265,000 404,714,000
4,200,000 280,841,000 209.071,000
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
on
April 10 issued its
we
present below:
crop
report
as
of April 1, 1936, which
84%
86%
85%
New Jersey...
86
85
87
Pennsylvania
Total
81
88
90
Ohio
73
91
71
Indiana
75
90
69
Illinois
76
89
69
Michigan
82
86
82
Wisconsin
84
92
90
Minnesota
81
90
82
Iowa
86
78
86
4
While crop prospects on April 1 appear to have been better than
date in any of the last three years they were not
on
that
Missouri
79
89
South Dakota
80
49
53
Nebraska
82
62
68
of farm work has been extensively but
probably not yet seriously delayed
by wet soil. The severe winter weather and the late freezes have made
Kansas
77
47
66
Delaware
87
87
83
pastures rather late in starting, have slightly injured some early vegetables
and have injured fruit buds to some extent in various
widespread areas.
The cold weather in late March and early April also caused rather
heavy
losses of young lambs.
Irregular distribution of the
Maryland
82
89
87
Virginia
particularly bright because
of recent freezes and storms, excessively wet weather in much of the
and continued dry weather over much of the Great Plains area. The
East
progress
of moisture in
rainfall, with excess
largely responsible for
lack in others, seems
April 1 prospects that somewhat more than the usual proportion of the win¬
ter wheat will be abandoned and that the
crop will be held down to around
some areas ana a
493,000,000 bushels, notwithstanding the large acreage planted.
On the other hand, the area of the
country that is seriously short of
moisture appears small in comparison with the vast areas deficient
early in
1934 and 1935, and, with favorable weather, pastures in most States
may
easily make up for the late start. Farmers generally appear to be
expanding
their operations, although developments in the new Soil
Conservation
program will undoubtedly cause some modification of their plans.
Reports
from practically all States show that the demand for farm labor has in¬
creased as compared with a year ago, that farm
wages are higher, and the
number of local
men still available for
employment at current wage rates
be substantially lower than at this time last year. With
dairy
poultry products bringing unusually good returns in proportion to the
cost of the feed, and with weather conditions more favorable than in
Febru¬
ary, both milk production per cow and egg production per hen showed the
largest increases during March that appear on the 12-year record. Stocks
of wheat on farms are unusually low.
Stocks of feed grains are somewhat
greater than average supplies at this season but are not excessive.
appears to
and
Winter Wheat—A winter wheat crop of
493,166,000 bushels in 1936 is
1 condition. Production of winter wheat in 1935 was
indicated by April
433,447,000 bushels and the five-year average (1928-1932)
bushels.
was
618,186,000
Condition of winter wheat on April 1,
1936, was 68.5% of normal, com¬
pared with 69.8% on April 1, 1935, and the 10-year average (1923-32)
April 1 condition of 78.9 %.
With the exception of a few Northeastern
States, indicated yields per
acre are generally below average, the
greatest reduction occurring in the
Western Great Plains.
In the latter area, as well as in the Pacific North¬
west, the crop was seeded under favorable conditions last fall.
In the
Southern Great Plains, drought conditions continued
during the winter,
with consequent decline in winter wheat prospects.
In the Pacific North¬
west, however, the moisture situation improved during the winter and some
improvement in crop prospects is noted. In the soft red winter wheat
belt,
the extreme cold of the past winter apparently caused considerable
damage
although the snow cover was better than usual.
Conditions
April 1 indicated that about 21 % of the acreage seeded
last fall will be abandoned. The 10-year average
(1923-32) percentage aban¬
doned was 12.6%.
In general, abandonment is expected to be above
average in the western
half of the country and below average in the eastern half.
Very heavy
abandonment is again in prospect in the Southwestern area
including the
Oklahoma and Texas Panhandles and adjacent
territory.
The present
figures make no allowance for possible diversion of winter wheat acreage
on
to other uses because of the Soil Conservation
program
Adjustment Administration.
of the Agricultural
Rye—Condition of rye on April 1,1936, was reported as 72.4% of normal,
compared with 76.4 a year ago, 63.8% two years ago, and the 10-year
average (1923-32) April 1 condition of 82.3%.
Condition is much below
average in the Western Great Plains, which includes the important
ryeproducing States of North Dakota, South Dakota and Nebraska. In this
area the crop was seeded under very unfavorable
conditions. In most other
areas, condition is slightly below average.
Stocks of Grain
on
Farms—The April 1 farm holdings of
97,053,000
bushels of wheat were, except for the 93,456,000 bushels reported on
April 1
70
80
81
90
West Virginia
78
89
84
North Carolina...
South Carolina
84
88
81
77
82
75
Georgia
76
82
Kentucky
Tennessee..
77
91
76
79
88
76
Alabama
80
82
75
Arkansas
81
87
77
Oklahoma
80
64
Texas
80
41
51
Montana.
79
79
64
Idaho
89
88
Wyoming
86
41
61
Colorado
77
9
42
76
62
78
New Mexico
75
29
64
Arizona
92
92
90
Utah.
91
86
79
Nevada
1928-1932
4,243,000
1,165,000
17,205,000
30,251,000
26,279,000
30,079,000
15,343,000
600,000
3,283,000
6,698,000
20,217,000
1,867,000
54,169,000
177,054,000
1,800,000
8,648,000
9,220,000
1,643,000
3,653,000
575,000
510,000
3,002,000
2,918,000
34,000
247,000
55,145,000
41,083,000
8,800,000
13,252,000
1,711,000
13,051,000
3,712,000
602,000
3,358,000
94
94
93
69,000
Washington.
78
88
62
Oregon
88
82
78
California
81
89
83
28,039,000
17,610,000
11,046,000
69.8
68.5
United States
78.9
Weather Report
Indicated
1935
1936
6,141,000
5,421,000
1,334,000
15,925,000
31,248,000
27,970,000
28,420,000
15,949,000
1,372,000
18,816,000
42,343,000
28,458,000
26,506,000
17.754,000
440,000
475,000
2,655,000
3,128,000
5,814,000
7,290,000
24,130,000 23,552.000
1,580,000
1,278,000
36,400,000 35,660,000
59,887,000 129,748,000
1,658,000
1,496,000
8,323,000
7,276,000
8,714,000
8,294,000
2,538,000
2,170,000
5,198,000
5,271.000
980,000
988,000
850,000
805,000
3,097,000
3,944,000
3,636,000
3,773,000
66,000
57,000
424,000
374,000
33,080,000 35,050,000
10,010,000 19,057,000
10,469,000
8,832,000
9,030,000
8,454,000
1,177,000
1,710,000
2,220,000
5,792,000
700,000
1,776,000
836,000
814,000
3,192,000
2,688,000
50,000
46,000
30,425,000
10,931,000
13,592,000
20.178,000
14,773,000
12,105,000
618,186,000 433,447,000
for the Week Ended April 15—The
feneral summary of the weather bulletininfluence by the
issued of the
)epartment of Agriculture, indicating the
weather for the week ended
April 15 follows:
Following the recent abnormally cold
weather, there was a reaction to
much higher temperatures over the Midwest and Northwest at
the begin¬
ning of the week, while the latter part, with less rainfall and considerable
sunny weather, brought very
much better conditions to the
more
eastern
States.
During the first few days rain continued frequent over the eastern
portions of the country, but the latter part of the week was fair in
nearly all
sections, the let-up in rain and the abundant sunshine being esDeciallv
favorable in the Southeast.
The
week, as a whole, averaged decidedly cool in the central area east
of the Mississippi River, with the weekly mean
temperatures in the Mid¬
dle Atlantic States and Ohio Valley ranging from five
degrees to
grees
below normal.
eight de¬
However, west of the Mississippi Valley there was
above normal warmth generally, with the average
temperatures in nearly
all sections from three degrees to eight degrees, or
more, above normal
Also the southern limit of freezing weather
during the week the line
extending in the East southward to central Virginia, western North Caro¬
lina, and eastern and northern Tennessee.
In the Midwest
freezing tem¬
peratures were not reported from first-order stations south of Sioux
City
Iowa, and central-southern Nebraska.
The lowest temperature
reported
was 14 degrees above zero at Yellowstone
Park, Wyo., on April 9
Rainfall was again heavy to excessive in the Southeast,
while it was
moderate to fairly heavy in much of the Ohio Valley, the
Middle Atlantic
States, and the Northeast.
West of the Mississippi River there was
very
little precipitation, except locally in the north-central Plains and
the ex¬
treme Northwest.
Some light rains
occurred in western Kansas
but
otherwise
week
was
the
dry Southwest again had little or no precipitation.' The
practically rainless in the more western States, except hi Darts
of the extreme north.
East of the Mississippi
River farm work
because of continued wet soil.
was
again decidedly inactive
While the first part of the week
was
show
Financial
2702
i
ery, the latter part brought generally fair and sunny weather, and the soil
began to dry out, though it is still too wet to work quite generally and
very little plowing or planting was possible.
Spring work was retarded
also in the Southwest by continued dryness; vegetation generally made
slow
or
are
Kentucky—-Louisville: Unfavorable week,
of Oklahoma and Texas,
THE DRY GOODS TRADE
with con¬
dition
varying from very poor to fair; in western Oklahoma some plants
are dying and fields yellowing in places, while the crop has been practi¬
cally all killed in the Pan Handle by dust and dryness.
Moisture is still
heeded in eastern Colorado and in New Mexico.
In the Pacific Northwest
the topsoil is becoming dry, with some blowing noted, but subsoil moisture
is still mostly satisfactory; some early sown fall grain must be reseeded in
this area.
Winter cereals are still fair to good in most of the East.
warmer
sales
weather the latter part of the week
Cotton and Corn—'While the latter part of the week brought consider¬
ably better weather to much of the eastern Cotton Belt, the soil persisted
wet for active field operations and very little planting was accom¬
too
plished.
However, during the last of the week fields dried rapidly in
most places under the influence of the warm, sunny weather.
In the Mis¬
sissippi Valley conditions were somewhat better and seeding was more
active, especially in southern sections.
In the western belt conditions
continued decidedly unfavorable.
'
In Texas cotton that has been planted is practically at a standstill be¬
cause of dryness and there was some local damage by frost and wind.
In
the south, chopping was reported locally, but much is still to plant there,
while in the north the preparation of ground continues to lag; some dry
planting has been done, but there is little chance for germination until
comes.
In Oklahoma planting was practically at a standstill and
only a little soil preparation was reported.
This year so far has been the
driest of record in much of the western Cotton Belt.
In general, the cotton season is decidedly late.
In an average year
seeding has begun by the middle of April in central North Carolina, ex¬
treme northern Mississippi and Alabama, and in east-central Oklahoma,
and by April 20 well to northern limits of the belt.
From the Mississippi Valley eastward but little corn was planted during
the week, principally because of wet soil.
In the Plains preparation of
soil advanced more favorably and some planting was begun as far north
as
extreme southeastern Kansas.
In Iowa, warmth and mnshine im¬
proved conditions in the south, where field work is becoming active, but
the soil remains too wet in the north.
Corn planting is getting a late start.
In an average year before this
date the beginning of seeding has advanced to southern Kentucky, south-
rain
central Missouri and east-central Kansas.
The Weather Bureau furnished the following resume
of
conditions in the different States:
Virginia—Richmond;
Temperatures
somewhat
below normal. Fre¬
planting, and gen¬
quent light to moderate rains further delayed plowing,
farm work.
Early commercial potatoes planted.
eral
to
New York, Friday Night, April 17, 1936.
Although weather conditions in many sections of the
country shortly before Easter left much to be desired, retail
business made a good showing.
Substantial gains in sales
over the corresponding week of 1935 as well as in comparison
with last year's pre-Easter period were reported.
Depart¬
ment store sales in the metropolitan area during the week
were estimated
to run 10% above the corresponding 1935
pre-Easter period, and for the first half of April a gain of
about 15% is anticipated.
Store sales for the entire country
during March were 9% above March, 1935, according to
the monthly survey of the Federal Reserve Board.
Best
results
caused a rapid
revival of field work in the spring-wheat region.
Work is now under way
in western Minnesota, southern North Dakota, and Nebraska, while seed¬
ing spring wheat, oats, and barley is being rushed in South Dakota.
Con¬
tinued rains further delayed oat seeding in the Ohio Valley and this work is
now behind an average advance for the season, except in the southwesternvalley section where seeding has been largely completed.
Much seeding
has been done in southern Iowa.
Early sown oats made very little growth
in Missouri, while late sown are not germinating satisfactorily.
Oats were
damaged by the previous cold in Oklahoma and are making only slow
growth, while in Texas they are set back by the cold and present dryness.
The advent of
Small grains fair
good, but oat planting limited due to wet weather.
Meadows and pas¬
fair to good.
Tobacco plants small for season. Apple bloom excellent.
tures
planting, except in some
Farm work much behind.
Plant¬
started in southeast, but conditions
appear more favorable at close of week.
Fruit prospects fair to good.
South Carolina—-Columbia: Cool, with continued excessive rains first
part of week, very unfavorable, causing extensive general flood damage,
but crop damage, except to coastal truck, comparatively light account
earliness of season.
Continued wet soil further delayed plowing and gen¬
eral planting, with only a little cotton planted in south.
Sunshine favor¬
able for drying soil latter part of week.
North Carolina—Raleigh: Little preparation or
parts of coastal plain, account wet soil.
ing cotton slow advance; little more than
Georgia—Atlanta: Cool, with excessive rains through Friday, then fair
warmer.
Ground wet, except in a few southeastern counties.
Plant¬
and
ing cotton slow advance; corn germination failing in many places.
Low¬
land pastures extensively flooded.
Peach spraying greatly delayed.
where wet, but fairly good in east.
and con¬
Corn fair stands.
in south.
Potatoes fair; harvesting begun in Hastings area and completed
Truck improved.
Citrus excellent; setting heavy crop.
Alabama—Montgomery: Moderate to heavy rains and soil too wet,
though improving rapidly near close of week.
Planting cotton slow ad¬
vance and germination and growth poor.
Corn planting made practi¬
cally no progress and weather unfavorable for germination and growth.
Oats and pastures fair to good.
Potatoes and truck poor to fair, except
good condition and progress in coastal areas.
Mississippi—Vicksburg: Cool to Saturday, with heavy rains Thursday.
planting slow progress; germination poor to Saturday; good ad¬
planting Monday.
Progress of corn mostly poor in north and
fair in south.
Progress of gardens, pastimes, and truck poor to fair.
Cotton
vance
Good rains at beginning of week in most
in extreme northwest.
Too cool first half for
Planting cotton good progress and some replant¬
ing; condition good, but progress slow account coolness.
Planting corn
very good advance and some up; progress and condition fair.
Rice, cane,
truck, oats, potatoes, and pastures generally good.
Louisiana—New
sections,
Orleans:
but inadequate
much progress of crops.
Texas—Houston:
Week
very
unfavorable
for
farm operations
achieved in
the
San
Francisco
district where
ran
direct result of the flood disaster.
With retailers absorbed by the usual Eastern rush, trading
in the wholesale
dry goods markets registered the customary
slackening.
Merchants, however, are expected to
re-enter the market, for the purpose of replenishing
seasonal
soon
their
depleted stocks.
A fair demand developed for late
spring and summer goods.
Wholesalers, on their part, con¬
tinued their cautious attitude, with processing tax and
cotton production uncertainties remaining the chief obstacles
in the way of forward commitments.
Weakness in gray
cloth prices also served to accentuate the hesitancy of buyers.
In line with expectations, prices of Fall percales were marked
down 1 cent by a leading printer.
Business in silk goods
remained fairly active.
Sheers as well as novelties moved
in good volume.
Trading in greige goods was interrupted
by the religious holidays.
Some uneasiness is felt as to the
fall dyeing and finishing rates as the contract with the union
will expire on Aug. 31.
Sales of rayon yarns slowed up
somewhat, notably in pigment numbers.
The demand for
acetate yarns kept up fairly well, but less interest was shown
in cuprammonium numbers.
Cotton Goods—The existing lull in trading
cloths showed no signs of an early revival.
Lack
of confidence in the price structure, in addition to the existing
uncertainties over processing taxes and the cotton crop
outlook, continued to exert a retarding influence on forward
business.
During the latter part of the week, prices receded
appreciably and this brought in some good-sized orders,
mostly, however, for nearby deliveries.
A fair interest pre¬
Domestic
in
gray
vailed
in
materials
for
industrial
uses,
but
total sales of
print cloths again were little more than about half of the
current output.
Despite this slow demand mills continued
unwilling to curtail their production.
Although the season
for fine goods is nearing its close, activity in goods for quick
delivery for fill-in purposes was fairly well maintained.
While the scarcity in spot merchandise continued, it was not
as
acute as had been the case a week or two ago.
Good
interest existed for men's shirtings in fancy weaves.
Closing
prices in print cloth were as follows: 39-inch 80s, 7
39-inch 72-76s, 6^c.; 39 inch 68-72s, 5%c.; 38^-inch 64-60s,
5Mc.; 38^inch 60-48s, 4He.
Woolen
Goods—Business in men's
wear
fabrics showed
important developments during the period under review.
Some duplicate orders were received for fall suitings and
overcoatings, prices of which had been increased from 50c.
to $2.
Total sales, however, remained negligible.
Mills
no
kept busy
on
their backlog of orders, with plants in the
flood districts resuming normal operations.
Reports from
retail clothing centers were largely favorable, with preEaster
buying by consumers coming fully
to expectations,
beginning to cover
their fall requirements.
Activity in women's wear fabrics
diminished considerably, notably in Spring goods.
A good
demand existed, however, for fabrics suitable for summer
wear, as well as for fall coatings.
Worsted suitings moved
and with indications that merchants
up
are
in fair volume.
and all
growing crops.
Too cool and dry, with strong winds.
Winter wheat made
slow growth locally, but greater portion of crop deteriorated slowly; aver¬
age condition very poor to only fair.
Corn, oats, fruit, small grains, and
truck set back materially due to previous freezes and current drought.
Cotton that is up in south is practically at standstill; some damage by
frosts and wind locally; slow progress in coast regions; chopping early
planted locally in south; preparation of land progressing slowly in north,
but ground much too dry for germination.
Ranges drying rapidly, but
cattle still in fair condition.
General rain badly needed throughout State.
week account dryness.
Abun¬
Cotton planting very slow ad¬
Oats damaged by previous cold
and making slow growtn.
Progress of winter wheat poor m eastern half
and deteriorated in western; condition still fair in east and central, but poor
in west where some plants dying and some fields turning yellow; crop practi¬
cally killed by dust and dryness in panhandle.
Livestock fair; stock water
scarce in north and west.
Some wells failing.
Severe duststorm on 9th
Oklahoma—Oklahoma City: Unfavorable
dant rain badly needed over entire State.
vance and only a little ground prepared.
were
13% ahead of last year.
In the metropolitan area
the gain amounted to 8%, while the smallest increase—of
1%—was shown in the Cleveland district, obviously as a
Florida—Jacksonville: Planting cotton fair advance; progress
dition poor in west
but improving at end, with
and return to normal temperatures.
Too wet for farm work.
growth slow.
Progress and condition of winter wheat generally fair
and showing slow improvement; rye and barley fairly good.
Damage
to tobacco plants variable and apparently heavy in exposed places of
north.
Pears and plums blooming in north.
All
bare.
moso
Plowing
sunshine
record.
deteriorated in
fruck and fruit.
made fair progress in a few western
Some corn planted in extreme southwest,
growing satisfactorily, but thin in some
areas account cold winter.
Spring oats good; winter oats poor.
Peaches
seriously damaged, but other fruits only moderately hurt.
Tennessee—'Nashville:
Small Grains—Winter wheat made mostly poor progress in the Ohio
Valley, but condition is still fair; slow improvement was noted in some
localities.
It made poor to fair advance in Missouri and condition is fair.
In extreme eastern Kansas wheat shows some improvement, but it de¬
teriorated elsewhere; the crop covers the ground in the eastern third and
is showing in drill rows or covering the ground in other sections, except
whest
Planting
Corn and
for wheat,
counties, but too wet generally.
but no cotton.
Winter wheat
Droughty conditions continue in a large southwestern area, especially
southeastern Colorado,
Kansas, Oklahoma, parts of New
Mexico,
Texas, and most of Missouri.
In much of this area precipitation since
the beginning of the year has been unprecedentedly small.
In Kansas,
the period from January 1 to date has been the driest of record, with only
30% of normal rainfall tor 3 Yz months; April so far has had only about
20% of normal.
Also in Oklahoma the period has been much the driest
of record, with only approximately one-fifth of the normal rainfall; the
previous driest, 1910, had 60% more precipitation than has occurred this
year to the middle of April.
Texas has had only 37% of normal for the
entire period and 10% of normal for April up to the present time; only
once of record,
1909, has there been less rainfall for the year up to this
time.
In Missouri, the first three months of 1936 were the driest since
1918, when there was slightly less rainfall; it has been the second driest
Winter
more favorable in west-central than" in
Planting cotton slow advance in south and
Much
oats, meadows, pastures, potatoes,
in
the southwest where fields
Rock:
Arkansas—Little
east where too wet and cold.
the country.
on
April 18, 1936
just beginning in some central localities; much ground ready.
corn good progress in south and central, but slow in north.
potatoes recovering from freeze first of month.
Very favorable
deteriorated.
However, warmer weather in north-central
tral sections and relatively high temperatures practically everywhere from
the Rocky Mountains westward were decidedly favorable, and, wherever
moisture was sufficient, growth was perceptible; conditions were especially
favorable in California, where growing crops are good to excellent and
fruits show some recovery from the recent frost.
Both farm work and
vegetation are considerably behind an average year in most sections of
growth,
Chronicle
^
Foreign Dry Goods—Trading in linens showed moderate
improvement, with the demand for dress goods and suitings
for summer wear continuing to expand.
Household items
attracted some attention, but the demand for handkerchiefs
remained disappointing.
The burlap market was featured
by a spurt in the demand for bags by sugar manufacturers,
resulting in a scarcity of spot goods in this field.
The favor¬
able domestic consumption figures for March further strength¬
ened the market, and prices for spots as well as for futures
steadied perceptibly, in sympathy with higher Calcutta
cables.
Domestically lightweights were quoted at 4.00c.,
heavies at 5.45c.
Financial
Volume 142
State and
2703
Chronicle
City Department
MUNICIPAL BONDS
Specialists in
Dealer Markets
Illinois & M issouri Bonds
WM. J. MERICKA &
CO.
INCORPORATED
Union Trust Bids.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
10,500 Town of Cleghorn,
Iowa, 4% water bonds of 1934, maturing
1 as follows: $500, 1937-51, incl.; $1,000, 1952-54, incl.
Rodman, Attorney for Town of Cleghorn, Iowa.
Federal
Reserve Bank of Chicago, Chicago, 111.
12,100 Town of Royal, Clay County, Iowa, 4% water works bonds,
maturing Nov. 1 as follows: $400, 1937; $600, 193842, incl.;
$700, 194344, incl.; $800, 1945; $500, 1946; $800, 1947-48, incl.;
$900, 1949; $500, 1950-51, incl.; $1,000, 1952-53, incl.; $500,
1954.
H. H. Stipp, Des Moines, Iowa.
Federal Reserve Bank
of Chicago, Chicago, 111.
1,500,000 State of Kansas, acting by and through the State Highway Comi
mission, 4% revenue anticipation warrants, series A, maturing
Aug. 1 as follows: $18,000, 1940; $242,000, 1941; $251,000, 1942;
$261,000, 1943; $272,000, 1944; $283,000, 1945; $173,000, 1946.
Hon. Wint Smith, Assistant Attorney General of the State of
Kansas.
Federal Reserve Bank of Kansas City, Kansas City,
March
R. G.
PUBLIC
WORKS ADMINISTRATION
Report on Analysis of Completed Construction Projects—The
following statement (Press Release No. 1864) has just been
made available by the above Federal agency:
An analysis of 1,000 actually built, completed and finally
audited, Public
Works Administration permanent construction projects today revealed that
the average over-all cost to the Federal Government of giving employment
to one man for a year under the first PWA program was $741.60.
Mo.
This calculation
after
an
was made by the research section of the Projects Division
exhaustive study of a broad section of the first PWA program in
20,500 Village of Paw Paw, Mich., 4% sewage disposal bonds, maturing
March 1 as follows: $1,000, 1937; $1,500, 1938; $2,000, 193941,
incl.; $3,000, 194245, incl.
Miller, Canfield, Paddock & Stone,
Detroit, Mich.
Federal Reserve Bank of Chicago, Chicago, 111.
35,500 City of Standish, Arenac County, Mich., 4% bonds (one bid to
cover both issues): water works bonds, maturing Oct. 1 as follows:
$500,
1936-54, incl.; $1,000,
1955-57, incl., total, $12,500.
Water works mortgage bonds, maturing Oct. 1 as follows: $500,
193841, incl.; $1,000, 1942-58, incl.; $1,500, 1959-60, incl.;
$1,000, 1961; total, $23,000.
Miller, Canfield, Paddock & Stone,
Detroit, Mich.
Federal Reserve Bank of Chicago, Chicago, 111.
25,000 School District of Humansville, Mo., 4% school bonds, maturing
Feb. 1 as follows:
$1,000, 1937-44. incl.; $1,500, 1945-52, incl.;
$2,500, 1953-54, incl.
Benjamin H. Charle3,
St. Louis, Mo.
Federal Reserve Bank of St. Louis, St. Louis, Mo.
22,000 Consolidated School District No. 1 of Webster County, Mo.,
4% bonds, maturing June 1 as follows:
$1,000, 1936-51, incl.;
$2,000, 1952-54, incl.
B. H. Charles, St. Louis, Mo.
Federai
Reserve Bank of St. Louis, St. Louis, Mo.
281,000 State Board of Examiners of the State of Montana, fl% Montana
State Insane Asylum revenue bonds, maturing March 1 as follows:
$5,000,
1937; $6,000,
1938-39, incl.; $7,000,
194041, incl.;
$8,000, 194243, incl.; $9,000, 1944-45, incl.; $10,000, 194648,
I
incl.; $11,000, 1949-50, incl.; $12,000, 1951-52, incl.; $13,000,
1953-54, incl.; $14,000, 1955-56, incl.; $15,000, 1957; $16,000,
1958-59, incl.; $17,000, 1960-61, incl.; $5,000, 1962.
Raymond T.
Nagle, Attorney General of the State of Montana.
Federal
Reserve Bank of Minneapolis, Minneapolis, Minn.
70,500 City of Lovelock, Nev., 4% waterworks improvement bonds,
maturing Jan. 1 as follows: $3,000, 1939; $4,500, 1940-54, incl.
Pershing, Nye, Bosworth & Dick, by James H. Pershing Denver,
Colo.
Federal Reserve Bank of San Francisco, San Francisco.
which thousands of permanent construction projects now in use in various
communities were erected and concerning which all pertinent factors of
have been determined.
The Federal Government's expense of $741.60 per man for a year's em¬
ployment results from the PWA Federal contribution of 30% of the cost of
labor and materials, under the first PWA employment program, to approved
projects where the communities benefitted contributed the balance of the
money necessitated for construction of their projects.
The study was
confined to the first PWA program, in which the Government made grants
of 30% of the cost of labor and materials because sufficient pertinent data
had been obtained on that program, which is now near completion.
On
the second PWA program in which the Government made a contribution
of 45% of the total cost of the project, sufficiently completed and finally
audited data is not yet at hand for such an analysis as construction on a
majority of the projects is still iinder way.
The most common type of project in the first program was school building
construction, with sewerage systems and waterworks coming next, followed
by other common types of PWA construction such as bridges, streets,
public buildings, and engineering structures.
A considerable variation in the cost to the Federal Government of employ¬
ment to a man for a year under the PWA program was revealed by study
of the different types of construction work.
The average cost on all types
analyzed was $61.80 to the Government for each month's employment
given to a person who might otherwise have remained unemployed.
The cost to the Federal Government, on the basis of a PWA grant of 30%
of the cost of labor and materials, of keeping one man employed for a month,
according to the types of construction, was as follows:
expense
Schools
$72.00 Flood control, water power
$48.60
69.50 Power, excluding water power-105.80
56.00 All others.
45.20
73.00
Other buildings
Sewer systems
Engineering structures
Waterworks
55.90
Calif.
70 50
Streets and highways
All types
$61.80
The Act of Congress under which the first PWA program was undertaken
provided "that
(except in executive, administrative and supervisory
positions as far as practicable and feasible) no individual directly employed
on any such project shall be permitted to work more than 30 hours in any
one
week."
RECONSTRUCTION
FINANCE CORPORATION
Offering of $5,183,700 Municipal Bonds Taken Over from
PWA Holdings—It was announced on April 10 by the above
Corporation that sealed bids will be received at the office of
H. A. Mulligan, Treasurer, 1826 H. Street, N. W., Washing¬
ton, D. C., until 12 noon, E. S. T., on April 23, for the
purchase of 41 issues of municipal bonds, taken from 22
States and aggregating $5,183,700.
Bids will be received
for all (but not less than all) of the issues described below.
The successful bidders for said securities will be required to accept de¬
livery of the securities at the Federal Reserve Bank or branch named in
the accompanying list, and to pay for the same in cash or in other im¬
mediately available funds at any Federal Reserve bank or branch thereof,
within 15 days of acceptance of bid, at the bid prices plus accrued interest
to the date of payment, less the amount of the checks accompanying the bids.
Signed or certified copy of the approving legal opinion of counsel, where
indicated, as to the legality of the issue will be furnished the purchaser
without cost.
Said securities are offered and will be sold on the condition that the
successful bidders will not expressly or by implication indicate to anyone that
RFC, or the United States of America, or any agency thereof, has any
obligation or responsibility whatsoever with respect to such bonds, or refer
to or use the name of the RFC, or the United States of
America, or any
agency thereof, as an inducement to anyone to purchase any of said se¬
curities.
In
the
case
of each issue, there is given the name of the attorney ap¬
proving the bonds and the particular branch of the Federal Reserve bank
where delivery of the securities will be made to the purchaser.
$48,000 County of Marshall, Ala., 4% court house bonds, maturing July
1 as follows: $2,000,193642, incl.; $3,000, 1943-53, incl.; $1,000.
1954.
D. Isbell, Guntersville, Ala.
Federal Reserve Bank of
Atlanta, Atlanta, Ga.
Ala., 4% school'bonds, 1934, maturing
$3,000, 1943: $4,000, 1944; $5,000, 1945-51,
1952-64, incl.
S. H. Sprott, Tuscaloosa, Ala.
Federal Reserve Bank of Atlanta, Atlanta, Gh.
120,000 City
of Tuscaloosa,
March 1
incl.;
as
follows:
$6,000,
48,000 School District No. 1 of Coconino County, Ariz., 4% school
improvement bonds, maturing Oct. 1 as follows: $2,000, 193641,
incl.; $3,000, 1942-53, incl.
H. K. Mangum, County Attorney,
Flagstaff, Ariz.
Los Angeles Branch, Federal Reserve Bank of
San Francisco, Los Angeles, Calif.
.
8,000 Williams Union Elementary School District of Colusa County,
Calif., 4% school bonds, maturing Nov. 1 as follows: $1,000,
1937-44, incl.
Ralph W. Rutledge, Esq., District Attorney of
Colusa County, Calif,
Federal Reserve Bank of San Francisco,
San Francisco, Calif.
471,000 Miami Beach Special Tax School District No. 14, Dade County,
Fla., 4% school site and building bonds, maturing Sept. 1 as
follows: $24,000, 193644, incl.; $23,000, 1945-55,
incl.; $2,000,
1956.
C. W. Peters, Miami, Fla.
Federal Reserve Bank of
Atlanta, Atlanta, Ga.
17,000 Norris City Township High School District, No. 181, White
County, 111., 4% school building bonds, maturing Aug. 1 as
follows: $1,000, 1936-52, incl.
W. S. Phillips, Norris City, 111.
Federal Reserve Bank of St. Louis, St. Louis, Mo.
.
I
.
75,000 The Board of Education of the Borough of Rumson in the County
of Monmouth, N. J., 4% school bonds, maturing Sept. 1 as follows:
$6,000, 1950-51, incl.; $7,000, 1952-60, incl.
Wm. A. Stevens.
Attorney for the Board of Education, Red Bank, N. J.
Federal
Reserve Bank of New York, New York, N. Y.
148,000 The Board of Education of the Township of Teaneck, Bergen
County, N. J., 4% school district bonds, maturing March 1 as
follows:
$4,000, 1937-39, incl.; $5,000, 194042, incl.; $6,000,
1943-62, incl.; $1,000, 1963.
Hawkins, Delafield & Longfellow,
New York, N. Y.
Federal Reserve Bank of New York, New
York, N. Y.
258,000 Union Free School District No. 1 of the Town of Haverstraw,
Rockland County, N. Y. 4% school district bonds,
maturing
March 1 as follows: $16,000, 1937-52, incl.; $2,000, 1953.
Clay,
Dillon & Vandewater, New York, N. Y.
Federal Reserve Bank
of New York, New York, N. Y.
229,000 Board of Education of Union Free School District No. 19 of the
Town of Hempstead, N. Y.,
4% school construction bonds,
maturing Sept. 1 as follows: $10,000,1937-49, incl.; $11,000,195058, incl.
Hawkins, Delafield & Longfellow, New York, N. Y.
Federal Reserve Bank of New York, New York, N. Y.
170,000 Central School District No. 1 of the Towns of Hunter, Jewett
and Lexington, County of Greene, N. Y.,
4% school building
bonds (address: Edward Dougherty, Clerk,
Tannersville, N. Y.),
maturing Sept. 1 as follows: $10,000, 1945-61, incl.
Clay, Dillon
& Vandewater, New York, N. Y.
Federal Reserve Bank of New
York, New York, N. Y.
357,000 Board of Education of Union Free School District No. 6 of the
Town of North Hempstead, Nassau
County, N. Y., 4% school
improvement bonds, maturing Nov. 1 as follows: $11,000, 193640, incl.; $12,000, 194145, incl.; $13,000, 1946-50, incl.; $14,000,
1951-60, ■ncl.; $15,000, 1961-62, incl.; $7,000, 1963.
Hawkins,
Delafield & Longfellow, New York, N. Y.
Federal Reserve Bank
of New York, New York, N. Y.
50,000 Village of PIandome, Nassau County, N. Y., 4% water bonds of
1934, maturing July 1 as follows: $2,000, 1936-51, incl.; $3,000,
1952-57, incl.
Hawkins, Delafield & Longfellow, New York,
N. Y.
Federal Reserve Bank of New York, New York, N. Y.
153,000 Union Free School District No. 1 of the Town of Wilson, Niagara
County, N. Y., 4% school building bonds, maturing Sept. 1 as
follows:
$4,000, 1936-42, incl.; $5,000, 194348, incl.; $6,000,
1949-54, incl.; $7,000, 1955-62, incl.; $3,000, 1963.
Glen R.
Bedenkapp, attorney for Union Free School District No. 1, Town
of Wilson, N. Y.
Federal Reserve Bank of New York, New York,
N. Y.
126,000 Board of Education of Central School District No. 2 of the Towns
of Yorktown, New Castle
and
Cortland, Westchester County,
N, Y., 4% school bonds, 1935 (address: Leonard A. Miller, Clerk,
Board of Education, Yorktown Heights, N.
Y.), maturing Jan 1
as follows: $7,000,
1937-54, incl.
Thomson, Wood & Hoffman,
New York, N. Y.
Federal Reserve Bank of New
York, New
York, N. Y.
I
124,000 County of Burke, N. C., 4% school building bonds, maturing
Feb. 1 as follows: $6,000, 193745, incl.; $7,000,
1946-55, incl.
Masslich & Mitchell, 120 Broadway, New
York, N.Y.
Federal
Reserve Bank of Richmond, Richmond, Va.
58,000 County of Davidson, N. C., 4% school improvement bonds,
maturing June 1 as follows: $3,000,1936-37, incl.; $4,000, 1938-50,
incl.
P. V.. Critcher, attorney for the County of
Dzvidson,
Lexington, N. C.
Federal Reserve Bank of Richmond, Rich¬
mond, Va.
140,000 County of Yadkin, N. C., 4% school bonds, maturing Jan. 1 as
follows:
$7,000, 1937-56, incl.
Storey, Thorndike, Palmer &
Dodge, Boston, Mass.
Federal Reserve Bank of Richmond,
Richmond','-Va.
r
103,000 Dickinson School District No. 1 of Stark County, N. Dak., 4%
school boMs, maturing Jan. 1 as follows:
$4,000, 1937-38, incl.;
$5,000, 193943, incl.; $6,000, 194447, incl.; $7,000, 1948-51,
incl.; $8,000,
1952-53, incl.; $2,000, 1954.
James P.
Cain,
Dickinson, N. Dak.
Federal
Reserve Bank of Minneapolis,
Minneapolis, Minn.
suits
49,000 County of Pushmataha, Okla., 4% courthouse and jail bonds
of 1934, maturing May 1 as follows: $3,000,1937-52, incl.; $1,000,
1953.
Shirk,
Danner &
Earnheart,
Oklahoma City, Okla.
Federal Reserve Bank of Kansas City, Kansas City, Mo.
15,500 School District No. 33, Tulsa County, Okla., 4% building bonds
of 1934, maturing April
1 as follows:
$1,000, 1937-50, incl.;
$1,500,1951.
Chapman & Cutler, Chicago, 111.
Federal Reserve
Bank of Kansas City, Kansas City, Mo.
8,000 Maplewood Water District, Multnomah County, Ore., 4% water
bonds, maturing July 1 as follows: $2,000, 1940-43, incl.
Teal,
Winfree, McCulloch & Shuler, Portland, Ore.
Portland Branch,
Federal Reserve Bank of San Francisco, Portland, Ore.
.<
law's taxing provisions were
State's constitutional jurisdiction,
IV
The districts are:
Lake St. Peter Drainage District, Tensas
$70,000
Parish, La
Muddy Creek Drainage District No. 1, Grundy County, Mo
Capital View Irrigation District, Ada County, Ida:
Refinancing
$7,300
36,000
4,000
Rehabilitation
11,300
for refinancing three school
districts in Arkansas and one school district in Texas under the provisions
of Public—No. 325—74th Congress (S. 3123).
This makes a total to
date of $744,300 authorized under this Act.
Loans
for
$208,500
have been
authorized
The districts are:
Arkadelphia Special School District No.. 1, Arkadelphia, Clark
r County, Ark
$126,000
Rocky Comfort Special School District No. 25, Little River County,
Rocky Comfort, Ark
37,000
Welford Consolidated School District No. 1, Chicot County,
Eudora, Ark
10.500
Mansfield Independent School District, Mansfield, Tex
a.
35.000
I
loans are based on deposit of 100% of the outstanding
If less than 100% is deposited, the amounts authorized are
The refunding
I
Indebtedness.
automatically decreased.
ft
Loans authorized to the following districts have been
Joint Drainage Improvement
rescinded:
District No. 1, Yakima and Benton
Counties, Wash
Sub-District "J" of Drainage Improvement District No.
$26,000
9, Yakima
5,000
County, Wash
News Items
Greenwood
County,
S.
C.—Federal Government Loses
one
purpose ever may
Liquor Tax Measure Forwarded to Governor—The whiskey
on April 7 received its final legislative approval with
its formal enrollment and delivery to the Governor's office,
tax bill
reported in a Frankfort news dispatch of that date.
is designed to raise between $2,500,000 and
$3,000,000 of new revenue.
Its principal feature is a stamp
tax of 13 cents a pint on whiskey.
it
was
This
measure
Municipal Bankruptcy Act to be Tested in United
Court—The Municipal Bankruptcy Act
Court,
as a result of the decision by the high court on April 13 to
hear arguments in a Texas suit involving the constitutionality
of the law, according to a dispatch from Washington to the
New York "Times" on April 14, from which we quote in
part as follows:
States
Supreme
of 1934 will be tested in the United States Supreme
A request for a review of a decision by the Fifth Circuit Court of Appeals,
upholding validity of the act, was granted: the issue involved is whether a
municipality can go into bankruptcy.
The suit arose when bondholders of the Cameron County Water Improve¬
ment District No. 1 of Texas challenged the right of the District to take
advantage of the terms of the law
which authorized cities, counties and other
political subdivisions to refund debts in the Federal bankruptcy courts.
Arguments were set for April 28, but there is some doubt
can come before the Court adjourns for the summer recess.
that a decision
Municipal Bankruptcy Act Extended—President Roosevelt
April 11 signed the Wilcox bill (,H. R. 10490), which
extends the life of the Municipal Bankruptcy Act from
on
April 8:
Farm Mortgage Act of 1933, as
Unconsti¬
Dispatch
forbid that funds set aside
be devoted to another public purpose, it was said
Herd man, Assistant Attorney General.
The opinion was given to William Dixon Jr., County Judge of Leslie
County, who inquired as to the advisability of diverting sales tax funds,
received by the county to be used solely for retirement of road bonds, to
payment of general debts.
Mr. Herdman said that "however great may seem
your problem, the
plain and unequivocal language of the Constitution and statutes" forbid
such practice.
Report on Loans Made to Drainage and Irrigation Districts—
The following is the text of a press release made public by
the provisions of Section 36, Emergency
amended.
Held
today in the opinion by Guy H.
of Summersville, Nicholas County, W. Va., 4% water¬
bonds, maturing May 1 as follows: $500, 1939-41,
on
Diversion
Constitutional and statutory restrictions alike
for
revenue
Corporation
Fund
Kentucky—Proposed
incl.,$1,000, 1942-63, incl.; $500, 1964.
Caldwell & Raymond,
New York, N. Y.
Federal Reserve Bank of Richmond, Rich¬
mond, Va.
the above
holding that
beyond the scope of the
it is stated.
tutional—The following is the text of a Frankfort
to the Louisville "Courier-Journal" of April 8:
Bank of Richmond, Richmond, Va.
P Loans for refinancing a drainage district in Louisiana and a drainage
district in Missouri, and for refinancing and rehabilitating an irrigation
district in Idaho, aggregating $117,300, have been authorized by the
RFC.
This makes a total to date of $118,508,245.98 authorized under
upheld in part in the District Court of the United
the
38,000 School District No. 44, Anderson County, S. C., 4% school build¬
ing bonds, maturing Aug. 1 as follows:
$2,000, 1936-54, incl.
J. Alex Neely Jr., Anderson, S. C.
Federal Reserve Bank of
Richmond, Richmond, Va.
82,000 Florence County, S. C., 4% court house bonds, maturing March 1
as follows:
$3,000, 1937-63, incl.; $1,000, 1964.
R. W. Sharkey,
Florence, S. C.
Federal Reserve Bank of Richmond, Rich¬
mond, Va.
12,000 City of Watertown, S. Dak., 4% street improvement bonds,
maturing Feb. 1 as follows:
$2,000, 1952; $5,000, 1953-54, incl.
D. K. Loucks, Watertown, S. Dak.
Federal Reserve Bank of
Minneapolis, Minneapolis, Minn.
120,000 City of Amarillo, Tex., 4% water revenue bonds, series 1934,
maturing Feb. 1 as follows: $4,000,1937-41, incl.; $5,000,1942-46,
incl.;$6,000, 1947-51, incl.; $8,000, 1952-56. incl.; $5,000, 1957.
Underwood, Johnson, Dooley & Huff, Amarillo, Tex.
Federal
Reserve Bank of Dallas, Dallas, Tex.
23,000 City of Galveston, Tex., 4% school bonds of 1929, series B,
maturing April 1 as follows: $6,000, 1958: $9,000, 1959; $8,000,
1960.
Bryan
F.
Williams,
City Attorney,
Galveston, Tex.
Houston Branch, Federal Reserve Bank of Dallas, Houston, Tex.
35,000 Wharton Independent School District, Wharton County, Tex.,
4% school building bonds, series of 1934, maturing Nov. 1 as
follows:
$1,000, 1936-58, incl.; $2,000, 1959-64, incl.
C. C.
Ingram, attorney for the District, Wharton, Tex.
Houston
Branch, Federal Reserve Bank of Dallas. Houston, Tex.
36,000 Town of Bluefield, Va., 4% sewer improvement bonds, maturing
May 1 as follows:
$1,000, 1937-54, incl.; $2,000, 1955-63, incl.
C. C. Gillespie, Bluefiield, Va.
Federal Reserve Bank of Rich¬
mond, Richmond, Va;
33,500 Town of Burkeville, Va., 4% water bonds, maturing May 1 as
follows: $1,000, 1937-45, incl.; $1,500, 1946-61, incl.; $500, 1962.
Thomson, Wood & Hoffman, New York, N. Y.
Federal Reserve
works
were
States, Southern District of Iowa, this tribunal
27,600 School District No. 48, Yamhill County, Ore., 4% school building
bonds, maturing Oct. 1 as follows: $1,400, 1936-44, incl.; $1,500,
1945-54, incl.
Otto W. Heider, Sheridan, Ore.
Portland Branch,
Federal Reserve Bank of San Francsico, Portland, Ore.
24,000 Town
April 18, 1936
Chronicle
Financial
2704
/
May 24, 1936, to Jan. 1,1940. Under the act, municipalities
and other local units may petition the Court for an adjust¬
ment with their creditors, with the composition plan made
effective upon
Court approval and agreement by
a
certain
percentage of the bondholders.
Jersey—Two Relief Measures Defeated in Assembly—
unemployment relief situation in the State was brought
closer to its crisis on April 13 when the Assembly adjourned
after defeating two bills to make relief funds available, one
through new taxes and the other through diversion of high¬
New
The
way funds, according to Trenton advices.
The House, in
which financial measures must originate, adjourned at mid¬
night to reconvene on the evening of April 14.
The only affirmative action on relief financing taken on
the 13th
was
the passage in the
House of
a
bill authorizing
unclaimed balances in the banking
institutions of New Jersey.
While there is no definite
record of the amount that would be raised through this
the State to take over all
means, it has been estimated at between $2,000,000 and
$3,000,000, according to report.
Assembly Votes Luxury Tax—The long deadlock in tho
Legislature on the financing of unemployment relief was
broken just before midnight on April 14 with the passage
by the House of a luxury tax bill, introduced by Assembly¬
man Henry Young Jr., of Essex County, after it had pre¬
viously been defeated six times. The measure was presented
to the Senate on the evening of April 15.
The passage of the
bill in the House was made possible by the last-minute
switch of three Democrats to its support, breaking away
Project Case—The United States
Fourth District Circuit Court of Appeals denied on April 9
from the
above county and the Public Works Adminis¬
tration to vacate a stay of mandate granted to the Duke
Power Co. after the court's denial of the company's petition
provisions will apply to amusements, upon which a gross receipts tax of
4% will be levied: also to cigarettes, upon which a tax of two cents will be
levied for each package of 20 cigarettes, while a tax of two cents on each
20 cents of the purchase price of cosmetics will be established under the
Move in Buzzard Roost Power
a
motion by the
for
an
injunction to prevent construction of a power plant
A United Press dispatch from Richmond,
at Buzzard Roost.
Va.,
on
April 9 commented as follows;
of mandate granted
the Duke Power Co. in connection with the Buzzard Roost power project
case of Greenwood County, S. C., was denied today by the Federal Court
The
Government's motion to have vacated a stay
of Appeals.
The Appellate
,
,
Court's action upheld the stay of mandate granted the
Duke Power Co. March 17 in Charlotte.
The stay temporarily prevents
the PWA from proceeding with allocation of funds for a $2,851,000 publiclyowned power plant at Buzzard Roost.
In a recent decision at Charlotte, the Court of Appeals reversed a lower
court decision and held that PWA had the right to furnish funds for the
project.
Duke Power Co. later was granted the stay as "the first step
toward having the Buzzard Roost case revised by the Supreme Court."
PWA officials, who repeatedly charged the power company with delaying
the appeal to the high tribunal, desired the stay vacated in order to hasten
Supreme Court action on the case, which is the first test case to reach a
Circuit Court of Appeals in connection with the New Deal's program to
finance construction of power projects by municipalities and other divisions
of local government.
Duke attorneys consistently
delay the appeal in order to
.
_
have demed that they are attempting to
prevent a decision at this term of the Supreme
Court.
Iowa—U. S.
Supreme Court to Pass on
Chain Store Tax
United States Supreme Court of suits
contesting the validity of the Iowa Chain Store Tax Act of
1935 was seen assured on April 13 as the Court made public
formal statements as to its jurisdiction in the matter, accord¬
ing to Washington press dispatches.
Filed and supported
by leading corporate chains throughout the country, the
Act—A review by the
party's consistent policy of opposition to new taxes.
It is estimated that this bill
will produce approximately $7,000,000.
provisions of the act.
Playing cards, camera film and amusements
will be taxed.
The act will remain effective until June, 1937.
Senate
Defeats Luxury
Its
also
Tax Bill—The above mentioned
Luxury Tax bill was defeated on the evening of April 15
in the Senate through an unexpected revolt by a combina¬
tion of
Republicans and Democrats, it is stated in Trenton
The vote was 8 for the bill to 12 against.
Because
advices.
of its defeat, the method of financing relief was plunged once
into the same muddle that has had the Legislature
more
puzzled since it convened.
The municipalities of the State
repeatedly declared they have no means of supporting
the unemployed.
have
Relinquishes Relief Job—The State Relief
on April 16 that it was "going out of the
relief business," and turned the machinery of relief adminis¬
tration back to the 564 municipalities, to operate as best they
State
Council
Council announced
might, it is stated in Trenton dispatches. The action followed
the failure of the relief revenue plan, as described above. The
State Council had been administering relief since 1931, and
it is believed that it will start again soon in view of the hostile
public opinion aroused by the suspension of State action.
However, it is understood that the 3,000 State employees,
were notified
that their employment would terminate on
May 8 unless something unforeseen had happened
then.
before
Volume 142
Financial
New York City—Charter Revision Bill Introduced in State
Legislature—A bill creating a Board of Statutory Consoli¬
recodifying and simplifying the laws and ordi¬
nances of New York
City under charter revision was intro¬
duced in the Legislature on April 10 by Senator John J.
Dunnigan, Democratic Majority Leader.
The New York
"Herald Tribune" of April 11 Commented as follows on the
proposal:
dation for
Chronicle
2705
following to say in regard to a proposed referendum by the
people on the real estate tax limitation amendment now
before the Legislature:
The tax limitation committee of the New York State Real Estate Asso¬
ciation sent letters tonight to members of the Legislature urging that the
electorate be given an opportunity to vote on the proposed constitutional
amendment to limit taxes
A
measure
now
before
property and restrict municipal borrowing.
on
the lawmakers proposes an
amendment
to limit
taxes on real estate to 1
Under the provisions of the bill the new board would be composed of the
Mayor, Comptroller, President of the Board of Aldermen and Corporation
Counsel, and its powers and duties would be such that it would have super¬
% % of the property's assessed valuation and restrict
the combined indebtedness for county, city, town and village purposes to
10% of the assessed valuation as now applicable to New York City.
The letter, signed by Secretary Ray Hofford, attacked statements made
by opponents of the measure to the effect that the amendment would
vision
create
over the work of the Charter Revision Commission which has
been
in progress the last year.
If the new charter is
completed in time for a referendum vote next fall,
the bill provides that "if a short form of charter be
affirmatively voted,''
it would be the duty of the board to prepare "an administrative code
setting
forth the details of administration and which shall harmonize with
the
provisions of such charter which
may
be
so
voted."
In the event that the charter is not
approved by the people the board
would be authorized to revise and consolidate
existing laws and ordinances,
without
change "in substance," recommending "such amendments as it
deem proper and necessary to condense and simplify the existing
provisions of law and as shall adapt the law to existing conditions in such
city."
may
The bill defines the powers and duties of the board to "include
the
direction and control of the revision, simplification, consolidation, codifica¬
tion, restatement and annotation of the statutes, local laws, ordinances
and departmental rules and regulations
having the force of law affecting
and relating to the
government, affairs and property of the City of New
York and of the Counties of New
York,
mond."
Kings, Bronx, Queens and Rich¬
New York State—Sales tax on
Manufacturers Urged as
Substitute for Retail Sales Tax—The
following is the text of
special dispatch from Rochester to the New York "Herald
April 12, dealing with the recommendation made
the previous day that a general manufacturers' sales tax be
imposed in the State as a substitute for the State and local
a
Tribune" of
retail sales taxes:
Mark
the
of
cost
government
and the rates revised
brackets,
in
as
be
more
State
and local
Graves said:
continued
so as
Great
tax
Mr. Graves said, he
exemptions would be lowered
mount,
to secure more revenue from those in the lower
Britain.
generally
to
estate tax
He
saw
indications
that
sales
taxation
utilized.
Reiterating his belief that Federal,
system should be integrated and co-ordinated, Mr.
"The very idea of paying taxes on the same
thing to the Federal Govern¬
ment, to a State government and, perhaps to a county or
city, would be
ridiculous if it were not so serious.
The burdens
imposed upon business
through multiple taxes, as well as the cost of complying with a great number
of dissimilar laws, is very great.
It is absolutely essential that we un¬
scramble this
mess
and the
sooner
we
act the
better it will
be for all
con¬
cerned."
Nevertheless, Commissioner Graves said that the admittedly
imperfect
methods of taxation in this country were far
superior and entirely prefer¬
able to those imposed by many of the other
governments in the world.
Taxes in other countries, he
said, were much heavier and more all-em¬
bracing.
"Income taxes are common in many
European countries," he said.
"Those of England and France differ from ours in two
major respects.
They
tax smaller incomes and their
impact is heavier in the lower brackets.
In
other
words, they dig deeper into the pockets of the average citizen and
they reach a far greater number of persons.
In England, one person of
every twelve is subject to the income tax; in France, one of
every twenty,
and in the United States, one of
every forty.
Great Britain taxes the
$15 a week workman and the French go still further and tax the
person
earning $12.70 a week."
Mortgage Moratorium Extended
to
July 1938—In
connec¬
tion with the report given in these columns
recently to the
effect that Governor Lehman had
signed the Pack
bill,
extending for another year the emergency period of payment
on
mortgage principal—V. 142, p. 2540—we give the fol¬
lowing report from the New York "Herald Tribune" of
April 15:
Assemblyman Carl Pack, Chairman of the Committee on
Mortgages and
Real Estate, said yesterday that the
amendment to the civil
practice act
which was approved by Governor Lehman and
became law April 3 was
highly important to real estate interests.
Chairman Pack said
yesterday:
"The practical effect of this amendment is
to extend the moratorium
period one additional year from the date now
set, namely, July 1, 1937.
This extension applies to all amortization of
principal or principal which
becomes due and payable between
July 1, 1934, and July 1, 1937.
"Regardless of whether the Legislature further extends the
date of the
moratorium period beyond July 1, 1937. real estate
owners whose
principal
payments become due between July 1, 1934, and
July 1, 1937, will never¬
theless have until July 1, 1938, to meet such
payments."
Mortgage
Commission
Law
Upheld—The Court
of
Appeals in three decisions
on April 14
unanimously dpheld
constitutionality of the State Mortgage Commission
law, incidentally sustaining that feature of the law which
permits reorganizations upon "assents by silence" of two-
the
thirds of the certificate holders.
We quote in part as fol¬
a United Press
dispatch out of Albany on April 14:
lows from
New York's highest court—the Court of
Appeals—today upheld powers
of the State Mortgage Commission in
ruling on two cases.
The Court ruled that the Commission
acted
legally when it changed the
requirement for reorganization of mortgage issues from
two-thirds assents
to one-third dissents, making silence on
the part of a certificate holder
approval. The Commission's power to borrow
money for foreclosure expenses and
tax arrears was upheld in two other cases
decided by the same opinion.
To Facilitate Action
Both
units
of
government
by
varying
amounts
to
up
'paper deficits' cannot be substantiated
by facts and figures," the letter said.
"Under the amended bill there would
be no shortage worth talking about."
The letter gave information showing that if the limitation provision were
to take effect immediately "it would only require a reduction of
approxi¬
mately $37,000,000 over the entire State."
Job
Insurance Act Declared
Valid
by Appeals Court—The
New York State Unemployment Insurance Law was declared
constitutional on April 15 by the Court of Appeals in a fiveto-two decision, it is stated in Albany dispatches.
The
prevailing opinion, reported to have been written by Chief
Justice Frederick E. Crane, said that the Act, which embodies
some of the New Deal
principles and directs that employers
contribute to a fund to take care of the jobless, contained
"nothing so arbitrary or unreasonable as to show it deprives
any employer of his property without due process of law."
The Legislature, Judge Crane wrote, has exercised its
judgment in passing a law to meet "a growing peril to a large
number
of
our
fellow-citizens."
sort of government
"It
would
be
a
strange
in fact no government at all, which would
give help in such trouble," he declared, according to
not
,
Constitutional Convention Up for Vote in Fall-—The
question
or
not there shall be a convention to revise or
whether
amend the New York State Constitution will be submitted
to a vote of the people at the general election next
November,
even though the Legislature fails to
take action on such
vote, it was stated in Albany news advices of April 15.
decisions
will
permit more rapid rehabilitation of
properties, a
representative of the Commission said after the
rulings were announced.
Martin Schwartz, William Lauro and Jennie
Schwartz, as executors of
Frieda Hennicke, John and Annie
Popke, brought the test case.
They
asserted the Commission violated the
Constitution when it permitted a
reorganization without consent of two-thirds of the certificate
holders, as
required by the Schackno law.
$100,000 mortgage on property at 1175 Evergreen
Avenue, Bronx,
held by the Bond & Mortgage Guarantee Co. was
to be rehabilitated.
The
guarantee company had issued 54 certificates
aggregating $98,000 on the
mortgage.
was
A
"The fairness or feasibility of the
plan in general is not questioned,"
Judge Irving Hubbs said in the prevailing opinion.
The responsibility of the Bond &
Mortgage Guarantee Co. is not affected
by the plan as approved by the Court.
It is too late to
successfully
urge
that the provision of the act is unconstitutional
which permits a plan of
reorganization to become operative upon all certificate holders
when ap¬
proved by the Supreme Court after notice and hearing and
approved by
two-thirds in amount of certificate holders.
Popular Vote Asked on Property Tax Limitation Bill—An
Associated Press dispatch from Albany on
April 12 had the
a
Edward J. Flynn, Secretary of State, is understood to have
been advised that under the provisions of the constitution
it is mandatory for him to submit the question to a vote of
the people this fall.
Mr. Flynn is reported to have said that
he
was
he
not
would
prepared
wait
as
until
yet to
after
decision, but that
adjournment of the
announce a
the
final
Legislature, and if the Legislature fails to act, he would ask
a formal
opinion from Attorney General John J. Bennett
for
Jr.
•
Pennsylvania—Governor Outlines
Program for Special
Legislative Session—Governor Earle stated on April 10 that
he will include abatement of penalties on real estate taxes
in
his call for a special legislative session to convene on
May 4.
He also announced inclusion of legislation to enable
Pennsyl¬
vania to participate in the benefits of the Federal
social
security acts.
The Philadelphia "Record" of April 11
reported on the coming session as follows:
Earle wrote the bi -partisan committee of legislators the call
for the session
these subjects:
will embrace at least
1.
Flood relief and control.
2.
Unemployment relief.
Relief of overcrowding and correction of fire and
safety hazards in
State institutions.
3.
4.
Legislation to permit refunding of certain State bonded indebtedness
5.
rates of interest.
Social security legislation.
6.
Elimination of realty tax penalties.
7.
Legislation to provide
at lower
.
State
local
report.
thought that personal income and
would
in
"These tremendous threatened
Graves,
State Commissioner of Taxation and Finance, speaking
before the Group II meeting of the New York Bankers
Association here
to day, said that, while he was reluctant to advise
it, he believed that a
general manufacturers' sales tax was needed at the present time and that
it should be substituted for State and local retail sales taxes.
If
deficits
$170,000,000.
revenue
for the above subjects.
May Add, Other Subjects
The
Governor
wrote
he
might add other subjects to the call if their
necessity is indicated before April 15, when he expects to issue the extra¬
ordinary session summons.
He also said he could not offer a detailed plan for
raising the needed
until completion of studies by the Department of Revenue
and the
Budget Bureau.
He said he will be glad to present the suggestions if the
revenue
committee desires.
United States—Passamaquoddy Tidal Power and Florida
Ship Canal Projects Denied Further Federal Allotments—No
more money will be allocated to the
Passamaquoddy "tideharnessing" power project in Eastport, Maine, or the Florida
Ship Canal from present funds, it was stated by President
Roosevelt on April 15.
Work will be continued on these two
major projects, he added, only if Congress sees fit to ap¬
propriate money for that specific purposes after current
allotments of relief money are exhausted.
dispatch from Washington
to say:
on
A United Press
the 15th had the following
The Passamaquoddy tidal power and the Florida
ship canal project are
Congress authorized more funds for them, President Roosevelt
said today at his press conference.
The Chief Executive pointed out that the projects would
get no more
relief funds and added that the whole thing was up to
Congress.
out unless
He explained some way may be found to carry out
modifications in the
plans.
Mr.
Roosevelt's
observations
discussion of flood control.
ago
on
the two projects came In a
general
He reminded newspaper men that some
time
a year for public works with flood control
he suggested $500,000,000
included.
Meanwhile the Senate Commerce Committee today decided
that the
Federal Government should pay the entire cost of all flood control
projects.
The Committee considered the Wilson-Copeland flood
control
bill in
executive session.
The decision will increase the cost provided in the bill now
pending before
the Committee from $308,000,000 to $400,000,000.
United States—Federal Allotments of $5,586,556
for Flood
Projects Announced—Allotments aggregating $5,586,556 for
425 flood control and rehabilitation projects in six States
were announced on April 16 by
Harry L. Hopkins, Works
Progress Administrator.
Designated for what he described
as
"the most urgent types of work," the allotments
first
were
the
approved under the special $25,000,000 Works Progress
Financial
2706
Administration flood control fund established by President
Roosevelt.
We quote in part as follows from a Washington
the subject to the New York "Herald Tribune"
of April 17:
report
the
Capitol looking to Congressional consideration of a broad flood control
program.
Representative Bert Lord, Republican, of New York, in a plea
the floor of the House for quick action on a legislative program for
flood control, asked members from New York, Pennsylvania and New
England States to meet with him to develop a plan.
He first called the
meeting for this afternoon, but later postponed it until tomorrow.
He held
that organized effort was urgent in view of newspaper reports that President
Roosevelt was unfamiliar with the numerous flood control bills introduced
in Congress.
Meanwhile, the Senate Commerce Committee, which is considering the
$425,000,000 Wilson-Copeland flood control bill, encountered difficulty
over an amendment adopted yesterday to provide for Government pay¬
ment not only of construction costs but damages arising out of projects.
The change was sponsored by Senator Joseph F. Guffey, Democrat, of
Pennsylvania, but Senator Morris Sheppard, Democrat, of Texas, filed a
motion today for reconsideration.
Senator Sheppard is Chairman of the
subcommittee on flood control.
on
Flood Fund
April 18 > 1936
"The low price for funding notes in 1934 was 62.50 compared to 92.78,
the latest price paid.
The low on certificates of indebtedness jumped
from 79.50 to 84.92."
?
FORT SMITH, Ark —BOND
on
The Administrator's action coincided with activity at both ends of
be scheduled for May
ELECTION—A special election is said to
13, in order to vote on the issuance of $30,000
in
bonds.
airport
POINSETT COUNTY DRAINAGE DISTRICT NO. 7
Ark.—BOND REFUNDING
boro),
(P. O. Jones-
COMPLETED—The above district
of $5,600,000 bonded indebted¬
ness at 25.879 cents on the dollar, and a petition for discharge from bank¬
ruptcy is expected to be filed soon in the United States District Court.
The District is reported to be one of the first of the larger improvement
districts of the South to complete refinancing of its indebtedness.
is
said
have completed the refunding
to
california municipals
$150,000 San Francisco, Water 4s
Dec.
Bids and
offerings
on
1,
1950—2.70%
all California names are solicited
Allotments
Hopkins
WPA flood fund allotments announced by Mr.
as
Chronicle
were
Boothe, Gillette & Co.
distributed
follows:
Ill
Massachusetts, 64 projects, $733,219.
Pennsylvania, 20 projects, $523,208.
Maine. 138 projects, $1,412,277.
Connecticut, 104 projects, $2,351,357.
West 7th
LCS ANGELES
St.
Teletype LA 566
CALIFORNIA
1
Virginia, 32 projects, $89,443.
West Virginia, 67 projects, $476,052.
CALIFORNIA
The projects included more in the rehabilitation than in the flood-control
calling for work on bridges, highways, streets, parks, public
buildings, reservoirs and sanitation systems damaged in the recent floods.
category,
(State of)—BOND OFFERING—Charles G. Johnson.
State Treasurer, will receive bids until May 14 for the purchase of $54,000
2M% State Park bonds.
Dated Jan. 2, 1929.
Certified check for 10%
of amount of bonds, required.
KERN COUNTY SCHOOL DISTRICT (P. O. Bakersfield), Calif.
County Supervisors will receive bids until
May 4, for the purchase of $30,000 5% bonds of Rockpile School District .
—BOND OFFERING—The
OFFERINGS
WANTED
ANGELES
METROPOLITAN
WATER
DISTRICT
(P. O.
Angeles), Calif.—BOND SALE—The Reconstruction Finance Corp,,
Avorks
Dated
May 1, 1936. Due $328,000 annually on May 1 from 1951 to 1986, incl.
LOS
Arkansas—IIHnois^-Missouri—Oklahoma
Los
MUNICIPAL BONDS
the only bidder, was awarded the $11,808,000 Colorado River water
bonds offered on April 10—V. 142, p. 2027.
The bid was par for 5s.
Francis, Bro. & Co.
ESTABLISHED
Investment
ST.
SACRAMENTO,
Calif.—BOND OFFERING—Joseph
H.
Stephens.
City Treasurer, will receive bids until 10 a. m. April 21, for the purchase of
$101,000 street bridge improvement bonds.
Interest is not to exceed 4%.
1877
Securities
TULSA
LOUIS
SACRAMENTO COUNTY SCHOOL DISTRICT (P. O. Sacramento),
Calif.—BOND SALE—The district has sold $6,000 3H% bonds of Walnut
Grove School District to Dean Witter & Co. of San Francisco, at par.
SAN MATEO COUNTY SCHOOL DISTRICT (P. O. Redwood City),
OFFERING—'The County Supervisors will receive bids
Calif.—BOND
Bond Proposals
and Negotiations
until
10 a. m. April 27 for the purchase of $85,000 5% bonds of Jefferson
Union High School District.
Dcnom. $1,000.
Certified check for $1,000
required.
SANTA
CLARA
COUNTY
CONSERVATION
DISTRICT
(P.
O.
San Jose), Calif.—BOND ELECTION—It is stated by the Deputy Clerk
ALABAMA
of the Board of
in order to
Municipal Bonds
County Supervisors that an election will be held on May 12,
vote on the issuance of $400,000 in conservation project bonds.
SOUTH SAN
JOAQUIN IRRIGATION DISTRICT (P. O. Manteca),
Calif.—REPORT ON BOND DEPOSITS—Approximately 86% of the bonds
EQUITABLE
Securities
New
of the above district
expected to be forthcoming at an early date.
over
70%
on
deposit with the bondholders' committee,
is reported.
Actual payment is
COLORADO
Memphis
Knoxvllle
Chattanooga
COLORADO,
response
to
of—HIGHWAY
WARRANT
SALE
TENTA¬
anticipation warrants and, if an interest rate of betAveen 3H % and
4% is obtained, to sell another $12,500,000 at the same time.
revenue
CITY, Ala.—REPORT ON PROGRESS OF
BOND REFUNDING PLAN—In
State
TIVELY SCHEDULED—The State Highway Advisory Board is said to
have tentatively agreed on a plan to sell immediately $12,500,000 highAvay
ALABAMA
PHEN1X
are now
of the Melones issue, it
Nashville
York
Birmingham
and
Corporation
an
WATERWORKS
inquiry
the following
by the City Clerk:
"City of Phenix City, Alabama, has issued, as of July 1, 1935, a series of
refunding bonds in the principal face amount of $180,000 for the purpose
of refunding the bonds assumed by that city, which refunding bonds were
issued under authority of a decree of the United States District Court for
the Middle District of Alabama.
The waterworks plant and system of the
city of Phenix City is now being operated and has, since Oct. 7, 1933,
been operated, by a receiver appointed by said United States District Court.
The said refunding bonds are due on or before July 1,1955, and bear interest
at the rate of 4M % per annum, instead of 5%, the rate of interest on the
Alabama Water Service Co. bonds.
Interest has been paid on all of the
assumed bonds to and including July 1, 1935, and has been paid to and
including Jan. 1, 1936, on all of the refunding bonds which have been
exchanged for bonds originally assumed."
statement was sent to us
COLORADO,
State
of—REPORT ON
WARRANT OFFERING
PRO¬
CEEDINGS—It is stated by Governor Edwin C. Johnson that the offering
details on the $25,000,000 State Highway Fund anticipation warrants
are toeing prepared and will be made public shortly.
He reports that the
legal firms of Pershing, Nye, Bosworth & Dick of Denver, and Masslich &
Mitchell of New York City will be the bond counsel on the warrants.
DENVER (City and County), Colo.—BOND CALL—Various storm
district, sanitary sewer district, sidewalk district, improvement
district, alley paving district and street paving district bonds are being
called for redemption at the office of the City Treasurer on April 30, or on
sewer
10 days' notice before expiration of call, at the Bankers Trust Co. in New
York.
OTERO COUNTY (P. O. La Junta) Colo.— WARRANTS CALLED—
The County Treasurer is said to have called for payment various school and
county warrants.
Interest ceased on the school warrants on April 3, and
shall cease on the county warrants on May 2.
WELD COUNTY SCHOOL DISTRICT NO. 96 (P. O. Keensburg)
Colo.—BONDS VOTED—It is stated by the Superintendent of Schools
on March 28—V. 142, p. 2368—the voters approved
the issuance of the $27,000 in 4H % refunding bonds.
that at the election held
CONNECTICUT
HARTFORD,
Conn.—BOND
OFFERING—George H. Gabb,
City
Treasurer, will receive sealed bids until April 27 for the purchase of $450,000
1% refunding bonds, dated May 1, 1936, and due serially in from 1 to 5
years.
DELAWARE
SEAFORD, Del.—BOND OFFERING—H. Milton James, Town Clerk,
for the purchase of $150,000 4%
coupon,
registerable, municipal electric light and power plant bonds.
Denom. $1,000.
Dated May 15, 1936.
Principal and semi-annual interest
(May 15 and Nov. 15) payable at the First National Bank of Seaford.
Due $10,000 on May 15 in each of the years from 1941 to 1955, incl.;
callable after five years.
Certified check for 5% of amount of bonds bid
for, payable to the town, required.
will receive bids until 2p.m. April 27,
FLORIDA
FORT
PIERCE,
Fla.—BOND
VALIDATION PENDING—In a suit
by Gardner Nottingham, City Attorney, an order giving the State a
period of 18 days in which to show cause why an issue of $149,000 electric
ligtit plant bonds should not be validated, was signed recently by Judge
Thomas, according to news reports.
This order is said to have been the
opening action in the validation proceedings of the city on a bond issue which
the Public Works Administration has agreed to accept for a $212,000 loan
with which to provide expansion for the plant.
filed
ARKANSAS
of—BOND REFUNDING
State
ARKANSAS,
PROGRAM EFFECTS
Associated
SAVIArG OF OVER $2,000,000—The following is the text of an
dispatch from Little Rock on April 10:
M*"State Refunding Supervisor J. O. Goff announced today that a saving
of more than $2,000,000 had been effected by the State during the past
18 months through the bond refunding program.
L*"The discount on purchases before maturity since the first tenders of
outstanding obligations Sept. 19, 1934, Avas listed today by Mr. Goff as
$2,052,558.68.
'
"The records showed the State had taken up bonds of a par value of
Press
,
$7,523,784.21 through the expenditure of $5,471,225.46 in cash since
program Avas launched to restore the credit of Arkansas.
"Five tenders have been held, the largest savings being made on
first due to the low prices at which Arkansas bonds Avere quoted on
open market at that time.
"Where the purchase price
paid
the
the
the
by the State for road improvement
59 to 66.90, a top price of 83.77 was
District A bonds in 1934 ranged from
paid for the same class of securities at this Aveek's tender.
"Road improvement District B bonds ranged from 28 to 39 when
two years ago, but the same issue brought a top of 54.59 this week.
"...
.
'
•
\
bought
JACKSONVILLE, Fla.—MOVE MADE TO RETAIN CITY'S BOND
Jacksonville "Times-Union" of April 8 carried the
following report on the city's present credit rating:
"City Commissioners moved yesterday afternoon to keep the City of
Jacksonville on the 'preferred list' of municipal bonds.
"This rating has been enjoyed by the city for a number of years and
means that its bonds are, as the designation implies, on a preferential list
of municipal securities.
"To be on the 'preferred list,' a city's debt cannot exceed 7% of the
valuation of the taxable property for the assessment of taxes.
"Commissioners were apprised in a letter from the Commissioner of Banks
of the State of Massachusetts that Jacksonville has fallen from the list by a
matter of about $50,000.
"The communication set forth that Jacksonville's total debt is $11,158,401 and that securities, which haAre liens against utility earnings or liens
STANDING—The
Financial
Volume 142
2707
Chronicle
GALVA
TOWNSHIP
recent election
a
(P.
Galva),
O.
111.—BONDS
VOTED—At
a
proposal to issue $60,000 bonds was approved by a vote
of 317 to 123.
BONDS
FLORIDA
LYONS TOWNSHIP HIGH SCHOOL DISTRICT No. 204 (P. O.
LaGrange), 111.—BOND SALE—The issue of $45,000 coupon, registerable
to principal, refunding bonds offered on April 15—V. 142, p. 2542—
was awaraed to T. E. Joiner & Co., of Chicago.
The successful bid was
an offer to take the bonds as 2Ms, at a premium of $71.90, equal to 100.159,
a
basis of about 2.48%.
The Harris Trust & Savings Bank of Chicago
as
PIERCE-BIESE CORPORATION
Orlando
Tampa
bid
on
JACKSONVILLE
a
premium of $717 for 3s.
Dated May 1, 1936.
to 1949, inclusive.
Due $5,000 yearly
Nov. 1 from 1941
Miami
INDIANA
CALUMET SCHOOL TOWNSHIP (P. O. Gary), Ind.—BOND OFFERr
ING—The Township Trustee will receive bids until 7:30 p. m. April 30 for
the purchase of $11,000 school bonds.
Florida
Municipals
LEESBURG,
MUNCIE, Ind.—LIST OF BIDS—The following is
Fla.
Valley Trust Co. of Peru, as reported previously in these columns:
rrTTTTTTTTTTMTrWCri
10
$180,000.00 Issue
Int. Rule
Bidder—
Wabash Valley Trust Co., Peru
Merchants National Bank, Muncie
A.
FLORIDA
further that $150,338,760 represents the actual value
represents property not subject to
of property here and that $23,338,760
taxes because of the operation of the
leaves a balance of $127,625,520.
Homestead Exemption Act.
This
"Seven per cent of that figure is $8,933,785, which represents about
$52,000 under the amount of Jacksonville's net debt.
"In taking its action, the Commissioners were informed by Finance
Commissioner Fred M. Valz that certain types of certificates of indebted¬
ness are deductible from the total to be considered as the net debt.
He
expressed the belief that the city has outstanding more than the $50,000
purchase of property for park purposes.
"He said he wras confident that deduction of this amount would bring
in certificates for the
the city back into
the 'charmed' circle as regards to the bond investment
market.
"The matter was referred to
and make
a
S.
City Attorney Austin Miller to investigate
PENSACOLA, Fla.—SUPREME COURT APPROVES BOND
REFUND¬
City Manager, that the decision of
the issuance of $522,000 in 4M%
semi-ann. refunding bonds gives the city authority only to exchange the
lefunding bonds for the present outstanding bonds, if the new bonds are to
carry with them the same security as the original issue outstanding before
the adoption of the Homestead Exemption Amendment Law in November,
1934.
It is expected that the new bonds will be offered on this basis in the
near
future.
Denom. $1,000.
Dated July 1, 1936.
Prin. and int.
(J. & J.) payable in New York City.
Legality to be approved by Masslich
ING— It is stated by George J. Roark,
State Supreme Court permitting
the
& Mitchell of New York City.
SEBRING, FlaBOND SETTLEMENT PROPOSAL REJECTED—
The Sebring bondholders protective committee has turned down the freeholders-sponsored proposal for a compromise settlement of the $3,000,000
debt, E. M. Bancroft of Toledo, Ohio, wrote the city council that the
major points of the plan are not acceptable and cannot be considered.
The
door is left open for further negotiations, but not with the freeholders' plan
as a basis.
The Freeholders Association will try again and has recommended
to the council the appointment of John E.
Connelly of New York and
John O. Wilson of Camden, N. J., as the city's representatives in another
attempt to secure a settlement satisfactory to both sides.
The city council
is expected to appoint a third representative.
2,178.00
$136.00
3)4%
3M%
3M%
3M%
3 M%
3M %
1,533.00
1,404.85
1,241.00
932.40
557.00
25.00
Huyck & Co.; Robinson & Co., and Channer
Seasongood & Mayer, Cincinnati
Brown Harriman & Co., Inc., Chicago
Bancamerica-Blair Corp., Chicago.
Stokes, Woolf& Co., Inc., Chicago
Walter, Woody & Heimerdinger, Cincinnati
—
_
$125,000.00 Issue
Int. Rate
Bidder—
Wabash Valley Trust
Co., Peru.____
Walter, Woody & Heimerdinger,Cincinnati________
A. S. Huyck & Co.; Robinson & Co., and Channer
—
Securities Co., ChicagoBrown Harriman & Co., Inc.,
Chicago
Bancamerica-Blair Corp., Chicago
Seasongood & Mayer, Cincinnati
Merchants National Bank, Muncie
Stokes, Woolf & Co., Inc., Chicago
PATRIOT
report."
Premium
3%
3M%
Securities Co., Chicago
property
debt of $8,985,827.
"The letter says
complete list of the
a
bids submitted for the $305,000 bonds awarded on April 10 to the Wabash
oaBBHuBaaEorn
Orlando
Harley, Town Clerk,
$4,750 4% town building bonds. Denom. $475. Dated April 1, 1936. Prin¬
cipal and annual interest (July 1) payable at the Peoples State Bank, of
Leesburg. Due $475 yearly on Jan. 1 from 1938 to 1947.
LEEDY. WHEELER_& CO
Jacksonville,
Ind.—BOND OFFERING—Lloyd
will receive bids until 2p.m. May 11 for the purchase at not less than par of
—
Premium
3%
3%
$51.00
25.00
3M%
3M %
3M%
3M%
3M%
3M%
1,687.50
1,687.00
1,657.50
1,325.95
1,451.00
1,197.50
AND POSEY TOWNSHIP CONSOLIDATED
SCHOOL DISTRICT (P. O. Vevay), Ind.—BOND SALE— The issue of
$10,995 school bonds offered on March 21—V. 142, p. 1862—was awarded
to A. W. Sickna of Patriot as 4s, at par plus a premium of $65.
Dated
April 1, 1936.
Denoms. $663 and $70.
Due serially in from 1 to 15 years.
Interest payable J. & J.
(TOWN)
Ind.—WARRANT SALE—Clarence B. Jordan, Clerkus that $12,000 5%
time warrants, issued to meet
awarded on April 13 to the Rush County National
Rushville at par plus a premium of $1.
Dated April 13, 1936
July 2, 1936.
It was previously reported that the offering would
RUSHVILLE,
informs
Treasurer,
current expenses, were
Bank of
and due
consist of $12,000 bonds.
TERRE HAUTE,
Ind.—BOND SALE—The issue of $17,500 city hall
10—V. 142, p. 2369—was awarded to Robinson
3Ms, at par plus a premium of $112, equal to
site bonds offered on April
& Co., Inc., of Chicago as
100.64.
UNION SCHOOL TOWNSHIP (P. O. Union
OFFERING—Everett
C.
Dennis,
School
Trustee,
Center), Ind.—BOND
bids until
will receive
1.30 p. m. May 2 for the purchase of $30,000 4% coupon school building
bonds.
Denom. $500.
Dated May 15, 1936.
Prin. and semi-ann. int.
(J. & J. 1) payable at the First State Bank in Huntington.
Due yearly
July 1 as follows: $2,500, 1937; $3,000, 1938, and $3,500, 1939 to 1945,
Certified check for $800, payable to the School Trustee, required.
on
incl.
GEORGIA
(P. O. Atlanta), Ga —TEMPORARY LOAN—
The County Board of Commissioners is said to have approved recently
a loan of $26,000 from the Trust Co.
of Georgia, of Atlanta, at 3%.
FULTON
IOWA
COUNTY
IDAHO
WORLEY,
Idaho—BOND OFFERING—W. A. Curry, Village Clerk,
until 5 p. m. May 4 for the purchase of $10,000 water
ALLAMAKEE COUNTY (P. O. Waukon), Iowa—BOND OFFERING—
by C. C. Hoth, County Treasurer, that he will receive sealed
10 a. m. on April 21 for the purchase of a $44,000 issue
home bonds.
Dated May 1, 1936.
Due on Nov. 1 as follows:
$4,000 in 1937, and $5,000 from 1938 to 1945.
Bidders to name the rate
of interest.
Bonds and attorney's opinion will be furnished by the county.
It is stated
and open bids at
of county
will receive bids
which will bear interest at not more than 6%.
Denom. $100.
Dated Mav 1, 1936.
Payable on amortization plan for a period not in
ANAMOSA INDEPENDENT SCHOOL DISTRICT (P. O.
bonds,
Certified check for 5% of amount of bid, payable to
Village Treasurer, required.
excess
the
of 20 years.
ILLINOIS
III.—BONDS AUTHORIZED—An issue of $282,000
treatment plant bonds was authorized recently by the City Council.
BELLEVILLE,
sewage
DISTRICT,
III— ASSENTS TO REFUNDING
Stuart & Co., Inc., announce that in ex¬
cess of 85% of bonds of superseded park districts of Chicago Park District
have assented to the latter's refunding offer and agreement dated Jan. 14,
1936, or are in process of so doing and that they will recommend to Chicago
Park District that the offer be declared effective at their next regular
meeting, which will be held at two o'clock Tuesday, April 21 next.
The
bankers further announce that the loop banks will concur in their recom¬
CHICAGO
PARK
PLAN EXCEED 85%—Halsey,
mendation.
It
a
is
anticipated
definite date
that simultaneously with declaring the plan effective,
III.—REFUNDING PLAN DE¬
CLARED EFFECTIVE—A.
C. Allyn & Co., Inc., and Stifel, Nicolaus
& Co., Inc., refunding agents, announce on page III that the plan for re¬
financing all of the approximately $47,000,000 of county obligations, includ¬
ing those in default, was declared effective as of April 16 by a resolution
of the Board of County Commissioners.
This action followed receipt of
COOK
COUNTY
(P.
O.
Chicago),
holders of more than $41,000,000
the bonds involved in the refinancing, or in excess of 86% of the total
information from the refunding agents that
of
semi-annual school building bonds
offered on April 14—V. 142, p. 2543—were not sold as all bids were rejected.
Due serially from 1937 to 1951.
principal amount, had agreed to the refunding plan adopted by the Board
County Commissioners on Jan. 30, 1936.
Holders of certificates of
deposit will be advised when the new bonds and (or) cash are ready.
Addi¬
tional deposits of bonds to be exchanged will be accepted by the depositary,
the American National Bank & Trust Co., Chicago, until the close of
of
business May 1.
Copy of the plan will be furnished upon request of either
of the two refunding agents.
PLANS PUBLIC SALE OF BOArDS—In connection with the above an¬
nouncement, it is reported that the county plans to offer
an issue of $11,510,910 4%
series B refunding bonds,
for sale on April 22
to mature in 1951
and callable after 1946.
Proceeds of this financing would be used to redeem
in cash an equal amount of past-due obligations included in the refunding
plan.
The other $35,781,000 bonds included in the program, representing
issues maturing after June 2, 1936, will be refunded with a like amount of
20-year callable bonds bearing the same interest rates as carried on the
original indebtedness.
DUQUOIN, 111.—BOND SALE—The issue of $360,000 municipal water
works and sewage treatment bonds recently voted by the people will be
taken over by the
U. S. Government.
coupon
ANTHON SCHOOL DISTRICT (P. O. Anthon), Iowa—BOND SALE
refunding bonds is reported to have been purchased
by Jackley & Co. of Des Moines, as 3 Ms at par.
—A $15,000 issue of
FLOYD COUNTY (P. O. Charles
City), Iowa—BOND OFFERING—
C. E. Laun, County Treasurer, will receive bids until 10 a. m. April 20 for
the purchase of
$47,000 funding bonds.
Certified check or 3%, required.
GUTHRIE CENTER, Iowa—BOND OFFERING—F. L. Charter, Town
Clerk, will receive bids until 2 p. m. April 21 for the purchase of $5,000 town
hall bonds.
Dated May 1,1936.
Due $500 yearly beginning Nov. 1,1937.
HARRISON
COUNTY (P. O. Logan), Iowa—BOND OFFERING—
Auditor, will receive bids until 1:30 p. m. April 17,
of $12,000 refunding bonds.
Fred C. Behm, County
for the purchase
will be established after which dealers' compensation will
paid, and a further definite date established after which bonds will
not be accepted for deposit.
Halsey, Stuart & Co., Inc., as depositary
for Chicago Park District, declare that heavy deposits are being made with
them daily, and that all bonds which have been located are being deposited
as rapidly as necessary arrangements can be made by the owners.
not be
Anamosa),
Iowa—BONDS NOT SOLD—It is stated by the Secretary of the Board of
Directors that the $55,000 3%
HULL, Iowa—BOND SALE—A $25,000 issue of 4% semi-ann. water
reported to have been purchased at par by the Carelton
works bonds is
D. Beh Co. of Des Moines.
INDEPENDENT SCHOOL DISTRICT
KEOKUK
(P. O.
Keokuk),
Iowa—BOND SALE—The $15,000 issue of school bonds offered for sale
on
142, p. 2543—was awarded to the Carleton D. Beh Co. of
Des Moines, as 1Ms, paying a premium of $46, equal to 100.306, according
April
13—V.
Secretary.
to the District
CITY
MASON
SCHOOL
DISTRICT
(P.
O.
Mason
City)
,
Iowa—
BOND SALE—The $40,000 refunding bonds offered on April 15—V.
142,
2543—were awarded to the Carleton D. Beh Co., of Des Moines, as 2s.
for a premium of $305, equal to 100.7625, a basis of about 1.82%.
The
White-Phillips Corp., of Davenport, offered a $300 premium.
Dated
May 1, 1936.
Due on May 1 as follows:
$10,000, 1938, and $5,000, 1939
to 1944, inclusive.
p.
INDEPENDENT
MONTOUR
SALE—The
V.
SCHOOL
DISTRICT,
Iowa—BOND
April 6—
$24,900 issue of school building bonds offered on
awarded to the White-Phillips Corp. of Davenport
premium of $635, equal to 102.55, a basis of about 2.74%.
Due
142, p. 2369—was
3% for
at
on
a
Dec. 1
and yearly
as
follows:
$400, 1937; $500, 1938; $1,000, 1939, 1940 and 1941;
from 1943 to 1948; and $2,000, 1949 to 1955.
_
NASHUA, Iowa—BOND OFFERING—D. B. Grawe, Town'ClerkTwill
receive bids until 8 p. m. April 22 for the purchase of $23,000 sewer bonds.
Due Dec. 1 as follows; $1,000, 1938 to 1946, incl.; $2,000, 1947; $1,000,
1948; $2,000, 1949; $1,000, 1950; $2,000, 1951; $1,000, 1952; $2,000, 1953;
$1,000. 1954, and $2.000> 1955.
RIVERTON
Iowa—BOND
TOWNSHIP SCHOOL DISTRICT (P. O. Spencer),
SALE—The $7,000 issue of school bonds offered for sale
April 14—V. 142, p. 2543—was awarded to the Carleton D. Beh Co.
of Des Moines, as 2Ms, paying a premium of $18.00, equal to 100.25, a
basis of about 2.18%.
Dated May 1, 1936.
Due $1,000 from May 1,
on
1937 to 1943, inclusive.
EVANSTON, 111.—BOND SALE— An issue of $59,000 3% funding bonds
offered on April 13, was awarded to H. L. Harker & Co. of Chicago, for a
premium of $2,136.09, equal to 103.62, a basis of about 2.45%.
Dated
April 1,1936. Due April 1 as follows: $5,000, 1938 to 1947, and $9,000, 1948.
WARE CONSOLIDATED
SCHOOL DISTRICT (P. O. Ware), Iowa
—BONDS SOLD—A $15,000 issue of refunding bonds is reported to have
been purchased
by Jackley & Co. of Des Moines, as 3Ms, at par.
Financial
2708
IOWA, State of—REPORT ON RESULTS OF PRIMARY ROAD RE¬
FUNDING BOND SALES BY COUNTIES—The following detailed state¬
ment, showing the results of sales of primary road
Iowa counties (delivery May 1, 1936), was sent to
State Highway Commission:
refunding bonds of 57
us on April 9 by the
Interest Rate
Maturities
Issue
New
Premium
in Years
Called
Issue
Paid
Madison
Montgomery
_
Mills
Winnebago
Decatur
Franklin
Chickasaw
Allamakee
Des Moines..
Fremont
Fayette
Clay
*$104,000
*180,000
*270,000
*190,000
*270,000
*51,000
*383,000
*8,000
*396,000
*10,000
*38,000
*9,000
*180,000
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
13
13
16
17
19
19
23
24
25
25
17
26
20
4.25
4.25
4.75
4.474
4.25
4.5
4.75
4.25
4.409
4.25
4.25
4.25
4.25
Issue
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
9
9
10
4.25
4.235
4.557
10
10
11
11
12
12
13
16
16
17
18
18
20
23
24
25
25
4.5
IK
IK
2.00
2.00
1K
1%
IK
1 K
IK
IK
IK
IK
IK
Guthrie
Audubon
Linn.
Tama
+$105,000
+221.000
fl,026,000
t419,000
t810,000
t586,000
t721,000
t540,000
+486,000
t225.000
Grundy
Story
Crawford
Union
+653,000
+418,000
+1,238,000
+270,000
+243,000
Webster
Page.
Hancock
Appanoose...
Marion
+223,000
+694,000
Winneshiek...
Muscatine....
Clayton
+540,000
+493,000
+207,000
4.417
4.4095
4.328
4.625
4.315
4.75
4.457
4.5
4.527
4.5
4.5
4.455
4.57
4.5
4.5
4.637
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
2 0
2.0
2.0
1.5
1.75
1.75
1.75
1.75
1.75
1.75
+$158,000
+316.000
+1,040,000
..+1.170,000
+959,000
+761,000
Shelby
Pottawattamie
Cass
Hardin
Carroll
Hamilton
Kossuth
4.5
4.11
4.32
4.37
3.9
4.345
1.5
4.464
3.0
2.89
2.0
4.1
—
1,151.00
29.00
111-00
10.00
70-1.00
351.00
551.00
7,801.00
1,876.00
4,301.00
EMPORIA. Kan.—BONDS DEFEATED—At the election held on April 7
—V. 142, p. 2029—the voters are said to
ance of $150,000 in city hall bonds.
have defeated the proposed issu¬
HOLTON, Kan .—BOND SALE—It is reported by the City Clerk that
$6,555 swimming pool bonds approved by the voters on April 7 were pur¬
chased by Beecroft, Cole & Co. of Topeka.
JUNCTION
-
5,401.00
2,901.00
2,476.00
2,001.00
1,651.00
3,401.00
2,601.00
9,901.00
701.00
751.00
601.00
301.00
951.00
1,901.00
2,001.00
5.0
4.26
3.99
4.38
4.69
4.93
3.5
4.47
4.23
4.85
4.3
5.0
4.338
4.5
4.37
4.5
4.419
4.414
4.423
IK
IK
IK
IK
IK
2.00
$976.00
2,001.00
701.00
1,201.00
1,00
2,401.00
4.46
4.46
4.5
5.0
4.87
4.36
CITY, Kan.—BONDS DEFEATED—At the election held
on April 7 the voters rejected the issuance of $25,000 in swimming pool
bonds, according to the City Clerk
NICKERSON,
Kan.—CORRECTION—We are now informed that no
dis¬
142,
was held on April 7 to vote on the issuance of $29,500 in gas
tribution bonds, as had been reported in these columns recently—V.
election
2197.
p.
NORTON
SCHOOL
VOTED—At
the
(P. O. Norton), Kan.—BONDS
April 7—V. 142, p. 2370—the voters
DISTRICT
held
election
on
approved the issuance of the $50,000 in school building bonds by a count
of 390 to 175.
The issuance of these bonds is contingent upon the approval
of
4.0
4.2
4.25
3.42
5.0Q
4.42
4.5
11
11
12
12
Mar. 13
Mar. 16
Mar.
Mar.
Mar.
Mar.
reported the sale of these bonds to the Ranson-Davidson Co. of Wichita—
V. 142, p. 2369.)
4.37
$52,420,00
$10,118,000
Iowa
$326.00
401.00
1,251.00
451.00
1.00
221.00
1,651.00
$6,304.00
$2,089,000
Jasper.......
Black Hawki.
Dallas.......
Dubuque
1936
New
Sale
Bonds
Adair
April 18,
CRAWFORD COUNTY (P. O. Girard), Kan.—BONDS SOLD—We
are informed by Ira L. Harper, County Clerk, that $45,000 public assistance
bonds were sold to the State School Fund Commission.
(We had previously
Average
Aver, of
Amount of Date of
County
Chronicle
a
PWA allotment for the project.
SEDGWICK COUNTY (P. O.
Sealed bids will be received until 9
Wichita), Kan.—BOND OFFERING—
April 22 by the County Clerk,
semi-annual public work relief
1936.
Due in approximately
equal instalments in from one to ten years.
The printing of said bonds
and transcript thereon will be furnished by the county.
A certified check
for 2% of the bid is required.
a. m. on
for the purchase of a $40,000 issue of 2 K%
bonds.
Denom. $1,000.
Dated March 15,
VERMILION, Kan.—BONDS VOTED—At the election held on April 6
142, p. 2370—tne voters approved the issuance of the $21,000 water
by a count of 96 to 47.
These bonds are to be issued subject
to the approval of a Public Works Administration grant on the project.
—V.
works bonds
KENTUCKY
LOUISVILLE, Ky.—BOND SALE—The two issues of 4% coupon street
improvement bonds aggregating $10,510.74, offered for sale on April 14—
V. 142, p. 2544—were purchased at par by the Public Works Administra¬
The bonds are divided as follows:
tion.
$7,269.99 Series C bonds.
March 8, 1940.
3,240.75 Series D bonds.
March 22. 1940.
No other bids
MASON
were
Due from March 8, 1937 to 1945, callable after
Due from March 22, 1937 to 1945, callable after
received, according to the Director of Finance.
COUNTY
(P. O. Marysville), Ky.—BONDS CALLED—The
County Treasurer is said to be calling for payment on May 1 the entire issue
of road and bridge bonds, dated Nov. 1, 1925.
+406,000
Mar. 18
4.353
2.00
4,051.00
4.45
Mar. 19
Mar. 20
Mar. 20
4.75
4.25
4.594
IK
2.0
2.0
776.00
3,626.00
2,951.00
4.4
Monroe.
+329,000
+360,000
+298,000
Floyd
+126,000
Mar. 23
4.428
IK
151.00
5.00
+167,000
Mar. 23
4.385
IK
501.00
3.856
held
321.00
4.37
struction bonds.
4.151.00
4.15
Emmet
Mahaska
Bremer
+131,000
Mar. 26
4.5
IK
+449.000
Boone
Mar. 17
4.384
2.0
Warren......
Wayne
Taylor
d50,000
A68.000
Mar.
9
Mar.
9
Mar. 10
Mar. 19
C495 000
Mar. 18
Keokuk
e282.000
Mar. 24
Mar. 24
Delaware
Clinton
Washington..
§$392,000
a465,000
ell7,000
4.672
IK
IK
K
IK
4K
4K
IK
IK
Lee
Jefferson
VanBuren...
r$300,000
*12,000
290,000
4.43
4.38
1.5
3.9
5.0
3.978
4.41
826.00
$2,877.00
$399,000
Mar. 26
Mar. 27
April 3
4K
4K
4K
IK
1 0
IK
$21,148,000
$1,476.00
40.00
226.00
4.27
1.5
3.5
(P.
O.
Bunkie),
La.—BONDS OFFERED TO PUBLIC—The Ernest
refunding bonds.
Denom. $500.
Dated Feb. 15, 1936.
Prin.
and int. (F. & A.) payable at the Chase National Bank, New York City.
Legal opinion by Chapman & Cutler of Chicago.
5%
CALCASIEU PARISH SCHOOL DISTRICTS (P. O. Lake'Charles),
La.—BONDS VOTED—It is stated by the Superintendent of Schools that
April 6—V. 142, p. 1864—the voters approved the
issuance of the $175,000 in school bonds, divided as follows: $75,000 Iowa
School
District; $50,000 Starks School District, and $50,000 Westlake
at the election held on
NO.
These bonds
1
are
said to be scheduled for sale early
SCHOOL
DISTRICT
O. Harrisonburg), La.—BOND ELECTION—An election is
May 5, to vote on $90,000 in school construction
(P.
PARISH
CONSOLIDATED
bonds.
LOUISIANA (State of)—BOND SALE— The $2,500,000 issue of 4K%
Vieth, Duncan, Worley & Wood, Davenport, Iowa, and Central
National Bank & Trust Co., Des Moines, Iowa.
+ Halsey, Stuart & Co., Chicago. 111.
+ Iowa-Des Moines National Bank & Trust Co.. Des Moines, Iowa;
Harris Trust & Savings Bank,
Chicago, 111.; White-Phillips Co., Davenport,
IOWft
§ Mississippi Valley Trust Co., St. Louis, Mo.
F. S. Moseley & Co.*Chicago, 111.
d First National Bank,' DeWitt, Iowa.
h Wheelock & Cummings, Des Moines, Iowa.
c Brown Harriman & Co.,
Chicago; First of Michigan Corp., Chicago;
Jackley & Co., Des Moines; Wells-Dickey Co., Minneapolis.
e Fidelity
Savings Bank, Marshalltown, Iowa; Mahaska State Bank,
Oskaloosa, Iowa; First National Bank, DeWitt, Iowa.
v Jackley & Co., Des
Moines, Iowa; First of Michigan Corp., Chicago;
* Dexter
Co., Fairfield, Iowa.
z Centerville National
Bank, Centerville, Iowa; Iowa Trust & Savings
a
Bank.
WEBSTER COUNTY (P. O. Fort Dodge), Iowa—BOND SALE—
The $102,700 bonds offered on April 16—V. 142, p. 2543—were disposed
as follows:
of
$95,000 funding bonds to the Iowa-Des Moines National Bank & Trust Co.,
of Des Moines, as 2J^s, for a premium of $1,530, equal to 101.61,
a basis of about 2.31%.
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 1948.
7,700 bridge funding bonds to Shaw, McDermott & Sparks, of Des
Moines, as 2Ms, for a premium of $67, equal to 100.87, a basis of
about 2.10%.
Due on April 1 as follows:
$700, 1940; $2,000,
1941 to 1943, and $1,000 in 1944.
Dated April 1, 1936.
Principal and'interest (A. & O.) payable at the
office of the County Treasurer.
Vieth, Duncan, Worley & Wood, of
Davenport, were second high bidders on both issues, offering a premium
of $1,525 for the $95,000 block at 2K% and a premium of $66 for the
$7,700 bonds at 2 M %.
DISTRICT,
Iowa—
bids
BOND OFFERING—U. S. Butler, District Secretary, will receive
until 2 p. m. April 20 for the purchase of $47,000 school building bonds.
KANSAS
^ARKANSAS
semi-ann.
of
said to be scheduled for
entire issue, $575,817.74.
SCHOOL
BAYOU ROUGE AND HUFFPOWER DRAINAGE DISTRICT NO.
15
M. Loeb Co., Inc., of New Orleans, is offeringfor investment a $92,000 issue
CATAHOULA
*
INDEPENDENT
Allen), La.
certificates were called for payment at par at the district office
in Port Allen on April 1.
way
in June.
Names and Addresses of Buyers
WILLIAMSBURG
ATCHAFALAYA BASIN LEVEE DISTRICT (P. O. Port
School District bonds.
$96,656,00
Average Interest rate on old issues, 4.4988%.
Average interest rate on new issues, 1.7760%.
Average time of maturity in years, new issues, 4.497 years.
Average premium per $1,000 bond, $4.57.
Reduction in annual interest charges on
on
—CERTIFICATES CALLED—It is reported that Nos. 352 to 1174 of 5%
3,026.00
60.00
241.00
4,001.00
2,051.00
2.0
(P. O. Donald.
La.—BOND ELECTION—It is said that an election will be
May 19, in order to vote on the issuance of $40,000 in school con¬
sonville),
right of
,
$2,176.00
4.414
4.5
4.5
4.636
ASCENSION PARISH SCHOOL DISTRICT NO. 1
4.98
$23,809.00
$6,670,000
LOUISIANA
4.5
CITY, Kan.—BOND SALE—The $20,000 issue of 2%
refunding bonds offered for sale on April 13—V. 142, p. 2544—
was
awarded to the Home National Bank of Arkansas City, paying a
premium of $22, equal to 100.11, a basis of about 1.98%.
Dated April 1,
1936.
Due $1,000 on April 1, 1937, and $1,000 each six months there¬
after, final maturity being Oct. 1, 1946.
rCHERRYVALE SCHOOL DISTRICT (P. O. Cherryvale). Kan.—
BONDS VOTED—At the election held on April 7—V. 142, p. 2029—the
voters approved the issuance of the $50,000 in school bonds
by a wide
margin.
No date has been fixed as yet for the sale of these bonds.
series N bonds,
offered on April 17—V. 142, p. 2029—was
a syndicate composed of Graham, Parsons &
Co., Stranahan,
highway,
awarded to
Harris
& Co., Paine, Webber & Co., Hemphill, Noyes & Co., Eastman,
Dillon & Co., Keane, Taylor & Co., Eldredge & Co., the Equitable Securi¬
ties Corp., and Reynolds & Co., all of New York* the City National Bank
of Kansas
City; B. E. Webb & Co., of Minneapolis; the White-Phillips
Corp., of Davenport; Fenner & Beane, and Edward Jones & Co., both of
New Orleans; Barrow, Leary & Co., of Shreveport; Kirchofer & Arnold,
of Raleigh; Ward, Sterne & Co., of Birmingham; the First National Bank
of Mobile; the First National Bank of Montgomery, and F. E. Nolting
& Co., of Richmond.
The successful bidders offered a premium of $266,925,
making a price equivalent of 110.677, a basis of about 3.65%.
Second
high bid was an offer to pay a premium of $255,725, submitted by a group
comprising Blyth & Co., of New York; the Hibernia National Bank, of
New Orleans: Stone & Webster and Blodget; Phelps, Fenn & Co., F. S.
Moseley & Co., Bacon, Stevenson & Co., and Hannahs, Ballin & Lee, all
of New York; the Wells-Dickey Co., of Minneapolis; Newman, Harris Ss
Co., Nusloch, Baudean & Smith, Scharff & Jones, and Woolfolk, Huggins
& Shober, all of New Orleans.
Dated March 1, 1936.
Due on March 1
as follows:
$30,000, 1940 and 1941; $40,000, 1942; $50,000, 1943; $60,000,
1944; $70,000,1945; $80,000,1946; $90,000,1947; $100,000, 1948; $110,000,
1949; $120,000, 1950; $130,000, 1951; $140,000, 1952; $150,000, i953;
$160,000, 1954; $158,000. 1955; $177,000, 1956; $185,000, 1957; $195,000,
1958; $207,000, 1959, and $218,000, 1960.
NEW ORLEANS, La .—CERTIFICATES AUTHORIZED—Ordinances
authorizing the refunding of $7,854,000 in paving certificates are reported
to have been passed recently by the City Commission.
MASSACHUSETTS
BOSTON,
Mass.—NOTE
SALE—The $2,500,000 notes offered on
awarded to Salomon Bros. & Hutzler of Boston on a .96%
discount basis.
Notes are dated April 21, 1936, and mature Nov. 6,1936.
April 16
were
BOSTON
METROPOLITAN
DISTRICT
(P.
O.
Boston), Mass.—
BOND SALE—The issue of $3,815,000 coupon or registered district bonds
on April 16 was awarded to a syndicate
headed
by the First Na¬
tional Bank of New York, and incl. Blyth & Co., Salomon Bros. & Hutzler,
Lazard Freres & Co., Dick & Merle-Smith. Hemphill, Noyes & Co., E. H.
offered
Rollins
&
Sons, and Charles H.
Newton
& Co.,
all of New York, the
Northern Trust Co. of Chicago, the Mercantile Commerce Bank & Trust
Co., of St. Louis, Lawrence Stern & Co. of Chicago, and Washburn & Co.
and Newton, Abbe & Co., both of Boston.
The successful group bid 99.05
for 2K% bonds, a basis of about 2.56%.
Dated May 1, 1936. The bonds
as awarded will mature yearly on May 1 as follows:
1937, $76,000; 1938,
$78,000; 1939. $80,000; 1940, $82,000; 1941, $85,000; 1942, $86,000; 1943,
$88,000: 1944, $91,000; 1945, $93,000; 1946, $95,000; 1947, $98,000; 1948.
$100,000; 1949, $103,000; 1950, $105,000; 1951, $108,000; 1952, $110,000;
1953, $113,000; 1954, $116,000; 1955, $119,000: 1956, $122,000; 1957,
$125,000; 1958, $128,000; 1959, $132,000; 1960, $134,000:1961, $1,348,000.
The bonds are being re-offered to the public at prices to yield from
.35% to 2.58%, according to maturity.
BROOKLINE,
Mass.—BOND
SALE—The
$189,000
described below, which were offered on April 13—V.
142,
coupon
p.
bonds
2544—were
CONWAY SPRINGS SCHOOL DISTRICT (P. O. Conway
Kan.—MATURITY—It is stated by the District Clerk that the $18,000
awarded to Newton, Abbe & Co., of Boston, as 1K&
a basis of about 1.38%:
3K% school building bonds purchased by the State School Fund Com¬
mission, as noted here recently—V. 142, p. 2544—are due from Feb. 1,
$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.
Springs)*.
1937 to 1951.
at a price of 100.63,
Volume 142
Each
issue
is
Financial
dated
April
1,
1936.
Denom.
$1,000.
Principal
1 §
P payable at the First National Bank of Boston.
First Boston Corp. was
second high, offering 100.51 for 1 Mb.
Other bids were as
follows:
Name—
Newton, Abbe
rnt
&
Co., Boston
First Boston
Corp., Boston
Blyth & Co., and Tyler, Buttrick &
Co., Boston
First National Bank of
Boston.
Washburn & Co., and
Preston, Moss & Co., Boston.
Brown Harriman &
Co., New York
l'_
I
Estabrook & Co., Boston
R. L. Day &
Co., Boston
Qi-ATIA
TIT
Stone &
AU.I
.1
VM
&
-
"
"
100.63
100.51
100.46
100.29
100.2725
100.2099
100.087
100.07
l u %
/O
±74
1 % %
101.222
1*A%
Co., Boston
101.156
CHELSEA, Mass.—An
issue of $700,000 revenue anticipation
temporary
loan notes offered on
April 13 was awarded to the National Shawmut Bank
of Boston on a
.55% discount basis.
Notes are dated April 14, 1936, and
will mature Nov.
10, 1936.
Other bids
19345
were
follows:
as
Discount
& Knowles
0 56%
..
Merchants National Bank...
0.57%
0.58%
0.67%
0.685%
Jackson & Curtis
__
Faxon, Gade
& Co
First N ational Bank of Boston
c°HASSET, Mass
of
^
Co.
Boston
discount,
was
at par
—TEMPORARY LOAN—The
awarded
plus
on April 9
premium of $2.
a
were
as follows:
Bidder—
Merchants National Bank of Boston
Washburn & Co
Rockland Trust Co., Rockland
Whiting, Weeks & Knowles
New England Trust
$40,000 notes at .16%
Due Nov. 25, 1936.
Other bids
an issue of
21%
22%
22%
225%
.26%
28%
...
GLOUCESTER, Mass.—BOND
1
OFFERINGS.
Russell
Bohan, City
April 22 for the purchase at not
treasurer, will receive bids until 11 a. m.
than par of $60,000
coupon macadam loan bonds.
Bidders are to
of interest, in a
multiple of M %.
Denom. $1,000.
Dated May
1, 1936.
Principal and semi-annual interest payable at the Merchants
less
name rate
will receive bids until 11 a. m., April 23 for the purchase at discount
$300,000 revenue anticipation temporary loan notes.
Notes will be
purchaser, will be dated April 24, 1936, and will
mature Nov. 9, 1936, payable at the National Shawmut Bank of
Boston, in
Boston.
Delivery will be made at that bank on or about April 24.
Notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer &
Dodge, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
urer,
of
in denominations to suit
Financial Statement
Assessed valuation 1933
Assessed valuation 1934
Assessed valuation 1935
National Bank of Boston.
Due $12,000 yearly on May 1 from 1937 to
1941, incl.
Bonds will be prepared under the
supervision of and certified
to their genuineness
by the Merchants National Bank of Boston, and
their legality approved
by Storey, Thorndike, Palmer & Dodge of Boston,
whose opinion will be
furnished the purchaser.
Delivery will be made at
the Merchants National Bank
of Boston for Boston funds.
All legal papers
incident to the issue will be filed with
the Merchants National Bank of
Boston, where they may be inspected.
of April 1, 1936
$58,234,630
58,084,910
57,946,090
$1,863,100
1934
$300
1934
1933——
$1,945,800
1935
$41,213
$1,999,140
Gross debt
1935
Net debt
$362,364
$1,611,500
1,154,500
-
-
Sinking funds
Notes
None
outstanding for
year 1935--
-
530,000
------------
-
Tax titles held
152,334
Borrowed against tax titles.Cash on hand
438,285
none
revenue
anticipa¬
tion notes offered
on April 13—V. 142, p. 2545—were awarded to the Na¬
tional Shawmut Bank of Boston on a .30% discount basis.
Newton, Abbe
& Co. of Boston, were second in the
bidding, with .334%.
Notes will
mature Dec. 31
1936.
Other bidders
were:
Name—
Discount
Whiting, Weeks & Knowles, Boston
Premium
.34%
.35%
.374%
.38%
.38%
Leavitt & Co., New York
First National Bank of Boston
Faxon, Gade & Co., Boston
Union Market National Bank, Water town
Bank of Manhattan Co.. New York
$1.50
—-
.39%
WEBSTER, Mass .—TEMPORARY LOAN— The $200,000 notes offered
on April 16 were awarded to the Worcester
County Trust Co. of Worcester
at 0.655% discount.
Due Dec. 15, 1936.
Other bids
were as
follows:
Bidder—
Discount
Faxon, Gade & Co_____-_„-
0.66%
0.685%
0.71%
—
First National Bank of Boston
Second National Bank of Boston
Financial Statement
Uncollected
Tax Levy
$1,371,870.63
1,287,242.73
19§2
:
Buy for Our Own Account
$110.88
MICHIGAN MUNICIPALS
4,079.90
11,526.72
235,457.77
1,242,485.84
1935 assessed valuation
Tax titles April 15, 1936
Tax rate 1935
We
April 15,
1,294,984.74
$40,243,540.00
129,018.66
CrayyMcFawn & Company
31.40
Loan outstanding against tax titles
Population
DETROIT
65,741.65
-24,204
Telephone CHerry 6828
A. T. T. Tel. DET347
Bonds Outstanding as of May 1, 1936
County tuberculosis hospital
$53,000
-
Fire station
4
Highway
Municipal financial
Municipal relief
year
MICHIGAN
43 000
I —I
3361000
adjustment
88,000
65,000
91,000
478,000
5,625
6,000
912,000
60,000
School.
Sewerage
Stage Fort Park
Soldiers' Memorial and
playground
Water.
This issue
DETROIT, Mich.—BOND OFFERING—Fred T. Gies, City Comp¬
troller, will receive sealed bids until 9:30 a. m. on April 29, for the purchase
of $18,720,000 not to exceed 4% interest coupon or registered series F
refunding bonds.
Dated June 1, 1936,
Denom. $1,000.
Due June 1 as
$325,000, 1937 to 1946, incl.; $845,000 in 1947 and $975,000 from
1948 to 1962, incl.
Principal and interest (J. & D.) payable in lawful money
of the United States at the current official bank of the
city in New York
follows:
City
or
at the City Treasurer's office.
Bids must be for "all
or
none" of
the issue and the interest rate
Total
$2,137,625
GRAFTON, Mass.—NOTE
has
been
awarded
to
SALE—An issue of $75,000 temporary loan
Worcester County Trust Co. on a
.38%
the
discount basis.
Notes will mature March 16.
Merchants National Bank of
Boston, .55%,
Boston,
1937.
and
.58%.
GROTON, Mass.—TEMPORARY LOAN—The
of Boston has been awarded
an
issue of
at .21% discount.
Other bids were
Bidder—
Merchants National Bank of Boston
Newton, Abbe & Co
Jackson & Curtis
MASSACHUSETTS
Other bidders
Faxon,
Gade
were:
&
Co.,
New England Trust Co.
$30,000 notes, due Nov. 18, 1936,
folows:
as
Discount
26%
268%
29%
(State
of)—NOTE OFFERING—State Treasurer
Charles F. Hurley will receive bids until noon
April 21 for the purchase on
an interest basis of
$2,086,300 notes, dated April 24, 1936, due Nov. 22,
1936, issued under the provisions of Section 11 of Chapter 159 of the
Special
Acts of 1918, as amended, in
anticipation of assessments against certain
cities and towns in the Metropolitan District for
the payment of the Boston
Elevated Railway Co.
deficiency.
The notes are direct obligations of the
Commonwealth of Massachusetts.
Interest
on
the notes
will
be payable
at maturity, figured on a
360-day year basis. Delivery to be made
Principal and interest payable in Boston or New York at option of
at Boston.
or rates must be expressed in a multiple of
than two different interest rates may be named in the
d.
Award will be made on the basis of the tender figuring the lowest net
interest cost to the city after deducting premium.
A certified check for
2% of the bonds, payable to the order of the city, must accompany each
proposal.
Bids are to be conditioned only on the approval of Thomson,
^
of 1
%.
Not
EAST LANSING SCHOOL DISTRICT, Mich.—BOND OFFERING—
Nahstoll, Secretary of the Board of Education, will receive bids
noon April 20 for the purchase at not less than
par of $75,000 4%
coupon
school building remodeling and improvement bonds.
Denom.
$1,000.
Dated Feb. 1, 1936.
Interest payable Feb. 1 and Aug. 1.
Due
on Feb. 1 as follows:
$3,000, 1938; $4,000, 1939 to 1944; $5,000, 1945 to
Ida W.
until
1950; and $6,000, 1951 to 1953.1 Cert, check for 5% of amount of bonds
bid for, pa/ ble to the Board of Education, required.
Purchaser will be
required to furnish and print the bonds.
Financial Statistics
.
Assessed tax valuation, 1935 (Regular taxes are collected Dec. 1
to March 1 each year)
Tax rate per $1,000 for operating
SIGNS BILL FOR AID¬
up
to
$50,000 for expenditures made necessary by the floods,
according to Boston
advices.
NORTH ADAMS, Mass.—NOTE OFFERING—Adrien
Bonvouloir, City
Treasurer, will receive bids until noon April 18 for the purchase at discount
of a temporary loan of $100,000, issued in
anticipation of revenue.
Notes
will be in denominations to suit the
purchaser, will be payable Dec. 10,
1936 at the Merchants National Bank of
Boston, in Boston.
The Mer¬
chants National Bank of Boston will
certify that the notes are issued under
the authority of an order of the City Council of North
Adams, the legality
of which has been approved
by Storey, Thorndike, Palmer & Dodge of
Boston and that the signatures thereon are
genuine.
The legal papers
to the issue will be filed with
Boston where they may be inspected.
Financial Statement
as
the Merchants National
Bank
of
of April 10, 1936
Uncollected
Tax Levy
April 10, 1936
$820,397.00
$5.00
816,000.00
2,404.00
825,000.00
19,295.12
824,801.00
205,050.93
1935 assessed valuation
$22,858,290.00
Bonded debt
798,653.63
Tax titles April 10, 193614,086.39
Outstanding loan against tax titles
3,288.77
Tax rate 1935
$35.50
Population
22,085
1932--------
NORTH
•
-
-
ANDOVER, Mass —TEMPORARY LOAN—Newton, Abbe &
of Boston
have
0.275% discount.
been
awarded
an
issue of $125,000 revenue
notes
at
Due Dec. 2, 1936.
QUINCY, Mass—BOND SALE—The issue of $72,000 coupon water
on April 14—Y. 142, p. 2545—was awarded to
the Norfolk
County Trust Co. of Quncy, on a bid of 100.487 for 1 As, a basis of about
1.0552%.
The First National Bank of Boston, second high bidder, offered
bonds offered
$7,344,629
7
Tax rate per $1,000 for debt service-Estimated value of property of School District
Bonds outstanding issued by the Board of Education, incl. this
issue
purchaser.
ING FLOOD RECOVERY—Two bills
were signed by Governor
Curley on
April 10, meastires that he recommended to meet the flood
emergency.
One authorizes banks to lend in excess of
60% of the assessed valuation of
property on mortgages, and the other permits counties to borrow
incident
more
Wood & Hoffman of New York City.
GENESEE
MASSACHUSETTS, State of—GOVERNOR
Co.
as
Tax Levy
1933
as
19354
Due $18,000 on May 1
WATERTOWN, Mass.—NOTE SALE—The $100,000
Discount
Jackson & Curtis
Faxon, Gade & Co
notes
2709
price of 100.34 for IKs.
Dated May 1, 1936.
in each of the years 1937,1938, 1939 and 1940.
a
Uncollected Taxes
Bidder—
Whiting, Weeks
Chronicle
SALEM, Mass.—NOTE OFFERING—Charles G. F. Coker, City Treas¬
Price Bid
1M%
\]A%
IM%
iu%
1M
iy2%
114%,
I_I
Webster'and BlodgetVBostonV.VIIIIIIIII
Halsey, Stuart
Rate
and
3
325,000
267,000
COUNTY
(P. O. Flint), Mich .—PAYMENT OF ROAD
BONDS—J. H. Galliver, County Auditor, announces that all past due road
bonds will be redeemed at the National Bank of Flint at
par plus accrued
interest to April 15, 1936.
GRAND
RAPIDS
;
TOWNSHIP
(P. O. Grand Rapids), Mich.—
will be received by Earl
Hulliberger,
Township Clerk, until May 12 for the purchase of $10,000 not to exceed
4% interest special assessment sewer district bonds.
Denom. $1,000.
A
certified check for $2,000 is required.
BOND
OFFERING—Sealed
HAMTRAMCK CITY
bids
SCHOOL
DISTRICT, Mich.—NOTE CALD—
Fred R. Pabst, Treasurer of the Board of Education, announces that the
following numbered tax anticipation notes, dated Jan. 1, 1936, will be
redeemed on May 1,1936, after which date interest will cease to
accrue, upon
presentation of the certificates at the Bank of Hamtramck in Hamtramck:
Nos. 1-9 incl.; 11-16 incl.; also 20. 24. 26,28 and 30.
MOUNT
MORRIS
AND
GENESEE
TOWNSHIPS
BEECHER
SCHOOL DISTRICT NO. 2, Fractional (P. O. R. F. D. No.
6, Flint),
Mich.—BOND OFFERING—Floyd Hutchinson, District
Secretary, will
on April 25
principal only)
general obligation school building bonds.
Dated Jan. 1, 1936.
Due as
follows:
$1,000 from 1938 to 1944 incl.; $1,500, 1945 to 1950 inch; $2,000,
1951 to 1955 incl. and $2,500 from 1956 to 1961 incl.
Principal and interest,
J. & J. payable at the office of the District Treasurer.
A certified check for
$1,000, payable to the order bf the District,must
accompany each pro¬
posal
This issue was approved at a special election held on March 23,1936.
receive sealed bids until 4.30 p. m. (Eastern Standard Time)
for the purchase of $41,000 4% coupon (registerable as to
.
PONTIAC
CITY
SCHOOL
DISTRICT, Mich.—TO REDEEM RE¬
FUNDING BONDS—F. J. DuFrain, Assistant Superintendent and Treas¬
urer, announces that the $11,000 now available in the sinking fund for such
purpose will be used to redeem an equal amount of AH % refunding bonds,
dated July 1, 1934 and due July 1, 1949.
Tenders of bonds, for payment
at not more than par and accrued interest, will be received
by Mr. DuFrain
until 8 p. m. on
ST.
April 22.
CLAIR COUNTY
(P. O.
Port Huron),
Mich.—BOND SALE—
The $279,700 road assessment district refunding bonds offered on
April
13—V. 142, p. 2545—were awarded to Braun, Bosworth & Co. of
Toledo,
2^s and 3s, at a price of 100.34.
Dated May 1, 1936 and due serially
on May 1 from 1937 to 1945 inclusive.
as
Financial
2710
originally offered on
because of threatened litigation on the
V. 142, p. 2546.
It is said that this
from submitting bids.
Dated April 1,
1947 to 1956 inclusive.
The bonds
Northwestern Municipals
Minnesota, North and South Dakota,
Montana,
Oregon, Washington
Teletype—Mpls287
MINNESOTA
CHISAGO
CITY,
Minn.—CERTIFICATE SALE
DETAILS— It is
reported by the Village Clerk that the $14,600 water main improvement
No. 1 certificates of indebtedness purchased by Kalman & Co. of St. Paul,
3 Ms at par, as noted here recently—V. 142,
tion of $500 each, and mature serially in from
as
p.
were
2546—are in the denomina¬
1 to 20 years.
ST. LOUIS, MO.—BOND SALE—The two issues of coupon bonds
aggregating $4,667,000, offered for sale on April 17—V. 142, p. 2546—
awarded to a syndicate composed of the Chase National Bank, Lehman
Bros., Blyth & Co., Stone & Webster and Blodget, Inc., F. S.Moseley &
Co., Stranahan, Harris & Co., Inc., Eastman, Dillon & Co., all of New
York; Kelley, Richardson & Co., of Chicago; R. S. Moulton & Co., Burr &
Co.; Geo. B. Gibbons & Co., all of New York; the Well-Dickey Co., of
Minneapolis; Foster & Co., Inc., G. M.-P. Murphy & Co., both of New
York; the Commercial Trust Co., of Kansas City, Mo.; Morse Bros. & Co.,
of New York, and the Prescott, Wright, Snider & Co., of Kansas City,
Mo., paying a price of 100.289, on the bonds divided as follows:
$3,020,000 public buildings and improvements bonds as 2Ms.
Due on
May 1 as follows: $292,000, 1951; $434,000, 1952; $558,000,
1953; $589,000, 1954; $651,000, 1955, and $496,000 in 1956.
1,647,000 refunding bonds as 2Ms.
Due on May 1, 1952.
about 2.64.
submitted by a syndicate composed
Bank of New York, Kidder, Peabody & Co., Phelps,
Fenn & Co., Salomon Bros. & Hutzler, all of New York; the Marine Trust
Co., of Buffalo; Schlater, Noyes & Gardiner, Inc., Adams, McEntee & Co.,
both of New York; Stix & Co. and Smith, Moore & Co., both of St. Louis,
and Rutter & Co., of New York.
This group offered a price of 100.24 for
the $3,020,000 bonds as 2Ms, with the $1,647,000 as 2Ms.
Net interest cost of
best bid received was
The second
(P. O. Alexandria), Minn.—BONDS AUTH¬
ORIZED—The County Board of Supervisors is reported to have authorized
recently the issuance of $167,000 in highway bonds.
DOUGLAS
COUNTY
FARIBAULT, Minn.— BOND ELECTION—An election is reported as
5, to vote on the issuance of $122,000 in sewage disposal
scheduled for May
plant bonds.
MINNEAPOLIS, Minn.—BOND OFFERING—George M. Link, Secre¬
of the Board of Estimate and Taxation, will receive bids on May 21
purchase of $500,000 public relief bonds.
OWATONNA INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
of the First National
MONTANA
tary
lbr the
Owatonna), Minn.—BOND OFFERING NOT CONTEMPLATED—We
informed by Opha Thompson,
Secretary to the Superintendent of
the public schools, that the District does not intend to offer any bonds for
are
time.
some
DISTRICT, Minn.—BOND SALE—The $100,142, p. 2372—
& Co., both of
Minneapolis.
Due $5,000 Dec. 31, 1936; $6,000 each six months from
June 30, 1937 to June 30, 1944, and $5,000 Dec. 31, 1944.
RED WING SCHOOL
000 2M% school refunding bonds offered on April 14—V.
were awarded to the Allison-Williams Co. and Thrall West
industrial
$675,000.00
3,124,766.00
district—real property
639,045.00
Personal property
$3,763,811.00
Total
Indebtedness—
State bonds (due
Robinson,
A.
registered
at his office on
on or
HELENA,
Mont.—BONDS DEFEATED—At the election
April 6—V. 142, p. 2200—the voters defeated the proposal to issue
in city hall building bonds.
COUNTY SCHOOL DISTRICT No.
PAID—The $22,000 school bonds
HILL
Mont —PRICE
19 (P. O. Kremlin),
that were purchased on
of Montana, as noted here—V.
according to the District Clerk.
April 7 by the State
as
4s at par,
held on
$100,000
142, p. 2546—were
COUNTY SCHOOL DISTRICT NO. 9 (P. O.
East Helena), Mont.—BOND ELECTION—It is reported that an election
will be held on April 25, in order to vote on the issuance of $65,000 in grade
LEWIS AND CLARK
building, 4 grade build¬
:
Assessed valuation of school
warrants
(P. O.
Kalispell), Mont.— WARRANTS
County Treasurer, states that road fund
before March 14, 1936, were called for payment
April 13, on which date interest ceased.
COUNTY
FLATHEAD
CAJOLED—O.
sold
Official Financial Statement
building, 1
ings, estimated value
1 high school
1936
April 9 and no bids were received
issue, as noted here at that time—
condition again prevented bankers
1936.
Due $225,000 from Apiil 1,
were
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
April 18,
Chronicle
100,000.00
None
28.56 mills
None
10,269.12
July 1,1936)
Floating debt
Tax rate (total including bonds)
Sinking fund
Cash balance (Aug. 1,1935)
TYLER, Minn.-—BOND SALE DETAILS—In connection with the sale
plant bonds to the State, reported here recently—
1684—it is stated by the Village Clerk that the bonds were sold
as 3s, at par, and mature in from 5 to 16 years.
school bonds.
MEDICINE LAKE SCHOOL
DISTRICT No. 7 (P. O. Medicine Lake),
Bucholz. Clerk of the Board of School
Mont.—BOArD OFFERING— Irene
purchase at not
interest at
of sale.
Dated June 1, 1936.
Interest payable Jan. 1 and July 1.
Due on the
amortization plan over a 20-year period; but redeemable on any interest
date after five years.
Certified check for $500, payable to the Clerk,
Trustees, will receive bids until 8 p. m. May 12 for the
less than par of $15,000 school building bonds, which will bear
no
more than 4%.
Denominations to be decided upon at time
required.
of the $25,000 power
NEBRASKA
V. 142, p.
BROADWATER SCHOOL
to have
V.
been purchased
Neb.—
bonds is reported
of Broadwater.
DISTRICT (P. O. Broadwater),
of 4% semi-annual school
recently by the Union State Bank,
BONDS SOLD—A $6,000 issue
KEARNEY, Neb.—BONDS VOTED—At the election
142, 2032—the voters approved the issuance of the
held on April 7—
$35,000 in swim¬
it is said.
BONDS DEFEATED—At the same time the voters are reported to have
defeated the issuance of $115,000 in bonds, divided as follows:
$100,000
city hall, and $15,000 library bonds.
ming pool bonds,
NORFOLK, Neb.—BONDS DEFEA TED—At the election
1866—the voters rejected the proposed issuance
city hall and fire station bonds.
—Y. 142, p.
in
NORTH
PLATTE,
held on April 7
of the $96,000
Neb.—BONDS VOTED—At the election
held on
$81,719
April 7—V. 142, p. 2372—the voters approved the issuance of the
viaduct construction bonds by a large majority, reports the City Clerk.
SCRIBNER SCHOOL DISTRICT, Neb.—BONDS REFUNDED—The
$48,000 outstanding 4% bonds into 3% bonds.
The
Greenway-Raynor Co., of Omaha, has agreed to purchase the new bonds,
paying a premium of $475 and legal, printing and other expenses.
new bonds will be dated Aug. 1, 1936. and will run for 16 years, except that
the district will have the option of calling the bonds at the end of five years.
district has refunded
The
WHEELER COUNTY (P. O. Ericson), Neb.— WARRANTS CALLED
County Treasurer, is said to have called for payment on
April 2, on which date interest ceased, all county high school warrrants up
to and including registry No. 485.
Also general fund warrants up to and
including registry No. 679.
—Edith Wyman,
NEVADA
MISSISSIPPI
FORREST
DETAILS—In
COUNTY (P. O. Hattiesburg), Miss.—BOND SALE
connection with the sale of the $25,000 National Guard
■encampment bonds, noted here recently—V. 142, p. 2546—it
the Clerk of the Chancery Court that the bonds were sold
National
Bank
of
Hattiesburg,
as
3Ms,
equal to 100.50, a basis of about 3.70%.
from Jan. 1, 1937 to 1961 inclusive.
(P. O. Gardnerville), Nev.—BOND S+'YLE—It
is stated by the County Clerk that the $15,000 high school gymnasium
bonds approved by tl^e voters at the election held on Dec. 14, were pur¬
chased by the Farmers Bank of Carson Valley, of Minden, as 4s, paying
a premium of $548.00, equal tp 103.65.
DOUGLAS COUNTY
is stated by
to the First
paying a premium of $125.00,
Dated Jan. 1, 1936.
Due $1,000
We Are
MISSISSIPPI, State of—HIGHWAY NOTE SALE CONTEMPLATED
—Newton James, State Treasurer, reports that the Highway Note Com¬
mission will meet shortly in order to set a definite date for the sale of high¬
^
way notes.
PIKE
Specialists in
MAINE—NEW HAMPSHIRE—
VERMONT
Municipal Issues
COUNTY
SCHOOL
DISTRICT
(P.
BOND CALL—It is stated by Kenneth G. Price,
O. Magnolia), Miss.—
Attorney for the District,
May 12, on which
E. H. Rollins & SSons
that the following bonds are being called for payment on
date interest shall cease:
Incorporated
Nos. 55 to 70 of 5M% agricultural high school bonds, aggregating $8,000.
Denom. $500.
Dated July 1,1920.
Due $1,000 from July 1
200
Devonshire St.,
Boston,
Mass.
1938 to 1945, inclusive.
aggregating $14,500.
Due on Jan. 1 as
follows:
$1,500, 1938 to 1940, and $2,000from 1941 to 1945.
bonds will be payable at the First National Bank of McComb.
Nos. 22 to 50 of 5% agricultural high school bonds,
Denom. $500.
Dated Jan. 1, 1925.
These
MISSOURI
SCHOOL DISTRICT NO. 3
(P. O. California), Mo.—PRICE PAID—The District Clerk reports that
school bonds purchased by the Commerce Trust Co. of Kansas
City, as noted in these columns recently—V. 142, p. 2372—were sold as
COOPER COUNTY CONSOLIDATED
the $12,000
4s at
par.
CITY,
APPROVED—-At
of
an
election held
levy for another four years.
(P. O. Lamar), Mo .—BONDS SOLD—
informed by our Western correspondent that the $48,000 school
approved by the voters on March 24, as noted here—V. 142, p. 2372—
been sold as 3 Ms.
Due from 1938 to 1956.
LAMAR SCHOOL DISTRICT
We
are
bonds
have
OREGON
SCHOOL
DISTRICT,
Mo.—BOND
$42,000 3M% school bonds was sold recently to the
of Kansas City.
ST.
NEW
SALE— An issue of
Commerce Trust Co.
DISTRICT,
April 21 for the purchase of $29,000 4% coupon school bonds.
Dated
Dec. 1, 1935.
Denom. $500.
Due $1,000 each Dec. 1 from 1937 to 1965,
incl.
Principal and interest (J. & D.) payable at the Citizens National
Bank, Bloomsbury.
No more bonds will be sold than will produce the
sum of $29,000 to the district.
A certified check for 2% of the bonds bid
for must accompany each proposal.
The approving opinion of Frank L.
Thompson, 88 South Main St., Phillipsburg, will be furnished the successful
bidder.
The proceedings authorizing the issue have been approved by the
Attorney General of New Jersey.
There is only one school district in the
borough; the present offering is the indebtedness of said district.
on
N. J .—BOND SALE— The issue of
14—V. 142, p. 2373—
York.
The successful
bidders offered to pay $208,321.76 for $205,000 bonds bearing 2M% int.,
a price equivalent of 101.059, a basis of about 2.65%.
Kean, Taylor &
CHATHAM SCHOOL DISTRICT,
LOUIS, Mo.—NO BIDS—It is stated in newspaper dispatches on
offered the $2,250,000 issue
Anril 14 that for the second time the above city
of 2M % coupon or registered semi-annual Jefferson National
Memorial bonds without success as no bids were received on
Rodney L. Sheets, District
JERSEY
N. J.—BOND OFFERING—
Clerk, will receive sealed bids until 7:30 p. m.
BLOOMSBURY SCHOOL
Mo.—CONTINUATION OF SCHOOL-TAX LEVY
on March 31 the voters gave a majority
nearly 16 to 1 to the continuation of the present nine-mill
school-tax
KANSAS
HAMPSHIRE
NEW
HILLSBOROUGH COUNTY (P. O. Manchester), N. H.—BOND
OFFERING—The County Treasurer will receive bids until 2p.m. (Eastern
Standard Time) May 6 for the purchase of $300,000 3% funding bonds.
Sale will not be made at less than par, and bids must be for the entire issue.
Dated July 1, 1935.
Due yearly on July 1 from 1936 to 1955, incl.
Expansion
that date.
registered school bonds offered on April
awarded to Minsch, Monell & Co., Inc., of New
coupon or
was
Volume 142
Financial
Chronicle
2711
Assessed Valuations 1935
Real____
$64,662,300.00
8,443,300.00
Personal
Second class railroad-
H. L. Allm Company
Personal—Utilities
New Jersey Municipal Bonds
Telephona^^Wor
L.
100
$90,646,048.00
Debt at April 1,
1936
(After giving effect to present offering of $455,000 refunding bonds)
-528
Y. 1-5
Term
bonds—General and school-Serial bonds—General and school
New York
Broadway
-
Total permanent debt.
NEW JERSEY MUNICIPALS
-
Sold
St., New York
339,000.00
351,560.00
a.
$14,823,658.87
521,500.00
....
Net debt
$14,302,158.87
Kingsley 1030
A. T. & T.: NY
1-735
Tax
1936
municipal bonds
1935
Jersey and General Market Issues
Collection Data
Outstanding at
Year of Levy
_____
1933
Outstanding at
April 1, 1936
$222,253.35
End of
Leva
a$786,802.84
3,147,211.37
2,914,520.79
2,659,966.35
......
1934
New
$12,560.00
------
Total funded debt.
Less— Sinking fund accumulations.
123 S. Broad St., Phi
HAnover 2-1720
None
Total temporary debt.
LOBDELL & CO.
48 Wall
$14,472,098.87
None
revenue
General and school
Water
Quoted
-
13,950,598.87
__
Temporary debt—Tax anticipation
Tax
$521,500.00
-
$7,074,598.87
6,876,000.00
Water.
Bought
14,090,250.00
.—
Total
2-7333
l®ie N.
T. & T.
3,450,198.00
_.
$523,122.04
,
413,399.96
153,374.28
46,287.30
23,166.69
514,563.60
706,595.47
1932 and prior.
B. J. Van Ingen & Co. Inc.
87
WILLIAM STREET,
A.
T.
&.
T.r
N.
N. Y.
Total
a
Telephone: John 4-6364
Y. 1-730
Newark Tel.:
$858,481.58
First quarter of levy due Feb. 1, 1936.
Tax title liens at April 1,1936
,
$429,460.66
-
Town has been operating under Chapter 60, P. L.
Tax rate, 1936—
Market 3-3124
-----
1934 since Feb. 1, 1935.
$40.89 per $1,000
The Town of Kearny has never defaulted in the payment of int. or prin;
NEW
new jersey municipals
valuation.
The 1936 rate is a reduction of 7 points from the 1935 rate and 15 points
from 1933.
The local rate has shown a reduction of 80 points since 1930.
A reduction has been accomplished despite the $800,000
shrinkage in the
Colyer, Robinson $ Company
net valuation taxable and an
increase of 6 points in the local school rate.
Local taxpayers will be called upon to raise $1,689,780.83 by direct taxation.
INCORPORATED
1180
This is $62,753.45 less than in 1935.
Raymond Blvd., Newark
New Yor* Wire:
BRUNSWICK, N. J.—TAX RATE AT 10-YEAR LOW— The city
will have the lowest tax rate in 10 years
during 1936. the Middlesex County
Tax Board announced April 8.
The rate will be $4.06 per $100 of assessed
MArket 3-1718
A.
T. &
REctor 2 2055
T.
NORTH
PLAINFIELD,
.N.
J.—BOND
OFFERING—Frederick
1943, incl.; $15,000 from 1944 to 1948, incl., and $14,000 in 1949.
NEW
2% of the issue must accompany each proposal.
The approving opinion
Dillon & Vandewater of New York will be furnished the success¬
of Clay,
ful bidder.
The bankers re-offered the bonds at
prices to yield from 1.20% to 2.60%.
are exempt from present Federal income taxes
and tax exempt in the State of New
Jersey.
TOWNSHIP
mature
(P. O, Rahway R. D. No. 2), N. J.—BOND
$0,000 general funding boiids,
maturing Sept. 1, 1955, and the
$1,000 serial funding bonds,
maturing Sept. 1, 1947, which were offered on
April 7—-V. 142, p. 2200—were awarded to B. J.
Van Ingen & Co., of
New York, as 4s, at a
price of par.
Pnn.
as
$1,000.
follows:
$12,000, 1940; $18,000, 1941; $12,000, 1942;
$18,000, 1946; $20,000, 1947;
1949; $10,000, in 1950 and 1951, and $15,000
(J. & D.) payable at the United National Bank,
and int.
cerf'fle<l check for 2% of the bonds bid
Borough, must accompany each proposal.
v;
°£
t,
of
Hawkins,
Delafield &
successful bidder.
Due
1952.
Cliffside
for, payable to the order
The approving opinion
Corkran
&
Co.,
NEW
Moncure,
urer's office.
Philadelphia and Singer, Deane & Scribner of Pittsburgh,
bid of 113.816. a basis of about
3.62%. E. H. Rollins & Sons of Phila¬
delphia submitted the next high bid, 113.529.
Dated Sept. 1, 1933.
Due
Sept. 1 as follows: $2,000, 1938, 1939 anu
1973.
FELLS,
V".
•, ;
'•
N.
J.—BOND SALE—John B. Carroll & Co. and
Cranberry & Co., of New York, were the successful bidders for
the issue of
coupon or registered sewer bonds offered on
April 13—V. 142,
2373.
of about
p.
JP1-^4 for $74,000 bonds bearing 3% interest, a basis
2;83%.
Ihe purchasers are reoffering the bonds to investors at prices to
yield from 1% to 3%, according to maturity.
Dated April 1, 1936.
Due
$3,000 yearly on April 1 from 1937 to 1960, incl.; and
$2,000, April 1, 1961.
IRVINGTON, N. J .—BOND OFFERING—W. H. Jamouneau, Town
Clerk, will receive sealed bids until 8 p. m.
(Daylight Saving Time) on
April 28 for the purchase of $160,000 not to exceed
4% int. coupon or regis¬
tered general impt. bonds of 1936.
Dated May 1, 1936.
Denom. $1,000.
Due May 1 as follows: $20,000 from
1937 to 1939 incl. and $25,000 from 1940
to 1943 incl.
Rate of int. to be expressed in a
multiple of M of 1 %.
Prin.
and int. (M. & N.) payable at the Merchants
& Newark Trust Co., Newark.
A certified check for
2% must accompany each proposal.
The approving
opinion of Hawkins, Delafield & Longfellow of New York will be
furnished
J— BOND
MEXICO
Due serially from May 1, 1937 to 1946.
Financial Statement
Assessed valuation 1935
1940: $3,000, 1941: $4,000, 1942;
1943 and 1944; $7,000, 1945; $8,000,
1946; $10,000, 1947; $11,000,
3.948; S12,00°, 1949 to 1958; $19,000, 1959 to
1968; $26,000, 1969 to 1972,
ESSEX
N.
have purchased and are now offering to investors an issue of $100,000 4)4 %
refunding water bonds.
Denom. $1,000.
Dated May 1, 1936.
Principal
and semi-annual interest (May 1 and Nov. 1), payable at the Town Treas¬
on a
cinci
1938, and $16,000
O. New Market),
ALAMAGORDO, N. Mex.—BOND SALE—Boettcher & Co., of Denver,
DELAWARE RIVER JOINT COMMISSION
(P. O. Camden), N. J.
—BOND SALE—The $500,000
4H% Philadelphia-Camden Bridge bonds
offered on April 17—V. 142,
p. 2200—were awarded to a syndicate headed
^r,Xarilai!. & Co- and including Dougherty,
1937; $15,000 in
(P.
Township Cierk, will receive bids until
coupon, registerable as
to principal only or as principal and interest, serial funding bonds.
Sale
will not be made at price which will result in a net interest cost basis in
excess
of 6%.
Denom. $1,000.
Dated May 1, 1936.
Principal and
semi-annual interest (May 1 and Nov. 1) payable at the First National Bank
of Dunellen, or at the Marine Midland Trust Co., of New York.
Due
yearly on May 1 as follows:
$5,000, 1939 to 1952, and $10,000, 1953 to
1956.
Certified check for 2 % of amount of bonds bid for, payable to the
township, required.
Approving opinion of Caldwell & Raymond, of New
York, will be furnished to the purchaser.
Longfellow of New York will be furnished the
Biddle & Co. of
$14,000,
TOWNSHIP
OFFERING— Wallace M. Graves,
$13,000,
$22,000,
in
follows:
8 p. m. April 23 for the purchase of $110,000 4%
„
$23,000,
as
PISCATAWAY
CLIFFSIDE PARK, N. J.—-BOND OFFERING—Arthur H. Abrams,
Borough Clerk, will receive sealed bids until 8.30 p. m.
(Daylight Saving
Time) on April 27 for the purchase of
$205,000 43^% coupon or registered
funding bonds of 1935.
Dated June 1,
1935.
Denom.
&&99S: 1944: $17,000, 1945:
Sept. 1
in 1939.
j
1
i
■
NORTH PLAINFIELD, N. J.—BOND SALE DETAILS—'The $45,000:
2M % tax revenue bonds purchased last month by C. C. Collings & Co. and
Dougherty, Corkran & Co., both of Philadelphia, at a price of 100.19,
According to report, they
1948;
Rate of
interest to be expressed in a multiple of K of 1%.
Principal and interest
(A. & O.) payable at the State Trust Co., Plainfield.
A certified check for
JERSEY
Co., ofNew York, were second high
bidders, offering to pay $208,686.40
£or $208,000 2H% bonds. Dated April 1, 1936. Due April l as follows:
v
to 1941'> $10,000, 1942 to 1958, and $7,000, 1959.
June
A.
Martin, Borough Clerk, will receive sealed bids until 8 p. m. on May 5
for the purchase of $129,000 not to exceed 5% interest coupon refunding
bonds.
Dated April 1, 1936.
Due Oct. 1 as follows:
$10,000, 1940 to
Teletype
NWRK 24
—
$1,157,892.00
213,000.00
4,269.12
______
Total bonded debt (all for water)
Sinking fund cash
■:
Net debt-:-
—
------
-'i
-
-
—
--
-
—
-
—
'
—
1930 Government Census 3.096
.'
-
None.
.
OTERO COUNTY SCHOOL DISTRICT No. 1 (P. O. Alamagordo),
N. Mex.—BOND OFFERING—Sealed bids will be received until 10 a. m.
May 15 by George Abbott, County Treasurer, for the purchase of a
$10,000 issue of school bonds.
Interest rate is not to exceed 4%, payable
Denom. $1,000.
Dated May 15, 1935.
Due $1,000 from May
15, 1938 to 1947, incl.
Each bidder must submit a bid specifying:
(a) The
on
M. & N.
lowest rate of interest at which the bidder will purchase said bonds at par;
(b) The lowest rate of interest and premium, if any, above par which bidder
offer for said bonds.
Principal and interest payable at the State
County Treasurer's office, at the option of the
purchaser.
A certified check for 5% of the amount bid, payable to the
County Treasurer, is required.
•will
Treasurer's office, or the
ROSWELL, N. Mex— BONDS DEFEATED— At the election held on
April 7—V. 142, p. 2373—the voters rejected the proposal to issue $75,000
construction bonds, it is reported by the City Clerk.
in city hall
the successful bidder.
LITTLE SILVER, N. J.—BOND SALE—The
$14,000 coupon or regis¬
fire apparatus bonds offered on
April 14—V. 142, p. 2373—were
Van Deventer, Spear & Co. of Newark as
3s. at par plus a
premium of $42, equal to 100.30, a basis of about
2.88%.
Dated Dec. 1,
1935, and due Dec. 1 as follows: $2,000 in 1936 and $3,000 from
1937 to
1940 incl.
Offerings— Wanted
tered
awarded to
NEWARK, N. J.—TAX RATE HIGHER—The city's tax
New York State Municipals
County—City—Town—School District
rate for this
Gordon Graves & Co.
year will be $3.81 for each $100 of assessed valuation, it was
announced
April 16 by the Essex County Tax Board.
The rate compares with $3.36
MEMBERS NEW
last year and is one of the highest in recent
years.
The city rate includes the
1
county, State, school and soldiers' bonus tax,
which the Board announced totaled $0.7908,
compared with $0.7424 in 1935.
The increase in the city rate is caused
largely by increased municipal
and school budgets because of debt service
requirements and the restoration
of salary cuts as of July 1.
Provisions
required under the 1934 municipal
financing Act, known as Chapter 60, made it necessary to place an additional
reserve in the tax levy.
KEARNY, N. J.—BOND OFFERING—Sealed bids addressed to William
B. Ross, Town Clerk, will be received until 8 p. m. on
April 22 for the
purchase of $455,000 not to exceed 4)4% interest coupon or registered re¬
funding bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Due July 1 as
follows:
$25,000 from 1941 to 1946, incl.; $50,000 from 1947 to 1951, incl.,
and
$55,0b0
in 1952.
Rate of interest to be expressed in a
multiple of ii
Principal and interest (J. & J.) payable at the West Hudson
County
Trust Co., Harrison, or at the Bankers Trust Co., New York
City.
A
of 1
%.
certified check for
2% of the bonds bid for, payable to the order of the
town, must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful
bidder.
WALL ST.,
YORK
STOCK EXCHANGE
N. Y.
Whitehall 4-5770
NEW
YORK
ALLEGANY, N. Y.—BOND SALE—The $9,000
coupon street improve¬
April 15 were sold to J. G. McCandless as 3 3^s, at
a price of par.
Dated April 1, 1936 and due $1,000 on April 1 from 1937
to 1945, inclusive.
ment bonds offered on
,
ALBANY PORT DISTRICT
(P. O. Albany), N. Y.— BOND OFFER¬
ING— Thomas Fitzgerald, Secretary of the Port Commission, will receive
bids until 1 p. m. April 23 for the purchase at not less than par of $55,000
registered port bonds.
Bidders are to name rate of interest, in
multiple of
%, but not to exceed 4%.
Dated April 1, 1936.
Principal
(April 1 and Oct. 1) payable at the National Com¬
mercial Bank & Trust Co., in Albany, or at the Guaranty Trust Co., in
New York.
Due $5,000 yearly on April 1 from 1941 to 1949; and $10,000
April 1, 1950.
Certified check for $1,100, payable to the district, required.
coupon or
a
and semi-annual interest
2712
Financial
Approving opinion
of Reed,
furnished by the district.
Hoyt
& Washburn, of New York,
will
Chronicle
amount
Financial Statement
as
of May 1, 1936
Albany—Real estate, assessed valuations
Rensselaer—Real estate, assessed valuations
Total.
— -
$225,047,728
12,552,810
—
fiscal
beginning Jan. 1, 1936, have been levied in
of $83,196.66, of which $27,641.09 has been collected.
year
ORLEANS COUNTY (P. O. Albion), N.
The
way
Y.—BONDS A UTHORIZED—
County Supervisors recently authorized the issuance of $75,000 high¬
bonds.
PALMYRA, N. Y.—BOND ELECTION—A special election will be held
April 28 at which a proposal to issue $50,000 filtration plant bonds will
$237,600,538
—
April 18, 1936
Taxes for the
be
on
Albany Port District Commission bonded debt, including
posed issue---
be
pro¬
$7,562,000
ANGOLA, N. Y.—BOND SALE—The $16,000 coupon or registered
water bonds offered oh April 8 were awarded to the Manufacturers & Traders
Trust Co. of Buffalo as 3.30s, at a price of 100.199, a basis of about 3.28%.
Dated April 1, 1936 and due $1,000 on April 1 from 1941 to 1956 incl.
CANANDAIGUA, N. Y.—BOND SALE—The issue of $8,500 coupon or
registered emergency bonds offered on April 10—V. 142, p. 2467—was sold
as 2.35s to a local
investor.
Dated April 15, 1963 and due $1,700 on
April 15 from 1937 to 1941 incl.
CHAVES COUNTY SCHOOL DISTRICT No. 6 (P. O. Hagerman),
N. Mex.—BOND SALE—Collins, Crake & Co., of Denver, have purchased
and
are now offering to investors $37,500 4% refunding bonds.
Denom.
$1,000 and $500.
Dated May 1, *936.
Interest payable Jan. 1 and July 1.
Due yearly as follows:
$2,500, 1937 to 1945, and $3,000, 1946 to 1950.
JAMESTOWN, N. Y.—BOND OFFERING— George S. Doolittle, City
Treasurer, will receive sealed bids until 2 p. m. (Eastern Standard Time)
on April 24 for the purchase of $44,000 not to exceed
6% int. coupon or
registered general hospital bonds.
Dated Nov. 1, 1935.
Denom. $1,000.
Due Nov. 1 as follows: $12,000 in 1936 and $8,000 from 1937 to 1940 incl.
Prin. and int. (M. & N.) payable at the principal office of the Guaranty
Trust Co. in New York City.
A certified check for $1,500, payable to the
order of the City Treasurer, must accompany each proposal.
LANCASTER, N. Y.—BOND OFFERING— Leo J. Bauer, Village Clerk,
will receive bids until 3 p. m., April 20 for the purchase of $24,000
coupon,
registerable, debt equalization bonds. Bidders are to name rate of interest,
in a multiple of
or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated May 1,1936.
Principal and semi-annual interest (May 1 and Nov. 1)
payable at the Marine Trust Co. of Buffalo. Due May 1 as follows: $2,000,
1938; $10,000, 1939; and $12,000, 1940.
Cert. Check for $480, payable to
the village, required.
other subdivision having power to levy taxes upon any or all of the
property subject to the taxing power of the village.
The fiscal year of the village begins on March 1.
The amounts of taxes
levied by the village for the fiscal years beginning March 1, 1933, March
1, 1934, and March 1, 1935, were, arespectively, $140,150; $137,731; and
$137,134; the amounts of such taxes uncollected at the end of the respective
any
fiscal year were $35,458; $34,469; and $32,240, and the amounts of such
taxes which remained uncollected as of the date of this notice, were, re¬
spectively, $17,187; $23,000; and $31,606.
Taxes have
been levied
not yet
for the current fiscal year.
LAURENS COMMON SCHOOL DISTRICT NO. 3 (P. O. Mount
Vision), N. Y.—BOND OFFERING—Sealed bids will be received by Glenn
Tilley, District Clerk, until 2 p. m. (Eastern Standard Time) on April 28
19345
for
the purchase of $10,500 not to
exceed
6%
int.
coupon
registered
or
bonds.
The bonds will be dated April 1, 1936.
Denom. $500.
Due $500 on April 1 from 1938 to 1958 incl.
Rate of int. to be expressed
school
by the bidder in a multiple of 1-10th or H of 1%.
Prin. and ann. int.
(April 1) payable in lawful money of the United States at the Hartwick
National Bank, Hartwick, or at the option of the holder at the Chase Na¬
tional Bank, New York City.
A certified check for 2% of the bonds bid
for, payable to the order of the Board of Education, must accompany each
proposal.
The bonds will be payable from unlimited ad valorem taxes on
all taxable property of the District.
NEW YORK CITY—OUTSTANDING TAXES REDUCED—The total
outstanding taxes of the city were reduced $28,192,139 during the first
quarter of this year and at the end of March were $7,692,782 less than on
Feb. 29, the report of Frank J. Taylor, City Comptroller, shows.
The
"Wall Street Journal" of April 17 carried a report on the collections, from
which
we quote in part as follows:
"The current month, however, has brought a substantial increase in the
of tax collections which probably will be reflected in a further
sizable reduction in the total by April 30.
Comptroller's report also reveals
amount
an
increase of $24,841,000 in the total debt of city during March, although
the increase for quarter is only $19,768,650.
Of this increase $22,850,000
was in temporary debt, while $1,991,000 was added to the funded debt.
The tax collection data show that almost $1,500,000 was cut from
delinquent taxes outstanding against 1933 and prior years, bringing that
total down to $73,500,720.
Amount outstanding against 1934 assessments
was reduced $1,318,720 during March to $32,994,859, while the 1935 total
was cut $4,896,118 to $54,656,606 at end of quarter.
Since the quarter ended Comptroller Taylor has received a substantial
amount of the outstanding taxes, reporting $38,290,529 up to Tuesday
night for the taxes due in the first half of 1936 and $23,743,203 for the
second half, making a total of $62,013,732.
The April figures compare with $29,237,086 of first half and $18,390,318
of second half taxes collected for the like period last year.
The heavy collections this year enabled Comptroller Taylor to make
yesterday final payment of $5,000,000 of the $25,000,000 issue of revenue
bills borrowed
NEW
on
Feb. 27.
YORK,
These bills
are not
due until June 30.
Y.—ADVANCE REDEMPTION OF $25,000,000
REVENUE BILLS—With the unprecedented rush of tax collections show¬
ing no sign of abating, Comptroller Frank J. Taylor announced that he
would redeem
on April 17 the final instalment of $5,000,000 of the $25,000,000 issue of revenue bills borrowed, under the Bankers' Agreement,
on Feb. 27 last, and which are
payable on or before June 30 next.
This
money was borrowed at the rate of 2% per annum, a saving in interest of
33 1-3 %, below the figure set by the bankers which Taylor found when he
took office a little over a year ago.
Because of the fact that, he collected $39,425,332 42 on the very first
day that the 1936 taxes were due, on April 1, Comptroller Taylor was able
to pay out of $21,000,000 or more, collected for the first half, the sum of
$20,000,000 within eight days, thus saving a tidy amount on interest.
Up to the close of business on Tuesday night (April 14), Collector Wil¬
liam Reid reports the receipts, thus far, as $38,270,529 for taxes due in the
first half of 1936, and $23,743,203 due for the second half of the year,
making a total collection, to date, of $62,013,732.
Last year, for the same
period, the collections were for the first half of the year, $29,237,086 and
the second half, $18,390,318, a total of $47,627,404.
Thus it may be seen that the collections thus far this year, in 14 days,
have gone $14,386,328 ahead of the record for 1935.
This explains why
Comptroller Taylor is able to meet the issue of $25,000,000 of revenue bills,
borrowed, little more than a month ago and clear it off the books two months
before being due and payable.
1
NORTH
bell,
Town
DANSVILLE, N. Y.—BOND OFFERING—Charles M. Camp¬
Supervisor,
will receive sealed bids until
10
a.
m.
(Eastern
Standard Time) on April 28 for the purchase of $25,000 not to exceed 5%
interest coupon or registered emergency relief bonds.
Dated May 1, 1936.
Denom. $1,000. Due May 1 as follows: $2,000 from 1937 to 1941 incl. and
$3,000 from 1942 to 1946 incl. Bidder to name one rate of interest on the
issue, expressed in a multiple of H or 1-10th of 1 %. Principal and interest
(M. & N.) payable at the Chase National Bank, New York City. The bonds
will be general obligations of the town, payable from unlimited taxes.
A
certified check for $500, payable to the order of the town, must accompany
each proposal.
The approving opinion of Clay, Dillon & Vandewater of
New York will be furnished the successful bidder.
Financial Statement
Assessed valuation
Total bonded debt
Population,
-
census,
Financial
Uncollected
------
Levy
$79,042.33
65,120.66
72,827.49
FREE
SCHOOL
DISTRICT
Statement
$859,363
85,900
Population, 550.
PLATTSBURGH. N. Y —BOND ELECTION—At a special election to
be held on May 15 the citizens will vote on the question of enactment of a
local law authorizing the construction of an electric power plant and trans¬
mission system which would be financed by a bond issue of $360,000 and a
Federal grant of $234,000.
PORTER
O. Youngstown), N. Y.—BOND SALE—The $66,000
(P.
coupon or registered Ransomville Water District bonds offered on April 14
—V. 142, p. 2547—were awarded to Gertler & Co., of New York, as 2.90s,
for a premium of $184.80, equal to 100.28, a basis of about 2.88%.
The
Niagara County National Bank & Trust Co., of Lockport, was second
high bidder, offering a premium of $285 for 3% bonds.
Dated Oct. 1, 1934.
Due Oct. 1 as follows: $2,000,1936 to 1944; $3,000, 1945 to 1956; and $4,000
1957 to 1959.
PULASKI, N. Y.—BOND ELECTION—The Common Council has voted
special election for April 30 at which a proposal to issue $25,000
equipment purchase bonds will be voted upon.
to call a
ROCHESTER, N. Y.—TAX COLLECTIONS IMPROVE—Paul B. Aex,
City Comptroller, reports that collections in the first three months of 1936
amounted to $7,265,987 or 40.9% of the year's levy of
$17,744,742.
During
1935, collections against the levy of $18,696,079 totaled
The Comptroller, it is said, has estimated that col¬
$7,095,402, or 37.9%.
lections throughout the year will exceed 90% of the levy.
The collection
in a normal year is 95%.
the same period of
TROUPSBURG, JASPER AND WOODHULL CENTRAL SCHOOL
NO. 1 (P. O. Troupsburg), N. Y.—BOND OFFERING— |
Bollen, District Clerk, will receive sealed bids until 2 p. m. (eastern
standard time) on April 24 for the purchase of $79,000 not to exceed 4%
interest coupon or registered school building bonds.
Dated March 1, 1936.
Denom. $500.
Due March 1 as follows: $2,000, 1939 to 1945 incl.; $2,500,
1946 to 1950 incl.; $3,000, 1951 to 1955 incl.; $3,500, 1956 to 1960 incl.
$4,000, 1961 to 1965 incl.
Principal and interest (M. & S.) payable at the
Chase National Bank, New York City.
Bidder to name one rate of interest
on the issue, expressed in a multiple of M or l-10th of 1 %.
A certified check
for $1,580, payable to the order of Herman B. Holt, District Treasurer,
must accompany each proposal.
The bonds are direct general obligations
of the district, payable from unlimited taxes.
The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
DISTRICT
Virl
bidder.
WYOMING COUNTY (P. O. Warsaw), N. Y.—BOND OFFERING—
B. Small wood, County Treasurer, will receive sealed bids until
Charles
for the purchase of $108,000 not to exceed 4% interest
registered bonds, divided as follows;
2 p. m. on April 24
coupon or
building bonds.
Due May 1 as follows:
$5,000 from
1942 to 1944 incl.; $15 000, 1945 and 1946, and $5,000 in 1947.
$50,000 county
30,000 hospital bonds.
Due $5,000 on May 1 from 1939 to 1944 incl.
28,000 refunding bonds.
Due May 1 as follows:
$10,000 in 1947 and
$18,000 in 1948.
All of the bonds are dated May 1, 1936.
Bidder to name one rate of
on the entire offering, expressed in a multiple of
or 1-10 of 1%.
Principal and interest (M. & N.) payable at the Wyoming County National
A certified check for $2,160, payable to the order of the
county, must accompany each proposal.
The approving opinion of Clay,
Dillon & Vandewater of New York will be furnished the successful bidder.
interest
Bank, Warsaw.
Financial Statement
Assessed
$33,574,197
valuation
Total bonded debt (incl. current
643,000
offering)
Population, 28,764.
Tax Collections
Fiscal Year
(Beginning Nov. 1)—
1932---1933
1934—
Levy
$506,771.63
521,492.23
489,945.03
Uncollected
End Fiscal Year
$85,199.49
72,246.62
52,931.73
Uncollected
April 15,1936
$17,784.32
20.434.40
40,201.07
levied in amount
of which $374,196.77 were collected to April 15. 1936.
Note—Taxes for fiscal year beginning Nov. 1, 1935 were
Y —BOND SALE— The six issues of coupon or registered
aggregating $1,265,000, which were offered on April 15—V. 142,
2548—were awarded to a syndicate headed by Halsey, Stuart & Co. of
New York, and including Darby & Co., B. J. Van Ingen & Co., Burr &
Co., and Schlater, Noyes & Gardner, all of New York.
The successful
group bid 100.046 for $962,000 3.30s and $303,000 3.10s, a basis of about
3.223%.
Phelps, Fenn & Co., of New York, and associates, submitted
the next high bid, an offer to pay 100.27 for $695,000 3%s and $570,000 3s.
The bonds as awarded are described as follows:
YONKERS, N
bonds
p.
$300,000 3.30% series No. 1 general bonds of 1936.
Dated April 1, 1936.
Due $75,000 on April 1 from 1943 to 1946 incl.
230,000 3.30% 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 from 1949 to 1956 incl.
220,000 3.30% 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 3.30% 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 3.10% 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 3.10% school bonds.
Dated Oct. 1,1935.
Due Oct. 1 as follows:
$5,000 from 1936 to 1963 incl., and $4,000 in 1964.
37,000 3.30% 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 the 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.
The successful banking group as noted in the advertisement on page IV,
are re-offering the bonds at prices to yield 0.40 to 3.30%.
The bonds are
legal investment for savings banks and trust funds in New York State and
in the opinion of counsel, will constitute general obligations of the city
payable from unlimited ad valorem taxation.
Assessed valuation, 1936
is officially reported as $321,840,467 and net bonded debt, including tbi»
issue, as $30,358,341.
NORTH
Tax Collections
(Begins Jan. 1)
UNION
Total bonded debt (current issue)
5,310.
Fiscal Year
V
$6,338,023
DARIEN
46,000
(including present issue)
1930
voters.
Assessed valuation
of $513,620.13,
N."
the
AND
NO. 7 (P. O. Corfu), N. Y.—BOND OFFERING—Boy E. Hills, District
Clerk, will receive sealed bids until 2 p. m. on April 23 for the purchase of
$85,900 not to exceed 4% interest coupon or registered school building
bonds.
Dated March 1, 1936.
One bond for $900, others $1,000 each.
Due March 1 as follows: $1,900, 1937; $2,000, 1938 to 1947, incl.; $3,000.
1948 to 1959, incl. and $4,000 from 1960 to 1966, incl.
Bidder to name one
rate of interest on the issue, expressed in a multiple of H or l-10th of 1 %.
Principal and interest (M. & S.) payable at the Bank of Corfu or at the
Irving Trust Co., New York City.
A certified check for $1,700, payable
to the order of Albert F. Bangert, District Treasurer, must accompany
each proposal.
The approving opinion of Clay, Dillon & Vandewater of
New York will be furnished the successful bidder.
The assessed valuation of the
property subject to the taxing power of the
village is $7,439,731; the total bonded debt, including the bonds now offered,
is $279,524.98; the population
according to the most recent United States
census is 7,040; the bonded debt of the village does not include the debt of
submitted to
PEMBROKE
Uncollected
End Fiscal Year
$5,504.79
4,703.64
5,033.62
April!5,1936
$1,215.12
2,467.58
4,598.26
CAROLINA
GREENVILLE, N. C.—BONDS AUTHORIZED—The Board of Alder¬
is said to have authorized recently the issuance of $75,000 in paving
men
bonds.
GUILFORD COUNTY (P. O. Greensboro), N. C.—BONDS
IZED—The County Commissioners are said to have passed a
AUTHOR¬
resolution
Volume 142
Financial
Chronicle
2713
The above statement as to bonded debt does not include
overlapping debt
of other political subdivisions for which the property represented by the
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
assessed valuation is subject to a tax.
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
BAY, Ohio—BOND OFFERING—Harry E. Glasser, Village Clerk, will
receive bids until
KIRCHOFER
ARNOLD
&
INCORPORATED
RALEIGH, N. O.
A.
T.
T.
TELETYPE
noon
May 2 for thepurchase at not less than par-efrS183.-
232 4% coupon refunding bonds.
Denoms. $1,000, $500 and 1 for $232.
Dated Oct. 1, 1935.
Prin. and semi-ann. int. (A. & O. 1) payable at the
First National Bank of Rocky River.
Due on Oct. 1 as follows. $15,232,
1940; $16,000, 1941 and 1942, and $17,000, 1943 to 1950.
Certified check
for 1% of amount of bonds bid for, payable to the Village,
required.
RLGH 80
Direct Private Wire te Pask & Walbridge our New York Correspondent
BROOK PARK, Ohio—BOND OFFERING—Alfred H. Scrivens, Village
Clerk, will receive bids until noon May 4 for the purchase at not less than
of the foil owing 4% coupon refunding bonds:
$178,653.60 special assessment bonds.
Dated Oct. 1, 1935.
Due yearly
on
Oct. 1 as follows: $17,653.60, 1941; $17,000, 1942; and
$18,000. 1943 to 1950.
7,000,00 general bonds.
Dated April 1, 1936.
Due $1,000 yearly on
par
NORTH
CAROLINA
recently, providing for the issuance of the following bonds aggregating
$495,000, $225,000 Greensboro school; $170,000 High Point school, and
$100,000 Guilford County school bonds.
ABERDEEN SCHOOL DISTRICT (P. O. Aberdeen), N. C.—FINAN¬
CIAL STATEMENT—The
following information is furnished to us by the
William B. Greene Co. of Winston-Salem:
'
Statement of Financial Information to the Local Government Commission
Name of unit Aberdeen Graded Schools, N. C., as of Dec. 31, 1935—Present
population, estimated, 3,000.
1935
1934
Assessed property valuation for taxt'n $2,370,002
$2,440,714
1935 tax rate is divided as follows:
Debt service $.65.
Fiscal Year—
1935-36
1934-35
1933-34
Tax rate
$.65
$.65
$.65
Tax levy
Uncollected
$14,405 01
$5,364.46
$15,864.64
$4,953.42
1933
$2,461,275
1932-33
$.65
$15,998.29
$3,983.66
$20,098.00
$3,108.23
$88,000.00
State literary fund $600—Special building fund
2,000
The unit has sinking fund bonds
outstanding in the amount of $1,000
to date
Outstanding debt:
now
available for payment of bond principal and interest. __$786.45
Default Record
District Bonds
Amount of principal in default
Amount of interest in default
CLARK COUNTY (P. O. Springfield), Ohio—BOND OFFERING—
Harold M. Fross, County Auditor, will receive bids until
May 14 for the
purchase of the following 4% bonds;
$27,423 road improvement bonds.
Due March 1, 1938 to 1942.
157,800 poor relief bonds.
Due March 1, 1937 to 1944.
Interest payable March 1 and Sept. 1.
COLUMBUS, Ohio—VOTE ON MILL LEVY—At the May 12 primary
election the voters will be asked to approve a 2.4 mill levy for two years to
provide funds for current operating expenses.
The $828,000 to be realized
from the levy would permit a small surplus in the present year and in 1937
would be applied to an accumulated deficit of $436,000,
according to report.
(Signed) H. A. Page, Jr., Treasurer.
ALAMANCE COUNTY (P. O. Graham), N. C.—NOTE SALE—It is
reported that the Waccamaw Bank & Trust Co. of Whiteville, has purchased
$30,000 notes at 3%, plus a premium of $2.56.
N.
C.—FINANCIAL
STATEMENT—The
following
through the courtesty of the William B.
statistics are supplied
Greene Co. of Winston-Salem:
Statement of Financial Information to the Local Government Commission—
Municipality
Name of unit, Asheboro, N. C., as of Dec. 31, 1935.
Population of unit, 1930 Census, 5,021; present population, est., 6,500.
1935
1934
1933
Assess, prop, valuation for taxation.. $4,140,918
$4,034,169
$3,879,134
1935 tax rate is divided as follows:
Debt service $1.00; Gen. fund., $.43.
■
Interest payable March 1 and Sept. 1.
Due yearly on March 1 as follows:
$1,000, 1937; $1,100, 1938 and 1939; $1,200, 1940; $1,300,
1941; $1,400,
1942 and 1943; and $1,500, 1944.
Cert, check for $1,000, required.
Tax Rate
Tax
1933-34.
1.53
1932-33
1.44
63,461.47
$1.48
1934-35
1.48
to Date
$28,087.90
1,770.94
1,465.10
1,716.13
13,791.18
Uncollected taxes for all prior years
Outstanding debt:
Bonds
Total.
.$466,050.00
_
!
8.879.01
34,000.00
7,444.19
available for payment of bond principal & interest..
No default.
now
foregoing is
a true statement
according to the records for the above
named local unit.
(Signed) W. E
Yow, Treasurer.
Dated. Jan. 21, 1936.
NORTH
SALE
DOVER CITY SCHOOL DISTRICT, Ohio—BOND OFFERING—
Ruth Stieber, Clerk of the Board of Education, will receive bids until noon
May 2 for the purchase at not less than par of $43,000 4% coupon school
building bonds.
Denom. $1,000.
Dated June 1, 1936.
Interest payable
June 1 and Dec. 1.
Due $2,000 each six months from June 1,1937 to June 1,
1947; and $1,000, Dec. 1, 1947.
Cert, check for $430, payable to the
District, required.
DOVER
CITY
SCHOOL
DISTRICT,
Ohio—DEBT
REPORT—Iu
connection with the offering on May 2 of $43,000 4% school building bonds,
previously reported in these columns, we learn that the District reports
an assessed valuation of taxable property for 1936 of
$11,848,840 and has
a total bond and note indetbedness,
including the issue now offered, of $108,The District and the city itself, it is said, have met all of their bonds
000.
in the past on the due date and have not defaulted
thereof.
on
FRANKLIN
DAKOTA
Dak.—BOND OFFERING—Melvin Decker, Village Clerk,
will receive bids at the County Auditor's office in Fargo, until 2
p. m.
April 20 for the purchase of $3,400 4% coupon bonds.
Denom. $100.
Dated Jan. 1, 1936.
Int. payable annually.
Due on Jan. 1 as follows;
$300, 1939: $500, 1942 and 1945: $600, 1948, and 8500, 1951, 1954 and 1955.
Certified check for 2% of amount of bid, required.
GARRISON, N. Dak.—BOND OFFERING—H. T. Holtz, City Auditor,
5%
RURAL
SCHOOL
any
issue
or any part
DISTRICT
(P
O.
Stafford), Ohio—BOND OFFERING—W. W. Sutton, Clerk of the Board
of Education,
less than par
will receive bids until noon May 8 for the purchase at not
of $15,000 4% school house addition construction bonds.
$1,000.
Dated May 1, 1936.
Interest payable semi-annually.
Due $1,000 yearly on April 1 from 1937 to 1951, incl.
Certified check for
$1,500, payable to the Board of Education, required.
Denom.
NEW PHILADELPHIA, Ohio—BOND OFFERING—Lester B. Stonebrook, City Auditor, will receive bids until noon May 2 for the purchase at
of $10,000 4% coupon municipal building site purchase
bonds.
Denom. $500.
Dated Dec. 1, 1935.
Interest payable June 1 and
Dec. 1.
Due $500 yearly on Dec. 1 from 1937 to 1956, incl.
Cert, check
for $100, payable to the city, required.
These bonds were not sold at
the original offering on April 11, because of improper advertising.
not less than par
OHIO, State of—AVERAGE YIELD OF 30 CITY BONDS AGAIN
DECLINES—Prices of Ohio municipal bonds maintained upper trend during
the week ended April 16, and the average yield of bonds of 30 Ohio
cities,
compiled byWm. J. Mericka, & Co., Inc., whose New York office is located
at 1 Wall Street, dropped from 2.98 to 2.95.
Average yield of 15 largest
Ohio cities declined from 2.97 to 2.94, and of 15 secondary cities from 2.99 to
2.97.
Averages are weighted according to outstanding debt of each city.
ALICE, N.
will receive bids until 2 p. m. April 28 for the purchase of
$2,500
disposal plant bonds.
Certified check for 2%, required.
TOWNSHIP
has sold $31,300 notes to the George D. Harter Bank of Canton.
6,000.00
Were sufficient taxes levied for debt service for the fiscal year 1935-36 ? Yes.
The unit has sinking fund bonds outstanding in the amount of.
$59,000.00
The
Ohio—BOND
MASSILLON SCHOOL DISTRICT, Ohio—NOTE SALE—The District
10,000.00
Revenue anticipation notes
Cash
Cleveland),
that the accepted bid was made on behalf of a syndicate headed by
Blyth & Co., Inc. of New York.
Others in the account are Braun, Bosworth
Hayden, Miller & Co. of Cleveland.
.$449,250.00
Bond anticipation notes
Sinking fund cash on hand
Sinking fund investments held
O.
■
Levy
$61,285.57
59,705.70
59,350.75
1935-36
(P.
we earn
Uncollected
Fiscal Year—
COUNTY
DETAILS—In connection with the report in our issue of April 13 concerning
the award of $1,050,000 emergency poor-relief bonds as 2Ms, at 100.31, a
basis of about 2.08% to Field, Richards & Shepard, Inc. of
Cincinnati,
& Co. of Toledo and
_
Dated Jan. 3, 1936.
official
CRAWFORD COUNTY (P. O. Bucyrus), Ohio—BOND OFFERING—
The Board of County Commissioners will receive bids until 10 a. m., April 21
for the purchase of $10,000 4% poor-relief bonds.
Dated April 15, 1936.
CUYAHOGA
$14,000.00
1,135.00
Date of oldest principal default outstanding, 1932.
Date of oldest interest coupon default outstanding, 1935.
The foregoing is a true statement according to the records for the above
named local unit.
ASHEBORO,
for, payable to the village, required.
Bonds
included in above.
Cash
Oct. 1 from 1937 to 1943.
Denominations to be set by Village Clerk.
Principal and semi-annual
interest (April 1 and Oct. 1) payable at the West Park office of the Cleve¬
land Trust Co., in Cleveland.
Cert, check for 1% of amount of bonds bid
sewage
ROCKY
RIVER,
Ohio—BOND
OFFERING—The
City
Auditor
will
receive bids until
noon May 5 for the purchase at not less than
par of $120,000 4% refunding bonds.
Dated Oct. 1, 1935.
Int. payable A. and O. 1.
Due $20,000 on Oct. 1 in each of the years from 1938 to 1943, incl.
Certi¬
fied check for $1,200, payable to the city, required.
SULLIVAN CENTRALIZED SCHOOL DISTRICT (P. O.
Ashland),
Ohio—BOND SALE—The issue of $3,200 bonds offered on April 14—
V. 142, p. 2203—was awarded as 4Hs to the Sullivan State Bank.
Dated
April 1, 1936, and due $400 on April 1 and Oct. 1 from 1937 to 1940 incl.
WAPAKONETA, Ohio—BONDS NOT SOLD—The issue of $2,100 4%
water main extension bonds offered on
OHIO
sold,
MUNICIPALS
from
as no
WEST
700
CUYAHOGA BUILDING, CLEVELAND
AKRON
CINCINNATI
COLUMBUS
receive bids until
B.
Cretors,
Village
Clerk,
May 4 for the purchase at not less than
following 6% coupon bonds:
on
Dec.
building bonds.
Denom.
Dated
SCHOOL
DISTRICT,
Ohio—BOND
Woodsfield), Ohio—BOND OFFERING—E. F. Yoho, Clerk of the Board
$1,000.
will
par of the
able semi-annually.
$500 April 1, 1944.
Education, required.
Denom. $250.
Due $250 yearly
COTTON COUNTY SCHOOL DISTRICT No. 101 (P. O. Temple),
$20,000 issue of school bonds offered for
Okla.—BONDS SOLD—The
sale
Dec.
Due $1,000 yearly on April 1 from 1937 tb 1943, and
Certified check for $750, payable to the Board of
OKLAHOMA
Due $1,000 yearly
1 from 1936 to 1945.
2,500 municipal swimming pool bonds.
on Dec. 1 from 1936 to 1945.
VILLAGE
of Education, will receive bids until noon May 8 for the purchase at not
less than par of $7,500 4% school house addition construction bonds.
Denom. $1,000, except one for $500.
Dated May 1, 1936.
Interest pay¬
noon
$10,000 municipal
ELKTON
WOODSFIELD EXEMPTED VILLAGE SCHOOL DISTRICT (P. O.
SPRINGFIELD
OHIO
Ohio—BOND OFFERING—E.
ADA,
April 13—V. 142, p. 2203—was not
Dated Jan. 1,1936 and due $52.50 on Oct. 1
SALE—The $3,000 school building bonds offered on April 9—V. 142, p.
2549—were awarded to the First National Bank of Camden.
Dated Feb.
17, 1936.
Due $250 on April 1 and Oct. 1 in each of the years from 1941
to 1946.
MITCHELL, HERRICK & CO.
CANTON
bids were received.
1976, incl.
1937 to
on
April 10—V. 142,
p.
2376—was purchased by the Brown-Crummer
1, 1935.
Interest payable June 1 and Dec. 1.
Certified
$1,000 and $250, required, with $10,000 and $2,500 issues,
respectively.
Co. of Wichita, according to the Superintendent of Schools.
AKRON, Ohio—BONDS OFFERED FOR INVESTMENT— Seasongood
& Mayer of Cincinnati are offering for general
investment, at prices to yield
from 3.30 to 3.90%, according to maturity, a new issue of
issuance of the
checks
for
ENID SCHOOL DISTRICT
(P. O. Enid), Okla.—BONDS VOTED—
on April 7—V. 142, p. 2376—the voters approved the
$250,000 in school bonds by a wide margin, according to
At the election held
$493,000 4%
unlimited tax street widening bonds, dated March 1, 1936 and due
serially on Oct. 1 from 1941 to 1960 incl.
report.
GARVIN COUNTY CONSOLIDATED SCHOOL DISTRICT
coupon
Financial Statement (As Officially Reported March 1,
Assessed valuation
Total indebtedness (incl. this issue)
Waterworks bonds
General sinking fund
Special assessm't sinking fund
1936)
$270,000,000 00
$10,309.352
1,273,841
1,353,400
McCURTAIN
connection
with
COUNTY
the
sale
of
(P.
the
O. Idabel),
$52,000 6%
Okla.—PURCHASER—In
semi-ann. funding bonds,
report of which was given here in February—V. 142, p. 1002—the County
12,936,593.00
^
Waterworks sinking fund
2
2 % must accompany the bid.
39,702 197 33
...
NO.
(P. O. Maysville), Okla.—BOND OFFERING—It is stated by C. L. Traylor, District Clerk, that he will receive sealed bids until 2 p. m. on April 27,
for the purchase of a $25,000 issue of school bonds.
A certified check for
1,118,187.00
OZARK CONSOLIDATED SCHOOL DISTRICT No. 6 (P. O.
Altua,
Route 2), Okla.—BOND SALE—The $12,500 school building bonds offered
March 25—V. 142, p. 2036—were awarded to R. J. Edwards, Inc., of
on
NetTbonded debt
Population, 1930
$26,775,604.33
census,
255,040.
Oklahoma City.
Due $1,000 yearly beginning three years from date of
issue, except that the last instalment shall amount to $500.
b'
Financial
2714
Clerk states
that
bonds
the
Honnold, of
purchased by C. Edgar
were
Oklahoma City.
DISTRICT, Okla.—BOND OFFERINGS. H.
Kratz, Clerk of the Board of Education, will receive bids until 7 p. m.
April 21 for the purchase at not leas than par of $6,000 school building bonds,
which will bear int. at rate named in the succeasful bid.
Due $1,000 yearly
beginning three years from date of bonds.
Certified check for 2 % of amount
OKEENE
of
SCHOOL
bid, required.
WOODWARD, Okla—BOND SALE
POSTPONED—Justina B. Cosby,
the $35,000 park improvement bonds,
noted here—V. 142, p. 2549—has been
City Clerk, advises that the sale of
previously scheduled for April 13, as
postponed until April 20.
Chronicle
Pa.—BOND SALE—The issue of $26,000 coupon bonds
April 9—V. 142, p. 2204—were awarded to S. K. Cunningham
Pittsburgh as 3s, at par plus a premium of $39, equal to 100.15, a
basis of about 2.98%.
Dated April 1, 1936, and due $2,000 on April 1
from 1937 to 1949, inclusive.
Other bids were as follows:
MONACA,
offered
on
& Co. of
Canyon City), Ore.—BONDS NOT SOLD—
The $76,000 refunding bonds offered on April 13—V. 142, p. 2377—were
not sold, the County Court postponing the sale until August or September
because of errors made in publishing notices.
(P. O. Burns), Ore.—BOND ELECTION—It is
said that at the primary election in May, the voters will pass on the proposed
issuance of $150,000 in road construction bonds.
HARVEY COUNTY
DISTRICT NO. 11(P. O. Lakeview), Ore.
BOND OFFERING—Sealed bids will be received until 10 a. .m on April 17,
by R. R. Severin, District Clerk, for the purchase of a $5,000 issue of 4%
school building, second series bonds.
Denom. $1,000.
Dated April 1,
1936.
Due $1,000 from April 1, 1937 to 1941, incl.
Prin. and int. (A. &
O.) payable at the County Treasurer's office or at the fiscal agency of the
State in New York.
A certified check for $1,000, payable to the District,
must accompany the bid.
LAKE COUNTY SCHOOL
Premium
Int. Rate
Bidder—
Leach Bros., Inc
$169.00
87.00
424.35
228.80
3M%
-
_
Singer, Deane & Scribner, Inc.
R. W. Pressprich & Co_Glover & MacGregor, Inc
NEW CASTLE,
OREGON
GRANT COUNTY (P. O.
April is, 1936
$3,0(Jo,
$2,000, 1953; $3,000, 1954; $2,000, 1955;
1956; $2,000, 1957;
$3,000, 1958; $2,000, 1959; $3,000, 1960 $2,000, 1961; $3,000, 1962, and
$2,500, 1963; optional April 1, 1946.
-
3M%
3V2%
3M%
1
Pa.—FINANCIAL STATEMENT—In connection with
3H% funding bonds—V. 142, p. 2550—
the offering on May 4 of $100,000
we have received the following:
Financial Statement
Estimated actual value of all taxable property in
the city, from $70,000,000
to
$75,000,000
50,873,220
Assessed valuation of all property for 1936
Total bonded indebtedness
Jan. 1, 1936
Total valuation of all property
--— -
--
owned by the city (corporate
property)
No floating
8,428,599
854,000
!_
Non-assessable property in city
2,213,520
—
secured
city. Tax rate for
9 mills; sinking fund
debt except unredeemed improvement certificates,
by real estate liens.
Water works not owned by the
1936, 11M mills, divided as follows:
General revenue,
and interest, 2 mills; library, y2 mill.
bonds outstanding to $24,416,750 and the veterans
PARKER, Pa— BOND OFFERING— R. V. Robinson, City Clerk, will
April 30 for the purchase of $5,000 4H% bonds.
payable semi-annually.
Certified check for $50, required.
The bonds will be dated Jan. 1, 1936, in denoms. of $500 and mature
Jan. 1, 1946, although optional on or after Jan. 1, 1937.
Registerable as
to principal
only and payable as to principal and semi-annual interest
(J. & J.) at the City Treasurer's office.
A certified check for $50, payable
to the order of the City Treasurer, is required.
The bonds will be issued
subject to approval of Charles E. Harrington of Kittanning.
State Liquor Control Commission will
of 2% State unemployment relief certificates
issued against liquor profits and accrued interest thereon.
These certificates
at one time aggregated in excess of $900,000."
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
The following issues were approved by the Pennsylvania Department of
Affairs, Bureau of Municipal Affairs, on April 7 and April 9.
The data include the name of the sub-division, amount and purpose of
issue and date of approval:
OREGON, State of—PAYMENT ON
HIGHWAY AND VETERANS'
1 reported as follows:
AID BONDS—A special dispatch from Salem on April
"State Treasurer Holman today deposited with the
in
York
New
State's fiscal agency
City $2,851,677.18 to pay $1,275,000 principal and $599,on Oregon State highway bonds, and $500,000 principal
098.45 interest
and
$527,578.75 interest on veterans' State
reduced the highway
bonds to $23,875,000.
These payments
aid bonds.
"Within the next week the Oregon
pay
the remaining $165,000
OSWEGO, Ore.—BOND SALE—The $77,000 issue of sewage system
142, p. 2377—was awarded to Blyth
of 100.049, a net interest cost of about 3.10%,
on the bonds divided as follows: $57,000 as 3s, maturing on April 15: $3,000,
1937 to 1942: $4,000, 1943 to 19(48, and $5,000, 1949 to 1951; the remaining
$20,000 as 3Xs, maturing $5,000 from April 15, 1952, to 1955 incl.
& Co. of Portland, at a price
(P. O. Portland), Ore.—BOND SALE—The
$300,000 2M% airport site bonds offered on April 13—V. 142, pp.
and 1870—were awarded to Atkinson-Jones & Co., Camp & Co.,
Hemphill, Fenton & Campbell, all of Portland, on a
2036
and
bid of 102.333, a basis
of about 2.30%.
The First National Bank of Portland, Dean Witter &
Co. and Baker, Fordyce & Co., jointly submitted the next high bid, an
offer
of
Dated
102.297.
Due $30,000 yearly on Jan.
1936.
1,
Jan
1
from 1937 to 1946.
Delaware River Joint Commission
4M%
SOLD
—
BONDS
-
AND
-
Internal
Date
.
Approved
Amount
April 7
$12,000
highways
Borough
School
District,
Jefferson
County—Erect, build, equip and furnish addition
to school building,
Centralia Borough School District, Columbia County—
The purpose and acquisition of grounds for erecting,
equipping and furnishing a school building
Franklin Township School District, Allegheny County
—Purchase site; erect school building thereon
Point Marion Borough, Fayette County—Paving and
April 7
150,000
April 9
20,000
April 9
20,000
April 9
21,000
April 9
6,000
Municipality and Purpose—
Elizabeth Borough, Allegheny
and
County—Paving streets
constructing sewers,
Darby Township School District, Delaware
County—Construction of sewers and improvement
Upper
to
Summerville
— ___
12 000
LOCAL BOND ISSUES APPROVED—Below is a record of the municipal
issues approved by the Department of Internal Affairs, Bureau of Municipal
Affairs, during the period from March 30 to April 3.
The information
Philadelphia-Camden Bridge
BOUGHT
Interest
improving streets; construction of storm sewers
Elkland Borough School Distrcit, Tioga County—Con¬
structing and equipping a high school building
bonds offered for sale on April 11—V.
PORT OF PORTLAND
receive bids until 8 p. m.
includes the
QUOTED
date of
YARNALL & CO.
name
April 9
of the subdivision, amount and purpose
approval.
of issue and
Dale
Municipality and Purpose—
Borough School District, Washington
County—Paying operating expenses—
Sharon City, Mercer County—Funding floating in¬
debtedness, $42,500; making street improvements,
installing police radios, police and fire signal system,
$22,500--Roaring Spring Borough School District, Blair County
—Acquiring additional ground; building, equipping
and furnishing new high school building, improving
school grounds
Penn
Township,
Allegheny County—Constructing
sewer system including sewage treatment plants—_
West Bradford Township School District, Chester
County—Erect an addition to school building; equip
Approved
Amount
Mar. 30
$50,000
Canonsburg
1628
Walnut
Street
Philadelphia
A. T. & T.
Teletype—Phila. 22
Commonwealth of
PENNSYLVANIA
1520 Locust St.,
Philadelphia
PENNSYLVANIA
I1* BADEN. Pa —BOND SALE—The $17,000 coupon bonds offered on
April 13—V. 142, p. 2377—were awarded to the Ambridge National Bank
of Ambridge on a bid of par for 3s.
Dated May 1, 1936. Due May 1 as
follows: $8,000, 1944: $2,000, 1945 and 1946; and $1,000, 1947, 1948, 1949
and
1950.
CARROLL TOWNSHIP SCHOOL DISTRICT (P.
O. Monongahela,
D
No
1), Pa —BOND SALE—The $4,000 5% school bonds offered
April 11—V. 142, p. 2204—were awarded to R. W. Knox of Washington,
Pa., attorney for the bidder, at par, plus a premium of $180. equal to 104.50,
a basis of about 3.03%.
Due April 1, 1941.
H. O. Colgan bid a premium
of $25 and Harry F. Larimer bid par plus $40.
R
on
DISTRICT, Pa .—BOND SALE—An issue of
CATAWISSA SCHOOL
Sons of Phila¬
$30,000 3 M % school bonds has been sold to E. H. Rollins &
delphia.
The bonds mature $1,000 annually from 1937 to 1966 incl.
paid
a
price of 100.73 for the issue, a basis
CLAIRTON SCHOOL DISTRICT,
The bankers
of about 3.19%.
Pa.—BOND SALE—'The $155,000
bonds described below, which were offered on April 13—-V. 142,
2377—were awarded to the First National Bank of Clairton, as 2 Ms,
for a premium of $1,997.95, equal to 101.289, a basi3 of about 2.64%:
p.
1946.
in each of the years
April 1 from 1940
-
70,000school bonds, series 12.
Due $5,000 yearly on April 1
from 1947
to 1960.
$1,000.
Dated April 1, 1936.
S. K.
Pittsburgh, second high bidders, offered a price of
Denom.
CLIFTON
HEIGHTS,
Cunningham & Co., of
$156,627.50.
Pa— BOND SALE—The
$30,000 2% sewer,
borough hall and highway bonds offered on April 14—V. 142, p.
were purchased by the borough sinking fund, the only bidder.
2377—
SCHOOL DISTRICT, Pa .—DEBT ANALYSIS—In con¬
April 20 of $60,000 not to exceed 3 M % interest
(registerable as to principal) school building bonds—V. 142, p. 2377,
a
detailed analsysis of tfie financial and economic status of the district
has beemprepared for distribution by C. C. Collings & Co., Inc., of Phila¬
delphia.
The study shows that there is only one issue of district bonds
outstanding at the present time.
This is in amount of $87,000, bearing
2% interest, and was sold to refund an equal amount of 4 Ms of April 1,
1927, which were redeemed on April 1, 1935.
The existing 2s mature
serially from 1937 to 1950, inclusive.
EPHRATA
nection with the offering on
coupon
TOWNSHIP SCHOOL DISTRICT (P. O. Myers
—MATURITY—The $68,500 bonds purchased on April
Bank and the Myerstown National Bank as
2Ms, at a price of par—V. 142, p. 2550—are dated April 1, 1936, and mature
April 1 as follows: $8,000, 1939; $3,000, 1940; $2,000, 1941; $3,000, 1942;
$2,000, 1943; $3,000, 1944; $2,000, 1945; $3,000, 1946; $2,000, 1947;
$3,000, 1948; $2,000, 1949; $3,000, 1950; $2,000, 1951; $3,000, 1952;
HEIDELBERG
town, R. 2), Pa
6
by the Lebanon National
65,000
Mar. 30
32,000
Mar. 30
100,000
10,000
Gettysburg Borough School District, Adams County—
Altering high school building and erecting, equipping
and furnishing additional school buildings
—
Apr.
1
20,000
Waynes Borough School District, Franklin County—
Purchasing a proper site for and erecting, equipping
and furnishing a school building
Apr.
1
150,000
Catawissa Borough School Dist., Columbia County—
Erect, equip and furnish an addition to high school
Apr.
1
30,000
Franklin City School District, Venango County—Erect
a
new high school building; repairing the present
high school building
Apr. 3
100,000
Sligo Borough, Clarion County—Funding floating
indebtedness in the sum of $3,085.26; refunding
bonded indebtedness, $2,300; purchase, build and in¬
stall a water filtration plant; construct water mains,
$4,614.74Apr. 3
10,000
RALPHO TOWNSHIP SCHOOL DISTRICT (P. O. Elysburg), Pa.
—BOND OFFERING—Jacob E. Leisenring, President of the School Board,
will receive bids until 1:30 p. m. April 22 for the purchase at not less than
par of $20,500 3%
school bonds.
Denom. $500.
Dated Jan. 1, 1936.
Interest payable Jan. 1 and July 1.
The district is to have the privilege of
redeeming the bonds any time after two years or before 20 years.
READING, Pa.—PLANS BOND ISSUANCE— The city is planning to
an early offering of $400,000 or more of bonds, secured by delinquent
As previously reported in these columns, the city is endeavoring to
redeem the 3 Vi % non-callable bonds which were sold in April 1934 and as an
inducement to the holders is offering to pay premiums above par ranging
from M% to 4%, depending on the year of maturity.
The funds for the
purpose, it is said, are now available in the sinking fund.
Retirement of
the bonds will release a substantial portion of anticipated tax warrants as
security for a larger issue, according to report.
SOUTH
WILLIAM SPORT
SCHOOL
DISTRICT,
Pa.—BOND
SALE—The issue of $27,000 coupon operating revenue bonds offered on
April 13—V. 142, p. 2204—was awarded to Halsey, Stuart & Co., of New
York, on a bid of 100.576 for 2Ms, a basis of about 2.63%.
Dated April
1, 1936.
Due $3,000 on April 1 from 1937 to 1945.
Other bidders were:
make
taxes.
coupon
$85,000 school bonds, series 11.
Due $5,000 on April 1
1937, 1938 and 1939, and $10,000 yearly on
Mar. 30
Mar. 31
and furnish same
Moncure Biddle & Co.
\
Int.
Philadelphia
Philadelphia
Leach Bros., Inc., Philadelphia
R. W. Pressprich & Co., Philadelphia
Stroud & Co.,
WILMERDING
Price
Rate
Names—
Butcher & Sherrerd,
SCHOOL
-
j..
Bid
3%
3M%
3M%
3M%
100.81
100.879
100.81
100.26
DISTRICT, Pa.—BOND OFFERING—
District Secretary, will be received
Sealed ibds addressed to W. D. Ferree,
until 8 p. m. on April 20 for the purchase of $300,000
interest coupon (registerable as to principal only) building
not to exceed 4%
and land purchase
1936.
Denom. $1,000.
Due April 1 as follows:
$10,000, 1939 to 1941 incl.; $5,000, 1942 and 1943; $10,000, 1944 and 1945;
$5,000, 1946; $10,000, 1947 to 1953 incl.; $15,000, 1954; $10,000, 1955;
$15,000, 1956; $10,000, 1957; $15,000 from 1958 ot 1961 incl.; $20,000,
1962; $15,000 in 1963 and $20,000 in 1964.
Bidder to name one rate of
interest on the entire issue, expressed in a multiple of M of 1%.
Prin. and
int. A. & O. payable at the First National Bank, Wilmerding.
A cert,
check for $5,000, payable to the order of the District, is required.
The
bonds will be sold subject to the approval of the Pennsylvania Department
of Internal Affairs and the favorable legal opinion of Burgwin, Scully &
Churchill of Pittsburgh.
bonds.
Dated April 1,
Volume 142
Financial
STATE
COLLEGE
SCHOOL
DISTRICT,
Pa.—BOND SALE—
The $100,000 coupon
refunding bonds offered on April 15—V. 142, p. 2377—
were awarded to Edward
Lowber Stokes & Co., of Philadelphia, as 2^s,
for a premium of $1,179, equal to
101.179, a basis of about 2.36%. Dough¬
erty, Corkran & Co., of Philadelphia, were second
high, bidding a premium
of $1,035 for 23^s.
Dated April 15, 1936.
Due $10,000 yearly on April
15 from 1940 to 1949, incl.
Other bids were
follows:
as
Bidder—
Int. Hate
Singer, Deane & Scribner, Inc
E. H.
Rollins &
Sons
Halsey, Stuart & Co., Inc
Bioren &
Co
Suplee, Yeatmau & Co-_-__
;
First National Bank, State
College.------Leach Bros., Inc
Glover
&
-.
MacGregor
Rate Bid
2H%
2^%
2H%
2V2%
2V2%
3%
3%
3%
100.917
100.679
100.415
100.339
100.196
101.861
101.013
101.278
TIOGA COUNTY (P. O.
Wellsboro), Pa.—BOND ELECTION—At
the April 28 elections a
proposal to issue $112,500 refunding bonds will be
submitted to a vote of the electors.
WILKES BARRE SCHOOL DISTRICT,
Pa.—BONDS AUTHOR¬
IZED—The School Board has recently authorized the issuance of
$400,000
school building bonds.
PUERTO
Chronicle
2715
FRIENDSHIP, Tenn.—BOND
OFFERING—Sealed bids will be received
until noon on May
1, by Mayor W. H. Stallings, for the purchase of two
issues of bonds aggregating
$6,000, divided as follows:
$3,000 6% street improvement bonds.
Due from 1938 to 1948.
3,000 elementary school building improvement bonds.
Due from 1939 to
1949.
GRAINGER COUNTY (P. O.
Rutledge), Tenn.—BOND REFUND¬
ING CONTEMPLATED—The
county is said to be planning to refund its
outstanding 53^% bonds aggregating $636,000, by issuing 4^% bonds in
lieu
thereof.
GRUNDY COUNTY (P. O.
Altamont), Tenn.—BOND SALE AU¬
THORIZED—The County Court is said to have
approved a resolution
recently, providing for the sale of $50,000 bonds for a school at
Tracy City.
HAMBLEN COUNTY (P. O.
Morristown), Tenn.—BOND SALE—
An issue of!$30,000
3%% jail bonds has been sold to C. H. Little & Co. of
Jackson.
Due $3,000 yearly from 1937 to 1946.
LINCOLN COUNTY (P. O.
Fayetteville), Tenn.—BOND SALE—On
an issue of $10,000
4% highway improvement bonds was awarded
April 9
to the Union National
Bank and the Lincoln County Bank, both of
Fay¬
etteville, for a premium of $540, equal to 105.40, a basis of about
2.38%.
Denom. $1,000.
Dated Oct. 1, 1935.
Interest payable semi-annually.
Due $2,000 yearly on Oct. 1 from 1937 to
1941.
RICO
PUERTO RICO, Government of—BOND SALE—The
$75,000 issue
3% loan of 1936, series B, Isabela irrigation bonds offered
for sale on April 17—Y.
142, p. 2550—was awarded to Seasongood &
Mayer of Cincinnati at a price of 97.30, a basis of about 3.32%. Dated
Jan. 1, 1936. Due on Jan. 1, 1975,
optional on or after Jan. 1, 1946. The
only other bid received was an offer of 93.35, submitted
by the National
City Bank of New York.
of Puerto Rico
TEXAS BONDS
Bought
—
Sold
—
Quoted
H. C. BURT & COMPANY
Incorporated
Sterling Building
Southern Municipal Bonds
Houston, Texas
TEXAS
McALISTER, SMITH & PATE, Inc.
67
BROAD
STREET
NEW
YORK
Telephone WHitehall 4 6765
GREENVILLE, S. C.
CHARLESTON,
S.
ALVIN ROAD DISTRICT NO. 6 (P. O.
Angleton), Tex.—BONDS
VOTED—At the election held on April 4—V. 142,
p. 1871—the voters are
said to have approved the issuance of
$325,000 in road improvement bonds.
ANSON, Tex.—BONDS SOLD—The Public Works Administration is
said to have purchased on April 7 an issue of
$31,000 4% semi-annual school
bonds approved by the voters on Nov.
7,1935.
Dated Oct. 1, 1935.
Due
C.
serially in 30
SOUTH
CAROLINA
SPARTANBURG, S. C—RULES IN FAVOR OF REFUNDING—
Circuit Judge J. Henry Johnson on
April 1 decided that the city of Spartan¬
burg has the right to redeem an outstanding issue of $230,000 of
4%
water works bonds in a decree
settling a test case brought against the city
in the name of L. K. Leonard.
Attorneys connected with the case said
the ruling would probably be
appealed to the Supreme Court.
Dr. L. McD. Kennedy, Chairman of the Water Works
Commission, said
that the Commission hopes to retire between
$50,000 and $75,000 of the
issue, while the balance would be handled through a refunding bond issue
estimated to effect a saving to the Commission of between
$12,000 and
$15,000.
A question
as
to
the
redemption right
arose
due
to
ments in the statute
conflicting state¬
passed in 1908, providing for the issuance of the bonds.
The statute recited in the preamble that
City Council desired to issue the
bonds "with the privilege of
redemption after 20 years from their date,"
while the body of the special Act
provided that the bonds should be payable
40 years lrom their date, "with the
privilege of redemption 20 years from
their date."
I
Mr. Leonard, holder of two of the
bonds, agreed to take the position
that, since the bonds were not redeemed Sept. 1, 1928, 20 years after their
issuance, their maturity date is irrevocably carried forward to Sept. 1, 1948.
The city took the position that the bonds are
redeemable any time after
Sept. 1, 1928.
Judge Johnson held that the word "after" was inadvertently omitted
from the clause in the body of the
special Acc, and that the indent of the
Legislature was to have it read "with the privilege of redemption—after—
20 years from their date."
He pointed out that the city advertised the
bonds to this effect prior to their sale and that a
general State statute proAides that bonds thereunder "shall
run for such
.
.
.
forth
.
length of time
.
as
the said municipal
authorities shall prescribe."
(It was set
the bonds themselves that they were issued under the
special Act
.
on
and
this general State Act.)
The city brought the action with the intention of
calling in the entire
issue and retiring part of the amoont
through
money
available in
a
sinking
fund established to pay off the bonds in 1948 and
taking care of the remain¬
ing unpaid balance through a refunding measure.
City authorities took
this step in the belief that an interast rate lower than
4 % could be secured
the refunding bonds.
This difference in interest rates is expected to
result in a saving of about $12,000 to the
city.
on
SOUTH
DAKOTA
CENTERVILLE SCHOOL DISTRICT (P. O.
Centerville), S Dak —
BOND SALE—The $19,000 issue of
3Yt% semi-ann. school bonds offered
for sale on April 11—V. 142, p. 2205—was
purchased by the First National
Bank, of Centerville, at par, according to the District Clerk.
Dated
July 1,1936. Due in 20 years.
MOBRIDGE, S. Dak.—BONJD
SALE—Of the four issue
of
4% coupon
semi-ann. bonds aggregating $114,000, offered for sale on
April 11—V. 142,
p. 2378—two issues aggregating $97,000, were sold to Kalman & Co. of
St. Paul, for a premium of $750,
equal to 100.773. The issues are described
as follows:
$55,000 general obligation auditorium bonds.
years.
BONHAM, Tex.—BOND
Due from Feb.
1956.
1,
1938, to
SALE—The City Council recently sold $50,000
4% school bonds to Mahan, Dittmar & Co. of Dallas.
BRAZOS RIVER CONSERVATION
AND
RECLAMATION
DIS¬
TRICT (P. O. Brazos), Texas—BOND SALE
AUTHORIZED—John A.
Norris, General Manager of the Board of Directors, is reported to have
authorized the sale of $100,000 bonds to the First National Bank
of Fort
Worth.
CROCKETT COUNTY (P. O.
following 5% bonds
Treasurer's office
are
Ozona), Tex.—BONDS CALLED—The
said to have been called for payment at the State
April 10:
Road bonds, dated April 10,
1914, due on April 10, 1954.
Road bonds, dated Oct. 10, 1916, due on Oct.
10, 1956.
Road bonds, dated May 10, 1930, due on
May 10, 1960.
(A detailed report on the bond refunding program for this county
on
in these columns recently.—V.
CROSBYTON
SCHOOL
BONDS SOLD—It
was
give
142, p. 1871.)
DISTRICT
is reported
(P. O. Crosbyton), Tex —
Secretary that $33,000 5%
by the voters last October have been sold.
by the District
semi-annual school bonds approved
DALLAS COUNTY (P. O.
Dallas), Tex.—WARRANT
Commissioners' Court is said to have sold a
$275,000 issue
bridge warrants on April 9 to a group headed by Garrett & Co.,
& Jackson, both of Dallas, as 2Ms and
3s, paying a premium
SALE— The
of road
and
and Callihan
of $277.
DALLAS COUNTY (P. O. Dallas), T ex—STATE BOARD OF
EDUCA¬
TION RESISTS PROPOSED INTEREST CUT—The Commissioners'
Court
of the above county is
preparing to
the State Board of Education to
bring mandamus proceedings to compel
relinquish $208,000 of Dallas County 4%
by the permanent school fund, which the
county wants to retire in part and refund in part at 334 % interest, accord¬
ing to report.
road
and
bridge bonds,
The bonds
are
held
/
not due
to redeem after 20
until 1945, but they expressly reserve the
right
years and declare that interest shall cease to accrue 30
days after they have been called if they shall not have been presented for
redemption.
It is on this reservation that Dallas County authorities
rely
in demanding return of the bonds, it is said.
The
Board of Education has refused to accept payment for the bonds
before maturity because it would not be able to reinvest the
money it would
get from the county at 4%.
In allowing Dallas County to redeem the
bonds before maturity, the Board would set a precedent which
probably
would be followed by many debtors to the permanent school
fund, and
the fund would become subject to speculative influences which result from
depreciation in the value of investment funds as has recently been witnessed.
The average rate of return on the $42,000,000 which the
permanent school
fund has invested is 4.86%.
It is the policy of the board to resist with all
authority it has everything which tends to lower that rate of earning.
HILL COUNTY ROAD DISTRICTS
(P. O. Hillsboro), Tex.—BONDS
REFUNDED—On April 9 the County Commissioners' Court,
through
Mahan, Dittmar & Co. of San Antonio, refunded $75,000 in county road
district bonds, due April 10,
1936.
The road districts involved were
Nos. 1, 2, 3, 6, 12 and 15.
The bonds will be due from 1940 to 1949.
HOUSTON, Tex.—BOND OFFERING—It is stated by H. A. Giles.
City Comptroller, that he will receive sealed bids until May 11, for the
purchase of two issues of bonds aggregating $1,044,000, divided as follows:
42,000 general obligation pavement bonds.
Dated Aug. 15, 1934.
Due
from Aug. 1, 1935, to 1954.
The remaining two issues aggregating $17,000 were
purchased by a local
investor for a premium of $135, equal to
100.894, a basis of about 3.88%.
The issues are as follows:
$874,000 hospital bonds.
Due on June 1 as follows: $48,000, 1939 to 1955,
and $58,000 in 1956.
170,000 street improvement bonds.
Due $10,000 from June 1, 1940 to
$10,000 general obligation pavement bonds.
JASPER, Tex.—BONDS AUTHORIZED—'The City Council is said to
have passed an ordinance recently, providing for the issuance of
$238,000
in refunding bonds.
Due from Feb.
1,
1956.
7,000 general obligztion water
to 1944, incl.
bonds.
Due
$1,000 from April
1939, to
1,
1938
PIERRE, S. Dak.—BONDS SOLD—It is now reported by N. W. May,
City Auditor, that the $100,000 2% semi-ann. funding bonds offered on
March 1—V. 142, p.
1003—have all been sold to local purchasers.
Dated
Due from April 1, 1939, to 1946.
(It was reported recently
in these columns that half of the bonds had been sold
locally.)
April 1, 1936.
RAPID
CITY
INDEPENDENT
SCHOOL DISTRICT (P. O.
Rapid
City), S. Dak.—WARRANT CALL—Kathryn Keough, District Treasurer,
is said to
be
calling for payment all school warrants registered up to and
including No. 17782.
.
SIOUX FALLS, S. Dak.—BOND SALE—The
$59,000 3H% coupon
city hall bonds offered on April 15—V. 142, p. 2378—were awarded to Paine,
AVebber & Co., of Chicago, for a premium of
$2,817.70, equal to 104.776,
a basis of about 2.97%.
The Allison-AVilliams Co., of Minneapolis, sub¬
mitted the next best bid, an offer to pay a
premium of $130 for 3% bonds.
Dated May 15, 1936.
Due on May ,15 as followsS: 3,000, 1937 to 1955,
1956 incl.
Bidders
.1
are to name
the rate of interest the bonds
is said to have passed resolutions
recently providing for
$50,000 in street improvement bonds.
the issuance of
TENNESSEE
ALOMA, Tenn.—BOND OFFERING—Sealed bids
WICHITA FALLS, Tex.—CITY TO MAKE PRO RATA SETTLEMENT
city is ready to make the same pro rata
WITH BONDHOLDERS—This
as that ordered by Federal
Judge William
Hawley Atwell for a group of bondholders in a Federal Court suit March 31,
according to City Attorney W. E. George.
The plaintiffs, representing
$617,000 in bonds, or about one-fifth of the city bonds outstanding, had
approximately $102,234 delinquent in interest and principal payments.
Various city interest and sinking funds now contain about
$258,000 on
deposit.
Judge Atwell ordered that the plaintiffs be paid $53,347 from these
funds as their pro rata share of the funds available, in accordance with an
agreement approved by the City Council recently.
YORKTOWN, Tex.—BONDS VOTED—At the election held on April 7
142. p. 1872—the voters are reported to have approved the issuance
light and power plant bonds.
—V.
of the $65,000 in
UTAH
EPHRAIM,
Utah—BONDS
VOTED—At the election held on April 9
142, p. 2037—the voters are stated to have approved the issuance of
$30,000 in bonds, divided as follows: $15,000 electric light and water system
and $15,000 municipal office building bonds.
—V.
VERMONT
will be received until
2 p. m. on May 1, by J. S. Ball, Mayor, for the purchase of two issues of
5% semi-ann. bonds aggregating $11,000, divided as follows:
$9,000 street impt. bonds.
Due from 1937 to 1954, incl.
2,500 school building impt. bonds.
Due from 1938 to 1946, incl.
to bear.
settlement with all bondholders
(and $2,000 in 1956.
WATERTOWN, S. Dak.—BONDS AUTHORIZED—'The City Council
are
RICHFORD, Vt.—BOND OFFERING—Sealed bids will be received by
the Board of Selectmen of the Town until noon on April 22 for the purchase
of $25,000 bonds, in
$3,000 from 1938 to
$1,000 denoms. and maturing on Nov.
1945. incl., and $1,000 in 1946.
1
as
follows:
Financial
2716
April IS, 1936
Chronicle
VERNON COUNTY (P. O.
Viroqua),
Sealed bids will be received until 1 p. m. on
1, 1964
July
at
Wis —BOND
OFFERING—
May 5 by Berlie Moore, County
Clerk, for the purchase of $100,000 highway improvement, series J, bonds.
The bonds will be sold at par or above to the bidder offering to take the
same at the lowest rate of interest.
$25,000.00
CITY OF RICHMOND, Va. School 4y2s
WONEWOC, Wis —BONDS VOTED—At the election held on April 7—
of the $23,000 sewer con¬
V. 142, p. 2380—the voters approved the issuance
struction bonds by a count of 129 to 101.
2.80% Basis & Int.
F. W. CRAIGIE a COMPANY
WYOMING
Richmond, Va.
LARAMIE, Wyo.—BONDS REFUNDED—The city has arranged with
the First National Bank of Laramie for the refunding of $65,000 outstanding
Phone
A. T. T. Tel. Rich. Va. 83
8-9137
6% water bonds into 3M% bonds.
COUNTY SCHOOL DISTRICT No. 3 (P. O. Ten
Wyo —BOND OFFERING—T. H. Field, District Clerk, will
WASHAKIE
Sleep),
VIRGINIA
of—REPORT
State
VIRGINA,
BOND REFUNDING
ON
ACT—
passed by the "Virginia General Assembly at its recent session
authorized the refunding of a total of $13,178,000 of Virginia bonds, ac¬
Measures
cording to
of
One
report.
authorizes
bills
the
the
refunding of $11,750,000 of Century
this representing slightly more than the $11,689,000 of Century
unfunded" bonds of the State are redeemable
bonds,
for the pur¬
to principal,
Denom. $500.
payable at the
Treasurer's office at Worland.
Due $500 yearly on Jan. 1 from
1960, incl.
Certified check for 5% of amount of bid, payable to
receive bids until 8p.m. May 12 (date changed from May 5)
chase at not less than par of $11,000 coupon, registerable as
school building bonds, to bear interest at no more than 4%.
Dated Jan. 1, 1936.
Principal and semi-annual interest
County
1939 to
the district, required.
bonds because the "old and
bonds when presented and, therefore, some leeway
in Century
left
for
had to be
these.
Canadian Municipals
addition/, the legislature authorized the refunding this year of $950,000
of State highway certificates of indebtedness maturing on July 1, 1936,
and next year of $478,000 of such certificates maturing on July 1, 1937.
After these two refundings are accomplished, the State will have refunded
$5,428,000 of the highway certificates of 1926 and will have paid off $2,000,000 of the issue, these refundings and payments accounting for the entire
issue of $7,528,000, which was authorized for the paying off of the in¬
debtedness represented by loans made to the State under the terms of the
In
Robertson
Information and Markets
BRAWLEY, CATHERS & CO.
Road Act.
15
of the Century bonds. They
carry 3% interest.
The highway certificates of indebtedness carry 4\i%
interest. It is believed the refunding can be accomplished at a much lower
KING
ST.
time is set for the refunding
No special
WASHINGTON
CHEHALIS, Wash.—BONDS SOLD—It is stated by the Deputy City
$75,000 water works system bonds approved by the
on Nov. 21—V. 142, p. 829—have been sold.
Treasurer that the
voters
TACOMA, Wash.—BONDS CALLED—C. V. Fawcett, City Treasurer,
bonds:
is said to have called for payment on April 4 the following
Nos. 92 to 151, of Local Improvement District No. 446.
of interest.
Local Improvement District No. 4045.
Local Improvement District No. 4125.
There is apprehension
similar role to those being
DISTRICT NO. 81 (P. O. Yakima),
Wash .—BOND OFFERING CANCELED—We are informed by the Chief
COUNTY SCHOOL
YAKIMA
Deputy to the County Treasurer that the officers of Grandview School
District No. 81 has instructed the County Treasurer to proceed no further
with the proposed sale of the $25,000 not to exceed 6% semi-ann. high school
building bonds, that? were scheduled for offering on April 11—V. 142,
P. 2038.
WISCONSIN
CHIPPEWA COUNTY (P. O. Chippewa Falls), Wis —BONDS VOTED
—At the election held on April 7—V. 142, p. 2206—the voters are reported
to have
approved the issuance of the $740,000 in highway bonds.
COUNTY (P. O. Neillsville), Wis.—BOND OFFERING—
Sealed bids will be received until 10 a.m. (Central Standard Time) on May
1, by Calvin Mills, County Clerk, for the purchase of an issue of $175,000
refunding bonds. Interest rate is not to exceed 5%, payable semi-annually .
Denom. $1,000.
Dated June 1, 1936. Due on June 1 as follows: $30,000,
1937 to 1941, and $25,000 in 1943. Bonds will be sold for not less than par
and accrued interest. The basis of determination of the best bid will be the
lowest interest rate bid and the interest cost to the county. The successful
CLARK
for the printing of the bonds. The county will furnish the
approving opinion of Chapman & Cutler of Chicago. A certified check for
2% of the par value of the bonds, payable to the above County Treasurer,
must accompany the bid.
bidder is to pay
Clerk that
$400,000 highway
authorized by a county referendum of April 7, but it is anticipated
portion of these will be offered for sale in June or July of this year.
REPORT ON ROAD BONDS—It is also stated by the County
definite date has been set as yet for the sale of the
no
bonds
that
a
KENOSHA COUNTY
(P. O. Kenosha), Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on April 24, by John C.
prim,
series
Nieder-
County Clerk, for the purchase of an issue of $160,000 highway,
Denom. $1,000.
Dated May 1, 1936.
Due on May 1
F bonds.
follows: $75,000 in 1937 and 1938, and $10,000 in 1939.
Bonds are to
be sold for not less than par and the basis of determination shall be the
as
lowest
int. rate.
Legality to be approved by the Attorney General.
A
(These are the bonds that were mentioned in these columns
being schedaled for sale on May 1—V. 142, p. 1872.)
LA CROSSE, Wis.—BONDS VOTED—It is stated
recently,
by the City Clerk
April 7—V. 142, p. 2380—the voters approved
the issuance of from $50,000 to $75,000 3% semi-ann. swimming pool bonds.
It is reported that the City Council will meet on May 8 in order to fix a
that at the election held on
date for the sale of the bonds.
LINCOLN
COUNTY
(P. O. Merrill), Wis.—BONDS VOTED—At an
the issuance
election held on April 7—V. 142, p. 2206—the voters approved
of the $550,000 highway bonds.
that Vancouver will return to the boards in a
played by these other cities.
the necessity of Western
Creditors have also been watching with concern
dries jjggling
their sinking funds to meet other obligations.
Provinces* Position
Finally, the injury to other Western Provinces from Alberta's default
is viewed as discouraging.
The action of British Columbia in dealing with its maturity of $3.5
millions of 4% bonds on May 15 is of great interest.
It is hoped in in¬
vestment circles that the Coast Province will adopt the loan council plan
of Dominion guarantee and thereby handle the maturity without difficulty.
The British Columbia bonds are payable in both Canada and New York
and any infringement of the rights of United States investors might be
interpreted as cause to cut off all Canada from American loans
The John¬
son Act prevents borrowing in the United States by a government of which
any political unit defaults on American investments.
The Alberta defaultwas on Canadian-payment bonds only.
That Alberta
Default
the recent
Hopes are still held that the
Alberta's bondholders are taking a laissez-faire attitude on
the refunding legislation.
and on
default
compulsory refunding Act will not be proclaimed or that the Alberta Govern¬
ment will resort to the Dominion's loan council scheme.
If the compulsory refunding is proclaimed, investors may take what
action they can against Alberta.
However, there is a feeling of helplessness
the
in
of
hands
statutes are ruled
exerted against
deluded monetary "reformers."
Unless the refunding
unconstitutional in the courts, or some other pressure is
Alberra, investors see little but gloom ahead.
TO DEFAULT—The city wil*
Andy Davison told the Board of
city's financial operations.
"In
June we have got to choose between paying interest charges or carrying
on our city services and paying our relief bill," he said, "and I am inclined
CALGARY,
Alberta.—THREATENS
be forced to default before July 1, Mayor
Trade on April 8 when he.3reviewed the
think I would choose to defer our interest
to
payments."
find $450,000 to carry
obligations and the Dominion and Alberta govern¬
ments would have to make new sources of revenue available to the city,
Mayor Davison declared the city would have to
on
services and meet
arrange to carry
part of the relief burden or combine
the load off the city.
"We've got to have
a
new
both schemes to take
deal," he stated.
COMMISSION TO
plan outlined
submitted by
of the future
capital requirements of the system will be financed by the issuance of its
bonds, guaranteed by the province, as against the past custom of obtaining
funds through the sale of provincial obligations.
Moreover, the approxi¬
mately $185,000,000 of debt incurred directly by the province under tho
original system of financing will be assumed by the Hydro-Electric Com¬
mission, by refunding obligations, with the new instruments also guaran¬
teed by the province. The change in the method of financing will thus per¬
ONTARIO
certified check for 2% of the amount bid is required.
as
(Province of)—INCREASE IN DEFAULTS FEARED—
Two important investment aspects in the default of Alberta bonds are
coming to light.
First, bondholders are taking no action at present against
the Alberta legislation to compel all holders of the Province's bonds to
accept reduced int. rates.
Second, investor interests are gravely con¬
cerned over what they regard as a probable widening of the area of default
and repudiation.
Reasons for Fears
Already Alberta has introduced a "Cities Refunding Act" authorizing
Edmonton, Calgary and other cities to coerce investors into taking new
bonds carrying reduced interest rates, and guaranteed by the Province,
in exchange for present bonds of the cities.
The legislative committee of the Montreal City Council has recorded
its wish to refinance non-callable issues with bonds carrying lower rates
ALBERTA
CAMAS, Wash.—PRICE PAID—We are now informed that the $15,000
coupon water bonds purchased by Dean Witter & Co. of Portland, Ore.,
as 3s, as reported here recently—V. 142, p. 2552—were sold for a premium
of $16.00, equal to 100.106.
The only other bid received was an offer
of par on 3.65% bonds, tendered by the Citizens State Bank of Camas.
Nos. 87 and 88, of
6438
CANADA
interest rate.
Nos. 94 and 95, of
ELGIN
WEST, TORONTO
(Province
of)—HYDRO-ELECTRIC
REFUND $185,000,000 OF PROVINCIAL DEBT—Under a
in the 28th annual report of the Hydro-Electric Commission,
Chairman T. Stewart Lyon to the Legislature on April 3. all
of $185,000,000 of hydro-electric debt from the direct
liability column in the province's debt statistics. That part of Mr. Lyon's
mit the deduction
MARINETTE COUNTY (P. O. Marinette), Wis.—BONDS VOTED—
At the primary election held on April 7—V. 142, p. 1690—the voters
report stating the change in policy reads in part as
approved the issuance of the $350,000 in highway improvement bonds.
follows:
ury
MAZOMANIE
SCHOOL
DISTRICT
(P.
O.
Mazomanie),
BOND SALE HELD UP—It is stated by the District Clerk that
Wis.—
the sale of
following 4% semi-ann. refunding bonds aggregating $32,000, Pre¬
viously scheduled for April 4—V. 142, p. 2380—was held up because of the
disapproval of issue by the Attorney General.
The issues are:
$16,000
Union High School District bonds, and $16,000 Graded Joint School Dis¬
the
trict No. 2
bonds.
OCONTO
COUNTY
(P
O. Oconto),
Wis .—BONDS VOTED—It is
7—V. 142,
stated by the County Clerk that at the election held on April
2038—the voters approved the issuance of the $500,000 in highway bonds,
by a wide margin.
p.
OSCEOLA SCHOOL DISTRICT NO
2
(P. O. Osceola), Wis.—BOND
SALE—-The $22,000 issue of coupon school bonds offered for sale on
April 11
142, P. 2380—was awarded to Kalman & Co. of St. Paul, as 3Hs,
paying a premium of $400, equal to 101.818, a basis of about 3.23%.
Dated April 1, 1936.
Due from April 1, 1937 to 1951.
The second
highest bid was an'offer of $237.70 premium, tendered by the Channer
Securities Co. of Chicago.
—V.
OZAUKEE
COUNTY
(P.
O.
Port
Washington),
Wis.—BOND
awarded to the
Savings Bank of Chicago, for a premium of $4,924, equal to
OFFERING—On April 14 an issue of $81,000 road bonds was
Harris Trust &
'
106.079.
"During the year under review arrangements were made with the Treas¬
Department of the Government by which requirements of new capital
and refunding of Provincial loans issued originally for the purpose of financ¬
ing construction works of the Hydro-Electric Power Commission will in
future be financed by bonds of the Commission guaranteed by the Province,
instead of as heretofore by bonds shown in the public accounts as a directliability of the Province.
"The chief
advantage of this change in the method of financing new con¬
struction, and refunding of existing issues, is the separation of debt for
revenue-producing assets to the extent of $185.000,000—representing
money advanced by the Province lor Hydro-Electric Power Commission
purposes—from other liabilities of the Province.
"Not one dollar has come from the taxpayers of the Province to meet any
expenditure for interest or other capital charges upon the money advanced
by the Province to the Hydro Commission on account of the cost-contract
municipalities.
"It is, therefore, sound public policy to remove the report of this part of
the debt of the Province from the general debt statistics, and to indicate
that, while the capital invested for Hydro-Electric service is an indirect
liability of the Province, there is no likelihood of the taxpayers of Ontario
being called upon to meet any part, at any time, of the capital charges or
of the moneys required to repay the advances made to the Hydro Com¬
mission."
STRATFORD, Ont —BOND SALE—McLeod, Young, Weir & Co. of
at a price of •
a basis of about 3.805%.
Due in 1946.
Other bids were as
Toronto have been awarded an issue of $50,000 4H%bonds
105.67,
follows:
PRIDE
COUNTY
(P.
O.
Phillips),
Wis.—BONDS VOTED—At the
election held on April 7—-V. 142, p. 2206—the voters approved the issuance
of the $390,000 in highway bonds.
It is said that the County Board will
5 to authorize these bonds for sale and arrange the details as
maturity, &c.
Rate Bid
Bidder—
Dominion Securities Corp
104.17
104.14
J. L. Graham & Co
Bartlett, Cayley & Co
to
Harrison & Co
bonds.
'
105.07
Bell, Gouinlock & Co
meet on May
RACINE, Wis .—BONDS AUTHORIZED—The City Council is said to
have approved recently the issuance of $598,000 in sewage disposal plant
Bidder—
Bank of Montreal
__104.12
R. A. Daly & Co_
Griff is, Fairclough
103-71
_
worthy
&
Nors-
103.45
Nesbitt, Thomson & Co
F.L.Craig
Dyment, Anderson & Co
Rate Bid
103.069
102.789
102.13
101.04
100.59
@FedFRASER